2021

QUARTERLY

REPORT

Russell

Investment

Company

July

31,

2021

FUND

SHARE

CLASS

U.S.

Equity

Funds

Equity

Income

Fund

A,

C,

S,

Y

Sustainable

Equity

Fund

A,

C,

S,

Y

U.S.

Strategic

Equity

Fund

A,

C,

M,

S

U.S.

Small

Cap

Equity

Fund

A,

C,

M,

R6,

S,

Y

International

and

Global

Equity

Funds

International

Developed

Markets

Fund

A,

C,

M,

S,

Y

Global

Equity

Fund

A,

C,

M,

S,

Y

Emerging

Markets

Fund

A,

C,

M,

R6,

S,

Y

Tax-Managed

Equity

Funds

Tax-Managed

U.S.

Large

Cap

Fund

A,

C,

M,

S

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

A,

C,

M,

S

Tax-Managed

International

Equity

Fund

A,

C,

M,

S

Tax-Managed

Real

Assets

Fund

A,

C,

M,

S

Fixed

Income

Funds

Opportunistic

Credit

Fund

A,

C,

M,

S,

Y

Unconstrained

Total

Return

Fund

A,

C,

M,

S,

Y

Strategic

Bond

Fund

A,

C,

M,

R6,

S,

Y

Investment

Grade

Bond

Fund

A,

C,

M,

R6,

S,

Y

Short

Duration

Bond

Fund

A,

C,

M,

R6,

S,

Y

Tax-Exempt

Fixed

Income

Funds

Tax-Exempt

High

Yield

Bond

Fund

A,

C,

M,

S

Tax-Exempt

Bond

Fund

A,

C,

M,

S

Alternative

Funds

Global

Infrastructure

Fund

A,

C,

M,

S,

Y

Global

Real

Estate

Securities

Fund

A,

C,

M,

R6,

S,

Y

Specialty

Funds

Multi-Strategy

Income

Fund

A,

C,

M,

S,

Y

Multi-Asset

Growth

Strategy

Fund

A,

C,

M,

S,

Y

Multifactor

Equity

Funds

Multifactor

U.S.

Equity

Fund

A,

C,

M,

R6,

S,

Y

Multifactor

International

Equity

Fund

M,

R6,

S,

Y

Multifactor

Fixed

Income

Funds

Multifactor

Bond

Fund

Y

Russell

Investment

Company

Russell

Investment

Company

is

a

series

investment

company

with

31

different

investment

portfolios

referred

to

as

Funds.

This

Quarterly

Report

reports

on

25

of

these

Funds.

Page

Equity

Income

Fund

3

Sustainable

Equity

Fund

7

U.S.

Strategic

Equity

Fund

13

U.S.

Small

Cap

Equity

Fund

18

International

Developed

Markets

Fund

31

Global

Equity

Fund

41

Emerging

Markets

Fund

51

Tax-Managed

U.S.

Large

Cap

Fund

62

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

66

Tax-Managed

International

Equity

Fund

77

Tax-Managed

Real

Assets

Fund

92

Opportunistic

Credit

Fund

100

Unconstrained

Total

Return

Fund

141

Strategic

Bond

Fund

154

Investment

Grade

Bond

Fund

195

Short

Duration

Bond

Fund

215

Tax-Exempt

High

Yield

Bond

Fund

234

Tax-Exempt

Bond

Fund

280

Global

Infrastructure

Fund

334

Global

Real

Estate

Securities

Fund

340

Multi-Strategy

Income

Fund

345

Multi-Asset

Growth

Strategy

Fund

384

Multifactor

U.S.

Equity

Fund

422

Multifactor

International

Equity

Fund

430

Multifactor

Bond

Fund

443

Notes

to

Schedules

of

Investments

452

Notes

to

Quarterly

Report

454

Russell

Investment

Company

Quarterly

Report

July

31,

2021

(Unaudited)

Table

of

Contents

Russell

Investment

Company

Copyright

©

Russell

Investments

2021.

All

rights

reserved.

Russell

Investments’

ownership

is

composed

of

a

majority

stake

held

by

funds

managed

by

TA

Associates,

with

a

significant

minority

stake

held

by

funds

managed

by

Reverence

Capital

Partners.

Russell

Investments’

employees

and

Hamilton

Lane

Advisors,

LLC

also

hold

minority,

non-controlling,

ownership

stakes.

Fund

objectives,

risks,

charges

and

expenses

should

be

carefully

considered

before

in-

vesting.

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

Russell

Investments.

Russell

Investment

Company

Equity

Income

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Equity

Income

Fund

3

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

95.2%

Consumer

Discretionary

-

10.2%

Advance

Auto

Parts,

Inc.

3,330

706

Amazon.com,

Inc.(Æ)

745

2,480

Carnival

Corp.(Æ)

5,134

111

Comcast

Corp.

Class

A

47,191

2,777

Costco

Wholesale

Corp.

1,617

695

Dollar

Tree,

Inc.(Æ)

2,808

280

DR

Horton,

Inc.

5,578

532

General

Motors

Co.(Æ)

36,931

2,099

Home

Depot,

Inc.

(The)

4,247

1,394

Kohl's

Corp.

4,646

236

Lennar

Corp.

Class

A

10,844

1,140

Lowe's

Cos.,

Inc.

9,642

1,858

Macy's,

Inc.

6,063

103

Marriott

International,

Inc.

Class

A(Æ)

2,152

314

McDonald's

Corp.

3,472

843

Nike,

Inc.

Class

B

6,693

1,121

Nordstrom,

Inc.(Æ)

3,698

122

Omnicom

Group,

Inc.

14,876

1,083

PulteGroup,

Inc.

29,086

1,596

Starbucks

Corp.

6,664

809

Target

Corp.

4,933

1,288

Thomson

Reuters

Corp.

3,186

338

Thor

Industries,

Inc.

9,960

1,179

TJX

Cos.,

Inc.

(The)

6,744

464

Toll

Brothers,

Inc.

4,732

280

ViacomCBS

,

Inc.

Class

B

1,911

78

Walmart,

Inc.

5,484

782

Walt

Disney

Co.

(The)(Æ)

6,124

1,078

Yum

China

Holdings,

Inc.

2,007

125

Yum!

Brands,

Inc.

2,063

271

26,182

Consumer

Staples

-

8.0%

Altria

Group,

Inc.

24,156

1,160

Archer-Daniels-Midland

Co.

4,285

256

Coca-Cola

Co.

(The)

11,235

641

Coca-Cola

European

Partners

PLC

29,383

1,824

CVS

Health

Corp.

49,636

4,088

General

Mills,

Inc.

5,034

296

Ingredion,

Inc.

12,686

1,114

Kellogg

Co.

2,667

169

Kimberly-Clark

Corp.

1,010

137

Kraft

Heinz

Co.

(The)

3,187

123

Kroger

Co.

(The)

36,003

1,465

Molson

Coors

Beverage

Co.

Class

B

20,400

997

Mondelez

International,

Inc.

Class

A

8,970

567

PepsiCo,

Inc.

4,224

663

Philip

Morris

International,

Inc.

20,338

2,036

Procter

&

Gamble

Co.

(The)

21,183

3,013

Sysco

Corp.

3,612

268

Tyson

Foods,

Inc.

Class

A

19,187

1,371

Walgreens

Boots

Alliance,

Inc.

4,519

213

20,401

Energy

-

3.7%

BP

PLC

-

ADR

38,513

931

Canadian

Natural

Resources,

Ltd.

27,843

919

Chevron

Corp.

15,337

1,562

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

ConocoPhillips

Co.

10,950

614

Exxon

Mobil

Corp.

14,854

855

Hess

Corp.

16,817

1,285

Magna

International,

Inc.

Class

A

7,842

657

Occidental

Petroleum

Corp.

2,860

75

Phillips

66

24,481

1,799

Schlumberger,

Ltd.

2,996

86

Valero

Energy

Corp.

10,041

672

9,455

Financial

Services

-

22.2%

AerCap

Holdings,

Ltd.

/

AerCap

Global

Aviation

Trust(Æ)

16,838

892

Aflac,

Inc.

6,838

376

AGNC

Investment

Corp.(Æ)

21,319

338

Allstate

Corp.

(The)

3,970

516

American

Express

Co.

7,566

1,290

American

Tower

Corp.(ö)

1,962

555

Ameriprise

Financial,

Inc.

1,131

291

Aon

PLC

Class

A

4,962

1,290

Assurant,

Inc.

6,589

1,040

Banco

Santander

SA

-

ADR(Æ)

187,518

688

Bank

of

America

Corp.

42,966

1,648

Berkshire

Hathaway,

Inc.

Class

B(Æ)

12,114

3,372

Brookfield

Asset

Management,

Inc.

Class

A

648

35

Chubb,

Ltd.

12,739

2,150

Citigroup,

Inc.

57,606

3,896

Citizens

Financial

Group,

Inc.

27,608

1,164

CME

Group,

Inc.

Class

A

1,727

366

Corporate

Office

Properties

Trust(ö)

22,866

673

Crown

Castle

International

Corp.(ö)

1,863

360

Cullen/Frost

Bankers,

Inc.

1,997

214

Equity

Commonwealth(ö)

27,190

715

Equity

Residential(ö)

4,132

348

Essent

Group,

Ltd.

11,460

518

Fifth

Third

Bancorp

8,008

291

Franklin

Resources,

Inc.

4,337

128

Hartford

Financial

Services

Group,

Inc.

4,242

270

Huntington

Bancshares,

Inc.

12,627

178

Intercontinental

Exchange,

Inc.

3,374

404

JPMorgan

Chase

&

Co.

30,879

4,688

KeyCorp

11,033

217

KKR

&

Co.,

Inc.

Class

A

11,873

757

M&T

Bank

Corp.

1,221

163

Marsh

&

McLennan

Cos.,

Inc.

3,938

580

MasterCard,

Inc.

Class

A

3,517

1,357

Merck

&

Co.,

Inc.

43,286

3,327

MetLife,

Inc.

3,832

221

Morgan

Stanley

6,844

657

Navient

Corp.

10,616

217

New

York

Community

Bancorp,

Inc.

72,957

859

Northern

Trust

Corp.

15,030

1,696

PayPal

Holdings,

Inc.(Æ)

3,588

989

PNC

Financial

Services

Group,

Inc.

(The)

2,741

500

Popular,

Inc.

11,935

868

Prologis,

Inc.(ö)

6,818

873

Prudential

Financial,

Inc.

698

70

Public

Storage(ö)

1,357

424

Regions

Financial

Corp.

13,852

267

Ryman

Hospitality

Properties,

Inc.(ö)

9,371

719

Russell

Investment

Company

Equity

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

4

Equity

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Santander

Consumer

USA

Holdings,

Inc.

8,807

361

Signature

Bank

1,321

300

Simon

Property

Group,

LP(ö)

2,670

338

SLM

Corp.

48,191

907

State

Street

Corp.

1,410

123

TFS

Financial

Corp.

13,523

263

Travelers

Cos.,

Inc.

(The)

2,369

353

Truist

Financial

Corp.

9,933

541

Two

Harbors

Investment

Corp.(ö)

117,942

756

US

Bancorp

34,569

1,920

Visa,

Inc.

Class

A

5,772

1,422

Voya

Financial,

Inc.

4,572

294

Wells

Fargo

&

Co.

128,712

5,914

56,947

Health

Care

-

13.2%

Abbott

Laboratories

7,280

881

AbbVie,

Inc.

11,265

1,310

Acadia

Pharmaceuticals,

Inc.(Æ)

2,581

56

Amgen,

Inc.

2,336

564

AstraZeneca

PLC

-

ADR

25,120

1,438

Baxter

International,

Inc.

4,119

319

Becton

Dickinson

and

Co.

5,303

1,356

Biogen,

Inc.(Æ)

1,136

371

BioMarin

Pharmaceutical,

Inc.(Æ)

1,308

100

Bristol-Myers

Squibb

Co.

21,592

1,465

Cerner

Corp.

3,521

283

Cigna

Corp.

9,864

2,264

Eli

Lilly

&

Co.

3,757

915

Envista

Holdings

Corp.(Æ)

16,902

728

Gilead

Sciences,

Inc.

4,423

302

GlaxoSmithKline

PLC

-

ADR

24,864

998

Haemonetics

Corp.(Æ)

8,891

540

Intra-Cellular

Therapies,

Inc.

Class

A(Æ)

11,994

412

IQVIA,

Inc.(Æ)

2,061

511

Jazz

Pharmaceuticals

PLC(Æ)

4,578

776

Johnson

&

Johnson

31,691

5,458

Medtronic

PLC

25,334

3,327

Organon

&

Co.

1,110

32

Pfizer,

Inc.

53,344

2,284

Regeneron

Pharmaceuticals,

Inc.(Æ)

375

215

Seagen

,

Inc.(Æ)

2,196

337

Stryker

Corp.

2,136

579

Thermo

Fisher

Scientific,

Inc.

2,073

1,119

United

Therapeutics

Corp.(Æ)

1,135

206

UnitedHealth

Group,

Inc.

7,305

3,011

Vertex

Pharmaceuticals,

Inc.(Æ)

1,117

225

Viatris

,

Inc.

56,871

800

Zimmer

Biomet

Holdings,

Inc.

4,000

654

33,836

Materials

and

Processing

-

4.5%

Air

Products

&

Chemicals,

Inc.

1,520

442

Alcoa

Corp.(Æ)

20,272

814

Carrier

Global

Corp.

2,319

128

Crown

Holdings,

Inc.

7,164

715

Dow,

Inc.

1,612

100

DuPont

de

Nemours,

Inc.

18,199

1,366

Eastman

Chemical

Co.

6,083

686

Ecolab,

Inc.

1,038

229

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Huntsman

Corp.

42,802

1,130

International

Flavors

&

Fragrances,

Inc.

12,704

1,914

Linde

PLC(Æ)

5,095

1,566

LyondellBasell

Industries

NV

Class

A

2,736

272

Newmont

Corp.

28,476

1,789

PPG

Industries,

Inc.

2,556

418

Westrock

Co.

1,344

66

11,635

Producer

Durables

-

7.0%

3M

Co.

2,573

509

Ametek

,

Inc.

1,556

216

Boeing

Co.

(The)(Æ)

1,411

320

Carlisle

Cos.,

Inc.

676

137

Cummins,

Inc.

981

228

Danaher

Corp.

3,030

901

Deere

&

Co.

6,242

2,256

Delta

Air

Lines,

Inc.(Æ)

5,033

201

Emerson

Electric

Co.

4,095

413

FedEx

Corp.

3,788

1,060

Fluor

Corp.(Æ)

1,489

25

General

Dynamics

Corp.

12,011

2,354

General

Electric

Co.

22,719

294

Honeywell

International,

Inc.

3,266

764

Illinois

Tool

Works,

Inc.

2,110

478

Johnson

Controls

International

PLC(Æ)

2,208

158

Lockheed

Martin

Corp.

926

344

Northrop

Grumman

Corp.

1,003

364

Otis

Worldwide

Corp.

1,160

104

Paychex,

Inc.

2,632

300

Stanley

Black

&

Decker,

Inc.

6,827

1,345

Textron,

Inc.

12,427

858

TreeHouse

Foods,

Inc.(Æ)

17,805

791

Union

Pacific

Corp.

3,347

732

United

Airlines

Holdings,

Inc.(Æ)

2,255

105

United

Parcel

Service,

Inc.

Class

B

3,149

603

Vontier

Corp.

32,938

1,066

Waste

Management,

Inc.

3,046

452

Westinghouse

Air

Brake

Technologies

Corp.

7,804

662

18,040

Technology

-

20.8%

Accenture

PLC

Class

A

2,462

782

Activision

Blizzard,

Inc.

1,985

166

Adobe,

Inc.(Æ)

1,836

1,141

Alphabet,

Inc.

Class

A(Æ)

902

2,430

Alphabet,

Inc.

Class

C(Æ)

886

2,396

Amdocs,

Ltd.

2,519

194

Amphenol

Corp.

Class

A

5,244

380

Apple,

Inc.

75,579

11,023

Applied

Materials,

Inc.

3,360

470

Arista

Networks,

Inc.(Æ)

2,600

989

Automatic

Data

Processing,

Inc.

2,424

508

Avnet,

Inc.

2,941

122

Broadcom,

Inc.

850

413

Cisco

Systems,

Inc.

18,081

1,001

Cognizant

Technology

Solutions

Corp.

Class

A

23,509

1,729

Corning,

Inc.

4,627

194

Corteva

,

Inc.

46,452

1,987

Russell

Investment

Company

Equity

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Equity

Income

Fund

5

cif

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

DXC

Technology

Co.(Æ)

18,897

756

Electronic

Arts,

Inc.

1,285

185

Facebook,

Inc.

Class

A(Æ)

8,823

3,144

Fidelity

National

Information

Services,

Inc.

1,510

225

Fiserv,

Inc.(Æ)

2,488

286

HP,

Inc.(Æ)

8,562

247

Intel

Corp.

23,151

1,244

International

Business

Machines

Corp.

2,871

405

Intuit,

Inc.

1,225

649

Jack

Henry

&

Associates,

Inc.

1,360

237

Juniper

Networks,

Inc.

49,622

1,396

Lam

Research

Corp.

831

530

Marvell

Technology

Group,

Ltd.

9,776

592

Micron

Technology,

Inc.

14,419

1,119

Microsoft

Corp.

26,671

7,598

Motorola

Solutions,

Inc.

1,469

329

NVIDIA

Corp.

4,228

824

Oracle

Corp.

30,043

2,618

QUALCOMM,

Inc.

8,093

1,212

Raytheon

Technologies

Corp.(Æ)

26,967

2,345

Salesforce.com,

Inc.(Æ)

1,235

299

Synopsys,

Inc.(Æ)

1,618

466

Texas

Instruments,

Inc.

3,985

760

53,391

Utilities

-

5.6%

American

Electric

Power

Co.,

Inc.

3,018

266

AT&T,

Inc.

45,301

1,271

CenterPoint

Energy,

Inc.

56,330

1,435

Dominion

Energy,

Inc.

5,071

380

Duke

Energy

Corp.

3,572

375

Edison

International

19,856

1,082

Entergy

Corp.

12,557

1,292

Exelon

Corp.

28,013

1,311

FirstEnergy

Corp.

27,012

1,035

NextEra

Energy,

Inc.

6,531

509

NiSource,

Inc.

41,680

1,032

PG&E

Corp.(Æ)

3,334

29

PPL

Corp.

26,697

757

Southern

Co.

(The)

8,586

548

T-Mobile

USA,

Inc.(Æ)

13,381

1,928

UGI

Corp.

11,325

521

Verizon

Communications,

Inc.

9,186

512

14,283

Total

Common

Stocks

(cost

$130,134)

244,170

Preferred

Stocks

-

0.0%

Financial

Services

-

0.0%

Brookfield

Property

Partners,

LP

6.25%

due

7/26/

81

466

12

Total

Preferred

Stocks

(cost

$12)

12

Short-Term

Investments

-

3.8%

U.S.

Cash

Management

Fund(@)

9,673,263

(∞)

9,671

Total

Short-Term

Investments

(cost

$9,671)

9,671

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Investments

-

99.0%

(identified

cost

$139,817)

253,853

Other

Assets

and

Liabilities,

Net

-

1.0%

2,480

Net

Assets

-

100.0%

256,333

Russell

Investment

Company

Equity

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

6

Equity

Income

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

S&P

500

E-Mini

Index

Futures

23

USD

5,048

09/21

45

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

45

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

$

26,182

$

—

$

—

$

—

$

26,182

Consumer

Staples

20,401

—

—

—

20,401

Energy

9,455

—

—

—

9,455

Financial

Services

56,947

—

—

—

56,947

Health

Care

33,836

—

—

—

33,836

Materials

and

Processing

11,635

—

—

—

11,635

Producer

Durables

18,040

—

—

—

18,040

Technology

53,391

—

—

—

53,391

Utilities

14,283

—

—

—

14,283

Preferred

Stocks

12

—

—

—

12

Short-Term

Investments

—

—

—

9,671

9,671

Total

Investments

244,182

—

—

9,671

253,853

Other

Financial

Instruments

Assets

Futures

Contracts

45

—

—

—

45

Total

Other

Financial

Instruments

*

$

45

$

—

$

—

$

—

$

45

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2021,

see

note

2

in

the

Notes

to

Quarterly

Report.

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Sustainable

Equity

Fund

7

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

103.3%

Consumer

Discretionary

-

13.7%

Academy

Sports

and

Outdoors,

Inc.(Æ)

6,239

231

Altice

USA,

Inc.

Class

A(Æ)

1,576

48

Amazon.com,

Inc.(Æ)

2,072

6,894

AutoZone,

Inc.(Æ)(Ð)

744

1,208

BJ's

Wholesale

Club

Holdings,

Inc.(Æ)

1,490

75

Bright

Horizons

Family

Solutions,

Inc.(Æ)

1,889

283

Columbia

Sportswear

Co.

7,387

736

Comcast

Corp.

Class

A

6,255

368

Costco

Wholesale

Corp.(Ð)

2,104

904

Dollar

General

Corp.

13,173

3,064

Dollar

Tree,

Inc.(Æ)

4,831

482

Domino's

Pizza,

Inc.(Ð)

1,692

889

DR

Horton,

Inc.

1,711

163

Driven

Brands,

Inc.(Æ)

2,436

78

Ford

Motor

Credit

Co.

LLC(Æ)

68,509

956

Garmin,

Ltd.

652

102

General

Motors

Co.(Æ)

10,425

593

Genuine

Parts

Co.

937

119

Grand

Canyon

Education,

Inc.(Æ)(Ð)

3,791

350

H&R

Block,

Inc.

5,603

138

Hasbro,

Inc.

11,143

1,108

Hilton

Worldwide

Holdings,

Inc.(Æ)

5,044

663

Home

Depot,

Inc.

(The)

1,830

601

Kontoor

Brands,

Inc.

3,138

174

LKQ

Corp.(Æ)

1,496

76

Lowe's

Cos.,

Inc.

18,480

3,560

Madison

Square

Garden

Sports

Corp.

Class

A(Æ)

875

142

Netflix,

Inc.(Æ)

5,136

2,658

Nike,

Inc.

Class

B

17,854

2,991

NVR,

Inc.(Æ)

18

94

Planet

Fitness,

Inc.

Class

A(Æ)

2,068

156

Pool

Corp.

752

359

PulteGroup,

Inc.

2,007

110

Ross

Stores,

Inc.

30,281

3,714

Service

Corp.

International

12,284

768

Starbucks

Corp.

20,856

2,533

Target

Corp.

1,859

485

TEGNA,

Inc.

26,072

462

Tesla,

Inc.(Æ)

650

447

Texas

Roadhouse,

Inc.

Class

A

878

81

TJX

Cos.,

Inc.

(The)

2,557

176

Ulta

Beauty,

Inc.(Æ)

356

120

Walmart,

Inc.

11,016

1,570

40,729

Consumer

Staples

-

10.2%

Archer-Daniels-Midland

Co.

21,179

1,265

Bunge,

Ltd.

8,564

665

Coca-Cola

Co.

(The)

46,099

2,629

Colgate-Palmolive

Co.

27,215

2,164

ConAgra

Foods,

Inc.

29,627

992

CVS

Health

Corp.

52,339

4,311

Grocery

Outlet

Holding

Corp.(Æ)

4,599

152

Herbalife

Nutrition,

Ltd.(Æ)

3,870

197

Hershey

Co.

(The)

4,960

887

Hormel

Foods

Corp.

9,115

423

JM

Smucker

Co.

(The)

8,941

1,172

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kroger

Co.

(The)

66,225

2,695

Lancaster

Colony

Corp.

1,028

203

Medifast,

Inc.

718

205

Mondelez

International,

Inc.

Class

A

17,988

1,138

PepsiCo,

Inc.

9,618

1,510

Post

Holdings,

Inc.(Æ)(Ð)

6,401

655

Procter

&

Gamble

Co.

(The)

7,858

1,118

Sanderson

Farms,

Inc.

2,259

422

Sprouts

Farmers

Market,

Inc.(Æ)

4,790

118

Sysco

Corp.

26,652

1,978

Tyson

Foods,

Inc.

Class

A(Ð)

12,569

898

Unilever

PLC

-

ADR

67,710

3,894

Walgreens

Boots

Alliance,

Inc.

13,555

639

30,330

Energy

-

0.0%

Texas

Pacific

Land

Corp.

40

60

Financial

Services

-

21.6%

Alleghany

Corp.(Æ)

1,061

704

American

Express

Co.

364

62

American

Tower

Corp.(ö)

13,378

3,784

Americold

Realty

Trust(ö)

8,671

337

Arch

Capital

Group,

Ltd.(Æ)

9,950

388

AvalonBay

Communities,

Inc.(ö)

665

152

Bank

of

America

Corp.

5,693

218

Berkshire

Hathaway,

Inc.

Class

B(Æ)(

Û

)

12,871

3,583

Brighthouse

Financial,

Inc.(Æ)

6,334

273

Capital

One

Financial

Corp.

384

62

CBRE

Group,

Inc.

Class

A(Æ)

16,090

1,552

Charles

Schwab

Corp.

(The)

39,237

2,666

Citigroup,

Inc.

1,562

106

CME

Group,

Inc.

Class

A

4,339

920

CNA

Financial

Corp.

6,441

283

CNO

Financial

Group,

Inc.

14,763

337

CoreSite

Realty

Corp.

Class

A(ö)

1,960

271

Crown

Castle

International

Corp.(ö)

2,899

559

CubeSmart(ö)

9,138

453

DigitalBridge

Group,

Inc.(Æ)(ö)

17,302

120

Discover

Financial

Services

502

62

Duke

Realty

Corp.(ö)

1,594

81

Dun

&

Bradstreet

Holdings,

Inc.(Æ)

11,262

236

Equinix,

Inc.(Æ)(ö)

1,476

1,211

Equity

Commonwealth(ö)

26,353

693

Equity

Residential(ö)

1,848

155

Everest

Re

Group,

Ltd.(Ð)

2,893

731

Extra

Space

Storage,

Inc.(ö)

5,879

1,023

First

Republic

Bank

21,858

4,264

Global

Payments,

Inc.

16,136

3,122

Interactive

Brokers

Group,

Inc.

Class

A

3,506

217

Intercontinental

Exchange,

Inc.

12,137

1,454

JPMorgan

Chase

&

Co.

8,890

1,349

Kennedy-Wilson

Holdings,

Inc.

9,772

197

Lamar

Advertising

Co.

Class

A(ö)

5,105

544

Life

Storage,

Inc.(Æ)(ö)

2,962

348

Markel

Corp.(Æ)

3,122

3,765

MarketAxess

Holdings,

Inc.

554

263

Marsh

&

McLennan

Cos.,

Inc.

21,134

3,111

MasterCard,

Inc.

Class

A

1,457

562

Merck

&

Co.,

Inc.

26,591

2,044

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

8

Sustainable

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Mercury

General

Corp.(Ð)

7,707

469

Mid-America

Apartment

Communities,

Inc.

(ö)

413

80

Moody's

Corp.

9,816

3,692

PayPal

Holdings,

Inc.(Æ)

1,795

495

Prologis,

Inc.(ö)

9,213

1,180

Public

Storage(ö)

4,350

1,359

Realty

Income

Corp.(ö)

1,824

128

Regency

Centers

Corp.(ö)

957

63

Regions

Financial

Corp.

3,896

75

RenaissanceRe

Holdings,

Ltd.

2,871

438

Rexford

Industrial

Realty,

Inc.(ö)

1,142

70

Safehold,

Inc.(Æ)

500

45

SBA

Communications

Corp.(ö)

3,203

1,092

State

Street

Corp.

32,565

2,838

Sun

Communities,

Inc.(ö)

349

68

Synchrony

Financial

1,744

82

Travelers

Cos.,

Inc.

(The)

8,073

1,202

Upstart

Holdings,

Inc.(Æ)

487

59

US

Bancorp

80,701

4,483

Virtu

Financial,

Inc.

Class

A

7,356

189

Visa,

Inc.

Class

A(

Û

)

14,272

3,517

Western

Alliance

Bancorp

642

60

63,946

Health

Care

-

13.7%

Abbott

Laboratories

1,448

175

AbbVie,

Inc.

2,776

323

Agilent

Technologies,

Inc.

706

108

Agios

Pharmaceuticals,

Inc.(Æ)(Ð)

2,912

140

AmerisourceBergen

Corp.

Class

A

5,976

730

Amgen,

Inc.

10,511

2,540

AMN

Healthcare

Services,

Inc.(Æ)

1,186

119

Arena

Pharmaceuticals,

Inc.(Æ)

1,326

82

Becton

Dickinson

and

Co.

253

65

Biogen,

Inc.(Æ)

248

81

BioMarin

Pharmaceutical,

Inc.(Æ)

3,339

256

Boston

Scientific

Corp.(Æ)

3,590

164

Bristol-Myers

Squibb

Co.

1,438

98

Cardinal

Health,

Inc.

5,098

303

Centene

Corp.(Æ)

9,075

623

Charles

River

Laboratories

International,

Inc.(Æ)

236

96

Cooper

Cos.,

Inc.

(The)

399

168

DexCom,

Inc.(Æ)

1,118

576

Eli

Lilly

&

Co.

6,416

1,562

Exelixis,

Inc.(Æ)

8,554

144

Gilead

Sciences,

Inc.(

Û

)

21,957

1,500

Hill-Rom

Holdings,

Inc.

6,574

910

Humana,

Inc.

3,185

1,357

IDEXX

Laboratories,

Inc.(Æ)

145

98

Illumina,

Inc.(Æ)

269

133

Incyte

Corp.(Æ)(

Û

)

9,427

729

Insulet

Corp.(Æ)

1,195

334

Intuitive

Surgical,

Inc.(Æ)

220

218

Ionis

Pharmaceuticals,

Inc.(Æ)

3,862

143

Johnson

&

Johnson(

Û

)

38,651

6,657

McKesson

Corp.

3,642

742

Medtronic

PLC

19,110

2,510

Molina

Healthcare,

Inc.(Æ)

3,053

833

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Penumbra,

Inc.(Æ)

893

238

Perrigo

Co.

PLC

19,518

937

Pfizer,

Inc.

2,784

119

PTC

Therapeutics,

Inc.(Æ)(Ð)

2,445

94

Qiagen

NV(Æ)

5,835

308

Quest

Diagnostics,

Inc.

7,054

1,000

Regeneron

Pharmaceuticals,

Inc.(Æ)

1,507

866

ResMed,

Inc.

1,978

538

STERIS

PLC

300

65

Stryker

Corp.

650

176

Teleflex,

Inc.

3,059

1,216

Thermo

Fisher

Scientific,

Inc.

4,452

2,405

United

Therapeutics

Corp.(Æ)(

Û

)

5,399

982

UnitedHealth

Group,

Inc.

9,920

4,090

Veeva

Systems,

Inc.

Class

A(Æ)

2,200

732

Vertex

Pharmaceuticals,

Inc.(Æ)(

Û

)

6,404

1,290

Viatris,

Inc.(

Û

)

57,530

809

West

Pharmaceutical

Services,

Inc.

408

168

Zoetis,

Inc.

Class

A

319

65

40,615

Materials

and

Processing

-

2.5%

Air

Products

&

Chemicals,

Inc.

4,498

1,310

Ball

Corp.

5,674

459

Carrier

Global

Corp.

14,999

829

Copart,

Inc.(Æ)

1,089

160

Ecolab,

Inc.

9,878

2,182

Fastenal

Co.

1,358

74

Huntsman

Corp.

6,984

184

Linde

PLC(Æ)

3,037

934

Newmont

Corp.

13,003

817

Olin

Corp.

3,492

164

Terminix

Global

Holdings,

Inc.(Æ)

4,939

259

7,372

Producer

Durables

-

9.1%

Allegiant

Travel

Co.

Class

A(Æ)

760

144

Arcosa,

Inc.

1,548

85

Avalara,

Inc.(Æ)

400

67

CH

Robinson

Worldwide,

Inc.(Ð)

9,479

846

Cintas

Corp.

352

139

Curtiss-Wright

Corp.

(

Û

)

675

80

Danaher

Corp.

597

178

Deere

&

Co.

262

95

Expeditors

International

of

Washington,

Inc.

9,189

1,178

Fortive

Corp.

24,493

1,780

frontdoor,

Inc.(Æ)

5,601

274

FTI

Consulting,

Inc.(Æ)

1,584

231

Generac

Holdings,

Inc.(Æ)

349

146

Healthcare

Services

Group,

Inc.

2,773

72

Honeywell

International,

Inc.

19,448

4,546

Illinois

Tool

Works,

Inc.

411

93

Insperity,

Inc.

1,063

105

Jacobs

Engineering

Group,

Inc.

3,045

412

Keysight

Technologies,

Inc.(Æ)

475

78

Knight-Swift

Transportation

Holdings,

Inc.

(Æ)

15,271

759

L3Harris

Technologies,

Inc.

846

192

Landstar

System,

Inc.(Ð)

6,048

950

Mettler-Toledo

International,

Inc.(Æ)

1,533

2,258

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Sustainable

Equity

Fund

9

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

MSA

Safety,

Inc.

317

52

Northrop

Grumman

Corp.(

Û

)

3,517

1,277

Old

Dominion

Freight

Line,

Inc.

263

71

Otis

Worldwide

Corp.

6,768

606

Paychex,

Inc.

1,793

204

Republic

Services,

Inc.

Class

A

7,526

891

Rollins,

Inc.

1,953

75

Roper

Technologies,

Inc.

3,617

1,777

Ryder

System,

Inc.(Ð)

6,565

500

Schneider

National,

Inc.

Class

B(Ð)

24,542

551

Stanley

Black

&

Decker,

Inc.

8,394

1,654

Terex

Corp.(

Û

)

5,749

275

TransDigm

Group,

Inc.(Æ)

1,855

1,189

United

Parcel

Service,

Inc.

Class

B

4,220

808

United

Rentals,

Inc.(Æ)

256

84

Vontier

Corp.

22,034

713

WW

Grainger,

Inc.

3,198

1,422

Zebra

Technologies

Corp.

Class

A(Æ)

296

164

27,021

Technology

-

28.9%

Accenture

PLC

Class

A

1,641

521

Activision

Blizzard,

Inc.

12,691

1,060

Adobe,

Inc.(Æ)

6,943

4,316

Advanced

Micro

Devices,

Inc.(Æ)

2,020

215

Airbnb,

Inc.

Class

A(Æ)

425

61

Akamai

Technologies,

Inc.(Æ)

3,658

439

Alphabet,

Inc.

Class

A(Æ)

606

1,633

Alphabet,

Inc.

Class

C(Æ)(

Û

)

3,164

8,556

Amdocs,

Ltd.

10,500

810

Amphenol

Corp.

Class

A

25,336

1,837

Ansys,

Inc.(Æ)

753

277

Apple,

Inc.

69,652

10,158

Applied

Materials,

Inc.

1,987

278

Arista

Networks,

Inc.(Æ)

414

157

Arrow

Electronics,

Inc.(Æ)

1,194

142

Atlassian

Corp.

PLC

Class

A(Æ)

6,286

2,044

Automatic

Data

Processing,

Inc.

12,539

2,629

Avaya

Holdings

Corp.(Æ)

2,113

51

Avnet,

Inc.(Ð)

15,593

644

Bentley

Systems,

Inc.

Class

B

2,858

174

Booking

Holdings,

Inc.(Æ)

96

209

Broadcom,

Inc.

222

108

Cadence

Design

Systems,

Inc.(Æ)

2,438

360

Ciena

Corp.(Æ)

14,176

824

Cirrus

Logic,

Inc.(Æ)(

Û

)

9,669

799

Cisco

Systems,

Inc.

7,108

394

Cognizant

Technology

Solutions

Corp.

Class

A(

Û

)

3,009

222

CommVault

Systems,

Inc.(Æ)

2,169

164

Corteva,

Inc.

13,572

581

Dell

Technologies,

Inc.

Class

C(Æ)

10,738

1,038

Dropbox,

Inc.

Class

A(Æ)(

Û

)

27,784

875

Duck

Creek

Technologies,

Inc.(Æ)

4,068

179

Elastic

NV(Æ)

428

63

Electronic

Arts,

Inc.(

Û

)

10,043

1,446

EPAM

Systems,

Inc.(Æ)(

Û

)

118

66

Etsy,

Inc.(Æ)

326

60

F5

Networks,

Inc.(Æ)

1,204

249

Facebook,

Inc.

Class

A(Æ)(

Û

)

10,618

3,783

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Fidelity

National

Information

Services,

Inc.

1,878

280

Fiserv,

Inc.(Æ)

1,718

198

Fortinet,

Inc.(Æ)

1,667

454

GoDaddy,

Inc.

Class

A(Æ)(

Û

)

(Ð)

8,293

695

Hewlett

Packard

Enterprise

Co.

Class

H

25,648

372

HP,

Inc.(Æ)

23,382

675

Inovalon

Holdings,

Inc.

Class

A(Æ)

2,316

88

Intel

Corp.(

Û

)

(Ð)

37,371

2,007

Intuit,

Inc.

8,843

4,686

Jabil

Circuit,

Inc.

3,788

226

Jamf

Holding

Corp.(Æ)

2,838

93

Juniper

Networks,

Inc.

30,613

861

KLA

Corp.

587

204

Lam

Research

Corp.

259

165

McAfee

Corp.

Class

A

3,665

99

Microchip

Technology,

Inc.

30,175

4,318

Micron

Technology,

Inc.

16,832

1,306

Microsoft

Corp.(

Û

)

29,746

8,473

Monolithic

Power

Systems,

Inc.

281

126

NetApp,

Inc.

5,061

403

New

Relic,

Inc.(Æ)

4,451

307

NortonLifeLock,

Inc.(Æ)

11,953

297

Nutanix,

Inc.

Class

A(Æ)

3,847

139

NVIDIA

Corp.

4,324

843

Okta,

Inc.(Æ)

1,980

491

Opendoor

Technologies,

Inc(Æ)

3,844

57

Paycom

Software,

Inc.(Æ)

286

114

Pure

Storage,

Inc.

Class

A(Æ)

7,580

148

QUALCOMM,

Inc.

877

131

Salesforce.com,

Inc.(Æ)

7,881

1,907

SAP

SE

-

ADR

12,904

1,855

ServiceNow,

Inc.(Æ)

2,065

1,214

SolarWinds

Corp.(Æ)

7,145

80

Synopsys,

Inc.(Æ)

1,261

363

Take-Two

Interactive

Software,

Inc.(Æ)

4,857

842

TE

Connectivity,

Ltd.

2,224

328

Twitter,

Inc.(Æ)

11,881

829

Tyler

Technologies,

Inc.(Æ)

1,194

588

VeriSign,

Inc.(Æ)(

Û

)

4,698

1,017

VMware,

Inc.

Class

A(Æ)

348

54

Western

Digital

Corp.(Æ)

5,909

384

Workday,

Inc.

Class

A(Æ)

496

116

Xilinx,

Inc.

519

78

Zynga,

Inc.

Class

A(Æ)

32,635

330

85,663

Utilities

-

3.6%

American

Water

Works

Co.,

Inc.

7,213

1,227

AT&T,

Inc.(Ð)

64,246

1,803

Atmos

Energy

Corp.(Ð)

8,749

862

Avangrid,

Inc.(Ð)

16,006

834

Consolidated

Edison

Co.,

Inc.

21,262

1,569

DT

Midstream,

Inc.

5,716

242

Edison

International

4,265

232

Eversource

Energy(Æ)

14,274

1,232

Exelon

Corp.

893

42

Portland

General

Electric

Co.

4,608

225

Southwest

Gas

Holdings,

Inc.

2,748

192

Spire,

Inc.

2,851

202

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

10

Sustainable

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Verizon

Communications,

Inc.(Ð)

35,017

1,954

10,616

Total

Common

Stocks

(cost

$213,434)

306,352

Short-Term

Investments

-

5.2%

U.S.

Cash

Management

Fund(@)

15,505,630

(∞)

15,503

Total

Short-Term

Investments

(cost

$15,503)

15,503

Other

Securities

-

0.0%

U.S.

Cash

Collateral

Fund(@)(×)

47,400

(∞)

47

Total

Other

Securities

(cost

$47)

47

Total

Investments

-

108.5%

(identified

cost

$228,984)

321,902

Securities

Sold

Short

-

(8.3)%

Consumer

Discretionary

-

(2.0)%

Acushnet

Holdings

Corp.

(7,836)

(401)

AMC

Entertainment

Holdings,

Inc.

Class

A(Æ)

(14,084)

(521)

Boot

Barn

Holdings,

Inc.(Æ)

(742)

(64)

Caesars

Entertainment,

Inc.(Æ)

(4,423)

(386)

Cardlytics,

Inc.(Æ)

(932)

(117)

Carvana

Co.(Æ)

(1,165)

(393)

Cinemark

Holdings,

Inc.(Æ)

(2,765)

(43)

DISH

Network

Corp.

Class

A(Æ)

(9,417)

(394)

Fox

Factory

Holding

Corp.(Æ)

(3,392)

(548)

fuboTV,

Inc.(Æ)

(1,775)

(46)

GrowGeneration

Corp.(Æ)

(2,300)

(94)

Hillenbrand,

Inc.

(2,414)

(109)

Leggett

&

Platt,

Inc.

(7,895)

(379)

Marriott

Vacations

Worldwide

Corp.(Æ)

(1,924)

(284)

Overstock.com,

Inc.(Æ)

(460)

(32)

Penn

National

Gaming,

Inc.(Æ)

(5,263)

(360)

Restoration

Hardware(Æ)

(593)

(394)

Stitch

Fix,

Inc.

Class

A(Æ)

(2,116)

(114)

Tesla,

Inc.(Æ)

(211)

(145)

Wayfair,

Inc.

Class

A(Æ)

(1,264)

(305)

World

Wrestling

Entertainment,

Inc.

Class

A

(2,897)

(143)

Wynn

Resorts,

Ltd.(Æ)

(3,828)

(376)

YETI

Holdings,

Inc.(Æ)

(3,671)

(354)

(6,002)

Consumer

Staples

-

(0.1)%

Celsius

Holdings,

Inc.(Æ)

(2,482)

(170)

Energy

-

(0.4)%

ChampionX

Corp.(Æ)

(2,276)

(53)

Devon

Energy

Corp.

(14,926)

(386)

FuelCell

Energy,

Inc.(Æ)

(5,864)

(37)

Halliburton

Co.

(18,705)

(387)

Sunrun,

Inc.(Æ)

(5,633)

(298)

(1,161)

Financial

Services

-

(1.1)%

Apollo

Global

Management,

Inc.

(6,720)

(396)

Ares

Management

Corp.

Class

A

(7,287)

(522)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Artisan

Partners

Asset

Management,

Inc.

Class

A

(338)

(16)

Brixmor

Property

Group,

Inc.(ö)

(11,712)

(270)

Hamilton

Lane,

Inc.

Class

A

(2,110)

(196)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(ö)

(8,451)

(480)

Independent

Bank

Group,

Inc.

(1,421)

(99)

Kimco

Realty

Corp.(ö)

(15,136)

(323)

Pebblebrook

Hotel

Trust(ö)

(2,786)

(63)

RLJ

Lodging

Trust(ö)

(3,722)

(53)

Rocket

Companies,

Inc.

Class

A

(6,091)

(105)

Trupanion,

Inc.(Æ)

(2,168)

(249)

Weyerhaeuser

Co.(ö)

(11,503)

(388)

(3,160)

Health

Care

-

(1.5)%

10x

Genomics,

Inc.

Class

A(Æ)

(773)

(141)

AbbVie,

Inc.

(3,469)

(403)

Arrowhead

Pharmaceuticals,

Inc.(Æ)

(1,217)

(84)

Berkeley

Lights,

Inc.(Æ)

(337)

(15)

BioCryst

Pharmaceuticals,

Inc.(Æ)

(7,631)

(123)

Bio-Techne

Corp.(Æ)

(1,086)

(524)

Blueprint

Medicines

Corp.(Æ)

(4,094)

(360)

Catalent,

Inc.(Æ)

(3,393)

(407)

Editas

Medicine,

Inc.(Æ)

(1,591)

(67)

Exact

Sciences

Corp.(Æ)

(2,975)

(321)

Fate

Therapeutics,

Inc.(Æ)

(3,753)

(311)

Fulgent

Genetics,

Inc.(Æ)

(425)

(39)

HCA

Healthcare,

Inc.

(1,607)

(399)

Insmed,

Inc.(Æ)

(1,575)

(39)

Intra-Cellular

Therapies,

Inc.

Class

A(Æ)

(4,918)

(169)

Invitae

Corp.(Æ)

(9,524)

(267)

R1

RCM,

Inc.(Æ)

(14,842)

(318)

Rocket

Pharmaceuticals,

Inc.(Æ)

(937)

(34)

Sorrento

Therapeutics,

Inc.(Æ)

(4,891)

(40)

Surgery

Partners,

Inc.(Æ)

(1,355)

(74)

TG

Therapeutics,

Inc.(Æ)

(802)

(28)

Veracyte,

Inc.(Æ)

(10,287)

(458)

(4,621)

Materials

and

Processing

-

(0.8)%

Builders

FirstSource,

Inc.(Æ)

(8,845)

(394)

Fastenal

Co.

(7,319)

(401)

HB

Fuller

Co.

(2,708)

(175)

Installed

Building

Products,

Inc.

(613)

(74)

JELD-WEN

Holding,

Inc.(Æ)

(2,671)

(71)

Quaker

Chemical

Corp.

(1,641)

(413)

RBC

Bearings,

Inc.(Æ)

(1,721)

(404)

Trex

Co.,

Inc.(Æ)

(4,077)

(396)

(2,328)

Producer

Durables

-

(1.1)%

Altra

Industrial

Motion

Corp.

(2,683)

(168)

Applied

Industrial

Technologies,

Inc.

(1,278)

(115)

ASGN,

Inc.(Æ)

(1,505)

(152)

Bloom

Energy

Corp.

Class

A(Æ)

(1,844)

(40)

Casella

Waste

Systems,

Inc.

Class

A(Æ)

(3,566)

(245)

Colfax

Corp.(Æ)

(5,681)

(261)

Cryoport,

Inc.(Æ)

(3,546)

(219)

Emerson

Electric

Co.

(4,019)

(405)

Herc

Holdings,

Inc.(Æ)

(526)

(65)

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Sustainable

Equity

Fund

11

cif

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kennametal,

Inc.

(1,924)

(70)

LCI

Industries

(815)

(119)

Middleby

Corp.(Æ)

(1,670)

(320)

Parker-Hannifin

Corp.

(1,290)

(403)

Plug

Power,

Inc.(Æ)

(1,148)

(31)

Proto

Labs,

Inc.(Æ)

(802)

(63)

SPX

FLOW,

Inc.

(1,355)

(111)

Square,

Inc.

Class

A(Æ)

(1,528)

(378)

Woodward,

Inc.

(2,096)

(255)

(3,420)

Technology

-

(1.2)%

3D

Systems

Corp.(Æ)

(6,462)

(178)

ADT,

Inc.

(9,209)

(97)

Advanced

Micro

Devices,

Inc.(Æ)

(4,037)

(429)

Analog

Devices,

Inc.

(2,699)

(452)

Appian

Corp.(Æ)

(821)

(96)

BigCommerce

Holdings,

Inc.(Æ)

(603)

(39)

Brooks

Automation,

Inc.

(2,188)

(195)

Bumble,

Inc.

Class

A(Æ)

(652)

(33)

Cognex

Corp.

(4,582)

(414)

Coupa

Software,

Inc.(Æ)

(709)

(154)

Covetrus,

Inc.(Æ)

(2,490)

(63)

Cree,

Inc.(Æ)

(3,808)

(353)

Digital

Turbine,

Inc.(Æ)

(1,171)

(74)

Fastly,

Inc.

Class

A(Æ)

(1,082)

(52)

II-VI,

Inc.(Æ)

(977)

(68)

Outset

Medical,

Inc.(Æ)

(2,445)

(100)

Rogers

Corp.(Æ)

(378)

(72)

Roku,

Inc.(Æ)

(844)

(361)

Sabre

Corp.(Æ)

(13,426)

(158)

SailPoint

Technologies

Holding,

Inc.(Æ)

(1,425)

(71)

(3,459)

Utilities

-

(0.1)%

Antero

Midstream

Corp.

(18,597)

(177)

Equitrans

Midstream

Corp.

(10,539)

(87)

(264)

Total

Securities

Sold

Short

(proceeds

$22,744)

(24,585)

Other

Assets

and

Liabilities,

Net

-

(0.2)%

(563)

Net

Assets

-

100.0%

296,754

Russell

Investment

Company

Sustainable

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

12

Sustainable

Equity

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

S&P

500

E-Mini

Index

Futures

34

USD

7,462

09/21

55

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

55

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

$

40,729

$

—

$

—

$

—

$

40,729

Consumer

Staples

30,330

—

—

—

30,330

Energy

60

—

—

—

60

Financial

Services

63,946

—

—

—

63,946

Health

Care

40,615

—

—

—

40,615

Materials

and

Processing

7,372

—

—

—

7,372

Producer

Durables

27,021

—

—

—

27,021

Technology

85,663

—

—

—

85,663

Utilities

10,616

—

—

—

10,616

Short-Term

Investments

—

—

—

15,503

15,503

Other

Securities

—

—

—

47

47

Total

Investments

306,352

—

—

15,550

321,902

Securities

Sold

Short

**

(24,585)

—

—

—

(24,585)

Other

Financial

Instruments

Assets

Futures

Contracts

55

—

—

—

55

Total

Other

Financial

Instruments

*

$

55

$

—

$

—

$

—

$

55

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

**

Refer

to

Schedule

of

Investments

for

detailed

sector

breakout.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2021,

see

note

2

in

the

Notes

to

Quarterly

Report.

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Strategic

Equity

Fund

13

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

96.3%

Consumer

Discretionary

-

14.2%

Advance

Auto

Parts,

Inc.

12,306

2,610

Amazon.com,

Inc.(Æ)

37,643

125,260

Amerco

,

Inc.

3,771

2,217

AutoNation,

Inc.(Æ)

12,587

1,527

AutoZone,

Inc.(Æ)

539

875

Best

Buy

Co.,

Inc.

36,313

4,080

BorgWarner,

Inc.

8,100

397

Brunswick

Corp.

13,600

1,420

CarMax,

Inc.(Æ)

9,625

1,289

Charter

Communications,

Inc.

Class

A(Æ)

82,338

61,264

Comcast

Corp.

Class

A

243,000

14,296

Costco

Wholesale

Corp.

23,216

9,976

Dick's

Sporting

Goods,

Inc.

9,012

939

Dollar

General

Corp.

19,832

4,614

Dollar

Tree,

Inc.(Æ)

8,469

845

DR

Horton,

Inc.

159,377

15,209

eBay,

Inc.

55,696

3,799

Floor

&

Decor

Holdings,

Inc.

Class

A(Æ)

14,387

1,755

Foot

Locker,

Inc.

16,833

960

Ford

Motor

Credit

Co.

LLC(Æ)

350,593

4,891

Gap,

Inc.

(The)

64,539

1,883

Garmin,

Ltd.

18,659

2,933

General

Motors

Co.(Æ)

716,467

40,724

Genuine

Parts

Co.

20,723

2,630

Graham

Holdings

Co.

Class

B

2,302

1,530

Grand

Canyon

Education,

Inc.(Æ)

10,350

956

Home

Depot,

Inc.

(The)

37,846

12,421

Kohl's

Corp.

28,762

1,461

Lear

Corp.

2,224

389

Lennar

Corp.

Class

A

41,608

4,375

Liberty

SiriusXM

Group

Class

C(Æ)

38,198

1,765

LKQ

Corp.(Æ)

86,551

4,392

Lowe's

Cos.,

Inc.

20,419

3,935

Lululemon

Athletica

,

Inc.(Æ)

4,758

1,904

McDonald's

Corp.

3,642

884

Mohawk

Industries,

Inc.(Æ)

6,615

1,289

Netflix,

Inc.(Æ)

72,405

37,475

Nike,

Inc.

Class

B

337,074

56,463

NVR,

Inc.(Æ)

470

2,455

Ollie's

Bargain

Outlet

Holdings,

Inc.(Æ)

15,638

1,456

Omnicom

Group,

Inc.

268,289

19,537

O'Reilly

Automotive,

Inc.(Æ)

3,399

2,052

Penske

Automotive

Group,

Inc.

19,669

1,743

Polaris,

Inc.

18,875

2,474

Pool

Corp.

2,445

1,168

PulteGroup,

Inc.

395,584

21,706

Ross

Stores,

Inc.

24,861

3,050

Starbucks

Corp.

245,756

29,842

Target

Corp.

33,956

8,864

Tesla,

Inc.(Æ)

22,378

15,378

Thor

Industries,

Inc.

156,660

18,542

TJX

Cos.,

Inc.

(The)

34,560

2,378

Tractor

Supply

Co.

13,674

2,474

Ulta

Beauty,

Inc.(Æ)

12,391

4,161

ViacomCBS

,

Inc.

Class

B

31,554

1,291

Walmart,

Inc.

71,846

10,242

Walt

Disney

Co.

(The)(Æ)

61,371

10,803

Whirlpool

Corp.

5,819

1,289

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Williams-Sonoma,

Inc.

17,408

2,641

Yum

China

Holdings,

Inc.

20,498

1,275

600,453

Consumer

Staples

-

4.7%

Altria

Group,

Inc.

74,891

3,598

Archer-Daniels-Midland

Co.

56,550

3,377

Casey's

General

Stores,

Inc.

3,765

744

Church

&

Dwight

Co.,

Inc.

31,611

2,737

Clorox

Co.

(The)

19,058

3,447

Coca-Cola

Co.

(The)

128,843

7,348

Colgate-Palmolive

Co.

73,351

5,831

CVS

Health

Corp.

412,295

33,957

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

8,580

2,864

General

Mills,

Inc.

43,678

2,571

Hormel

Foods

Corp.

11,157

517

Ingredion,

Inc.

221,602

19,459

JM

Smucker

Co.

(The)

19,214

2,519

Kimberly-Clark

Corp.

35,734

4,850

Kraft

Heinz

Foods

Co.

60,137

2,314

Kroger

Co.

(The)

671,323

27,323

Molson

Coors

Beverage

Co.

Class

B

67,723

3,311

Mondelez

International,

Inc.

Class

A

51,175

3,237

Monster

Beverage

Corp.(Æ)

16,800

1,585

PepsiCo,

Inc.

49,126

7,710

Philip

Morris

International,

Inc.

107,002

10,710

Procter

&

Gamble

Co.

(The)

130,802

18,604

Tyson

Foods,

Inc.

Class

A

337,444

24,114

US

Foods

Holding

Corp.(Æ)

35,810

1,230

Walgreens

Boots

Alliance,

Inc.

94,252

4,444

198,401

Energy

-

1.8%

BP

PLC

-

ADR

645,213

15,601

Canadian

Natural

Resources,

Ltd.

464,687

15,344

Chevron

Corp.

196,602

20,016

ConocoPhillips

Co.

178,612

10,013

Exxon

Mobil

Corp.

161,887

9,320

Kinder

Morgan,

Inc.

135,363

2,353

ONEOK,

Inc.

26,132

1,358

Pioneer

Natural

Resources

Co.

5,481

797

74,802

Financial

Services

-

18.5%

AerCap

Holdings

Ltd.

/

AerCap

Global

Aviation

Trust(Æ)

282,251

14,959

Aflac,

Inc.

59,106

3,251

Allstate

Corp.

(The)

26,101

3,394

American

Express

Co.

6,982

1,191

American

International

Group,

Inc.

25,553

1,210

American

Tower

Corp.(ö)

7,428

2,101

Banco

Santander

SA

-

ADR(Æ)

3,143,398

11,536

Bank

of

America

Corp.

871,861

33,445

Bank

of

New

York

Mellon

Corp.

(The)

34,343

1,763

Berkshire

Hathaway,

Inc.

Class

B(Æ)

175,560

48,857

BlackRock,

Inc.

Class

A

1,792

1,554

Capital

One

Financial

Corp.

22,094

3,573

Cboe

Global

Markets,

Inc.

3,251

385

CBRE

Group,

Inc.

Class

A(Æ)

40,060

3,864

Charles

Schwab

Corp.

(The)

29,482

2,003

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

14

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Chubb,

Ltd.

20,670

3,488

Citigroup,

Inc.

971,735

65,709

Citizens

Financial

Group,

Inc.

404,294

17,045

Comerica,

Inc.

30,343

2,083

Crown

Castle

International

Corp.(ö)

11,639

2,247

Discover

Financial

Services

13,338

1,658

Equinix

,

Inc.(Æ)(ö)

923

757

Equity

Commonwealth(ö)

453,307

11,917

Essent

Group,

Ltd.

192,090

8,677

Everest

Re

Group,

Ltd.

840

212

Fifth

Third

Bancorp

72,355

2,626

First

Republic

Bank

6,870

1,340

Global

Payments,

Inc.

733

142

Goldman

Sachs

Group,

Inc.

(The)

22,455

8,418

Hartford

Financial

Services

Group,

Inc.

20,216

1,286

JPMorgan

Chase

&

Co.

300,118

45,552

KeyCorp

58,671

1,153

KKR

&

Co.,

Inc.

Class

A

923,087

58,856

M&T

Bank

Corp.

10,794

1,445

MasterCard,

Inc.

Class

A

172,816

66,697

Merck

&

Co.,

Inc.

92,744

7,129

MetLife,

Inc.

28,215

1,628

Morgan

Stanley

193,549

18,577

New

York

Community

Bancorp,

Inc.

1,059,365

12,479

Northern

Trust

Corp.

21,389

2,414

PayPal

Holdings,

Inc.(Æ)

239,236

65,917

People's

United

Financial,

Inc.

23,806

374

PNC

Financial

Services

Group,

Inc.

(The)

39,665

7,235

Popular,

Inc.

199,936

14,547

Progressive

Corp.

(The)

20,591

1,959

Prudential

Financial,

Inc.

16,217

1,626

Raymond

James

Financial,

Inc.

11,885

1,539

Regions

Financial

Corp.

91,773

1,767

Reinsurance

Group

of

America,

Inc.

Class

A

9,053

997

RenaissanceRe

Holdings,

Ltd.

29

4

Rocket

Companies,

Inc.

Class

A

44,237

763

Ryman

Hospitality

Properties,

Inc.(Æ)(ö)

177,986

13,652

SLM

Corp.

807,564

15,206

State

Street

Corp.

13,883

1,210

Synchrony

Financial

54,839

2,579

Travelers

Cos.,

Inc.

(The)

20,578

3,064

Truist

Financial

Corp.

122,454

6,665

Two

Harbors

Investment

Corp.(ö)

1,967,149

12,609

US

Bancorp

107,896

5,993

Visa,

Inc.

Class

A

364,210

89,738

Wells

Fargo

&

Co.

1,206,164

55,411

779,476

Health

Care

-

15.0%

10x

Genomics,

Inc.

Class

A(Æ)

174,114

31,903

Abbott

Laboratories

67,828

8,206

AbbVie,

Inc.

198,208

23,052

Abiomed

,

Inc.(Æ)

3,128

1,023

Agilent

Technologies,

Inc.

27,508

4,215

Align

Technology,

Inc.(Æ)

64,374

44,791

Alkermes

PLC(Æ)

94,763

2,452

Alnylam

Pharmaceuticals,

Inc.(Æ)

15,665

2,803

Amgen,

Inc.

22,600

5,459

Anthem,

Inc.(Æ)

7,272

2,793

AstraZeneca

PLC

-

ADR

424,430

24,294

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Baxter

International,

Inc.

26,553

2,054

Becton

Dickinson

and

Co.

17,186

4,395

Biogen,

Inc.(Æ)

18,123

5,921

BioMarin

Pharmaceutical,

Inc.(Æ)

6,613

507

Boston

Scientific

Corp.(Æ)

62,153

2,834

Bristol-Myers

Squibb

Co.

304,888

20,693

Centene

Corp.(Æ)

44,103

3,026

Cerner

Corp.

42,122

3,386

Cigna

Corp.

17,170

3,940

Cooper

Cos.,

Inc.

(The)

5,586

2,356

DexCom

,

Inc.(Æ)

5,748

2,963

Edwards

Lifesciences

Corp.(Æ)

518,308

58,190

Eli

Lilly

&

Co.

27,837

6,778

Exact

Sciences

Corp.(Æ)

9,735

1,050

Exelixis

,

Inc.(Æ)

92,124

1,552

Gilead

Sciences,

Inc.

43,802

2,991

GlaxoSmithKline

PLC

-

ADR

414,454

16,636

Haemonetics

Corp.(Æ)

145,327

8,834

HCA

Healthcare,

Inc.

6,315

1,567

Hologic

,

Inc.(Æ)

14,690

1,102

Humana,

Inc.

2,749

1,171

IDEXX

Laboratories,

Inc.(Æ)

2,975

2,019

Illumina,

Inc.(Æ)

2,905

1,440

Incyte

Corp.(Æ)

30,662

2,372

Insulet

Corp.(Æ)

2,810

786

Integra

LifeSciences

Holdings

Corp.(Æ)

7,553

547

Intra-Cellular

Therapies,

Inc.

Class

A(Æ)

193,334

6,637

Intuitive

Surgical,

Inc.(Æ)

55,179

54,708

Jazz

Pharmaceuticals

PLC(Æ)

81,605

13,834

Johnson

&

Johnson

304,001

52,349

Laboratory

Corp.

of

America

Holdings(Æ)

14,684

4,349

Masimo

Corp.(Æ)

3,966

1,080

Medtronic

PLC

150,508

19,763

Moderna

,

Inc.(Æ)

20,912

7,395

Neurocrine

Biosciences,

Inc.(Æ)

5,389

502

Organon

&

Co.

9,274

269

Pfizer,

Inc.

768,412

32,896

Quest

Diagnostics,

Inc.

8,708

1,235

Regeneron

Pharmaceuticals,

Inc.(Æ)

5,232

3,006

ResMed

,

Inc.

16,758

4,555

Sage

Therapeutics,

Inc.(Æ)

17,324

758

Seagen

,

Inc.(Æ)

7,553

1,159

STERIS

PLC

8,595

1,873

Stryker

Corp.

19,781

5,359

Teleflex,

Inc.

2,802

1,114

Thermo

Fisher

Scientific,

Inc.

17,440

9,418

United

Therapeutics

Corp.(Æ)

17,834

3,245

UnitedHealth

Group,

Inc.

41,534

17,121

Veeva

Systems,

Inc.

Class

A(Æ)

127,429

42,397

Vertex

Pharmaceuticals,

Inc.(Æ)

18,264

3,682

Viatris

,

Inc.

914,001

12,860

West

Pharmaceutical

Services,

Inc.

13,286

5,470

Zimmer

Biomet

Holdings,

Inc.

67,016

10,952

Zoetis,

Inc.

Class

A

31,399

6,365

634,452

Materials

and

Processing

-

3.7%

Air

Products

&

Chemicals,

Inc.

927

270

Alcoa

Corp.(Æ)

331,280

13,301

Ball

Corp.

26,410

2,136

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Strategic

Equity

Fund

15

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Berry

Plastics

Group,

Inc.(Æ)

17,431

1,121

Carrier

Global

Corp.

36,048

1,992

Copart

,

Inc.(Æ)

11,271

1,657

Crown

Holdings,

Inc.

146,984

14,663

Dow,

Inc.

29,814

1,853

DowDuPont

,

Inc.

288,343

21,640

Eastman

Chemical

Co.

101,542

11,446

Ecolab,

Inc.

559

123

Fastenal

Co.

27,014

1,480

Freeport-McMoRan,

Inc.

52,181

1,988

Huntsman

Corp.

725,702

19,166

International

Paper

Co.

61,665

3,562

Lennox

International,

Inc.

3,495

1,151

Linde

PLC(Æ)

17,602

5,411

LyondellBasell

Industries

NV

Class

A

22,865

2,271

Newmont

Corp.

503,898

31,655

Nucor

Corp.

40,402

4,203

Owens

Corning

3,365

324

Reliance

Steel

&

Aluminum

Co.

2,803

440

Sherwin-Williams

Co.

(The)

3,049

887

Southern

Copper

Corp.

68,755

4,513

Steel

Dynamics,

Inc.

15,418

994

Trane

Technologies

PLC

28,704

5,844

Westrock

Co.

14,537

715

154,806

Producer

Durables

-

5.4%

3M

Co.

12,249

2,425

Ametek

,

Inc.

3,118

434

Aptiv

PLC(Æ)

10,656

1,778

Avery

Dennison

Corp.

4,333

913

Booz

Allen

Hamilton

Holding

Corp.

Class

A

10,010

859

Carlisle

Cos.,

Inc.

7,066

1,429

Caterpillar,

Inc.

4,181

864

CH

Robinson

Worldwide,

Inc.

19,423

1,732

Cintas

Corp.

6,621

2,610

CoStar

Group,

Inc.(Æ)

40,810

3,626

CSX

Corp.

55,395

1,790

Cummins,

Inc.

19,734

4,580

Danaher

Corp.

27,965

8,319

Deere

&

Co.

6,005

2,171

Eaton

Corp.

PLC

14,926

2,359

Emerson

Electric

Co.

21,989

2,218

Expeditors

International

of

Washington,

Inc.

14,707

1,886

FedEx

Corp.

74,524

20,863

General

Dynamics

Corp.

3,063

600

Gentex

Corp.

5,148

175

Honeywell

International,

Inc.

32,621

7,626

IDEX

Corp.

3,590

814

IHS

Markit

,

Ltd.(Æ)

20,885

2,440

Illinois

Tool

Works,

Inc.

9,751

2,210

Johnson

Controls

International

PLC(Æ)

94,509

6,750

Kansas

City

Southern

12,439

3,331

Keysight

Technologies,

Inc.(Æ)

5,940

977

Lockheed

Martin

Corp.

7,714

2,867

Magna

International,

Inc.

Class

A

131,590

11,031

Norfolk

Southern

Corp.

4,770

1,230

Northrop

Grumman

Corp.

6,024

2,187

Old

Dominion

Freight

Line,

Inc.

3,547

955

Otis

Worldwide

Corp.

18,034

1,615

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

PACCAR

Financial

Corp.

35,058

2,909

Paychex,

Inc.

6,219

708

Quanta

Services,

Inc.

37,203

3,382

Republic

Services,

Inc.

Class

A

20,865

2,470

Roper

Technologies,

Inc.

5,775

2,838

S&P

Global,

Inc.

1,210

519

Snap-on,

Inc.

8,918

1,944

Stanley

Black

&

Decker,

Inc.

4,646

916

Textron,

Inc.

208,314

14,376

Toro

Co.

(The)

18,395

2,092

TreeHouse

Foods,

Inc.(Æ)

297,553

13,211

Union

Pacific

Corp.

15,584

3,409

United

Parcel

Service,

Inc.

Class

B

46,071

8,816

United

Rentals,

Inc.(Æ)

8,004

2,638

Verisk

Analytics,

Inc.

Class

A

14,411

2,737

Vontier

Corp.

559,187

18,090

Waste

Management,

Inc.

252,742

37,472

Waters

Corp.(Æ)

2,227

868

Westinghouse

Air

Brake

Technologies

Corp.

9,916

842

XPO

Logistics,

Inc.(Æ)

14,464

2,006

227,907

Technology

-

28.7%

Accenture

PLC

Class

A

21,366

6,788

Activision

Blizzard,

Inc.

13,687

1,145

Adobe,

Inc.(Æ)

62,051

38,573

Advanced

Micro

Devices,

Inc.(Æ)

62,172

6,602

Airbnb,

Inc.

Class

A(Æ)

142,128

20,468

Alphabet,

Inc.

Class

A(Æ)

16,272

43,845

Alphabet,

Inc.

Class

C(Æ)

9,097

24,602

Amphenol

Corp.

Class

A

29,248

2,120

Analog

Devices,

Inc.

35,293

5,909

Ansys

,

Inc.(Æ)

231

85

Apple,

Inc.

619,624

90,378

Applied

Materials,

Inc.

49,262

6,893

Arista

Networks,

Inc.(Æ)

43,341

16,487

Automatic

Data

Processing,

Inc.

8,811

1,847

Broadcom,

Inc.

17,655

8,570

CACI

International,

Inc.

Class

A(Æ)

2,300

614

Cadence

Design

Systems,

Inc.(Æ)

18,371

2,712

CDW

Corp.

4,593

842

Cisco

Systems,

Inc.

177,754

9,842

Cognizant

Technology

Solutions

Corp.

Class

A

113,468

8,343

Corning,

Inc.

45,235

1,894

Corteva

,

Inc.

487,055

20,836

Coupa

Software,

Inc.(Æ)

129,692

28,143

Datadog

,

Inc.

Class

A(Æ)

349,970

38,742

Dell

Technologies,

Inc.

Class

C(Æ)

44,963

4,344

DXC

Technology

Co.(Æ)

308,780

12,345

Electronic

Arts,

Inc.

5,960

858

Entegris

,

Inc.

6,469

780

F5

Networks,

Inc.(Æ)

13,506

2,789

Facebook,

Inc.

Class

A(Æ)

126,390

45,033

Fidelity

National

Information

Services,

Inc.

12,476

1,860

Fiserv,

Inc.(Æ)

15,236

1,754

Fortinet,

Inc.(Æ)

8,065

2,196

Hewlett

Packard

Enterprise

Co.

Class

H

197,056

2,857

HP,

Inc.(Æ)

166,272

4,800

Intel

Corp.

225,631

12,121

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

16

U.S.

Strategic

Equity

Fund

cif

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

International

Business

Machines

Corp.

26,062

3,674

Intuit,

Inc.

10,186

5,398

Juniper

Networks,

Inc.

834,706

23,489

KLA

Corp.

13,017

4,532

Lam

Research

Corp.

6,766

4,313

Leidos

Holdings,

Inc.

20,263

2,156

Marvell

Technology

Group,

Ltd.

169,679

10,267

Match

Group,

Inc.(Æ)

299,558

47,711

Maxim

Integrated

Products,

Inc.

28,351

2,833

Microchip

Technology,

Inc.

21,852

3,127

Micron

Technology,

Inc.

310,129

24,060

Microsoft

Corp.

707,916

201,692

Monolithic

Power

Systems,

Inc.

5,444

2,446

Motorola

Solutions,

Inc.

11,497

2,574

NVIDIA

Corp.

110,528

21,552

ON

Semiconductor

Corp.(Æ)

59,963

2,342

Oracle

Corp.

56,289

4,905

Paycom

Software,

Inc.(Æ)

93,804

37,522

Qorvo

,

Inc.(Æ)

7,900

1,498

QUALCOMM,

Inc.

47,766

7,155

Raytheon

Technologies

Corp.(Æ)

50,393

4,382

Salesforce.com,

Inc.(Æ)

27,770

6,718

ServiceNow

,

Inc.(Æ)

92,703

54,499

Skyworks

Solutions,

Inc.

18,965

3,499

Snowflake,

Inc.

Class

A(Æ)

168,317

44,725

Synopsys,

Inc.(Æ)

5,711

1,645

Take-Two

Interactive

Software,

Inc.(Æ)

12,852

2,229

Teradyne,

Inc.

28,482

3,617

Texas

Instruments,

Inc.

48,954

9,332

Twilio

,

Inc.

Class

A(Æ)

167,781

62,681

Uber

Technologies,

Inc.(Æ)

1,356,026

58,933

Wix.com,

Ltd.(Æ)

107,129

31,993

Workday,

Inc.

Class

A(Æ)

3,510

823

Xilinx,

Inc.

11,399

1,708

Zoom

Video

Communications,

Inc.

Class

A(Æ)

82,735

31,282

Zynga,

Inc.

Class

A(Æ)

230,931

2,332

1,211,661

Utilities

-

4.3%

American

Electric

Power

Co.,

Inc.

8,378

738

AT&T,

Inc.

854,756

23,976

Avangrid

,

Inc.

27,409

1,429

Cheniere

Energy,

Inc.(Æ)

24,435

2,075

Consolidated

Edison,

Inc.

26,161

1,930

Dominion

Energy,

Inc.

7,331

549

DT

Midstream,

Inc.

5,503

233

DTE

Energy

Co.

11,007

1,291

Duke

Energy

Corp.

39,298

4,131

Edison

International

330,707

18,024

Evergy

,

Inc.

38,147

2,488

Eversource

Energy(Æ)

19,150

1,652

Exelon

Corp.

70,530

3,301

FirstEnergy

Corp.

452,794

17,351

National

Fuel

Gas

Co.

16,180

832

NextEra

Energy,

Inc.

53,807

4,192

NiSource,

Inc.

694,906

17,213

Pinnacle

West

Capital

Corp.

14,728

1,230

PPL

Corp.

517,697

14,687

Public

Service

Enterprise

Group,

Inc.

12,533

780

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Sempra

Energy

10,893

1,423

Southern

Co.

(The)

25,958

1,658

T-Mobile

USA,

Inc.(Æ)

263,528

37,953

UGI

Corp.

186,000

8,554

Verizon

Communications,

Inc.

219,631

12,251

WEC

Energy

Group,

Inc.(Æ)

29,263

2,755

182,696

Total

Common

Stocks

(cost

$2,696,692)

4,064,654

Short-Term

Investments

-

3.0%

U.S.

Cash

Management

Fund(@)

127,750,715

(∞)

127,725

Total

Short-Term

Investments

(cost

$127,725)

127,725

Total

Investments

-

99.3%

(identified

cost

$2,824,417)

4,192,379

Other

Assets

and

Liabilities,

Net

-

0.7%

30,698

Net

Assets

-

100.0%

4,223,077

Russell

Investment

Company

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Strategic

Equity

Fund

17

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

205

USD

44,992

09/21

1,407

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

1,407

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

$

600,453

$

—

$

—

$

—

$

600,453

Consumer

Staples

198,401

—

—

—

198,401

Energy

74,802

—

—

—

74,802

Financial

Services

779,476

—

—

—

779,476

Health

Care

634,452

—

—

—

634,452

Materials

and

Processing

154,806

—

—

—

154,806

Producer

Durables

227,907

—

—

—

227,907

Technology

1,211,661

—

—

—

1,211,661

Utilities

182,696

—

—

—

182,696

Short-Term

Investments

—

—

—

127,725

127,725

Total

Investments

4,064,654

—

—

127,725

4,192,379

Other

Financial

Instruments

Assets

Futures

Contracts

1,407

—

—

—

1,407

Total

Other

Financial

Instruments

*

$

1,407

$

—

$

—

$

—

$

1,407

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2021,

see

note

2

in

the

Notes

to

Quarterly

Report.

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

18

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

99.4%

Consumer

Discretionary

-

12.5%

1-800-Flowers.com,

Inc.

Class

A(Æ)

38,374

1,170

Abercrombie

&

Fitch

Co.

Class

A(Æ)(Ð)

45,080

1,704

Academy

Sports

and

Outdoors,

Inc.(Æ)(Û)

56,064

2,078

Adtalem

Global

Education,

Inc.(Æ)(Ð)

18,060

656

AerSale

Corp.(Æ)(Ñ)

73,781

840

Altice

USA,

Inc.

Class

A(Æ)(Û)

3,723

114

Amerco

,

Inc.(Û)

812

477

American

Axle

&

Manufacturing

Holdings,

Inc.(Æ)(Ð)

195,224

1,892

American

Eagle

Outfitters,

Inc.

18,434

635

American

Outdoor

Brands,

Inc.(Æ)

6,220

168

American

Public

Education,

Inc.(Æ)

54,212

1,605

America's

Car-Mart,

Inc.(Æ)

36,183

5,753

Audacy

,

Inc.(Æ)

59,269

212

B.

Riley

Financial,

Inc.

53,046

3,584

Barnes

&

Noble

Education,

Inc.(Æ)

120,034

1,002

Bassett

Furniture

Industries,

Inc.(Ð)

3,268

74

Beazer

Homes

USA,

Inc.(Æ)

23,892

436

BJ's

Restaurants,

Inc.(Æ)

68,301

2,772

Bluegreen

Vacations

Holding

Corp.(Æ)

29,102

504

Boot

Barn

Holdings,

Inc.(Æ)

84,124

7,270

Boston

Omaha

Corp.

Class

A(Æ)

54,588

1,786

Brinker

International,

Inc.(Æ)

58,438

3,176

Buckle,

Inc.

(The)

17,044

717

Cable

One,

Inc.(Ð)(Û)

104

196

Caleres

,

Inc.

139,805

3,459

Cardlytics,

Inc.(Æ)

22,374

2,818

Carriage

Services,

Inc.

Class

A

5,143

191

Carrols

Restaurant

Group,

Inc.(Æ)

205,433

1,008

Carter's,

Inc.

27,746

2,712

Cavco

Industries,

Inc.(Æ)

13,708

3,221

Celestica,

Inc.(Æ)

186,258

1,652

Central

Garden

&

Pet

Co.

Class

A(Æ)

7,594

329

Century

Casinos,

Inc.(Æ)

209,482

2,348

Century

Communities,

Inc.

15,119

1,050

Citi

Trends,

Inc.(Æ)

9,771

779

Conn's,

Inc.(Æ)

18,700

416

Container

Store

Group,

Inc.

(The)(Æ)(Ð)

24,749

260

Cooper-Standard

Holdings,

Inc.(Æ)(Ð)

15,178

395

Cracker

Barrel

Old

Country

Store,

Inc.

6,661

907

Crocs,

Inc.(Æ)

12,203

1,657

Dana

Holding

Corp.(Ð)

135,534

3,274

Del

Taco

Restaurants,

Inc.(Æ)

143,870

1,224

Delta

Apparel,

Inc.(Æ)

44,685

1,430

Denny's

Corp.(Æ)

43,311

609

Designer

Brands,

Inc.

Class

A(Æ)

115,107

1,677

Dillard's,

Inc.

Class

A

10,159

1,862

Dine

Brands

Global,

Inc.(Æ)

3,171

246

Drive

Shack,

Inc.(Æ)

149,918

378

Escalade,

Inc.

16,734

380

Ethan

Allen

Interiors,

Inc.

22,473

534

Everi

Holdings,

Inc.(Æ)

47,244

1,072

Fiesta

Restaurant

Group,

Inc.(Æ)

55,557

744

First

Cash

Financial

Services,

Inc.

10,134

803

Foot

Locker,

Inc.

26,437

1,508

Fossil

Group,

Inc.(Æ)

139,777

1,764

Franklin

Covey

Co.(Æ)

20,050

734

Genesco,

Inc.(Æ)

66,253

3,806

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

GMS,

Inc.(Æ)

15,960

784

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)

140,957

2,214

GoPro,

Inc.

Class

A(Æ)(Ð)

141,920

1,453

Gray

Television,

Inc.

55,622

1,233

Group

1

Automotive,

Inc.

5,144

894

H&R

Block,

Inc.

91,571

2,248

Hamilton

Beach

Brands

Holding

Co.

Class

A

49,881

932

HealthStream

,

Inc.(Æ)

13,198

386

Hibbett

Sports,

Inc.

15,422

1,367

Horizon

Global

Corp.(Æ)

147,081

1,309

IAC/InterActiveCorp.(Æ)(Û)

1,118

153

iHeartMedia

,

Inc.

Class

A(Æ)(Û)

19,979

516

iMedia

Brands,

Inc.(Æ)

82,818

528

International

Game

Technology

PLC(Æ)

154,266

2,893

IntriCon

Corp.(Æ)

22,406

538

JOANN,

Inc.

116,804

1,806

KB

Home

46,480

1,973

Kontoor

Brands,

Inc.(Ð)(Û)

52,854

2,928

Kura

Sushi

USA,

Inc.

Class

A(Æ)

37,295

1,813

Lands'

End,

Inc.(Æ)

14,295

548

Landsea

Homes

Corp.(Æ)

223,511

1,880

Laureate

Education,

Inc.

Class

A(Æ)

23,818

353

La-Z-Boy,

Inc.

11,194

376

Liberty

TripAdvisor

Holdings,

Inc.

Class

A(Æ)

80,340

336

Lumber

Liquidators

Holdings,

Inc.(Æ)

19,424

371

M/I

Homes,

Inc.(Æ)(Ð)

5,210

337

Madison

Square

Garden

Entertainment

Corp.

(Æ)

26,972

1,887

Madison

Square

Garden

Sports

Corp.

Class

A(Æ)(Ð)(Û)

8,089

1,316

Marchex

,

Inc.

Class

B(Æ)

12,919

33

MarineMax

,

Inc.(Æ)

17,031

916

MasterCraft

Boat

Holdings,

Inc.(Æ)

23,736

633

Meredith

Corp.(Æ)(Û)

7,152

312

Meritor,

Inc.(Æ)(Ð)

22,940

558

Monro

Muffler

Brake,

Inc.

33,509

1,944

Motorcar

Parts

of

America,

Inc.(Æ)

32,420

721

Movado

Group,

Inc.

52,432

1,577

Nathan's

Famous,

Inc.

5,900

379

National

Presto

Industries,

Inc.

4,139

399

Noodles

&

Co.

Class

A(Æ)(Ð)

14,667

175

nVent

Electric

PLC

69,472

2,196

OneWater

Marine,

Inc.

Class

A

1,437

68

Overstock.com,

Inc.(Æ)

8,588

598

Perdoceo

Education

Corp.(Æ)(Ð)

28,825

342

Potbelly

Corp.(Æ)

88,031

614

QuinStreet

,

Inc.(Æ)

99,149

1,818

Qurate

Retail,

Inc.

Class

A

173,491

2,058

REV

Group,

Inc.

16,750

253

Sally

Beauty

Holdings,

Inc.(Æ)

51,835

981

Scholastic

Corp.

55,849

1,877

Scientific

Games

Corp.

Class

A(Æ)

31,233

1,927

Service

Corp.

International(Û)

7,688

480

Shoe

Carnival,

Inc.

3,080

104

Shutterstock

,

Inc.

6,496

705

Signet

Jewelers,

Ltd.(Ð)

20,139

1,296

Sinclair

Broadcast

Group,

Inc.

Class

A

13,684

387

Skyline

Champion

Corp.(Æ)

135,632

7,651

SMART

Global

Holdings,

Inc.(Æ)(Ð)

85,015

3,982

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

19

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Sonic

Automotive,

Inc.

Class

A

12,902

704

Stamps.com,

Inc.(Æ)

3,779

1,235

Stride,

Inc.(Æ)

31,923

979

TEGNA,

Inc.

22,423

397

Tenneco,

Inc.

Class

A(Æ)(Ð)

83,864

1,460

Texas

Roadhouse,

Inc.

Class

A

54,491

5,022

The

Aaron's

Co.,

Inc.

84,978

2,453

Tilly's,

Inc.

Class

A

3,325

49

Townsquare

Media,

Inc.

Class

A(Æ)

190,477

2,341

Travelzoo

,

Inc.(Æ)

27,637

380

Universal

Electronics,

Inc.(Æ)

36,037

1,684

Universal

Technical

Institute,

Inc.(Æ)(Ð)

7,281

44

Vista

Outdoor,

Inc.(Æ)

65,249

2,635

Visteon

Corp.(Æ)

12,404

1,415

WideOpenWest

,

Inc.(Æ)

21,742

484

Wingstop

,

Inc.(Ð)

13,375

2,291

Wolverine

World

Wide,

Inc.

91,436

3,067

WW

International,

Inc.(Æ)

21,262

654

Wyndham

Hotels

&

Resorts,

Inc.

32,301

2,328

YETI

Holdings,

Inc.(Æ)

44,230

4,261

Zumiez

,

Inc.(Æ)

13,256

579

186,886

Consumer

Staples

-

3.4%

Adecoagro

SA(Æ)

86,359

826

Albertsons

Co.,

Inc.

Class

A(Û)

69,800

1,508

Alico

,

Inc.

21,824

825

Andersons,

Inc.

(The)

40,976

1,094

Bunge,

Ltd.(Û)

40,086

3,112

Coca-Cola

Consolidated,

Inc.

1,814

724

elf

Beauty,

Inc.(Æ)

348,105

9,612

Energizer

Holdings,

Inc.

-

GDR(Æ)

41,699

1,713

Farmer

Brothers

Co.(Æ)

92,204

893

Fresh

Del

Monte

Produce,

Inc.(Ð)

26,504

818

Grocery

Outlet

Holding

Corp.(Æ)

125,004

4,141

Helen

of

Troy,

Ltd.(Æ)

4,092

914

Herbalife

Nutrition,

Ltd.(Æ)(Û)

30,044

1,530

Ingles

Markets,

Inc.

Class

A

8,389

501

Ingredion,

Inc.

29,587

2,598

J&J

Snack

Foods

Corp.

14,061

2,311

Lancaster

Colony

Corp.

3,691

730

Lifevantage

Corp.(Æ)

8,641

70

Medifast

,

Inc.

5,234

1,494

MGP

Ingredients,

Inc.

4,918

293

Nomad

Foods,

Ltd.(Æ)

50,447

1,318

Performance

Food

Group

Co.(Æ)

21,167

970

Pilgrim's

Pride

Corp.(Æ)(Û)

25,709

569

Post

Holdings,

Inc.(Æ)(Ð)(Û)

6,337

649

Primo

Water

Corp.

55,111

911

Quanex

Building

Products

Corp.

63,520

1,578

Rite

Aid

Corp.(Æ)

25,365

386

Sanderson

Farms,

Inc.(Û)

18,302

3,420

SpartanNash

Co.

12,657

246

Spectrum

Brands

Holdings,

Inc.(Û)

28,113

2,455

Turning

Point

Brands,

Inc.

37,737

2,001

United

Natural

Foods,

Inc.(Æ)(Ð)

33,053

1,094

USANA

Health

Sciences,

Inc.(Æ)

618

59

51,363

Energy

-

3.4%

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Antero

Resources

Corp.(Æ)

108,359

1,474

Arch

Coal,

Inc.(Æ)

30,669

2,016

Berry

Petroleum

Corp.

6,132

34

ChampionX

Corp.(Æ)

112,171

2,607

CONSOL

Energy,

Inc.(Æ)

4,598

97

CVR

Energy,

Inc.

14,800

202

Delek

US

Holdings,

Inc.

194,570

3,381

Exterran

Corp.(Æ)

10,951

48

Green

Brick

Partners,

Inc.(Æ)

262,215

6,574

Hostess

Brands,

Inc.

Class

A(Æ)

25,378

408

Liberty

Oilfield

Services,

Inc.

Class

A(Æ)

49,301

502

Luxfer

Holdings

PLC

-

ADR

80,476

1,678

Marathon

Oil

Corp.(Û)

182,455

2,115

Matrix

Service

Co.(Æ)

190,783

2,081

Nabors

Industries,

Inc.(Æ)

1,562

137

National

Energy

Servicees

Reunited

Corp.(Æ)

463,320

5,977

Natural

Gas

Services

Group,

Inc.(Æ)

81,851

819

Newpark

Resources,

Inc.(Æ)

234,740

758

NexTier

Oilfield

Solutions,

Inc.(Æ)

411,548

1,572

NOW,

Inc.(Æ)

56,460

557

Oil

States

International,

Inc.(Æ)

60,927

345

Par

Pacific

Holdings,

Inc.(Æ)(Ð)

37,440

613

Patterson-UTI

Energy,

Inc.

368,960

2,959

PBF

Energy,

Inc.

Class

A(Æ)(Ð)

62,979

578

Peabody

Energy

Corp.(Æ)

57,954

679

REX

American

Resources

Corp.(Æ)(Ð)

2,858

234

SM

Energy

Co.

125,535

2,348

Solaris

Oilfield

Infrastructure,

Inc.

Class

A

128,339

1,117

SunCoke

Energy,

Inc.

33,807

261

Talon

Metals

Corp.(Æ)(Ñ)

1,025,500

460

Targa

Resources

Corp.(Û)

39,751

1,674

TPI

Composites,

Inc.(Æ)

44,391

1,737

W&T

Offshore,

Inc.(Æ)

328,168

1,329

Warrior

Met

Coal,

Inc.

122,998

2,296

World

Fuel

Services

Corp.

31,092

1,071

50,738

Financial

Services

-

20.6%

AerCap

Holdings

NV(Æ)

36,691

1,945

Agree

Realty

Corp.(ö)

41,341

3,107

Alleghany

Corp.(Æ)(Û)

1,747

1,158

Alliance

Data

Systems

Corp.

15,201

1,417

Alpine

Income

Property

Trust,

Inc.(ö)

191,739

3,763

Amalgamated

Financial

Corp.

3,796

58

Amerant

Bancorp,

Inc.(Æ)

1,233

27

American

Campus

Communities,

Inc.(ö)

23,266

1,171

American

Equity

Investment

Life

Holding

Co.

24,789

795

Ameris

Bancorp

36,147

1,757

Apple

Hospitality

REIT,

Inc.(ö)

152,982

2,287

Argo

Group

International

Holdings,

Ltd.

12,574

655

Armada

Hoffler

Properties,

Inc.(Ð)(ö)

13,872

180

Assurant,

Inc.(Ð)(Û)

958

151

Atlantic

Capital

Bancshares,

Inc.(Æ)

57,109

1,371

Atlantic

Union

Bankshares

Corp.(Æ)

26,027

923

Axis

Capital

Holdings,

Ltd.

45,310

2,305

Axos

Financial,

Inc.(Æ)

16,831

805

Banc

of

California,

Inc.

419,187

7,177

Bancorp,

Inc.

(The)(Æ)

31,686

741

BancorpSouth

Bank

23,910

617

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

20

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

BankUnited

,

Inc.

14,985

593

Banner

Corp.

43,621

2,314

Bar

Harbor

Bankshares

14,687

421

Baycom

Corp.(Æ)

3,795

69

Blucora

,

Inc.(Æ)

163,810

2,762

Bridgewater

Bancshares,

Inc.(Æ)

5,585

91

Brighthouse

Financial,

Inc.(Æ)(Ð)

52,601

2,265

Brixmor

Property

Group,

Inc.(ö)

117,526

2,705

Bryn

Mawr

Bank

Corp.

39,275

1,537

Byline

Bancorp,

Inc.

71,072

1,749

Cadence

Bancorp

221,866

4,216

Cambridge

Bancorp

6,069

519

Capital

Bancorp,

Inc.

39,895

906

Capital

City

Bank

Group,

Inc.

59,046

1,437

Capstar

Financial

Holdings,

Inc.

166,772

3,535

Carter

Bankshares

,

Inc.(Æ)

1,679

19

CatchMark

Timber

Trust,

Inc.

Class

A(ö)

39,180

458

Cathay

General

Bancorp

14,647

555

CBTX,

Inc.

6,348

167

Chemung

Financial

Corp.

632

29

Chimera

Investment

Corp.(ö)

15,130

223

CIT

Group,

Inc.

13,022

628

Civista

Bancshares,

Inc.

35,863

821

Clipper

Realty,

Inc.(ö)

100,412

835

CNO

Financial

Group,

Inc.

68,284

1,560

Columbia

Banking

System,

Inc.

19,245

672

Community

Bank

System,

Inc.

8,776

629

CorEnergy

Infrastructure

Trust,

Inc.(ö)

6,609

36

CorePoint

Lodging,

Inc.(Æ)(ö)

12,462

167

Cousins

Properties,

Inc.(ö)

59,284

2,355

Cowen

Group,

Inc.

Class

A

65,865

2,633

CTO

Realty

Growth,

Inc.(Ð)(ö)

61,212

3,439

Curo

Group

Holdings

Corp.

49,921

787

Customers

Bancorp,

Inc.(Æ)(Ð)

23,770

861

CVB

Financial

Corp.

79,019

1,506

DigitalBridge

Group,

Inc.(Æ)(Ð)(ö)

208,143

1,449

Diversified

Healthcare

Trust(Æ)(Ð)

14,459

56

Donegal

Group,

Inc.

Class

A

43,719

676

Easterly

Government

Properties,

Inc.(ö)

50,015

1,135

Eastern

Bankshares

,

Inc.

30,228

552

EastGroup

Properties,

Inc.(ö)

4,035

711

Emerald

Holding,

Inc.(Æ)

145,851

576

Employers

Holdings,

Inc.

1,832

76

Encore

Capital

Group,

Inc.(Æ)(Ð)

13,912

659

Enova

International,

Inc.(Æ)(Ð)

18,874

625

Enstar

Group,

Ltd.(Æ)

3,116

801

Enterprise

Financial

Services

Corp.

24,556

1,094

Equity

Commonwealth(ö)

32,698

860

Essent

Group,

Ltd.

66,870

3,021

Evercore

,

Inc.

Class

A

4,489

593

Everest

Re

Group,

Ltd.(Ð)

3,592

908

EZCORP,

Inc.

Class

A(Æ)(Ð)

308,698

1,766

Farmland

Partners,

Inc.(ö)

900

11

Federal

Agricultural

Mortgage

Corp.

Class

C

31,367

3,058

Federated

Hermes,

Inc.

Class

B

13,954

453

First

BanCorp

61,295

744

First

Community

Corp.

35,337

723

First

Financial

Bankshares

,

Inc.

11,281

551

First

Financial

Corp.

2,372

95

First

Foundation,

Inc.

167,630

3,952

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

First

Internet

Bancorp

17,762

538

First

Interstate

BancSystem

,

Inc.

Class

A

75,537

3,167

First

Merchants

Corp.

47,189

1,922

First

Mid-Illinois

Bancshares,

Inc.

25,363

1,032

Five

Star

Bancorp

63,785

1,554

Flagstar

Bancorp,

Inc.

13,334

610

Flushing

Financial

Corp.

20,359

449

FNB

Corp.

84,589

969

Forestar

Group,

Inc.(Æ)

67,624

1,385

Four

Corners

Property

Trust,

Inc.(ö)

14,765

424

Franchise

Group,

Inc.(Æ)

73,698

2,503

Gaming

and

Leisure

Properties,

Inc.(ö)(Û)

103,939

4,920

Genworth

Financial,

Inc.

Class

A(Æ)

343,709

1,148

GEO

Group,

Inc.

(The)(ö)

135,981

941

Glacier

Bancorp,

Inc.

20,045

1,034

Global

Medical

REIT,

Inc.(ö)

87,155

1,356

Great

Western

Bancorp,

Inc.

13,621

420

Green

Dot

Corp.

Class

A(Æ)(Ð)

31,811

1,466

Greenhill

&

Co.,

Inc.

6,699

107

Greenlight

Capital

Re,

Ltd.

Class

A(Æ)(Ð)

2,488

22

Guaranty

Bancshares,

Inc.

17,397

582

Hallmark

Financial

Services,

Inc.(Æ)(Ð)

17,503

83

Hancock

Holding

Co.

57,266

2,503

Hanmi

Financial

Corp.

12,737

232

Hanover

Insurance

Group,

Inc.

(The)(Ð)

16,238

2,207

HarborOne

Bancorp,

Inc.

6,365

87

Heritage

Insurance

Holdings,

Inc.

2,288

17

Hilltop

Holdings,

Inc.

21,324

676

Home

Bancorp,

Inc.

14,041

493

Home

BancShares

,

Inc.

194,445

4,119

HomeStreet

,

Inc.

118,897

4,483

HomeTrust

Bancshares,

Inc.

5,315

140

Horace

Mann

Educators

Corp.

18,410

733

Houlihan

Lokey

,

Inc.

Class

A

20,799

1,853

Howard

Hughes

Corp.

(The)(Æ)(Ð)(Û)

8,307

770

Hudson

Pacific

Properties,

Inc.(ö)

66,387

1,810

I3

Verticals,

Inc.

Class

A(Æ)

103,878

3,316

Independent

Bank

Corp.

50,584

1,064

Innovative

Industrial

Properties,

Inc.(ö)

9,165

1,970

International

Bancshares

Corp.

10,964

428

Investar

Holding

Corp.

40,153

881

Investors

Bancorp,

Inc.

38,722

535

iStar

,

Inc.(ö)

45,235

1,096

James

River

Group

Holdings,

Ltd.

61,152

2,225

Kearny

Financial

Corp.

187,600

2,257

Kemper

Corp.

24,146

1,594

Kennedy-Wilson

Holdings,

Inc.

14,481

292

Ladder

Capital

Corp.

Class

A(ö)

87,254

996

LendingClub

Corp.(Æ)(Ð)

88,355

2,156

LendingTree

,

Inc.(Æ)

12,720

2,483

Live

Oak

Bancshares,

Inc.

10,106

608

LTC

Properties,

Inc.(ö)

39,379

1,490

Merchants

Bancorp

6,578

241

Metropolitan

Bank

Holding

Corp.(Æ)

11,460

814

MFA

Financial,

Inc.(ö)

297,056

1,387

MoneyGram

International,

Inc.(Æ)

98,046

1,014

Mr.

Cooper

Group,

Inc.(Æ)

22,862

850

National

Bank

Holdings

Corp.

Class

A

104,975

3,723

National

Retail

Properties,

Inc.(ö)

45,012

2,200

New

York

Mortgage

Trust,

Inc.(ö)

109,572

479

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

21

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

NexPoint

Residential

Trust,

Inc.(ö)

4,919

290

NMI

Holdings,

Inc.

Class

A(Æ)

127,247

2,802

Northeast

Bank

45,520

1,453

Northrim

BanCorp

,

Inc.

613

25

OceanFirst

Financial

Corp.

40,958

799

ODP

Corp.

(The)(Æ)

20,395

965

Office

Properties

Income

Trust(ö)

24,013

696

OFG

Bancorp

19,457

449

Old

National

Bancorp

78,595

1,265

Old

Second

Bancorp,

Inc.

126,381

1,463

Oportun

Financial

Corp.(Æ)

30,230

637

Origin

Bancorp,

Inc.

895

36

Pacific

Premier

Bancorp,

Inc.

17,449

663

PCB

Bancorp(Æ)

126,095

2,388

PCSB

Financial

Corp.

123,509

2,228

Peapack

Gladstone

Financial

Corp.

8,744

282

PennyMac

Financial

Services,

Inc.(Ð)

26,804

1,685

Peoples

Bancorp,

Inc.

120,146

3,544

Piedmont

Office

Realty

Trust,

Inc.

Class

A(ö)

19,629

373

Plymouth

Industrial

REIT,

Inc.(ö)

103,804

2,396

Popular,

Inc.

80,289

5,841

Potlatch

Corp.(ö)

22,546

1,171

PRA

Group,

Inc.(Æ)

11,107

431

Premier

Financial

Corp.

119,541

3,201

Primis

Financial

Corp.(Æ)

55,468

863

ProAssurance

Corp.

19,301

391

PROG

Holdings,

Inc.

66,028

2,890

PS

Business

Parks,

Inc.(ö)

3,989

613

Pzena

Investment

Management,

Inc.

Class

A

163,230

1,869

QCR

Holdings,

Inc.

33,303

1,635

QTS

Realty

Trust,

Inc.

Class

A(ö)

22,656

1,761

Radian

Group,

Inc.

28,962

654

Rayonier,

Inc.(ö)

67,450

2,544

Realogy

Holdings

Corp.(Æ)(Ð)

92,716

1,643

Redfin

Corp.(Æ)

8,047

471

Reinsurance

Group

of

America,

Inc.

Class

A(Û)

19,599

2,159

RenaissanceRe

Holdings,

Ltd.(Ð)

14,718

2,247

Renasant

Corp.

14,546

512

Repay

Holdings

Corp.(Æ)

127,788

3,183

Retail

Value,

Inc.(ö)

24,342

595

Riverview

Bancorp,

Inc.

44,742

312

RLI

Corp.

3,778

409

RMR

Group,

Inc.

(The)

Class

A

42,736

1,677

Sculptor

Capital

Management,

Inc.

15,491

360

Selective

Insurance

Group,

Inc.

30,621

2,491

ServisFirst

Bancshares,

Inc.

5,334

379

Sierra

Bancorp

3,150

76

Silvercrest

Asset

Management

Group,

Inc.

Class

A

72,665

1,160

Simmons

First

National

Corp.

Class

A

16,437

447

SiriusPoint

,

Ltd.(Æ)(Ð)

20,408

200

SLM

Corp.

102,034

1,921

SmartFinancial

,

Inc.

14,526

354

South

State

Corp.

22,110

1,522

Southern

Missouri

Bancorp,

Inc.

12,609

566

SP

Plus

Corp.(Æ)

101,259

3,320

Spirit

Realty

Capital,

Inc.(ö)

30,241

1,519

STAG

Industrial,

Inc.(ö)

45,453

1,878

Stewart

Information

Services

Corp.

49,600

2,927

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

StoneX

Group,

Inc.(Æ)(Ð)

36,207

2,337

Summit

Hotel

Properties,

Inc.(Æ)(ö)

143,294

1,291

Target

Hospitality

Corp.

Class

A(Æ)

288,780

1,034

Terreno

Realty

Corp.(ö)

6,742

461

Territorial

Bancorp,

Inc.

94,867

2,423

Texas

Capital

Bancshares,

Inc.(Æ)(Ð)

21,814

1,374

Tiptree

Financial,

Inc.

Class

A

177,789

1,709

TPG

RE

Finance

Trust,

Inc.(ö)

103,561

1,363

TriCo

Bancshares

21,056

830

Triumph

Bancorp,

Inc.(Æ)

55,768

4,276

UMB

Financial

Corp.

23,706

2,219

UMH

Properties,

Inc.(ö)

162,337

3,780

United

Bankshares

,

Inc.

22,845

789

United

Community

Banks,

Inc.

69,516

2,003

United

Fire

Group,

Inc.

7,070

176

United

Insurance

Holdings

Corp.(Ð)

15,271

67

Universal

Insurance

Holdings,

Inc.

63,343

897

Unum

Group(Ð)

82,748

2,267

Urstadt

Biddle

Properties,

Inc.

Class

A(ö)

22,050

420

Valley

National

Bancorp

181,552

2,340

Velocity

Financial,

Inc.(Æ)

62,051

785

Veritex

Holdings,

Inc.

54,291

1,821

Virtus

Investment

Partners,

Inc.

1,727

477

Voya

Financial,

Inc.(Ð)(Û)

28,375

1,827

Walker

&

Dunlop,

Inc.

6,651

688

Washington

Trust

Bancorp,

Inc.

43,283

2,110

Webster

Financial

Corp.

81,747

3,933

West

Bancorporation,

Inc.

10,069

297

Westamerica

BanCorp

22,469

1,248

Westwood

Holdings

Group,

Inc.

35,216

893

WSFS

Financial

Corp.

13,480

590

309,264

Health

Care

-

19.2%

4D

Molecular

Therapeutics,

Inc.(Æ)

4,091

102

Acadia

Pharmaceuticals,

Inc.(Æ)

36,766

795

Acceleron

Pharma,

Inc.(Æ)

56,083

7,014

Accuray

,

Inc.(Æ)

159,915

656

Aeglea

BioTherapeutics

,

Inc.(Æ)

7,258

44

Aerie

Pharmaceuticals,

Inc.(Æ)(Ð)

37,643

594

Agios

Pharmaceuticals,

Inc.(Æ)(Ð)

66,215

3,184

Akebia

Therapeutics,

Inc.(Æ)(Ð)

177,971

440

Alkermes

PLC(Æ)(Ð)

92,530

2,394

Allakos

,

Inc.(Æ)

5,238

417

Allscripts

Healthcare

Solutions,

Inc.(Æ)(Ð)

123,272

2,105

ALX

Oncology

Holdings,

Inc.(Æ)

15,143

887

Amicus

Therapeutics,

Inc.(Æ)(Ð)

189,073

1,756

AMN

Healthcare

Services,

Inc.(Æ)

7,487

753

Amneal

Pharmaceuticals,

Inc.(Æ)(Ð)

104,109

513

Amphastar

Pharmaceuticals,

Inc.(Æ)

87,397

1,831

AngioDynamics

,

Inc.(Æ)(Ð)

11,516

307

Angion

Biomedica

Corp.(Æ)

89,082

947

ANI

Pharmaceuticals,

Inc.(Æ)(Ð)

58,943

2,000

Anika

Therapeutics,

Inc.(Æ)

68,868

2,764

Antares

Pharma,

Inc.(Æ)

125,553

552

Apellis

Pharmaceuticals,

Inc.(Æ)

30,575

1,956

Applied

Genetic

Technologies

Corp.(Æ)(Ð)

23,980

86

Applied

Therapeutics,

Inc.(Æ)

27,147

467

Ardelyx

,

Inc.(Æ)(Ð)

29,186

51

Arena

Pharmaceuticals,

Inc.(Æ)

52,426

3,243

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

22

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Argenx

SE

-

ADR(Æ)

17,303

5,268

Arrowhead

Pharmaceuticals,

Inc.(Æ)

92,114

6,383

Arvinas

,

Inc.(Æ)

21,284

2,152

Ascendis

Pharma

A/S

-

ADR(Æ)

13,188

1,559

Atara

Biotherapeutics

,

Inc.(Æ)(Ð)

9,376

120

Athenex

,

Inc.(Æ)(Ð)

29,963

113

Athira

Pharma,

Inc.(Æ)

76,794

738

Avid

Bioservices

,

Inc.(Æ)

491,422

12,606

AVROBIO,

Inc.(Æ)(Ð)

19,866

146

Axsome

Therapeutics,

Inc.(Æ)

7,114

346

Beam

Therapeutics,

Inc.(Æ)

35,283

3,246

Beyondspring

,

Inc.(Æ)(Ð)

8,149

78

Biohaven

Pharmaceutical

Holding

Co.,

Ltd.

(Æ)

31,454

3,964

BioLife

Solutions,

Inc.(Æ)

255,687

11,993

Bluebird

Bio,

Inc.(Æ)(Ð)

53,498

1,359

Blueprint

Medicines

Corp.(Æ)

23,337

2,051

BridgeBio

Pharma,

Inc.(Æ)

76,005

4,062

Cara

Therapeutics,

Inc.(Æ)(Ð)

21,448

257

Cardiovascular

Systems,

Inc.(Æ)(Ð)

12,226

493

CareDx

,

Inc.(Æ)

11,219

943

Castle

Biosciences,

Inc.(Æ)

5,773

403

Castlight

Health,

Inc.

Class

B(Æ)

72,454

169

Catalyst

Pharmaceuticals,

Inc.(Æ)

45,890

268

Clovis

Oncology,

Inc.(Æ)(Ñ)

90,097

435

Computer

Programs

&

Systems,

Inc.

23,585

745

Concert

Pharmaceuticals,

Inc.(Æ)(Ð)

24,154

80

CONMED

Corp.

34,579

4,770

CorVel

Corp.(Æ)

6,243

879

Crinetics

Pharmaceuticals,

Inc.(Æ)

46,770

841

Cytokinetics,

Inc.(Æ)

89,015

2,642

CytomX

Therapeutics,

Inc.(Æ)

58,125

314

Deciphera

Pharmaceuticals,

Inc.(Æ)(Ð)

55,084

1,680

Denali

Therapeutics,

Inc.(Æ)

27,591

1,408

Dicerna

Pharmaceuticals,

Inc.(Æ)

106,228

3,985

Eagle

Pharmaceuticals,

Inc.(Æ)(Ð)

5,802

270

Editas

Medicine,

Inc.(Æ)(Ñ)

9,513

398

Eiger

BioPharmaceuticals

,

Inc.(Æ)(Ð)

7,122

57

Emergent

BioSolutions

,

Inc.(Æ)

12,461

821

Enanta

Pharmaceuticals,

Inc.(Æ)

11,481

485

Endo

International

PLC(Æ)(Ð)

161,994

820

Ensign

Group,

Inc.

(The)

19,213

1,634

Epizyme

,

Inc.(Æ)(Ð)

29,052

193

Esperion

Therapeutics,

Inc.(Æ)(Ñ)

53,731

827

Exelixis

,

Inc.(Æ)

33,398

563

Fennec

Pharmaceuticals,

Inc.(Æ)(Ñ)

6,044

39

FibroGen

,

Inc.(Æ)(Ð)

76,435

994

Flexion

Therapeutics,

Inc.(Æ)(Ð)

38,310

227

F-Star

Therapeutics,

Inc.(Æ)

89,257

464

G1

Therapeutics,

Inc.(Æ)

88,957

1,540

Global

Blood

Therapeutics,

Inc.(Æ)(Ð)

13,839

378

Gossamer

Bio,

Inc.(Æ)

30,960

243

Halozyme

Therapeutics,

Inc.(Æ)

16,574

685

Hanger,

Inc.(Æ)(Ð)

4,816

118

Heska

Corp.(Æ)

40,644

9,783

Hill-Rom

Holdings,

Inc.

15,996

2,215

Homology

Medicines,

Inc.(Æ)(Ð)

34,805

221

IDEAYA

Biosciences,

Inc.(Æ)

81,175

1,989

IGM

Biosciences,

Inc.(Æ)

16,838

1,145

Impel

Neuropharma

,

Inc.(Æ)

65,461

920

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

InfuSystems

Holdings,

Inc.(Æ)

207,093

3,779

Inhibrx

,

Inc.(Æ)(Ñ)

74,684

2,126

Inozyme

Pharma,

Inc.(Æ)

64,806

1,087

Insmed

,

Inc.(Æ)

24,459

602

Inspire

Medical

Systems,

Inc.(Æ)

4,811

881

Intellia

Therapeutics,

Inc.(Æ)

8,594

1,219

Intercept

Pharmaceuticals,

Inc.(Æ)(Ð)

29,842

516

Invacare

Corp.(Æ)(Ð)

162,030

1,171

Ionis

Pharmaceuticals,

Inc.(Æ)(Ð)

54,639

2,029

iRadimed

Corp.(Æ)

117,745

3,963

iRhythm

Technologies,

Inc.(Æ)

25,110

1,284

Ironwood

Pharmaceuticals,

Inc.

Class

A(Æ)

(Ð)

43,333

575

iTeos

Therapeutics,

Inc.(Æ)

4,339

104

Jazz

Pharmaceuticals

PLC(Æ)(Ð)

2,445

414

Karyopharm

Therapeutics,

Inc.(Æ)(Ð)

22,009

183

Kiniksa

Pharmaceuticals,

Ltd.

Class

A(Æ)(Ð)

5,539

85

Kura

Oncology,

Inc.(Æ)

23,826

451

Lannett

Co.,

Inc.(Æ)

27,251

126

Lantheus

Holdings,

Inc.(Æ)

115,170

3,014

LeMaitre

Vascular,

Inc.

134,487

7,324

LHC

Group,

Inc.(Æ)

24,855

5,348

LivaNova

PLC(Æ)

24,528

2,117

Magenta

Therapeutics,

Inc.(Æ)(Ð)

1,508

11

MedAvail

Holdings,

Inc.(Æ)

151,351

1,277

MEDNAX,

Inc.(Æ)

32,624

950

Medpace

Holdings,

Inc.(Æ)

45,311

7,972

Minerva

Neurosciences,

Inc.(Æ)

40,098

74

Mirati

Therapeutics,

Inc.(Æ)

18,235

2,919

ModivCare

,

Inc.(Æ)

6,890

1,171

Molecular

Templates,

Inc.(Æ)(Ð)

145,221

1,017

Molina

Healthcare,

Inc.(Æ)

11,478

3,134

Mustang

Bio,

Inc.(Æ)

251,194

726

Natus

Medical,

Inc.(Æ)

74,955

2,001

Nektar

Therapeutics(Æ)(Ð)

9,123

144

Nemaura

Medical,

Inc.(Æ)(Ñ)

95,344

723

Neogen

Corp.(Æ)

136,979

5,967

NeoGenomics

,

Inc.(Æ)

110,903

5,113

Nevro

Corp.(Æ)

5,472

848

NextGen

Healthcare,

Inc.(Æ)(Ð)

26,757

434

NGM

Biopharmaceuticals,

Inc.(Æ)

8,161

166

Omnicell

,

Inc.(Æ)

27,626

4,047

Optinose

,

Inc.(Æ)

12,534

36

OraSure

Technologies,

Inc.(Æ)(Ð)

14,805

175

Orthofix

Medical,

Inc.(Æ)

13,699

544

Owens

&

Minor,

Inc.

33,083

1,530

Pacific

Biosciences

of

California,

Inc.(Æ)

54,476

1,751

Pennpant

Group,

Inc.

(The)(Æ)

21,778

745

Phathom

Pharmaceuticals,

Inc.(Æ)(Ð)

5,160

166

Phibro

Animal

Health

Corp.

Class

A

33,108

784

Phreesia

,

Inc.(Æ)

63,487

4,339

Pliant

Therapeutics,

Inc.(Æ)(Ñ)

14,564

294

Poseida

Therapeutics,

Inc.(Æ)

20,755

168

Precision

BioSciences

,

Inc.(Æ)

54,031

533

Prestige

Brands

Holdings,

Inc.(Æ)

11,584

609

Protagonist

Therapeutics,

Inc.(Æ)

30,989

1,532

Protech

Home

Medical

Corp.(Æ)

86,016

475

PTC

Therapeutics,

Inc.(Æ)(Ð)

88,547

3,394

Quidel

Corp.(Æ)(Ð)

9,515

1,346

Radius

Health,

Inc.(Æ)(Ð)

24,678

373

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

23

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

RadNet

,

Inc.(Æ)

91,874

3,375

Reata

Pharmaceuticals,

Inc.

Class

A(Æ)

22,733

2,849

Recro

Pharma,

Inc.(Æ)

145,638

265

Recursion

Pharmaceuticals,

Inc.

Class

A(Æ)

(Ñ)

15,745

478

REGENXBIO,

Inc.(Æ)(Ð)

12,572

406

Repligen

Corp.(Æ)

39,650

9,742

Rockwell

Medical,

Inc.(Æ)(Ñ)

419,246

306

Sarepta

Therapeutics,

Inc.(Æ)(Ð)

3,747

254

Savara

,

Inc.(Æ)

28,096

36

Schrodinger,

Inc.(Æ)

51,895

3,512

Scpharmaceuticals

,

Inc.(Æ)

73,212

401

Selecta

Biosciences,

Inc.(Æ)

61,540

213

ShockWave

Medical,

Inc.(Æ)

4,621

841

SIGA

Technologies,

Inc.(Æ)

273,355

1,741

SpringWorks

Therapeutics,

Inc.(Æ)

16,888

1,447

STAAR

Surgical

Co.(Æ)

6,140

785

Surmodics

,

Inc.(Æ)

2,828

156

Syros

Pharmaceuticals,

Inc.(Æ)(Ð)

978

5

Tactile

Systems

Technology,

Inc.(Æ)

47,572

2,330

Tenet

Healthcare

Corp.(Æ)

43,388

3,117

TG

Therapeutics,

Inc.(Æ)

22,358

782

Theravance

Biopharma,

Inc.(Æ)(Ð)

21,333

277

Travere

Therapeutics,

Inc.(Æ)(Ð)

32,217

443

Tricida

,

Inc.(Æ)

19,061

68

Turning

Point

Therapeutics,

Inc.(Æ)

7,072

451

Twist

Bioscience

Corp.(Æ)

17,524

2,156

United

Therapeutics

Corp.(Æ)(Û)

15,901

2,893

UNITY

Biotechnology,

Inc.(Æ)

13,962

51

UroGen

Pharma,

Ltd.(Æ)(Ñ)

30,709

476

Utah

Medical

Products,

Inc.

38,326

3,426

Vanda

Pharmaceuticals,

Inc.(Æ)(Ð)

18,157

296

Varex

Imaging

Corp.(Æ)(Ð)

24,238

662

Vincerx

Pharma,

Inc.(Æ)

28,219

374

Voyager

Therapeutics,

Inc.(Æ)(Ð)

17,144

54

WaVe

Life

Sciences,

Ltd.(Æ)(Ð)

7,597

42

Werewolf

Therapeutics,

Inc.(Æ)

71,565

1,247

Xencor

,

Inc.(Æ)

40,848

1,257

Zentalis

Pharmaceuticals,

Inc.(Æ)

29,685

1,580

Zogenix

,

Inc.(Æ)(Ð)

105,936

1,717

Zymeworks

,

Inc.(Æ)

54,159

1,738

287,518

Materials

and

Processing

-

7.0%

AdvanSix

,

Inc.(Æ)

10,887

364

American

Vanguard

Corp.

70,963

1,172

Apogee

Enterprises,

Inc.(Ð)

15,239

605

Arconic

Corp.(Æ)

108,402

3,896

Ashland

Global

Holdings,

Inc.(Ð)

23,090

1,964

Beacon

Roofing

Supply,

Inc.(Æ)

11,567

619

Belden,

Inc.(Ð)

13,634

668

BlueLinx

Holdings,

Inc.(Æ)

2,739

118

Boise

Cascade

Co.(Ð)

21,639

1,107

BrightView

Holdings,

Inc.(Æ)

72,704

1,165

Cabot

Corp.(Ð)

86,316

4,753

Caesarstone

,

Ltd.

42,469

564

Capstone

Mining

Corp.(Æ)

90,316

405

Carpenter

Technology

Corp.

15,208

580

Chemours

Co.

(The)

47,088

1,566

Clearwater

Paper

Corp.(Æ)(Ð)

7,596

224

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Compass

Minerals

International,

Inc.

15,974

1,095

Constellium

SE(Æ)

48,671

918

Cornerstone

Building

Brands,

Inc.(Æ)

66,010

1,110

Culp,

Inc.

204,871

3,067

Danimer

Scientific,

Inc.(Æ)

73,244

1,222

Gold

Resource

Corp.

370,152

781

Haynes

International,

Inc.

17,816

672

HB

Fuller

Co.

32,028

2,070

Horizonte  Minerals  PLC(Æ)

4,635,861

416

Huntsman

Corp.

113,411

2,995

Ingevity

Corp.(Æ)

25,996

2,208

Insteel

Industries,

Inc.

112,618

4,373

Interface,

Inc.

Class

A(Ð)

165,258

2,383

Kaiser

Aluminum

Corp.

3,449

420

Koppers

Holdings,

Inc.(Æ)

90,794

2,788

Kraton

Corp.(Æ)(Ð)

19,196

733

Landec

Corp.(Æ)(Ð)

168,377

1,842

LB

Foster

Co.

Class

A(Æ)

2,289

42

LiqTech

International,

Inc.(Æ)(Ñ)

199,688

1,314

Louisiana-Pacific

Corp.

33,343

1,849

Masonite

International

Corp.(Æ)

9,405

1,064

Mosaic

Co.

(The)

102,059

3,187

MRC

Global,

Inc.(Æ)

38,603

354

Mueller

Water

Products,

Inc.

Class

A

28,249

419

Neenah

Paper,

Inc.

22,933

1,153

Neo

Lithium

Corp.(Æ)

181,127

517

NN,

Inc.(Æ)

7,600

52

Northwest

Pipe

Co.(Æ)

24,042

683

Nouveau

Monde

Graphite,

Inc.(Æ)

32,462

228

O-I

Glass,

Inc.

Class

I(Æ)(Ð)

75,024

1,110

Olin

Corp.

51,665

2,430

Omega

Flex,

Inc.

14,014

2,198

Orion

Engineered

Carbons

SA(Æ)

19,809

358

Pactiv

Evergreen,

Inc.

77,208

1,117

Patrick

Industries,

Inc.

8,678

717

Quaker

Chemical

Corp.

15,793

3,976

Rayonier

Advanced

Materials,

Inc.(Æ)

27,890

194

Ryerson

Holding

Corp.

4,424

70

Schnitzer

Steel

Industries,

Inc.

Class

A

2,636

138

Schweitzer-Mauduit

International,

Inc.

54,853

2,157

Simpson

Manufacturing

Co.,

Inc.

5,291

595

SiteOne

Landscape

Supply,

Inc.(Æ)

18,672

3,263

Stelco

Holdings,

Inc.

46,635

1,540

Stepan

Co.

15,654

1,846

Summit

Materials,

Inc.

Class

A(Æ)

24,709

830

Trinseo

SA

26,601

1,446

Tronox

Holdings

PLC

Class

A

308,906

5,692

Unifi,

Inc.(Æ)(Ð)

28,870

681

Univar

Solutions,

Inc.

-

ADR(Æ)

77,938

1,913

Universal

Stainless

&

Alloy

Products,

Inc.(Æ)

91,505

1,031

Valvoline,

Inc.

174,474

5,352

Venator

Materials

PLC(Æ)

212,275

673

Veritiv

Corp.(Æ)

29,621

1,815

Verso

Corp.

Class

A(Ð)

22,886

436

Westlake

Chemical

Corp.

2,610

216

Zymergen

,

Inc.(Æ)(Ñ)

79,158

2,754

104,273

Producer

Durables

-

15.3%

ABM

Industries,

Inc.(Û)

21,294

990

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

24

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Acacia

Research

Corp.(Æ)(Ð)

8,437

48

ACCO

Brands

Corp.

47,709

427

Adient

PLC(Æ)

28,432

1,198

AGCO

Corp.(Û)

21,158

2,795

Air

Transport

Services

Group,

Inc.(Æ)

79,113

1,915

Allegiant

Travel

Co.

Class

A(Æ)(Û)

8,272

1,573

Allied

Motion

Technologies,

Inc.

110,657

3,642

Allison

Transmission

Holdings,

Inc.

Class

A

62,802

2,506

Alta

Equipment

Group,

Inc.(Æ)

156,936

1,976

Applied

Industrial

Technologies,

Inc.

7,558

678

ArcBest

Corp.

27,883

1,648

Arcosa

,

Inc.

34,654

1,898

Ardmore

Shipping

Corp.(Æ)

360,642

1,309

Argan

,

Inc.(Ð)

64,896

2,917

ASGN,

Inc.(Æ)

10,585

1,070

Astec

Industries,

Inc.

4,181

256

Astronics

Corp.(Æ)

17,478

299

Atlas

Air

Worldwide

Holdings,

Inc.(Æ)(Ð)

13,725

919

Barrett

Business

Services,

Inc.

19,995

1,464

Blue

Bird

Corp.(Æ)

77,672

1,942

Bowman

Consulting

Group,

Ltd.(Æ)

26,764

342

Brady

Corp.

Class

A

8,669

474

Brink's

Co.

(The)

19,231

1,480

Bristow

Group,

Inc.(Æ)

2,660

69

Brookfield

Infrastructure

Corp.

Class

A

5,252

340

Cactus,

Inc.

Class

A

10,362

373

Casper

Sleep,

Inc.(Æ)

5,064

35

Chart

Industries,

Inc.(Æ)

20,700

3,218

Cimpress

NV(Æ)(Ð)

2,501

256

Clean

Harbors,

Inc.(Æ)(Ð)

3,869

368

Concrete

Pumping

Holdings,

Inc.(Æ)

169,558

1,475

CoreCivic

,

Inc.(Æ)(Ð)

74,981

771

Covanta

Holding

Corp.

110,986

2,231

Covenant

Transportation

Group,

Inc.

Class

A(Æ)(Ð)

73,169

1,537

CRA

International,

Inc.

56,175

4,816

Crane

Co.

23,235

2,259

Deluxe

Corp.

46,424

2,038

DHT

Holdings,

Inc.

262,711

1,524

Dorian

LPG,

Ltd.(Ð)

10,050

122

Ducommun,

Inc.(Æ)

2,314

125

DXP

Enterprises,

Inc.(Æ)

8,711

284

Dycom

Industries,

Inc.(Æ)

6,902

479

Echo

Global

Logistics,

Inc.(Æ)

23,283

720

Element

Solutions,

Inc.(Æ)(Ð)

257,929

6,033

EMCOR

Group,

Inc.

27,504

3,350

Ennis,

Inc.

15,653

309

Euronav

NV

471,415

4,078

Evo

Payments,

Inc.

Class

A(Æ)

250,296

7,309

Ferroglobe

Representation

and

Warranty

Insurance

Trust(Æ)(Š)

98,500

—

Flowserve

Corp.

101,812

4,285

Fluor

Corp.(Æ)

52,703

878

Franklin

Electric

Co.,

Inc.

7,665

627

frontdoor

,

Inc.(Æ)(Ð)

63,529

3,109

Frontier

Group

Holdings,

Inc.(Æ)

72,295

1,066

Frontline,

Ltd.(Æ)(Ð)

8,364

67

Genasys

,

Inc.(Æ)

366,057

2,050

Genco

Shipping

&

Trading,

Ltd.

5,215

92

GP

Strategies

Corp.(Æ)

53,371

1,086

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Greenbrier

Cos.,

Inc.

88,677

3,795

GreenSky

,

Inc.

Class

A(Æ)

9,704

64

Hackett

Group,

Inc.

(The)

23,113

414

Harsco

Corp.(Æ)

113,020

2,274

Heidrick

&

Struggles

International,

Inc.

78,594

3,357

Herman

Miller,

Inc.

82,325

3,552

HNI

Corp.

10,329

385

Hub

Group,

Inc.

Class

A(Æ)

10,225

678

Huntington

Ingalls

Industries,

Inc.(Ð)(Û)

2,078

426

Hyster

-Yale

Materials

Handling,

Inc.

12,652

906

ICF

International,

Inc.

14,805

1,356

Insperity

,

Inc.(Ð)(Û)

11,905

1,179

International

Seaways,

Inc.

18,285

301

JetBlue

Airways

Corp.(Æ)

37,304

552

KBR,

Inc.

55,584

2,151

Kennametal,

Inc.

86,271

3,127

Kimball

International,

Inc.

Class

B

233,177

2,887

Knight-Swift

Transportation

Holdings,

Inc.

(Æ)

42,777

2,126

Korn

&

Ferry

International

15,309

1,052

Kratos

Defense

&

Security

Solutions,

Inc.(Æ)

111,880

3,043

Manitowoc

Co.,

Inc.

(The)(Æ)(Ð)

47,414

1,097

ManpowerGroup

,

Inc.(Û)

21,445

2,543

Marten

Transport,

Ltd.

67,097

1,061

Matson,

Inc.

9,221

619

MAXIMUS,

Inc.

40,560

3,610

Mesa

Air

Group,

Inc.(Æ)

146,834

1,309

Mesa

Laboratories,

Inc.

28,217

8,310

Methode

Electronics,

Inc.

26,856

1,285

Mitek

Systems,

Inc.(Æ)

172,815

3,821

Modine

Manufacturing

Co.(Æ)(Ð)

25,263

423

MYR

Group,

Inc.(Æ)

7,080

677

Nordic

American

Tankers,

Ltd.(Ñ)

135,819

354

Orion

Energy

Systems,

Inc.(Æ)

9,369

47

Orion

Group

Holdings,

Inc.(Æ)

244,040

1,310

Park-Ohio

Holdings

Corp.(Ð)

2,023

59

Pitney

Bowes,

Inc.

195,525

1,565

Powell

Industries,

Inc.

18,822

548

Primoris

Services

Corp.

12,348

369

Radiant

Logistics,

Inc.(Æ)

187,339

1,165

Ranpak

Holdings

Corp.(Æ)

65,404

1,676

Resources

Connection,

Inc.

72,644

1,125

Rexnord

Corp.

42,530

2,396

Roth

CH

Acquisition

I

Co.

Parent

Corp.(Æ)

(Ñ)

80,249

1,188

RR

Donnelley

&

Sons

Co.(Æ)

66,149

405

Rush

Enterprises,

Inc.

Class

A

17,848

839

Ryder

System,

Inc.(Ð)

25,595

1,949

Saia,

Inc.(Æ)

34,439

7,783

Schneider

National,

Inc.

Class

B

27,186

610

Scorpio

Tankers,

Inc.

32,728

535

SFL

Corp.,

Ltd.(Æ)

43,155

296

SHYFT

Group,

Inc.

(The)(Æ)

14,821

585

SkyWest,

Inc.(Æ)

16,359

662

Sleep

Number

Corp.(Æ)

15,384

1,526

StealthGas

,

Inc.(Æ)

287,265

735

Steelcase,

Inc.

Class

A

42,495

584

Team,

Inc.(Æ)

68,117

420

Teekay

Tankers,

Ltd.

Class

A(Æ)(Ð)(Ñ)

201,133

2,545

Tennant

Co.

37,639

2,978

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

25

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Terex

Corp.

28,723

1,376

Tetra

Tech,

Inc.

5,862

783

Textainer

Group

Holdings,

Ltd.(Æ)

18,250

589

Textron,

Inc.(Ð)

20,073

1,385

Thermon

Group

Holdings,

Inc.(Æ)

41,998

700

Titan

International,

Inc.(Æ)(Ð)

28,247

243

Titan

Machinery,

Inc.(Æ)

9,066

259

TopBuild

Corp.(Æ)

25,565

5,182

Travel

+

Leisure

Co.(Æ)

23,342

1,209

TreeHouse

Foods,

Inc.(Æ)

24,888

1,105

TriNet

Group,

Inc.(Æ)(Ð)

21,075

1,749

Triumph

Group,

Inc.(Æ)

49,897

951

TrueBlue

,

Inc.(Æ)

44,766

1,217

Tutor

Perini

Corp.(Æ)

290,501

4,087

UFP

Industries,

Inc.(Æ)

11,404

847

Universal

Truckload

Services,

Inc.

73,183

1,687

US

Xpress

Enterprises,

Inc.

Class

A(Æ)(Ð)

6,980

61

USA

Truck,

Inc.(Æ)

90,464

1,263

Vectrus

,

Inc.(Æ)

49,435

2,239

Vishay

Precision

Group,

Inc.(Æ)

26,261

954

VSE

Corp.

11,781

590

Wabash

National

Corp.

3,000

44

Werner

Enterprises,

Inc.

13,525

618

WESCO

International,

Inc.(Æ)

39,926

4,250

Whole

Earth

Brands,

Inc.(Æ)

94,818

1,219

WNS

Holdings,

Ltd.

-

ADR(Æ)

103,656

8,535

Xerox

Holdings

Corp.(Ð)

68,078

1,643

228,564

Technology

-

13.3%

8x8,

Inc.(Æ)

78,576

2,008

A10

Networks,

Inc.(Æ)

47,763

610

Absolute

Software

Corp.

292,761

4,011

ADTRAN,

Inc.

48,248

1,081

Agilysys

,

Inc.(Æ)

42,759

2,375

Alarm.com

Holdings,

Inc.(Æ)

6,543

545

Alight,

Inc.

Class

A(Æ)(Ñ)

126,674

1,192

Alpha

&

Omega

Semiconductor,

Ltd.(Æ)

6,721

175

Ambarella

,

Inc.(Æ)

16,028

1,579

American

Software,

Inc.

Class

A

228,753

5,033

Amkor

Technology,

Inc.

15,478

381

APi

Group

Corp.(Æ)(Þ)

163,990

3,759

Appfolio

,

Inc.

Class

A(Æ)

18,473

2,616

Appian

Corp.(Æ)(Ñ)

5,507

641

Applied

Optoelectronics,

Inc.(Æ)

2,691

21

Arlo

Technologies,

Inc.(Æ)

78,746

481

Arrow

Electronics,

Inc.(Æ)

18,089

2,145

Avaya

Holdings

Corp.(Æ)(Ð)

66,648

1,614

Aviat

Networks,

Inc.(Æ)

2,423

90

Avid

Technology,

Inc.(Æ)

24,651

922

Avnet,

Inc.(Ð)

32,302

1,335

Axcelis

Technologies,

Inc.(Æ)

82,703

3,188

Bandwidth,

Inc.

Class

A(Æ)

4,599

596

Bel

Fuse,

Inc.

Class

B(Ð)

5,553

76

Benchmark

Electronics,

Inc.

39,651

1,047

Benefitfocus

,

Inc.(Æ)

14,620

192

Blackline,

Inc.(Æ)

6,172

706

CalAmp

Corp.(Æ)

25,597

310

Casa

Systems,

Inc.(Æ)

29,418

221

Cerence

,

Inc.(Æ)

25,887

2,783

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

ChannelAdvisor

Corp.(Æ)

25,440

592

Ciena

Corp.(Æ)

45,309

2,634

Cirrus

Logic,

Inc.(Æ)(Û)

27,885

2,303

CommScope

Holding

Co.,

Inc.(Æ)

247,596

5,239

CommVault

Systems,

Inc.(Æ)

15,485

1,171

comScore,

Inc.(Æ)(Ð)

395,453

1,586

Comtech

Telecommunications

Corp.(Ð)

12,211

305

Concentrix

Corp.(Æ)

12,514

2,049

Covetrus

,

Inc.(Æ)

16,068

409

CSG

Systems

International,

Inc.(Ð)

17,916

813

Daily

Journal

Corp.(Æ)

2,705

901

Daktronics,

Inc.(Æ)

26,856

164

Diebold

Nixdorf,

Inc.(Æ)

205,524

2,140

Domo,

Inc.

Class

B(Æ)

3,261

288

Donnelley

Financial

Solutions,

Inc.(Æ)

28,767

927

Dropbox,

Inc.

Class

A(Æ)(Û)

9,835

310

DSP

Group,

Inc.(Æ)(Ð)

71,369

1,146

E2open

Parent

Holdings,

Inc.(Æ)(Ñ)

153,838

1,546

Ebix

,

Inc.

2,437

74

EchoStar

Corp.

Class

A(Æ)

25,881

577

eGain

Corp.(Æ)

107,126

1,250

EMCORE

Corp.(Æ)

7,463

65

Endava

PLC

-

ADR(Æ)

46,343

5,961

Extreme

Networks,

Inc.(Æ)(Ð)

72,822

802

GTY

Technology

Holdings,

Inc.(Æ)

78,942

546

Harmonic,

Inc.(Æ)(Ð)

33,542

297

HC2

Holdings,

Inc.(Æ)

173,885

640

IBEX

Holdings,

Ltd.(Æ)

87,484

1,805

Infinera

Corp.(Æ)(Ð)

132,809

1,316

Inspired

Entertainment,

Inc.(Æ)

70,996

823

Intevac,

Inc.(Æ)

4,811

31

Jabil

Circuit,

Inc.

19,712

1,174

Kimball

Electronics,

Inc.(Æ)

97,311

1,984

Kulicke

&

Soffa

Industries,

Inc.

77,618

4,219

KVH

Industries,

Inc.(Æ)

48,581

550

Lattice

Semiconductor

Corp.(Æ)

16,134

916

Liberty

Latin

America,

Ltd.

Class

C(Æ)(Ð)

72,981

1,009

Limelight

Networks,

Inc.(Æ)(Ð)

90,537

254

LiveRamp

Holdings,

Inc.(Æ)

23,238

930

Maxar

Technologies,

Inc.

24,306

882

Mercury

Systems,

Inc.(Æ)

46,010

3,037

Mimecast,

Ltd.(Æ)

89,989

4,999

Model

N,

Inc.(Æ)

81,940

2,652

NAPCO

Security

Technologies,

Inc.(Æ)

145,730

5,152

NeoPhotonics

Corp.(Æ)(Ð)

114,764

1,114

NETGEAR,

Inc.(Æ)

43,717

1,497

NetScout

Systems,

Inc.(Æ)(Ð)

57,422

1,651

New

Relic,

Inc.(Æ)

25,843

1,785

nLight

,

Inc.(Æ)

126,565

4,391

Nutanix

,

Inc.

Class

A(Æ)(Ð)(Û)

51,280

1,847

ON24,

Inc.(Æ)(Ñ)

50,947

1,861

OneSpan

,

Inc.(Æ)

132,870

3,277

Ooma

,

Inc.(Æ)

69,756

1,294

PAE,

Inc.(Æ)

364,012

3,247

PC

Connection,

Inc.(Ð)

587

28

PCTEL,

Inc.

133,758

889

PDF

Solutions,

Inc.(Æ)

147,603

2,762

Pegasystems

,

Inc.

57,024

7,279

Plantronics,

Inc.(Æ)(Ð)

29,888

932

PlayAGS

,

Inc.(Æ)

19,761

153

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

26

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Power

Integrations,

Inc.

10,889

1,056

Pure

Storage,

Inc.

Class

A(Æ)

88,024

1,718

QAD,

Inc.

Class

A

60,501

5,248

Qualys

,

Inc.(Æ)

17,551

1,782

Quantum

Corp.(Æ)

218,061

1,352

Radcom

,

Ltd.(Æ)

72,195

794

Rambus,

Inc.(Æ)

57,261

1,355

Ribbon

Communications,

Inc.(Æ)(Ð)

62,822

434

SailPoint

Technologies

Holding,

Inc.(Æ)

13,283

664

ScanSource

,

Inc.(Æ)(Ð)

7,980

220

Semtech

Corp.(Æ)

7,386

457

Silicon

Laboratories,

Inc.(Æ)

20,555

3,062

Simulations

Plus,

Inc.(Ñ)

156,931

7,406

Super

Micro

Computer,

Inc.(Æ)

33,479

1,274

Switch,

Inc.

Class

A

109,705

2,267

Synaptics

,

Inc.(Æ)

14,507

2,204

Synchronoss

Technologies,

Inc.(Æ)

21,862

62

Tenable

Holdings,

Inc.(Æ)

3,480

149

TrueCar

,

Inc.(Æ)

119,128

627

Unisys

Corp.(Æ)

131,981

2,950

Upwork

,

Inc.(Æ)

15,473

801

Varonis

Systems,

Inc.(Æ)

13,758

842

Veeco

Instruments,

Inc.(Æ)(Ð)

39,662

920

Verint

Systems,

Inc.(Æ)

17,986

767

VirnetX

Holding

Corp.(Æ)(Ñ)

170,920

701

Workiva

,

Inc.(Æ)

100,877

13,090

Yelp,

Inc.

Class

A(Æ)(Ð)(Û)

38,004

1,421

Zix

Corp.(Æ)

453,868

3,363

199,194

Utilities

-

4.7%

ALLETE,

Inc.

95,874

6,743

American

States

Water

Co.

5,745

507

Artesian

Resources

Corp.

Class

A

15,653

612

Avista

Corp.

32,326

1,385

Black

Hills

Corp.

7,860

532

Bonanza

Creek

Energy,

Inc.

3,752

144

Brigham

Minerals,

Inc.

Class

A

369,371

7,255

Cogent

Communications

Holdings,

Inc.(Ð)

22,711

1,762

DT

Midstream,

Inc.

19,896

844

Gogo

,

Inc.(Æ)(Ñ)

177,962

1,845

IDT

Corp.

Class

B(Æ)

27,430

1,366

Iridium

Communications,

Inc.(Æ)

18,623

786

J2

Global,

Inc.(Æ)

15,442

2,181

Laredo

Petroleum,

Inc.(Æ)

5,180

285

MDU

Resources

Group,

Inc.

186,741

5,924

MGE

Energy,

Inc.

8,565

669

New

Jersey

Resources

Corp.

17,590

678

Northern

Oil

and

Gas,

Inc.

188,661

3,258

Northwest

Natural

Holding

Co.

43,010

2,249

NorthWestern

Corp.

7,088

439

Oasis

Petroleum,

Inc.

20,296

1,861

ONE

Gas,

Inc.

13,032

962

Ovintiv

,

Inc.

63,392

1,626

Plains

GP

Holdings,

LP

Class

A(Æ)(Ð)

39,345

413

PNM

Resources,

Inc.

13,509

653

Portland

General

Electric

Co.(Û)

52,626

2,573

Pure

Cycle

Corp.(Æ)

87,049

1,346

RGC

Resources,

Inc.(Ñ)

141,551

3,590

Shenandoah

Telecommunications

Co.

5,376

284

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

South

Jersey

Industries,

Inc.

201,445

5,071

Southwest

Gas

Holdings,

Inc.

5,921

414

Spire,

Inc.

31,299

2,221

Spok

Holdings,

Inc.

167,285

1,378

Telephone

&

Data

Systems,

Inc.

41,877

936

US

Cellular

Corp.(Æ)(Ð)(Û)

8,731

317

Vidler

Water

Resources,

Inc.(Æ)

119,033

1,603

Vine

Energy,

Inc.

Class

A(Æ)

88,554

1,241

Vistra

Corp.(Ð)(Û)

135,269

2,590

Vonage

Holdings

Corp.(Æ)

29,278

418

Yellow

Corp.(Æ)

93,065

484

York

Water

Co.

(The)

11,969

573

70,018

Total

Common

Stocks

(cost

$1,184,284)

1,487,818

Short-Term

Investments

-

4.8%

U.S.

Cash

Management

Fund(@)

71,998,807

(∞)

71,984

Total

Short-Term

Investments

(cost

$71,984)

71,984

Other

Securities

-

1.6%

U.S.

Cash

Collateral

Fund(@)(×)

23,440,179

(∞)

23,440

Total

Other

Securities

(cost

$23,440)

23,440

Total

Investments

-

105.8%

(identified

cost

$1,279,708)

1,583,242

Securities

Sold

Short

-

(4.5)%

Consumer

Discretionary

-

(0.9)%

1-800-Flowers.com,

Inc.

Class

A(Æ)

(11,332)

(346)

Akoustis

Technologies,

Inc.(Æ)

(13,900)

(135)

AMC

Entertainment

Holdings,

Inc.

Class

A(Æ)

(68,724)

(2,544)

AMMO,

Inc.(Æ)

(17,013)

(115)

Bally's

Corp.(Æ)

(4,313)

(212)

Callaway

Golf

Co.(Æ)

(36,878)

(1,168)

Cardlytics,

Inc.(Æ)

(1,560)

(196)

CarParts.com,

Inc.(Æ)

(37,184)

(655)

Chicken

Soup

For

The

Soul

Entertainment,

Inc.(Æ)

(3,923)

(141)

Cinemark

Holdings,

Inc.(Æ)

(46,456)

(721)

Clear

Channel

Worldwide

Holdings,

Inc.(Æ)

(119,161)

(317)

Dorman

Products,

Inc.(Æ)

(1,914)

(194)

Express,

Inc.(Æ)

(25,401)

(119)

Fox

Factory

Holding

Corp.(Æ)

(8,373)

(1,353)

fuboTV

,

Inc.(Æ)

(4,317)

(112)

GameStop

Corp.

Class

A(Æ)

(12,761)

(2,056)

GrowGeneration

Corp.(Æ)

(4,217)

(172)

Leggett

&

Platt,

Inc.

(23,000)

(1,105)

LifeMD

,

Inc.(Æ)

(17,719)

(174)

Lindblad

Expeditions

Holdings,

Inc.(Æ)

(11,460)

(157)

Lovesac

Co.

(The)(Æ)

(1,369)

(83)

Madison

Square

Garden

Entertainment

Corp.

(Æ)

(3,223)

(225)

Marcus

Corp.(Æ)

(17,015)

(273)

National

CineMedia

,

Inc.

(37,405)

(130)

Rocky

Brands,

Inc.

(718)

(39)

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

27

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

SEACOR

Marine

Holdings,

Inc.(Æ)

(7,591)

(29)

Stitch

Fix,

Inc.

Class

A(Æ)

(2,806)

(151)

Transcat

,

Inc.(Æ)

(500)

(32)

YETI

Holdings,

Inc.(Æ)

(6,888)

(665)

(13,619)

Consumer

Staples

–

(0.1)%

Celsius

Holdings,

Inc.(Æ)

(400)

(27)

Chefs'

Warehouse

Holdings,

Inc.(Æ)

(11,609)

(336)

Laird

Superfood,

Inc.(Æ)

(2,040)

(57)

MGP

Ingredients,

Inc.

(4,017)

(240)

Utz

Brands,

Inc.

(12,120)

(274)

Vital

Farms,

Inc.(Æ)

(5,680)

(99)

(1,033)

Energy

-

(0.2)%

Aemetis

,

Inc.(Æ)

(9,156)

(80)

Beam

Global(Æ)

(2,617)

(80)

ChampionX

Corp.(Æ)

(21,496)

(500)

CleanSpark

,

Inc.(Æ)

(6,095)

(82)

Contango

Oil

&

Gas

Co.(Æ)

(17,803)

(68)

Energous

Corp.(Æ)

(25,435)

(64)

Flux

Power

Holdings,

Inc.(Æ)

(5,278)

(52)

FuelCell

Energy,

Inc.(Æ)

(2,709)

(17)

Gevo

,

Inc.(Æ)

(14,326)

(87)

Liberty

Oilfield

Services,

Inc.

Class

A(Æ)

(53,562)

(546)

Ring

Energy,

Inc.(Æ)

(61,534)

(165)

Smart

Sand,

Inc.(Æ)

(25,383)

(72)

Solaris

Oilfield

Infrastructure,

Inc.

Class

A

(14,063)

(122)

Sunrun

,

Inc.(Æ)

(16,645)

(882)

Sunworks

,

Inc.(Æ)

(4,923)

(43)

(2,860)

Financial

Services

-

(0.5)%

Apollo

Commercial

Real

Estate

Finance,

Inc.(ö)

(11,919)

(181)

Apollo

Global

Management,

Inc.

(21,666)

(1,275)

Arbor

Realty

Trust,

Inc.(ö)

(61,269)

(1,120)

BRP

Group,

Inc.

Class

A(Æ)

(26,329)

(718)

Ellington

Residential

Mortgage(ö)

(7,465)

(83)

Emerald

Holding,

Inc.(Æ)

(18,390)

(73)

Franchise

Group,

Inc.(Æ)

(942)

(32)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(ö)

(20,062)

(1,140)

I3

Verticals,

Inc.

Class

A(Æ)

(851)

(27)

Indus

Realty

Trust,

Inc.(ö)

(200)

(14)

Invesco

Mortgage

Capital,

Inc.(ö)

(109,912)

(378)

Orchid

Island

Capital,

Inc.(ö)

(168,081)

(832)

Repay

Holdings

Corp.(Æ)

(30,467)

(759)

Rocket

Companies,

Inc.

Class

A

(42,594)

(734)

Target

Hospitality

Corp.

Class

A(Æ)

(15,125)

(54)

Western

Asset

Mortgage

Capital

Corp.(ö)

(68,774)

(213)

(7,633)

Health

Care

-

(1.2)%

89Bio,

Inc.(Æ)

(3,436)

(54)

AcelRx

Pharmaceuticals,

Inc.(Æ)

(93,966)

(111)

ADMA

Biologics,

Inc.(Æ)

(280,601)

(435)

Agile

Therapeutics,

Inc.(Æ)

(23,883)

(29)

Altimmune

,

Inc.(Æ)

(2,468)

(22)

Ampio

Pharmaceuticals,

Inc.(Æ)

(61,936)

(87)

Anavex

Life

Sciences

Corp.(Æ)

(7,133)

(128)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

AquaBounty

Technologies,

Inc.(Æ)

(30,200)

(149)

Arcus

Biosciences,

Inc.(Æ)

(1,599)

(50)

Asensus

Surgical,

Inc.(Æ)

(54,553)

(128)

Aspira

Women's

Health,

Inc.(Æ)

(14,334)

(64)

Atossa

Therapeutics,

Inc.(Æ)

(24,094)

(72)

Avidity

Biosciences,

Inc.(Æ)

(4,540)

(88)

Aytu

BioScience

,

Inc.(Æ)

(12,539)

(50)

Berkeley

Lights,

Inc.(Æ)

(786)

(36)

BioCryst

Pharmaceuticals,

Inc.(Æ)

(60,557)

(976)

BioLife

Solutions,

Inc.(Æ)

(5,708)

(268)

Bionano

Genomics,

Inc.(Æ)

(77,452)

(459)

Bio-

Techne

Corp.(Æ)

(185)

(89)

CareDx

,

Inc.(Æ)

(35)

(3)

Cassava

Sciences,

Inc.(Æ)

(986)

(69)

Catalent

,

Inc.(Æ)

(10,302)

(1,234)

CEL-SCI

Corp.(Æ)

(4,512)

(36)

ChromaDex

Corp.(Æ)

(12,874)

(112)

ClearPoint

Neuro,

Inc.(Æ)

(5,310)

(118)

Co-Diagnostics,

Inc.(Æ)

(10,466)

(106)

Curis

,

Inc.(Æ)

(2,625)

(20)

DarioHealth

Corp.(Æ)

(4,345)

(64)

DermTech

,

Inc.(Æ)

(3,119)

(105)

Dynavax

Technologies

Corp.(Æ)

(10,882)

(102)

Evolus

,

Inc.(Æ)

(7,392)

(80)

Fate

Therapeutics,

Inc.(Æ)

(10,737)

(889)

Fulgent

Genetics,

Inc.(Æ)

(733)

(68)

Genprex

,

Inc.(Æ)

(198)

(1)

HealthEquity

,

Inc.(Æ)

(10,449)

(773)

iBio

,

Inc.(Æ)

(63,700)

(79)

IGM

Biosciences,

Inc.(Æ)

(1,184)

(81)

Immunic

,

Inc.(Æ)

(8,126)

(72)

Immunovant

,

Inc.(Æ)

(9,615)

(101)

INmune

Bio,

Inc.(Æ)

(8,882)

(135)

Inotiv

,

Inc.(Æ)

(5,123)

(134)

Inovio

Pharmaceuticals,

Inc.(Æ)

(3,024)

(25)

Instil

Bio,

Inc.(Æ)

(5,334)

(80)

Intra-Cellular

Therapies,

Inc.

Class

A(Æ)

(21,756)

(747)

Invitae

Corp.(Æ)

(21,786)

(610)

Jaguar

Health,

Inc.(Æ)

(34,713)

(49)

Kadmon

Holdings,

Inc.(Æ)

(20,371)

(77)

Kura

Oncology,

Inc.(Æ)

(3,274)

(62)

Kymera

Therapeutics,

Inc.(Æ)

(6,524)

(393)

Lineage

Cell

Therapeutics,

Inc.(Æ)

(16,265)

(43)

MannKind

Corp.(Æ)

(34,642)

(142)

Marinus

Pharmaceuticals,

Inc.(Æ)

(4,684)

(69)

Matinas

BioPharma

Holdings,

Inc.(Æ)

(76,237)

(54)

Mersana

Therapeutics,

Inc.(Æ)

(5,385)

(59)

Milestone

Scientific,

Inc.(Æ)

(10,487)

(21)

Misonix

,

Inc.(Æ)

(3,539)

(94)

NeoGenomics

,

Inc.(Æ)

(22,312)

(1,029)

Neubase

Therapeutics,

Inc.(Æ)

(16,540)

(58)

Ocular

Therapeutix

,

Inc.(Æ)

(3,031)

(33)

OncoCyte

Corp.(Æ)

(34,329)

(176)

Oncternal

Therapeutics,

Inc.(Æ)

(21,868)

(85)

PDS

Biotechnology

Corp.(Æ)

(6,752)

(72)

PLx

Pharma,

Inc.(Æ)

(4,483)

(84)

Protagonist

Therapeutics,

Inc.(Æ)

(2,620)

(130)

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

28

U.S.

Small

Cap

Equity

Fund

cif

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Quanterix

Corp.(Æ)

(6,604)

(351)

R1

RCM,

Inc.(Æ)

(7,420)

(159)

Repligen

Corp.(Æ)

(5,861)

(1,440)

Replimune

Group,

Inc.(Æ)

(5,180)

(170)

Rigel

Pharmaceuticals,

Inc.(Æ)

(108,897)

(436)

Rocket

Pharmaceuticals,

Inc.(Æ)

(1,919)

(69)

Rubius

Therapeutics,

Inc.(Æ)

(3,411)

(73)

Sangamo

BioSciences

,

Inc.(Æ)

(53,282)

(510)

Seelos

Therapeutics,

Inc.(Æ)

(40,104)

(90)

Seres

Therapeutics,

Inc.(Æ)

(17,582)

(125)

Sientra

,

Inc.(Æ)

(21,367)

(176)

Sorrento

Therapeutics,

Inc.(Æ)

(4,301)

(35)

Spero

Therapeutics,

Inc.(Æ)

(5,550)

(74)

TFF

Pharmaceuticals,

Inc.(Æ)

(5,536)

(46)

TherapeuticsMD

,

Inc.(Æ)

(447,570)

(448)

Tonix

Pharmaceuticals

Holding

Corp.(Æ)

(34,206)

(24)

Vaxart

,

Inc.(Æ)

(14,954)

(108)

Veracyte

,

Inc.(Æ)

(26,377)

(1,175)

ViewRay

,

Inc.(Æ)

(31,424)

(208)

ZIOPHARM

Oncology,

Inc.(Æ)

(151,399)

(343)

(17,929)

Materials

and

Processing

-

(0.3)%

Builders

FirstSource

,

Inc.(Æ)

(26,345)

(1,172)

Cleveland-Cliffs,

Inc.(Æ)

(40,632)

(1,016)

Marrone

Bio

Innovations,

Inc.(Æ)

(31,083)

(39)

Quaker

Chemical

Corp.

(2,511)

(632)

RBC

Bearings,

Inc.(Æ)

(672)

(158)

Trex

Co.,

Inc.(Æ)

(11,564)

(1,122)

Uranium

Energy

Corp.(Æ)

(112,710)

(245)

(4,384)

Producer

Durables

-

(0.3)%

Aerovironment

,

Inc.(Æ)

(2,619)

(265)

Altra

Industrial

Motion

Corp.

(8,798)

(551)

American

Airlines

Group,

Inc.(Æ)

(45,981)

(937)

American

Superconductor

Corp.(Æ)

(10,596)

(149)

Aqua

Metals,

Inc.(Æ)

(23,455)

(54)

CryoPort

,

Inc.(Æ)

(8,633)

(533)

Custom

Truck

One

Source,

Inc.(Æ)

(8,437)

(66)

ExOne

Co.

(The)(Æ)

(4,200)

(70)

Genasys

,

Inc.(Æ)

(24,593)

(138)

Hawaiian

Holdings,

Inc.(Æ)

(9,308)

(184)

Hydrofarm

Holdings

Group,

Inc.(Æ)

(1,528)

(75)

Iteris

,

Inc.(Æ)

(22,292)

(139)

Liquidity

Services,

Inc.(Æ)

(4,627)

(92)

Magnite

,

Inc.(Æ)

(1,974)

(60)

Mesa

Laboratories,

Inc.

(1,334)

(393)

Purple

Innovation,

Inc.(Æ)

(12,518)

(330)

Sharps

Compliance

Corp.(Æ)

(5,993)

(60)

Vivint

Smart

Home,

Inc.(Æ)

(12,814)

(155)

Workhorse

Group,

Inc.(Æ)

(8,730)

(101)

(4,352)

Technology

-

(0.9)%

3D

Systems

Corp.(Æ)

(32,151)

(885)

ADT,

Inc.

(15,827)

(166)

Airgain

,

Inc.(Æ)

(4,613)

(84)

American

Software,

Inc.

Class

A

(3,820)

(84)

Aspen

Technology,

Inc.(Æ)

(8,552)

(1,251)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Aterian

,

Inc.(Æ)

(2,182)

(20)

Atomera

,

Inc.(Æ)

(5,575)

(98)

AudioEye

,

Inc.(Æ)

(6,521)

(90)

AXT,

Inc.(Æ)

(22,273)

(227)

Brooks

Automation,

Inc.

(15,632)

(1,391)

Bumble,

Inc.

Class

A(Æ)

(1,672)

(85)

Clearfield,

Inc.(Æ)

(5,421)

(236)

Cree,

Inc.(Æ)

(12,642)

(1,173)

Digimarc

Corp.(Æ)

(4,413)

(127)

Digital

Turbine,

Inc.(Æ)

(2,507)

(158)

eMagin

Corp.(Æ)

(25,643)

(75)

Flying

Eagle

Acquisition

Corp.(Æ)

(37,544)

(529)

HyreCar

,

Inc.(Æ)

(6,906)

(121)

Ideanoics

,

Inc.(Æ)

(24,088)

(57)

Identiv

,

Inc.(Æ)

(5,409)

(88)

II-VI,

Inc.(Æ)

(16,643)

(1,162)

Immersion

Corp.(Æ)

(44,882)

(339)

Intellicheck

,

Inc.(Æ)

(12,900)

(116)

LivePerson

,

Inc.(Æ)

(10,020)

(638)

Luna

Innovations,

Inc.(Æ)

(4,508)

(56)

MicroStrategy

,

Inc.

Class

A(Æ)

(1,902)

(1,191)

NAPCO

Security

Technologies,

Inc.(Æ)

(6,322)

(223)

nLight

,

Inc.(Æ)

(9,968)

(346)

Onto

Innovation,

Inc.(Æ)

(21,799)

(1,528)

PAR

Technology

Corp.(Æ)

(7,111)

(434)

Powerfleet

,

Inc.(Æ)

(14,925)

(102)

Sabre

Corp.(Æ)

(92,353)

(1,089)

TechTarget

,

Inc.(Æ)

(3,410)

(249)

Vuzix

Corp.(Æ)

(4,607)

(68)

(14,486)

Utilities

–

(0.1)%

Anterix

Inc.(Æ)

(3,784)

(221)

Brigham

Minerals,

Inc.

Class

A

(11,611)

(228)

Evolution

Petroleum

Corp.

(14,361)

(60)

Globalstar

,

Inc.(Æ)

(116,702)

(161)

Tellurian,

Inc.(Æ)

(45,242)

(171)

(841)

Total

Securities

Sold

Short

(proceeds

$58,249)

(67,137)

Other

Assets

and

Liabilities,

Net

-

(1.3)%

(19,818)

Net

Assets

-

100.0%

1,496,287

Russell

Investment

Company

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

29

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

$

$

$

0.3%

APi

Group

Corp.

04/08/20

163,990

10

.09

1,655

3,759

3,759

For

a

description

of

restricted

securities

see

note

6

in

the

Notes

to

Quarterly

Report.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Russell

2000

E-Mini

Index

Futures

629

USD

69,869

09/21

(1,581)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(1,581)

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

$

186,886

$

—

$

—

$

—

$

186,886

Consumer

Staples

51,363

—

—

—

51,363

Energy

50,738

—

—

—

50,738

Financial

Services

309,264

—

—

—

309,264

Health

Care

287,518

—

—

—

287,518

Materials

and

Processing

104,273

—

—

—

104,273

Producer

Durables

228,564

—

—

—

228,564

Technology

199,194

—

—

—

199,194

Utilities

70,0

18

—

—

—

70,0

18

Short-Term

Investments

—

—

—

71,984

71,984

Other

Securities

—

—

—

23,440

23,440

Total

Investments

1,487,8

18

—

—

95,424

1,583,24

2

Securities

Sold

Short

**

(67,1

37

)

—

—

—

(67,1

37

)

Other

Financial

Instruments

Liabilities

Futures

Contracts

(1,581)

—

—

—

(1,581)

Total

Other

Financial

Instruments

*

$

(1,581)

$

—

$

—

$

—

$

(1,581)

*

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

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

30

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

July

31,

2021,

see

note

2

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

July

31,

2021,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

31

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

91.9%

Argentina

-

0.0%

YPF

SA

-

ADR(Æ)

155,182

677

Australia

-

2.2%

Australia

&

New

Zealand

Banking

Group,

Ltd.

-

ADR

60,158

1,225

BGP

Holdings

PLC(Æ)(Š)

559,805

—

BHP

Group

PLC

129,405

4,203

BHP

Group,

Ltd.

-

ADR

140,872

5,521

BlueScope

Steel,

Ltd.

51,231

921

Commonwealth

Bank

of

Australia

-

ADR

100,401

7,346

CSL,

Ltd.

7,574

1,608

Fortescue

Metals

Group,

Ltd.

191,751

3,521

Goodman

Group(ö)

45,025

749

Insurance

Australia

Group,

Ltd.(Æ)

524,069

1,871

Magellan

Financial

Group,

Ltd.

-

ADR

17,405

626

Medibank

Pvt,

Ltd.

527,105

1,282

National

Australia

Bank,

Ltd.

-

ADR

49,797

948

Newcrest

Mining,

Ltd.

47,730

930

Rio

Tinto

PLC

81,959

6,986

Rio

Tinto,

Ltd.

-

ADR

14,869

1,463

Sonic

Healthcare,

Ltd.

27,804

818

South32,

Ltd.

Class

B

992,988

2,174

Suncorp

Group,

Ltd.(Æ)

69,676

591

Telstra

Corp.,

Ltd.

289,154

803

Wesfarmers,

Ltd.(Æ)

16,580

745

Westpac

Banking

Corp.

39,098

701

45,032

Austria

-

0.3%

Erste

Group

Bank

AG

145,078

5,626

Belgium

-

0.4%

Ageas

SA

67,993

3,587

Colruyt

SA

11,419

649

KBC

Groep

NV

38,969

3,131

Solvay

SA

5,334

712

UCB

SA

8,308

899

8,978

Brazil

-

0.5%

Ambev

SA

2,735,000

8,738

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo(Æ)

230,300

1,568

10,306

Canada

-

4.5%

Alimentation

Couche-Tard,

Inc.

Class

B

26,440

1,066

ARC

Resources,

Ltd.

167,349

1,266

B2Gold

Corp.

345,688

1,449

Bank

of

Montreal(Ñ)

14,880

1,473

Bank

of

Nova

Scotia

(The)

15,792

986

Barrick

Gold

Corp.

167,397

3,644

CAE,

Inc.(Æ)

423,636

12,928

Cameco

Corp.

Class

A

98,295

1,750

Canadian

Imperial

Bank

of

Commerce

9,976

1,160

Canadian

National

Railway

Co.

177,760

19,316

Canadian

Natural

Resources,

Ltd.

25,408

838

CGI

Group,

Inc.(Æ)

8,597

782

Constellation

Software,

Inc.

671

1,075

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Dollarama,

Inc.

68,578

3,229

Enbridge,

Inc.

31,505

1,242

Great-West

Lifeco,

Inc.

16,734

504

iA

Financial

Corp.,

Inc.

7,435

411

Kinross

Gold

Corp.

293,292

1,924

Loblaw

Cos.,

Ltd.

13,835

936

Magna

International,

Inc.

Class

A

10,822

907

Manulife

Financial

Corp.

46,014

890

Metro,

Inc.

Class

A

29,493

1,529

National

Bank

of

Canada

21,403

1,638

Open

Text

Corp.

17,369

902

Power

Corp.

of

Canada

13,155

420

Royal

Bank

of

Canada

-

GDR

79,949

8,086

Shopify,

Inc.

Class

A(Æ)

3,575

5,363

Sun

Life

Financial,

Inc.

114,707

5,974

Thomson

Reuters

Corp.(Æ)

6,472

686

Toronto-Dominion

Bank

(The)

110,866

7,371

Tourmaline

Oil

Corp.

48,624

1,327

WSP

Global,

Inc.

7,447

884

91,956

China

-

1.3%

Alibaba

Group

Holding,

Ltd.

-

ADR(Æ)

82,996

16,200

Dongfeng

Motor

Group

Co.,

Ltd.

Class

H

3,838,000

3,417

Tencent

Holdings,

Ltd.

99,588

6,146

Yatsen

Holding,

Ltd.

-

ADR(Æ)(Ñ)

17,210

116

25,879

Denmark

-

1.3%

AP

Moller

-

Maersk

A/S

Class

B

3,724

10,337

Coloplast

A/S

Class

B

5,108

934

Danske

Bank

A/S

244,350

4,277

Drilling

Co.

of

1972

A/S

(The)(Æ)

9,797

378

DSV

Panalpina

A/S

24,447

5,955

Genmab

A/S(Æ)

2,063

931

Novo

Nordisk

A/S

Class

B

31,475

2,915

Novozymes

A/S

Class

B

9,013

708

26,435

Finland

-

1.9%

Elisa

OYJ

38,662

2,485

Fortum

OYJ

35,425

978

Kone

OYJ

Class

B

54,327

4,499

Neste

OYJ

20,743

1,276

Nokia

OYJ(Æ)

2,922,665

17,922

Nordea

Bank

AB

128,186

1,500

Orion

OYJ

Class

B

10,943

466

Sampo

OYJ

Class

A

72,678

3,504

Stora

Enso

OYJ

Class

R

59,606

1,179

UPM-Kymmene

OYJ

102,706

4,199

38,008

France

-

9.1%

Accor

SA(Æ)

84,716

3,000

Air

Liquide

SA

Class

A

4,386

762

Airbus

Group

SE(Æ)

37,491

5,143

Amundi

SA(Þ)

80,835

7,475

Arkema

SA

7,021

894

Atos

SE

6,875

329

AXA

SA

265,241

6,866

BNP

Paribas

SA

115,285

7,014

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

32

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Bouygues

SA

-

ADR

91,791

3,540

Bureau

Veritas

SA

88,988

2,937

Capgemini

SE

17,381

3,760

Carrefour

SA

35,861

667

Cie

de

Saint-Gobain

SA

141,453

10,119

Cie

Generale

des

Etablissements

Michelin

SCA

Class

B

77,745

12,696

Credit

Agricole

SA

24,354

339

Danone

SA

14,289

1,052

Dassault

Aviation

SA

1,293

1,541

Dassault

Systemes

SE

13,645

753

Eiffage

SA

7,816

796

Engie

SA

396,774

5,295

EssilorLuxottica

SA

4,710

889

Faurecia

SE

2,581

116

Hermes

International

1,119

1,712

L'Oreal

SA

17,380

7,961

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

17,907

14,330

Orange

SA

-

ADR

428,856

4,779

Publicis

Groupe

SA

-

ADR

113,225

7,146

Renault

SA(Æ)

62,856

2,391

Rexel

SA

Class

H(Æ)

948,692

20,004

Sanofi

-

ADR

89,432

9,216

Schneider

Electric

SE

61,446

10,296

SCOR

SE

-

ADR

141,106

3,947

Societe

Generale

SA

159,905

4,685

Technip

Energies

NV

-

ADR(Æ)

175,512

2,378

Total

SE

252,799

11,023

Vinci

SA

13,553

1,433

Vivendi

SA

-

ADR

120,895

4,084

Worldline

SA(Æ)(Þ)

41,101

3,846

185,214

Germany

-

4.6%

Allianz

SE

8,727

2,173

BASF

SE

154,515

12,141

Bayer

AG

18,138

1,082

Bayerische

Motoren

Werke

AG

11,825

1,176

Brenntag

AG

5,222

522

Ceconomy

AG(Æ)

229,294

1,101

Continental

AG(Æ)

20,348

2,765

Covestro

AG(Þ)

189,800

12,214

Daimler

AG

79,682

7,118

Deutsche

Boerse

AG

23,908

3,993

Deutsche

Post

AG

18,232

1,235

Deutsche

Telekom

AG

68,498

1,423

E.ON

SE

115,254

1,418

Evonik

Industries

AG

19,013

661

Fresenius

Medical

Care

AG

&

Co.

108,696

8,582

Fresenius

SE

&

Co.

KGaA

126,078

6,632

Hannover

Rueck

SE

10,141

1,707

HeidelbergCement

AG

8,889

789

Infineon

Technologies

AG

-

ADR

105,233

4,012

Metro

AG

74,760

969

Muenchener

Rueckversicherungs-

Gesellschaft

AG

17,194

4,650

RWE

AG

29,855

1,063

SAP

SE

-

ADR

13,489

1,935

Scout24

AG(Þ)

9,727

833

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Siemens

AG

36,431

5,688

Siemens

Energy

AG(Æ)

24,113

656

Symrise

AG

6,464

953

Vonovia

SE

14,774

985

Zalando

SE(Æ)(Þ)

39,255

4,366

92,842

Hong

Kong

-

2.8%

AIA

Group,

Ltd.

1,191,346

14,290

CK

Asset

Holdings,

Ltd.

678,657

4,628

CK

Hutchison

Holdings,

Ltd.

Class

B

77,631

568

CLP

Holdings,

Ltd.

481,500

4,967

Galaxy

Entertainment

Group,

Ltd.(Æ)

449,000

3,055

Hang

Seng

Bank,

Ltd.

161,200

3,089

Henderson

Land

Development

Co.,

Ltd.

148,720

665

Hong

Kong

Exchanges

&

Clearing,

Ltd.

18,900

1,208

Jardine

Matheson

Holdings,

Ltd.

17,100

1,016

Link

Real

Estate

Investment

Trust(ö)

91,400

875

New

World

Development

Co.,

Ltd.

149,250

709

Power

Assets

Holdings,

Ltd.

268,500

1,736

Sino

Land

Co.,

Ltd.

350,793

537

Sun

Hung

Kai

Properties,

Ltd.

66,000

946

Techtronic

Industries

Co.,

Ltd.

879,289

15,736

WH

Group,

Ltd.(Þ)

686,000

569

Xinyi

Glass

Holdings,

Ltd.

398,000

1,487

56,081

India

-

1.3%

Canara

Bank(Æ)

577,323

1,190

Housing

Development

Finance

Corp.,

Ltd.

546,245

17,999

NTPC,

Ltd.

186,941

298

Oil

&

Natural

Gas

Corp.,

Ltd.

1,525,045

2,351

Reliance

Industries,

Ltd.

-

GDR(Þ)

47,795

2,643

Zee

Entertainment

Enterprises,

Ltd.

518,695

1,415

25,896

Indonesia

-

0.1%

Bank

Mandiri

Persero

Tbk

PT

4,464,800

1,764

Ireland

-

1.5%

AIB

Group

PLC(Æ)

872,514

2,135

Bank

of

Ireland

Group

PLC(Æ)

510,478

2,709

CRH

PLC

19,392

966

DCC

PLC

11,278

944

Flutter

Entertainment

PLC(Æ)

28,775

4,917

Kerry

Group

PLC

Class

A

89,330

13,245

Kingspan

Group

PLC

9,078

987

Ryanair

Holdings

PLC

-

ADR(Æ)

31,143

3,396

Smurfit

Kappa

Group

PLC

13,652

770

30,069

Israel

-

0.1%

Bank

Hapoalim

BM(Æ)

78,886

628

Bank

Leumi

Le-Israel

BM(Æ)

95,301

729

Check

Point

Software

Technologies,

Ltd.

(Æ)

7,544

959

Israel

Discount

Bank,

Ltd.

Class

A(Æ)

143,483

673

2,989

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

33

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Italy

-

2.1%

Assicurazioni

Generali

SpA

277,174

5,538

BPER

Banca

SpA

684,635

1,336

Davide

Campari-Milano

SpA(Æ)

285,115

4,013

Enel

SpA

970,667

8,963

Eni

SpA

-

ADR

491,275

5,803

Ferrari

NV

15,923

3,474

FinecoBank

Banca

Fineco

SpA

92,975

1,665

Intesa

Sanpaolo

SpA

405,724

1,120

Moncler

SpA

48,011

3,306

Saipem

SpA(Æ)(Ñ)

642,684

1,477

Telecom

Italia

SpA

1,026,920

452

UniCredit

SpA

472,128

5,647

42,794

Japan

-

16.6%

Alfresa

Holdings

Corp.

82,300

1,259

Alps

Alpine

Co.,

Ltd.

133,400

1,386

Asahi

Glass

Co.,

Ltd.

18,600

799

Asahi

Kasei

Corp.

58,900

642

Astellas

Pharma,

Inc.

283,300

4,512

Benesse

Holdings,

Inc.

15,700

361

Bridgestone

Corp.

136,300

5,999

Brother

Industries,

Ltd.

22,700

461

Canon,

Inc.

229,100

5,261

Casio

Computer

Co.,

Ltd.

32,000

521

Chiyoda

Corp.(Æ)(Ñ)

164,500

585

Chubu

Electric

Power

Co.,

Inc.

52,200

629

Concordia

Financial

Group,

Ltd.

185,200

665

Dai-ichi

Life

Holdings,

Inc.

205,025

3,788

Daiichi

Sankyo

Co.,

Ltd.

94,700

1,875

Daikin

Industries,

Ltd.

4,000

831

Daito

Trust

Construction

Co.,

Ltd.

12,800

1,507

Daiwa

House

Industry

Co.,

Ltd.

16,100

494

DeNA

Co.,

Ltd.

107,000

2,019

Eisai

Co.,

Ltd.

49,110

4,031

ENEOS

Holdings,

Inc.

142,800

595

Fuji

Media

Holdings,

Inc.

26,900

292

FUJIFILM

Holdings

Corp.

14,600

1,049

Fujitsu,

Ltd.

7,200

1,223

Fukuoka

Financial

Group,

Inc.

152,500

2,573

Gree,

Inc.

315,900

1,743

Hino

Motors,

Ltd.

398,000

3,481

Hitachi

Metals,

Ltd.

215,000

4,197

Hitachi,

Ltd.

18,700

1,074

Honda

Motor

Co.,

Ltd.

620,870

19,862

Hoya

Corp.

6,200

875

Iida

Group

Holdings

Co.,

Ltd.

199,500

4,815

Inpex

Corp.

442,000

3,116

Isuzu

Motors,

Ltd.

995,800

13,260

ITOCHU

Corp.

53,400

1,591

Japan

Airlines

Co.,

Ltd.(Æ)

162,900

3,410

Japan

Exchange

Group,

Inc.

94,200

2,144

Japan

Tobacco,

Inc.

254,700

4,981

JGC

Holdings

Corp.

245,900

2,229

Kajima

Corp.

46,000

595

Kamigumi

Co.,

Ltd.

75,500

1,602

Kao

Corp.

90,100

5,417

KDDI

Corp.

172,700

5,270

Keyence

Corp.

24,900

13,866

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Komatsu,

Ltd.

474,000

12,359

Kyocera

Corp.

57,300

3,542

Marubeni

Corp.

58,700

503

MEIJI

Holdings

Co.,

Ltd.

41,900

2,595

Menicon

Co.,

Ltd.

122,500

8,955

Mitsubishi

Chemical

Holdings

Corp.

115,300

968

Mitsubishi

Corp.

36,900

1,040

Mitsubishi

Electric

Corp.

309,400

4,188

Mitsubishi

Estate

Co.,

Ltd.

218,800

3,433

Mitsubishi

Heavy

Industries,

Ltd.

57,700

1,676

Mitsubishi

Motors

Corp.(Æ)

309,500

868

Mitsubishi

UFJ

Financial

Group,

Inc.

1,327,100

7,031

Mitsui

&

Co.,

Ltd.

263,700

6,086

Mizuho

Financial

Group,

Inc.

57,300

818

MS&AD

Insurance

Group

Holdings,

Inc.

104,800

3,240

Murata

Manufacturing

Co.,

Ltd.

46,000

3,814

Nikon

Corp.

210,200

1,958

Nintendo

Co.,

Ltd.

8,520

4,390

Nippon

Telegraph

&

Telephone

Corp.

37,464

960

Nippon

Television

Holdings,

Inc.

140,200

1,562

Nissan

Motor

Co.,

Ltd.(Æ)

554,600

3,210

Nitori

Holdings

Co.,

Ltd.

4,200

799

Nitto

Denko

Corp.

24,800

1,845

Nomura

Holdings,

Inc.

447,800

2,238

Obayashi

Corp.

66,400

546

Ono

Pharmaceutical

Co.,

Ltd.

182,800

4,181

ORIX

Corp.

58,800

1,028

Otsuka

Corp.

19,000

993

Otsuka

Holdings

Co.,

Ltd.

87,300

3,470

Panasonic

Corp.

763,000

9,139

Pigeon

Corp.

25,300

732

Resona

Holdings,

Inc.

1,691,000

6,373

Secom

Co.,

Ltd.

13,900

1,050

Sekisui

Chemical

Co.,

Ltd.

83,500

1,441

Sekisui

House,

Ltd.

50,700

1,004

Shimamura

Co.,

Ltd.

35,100

3,392

Shimano,

Inc.

3,300

844

Shin-Etsu

Chemical

Co.,

Ltd.

99,694

16,268

SMC

Corp.

5,100

3,031

SoftBank

Corp.

88,800

2,932

Sompo

Japan

Nipponkoa

Holdings,

Inc.

19,100

790

Sony

Corp.

42,450

4,431

Subaru

Corp.

36,300

712

Sumitomo

Chemical

Co.,

Ltd.

115,600

602

Sumitomo

Corp.

57,000

775

Sumitomo

Electric

Industries,

Ltd.

61,500

874

Sumitomo

Heavy

Industries,

Ltd.

52,700

1,468

Sumitomo

Mitsui

Banking

Corp.

325,700

10,980

Sumitomo

Mitsui

Trust

Holdings,

Inc.

124,500

4,091

Suzuki

Motor

Corp.

37,100

1,510

T&D

Holdings,

Inc.

567,900

7,279

Taiheiyo

Cement

Corp.

75,300

1,753

Takeda

Pharmaceutical

Co.,

Ltd.

196,600

6,535

Terumo

Corp.

27,700

1,075

THK

Co.,

Ltd.

64,600

1,849

Tokio

Marine

Holdings,

Inc.

8,600

410

Tokyo

Electron,

Ltd.

2,200

906

Toppan

Printing

Co.,

Ltd.

84,900

1,442

Toray

Industries,

Inc.

141,700

934

Tosoh

Corp.

31,400

552

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

34

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Toyota

Industries

Corp.

128,100

10,737

Toyota

Motor

Corp.

33,900

3,044

Toyota

Tsusho

Corp.

15,800

747

Trend

Micro,

Inc.

23,100

1,202

Unicharm

Corp.

28,000

1,123

USS

Co.,

Ltd.

42,900

746

337,954

Jersey

-

0.1%

Allfunds

Group

PLC(Æ)

82,348

1,448

Luxembourg

-

0.9%

ArcelorMittal

SA(Æ)

222,514

7,772

Eurofins

Scientific

SE

78,577

9,399

RTL

Group

SA

40,619

2,298

19,469

Macao

-

0.1%

Sands

China,

Ltd.(Æ)

684,715

2,343

Malaysia

-

0.1%

CIMB

Group

Holdings

BHD

1,420,400

1,497

Mexico

-

0.8%

America

Movil

SAB

de

CV

Class

L

-

ADR

249,787

4,159

Grupo

Televisa

SAB

-

ADR

890,435

12,065

16,224

Netherlands

-

4.9%

ABN

AMRO

Bank

NV(Þ)

284,508

3,305

Adyen

NV(Æ)(Þ)

1,745

4,751

Akzo

Nobel

NV

27,432

3,392

ASML

Holding

NV

14,930

11,353

Exor

NV

7,836

645

Heineken

NV

180,376

21,008

ING

Groep

NV

1,432,470

18,344

Koninklijke

Ahold

Delhaize

NV

45,887

1,427

Koninklijke

KPN

NV

580,381

1,907

Koninklijke

Philips

NV

85,180

3,929

NN

Group

NV

17,700

879

PostNL

NV

-

ADR

291,429

1,578

Randstad

NV

23,888

1,734

Royal

Dutch

Shell

PLC

Class

A

580,170

11,786

Royal

Dutch

Shell

PLC

Class

B

659,693

13,020

Stellantis

NV

24,811

477

Wolters

Kluwer

NV

9,212

1,051

100,586

New

Zealand

-

0.6%

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

506,298

11,140

Spark

New

Zealand,

Ltd.

198,467

655

11,795

Norway

-

0.5%

Gjensidige

Forsikring

ASA

20,127

460

Mowi

ASA

82,731

2,107

Norsk

Hydro

ASA

775,909

5,162

Orkla

ASA

92,275

839

Yara

International

ASA

18,887

995

9,563

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Russia

-

0.5%

Gazprom

PJSC

-

ADR

464,583

3,616

Lukoil

PJSC

-

ADR

14,137

1,212

Sberbank

of

Russia

PJSC

-

ADR

118,832

1,978

VEON,

Ltd.(Æ)

766,790

1,342

Yandex

NV

Class

A(Æ)

28,445

1,932

10,080

Singapore

-

0.7%

DBS

Group

Holdings,

Ltd.

193,438

4,341

Oversea-Chinese

Banking

Corp.,

Ltd.

92,460

837

Singapore

Technologies

Engineering,

Ltd.

124,800

369

Singapore

Telecommunications,

Ltd.

231,200

387

United

Overseas

Bank,

Ltd.

46,900

908

Venture

Corp.,

Ltd.

96,200

1,350

Wilmar

International,

Ltd.

1,631,100

5,241

13,433

South

Africa

-

0.3%

Gold

Fields,

Ltd.

-

ADR

201,952

1,983

Impala

Platinum

Holdings,

Ltd.

20,194

364

MTN

Group,

Ltd.(Æ)

302,850

2,176

Old

Mutual,

Ltd.

1,682,419

1,481

6,004

South

Korea

-

2.2%

Hankook

Tire

&

Technology

Co.,

Ltd.

53,070

2,235

KB

Financial

Group,

Inc.

118,018

5,243

KT

Corp.

-

ADR

339,404

4,884

LG

Household

&

Health

Care,

Ltd.

7,211

9,156

POSCO

32,581

10,342

Samsung

Electronics

Co.,

Ltd.

69,083

4,724

Shinhan

Financial

Group

Co.,

Ltd.

244,712

8,322

44,906

Spain

-

2.0%

ACS

Actividades

de

Construccion

y

Servicios

SA

22,380

588

Amadeus

IT

Group

SA

Class

A(Æ)

94,848

6,209

Banco

Bilbao

Vizcaya

Argentaria

SA

-

ADR

63,195

405

Banco

Santander

SA

-

ADR

164,879

603

CaixaBank

SA

3,277,951

9,745

Cellnex

Telecom

SA(Þ)

180,380

11,755

Endesa

SA

-

ADR

43,940

1,069

Iberdrola

SA

97,224

1,172

Industria

de

Diseno

Textil

SA

195,525

6,634

Naturgy

Energy

Group

SA

27,929

722

Repsol

SA

-

ADR

69,651

762

Telefonica

SA

-

ADR

181,807

834

40,498

Sweden

-

1.6%

Assa

Abloy

AB

Class

B

147,489

4,729

Atlas

Copco

AB(Æ)

53,558

3,626

Boliden

AB(Æ)

66,760

2,605

Epiroc

AB

Class

A

23,249

543

Hexagon

AB(Æ)

57,582

955

Husqvarna

AB

Class

B

27,950

391

ICA

Gruppen

AB

9,256

458

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

35

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Investor

AB

Class

B

67,765

1,679

Kinnevik

AB

Class

B(Æ)

15,109

659

Sandvik

AB

345,858

9,008

Skandinaviska

Enskilda

Banken

AB

Class

A

74,299

1,004

Skanska

AB

Class

B

36,277

1,024

SKF

AB

Class

B

30,959

824

Svenska

Handelsbanken

AB

Class

A

59,821

675

Swedbank

AB

Class

A

36,101

703

Swedish

Match

AB

306,100

2,741

Volvo

AB

Class

B

42,530

1,003

32,627

Switzerland

-

8.5%

ABB,

Ltd.

186,857

6,831

Adecco

Group

AG

112,232

6,723

Alcon,

Inc.

43,624

3,176

Baloise

Holding

AG

3,218

508

Chocoladefabriken

Lindt

&

Spruengli

AG

72

808

Credit

Suisse

Group

AG

Class

A

316,293

3,179

EMS-Chemie

Holding

AG

871

965

Geberit

AG

1,012

831

Givaudan

SA

199

993

Julius

Baer

Group,

Ltd.

114,327

7,563

Kuehne

&

Nagel

International

AG

1,694

572

LafargeHolcim,

Ltd.(Æ)

131,841

7,729

Lonza

Group

AG

5,828

4,536

Nestle

SA

276,794

35,075

Novartis

AG

157,170

14,538

Partners

Group

Holding

AG

6,305

10,779

Roche

Holding

AG

63,955

24,732

Schindler

Holding

AG

2,825

914

SGS

SA

1,279

4,143

Sika

AG

2,635

928

Straumann

Holding

AG

403

747

Swiss

Life

Holding

AG

2,106

1,088

Swiss

Re

AG

8,355

756

Swisscom

AG

7,195

4,329

Temenos

AG

41,057

6,526

UBS

Group

AG

1,144,956

18,879

Zurich

Insurance

Group

AG

11,633

4,689

172,537

Taiwan

-

2.6%

Catcher

Technology

Co.,

Ltd.

908,000

6,005

Hon

Hai

Precision

Industry

Co.,

Ltd.

3,757,241

14,837

MediaTek,

Inc.

138,000

4,487

Shin

Kong

Financial

Holding

Co.,

Ltd.

4,555,000

1,493

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

462,000

9,620

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

145,243

16,941

53,383

Thailand

-

0.2%

Kasikornbank

PCL

1,104,300

3,452

Turkey

-

0.1%

Turk

Telekomunikasyon

AS

1,148,322

888

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Turkcell

Iletisim

Hizmetleri

AS

715,783

1,307

2,195

United

Kingdom

-

11.4%

3i

Group

PLC

45,011

800

Anglo

American

PLC

218,667

9,687

Ashtead

Group

PLC

10,081

755

AstraZeneca

PLC

66,912

7,685

Aviva

PLC

857,129

4,612

Babcock

International

Group

PLC(Æ)

505,968

1,799

BAE

Systems

PLC

731,442

5,854

Barclays

PLC

2,273,185

5,509

Barratt

Developments

PLC

70,683

691

Berkeley

Group

Holdings

PLC

27,736

1,867

BP

PLC

2,131,181

8,545

British

American

Tobacco

PLC

45,904

1,711

British

Land

Co.

PLC

(The)(ö)

295,516

2,096

BT

Group

PLC(Æ)

1,827,139

4,408

Centrica

PLC(Æ)

2,378,800

1,503

Compass

Group

PLC(Æ)

550,799

11,636

Croda

International

PLC(Æ)

9,335

1,092

Diageo

PLC

107,052

5,311

Direct

Line

Insurance

Group

PLC

337,951

1,395

Endeavour

Mining

Corp.

46,630

1,110

Experian

PLC

46,556

2,049

Ferguson

PLC

7,450

1,044

GlaxoSmithKline

PLC

-

ADR

77,547

1,532

Halma

PLC

34,412

1,381

HSBC

Holdings

PLC

1,669,163

9,213

Imperial

Tobacco

Group

PLC

23,934

513

Intermediate

Capital

Group

PLC(Æ)

167,411

5,045

J

Sainsbury

PLC

4,114,717

16,198

John

Wood

Group

PLC(Æ)

2,641,889

8,000

Johnson

Matthey

PLC

12,462

515

Kingfisher

PLC

747,429

3,826

Land

Securities

Group

PLC(ö)

197,092

1,943

Legal

&

General

Group

PLC

187,324

680

Linde

PLC

60,729

18,605

Lloyds

Banking

Group

PLC

940,284

596

M&G

PLC

231,082

724

Marks

&

Spencer

Group

PLC(Æ)

891,124

1,677

Mondi

PLC

101,389

2,811

Natwest

Group

PLC

1,760,554

4,950

Persimmon

PLC

Class

A

72,530

2,926

Reckitt

Benckiser

Group

PLC

4,406

338

RELX

PLC

64,875

1,906

Segro

PLC(ö)

92,192

1,560

Smith

&

Nephew

PLC

227,937

4,646

Spirax-Sarco

Engineering

PLC

3,538

738

St.

James's

Place

PLC

122,775

2,707

Standard

Chartered

PLC

1,544,234

9,251

Taylor

Wimpey

PLC

409,788

937

TechnipFMC

PLC(Æ)

666,783

4,814

Tesco

PLC

3,174,028

10,275

Travis

Perkins

PLC(Æ)

450,552

10,658

Unilever

PLC

126,532

7,286

Vodafone

Group

PLC

4,218,092

6,765

Wausau

Paper

Corp.

512,554

6,636

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

36

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Wm

Morrison

Supermarkets

PLC

167,262

622

231,433

United

States

-

3.2%

Accenture

PLC

Class

A

49,947

15,867

Allegion

PLC

103,571

14,148

Amdocs,

Ltd.

117,767

9,081

Aon

PLC

Class

A

51,393

13,364

James

Hardie

Industries

PLC

78,314

2,639

Lululemon

Athletica,

Inc.(Æ)

10,901

4,362

Ovintiv,

Inc.

88,537

2,276

Pagseguro

Digital,

Ltd.

Class

A(Æ)(Ñ)

63,867

3,541

65,278

Total

Common

Stocks

(cost

$1,675,578)

1,867,251

Preferred

Stocks

-

2.2%

Germany

-

1.4%

Henkel

AG

&

Co.

KGaA

2.229%

(Ÿ)

9,713

985

Porsche

Automobil

Holding

SE

2.688%

(Ÿ)

9,774

1,058

Sartorius

AG

0.125%

(Ÿ)

15,311

9,261

Volkswagen

AG

2.520%

(Ÿ)

69,730

17,017

28,321

South

Korea

-

0.8%

Samsung

Electronics

Co.,

Ltd.

4.399%

(Ÿ)

272,319

17,094

Total

Preferred

Stocks

(cost

$32,485)

45,415

Short-Term

Investments

-

3.5%

United

States

-

3.5%

U.S.

Cash

Management

Fund(@)

70,831,287

(∞)

70,817

Total

Short-Term

Investments

(cost

$70,817)

70,817

Other

Securities

-

0.4%

U.S.

Cash

Collateral

Fund(@)(×)

8,448,661

(∞)

8,449

Total

Other

Securities

(cost

$8,449)

8,449

Total

Investments

-

98.0%

(identified

cost

$1,787,329)

1,991,932

Other

Assets

and

Liabilities,

Net

-

2.0%

40,229

Net

Assets

-

100.0%

2,032,161

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

37

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%

ABN

AMRO

Bank

NV

10/03/19

EUR

284,508

17

.64

5,019

3,305

Adyen

NV

07/25/19

EUR

1,745

898

.31

1,568

4,751

Amundi

SA

02/28/19

EUR

80,835

66

.71

5,393

7,475

Cellnex

Telecom

SA

02/27/18

EUR

180,380

38

.64

6,970

11,755

Covestro

AG

06/26/19

EUR

189,800

43

.77

8,307

12,214

Reliance

Industries,

Ltd.

10/21/20

47,795

56

.09

2,681

2,643

Scout24

AG

12/17/20

EUR

9,727

83

.16

809

833

WH

Group,

Ltd.

06/26/19

HKD

686,000

1

.02

697

569

Worldline

SA

02/14/20

EUR

41,101

77

.61

3,190

3,846

Zalando

SE

12/12/19

EUR

39,255

62

.01

2,434

4,366

51,757

For

a

description

of

restricted

securities

see

note

6

in

the

Notes

to

Quarterly

Report.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Amsterdam

Index

Futures

53

EUR

7,963

08/21

156

CAC40

Euro

Index

Futures

323

EUR

21,349

08/21

264

DAX

Index

Futures

43

EUR

16,715

09/21

(235)

EURO

STOXX

50

Index

Futures

307

EUR

12,550

09/21

(155)

FTSE

100

Index

Futures

122

GBP

8,499

09/21

(179)

FTSE/MIB

Index

Futures

39

EUR

4,945

09/21

(51)

Hang

Seng

Index

Futures

39

HKD

50,499

08/21

76

IBEX

35

Index

Futures

54

EUR

4,684

08/21

(11)

MSCI

Singapore

Index

Futures

94

SGD

3,392

08/21

41

OMXS30

Index

Futures

251

SEK

59,493

08/21

72

S&P/TSX

60

Index

Futures

384

CAD

93,112

09/21

1,271

SPI

200

Index

Futures

496

AUD

90,520

09/21

117

TOPIX

Index

Futures

569

JPY

10,839,450

09/21

(2,802)

Short

Positions

MSCI

Emerging

Markets

Index

Futures

2,970

USD

189,738

09/21

13,656

S&P

500

E-Mini

Index

Futures

487

USD

106,884

09/21

(3,842)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

8,378

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

EUR

1,632

USD

1,936

08/03/21

(1)

Bank

of

America

JPY

155,801

USD

1,419

08/03/21

(1)

Bank

of

America

JPY

442,000

USD

4,000

09/15/21

(30)

Bank

of

Montreal

USD

17,401

AUD

22,500

09/15/21

(886)

Bank

of

Montreal

USD

20,879

CAD

25,245

09/15/21

(645)

Bank

of

Montreal

USD

7,868

EUR

6,445

09/15/21

(216)

Bank

of

Montreal

USD

5,173

GBP

3,662

09/15/21

(82)

Bank

of

Montreal

USD

25,298

JPY

2,770,626

09/15/21

(35)

Bank

of

New

York

USD

17,456

AUD

22,500

09/15/21

(941)

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

38

International

Developed

Markets

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

New

York

USD

20,922

CAD

25,245

09/15/21

(687)

Bank

of

New

York

USD

7,884

EUR

6,445

09/15/21

(233)

Bank

of

New

York

USD

5,182

GBP

3,662

09/15/21

(91)

Bank

of

New

York

USD

25,375

JPY

2,770,626

09/15/21

(111)

Citigroup

USD

17,402

AUD

22,500

09/15/21

(887)

Citigroup

USD

20,887

CAD

25,245

09/15/21

(652)

Citigroup

USD

7,870

EUR

6,445

09/15/21

(219)

Citigroup

USD

5,170

GBP

3,662

09/15/21

(79)

Citigroup

USD

25,308

JPY

2,770,626

09/15/21

(45)

Citigroup

JPY

2,430,410

USD

21,995

09/15/21

(166)

JPMorgan

Chase

USD

17,401

AUD

22,500

09/15/21

(886)

JPMorgan

Chase

USD

20,879

CAD

25,245

09/15/21

(645)

JPMorgan

Chase

USD

22,017

DKK

139,050

09/15/21

173

JPMorgan

Chase

USD

7,868

EUR

6,445

09/15/21

(216)

JPMorgan

Chase

USD

5,173

GBP

3,662

09/15/21

(82)

JPMorgan

Chase

USD

25,298

JPY

2,770,626

09/15/21

(35)

Royal

Bank

of

Canada

USD

17,467

AUD

22,500

09/15/21

(953)

Royal

Bank

of

Canada

USD

20,919

CAD

25,245

09/15/21

(685)

Royal

Bank

of

Canada

USD

7,887

EUR

6,445

09/15/21

(235)

Royal

Bank

of

Canada

USD

5,184

GBP

3,662

09/15/21

(93)

Royal

Bank

of

Canada

USD

25,379

JPY

2,770,626

09/15/21

(116)

Royal

Bank

of

Canada

USD

5,912

NOK

52,000

09/15/21

(26)

State

Street

USD

16,167

NOK

133,730

09/15/21

(1,027)

State

Street

USD

4,016

NZD

5,600

09/15/21

(115)

State

Street

USD

9,262

SEK

76,460

09/15/21

(377)

State

Street

USD

317

SGD

420

09/15/21

(7)

State

Street

CHF

13,140

USD

14,701

09/15/21

179

State

Street

DKK

76,550

USD

12,563

09/15/21

347

State

Street

HKD

2,290

USD

295

09/15/21

—

State

Street

TWD

4,497

USD

161

08/02/21

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(10,806)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Argentina

$

677

$

—

$

—

$

—

$

677

Australia

—

45,032

—

—

45,032

Austria

—

5,626

—

—

5,626

Belgium

—

8,978

—

—

8,978

Brazil

10,306

—

—

—

10,306

Canada

91,956

—

—

—

91,956

China

16,316

9,563

—

—

25,879

Denmark

—

26,435

—

—

26,435

Finland

—

38,008

—

—

38,008

France

2,378

182,836

—

—

185,214

Germany

—

92,842

—

—

92,842

Hong

Kong

—

56,081

—

—

56,081

India

—

25,896

—

—

25,896

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

39

It

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Indonesia

—

1,764

—

—

1,764

Ireland

3,396

26,673

—

—

30,069

Israel

959

2,030

—

—

2,989

Italy

—

42,794

—

—

42,794

Japan

—

337,954

—

—

337,954

Jersey

—

1,448

—

—

1,448

Luxembourg

—

19,469

—

—

19,469

Macao

—

2,343

—

—

2,343

Malaysia

—

1,497

—

—

1,497

Mexico

16,224

—

—

—

16,224

Netherlands

—

100,586

—

—

100,586

New

Zealand

—

11,795

—

—

11,795

Norway

—

9,563

—

—

9,563

Russia

3,274

6,806

—

—

10,080

Singapore

—

13,433

—

—

13,433

South

Africa

1,983

4,021

—

—

6,004

South

Korea

4,884

40,022

—

—

44,906

Spain

—

40,498

—

—

40,498

Sweden

—

32,627

—

—

32,627

Switzerland

—

172,537

—

—

172,537

Taiwan

16,941

36,442

—

—

53,383

Thailand

—

3,452

—

—

3,452

Turkey

—

2,195

—

—

2,195

United

Kingdom

5,924

225,509

—

—

231,433

United

States

62,639

2,639

—

—

65,278

Preferred

Stocks

—

45,415

—

—

45,415

Short-Term

Investments

—

—

—

70,817

70,817

Other

Securities

—

—

—

8,449

8,449

Total

Investments

237,857

1,674,809

—

79,266

1,991,932

Other

Financial

Instruments

Assets

Futures

Contracts

15,654

—

—

—

15,654

Foreign

Currency

Exchange

Contracts

—

699

—

—

699

Liabilities

Futures

Contracts

(7,276)

—

—

—

(7,276

)

Foreign

Currency

Exchange

Contracts

(2)

(11,505)

—

—

(11,507

)

Total

Other

Financial

Instruments

*

$

8,376

$

(10,806)

$

—

$

—

$

(2,430

)

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

Russell

Investment

Company

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

40

International

Developed

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

July

31,

2021,

see

note

2

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

July

31,

2021,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

263,785

Consumer

Staples

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

124,216

Energy

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

89,460

Financial

Services

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

424,170

Health

Care

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

152,996

Materials

and

Processing

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

235,085

Producer

Durables

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

262,913

Technology

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

235,132

Utilities

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

79,494

Preferred

Stocks

Consumer

Discretionary

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

18,075

Consumer

Staples

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

985

Technology

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

26,355

Short-Term

Investments

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

70,817

Other

Securities

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

8,449

Total

Investments

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

1,991,932

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Equity

Fund

41

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

93.3%

Argentina

-

0.0%

YPF

SA

-

ADR(Æ)

101,986

445

Australia

-

0.4%

ASX,

Ltd.

-

ADR

7,504

425

BHP

Group

PLC

39,127

1,271

BHP

Group,

Ltd.

-

ADR

31,683

1,242

Brambles,

Ltd.

35,226

301

Commonwealth

Bank

of

Australia

-

ADR

18,152

1,327

Rio

Tinto

PLC

4,353

371

Wesfarmers,

Ltd.(Æ)

6,830

307

5,244

Austria

-

0.1%

Erste

Group

Bank

AG

52,535

2,037

Belgium

-

0.3%

Ageas

SA

52,299

2,760

KBC

Groep

NV

24,574

1,974

4,734

Brazil

-

0.1%

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo(Æ)

207,700

1,414

Canada

-

2.5%

ARC

Resources,

Ltd.

102,750

777

Barrick

Gold

Corp.

129,058

2,810

CAE,

Inc.(Æ)

180,957

5,522

Cameco

Corp.

Class

A

69,910

1,244

Canadian

National

Railway

Co.

74,650

8,112

Dollarama

,

Inc.

47,586

2,241

Intact

Financial

Corp.

4,353

593

Kinross

Gold

Corp.

214,523

1,407

Kirkland

Lake

Gold,

Ltd.(Æ)

11,165

477

Royal

Bank

of

Canada

-

GDR

16,787

1,698

Shopify,

Inc.

Class

A(Æ)

176

264

Sun

Life

Financial,

Inc.

22,365

1,165

Suncor

Energy,

Inc.

185,920

3,660

Thomson

Reuters

Corp.(Æ)

7,851

832

Toronto-Dominion

Bank

(The)

21,961

1,460

Tourmaline

Oil

Corp.

36,445

995

33,257

China

-

1.0%

Alibaba

Group

Holding,

Ltd.

-

ADR(Æ)

33,975

6,632

China

Construction

Bank

Corp.

Class

H

2,977,074

2,078

China

Hongxing

Sports,

Ltd.(Æ)(Š)

6,320,000

—

Dongfeng

Motor

Group

Co.,

Ltd.

Class

H

2,954,000

2,630

Huazhu

Group,

Ltd.

-

ADR(Æ)

37,751

1,698

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

1,048,000

583

13,621

Denmark

-

0.2%

AP

Moller

-

Maersk

A/S

Class

B

254

705

Drilling

Co.

of

1972

A/S

(The)(Æ)

4,033

156

DSV

Panalpina

A/S

7,191

1,751

2,612

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Finland

-

0.5%

Elisa

OYJ

6,205

399

Kone

OYJ

Class

B

4,747

393

Nokia

OYJ(Æ)

709,169

4,349

Orion

OYJ

Class

B

5,082

216

Sampo

OYJ

Class

A

16,399

791

UPM-

Kymmene

OYJ

22,365

914

7,062

France

-

4.5%

AXA

SA

178,586

4,623

BNP

Paribas

SA

184,040

11,197

Cie

de

Saint-Gobain

SA

94,876

6,787

Dassault

Aviation

SA

877

1,045

Dassault

Systemes

SE

6,430

355

Engie

SA

325,879

4,349

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

5,440

4,353

Orange

SA

-

ADR

255,790

2,850

Renault

SA(Æ)

49,485

1,883

Rexel

SA

Class

H(Æ)

114,430

2,413

Safran

SA

15,410

2,019

Sanofi

-

ADR

9,076

935

Schneider

Electric

SE

14,118

2,366

SCOR

SE

-

ADR

48,844

1,366

Societe

Generale

SA

123,128

3,607

Total

SA

161,297

7,033

Worldline

SA(Æ)(Þ)

34,172

3,198

60,379

Germany

-

3.1%

Bayerische

Motoren

Werke

Aktiengesellschaft

96,946

9,644

Brenntag

AG

33,030

3,299

Ceconomy

AG(Æ)

164,511

790

Continental

AG(Æ)

14,089

1,915

Daimler

AG

209,663

18,730

Deutsche

Boerse

AG

4,589

766

Fresenius

SE

&

Co.

KGaA

88,001

4,629

Hannover

Rueck

SE

2,604

438

Metro

AG

53,698

696

Muenchener

Rueckversicherungs-

Gesellschaft

AG

4,983

1,348

42,255

Hong

Kong

-

0.9%

AIA

Group,

Ltd.

602,200

7,223

CK

Asset

Holdings,

Ltd.

432,000

2,946

CLP

Holdings,

Ltd.

55,000

567

Hang

Seng

Bank,

Ltd.

24,300

466

Link

Real

Estate

Investment

Trust(ö)

22,898

219

Power

Assets

Holdings,

Ltd.

46,500

301

11,722

India

-

0.6%

HDFC

Bank,

Ltd.

-

ADR

114,610

8,088

Indonesia

-

0.1%

Bank

Mandiri

Persero

Tbk

PT

4,551,300

1,798

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

42

Global

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ireland

-

0.7%

AIB

Group

PLC(Æ)

655,693

1,605

Bank

of

Ireland

Group

PLC(Æ)

384,186

2,039

Kerry

Group

PLC

Class

A

36,894

5,470

9,114

Italy

-

1.2%

Assicurazioni

Generali

SpA

176,258

3,522

BPER

Banca

SpA

466,677

911

Eni

SpA

-

ADR

377,750

4,462

Ferrari

NV

6,994

1,526

FinecoBank

Banca

Fineco

SpA

16,981

304

Saipem

SpA

(Æ)(Ñ)

431,735

992

UniCredit

SpA

346,076

4,139

15,856

Japan

-

7.7%

Alfresa

Holdings

Corp.

46,100

705

Alps

Alpine

Co.,

Ltd.

100,500

1,044

Astellas

Pharma,

Inc.

76,700

1,222

Benesse

Holdings,

Inc.

9,700

223

Canon,

Inc.

39,900

916

Chiyoda

Corp.(Æ)(Ñ)

97,700

348

Dai-ichi

Life

Holdings,

Inc.

159,400

2,945

DeNA

Co.,

Ltd.

77,000

1,453

Eisai

Co.,

Ltd.

16,800

1,379

Fuji

Media

Holdings,

Inc.

18,100

197

Fujitsu,

Ltd.

3,700

629

Gree

,

Inc.

212,100

1,170

Hino

Motors,

Ltd.

306,500

2,681

Honda

Motor

Co.,

Ltd.

207,577

6,640

Inpex

Corp.

344,900

2,432

Isuzu

Motors,

Ltd.

268,500

3,575

Japan

Airlines

Co.,

Ltd.(Æ)

128,700

2,694

Japan

Exchange

Group,

Inc.

11,500

262

JGC

Holdings

Corp.

188,400

1,708

Kamigumi

Co.,

Ltd.

56,700

1,203

Kao

Corp.

20,800

1,251

KDDI

Corp.

38,900

1,187

Keyence

Corp.

6,300

3,508

Kyocera

Corp.

11,100

686

Medipal

Holdings

Corp.

8,400

158

Mitsubishi

Electric

Corp.

61,500

833

Mitsubishi

Estate

Co.,

Ltd.

175,800

2,759

Mitsubishi

Heavy

Industries,

Ltd.

38,700

1,124

Mitsubishi

Motors

Corp.(Æ)

229,800

645

Mitsubishi

UFJ

Financial

Group,

Inc.

931,900

4,937

Nikon

Corp.

157,800

1,470

Nintendo

Co.,

Ltd.

2,000

1,030

Nippon

Television

Holdings,

Inc.

55,500

618

Nissan

Motor

Co.,

Ltd.(Æ)

480,700

2,783

Nitto

Denko

Corp.

6,200

461

Nomura

Holdings,

Inc.

233,300

1,166

Ono

Pharmaceutical

Co.,

Ltd.

91,700

2,097

Otsuka

Holdings

Co.,

Ltd.

19,900

791

Resona

Holdings,

Inc.

807,400

3,043

Shimamura

Co.,

Ltd.

27,000

2,609

Shin-Etsu

Chemical

Co.,

Ltd.

40,300

6,576

Sumitomo

Heavy

Industries,

Ltd.

47,500

1,323

Sumitomo

Metal

Mining

Co.,

Ltd.

53,200

2,166

Sumitomo

Mitsui

Banking

Corp.

248,500

8,375

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Sumitomo

Mitsui

Trust

Holdings,

Inc.

88,100

2,895

Sushiro

Global

Holdings,

Ltd.

23,100

943

T&D

Holdings,

Inc.

324,900

4,164

Taiheiyo

Cement

Corp.

53,500

1,245

Takeda

Pharmaceutical

Co.,

Ltd.

120,100

3,992

THK

Co.,

Ltd.

48,200

1,380

Toppan

Printing

Co.,

Ltd.

56,500

959

Toyota

Industries

Corp.

47,800

4,007

104,607

Luxembourg

-

0.6%

Eurofins

Scientific

SE

48,730

5,829

RTL

Group

SA

29,770

1,684

7,513

Malaysia

-

0.1%

CIMB

Group

Holdings

BHD

1,035,300

1,091

Mexico

-

0.2%

America

Movil

SAB

de

CV

Class

L

-

ADR

195,694

3,258

Netherlands

-

2.8%

ABN

AMRO

Bank

NV(Þ)

223,068

2,591

Heineken

NV

106,993

12,461

ING

Groep

NV

1,003,766

12,854

Koninklijke

Philips

NV

8,113

374

PostNL

NV

-

ADR

204,918

1,110

Royal

Dutch

Shell

PLC

Class

B

407,478

8,042

37,432

Norway

-

0.3%

Mowi

ASA

13,039

332

Norsk

Hydro

ASA

585,120

3,893

4,225

Russia

-

0.4%

Gazprom

PJSC

-

ADR

356,840

2,778

Lukoil

PJSC

-

ADR

9,117

781

Sberbank

of

Russia

PJSC

-

ADR

88,563

1,474

VEON,

Ltd.(Æ)

525,150

919

5,952

Singapore

-

0.3%

DBS

Group

Holdings,

Ltd.

47,140

1,058

United

Overseas

Bank,

Ltd.

120,801

2,338

Venture

Corp.,

Ltd.

21,200

298

3,694

South

Africa

-

0.7%

Anglo

American

PLC

103,892

4,602

Gold

Fields,

Ltd.

-

ADR

135,897

1,335

Impala

Platinum

Holdings,

Ltd.

15,876

286

MTN

Group,

Ltd.(Æ)

204,935

1,473

Old

Mutual,

Ltd.

1,605,210

1,413

9,109

South

Korea

-

2.5%

Hankook

Tire

&

Technology

Co.,

Ltd.

39,529

1,664

KB

Financial

Group,

Inc.

90,809

4,034

KT

Corp.

-

ADR

261,809

3,767

Samsung

Electronics

Co.,

Ltd.

246,843

16,881

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Equity

Fund

43

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Shinhan

Financial

Group

Co.,

Ltd.

143,707

4,887

SK

Hynix,

Inc.

29,560

2,908

34,141

Spain

-

0.6%

Banco

de

Sabadell

SA

-

ADR(Æ)

1,390,651

963

CaixaBank

SA

1,255,895

3,733

Cellnex

Telecom

SA(Þ)

45,954

2,995

Industria

de

Diseno

Textil

SA

28,306

960

8,651

Sweden

-

0.3%

Autoliv

,

Inc.

2,016

203

Boliden

AB(Æ)

12,969

506

Kinnevik

AB

Class

B(Æ)

11,030

481

Sandvik

AB

87,099

2,269

3,459

Switzerland

-

4.4%

ABB,

Ltd.

28,290

1,034

Adecco

Group

AG

77,814

4,661

EMS-

Chemie

Holding

AG

348

386

Julius

Baer

Group,

Ltd.

17,233

1,140

LafargeHolcim

,

Ltd.(Æ)

88,760

5,204

Nestle

SA

147,886

18,739

Novartis

AG

50,589

4,679

Partners

Group

Holding

AG

697

1,192

Roche

Holding

AG

30,193

11,676

SGS

SA

205

664

Swisscom

AG

877

528

UBS

Group

AG

394,602

6,506

Wizz

Air

Holdings

PLC(Æ)(Þ)

38,024

2,615

59,024

Taiwan

-

3.4%

Accton

Technology

Corp.

301,000

3,507

Catcher

Technology

Co.,

Ltd.

350,000

2,315

Hon

Hai

Precision

Industry

Co.,

Ltd.

642,000

2,535

MediaTek

,

Inc.

70,000

2,276

Realtek

Semiconductor

Corp.

90,000

1,896

Shin

Kong

Financial

Holding

Co.,

Ltd.

3,138,000

1,028

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

275,462

32,130

45,687

Thailand

-

0.4%

Kasikornbank

PCL

1,212,700

3,791

Siam

Commercial

Bank

PCL

(The)

505,400

1,438

5,229

Turkey

-

0.2%

Turk

Telekomunikasyon

AS

1,018,936

788

Turkcell

Iletisim

Hizmetleri

AS

767,697

1,402

2,190

United

Kingdom

-

4.3%

AstraZeneca

PLC

-

ADR

4,142

237

Babcock

International

Group

PLC(Æ)

339,326

1,207

BAE

Systems

PLC

554,549

4,438

Berkeley

Group

Holdings

PLC

4,406

297

BP

PLC

1,458,679

5,848

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

British

Land

Co.

PLC

(The)(ö)

200,487

1,422

BT

Group

PLC(Æ)

1,223,959

2,953

Centrica

PLC(Æ)

1,608,892

1,016

Endeavour

Mining

Corp.(Ñ)

33,758

804

Ferguson

PLC

2,150

301

Intermediate

Capital

Group

PLC(Æ)

70,305

2,119

J

Sainsbury

PLC

963,718

3,794

Kingfisher

PLC

454,399

2,326

Land

Securities

Group

PLC(ö)

133,754

1,318

Liberty

Global

PLC

Class

C(Æ)

9,656

259

Linde

PLC

33,869

10,378

Linde

PLC(Æ)

4,349

1,337

Marks

&

Spencer

Group

PLC(Æ)

596,635

1,123

Natwest

Group

PLC

780,220

2,193

Persimmon

PLC

Class

A

12,831

518

Reckitt

Benckiser

Group

PLC

3,356

258

Schroders

PLC

4,806

244

St.

James's

Place

PLC

14,599

322

Standard

Chartered

PLC

517,555

3,100

Unilever

PLC

102,741

5,916

Wausau

Paper

Corp.

346,069

4,480

58,208

United

States

-

47.9%

3M

Co.

2,512

497

Abbott

Laboratories

15,037

1,819

AbbVie,

Inc.

1,646

191

Accenture

PLC

Class

A

21,954

6,974

Adobe,

Inc.(Æ)

12,322

7,660

Advance

Auto

Parts,

Inc.

1,118

237

Aflac,

Inc.

32,106

1,766

Air

Products

&

Chemicals,

Inc.

2,945

857

Airbnb,

Inc.

Class

A(Æ)

11,666

1,680

Align

Technology,

Inc.(Æ)

5,283

3,676

Allegion

PLC

44,123

6,027

Allstate

Corp.

(The)

6,179

804

Alphabet,

Inc.

Class

A(Æ)

4,733

12,753

Alphabet,

Inc.

Class

C(Æ)

11,337

30,659

Amazon.com,

Inc.(Æ)

6,078

20,225

Amcor

PLC

16,492

191

Amerco

,

Inc.

377

222

American

Express

Co.

7,412

1,264

American

International

Group,

Inc.

8,982

425

American

Water

Works

Co.,

Inc.

4,105

698

AmerisourceBergen

Corp.

Class

A

3,678

449

Analog

Devices,

Inc.

1,893

317

Ansys

,

Inc.(Æ)

18,013

6,637

Anthem,

Inc.(Æ)

19,912

7,646

API

Group

Corp.(Æ)(Þ)

234,340

5,371

Apple,

Inc.

176,310

25,716

Aptiv

PLC(Æ)

26,482

4,419

Aramark

5,011

176

Archer-Daniels-Midland

Co.

6,883

411

Ares

Management

Corp.

Class

A

44,101

3,158

Arrow

Electronics,

Inc.(Æ)

4,872

578

Arthur

J

Gallagher

&

Co.

2,116

295

AT&T,

Inc.

33,586

942

Atmos

Energy

Corp.

2,638

260

Automatic

Data

Processing,

Inc.

6,411

1,344

Baker

Hughes,

a

GE

Co.

LLC

9,088

193

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

44

Global

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Bank

of

America

Corp.

33,448

1,283

Bank

of

New

York

Mellon

Corp.

(The)

8,200

421

Becton

Dickinson

and

Co.

27,290

6,979

Berkshire

Hathaway,

Inc.

Class

B(Æ)

5,335

1,485

Best

Buy

Co.,

Inc.

5,528

621

Biogen,

Inc.(Æ)

1,460

477

Bio-Rad

Laboratories,

Inc.

Class

A(Æ)

9,821

7,263

BlackRock,

Inc.

Class

A

2,061

1,787

Blackstone

Group,

Inc.

(The)

Class

A

12,073

1,392

Boeing

Co.

(The)(Æ)

1,627

368

Booking

Holdings,

Inc.(Æ)

1,770

3,856

BorgWarner,

Inc.

6,036

296

Boston

Beer

Co.,

Inc.

Class

A(Æ)

1,348

957

Boston

Scientific

Corp.(Æ)

37,895

1,728

Broadridge

Financial

Solutions,

Inc.

3,668

636

Bunge,

Ltd.

4,435

344

Capital

One

Financial

Corp.

3,245

525

CarMax,

Inc.(Æ)

2,616

350

Carnival

Corp.(Æ)

9,294

201

Cboe

Global

Markets,

Inc.

2,917

346

CBRE

Group,

Inc.

Class

A(Æ)

3,479

336

Centene

Corp.(Æ)

7,118

488

CenterPoint

Energy,

Inc.

8,243

210

Charles

Schwab

Corp.

(The)

182,325

12,389

Chegg

,

Inc.(Æ)

37,362

3,311

Chevron

Corp.

8,836

900

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

675

1,258

Chubb,

Ltd.

3,236

546

Cigna

Corp.

30,230

6,937

Cincinnati

Financial

Corp.

4,965

585

Cisco

Systems,

Inc.

47,102

2,608

Citigroup,

Inc.

91,342

6,177

Clorox

Co.

(The)

5,864

1,061

CME

Group,

Inc.

Class

A

50,237

10,657

Coca-Cola

Co.

(The)

39,932

2,277

Cognizant

Technology

Solutions

Corp.

Class

A

21,297

1,566

Colgate-Palmolive

Co.

17,635

1,402

Comcast

Corp.

Class

A

20,789

1,223

ConAgra

Foods,

Inc.

10,975

368

ConocoPhillips

Co.

7,769

436

Consolidated

Edison

Co.,

Inc.

5,062

373

Constellation

Brands,

Inc.

Class

A

15,089

3,385

Cooper

Cos.,

Inc.

(The)

8,577

3,618

Copart

,

Inc.(Æ)

21,823

3,208

Corning,

Inc.

16,071

673

Corteva

,

Inc.

12,293

526

CoStar

Group,

Inc.(Æ)

18,930

1,682

Cummins,

Inc.

4,783

1,110

CVS

Health

Corp.

7,003

577

Danaher

Corp.

50,373

14,985

DexCom

,

Inc.(Æ)

5,049

2,603

Discover

Financial

Services

2,550

317

Discovery,

Inc.

Class

A(Æ)(Ñ)

7,825

227

DISH

Network

Corp.

Class

A(Æ)

6,093

255

Diversey

Holdings,

Ltd.(Æ)

201,904

3,368

Dollar

Tree,

Inc.(Æ)

39,326

3,924

Dow,

Inc.

5,243

326

DowDuPont

,

Inc.

5,156

387

DR

Horton,

Inc.

92,180

8,797

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

DT

Midstream,

Inc.

1,365

58

DTE

Energy

Co.

2,731

320

Duke

Energy

Corp.

5,884

618

Eastman

Chemical

Co.

2,963

334

Eaton

Corp.

PLC

9,457

1,495

Edison

International

3,063

167

Eli

Lilly

&

Co.

3,619

881

Emerson

Electric

Co.

3,286

332

Entergy

Corp.

2,825

291

EOG

Resources,

Inc.

4,834

352

Eversource

Energy(Æ)

2,708

234

Exelon

Corp.

9,467

443

Exxon

Mobil

Corp.

21,089

1,214

Facebook,

Inc.

Class

A(Æ)

87,401

31,140

Fair

Isaac

Corp.(Æ)

5,345

2,800

Fastenal

Co.

17,401

953

FedEx

Corp.

1,829

512

Fidelity

National

Information

Services,

Inc.

73,447

10,947

Fifth

Third

Bancorp

5,876

213

FirstEnergy

Corp.

5,606

215

Five

Below,

Inc.(Æ)

14,349

2,790

FleetCor

Technologies,

Inc.(Æ)

10,287

2,656

Ford

Motor

Credit

Co.

LLC(Æ)

49,240

687

Fortive

Corp.

4,824

351

Fox

Corp.

Class

A

10,352

369

Garmin,

Ltd.

3,537

556

General

Dynamics

Corp.

2,861

561

General

Electric

Co.

12,013

156

General

Mills,

Inc.

6,623

390

General

Motors

Co.(Æ)

57,888

3,290

Genuine

Parts

Co.

5,878

746

Global

Payments,

Inc.

14,664

2,836

Goldman

Sachs

Group,

Inc.

(The)

2,166

812

Halliburton

Co.

94,740

1,959

HCA

Healthcare,

Inc.

27,913

6,928

Henry

Schein,

Inc.(Æ)

2,487

199

Hershey

Co.

(The)

4,733

847

Hewlett

Packard

Enterprise

Co.

Class

H

34,955

507

Home

Depot,

Inc.

(The)

8,303

2,725

Honeywell

International,

Inc.

6,897

1,612

Hormel

Foods

Corp.

14,285

663

Host

Hotels

&

Resorts,

Inc.(Æ)(ö)

12,857

205

HP,

Inc.(Æ)

20,742

599

Humana,

Inc.

1,239

528

Huntington

Ingalls

Industries,

Inc.

1,352

277

II-VI,

Inc.(Æ)

21,665

1,512

Illinois

Tool

Works,

Inc.

5,760

1,306

Illumina,

Inc.(Æ)

4,072

2,019

Intel

Corp.

31,451

1,690

International

Business

Machines

Corp.

6,050

853

International

Flavors

&

Fragrances,

Inc.

2,149

324

International

Paper

Co.

3,527

204

Interpublic

Group

of

Cos.,

Inc.

(The)

12,188

431

Jacobs

Engineering

Group,

Inc.

2,300

311

Jazz

Pharmaceuticals

PLC(Æ)

1,412

239

JM

Smucker

Co.

(The)

2,628

345

Johnson

&

Johnson

37,666

6,486

Johnson

Controls

International

PLC(Æ)

50,348

3,596

JPMorgan

Chase

&

Co.

48,556

7,370

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Equity

Fund

45

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Juniper

Networks,

Inc.

19,899

560

Keurig

Dr

Pepper,

Inc.

8,862

312

Kimberly-Clark

Corp.

12,094

1,641

Kinder

Morgan,

Inc.

28,100

488

Knight-Swift

Transportation

Holdings,

Inc.(Æ)

4,375

217

Kraft

Heinz

Foods

Co.

13,536

521

Kroger

Co.

(The)

7,782

317

L3Harris

Technologies,

Inc.

7,669

1,739

Laboratory

Corp.

of

America

Holdings(Æ)

1,323

392

Lam

Research

Corp.

476

303

Lear

Corp.

1,490

261

Leidos

Holdings,

Inc.

2,138

228

Lennar

Corp.

Class

A

79,610

8,371

Lennar

Corp.

Class

B

1,261

109

Liberty

SiriusXM

Group

Class

C(Æ)

8,253

381

LKQ

Corp.(Æ)

6,158

313

Lockheed

Martin

Corp.

2,887

1,073

Loews

Corp.

4,028

216

Lululemon

Athletica

,

Inc.(Æ)

6,425

2,571

Lumen

Technologies,

Inc.

28,439

355

LyondellBasell

Industries

NV

Class

A

2,766

275

Manhattan

Associates,

Inc.(Æ)

9,763

1,558

Marathon

Petroleum

Corp.

5,388

298

Marsh

&

McLennan

Cos.,

Inc.

41,187

6,064

Marvell

Technology

Group,

Ltd.

54,514

3,299

MasterCard,

Inc.

Class

A

30,146

11,635

Match

Group,

Inc.(Æ)

39,655

6,316

Maxim

Integrated

Products,

Inc.

2,924

292

McDonald's

Corp.

4,482

1,088

Medical

Properties

Trust,

Inc.

(ö)

12,733

268

Medtronic

PLC

65,181

8,559

Merck

&

Co.,

Inc.

2,612

201

MetLife,

Inc.

7,756

448

MGM

Resorts

International

6,549

246

Micron

Technology,

Inc.

137,764

10,688

Microsoft

Corp.

69,409

19,775

Mohawk

Industries,

Inc.(Æ)

1,200

234

Molson

Coors

Beverage

Co.

Class

B

5,433

266

Mondelez

International,

Inc.

Class

A

24,557

1,553

Morgan

Stanley

7,806

749

Mosaic

Co.

(The)

6,233

195

MultiPlan

Corp.(Æ)(Ñ)

150,594

1,212

Newell

Rubbermaid,

Inc.

7,128

176

Newmont

Corp.

12,827

806

News

Corp.

Class

A

9,525

235

NextEra

Energy,

Inc.

8,443

658

Northern

Trust

Corp.

2,216

250

Northrop

Grumman

Corp.

435

158

Nucor

Corp.

5,997

624

NVIDIA

Corp.

4,193

818

Oak

Street

Health,

Inc.(Æ)

19,526

1,231

Ollie's

Bargain

Outlet

Holdings,

Inc.(Æ)

32,626

3,037

Omnicom

Group,

Inc.

4,370

318

ONEOK,

Inc.

4,230

220

Organon

&

Co.

1,447

42

Ovintiv

,

Inc.

64,043

1,646

Owens

Corning

2,150

207

PACCAR

Financial

Corp.

4,945

410

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Packaging

Corp.

of

America

1,291

183

Paychex,

Inc.

9,458

1,077

Paycom

Software,

Inc.(Æ)

4,620

1,848

PayPal

Holdings,

Inc.(Æ)

851

234

PepsiCo,

Inc.

36,987

5,805

Pfizer,

Inc.

243,243

10,413

PG&E

Corp.(Æ)

16,041

141

Phillips

66

3,817

280

Pioneer

Natural

Resources

Co.

1,640

238

Planet

Fitness,

Inc.

Class

A(Æ)

26,054

1,960

PNC

Financial

Services

Group,

Inc.

(The)

3,622

661

Procter

&

Gamble

Co.

(The)

53,696

7,637

Progressive

Corp.

(The)

13,746

1,308

Prologis,

Inc.(ö)

2,717

348

Prudential

Financial,

Inc.

4,372

438

Public

Service

Enterprise

Group,

Inc.

7,015

437

Public

Storage(ö)

3,227

1,008

PulteGroup,

Inc.

4,230

232

Qorvo

,

Inc.(Æ)

8,252

1,564

Raytheon

Technologies

Corp.(Æ)

11,034

959

Republic

Services,

Inc.

Class

A

8,524

1,009

RingCentral,

Inc.

Class

A(Æ)

7,284

1,947

Rockwell

Automation,

Inc.

2,864

880

Royal

Caribbean

Cruises,

Ltd.(Æ)

2,611

201

S&P

Global,

Inc.

20,963

8,987

Salesforce.com,

Inc.(Æ)

17,431

4,217

Sempra

Energy

4,287

560

Sensata

Technologies

Holding

PLC(Æ)

3,184

187

Skyworks

Solutions,

Inc.

1,679

310

Snap-on,

Inc.

2,685

585

Southern

Co.

(The)

4,724

302

Stanley

Black

&

Decker,

Inc.

6,228

1,227

Starbucks

Corp.

14,426

1,752

State

Street

Corp.

3,630

316

Steel

Dynamics,

Inc.

4,645

299

Synchrony

Financial

29,098

1,368

T.

Rowe

Price

Group,

Inc.

8,222

1,679

TE

Connectivity,

Ltd.

9,039

1,333

Teleflex,

Inc.

5,436

2,160

Tesla,

Inc.(Æ)

1,237

850

Texas

Instruments,

Inc.

9,996

1,905

Textron,

Inc.

4,447

307

TJX

Cos.,

Inc.

(The)

41,705

2,870

T-Mobile

USA,

Inc.(Æ)

1,388

200

Tradeweb

Markets,

Inc.

Class

A

15,143

1,313

Travelers

Cos.,

Inc.

(The)

11,424

1,701

Truist

Financial

Corp.

9,463

515

Tyson

Foods,

Inc.

Class

A

15,320

1,095

UGI

Corp.

8,149

375

Union

Pacific

Corp.

4,222

924

United

Rentals,

Inc.(Æ)

348

115

UnitedHealth

Group,

Inc.

37,397

15,416

Universal

Health

Services,

Inc.

Class

B

2,157

346

US

Bancorp

12,151

675

Valero

Energy

Corp.

3,838

257

Ventas,

Inc.

(ö)

4,135

247

Verizon

Communications,

Inc.

13,648

761

ViacomCBS

,

Inc.

Class

B

4,837

198

Viatris

,

Inc.

21,316

300

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

46

Global

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Visa,

Inc.

Class

A

2,993

737

Vornado

Realty

Trust

(ö)

4,606

200

Walgreens

Boots

Alliance,

Inc.

10,807

510

Walmart,

Inc.

14,598

2,081

Walt

Disney

Co.

(The)(Æ)

44,684

7,865

Waste

Management,

Inc.

10,738

1,592

Wells

Fargo

&

Co.

149,619

6,873

West

Pharmaceutical

Services,

Inc.

10,432

4,295

Western

Digital

Corp.(Æ)

6,300

409

Westinghouse

Air

Brake

Technologies

Corp.

3,776

320

Westrock

Co.

4,111

202

Whirlpool

Corp.

1,031

228

Workday,

Inc.

Class

A(Æ)

5,818

1,364

WW

Grainger,

Inc.

1,213

539

Xilinx,

Inc.

3,181

477

Zoetis,

Inc.

Class

A

52,366

10,615

647,572

Total

Common

Stocks

(cost

$1,047,810)

1,260,680

Preferred

Stocks

-

0.7%

South

Korea

-

0.7%

Samsung

Electronics

Co.,

Ltd.

4.399%

(Ÿ)

157,554

9,890

Total

Preferred

Stocks

(cost

$8,886)

9,890

Short-Term

Investments

-

3.4%

United

States

-

3.4%

U.S.

Cash

Management

Fund(@)

45,889,420

(∞)

45,880

Total

Short-Term

Investments

(cost

$45,880)

45,880

Other

Securities

-

0.3%

U.S.

Cash

Collateral

Fund(@)(×)

3,682,566

(∞)

3,683

Total

Other

Securities

(cost

$3,683)

3,683

Total

Investments

-

97.7%

(identified

cost

$1,106,259)

1,320,133

Other

Assets

and

Liabilities,

Net

-

2.3%

31,091

Net

Assets

-

100.0%

1,351,224

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Equity

Fund

47

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

$

$

$

1.2%

ABN

AMRO

Bank

NV

10/04/19

EUR

223,068

13

.36

2,980

2,591

API

Group

Corp.

10/05/17

234,340

10

.16

2,382

5,371

Cellnex

Telecom

SA

06/14/19

EUR

45,954

49

.84

2,290

2,995

Wizz

Air

Holdings

PLC

11/13/20

GBP

38,024

63

.82

2,427

2,615

Worldline

SA

06/07/19

EUR

34,172

79

.65

2,722

3,198

16,770

For

a

description

of

restricted

securities

see

note

6

in

the

Notes

to

Quarterly

Report

.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Hang

Seng

Index

Futures

1

HKD

1,295

08/21

6

MSCI

Singapore

Index

Futures

2

SGD

72

08/21

1

Russell

2000

E-Mini

Index

Futures

307

USD

34,102

09/21

(1,515)

S&P

500

E-Mini

Index

Futures

683

USD

149,901

09/21

5,399

S&P/TSX

60

Index

Futures

63

CAD

15,276

09/21

179

SPI

200

Index

Futures

183

AUD

33,398

09/21

43

Short

Positions

Amsterdam

Index

Futures

36

EUR

5,409

08/21

(106)

CAC40

Euro

Index

Futures

214

EUR

14,144

08/21

(177)

DAX

Index

Futures

29

EUR

11,273

09/21

159

EURO

STOXX

50

Index

Futures

204

EUR

8,340

09/21

93

FTSE

100

Index

Futures

70

GBP

4,877

09/21

113

FTSE/MIB

Index

Futures

27

EUR

3,423

09/21

33

IBEX

35

Index

Futures

36

EUR

3,123

08/21

6

MSCI

Emerging

Markets

Index

Futures

1,815

USD

115,951

09/21

8,345

OMXS30

Index

Futures

166

SEK

39,346

08/21

(49)

TOPIX

Index

Futures

27

JPY

514,350

09/21

82

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

12,612

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

EUR

816

USD

967

08/03/21

—

Bank

of

America

GBP

3,900

USD

5,400

09/15/21

(21)

Bank

of

America

HKD

13,697

USD

1,762

08/03/21

—

Bank

of

America

JPY

1,049,940

USD

9,504

09/15/21

(70)

Bank

of

Montreal

USD

2,436

AUD

3,150

09/15/21

(124)

Bank

of

Montreal

USD

2,905

CAD

3,512

09/15/21

(90)

Bank

of

Montreal

USD

1,924

JPY

210,694

09/15/21

(3)

Bank

of

Montreal

USD

1,950

NOK

16,134

09/15/21

(124)

Bank

of

Montreal

USD

1,750

NZD

2,440

09/15/21

(51)

Bank

of

Montreal

CHF

6,363

USD

7,120

09/15/21

88

Bank

of

Montreal

EUR

8,696

USD

10,616

09/15/21

293

Bank

of

Montreal

SEK

12,890

USD

1,561

09/15/21

63

Bank

of

New

York

USD

2,444

AUD

3,150

09/15/21

(132)

Bank

of

New

York

USD

2,911

CAD

3,512

09/15/21

(96)

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

48

Global

Equity

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

New

York

USD

1,930

JPY

210,694

09/15/21

(8)

Bank

of

New

York

USD

1,957

NOK

16,134

09/15/21

(130)

Bank

of

New

York

USD

1,758

NZD

2,440

09/15/21

(58)

Bank

of

New

York

CHF

6,363

USD

7,141

09/15/21

108

Bank

of

New

York

EUR

8,696

USD

10,638

09/15/21

314

Bank

of

New

York

SEK

12,890

USD

1,565

09/15/21

67

Citigroup

USD

2,436

AUD

3,150

09/15/21

(124)

Citigroup

USD

2,906

CAD

3,512

09/15/21

(91)

Citigroup

USD

1,925

JPY

210,694

09/15/21

(3)

Citigroup

USD

1,951

NOK

16,134

09/15/21

(125)

Citigroup

USD

1,750

NZD

2,440

09/15/21

(50)

Citigroup

CHF

6,363

USD

7,124

09/15/21

92

Citigroup

EUR

8,696

USD

10,620

09/15/21

295

Citigroup

SEK

12,890

USD

1,562

09/15/21

64

JPMorgan

Chase

USD

2,436

AUD

3,150

09/15/21

(124)

JPMorgan

Chase

USD

2,905

CAD

3,512

09/15/21

(90)

JPMorgan

Chase

USD

1,924

JPY

210,694

09/15/21

(3)

JPMorgan

Chase

USD

1,950

NOK

16,134

09/15/21

(124)

JPMorgan

Chase

USD

1,750

NZD

2,440

09/15/21

(51)

JPMorgan

Chase

CHF

6,363

USD

7,121

09/15/21

88

JPMorgan

Chase

EUR

8,696

USD

10,616

09/15/21

293

JPMorgan

Chase

SEK

12,890

USD

1,561

09/15/21

63

Royal

Bank

of

Canada

USD

2,446

AUD

3,150

09/15/21

(133)

Royal

Bank

of

Canada

USD

2,910

CAD

3,512

09/15/21

(95)

Royal

Bank

of

Canada

USD

1,930

JPY

210,694

09/15/21

(9)

Royal

Bank

of

Canada

USD

1,959

NOK

16,134

09/15/21

(133)

Royal

Bank

of

Canada

USD

1,759

NZD

2,440

09/15/21

(59)

Royal

Bank

of

Canada

CHF

6,363

USD

7,144

09/15/21

112

Royal

Bank

of

Canada

EUR

8,696

USD

10,642

09/15/21

317

Royal

Bank

of

Canada

SEK

12,890

USD

1,566

09/15/21

68

State

Street

USD

429

DKK

2,611

09/15/21

(12)

State

Street

USD

2,973

GBP

2,105

09/15/21

(47)

State

Street

HKD

2,830

USD

365

09/15/21

1

State

Street

SGD

120

USD

91

09/15/21

2

State

Street

TWD

1,727

USD

62

08/02/21

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

148

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Argentina

$

445

$

—

$

—

$

—

$

445

Australia

—

5,244

—

—

5,244

Austria

—

2,037

—

—

2,037

Belgium

—

4,734

—

—

4,734

Brazil

1,414

—

—

—

1,414

Canada

33,257

—

—

—

33,257

China

8,330

5,291

—

—

13,621

Denmark

—

2,612

—

—

2,612

Finland

—

7,062

—

—

7,062

France

—

60,379

—

—

60,379

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Equity

Fund

49

It

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Germany

—

42,255

—

—

42,255

Hong

Kong

—

11,722

—

—

11,722

India

8,088

—

—

—

8,088

Indonesia

—

1,798

—

—

1,798

Ireland

—

9,114

—

—

9,114

Italy

—

15,856

—

—

15,856

Japan

—

104,607

—

—

104,607

Luxembourg

—

7,513

—

—

7,513

Malaysia

—

1,091

—

—

1,091

Mexico

3,258

—

—

—

3,258

Netherlands

—

37,432

—

—

37,432

Norway

—

4,225

—

—

4,225

Russia

919

5,033

—

—

5,952

Singapore

—

3,694

—

—

3,694

South

Africa

1,335

7,774

—

—

9,109

South

Korea

3,767

30,374

—

—

34,141

Spain

—

8,651

—

—

8,651

Sweden

203

3,256

—

—

3,459

Switzerland

—

59,024

—

—

59,024

Taiwan

32,130

13,557

—

—

45,687

Thailand

—

5,229

—

—

5,229

Turkey

—

2,190

—

—

2,190

United

Kingdom

2,637

55,571

—

—

58,208

United

States

647,572

—

—

—

647,572

Preferred

Stocks

—

9,890

—

—

9,890

Short-Term

Investments

—

—

—

45,880

45,880

Other

Securities

—

—

—

3,683

3,683

Total

Investments

743,355

527,215

—

49,563

1,320,133

Other

Financial

Instruments

Assets

Futures

Contracts

14,459

—

—

—

14,459

Foreign

Currency

Exchange

Contracts

—

2,328

—

—

2,328

Liabilities

Futures

Contracts

(1,847)

—

—

—

(1,847

)

Foreign

Currency

Exchange

Contracts

(1)

(2,179)

—

—

(2,180

)

Total

Other

Financial

Instruments

*

$

12,611

$

149

$

—

$

—

$

12,760

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

Russell

Investment

Company

Global

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

50

Global

Equity

Fund

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2021,

see

note

2

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

July

31,

2021,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

175,521

Consumer

Staples

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

57,389

Energy

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

44,977

Financial

Services

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

266,277

Health

Care

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

153,471

Materials

and

Processing

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

78,176

Producer

Durables

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

132,926

Technology

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

310,791

Utilities

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

41,152

Preferred

Stocks

Technology

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

9,890

Short-Term

Investments

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

45,880

Other

Securities

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

3,683

Total

Investments

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

1,320,133

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Emerging

Markets

Fund

51

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

92.7%

Argentina

-

0.2%

Globant

SA(Æ)

10,465

2,503

MercadoLibre

,

Inc.(Æ)

46

72

2,575

Bangladesh

-

0.5%

BRAC

Bank,

Ltd.

3,316,063

1,927

GrameenPhone

,

Ltd.

660,948

2,953

Square

Pharmaceuticals,

Ltd.

790,995

2,071

6,951

Brazil

-

4.4%

Adecoagro

SA(Æ)

118,337

1,131

Afya

,

Ltd.

Class

A(Æ)

87,965

2,023

Atacadao

SA

408,300

1,489

Azul

SA

-

ADR(Æ)

99,437

2,230

B3

SA

-

Brasil

Bolsa

Balcao

1,389,489

4,068

Banco

BTG

Pactual

SA(Æ)

527,600

2,964

Banco

do

Brasil

SA

211,500

1,284

BB

Seguridade

Participacoes

SA

221,500

909

Caixa

Seguridade

Participacoes

SA(Æ)

648,800

1,365

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo(Æ)

55,500

378

Cia

Siderurgica

Nacional

SA

79,200

711

CPFL

Energia

SA

177,000

860

CSN

Mineracao

SA

1,560,000

2,756

Energisa

SA

192,000

1,576

Equatorial

Energia

SA

135,900

631

Hapvida

Participacoes

e

Investimentos

SA(Þ)

125,000

342

JBS

SA

677,000

4,166

Localiza

Rent

a

Car

SA

119,600

1,427

Marfrig

Global

Foods

SA

141,700

534

Minerva

SA

719,500

1,239

Natura

&

Co

Holding

SA(Æ)

143,900

1,485

Notre

Dame

Intermedica

Participacoes

SA

16,400

252

Pagseguro

Digital,

Ltd.

Class

A(Æ)

45,073

2,499

Petrobras

Distribuidora

SA

261,000

1,420

Petroleo

Brasileiro

SA

132,500

700

Petroleo

Brasileiro

SA

-

ADR

51,713

531

Telefonica

Brasil

,

SA

73,100

578

Vale

SA

472,700

9,872

Vale

SA

Class

B

-

ADR

177,972

3,741

WEG

SA

491,500

3,370

56,531

Canada

-

0.5%

First

Quantum

Minerals,

Ltd.

153,630

3,291

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

258,848

1,921

Parex

Resources,

Inc.

73,350

1,205

6,417

Chile

-

0.0%

Cencosud

SA

202,640

368

China

-

25.4%

360

DigiTech

,

Inc.

-

ADR(Æ)

14,089

299

3SBio,

Inc.

Class

A(Æ)(Þ)

781,000

652

Agricultural

Bank

of

China,

Ltd.

Class

H

17,870,000

5,962

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Airtac

International

Group

37,000

1,194

Alibaba

Group

Holding,

Ltd.(Æ)

1,000,400

24,446

Alibaba

Group

Holding,

Ltd.

-

ADR(Æ)

67,320

13,140

A-Living

Services

Co.,

Ltd.

Class

H(Þ)

690,500

2,650

Aluminum

Corp.

of

China,

Ltd.

Class

H(Æ)

4,466,000

2,712

Anhui

Conch

Cement

Co.,

Ltd.

Class

H

698,235

3,340

Anta

Sports

Products,

Ltd.

24,000

524

Autohome

,

Inc.

-

ADR

6,570

298

BAIC

Motor

Corp.,

Ltd.

Class

H(Þ)

1,000,000

357

Baidu,

Inc.

-

ADR(Æ)

37,492

6,149

Bank

of

China,

Ltd.

Class

H

12,133,000

4,217

Bank

of

Communications

Co.,

Ltd.

Class

H

2,702,000

1,565

Baoshan

Iron

&

Steel

Co.

Ltd.

Class

A

2,034,300

2,500

Beijing

Sinnet

Technology

Co.,

Ltd

Class

A

748,137

1,879

BGI

Genomics

Co.,

Ltd(Æ)

22,400

390

BYD

Co.,

Ltd.

Class

A

18,800

775

BYD

Co.,

Ltd.

Class

H

26,000

801

Centre

Testing

International

Group

Co.,

Ltd.

Class

A

205,200

864

Cheerwin

Group,

Ltd.(Þ)

401,500

290

China

CITIC

Bank

Corp.,

Ltd.

Class

H

4,769,000

2,135

China

Conch

Venture

Holdings,

Ltd.

245,000

897

China

Construction

Bank

Corp.

Class

H

20,822,554

14,537

China

Feihe

,

Ltd.(Þ)

58,000

112

China

Forestry

Holdings

Co.,

Ltd.(Æ)(Š)

871,100

—

China

Gas

Holdings,

Ltd.

308,600

957

China

Hongqiao

Group,

Ltd.

683,500

914

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

475,600

1,095

China

International

Travel

Service

Corp.,

Ltd.

Class

A

42,200

1,577

China

Life

Insurance

Co.,

Ltd.

Class

H

664,000

1,110

China

Longyuan

Power

Group

Corp.,

Ltd.

Class

H

3,457,057

6,468

China

Medical

System

Holdings,

Ltd.

468,000

951

China

Merchants

Bank

Co.,

Ltd.

Class

A

118,300

853

China

Merchants

Bank

Co.,

Ltd.

Class

H

960,852

7,334

China

National

Building

Material

Co.,

Ltd.

Class

H

1,074,000

1,169

China

Overseas

Land

&

Investment,

Ltd.

467,000

981

China

Pacific

Insurance

Group

Co.,

Ltd.

Class

H

297,400

838

China

Petroleum

&

Chemical

Corp.

Class

H

3,886,000

1,771

China

Resources

Gas

Group,

Ltd.

626,000

3,858

China

Resources

Land,

Ltd.

324,000

1,085

China

Resources

Pharmaceutical

Group,

Ltd.(Þ)

648,500

347

China

Shenhua

Energy

Co.,

Ltd.

Class

H

1,179,594

2,236

China

Taiping

Insurance

Holdings

Co.,

Ltd.

239,800

337

China

Tower

Corp.,

Ltd.

Class

H(Þ)

4,496,000

596

China

Vanke

Co.,

Ltd.

Class

H

194,300

507

China

Yangtze

Power

Co.,

Ltd.

Class

A

596,000

1,754

China

Yongda

Automobiles

Services

Holdings,

Ltd.

494,500

928

China

Youran

Dairy

Group,

Ltd.(Æ)(Þ)

1,251,000

713

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

52

Emerging

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Chinasoft

International,

Ltd.(Æ)

230,000

414

Chongqing

Brewery

Co.,

Ltd

Class

A(Æ)

38,400

919

CIFI

Holdings

Group

Co.,

Ltd.

3,622,000

2,185

CITIC

Securities

Co.,

Ltd.

Class

H

243,500

542

CITIC,

Ltd.

617,000

668

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

A

71,160

6,073

COSCO

SHIPPING

Holdings

Co.,

Ltd.

Class

A(Æ)

551,200

1,513

Country

Garden

Services

Holdings

Co.,

Ltd.

195,000

1,584

CSPC

Pharmaceutical

Group,

Ltd.

1,595,000

2,155

Daqo

New

Energy

Corp.

-

ADR(Æ)

18,007

1,067

Dongfeng

Motor

Group

Co.,

Ltd.

Class

H

208,000

185

Fosun

International,

Ltd.

323,000

428

FuJian

Green

Pine

Co.,

Ltd

Class

A

158,118

378

Ganfeng

Lithium

Co.,

Ltd.

Class

H(Þ)

45,800

994

Gree

Electric

Appliances,

Inc.

of

Zhuhai

Class

A

322,400

2,374

Guangzhou

Automobile

Group

Co.,

Ltd.

Class

H

2,914,435

2,525

Haier

Smart

Home

Co.,

Ltd.

Class

H

203,800

699

Haitian

International

Holdings,

Ltd.

137,000

502

Hengan

International

Group

Co.,

Ltd.

218,500

1,301

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

10,169,401

5,657

Industrial

Bank

Co.,

Ltd.

Class

A

1,444,389

3,957

JD

Logistics,

Inc.(Æ)(Þ)

1,041,100

3,758

JD.com,

Inc.

Class

A(Æ)

125,000

4,439

JD.com,

Inc.

-

ADR(Æ)

29,113

2,064

Jiangsu

Changshu

Rural

Commercial

Bank

Co.,

Ltd.

Class

A

1,360,300

1,242

Jiangsu

Expressway

Co.,

Ltd.

Class

H

1,929,060

2,061

Jiangsu

Yanghe

Brewery

Joint-Stock

Co.,

Ltd.

Class

A

66,198

1,672

JiuGui

Liquor

Co.,

Ltd.

Class

A

39,100

1,163

Joinn

Laboratories

China

Co.,

Ltd.

Class

A

19,900

586

JOYY,

Inc.(Æ)

7,626

408

JW

(Cayman)

Therapeutics

Co.,

Ltd(Æ)

(Ñ)(Þ)

359,000

954

Kuaishou

Technology(Æ)(Þ)

47,200

670

Kweichow

Moutai

Co.,

Ltd.

Class

A

11,463

2,983

Lenovo

Group,

Ltd.

1,114,000

1,042

Li

Ning

Co.,

Ltd.

574,000

6,067

Longfor

Group

Holdings,

Ltd.(Þ)

489,000

2,286

LONGi

Green

Energy

Technology

Co.,

Ltd.

Class

A

77,440

1,034

Meituan-Dianping

Class

B(Æ)(Þ)

107,500

2,979

Midea

Real

Estate

Holding,

Ltd.(Þ)

520,000

879

MMG,

Ltd.(Æ)

3,287,000

1,680

Muyuan

Foodstuff

Co.,

Ltd.

Class

A

45,780

300

NetEase

,

Inc.

-

ADR

21,244

2,171

New

Oriental

Education

&

Technology

Group,

Inc.

-

ADR(Æ)

43,894

95

NIO,

Inc.

-

ADR(Æ)

8,660

387

PetroChina

Co.,

Ltd.

Class

H

13,058,000

5,435

Pharmaron

Beijing

Co.,

Ltd.

Class

H(Þ)

147,500

3,234

PICC

Property

&

Casualty

Co.,

Ltd.

Class

H

734,000

595

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Pinduoduo

,

Inc.

-

ADR(Æ)

3,059

280

Ping

An

Bank

Co.,

Ltd.

Class

A

870,500

2,387

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

A

376,100

3,129

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

744,000

6,531

Postal

Savings

Bank

of

China

Co.,

Ltd.

Class

H(Þ)

1,045,000

675

Riyue

Heavy

Industry

Co.,

Ltd.

Class

A

455,500

2,457

SAIC

Motor

Corp.,

Ltd.

Class

A

456,988

1,302

SF

Holding,

Ltd.

Class

A

39,400

362

Shaanxi

Coal

Industry

Co.,

Ltd.

Class

A

845,510

1,464

Shanghai

International

Airport

Co.,

Ltd.

Class

A

319,700

1,910

Shanghai

Pharmaceuticals

Holding

Co.,

Ltd.

Class

H

1,122,600

2,402

Shenzhen

Inovance

Control

Technology

Co.,

Ltd.

Class

A

136,918

1,653

Shenzhen

Mindray

Bio-Medical

Electronics

Co.,

Ltd.

Class

A

52,300

3,166

Shenzhen

Overseas

Chinese

Town

Co.,

Ltd.

Class

A

283,600

284

Shimao

Services

Holdings,

Ltd.(Þ)

773,000

1,794

Sinopharm

Group

Co.,

Ltd.

Class

H

153,600

404

Sinotruk

Hong

Kong,

Ltd.

488,500

844

Sunac

China

Holdings,

Ltd.

279,000

725

Suofeiya

Home

Collection

Co.,

Ltd.

Class

A

438,500

1,298

Tencent

Holdings,

Ltd.

572,580

35,336

Times

Property

Holdings,

Ltd.

1,855,000

1,754

Topsports

International

Holdings,

Ltd.(Þ)

310,000

433

Trip.com

Group,

Ltd.

-

ADR(Æ)

98,719

2,560

Tsingtao

Brewery

Co.,

Ltd.

Class

H

220,000

1,736

Vipshop

Holdings,

Ltd.

-

ADR

109,698

1,824

Wanhua

Chemical

Group

Co.,

Ltd.

Class

A

28,000

494

Weichai

Power

Co.,

Ltd.

Class

H

1,006,000

2,203

Wingtech

Technology

Co.,

Ltd.

Class

A

138,738

2,359

Wuliangye

Yibin

Co.,

Ltd.

Class

A

93,800

3,209

Wus

Printed

Circuit

(

Kunshan

)

Co.,

Ltd.

Class

A

983,945

2,014

WuXi

AppTec

Co.,

Ltd.

Class

A

94,960

2,206

WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

265,283

5,904

WuXi

Biologics

(Cayman),

Inc.(Æ)(Þ)

182,000

2,778

Xianhe

Co.,

Ltd.

Class

A

400,500

2,461

Yifeng

Pharmacy

Chain

Co.,

Ltd.

Class

A

288,434

2,180

Yum

China

Holdings,

Inc.

11,826

735

Zai

Lab,

Ltd.

-

ADR(Æ)

3,465

501

Zhongsheng

Group

Holdings,

Ltd.

437,000

4,024

Zijin

Mining

Group

Co.,

Ltd.

Class

H

1,544,000

2,203

Zoomlion

Heavy

Industry

Science

and

Technology

Co.,

Ltd.

Class

A

547,460

646

Zoomlion

Heavy

Industry

Science

and

Technology

Co.,

Ltd.

Class

H

295,000

254

328,249

Egypt

-

0.3%

Cleopatra

Hospital(Æ)

3,236,980

983

Commercial

International

Bank

Egypt

SAE(Æ)

307,165

1,117

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Emerging

Markets

Fund

53

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Commercial

International

Bank

Egypt

SAE

-

GDR

2

—

Eastern

Co.

SAE

2,034,850

1,525

Edita

Food

Industries

SAE

1,152,556

565

4,190

France

-

0.2%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

2,713

2,171

Sartorius

Stedim

Biotech

1,054

601

Teleperformance

-

GDR

395

167

2,939

Georgia

-

0.1%

Georgia

Capital

PLC(Æ)

95,645

837

TBC

Bank

Group

PLC

49,179

829

1,666

Greece

-

0.3%

Alpha

Bank

AE(Æ)

2,550,631

3,278

Guernsey

-

0.3%

VinaCapital

Vietnam

Opportunity

Fund,

Ltd.

507,354

3,229

Hong

Kong

-

2.9%

AIA

Group,

Ltd.

278,200

3,337

ASM

Pacific

Technology,

Ltd.

204,200

2,634

Cathay

Pacific

Airways,

Ltd.(Æ)

1,708,000

1,371

China

Common

Rich

Renewable

Energy

Investments,

Ltd.(Æ)(Š)

1,630,000

—

China

Huishan

Dairy

Holdings

Co.,

Ltd(Æ)(Š)

1,269,000

69

China

Lumena

New

Materials

Corp.

(Æ)(Š)

75,600

—

China

Metal

Recycling

Holdings,

Ltd.

(Æ)(Š)

335,400

—

Galaxy

Entertainment

Group,

Ltd.(Æ)

654,000

4,450

Geely

Automobile

Holdings,

Ltd.

717,000

2,399

Hong

Kong

Exchanges

&

Clearing,

Ltd.

10,600

677

Kingboard

Holdings,

Ltd.

505,500

2,651

Kingboard

Laminates

Holdings,

Ltd.

183,000

367

Kunlun

Energy

Co.,

Ltd.

6,804,000

5,892

Melco

Crown

Entertainment,

Ltd.

-

ADR(Æ)

92,127

1,282

Nine

Dragons

Paper

Holdings,

Ltd.

1,400,000

1,766

Orient

Overseas

International,

Ltd.

141,500

2,601

PAX

Global

Technology,

Ltd.

612,000

663

Real

Gold

Mining,

Ltd.(Æ)(Š)

463,232

—

Shimao

Group

Holdings,

Ltd.

942,500

1,859

Sun

Art

Retail

Group,

Ltd.

2,312,711

1,439

Techtronic

Industries

Co.,

Ltd.

53,000

949

Tianhe

Chemicals

Group,

Ltd.(Æ)(Š)

25,778,000

—

WH

Group,

Ltd.(Þ)

2,974,500

2,468

36,874

Hungary

-

0.6%

MOL

Hungarian

Oil

&

Gas

PLC(Æ)

133,402

1,063

OTP

Bank

PLC(Æ)

119,571

6,448

7,511

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

India

-

10.1%

ACC,

Ltd.

86,485

2,788

Apollo

Hospitals

Enterprise,

Ltd.

46,460

2,519

Asian

Paints,

Ltd.

54,145

2,156

AU

Small

Finance

Bank,

Ltd.(Æ)(Þ)

53,431

882

Aurobindo

Pharma,

Ltd.

35,705

440

Axis

Bank,

Ltd.(Æ)

258,784

2,469

Bajaj

Auto,

Ltd.

15,673

808

Bajaj

Finance,

Ltd.

14,399

1,211

Balrampur

Chini

Mills,

Ltd.

Class

A

150,203

771

Bharat

Electronics,

Ltd.

264,997

660

Bharat

Petroleum

Corp.,

Ltd.

111,588

668

Bharti

Airtel,

Ltd.

203,312

1,539

Britannia

Industries,

Ltd.

10,539

485

Divi's

Laboratories,

Ltd.

62,528

4,123

Dr

Reddy's

Laboratories,

Ltd.

11,889

752

Escorts,

Ltd.

85,169

1,357

GAIL

India,

Ltd.

1,667,104

3,128

Glenmark

Pharmaceuticals,

Ltd.

162,754

1,329

Godrej

Consumer

Products,

Ltd.

42,663

568

Grasim

Industries,

Ltd.

39,910

834

HCL

Technologies,

Ltd.

126,243

1,740

HDFC

Bank,

Ltd.

243,842

4,692

Hero

MotoCorp,

Ltd.

18,158

675

Hindalco

Industries,

Ltd.

416,775

2,494

Housing

Development

Finance

Corp.,

Ltd.

96,954

3,195

ICICI

Bank,

Ltd.

1,319,290

12,132

ICICI

Prudential

Life

Insurance

Co.,

Ltd.(Þ)

41,487

353

IndusInd

Bank,

Ltd.

203,437

2,695

Infosys,

Ltd.

230,737

5,027

Infosys,

Ltd.

-

ADR

284,236

6,287

JSW

Steel,

Ltd.

150,956

1,498

Larsen

&

Toubro,

Ltd.

305,950

6,607

Mahindra

&

Mahindra,

Ltd.

115,017

1,150

Maruti

Suzuki

India,

Ltd.

19,396

1,823

Motherson

Sumi

Systems,

Ltd.

350,603

1,109

NTPC,

Ltd.

411,044

655

Oil

&

Natural

Gas

Corp.,

Ltd.

243,924

376

Power

Grid

Corp.

of

India,

Ltd.

1,398,646

3,219

Power

Grid

Corp.

of

India,

Ltd.(Æ)(Š)

466,215

1,072

Reliance

Industries,

Ltd.

394,600

9,605

Shriram

Transport

Finance

Co.,

Ltd.

23,370

437

State

Bank

of

India

1,684,793

9,789

Sun

Pharmaceutical

Industries,

Ltd.

59,200

616

Tata

Consultancy

Services,

Ltd.

76,194

3,246

Tata

Motors,

Ltd.(Æ)

295,146

1,170

Tata

Steel,

Ltd.

317,979

6,144

Tech

Mahindra,

Ltd.

92,375

1,502

UltraTech

Cement,

Ltd.

31,577

3,236

United

Breweries,

Ltd.

74,725

1,435

United

Phosphorus,

Ltd.

70,330

768

Vedanta,

Ltd.

840,214

3,397

Wipro,

Ltd.

90,578

716

WNS

Holdings,

Ltd.

-

ADR(Æ)

18,150

1,494

129,841

Indonesia

-

1.3%

Astra

International

Tbk

PT

5,103,000

1,666

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

54

Emerging

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Bank

Central

Asia

Tbk

PT

604,600

1,248

Bank

Negara

Indonesia

Persero

Tbk

PT

8,772,900

2,897

Bank

Rakyat

Indonesia

Persero

Tbk

PT

16,121,595

4,140

Indofood

Sukses

Makmur

Tbk

PT

1,171,500

493

International

Nickel

Indonesia

Tbk

PT

1,322,800

505

Semen

Indonesia

Persero

Tbk

PT

3,316,081

1,768

Telekomunikasi

Indonesia

Persero

Tbk

PT

18,802,000

4,217

16,934

Japan

-

0.1%

Murata

Manufacturing

Co.,

Ltd.

14,700

1,219

Tokyo

Electron,

Ltd.

1,100

453

1,672

Kazakhstan

-

0.7%

Halyk

Bank

JSC

-

GDR

135,175

2,017

Kaspi.KZ

JSC

-

GDR

66,428

7,522

9,539

Kenya

-

0.5%

Equity

Group

Holdings,

Ltd.(Æ)

5,319,900

2,395

Safaricom

PLC

9,917,300

3,831

6,226

Kuwait

-

0.1%

Agility

Public

Warehousing

Co.

212,366

697

Mobile

Telecommunications

Co.

KSC

147,620

290

987

Luxembourg

-

0.0%

Ternium

SA

-

ADR

10,070

490

Malaysia

-

0.1%

Supermax

Corp.

BHD

1,175,353

911

Mexico

-

1.6%

America

Movil

SAB

de

CV

Class

L

-

ADR

29,263

487

Cemex

SAB

de

CV(Æ)

861,600

703

Cemex

SAB

de

CV

-

ADR(Æ)

665,863

5,414

Fibra

Uno

Administracion

SA

de

CV(ö)

385,300

420

Fomento

Economico

Mexicano

SAB

de

CV

214,875

1,875

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

19,140

348

Grupo

Cementos

de

Chihuahua

SAB

de

CV

150,060

1,220

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

938,084

6,082

Grupo

Mexico

SAB

de

CV

203,800

934

Industrias

Bachoco

SAB

de

CV

303,100

1,109

Orbia

Advance

Corp.

SAB

de

CV

671,300

1,829

Wal-Mart

de

Mexico

SAB

de

CV

229,120

755

21,176

Morocco

-

0.4%

Attijariwafa

Bank

SA(Æ)

13,824

697

Label'Vie

SA

7,009

3,139

Maroc

Telecom

-

ADR

68,706

1,044

4,880

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Netherlands

-

0.1%

ASML

Holding

NV

2,189

1,665

Nigeria

-

0.3%

Guaranty

Trust

Holding

Co.

PLC

48,905,697

3,387

Pakistan

-

0.2%

Lucky

Cement,

Ltd.(Æ)

239,280

1,308

Meezan

Bank,

Ltd.

1,840,425

1,415

2,723

Panama

-

0.1%

Copa

Holdings

SA

Class

A(Æ)

10,224

725

Peru

-

0.1%

Credicorp

,

Ltd.

7,665

774

Philippines

-

0.6%

Ayala

Land,

Inc.

2,149,000

1,405

Bank

of

the

Philippine

Islands

823,510

1,326

Converge

ICT

Solutions,

Inc.(Æ)

3,385,100

1,545

Jollibee

Foods

Corp.

88,460

336

Megaworld

Corp.

19,599,000

1,087

Metro

Pacific

Investments

Corp.

5,961,000

418

Metropolitan

Bank

&

Trust

Co.

-

ADR

2,621,000

2,256

8,373

Poland

-

1.2%

Allegro.eu

SA(Æ)(Þ)

78,295

1,343

Bank

Pekao

SA

196,126

4,785

Dino

Polska

SA(Æ)(Þ)

36,782

2,944

InPost

SA(Æ)

92,470

1,811

KGHM

Polska

Miedz

SA

84,134

4,250

15,133

Romania

-

0.5%

Banca

Transilvania

SA

4,269,842

2,884

Fondul

Proprietatea

SA

8,496,600

3,766

6,650

Russia

-

4.4%

Fix

Price

Group,

Ltd.

-

GDR(Æ)

148,958

1,138

Gazprom

PJSC

529,992

2,064

Gazprom

PJSC

-

ADR

178,038

1,386

Lukoil

PJSC

159,511

13,706

Lukoil

PJSC

-

ADR

57,349

4,915

MMC

Norilsk

Nickel

PJSC

-

ADR

90,020

3,113

Mobile

TeleSystems

PJSC

-

ADR

48,178

414

Novatek

PJSC

-

GDR

2,455

546

Novolipetsk

Steel

PJSC

-

GDR

27,418

963

Polymetal

International

PLC

94,278

2,049

Rosneft

Oil

Co.

PJSC

118,810

882

Sberbank

of

Russia

PJSC

2,300,463

9,636

Sberbank

of

Russia

PJSC

-

ADR

486,287

8,095

Surgutneftegas

PJSC

-

ADR

243,064

1,066

Tatneft

PJSC

-

ADR

8,563

341

X5

Retail

Group

NV

-

GDR

102,886

3,333

Yandex

NV

Class

A(Æ)

51,106

3,472

57,119

Saudi

Arabia

-

0.8%

Al

Rajhi

Bank

70,957

2,100

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Emerging

Markets

Fund

55

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Saudi

Basic

Industries

Corp.

102,628

3,310

Saudi

Ceramic

Co.(Æ)

47,493

782

Saudi

Kayan

Petrochemical

Co.(Æ)

294,924

1,522

United

Electronics

Corp.,

Inc.

55,659

2,009

United

International

Transportation

Co.

57,626

741

10,464

Singapore

-

0.1%

DBS

Group

Holdings,

Ltd.

34,783

781

Slovenia

-

0.2%

Nova

Ljubljanska

Banka

-

GDR

196,574

3,008

South

Africa

-

1.3%

Absa

Group,

Ltd.

119,404

1,111

Anglo

American

PLC

33,881

1,501

Barloworld,

Ltd.

-

ADR

178,276

1,315

Bid

Corp.,

Ltd.(Æ)

107,749

2,364

Bidvest

Group,

Ltd.

(The)

135,116

1,842

Capitec

Bank

Holdings,

Ltd.

3,886

432

Impala

Platinum

Holdings,

Ltd.

92,206

1,662

MTN

Group,

Ltd.(Æ)

185,412

1,332

Naspers,

Ltd.

Class

N

18,193

3,502

Nedbank

Group,

Ltd.

47,767

551

Sasol,

Ltd.

-

ADR(Æ)

41,357

619

Standard

Bank

Group,

Ltd.

56,761

478

16,709

South

Korea

-

14.4%

Hana

Financial

Group,

Inc.

433,656

16,380

Hansol

Chemical

Co.,

Ltd.

5,222

1,216

Hanwha

Solutions

Corp.(Æ)

13,777

469

Hyundai

Engineering

&

Construction

Co.,

Ltd.

9,000

429

Hyundai

Glovis

Co.,

Ltd.

2,830

480

Hyundai

Home

Shopping

Network

Corp.

6,267

443

Hyundai

Mobis

Co.,

Ltd.

19,916

4,624

Hyundai

Motor

Co.

36,282

6,896

Hyundai

Steel

Co.

13,082

616

Kakao

Corp.

19,362

2,480

KB

Financial

Group,

Inc.

286,814

12,741

Kia

Motors

Corp.

119,111

8,683

Korea

Electric

Power

Corp.

23,017

499

Korea

Petrochemical

Industries

Co.,

Ltd.

7,219

1,601

KT&G

Corp.

12,327

883

Kumho

Petrochemical

Co.,

Ltd.

4,855

861

LG

Chem

,

Ltd.

12,568

9,217

LG

Corp.

Class

H

9,136

750

LG

Display

Co.,

Ltd.(Æ)(Ñ)

25,501

490

LG

Electronics,

Inc.

Class

H

21,512

2,956

Lotte

Chemical

Corp.

4,936

1,116

NAVER

Corp.

17,718

6,690

NCSoft

Corp.

3,054

2,188

NICE

Information

Service

Co.,

Ltd.

25,996

543

Orion

Corp.

19,237

1,967

POSCO

30,594

9,712

Samsung

Biologics

Co.,

Ltd.(Æ)(Þ)

1,509

1,169

Samsung

C&T

Corp.

6,793

838

Samsung

Electro-Mechanics

Co.,

Ltd.

8,880

1,487

Samsung

Electronics

Co.,

Ltd.

783,956

53,611

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Samsung

Fire

&

Marine

Insurance

Co.,

Ltd.

2,822

527

Samsung

Life

Insurance

Co.,

Ltd.

9,748

640

Samsung

Securities

Co.,

Ltd.

22,857

878

Shinhan

Financial

Group

Co.,

Ltd.

174,862

5,946

SK

Holdings

Co.,

Ltd.

3,936

920

SK

Hynix,

Inc.

192,780

18,966

SK

Innovation

Co.,

Ltd.(Æ)

3,978

879

SK

Telecom

Co.,

Ltd.

12,782

3,345

UNID

Co.,

Ltd.

4,072

419

Woori

Financial

Group,

Inc.

173,676

1,636

186,191

Sweden

-

0.1%

Atlas

Copco

AB(Æ)

6,606

447

Epiroc

AB

Class

A

31,127

728

1,175

Taiwan

-

13.4%

Accton

Technology

Corp.

125,000

1,456

ASE

Technology

Holding

Co.,

Ltd.

1,271,000

5,594

Asia

Cement

Corp.

324,000

602

Asustek

Computer,

Inc.

74,000

929

AU

Optronics

Corp.

1,668,000

1,230

Catcher

Technology

Co.,

Ltd.

78,000

516

Cathay

Financial

Holding

Co.,

Ltd.

932,000

1,809

China

Development

Financial

Holding

Corp.

1,630,000

824

China

Steel

Corp.

Class

H

1,280,000

1,663

Compal

Electronics,

Inc.

621,000

481

CTBC

Financial

Holding

Co.,

Ltd.

2,760,200

2,258

Delta

Electronics,

Inc.

137,000

1,410

Eclat

Textile

Co.,

Ltd.

100,000

2,181

Evergreen

Marine

Corp.

Taiwan,

Ltd.(Æ)

535,000

2,554

Far

Eastern

New

Century

Corp.

388,000

412

First

Financial

Holding

Co.,

Ltd.

666,025

542

Formosa

Chemicals

&

Fibre

Corp.

350,000

1,033

Formosa

Plastics

Corp.

371,000

1,332

Fubon

Financial

Holding

Co.,

Ltd.

1,903,000

5,112

Globalwafers

Co.,

Ltd.

9,000

272

Hon

Hai

Precision

Industry

Co.,

Ltd.

2,147,516

8,480

Innolux

Corp.

1,614,000

1,072

International

Games

System

Co.,

Ltd.

84,000

2,619

King

Yuan

Electronics

Co.,

Ltd.(Æ)

1,207,000

2,009

Largan

Precision

Co.,

Ltd.

19,000

1,997

Lite-On

Technology

Corp.

256,107

588

Makalot

Industrial

Co.,

Ltd.

221,000

1,882

MediaTek

,

Inc.

273,000

8,877

Micro-Star

International

Co.,

Ltd.

79,000

419

Nan

Ya

Plastics

Corp.

458,000

1,429

Nanya

Technology

Corp.

2,320,000

6,020

Nien

Made

Enterprise

Co.,

Ltd.

61,000

1,024

Novatek

Microelectronics

Corp.

28,000

515

Parade

Technologies,

Ltd.

38,000

2,333

Pegatron

Corp.

258,000

622

Quanta

Computer,

Inc.

320,000

886

Realtek

Semiconductor

Corp.

228,000

4,804

RichWave

Technology

Corp.

103,000

1,472

SEA,

Ltd.

-

ADR(Æ)

1,257

347

Silergy

Corp.

8,000

1,084

Silicon

Motion

Technology

Corp.

-

ADR

10,688

801

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

56

Emerging

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Simplo

Technology

Co.,

Ltd.

30,000

397

SinoPac

Financial

Holdings

Co.,

Ltd.

537,755

270

Sitronix

Technology

Corp.

36,000

497

Taiwan

Cement

Corp.

521,724

981

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

3,146,000

65,507

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

32,745

3,819

Tong

Hsing

Electronic

Industries,

Ltd.

298,000

2,598

Uni

-President

Enterprises

Corp.

1,295,000

3,393

United

Microelectronics

Corp.

4,547,000

9,457

United

Microelectronics

Corp.

-

ADR(Ñ)

53,708

566

Vanguard

International

Semiconductor

Corp.

83,000

344

Yang

Ming

Marine

Transport

Corp.(Æ)

158,000

668

Yuanta

Financial

Holding

Co.,

Ltd.

3,203,400

2,909

172,896

Tanzania,

United

Republic

of

-

0.3%

AngloGold

Ashanti,

Ltd.

-

ADR

178,392

3,577

Thailand

-

0.9%

Charoen

Pokphand

Foods

PCL

4,592,900

3,634

Fabrinet

(Æ)

13,920

1,316

Kasikornbank

PCL

375,300

1,173

Ngern

Tid

Lor

PCL(Æ)

1,207,100

1,434

PTT

Exploration

&

Production

PCL

810,900

2,530

Thai

Beverage

PCL

2,702,900

1,297

11,384

Togo

-

0.0%

Ecobank

Transnational,

Inc.(Æ)

41,250,753

526

Turkey

-

0.4%

D-MARKET

Elektronik

Hizmetler

ve

Ticaret

Anonim

Sirketi

-

ADR(Æ)(Ñ)

65,622

864

Eregli

Demir

ve

Celik

Fabrikalari

TAS

652,000

1,548

Ford

Otomotiv

Sanayi

AS

101,533

2,081

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS

Class

D(Æ)

443,156

413

4,906

United

Arab

Emirates

-

0.0%

Aldar

Properties

PJSC

479,538

518

United

States

-

0.2%

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

3,573

1,193

NVIDIA

Corp.

8,824

1,720

2,913

Vietnam

-

2.5%

Asia

Commercial

Bank

Joint

Stock

Bank(Æ)

887,825

1,398

FPT

Corp.

1,534,250

6,284

Ho

Chi

Minh

City

Development

Joint

Stock

Commercial

Bank(Æ)

2,532,400

3,718

Hoa

Phat

Group

JSC

352,155

726

Masan

Group

Corp.

240,000

1,401

Military

Commercial

Joint

Stock

Bank(Æ)

2,611,908

3,288

Mobile

World

Investment

Corp.

1,406,213

10,056

Vietnam

Dairy

Products

JSC

359,200

1,351

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Vietnam

Technological

&

Commercial

Joint

Stock

Bank(Æ)

279,600

624

Vincom

Retail

JSC(Æ)

2,535,300

3,056

31,902

Total

Common

Stocks

(cost

$846,336)

1,196,933

Preferred

Stocks

-

2.3%

Brazil

–

2.0%

Alpargatas

SA(Æ)

0.000%

47,000

464

Banco

Bradesco

SA

5.085%

(Ÿ)

1,306,942

6,085

Bradespar

SA

9.586%

(Ÿ)

27,000

383

Gerdau

SA

4.919%

(Ÿ)

378,200

2,237

Itau

Unibanco

Holding

SA

2.352%

(Ÿ)

887,242

5,162

Itausa

SA

2.809%

(Ÿ)

365,246

783

Petroleo

Brasileiro

SA

9.033%

(Ÿ)

2,083,800

10,767

25,881

Russia

-

0.1%

Surgutneftegas

OJSC

17.396%

(Ÿ)

2,019,638

1,054

South

Korea

-

0.2%

Samsung

Electronics

Co.,

Ltd.

4.399%

(Ÿ)

53,442

3,355

Total

Preferred

Stocks

(cost

$24,233)

30,290

Long-Term

Investments

-

0.0%

India

-

0.0%

Britannia

Industries,

Ltd.

5.500%

due

08/28/22

INR

306

4

8.000%

due

08/28/22

INR

917

4

8

Total

Long-Term

Investments

(cost

$17)

8

Short-Term

Investments

-

3.1%

United

States

-

3.1%

U.S.

Cash

Management

Fund(@)

40,050,267

(∞)

40,042

Total

Short-Term

Investments

(cost

$40,042)

40,042

Other

Securities

-

0.1%

U.S.

Cash

Collateral

Fund(@)(×)

1,371,275

(∞)

1,371

Total

Other

Securities

(cost

$1,371)

1,371

Total

Investments

-

98.2%

(identified

cost

$911,999)

1,268,644

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Emerging

Markets

Fund

57

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Other

Assets

and

Liabilities,

Net

-

1.8%

23,187

Net

Assets

-

100.0%

1,291,831

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

58

Emerging

Markets

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

3.4%

3SBio,

Inc.

06/18/19

HKD

781,000

1

.64

1,285

652

A-Living

Services

Co.,

Ltd.

06/18/19

HKD

690,500

1

.61

1,114

2,650

Allegro.eu

SA

10/21/20

PLN

78,295

19

.98

1,565

1,343

AU

Small

Finance

Bank,

Ltd.

05/19/21

INR

53,431

13

.46

719

882

BAIC

Motor

Corp.,

Ltd.

07/22/20

HKD

1,000,000

0

.50

495

357

Cheerwin

Group,

Ltd.

03/17/21

HKD

401,500

1

.10

442

290

China

Feihe

,

Ltd.

09/02/20

HKD

58,000

1

.97

114

112

China

International

Capital

Corp.,

Ltd.

10/28/20

HKD

475,600

2

.48

1,182

1,095

China

Resources

Pharmaceutical

Group,

Ltd.

06/16/21

HKD

648,500

0

.66

427

347

China

Tower

Corp.,

Ltd.

06/30/21

HKD

4,496,000

0

.14

625

596

China

Youran

Dairy

Group,

Ltd.

06/23/21

HKD

1,251,000

0

.81

1,010

713

Dino

Polska

SA

06/18/19

PLN

36,782

34

.65

1,275

2,944

Ganfeng

Lithium

Co.,

Ltd.

02/03/21

HKD

45,800

16

.44

753

994

Hapvida

Participacoes

e

Investimentos

SA

10/28/20

BRL

125,000

2

.24

281

342

ICICI

Prudential

Life

Insurance

Co.,

Ltd.

07/31/19

INR

41,487

5

.83

242

353

JD

Logistics,

Inc.

06/02/21

HKD

1,041,100

6

.07

6,318

3,758

JW

(Cayman)

Therapeutics

Co.,

Ltd

11/11/20

HKD

359,000

3

.78

1,358

954

Kuaishou

Technology

02/17/21

HKD

47,200

51

.95

2,452

670

Longfor

Group

Holdings,

Ltd.

11/19/18

HKD

489,000

3

.62

1,772

2,286

Meituan-Dianping

07/08/20

HKD

107,500

29

.80

3,204

2,979

Midea

Real

Estate

Holding,

Ltd.

02/19/20

HKD

520,000

2

.84

1,479

879

Pharmaron

Beijing

Co.,

Ltd.

12/04/19

HKD

147,500

5

.27

777

3,234

Postal

Savings

Bank

of

China

Co.,

Ltd.

03/17/21

HKD

1,045,000

0

.79

826

675

Samsung

Biologics

Co.,

Ltd.

03/03/20

KRW

1,509

609

.65

920

1,169

Shimao

Services

Holdings,

Ltd.

11/04/20

HKD

773,000

1

.97

1,523

1,794

Topsports

International

Holdings,

Ltd.

06/23/21

HKD

310,000

1

.63

505

433

WH

Group,

Ltd.

09/22/15

HKD

2,974,500

0

.69

2,063

2,468

WuXi

AppTec

Co.,

Ltd.

02/20/19

HKD

265,283

6

.79

1,801

5,904

WuXi

Biologics

(Cayman),

Inc.

10/28/20

HKD

182,000

14

.22

2,588

2,778

43,651

For

a

description

of

restricted

securities

see

note

6

in

the

Notes

to

Quarterly

Report.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

MSCI

China

Free

Index

Futures

806

USD

42,021

09/21

(5,780)

MSCI

Emerging

Markets

Index

Futures

930

USD

59,413

09/21

(4,169)

Short

Positions

MSCI

Emerging

Markets

Index

Futures

697

USD

44,528

09/21

3,205

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(6,744)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

HKD

4,672

USD

601

08/02/21

—

Bank

of

America

HKD

2,655

USD

342

08/03/21

—

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Emerging

Markets

Fund

59

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

ZAR

15,362

USD

1,034

08/02/21

(15)

State

Street

USD

7,059

CNY

45,380

09/15/21

(64)

State

Street

USD

4,168

KRW

4,650,000

09/15/21

(139)

State

Street

CNY

45,380

USD

7,050

09/15/21

55

State

Street

KRW

4,650,000

USD

4,167

09/15/21

137

State

Street

THB

9,302

USD

283

08/02/21

—

State

Street

TWD

227

USD

8

08/02/21

—

State

Street

TWD

10,500

USD

375

08/02/21

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(26)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Argentina

$

2,575

$

—

$

—

$

—

$

2,575

Bangladesh

—

6,951

—

—

6,951

Brazil

56,531

—

—

—

56,531

Canada

6,417

—

—

—

6,417

Chile

368

—

—

—

368

China

36,449

291,800

—

—

328,249

Egypt

—

4,190

—

—

4,190

France

—

2,939

—

—

2,939

Georgia

—

1,666

—

—

1,666

Greece

—

3,278

—

—

3,278

Guernsey

—

3,229

—

—

3,229

Hong

Kong

1,282

35,523

69

—

36,874

Hungary

—

7,511

—

—

7,511

India

7,781

120,988

1,072

—

129,841

Indonesia

—

16,934

—

—

16,934

Japan

—

1,672

—

—

1,672

Kazakhstan

—

9,539

—

—

9,539

Kenya

—

6,226

—

—

6,226

Kuwait

—

987

—

—

987

Luxembourg

490

—

—

—

490

Malaysia

—

911

—

—

911

Mexico

21,176

—

—

—

21,176

Morocco

—

4,880

—

—

4,880

Netherlands

—

1,665

—

—

1,665

Nigeria

3,387

—

—

—

3,387

Pakistan

—

2,723

—

—

2,723

Panama

725

—

—

—

725

Peru

774

—

—

—

774

Philippines

—

8,373

—

—

8,373

Poland

—

15,133

—

—

15,133

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

60

Emerging

Markets

Fund

It

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Romania

—

6,650

—

—

6,650

Russia

3,886

53,233

—

—

57,119

Saudi

Arabia

—

10,464

—

—

10,464

Singapore

—

781

—

—

781

Slovenia

—

3,008

—

—

3,008

South

Africa

—

16,709

—

—

16,709

South

Korea

—

186,191

—

—

186,191

Sweden

—

1,175

—

—

1,175

Taiwan

5,533

167,363

—

—

172,896

Tanzania,

United

Republic

of

3,577

—

—

—

3,577

Thailand

1,316

10,068

—

—

11,384

Togo

—

526

—

—

526

Turkey

864

4,042

—

—

4,906

United

Arab

Emirates

—

518

—

—

518

United

States

2,913

—

—

—

2,913

Vietnam

—

31,902

—

—

31,902

Preferred

Stocks

25,881

4,409

—

—

30,290

Long-Term

Investments

—

8

—

—

8

Short-Term

Investments

—

—

—

40,042

40,042

Other

Securities

—

—

—

1,371

1,371

Total

Investments

181,925

1,044,165

1,141

41,413

1,268,644

Other

Financial

Instruments

Assets

Futures

Contracts

3,205

—

—

—

3,205

Foreign

Currency

Exchange

Contracts

—

192

—

—

192

Liabilities

Futures

Contracts

(9,949

)

—

—

—

(9,949

)

Foreign

Currency

Exchange

Contracts

(14)

(204)

—

—

(218

)

Total

Other

Financial

Instruments

*

$

(6,758)

$

(12)

$

—

$

—

$

(6,770

)

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2021,

see

note

2

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

July

31,

2021,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Russell

Investment

Company

Emerging

Markets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Emerging

Markets

Fund

61

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

130,663

Consumer

Staples

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

54,704

Energy

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

62,644

Financial

Services

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

293,337

Health

Care

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

41,222

Materials

and

Processing

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

153,237

Producer

Durables

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

64,797

Technology

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

351,569

Utilities

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

44,760

Preferred

Stocks

Consumer

Discretionary

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

464

Energy

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

11,821

Financial

Services

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

12,413

Materials

and

Processing

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

2,237

Technology

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

3,355

Long-Term

Investments

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

8

Short-Term

Investments

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

40,042

Other

Securities

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

1,371

Total

Investments

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

1,268,644

Russell

Investment

Company

Tax-Managed

U.S.

Large

Cap

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

62

Tax-Managed

U.S.

Large

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

96.6%

Consumer

Discretionary

-

13.8%

Advance

Auto

Parts,

Inc.

19,099

4,050

Amazon.com,

Inc.(Æ)

56,889

189,302

AutoZone,

Inc.(Æ)

3,781

6,139

Best

Buy

Co.,

Inc.

44,114

4,956

Capri

Holdings,

Ltd.(Æ)

339,108

19,095

Charter

Communications,

Inc.

Class

A(Æ)

16,698

12,424

Comcast

Corp.

Class

A

442,731

26,046

Costco

Wholesale

Corp.

65,676

28,222

DISH

Network

Corp.

Class

A(Æ)

183,200

7,674

Dollar

General

Corp.

5,400

1,256

Dollar

Tree,

Inc.(Æ)

53,466

5,335

DR

Horton,

Inc.

15,748

1,503

eBay,

Inc.

26,648

1,818

Expedia

Group,

Inc.(Æ)

5,900

949

Ford

Motor

Credit

Co.

LLC(Æ)

577,447

8,055

Fox

Corp.

Class

A

190,144

6,781

Garmin,

Ltd.

46,864

7,367

General

Motors

Co.(Æ)

29,701

1,688

Home

Depot,

Inc.

(The)

75,922

24,917

Lennar

Corp.

Class

A

106,341

11,182

Lennar

Corp.

Class

B

56

5

Lowe's

Cos.,

Inc.

194,881

37,552

McDonald's

Corp.

5,663

1,374

Mohawk

Industries,

Inc.(Æ)

63,981

12,470

Netflix,

Inc.(Æ)

62,099

32,141

Nike,

Inc.

Class

B

489,751

82,038

nVent

Electric

PLC

6,066

192

O'Reilly

Automotive,

Inc.(Æ)

39,735

23,994

PulteGroup,

Inc.

44,100

2,420

Ross

Stores,

Inc.

53,782

6,599

Royal

Caribbean

Cruises,

Ltd.(Æ)

10,518

809

Starbucks

Corp.

215,173

26,128

Target

Corp.

136,701

35,686

Tesla,

Inc.(Æ)

23,263

15,986

TJX

Cos.,

Inc.

(The)

324,871

22,354

Tractor

Supply

Co.

28,535

5,163

Ulta

Beauty,

Inc.(Æ)

13,081

4,393

VF

Corp.

26,000

2,085

ViacomCBS

,

Inc.

Class

B

23,776

973

Walmart,

Inc.

175,381

25,001

Walt

Disney

Co.

(The)(Æ)

163,912

28,852

Whirlpool

Corp.

35,905

7,954

Wyndham

Hotels

&

Resorts,

Inc.

59,865

4,314

Yum

China

Holdings,

Inc.

29,534

1,837

Yum!

Brands,

Inc.

409,470

53,800

802,879

Consumer

Staples

-

3.9%

Archer-Daniels-Midland

Co.

26,319

1,572

Clorox

Co.

(The)

8,673

1,569

Coca-Cola

Co.

(The)

222,093

12,666

Coca-Cola

European

Partners

PLC

386,780

24,004

Colgate-Palmolive

Co.

61,225

4,867

Constellation

Brands,

Inc.

Class

A

26,679

5,985

CVS

Health

Corp.

293,378

24,163

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

19,398

6,476

General

Mills,

Inc.

30,681

1,806

Hershey

Co.

(The)

4,970

889

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hormel

Foods

Corp.

6,896

320

Keurig

Dr

Pepper,

Inc.

14,941

526

Kimberly-Clark

Corp.

6,887

935

Kroger

Co.

(The)

28,838

1,174

Molson

Coors

Beverage

Co.

Class

B

509,659

24,917

Mondelez

International,

Inc.

Class

A

453,704

28,701

Monster

Beverage

Corp.(Æ)

63,368

5,977

PepsiCo,

Inc.

131,961

20,711

Philip

Morris

International,

Inc.

126,381

12,649

Procter

&

Gamble

Co.

(The)

272,411

38,745

Sysco

Corp.

51,834

3,846

Unilever

PLC

-

ADR

113,321

6,519

229,017

Energy

-

1.6%

Chevron

Corp.

77,606

7,901

Diamondback

Energy,

Inc.

90,098

6,949

Exxon

Mobil

Corp.

126,962

7,309

Hess

Corp.

237,512

18,155

Marathon

Petroleum

Corp.

3,280

181

Phillips

66

243,019

17,845

Pioneer

Natural

Resources

Co.

218,853

31,815

Valero

Energy

Corp.

64,668

4,331

94,486

Financial

Services

-

17.3%

American

Express

Co.

394,878

67,339

American

Tower

Corp.(ö)

89,691

25,365

Ameriprise

Financial,

Inc.

5,878

1,514

Aon

PLC

Class

A

92,973

24,176

Arthur

J

Gallagher

&

Co.

28,088

3,913

Assurant,

Inc.

59,987

9,467

AvalonBay

Communities,

Inc.(ö)

5,000

1,139

Bank

of

America

Corp.

820,165

31,462

Berkshire

Hathaway,

Inc.

Class

B(Æ)

181,030

50,379

Capital

One

Financial

Corp.

147,276

23,815

Charles

Schwab

Corp.

(The)

44,438

3,020

Chubb,

Ltd.

239,884

40,478

Citigroup,

Inc.

93,144

6,298

Citizens

Financial

Group,

Inc.

497,247

20,964

CME

Group,

Inc.

Class

A

2,510

532

Corporate

Office

Properties

Trust(ö)

67,641

1,991

Equinix

,

Inc.(Æ)(ö)

45,513

37,339

Everest

Re

Group,

Ltd.

900

228

Fifth

Third

Bancorp

223,451

8,109

First

Republic

Bank

2,386

465

FleetCor

Technologies,

Inc.(Æ)

181,850

46,957

Global

Payments,

Inc.

47,871

9,259

Goldman

Sachs

Group,

Inc.

(The)

12,071

4,525

Hartford

Financial

Services

Group,

Inc.

55,496

3,531

Healthpeak

Properties,

Inc.(ö)

330,214

12,208

Huntington

Bancshares,

Inc.

831,115

11,702

Intercontinental

Exchange,

Inc.

163,857

19,635

JPMorgan

Chase

&

Co.

294,374

44,680

KeyCorp

472,418

9,288

Kimco

Realty

Corp.(ö)

434,379

9,265

Markel

Corp.(Æ)

9,476

11,430

MasterCard,

Inc.

Class

A

83,464

32,212

MetLife,

Inc.

171,966

9,922

MGM

Growth

Properties

LLC

Class

A(ö)

13,400

507

Russell

Investment

Company

Tax-Managed

U.S.

Large

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Large

Cap

Fund

63

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Moody's

Corp.

58,542

22,012

Morgan

Stanley

161,650

15,515

Northern

Trust

Corp.

151,408

17,086

PayPal

Holdings,

Inc.(Æ)

346,434

95,452

PNC

Financial

Services

Group,

Inc.

(The)

22,409

4,088

Progressive

Corp.

(The)

96,437

9,177

Prologis,

Inc.(ö)

57,326

7,340

Prudential

Financial,

Inc.

67,246

6,743

Public

Storage(ö)

26,394

8,248

Raymond

James

Financial,

Inc.

6,917

896

Regions

Financial

Corp.

661,387

12,732

Simon

Property

Group,

Inc.(ö)

3

—

State

Street

Corp.

42,925

3,740

SVB

Financial

Group(Æ)

5,182

2,850

Synchrony

Financial

264,937

12,457

T.

Rowe

Price

Group,

Inc.

21,702

4,431

Torchmark

Corp.(Æ)

60,409

5,625

Truist

Financial

Corp.

187,233

10,191

US

Bancorp

442,325

24,567

Visa,

Inc.

Class

A

342,775

84,455

Voya

Financial,

Inc.

21,215

1,366

Wells

Fargo

&

Co.

1,211,928

55,676

Welltower

,

Inc.(ö)

91,405

7,939

Zions

Bancorp

NA

239,380

12,484

1,008,184

Health

Care

-

12.9%

Abbott

Laboratories

451,701

54,647

AbbVie,

Inc.

168,065

19,546

Amgen,

Inc.

53,187

12,847

Anthem,

Inc.(Æ)

58,028

22,283

AstraZeneca

PLC

-

ADR

72,852

4,170

Baxter

International,

Inc.

15,579

1,205

Becton

Dickinson

and

Co.

38,705

9,899

Biogen,

Inc.(Æ)

11,230

3,669

Boston

Scientific

Corp.(Æ)

131,117

5,979

Bristol

Myers

Squibb

Co.

166,954

11,331

Cerner

Corp.

88,688

7,130

Cigna

Corp.

222,208

50,995

Eli

Lilly

&

Co.

57,295

13,951

Henry

Schein,

Inc.(Æ)

114,024

9,139

Humana,

Inc.

17,246

7,344

Illumina,

Inc.(Æ)

69,090

34,251

Intuitive

Surgical,

Inc.(Æ)

63,012

62,475

IQVIA,

Inc.(Æ)

36,189

8,964

Johnson

&

Johnson

255,014

43,913

Laboratory

Corp.

of

America

Holdings(Æ)

43,950

13,016

McKesson

Corp.

76,085

15,508

Medtronic

PLC

163,349

21,449

Merck

&

Co.,

Inc.

430,533

33,095

Novo

Nordisk

A/S

-

ADR

146,069

13,526

Organon

&

Co.

34,963

1,014

Perrigo

Co.

PLC

170,739

8,201

Pfizer,

Inc.

204,057

8,736

Regeneron

Pharmaceuticals,

Inc.(Æ)

76,798

44,129

Sanofi

-

ADR

5,860

302

Stryker

Corp.

13,945

3,778

Teleflex,

Inc.

47,928

19,048

Thermo

Fisher

Scientific,

Inc.

83,852

45,281

UnitedHealth

Group,

Inc.

290,534

119,765

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Vertex

Pharmaceuticals,

Inc.(Æ)

52,810

10,645

Viatris

,

Inc.

25,321

356

Zimmer

Biomet

Holdings,

Inc.

35,057

5,729

Zoetis,

Inc.

Class

A

13,700

2,777

750,093

Materials

and

Processing

-

3.7%

Air

Products

&

Chemicals,

Inc.

9,859

2,869

Ball

Corp.

458,001

37,043

Carrier

Global

Corp.

231,724

12,803

Celanese

Corp.

Class

A

82,004

12,774

Crown

Holdings,

Inc.

14,346

1,431

Dow,

Inc.

33,546

2,085

DuPont

de

Nemours,

Inc.

308,391

23,145

Ecolab,

Inc.

102,635

22,665

Ingevity

Corp.(Æ)

16,174

1,374

International

Flavors

&

Fragrances,

Inc.

185,449

27,936

Linde

PLC(Æ)

170,265

52,337

Martin

Marietta

Materials,

Inc.

2,605

946

Masco

Corp.

34,631

2,068

PPG

Industries,

Inc.

4,260

697

Rio

Tinto

PLC

-

ADR

37,916

3,273

Trane

Technologies

PLC

42,168

8,586

212,032

Producer

Durables

-

9.6%

3M

Co.

1,700

336

Alaska

Air

Group,

Inc.(Æ)

48,296

2,803

Aptiv

PLC(Æ)

80,951

13,507

Boeing

Co.

(The)(Æ)

202

46

Booz

Allen

Hamilton

Holding

Corp.

Class

A

98,199

8,426

CSX

Corp.

189,300

6,118

Danaher

Corp.

208,019

61,884

Deere

&

Co.

86,649

31,331

Eaton

Corp.

PLC

51,024

8,064

Fortive

Corp.

26,077

1,895

General

Dynamics

Corp.

108,989

21,365

General

Electric

Co.

255,750

3,312

Honeywell

International,

Inc.

137,923

32,245

IHS

Markit

,

Ltd.(Æ)

518,321

60,561

Illinois

Tool

Works,

Inc.

1,831

415

Ingersoll

Rand,

Inc.(Æ)

191,209

9,344

Jacobs

Engineering

Group,

Inc.

34,336

4,644

Johnson

Controls

International

PLC(Æ)

20,895

1,492

Kansas

City

Southern

57,146

15,304

L3Harris

Technologies,

Inc.

82,067

18,608

Lockheed

Martin

Corp.

8,381

3,115

Mettler

-Toledo

International,

Inc.(Æ)

16,183

23,849

Norfolk

Southern

Corp.

42,340

10,917

Northrop

Grumman

Corp.

31,338

11,376

Old

Dominion

Freight

Line,

Inc.

29,612

7,970

Otis

Worldwide

Corp.

94,005

8,418

PACCAR

Financial

Corp.

40,168

3,334

Parker-Hannifin

Corp.

9,867

3,079

Pentair

PLC

6,066

447

S&P

Global,

Inc.

23,832

10,217

Southwest

Airlines

Co.(Æ)

147,980

7,476

Square,

Inc.

Class

A(Æ)

52,617

13,010

Stanley

Black

&

Decker,

Inc.

168,952

33,292

TE

Connectivity,

Ltd.

27,015

3,984

Russell

Investment

Company

Tax-Managed

U.S.

Large

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

64

Tax-Managed

U.S.

Large

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Textron,

Inc.

302,271

20,860

TopBuild

Corp.(Æ)

3,805

771

TransDigm

Group,

Inc.(Æ)

4,268

2,736

Travel

+

Leisure

Co.(Æ)

52,623

2,726

Union

Pacific

Corp.

195,351

42,735

United

Airlines

Holdings,

Inc.(Æ)

140,535

6,566

Vontier

Corp.

834

27

Waste

Management,

Inc.

4,229

627

Waters

Corp.(Æ)

24,577

9,580

Westinghouse

Air

Brake

Technologies

Corp.

337,728

28,663

557,475

Technology

-

29.8%

Accenture

PLC

Class

A

56,902

18,077

Adobe,

Inc.(Æ)

63,544

39,501

Advanced

Micro

Devices,

Inc.(Æ)

294,526

31,276

Allegion

PLC

17,438

2,382

Alphabet,

Inc.

Class

A(Æ)

16,294

43,905

Alphabet,

Inc.

Class

C(Æ)

63,653

172,145

Amphenol

Corp.

Class

A

16,272

1,180

Analog

Devices,

Inc.

65,878

11,029

Apple,

Inc.

1,539,931

224,615

Applied

Materials,

Inc.

109,156

15,274

ASML

Holding

NV

4,457

3,417

Autodesk,

Inc.(Æ)

190,039

61,027

Automatic

Data

Processing,

Inc.

76,295

15,994

Booking

Holdings,

Inc.(Æ)

5,511

12,004

Broadcom,

Inc.

42,023

20,398

CDK

Global

Inc.

996

48

Cisco

Systems,

Inc.

275,826

15,272

Citrix

Systems,

Inc.

25,203

2,539

Cognizant

Technology

Solutions

Corp.

Class

A

67,038

4,929

Corteva

,

Inc.

642,817

27,500

Dell

Technologies,

Inc.

Class

C(Æ)

66,958

6,469

Electronic

Arts,

Inc.

104,582

15,056

Etsy,

Inc.(Æ)

6,665

1,223

F5

Networks,

Inc.(Æ)

45,860

9,471

Facebook,

Inc.

Class

A(Æ)

417,846

148,880

Fidelity

National

Information

Services,

Inc.

35,385

5,274

Fortinet,

Inc.(Æ)

18,106

4,929

Hewlett

Packard

Enterprise

Co.

Class

H

17,170

249

HP,

Inc.(Æ)

96,622

2,789

Intel

Corp.

164,222

8,822

International

Business

Machines

Corp.

8,600

1,212

Intuit,

Inc.

117,930

62,499

KLA

Corp.

5,800

2,019

Lam

Research

Corp.

32,264

20,565

Leidos

Holdings,

Inc.

154,399

16,431

Lyft,

Inc.

Class

A(Æ)

47,629

2,635

Match

Group,

Inc.(Æ)

154,432

24,596

Micron

Technology,

Inc.

130,172

10,099

Microsoft

Corp.

967,650

275,694

Motorola

Solutions,

Inc.

95,500

21,384

MSCI,

Inc.

Class

A

71,292

42,487

NVIDIA

Corp.

216,312

42,179

NXP

Semiconductors

NV

19,883

4,104

Oracle

Corp.

316,047

27,540

Qorvo

,

Inc.(Æ)

74,161

14,060

QUALCOMM,

Inc.

54,875

8,220

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Raytheon

Technologies

Corp.(Æ)

271,127

23,574

Salesforce.com,

Inc.(Æ)

334,073

80,822

SAP

SE

-

ADR

59,771

8,590

Seagate

Technology

Holdings

PLC

41,972

3,689

Shopify,

Inc.

Class

A(Æ)

2,234

3,351

Synopsys,

Inc.(Æ)

19,663

5,663

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

40,732

4,751

Texas

Instruments,

Inc.

79,192

15,096

VeriSign,

Inc.(Æ)

26,379

5,708

Workday,

Inc.

Class

A(Æ)

229,264

53,739

Xilinx,

Inc.

187,669

28,120

1,734,501

Utilities

-

4.0%

Ameren

Corp.

24,712

2,074

American

Electric

Power

Co.,

Inc.

26,048

2,295

AT&T,

Inc.

201,512

5,652

CenterPoint

Energy,

Inc.

456,067

11,611

Cheniere

Energy,

Inc.(Æ)

103,195

8,764

CMS

Energy

Corp.

37,178

2,297

ConocoPhillips

Co.

314,943

17,656

Consolidated

Edison

Co.,

Inc.

165,494

12,208

Dominion

Energy,

Inc.

27,634

2,069

DT

Midstream,

Inc.

31,772

1,347

DTE

Energy

Co.

63,544

7,455

Duke

Energy

Corp.

91,833

9,653

Entergy

Corp.

119,535

12,303

Exelon

Corp.

430,522

20,148

FirstEnergy

Corp.

283,392

10,860

NextEra

Energy,

Inc.

226,916

17,677

NiSource,

Inc.

38,538

955

Pinnacle

West

Capital

Corp.

51,219

4,279

PPL

Corp.

139,731

3,964

Public

Service

Enterprise

Group,

Inc.

14,344

893

RingCentral,

Inc.

Class

A(Æ)

108,424

28,979

Sempra

Energy

14,900

1,947

Southern

Co.

(The)

159

10

T-Mobile

USA,

Inc.(Æ)

84,041

12,104

Verizon

Communications,

Inc.

431,230

24,054

Xcel

Energy,

Inc.

137,295

9,370

230,624

Total

Common

Stocks

(cost

$2,657,389)

5,619,291

Short-Term

Investments

-

3.3%

U.S.

Cash

Management

Fund(@)

190,447,197

(∞)

190,409

Total

Short-Term

Investments

(cost

$190,408)

190,409

Total

Investments

-

99.9%

(identified

cost

$2,847,797)

5,809,700

Other

Assets

and

Liabilities,

Net

-

0.1%

5,939

Net

Assets

-

100.0%

5,815,639

Russell

Investment

Company

Tax-Managed

U.S.

Large

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Large

Cap

Fund

65

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

$

802,879

$

—

$

—

$

—

$

802,879

Consumer

Staples

229,017

—

—

—

229,017

Energy

94,486

—

—

—

94,486

Financial

Services

1,008,184

—

—

—

1,008,184

Health

Care

750,093

—

—

—

750,093

Materials

and

Processing

212,032

—

—

—

212,032

Producer

Durables

557,475

—

—

—

557,475

Technology

1,734,501

—

—

—

1,734,501

Utilities

230,624

—

—

—

230,624

Short-Term

Investments

—

—

—

190,409

190,409

Total

Investments

5,619,291

—

—

190,409

5,809,700

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2021,

see

note

2

in

the

Notes

to

Quarterly

Report.

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

66

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

–

96.2%

Consumer

Discretionary

-

16.3%

1-800-Flowers.com,

Inc.

Class

A(Æ)

14,360

438

Abercrombie

&

Fitch

Co.

Class

A(Æ)

21,379

808

AMC

Networks,

Inc.

Class

A(Æ)

18,809

941

American

Eagle

Outfitters,

Inc.

163,471

5,635

American

Outdoor

Brands,

Inc.(Æ)

5,336

144

American

Public

Education,

Inc.(Æ)

6,747

200

Aramark

Services,

Inc.

5,768

203

Audacy

,

Inc.(Æ)

125,004

446

B.

Riley

Financial,

Inc.

10,843

733

Bally's

Corp.(Æ)

16,594

817

Bassett

Furniture

Industries,

Inc.

22,455

512

Bath

&

Body

Works

Inc.(Æ)

27,381

2,192

Beazer

Homes

USA,

Inc.(Æ)

39,527

722

Bed

Bath

&

Beyond,

Inc.(Æ)

27,391

782

Big

Lots,

Inc.

6,358

366

BJ's

Restaurants,

Inc.(Æ)

11,885

482

BJ's

Wholesale

Club

Holdings,

Inc.(Æ)

10,141

514

Bloomin

'

Brands,

Inc.(Æ)

149,667

3,761

Bluegreen

Vacations

Holding

Corp.(Æ)

18,363

318

Boot

Barn

Holdings,

Inc.(Æ)

6,772

585

BorgWarner,

Inc.

16,984

832

Boyd

Gaming

Corp.(Æ)

15,720

896

Brinker

International,

Inc.(Æ)

26,661

1,449

Brunswick

Corp.

27,819

2,904

Burlington

Stores,

Inc.(Æ)

10,156

3,400

Cable

One,

Inc.

1,352

2,553

Caleres

,

Inc.

34,500

854

Callaway

Golf

Co.(Æ)

14,281

452

Capri

Holdings,

Ltd.(Æ)

22,242

1,252

Carter's,

Inc.

8,753

856

Carvana

Co.(Æ)

1,087

367

Central

Garden

&

Pet

Co.

Class

A(Æ)

5,797

251

Century

Casinos,

Inc.(Æ)

39,565

444

Century

Communities,

Inc.

18,164

1,262

Cheesecake

Factory,

Inc.

(The)(Æ)

50,186

2,271

Chegg

,

Inc.(Æ)

37,464

3,320

Churchill

Downs,

Inc.

5,570

1,035

Cinemark

Holdings,

Inc.(Æ)

248,926

3,866

Citi

Trends,

Inc.(Æ)

44,489

3,548

Conn's,

Inc.(Æ)

29,533

657

Container

Store

Group,

Inc.

(The)(Æ)

58,500

615

Cooper-Standard

Holdings,

Inc.(Æ)

12,266

320

Cracker

Barrel

Old

Country

Store,

Inc.

700

95

Dana

Holding

Corp.

34,276

828

Darden

Restaurants,

Inc.

13,243

1,932

Dave

&

Buster's

Entertainment,

Inc.(Æ)

52,338

1,742

Deckers

Outdoor

Corp.(Æ)

9,224

3,790

Del

Taco

Restaurants,

Inc.(Æ)

74,499

634

Delta

Apparel,

Inc.(Æ)

10,694

342

Designer

Brands,

Inc.

Class

A(Æ)

38,222

557

Dick's

Sporting

Goods,

Inc.

32,474

3,382

Domino's

Pizza,

Inc.

7,114

3,738

Dorman

Products,

Inc.(Æ)

13,648

1,381

Ethan

Allen

Interiors,

Inc.

16,761

398

FactSet

Research

Systems,

Inc.

4,286

1,531

First

Cash

Financial

Services,

Inc.

9,286

735

Five

Below,

Inc.(Æ)

27,802

5,405

Fortune

Brands

Home

&

Security,

Inc.

7,667

747

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Fox

Factory

Holding

Corp.(Æ)

25,491

4,118

Gaia,

Inc.(Æ)(Ñ)

118,628

1,413

Genesco,

Inc.(Æ)

8,688

499

Gentex

Corp.

12,980

442

Gentherm

,

Inc.(Æ)

38,134

3,162

G-III

Apparel

Group,

Ltd.(Æ)

39,239

1,172

GMS,

Inc.(Æ)

8,715

428

Golden

Entertainment,

Inc.(Æ)

14,551

662

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)

50,511

794

Grand

Canyon

Education,

Inc.(Æ)

15,870

1,466

Gray

Television,

Inc.

19,718

437

Group

1

Automotive,

Inc.

2,622

456

H&R

Block,

Inc.

5,376

132

Hamilton

Beach

Brands

Holding

Co.

Class

A

22,559

422

Harley-Davidson,

Inc.

19,169

759

Hasbro,

Inc.

6,498

646

Hillenbrand,

Inc.

10,655

483

Hilton

Grand

Vacations,

Inc.(Æ)

14,163

576

Hooker

Furniture

Corp.

9,225

306

Horizon

Global

Corp.(Æ)

52,026

463

IAC/InterActiveCorp.(Æ)

7,177

985

iHeartMedia

,

Inc.

Class

A(Æ)

19,814

512

International

Game

Technology

PLC(Æ)

47,959

899

Interpublic

Group

of

Cos.,

Inc.

(The)

14,186

502

IntriCon

Corp.(Æ)

14,322

344

Jack

in

the

Box,

Inc.

2,833

308

John

Wiley

&

Sons,

Inc.

Class

A

48,465

2,849

Just

Eat

Takaway.com

NV

-

ADR(Æ)

27,205

479

Kohl's

Corp.

26,737

1,358

Kontoor

Brands,

Inc.

53,770

2,978

Kura

Sushi

USA,

Inc.

Class

A(Æ)(Ñ)

15,144

736

Laureate

Education,

Inc.

Class

A(Æ)

15,582

231

Lee

Enterprises,

Inc.(Æ)

16,164

467

Leggett

&

Platt,

Inc.

4,525

217

LGI

Homes,

Inc.(Æ)

2,560

438

Liberty

Braves

Group

Class

C(Æ)

57,809

1,529

Liberty

Broadband

Corp.

Class

C(Æ)

19,402

3,444

Liberty

Media

Corp.-Liberty

Braves

Class

A(Æ)

6,510

173

Liberty

SiriusXM

Group

Class

C(Æ)

65,799

3,040

Lions

Gate

Entertainment

Corp.

Class

A(Æ)

68,062

1,023

Lithia

Motors,

Inc.

Class

A

19,481

7,349

LKQ

Corp.(Æ)

42,380

2,151

M/I

Homes,

Inc.(Æ)

5,931

384

Madison

Square

Garden

Entertainment

Corp.

(Æ)

30,067

2,103

Malibu

Boats,

Inc.

Class

A(Æ)

20,775

1,738

MarineMax

,

Inc.(Æ)

10,543

567

Marriott

Vacations

Worldwide

Corp.(Æ)

7,760

1,144

MDC

Holdings,

Inc.

8,817

470

Meredith

Corp.(Æ)

19,730

861

Meritage

Homes

Corp.(Æ)

5,627

611

Meritor,

Inc.(Æ)

13,699

333

Mohawk

Industries,

Inc.(Æ)

6,071

1,183

Monro

Muffler

Brake,

Inc.

16,360

949

Nautilus,

Inc.(Æ)

2,418

35

Newell

Rubbermaid,

Inc.

22,052

546

News

Corp.

Class

A

14,211

350

Nexstar

Media

Group,

Inc.

Class

A

50,218

7,386

Norwegian

Cruise

Line

Holdings,

Ltd.(Æ)

6,921

166

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

67

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

nVent

Electric

PLC

34,460

1,089

NVR,

Inc.(Æ)

153

799

Ollie's

Bargain

Outlet

Holdings,

Inc.(Æ)

38,858

3,618

OneSpaWorld

Holdings,

Ltd.(Æ)

33,234

328

Penn

National

Gaming,

Inc.(Æ)

13,153

899

Pool

Corp.

12,749

6,092

PulteGroup,

Inc.

22,204

1,218

PVH

Corp.(Æ)

38,098

3,986

QuinStreet

,

Inc.(Æ)

58,446

1,072

Qurate

Retail,

Inc.

Class

A

159,448

1,891

RCI

Hospitality

Holdings,

Inc.

22,182

1,392

Red

Robin

Gourmet

Burgers,

Inc.(Æ)

33,438

877

Revolve

Group,

Inc.(Æ)

81,359

5,663

Rocky

Brands,

Inc.

1,919

104

Sensata

Technologies

Holding

PLC(Æ)

7,563

443

Service

Corp.

International

12,051

753

Shoe

Carnival,

Inc.

13,128

442

Shutterstock

,

Inc.

3,491

379

Signet

Jewelers,

Ltd.

22,099

1,422

Sinclair

Broadcast

Group,

Inc.

Class

A

25,353

717

Skechers

USA,

Inc.

Class

A(Æ)

27,104

1,455

Stamps.com,

Inc.(Æ)

1,989

650

Strategic

Eduation

,

Inc.(Æ)

8,382

665

Taylor

Morrison

Home

Corp.

Class

A(Æ)

20,519

550

TEGNA,

Inc.

6,655

118

Tempur

Sealy

International,

Inc.

8,908

385

Texas

Roadhouse,

Inc.

Class

A

9,894

912

The

Aaron's

Co.,

Inc.

98,567

2,846

Toll

Brothers,

Inc.

10,396

616

Tractor

Supply

Co.

3,445

623

Transcat

,

Inc.(Æ)

5,568

356

Travelzoo

,

Inc.(Æ)

28,260

388

TRI

Pointe

Group,

Inc.(Æ)

33,493

808

Tuesday

Morning

Corp.(Æ)

31,538

114

Tupperware

Brands

Corp.(Æ)

35,839

749

Urban

Outfitters,

Inc.(Æ)

43,349

1,612

Vail

Resorts,

Inc.(Æ)

544

166

Vera

Bradley,

Inc.(Æ)

90,947

1,001

Willis

Lease

Finance

Corp.(Æ)

10,710

446

Wingstop

,

Inc.

27,614

4,731

Wolverine

World

Wide,

Inc.

129,292

4,336

WW

International,

Inc.(Æ)

1

—

Wyndham

Hotels

&

Resorts,

Inc.

11,079

798

YETI

Holdings,

Inc.(Æ)

28,747

2,769

Zillow

Group,

Inc.(Æ)

4,441

472

211,664

Consumer

Staples

-

2.6%

B&G

Foods,

Inc.

Class

A(Ñ)

37,833

1,087

Calavo

Growers,

Inc.

14,070

793

Casey's

General

Stores,

Inc.

17,162

3,393

Church

&

Dwight

Co.,

Inc.

5,862

508

Energizer

Holdings,

Inc.

-

GDR(Æ)

21,517

888

Freshpet

,

Inc.(Æ)

3,749

549

Grocery

Outlet

Holding

Corp.(Æ)

41,617

1,378

Hain

Celestial

Group,

Inc.

(The)(Æ)

8,981

359

Helen

of

Troy,

Ltd.(Æ)

13,734

3,068

Herbalife

Nutrition,

Ltd.(Æ)

5,926

302

Lancaster

Colony

Corp.

8,002

1,583

Medifast

,

Inc.

8,067

2,303

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

MGP

Ingredients,

Inc.

5,280

315

Natural

Grocers

by

Vitamin

Cottage,

Inc.

37,215

416

Nomad

Foods,

Ltd.(Æ)

103,406

2,701

Nu

Skin

Enterprises,

Inc.

Class

A

20,503

1,101

Performance

Food

Group

Co.(Æ)

5,696

261

PetMed

Express,

Inc.(Ñ)

4,814

151

Pilgrim's

Pride

Corp.(Æ)

107,267

2,376

Post

Holdings,

Inc.(Æ)

5,407

553

Rite

Aid

Corp.(Æ)

9,150

139

Sanderson

Farms,

Inc.

9,770

1,825

SpartanNash

Co.

12,657

246

Spectrum

Brands

Holdings,

Inc.

55,699

4,865

Sprouts

Farmers

Market,

Inc.(Æ)

16,574

407

United

Natural

Foods,

Inc.(Æ)

10,455

346

US

Foods

Holding

Corp.(Æ)

27,704

951

Weis

Markets,

Inc.

6,526

344

33,208

Energy

-

2.3%

Berry

Petroleum

Corp.

66,534

369

Cabot

Oil

&

Gas

Corp.

1

—

ChampionX

Corp.(Æ)

72,623

1,688

Cimarex

Energy

Co.

60,365

3,936

CONSOL

Energy,

Inc.(Æ)

131,588

2,765

Delek

US

Holdings,

Inc.

190,855

3,317

Diamondback

Energy,

Inc.

5,896

455

Enphase

Energy,

Inc.(Æ)

2,701

512

EQT

Corp.(Æ)

17,282

318

First

Solar,

Inc.(Æ)

5,209

448

Green

Brick

Partners,

Inc.(Æ)

15,710

394

Helix

Energy

Solutions

Group,

Inc.(Æ)

109,796

456

Hostess

Brands,

Inc.

Class

A(Æ)

239,144

3,848

Liberty

Oilfield

Services,

Inc.

Class

A(Æ)

80,925

825

Marathon

Oil

Corp.

107,685

1,248

Matador

Resources

Co.

38,825

1,200

Matrix

Service

Co.(Æ)

11,305

123

Nabors

Industries,

Inc.(Æ)(Ñ)

9,816

859

National

Energy

Services

Reunited

Corp.(Æ)

23,060

297

Oil

States

International,

Inc.(Æ)

131,628

745

Pioneer

Natural

Resources

Co.

11,921

1,733

ProPetro

Holding

Corp.(Æ)

64,137

484

Renewable

Energy

Group,

Inc.(Æ)

9,800

600

Smart

Sand,

Inc.(Æ)

234,133

662

Solaris

Oilfield

Infrastructure,

Inc.

Class

A

23,079

201

Southwestern

Energy

Co.(Æ)

190,263

896

US

Silica

Holdings,

Inc.(Æ)

104,840

1,059

29,438

Financial

Services

-

20.7%

Affiliated

Managers

Group,

Inc.

11,012

1,745

Air

Lease

Corp.

Class

A

18,180

770

Alexandria

Real

Estate

Equities,

Inc.

(ö)

1,863

375

Alliance

Data

Systems

Corp.

53,844

5,021

Ally

Financial,

Inc.

77,389

3,975

Alpine

Income

Property

Trust,

Inc.

(ö)

61,670

1,210

Altabank

Corp.(Æ)

5,621

227

Amalgamated

Financial

Corp.

21,395

329

American

Equity

Investment

Life

Holding

Co.

95,695

3,071

American

Homes

4

Rent

Class

A(ö)

9,689

407

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

68

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Americold

Realty

Trust

(ö)

2,220

86

Ameris

Bancorp

8,680

422

Apple

Hospitality

REIT,

Inc.

(ö)

26,356

394

Argo

Group

International

Holdings,

Ltd.

57,904

3,019

Arlington

Asset

Investment

Corp.

Class

A(Æ)

(ö)

2,259

9

Associated

Banc-Corp.

22,183

439

Assurant,

Inc.

5,539

874

Assured

Guaranty,

Ltd.

7,127

341

Atlantic

Capital

Bancshares,

Inc.(Æ)

40,153

964

Atlantic

Union

Bankshares

Corp.(Æ)

10,369

368

Axis

Capital

Holdings,

Ltd.

5,244

267

Axos

Financial,

Inc.(Æ)

11,130

533

Banc

of

California,

Inc.

19,127

327

Bancorp,

Inc.

(The)(Æ)

29,842

697

Bank

of

Commerce

Holdings

23,656

319

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

26,529

879

Bank

OZK

39,979

1,628

Bank7

Corp.

9,950

191

BankUnited

,

Inc.

59,341

2,349

Banner

Corp.

10,529

558

BBX

Capital,

Inc.(Æ)

5,993

46

BGC

Partners,

Inc.

Class

A

487,069

2,606

Bridgewater

Bancshares,

Inc.(Æ)

45,425

737

Brighthouse

Financial,

Inc.(Æ)

17,423

750

Business

First

Bancshares,

Inc.

14,890

347

Byline

Bancorp,

Inc.

15,021

370

Cadence

Bancorp

88,593

1,683

Camden

Property

Trust

(ö)

3,242

484

Cannae

Holdings,

Inc.(Æ)

77,905

2,590

Capstar

Financial

Holdings,

Inc.

24,280

515

Carter

Bankshares

,

Inc.(Æ)

53,078

609

CatchMark

Timber

Trust,

Inc.

Class

A(ö)

21,728

254

Central

Valley

Community

Bancorp

9,015

202

Century

Bancorp,

Inc.

Class

A

2,407

275

Chatham

Lodging

Trust(Æ)(ö)

35,129

431

Civista

Bancshares,

Inc.

8,934

204

CNO

Financial

Group,

Inc.

188,759

4,311

Coastal

Financial

Corp.(Æ)

1,026

30

Cohen

&

Steers,

Inc.

13,642

1,135

Columbia

Banking

System,

Inc.

99,730

3,485

Columbia

Financial,

Inc.(Æ)

155,186

2,800

Commerce

Union

Bancshares,

Inc.

11,177

311

Community

Bank

System,

Inc.

28,319

2,029

Community

Bankers

Trust

Corp.

27,603

293

ConnectOne

Bancorp,

Inc.

15,388

405

CoreSite

Realty

Corp.

Class

A(ö)

1,610

222

Cowen

Group,

Inc.

Class

A

29,046

1,161

CTO

Realty

Growth,

Inc.

(ö)

16,673

937

Curo

Group

Holdings

Corp.

22,952

362

Customers

Bancorp,

Inc.(Æ)

76,169

2,759

CVB

Financial

Corp.

10,947

209

CyrusOne

,

Inc.(ö)

15,219

1,085

DiamondRock

Hospitality

Co.(Æ)(ö)

53,464

460

Discover

Financial

Services

20,475

2,545

Diversified

Healthcare

Trust(Æ)

437,474

1,706

Duke

Realty

Corp.

(ö)

52,523

2,672

Dynex

Capital,

Inc.

(ö)

3,447

60

Eagle

Bancorp,

Inc.

9,283

511

Ellington

Financial,

Inc.

(ö)

6,658

121

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Enova

International,

Inc.(Æ)

30,176

998

EPR

Properties

(ö)

9,375

472

Equity

Bancshares,

Inc.

Class

A(Æ)

24,876

733

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

2,923

245

Erie

Indemnity

Co.

Class

A

4,852

897

Euronet

Worldwide,

Inc.(Æ)

22,332

3,189

Everest

Re

Group,

Ltd.

318

80

FB

Financial

Corp.

10,199

386

Federal

Agricultural

Mortgage

Corp.

Class

C

4,641

452

Federated

Hermes,

Inc.

Class

B

7,801

253

First

BanCorp

106,817

1,296

First

Bancshares,

Inc.

10,613

409

First

Bank

42,747

570

First

Citizens

BancShares

,

Inc.

Class

A

372

291

First

Commonwealth

Financial

Corp.

59,331

781

First

Foundation,

Inc.

11,197

264

First

Hawaiian,

Inc.

6,723

185

First

Horizon

National

Corp.

120,482

1,861

First

Industrial

Realty

Trust,

Inc.

(ö)

54,380

2,979

First

Merchants

Corp.

43,652

1,778

First

Mid-Illinois

Bancshares,

Inc.

10,471

426

First

Midwest

Bancorp,

Inc.

56,840

1,020

First

Northwest

Bancorp

6,736

127

First

Savings

Financial

Group,

Inc.

4,408

324

First

United

Corp.

15,255

264

Flagstar

Bancorp,

Inc.

7,263

332

Flushing

Financial

Corp.

24,978

551

FNB

Corp.

233,254

2,673

Four

Corners

Property

Trust,

Inc.

(ö)

7,233

208

FS

Bancorp,

Inc.

15,930

554

FVC

Bankcorp

,

Inc.(Æ)

7,494

142

Gaming

and

Leisure

Properties,

Inc.

(ö)

152,152

7,203

Genworth

Financial,

Inc.

Class

A(Æ)

108,399

362

GEO

Group,

Inc.

(The)

(Ñ)(ö)

398,467

2,757

Glacier

Bancorp,

Inc.

37,575

1,937

Goosehead

Insurance,

Inc.

Class

A

26,295

3,160

Granite

Point

Mortgage

Trust,

Inc.

(ö)

34,701

490

Green

Dot

Corp.

Class

A(Æ)

14,472

667

Hancock

Holding

Co.

7,862

344

Hanover

Insurance

Group,

Inc.

(The)

23,918

3,250

HarborOne

Bancorp,

Inc.

18,935

258

Hartford

Financial

Services

Group,

Inc.

29,592

1,883

HBT

Financial,

Inc.

11,802

193

Healthcare

Realty

Trust,

Inc.

(ö)

19,335

616

Hersha

Hospitality

Trust

Class

A(Æ)(ö)

45,331

427

Hilltop

Holdings,

Inc.

13,181

418

Home

Bancorp,

Inc.

10,098

355

Home

BancShares

,

Inc.

40,342

854

HomeStreet

,

Inc.

12,145

458

Hope

Bancorp,

Inc.

29,558

392

Houlihan

Lokey

,

Inc.

Class

A

31,892

2,842

Howard

Hughes

Corp.

(The)(Æ)

40,392

3,745

Huntington

Bancshares,

Inc.

124,481

1,753

Independence

Realty

Trust,

Inc.

(ö)

61,288

1,182

Independent

Bank

Corp.

16,205

341

Independent

Bank

Group,

Inc.

20,643

1,439

Indus

Realty

Trust,

Inc.

(ö)

16,122

1,089

Innovative

Industrial

Properties,

Inc.

(ö)

1,490

320

Invesco,

Ltd.

32,753

798

Investar

Holding

Corp.

12,062

265

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

69

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Invitation

Homes,

Inc.

(ö)

9,266

377

iStar

,

Inc.

(Ñ)(ö)

15,472

375

Janus

Henderson

Group

PLC

24,330

1,018

Jefferies

Financial

Group,

Inc.(Æ)

4,646

154

Jones

Lang

LaSalle,

Inc.(Æ)

11,794

2,625

Kearny

Financial

Corp.

57,154

688

Kennedy-Wilson

Holdings,

Inc.

5,795

117

KeyCorp

15,209

299

Kimco

Realty

Corp.

(ö)

4,738

101

Ladder

Capital

Corp.

Class

A(ö)

28,300

323

Lamar

Advertising

Co.

Class

A(ö)

5,068

540

Lazard,

Ltd.

Class

A

23,853

1,126

LendingTree

,

Inc.(Æ)

1,807

353

Life

Storage,

Inc.(Æ)(ö)

7,495

880

Lincoln

National

Corp.

34,473

2,124

Live

Oak

Bancshares,

Inc.

8,927

537

Macerich

Co.

(The)

(Ñ)(ö)

37,432

610

MainStreet

Bancshares,

Inc.(Æ)

23,568

568

MarketAxess

Holdings,

Inc.

4,731

2,248

Marlin

Business

Services

Corp.

19,503

440

Medical

Properties

Trust,

Inc.

(ö)

254,151

5,345

Merchants

Bancorp

2,470

90

Meridian

Bancorp,

Inc.

6,455

123

Meridian

Corp.

17,341

468

Meta

Financial

Group,

Inc.

18,377

913

Metropolitan

Bank

Holding

Corp.(Æ)

1,728

123

MFA

Financial,

Inc.

(ö)

136,621

638

MGIC

Investment

Corp.

87,321

1,208

Mid-America

Apartment

Communities,

Inc.

(ö)

16,377

3,162

Mr.

Cooper

Group,

Inc.(Æ)

20,365

757

MVB

Financial

Corp.

8,622

357

National

Health

Investors,

Inc.

(ö)

6,615

451

New

York

Mortgage

Trust,

Inc.

(ö)

129,643

567

Newmark

Group,

Inc.

Class

A

205,044

2,641

NexPoint

Residential

Trust,

Inc.

(ö)

10,303

607

NMI

Holdings,

Inc.

Class

A(Æ)

57,349

1,263

ODP

Corp.

(The)(Æ)

8,873

420

OFG

Bancorp

134,940

3,117

Old

National

Bancorp

2,901

47

Old

Second

Bancorp,

Inc.

88,864

1,029

Oportun

Financial

Corp.(Æ)

6,563

138

Oppenheimer

Holdings,

Inc.

Class

A

8,162

367

Origin

Bancorp,

Inc.

14,077

573

Pacific

Premier

Bancorp,

Inc.

52,215

1,983

PacWest

Bancorp

289,553

11,530

Parke

Bancorp,

Inc.

14,136

282

Peapack

Gladstone

Financial

Corp.

18,179

586

Pebblebrook

Hotel

Trust

(ö)

21,804

490

PennyMac

Financial

Services,

Inc.

4,710

296

PennyMac

Mortgage

Investment

Trust

(ö)

27,955

551

Perella

Weinberg

Partners(Ñ)

48,274

588

Pioneer

Bancorp,

Inc.(Æ)

25,388

294

Popular,

Inc.

31,311

2,278

Potlatch

Corp.

(ö)

44,199

2,296

Preferred

Bank

5,110

301

Primerica,

Inc.

2,921

427

PROG

Holdings,

Inc.

44,491

1,947

Progyny

,

Inc.(Æ)

34,130

1,901

Provident

Financial

Services,

Inc.

16,449

355

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

PS

Business

Parks,

Inc.

(ö)

3,323

511

Radian

Group,

Inc.

51,019

1,152

Raymond

James

Financial,

Inc.

24,414

3,161

Rayonier,

Inc.

(ö)

14,986

565

Realogy

Holdings

Corp.(Æ)

23,624

419

Reinsurance

Group

of

America,

Inc.

Class

A

1,837

202

Repay

Holdings

Corp.(Æ)

81,861

2,039

RLJ

Lodging

Trust

(ö)

30,482

437

RMR

Group,

Inc.

(The)

Class

A

2,668

105

Ryman

Hospitality

Properties,

Inc.(Æ)(ö)

4,049

311

Sabra

Health

Care

REIT,

Inc.

(ö)

41,389

769

Sandy

Spring

Bancorp,

Inc.

5,719

238

Santander

Consumer

USA

Holdings,

Inc.

12,870

528

Security

National

Financial

Corp.

Class

A(Æ)

12,753

108

Selective

Insurance

Group,

Inc.

41,173

3,349

Signature

Bank

8,348

1,895

SiriusPoint

,

Ltd.(Æ)

32,283

316

SL

Green

Realty

Corp.

(ö)

200

15

SLM

Corp.

75,562

1,423

SmartFinancial

,

Inc.

15,375

375

South

Plains

Financial,

Inc.

7,492

172

Southern

First

Bancshares,

Inc.(Æ)

13,265

657

Southern

Missouri

Bancorp,

Inc.

17,233

773

Spirit

of

Texas

Bancshares,

Inc.

39,297

915

St.

Joe

Co.

(The)

28,774

1,303

Starwood

Property

Trust,

Inc.

(ö)

211,731

5,511

Sterling

Bancorp

62,445

1,356

Stifel

Financial

Corp.

6,723

447

Summit

Financial

Group,

Inc.

24,637

573

Sun

Communities,

Inc.

(ö)

13,480

2,644

SVB

Financial

Group(Æ)

9,883

5,435

Synovus

Financial

Corp.

33,737

1,380

Texas

Capital

Bancshares,

Inc.(Æ)

28,980

1,825

Timberland

Bancorp,

Inc.

9,941

286

Tradeweb

Markets,

Inc.

Class

A

18,095

1,569

TriState

Capital

Holdings,

Inc.(Æ)

19,096

388

Triumph

Bancorp,

Inc.(Æ)

6,648

510

Trupanion

,

Inc.(Æ)

25,305

2,911

Two

Harbors

Investment

Corp.

(ö)

110,592

709

UMB

Financial

Corp.

6,975

653

Umpqua

Holdings

Corp.

148,944

2,811

United

Community

Banks,

Inc.

9,570

276

Unity

Bancorp,

Inc.

13,427

298

Unum

Group

41,015

1,124

Veritex

Holdings,

Inc.

21,695

728

Virtus

Investment

Partners,

Inc.

1,898

524

Voya

Financial,

Inc.

75,748

4,878

Walker

&

Dunlop,

Inc.

6,326

655

Webster

Financial

Corp.

21,173

1,018

Western

Alliance

Bancorp

14,653

1,360

Westwood

Holdings

Group,

Inc.

25,059

635

Wintrust

Financial

Corp.

3,628

259

World

Acceptance

Corp.(Æ)

5,306

1,006

WR

Berkley

Corp.

5,746

420

WSFS

Financial

Corp.

8,031

352

268,335

Health

Care

-

13.0%

4D

Molecular

Therapeutics,

Inc.(Æ)

92,143

2,292

Abeona

Therapeutics,

Inc.(Æ)(Ñ)

138,686

169

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

70

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Acadia

Healthcare

Co.,

Inc.(Æ)

5,395

333

Accelerate

Diagnostics,

Inc.(Æ)(Ñ)

156,398

1,167

Aduro

Biotech

Holdings,

Inc.(Æ)(Š)

15,391

—

Adverum

Biotechnologies,

Inc.(Æ)

358,168

813

Affimed

NV(Æ)

22,956

153

Align

Technology,

Inc.(Æ)

9,207

6,406

Alkermes

PLC(Æ)

7,503

194

Alnylam

Pharmaceuticals,

Inc.(Æ)

2,931

524

AMN

Healthcare

Services,

Inc.(Æ)

61,155

6,150

Amneal

Pharmaceuticals,

Inc.(Æ)

369,504

1,822

AnaptysBio

,

Inc.(Æ)

15,870

365

Anavex

Life

Sciences

Corp.(Æ)(Ñ)

41,007

736

ANI

Pharmaceuticals,

Inc.(Æ)

9,834

334

Anika

Therapeutics,

Inc.(Æ)

7,991

321

Apyx

Medical

Corp.(Æ)

37,880

341

Atea

Pharmaceuticals,

Inc.(Æ)

86,652

2,170

Avid

Bioservices

,

Inc.(Æ)

21,940

563

Bio-Rad

Laboratories,

Inc.

Class

A(Æ)

2,258

1,670

Bio-

Techne

Corp.(Æ)

18,458

8,901

Brookdale

Senior

Living,

Inc.

Class

A(Æ)

63,226

475

Cassava

Sciences,

Inc.(Æ)(Ñ)

7,295

507

Catalyst

Pharmaceuticals,

Inc.(Æ)

339,480

1,983

Centene

Corp.(Æ)

33,693

2,312

Change

Healthcare,

Inc.(Æ)

144,248

3,132

Charles

River

Laboratories

International,

Inc.(Æ)

9,822

3,997

Chemed

Corp.

4,665

2,221

Chinook

Therapeutics,

Inc.(Æ)

15,391

201

Co-Diagnostics,

Inc.(Æ)(Ñ)

139,810

1,413

Cooper

Cos.,

Inc.

(The)

2,058

868

CorVel

Corp.(Æ)

11,987

1,688

DermTech

,

Inc.(Æ)(Ñ)

12,113

408

DexCom

,

Inc.(Æ)

2,330

1,201

Dynavax

Technologies

Corp.(Æ)(Ñ)

62,772

586

Eiger

BioPharmaceuticals

,

Inc.(Æ)

254,070

2,022

Emergent

BioSolutions

,

Inc.(Æ)

38,078

2,509

Encompass

Health

Corp.(Æ)

8,083

673

Ensign

Group,

Inc.

(The)

29,828

2,537

Envista

Holdings

Corp.(Æ)

34,354

1,480

Evolus

,

Inc.(Æ)(Ñ)

60,884

659

Exact

Sciences

Corp.(Æ)

8,202

884

Fennec

Pharmaceuticals,

Inc.(Æ)(Ñ)

31,728

207

Five

Star

Senior

Living,

Inc.(Æ)

50,091

284

Globus

Medical,

Inc.

Class

A(Æ)

6,567

546

Gritstone

Oncology,

Inc.(Æ)(Ñ)

83,651

559

Haemonetics

Corp.(Æ)

20,950

1,274

Halozyme

Therapeutics,

Inc.(Æ)

7,240

299

HealthEquity

,

Inc.(Æ)

24,992

1,849

Henry

Schein,

Inc.(Æ)

37,194

2,981

Horizon

Therapeutics

PLC(Æ)

24,512

2,452

Icon

PLC(Æ)

25,378

6,174

ImmunityBio

,

Inc.(Æ)(Ñ)

178,087

1,952

Inhibrx

,

Inc.(Æ)

89,386

2,544

Innoviva

,

Inc.(Æ)

27,555

391

Integra

LifeSciences

Holdings

Corp.(Æ)

36,168

2,618

Intersect

ENT,

Inc.(Æ)

20,433

477

Invitae

Corp.(Æ)(Ñ)

8,098

227

Ionis

Pharmaceuticals,

Inc.(Æ)

7,245

269

Jazz

Pharmaceuticals

PLC(Æ)

2,086

354

KalVista

Pharmaceuticals,

Inc.(Æ)

18,705

377

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kinnate

Biopharma,

Inc.(Æ)

63,725

1,375

Laboratory

Corp.

of

America

Holdings(Æ)

7,934

2,350

LeMaitre

Vascular,

Inc.

29,363

1,599

Lexicon

Pharmaceuticals,

Inc.(Æ)

193,087

683

LHC

Group,

Inc.(Æ)

22,028

4,740

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

9,008

1,022

Magellan

Health,

Inc.(Æ)

10,957

1,033

Medpace

Holdings,

Inc.(Æ)

13,364

2,351

Mirati

Therapeutics,

Inc.(Æ)

2,158

345

Moderna

,

Inc.(Æ)

1,559

551

ModivCare

,

Inc.(Æ)

55

9

Molina

Healthcare,

Inc.(Æ)

4,848

1,324

Myriad

Genetics,

Inc.(Æ)

41,162

1,302

Natera

,

Inc.(Æ)

3,441

394

NeoGenomics

,

Inc.(Æ)

56,216

2,592

Novavax

,

Inc.(Æ)

5,851

1,049

Olema

Pharmaceuticals,

Inc.(Æ)

95,284

2,237

Omnicell

,

Inc.(Æ)

19,108

2,799

Oranogenesis

Holdings,

Inc.(Æ)

10,901

167

Organon

&

Co.

21,169

614

Owens

&

Minor,

Inc.

11,924

551

Pennant

Group,

Inc.

(The)(Æ)

16,297

558

Pfenex

,

Inc.(Æ)(Š)

16,762

13

Prestige

Brands

Holdings,

Inc.(Æ)

7,856

413

PTC

Therapeutics,

Inc.(Æ)

11,847

454

Puma

Biotechnology,

Inc.(Æ)

221,070

1,662

Quest

Diagnostics,

Inc.

7,338

1,040

Quidel

Corp.(Æ)

5,964

844

Radius

Health,

Inc.(Æ)

20,225

306

REGENXBIO,

Inc.(Æ)

1,544

50

Repligen

Corp.(Æ)

12,331

3,030

ResMed

,

Inc.

5,478

1,489

Rigel

Pharmaceuticals,

Inc.(Æ)

77,409

310

Rubius

Therapeutics,

Inc.(Æ)

11,770

253

Sarepta

Therapeutics,

Inc.(Æ)

13,002

881

Satsuma

Pharmaceuticals,

Inc.(Æ)

69,351

363

Seagen

,

Inc.(Æ)

4,553

698

Seer,

Inc.(Æ)

65,969

2,107

STERIS

PLC

18,770

4,091

Summit

Therapeutics,

Inc.(Æ)

160,549

1,177

Supernus

Pharmaceuticals,

Inc.(Æ)

14,740

388

Sutro

Biopharma,

Inc.(Æ)

17,369

296

Syneos

Health,

Inc.

Class

A(Æ)

53,466

4,794

Tabula

Rasa

HealthCare,

Inc.(Æ)(Ñ)

8,067

347

Teladoc

Health,

Inc.(Æ)

1

—

Triple-S

Management

Corp.

Class

B(Æ)

42,763

1,040

United

Therapeutics

Corp.(Æ)

7,848

1,428

US

Physical

Therapy,

Inc.

19,081

2,255

Vanda

Pharmaceuticals,

Inc.(Æ)

59,417

969

Veeva

Systems,

Inc.

Class

A(Æ)

6,119

2,036

Veracyte

,

Inc.(Æ)

26,144

1,165

Vericel

Corp.(Æ)

53,967

2,857

Viemed

Healthcare,

Inc.(Æ)

147,286

1,025

West

Pharmaceutical

Services,

Inc.

14,698

6,052

Xeris

Pharmaceuticals,

Inc.(Æ)(Ñ)

77,815

239

XOMA

Corp.(Æ)(Ñ)

9,141

296

Y-

mAbs

Therapeutics,

Inc.(Æ)

52,873

1,750

ZAGG,

Inc.(Æ)(Š)

48,332

4

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

71

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Zimmer

Biomet

Holdings,

Inc.

484

79

168,860

Materials

and

Processing

-

8.4%

AAON,

Inc.

11,226

698

Acuity

Brands,

Inc.

2,856

501

AdvanSix

,

Inc.(Æ)

27,650

925

Albemarle

Corp.

5,736

1,182

Alcoa

Corp.(Æ)

35,025

1,406

American

Woodmark

Corp.(Æ)

6,655

494

Arconic

Corp.(Æ)

85,007

3,055

Ashland

Global

Holdings,

Inc.

40,024

3,405

Atkore

International

Group,

Inc.(Æ)

11,750

883

Avient

Corp.(Æ)

7,371

358

Axalta

Coating

Systems,

Ltd.(Æ)

141,401

4,256

B2Gold

Corp.

67,497

283

Balchem

Corp.

20,807

2,807

Beacon

Roofing

Supply,

Inc.(Æ)

9,638

515

Belden,

Inc.

5,651

277

Berry

Plastics

Group,

Inc.(Æ)

101

6

Builders

FirstSource

,

Inc.(Æ)

11,757

523

Caesarstone

,

Ltd.

27,815

369

Century

Aluminum

Co.(Æ)

96,517

1,405

CF

Industries

Holdings,

Inc.

5,180

245

Cleveland-Cliffs,

Inc.(Æ)(Ñ)

46,372

1,159

Comfort

Systems

USA,

Inc.

8,542

639

Commercial

Metals

Co.

176,625

5,793

Compass

Minerals

International,

Inc.

5,721

392

Crown

Holdings,

Inc.

12,014

1,199

Domtar

Corp.(Æ)

39,358

2,161

Eagle

Materials,

Inc.

17,343

2,451

Element

Solutions,

Inc.(Æ)

182,667

4,273

FMC

Corp.

55,838

5,972

Fortitude

Gold

Corp.

63,468

489

GCP

Applied

Technologies,

Inc.(Æ)

2,986

69

Gold

Resource

Corp.

285,586

603

HB

Fuller

Co.

3,985

258

Hexcel

Corp.(Æ)

8,499

463

Huntsman

Corp.

21,662

572

IAA,

Inc.(Æ)

57,590

3,483

Ingevity

Corp.(Æ)

3,255

276

Innospec

,

Inc.

4,161

368

International

Paper

Co.

20,478

1,183

Intrepid

Potash,

Inc.(Æ)

20,193

612

ITT,

Inc.

39,309

3,849

JELD-WEN

Holding,

Inc.(Æ)

19,655

520

KAR

Auction

Services,

Inc.(Æ)

195,965

3,230

Koppers

Holdings,

Inc.(Æ)

14,523

446

LB

Foster

Co.

Class

A(Æ)

35,408

643

Lennox

International,

Inc.

3,222

1,061

Marrone

Bio

Innovations,

Inc.(Æ)

5,077

6

Masco

Corp.

24,332

1,453

Minerals

Technologies,

Inc.

16,922

1,357

Mosaic

Co.

(The)

29,413

919

MRC

Global,

Inc.(Æ)

31,956

293

NL

Industries,

Inc.

39,297

237

NN,

Inc.(Æ)

61,131

418

Olin

Corp.

23,277

1,095

Olympic

Steel,

Inc.

22,978

692

Orion

Engineered

Carbons

SA(Æ)

36,892

667

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Owens

Corning

10,132

974

Packaging

Corp.

of

America

4,726

669

Patrick

Industries,

Inc.

7,858

649

PGT

Innovations,

Inc.(Æ)

14,527

328

Quaker

Chemical

Corp.

3,484

877

RBC

Bearings,

Inc.(Æ)

1,937

455

Reliance

Steel

&

Aluminum

Co.

4,945

777

Resideo

Technologies,

Inc.(Æ)

50,050

1,476

Royal

Gold,

Inc.

3,241

394

RPM

International,

Inc.

6,601

572

Ryerson

Holding

Corp.

31,214

491

Schweitzer-Mauduit

International,

Inc.

4,419

174

Sealed

Air

Corp.

10,109

574

Sensient

Technologies

Corp.

12,567

1,096

Silgan

Holdings,

Inc.

145,543

5,897

Sonoco

Products

Co.

3,919

250

Steel

Dynamics,

Inc.

20,453

1,318

Stepan

Co.

1,580

186

Terminix

Global

Holdings,

Inc.(Æ)

39,775

2,088

Timken

Co.

(The)

7,696

612

TimkenSteel

Corp.(Æ)

22,790

304

Trex

Co.,

Inc.(Æ)

18,950

1,840

Trinseo

SA

18,283

994

UFP

Industries,

Inc.(Æ)

7,875

585

United

States

Steel

Corp.

44,494

1,178

US

Concrete,

Inc.(Æ)

17,571

1,279

Valhi,

Inc.

11,513

284

Valmont

Industries,

Inc.

2,427

575

Valvoline,

Inc.

66,342

2,035

Verso

Corp.

Class

A

74,349

1,414

Vulcan

Materials

Co.

12,507

2,251

Watsco

,

Inc.

4,901

1,384

Westlake

Chemical

Corp.

6,173

512

Worthington

Industries,

Inc.

9,630

616

WR

Grace

&

Co.

2,986

208

108,210

Producer

Durables

-

14.3%

AAR

Corp.(Æ)

11,205

401

ABM

Industries,

Inc.

4,060

189

ACCO

Brands

Corp.

430,219

3,846

AECOM(Æ)

40,397

2,543

Alamo

Group,

Inc.

5,697

836

Allison

Transmission

Holdings,

Inc.

Class

A

13,732

548

Alta

Equipment

Group,

Inc.(Æ)

66,347

835

Altra

Industrial

Motion

Corp.

10,334

648

AO

Smith

Corp.

22,536

1,585

Applied

Industrial

Technologies,

Inc.

4,001

359

ArcBest

Corp.

26,835

1,586

Arcosa

,

Inc.

62,132

3,402

Atlas

Air

Worldwide

Holdings,

Inc.(Æ)

22,222

1,488

Atlas

Technical

Consultants

LLC(Æ)

131,309

1,180

Avalara,

Inc.(Æ)

13,851

2,315

Avery

Dennison

Corp.

4,784

1,008

AZZ,

Inc.

4,573

242

Badger

Meter,

Inc.

12,047

1,217

Barnes

Group,

Inc.

26,877

1,362

Beyond

Meat,

Inc.(Æ)(Ñ)

739

91

Booz

Allen

Hamilton

Holding

Corp.

Class

A

9,028

775

Brady

Corp.

Class

A

44,653

2,442

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

72

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Brink's

Co.

(The)

1,570

121

BWX

Technologies,

Inc.(Æ)

72,343

4,155

Carlisle

Cos.,

Inc.

3,258

659

CECO

Environmental

Corp.(Æ)

17,398

122

Chart

Industries,

Inc.(Æ)

6,668

1,037

CIRCOR

International,

Inc.(Æ)

14,686

453

Colfax

Corp.(Æ)

129,113

5,924

Construction

Partners,

Inc.

Class

A(Æ)

68,412

2,297

Costamare

,

Inc.

25,127

272

CoStar

Group,

Inc.(Æ)

44,390

3,944

Curtiss-Wright

Corp.

1,812

214

CyberOptics

Corp.(Æ)

23,232

1,088

Darling

Ingredients,

Inc.(Æ)

12,608

871

Dorian

LPG,

Ltd.

46,650

564

Ducommun,

Inc.(Æ)

5,070

274

DXP

Enterprises,

Inc.(Æ)

10,162

332

Dycom

Industries,

Inc.(Æ)

11,879

824

Eagle

Bulk

Shipping,

Inc.(Æ)

714

30

Echo

Global

Logistics,

Inc.(Æ)

26,334

815

EMCOR

Group,

Inc.

2,714

331

Encore

Wire

Corp.

5,691

446

EnPro

Industries,

Inc.

10,599

987

ESCO

Technologies,

Inc.

24,586

2,320

ExlService

Holdings,

Inc.(Æ)

4,894

554

Exponent,

Inc.

19,957

2,137

Flowserve

Corp.

907

38

Fluor

Corp.(Æ)

37,800

630

Forward

Air

Corp.

3,832

339

Franklin

Electric

Co.,

Inc.

24,410

1,996

frontdoor

,

Inc.(Æ)

12,984

635

FTI

Consulting,

Inc.(Æ)

2,997

437

Gates

Industrial

Corp.

PLC(Æ)

17,821

323

Generac

Holdings,

Inc.(Æ)

3,752

1,573

GP

Strategies

Corp.(Æ)

18,893

384

Graco

,

Inc.

4,371

341

Granite

Construction,

Inc.

19,483

749

Greenbrier

Cos.,

Inc.

6,067

260

H&E

Equipment

Services,

Inc.

20,683

704

Harsco

Corp.(Æ)

30,996

624

Hawaiian

Holdings,

Inc.(Æ)

36,899

728

HEICO

Corp.

18,810

2,544

Herc

Holdings,

Inc.(Æ)

7,337

910

Herman

Miller,

Inc.

14,380

620

HNI

Corp.

4,654

174

Howmet

Aerospace,

Inc.

66,445

2,181

Huntington

Ingalls

Industries,

Inc.

3,147

646

IDEX

Corp.

2,046

464

Information

Services

Group,

Inc.

167,166

998

Insperity

,

Inc.

1,176

116

International

Seaways,

Inc.

37,823

622

Itron

,

Inc.(Æ)

5,510

543

Jacobs

Engineering

Group,

Inc.

8,389

1,135

JetBlue

Airways

Corp.(Æ)

150,982

2,233

Kaman

Corp.

Class

A

31,597

1,401

Kennametal,

Inc.

11,295

409

Keysight

Technologies,

Inc.(Æ)

22,599

3,719

Knight-Swift

Transportation

Holdings,

Inc.

(Æ)

9,433

469

Kornit

Digital,

Ltd.(Æ)

13,697

1,810

Lamb

Weston

Holdings,

Inc.

2,167

145

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Landstar

System,

Inc.

6,155

966

Littelfuse

,

Inc.

9,594

2,552

Lydall

,

Inc.(Æ)

15,539

951

MasTec

,

Inc.(Æ)

21,130

2,139

MAXIMUS,

Inc.

23,374

2,080

Mayville

Engineering

Co.,

Inc.(Æ)

14,247

250

Mesa

Air

Group,

Inc.(Æ)

81,408

726

Middleby

Corp.(Æ)

8,536

1,635

Mistras

Group,

Inc.(Æ)

40,931

430

Modine

Manufacturing

Co.(Æ)

374,339

6,263

Moog,

Inc.

Class

A

2,336

182

MSC

Industrial

Direct

Co.,

Inc.

Class

A

4,816

429

Murphy

USA,

Inc.

1,877

277

MYR

Group,

Inc.(Æ)

11,935

1,141

Nordson

Corp.

6,859

1,551

NV5

Global,

Inc.(Æ)

30,811

2,927

Oshkosh

Corp.

3,167

379

Park-Ohio

Holdings

Corp.

8,275

241

Paylocity

Holding

Corp.(Æ)

19,836

4,115

Pentair

PLC

13,065

962

Proto

Labs,

Inc.(Æ)

8,133

636

Quanta

Services,

Inc.

41,291

3,753

Regal

Beloit

Corp.

9,258

1,363

Robert

Half

International,

Inc.

4,436

436

Rush

Enterprises,

Inc.

Class

A

47,322

2,224

Ryder

System,

Inc.

13,972

1,064

Saia,

Inc.(Æ)

16,739

3,783

Schneider

National,

Inc.

Class

B

9,335

209

SHYFT

Group,

Inc.

(The)(Æ)

18,176

717

SkyWest,

Inc.(Æ)

16,791

680

Smith

&

Wesson

Brands,

Inc.(Æ)

21,346

501

Snap-on,

Inc.

3,029

660

Spirit

Airlines,

Inc.(Æ)

48,491

1,308

SPX

Corp.(Æ)

51,202

3,413

Steelcase,

Inc.

Class

A

14,798

203

Stericycle,

Inc.(Æ)

12,268

865

Sterling

Construction

Co.,

Inc.(Æ)

21,014

461

Teledyne

Technologies,

Inc.(Æ)

4,593

2,080

Terex

Corp.

16,159

774

Tetra

Tech,

Inc.

14,434

1,927

Textainer

Group

Holdings,

Ltd.(Æ)

16,226

524

Textron,

Inc.

11,075

764

Thermon

Group

Holdings,

Inc.(Æ)

36,441

607

Tidewater,

Inc.(Æ)

10,522

119

TopBuild

Corp.(Æ)

4,653

943

Toro

Co.

(The)

9,799

1,115

Travel

+

Leisure

Co.(Æ)

25,838

1,338

TreeHouse

Foods,

Inc.(Æ)

11,231

499

Trimble

Navigation,

Ltd.(Æ)

49,203

4,207

Trinity

Industries,

Inc.

45,291

1,228

Ultralife

Corp.(Æ)

183,192

1,455

UniFirst

Corp.

4,504

981

United

Rentals,

Inc.(Æ)

7,327

2,415

Vectrus

,

Inc.(Æ)

8,359

379

Vontier

Corp.

96,185

3,112

Wabash

National

Corp.

27,234

399

Watts

Water

Technologies,

Inc.

Class

A

4,528

683

WESCO

International,

Inc.(Æ)

62,810

6,686

Westinghouse

Air

Brake

Technologies

Corp.

15,241

1,293

Whole

Earth

Brands,

Inc.(Æ)

67,087

863

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

73

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

WNS

Holdings,

Ltd.

-

ADR(Æ)

2,766

228

Woodward,

Inc.

3,460

421

Xerox

Holdings

Corp.

19,010

459

XPO

Logistics,

Inc.(Æ)

40,117

5,564

Zebra

Technologies

Corp.

Class

A(Æ)

2,359

1,303

185,407

Technology

-

15.1%

8x8,

Inc.(Æ)

7,793

199

ACI

Worldwide,

Inc.(Æ)

114,097

3,914

ADTRAN,

Inc.

37,739

846

Advanced

Micro

Devices,

Inc.(Æ)

10,126

1,075

Alarm.com

Holdings,

Inc.(Æ)

30,980

2,578

Alpha

&

Omega

Semiconductor,

Ltd.(Æ)

12,831

333

Altair

Engineering,

Inc.

Class

A(Æ)

14,298

997

APi

Group

Corp.(Æ)(Þ)

184,975

4,240

Appfolio

,

Inc.

Class

A(Æ)

12,974

1,837

Arista

Networks,

Inc.(Æ)

2,393

910

Arrow

Electronics,

Inc.(Æ)

3,680

436

Avnet,

Inc.

13,838

572

Black

Knight,

Inc.(Æ)

17,469

1,447

Blackline,

Inc.(Æ)

25,917

2,965

BM

Technologies,

Inc.(Æ)(Ñ)

11,721

118

Bottomline

Technologies,

Inc.(Æ)

18,772

758

Box,

Inc.

Class

A(Æ)

16,682

399

Broadridge

Financial

Solutions,

Inc.

6,755

1,172

CACI

International,

Inc.

Class

A(Æ)

11,126

2,970

Calix,

Inc.(Æ)

8,224

385

Cars.com,

Inc.(Æ)

31,837

385

ChannelAdvisor

Corp.(Æ)

35,970

838

Check

Point

Software

Technologies,

Ltd.(Æ)

8,242

1,048

CMC

Materials,

Inc.(Æ)

6,539

946

Cognex

Corp.

21,135

1,911

Cognyte

Software,

Ltd.(Æ)

61,305

1,592

Cohu

,

Inc.(Æ)

5,969

211

CommScope

Holding

Co.,

Inc.(Æ)

143,401

3,034

Comtech

Telecommunications

Corp.

11,061

276

Concentrix

Corp.(Æ)

21,304

3,488

Daily

Journal

Corp.(Æ)

957

319

Descartes

Systems

Group,

Inc.

(The)(Æ)

41,978

3,050

Diodes,

Inc.(Æ)

27,037

2,217

Dolby

Laboratories,

Inc.

Class

A

32,282

3,135

Donnelley

Financial

Solutions,

Inc.(Æ)

22,618

728

Duck

Creek

Technologies,

Inc.(Æ)(Ñ)

45,761

2,010

DXC

Technology

Co.(Æ)

32,151

1,285

Dynatrace

,

Inc.(Æ)

31,296

1,999

Endava

PLC

-

ADR(Æ)

34,857

4,483

Entegris

,

Inc.

37,609

4,537

Envestnet

,

Inc.(Æ)

42,297

3,182

EPAM

Systems,

Inc.(Æ)

9,673

5,415

Etsy,

Inc.(Æ)

17,386

3,190

Everbridge

,

Inc.(Æ)

7,075

999

Fabrinet

(Æ)

5,341

505

Fair

Isaac

Corp.(Æ)

9,448

4,950

Five9,

Inc.(Æ)

26,188

5,271

Fortinet,

Inc.(Æ)

12,737

3,467

Frontier

Communications

Corp.(Æ)

20,668

618

Gartner,

Inc.(Æ)

3,010

797

Genpact

,

Ltd.

57,462

2,862

Globant

SA(Æ)

10,345

2,474

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

GoDaddy

,

Inc.

Class

A(Æ)

24,884

2,086

Guidewire

Software,

Inc.(Æ)

16,464

1,897

Ichor

Holdings,

Ltd.(Æ)

11,054

570

II-VI,

Inc.(Æ)

8,023

560

InterDigital

,

Inc.

5,524

364

IPG

Photonics

Corp.(Æ)

1,991

434

iRobot

Corp.(Æ)(Ñ)

5,884

515

Jabil

Circuit,

Inc.

6,244

372

Jack

Henry

&

Associates,

Inc.

4,909

855

Kimball

Electronics,

Inc.(Æ)

20,531

419

KVH

Industries,

Inc.(Æ)

19,340

219

Leidos

Holdings,

Inc.

16,546

1,761

LENSAR,

Inc.(Æ)(Ñ)

13,457

109

Liberty

Latin

America,

Ltd.

Class

C(Æ)

23,011

318

LiveRamp

Holdings,

Inc.(Æ)

17,295

692

Lumentum

Holdings,

Inc.

Class

E(Æ)

667

56

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

5,670

350

ManTech

International

Corp.

Class

A

27,700

2,423

Match

Group,

Inc.(Æ)

4,657

742

Medallia

,

Inc.(Æ)

23,613

800

Monolithic

Power

Systems,

Inc.

12,574

5,649

NAPCO

Security

Technologies,

Inc.(Æ)

642

23

NCR

Corp.(Æ)

127,695

5,670

NeoPhotonics

Corp.(Æ)

39,939

387

NetApp,

Inc.

19,161

1,525

NETGEAR,

Inc.(Æ)

12,951

444

Nice,

Ltd.

-

ADR(Æ)(Ñ)

13,795

3,844

Nuance

Communications,

Inc.(Æ)

43,046

2,363

Okta

,

Inc.(Æ)

1,985

492

ON

Semiconductor

Corp.(Æ)

12,467

487

Open

Text

Corp.

22,238

1,154

Paycom

Software,

Inc.(Æ)

560

224

Photronics

,

Inc.(Æ)

117,717

1,574

Plexus

Corp.(Æ)

29,571

2,671

Power

Integrations,

Inc.

15,546

1,508

Progress

Software

Corp.

36,263

1,653

Proofpoint

,

Inc.(Æ)

8,244

1,440

PTC,

Inc.(Æ)

24,073

3,261

Qualys

,

Inc.(Æ)

25,797

2,620

Quantum

Corp.(Æ)

76,558

475

Rambus,

Inc.(Æ)

18,176

430

Rogers

Corp.(Æ)

5,869

1,119

Roku,

Inc.(Æ)

2,979

1,276

Sabre

Corp.(Æ)

44,006

519

Sanmina

Corp.(Æ)

5,603

215

ScanSource

,

Inc.(Æ)

13,149

363

Silicon

Motion

Technology

Corp.

-

ADR

175,349

13,149

Simulations

Plus,

Inc.(Ñ)

24,926

1,176

Skyworks

Solutions,

Inc.

7,829

1,445

Smartsheet

,

Inc.

Class

A(Æ)

3,564

259

SPS

Commerce,

Inc.(Æ)

30,718

3,347

Super

Micro

Computer,

Inc.(Æ)

128,297

4,880

SYNNEX

Corp.

7,146

854

Take-Two

Interactive

Software,

Inc.(Æ)

5,769

1,000

Thryv

Holdings,

Inc.(Æ)(Ñ)

36,899

1,226

Tower

Semiconductor,

Ltd.(Æ)

21,940

611

Trade

Desk,

Inc.

(The)

Class

A(Æ)

5,340

437

TTM

Technologies,

Inc.(Æ)

22,640

317

Tyler

Technologies,

Inc.(Æ)

7,132

3,513

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

74

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Unisys

Corp.(Æ)

24,113

539

Universal

Display

Corp.

3,685

864

Verint

Systems,

Inc.(Æ)

64,095

2,735

Vimeo,

Inc.(Æ)

11,651

522

Vishay

Intertechnology

,

Inc.

44,606

987

Wix.com,

Ltd.(Æ)

4,482

1,338

195,500

Utilities

-

3.5%

Algonquin

Power

&

Utilities

Corp.(Ñ)

83,868

1,339

Alliant

Energy

Corp.

6,259

366

American

States

Water

Co.

15,862

1,401

American

Water

Works

Co.,

Inc.

9,200

1,565

Black

Hills

Corp.

8,924

604

Bonanza

Creek

Energy,

Inc.

27,056

1,041

CMS

Energy

Corp.

31,381

1,939

Cogent

Communications

Holdings,

Inc.

20,249

1,571

Consolidated

Communications

Holdings,

Inc.

(Æ)

25,716

198

DT

Midstream,

Inc.

66,363

2,814

DTE

Energy

Co.

11,539

1,354

Earthstone

Energy,

Inc.

Class

A(Æ)

52,676

518

Essential

Utilities,

Inc.

10,235

503

Falcon

Minerals

Corp.

12,284

59

Goodrich

Petroleum

Corp.(Æ)

23,765

381

IDT

Corp.

Class

B(Æ)

2,325

116

Iridium

Communications,

Inc.(Æ)

47,158

1,991

J2

Global,

Inc.(Æ)

92,489

13,066

MDU

Resources

Group,

Inc.

115,754

3,672

National

Fuel

Gas

Co.

2,628

135

NextDecade

Corp.(Æ)(Ñ)

57,568

189

NorthWestern

Corp.

20,776

1,288

NRG

Energy,

Inc.

12,049

497

Ovintiv

,

Inc.

7,842

201

Rattler

Midstream,

LP

130,355

1,357

Southwest

Gas

Holdings,

Inc.

1,313

92

Talos

Energy,

Inc.(Æ)

40,238

464

UGI

Corp.

99,063

4,556

Viper

Energy

Partners,

LP

67,258

1,211

Vistra

Corp.

63,718

1,220

45,708

Total

Common

Stocks

(cost

$630,999)

1,246,330

Preferred

Stocks

-

0.1%

Consumer

Staples

-

0.1%

Qurate

Retail,

Inc.

8.000%

due

03/15/31

4,783

519

Producer

Durables

-

0.0%

WESCO

International,

Inc.

10.625%

due

06/22/25(¢)

3,454

107

Total

Preferred

Stocks

(cost

$459)

626

Warrants

and

Rights

-

0.0%

Nabors

Industries,

Inc.(Æ)(Ñ)

2026  Warrants

3,926

26

Whiting

Petroleum

Corp.

Class

A(Æ)

2024  Warrants

12,581

71

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Warrants

and

Rights

(cost

$58)

97

Short-Term

Investments

-

3.7%

U.S.

Cash

Management

Fund(@)

48,277,152

(∞)

48,268

Total

Short-Term

Investments

(cost

$48,268)

48,268

Other

Securities

-

1.8%

U.S.

Cash

Collateral

Fund(@)(×)

23,723,250

(∞)

23,723

Total

Other

Securities

(cost

$23,723)

23,723

Total

Investments

-

101.8%

(identified

cost

$703,507)

1,319,044

Other

Assets

and

Liabilities,

Net

-

(1.8)%

(23,029)

Net

Assets

-

100.0%

1,296,015

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

75

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

0.3%

APi

Group

Corp.

05/29/20

184,975

13

.45

2,487

4,240

4,240

For

a

description

of

restricted

securities

see

note

6

in

the

Notes

to

Quarterly

Report

.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

S&P

MidCap

400

E-Mini

Index

Futures

39

USD

10,525

09/21

113

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

113

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

$

211,664

$

—

$

—

$

—

$

211,664

Consumer

Staples

33,208

—

—

—

33,208

Energy

29,438

—

—

—

29,438

Financial

Services

268,335

—

—

—

268,335

Health

Care

168,843

—

17

—

168,860

Materials

and

Processing

108,210

—

—

—

108,210

Producer

Durables

185,407

—

—

—

185,407

Technology

195,500

—

—

—

195,500

Utilities

45,708

—

—

—

45,708

Preferred

Stocks

626

—

—

—

626

Warrants

and

Rights

97

—

—

—

97

Short-Term

Investments

—

—

—

48,268

48,268

Other

Securities

—

—

—

23,723

23,723

Total

Investments

1,247,036

—

17

71,991

1,319,044

Other

Financial

Instruments

Liabilities

Futures

Contracts

113

—

—

—

113

Total

Other

Financial

Instruments

*

$

113

$

—

$

—

$

—

$

113

Russell

Investment

Company

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

76

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2021,

see

note

2

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

July

31,

2021,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

77

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

92.5%

Argentina

-

0.1%

Grupo

Financiero

Galicia

SA

-

ADR

67,565

528

MercadoLibre

,

Inc.(Æ)

1,619

2,539

3,067

Australia

-

2.3%

Alumina,

Ltd.

1,045,788

1,287

ASX,

Ltd.

-

ADR

27,460

1,554

Australia

&

New

Zealand

Banking

Group,

Ltd.

-

ADR

87,929

1,791

BHP

Group

PLC

165,988

5,391

BHP

Group,

Ltd.

-

ADR

163,833

6,420

BlueScope

Steel,

Ltd.

97,862

1,759

Cochlear,

Ltd.

10,201

1,840

Commonwealth

Bank

of

Australia

-

ADR

144,201

10,549

Crown

Resorts,

Ltd.(Æ)

140,894

891

CSL,

Ltd.

12,110

2,571

Endeavour

Mining

Corp.(Æ)

28,891

141

Fortescue

Metals

Group,

Ltd.

132,168

2,427

Insurance

Australia

Group,

Ltd.(Æ)

664,055

2,371

Macquarie

Group,

Ltd.

8,546

986

Magellan

Financial

Group,

Ltd.

-

ADR

39,580

1,424

Medibank

Pvt

,

Ltd.

772,167

1,878

Newcrest

Mining,

Ltd.

64,780

1,263

Origin

Energy,

Ltd.

102,122

309

Rio

Tinto

PLC

82,648

7,044

Rio

Tinto,

Ltd.

-

ADR

17,946

1,766

Santos,

Ltd.

213,053

1,003

South32,

Ltd.

Class

B

533,311

1,168

Tabcorp

Holdings,

Ltd.

246,339

898

Telstra

Corp.,

Ltd.

69,457

193

Transurban

Group

-

ADR(Æ)

34,107

359

Wesfarmers,

Ltd.(Æ)

26,345

1,184

Westpac

Banking

Corp.

82,874

1,485

Woolworths

Group,

Ltd.

28,891

826

60,778

Austria

-

0.3%

Erste

Group

Bank

AG

96,020

3,723

OMV

AB

28,498

1,538

Raiffeisen

Bank

International

AG

39,823

940

Voestalpine

AG

14,152

624

6,825

Belgium

-

0.3%

Ageas

SA

65,975

3,482

Anheuser-Busch

InBev

SA

14,189

894

Colruyt

SA

511

29

KBC

Group

NV

28,619

2,299

Solvay

SA

1,603

214

UCB

SA

6,021

651

7,569

Bermuda

-

0.0%

Beijing

Enterprises

Water

Group,

Ltd.

(Æ)

3,342,000

1,229

Brazil

-

1.2%

Ambev

SA

2,020,889

6,457

Americanas

SA(Æ)

54,311

512

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Atacadao

SA

317,557

1,158

B3

SA

-

Brasil

Bolsa

Balcao

229,452

672

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo(Æ)

327,105

2,227

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

-

ADR(Æ)

79,783

542

Cosan

SA

173,116

849

CSN

Mineracao

SA

1,327,182

2,344

Diagnosticos

da

America

SA(Æ)

153,501

1,633

Hapvida

Participacoes

e

Investimentos

SA(Þ)

105,525

288

Hypera

SA(Æ)

31,472

215

Minerva

SA

696,205

1,199

Pagseguro

Digital,

Ltd.

Class

A(Æ)

68,928

3,821

Petroleo

Brasileiro

SA

-

ADR

127,248

1,333

Rumo

SA(Æ)

1,530,865

6,073

TIM

SA(Æ)

73,977

161

Vale

SA

154,652

3,229

32,713

Canada

-

4.8%

Air

Canada

Class

B(Æ)

49,364

988

Algonquin

Power

&

Utilities

Corp.

2,714

43

ARC

Resources,

Ltd.

85,406

646

Atco,

Ltd.

Class

I

30,015

1,085

Bank

of

Montreal

7,324

725

Bank

of

Nova

Scotia

(The)

21,386

1,335

Barrick

Gold

Corp.

113,867

2,479

BCE,

Inc.

34,432

1,719

Brookfield

Asset

Management,

Inc.

Class

A(Æ)

17,154

926

CAE,

Inc.(Æ)

247,513

7,553

Cameco

Corp.

Class

A

74,549

1,327

Canadian

Apartment

Properties(ö)

10,910

545

Canadian

Imperial

Bank

of

Commerce

7,628

887

Canadian

National

Railway

Co.

124,914

13,573

Canadian

Natural

Resources,

Ltd.

1

—

Canadian

Pacific

Railway,

Ltd.

20,630

1,532

Canadian

Tire

Corp.,

Ltd.

Class

A

6,651

1,023

CCL

Industries,

Inc.

Class

B

1,170

67

Celestica,

Inc.(Æ)

132,800

1,178

Cenovus

Energy,

Inc.

158,385

1,322

CGI

Group,

Inc.(Æ)

11,541

1,050

CI

Financial

Corp.

82,153

1,498

Constellation

Software,

Inc.

615

985

Dollarama

,

Inc.

48,820

2,299

Emera

,

Inc.

27,441

1,280

Enbridge,

Inc.

16,482

650

Fairfax

Financial

Holdings,

Ltd.

2,865

1,207

First

Quantum

Minerals,

Ltd.

989,347

21,190

Fortis,

Inc.

23,359

1,059

George

Weston,

Ltd.

6,616

686

Great-West

Lifeco

,

Inc.

50,649

1,524

Hydro

One,

Ltd.(Þ)

32,728

808

iA

Financial

Corp.,

Inc.

14,976

829

Imperial

Oil,

Ltd.

32,973

903

Intact

Financial

Corp.

4,868

663

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

191,788

1,423

Loblaw

Cos.,

Ltd.

32,182

2,177

Magna

International,

Inc.

Class

A

22,491

1,886

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

78

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Manulife

Financial

Corp.

207,565

4,013

Metro,

Inc.

Class

A

24,071

1,248

National

Bank

of

Canada

10,700

819

Onex

Corp.

11,349

865

Open

Text

Corp.

21,132

1,098

Pembina

Pipeline

Corp.

10,204

337

Restaurant

Brands

International,

Inc.

10,135

691

Rogers

Communications,

Inc.

Class

B

16,168

825

Royal

Bank

of

Canada

-

GDR

73,381

7,422

Saputo,

Inc.

-

ADR

34,927

1,008

Shaw

Communications,

Inc.

Class

B

110,305

3,222

Shopify,

Inc.

Class

A(Æ)

1,109

1,663

Sun

Life

Financial,

Inc.

148,154

7,716

TC

Energy

Corp.(Æ)

11,820

576

Teck

Resources,

Ltd.

Class

B

117,899

2,691

TMX

Group,

Ltd.

12,840

1,410

Toronto-Dominion

Bank

(The)

148,777

9,892

Tourmaline

Oil

Corp.

29,769

813

Trisura

Group,

Ltd.(Æ)

436

16

127,395

Chile

-

0.4%

Banco

de

Chile

-

ADR

3

—

Latam

Airlines

Group

SA(Æ)

742,354

1,956

Liberty

Latin

America,

Ltd.

Class

C(Æ)

11,972

166

Sociedad

Quimica

y

Minera

de

Chile

SA

-

ADR

177,870

8,449

10,571

China

-

9.0%

Agricultural

Bank

of

China,

Ltd.

Class

H

8,454,940

2,821

Alibaba

Group

Holding,

Ltd.(Æ)

977,560

23,888

Aluminum

Corp.

of

China,

Ltd.(Æ)

1,464,258

1,367

Anhui

Conch

Cement

Co.,

Ltd.

Class

A

216,000

1,185

Anhui

Conch

Cement

Co.,

Ltd.

Class

H

303,039

1,449

Baidu,

Inc.

-

ADR(Æ)

15,882

2,605

Bank

of

China,

Ltd.

Class

H

5,170,616

1,797

Bank

of

Communications

Co.,

Ltd.

Class

H

721,000

418

Beijing

Sanju

Environmental

Protection

&

New

Materials

Co.,

Ltd.

Class

A(Æ)

568,116

510

Bilibili

,

Inc.

-

ADR(Æ)

14,600

1,249

Bilibili

,

Inc.

Class

Z(Æ)

24,260

2,082

CGN

Power

Co.,

Ltd.

Class

H(Þ)

1,529,212

331

China

Aoyuan

Group,

Ltd.

1,785,000

1,141

China

Bohai

Bank

Co.,

Ltd.

Class

H(Þ)

5,592,500

2,183

China

CITIC

Bank

Corp.,

Ltd.

Class

H

2,577,200

1,154

China

Communications

Services

Corp.,

Ltd.

Class

H

3,906,000

1,675

China

Construction

Bank

Corp.

Class

H

10,371,607

7,241

China

Everbright

Bank

Co.,

Ltd.

Class

H

4,329,000

1,477

China

Evergrande

Group

968,000

656

China

Fortune

Land

Development

Co.,

Ltd.

Class

A(Æ)

1,639,300

1,101

China

Huarong

Asset

Management

Co.,

Ltd.

Class

H(Æ)(Š)(Þ)

16,079,000

2,110

China

Life

Insurance

Co.,

Ltd.

Class

A

125,316

543

China

Life

Insurance

Co.,

Ltd.

Class

H

714,000

1,194

China

Longyuan

Power

Group

Corp.,

Ltd.

Class

H

601,000

1,124

China

Mengniu

Dairy

Co.,

Ltd.(Æ)

247,223

1,342

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

China

Merchants

Bank

Co.,

Ltd.

Class

A

41,016

296

China

Merchants

Bank

Co.,

Ltd.

Class

H

262,598

2,004

China

Minsheng

Banking

Corp.,

Ltd.

Class

A

1,968,900

1,214

China

Minsheng

Banking

Corp.,

Ltd.

Class

H

2,639,500

1,074

China

National

Building

Material

Co.,

Ltd.

Class

H

1,757,572

1,913

China

Oilfield

Services,

Ltd.

Class

H

500,000

365

China

Petroleum

&

Chemical

Corp.

Class

H

1,639,359

747

China

Resources

Land,

Ltd.

293,112

982

China

Southern

Airlines

Co.,

Ltd.

Class

H(Æ)

1,757,581

926

China

Tower

Corp.,

Ltd.

Class

H(Þ)

9,458,000

1,254

China

Vanke

Co.,

Ltd.

Class

A

12,290

39

CIFI

Holdings

Group

Co.,

Ltd.

2,912,000

1,757

CITIC

Securities

Co.,

Ltd.

Class

H

507,500

1,130

COSCO

SHIPPING

Energy

Transportation

Co.,

Ltd.

Class

A

287,132

226

COSCO

SHIPPING

Holdings

Co.,

Ltd.

Class

H(Æ)

1,852,124

2,808

Country

Garden

Services

Holdings

Co.,

Ltd.

769,345

6,248

CSPC

Pharmaceutical

Group,

Ltd.

826,707

1,117

ENN

Energy

Holdings,

Ltd.

139,100

2,914

Focus

Media

Information

Technology

Co.,

Ltd.

Class

A

1,152,283

1,339

Geely

Automobile

Holdings,

Ltd.

2,243,340

7,505

Greentown

China

Holdings,

Ltd.

445,630

492

Guangdong

Haid

Group

Co.,

Ltd.

Class

A

23,741

231

Guotai

Junan

Securities

Co.,

Ltd.

Class

A

9,117

23

Haier

Smart

Home

Co.,

Ltd.

Class

H

366,716

1,257

Hangzhou

Robam

Appliances

Co.,

Ltd.

Class

A

139,989

847

Han's

Laser

Technology

Industry

Group

Co.,

Ltd.

Class

A

75,829

433

Hello

Group,

Inc.(Æ)

98,686

1,223

Hengan

International

Group

Co.,

Ltd.

205,500

1,223

Huatai

Securities

Co.,

Ltd.

Class

A

532,800

1,191

Huaxin

Cement

Co.,

Ltd.

Class

A

452,463

1,039

Huazhu

Group,

Ltd.(Æ)

202,500

905

Huazhu

Group,

Ltd.

-

ADR(Æ)

106,919

4,809

Hubei

Biocause

Pharmaceutical

Co.,

Ltd.(Æ)

540,800

279

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

1,233,982

686

Industrial

Bank

Co.,

Ltd.

Class

A

1,068,769

2,928

Inner

Mongolia

BaoTou

Steel

Union

Co.,

Ltd.

Class

A(Æ)

4,312,381

1,914

JD.com,

Inc.

-

ADR(Æ)

55,575

3,939

Jiangsu

Expressway

Co.,

Ltd.

Class

H

243,270

260

Kuaishou

Technology(Æ)(Þ)

122,700

1,741

Kunlun

Energy

Co.,

Ltd.

3,484,464

3,018

Kweichow

Moutai

Co.,

Ltd.

Class

A

1,400

364

Lenovo

Group,

Ltd.

2,325,442

2,175

Li

Ning

Co.,

Ltd.

317,292

3,354

Longfor

Group

Holdings,

Ltd.(Þ)

146,500

685

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

79

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

LONGi

Green

Energy

Technology

Co.,

Ltd.

Class

A

355,100

4,742

Luye

Pharma

Group,

Ltd.(Æ)(Þ)

1,637,501

882

Meituan-Dianping

Class

B(Æ)(Þ)

359,613

9,967

Midea

Real

Estate

Holding,

Ltd.(Þ)

667,600

1,128

New

Oriental

Education

&

Technology

Group,

Inc.

-

ADR(Æ)

164,480

357

NIO,

Inc.

-

ADR(Æ)

39,498

1,765

People's

Insurance

Co.

Group

of

China,

Ltd.

(The)

Class

H

3,559,000

1,105

PetroChina

Co.,

Ltd.

Class

H

14,446,000

6,012

Pinduoduo

,

Inc.

-

ADR(Æ)

24,926

2,283

Ping

An

Bank

Co.,

Ltd.

Class

A

167,200

459

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

A

73,711

613

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

1,165,248

10,229

Postal

Savings

Bank

of

China

Co.,

Ltd.

Class

H(Þ)

541,001

350

Qingdao

Rural

Commercial

Bank

Corp.

Class

A

2,046,200

1,233

SAIC

Motor

Corp.,

Ltd.

Class

A

429,791

1,224

Sangfor

Technologies,

Inc.

Class

A

116,320

4,379

Sany

Heavy

Industry

Co.,

Ltd.

Class

A

189,007

727

Shanghai

Pharmaceuticals

Holding

Co.,

Ltd.

Class

H

1,252,147

2,680

Shenzhen

Energy

Group

Co.,

Ltd.

Class

A

851,537

1,133

Shenzhen

Kangtai

Biological

Products

Co.,

Ltd.

Class

A

171,774

3,389

Shenzhou

International

Group

Holdings,

Ltd.

52,990

1,174

Sinopharm

Group

Co.,

Ltd.

Class

H

339,200

892

Sinotruk

Hong

Kong,

Ltd.

729,000

1,260

Songcheng

Performance

Development

Co.,

Ltd.

Class

A

364,294

715

Sunac

China

Holdings,

Ltd.

122,866

319

Sunac

Services

Holdings,

Ltd.(Þ)

3,953

11

Sunny

Optical

Technology

Group

Co.,

Ltd.

81,300

2,464

Tangshan

Jidong

Cement

Co.,

Ltd.

Class

A

689,900

1,273

Tencent

Holdings,

Ltd.

361,998

22,340

Times

Property

Holdings,

Ltd.

2,868,226

2,712

Tingyi

Cayman

Islands

Holding

Corp.

238,000

430

Tuya

,

Inc.

-

ADR(Æ)

51,509

1,024

Weibo

Corp.

-

ADR(Æ)

15,049

849

Weichai

Power

Co.,

Ltd.

Class

H

1,422,802

3,115

Wingtech

Technology

Co.,

Ltd.

Class

A

167,600

2,849

Yuan

Longping

High-tech

Agriculture

Co.,

Ltd.

Class

A(Æ)

447,274

1,385

Zhaojin

Mining

Industry

Co.,

Ltd.

577,497

566

Zhejiang

Huayou

Cobalt

Co.,

Ltd.

Class

A

243,730

4,973

Zhejiang

Longsheng

Group

Co.,

Ltd.

Class

A

639,700

1,216

Zhejiang

NHU

Co.,

Ltd.

Class

A

210,015

842

Zhongsheng

Group

Holdings,

Ltd.

243,500

2,242

240,825

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Cyprus

-

0.0%

Cairo

Mezz

PLC(Æ)

609,369

84

Czech

Republic

-

0.1%

Komercni

Banka

AS(Æ)

24,097

895

Moneta

Money

Bank

AS(Æ)(Þ)

390,994

1,590

2,485

Denmark

-

1.1%

AP

Moller

-

Maersk

A/S

Class

B

3,672

10,191

Carlsberg

A/S

Class

B

4,284

793

Chr

Hansen

Holding

A/S

9,350

841

Coloplast

A/S

Class

B

2,388

437

Danske

Bank

A/S

178,754

3,129

Demant

A/S(Æ)

6,818

417

Drilling

Co.

of

1972

A/S

(The)(Æ)

39,615

1,529

DSV

Panalpina

A/S

15,383

3,747

GN

Store

Nord

A/S

6,464

567

ISS

A/S(Æ)

25,710

607

Novo

Nordisk

A/S

Class

B

66,206

6,132

28,390

Finland

-

1.3%

Elisa

OYJ

38,567

2,479

Fortum

OYJ

9,309

257

Kone

OYJ

Class

B

45,123

3,737

Neste

OYJ

84,552

5,202

Nokia

OYJ(Æ)

2,192,968

13,446

Nokian

Renkaat

OYJ

24,387

1,029

Nordea

Bank

AB

194,836

2,280

Sampo

OYJ

Class

A

57,416

2,769

Stora

Enso

OYJ

Class

R

23,321

461

UPM-

Kymmene

OYJ

80,077

3,274

Wartsila

OYJ

Class

B

805

12

34,946

France

-

6.1%

Accor

SA(Æ)

29,973

1,061

Aeroports

de

Paris(Æ)

3,376

410

Air

Liquide

SA

Class

A

7,807

1,357

Airbus

Group

SE(Æ)

21,991

3,017

Amundi

SA(Þ)

71,702

6,631

AXA

SA

238,062

6,162

BioMerieux

6,339

756

BNP

Paribas

SA

110,894

6,747

Bollore

SA

209,658

1,172

Bouygues

SA

-

ADR

59,843

2,308

Bureau

Veritas

SA

67,609

2,232

Capgemini

SE

8,478

1,834

Cie

de

Saint-Gobain

SA

148,818

10,646

Cie

Generale

des

Etablissements

Michelin

SCA

Class

B

60,881

9,942

CNP

Assurances

27,463

466

Credit

Agricole

SA

94,621

1,316

Danone

SA

32,016

2,357

Dassault

Aviation

SA

971

1,157

Dassault

Systemes

SE

22,710

1,253

Eiffage

SA

3,684

375

Electricite

de

France

SA

35,504

430

Engie

SA

134,615

1,796

EssilorLuxottica

SA

5,166

975

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

80

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Eurazeo

SE

6,613

640

Faurecia

SE

1,272

58

Hermes

International

1,416

2,167

Legrand

SA

-

ADR

4,175

470

L'Oreal

SA

16,598

7,603

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

13,313

10,654

Orange

SA

-

ADR

74,963

835

Pernod

Ricard

SA

3,723

822

Publicis

Groupe

SA

-

ADR

101,825

6,427

Renault

SA(Æ)

73,912

2,812

Rexel

SA

Class

H(Æ)

713,896

15,052

Safran

SA

11,503

1,507

Sanofi

-

ADR

60,898

6,275

Sartorius

Stedim

Biotech

4,885

2,788

Schneider

Electric

SE

99,682

16,702

SCOR

SE

-

ADR

118,768

3,322

Societe

Generale

SA

181,456

5,316

Sodexo

SA(Æ)

1,779

152

Suez

SA

30,982

723

Teleperformance

-

GDR

2,067

872

Thales

SA

4,450

467

Total

SA

160,978

7,020

Vinci

SA

7,511

794

Vivendi

SA

-

ADR

69,383

2,344

Worldline

SA(Æ)(Þ)

29,768

2,786

163,008

Germany

-

3.4%

1&1

Drillisch

AG

45,216

1,344

adidas

AG

3,971

1,443

Allianz

SE

7,474

1,861

BASF

SE

102,146

8,026

Bayerische

Motoren

Werke

Aktiengesellschaft

9,587

954

Beiersdorf

AG

5,046

600

Continental

AG(Æ)

13,569

1,844

Covestro

AG(Þ)

147,881

9,517

Daimler

AG

87,773

7,841

Delivery

Hero

SE(Æ)(Þ)

46,612

6,980

Deutsche

Bank

AG(Æ)

96,141

1,215

Deutsche

Boerse

AG

23,924

3,995

Deutsche

Lufthansa

AG(Æ)

35,690

404

Deutsche

Telekom

AG

50,036

1,040

Deutsche

Wohnen

SE

10,684

667

Fraport

AG

Frankfurt

Airport

Services

Worldwide(Æ)

9,505

626

Fresenius

Medical

Care

AG

&

Co.

62,001

4,895

Fresenius

SE

&

Co.

KGaA

88,998

4,681

GEA

Group

AG

38,618

1,713

Hannover

Rueck

SE

17,312

2,914

HeidelbergCement

AG

7,071

627

Infineon

Technologies

AG

-

ADR

61,815

2,357

Knorr-

Bremse

AG

3,269

371

Merck

&

Co.,

Inc.

6,103

1,250

Muenchener

Rueckversicherungs-

Gesellschaft

AG

22,674

6,132

Salzgitter

AG(Æ)

32,924

1,280

SAP

SE

-

ADR

26,175

3,755

Siemens

AG

28,881

4,509

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Siemens

Energy

AG(Æ)

14,440

393

Siemens

Healthineers

AG(Þ)

17,361

1,147

Symrise

AG

7,412

1,093

United

Internet

AG

11,283

467

Vonovia

SE

12,999

867

Zalando

SE(Æ)(Þ)

29,188

3,247

90,055

Greece

-

0.3%

Eurobank

Ergasias

SA(Æ)

7,312,428

6,880

National

Bank

of

Greece(Æ)

534,854

1,507

8,387

Hong

Kong

-

2.5%

AIA

Group,

Ltd.

907,346

10,883

BOC

Hong

Kong

Holdings,

Ltd.

50,551

163

China

Jinmao

Holdings

Group,

Ltd.

4,752,000

1,327

China

Resources

Beer

Holdings

Co.,

Ltd.

70,000

525

China

Resources

Gas

Group,

Ltd.

338,045

2,084

China

Traditional

Chinese

Medicine

Co.,

Ltd.(Æ)

1,360,000

850

CK

Asset

Holdings,

Ltd.

617,547

4,211

CLP

Holdings,

Ltd.

539,449

5,566

Galaxy

Entertainment

Group,

Ltd.(Æ)

1,347,843

9,170

Hang

Lung

Properties,

Ltd.

-

ADR

161,028

417

Hang

Seng

Bank,

Ltd.

222,220

4,258

HK

Electric

Investments

&

HK

Electric

Investments,

Ltd.

715,886

726

HKT

Trust

&

HKT,

Ltd.

976,712

1,327

Hong

Kong

&

China

Gas

Co.,

Ltd.

297,888

486

Jardine

Matheson

Holdings,

Ltd.

9,100

541

MTR

Corp.,

Ltd.

62,025

368

Nine

Dragons

Paper

Holdings,

Ltd.

325,000

410

Power

Assets

Holdings,

Ltd.

486,000

3,141

Sands

China,

Ltd.(Æ)

567,600

1,942

Shenzhen

International

Holdings,

Ltd.

919,000

1,214

Sun

Art

Retail

Group,

Ltd.

1,755,000

1,092

Sun

Hung

Kai

Properties,

Ltd.

107,500

1,541

Swire

Pacific,

Ltd.

Class

A

231,946

1,442

Swire

Properties,

Ltd.

161,592

460

Techtronic

Industries

Co.,

Ltd.

588,500

10,532

WH

Group,

Ltd.(Þ)

2,724,614

2,260

66,936

Hungary

-

0.1%

MOL

Hungarian

Oil

&

Gas

PLC(Æ)

187,346

1,493

OTP

Bank

PLC(Æ)

45,110

2,433

3,926

India

-

3.7%

Bharti

Airtel,

Ltd.

349,104

2,642

Britannia

Industries,

Ltd.

23,516

1,083

Canara

Bank(Æ)

706,199

1,456

Cipla

,

Ltd.

7,137

88

Dabur

India,

Ltd.

Class

A

41,708

337

Dr

Reddy's

Laboratories,

Ltd.

2,598

164

GAIL

India,

Ltd.

2,372,507

4,451

HCL

Technologies,

Ltd.

40,745

562

HDFC

Bank,

Ltd.

-

ADR

18,420

1,300

Hindustan

Unilever,

Ltd.

104,860

3,291

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

81

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Housing

Development

Finance

Corp.,

Ltd.

588,333

19,387

ICICI

Bank,

Ltd.

535,534

4,925

ICICI

Bank,

Ltd.

-

ADR

106,819

1,986

ICICI

Lombard

General

Insurance

Co.,

Ltd.(Þ)

164,714

3,267

Infosys,

Ltd.

72,492

1,579

Infosys,

Ltd.

-

ADR

127,629

2,823

InterGlobe

Aviation,

Ltd.(Æ)(Þ)

98,346

2,178

Maruti

Suzuki

India,

Ltd.

53,045

4,987

Oil

&

Natural

Gas

Corp.,

Ltd.

1,059,984

1,634

Pidilite

Industries,

Ltd.

14,060

431

Power

Grid

Corp.

of

India,

Ltd.

1,371,068

3,156

Power

Grid

Corp.

of

India,

Ltd.(Æ)(Š)

457,023

1,051

Reliance

Industries,

Ltd.

393,469

10,786

Reliance

Industries,

Ltd.

-

GDR(Þ)

78,033

4,314

SBI

Cards

&

Payment

Services,

Ltd.(Æ)

267,071

3,712

Shriram

Transport

Finance

Co.,

Ltd.

41,069

767

State

Bank

of

India

837,980

4,869

Tata

Consultancy

Services,

Ltd.

188,756

8,040

Tata

Motors,

Ltd.(Æ)

519,472

2,059

Wipro,

Ltd.

130,668

1,033

Zee

Entertainment

Enterprises,

Ltd.

25,994

71

98,429

Indonesia

-

0.5%

Bank

Central

Asia

Tbk

PT

665,178

1,373

Bank

Mandiri

Persero

Tbk

PT

3,936,400

1,555

Bank

Negara

Indonesia

Persero

Tbk

PT

7,171,900

2,368

Bank

Tabungan

Negara

Persero

Tbk

PT(Æ)

10,458,905

953

Bumi

Serpong

Damai

Tbk

PT(Æ)

13,758,500

890

Gudang

Garam

Tbk

PT

271,440

616

Jasa

Marga

Persero

Tbk

PT(Æ)

3,561,000

972

Telkom

Indonesia

Persero

Tbk

PT

13,110,600

2,941

Unilever

Indonesia

Tbk

PT

3,633,700

1,065

United

Tractors

Tbk

PT

140,969

191

12,924

Ireland

-

1.3%

AerCap

Holdings

NV(Æ)

23,581

1,250

AIB

Group

PLC(Æ)

799,670

1,957

Allegion

PLC

74,823

10,221

Bank

of

Ireland

Group

PLC(Æ)

803,220

4,263

CRH

PLC

18,909

942

DCC

PLC

9,242

774

Flutter

Entertainment

PLC(Æ)

22,034

3,762

Kerry

Group

PLC

Class

A

64,751

9,600

Medtronic

PLC

585

77

Ryanair

Holdings

PLC

-

ADR(Æ)

5,228

570

33,416

Isle

of

Man

-

0.1%

NEPI

Rockcastle

PLC

347,128

2,347

Israel

-

0.1%

Bank

Hapoalim

BM(Æ)

195,439

1,554

Bank

Leumi

Le-Israel

BM(Æ)

66,942

512

Check

Point

Software

Technologies,

Ltd.

(Æ)

2,312

294

Mizrahi

Tefahot

Bank,

Ltd.

27,841

844

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

NICE,

Ltd.(Æ)

2,366

660

3,864

Italy

-

1.3%

Assicurazioni

Generali

SpA

189,063

3,777

Atlantia

SpA

(Æ)

70,909

1,288

Davide

Campari-Milano

NV

SpA

(Æ)

187,496

2,639

Enel

SpA

651,151

6,014

Eni

SpA

-

ADR

330,483

3,904

Ferrari

NV

13,254

2,892

FinecoBank

Banca

Fineco

SpA

83,796

1,500

Intesa

Sanpaolo

SpA

661,879

1,828

Mediobanca

Banca

di

Credito

Finanziario

SpA

19,127

224

Moncler

SpA

24,622

1,696

Pirelli

&

C

SpA

(Þ)

162,449

983

Saipem

SpA

(Æ)

672,171

1,544

Snam

Rete

Gas

SpA

3,110

19

Telecom

Italia

SpA

1,179,560

519

Terna

Rete

Elettrica

Nazionale

SpA

56,676

451

UniCredit

SpA

361,799

4,327

Unipol

Gruppo

SpA

111,971

597

34,202

Japan

-

11.6%

Aeon

Co.,

Ltd.

13,900

381

Alps

Alpine

Co.,

Ltd.

49,100

510

As

One

Corp.

8,474

1,152

Asahi

Group

Holdings,

Ltd.

13,200

594

Astellas

Pharma,

Inc.

304,100

4,844

Bank

of

Kyoto,

Ltd.

(The)

17,700

763

BML,

Inc.

24,000

832

Bridgestone

Corp.

198,500

8,736

Canon,

Inc.

226,100

5,193

Century

Tokyo

Leasing

Corp.

14,400

793

Citizen

Watch

Co.,

Ltd.

481,200

1,883

Concordia

Financial

Group,

Ltd.

95,300

342

Dai-ichi

Life

Holdings,

Inc.

151,885

2,806

Daiichi

Sankyo

Co.,

Ltd.

10,200

202

Daikin

Industries,

Ltd.

200

42

Daiseki

Co.,

Ltd.

1,200

56

Daito

Trust

Construction

Co.,

Ltd.

19,600

2,307

Daiwa

House

Industry

Co.,

Ltd.

16,900

519

Denso

Corp.

106,200

7,292

Dentsu

,

Inc.

24,300

846

Ebara

Corp.

600

30

Eisai

Co.,

Ltd.

58,900

4,835

Fuji

Electric

Co.,

Ltd.

16,300

712

Fuji

Seal

International,

Inc.

19,900

404

FUJIFILM

Holdings

Corp.

26,421

1,898

Fujitsu,

Ltd.

20,614

3,502

Fukuoka

Financial

Group,

Inc.

93,500

1,578

GMO

Payment

Gateway,

Inc.

7,500

969

Hamamatsu

Photonics

KK

7,900

440

Hankyu

Hanshin

Holdings,

Inc.

12,400

366

Hikari

Tsushin,

Inc.

7,000

1,213

Hino

Motors,

Ltd.

277,000

2,423

Hitachi

Metals,

Ltd.

443,400

8,655

Hitachi,

Ltd.

25,000

1,436

Hogy

Medical

Co.,

Ltd.

15,300

481

Honda

Motor

Co.,

Ltd.

441,565

14,124

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

82

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hoshizaki

Corp.

1,500

126

Hoya

Corp.

4,600

649

Iida

Group

Holdings

Co.,

Ltd.

134,900

3,256

Isuzu

Motors,

Ltd.

855,500

11,390

ITOCHU

Corp.

80,018

2,384

Japan

Airlines

Co.,

Ltd.(Æ)

89,600

1,876

Japan

Exchange

Group,

Inc.

92,000

2,094

Japan

Post

Insurance

Co.,

Ltd.

Class

A

32,800

583

Japan

Tobacco,

Inc.

286,900

5,611

JFE

Holdings,

Inc.

84,700

1,038

JSR

Corp.

30,300

1,014

Kamigumi

Co.,

Ltd.

82,100

1,742

Kansai

Electric

Power

Co.,

Inc.

(The)

94,100

890

Kao

Corp.

106,200

6,385

Kawasaki

Heavy

Industries,

Ltd.

1,500

31

KDDI

Corp.

193,800

5,914

Keio

Corp.

8,400

470

Keyence

Corp.

17,800

9,910

Kirin

Holdings

Co.,

Ltd.

171,000

3,129

Koito

Manufacturing

Co.,

Ltd.

12,600

771

Komatsu,

Ltd.

267,900

6,985

Kubota

Corp.

36,400

761

Kyowa

Kirin

Co.,

Ltd.

33,800

1,099

Lawson,

Inc.

4,900

246

McDonald's

Holdings

Co.

Japan,

Ltd.

13,100

591

Medipal

Holdings

Corp.

30,500

575

MEIJI

Holdings

Co.,

Ltd.

57,300

3,549

Menicon

Co.,

Ltd.

73,500

5,373

Mitsubishi

Chemical

Holdings

Corp.

43,700

367

Mitsubishi

Electric

Corp.

280,300

3,794

Mitsubishi

Estate

Co.,

Ltd.

154,400

2,423

Mitsubishi

Heavy

Industries,

Ltd.

26,400

767

Mitsubishi

UFJ

Financial

Group,

Inc.

1,163,500

6,165

Mitsui

&

Co.,

Ltd.

58,000

1,339

Mitsui

Chemicals,

Inc.

8,400

268

Mizuho

Financial

Group,

Inc.

90,400

1,291

MS&AD

Insurance

Group

Holdings,

Inc.

90,300

2,792

Murata

Manufacturing

Co.,

Ltd.

35,300

2,927

Nakanishi,

Inc.

6,477

135

NEC

Corp.

7,600

386

Nidec

Corp.

5,600

629

Nintendo

Co.,

Ltd.

8,275

4,264

Nippon

Prologis

REIT,

Inc.(ö)

246

821

Nippon

Shinyaku

Co.,

Ltd.

8,700

654

Nippon

Steel

Corp.

82,100

1,435

Nippon

Telegraph

&

Telephone

Corp.

30,800

789

Nissan

Motor

Co.,

Ltd.(Æ)

460,000

2,663

Nissin

Foods

Holdings

Co.,

Ltd.

7,900

562

Nitori

Holdings

Co.,

Ltd.

8,500

1,617

Nitto

Denko

Corp.

40,600

3,021

Nomura

Holdings,

Inc.

122,500

612

NTT

Data

Corp.

54,700

848

Obayashi

Corp.

14,000

115

Obic

Co.,

Ltd.

300

53

Odakyu

Electric

Railway

Co.,

Ltd.

21,900

523

Ono

Pharmaceutical

Co.,

Ltd.

195,400

4,469

Oriental

Land

Co.,

Ltd.

5,700

780

Osaka

Gas

Co.,

Ltd.

35,500

665

Otsuka

Corp.

36,200

1,891

Otsuka

Holdings

Co.,

Ltd.

103,700

4,122

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Pan

Pacific

International

Holdings

Corp.

30,400

635

Panasonic

Corp.

628,000

7,522

Pigeon

Corp.

45,300

1,311

Qol

Holdings

Co.,

Ltd.

3,300

46

Recruit

Holdings

Co.,

Ltd.

21,900

1,133

Resona

Holdings,

Inc.

1,031,000

3,885

Rinnai

Corp.

5,800

538

Secom

Co.,

Ltd.

9,463

715

Sekisui

House,

Ltd.

26,200

519

Seven

&

i

Holdings

Co.,

Ltd.

11,600

517

Shimadzu

Corp.

3,000

121

Shimano,

Inc.

2,387

611

Shin-Etsu

Chemical

Co.,

Ltd.

76,700

12,514

Shizuoka

Bank,

Ltd.

(The)

137,900

998

SMC

Corp.

3,900

2,318

SoftBank

Group

Corp.

127,184

2,936

Sompo

Japan

Nipponkoa

Holdings,

Inc.

21,801

902

Sony

Corp.

27,200

2,839

Subaru

Corp.

61,100

1,199

Sumitomo

Dainippon

Pharma

Co.,

Ltd.

68,600

1,186

Sumitomo

Electric

Industries,

Ltd.

31,500

448

Sumitomo

Heavy

Industries,

Ltd.

21,800

607

Sumitomo

Mitsui

Banking

Corp.

212,702

7,170

Sumitomo

Mitsui

Trust

Holdings,

Inc.

37,400

1,229

Suntory

Beverage

&

Food,

Ltd.

34,800

1,224

Suzuki

Motor

Corp.

9,300

378

T&D

Holdings,

Inc.

491,400

6,298

Taiheiyo

Cement

Corp.

84,200

1,960

Taisei

Corp.

10,200

345

Takeda

Pharmaceutical

Co.,

Ltd.

87,800

2,919

THK

Co.,

Ltd.

73,900

2,115

Toho

Co.,

Ltd.

16,400

714

Tokio

Marine

Holdings,

Inc.

51,000

2,433

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(Æ)

207,200

554

Tokyo

Electron,

Ltd.

28,900

11,906

Tokyu

Fudosan

Holdings

Corp.

36,000

203

Toray

Industries,

Inc.

96,500

636

Toshiba

Corp.

29,700

1,279

Toyota

Industries

Corp.

30,800

2,582

Toyota

Motor

Corp.

42,400

3,808

Toyota

Tsusho

Corp.

5,300

250

Transcosmos

,

Inc.

16,100

457

Trend

Micro,

Inc.

33,800

1,759

Unicharm

Corp.

25,688

1,030

USS

Co.,

Ltd.

30,800

536

Yamada

Denki

Co.,

Ltd.

113,000

532

310,605

Jersey

-

0.1%

Glencore

PLC(Æ)

668,040

3,003

Kazakhstan

-

0.1%

NAC

Kazatomprom

JSC

-

GDR

132,221

3,295

Kenya

-

0.1%

Safaricom

PLC

6,616,360

2,556

Luxembourg

-

0.9%

ArcelorMittal

SA(Æ)

253,185

8,843

Eurofins

Scientific

SE

78,139

9,347

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

83

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Globant

SA(Æ)

3,541

847

RTL

Group

SA

61,002

3,451

Tenaris

SA

186,230

1,905

24,393

Malaysia

-

0.3%

Axiata

Group

BHD

524,800

464

CIMB

Group

Holdings

BHD

804,400

848

Dialog

Group

BHD

1,179,587

769

Hong

Leong

Bank

BHD

197,291

842

Hong

Leong

Financial

Group

BHD

261,314

1,066

IHH

Healthcare

BHD

377,448

505

Malayan

Banking

BHD

155,450

295

Nestle

Malaysia

BHD

13,437

424

Public

Bank

BHD

680,000

641

Supermax

Corp.

BHD

1,588,800

1,231

Tenaga

Nasional

BHD

546,718

1,248

8,333

Mexico

-

1.2%

America

Movil

SAB

de

CV

591,491

496

America

Movil

SAB

de

CV

Class

L

-

ADR

225,394

3,753

Arca

Continental

SAB

de

CV

131,093

793

Cemex

SAB

de

CV(Æ)

1,138,599

929

Cemex

SAB

de

CV

-

ADR(Æ)

745,325

6,059

Coca-Cola

Femsa

SAB

de

CV

53,530

303

El

Puerto

de

Liverpool

SAB

de

CV

258,973

1,224

Fomento

Economico

Mexicano

SAB

de

CV

68,153

595

Grupo

Cementos

de

Chihuahua

SAB

de

CV

205,062

1,668

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

217,927

1,413

Grupo

Financiero

Inbursa

SAB

de

CV

Class

O(Æ)

1,287,868

1,247

Grupo

Televisa

SAB

de

CV

-

ADR

594,597

8,056

Industrias

Bachoco

SAB

de

CV

361,944

1,325

Industrias

Penoles

SAB

de

CV(Æ)

92,806

1,309

Infraestuctura

Energetica

Nova

SAB

de

CV(Æ)

1,944

8

Megacable

Holdings

SAB

de

CV

160,407

562

Orbia

Advance

Corp.

SAB

de

CV

451,254

1,230

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

70,773

534

Wal-Mart

de

Mexico

SAB

de

CV

151,623

500

32,004

Netherlands

-

3.4%

ABN

AMRO

Bank

NV(Þ)

270,263

3,140

Adyen

NV(Æ)(Þ)

1,034

2,815

Aegon

NV

424,596

1,805

Akzo

Nobel

NV

16,891

2,089

ASML

Holding

NV

15,916

12,103

Exor

NV

6,092

502

Heineken

NV

128,889

15,011

ING

Groep

NV

1,180,465

15,115

Koninklijke

Ahold

Delhaize

NV

36,770

1,143

Koninklijke

KPN

NV

638,961

2,100

Koninklijke

Philips

NV

61,837

2,852

PostNL

NV

-

ADR

169,785

920

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Royal

Dutch

Shell

PLC

Class

A

331,499

6,734

Royal

Dutch

Shell

PLC

Class

B

443,672

8,757

Stellantis

NV

197,433

3,792

Technip

Energies

NV

-

ADR(Æ)

110,240

1,494

Wolters

Kluwer

NV

9,140

1,043

X5

Retail

Group

NV

-

GDR

72,354

2,344

Yandex

NV

Class

A(Æ)

116,227

7,895

91,654

New

Zealand

-

0.4%

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

365,730

8,047

Meridian

Energy,

Ltd.

4,494

16

Spark

New

Zealand,

Ltd.

515,261

1,701

9,764

Norway

-

0.5%

DNB

Bank

ASA(Æ)

38,357

786

Gjensidige

Forsikring

ASA

29,105

666

Mowi

ASA

88,244

2,248

Norsk

Hydro

ASA

940,510

6,256

Orkla

ASA

181,935

1,654

Yara

International

ASA

7,033

370

11,980

Peru

-

0.0%

Credicorp

,

Ltd.

1,427

144

Philippines

-

0.3%

Ayala

Land,

Inc.

2,251,500

1,472

Bank

of

the

Philippine

Islands

1,481,150

2,384

BDO

Unibank

,

Inc.

219,920

449

GT

Capital

Holdings,

Inc.

46,220

503

Megaworld

Corp.

21,761,000

1,207

Metropolitan

Bank

&

Trust

Co.

-

ADR

701,600

604

Monde

Nissin

Corp.(Æ)(Þ)

5,684,800

1,681

SM

Investments

Corp.

19,900

363

8,663

Poland

-

0.6%

Bank

Millennium

SA(Æ)

1,350,714

1,729

Bank

Pekao

SA

208,964

5,097

CD

Projekt

SA

13,274

637

Cyfrowy

Polsat

SA

68,324

606

KGHM

Polska

Miedz

SA

58,793

2,970

PGE

Polska

Grupa

Energetyczna

SA(Æ)

728,361

1,641

Polski

Koncern

Naftowy

ORLEN

SA

32,559

617

Polskie

Gornictwo

Naftowe

i

Gazownictwo

SA

259,718

424

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA(Æ)

118,891

1,167

Santander

Bank

Polska

SA

15,180

1,010

15,898

Portugal

-

0.0%

Energias

de

Portugal

SA

55,699

289

Russia

-

1.4%

Gazprom

PJSC

377,058

1,469

Gazprom

PJSC

-

ADR

334,362

2,603

Lukoil

PJSC

82,814

7,116

Lukoil

PJSC

-

ADR

10,868

931

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

84

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Novatek

PJSC

-

GDR

5,629

1,252

Novolipetsk

Steel

PJSC

-

GDR

19,476

684

Polyus

PJSC

-

GDR

22,942

2,211

Rosneft

Oil

Co.

PJSC

478,377

3,552

Sberbank

of

Russia

PJSC

1,482,749

6,211

Sberbank

of

Russia

PJSC

-

ADR

641,201

10,673

Tatneft

PJSC

-

ADR

12,360

493

VEON,

Ltd.(Æ)

779,759

1,365

38,560

Singapore

-

0.6%

CapitaLand,

Ltd.

479,100

1,426

DBS

Group

Holdings,

Ltd.

205,623

4,615

Genting

Singapore,

Ltd.

268,900

161

Jardine

Cycle

&

Carriage,

Ltd.

4,100

62

Oversea-Chinese

Banking

Corp.,

Ltd.

140,495

1,271

Singapore

Exchange,

Ltd.

161,900

1,420

Singapore

Technologies

Engineering,

Ltd.

396,700

1,173

United

Overseas

Bank,

Ltd.

42,300

819

UOL

Group,

Ltd.

128,700

693

Wilmar

International,

Ltd.

1,664,400

5,348

16,988

South

Africa

-

1.5%

Anglo

American

PLC

165,108

7,315

AngloGold

Ashanti,

Ltd.

-

ADR

51,190

1,026

Aspen

Pharmacare

Holdings,

Ltd.

106,119

1,306

Bidvest

Group,

Ltd.

(The)

163,201

2,224

Clicks

Group,

Ltd.

37,166

672

Discovery

Holdings,

Ltd.(Æ)

50,418

404

FirstRand,

Ltd.

2,211,486

8,199

Gold

Fields,

Ltd.

-

ADR

389,243

3,822

Harmony

Gold

Mining

Co.,

Ltd.

402,029

1,647

Impala

Platinum

Holdings,

Ltd.

37,548

677

MTN

Group,

Ltd.(Æ)

189,397

1,361

Northam

Platinum,

Ltd.(Æ)

87,830

1,385

Old

Mutual,

Ltd.

21,868

19

Pick

n

Pay

Stores,

Ltd.

142,378

507

Sibanye

Stillwater,

Ltd.

2,005,286

8,726

Thungela

Resources,

Ltd.(Æ)

13,250

41

Tiger

Brands,

Ltd.

36,079

475

39,806

South

Korea

-

5.6%

BNK

Financial

Group,

Inc.

109,729

738

CJ

Logistics

Corp.(Æ)

2,716

416

CLIO

Cosmetics

Co.,

Ltd.

18,351

356

Coway

Co.,

Ltd.

12,443

929

Daewoo

Engineering

&

Construction

Co.,

Ltd.(Æ)

220,752

1,436

Fila

Holdings

Corp.

19,328

880

Hana

Financial

Group,

Inc.

177,203

6,693

Hankook

Tire

&

Technology

Co.,

Ltd.

53,122

2,237

Hanon

Systems

40,874

555

Hyundai

Department

Store

Co.,

Ltd.

10,518

733

Hyundai

Engineering

&

Construction

Co.,

Ltd.

13,169

628

Hyundai

Motor

Co.

25,700

4,885

Industrial

Bank

of

Korea

10,045

90

KB

Financial

Group,

Inc.

288,067

12,796

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kia

Motors

Corp.

93,614

6,825

Korea

Aerospace

Industries,

Ltd.

1,345

38

Korea

Electric

Power

Corp.

58,444

1,267

Korea

Gas

Corp.(Æ)

31,733

995

KT

Corp.

-

ADR

269,767

3,882

KT&G

Corp.

6,567

470

Kumho

Petrochemical

Co.,

Ltd.

8,981

1,593

LG

Chem

,

Ltd.

8,738

6,408

LG

Electronics,

Inc.

Class

H

16,667

2,290

LG

Household

&

Health

Care,

Ltd.

5,127

6,510

LG

Uplus

Corp.

35,871

454

NAVER

Corp.

20,807

7,857

NCSoft

Corp.

4,524

3,242

Netmarble

Corp.(Þ)

4,996

603

Ottogi

Corp.

741

348

Pearl

Abyss

Corp.(Æ)

13,380

865

POSCO

36,498

11,587

Samsung

Biologics

Co.,

Ltd.(Æ)(Þ)

3,890

3,013

Samsung

Electro-Mechanics

Co.,

Ltd.

30,822

5,162

Samsung

Electronics

Co.,

Ltd.

413,273

28,260

Samsung

Engineering

Co.,

Ltd.(Æ)

81,362

1,657

Seegene

,

Inc.

19,052

1,159

Shinhan

Financial

Group

Co.,

Ltd.

283,503

9,641

SK

Hynix,

Inc.

117,851

11,593

SK

Telecom

Co.,

Ltd.

3,477

910

150,001

Spain

-

1.1%

Abertis

Infraestructuras

SA(Æ)(Š)

27,820

160

Aena

SME

SA(Æ)(Þ)

2,813

448

Amadeus

IT

Group

SA

Class

A(Æ)

51,969

3,402

Banco

Santander

SA

-

ADR

452,034

1,654

Bankinter

SA

47,357

258

CaixaBank

SA

1,862,722

5,538

Cellnex

Telecom

SA(Þ)

129,661

8,449

Endesa

SA

-

ADR

64,674

1,574

Ferrovial

SA

3,241

96

Iberdrola

SA

97,607

1,177

Industria

de

Diseno

Textil

SA

117,223

3,977

Linea

Directa

Aseguradora

SA

47,357

96

Red

Electrica

Corp.

SA

96,947

1,918

28,747

Sweden

-

1.2%

Assa

Abloy

AB

Class

B

100,972

3,238

Atlas

Copco

AB(Æ)

20,626

1,396

Boliden

AB(Æ)

44,225

1,726

Essity

Aktiebolag

Class

B

19,788

647

Kinnevik

AB

Class

B(Æ)

49,339

2,152

L

E

Lundbergforetagen

AB

Class

B

17,474

1,248

Loomis

AB

13,196

442

Sandvik

AB

341,055

8,884

Securitas

AB

Class

B

52,827

931

Skandinaviska

Enskilda

Banken

AB

Class

A

112,699

1,523

Skanska

AB

Class

B

25,741

726

Svenska

Cellulosa

AB

SCA

Class

B

32,919

612

Svenska

Handelsbanken

AB

Class

A

128,227

1,448

Swedbank

AB

Class

A

31,782

619

Swedish

Match

AB

442,840

3,965

Telefonaktiebolaget

LM

Ericsson

Class

B

196,074

2,261

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

85

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Volvo

AB

Class

B

22,016

519

32,337

Switzerland

-

5.9%

ABB,

Ltd.

120,601

4,409

Adecco

Group

AG

104,966

6,288

Alcon,

Inc.

21,038

1,532

Baloise

Holding

AG

6,483

1,024

Chocoladefabriken

Lindt

&

Spruengli

AG

63

1,231

Cie

Financiere

Richemont

SA

Class

A

14,031

1,797

Credit

Suisse

Group

AG

Class

A

255,019

2,563

Geberit

AG

1,645

1,351

Georg

Fischer

AG

174

282

Givaudan

SA

273

1,363

Julius

Baer

Group,

Ltd.

91,207

6,034

Kuehne

&

Nagel

International

AG

5,614

1,894

LafargeHolcim

,

Ltd.(Æ)

102,916

6,033

Lonza

Group

AG

3,947

3,072

Nestle

SA

235,330

29,818

Novartis

AG

170,329

15,755

Partners

Group

Holding

AG

7,156

12,234

Roche

Holding

AG

55,698

21,539

Schindler

Holding

AG

4,955

1,586

SGS

SA

994

3,220

Sika

AG

3,360

1,183

STMicroelectronics

NV

44,447

1,820

Swiss

Life

Holding

AG

1,577

815

Swiss

Prime

Site

AG

Class

A

134

14

Swiss

Re

AG

32,294

2,923

Swisscom

AG

4,883

2,938

Temenos

AG

38,270

6,083

UBS

Group

AG

922,636

15,213

Zurich

Insurance

Group

AG

9,970

4,019

158,033

Taiwan

-

5.7%

Advantech

Co.,

Ltd.

36,000

469

Asustek

Computer,

Inc.

64,340

807

Catcher

Technology

Co.,

Ltd.

194,000

1,283

Cathay

Financial

Holding

Co.,

Ltd.

388,000

753

Chang

Hwa

Commercial

Bank,

Ltd.

712,030

422

China

Airlines,

Ltd.(Æ)

2,520,000

1,562

China

Development

Financial

Holding

Corp.

1,469,520

743

China

Life

Insurance

Co.,

Ltd.

1,107,896

1,045

China

Steel

Corp.

Class

H

765,001

994

Chunghwa

Telecom

Co.,

Ltd.

206,590

853

Chunghwa

Telecom

Co.,

Ltd.

-

ADR

11,428

474

Compal

Electronics,

Inc.

838,482

649

CTBC

Financial

Holding

Co.,

Ltd.

1,604,000

1,312

E.Sun

Financial

Holding

Co.,

Ltd.

984,954

935

Eva

Airways

Corp.

1,248,718

820

Evergreen

Marine

Corp.

Taiwan,

Ltd.(Æ)

650,876

3,107

First

Financial

Holding

Co.,

Ltd.

501,424

408

Formosa

Petrochemical

Corp.

226,000

786

Formosa

Plastics

Corp.

182,651

656

Fubon

Financial

Holding

Co.,

Ltd.

1,779,000

4,779

Globalwafers

Co.,

Ltd.

99,847

3,023

Hiwin

Technologies

Corp.

142,501

1,635

Hon

Hai

Precision

Industry

Co.,

Ltd.

2,343,101

9,253

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hon

Hai

Precision

Industry

Co.,

Ltd.

-

GDR

19,317

153

Hua

Nan

Financial

Holdings

Co.,

Ltd.

1,138,802

787

Innolux

Corp.

2,421,586

1,609

International

Games

System

Co.,

Ltd.

85,000

2,650

King

Yuan

Electronics

Co.,

Ltd.(Æ)

1,407,000

2,342

Largan

Precision

Co.,

Ltd.

7,421

780

Lite-On

Technology

Corp.

292,126

671

MediaTek

,

Inc.

326,629

10,621

Mega

Financial

Holding

Co.,

Ltd.

636,000

753

Nan

Ya

Plastics

Corp.

304,000

948

Nanya

Technology

Corp.

2,001,000

5,192

Pou

Chen

Corp.

Class

B

392,000

495

President

Chain

Store

Corp.

43,490

437

Realtek

Semiconductor

Corp.

65,588

1,382

Ruentex

Development

Co.,

Ltd.

675,917

1,511

Shin

Kong

Financial

Holding

Co.,

Ltd.

5,091,011

1,668

SinoPac

Financial

Holdings

Co.,

Ltd.

1,198,000

602

Synnex

Technology

International

Corp.

301,773

572

Taishin

Financial

Holding

Co.,

Ltd.

821,000

498

Taiwan

Business

Bank

1,750,191

594

Taiwan

Cooperative

Financial

Holding

Co.,

Ltd.

1,337,398

1,045

Taiwan

High

Speed

Rail

Corp.

78,267

85

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

2,500,042

52,058

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

142,744

16,650

Uni

-President

Enterprises

Corp.

165,000

432

United

Microelectronics

Corp.

3,708,000

7,713

Win

Semiconductors

Corp.

59,849

740

WPG

Holdings,

Ltd.

402,308

785

Yageo

Corp.

7,416

149

Yuanta

Financial

Holding

Co.,

Ltd.

1,659,877

1,507

152,197

Thailand

-

0.5%

Advanced

Info

Service

PCL

62,600

342

Bangkok

Commercial

Asset

Management

PCL

4,482,800

2,252

Bangkok

Dusit

Medical

Services

PCL

Class

F

1,728,400

1,184

Bangkok

Expressway

&

Metro

PCL

4,394,100

1,023

CP

ALL

PCL

822,200

1,476

Kasikornbank

PCL

903,200

2,828

Minor

International

PCL(Æ)

1,944,968

1,762

PTT

Global

Chemical

PCL

40,000

69

PTT

PCL

173,000

182

Siam

Cement

PCL

(The)

60,900

768

Thai

Union

Group

PCL

Class

F

231,700

156

12,042

Turkey

-

0.2%

Arcelik

AS

207,287

812

Ford

Otomotiv

Sanayi

AS

36,176

742

Haci

Omer

Sabanci

Holding

AS

670,473

754

KOC

Holding

AS

183,082

446

Turkcell

Iletisim

Hizmetleri

AS

680,333

1,242

3,996

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

86

Tax-Managed

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

United

Arab

Emirates

-

0.2%

Aldar

Properties

PJSC

1,646,273

1,777

Emaar

Properties

PJSC

1,615,413

1,749

Emirates

NBD

Bank

PJSC

231,816

845

Emirates

Telecommunications

Group

Co.

PJSC(Š)

231,251

1,435

5,806

United

Kingdom

-

7.4%

Admiral

Group

PLC

32,679

1,542

Allfunds

Group

PLC(Æ)

72,214

1,270

Antofagasta

PLC

262,523

5,451

Associated

British

Foods

PLC

29,852

832

AstraZeneca

PLC

68,598

7,878

Aviva

PLC

306,602

1,650

Babcock

International

Group

PLC(Æ)

641,020

2,280

BAE

Systems

PLC

508,033

4,066

Bank

of

Georgia

Group

PLC

31,959

666

Barclays

PLC

2,745,379

6,654

Berkeley

Group

Holdings

PLC

19,522

1,314

BP

PLC

948,602

3,803

British

American

Tobacco

PLC

32,133

1,198

British

Land

Co.

PLC

(The)(ö)

210,840

1,495

BT

Group

PLC(Æ)

1,463,411

3,530

Bunzl

PLC

25,073

929

Centrica

PLC(Æ)

3,735,528

2,360

Compass

Group

PLC(Æ)

374,974

7,922

Croda

International

PLC(Æ)

10,312

1,207

Diageo

PLC

108,238

5,370

Direct

Line

Insurance

Group

PLC

283,402

1,170

Endeavour

Mining

Corp.

172,203

4,103

Experian

PLC

34,474

1,518

Ferguson

PLC

4,011

562

GlaxoSmithKline

PLC

-

ADR

53,135

1,050

Halma

PLC

32,461

1,303

HSBC

Holdings

PLC

1,510,076

8,335

InterContinental

Hotels

Group

PLC(Æ)

16,324

1,078

Intertek

Group

PLC

16,050

1,150

J

Sainsbury

PLC

3,766,647

14,827

John

Wood

Group

PLC(Æ)

1,798,564

5,446

Johnson

Matthey

PLC

38,854

1,604

Kingfisher

PLC

1,011,123

5,176

Land

Securities

Group

PLC(ö)

144,710

1,426

Linde

PLC

39,701

12,163

Lloyds

Banking

Group

PLC

1,069,450

678

London

Stock

Exchange

Group

PLC

6,042

629

Marks

&

Spencer

Group

PLC(Æ)

517,558

974

Meggitt

PLC(Æ)

11,943

78

Mondi

PLC

41,477

1,150

National

Grid

PLC

19,682

252

Natwest

Group

PLC

1,723,073

4,844

Pearson

PLC

62,098

749

Persimmon

PLC

Class

A

16,203

654

Prudential

PLC

41,633

783

Reckitt

Benckiser

Group

PLC

15,072

1,157

RELX

PLC

80,443

2,368

Rentokil

Initial

PLC

89,370

704

Segro

PLC(ö)

184,736

3,126

Smith

&

Nephew

PLC

132,397

2,699

Smiths

Group

PLC

33,668

727

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Spirax-Sarco

Engineering

PLC

12,289

2,563

Standard

Chartered

PLC

1,263,972

7,572

Stock

Spirits

Group

PLC

136,928

489

Taylor

Wimpey

PLC

178,234

407

TechnipFMC

PLC(Æ)

324,733

2,345

Tesco

PLC

2,158,677

6,988

Travis

Perkins

PLC(Æ)

382,692

9,053

Tullow

Oil

PLC(Æ)

4,411,833

2,747

Unilever

PLC

188,378

10,847

Vodafone

Group

PLC

2,616,108

4,196

Wausau

Paper

Corp.

360,990

4,673

Wickes

Group

PLC(Æ)

428,811

1,493

197,273

United

States

-

1.4%

Abbott

Laboratories

1,667

202

Accenture

PLC

Class

A

35,551

11,293

Amdocs,

Ltd.

82,039

6,326

Aon

PLC

Class

A

34,925

9,081

James

Hardie

Industries

PLC

62,720

2,114

Lululemon

Athletica

,

Inc.(Æ)

9,280

3,714

MasterCard,

Inc.

Class

A

1,606

620

Ovintiv

,

Inc.

55,295

1,421

Visa,

Inc.

Class

A

1,936

477

Willis

Towers

Watson

PLC(Æ)

5,777

1,191

36,439

Total

Common

Stocks

(cost

$1,770,560)

2,469,177

Preferred

Stocks

-

2.4%

Brazil

-

0.8%

Banco

Bradesco

SA

5.085%

(Ÿ)

1,953,087

9,094

Petroleo

Brasileiro

SA

9.033%

(Ÿ)

2,294,931

11,857

20,951

Germany

-

0.9%

Henkel

AG

&

Co.

KGaA

2.229%

(Ÿ)

1,912

194

Porsche

Automobil

Holding

SE

2.688%

(Ÿ)

39,018

4,224

Sartorius

AG

0.125%

(Ÿ)

8,782

5,312

Volkswagen

AG

2.520%

(Ÿ)

56,335

13,748

23,478

South

Korea

-

0.7%

Samsung

Electronics

Co.,

Ltd.

4.399%

(Ÿ)

326,589

20,501

Total

Preferred

Stocks

(cost

$44,286)

64,930

Long-Term

Investments

-

0.0%

India

-

0.0%

Britannia

Industries,

Ltd.

5.500%

due

08/28/22

INR

682

9

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

87

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

8.000%

due

08/28/22

INR

705

3

12

Total

Long-Term

Investments

(cost

$19)

12

Warrants

and

Rights

-

0.0%

Switzerland

-

0.0%

Cie

Financiere

Richemont

SA

(Æ)

2023

Warrants 

28,062

20

Thailand

-

0.0%

Minor

International

PCL

(Æ)

2021

Warrants 

95,105

1

Minor

International

PCL

(Æ)

2023

Warrants

62,200

9

Minor

International

PCL

(Æ)

2024

Warrants 

41,016

5

Minor

International

PCL

(Æ)

2024

Warrants

15,353

2

17

Total

Warrants

and

Rights

(cost

$—)

37

Short-Term

Investments

-

2.7%

United

States

-

2.7%

U.S.

Cash

Management

Fund(@)

71,792,832

(∞)

71,778

Total

Short-Term

Investments

(cost

$71,778)

71,778

Total

Investments

-

97.6%

(identified

cost

$1,886,643)

2,605,934

Other

Assets

and

Liabilities,

Net

-

2.4%

65,419

Net

Assets

-

100.0%

2,671,353

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

88

Tax-Managed

International

Equity

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

3.2%

ABN

AMRO

Bank

NV

09/10/20

EUR

270,263

9

.42

2,545

3,140

Adyen

NV

09/10/20

EUR

1,034

1,965

.49

2,032

2,815

Aena

SME

SA

03/17/20

EUR

2,813

107

.08

301

448

Amundi

SA

02/26/19

EUR

71,702

64

.80

4,646

6,631

Cellnex

Telecom

SA

04/18/19

EUR

129,661

53

.14

6,890

8,449

CGN

Power

Co.,

Ltd.

09/11/20

HKD

1,529,212

0

.21

321

331

China

Bohai

Bank

Co.,

Ltd.

07/20/21

HKD

5,592,500

0

.38

2,101

2,183

China

Huarong

Asset

Management

Co.,

Ltd.

03/25/21

HKD

16,079,000

0

.13

2,063

2,110

China

Tower

Corp.,

Ltd.

07/20/21

HKD

9,458,000

0

.14

1,286

1,254

Covestro

AG

03/17/20

EUR

147,881

34

.44

5,093

9,517

Delivery

Hero

SE

09/26/19

EUR

46,612

55

.15

2,571

6,980

Hapvida

Participacoes

e

Investimentos

SA

04/18/19

BRL

105,525

1

.43

150

288

Hydro

One,

Ltd.

04/18/19

CAD

32,728

16

.10

527

808

ICICI

Lombard

General

Insurance

Co.,

Ltd.

12/12/18

INR

164,714

16

.02

2,638

3,267

InterGlobe

Aviation,

Ltd.

03/25/21

INR

98,346

23

.73

2,333

2,178

Kuaishou

Technology

03/25/21

HKD

122,700

28

.58

3,506

1,741

Longfor

Group

Holdings,

Ltd.

01/18/19

HKD

146,500

2

.91

427

685

Luye

Pharma

Group,

Ltd.

04/28/20

HKD

1,637,501

0

.49

803

882

Meituan-Dianping

01/13/20

HKD

359,613

28

.09

10,100

9,967

Midea

Real

Estate

Holding,

Ltd.

06/22/21

HKD

667,600

2

.12

1,417

1,128

Monde

Nissin

Corp.

06/22/21

PHP

5,684,800

0

.31

1,758

1,681

Moneta

Money

Bank

AS

12/21/20

CZK

390,994

3

.11

1,215

1,590

Netmarble

Corp.

04/28/20

KRW

4,996

76

.55

382

603

Pirelli

&

C

SpA

04/28/20

EUR

162,449

3

.74

607

983

Postal

Savings

Bank

of

China

Co.,

Ltd.

01/18/19

HKD

541,001

0

.54

290

350

Reliance

Industries,

Ltd.

06/03/15

78,033

14

.13

1,102

4,314

Samsung

Biologics

Co.,

Ltd.

12/02/20

KRW

3,890

662

.88

2,579

3,013

Siemens

Healthineers

AG

12/21/20

EUR

17,361

50

.00

868

1,147

Sunac

Services

Holdings,

Ltd.

11/03/20

HKD

3,953

1

.50

6

11

WH

Group,

Ltd.

10/26/15

HKD

2,724,614

0

.73

1,986

2,260

Worldline

SA

03/25/21

EUR

29,768

89

.73

2,671

2,786

Zalando

SE

09/10/20

EUR

29,188

102

.79

3,000

3,247

86,787

For

a

description

of

restricted

securities

see

note

6

in

the

Notes

to

Quarterly

Report.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Amsterdam

Index

Futures

62

EUR

9,315

08/21

178

Australian

Dollar

Currency

Futures

619

USD

45,410

09/21

(2,492)

British

Pound

Currency

Futures

283

USD

24,573

09/21

(401)

CAC40

Euro

Index

Futures

381

EUR

25,182

08/21

311

Canadian

Dollar

Currency

Futures

639

USD

51,203

09/21

(1,611)

DAX

Index

Futures

50

EUR

19,436

09/21

(257)

Euro

Currency

Futures

425

USD

63,038

09/21

(1,820)

EURO

STOXX

50

Index

Futures

362

EUR

14,799

09/21

(141)

FTSE

100

Index

Futures

177

GBP

12,331

09/21

(312)

FTSE/MIB

Index

Futures

46

EUR

5,832

09/21

(40)

IBEX

35

Index

Futures

63

EUR

5,465

08/21

(12)

Japnese

Yen

Currency

Futures

1,049

USD

119,501

09/21

(531)

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

89

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

New

Zealand

Dollar

Currency

Futures

45

USD

3,133

09/21

(96)

Norwegian

Krone

Currency

Futures

93

USD

21,061

09/21

(1,417)

OMXS30

Index

Futures

288

SEK

68,263

08/21

83

S&P/TSX

60

Index

Futures

149

CAD

36,130

09/21

290

SPI

200

Index

Futures

306

AUD

55,845

09/21

72

TOPIX

Index

Futures

527

JPY

10,039,349

09/21

(2,467)

Short

Positions

Hang

Seng

Index

Futures

49

HKD

63,448

08/21

44

MSCI

Emerging

Markets

Index

Futures

2,108

USD

134,670

09/21

8,270

MSCI

Singapore

Index

Futures

111

SGD

4,005

08/21

(50)

S&P

500

E-Mini

Index

Futures

442

USD

97,007

09/21

(3,486)

Swiss

Franc

Currency

Futures

190

USD

26,234

09/21

352

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(5,533)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

368

HKD

2,863

08/02/21

—

Bank

of

America

USD

366

HKD

2,845

08/03/21

—

State

Street

USD

326

PHP

16,389

08/02/21

2

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

2

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Argentina

$

3,067

$

—

$

—

$

—

$

3,067

Australia

141

60,637

—

—

60,778

Austria

—

6,825

—

—

6,825

Belgium

—

7,569

—

—

7,569

Bermuda

—

1,229

—

—

1,229

Brazil

32,713

—

—

—

32,713

Canada

127,395

—

—

—

127,395

Chile

10,571

—

—

—

10,571

China

20,103

218,612

2,110

—

240,825

Cyprus

—

84

—

—

84

Czech

Republic

—

2,485

—

—

2,485

Denmark

—

28,390

—

—

28,390

Finland

—

34,946

—

—

34,946

France

—

163,008

—

—

163,008

Germany

283

89,772

—

—

90,055

Greece

—

8,387

—

—

8,387

Hong

Kong

—

66,936

—

—

66,936

Hungary

—

3,926

—

—

3,926

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

90

Tax-Managed

International

Equity

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

India

6,109

91,269

1,051

—

98,429

Indonesia

—

12,924

—

—

12,924

Ireland

12,118

21,298

—

—

33,416

Isle

of

Man

—

2,347

—

—

2,347

Israel

294

3,570

—

—

3,864

Italy

—

34,202

—

—

34,202

Japan

—

310,605

—

—

310,605

Jersey

—

3,003

—

—

3,003

Kazakhstan

—

3,295

—

—

3,295

Kenya

—

2,556

—

—

2,556

Luxembourg

847

23,546

—

—

24,393

Malaysia

—

8,333

—

—

8,333

Mexico

32,004

—

—

—

32,004

Netherlands

9,389

82,265

—

—

91,654

New

Zealand

—

9,764

—

—

9,764

Norway

786

11,194

—

—

11,980

Peru

144

—

—

—

144

Philippines

1,681

6,982

—

—

8,663

Poland

—

15,898

—

—

15,898

Portugal

—

289

—

—

289

Russia

1,365

37,195

—

—

38,560

Singapore

—

16,988

—

—

16,988

South

Africa

4,889

34,917

—

—

39,806

South

Korea

3,882

146,119

—

—

150,001

Spain

—

28,587

160

—

28,747

Sweden

—

32,337

—

—

32,337

Switzerland

—

158,033

—

—

158,033

Taiwan

17,124

135,073

—

—

152,197

Thailand

—

12,042

—

—

12,042

Turkey

—

3,996

—

—

3,996

United

Arab

Emirates

—

4,371

1,435

—

5,806

United

Kingdom

6,448

190,825

—

—

197,273

United

States

34,325

2,114

—

—

36,439

Preferred

Stocks

20,951

43,979

—

—

64,930

Long-Term

Investments

—

12

—

—

12

Warrants

and

Rights

37

—

—

—

37

Short-Term

Investments

—

—

—

71,778

71,778

Total

Investments

346,666

2,182,734

4,756

71,778

2,605,934

Other

Financial

Instruments

Assets

Futures

Contracts

9,600

—

—

—

9,600

Foreign

Currency

Exchange

Contracts

2

—

—

—

2

Russell

Investment

Company

Tax-Managed

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

International

Equity

Fund

91

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Liabilities

Futures

Contracts

(15,133)

—

—

—

(15,133

)

Total

Other

Financial

Instruments

*

$

(5,531)

$

—

$

—

$

—

$

(5,531

)

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2021,

see

note

2

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

July

31,

2021,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

338,852

Consumer

Staples

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

147,115

Energy

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

137,334

Financial

Services

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

608,006

Health

Care

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

156,695

Materials

and

Processing

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

308,942

Producer

Durables

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

272,426

Technology

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

398,378

Utilities

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

101,429

Preferred

Stocks

Consumer

Discretionary

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

17,972

Consumer

Staples

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

194

Energy

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

11,857

Financial

Services

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

9,094

Technology

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

25,813

Long-Term

Investments

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

12

Warrants

and

Rights

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

37

Short-Term

Investments

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

71,778

Total

Investments

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

2,605,934

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

92

Tax-Managed

Real

Assets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

95.9%

Australia

-

4.3%

Atlas

Arteria,

Ltd.

66,546

307

Aurizon

Holdings,

Ltd.

858,901

2,440

BHP

Group

PLC

44,197

1,435

BHP

Group,

Ltd.

-

ADR

79,355

3,110

Fortescue

Metals

Group,

Ltd.

145,023

2,663

Mineral

Resources,

Ltd.

51,111

2,377

Newcrest

Mining,

Ltd.

24,177

471

Perenti

Global,

Ltd.

398,302

267

Qube

Holdings,

Ltd.

380,496

817

Rio

Tinto,

Ltd.

-

ADR

5,058

498

Sandfire

Resources,

Ltd.

211,728

1,081

South32,

Ltd.

Class

B

440,322

964

Sydney

Airport(Æ)

366,906

2,107

Transurban

Group

-

ADR(Æ)

1,162,923

12,237

Western

Areas,

Ltd.

119,545

230

31,004

Austria

-

0.2%

OMV

AB

32,632

1,761

Bermuda

-

0.1%

BW

Energy,

Ltd.(Æ)

182

1

China

Water

Affairs

Group,

Ltd.

415,320

313

Kunlun

Energy

Co.,

Ltd.

442,000

382

696

Brazil

-

1.2%

Adecoagro

SA(Æ)

179,457

1,715

CCR

SA

786,736

1,964

Cia

Energetica

de

Minas

Gerais

-

ADR

133,673

299

Petroleo

Brasileiro

SA

372,886

1,969

Petroleo

Brasileiro

SA

-

ADR

18,545

198

Sao

Martinho

SA

194,006

1,195

Ultrapar

Participacoes

SA

-

ADR

94,146

322

Vale

SA

Class

B

-

ADR

65,701

1,381

9,043

Canada

-

4.9%

Agnico

Eagle

Mines,

Ltd.

6,480

419

Anaergia

,

Inc.(Æ)

47,667

693

ARC

Resources,

Ltd.

111,946

847

Barrick

Gold

Corp.

42,872

933

Canadian

Natural

Resources,

Ltd.

9,372

309

Canadian

Solar,

Inc.(Æ)

34,514

1,389

Emera

,

Inc.

49,011

2,286

Enbridge,

Inc.

145,827

5,748

Enerflex

,

Ltd.

88,543

514

Franco-Nevada

Corp.

Class

T

9,445

1,511

Gibson

Energy,

Inc.

103

2

Imperial

Oil,

Ltd.

18,672

512

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

312,964

2,323

Kirkland

Lake

Gold,

Ltd.(Æ)

8,181

350

Largo

Resources,

Ltd.(Æ)

100,814

1,648

Nutrien

,

Ltd.

33,198

1,974

Pembina

Pipeline

Corp.

197,683

6,535

Suncor

Energy,

Inc.

22,490

443

TC

Energy

Corp.(Æ)

103,783

5,059

Teck

Resources,

Ltd.

Class

B

24,544

560

Westshore

Terminals

Investment

Corp.

36,169

624

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Wheaton

Precious

Metals

Corp.

18,409

851

35,530

Chile

-

0.2%

Sociedad

Quimica

y

Minera

de

Chile

SA

-

ADR

37,910

1,801

China

-

1.1%

China

Gas

Holdings,

Ltd.

1,005,143

3,118

COSCO

SHIPPING

Ports,

Ltd.

409,093

292

ENN

Energy

Holdings,

Ltd.

58,212

1,220

Jiangsu

Expressway

Co.,

Ltd.

Class

H

2,674,654

2,858

Zhejiang

Expressway

Co.,

Ltd.

Class

H

340,000

287

7,775

Colombia

-

0.0%

Ecopetrol

SA

-

ADR

8,955

121

Cyprus

-

0.1%

Ros

Agro

PLC

-

GDR

66,112

964

Denmark

-

0.3%

Drilling

Co.

of

1972

A/S

(The)(Æ)

14,410

556

Vestas

Wind

Systems

A/S

35,070

1,293

1,849

Finland

-

0.5%

Neste

OYJ

22,833

1,405

Stora

Enso

OYJ

Class

R

20,738

410

UPM-

Kymmene

OYJ

38,787

1,586

3,401

France

-

3.4%

Aeroports

de

Paris(Æ)

37,448

4,543

Eiffage

SA

21,359

2,176

Engie

SA

66,577

888

Eramet

SA(Æ)

2,144

171

Gaztransport

Et

Technigaz

SA

130

10

Getlink

SE

346,111

5,541

Rubis

SCA

68,937

2,765

Suez

SA

37,980

887

Total

SA

68,602

2,991

Veolia

Environnement

SA

12,373

407

Vilmorin

&

Cie

SA

11,761

791

Vinci

SA

32,254

3,411

24,581

Germany

-

0.4%

E.ON

SE

30,071

370

Fraport

AG

Frankfurt

Airport

Services

Worldwide(Æ)

15,679

1,033

Hamburger

Hafen

und

Logistik

AG

8,852

210

K+S

AG(Æ)

71,840

1,031

ThyssenKrupp

AG

-

ADR(Æ)

8,043

80

2,724

Ghana

-

0.6%

Kosmos

Energy,

Ltd.(Æ)

1,777,235

4,105

Hong

Kong

-

0.7%

China

Merchants

Port

Holdings

Co.,

Ltd.

250,088

349

China

Resources

Gas

Group,

Ltd.

98,001

604

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

Real

Assets

Fund

93

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CLP

Holdings,

Ltd.

181,548

1,873

Guangdong

Investment,

Ltd.

1,105,290

1,549

Nine

Dragons

Paper

Holdings,

Ltd.

172,585

218

Shenzhen

International

Holdings,

Ltd.

457,210

604

5,197

Hungary

-

0.3%

MOL

Hungarian

Oil

&

Gas

PLC(Æ)

244,503

1,948

India

-

0.4%

Reliance

Industries,

Ltd.

-

GDR(Þ)

16,120

891

Vedanta,

Ltd.

-

ADR

134,675

2,159

3,050

Ireland

-

0.2%

Smurfit

Kappa

Group

PLC

21,704

1,224

Israel

-

0.3%

Equital

,

Ltd.(Æ)

7,253

193

ICL

Group,

Ltd.

80,378

584

Israel

Corp.,

Ltd.

(The)(Æ)

4,758

1,511

Naphtha

Israel

Petroleum

Corp.,

Ltd.(Æ)

56,274

259

2,547

Italy

-

1.9%

Atlantia

SpA

(Æ)

545,702

9,916

Enav

SpA

(Æ)(Þ)

100,966

467

Enel

SpA

128,291

1,185

Eni

SpA

-

ADR

15,138

179

Hera

SpA

175,229

746

Infrastrutture

Wireless

Italiane

SpA

(Þ)

148,532

1,681

14,174

Japan

-

0.7%

East

Japan

Railway

Co.

4,600

307

Ebara

Corp.

28,800

1,426

Hitachi

Zosen

Corp.

2,500

18

Inpex

Corp.

53,700

379

Japan

Airport

Terminal

Co.,

Ltd.(Æ)

2,700

117

Japan

Petroleum

Exploration

Co.,

Ltd.

21,500

356

JFE

Holdings,

Inc.

5,600

69

Kubota

Corp.

15,000

313

Nippon

Steel

Corp.

30,000

524

Nittetsu

Mining

Co.,

Ltd.

4,500

248

Sumitomo

Metal

Mining

Co.,

Ltd.

21,500

876

Takuma

Co.,

Ltd.

14,600

234

West

Japan

Railway

Co.

800

43

4,910

Jersey

-

0.8%

Amcor

PLC

109,223

1,264

Glencore

PLC(Æ)

994,653

4,470

5,734

Luxembourg

-

0.3%

ArcelorMittal

SA(Æ)

37,979

1,326

Corp.

America

Airports

SA(Æ)

98,028

546

1,872

Mexico

-

1.6%

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

-

ADR(Æ)

12,505

612

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

-

ADR(Æ)

11,308

1,297

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

303,166

5,507

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

-

ADR(Æ)

4,011

727

Grupo

Mexico

SAB

de

CV

558,631

2,560

Infraestuctura

Energetica

Nova

SAB

de

CV(Æ)

167,097

660

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

82,682

624

11,987

Netherlands

-

1.2%

OCI

NV(Æ)

3,438

84

Royal

Dutch

Shell

PLC

Class

A

190,792

3,828

Royal

Dutch

Shell

PLC

Class

B

237,457

4,686

8,598

New

Zealand

-

0.4%

Auckland

International

Airport,

Ltd.(Æ)

631,030

3,189

Norway

-

0.5%

Austevoll

Seafood

ASA

94,261

1,189

Borregaard

ASA

-

ADR

22,679

590

BW

Offshore,

Ltd.(Æ)

50,269

171

DNO

ASA(Æ)

659,139

625

Equinor

ASA

Class

N

57,663

1,128

3,703

Poland

-

0.2%

Polskie

Gornictwo

Naftowe

i

Gazownictwo

SA

782,341

1,277

Russia

-

1.6%

Gazprom

Neft

PJSC

138,626

806

Gazprom

PJSC

-

ADR

70,374

548

Lukoil

PJSC

-

ADR

38,257

3,279

MMC

Norilsk

Nickel

PJSC

-

ADR

29,664

1,026

Novatek

PJSC

-

GDR

17,528

3,900

PhosAgro

PJSC

-

GDR

35,269

671

Rosneft

Oil

Co.

PJSC

-

GDR

97,843

720

Surgutneftegas

PJSC

-

ADR

2

8

,

079

142

Tatneft

PJSC

-

ADR

16,198

645

11,737

Singapore

-

0.1%

Wilmar

International,

Ltd.

265,000

851

South

Africa

-

0.5%

Anglo

American

PLC

68,844

3,050

Sibanye

Stillwater,

Ltd.

90,868

395

Thungela

Resources,

Ltd.(Æ)

7,364

23

3,468

South

Korea

-

0.3%

Korea

Zinc

Co.,

Ltd.

1,035

493

POSCO

3,313

1,052

Young

Poong

Corp.

760

452

1,997

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

94

Tax-Managed

Real

Assets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Spain

-

2.1%

Aena

SME

SA(Æ)(Þ)

79,386

12,644

Iberdrola

SA

120,281

1,449

Repsol

SA

-

ADR

91,585

1,001

15,094

Sweden

-

0.2%

Svenska

Cellulosa

AB

SCA

Class

B

94,077

1,750

Switzerland

-

0.9%

Flughafen

Zurich

AG(Æ)

31,088

4,997

Gurit

Holding

AG

316

715

SIG

Combibloc

Group

AG(Æ)

18,348

542

6,254

Thailand

-

0.2%

PTT

Exploration

&

Production

PCL

231,000

721

PTT

PCL

493,600

520

1,241

United

Kingdom

-

2.1%

Antofagasta

PLC

29,173

606

BP

PLC

297,464

1,193

Central

Asia

Metals

PLC

45,010

153

EnQuest

PLC(Æ)

1,644,647

554

Ferrexpo

PLC

154,122

1,034

Genuit

Group

PLC

36,210

322

Harbour

Energy

PLC(Æ)

24,648

112

James

Fisher

and

Sons

Public

Ltd.,

Co.(Æ)

16,335

210

John

Wood

Group

PLC(Æ)

168,746

511

Mondi

PLC

38,165

1,058

National

Grid

PLC

195,324

2,499

Petrofac,

Ltd.(Æ)

52,526

75

Scottish

&

Southern

Energy

PLC

219,469

4,407

Severn

Trent

PLC

Class

H

63,142

2,456

15,190

United

States

-

61.1%

Aemetis

,

Inc.(Æ)

20,985

184

AGCO

Corp.

7,682

1,015

Agree

Realty

Corp.(ö)

63,354

4,761

Albemarle

Corp.

3,893

802

Alexander

&

Baldwin,

Inc.

20,622

413

Alexandria

Real

Estate

Equities,

Inc.(ö)

22,683

4,567

Alliant

Energy

Corp.

38,123

2,231

Ameresco

,

Inc.

Class

A(Æ)

33,270

2,280

American

Campus

Communities,

Inc.(ö)

36,949

1,859

American

Electric

Power

Co.,

Inc.

10,682

941

American

Homes

4

Rent

Class

A(ö)

184,492

7,749

American

Tower

Corp.(ö)

9,600

2,715

American

Water

Works

Co.,

Inc.

5,961

1,014

Americold

Realty

Trust(ö)

22,890

889

Apartment

Income

REIT

Corp.(ö)

94,708

4,985

Apple

Hospitality

REIT,

Inc.(ö)

232,289

3,473

Archer-Daniels-Midland

Co.

6,233

372

Atmos

Energy

Corp.

11,565

1,140

AvalonBay

Communities,

Inc.(ö)

56,799

12,941

Avery

Dennison

Corp.

2,165

456

Avista

Corp.

7,577

325

Bonanza

Creek

Energy,

Inc.

12,673

488

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Boston

Properties,

Inc.(ö)

56,458

6,627

Brixmor

Property

Group,

Inc.(ö)

34,729

799

Camden

Property

Trust(ö)

8,255

1,233

Centennial

Resource

Development,

Inc.

Class

A(Æ)

20,008

104

CenterPoint

Energy,

Inc.

74,571

1,899

Chatham

Lodging

Trust(Æ)(ö)

15,171

186

Cheniere

Energy,

Inc.(Æ)

69,865

5,934

Chevron

Corp.

11,431

1,164

Clean

Energy

Fuels

Corp.(Æ)

156,660

1,177

CNX

Resources

Corp.(Æ)

22,415

271

ConocoPhillips

Co.

13,303

746

CoreSite

Realty

Corp.

Class

A(ö)

26,881

3,715

Corteva

,

Inc.

21,042

900

Cousins

Properties,

Inc.(ö)

4,864

193

Crown

Castle

International

Corp.(ö)

10,735

2,073

CSX

Corp.

41,556

1,343

CubeSmart

(ö)

15,152

752

CyrusOne

,

Inc.(ö)

60,123

4,285

Darling

Ingredients,

Inc.(Æ)

38,936

2,689

Deere

&

Co.

2,372

858

DiamondRock

Hospitality

Co.(Æ)(ö)

27,431

236

Digital

Realty

Trust,

Inc.(ö)

21,030

3,242

Dominion

Energy,

Inc.

92,469

6,923

Douglas

Emmett,

Inc.(ö)

5,324

178

DT

Midstream,

Inc.

1,317

56

DTE

Energy

Co.

2,635

309

Duke

Energy

Corp.

51,768

5,441

Duke

Realty

Corp.(ö)

39,588

2,014

Easterly

Government

Properties,

Inc.(ö)

9,712

220

EastGroup

Properties,

Inc.(ö)

41,845

7,374

Edison

International

2,654

145

Empire

State

Realty

Trust,

Inc.

Class

A(ö)

296,365

3,387

Enterprise

Products

Partners,

LP

178,419

4,026

EOG

Resources,

Inc.

8,795

641

EPR

Properties(ö)

39,054

1,964

Equinix

,

Inc.(Æ)(ö)

27,950

22,931

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

30,624

2,566

Equity

Residential(ö)

129,704

10,912

Essential

Properties

Realty

Trust,

Inc.(ö)

187,418

5,585

Essential

Utilities,

Inc.

19,208

943

Essex

Property

Trust,

Inc.(ö)

9,185

3,014

Evergy

,

Inc.

12,229

798

Eversource

Energy(Æ)

49,378

4,260

Exelon

Corp.

100,372

4,697

Extra

Space

Storage,

Inc.(ö)

69,523

12,107

Exxon

Mobil

Corp.

32,569

1,875

Farmland

Partners,

Inc.(ö)

34,149

430

Federal

Realty

Investment

Trust(ö)

2,601

306

First

Industrial

Realty

Trust,

Inc.(ö)

45,496

2,492

First

Solar,

Inc.(Æ)

8,213

707

FirstEnergy

Corp.

49,914

1,913

Five

Star

Senior

Living,

Inc.(Æ)

33,402

190

FMC

Corp.

7,889

844

Freeport-McMoRan,

Inc.

89,952

3,427

Gaming

and

Leisure

Properties,

Inc.(ö)

44,116

2,088

GrafTech

International,

Ltd.

128,236

1,458

Halliburton

Co.

31,579

653

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

Real

Assets

Fund

95

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Healthcare

Realty

Trust,

Inc.(ö)

9,323

297

Healthpeak

Properties,

Inc.(ö)

24,252

897

Host

Hotels

&

Resorts,

Inc.(Æ)(ö)

56,029

893

Howard

Hughes

Corp.

(The)(Æ)

23,401

2,170

Hudson

Pacific

Properties,

Inc.(ö)

10,463

285

Hyatt

Hotels

Corp.

Class

A(Æ)

14,044

1,122

Independence

Realty

Trust,

Inc.(ö)

12,398

239

International

Paper

Co.

3,165

183

Invitation

Homes,

Inc.(ö)

77,722

3,162

Iron

Mountain,

Inc.(ö)

13,139

575

JBG

Smith

Properties(ö)

22,802

744

Kilroy

Realty

Corp.(ö)

8,121

563

Kimco

Realty

Corp.(ö)

288,551

6,155

Kinder

Morgan,

Inc.

228,476

3,971

Lamar

Advertising

Co.

Class

A(ö)

7,259

774

Laredo

Petroleum,

Inc.(Æ)

14,793

815

Life

Storage,

Inc.(Æ)(ö)

72,259

8,480

Livent

Corp.(Æ)

50,089

977

Macerich

Co.

(The)(ö)

11,901

194

Mack-Cali

Realty

Corp.(Æ)(ö)

26,987

486

Macquarie

Infrastructure

Corp.

21,244

839

Magellan

Midstream

Partners,

LP

55,344

2,579

Magnolia

Oil

&

Gas

Corp.(Æ)

85,219

1,193

Medical

Properties

Trust,

Inc.(ö)

196,035

4,123

MGM

Growth

Properties

LLC

Class

A(ö)

51,360

1,941

Mid-America

Apartment

Communities,

Inc.(ö)

51,467

9,938

Mosaic

Co.

(The)

76,288

2,382

National

Retail

Properties,

Inc.(ö)

2,618

128

NetSTREIT

Corp.(ö)

79,014

2,050

Newmont

Corp.

16,820

1,057

NexPoint

Residential

Trust,

Inc.(ö)

8,444

498

NextEra

Energy,

Inc.

179,441

13,977

NexTier

Oilfield

Solutions,

Inc.(Æ)

92,913

355

NiSource,

Inc.

45,498

1,127

Norfolk

Southern

Corp.

3,128

806

Omega

Healthcare

Investors,

Inc.(ö)

60,838

2,207

ONEOK,

Inc.

11,060

575

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.(ö)

8,554

204

Ovintiv

,

Inc.

9,708

250

Paramount

Group,

Inc.(ö)

37,793

369

Park

Hotels

&

Resorts,

Inc.(Æ)(ö)

128,724

2,381

Pebblebrook

Hotel

Trust(ö)

30,168

678

Phillips

66

640

47

Pinnacle

West

Capital

Corp.

9,828

821

Pioneer

Natural

Resources

Co.

3,888

565

PNM

Resources,

Inc.

17,363

839

Portland

General

Electric

Co.

8,886

435

Prologis,

Inc.(ö)

207,091

26,517

ProPetro

Holding

Corp.(Æ)

73,657

556

PS

Business

Parks,

Inc.(ö)

3,276

503

Public

Service

Enterprise

Group,

Inc.

11,268

701

Public

Storage(ö)

11,238

3,512

QTS

Realty

Trust,

Inc.

Class

A(ö)

3,904

303

Rayonier,

Inc.(ö)

12,312

464

Realty

Income

Corp.(ö)

21,690

1,525

Regency

Centers

Corp.(ö)

8,241

539

Renewable

Energy

Group,

Inc.(Æ)

50,950

3,121

Republic

Services,

Inc.

Class

A

28,833

3,413

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Retail

Opportunity

Investments

Corp.(ö)

12,311

218

Retail

Properties

of

America,

Inc.

Class

A(ö)

287,613

3,627

REX

American

Resources

Corp.(Æ)

5,827

478

Rexford

Industrial

Realty,

Inc.(ö)

68,608

4,221

Rexnord

Corp.

13,656

769

RLJ

Lodging

Trust(ö)

28,817

414

Ryman

Hospitality

Properties,

Inc.(Æ)(ö)

32,465

2,490

Sabra

Health

Care

REIT,

Inc.(ö)

77,626

1,443

Safehold

,

Inc.(Æ)

2,644

239

SBA

Communications

Corp.(ö)

9,882

3,370

Select

Energy

Services,

Inc.

Class

A(Æ)

53,353

317

Sempra

Energy

7,298

953

Seritage

Growth

Properties(Æ)(ö)

25,044

397

Simon

Property

Group,

LP(ö)

111,831

14,150

SITE

Centers

Corp.(ö)

25,058

397

SL

Green

Realty

Corp.(ö)

73,815

5,496

SolarEdge

Technologies,

Inc.(Æ)

4,775

1,239

Southern

Co.

(The)

24,837

1,586

Southwestern

Energy

Co.(Æ)

40,314

190

Spirit

Realty

Capital,

Inc.(ö)

25,394

1,275

STAG

Industrial,

Inc.(ö)

45,756

1,891

STORE

Capital

Corp.(ö)

76,137

2,755

Sun

Communities,

Inc.(ö)

52,913

10,377

Sunrun

,

Inc.(Æ)

22,542

1,194

Talos

Energy,

Inc.(Æ)

49,527

572

Terreno

Realty

Corp.(ö)

14,094

963

UDR,

Inc.(ö)

28,253

1,554

UGI

Corp.

32,778

1,507

Union

Pacific

Corp.

4,120

901

Ventas,

Inc.(ö)

96,731

5,783

VEREIT,

Inc.(ö)

6,350

311

VICI

Properties,

Inc.(ö)

250,717

7,820

W&T

Offshore,

Inc.(Æ)

165,536

670

WEC

Energy

Group,

Inc.(Æ)

11,895

1,120

Weingarten

Realty

Investors(ö)

46,176

1,486

Welltower

,

Inc.(ö)

140,989

12,246

Weyerhaeuser

Co.(ö)

54,876

1,851

Williams

Cos.,

Inc.

(The)

46,843

1,174

WP

Carey,

Inc.(ö)

8,005

647

Xcel

Energy,

Inc.

80,121

5,468

442,959

Total

Common

Stocks

(cost

$531,884)

695,306

Preferred

Stocks

-

1.0%

Brazil

-

0.9%

Bradespar

SA

9.586%

(Ÿ)

371,239

5,272

Petroleo

Brasileiro

SA

9.033%

(Ÿ)

238,415

1,231

6,503

Russia

-

0.1%

Tatneft

PJSC

8.037%

(Ÿ)

149,903

937

Total

Preferred

Stocks

(cost

$4,311)

7,440

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

96

Tax-Managed

Real

Assets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Short-Term

Investments

-

2.3%

United

States

-

2.3%

U.S.

Cash

Management

Fund(@)

16,417,814

(∞)

16,415

Total

Short-Term

Investments

(cost

$16,415)

16,415

Total

Investments

-

99.2%

(identified

cost

$552,610)

719,161

Other

Assets

and

Liabilities,

Net

-

0.8%

6,077

Net

Assets

-

100.0%

725,238

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

Real

Assets

Fund

97

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

2.2%

Aena

SME

SA

06/13/19

EUR

79,386

171

.82

13,641

12,644

Enav

SpA

07/28/21

EUR

100,966

4

.67

472

467

Infrastrutture

Wireless

Italiane

SpA

01/06/21

EUR

148,532

11

.59

1,723

1,681

Reliance

Industries,

Ltd.

02/24/21

16,120

57

.71

930

891

15,683

For

a

description

of

restricted

securities

see

note

6

in

the

Notes

to

Quarterly

Report.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

S&P

500

E-Mini

Index

Futures

69

USD

15,144

09/21

517

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

517

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

65

GBP

47

08/02/21

—

Bank

of

America

USD

320

HKD

2,488

08/02/21

—

Bank

of

America

USD

240

HKD

1,868

08/03/21

—

Bank

of

America

AUD

1,182

USD

874

08/03/21

6

Royal

Bank

of

Canada

USD

18

GBP

13

08/03/21

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

6

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Australia

$

—

$

31,004

$

—

$

—

$

31,004

Austria

—

1,761

—

—

1,761

Bermuda

—

696

—

—

696

Brazil

9,043

—

—

—

9,043

Canada

35,530

—

—

—

35,530

Chile

1,801

—

—

—

1,801

China

—

7,775

—

—

7,775

Colombia

121

—

—

—

121

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

98

Tax-Managed

Real

Assets

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Cyprus

—

964

—

—

964

Denmark

—

1,849

—

—

1,849

Finland

—

3,401

—

—

3,401

France

—

24,581

—

—

24,581

Germany

—

2,724

—

—

2,724

Ghana

4,105

—

—

—

4,105

Hong

Kong

—

5,197

—

—

5,197

Hungary

—

1,948

—

—

1,948

India

2,159

891

—

—

3,050

Ireland

—

1,224

—

—

1,224

Israel

—

2,547

—

—

2,547

Italy

—

14,174

—

—

14,174

Japan

—

4,910

—

—

4,910

Jersey

1,263

4,471

—

—

5,734

Luxembourg

545

1,327

—

—

1,872

Mexico

11,987

—

—

—

11,987

Netherlands

—

8,598

—

—

8,598

New

Zealand

—

3,189

—

—

3,189

Norway

—

3,703

—

—

3,703

Poland

—

1,277

—

—

1,277

Russia

115

11,622

—

—

11,737

Singapore

—

851

—

—

851

South

Africa

23

3,445

—

—

3,468

South

Korea

—

1,997

—

—

1,997

Spain

—

15,094

—

—

15,094

Sweden

—

1,750

—

—

1,750

Switzerland

—

6,254

—

—

6,254

Thailand

—

1,241

—

—

1,241

United

Kingdom

—

15,190

—

—

15,190

United

States

442,959

—

—

—

442,959

Preferred

Stocks

6,503

937

—

—

7,440

Short-Term

Investments

—

—

—

16,415

16,415

Total

Investments

516,154

186,592

—

16,415

719,161

Other

Financial

Instruments

Assets

Futures

Contracts

517

—

—

—

517

Foreign

Currency

Exchange

Contracts

6

—

—

—

6

Total

Other

Financial

Instruments

*

$

523

$

—

$

—

$

—

$

523

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

Russell

Investment

Company

Tax-Managed

Real

Assets

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Managed

Real

Assets

Fund

99

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2021,

see

note

2

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

July

31,

2021,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

1,122

Consumer

Staples

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

3,276

Energy

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

81,804

Financial

Services

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

314,475

Health

Care

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

190

Materials

and

Processing

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

75,028

Producer

Durables

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

93,280

Technology

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

3,371

Utilities

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

122,760

Preferred

Stocks

Energy

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

2,168

Financial

Services

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

5,272

Short-Term

Investments

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

16,415

Total

Investments

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

719,161

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

100

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Fixed

Income

Investments

-

84.9%

Asset-Backed

Securities

-

5.5%

ACE

Securities

Corp.

Mortgage

Loan

Trust

Series

2007-D1

Class

A3

7.250%

due

02/25/38

(~)(Ê)(Þ)

716

681

Affirm

Asset

Securitization

Trust

Series

2021-B

Class

B

1.240%

due

08/15/26

(Þ)

1,050

1,050

CLI

Funding

VI

LLC

Series

2020-1A

Class

A

2.080%

due

09/18/45

(Þ)

907

916

Commonbond

Student

Loan

Trust

Series

2017-AGS

Class

C

5.280%

due

05/25/41

(Þ)

82

85

Series

2020-AGS

Class

A

1.980%

due

08/25/50

(Þ)

393

400

Series

2020-AGS

Class

B

3.160%

due

08/25/50

(Þ)

150

153

Series

2021-AGS

Class

B

1.400%

due

03/25/52

(Þ)

1,000

1,001

DB

Master

Finance

LLC

Series

2019-1A

Class

A23

4.352%

due

05/20/49

(Þ)

393

433

Series

2019-1A

Class

A2II

4.021%

due

05/20/49

(Þ)

197

207

Domino's

Pizza

Master

Issuer

LLC

Series

2019-1A

Class

A2

3.668%

due

10/25/49

(Þ)

936

1,018

Series

2021-1A

Class

A2II

3.151%

due

04/25/51

(Þ)

599

641

Drive

Auto

Receivables

Trust

Series

2020-2

Class

B

1.420%

due

03/17/25

650

656

Earnest

Student

Loan

Program

LLC

Series

2017-A

Class

C

4.130%

due

01/25/41

(Þ)

43

43

ELFI

Graduate

Loan

Program

Series

2020-A

Class

A

1.730%

due

08/25/45

(Þ)

174

176

Exeter

Automobile

Receivables

Trust

Series

2020-2A

Class

B

2.080%

due

07/15/24

(Þ)

650

654

GoodLeap

Sustainable

Home

Solutions

Trust

Series

2021-3CS

Class

A

2.100%

due

05/20/48

(Þ)

1,525

1,534

Helios

Issuer

LLC

Series

2018-1A

Class

A

4.870%

due

07/20/48

(Þ)

886

965

Series

2018-1A

Class

B

7.710%

due

07/20/48

(Þ)

783

814

Series

2020-AA

Class

A

2.980%

due

06/20/47

(Þ)

423

444

J.G.

Wentworth

XLII

LLC

Series

2018-2A

Class

B

4.700%

due

10/15/77

(Þ)

500

561

Marlette

Funding

Trust

Series

2018-4A

Class

C

4.910%

due

12/15/28

(Þ)

1,000

1,009

Series

2019-2A

Class

B

3.530%

due

07/16/29

(Þ)

500

506

Series

2021-1A

Class

C

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.410%

due

06/16/31

(Þ)

900

901

MedPro

Group,

Inc.

Series

2017-1A

Class

A

2.188%

due

01/23/29

500

500

Mosaic

Solar

Loan

Trust

Series

2018-2GS

Class

A

4.200%

due

02/22/44

(Þ)

263

288

Series

2018-2GS

Class

B

4.740%

due

02/22/44

(Þ)

200

214

Series

2020-1A

Class

B

3.100%

due

04/20/46

(Þ)

360

381

Series

2020-2A

Class

B

2.210%

due

08/20/46

(Þ)

408

410

Series

2021-1A

Class

B

2.050%

due

12/20/46

(Þ)

991

996

Series

2021-2A

Class

B

2.090%

due

04/22/47

(Þ)

547

548

Navient

Private

Education

Refi

Loan

Trust

Series

2020-HA

Class

A

1.310%

due

01/15/69

(Þ)

425

429

Series

2021-A

Class

B

2.240%

due

05/15/69

(Þ)

450

459

Primose

Funding

LLC

Series

2019-1A

Class

A2

4.475%

due

07/30/49

(Þ)

983

1,027

Santander

Drive

Auto

Receivables

Trust

Series

2019-3

Class

C

2.490%

due

10/15/25

400

404

Series

2019-3

Class

D

2.680%

due

10/15/25

1,100

1,127

Series

2020-3

Class

B

0.690%

due

03/17/25

300

301

Series

2020-4

Class

D

1.480%

due

01/15/27

950

964

SMB

Private

Education

Loan

Trust

Series

2020-PTA

Class

A2A

1.600%

due

09/15/54

(Þ)

750

762

SoFi

Alternative

Trust

Series

2019-F

Class

PT1

2.825%

due

02/15/45

(~)(Ê)(Þ)

546

560

SoFi

Consumer

Loan

Program

Trust

Series

2018-2

Class

C

4.250%

due

04/26/27

(Þ)

400

411

Series

2018-3

Class

C

4.670%

due

08/25/27

(Þ)

425

438

Series

2018-4

Class

B

3.960%

due

11/26/27

(Þ)

17

17

Series

2018-4

Class

D

4.760%

due

11/26/27

(Þ)

1,000

1,036

Series

2019-1

Class

D

4.420%

due

02/25/28

(Þ)

500

515

SoFi

Professional

Loan

Program

LLC

Series

2017-D

Class

BFX

3.610%

due

09/25/40

(Þ)

400

414

Series

2017-E

Class

B

3.490%

due

11/26/40

(Þ)

500

524

Series

2019-A

Class

A2FX

3.690%

due

06/15/48

(Þ)

478

496

Series

2019-B

Class

BFX

3.730%

due

08/17/48

(Þ)

600

625

Series

2019-C

Class

BFX

3.050%

due

11/16/48

(Þ)

1,000

1,020

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

101

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

SoFi

Professional

Loan

Program

Trust

Series

2017-B

Class

CFX

4.440%

due

05/25/40

(~)(Ê)(Þ)

425

445

Series

2017-C

Class

C

4.210%

due

07/25/40

(~)(Ê)(Þ)

424

442

Series

2018-B

Class

BFX

3.830%

due

08/25/47

(Þ)

850

888

Series

2020-C

Class

BFX

3.360%

due

02/15/46

(Þ)

600

624

SolarCity

Corp.

Series

2017-2A

Class

B

6.990%

due

02/20/48

(Þ)

1,000

992

Sonic

Capital

LLC

Series

2020-1A

Class

A2I

3.845%

due

01/20/50

(Þ)

544

579

Series

2021-1A

Class

A2I

3.375%

due

08/20/51

600

600

Sunnova

Helios

Issuer

LLC

Series

2020-2A

Class

A

2.730%

due

11/01/55

(Þ)

347

359

Sunnova

Sol

III

Issuer

LLC

Series

2021-1

Class

A

2.580%

due

04/28/56

(Þ)

889

904

Sunrun

Xanadu

Issuer

Series

2019-1A

Class

A

3.980%

due

06/30/54

(Þ)

504

546

TCW

Group,

Inc.

(The)

Series

2021-2A

Class

D

3.375%

due

07/25/34

1,500

1,500

Tesla

Auto

Lease

Trust

Series

2020-A

Class

D

2.330%

due

02/20/24

(Þ)

550

565

Triton

Container

International,

Ltd.

Series

2021-1A

Class

A

1.860%

due

03/20/46

(Þ)

486

487

Wendy's

Co.

(The)

Series

2021-1A

Class

A2II

2.775%

due

06/15/51

(Þ)

1,050

1,078

Wendy's

Funding

LLC

Series

2018-1A

Class

A2II

3.884%

due

03/15/48

(Þ)

483

516

Westlake

Automobile

Receivables

Trust

Series

2021-2A

Class

D

1.230%

due

12/15/26

(Þ)

500

501

40,740

Corporate

Bonds

and

Notes

-

29.0%

3M

Co.

2.875%

due

10/15/27

292

320

Abbott

Laboratories

4.750%

due

11/30/36

241

317

Acrisure

LLC

/

Acrisure

Finance,

Inc.

4.250%

due

02/25/29

(Þ)

1,000

974

Acuris

Finance

US,

Inc.

/

Acuris

Finance

SARL

5.000%

due

05/01/28

(Þ)

556

550

AdaptHealth

LLC

4.625%

due

08/01/29

(Þ)

368

367

Air

Methods

Corp.

8.000%

due

05/15/25

(Þ)

282

266

Allegheny

Technologies,

Inc.

7.875%

due

08/15/23

378

413

Alliance

Data

Systems

Corp.

4.750%

due

12/15/24

(Þ)

350

359

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Alliance

Resource

Partners,

LP

7.500%

due

05/01/25

(Þ)

300

303

Ally

Financial,

Inc.

8.000%

due

11/01/31

224

326

Alphabet,

Inc.

1.998%

due

08/15/26

256

270

Alta

Equipment

Group,

Inc.

5.625%

due

04/15/26

(Þ)

90

93

Altria

Group,

Inc.

5.800%

due

02/14/39

213

267

Amazon.com,

Inc.

2.500%

due

11/29/22

265

272

AMC

Entertainment

Holdings,

Inc.

10.500%

due

04/15/25

(Þ)

270

287

American

Airlines

Group,

Inc.

11.750%

due

07/15/25

(Þ)

325

406

5.500%

due

04/20/26

(Þ)

892

933

5.750%

due

04/20/29

(Þ)

343

370

American

Airlines

Pass-Through

Trust

4.950%

due

01/15/23

65

67

American

Homes

4

Rent,

LP

4.250%

due

02/15/28

261

299

American

Tower

Corp.

3.500%

due

01/31/23

314

329

Antero

Resources

Corp.

8.375%

due

07/15/26

(Þ)

127

144

5.375%

due

03/01/30

(Þ)

164

167

Anthem,

Inc.

4.850%

due

08/15/54

261

343

Apache

Corp.

5.100%

due

09/01/40

140

150

4.750%

due

04/15/43

286

294

5.350%

due

07/01/49

583

614

Apache

Finance

Canada

Corp.

7.750%

due

12/15/29

147

175

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)

274

285

Apple,

Inc.

1.800%

due

09/11/24

304

316

Applied

Materials,

Inc.

5.100%

due

10/01/35

249

335

APX

Group,

Inc.

5.750%

due

07/15/29

(Þ)

769

772

Aramark

Services,

Inc.

5.000%

due

02/01/28

(Þ)

354

368

Arch

Capital

Group,

Ltd.

3.635%

due

06/30/50

288

320

Arcosa

,

Inc.

4.375%

due

04/15/29

(Þ)

162

166

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

Series

144a

5.250%

due

08/15/27

(Þ)

361

369

Ares

Capital

Corp.

3.500%

due

02/10/23

157

163

3.250%

due

07/15/25

156

165

Aretec

Escrow

Issuer,

Inc.

7.500%

due

04/01/29

(Þ)

299

315

Austin

BidCo

,

Inc.

7.125%

due

12/15/28

(Þ)

1,435

1,467

Avantor

,

Inc.

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

102

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.625%

due

07/15/28

(Þ)

358

377

Avaya

Holdings

Corp.

2.250%

due

06/15/23

359

401

Aviation

Capital

Group

LLC

4.875%

due

10/01/25

(Þ)

278

311

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance,

Inc.

5.750%

due

07/15/27

(Þ)

200

209

Axalta

Coating

Systems

LLC

/

Axalta

Coating

Systems

Dutch

Holding

B

BV

4.750%

due

06/15/27

(Þ)

354

373

Ball

Corp.

4.000%

due

11/15/23

259

275

Banff

Merger

Sub,

Inc.

Series

144a

9.750%

due

09/01/26

(Þ)

827

869

Bank

of

America

Corp.

4.330%

due

03/15/50

(USD

3

Month

LIBOR

+

1.520%)(Ê)

214

267

Bank

of

America

NA

Series

BKNT

6.000%

due

10/15/36

233

332

Bausch

Health

Cos.,

Inc.

6.125%

due

04/15/25

(Þ)

921

940

4.875%

due

06/01/28

(Þ)

462

477

6.250%

due

02/15/29

(Þ)

623

620

5.250%

due

01/30/30

(Þ)

154

145

5.250%

due

02/15/31

(Þ)

1,059

993

BCPE

Ulysses

Intermediate,

Inc.

7.750%

due

04/01/27

(Þ)

686

690

Becton,

Dickinson

and

Co.

3.700%

due

06/06/27

285

318

Berkshire

Hathaway

Energy

Co.

Series

WI

4.050%

due

04/15/25

258

287

Berkshire

Hathaway

Finance

Corp.

2.850%

due

10/15/50

339

347

Berry

Global,

Inc.

0.950%

due

02/15/24

(Þ)

332

332

5.625%

due

07/15/27

(Þ)

224

236

BGC

Partners,

Inc.

Series

WI

5.375%

due

07/24/23

141

152

Blackstone

Holdings

Finance

Co.

LLC

5.000%

due

06/15/44

(Þ)

205

282

Boardwalk

Pipelines,

LP

4.800%

due

05/03/29

178

208

Booz

Allen

Hamilton

Holding

Corp.

3.875%

due

09/01/28

(Þ)

446

455

Boxer

Parent

Co.,

Inc.

9.125%

due

03/01/26

(Þ)

175

183

Boyd

Gaming

Corp.

Series

WI

4.750%

due

12/01/27

441

457

BP

Capital

Markets

America,

Inc.

2.937%

due

04/06/23

318

331

Brighthouse

Financial,

Inc.

Series

WI

4.700%

due

06/22/47

308

346

Broadridge

Financial

Solutions,

Inc.

2.900%

due

12/01/29

251

269

Brookfield

Property

REIT,

Inc.

5.750%

due

05/15/26

(Þ)

357

370

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Buckeye

Partners,

LP

4.125%

due

12/01/27

215

219

5.850%

due

11/15/43

227

228

Builders

FirstSource

,

Inc.

5.000%

due

03/01/30

(Þ)

429

456

Cablevision

Lightpath

LLC

5.625%

due

09/15/28

(Þ)

239

243

Carlyle

Holdings

II

Finance

LLC

5.625%

due

03/30/43

(Þ)

256

350

Carnival

Corp.

5.750%

due

03/01/27

(Þ)

1,073

1,090

Carvana

Co.

5.625%

due

10/01/25

(Þ)

244

253

CBL

&

Associates,

LP

5.950%

due

12/15/26

475

269

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

4.750%

due

03/01/30

(Þ)

642

680

Series

DMTN

5.000%

due

02/01/28

(Þ)

157

165

CDW

LLC

/

CDW

Finance

Corp.

5.500%

due

12/01/24

249

274

Centene

Corp.

Series

WI

4.625%

due

12/15/29

418

458

CenturyLink,

Inc.

Series

P

7.600%

due

09/15/39

11

13

CF

Industries,

Inc.

3.450%

due

06/01/23

462

478

5.150%

due

03/15/34

364

451

4.950%

due

06/01/43

62

76

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Series

WI

4.908%

due

07/23/25

269

305

Cheniere

Energy

Partners,

LP

Series

WI

4.500%

due

10/01/29

426

460

Cheniere

Energy,

Inc.

Series

WI

4.625%

due

10/15/28

357

376

Chevron

Corp.

2.566%

due

05/16/23

320

332

0.426%

due

08/11/23

328

329

CHS/Community

Health

Systems,

Inc.

6.125%

due

04/01/30

(Þ)

340

344

4.750%

due

02/15/31

(Þ)

294

298

Cigna

Corp.

Series

WI

6.125%

due

11/15/41

130

188

Cisco

Systems,

Inc.

2.200%

due

09/20/23

318

330

Citigroup,

Inc.

6.125%

due

08/25/36

237

334

Clarios

Global,

LP

/

Clarios

US

Finance

Co.

8.500%

due

05/15/27

(Þ)

700

756

Clear

Channel

Worldwide

Holdings,

Inc.

5.125%

due

08/15/27

(Þ)

326

335

7.750%

due

04/15/28

(Þ)

447

466

7.500%

due

06/01/29

(Þ)

390

405

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

103

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Cleveland-Cliffs

Inc.

6.250%

due

10/01/40

130

140

Coca-Cola

Co.

(The)

2.900%

due

05/25/27

295

325

Colt

Merger

Sub,

Inc.

5.750%

due

07/01/25

(Þ)

281

295

6.250%

due

07/01/25

(Þ)

502

530

8.125%

due

07/01/27

(Þ)

847

932

Columbia

Pipeline

Group,

Inc.

Series

WI

5.800%

due

06/01/45

127

178

Comcast

Cable

Communications

Holdings,

Inc.

9.455%

due

11/15/22

179

200

Comcast

Corp.

3.600%

due

03/01/24

304

329

5.650%

due

06/15/35

236

323

CommScope

,

Inc.

5.500%

due

03/01/24

(Þ)

250

257

Compass

Group

Diversified

Holdings

LLC

5.250%

due

04/15/29

(Þ)

433

449

Comstock

Resources,

Inc.

5.875%

due

01/15/30

(Þ)

180

181

Consolidated

Communications

Holdings,

Inc.

5.000%

due

10/01/28

(Þ)

517

520

Constellation

Brands,

Inc.

4.250%

due

05/01/23

310

330

Constellation

Merger

Sub,

Inc.

8.500%

due

09/15/25

(Þ)

391

385

Continental

Resources,

Inc.

4.500%

due

04/15/23

618

643

Continental

Wind

LLC

6.000%

due

02/28/33

(Þ)

184

213

CoreCivic

,

Inc.

8.250%

due

04/15/26

416

441

CoreLogic

,

Inc.

4.500%

due

05/01/28

(Þ)

470

468

Coronado

Finance

Pty,

Ltd.

10.750%

due

05/15/26

(Þ)

424

460

CoStar

Group,

Inc.

2.800%

due

07/15/30

(Þ)

323

334

Costco

Wholesale

Corp.

1.375%

due

06/20/27

277

281

CPI

CG,

Inc.

8.625%

due

03/15/26

(Þ)

434

462

CQP

Holdco,

LP

/

BIP-V

Chinook

Holdco

LLC

5.500%

due

06/15/31

(Þ)

1,138

1,181

CRC

Escrow

Issuer

LLC

/

CRC

Finco

,

Inc.

5.250%

due

10/15/25

(Þ)

541

545

Credit

Acceptance

Corp.

5.125%

due

12/31/24

(Þ)

242

250

Crestwood

Midstream

Partners,

LP

5.625%

due

05/01/27

(Þ)

376

384

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp.

IV

4.500%

due

01/15/23

264

275

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp.

V

Series

WI

4.250%

due

09/30/26

224

240

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Crown

Castle

International

Corp.

5.200%

due

02/15/49

252

334

Crown

Cork

&

Seal

Co.,

Inc.

7.375%

due

12/15/26

452

555

CrownRock

,

LP

/

CrownRock

Finance,

Inc.

5.000%

due

05/01/29

(Þ)

154

161

CSC

Holdings

LLC

Series

144a

4.625%

due

12/01/30

(Þ)

1,217

1,199

Curo

Group

Holdings

Corp.

8.250%

due

09/01/25

(Þ)

263

275

Cushman

&

Wakefield

U.S.

Borrower

LLC

6.750%

due

05/15/28

(Þ)

412

443

CVR

Energy,

Inc.

5.250%

due

02/15/25

(Þ)

533

518

5.750%

due

02/15/28

(Þ)

402

390

D.R.

Horton,

Inc.

4.750%

due

02/15/23

260

274

Daimler

Finance

NA

LLC

3.350%

due

02/22/23

(Þ)

316

330

Danaher

Corp.

4.375%

due

09/15/45

271

347

DaVita,

Inc.

4.625%

due

06/01/30

(Þ)

228

236

DCP

Midstream

Operating,

LP

6.750%

due

09/15/37

(Þ)

89

110

5.600%

due

04/01/44

210

241

Delek

Logistics

Partners,

LP

Series

WI

6.750%

due

05/15/25

379

386

Delta

Air

Lines,

Inc.

4.750%

due

10/20/28

(Þ)

220

246

3.750%

due

10/28/29

122

121

Deutsche

Bank

AG

4.875%

due

12/01/32

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

2.553%)(Ê)

240

260

DH

Europe

Finance

II

SARL

Series

3YR

2.050%

due

11/15/22

284

291

Diebold

Nixdorf,

Inc.

9.375%

due

07/15/25

(Þ)

250

275

Series

REGS

9.000%

due

07/15/25

EUR

300

388

DIRECTV

Holdings

LLC

/

DIRECTV

Financing

Co.,

Inc.

5.875%

due

08/15/27

(Þ)

367

379

Discover

Bank

Series

BKNT

4.200%

due

08/08/23

300

322

DISH

DBS

Corp.

Series

WI

5.875%

due

11/15/24

100

108

7.750%

due

07/01/26

213

243

DISH

Network

Corp.

Series

NCd

3.375%

due

08/15/26

947

971

Diversified

Healthcare

Trust

4.750%

due

02/15/28

195

197

4.375%

due

03/01/31

480

469

Dollar

General

Corp.

3.250%

due

04/15/23

310

323

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

104

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Dominion

Energy,

Inc.

Series

F

5.250%

due

08/01/33

233

298

Duke

Energy

Corp.

4.800%

due

12/15/45

269

340

El

Paso

Natural

Gas

Co.

LLC

8.375%

due

06/15/32

175

264

Embarq

Corp.

7.995%

due

06/01/36

203

227

Emergent

BioSolutions

,

Inc.

3.875%

due

08/15/28

(Þ)

839

834

Enbridge

Energy

Partners,

LP

7.375%

due

10/15/45

192

309

Encompass

Health

Corp.

4.500%

due

02/01/28

351

364

Endurance

International

Group

Holdings,

Inc.

6.000%

due

02/15/29

(Þ)

1,500

1,455

Energy

Transfer

Operating,

LP

6.125%

due

12/15/45

263

338

EnerSys

5.000%

due

04/30/23

(Þ)

233

243

EnLink

Midstream

LLC

5.375%

due

06/01/29

9

9

EnLink

Midstream

Partners,

LP

4.400%

due

04/01/24

78

82

4.850%

due

07/15/26

59

62

5.600%

due

04/01/44

523

510

5.450%

due

06/01/47

152

147

Enova

International,

Inc.

8.500%

due

09/01/24

(Þ)

140

143

8.500%

due

09/15/25

(Þ)

115

120

Enstar

Finance

LLC

5.750%

due

09/01/40

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.468%)(Ê)

479

511

Enterprise

Products

Operating

LLC

5.950%

due

02/01/41

212

298

EPR

Properties

Co.

4.950%

due

04/15/28

330

357

3.750%

due

08/15/29

380

386

EQM

Midstream

Partners,

LP

6.000%

due

07/01/25

(Þ)

163

178

4.500%

due

01/15/29

(Þ)

217

220

4.750%

due

01/15/31

(Þ)

195

198

Series

30Y

6.500%

due

07/15/48

324

356

Equities

Corp.

7.000%

due

02/01/30

129

169

Essex

Portfolio,

LP

3.250%

due

05/01/23

318

331

Everi

Holdings,

Inc.

5.000%

due

07/15/29

(Þ)

100

102

Exelon

Generation

Co.

LLC

5.600%

due

06/15/42

174

209

Exxon

Mobil

Corp.

1.571%

due

04/15/23

307

314

Fiat

Chrysler

Automobiles

NV

Series

WI

5.250%

due

04/15/23

304

326

First

Student

Bidco

Inc.

4.000%

due

07/31/29

(Þ)

425

426

FirstEnergy

Corp.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

B

3.900%

due

07/15/27

1,354

1,509

Series

C

7.375%

due

11/15/31

62

87

4.850%

due

07/15/47

255

321

3.400%

due

03/01/50

131

132

FirstMerit

Corp.

4.350%

due

02/04/23

301

317

Ford

Holdings

LLC

9.300%

due

03/01/30

308

422

Ford

Motor

Co.

8.500%

due

04/21/23

508

564

9.000%

due

04/22/25

260

320

4.346%

due

12/08/26

799

862

9.625%

due

04/22/30

646

933

7.450%

due

07/16/31

742

982

4.750%

due

01/15/43

167

183

5.291%

due

12/08/46

340

389

Ford

Motor

Credit

Co.

LLC

4.250%

due

09/20/22

117

120

3.087%

due

01/09/23

370

377

3.021%

due

03/06/24

700

875

3.664%

due

09/08/24

200

209

4.687%

due

06/09/25

868

942

4.134%

due

08/04/25

200

214

4.542%

due

08/01/26

540

587

4.125%

due

08/17/27

327

350

5.113%

due

05/03/29

806

913

Forestar

Group,

Inc.

3.850%

due

05/15/26

(Þ)

388

392

Freeport-McMoRan,

Inc.

3.875%

due

03/15/23

300

311

5.400%

due

11/14/34

695

884

Frontier

Communications

Corp.

5.000%

due

05/01/28

(Þ)

650

672

6.750%

due

05/01/29

(Þ)

176

187

FS

KKR

Capital

Corp.

4.125%

due

02/01/25

276

293

Gartner,

Inc.

4.500%

due

07/01/28

(Þ)

358

379

Gates

Global

LLC

/

Gates

Corp.

6.250%

due

01/15/26

(Þ)

771

801

GE

Capital

Funding

LLC

Series

WI

4.550%

due

05/15/32

251

303

GE

Capital

International

Funding

Co.,

ULC

Series

WI

4.418%

due

11/15/35

264

324

General

Electric

Co.

3.625%

due

05/01/30

116

131

Series

MTNA

6.750%

due

03/15/32

121

169

General

Motors

Co.

4.875%

due

10/02/23

67

73

General

Motors

Financial

Co.,

Inc.

5.200%

due

03/20/23

296

317

Genesis

Energy,

LP

/

Genesis

Energy

Finance

Corp.

5.625%

due

06/15/24

425

422

6.500%

due

10/01/25

711

706

8.000%

due

01/15/27

367

378

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

105

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.750%

due

02/01/28

391

395

Genworth

Holdings,

Inc.

4.800%

due

02/15/24

55

55

6.500%

due

06/15/34

251

258

Genworth

Mortgage

Holdings,

Inc.

6.500%

due

08/15/25

(Þ)

225

244

GEO

Group,

Inc.

(The)

5.875%

due

10/15/24

304

271

Georgia

Power

Co.

5.400%

due

06/01/40

58

75

Global

Net

Lease,

Inc.

3.750%

due

12/15/27

(Þ)

368

366

Global

Partners,

LP

/

GLP

Finance

Corp.

Series

WI

6.875%

due

01/15/29

411

433

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.250%

due

06/01/25

250

282

Goldman

Sachs

Capital

I

6.345%

due

02/15/34

205

291

Graphic

Packaging

International

LLC

3.500%

due

03/15/28

(Þ)

461

467

GYP

Holdings

III

Corp.

4.625%

due

05/01/29

(Þ)

195

197

Hadrian

Merger

Sub,

Inc.

8.500%

due

05/01/26

(Þ)

270

281

Harvest

Midstream

I,

LP

7.500%

due

09/01/28

(Þ)

505

540

Hat

Holdings

I

LLC

3.375%

due

06/15/26

(Þ)

465

471

Hawaiian

Electric

Industries,

Inc.

5.750%

due

01/20/26

(Þ)

559

586

HC2

Holdings,

Inc.

8.500%

due

02/01/26

(Þ)

454

452

HCA,

Inc.

5.875%

due

05/01/23

228

247

7.690%

due

06/15/25

74

90

4.500%

due

02/15/27

175

200

7.500%

due

11/15/95

46

68

HCRX

Investments

Holdco,

L.P.

4.500%

due

08/01/29

(Þ)

218

222

Hecla

Mining

Co.

7.250%

due

02/15/28

750

812

Hess

Midstream,

LP

5.125%

due

06/15/28

(Þ)

361

378

High

Ridge

Brands

Co.

8.875%

due

03/15/25

(Š)

970

12

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

5.750%

due

10/01/25

(Þ)

362

366

6.250%

due

11/01/28

(Þ)

160

167

Hilton

Domestic

Operating

Co.,

Inc.

5.750%

due

05/01/28

(Þ)

344

370

Hilton

Grand

Vacations,

Inc.

4.875%

due

07/01/31

(Þ)

309

303

Hilton

Worldwide

Finance

LLC

Series

WI

4.875%

due

04/01/27

237

245

Hologic

,

Inc.

4.625%

due

02/01/28

(Þ)

345

364

Home

Depot,

Inc.

(The)

2.500%

due

04/15/27

132

142

Howard

Hughes

Corp.

(The)

5.375%

due

08/01/28

(Þ)

356

377

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Howmet

Aerospace,

Inc.

5.900%

due

02/01/27

426

504

5.950%

due

02/01/37

108

137

HSBC

Holdings

PLC

7.200%

due

07/15/97

173

318

Humana,

Inc.

8.150%

due

06/15/38

188

306

Icahn

Enterprises,

LP

/

Icahn

Enterprises

Finance

Corp.

Series

WI

4.750%

due

09/15/24

840

875

6.250%

due

05/15/26

888

933

5.250%

due

05/15/27

792

833

iHeartCommunications

,

Inc.

8.375%

due

05/01/27

300

319

IHS

Markit

,

Ltd.

4.125%

due

08/01/23

339

360

Imola

Merger

Corp.

4.750%

due

05/15/29

(Þ)

397

410

International

Business

Machines

Corp.

3.300%

due

01/27/27

292

323

International

Paper

Co.

5.000%

due

09/15/35

262

336

Intrado

Corp.

Series

0005

8.500%

due

10/15/25

(Þ)

264

257

IQVIA,

Inc.

5.000%

due

05/15/27

(Þ)

260

271

Iron

Mountain,

Inc.

4.875%

due

09/15/29

(Þ)

448

469

5.250%

due

07/15/30

(Þ)

261

278

iStar

,

Inc.

4.250%

due

08/01/25

248

257

ITT

Holdings

LLC

6.500%

due

08/01/29

(Þ)

710

708

Jazz

Securities

DAC

4.375%

due

01/15/29

(Þ)

731

762

JBS

Investments

II

GmbH

7.000%

due

01/15/26

(Þ)

352

373

5.750%

due

01/15/28

(Þ)

495

522

3.625%

due

01/15/32

(Þ)

653

657

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

6.750%

due

02/15/28

(Þ)

1,043

1,142

6.500%

due

04/15/29

(Þ)

1,383

1,549

5.500%

due

01/15/30

(Þ)

668

746

JC

Penney

Corp.,

Inc.

7.400%

due

04/01/37

(Š)(Ø)(Æ)

281

—

Jefferies

Group

LLC

Series

EMTN

6.250%

due

01/15/36

160

218

Jefferson

Capital

Holdings

LLC

6.000%

due

08/15/26

(Þ)

309

313

Johnson

&

Johnson

0.950%

due

09/01/27

330

327

Kenan

Advantage

Group,

Inc.

7.875%

due

07/31/23

(Þ)

2,285

2,285

Kennedy-Wilson,

Inc.

4.750%

due

03/01/29

444

456

Kimberly-Clark

Corp.

1.050%

due

09/15/27

164

163

Kinder

Morgan

Energy

Partners,

LP

7.500%

due

11/15/40

203

302

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

106

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kinder

Morgan,

Inc.

5.300%

due

12/01/34

250

315

Kraft

Heinz

Foods

Co.

6.875%

due

01/26/39

248

364

7.125%

due

08/01/39

(Þ)

311

464

Series

WI

5.000%

due

07/15/35

377

466

5.200%

due

07/15/45

263

333

4.375%

due

06/01/46

594

684

4.875%

due

10/01/49

529

660

Kroger

Co.

(The)

3.850%

due

08/01/23

301

319

L

Brands,

Inc.

6.950%

due

03/01/33

140

171

6.750%

due

07/01/36

152

194

Series

WI

6.875%

due

11/01/35

465

598

Ladder

Capital

Finance

Holdings

LLLP

5.250%

due

10/01/25

(Þ)

251

255

Las

Vegas

Sands

Corp.

3.200%

due

08/08/24

279

291

LCPR

Senior

Secured

Financing

Designated

Activity

Co.

6.750%

due

10/15/27

(Þ)

813

867

5.125%

due

07/15/29

(Þ)

735

752

Live

Nation

Entertainment,

Inc.

5.625%

due

03/15/26

(Þ)

160

167

4.750%

due

10/15/27

(Þ)

115

117

Lockheed

Martin

Corp.

Series

B

6.150%

due

09/01/36

217

315

Loews

Corp.

6.000%

due

02/01/35

169

235

Lowe's

Cos.,

Inc.

3.875%

due

09/15/23

308

328

LPL

Holdings,

Inc.

4.625%

due

11/15/27

(Þ)

231

238

Lubrizol

Corp.

6.500%

due

10/01/34

86

128

M/I

Homes,

Inc.

Series

WI

5.625%

due

08/01/25

628

645

Magic

Mergeco

,

Inc.

5.250%

due

05/01/28

(Þ)

249

258

7.875%

due

05/01/29

(Þ)

607

630

Magnolia

Oil

&

Gas

Corp.

6.000%

due

08/01/26

(Þ)

354

361

Main

Street

Capital

Corp.

5.200%

due

05/01/24

174

190

Markel

Corp.

5.000%

due

04/05/46

161

211

Marriott

International,

Inc.

Series

WI

3.750%

due

03/15/25

266

287

Marsh

&

McLennan

Cos.,

Inc.

3.300%

due

03/14/23

315

329

Match

Group,

Inc.

4.625%

due

06/01/28

(Þ)

432

453

Mattel,

Inc.

6.200%

due

10/01/40

47

59

Mauser

Packaging

Solutions

Holding

Co.

Series

144a

7.250%

due

04/15/25

(Þ)

145

142

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

McDonald's

Corp.

5.700%

due

02/01/39

237

335

Merck

&

Co.,

Inc.

2.800%

due

05/18/23

214

224

5.750%

due

11/15/36

231

332

MGIC

Investment

Corp.

5.250%

due

08/15/28

342

364

MGM

Growth

Properties

LLC

/

MGM

Finance

Co.

Series

WI

5.625%

due

05/01/24

258

279

MGM

Resorts

International

6.000%

due

03/15/23

428

452

MidAmerican

Energy

Co.

4.400%

due

10/15/44

247

312

Midcap

Financial

Issuer

Trust

6.500%

due

05/01/28

(Þ)

224

233

Midcontinent

Communications

/

Midcontinent

Finance

Corp.

5.375%

due

08/15/27

(Þ)

166

173

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

6.500%

due

06/20/27

(Þ)

648

706

Millennium

Escrow

Corp.

6.625%

due

08/01/26

(Þ)

307

313

Minerals

Technologies,

Inc.

5.000%

due

07/01/28

(Þ)

431

450

Molina

Healthcare,

Inc.

4.375%

due

06/15/28

(Þ)

183

191

3.875%

due

11/15/30

(Þ)

455

482

Mondelez

International,

Inc.

2.125%

due

09/19/22

(Þ)

273

278

MoneyGram

International,

Inc.

5.375%

due

08/01/26

(Þ)

197

204

Motiva

Enterprises

LLC

6.850%

due

01/15/40

(Þ)

230

300

MPT

Operating

Partnership,

LP

/

MPT

Finance

Corp.

4.625%

due

08/01/29

347

374

MSCI,

Inc.

4.000%

due

11/15/29

(Þ)

350

373

Murphy

Oil

Corp.

6.375%

due

07/15/28

272

288

7.050%

due

05/01/29

107

119

4.750%

due

09/15/29

348

369

5.875%

due

12/01/42

67

67

Nasdaq,

Inc.

0.445%

due

12/21/22

320

320

National

Grid

USA

5.803%

due

04/01/35

263

334

Nationstar

Mortgage

Holdings,

Inc.

6.000%

due

01/15/27

(Þ)

354

369

Navient

Corp.

5.000%

due

03/15/27

243

253

Series

MTN

5.625%

due

08/01/33

79

77

NCR

Corp.

6.125%

due

09/01/29

(Þ)

426

462

Neiman

Marcus

Group,

Inc.

7.125%

due

04/01/26

(Þ)

782

835

Nestle

Holdings,

Inc.

0.375%

due

01/15/24

(Þ)

330

329

Netflix,

Inc.

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

107

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.875%

due

02/15/25

320

368

Nevada

Power

Co.

5.375%

due

09/15/40

201

269

New

Residential

Investment

Corp.

6.250%

due

10/15/25

(Þ)

373

373

Newell

Brands,

Inc.

4.200%

due

04/01/26

745

830

5.500%

due

04/01/46

47

61

Newmark

Group,

Inc.

Series

WI

6.125%

due

11/15/23

220

238

News

Corp.

3.875%

due

05/15/29

(Þ)

455

463

NGL

Energy

Operating

LLC

7.500%

due

02/01/26

(Þ)

704

723

NGPL

PipeCo

LLC

4.875%

due

08/15/27

(Þ)

263

304

Nielsen

Holdings

PLC

5.625%

due

10/01/28

(Þ)

350

370

NIKE,

Inc.

2.750%

due

03/27/27

254

276

Nordstrom,

Inc.

4.000%

due

03/15/27

102

107

4.375%

due

04/01/30

102

108

5.000%

due

01/15/44

532

529

Northern

Natural

Gas

Co.

4.300%

due

01/15/49

(Þ)

162

198

Northwest

Fibers,

Inc.

6.000%

due

02/15/28

(Þ)

241

237

10.750%

due

06/01/28

(Þ)

63

71

Novelis

Corp.

3.250%

due

11/15/26

(Þ)

82

83

3.875%

due

08/15/31

(Þ)

84

85

Occidental

Petroleum

Corp.

6.950%

due

07/01/24

200

223

5.875%

due

09/01/25

509

564

6.375%

due

09/01/28

415

483

3.500%

due

08/15/29

1,254

1,251

6.125%

due

01/01/31

626

740

6.450%

due

09/15/36

719

868

4.300%

due

08/15/39

323

320

6.200%

due

03/15/40

640

741

4.500%

due

07/15/44

87

86

6.600%

due

03/15/46

468

576

4.400%

due

04/15/46

608

597

4.100%

due

02/15/47

609

576

4.200%

due

03/15/48

34

33

4.400%

due

08/15/49

85

82

Oceaneering

International,

Inc.

4.650%

due

11/15/24

258

256

Onemain

Finance

Corp.

5.375%

due

11/15/29

221

243

Oracle

Corp.

4.000%

due

11/15/47

233

259

Organon

Finance

1

LLC

5.125%

due

04/30/31

(Þ)

764

787

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

5.000%

due

08/15/27

(Þ)

358

365

4.250%

due

01/15/29

(Þ)

197

197

4.625%

due

03/15/30

(Þ)

146

147

Ovintiv

,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.150%

due

11/15/41

300

329

Pactiv

LLC

7.950%

due

12/15/25

200

225

Par

Pharmaceutical,

Inc.

7.500%

due

04/01/27

(Þ)

568

579

PBF

Holding

Co.

LLC

Series

WI

7.250%

due

06/15/25

545

327

PBF

Holding

Co.

LLC

/

PBF

Finance

Corp.

Series

WI

6.000%

due

02/15/28

138

72

PBF

Logistics,

LP

/

PBF

Logistics

Finance

Corp.

Series

WI

6.875%

due

05/15/23

398

386

Peabody

Energy

Corp.

6.000%

due

12/31/24

(Þ)

205

164

Peninsula

Pacific

Entertainment

LLC

8.500%

due

11/15/27

(Þ)

229

247

PepsiCo,

Inc.

Series

383

3.000%

due

10/15/27

199

220

Performance

Food

Group

Co.

5.500%

due

10/15/27

(Þ)

424

442

PetSmart

LLC

4.750%

due

02/25/28

(Þ)

1,000

1,038

7.750%

due

02/25/29

(Þ)

1,000

1,096

Pfizer,

Inc.

3.000%

due

06/15/23

316

332

PG&E

Corp.

5.250%

due

07/01/30

500

488

PIC

AU

Holdings

LLC

/

PIC

AU

Holdings

Corp.

10.000%

due

12/31/24

(Þ)

546

543

Pilgrim's

Pride

Corp.

5.875%

due

09/30/27

(Þ)

415

444

Plastipak

Holdings,

Inc.

6.250%

due

10/15/25

(Þ)

700

714

Post

Holdings,

Inc.

5.750%

due

03/01/27

(Þ)

219

228

5.500%

due

12/15/29

(Þ)

129

138

Procter

&

Gamble

Co.

(The)

2.450%

due

11/03/26

250

269

Progress

Energy,

Inc.

7.750%

due

03/01/31

135

196

Providence

Service

Corp.

(The)

5.875%

due

11/15/25

(Þ)

350

371

PTC,

Inc.

4.000%

due

02/15/28

(Þ)

442

457

QTS

Realty

Trust,

Inc.

3.875%

due

10/01/28

(Þ)

237

254

Radian

Group,

Inc.

4.500%

due

10/01/24

237

253

Radiate

Holdco

LLC

4.500%

due

09/15/26

(Þ)

451

467

Range

Resources

Corp.

8.250%

due

01/15/29

(Þ)

163

180

Realogy

Group

LLC

/

Realogy

Co-Issuer

Corp.

9.375%

due

04/01/27

(Þ)

224

248

Regency

Energy

Partners,

LP

/

Regency

Energy

Finance

Corp.

4.500%

due

11/01/23

309

331

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

108

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Regions

Financial

Corp.

7.375%

due

12/10/37

183

285

Reliance

Steel

&

Aluminum

Co.

4.500%

due

04/15/23

286

302

Rent-A-Center,

Inc.

6.375%

due

02/15/29

(Þ)

101

108

Republic

Services,

Inc.

3.375%

due

11/15/27

290

321

Resideo

Funding,

Inc.

6.125%

due

11/01/26

(Þ)

748

785

Retail

Properties

of

America,

Inc.

4.000%

due

03/15/25

276

294

RHP

Hotel

Properties,

LP

Series

WI

4.750%

due

10/15/27

454

470

RLJ

Lodging

Trust

3.750%

due

07/01/26

(Þ)

174

176

Rockies

Express

Pipeline

LLC

4.800%

due

05/15/30

(Þ)

650

661

Royal

Caribbean

Cruises,

Ltd.

11.500%

due

06/01/25

(Þ)

249

285

7.500%

due

10/15/27

177

202

3.700%

due

03/15/28

350

330

Sabine

Pass

Liquefaction

LLC

5.625%

due

04/15/23

276

296

Safeway,

Inc.

7.250%

due

02/01/31

452

534

Santander

Holdings

USA,

Inc.

3.450%

due

06/02/25

107

115

Series

WI

3.244%

due

10/05/26

149

160

SBA

Communications

Corp.

Series

WI

3.875%

due

02/15/27

363

374

Scientific

Games

International,

Inc.

7.250%

due

11/15/29

(Þ)

164

184

Scotts

Miracle-

Gro

Co.

(The)

Series

WI

4.500%

due

10/15/29

424

442

Seagate

HDD

Cayman

4.750%

due

06/01/23

528

562

Sealed

Air

Corp.

5.125%

due

12/01/24

(Þ)

339

368

6.875%

due

07/15/33

(Þ)

200

256

Service

Properties

Trust

5.000%

due

08/15/22

634

643

4.500%

due

06/15/23

477

487

4.650%

due

03/15/24

273

278

7.500%

due

09/15/25

375

423

4.950%

due

02/15/27

73

72

5.500%

due

12/15/27

186

198

3.950%

due

01/15/28

77

72

4.950%

due

10/01/29

109

106

4.375%

due

02/15/30

122

114

Sherwin-Williams

Co.

(The)

3.450%

due

06/01/27

278

309

Shire

Acquisitions

Investments

Ireland

DAC

2.875%

due

09/23/23

315

329

Silgan

Holdings,

Inc.

Series

WI

4.125%

due

02/01/28

357

370

Solar

Star

Funding

LLC

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.375%

due

06/30/35

(Þ)

230

265

Southern

Power

Co.

Series

F

4.950%

due

12/15/46

277

341

Southwestern

Energy

Co.

6.200%

due

01/23/25

275

301

Spectra

Energy

Partners,

LP

3.375%

due

10/15/26

274

299

Spirit

AeroSystems

,

Inc.

4.600%

due

06/15/28

103

100

Sprint

Capital

Corp.

6.875%

due

11/15/28

1,550

2,000

8.750%

due

03/15/32

492

759

Sprint

Communications,

Inc.

6.000%

due

11/15/22

255

270

Sprint

Corp.

7.625%

due

03/01/26

269

329

Series

WI

7.875%

due

09/15/23

892

1,009

Staples,

Inc.

7.500%

due

04/15/26

(Þ)

725

736

10.750%

due

04/15/27

(Þ)

839

814

Starbucks

Corp.

2.000%

due

03/12/27

310

322

Starwood

Property

Trust,

Inc.

Series

WI

4.750%

due

03/15/25

141

149

Stericycle,

Inc.

3.875%

due

01/15/29

(Þ)

366

371

Synchrony

Financial

3.700%

due

08/04/26

214

235

Synovus

Financial

Corp.

5.900%

due

02/07/29

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

3.379%)(Ê)

234

254

Targa

Resources

Partners,

LP

/

Targa

Resources

Partners

Finance

Corp.

4.875%

due

02/01/31

(Þ)

331

358

Taylor

Morrison

Communities,

Inc.

5.125%

due

08/01/30

(Þ)

350

381

TCI

Communications,

Inc.

7.875%

due

02/15/26

144

186

Team

Health

Holdings,

Inc.

6.375%

due

02/01/25

(Þ)

284

263

Teleflex,

Inc.

4.250%

due

06/01/28

(Þ)

357

372

Tenet

Healthcare

Corp.

4.875%

due

01/01/26

(Þ)

500

516

6.125%

due

10/01/28

(Þ)

350

373

6.875%

due

11/15/31

139

159

Tennessee

Gas

Pipeline

Co.

LLC

7.000%

due

10/15/28

218

287

Terraform

Global

Operating

LLC

6.125%

due

03/01/26

(Þ)

273

281

Terrier

Media

Buyer,

Inc.

8.875%

due

12/15/27

(Þ)

668

714

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)

458

477

Texas

Eastern

Transmission,

LP

3.500%

due

01/15/28

(Þ)

271

298

Thermo

Fisher

Scientific,

Inc.

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

109

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.650%

due

12/15/25

227

251

Time

Warner

Cable

LLC

6.750%

due

06/15/39

202

287

Time

Warner

Entertainment

Co.,

LP

8.375%

due

07/15/33

214

328

T-Mobile

USA,

Inc.

4.750%

due

02/01/28

138

147

Series

WI

1.500%

due

02/15/26

328

332

TransDigm

,

Inc.

8.000%

due

12/15/25

(Þ)

245

263

6.250%

due

03/15/26

(Þ)

869

911

Transocean

Guardian,

Ltd.

5.875%

due

01/15/24

(Þ)

51

48

Transocean

Poseidon,

Ltd.

6.875%

due

02/01/27

(Þ)

47

46

Transocean,

Inc.

7.250%

due

11/01/25

(Þ)

503

401

7.500%

due

01/15/26

(Þ)

246

191

8.000%

due

02/01/27

(Þ)

363

268

9.350%

due

12/15/41

417

265

Trident

TPI

Holdings,

Inc.

9.250%

due

08/01/24

(Þ)

673

709

Trinity

Industries,

Inc.

4.550%

due

10/01/24

268

285

Triumph

Group,

Inc.

6.250%

due

09/15/24

(Þ)

704

708

Series

WI

7.750%

due

08/15/25

1,329

1,336

TWDC

Enterprises

18

Corp.

2.350%

due

12/01/22

272

279

Tyson

Foods,

Inc.

4.875%

due

08/15/34

265

334

Uber

Technologies,

Inc.

6.250%

due

01/15/28

(Þ)

227

245

United

Airlines,

Inc.

4.625%

due

04/15/29

(Þ)

195

201

Series

144a

4.375%

due

04/15/26

(Þ)

187

192

United

Parcel

Service,

Inc.

2.500%

due

04/01/23

319

330

United

Rentals

NA,

Inc.

5.500%

due

05/15/27

228

240

United

States

Steel

Corp.

6.650%

due

06/01/37

188

203

United

Technologies

Corp.

5.400%

due

05/01/35

241

323

Uniti

Group,

LP

/

Uniti

Fiber

Holdings,

Inc.

/

CSL

Capital

LLC

7.125%

due

12/15/24

(Þ)

307

316

7.875%

due

02/15/25

(Þ)

31

33

6.500%

due

02/15/29

(Þ)

453

459

Uniti

Group,

LP

/

Uniti

Group

Finance,

Inc.

/

CSL

Capital

LLC

4.750%

due

04/15/28

(Þ)

270

271

Univision

Communications,

Inc.

6.625%

due

06/01/27

(Þ)

353

380

Unum

Group

5.750%

due

08/15/42

237

299

Upjohn,

Inc.

2.700%

due

06/22/30

(Þ)

265

272

US

Foods,

Inc.

4.750%

due

02/15/29

(Þ)

448

457

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Valero

Energy

Corp.

7.500%

due

04/15/32

223

315

Vector

Group,

Ltd.

5.750%

due

02/01/29

(Þ)

433

439

Venture

Global

Calcasieu

Pass

LLC

3.875%

due

08/15/29

(Þ)

236

241

4.125%

due

08/15/31

(Þ)

269

279

Veritas

US,

Inc.

/

Veritas

Bermuda,

Ltd.

10.500%

due

02/01/24

(Þ)

2,892

2,946

7.500%

due

09/01/25

(Þ)

700

724

Verizon

Communications,

Inc.

2.625%

due

08/15/26

251

268

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

4.125%

due

08/15/30

(Þ)

354

372

Vistra

Operations

Co.

LLC

5.000%

due

07/31/27

(Þ)

443

457

Voya

Financial,

Inc.

Series

WI

4.700%

due

01/23/48

(USD

3

Month

LIBOR

+

2.084%)(Ê)

302

318

Wachovia

Corp.

5.500%

due

08/01/35

255

338

Walmart,

Inc.

3.400%

due

06/26/23

261

276

Walt

Disney

Co.

(The)

3.700%

due

03/23/27

287

325

Warrior

Met

Coal,

Inc.

8.000%

due

11/01/24

(Þ)

853

868

Webster

Financial

Corp.

4.100%

due

03/25/29

254

285

Wells

Fargo

&

Co.

5.950%

due

08/26/36

243

339

3.900%

due

05/01/45

264

314

Western

Gas

Partners,

LP

5.500%

due

08/15/48

25

28

Western

Midstream

Operating,

LP

4.050%

due

02/01/30

146

164

5.450%

due

04/01/44

290

325

5.300%

due

03/01/48

432

476

5.250%

due

02/01/50

266

313

Westinghouse

Air

Brake

Technologies

Corp.

4.950%

due

09/15/28

237

278

Williams

Scotsman

International,

Inc.

4.625%

due

08/15/28

(Þ)

359

370

Windstream

Escrow

LLC

7.750%

due

08/15/28

(Þ)

391

399

Wyndham

Destinations,

Inc.

5.750%

due

04/01/27

190

206

Xerox

Corp.

4.125%

due

03/15/23

531

555

6.750%

due

12/15/39

118

133

XPO

CNW,

Inc.

6.700%

due

05/01/34

251

301

XPO

Logistics,

Inc.

6.250%

due

05/01/25

(Þ)

598

635

Yum!

Brands,

Inc.

3.875%

due

11/01/23

367

388

6.875%

due

11/15/37

92

118

Zions

Bancorp

NA

3.250%

due

10/29/29

316

337

213,702

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

110

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

International

Debt

-

25.7%

1011778

B.C.

Unlimited

Liability

Co.

/

New

Red

Finance,

Inc.

4.000%

due

10/15/30

(Þ)

480

479

1MDB

Global

Investments,

Ltd.

Series

REGS

4.400%

due

03/09/23

1,000

1,004

ABN

AMRO

Bank

NV

4.800%

due

04/18/26

(Þ)

237

270

Abu

Dhabi

National

Energy

Co.

PJSC

4.375%

due

04/23/25

(Þ)

506

567

ADIB

Capital

Invest

2,

Ltd.

7.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.270%)(Ê)(ƒ)

602

646

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

5.875%

due

10/10/79

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.535%)(Ê)

225

236

Aeropuerto

Internacional

de

Tocumen

SA

Series

REGS

5.625%

due

05/18/36

548

623

Agua

y

Saneamientos

Argentinos

SA

6.625%

due

02/01/23

1,669

918

Air

Liquide

Finance

SA

2.250%

due

09/27/23

(Þ)

282

292

Alibaba

Group

Holding,

Ltd.

Series

WI

4.500%

due

11/28/34

225

265

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

238

265

AMC

Entertainment

Holdings,

Inc.

10.500%

due

04/24/26

(Þ)

414

439

Apidos

CLO

XXXI

Series

2021-31A

Class

CR

2.029%

due

04/15/31

(USD

3

Month

LIBOR

+

1.900%)(Ê)(Þ)

1,140

1,141

Argentine

Republic

Government

International

Bond

1.000%

due

07/09/29

268

103

0.750%

due

07/09/30

(~)(Ê)

976

355

1.500%

due

07/09/35

(~)(Ê)

1,418

457

3.875%

due

01/09/38

(~)(Ê)

2,284

904

Ashtead

Capital,

Inc.

4.250%

due

11/01/29

(Þ)

296

321

Aston

Martin

Capital

Holdings,

Ltd.

10.500%

due

11/30/25

(Þ)

400

444

AstraZeneca

PLC

0.300%

due

05/26/23

333

333

ATS

Automation

Tooling

Systems,

Inc.

4.125%

due

12/15/28

(Þ)

371

377

Avation

Capital

SA

6.500%

due

10/31/26

(Þ)

526

429

Babson

CLO,

Ltd.

Series

2014-IA

Class

C

4.585%

due

07/20/25

(USD

3

Month

LIBOR

+

3.450%)(Ê)(Þ)

250

250

Bahrain

Government

International

Bond

7.000%

due

01/26/26

(Þ)

2,000

2,241

Banco

de

Credito

del

Peru

4.250%

due

04/01/23

(Þ)

269

279

Banco

de

Credito

e

Inversiones

SA

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.000%

due

02/11/23

(Þ)

269

282

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)

491

547

9.250%

due

10/29/49

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

7.327%)(Ê)(ƒ)

379

411

Banco

Inbursa

SA

Institucion

de

Banca

Multiple

4.375%

due

04/11/27

(Þ)

235

252

Banco

Nacional

de

Costa

Rica

Series

REGS

6.250%

due

11/01/23

335

360

Banco

Santander

SA

2.749%

due

12/03/30

331

334

Bancolombia

SA

3.000%

due

01/29/25

322

325

Bangkok

Bank

PCL

9.025%

due

03/15/29

(Þ)

169

236

Bank

of

Nova

Scotia

(The)

3.400%

due

02/11/24

254

272

Banque

Centrale

de

Tunisie

SA

Series

REGS

5.750%

due

01/30/25

1,048

886

Barclays

Bank

PLC

6.860%

due

09/29/49

(USD

6

Month

LIBOR

+

1.730%)(Ê)(ƒ)(Þ)

345

468

6.278%

due

12/29/49

(USD

3

Month

LIBOR

+

1.550%)(Ê)(ƒ)

225

303

Barclays

PLC

4.950%

due

01/10/47

241

316

Barings

CLO,

Ltd.

Series

2021-1A

Class

D

2.900%

due

04/25/34

(USD

3

Month

LIBOR

+

2.900%)(Ê)(Þ)

1,000

999

Bayer

US

Finance

II

LLC

3.875%

due

12/15/23

(Þ)

310

332

3.375%

due

10/08/24

(Þ)

292

314

Benefit

Street

Partners

CLO

IV,

Ltd.

Series

2021-IVA

Class

BRRR

2.284%

due

01/20/32

(USD

3

Month

LIBOR

+

2.150%)(Ê)(Þ)

500

498

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

993

Bharti

Airtel

International

Netherlands

BV

Series

144a

5.125%

due

03/11/23

(Þ)

307

325

BlueMountain

CLO,

Ltd.

Series

2018-3A

Class

C

3.191%

due

10/25/30

(USD

3

Month

LIBOR

+

2.200%)(Ê)(Þ)

500

496

BNP

Paribas

SA

4.625%

due

03/13/27

(Þ)

243

276

Boxer

Parent

Co.,

Inc.

Series

REGS

6.500%

due

10/02/25

EUR

300

375

Brazil

Loan

Trust

1

5.477%

due

07/24/23

(Þ)

684

708

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

111

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Brookfield

Finance,

Inc.

4.700%

due

09/20/47

236

296

Brookfield

Residential

Properties,

Inc.

6.250%

due

09/15/27

(Þ)

438

463

Canadian

Imperial

Bank

of

Commerce

3.100%

due

04/02/24

296

315

Canadian

Natural

Resources,

Ltd.

5.850%

due

02/01/35

240

315

Canadian

Pacific

Railway

Co.

6.125%

due

09/15/15

214

341

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

Carnival

Corp.

1.875%

due

11/07/22

EUR

720

843

1.000%

due

10/28/29

EUR

160

151

Series

REGS

7.625%

due

03/01/26

EUR

200

258

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

Series

WI

3.875%

due

11/02/27

182

196

Cemig

Geracao

e

Transmissao

SA

Series

REGS

9.250%

due

12/05/24

397

457

Cenovus

Energy,

Inc.

6.750%

due

11/15/39

162

221

CEZ

AS

Series

REGS

5.625%

due

04/03/42

383

489

Chalco

Hong

Kong

Investment

Co.,

Ltd.

4.250%

due

12/29/49

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

7.931%)(Ê)(ƒ)

390

391

4.250%

due

12/31/99

(~)(Ê)(ƒ)

93

93

China

Evergrande

Group

9.500%

due

03/29/24

500

199

8.750%

due

06/28/25

596

246

CIFC

Funding,

Ltd.

Series

2017-1A

Class

C

3.559%

due

04/23/29

(USD

3

Month

LIBOR

+

2.450%)(Ê)(Þ)

500

500

Series

2018-4RA

Class

B

2.334%

due

10/17/30

500

500

CIFC

LLC

Series

2021-2A

Class

CR

2.234%

due

04/17/34

(USD

3

Month

LIBOR

+

2.100%)(Ê)(Þ)

1,000

1,001

CNH

Industrial

NV

4.500%

due

08/15/23

307

330

Colombia

Government

International

Bond

3.875%

due

04/25/27

300

317

7.375%

due

09/18/37

1,000

1,294

6.125%

due

01/18/41

600

703

5.000%

due

06/15/45

500

523

Comision

Federal

de

Electricidad

Series

REGS

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.750%

due

02/14/42

625

695

Commerzbank

AG

8.125%

due

09/19/23

(Þ)

370

420

Commonwealth

Bank

of

Australia

4.316%

due

01/10/48

(Þ)

281

343

Consolidated

Energy

Finance

SA

6.875%

due

06/15/25

(Þ)

335

340

6.500%

due

05/15/26

(Þ)

727

735

Corp.

Nacional

del

Cobre

de

Chile

3.700%

due

01/30/50

(Þ)

400

421

Costa

Rica

Government

International

Bond

7.000%

due

04/04/44

(Þ)

2,000

2,100

Coty,

Inc.

Series

REGS

3.875%

due

04/15/26

EUR

650

774

Credit

Agricole

SA

3.250%

due

10/04/24

(Þ)

301

322

4.375%

due

03/17/25

(Þ)

283

312

Credit

Suisse

Group

AG

Series

WI

3.800%

due

06/09/23

255

270

Danone

SA

2.589%

due

11/02/23

(Þ)

277

289

Danske

Bank

A/S

1.226%

due

06/22/24

(Þ)

325

329

Deutsche

Bank

AG

3.950%

due

02/27/23

312

327

3.700%

due

05/30/24

258

276

4.500%

due

04/01/25

555

598

4.296%

due

05/24/28

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

2.248%)(Ê)

462

478

Series

1254

4.100%

due

01/13/26

255

281

Deutsche

Telekom

International

Finance

BV

2.485%

due

09/19/23

(Þ)

312

324

Development

Bank

of

Mongolia

LLC

Series

REGS

7.250%

due

10/23/23

350

374

Development

Bank

of

the

Republic

of

Belarus

JSC

Series

REGS

6.750%

due

05/02/24

1,177

1,095

DKT

Finance

ApS

9.375%

due

06/17/23

(Þ)

1,325

1,351

Dominican

Republic

Government

International

Bond

7.450%

due

04/30/44

(Þ)

1,000

1,220

6.850%

due

01/27/45

(Þ)

750

852

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

484

Ecopetrol

SA

7.375%

due

09/18/43

1,018

1,242

5.875%

due

05/28/45

101

108

Ecuador

Government

International

Bond

5.500%

due

07/31/30

(~)(Ê)(Þ)

475

415

8.408%

due

07/31/30

(Þ)

107

59

2.500%

due

07/31/35

(~)(Ê)(Þ)

1,614

1,118

1.500%

due

07/31/40

(~)(Ê)(Þ)

461

283

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

112

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Egypt

Government

International

Bond

5.875%

due

06/11/25

(Þ)

500

531

6.875%

due

04/30/40

(Þ)

2,000

1,923

8.700%

due

03/01/49

(Þ)

750

783

El

Salvador

Government

International

Bond

Series

REGS

5.875%

due

01/30/25

1,500

1,343

7.650%

due

06/15/35

498

436

Electricite

de

France

SA

5.250%

due

01/29/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

10

Year

Rate

+

3.709%)(Ê)

(ƒ)(Þ)

333

349

Emirates

NBD

Bank

PJSC

6.125%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

6

Year

Rate

+

3.656%)(Ê)(ƒ)

534

572

Series

.

6.125%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

6

Year

Rate

+

5.702%)(Ê)(ƒ)

362

397

Empresa

de

Transporte

de

Pasajeros

Metro

SA

Series

REGS

5.000%

due

01/25/47

568

703

Empresa

Nacional

del

Petroleo

Series

REGS

4.500%

due

09/14/47

538

556

Enbridge,

Inc.

3.700%

due

07/15/27

167

186

Enel

Finance

International

NV

6.000%

due

10/07/39

(Þ)

202

288

Eskom

Holdings

SOC,

Ltd.

8.450%

due

08/10/28

200

225

Series

REGS

7.125%

due

02/11/25

2,711

2,847

8.450%

due

08/10/28

402

452

Ethiopia

Government

International

Bond

6.625%

due

12/11/24

(Þ)

1,000

888

Export-Import

Bank

of

India

Series

GMTN

3.875%

due

03/12/24

200

213

Series

REGS

3.375%

due

08/05/26

200

214

Fairfax

Financial

Holdings,

Ltd.

Series

WI

4.850%

due

04/17/28

248

289

Falabella

SA

4.375%

due

01/27/25

(Þ)

299

322

First

Quantum

Minerals,

Ltd.

7.250%

due

04/01/23

(Þ)

775

790

7.500%

due

04/01/25

(Þ)

175

181

6.875%

due

03/01/26

(Þ)

366

382

6.875%

due

10/15/27

(Þ)

119

129

Fly

Leasing,

Ltd.

Series

0005

5.250%

due

10/15/24

378

379

Ford

Motor

Credit

Co.

LLC

2.330%

due

11/25/25

EUR

242

301

2.386%

due

02/17/26

EUR

345

430

Fortescue

Metals

Group,

Ltd.

5.125%

due

05/15/24

(Þ)

414

447

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Franshion

Brilliant,

Ltd.

5.750%

due

12/29/49

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.859%)(Ê)(ƒ)

226

219

4.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.750%)(Ê)(ƒ)

488

418

Fresenius

Medical

Care

US

Finance

II,

Inc.

4.750%

due

10/15/24

(Þ)

263

291

Gabon

Government

International

Bond

6.375%

due

12/12/24

(Þ)

500

531

Gazprom

OAO

Via

Gaz

Capital

SA

Series

REGS

7.288%

due

08/16/37

1,000

1,394

Ghana

Government

International

Bond

8.125%

due

01/18/26

(Þ)

700

742

10.750%

due

10/14/30

(Þ)

250

311

GlaxoSmithKline

Capital,

Inc.

2.800%

due

03/18/23

276

287

Global

Aircraft

Leasing

Co.,

Ltd.

6.500%

due

09/15/24

(Þ)

1,988

1,997

Global

Finance

SA

Series

2021-1A

Class

A

1.860%

due

04/17/41

(Þ)

872

875

goeasy

,

Ltd.

4.375%

due

05/01/26

(Þ)

456

470

Greenland

Global

Investment,

Ltd.

5.875%

due

07/03/24

457

343

Gtlk

Europe

Captial

DAC

4.800%

due

02/26/28

200

210

Highlands

Holdings

Bond

Issuer,

Ltd.

7.625%

due

10/15/25

(Þ)

663

702

HOM

RE,

Ltd.

Series

2019-1

Class

M2

3.368%

due

05/25/29

(USD

1

Month

LIBOR

+

3.250%)(Ê)(Þ)

1,000

1,013

Honduras

Government

International

Bond

Series

REGS

7.500%

due

03/15/24

500

533

HSBC

Holdings

PLC

6.500%

due

05/02/36

228

317

Huarong

Finance

2017

Co.,

Ltd.

4.750%

due

04/27/27

465

305

4.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.983%)(Ê)(ƒ)

500

332

Huarong

Finance

2019

Co.,

Ltd.

Series

GMTN

4.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

6.979%)(Ê)(ƒ)

500

250

Huarong

Finance

II

Co.,

Ltd.

5.500%

due

01/16/25

200

142

Hudbay

Minerals,

Inc.

6.125%

due

04/01/29

(Þ)

165

178

Indonesia

Asahan

Aluminium

(

Persero

)

PT

Series

REGS

6.757%

due

11/15/48

200

259

Instituto

Costarricense

de

Electricidad

Series

REGS

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

113

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.375%

due

05/15/43

1,034

905

International

Bank

of

Azerbaijan

OJSC

Series

REGS

3.500%

due

09/01/24

200

200

Intesa

Sanpaolo

SpA

3.375%

due

01/12/23

(Þ)

160

166

5.017%

due

06/26/24

(Þ)

571

620

3.875%

due

07/14/27

(Þ)

149

163

Inversiones

CMPC

SA

4.375%

due

05/15/23

(Þ)

315

328

4.750%

due

09/15/24

(Þ)

294

321

ION

Trading

Technologies

SARL

5.750%

due

05/15/28

(Þ)

447

463

Iraq

Government

International

Bond

Series

REGS

5.800%

due

01/15/28

813

776

Jordan

Government

International

Bond

Series

REGS

5.750%

due

01/31/27

200

215

7.375%

due

10/10/47

1,500

1,572

Kaisa

Group

Holdings,

Ltd.

10.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

3

Year

+

15.718%)(Ê)(ƒ)

1,000

843

Kazakhstan

Temir

Zholy

Finance

BV

Series

REGS

6.950%

due

07/10/42

664

923

KazMunayGas

National

Co.

JSC

Series

REGS

5.750%

due

04/19/47

366

455

KCA

Deutag

UK

Finance

PLC

Series

REGS

9.875%

due

12/01/25

293

320

Kenya

Government

International

Bond

8.250%

due

02/28/48

200

221

Series

REGS

6.875%

due

06/24/24

1,000

1,099

Kondor

Finance

PLC

Series

REGS

7.625%

due

11/08/26

1,110

1,134

Kraft

Heinz

Foods

Co.

2.000%

due

06/30/23

EUR

250

307

1.500%

due

05/24/24

EUR

300

368

4.125%

due

07/01/27

GBP

500

780

2.250%

due

05/25/28

EUR

403

526

Lamar

Funding,

Ltd.

Series

REGS

3.958%

due

05/07/25

690

689

LBC

Tank

Terminals

Holding

Netherlands

BV

6.875%

due

05/15/23

(Þ)

750

745

LCM

28,

Ltd.

Series

2018-28A

Class

C

3.285%

due

10/20/30

(USD

3

Month

LIBOR

+

2.150%)(Ê)(Þ)

500

500

Lebanon

Government

International

Bond

Series

GMTN

6.200%

due

02/26/25

500

60

Series

REGS

6.000%

due

01/27/23

230

27

Lloyds

Banking

Group

PLC

4.650%

due

03/24/26

283

323

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.413%

due

01/29/49

(USD

3

Month

LIBOR

+

1.495%)(Ê)(ƒ)(Þ)

211

292

Series

144a

6.657%

due

12/29/49

(USD

3

Month

LIBOR

+

1.270%)(Ê)(ƒ)(Þ)

255

361

Loanpal

Solar

Loan,

Ltd.

Series

2021-2GS

Class

A

2.220%

due

03/20/48

(Þ)

648

658

Lukoil

International

Finance

BV

4.563%

due

04/24/23

(Þ)

311

329

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)

204

242

Mattamy

Group

Corp.

4.625%

due

03/01/30

(Þ)

627

650

Mauser

Packaging

Solutions

Holding

Co.

Series

REGS

4.750%

due

04/15/24

EUR

300

355

MEG

Energy

Corp.

7.125%

due

02/01/27

(Þ)

800

839

Meituan

2.125%

due

10/28/25

(Þ)

276

268

Methanex

Corp.

5.250%

due

12/15/29

527

583

Mexico

City

Airport

Trust

Series

REGS

5.500%

due

07/31/47

225

227

Mongolian

Mining

Corp./Energy

Resources

LLC

Series

REGS

9.250%

due

04/15/24

754

645

Morgan

Stanley

Bank

of

America

Merril

Lynch

Trust

Series

2015-C25

Class

D

3.068%

due

10/15/48

450

445

Morocco

Government

International

Bond

5.500%

due

12/11/42

(Þ)

250

286

Mozambique

International

Bond

9.000%

due

09/15/31

(~)(Ê)(Þ)

1,279

1,087

MPT

Operating

Partnership,

LP

/

MPT

Finance

Corp.

3.692%

due

06/05/28

GBP

600

893

Mumtalakt

Sukuk

Holding

Co.

5.625%

due

02/27/24

401

425

Nabors

Industries,

Inc.

7.250%

due

01/15/26

(Þ)

466

436

7.500%

due

01/15/28

(Þ)

103

93

Nakilat

,

Inc.

Series

REGS

6.067%

due

12/31/33

360

444

National

Bank

of

Canada

2.150%

due

10/07/22

(Þ)

269

275

National

Bank

of

Fujairah

PJSC

5.875%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.301%)(Ê)(ƒ)

200

208

Neuberger

Berman

CLO

XXII,

Ltd.

Series

2018-22A

Class

CR

3.335%

due

10/17/30

(USD

3

Month

LIBOR

+

2.200%)(Ê)(Þ)

500

500

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

114

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Neuberger

Berman

CLO,

Ltd.

Series

2021-31A

Class

CR

1.000%

due

04/20/31

(USD

3

Month

LIBOR

+

1.950%)(Ê)(Þ)

500

500

Nigeria

Government

International

Bond

6.500%

due

11/28/27

(Þ)

500

531

nogaholding

Sukuk

,

Ltd.

Series

REGS

5.250%

due

04/08/29

247

258

Nokia

OYJ

6.625%

due

05/15/39

14

19

Nordea

Bank

AB

4.250%

due

09/21/22

(Þ)

266

277

NTT

Finance

Corp.

0.373%

due

03/03/23

(Þ)

333

333

Nutrien

,

Ltd.

4.900%

due

06/01/43

262

341

Oaktree

CLO,

Ltd.

1.000%

due

07/15/34

(~)(Ê)(Þ)

1,000

1,001

Series

2021-1A

Class

ER

6.636%

due

07/15/34

(USD

3

Month

LIBOR

+

6.510%)(Ê)(Þ)

250

247

OCP

SA

Series

REGS

4.500%

due

10/22/25

343

371

6.875%

due

04/25/44

200

245

6.875%

due

04/25/44

326

400

Octagon

Investment

Partners

48,

Ltd.

Series

2020-3A

Class

B

1.984%

due

10/20/31

(USD

3

Month

LIBOR

+

1.850%)(Ê)(Þ)

500

501

Octagon

Loan

Funding,

Ltd.

Series

2018-1A

Class

CRR

2.586%

due

11/18/31

(USD

3

Month

LIBOR

+

2.200%)(Ê)(Þ)

250

249

OHA

Credit

Partners

XIV,

Ltd.

Series

2017-14A

Class

C

2.909%

due

01/21/30

(USD

3

Month

LIBOR

+

1.800%)(Ê)(Þ)

500

500

Oil

and

Gas

Holding

Co.

BSCC

(The)

Series

REGS

7.500%

due

10/25/27

1,071

1,186

OJSC

Russian

Agricultural

Bank

Series

REGS

8.500%

due

10/16/23

200

226

Oman

Government

International

Bond

Series

REGS

4.750%

due

06/15/26

600

620

5.625%

due

01/17/28

500

526

6.500%

due

03/08/47

500

496

6.750%

due

01/17/48

600

606

OmGrid

Funding,

Ltd.

Series

REGS

5.196%

due

05/16/27

516

531

Open

Text

Corp.

3.875%

due

02/15/28

(Þ)

364

376

OQ

SAOC

Series

REGS

5.125%

due

05/06/28

645

647

Oschadbank

Via

SSB

#1

PLC

7.028%

due

01/19/24

(USD

6

Month

LIBOR

+

6.875%)(Ê)

875

818

9.625%

due

03/20/25

(~)(Ê)(Þ)

290

313

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Oztel

Holdings

SPC,

Ltd.

Series

REGS

6.625%

due

04/24/28

200

220

Pakistan

Government

International

Bond

Series

REGS

7.875%

due

03/31/36

1,700

1,691

Paraguay

Government

International

Bond

6.100%

due

08/11/44

(Þ)

551

687

Parkland

Fuel

Corp.

5.875%

due

07/15/27

(Þ)

108

115

4.500%

due

10/01/29

(Þ)

456

469

Pertamina

Persero

PT

Series

REGS

6.450%

due

05/30/44

2,300

2,993

Perusahaan

Perseroan

(

Persero

)

PT

Perusahaan

Listrik

Negara

Series

REGS

5.250%

due

10/24/42

440

496

6.250%

due

01/25/49

245

311

Petrobras

Global

Finance

BV

6.875%

due

01/20/40

228

269

6.850%

due

06/05/15

1,293

1,442

Petro-Canada

6.800%

due

05/15/38

212

309

Petroleos

de

Venezuela

SA

5.375%

due

04/12/27

1,000

42

Series

REGS

6.000%

due

05/16/24

8,000

340

6.000%

due

11/15/26

3,986

169

5.500%

due

04/12/37

2,150

91

Petroleos

del

Peru

SA

Series

REGS

5.625%

due

06/19/47

952

983

Petroleos

Mexicanos

6.625%

due

06/15/38

4,000

3,701

6.500%

due

06/02/41

650

588

5.500%

due

06/27/44

1,000

819

Series

REGS

6.625%

due

09/29/49

(~)(Ê)(ƒ)

804

691

Series

WI

6.875%

due

08/04/26

45

49

6.500%

due

01/23/29

90

93

5.625%

due

01/23/46

1,000

821

6.750%

due

09/21/47

1,333

1,192

7.690%

due

01/23/50

1,800

1,750

6.950%

due

01/28/60

1,050

942

PETRONAS

Capital,

Ltd.

Series

REGS

4.550%

due

04/21/50

1,000

1,229

Popular,

Inc.

6.125%

due

09/14/23

262

282

POSCO

2.375%

due

01/17/23

(Þ)

272

278

Power

Finance

Corp.,

Ltd.

3.750%

due

12/06/27

400

417

Power

Sector

Assets

&

Liabilities

Management

Corp.

Series

REGS

7.390%

due

12/02/24

607

730

Prima

Capital

CRE

Securitization,

Ltd.

Series

2019-RK1

Class

DD

3.500%

due

04/15/38

(Þ)

480

477

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

115

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Privatbank

CJSC

Via

UK

SPV

Credit

Finance

PLC

Series

DPW

10.250%

due

01/23/49

1,240

186

Prosus

NV

3.680%

due

01/21/30

(Þ)

254

268

Provincia

de

Buenos

Aires

7.875%

due

06/15/27

(~)(Ê)(Þ)

300

144

PTTEP

Canada

International

Finance,

Ltd.

Series

REGS

6.350%

due

06/12/42

370

521

Qatar

Government

International

Bond

Series

REGS

4.817%

due

03/14/49

300

390

Quebecor

Media,

Inc.

5.750%

due

01/15/23

257

276

Radnor

RE,

Ltd.

Series

2021-1

Class

M1C

2.710%

due

12/27/33

(SOFR

30

Day

Average

+

2.700%)(Ê)(Þ)

500

501

Republic

of

Egypt

Government

International

Bond

Series

REGS

8.700%

due

03/01/49

250

261

Republic

of

Nigeria

Government

International

Bond

Series

REGS

7.696%

due

02/23/38

250

256

Reynolds

American,

Inc.

5.700%

due

08/15/35

270

334

Russian

Agricultural

Bank

OJSC

Via

RSHB

Capital

SA

Series

REGS

8.500%

due

10/16/23

475

536

Russian

Federation

International

Bond

Series

REGS

7.500%

due

03/31/30

(~)(Ê)

338

388

SABIC

Capital

II

BV

4.000%

due

10/10/23

(Þ)

217

232

Saka

Energi

Indonesia

PT

Series

REGS

4.450%

due

05/05/24

1,072

984

Sands

China,

Ltd.

Series

WI

4.600%

due

08/08/23

304

322

Santander

UK

Group

Holdings

PLC

3.373%

due

01/05/24

(USD

3

Month

LIBOR

+

1.080%)(Ê)

275

286

Santander

UK

PLC

5.000%

due

11/07/23

(Þ)

148

161

Saudi

Arabia

Government

International

Bond

4.500%

due

10/26/46

1,500

1,760

Series

REGS

4.625%

due

10/04/47

250

299

Saudi

Arabian

Oil

Co.

2.875%

due

04/16/24

(Þ)

281

295

4.375%

due

04/16/49

400

468

4.375%

due

04/16/49

(Þ)

200

234

Saudi

Electricity

Global

Sukuk

Co.

Series

REGS

5.500%

due

04/08/44

450

575

5.500%

due

04/08/44

51

65

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Saudi

Government

International

Bond

3.750%

due

01/21/55

(Þ)

600

637

Scenery

Journey,

Ltd.

13.750%

due

11/06/23

400

152

Schneider

Electric

SE

2.950%

due

09/27/22

(Þ)

269

277

Seagate

HDD

Cayman

5.750%

due

12/01/34

271

320

Seaspan

Corp.

5.500%

due

08/01/29

(Þ)

669

667

Senegal

Government

International

Bond

Series

REGS

6.750%

due

03/13/48

250

256

Silver

Creek

CLO,

Ltd.

Series

2017-1A

Class

CR

3.435%

due

07/20/30

(USD

3

Month

LIBOR

+

2.300%)(Ê)(Þ)

250

250

Sinopec

Group

Overseas

Development,

Ltd.

Series

REGS

2.750%

due

09/29/26

350

375

SK

Hynix,

Inc.

1.000%

due

01/19/24

(Þ)

320

319

Societe

Generale

SA

5.000%

due

01/17/24

(Þ)

266

289

Sri

Lanka

Government

International

Bond

7.550%

due

03/28/30

(Þ)

500

306

Series

REGS

6.850%

due

03/14/24

200

130

6.825%

due

07/18/26

1,300

819

6.200%

due

05/11/27

200

122

Standard

Chartered

PLC

5.200%

due

01/26/24

(Þ)

174

191

7.014%

due

12/30/49

(USD

3

Month

LIBOR

+

1.460%)(Ê)(ƒ)(Þ)

415

571

Standard

Industries,

Inc.

Series

REGS

2.250%

due

11/21/26

EUR

353

412

State

Bank

of

India

4.875%

due

04/17/24

(Þ)

262

286

5.500%

due

09/29/49

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.274%)(Ê)(ƒ)

200

200

State

Oil

Co.

of

Azerbaijan

Republic

6.950%

due

03/18/30

531

659

Statoil

ASA

2.450%

due

01/17/23

269

278

Sumitomo

Mitsui

Financial

Group,

Inc.

2.778%

due

10/18/22

305

314

Superior

Plus

Corp.

4.500%

due

03/15/29

(Þ)

217

223

Sura

Asset

Management

SA

4.375%

due

04/11/27

(Þ)

246

264

Symphony

CLO

XIV,

Ltd.

Series

2019-14A

Class

DR

4.411%

due

07/14/26

(USD

3

Month

LIBOR

+

3.100%)(Ê)(Þ)

500

501

Symphony

CLO

XIX,

Ltd.

Series

2018-19A

Class

C

2.926%

due

04/16/31

(USD

3

Month

LIBOR

+

1.750%)(Ê)(Þ)

500

500

Takeda

Pharmaceutical

Co.,

Ltd.

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

116

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

WI

4.400%

due

11/26/23

305

331

TC

Ziraat

Bankasi

AS

Series

REGS

5.125%

due

09/29/23

330

338

5.375%

due

03/02/26

325

321

Telecom

Italia

Capital

SA

5.303%

due

05/30/24

(Þ)

219

237

6.375%

due

11/15/33

600

709

6.000%

due

09/30/34

260

298

7.721%

due

06/04/38

50

67

Telesat

Canada

/

Telesat

LLC

5.625%

due

12/06/26

(Þ)

462

428

Tencent

Holdings,

Ltd.

3.280%

due

04/11/24

(Þ)

263

279

Tervita

Corp.

11.000%

due

12/01/25

(Þ)

326

373

Textainer

Marine

Containers

VII,

Ltd.

Series

2021-2A

Class

A

2.230%

due

04/20/46

(Þ)

931

950

Toronto-Dominion

Bank

(The)

0.300%

due

06/02/23

333

333

Total

Capital

International

SA

2.700%

due

01/25/23

268

278

TotalEnergies

Capital

Canada,

Ltd.

2.750%

due

07/15/23

260

272

Trinidad

Generation

UnLtd

Series

REGS

5.250%

due

11/04/27

529

542

Trinidad

Petroleum

Holdings,

Ltd.

Series

REGS

9.750%

due

06/15/26

463

519

Tsinghua

Unic

,

Ltd.

5.375%

due

01/31/23

(~)(Ê)

1,200

544

6.500%

due

01/31/28

(~)(Ê)

450

205

Turkey

Government

International

Bond

7.375%

due

02/05/25

600

651

5.875%

due

06/26/31

1,000

978

6.750%

due

05/30/40

1,000

990

4.875%

due

04/16/43

500

402

6.625%

due

02/17/45

2,000

1,918

5.750%

due

05/11/47

700

604

Turkiye

Ihracat

Kredi

Bankasi

Anonim

Sirketi

Series

REGS

5.750%

due

07/06/26

249

249

Turkiye

Ihracat

Kredi

Bankasi

AS

Series

REGS

5.375%

due

10/24/23

294

303

6.125%

due

05/03/24

627

652

UBS

Group

AG

4.125%

due

04/15/26

(Þ)

241

271

Ukraine

Government

International

Bond

Series

GDp

0.750%

due

05/31/40

(~)(Ê)(Þ)

195

227

Series

REGS

7.253%

due

03/15/33

1,500

1,546

Ukraine

Railways

Via

Rail

Capital

Markets

PLC

8.250%

due

07/09/24

452

471

Ukreximbank

Via

Biz

Finance

PLC

7.289%

due

02/09/23

(USD

6

Month

LIBOR

+

7.000%)(Ê)(Þ)

2,022

2,002

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

UniCredit

SpA

7.296%

due

04/02/34

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

4.914%)(Ê)(Þ)

205

249

Unilever

Capital

Corp.

0.375%

due

09/14/23

334

335

Uzbek

Industrial

and

Construction

Bank

5.750%

due

12/02/24

900

953

Vale

Overseas,

Ltd.

6.250%

due

08/10/26

263

316

Vale

SA

5.625%

due

09/11/42

861

1,096

Venture

33

CLO,

Ltd.

2.406%

due

07/15/31

(~)(Ê)(Þ)

1,000

994

Venture

XX

CLO,

Ltd.

Series

2017-20A

Class

CR

3.119%

due

04/15/27

(USD

3

Month

LIBOR

+

1.900%)(Ê)(Þ)

250

250

Vermilion

Energy,

Inc.

Series

144a

5.625%

due

03/15/25

(Þ)

296

297

Vodafone

Group

PLC

7.000%

due

04/04/79

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.873%)(Ê)

588

730

Volkswagen

Group

of

America

Finance

LLC

2.700%

due

09/26/22

(Þ)

273

280

VTB

Bank

Series

REGS

6.950%

due

10/17/22

200

211

9.500%

due

12/31/49

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

8.067%)(Ê)(ƒ)

1,014

1,101

Wynn

Macau,

Ltd.

5.625%

due

08/26/28

(Þ)

279

286

YPF

Energia

Electrica

SA

Series

REGS

10.000%

due

07/25/26

103

91

YPF

SA

7.000%

due

01/01/23

(~)(Ê)(Þ)

195

102

9.000%

due

01/01/23

(~)(Ê)(Þ)

93

67

Series

REGS

8.750%

due

04/04/24

180

160

ZF

NA

Capital,

Inc.

4.750%

due

04/29/25

(Þ)

321

348

189,905

Loan

Agreements

-

0.0%

Charming

Charlie,

Inc.

Converted

Term

Loan

A

0.000%

due

04/24/23

(~)(Ê)(Š)(Ø)(Æ)

374

—

Charming

Charlie,

Inc.

Converted

Term

Loan

B

0.000%

due

04/24/23

(~)(Ê)(Š)(Ø)(Æ)

460

—

—

Mortgage-Backed

Securities

-

13.4%

Arroyo

Mortgage

Trust

Series

2019-2

Class

A3

3.800%

due

04/25/49

(~)(Ê)(Þ)

228

231

Ascendas

Real

Estate

Investment

Trust

Series

2019-CRE3

Class

D

2.845%

due

09/14/36

(USD

1

Month

LIBOR

+

2.650%)(Ê)(Þ)

930

913

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

117

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

BAMLL

Commercial

Mortgage

Securities

Trust

Series

2015-200P

Class

F

3.716%

due

04/14/33

(~)(Ê)(Þ)

1,500

1,541

Bank

Commercial

Mortgage

Pass-

Through

Certificates

Series

2017-BNK4

Class

D

3.357%

due

05/15/50

(Þ)

1,000

960

Series

2017-BNK5

Class

XA

Interest

Only

STRIP

1.217%

due

06/15/60

(~)(Ê)

5,969

247

Series

2017-BNK6

Class

D

3.100%

due

07/15/60

(Þ)

140

129

Series

2021-BN31

Class

XA

Interest

Only

STRIP

1.000%

due

02/15/54

(~)(Ê)

1,585

164

Barclays

Commercial

Mortgage

Securities

LLC

Series

2020-BID

Class

C

3.785%

due

10/15/37

(USD

1

Month

LIBOR

+

3.640%)(Ê)(Þ)

600

606

BBCMS

Trust

Series

2021-AGW

Class

E

3.223%

due

06/15/36

(USD

1

Month

LIBOR

+

3.150%)(Ê)(Þ)

3,000

3,001

Benchmark

2019-B14

Mortgage

Trust

Series

2019-B14

Class

D

2.500%

due

12/15/62

(Þ)

990

917

Benchmark

2019-B9

Mortgage

Trust

Series

2019-B9

Class

D

3.000%

due

03/15/52

(Þ)

810

791

Benchmark

2021-B23

Mortgage

Trust

Series

2021-B23

Class

XA

Interest

Only

STRIP

1.280%

due

02/15/54

(~)(Ê)

1,957

186

BMD2

Re-

Remic

Trust

Series

2019-FRR1

Class

6B10

2.526%

due

05/25/52

(~)(Ê)(Þ)

892

836

BX

Commercial

Mortgage

Trust

Series

2021-IRON

Class

E

2.500%

due

02/15/38

(USD

1

Month

LIBOR

+

2.350%)(Ê)(Þ)

577

579

BX

Trust

Series

2019-OC11

Class

E

4.076%

due

12/09/41

(~)(Ê)(Þ)

180

192

Series

2021-SOAR

Class

E

1.900%

due

06/15/38

(USD

1

Month

LIBOR

+

1.800%)(Ê)(Þ)

1,500

1,508

CALI

Mortgage

Trust

Series

2019-101C

Class

E

4.469%

due

03/10/39

(~)(Ê)(Þ)

320

327

Cantor

Commercial

Real

Estate

Lending

Series

2019-CF2

Class

D

2.500%

due

11/15/52

(Þ)

775

704

CD

Mortgage

Trust

Series

2019-CD8

Class

XA

Interest

Only

STRIP

1.553%

due

08/15/57

(~)(Ê)

2,786

269

CFCRE

Commercial

Mortgage

Trust

Series

2016-C7

Class

XA

Interest

Only

STRIP

0.873%

due

12/10/54

(~)(Ê)

15,997

521

Chase

Home

Lending

Mortgage

Trust

Series

2019-1

Class

A15

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.500%

due

03/25/50

(~)(Ê)(Þ)

137

140

Series

2019-1

Class

A5

4.000%

due

03/25/50

(~)(Ê)(Þ)

800

816

Series

2019-ATR2

Class

A3

3.500%

due

07/25/49

(~)(Ê)(Þ)

257

264

CIM

Commercial

Trust

Corp.

Series

2021-J1

Class

A19

2.500%

due

03/25/51

(~)(Ê)(Þ)

953

970

Series

2021-J2

Class

A19

2.500%

due

04/25/51

(~)(Ê)(Þ)

480

488

CIM

Trust

Series

2018-INV1

Class

A10

4.000%

due

08/25/48

(~)(Ê)(Þ)

500

509

Series

2019-INV1

Class

A1

4.000%

due

02/25/49

(~)(Ê)(Þ)

163

165

Series

2019-J2

Class

A13

3.500%

due

10/25/49

(~)(Ê)(Þ)

715

729

Citigroup

Commercial

Mortgage

Trust

Series

2014-GC19

Class

E

4.761%

due

03/10/47

(~)(Ê)(Þ)

1,000

1,021

Series

2014-GC19

Class

F

3.665%

due

03/10/47

(~)(Ê)(Þ)

443

284

Series

2016-C2

Class

E

4.594%

due

08/10/49

(Þ)

120

92

Series

2016-P4

Class

F

4.880%

due

07/10/49

(~)(Ê)(Þ)

313

183

Series

2016-P5

Class

D

3.000%

due

10/10/49

(Þ)

670

549

Series

2018-C6

Class

D

5.235%

due

11/10/51

(~)(Ê)(Þ)

410

446

Series

2019-GC41

Class

XA

Interest

Only

STRIP

1.188%

due

08/10/56

(~)(Ê)

2,262

149

Citigroup

Mortgage

Loan

Trust

Series

2021-J2

Class

A4A

2.500%

due

07/25/51

(~)(Ê)(Þ)

597

605

Citigroup

Mortgage

Loan

Trust,

Inc.

Series

2021-J1

Class

A4A

2.500%

due

04/25/51

(~)(Ê)(Þ)

684

693

Commercial

Mortgage

Trust

Series

2013-CR8

Class

D

4.084%

due

06/10/46

(~)(Ê)(Þ)

1,310

1,331

Series

2013-CR10

Class

F

4.949%

due

08/10/46

(~)(Ê)(Þ)

160

145

Series

2013-GAM

Class

F

3.531%

due

02/10/28

(~)(Ê)(Þ)

250

228

Series

2016-CD1

Class

XA

Interest

Only

STRIP

1.532%

due

08/10/49

(~)(Ê)

7,508

422

Series

2017-COR2

Class

XA

Interest

Only

STRIP

1.321%

due

09/10/50

(~)(Ê)

5,297

316

Csail

Commercial

Mortgage

Trust

Series

2015-C2

Class

C

4.330%

due

06/15/57

(~)(Ê)

100

94

DBWF

Mortgage

Trust

Series

2015-LCM

Class

D

3.535%

due

06/10/34

(~)(Ê)(Þ)

1,000

922

Deephaven

Residential

Mortgage

Trust

Series

2021-1

Class

M1

2.093%

due

05/25/65

(~)(Ê)(Þ)

1,000

1,004

Ellington

Financial,

Inc.

Series

2019-2

Class

A3

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

118

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.046%

due

11/25/59

(~)(Ê)(Þ)

521

530

Fannie

Mae

Connecticut

Avenue

Securities

Trust

Series

2016-C02

Class

1M2

6.168%

due

09/25/28

(USD

1

Month

LIBOR

+

6.000%)(Ê)

451

474

Series

2018-C02

Class

2M2

2.368%

due

08/25/30

(USD

1

Month

LIBOR

+

2.200%)(Ê)

834

843

Series

2018-C03

Class

1M2

2.318%

due

10/25/30

(USD

1

Month

LIBOR

+

2.150%)(Ê)

689

699

Series

2018-C05

Class

1M2

2.518%

due

01/25/31

(USD

1

Month

LIBOR

+

2.350%)(Ê)

750

759

Series

2018-C06

Class

1M2

2.168%

due

03/25/31

(USD

1

Month

LIBOR

+

2.000%)(Ê)

166

167

Series

2018-C06

Class

2M2

2.268%

due

03/25/31

(USD

1

Month

LIBOR

+

2.100%)(Ê)

610

616

Series

2018-R07

Class

1M2

2.568%

due

04/25/31

(USD

1

Month

LIBOR

+

2.400%)(Ê)(Þ)

538

541

Series

2019-R04

Class

2M2

2.268%

due

06/25/39

(USD

1

Month

LIBOR

+

2.100%)(Ê)(Þ)

165

165

Series

2020-R02

Class

2M2

2.168%

due

01/25/40

(USD

1

Month

LIBOR

+

2.000%)(Ê)(Þ)

490

492

Flagstar

Mortgage

Trust

Series

2018-1

Class

B1

4.008%

due

03/25/48

(~)(Ê)(Þ)

145

147

Series

2018-6RR

Class

B1

5.010%

due

10/25/48

(~)(Ê)(Þ)

473

490

Series

2018-3INV

Class

A3

4.000%

due

05/25/48

(~)(Ê)(Þ)

173

176

Fontainebleau

Florida

Hotel

LLC

Series

2019-FBLU

Class

F

4.095%

due

12/10/36

(~)(Ê)(Þ)

180

184

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

Series

2018-DNA1

Class

M2

1.968%

due

07/25/30

(USD

1

Month

LIBOR

+

1.800%)(Ê)

848

853

Series

2018-HQA1

Class

M2

2.468%

due

09/25/30

(USD

1

Month

LIBOR

+

2.300%)(Ê)

581

586

Series

2018-HQA2

Class

M2

2.468%

due

10/25/48

(USD

1

Month

LIBOR

+

2.300%)(Ê)(Þ)

1,000

1,008

Series

2020-DNA5

Class

M2

2.887%

due

10/25/50

(SOFR

30

Day

Average

+

2.800%)(Ê)(Þ)

700

708

Series

2021-DNA1

Class

M2

1.879%

due

01/25/51

(SOFR

30

Day

Average

+

1.800%)(Ê)(Þ)

1,000

1,003

Series

2021-HQA1

Class

M2

2.300%

due

08/25/33

(SOFR

30

Day

Average

+

2.250%)(Ê)(Þ)

1,000

1,011

FREMF

Mortgage

Trust

Series

2016-K57

Class

D

1.309%

due

08/25/49

(Þ)

1,450

1,006

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2016-K57

Class

X2A

Interest

Only

STRIP

0.100%

due

08/25/49

(Þ)

1

9

,

177

71

Series

2016-K57

Class

X2B

Series

2019-KG01

Class

C

6.217%

due

05/25/29

(Þ)

400

250

Series

2019-KG01

Class

X2A

Interest

Only

STRIP

0.100%

due

04/25/29

(Þ)

5,106

24

Series

2019-KG01

Class

X2B

Interest

Only

STRIP

0.100%

due

05/25/29

(Þ)

570

3

FRR

Re-REMIC

Trust

Series

2018-C1

Class

CK32

1.000%

due

10/27/46

(~)(Ê)(Þ)

1,500

1,292

GAM

Re-REMIC

Trust

Series

2021-FRR1

Class

1C

0.000%

due

07/28/27

(Þ)

2,095

1,484

Series

2021-FRR1

Class

2C

0.000%

due

12/29/27

(Þ)

905

627

GCT

Commerical

Mortage

Trust

Series

2021-GCT

Class

D

1.000%

due

02/15/23

(USD

1

Month

LIBOR

+

2.350%)(Ê)(Þ)

1,500

1,501

Goldman

Sachs

Mortgage

Securities

Trust

Series

2019-GC40

Class

DBD

3.668%

due

07/10/52

(~)(Ê)(Þ)

390

395

Series

2019-PJ2

Class

B2

4.496%

due

11/25/49

(~)(Ê)(Þ)

967

987

Series

2020-PJ1

Class

A6

3.500%

due

05/25/50

(~)(Ê)(Þ)

47

47

Great

Wolf

Capital

Trust

Series

2019-WOLF

Class

D

2.039%

due

12/15/36

(USD

1

Month

LIBOR

+

1.933%)(Ê)(Þ)

1,500

1,495

Great

Wolf

Trust

Series

2019-WOLF

Class

E

2.847%

due

12/15/36

(USD

1

Month

LIBOR

+

2.732%)(Ê)(Þ)

1,500

1,476

GS

Mortgage

Securities

Trust

Series

2012-GCJ7

Class

E

5.000%

due

05/10/45

(~)(Ê)(Þ)

800

639

Series

2013-GC16

Class

G

3.500%

due

11/10/46

(Þ)

90

60

Series

2019-GC39

Class

D

3.000%

due

05/10/52

(Þ)

300

284

Series

2019-GC40

Class

XA

Interest

Only

STRIP

1.231%

due

07/10/52

(~)(Ê)

2,411

164

Series

2020-PJ1

Class

B2

3.710%

due

05/25/50

(~)(Ê)(Þ)

974

1,010

Series

2021-PJ6

Class

A12

2.500%

due

11/25/51

(~)(Ê)(Þ)

1

,

791

1,821

GS

Mortgage-Backed

Securities

Trust

Series

2021-PJ3

Class

A4

2.500%

due

08/25/51

(~)(Ê)(Þ)

975

989

Series

2021-PJ5

Class

B3

2.600%

due

10/25/51

(~)(Ê)(Þ)

398

389

HOM

RE,

Ltd.

Series

2021-1

Class

M1C

2.423%

due

07/25/33

(USD

1

Month

LIBOR

+

2.300%)(Ê)(Þ)

1,400

1,388

Homeward

Opportunities

Fund

I

Trust

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

119

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2019-2

Class

A3

3.007%

due

09/25/59

(~)(Ê)(Þ)

440

441

JP

Morgan

Commercial

Mortgage

Securities

Trust

Series

2011-C4

Class

G

3.873%

due

07/15/46

(~)(Ê)(Þ)

1,000

992

Series

2011-C5

Class

B

5.586%

due

08/15/46

(~)(Ê)(Þ)

483

483

Series

2011-C5

Class

D

5.605%

due

08/15/46

(~)(Ê)(Þ)

1,217

1,084

Series

2011-C5

Class

E

4.000%

due

08/15/46

(~)(Ê)(Þ)

950

696

Series

2013-C10

Class

E

3.500%

due

12/15/47

(~)(Ê)(Þ)

1,000

861

Series

2013-C13

Class

F

3.986%

due

01/15/46

(~)(Ê)(Þ)

320

251

Series

2013-C17

Class

E

3.867%

due

01/15/47

(~)(Ê)(Þ)

61

0

510

Series

2015-C27

Class

XA

Interest

Only

STRIP

1.306%

due

02/15/48

(~)(Ê)

2,758

95

Series

2018-WPT

Class

FFX

5.542%

due

07/05/33

(Þ)

330

336

Series

2019-MFP

Class

E

2.345%

due

07/15/36

(USD

1

Month

LIBOR

+

2.160%)(Ê)(Þ)

320

316

JP

Morgan

Mortgage

Trust

Series

2016-5

Class

B3

2.636%

due

12/25/46

(~)(Ê)(Þ)

906

908

Series

2018-3

Class

B3

3.757%

due

09/25/48

(~)(Ê)(Þ)

835

871

Series

2018-6

Class

B1

3.933%

due

12/25/48

(~)(Ê)(Þ)

277

287

Series

2019-1

Class

A3

4.000%

due

05/25/49

(~)(Ê)(Þ)

94

95

Series

2019-2

Class

A3

4.000%

due

08/25/49

(~)(Ê)(Þ)

86

86

Series

2019-7

Class

B2A

3.194%

due

02/25/50

(~)(Ê)(Þ)

384

386

Series

2019-8

Class

A15

3.500%

due

03/25/50

(~)(Ê)(Þ)

165

169

Series

2019-HYB1

Class

B1

3.937%

due

10/25/49

(~)(Ê)(Þ)

681

714

Series

2019-INV1

Class

B2

5.118%

due

10/25/49

(~)(Ê)(Þ)

481

514

Series

2020-1

Class

A15

3.500%

due

06/25/50

(~)(Ê)(Þ)

1,145

1,164

Series

2020-5

Class

B1

3.736%

due

12/25/50

(~)(Ê)(Þ)

441

461

Series

2020-8

Class

A3

3.000%

due

03/25/51

(~)(Ê)(Þ)

317

325

JPMorgan

Chase

Commercial

Mortgage

Securities

Corp.

Series

2021-MHC

Class

E

2.550%

due

04/15/38

(USD

1

Month

LIBOR

+

2.450%)(Ê)(Þ)

300

302

JPMorgan

Commercial

Mortgage

Securities

Trust

Series

2014-C20

Class

D

5.376%

due

07/15/47

(~)(Ê)(Þ)

1,500

1,351

JPMorgan

Mortgage

Trust

Series

2016-2

Class

B4

2.519%

due

06/25/46

(~)(Ê)(Þ)

1,000

1,027

Series

2017-6

Class

A7

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.500%

due

12/25/48

(~)(Ê)(Þ)

229

231

Series

2019-LTV3

Class

A5

3.500%

due

03/25/50

(~)(Ê)(Þ)

767

777

Series

2021-1

Class

A15

2.500%

due

06/25/51

(~)(Ê)(Þ)

447

456

Series

2021-4

Class

A15

2.500%

due

08/25/51

(~)(Ê)(Þ)

290

294

LSTAR

Commercial

Mortgage

Trust

Series

2015-3

Class

D

3.360%

due

04/20/48

(~)(Ê)(Þ)

600

594

Mello

Mortgage

Capital

Acceptance

Series

2018-MTG2

Class

B2

4.485%

due

10/25/48

(~)(Ê)(Þ)

938

987

Mello

Warehouse

Securitization

Trust

Series

2021-1

Class

C

1.000%

due

02/25/55

(USD

1

Month

LIBOR

+

1.100%)(Ê)(Þ)

550

549

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2012-C6

Class

E

4.760%

due

11/15/45

(~)(Ê)(Þ)

1,520

1,448

Series

2014-C18

Class

D

3.389%

due

10/15/47

(Þ)

250

227

Series

2015-C22

Class

C

4.243%

due

04/15/48

(~)(Ê)

1,500

1,507

Series

2016-C29

Class

XB

Interest

Only

STRIP

1.110%

due

05/15/49

(~)(Ê)

7,710

326

Morgan

Stanley

Capital

I

Trust

Series

2011-C1

Class

M

Interest

Only

STRIP

4.193%

due

09/15/47

(Þ)

125

6

Series

2017-HR2

Class

XA

Interest

Only

STRIP

0.932%

due

12/15/50

(~)(Ê)

3,008

123

Series

2019-H6

Class

D

3.000%

due

06/15/52

(Þ)

377

349

Series

2019-H7

Class

XA

Interest

Only

STRIP

1.464%

due

07/15/52

(~)(Ê)

6,330

533

Series

2019-L3

Class

XA

Interest

Only

STRIP

0.645%

due

11/15/52

(~)(Ê)

5,554

264

Series

2021-L5

Class

XA

Interest

Only

STRIP

1.425%

due

04/15/31

1,510

148

MRCD

Mortgage

Trust

Series

2019-PARK

Class

E

2.718%

due

12/15/36

(Þ)

120

120

Onslow

Bay

Financial

LLC

Series

2020-INV1

Class

A21

3.500%

due

12/25/49

(~)(Ê)(Þ)

250

254

RCKT

Mortgage

Trust

Series

2020-1

Class

A13

3.000%

due

02/25/50

(~)(Ê)(Þ)

461

468

ReadyCap

Commercial

Mortgage

Trust

Series

2018-4

Class

D

5.235%

due

02/27/51

(~)(Ê)(Þ)

270

244

Sequoia

Mortgage

Trust

Series

2019-1

Class

A1

4.000%

due

02/25/49

(~)(Ê)(Þ)

45

45

Series

2019-4

Class

A19

3.500%

due

11/25/49

(~)(Ê)(Þ)

114

116

Series

2019-5

Class

A7

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

120

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.500%

due

12/25/49

(~)(Ê)(Þ)

1,200

1,219

Series

2019-CH3

Class

A1

4.000%

due

09/25/49

(~)(Ê)(Þ)

238

241

SFO

Commercial

Mortgage

Trust

Series

2021-555

Class

C

1.910%

due

05/15/38

(USD

1

Month

LIBOR

+

1.800%)(Ê)(Þ)

250

251

UBS

Bank

of

America

Merrill

Lynch

Mortgage

Trust

Series

2012-WRM

Class

D

4.379%

due

06/10/30

(~)(Ê)(Þ)

2,600

1,587

UBS-Barclays

Commercial

Mortgage

Trust

Series

2012-C4

Class

D

4.621%

due

12/10/45

(~)(Ê)(Þ)

22

0

153

UWM

Mortgage

Trust

Series

2021-1

Class

A15

2.500%

due

06/25/51

(~)(Ê)(Þ)

973

988

Verus

Securitization

Trust

Series

2021-1

Class

M1

1.968%

due

01/25/66

(~)(Ê)(Þ)

1,000

996

Washington

Mutual

Mortgage

Pass-

Through

Certificates

Trust

Series

2004-AR7

Class

A6

4.508%

due

07/25/34

(~)(Ê)

377

392

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)

285

266

Wells

Fargo

Commercial

Mortage

Trust

Series

2021-SAVE

Class

C

1.000%

due

02/15/40

(USD

1

Month

LIBOR

+

1.800%)(Ê)(Þ)

1,364

1,373

Wells

Fargo

Commercial

Mortgage

Trust

Series

2014-LC18

Class

XA

Interest

Only

STRIP

1.188%

due

12/15/47

(~)(Ê)

4,475

122

Series

2015-C30

Class

D

4.647%

due

09/15/58

(~)(Ê)(Þ)

510

529

Series

2017-C41

Class

XA

Interest

Only

STRIP

1.366%

due

11/15/50

(~)(Ê)

5,098

301

Series

2018-C45

Class

D

3.000%

due

06/15/51

(Þ)

390

346

Series

2019-C52

Class

XA

Interest

Only

STRIP

1.767%

due

08/15/52

(~)(Ê)

2,182

221

Series

2019-C54

Class

D

2.500%

due

12/15/52

(Þ)

710

653

Wells

Fargo

Mortgage

Backed

Securities

Trust

Series

2020-1

Class

A17

3.000%

due

12/25/49

(~)(Ê)(Þ)

36

37

Series

2020-4

Class

A17

3.000%

due

07/25/50

(~)(Ê)(Þ)

301

306

Series

2020-RR1

Class

A1

3.000%

due

05/25/50

(~)(Ê)(Þ)

481

486

Series

2021-1

Class

A17

2.500%

due

12/25/50

(~)(Ê)(Þ)

952

967

Wells

Fargo

Re-REMIC

Trust

Series

2013-FRR1

Class

BK26

0.546%

due

01/27/45

(Þ)

210

195

WFRBS

Commercial

Mortgage

Trust

Series

2013-C11

Class

E

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.399%

due

03/15/45

(~)(Ê)(Þ)

530

458

Series

2013-C12

Class

D

4.540%

due

03/15/48

(~)(Ê)(Þ)

740

728

Series

2013-C12

Class

E

3.500%

due

03/15/48

(Þ)

1,270

1,106

Series

2013-C14

Class

D

3.978%

due

06/15/46

(~)(Ê)(Þ)

1,500

1,343

Series

2014-C21

Class

C

4.234%

due

08/15/47

(~)(Ê)

630

648

Series

2014-C21

Class

D

3.497%

due

08/15/47

(Þ)

2,077

1,948

Woodward

Capital

Management

LLC

Series

2021-1

Class

A13

2.500%

due

03/25/51

(~)(Ê)(Þ)

195

198

98,890

Non-US

Bonds

-

11.1%

Accor

SA

2.375%

due

09/17/23

EUR

900

1,140

ACS

Actividades

de

Construccion

y

Servicios

SA

1.375%

due

06/17/25

EUR

400

483

ADO

Properties

SA

Series

1-15

1.500%

due

07/26/24

EUR

300

344

Afflelou

SAS

Series

REGS

4.250%

due

05/19/26

EUR

150

181

Air

Canada

Class

A

Pass

Through

Trust

4.625%

due

08/15/29

(Þ)

CAD

143

116

Altice

Finco

SA

Series

REGS

4.750%

due

01/15/28

EUR

400

465

ams

AG

2.125%

due

11/03/27

EUR

500

569

APCOA

Parking

Holdings

GmbH

Series

REGS

4.625%

due

01/15/27

EUR

160

191

ArcelorMittal

SA

2.250%

due

01/17/24

EUR

1,229

1,530

Argentine

Republic

Government

International

Bond

12.169%

due

12/15/35

(~)(Ê)

EUR

40,000

320

Assicurazioni

Generali

SpA

6.269%

due

06/29/49

(GBP

3

Month

LIBOR

+

2.350%)(Ê)(ƒ)

GBP

350

564

4.596%

due

11/30/49

(3

Month

EURIBOR

+

4.500%)(Ê)(ƒ)

EUR

374

501

Autostrade

Per

L'Italia

SpA

4.375%

due

09/16/25

EUR

700

955

1.875%

due

09/26/29

EUR

500

616

Azzurra

Aeroporti

SpA

2.125%

due

05/30/24

EUR

200

243

2.625%

due

05/30/27

EUR

300

373

Banco

de

Sabadell

SA

1.125%

due

03/27/25

EUR

400

486

Banijay

Group

SAS

Series

REGS

6.500%

due

03/01/26

EUR

900

1,105

Bayer

US

Finance

II

LLC

2.375%

due

04/02/75

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.007%)(Ê)

EUR

100

120

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

121

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.375%

due

11/12/79

(EURIBOR

ICE

Swap

Rate

+

2.647%)(Ê)

EUR

500

601

Bellis

Finco

PLC

Series

REGS

4.000%

due

02/16/27

GBP

300

415

Bertelsmann

SE

&

Co.

KGaA

3.000%

due

04/23/75

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.639%)(Ê)

EUR

200

246

3.500%

due

04/23/75

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.206%)(Ê)

EUR

200

260

Boparan

Finance

PLC

Series

REGS

7.625%

due

11/30/25

GBP

850

1,046

Brazil

Notas

do

Tesouro

Nacional

Series

NTNF

10.000%

due

01/01/23

BRL

8,000

1,589

10.000%

due

01/01/27

BRL

1,400

281

10.000%

due

01/01/31

BRL

1,750

348

Brunello

Bidco

SpA

Series

REGS

3.500%

due

02/15/28

EUR

100

119

Casino

Guichard

Perrachon

SA

3.580%

due

02/07/25

EUR

200

226

5.250%

due

04/15/27

EUR

650

769

Centurion

Bidco

SpA

Series

REGS

5.875%

due

09/30/26

EUR

200

247

CeramTec

BondCo

GmbH

Series

REGS

5.250%

due

12/15/25

EUR

950

1,145

Chrome

Holdco

SASU

Series

REGS

5.000%

due

05/31/29

EUR

450

547

Cidron

Aida

Finco

SARL

Series

REGS

5.000%

due

04/01/28

EUR

450

538

Series

REGS

6.250%

due

04/01/28

GBP

400

564

Commerzbank

AG

4.000%

due

03/23/26

EUR

287

387

Series

eMTN

4.000%

due

03/30/27

EUR

419

575

Constellation

Automotive

Financing

PLC

Series

REGS

4.875%

due

07/15/27

GBP

460

640

Co-operative

Group

Holdings,

Ltd.

5.035%

due

07/08/26

(~)(Ê)

GBP

300

500

CPUK

Finance,

Ltd.

6.500%

due

08/28/26

GBP

150

220

Series

REGS

4.875%

due

08/28/25

GBP

275

386

Credito

Emiliano

SpA

1.500%

due

10/25/25

(3

Month

EURIBOR

+

1.800%)(Ê)

EUR

725

888

Daily

Mail

&

General

Trust

PLC

6.375%

due

06/21/27

GBP

250

389

Deutsche

Bank

AG

2.750%

due

02/17/25

EUR

829

1,040

Deutsche

Lufthansa

AG

0.250%

due

09/06/24

EUR

350

402

Diamond

(BC)

BV

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

5.625%

due

08/15/25

EUR

400

482

DKT

Finance

ApS

Series

REGS

7.000%

due

06/17/23

EUR

1,125

1,355

Dufry

One

BV

3.625%

due

04/15/26

CHF

750

828

3.375%

due

04/15/28

EUR

350

411

eG

Global

Finance

PLC

6.250%

due

03/30/26

GBP

500

693

Electricite

de

France

SA

5.000%

due

01/22/49

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

12

Year

Rate

+

3.043%)(Ê)(ƒ)

EUR

500

671

3.375%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.995%)(Ê)(ƒ)

EUR

600

757

4.000%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

6

Year

Rate

+

3.436%)(Ê)(ƒ)

EUR

400

509

Series

EMTn

5.875%

due

07/22/49

(GBP

Swap

[versus

SONIA]

15

Year

Rate

+

3.323%)(Ê)(ƒ)

GBP

300

478

5.375%

due

12/31/49

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

12

Year

Rate

+

3.794%)(Ê)(ƒ)

EUR

100

134

Energizer

Holdings,

Inc.

Series

REGS

3.500%

due

06/30/29

EUR

250

297

Explorer

II

AS

3.375%

due

02/24/25

EUR

450

503

Foodco

Bondco

SA

Series

REGS

6.250%

due

05/15/26

EUR

550

604

Galaxy

Bidco

,

Ltd.

Series

REGS

6.500%

due

07/31/26

GBP

300

438

Gatwick

Airport

Finance

PLC

4.375%

due

04/07/26

GBP

300

419

Heathrow

Finance

PLC

5.250%

due

03/01/24

(~)(Ê)

GBP

100

145

4.375%

due

03/01/27

(~)(Ê)

GBP

100

141

Immobiliare

Grande

Distribuzione

SIIQ

SpA

2.125%

due

11/28/24

EUR

439

522

International

Consolidated

Airlines

Group

SA

1.500%

due

07/04/27

EUR

300

320

Intesa

Sanpaolo

SpA

6.625%

due

09/13/23

EUR

844

1,130

IPD

3

BV

Series

REGS

5.500%

due

12/01/25

EUR

150

185

Lion/Polaris

Lux

4

SA

Series

REGS

4.000%

due

07/01/26

(3

Month

EURIBOR

+

4.000%)(Ê)

EUR

100

120

LSF9

Balta

Issuer

SARL

Series

REGS

7.750%

due

12/31/24

EUR

348

414

Malaysia

Government

International

Bond

Series

0219

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

122

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.885%

due

08/15/29

MYR

3,000

747

Mangrove

LuxCo

III

SARL

Series

REGS

7.775%

due

10/09/25

EUR

200

216

Marcolin

SpA

Series

REGS

6.125%

due

11/15/26

EUR

300

363

Marks

&

Spencer

PLC

4.750%

due

06/12/25

GBP

312

487

3.250%

due

07/10/27

GBP

300

447

Mexican

Bonos

Series

M

20

10.000%

due

12/05/24

MXN

20,000

1,119

8.500%

due

05/31/29

MXN

8,500

470

Motion

Finco

SARL

Series

REGS

7.000%

due

05/15/25

EUR

700

876

Naviera

Armas

SA

Series

REGS

6.500%

due

07/31/23

(3

Month

EURIBOR

+

6.500%)(Ê)

EUR

100

88

4.250%

due

11/15/24

(3

Month

EURIBOR

+

4.250%)(Ê)

EUR

650

571

NEW

Areva

Holding

SA

4.875%

due

09/23/24

EUR

250

335

NGG

Finance

PLC

1.625%

due

12/05/79

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.141%)(Ê)

EUR

400

481

NH

Hotel

Group,

SA

Series

REGS

4.000%

due

07/02/26

EUR

1,200

1,421

Nidda

BondCo

GmbH

Series

REGS

7.250%

due

09/30/25

EUR

700

850

Nobel

Bidco

BV

Series

REGS

3.125%

due

06/15/28

EUR

250

296

Nobian

Finance

BV

Series

REGS

3.625%

due

07/15/26

EUR

350

415

Novelis

Sheet

Ingot

GmbH

Series

REGS

3.375%

due

04/15/29

EUR

200

246

Novomatic

AG

1.625%

due

09/20/23

EUR

275

321

Petrobras

Global

Finance

BV

4.750%

due

01/14/25

EUR

200

266

6.250%

due

12/14/26

GBP

580

922

5.375%

due

10/01/29

GBP

1,000

1,523

Petroleos

Mexicanos

4.875%

due

02/21/28

EUR

100

118

Series

10.7

4.750%

due

02/26/29

EUR

1,400

1,622

Provident

Financial

PLC

7.000%

due

06/04/23

GBP

293

411

Raiffeisenlandesbank

Niederoesterreich

-

Wien

AG

5.875%

due

11/27/23

EUR

300

394

Renault

SA

1.000%

due

03/08/23

EUR

215

257

1.250%

due

06/24/25

EUR

600

706

1.000%

due

11/28/25

EUR

504

596

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Renk

AG

Series

JUN

5.750%

due

07/15/25

EUR

200

249

Republic

of

South

Africa

Government

International

Bond

Series

2035

8.875%

due

02/28/35

ZAR

2,620

162

Series

R186

10.500%

due

12/21/26

ZAR

12,500

972

Rolls-Royce

PLC

3.375%

due

06/18/26

GBP

800

1,108

1.625%

due

05/09/28

EUR

340

374

RWE

AG

3.500%

due

04/21/75

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.245%)(Ê)

EUR

130

166

RZD

Capital

PLC

7.900%

due

10/19/24

RUB

115,000

1,585

Sani/

Ikos

Financial

Holdings

1

SARL

Series

REGS

5.625%

due

12/15/26

EUR

362

433

Santander

UK

Group

Holdings

PLC

7.037%

due

08/29/49

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

3.750%)(Ê)(ƒ)

GBP

245

380

Schaeffler

AG

1.875%

due

03/26/24

EUR

499

612

2.875%

due

03/26/27

EUR

200

255

Stonegate

Pub

Co.

Financing

PLC

8.000%

due

07/13/25

GBP

200

288

Series

REGS

5.750%

due

07/31/25

(3

Month

EURIBOR

+

5.750%)(Ê)

EUR

100

118

8.250%

due

07/31/25

GBP

100

146

Summer

(BC)

Holdco

A

SARL

Series

REGS

9.250%

due

10/31/27

EUR

721

928

Sunshine

Mid

BV

Series

REGS

6.500%

due

05/15/26

EUR

700

859

Techem

Verwaltungsgesellschaft

674

mbH

Series

REGS

6.000%

due

07/30/26

EUR

900

1,098

Tele

Columbus

AG

Series

REGS

3.875%

due

05/02/25

EUR

600

716

Telecom

Italia

SpA

7.750%

due

01/24/33

EUR

364

637

5.250%

due

03/17/55

EUR

200

293

Teollisuuden

Voima

OYJ

2.625%

due

01/13/23

EUR

770

948

Teva

Pharmaceutical

Industries,

Ltd.

1.125%

due

10/15/24

EUR

300

337

1.875%

due

03/31/27

EUR

785

868

1.625%

due

10/15/28

EUR

115

123

Titan

Holdings

II

BV

Series

REGS

5.125%

due

07/15/29

EUR

267

322

Travelex

Issuerco

,

Ltd.

Series

REGS

0.500%

due

08/05/25

GBP

999

2,257

Trivium

Packaging

Finance

BV

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

123

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

3.750%

due

08/15/26

(3

Month

EURIBOR

+

3.750%)(Ê)

EUR

400

474

TVL

Finance

PLC

Series

REGS

5.453%

due

07/15/25

(GBP

3

Month

LIBOR

+

5.375%)(Ê)

GBP

250

330

Unibail

-

Rodamco

-Westfield

2.125%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

1.675%)(Ê)(ƒ)

EUR

400

470

UniCredit

SpA

4.875%

due

02/20/29

(EURIBOR

ICE

Swap

Rate

+

4.739%)(Ê)

EUR

1,226

1,583

Unilabs

SubHolding

AB

Series

REGS

5.750%

due

05/15/25

EUR

450

542

United

Group

BV

Series

REGS

4.000%

due

11/15/27

EUR

300

352

3.625%

due

02/15/28

EUR

300

347

4.625%

due

08/15/28

EUR

300

360

Valeo

SA

3.250%

due

01/22/24

EUR

900

1,151

Verisure

Midholding

AB

Series

REGS

5.250%

due

02/15/29

EUR

925

1,131

Virgin

Media

Finance

PLC

Series

REGS

4.875%

due

07/15/28

GBP

350

495

Viridian

Group

FinanceCo

PLC

/

Viridian

Power

&

Energy

Holdings

DAC

Series

REGS

4.750%

due

09/15/24

GBP

600

841

Vittoria

Assicurazioni

SpA

5.750%

due

07/11/28

EUR

100

135

Vmed

O2

UK

Financing

I

PLC

Series

REGS

4.000%

due

01/31/29

GBP

300

413

4.500%

due

07/15/31

GBP

250

351

Vodafone

Group

PLC

4.875%

due

10/03/78

(GBP

Swap

Semiannual

[versus

6

Month

LIBOR]

5

Year

Rate

+

3.267%)(Ê)

GBP

582

879

3.100%

due

01/03/79

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.669%)(Ê)

EUR

652

807

Series

NC10

3.000%

due

08/27/80

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.227%)(Ê)

EUR

375

463

Wheel

Bidco

,

Ltd.

Series

REGS

6.750%

due

07/15/26

GBP

374

521

ZF

Europe

Finance

BV

1.250%

due

10/23/23

EUR

700

844

2.000%

due

02/23/26

EUR

500

604

82,117

United

States

Government

Treasuries

-

0.2%

United

States

Treasury

Notes

1.250%

due

05/15/50

1,250

1,064

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Long-Term

Fixed

Income

Investments

(cost

$628,942

)

626,418

Common

Stocks

-

1.2%

Consumer

Discretionary

-

0.0%

Charming

Charlie,

Inc.(Æ)(Š)

3,957,093

—

Education

Management

Corp.(Æ)(Š)

4,460,190

—

—

Energy

-

0.3%

Tourmaline

Oil

Corp.

58,980

1,610

Tourmaline

Oil

Corp.(Æ)(Š)

255,236

205

1,815

Financial

Services

-

0.0%

Travelex

Topco,

Ltd.(Æ)(Š)

6,217

—

Materials

and

Processing

-

0.6%

Specialty

Steel

Holdco,

Inc.(Æ)(Š)

22

4,577

Producer

Durables

-

0.3%

Affinion

Group,

Inc.(Æ)(Š)

8,007

—

Kelly

Topco,

Ltd.(Æ)

5,852

484

Real

Alloy(Æ)(Š)

39

1,639

2,123

Technology

-

0.0%

Avaya

Holdings

Corp.(Æ)

4

—

Total

Common

Stocks

(cost

$7,121)

8,515

Preferred

Stocks

-

0.4%

Consumer

Discretionary

-

0.0%

Education

Management

Corp.(Š)(Æ)

0.000%

2,128

—

Producer

Durables

-

0.4%

Sequa

Corp.(Š)(Æ)

0.000%

3,142

3,142

Total

Preferred

Stocks

(cost

$2,392)

3,142

Warrants

and

Rights

-

0.0%

Education

Management

Corp.(Æ)

1,564,221

—

2022

Warrants

Travelex

Issuerco

,

Ltd.(Æ)

675

71

2022

Warrants

Total

Warrants

and

Rights

(cost

$—)

71

Short-Term

Investments

-

10.7%

Argentine

Republic

Government

International

Bond

1.500%

due

07/09/22

(~)(Ê)

ARP

300

101

3.500%

due

07/09/22

(~)(Ê)

ARP

2,600

971

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

124

Opportunistic

Credit

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Charming

Charlie,

Inc.

Delayed

Draw

Term

Loan

0.000%

due

05/28/22

(~)(Ê)(Š)

87

39

Charming

Charlie,

Inc.

Term

Loan

0.000%

due

05/15/22

(~)(Ê)(Š)

16

7

Education

Management

LLC

Term

Loan

B

11.750%

due

07/02/22

(~)(Ê)

285

—

FirstEnergy

Corp.

Series

A

2.850%

due

07/15/22

107

108

Huarong

Finance

2017

Co.,

Ltd.

1.979%

due

04/27/22

(USD

3

Month

LIBOR

+

1.850%)(Ê)

461

388

Lebanon

Government

International

Bond

Series

GMTN

6.250%

due

05/27/22

(Æ)(Ø)

750

90

Newell

Brands,

Inc.

4.000%

due

06/15/22

228

232

Norfolk

Southern

Corp.

4.100%

due

05/15/21

310

357

Petroleos

de

Venezuela

SA

Series

REGS

9.000%

due

11/17/21

(Æ)(Ø)

313

13

SESI

LLC

Series

144a

7.125%

due

12/15/21

(Þ)(Æ)(Ø)(Š)

341

136

Sherwin-Williams

Co.

(The)

2.750%

due

06/01/22

12

12

Siemens

Financieringsmaatschappij

NV

Class

C

2.900%

due

05/27/22

(Þ)

274

280

Suncor

Energy

Ventures

Corp.

4.500%

due

04/01/22

(Þ)

81

83

TC

Ziraat

Bankasi

AS

Series

REGS

5.125%

due

05/03/22

392

399

Transnet

SOC,

Ltd.

Series

REGS

4.000%

due

07/26/22

639

649

Travelex

Financing

PLC

Series

REGS

8.000%

due

05/15/22

(~)(Ê)

EUR

1,400

—

U.S.

Cash

Management

Fund(@)

74,882,362(∞)

74,867

United

Airlines

Pass-Through

Trust

Series

071A

6.636%

due

07/02/22

299

310

Total

Short-Term

Investments

(cost

$81,968)

79,042

Total

Investments

-

97.2%

(identified

cost

$720,423)

717,188

Other

Assets

and

Liabilities,

Net

-

2.8%

20,855

Net

Assets

-

100.0%

738,043

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

125

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

40.5%

ABN

AMRO

Bank

NV

07/08/20

237,000

111.28

264

270

Abu

Dhabi

National

Energy

Co.

PJSC

05/10/18

506,000

98.91

501

567

ACE

Securities

Corp.

Mortgage

Loan

Trust

02/23/21

716,458

98.15

703

681

Acrisure

LLC

/

Acrisure

Finance,

Inc.

01/29/21

1,000,000

100.00

1,000

974

Acuris

Finance

US,

Inc.

/

Acuris

Finance

SARL

05/07/21

556,000

100.00

556

550

AdaptHealth

LLC

01/28/21

368,000

102.52

377

367

Affirm

Asset

Securitization

Trust

07/27/21

1,050,000

99.98

1,050

1,050

Air

Canada

Class

A

Pass

Through

Trust

07/27/21

143,000

79.41

114

116

Air

Liquide

Finance

SA

01/03/20

282,000

100.48

283

292

Air

Methods

Corp.

12/09/19

282,000

71.49

202

266

Alimentation

Couche-Tard,

Inc.

09/24/18

238,000

95.72

228

265

Alliance

Data

Systems

Corp.

11/30/20

350,000

96.81

339

359

Alliance

Resource

Partners,

LP

09/03/19

300,000

100.01

300

303

Alta

Equipment

Group,

Inc.

03/24/21

90,000

100.00

90

93

AMC

Entertainment

Holdings,

Inc.

07/31/20

414,000

104.22

431

439

AMC

Entertainment

Holdings,

Inc.

04/29/21

270,000

106.89

289

287

American

Airlines

Group,

Inc.

12/07/20

325,000

113.98

370

406

American

Airlines

Group,

Inc.

03/10/21

343,000

100.00

343

370

American

Airlines

Group,

Inc.

03/10/21

892,000

100.00

892

933

Antero

Resources

Corp.

12/17/20

127,000

100.79

128

144

Antero

Resources

Corp.

05/17/21

164,000

100.00

164

167

Apidos

CLO

XXXI

04/28/21

1,140,000

100.00

1,140

1,141

Apollo

Management

Holdings,

LP

05/05/20

274,000

92.02

252

285

APX

Group,

Inc.

07/01/21

769,000

100.00

769

772

Aramark

Services,

Inc.

01/28/21

354,000

104.15

369

368

Arcosa

,

Inc.

03/31/21

162,000

100.00

162

166

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

01/28/21

361,000

103.75

375

369

Aretec

Escrow

Issuer,

Inc.

04/01/21

299,000

100.00

299

315

Arroyo

Mortgage

Trust

05/12/20

227,783

97.03

221

231

Ascendas

Real

Estate

Investment

Trust

08/09/19

930,000

100.00

930

913

Ashtead

Capital,

Inc.

04/15/21

296,000

106.97

317

321

Aston

Martin

Capital

Holdings,

Ltd.

05/06/21

400,000

108.60

434

444

ATS

Automation

Tooling

Systems,

Inc.

01/28/21

371,000

101.68

377

377

Austin

BidCo

,

Inc.

01/26/21

1,435,000

103.66

1,491

1,467

Avantor

,

Inc.

01/28/21

358,000

104.68

375

377

Avation

Capital

SA

07/06/21

526,000

83.40

439

429

Aviation

Capital

Group

LLC

11/02/20

278,000

99.26

276

311

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance,

Inc.

02/18/21

200,000

102.33

205

209

Axalta

Coating

Systems

LLC

/

Axalta

Coating

Systems

Dutch

Holding

B

BV

01/28/21

354,000

104.95

372

373

Babson

CLO,

Ltd.

11/27/18

250,000

100.08

250

250

Bahrain

Government

International

Bond

11/17/15

2,000,000

100.00

2,000

2,241

BAMLL

Commercial

Mortgage

Securities

Trust

04/30/21

1,500,000

102.04

1,531

1,541

Banco

de

Credito

del

Peru

12/05/19

269,000

102.72

276

279

Banco

de

Credito

e

Inversiones

SA

10/25/19

269,000

102.24

275

282

Banco

Inbursa

SA

Institucion

de

Banca

Multiple

09/24/18

235,000

96.19

226

252

Banff

Merger

Sub,

Inc.

12/18/19

827,000

102.65

849

869

Bangkok

Bank

PCL

09/24/18

169,000

124.68

211

236

Bank

Commercial

Mortgage

Pass-Through

Certificates

08/01/19

140,000

90.95

127

129

Bank

Commercial

Mortgage

Pass-Through

Certificates

06/11/21

1,000,000

96.25

963

960

Barclays

Bank

PLC

07/06/21

345,000

136.18

470

468

Barclays

Commercial

Mortgage

Securities

LLC

10/02/20

600,000

99.52

597

606

Barings

CLO,

Ltd.

03/04/21

1,000,000

100.00

1,000

999

Bausch

Health

Cos.,

Inc.

06/13/17

921,000

89.44

824

940

Bausch

Health

Cos.,

Inc.

12/17/19

154,000

100.00

154

145

Bausch

Health

Cos.,

Inc.

11/18/20

1,059,000

96.33

1,020

993

Bausch

Health

Cos.,

Inc.

05/24/21

462,000

100.23

463

477

Bausch

Health

Cos.,

Inc.

05/27/21

623,000

97.91

610

620

Bayer

US

Finance

II

LLC

08/02/19

292,000

102.08

298

314

Bayer

US

Finance

II

LLC

07/15/21

310,000

106.87

331

332

BBCMS

Trust

06/18/21

3,000,000

100.00

3,000

3,001

BCPE

Ulysses

Intermediate,

Inc.

01/21/21

686,000

101.24

695

690

B.C.

Unlimited

Liability

Co.

/

New

Red

Finance,

Inc.

07/06/21

480,000

97.48

468

479

Benchmark

2019-B14

Mortgage

Trust

11/07/19

990,000

88.85

880

917

Benchmark

2019-B9

Mortgage

Trust

03/15/19

810,000

84.54

685

791

Benefit

Street

Partners

CLO

IV,

Ltd.

01/20/21

500,000

100.00

500

498

Berry

Global,

Inc.

07/22/19

224,000

104.28

234

236

Berry

Global,

Inc.

07/15/21

332,000

100.12

332

332

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

126

Opportunistic

Credit

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Betony

CLO

2,

Ltd.

03/24/21

1,000,000

100.00

1,000

993

Bharti

Airtel

International

Netherlands

BV

06/17/21

307,000

105.78

325

325

Blackstone

Holdings

Finance

Co.

LLC

08/04/20

205,000

130.88

268

282

BlueMountain

CLO,

Ltd.

10/03/18

500,000

100.00

500

496

BMD2

Re-

Remic

Trust

02/03/21

892,000

88.78

792

836

BNP

Paribas

SA

05/14/20

243,000

106.10

258

276

Booz

Allen

Hamilton

Holding

Corp.

03/03/21

446,000

102.30

456

455

Boxer

Parent

Co.,

Inc.

05/14/20

175,000

100.00

175

183

Brazil

Loan

Trust

1

07/25/13

684,429

101.00

691

708

Brookfield

Property

REIT,

Inc.

06/06/19

357,000

102.69

367

370

Brookfield

Residential

Properties,

Inc.

03/15/21

438,000

103.91

455

463

Builders

FirstSource

,

Inc.

03/03/21

429,000

106.61

457

456

BX

Commercial

Mortgage

Trust

02/04/21

577,000

100.00

577

579

BX

Trust

12/06/19

180,000

97.07

175

192

BX

Trust

06/11/21

1,500,000

100.00

1,500

1,508

Cablevision

Lightpath

LLC

01/06/21

239,000

104.25

249

243

CALI

Mortgage

Trust

03/07/19

320,000

98.93

317

327

Cantor

Commercial

Real

Estate

Lending

02/16/21

775,000

89.59

694

704

Carlyle

Global

Market

Strategies

CLO,

Ltd.

10/05/18

500,000

100.00

500

500

Carlyle

Holdings

II

Finance

LLC

05/04/21

256,000

127.43

326

350

Carnival

Corp.

02/10/21

1,073,000

99.78

1,071

1,090

Carvana

Co.

11/13/20

244,000

99.76

243

253

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

08/22/19

157,000

103.81

163

165

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

09/17/19

642,000

100.00

642

680

Cedar

Funding

V

CLO,

Ltd.

03/22/19

250,000

98.20

246

249

Chase

Home

Lending

Mortgage

Trust

07/29/19

257,441

101.05

260

264

Chase

Home

Lending

Mortgage

Trust

10/30/19

137,310

100.84

138

140

Chase

Home

Lending

Mortgage

Trust

10/30/19

800,000

101.70

814

816

CHS/Community

Health

Systems,

Inc.

01/26/21

294,000

100.00

294

298

CHS/Community

Health

Systems,

Inc.

05/04/21

340,000

100.00

340

344

CIFC

Funding,

Ltd.

03/27/19

500,000

99.73

499

500

CIFC

LLC

03/18/21

1,000,000

100.00

1,000

1,001

CIM

Commercial

Trust

Corp.

03/01/21

953,429

102.10

973

970

CIM

Commercial

Trust

Corp.

03/29/21

480,243

100.43

482

488

CIM

Trust

09/27/18

500,000

96.69

483

509

CIM

Trust

03/22/19

162,872

101.52

165

165

CIM

Trust

11/07/19

714,882

100.63

719

729

Citigroup

Commercial

Mortgage

Trust

10/19/18

1,000,000

92.90

929

1,021

Citigroup

Commercial

Mortgage

Trust

03/12/19

443,000

85.53

379

284

Citigroup

Commercial

Mortgage

Trust

03/13/19

670,000

85.09

570

549

Citigroup

Commercial

Mortgage

Trust

04/04/19

410,000

101.55

416

446

Citigroup

Commercial

Mortgage

Trust

06/14/19

120,000

85.85

103

92

Citigroup

Commercial

Mortgage

Trust

08/12/19

313,000

77.57

243

183

Citigroup

Mortgage

Loan

Trust

06/25/21

596,571

100.43

599

605

Citigroup

Mortgage

Loan

Trust,

Inc.

05/06/21

683,811

101.30

693

693

Clarios

Global,

LP

/

Clarios

US

Finance

Co.

01/07/20

700,000

105.28

737

756

Clear

Channel

Worldwide

Holdings,

Inc.

08/09/19

326,000

100.12

326

335

Clear

Channel

Worldwide

Holdings,

Inc.

02/02/21

447,000

100.78

451

466

Clear

Channel

Worldwide

Holdings,

Inc.

05/17/21

390,000

100.04

390

405

CLI

Funding

VI

LLC

03/23/21

906,667

100.25

909

916

Colt

Merger

Sub,

Inc.

06/19/20

502,000

100.00

502

530

Colt

Merger

Sub,

Inc.

06/19/20

281,000

100.00

281

295

Colt

Merger

Sub,

Inc.

06/19/20

847,000

104.40

875

932

Commercial

Mortgage

Trust

10/02/18

1,310,000

96.86

1,269

1,331

Commercial

Mortgage

Trust

11/04/19

250,000

96.76

242

228

Commercial

Mortgage

Trust

01/21/20

160,000

96.94

155

145

Commerzbank

AG

06/17/19

370,000

109.67

406

420

Commonbond

Student

Loan

Trust

11/27/18

81,546

100.78

82

85

Commonbond

Student

Loan

Trust

06/02/20

392,922

99.98

393

400

Commonbond

Student

Loan

Trust

06/02/20

150,446

99.98

150

153

Commonbond

Student

Loan

Trust

03/10/21

1,000,000

100.00

1,000

1,001

Commonwealth

Bank

of

Australia

06/17/21

281,000

118.04

332

343

CommScope

,

Inc.

02/07/19

250,000

100.00

250

257

Compass

Group

Diversified

Holdings

LLC

04/07/21

433,000

104.62

453

449

Comstock

Resources,

Inc.

06/14/21

180,000

100.10

180

181

Consolidated

Communications

Holdings,

Inc.

03/04/21

517,000

100.00

517

520

Consolidated

Energy

Finance

SA

12/06/19

335,000

98.44

330

340

Consolidated

Energy

Finance

SA

01/23/20

727,000

99.60

724

735

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

127

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Constellation

Merger

Sub,

Inc.

09/03/19

391,000

90.48

354

385

Continental

Wind

LLC

09/24/18

183,811

101.94

187

213

CoreLogic

,

Inc.

07/06/21

470,000

99.59

468

468

Coronado

Finance

Pty,

Ltd.

05/04/21

424,000

98.19

416

460

Corp.

Nacional

del

Cobre

de

Chile

03/12/20

400,000

87.79

351

421

Costa

Rica

Government

International

Bond

01/07/15

2,000,000

97.94

1,959

2,100

CoStar

Group,

Inc.

06/17/21

323,000

101.13

327

334

CPI

CG,

Inc.

04/07/21

434,000

105.21

457

462

CQP

Holdco,

LP

/

BIP-V

Chinook

Holdco

LLC

05/27/21

1,138,000

100.00

1,138

1,181

CRC

Escrow

Issuer

LLC

/

CRC

Finco

,

Inc.

05/07/20

541,000

86.49

470

545

Credit

Acceptance

Corp.

05/08/20

242,000

90.82

220

250

Credit

Agricole

SA

06/10/20

283,000

108.02

306

312

Credit

Agricole

SA

01/28/21

301,000

107.49

324

322

Crestwood

Midstream

Partners,

LP

01/28/21

376,000

98.57

371

384

CrownRock

,

LP

/

CrownRock

Finance,

Inc.

04/13/21

154,000

100.00

154

161

CSC

Holdings

LLC

07/06/21

1,217,000

99.10

1,206

1,199

Curo

Group

Holdings

Corp.

10/03/19

263,000

90.23

237

275

Cushman

&

Wakefield

U.S.

Borrower

LLC

03/15/21

412,000

108.06

445

443

CVR

Energy,

Inc.

01/10/20

402,000

100.00

402

390

CVR

Energy,

Inc.

01/10/20

533,000

99.86

532

518

Daimler

Finance

NA

LLC

07/08/21

316,000

104.36

330

330

Danone

SA

10/24/19

277,000

100.84

279

289

Danske

Bank

A/S

01/28/21

325,000

101.18

329

329

DaVita,

Inc.

11/13/20

228,000

104.91

239

236

DB

Master

Finance

LLC

03/20/19

393,000

100.00

393

433

DB

Master

Finance

LLC

03/20/19

196,500

100.00

197

207

DBWF

Mortgage

Trust

10/25/18

1,000,000

89.06

891

922

DCP

Midstream

Operating,

LP

11/06/18

89,000

104.15

93

110

Deephaven

Residential

Mortgage

Trust

02/03/21

1,000,000

100.00

1,000

1,004

Delta

Air

Lines,

Inc.

09/16/20

220,000

100.00

220

246

Deutsche

Telekom

International

Finance

BV

01/28/21

312,000

104.02

325

324

Diebold

Nixdorf,

Inc.

09/04/20

250,000

106.10

265

275

DIRECTV

Holdings

LLC

/

DIRECTV

Financing

Co.,

Inc.

07/22/21

367,000

100.00

367

379

DKT

Finance

ApS

03/28/19

1,325,000

103.81

1,375

1,351

Dominican

Republic

Government

International

Bond

04/24/14

1,000,000

103.05

1,031

1,220

Dominican

Republic

Government

International

Bond

01/20/15

750,000

100.00

750

852

Domino's

Pizza

Master

Issuer

LLC

11/06/19

935,750

100.00

936

1,018

Domino's

Pizza

Master

Issuer

LLC

04/08/21

598,500

100.00

599

641

Dryden

30

Senior

Loan

Fund

10/05/18

500,000

99.03

495

484

Earnest

Student

Loan

Program

LLC

11/27/18

43,284

96.54

42

43

Ecuador

Government

International

Bond

08/07/20

107,413

55.73

60

59

Ecuador

Government

International

Bond

08/07/20

460,800

59.87

276

283

Ecuador

Government

International

Bond

08/07/20

1,614,425

60.90

983

1,118

Ecuador

Government

International

Bond

08/07/20

475,200

78.60

374

415

Egypt

Government

International

Bond

03/02/15

2,000,000

100.56

2,011

1,923

Egypt

Government

International

Bond

12/16/16

500,000

95.14

476

531

Egypt

Government

International

Bond

04/05/19

750,000

105.27

790

783

Electricite

de

France

SA

07/07/21

333,000

104.78

349

349

ELFI

Graduate

Loan

Program

06/18/20

173,633

99.97

174

176

Ellington

Financial,

Inc.

11/05/19

521,450

99.99

521

530

Emergent

BioSolutions

,

Inc.

04/26/21

839,000

94.80

795

834

Endurance

International

Group

Holdings,

Inc.

01/27/21

1,500,000

100.00

1,500

1,455

Enel

Finance

International

NV

09/24/18

202,000

107.91

218

288

EnerSys

05/11/20

233,000

99.27

231

243

Enova

International,

Inc.

10/04/17

140,000

100.34

140

143

Enova

International,

Inc.

10/24/19

115,000

94.33

108

120

EQM

Midstream

Partners,

LP

06/16/20

163,000

100.00

163

178

EQM

Midstream

Partners,

LP

01/04/21

195,000

100.00

195

198

EQM

Midstream

Partners,

LP

01/04/21

217,000

100.00

217

220

Ethiopia

Government

International

Bond

12/04/14

1,000,000

100.04

1,000

888

Everi

Holdings,

Inc.

06/30/21

100,000

100.00

100

102

Exeter

Automobile

Receivables

Trust

06/02/20

650,000

99.99

650

654

Falabella

SA

06/17/21

299,000

108.10

323

322

Fannie

Mae

Connecticut

Avenue

Securities

Trust

10/31/18

537,998

99.86

537

541

Fannie

Mae

Connecticut

Avenue

Securities

Trust

01/24/20

164,877

100.80

166

165

Fannie

Mae

Connecticut

Avenue

Securities

Trust

02/03/20

490,013

96.78

474

492

First

Quantum

Minerals,

Ltd.

03/16/17

775,000

100.48

779

790

First

Quantum

Minerals,

Ltd.

02/20/18

366,000

100.00

366

382

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

128

Opportunistic

Credit

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

First

Quantum

Minerals,

Ltd.

11/07/19

175,000

99.46

174

181

First

Quantum

Minerals,

Ltd.

09/17/20

119,000

100.00

119

129

First

Student

Bidco

Inc.

07/13/21

425,000

100.00

425

426

Flagstar

Mortgage

Trust

10/24/18

472,690

103.31

488

490

Flagstar

Mortgage

Trust

06/03/19

172,506

102.98

178

176

Flagstar

Mortgage

Trust

02/04/21

144,905

102.95

149

147

Fontainebleau

Florida

Hotel

LLC

11/22/19

180,000

98.70

178

184

Forestar

Group,

Inc.

05/12/21

388,000

100.80

391

392

Fortescue

Metals

Group,

Ltd.

03/15/21

414,000

107.20

444

447

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

10/19/18

1,000,000

99.91

999

1,008

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

10/13/20

700,000

100.00

700

708

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

02/01/21

1,000,000

99.88

999

1,003

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

02/17/21

1,000,000

100.00

1,000

1,011

FREMF

Mortgage

Trust

03/24/21

19,177,141

0.40

74

71

FREMF

Mortgage

Trust

03/24/21

1,450,103

68.81

998

1,006

FREMF

Mortgage

Trust

05/10/21

5,105,890

0.46

24

24

FREMF

Mortgage

Trust

05/10/21

570,000

0.59

3

3

FREMF

Mortgage

Trust

05/10/21

400,000

60.50

242

250

Fresenius

Medical

Care

US

Finance

II,

Inc.

03/05/19

263,000

103.20

271

291

Frontier

Communications

Corp.

11/19/20

176,000

100.00

176

187

Frontier

Communications

Corp.

11/19/20

650,000

100.00

650

672

FRR

Re-REMIC

Trust

06/10/21

1,500,000

93.57

1,404

1,292

Gabon

Government

International

Bond

10/22/14

500,000

102.36

512

531

GAM

Re-REMIC

Trust

04/01/21

2,095,000

67.11

1,394

1,484

GAM

Re-REMIC

Trust

04/01/21

905,000

67.42

610

627

Gartner,

Inc.

02/18/21

358,000

106.08

380

379

Gates

Global

LLC

/

Gates

Corp.

11/20/19

771,000

98.95

763

801

GCT

Commerical

Mortage

Trust

01/29/21

1,500,000

100.00

1,500

1,501

Genworth

Mortgage

Holdings,

Inc.

11/13/20

225,000

106.03

239

244

Ghana

Government

International

Bond

09/11/14

700,000

99.32

695

742

Ghana

Government

International

Bond

10/07/15

250,000

100.00

250

311

Global

Aircraft

Leasing

Co.,

Ltd.

07/26/19

1,987,527

94.09

1,870

1,997

Global

Finance

SA

03/08/21

871,771

98.63

860

875

Global

Net

Lease,

Inc.

01/28/21

368,000

101.90

375

366

goeasy

,

Ltd.

05/12/21

456,000

101.42

462

470

Goldman

Sachs

Mortgage

Securities

Trust

06/26/19

390,000

99.13

388

395

Goldman

Sachs

Mortgage

Securities

Trust

08/01/19

967,000

106.16

1,027

987

Goldman

Sachs

Mortgage

Securities

Trust

03/16/20

47,169

99.24

47

47

GoodLeap

Sustainable

Home

Solutions

Trust

06/09/21

1,524,568

99.95

1,524

1,534

Graphic

Packaging

International

LLC

07/06/21

461,000

101.39

467

467

Great

Wolf

Capital

Trust

03/19/21

1,500,000

98.41

1,476

1,495

Great

Wolf

Trust

04/30/21

1,500,000

98.00

1,470

1,476

GS

Mortgage

Securities

Trust

10/30/18

800,000

69.98

560

639

GS

Mortgage

Securities

Trust

04/15/19

90,000

82.23

74

60

GS

Mortgage

Securities

Trust

09/11/19

300,000

92.95

279

284

GS

Mortgage

Securities

Trust

06/03/21

973,942

104.11

1,014

1,010

GS

Mortgage

Securities

Trust

06/15/21

1,790,976

100.77

1,805

1,821

GS

Mortgage-Backed

Securities

Trust

03/12/21

975,243

101.48

990

989

GS

Mortgage-Backed

Securities

Trust

05/14/21

398,364

96.53

385

389

GYP

Holdings

III

Corp.

04/15/21

195,000

100.00

195

197

Hadrian

Merger

Sub,

Inc.

11/07/18

270,000

98.67

266

281

Harvest

Midstream

I,

LP

08/05/20

505,000

102.42

517

540

Hat

Holdings

I

LLC

07/06/21

465,000

101.34

471

471

Hawaiian

Electric

Industries,

Inc.

01/28/21

559,000

99.50

556

586

HC2

Holdings,

Inc.

03/03/21

454,000

100.03

454

452

HCRX

Investments

Holdco,

L.P.

07/15/21

218,000

100.00

218

222

Helios

Issuer

LLC

10/26/18

885,737

99.98

886

965

Helios

Issuer

LLC

10/26/18

782,506

99.98

782

814

Helios

Issuer

LLC

06/15/20

423,063

99.99

423

444

Hess

Midstream,

LP

01/28/21

361,000

104.03

376

378

Highlands

Holdings

Bond

Issuer,

Ltd.

10/23/20

663,000

102.10

677

702

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

12/10/19

362,000

92.19

334

366

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

12/11/19

160,000

93.47

150

167

Hilton

Domestic

Operating

Co.,

Inc.

02/18/21

344,000

108.51

373

370

Hilton

Grand

Vacations,

Inc.

06/14/21

309,000

100.00

309

303

Hologic

,

Inc.

01/28/21

345,000

106.43

367

364

HOM

RE,

Ltd.

01/28/21

1,400,000

100.00

1,400

1,388

HOM

RE,

Ltd.

03/09/21

1,000,000

99.64

996

1,013

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

129

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Homeward

Opportunities

Fund

I

Trust

08/19/19

439,515

99.97

439

441

Howard

Hughes

Corp.

(The)

02/18/21

356,000

106.28

378

377

Hudbay

Minerals,

Inc.

09/09/20

165,000

100.00

165

178

Imola

Merger

Corp.

04/01/21

397,000

100.00

397

410

Intesa

Sanpaolo

SpA

10/14/16

571,000

95.65

549

620

Intesa

Sanpaolo

SpA

04/01/19

160,000

99.04

158

166

Intesa

Sanpaolo

SpA

01/28/21

149,000

109.52

163

163

Intrado

Corp.

12/13/17

264,000

98.69

261

257

Inversiones

CMPC

SA

01/28/21

294,000

109.17

321

321

Inversiones

CMPC

SA

07/08/21

315,000

105.10

331

328

ION

Trading

Technologies

SARL

05/03/21

447,000

100.00

447

463

IQVIA,

Inc.

12/09/19

260,000

104.77

272

271

Iron

Mountain,

Inc.

06/17/20

261,000

100.00

261

278

Iron

Mountain,

Inc.

05/12/21

448,000

101.99

457

469

ITT

Holdings

LLC

06/23/21

710,000

100.00

710

708

J.G.

Wentworth

XLII

LLC

10/02/18

500,000

99.97

500

561

Jazz

Securities

DAC

04/22/21

731,000

101.58

745

762

JBS

Investments

II

GmbH

04/01/19

352,000

101.06

356

373

JBS

Investments

II

GmbH

07/23/19

495,000

100.00

495

522

JBS

Investments

II

GmbH

06/08/21

653,000

98.92

646

657

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

02/01/18

1,043,000

100.00

1,043

1,142

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

07/23/19

668,000

100.00

668

746

JBS

USA

LUX

SA

/JBS

USA

Food

Co./JBS

USA

Finance,

Inc.

04/01/19

1,383,000

101.25

1,400

1,549

Jefferson

Capital

Holdings

LLC

07/28/21

309,000

100.00

309

313

JP

Morgan

Commercial

Mortgage

Securities

Trust

10/04/18

1,000,000

86.13

861

861

JP

Morgan

Commercial

Mortgage

Securities

Trust

11/01/18

1,000,000

96.65

967

992

JP

Morgan

Commercial

Mortgage

Securities

Trust

01/23/19

1,216,628

99.32

1,208

1,084

JP

Morgan

Commercial

Mortgage

Securities

Trust

03/26/19

330,000

101.26

334

336

JP

Morgan

Commercial

Mortgage

Securities

Trust

04/23/19

950,000

96.05

912

696

JP

Morgan

Commercial

Mortgage

Securities

Trust

04/24/19

320,000

92.59

296

251

JP

Morgan

Commercial

Mortgage

Securities

Trust

06/27/19

320,000

100.00

320

316

JP

Morgan

Commercial

Mortgage

Securities

Trust

09/12/19

610,000

91.53

571

510

JP

Morgan

Commercial

Mortgage

Securities

Trust

09/17/20

483,453

101.09

489

483

JP

Morgan

Mortgage

Trust

12/06/18

834,818

89.84

750

871

JP

Morgan

Mortgage

Trust

01/18/19

93,894

99.95

94

95

JP

Morgan

Mortgage

Trust

03/22/19

85,714

101.16

87

86

JP

Morgan

Mortgage

Trust

07/12/19

481,284

109.27

526

514

JP

Morgan

Mortgage

Trust

07/25/19

905,750

98.23

890

908

JP

Morgan

Mortgage

Trust

01/24/20

1,144,913

103.25

1,187

1,164

JP

Morgan

Mortgage

Trust

01/28/20

165,235

101.79

168

169

JP

Morgan

Mortgage

Trust

01/30/20

383,984

101.13

388

386

JP

Morgan

Mortgage

Trust

07/15/20

680,814

104.00

708

714

JP

Morgan

Mortgage

Trust

07/21/20

440,585

107.20

472

461

JP

Morgan

Mortgage

Trust

08/20/20

277,367

105.66

293

287

JP

Morgan

Mortgage

Trust

10/28/20

316,544

103.27

327

325

JPMorgan

Chase

Commercial

Mortgage

Securities

Corp.

04/01/21

300,000

100.00

300

302

JPMorgan

Commercial

Mortgage

Securities

Trust

03/19/21

1,500,000

88.10

1,322

1,351

JPMorgan

Mortgage

Trust

11/10/20

228,735

102.93

235

231

JPMorgan

Mortgage

Trust

12/07/20

766,579

104.26

799

777

JPMorgan

Mortgage

Trust

01/19/21

447,001

103.45

462

456

JPMorgan

Mortgage

Trust

01/28/21

1,000,000

99.75

998

1,027

JPMorgan

Mortgage

Trust

05/21/21

289,583

101.06

293

294

Kenan

Advantage

Group,

Inc.

06/28/17

2,285,000

99.99

2,285

2,285

Kraft

Heinz

Foods

Co.

06/15/20

311,000

125.81

391

464

Ladder

Capital

Finance

Holdings

LLLP

01/06/21

251,000

100.14

251

255

LBC

Tank

Terminals

Holding

Netherlands

BV

08/08/17

750,000

101.86

764

745

LCM

28,

Ltd.

10/16/18

500,000

100.00

500

500

LCPR

Senior

Secured

Financing

Designated

Activity

Co.

10/22/19

813,000

102.12

830

867

LCPR

Senior

Secured

Financing

Designated

Activity

Co.

03/23/21

735,000

100.00

735

752

Live

Nation

Entertainment,

Inc.

05/21/18

160,000

100.66

161

167

Live

Nation

Entertainment,

Inc.

04/08/20

115,000

87.05

100

117

Lloyds

Banking

Group

PLC

07/06/18

255,000

106.85

272

361

Lloyds

Banking

Group

PLC

05/11/20

211,000

106.02

224

292

Loanpal

Solar

Loan,

Ltd.

03/05/21

647,607

99.99

648

658

LPL

Holdings,

Inc.

11/12/20

231,000

102.46

237

238

LSTAR

Commercial

Mortgage

Trust

09/13/19

600,000

96.89

581

594

Lukoil

International

Finance

BV

07/08/21

311,000

106.01

330

329

Madison

Park

Funding

XXXI,

Ltd.

11/08/18

250,000

100.00

250

250

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

130

Opportunistic

Credit

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Magic

Mergeco

,

Inc.

04/09/21

249,000

100.00

249

258

Magic

Mergeco

,

Inc.

04/09/21

607,000

100.00

607

630

Magnolia

Oil

&

Gas

Corp.

01/28/21

354,000

103.24

366

361

Marks

&

Spencer

PLC

09/27/18

204,000

108.58

222

242

Marlette

Funding

Trust

11/06/18

1,000,000

99.99

1,000

1,009

Marlette

Funding

Trust

04/24/19

500,000

99.98

500

506

Marlette

Funding

Trust

04/26/21

900,000

99.97

900

901

Match

Group,

Inc.

03/03/21

432,000

104.02

449

453

Mattamy

Group

Corp.

04/29/20

627,000

90.07

565

650

Mauser

Packaging

Solutions

Holding

Co.

04/15/21

145,000

97.41

141

142

MEG

Energy

Corp.

01/16/20

800,000

93.87

751

839

Meituan

01/05/21

276,000

101.80

281

268

Mello

Mortgage

Capital

Acceptance

01/24/20

938,173

105.27

988

987

Mello

Warehouse

Securitization

Trust

01/29/21

550,000

100.00

550

549

Midcap

Financial

Issuer

Trust

04/21/21

224,000

100.00

224

233

Midcontinent

Communications

/

Midcontinent

Finance

Corp.

07/24/19

166,000

100.00

166

173

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

06/25/20

648,000

100.87

654

706

Millennium

Escrow

Corp.

07/15/21

307,000

100.26

308

313

Minerals

Technologies,

Inc.

03/03/21

431,000

104.32

450

450

Molina

Healthcare,

Inc.

05/28/20

183,000

100.00

183

191

Molina

Healthcare,

Inc.

06/09/21

455,000

102.99

469

482

Mondelez

International,

Inc.

01/05/21

273,000

101.98

278

278

MoneyGram

International,

Inc.

07/14/21

197,000

100.00

197

204

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

04/23/19

1,520,000

99.13

1,507

1,448

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

08/01/19

250,000

93.63

234

227

Morgan

Stanley

Capital

I

Trust

06/05/19

377,000

87.00

328

349

Morgan

Stanley

Capital

I

Trust

06/20/19

124,536

96.10

120

6

Morocco

Government

International

Bond

03/02/15

250,000

110.78

277

286

Mosaic

Solar

Loan

Trust

11/27/18

200,320

98.37

197

214

Mosaic

Solar

Loan

Trust

11/27/18

262,907

98.94

260

288

Mosaic

Solar

Loan

Trust

06/12/20

360,427

99.98

360

381

Mosaic

Solar

Loans

LLC

03/10/21

990,686

99.40

985

996

Mosaic

Solar

Loans

LLC

03/24/21

407,908

100.15

409

410

Mosaic

Solar

Loans

LLC

06/15/21

547,431

99.49

545

548

Motiva

Enterprises

LLC

09/04/20

230,000

119.92

276

300

Mozambique

International

Bond

12/20/13

1,279,000

92.95

1,189

1,087

MRCD

Mortgage

Trust

12/05/19

120,000

95.35

114

120

MSCI,

Inc.

01/28/21

350,000

106.39

372

373

Nabors

Industries,

Inc.

01/07/20

103,000

101.48

105

93

Nabors

Industries,

Inc.

01/07/20

466,000

91.60

427

436

National

Bank

of

Canada

10/05/20

269,000

101.96

274

275

Nationstar

Mortgage

Holdings,

Inc.

01/28/21

354,000

105.35

373

369

Navient

Private

Education

Refi

Loan

Trust

11/03/20

425,393

99.99

425

429

Navient

Private

Education

Refi

Loan

Trust

01/19/21

450,000

99.96

450

459

NCR

Corp.

03/03/21

426,000

107.21

457

462

Neiman

Marcus

Group,

Inc.

03/19/21

782,000

101.17

791

835

Nestle

Holdings,

Inc.

01/28/21

330,000

100.07

330

329

Neuberger

Berman

CLO

XXII,

Ltd.

03/20/19

500,000

98.44

492

500

Neuberger

Berman

CLO,

Ltd.

03/24/21

500,000

100.00

500

500

New

Residential

Investment

Corp.

02/18/21

373,000

99.59

371

373

News

Corp.

05/12/21

455,000

100.92

459

463

NGL

Energy

Operating

LLC

01/25/21

704,000

103.38

728

723

NGPL

PipeCo

LLC

10/24/19

263,000

105.49

277

304

Nielsen

Holdings

PLC

02/18/21

350,000

106.40

372

370

Nigeria

Government

International

Bond

06/29/18

500,000

95.20

476

531

Nordea

Bank

AB

01/05/21

266,000

104.23

277

277

Northern

Natural

Gas

Co.

10/02/19

162,000

116.73

189

198

Northwest

Fibers,

Inc.

12/08/20

63,000

113.79

72

71

Northwest

Fibers,

Inc.

02/09/21

241,000

100.00

241

237

Novelis

Corp.

07/26/21

82,000

100.00

82

83

Novelis

Corp.

07/26/21

84,000

100.00

84

85

NTT

Finance

Corp.

07/08/21

333,000

100.04

333

333

Oaktree

CLO,

Ltd.

05/17/21

250,000

99.01

248

247

Oaktree

CLO,

Ltd.

05/27/21

1,000,000

100.00

1,000

1,001

Octagon

Investment

Partners

48,

Ltd.

08/19/20

500,000

100.00

500

501

Octagon

Loan

Funding,

Ltd.

03/27/19

250,000

98.29

246

249

OHA

Credit

Partners

XIV,

Ltd.

03/22/19

500,000

97.19

486

500

Onslow

Bay

Financial

LLC

01/15/20

249,562

101.74

254

254

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

131

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Open

Text

Corp.

01/28/21

364,000

102.35

373

376

Organon

Finance

1

LLC

04/08/21

764,000

101.68

779

787

Oschadbank

Via

SSB

#1

PLC

09/02/15

290,000

72.04

209

313

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

07/23/20

146,000

93.97

137

147

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

01/11/21

197,000

100.00

197

197

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

01/28/21

358,000

103.01

369

365

Par

Pharmaceutical,

Inc.

03/14/19

568,000

100.00

568

579

Paraguay

Government

International

Bond

08/04/14

551,000

100.00

551

687

Parkland

Fuel

Corp.

10/24/19

108,000

105.00

113

115

Parkland

Fuel

Corp.

06/09/21

456,000

101.63

463

469

Peabody

Energy

Corp.

01/25/21

204,775

64.81

133

164

Peninsula

Pacific

Entertainment

LLC

11/13/20

229,000

105.55

242

247

Performance

Food

Group

Co.

03/03/21

424,000

105.42

447

442

PetSmart

LLC

01/29/21

1,000,000

100.00

1,000

1,038

PetSmart

LLC

01/29/21

1,000,000

100.00

1,000

1,096

PIC

AU

Holdings

LLC

/

PIC

AU

Holdings

Corp.

01/25/21

546,000

93.74

512

543

Pilgrim's

Pride

Corp.

03/03/21

415,000

107.43

446

444

Plastipak

Holdings,

Inc.

08/05/20

700,000

100.40

703

714

POSCO

01/04/21

272,000

102.36

278

278

Post

Holdings,

Inc.

03/09/18

219,000

100.56

220

228

Post

Holdings,

Inc.

10/24/19

129,000

106.02

137

138

Prima

Capital

CRE

Securitization,

Ltd.

05/24/19

480,000

95.38

458

477

Primose

Funding

LLC

03/30/21

982,500

101.98

1,002

1,027

Prosus

NV

12/02/20

254,000

108.88

277

268

Providence

Service

Corp.

(The)

01/28/21

350,000

106.34

372

371

Provincia

de

Buenos

Aires

02/08/17

300,000

99.02

297

144

PTC,

Inc.

03/03/21

442,000

103.46

457

457

QTS

Realty

Trust,

Inc.

11/12/20

237,000

101.79

241

254

Radiate

Holdco

LLC

09/11/20

451,000

100.00

451

467

Radnor

RE,

Ltd.

06/18/21

500,000

100.00

500

501

Range

Resources

Corp.

01/05/21

163,000

101.13

165

180

RCKT

Mortgage

Trust

02/06/20

460,905

100.78

465

468

ReadyCap

Commercial

Mortgage

Trust

11/01/19

270,000

102.20

276

244

Realogy

Group

LLC

/

Realogy

Co-Issuer

Corp.

08/22/19

224,000

93.87

210

248

Rent-A-Center,

Inc.

02/04/21

101,000

100.00

101

108

Resideo

Funding,

Inc.

10/25/19

748,000

100.65

753

785

RLJ

Lodging

Trust

06/10/21

174,000

100.00

174

176

Rockies

Express

Pipeline

LLC

05/06/20

650,000

91.62

596

661

Royal

Caribbean

Cruises,

Ltd.

09/09/20

249,000

112.79

281

285

SABIC

Capital

II

BV

04/07/20

217,000

100.51

218

232

Santander

UK

PLC

05/01/19

148,000

102.20

151

161

Saudi

Arabian

Oil

Co.

04/09/19

200,000

98.61

197

234

Saudi

Arabian

Oil

Co.

04/07/20

281,000

99.03

278

295

Saudi

Government

International

Bond

03/09/20

600,000

92.47

555

637

Schneider

Electric

SE

01/04/21

269,000

103.00

277

277

Scientific

Games

International,

Inc.

05/22/20

164,000

85.53

140

184

Sealed

Air

Corp.

10/26/16

200,000

106.87

214

256

Sealed

Air

Corp.

10/24/19

339,000

106.16

360

368

Seaspan

Corp.

07/09/21

669,000

100.00

669

667

Sequoia

Mortgage

Trust

01/09/19

44,628

100.17

45

45

Sequoia

Mortgage

Trust

09/17/19

237,651

101.82

242

241

Sequoia

Mortgage

Trust

10/08/19

114,208

101.39

116

116

Sequoia

Mortgage

Trust

11/14/19

1,200,000

102.99

1,236

1,219

SESI

LLC

06/17/19

341,000

90.16

307

136

SFO

Commercial

Mortgage

Trust

04/30/21

250,000

100.00

250

251

Siemens

Financieringsmaatschappij

NV

10/24/19

274,000

100.77

276

280

Silver

Creek

CLO,

Ltd.

08/06/19

250,000

99.48

249

250

SK

Hynix,

Inc.

03/09/21

320,000

100.01

320

319

SMB

Private

Education

Loan

Trust

06/11/20

750,000

98.41

738

762

Societe

Generale

SA

02/05/20

266,000

105.57

281

289

SoFi

Alternative

Trust

12/18/19

546,336

100.47

549

560

SoFi

Consumer

Loan

Program

Trust

11/05/18

1,000,000

99.98

1,000

1,036

SoFi

Consumer

Loan

Program

Trust

11/27/18

400,000

98.68

395

411

SoFi

Consumer

Loan

Program

Trust

11/27/18

425,000

99.74

424

438

SoFi

Consumer

Loan

Program

Trust

02/12/19

500,000

99.97

500

515

SoFi

Consumer

Loan

Program

Trust

11/07/19

17,235

101.84

18

17

SoFi

Professional

Loan

Program

LLC

10/30/18

400,000

95.26

381

414

SoFi

Professional

Loan

Program

LLC

10/30/18

500,000

95.67

478

524

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

132

Opportunistic

Credit

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

SoFi

Professional

Loan

Program

LLC

03/26/19

600,000

99.98

600

625

SoFi

Professional

Loan

Program

LLC

08/06/19

1,000,000

99.96

1,000

1,020

SoFi

Professional

Loan

Program

LLC

05/19/20

478,365

103.96

497

496

SoFi

Professional

Loan

Program

Trust

11/27/18

424,000

97.22

412

442

SoFi

Professional

Loan

Program

Trust

11/27/18

425,000

98.94

420

445

SoFi

Professional

Loan

Program

Trust

03/15/19

850,000

100.38

853

888

SoFi

Professional

Loan

Program

Trust

05/14/20

600,000

99.93

600

624

Solar

Star

Funding

LLC

04/07/20

229,962

111.74

257

265

SolarCity

Corp.

10/26/18

1,000,000

100.27

1,003

992

Sonic

Capital

LLC

01/15/20

544,042

100.00

544

579

Sri

Lanka

Government

International

Bond

08/02/19

500,000

99.89

499

306

Standard

Chartered

PLC

10/14/16

415,000

122.61

507

571

Standard

Chartered

PLC

10/01/19

174,000

104.66

182

191

Staples,

Inc.

02/09/21

725,000

101.87

739

736

Staples,

Inc.

04/19/21

839,000

103.32

867

814

State

Bank

of

India

01/06/20

262,000

105.18

276

286

Stericycle,

Inc.

01/28/21

366,000

102.71

376

371

Suncor

Energy

Ventures

Corp.

03/01/19

81,000

100.28

81

83

Sunnova

Helios

Issuer

LLC

11/20/20

346,951

99.97

347

359

Sunnova

Sol

III

Issuer

LLC

06/11/21

889,388

99.96

889

904

Sunrun

Xanadu

Issuer

05/31/19

504,131

99.99

504

546

Superior

Plus

Corp.

03/01/21

217,000

100.00

217

223

Sura

Asset

Management

SA

12/02/20

246,000

111.44

274

264

Symphony

CLO

XIV,

Ltd.

10/04/19

500,000

100.00

500

501

Symphony

CLO

XIX,

Ltd.

03/21/19

500,000

96.66

483

500

Targa

Resources

Partners,

LP

/

Targa

Resources

Partners

Finance

Corp.

08/11/20

331,000

100.00

331

358

Taylor

Morrison

Communities,

Inc.

07/08/20

350,000

100.00

350

381

Team

Health

Holdings,

Inc.

02/07/19

284,000

87.46

248

263

Telecom

Italia

Capital

SA

12/06/19

219,000

104.99

230

237

Teleflex,

Inc.

01/28/21

357,000

105.11

375

372

Telesat

Canada

/

Telesat

LLC

06/09/21

462,000

100.27

463

428

Tencent

Holdings,

Ltd.

01/04/21

263,000

105.77

278

279

Tenet

Healthcare

Corp.

08/12/19

500,000

100.00

500

516

Tenet

Healthcare

Corp.

09/01/20

350,000

100.00

350

373

Terraform

Global

Operating

LLC

04/16/20

273,000

100.00

273

281

Terrier

Media

Buyer,

Inc.

12/12/19

668,000

98.09

655

714

Tervita

Corp.

03/03/21

326,000

108.61

354

373

Tesla

Auto

Lease

Trust

07/30/20

550,000

100.00

550

565

Texas

Eastern

Transmission,

LP

12/05/19

271,000

102.92

279

298

Textainer

Marine

Containers

VII,

Ltd.

03/24/21

931,002

99.98

931

950

TransDigm

,

Inc.

03/26/20

869,000

100.21

871

911

TransDigm

,

Inc.

04/02/20

245,000

100.00

245

263

Transocean

Guardian,

Ltd.

04/28/21

50,920

93.59

48

48

Transocean

Poseidon,

Ltd.

04/26/21

47,000

94.70

45

46

Transocean,

Inc.

04/26/21

246,000

72.13

177

191

Transocean,

Inc.

04/26/21

503,000

75.77

381

401

Transocean,

Inc.

06/29/21

363,000

83.93

305

268

Trident

TPI

Holdings,

Inc.

12/13/19

673,000

100.23

675

709

Triton

Container

International,

Ltd.

02/19/21

485,833

99.81

485

487

Triumph

Group,

Inc.

09/09/19

704,000

101.30

713

708

Uber

Technologies,

Inc.

11/12/20

227,000

104.57

237

245

UBS

Bank

of

America

Merrill

Lynch

Mortgage

Trust

11/06/18

2,600,000

79.14

2,058

1,587

UBS

Group

AG

07/07/20

241,000

111.90

270

271

UBS-Barclays

Commercial

Mortgage

Trust

02/14/20

220,000

97.21

211

153

Ukraine

Government

International

Bond

04/23/15

195,000

38.26

75

227

Ukreximbank

Via

Biz

Finance

PLC

03/12/15

2,022,333

86.64

1,752

2,002

UniCredit

SpA

05/08/20

205,000

105.77

217

249

United

Airlines,

Inc.

04/14/21

187,000

100.00

187

192

United

Airlines,

Inc.

04/14/21

195,000

100.00

195

201

Uniti

Group,

LP

/

Uniti

Fiber

Holdings,

Inc.

/

CSL

Capital

LLC

12/10/20

307,000

100.43

310

316

Uniti

Group,

LP

/

Uniti

Fiber

Holdings,

Inc.

/

CSL

Capital

LLC

12/11/20

31,000

106.05

33

33

Uniti

Group,

LP

/

Uniti

Fiber

Holdings,

Inc.

/

CSL

Capital

LLC

06/09/21

453,000

100.89

457

459

Uniti

Group,

LP

/

Uniti

Group

Finance,

Inc.

/

CSL

Capital

LLC

04/06/21

270,000

100.00

270

271

Univision

Communications,

Inc.

06/04/20

353,000

100.00

353

380

Upjohn,

Inc.

07/07/20

265,000

104.31

276

272

US

Foods,

Inc.

03/03/21

448,000

101.61

455

457

UWM

Mortgage

Trust

05/27/21

973,042

100.54

978

988

Vector

Group,

Ltd.

03/03/21

433,000

104.41

452

439

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

133

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Venture

33

CLO,

Ltd.

02/11/21

1,000,000

100.00

1,000

994

Venture

Global

Calcasieu

Pass

LLC

07/29/21

236,000

100.00

236

241

Venture

Global

Calcasieu

Pass

LLC

07/29/21

269,000

100.00

269

279

Venture

XX

CLO,

Ltd.

11/27/18

250,000

99.56

249

250

Veritas

US,

Inc.

/

Veritas

Bermuda,

Ltd.

11/10/17

2,892,000

98.96

2,862

2,946

Veritas

US,

Inc.

/

Veritas

Bermuda,

Ltd.

08/13/20

700,000

100.00

700

724

Vermilion

Energy,

Inc.

07/22/19

296,000

98.73

292

297

Verus

Securitization

Trust

02/08/21

1,000,000

100.00

1,000

996

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

01/28/21

354,000

104.46

370

372

Vistra

Operations

Co.

LLC

04/29/21

443,000

103.78

460

457

Volkswagen

Group

of

America

Finance

LLC

01/05/21

273,000

102.51

280

280

Warrior

Met

Coal,

Inc.

12/10/19

853,000

101.72

868

868

Wells

Fargo

Commercial

Mortage

Trust

01/29/21

1,363,533

100.00

1,364

1,373

Wells

Fargo

Commercial

Mortgage

Trust

03/21/19

390,000

84.90

331

346

Wells

Fargo

Commercial

Mortgage

Trust

07/29/19

510,000

102.06

521

529

Wells

Fargo

Commercial

Mortgage

Trust

11/08/19

710,000

83.93

596

653

Wells

Fargo

Mortgage

Backed

Securities

Trust

02/14/20

36,371

100.85

37

37

Wells

Fargo

Mortgage

Backed

Securities

Trust

08/10/20

301,305

103.20

311

306

Wells

Fargo

Mortgage

Backed

Securities

Trust

03/12/21

952,498

101.47

966

967

Wells

Fargo

Mortgage-Backed

Securities

Trust

09/17/20

481,486

102.45

493

486

Wells

Fargo

Re-REMIC

Trust

10/16/19

210,000

89.25

187

195

Wendy's

Co.

(The)

06/15/21

1,050,000

100.00

1,050

1,078

Wendy's

Funding

LLC

03/26/19

482,500

98.94

477

516

Westlake

Automobile

Receivables

Trust

06/08/21

500,000

100.00

500

501

WFRBS

Commercial

Mortgage

Trust

05/14/19

1,270,000

84.75

1,063

1,106

WFRBS

Commercial

Mortgage

Trust

08/01/19

530,000

100.48

533

458

WFRBS

Commercial

Mortgage

Trust

08/15/19

740,000

100.22

742

728

WFRBS

Commercial

Mortgage

Trust

02/23/21

2,077,000

83.19

1,728

1,948

WFRBS

Commercial

Mortgage

Trust

03/19/21

1,500,000

85.40

1,281

1,343

Williams

Scotsman

International,

Inc.

01/28/21

359,000

103.68

372

370

Windstream

Escrow

LLC

10/09/20

391,000

101.80

398

399

Woodward

Capital

Management

LLC

03/11/21

194,801

101.76

198

198

Wynn

Macau,

Ltd.

12/15/20

279,000

102.80

287

286

XPO

Logistics,

Inc.

04/23/20

598,000

100.75

602

635

YPF

SA

08/15/18

92,947

54.51

58

67

YPF

SA

08/15/18

194,950

77.92

152

102

ZF

NA

Capital,

Inc.

05/04/20

321,000

94.75

304

348

299,122

For

a

description

of

restricted

securities

see

note

6

in

the

Notes

to

Quarterly

Report.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Australia

10

Year

Government

Bond

Futures

642

AUD

93,345

09/21

1,766

Canadian

10

Year

Government

Bond

Futures

93

CAD

13,765

09/21

308

Euro-

Bobl

Futures

16

EUR

2,166

09/21

24

Euro-Bund

Futures

13

EUR

2,295

09/21

72

Euro-Schatz

Futures

17

EUR

1,910

09/21

4

Long

Gilt

Futures

12

GBP

1,557

09/21

40

United

States

2

Year

Treasury

Note

Futures

74

USD

16,329

09/21

(2)

United

States

5

Year

Treasury

Note

Futures

131

USD

16,302

09/21

80

United

States

10

Year

Treasury

Note

Futures

830

USD

111,596

09/21

2,055

United

States

10

Year

Ultra

Treasury

Note

Futures

71

USD

10,668

09/21

352

United

States

Treasury

Long

Bond

Futures

62

USD

10,213

09/21

506

United

States

Treasury

Ultra

Bond

Futures

62

USD

12,371

09/21

889

Short

Positions

Euro-Bund

Futures

291

EUR

51,382

09/21

(1,701)

Japanese

10

Year

Government

Bond

Futures

9

JPY

1,370,700

09/21

(65)

Long

Gilt

Futures

194

GBP

25,179

09/21

(693)

United

States

2

Year

Treasury

Note

Futures

144

USD

31,775

09/21

1

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

134

Opportunistic

Credit

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

United

States

5

Year

Treasury

Note

Futures

34

USD

4,231

09/21

(25)

United

States

10

Year

Treasury

Note

Futures

137

USD

18,420

09/21

(292)

United

States

10

Year

Ultra

Treasury

Note

Futures

38

USD

5,710

09/21

(213)

United

States

Treasury

Long

Bond

Futures

89

USD

14,660

09/21

(663)

United

States

Treasury

Ultra

Bond

Futures

12

USD

2,394

09/21

(105)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

2,338

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

240

BRL

1,220

09/09/21

(7)

Bank

of

America

USD

4,414

BRL

23,482

09/09/21

73

Bank

of

America

USD

5

MXN

100

09/09/21

—

Bank

of

America

USD

17

MXN

347

09/09/21

—

Bank

of

America

USD

51

MXN

1,026

09/09/21

—

Bank

of

America

USD

2,996

MXN

60,336

09/09/21

20

Bank

of

America

USD

65

PLN

240

09/09/21

(3)

Bank

of

America

USD

241

TRY

2,177

09/09/21

12

Bank

of

America

USD

315

TRY

2,849

09/09/21

17

Bank

of

America

USD

6,756

TRY

60,230

09/09/21

256

Bank

of

America

USD

95

ZAR

1,368

09/09/21

(2)

Bank

of

America

USD

177

ZAR

2,587

09/09/21

(1)

Bank

of

America

USD

3,117

ZAR

43,406

09/09/21

(168)

Bank

of

America

AUD

150

USD

116

09/09/21

6

Bank

of

America

AUD

389

USD

293

09/09/21

7

Bank

of

America

AUD

566

USD

419

09/09/21

4

Bank

of

America

AUD

13,885

USD

10,772

09/09/21

581

Bank

of

America

BRL

423

USD

80

09/09/21

(1)

Bank

of

America

BRL

1,430

USD

287

09/09/21

13

Bank

of

America

GBP

27

USD

38

08/25/21

—

Bank

of

America

GBP

246

USD

340

08/25/21

(2)

Bank

of

America

GBP

9,823

USD

13,443

08/25/21

(211)

Bank

of

America

NOK

1,200

USD

144

09/09/21

8

Bank

of

America

NOK

2,282

USD

267

09/09/21

8

Bank

of

America

NOK

5,136

USD

587

09/09/21

6

Bank

of

America

NOK

89,464

USD

10,721

09/09/21

593

Bank

of

America

PHP

232

USD

5

09/09/21

—

Bank

of

America

PHP

3,470

USD

71

09/09/21

2

Bank

of

America

PHP

10,446

USD

207

09/09/21

(1)

Bank

of

America

PHP

208,980

USD

4,315

09/09/21

140

Bank

of

America

PLN

406

USD

107

09/09/21

2

Bank

of

America

PLN

429

USD

111

09/09/21

—

Bank

of

America

PLN

11,429

USD

3,109

09/09/21

142

Bank

of

America

TRY

830

USD

96

09/09/21

(1)

Bank

of

America

ZAR

1,460

USD

104

09/09/21

5

Bank

of

Montreal

EUR

5,990

USD

7,312

09/15/21

201

Bank

of

Montreal

GBP

609

USD

861

09/15/21

14

Bank

of

New

York

USD

3,184

NOK

26,250

09/15/21

(212)

Bank

of

New

York

EUR

5,990

USD

7,327

09/15/21

216

Bank

of

New

York

GBP

609

USD

862

09/15/21

15

Bank

of

New

York

SEK

30,500

USD

3,702

09/15/21

158

BNP

Paribas

USD

51

CAD

64

08/25/21

—

BNP

Paribas

CAD

56

USD

45

08/25/21

—

BNP

Paribas

CAD

66

USD

53

08/25/21

—

Citigroup

USD

217

CHF

195

09/09/21

(2)

Citigroup

USD

2,866

EUR

2,404

09/09/21

(12)

Citigroup

USD

4,186

EUR

3,424

09/09/21

(121)

Citigroup

USD

2,235

GBP

1,615

09/09/21

11

Citigroup

USD

6,271

GBP

4,423

09/09/21

(123)

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

135

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

USD

11,008

GBP

7,756

09/09/21

(227)

Citigroup

USD

3,175

NOK

26,250

09/15/21

(203)

Citigroup

USD

197

NZD

280

09/09/21

(1)

Citigroup

USD

281

NZD

402

09/09/21

(1)

Citigroup

USD

7,644

NZD

10,477

09/09/21

(347)

Citigroup

CHF

114

USD

125

09/09/21

—

Citigroup

CHF

531

USD

578

09/09/21

(9)

Citigroup

CHF

16,747

USD

18,700

09/09/21

195

Citigroup

EUR

16

USD

19

09/09/21

1

Citigroup

EUR

6,124

USD

7,283

09/09/21

13

Citigroup

EUR

5,990

USD

7,315

09/15/21

204

Citigroup

GBP

9,145

USD

12,781

09/09/21

69

Citigroup

GBP

609

USD

860

09/15/21

13

Citigroup

KRW

158,682

USD

140

09/09/21

3

Citigroup

KRW

243,320

USD

213

09/09/21

2

Citigroup

KRW

3,458,358

USD

3,104

09/09/21

106

Citigroup

KRW

4,793,234

USD

4,284

09/09/21

129

Citigroup

NZD

40

USD

29

09/09/21

1

Citigroup

SEK

30,500

USD

3,696

09/15/21

152

Citigroup

TWD

2,675

USD

96

09/09/21

—

Citigroup

TWD

2,935

USD

105

09/09/21

—

Citigroup

TWD

84,279

USD

3,066

09/09/21

47

Citigroup

TWD

121,065

USD

4,425

09/09/21

88

JPMorgan

Chase

USD

1,005

EUR

851

08/25/21

4

JPMorgan

Chase

USD

3,173

NOK

26,250

09/15/21

(201)

JPMorgan

Chase

CAD

2,267

USD

1,797

08/25/21

(20)

JPMorgan

Chase

CHF

759

USD

826

08/25/21

(12)

JPMorgan

Chase

EUR

23,740

USD

28,005

08/25/21

(168)

JPMorgan

Chase

EUR

5,990

USD

7,312

09/15/21

201

JPMorgan

Chase

GBP

433

USD

595

08/25/21

(7)

JPMorgan

Chase

GBP

609

USD

861

09/15/21

14

JPMorgan

Chase

SEK

30,500

USD

3,694

09/15/21

150

Royal

Bank

of

Canada

USD

174

CAD

216

09/09/21

(1)

Royal

Bank

of

Canada

USD

11,415

CAD

14,208

09/09/21

(27)

Royal

Bank

of

Canada

USD

18,847

CAD

22,764

09/09/21

(602)

Royal

Bank

of

Canada

USD

320

EUR

270

09/15/21

1

Royal

Bank

of

Canada

USD

3,187

NOK

26,250

09/15/21

(216)

Royal

Bank

of

Canada

CAD

13,551

USD

11,215

09/09/21

354

Royal

Bank

of

Canada

EUR

5,990

USD

7,330

09/15/21

219

Royal

Bank

of

Canada

GBP

185

USD

257

09/15/21

—

Royal

Bank

of

Canada

GBP

609

USD

863

09/15/21

16

Royal

Bank

of

Canada

SEK

30,500

USD

3,705

09/15/21

161

State

Street

USD

13

EUR

11

09/15/21

—

State

Street

USD

32

EUR

27

09/15/21

—

State

Street

USD

60

EUR

50

09/15/21

—

State

Street

USD

714

EUR

585

09/15/21

(20)

State

Street

USD

38

INR

2,852

09/09/21

—

State

Street

USD

87

INR

6,484

09/09/21

—

State

Street

USD

3,059

INR

225,626

09/09/21

(38)

State

Street

USD

2,772

JPY

303,736

09/09/21

(2)

State

Street

USD

56

MYR

231

09/09/21

(1)

State

Street

USD

75

MYR

312

09/09/21

(2)

State

Street

USD

117

MYR

498

09/09/21

—

State

Street

USD

4,268

MYR

17,689

09/09/21

(99)

State

Street

USD

25

PEN

98

09/09/21

(1)

State

Street

USD

4,408

PEN

16,513

09/09/21

(342)

State

Street

USD

15

SEK

125

09/09/21

(1)

State

Street

CZK

2,530

USD

118

09/09/21

—

State

Street

CZK

3,145

USD

147

09/09/21

1

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

136

Opportunistic

Credit

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

State

Street

CZK

25,651

USD

1,226

09/09/21

33

State

Street

CZK

64,790

USD

3,108

09/09/21

96

State

Street

EUR

20

USD

24

09/15/21

—

State

Street

EUR

23

USD

28

09/15/21

1

State

Street

EUR

35

USD

43

09/15/21

1

State

Street

EUR

40

USD

47

09/15/21

—

State

Street

EUR

50

USD

59

09/15/21

—

State

Street

EUR

60

USD

73

09/15/21

2

State

Street

GBP

1,242

USD

1,716

08/16/21

(11)

State

Street

GBP

20

USD

28

09/15/21

—

State

Street

GBP

21

USD

30

09/15/21

1

State

Street

GBP

1,282

USD

1,810

09/15/21

28

State

Street

HKD

548

USD

71

09/09/21

—

State

Street

HKD

681

USD

88

09/09/21

—

State

Street

HKD

23,828

USD

3,071

09/09/21

4

State

Street

HKD

33,508

USD

4,319

09/09/21

7

State

Street

INR

4,265

USD

58

09/09/21

1

State

Street

PEN

582

USD

151

09/09/21

7

State

Street

PEN

28,171

USD

7,287

09/09/21

352

State

Street

SEK

1,647

USD

193

09/09/21

1

State

Street

SEK

1,846

USD

217

09/09/21

2

State

Street

SEK

63,300

USD

7,645

09/09/21

290

UBS

USD

7,096

CLP

5,144,643

09/09/21

(325)

UBS

USD

43

COP

160,961

09/09/21

(1)

UBS

USD

69

COP

256,300

09/09/21

(3)

UBS

USD

240

COP

921,162

09/09/21

(3)

UBS

USD

4,270

COP

16,007,666

09/09/21

(150)

UBS

USD

211

RUB

15,562

09/09/21

1

UBS

USD

7,364

RUB

549,471

09/09/21

115

UBS

CLP

5,144,643

USD

7,057

09/09/21

285

UBS

RUB

5,067

USD

69

09/09/21

—

UBS

RUB

5,795

USD

78

09/09/21

(1)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

1,972

Credit

Default

Swap

Contracts

Amounts

in

thousands

Credit

Indices

Reference

Entity

Counterparty

Purchase/Sell

Protection

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

CDX

NA

Emerging

Markets

Index

Goldman

Sachs

Purchase

USD

36,200

(1.000%)

(2)

06/20/26

1,010

73

1,083

CDX

NA

Investment

Grade

Index

Goldman

Sachs

Purchase

USD

35,900

(1.000%)

(2)

06/20/26

(727)

(138)

(865)

Total

Open

Credit

Indices

Contracts

(å)

283

(65)

218

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

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

137

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Asset-Backed

Securities

$ 

—

$ 

40,740

$ 

—

$

—

$ 

40,740

Corporate

Bonds

and

Notes

—

213,690

12

—

213,702

International

Debt

—

189,905

—

—

189,905

Loan

Agreements

—

—

—

—

—

Mortgage-Backed

Securities

—

98,890

—

—

98,890

Non-US

Bonds

—

82,117

—

—

82,117

United

States

Government

Treasuries

—

1,064

—

—

1,064

Common

Stocks

Consumer

Discretionary

—

—

—

—

—

Energy

1,610

—

205

—

1,815

Financial

Services

—

—

—

—

—

Materials

and

Processing

—

—

4,577

—

4,577

Producer

Durables

—

484

1,639

—

2,123

Technology

—

—

—

—

—

Preferred

Stocks

—

—

3,142

—

3,142

Warrants

and

Rights

—

71

—

—

71

Short-Term

Investments

—

3,993

182

74,867

79,042

Total

Investments

1,610

630,954

9,757

74,867

717,188

Other

Financial

Instruments

Assets

Futures

Contracts

6,097

—

—

—

6,097

Foreign

Currency

Exchange

Contracts

—

5,8

81

—

—

5,881

Credit

Default

Swap

Contracts

—

1,083

—

—

1,083

Liabilities

Futures

Contracts

(3,759)

—

—

—

(3,759)

Foreign

Currency

Exchange

Contracts

—

(3,90

9

)

—

—

(3,90

9

)

Credit

Default

Swap

Contracts

—

(865)

—

—

(865)

Total

Other

Financial

Instruments

*

$

2,338

$

2,190

$

—

$

—

$

4,52

8

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2021,

see

note

2

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

July

31,

2021,

were

less

than

1%

of

net

assets.

Category

and

Subcategory

Valuation

Techniquue

(s)

Unobservable

Input(s)

Input/Range(s)

Weighted

Average

Fair

Value

($)

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

138

Opportunistic

Credit

Fund

Long-Term

Fixed

Income

Investments

Corporate

Bonds

and

Notes

Other*

$

12

Common

Stocks

Energy

Other*

205

Materials

and

Processing

Discounted

cash

flow***

Discount

rate**

12.6%

4,577

Market

approach***

EBITDA

multiple****

5.5x

Discount

to

guideline

comparables

39.6%

Producer

Durables

Discounted

cash

flow***

Discount

rate**

10.1%

1,639

Market

approach***

EBITDA

multiple****

4.0x

Discount

to

guideline

comparables

50.0%

Preferred

Stocks

Producer

Durables

Market

approach***

EBITDA

multiple****

11.4x

3,142

Discount

to

guideline

comparables

31.5%

Short-Term

Investments

Other*

182

Total

Investments

$

9,757

*

Level

3

investments

with

a

listed

Valuation

Technique

of

"Other"

for

the

period

ended

July

31,

2021

were

less

than

1%

of

net

assets.

**

The

discount

rates

were

determined

by

calculating

the

weighted

average

cost

of

capital

for

the

companies.

***

A

50%/50%

weighted

average

was

applied

to

the

Market

approach

and

Discounted

cash

flow.

****

A

relative

value

analysis

of

comparable

publicly

traded

companies

was

used

to

derive

the

last

twelve

months

EBIDTA

multiple.

A

reconciliation

of

investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

value

for

the

period

ended

July

31,

2021

were

as

follows:

Category

and

Subcategory

Beginning

Balance

11/01/2020

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

7/31/2021

Net

Change

in

Unrealized

Appreciation/

(Depreciation)

on

Investments

held

as

of

7/31/2021

Long-Term

Fixed

Income

Asset

Backed

Securities

$

104

$

—

$

—

$

—

$

—

$

—

$

—

$

(104)

$

—

$

—

Corporate

Bonds

and

Notes

—

—

—

—

—

—

—

12

12

12

Loan

Agreements

39

—

—

—

—

—

—

(39)

—

—

Common

Stocks

Energy

—

—

—

—

—

—

—

205

205

205

Materials

and

Processing

3,265

—

—

—

—

—

—

1,312

4,577

1,312

Producer

Durables

1,504

—

—

—

—

—

—

135

1,639

135

Preferred

Stocks

2,774

—

—

—

—

—

—

368

3,142

368

Short-Term

Investments

7

—

—

—

—

—

—

175

182

175

Total

Investments

$

7,693

$

—

$

—

$

—

$

—

$

—

$

—

$

2,064

$

9,757

$

2,027

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Argentina

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

4,693

Australia

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

790

Austria

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

1,284

Azerbaijan

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

859

Bahrain

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

3,852

Barbados

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

875

Belarus

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

1,095

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Opportunistic

Credit

Fund

139

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Belgium

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

745

Bermuda

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

4,133

Brazil

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

8,383

Canada

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

13,034

Cayman

Islands

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

18,104

Chile

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

3,774

China

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

4,349

Colombia

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

4,776

Costa

Rica

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

3,365

Czech

Republic

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

489

Denmark

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

3,035

Dominican

Republic

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

2,072

Ecuador

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

1,875

Egypt

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

3,498

El

Salvador

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

1,779

Ethiopia

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

888

Finland

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

1,244

France

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

12,988

Gabon

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

531

Germany

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

14,812

Ghana

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

1,053

Honduras

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

533

India

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

1,655

Indonesia

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

5,043

Iraq

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

776

Ireland

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

3,511

Italy

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

10,265

Japan

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

978

Jersey

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

1,681

Jordan

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

1,787

Kazakhstan

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

1,378

Kenya

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

1,320

Lebanon

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

177

Liberia

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

202

Luxembourg

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

11,210

Macao

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

608

Malaysia

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

2,980

Marshall

Islands

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

667

Mexico

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

15,149

Mongolia

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

374

Morocco

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

1,302

Mozambique

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

1,087

Netherlands

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

9,910

Nigeria

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

787

Norway

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

781

Oman

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

2,895

Pakistan

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

1,691

Panama

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

623

Paraguay

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

687

Peru

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

1,262

Philippines

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

730

Puerto

Rico

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

282

Qatar

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

834

Russia

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

1,253

Saudi

Arabia

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

4,500

Russell

Investment

Company

Opportunistic

Credit

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

140

Opportunistic

Credit

Fund

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Senegal

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

256

Singapore

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

429

South

Africa

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

5,307

South

Korea

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

597

Spain

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

4,307

Sri

Lanka

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

1,377

Sweden

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

1,673

Switzerland

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

541

Thailand

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

236

Trinidad

and

Tobago

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

1,061

Tunisia

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

886

Turkey

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

7,805

Ukraine

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

3,378

United

Arab

Emirates

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

1,964

United

Kingdom

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

26,003

United

States

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

448,948

Uzbekistan

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

953

Venezuela,

Bolivarian

Republic

of

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

655

Virgin

Islands,

British

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

2,037

Zambia

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

1,482

Total

Investments

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

717,188

Russell

Investment

Company

Unconstrained

Total

Return

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Unconstrained

Total

Return

Fund

141

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

–

48.0%

Corporate

Bonds

and

Notes

-

8.8%

Air

Lease

Corp.

3.250%

due

03/01/25

100

107

Aircastle

,

Ltd.

4.125%

due

05/01/24

200

214

Alcoa

Corp.

4.125%

due

03/31/29

(Þ)

200

210

Ally

Financial,

Inc.

5.750%

due

11/20/25

600

686

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

5.250%

due

04/30/25

(Þ)

200

209

Centene

Corp.

2.500%

due

03/01/31

500

501

CF

Industries,

Inc.

3.450%

due

06/01/23

170

176

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

4.500%

due

02/01/24

400

435

CIT

Group,

Inc.

5.000%

due

08/01/23

250

270

4.750%

due

02/16/24

350

377

Clearway

Energy

Operating

LLC

3.750%

due

02/15/31

(Þ)

114

114

CSC

Holdings

LLC

5.250%

due

06/01/24

350

378

DCP

Midstream

Operating,

LP

5.375%

due

07/15/25

200

221

Devon

Energy

Corp.

5.250%

due

09/15/24

(Þ)

350

390

EnLink

Midstream

Partners,

LP

4.400%

due

04/01/24

300

315

Enterprise

Products

Operating

LLC

5.375%

due

02/15/78

(USD

3

Month

LIBOR

+

2.570%)(Ê)

100

103

EQM

Midstream

Partners,

LP

6.000%

due

07/01/25

(Þ)

250

272

Series

5Y

4.750%

due

07/15/23

213

222

Hanesbrands,

Inc.

4.625%

due

05/15/24

(Þ)

550

582

HCA,

Inc.

5.375%

due

02/01/25

1,200

1,359

JPMorgan

Chase

&

Co.

Series

CC

4.625%

due

12/31/99

(USD

3

Month

LIBOR

+

2.580%)(Ê)(ƒ)

100

101

MPLX,

LP

1.750%

due

03/01/26

250

254

Mylan,

Inc.

3.125%

due

01/15/23

(Þ)

330

342

Navient

Corp.

5.875%

due

10/25/24

153

167

Netflix,

Inc.

3.625%

due

06/15/25

(Þ)

300

322

Novelis

Corp.

3.875%

due

08/15/31

(Þ)

26

26

NRG

Energy,

Inc.

2.000%

due

12/02/25

(Þ)

160

165

Onemain

Finance

Corp.

6.875%

due

03/15/25

263

298

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Plains

All

American

Pipeline,

LP

/

PAA

Finance

Corp.

3.600%

due

11/01/24

600

642

Post

Holdings,

Inc.

4.500%

due

09/15/31

(Þ)

300

304

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

5.250%

due

04/15/24

(Þ)

250

267

PulteGroup,

Inc.

5.500%

due

03/01/26

77

90

PVH

Corp.

Series

WI

4.625%

due

07/10/25

150

167

Range

Resources

Corp.

5.000%

due

03/15/23

273

283

Seagate

HDD

Cayman

4.750%

due

01/01/25

350

386

Sealed

Air

Corp.

5.125%

due

12/01/24

(Þ)

550

597

Silgan

Holdings,

Inc.

Series

WI

4.750%

due

03/15/25

150

152

Southwest

Airlines

Co.

4.750%

due

05/04/23

50

54

Sprint

Corp.

Series

WI

7.875%

due

09/15/23

275

311

Steel

Dynamics,

Inc.

2.400%

due

06/15/25

97

102

Taylor

Morrison

Communities,

Inc.

/

Taylor

Morrison

Holdings

II,

Inc.

5.625%

due

03/01/24

(Þ)

800

865

Tenet

Healthcare

Corp.

4.625%

due

07/15/24

580

587

TerraForm

Power

Operating

LLC

4.250%

due

01/31/23

(Þ)

500

513

T-Mobile

USA,

Inc.

2.250%

due

02/15/26

400

405

Western

Digital

Corp.

4.750%

due

02/15/26

543

603

15,144

International

Debt

-

10.2%

AerCap

Ireland

Capital,

Ltd.

/

AerCap

Global

Aviation

Trust

3.500%

due

01/15/25

250

266

Akbank

TAS

Series

REGS

5.125%

due

03/31/25

200

202

Aker

BP

ASA

Series

REGS

3.000%

due

01/15/25

273

289

Arcelik

AS

Series

REGS

5.000%

due

04/03/23

250

259

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

Series

REGS

3.000%

due

09/01/29

EUR

100

119

Ashland

Services

BV

Series

REGS

2.000%

due

01/30/28

EUR

400

482

Auto

Ahorro

Automotriz

SA

de

CV

Russell

Investment

Company

Unconstrained

Total

Return

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

142

Unconstrained

Total

Return

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.325%

due

03/24/25

EUR

652

837

Avolon

Holdings

Funding,

Ltd.

5.250%

due

05/15/24

(Þ)

50

55

Ball

Corp.

0.875%

due

03/15/24

EUR

750

898

Banco

BTG

Pactual

SA

2.750%

due

01/11/26

(Þ)

200

195

Series

REGS

5.500%

due

01/31/23

200

210

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)

200

214

Barry

Callebaut

Services

NV

5.500%

due

06/15/23

(Þ)

200

216

Berry

Global,

Inc.

Series

REGS

7.000%

due

01/15/25

EUR

750

905

Bharti

Airtel

International

BV

Series

REGS

5.350%

due

05/20/24

400

439

BNP

Paribas

SA

Series

REGS

4.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.944%)(Ê)(ƒ)

200

205

Canpack

SA

Eastern

Land

3.125%

due

11/01/25

(Þ)

348

354

Cemex

SAB

de

CV

Series

REGS

3.875%

due

07/11/31

200

207

Country

Garden

Holdings

Co.,

Ltd.

2.700%

due

07/12/26

200

188

Crown

Finance

US,

Inc.

Term

Loan

B1

7.147%

due

05/23/24

(USD

3

Month

LIBOR

+

8.250%)(Ê)

67

83

Deutsche

Bank

AG

6.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.524%)(Ê)(ƒ)

200

210

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)

200

212

Ecopetrol

SA

4.125%

due

01/16/25

200

209

Electricite

de

France

SA

3.625%

due

10/13/25

200

221

Export-Import

Bank

of

India

Series

REGS

2.250%

due

01/13/31

200

187

First

Quantum

Minerals,

Ltd.

7.250%

due

04/01/23

(Þ)

200

204

Ford

Motor

Credit

Co.

LLC

4.535%

due

03/06/25

GBP

400

599

3.250%

due

09/15/25

EUR

100

129

Fortescue

Metals

Group,

Ltd.

5.125%

due

05/15/24

(Þ)

300

324

Gerdau

Trade,

Inc.

Series

REGS

4.750%

due

04/15/23

200

214

HSBC

Bank

PLC

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

1M

0.417%

due

06/29/49

(USD

6

Month

LIBOR

+

0.250%)(Ê)(ƒ)

170

162

Huntsman

International

LLC

Series

WI

4.250%

due

04/01/25

EUR

800

1,072

IMS

Health

Holdings,

Inc.

Term

Loan

B1

0.000%

due

03/07/24

(USD

3

Month

LIBOR

+

2.000%)(Ê)(v)

EUR

1,178

1,387

Intesa

Sanpaolo

SpA

5.017%

due

06/26/24

(Þ)

300

325

Itau

Unibanco

Holding

SA

Series

REGS

3.875%

due

04/15/31

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.446%)(Ê)

200

198

Klabin

Austria

GmbH

Series

REGS

3.200%

due

01/12/31

200

198

Liberty

Mutual

Group,

Inc.

Series

REGS

3.625%

due

05/23/59

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.700%)(Ê)

EUR

100

124

Macquarie

Bank,

Ltd.

3.052%

due

03/03/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.700%)(Ê)(Þ)

200

202

MARB

BondCo

PLC

Series

REGS

3.950%

due

01/29/31

200

194

MPT

Operating

Partnership,

LP

/

MPT

Finance

Corp.

2.500%

due

03/24/26

GBP

178

253

Natwest

Group

PLC

4.600%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.100%)(Ê)(ƒ)

200

205

Netflix,

Inc.

Series

REGS

3.000%

due

06/15/25

EUR

600

777

NXP

BV

/

NXP

Funding

LLC

4.625%

due

06/01/23

(Þ)

300

321

Orbia

Advance

Corp

SAB

de

CV

1.875%

due

05/11/26

(Þ)

200

201

Sberbank

of

Russia

Via

SB

Capital

SA

Series

REGS

5.125%

due

10/29/22

200

209

Severstal

OAO

Via

Steel

Capital

SA

Series

REGS

3.150%

due

09/16/24

250

260

Silgan

Holdings,

Inc.

Series

WI

3.250%

due

03/15/25

EUR

200

239

2.250%

due

06/01/28

EUR

300

358

Suzano

Austria

GmbH

Series

REGS

5.750%

due

07/14/26

200

233

Swiss

Re

Finance

(Luxembourg)

SA

4.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.864%)(Ê)(ƒ)

200

212

Turk

Telekomunikasyon

AS

Russell

Investment

Company

Unconstrained

Total

Return

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Unconstrained

Total

Return

Fund

143

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

4.875%

due

06/19/24

200

209

Turkiye

Garanti

Bankasi

AS

Series

REGS

5.875%

due

03/16/23

250

262

Turkiye

Vakiflar

Bankasi

TAO

Series

REGS

5.250%

due

02/05/25

286

285

VEON

Holdings

BV

Series

REGS

4.000%

due

04/09/25

250

263

VTR

Comunicaciones

SpA

Series

REGS

4.375%

due

04/15/29

400

400

17,681

Loan

Agreements

-

2.5%

Alvogen

Group,

Inc.

Extended

Term

Loan

6.250%

due

12/31/23

(USD

3

Month

LIBOR

+

5.250%)(Ê)

727

717

Ascena

Retail

Group,

Inc.

Term

Loan

B

5.250%

due

08/21/22

(USD

1

Month

LIBOR

+

4.500%)(Ê)

9

—

Banff

Merger

Sub,

Inc.

2021

Term

Loan

3.842%

due

10/02/25

(USD

1

Month

LIBOR

+

3.750%)(Ê)

302

299

CIBT

Global,

Inc.,

Term

Loan

4.750%

due

06/01/24

(USD

3

Month

LIBOR

+

3.750%)(Ê)

—

—

Fort

Dearborn

Holding

Co.,

Inc.

1st

Lien

Term

Loan

5.000%

due

10/19/23

(USD

3

Month

LIBOR

+

4.000%)(Ê)

1

1

Goodyear

Tire

&

Rubber

Co.

(The)

2nd

Lien

Term

Loan

0.000%

due

03/07/25

(USD

1

Month

LIBOR

+

2.000%)(Ê)(v)

2,000

1,970

Outerstuff

LLC

Term

Loan

6.000%

due

12/31/23

(USD

3

Month

LIBOR

+

5.000%)(Ê)

453

327

Rackspace

Technology,

Inc.

2021

Term  Loan

3.500%

due

02/02/28

1

1

Reynolds

Group

Holdings,

Inc.

1st

Lien

Term

Loan

B

3.342%

due

02/05/23

(USD

1

Month

LIBOR

+

2.750%)(Ê)

376

374

Reynolds

Group

Holdings,

Inc.

2020

Term

Loan

3.342%

due

02/16/26

(USD

1

Month

LIBOR

+

3.250%)(Ê)

151

150

Western

Digital

Corp.

1st

Lien

Term

Loan

B4

0.000%

due

04/29/23

(USD

1

Month

LIBOR

+

1.750%)(Ê)(v)

435

435

4,274

Mortgage-Backed

Securities

-

7.4%

Bear

Stearns

ALT-A

Trust

Series

2005-8

Class

21A1

3.753%

due

10/25/35

(~)(Ê)

—

—

Fannie

Mae

30

Year

TBA(Ï)

2.000%

1,000

1,020

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.500%

4,000

4,167

3.000%

4,000

4,188

4.000%

1,000

1,069

Fannie

Mae

REMICS

Series

2010-35

Class

SG

Interest

Only

STRIP

6.232%

due

04/25/40

(-1

x

USD

1

Month

LIBOR

+

6.400%)(Ê)

307

66

Series

2010-140

Class

GS

Interest

Only

STRIP

5.832%

due

07/25/39

(USD

1

Month

LIBOR

+

6.000%)(Ê)

60

1

Series

2011-101

Class

SA

Interest

Only

STRIP

5.732%

due

10/25/41

(USD

1

Month

LIBOR

+

5.900%)(Ê)

301

57

Series

2012-36

Class

SN

Interest

Only

STRIP

6.282%

due

04/25/42

(-1

x

USD

1

Month

LIBOR

+

6.450%)(Ê)

158

31

Series

2012-49

Class

QI

Interest

Only

STRIP

4.500%

due

12/25/40

260

10

Series

2012-103

Class

SD

Interest

Only

STRIP

5.882%

due

09/25/42

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

215

41

Series

2012-116

Class

SA

Interest

Only

STRIP

7.032%

due

10/25/42

(-1

x

USD

1

Month

LIBOR

+

7.200%)(Ê)

47

10

Series

2013-35

Class

IP

Interest

Only

STRIP

3.000%

due

06/25/42

309

12

Series

2013-41

Class

SP

Interest

Only

STRIP

6.032%

due

06/25/40

(-1

x

USD

1

Month

LIBOR

+

6.200%)(Ê)

227

8

Series

2016-24

Class

CI

Interest

Only

STRIP

4.000%

due

02/25/46

180

18

Series

2016-70

Class

QI

Interest

Only

STRIP

3.500%

due

10/25/46

693

79

Series

2016-97

Class

KI

Interest

Only

STRIP

3.000%

due

06/25/40

159

1

Series

2017-7

Class

JI

Interest

Only

STRIP

4.000%

due

02/25/47

368

29

Series

2017-15

Class

LI

Interest

Only

STRIP

4.000%

due

06/25/46

181

7

Series

2017-78

Class

KI

Interest

Only

STRIP

3.500%

due

10/25/47

126

10

Series

2017-82

Class

NI

Interest

Only

STRIP

4.000%

due

10/25/47

345

31

Series

2018-94

Class

KI

Interest

Only

STRIP

4.500%

due

12/25/48

612

32

Series

2018-95

Class

SA

Interest

Only

STRIP

5.982%

due

01/25/49

(-1

x

USD

1

Month

LIBOR

+

6.150%)(Ê)

33

5

Russell

Investment

Company

Unconstrained

Total

Return

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

144

Unconstrained

Total

Return

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2018-95

Class

SL

Interest

Only

STRIP

5.982%

due

01/25/49

(-1

x

USD

1

Month

LIBOR

+

6.150%)(Ê)

22

4

Series

2021-27

Class

GI

Interest

Only

STRIP

4.500%

due

05/25/51

392

68

Freddie

Mac

REMICS

Series

2011-3904

Class

NI

Interest

Only

STRIP

3.500%

due

08/15/26

275

11

Series

2012-3981

Class

WS

Interest

Only

STRIP

6.365%

due

05/15/41

(-1

x

USD

1

Month

LIBOR

+

6.550%)(Ê)

326

36

Series

2012-4074

Class

KS

Interest

Only

STRIP

6.515%

due

02/15/41

(-1

x

USD

1

Month

LIBOR

+

6.700%)(Ê)

339

26

Series

2012-4127

Class

PI

Interest

Only

STRIP

4.500%

due

07/15/42

535

59

Series

2013-4182

Class

PI

Interest

Only

STRIP

3.000%

due

12/15/41

1,952

63

Series

2014-4299

Class

JI

Interest

Only

STRIP

4.000%

due

07/15/43

251

12

Series

2014-4386

Class

IL

Interest

Only

STRIP

4.000%

due

12/15/43

328

39

Series

2014-4413

Class

HI

Interest

Only

STRIP

3.500%

due

03/15/40

(Š)

21

—

Series

2015-4475

Class

CI

Interest

Only

STRIP

3.500%

due

01/15/44

201

6

Series

2016-4550

Class

AI

Interest

Only

STRIP

3.000%

due

10/15/40

339

9

Series

2016-4560

Class

PI

Interest

Only

STRIP

3.500%

due

05/15/45

137

9

Series

2016-4601

Class

IC

Interest

Only

STRIP

4.000%

due

12/15/45

229

20

Series

2016-4621

Class

QI

Interest

Only

STRIP

3.500%

due

10/15/46

439

39

Series

2016-4635

Class

PI

Interest

Only

STRIP

4.000%

due

12/15/46

252

23

Series

2017-4663

Class

KI

Interest

Only

STRIP

3.500%

due

11/15/42

(Š)

34

—

Series

2017-4663

Class

PI

Interest

Only

STRIP

4.000%

due

03/15/47

372

29

Series

2017-4707

Class

AI

Interest

Only

STRIP

4.000%

due

07/15/47

317

24

Series

2017-4731

Class

QS

Interest

Only

STRIP

6.015%

due

11/15/47

(-1

x

USD

1

Month

LIBOR

+

6.200%)(Ê)

431

77

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2021-5125

Class

MI

Interest

Only

STRIP

4.500%

due

11/25/48

384

61

Ginnie

Mae

REMICS

Series

2009-121

Class

UI

Interest

Only

STRIP

5.000%

due

12/20/39

60

10

Series

2010-35

Class

QI

Interest

Only

STRIP

4.500%

due

03/20/40

252

40

Series

2011-22

Class

PS

Interest

Only

STRIP

5.810%

due

07/20/40

(-1

x

USD

1

Month

LIBOR

+

6.000%)(Ê)

380

16

Series

2011-135

Class

DI

Interest

Only

STRIP

5.000%

due

04/16/40

23

4

Series

2011-151

Class

SC

Interest

Only

STRIP

6.555%

due

07/16/40

(USD

1

Month

LIBOR

+

6.750%)(Ê)

162

8

Series

2011-168

Class

IO

Interest

Only

STRIP

5.500%

due

10/16/37

6

—

Series

2012-129

Class

IO

Interest

Only

STRIP

4.500%

due

11/16/42

260

41

Series

2013-23

Class

IK

Interest

Only

STRIP

3.000%

due

09/20/37

499

18

Series

2013-34

Class

HI

Interest

Only

STRIP

4.500%

due

03/20/43

174

27

Series

2013-99

Class

AS

Interest

Only

STRIP

5.860%

due

06/20/43

(USD

1

Month

LIBOR

+

6.050%)(Ê)

5

1

Series

2013-184

Class

SK

Interest

Only

STRIP

5.860%

due

12/20/43

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

39

7

Series

2014-27

Class

S

Interest

Only

STRIP

5.910%

due

02/20/44

(-1

x

USD

1

Month

LIBOR

+

6.100%)(Ê)

40

6

Series

2014-44

Class

IA

Interest

Only

STRIP

3.500%

due

05/20/28

273

15

Series

2014-58

Class

SA

Interest

Only

STRIP

5.910%

due

04/20/44

(-1

x

USD

1

Month

LIBOR

+

6.100%)(Ê)

32

6

Series

2014-60

Class

SE

Interest

Only

STRIP

5.910%

due

04/20/44

(-1

x

USD

1

Month

LIBOR

+

6.100%)(Ê)

256

50

Series

2014-139

Class

NI

Interest

Only

STRIP

3.500%

due

08/20/28

594

13

Series

2014-161

Class

HI

Interest

Only

STRIP

4.500%

due

06/20/44

197

22

Series

2015-35

Class

AI

Interest

Only

STRIP

5.000%

due

03/16/45

377

53

Russell

Investment

Company

Unconstrained

Total

Return

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Unconstrained

Total

Return

Fund

145

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2015-62

Class

IL

Interest

Only

STRIP

3.500%

due

02/16/42

572

25

Series

2015-89

Class

IP

Interest

Only

STRIP

4.000%

due

02/20/45

336

37

Series

2015-89

Class

LI

Interest

Only

STRIP

5.000%

due

12/20/44

338

55

Series

2015-96

Class

NI

Interest

Only

STRIP

3.500%

due

01/20/39

227

3

Series

2015-105

Class

LI

Interest

Only

STRIP

5.000%

due

10/20/39

190

30

Series

2015-106

Class

CI

Interest

Only

STRIP

4.000%

due

05/20/45

417

45

Series

2015-144

Class

IA

Interest

Only

STRIP

4.000%

due

01/16/43

537

41

Series

2015-149

Class

KI

Interest

Only

STRIP

4.000%

due

10/20/45

277

39

Series

2015-162

Class

BI

Interest

Only

STRIP

4.000%

due

11/20/40

784

44

Series

2016-27

Class

IB

Interest

Only

STRIP

4.000%

due

11/20/45

614

79

Series

2016-47

Class

CI

Interest

Only

STRIP

4.000%

due

09/20/45

224

22

Series

2016-49

Class

IO

Interest

Only

STRIP

4.500%

due

11/16/45

289

47

Series

2016-77

Class

SC

Interest

Only

STRIP

5.910%

due

10/20/45

(USD

1

Month

LIBOR

+

6.100%)(Ê)

367

77

Series

2016-104

Class

GI

Interest

Only

STRIP

4.500%

due

01/20/46

230

30

Series

2016-136

Class

YI

Interest

Only

STRIP

3.500%

due

03/20/45

63

3

Series

2016-138

Class

DI

Interest

Only

STRIP

4.000%

due

10/20/46

204

29

Series

2016-156

Class

PI

Interest

Only

STRIP

3.500%

due

11/20/46

118

2

Series

2017-11

Class

PI

Interest

Only

STRIP

4.000%

due

12/20/46

215

12

Series

2017-17

Class

EI

Interest

Only

STRIP

4.000%

due

09/20/44

229

4

Series

2017-26

Class

EI

Interest

Only

STRIP

5.000%

due

02/20/40

385

38

Series

2017-38

Class

DI

Interest

Only

STRIP

5.000%

due

03/16/47

384

69

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2017-130

Class

IB

Interest

Only

STRIP

4.000%

due

08/20/47

247

35

Series

2017-136

Class

GI

Interest

Only

STRIP

3.500%

due

09/20/47

313

23

Series

2018-127

Class

IA

Interest

Only

STRIP

3.500%

due

04/20/42

172

11

Series

2019-78

Class

SJ

Interest

Only

STRIP

5.860%

due

06/20/49

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

129

14

Series

2021-97

Class

QI

Interest

Only

STRIP

3.000%

due

06/20/51

885

73

Series

2021-105

Class

IP

Interest

Only

STRIP

3.000%

due

06/20/51

740

71

12,802

Non-US

Bonds

-

10.2%

ABN

AMRO

Bank

NV

4.375%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

4.674%)(Ê)(ƒ)

EUR

200

256

ADLER

Group

SA

1.875%

due

01/14/26

EUR

400

456

Alpha

Services

and

Holdings

SA

5.500%

due

06/11/31

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

5.823%)(Ê)

EUR

100

119

Altice

Financing

SA

Series

REGS

2.250%

due

01/15/25

EUR

463

532

Banco

BPM

SpA

1.525%

due

02/18/25

EUR

250

302

Bank

of

Ireland

Group

1.000%

due

11/25/25

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

1

Year

Rate

+

1.250%)(Ê)

EUR

100

122

BAWAG

Group

AG

5.000%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

4.415%)(Ê)(ƒ)

EUR

200

256

Caisse

Nationale

de

Reassurance

Mutuelle

Agricole

Groupama

6.375%

due

05/29/49

(3

Month

EURIBOR

+

5.770%)(Ê)(ƒ)

EUR

100

137

Caixa

Geral

de

Depositos

SA

10.750%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

10.925%)(Ê)(ƒ)

EUR

200

252

CaixaBank

SA

6.375%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

6.224%)(Ê)(ƒ)

EUR

200

258

Commerzbank

AG

1.750%

due

01/22/25

GBP

200

281

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

245

Deutsche

Lufthansa

AG

3.000%

due

05/29/26

EUR

100

120

EDP

-

Energias

de

Portugal

SA

Russell

Investment

Company

Unconstrained

Total

Return

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

146

Unconstrained

Total

Return

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.700%

due

07/20/80

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

1.844%)(Ê)

EUR

200

241

Enel

SpA

2.500%

due

11/24/78

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.096%)(Ê)

EUR

100

124

Erna

Srl

Series

2019-1

Class

A

2.250%

due

07/25/31

(3

Month

EURIBOR

+

2.250%)(Ê)

EUR

425

507

Eurofins

Scientific

SE

2.125%

due

07/25/24

EUR

400

503

Gazprom

OAO

Via

Gaz

Capital

SA

4.250%

due

04/06/24

GBP

400

591

Gazprom

PJSC

2.950%

due

04/15/25

EUR

100

126

Grifols

SA

Series

REGS

1.625%

due

02/15/25

EUR

639

765

Heimstaden

Bostad

AB

2.625%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.149%)(Ê)(ƒ)

EUR

200

235

Ibercaja

Banco

SA

2.750%

due

07/23/30

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.882%)(Ê)

EUR

100

118

IHO

Verwaltungs

GmbH

Series

REGS

3.625%

due

05/15/25

EUR

400

483

Iliad

SA

1.875%

due

02/11/28

100

116

Infrastrutture

Wireless

Italiane

SpA

1.750%

due

04/19/31

EUR

300

362

International

Consolidated

Airlines

0.500%

due

07/04/23

EUR

300

345

Kleopatra

Finco

SARL

4.250%

due

03/01/26

(Þ)

EUR

100

118

Lagarder

SCA

Bond

Issuance

2.125%

due

10/16/26

EUR

100

119

LKQ

Italia

Bondco

SpA

Series

REGS

3.875%

due

04/01/24

EUR

100

128

Logicor

Financing

SARL

1.500%

due

07/13/26

EUR

100

126

Loxam

SAS

3.250%

due

01/14/25

EUR

200

239

Matterhorn

Telecom

SA

Series

REGS

2.625%

due

09/15/24

EUR

350

420

Nexans

SA

3.750%

due

08/08/23

EUR

200

252

Nexi

SpA

1.625%

due

04/30/26

EUR

100

119

OJSC

Novolipetsk

Steel

Series

REGS

1.450%

due

06/02/26

EUR

200

238

Orsted

A/S

Series

GBP

2.500%

due

02/18/21

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

1.886%)(Ê)

GBP

200

277

Pension

Insurance

Corp.

PLC

6.500%

due

07/03/24

GBP

200

317

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Petrobras

Global

Finance

BV

4.750%

due

01/14/25

EUR

200

266

Q-Park

Holding

I

BV

Series

REGS

1.500%

due

03/01/25

EUR

290

329

Renault

SA

2.375%

due

05/25/26

EUR

100

120

Rothesay

Life

PLC

8.000%

due

10/30/25

GBP

150

262

Samhallsbyggnadsbolaget

I

Norden

AB

2.625%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.227%)(Ê)(ƒ)

EUR

200

240

Sappi

Papier

Holding

GmbH

Series

REGS

3.125%

due

04/15/26

EUR

100

119

SIG

Combibloc

Purchase

Co.

2.125%

due

06/18/25

(Þ)

EUR

723

908

SoftBank

Group

Corp.

3.125%

due

09/19/25

EUR

250

300

Solvay

SA

2.500%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.977%)(Ê)(ƒ)

EUR

100

124

SPCM

SA

Series

REGS

2.000%

due

02/01/26

EUR

100

121

Telefonica

Europe

BV

2.376%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

8

Year

Rate

+

2.616%)(Ê)(ƒ)

EUR

200

234

Telenet

Finance

Luxembourg

Notes

SARL

Series

REGS

3.500%

due

03/01/28

EUR

100

123

TenneT

Holding

BV

2.374%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.719%)(Ê)(ƒ)

EUR

200

248

Tesco

Personal

Finance

Group

PLC

3.500%

due

07/25/25

GBP

150

219

Thanes

Water

Kemble

Finance

PLC

Series

REGS

4.625%

due

05/19/26

GBP

120

172

Thyssenkrupp

AG

2.875%

due

02/22/24

EUR

500

605

Trivium

Packaging

Finance

BV

Series

REGS

3.750%

due

08/15/26

EUR

100

120

Ubisoft

Entertainment

SA

1.289%

due

01/30/23

EUR

300

362

Unione

di

Banche

Italiane

SpA

1.625%

due

04/21/25

EUR

400

499

Unipol

Gruppo

Finanziario

SpA

3.000%

due

03/18/25

EUR

100

128

UnipolSai

Assicurazioni

SpA

6.375%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

6.744%)(Ê)(ƒ)

EUR

200

275

United

Group

BV

4.625%

due

08/15/28

(Þ)

EUR

100

120

Series

REGS

3.625%

due

02/15/28

EUR

100

116

Russell

Investment

Company

Unconstrained

Total

Return

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Unconstrained

Total

Return

Fund

147

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Veolia

Environnement

SA

2.500%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.840%)(Ê)(ƒ)

EUR

200

242

Verallia

SA

1.625%

due

05/14/28

EUR

300

362

Volvo

Car

AB

2.125%

due

04/02/24

EUR

500

619

Wizz

Air

Finance

Co.

BV

1.350%

due

01/19/24

EUR

180

218

17,656

United

States

Government

Treasuries

-

8.9%

United

States

Treasury

Notes

0.250%

due

08/31/25

8,900

8,786

1.125%

due

02/15/31

6,700

6,641

15,427

Total

Long-Term

Investments

(cost

$80,214)

82,984

Common

Stocks

-

0.0%

Consumer

Discretionary

-

0.0%

Constellis

Holdings

LLC(Æ)

4,968

19

Health

Care

-

0.0%

Carestream

Health,

Inc.(Æ)(Š)

8

19

Total

Common

Stocks

(cost

$51)

38

Short-Term

Investments

-

37.4%

Phoenix

Group

Holdings

PLC

4.125%

due

07/20/22

200

287

U.S.

Cash

Management

Fund(@)

52,317,482

(∞)

52,306

United

States

Cash

Management

Bills

Series

WI

0.010%

due

09/07/21

(ç)(ž)

234

234

0.054%

due

10/19/21

(ž)

72

72

0.053%

due

10/26/21

(ž)

18

18

United

States

Treasury

Bills

0.047%

due

11/26/21

(ž)

9,500

9,499

Series

WI

0.011%

due

08/03/21

(ç)(ž)

55

55

0.018%

due

09/21/21

(ç)(ž)

1,094

1,094

0.024%

due

09/28/21

(ç)(ž)

1,201

1,201

Total

Short-Term

Investments

(cost

$64,743)

64,766

Total

Investments

-

85.4%

(identified

cost

$145,008)

147,788

Securities

Sold

Short

-

(3.0)%

Long-Term

Investments

-

(3.0)%

Mortgage-Backed

Securities

-

(3.0)%

Fannie

Mae

30

Year

TBA(Ï)

2.000%

(1,000)

(1,020)

2.500%

(4,000)

(4,167)

(5,187)

Total

Securities

Sold

Short

(proceeds

$5,168)

(5,187)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Other

Assets

and

Liabilities,

Net

-

17.6%

30,382

Net

Assets

-

100.0%

172,983

Russell

Investment

Company

Unconstrained

Total

Return

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

148

Unconstrained

Total

Return

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

$

$

$

5.0%

Alcoa

Corp.

07/13/21

200,000

104.26

209

210

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

05/28/20

200,000

103.61

207

209

Avolon

Holdings

Funding,

Ltd.

11/18/19

50,000

105.80

53

55

Banco

BTG

Pactual

SA

01/06/21

200,000

99.48

199

195

Barry

Callebaut

Services

NV

04/24/20

200,000

104.30

209

216

Canpack

SA

Eastern

Land

10/15/20

348,000

100.00

348

354

Clearway

Energy

Operating

LLC

07/15/21

114,000

100.25

114

114

Devon

Energy

Corp.

06/07/21

350,000

110.53

387

390

EQM

Midstream

Partners,

LP

01/05/21

250,000

107.94

270

272

First

Quantum

Minerals,

Ltd.

11/18/19

200,000

100.58

201

204

Fortescue

Metals

Group,

Ltd.

01/29/20

300,000

104.17

313

324

Hanesbrands,

Inc.

04/24/20

550,000

101.04

556

582

Intesa

Sanpaolo

SpA

04/27/20

300,000

98.77

296

325

Kleopatra

Finco

SARL

02/04/21

EUR

100,000

119.67

120

118

Macquarie

Bank,

Ltd.

07/15/21

200,000

100.58

201

202

Mylan,

Inc.

11/18/19

330,000

100.63

332

342

Netflix,

Inc.

06/11/20

300,000

102.07

306

322

Novelis

Corp.

07/26/21

26,000

100.00

26

26

NRG

Energy,

Inc.

11/17/20

160,000

99.95

160

165

NXP

BV

/

NXP

Funding

LLC

07/14/21

300,000

107.16

321

321

Orbia

Advance

Corp

SAB

de

CV

06/24/21

200,000

100.98

202

201

Post

Holdings,

Inc.

07/15/21

300,000

100.82

302

304

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

11/18/19

250,000

101.68

254

267

Sealed

Air

Corp.

05/13/20

550,000

105.24

579

597

SIG

Combibloc

Purchase

Co.

06/11/20

EUR

723,000

113.00

817

908

Taylor

Morrison

Communities,

Inc.

/

Taylor

Morrison

Holdings

II,

Inc.

07/07/21

800,000

108.48

868

865

TerraForm

Power

Operating

LLC

05/20/20

500,000

101.28

506

513

United

Group

BV

07/20/21

EUR

100,000

117.83

118

120

8,721

For

a

description

of

restricted

securities

see

note

6

in

the

Notes

to

Quarterly

Report.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Australia

10

Year

Government

Bond

Futures

83

AUD

12,068

09/21

227

Canadian

10

Year

Government

Bond

Futures

21

CAD

3,108

09/21

69

Japanese

10

Year

Government

Bond

Futures

5

JPY

761,501

09/21

29

Short

Positions

Euro-Bund

Futures

38

EUR

6,710

09/21

(223)

Long

Gilt

Futures

50

GBP

6,490

09/21

(179)

United

States

10

Year

Treasury

Note

Futures

29

USD

3,899

09/21

(32)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(109)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Northern

Trust

EUR

200

USD

243

09/15/21

5

Royal

Bank

of

Canada

EUR

200

USD

238

09/15/21

—

Royal

Bank

of

Canada

EUR

6,000

USD

7,101

09/15/21

(23)

Royal

Bank

of

Canada

EUR

7,250

USD

8,802

09/15/21

195

Royal

Bank

of

Canada

GBP

500

USD

694

09/15/21

(1)

State

Street

USD

179

EUR

150

09/15/21

(1)

State

Street

EUR

7,250

USD

8,801

09/15/21

194

Russell

Investment

Company

Unconstrained

Total

Return

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Unconstrained

Total

Return

Fund

149

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

State

Street

GBP

2,200

USD

3,105

09/15/21

46

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

415

Total

Return

Swap

Contracts

Amounts

in

thousands

Underlying

Reference

Entity

Counterparty

Notional

Amount

Terms

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Long

Markit

IOS

Index

–

Fannie

Mae

30

Year

4.000%

Goldman

Sachs

USD

1,181

1

Month

LIBOR

(1)

01/12/45

—

(8)

(8)

Markit

IOS

Index

–

Fannie

Mae

30

Year

4.000%

JPMorgan

Chase

USD

1,181

1

Month

LIBOR

(1)

01/12/45

—

8

8

Total

Open

Total

Return

Swap

Contracts

(å)

—

—

—

Interest

Rate

Swap

Contracts

Amounts

in

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Barclays

USD

4,136

Three

Month

LIBOR

(2)

0.305%

(3)

06/24/23

1

(6)

(5)

Barclays

USD

4,136

0.305%

(2)

Three

Month

LIBOR

(2)

06/24/23

—

5

5

Barclays

USD

551

Three

Month

LIBOR

(2)

1.462%

(3)

06/24/31

—

(11)

(11)

Barclays

USD

551

1.462%

(2)

Three

Month

LIBOR

(2)

06/24/31

1

10

11

Barclays

USD

415

Three

Month

LIBOR

(2)

1.802%

(3)

06/24/51

—

(16)

(16)

Barclays

USD

415

1.802%

(2)

Three

Month

LIBOR

(2)

06/24/51

3

13

16

Total

Open

Interest

Rate

Swap

Contracts

(å)

5

(5)

—

Credit

Default

Swap

Contracts

Amounts

in

thousands

Corporate

Issues

Reference

Entity

Counterparty

Purchase/Sell

Protection

Implied

Credit

Spread

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/

(Received)

$

Unrealized

Appreciation

(Depreciation))

$

Fair

Value

$

Aegon

N.V.

Goldman

Sachs

Sell

1.116%

EUR

250

1.000%

(2)

12/20/26

(3)

1

(2)

AES

Corp.

(The)

Goldman

Sachs

Sell

0.981%

USD

600

5.000%

(2)

12/20/26

131

(5)

126

Anglo

American

Capital

PLC

JPMorgan

Chase

Sell

0.784%

USD

175

5.000%

(2)

06/20/25

2

26

28

Anglo

American

Capital

PLC

JPMorgan

Chase

Sell

1.143%

EUR

700

5.000%

(2)

12/20/26

170

2

172

Anglo

American

Capital

PLC

JPMorgan

Chase

Sell

3.705%

EUR

600

5.000%

(2)

12/20/26

44

2

46

Apache

Corp.

JPMorgan

Chase

Sell

2.183%

USD

350

1.000%

(2)

12/20/26

(20)

(1)

(21)

ArcelorMittal

SA

JPMorgan

Chase

Sell

1.394%

EUR

450

5.000%

(2)

12/20/26

101

1

102

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

Goldman

Sachs

Sell

1.738%

EUR

330

5.000%

(2)

06/20/25

42

7

49

AT&T

Inc.

Barclays

Sell

0.411%

USD

350

1.000%

(2)

12/20/24

7

—

7

Russell

Investment

Company

Unconstrained

Total

Return

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

150

Unconstrained

Total

Return

Fund

Credit

Default

Swap

Contracts

Amounts

in

thousands

Corporate

Issues

Reference

Entity

Counterparty

Purchase/Sell

Protection

Implied

Credit

Spread

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/

(Received)

$

Unrealized

Appreciation

(Depreciation))

$

Fair

Value

$

Banco

Santander

SA

Goldman

Sachs

Sell

1.139%

EUR

150

1.000%

(2)

12/20/26

(2)

1

(1)

Barclays

PLC

JPMorgan

Chase

Sell

1.031%

EUR

400

1.000%

(2)

12/20/26

(2)

1

(1)

Calpine

Corp.

JPMorgan

Chase

Sell

3.307%

USD

400

5.000%

(2)

12/20/26

26

7

33

Cellnex

Telecom

SA

Bank

of

America

Sell

1.430%

EUR

400

5.000%

(2)

12/20/26

92

(2)

90

CNH

Industrial

Finance

SA

Bank

of

America

Sell

0.961%

EUR

300

5.000%

(2)

12/20/26

78

(1)

77

Credit

Suisse

Group

AG

JPMorgan

Chase

Sell

0.933%

EUR

250

1.000%

(2)

12/20/26

—

1

1

Crown

European

Holdings

SA

Bank

of

America

Sell

1.390%

EUR

800

1.000%

(2)

12/20/26

(27)

7

(20)

Dell,

Inc.

Goldman

Sachs

Sell

1.008%

USD

800

1.000%

(2)

12/20/26

3

(3)

—

Devon

Energy

Corp.

Goldman

Sachs

Sell

1.240%

USD

450

1.000%

(2)

12/20/26

(2)

(4)

(6)

Elis

SA

Barclays

Sell

1.693%

EUR

400

5.000%

(2)

12/20/26

82

1

83

Enbridge

Inc.

Goldman

Sachs

Sell

0.764%

USD

100

1.000%

(2)

12/20/26

2

(1)

1

Faurecia

SE

JPMorgan

Chase

Sell

1.798%

EUR

150

5.000%

(2)

12/20/26

29

1

30

General

Electric

Co.

Goldman

Sachs

Sell

0.840%

USD

200

1.000%

(2)

12/20/26

2

—

2

General

Motors

Co.

JPMorgan

Chase

Sell

1.019%

USD

550

5.000%

(2)

12/20/26

114

—

114

HeidelbergCement

AG

Bank

of

America

Sell

0.860%

EUR

150

5.000%

(2)

12/20/26

40

—

40

Hess

Corp.

JPMorgan

Chase

Sell

1.271%

USD

700

1.000%

(2)

12/20/26

(6)

(4)

(10)

Iron

Mountain

Inc.

Goldman

Sachs

Sell

1.551%

USD

370

5.000%

(2)

12/20/26

67

(2)

65

J

Sainsbury

PLC

JPMorgan

Chase

Sell

0.947%

EUR

650

1.000%

(2)

12/20/26

10

(8)

2

Jaguar

Land

Rover

Automotive

PLC

JPMorgan

Chase

Sell

1.107%

EUR

300

5.000%

(2)

12/20/21

2

4

6

KB

Home

Goldman

Sachs

Sell

1.935%

USD

500

5.000%

(2)

12/20/26

73

5

78

Kinder

Morgan,

Inc.

Goldman

Sachs

Sell

0.740%

USD

150

1.000%

(2)

12/20/26

3

(1)

2

Koninklijke

KPN

N.V.

Bank

of

America

Sell

0.498%

EUR

450

1.000%

(2)

12/20/24

10

(1)

9

Kraft

Heinz

Foods

Co.

Goldman

Sachs

Sell

0.889%

USD

791

1.000%

(2)

12/20/26

7

(2)

5

L

Brands,

Inc.

Bank

of

America

Sell

1.627%

USD

550

1.000%

(2)

12/20/26

(16)

(2)

(18)

Lennar

Corp.

JPMorgan

Chase

Sell

0.942%

USD

1,100

5.000%

(2)

12/20/26

231

2

233

Lumen

Technologies,

Inc.

Goldman

Sachs

Sell

3.035%

USD

440

1.000%

(2)

12/20/26

(44)

—

(44)

Marathon

Oil

Corp.

JPMorgan

Chase

Sell

1.305%

USD

300

1.000%

(2)

12/20/26

(2)

(3)

(5)

Marks

&

Spencer

PLC

JPMorgan

Chase

Sell

2.108%

EUR

500

1.000%

(2)

12/20/26

(30)

(4)

(34)

NatWest

Group

PLC

Goldman

Sachs

Sell

0.981%

EUR

150

1.000%

(2)

12/20/26

—

—

—

Navient

Corp.

JPMorgan

Chase

Sell

3.237%

USD

275

5.000%

(2)

12/20/26

23

—

23

Nokia

OYJ

Goldman

Sachs

Sell

0.963%

EUR

350

5.000%

(2)

12/20/26

89

1

90

NRG

Energy,

Inc.

JPMorgan

Chase

Sell

1.995%

USD

350

5.000%

(2)

12/20/26

54

(1)

53

Occidental

Petroleum

Corp.

Goldman

Sachs

Sell

2.400%

USD

400

1.000%

(2)

12/20/26

(18)

(10)

(28)

OI

European

Group

B.V.

JPMorgan

Chase

Sell

2.496%

EUR

275

5.000%

(2)

12/20/26

40

2

42

Prudential

Co.

JPMorgan

Chase

Sell

0.991%

EUR

200

1.000%

(2)

12/20/26

—

—

—

PulteGroup,

Inc.

JPMorgan

Chase

Sell

0.891%

USD

300

5.000%

(2)

12/20/26

64

1

65

Rexel

,

Inc.

JPMorgan

Chase

Sell

1.251%

EUR

520

5.000%

(2)

12/20/26

123

1

124

Schaeffler

AG

Bank

of

America

Sell

1.684%

EUR

250

5.000%

(2)

12/20/26

51

—

51

Smurfit

Kappa

Acquisitions

ULC

Goldman

Sachs

Sell

0.696%

EUR

425

5.000%

(2)

12/20/26

118

—

118

Stellantis

NV

Goldman

Sachs

Sell

1.156%

EUR

750

5.000%

(2)

12/20/26

184

(1)

183

Telecom

Italia

SpA

JPMorgan

Chase

Sell

1.848%

EUR

800

1.000%

(2)

12/20/26

(37)

(5)

(42)

Tesco

PLC

Barclays

Sell

0.738%

EUR

850

1.000%

(2)

12/20/26

15

(1)

14

thyssenkrupp

AG

Barclays

Sell

2.359%

EUR

150

1.000%

(2)

06/20/25

(16)

7

(9)

T-Mobile

Goldman

Sachs

Sell

1.090%

USD

350

5.000%

(2)

12/20/26

69

2

71

Toll

Brothers

Finance

Corp.

Goldman

Sachs

Sell

1.177%

USD

800

1.000%

(2)

12/20/26

(11)

4

(7)

Russell

Investment

Company

Unconstrained

Total

Return

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Unconstrained

Total

Return

Fund

151

Credit

Default

Swap

Contracts

Amounts

in

thousands

Corporate

Issues

Reference

Entity

Counterparty

Purchase/Sell

Protection

Implied

Credit

Spread

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/

(Received)

$

Unrealized

Appreciation

(Depreciation))

$

Fair

Value

$

Unicredit

,

Societa

Per

Azioni

JPMorgan

Chase

Sell

1.792%

EUR

200

1.000%

(2)

12/20/26

(11)

1

(10)

UPC

Holding

BV

Goldman

Sachs

Sell

2.431%

EUR

450

5.000%

(2)

12/20/26

67

3

70

Valeo

SA

JPMorgan

Chase

Sell

1.433%

EUR

150

1.000%

(2)

12/20/26

(3)

(1)

(4)

Virgin

Media

Finance

PLC

Goldman

Sachs

Sell

2.766%

EUR

770

5.000%

(2)

12/20/26

110

(6)

104

Vodafone

Group

Goldman

Sachs

Sell

0.365%

EUR

300

1.000%

(2)

12/20/24

7

1

8

Ziggo

Bond

Finance

BV

Goldman

Sachs

Sell

2.636%

EUR

350

5.000%

(2)

12/20/26

51

(1)

50

Total

Open

Corporate

Issues

Contracts

2,183

22

2,205

Credit

Indices

Reference

Entity

Counterparty

Purchase/Sell

Protection

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

CDX

NA

High

Yield

Index

Morgan

Stanley

Purchase

USD

3,000

(5.000%)

(2)

06/20/26

(294)

18

(276)

CMBX

NA

Index

Bank

of

America

Purchase

USD

15,000

(5.000%)

(2)

06/20/26

152

(1,525)

(1,373)

CMBX

NA

Index

Bank

of

America

Sell

USD

15,000

5.000%

(2)

06/20/26

(124)

1,497

1,373

CMBX

NA

Index

Barclays

Sell

USD

175

5.000%

(2)

12/20/26

21

3

24

CMBX

NA

Index

Citigroup

Purchase

USD

—

(5.000%)

(2)

10/17/57

—

—

—

CMBX

NA

Index

Citigroup

Sell

USD

6

5.000%

(2)

05/11/63

(3)

—

(3)

CMBX

NA

Index

Credit

Suisse

Sell

USD

27

5.000%

(2)

05/11/63

(5)

(7)

(12)

CMBX

NA

Index

Goldman

Sachs

Purchase

USD

—

(5.000%)

(2)

10/17/57

—

—

—

CMBX

NA

Index

Goldman

Sachs

Sell

USD

3

5.000%

(2)

05/11/63

(1)

—

(1)

CMBX

NA

Index

JPMorgan

Chase

Sell

USD

25

5.000%

(2)

05/11/63

(12)

1

(11)

CMBX

NA

Index

JPMorgan

Chase

Purchase

USD

—

(5.000%)

(2)

10/17/57

—

—

—

CMBX

NA

Index

Morgan

Stanley

Sell

USD

68

5.000%

(2)

05/11/63

(23)

(8)

(31)

CMBX

NA

Index

Morgan

Stanley

Purchase

USD

—

(5.000%)

(2)

10/17/57

—

—

—

iTraxx

Europe

Crossover

Morgan

Stanley

Purchase

EUR

18,000

(5.000%)

(2)

06/20/26

(239)

(2,330)

(2,569)

iTraxx

Europe

Crossover

Morgan

Stanley

Sell

EUR

15,000

5.000%

(2)

06/20/26

(159)

2,299

2,140

Total

Open

Credit

Indices

Contracts

(687)

(52)

(739)

Total

Open

Credit

Default

Swap

Contracts

(å)

1,496

(30)

1,466

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

$

—

$

15,144

$

—

$

—

$

15,144

International

Debt

—

17,

681

—

—

17,

681

Loan

Agreements

—

4,274

—

—

4,274

Mortgage-Backed

Securities

—

12,802

—

—

12,802

Non-US

Bonds

—

17,

656

—

—

17,

656

United

States

Government

Treasuries

—

15,427

—

—

15,427

Common

Stocks

Consumer

Discretionary

—

19

—

—

19

Health

Care

—

—

19

—

19

Russell

Investment

Company

Unconstrained

Total

Return

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

152

Unconstrained

Total

Return

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Short-Term

Investments

—

12,460

—

52,306

64,766

Total

Investments

—

95,463

19

52,306

147,788

Securities

Sold

Short

**

—

(5,187)

—

—

(5,187)

Other

Financial

Instruments

Assets

Futures

Contracts

325

—

—

—

325

Foreign

Currency

Exchange

Contracts

—

440

—

—

440

Total

Return

Swap

Contracts

—

8

—

—

8

Interest

Rate

Swap

Contracts

—

32

—

—

32

Credit

Default

Swap

Contracts

—

6,004

—

—

6,004

Liabilities

Futures

Contracts

(434)

—

—

—

(434)

Foreign

Currency

Exchange

Contracts

—

(25)

—

—

(2

5

)

Total

Return

Swap

Contracts

—

(8)

—

—

(8)

Interest

Rate

Swap

Contracts

—

(32)

—

—

(32)

Credit

Default

Swap

Contracts

—

(4,538)

—

—

(4,538)

Total

Other

Financial

Instruments

*

$

(109)

$

1,881

$

—

$

—

$

1,772

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

**

Refer

to

Schedule

of

Investments

for

detailed

sector

breakout.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2021,

see

note

2

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

July

31,

2021,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Australia

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

526

Austria

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

375

Belgium

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

340

Brazil

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

1,299

Cayman

Islands

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

188

Chile

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

400

Colombia

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

209

Denmark

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

277

France

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

2,495

Germany

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

2,154

Greece

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

119

India

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

627

Russell

Investment

Company

Unconstrained

Total

Return

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Unconstrained

Total

Return

Fund

153

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Ireland

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

682

Italy

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

2,770

Japan

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

300

Luxembourg

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

2,620

Mexico

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

623

Netherlands

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

2,251

Norway

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

500

Poland

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

354

Portugal

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

493

Russia

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

260

Spain

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

1,487

Sweden

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

1,094

Switzerland

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

1,338

Turkey

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

1,217

United

Kingdom

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

2,027

United

States

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

120,345

Virgin

Islands,

British

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

214

Zambia

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

204

Total

Investments

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

147,788

United

States

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

(5,187)

Total

Securities

Sold

Short

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

(5,187)

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

154

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

83.1%

Asset-Backed

Securities

-

6.7%

AMSR

Trust

Series

2021-SFR2

Class

A

1.527%

due

08/17/26

(Þ)

4,750

4,790

Amur

Equipment

Finance

Receivables

IX

LLC

Series

2021-1A

Class

C

1.750%

due

06/21/27

(Þ)

2,645

2,655

Blackbird

Capital

Aircraft

Lease

Securitization,

Ltd.

Series

2016-1A

Class

AA

2.487%

due

12/16/41

(~)(Ê)(Þ)

4,537

4,570

Chase

Auto

Credit

Liked

Notes

Series

2021-1

Class

B

0.875%

due

09/25/28

(Þ)

17,593

17,614

CLI

Funding

VI

LLC

Series

2020-2A

Class

A

2.030%

due

09/15/45

(Þ)

1,290

1,308

Series

2020-3A

Class

A

2.070%

due

10/18/45

(Þ)

5,278

5,336

Conseco

Finance

Corp.

Series

1996-4

Class

M1

7.750%

due

06/15/27

(~)(Ê)

759

796

Countrywide

Asset-Backed

Certificates

Series

2007-4

Class

A4W

4.640%

due

04/25/47

8,116

8,563

FirstKey

Homes

Trust

Series

2020-SFR1

Class

A

1.339%

due

09/17/25

(Þ)

3,208

3,233

Series

2020-SFR2

Class

A

1.266%

due

10/19/37

(Þ)

11,893

11,936

FNA

VI

LLC

Series

2021-1A

Class

A

1.350%

due

01/10/32

(~)(Ê)(Þ)

2,531

2,531

Goldentree

Loan

Management

US

CLO

7,

Ltd.

Series

2021-7A

Class

AR

1.204%

due

04/20/34

(USD

3

Month

LIBOR

+

1.070%)(Ê)(Þ)

4,156

4,158

Greenpoint

Manufactured

Housing

Contract

Trust

Series

2000-4

Class

A3

2.190%

due

08/21/31

(USD

1

Month

LIBOR

+

2.000%)(Ê)

3,775

3,775

Greenwood

Park

CLO,

Ltd.

Series

2018-1A

Class

A2

2.229%

due

04/15/31

(USD

3

Month

LIBOR

+

1.010%)(Ê)(Þ)

3,133

3,137

GSAA

Home

Equity

Trust

Series

2006-S1

Class

2M2

5.850%

due

08/25/34

(~)(Ê)(Þ)

770

808

Invitation

Homes

Trust

Series

2017-SFR2

Class

A

3.153%

due

12/17/36

(USD

1

Month

LIBOR

+

0.850%)(Ê)(Þ)

4,982

4,990

Series

2018-SFR2

Class

A

3.207%

due

06/17/37

(USD

1

Month

LIBOR

+

0.900%)(Ê)

5,709

5,720

Irwin

Home

Equity

Loan

Trust

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2006-1

Class

2A3

6.270%

due

09/25/35

(~)(Ê)(Þ)

688

703

JPMorgan

Chase

Bank

Series

2021-2

Class

B

0.889%

due

12/26/28

(Þ)

5,750

5,755

Mid-State

Capital

Corp.

Trust

Series

2005-1

Class

A

5.745%

due

01/15/40

863

923

Mill

City

Mortgage

Trust

Series

2015-1

Class

B1

3.790%

due

06/25/56

(~)(Ê)(Þ)

5,865

6,100

Navient

Private

Education

Refi

Loan

Trust

Series

2020-HA

Class

A

1.310%

due

01/15/69

(Þ)

2,732

2,756

Series

2021-A

Class

A

0.840%

due

05/15/69

(Þ)

11,796

11,790

Series

2021-BA

Class

A

0.940%

due

07/15/69

(Þ)

9,532

9,543

Series

2021-CA

Class

A

1.060%

due

10/15/69

(Þ)

8,831

8,864

Navient

Student

Loan

Trust

Series

2020-EA

Class

A

1.690%

due

05/15/69

(Þ)

10,319

10,502

Series

2020-FA

Class

A

1.220%

due

07/15/69

(Þ)

2,095

2,108

Octane

Receivables

Trust

Series

2021-1A

Class

A

0.930%

due

03/22/27

(Þ)

7,790

7,799

OneMain

Financial

Issuance

Trust

Series

2019-2A

Class

A

3.140%

due

10/14/36

(Þ)

2,282

2,475

Series

2020-1A

Class

A

3.840%

due

05/14/32

(Þ)

5,379

5,600

Series

2020-2A

Class

A

1.750%

due

09/14/35

(Þ)

19,725

20,236

Series

2021-1A

Class

A1

1.550%

due

06/16/36

(Þ)

19,801

20,003

Option

One

Mortgage

Loan

Trust

Series

2007-FXD1

Class

3A4

5.860%

due

01/25/37

(~)(Ê)

3,397

3,464

Preston

Ridge

Partners

Mortgage

LLC

Series

2020-1A

Class

A1

2.981%

due

02/25/25

(~)(Ê)(Þ)

8,208

8,247

Prodigy

Finance

Desiganted

Activity

Co.

Series

2021-1

Class

A1

1.351%

due

07/25/51

5,364

5,374

Rockfield

Park

Clo

Designated

Activity

Co.

Series

2021-1A

Class

A1

0.900%

due

07/16/34

(3

Month

EURIBOR

+

0.900%)(Ê)(Þ)

EUR

5,467

6,464

SoFi

Professional

Loan

Program

Trust

Series

2020-C

Class

AFX

1.950%

due

02/15/46

(Þ)

1,778

1,806

Soundview

Home

Equity

Loan

Trust

Series

2006-EQ1

Class

A3

0.249%

due

10/25/36

303

302

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

155

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

SpringCastle

America

Funding

LLC

Series

2020-AA

Class

A

1.970%

due

09/25/37

(Þ)

15,913

16,136

TAL

Advantage

VII

LLC

Series

2020-1A

Class

A

2.050%

due

09/20/45

(Þ)

8,085

8,197

Towd

Point

Mortgage

Trust

Series

2015-5

Class

M1

3.500%

due

05/25/55

(~)(Ê)(Þ)

5,710

5,856

Series

2016-4

Class

B1

3.848%

due

07/25/56

(~)(Ê)(Þ)

3,280

3,616

Series

2019-SJ1

Class

M1

4.400%

due

11/25/58

(~)(Ê)(Þ)

3,362

3,397

Series

2020-MH1

Class

A1

2.250%

due

02/25/60

(~)(Ê)(Þ)

8,415

8,518

Voya

CLO,

Ltd.

Series

2017-1A

Class

A1R

2.035%

due

01/18/29

(USD

3

Month

LIBOR

+

0.900%)(Ê)(Þ)

4,418

4,418

276,872

Corporate

Bonds

and

Notes

-

22.4%

3M

Co.

2.875%

due

10/15/27

3,271

3,582

Abbott

Laboratories

4.750%

due

11/30/36

3,743

4,928

4.900%

due

11/30/46

320

449

AbbVie,

Inc.

3.600%

due

05/14/25

1,400

1,530

Series

WI

2.600%

due

11/21/24

1,280

1,354

3.800%

due

03/15/25

610

668

2.950%

due

11/21/26

2,730

2,959

3.200%

due

11/21/29

2,190

2,404

4.050%

due

11/21/39

2,540

2,995

4.250%

due

11/21/49

610

746

Adobe,

Inc.

2.150%

due

02/01/27

2,310

2,433

Aetna,

Inc.

2.750%

due

11/15/22

400

410

Agilent

Technologies,

Inc.

2.300%

due

03/12/31

1,120

1,143

Air

Lease

Corp.

0.700%

due

02/15/24

2,040

2,034

3.375%

due

07/01/25

1,990

2,145

1.875%

due

08/15/26

1,420

1,433

Alexandria

Real

Estate

Equities,

Inc.

2.000%

due

05/18/32

760

757

3.000%

due

05/18/51

830

839

Ally

Financial,

Inc.

8.000%

due

11/01/31

2,351

3,361

Alphabet,

Inc.

1.998%

due

08/15/26

3,054

3,215

1.100%

due

08/15/30

490

470

1.900%

due

08/15/40

440

408

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.050%

due

08/15/50

490

444

2.250%

due

08/15/60

380

344

Altria

Group,

Inc.

2.350%

due

05/06/25

120

126

4.400%

due

02/14/26

671

762

4.800%

due

02/14/29

797

933

2.450%

due

02/04/32

1,840

1,811

3.400%

due

02/04/41

1,660

1,606

4.500%

due

05/02/43

3,122

3,413

3.875%

due

09/16/46

260

263

5.950%

due

02/14/49

170

221

Amazon.com,

Inc.

1.200%

due

06/03/27

3,631

3,666

2.100%

due

05/12/31

1,530

1,581

2.500%

due

06/03/50

340

327

3.100%

due

05/12/51

740

797

Series

WI

3.150%

due

08/22/27

370

411

3.875%

due

08/22/37

270

327

4.250%

due

08/22/57

110

144

American

Airlines

Group,

Inc.

5.500%

due

04/20/26

(Þ)

570

597

5.750%

due

04/20/29

(Þ)

500

539

American

Airlines

Pass-Through

Trust

Series

2013-2

Class

A

4.950%

due

01/15/23

188

192

American

Express

Co.

2.500%

due

07/30/24

500

528

3.550%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.854%)(Ê)(ƒ)

330

332

American

International

Group,

Inc.

4.750%

due

04/01/48

270

353

American

Tower

Corp.

3.500%

due

01/31/23

3,901

4,083

Americo

Life,

Inc.

3.450%

due

04/15/31

(Þ)

430

444

AmFam

Holdings,

Inc.

2.805%

due

03/11/31

(Þ)

940

980

3.833%

due

03/11/51

(Þ)

820

904

Amgen,

Inc.

4.400%

due

05/01/45

180

224

Series

WI

4.663%

due

06/15/51

180

238

Anthem,

Inc.

4.101%

due

03/01/28

400

461

5.100%

due

01/15/44

2,398

3,219

4.375%

due

12/01/47

80

100

Aon

Corp.

8.205%

due

01/01/27

1,109

1,458

Apache

Corp.

4.375%

due

10/15/28

890

943

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

156

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.250%

due

01/15/30

390

407

4.750%

due

04/15/43

563

578

4.250%

due

01/15/44

120

118

5.350%

due

07/01/49

194

204

Apollo

Commercial

Real

Estate

Finance,

Inc.

4.750%

due

08/23/22

3,070

3,101

Apollo

Investment

Corp.

5.250%

due

03/03/25

99

104

Apple,

Inc.

4.500%

due

02/23/36

3,219

4,146

2.650%

due

05/11/50

1,000

985

Applied

Materials,

Inc.

5.100%

due

10/01/35

3,498

4,702

Ares

Capital

Corp.

3.250%

due

07/15/25

3,501

3,712

Arthur

J

Gallagher

&

Co.

2.500%

due

05/20/31

1,420

1,440

AT&T,

Inc.

3.800%

due

02/15/27

590

662

4.250%

due

03/01/27

200

229

1.650%

due

02/01/28

510

511

2.550%

due

12/01/33

(Þ)

120

121

4.500%

due

05/15/35

530

634

3.100%

due

02/01/43

1,290

1,289

4.800%

due

06/15/44

251

306

4.350%

due

06/15/45

47

55

3.550%

due

09/15/55

(Þ)

150

155

3.800%

due

12/01/57

(Þ)

1,010

1,076

3.500%

due

02/01/61

760

759

Series

WI

4.300%

due

02/15/30

270

315

Aviation

Capital

Group

LLC

5.500%

due

12/15/24

(Þ)

610

691

Avnet,

Inc.

4.875%

due

12/01/22

1,230

1,298

Bank

of

America

Corp.

4.000%

due

01/22/25

120

132

4.271%

due

07/23/29

(USD

3

Month

LIBOR

+

1.310%)(Ê)

400

462

3.974%

due

02/07/30

(USD

3

Month

LIBOR

+

1.210%)(Ê)

70

80

2.884%

due

10/22/30

(USD

3

Month

LIBOR

+

1.190%)(Ê)

2,550

2,708

1.922%

due

10/24/31

(SOFR

+

1.370%)(Ê)

3,640

3,587

2.687%

due

04/22/32

(SOFR

+

1.320%)(Ê)

2,400

2,505

2.299%

due

07/21/32

(SOFR

+

1.220%)(Ê)

1,330

1,343

2.676%

due

06/19/41

(SOFR

+

1.930%)(Ê)

310

306

3.311%

due

04/22/42

(SOFR

+

1.580%)(Ê)

2,100

2,257

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.000%

due

01/21/44

745

1,013

4.875%

due

04/01/44

2,370

3,158

4.330%

due

03/15/50

(USD

3

Month

LIBOR

+

1.520%)(Ê)

60

75

4.083%

due

03/20/51

(USD

3

Month

LIBOR

+

3.150%)(Ê)

1,350

1,633

Series

GMTN

4.450%

due

03/03/26

160

181

3.500%

due

04/19/26

200

221

Bank

of

America

NA

Series

BKNT

6.000%

due

10/15/36

3,006

4,279

BAT

Capital

Corp.

Series

WI

3.557%

due

08/15/27

910

985

Becton

Dickinson

and

Co.

3.734%

due

12/15/24

2,850

3,102

4.685%

due

12/15/44

79

101

Bed

Bath

&

Beyond,

Inc.

3.749%

due

08/01/24

950

978

Berkshire

Hathaway

Energy

Co.

Series

WI

3.500%

due

02/01/25

2,864

3,107

Berkshire

Hathaway

Finance

Corp.

4.200%

due

08/15/48

3,491

4,399

Berkshire

Hathaway,

Inc.

4.500%

due

02/11/43

3,614

4,704

Berry

Global,

Inc.

0.950%

due

02/15/24

(Þ)

4,119

4,124

Berry

Petroleum

Corp.

7.000%

due

02/15/26

(Þ)

1,960

1,931

BGC

Partners,

Inc.

Series

WI

5.375%

due

07/24/23

1,767

1,910

Boardwalk

Pipelines,

LP

3.375%

due

02/01/23

1,082

1,116

4.800%

due

05/03/29

1,963

2,293

Boeing

Co.

(The)

4.875%

due

05/01/25

1,000

1,121

2.196%

due

02/04/26

3,280

3,310

3.100%

due

05/01/26

120

128

2.700%

due

02/01/27

140

145

2.800%

due

03/01/27

150

156

3.200%

due

03/01/29

1,260

1,330

5.150%

due

05/01/30

700

834

3.250%

due

02/01/35

300

310

5.705%

due

05/01/40

590

767

3.750%

due

02/01/50

1,170

1,216

5.805%

due

05/01/50

250

341

3.950%

due

08/01/59

1,030

1,067

5.930%

due

05/01/60

120

166

Bon

Secours

Mercy

Health,

Inc.

3.464%

due

06/01/30

300

335

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

157

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

BP

Capital

Markets

America,

Inc.

2.750%

due

05/10/23

3,063

3,189

3.410%

due

02/11/26

500

549

3.119%

due

05/04/26

20

22

3.000%

due

02/24/50

3,630

3,583

Brighthouse

Financial,

Inc.

Series

WI

4.700%

due

06/22/47

1,409

1,583

Bristol-Myers

Squibb

Co.

2.350%

due

11/13/40

270

264

Series

WI

3.900%

due

02/20/28

1,305

1,513

3.400%

due

07/26/29

790

895

5.000%

due

08/15/45

1,055

1,471

Broadcom,

Inc.

Series

WI

5.000%

due

04/15/30

3,400

4,059

4.300%

due

11/15/32

1,140

1,317

Broadridge

Financial

Solutions,

Inc.

2.900%

due

12/01/29

3,006

3,221

Buckeye

Partners,

LP

3.950%

due

12/01/26

529

536

5.850%

due

11/15/43

236

237

Bunge,

Ltd.

Finance

Corp.

3.750%

due

09/25/27

3,491

3,888

Burlington

Northern

Santa

Fe

LLC

4.400%

due

03/15/42

340

430

4.150%

due

12/15/48

1,805

2,277

Cameron

LNG

LLC

3.701%

due

01/15/39

(Þ)

250

283

Carlyle

Holdings

II

Finance

LLC

5.625%

due

03/30/43

(Þ)

2,589

3,537

Carrier

Global

Corp.

Series

WI

2.700%

due

02/15/31

20

21

3.577%

due

04/05/50

110

122

CBL

&

Associates,

LP

5.250%

due

12/01/23

(Æ)(Ø)

400

226

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

5.125%

due

05/01/27

(Þ)

240

251

4.500%

due

08/15/30

(Þ)

50

53

Series

WI

4.500%

due

05/01/32

1,970

2,061

Centene

Corp.

2.450%

due

07/15/28

450

456

2.625%

due

08/01/31

380

383

Series

WI

4.250%

due

12/15/27

280

295

4.625%

due

12/15/29

990

1,085

3.375%

due

02/15/30

1,200

1,252

CenterPoint

Energy

Houston

Electric

LLC

4.500%

due

04/01/44

650

859

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CF

Industries,

Inc.

3.450%

due

06/01/23

852

882

5.150%

due

03/15/34

65

80

Charles

Schwab

Corp.

(The)

2.000%

due

03/20/28

500

519

Series

H

4.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.079%)(Ê)(ƒ)

890

927

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

5.375%

due

04/01/38

550

688

3.500%

due

06/01/41

730

745

5.750%

due

04/01/48

1,320

1,705

3.850%

due

04/01/61

230

229

Series

WI

4.908%

due

07/23/25

3,973

4,510

3.750%

due

02/15/28

320

356

6.384%

due

10/23/35

70

95

6.484%

due

10/23/45

60

84

6.834%

due

10/23/55

80

120

Chevron

Corp.

2.566%

due

05/16/23

1,973

2,046

0.426%

due

08/11/23

3,521

3,528

3.850%

due

01/15/28

210

241

5.250%

due

11/15/43

100

139

4.950%

due

08/15/47

130

178

2.343%

due

08/12/50

470

437

CHS/Community

Health

Systems,

Inc.

6.875%

due

04/15/29

(Þ)

510

537

Cigna

Corp.

2.400%

due

03/15/30

610

634

3.200%

due

03/15/40

1,960

2,089

3.875%

due

10/15/47

2,807

3,232

Series

WI

4.375%

due

10/15/28

1,940

2,282

4.800%

due

08/15/38

790

1,001

Cimarex

Energy

Co.

4.375%

due

06/01/24

650

706

3.900%

due

05/15/27

1,240

1,380

4.375%

due

03/15/29

1,110

1,271

Cintas

Corp.

No.

2

3.700%

due

04/01/27

340

382

Cisco

Systems,

Inc.

3.625%

due

03/04/24

2,347

2,541

CIT

Bank

NA

Series

BKNT

2.969%

due

09/27/25

(SOFR

+

1.715%)(Ê)

2,270

2,392

Citigroup,

Inc.

3.106%

due

04/08/26

(SOFR

+

2.842%)(Ê)

340

364

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

158

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.980%

due

03/20/30

(USD

3

Month

LIBOR

+

1.338%)(Ê)

300

342

2.976%

due

11/05/30

(SOFR

+

1.422%)(Ê)

820

877

4.412%

due

03/31/31

(SOFR

+

3.914%)(Ê)

670

787

2.572%

due

06/03/31

(SOFR

+

2.107%)(Ê)

340

352

2.561%

due

05/01/32

(SOFR

+

1.167%)(Ê)

3,710

3,837

8.125%

due

07/15/39

1,595

2,780

6.675%

due

09/13/43

2,774

4,325

4.650%

due

07/23/48

235

311

Clorox

Co.

(The)

1.800%

due

05/15/30

770

770

Coca-Cola

Co.

(The)

1.450%

due

06/01/27

3,587

3,663

1.375%

due

03/15/31

330

320

4.125%

due

03/25/40

430

524

2.500%

due

06/01/40

20

20

Columbia

Pipeline

Group,

Inc.

Series

WI

5.800%

due

06/01/45

1,392

1,946

Comcast

Cable

Communications

Holdings,

Inc.

9.455%

due

11/15/22

2,416

2,701

Comcast

Corp.

3.700%

due

04/15/24

3,381

3,664

3.400%

due

04/01/30

830

926

4.250%

due

10/15/30

330

392

7.050%

due

03/15/33

530

785

6.550%

due

07/01/39

830

1,261

3.250%

due

11/01/39

180

196

3.750%

due

04/01/40

70

81

3.400%

due

07/15/46

50

55

4.000%

due

03/01/48

320

383

4.700%

due

10/15/48

70

92

4.950%

due

10/15/58

310

438

CommonSpirit

Health

2.782%

due

10/01/30

320

338

4.350%

due

11/01/42

50

60

3.910%

due

10/01/50

320

362

Commonwealth

Edison

Co.

6.450%

due

01/15/38

440

658

Comstock

Resources,

Inc.

5.875%

due

01/15/30

(Þ)

1,370

1,378

ConocoPhillips

Co.

3.750%

due

10/01/27

(Þ)

390

444

Consolidated

Edison

Co.

of

New

York,

Inc.

Series

06-A

5.850%

due

03/15/36

2,197

3,008

Constellation

Brands,

Inc.

4.250%

due

05/01/23

4,072

4,331

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.750%

due

11/15/24

290

326

Consumers

Energy

Co.

2.500%

due

05/01/60

390

365

Continental

Resources,

Inc.

4.500%

due

04/15/23

1,096

1,140

Corning,

Inc.

3.900%

due

11/15/49

360

414

Costco

Wholesale

Corp.

1.375%

due

06/20/27

3,516

3,562

1.600%

due

04/20/30

460

459

Covey

Park

Energy

LLC

7.500%

due

05/15/25

(Þ)

670

693

Crown

Castle

International

Corp.

5.200%

due

02/15/49

3,248

4,308

Crown

Cork

&

Seal

Co.,

Inc.

7.375%

due

12/15/26

356

438

CVS

Health

Corp.

2.625%

due

08/15/24

260

274

3.625%

due

04/01/27

150

167

4.300%

due

03/25/28

954

1,105

3.250%

due

08/15/29

385

424

3.750%

due

04/01/30

400

455

4.780%

due

03/25/38

960

1,205

4.125%

due

04/01/40

180

213

2.700%

due

08/21/40

1,640

1,634

5.125%

due

07/20/45

360

476

5.050%

due

03/25/48

1,000

1,332

DCP

Midstream

Operating,

LP

8.125%

due

08/16/30

146

194

6.450%

due

11/03/36

(Þ)

200

240

6.750%

due

09/15/37

(Þ)

288

355

5.600%

due

04/01/44

175

201

Series

A

7.375%

due

12/31/99

(USD

3

Month

LIBOR

+

5.148%)(Ê)(ƒ)

210

204

Dell

International

LLC

/

EMC

Corp.

Series

WI

8.100%

due

07/15/36

500

777

Delta

Air

Lines,

Inc.

3.800%

due

04/19/23

140

144

2.900%

due

10/28/24

281

285

7.000%

due

05/01/25

(Þ)

1,190

1,400

4.500%

due

10/20/25

(Þ)

650

699

7.375%

due

01/15/26

440

518

4.750%

due

10/20/28

(Þ)

750

838

3.750%

due

10/28/29

237

235

Devon

Energy

Corp.

5.850%

due

12/15/25

900

1,057

5.250%

due

10/15/27

(Þ)

91

97

5.875%

due

06/15/28

(Þ)

519

573

4.500%

due

01/15/30

(Þ)

790

862

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

159

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.875%

due

09/30/31

20

28

5.600%

due

07/15/41

350

437

4.750%

due

05/15/42

640

731

5.000%

due

06/15/45

1,540

1,817

DH

Europe

Finance

II

SARL

2.600%

due

11/15/29

2,992

3,177

Diamondback

Energy,

Inc.

3.500%

due

12/01/29

1,490

1,615

4.400%

due

03/24/51

600

686

Discover

Bank

Series

BKNT

3.450%

due

07/27/26

3,000

3,292

Discover

Financial

Services

4.100%

due

02/09/27

3,174

3,604

Dollar

General

Corp.

3.250%

due

04/15/23

3,990

4,155

Dominion

Energy,

Inc.

Series

C

3.375%

due

04/01/30

310

344

Domtar

Corp.

6.250%

due

09/01/42

2,899

3,075

DPL,

Inc.

Series

AI

4.350%

due

04/15/29

164

180

DR

Horton,

Inc.

2.500%

due

10/15/24

1,000

1,048

Duke

Energy

Carolinas

LLC

6.100%

due

06/01/37

660

929

Duke

Energy

Indiana

LLC

Series

YYY

3.250%

due

10/01/49

290

314

Duke

Energy

Ohio,

Inc.

3.650%

due

02/01/29

140

158

2.125%

due

06/01/30

460

469

eBay,

Inc.

2.600%

due

05/10/31

270

280

Edison

International

4.950%

due

04/15/25

580

644

4.125%

due

03/15/28

2,972

3,203

Series

A

5.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.698%)(Ê)(ƒ)

770

780

El

Paso

Natural

Gas

Co.

LLC

7.500%

due

11/15/26

1,170

1,498

Electronic

Arts,

Inc.

2.950%

due

02/15/51

170

170

Eli

Lilly

&

Co.

5.500%

due

03/15/27

2,870

3,561

Embarq

Corp.

7.995%

due

06/01/36

313

351

Enbridge

Energy

Partners,

LP

7.375%

due

10/15/45

2,006

3,229

Energy

Transfer

Operating,

LP

4.500%

due

04/15/24

1,100

1,197

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.900%

due

05/15/25

320

338

3.750%

due

05/15/30

570

622

6.125%

due

12/15/45

440

565

6.250%

due

04/15/49

120

158

Series

10Y

4.950%

due

06/15/28

160

187

Series

H

6.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.694%)(Ê)(ƒ)

1,460

1,498

Energy

Transfer,

LP

5.500%

due

06/01/27

1,140

1,354

6.625%

due

12/31/99

(USD

3

Month

LIBOR

+

4.155%)(Ê)(ƒ)

440

432

6.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.134%)(Ê)(ƒ)

1,060

1,059

7.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.306%)(Ê)(ƒ)

1,750

1,809

EnLink

Midstream

LLC

5.625%

due

01/15/28

(Þ)

1,210

1,280

EnLink

Midstream

Partners,

LP

5.450%

due

06/01/47

93

90

Enstar

Group,

Ltd.

4.950%

due

06/01/29

2,800

3,246

Enterprise

Products

Operating

LLC

4.150%

due

10/16/28

680

790

2.800%

due

01/31/30

380

408

7.550%

due

04/15/38

40

63

5.700%

due

02/15/42

140

192

4.850%

due

03/15/44

340

425

3.700%

due

01/31/51

890

974

3.950%

due

01/31/60

600

676

5.375%

due

02/15/78

(USD

3

Month

LIBOR

+

2.570%)(Ê)

1,220

1,260

Series

D

6.875%

due

03/01/33

770

1,108

Series

E

5.250%

due

08/16/77

(USD

3

Month

LIBOR

+

3.033%)(Ê)

3,381

3,500

EOG

Resources,

Inc.

4.150%

due

01/15/26

230

259

4.375%

due

04/15/30

900

1,079

4.950%

due

04/15/50

150

204

EPR

Properties

Co.

4.500%

due

06/01/27

650

692

EQM

Midstream

Partners,

LP

Series

30Y

6.500%

due

07/15/48

100

110

EQT

Corp.

3.000%

due

10/01/22

1,190

1,206

3.125%

due

05/15/26

(Þ)

130

134

3.900%

due

10/01/27

780

845

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

160

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.000%

due

02/01/30

430

565

3.625%

due

05/15/31

(Þ)

110

117

Equities

Corp.

6.125%

due

02/01/25

30

35

Essex

Portfolio,

LP

3.250%

due

05/01/23

3,952

4,113

Exelon

Corp.

4.950%

due

06/15/35

2,200

2,772

Exelon

Generation

Co.

LLC

5.600%

due

06/15/42

2,552

3,070

Exxon

Mobil

Corp.

2.726%

due

03/01/23

3,346

3,462

3.482%

due

03/19/30

200

227

4.227%

due

03/19/40

840

1,025

4.114%

due

03/01/46

250

305

4.327%

due

03/19/50

60

76

3.452%

due

04/15/51

480

536

FedEx

Corp.

4.500%

due

02/01/65

1,136

1,381

Fidelity

&

Guaranty

Life

Holdings,

Inc.

5.500%

due

05/01/25

(Þ)

450

518

FirstEnergy

Corp.

Series

B

3.900%

due

07/15/27

1,020

1,137

Series

C

7.375%

due

11/15/31

840

1,174

4.850%

due

07/15/47

497

625

3.400%

due

03/01/50

325

326

Florida

Power

&

Light

Co.

3.150%

due

10/01/49

150

166

Ford

Holdings

LLC

9.300%

due

03/01/30

266

364

Ford

Motor

Co.

6.625%

due

10/01/28

547

655

4.750%

due

01/15/43

356

391

5.291%

due

12/08/46

135

154

Ford

Motor

Credit

Co.

LLC

4.250%

due

09/20/22

930

955

5.125%

due

06/16/25

200

220

4.125%

due

08/17/27

480

514

2.900%

due

02/16/28

200

200

5.113%

due

05/03/29

1,014

1,148

3.625%

due

06/17/31

210

218

Series

FXD

3.350%

due

11/01/22

1,710

1,749

Series

GMTN

4.389%

due

01/08/26

281

305

Fortinet,

Inc.

2.200%

due

03/15/31

1,470

1,494

Fox

Corp.

Series

WI

5.476%

due

01/25/39

520

680

Freeport-McMoRan,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.875%

due

03/15/23

393

407

5.400%

due

11/14/34

673

856

FS

KKR

Capital

Corp.

3.400%

due

01/15/26

4,006

4,184

GE

Capital

International

Funding

Co.,

ULC

Series

WI

4.418%

due

11/15/35

4,194

5,146

General

Dynamics

Corp.

3.250%

due

04/01/25

140

152

3.500%

due

05/15/25

60

66

3.625%

due

04/01/30

370

425

4.250%

due

04/01/40

800

1,000

4.250%

due

04/01/50

90

117

General

Electric

Co.

Series

GMTN

6.875%

due

01/10/39

653

993

Series

MTNA

6.750%

due

03/15/32

3,056

4,257

General

Motors

Co.

4.875%

due

10/02/23

3,280

3,566

5.400%

due

10/02/23

180

198

6.125%

due

10/01/25

320

379

6.250%

due

10/02/43

450

627

6.750%

due

04/01/46

390

568

General

Motors

Financial

Co.,

Inc.

5.200%

due

03/20/23

3,796

4,071

Genting

New

York

LLC

3.300%

due

02/15/26

(Þ)

1,780

1,790

Gilead

Sciences,

Inc.

5.650%

due

12/01/41

190

270

4.750%

due

03/01/46

315

410

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.375%

due

04/15/26

1,167

1,351

5.300%

due

01/15/29

1,806

2,128

Goldman

Sachs

Group,

Inc.

(The)

4.250%

due

10/21/25

510

572

3.500%

due

11/16/26

590

644

3.814%

due

04/23/29

(USD

3

Month

LIBOR

+

1.158%)(Ê)

770

868

4.223%

due

05/01/29

(USD

3

Month

LIBOR

+

1.301%)(Ê)

120

138

3.800%

due

03/15/30

1,450

1,646

5.150%

due

05/22/45

620

835

Series

DMTN

2.383%

due

07/21/32

(SOFR

+

1.248%)(Ê)

3,210

3,266

Halliburton

Co.

5.000%

due

11/15/45

90

110

Hartford

Financial

Services

Group,

Inc.

6.625%

due

03/30/40

2,344

3,514

HCA,

Inc.

7.690%

due

06/15/25

322

391

5.125%

due

06/15/39

160

204

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

161

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.500%

due

06/15/47

2,633

3,502

Hershey

Co.

(The)

1.700%

due

06/01/30

580

585

Hexcel

Corp.

4.700%

due

08/15/25

2,964

3,278

Hilton

Domestic

Operating

Co.,

Inc.

5.375%

due

05/01/25

(Þ)

430

450

5.750%

due

05/01/28

(Þ)

310

333

Home

Depot,

Inc.

(The)

3.750%

due

02/15/24

3,794

4,086

2.125%

due

09/15/26

3,374

3,563

2.500%

due

04/15/27

80

86

3.900%

due

12/06/28

40

47

2.700%

due

04/15/30

330

357

3.300%

due

04/15/40

150

168

3.350%

due

04/15/50

460

519

Howmet

Aerospace,

Inc.

5.950%

due

02/01/37

437

554

HSBC

Holdings

PLC

7.200%

due

07/15/97

2,189

4,029

Humana,

Inc.

3.850%

due

10/01/24

400

435

4.500%

due

04/01/25

80

90

3.950%

due

03/15/27

130

147

8.150%

due

06/15/38

2,243

3,646

4.625%

due

12/01/42

150

188

4.950%

due

10/01/44

210

276

IHS

Markit

,

Ltd.

4.125%

due

08/01/23

359

382

Intel

Corp.

4.950%

due

03/25/60

550

779

International

Business

Machines

Corp.

3.625%

due

02/12/24

3,814

4,108

International

Lease

Finance

Corp.

5.875%

due

08/15/22

1,370

1,443

International

Paper

Co.

8.700%

due

06/15/38

1,225

2,083

JC

Penney

Corp.,

Inc.

7.400%

due

04/01/37

(Š)

250

—

Jefferies

Financial

Group,

Inc.

6.625%

due

10/23/43

3,000

4,158

Jefferies

Group

LLC

6.500%

due

01/20/43

2,635

3,703

Johnson

&

Johnson

2.100%

due

09/01/40

770

754

2.450%

due

09/01/60

540

531

JPMorgan

Chase

&

Co.

2.182%

due

06/01/28

(SOFR

+

1.890%)(Ê)

3,933

4,063

4.203%

due

07/23/29

(USD

3

Month

LIBOR

+

1.260%)(Ê)

50

58

4.452%

due

12/05/29

(USD

3

Month

LIBOR

+

1.330%)(Ê)

230

270

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

8.750%

due

09/01/30

800

1,223

2.739%

due

10/15/30

(SOFR

+

1.510%)(Ê)

490

518

2.522%

due

04/22/31

(SOFR

+

2.040%)(Ê)

170

177

2.956%

due

05/13/31

(SOFR

+

2.515%)(Ê)

1,450

1,544

1.953%

due

02/04/32

(SOFR

+

1.065%)(Ê)

2,150

2,120

2.580%

due

04/22/32

(SOFR

+

1.250%)(Ê)

1,910

1,987

4.950%

due

06/01/45

700

940

4.260%

due

02/22/48

(USD

3

Month

LIBOR

+

1.580%)(Ê)

390

481

3.109%

due

04/22/51

(SOFR

+

2.440%)(Ê)

280

292

3.328%

due

04/22/52

(SOFR

+

1.580%)(Ê)

2,660

2,891

Series

KK

3.650%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.850%)(Ê)(ƒ)

900

908

Kaiser

Foundation

Hospitals

4.150%

due

05/01/47

130

165

Series

2019

3.266%

due

11/01/49

90

100

Series

2021

2.810%

due

06/01/41

330

346

3.002%

due

06/01/51

300

318

Kimberly-Clark

Corp.

1.050%

due

09/15/27

3,654

3,623

Kinder

Morgan

Energy

Partners,

LP

7.300%

due

08/15/33

2,714

3,900

5.500%

due

03/01/44

40

52

5.400%

due

09/01/44

30

38

Kinder

Morgan,

Inc.

4.300%

due

06/01/25

750

835

4.300%

due

03/01/28

410

472

5.550%

due

06/01/45

310

408

5.050%

due

02/15/46

170

211

5.200%

due

03/01/48

180

230

Series

GMTN

7.750%

due

01/15/32

2,240

3,285

KKR

Group

Finance

Co.

II

LLC

5.500%

due

02/01/43

(Þ)

50

69

KKR

Group

Finance

Co.

III

LLC

5.125%

due

06/01/44

(Þ)

800

1,062

Kraft

Heinz

Foods

Co.

6.875%

due

01/26/39

377

553

7.125%

due

08/01/39

(Þ)

428

638

Series

WI

5.200%

due

07/15/45

855

1,083

4.875%

due

10/01/49

728

908

L

Brands,

Inc.

7.600%

due

07/15/37

65

83

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

162

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

L3Harris

Technologies,

Inc.

2.900%

due

12/15/29

1,770

1,905

5.054%

due

04/27/45

260

347

Lam

Research

Corp.

1.900%

due

06/15/30

510

519

2.875%

due

06/15/50

210

218

Las

Vegas

Sands

Corp.

3.200%

due

08/08/24

960

1,002

2.900%

due

06/25/25

6,873

7,079

Lehman

Brothers

Holdings,

Inc.

0.000%

due

09/27/27

(Æ)(Ø)

735

5

6.875%

due

05/02/49

(Æ)(Ø)

682

5

6.625%

due

12/31/49

(Æ)(Ø)

456

3

Lennar

Corp.

4.500%

due

04/30/24

110

120

Series

WI

5.000%

due

06/15/27

20

23

4.750%

due

11/29/27

70

82

Lennox

International,

Inc.

1.700%

due

08/01/27

400

403

Liberty

Interactive

LLC

8.250%

due

02/01/30

294

335

Lithia

Motors,

Inc.

4.625%

due

12/15/27

(Þ)

430

458

3.875%

due

06/01/29

(Þ)

760

800

Lockheed

Martin

Corp.

1.850%

due

06/15/30

520

528

4.500%

due

05/15/36

100

128

Series

B

6.150%

due

09/01/36

2,696

3,911

Lowe's

Cos.,

Inc.

3.875%

due

09/15/23

3,844

4,096

4.500%

due

04/15/30

210

251

1.700%

due

10/15/30

510

499

3.000%

due

10/15/50

660

667

LPL

Holdings,

Inc.

4.375%

due

05/15/31

(Þ)

310

317

Macy's

Retail

Holdings,

Inc.

4.500%

due

12/15/34

345

319

6.375%

due

03/15/37

50

51

Markel

Corp.

5.000%

due

05/20/49

2,599

3,460

Marriott

International,

Inc.

3.750%

due

10/01/25

1,013

1,099

Series

FXD

3.600%

due

04/15/24

400

427

Mars,

Inc.

2.375%

due

07/16/40

(Þ)

870

850

Marsh

&

McLennan

Cos.,

Inc.

3.300%

due

03/14/23

3,200

3,338

Massachusetts

Mutual

Life

Insurance

Co.

3.375%

due

04/15/50

(Þ)

790

846

Mastercard

,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.300%

due

03/26/27

480

536

3.850%

due

03/26/50

680

840

Mattel,

Inc.

6.200%

due

10/01/40

73

92

McDonald's

Corp.

3.500%

due

07/01/27

3,889

4,345

3.600%

due

07/01/30

310

352

4.450%

due

03/01/47

300

376

4.450%

due

09/01/48

300

382

3.625%

due

09/01/49

60

68

4.200%

due

04/01/50

530

654

MDC

Holdings,

Inc.

2.500%

due

01/15/31

560

552

6.000%

due

01/15/43

260

344

Merck

&

Co.,

Inc.

2.800%

due

05/18/23

2,666

2,785

1.450%

due

06/24/30

290

288

2.350%

due

06/24/40

420

417

2.450%

due

06/24/50

190

184

Microchip

Technology,

Inc.

0.972%

due

02/15/24

(Þ)

1,620

1,623

0.983%

due

09/01/24

(Þ)

640

639

Microsoft

Corp.

3.300%

due

02/06/27

70

78

3.500%

due

02/12/35

2,633

3,126

3.450%

due

08/08/36

450

532

2.525%

due

06/01/50

1,110

1,109

2.921%

due

03/17/52

1,170

1,261

MidAmerican

Energy

Co.

3.650%

due

04/15/29

160

183

3.150%

due

04/15/50

370

400

Midwest

Connector

Capital

Co.

LLC

3.900%

due

04/01/24

(Þ)

2,885

3,023

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

6.500%

due

06/20/27

(Þ)

950

1,034

Molson

Coors

Brewing

Co.

4.200%

due

07/15/46

160

182

Mondelez

International,

Inc.

2.125%

due

09/19/22

(Þ)

403

411

2.250%

due

09/19/24

(Þ)

1,696

1,774

1.875%

due

10/15/32

3,796

3,750

2.625%

due

09/04/50

190

183

Morgan

Stanley

3.737%

due

04/24/24

(USD

3

Month

LIBOR

+

0.847%)(Ê)

690

728

2.188%

due

04/28/26

(SOFR

+

1.990%)(Ê)

130

135

1.593%

due

05/04/27

(SOFR

+

0.879%)(Ê)

560

568

3.622%

due

04/01/31

(SOFR

+

3.120%)(Ê)

270

304

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

163

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.794%

due

02/13/32

(SOFR

+

1.034%)(Ê)

280

272

3.217%

due

04/22/42

(SOFR

+

1.485%)(Ê)

1,020

1,097

2.802%

due

01/25/52

(SOFR

+

1.430%)(Ê)

1,230

1,220

Series

GMTN

4.431%

due

01/23/30

(USD

3

Month

LIBOR

+

1.628%)(Ê)

40

47

2.699%

due

01/22/31

(SOFR

+

1.143%)(Ê)

110

116

2.239%

due

07/21/32

(SOFR

+

1.178%)(Ê)

670

676

Motiva

Enterprises

LLC

6.850%

due

01/15/40

(Þ)

615

803

MPLX,

LP

4.800%

due

02/15/29

430

509

4.500%

due

04/15/38

770

886

4.700%

due

04/15/48

150

176

Series

0006

5.200%

due

03/01/47

150

186

MPT

Operating

Partnership,

LP

/

MPT

Finance

Corp.

5.000%

due

10/15/27

410

434

4.625%

due

08/01/29

390

420

Murphy

Oil

Corp.

7.050%

due

05/01/29

30

33

5.875%

due

12/01/42

91

91

Nasdaq,

Inc.

0.445%

due

12/21/22

3,609

3,611

2.500%

due

12/21/40

460

436

Navient

Corp.

Series

MTN

5.625%

due

08/01/33

460

447

NBCUniversal

Media

LLC

4.450%

due

01/15/43

30

38

Nestle

Holdings,

Inc.

3.350%

due

09/24/23

(Þ)

2,895

3,075

Netflix,

Inc.

5.375%

due

11/15/29

(Þ)

190

234

4.875%

due

06/15/30

(Þ)

380

458

Nevada

Power

Co.

5.450%

due

05/15/41

1,389

1,913

New

York

Life

Insurance

Co.

3.750%

due

05/15/50

(Þ)

630

730

4.450%

due

05/15/69

(Þ)

180

231

Newell

Brands,

Inc.

3.850%

due

04/01/23

264

276

4.200%

due

04/01/26

570

635

5.375%

due

04/01/36

118

150

5.500%

due

04/01/46

85

110

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

2,298

3,356

NIKE,

Inc.

2.750%

due

03/27/27

4,168

4,526

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Northern

Natural

Gas

Co.

4.300%

due

01/15/49

(Þ)

2,615

3,199

Northern

Oil

and

Gas,

Inc.

8.125%

due

03/01/28

(Þ)

680

712

Northrop

Grumman

Corp.

5.150%

due

05/01/40

570

765

5.250%

due

05/01/50

370

532

Series

000N

4.030%

due

10/15/47

730

884

Northwest

Pipeline

LLC

Series

WI

4.000%

due

04/01/27

500

564

Northwestern

Mutual

Life

Insurance

Co.

(The)

3.450%

due

03/30/51

(Þ)

2,150

2,378

3.625%

due

09/30/59

(Þ)

280

316

NRG

Energy,

Inc.

2.450%

due

12/02/27

(Þ)

1,490

1,523

Nuveen

LLC

4.000%

due

11/01/28

(Þ)

400

466

NVIDIA

Corp.

3.500%

due

04/01/40

190

218

3.500%

due

04/01/50

10

11

3.700%

due

04/01/60

80

97

Occidental

Petroleum

Corp.

5.550%

due

03/15/26

350

383

3.400%

due

04/15/26

350

354

3.000%

due

02/15/27

1,240

1,231

7.500%

due

05/01/31

155

197

6.450%

due

09/15/36

539

651

7.950%

due

06/15/39

170

221

4.300%

due

08/15/39

323

320

6.200%

due

03/15/40

572

662

4.500%

due

07/15/44

175

172

4.625%

due

06/15/45

200

201

6.600%

due

03/15/46

110

135

4.100%

due

02/15/47

422

399

Oceaneering

International,

Inc.

4.650%

due

11/15/24

355

353

Omega

Healthcare

Investors,

Inc.

4.375%

due

08/01/23

632

672

3.250%

due

04/15/33

4,263

4,358

Oncor

Electric

Delivery

Co.

LLC

3.100%

due

09/15/49

310

333

Oracle

Corp.

3.900%

due

05/15/35

3,643

4,144

3.950%

due

03/25/51

1,070

1,190

4.100%

due

03/25/61

1,350

1,523

Otis

Worldwide

Corp.

Series

WI

2.565%

due

02/15/30

220

232

Ovintiv

,

Inc.

5.150%

due

11/15/41

283

311

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

164

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Owl

Rock

Capital

Corp.

2.875%

due

06/11/28

4,137

4,181

Pacific

Gas

and

Electric

Co.

4.250%

due

08/01/23

530

560

2.100%

due

08/01/27

410

399

2.500%

due

02/01/31

260

245

3.300%

due

08/01/40

60

54

4.950%

due

07/01/50

200

207

3.500%

due

08/01/50

110

98

PacifiCorp

6.000%

due

01/15/39

970

1,402

4.100%

due

02/01/42

1,710

2,031

Pactiv

LLC

7.950%

due

12/15/25

202

227

8.375%

due

04/15/27

125

143

Parsley

Energy

LLC

4.125%

due

02/15/28

(Þ)

50

52

PayPal

Holdings,

Inc.

1.650%

due

06/01/25

390

401

2.300%

due

06/01/30

610

642

3.250%

due

06/01/50

190

211

PepsiCo,

Inc.

2.625%

due

03/19/27

3,351

3,629

1.625%

due

05/01/30

170

170

Pfizer,

Inc.

2.550%

due

05/28/40

210

216

2.700%

due

05/28/50

370

377

Series

5YR

3.200%

due

09/15/23

3,876

4,102

Philip

Morris

International,

Inc.

2.875%

due

05/01/24

750

796

3.250%

due

11/10/24

3,543

3,840

2.100%

due

05/01/30

300

305

1.750%

due

11/01/30

1,340

1,319

Pioneer

Natural

Resources

Co.

2.150%

due

01/15/31

1,300

1,283

Plains

All

American

Pipeline,

LP

Series

B

6.125%

due

06/16/23

(USD

3

Month

LIBOR

+

4.110%)(Ê)

1,080

965

Plains

All

American

Pipeline,

LP

/

PAA

Finance

Corp.

6.650%

due

01/15/37

2,901

3,824

Series

WI

6.700%

due

05/15/36

50

63

Precision

Castparts

Corp.

4.375%

due

06/15/45

342

423

Procter

&

Gamble

Co.

(The)

2.800%

due

03/25/27

3,312

3,612

3.000%

due

03/25/30

260

290

1.200%

due

10/29/30

590

571

Progress

Energy,

Inc.

7.750%

due

03/01/31

2,142

3,105

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Prologis,

LP

1.250%

due

10/15/30

800

767

Range

Resources

Corp.

5.000%

due

03/15/23

225

233

8.250%

due

01/15/29

(Þ)

540

598

Series

WI

4.875%

due

05/15/25

640

663

9.250%

due

02/01/26

1,020

1,107

Raymond

James

Financial,

Inc.

3.750%

due

04/01/51

630

708

Raytheon

Technologies

Corp.

3.650%

due

08/16/23

19

20

Series

WI

3.200%

due

03/15/24

3,032

3,230

Regency

Energy

Partners,

LP

/

Regency

Energy

Finance

Corp.

4.500%

due

11/01/23

3,840

4,113

Reliance

Steel

&

Aluminum

Co.

4.500%

due

04/15/23

2,952

3,120

Republic

Services,

Inc.

2.500%

due

08/15/24

3,620

3,804

3.375%

due

11/15/27

1,300

1,439

Retail

Properties

of

America,

Inc.

4.000%

due

03/15/25

3,259

3,474

Rockies

Express

Pipeline

LLC

3.600%

due

05/15/25

(Þ)

98

100

4.950%

due

07/15/29

(Þ)

289

298

4.800%

due

05/15/30

(Þ)

300

305

Royal

Caribbean

Cruises,

Ltd.

11.500%

due

06/01/25

(Þ)

539

617

7.500%

due

10/15/27

100

114

3.700%

due

03/15/28

170

161

S&P

Global,

Inc.

1.250%

due

08/15/30

270

260

3.250%

due

12/01/49

110

121

2.300%

due

08/15/60

210

187

Series

WI

2.950%

due

01/22/27

1,271

1,385

Sabal

Trail

Transmission

LLC

4.832%

due

05/01/48

(Þ)

845

1,065

Safeway,

Inc.

7.250%

due

02/01/31

356

420

salesforce.com,

Inc.

1.500%

due

07/15/28

240

243

1.950%

due

07/15/31

190

193

2.900%

due

07/15/51

1,660

1,703

3.050%

due

07/15/61

600

625

San

Diego

Gas

&

Electric

Co.

Series

RRR

3.750%

due

06/01/47

370

430

Series

VVV

1.700%

due

10/01/30

940

927

Santander

Holdings

USA,

Inc.

Series

FXD

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

165

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.500%

due

06/07/24

1,456

1,558

Series

WI

3.244%

due

10/05/26

1,550

1,668

Seagate

HDD

Cayman

4.750%

due

06/01/23

480

511

Sealed

Air

Corp.

6.875%

due

07/15/33

(Þ)

300

384

Senior

Housing

Properties

Trust

4.750%

due

05/01/24

440

454

4.750%

due

02/15/28

383

387

Service

Properties

Trust

4.500%

due

06/15/23

760

777

4.350%

due

10/01/24

1,198

1,206

4.750%

due

10/01/26

220

216

4.375%

due

02/15/30

565

528

Sherwin-Williams

Co.

(The)

2.300%

due

05/15/30

3,826

3,958

Shire

Acquisitions

Investments

Ireland

DAC

2.875%

due

09/23/23

3,703

3,871

Simon

Property

Group,

LP

3.500%

due

09/01/25

720

789

Skyworks

Solutions,

Inc.

1.800%

due

06/01/26

620

631

Solar

Star

Funding

LLC

5.375%

due

06/30/35

(Þ)

2,497

2,874

Southern

California

Edison

Co.

2.250%

due

06/01/30

1,020

1,026

3.650%

due

02/01/50

690

704

Series

C

4.125%

due

03/01/48

470

515

Series

G

2.500%

due

06/01/31

470

476

Southern

Power

Co.

Series

F

4.950%

due

12/15/46

3,139

3,870

Southwest

Airlines

Co.

4.750%

due

05/04/23

1,580

1,693

5.250%

due

05/04/25

250

285

Southwestern

Energy

Co.

6.200%

due

01/23/25

287

314

Spectra

Energy

Partners,

LP

4.750%

due

03/15/24

2,787

3,054

Spirit

AeroSystems

,

Inc.

4.600%

due

06/15/28

460

445

Sprint

Capital

Corp.

8.750%

due

03/15/32

761

1,173

Starbucks

Corp.

2.550%

due

11/15/30

3,760

3,962

Sunoco

Logistics

Partners

Operations,

LP

3.900%

due

07/15/26

330

363

6.100%

due

02/15/42

2,633

3,307

5.300%

due

04/01/44

50

59

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

SVB

Financial

Group

Series

C

4.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.202%)(Ê)(ƒ)

180

187

Synchrony

Financial

5.150%

due

03/19/29

2,751

3,286

SYNNEX

Corp.

1.250%

due

08/09/24

(Þ)

2,050

2,050

Sysco

Corp.

3.250%

due

07/15/27

3,573

3,910

Targa

Resources

Partners,

LP

/

Targa

Resources

Partners

Finance

Corp.

5.500%

due

03/01/30

230

253

4.875%

due

02/01/31

(Þ)

270

292

4.000%

due

01/15/32

(Þ)

1,520

1,571

Target

Corp.

3.375%

due

04/15/29

510

577

TCI

Communications,

Inc.

7.875%

due

02/15/26

2,358

3,052

Teachers

Insurance

&

Annuity

Association

of

America

4.900%

due

09/15/44

(Þ)

400

524

4.375%

due

09/15/54

(USD

3

Month

LIBOR

+

2.661%)(Ê)(Þ)

200

210

Tenet

Healthcare

Corp.

6.875%

due

11/15/31

255

292

Tennessee

Gas

Pipeline

Co.

LLC

2.900%

due

03/01/30

(Þ)

1,780

1,875

Texas

Eastern

Transmission,

LP

2.800%

due

10/15/22

(Þ)

290

296

4.150%

due

01/15/48

(Þ)

1,000

1,147

Texas

Instruments,

Inc.

2.900%

due

11/03/27

450

494

2.250%

due

09/04/29

940

994

1.750%

due

05/04/30

270

273

3.875%

due

03/15/39

750

917

Thermo

Fisher

Scientific,

Inc.

5.300%

due

02/01/44

2,813

3,990

Time

Warner

Cable

LLC

6.550%

due

05/01/37

320

441

7.300%

due

07/01/38

960

1,409

6.750%

due

06/15/39

70

100

5.500%

due

09/01/41

2,500

3,161

Time

Warner

Entertainment

Co.,

LP

8.375%

due

03/15/23

2,157

2,425

8.375%

due

07/15/33

340

521

T-Mobile

USA,

Inc.

2.625%

due

02/15/29

170

170

2.875%

due

02/15/31

380

382

Series

WI

3.875%

due

04/15/30

1,160

1,310

2.550%

due

02/15/31

3,509

3,592

3.000%

due

02/15/41

400

403

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

166

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.300%

due

02/15/51

690

703

Transcontinental

Gas

Pipe

Line

Co.

LLC

4.450%

due

08/01/42

1,130

1,365

Series

WI

7.850%

due

02/01/26

1,940

2,464

3.250%

due

05/15/30

190

207

Trinity

Industries,

Inc.

4.550%

due

10/01/24

415

441

TWDC

Enterprises

18

Corp.

Series

MTNB

7.000%

due

03/01/32

3,155

4,603

Tyson

Foods,

Inc.

4.875%

due

08/15/34

3,130

3,950

Union

Pacific

Corp.

2.891%

due

04/06/36

(Þ)

950

1,012

3.750%

due

02/05/70

320

366

Series

WI

3.839%

due

03/20/60

390

458

United

Airlines

Pass-Through

Trust

4.875%

due

01/15/26

1,289

1,352

United

Airlines,

Inc.

4.625%

due

04/15/29

(Þ)

140

144

United

Continental

Holdings,

Inc.

4.250%

due

10/01/22

740

751

United

Parcel

Service,

Inc.

2.500%

due

04/01/23

4,018

4,157

United

States

Steel

Corp.

6.650%

due

06/01/37

278

300

United

Technologies

Corp.

4.625%

due

11/16/48

690

909

UnitedHealth

Group,

Inc.

3.875%

due

12/15/28

130

151

2.875%

due

08/15/29

400

437

2.000%

due

05/15/30

660

675

5.700%

due

10/15/40

400

576

Unum

Group

4.500%

due

12/15/49

3,195

3,448

Upjohn,

Inc.

2.700%

due

06/22/30

(Þ)

3,090

3,174

Valero

Energy

Corp.

7.500%

due

04/15/32

2,499

3,529

Verizon

Communications,

Inc.

4.125%

due

03/16/27

3,126

3,580

2.100%

due

03/22/28

290

298

3.150%

due

03/22/30

150

163

7.750%

due

12/01/30

340

501

2.550%

due

03/21/31

520

541

4.500%

due

08/10/33

1,490

1,816

6.400%

due

09/15/33

521

723

5.250%

due

03/16/37

890

1,189

2.650%

due

11/20/40

310

304

3.400%

due

03/22/41

980

1,059

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.125%

due

08/15/46

270

321

5.500%

due

03/16/47

50

71

4.000%

due

03/22/50

180

211

2.875%

due

11/20/50

900

876

3.550%

due

03/22/51

2,510

2,731

3.000%

due

11/20/60

1,410

1,364

3.700%

due

03/22/61

4,550

5,026

Series

WI

4.329%

due

09/21/28

166

195

4.862%

due

08/21/46

390

513

2.987%

due

10/30/56

220

214

ViacomCBS

,

Inc.

6.875%

due

04/30/36

2,934

4,269

Visa,

Inc.

2.050%

due

04/15/30

180

187

2.700%

due

04/15/40

260

272

Vistra

Operations

Co.

LLC

4.300%

due

07/15/29

(Þ)

3,936

4,307

Vontier

Corp.

1.800%

due

04/01/26

(Þ)

630

632

2.400%

due

04/01/28

(Þ)

1,530

1,536

Voya

Financial,

Inc.

Series

WI

4.700%

due

01/23/48

(USD

3

Month

LIBOR

+

2.084%)(Ê)

3,276

3,449

Wachovia

Corp.

5.500%

due

08/01/35

3,040

4,027

Walmart,

Inc.

3.400%

due

06/26/23

1,019

1,076

2.650%

due

12/15/24

3,274

3,498

3.700%

due

06/26/28

300

345

4.050%

due

06/29/48

430

547

Walt

Disney

Co.

(The)

Series

WI

6.650%

due

11/15/37

200

310

5.400%

due

10/01/43

450

640

Waste

Management,

Inc.

3.150%

due

11/15/27

720

794

Wells

Fargo

&

Co.

0.805%

due

05/19/25

(SOFR

+

0.510%)(Ê)

880

882

2.188%

due

04/30/26

(SOFR

+

2.000%)(Ê)

130

135

3.000%

due

10/23/26

450

488

3.196%

due

06/17/27

(USD

3

Month

LIBOR

+

1.170%)(Ê)

500

543

2.393%

due

06/02/28

(SOFR

+

2.100%)(Ê)

4,251

4,450

4.478%

due

04/04/31

(SOFR

+

4.032%)(Ê)

690

822

3.068%

due

04/30/41

(SOFR

+

2.530%)(Ê)

610

639

5.375%

due

11/02/43

470

641

4.750%

due

12/07/46

390

501

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

167

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.013%

due

04/04/51

(SOFR

+

4.502%)(Ê)

1,670

2,326

Western

Gas

Partners,

LP

5.500%

due

08/15/48

160

178

Western

Midstream

Operating,

LP

2.229%

due

01/13/23

(USD

3

Month

LIBOR

+

2.100%)(Ê)

650

647

3.100%

due

02/01/25

390

409

4.650%

due

07/01/26

520

557

4.500%

due

03/01/28

130

140

4.050%

due

02/01/30

1,130

1,268

5.450%

due

04/01/44

870

977

5.300%

due

03/01/48

500

551

5.250%

due

02/01/50

450

529

Westinghouse

Air

Brake

Technologies

Corp.

Series

WI

3.450%

due

11/15/26

3,948

4,252

Williams

Cos.,

Inc.

(The)

7.750%

due

06/15/31

300

421

Wyndham

Destinations,

Inc.

5.750%

due

04/01/27

117

127

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

7.750%

due

04/15/25

(Þ)

760

809

Xerox

Corp.

4.800%

due

03/01/35

455

464

XTO

Energy,

Inc.

6.750%

due

08/01/37

3,121

4,643

Yum!

Brands,

Inc.

6.875%

due

11/15/37

81

104

922,197

International

Debt

-

14.5%

ABN

AMRO

Bank

NV

4.750%

due

07/28/25

(Þ)

3,745

4,211

Abu

Dhabi

Government

International

Bond

1.700%

due

03/02/31

(Þ)

460

448

3.875%

due

04/16/50

(Þ)

1,380

1,606

Abu

Dhabi

National

Energy

Co.

PJSC

4.375%

due

04/23/25

(Þ)

390

437

Adani

Ports

&

Special

Economic

Zone,

Ltd.

4.000%

due

07/30/27

(Þ)

3,264

3,402

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.300%

due

01/23/23

200

207

4.500%

due

09/15/23

470

503

3.150%

due

02/15/24

1,100

1,155

1.750%

due

01/30/26

510

507

AES

Panama

Generation

Holdings

SRL

4.375%

due

05/31/30

(Þ)

3,981

4,119

African

Export-Import

Bank

(The)

2.634%

due

05/17/26

(Þ)

5,740

5,849

Series

REGS

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.634%

due

05/17/26

1,300

1,325

Air

Liquide

Finance

SA

2.250%

due

09/27/23

(Þ)

3,973

4,117

Alibaba

Group

Holding,

Ltd.

2.125%

due

02/09/31

640

633

2.700%

due

02/09/41

750

720

3.150%

due

02/09/51

1,430

1,413

Series

WI

3.600%

due

11/28/24

2,950

3,195

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

2,912

3,239

Alrosa

Finance

SA

4.650%

due

04/09/24

(Þ)

1,500

1,618

Anglo

American

Capital

PLC

3.625%

due

09/11/24

(Þ)

3,257

3,523

4.750%

due

04/10/27

(Þ)

220

255

4.500%

due

03/15/28

(Þ)

930

1,072

Anheuser-Busch

InBev

Worldwide,

Inc.

4.900%

due

02/01/46

490

628

5.550%

due

01/23/49

770

1,081

4.500%

due

06/01/50

300

373

Arbor

Realty

CLO,

Ltd.

Series

2021-FL2

Class

A

1.200%

due

05/15/36

(USD

1

Month

LIBOR

+

1.100%)(Ê)(Þ)

4,043

4,046

Argentine

Republic

Government

International

Bond

1.000%

due

07/09/29

129

49

0.750%

due

07/09/30

(~)(Ê)

2,195

798

1.500%

due

07/09/35

(~)(Ê)

473

153

3.500%

due

07/09/41

(~)(Ê)

1,530

571

AstraZeneca

PLC

0.300%

due

05/26/23

4,157

4,158

Australia

&

New

Zealand

Banking

Group,

Ltd.

2.570%

due

11/25/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.700%)(Ê)(Þ)

4,391

4,338

Avolon

Holdings

Funding,

Ltd.

3.950%

due

07/01/24

(Þ)

480

513

2.875%

due

02/15/25

(Þ)

390

404

4.250%

due

04/15/26

(Þ)

1,680

1,837

Avon

Products,

Inc.

8.950%

due

03/15/43

72

93

Banco

de

Bogota

SA

Series

EMTQ

4.375%

due

08/03/27

(Þ)

2,846

2,960

Banco

Inbursa

SA

Institucion

de

Banca

Multiple

4.125%

due

06/06/24

(Þ)

3,856

4,116

Banco

Mercantil

del

Norte

SA

8.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

7.760%)(Ê)(ƒ)(Þ)

480

579

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

168

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santander

4.125%

due

11/09/22

(Þ)

4,236

4,406

Banco

Santander

SA

3.848%

due

04/12/23

3,628

3,831

Bancolombia

SA

3.000%

due

01/29/25

3,257

3,290

Bank

of

China,

Ltd.

5.000%

due

11/13/24

(Þ)

3,100

3,455

Bank

of

Nova

Scotia

(The)

1.625%

due

05/01/23

3,300

3,377

Barclays

Bank

PLC

6.860%

due

09/29/49

(USD

6

Month

LIBOR

+

1.730%)(Ê)(ƒ)(Þ)

256

347

Barclays

PLC

4.338%

due

05/16/24

(USD

3

Month

LIBOR

+

1.356%)(Ê)

600

638

5.088%

due

06/20/30

(USD

3

Month

LIBOR

+

3.054%)(Ê)

2,140

2,511

4.950%

due

01/10/47

3,234

4,245

6.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.867%)(Ê)(ƒ)

2,600

2,895

Barings

CLO,

Ltd.

Series

2017-IA

Class

AR

3.392%

due

01/20/28

(USD

3

Month

LIBOR

+

0.800%)(Ê)(Þ)

4,864

4,866

Barrick

NA

Finance

LLC

5.700%

due

05/30/41

600

837

BAT

Capital

Corp.

2.259%

due

03/25/28

610

614

3.734%

due

09/25/40

380

381

Bayer

US

Finance

II

LLC

3.875%

due

12/15/23

(Þ)

3,861

4,130

Bayer

US

Finance

LLC

3.375%

due

10/08/24

(Þ)

1,891

2,032

BDS,

Ltd.

Series

2021-FL7

Class

A

1.180%

due

06/16/36

(USD

1

Month

LIBOR

+

1.070%)(Ê)(Þ)

6,121

6,123

Bellemeade

Re,

Ltd.

Series

2018-1A

Class

M2

3.050%

due

04/25/28

(USD

1

Month

LIBOR

+

2.900%)(Ê)(Þ)

3,510

3,552

Series

2020-2A

Class

M1B

3.583%

due

08/26/30

(USD

1

Month

LIBOR

+

3.200%)(Ê)(Þ)

3,761

3,801

Series

2021-2A

Class

M1A

1.210%

due

06/25/31

(SOFR

30

Day

Average

+

1.200%)(Ê)(Þ)

10,243

10,262

Series

2021-2A

Class

M1B

1.510%

due

06/25/31

(SOFR

30

Day

Average

+

1.500%)(Ê)(Þ)

4,493

4,493

Series

2021-2A

Class

M1C

1.860%

due

06/25/31

(SOFR

30

Day

Average

+

1.850%)(Ê)(Þ)

2,279

2,290

Bermuda

Government

International

Bond

2.375%

due

08/20/30

(Þ)

1,390

1,394

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Bharti

Airtel

International

Netherlands

BV

5.125%

due

03/11/23

(Þ)

2,880

3,045

BlueMountain

CLO,

Ltd.

Series

2017-2A

Class

A1R

2.278%

due

10/22/30

(USD

3

Month

LIBOR

+

1.180%)(Ê)(Þ)

2,333

2,335

BNP

Paribas

SA

3.800%

due

01/10/24

(Þ)

3,335

3,580

3.375%

due

01/09/25

(Þ)

320

345

4.705%

due

01/10/25

(USD

3

Month

LIBOR

+

2.235%)(Ê)(Þ)

540

589

2.219%

due

06/09/26

(SOFR

+

2.074%)(Ê)(Þ)

1,620

1,676

1.675%

due

06/30/27

(SOFR

+

0.912%)(Ê)(Þ)

830

836

4.400%

due

08/14/28

(Þ)

1,490

1,728

2.824%

due

01/26/41

(Þ)

1,220

1,183

BOC

Aviation

USA

Corp.

1.625%

due

04/29/24

(Þ)

780

787

BP

Capital

Markets

PLC

2.750%

due

05/10/23

128

133

3.119%

due

05/04/26

869

934

British

Telecommunications

PLC

9.625%

due

12/15/30

130

201

Brookfield

Finance,

Inc.

4.700%

due

09/20/47

2,711

3,397

Canadian

Imperial

Bank

of

Commerce

0.950%

due

06/23/23

3,693

3,731

Canadian

Natural

Resources,

Ltd.

5.850%

due

02/01/35

2,662

3,493

Canadian

Pacific

Railway

Co.

6.125%

due

09/15/15

2,999

4,782

Carnival

Corp.

Term

Loan

B

3.750%

due

06/30/25

(USD

1

Month

LIBOR

+

3.000%)(Ê)

559

554

Cedar

Funding,

Ltd.

1.214%

due

04/20/34

2,458

2,460

Series

2021-6A

Class

ARR

1.184%

due

04/20/34

(USD

3

Month

LIBOR

+

1.050%)(Ê)(Þ)

5,920

5,926

Celulosa

Arauco

y

Constitucion

SA

5.150%

due

01/29/50

(Þ)

1,500

1,755

Series

WI

5.500%

due

11/02/47

1,297

1,563

Cenovus

Energy,

Inc.

6.750%

due

11/15/39

3,504

4,780

CI

Financial

Corp.

3.200%

due

12/17/30

2,360

2,452

4.100%

due

06/15/51

560

592

CNH

Industrial

NV

4.500%

due

08/15/23

3,782

4,068

Colombia

Government

International

Bond

5.625%

due

02/26/44

320

357

Comision

Federal

de

Electricidad

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

169

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.875%

due

01/15/24

(Þ)

200

217

3.348%

due

02/09/31

(Þ)

360

356

4.677%

due

02/09/51

(Þ)

280

273

Commonwealth

Bank

of

Australia

2.688%

due

03/11/31

(Þ)

530

538

3.743%

due

09/12/39

(Þ)

540

606

3.305%

due

03/11/41

(Þ)

610

641

4.316%

due

01/10/48

(Þ)

3,587

4,373

Cooperatieve

Rabobank

UA

4.625%

due

12/01/23

1,190

1,298

4.375%

due

08/04/25

1,300

1,457

Credit

Agricole

SA

3.250%

due

10/04/24

(Þ)

3,759

4,017

1.247%

due

01/26/27

(SOFR

+

0.892%)(Ê)(Þ)

4,293

4,259

8.125%

due

12/29/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

6.185%)(Ê)

(ƒ)(Þ)

210

255

Credit

Suisse

Group

AG

2.593%

due

09/11/25

(SOFR

+

1.560%)(Ê)(Þ)

250

261

3.091%

due

05/14/32

(SOFR

+

1.730%)(Ê)(Þ)

1,850

1,932

6.250%

due

12/29/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

3.455%)(Ê)

(ƒ)(Þ)

2,380

2,597

6.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.822%)(Ê)(ƒ)(Þ)

2,280

2,533

7.500%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.600%)(Ê)

(ƒ)(Þ)

2,280

2,468

Series

WI

4.875%

due

05/15/45

3,248

4,192

DAE

Funding

LLC

1.550%

due

08/01/24

(Þ)

900

899

Danone

SA

2.589%

due

11/02/23

(Þ)

2,975

3,100

Danske

Bank

A/S

3.875%

due

09/12/23

(Þ)

230

245

5.375%

due

01/12/24

(Þ)

3,960

4,384

1.621%

due

09/11/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.350%)(Ê)(Þ)

4,263

4,301

Delhaize

America,

Inc.

9.000%

due

04/15/31

809

1,264

Deutsche

Bank

AG

3.950%

due

02/27/23

3,100

3,252

3.700%

due

05/30/24

3,071

3,291

4.296%

due

05/24/28

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

2.248%)(Ê)

709

734

Deutsche

Telekom

International

Finance

BV

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.485%

due

09/19/23

(Þ)

703

731

3.600%

due

01/19/27

(Þ)

3,196

3,540

8.750%

due

06/15/30

160

242

Dryden

41

Senior

Loan

Fund

Series

2018-41A

Class

AR

1.154%

due

04/15/31

(USD

3

Month

LIBOR

+

0.970%)(Ê)(Þ)

2,500

2,503

Dryden

49

Senior

Loan

Fund

Series

2021-49A

Class

AR

1.084%

due

07/18/30

(USD

3

Month

LIBOR

+

0.950%)(Ê)(Þ)

6,879

6,881

Dryden

XXVIII

Senior

Loan

Fund

Series

2017-28A

Class

A1LR

1.592%

due

08/15/30

(USD

3

Month

LIBOR

+

1.200%)(Ê)(Þ)

3,028

3,028

ECAF,

Ltd.

Series

2015-1A

Class

A1

3.473%

due

06/15/40

(Þ)

626

606

Ecopetrol

SA

4.125%

due

01/16/25

3,863

4,045

5.875%

due

05/28/45

570

608

EDP

Finance

BV

1.710%

due

01/24/28

(Þ)

260

259

Electricite

de

France

SA

5.250%

due

01/29/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

10

Year

Rate

+

3.709%)(Ê)

(ƒ)(Þ)

802

842

5.625%

due

12/29/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

10

Year

Rate

+

3.041%)(Ê)

(ƒ)(Þ)

129

138

Enbridge,

Inc.

3.700%

due

07/15/27

2,850

3,180

Enel

Finance

International

NV

Series

658A

3.500%

due

04/06/28

(Þ)

2,929

3,259

Eni

SpA

5.700%

due

10/01/40

(Þ)

1,500

1,977

Fairfax

Financial

Holdings,

Ltd.

Series

WI

4.850%

due

04/17/28

3,005

3,504

Falabella

SA

3.750%

due

04/30/23

(Þ)

3,955

4,123

First

Quantum

Minerals,

Ltd.

7.250%

due

04/01/23

(Þ)

300

306

7.500%

due

04/01/25

(Þ)

220

228

6.875%

due

10/15/27

(Þ)

2,180

2,362

Four

Seasons

Hotels,

Ltd.

1st

Lien

Term

Loan

2.092%

due

11/30/23

(USD

1

Month

LIBOR

+

2.000%)(Ê)

435

432

Fresenius

Medical

Care

US

Finance

III,

Inc.

3.000%

due

12/01/31

(Þ)

4,196

4,376

Fresnillo

PLC

4.250%

due

10/02/50

(Þ)

930

971

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

170

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

GFL

Environmental,

Inc.

2020

Term

Loan

3.500%

due

05/31/25

(USD

3

Month

LIBOR

+

3.000%)(Ê)

76

76

GlaxoSmithKline

Capital,

Inc.

2.800%

due

03/18/23

2,024

2,106

Glencore

Funding

LLC

4.125%

due

05/30/23

(Þ)

240

255

4.125%

due

03/12/24

(Þ)

2,430

2,619

1.625%

due

09/01/25

(Þ)

760

772

4.000%

due

03/27/27

(Þ)

565

630

3.875%

due

10/27/27

(Þ)

110

122

Grifols

Worldwide

Operations

USA,

Inc.

Term

Loan

B

2.084%

due

11/15/27

(USD

1

Week

LIBOR

+

2.000%)(Ê)

1,143

1,126

HGI

CRE

CLO,

Ltd.

Series

2021-FL1

Class

A

1.160%

due

06/16/36

(USD

1

Month

LIBOR

+

1.050%)(Ê)(Þ)

8,602

8,607

Highlands

Holdings

Bond

Issuer,

Ltd.

7.625%

due

10/15/25

(Þ)

1,050

1,112

Home

RE,

Ltd.

Series

2021-2

Class

M1C

2.843%

due

01/25/34

(SOFR

30

Day

Average

+

2.800%)(Ê)(Þ)

2,576

2,576

Series

2021-2

Class

M2

3.293%

due

01/25/34

(SOFR

30

Day

Average

+

3.250%)(Ê)(Þ)

1,227

1,227

HSBC

Bank

PLC

7.650%

due

05/01/25

2,615

3,147

HSBC

Holdings

PLC

4.250%

due

08/18/25

670

743

2.099%

due

06/04/26

(SOFR

+

1.929%)(Ê)

1,720

1,776

3.973%

due

05/22/30

(USD

3

Month

LIBOR

+

1.610%)(Ê)

210

237

2.848%

due

06/04/31

(SOFR

+

2.387%)(Ê)

840

885

2.804%

due

05/24/32

1,770

1,836

5.250%

due

03/14/44

3,264

4,316

ICICI

Bank,

Ltd.

3.800%

due

12/14/27

(Þ)

3,094

3,358

ICON

Luxembourg

SARL

Term

Loan

3.000%

due

07/01/28

(USD

3

Month

LIBOR

+

2.500%)(Ê)

1,705

1,701

Indonesia

Government

International

Bond

3.500%

due

01/11/28

240

263

Industrial

&

Commercial

Bank

of

China,

Ltd.

2.957%

due

11/08/22

962

989

Intesa

Sanpaolo

SpA

3.375%

due

01/12/23

(Þ)

2,323

2,413

5.017%

due

06/26/24

(Þ)

1,340

1,454

5.710%

due

01/15/26

(Þ)

400

452

3.875%

due

01/12/28

(Þ)

1,171

1,279

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.198%

due

06/01/32

(Þ)

420

432

4.950%

due

06/01/42

(Þ)

1,190

1,237

Series

X

4.700%

due

09/23/49

(Þ)

700

836

Inversiones

CMPC

SA

4.375%

due

05/15/23

(Þ)

3,747

3,906

4.750%

due

09/15/24

(Þ)

3,230

3,525

Israel

Government

International

Bond

2.750%

due

07/03/30

500

538

KazMunayGas

National

Co.

JSC

6.375%

due

10/24/48

(Þ)

250

328

Klabin

Austria

GmbH

3.200%

due

01/12/31

(Þ)

870

859

LCM

XXV,

Ltd.

Series

2017-25A

Class

A

2.345%

due

07/20/30

(USD

3

Month

LIBOR

+

1.210%)(Ê)(Þ)

6,782

6,783

Lloyds

Banking

Group

PLC

7.500%

due

11/27/23

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.760%)(Ê)

210

237

4.344%

due

01/09/48

2,984

3,584

6.413%

due

01/29/49

(USD

3

Month

LIBOR

+

1.495%)(Ê)(ƒ)(Þ)

225

311

7.500%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.496%)(Ê)(ƒ)

580

676

Lukoil

International

Finance

BV

4.563%

due

04/24/23

(Þ)

2,827

2,993

Madison

Park

Funding

IV,

Ltd.

Series

2017-4A

Class

AR

1.470%

due

07/29/30

(USD

3

Month

LIBOR

+

1.200%)(Ê)(Þ)

4,180

4,184

Madison

Park

Funding,

Ltd.

Series

2021-48A

Class

A

1.284%

due

04/19/33

(USD

3

Month

LIBOR

+

1.150%)(Ê)(Þ)

3,863

3,863

Marks

&

Spencer

PLC

7.125%

due

12/01/37

(Þ)

58

69

MEG

Energy

Corp.

6.500%

due

01/15/25

(Þ)

360

371

7.125%

due

02/01/27

(Þ)

500

525

5.875%

due

02/01/29

(Þ)

430

444

Meituan

2.125%

due

10/28/25

(Þ)

3,618

3,514

Melco

Resorts

Finance,

Ltd.

5.375%

due

12/04/29

(Þ)

820

846

MercadoLibre

,

Inc.

2.375%

due

01/14/26

200

201

3.125%

due

01/14/31

1,480

1,446

Methanex

Corp.

5.650%

due

12/01/44

193

206

Mexico

Government

International

Bond

4.350%

due

01/15/47

2,430

2,559

National

Bank

of

Canada

2.150%

due

10/07/22

(Þ)

1,697

1,734

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

171

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.100%

due

02/01/23

2,377

2,438

Natwest

Group

PLC

3.875%

due

09/12/23

280

298

3.754%

due

11/01/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.100%)(Ê)

710

755

8.625%

due

12/29/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

7.598%)(Ê)(ƒ)

1,080

1,082

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)

890

881

Nissan

Motor

Acceptance

Corp.

3.043%

due

09/15/23

(Þ)

2,190

2,283

3.522%

due

09/17/25

(Þ)

1,040

1,115

4.345%

due

09/17/27

(Þ)

740

822

4.810%

due

09/17/30

(Þ)

770

879

Nordea

Bank

Abp

3.750%

due

08/30/23

(Þ)

3,614

3,856

NTT

Finance

Corp.

2.065%

due

04/03/31

(Þ)

890

917

Nutrien

,

Ltd.

5.875%

due

12/01/36

2,542

3,527

NXP

BV

/

NXP

Funding

LLC

3.400%

due

05/01/30

(Þ)

300

332

OCP

CLO,

Ltd.

Series

2017-10A

Class

A1R

1.035%

due

10/26/27

(USD

3

Month

LIBOR

+

0.820%)(Ê)(Þ)

2,181

2,182

OCP

SA

3.750%

due

06/23/31

(Þ)

590

598

5.125%

due

06/23/51

(Þ)

430

438

Oman

Government

International

Bond

Series

REGS

6.250%

due

01/25/31

1,784

1,926

Oman

Sovereign

Sukuk

Co.

Series

REGS

4.875%

due

06/15/30

1,300

1,352

Panama

Government

International

Bond

2.252%

due

09/29/32

1,150

1,115

Paraguay

Government

International

Bond

5.400%

due

03/30/50

(Þ)

790

929

Park

Aerospace

Holdings,

Ltd.

5.250%

due

08/15/22

(Þ)

68

71

Peruvian

Government

International

Bond

2.783%

due

01/23/31

610

612

Petrobras

Global

Finance

BV

6.900%

due

03/19/49

1,580

1,852

5.500%

due

06/10/51

410

403

Series

WI

5.999%

due

01/27/28

490

558

Petroleos

del

Peru

SA

5.625%

due

06/19/47

(Þ)

820

847

POSCO

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.375%

due

01/17/23

(Þ)

3,577

3,658

Provincia

de

Buenos

Aires

6.500%

due

02/15/23

(~)(Æ)(Ê)(Ø)(Þ)

450

214

7.875%

due

06/15/27

(~)(Æ)(Ê)(Ø)(Þ)

400

192

Provincia

de

Cordoba

7.125%

due

12/10/25

(~)(Ê)(Þ)

570

429

7.450%

due

06/01/27

(~)(Ê)(Þ)

750

510

Qatar

Government

International

Bond

4.817%

due

03/14/49

(Þ)

1,000

1,301

4.400%

due

04/16/50

(Þ)

410

506

Qatar

Petroleum

1.375%

due

09/12/26

(Þ)

490

491

2.250%

due

07/12/31

(Þ)

2,000

2,024

Radnor

RE,

Ltd.

Series

2021-1

Class

M1B

1.710%

due

12/27/33

(SOFR

30

Day

Average

+

1.700%)(Ê)(Þ)

7,980

7,984

Reliance

Industries,

Ltd.

4.125%

due

01/28/25

(Þ)

2,934

3,207

Republic

of

Chile

Government

International

Bond

2.550%

due

07/27/33

860

877

3.100%

due

05/07/41

430

435

RESIMAC

Premier

1.274%

due

02/07/52

(Þ)

2,815

2,828

Resimac

,

Ltd.

Series

2021-1A

Class

A1

0.800%

due

07/10/52

(USD

1

Month

LIBOR

+

0.700%)(Ê)(Þ)

5,415

5,418

Reynolds

American,

Inc.

5.850%

due

08/15/45

310

387

Roche

Holdings,

Inc.

3.250%

due

09/17/23

(Þ)

950

1,006

SABIC

Capital

II

BV

4.000%

due

10/10/23

(Þ)

2,930

3,131

Sands

China,

Ltd.

Series

WI

4.600%

due

08/08/23

1,292

1,368

5.125%

due

08/08/25

420

470

3.800%

due

01/08/26

410

441

5.400%

due

08/08/28

820

957

Santander

UK

PLC

5.000%

due

11/07/23

(Þ)

988

1,074

5.625%

due

09/15/45

(Þ)

2,653

3,479

Saudi

Arabian

Oil

Co.

2.875%

due

04/16/24

(Þ)

3,093

3,248

Schneider

Electric

SE

2.950%

due

09/27/22

(Þ)

3,266

3,362

Shackleton

CLO,

Ltd.

Series

2018-4RA

Class

A1A

2.311%

due

04/13/31

(USD

3

Month

LIBOR

+

1.000%)(Ê)(Þ)

5,390

5,371

Shell

International

Finance

BV

4.375%

due

05/11/45

750

939

4.000%

due

05/10/46

430

515

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

172

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.250%

due

04/06/50

520

565

Siemens

Financieringsmaatschappij

NV

0.400%

due

03/11/23

(Þ)

582

583

SK

Hynix,

Inc.

1.000%

due

01/19/24

(Þ)

3,670

3,654

Sky,

Ltd.

3.750%

due

09/16/24

(Þ)

3,311

3,621

Societe

Generale

SA

5.000%

due

01/17/24

(Þ)

3,653

3,969

Sound

Point

CLO,

Ltd.

Series

2018-1A

Class

A

2.219%

due

04/15/31

(USD

3

Month

LIBOR

+

1.000%)(Ê)(Þ)

6,000

6,005

Southern

Copper

Corp.

6.750%

due

04/16/40

3,229

4,488

5.250%

due

11/08/42

240

304

Standard

Chartered

PLC

3.950%

due

01/11/23

(Þ)

2,944

3,063

1.214%

due

03/23/25

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.880%)(Ê)(Þ)

400

402

7.014%

due

12/30/49

(USD

3

Month

LIBOR

+

1.460%)(Ê)(ƒ)(Þ)

250

344

Sumitomo

Mitsui

Financial

Group,

Inc.

2.778%

due

10/18/22

3,425

3,528

Suncor

Energy,

Inc.

5.350%

due

07/15/33

2,824

3,547

Sura

Asset

Management

SA

4.875%

due

04/17/24

(Þ)

3,803

4,088

Suzano

Austria

GmbH

3.125%

due

01/15/32

900

892

7.000%

due

03/16/47

(Þ)

420

561

Takeda

Pharmaceutical

Co.,

Ltd.

Series

WI

4.400%

due

11/26/23

3,799

4,117

Teck

Resources,

Ltd.

6.000%

due

08/15/40

20

26

6.250%

due

07/15/41

200

269

5.400%

due

02/01/43

230

289

Series

WI

3.900%

due

07/15/30

1,000

1,100

Telecom

Italia

Capital

SA

6.375%

due

11/15/33

209

247

6.000%

due

09/30/34

343

393

7.721%

due

06/04/38

379

509

Telefonica

Emisiones

SA

4.570%

due

04/27/23

3,547

3,785

5.213%

due

03/08/47

600

753

Tencent

Holdings,

Ltd.

2.985%

due

01/19/23

(Þ)

2,978

3,071

3.840%

due

04/22/51

(Þ)

680

735

Teva

Pharmaceutical

Finance

Co.

BV

2.950%

due

12/18/22

150

151

Teva

Pharmaceutical

Finance

Netherlands

III

BV

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.800%

due

07/21/23

1,130

1,117

3.150%

due

10/01/26

370

355

Series

WI

6.000%

due

04/15/24

220

231

7.125%

due

01/31/25

420

461

Textainer

Marine

Containers

VII,

Ltd.

Series

2020-1A

Class

A

2.730%

due

08/21/45

(Þ)

5,693

5,806

Series

2020-2A

Class

A

2.100%

due

09/20/45

(Þ)

4,604

4,680

Toronto-Dominion

Bank

(The)

0.300%

due

06/02/23

4,146

4,144

Total

Capital

International

SA

3.750%

due

04/10/24

2,826

3,067

TotalEnergies

Capital

Canada,

Ltd.

2.750%

due

07/15/23

2,108

2,202

TransAlta

Corp.

6.500%

due

03/15/40

434

499

TransCanada

PipeLines

,

Ltd.

4.625%

due

03/01/34

2,818

3,386

TransCanada

Trust

5.300%

due

03/15/77

(USD

3

Month

LIBOR

+

3.208%)(Ê)

500

537

5.500%

due

09/15/79

(SOFR

+

4.416%)(Ê)

3,154

3,502

UBS

AG

4.500%

due

06/26/48

(Þ)

750

1,008

UBS

Group

AG

7.000%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.344%)(Ê)

(ƒ)(Þ)

2,310

2,538

UniCredit

SpA

7.296%

due

04/02/34

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

4.914%)(Ê)(Þ)

781

949

Unilever

Capital

Corp.

0.375%

due

09/14/23

4,135

4,144

Vale

Overseas,

Ltd.

6.250%

due

08/10/26

2,941

3,530

Videotron,

Ltd.

3.625%

due

06/15/29

(Þ)

240

246

Vodafone

Group

PLC

6.150%

due

02/27/37

190

266

5.250%

due

05/30/48

150

200

7.000%

due

04/04/79

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.873%)(Ê)

466

579

Volkswagen

Group

of

America

Finance

LLC

2.700%

due

09/26/22

(Þ)

3,453

3,542

Voya

CLO,

Ltd.

Series

2020-1A

Class

AR

2.279%

due

04/15/31

(USD

3

Month

LIBOR

+

1.060%)(Ê)(Þ)

1,532

1,533

Series

2020-2A

Class

A1RR

2.155%

due

04/17/30

(USD

3

Month

LIBOR

+

1.020%)(Ê)(Þ)

3,283

3,285

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

173

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

WEA

Finance

LLC

4.625%

due

09/20/48

(Þ)

4,009

4,413

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

3.750%

due

09/17/24

(Þ)

275

295

4.750%

due

09/17/44

(Þ)

640

724

Westpac

Banking

Corp.

2.668%

due

11/15/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.750%)(Ê)

500

499

Wynn

Macau,

Ltd.

5.625%

due

08/26/28

(Þ)

1,430

1,466

5.125%

due

12/15/29

(Þ)

200

202

Yamana

Gold,

Inc.

Series

WI

4.625%

due

12/15/27

1,120

1,247

ZF

NA

Capital,

Inc.

4.750%

due

04/29/25

(Þ)

324

352

599,425

Loan

Agreements

-

0.4%

Aecom

Technology

Corp.

2021

Term

Loan

B

1.842%

due

04/09/28

(USD

1

Month

LIBOR

+

1.750%)(Ê)

600

598

Alterra

Mountain

Co.

Term

Loan

B1

2.842%

due

06/29/24

(USD

1

Month

LIBOR

+

2.750%)(Ê)

585

578

Asurion

LLC

1st

Lien

Term

Loan

B7

3.092%

due

11/03/24

(USD

1

Month

LIBOR

+

3.000%)(Ê)

754

741

Asurion

LLC

2020

Term

Loan

B8

3.342%

due

12/18/26

(USD

1

Month

LIBOR

+

3.250%)(Ê)

533

523

Asurion

LLC

Term

Loan

3.342%

due

08/03/27

(USD

1

Month

LIBOR

+

3.250%)(Ê)

279

274

Bausch

Health

Americas,

Inc.

Term

Loan

B

2.842%

due

11/27/25

(USD

1

Month

LIBOR

+

2.750%)(Ê)

80

79

Caesars

Resort

Collection

LLC

1st

Lien

Term

Loan

B

2.842%

due

12/22/24

(USD

1

Month

LIBOR

+

2.750%)(Ê)

623

616

Caesars

Resort

Collection

LLC

Term

Loan

4.592%

due

06/19/25

(USD

1

Month

LIBOR

+

4.500%)(Ê)

596

595

CSC

Holdings

LLC

2018

Incremental

Term

Loan

2.343%

due

01/15/26

(USD

1

Month

LIBOR

+

2.250%)(Ê)

100

98

Eyecare

Partners

LLC

Term

Loan

3.857%

due

02/20/27

(USD

2

Month

LIBOR

+

3.750%)(Ê)

316

313

Focus

Financial

Partners

LLC

Term

Loan

2.092%

due

07/03/24

(USD

1

Month

LIBOR

+

2.000%)(Ê)

618

609

Garda

World

Security

Corp.

2021

Term

Loan

B

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.340%

due

10/30/26

(USD

1

Month

LIBOR

+

4.250%)(Ê)

275

274

Genesee

&

Wyoming,

Inc.

New

Term

Loan

2.147%

due

12/30/26

(USD

3

Month

LIBOR

+

2.000%)(Ê)

364

360

Harbor

Freight

Tools

USA,

Inc.

2021

Term

Loan

B

3.250%

due

10/19/27

(USD

1

Month

LIBOR

+

2.750%)(Ê)

488

485

ICON

Luxembourg

SARL

US

Term

Loan

3.000%

due

07/01/28

(USD

3

Month

LIBOR

+

2.500%)(Ê)

425

424

MultiPlan

,

Inc.

Term

Loan

B

3.750%

due

06/07/23

(USD

3

Month

LIBOR

+

2.750%)(Ê)

730

725

Nexstar

Broadcasting,

Inc.

Term

Loan

B4

2.600%

due

09/19/26

(USD

1

Month

LIBOR

+

2.500%)(Ê)

1,368

1,355

Petco

Animal

Supplies,

Inc

2021

Term

Loan

B

4.000%

due

02/24/28

(USD

3

Month

LIBOR

+

3.250%)(Ê)

459

457

Phoenix

Guarantor,

Inc.

Term

Loan

B

3.339%

due

03/05/26

(USD

1

Month

LIBOR

+

3.250%)(Ê)

481

475

Prime

Security

Services

Borrower

LLC

2021

Term

Loan

3.500%

due

09/23/26

(USD

12

Month

LIBOR

+

2.750%)(Ê)

953

948

UFC

Holdings

LLC

2021

Term

Loan

B

3.500%

due

04/29/26

(USD

6

Month

LIBOR

+

2.750%)(Ê)

807

801

United

Airlines,

Inc.

2021

Term

Loan

B

4.500%

due

04/21/28

(USD

1

Month

LIBOR

+

3.750%)(Ê)

509

509

Verscend

Holding

Corp.

2021

Term

Loan

B

4.092%

due

08/27/25

(USD

1

Month

LIBOR

+

4.000%)(Ê)

570

568

VICI

Properties,

Inc.

Replacement

Term

Loan

B

1.839%

due

12/22/24

(USD

1

Month

LIBOR

+

1.750%)(Ê)

960

949

Virgin

Media

Bristol

LLC

Term

Loan

N

2.593%

due

01/31/28

(USD

1

Month

LIBOR

+

2.500%)(Ê)

1,311

1,290

Zebra

Buyer

LLC

Term

Loan

B

0.000%

due

04/21/28

(~)(Ê)(v)

1,070

1,070

15,714

Mortgage-Backed

Securities

-

15.7%

Alternative

Loan

Trust

Series

2006-13T1

Class

A3

6.000%

due

05/25/36

1,630

1,092

Series

2006-OC9

Class

A1

0.243%

due

12/25/46

(Ê)

—

—

Series

2006-OC10

Class

2A1

0.242%

due

11/25/36

(USD

1

Month

LIBOR

+

0.180%)(Ê)

—

—

Banc

of

America

Mortgage

Trust

Series

2005-D

Class

2A7

3.781%

due

05/25/35

(~)(Ê)

234

235

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

174

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

BDS

Series

2021-FL8

Class

A

1.020%

due

01/18/36

(USD

1

Month

LIBOR

+

0.920%)(Ê)(Þ)

4,100

4,103

Bear

Stearns

ARM

Trust

Series

2004-5

Class

2A

4.112%

due

07/25/34

(~)(Ê)

200

206

Bellemeade

Re,

Ltd.

3.206%

due

04/25/29

(~)(Ê)(Þ)

6,926

7,018

Series

2020-4A

Class

M2B

3.750%

due

06/25/30

(USD

1

Month

LIBOR

+

3.600%)(Ê)(Þ)

3,293

3,325

Benchmark

Mortgage

Trust

Series

2020-B19

Class

A5

1.850%

due

09/15/53

8,964

8,995

Series

2020-IG1

Class

A3

2.687%

due

09/15/43

10,696

11,392

Series

2020-IG3

Class

A4

2.437%

due

09/15/48

(Þ)

8,722

9,128

BX

Commercial

Mortgage

Trust

Series

2018-BIOA

Class

C

1.306%

due

03/15/37

(USD

1

Month

LIBOR

+

1.121%)(Ê)(Þ)

5,387

5,400

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

3,503

Citigroup

Mortgage

Loan

Trust,

Inc.

Series

2012-7

Class

10A2

4.681%

due

09/25/36

(~)(Ê)(Þ)

628

583

Commercial

Mortgage

Trust

Series

2019-521F

Class

D

1.735%

due

06/15/34

(USD

1

Month

LIBOR

+

1.550%)(Ê)(Þ)

4,040

3,858

CORE

Mortgage

Trust

Series

2019-CORE

Class

D

1.835%

due

12/15/31

(USD

1

Month

LIBOR

+

1.650%)(Ê)(Þ)

5,704

5,697

Credit

Suisse

Mortgage

Capital

Certificates

Series

2019-ICE4

Class

F

2.835%

due

05/15/36

(USD

1

Month

LIBOR

+

2.650%)(Ê)(Þ)

2,250

2,262

Credit

Suisse

Mortgage

Trust

Series

2019-ICE4

Class

E

2.335%

due

05/15/36

(USD

1

Month

LIBOR

+

2.150%)(Ê)(Þ)

5,766

5,784

DBGS

Mortgage

Trust

Series

2019-1735

Class

D

4.334%

due

04/10/37

(~)(Ê)(Þ)

4,612

4,886

Eagle

Re,

Ltd.

Series

2018-1

Class

M2

3.947%

due

11/25/28

(USD

1

Month

LIBOR

+

3.000%)(Ê)(Þ)

2,609

2,625

Series

2020-1

Class

M1A

1.068%

due

01/25/30

(USD

1

Month

LIBOR

+

0.900%)(Ê)(Þ)

2,170

2,165

Series

2021-1

Class

M1B

2.165%

due

10/25/33

(SOFR

30

Day

Average

+

2.150%)(Ê)(Þ)

4,598

4,655

Fannie

Mae

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.600%

due

2031

1,680

1,847

5.500%

due

2034

286

331

4.500%

due

2035

1,445

1,641

5.500%

due

2035

190

220

6.000%

due

2035

199

233

5.500%

due

2036

371

430

5.500%

due

2037

110

128

6.000%

due

2039

147

175

5.500%

due

2040

2,084

2,366

5.000%

due

2041

1,163

1,320

6.000%

due

2041

568

673

3.500%

due

2045

2,987

3,248

4.000%

due

2045

2,195

2,413

3.000%

due

2046

587

632

3.500%

due

2046

784

849

4.500%

due

2046

1,649

1,848

3.000%

due

2047

8,694

9,253

3.500%

due

2047

1,386

1,509

4.000%

due

2047

1,428

1,537

4.500%

due

2048

4,531

4,960

5.000%

due

2048

3,466

3,798

3.000%

due

2049

22,872

24,615

3.500%

due

2049

102

111

4.000%

due

2049

3,432

3,756

5.000%

due

2049

237

259

2.000%

due

2050

6,840

6,997

2.500%

due

2050

23,703

24,801

3.000%

due

2050

19,210

20,714

3.500%

due

2050

3,419

3,687

2.000%

due

2051

9,094

9,300

2.500%

due

2051

35,961

37,496

Series

1997-281

Class

2

Interest

Only

STRIP

9.000%

due

11/25/26

4

1

Series

2000-306

Class

IO

Interest

Only

STRIP

8.000%

due

05/25/30

6

1

Series

2001-317

Class

2

Interest

Only

STRIP

8.000%

due

12/25/31

9

2

Series

2002-320

Class

2

Interest

Only

STRIP

7.000%

due

04/25/32

3

1

Fannie

Mae

Connecticut

Avenue

Securities

Trust

Series

2017-C05

Class

1M2

2.368%

due

01/25/30

(USD

1

Month

LIBOR

+

2.200%)(Ê)

1,083

1,105

Series

2017-C07

Class

1M2

2.568%

due

05/25/30

(USD

1

Month

LIBOR

+

2.400%)(Ê)

1,422

1,440

Fannie

Mae

REMICS

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

175

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

1997-68

Class

SC

Interest

Only

STRIP

8.306%

due

05/18/27

(USD

1

Month

LIBOR

+

8.500%)(Ê)

7

1

Series

2003-25

Class

IK

Interest

Only

STRIP

7.000%

due

04/25/33

23

4

Series

2003-32

Class

UI

Interest

Only

STRIP

6.000%

due

05/25/33

26

5

Series

2003-33

Class

IA

Interest

Only

STRIP

6.500%

due

05/25/33

112

23

Series

2003-35

Class

IU

Interest

Only

STRIP

6.000%

due

05/25/33

19

4

Series

2003-35

Class

UI

Interest

Only

STRIP

6.500%

due

05/25/33

24

5

Series

2003-64

Class

JI

Interest

Only

STRIP

6.000%

due

07/25/33

11

2

Series

2005-117

Class

LC

5.500%

due

11/25/35

272

283

Series

2006-118

Class

A1

0.228%

due

12/25/36

(USD

1

Month

LIBOR

+

0.060%)(Ê)

14

14

Series

2007-73

Class

A1

0.236%

due

07/25/37

(USD

1

Month

LIBOR

+

0.060%)(Ê)

122

120

Series

2009-70

Class

PS

Interest

Only

STRIP

6.582%

due

01/25/37

(USD

1

Month

LIBOR

+

6.750%)(Ê)

3,730

829

Series

2010-95

Class

S

Interest

Only

STRIP

6.432%

due

09/25/40

(-1

x

USD

1

Month

LIBOR

+

6.600%)(Ê)

3,807

796

Series

2020-75

Class

LI

Interest

Only

STRIP

2.500%

due

11/25/50

5,987

839

Series

2020-97

Class

EI

Interest

Only

STRIP

2.000%

due

01/25/51

4,552

571

Series

2021-1

Class

IM

Interest

Only

STRIP

2.000%

due

02/25/51

3,761

443

Series

2021-3

Class

KI

Interest

Only

STRIP

2.500%

due

02/25/51

5,662

597

Series

2021-3

Class

NI

Interest

Only

STRIP

2.500%

due

02/25/51

5,983

769

Series

2021-8

Class

EI

Interest

Only

STRIP

3.500%

due

03/25/51

2,432

342

Series

2021-8

Class

GI

Interest

Only

STRIP

3.000%

due

03/25/51

2,677

447

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Freddie

Mac

6.000%

due

2038

716

847

4.500%

due

2039

2,732

3,091

5.500%

due

2039

326

378

5.500%

due

2040

514

599

4.000%

due

2041

3,294

3,653

5.500%

due

2041

757

882

4.000%

due

2044

1,691

1,868

3.500%

due

2045

6,776

7,410

3.000%

due

2046

10,396

11,205

4.000%

due

2046

985

1,070

4.500%

due

2046

294

324

3.000%

due

2047

2,903

3,120

3.000%

due

2048

342

366

4.000%

due

2048

1,267

1,387

4.500%

due

2048

3,163

3,430

3.000%

due

2049

1,325

1,416

2.500%

due

2050

12,399

13,043

3.000%

due

2050

16,480

17,517

2.000%

due

2051

44,556

45,534

2.500%

due

2051

8,448

8,810

Freddie

Mac

REMICS

Series

1999-2129

Class

SG

Interest

Only

STRIP

6.806%

due

06/17/27

(USD

1

Month

LIBOR

+

7.000%)(Ê)

167

25

Series

2000-2247

Class

SC

Interest

Only

STRIP 

7.315%

due

08/15/30

(-1

x

USD

1

Month

LIBOR

+

7.500%)(Ê)

6

1

Series

2002-2463

Class

SJ

Interest

Only

STRIP

7.815%

due

03/15/32

(USD

1

Month

LIBOR

+

8.000%)(Ê)

14

3

Series

2003-2610

Class

UI

Interest

Only

STRIP

6.500%

due

05/15/33

4

1

Series

2003-2624

Class

QH

5.000%

due

06/15/33

183

211

Series

2003-2649

Class

IM

Interest

Only

STRIP 

7.000%

due

07/15/33

29

6

Series

2006-R007

Class

ZA

6.000%

due

05/15/36

707

831

Series

2012-4045

Class

HD

4.500%

due

07/15/41

347

367

Series

2017-4734

Class

IO

Interest

Only

STRIP

4.000%

due

12/15/47

3,721

568

Series

2020-5008

Class

IE

Interest

Only

STRIP

2.000%

due

09/25/50

3,920

387

Series

2020-5038

Class

NI

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

176

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Interest

Only

STRIP

2.000%

due

11/25/50

5,034

600

Series

2020-5050

Class

IP

Interest

Only

STRIP

3.000%

due

10/25/50

9,932

1,398

Series

2020-5052

Class

IO

Interest

Only

STRIP

3.500%

due

12/25/50

3,916

537

Series

2020-5052

Class

KI

Interest

Only

STRIP

4.000%

due

12/25/50

4,867

695

Series

2021-5072

Class

IQ

Interest

Only

STRIP

3.500%

due

10/25/50

5,076

789

Series

2021-5072

Class

QI

Interest

Only

STRIP

3.500%

due

10/25/50

4,262

745

Freddie

Mac

Strips

Series

1998-191

Class

IO

Interest

Only

STRIP

8.000%

due

01/01/28

5

1

Series

1998-194

Class

IO

Interest

Only

STRIP

6.500%

due

04/01/28

10

1

Series

2001-212

Class

IO

Interest

Only

STRIP

6.000%

due

05/15/31

11

2

Series

2001-215

Class

IO

Interest

Only

STRIP

8.000%

due

06/15/31

15

3

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

Series

2018-HQA2

Class

M2AS

0.992%

due

10/25/48

(USD

1

Month

LIBOR

+

0.900%)(Ê)(Þ)

10,439

10,429

Series

2020-DNA4

Class

M2

3.908%

due

08/25/50

(USD

1

Month

LIBOR

+

3.750%)(Ê)(Þ)

244

245

Series

2020-DNA5

Class

M1

1.387%

due

10/25/50

(SOFR

30

Day

Average

+

1.300%)(Ê)(Þ)

250

250

Ginnie

Mae

I

4.500%

due

2039

4,416

5,079

Ginnie

Mae

REMICS

Series

1999-27

Class

SE

Interest

Only

STRIP

8.405%

due

08/16/29

(-1

x

USD

1

Month

LIBOR

+

8.600%)(Ê)

19

3

Series

2014-190

Class

PL

3.500%

due

12/20/44

2,089

2,293

Series

2020-134

Class

IL

Interest

Only

STRIP

2.500%

due

09/20/50

2,064

182

Series

2020-146

Class

EI

Interest

Only

STRIP

2.500%

due

10/20/50

5,691

615

Series

2020-167

Class

BI

Interest

Only

STRIP

2.500%

due

11/20/50

5,936

720

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2020-167

Class

IA

Interest

Only

STRIP

2.500%

due

11/20/50

5,915

629

Series

2020-167

Class

IW

Interest

Only

STRIP

2.000%

due

11/20/50

6,610

698

Series

2020-173

Class

MI

Interest

Only

STRIP

2.500%

due

11/20/50

20,175

2,458

Series

2021-1

Class

AI

Interest

Only

STRIP

2.000%

due

01/20/51

1,922

232

Series

2021-1

Class

PI

Interest

Only

STRIP

2.500%

due

12/20/50

1,896

214

Series

2021-9

Class

MI

Interest

Only

STRIP

2.500%

due

01/20/51

5,721

692

Series

2021-23

Class

IA

Interest

Only

STRIP

2.500%

due

02/20/51

4,098

556

Series

2021-23

Class

KI

Interest

Only

STRIP

3.000%

due

02/20/51

3,490

397

Hilton

USA

Trust

Series

2016-HHV

Class

D

4.333%

due

11/05/38

(~)(Ê)(Þ)

9,138

9,924

Series

2016-SFP

Class

A

2.828%

due

11/05/35

(Þ)

1,499

1,505

HMH

Trust

Series

2017-NSS

Class

E

6.292%

due

07/05/31

(Þ)

7,770

7,576

HOM

RE,

Ltd.

Series

2021-1

Class

M1A

1.173%

due

07/25/33

(USD

1

Month

LIBOR

+

1.050%)(Ê)(Þ)

3,255

3,242

Series

2021-1

Class

M1B

1.673%

due

07/25/33

(USD

1

Month

LIBOR

+

1.550%)(Ê)(Þ)

2,345

2,338

Hospitality

Mortgage

Trust

Series

2019-HIT

Class

D

2.185%

due

11/15/36

(USD

1

Month

LIBOR

+

2.000%)(Ê)(Þ)

5,530

5,535

Series

2019-HIT

Class

E

2.535%

due

11/15/36

(USD

1

Month

LIBOR

+

2.350%)(Ê)(Þ)

3,760

3,758

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2004-LN2

Class

B

5.686%

due

07/15/41

(~)(Ê)

150

150

JPMorgan

Mortgage

Trust

2.500%

due

12/25/51

17,218

17,541

Series

2013-1

Class

2A2

2.500%

due

03/25/43

(~)(Ê)(Þ)

1,219

1,233

Series

2018-3

Class

A3

3.500%

due

09/25/48

(~)(Ê)(Þ)

309

310

Series

2018-8

Class

A3

4.000%

due

01/25/49

(~)(Ê)(Þ)

479

484

Series

2020-3

Class

A15

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

177

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.500%

due

08/25/50

(~)(Ê)(Þ)

1,013

1,030

Series

2021-6

Class

A6

2.500%

due

10/25/51

(~)(Ê)(Þ)

18,870

19,373

Series

2021-7

Class

A6

2.500%

due

11/25/51

(~)(Ê)(Þ)

18,571

19,081

Series

2021-8

Class

A6

2.500%

due

12/25/51

(~)(Ê)(Þ)

16,876

17,320

JPMorgan

Wealth

Mangement

Series

2020-ATR1

Class

A3

3.000%

due

02/25/50

(~)(Ê)(Þ)

2,616

2,679

LB

Commercial

Mortgage

Trust

Series

2007-C3

Class

AJ

6.109%

due

07/15/44

(~)(Ê)

112

111

Mello

Mortgage

Capital

Acceptance

Series

2021-INV1

Class

A4

2.500%

due

06/25/51

(~)(Ê)(Þ)

5,858

6,034

MHC

Commercial

Mortgage

Trust

Series

2021-MHC

Class

A

0.951%

due

04/15/26

(USD

1

Month

LIBOR

+

0.801%)(Ê)(Þ)

8,107

8,122

Morgan

Stanley

Capital

I

Trust

Series

2007-T25

Class

AJ

5.574%

due

11/12/49

(~)(Ê)

1,341

1,073

Series

2019-NUGS

Class

E

3.744%

due

12/15/36

(USD

1

Month

LIBOR

+

2.244%)(Ê)(Þ)

8,380

8,411

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

Series

2017-237P

Class

D

3.865%

due

09/13/39

(~)(Ê)(Þ)

5,268

5,480

Series

2017-237P

Class

XA

Interest

Only

STRIP

0.468%

due

09/13/39

(~)(Ê)(Þ)

58,208

1,193

Series

2017-237P

Class

XB

Interest

Only

STRIP

0.175%

due

09/13/39

(~)(Ê)(Þ)

35,996

195

Nomura

Resecuritization

Trust

Series

2014-1R

Class

5A3

0.637%

due

10/26/36

(USD

1

Month

LIBOR

+

0.150%)(Ê)(Þ)

870

868

Series

2015-11R

Class

3A2

3.593%

due

05/26/36

(~)(Ê)(Þ)

1,272

1,295

Oaktown

Re

III,

Ltd.

Series

2019-1A

Class

M1B

2.080%

due

07/25/29

(USD

1

Month

LIBOR

+

1.950%)(Ê)(Þ)

4,826

4,826

Oaktown

Re

VI,

Ltd.

Series

2021-1A

Class

M1B

2.060%

due

10/25/33

(SOFR

30

Day

Average

+

2.050%)(Ê)(Þ)

11,951

12,103

Preston

Ridge

Partners

Mortgage

LLC

Series

2020-5

Class

A1

3.104%

due

11/25/25

(~)(Ê)(Þ)

1,327

1,337

Series

2020-6

Class

A1

2.363%

due

11/25/25

(~)(Ê)(Þ)

2,122

2,130

Series

2021-3

Class

A1

1.867%

due

04/25/26

(~)(Ê)(Þ)

5,364

5,396

Radnor

RE,

Ltd.

Series

2019-1

Class

M2

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.306%

due

02/25/29

(USD

1

Month

LIBOR

+

3.200%)(Ê)(Þ)

4,245

4,305

Series

2020-1

Class

M1A

1.118%

due

02/25/30

(USD

1

Month

LIBOR

+

0.950%)(Ê)(Þ)

2,411

2,410

RCKT

Mortgage

Trust

Series

2021-2

Class

A5

2.500%

due

06/25/51

(~)(Ê)(Þ)

11,093

11,398

Sequoia

Mortgage

Trust

Series

2015-1

Class

A1

3.500%

due

01/25/45

(~)(Ê)(Þ)

881

898

Series

2021-4

Class

A10

2.500%

due

06/25/51

(~)(Ê)(Þ)

10,179

10,460

Structured

Asset

Mortgage

Investments

II

Trust

Series

2004-AR7

Class

A1B

0.594%

due

04/19/35

(USD

1

Month

LIBOR

+

0.400%)(Ê)

234

226

Towd

Point

Asset

Funding

LLC

Series

2021-HE1

Class

A1

0.918%

due

02/25/63

(~)(Ê)(Þ)

914

914

UWM

Mortgage

Trust

Series

2021-1

Class

A4

2.500%

due

06/25/51

(~)(Ê)(Þ)

10,730

11,024

Washington

Mutual

Mortgage

Pass-

Through

Certificates

Trust

Series

2006-AR10

Class

1A1

3.718%

due

09/25/36

(~)(Ê)

—

—

Series

2006-AR18

Class

1A1

3.079%

due

01/25/37

(~)(Ê)

2,575

2,568

Wells

Fargo

Mortgage-Backed

Securities

Trust

Series

2020-3

Class

A1

3.000%

due

06/25/50

(~)(Ê)(Þ)

5,739

5,858

647,230

Municipal

Bonds

-

0.0%

American

Municipal

Power,

Inc.

Revenue

Bonds

8.084%

due

02/15/50

230

439

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

4.926%

due

10/01/51

390

557

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

Bonds

3.006%

due

05/15/50

830

870

State

of

California

General

Obligation

Unlimited

7.300%

due

10/01/39

45

73

1,939

Non-US

Bonds

-

7.9%

Alba

PLC

Series

2007-1

Class

A3

0.342%

due

03/17/39

(GBP

3

Month

LIBOR

+

0.170%)(Ê)

GBP

3,125

4,197

Andorra

Government

International

Bond

1.250%

due

05/06/31

EUR

12,100

14,876

Aqueduct

European

CLO

DAC

Series

2021-3A

Class

AR

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(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

$

0.930%

due

08/15/34

(3

Month

EURIBOR

+

0.930%)(Ê)(Þ)

EUR

5,093

6,039

Australia

Government

International

Bond

Series

162

1.750%

due

06/21/51

AUD

3,258

2,233

Avoca

CLO

XXIII

DAC

0.840%

due

04/15/34

(~)(Ê)(Þ)

EUR

5,932

7,013

Avoca

CLO

XXIV

DAC

0.900%

due

07/15/34

EUR

3,897

4,618

Banque

Centrale

de

Tunisie

Government

International

Bond

Series

REGS

6.750%

due

10/31/23

EUR

8,030

8,417

6.375%

due

07/15/26

EUR

4,581

4,595

Banque

Ouest

Africaine

de

Developpement

Series

REGS

2.750%

due

01/22/33

EUR

3,814

4,765

Carin

CLO

VIII

BV

0.860%

due

10/30/30

EUR

8,400

9,972

Cheshire

PLC

0.949%

due

08/20/45

GBP

12,544

17,554

China

Government

International

Bond

0.625%

due

11/25/35

EUR

732

849

Contego

CLO

DAC

1.000%

due

01/24/34

EUR

6,800

8,062

Crosthwaite

Park

CLO

DAC

0.850%

due

03/18/34

EUR

1,895

2,236

European

Union

0.450%

due

07/04/41

EUR

2,760

3,381

Eurosail

PRIME-UK

PLC

Series

2007-PR1X

Class

A1

0.598%

due

09/13/45

(GBP

3

Month

LIBOR

+

0.400%)(Ê)

GBP

2,203

3,003

Eurosail

-UK

PLC

0.784%

due

09/13/45

GBP

2,769

3,802

GE

Capital

UK

Funding

Co.

6.250%

due

05/05/38

GBP

90

193

Harvest

CLO

XXVI

DAC

Series

2021-26A

Class

A

1.000%

due

01/15/34

(3

Month

EURIBOR

+

0.940%)(Ê)(Þ)

EUR

5,509

6,519

Indonesia

Government

International

Bond

Series

FR87

6.500%

due

02/15/31

IDR

29,863,000

2,094

Italy

Buoni

Poliennali

Del

Tesoro

3.850%

due

09/01/49

(Þ)

EUR

900

1,614

2.150%

due

03/01/72

(Þ)

EUR

2,642

3,214

Japan

2

Year

Government

International

Bond

Series

423

0.005%

due

04/01/23

JPY

5,154,000

47,089

Japan

20

Year

Government

International

Bond

Series

68

2.200%

due

03/20/24

JPY

1,632,600

15,794

Last

Mile

Logistics

Group,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

0.750%

due

08/17/26

EUR

5,658

6,721

Last

Mile

Securities

0.900%

due

08/17/31

EUR

3,720

4,448

Madison

Park

Euro

Funding

IX

DAC

Series

2021-9A

Class

AR

0.880%

due

07/15/35

(3

Month

EURIBOR

+

0.880%)(Ê)(Þ)

EUR

4,412

5,223

Mexican

Bonos

de

Desarrollo

Series

M

30

8.500%

due

11/18/38

MXN

53,370

2,927

Mexico

Government

International

Bond

2.125%

due

10/25/51

EUR

6,116

6,147

4.000%

due

03/15/15

EUR

4,041

5,252

Newgate

Funding

PLC

Series

2006-1

Class

A4

1.086%

due

12/01/50

(GBP

3

Month

LIBOR

+

0.190%)(Ê)

GBP

2,332

3,198

Series

2006-3X

Class

A3B

3.732%

due

12/01/50

(3

Month

EURIBOR

+

0.170%)(Ê)

EUR

3,295

3,829

Paragon

Mortgages

(No.

12)

PLC

0.293%

due

11/15/38

(~)(Ê)

GBP

10,008

13,753

Petroleos

Mexicanos

Series

14-2

7.470%

due

11/12/26

MXN

233,100

10,480

Series

REGS

7.190%

due

09/12/24

MXN

255,242

12,205

Republic

of

South

Africa

Government

International

Bond

Series

2037

8.500%

due

01/31/37

ZAR

169,431

9,881

RMAC

Securities

No.

1

PLC

0.234%

due

06/12/44

GBP

1,734

2,334

Series

2006-NS1X

Class

A2A

1.050%

due

06/12/44

(GBP

3

Month

LIBOR

+

0.150%)(Ê)

GBP

1,443

1,951

Series

2006-NS4X

Class

A3A

0.368%

due

06/12/44

(GBP

3

Month

LIBOR

+

0.170%)(Ê)

GBP

4,017

5,405

Romania

Government

International

Bond

Series

REGS

2.625%

due

12/02/40

EUR

5,711

6,628

2.750%

due

04/14/41

EUR

1,752

2,041

2.875%

due

04/13/42

EUR

2,371

2,774

St

Paul's

CLO

0.920%

due

04/15/33

EUR

3,800

4,505

Taurus

CMBS

1.000%

due

08/17/31

GBP

10,780

14,984

Taurus

UK

Designated

Activity

Co.

Series

2021-UK1A

Class

A

0.901%

due

05/17/31

(3

Month

SONIA

Deposit

Rate

+

0.850%)(Ê)(Þ)

GBP

1,593

2,223

Series

2021-UK1A

Class

B

1.351%

due

05/17/31

(3

Month

SONIA

Deposit

Rate

+

1.300%)(Ê)(Þ)

GBP

1,220

1,700

Towd

Point

Mortgage

Funding

Series

2019-A13X

Class

B

1.251%

due

07/20/45

(3

Month

SONIA

Deposit

Rate

+

1.200%)(Ê)

GBP

5,740

7,983

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(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

$

Warwick

Finance

Residential

Mortgages

Number

Three

PLC

0.854%

due

12/21/49

(~)(Ê)(Þ)

GBP

3,618

5,037

323,758

United

States

Government

Treasuries

-

15.5%

United

States

Treasury

Notes

1.625%

due

08/15/22

14,390

14,617

1.625%

due

12/15/22

10,850

11,074

1.375%

due

02/15/23

54,899

55,946

1.750%

due

05/15/23

15,280

15,711

0.125%

due

05/31/23

190

190

1.375%

due

06/30/23

1,925

1,969

1.250%

due

07/31/23

8,245

8,420

2.875%

due

10/31/23

8,768

9,288

2.750%

due

02/15/24

32,230

34,254

0.250%

due

03/15/24

17,952

17,938

2.125%

due

03/31/24

35,924

37,668

1.250%

due

08/31/24

19,012

19,524

2.000%

due

02/15/25

14,923

15,727

2.000%

due

08/15/25

7,933

8,391

3.000%

due

10/31/25

2,795

3,078

2.250%

due

11/15/25

10,180

10,896

1.625%

due

02/15/26

13,372

13,962

2.250%

due

03/31/26

7,720

8,288

1.625%

due

05/15/26

12,000

12,539

0.750%

due

05/31/26

2,230

2,238

0.875%

due

06/30/26

1,530

1,544

1.500%

due

08/15/26

25,579

26,578

0.625%

due

03/31/27

16,692

16,534

2.375%

due

05/15/27

8,460

9,205

0.500%

due

05/31/27

20,480

20,086

2.250%

due

08/15/27

24,746

26,777

2.750%

due

02/15/28

10,833

12,084

1.250%

due

03/31/28

9,836

10,019

1.250%

due

04/30/28

400

407

2.875%

due

05/15/28

2,800

3,152

1.250%

due

06/30/28

70

71

3.125%

due

11/15/28

10,335

11,859

2.375%

due

05/15/29

9,437

10,349

0.625%

due

05/15/30

17,573

16,773

6.250%

due

05/15/30

10,203

14,596

0.625%

due

08/15/30

2,025

1,927

5.375%

due

02/15/31

15,035

20,762

1.625%

due

05/15/31

1,910

1,980

1.125%

due

05/15/40

15,105

13,496

1.125%

due

08/15/40

15,121

13,464

1.375%

due

11/15/40

11,574

10,751

2.250%

due

05/15/41

1,260

1,354

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.750%

due

11/15/42

6,322

7,345

2.875%

due

05/15/43

6,672

7,911

2.875%

due

08/15/45

5,710

6,821

3.000%

due

05/15/47

4,903

6,032

2.750%

due

11/15/47

7,605

8,964

3.000%

due

02/15/48

5,675

7,001

3.000%

due

02/15/49

6,293

7,800

2.875%

due

05/15/49

5,879

7,132

1.250%

due

05/15/50

16,755

14,262

1.375%

due

08/15/50

9,075

7,971

1.625%

due

11/15/50

7,326

6,849

1.875%

due

02/15/51

2,260

2,244

2.375%

due

05/15/51

1,910

2,119

637,937

Total

Long-Term

Investments

(cost

$3,347,870

)

3,425,072

Common

Stocks

-

0.0%

Technology

-

0.0%

Sungard

Availability

Services

Capital,

LP(Æ)(Š)

9,557

—

Total

Common

Stocks

(cost

$239)

—

Short-Term

Investments

-

14.5%

Air

Lease

Corp.

Series

3Y

3.500%

due

01/15/22

300

304

Apache

Corp.

3.250%

due

04/15/22

79

80

Aviation

Capital

Group

LLC

2.875%

due

01/20/22

(Þ)

400

403

FirstEnergy

Corp.

Series

A

2.850%

due

07/15/22

1,142

1,156

Ford

Motor

Credit

Co.

LLC

Series

FXD

3.813%

due

10/12/21

600

603

Fresenius

Medical

Care

US

Finance

II,

Inc.

5.875%

due

01/31/22

(Þ)

2,258

2,316

Gazprom

OAO

Via

Gaz

Capital

SA

4.950%

due

07/19/22

(Þ)

2,847

2,952

Intesa

Sanpaolo

SpA

3.125%

due

07/14/22

(Þ)

3,070

3,145

NBK

SPC,

Ltd.

2.750%

due

05/30/22

(Þ)

2,179

2,213

Newell

Brands,

Inc.

4.000%

due

06/15/22

318

324

Pacific

Gas

and

Electric

Co.

1.750%

due

06/16/22

1,410

1,408

Siemens

Financieringsmaatschappij

NV

Class

C

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(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

$

2.900%

due

05/27/22

(Þ)

1,245

1,272

Statoil

ASA

3.150%

due

01/23/22

2,045

2,073

Suncor

Energy

Ventures

Corp.

4.500%

due

04/01/22

(Þ)

90

92

Teva

Pharmaceutical

Finance

Co.

BV

Series

2

3.650%

due

11/10/21

60

60

U.S.

Cash

Management

Fund(@)

397,398,972(∞)

397,320

UniCredit

SpA

6.572%

due

01/14/22

(Þ)

3,210

3,292

United

Airlines

Pass-Through

Trust

Series

071A

6.636%

due

07/02/22

379

392

United

States

Treasury

Notes

2.375%

due

03/15/22

129,832

131,693

0.125%

due

05/31/22

12,020

12,025

1.875%

due

05/31/22

4,422

4,487

2.125%

due

06/30/22

30,691

31,263

Total

Short-Term

Investments

(cost

$598,684)

598,873

Total

Investments

-

97.6%

(identified

cost

$3,946,793)

4,023,945

Other

Assets

and

Liabilities,

Net

-

2.4%

96,926

Net

Assets

-

100.0%

4,120,871

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

181

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

$

$

$

25.6%

ABN

AMRO

Bank

NV

06/21/21

3,745,000

111.99

4,194

4,211

Abu

Dhabi

Government

International

Bond

04/08/20

1,380,000

100.72

1,390

1,606

Abu

Dhabi

Government

International

Bond

04/12/21

460,000

95.92

441

448

Abu

Dhabi

National

Energy

Co.

PJSC

04/15/21

390,000

111.53

435

437

Adani

Ports

&

Special

Economic

Zone,

Ltd.

07/09/20

3,264,000

97.72

3,190

3,402

AES

Panama

Generation

Holdings

SRL

04/26/21

3,981,000

103.60

4,124

4,119

African

Export-Import

Bank

(The)

05/10/21

5,740,000

100.00

5,740

5,849

Air

Liquide

Finance

SA

07/13/21

3,973,000

103.61

4,116

4,117

Alimentation

Couche-Tard,

Inc.

09/19/17

2,912,000

102.06

2,972

3,239

Alrosa

Finance

SA

07/09/21

1,500,000

108.82

1,632

1,618

American

Airlines

Group,

Inc.

04/12/21

570,000

104.41

595

597

American

Airlines

Group,

Inc.

04/12/21

500,000

107.04

535

539

Americo

Life,

Inc.

04/12/21

430,000

99.73

429

444

AmFam

Holdings,

Inc.

04/09/21

820,000

103.63

850

904

AmFam

Holdings,

Inc.

04/12/21

940,000

100.31

943

980

AMSR

Trust

06/23/21

4,750,000

100.00

4,750

4,790

Amur

Equipment

Finance

Receivables

IX

LLC

04/14/21

2,645,000

99.99

2,645

2,655

Anglo

American

Capital

PLC

02/08/19

220,000

99.90

219

255

Anglo

American

Capital

PLC

04/12/21

3,257,000

107.49

3,501

3,523

Anglo

American

Capital

PLC

04/12/21

930,000

112.99

1,051

1,072

Aqueduct

European

CLO

DAC

06/15/21

EUR

5,093,000

121.27

6,176

6,039

Arbor

Realty

CLO,

Ltd.

05/26/21

4,043,000

100.00

4,043

4,046

AT&T,

Inc.

06/13/16

150,000

95.72

144

155

AT&T,

Inc.

04/05/21

1,010,000

95.50

964

1,076

AT&T,

Inc.

07/15/21

120,000

100.04

120

121

Australia

&

New

Zealand

Banking

Group,

Ltd.

06/18/21

4,391,000

97.21

4,268

4,338

Aviation

Capital

Group

LLC

08/05/20

400,000

99.59

398

403

Aviation

Capital

Group

LLC

04/13/21

610,000

111.70

681

691

Avoca

CLO

XXIII

DAC

04/23/21

EUR

5,932,000

121.00

7,177

7,013

Avolon

Holdings

Funding,

Ltd.

04/12/21

390,000

100.87

394

404

Avolon

Holdings

Funding,

Ltd.

04/12/21

480,000

104.64

502

513

Avolon

Holdings

Funding,

Ltd.

04/12/21

1,680,000

105.54

1,773

1,837

Banco

de

Bogota

SA

09/22/17

2,846,000

103.43

2,944

2,960

Banco

Inbursa

SA

Institucion

de

Banca

Multiple

07/13/21

3,856,000

107.17

4,132

4,116

Banco

Mercantil

del

Norte

SA

04/09/21

480,000

117.44

564

579

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santander

05/03/21

4,236,000

103.79

4,397

4,406

Bank

of

China,

Ltd.

04/13/21

3,100,000

110.80

3,435

3,455

Barclays

Bank

PLC

04/08/21

256,000

138.53

355

347

Barings

CLO,

Ltd.

05/04/21

4,863,754

100.07

4,867

4,866

Bayer

US

Finance

II

LLC

07/15/21

3,861,000

106.87

4,126

4,130

Bayer

US

Finance

LLC

09/05/18

1,891,000

100.89

1,908

2,032

BDS

07/22/21

4,100,000

100.00

4,100

4,103

BDS,

Ltd.

05/14/21

6,121,000

100.00

6,121

6,123

Bellemeade

Re,

Ltd.

08/28/20

3,760,669

100.00

3,761

3,801

Bellemeade

Re,

Ltd.

12/17/20

3,510,000

100.06

3,512

3,552

Bellemeade

Re,

Ltd.

04/23/21

3,293,000

101.03

3,327

3,325

Bellemeade

Re,

Ltd.

04/23/21

6,926,000

101.09

7,001

7,018

Bellemeade

Re,

Ltd.

06/11/21

4,493,000

100.00

4,493

4,493

Bellemeade

Re,

Ltd.

06/11/21

2,279,000

100.00

2,279

2,290

Bellemeade

Re,

Ltd.

06/11/21

10,243,000

100.00

10,243

10,262

Benchmark

Mortgage

Trust

03/24/21

8,722,000

101.25

8,831

9,128

Bermuda

Government

International

Bond

04/12/21

1,390,000

98.45

1,368

1,394

Berry

Global,

Inc.

07/15/21

4,119,000

100.12

4,124

4,124

Berry

Petroleum

Corp.

04/13/21

1,960,000

98.51

1,931

1,931

Bharti

Airtel

International

Netherlands

BV

09/26/19

2,880,000

102.69

2,958

3,045

Blackbird

Capital

Aircraft

Lease

Securitization,

Ltd.

11/04/16

4,536,875

99.14

4,498

4,570

BlueMountain

CLO,

Ltd.

01/18/18

2,333,318

100.59

2,347

2,335

BNP

Paribas

SA

08/07/18

1,490,000

99.59

1,484

1,728

BNP

Paribas

SA

01/03/19

540,000

99.98

540

589

BNP

Paribas

SA

01/08/19

320,000

96.85

310

345

BNP

Paribas

SA

06/02/20

1,620,000

101.77

1,649

1,676

BNP

Paribas

SA

01/05/21

3,335,000

107.48

3,584

3,580

BNP

Paribas

SA

04/09/21

1,220,000

91.62

1,118

1,183

BNP

Paribas

SA

06/23/21

830,000

100.00

830

836

BOC

Aviation

USA

Corp.

05/06/21

780,000

100.18

781

787

BX

Commercial

Mortgage

Trust

07/15/21

5,387,000

100.25

5,400

5,400

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

182

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

$

$

$

CAMB

Commercial

Mortgage

Trust

01/25/19

3,491,000

100.00

3,491

3,503

Cameron

LNG

LLC

04/09/21

250,000

107.95

270

283

Carlyle

Holdings

II

Finance

LLC

07/07/20

2,589,000

126.79

3,283

3,537

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

04/14/20

50,000

101.79

51

53

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

04/12/21

240,000

104.99

252

251

Cedar

Funding,

Ltd.

02/26/21

5,920,000

100.00

5,920

5,926

Celulosa

Arauco

y

Constitucion

SA

01/06/20

1,500,000

100.72

1,511

1,755

Chase

Auto

Credit

Liked

Notes

03/16/21

17,592,703

100.01

17,595

17,614

CHS/Community

Health

Systems,

Inc.

04/12/21

510,000

103.88

530

537

Citigroup

Mortgage

Loan

Trust,

Inc.

08/03/15

628,056

90.86

571

583

CLI

Funding

VI

LLC

09/29/20

1,290,122

100.00

1,290

1,308

CLI

Funding

VI

LLC

10/02/20

5,277,621

99.98

5,277

5,336

Comision

Federal

de

Electricidad

04/09/21

280,000

94.72

265

273

Comision

Federal

de

Electricidad

04/12/21

360,000

96.83

349

356

Comision

Federal

de

Electricidad

04/13/21

200,000

108.89

218

217

Commercial

Mortgage

Trust

06/05/19

4,040,000

100.00

4,040

3,858

Commonwealth

Bank

of

Australia

04/09/21

540,000

105.34

569

606

Commonwealth

Bank

of

Australia

04/09/21

610,000

98.41

600

641

Commonwealth

Bank

of

Australia

04/12/21

530,000

97.96

519

538

Commonwealth

Bank

of

Australia

06/18/21

3,587,000

118.46

4,249

4,373

Comstock

Resources,

Inc.

06/14/21

1,370,000

100.45

1,376

1,378

ConocoPhillips

Co.

08/22/18

390,000

100.11

390

444

CORE

Mortgage

Trust

03/01/19

5,704,000

100.00

5,704

5,697

Covey

Park

Energy

LLC

04/13/21

670,000

103.85

696

693

Credit

Agricole

SA

01/05/21

3,759,000

107.07

4,025

4,017

Credit

Agricole

SA

04/12/21

210,000

122.13

256

255

Credit

Agricole

SA

06/17/21

4,293,000

98.57

4,232

4,259

Credit

Suisse

Group

AG

09/04/19

250,000

100.00

250

261

Credit

Suisse

Group

AG

04/12/21

2,280,000

107.45

2,450

2,468

Credit

Suisse

Group

AG

04/12/21

2,380,000

108.51

2,583

2,597

Credit

Suisse

Group

AG

04/14/21

2,280,000

108.56

2,475

2,533

Credit

Suisse

Group

AG

05/10/21

1,850,000

100.00

1,850

1,932

Credit

Suisse

Mortgage

Capital

Certificates

07/10/20

2,250,000

96.30

2,167

2,262

Credit

Suisse

Mortgage

Trust

05/28/19

5,766,000

100.00

5,766

5,784

DAE

Funding

LLC

06/15/21

900,000

99.45

895

899

Danone

SA

04/22/19

2,975,000

99.97

2,974

3,100

Danske

Bank

A/S

01/11/19

3,960,000

109.05

4,319

4,384

Danske

Bank

A/S

09/17/19

230,000

101.78

234

245

Danske

Bank

A/S

06/21/21

4,263,000

99.93

4,260

4,301

DBGS

Mortgage

Trust

04/03/19

4,612,000

101.28

4,671

4,886

DCP

Midstream

Operating,

LP

04/02/18

288,000

109.48

315

355

DCP

Midstream

Operating,

LP

12/11/19

200,000

108.18

217

240

Delta

Air

Lines,

Inc.

05/07/20

1,190,000

98.29

1,170

1,400

Delta

Air

Lines,

Inc.

09/16/20

650,000

103.73

674

699

Delta

Air

Lines,

Inc.

09/16/20

750,000

106.19

796

838

Deutsche

Telekom

International

Finance

BV

01/05/21

703,000

103.92

731

731

Deutsche

Telekom

International

Finance

BV

04/12/21

3,196,000

109.71

3,506

3,540

Devon

Energy

Corp.

06/07/21

91,000

106.74

97

97

Devon

Energy

Corp.

06/07/21

790,000

108.66

859

862

Devon

Energy

Corp.

06/07/21

519,000

109.95

571

573

Dryden

41

Senior

Loan

Fund

05/04/21

2,500,000

100.12

2,503

2,503

Dryden

49

Senior

Loan

Fund

03/29/21

6,879,000

100.00

6,879

6,881

Dryden

XXVIII

Senior

Loan

Fund

08/03/17

3,028,000

100.00

3,028

3,028

Eagle

Re,

Ltd.

01/27/20

2,170,000

100.00

2,170

2,165

Eagle

Re,

Ltd.

12/17/20

2,609,000

100.25

2,615

2,625

Eagle

Re,

Ltd.

04/09/21

4,598,000

100.00

4,598

4,655

ECAF,

Ltd.

08/09/18

626,134

99.28

622

606

EDP

Finance

BV

04/12/21

260,000

97.34

253

259

Electricite

de

France

SA

03/02/21

129,000

107.47

139

138

Electricite

de

France

SA

04/09/21

802,000

105.53

846

842

Enel

Finance

International

NV

01/05/18

2,929,000

100.56

2,945

3,259

Eni

SpA

04/26/21

1,500,000

125.84

1,888

1,977

EnLink

Midstream

LLC

04/13/21

1,210,000

100.15

1,212

1,280

EQT

Corp.

05/10/21

130,000

100.00

130

134

EQT

Corp.

05/10/21

110,000

100.00

110

117

Falabella

SA

07/08/21

3,955,000

104.22

4,122

4,123

Fidelity

&

Guaranty

Life

Holdings,

Inc.

04/16/21

450,000

113.98

513

518

First

Quantum

Minerals,

Ltd.

04/12/21

300,000

101.70

305

306

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

183

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

First

Quantum

Minerals,

Ltd.

04/12/21

220,000

103.75

228

228

First

Quantum

Minerals,

Ltd.

04/13/21

2,180,000

109.00

2,377

2,362

FirstKey

Homes

Trust

07/31/20

3,208,284

99.99

3,208

3,233

FirstKey

Homes

Trust

10/02/20

11,892,694

100.79

11,987

11,936

FNA

VI

LLC

01/22/21

2,530,946

99.98

2,531

2,531

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

09/30/20

243,937

101.13

246

245

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

10/13/20

249,739

100.00

250

250

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

05/24/21

10,439,000

100.05

10,444

10,429

Fresenius

Medical

Care

US

Finance

II,

Inc.

09/19/17

2,258,000

101.76

2,298

2,316

Fresenius

Medical

Care

US

Finance

III,

Inc.

06/18/21

4,196,000

101.78

4,271

4,376

Fresnillo

PLC

04/09/21

930,000

98.41

915

971

Gazprom

OAO

Via

Gaz

Capital

SA

03/06/19

2,847,000

101.55

2,891

2,952

Genting

New

York

LLC

04/13/21

1,780,000

100.34

1,786

1,790

Glencore

Funding

LLC

02/07/17

240,000

100.87

242

255

Glencore

Funding

LLC

03/21/17

565,000

98.82

558

630

Glencore

Funding

LLC

01/16/19

110,000

94.38

104

122

Glencore

Funding

LLC

03/05/19

2,430,000

103.42

2,513

2,619

Glencore

Funding

LLC

04/13/21

760,000

100.44

764

772

Goldentree

Loan

Management

US

CLO

7,

Ltd.

04/01/21

4,156,000

100.00

4,156

4,158

Greenwood

Park

CLO,

Ltd.

02/28/18

3,133,000

100.11

3,137

3,137

GSAA

Home

Equity

Trust

10/21/15

770,104

88.42

681

808

Harvest

CLO

XXVI

DAC

06/24/21

EUR

5,509,000

119.34

6,574

6,519

HGI

CRE

CLO,

Ltd.

05/06/21

8,602,000

100.03

8,605

8,607

Highlands

Holdings

Bond

Issuer,

Ltd.

04/12/21

1,050,000

106.80

1,121

1,112

Hilton

Domestic

Operating

Co.,

Inc.

04/16/20

430,000

100.34

431

450

Hilton

Domestic

Operating

Co.,

Inc.

04/16/20

310,000

104.07

323

333

Hilton

USA

Trust

11/22/16

9,138,000

95.58

8,734

9,924

Hilton

USA

Trust

05/26/17

1,499,000

99.73

1,495

1,505

HMH

Trust

06/09/17

7,770,000

99.98

7,769

7,576

HOM

RE,

Ltd.

01/28/21

2,345,000

100.00

2,345

2,338

HOM

RE,

Ltd.

01/28/21

3,255,000

100.00

3,255

3,242

Home

RE,

Ltd.

07/23/21

2,576,000

100.00

2,576

2,576

Home

RE,

Ltd.

07/23/21

1,227,000

100.00

1,227

1,227

Hospitality

Mortgage

Trust

05/16/19

5,530,409

100.00

5,530

5,535

Hospitality

Mortgage

Trust

12/10/19

3,760,157

100.11

3,765

3,758

ICICI

Bank,

Ltd.

11/03/20

3,094,000

104.39

3,230

3,358

Intesa

Sanpaolo

SpA

06/13/16

1,340,000

97.48

1,306

1,454

Intesa

Sanpaolo

SpA

07/10/17

3,070,000

101.18

3,106

3,145

Intesa

Sanpaolo

SpA

11/03/17

400,000

100.91

404

452

Intesa

Sanpaolo

SpA

01/05/18

2,323,000

100.17

2,331

2,413

Intesa

Sanpaolo

SpA

08/02/18

1,171,000

90.09

1,055

1,279

Intesa

Sanpaolo

SpA

04/09/21

700,000

114.90

804

836

Intesa

Sanpaolo

SpA

05/24/21

420,000

100.00

420

432

Intesa

Sanpaolo

SpA

05/24/21

1,190,000

100.00

1,190

1,237

Inversiones

CMPC

SA

07/08/20

3,747,000

104.94

3,932

3,906

Inversiones

CMPC

SA

07/08/20

3,230,000

108.55

3,507

3,525

Invitation

Homes

Trust

09/09/20

4,982,132

99.64

4,964

4,990

Irwin

Home

Equity

Loan

Trust

06/30/15

687,945

101.79

700

703

Italy

Buoni

Poliennali

Del

Tesoro

04/07/21

EUR

2,642,000

117.37

3,101

3,214

Italy

Buoni

Poliennali

Del

Tesoro

05/28/21

EUR

900,000

174.81

1,573

1,614

JPMorgan

Chase

Bank

07/13/21

5,750,000

100.00

5,750

5,755

JPMorgan

Mortgage

Trust

07/08/19

1,219,332

99.75

1,216

1,233

JPMorgan

Mortgage

Trust

06/05/20

309,118

103.07

319

310

JPMorgan

Mortgage

Trust

06/05/20

478,755

103.67

496

484

JPMorgan

Mortgage

Trust

03/30/21

1,013,004

102.17

1,035

1,030

JPMorgan

Mortgage

Trust

04/26/21

18,869,753

102.81

19,400

19,373

JPMorgan

Mortgage

Trust

05/24/21

18,571,168

102.90

19,109

19,081

JPMorgan

Mortgage

Trust

06/24/21

16,875,533

102.62

17,318

17,320

JPMorgan

Wealth

Mangement

07/30/20

2,616,429

103.72

2,714

2,679

KazMunayGas

National

Co.

JSC

04/17/18

250,000

99.04

248

328

KKR

Group

Finance

Co.

II

LLC

06/14/16

50,000

104.28

52

69

KKR

Group

Finance

Co.

III

LLC

04/16/21

800,000

125.84

1,007

1,062

Klabin

Austria

GmbH

04/12/21

870,000

95.63

832

859

Kraft

Heinz

Foods

Co.

06/15/20

428,000

134.16

574

638

LCM

XXV,

Ltd.

07/10/17

6,782,000

100.03

6,784

6,783

Lithia

Motors,

Inc.

06/04/21

760,000

103.41

786

800

Lithia

Motors,

Inc.

06/07/21

430,000

105.51

454

458

Lloyds

Banking

Group

PLC

03/16/20

225,000

106.52

240

311

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

184

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

$

$

$

LPL

Holdings,

Inc.

05/10/21

310,000

100.71

312

317

Lukoil

International

Finance

BV

09/19/17

2,827,000

102.40

2,895

2,993

Madison

Park

Euro

Funding

IX

DAC

06/09/21

EUR

4,412,000

121.77

5,373

5,223

Madison

Park

Funding

IV,

Ltd.

09/05/17

4,180,000

100.00

4,180

4,184

Madison

Park

Funding,

Ltd.

01/15/21

3,863,000

100.00

3,863

3,863

Marks

&

Spencer

PLC

09/25/19

58,000

113.89

66

69

Mars,

Inc.

04/09/21

870,000

93.43

813

850

Massachusetts

Mutual

Life

Insurance

Co.

04/09/21

790,000

101.01

798

846

MEG

Energy

Corp.

01/19/21

430,000

101.89

438

444

MEG

Energy

Corp.

04/12/21

500,000

105.36

527

525

MEG

Energy

Corp.

04/29/21

360,000

103.35

372

371

Meituan

01/05/21

3,618,000

101.79

3,683

3,514

Melco

Resorts

Finance,

Ltd.

04/12/21

820,000

105.57

866

846

Mello

Mortgage

Capital

Acceptance

06/14/21

5,857,949

102.66

6,014

6,034

MHC

Commercial

Mortgage

Trust

04/06/21

8,107,000

99.76

8,088

8,122

Microchip

Technology,

Inc.

04/14/21

1,620,000

99.99

1,620

1,623

Microchip

Technology,

Inc.

05/18/21

640,000

100.00

640

639

Midwest

Connector

Capital

Co.

LLC

12/04/19

2,885,000

103.13

2,975

3,023

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

06/25/20

950,000

103.76

986

1,034

Mill

City

Mortgage

Trust

04/28/21

5,865,000

106.03

6,219

6,100

Mondelez

International,

Inc.

09/04/20

403,000

101.91

411

411

Mondelez

International,

Inc.

01/04/21

1,696,000

104.98

1,780

1,774

Morgan

Stanley

Capital

I

Trust

12/12/19

8,380,000

99.47

8,335

8,411

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

35,996,000

0.54

196

195

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

58,208,000

2.05

1,192

1,193

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

5,268,000

98.70

5,199

5,480

Motiva

Enterprises

LLC

12/02/20

615,000

118.70

730

803

National

Bank

of

Canada

10/05/20

1,697,000

101.96

1,730

1,734

Navient

Private

Education

Refi

Loan

Trust

11/03/20

2,732,441

99.99

2,732

2,756

Navient

Private

Education

Refi

Loan

Trust

01/19/21

11,796,425

99.86

11,780

11,790

Navient

Private

Education

Refi

Loan

Trust

03/16/21

9,531,533

100.08

9,539

9,543

Navient

Private

Education

Refi

Loan

Trust

05/18/21

8,830,630

99.99

8,830

8,864

Navient

Student

Loan

Trust

07/20/20

2,095,178

99.99

2,095

2,108

Navient

Student

Loan

Trust

07/23/20

10,318,860

101.04

10,426

10,502

NBK

SPC,

Ltd.

10/02/20

2,179,000

101.44

2,210

2,213

Nestle

Holdings,

Inc.

01/06/20

2,895,000

102.89

2,979

3,075

Netflix,

Inc.

04/12/21

380,000

115.54

439

458

Netflix,

Inc.

04/12/21

190,000

118.90

226

234

New

York

Life

Insurance

Co.

04/09/21

630,000

107.92

680

730

New

York

Life

Insurance

Co.

04/09/21

180,000

121.00

218

231

NGPL

PipeCo

LLC

09/26/19

2,298,000

128.14

2,945

3,356

Nippon

Life

Insurance

Co.

04/09/21

890,000

96.14

856

881

Nissan

Motor

Acceptance

Corp.

09/10/20

740,000

100.00

740

822

Nissan

Motor

Acceptance

Corp.

09/10/20

1,040,000

100.00

1,040

1,115

Nissan

Motor

Acceptance

Corp.

09/10/20

2,190,000

103.31

2,262

2,283

Nissan

Motor

Acceptance

Corp.

04/12/21

770,000

111.14

856

879

Nomura

Resecuritization

Trust

11/07/14

869,670

86.95

756

868

Nomura

Resecuritization

Trust

10/23/15

1,272,000

93.95

1,195

1,295

Nordea

Bank

Abp

04/16/21

3,614,000

106.52

3,850

3,856

Northern

Natural

Gas

Co.

08/02/18

2,615,000

108.84

2,846

3,199

Northern

Oil

and

Gas,

Inc.

04/12/21

680,000

100.15

681

712

Northwestern

Mutual

Life

Insurance

Co.

(The)

04/09/21

2,150,000

101.96

2,192

2,378

Northwestern

Mutual

Life

Insurance

Co.

(The)

04/09/21

280,000

104.04

291

316

NRG

Energy,

Inc.

04/12/21

1,490,000

100.01

1,490

1,523

NTT

Finance

Corp.

04/12/21

890,000

99.76

888

917

Nuveen

LLC

03/11/19

400,000

103.52

414

466

NXP

BV

/

NXP

Funding

LLC

04/12/21

300,000

105.94

318

332

Oaktown

Re

III,

Ltd.

01/26/21

4,826,000

100.48

4,849

4,826

Oaktown

Re

VI,

Ltd.

04/14/21

11,951,000

100.06

11,958

12,103

OCP

CLO,

Ltd.

03/23/21

2,181,340

100.09

2,183

2,182

OCP

SA

06/10/21

590,000

100.00

590

598

OCP

SA

06/11/21

430,000

100.43

432

438

Octane

Receivables

Trust

04/27/21

7,789,822

99.99

7,789

7,799

OneMain

Financial

Issuance

Trust

08/13/20

19,725,000

101.65

20,050

20,236

OneMain

Financial

Issuance

Trust

10/22/20

5,379,000

104.91

5,643

5,600

OneMain

Financial

Issuance

Trust

11/30/20

2,282,000

107.80

2,460

2,475

OneMain

Financial

Issuance

Trust

05/17/21

19,801,000

100.17

19,834

20,003

Paraguay

Government

International

Bond

04/09/21

790,000

114.02

901

929

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

185

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Park

Aerospace

Holdings,

Ltd.

02/25/19

68,000

100.77

69

71

Parsley

Energy

LLC

09/25/20

50,000

92.99

46

52

Petroleos

del

Peru

SA

04/09/21

820,000

104.01

853

847

POSCO

01/04/21

3,577,000

102.36

3,661

3,658

Preston

Ridge

Partners

Mortgage

LLC

02/14/20

8,208,248

99.90

8,200

8,247

Preston

Ridge

Partners

Mortgage

LLC

10/29/20

1,326,899

100.00

1,327

1,337

Preston

Ridge

Partners

Mortgage

LLC

12/01/20

2,121,867

100.00

2,122

2,130

Preston

Ridge

Partners

Mortgage

LLC

04/28/21

5,364,158

100.00

5,364

5,396

Provincia

de

Buenos

Aires

02/08/17

400,000

99.02

396

192

Provincia

de

Buenos

Aires

02/08/17

450,000

99.88

450

214

Provincia

de

Cordoba

04/12/21

750,000

60.63

455

510

Provincia

de

Cordoba

04/12/21

570,000

69.50

396

429

Qatar

Government

International

Bond

03/06/19

1,000,000

100.00

1,000

1,301

Qatar

Government

International

Bond

04/07/20

410,000

100.00

410

506

Qatar

Petroleum

06/30/21

2,000,000

98.94

1,979

2,024

Qatar

Petroleum

06/30/21

490,000

99.91

489

491

Radnor

RE,

Ltd.

01/21/20

2,411,000

100.00

2,411

2,410

Radnor

RE,

Ltd.

04/26/21

4,245,000

101.03

4,289

4,305

Radnor

RE,

Ltd.

06/18/21

7,980,000

100.00

7,980

7,984

Range

Resources

Corp.

04/12/21

540,000

107.35

580

598

RCKT

Mortgage

Trust

06/22/21

11,093,283

102.09

11,325

11,398

Reliance

Industries,

Ltd.

10/01/19

2,934,000

104.45

3,065

3,207

RESIMAC

Premier

09/23/20

2,815,116

100.00

2,815

2,828

Resimac

,

Ltd.

03/04/21

5,414,927

100.00

5,415

5,418

Roche

Holdings,

Inc.

07/07/20

950,000

105.66

1,004

1,006

Rockfield

Park

Clo

Designated

Activity

Co.

06/30/21

EUR

5,467,000

118.58

6,483

6,464

Rockies

Express

Pipeline

LLC

05/06/20

300,000

91.62

275

305

Rockies

Express

Pipeline

LLC

03/23/21

98,000

100.67

98

100

Rockies

Express

Pipeline

LLC

03/23/21

289,000

103.72

300

298

Royal

Caribbean

Cruises,

Ltd.

09/09/20

539,000

112.79

608

617

Sabal

Trail

Transmission

LLC

10/05/20

845,000

117.33

991

1,065

SABIC

Capital

II

BV

10/01/19

2,930,000

102.91

3,015

3,131

Santander

UK

PLC

10/02/18

2,653,000

109.46

2,904

3,479

Santander

UK

PLC

09/27/19

988,000

103.60

1,023

1,074

Saudi

Arabian

Oil

Co.

04/07/20

3,093,000

99.03

3,063

3,248

Schneider

Electric

SE

04/22/19

3,266,000

101.73

3,322

3,362

Sealed

Air

Corp.

04/22/20

300,000

110.97

333

384

Sequoia

Mortgage

Trust

10/21/16

880,610

102.85

906

898

Sequoia

Mortgage

Trust

05/06/21

10,179,286

102.77

10,461

10,460

Shackleton

CLO,

Ltd.

04/04/18

5,390,000

100.00

5,390

5,371

Siemens

Financieringsmaatschappij

NV

04/22/19

1,245,000

100.03

1,246

1,272

Siemens

Financieringsmaatschappij

NV

04/12/21

582,000

100.13

583

583

SK

Hynix,

Inc.

02/03/21

3,670,000

100.28

3,680

3,654

Sky,

Ltd.

01/04/21

3,311,000

109.88

3,638

3,621

Societe

Generale

SA

04/07/20

3,653,000

102.43

3,742

3,969

SoFi

Professional

Loan

Program

Trust

07/20/20

1,777,641

102.11

1,815

1,806

Solar

Star

Funding

LLC

04/07/20

2,497,100

111.74

2,790

2,874

Sound

Point

CLO,

Ltd.

03/27/18

6,000,000

100.00

6,000

6,005

SpringCastle

America

Funding

LLC

09/16/20

15,912,846

100.39

15,975

16,136

Standard

Chartered

PLC

09/26/19

2,944,000

101.13

2,977

3,063

Standard

Chartered

PLC

04/02/20

250,000

104.51

261

344

Standard

Chartered

PLC

04/16/21

400,000

100.45

402

402

Suncor

Energy

Ventures

Corp.

03/01/19

90,000

100.28

90

92

Sura

Asset

Management

SA

07/08/21

3,803,000

107.94

4,105

4,088

Suzano

Austria

GmbH

04/09/21

420,000

130.48

548

561

SYNNEX

Corp.

07/29/21

2,050,000

99.93

2,049

2,050

TAL

Advantage

VII

LLC

09/09/20

8,084,750

100.15

8,097

8,197

Targa

Resources

Partners,

LP

/

Targa

Resources

Partners

Finance

Corp.

08/11/20

270,000

100.69

272

292

Targa

Resources

Partners,

LP

/

Targa

Resources

Partners

Finance

Corp.

01/19/21

1,520,000

98.08

1,491

1,571

Taurus

UK

Designated

Activity

Co.

02/22/21

GBP

1,593,000

140.62

2,240

2,223

Taurus

UK

Designated

Activity

Co.

02/22/21

GBP

1,220,000

140.62

1,716

1,700

Teachers

Insurance

&

Annuity

Association

of

America

11/09/15

200,000

97.41

195

210

Teachers

Insurance

&

Annuity

Association

of

America

06/14/16

400,000

111.27

445

524

Tencent

Holdings,

Ltd.

04/01/19

2,978,000

100.43

2,990

3,071

Tencent

Holdings,

Ltd.

04/15/21

680,000

99.97

680

735

Tennessee

Gas

Pipeline

Co.

LLC

02/19/20

1,780,000

101.52

1,807

1,875

Texas

Eastern

Transmission,

LP

09/03/20

1,000,000

109.69

1,097

1,147

Texas

Eastern

Transmission,

LP

09/08/20

290,000

101.50

294

296

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

186

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

$

$

$

Textainer

Marine

Containers

VII,

Ltd.

08/04/20

5,693,374

101.92

5,803

5,806

Textainer

Marine

Containers

VII,

Ltd.

09/08/20

4,604,344

99.99

4,604

4,680

Towd

Point

Asset

Funding

LLC

02/22/21

914,141

100.00

914

914

Towd

Point

Mortgage

Trust

08/17/20

8,414,963

101.80

8,567

8,518

Towd

Point

Mortgage

Trust

09/09/20

3,362,000

103.78

3,489

3,397

Towd

Point

Mortgage

Trust

03/23/21

3,280,000

107.78

3,535

3,616

Towd

Point

Mortgage

Trust

04/21/21

5,710,000

104.07

5,942

5,856

UBS

AG

04/09/21

750,000

125.46

941

1,008

UBS

Group

AG

01/28/19

2,310,000

104.33

2,410

2,538

UniCredit

SpA

01/08/19

3,210,000

101.72

3,265

3,292

UniCredit

SpA

04/22/20

781,000

112.06

897

949

Union

Pacific

Corp.

06/05/18

950,000

100.45

954

1,012

United

Airlines,

Inc.

04/14/21

140,000

101.49

142

144

Upjohn,

Inc.

07/08/20

3,090,000

104.08

3,216

3,174

UWM

Mortgage

Trust

05/27/21

10,729,669

102.27

10,973

11,024

Videotron,

Ltd.

06/03/21

240,000

100.00

240

246

Vistra

Operations

Co.

LLC

04/26/21

3,936,000

105.41

4,149

4,307

Volkswagen

Group

of

America

Finance

LLC

03/09/21

3,453,000

102.51

3,539

3,542

Vontier

Corp.

04/12/21

1,530,000

98.87

1,513

1,536

Vontier

Corp.

04/13/21

630,000

99.95

629

632

Voya

CLO,

Ltd.

11/21/19

4,418,109

99.57

4,399

4,418

Voya

CLO,

Ltd.

02/18/20

3,283,307

100.00

3,283

3,285

Voya

CLO,

Ltd.

01/29/21

1,532,000

100.06

1,533

1,533

Warwick

Finance

Residential

Mortgages

Number

Three

PLC

02/10/21

GBP

3,617,942

138.66

5,017

5,037

WEA

Finance

LLC

06/18/21

4,009,000

106.47

4,268

4,413

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

04/09/21

640,000

103.54

663

724

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

05/06/21

275,000

106.03

291

295

Wells

Fargo

Mortgage-Backed

Securities

Trust

04/23/21

5,738,586

102.48

5,881

5,858

Wynn

Macau,

Ltd.

08/25/20

200,000

98.73

197

202

Wynn

Macau,

Ltd.

12/15/20

1,430,000

104.54

1,495

1,466

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

04/12/21

760,000

107.92

820

809

ZF

NA

Capital,

Inc.

05/05/20

324,000

95.07

308

352

1,055,868

For

a

description

of

restricted

securities

see

note

6

in

the

Notes

to

Quarterly

Report.

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

187

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Australia

10

Year

Government

Bond

Futures

1,599

AUD

232,491

09/21

4,398

Canadian

10

Year

Government

Bond

Futures

232

CAD

34,338

09/21

768

Euro-Bund

Futures

62

EUR

10,947

09/21

200

Euro-

Buxl

30

Year

Bond

Futures

2

EUR

430

09/21

36

Euro-Schatz

Futures

181

EUR

20,336

09/21

36

United

States

2

Year

Treasury

Note

Futures

715

USD

157,769

09/21

(29)

United

States

5

Year

Treasury

Note

Futures

3,944

USD

490,812

09/21

2,756

United

States

10

Year

Treasury

Note

Futures

5,045

USD

678,316

09/21

11,492

United

States

10

Year

Ultra

Treasury

Note

Futures

366

USD

54,992

09/21

685

United

States

Treasury

Long

Bond

Futures

1,224

USD

201,616

09/21

10,525

United

States

Treasury

Ultra

Bond

Futures

534

USD

106,550

09/21

7,193

Short

Positions

Australia

3

Year

Government

Bond

Futures

224

AUD

26,225

09/21

(100)

Canadian

10

Year

Government

Bond

Futures

145

CAD

21,462

09/21

(384)

Euro-Bund

Futures

726

EUR

128,190

09/21

(4,240)

Japanese

10

Year

Government

Bond

Futures

23

JPY

3,502,900

09/21

(178)

Long

Gilt

Futures

583

GBP

75,668

09/21

(1,891)

United

States

2

Year

Treasury

Note

Futures

360

USD

79,436

09/21

7

United

States

10

Year

Treasury

Note

Futures

73

USD

9,815

09/21

(108)

United

States

10

Year

Ultra

Treasury

Note

Futures

197

USD

29,599

09/21

(1,087)

United

States

Treasury

Long

Bond

Futures

408

USD

67,205

09/21

(1,827)

United

States

Treasury

Ultra

Bond

Futures

55

USD

10,974

09/21

(571)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

27,681

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

AUD

1,370

USD

1,057

09/09/21

51

Bank

of

America

AUD

1,547

USD

1,163

09/09/21

27

Bank

of

America

AUD

4,142

USD

3,066

09/09/21

26

Bank

of

America

AUD

85,806

USD

66,567

09/09/21

3,588

Bank

of

America

NOK

8,551

USD

1,000

09/09/21

32

Bank

of

America

NOK

10,275

USD

1,230

09/09/21

67

Bank

of

America

NOK

35,906

USD

4,107

09/09/21

42

Bank

of

America

NOK

552,872

USD

66,254

09/09/21

3,668

Bank

of

Montreal

USD

13,803

NOK

114,200

09/15/21

(876)

Bank

of

Montreal

SEK

135,200

USD

16,376

09/15/21

665

Bank

of

New

York

USD

12,727

GBP

9,199

09/09/21

60

Bank

of

New

York

USD

39,300

GBP

27,716

09/09/21

(772)

Bank

of

New

York

USD

67,978

GBP

47,931

09/09/21

(1,347)

Bank

of

New

York

USD

13,851

NOK

114,200

09/15/21

(923)

Bank

of

New

York

GBP

56,045

USD

78,330

09/09/21

421

Bank

of

New

York

SEK

135,200

USD

16,411

09/15/21

700

BNP

Paribas

USD

5,153

EUR

4,339

10/19/21

1

Citigroup

USD

11,924

AUD

16,287

08/18/21

29

Citigroup

USD

14,688

AUD

18,955

08/18/21

(777)

Citigroup

USD

870

BRL

4,620

10/19/21

8

Citigroup

USD

366

CLP

269,130

08/18/21

(11)

Citigroup

USD

563

CLP

411,792

08/18/21

(21)

Citigroup

USD

663

CLP

483,206

08/18/21

(27)

Citigroup

USD

731

CLP

538,787

08/18/21

(22)

Citigroup

USD

914

CLP

674,151

08/18/21

(26)

Citigroup

USD

1,462

CLP

1,074,474

08/18/21

(47)

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

188

Strategic

Bond

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

USD

6,700

CLP

5,075,734

08/18/21

(15)

Citigroup

USD

261

COP

966,656

08/18/21

(12)

Citigroup

USD

438

COP

1,639,601

08/18/21

(16)

Citigroup

USD

438

COP

1,644,880

08/18/21

(14)

Citigroup

USD

438

COP

1,642,339

08/18/21

(15)

Citigroup

USD

606

COP

2,247,721

08/18/21

(27)

Citigroup

USD

652

COP

2,416,641

08/18/21

(29)

Citigroup

USD

689

COP

2,588,568

08/18/21

(22)

Citigroup

USD

792

COP

2,931,960

08/18/21

(37)

Citigroup

USD

2,350

COP

8,919,308

08/18/21

(52)

Citigroup

USD

2,680

COP

9,931,812

08/18/21

(121)

Citigroup

USD

2,716

COP

10,242,889

08/18/21

(77)

Citigroup

USD

2,728

COP

10,404,830

08/18/21

(47)

Citigroup

USD

1,242

EUR

1,047

08/18/21

—

Citigroup

USD

2,330

EUR

1,978

08/18/21

17

Citigroup

USD

2,340

EUR

1,982

08/18/21

12

Citigroup

USD

4,670

EUR

3,934

08/18/21

(2)

Citigroup

USD

25,422

EUR

21,400

08/18/21

(29)

Citigroup

USD

175

GBP

124

08/18/21

(3)

Citigroup

USD

2,329

GBP

1,646

08/18/21

(41)

Citigroup

USD

5,297

GBP

3,741

08/18/21

(97)

Citigroup

USD

6,574

GBP

4,649

08/18/21

(112)

Citigroup

USD

705

KRW

795,497

08/18/21

(15)

Citigroup

USD

1,763

KRW

1,990,294

08/18/21

(37)

Citigroup

USD

2,232

KRW

2,516,660

08/18/21

(50)

Citigroup

USD

9,356

KRW

10,529,213

08/18/21

(226)

Citigroup

USD

7,002

KZT

3,049,233

08/18/21

140

Citigroup

USD

1,508

MXN

31,030

08/18/21

47

Citigroup

USD

3,202

MXN

65,904

08/18/21

103

Citigroup

USD

13,811

NOK

114,200

09/15/21

(883)

Citigroup

USD

1,064

PHP

51,949

08/18/21

(24)

Citigroup

USD

1,134

PHP

55,416

08/18/21

(25)

Citigroup

USD

1,142

PHP

55,898

08/18/21

(23)

Citigroup

USD

1,281

PHP

62,632

08/18/21

(28)

Citigroup

USD

1,318

PHP

64,443

08/18/21

(29)

Citigroup

USD

1,318

PHP

64,404

08/18/21

(30)

Citigroup

USD

2,074

PHP

101,316

08/18/21

(47)

Citigroup

USD

320

THB

9,971

08/18/21

(16)

Citigroup

USD

1,273

THB

39,704

08/18/21

(65)

Citigroup

USD

2,733

THB

85,214

08/18/21

(141)

Citigroup

USD

2,733

THB

85,225

08/18/21

(141)

Citigroup

USD

9,131

THB

285,724

08/18/21

(439)

Citigroup

USD

9,400

THB

294,723

08/18/21

(434)

Citigroup

USD

351

ZAR

4,815

08/18/21

(23)

Citigroup

USD

1,654

ZAR

23,020

08/18/21

(85)

Citigroup

USD

1,654

ZAR

23,002

08/18/21

(87)

Citigroup

USD

1,936

ZAR

26,535

08/18/21

(128)

Citigroup

USD

2,033

ZAR

27,821

08/18/21

(137)

Citigroup

USD

2,084

ZAR

28,985

08/18/21

(109)

Citigroup

USD

2,405

ZAR

33,281

08/18/21

(138)

Citigroup

AUD

3,800

USD

2,958

08/18/21

169

Citigroup

AUD

33,564

USD

26,059

08/18/21

1,428

Citigroup

CHF

5,290

EUR

4,855

08/18/21

(164)

Citigroup

CLP

319,287

USD

438

08/18/21

18

Citigroup

CLP

435,924

USD

600

08/18/21

25

Citigroup

CLP

456,069

USD

627

08/18/21

26

Citigroup

CLP

530,180

USD

731

08/18/21

32

Citigroup

CLP

1,622,164

USD

2,234

08/18/21

97

Citigroup

CLP

1,707,059

USD

2,353

08/18/21

104

Citigroup

CLP

1,748,307

USD

2,340

08/18/21

37

Citigroup

CLP

1,760,891

USD

2,428

08/18/21

109

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

189

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

COP

2,206,360

USD

599

08/18/21

30

Citigroup

COP

6,911,504

USD

1,874

08/18/21

93

Citigroup

COP

8,222,556

USD

2,237

08/18/21

119

Citigroup

COP

19,519,453

USD

5,119

08/18/21

90

Citigroup

EUR

5,000

CHF

5,435

08/18/21

139

Citigroup

EUR

3,892

GBP

3,335

08/18/21

35

Citigroup

EUR

350

HUF

123,232

08/18/21

(17)

Citigroup

EUR

350

HUF

123,564

08/18/21

(14)

Citigroup

EUR

555

HUF

195,162

08/18/21

(27)

Citigroup

EUR

684

HUF

241,177

08/18/21

(30)

Citigroup

EUR

985

HUF

350,291

08/18/21

(22)

Citigroup

EUR

1,552

HUF

548,383

08/18/21

(58)

Citigroup

EUR

2,323

HUF

820,894

08/18/21

(84)

Citigroup

EUR

1,000

NOK

10,386

08/18/21

(22)

Citigroup

EUR

3,950

NOK

40,612

08/18/21

(180)

Citigroup

EUR

250

USD

295

08/18/21

(1)

Citigroup

EUR

435

USD

528

08/18/21

11

Citigroup

EUR

525

USD

623

08/18/21

—

Citigroup

EUR

726

USD

878

08/18/21

17

Citigroup

EUR

1,000

USD

1,180

08/18/21

(7)

Citigroup

EUR

2,500

USD

2,952

08/18/21

(15)

Citigroup

EUR

7,855

USD

9,400

08/18/21

79

Citigroup

EUR

12,000

USD

14,446

08/18/21

207

Citigroup

EUR

60,073

USD

72,640

08/18/21

1,357

Citigroup

GBP

3,350

EUR

3,895

08/18/21

(69)

Citigroup

GBP

3,201

USD

4,449

08/18/21

(1)

Citigroup

GBP

3,319

USD

4,613

08/18/21

—

Citigroup

GBP

3,640

USD

5,058

08/18/21

(2)

Citigroup

HUF

346,683

EUR

990

08/18/21

57

Citigroup

HUF

667,629

EUR

1,925

08/18/21

154

Citigroup

HUF

683,555

EUR

1,965

08/18/21

144

Citigroup

JPY

654,000

USD

5,924

08/18/21

(39)

Citigroup

JPY

6,262,564

USD

57,368

08/18/21

277

Citigroup

KRW

980,147

USD

868

08/18/21

18

Citigroup

KRW

1,668,421

USD

1,478

08/18/21

31

Citigroup

KRW

1,997,491

USD

1,729

08/18/21

(3)

Citigroup

KRW

2,667,142

USD

2,364

08/18/21

52

Citigroup

KRW

3,394,844

USD

2,941

08/18/21

(2)

Citigroup

MXN

103,937

USD

5,200

08/18/21

(11)

Citigroup

MXN

165,000

USD

8,206

08/18/21

(66)

Citigroup

MXN

290,218

USD

14,177

08/18/21

(373)

Citigroup

PHP

456,449

USD

9,431

08/18/21

300

Citigroup

SEK

135,200

USD

16,384

09/15/21

673

Citigroup

THB

25,394

USD

790

08/18/21

17

Citigroup

THB

64,584

USD

2,071

08/18/21

106

Citigroup

THB

68,507

USD

2,132

08/18/21

47

Citigroup

THB

71,817

USD

2,300

08/18/21

115

Citigroup

THB

101,821

USD

3,261

08/18/21

163

Citigroup

THB

108,440

USD

3,477

08/18/21

178

Citigroup

THB

112,752

USD

3,609

08/18/21

179

Citigroup

THB

122,056

USD

3,912

08/18/21

199

Citigroup

THB

126,774

USD

3,949

08/18/21

92

Citigroup

ZAR

7,439

USD

521

08/18/21

14

Citigroup

ZAR

8,314

USD

581

08/18/21

15

Citigroup

ZAR

22,389

USD

1,569

08/18/21

43

Citigroup

ZAR

24,497

USD

1,716

08/18/21

47

Citigroup

ZAR

29,798

USD

2,084

08/18/21

54

Citigroup

ZAR

37,780

USD

2,704

08/18/21

130

Citigroup

ZAR

44,302

USD

3,072

08/18/21

54

Citigroup

ZAR

57,911

USD

4,050

08/18/21

105

Citigroup

ZAR

85,963

USD

5,861

08/18/21

5

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

190

Strategic

Bond

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Commonwealth

Bank

of

Australia

SEK

873

USD

105

09/09/21

4

Commonwealth

Bank

of

Australia

SEK

5,380

USD

632

09/09/21

6

Commonwealth

Bank

of

Australia

SEK

9,331

USD

1,092

09/09/21

7

Commonwealth

Bank

of

Australia

SEK

279,417

USD

33,706

09/09/21

1,239

Goldman

Sachs

USD

1,670

MXN

33,855

10/19/21

12

Goldman

Sachs

USD

871

RUB

65,674

10/19/21

16

Goldman

Sachs

EUR

46,056

USD

54,422

08/19/21

(229)

Goldman

Sachs

GBP

217

USD

301

08/19/21

—

Goldman

Sachs

GBP

550

USD

761

10/19/21

(3)

JPMorgan

Chase

USD

373

AUD

497

10/19/21

(8)

JPMorgan

Chase

USD

6,372

EUR

5,357

08/03/21

(17)

JPMorgan

Chase

USD

13,804

NOK

114,200

09/15/21

(875)

JPMorgan

Chase

EUR

55

USD

65

08/19/21

—

JPMorgan

Chase

EUR

5,357

USD

6,374

08/19/21

17

JPMorgan

Chase

EUR

5,467

USD

6,460

08/19/21

(27)

JPMorgan

Chase

GBP

599

USD

815

08/19/21

(18)

JPMorgan

Chase

IDR

8,678,743

USD

588

10/19/21

(8)

JPMorgan

Chase

SEK

135,200

USD

16,375

09/15/21

664

Royal

Bank

of

Canada

USD

443

CAD

549

09/09/21

(3)

Royal

Bank

of

Canada

USD

70,517

CAD

87,774

09/09/21

(165)

Royal

Bank

of

Canada

USD

102,768

CAD

124,126

09/09/21

(3,280)

Royal

Bank

of

Canada

USD

18

EUR

15

09/09/21

—

Royal

Bank

of

Canada

USD

17,670

EUR

14,821

09/09/21

(75)

Royal

Bank

of

Canada

USD

39,364

EUR

32,203

09/09/21

(1,136)

Royal

Bank

of

Canada

USD

13,867

NOK

114,200

09/15/21

(939)

Royal

Bank

of

Canada

CAD

83,251

USD

68,903

09/09/21

2,176

Royal

Bank

of

Canada

EUR

37,379

USD

44,455

09/09/21

82

Royal

Bank

of

Canada

SEK

135,200

USD

16,424

09/15/21

713

State

Street

USD

17,170

JPY

1,881,609

09/09/21

(14)

State

Street

USD

41

NZD

57

09/09/21

(2)

State

Street

USD

921

NZD

1,318

09/09/21

(3)

State

Street

USD

1,108

NZD

1,581

09/09/21

(7)

State

Street

USD

33,744

NZD

46,246

09/09/21

(1,528)

State

Street

GBP

51,135

USD

70,643

08/19/21

(438)

UBS

USD

668

CHF

600

09/09/21

(5)

UBS

CHF

1,283

USD

1,418

09/09/21

—

UBS

CHF

1,999

USD

2,175

09/09/21

(34)

UBS

CHF

91,316

USD

101,963

09/09/21

1,061

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(å)

4,194

Interest

Rate

Swap

Contracts

Amounts

in

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Credit

Suisse

ZAR

70,560

Three

Month

JIBAR

(3)

4.987%

(2)

08/18/23

—

(41)

(41)

Credit

Suisse

USD

7,000

Three

Month

LIBOR

(3)

0.359%

(3)

10/27/23

—

(5)

(5)

Credit

Suisse

USD

61,000

Three

Month

LIBOR

(3)

0.368%

(3)

10/27/23

—

7,146

7,146

Credit

Suisse

USD

11,300

Three

Month

LIBOR

(3)

0.858%

(3)

07/16/26

—

(42)

(42)

Credit

Suisse

MXN

18,700

6.375%

(1)

Mexico

Interbank

28

Day

Deposit

Rate

(1)

08/12/26

—

(2)

(2)

Credit

Suisse

USD

5,000

Three

Month

LIBOR

(3)

0.891%

(3)

10/27/26

—

(9)

(9)

Credit

Suisse

USD

15,900

Three

Month

LIBOR

(3)

0.892%

(3)

10/27/26

—

(29)

(29)

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

191

Interest

Rate

Swap

Contracts

Amounts

in

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Credit

Suisse

CNY

17,949

2.582%

(2)

China

Interbank

Repo

Rate

3

Months

(2)

10/27/26

—

—

—

Credit

Suisse

CNY

36,542

2.601%

(2)

China

Interbank

Repo

Rate

3

Months

(2)

10/27/26

—

—

—

Credit

Suisse

CNY

60,910

2.602%

(2)

China

Interbank

Repo

Rate

3

Months

(2)

10/27/26

—

—

—

Credit

Suisse

CNY

73,100

2.575%

(2)

China

Interbank

Repo

Rate

3

Months

(2)

10/27/26

—

—

—

Credit

Suisse

MXN

122,357

6.928%

(1)

Mexico

Interbank

28

Day

Deposit

Rate

(1)

10/15/31

—

(8)

(8)

Credit

Suisse

CAD

19,700

1.690%

(3)

Three

Month

LIBOR

(2)

10/27/31

—

(31)

(31)

Credit

Suisse

USD

25,500

Three

Month

LIBOR

(3)

1.319%

(3)

10/27/31

—

(54)

(54)

Credit

Suisse

USD

36,094

Three

Month

LIBOR

(3)

1.326%

(3)

10/27/31

—

(100)

(100)

Credit

Suisse

EUR

320

Six

Month

EURIB

(3)

0.468%

(4)

06/10/71

—

(61)

(61)

Credit

Suisse

EUR

735

Six

Month

EURIB

(3)

0.428%

(4)

06/10/71

—

(124)

(124)

Credit

Suisse

EUR

798

Six

Mont

h

EURIB

(3)

0.420%

(4)

06/10/71

—

(130)

(130)

Credit

Suisse

EUR

1,566

Six

Month

EURIB

(3)

0.340%

(4)

06/10/71

—

(184)

(184)

Total

Open

Interest

Rate

Swap

Contracts

(å)

—

6,326

6,326

Credit

Default

Swap

Contracts

Amounts

in

thousands

Credit

Indices

Reference

Entity

Counterparty

Purchase/Sell

Protection

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

CDX

NA

Emerging

Markets

Index

Goldman

Sachs

Purchase

USD

164,000

(1.000%)

(2)

06/20/26

4,315

594

4,909

CDX

NA

High

Yield

Index

Bank

of

America

Purchase

USD

33,000

(5.000%)

(2)

06/20/26

(2,617)

(411)

(3,028)

CDX

NA

Investment

Grade

Index

Goldman

Sachs

Purchase

USD

405,000

(1.000%)

(2)

06/20/26

(9,070)

(692)

(9,762)

Total

Open

Credit

Indices

Contracts

(å)

(7,372)

(509)

(7,881)

Sovereign

Issues

Reference

Entity

Counterparty

Purchase/Sell

Protection

Implied

Credit

Spread

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/

(Received)  

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Mexico

Government

International

Bond

Morgan

Stanley

Purchase

0.963%

USD

1,400

(1.000%)

(2)

06/20/26

(3)

1

(2)

Mexico

Government

International

Bond

Barclays

Purchase

0.963%

USD

7,017

(1.000%)

(2)

06/20/26

(20)

8

(12)

Mexico

Government

International

Bond

Morgan

Stanley

Purchase

0.963%

USD

7,670

(1.000%)

(2)

06/20/26

55

(69)

(14)

Russian

Foreign

Bond

-

Eurobond

Morgan

Stanley

Purchase

0.876%

USD

7,462

(1.000%)

(2)

06/20/26

5

(50)

(45)

Russian

Foreign

Bond

-

Eurobond

Morgan

Stanley

Purchase

0.876%

USD

1,000

(1.000%)

(2)

06/20/26

(1)

(5)

(6)

Russian

Foreign

Bond

-

Eurobond

Barclays

Purchase

0.876%

USD

2,700

(1.000%)

(2)

06/20/26

(3)

(13)

(16)

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

192

Strategic

Bond

Fund

Credit

Default

Swap

Contracts

Amounts

in

thousands

Credit

Indices

Reference

Entity

Counterparty

Purchase/Sell

Protection

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Russian

Foreign

Bond

-

Eurobond

BNP

Paribas

Purchase

0.876%

USD

1,403

(1.000%)

(2)

06/20/26

5

(13)

(8)

Total

Open

Sovereign

Issues

Contracts

38

(141)

(103)

Total

Open

Credit

Default

Swap

Contracts

(å)

(7,334)

(650)

(7,984)

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

$

—

$

276,872

$

—

$

—

$

276,872

Corporate

Bonds

and

Notes

—

922,197

—

—

922,197

International

Debt

—

599,425

—

—

599,425

Loan

Agreements

—

15,714

—

—

15,714

Mortgage-Backed

Securities

—

647,230

—

—

647,230

Municipal

Bonds

—

1,939

—

—

1,939

Non-US

Bonds

—

323,758

—

—

323,758

United

States

Government

Treasuries

—

637,937

—

—

637,937

Common

Stocks

—

—

—

—

—

*

Short-Term

Investments

—

201,553

—

397,320

598,873

Total

Investments

—

3,626,625

—

397,320

4,023,945

Other

Financial

Instruments

Assets

Futures

Contracts

38,096

—

—

—

38,096

Foreign

Currency

Exchange

Contracts

—

23,192

—

—

23,192

Interest

Rate

Swap

Contracts

—

7,146

—

—

7,146

Credit

Default

Swap

Contracts

—

4,909

—

—

4,909

Liabilities

Futures

Contracts

(10,415)

—

—

—

(10,415)

Foreign

Currency

Exchange

Contracts

(17)

(18,981)

—

—

(18,998)

Interest

Rate

Swap

Contracts

—

(820)

—

—

(820)

Credit

Default

Swap

Contracts

—

(12,893)

—

—

(12,893)

Total

Other

Financial

Instruments

**

$

27,664

$

2,553

$

—

$

—

$

30,217

*

Less

than

$500.

**

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

193

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2021,

see

note

2

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

July

31,

2021,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Andorra

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

14,876

Argentina

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

4,563

Australia

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

25,872

Belgium

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

5,463

Bermuda

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

53,716

Brazil

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

8,655

Canada

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

66,001

Cayman

Islands

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

87,221

Chile

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

16,184

China

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

29,060

Colombia

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

15,348

Czech

Republic

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

3,802

Denmark

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

8,930

Egypt

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

7,174

Finland

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

3,856

France

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

44,697

Germany

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

30,393

Hong

Kong

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

846

India

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

13,012

Indonesia

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

2,357

Ireland

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

86,751

Israel

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

2,913

Italy

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

26,702

Japan

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

77,425

Kazakhstan

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

328

Kuwait

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

2,213

Luxembourg

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

1,701

Macao

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

4,904

Mexico

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

50,488

Morocco

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

1,036

Netherlands

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

20,553

Norway

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

2,073

Oman

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

3,278

Panama

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

5,788

Paraguay

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

929

Peru

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

6,251

Portugal

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

259

Qatar

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

4,322

Romania

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

11,443

Russia

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

7,563

Saudi

Arabia

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

6,379

Singapore

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

787

South

Africa

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

14,731

South

Korea

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

7,312

Spain

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

9,495

Switzerland

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

18,535

Togo

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

4,765

Russell

Investment

Company

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

194

Strategic

Bond

Fund

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Tunisia

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

13,012

United

Arab

Emirates

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

3,390

United

Kingdom

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

129,079

United

States

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

3,054,618

Zambia

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

2,896

Total

Investments

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

4,023,945

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

195

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

91.4%

Asset-Backed

Securities

-

7.4%

ACE

Securities

Corp.

Home

Equity

Loan

Trust

Series

2007-SL2

Class

A

1.537%

due

05/25/37

(USD

1

Month

LIBOR

+

0.700%)(Ê)

848

848

American

Tower

Trust

#1

Series

2013-13

Class

2A

3.070%

due

03/15/23

(Þ)

240

241

Amur

Equipment

Finance

Receivables

IX

LLC

Series

2021-1A

Class

C

1.750%

due

06/21/27

(Þ)

709

712

Blackbird

Capital

Aircraft

Lease

Securitization,

Ltd.

Series

2016-1A

Class

AA

2.487%

due

12/16/41

(~)(Ê)(Þ)

2,050

2,065

Chase

Auto

Credit

Liked

Notes

Series

2021-1

Class

B

0.875%

due

09/25/28

(Þ)

5,208

5,214

Conseco

Finance

Corp.

Series

1996-10

Class

M1

7.240%

due

11/15/28

(~)(Ê)

424

431

Countrywide

Asset-Backed

Certificates

Series

2007-4

Class

A4W

4.640%

due

04/25/47

3,697

3,901

Credit-Based

Asset

Servicing

&

Securitization

LLC

Series

2004-CB7

Class

AF5

4.090%

due

09/25/34

(~)(Ê)

53

54

FirstKey

Homes

Trust

Series

2020-SFR2

Class

A

1.266%

due

10/19/37

(Þ)

4,932

4,950

FNA

VI

LLC

Series

2021-1A

Class

A

1.350%

due

01/10/32

(~)(Ê)(Þ)

897

897

Greenpoint

Manufactured

Housing

Contract

Trust

Series

2000-4

Class

A3

2.190%

due

08/21/31

(USD

1

Month

LIBOR

+

2.000%)(Ê)

675

675

Invitation

Homes

Trust

Series

2017-SFR2

Class

A

3.153%

due

12/17/36

(USD

1

Month

LIBOR

+

0.850%)(Ê)(Þ)

2,188

2,192

Magnetite

XVIII,

Ltd.

Series

2016-18A

Class

AR

3.696%

due

11/15/28

(USD

3

Month

LIBOR

+

1.080%)(Ê)(Þ)

1,786

1,786

Navient

Private

Education

Refi

Loan

Trust

Series

2020-EA

Class

A

1.690%

due

05/15/69

(Þ)

3,107

3,162

Series

2020-FA

Class

A

1.220%

due

07/15/69

(Þ)

830

835

Series

2020-HA

Class

A

1.310%

due

01/15/69

(Þ)

1,143

1,153

Series

2021-A

Class

A

0.840%

due

05/15/69

(Þ)

900

899

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2021-BA

Class

A

0.940%

due

07/15/69

(Þ)

1,525

1,527

Series

2021-CA

Class

A

1.060%

due

10/15/69

(Þ)

1,942

1,950

Octane

Receivables

Trust

Series

2021-1A

Class

A

0.930%

due

03/22/27

(Þ)

1,778

1,780

OneMain

Financial

Issuance

Trust

Series

2019-2A

Class

A

3.140%

due

10/14/36

(Þ)

5,140

5,573

Series

2021-1A

Class

A1

1.550%

due

06/16/36

(Þ)

8,310

8,394

Prodigy

Finance

Desiganted

Activity

Co.

Series

2021-1A

Class

A

1.351%

due

07/25/51

856

858

SoFi

Professional

Loan

Program

Trust

Series

2020-C

Class

AFX

1.950%

due

02/15/46

(Þ)

731

743

TAL

Advantage

VII

LLC

Series

2020-1A

Class

A

2.050%

due

09/20/45

(Þ)

5,282

5,355

Towd

Point

Mortgage

Trust

Series

2017-4

Class

A1

2.750%

due

06/25/57

(~)(Ê)(Þ)

—

—

Series

2019-SJ3

Class

A1

3.000%

due

11/25/59

(~)(Ê)(Þ)

1,047

1,051

Series

2020-MH1

Class

A1

2.250%

due

02/25/60

(~)(Ê)(Þ)

1,041

1,053

58,299

Corporate

Bonds

and

Notes

-

22.4%

3M

Co.

2.875%

due

10/15/27

386

423

7-Eleven,

Inc.

2.500%

due

02/10/41

(Þ)

85

81

2.800%

due

02/10/51

(Þ)

115

110

Abbott

Laboratories

4.750%

due

11/30/36

386

508

AbbVie,

Inc.

3.600%

due

05/14/25

615

672

Advocate

Health

&

Hospitals

Corp.

Series

2020

2.211%

due

06/15/30

575

595

Aetna,

Inc.

6.750%

due

12/15/37

665

997

Ally

Financial,

Inc.

1.450%

due

10/02/23

1,050

1,066

8.000%

due

11/01/31

342

497

Alphabet,

Inc.

1.998%

due

08/15/26

467

492

Altria

Group,

Inc.

2.450%

due

02/04/32

1,255

1,235

10.200%

due

02/06/39

579

1,017

5.800%

due

02/14/39

305

383

3.400%

due

02/04/41

518

501

Amazon.com,

Inc.

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

196

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.200%

due

06/03/27

494

499

3.100%

due

05/12/51

1,000

1,077

American

Airlines

Pass-Through

Trust

Series

AA

3.200%

due

06/15/28

559

570

American

Campus

Communities

Operating

Partnership,

LP

3.875%

due

01/30/31

410

462

American

Express

Co.

3.700%

due

08/03/23

635

675

American

Homes

4

Rent,

LP

4.250%

due

02/15/28

374

429

American

Tower

Corp.

3.500%

due

01/31/23

406

425

Amgen,

Inc.

3.150%

due

02/21/40

740

792

Anthem,

Inc.

3.500%

due

08/15/24

480

518

Aon

Corp.

8.205%

due

01/01/27

313

411

Apollo

Management

Holdings,

LP

4.000%

due

05/30/24

(Þ)

195

212

4.400%

due

05/27/26

(Þ)

230

263

5.000%

due

03/15/48

(Þ)

365

476

Apple,

Inc.

4.500%

due

02/23/36

394

507

4.650%

due

02/23/46

745

1,001

Applied

Materials,

Inc.

5.100%

due

10/01/35

381

512

Arch

Capital

Group,

Ltd.

3.635%

due

06/30/50

401

446

Ares

Capital

Corp.

3.500%

due

02/10/23

401

416

AT&T,

Inc.

4.500%

due

05/15/35

365

437

6.800%

due

05/15/36

525

732

6.500%

due

11/15/36

215

294

6.500%

due

09/01/37

165

228

3.500%

due

06/01/41

445

473

3.500%

due

09/15/53

(Þ)

625

646

Series

WI

8.750%

due

11/15/31

415

630

4.900%

due

08/15/37

780

976

6.000%

due

08/15/40

150

208

Athene

Global

Funding

2.950%

due

11/12/26

(Þ)

1,145

1,233

Athene

Holding,

Ltd.

4.125%

due

01/12/28

240

272

Aviation

Capital

Group

LLC

4.125%

due

08/01/25

(Þ)

458

498

Avnet,

Inc.

4.875%

due

12/01/22

510

538

AXIS

Specialty

Finance

LLC

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.900%

due

01/15/40

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.186%)(Ê)

477

510

Bank

of

America

Corp.

4.000%

due

01/22/25

980

1,075

3.366%

due

01/23/26

(USD

3

Month

LIBOR

+

0.810%)(Ê)

1,920

2,067

3.311%

due

04/22/42

(SOFR

+

1.580%)(Ê)

1,045

1,123

4.443%

due

01/20/48

(USD

3

Month

LIBOR

+

1.990%)(Ê)

433

544

Bank

of

America

NA

Series

BKNT

6.000%

due

10/15/36

310

441

Becton

Dickinson

and

Co.

3.734%

due

12/15/24

437

476

Berkley

(WR)

Corp.

4.000%

due

05/12/50

730

853

Berkshire

Hathaway

Energy

Co.

Series

WI

4.050%

due

04/15/25

376

419

Berkshire

Hathaway

Finance

Corp.

2.850%

due

10/15/50

884

906

Berkshire

Hathaway,

Inc.

3.125%

due

03/15/26

382

419

BGC

Partners,

Inc.

Series

WI

5.375%

due

07/24/23

184

199

Blackstone

Holdings

Finance

Co.

LLC

2.000%

due

01/30/32

(Þ)

515

512

5.000%

due

06/15/44

(Þ)

384

528

Blackstone

Secured

Lending

Fund

Series

WI

3.625%

due

01/15/26

520

554

Boardwalk

Pipelines,

LP

4.800%

due

05/03/29

430

502

Boeing

Co.

(The)

2.196%

due

02/04/26

810

817

3.200%

due

03/01/29

430

454

Bon

Secours

Mercy

Health,

Inc.

3.464%

due

06/01/30

565

631

BP

Capital

Markets

America,

Inc.

2.937%

due

04/06/23

411

428

3.216%

due

11/28/23

710

753

Brighthouse

Financial,

Inc.

Series

WI

4.700%

due

06/22/47

274

308

Bristol-Myers

Squibb

Co.

Series

WI

3.900%

due

02/20/28

635

736

Broadcom,

Inc.

3.419%

due

04/15/33

(Þ)

625

667

3.500%

due

02/15/41

(Þ)

455

472

Series

WI

4.750%

due

04/15/29

575

675

4.150%

due

11/15/30

790

895

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

197

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Broadridge

Financial

Solutions,

Inc.

2.900%

due

12/01/29

407

436

Burlington

Northern

Santa

Fe

LLC

4.375%

due

09/01/42

413

525

Capital

One

Bank

USA

NA

3.375%

due

02/15/23

716

748

Capital

One

Financial

Corp.

3.500%

due

06/15/23

457

483

Cargill,

Inc.

1.700%

due

02/02/31

(Þ)

435

432

CC

Holdings

GS

V

LLC

/

Crown

Castle

GS

III

Corp.

3.849%

due

04/15/23

454

480

Centene

Corp.

5.375%

due

06/01/26

(Þ)

200

208

Series

WI

4.250%

due

12/15/27

300

317

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Series

WI

4.908%

due

07/23/25

530

602

4.200%

due

03/15/28

375

427

Cheniere

Corpus

Christi

Holdings

LLC

Series

WI

3.700%

due

11/15/29

342

377

Chevron

Corp.

1.141%

due

05/11/23

481

488

0.426%

due

08/11/23

419

420

Cigna

Corp.

2.400%

due

03/15/30

125

130

3.400%

due

03/15/50

418

451

Series

WI

4.125%

due

11/15/25

475

534

Cisco

Systems,

Inc.

2.200%

due

09/20/23

413

429

Citadel

Finance

LLC

3.375%

due

03/09/26

(Þ)

590

599

Citadel,

LP

4.875%

due

01/15/27

(Þ)

625

681

Citigroup,

Inc.

3.300%

due

04/27/25

550

599

6.000%

due

10/31/33

321

432

8.125%

due

07/15/39

450

784

Coca-Cola

Co.

(The)

1.450%

due

06/01/27

487

497

Comcast

Corp.

3.600%

due

03/01/24

385

416

3.700%

due

04/15/24

5

5

6.550%

due

07/01/39

515

782

CommonSpirit

Health

4.350%

due

11/01/42

205

245

4.187%

due

10/01/49

785

928

ConocoPhillips

3.750%

due

10/01/27

(Þ)

240

273

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Constellation

Brands,

Inc.

4.400%

due

11/15/25

520

589

CoStar

Group,

Inc.

2.800%

due

07/15/30

(Þ)

645

666

Costco

Wholesale

Corp.

1.375%

due

06/20/27

488

494

Crown

Castle

International

Corp.

3.150%

due

07/15/23

405

425

CVS

Health

Corp.

4.780%

due

03/25/38

125

157

5.050%

due

03/25/48

320

426

CyrusOne

,

Inc.

2.150%

due

11/01/30

450

434

Devon

Energy

Corp.

7.875%

due

09/30/31

425

600

4.750%

due

05/15/42

190

217

DH

Europe

Finance

II

SARL

2.600%

due

11/15/29

408

433

Diamondback

Energy,

Inc.

2.875%

due

12/01/24

130

137

4.750%

due

05/31/25

640

719

3.125%

due

03/24/31

435

457

Discover

Financial

Services

Series

BKNT

3.350%

due

02/06/23

405

422

Discovery

Communications

LLC

Class

A

5.000%

due

09/20/37

1,480

1,827

Series

WI

4.000%

due

09/15/55

291

313

Dominion

Energy

South

Carolina,

Inc.

4.250%

due

08/15/28

890

990

4.600%

due

06/15/43

90

118

Dominion

Energy,

Inc.

3.071%

due

08/15/24

(~)(Ê)

560

596

DTE

Energy

Co.

Series

F

1.050%

due

06/01/25

495

497

Enbridge

Energy

Partners,

LP

5.500%

due

09/15/40

401

534

Energy

Transfer

Operating,

LP

5.250%

due

04/15/29

420

500

3.750%

due

05/15/30

1,005

1,096

Enterprise

Products

Operating

LLC

6.125%

due

10/15/39

361

513

4.200%

due

01/31/50

310

365

Equifax,

Inc.

2.600%

due

12/15/25

595

633

Series

5Y

3.950%

due

06/15/23

860

912

Essential

Properties,

LP

2.950%

due

07/15/31

475

481

Essential

Utilities,

Inc.

4.276%

due

05/01/49

190

233

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

198

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Essex

Portfolio,

LP

3.250%

due

05/01/23

412

429

Exelon

Generation

Co.

LLC

5.600%

due

06/15/42

363

437

Exxon

Mobil

Corp.

2.726%

due

03/01/23

403

417

4.227%

due

03/19/40

235

287

F&G

Global

Funding

1.750%

due

06/30/26

(Þ)

295

301

Farmers

Exchange

Capital

III

5.454%

due

10/15/54

(USD

3

Month

LIBOR

+

3.454%)(Ê)(Þ)

290

368

FedEx

Corp.

4.500%

due

02/01/65

458

557

FLIR

Systems,

Inc.

2.500%

due

08/01/30

205

211

Ford

Motor

Co.

8.500%

due

04/21/23

200

222

9.000%

due

04/22/25

220

271

Ford

Motor

Credit

Co.

LLC

4.271%

due

01/09/27

580

625

FS

KKR

Capital

Corp.

4.125%

due

02/01/25

472

502

GA

Global

Funding

Trust

Secured

1.625%

due

01/15/26

(Þ)

405

413

GE

Capital

Funding

LLC

Series

WI

4.050%

due

05/15/27

433

494

GE

Capital

International

Funding

Co.,

ULC

Series

WI

3.373%

due

11/15/25

385

423

4.418%

due

11/15/35

2,203

2,704

General

Electric

Co.

Series

MTNA

6.750%

due

03/15/32

358

499

General

Motors

Co.

4.875%

due

10/02/23

833

905

6.600%

due

04/01/36

585

810

General

Motors

Financial

Co.,

Inc.

5.200%

due

03/20/23

442

474

Georgia

Power

Co.

4.300%

due

03/15/43

565

678

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.300%

due

01/15/29

425

501

Goldman

Sachs

Capital

I

6.345%

due

02/15/34

725

1,030

Goldman

Sachs

Group,

Inc.

(The)

3.272%

due

09/29/25

(USD

3

Month

LIBOR

+

1.201%)(Ê)

1,625

1,742

3.800%

due

03/15/30

295

335

6.450%

due

05/01/36

195

280

6.750%

due

10/01/37

105

155

2.908%

due

07/21/42

(SOFR

+

1.472%)(Ê)

50

51

Series

DMTN

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.383%

due

07/21/32

(SOFR

+

1.248%)(Ê)

640

651

HCA,

Inc.

5.500%

due

06/15/47

389

517

Health

Care

Service

Corp.,

a

Mutual

Legal

Reserve

Co.

2.200%

due

06/01/30

(Þ)

705

720

Hess

Corp.

6.000%

due

01/15/40

425

546

Hewlett

Packard

Enterprise

Co.

4.650%

due

10/01/24

1,120

1,242

Class

A

4.400%

due

10/15/22

(Þ)

1

1

HollyFrontier

Corp.

5.875%

due

04/01/26

440

509

Home

Depot,

Inc.

(The)

5.875%

due

12/16/36

345

501

HSBC

Bank

NA

Series

BKNT

7.000%

due

01/15/39

615

964

HSBC

USA,

Inc.

7.200%

due

07/15/97

245

451

Humana,

Inc.

3.150%

due

12/01/22

300

309

0.650%

due

08/03/23

1,010

1,010

4.950%

due

10/01/44

402

529

Intercontinental

Exchange,

Inc.

4.250%

due

09/21/48

145

176

3.000%

due

06/15/50

580

587

International

Business

Machines

Corp.

3.300%

due

01/27/27

445

492

International

Paper

Co.

8.700%

due

06/15/38

270

459

7.300%

due

11/15/39

150

239

Jefferies

Group

LLC

6.500%

due

01/20/43

306

430

JPMorgan

Chase

&

Co.

3.875%

due

09/10/24

445

484

7.750%

due

07/15/25

260

325

3.200%

due

06/15/26

190

208

8.750%

due

09/01/30

405

619

3.157%

due

04/22/42

(SOFR

+

1.460%)(Ê)

935

995

3.328%

due

04/22/52

(SOFR

+

1.580%)(Ê)

1,065

1,158

Keurig

Dr

Pepper,

Inc.

Series

WI

4.057%

due

05/25/23

231

246

Kimberly-Clark

Corp.

1.050%

due

09/15/27

500

496

Kinder

Morgan

Energy

Partners,

LP

7.300%

due

08/15/33

298

428

Kinder

Morgan,

Inc.

5.550%

due

06/01/45

340

447

Series

GMTN

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

199

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.800%

due

08/01/31

295

427

KKR

Group

Finance

Co.

III

LLC

5.125%

due

06/01/44

(Þ)

225

299

Kraft

Heinz

Foods

Co.

5.000%

due

06/04/42

1,100

1,378

Kroger

Co.

(The)

3.850%

due

08/01/23

391

414

Land

O'Lakes,

Inc.

6.000%

due

11/15/22

(Þ)

700

738

Las

Vegas

Sands

Corp.

3.200%

due

08/08/24

466

487

Lehman

Brothers

Holdings

5.857%

due

11/30/56

(Ø)(Š)(Æ)

1,450

—

Leidos

,

Inc.

Series

WI

3.625%

due

05/15/25

160

174

Loews

Corp.

6.000%

due

02/01/35

337

470

Markel

Corp.

5.000%

due

04/05/46

334

438

Marsh

&

McLennan

Cos.,

Inc.

4.050%

due

10/15/23

448

479

Marvell

Technology,

Inc.

1.650%

due

04/15/26

(Þ)

379

382

McDonald's

Corp.

4.600%

due

05/26/45

407

519

Merck

&

Co.,

Inc.

2.800%

due

05/18/23

411

429

Mercury

General

Corp.

4.400%

due

03/15/27

590

671

Microsoft

Corp.

3.450%

due

08/08/36

439

519

Mondelez

International,

Inc.

1.875%

due

10/15/32

519

513

Morgan

Stanley

1.593%

due

05/04/27

(SOFR

+

0.879%)(Ê)

385

391

Motiva

Enterprises

LLC

6.850%

due

01/15/40

(Þ)

333

435

MPLX,

LP

4.000%

due

02/15/25

160

175

4.800%

due

02/15/29

610

722

4.500%

due

04/15/38

190

219

MultiCare

Health

System

2.803%

due

08/15/50

715

727

Mutual

of

Omaha

Insurance

Co.

4.297%

due

07/15/54

(USD

3

Month

LIBOR

+

2.640%)(Ê)(Þ)

295

309

Mylan

NV

Series

WI

3.950%

due

06/15/26

1,025

1,137

NBCUniversal

Media

LLC

5.950%

due

04/01/41

490

720

Nestle

Holdings,

Inc.

3.350%

due

09/24/23

(Þ)

393

417

New

York

Life

Insurance

Co.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.750%

due

05/15/50

(Þ)

195

226

New

York

Society

For

The

Relief

Of

The

Ruptured

And

Crippled

Series

2020

2.667%

due

10/01/50

340

327

Newmark

Group,

Inc.

Series

WI

6.125%

due

11/15/23

760

824

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

297

434

NIKE,

Inc.

2.750%

due

03/27/27

391

425

Northrop

Grumman

Systems

Corp.

7.750%

due

02/15/31

289

429

Oaktree

Specialty

Lending

Corp.

3.500%

due

02/25/25

440

464

Occidental

Petroleum

Corp.

3.500%

due

08/15/29

395

394

Ohio

National

Financial

Services,

Inc.

5.550%

due

01/24/30

(Þ)

365

424

Old

Republic

International

Corp.

3.850%

due

06/11/51

305

332

ONEOK,

Inc.

6.850%

due

10/15/37

377

523

Oracle

Corp.

2.950%

due

04/01/30

360

385

3.900%

due

05/15/35

385

438

3.800%

due

11/15/37

160

178

3.600%

due

04/01/40

1,711

1,831

5.375%

due

07/15/40

435

571

3.600%

due

04/01/50

690

721

4.375%

due

05/15/55

380

444

Pacific

Gas

and

Electric

Co.

2.100%

due

08/01/27

685

666

2.500%

due

02/01/31

635

599

4.200%

due

06/01/41

360

352

Pacific

Life

Insurance

Co.

4.300%

due

10/24/67

(USD

3

Month

LIBOR

+

2.796%)(Ê)(Þ)

255

300

PepsiCo,

Inc.

2.625%

due

03/19/27

457

495

Perrigo

Finance

Unlimited

Co.

3.150%

due

06/15/30

465

487

Pfizer,

Inc.

Series

5YR

3.200%

due

09/15/23

403

426

Philip

Morris

International,

Inc.

4.375%

due

11/15/41

635

757

Procter

&

Gamble

Co.

(The)

2.800%

due

03/25/27

386

421

Progress

Energy,

Inc.

7.750%

due

03/01/31

295

428

Prospect

Capital

Corp.

3.706%

due

01/22/26

455

470

Public

Service

Co.

of

Oklahoma

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

200

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

G

6.625%

due

11/15/37

260

380

Public

Service

Electric

&

Gas

Co.

3.250%

due

09/01/23

230

243

3.700%

due

05/01/28

210

241

PVH

Corp.

Series

WI

4.625%

due

07/10/25

315

351

QUALCOMM,

Inc.

Series

WI

1.300%

due

05/20/28

559

554

QVC,

Inc.

4.850%

due

04/01/24

705

764

Raytheon

Technologies

Corp.

Series

WI

3.200%

due

03/15/24

392

418

Regency

Energy

Partners,

LP

/

Regency

Energy

Finance

Corp.

4.500%

due

11/01/23

398

426

Republic

Services,

Inc.

2.500%

due

08/15/24

396

416

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

4.625%

due

04/06/31

(Þ)

395

414

Retail

Properties

of

America,

Inc.

4.000%

due

03/15/25

462

492

Royalty

Pharma

PLC

0.750%

due

09/02/23

(Þ)

990

994

1.200%

due

09/02/25

(Þ)

760

760

1.750%

due

09/02/27

(Þ)

265

267

2.200%

due

09/02/30

(Þ)

620

617

Sabine

Pass

Liquefaction

LLC

Series

WI

5.750%

due

05/15/24

220

246

5.000%

due

03/15/27

480

560

Sabra

Health

Care,

LP

/

Sabra

Capital

Corp.

4.800%

due

06/01/24

145

159

3.900%

due

10/15/29

1,055

1,127

Santander

Holdings

USA,

Inc.

3.450%

due

06/02/25

670

723

Series

FXD

3.500%

due

06/07/24

386

413

Schlumberger

Investment

SA

1.400%

due

09/17/25

405

412

Sherwin-Williams

Co.

(The)

2.300%

due

05/15/30

420

434

Shire

Acquisitions

Investments

Ireland

DAC

2.875%

due

09/23/23

408

426

Simon

Property

Group,

LP

2.450%

due

09/13/29

945

984

Smithfield

Foods,

Inc.

5.200%

due

04/01/29

(Þ)

500

587

Southern

California

Edison

Co.

6.650%

due

04/01/29

390

491

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Southern

Power

Co.

5.150%

due

09/15/41

413

515

Southwest

Airlines

Co.

5.125%

due

06/15/27

745

881

Spectra

Energy

Partners,

LP

4.500%

due

03/15/45

372

447

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

5.152%

due

03/20/28

(Þ)

450

518

Starbucks

Corp.

2.000%

due

03/12/27

478

496

Sunoco

Logistics

Partners

Operations,

LP

4.000%

due

10/01/27

455

508

5.300%

due

04/01/44

379

448

Synchrony

Financial

3.950%

due

12/01/27

443

495

Sysco

Corp.

6.600%

due

04/01/50

300

479

TCI

Communications,

Inc.

7.875%

due

02/15/26

340

440

Tennessee

Gas

Pipeline

Co.

LLC

7.000%

due

10/15/28

299

394

2.900%

due

03/01/30

(Þ)

875

922

8.375%

due

06/15/32

515

768

Texas

Eastern

Transmission,

LP

3.500%

due

01/15/28

(Þ)

453

499

Thermo

Fisher

Scientific,

Inc.

4.100%

due

08/15/47

422

523

Time

Warner

Cable

LLC

6.550%

due

05/01/37

837

1,153

7.300%

due

07/01/38

450

661

6.750%

due

06/15/39

460

654

Time

Warner

Entertainment

Co.,

LP

8.375%

due

03/15/23

442

497

8.375%

due

07/15/33

600

920

T-Mobile

USA,

Inc.

Series

WI

3.875%

due

04/15/30

550

621

TWDC

Enterprises

18

Corp.

Series

MTNB

7.000%

due

03/01/32

344

502

Tyson

Foods,

Inc.

4.875%

due

08/15/34

402

507

UnitedHealth

Group,

Inc.

2.300%

due

05/15/31

295

307

3.050%

due

05/15/41

225

241

Unum

Group

5.750%

due

08/15/42

411

519

Upjohn,

Inc.

2.300%

due

06/22/27

(Þ)

409

421

Valero

Energy

Corp.

1.200%

due

03/15/24

835

842

Verizon

Communications,

Inc.

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

201

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.625%

due

08/15/26

393

419

7.750%

due

12/01/30

1,565

2,309

3.550%

due

03/22/51

335

364

Series

WI

4.272%

due

01/15/36

980

1,178

ViacomCBS

,

Inc.

3.700%

due

08/15/24

460

497

4.750%

due

05/15/25

505

572

5.900%

due

10/15/40

380

521

4.600%

due

01/15/45

455

554

Vistra

Operations

Co.

LLC

4.300%

due

07/15/29

(Þ)

275

301

Vontier

Corp.

1.800%

due

04/01/26

(Þ)

370

371

2.950%

due

04/01/31

(Þ)

330

335

Wachovia

Corp.

7.500%

due

04/15/35

288

438

Wells

Fargo

&

Co.

0.626%

due

01/15/27

(USD

3

Month

LIBOR

+

0.500%)(Ê)

525

507

3.196%

due

06/17/27

(USD

3

Month

LIBOR

+

1.170%)(Ê)

1,095

1,190

5.950%

due

12/15/36

100

142

4.650%

due

11/04/44

354

445

Western

&

Southern

Life

Insurance

Co.

(The)

3.750%

due

04/28/61

(Þ)

355

394

Westinghouse

Air

Brake

Technologies

Corp.

4.400%

due

03/15/24

391

424

Williams

Cos.,

Inc.

(The)

5.800%

due

11/15/43

160

216

WRKCo

,

Inc.

3.000%

due

06/15/33

460

493

174,876

International

Debt

-

12.8%

Adani

Ports

and

Special

Economic

Zone,

Ltd.

3.375%

due

07/24/24

(Þ)

465

483

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.300%

due

01/23/23

690

714

Air

Liquide

Finance

SA

2.250%

due

09/27/23

(Þ)

414

429

Alibaba

Group

Holding,

Ltd.

2.800%

due

06/06/23

200

207

Series

WI

3.600%

due

11/28/24

447

484

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

445

495

Anglo

American

Capital

PLC

3.625%

due

09/11/24

(Þ)

451

488

Anheuser-Busch

Cos.

LLC

/

Anheuser-

Busch

InBev

Worldwide,

Inc.

4.900%

due

02/01/46

195

250

Anheuser-Busch

InBev

Worldwide,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

8.200%

due

01/15/39

200

339

5.450%

due

01/23/39

350

466

Antares

Holdings,

LP

3.950%

due

07/15/26

(Þ)

505

536

ANZ

New

Zealand

International,

Ltd.

1.250%

due

06/22/26

(Þ)

1,000

1,008

Arbor

Realty

CLO,

Ltd.

Series

2021-FL2

Class

A

1.200%

due

05/15/36

(USD

1

Month

LIBOR

+

1.100%)(Ê)(Þ)

923

924

AstraZeneca

PLC

0.300%

due

05/26/23

432

432

6.450%

due

09/15/37

420

638

Banco

de

Bogota

SA

Series

EMTQ

4.375%

due

08/03/27

(Þ)

477

496

Banco

de

Credito

e

Inversiones

SA

4.000%

due

02/11/23

(Þ)

396

415

Banco

Inbursa

SA

Institucion

de

Banca

Multiple

4.125%

due

06/06/24

(Þ)

401

428

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santander

5.375%

due

04/17/25

(Þ)

150

169

Banco

Santander

SA

3.125%

due

02/23/23

407

423

2.749%

due

12/03/30

1,000

1,008

Bancolombia

SA

3.000%

due

01/29/25

419

423

Bangkok

Bank

PCL

9.025%

due

03/15/29

(Þ)

303

423

Bank

of

Nova

Scotia

(The)

2.000%

due

11/15/22

475

486

Barclays

PLC

4.375%

due

01/12/26

820

925

4.950%

due

01/10/47

394

517

Barrick

NA

Finance

LLC

5.750%

due

05/01/43

605

870

BAT

Capital

Corp.

3.215%

due

09/06/26

805

863

Series

WI

4.390%

due

08/15/37

800

879

Bayer

US

Finance

II

LLC

4.700%

due

07/15/64

(Þ)

605

739

Bayer

US

Finance

LLC

3.375%

due

10/08/24

(Þ)

1,402

1,506

BDS,

Ltd.

Series

2021-FL7

Class

A

1.180%

due

06/16/36

(USD

1

Month

LIBOR

+

1.070%)(Ê)(Þ)

1,397

1,397

Bellemeade

Re,

Ltd.

Series

2020-3A

Class

M1B

2.998%

due

10/25/30

(USD

1

Month

LIBOR

+

2.850%)(Ê)(Þ)

1,559

1,591

Series

2020-3A

Class

M1C

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

202

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.848%

due

10/25/30

(USD

1

Month

LIBOR

+

3.700%)(Ê)(Þ)

2,338

2,464

Series

2021-2A

Class

M1A

1.210%

due

06/25/31

(SOFR

30

Day

Average

+

1.200%)(Ê)(Þ)

2,211

2,215

Series

2021-2A

Class

M1B

1.510%

due

06/25/31

(SOFR

30

Day

Average

+

1.500%)(Ê)(Þ)

701

701

BNP

Paribas

SA

4.250%

due

10/15/24

377

416

British

Airways

Pass-Through

Trust

4.250%

due

11/15/32

(Þ)

255

274

Brookfield

Finance

LLC

3.450%

due

04/15/50

497

527

Brookfield

Finance,

Inc.

4.000%

due

04/01/24

443

480

Canadian

Imperial

Bank

of

Commerce

3.100%

due

04/02/24

392

418

0.950%

due

10/23/25

530

531

1.250%

due

06/22/26

1,000

1,004

Canadian

Natural

Resources,

Ltd.

7.200%

due

01/15/32

363

499

Canadian

Pacific

Railway

Co.

6.125%

due

09/15/15

328

523

CBAM

CLO

Management

Trust

Series

2017-1A

Class

A1

2.385%

due

07/20/30

(USD

3

Month

LIBOR

+

1.250%)(Ê)(Þ)

575

575

Celulosa

Arauco

y

Constitucion

SA

Series

WI

4.500%

due

08/01/24

383

411

Cencosud

SA

4.375%

due

07/17/27

(Þ)

386

422

CI

Financial

Corp.

3.200%

due

12/17/30

1,035

1,076

4.100%

due

06/15/51

870

919

CNH

Industrial

NV

4.500%

due

08/15/23

384

413

Colombia

Government

International

Bond

3.250%

due

04/22/32

615

601

4.125%

due

02/22/42

430

413

Corporacion

Nacional

del

Cobre

de

Chile

4.250%

due

07/17/42

(Þ)

270

309

Credit

Agricole

SA

3.750%

due

04/24/23

(Þ)

405

428

1.247%

due

01/26/27

(SOFR

+

0.892%)(Ê)(Þ)

429

426

Credit

Suisse

Group

AG

3.091%

due

05/14/32

(SOFR

+

1.730%)(Ê)(Þ)

325

339

Series

WI

4.550%

due

04/17/26

370

420

Danone

SA

2.589%

due

11/02/23

(Þ)

402

419

Danske

Bank

A/S

5.375%

due

01/12/24

(Þ)

435

482

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Deutsche

Bank

AG

3.950%

due

02/27/23

396

415

Deutsche

Telekom

International

Finance

BV

2.485%

due

09/19/23

(Þ)

416

432

Dewolf

Park

CLO,

Ltd.

Series

2017-1A

Class

A

2.429%

due

10/15/30

(USD

3

Month

LIBOR

+

1.210%)(Ê)(Þ)

1,500

1,500

Dryden

37

Senior

Loan

Fund

Series

2017-37A

Class

AR

2.319%

due

01/15/31

(USD

3

Month

LIBOR

+

1.100%)(Ê)(Þ)

1,300

1,300

Dryden

49

Senior

Loan

Fund

Series

2021-49A

Class

AR

1.137%

due

07/18/30

(USD

3

Month

LIBOR

+

0.950%)(Ê)(Þ)

3,924

3,926

ECAF,

Ltd.

Series

2015-1A

Class

A1

3.473%

due

06/15/40

(Þ)

286

277

Ecopetrol

SA

4.125%

due

01/16/25

396

415

6.875%

due

04/29/30

425

513

Element

Fleet

Management

Corp.

1.600%

due

04/06/24

(Þ)

300

305

Enbridge,

Inc.

3.700%

due

07/15/27

440

491

Enel

Finance

International

NV

Series

658A

3.500%

due

04/06/28

(Þ)

387

431

Eni

SpA

Series

X-R

4.000%

due

09/12/23

(Þ)

790

843

Equinor

ASA

3.700%

due

04/06/50

190

224

Fairfax

Financial

Holdings,

Ltd.

3.375%

due

03/03/31

(Þ)

420

448

Series

WI

4.850%

due

04/17/28

369

430

Falabella

SA

3.750%

due

04/30/23

(Þ)

460

480

Fresnillo

PLC

4.250%

due

10/02/50

(Þ)

200

209

Galaxy

Pipeline

Assets

Bidco

,

Ltd.

1.750%

due

09/30/27

(Þ)

355

360

2.625%

due

03/31/36

(Þ)

425

421

GlaxoSmithKline

Capital,

Inc.

3.375%

due

05/15/23

397

418

HGI

CRE

CLO,

Ltd.

Series

2021-FL1

Class

A

1.160%

due

06/16/36

(USD

1

Month

LIBOR

+

1.050%)(Ê)(Þ)

1,963

1,964

HSBC

Bank

PLC

7.650%

due

05/01/25

385

463

HSBC

Holdings

PLC

0.976%

due

05/24/25

(SOFR

+

0.708%)(Ê)

710

712

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

203

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.600%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.649%)(Ê)(ƒ)

635

652

Inco,

Ltd.

7.200%

due

09/15/32

322

421

ING

Groep

NV

2.727%

due

04/01/32

(SOFR

+

1.316%)(Ê)

345

362

Intesa

Sanpaolo

SpA

3.875%

due

01/12/28

(Þ)

453

495

Inversiones

CMPC

SA

4.375%

due

05/15/23

(Þ)

405

422

4.750%

due

09/15/24

(Þ)

382

417

Lloyds

Banking

Group

PLC

4.344%

due

01/09/48

438

526

Lukoil

International

Finance

BV

4.563%

due

04/24/23

(Þ)

396

419

Macquarie

Bank,

Ltd.

3.624%

due

06/03/30

(Þ)

335

359

Madison

Park

Funding

XVIII,

Ltd.

Series

2017-18A

Class

A1R

2.299%

due

10/21/30

(USD

3

Month

LIBOR

+

1.190%)(Ê)(Þ)

1,640

1,642

Meituan

2.125%

due

10/28/25

(Þ)

482

468

Mexico

Generadora

de

Energia

S

de

RL

Series

REGS

5.500%

due

12/06/32

289

329

Mexico

Government

International

Bond

2.659%

due

05/24/31

435

428

3.771%

due

05/24/61

520

484

Natwest

Group

PLC

1.642%

due

06/14/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.900%)(Ê)

585

588

Newcrest

Finance

Pty,

Ltd.

3.250%

due

05/13/30

(Þ)

415

451

Nomura

Holdings,

Inc.

2.648%

due

01/16/25

565

595

Nordea

Bank

Abp

3.750%

due

08/30/23

(Þ)

393

419

NTT

Finance

Corp.

1.162%

due

04/03/26

(Þ)

705

707

1.591%

due

04/03/28

(Þ)

1,000

1,006

Nutrien

,

Ltd.

1.900%

due

05/13/23

420

430

POSCO

2.375%

due

01/17/23

(Þ)

408

417

Prosus

NV

4.027%

due

08/03/50

(Þ)

439

422

RESIMAC

Premier

1.274%

due

02/07/52

(Þ)

1,231

1,237

Resimac

,

Ltd.

Series

2021-1A

Class

A1

0.800%

due

07/10/52

(USD

1

Month

LIBOR

+

0.700%)(Ê)(Þ)

1,919

1,920

Reynolds

American,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.250%

due

06/15/37

390

536

8.125%

due

05/01/40

715

1,079

Roche

Holdings,

Inc.

3.250%

due

09/17/23

(Þ)

393

416

SABIC

Capital

II

BV

4.000%

due

10/10/23

(Þ)

416

445

Sands

China,

Ltd.

Series

WI

4.600%

due

08/08/23

413

437

Sanofi

3.375%

due

06/19/23

392

414

Santander

UK

PLC

5.625%

due

09/15/45

(Þ)

392

514

Saudi

Arabian

Oil

Co.

1.250%

due

11/24/23

(Þ)

200

202

2.875%

due

04/16/24

(Þ)

397

417

1.625%

due

11/24/25

(Þ)

300

303

Scentre

Group

3.625%

due

01/28/26

(Þ)

690

758

4.375%

due

05/28/30

(Þ)

525

619

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)

975

1,041

Siemens

Financieringsmaatschappij

NV

2.000%

due

09/15/23

(Þ)

405

418

SK

Hynix,

Inc.

1.000%

due

01/19/24

(Þ)

487

485

Sky,

Ltd.

3.750%

due

09/16/24

(Þ)

438

479

Smith

&

Nephew

PLC

2.032%

due

10/14/30

605

600

Societe

Generale

SA

2.625%

due

01/22/25

(Þ)

605

634

4.250%

due

04/14/25

(Þ)

384

420

3.625%

due

03/01/41

(Þ)

625

642

Standard

Chartered

PLC

5.300%

due

01/09/43

(Þ)

346

431

Statoil

ASA

2.450%

due

01/17/23

417

431

Suncor

Energy,

Inc.

5.950%

due

12/01/34

328

441

Sura

Asset

Management

SA

4.875%

due

04/17/24

(Þ)

392

421

Takeda

Pharmaceutical

Co.,

Ltd.

3.175%

due

07/09/50

690

719

Series

WI

4.400%

due

11/26/23

1,000

1,084

5.000%

due

11/26/28

1,105

1,343

Tencent

Holdings,

Ltd.

3.280%

due

04/11/24

(Þ)

454

482

Toronto-Dominion

Bank

(The)

0.300%

due

06/02/23

432

432

Total

Capital

International

SA

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

204

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.700%

due

01/25/23

469

486

TotalEnergies

Capital

Canada,

Ltd.

2.750%

due

07/15/23

481

502

TransCanada

PipeLines

,

Ltd.

5.600%

due

03/31/34

336

432

Triton

Container

International,

Ltd.

2.050%

due

04/15/26

(Þ)

540

547

UBS

Group

AG

4.125%

due

04/15/26

(Þ)

373

420

Unilever

Capital

Corp.

0.375%

due

09/14/23

429

430

Vale

Overseas,

Ltd.

6.250%

due

08/10/26

343

412

6.875%

due

11/10/39

290

410

Vale

SA

5.625%

due

09/11/42

337

429

Validus

Holdings,

Ltd.

8.875%

due

01/26/40

477

799

Volkswagen

Group

of

America

Finance

LLC

1.250%

due

11/24/25

(Þ)

1,115

1,119

Voya

CLO,

Ltd.

Series

2020-2A

Class

A1RR

2.155%

due

04/17/30

(USD

3

Month

LIBOR

+

1.020%)(Ê)(Þ)

1,660

1,660

Series

2021-3A

Class

A1R

1.174%

due

04/20/34

(USD

3

Month

LIBOR

+

1.040%)(Ê)(Þ)

3,480

3,479

Westpac

Banking

Corp.

2.668%

due

11/15/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.750%)(Ê)

530

529

100,046

Mortgage-Backed

Securities

-

17.2%

Banc

of

America

Mortgage

Trust

Series

2004-D

Class

2A2

3.846%

due

05/25/34

(~)(Ê)

60

62

Series

2006-B

Class

1A1

4.122%

due

10/20/46

(~)(Ê)

15

10

BDS

Series

2021-FL8

Class

A

1.020%

due

01/18/36

(USD

1

Month

LIBOR

+

0.920%)(Ê)(Þ)

884

885

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

3,197

Chase

Home

Lending

Mortgage

Trust

Series

2020-CL1

Class

M1

2.429%

due

06/26/34

(USD

1

Month

LIBOR

+

2.250%)(Ê)(Þ)

1,781

1,822

Citigroup

Commercial

Mortgage

Trust

Series

2013-375P

Class

D

3.635%

due

05/10/35

(~)(Ê)(Þ)

2,427

2,474

Commercial

Mortgage

Trust

Series

2019-521F

Class

D

1.735%

due

06/15/34

(USD

1

Month

LIBOR

+

1.550%)(Ê)(Þ)

1,672

1,597

Credit

Suisse

Mortgage

Trust

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2019-ICE4

Class

E

2.335%

due

05/15/36

(USD

1

Month

LIBOR

+

2.150%)(Ê)(Þ)

2,384

2,391

DBGS

Mortgage

Trust

Series

2019-1735

Class

D

4.334%

due

04/10/37

(~)(Ê)(Þ)

1,961

2,078

Eagle

Re,

Ltd.

Series

2020-1

Class

M1A

1.068%

due

01/25/30

(USD

1

Month

LIBOR

+

0.900%)(Ê)(Þ)

755

753

Series

2021-1

Class

M1B

2.165%

due

10/25/33

(SOFR

30

Day

Average

+

2.150%)(Ê)(Þ)

1,464

1,482

Fannie

Mae

2.600%

due

2031

330

363

5.500%

due

2033

31

34

5.500%

due

2034

206

238

4.500%

due

2035

298

338

6.000%

due

2035

62

70

5.500%

due

2036

149

172

5.500%

due

2037

107

124

5.500%

due

2038

474

550

6.000%

due

2039

30

35

4.500%

due

2040

105

116

5.500%

due

2040

410

465

4.000%

due

2041

117

129

3.500%

due

2043

1,074

1,193

4.000%

due

2043

115

126

4.000%

due

2044

613

673

3.500%

due

2045

898

973

4.000%

due

2045

590

649

4.000%

due

2046

1,270

1,383

4.500%

due

2046

329

369

4.000%

due

2047

453

490

4.500%

due

2047

105

114

4.000%

due

2048

604

658

5.000%

due

2048

2,119

2,324

3.000%

due

2049

3,461

3,751

4.000%

due

2049

574

628

2.000%

due

2050

14,836

15,192

2.500%

due

2050

4,184

4,407

3.500%

due

2050

572

617

Fannie

Mae

REMIC

Trust

Series

2004-W12

Class

1A3

7.000%

due

07/25/44

437

528

Fannie

Mae

REMICS

Series

1999-56

Class

Z

7.000%

due

12/18/29

21

24

Series

2005-117

Class

LC

5.500%

due

11/25/35

62

64

Series

2020-97

Class

EI

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

205

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Interest

Only

STRIP

2.000%

due

01/25/51

1,900

238

Series

2021-1

Class

IM

Interest

Only

STRIP

2.000%

due

02/25/51

1,333

157

Series

2021-3

Class

KI

Interest

Only

STRIP

2.500%

due

02/25/51

2,363

249

Series

2021-3

Class

NI

Interest

Only

STRIP

2.500%

due

02/25/51

2,120

272

Series

2021-8

Class

GI

Interest

Only

STRIP

3.000%

due

03/25/51

949

158

Freddie

Mac

5.500%

due

2032

9

10

7.500%

due

2032

6

7

5.500%

due

2034

18

21

4.000%

due

2040

506

569

5.500%

due

2041

160

186

3.500%

due

2043

660

734

3.500%

due

2044

109

120

4.000%

due

2044

401

442

4.000%

due

2045

718

796

3.500%

due

2046

110

119

4.000%

due

2047

767

830

4.500%

due

2048

270

292

2.500%

due

2050

6,725

7,049

3.000%

due

2050

8,706

9,345

2.000%

due

2051

5,315

5,453

Freddie

Mac

Reference

REMICS

Series

2006-R007

Class

ZA

6.000%

due

05/15/36

205

240

Freddie

Mac

REMICS

Series

2002-2533

Class

Z

5.500%

due

12/15/32

423

484

Series

2006-3123

Class

HT

5.000%

due

03/15/26

98

104

Series

2010-3632

Class

PK

5.000%

due

02/15/40

109

121

Series

2012-4019

Class

JD

3.000%

due

05/15/41

106

111

Series

2020-5008

Class

IE

Interest

Only

STRIP

2.000%

due

09/25/50

1,550

153

Series

2020-5038

Class

NI

Interest

Only

STRIP

2.000%

due

11/25/50

2,279

272

Series

2020-5050

Class

IP

Interest

Only

STRIP

3.000%

due

10/25/50

4,152

585

Series

2020-5052

Class

IO

Interest

Only

STRIP

3.500%

due

12/25/50

1,645

226

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2020-5052

Class

KI

Interest

Only

STRIP

4.000%

due

12/25/50

2,044

292

Series

2021-5072

Class

IQ

Interest

Only

STRIP

3.500%

due

10/25/50

1,799

279

Series

2021-5072

Class

QI

Interest

Only

STRIP

3.500%

due

10/25/50

1,779

311

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

Series

2018-HQA2

Class

M2AS

0.992%

due

10/25/48

(USD

1

Month

LIBOR

+

0.900%)(Ê)(Þ)

2,252

2,250

Ginnie

Mae

II

4.500%

due

2042

127

142

Ginnie

Mae

REMICS

Series

2020-134

Class

IL

Interest

Only

STRIP

2.500%

due

09/20/50

706

62

Series

2020-146

Class

EI

Interest

Only

STRIP

2.500%

due

10/20/50

1,948

210

Series

2020-167

Class

BI

Interest

Only

STRIP

2.500%

due

11/20/50

2,482

301

Series

2020-167

Class

IA

Interest

Only

STRIP

2.500%

due

11/20/50

2,473

263

Series

2020-167

Class

IW

Interest

Only

STRIP

2.000%

due

11/20/50

2,742

290

Series

2020-173

Class

MI

Interest

Only

STRIP

2.500%

due

11/20/50

8,406

1,024

Series

2021-1

Class

AI

Interest

Only

STRIP

2.000%

due

01/20/51

681

82

Series

2021-1

Class

PI

Interest

Only

STRIP

2.500%

due

12/20/50

672

76

Series

2021-9

Class

MI

Interest

Only

STRIP

2.500%

due

01/20/51

2,388

289

Series

2021-23

Class

IA

Interest

Only

STRIP

2.500%

due

02/20/51

1,452

197

Hilton

USA

Trust

Series

2016-SFP

Class

A

2.828%

due

11/05/35

(Þ)

261

262

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2004-LN2

Class

B

5.686%

due

07/15/41

(~)(Ê)

48

48

JPMorgan

Mortgage

Trust

2.500%

due

12/25/51

5,375

5,477

Series

2020-3

Class

A15

3.500%

due

08/25/50

(~)(Ê)(Þ)

347

353

Series

2021-6

Class

A6

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

206

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.500%

due

10/25/51

(~)(Ê)(Þ)

4,306

4,421

Series

2021-7

Class

A6

2.500%

due

11/25/51

(~)(Ê)(Þ)

4,237

4,354

Series

2021-8

Class

A6

2.500%

due

12/25/51

(~)(Ê)(Þ)

3,641

3,737

Mello

Mortgage

Capital

Acceptance

Series

2021-INV1

Class

A4

2.500%

due

06/25/51

(~)(Ê)(Þ)

1,265

1,303

MHC

Commercial

Mortgage

Trust

Series

2021-MHC

Class

A

0.951%

due

04/15/26

(USD

1

Month

LIBOR

+

0.801%)(Ê)(Þ)

2,776

2,781

Morgan

Stanley

Capital

I

Trust

Series

2018-BOP

Class

E

2.135%

due

06/15/35

(USD

1

Month

LIBOR

+

1.950%)(Ê)(Þ)

4,061

3,986

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

Series

2017-237P

Class

D

3.865%

due

09/13/39

(~)(Ê)(Þ)

1,883

1,959

Series

2017-237P

Class

XA

Interest

Only

STRIP

0.468%

due

09/13/39

(~)(Ê)(Þ)

10,103

207

Series

2017-237P

Class

XB

Interest

Only

STRIP

0.175%

due

09/13/39

(~)(Ê)(Þ)

6,248

34

MSCG

Trust

Series

2018-SELF

Class

D

1.835%

due

10/15/37

(USD

1

Month

LIBOR

+

1.650%)(Ê)(Þ)

2,783

2,788

Oaktown

Re

III,

Ltd.

Series

2019-1A

Class

M1B

2.080%

due

07/25/29

(USD

1

Month

LIBOR

+

1.950%)(Ê)(Þ)

678

678

Oaktown

Re

VI,

Ltd.

Series

2021-1A

Class

M1B

2.060%

due

10/25/33

(SOFR

30

Day

Average

+

2.050%)(Ê)(Þ)

2,464

2,495

One

Market

Plaza

Trust

Series

2017-1MKT

Class

C

4.016%

due

02/10/32

(Þ)

1,133

1,150

Radnor

RE,

Ltd.

Series

2020-1

Class

M1A

1.118%

due

02/25/30

(USD

1

Month

LIBOR

+

0.950%)(Ê)(Þ)

840

839

RCKT

Mortgage

Trust

Series

2021-2

Class

A5

2.500%

due

06/25/51

(~)(Ê)(Þ)

2,395

2,460

Sequoia

Mortgage

Trust

Series

2021-4

Class

A10

2.500%

due

06/25/51

(~)(Ê)(Þ)

2,324

2,388

Towd

Point

Asset

Funding

LLC

Series

2021-HE1

Class

A1

0.918%

due

02/25/63

(~)(Ê)(Þ)

1,095

1,095

UWM

Mortgage

Trust

Series

2021-1

Class

A4

2.500%

due

06/25/51

(~)(Ê)(Þ)

2,448

2,515

134,289

Municipal

Bonds

-

0.1%

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

6.637%

due

04/01/57

268

416

7.055%

due

04/01/57

482

729

1,145

Non-US

Bonds

-

4.7%

Aqueduct

European

CLO

DAC

Series

2021-3A

Class

AR

0.930%

due

08/15/34

(3

Month

EURIBOR

+

0.930%)(Ê)(Þ)

EUR

1,100

1,304

Avoca

CLO

XXIV

DAC

0.900%

due

07/15/34

EUR

1,000

1,185

CIFC

Funding,

Ltd.

1.000%

due

08/18/35

EUR

698

826

Contego

CLO

DAC

1.000%

due

01/24/34

EUR

1,572

1,864

Cordatus

CLO

PLC

0.810%

due

06/22/34

EUR

2,735

3,232

Eurosail

PRIME-UK

PLC

Series

2007-PR1X

Class

A1

0.598%

due

09/13/45

(GBP

3

Month

LIBOR

+

0.400%)(Ê)

GBP

754

1,028

Harvest

CLO

XIX

DAC

Series

2018-19X

Class

A

0.770%

due

04/14/31

(3

Month

EURIBOR

+

0.770%)(Ê)

EUR

1,817

2,157

Harvest

CLO

XXVI

DAC

Series

2021-26A

Class

A

1.000%

due

01/15/34

(3

Month

EURIBOR

+

0.940%)(Ê)(Þ)

EUR

1,189

1,407

Last

Mile

Logistics

Group,

Inc.

0.750%

due

08/17/26

EUR

1,221

1,450

Last

Mile

Securities

0.900%

due

08/17/31

EUR

1,273

1,522

Madison

Park

Euro

Funding

IX

DAC

Series

2021-9A

Class

AR

0.880%

due

07/15/35

(3

Month

EURIBOR

+

0.880%)(Ê)(Þ)

EUR

952

1,127

Mansard

Mortgages

Series

2007-1X

Class

A2

0.208%

due

04/15/47

(GBP

3

Month

LIBOR

+

0.180%)(Ê)

GBP

1,496

2,014

Newgate

Funding

PLC

Series

2006-1

Class

A4

1.086%

due

12/01/50

(GBP

3

Month

LIBOR

+

0.190%)(Ê)

GBP

796

1,092

Series

2006-3X

Class

A3B

3.732%

due

12/01/50

(3

Month

EURIBOR

+

0.170%)(Ê)

EUR

1,052

1,223

Paragon

Mortgages

(No.

12)

PLC

0.293%

due

11/15/38

(~)(Ê)

GBP

2,875

3,952

RMAC

Securities

No.

1

PLC

0.234%

due

06/12/44

GBP

464

624

Series

2006-NS1X

Class

A2A

1.050%

due

06/12/44

(GBP

3

Month

LIBOR

+

0.150%)(Ê)

GBP

388

524

Series

2006-NS4X

Class

A3A

0.368%

due

06/12/44

(GBP

3

Month

LIBOR

+

0.170%)(Ê)

GBP

1,077

1,450

Taurus

CMBS

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

207

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.000%

due

08/17/31

GBP

1,808

2,513

Taurus

UK

Designated

Activity

Co.

Series

2021-UK1A

Class

A

0.901%

due

05/17/31

(3

Month

SONIA

Deposit

Rate

+

0.850%)(Ê)(Þ)

GBP

565

788

Series

2021-UK1A

Class

B

1.351%

due

05/17/31

(3

Month

SONIA

Deposit

Rate

+

1.300%)(Ê)(Þ)

GBP

500

697

Towd

Point

Mortgage

Funding

Series

2019-A13X

Class

B

1.251%

due

07/20/45

(3

Month

SONIA

Deposit

Rate

+

1.200%)(Ê)

GBP

2,034

2,829

Warwick

Finance

Residential

Mortgages

Number

Three

PLC

0.854%

due

12/21/49

(~)(Ê)(Þ)

GBP

1,282

1,785

36,593

United

States

Government

Agencies

-

0.1%

Tennessee

Valley

Authority

0.750%

due

05/15/25

750

754

United

States

Government

Treasuries

-

26.7%

United

States

Treasury

Notes

1.500%

due

09/15/22

4,160

4,226

0.250%

due

04/15/23

6,875

6,886

1.750%

due

05/15/23

5,460

5,614

1.250%

due

07/31/23

5,080

5,188

0.250%

due

11/15/23

6,040

6,043

2.750%

due

11/15/23

12,805

13,541

0.125%

due

01/15/24

11,755

11,717

2.000%

due

04/30/24

4,158

4,351

2.250%

due

04/30/24

4,355

4,586

0.250%

due

05/15/24

5,080

5,071

2.000%

due

02/15/25

6,065

6,392

3.000%

due

10/31/25

2,820

3,106

2.250%

due

11/15/25

3,530

3,778

1.625%

due

02/15/26

6,760

7,058

2.250%

due

03/31/26

2,750

2,952

1.625%

due

05/15/26

4,362

4,558

0.875%

due

06/30/26

4,105

4,142

1.500%

due

08/15/26

6,534

6,789

0.625%

due

03/31/27

4,275

4,235

2.375%

due

05/15/27

3,010

3,275

0.500%

due

05/31/27

5,150

5,051

2.750%

due

02/15/28

2,550

2,844

1.125%

due

02/29/28

1,336

1,352

1.250%

due

03/31/28

1,652

1,683

2.875%

due

05/15/28

2,598

2,925

1.000%

due

07/31/28

1,360

1,360

2.875%

due

08/15/28

1,938

2,186

3.125%

due

11/15/28

1,564

1,795

2.375%

due

05/15/29

1,410

1,546

1.625%

due

08/15/29

5,925

6,167

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.750%

due

11/15/29

5,120

5,380

0.625%

due

08/15/30

6,610

6,290

0.875%

due

11/15/30

1,846

1,792

1.125%

due

02/15/31

2,148

2,129

1.625%

due

05/15/31

5,620

5,826

1.125%

due

05/15/40

1,920

1,715

1.125%

due

08/15/40

3,700

3,294

1.375%

due

11/15/40

3,930

3,651

1.875%

due

02/15/41

2,284

2,310

2.250%

due

05/15/41

3,035

3,260

2.750%

due

11/15/42

2,180

2,533

3.125%

due

08/15/44

1,690

2,093

2.875%

due

08/15/45

1,210

1,445

2.750%

due

11/15/47

3,411

4,021

3.000%

due

02/15/48

2,141

2,641

3.000%

due

08/15/48

1,406

1,738

3.375%

due

11/15/48

1,360

1,796

3.000%

due

02/15/49

1,453

1,801

2.875%

due

05/15/49

1,462

1,774

1.250%

due

05/15/50

3,505

2,983

1.625%

due

11/15/50

4,410

4,123

1.875%

due

02/15/51

3,145

3,123

2.375%

due

05/15/51

2,265

2,513

208,648

Total

Long-Term

Investments

(cost

$693,137

)

714,650

Short-Term

Investments

-

7.9%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

Series

WI

5.000%

due

10/01/21

460

463

America

Movil

SAB

de

CV

3.125%

due

07/16/22

410

420

Athene

Global

Funding

3.000%

due

07/01/22

(Þ)

140

143

Citigroup,

Inc.

4.050%

due

07/30/22

311

322

Evergy

,

Inc.

5.292%

due

06/15/22

(~)(Ê)

805

829

Ford

Motor

Credit

Co.

LLC

Series

FXD

3.813%

due

10/12/21

200

201

General

Motors

Financial

Co.,

Inc.

3.450%

due

04/10/22

945

960

Kaupthing

Bank

HF

7.625%

due

02/28/20

(Ø)(Š)(Æ)(Þ)

1,210

—

5.750%

due

10/04/20

(Ø)(Š)(Æ)(Þ)

100

—

Pacific

Gas

and

Electric

Co.

1.750%

due

06/16/22

675

674

PacifiCorp

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

208

Investment

Grade

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.950%

due

02/01/22

295

297

Suncor

Energy

Ventures

Corp.

4.500%

due

04/01/22

(Þ)

365

372

U.S.

Cash

Management

Fund(@)

41,698,463(∞)

41,690

United

States

Treasury

Notes

0.125%

due

05/31/22

355

355

0.125%

due

06/30/22

4,980

4,982

2.125%

due

06/30/22

10,290

10,482

Total

Short-Term

Investments

(cost

$63,233)

62,190

Total

Investments

-

99.3%

(identified

cost

$756,370)

776,840

Other

Assets

and

Liabilities,

Net

-

0.7%

5,437

Net

Assets

-

100.0%

782,277

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

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

$

$

$

25.6%

7-Eleven,

Inc.

05/14/21

115,000

89.82

103

110

7-Eleven,

Inc.

05/14/21

85,000

91.29

78

81

Adani

Ports

and

Special

Economic

Zone,

Ltd.

04/23/20

465,000

93.83

436

483

Air

Liquide

Finance

SA

07/13/21

414,000

103.61

429

429

Alimentation

Couche-Tard,

Inc.

09/19/17

445,000

98.74

439

495

American

Tower

Trust

#1

01/05/17

240,000

99.76

239

241

Amur

Equipment

Finance

Receivables

IX

LLC

04/14/21

709,000

99.99

709

712

Anglo

American

Capital

PLC

04/14/21

451,000

107.65

485

488

Antares

Holdings,

LP

01/21/21

505,000

98.90

499

536

ANZ

New

Zealand

International,

Ltd.

06/16/21

1,000,000

100.00

1,000

1,008

Apollo

Management

Holdings,

LP

05/24/16

230,000

99.95

230

263

Apollo

Management

Holdings,

LP

03/08/18

365,000

99.29

362

476

Apollo

Management

Holdings,

LP

05/24/18

195,000

99.69

194

212

Aqueduct

European

CLO

DAC

06/15/21

EUR

1,100,000

121.27

1,334

1,304

Arbor

Realty

CLO,

Ltd.

05/26/21

923,000

100.00

923

924

AT&T,

Inc.

06/23/20

625,000

93.82

586

646

Athene

Global

Funding

06/12/19

140,000

100.22

140

143

Athene

Global

Funding

11/06/19

1,145,000

102.76

1,177

1,233

Aviation

Capital

Group

LLC

09/03/20

458,000

97.35

446

498

Banco

de

Bogota

SA

09/22/17

477,000

99.16

473

496

Banco

de

Credito

e

Inversiones

SA

10/05/20

396,000

104.38

413

415

Banco

Inbursa

SA

Institucion

de

Banca

Multiple

07/13/21

401,000

107.17

430

428

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santander

04/14/20

150,000

100.00

150

169

Bangkok

Bank

PCL

06/19/18

303,000

124.97

379

423

Bayer

US

Finance

II

LLC

08/14/18

605,000

93.63

566

739

Bayer

US

Finance

LLC

06/18/18

1,402,000

98.96

1,390

1,506

BDS

07/22/21

884,000

100.00

884

885

BDS,

Ltd.

05/14/21

1,397,000

100.00

1,397

1,397

Bellemeade

Re,

Ltd.

10/28/20

2,338,000

100.00

2,338

2,464

Bellemeade

Re,

Ltd.

10/28/20

1,559,000

100.00

1,559

1,591

Bellemeade

Re,

Ltd.

06/11/21

2,211,000

100.00

2,211

2,215

Bellemeade

Re,

Ltd.

06/11/21

701,000

100.00

701

701

Blackbird

Capital

Aircraft

Lease

Securitization,

Ltd.

11/04/16

2,049,688

98.23

2,013

2,065

Blackstone

Holdings

Finance

Co.

LLC

05/03/21

384,000

127.42

489

528

Blackstone

Holdings

Finance

Co.

LLC

07/29/21

515,000

99.10

510

512

British

Airways

Pass-Through

Trust

11/17/20

254,853

100.00

255

274

Broadcom,

Inc.

05/05/20

625,000

99.89

624

667

Broadcom,

Inc.

01/04/21

455,000

99.66

453

472

CAMB

Commercial

Mortgage

Trust

01/25/19

3,188,000

100.00

3,188

3,197

Cargill,

Inc.

01/28/21

435,000

99.96

435

432

CBAM

CLO

Management

Trust

06/29/18

575,000

100.04

575

575

Cencosud

SA

06/18/21

386,000

109.67

423

422

Centene

Corp.

11/12/19

200,000

103.73

207

208

Chase

Auto

Credit

Liked

Notes

03/16/21

5,207,691

100.00

5,208

5,214

Chase

Home

Lending

Mortgage

Trust

07/22/20

1,780,999

100.00

1,781

1,822

Citadel

Finance

LLC

03/03/21

590,000

99.57

587

599

Citadel,

LP

09/11/19

625,000

99.78

624

681

Citigroup

Commercial

Mortgage

Trust

03/06/19

2,427,000

0.99

2,393

2,474

Commercial

Mortgage

Trust

06/05/19

1,672,000

100.00

1,672

1,597

ConocoPhillips

04/30/19

240,000

100.36

241

273

Corporacion

Nacional

del

Cobre

de

Chile

01/17/20

270,000

106.14

287

309

CoStar

Group,

Inc.

06/24/20

645,000

99.93

645

666

Credit

Agricole

SA

06/17/21

429,000

98.57

423

426

Credit

Agricole

SA

07/12/21

405,000

105.58

428

428

Credit

Suisse

Group

AG

05/10/21

325,000

100.16

326

339

Credit

Suisse

Mortgage

Trust

05/28/19

2,384,000

100.00

2,384

2,391

Danone

SA

10/01/19

402,000

100.88

406

419

Danske

Bank

A/S

05/08/19

435,000

102.82

447

482

DBGS

Mortgage

Trust

04/03/19

1,961,000

101.28

1,986

2,078

Deutsche

Telekom

International

Finance

BV

07/13/21

416,000

103.83

432

432

Dewolf

Park

CLO,

Ltd.

07/10/18

1,500,000

100.14

1,502

1,500

Dryden

37

Senior

Loan

Fund

12/06/17

1,300,000

100.00

1,300

1,300

Dryden

49

Senior

Loan

Fund

03/29/21

3,924,000

100.00

3,923

3,926

Eagle

Re,

Ltd.

01/27/20

755,000

100.00

755

753

Eagle

Re,

Ltd.

04/09/21

1,464,000

100.00

1,464

1,482

ECAF,

Ltd.

08/09/18

285,920

99.28

284

277

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

210

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

$

$

$

Element

Fleet

Management

Corp.

03/31/21

300,000

99.90

300

305

Enel

Finance

International

NV

01/05/18

387,000

94.15

364

431

Eni

SpA

09/05/18

790,000

99.76

788

843

F&G

Global

Funding

06/23/21

295,000

99.97

295

301

Fairfax

Financial

Holdings,

Ltd.

03/01/21

420,000

100.02

420

448

Falabella

SA

04/13/21

460,000

104.46

481

480

Farmers

Exchange

Capital

III

10/12/16

290,000

99.14

288

368

FirstKey

Homes

Trust

10/02/20

4,932,090

100.78

4,970

4,950

FNA

VI

LLC

01/22/21

896,644

99.98

897

897

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

05/24/21

2,252,000

100.05

2,253

2,250

Fresnillo

PLC

09/29/20

200,000

98.03

196

209

GA

Global

Funding

Trust

Secured

01/08/21

405,000

99.90

405

413

Galaxy

Pipeline

Assets

Bidco

,

Ltd.

10/27/20

425,000

100.00

425

421

Galaxy

Pipeline

Assets

Bidco

,

Ltd.

10/27/20

355,000

100.00

355

360

Harvest

CLO

XXVI

DAC

06/24/21

EUR

1,189,000

119.34

1,419

1,407

Health

Care

Service

Corp.,

a

Mutual

Legal

Reserve

Co.

05/28/20

705,000

99.64

702

720

Hewlett

Packard

Enterprise

Co.

09/30/15

500

99.97

—

1

HGI

CRE

CLO,

Ltd.

05/06/21

1,963,000

100.03

1,964

1,964

Hilton

USA

Trust

05/26/17

261,000

99.73

260

262

Intesa

Sanpaolo

SpA

06/18/18

453,000

90.73

411

495

Inversiones

CMPC

SA

07/06/20

382,000

105.67

404

417

Inversiones

CMPC

SA

07/08/21

405,000

105.10

426

422

Invitation

Homes

Trust

09/09/20

2,188,322

99.64

2,180

2,192

JPMorgan

Mortgage

Trust

03/30/21

347,199

102.17

355

353

JPMorgan

Mortgage

Trust

04/26/21

4,305,978

102.81

4,427

4,421

JPMorgan

Mortgage

Trust

05/24/21

4,237,359

102.90

4,360

4,354

JPMorgan

Mortgage

Trust

06/24/21

3,641,432

102.62

3,737

3,737

Kaupthing

Bank

HF

02/25/08

1,210,000

—

1,013

—

Kaupthing

Bank

HF

10/04/11

100,000

—

99

—

KKR

Group

Finance

Co.

III

LLC

03/11/15

225,000

100.43

226

299

Land

O'Lakes,

Inc.

06/22/16

700,000

101.43

710

738

Lukoil

International

Finance

BV

09/19/17

396,000

100.67

399

419

Macquarie

Bank,

Ltd.

05/27/20

335,000

100.00

335

359

Madison

Park

Euro

Funding

IX

DAC

06/09/21

EUR

952,000

121.77

1,159

1,127

Madison

Park

Funding

XVIII,

Ltd.

09/29/17

1,640,000

100.00

1,640

1,642

Magnetite

XVIII,

Ltd.

10/31/18

1,786,000

100.00

1,786

1,786

Marvell

Technology,

Inc.

06/28/21

379,000

99.86

378

382

Meituan

12/02/20

482,000

101.27

488

468

Mello

Mortgage

Capital

Acceptance

06/14/21

1,264,963

102.66

1,299

1,303

MHC

Commercial

Mortgage

Trust

04/06/21

2,776,000

99.76

2,769

2,781

Morgan

Stanley

Capital

I

Trust

08/15/18

4,060,871

100.00

4,061

3,986

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

6,248,000

0.54

34

34

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

10,103,000

2.05

207

207

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

1,883,000

97.29

1,832

1,959

Motiva

Enterprises

LLC

04/23/20

333,000

91.24

304

435

MSCG

Trust

10/09/18

2,783,000

100.00

2,783

2,788

Mutual

of

Omaha

Insurance

Co.

07/14/14

295,000

100.00

295

309

Navient

Private

Education

Refi

Loan

Trust

07/20/20

829,753

99.99

830

835

Navient

Private

Education

Refi

Loan

Trust

07/23/20

3,107,161

101.04

3,139

3,162

Navient

Private

Education

Refi

Loan

Trust

11/03/20

1,142,889

99.99

1,143

1,153

Navient

Private

Education

Refi

Loan

Trust

01/19/21

899,680

99.99

900

899

Navient

Private

Education

Refi

Loan

Trust

03/16/21

1,524,796

100.00

1,525

1,527

Navient

Private

Education

Refi

Loan

Trust

05/18/21

1,942,229

99.98

1,942

1,950

Nestle

Holdings,

Inc.

04/22/20

393,000

104.83

412

417

New

York

Life

Insurance

Co.

04/08/20

195,000

99.40

194

226

Newcrest

Finance

Pty,

Ltd.

05/07/20

415,000

100.48

417

451

NGPL

PipeCo

LLC

10/02/19

297,000

127.35

378

434

Nordea

Bank

Abp

06/17/21

393,000

106.54

419

419

NTT

Finance

Corp.

02/24/21

1,000,000

100.00

1,000

1,006

NTT

Finance

Corp.

02/24/21

705,000

100.00

705

707

Oaktown

Re

III,

Ltd.

01/26/21

678,000

100.47

681

678

Oaktown

Re

VI,

Ltd.

04/14/21

2,464,000

100.00

2,464

2,495

Octane

Receivables

Trust

04/27/21

1,778,002

99.99

1,778

1,780

Ohio

National

Financial

Services,

Inc.

01/16/20

365,000

99.94

365

424

One

Market

Plaza

Trust

02/15/17

1,133,000

102.15

1,157

1,150

OneMain

Financial

Issuance

Trust

05/17/21

8,310,000

99.97

8,307

8,394

OneMain

Financial

Issuance

Trust

05/24/21

5,140,000

107.78

5,539

5,573

Pacific

Life

Insurance

Co.

06/15/18

255,000

92.26

235

300

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

211

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

$

$

$

POSCO

01/04/21

408,000

102.36

418

417

Prosus

NV

02/03/21

439,000

100.69

442

422

Radnor

RE,

Ltd.

01/21/20

840,000

100.00

840

839

RCKT

Mortgage

Trust

06/22/21

2,394,541

102.09

2,445

2,460

RESIMAC

Premier

09/23/20

1,230,814

100.00

1,231

1,237

Resimac

,

Ltd.

03/04/21

1,918,696

100.00

1,919

1,920

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

03/30/21

395,000

97.76

386

414

Roche

Holdings,

Inc.

07/08/20

393,000

105.65

415

416

Royalty

Pharma

PLC

08/24/20

620,000

97.94

607

617

Royalty

Pharma

PLC

08/24/20

265,000

98.49

261

267

Royalty

Pharma

PLC

08/24/20

760,000

99.07

753

760

Royalty

Pharma

PLC

08/24/20

990,000

99.53

985

994

SABIC

Capital

II

BV

04/07/20

416,000

100.51

418

445

Santander

UK

PLC

10/01/18

392,000

102.83

403

514

Saudi

Arabian

Oil

Co.

04/07/20

397,000

99.03

393

417

Saudi

Arabian

Oil

Co.

11/17/20

200,000

99.83

200

202

Saudi

Arabian

Oil

Co.

11/17/20

300,000

99.97

300

303

Scentre

Group

05/19/20

690,000

99.51

687

758

Scentre

Group

05/19/20

525,000

99.80

524

619

Scentre

Group

Trust

2

09/16/20

975,000

100.00

975

1,041

Sequoia

Mortgage

Trust

05/06/21

2,323,706

102.77

2,388

2,388

Siemens

Financieringsmaatschappij

NV

02/03/21

405,000

103.38

419

418

SK

Hynix,

Inc.

03/09/21

487,000

100.01

487

485

Sky,

Ltd.

01/05/21

438,000

109.76

481

479

Smithfield

Foods,

Inc.

03/27/19

500,000

101.11

506

587

Societe

Generale

SA

01/16/20

384,000

104.37

401

420

Societe

Generale

SA

01/16/20

605,000

99.86

604

634

Societe

Generale

SA

02/22/21

625,000

99.65

623

642

SoFi

Professional

Loan

Program

Trust

07/20/20

731,375

102.11

747

743

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

04/16/20

450,000

108.48

488

518

Standard

Chartered

PLC

06/21/21

346,000

121.34

420

431

Suncor

Energy

Ventures

Corp.

12/14/18

365,000

99.96

365

372

Sura

Asset

Management

SA

06/18/21

392,000

107.88

423

421

TAL

Advantage

VII

LLC

06/24/21

5,281,550

100.95

5,332

5,355

Taurus

UK

Designated

Activity

Co.

02/22/21

GBP

500,000

140.62

703

697

Taurus

UK

Designated

Activity

Co.

02/22/21

GBP

565,000

140.62

795

788

Tencent

Holdings,

Ltd.

01/04/21

454,000

105.77

480

482

Tennessee

Gas

Pipeline

Co.

LLC

02/19/20

875,000

98.22

859

922

Texas

Eastern

Transmission,

LP

11/13/19

453,000

102.92

466

499

Towd

Point

Asset

Funding

LLC

02/22/21

1,094,844

100.00

1,095

1,095

Towd

Point

Mortgage

Trust

08/04/17

4

99.29

—

—

Towd

Point

Mortgage

Trust

11/26/19

1,047,323

100.28

1,050

1,051

Towd

Point

Mortgage

Trust

08/17/20

1,040,616

101.80

1,059

1,053

Triton

Container

International,

Ltd.

04/06/21

540,000

99.90

539

547

UBS

Group

AG

07/07/20

373,000

111.90

417

420

Upjohn,

Inc.

07/07/20

409,000

104.14

426

421

UWM

Mortgage

Trust

05/27/21

2,447,599

102.27

2,503

2,515

Vistra

Operations

Co.

LLC

06/04/19

275,000

99.82

275

301

Volkswagen

Group

of

America

Finance

LLC

11/17/20

1,115,000

99.85

1,113

1,119

Vontier

Corp.

03/03/21

330,000

99.80

329

335

Vontier

Corp.

03/03/21

370,000

99.87

370

371

Voya

CLO,

Ltd.

02/18/20

1,659,541

100.00

1,660

1,660

Voya

CLO,

Ltd.

03/17/21

3,480,000

100.00

3,479

3,479

Warwick

Finance

Residential

Mortgages

Number

Three

PLC

02/10/21

GBP

1,282,260

138.66

1,778

1,785

Western

&

Southern

Life

Insurance

Co.

(The)

04/21/21

355,000

99.85

354

394

200,243

For

a

description

of

restricted

securities

see

note

6

in

the

Notes

to

Quarterly

Report.

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

212

Investment

Grade

Bond

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Australia

10

Year

Government

Bond

Futures

329

AUD

47,836

09/21

906

Canadian

10

Year

Government

Bond

Futures

48

CAD

7,104

09/21

159

United

States

2

Year

Treasury

Note

Futures

22

USD

4,854

09/21

(1)

United

States

5

Year

Treasury

Note

Futures

527

USD

65,583

09/21

290

United

States

10

Year

Treasury

Note

Futures

753

USD

101,244

09/21

1,669

United

States

10

Year

Ultra

Treasury

Note

Futures

36

USD

5,409

09/21

25

United

States

Treasury

Long

Bond

Futures

71

USD

11,694

09/21

566

United

States

Treasury

Ultra

Bond

Futures

59

USD

11,773

09/21

743

Short

Positions

Euro-Bund

Futures

149

EUR

26,309

09/21

(870)

Japanese

10

Year

Government

Bond

Futures

5

JPY

761,499

09/21

(39)

Long

Gilt

Futures

100

GBP

12,979

09/21

(358)

United

States

2

Year

Treasury

Note

Futures

149

USD

32,878

09/21

3

United

States

Treasury

Long

Bond

Futures

5

USD

824

09/21

(5)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

3,088

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

1,363

EUR

1,146

08/03/21

(4)

Bank

of

America

AUD

132

USD

101

09/09/21

5

Bank

of

America

AUD

317

USD

239

09/09/21

6

Bank

of

America

AUD

590

USD

436

09/09/21

4

Bank

of

America

AUD

16,659

USD

12,924

09/09/21

696

Bank

of

America

EUR

1,146

USD

1,364

08/19/21

4

Bank

of

America

NOK

1,126

USD

135

09/09/21

6

Bank

of

America

NOK

1,773

USD

207

09/09/21

7

Bank

of

America

NOK

5,555

USD

635

09/09/21

7

Bank

of

America

NOK

107,337

USD

12,863

09/09/21

711

Bank

of

Montreal

USD

3,384

NOK

28,000

09/15/21

(215)

Bank

of

Montreal

SEK

26,000

USD

3,149

09/15/21

128

Bank

of

New

York

USD

2,477

GBP

1,790

09/09/21

12

Bank

of

New

York

USD

7,464

GBP

5,264

09/09/21

(147)

Bank

of

New

York

USD

13,197

GBP

9,306

09/09/21

(262)

Bank

of

New

York

USD

3,396

NOK

28,000

09/15/21

(226)

Bank

of

New

York

GBP

10,872

USD

15,194

09/09/21

82

Bank

of

New

York

SEK

26,000

USD

3,156

09/15/21

135

Citigroup

USD

3,386

NOK

28,000

09/15/21

(216)

Citigroup

USD

136

NZD

194

09/09/21

(1)

Citigroup

USD

185

NZD

264

09/09/21

(1)

Citigroup

USD

6,551

NZD

8,978

09/09/21

(297)

Citigroup

NZD

60

USD

44

09/09/21

2

Citigroup

SEK

26,000

USD

3,151

09/15/21

129

Commonwealth

Bank

of

Australia

USD

32

SEK

263

09/09/21

(1)

Commonwealth

Bank

of

Australia

SEK

1,099

USD

129

09/09/21

1

Commonwealth

Bank

of

Australia

SEK

1,135

USD

133

09/09/21

1

Commonwealth

Bank

of

Australia

SEK

54,247

USD

6,544

09/09/21

241

Goldman

Sachs

EUR

11,131

USD

13,153

08/19/21

(55)

JPMorgan

Chase

USD

3,384

NOK

28,000

09/15/21

(215)

JPMorgan

Chase

SEK

26,000

USD

3,149

09/15/21

128

Morgan

Stanley

GBP

12,173

USD

16,817

08/19/21

(104)

Royal

Bank

of

Canada

USD

93

CAD

115

09/09/21

(1)

Royal

Bank

of

Canada

USD

13,363

CAD

16,634

09/09/21

(31)

Royal

Bank

of

Canada

USD

19,952

CAD

24,098

09/09/21

(637)

Royal

Bank

of

Canada

USD

3,416

EUR

2,865

09/09/21

(15)

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Investment

Grade

Bond

Fund

213

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Royal

Bank

of

Canada

USD

7,642

EUR

6,252

09/09/21

(220)

Royal

Bank

of

Canada

USD

3,400

NOK

28,000

09/15/21

(230)

Royal

Bank

of

Canada

CAD

16,226

USD

13,429

09/09/21

424

Royal

Bank

of

Canada

EUR

47

USD

57

09/09/21

2

Royal

Bank

of

Canada

EUR

7,229

USD

8,598

09/09/21

16

Royal

Bank

of

Canada

SEK

26,000

USD

3,159

09/15/21

137

State

Street

USD

3,272

JPY

358,576

09/09/21

(3)

UBS

USD

286

CHF

256

09/09/21

(2)

UBS

CHF

36

USD

39

09/09/21

—

UBS

CHF

406

USD

441

09/09/21

(7)

UBS

CHF

17,728

USD

19,795

09/09/21

206

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

200

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

$

—

$

58,299

$

—

$

—

$

58,299

Corporate

Bonds

and

Notes

—

174,876

—

—

174,876

International

Debt

—

100,046

—

—

100,046

Mortgage-Backed

Securities

—

134,289

—

—

134,289

Municipal

Bonds

—

1,145

—

—

1,145

Non-US

Bonds

—

36,593

—

—

36,593

United

States

Government

Agencies

—

754

—

—

754

United

States

Government

Treasuries

—

208,648

—

—

208,648

Short-Term

Investments

—

20,500

—

41,69

0

62,19

0

Total

Investments

—

735,150

—

41,69

0

776,84

0

Other

Financial

Instruments

Assets

Futures

Contracts

4,36

1

—

—

—

4,36

1

Foreign

Currency

Exchange

Contracts

—

3,0

90

—

—

3,0

90

Liabilities

Futures

Contracts

(1,27

3

)

—

—

—

(1,27

3

)

Foreign

Currency

Exchange

Contracts

(4)

(2,88

6

)

—

—

(2,8

90

)

Total

Other

Financial

Instruments

*

$

3,08

4

$

204

$

—

$

—

$

3,288

*

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.

Russell

Investment

Company

Investment

Grade

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

214

Investment

Grade

Bond

Fund

For

a

disclosure

on

transfers

between

Levels

1,

2

and

3

during

the

period

ended

July

31,

2021,

see

note

2

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

July

31,

2021,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Australia

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

6,914

Belgium

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

1,055

Bermuda

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

10,552

Brazil

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

1,672

Canada

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

12,143

Cayman

Islands

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

19,252

Chile

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

2,876

China

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

2,063

Colombia

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

3,282

Denmark

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

482

Finland

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

419

France

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

5,214

Germany

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

4,631

India

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

483

Ireland

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

21,528

Italy

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

1,769

Japan

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

5,454

Macao

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

437

Mexico

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

2,467

Netherlands

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

362

New

Zealand

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

1,008

Norway

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

655

Russia

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

419

Saudi

Arabia

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

1,367

South

Africa

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

488

South

Korea

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

902

Spain

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

1,431

Switzerland

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

1,595

Thailand

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

423

United

Arab

Emirates

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

781

United

Kingdom

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

28,890

United

States

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

635,826

Total

Investments

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

776,840

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

215

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

87.0%

Asset-Backed

Securities

-

6.6%

AGL

CLO

6,

Ltd.

Series

2021-6A

Class

AR

1.334%

due

07/20/34

(USD

3

Month

LIBOR

+

1.200%)(Ê)(Þ)

510

510

American

Express

Credit

Account

Master

Trust

Series

2019-1

Class

A

2.870%

due

10/15/24

1,550

1,576

AmeriCredit

Automobile

Receivables

Trust

Series

2021-1

Class

A2

0.280%

due

06/18/24

1,188

1,188

Avery

Point

VII

CLO,

Ltd.

Series

2021-7A

Class

AR2

1.144%

due

01/15/28

(USD

3

Month

LIBOR

+

0.960%)(Ê)(Þ)

512

512

Avis

Budget

Rental

Car

Funding

(AESOP)

LLC

Series

2016-2A

Class

A

2.720%

due

11/20/22

(Þ)

293

295

Series

2019-1A

Class

A

3.450%

due

03/20/23

(Þ)

1,950

1,977

Bank

of

America

Credit

Card

Trust

Series

2021-A1

Class

A1

0.440%

due

09/15/26

1,000

1,000

Bank

of

the

West

Auto

Trust

Series

2018-1

Class

A3

3.430%

due

12/15/22

(Þ)

49

49

Black

Diamond

CLO,

Ltd.

Series

2017-A1AR

Class

A1

1.175%

due

04/24/29

320

320

Capital

One

Multi-Asset

Execution

Trust

Series

2016-A5

Class

A5

1.660%

due

06/17/24

850

850

Series

2021-A1

Class

A1

0.550%

due

07/15/26

1,210

1,212

CarMax

Auto

Owner

Trust

Series

2021-3

Class

A2A

0.290%

due

09/16/24

1,260

1,260

Cedar

Funding

V

CLO,

Ltd.

Series

2020-5A

Class

AFRR

1.937%

due

07/17/31

(Þ)

320

321

Chase

Issuance

Trust

Series

2020-A1

Class

A1

1.530%

due

01/15/25

2,085

2,125

CIFC

Funding,

Ltd.

Series

2021-4A

Class

A

1.144%

due

07/15/33

(USD

3

Month

LIBOR

+

1.050%)(Ê)(Þ)

330

330

Diamond

Resorts

Owner

Trust

Series

2021-1A

Class

A

1.510%

due

11/21/33

(Þ)

327

329

Dryden

55

CLO,

Ltd.

Series

2018-55A

Class

A1

1.146%

due

04/15/31

(USD

3

Month

LIBOR

+

1.020%)(Ê)(Þ)

250

250

Ford

Credit

Auto

Owner

Trust

Series

2020-B

Class

A2

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

0.500%

due

02/15/23

638

639

Series

2021-A

Class

A2

0.170%

due

10/15/23

520

520

GM

Financial Consumer

Automobile

Receivables

Trust

Series

2020-3

Class

A4

0.580%

due

01/16/26

550

551

Goldentree

Loan

Management,

LP

Series

2021-10

Class

A

1.000%

due

07/20/34

380

380

GoodGreen

Trust

Series

2021-1A

Class

A

2.660%

due

10/15/56

(Þ)

246

250

Great

Lakes

Kcap

F3c

Senior

LLC

Series

2017-1A

Class

A

2.035%

due

12/20/29

(USD

3

Month

LIBOR

+

1.900%)(Ê)(Þ)

420

420

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

251

Hertz

Vehicle

Financing

LLC

Series

2021-1A

Class

A

1.210%

due

12/26/25

(Þ)

450

453

Series

2021-1A

Class

B

1.560%

due

12/26/25

(Þ)

310

312

Series

2021-2A

Class

B

2.120%

due

12/27/27

(Þ)

250

254

Hilton

Grand

Vacations

Trust

Series

2020-AA

Class

A

2.740%

due

02/25/39

(Þ)

303

315

Honda

Auto

Receivables

Owner

Trust

Series

2019-2

Class

A3

2.520%

due

06/21/23

145

147

Series

2020-3

Class

A2

0.270%

due

02/21/23

684

684

Series

2021-1

Class

A2

0.160%

due

07/21/23

820

820

Hyundai

Auto

Receivables

Trust

Series

2020-C

Class

A2

0.260%

due

09/15/23

610

610

JPMorgan

Chase

Bank

NA

Series

2020-1

Class

B

0.991%

due

01/25/28

(Þ)

484

485

Magnetite

XIV-R,

Ltd.

Series

2018-14RA

Class

A2

1.254%

due

10/18/31

(USD

3

Month

LIBOR

+

1.120%)(Ê)(Þ)

330

331

Mercury

Financial,

Inc.

Series

2021-1A

Class

B

2.330%

due

03/20/26

(Þ)

250

248

Navient

Private

Education

Refi

Loan

Trust

Series

2018-CA

Class

A2

3.520%

due

06/16/42

(Þ)

313

318

OCP

CLO,

Ltd.

Series

2018-5A

Class

A1R

1.256%

due

04/26/31

(USD

3

Month

LIBOR

+

1.080%)(Ê)(Þ)

390

390

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

216

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

OZLM

XII

Ltd.

Series

2018-12A

Class

A1R

1.236%

due

04/30/27

(USD

3

Month

LIBOR

+

1.050%)(Ê)(Þ)

88

88

SBA

Small

Business

Investment

Cos.

Series

2018-10B

Class

1

3.548%

due

09/10/28

193

211

SoFi

Professional

Loan

Program

Trust

Series

2020-C

Class

AFX

1.950%

due

02/15/46

(Þ)

98

100

Towd

Point

Mortgage

Trust

Series

2018-2

Class

A1

3.250%

due

03/25/58

(~)(Ê)(Þ)

124

129

Toyota

Auto

Receivables

Owner

Trust

Series

2019-D

Class

A3

1.920%

due

01/16/24

1,500

1,517

Tryon

Park

CLO,

Ltd.

Series

2018-1A

Class

A1SR

3.487%

due

04/15/29

(USD

3

Month

LIBOR

+

0.890%)(Ê)(Þ)

278

278

UNIFY

Auto

Receivables

Trust

Series

2021-1A

Class

A3

0.510%

due

06/16/25

(Þ)

600

601

Voya

CLO,

Ltd.

Series

2018-2A

Class

A1

2.219%

due

07/15/31

(USD

3

Month

LIBOR

+

1.000%)(Ê)(Þ)

570

570

Series

2021-4A

Class

A1AR

1.000%

due

01/15/32

(USD

3

Month

LIBOR

+

1.040%)(Ê)(Þ)

370

370

Wendy's

Co.

(The)

Series

2021-1A

Class

A2I

2.370%

due

06/15/51

(Þ)

250

254

Wheels

SPV

2

LLC

Series

2020-1A

Class

A2

0.510%

due

08/20/29

(Þ)

631

632

27,232

Corporate

Bonds

and

Notes

-

41.3%

3M

Co.

3.000%

due

08/07/25

540

586

7-Eleven,

Inc.

0.800%

due

02/10/24

(Þ)

250

250

Abbott

Laboratories

3.400%

due

11/30/23

633

676

AbbVie,

Inc.

3.600%

due

05/14/25

160

175

Series

WI

2.600%

due

11/21/24

830

878

Aetna,

Inc.

3.500%

due

11/15/24

355

383

AIG

Global

Funding

0.800%

due

07/07/23

(Þ)

545

550

Air

Lease

Corp.

2.250%

due

01/15/23

500

513

0.700%

due

02/15/24

690

688

Altria

Group,

Inc.

4.400%

due

02/14/26

280

318

Amazon.com,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

0.400%

due

06/03/23

682

683

1.000%

due

05/12/26

240

243

American

Express

Co.

2.500%

due

08/01/22

1,500

1,531

2.500%

due

07/30/24

400

422

American

Honda

Finance

Corp.

2.900%

due

02/16/24

1,500

1,588

1.200%

due

07/08/25

540

546

American

International

Group,

Inc.

2.500%

due

06/30/25

240

253

American

Tower

Corp.

3.500%

due

01/31/23

647

677

Ameriprise

Financial,

Inc.

3.000%

due

04/02/25

1,025

1,101

Amgen,

Inc.

1.900%

due

02/21/25

240

250

Anthem,

Inc.

3.500%

due

08/15/24

485

523

Apple,

Inc.

0.750%

due

05/11/23

2,036

2,054

Archer-Daniels-Midland

Co.

2.750%

due

03/27/25

485

518

Ares

Capital

Corp.

3.250%

due

07/15/25

642

681

AT&T,

Inc.

1.700%

due

03/25/26

730

741

Series

WI

4.450%

due

04/01/24

621

677

Athene

Global

Funding

0.739%

due

05/24/24

(SOFR

+

0.700%)(Ê)(Þ)

715

718

Aviation

Capital

Group

LLC

3.875%

due

05/01/23

(Þ)

656

687

Bank

of

America

Corp.

3.550%

due

03/05/24

(USD

3

Month

LIBOR

+

0.780%)(Ê)

1,030

1,079

0.810%

due

10/24/24

(SOFR

+

0.740%)(Ê)

435

437

3.458%

due

03/15/25

(USD

3

Month

LIBOR

+

0.970%)(Ê)

1,215

1,297

2.015%

due

02/13/26

(USD

3

Month

LIBOR

+

0.640%)(Ê)

1,030

1,062

1.734%

due

07/22/27

(SOFR

+

0.960%)(Ê)

400

407

Series

GMTN

2.816%

due

07/21/23

(USD

3

Month

LIBOR

+

0.930%)(Ê)

1,600

1,635

Series

N

1.658%

due

03/11/27

(SOFR

+

0.910%)(Ê)

525

533

Bank

of

New

York

Mellon

Corp.

(The)

1.850%

due

01/27/23

1,500

1,536

1.600%

due

04/24/25

160

165

Becton

Dickinson

and

Co.

3.363%

due

06/06/24

653

699

Series

WI

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

217

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.700%

due

12/01/26

175

217

Berkshire

Hathaway

Energy

Co.

Series

WI

4.050%

due

04/15/25

1,582

1,761

BGC

Partners,

Inc.

Series

WI

5.375%

due

07/24/23

141

152

3.750%

due

10/01/24

562

598

Boeing

Co.

(The)

1.950%

due

02/01/24

975

1,000

2.800%

due

03/01/24

270

282

4.875%

due

05/01/25

320

359

2.196%

due

02/04/26

485

489

BP

Capital

Markets

America,

Inc.

3.216%

due

11/28/23

340

361

3.194%

due

04/06/25

1,185

1,278

Bristol-Myers

Squibb

Co.

0.750%

due

11/13/25

400

400

Series

WI

2.900%

due

07/26/24

109

116

Broadcom,

Inc.

Series

WI

3.150%

due

11/15/25

1,002

1,078

3.459%

due

09/15/26

635

694

Brown

&

Brown,

Inc.

4.200%

due

09/15/24

623

683

Cargill,

Inc.

0.750%

due

02/02/26

(Þ)

110

109

Caterpillar

Financial

Services

Corp.

0.800%

due

11/13/25

130

130

CC

Holdings

GS

V

LLC

/

Crown

Castle

GS

III

Corp.

3.849%

due

04/15/23

645

682

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

5.750%

due

02/15/26

(Þ)

186

192

Celanese

US

Holdings

LLC

1.400%

due

08/05/26

590

591

CenterPoint

Energy,

Inc.

0.684%

due

05/13/24

(SOFR

+

0.650%)(Ê)

480

481

Charles

Schwab

Corp.

(The)

0.750%

due

03/18/24

350

353

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Series

USD

4.500%

due

02/01/24

625

680

Series

WI

4.908%

due

07/23/25

630

715

Chevron

Corp.

1.141%

due

05/11/23

1,600

1,623

0.426%

due

08/11/23

673

674

2.895%

due

03/03/24

550

583

0.687%

due

08/12/25

870

867

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Cigna

Corp.

3.250%

due

04/15/25

690

747

Cimarex

Energy

Co.

4.375%

due

06/01/24

400

435

Cisco

Systems,

Inc.

2.200%

due

09/20/23

662

687

Citigroup,

Inc.

2.700%

due

10/27/22

1,185

1,218

0.981%

due

05/01/25

(SOFR

+

0.669%)(Ê)

1,405

1,413

5.500%

due

09/13/25

680

795

3.106%

due

04/08/26

(SOFR

+

2.842%)(Ê)

680

728

Cleveland

Electric

Illuminating

Co.

(The)

5.500%

due

08/15/24

180

205

CNH

Industrial

Capital

LLC

1.950%

due

07/02/23

500

513

1.450%

due

07/15/26

350

352

Colgate-Palmolive

Co.

3.250%

due

03/15/24

1,100

1,179

Comcast

Corp.

3.700%

due

04/15/24

435

471

3.100%

due

04/01/25

490

529

Consolidated

Edison

Co.,

Inc.

Series

A

0.650%

due

12/01/23

655

655

CVS

Health

Corp.

3.700%

due

03/09/23

76

80

3.875%

due

07/20/25

1,030

1,140

Delta

Air

Lines

Pass-Through

Trust

Series

AA

3.204%

due

04/25/24

985

1,043

Devon

Energy

Corp.

5.850%

due

12/15/25

160

188

DH

Europe

Finance

II

SARL

Series

3YR

2.050%

due

11/15/22

664

679

Diamondback

Energy,

Inc.

2.875%

due

12/01/24

370

390

Discover

Bank

Series

BKNT

4.682%

due

08/09/28

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

1.730%)(Ê)

572

608

Discover

Financial

Services

3.850%

due

11/21/22

644

673

Dollar

Tree,

Inc.

3.700%

due

05/15/23

390

411

DR

Horton,

Inc.

2.500%

due

10/15/24

220

231

Duke

Energy

Progress

LLC

3.375%

due

09/01/23

190

201

Edison

International

4.950%

due

04/15/25

790

878

Energy

Transfer

Operating,

LP

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

218

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.900%

due

05/15/25

270

285

Energy

Transfer

Partners,

LP

Series

5Y

4.200%

due

09/15/23

270

288

Enterprise

Products

Operating

LLC

3.750%

due

02/15/25

1,030

1,127

EOG

Resources,

Inc.

3.150%

due

04/01/25

270

292

EQT

Corp.

3.900%

due

10/01/27

320

347

Exelon

Generation

Co.

LLC

3.250%

due

06/01/25

1,121

1,213

Exxon

Mobil

Corp.

1.902%

due

08/16/22

1,205

1,226

2.019%

due

08/16/24

647

676

2.992%

due

03/19/25

690

741

Fiat

Chrysler

Automobiles

NV

Series

WI

5.250%

due

04/15/23

618

663

First

Republic

Bank

Series

BKNT

1.912%

due

02/12/24

(SOFR

+

0.620%)(Ê)

673

687

Ford

Motor

Co.

8.500%

due

04/21/23

200

222

Ford

Motor

Credit

Co.

LLC

4.250%

due

09/20/22

275

283

3.087%

due

01/09/23

265

270

4.140%

due

02/15/23

890

922

3.370%

due

11/17/23

550

570

Fortinet,

Inc.

1.000%

due

03/15/26

350

349

Fox

Corp.

Series

WI

4.030%

due

01/25/24

400

433

FS

KKR

Capital

Corp.

4.125%

due

02/01/25

678

721

GA

Global

Funding

Trust

Secured

1.625%

due

01/15/26

(Þ)

285

291

GE

Capital

Funding

LLC

Series

WI

3.450%

due

05/15/25

270

295

General

Dynamics

Corp.

1.150%

due

06/01/26

160

162

General

Motors

Financial

Co.,

Inc.

5.200%

due

03/20/23

617

662

1.700%

due

08/18/23

550

561

4.875%

due

10/02/23

656

713

1.235%

due

11/17/23

(SOFR

+

1.200%)(Ê)

325

331

2.750%

due

06/20/25

400

423

1.250%

due

01/08/26

650

650

Georgia-Pacific

LLC

0.950%

due

05/15/26

(Þ)

170

169

Gilead

Sciences,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.700%

due

04/01/24

540

580

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

3.350%

due

09/01/24

546

577

5.375%

due

04/15/26

90

104

Goldman

Sachs

BDC,

Inc.

3.750%

due

02/10/25

640

686

Goldman

Sachs

Group,

Inc.

(The)

3.625%

due

01/22/23

465

488

3.200%

due

02/23/23

665

692

3.500%

due

04/01/25

1,200

1,303

3.272%

due

09/29/25

(USD

3

Month

LIBOR

+

1.201%)(Ê)

1,370

1,469

Series

DMTN

3.625%

due

02/20/24

930

995

Series

VAR

1.093%

due

12/09/26

(SOFR

+

0.789%)(Ê)

1,140

1,132

Great-West

Lifeco

U.S.

Finance

2020,

LP

0.904%

due

08/12/25

(Þ)

260

259

HCA,

Inc.

4.750%

due

05/01/23

623

667

5.000%

due

03/15/24

395

437

Highmark,

Inc.

1.450%

due

05/10/26

(Þ)

520

524

Honeywell

International,

Inc.

2.300%

due

08/15/24

1,360

1,429

Humana,

Inc.

2.900%

due

12/15/22

654

675

4.500%

due

04/01/25

110

123

Hyundai

Capital

America

1.250%

due

09/18/23

(Þ)

280

282

0.800%

due

01/08/24

(Þ)

210

209

1.300%

due

01/08/26

(Þ)

190

189

International

Business

Machines

Corp.

2.875%

due

11/09/22

653

675

3.000%

due

05/15/24

1,000

1,066

Jackson

National

Life

Global

Funding

3.050%

due

04/29/26

(Þ)

650

703

John

Deere

Capital

Corp.

2.700%

due

01/06/23

600

621

0.450%

due

06/07/24

700

699

Johnson

&

Johnson

0.550%

due

09/01/25

340

339

JPMorgan

Chase

&

Co.

3.207%

due

04/01/23

(USD

3

Month

LIBOR

+

0.695%)(Ê)

1,235

1,259

3.625%

due

05/13/24

1,430

1,551

4.023%

due

12/05/24

(USD

3

Month

LIBOR

+

1.000%)(Ê)

540

582

0.563%

due

02/16/25

(SOFR

+

0.420%)(Ê)

260

259

0.824%

due

06/01/25

(SOFR

+

0.540%)(Ê)

475

475

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

219

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.083%

due

04/22/26

(SOFR

+

1.850%)(Ê)

740

768

1.045%

due

11/19/26

(SOFR

+

0.800%)(Ê)

250

249

1.040%

due

02/04/27

(SOFR

+

0.695%)(Ê)

500

495

1.578%

due

04/22/27

(SOFR

+

0.885%)(Ê)

400

405

Kinder

Morgan

Energy

Partners,

LP

3.950%

due

09/01/22

450

463

Kinder

Morgan,

Inc.

4.300%

due

06/01/25

540

601

Kroger

Co.

(The)

3.850%

due

08/01/23

640

678

L3Harris

Technologies,

Inc.

3.832%

due

04/27/25

90

99

Las

Vegas

Sands

Corp.

3.200%

due

08/08/24

190

198

2.900%

due

06/25/25

220

227

Lehman

Brothers

Holdings

Capital

Trust

VII

5.857%

due

11/29/49

(Ø)(Š)(Æ)

270

—

Lennar

Corp.

4.875%

due

12/15/23

621

675

Lockheed

Martin

Corp.

Series

10YR

3.550%

due

01/15/26

550

611

Lowe's

Cos.,

Inc.

3.125%

due

09/15/24

80

86

LYB

International

Finance

III

LLC

2.875%

due

05/01/25

400

427

Main

Street

Capital

Corp.

5.200%

due

05/01/24

568

619

Marathon

Petroleum

Corp.

4.700%

due

05/01/25

320

360

Marriott

International,

Inc.

Series

FXD

3.600%

due

04/15/24

280

299

Series

WI

3.750%

due

03/15/25

687

740

Marsh

&

McLennan

Cos.,

Inc.

3.300%

due

03/14/23

650

678

Martin

Marietta

Materials,

Inc.

0.650%

due

07/15/23

565

566

McDonald's

Corp.

3.300%

due

07/01/25

400

435

Merck

&

Co.,

Inc.

2.800%

due

05/18/23

645

674

2.750%

due

02/10/25

1,100

1,177

Microsoft

Corp.

2.650%

due

11/03/22

1,052

1,082

2.000%

due

08/08/23

556

574

3.125%

due

11/03/25

91

100

Mondelez

International,

Inc.

2.250%

due

09/19/24

(Þ)

642

672

Morgan

Stanley

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.188%

due

04/28/26

(SOFR

+

1.990%)(Ê)

760

789

0.985%

due

12/10/26

(SOFR

+

0.720%)(Ê)

1,030

1,019

Series

1654

4.100%

due

05/22/23

385

410

Series

GMTN

3.125%

due

01/23/23

745

775

0.791%

due

01/22/25

(SOFR

+

0.509%)(Ê)

485

486

MPLX,

LP

3.375%

due

03/15/23

400

418

4.000%

due

02/15/25

200

219

1.750%

due

03/01/26

625

635

National

Securities

Clearing

Corp.

0.750%

due

12/07/25

(Þ)

340

338

Nestle

Holdings,

Inc.

3.350%

due

09/24/23

(Þ)

1,761

1,870

New

York

Life

Global

Funding

0.400%

due

10/21/23

(Þ)

230

230

NextEra

Energy

Capital

Holdings,

Inc.

0.650%

due

03/01/23

550

552

NiSource,

Inc.

0.950%

due

08/15/25

435

433

Nissan

Motor

Acceptance

Corp.

2.600%

due

09/28/22

(Þ)

321

327

Norfolk

Southern

Corp.

2.903%

due

02/15/23

1,235

1,271

Northrop

Grumman

Corp.

2.930%

due

01/15/25

140

149

Northwestern

Mutual

Life

Insurance

Co.

(The)

0.800%

due

01/14/26

(Þ)

570

565

Oaktree

Specialty

Lending

Corp.

3.500%

due

02/25/25

626

660

Occidental

Petroleum

Corp.

5.875%

due

09/01/25

180

200

Office

Properties

Income

Trust

4.250%

due

05/15/24

664

712

Omega

Healthcare

Investors,

Inc.

Series

WI

4.500%

due

01/15/25

629

690

Oncor

Electric

Delivery

Co.

LLC

0.550%

due

10/01/25

260

256

Oracle

Corp.

2.500%

due

10/15/22

657

674

2.500%

due

04/01/25

715

753

1.650%

due

03/25/26

400

407

Owl

Rock

Capital

Corp.

3.750%

due

07/22/25

673

715

Pacific

Life

Global

Funding

II

1.200%

due

06/24/25

(Þ)

500

505

PayPal

Holdings,

Inc.

2.400%

due

10/01/24

540

569

PepsiCo,

Inc.

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

220

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.600%

due

03/01/24

633

681

Pfizer,

Inc.

3.000%

due

06/15/23

1,140

1,198

Philip

Morris

International,

Inc.

2.875%

due

05/01/24

210

223

0.875%

due

05/01/26

180

179

Piedmont

Operating

Partnership,

LP

3.400%

due

06/01/23

643

667

Pioneer

Natural

Resources

Co.

0.550%

due

05/15/23

270

270

1.125%

due

01/15/26

110

109

PPG

Industries,

Inc.

1.200%

due

03/15/26

160

161

Principal

Life

Global

Funding

II

1.250%

due

06/23/25

(Þ)

280

283

Private

Export

Funding

Corp.

Series

OO

1.750%

due

11/15/24

1,200

1,246

Procter

&

Gamble

Co.

(The)

2.150%

due

08/11/22

1,200

1,224

Prospect

Capital

Corp.

5.875%

due

03/15/23

646

687

Protective

Life

Global

Funding

3.104%

due

04/15/24

(Þ)

1,010

1,072

Series

REGS

1.170%

due

07/15/25

(Þ)

930

937

Range

Resources

Corp.

Series

WI

9.250%

due

02/01/26

230

250

Raytheon

Technologies

Corp.

3.950%

due

08/16/25

140

156

Series

WI

2.500%

due

12/15/22

660

676

Royalty

Pharma

PLC

0.750%

due

09/02/23

(Þ)

480

482

Salesforce.com,

Inc.

3.250%

due

04/11/23

80

84

Santander

Holdings

USA,

Inc.

Series

WI

3.400%

due

01/18/23

661

687

Service

Properties

Trust

7.500%

due

09/15/25

490

552

Sixth

Street

Specialty

Lending,

Inc.

3.875%

due

11/01/24

648

692

Southern

Power

Co.

0.900%

due

01/15/26

550

545

Southwest

Airlines

Co.

5.250%

due

05/04/25

170

194

Spectra

Energy

Partners,

LP

4.750%

due

03/15/24

608

666

State

Street

Corp.

3.100%

due

05/15/23

1,100

1,154

Synchrony

Financial

4.250%

due

08/15/24

655

715

Sysco

Corp.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.650%

due

04/01/25

106

123

TCI

Communications,

Inc.

7.875%

due

02/15/26

522

676

Thermo

Fisher

Scientific,

Inc.

4.133%

due

03/25/25

576

639

Time

Warner

Entertainment

Co.,

LP

8.375%

due

03/15/23

607

682

T-Mobile

USA,

Inc.

2.250%

due

02/15/26

470

475

Series

WI

3.500%

due

04/15/25

1,055

1,145

Toyota

Motor

Credit

Corp.

0.500%

due

08/14/23

700

703

Series

GMTN

2.700%

due

01/11/23

1,450

1,501

Truist

Financial

Corp.

Series

GMTN

2.200%

due

03/16/23

630

649

TWDC

Enterprises

18

Corp.

2.350%

due

12/01/22

669

687

United

Airlines

Pass-Through

Trust

Series

A

4.000%

due

04/11/26

616

651

United

Airlines,

Inc.

Series

144a

4.375%

due

04/15/26

(Þ)

710

731

United

Parcel

Service,

Inc.

2.500%

due

04/01/23

651

674

UnitedHealth

Group,

Inc.

2.375%

due

08/15/24

690

728

Upjohn,

Inc.

1.650%

due

06/22/25

(Þ)

225

229

UPMC

Series

D-1

3.600%

due

04/03/25

1,130

1,232

US

Bank

NA

Series

BKNT

2.850%

due

01/23/23

1,150

1,192

2.050%

due

01/21/25

340

355

Verizon

Communications,

Inc.

0.750%

due

03/22/24

290

291

1.450%

due

03/20/26

330

335

Visa,

Inc.

3.150%

due

12/14/25

280

307

VMware,

Inc.

1.000%

due

08/15/24

695

697

Vontier

Corp.

1.800%

due

04/01/26

(Þ)

165

166

Vornado

Realty

Trust

3.500%

due

01/15/25

553

590

Walmart,

Inc.

3.400%

due

06/26/23

1,500

1,583

2.850%

due

07/08/24

639

682

Walt

Disney

Co.

(The)

1.750%

due

08/30/24

1,400

1,449

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

221

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Wells

Fargo

&

Co.

0.805%

due

05/19/25

(SOFR

+

0.510%)(Ê)

1,040

1,042

2.406%

due

10/30/25

(SOFR

+

1.087%)(Ê)

1,370

1,433

2.188%

due

04/30/26

(SOFR

+

2.000%)(Ê)

855

890

Series

BKNT

3.550%

due

08/14/23

1,165

1,239

Western

Midstream

Operating,

LP

4.650%

due

07/01/26

490

525

Westinghouse

Air

Brake

Technologies

Corp.

4.375%

due

08/15/23

642

679

3.200%

due

06/15/25

225

240

Williams

Cos.,

Inc.

(The)

4.300%

due

03/04/24

830

899

170,472

International

Debt

-

21.1%

ABN

AMRO

Bank

NV

4.800%

due

04/18/26

(Þ)

601

686

Abu

Dhabi

Government

International

Bond

0.750%

due

09/02/23

(Þ)

440

442

AerCap

Ireland

Capital,

Ltd.

/

AerCap

Global

Aviation

Trust

3.500%

due

01/15/25

210

223

Anglo

American

Capital

PLC

3.625%

due

09/11/24

(Þ)

540

584

AP

Moller

-

Maersk

A/S

3.750%

due

09/22/24

(Þ)

635

687

Avolon

Holdings

Funding,

Ltd.

5.125%

due

10/01/23

(Þ)

170

184

Balboa

Bay

Loan

Funding,

Ltd.

Series

2020-1A

Class

A

1.484%

due

01/20/32

(USD

3

Month

LIBOR

+

1.350%)(Ê)(Þ)

325

325

Banco

Inbursa

SA

Institucion

de

Banca

Multiple

4.125%

due

06/06/24

(Þ)

537

573

Banco

Santander

Chile

3.875%

due

09/20/22

(Þ)

655

678

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santander

4.125%

due

11/09/22

(Þ)

645

671

Banco

Santander

SA

3.848%

due

04/12/23

847

894

2.746%

due

05/28/25

200

211

Bancolombia

SA

3.000%

due

01/29/25

559

565

Bank

of

Montreal

2.500%

due

06/28/24

1,900

2,004

4.800%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.979%)(Ê)(ƒ)

551

589

Bank

of

Nova

Scotia

(The)

1.950%

due

02/01/23

625

641

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.625%

due

05/01/23

691

707

0.650%

due

07/31/24

1,380

1,381

1.050%

due

03/02/26

540

538

Barclays

PLC

1.536%

due

05/16/24

(USD

3

Month

LIBOR

+

1.380%)(Ê)

400

407

4.375%

due

09/11/24

664

724

1.007%

due

12/10/24

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.800%)(Ê)

590

592

BAT

Capital

Corp.

1.668%

due

03/25/26

725

732

3.215%

due

09/06/26

260

279

Bayer

US

Finance

II

LLC

5.500%

due

08/15/25

(Þ)

601

687

BBVA

Bancomer

SA

4.375%

due

04/10/24

(Þ)

622

676

Bharti

Airtel

International

Netherlands

BV

Series

144a

5.125%

due

03/11/23

(Þ)

552

584

BHP

Billiton

Finance

USA,

Ltd.

3.850%

due

09/30/23

637

685

BMW

US

Capital

LLC

0.800%

due

04/01/24

(Þ)

170

171

BNP

Paribas

SA

4.705%

due

01/10/25

(USD

3

Month

LIBOR

+

2.235%)(Ê)(Þ)

540

589

4.375%

due

09/28/25

(Þ)

615

683

Series

REGS

3.500%

due

03/01/23

1,100

1,152

BP

Capital

Markets

PLC

2.750%

due

05/10/23

651

678

BXMT,

Ltd.

Series

2021-FL4

Class

A

1.170%

due

05/15/38

(USD

1

Month

LIBOR

+

1.050%)(Ê)(Þ)

330

330

Canadian

Imperial

Bank

of

Commerce

0.950%

due

06/23/23

1,600

1,617

2.606%

due

07/22/23

(USD

3

Month

LIBOR

+

0.785%)(Ê)

687

702

0.950%

due

10/23/25

220

220

Carlyle

Global

Market

Strategies

CLO,

Ltd.

Series

2018-1A

Class

A1R2

3.311%

due

04/17/31

(USD

3

Month

LIBOR

+

0.970%)(Ê)(Þ)

279

279

Celulosa

Arauco

y

Constitucion

SA

Series

WI

4.500%

due

08/01/24

612

657

Cencosud

SA

5.150%

due

02/12/25

(Þ)

511

564

CNH

Industrial

NV

4.500%

due

08/15/23

631

679

Cooperatieve

Rabobank

UA

4.625%

due

12/01/23

690

752

Credicorp

,

Ltd.

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

222

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.750%

due

06/17/25

(Þ)

679

689

Credit

Agricole

SA

4.375%

due

03/17/25

(Þ)

590

651

1.247%

due

01/26/27

(SOFR

+

0.892%)(Ê)(Þ)

340

337

Credit

Suisse

Group

AG

Series

WI

3.800%

due

09/15/22

644

669

3.800%

due

06/09/23

1,206

1,276

Daimler

Finance

NA

LLC

2.550%

due

08/15/22

(Þ)

643

657

1.450%

due

03/02/26

(Þ)

210

213

Danone

SA

2.589%

due

11/02/23

(Þ)

659

687

Danske

Bank

A/S

5.375%

due

01/12/24

(Þ)

270

299

1.621%

due

09/11/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.350%)(Ê)(Þ)

717

723

Deutsche

Bank

AG

3.300%

due

11/16/22

575

595

3.700%

due

05/30/24

631

676

Deutsche

Telekom

International

Finance

BV

2.485%

due

09/19/23

(Þ)

664

690

DNB

Bank

ASA

2.150%

due

12/02/22

(Þ)

663

680

Ecopetrol

SA

5.375%

due

06/26/26

629

690

Eni

SpA

Series

X-R

4.000%

due

09/12/23

(Þ)

622

664

Equinor

ASA

2.875%

due

04/06/25

3,420

3,666

Falabella

SA

3.750%

due

04/30/23

(Þ)

642

669

GlaxoSmithKline

Capital

PLC

0.534%

due

10/01/23

684

686

GlaxoSmithKline

Capital,

Inc.

2.800%

due

03/18/23

120

125

3.375%

due

05/15/23

513

541

Glencore

Funding

LLC

4.125%

due

03/12/24

(Þ)

540

582

Heineken

NV

2.750%

due

04/01/23

(Þ)

281

291

HSBC

Holdings

PLC

3.803%

due

03/11/25

(USD

3

Month

LIBOR

+

1.211%)(Ê)

270

290

1.645%

due

04/18/26

(SOFR

+

1.538%)(Ê)

270

274

ICICI

Bank,

Ltd.

4.000%

due

03/18/26

(Þ)

631

687

Intesa

Sanpaolo

SpA

3.375%

due

01/12/23

(Þ)

540

561

Inversiones

CMPC

SA

4.375%

due

05/15/23

(Þ)

638

665

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Lloyds

Banking

Group

PLC

2.250%

due

08/14/22

1,125

1,147

3.900%

due

03/12/24

540

584

Lukoil

International

Finance

BV

4.563%

due

04/24/23

(Þ)

635

672

Magnetite

XXVIII,

Ltd.

Series

2020-28A

Class

A

1.395%

due

10/25/31

(USD

3

Month

LIBOR

+

1.270%)(Ê)(Þ)

435

435

Meituan

2.125%

due

10/28/25

(Þ)

675

656

Mitsubishi

UFJ

Financial

Group,

Inc.

0.848%

due

09/15/24

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.680%)(Ê)

470

472

1.412%

due

07/17/25

650

660

0.953%

due

07/19/25

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.550%)(Ê)

700

704

Mizuho

Financial

Group,

Inc.

0.849%

due

09/08/24

(SOFR

+

0.872%)(Ê)

370

372

National

Bank

of

Canada

2.100%

due

02/01/23

691

709

Nationwide

Building

Society

0.550%

due

01/22/24

(Þ)

330

330

Natwest

Group

PLC

4.269%

due

03/22/25

(USD

3

Month

LIBOR

+

1.762%)(Ê)

540

587

Neuberger

Berman

CLO,

Ltd.

Series

2021-40A

Class

A

1.248%

due

04/16/33

(USD

3

Month

LIBOR

+

1.060%)(Ê)(Þ)

275

276

Nissan

Motor

Acceptance

Corp.

3.043%

due

09/15/23

(Þ)

400

417

Nordea

Bank

Abp

4.250%

due

09/21/22

(Þ)

514

535

0.750%

due

08/28/25

(Þ)

270

268

NTT

Finance

Corp.

1.162%

due

04/03/26

(Þ)

550

552

Octagon

Investment

Partners

II

LLC

Series

2021-1A

Class

XR3

0.804%

due

02/14/31

(USD

3

Month

LIBOR

+

0.650%)(Ê)(Þ)

200

200

Petrobras

Global

Finance

BV

6.250%

due

03/17/24

260

291

POSCO

2.375%

due

11/12/22

(Þ)

662

676

Prosus

NV

3.061%

due

07/13/31

(Þ)

240

237

Province

of

Ontario

2.200%

due

10/03/22

1,300

1,331

PTT

Global

Chemical

PCL

4.250%

due

09/19/22

(Þ)

553

572

Qatar

Government

International

Bond

Series

REGS

3.250%

due

06/02/26

430

470

Qatar

Petroleum

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

223

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.375%

due

09/12/26

(Þ)

330

331

Radnor

RE,

Ltd.

Series

2021-1

Class

M1C

2.710%

due

12/27/33

(SOFR

30

Day

Average

+

2.700%)(Ê)(Þ)

250

251

Roche

Holdings,

Inc.

3.250%

due

09/17/23

(Þ)

374

396

Royal

Bank

of

Canada

0.500%

due

10/26/23

700

702

SABIC

Capiral

II

BV

4.000%

due

10/10/23

(Þ)

628

671

Santander

UK

Group

Holdings

PLC

5.000%

due

11/07/23

(Þ)

531

577

Saudi

Arabian

Oil

Co.

2.875%

due

04/16/24

(Þ)

560

588

Schneider

Electric

SE

2.950%

due

09/27/22

(Þ)

633

652

Shell

International

Finance

BV

2.250%

due

01/06/23

661

679

3.400%

due

08/12/23

1,100

1,167

2.375%

due

04/06/25

240

253

SK

Hynix,

Inc.

1.000%

due

01/19/24

(Þ)

684

681

Skandinaviska

Enskilda

Banken

AB

0.850%

due

09/02/25

(Þ)

270

269

Societe

Generale

SA

4.250%

due

04/14/25

(Þ)

642

702

Standard

Chartered

PLC

3.885%

due

03/15/24

(USD

3

Month

LIBOR

+

1.080%)(Ê)(Þ)

675

708

1.214%

due

03/23/25

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.880%)(Ê)(Þ)

280

281

State

Bank

of

India

4.875%

due

04/17/24

(Þ)

385

421

Statoil

ASA

2.450%

due

01/17/23

659

680

Sumitomo

Mitsui

Banking

Corp.

0.850%

due

03/25/24

(Þ)

520

523

Sumitomo

Mitsui

Financial

Group,

Inc.

4.436%

due

04/02/24

(Þ)

626

681

Suncor

Energy,

Inc.

2.800%

due

05/15/23

850

883

Sura

Asset

Management

SA

4.875%

due

04/17/24

(Þ)

607

653

Symphony

CLO

V,

Ltd.

Series

2021-26A

Class

X

0.684%

due

04/20/33

(USD

3

Month

LIBOR

+

0.550%)(Ê)(Þ)

275

275

Symphony

CLO

XIV,

Ltd.

Series

2018-19A

Class

A

1.231%

due

04/16/31

(USD

3

Month

LIBOR

+

0.960%)(Ê)(Þ)

410

410

Telefonica

Emisiones

SA

4.570%

due

04/27/23

624

666

Tencent

Holdings,

Ltd.

3.800%

due

02/11/25

(Þ)

610

663

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

2.985%

due

01/19/23

260

268

Teva

Pharmaceutical

Finance

Netherlands

III

BV

2.800%

due

07/21/23

300

297

3.150%

due

10/01/26

280

269

Toronto-Dominion

Bank

(The)

0.250%

due

01/06/23

691

691

0.450%

due

09/11/23

1,450

1,452

0.750%

due

09/11/25

540

537

Total

Capital

International

SA

2.700%

due

01/25/23

676

700

TotalEnergies

Capital

Canada,

Ltd.

2.750%

due

07/15/23

628

656

Toyota

Motor

Credit

Corp.

1.339%

due

03/25/26

170

173

TSMC

Global,

Ltd.

0.750%

due

09/28/25

(Þ)

405

399

UBS

AG

0.450%

due

02/09/24

(Þ)

1,650

1,644

UBS

Group

AG

1.008%

due

07/30/24

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.830%)(Ê)(Þ)

930

937

UBS

Group

Funding

Switzerland

AG

4.125%

due

09/24/25

(Þ)

540

605

Unilever

Capital

Corp.

2.600%

due

05/05/24

640

675

3.100%

due

07/30/25

1,500

1,637

Vale

Overseas,

Ltd.

6.250%

due

08/10/26

170

204

Vodafone

Group

PLC

2.500%

due

09/26/22

667

684

Volkswagen

Group

of

America

Finance

LLC

2.700%

due

09/26/22

(Þ)

655

672

Westpac

Banking

Corp.

2.000%

due

01/13/23

395

405

87,076

Loan

Agreements

-

0.0%

Sungard

Availability

Services

Capital,

Inc.

Term

Loan

0.028%

due

11/03/22

(USD

3

Month

LIBOR

+

2.750%)(Ê)

241

22

Mortgage-Backed

Securities

-

7.7%

Avenue

of

Americas

Mortgage

Trust

Series

2015-1177

Class

C

3.010%

due

12/13/29

(~)(Ê)(Þ)

310

310

Bank

Commercial

Mortgage

Pass-

Through

Certificates

Series

2020-BN26

Class

A1

1.388%

due

03/15/63

119

121

Series

2020-BN28

Class

A1

0.628%

due

03/15/63

166

166

Series

2020-BN29

Class

A1

0.549%

due

11/15/53

1,188

1,190

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

224

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

BDS

Series

2021-FL8

Class

A

1.020%

due

01/18/36

(USD

1

Month

LIBOR

+

0.920%)(Ê)(Þ)

260

260

Benchmark

Mortgage

Trust

Series

2020-B17

Class

A1

1.282%

due

03/15/53

165

166

Series

2020-B21

Class

A1

0.537%

due

12/17/53

295

296

Series

2020-B22

Class

A1

0.509%

due

01/15/54

1,168

1,161

Series

2021-B27

Class

XA

Interest

Only

STRIP

1.274%

due

07/15/54

(~)(Ê)

4,190

417

BX

Commercial

Mortgage

Trust

Series

2019-MMP

Class

A

1.185%

due

08/15/36

(USD

1

Month

LIBOR

+

1.000%)(Ê)(Þ)

547

547

Series

2019-XL

Class

A

1.105%

due

10/15/36

(USD

1

Month

LIBOR

+

0.920%)(Ê)(Þ)

599

600

Series

2020-VIVA

Class

D

3.667%

due

03/09/44

(~)(Ê)(Þ)

240

252

Series

2020-VIVA

Class

E

3.667%

due

03/11/44

(~)(Ê)(Þ)

250

254

BX

Trust

Series

2021-MFM1

Class

A

0.850%

due

01/15/34

(USD

1

Month

LIBOR

+

0.700%)(Ê)(Þ)

440

440

CAMB

Commercial

Mortgage

Trust

Series

2019-LIFE

Class

A

1.255%

due

12/15/37

(USD

1

Month

LIBOR

+

1.070%)(Ê)(Þ)

385

386

Cantor

Commercial

Real

Estate

Co.

LP

Series

2019-MF1

Class

E

3.200%

due

08/21/32

(USD

1

Month

LIBOR

+

2.200%)(Ê)(Þ)

250

249

Citigroup

Commercial

Mortgage

Trust

Series

2017-P8

Class

A1

2.065%

due

09/15/50

348

350

Series

2020-GC46

Class

A1

1.846%

due

02/15/53

143

146

Commercial

Mortgage

Trust

Series

2012-CR3

Class

ASB

2.372%

due

10/15/45

42

42

Series

2013-CR11

Class

ASB

3.660%

due

10/10/46

125

128

Series

2013-LC6

Class

A2

3.282%

due

01/10/46

475

490

Series

2014-CR20

Class

ASB

3.305%

due

11/10/47

188

196

Series

2015-CR22

Class

ASB

3.144%

due

03/10/48

160

167

Series

2015-LC23

Class

ASB

3.598%

due

10/10/48

44

46

Series

2020-CBM

Class

A2

2.896%

due

02/10/37

(Þ)

310

317

CORE

Mortgage

Trust

Series

2019-CORE

Class

A

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.065%

due

12/15/31

(USD

1

Month

LIBOR

+

0.880%)(Ê)(Þ)

111

111

Cosmopolitan

Hotel

Trust

Series

2017-CSMO

Class

A

1.115%

due

11/15/36

(USD

1

Month

LIBOR

+

0.930%)(Ê)(Þ)

470

471

CSAIL

Commercial

Mortgage

Trust

Series

2015-C3

Class

A3

3.447%

due

08/15/48

104

110

Series

2015-C3

Class

ASB

3.448%

due

08/15/48

134

140

Series

2016-C7

Class

ASB

3.314%

due

11/15/49

228

241

Series

2020-C19

Class

A1

1.296%

due

03/15/53

230

232

Extended

Stay

America

Trust

Series

2021-ESH

Class

A

1.155%

due

07/15/38

(USD

1

Month

LIBOR

+

1.080%)(Ê)(Þ)

320

321

Fannie

Mae

4.500%

due

2025

56

58

2.000%

due

2030

4,359

4,528

Fannie

Mae

REMICS

Series

2007-73

Class

A1

1.388%

due

07/25/37

(USD

1

Month

LIBOR

+

0.060%)(Ê)

12

12

Series

2012-111

Class

UC

1.350%

due

10/25/27

898

913

Series

2013-21

Class

BA

1.000%

due

03/25/23

126

126

Fannie

Mae-Aces

Series

2013-M7

Class

A2

2.280%

due

12/27/22

1,044

1,067

Series

2019-M18

Class

ASQ1

2.008%

due

09/25/24

748

766

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates

Series

2012-K023

Class

X1

Interest

Only

STRIP

1.233%

due

08/25/22

(~)(Ê)

8

—

Series

2013-K032

Class

X1

Interest

Only

STRIP

0.094%

due

05/25/23

(~)(Ê)

119

—

Series

2016-KF15

Class

A

1.902%

due

02/25/23

(USD

1

Month

LIBOR

+

0.670%)(Ê)

294

293

Freddie

Mac

REMICS

Series

2012-4083

Class

DC

1.500%

due

07/15/27

327

333

Series

2013-4182

Class

UC

1.500%

due

09/15/27

284

290

Series

2014-4315

Class

CA

2.000%

due

01/15/23

107

107

Series

2014-4399

Class

A

2.500%

due

07/15/24

—

—

Freddie

Mac

STACR

REMIC

Trust

Series

2021-DNA5

Class

M2

1.700%

due

01/25/34

(SOFR

30

Day

Average

+

1.650%)(Ê)(Þ)

250

251

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

225

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

Series

2020-DNA2

Class

M2

2.018%

due

02/25/50

(USD

1

Month

LIBOR

+

1.850%)(Ê)(Þ)

210

211

Series

2020-DNA3

Class

M2

3.171%

due

06/25/50

(USD

1

Month

LIBOR

+

3.000%)(Ê)(Þ)

327

329

Series

2020-DNA4

Class

M2

3.908%

due

08/25/50

(USD

1

Month

LIBOR

+

3.750%)(Ê)(Þ)

198

199

Galton

Funding

Mortgage

Trust

Series

2018-1

Class

A43

3.500%

due

11/25/57

(~)(Ê)(Þ)

7

7

Ginnie

Mae

REMICS

Series

2014-21

Class

DA

2.000%

due

04/16/26

434

445

Great

Wolf

Trust

Series

2019-WOLF

Class

A

1.196%

due

12/15/36

(USD

1

Month

LIBOR

+

1.034%)(Ê)(Þ)

410

410

GS

Mortgage

Securities

Trust

Series

2012-GC6

Class

A3

3.482%

due

01/10/45

169

169

Hawaii

Hotel

Trust

Series

2019-MAUI

Class

F

2.935%

due

05/15/38

(USD

1

Month

LIBOR

+

2.750%)(Ê)(Þ)

250

250

JPMBB

Commercial

Mortgage

Securities

Trust

Series

2014-C24

Class

A2

2.940%

due

11/15/47

221

223

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2012-C6

Class

A3

3.507%

due

05/15/45

727

738

Series

2014-C21

Class

AS

3.997%

due

08/15/47

300

320

Series

2014-C25

Class

B

4.347%

due

11/15/47

(~)(Ê)

115

122

Series

2017-JP5

Class

ASB

3.549%

due

03/15/50

395

427

Series

2019-MFP

Class

A

1.145%

due

07/15/36

(USD

1

Month

LIBOR

+

0.960%)(Ê)(Þ)

940

940

KKR

Industrial

Portfolio

Trust

Series

2021-KDIP

Class

A

0.700%

due

12/15/37

(USD

1

Month

LIBOR

+

0.550%)(Ê)(Þ)

220

220

MBRT

Institutional

Ownership

Series

2019-MBR

Class

H1

4.073%

due

11/15/36

(USD

1

Month

LIBOR

+

4.000%)(Ê)(Þ)

250

250

Mello

Warehouse

Securitization

Trust

Series

2020-1

Class

A

1.049%

due

10/25/53

(USD

1

Month

LIBOR

+

0.900%)(Ê)(Þ)

220

221

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2012-C5

Class

A4

3.176%

due

08/15/45

2,865

2,910

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2013-C12

Class

ASB

3.824%

due

10/15/46

156

161

Series

2016-C32

Class

ASB

3.514%

due

12/15/49

318

342

Morgan

Stanley

Capital

I

Trust

Series

2012-C4

Class

A4

3.244%

due

03/15/45

366

368

Series

2021-L5

Class

A1

0.785%

due

04/15/26

443

444

MSG

III

Securitization

Trust

Series

2021-1

Class

D

1.391%

due

06/25/54

(USD

1

Month

LIBOR

+

1.300%)(Ê)(Þ)

250

249

Onslow

Bay

Financial

LLC

Series

2020-EXP1

Class

2A1A

0.918%

due

02/25/60

(USD

1

Month

LIBOR

+

0.750%)(Ê)(Þ)

138

138

Series

2020-EXP3

Class

2A1A

1.106%

due

01/25/60

(USD

1

Month

LIBOR

+

0.900%)(Ê)(Þ)

122

122

PMT

Credit

Risk

Transfer

Trust

Series

2021-1R

Class

A

3.011%

due

02/27/24

(USD

1

Month

LIBOR

+

2.900%)(Ê)(Þ)

223

227

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

250

Wells

Fargo

Commercial

Mortgage

Trust

3.000%

due

07/25/50

362

369

Series

2015-NXS2

Class

ASB

3.461%

due

07/15/58

182

190

Series

2017-C41

Class

A1

2.279%

due

11/15/50

537

541

Series

2018-C43

Class

A1

2.890%

due

03/15/51

72

72

Series

2020-C57

Class

A1

0.903%

due

08/15/53

176

176

WFRBS

Commercial

Mortgage

Trust

Series

2014-C25

Class

ASB

3.369%

due

11/15/47

757

790

31,897

Municipal

Bonds

-

0.5%

Taxable

Municipal

Funding

Trust

0.370%

due

02/01/31

(~)(Ê)(Þ)

650

650

Taxable

Municipal

Funding

Trust

Revenue

Bonds

0.350%

due

04/01/25

(~)(Ê)(Þ)

100

100

0.510%

due

09/01/30

(~)(Ê)(Þ)

1,380

1,380

2,130

United

States

Government

Agencies

-

0.9%

Federal

Farm

Credit

Banks

Funding

Corp.

0.710%

due

04/21/25

1,900

1,905

Federal

Home

Loan

Banks

0.430%

due

06/17/24

1,500

1,499

Tennessee

Valley

Authority

0.750%

due

05/15/25

370

372

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

226

Short

Duration

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3,776

United

States

Government

Treasuries

-

8.9%

United

States

Treasury

Notes

0.125%

due

10/31/22

940

940

0.125%

due

05/31/23

17,560

17,549

0.375%

due

04/15/24

7,840

7,856

0.250%

due

06/15/24

4,280

4,271

0.250%

due

08/31/25

470

464

0.250%

due

09/30/25

450

444

0.250%

due

10/31/25

595

586

0.750%

due

05/31/26

4,480

4,495

36,605

Total

Long-Term

Investments

(cost

$355,211

)

359,210

Common

Stocks

-

0.0%

Technology

-

0.0%

Sungard

Availability

Services

Capital,

LP(Æ)(Š)

3,285

—

Total

Common

Stocks

(cost

$82)

—

Short-Term

Investments

-

12.9%

America

Movil

SAB

de

CV

3.125%

due

07/16/22

340

348

American

Express

Co.

2.750%

due

05/20/22

890

906

Apple,

Inc.

Series

5YR

2.500%

due

02/09/22

620

626

Barclays

Bank

PLC

1.700%

due

05/12/22

630

637

Becton

Dickinson

and

Co.

2.894%

due

06/06/22

320

326

BMW

US

Capital

LLC

1.850%

due

09/15/21

(Þ)

1,300

1,301

Caterpillar

Financial

Services

Corp.

Series

WI

1.931%

due

10/01/21

890

892

Credit

Suisse

2.100%

due

11/12/21

1,500

1,508

Daimler

Finance

NA

LLC

Series

REGS

3.400%

due

02/22/22

1,600

1,628

Eni

Finance

USA,

Inc.

1.086%

due

08/04/21

(ç)(Þ)(ž)

311

311

ERAC

USA

Finance

LLC

2.600%

due

12/01/21

(Þ)

415

417

Fannie

Mae

4.500%

due

12/01/21

—

—

Ford

Motor

Credit

Co.

LLC

Series

FXD

3.813%

due

10/12/21

780

784

General

Motors

Financial

Co.,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.200%

due

11/06/21

785

793

3.450%

due

04/10/22

410

416

3.550%

due

07/08/22

675

694

International

Business

Machines

Corp.

1.971%

due

11/06/21

(USD

3

Month

LIBOR

+

0.580%)(Ê)

490

491

Jackson

National

Life

Global

Funding

3.300%

due

02/01/22

(Þ)

795

807

Johnson

&

Johnson

2.250%

due

03/03/22

1,100

1,111

Kroger

Co.

(The)

3.400%

due

04/15/22

240

243

Kuwait

Government

International

Bond

Series

REGS

2.750%

due

03/20/22

240

244

Mondelez

International,

Inc.

0.625%

due

07/01/22

210

211

Novartis

Capital

Corp.

2.400%

due

05/17/22

1,350

1,372

Pacific

Gas

and

Electric

Co.

1.750%

due

06/16/22

460

459

Petroleos

Mexicanos

Series

WI

5.375%

due

03/13/22

420

429

Reckitt

Benckiser

Treasury

Services

PLC

2.375%

due

06/24/22

(Þ)

1,165

1,185

Royal

Bank

of

Canada

Series

GMTN

2.750%

due

02/01/22

800

810

Southern

California

Edison

Co.

1.845%

due

02/01/22

439

440

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

3.360%

due

09/20/21

(Þ)(ç)

56

56

Sungard

AS

New

Holdings

III

LLC

Term

Loan

0.038%

due

02/03/22

(USD

3

Month

LIBOR

+

0.000%)(Ê)

75

68

Svenska

Handelsbanken

AB

0.120%

due

12/23/21

(Þ)(ž)

2,000

1,999

Total

Capital

International

SA

2.875%

due

02/17/22

1,731

1,756

U.S.

Cash

Management

Fund(@)

6,799,091(∞)

6,799

UniCredit

SpA

6.572%

due

01/14/22

(Þ)

480

492

Union

Pacific

Corp.

4.163%

due

07/15/22

240

246

United

States

Treasury

Bills

Series

WI

0.011%

due

08/03/21

(ž)(ç)

900

900

United

States

Treasury

Notes

1.500%

due

10/31/21

4,420

4,436

1.875%

due

01/31/22

16,300

16,446

Zions

Bancorp

NA

Series

BKNT

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

227

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.350%

due

03/04/22

870

883

Total

Short-Term

Investments

(cost

$53,257)

53,470

Total

Investments

-

99.9%

(identified

cost

$408,550)

412,680

Other

Assets

and

Liabilities,

Net

-

0.1%

530

Net

Assets

-

100.0%

413,210

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

228

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

$

$

$

19.7%

7-Eleven,

Inc.

01/27/21

250,000

99.93

250

250

ABN

AMRO

Bank

NV

06/11/21

601,000

113.99

685

686

Abu

Dhabi

Government

International

Bond

05/20/21

440,000

100.97

444

442

AGL

CLO

6,

Ltd.

07/12/21

510,000

100.00

510

510

AIG

Global

Funding

06/29/20

545,000

99.95

545

550

Anglo

American

Capital

PLC

05/20/21

540,000

108.08

584

584

AP

Moller

-

Maersk

A/S

05/07/21

635,000

107.86

685

687

Athene

Global

Funding

05/21/21

715,000

100.00

715

718

Avenue

of

Americas

Mortgage

Trust

09/28/18

310,000

0.98

303

310

Avery

Point

VII

CLO,

Ltd.

07/26/21

511,969

100.05

512

512

Aviation

Capital

Group

LLC

12/22/20

656,000

103.30

678

687

Avis

Budget

Rental

Car

Funding

(AESOP)

LLC

02/04/19

1,950,000

100.99

1,955

1,977

Avis

Budget

Rental

Car

Funding

(AESOP)

LLC

11/13/20

293,333

100.90

296

295

Avolon

Holdings

Funding,

Ltd.

05/20/21

170,000

107.26

182

184

Balboa

Bay

Loan

Funding,

Ltd.

11/18/20

325,000

100.00

325

325

Banco

Inbursa

SA

Institucion

de

Banca

Multiple

07/13/20

537,000

102.78

552

573

Banco

Santander

Chile

04/06/21

655,000

103.69

679

678

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santander

04/06/21

645,000

103.61

668

671

Bank

of

the

West

Auto

Trust

10/31/18

49,303

100.00

49

49

Bayer

US

Finance

II

LLC

05/07/21

601,000

114.36

687

687

BBVA

Bancomer

SA

11/05/20

622,000

106.95

665

676

BDS

07/22/21

260,000

100.00

260

260

Bharti

Airtel

International

Netherlands

BV

06/03/20

552,000

102.97

568

584

BMW

US

Capital

LLC

08/06/19

1,300,000

99.96

1,299

1,301

BMW

US

Capital

LLC

05/20/21

170,000

100.64

171

171

BNP

Paribas

SA

05/20/21

540,000

109.29

590

589

BNP

Paribas

SA

05/26/21

615,000

111.09

683

683

BX

Commercial

Mortgage

Trust

10/09/19

598,759

99.98

599

600

BX

Commercial

Mortgage

Trust

11/09/20

547,261

99.40

544

547

BX

Commercial

Mortgage

Trust

06/16/21

250,000

100.46

251

254

BX

Commercial

Mortgage

Trust

06/30/21

240,000

103.58

249

252

BX

Trust

01/05/21

440,000

100.00

440

440

BXMT,

Ltd.

04/09/21

330,000

100.00

330

330

CAMB

Commercial

Mortgage

Trust

01/25/19

385,000

100.00

385

386

Cantor

Commercial

Real

Estate

Co.

LP

06/17/21

250,000

99.94

250

249

Cargill,

Inc.

01/28/21

110,000

99.69

110

109

Carlyle

Global

Market

Strategies

CLO,

Ltd.

07/26/21

279,151

100.00

279

279

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

05/20/21

186,000

103.26

192

192

Cedar

Funding

V

CLO,

Ltd.

07/23/21

320,000

100.00

320

321

Cencosud

SA

07/13/20

511,000

105.51

539

564

CIFC

Funding,

Ltd.

07/27/21

330,000

100.05

330

330

Commercial

Mortgage

Trust

01/30/20

310,000

102.75

319

317

CORE

Mortgage

Trust

03/01/19

110,855

97.98

109

111

Cosmopolitan

Hotel

Trust

09/11/20

470,000

96.92

456

471

Credicorp

,

Ltd.

06/07/21

679,000

100.19

680

689

Credit

Agricole

SA

08/20/20

590,000

109.68

647

651

Credit

Agricole

SA

05/20/21

340,000

98.69

336

337

Daimler

Finance

NA

LLC

03/08/21

643,000

102.04

656

657

Daimler

Finance

NA

LLC

05/20/21

210,000

100.78

212

213

Danone

SA

05/07/21

659,000

104.18

687

687

Danske

Bank

A/S

10/14/20

717,000

99.90

716

723

Danske

Bank

A/S

05/20/21

270,000

110.63

299

299

Deutsche

Telekom

International

Finance

BV

05/07/21

664,000

103.67

688

690

Diamond

Resorts

Owner

Trust

04/12/21

326,680

100.00

327

329

DNB

Bank

ASA

02/16/21

663,000

102.52

680

680

Dryden

55

CLO,

Ltd.

07/26/21

250,000

100.00

250

250

Eni

Finance

USA,

Inc.

05/10/21

311,000

100.00

311

311

Eni

SpA

08/10/20

622,000

106.03

660

664

ERAC

USA

Finance

LLC

05/31/17

415,000

100.02

415

417

Extended

Stay

America

Trust

06/24/21

320,000

100.00

320

321

Falabella

SA

08/21/20

642,000

102.64

659

669

Freddie

Mac

STACR

REMIC

Trust

07/19/21

250,000

100.00

250

251

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

06/15/21

197,959

101.18

200

199

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

06/22/21

327,138

100.68

329

329

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

07/09/21

210,000

100.86

212

211

GA

Global

Funding

Trust

Secured

01/08/21

285,000

99.90

285

291

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

229

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Galton

Funding

Mortgage

Trust

01/25/18

7,280

100.85

7

7

Georgia-Pacific

LLC

05/20/21

170,000

98.35

167

169

Glencore

Funding

LLC

05/20/21

540,000

107.81

582

582

GoodGreen

Trust

04/21/21

245,512

99.97

245

250

Great

Lakes

Kcap

F3c

Senior

LLC

07/26/21

420,000

100.00

420

420

Great

Wolf

Trust

09/01/20

410,000

97.03

398

410

Great-West

Lifeco

U.S.

Finance

2020,

LP

05/20/21

260,000

99.07

258

259

Halsey

Point

CLO

I,

Ltd.

07/28/21

250,000

100.25

251

251

Hawaii

Hotel

Trust

06/17/21

250,000

100.16

250

250

Heineken

NV

10/08/20

281,000

103.25

290

291

Hertz

Vehicle

Financing

LLC

06/24/21

250,000

99.95

250

254

Hertz

Vehicle

Financing

LLC

06/24/21

450,000

99.98

450

453

Hertz

Vehicle

Financing

LLC

06/24/21

310,000

99.99

310

312

Highmark,

Inc.

05/05/21

520,000

99.87

519

524

Hilton

Grand

Vacations

Trust

06/02/20

302,914

99.99

303

315

Hyundai

Capital

America

09/15/20

280,000

99.93

280

282

Hyundai

Capital

America

01/05/21

190,000

99.88

190

189

Hyundai

Capital

America

05/21/21

210,000

99.80

210

209

ICICI

Bank,

Ltd.

07/07/21

631,000

108.78

686

687

Intesa

Sanpaolo

SpA

05/20/21

540,000

103.90

561

561

Inversiones

CMPC

SA

04/06/21

638,000

105.11

671

665

Jackson

National

Life

Global

Funding

01/29/19

795,000

99.98

795

807

Jackson

National

Life

Global

Funding

06/23/20

650,000

106.38

691

703

JPMorgan

Chase

Bank

NA

08/27/20

483,692

100.00

484

485

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

06/27/19

940,000

100.00

940

940

KKR

Industrial

Portfolio

Trust

01/12/21

220,000

100.00

220

220

Lukoil

International

Finance

BV

10/02/19

635,000

103.60

658

672

Magnetite

XIV-R,

Ltd.

07/26/21

330,000

100.08

330

331

Magnetite

XXVIII,

Ltd.

09/10/20

435,000

100.00

435

435

MBRT

Institutional

Ownership

06/17/21

250,000

99.50

249

250

Meituan

03/08/21

675,000

100.27

677

656

Mello

Warehouse

Securitization

Trust

10/21/20

220,000

100.00

220

221

Mercury

Financial,

Inc.

06/17/21

250,000

100.61

252

248

Mondelez

International,

Inc.

11/09/20

642,000

104.09

668

672

MSG

III

Securitization

Trust

06/17/21

250,000

100.00

250

249

National

Securities

Clearing

Corp.

05/20/21

340,000

98.91

336

338

Nationwide

Building

Society

05/20/21

330,000

100.03

330

330

Navient

Private

Education

Refi

Loan

Trust

01/28/21

312,675

102.18

319

318

Nestle

Holdings,

Inc.

01/14/20

1,761,000

104.32

1,830

1,870

Neuberger

Berman

CLO,

Ltd.

01/27/21

275,000

100.00

275

276

New

York

Life

Global

Funding

05/20/21

230,000

100.14

230

230

Nissan

Motor

Acceptance

Corp.

03/08/21

321,000

101.94

327

327

Nissan

Motor

Acceptance

Corp.

05/20/21

400,000

104.31

417

417

Nordea

Bank

AB

07/02/20

514,000

103.25

531

535

Nordea

Bank

Abp

05/21/21

270,000

99.22

268

268

Northwestern

Mutual

Life

Insurance

Co.

(The)

01/07/21

570,000

99.84

569

565

NTT

Finance

Corp.

02/24/21

550,000

100.00

550

552

OCP

CLO,

Ltd.

07/26/21

390,000

100.05

390

390

Octagon

Investment

Partners

II

LLC

02/18/21

200,000

100.00

200

200

Onslow

Bay

Financial

LLC

02/14/20

137,887

100.00

138

138

Onslow

Bay

Financial

LLC

09/18/20

122,209

100.00

122

122

OZLM

XII

Ltd.

07/26/21

88,246

100.03

88

88

Pacific

Life

Global

Funding

II

06/17/20

500,000

99.83

499

505

PMT

Credit

Risk

Transfer

Trust

06/14/21

222,717

100.81

225

227

POSCO

03/08/21

662,000

102.07

676

676

Principal

Life

Global

Funding

II

06/16/20

280,000

99.94

280

283

Prosus

NV

07/07/21

240,000

100.00

240

237

Protective

Life

Global

Funding

04/08/19

1,010,000

100.00

1,010

1,072

Protective

Life

Global

Funding

07/08/20

930,000

100.00

930

937

PTT

Global

Chemical

PCL

01/03/20

553,000

102.11

565

572

Qatar

Petroleum

06/30/21

330,000

99.91

330

331

Radnor

RE,

Ltd.

06/18/21

250,000

100.00

250

251

Reckitt

Benckiser

Treasury

Services

PLC

06/22/17

1,165,000

99.98

1,165

1,185

Roche

Holdings,

Inc.

05/07/20

374,000

105.03

393

396

Royalty

Pharma

PLC

08/24/20

480,000

99.53

478

482

SABIC

Capiral

II

BV

12/03/19

628,000

104.30

655

671

Santander

UK

Group

Holdings

PLC

07/30/20

531,000

107.33

570

577

Saudi

Arabian

Oil

Co.

04/06/20

560,000

100.29

562

588

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

230

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

$

$

$

Schneider

Electric

SE

09/14/20

633,000

102.78

651

652

SK

Hynix,

Inc.

03/08/21

684,000

100.01

684

681

Skandinaviska

Enskilda

Banken

AB

05/21/21

270,000

99.44

268

269

Societe

Generale

SA

06/02/20

642,000

104.18

669

702

SoFi

Professional

Loan

Program

Trust

05/14/20

98,032

99.98

98

100

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

01/16/19

56,250

99.75

56

56

Standard

Chartered

PLC

06/02/20

675,000

103.65

700

708

Standard

Chartered

PLC

05/21/21

280,000

100.77

282

281

Starwood

Real

Estate

Income

Trust

07/12/21

250,000

99.64

249

250

State

Bank

of

India

06/03/20

385,000

105.30

405

421

Sumitomo

Mitsui

Banking

Corp.

03/18/21

520,000

99.95

520

523

Sumitomo

Mitsui

Financial

Group,

Inc.

06/08/21

626,000

109.13

683

681

Sura

Asset

Management

SA

08/21/20

607,000

107.09

650

653

Svenska

Handelsbanken

AB

03/29/21

2,000,000

99.92

1,998

1,999

Symphony

CLO

V,

Ltd.

02/05/21

275,000

100.00

275

275

Symphony

CLO

XIV,

Ltd.

09/09/20

410,000

98.92

406

410

Taxable

Municipal

Funding

Trust

02/08/21

650,000

100.00

650

650

Taxable

Municipal

Funding

Trust

Revenue

Bonds

08/17/20

1,380,000

100.00

1,380

1,380

Taxable

Municipal

Funding

Trust

Revenue

Bonds

03/03/21

100,000

100.00

100

100

Tencent

Holdings,

Ltd.

11/09/20

610,000

108.46

662

663

Towd

Point

Mortgage

Trust

07/01/19

124,241

101.37

126

129

Tryon

Park

CLO,

Ltd.

07/26/21

277,695

100.03

278

278

TSMC

Global,

Ltd.

09/23/20

405,000

99.92

405

399

UBS

AG

02/05/21

1,650,000

100.01

1,649

1,644

UBS

Group

AG

07/27/20

930,000

100.00

930

937

UBS

Group

Funding

Switzerland

AG

05/21/21

540,000

111.58

603

605

UniCredit

SpA

05/21/21

480,000

102.60

492

492

UNIFY

Auto

Receivables

Trust

03/18/21

600,000

100.00

600

601

United

Airlines,

Inc.

05/21/21

710,000

103.31

734

731

Upjohn,

Inc.

06/17/20

225,000

99.83

225

229

Volkswagen

Group

of

America

Finance

LLC

03/08/21

655,000

102.54

672

672

Vontier

Corp.

03/03/21

165,000

99.87

165

166

Voya

CLO,

Ltd.

07/23/21

570,000

100.04

570

570

Voya

CLO,

Ltd.

07/27/21

370,000

100.05

370

370

Wendy's

Co.

(The)

06/15/21

250,000

100.00

250

254

Wheels

SPV

2

LLC

09/11/20

631,088

100.03

631

632

81,605

For

a

description

of

restricted

securities

see

note

6

in

the

Notes

to

Quarterly

Report.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Australia

10

Year

Government

Bond

Futures

174

AUD

25,299

09/21

479

Canadian

10

Year

Government

Bond

Futures

29

CAD

4,292

09/21

95

Eurodollar

Futures

26

USD

6,461

06/23

11

Eurodollar

Futures

56

USD

13,874

12/23

22

United

States

2

Year

Treasury

Note

Futures

86

USD

18,976

09/21

(1)

United

States

5

Year

Treasury

Note

Futures

113

USD

14,062

09/21

69

United

States

10

Year

Treasury

Note

Futures

90

USD

12,101

09/21

225

Short

Positions

Euro-Bund

Futures

79

EUR

13,949

09/21

(460)

Japanese

10

Year

Government

Bond

Futures

3

JPY

456,900

09/21

(23)

Long

Gilt

Futures

52

GBP

6,749

09/21

(186)

United

States

2

Year

Treasury

Note

Futures

37

USD

8,164

09/21

—

United

States

5

Year

Treasury

Note

Futures

221

USD

27,502

09/21

(212)

United

States

10

Year

Treasury

Note

Futures

8

USD

1,076

09/21

(15)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

4

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

231

Options

Written

Amounts

in

thousands

(except

contract

amounts)

Description

Counterparty

Call/Put

Number

of

Contracts

Strike

Price

Notional

Amount

Expiration

Date

Fair

Value

$

United

States

5

Year

Treasury

Note

Futures

Citigroup

Call

7

125.00

USD

875

08/27/21

(1)

United

States

5

Year

Treasury

Note

Futures

Citigroup

Put

8

124.00

USD

992

08/27/21

(1)

Total

Liability

for

Options

Written

(premiums

received

$5)

(2)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

40

AUD

53

09/09/21

(1)

Bank

of

America

USD

49

NOK

422

09/09/21

(2)

Bank

of

America

AUD

60

USD

46

09/09/21

2

Bank

of

America

AUD

138

USD

102

09/09/21

1

Bank

of

America

AUD

4,972

USD

3,857

09/09/21

208

Bank

of

America

NOK

469

USD

56

09/09/21

3

Bank

of

America

NOK

1,394

USD

159

09/09/21

2

Bank

of

America

NOK

32,034

USD

3,839

09/09/21

213

Bank

of

New

York

USD

14

JPY

1,503

09/09/21

—

Bank

of

New

York

USD

676

JPY

74,113

09/09/21

(1)

Bank

of

New

York

USD

1,045

JPY

114,311

09/09/21

(3)

Bank

of

New

York

USD

2,312

NOK

19,067

09/15/21

(153)

Bank

of

New

York

JPY

1,446

USD

13

09/09/21

—

Bank

of

New

York

SEK

18,200

USD

2,209

09/15/21

94

Citigroup

USD

384

GBP

277

09/09/21

2

Citigroup

USD

2,705

GBP

1,908

09/09/21

(53)

Citigroup

USD

2,867

GBP

2,020

09/09/21

(59)

Citigroup

USD

24

NZD

35

09/09/21

—

Citigroup

USD

1,777

NZD

2,436

09/09/21

(81)

Citigroup

GBP

3,051

USD

4,264

09/09/21

23

Citigroup

NZD

—

USD

—

09/09/21

—

Citigroup

NZD

6

USD

5

09/09/21

—

JPMorgan

Chase

USD

2,305

NOK

19,067

09/15/21

(146)

JPMorgan

Chase

SEK

18,200

USD

2,204

09/15/21

89

Royal

Bank

of

Canada

USD

3,848

CAD

4,789

09/09/21

(9)

Royal

Bank

of

Canada

USD

5,774

CAD

6,974

09/09/21

(184)

Royal

Bank

of

Canada

USD

2,315

NOK

19,067

09/15/21

(157)

Royal

Bank

of

Canada

CAD

31

USD

25

09/09/21

—

Royal

Bank

of

Canada

CAD

4,829

USD

3,997

09/09/21

126

Royal

Bank

of

Canada

SEK

18,200

USD

2,211

09/15/21

96

State

Street

USD

672

EUR

564

09/09/21

(3)

State

Street

USD

2,370

EUR

1,939

09/09/21

(68)

State

Street

USD

1

SEK

11

09/09/21

—

State

Street

USD

16

SEK

133

09/09/21

—

State

Street

EUR

7

USD

8

09/09/21

—

State

Street

EUR

1,528

USD

1,817

09/09/21

3

State

Street

SEK

202

USD

24

09/09/21

—

State

Street

SEK

14,718

USD

1,778

09/09/21

67

UBS

USD

26

CHF

23

09/09/21

—

UBS

USD

35

CHF

32

09/09/21

1

UBS

USD

59

CHF

53

09/09/21

—

UBS

CHF

5,131

USD

5,729

09/09/21

59

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

69

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

232

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

Long-Term

Investments

Asset-Backed

Securities

$

—

$

27,232

$

—

$

—

$

27,232

Corporate

Bonds

and

Notes

—

170,472

—

—

170,472

International

Debt

—

87,076

—

—

87,076

Loan

Agreements

—

22

—

—

22

Mortgage-Backed

Securities

—

31,897

—

—

31,897

Municipal

Bonds

—

2,130

—

—

2,130

United

States

Government

Agencies

—

3,776

—

—

3,776

United

States

Government

Treasuries

—

36,605

—

—

36,605

Common

Stocks

—

—

—

—

—

Short-Term

Investments

—

46,671

—

6,799

53,470

Total

Investments

—

405,881

—

6,799

412,680

Other

Financial

Instruments

Assets

Futures

Contracts

901

—

—

—

901

Foreign

Currency

Exchange

Contracts

—

989

—

—

989

Liabilities

Futures

Contracts

(897)

—

—

—

(897)

Options

Written

(2)

—

—

—

(2)

Foreign

Currency

Exchange

Contracts

—

(920)

—

—

(920)

Total

Other

Financial

Instruments

*

$

2

$

69

$

—

$

—

$

71

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2021,

see

note

2

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

July

31,

2021,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Australia

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

1,671

Bermuda

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

251

Brazil

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

495

Canada

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

15,514

Cayman

Islands

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

6,661

Chile

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

3,233

China

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

1,587

Colombia

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

1,907

Denmark

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

1,709

Russell

Investment

Company

Short

Duration

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Short

Duration

Bond

Fund

233

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Finland

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

803

France

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

8,565

Germany

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

7,290

India

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

1,692

Ireland

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

407

Israel

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

565

Italy

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

2,028

Japan

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

4,554

Kuwait

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

244

Mexico

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

2,697

Netherlands

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

4,066

Norway

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

5,026

Peru

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

689

Qatar

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

801

Russia

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

672

Saudi

Arabia

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

1,259

South

Africa

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

584

South

Korea

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

1,357

Spain

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

1,771

Sweden

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

2,268

Switzerland

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

8,406

Taiwan

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

399

Thailand

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

573

United

Arab

Emirates

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

443

United

Kingdom

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

15,039

United

States

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

307,454

Total

Investments

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

412,680

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

234

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Municipal

Bonds

-

97.3%

American

Samoa

-

0.0%

American

Samoa

Economic

Development

Authority

Revenue

Bonds

(Þ)

125

3.720

09/01/27

127

American

Samoa

Economic

Development

Authority

Revenue

Bonds

(Þ)

100

5.000

09/01/38

126

253

Alabama

-

1.2%

Alabama

Industrial

Development

Authority

Revenue

Bonds

(~)(Ê)

500

6.450

12/01/23

501

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

402

County

of

Jefferson

Sewer

Revenue

Bonds

500

6.000

10/01/42

581

County

of

Jefferson

Sewer

Revenue

Bonds

(µ)

225

6.750

10/01/46

232

County

of

Jefferson

Sewer

Revenue

Bonds

1,220

7.000

10/01/51

1,442

County

of

Jefferson

Sewer

Revenue

Bonds

(µ)

3,345

5.500

10/01/53

3,764

County

of

Jefferson

Sewer

Revenue

Bonds

3,095

6.500

10/01/53

3,626

Homewood

Educational

Building

Authority

Revenue

Bonds

2,500

4.000

12/01/38

2,902

Hoover

Industrial

Development

Board

Revenue

Bonds

1,150

5.750

10/01/49

1,387

Hoover

Industrial

Development

Board

Revenue

Bonds

(~)(ae)(Ê)

1,000

6.375

11/01/50

1,289

Houston

County

Health

Care

Authority

Revenue

Bonds

500

5.000

10/01/30

582

Montgomery

Educational

Building

Authority

Revenue

Bonds

820

5.000

10/01/36

905

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

929

4.500

05/01/32

1,017

18,785

Alaska

-

0.3%

Alaska

Industrial

Development

&

Export

Authority

Revenue

Bonds

2,000

4.000

10/01/49

2,276

City

of

Valdez

Revenue

Bonds

(~)(Ê)

1,300

0.150

05/01/31

1,300

Northern

Tobacco

Securitization

Corp.

Revenue

Bonds

200

4.000

06/01/50

237

Northern

Tobacco

Securitization

Corp.

Revenue

Bonds

3,275

5.300

06/01/66

742

4,555

Arizona

-

1.3%

Arizona

Health

Facilities

Authority

Revenue

Bonds

(USD

3

Month

LIBOR

+

0.810%)(Ê)

5,130

1.770

01/01/37

5,109

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

500

5.000

06/01/31

601

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,500

6.000

07/01/37

1,864

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

920

5.000

12/15/40

1,080

Arizona

Industrial

Development

Authority

Revenue

Bonds

400

4.000

07/01/41

466

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

25

4.000

12/15/41

28

Arizona

Industrial

Development

Authority

Revenue

Bonds

110

5.000

01/01/43

116

Arizona

Industrial

Development

Authority

Revenue

Bonds

200

5.000

05/01/43

213

Arizona

Industrial

Development

Authority

Revenue

Bonds

125

4.000

11/01/45

146

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,000

3.000

07/01/46

1,067

Arizona

Industrial

Development

Authority

Revenue

Bonds

35

4.000

07/01/47

40

Arizona

Industrial

Development

Authority

Revenue

Bonds

330

5.000

05/01/48

350

Arizona

Industrial

Development

Authority

Revenue

Bonds

250

4.500

01/01/49

257

Arizona

Industrial

Development

Authority

Revenue

Bonds

225

5.000

01/01/49

225

Arizona

Industrial

Development

Authority

Revenue

Bonds

100

4.000

11/01/49

113

Arizona

Industrial

Development

Authority

Revenue

Bonds

300

4.000

02/01/50

351

Arizona

Industrial

Development

Authority

Revenue

Bonds

150

4.000

11/01/50

175

Arizona

Industrial

Development

Authority

Revenue

Bonds

100

5.000

05/01/51

106

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

50

4.000

12/15/51

55

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

700

5.000

07/15/53

806

Arizona

Industrial

Development

Authority

Revenue

Bonds

125

5.000

01/01/54

134

Arizona

Industrial

Development

Authority

Revenue

Bonds

50

5.125

01/01/54

50

Arizona

Industrial

Development

Authority

Revenue

Bonds

(µ)

500

5.000

06/01/58

613

City

of

Phoenix

Industrial

Development

Authority

Revenue

Bonds

(Þ)

2

00

5.000

07/01/35

225

City

of

Phoenix

Industrial

Development

Authority

Revenue

Bonds

6

00

5.000

07/01/35

678

City

of

Phoenix

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000

07/01/44

1,216

Estrella

Mountain

Ranch

Community

Facilities

District

Special

Assessment

25

3.500

07/01/29

26

Estrella

Mountain

Ranch

Community

Facilities

District

Special

Assessment

25

4.100

07/01/34

27

Estrella

Mountain

Ranch

Community

Facilities

District

Special

Assessment

105

4.750

07/01/43

112

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

235

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Glendale

Industrial

Development

Authority

Revenue

Bonds

715

5.000

05/15/41

826

Glendale

Industrial

Development

Authority

Revenue

Bonds

400

5.000

05/15/56

457

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

250

6.000

08/01/28

175

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,000

6.250

08/01/40

700

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

115

5.250

10/01/40

130

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

50

5.000

07/01/50

58

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

115

5.500

10/01/51

130

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

50

5.000

07/01/54

58

Pima

County

Industrial

Development

Authority

Revenue

Bonds

250

4.500

06/01/30

259

Pima

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

25

5.500

05/01/40

27

Pima

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

50

5.750

05/01/50

54

Salt

Verde

Financial

Corp.

Revenue

Bonds

200

5.000

12/01/37

286

Tempe

Industrial

Development

Authority

Revenue

Bonds

80

5.000

12/01/50

87

Tempe

Industrial

Development

Authority

Revenue

Bonds

100

5.000

12/01/54

109

19,605

Arkansas

-

0.7%

Arkansas

Development

Finance

Authority

Revenue

Bonds

300

3.500

07/01/38

305

Arkansas

Development

Finance

Authority

Revenue

Bonds

50

4.250

07/01/41

55

Arkansas

Development

Finance

Authority

Revenue

Bonds

2,000

4.000

02/01/42

2,262

Arkansas

Development

Finance

Authority

Revenue

Bonds

900

3.500

07/01/46

926

Arkansas

Development

Finance

Authority

Revenue

Bonds

(Þ)

1,000

4.500

09/01/49

1,119

Arkansas

Development

Finance

Authority

Revenue

Bonds

(Þ)

3,500

4.750

09/01/49

4,021

Arkansas

Development

Finance

Authority

Revenue

Bonds

75

4.000

07/01/52

81

Arkansas

River

Power

Authority

Revenue

Bonds

1,680

5.000

10/01/33

2,052

10,821

California

-

10.2%

Alhambra

Unified

School

District

General

Obligation

Unlimited

(µ)

1,150

4.220

08/01/37

860

Bay

Area

Toll

Authority

Revenue

Bonds

150

3.000

04/01/54

160

California

Community

Housing

Agency

Revenue

Bonds

(Þ)

1,000

5.000

08/01/50

1,174

California

Community

Housing

Agency

Revenue

Bonds

(Þ)

2,400

4.000

02/01/56

2,738

California

Community

Housing

Agency

Revenue

Bonds

(Þ)

1,600

3.000

08/01/56

1,667

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

50

4.000

06/01/49

60

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

195

5.000

06/01/49

245

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

800

4.072

06/01/55

215

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

680

4.904

06/01/55

139

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

4,500

7.296

06/01/55

552

California

Enterprise

Development

Authority

Revenue

Bonds

35

5.000

08/01/50

44

California

Enterprise

Development

Authority

Revenue

Bonds

50

5.000

08/01/55

62

California

Enterprise

Development

Authority

Revenue

Bonds

25

5.000

08/01/57

31

California

Enterprise

Development

Authority

Revenue

Bonds

(Þ)

250

4.000

06/01/61

281

California

Health

Facilities

Financing

Authority

Revenue

Bonds

(Þ)

250

5.000

11/15/36

301

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,000

5.000

02/01/42

1,224

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

(Þ)

835

4.125

01/01/35

948

California

Municipal

Finance

Authority

Revenue

Bonds

1,500

4.000

07/15/29

1,761

California

Municipal

Finance

Authority

Revenue

Bonds

340

5.000

10/01/33

423

California

Municipal

Finance

Authority

Revenue

Bonds

225

5.000

10/01/35

279

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

1,500

5.000

11/01/36

1,777

California

Municipal

Finance

Authority

Revenue

Bonds

650

5.000

12/31/37

805

California

Municipal

Finance

Authority

Revenue

Bonds

500

5.000

12/31/38

618

California

Municipal

Finance

Authority

Revenue

Bonds

1,130

5.000

10/01/39

1,358

California

Municipal

Finance

Authority

Revenue

Bonds

1,000

4.250

02/01/40

1,102

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.375

11/01/40

1,163

California

Municipal

Finance

Authority

Revenue

Bonds

4,900

5.000

12/31/43

6,011

California

Municipal

Finance

Authority

Revenue

Bonds

125

5.000

02/01/47

150

California

Municipal

Finance

Authority

Revenue

Bonds

3,000

5.000

11/01/47

3,451

California

Municipal

Finance

Authority

Revenue

Bonds

100

5.000

05/15/49

123

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

1,815

5.000

07/01/49

2,139

California

Municipal

Finance

Authority

Revenue

Bonds

60

5.000

10/01/49

71

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

236

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

California

Municipal

Finance

Authority

Revenue

Bonds

3,700

5.000

06/01/50

4,103

California

Municipal

Finance

Authority

Revenue

Bonds

100

4.000

07/01/51

116

California

Municipal

Finance

Authority

Revenue

Bonds

50

5.000

05/15/52

61

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

65

5.000

07/01/52

74

California

Municipal

Finance

Authority

Revenue

Bonds

(µ)

1,000

3.000

05/15/54

1,078

California

Municipal

Finance

Authority

Revenue

Bonds

95

5.000

10/01/54

112

California

Municipal

Finance

Authority

Revenue

Bonds

50

4.000

07/01/55

58

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Þ)

550

4.000

11/01/23

550

California

Pollution

Control

Financing

Authority

Revenue

Bonds

1,000

3.375

07/01/25

1,115

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Þ)

450

6.750

12/01/28

494

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Þ)

550

5.000

07/01/39

671

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Þ)

2,520

7.500

12/01/40

2,779

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Þ)

2,670

5.000

11/21/45

2,956

California

Public

Finance

Authority

Revenue

Bonds

(Þ)

600

6.250

07/01/54

699

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000

07/01/37

1,166

California

School

Finance

Authority

Revenue

Bonds

(Þ)

465

4.000

07/01/38

535

California

School

Finance

Authority

Revenue

Bonds

60

4.000

07/01/45

60

California

School

Finance

Authority

Revenue

Bonds

(Þ)

500

5.000

08/01/45

570

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,100

4.000

10/01/46

1,247

California

School

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

07/01/50

115

California

School

Finance

Authority

Revenue

Bonds

(Þ)

200

5.000

10/01/50

240

California

School

Finance

Authority

Revenue

Bonds

100

4.000

06/01/51

108

California

School

Finance

Authority

Revenue

Bonds

1,000

4.000

11/01/51

1,147

California

School

Finance

Authority

Revenue

Bonds

(Þ)

600

5.000

06/01/58

654

California

School

Finance

Authority

Revenue

Bonds

(Þ)

150

5.000

07/01/59

171

California

School

Finance

Authority

Revenue

Bonds

80

4.000

06/01/61

86

California

School

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

06/01/61

113

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(~)(Ê)

2,000

0.090

05/15/24

2,000

California

Statewide

Communities

Development

Authority

Revenue

Bonds

460

5.000

05/15/32

515

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

200

5.000

11/01/32

243

California

Statewide

Communities

Development

Authority

Revenue

Bonds

675

5.000

08/01/37

818

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

200

5.250

07/01/39

222

California

Statewide

Communities

Development

Authority

Revenue

Bonds

500

5.000

05/15/42

606

California

Statewide

Communities

Development

Authority

Revenue

Bonds

1,000

5.000

10/01/43

1,056

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

500

5.750

01/15/45

526

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

2,600

5.000

12/01/46

2,932

California

Statewide

Communities

Development

Authority

Revenue

Bonds

2,225

5.000

04/01/47

2,591

California

Statewide

Communities

Development

Authority

Revenue

Bonds

150

5.000

05/15/47

180

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

250

5.250

07/01/49

273

California

Statewide

Communities

Development

Authority

Revenue

Bonds

125

5.000

05/15/50

150

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

100

5.000

06/01/51

120

California

Statewide

Communities

Development

Authority

Revenue

Bonds

695

5.500

12/01/54

790

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

2,500

5.250

12/01/56

2,832

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

1,000

5.500

12/01/58

1,196

California

Statewide

Communities

Development

Authority

Special

Assessment

120

5.000

09/02/39

147

California

Statewide

Communities

Development

Authority

Special

Assessment

50

4.000

09/02/44

58

California

Statewide

Communities

Development

Authority

Special

Assessment

115

5.000

09/02/44

140

California

Statewide

Communities

Development

Authority

Special

Assessment

75

5.000

09/02/48

91

California

Statewide

Communities

Development

Authority

Special

Assessment

135

5.000

09/02/49

164

California

Statewide

Communities

Development

Authority

Special

Assessment

470

4.000

09/02/50

534

California

Statewide

Communities

Development

Authority

Special

Assessment

55

5.000

09/02/50

67

California

Statewide

Communities

Development

Authority

Special

Tax

600

4.000

09/01/40

688

California

Statewide

Communities

Development

Authority

Special

Tax

1,300

4.000

09/01/50

1,472

California

Statewide

Communities

Development

Authority

Special

Tax

75

4.000

09/01/51

86

California

Statewide

Financing

Authority

Revenue

Bonds

3,210

7.459

06/01/46

631

California

Statewide

Financing

Authority

Revenue

Bonds

20,000

8.602

06/01/55

1,951

City

&

County

of

San

Francisco

Community

Facilities

District

No.

2016-1

Special

Tax

75

4.000

09/01/46

85

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

237

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

&

County

of

San

Francisco

Community

Facilities

District

No.

2016-1

Special

Tax

75

4.000

09/01/51

85

City

&

County

of

San

Francisco

Special

Tax

District

No.

2020-1

Special

Tax

(Þ)

100

4.000

09/01/51

115

City

of

Atwater

Wastewater

Revenue

Bonds

(µ)

240

5.000

05/01/43

287

City

of

Calimesa

Communities

Facilities

Special

Tax

820

4.000

09/01/50

924

City

of

Fontana

Special

Tax

25

4.000

09/01/46

29

City

of

Fontana

Special

Tax

25

4.000

09/01/51

29

City

of

Irvine

Special

Tax

(µ)

100

5.000

09/01/51

119

City

of

Long

Beach

Marina

System

Revenue

Bonds

225

5.000

05/15/40

250

City

of

Long

Beach

Marina

System

Revenue

Bonds

1,185

5.000

05/15/45

1,311

City

of

Oakland

General

Obligation

Unlimited

250

3.000

01/15/50

271

City

of

Ontario

Community

Facilities

District

No.

43

Special

Tax

50

4.000

09/01/50

57

City

of

Oroville

Revenue

Bonds

100

5.250

04/01/34

119

City

of

Oroville

Revenue

Bonds

185

5.250

04/01/39

217

City

of

Oroville

Revenue

Bonds

885

5.250

04/01/49

1,014

City

of

Oroville

Revenue

Bonds

810

5.250

04/01/54

922

City

of

Palm

Desert

Special

Tax

100

3.000

09/01/31

103

City

of

Palm

Desert

Special

Tax

100

4.000

09/01/51

107

City

of

Roseville

Special

Tax

100

5.000

09/01/33

120

City

of

Roseville

Special

Tax

25

4.000

09/01/35

28

City

of

Roseville

Special

Tax

25

4.000

09/01/40

28

City

of

Roseville

Special

Tax

50

4.000

09/01/45

56

City

of

Roseville

Special

Tax

85

4.000

09/01/50

95

City

of

Sacramento

Special

Tax

75

4.000

09/01/46

85

City

of

Sacramento

Special

Tax

75

4.000

09/01/50

85

City

of

San

Luis

Obispo

California

Community

Facilities

District

No.

2019

Special

Tax

50

4.000

09/01/46

57

City

of

San

Luis

Obispo

California

Community

Facilities

District

No.

2019

Special

Tax

50

4.000

09/01/51

57

Coachella

Valley

Unified

School

District

General

Obligation

Unlimited

(µ)

2,500

16.733

08/01/43

1,552

County

of

El

Dorado

Special

Tax

75

5.000

09/01/44

86

County

of

El

Dorado

Special

Tax

80

5.000

09/01/49

91

County

of

San

Diego

Special

Tax

40

3.000

09/01/50

42

County

of

San

Diego

Special

Tax

100

4.000

09/01/50

112

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

1,250

4.000

07/01/56

1,357

CSCDA

Community

Improvement

Authority

Revenue

Bonds

1,000

3.000

12/01/56

1,039

Dublin

Community

Facilities

District

Improvement

Area

No.

1

Special

Tax

100

5.000

09/01/37

119

Dublin

Community

Facilities

District

Improvement

Area

No.

1

Special

Tax

340

5.000

09/01/47

400

Fairfield

Community

Facilities

District

Special

Tax

(Þ)

150

5.000

09/01/50

183

Foothill/Eastern

Transportation

Corridor

Agency

Revenue

Bonds

6,200

4.000

01/15/46

7,412

Fremont

Community

Facilities

District

No.

1

Special

Tax

1,255

5.000

09/01/26

1,475

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

1,325

3.500

06/01/36

1,349

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

3,000

5.300

06/01/37

3,114

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

5,265

5.000

06/01/47

5,436

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

270

5.250

06/01/47

280

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

200

8.205

06/01/47

45

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

10,000

10.494

06/01/47

2,196

Golden

Valley

Unified

School

District

Financing

Authority

Revenue

Bonds

25

4.000

09/01/46

28

Golden

Valley

Unified

School

District

Financing

Authority

Revenue

Bonds

30

4.000

09/01/51

34

Golden

Valley

Unified

School

District

Financing

Authority

Revenue

Bonds

45

4.000

09/01/56

51

Hastings

Campus

Housing

Finance

Authority

Revenue

Bonds

3,500

5.000

07/01/45

4,263

Independent

Cities

Finance

Authority

Revenue

Bonds

(µ)

900

4.000

06/01/46

1,055

Inland

Empire

Tobacco

Securitization

Authority

Revenue

Bonds

105

3.678

06/01/38

111

Irvine

Unified

School

District

Special

Tax

Bonds

70

5.000

09/01/47

84

Irvine

Unified

School

District

Special

Tax

Bonds

75

5.000

03/01/57

89

Jurupa

Public

Financing

Authority

Special

Tax

1,000

5.000

09/01/43

1,164

Moreno

Valley

Unified

School

District

General

Obligation

Unlimited

(µ)

50

3.000

08/01/50

55

M-S-R

Energy

Authority

Revenue

Bonds

2,650

6.500

11/01/39

4,424

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

238

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Natomas

Unified

School

District

General

Obligation

Unlimited

(µ)

425

4.000

08/01/42

487

Northern

California

Gas

Authority

No.

1

Revenue

Bonds

(USD

3

Month

LIBOR

+

0.720%)(Ê)

1,355

1.680

07/01/27

1,363

Orange

County

Community

Facilities

District

Special

Tax

65

4.000

08/15/40

76

Orange

County

Community

Facilities

District

Special

Tax

100

5.000

08/15/47

120

Orange

County

Community

Facilities

District

Special

Tax

60

4.000

08/15/50

69

Oxnard

School

District

General

Obligation

Unlimited

(~)(µ)(Ê)

465

2.000

08/01/47

525

Palomar

Health

Revenue

Bonds

(µ)

2,165

5.000

11/01/47

2,704

River

Islands

Public

Financing

Authority

Special

Tax

150

5.375

09/01/31

159

River

Islands

Public

Financing

Authority

Special

Tax

100

5.250

09/01/34

106

River

Islands

Public

Financing

Authority

Special

Tax

940

5.500

09/01/45

991

Riverside

County

Public

Financing

Authority

Tax

Allocation

(µ)

150

4.000

10/01/40

172

Riverside

County

Redevelopment

Successor

Agency

Tax

Allocation

(µ)

300

4.000

10/01/39

344

Riverside

County

Redevelopment

Successor

Agency

Tax

Allocation

(µ)

125

4.000

10/01/40

143

Riverside

Unified

School

District

Special

Tax

20

4.000

09/01/45

23

Riverside

Unified

School

District

Special

Tax

45

4.000

09/01/50

51

Sacramento

Airport

System

Revenue

Bonds

520

5.000

07/01/39

640

Sacramento

County

Water

Financing

Authority

Revenue

Bonds

(USD

3

Month

LIBOR

+

0.550%)(µ)(Ê)

175

0.785

06/01/34

175

San

Diego

Unified

School

District

General

Obligation

Unlimited

1,500

4.000

07/01/42

1,589

San

Francisco

City

&

County

Airports

Commission

International

Airport

Revenue

Bonds

1,045

5.000

05/01/44

1,305

San

Francisco

City

&

County

Airports

Commission

International

Airport

Revenue

Bonds

2,750

5.000

05/01/48

3,380

San

Francisco

City

&

County

Airports

Commission

International

Airport

Revenue

Bonds

1,925

5.000

05/01/49

2,391

San

Francisco

City

&

County

Airports

Commission

International

Airport

Revenue

Bonds

50

5.000

05/01/50

62

San

Francisco

City

&

County

Redevelopment

Agency

Tax

Allocation

1,190

5.000

08/01/35

1,429

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

75

4.000

08/01/32

89

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

100

4.000

08/01/33

118

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

100

4.000

08/01/34

118

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

100

4.000

08/01/35

117

San

Gorgonio

Memorial

Health

Care

District

General

Obligation

Unlimited

100

4.000

08/01/36

117

San

Jacinto

Community

Facilities

District

Special

Tax

280

5.000

09/01/33

329

San

Jacinto

Community

Facilities

District

Special

Tax

335

5.000

09/01/34

392

San

Joaquin

Hills

Transportation

Corridor

Agency

Revenue

Bonds

1,000

5.000

01/15/29

1,151

San

Joaquin

Hills

Transportation

Corridor

Agency

Revenue

Bonds

380

5.250

01/15/49

428

San

Joaquin

Hills

Transportation

Corridor

Agency

Revenue

Bonds

2,875

5.000

01/15/50

3,234

Silicon

Valley

Tobacco

Securitization

Authority

Revenue

Bonds

7,000

8.018

06/01/56

807

State

of

California

General

Obligation

Unlimited

2,000

5.000

08/01/46

2,405

State

of

California

General

Obligation

Unlimited

230

4.000

04/01/49

272

State

of

California

General

Obligation

Unlimited

270

5.000

04/01/49

345

Tobacco

Securitization

Authority

of

Northern

California

Revenue

Bonds

1,000

Zero

coupon

06/01/60

253

Tobacco

Securitization

Authority

of

Southern

California

Revenue

Bonds

455

5.000

06/01/48

572

Tobacco

Securitization

Authority

of

Southern

California

Revenue

Bonds

515

5.810

06/01/54

103

Transbay

Joint

Powers

Authority

Tax

Allocation

55

5.000

10/01/45

70

Transbay

Joint

Powers

Authority

Tax

Allocation

100

2.400

10/01/49

105

Transbay

Joint

Powers

Authority

Tax

Allocation

60

5.000

10/01/49

76

University

of

California

Medical

Center

Pooled

Revenue

Bonds

(~)(Ê)

6,300

0.030

05/15/45

6,300

University

of

California

Revenue

Bonds

450

3.000

05/15/51

490

Washington

Unified

School

District

General

Obligation

Unlimited

(µ)

250

3.000

08/01/45

275

William

S

Hart

Union

High

School

District

Special

Tax

75

5.000

09/01/47

86

156,946

Colorado

-

4.1%

3rd

and

Havana

Metropolitan

District

General

Obligation

Limited

750

5.250

12/01/49

824

Allison

Valley

Metropolitan

District

No.

1

General

Obligation

Limited

500

5.000

12/01/47

541

Aurora

Crossroads

Metropolitan

District

No.

2

General

Obligation

Limited

500

7.750

12/15/50

525

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

239

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Banning

Lewis

Ranch

Metropolitan

District

No.

8

General

Obligation

Limited

500

4.875

12/01/51

502

Banning

Lewis

Ranch

Regional

Metropolitan

District

No.

2

General

Obligation

Limited

500

5.750

12/01/51

518

Belford

North

Metropolitan

District

General

Obligation

Limited

500

8.500

12/15/50

523

Belleview

Station

Metropolitan

District

No.

2

General

Obligation

Limited

500

4.500

12/01/29

518

Bent

Grass

Metropolitan

District

General

Obligation

Limited

(Þ)

500

5.250

12/01/49

550

BNC

Metropolitan

District

No.

1

General

Obligation

Limited

1,090

7.375

12/15/47

1,141

Brighton

Crossing

Metropolitan

District

No.

4

General

Obligation

Limited

1,220

5.000

12/01/47

1,289

Brighton

Crossing

Metropolitan

District

No.

6

General

Obligation

Limited

500

5.000

12/01/50

554

Canyon

Pines

Metropolitan

District

Special

Improvement

District

No.

1

Special

Assessment

500

3.750

12/01/40

488

Canyons

Metropolitan

District

No.

5

General

Obligation

Limited

500

6.125

12/01/47

529

Cascade

Ridge

Metropolitan

District

General

Obligation

Limited

500

5.000

12/01/51

506

Citadel

on

Colfax

Business

Improvement

District

Revenue

Bonds

600

5.350

12/01/50

656

Citadel

on

Colfax

Business

Improvement

District

Revenue

Bonds

365

7.875

12/15/50

380

City

&

County

of

Denver

Special

Facilities

Airport

Revenue

Bonds

785

5.000

10/01/32

839

Clear

Creek

Station

Metropolitan

District

No.

2

General

Obligation

Unlimited

500

5.000

12/01/47

527

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

330

5.000

10/01/49

369

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

25

4.000

05/01/51

28

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

205

3.000

08/01/51

216

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

100

5.000

02/01/61

111

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

1,000

4.000

05/01/61

1,109

Colorado

Health

Facilities

Authority

Revenue

Bonds

275

4.000

10/01/38

325

Colorado

Health

Facilities

Authority

Revenue

Bonds

300

4.000

10/01/39

353

Colorado

Health

Facilities

Authority

Revenue

Bonds

300

4.000

10/01/40

352

Colorado

Health

Facilities

Authority

Revenue

Bonds

50

4.000

01/01/42

56

Colorado

Health

Facilities

Authority

Revenue

Bonds

5,170

5.000

08/01/44

6,480

Colorado

Health

Facilities

Authority

Revenue

Bonds

(ae)

190

5.000

06/01/47

237

Colorado

Health

Facilities

Authority

Revenue

Bonds

135

3.250

08/01/49

146

Colorado

Health

Facilities

Authority

Revenue

Bonds

885

4.000

08/01/49

1,027

Colorado

Health

Facilities

Authority

Revenue

Bonds

150

4.000

09/01/50

171

Colorado

Health

Facilities

Authority

Revenue

Bonds

4,000

4.000

11/15/50

4,841

Colorado

High

Performance

Transportation

Enterprise

Revenue

Bonds

35

5.000

12/31/47

40

Colorado

High

Performance

Transportation

Enterprise

Revenue

Bonds

35

5.000

12/31/51

40

Colorado

High

Performance

Transportation

Enterprise

Revenue

Bonds

75

5.000

12/31/56

86

Colorado

Springs

Urban

Renewal

Authority

Tax

Allocation

500

5.750

12/01/47

531

Constitution

Heights

Metropolitan

District

General

Obligation

Limited

1,765

5.000

12/01/49

1,945

Copperleaf

Metropolitan

District

No.

3

General

Obligation

Limited

500

5.125

12/01/47

546

Cornerstar

Metropolitan

District

General

Obligation

Limited

500

5.250

12/01/47

528

Creekside

Village

Metropolitan

District

General

Obligation

Limited

500

5.000

12/01/49

542

Creekwalk

Marketplace

Business

Improvement

District

Revenue

Bonds

(Þ)

230

5.500

12/01/39

259

Creekwalk

Marketplace

Business

Improvement

District

Revenue

Bonds

(Þ)

600

5.750

12/01/49

675

Creekwalk

Marketplace

Business

Improvement

District

Revenue

Bonds

(Þ)

130

8.000

12/15/49

137

Denver

Convention

Center

Hotel

Authority

Revenue

Bonds

225

5.000

12/01/33

265

Denver

Health

&

Hospital

Authority

Certificates

of

Participation

25

5.000

12/01/32

31

Denver

Health

&

Hospital

Authority

Certificates

of

Participation

175

4.000

12/01/38

203

Denver

Health

&

Hospital

Authority

Certificates

of

Participation

110

5.000

12/01/48

134

Denver

Health

&

Hospital

Authority

Revenue

Bonds

(Þ)

100

5.000

12/01/26

122

Denver

Health

&

Hospital

Authority

Revenue

Bonds

(Þ)

220

5.000

12/01/27

275

Denver

Health

&

Hospital

Authority

Revenue

Bonds

(Þ)

230

5.000

12/01/28

287

Denver

Health

&

Hospital

Authority

Revenue

Bonds

(Þ)

300

5.000

12/01/34

366

Denver

Health

&

Hospital

Authority

Revenue

Bonds

(Þ)

200

4.000

12/01/35

230

Denver

Health

&

Hospital

Authority

Revenue

Bonds

(Þ)

200

4.000

12/01/36

229

Denver

Health

&

Hospital

Authority

Revenue

Bonds

65

4.000

12/01/38

76

Denver

Health

&

Hospital

Authority

Revenue

Bonds

100

4.000

12/01/39

117

Denver

Health

&

Hospital

Authority

Revenue

Bonds

50

4.000

12/01/40

59

Denver

Health

&

Hospital

Authority

Revenue

Bonds

1,500

5.250

12/01/45

1,629

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

240

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Denver

International

Business

Center

Metropolitan

District

No.

1

General

Obligation

Unlimited

300

3.750

12/01/39

311

Denver

International

Business

Center

Metropolitan

District

No.

1

General

Obligation

Unlimited

350

4.000

12/01/48

364

Denver

Urban

Renewal

Authority

Tax

Allocation

(Þ)

745

5.250

12/01/39

819

Dinosaur

Ridge

Metropolitan

District

Revenue

Bonds

200

5.000

06/01/49

215

Dominion

Water

&

Sanitation

District

Revenue

Bonds

450

5.250

12/01/27

466

E-470

Public

Highway

Authority

Revenue

Bonds

(µ)

100

1.506

09/01/30

87

Eaton

Area

Park

&

Recreation

District

General

Obligation

Limited

725

5.250

12/01/34

774

Eaton

Area

Park

&

Recreation

District

General

Obligation

Limited

525

5.500

12/01/38

562

Flying

Horse

Metropolitan

District

No.

2

General

Obligation

Limited

(µ)

520

4.000

12/01/44

621

Flying

Horse

Metropolitan

District

No.

2

General

Obligation

Limited

(µ)

200

4.000

12/01/45

238

Green

Gables

Metropolitan

District

No.

2

General

Obligation

Limited

500

5.750

12/01/48

542

Green

Valley

Ranch

East

Metropolitan

District

No.

6

General

Obligation

Limited

1,000

5.875

12/01/50

1,115

High

Plains

Metropolitan

District

General

Obligation

Unlimited

(µ)

25

5.000

12/01/35

31

High

Plains

Metropolitan

District

General

Obligation

Unlimited

(µ)

250

4.000

12/01/47

285

Horizon

Metropolitan

District

No.

2

General

Obligation

Limited

(Þ)

500

4.500

12/01/51

513

Jefferson

Center

Metropolitan

District

No.

1

Revenue

Bonds

1,350

4.375

12/01/47

1,444

Jefferson

Center

Metropolitan

District

No.

1

Revenue

Bonds

800

5.750

12/15/50

864

Jones

District

Community

Authority

Board

Revenue

Bonds

500

5.750

12/01/50

443

Loretto

Heights

Community

Authority

Revenue

Bonds

500

4.875

12/01/51

520

Mirabelle

Metropolitan

District

No.

2

General

Obligation

Limited

700

5.000

12/01/39

768

Mirabelle

Metropolitan

District

No.

2

General

Obligation

Limited

500

5.000

12/01/49

544

North

Range

Metropolitan

District

No.

2

General

Obligation

Limited

500

5.750

12/01/47

532

Northglenn

Urban

Renewal

Authority

Tax

Allocation

20

4.000

12/01/32

23

Northglenn

Urban

Renewal

Authority

Tax

Allocation

20

4.000

12/01/33

23

Northglenn

Urban

Renewal

Authority

Tax

Allocation

10

4.000

12/01/34

12

Northglenn

Urban

Renewal

Authority

Tax

Allocation

30

4.000

12/01/36

34

Northglenn

Urban

Renewal

Authority

Tax

Allocation

10

4.000

12/01/38

11

Palisade

Metropolitan

District

No.

2

General

Obligation

Limited

500

5.000

12/01/46

518

Parkdale

Community

Authority

Revenue

Bonds

500

5.250

12/01/50

549

Parkdale

Community

Authority

Revenue

Bonds

500

7.750

12/15/50

527

Prairie

Center

Metropolitan

District

No.

3

Revenue

Bonds

(Þ)

500

5.000

12/15/41

550

Prairie

Center

Metropolitan

District

No.

7

General

Obligation

Limited

(Þ)

1,425

4.875

12/15/44

1,553

Pueblo

Urban

Renewal

Authority

Tax

Allocation

(Þ)

100

Zero

coupon

12/01/25

87

Pueblo

Urban

Renewal

Authority

Tax

Allocation

(Þ)

350

4.750

12/01/45

404

Raindance

Metropolitan

District

No.

1

Revenue

Bonds

1,000

5.000

12/01/40

1,102

Regional

Transportation

District

Revenue

Bonds

25

5.000

07/15/28

32

Regional

Transportation

District

Revenue

Bonds

40

5.000

01/15/29

51

Regional

Transportation

District

Revenue

Bonds

25

5.000

07/15/29

32

Regional

Transportation

District

Revenue

Bonds

30

5.000

01/15/30

39

Regional

Transportation

District

Revenue

Bonds

20

5.000

07/15/30

26

Second

Creek

Farm

Metropolitan

District

No.

3

General

Obligation

Limited

500

5.000

12/01/49

542

Southlands

Metropolitan

District

No.

1

General

Obligation

Unlimited

1,000

5.000

12/01/37

1,156

Southlands

Metropolitan

District

No.

1

General

Obligation

Unlimited

1,000

5.000

12/01/47

1,139

State

Vrain

Lakes

Metropolitan

District

No.

2

General

Obligation

Limited

500

5.125

12/01/47

533

Sterling

Hills

West

Metropolitan

District

General

Obligation

Limited

100

5.000

12/01/39

120

Sterling

Ranch

Community

Authority

Board

Revenue

Bonds

500

5.000

12/01/47

530

Takoda

Metropolitan

District

General

Obligation

Bonds

500

6.000

12/01/50

619

Timnath

Ranch

Metropolitan

District

No.

4

General

Obligation

Unlimited

500

5.250

12/01/37

540

Village

at

Southgate

Metropolitan

District

General

Obligation

Limited

(Þ)

1,375

5.625

12/01/48

1,485

Westerly

Metropolitan

District

No.

4

General

Obligation

Limited

500

5.000

12/01/50

552

Westown

Metropolitan

District

General

Obligation

Limited

500

5.000

12/01/47

531

Whispering

Pines

Metropolitan

District

No.

1

General

Obligation

Limited

500

7.375

12/15/47

522

Winsome

Metropolitan

District

No.

3

General

Obligation

Limited

(Þ)

500

5.125

12/01/50

500

62,983

Connecticut

-

0.9%

City

of

Hartford

General

Obligation

Unlimited

180

5.000

04/01/29

185

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

241

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Hartford

General

Obligation

Unlimited

1,000

5.000

04/01/31

1,073

City

of

New

Haven

General

Obligation

Unlimited

100

5.500

08/01/34

126

City

of

New

Haven

General

Obligation

Unlimited

100

5.500

08/01/37

126

City

of

New

Haven

General

Obligation

Unlimited

1,000

5.500

08/01/38

1,253

City

of

West

Haven

General

Obligation

Unlimited

400

5.000

11/01/32

468

City

of

West

Haven

General

Obligation

Unlimited

700

5.000

11/01/37

810

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

3,535

4.000

07/01/39

4,027

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

1,000

5.000

07/01/39

1,227

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

100

5.000

01/01/45

113

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

900

5.000

01/01/55

1,008

Hartford

Stadium

Authority

Revenue

Bonds

250

5.000

02/01/36

257

Hartford

Stadium

Authority

Revenue

Bonds

155

4.000

02/01/42

137

Mohegan

Tribal

Finance

Authority

Revenue

Bonds

(Þ)

600

7.000

02/01/45

638

State

of

Connecticut

General

Obligation

Unlimited

385

5.000

06/15/27

485

State

of

Connecticut

General

Obligation

Unlimited

145

5.000

06/15/28

187

State

of

Connecticut

General

Obligation

Unlimited

120

5.000

06/15/29

154

State

of

Connecticut

General

Obligation

Unlimited

1,500

5.000

06/15/31

1,906

State

of

Connecticut

General

Obligation

Unlimited

25

5.000

06/15/32

32

14,212

Delaware

-

0.1%

Delaware

State

Economic

Development

Authority

Revenue

Bonds

215

5.000

11/15/48

250

Delaware

State

Economic

Development

Authority

Revenue

Bonds

45

5.000

08/01/49

52

Delaware

State

Economic

Development

Authority

Revenue

Bonds

100

5.000

09/01/50

125

Delaware

State

Economic

Development

Authority

Revenue

Bonds

40

5.000

08/01/54

46

Delaware

State

Health

Facilities

Authority

Revenue

Bonds

335

4.000

07/01/43

381

Town

of

Bridgeville

Special

Tax

345

4.000

07/01/35

377

1,231

District

of

Columbia

-

1.2%

District

of

Columbia

General

Obligation

Unlimited

215

4.000

06/01/37

252

District

of

Columbia

Revenue

Bonds

2,510

5.000

10/01/35

2,621

District

of

Columbia

Revenue

Bonds

750

5.000

07/01/37

816

District

of

Columbia

Revenue

Bonds

35

4.000

07/01/44

40

District

of

Columbia

Revenue

Bonds

75

4.000

07/01/49

85

District

of

Columbia

Revenue

Bonds

1,000

5.000

06/01/50

1,178

District

of

Columbia

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

4,000

7.666

06/15/46

866

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

825

5.000

10/01/43

1,039

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

4,500

4.000

10/01/44

5,291

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

750

4.000

10/01/49

877

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

(µ)

280

3.000

10/01/50

298

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

2,470

4.000

10/01/53

2,875

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

2,475

5.000

10/01/53

2,545

18,783

Florida

-

8.7%

Anthem

Park

Community

Development

District

Special

Assessment

130

4.750

05/01/36

137

Armstrong

Community

Development

District

Special

Assessment

30

4.000

11/01/40

32

Armstrong

Community

Development

District

Special

Assessment

175

4.000

11/01/50

185

Artisan

Lakes

East

Community

Development

District

Special

Assessment

(Þ)

220

2.300

05/01/26

221

Artisan

Lakes

East

Community

Development

District

Special

Assessment

(Þ)

250

2.750

05/01/31

251

Artisan

Lakes

East

Community

Development

District

Special

Assessment

(Þ)

945

3.125

05/01/41

951

Artisan

Lakes

East

Community

Development

District

Special

Assessment

(Þ)

905

4.000

05/01/51

965

Artisan

Lakes

East

Community

Development

District

Special

Assessment

(Þ)

550

4.000

05/01/52

586

Astonia

Community

Development

District

Special

Assessment

(Þ)

1,100

3.200

05/01/41

1,100

Astonia

Community

Development

District

Special

Assessment

(Þ)

50

4.000

05/01/51

52

Astonia

Community

Development

District

Special

Assessment

(Þ)

75

4.000

05/01/52

79

Avalon

Groves

Community

Development

District

Special

Assessment

50

3.125

05/01/41

50

Avalon

Groves

Community

Development

District

Special

Assessment

25

3.375

05/01/41

26

Avalon

Groves

Community

Development

District

Special

Assessment

150

6.000

05/01/48

183

Avalon

Groves

Community

Development

District

Special

Assessment

50

4.000

05/01/51

54

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

242

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Avelar

Creek

Community

Development

District

Special

Assessment

95

4.000

05/01/36

106

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

(Þ)

100

4.500

06/01/39

111

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

(Þ)

100

4.625

06/01/49

110

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

100

5.000

11/01/31

110

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

(Þ)

1,070

5.000

11/01/39

1,243

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

(Þ)

1,365

3.200

05/01/41

1,377

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

(Þ)

120

4.000

05/01/52

127

Bannon

Lakes

Community

Development

District

Special

Assessment

100

5.000

11/01/48

114

Bartram

Park

Community

Development

District

Special

Assessment

465

4.250

05/01/29

520

Bartram

Park

Community

Development

District

Special

Assessment

485

4.500

05/01/35

538

Bay

Laurel

Center

Community

Development

District

Special

Assessment

95

4.000

05/01/37

105

Baywinds

Community

Development

District

Special

Assessment

175

4.250

05/01/37

199

Beaumont

Community

Development

District

Special

Assessment

(Þ)

185

6.375

11/01/49

207

Bent

Creek

Community

Development

District

Special

Assessment

(Þ)

160

4.000

06/15/51

169

Berry

Bay

Community

Development

District

Special

Assessment

250

2.625

05/01/26

253

Black

Creek

Community

Developments

District

Special

Assessment

25

3.750

06/15/40

27

Black

Creek

Community

Developments

District

Special

Assessment

50

4.000

06/15/50

53

Blue

Lake

Community

Development

District

Special

Assessment

100

4.250

06/15/39

110

Blue

Lake

Community

Development

District

Special

Assessment

100

4.500

06/15/49

110

Bonterra

Community

Development

District

Special

Assessment

1,570

4.125

05/01/47

1,768

Bonterra

Community

Development

District

Special

Assessment

615

5.000

05/01/47

687

Botaniko

Community

Development

District

Special

Assessment

30

3.625

05/01/40

32

Botaniko

Community

Development

District

Special

Assessment

85

4.000

05/01/50

90

Brightwater

Community

Development

District

Special

Assessment

145

4.000

05/01/52

153

Brookstone

Community

Development

District

Special

Assessment

(Þ)

65

3.875

11/01/23

66

Campo

Bello

Community

Development

District

Special

Assessment

100

4.000

12/15/39

108

Campo

Bello

Community

Development

District

Special

Assessment

150

4.000

12/15/49

159

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

2,000

4.500

01/01/35

2,310

Capital

Trust

Agency,

Inc.

Revenue

Bonds

25

5.000

08/01/40

30

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

325

5.000

06/01/41

379

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

1,255

5.000

12/15/49

1,496

Capital

Trust

Agency,

Inc.

Revenue

Bonds

1,725

5.875

07/01/54

1,415

Capital

Trust

Agency,

Inc.

Revenue

Bonds

50

5.000

08/01/55

59

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

3,680

5.250

12/01/58

4,334

Capital

Trust

Agency,

Inc.

Revenue

Bonds

4,000

1.798

01/01/60

413

Caribe

Palm

Community

Development

District

Special

Assessment

94

4.000

05/01/25

106

Caribe

Palm

Community

Development

District

Special

Assessment

97

4.000

05/01/26

109

Caribe

Palm

Community

Development

District

Special

Assessment

545

4.500

05/01/35

608

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

535

4.125

11/01/38

607

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

1,560

4.250

11/01/48

1,761

CFM

Community

Development

District

Special

Assessment

590

4.000

05/01/51

624

Chapel

Creek

Community

Development

District

Special

Assessment

(Þ)

45

3.375

05/01/41

46

Chapel

Creek

Community

Development

District

Special

Assessment

(Þ)

70

4.000

05/01/52

74

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

250

5.500

10/01/36

275

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

350

5.000

10/01/49

391

City

of

Atlantic

Beach

Revenue

Bonds

1,000

5.000

11/15/37

1,073

City

of

Cape

Coral

Water

&

Sewer

Revenue

Bonds

1,000

4.000

10/01/36

1,124

City

of

Tampa

Revenue

Bonds

960

5.000

04/01/45

1,093

City

of

Tampa

Revenue

Bonds

385

4.000

07/01/45

451

City

of

Tampa

Revenue

Bonds

100

5.000

07/01/50

126

Cityplace

Community

Development

District

Special

Assessment

Revenue

Bonds

(µ)

1,550

4.562

05/01/46

1,748

Concord

Station

Community

Development

District

Special

Assessment

275

3.625

05/01/35

298

Concord

Station

Community

Development

District

Special

Assessment

285

3.750

05/01/46

306

Concord

Station

Community

Development

District

Special

Assessment

100

4.750

05/01/46

108

Coral

Keys

Homes

Community

Development

District

Special

Assessment

35

4.000

05/01/40

38

Coral

Keys

Homes

Community

Development

District

Special

Assessment

50

4.000

05/01/50

53

Corkscrew

Farms

Community

Development

District

Special

Assessment

(Þ)

60

5.000

11/01/38

70

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

243

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Corkscrew

Farms

Community

Development

District

Special

Assessment

(Þ)

125

5.125

11/01/50

144

Coronado

Community

Development

District

Special

Assessment

25

4.000

05/01/31

28

Coronado

Community

Development

District

Special

Assessment

44

4.250

05/01/38

49

Country

Greens

Community

Development

District

Special

Assessment

50

3.200

05/01/25

54

Country

Greens

Community

Development

District

Special

Assessment

345

3.875

05/01/31

378

Country

Greens

Community

Development

District

Special

Assessment

130

4.000

05/01/34

144

County

of

Osceola

Transportation

Revenue

Bonds

(ae)

3,700

6.000

10/01/36

4,627

Davenport

Road

South

Community

Development

District

Special

Assessment

(Þ)

100

5.000

11/01/38

120

Davenport

Road

South

Community

Development

District

Special

Assessment

(Þ)

150

5.125

11/01/48

180

Deer

Run

Community

Development

District

Special

Assessment

205

5.400

05/01/39

235

Deer

Run

Community

Development

District

Special

Assessment

200

5.500

05/01/44

232

Durbin

Crossing

Community

Development

District

Special

Assessment

(µ)

75

3.750

05/01/34

84

Durbin

Crossing

Community

Development

District

Special

Assessment

(µ)

120

4.000

05/01/37

135

DW

Bayview

Community

Development

District

Special

Assessment

(Þ)

75

3.375

05/01/41

77

DW

Bayview

Community

Development

District

Special

Assessment

(Þ)

50

4.000

05/01/51

53

Eagle

Pointe

Community

Development

District

Special

Assessment

(Þ)

50

4.125

05/01/40

54

Eagle

Pointe

Community

Development

District

Special

Assessment

(Þ)

225

4.125

05/01/51

242

East

547

Community

Development

District

Special

Assessment

50

4.000

05/01/51

53

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

(Þ)

625

5.000

11/01/38

710

East

Nassau

Stewardship

District

Special

Assessment

1,280

3.500

05/01/41

1,314

Edgewater

East

Community

Development

District

Special

Assessment

75

3.600

05/01/41

78

Edgewater

East

Community

Development

District

Special

Assessment

150

4.000

05/01/51

159

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

Bonds

130

3.000

05/01/24

138

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

Bonds

135

3.250

05/01/25

146

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

Bonds

140

3.500

05/01/26

155

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

Bonds

790

3.750

05/01/31

876

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

Bonds

1,170

4.000

05/01/37

1,298

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

370

4.000

08/15/45

433

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

(µ)

255

3.000

08/15/50

272

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

2,310

4.000

08/15/50

2,698

Esplanade

Lake

Club

Community

Development

District

Special

Assessment

410

4.125

11/01/50

440

Fishhawk

Ranch

Community

Development

District

Special

Assessment

(µ)

70

3.000

11/01/41

76

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

2.375

06/01/27

100

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

5.000

06/01/40

113

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

4.000

06/30/46

109

Florida

Development

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

115

6.250

01/01/49

118

Florida

Development

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

870

6.375

01/01/49

902

Florida

Development

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

1,965

6.500

01/01/49

2,033

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

1,470

7.375

01/01/49

1,623

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

685

5.000

12/15/49

804

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

5.000

06/01/50

110

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

125

5.250

06/01/50

149

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

115

5.000

09/15/50

129

Florida

Development

Finance

Corp.

Revenue

Bonds

125

5.000

06/01/51

145

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

4.000

06/01/55

112

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

160

5.000

06/01/55

178

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

220

5.250

06/01/55

261

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

4.000

06/30/56

107

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

150

5.000

03/01/44

175

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

(Þ)

1,350

5.000

06/01/48

1,609

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

315

5.000

03/01/49

365

Flow

Way

Community

Development

District

Special

Assessment

100

5.000

11/01/47

113

Fontainbleau

Lakes

Community

Development

District

Special

Assessment

45

4.000

05/01/31

50

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

244

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Grand

Bay

at

Doral

Community

Development

District

Special

Assessment

65

4.750

05/01/36

70

Grand

Bay

at

Doral

Community

Development

District

Special

Assessment

65

5.000

05/01/46

70

Greater

Orlando

Aviation

Authority

Revenue

Bonds

750

5.000

11/15/36

794

Greater

Orlando

Aviation

Authority

Revenue

Bonds

170

5.000

10/01/47

206

Gulfstream

Polo

Community

Development

District

Special

Assessment

150

4.375

11/01/49

164

Hacienda

Lakes

Community

Development

District

Special

Assessment

100

4.625

05/01/46

107

Harbor

Bay

Community

Development

District

Special

Assessment

100

3.750

05/01/34

109

Harbor

Bay

Community

Development

District

Special

Assessment

105

3.875

05/01/39

114

Harbor

Bay

Community

Development

District

Special

Assessment

100

4.100

05/01/48

109

Harmony

West

Community

Development

District

Special

Assessment

(Þ)

1,185

5.250

05/01/49

1,384

Hawks

Point

Community

Development

District

Special

Assessment

Bonds

(Þ)

185

4.250

05/01/35

209

Hawkstone

Community

Development

District

Special

Assessment

100

3.875

11/01/39

107

Hawkstone

Community

Development

District

Special

Assessment

100

4.000

11/01/51

106

Heights

Community

Development

District

County

of

Hillsborough

Special

Assessment

150

5.000

01/01/38

165

Heights

Community

Development

District

County

of

Hillsborough

Special

Assessment

300

5.000

01/01/50

326

Herons

Glen

Recreation

District

Special

Assessment

(µ)

105

2.500

05/01/40

109

Herons

Glen

Recreation

District

Special

Assessment

(µ)

60

4.000

05/01/45

70

Herons

Glen

Recreation

District

Special

Assessment

(µ)

80

4.000

05/01/50

92

Highlands

Community

Development

District

Special

Assessment

200

4.250

05/01/36

223

Highlands

Meadows

II

Community

Development

District

Special

Assessment

415

5.375

11/01/37

470

Highlands

Meadows

II

Community

Development

District

Special

Assessment

100

5.500

11/01/47

112

Highlands

Meadows

West

Community

Development

District

Special

Assessment

25

3.625

05/01/40

26

Highlands

Meadows

West

Community

Development

District

Special

Assessment

35

4.000

05/01/50

38

Hillcrest

Community

Development

District

Special

Assessment

100

5.000

11/01/48

114

Hills

Minneola

Community

Development

District

Special

Assessment

(Þ)

60

4.000

05/01/40

65

Hills

Minneola

Community

Development

District

Special

Assessment

(Þ)

130

4.000

05/01/50

139

Hillsborough

County

Industrial

Development

Authority

Revenue

Bonds

5,000

4.000

08/01/50

5,928

Isles

of

Bartram

Park

Community

Development

District

Special

Assessment

155

4.625

11/01/37

170

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

(Þ)

185

4.500

05/01/38

205

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

100

3.125

05/01/41

101

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

(Þ)

275

4.625

05/01/48

304

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

165

4.000

05/01/51

176

Kindred

Community

Development

District

II

Special

District

100

3.750

05/01/50

105

Kingman

Gate

Community

Development

District

Special

Assessment

85

4.000

06/15/40

93

Kingman

Gate

Community

Development

District

Special

Assessment

60

4.000

06/15/50

64

Kingman

Gate

Community

Development

District

Special

Assessment

(Þ)

50

4.000

06/15/51

53

Lake

Frances

Community

Development

District

Special

Assessment

87

3.000

05/01/26

96

Lake

Frances

Community

Development

District

Special

Assessment

492

4.000

05/01/31

566

Lake

Frances

Community

Development

District

Special

Assessment

689

4.000

05/01/37

781

Lakeshore

Ranch

Community

Development

District

Special

Assessment

100

3.125

05/01/24

102

Lakewood

Ranch

Stewardship

District

Special

Assessment

100

4.250

05/01/26

106

Lakewood

Ranch

Stewardship

District

Special

Assessment

(µ)

100

2.500

05/01/33

106

Lakewood

Ranch

Stewardship

District

Special

Assessment

915

4.875

05/01/35

987

Lakewood

Ranch

Stewardship

District

Special

Assessment

100

5.000

05/01/36

110

Lakewood

Ranch

Stewardship

District

Special

Assessment

(µ)

100

2.625

05/01/37

106

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

100

5.000

05/01/37

112

Lakewood

Ranch

Stewardship

District

Special

Assessment

150

5.250

05/01/37

170

Lakewood

Ranch

Stewardship

District

Special

Assessment

380

5.125

05/01/46

418

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

100

5.125

05/01/47

112

Lakewood

Ranch

Stewardship

District

Special

Assessment

175

5.375

05/01/47

198

Lakewood

Ranch

Stewardship

District

Special

Assessment

240

5.450

05/01/48

278

Lakewood

Ranch

Stewardship

District

Special

Assessment

100

4.000

05/01/49

107

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

100

3.900

05/01/50

106

Lakewood

Ranch

Stewardship

District

Special

Assessment

100

4.000

05/01/50

107

Lakewood

Ranch

Stewardship

District

Special

Assessment

145

3.875

05/01/51

154

Landings

at

Miami

Community

Development

District

Special

Assessment

(Þ)

100

4.625

11/01/38

110

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

245

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Landings

at

Miami

Community

Development

District

Special

Assessment

(Þ)

100

4.750

11/01/48

109

Landmark

at

Doral

Community

Development

District

Special

Assessment

35

3.375

05/01/30

37

Landmark

at

Doral

Community

Development

District

Special

Assessment

110

3.000

05/01/35

117

Landmark

at

Doral

Community

Development

District

Special

Assessment

110

3.000

05/01/38

116

Landmark

at

Doral

Community

Development

District

Special

Assessment

50

4.000

05/01/38

55

Lee

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,640

5.625

12/01/37

1,741

LT

Ranch

Community

Development

District

Special

Assessment

200

4.000

05/01/50

212

Lucerne

Park

Community

Development

District

Special

Assessment

95

4.625

05/01/39

106

Lucerne

Park

Community

Development

District

Special

Assessment

95

4.750

05/01/50

105

McJunkin

Parkland

Community

Development

District

Special

Assessment

(Þ)

200

5.125

11/01/38

240

McJunkin

Parkland

Community

Development

District

Special

Assessment

(Þ)

250

5.250

11/01/49

299

Meadow

Pointe

III

Community

Development

District

Special

Assessment

115

3.500

05/01/24

123

Meadow

Pointe

III

Community

Development

District

Special

Assessment

520

4.400

05/01/31

572

Meadow

Pointe

IV

Community

Development

District

Special

Assessment

115

3.400

05/01/24

123

Meadow

Pointe

IV

Community

Development

District

Special

Assessment

115

3.400

05/01/25

125

Meadow

Pointe

IV

Community

Development

District

Special

Assessment

655

4.100

05/01/30

712

Mediterranea

Community

Development

District

Special

Assessment

100

5.000

05/01/48

112

Miami

Beach

Health

Facilities

Authority

Revenue

Bonds

1,750

5.125

07/01/38

1,804

Miami

Beach

Health

Facilities

Authority

Revenue

Bonds

2,250

5.000

11/15/39

2,506

Miami

World

Center

Community

Development

District

Special

Assessment

400

5.125

11/01/39

466

Miami

World

Center

Community

Development

District

Special

Assessment

1,150

5.250

11/01/49

1,335

Mid-Bay

Bridge

Authority

Revenue

Bonds

1,000

5.000

10/01/40

1,132

Mirada

II

Community

Development

District

Special

Assessment

125

3.500

05/01/41

129

Mirada

II

Community

Development

District

Special

Assessment

125

4.000

05/01/51

132

Moody

River

Estates

Community

Development

District

Special

Assessment

500

4.000

05/01/31

573

Naples

Reserve

Community

Development

District

Special

Assessment

(Þ)

40

5.000

11/01/38

45

Naples

Reserve

Community

Development

District

Special

Assessment

(Þ)

190

5.125

11/01/48

215

New

Port

Tampa

Bay

Community

Development

District

Special

Assessment

455

2.875

05/01/26

462

North

Arkansas-1

Pasco

Community

Development

District

Special

Assessment

55

3.500

05/01/41

56

North

Arkansas-1

Pasco

Community

Development

District

Special

Assessment

100

4.000

05/01/51

105

North

Sumter

County

Utility

Dependent

District

Revenue

Bonds

1,000

5.000

10/01/49

1,247

Oak

Creek

Community

Development

District

Special

Assessment

190

3.850

05/01/25

210

Oak

Creek

Community

Development

District

Special

Assessment

200

4.000

05/01/26

222

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

140

4.850

05/01/39

162

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

215

5.000

05/01/49

248

Orchid

Grove

Community

Development

District

Special

Assessment

1,245

5.000

05/01/36

1,369

Osceola

Chain

Lakes

Community

Development

District

Special

Assessment

100

4.000

05/01/40

108

Palm

Glades

Community

Development

District

Special

Assessment

350

3.750

05/01/31

387

Palm

Glades

Community

Development

District

Special

Assessment

185

4.000

11/01/38

214

Palm

Glades

Community

Development

District

Special

Assessment

120

5.000

05/01/39

136

Palm

Glades

Community

Development

District

Special

Assessment

250

4.200

11/01/48

286

Parkland

Preserve

Community

Development

District

Special

Assessment

70

5.500

11/01/32

82

Parkland

Preserve

Community

Development

District

Special

Assessment

490

5.250

05/01/39

571

Parkland

Preserve

Community

Development

District

Special

Assessment

340

5.375

05/01/50

397

Parkway

Center

Community

Development

District

Special

Assessment

Revenue

Bonds

130

4.375

05/01/31

154

Parkway

Center

Community

Development

District

Special

Assessment

Revenue

Bonds

175

4.700

05/01/49

207

Paseo

Community

Development

District

Capital

Improvements

Special

Assessment

Revenue

Bonds

195

4.375

05/01/36

230

Pinellas

County

Industrial

Development

Authority

Revenue

Bonds

100

5.000

07/01/39

121

Portico

Community

Development

District

Special

Assessment

25

3.625

05/01/40

26

Preserve

at

South

Branch

Community

Development

District

Special

Assessment

Bonds

535

5.250

11/01/38

612

Preserve

at

South

Branch

Community

Development

District

Special

Assessment

Bonds

100

4.000

11/01/39

108

Randal

Park

Community

Development

District

Special

Assessment

Revenue

Bonds

(Þ)

540

5.050

05/01/39

610

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

246

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Randal

Park

Community

Development

District

Special

Assessment

Revenue

Bonds

(Þ)

895

5.200

05/01/49

1,008

Reunion

East

Community

Development

District

Special

Assessment

755

5.000

05/01/33

850

Reunion

East

Community

Development

District

Special

Assessment

105

6.600

05/01/33

108

Reunion

East

Community

Development

District

Special

Assessment

2,000

3.150

05/01/41

2,000

Reunion

West

Community

Development

District

Special

Assessment

30

4.500

05/01/39

33

Reunion

West

Community

Development

District

Special

Assessment

85

4.625

05/01/50

94

Rolling

Oaks

Community

Development

District

Special

Assessment

(Þ)

100

5.375

11/01/38

117

Rolling

Oaks

Community

Development

District

Special

Assessment

(Þ)

200

5.500

11/01/49

233

Sandmine

Road

Community

Development

District

Special

Assessment

(Þ)

20

2.625

05/01/25

20

Sandmine

Road

Community

Development

District

Special

Assessment

(Þ)

25

3.125

05/01/30

26

Sandmine

Road

Community

Development

District

Special

Assessment

(Þ)

60

3.625

05/01/40

64

Sandmine

Road

Community

Development

District

Special

Assessment

(Þ)

50

3.750

05/01/50

53

Sarasota

National

Community

Development

District

Special

Assessment

100

3.875

05/01/31

102

Sarasota

National

Community

Development

District

Special

Assessment

(Þ)

100

4.125

05/01/31

103

Sarasota

National

Community

Development

District

Special

Assessment

285

3.900

05/01/41

296

Sarasota

National

Community

Development

District

Special

Assessment

(Þ)

200

4.125

05/01/41

207

Seminole

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

135

4.000

06/15/51

152

Shell

Point

Community

Development

District

Special

Assessment

(Þ)

100

5.250

11/01/39

115

Shell

Point

Community

Development

District

Special

Assessment

(Þ)

175

5.375

11/01/49

201

Sherwood

Manor

Community

Development

District

Special

Assessment

(Þ)

200

5.250

11/01/49

237

Shingle

Creek

at

Bronson

Community

Development

District

Special

Assessment

475

3.100

06/15/31

489

Six

Mile

Creek

Community

Development

District

Special

Assessment

20

4.125

11/01/40

22

Six

Mile

Creek

Community

Development

District

Special

Assessment

75

3.500

05/01/41

77

Six

Mile

Creek

Community

Development

District

Special

Assessment

50

4.250

11/01/50

54

Six

Mile

Creek

Community

Development

District

Special

Assessment

75

4.000

05/01/51

79

South

Creek

Community

Development

District

Special

Assessment

25

4.000

06/15/51

27

South

Fork

III

Community

Development

District

Special

Assessment

200

5.000

05/01/38

226

South

Kendall

Community

Development

District

Special

Assessment

100

4.125

11/01/40

110

Southern

Groves

Community

Development

District

No.

5

Special

Assessment

600

4.000

05/01/43

643

Southern

Groves

Community

Development

District

No.

7

Special

Assessment

150

3.125

05/01/41

151

Southern

Groves

Community

Development

District

No.

8

Special

Assessment

940

4.000

05/01/48

1,002

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

550

4.000

12/15/41

617

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

25

4.000

12/15/46

28

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

50

4.000

12/15/50

56

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

375

4.000

08/01/55

428

Stillwater

Community

Development

District

Special

Assessment

(Þ)

50

3.500

06/15/41

52

Stillwater

Community

Development

District

Special

Assessment

(Þ)

100

4.000

06/15/51

106

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

200

4.500

06/15/39

224

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

150

4.625

06/15/49

166

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

(Þ)

1,000

3.750

12/15/50

1,041

Storey

Park

Community

Development

District

Special

Assessment

(Þ)

25

3.300

06/15/41

25

Storey

Park

Community

Development

District

Special

Assessment

(Þ)

50

4.000

06/15/51

53

Summer

Woods

Community

Development

District

Special

Assessment

25

3.400

05/01/41

25

Summer

Woods

Community

Development

District

Special

Assessment

25

4.000

05/01/51

26

Talis

Park

Community

Development

District

Special

Assessment

120

4.000

05/01/33

128

Tamarindo

Community

Development

District

Special

Assessment

50

3.375

05/01/41

52

Tamarindo

Community

Development

District

Special

Assessment

50

4.000

05/01/51

53

Tapestry

Community

Development

District

Special

Assessment

100

5.000

05/01/46

108

Timber

Creek

Community

Development

District

Special

Assessment

(Þ)

1,000

5.000

11/01/48

1,172

Tohoqua

Community

Development

District

Special

Assessment

(Þ)

100

3.600

05/01/41

104

Tolomato

Community

Development

District

Special

Assessment

(µ)

200

3.750

05/01/40

225

Tolomato

Community

Development

District

Special

Assessment

(Þ)

100

5.625

05/01/40

114

Toscana

Isles

Community

Development

District

Special

Assessment

Revenue

Bonds

225

5.375

11/01/39

270

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

247

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Toscana

Isles

Community

Development

District

Special

Assessment

Revenue

Bonds

260

5.500

11/01/49

313

Touchstone

Community

Development

District

Special

Assessment

(Þ)

100

4.625

06/15/38

112

Touchstone

Community

Development

District

Special

Assessment

(Þ)

100

4.750

06/15/48

112

Town

of

Davie

Educational

Facilities

Revenue

Bonds

730

5.000

04/01/48

881

Towne

Park

Community

Development

District

Special

Assessment

60

4.625

05/01/50

67

Tradition

Community

Development

District

No.

9

Special

Assessment

100

3.000

05/01/41

99

Tradition

Community

Development

District

No.

9

Special

Assessment

100

4.000

05/01/52

106

Triple

Creek

Community

Development

District

Special

Assessment

40

5.250

11/01/27

43

Triple

Creek

Community

Development

District

Special

Assessment

80

6.125

11/01/46

95

Triple

Creek

Community

Development

District

Special

Assessment

(Þ)

265

5.375

11/01/48

309

TSR

Community

Development

District

Special

Assessment

200

5.000

11/01/39

230

TSR

Community

Development

District

Special

Assessment

100

4.000

11/01/40

108

TSR

Community

Development

District

Special

Assessment

200

4.750

11/01/47

217

TSR

Community

Development

District

Special

Assessment

485

5.125

11/01/49

555

Two

Creeks

Community

Development

District

Special

Assessment

100

3.500

05/01/32

110

Two

Creeks

Community

Development

District

Special

Assessment

100

3.625

05/01/37

110

Two

Lakes

Community

Development

District

Special

Assessment

(Þ)

290

4.000

12/15/28

317

Two

Lakes

Community

Development

District

Special

Assessment

150

3.750

12/15/39

161

Two

Lakes

Community

Development

District

Special

Assessment

(Þ)

200

5.000

12/15/47

240

Two

Lakes

Community

Development

District

Special

Assessment

200

4.000

12/15/49

215

Union

Park

East

Community

Development

District

Special

Assessment

(Þ)

500

5.500

11/01/47

582

V-Dana

Community

Development

District

Special

Assessment

(Þ)

500

3.125

05/01/31

513

V-Dana

Community

Development

District

Special

Assessment

(Þ)

100

4.000

05/01/51

106

Venetian

Community

Development

District

Special

Assessment

150

5.000

05/01/23

153

Ventana

Community

Development

District

Special

Assessment

(Þ)

500

5.000

05/01/38

579

Ventana

Community

Development

District

Special

Assessment

(Þ)

500

5.125

05/01/49

579

Veranda

Community

Development

District

II

Special

Assessment

85

5.875

11/01/32

86

Veranda

Community

Development

District

II

Special

Assessment

235

5.000

11/01/39

270

Veranda

Community

Development

District

II

Special

Assessment

(Þ)

65

3.600

05/01/41

68

Veranda

Community

Development

District

II

Special

Assessment

315

5.125

11/01/49

361

Veranda

Community

Development

District

II

Special

Assessment

(Þ)

90

4.000

05/01/51

96

Verandah

East

Community

Development

District

Special

Assessment

200

4.000

05/01/31

212

Verano

No.

1

Community

Development

District

Special

Assessment

150

4.750

11/01/25

158

Verano

No.

1

Community

Development

District

Special

Assessment

(Þ)

100

4.000

05/01/31

113

Verano

No.

1

Community

Development

District

Special

Assessment

250

5.125

11/01/35

292

Verano

No.

1

Community

Development

District

Special

Assessment

(Þ)

100

4.000

05/01/37

111

Verano

No.

1

Community

Development

District

Special

Assessment

245

5.250

11/01/46

283

Verano

No.

2

Community

Development

District

Special

Assessment

60

4.000

05/01/50

64

Viera

East

Community

Development

District

Special

Assessment

(µ)

90

2.600

05/01/34

94

Viera

East

Community

Development

District

Special

Assessment

(µ)

50

2.750

05/01/38

53

Village

Community

Development

District

No.

12

Special

Assessment

(Þ)

670

4.250

05/01/43

752

Village

Community

Development

District

No.

12

Special

Assessment

(Þ)

670

4.375

05/01/50

752

Village

Community

Development

District

No.

13

Special

Assessment

(Þ)

265

3.250

05/01/40

280

Village

Community

Development

District

No.

13

Special

Assessment

(Þ)

590

3.500

05/01/51

621

Villamar

Community

Development

District

Special

Assessment

925

4.625

05/01/39

1,030

Vizcaya

in

Kendall

Community

Development

District

Special

Assessment

100

4.125

11/01/46

109

Volusia

County

Educational

Facility

Authority

Revenue

Bonds

240

5.000

06/01/45

271

Waterford

Landing

Community

Development

District

Special

Assessment

145

5.500

05/01/34

156

Waterford

Landing

Community

Development

District

Special

Assessment

150

5.750

05/01/44

162

Watergrass

Community

Development

District

II

Special

Assessment

260

5.250

05/01/49

293

Waterset

Central

Community

Development

District

Special

Assessment

(Þ)

150

5.125

11/01/38

171

Waterset

Central

Community

Development

District

Special

Assessment

(Þ)

150

5.250

11/01/49

171

Wesbridge

Community

Development

District

Special

Assessment

75

4.250

11/01/49

81

West

Port

Community

Development

District

Special

Assessment

(Þ)

90

3.400

05/01/41

92

West

Port

Community

Development

District

Special

Assessment

(Þ)

1,780

4.000

05/01/51

1,894

West

Villages

Improvement

District

Special

Assessment

135

4.750

05/01/39

152

West

Villages

Improvement

District

Special

Assessment

(Þ)

1,935

3.500

05/01/41

2,000

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

248

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

West

Villages

Improvement

District

Special

Assessment

210

5.000

05/01/50

238

Westside

Community

Development

District

Special

Assessment

(Þ)

100

4.100

05/01/37

109

Westside

Community

Development

District

Special

Assessment

(Þ)

100

4.125

05/01/38

109

Westside

Community

Development

District

Special

Assessment

815

4.000

05/01/50

868

Westside

Haines

City

Community

Development

District

Special

Assessment

100

4.000

05/01/52

105

Wildblue

Community

Development

District

Special

Assessment

(Þ)

125

4.250

06/15/39

139

Wildblue

Community

Development

District

Special

Assessment

(Þ)

250

4.375

06/15/49

273

Winding

Cypress

Community

Development

District

Special

Assessment

100

5.000

11/01/45

109

Winding

Cypress

Community

Development

District

Special

Assessment

100

5.000

11/01/49

112

Windward

Community

Development

District

Special

Assessment

115

4.400

11/01/35

126

Zephyr

Lakes

Community

Development

District

Special

Assessment

(Þ)

50

3.375

05/01/41

51

Zephyr

Lakes

Community

Development

District

Special

Assessment

(Þ)

50

4.000

05/01/51

53

133,560

Georgia

-

1.8%

Augusta

Development

Authority

Revenue

Bonds

1,065

5.000

07/01/31

1,257

Cobb

County

Development

Authority

Revenue

Bonds

1,500

5.000

07/15/38

1,678

Fulton

County

Development

Authority

Revenue

Bonds

4,750

4.000

04/01/50

5,573

Gainesville

&

Hall

County

Development

Authority

Educational

Facilities

Revenue

Bonds

100

5.125

03/01/52

101

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

60

3.625

01/01/31

68

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

60

5.000

01/01/36

74

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

2,245

4.000

01/01/54

2,617

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

120

5.000

01/01/54

145

Glynn-Brunswick

Memorial

Hospital

Authority

Revenue

Bonds

1,000

4.000

08/01/38

1,194

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

350

5.000

05/15/43

432

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

1,450

5.000

05/15/49

2,285

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

4,720

4.000

01/01/49

5,367

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

1,000

5.000

01/01/49

1,228

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

2,000

5.000

01/01/56

2,472

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

(µ)

1,750

5.000

01/01/62

2,184

Private

Colleges

&

Universities

Authority

Revenue

Bonds

1,000

5.000

10/01/40

1,151

Rockdale

County

Development

Authority

Revenue

Bonds

(Þ)

225

4.000

01/01/38

258

28,084

Guam

-

1.1%

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

100

3.839

10/01/36

105

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

125

4.460

10/01/43

131

Guam

Business

Privilege

Tax

Revenue

Bonds

1,545

4.000

01/01/36

1,811

Guam

Business

Privilege

Tax

Revenue

Bonds

2,475

4.000

01/01/42

2,846

Guam

Department

of

Education

Certificate

of

Participation

750

4.250

02/01/30

849

Guam

Department

of

Education

Certificate

Of

Participation

385

5.000

02/01/40

444

Guam

Government

Waterworks

Authority

Revenue

Bonds

50

5.000

07/01/33

59

Guam

Government

Waterworks

Authority

Revenue

Bonds

4,090

5.000

07/01/35

4,478

Guam

Government

Waterworks

Authority

Revenue

Bonds

80

5.000

07/01/36

94

Guam

Government

Waterworks

Authority

Revenue

Bonds

60

5.000

07/01/37

70

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,120

5.500

07/01/43

1,231

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,215

5.000

01/01/46

1,382

Guam

Government

Waterworks

Authority

Revenue

Bonds

185

5.000

01/01/50

229

Port

Authority

of

Guam

Revenue

Bonds

200

5.000

07/01/37

237

Territory

of

Guam

Revenue

Bonds

500

5.000

12/01/31

593

Territory

of

Guam

Revenue

Bonds

100

5.000

11/01/35

128

Territory

of

Guam

Revenue

Bonds

100

5.000

11/01/40

126

Territory

of

Guam

Revenue

Bonds

2,000

5.125

01/01/42

2,040

Territory

of

Guam

Revenue

Bonds

200

5.000

12/01/46

232

17,085

Hawaii

-

0.2%

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

(Þ)

2,210

5.000

01/01/30

2,369

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

625

3.200

07/01/39

686

3,055

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

249

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Idaho

-

0.1%

County

of

Nez

Perce

Pollution

Control

Revenue

Bonds

825

2.750

10/01/24

881

Idaho

Health

Facilities

Authority

Revenue

Bonds

400

5.000

09/01/37

462

1,343

Illinois

-

10.3%

Bridgeview

Finance

Corp

Sales

Tax

Revenue

Bonds

2,100

5.000

12/01/37

2,185

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

75

3.634

12/01/27

69

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

500

5.000

12/01/28

641

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

1,000

5.000

12/01/29

1,275

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

345

5.078

12/01/29

301

Chicago

Board

of

Education

General

Obligation

Unlimited

225

6.038

12/01/29

267

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

120

3.929

12/01/30

102

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

375

4.044

12/01/31

309

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

1,825

5.000

12/01/31

2,345

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

250

5.000

12/01/32

315

Chicago

Board

of

Education

General

Obligation

Unlimited

170

5.125

12/01/32

192

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

1,000

5.000

12/01/33

1,256

Chicago

Board

of

Education

General

Obligation

Unlimited

2,200

5.000

12/01/34

2,771

Chicago

Board

of

Education

General

Obligation

Unlimited

115

5.250

12/01/35

130

Chicago

Board

of

Education

General

Obligation

Unlimited

2,000

5.000

12/01/39

2,574

Chicago

Board

of

Education

General

Obligation

Unlimited

75

5.250

12/01/39

84

Chicago

Board

of

Education

General

Obligation

Unlimited

1,505

5.500

12/01/39

1,529

Chicago

Board

of

Education

General

Obligation

Unlimited

1,100

5.000

12/01/41

1,116

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

2,000

7.000

12/01/42

2,674

Chicago

Board

of

Education

General

Obligation

Unlimited

2,325

7.000

12/01/44

2,867

Chicago

Board

of

Education

General

Obligation

Unlimited

200

5.000

12/01/46

241

Chicago

Board

of

Education

General

Obligation

Unlimited

1,460

6.500

12/01/46

1,833

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

1,500

7.000

12/01/46

1,995

Chicago

Board

of

Education

Revenue

Bonds

500

5.750

04/01/35

622

Chicago

Board

of

Education

Revenue

Bonds

100

5.000

04/01/42

119

Chicago

Board

of

Education

Revenue

Bonds

100

5.000

04/01/46

119

Chicago

Board

of

Education

Revenue

Bonds

3,445

6.000

04/01/46

4,277

Chicago

O'Hare

International

Airport

Revenue

Bonds

1,000

5.000

01/01/46

1,139

Chicago

O'Hare

International

Airport

Revenue

Bonds

1,000

5.000

07/01/48

1,201

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

100

5.000

01/01/36

129

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

85

4.000

01/01/38

101

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

110

4.000

01/01/39

131

Chicago

Transit

Authority

Revenue

Bonds

3,500

5.000

12/01/46

4,211

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

75

5.250

01/01/42

92

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

210

4.000

01/01/52

230

City

of

Belleville

Sales

Tax

Revenue

Tax

Allocation

50

3.750

07/01/41

52

City

of

Chicago

General

Obligation

Unlimited

250

5.000

01/01/25

287

City

of

Chicago

General

Obligation

Unlimited

205

5.000

01/01/27

249

City

of

Chicago

General

Obligation

Unlimited

425

5.000

01/01/28

530

City

of

Chicago

General

Obligation

Unlimited

500

5.250

01/01/28

574

City

of

Chicago

General

Obligation

Unlimited

360

5.000

01/01/29

459

City

of

Chicago

General

Obligation

Unlimited

410

4.605

01/01/30

332

City

of

Chicago

General

Obligation

Unlimited

390

5.000

01/01/30

507

City

of

Chicago

General

Obligation

Unlimited

(µ)

375

4.556

01/01/31

302

City

of

Chicago

General

Obligation

Unlimited

650

5.000

01/01/31

832

City

of

Chicago

General

Obligation

Unlimited

250

5.500

01/01/31

287

City

of

Chicago

General

Obligation

Unlimited

340

5.000

01/01/32

437

City

of

Chicago

General

Obligation

Unlimited

235

5.000

01/01/33

239

City

of

Chicago

General

Obligation

Unlimited

(ae)

900

5.000

01/01/34

1,045

City

of

Chicago

General

Obligation

Unlimited

1,000

5.000

01/01/35

1,088

City

of

Chicago

General

Obligation

Unlimited

100

5.250

01/01/35

101

City

of

Chicago

General

Obligation

Unlimited

165

5.500

01/01/37

189

City

of

Chicago

General

Obligation

Unlimited

2,000

5.000

01/01/38

2,296

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

250

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Chicago

General

Obligation

Unlimited

6,875

6.000

01/01/38

8,611

City

of

Chicago

General

Obligation

Unlimited

2,465

5.500

01/01/42

2,815

City

of

Chicago

General

Obligation

Unlimited

2,250

5.500

01/01/49

2,839

City

of

Chicago

Waterworks

Revenue

Bonds

230

5.000

11/01/29

280

Cook

County

Community

College

District

No.

508

General

Obligation

Unlimited

1,000

5.500

12/01/38

1,094

Illinois

Development

Finance

Authority

Revenue

Bonds

(~)(Ê)

275

0.130

10/01/29

275

Illinois

Finance

Authority

Revenue

Bonds

500

2.250

07/01/33

501

Illinois

Finance

Authority

Revenue

Bonds

1,390

5.000

05/15/36

1,579

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000

09/01/36

1,165

Illinois

Finance

Authority

Revenue

Bonds

1,865

5.000

05/15/37

2,165

Illinois

Finance

Authority

Revenue

Bonds

630

5.000

12/01/37

712

Illinois

Finance

Authority

Revenue

Bonds

2,300

4.000

10/01/40

2,719

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

125

4.000

10/01/42

141

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000

08/01/46

1,177

Illinois

Finance

Authority

Revenue

Bonds

100

5.000

09/01/46

116

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000

02/15/47

1,161

Illinois

Finance

Authority

Revenue

Bonds

100

5.000

05/15/47

115

Illinois

Finance

Authority

Revenue

Bonds

1,500

5.000

12/01/47

1,758

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

705

6.125

04/01/49

872

Illinois

Finance

Authority

Revenue

Bonds

(~)(Ê)

2,600

0.060

08/15/49

2,600

Illinois

Finance

Authority

Revenue

Bonds

1,050

4.000

10/01/50

1,221

Illinois

Finance

Authority

Revenue

Bonds

50

5.000

05/15/51

59

Illinois

Finance

Authority

Revenue

Bonds

50

4.000

11/01/51

58

Illinois

Finance

Authority

Revenue

Bonds

49

5.000

12/01/53

1

Illinois

Finance

Authority

Revenue

Bonds

50

5.000

05/15/56

59

Illinois

Finance

Authority

Revenue

Bonds

50

4.000

11/01/56

58

Illinois

Sports

Facilities

Authority

(The)

Revenue

Bonds

100

5.000

06/15/30

128

Illinois

Sports

Facilities

Authority

(The)

Revenue

Bonds

35

5.000

06/15/31

45

Illinois

Sports

Facilities

Authority

(The)

Revenue

Bonds

30

5.000

06/15/32

39

Illinois

State

University

Revenue

Bonds

(µ)

250

5.000

04/01/36

309

Illinois

State

University

Revenue

Bonds

(µ)

225

5.000

04/01/37

278

Illinois

State

University

Revenue

Bonds

(µ)

200

5.000

04/01/38

246

Illinois

State

University

Revenue

Bonds

(µ)

275

5.000

04/01/39

338

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

1,220

1.798

06/15/28

1,099

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

10

2.968

06/15/30

9

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

305

4.341

06/15/30

260

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

1,385

2.198

12/15/32

1,110

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,500

Zero

coupon

12/15/35

1,069

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,000

4.000

12/15/42

1,163

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

5,200

Zero

coupon

06/15/44

3,064

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

4,500

4.000

06/15/50

5,184

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,500

5.000

06/15/50

1,874

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

10,000

6.070

12/15/51

4,610

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,000

4.000

06/15/52

1,147

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,650

5.000

06/15/52

1,718

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

1,600

4.752

12/15/56

679

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

5,800

5.068

12/15/56

2,313

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

970

5.000

06/15/57

1,164

Sangamon

County

Water

Reclamation

District

General

Obligation

Unlimited

1,750

4.000

01/01/49

1,985

Sangamon

County

Water

Reclamation

District

General

Obligation

Unlimited

1,000

5.750

01/01/53

1,170

State

of

Illinois

General

Obligation

Unlimited

355

5.000

08/01/21

355

State

of

Illinois

General

Obligation

Unlimited

350

5.000

11/01/21

354

State

of

Illinois

General

Obligation

Unlimited

1,625

5.000

11/01/25

1,925

State

of

Illinois

General

Obligation

Unlimited

1,270

5.000

02/01/27

1,553

State

of

Illinois

General

Obligation

Unlimited

400

5.000

05/01/28

447

State

of

Illinois

General

Obligation

Unlimited

700

5.000

10/01/28

887

State

of

Illinois

General

Obligation

Unlimited

5,775

5.000

11/01/28

7,144

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

251

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

State

of

Illinois

General

Obligation

Unlimited

1,000

5.000

05/01/29

1,116

State

of

Illinois

General

Obligation

Unlimited

3,830

5.000

11/01/29

4,708

State

of

Illinois

General

Obligation

Unlimited

(µ)

875

4.000

02/01/30

1,007

State

of

Illinois

General

Obligation

Unlimited

(µ)

265

4.000

02/01/31

304

State

of

Illinois

General

Obligation

Unlimited

2,750

5.000

05/01/32

3,400

State

of

Illinois

General

Obligation

Unlimited

1,280

5.100

06/01/33

1,535

State

of

Illinois

General

Obligation

Unlimited

1,000

5.000

10/01/33

1,245

State

of

Illinois

General

Obligation

Unlimited

500

5.000

12/01/35

607

State

of

Illinois

General

Obligation

Unlimited

100

4.000

11/01/38

117

State

of

Illinois

General

Obligation

Unlimited

1,000

5.000

05/01/39

1,108

State

of

Illinois

General

Obligation

Unlimited

100

5.500

05/01/39

131

State

of

Illinois

General

Obligation

Unlimited

2,600

5.000

12/01/39

3,128

State

of

Illinois

General

Obligation

Unlimited

1,000

4.000

10/01/40

1,184

State

of

Illinois

General

Obligation

Unlimited

2,500

4.000

11/01/41

2,910

State

of

Illinois

General

Obligation

Unlimited

1,910

4.500

12/01/41

2,225

State

of

Illinois

General

Obligation

Unlimited

840

5.000

05/01/42

1,014

State

of

Illinois

General

Obligation

Unlimited

250

5.000

12/01/42

299

State

of

Illinois

General

Obligation

Unlimited

240

5.000

05/01/43

289

State

of

Illinois

General

Obligation

Unlimited

1,250

5.750

05/01/45

1,644

State

of

Illinois

General

Obligation

Unlimited

300

4.250

10/01/45

360

State

of

Illinois

General

Obligation

Unlimited

500

5.000

03/01/46

635

Town

of

Cortland

Special

Service

Areas

No.

9

&

10

Special

Tax

100

5.800

03/01/37

100

University

of

Illinois

Revenue

Bonds

(µ)

1,500

3.000

04/01/39

1,642

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

(Þ)

100

5.000

01/01/55

106

Village

of

Morton

Grove

Tax

Increment

Revenue

Tax

Allocation

100

5.000

01/01/39

104

157,983

Indiana

-

0.4%

Indiana

Finance

Authority

Revenue

Bonds

500

4.125

12/01/26

547

Indiana

Finance

Authority

Revenue

Bonds

475

3.000

11/01/30

523

Indiana

Finance

Authority

Revenue

Bonds

250

4.000

11/15/41

294

Indiana

Finance

Authority

Revenue

Bonds

100

4.000

09/15/44

112

Indiana

Finance

Authority

Revenue

Bonds

2,000

5.000

10/01/44

2,212

Indiana

Finance

Authority

Revenue

Bonds

405

5.500

08/15/45

406

Indiana

Finance

Authority

Revenue

Bonds

100

4.000

09/15/49

112

Indiana

Finance

Authority

Revenue

Bonds

50

5.000

07/01/55

57

Indiana

Municipal

Power

Agency

Revenue

Bonds

275

5.000

01/01/42

332

Town

of

Upland

Revenue

Bonds

1,695

4.000

09/01/41

2,021

Town

of

Upland

Revenue

Bonds

200

2.500

09/01/50

195

6,811

Iowa

-

0.5%

City

of

Coralville

Revenue

Bonds

1,070

4.000

05/01/31

1,072

Iowa

Finance

Authority

Revenue

Bonds

115

3.125

12/01/22

117

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

2,500

4.000

10/01/45

2,921

Iowa

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

10,500

Zero

coupon

06/01/65

1,992

Xenia

Rural

Water

District

Revenue

Bonds

1,250

5.000

12/01/36

1,462

7,564

Kansas

-

0.1%

City

of

Manhattan

Revenue

Bonds

75

4.000

06/01/46

85

City

of

Wichita

Health

Care

Facilities

Revenue

Bonds

75

5.000

05/15/28

85

City

of

Wichita

Health

Care

Facilities

Revenue

Bonds

75

5.000

05/15/29

85

City

of

Wichita

Health

Care

Facilities

Revenue

Bonds

150

5.000

05/15/34

167

City

of

Wichita

Health

Care

Facilities

Revenue

Bonds

60

5.000

05/15/50

66

Wyandotte

County

City

Unified

Government

Revenue

Bonds

440

4.500

06/01/40

464

952

Kentucky

-

0.3%

County

of

Carroll

Environmental

Facilities

Authority

Revenue

Bonds

425

2.000

02/01/32

445

County

of

Carroll

Environmental

Facilities

Authority

Revenue

Bonds

325

2.125

10/01/34

340

Kentucky

Bond

Development

Corp.

Revenue

Bonds

50

4.000

06/01/46

60

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

252

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Kentucky

Bond

Development

Corp.

Revenue

Bonds

75

4.000

06/01/51

89

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

(µ)

150

4.000

06/01/37

169

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

1,500

5.000

06/01/41

1,770

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

(µ)

100

4.000

12/01/41

115

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

(µ)

100

4.000

06/01/45

112

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

130

5.000

08/01/49

162

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,000

4.000

12/01/49

1,124

Kentucky

State

University

Certificate

Participation

(µ)

500

4.000

11/01/51

583

4,969

Louisiana

-

0.9%

Calcasieu

Parish

Memorial

Hospital

Service

District

Revenue

Bonds

125

5.000

12/01/34

154

Calcasieu

Parish

Memorial

Hospital

Service

District

Revenue

Bonds

125

5.000

12/01/39

152

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

75

4.000

06/01/50

87

East

Baton

Rouge

Parish

Industrial

Development

Board,

Inc.

Revenue

Bonds

(~)(Ê)

370

0.120

08/01/35

370

East

Baton

Rouge

Parish

Industrial

Development

Board,

Inc.

Revenue

Bonds

(~)(Ê)

950

0.120

12/01/40

950

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

(Þ)

100

4.125

06/01/39

109

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

100

3.200

06/01/41

101

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

(Þ)

200

4.375

06/01/48

219

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

125

4.000

06/01/51

133

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(µ)

80

5.000

10/01/39

99

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(µ)

150

4.000

10/01/41

171

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(Þ)

250

5.625

06/15/51

267

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(~)(Ê)

1,175

0.120

04/02/23

1,175

Louisiana

Public

Facilities

Authority

Revenue

Bonds

635

4.000

05/15/42

722

Louisiana

Public

Facilities

Authority

Revenue

Bonds

750

5.000

05/15/46

901

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(µ)

385

3.000

06/01/50

415

Louisiana

Public

Facilities

Authority

Revenue

Bonds

75

4.000

06/01/50

88

Louisiana

Public

Facilities

Authority

Revenue

Bonds

550

5.000

07/01/59

682

New

Orleans

Aviation

Board

Revenue

Bonds

1,000

5.000

01/01/40

1,140

New

Orleans

Aviation

Board

Revenue

Bonds

2,000

5.000

01/01/45

2,278

New

Orleans

Aviation

Board

Revenue

Bonds

150

5.000

01/01/48

178

Parish

of

St.

James

Revenue

Bonds

(~)(ae)(Ê)(Þ)

100

6.100

06/01/38

133

Parish

of

St.

James

Revenue

Bonds

(Þ)

125

6.350

07/01/40

169

Parish

of

St.

James

Revenue

Bonds

(~)(ae)(Ê)(Þ)

1,000

5.850

08/01/41

1,151

Parish

of

St.

John

the

Baptist

Revenue

Bonds

(~)(ae)(Ê)

20

2.000

06/01/37

20

Parish

of

St.

John

the

Baptist

Revenue

Bonds

(~)(ae)(Ê)

50

2.200

06/01/37

53

Parish

of

St.

John

the

Baptist

Revenue

Bonds

(~)(ae)(Ê)

1,050

2.375

06/01/37

1,112

Port

New

Orleans

Board

of

Commissioners

Revenue

Bonds

(µ)

1,000

5.000

04/01/48

1,203

14,232

Maine

-

0.4%

City

of

Portland

General

Airport

Revenue

Bonds

1,065

5.000

01/01/37

1,232

City

of

Portland

General

Airport

Revenue

Bonds

1,295

5.000

01/01/38

1,496

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

2,000

5.000

07/01/33

2,183

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

500

5.000

07/01/43

616

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

115

4.000

07/01/45

136

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

140

4.000

07/01/50

165

5,828

Maryland

-

0.8%

Baltimore

Research

Park

Project

Revenue

Bonds

360

4.000

01/01/45

419

Baltimore

Research

Park

Project

Revenue

Bonds

440

4.000

01/01/50

510

Baltimore

Research

Park

Project

Tax

Allocation

(Þ)

100

3.500

06/01/39

105

Baltimore

Research

Park

Project

Tax

Allocation

(Þ)

100

3.625

06/01/46

106

City

of

Baltimore

Revenue

Bonds

100

5.000

09/01/28

109

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

253

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Baltimore

Revenue

Bonds

150

5.000

09/01/38

170

City

of

Baltimore

Revenue

Bonds

55

5.000

09/01/39

59

City

of

Baltimore

Revenue

Bonds

365

5.000

09/01/46

390

City

of

Brunswick

Special

Tax

100

5.000

07/01/36

120

County

of

Frederick

Educational

Facilities

Revenue

Bonds

(Þ)

1,705

5.000

09/01/45

1,910

County

of

Frederick

Special

Tax

235

4.000

07/01/50

269

County

of

Prince

George's

Special

Obligation

Tax

Allocation

(Þ)

115

5.250

07/01/48

130

Maryland

Economic

Development

Corp.

Revenue

Bonds

(Þ)

1,400

3.997

04/01/34

1,546

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,100

4.000

07/01/39

1,290

Maryland

Economic

Development

Corp.

Revenue

Bonds

75

4.000

07/01/40

88

Maryland

Economic

Development

Corp.

Revenue

Bonds

200

5.000

06/01/49

242

Maryland

Economic

Development

Corp.

Revenue

Bonds

100

4.250

07/01/50

117

Maryland

Economic

Development

Corp.

Revenue

Bonds

75

5.000

07/01/50

93

Maryland

Economic

Development

Corp.

Revenue

Bonds

150

5.000

07/01/56

185

Maryland

Economic

Development

Corp.

Revenue

Bonds

125

5.000

06/01/58

136

Maryland

Economic

Development

Corp.

Tax

Allocation

350

4.000

09/01/40

410

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

50

3.000

10/01/34

54

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(~)(Ê)

1,100

0.100

04/01/35

1,100

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

600

5.250

01/01/37

683

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

25

4.000

10/01/40

30

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

1,250

5.000

07/01/43

1,440

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

1,000

5.000

07/01/45

1,133

12,844

Massachusetts

-

1.0%

Commonwealth

of

Massachusetts

General

Obligation

Limited

1,500

4.000

05/01/39

1,769

Commonwealth

of

Massachusetts

General

Obligation

Unlimited

(USD

3

Month

LIBOR

+

0.570%)(µ)(Ê)

285

1.030

05/01/37

284

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,415

5.000

09/01/35

1,596

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,580

5.000

10/01/35

1,822

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

1,250

5.000

10/01/37

1,372

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

100

5.000

11/15/38

113

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

1,300

5.000

07/01/41

1,474

Massachusetts

Development

Finance

Agency

Revenue

Bonds

2,005

5.000

07/01/44

2,324

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(µ)

125

4.000

10/01/45

149

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

150

5.125

11/15/46

168

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(~)(Ê)

2,400

0.070

08/15/48

2,400

Massachusetts

Development

Finance

Agency

Revenue

Bonds

110

4.000

07/01/50

129

Massachusetts

Educational

Financing

Authority

Revenue

Bonds

400

2.000

07/01/37

405

Massachusetts

Educational

Financing

Authority

Revenue

Bonds

1,000

3.000

07/01/51

1,018

15,023

Michigan

-

2.6%

City

of

Detroit

General

Obligation

Limited

(~)(Ê)

5,125

4.000

04/01/44

4,983

City

of

Detroit

General

Obligation

Unlimited

75

2.960

04/01/27

77

City

of

Detroit

General

Obligation

Unlimited

50

3.110

04/01/28

51

City

of

Detroit

General

Obligation

Unlimited

1,000

5.000

04/01/29

1,214

City

of

Detroit

General

Obligation

Unlimited

100

5.500

04/01/31

130

City

of

Detroit

General

Obligation

Unlimited

100

5.500

04/01/32

129

City

of

Detroit

General

Obligation

Unlimited

100

5.500

04/01/33

129

City

of

Detroit

General

Obligation

Unlimited

50

3.644

04/01/34

52

City

of

Detroit

General

Obligation

Unlimited

1,000

5.000

04/01/34

1,194

City

of

Detroit

General

Obligation

Unlimited

50

5.500

04/01/34

64

City

of

Detroit

General

Obligation

Unlimited

50

5.500

04/01/35

64

City

of

Detroit

General

Obligation

Unlimited

535

5.500

04/01/36

683

City

of

Detroit

General

Obligation

Unlimited

565

5.500

04/01/37

719

City

of

Detroit

General

Obligation

Unlimited

100

5.500

04/01/38

127

City

of

Detroit

General

Obligation

Unlimited

100

5.500

04/01/39

127

City

of

Detroit

General

Obligation

Unlimited

125

4.000

04/01/40

143

City

of

Detroit

General

Obligation

Unlimited

100

5.500

04/01/40

127

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

254

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Detroit

General

Obligation

Unlimited

40

4.000

04/01/42

45

City

of

Detroit

General

Obligation

Unlimited

570

5.500

04/01/45

720

City

of

Detroit

General

Obligation

Unlimited

400

5.000

04/01/46

496

City

of

Detroit

General

Obligation

Unlimited

375

5.000

04/01/50

463

City

of

Detroit

General

Obligation

Unlimited

175

5.500

04/01/50

220

City

of

Detroit

Sewage

Disposal

System

Revenue

Bonds

(µ)(ae)

500

5.000

07/01/39

522

City

of

Detroit

Sewage

Disposal

System

Revenue

Bonds

(ae)

2,010

5.250

07/01/39

2,105

Detroit

Downtown

Development

Authority

Tax

Allocation

Revenue

Bonds

(µ)

2,250

5.000

07/01/48

2,514

Grand

Rapids

Charter

Township

Revenue

Bonds

200

5.000

05/15/37

238

Grand

Rapids

Charter

Township

Revenue

Bonds

100

5.000

05/15/44

118

Karegnondi

Water

Authority

Revenue

Bonds

75

5.000

11/01/45

92

Kentwood

Economic

Development

Corp.

Revenue

Bonds

100

4.000

11/15/43

109

Kentwood

Economic

Development

Corp.

Revenue

Bonds

25

4.000

11/15/45

28

Michigan

Finance

Authority

Revenue

Bonds

1,000

3.875

10/01/23

1,053

Michigan

Finance

Authority

Revenue

Bonds

700

4.000

02/01/29

769

Michigan

Finance

Authority

Revenue

Bonds

300

5.000

07/01/33

350

Michigan

Finance

Authority

Revenue

Bonds

(µ)

1,000

5.000

07/01/36

1,127

Michigan

Finance

Authority

Revenue

Bonds

1,635

5.000

02/01/37

1,847

Michigan

Finance

Authority

Revenue

Bonds

450

3.267

06/01/39

487

Michigan

Finance

Authority

Revenue

Bonds

25

4.000

09/01/45

29

Michigan

Finance

Authority

Revenue

Bonds

1,815

5.500

11/15/45

1,983

Michigan

Finance

Authority

Revenue

Bonds

275

5.000

11/15/48

349

Michigan

Finance

Authority

Revenue

Bonds

85

5.000

06/01/49

105

Michigan

Finance

Authority

Revenue

Bonds

25

4.000

09/01/50

29

Michigan

Finance

Authority

Revenue

Bonds

325

4.000

11/15/50

378

Michigan

Finance

Authority

Revenue

Bonds

16,850

4.785

06/01/65

2,295

Michigan

Mathematics

&

Science

Initiative

Revenue

Bonds

1,110

4.000

01/01/41

1,257

Michigan

Strategic

Fund

Revenue

Bonds

125

5.000

05/15/37

148

Michigan

Strategic

Fund

Revenue

Bonds

1,000

5.000

11/15/43

1,165

Michigan

Strategic

Fund

Revenue

Bonds

100

5.000

05/15/44

118

Michigan

Strategic

Fund

Revenue

Bonds

(µ)

435

4.500

06/30/48

518

Michigan

Strategic

Fund

Revenue

Bonds

3,000

5.000

06/30/48

3,640

Michigan

Tobacco

Settlement

Finance

Authority

Revenue

Bonds

10,000

8.675

06/01/46

1,266

Michigan

Tobacco

Settlement

Finance

Authority

Revenue

Bonds

4,255

9.111

06/01/52

474

Star

International

Academy

Revenue

Bonds

450

5.000

03/01/30

533

Star

International

Academy

Revenue

Bonds

500

5.000

03/01/33

586

Tipton

Academy

Revenue

Bonds

325

4.000

06/01/51

333

Universal

Academy

Revenue

Bonds

500

4.000

12/01/31

568

Universal

Academy

Revenue

Bonds

65

4.000

12/01/40

73

39,163

Minnesota

-

0.8%

City

of

Blaine

Healthcare

Revenue

Bonds

400

6.125

07/01/45

399

City

of

Forest

Lake

Charter

School

Lease

Revenue

Bonds

500

5.250

08/01/43

579

City

of

Ham

Lake

Revenue

Bonds

2,000

5.000

11/01/36

2,264

City

of

Minneapolis

Charter

Lease

Revenue

Bonds

(Þ)

1,400

5.000

12/01/32

1,619

City

of

St

Cloud

Revenue

Bonds

380

5.000

05/01/48

473

City

of

St

Cloud

Revenue

Bonds

125

4.000

05/01/49

141

City

of

Woodbury

Revenue

Bonds

25

4.000

12/01/40

27

City

of

Woodbury

Revenue

Bonds

25

4.000

12/01/50

27

Duluth

Economic

Development

Authority

Health

Care

Facilities

Revenue

Bonds

200

4.250

02/15/48

231

Duluth

Economic

Development

Authority

Health

Care

Facilities

Revenue

Bonds

2,500

5.000

02/15/48

3,034

Duluth

Economic

Development

Authority

Health

Care

Facilities

Revenue

Bonds

1,425

5.250

02/15/53

1,756

Duluth

Economic

Development

Authority

Health

Care

Facilities

Revenue

Bonds

500

5.625

12/01/55

175

Duluth

Economic

Development

Authority

Revenue

Bonds

100

4.000

07/01/31

111

Duluth

Economic

Development

Authority

Revenue

Bonds

100

4.000

07/01/36

110

Duluth

Economic

Development

Authority

Revenue

Bonds

55

4.000

07/01/41

60

Duluth

Independent

School

District

No.

709

Certificate

of

Participation

35

3.250

03/01/25

37

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

255

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Duluth

Independent

School

District

No.

709

Certificate

of

Participation

40

4.000

03/01/26

44

Duluth

Independent

School

District

No.

709

Certificate

of

Participation

45

4.000

03/01/29

49

Duluth

Independent

School

District

No.

709

Certificate

of

Participation

75

4.000

03/01/32

80

Duluth

Independent

School

District

No.

709

Certificate

of

Participation

40

4.200

03/01/34

43

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

100

4.000

12/01/40

117

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

100

5.000

05/01/47

112

St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

(Þ)

140

5.250

07/01/33

161

St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

(Þ)

230

5.500

07/01/38

266

11,915

Mississippi

-

1.1%

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(Þ)

1,600

4.000

10/15/30

1,585

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

3,000

0.110

12/01/30

3,000

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

5,940

0.130

12/01/30

5,940

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

100

0.140

12/01/30

100

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

4,160

0.130

11/01/35

4,160

Mississippi

Business

Finance

Corp.

Revenue

Bonds

1,400

2.375

06/01/44

1,415

16,200

Missouri

-

0.6%

Branson

Industrial

Development

Authority

Tax

Allocation

130

5.500

06/01/29

130

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

75

5.000

03/01/36

89

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

175

3.000

03/01/46

184

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

1,600

4.000

03/01/46

1,852

City

of

St.

Louis

Industrial

Development

Authority

Revenue

Bonds

100

4.750

11/15/47

103

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

Bonds

1,560

5.000

05/01/40

1,658

I-470

Western

Gateway

Transportation

Development

District

Revenue

Bonds

(Þ)

250

5.250

12/01/48

268

Joplin

Industrial

Development

Authority

Revenue

Bonds

50

3.500

11/01/40

51

Joplin

Industrial

Development

Authority

Revenue

Bonds

75

4.250

11/01/50

77

Kansas

City

Industrial

Development

Authority

Revenue

Bonds

(µ)

705

5.000

03/01/49

875

Kansas

City

Industrial

Development

Authority

Revenue

Bonds

(µ)

275

5.000

03/01/57

346

Kansas

City

Land

Clearance

Redevelopment

Authority

Tax

Allocation

(Þ)

1,500

5.000

02/01/40

1,642

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

155

5.000

09/01/43

191

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

130

5.000

09/01/48

159

Plaza

at

Noah's

Ark

Community

Improvement

District

Revenue

Bonds

450

3.000

05/01/25

466

Plaza

at

Noah's

Ark

Community

Improvement

District

Revenue

Bonds

50

3.000

05/01/30

51

Plaza

at

Noah's

Ark

Community

Improvement

District

Revenue

Bonds

25

3.125

05/01/35

25

St.

Louis

County

Industrial

Development

Authority

Revenue

Bonds

650

5.000

08/15/30

712

St.

Louis

Land

Clearance

for

Redevelopment

Authority

Revenue

Bonds

500

4.000

06/01/41

536

9,415

Montana

-

0.2%

Montana

Facility

Finance

Authority

Health

Care

Facilities

Revenue

Bonds

1,500

5.000

07/01/43

1,783

Montana

Facility

Finance

Authority

Revenue

Bonds

500

3.000

06/01/50

541

2,324

Nebraska

-

0.1%

University

of

Nebraska

Facilities

Corp.

Revenue

Bonds

1,500

3.000

07/15/54

1,635

Nevada

-

0.3%

Carson

City

Hospital

Revenue

Bonds

1,025

5.000

09/01/47

1,240

Henderson

Local

Improvement

Districts

Special

Assessment

50

4.000

09/01/35

53

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

70

5.000

07/01/29

90

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

50

5.000

07/01/30

61

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

35

5.000

07/01/35

44

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

155

5.000

07/01/43

189

Las

Vegas

Redevelopment

Agency

Tax

Allocation

250

5.000

06/15/45

283

Las

Vegas

Special

Improvement

District

No.

607

Special

Assessment

135

5.000

06/01/24

148

Las

Vegas

Special

Improvement

District

No.

813

Special

Assessment

15

4.250

06/01/37

16

Las

Vegas

Special

Improvement

District

No.

813

Special

Assessment

25

4.375

06/01/42

27

Las

Vegas

Special

Improvement

District

No.

813

Special

Assessment

25

4.500

06/01/47

27

Las

Vegas

Special

Improvement

District

No.

814

Special

Assessment

80

4.000

06/01/49

87

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

256

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Las

Vegas

Special

Improvement

District

No.

815

Special

Assessment

50

5.000

12/01/49

58

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

(Þ)

1,100

5.000

07/15/37

1,217

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

1,000

5.000

07/01/34

1,198

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

165

5.000

07/01/45

193

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

175

5.000

07/01/51

204

5,135

New

Hampshire

-

0.5%

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(Ê)(Þ)

100

2.950

04/01/29

109

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

250

4.000

01/01/41

279

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

180

3.625

07/01/43

193

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

310

3.750

07/01/45

333

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

1,000

4.000

01/01/51

1,109

New

Hampshire

Health

and

Education

Facilities

Authority

Revenue

Bonds

350

5.000

08/01/32

444

New

Hampshire

Health

and

Education

Facilities

Authority

Revenue

Bonds

370

5.000

08/01/33

469

New

Hampshire

Health

and

Education

Facilities

Authority

Revenue

Bonds

390

5.000

08/01/34

493

New

Hampshire

Health

and

Education

Facilities

Authority

Revenue

Bonds

415

5.000

08/01/35

524

New

Hampshire

Health

and

Education

Facilities

Authority

Revenue

Bonds

430

5.000

08/01/36

542

New

Hampshire

Health

and

Education

Facilities

Authority

Revenue

Bonds

500

5.000

10/01/36

587

New

Hampshire

Health

and

Education

Facilities

Authority

Revenue

Bonds

455

5.000

08/01/37

572

New

Hampshire

Health

and

Education

Facilities

Authority

Revenue

Bonds

480

5.000

08/01/38

602

New

Hampshire

Health

and

Education

Facilities

Authority

Revenue

Bonds

500

5.000

08/01/39

626

New

Hampshire

Health

and

Education

Facilities

Authority

Revenue

Bonds

525

5.000

08/01/40

656

7,538

New

Jersey

-

4.9%

Atlantic

City

General

Obligation

Unlimited

500

5.000

12/01/24

525

Atlantic

City

General

Obligation

Unlimited

450

5.000

12/01/25

472

Atlantic

City

General

Obligation

Unlimited

270

5.000

12/01/28

282

Atlantic

City

General

Obligation

Unlimited

(µ)

225

5.000

03/01/32

274

Atlantic

City

General

Obligation

Unlimited

(µ)

35

5.000

03/01/37

42

Atlantic

City

General

Obligation

Unlimited

(µ)

45

5.000

03/01/42

54

Atlantic

County

Improvement

Authority

Revenue

Bonds

(µ)

50

4.000

07/01/53

60

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,350

5.125

09/15/23

1,424

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(µ)

1,360

7.425

02/15/29

1,778

New

Jersey

Economic

Development

Authority

Revenue

Bonds

2,150

5.250

09/15/29

2,268

New

Jersey

Economic

Development

Authority

Revenue

Bonds

500

4.000

07/01/32

569

New

Jersey

Economic

Development

Authority

Revenue

Bonds

500

5.000

07/01/32

550

New

Jersey

Economic

Development

Authority

Revenue

Bonds

500

5.000

06/15/41

599

New

Jersey

Economic

Development

Authority

Revenue

Bonds

275

3.000

08/01/41

283

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(µ)

200

5.000

06/01/42

241

New

Jersey

Economic

Development

Authority

Revenue

Bonds

635

5.000

06/15/42

774

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,500

5.375

01/01/43

1,678

New

Jersey

Economic

Development

Authority

Revenue

Bonds

5,000

5.000

11/01/44

6,254

New

Jersey

Economic

Development

Authority

Revenue

Bonds

100

5.000

07/01/47

108

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,000

5.000

07/15/47

1,168

New

Jersey

Economic

Development

Authority

Revenue

Bonds

675

5.000

10/01/47

785

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,250

5.000

01/01/48

1,322

New

Jersey

Economic

Development

Authority

Revenue

Bonds

275

4.000

06/15/50

324

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

200

4.000

07/01/42

213

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

1,000

5.000

07/01/46

1,094

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

500

3.000

07/01/50

534

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

100

5.000

07/01/30

118

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

(µ)

300

4.125

07/01/38

329

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

(µ)

150

5.000

07/01/46

174

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,400

3.912

12/15/26

1,315

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

600

4.302

12/15/29

524

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

530

5.000

06/15/30

629

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

2,160

4.168

12/15/30

1,855

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

290

5.000

06/15/31

343

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

257

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

370

4.000

12/15/31

441

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

790

4.403

12/15/32

637

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

500

3.965

12/15/33

404

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

730

4.465

12/15/33

572

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

450

5.000

12/15/33

568

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

100

4.526

12/15/34

76

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

975

4.823

12/15/34

768

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

370

5.000

12/15/35

466

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

4,950

5.130

12/15/35

3,718

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

550

5.591

12/15/35

407

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

150

4.342

12/15/36

110

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,755

4.668

12/15/36

2,701

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

460

5.000

12/15/36

578

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,250

4.000

06/15/37

2,701

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

6,735

4.649

12/15/37

4,698

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

925

5.000

06/15/38

1,078

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

320

4.250

12/15/38

378

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,060

5.000

06/15/42

1,104

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

400

4.000

06/15/44

460

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

185

3.500

06/15/46

201

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

300

3.000

06/15/50

317

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

4,000

4.000

06/15/50

4,712

New

Jersey

Turnpike

Authority

Revenue

Bonds

1,785

4.000

01/01/48

2,086

South

Jersey

Port

Corp.

Revenue

Bonds

1,645

5.000

01/01/36

1,994

South

Jersey

Port

Corp.

Revenue

Bonds

1,450

5.000

01/01/48

1,732

South

Jersey

Port

Corp.

Revenue

Bonds

3,000

5.000

01/01/49

3,621

South

Jersey

Transportation

Authority

LLC

Revenue

Bonds

315

5.000

11/01/26

360

South

Jersey

Transportation

Authority

LLC

Revenue

Bonds

945

5.000

11/01/39

1,054

South

Jersey

Transportation

Authority

LLC

Revenue

Bonds

4,500

4.000

11/01/50

5,250

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

2,080

5.000

06/01/46

2,488

Union

County

Improvement

Authority

Revenue

Bonds

(Þ)

600

6.750

12/01/41

637

75,279

New

Mexico

-

0.0%

Village

of

Los

Ranchos

de

Albuquerque

New

Mexico

Revenue

Bonds

50

4.000

09/01/33

59

Village

of

Los

Ranchos

de

Albuquerque

New

Mexico

Revenue

Bonds

75

4.000

09/01/40

88

147

New

York

-

8.5%

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

250

5.000

07/15/25

294

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

175

5.000

07/15/26

212

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

125

5.000

07/15/28

153

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

200

5.000

07/15/42

235

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

(µ)

30

3.000

07/15/43

31

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

75

Zero

coupon

07/15/46

39

Broome

County

Local

Development

Corp.

Revenue

Bonds

(µ)

180

4.000

04/01/50

210

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

100

2.500

06/15/31

102

Build

NYC

Resource

Corp.

Revenue

Bonds

25

4.000

06/15/36

29

Build

NYC

Resource

Corp.

Revenue

Bonds

100

4.000

06/15/51

110

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

350

5.000

06/15/51

422

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

250

5.000

12/01/51

289

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

100

5.000

12/01/55

115

City

of

New

York

General

Obligation

Unlimited

275

5.000

03/01/44

340

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

(Þ)

275

5.000

07/01/45

342

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

(Þ)

325

5.000

07/01/51

402

Erie

Tobacco

Asset

Securitization

Corp

(Þ)

4,000

Zero

coupon

06/01/60

217

Hempstead

Town

Local

Development

Corp.

Revenue

Bonds

25

5.000

07/01/30

30

Hempstead

Town

Local

Development

Corp.

Revenue

Bonds

35

5.000

07/01/33

42

Hempstead

Town

Local

Development

Corp.

Revenue

Bonds

35

5.000

07/01/35

42

Hempstead

Town

Local

Development

Corp.

Revenue

Bonds

30

5.000

07/01/36

36

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

258

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Hempstead

Town

Local

Development

Corp.

Revenue

Bonds

20

5.000

07/01/38

24

Huntington

Local

Development

Corp.

Revenue

Bonds

705

4.750

07/01/31

788

Huntington

Local

Development

Corp.

Revenue

Bonds

150

5.250

07/01/56

166

Jefferson

County

Civic

Facility

Development

Corp.

Revenue

Bonds

1,000

4.000

11/01/32

1,145

Metropolitan

Transportation

Authority

Revenue

Bonds

245

4.000

02/01/22

250

Metropolitan

Transportation

Authority

Revenue

Bonds

5,285

5.000

02/01/23

5,660

Metropolitan

Transportation

Authority

Revenue

Bonds

150

5.000

11/15/25

177

Metropolitan

Transportation

Authority

Revenue

Bonds

95

5.000

11/15/27

115

Metropolitan

Transportation

Authority

Revenue

Bonds

150

5.000

11/15/28

182

Metropolitan

Transportation

Authority

Revenue

Bonds

60

5.000

11/15/29

73

Metropolitan

Transportation

Authority

Revenue

Bonds

125

5.250

11/15/31

148

Metropolitan

Transportation

Authority

Revenue

Bonds

140

4.000

11/15/32

165

Metropolitan

Transportation

Authority

Revenue

Bonds

295

5.000

11/15/33

388

Metropolitan

Transportation

Authority

Revenue

Bonds

450

5.000

11/15/34

538

Metropolitan

Transportation

Authority

Revenue

Bonds

50

4.000

11/15/35

59

Metropolitan

Transportation

Authority

Revenue

Bonds

160

5.000

11/15/38

173

Metropolitan

Transportation

Authority

Revenue

Bonds

115

5.000

11/15/39

129

Metropolitan

Transportation

Authority

Revenue

Bonds

30

5.250

11/15/39

33

Metropolitan

Transportation

Authority

Revenue

Bonds

40

2.813

11/15/40

26

Metropolitan

Transportation

Authority

Revenue

Bonds

2,500

5.000

11/15/40

2,858

Metropolitan

Transportation

Authority

Revenue

Bonds

240

5.000

11/15/43

256

Metropolitan

Transportation

Authority

Revenue

Bonds

1,580

5.000

11/15/44

1,995

Metropolitan

Transportation

Authority

Revenue

Bonds

1,585

4.000

11/15/45

1,856

Metropolitan

Transportation

Authority

Revenue

Bonds

1,540

4.750

11/15/45

1,900

Metropolitan

Transportation

Authority

Revenue

Bonds

1,300

5.000

11/15/45

1,653

Metropolitan

Transportation

Authority

Revenue

Bonds

100

4.000

11/15/48

117

Metropolitan

Transportation

Authority

Revenue

Bonds

75

4.000

11/15/49

87

Metropolitan

Transportation

Authority

Revenue

Bonds

125

5.000

11/15/49

157

Metropolitan

Transportation

Authority

Revenue

Bonds

(~)(Ê)

10,980

0.010

11/15/50

10,980

Metropolitan

Transportation

Authority

Revenue

Bonds

5,000

4.000

11/15/50

5,833

Metropolitan

Transportation

Authority

Revenue

Bonds

340

5.000

11/15/50

425

Metropolitan

Transportation

Authority

Revenue

Bonds

(µ)

1,000

4.000

11/15/54

1,173

Metropolitan

Transportation

Authority

Revenue

Bonds

1,790

5.250

11/15/55

2,256

Metropolitan

Transportation

Authority

Revenue

Bonds

1,740

5.250

11/15/56

2,051

Nassau

County

Tobacco

Settlement

Corp.

Revenue

Bonds

12,290

Zero

coupon

06/01/60

1,012

New

York

City

Housing

Development

Corp.

Revenue

Bonds

600

3.500

02/15/48

609

New

York

City

Industrial

Development

Revenue

Bonds

(µ)

1,800

3.000

01/01/46

1,941

New

York

City

Industrial

Development

Revenue

Bonds

(µ)

250

3.000

03/01/49

264

New

York

City

Transitional

Finance

Authority

Futures

Tax

Secured

Revenue

Bonds

(~)(Ê)

4,200

1.450

08/01/45

4,200

New

York

City

Water

&

Sewer

System

Revenue

Bonds

2,000

4.000

06/15/40

2,384

New

York

City

Water

&

Sewer

System

Revenue

Bonds

400

3.000

06/15/51

436

New

York

Counties

Tobacco

Trust

IV

Revenue

Bonds

9,455

8.130

06/01/60

656

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

1,655

5.000

11/15/44

1,835

New

York

Liberty

Development

Corp.

Revenue

Bonds

100

2.625

09/15/69

105

New

York

State

Dormitory

Authority

Revenue

Bonds

(Þ)

900

5.000

12/01/29

1,107

New

York

State

Dormitory

Authority

Revenue

Bonds

(Þ)

400

5.000

12/01/35

461

New

York

State

Dormitory

Authority

Revenue

Bonds

125

4.000

09/01/45

145

New

York

State

Dormitory

Authority

Revenue

Bonds

2,055

3.000

03/15/48

2,225

New

York

State

Dormitory

Authority

Revenue

Bonds

3,300

3.000

03/15/49

3,568

New

York

State

Dormitory

Authority

Revenue

Bonds

4,300

4.000

07/01/50

5,076

New

York

State

Dormitory

Authority

Revenue

Bonds

(µ)

355

3.000

09/01/50

376

New

York

State

Dormitory

Authority

Revenue

Bonds

330

4.000

09/01/50

380

New

York

State

Dormitory

Authority

Revenue

Bonds

4,600

4.000

03/15/57

5,420

New

York

State

Environmental

Facilities

Corp.

Revenue

Bonds

(~)(ae)(Ê)

500

2.750

09/01/50

530

New

York

State

Urban

Development

Corp.

Revenue

Bonds

10,000

4.000

03/15/34

12,303

New

York

Transportation

Development

Corp.

Revenue

Bonds

170

2.250

08/01/26

176

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,500

5.000

08/01/26

1,504

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

259

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

New

York

Transportation

Development

Corp.

Revenue

Bonds

70

5.000

01/01/29

87

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,000

5.000

01/01/30

1,240

New

York

Transportation

Development

Corp.

Revenue

Bonds

575

4.000

10/01/30

697

New

York

Transportation

Development

Corp.

Revenue

Bonds

70

5.000

12/01/30

93

New

York

Transportation

Development

Corp.

Revenue

Bonds

50

5.000

01/01/31

62

New

York

Transportation

Development

Corp.

Revenue

Bonds

280

3.000

08/01/31

303

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,455

5.250

08/01/31

1,769

New

York

Transportation

Development

Corp.

Revenue

Bonds

100

5.000

01/01/33

123

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,315

4.000

07/01/33

1,433

New

York

Transportation

Development

Corp.

Revenue

Bonds

55

5.000

12/01/33

72

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,180

5.000

10/01/35

1,534

New

York

Transportation

Development

Corp.

Revenue

Bonds

50

5.000

12/01/35

65

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,825

4.000

01/01/36

2,106

New

York

Transportation

Development

Corp.

Revenue

Bonds

430

5.375

08/01/36

554

New

York

Transportation

Development

Corp.

Revenue

Bonds

40

5.000

12/01/37

52

New

York

Transportation

Development

Corp.

Revenue

Bonds

140

4.000

12/01/39

168

New

York

Transportation

Development

Corp.

Revenue

Bonds

2,975

5.000

10/01/40

3,823

New

York

Transportation

Development

Corp.

Revenue

Bonds

125

4.000

12/01/40

150

New

York

Transportation

Development

Corp.

Revenue

Bonds

110

4.000

12/01/41

132

New

York

Transportation

Development

Corp.

Revenue

Bonds

160

4.000

12/01/42

191

New

York

Transportation

Development

Corp.

Revenue

Bonds

3,325

4.375

10/01/45

3,998

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

1,000

4.000

07/01/46

1,095

New

York

Transportation

Development

Corp.

Revenue

Bonds

975

5.000

07/01/46

1,096

New

York

Transportation

Development

Corp.

Revenue

Bonds

185

4.000

10/31/46

219

New

York

Transportation

Development

Corp.

Revenue

Bonds

3,825

5.250

01/01/50

4,332

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,100

4.000

04/30/53

1,298

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

30

4.000

12/01/32

36

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

35

4.000

12/01/33

41

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

50

4.000

12/01/34

59

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

30

4.000

12/01/35

35

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

40

4.000

12/01/36

47

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

60

4.000

12/01/37

71

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

30

4.000

12/01/38

35

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

215

3.000

12/01/39

232

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

60

3.000

12/01/40

64

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

120

4.000

12/01/49

138

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

430

4.000

07/15/46

515

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

265

4.000

07/15/55

311

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

100

5.000

07/15/56

128

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

315

4.000

07/15/60

368

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

600

4.000

07/15/61

709

Suffolk

Tobacco

Asset

Securitization

Corp.

Revenue

Bonds

2,350

6.625

06/01/44

2,411

Suffolk

Tobacco

Asset

Securitization

Corp.

Revenue

Bonds

250

6.000

06/01/48

250

TSASC,

Inc.

Revenue

Bonds

2,500

5.000

06/01/48

2,772

Westchester

County

Local

Development

Corp.

Revenue

Bonds

125

5.000

11/01/46

145

Yonkers

Economic

Development

Corp.

Revenue

Bonds

25

5.000

10/15/39

30

Yonkers

Economic

Development

Corp.

Revenue

Bonds

50

5.000

10/15/40

61

Yonkers

Economic

Development

Corp.

Revenue

Bonds

30

5.000

10/15/49

35

Yonkers

Economic

Development

Corp.

Revenue

Bonds

75

5.000

10/15/50

89

Yonkers

Economic

Development

Corp.

Revenue

Bonds

30

5.000

10/15/54

35

129,550

North

Carolina

-

0.8%

City

of

Charlotte

Airport

Special

Facilities

Revenue

Bonds

1,000

3.000

07/01/46

1,095

North

Carolina

Department

of

Transportation

Revenue

Bonds

75

5.000

12/31/37

84

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,100

4.000

03/01/41

1,225

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,620

5.000

10/01/42

1,776

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,105

5.000

07/01/44

1,253

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

260

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

North

Carolina

Medical

Care

Commission

Revenue

Bonds

50

5.000

10/01/45

57

North

Carolina

Medical

Care

Commission

Revenue

Bonds

25

4.000

09/01/46

29

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,000

5.000

01/01/49

1,155

North

Carolina

Medical

Care

Commission

Revenue

Bonds

100

5.000

10/01/50

114

North

Carolina

Medical

Care

Commission

Revenue

Bonds

350

4.000

03/01/51

385

North

Carolina

Medical

Care

Commission

Revenue

Bonds

925

4.000

09/01/51

1,075

North

Carolina

Turnpike

Authority

Revenue

Bonds

2,000

5.000

01/01/49

2,463

North

Carolina

Turnpike

Authority

Revenue

Bonds

1,000

5.000

07/01/51

1,145

North

Carolina

Turnpike

Authority

Revenue

Bonds

50

4.000

01/01/55

57

11,913

North

Dakota

-

0.3%

County

of

Burleigh

North

Dakota

Revenue

Bonds

705

5.200

04/15/46

750

County

of

Ward

Health

Care

Facilities

Revenue

Bonds

1,000

5.000

06/01/38

1,171

County

of

Ward

Health

Care

Facilities

Revenue

Bonds

2,500

5.000

06/01/48

2,887

4,808

Ohio

-

3.9%

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

Bonds

3,000

5.250

11/15/46

3,603

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

40

4.000

06/01/37

48

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

55

4.000

06/01/38

66

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

55

4.000

06/01/39

66

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

300

3.000

06/01/48

319

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

2,480

4.000

06/01/48

2,901

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

16,705

5.000

06/01/55

19,646

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

7,075

6.259

06/01/57

1,172

Centerville

Health

Care

Revenue

Bonds

100

5.250

11/01/37

113

Centerville

Health

Care

Revenue

Bonds

150

5.250

11/01/50

168

Cleveland-Cuyahoga

County

Port

Authority

Revenue

Bonds

1,000

4.000

08/01/44

1,164

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

1,485

4.000

11/15/38

1,512

County

of

Darke

Revenue

Bonds

50

4.000

09/01/40

54

County

of

Darke

Revenue

Bonds

50

4.000

09/01/45

54

County

of

Darke

Revenue

Bonds

75

5.000

09/01/49

87

County

of

Franklin

Revenue

Bonds

520

5.250

11/15/55

597

County

of

Lucas

Hospital

Revenue

Bonds

1,650

5.250

11/15/48

2,024

Cuyahoga

County

Hospital

Revenue

Bonds

1,000

5.000

02/15/37

1,178

Cuyahoga

County

Hospital

Revenue

Bonds

2,140

5.000

02/15/42

2,502

Cuyahoga

County

Hospital

Revenue

Bonds

2,000

5.000

02/15/57

2,315

Cuyahoga

County

Hospital

Revenue

Bonds

2,000

5.500

02/15/57

2,379

Franklin

County

Convention

Facilities

Authority

Revenue

Bonds

350

5.000

12/01/35

434

Franklin

County

Convention

Facilities

Authority

Revenue

Bonds

850

5.000

12/01/51

1,025

Northeast

Ohio

Medical

University

Revenue

Bonds

25

3.000

12/01/40

26

Northeast

Ohio

Medical

University

Revenue

Bonds

25

4.000

12/01/45

29

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(Þ)

100

3.750

01/15/28

113

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

230

3.250

09/01/29

257

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(Þ)

120

4.250

01/15/38

140

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(Þ)

1,190

4.500

01/15/48

1,403

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

1,385

5.250

12/01/43

1,595

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

2,000

5.000

11/01/44

2,311

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

500

5.000

01/15/45

619

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

300

5.000

12/01/50

353

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

3,175

5.000

11/15/45

3,778

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

(Þ)

125

4.250

12/01/50

128

Southern

Ohio

Port

Authority

Revenue

Bonds

(Þ)

275

6.500

12/01/30

324

Southern

Ohio

Port

Authority

Revenue

Bonds

(Þ)

625

7.000

12/01/42

729

State

of

Ohio

Revenue

Bonds

(Þ)

110

5.000

12/01/38

119

State

of

Ohio

Revenue

Bonds

350

3.000

01/15/45

375

State

of

Ohio

Revenue

Bonds

(Þ)

275

5.000

12/01/48

294

State

of

Ohio

Revenue

Bonds

1,940

4.000

01/15/50

2,258

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

261

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Toledo-Lucas

Port

Authority

Revenue

Bonds

925

5.000

07/01/39

998

59,276

Oklahoma

-

0.4%

Norman

Regional

Hospital

Authority

Revenue

Bonds

1,500

5.000

09/01/37

1,768

Oklahoma

Development

Finance

Authority

Revenue

Bonds

2,040

5.000

08/01/47

204

Oklahoma

Development

Finance

Authority

Revenue

Bonds

(µ)

500

4.000

08/15/52

559

Oklahoma

Development

Finance

Authority

Revenue

Bonds

660

5.250

08/01/57

66

Oklahoma

Development

Finance

Authority

Revenue

Bonds

500

5.500

08/15/57

620

Tulsa

Airports

Improvement

Trust

Revenue

Bonds

(~)(ae)(Ê)

1,305

5.000

06/01/35

1,476

Tulsa

County

Industrial

Authority

Revenue

Bonds

1,000

5.250

11/15/37

1,170

5,863

Oregon

-

0.6%

Astoria

Hospital

Facilities

Authority

Revenue

Bonds

740

5.000

08/01/41

873

Clackamas

County

Hospital

Facility

Authority

Revenue

Bonds

500

5.125

11/15/40

559

Clackamas

County

Hospital

Facility

Authority

Revenue

Bonds

25

5.375

11/15/55

28

Medford

Hospital

Facilities

Authority

Revenue

Bonds

(µ)

275

4.000

08/15/45

328

Medford

Hospital

Facilities

Authority

Revenue

Bonds

100

5.000

08/15/45

129

Medford

Hospital

Facilities

Authority

Revenue

Bonds

215

4.000

08/15/50

253

Medford

Hospital

Facilities

Authority

Revenue

Bonds

810

5.000

08/15/50

1,041

Oregon

State

Facilities

Authority

Revenue

Bonds

(Þ)

1,000

5.000

10/01/36

1,090

Oregon

State

Facilities

Authority

Revenue

Bonds

2,500

5.000

04/01/45

2,863

Oregon

State

Facilities

Authority

Revenue

Bonds

(ae)

500

5.000

10/01/46

582

Oregon

State

Facilities

Authority

Revenue

Bonds

(Þ)

1,000

5.000

10/01/48

1,084

Oregon

State

Facilities

Authority

Revenue

Bonds

300

4.000

10/01/51

352

Yamhill

County

Hospital

Authority

Revenue

Bonds

100

5.000

11/15/46

118

9,300

Pennsylvania

-

4.9%

Allegheny

County

Hospital

Development

Authority

Revenue

Bonds

1,865

4.000

04/01/44

2,131

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

250

4.875

11/01/24

272

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

150

5.125

05/01/30

183

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

815

5.000

05/01/28

987

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

500

5.000

05/01/32

591

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

1,000

5.000

05/01/33

1,205

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

3

,500

5.000

05/01/42

4,087

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

1

,

0

00

5.000

05/01/42

1,027

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

490

6.000

05/01/42

622

Berks

County

Industrial

Development

Authority

Revenue

Bonds

50

5.000

11/01/29

57

Berks

County

Industrial

Development

Authority

Revenue

Bonds

110

5.000

11/01/30

125

Berks

County

Industrial

Development

Authority

Revenue

Bonds

75

5.000

11/01/34

84

Berks

County

Industrial

Development

Authority

Revenue

Bonds

375

4.000

11/01/47

383

Berks

County

Industrial

Development

Authority

Revenue

Bonds

750

5.000

11/01/47

830

Berks

County

Municipal

Authority

Revenue

Bonds

300

5.000

11/01/44

305

Berks

County

Municipal

Authority

Revenue

Bonds

1,225

5.000

10/01/49

1,387

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

100

5.000

10/01/37

114

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

250

4.000

07/01/46

288

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

400

4.000

07/01/51

458

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

2,245

5.000

07/01/54

2,787

Chester

County

Health

&

Education

Facilities

Authority

Revenue

Bonds

795

5.000

11/01/24

812

Chester

County

Health

&

Education

Facilities

Authority

Revenue

Bonds

625

5.000

11/01/25

639

Chester

County

Health

&

Education

Facilities

Authority

Revenue

Bonds

1,985

5.000

11/01/37

1,927

Chester

County

Industrial

Development

Authority

Revenue

Bonds

600

4.000

12/01/46

721

Chester

County

Industrial

Development

Authority

Revenue

Bonds

455

4.000

12/01/51

545

Chester

County

Industrial

Development

Authority

Revenue

Bonds

1,255

5.000

12/15/51

1,420

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(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

$

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

2,065

5.000

09/15/33

2,282

City

of

Harrisburg

General

Obligation

Unlimited

(µ)

285

4.697

09/15/22

273

City

of

Philadelphia

Airport

Revenue

Bonds

1,000

5.000

07/01/51

1,281

City

of

Philadelphia

General

Obligation

Unlimited

(~)(Ê)

3,025

0.140

08/01/31

3,025

City

of

Scranton

General

Obligation

Unlimited

(Þ)

1,275

5.000

09/01/28

1,473

Clairton

Municipal

Authority

Revenue

Bonds

240

5.000

12/01/42

251

Commonwealth

Financing

Authority

Revenue

Bonds

100

5.000

06/01/34

124

Commonwealth

Financing

Authority

Revenue

Bonds

185

5.000

06/01/35

229

Commonwealth

Financing

Authority

Revenue

Bonds

(µ)

1,525

4.000

06/01/39

1,766

Dauphin

County

General

Authority

Revenue

Bonds

(Þ)

850

5.875

10/15/40

1,051

Dauphin

County

General

Authority

Revenue

Bonds

(Þ)

1,000

5.125

10/15/41

1,142

Dauphin

County

General

Authority

Revenue

Bonds

(Þ)

2,100

6.250

10/15/53

2,610

Doylestown

Hospital

Authority

Revenue

Bonds

315

3.950

07/01/24

318

East

Hempfield

Township

Industrial

Development

Authority

Revenue

Bonds

600

5.000

07/01/45

655

Franklin

County

Industrial

Development

Authority

Revenue

Bonds

100

5.000

12/01/43

109

Franklin

County

Industrial

Development

Authority

Revenue

Bonds

100

5.000

12/01/48

108

Franklin

County

Industrial

Development

Authority

Revenue

Bonds

510

5.000

12/01/49

552

Franklin

County

Industrial

Development

Authority

Revenue

Bonds

150

5.000

12/01/53

162

Geisinger

Authority

Revenue

Bonds

(USD

3

Month

LIBOR

+

0.770%)(Ê)

100

1.230

05/01/37

97

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

75

4.000

06/01/44

87

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

125

5.000

06/01/44

158

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

(Þ)

1,765

6.500

07/15/48

2,127

Hospitals

&

Higher

Education

Facilities

Authority

of

Philadelphia

Revenue

Bonds

500

5.000

07/01/28

604

Hospitals

&

Higher

Education

Facilities

Authority

of

Philadelphia

Revenue

Bonds

500

5.000

07/01/33

593

Hospitals

&

Higher

Education

Facilities

Authority

of

Philadelphia

Revenue

Bonds

100

5.625

07/01/42

104

Huntingdon

County

General

Authority

Revenue

Bonds

1,000

5.000

05/01/46

1,132

Lancaster

County

Hospital

Authority

Revenue

Bonds

1,000

5.250

07/01/41

1,156

Latrobe

Industrial

Development

Authority

Revenue

Bonds

1,375

5.000

05/01/43

1,445

Latrobe

Industrial

Development

Authority

Revenue

Bonds

125

4.000

03/01/46

138

Latrobe

Industrial

Development

Authority

Revenue

Bonds

125

4.000

03/01/51

137

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

Bonds

1,500

5.000

12/01/37

1,701

Montgomery

County

Industrial

Development

Authority

Revenue

Bonds

1,530

5.000

11/15/36

1,809

Montgomery

County

Industrial

Development

Authority

Revenue

Bonds

135

5.000

11/15/45

165

Montgomery

County

Industrial

Development

Authority

Revenue

Bonds

1,700

5.250

01/15/46

1,925

Northampton

County

General

Purpose

Authority

Revenue

Bonds

1,000

5.000

10/01/36

1,163

Northeastern

Pennsylvania

Hospital

&

Education

Authority

Revenue

Bonds

55

5.000

05/01/44

66

Northeastern

Pennsylvania

Hospital

&

Education

Authority

Revenue

Bonds

75

5.000

05/01/49

89

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

(Þ)

153

5.750

06/01/36

153

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

1,050

4.000

07/01/41

1,193

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

1,250

5.000

06/30/42

1,454

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

1,500

0.200

08/01/45

1,500

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

150

4.000

07/01/46

169

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

365

6.250

09/01/33

400

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

950

5.500

07/15/43

1,048

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,500

4.000

05/01/50

1,774

Pennsylvania

Turnpike

Commission

Revenue

Bonds

1,250

5.000

12/01/40

1,456

Pennsylvania

Turnpike

Commission

Revenue

Bonds

2,140

5.250

12/01/44

2,775

Pennsylvania

Turnpike

Commission

Revenue

Bonds

1,000

5.250

06/01/47

1,234

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

900

5.000

06/15/40

1,071

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

20

0

5.000

06/15/50

235

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

15

0

5.000

06/15/50

165

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

100

5.000

08/01/50

122

Scranton

Redevelopment

Authority

Revenue

Bonds

100

5.000

11/15/28

103

Scranton

School

District

General

Obligation

Limited.

(µ)

2,025

4.250

06/01/37

2,242

Susquehanna

Area

Regional

Airport

Authority

Revenue

Bonds

200

5.000

01/01/38

236

Washington

County

Redevelopment

Authority

Tax

Allocation

265

5.000

07/01/28

290

West

Cornwall

Township

Municipal

Authority

Revenue

Bonds

365

4.000

11/15/36

432

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(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

$

West

Cornwall

Township

Municipal

Authority

Revenue

Bonds

370

4.000

11/15/41

434

West

Cornwall

Township

Municipal

Authority

Revenue

Bonds

525

4.000

11/15/46

610

Westmoreland

County

Industrial

Development

Authority

Revenue

Bonds

80

4.000

07/01/37

96

75,286

Puerto

Rico

-

7.5%

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited(Ø)

185

3.500

07/01/17

173

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited(Ø)

1,250

4.000

07/01/21

1,093

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited(Ø)

110

5.000

07/01/21

104

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited(Ø)

120

5.000

07/01/24

114

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

80

5.250

07/01/25

75

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited(Ø)

1,000

5.000

07/01/27

949

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

775

6.000

07/01/29

741

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

(µ)

100

5.000

07/01/31

103

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

130

5.125

07/01/31

123

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited(Ø)

1,970

6.000

07/01/32

1,817

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,000

5.000

07/01/33

950

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited(Ø)

210

5.250

07/01/34

201

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

235

5.000

07/01/35

223

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

6,245

8.000

07/01/35

5,324

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited(Ø)

725

5.875

07/01/36

687

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited(Ø)

3,580

5.250

07/01/37

3,405

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited(Ø)

385

6.000

07/01/38

370

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited(Ø)

225

6.000

07/01/40

206

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited(Ø)

1,050

5.000

07/01/41

904

GDB

Debt

Recovery

Authority

of

Puerto

Rico

Revenue

Bonds

9,339

7.500

08/20/40

8,733

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

30

4.250

07/01/25

31

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

20

5.000

07/01/30

21

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

110

5.000

07/01/33

115

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

2,000

5.000

07/01/35

2,470

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

750

5.125

07/01/37

783

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

6,735

5.250

07/01/42

7,040

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

1,250

5.000

07/01/47

1,510

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

200

6.000

07/01/47

210

Puerto

Rico

Convention

Center

District

Authority

Revenue

Bonds

(µ)

2,100

5.000

07/01/31

2,151

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(µ)

565

5.000

07/01/22

573

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds(Ø)

775

4.750

07/01/26

756

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

1,685

5.250

07/01/27

1,656

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

2,275

5.000

07/01/28

2,227

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

5,000

5.250

07/01/28

4,912

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(USD

3

Month

LIBOR

+

0.520%)(µ)(Ê)

2,865

1.480

07/01/29

2,670

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

3,520

5.000

07/01/32

3,444

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(µ)

100

5.250

07/01/32

108

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(µ)

355

4.750

07/01/33

361

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

425

5.250

07/01/40

418

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

1,000

7.000

07/01/43

1,009

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

650

5.250

07/01/49

634

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

100

5.000

07/01/24

53

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

200

5.500

07/01/24

106

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

50

5.000

07/01/25

27

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

50

5.000

07/01/26

27

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(µ)

345

5.500

07/01/26

196

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

100

5.000

07/01/27

53

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

420

5.000

07/01/28

379

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(µ)

140

5.500

07/01/29

165

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

575

5.000

07/01/30

305

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(µ)

515

5.250

07/01/31

562

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(µ)

10

5.500

07/01/31

12

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(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

$

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds(Ø)

205

5.000

07/01/32

109

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(µ)

25

5.250

07/01/32

28

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(Ø)

(µ)

525

5.250

07/01/33

590

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(µ)

270

5.250

07/01/34

302

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(µ)

65

5.250

07/01/35

71

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(µ)

1,690

5.250

07/01/36

1,903

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

175

5.000

07/01/37

93

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(µ)

160

4.750

07/01/38

163

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(µ)

4,510

5.250

07/01/38

4,904

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(µ)

760

5.250

07/01/41

871

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

230

5.000

07/01/42

122

Puerto

Rico

Infrastructure

Financing

Authority

Revenue

Bonds

(µ)

335

5.500

07/01/25

362

Puerto

Rico

Infrastructure

Financing

Authority

Revenue

Bonds

(µ)

55

5.620

07/01/28

42

Puerto

Rico

Infrastructure

Financing

Authority

Revenue

Bonds

(µ)

310

5.620

07/01/29

228

Puerto

Rico

Infrastructure

Financing

Authority

Revenue

Bonds

(µ)

730

6.302

07/01/35

403

Puerto

Rico

Infrastructure

Financing

Authority

Revenue

Bonds

1,000

5.000

07/01/37

1,036

Puerto

Rico

Infrastructure

Financing

Authority

Revenue

Bonds

(µ)

160

5.601

07/01/37

80

Puerto

Rico

Public

Buildings

Authority

Revenue

Bonds(Ø)

110

5.750

07/01/17

117

Puerto

Rico

Public

Buildings

Authority

Revenue

Bonds(Ø)

300

5.750

07/01/18

319

Puerto

Rico

Public

Buildings

Authority

Revenue

Bonds(Ø)

370

5.250

07/01/25

390

Puerto

Rico

Public

Buildings

Authority

Revenue

Bonds

1,095

5.000

07/01/32

1,142

Puerto

Rico

Public

Buildings

Authority

Revenue

Bonds

2,450

5.250

07/01/33

2,554

Puerto

Rico

Public

Buildings

Authority

Revenue

Bonds

1,000

5.500

07/01/37

1,049

Puerto

Rico

Public

Buildings

Authority

Revenue

Bonds

2,005

5.250

07/01/42

1,945

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

93

3.941

07/01/24

90

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

475

5.250

08/01/24

472

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

394

4.030

07/01/27

361

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

273

3.071

07/01/29

238

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

249

4.491

07/01/31

201

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

585

3.450

07/01/33

439

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

220

4.500

07/01/34

244

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

8,023

4.329

07/01/40

9,119

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

221

4.550

07/01/40

254

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

4,876

5.709

07/01/46

1,634

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

8,659

5.772

07/01/51

2,097

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

32

4.536

07/01/53

36

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

1,665

4.750

07/01/53

1,910

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

674

4.784

07/01/58

777

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

14,848

5.000

07/01/58

17,315

115,289

Rhode

Island

-

0.2%

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

3,450

6.959

06/01/52

568

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

12,000

8.861

06/01/52

1,869

2,437

South

Carolina

-

0.6%

Berkeley

County

Special

Assessment

500

4.000

11/01/30

577

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

100

8.750

07/01/25

100

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

135

5.000

11/15/47

157

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

1,465

5.250

11/15/52

1,616

South

Carolina

Public

Service

Authority

Revenue

Bonds

2,865

5.000

12/01/39

3,267

South

Carolina

Public

Service

Authority

Revenue

Bonds

1,350

5.000

12/01/46

1,540

South

Carolina

Public

Service

Authority

Revenue

Bonds

250

5.250

12/01/55

296

South

Carolina

Transportation

Infrastructure

Bank

Revenue

Bonds

1,800

2.250

10/01/32

1,849

South

Carolina

Transportation

Infrastructure

Bank

Revenue

Bonds

(ae)

125

5.250

07/01/55

149

9,551

South

Dakota

-

0.2%

County

of

Lincoln

Revenue

Bonds

1,940

4.000

08/01/41

2,234

County

of

Lincoln

Revenue

Bonds

75

4.000

08/01/56

84

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(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

$

County

of

Lincoln

Revenue

Bonds

100

4.000

08/01/61

112

2,430

Tennessee

-

0.5%

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

335

4.000

08/01/44

391

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

100

5.000

08/01/49

125

Chattanooga-Hamilton

County

Hospital

Authority

Revenue

Bonds

2,000

5.000

10/01/44

2,243

City

of

Clarksville

Water

Sewer

&

Gas

Revenue

Bonds

900

4.000

02/01/51

1,076

Greenville

Health

&

Educational

Facilities

Board

Revenue

Bonds

275

4.000

07/01/40

319

Johnson

City

Health

&

Educational

Facilities

Board

Revenue

Bonds

1,000

5.000

08/15/42

1,039

Memphis-Shelby

County

Industrial

Development

Board

Tax

Allocation

100

5.625

01/01/46

98

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

20

5.000

10/01/29

25

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

35

5.000

10/01/39

44

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

100

5.000

07/01/40

120

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

1,000

5.000

10/01/41

1,159

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

100

5.000

07/01/46

119

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

50

5.000

10/01/48

62

6,820

Texas

-

5.7%

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

25

4.000

08/15/36

28

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

50

4.000

08/15/41

55

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

50

4.000

08/15/46

55

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

520

3.000

08/15/49

559

Austin

Convention

Enterprises,

Inc.

Revenue

Bonds

100

5.000

01/01/29

116

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

750

5.000

07/15/37

832

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

600

5.000

07/15/42

662

Board

of

Managers

Joint

Guadalupe

County-City

of

Seguin

Hospital

Revenue

Bonds

50

5.250

12/01/35

56

Board

of

Managers

Joint

Guadalupe

County-City

of

Seguin

Hospital

Revenue

Bonds

65

5.000

12/01/40

71

Board

of

Managers

Joint

Guadalupe

County-City

of

Seguin

Hospital

Revenue

Bonds

50

5.000

12/01/45

54

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,000

3.625

07/01/26

1,035

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,000

6.500

07/01/26

1,022

Cedar

Bayou

Navigation

District

Special

Assessment

(Þ)

585

6.000

09/15/51

636

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,000

4.000

01/01/41

1,107

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

275

5.000

01/01/45

336

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

100

5.000

01/01/46

117

Central

Texas

Turnpike

System

Revenue

Bonds

3,000

5.000

08/15/42

3,334

City

of

Anna

Special

Assessment

(Þ)

136

4.250

09/15/51

136

City

of

Anna

Special

Assessment

(Þ)

504

5.000

09/15/51

504

City

of

Aubrey

Revenue

Bonds

650

7.250

09/01/45

699

City

of

Austin

Water

Utility

Improvement

District

Special

Assessment

Revenue

Bonds

(Þ)

330

5.125

11/01/33

366

City

of

Celina

Special

Assessment

(µ)

190

4.000

09/01/30

212

City

of

Celina

Special

Assessment

(µ)

1,020

3.000

09/01/35

1,048

City

of

Celina

Special

Assessment

(Þ)

165

4.125

09/01/39

180

City

of

Celina

Special

Assessment

(µ)

2,025

2.625

09/01/40

1,991

City

of

Celina

Special

Assessment

50

6.250

09/01/45

53

City

of

Celina

Special

Assessment

100

7.500

09/01/45

108

City

of

Celina

Special

Assessment

845

4.375

09/01/49

896

City

of

Crandall

Special

Assessment

(Þ)

100

4.250

09/15/41

100

City

of

Crandall

Special

Assessment

(Þ)

100

5.000

09/15/41

100

City

of

Crandall

Special

Assessment

(Þ)

100

4.500

09/15/51

101

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

266

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Crandall

Special

Assessment

(Þ)

100

5.250

09/15/51

101

City

of

Fort

Worth

Special

Assessment

Revenue

Bonds

(Þ)

150

5.000

09/01/32

160

City

of

Hackberry

Special

Assessment

Contract

Revenue

Bonds

85

4.500

09/01/32

99

City

of

Hackberry

Special

Assessment

Contract

Revenue

Bonds

620

4.500

09/01/38

705

City

of

Hackberry

Special

Assessment

Contract

Revenue

Bonds

100

5.000

09/01/44

113

City

of

Hackberry

Special

Assessment

Contract

Revenue

Bonds

145

5.000

09/01/47

163

City

of

Haslet

Special

Assessment

(Þ)

200

4.375

09/01/49

220

City

of

Houston

Airport

Facilities

Revenue

Bonds

2,400

5.000

07/15/35

2,673

City

of

Houston

Airport

System

Revenue

Bonds

295

5.000

07/01/27

353

City

of

Houston

Airport

System

Revenue

Bonds

740

5.000

07/15/27

886

City

of

Houston

Airport

System

Revenue

Bonds

3,095

5.000

07/15/28

3,770

City

of

Houston

Airport

System

Revenue

Bonds

500

5.000

07/01/29

551

City

of

Houston

Airport

System

Revenue

Bonds

1,000

5.000

07/15/30

1,128

City

of

Houston

Airport

System

Revenue

Bonds

275

4.000

07/01/47

322

City

of

Hutto

Special

Assessment

(Þ)

146

4.000

09/01/56

150

City

of

Justin

Special

Assessment

Revenue

Bonds

(Þ)

270

5.500

09/01/47

308

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

100

4.625

09/01/39

113

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

100

4.750

09/01/44

112

City

of

Lago

Vista

Special

Assessment

55

3.750

09/01/42

58

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

100

4.250

09/15/39

110

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

200

4.500

09/15/49

220

City

of

Manor

Special

Assessment

(Þ)

100

4.000

09/15/51

104

City

of

Manor

Special

Assessment

(Þ)

100

4.375

09/15/51

101

City

of

Manor

Special

Assessment

Revenue

Bonds

(Þ)

100

4.500

09/15/40

112

City

of

Marble

Falls

Revenue

Bonds

(Þ)

100

4.125

09/01/41

100

City

of

Marble

Falls

Revenue

Bonds

(Þ)

100

4.375

09/01/51

100

City

of

Marble

Falls

Revenue

Bonds

(Þ)

100

5.125

09/01/51

100

City

of

McLendon

-Chisholm

Special

Assessment

(µ)

100

2.500

09/15/35

100

City

of

McLendon

-Chisholm

Special

Assessment

(Þ)

35

3.625

09/15/41

36

City

of

McLendon

-Chisholm

Special

Assessment

(µ)

650

3.000

09/15/45

656

City

of

McLendon

-Chisholm

Special

Assessment

(Þ)

100

4.375

09/15/49

111

City

of

McLendon

-Chisholm

Special

Assessment

(Þ)

50

4.000

09/15/51

51

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

100

5.750

09/15/39

113

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

1,000

5.375

09/01/48

1,165

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

150

6.000

09/15/49

169

City

of

Midlothian

Special

Assessment

(Þ)

100

4.125

09/15/31

102

City

of

Midlothian

Special

Assessment

(Þ)

100

4.125

09/15/51

102

City

of

Midlothian

Special

Assessment

(Þ)

100

4.750

09/15/51

103

City

of

Oak

Point

Special

Assessment

(Þ)

650

3.125

09/01/41

649

City

of

Oak

Point

Special

Assessment

Revenue

Bonds

(Þ)

100

4.125

09/01/48

106

City

of

Oak

Point

Special

Assessment

Revenue

Bonds

(Þ)

100

4.500

09/01/48

107

City

of

Princeton

Special

Assessment

(Þ)

300

4.500

09/01/39

331

City

of

Princeton

Special

Assessment

(Þ)

100

5.500

09/01/39

115

City

of

Princeton

Special

Assessment

(Þ)

225

3.750

09/01/40

243

City

of

Princeton

Special

Assessment

(Þ)

125

3.875

09/01/40

134

City

of

Princeton

Special

Assessment

(Þ)

130

4.875

09/01/48

146

City

of

Princeton

Special

Assessment

(Þ)

35

4.375

09/01/49

39

City

of

Princeton

Special

Assessment

(Þ)

100

4.750

09/01/49

110

City

of

Princeton

Special

Assessment

(Þ)

100

5.750

09/01/49

114

City

of

Princeton

Special

Assessment

(Þ)

325

4.000

09/01/50

353

City

of

Princeton

Special

Assessment

(Þ)

161

4.125

09/01/50

173

City

of

Princeton

Special

Assessment

(Þ)

35

4.000

09/01/51

36

City

of

Red

Oak

Special

Assessment

(Þ)

100

3.375

09/15/41

100

City

of

Red

Oak

Special

Assessment

(Þ)

100

4.000

09/15/51

103

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

100

4.375

09/15/30

106

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

125

4.125

09/15/39

136

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

100

4.125

09/15/40

107

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(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

$

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

100

4.375

09/15/49

109

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

200

4.375

09/15/50

215

City

of

Shenandoah

Special

Assessment

Revenue

Bonds

100

4.500

09/01/23

103

City

of

Shenandoah

Special

Assessment

Revenue

Bonds

140

5.700

09/01/47

162

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

500

5.000

12/01/45

560

County

of

Harris

Revenue

Bonds

(USD

3

Month

LIBOR

+

0.670%)(µ)(Ê)

1,210

0.933

08/15/35

1,202

County

of

Medina

Special

Assessment

(Þ)

100

4.750

09/01/50

102

Dallas

Area

Rapid

Transit

Tax

Allocation

515

5.000

12/01/48

606

Decatur

Hospital

Authority

Revenue

Bonds

200

5.250

09/01/44

223

Edinburg

Economic

Development

Corp.

Revenue

Bonds

(Þ)

100

4.500

08/15/35

104

Edinburg

Economic

Development

Corp.

Revenue

Bonds

(Þ)

100

5.000

08/15/44

105

Fort

Bend

County

Industrial

Development

Corp.

Revenue

Bonds

230

4.750

05/01/38

241

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

625

5.800

10/01/46

728

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

450

5.850

10/01/47

525

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

5,200

4.000

10/01/49

6,149

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

2,500

3.000

10/01/51

2,715

Harris

County-Houston

Sports

Authority

Revenue

Bonds

(µ)

725

5.337

11/15/36

328

Houston

Higher

Education

Finance

Corp.

Revenue

Bonds

65

4.000

10/01/51

73

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

350

3.000

09/01/40

375

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

30

2.500

09/01/41

30

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

785

3.000

09/01/44

831

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

50

3.000

09/01/47

53

Midlothian

Industrial

Development

Corp.

Revenue

Bonds

(~)(Ê)

300

0.100

08/01/34

300

Mission

Economic

Development

Corp.

Revenue

Bonds

1,000

0.200

01/01/26

1,000

Mission

Economic

Development

Corp.

Revenue

Bonds

(Þ)

1,150

4.625

10/01/31

1,215

Mitchell

County

Hospital

District

General

Obligation

Limited

45

5.500

02/15/40

51

Mitchell

County

Hospital

District

General

Obligation

Limited

80

5.250

02/15/45

89

Mitchell

County

Hospital

District

General

Obligation

Limited

50

4.000

02/15/51

51

Montgomery

County

Toll

Road

Authority

Revenue

Bonds

150

5.000

09/15/43

170

Montgomery

County

Toll

Road

Authority

Revenue

Bonds

200

5.000

09/15/48

226

New

Home

Independent

School

District

General

Obligation

Unlimited

300

3.000

02/15/51

327

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

55

5.000

04/01/36

66

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,000

5.000

08/15/40

1,110

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,500

4.750

04/01/46

1,671

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

100

5.000

08/15/51

115

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,100

4.000

11/01/55

1,250

North

East

Texas

Regional

Mobility

Authority

Revenue

Bonds

385

5.000

01/01/41

438

North

Texas

Tollway

Authority

Revenue

Bonds

2,250

5.000

01/01/38

2,791

North

Texas

Tollway

Authority

Revenue

Bonds

480

3.000

01/01/46

514

North

Texas

Tollway

Authority

Revenue

Bonds

2,720

3.000

01/01/51

2,898

Port

of

Beaumont

Navigation

District

of

Jefferson

County

Revenue

Bonds

(Þ)

210

6.000

01/01/25

219

Port

of

Beaumont

Navigation

District

of

Jefferson

County

Revenue

Bonds

(Þ)

250

3.625

01/01/35

259

Port

of

Beaumont

Navigation

District

of

Jefferson

County

Revenue

Bonds

(Þ)

1,570

4.000

01/01/50

1,628

Red

River

Education

Finance

Corp.

Texas

Education

Revenue

Bonds

1,255

5.500

10/01/46

1,478

San

Antonio

Convention

Hotel

Revenue

Bonds

(µ)

1,000

5.000

07/15/34

1,002

San

Antonio

Education

Facilities

Corp.

Revenue

Bonds

1,000

4.000

04/01/54

1,168

San

Antonio

Municipal

Facilities

Corp.

Revenue

Bonds

750

4.000

08/01/48

894

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

200

5.000

05/15/45

217

Texas

City

Industrial

Development

Corp.

Revenue

Bonds

770

4.125

12/01/45

845

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

III

Revenue

Bonds

175

5.000

12/15/31

237

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

III

Revenue

Bonds

130

5.000

12/15/32

179

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

100

5.000

12/31/50

113

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

100

5.000

12/31/55

113

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

8,090

5.000

06/30/58

10,040

Texas

Water

Development

Board

Revenue

Bonds

750

4.000

10/15/54

887

Town

of

Argyle

Special

Assessment

(Þ)

100

4.250

09/01/23

103

Town

of

Argyle

Special

Assessment

(Þ)

145

5.250

09/01/47

167

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

268

Tax-Exempt

High

Yield

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Town

of

Hickory

Creek

Special

Assessment

200

3.875

09/01/37

222

Town

of

Little

Elm

Special

Assessment

(Þ)

730

5.750

09/01/38

864

Town

of

Little

Elm

Special

Assessment

(Þ)

100

5.000

09/01/47

111

Uptown

Development

Authority

Tax

Allocation

105

3.000

09/01/36

113

Uptown

Development

Authority

Tax

Allocation

50

3.000

09/01/37

54

Uptown

Development

Authority

Tax

Allocation

50

3.000

09/01/39

54

Uptown

Development

Authority

Tax

Allocation

50

3.000

09/01/40

53

Viridian

Municipal

Management

District

Special

Assessment

25

3.125

12/01/35

26

Viridian

Municipal

Management

District

Special

Assessment

30

3.375

12/01/40

31

Viridian

Municipal

Management

District

Special

Assessment

385

4.750

12/01/43

413

Viridian

Municipal

Management

District

Special

Assessment

50

3.500

12/01/47

51

86,779

Utah

-

0.6%

Benloch

Ranch

Improvement

Association

No.

1

(Š)

700

9.750

12/01/39

720

City

of

Salt

Lake

City

Airport

Revenue

Bonds

925

5.000

07/01/51

1,182

Medical

School

Campus

Public

Infrastructure

District

General

Obligation

Limited

(Þ)

750

5.500

02/01/50

784

Mida

Mountain

Village

Public

Infrastructure

District

Special

Assessment

1,000

4.500

08/01/40

1,149

Mida

Mountain

Village

Public

Infrastructure

District

Special

Assessment

(Þ)

600

4.000

08/01/50

636

Red

Bridge

Public

Infrastructure

District

No.

1

General

Obligation

Limited

(Þ)

500

4.375

02/01/51

520

Salt

Lake

City

Corp.

Airport

Revenue

Bonds

1,350

5.000

07/01/47

1,622

Utah

Infrastructure

Agency

Revenue

Bonds

2,000

5.000

10/15/40

2,376

Utah

Infrastructure

Agency

Revenue

Bonds

600

4.000

10/15/41

702

9,691

Vermont

-

0.2%

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

1,050

5.000

10/01/42

1,177

Vermont

Student

Assistance

Corp.

Revenue

Bonds

1,600

4.500

06/15/45

1,698

2,875

Virgin

Islands

-

0.5%

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

360

4.000

10/01/22

357

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

340

5.000

10/01/22

339

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

1,780

5.000

10/01/25

1,784

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

180

5.000

10/01/29

180

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

1,000

5.250

10/01/29

982

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

605

6.625

10/01/29

610

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

2,120

5.000

10/01/32

2,097

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

1,290

6.750

10/01/37

1,300

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

450

5.000

10/01/39

438

8,087

Virginia

-

1.3%

County

of

Fairfax

Sewer

Revenue

Bonds

1,300

4.000

07/15/51

1,594

Farms

New

Kent

Community

Development

Authority

Special

Assessment

(Þ)

325

3.750

03/01/36

354

Farmville

Industrial

Development

Authority

Revenue

Bonds

3,300

5.000

01/01/40

4,156

Salem

Economic

Development

Authority

Revenue

Bonds

40

4.000

04/01/45

45

Salem

Economic

Development

Authority

Revenue

Bonds

50

5.000

04/01/49

61

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

1,975

5.200

06/01/46

1,976

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

2,085

6.706

06/01/46

2,219

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

125

5.000

06/01/47

126

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

2,250

7.456

06/01/47

518

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

12,175

11.642

06/01/47

2,960

Virginia

College

Building

Authority

Revenue

Bonds

100

3.000

06/01/41

106

Virginia

College

Building

Authority

Revenue

Bonds

75

4.000

06/01/46

87

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

180

5.000

01/01/40

183

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,010

5.000

01/01/44

1,029

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

475

5.000

12/31/47

576

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

25

5.000

07/01/49

25

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

2,480

5.000

12/31/52

2,987

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(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

$

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

885

5.000

12/31/56

1,065

20,067

Washington

-

1.2%

King

County

General

Obligation

Limited

(~)(Ê)

3,865

0.080

01/01/46

3,865

Port

of

Seattle

Industrial

Development

Corp.

Revenue

Bonds

460

5.000

04/01/30

493

Port

of

Seattle

Revenue

Bonds

500

5.000

08/01/46

648

Washington

Economic

Development

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.625

12/01/40

1,231

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

210

5.000

08/01/49

262

Washington

Higher

Education

Facilities

Authority

Revenue

Bonds

2,500

4.000

10/01/49

2,796

Washington

Higher

Education

Facilities

Authority

Revenue

Bonds

75

4.000

05/01/50

87

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

950

5.000

07/01/48

1,209

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

2,600

4.000

07/01/58

3,012

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

2,250

5.000

07/01/58

2,840

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

150

5.000

01/01/49

171

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

200

5.000

01/01/55

227

Whidbey

Island

Public

Hospital

District

General

Obligation

Unlimited

1,500

5.500

12/01/33

1,562

18,403

West

Virginia

-

0.2%

County

of

Ohio

Special

District

Excise

Tax

Revenue

Bonds

55

3.000

03/01/35

55

County

of

Ohio

Special

District

Excise

Tax

Revenue

Bonds

150

3.000

03/01/37

150

County

of

Ohio

Special

District

Excise

Tax

Revenue

Bonds

150

3.250

03/01/41

151

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

(Þ)

175

4.125

06/01/43

198

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

(Þ)

100

4.875

06/01/43

110

West

Virginia

Economic

Development

Authority

Revenue

Bonds

(~)(Ê)

300

4.125

07/01/45

320

West

Virginia

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

175

5.000

07/01/45

192

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

100

5.000

09/01/38

123

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

75

5.000

09/01/39

92

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

330

5.000

01/01/43

406

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

640

4.125

01/01/47

732

2,529

Wisconsin

-

1.4%

Public

Finance

Authority

Revenue

Bonds

1,000

0.200

06/01/23

1,000

Public

Finance

Authority

Revenue

Bonds

3,000

0.200

10/01/25

3,000

Public

Finance

Authority

Revenue

Bonds

(Þ)

20

4.000

06/15/29

22

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000

10/01/29

1,264

Public

Finance

Authority

Revenue

Bonds

35

4.000

07/01/30

38

Public

Finance

Authority

Revenue

Bonds

100

4.300

11/01/30

113

Public

Finance

Authority

Revenue

Bonds

675

5.000

10/01/31

810

Public

Finance

Authority

Revenue

Bonds

710

5.000

10/01/32

849

Public

Finance

Authority

Revenue

Bonds

(Þ)

65

5.000

10/01/34

80

Public

Finance

Authority

Revenue

Bonds

1,000

5.750

04/01/35

1,158

Public

Finance

Authority

Revenue

Bonds

(Þ)

630

5.250

05/15/37

699

Public

Finance

Authority

Revenue

Bonds

1,595

5.000

06/01/39

1,939

Public

Finance

Authority

Revenue

Bonds

(Þ)

525

5.000

06/15/39

583

Public

Finance

Authority

Revenue

Bonds

(Þ)

150

5.000

10/01/39

183

Public

Finance

Authority

Revenue

Bonds

50

5.000

07/01/40

57

Public

Finance

Authority

Revenue

Bonds

(Þ)

750

5.250

05/15/42

830

Public

Finance

Authority

Revenue

Bonds

500

5.000

07/01/42

517

Public

Finance

Authority

Revenue

Bonds

(µ)

100

5.000

07/01/44

122

Public

Finance

Authority

Revenue

Bonds

75

4.000

01/01/45

87

Public

Finance

Authority

Revenue

Bonds

(Þ)

200

5.250

03/01/45

235

Public

Finance

Authority

Revenue

Bonds

(Þ)

835

6.500

06/01/45

813

Public

Finance

Authority

Revenue

Bonds

(µ)

40

4.000

07/01/45

46

Public

Finance

Authority

Revenue

Bonds

725

5.350

12/01/45

872

Public

Finance

Authority

Revenue

Bonds

340

5.250

07/01/47

378

Public

Finance

Authority

Revenue

Bonds

(Þ)

25

5.000

06/15/49

27

Public

Finance

Authority

Revenue

Bonds

(µ)

150

4.125

07/01/49

172

Public

Finance

Authority

Revenue

Bonds

100

3.000

01/01/50

107

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(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

$

Public

Finance

Authority

Revenue

Bonds

(Þ)

875

5.625

06/01/50

877

Public

Finance

Authority

Revenue

Bonds

(µ)

50

4.000

07/01/50

57

Public

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

06/01/51

111

Public

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

06/15/54

113

Public

Finance

Authority

Revenue

Bonds

(µ)

100

5.000

07/01/54

121

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.875

10/01/54

1,071

Public

Finance

Authority

Revenue

Bonds

(Þ)

450

5.250

03/01/55

525

Public

Finance

Authority

Revenue

Bonds

(µ)

65

4.000

07/01/55

74

Public

Finance

Authority

Revenue

Bonds

125

5.000

07/01/55

140

Public

Finance

Authority

Revenue

Bonds

(Þ)

350

5.000

12/01/55

398

Public

Finance

Authority

Revenue

Bonds

(µ)

100

5.000

07/01/58

121

Public

Finance

Authority

Revenue

Bonds

(µ)

80

4.000

07/01/59

91

Public

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

06/01/61

110

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

20

4.000

03/15/40

23

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,235

5.000

03/15/50

1,529

21,362

Wyoming

-

0.1%

County

of

Campbell

Wastewater

Facilities

Revenue

Bonds

1,000

3.625

07/15/39

1,087

Total

Municipal

Bonds

(cost

$1,354,182)

1,489,661

Short-Term

Investments

-

2.9%

U.S.

Cash

Management

Fund

(@)

44,937,639

(∞)

44,929

Total

Short-Term

Investments

(cost

$44,929)

44,929

Total

Investments

-

100.2%

(identified

cost

$1,399,111)

1,534,590

Other

Assets

and

Liabilities,

Net

-

(0.2)%

(2,566)

Net

Assets

-

100.0%

1,532,024

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

271

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

$

$

$

12.9%

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

06/29/17

3,500,000

103

.78

3,611

4,087

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

08/18/17

500,000

107

.55

538

591

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

04/19/18

1,000,000

106

.81

1,068

1,205

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

12/19/18

815,000

100

.71

821

987

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

01/21/21

490,000

100

.00

490

622

American

Samoa

Economic

Development

Authority

Revenue

Bonds

06/16/21

125,000

100

.00

125

127

American

Samoa

Economic

Development

Authority

Revenue

Bonds

06/16/21

100,000

123

.06

123

126

Arizona

Industrial

Development

Authority

Revenue

Bonds

09/08/17

1,500,000

108

.20

1,623

1,864

Arizona

Industrial

Development

Authority

Revenue

Bonds

08/28/20

500,000

98

.13

491

601

Arizona

Industrial

Development

Authority

Revenue

Bonds

10/08/20

700,000

106

.17

743

806

Arizona

Industrial

Development

Authority

Revenue

Bonds

10/09/20

920,000

106

.72

982

1,080

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/15/21

50,000

105

.80

53

55

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/15/21

25,000

107

.32

27

28

Arkansas

Development

Finance

Authority

Revenue

Bonds

09/09/20

3,500,000

102

.53

3,590

4,021

Arkansas

Development

Finance

Authority

Revenue

Bonds

12/08/20

1,000,000

107

.62

1,076

1,119

Artisan

Lakes

East

Community

Development

District

Special

Assessment

06/17/21

220,000

100

.00

220

221

Artisan

Lakes

East

Community

Development

District

Special

Assessment

06/17/21

945,000

100

.00

945

951

Artisan

Lakes

East

Community

Development

District

Special

Assessment

06/17/21

905,000

105

.73

957

965

Artisan

Lakes

East

Community

Development

District

Special

Assessment

06/17/21

550,000

105

.73

582

586

Artisan

Lakes

East

Community

Development

District

Special

Assessment

06/17/21

250,000

99

.66

249

251

Astonia

Community

Development

District

Special

Assessment

07/09/21

1,100,000

100

.00

1,100

1,100

Astonia

Community

Development

District

Special

Assessment

07/09/21

75,000

104

.95

79

79

Astonia

Community

Development

District

Special

Assessment

07/09/21

50,000

104

.95

52

52

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

04/30/19

100,000

100

.00

100

110

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

04/30/19

100,000

100

.00

100

111

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

06/09/21

1,365,000

100

.00

1,365

1,377

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

06/09/21

120,000

104

.98

126

127

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Revenue

Bonds

12/14/18

1,070,000

99

.41

1,064

1,243

Baltimore

Research

Park

Project

Tax

Allocation

10/03/19

100,000

100

.00

100

106

Baltimore

Research

Park

Project

Tax

Allocation

10/03/19

100,000

100

.15

100

105

Beaumont

Community

Development

District

Special

Assessment

01/25/19

185,000

100

.00

185

207

Bent

Creek

Community

Development

District

Special

Assessment

07/16/21

160,000

105

.51

169

169

Bent

Grass

Metropolitan

District

General

Obligation

Limited

06/24/20

500,000

100

.00

500

550

Brookstone

Community

Development

District

Special

Assessment

01/23/18

65,000

100

.00

65

66

Build

NYC

Resource

Corp.

Revenue

Bonds

01/14/21

250,000

109

.63

274

289

Build

NYC

Resource

Corp.

Revenue

Bonds

04/08/21

100,000

111

.17

111

115

Build

NYC

Resource

Corp.

Revenue

Bonds

07/22/21

100,000

100

.00

100

102

Build

NYC

Resource

Corp.

Revenue

Bonds

07/22/21

350,000

118

.58

415

422

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

07/20/21

1,000,000

100

.00

1,000

1,035

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

07/20/21

1,000,000

100

.00

1,000

1,022

California

Community

Housing

Agency

Revenue

Bonds

07/24/20

1,000,000

111

.23

1,112

1,174

California

Community

Housing

Agency

Revenue

Bonds

03/25/21

2,400,000

107

.84

2,586

2,738

California

Community

Housing

Agency

Revenue

Bonds

07/14/21

1,600,000

102

.17

1,635

1,667

California

Enterprise

Development

Authority

Revenue

Bonds

06/18/21

250,000

111

.33

278

281

California

Health

Facilities

Financing

Authority

Revenue

Bonds

05/27/21

250,000

108

.99

272

301

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

08/13/20

835,000

100

.38

838

948

California

Municipal

Finance

Authority

Revenue

Bonds

07/01/15

1,000,000

99

.46

995

1,163

California

Municipal

Finance

Authority

Revenue

Bonds

11/02/16

1,500,000

102

.66

1,540

1,777

California

Municipal

Finance

Authority

Revenue

Bonds

09/14/18

1,815,000

103

.73

1,883

2,139

California

Municipal

Finance

Authority

Revenue

Bonds

06/18/20

65,000

100

.35

65

74

California

Pollution

Control

Financing

Authority

Revenue

Bonds

06/11/15

2,670,000

106

.62

2,824

2,956

California

Pollution

Control

Financing

Authority

Revenue

Bonds

01/17/19

2,520,000

97

.26

2,452

2,779

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

272

Tax-Exempt

High

Yield

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

California

Pollution

Control

Financing

Authority

Revenue

Bonds

01/17/19

450,000

98

.57

444

494

California

Pollution

Control

Financing

Authority

Revenue

Bonds

01/30/19

550,000

110

.23

606

671

California

Pollution

Control

Financing

Authority

Revenue

Bonds

10/30/20

550,000

100

.00

550

550

California

Public

Finance

Authority

Revenue

Bonds

01/26/21

600,000

113

.58

681

699

California

School

Finance

Authority

Revenue

Bonds

12/10/15

500,000

107

.10

535

570

California

School

Finance

Authority

Revenue

Bonds

06/21/17

1,000,000

106

.58

1,066

1,166

California

School

Finance

Authority

Revenue

Bonds

09/11/20

200,000

110

.84

222

240

California

School

Finance

Authority

Revenue

Bonds

10/22/20

600,000

104

.17

625

654

California

School

Finance

Authority

Revenue

Bonds

10/30/20

150,000

105

.32

158

171

California

School

Finance

Authority

Revenue

Bonds

04/19/21

100,000

109

.43

109

113

California

School

Finance

Authority

Revenue

Bonds

04/29/21

1,100,000

111

.18

1,223

1,247

California

School

Finance

Authority

Revenue

Bonds

07/21/21

100,000

115

.80

116

115

California

School

Finance

Authority

Revenue

Bonds

07/22/21

465,000

115

.21

536

535

California

Statewide

Communities

Development

Authority

Revenue

Bonds

12/28/16

2,600,000

102

.97

2,677

2,932

California

Statewide

Communities

Development

Authority

Revenue

Bonds

09/22/17

200,000

107

.22

214

243

California

Statewide

Communities

Development

Authority

Revenue

Bonds

11/01/17

2,500,000

107

.05

2,676

2,832

California

Statewide

Communities

Development

Authority

Revenue

Bonds

02/28/18

500,000

106

.65

533

526

California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/08/18

1,000,000

107

.64

1,076

1,196

California

Statewide

Communities

Development

Authority

Revenue

Bonds

01/16/19

250,000

104

.32

261

273

California

Statewide

Communities

Development

Authority

Revenue

Bonds

01/16/19

200,000

105

.31

211

222

California

Statewide

Communities

Development

Authority

Revenue

Bonds

05/15/19

100,000

110

.94

111

120

Capital

Trust

Agency,

Inc.

Revenue

Bonds

09/13/18

3,680,000

99

.25

3,653

4,334

Capital

Trust

Agency,

Inc.

Revenue

Bonds

01/24/20

1,255,000

106

.37

1,335

1,496

Capital

Trust

Agency,

Inc.

Revenue

Bonds

07/17/20

2,000,000

100

.00

2,000

2,310

Capital

Trust

Agency,

Inc.

Revenue

Bonds

06/18/21

325,000

111

.39

362

379

Cedar

Bayou

Navigation

District

Special

Assessment

11/05/20

585,000

100

.00

585

636

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

402

Chapel

Creek

Community

Development

District

Special

Assessment

05/27/21

45,000

100

.00

45

46

Chapel

Creek

Community

Development

District

Special

Assessment

05/27/21

70,000

103

.71

73

74

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

12/09/15

250,000

98

.98

247

275

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

05/31/19

350,000

104

.16

365

391

Chicago

Board

of

Education

General

Obligation

Unlimited

07/11/17

1,500,000

92

.76

1,391

1,995

Chicago

Board

of

Education

General

Obligation

Unlimited

07/11/17

2,000,000

94

.20

1,884

2,674

City

&

County

of

San

Francisco

Special

Tax

District

No.

2020-1

Special

Tax

05/07/21

100,000

111

.16

111

115

City

of

Anna

Special

Assessment

07/28/21

136,000

100

.00

136

136

City

of

Anna

Special

Assessment

07/28/21

504,000

100

.00

504

504

City

of

Austin

Water

Utility

Improvement

District

Special

Assessment

Revenue

Bonds

12/14/18

330,000

100

.00

330

366

City

of

Celina

Special

Assessment

09/11/19

165,000

100

.00

165

180

City

of

Crandall

Special

Assessment

06/08/21

100,000

100

.00

100

101

City

of

Crandall

Special

Assessment

06/08/21

100,000

100

.00

100

101

City

of

Crandall

Special

Assessment

06/08/21

100,000

99

.19

99

100

City

of

Crandall

Special

Assessment

06/08/21

100,000

99

.24

99

100

City

of

Fort

Worth

Special

Assessment

Revenue

Bonds

08/16/17

150,000

100

.00

150

160

City

of

Haslet

Special

Assessment

07/30/20

200,000

105

.64

211

220

City

of

Hutto

Special

Assessment

04/05/21

146,000

100

.70

147

150

City

of

Justin

Special

Assessment

Revenue

Bonds

03/27/18

270,000

100

.00

270

308

City

of

Kyle

Special

Assessment

Revenue

Bonds

05/08/19

100,000

100

.00

100

112

City

of

Kyle

Special

Assessment

Revenue

Bonds

05/08/19

100,000

100

.00

100

113

City

of

Lavon

Special

Assessment

Revenue

Bonds

08/21/19

200,000

103

.09

206

220

City

of

Lavon

Special

Assessment

Revenue

Bonds

08/21/19

100,000

99

.37

99

110

City

of

Manor

Special

Assessment

05/06/21

100,000

100

.00

100

101

City

of

Manor

Special

Assessment

05/06/21

100,000

102

.54

103

104

City

of

Manor

Special

Assessment

Revenue

Bonds

12/19/19

100,000

100

.00

100

112

City

of

Marble

Falls

Revenue

Bonds

07/21/21

100,000

100

.00

100

100

City

of

Marble

Falls

Revenue

Bonds

07/21/21

100,000

100

.00

100

100

City

of

Marble

Falls

Revenue

Bonds

07/21/21

100,000

100

.00

100

100

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

273

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

City

of

McLendon

-Chisholm

Special

Assessment

06/26/20

100,000

105

.35

105

111

City

of

McLendon

-Chisholm

Special

Assessment

02/10/21

35,000

100

.00

35

36

City

of

McLendon

-Chisholm

Special

Assessment

02/10/21

50,000

101

.71

51

51

City

of

Mesquite

Special

Assessment

Revenue

Bonds

09/05/18

1,000,000

100

.00

1,000

1,165

City

of

Mesquite

Special

Assessment

Revenue

Bonds

06/04/19

150,000

100

.00

150

169

City

of

Mesquite

Special

Assessment

Revenue

Bonds

06/04/19

100,000

100

.00

100

113

City

of

Midlothian

Special

Assessment

03/24/21

100,000

100

.00

100

102

City

of

Midlothian

Special

Assessment

03/24/21

100,000

100

.00

100

103

City

of

Midlothian

Special

Assessment

03/24/21

100,000

100

.00

100

102

City

of

Minneapolis

Charter

Lease

Revenue

Bonds

12/08/17

1,400,000

102

.42

1,434

1,619

City

of

Oak

Point

Special

Assessment

07/22/21

650,000

100

.00

650

649

City

of

Oak

Point

Special

Assessment

Revenue

Bonds

07/25/18

100,000

100

.00

100

106

City

of

Oak

Point

Special

Assessment

Revenue

Bonds

07/25/18

100,000

99

.52

100

107

City

of

Phoenix

Industrial

Development

Authority

Revenue

Bonds

12/10/15

200,000

102

.01

204

225

City

of

Princeton

Special

Assessment

04/24/18

130,000

100

.00

130

146

City

of

Princeton

Special

Assessment

08/27/19

100,000

100

.00

100

110

City

of

Princeton

Special

Assessment

08/27/19

100,000

100

.00

100

115

City

of

Princeton

Special

Assessment

08/27/19

100,000

100

.00

100

114

City

of

Princeton

Special

Assessment

08/27/19

300,000

103

.70

311

331

City

of

Princeton

Special

Assessment

06/23/20

325,000

100

.00

325

353

City

of

Princeton

Special

Assessment

06/23/20

225,000

100

.00

225

243

City

of

Princeton

Special

Assessment

06/23/20

125,000

100

.00

125

134

City

of

Princeton

Special

Assessment

06/23/20

161,000

100

.00

161

173

City

of

Princeton

Special

Assessment

06/26/20

35,000

105

.11

37

39

City

of

Princeton

Special

Assessment

05/25/21

35,000

102

.95

36

36

City

of

Red

Oak

Special

Assessment

06/15/21

100,000

102

.79

103

103

City

of

Red

Oak

Special

Assessment

06/15/21

100,000

98

.91

99

100

City

of

Royse

Special

Assessment

Revenue

Bonds

08/14/19

125,000

99

.43

124

136

City

of

Royse

Special

Assessment

Revenue

Bonds

06/30/20

100,000

102

.94

103

109

City

of

Royse

Special

Assessment

Revenue

Bonds

07/15/20

200,000

100

.74

201

215

City

of

Royse

Special

Assessment

Revenue

Bonds

07/30/20

100,000

101

.15

101

106

City

of

Royse

Special

Assessment

Revenue

Bonds

07/30/20

100,000

101

.45

101

107

City

of

Scranton

General

Obligation

Unlimited

08/30/17

1,275,000

105

.67

1,347

1,473

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

12/21/20

330,000

109

.07

360

369

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

02/04/21

100,000

108

.94

109

111

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

12/18/19

1,000,000

114

.81

1,148

1,227

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

07/22/20

900,000

103

.97

944

1,008

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

07/22/20

100,000

103

.99

104

113

Corkscrew

Farms

Community

Development

District

Special

Assessment

12/13/17

60,000

100

.00

60

70

Corkscrew

Farms

Community

Development

District

Special

Assessment

12/13/17

125,000

100

.00

125

144

County

of

Frederick

Educational

Facilities

Revenue

Bonds

01/18/18

1,705,000

106

.07

1,808

1,910

County

of

Medina

Special

Assessment

03/11/21

100,000

100

.00

100

102

County

of

Prince

George's

Special

Obligation

Tax

Allocation

11/16/18

115,000

98

.86

114

130

Creekwalk

Marketplace

Business

Improvement

District

Revenue

Bonds

07/29/19

230,000

100

.00

230

259

Creekwalk

Marketplace

Business

Improvement

District

Revenue

Bonds

07/29/19

130,000

100

.00

130

137

Creekwalk

Marketplace

Business

Improvement

District

Revenue

Bonds

07/29/19

600,000

100

.00

600

675

CSCDA

Community

Improvement

Authority

Revenue

Bonds

06/04/21

1,250,000

108

.15

1,352

1,357

Dauphin

County

General

Authority

Revenue

Bonds

01/05/18

1,000,000

97

.95

980

1,142

Dauphin

County

General

Authority

Revenue

Bonds

12/21/20

850,000

100

.00

850

1,051

Dauphin

County

General

Authority

Revenue

Bonds

12/21/20

2,100,000

101

.23

2,124

2,610

Davenport

Road

South

Community

Development

District

Special

Assessment

02/06/18

100,000

98

.86

99

120

Davenport

Road

South

Community

Development

District

Special

Assessment

02/06/18

150,000

98

.91

148

180

Denver

Health

&

Hospital

Authority

Revenue

Bonds

08/23/17

300,000

108

.98

327

366

Denver

Health

&

Hospital

Authority

Revenue

Bonds

08/23/17

100,000

110

.35

110

122

Denver

Health

&

Hospital

Authority

Revenue

Bonds

08/23/17

230,000

110

.76

255

287

Denver

Health

&

Hospital

Authority

Revenue

Bonds

08/23/17

220,000

111

.09

244

275

Denver

Health

&

Hospital

Authority

Revenue

Bonds

08/23/17

200,000

98

.31

197

229

Denver

Health

&

Hospital

Authority

Revenue

Bonds

08/23/17

200,000

98

.92

198

230

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

274

Tax-Exempt

High

Yield

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Denver

Urban

Renewal

Authority

Tax

Allocation

10/11/18

745,000

99

.18

740

819

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

12/16/20

325,000

104

.78

341

402

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

12/16/20

275,000

105

.74

291

342

DW

Bayview

Community

Development

District

Special

Assessment

02/05/21

50,000

103

.62

52

53

DW

Bayview

Community

Development

District

Special

Assessment

02/05/21

75,000

99

.64

75

77

Eagle

Pointe

Community

Development

District

Special

Assessment

07/15/20

50,000

100

.00

50

54

Eagle

Pointe

Community

Development

District

Special

Assessment

07/15/20

225,000

101

.35

228

242

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

08/29/18

625,000

100

.00

625

710

Edinburg

Economic

Development

Corp.

Revenue

Bonds

04/17/19

100,000

101

.05

101

105

Edinburg

Economic

Development

Corp.

Revenue

Bonds

04/17/19

100,000

99

.89

100

104

Erie

Tobacco

Asset

Securitization

Corp

02/02/21

4,000,000

4

.68

187

217

Fairfield

Community

Facilities

District

Special

Tax

06/26/20

150,000

107

.45

161

183

Farms

New

Kent

Community

Development

Authority

Special

Assessment

06/25/21

325,000

100

.00

325

354

Florida

Development

Finance

Corp.

Revenue

Bonds

04/02/19

870,000

100

.00

870

902

Florida

Development

Finance

Corp.

Revenue

Bonds

04/02/19

115,000

100

.00

115

118

Florida

Development

Finance

Corp.

Revenue

Bonds

04/02/19

1,965,000

100

.00

1,965

2,033

Florida

Development

Finance

Corp.

Revenue

Bonds

06/20/19

685,000

113

.33

776

804

Florida

Development

Finance

Corp.

Revenue

Bonds

07/23/20

115,000

103

.73

119

129

Florida

Development

Finance

Corp.

Revenue

Bonds

08/20/20

100,000

101

.89

102

110

Florida

Development

Finance

Corp.

Revenue

Bonds

09/04/20

160,000

101

.74

163

178

Florida

Development

Finance

Corp.

Revenue

Bonds

09/04/20

100,000

103

.11

103

113

Florida

Development

Finance

Corp.

Revenue

Bonds

10/21/20

220,000

101

.19

223

261

Florida

Development

Finance

Corp.

Revenue

Bonds

10/21/20

125,000

101

.93

127

149

Florida

Development

Finance

Corp.

Revenue

Bonds

12/11/20

1,470,000

95

.76

1,408

1,623

Florida

Development

Finance

Corp.

Revenue

Bonds

06/04/21

100,000

105

.83

106

107

Florida

Development

Finance

Corp.

Revenue

Bonds

06/04/21

100,000

106

.93

107

109

Florida

Development

Finance

Corp.

Revenue

Bonds

07/23/21

100,000

100

.00

100

100

Florida

Development

Finance

Corp.

Revenue

Bonds

07/23/21

100,000

111

.82

112

112

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

06/08/18

1,350,000

104

.21

1,407

1,609

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

08/17/18

1,765,000

107

.29

1,894

2,127

Harmony

West

Community

Development

District

Special

Assessment

06/19/18

1,185,000

100

.00

1,185

1,384

Hawks

Point

Community

Development

District

Special

Assessment

Bonds

06/23/17

185,000

103

.39

191

209

Hills

Minneola

Community

Development

District

Special

Assessment

07/16/20

60,000

100

.00

60

65

Hills

Minneola

Community

Development

District

Special

Assessment

07/16/20

130,000

97

.90

127

139

Horizon

Metropolitan

District

No.

2

General

Obligation

Limited

07/28/21

500,000

100

.00

500

513

I-470

Western

Gateway

Transportation

Development

District

Revenue

Bonds

02/21/19

250,000

100

.00

250

268

Illinois

Finance

Authority

Revenue

Bonds

02/25/20

705,000

120

.21

848

872

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

125,000

111

.78

140

141

Kansas

City

Land

Clearance

Redevelopment

Authority

Tax

Allocation

01/10/18

1,500,000

100

.36

1,505

1,642

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

12/19/17

185,000

100

.00

185

205

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

12/19/17

275,000

100

.00

275

304

Kingman

Gate

Community

Development

District

Special

Assessment

03/03/21

50,000

101

.67

51

53

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

07/16/18

250,000

100

.00

250

175

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

07/16/18

1,000,000

100

.00

1,000

700

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

10/03/19

200,000

100

.00

200

219

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

10/03/19

100,000

99

.31

99

109

Lakewood

Ranch

Stewardship

District

Special

Assessment

04/26/17

100,000

98

.94

99

112

Lakewood

Ranch

Stewardship

District

Special

Assessment

04/26/17

100,000

99

.35

99

112

Lakewood

Ranch

Stewardship

District

Special

Assessment

09/03/20

100,000

98

.97

99

106

Landings

at

Miami

Community

Development

District

Special

Assessment

01/10/18

100,000

100

.00

100

109

Landings

at

Miami

Community

Development

District

Special

Assessment

01/10/18

100,000

100

.00

100

110

Lee

County

Industrial

Development

Authority

Revenue

Bonds

12/11/17

1,640,000

100

.00

1,640

1,741

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

06/10/21

250,000

97

.50

244

267

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

01/24/20

50,000

110

.06

55

58

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

01/24/20

50,000

110

.99

55

58

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/04/20

115,000

101

.64

117

130

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

275

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/04/20

115,000

101

.95

117

130

Maryland

Economic

Development

Corp.

Revenue

Bonds

06/10/21

1,400,000

100

.00

1,400

1,546

Massachusetts

Development

Finance

Agency

Revenue

Bonds

12/07/17

1,250,000

107

.02

1,338

1,372

Massachusetts

Development

Finance

Agency

Revenue

Bonds

10/31/18

100,000

100

.00

100

113

Massachusetts

Development

Finance

Agency

Revenue

Bonds

10/31/18

150,000

100

.00

150

168

Massachusetts

Development

Finance

Agency

Revenue

Bonds

07/08/21

1,300,000

110

.97

1,443

1,474

McJunkin

Parkland

Community

Development

District

Special

Assessment

11/01/18

250,000

98

.55

246

299

McJunkin

Parkland

Community

Development

District

Special

Assessment

11/01/18

200,000

99

.15

198

240

Medical

School

Campus

Public

Infrastructure

District

General

Obligation

Limited

08/19/20

750,000

100

.00

750

784

Mida

Mountain

Village

Public

Infrastructure

District

Special

Assessment

04/09/21

600,000

101

.71

610

636

Mission

Economic

Development

Corp.

Revenue

Bonds

10/30/18

1,150,000

99

.91

1,149

1,215

Mississippi

Business

Finance

Corp.

Revenue

Bonds

09/06/19

1,600,000

101

.16

1,619

1,585

Mohegan

Tribal

Finance

Authority

Revenue

Bonds

10/06/15

600,000

99

.69

598

638

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

05/27/21

100,000

100

.00

100

110

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

05/27/21

175,000

100

.00

175

198

Naples

Reserve

Community

Development

District

Special

Assessment

05/10/18

40,000

99

.43

40

45

Naples

Reserve

Community

Development

District

Special

Assessment

05/10/18

190,000

99

.63

189

215

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

08/31/17

1,100,000

103

.12

1,134

1,217

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

09/26/19

100,000

100

.00

100

109

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

08/13/20

310,000

100

.00

310

333

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

08/13/20

180,000

100

.00

180

193

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

08/21/19

100,000

110

.61

111

115

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

06/10/20

1,000,000

101

.75

1,017

1,110

New

York

Liberty

Development

Corp.

Revenue

Bonds

03/21/17

1,655,000

104

.49

1,735

1,835

New

York

State

Dormitory

Authority

Revenue

Bonds

06/16/15

400,000

103

.15

413

461

New

York

State

Dormitory

Authority

Revenue

Bonds

02/08/17

900,000

105

.68

951

1,107

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

11/16/17

120,000

100

.00

120

140

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

11/16/17

100,000

100

.00

100

113

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

11/16/17

1,190,000

101

.81

1,212

1,403

Oregon

State

Facilities

Authority

Revenue

Bonds

09/23/16

1,000,000

110

.81

1,108

1,090

Oregon

State

Facilities

Authority

Revenue

Bonds

10/10/17

1,000,000

103

.93

1,039

1,084

Parish

of

St.

James

Revenue

Bonds

05/20/20

125,000

100

.00

125

169

Parish

of

St.

James

Revenue

Bonds

05/20/20

100,000

100

.00

100

133

Parish

of

St.

James

Revenue

Bonds

05/20/20

1,000,000

100

.00

1,000

1,151

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

06/13/19

153,304

100

.00

153

153

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

200,000

111

.68

223

235

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

900,000

112

.28

1,011

1,071

Pima

County

Industrial

Development

Authority

Revenue

Bonds

05/22/20

25,000

100

.00

25

27

Pima

County

Industrial

Development

Authority

Revenue

Bonds

05/22/20

50,000

100

.00

50

54

Port

of

Beaumont

Navigation

District

of

Jefferson

County

Revenue

Bonds

01/30/20

210,000

100

.00

210

219

Port

of

Beaumont

Navigation

District

of

Jefferson

County

Revenue

Bonds

01/30/20

1,570,000

100

.93

1,592

1,628

Port

of

Beaumont

Navigation

District

of

Jefferson

County

Revenue

Bonds

01/30/20

250,000

98

.64

247

259

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

03/30/21

125,000

99

.17

124

128

Prairie

Center

Metropolitan

District

No.

3

Revenue

Bonds

10/13/17

500,000

99

.61

498

550

Prairie

Center

Metropolitan

District

No.

7

General

Obligation

Limited

07/30/20

1,425,000

100

.00

1,425

1,553

Public

Finance

Authority

Revenue

Bonds

04/07/17

750,000

103

.21

774

830

Public

Finance

Authority

Revenue

Bonds

04/07/17

630,000

103

.47

652

699

Public

Finance

Authority

Revenue

Bonds

02/21/19

525,000

101

.05

526

583

Public

Finance

Authority

Revenue

Bonds

05/01/19

20,000

100

.62

20

22

Public

Finance

Authority

Revenue

Bonds

05/01/19

100,000

101

.65

102

113

Public

Finance

Authority

Revenue

Bonds

05/01/19

25,000

101

.44

25

27

Public

Finance

Authority

Revenue

Bonds

11/27/19

1,000,000

100

.00

1,000

1,071

Public

Finance

Authority

Revenue

Bonds

12/11/19

1,000,000

114

.07

1,141

1,264

Public

Finance

Authority

Revenue

Bonds

08/10/20

150,000

107

.10

161

183

Public

Finance

Authority

Revenue

Bonds

08/28/20

450,000

105

.21

473

525

Public

Finance

Authority

Revenue

Bonds

08/28/20

200,000

105

.93

212

235

Public

Finance

Authority

Revenue

Bonds

09/16/20

65,000

106

.18

69

80

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

276

Tax-Exempt

High

Yield

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Public

Finance

Authority

Revenue

Bonds

12/03/20

350,000

109

.44

383

398

Public

Finance

Authority

Revenue

Bonds

03/26/21

835,000

94

.23

787

813

Public

Finance

Authority

Revenue

Bonds

03/26/21

875,000

98

.46

862

877

Public

Finance

Authority

Revenue

Bonds

05/28/21

100,000

108

.39

108

110

Public

Finance

Authority

Revenue

Bonds

05/28/21

100,000

109

.10

109

111

Pueblo

Urban

Renewal

Authority

Tax

Allocation

03/24/21

350,000

100

.00

350

404

Pueblo

Urban

Renewal

Authority

Tax

Allocation

03/24/21

100,000

80

.76

81

87

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

01/06/21

1,250,000

116

.64

1,458

1,510

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

01/06/21

2,000,000

118

.63

2,373

2,470

Randal

Park

Community

Development

District

Special

Assessment

Revenue

Bonds

11/30/18

895,000

100

.00

895

1,008

Randal

Park

Community

Development

District

Special

Assessment

Revenue

Bonds

11/30/18

540,000

100

.00

540

610

Red

Bridge

Public

Infrastructure

District

No.

1

General

Obligation

Limited

07/01/21

500,000

100

.00

500

520

Rockdale

County

Development

Authority

Revenue

Bonds

05/16/18

225,000

100

.49

226

258

Rolling

Oaks

Community

Development

District

Special

Assessment

10/24/18

100,000

100

.00

100

117

Rolling

Oaks

Community

Development

District

Special

Assessment

10/24/18

200,000

100

.00

200

233

Sandmine

Road

Community

Development

District

Special

Assessment

08/14/20

60,000

100

.00

60

64

Sandmine

Road

Community

Development

District

Special

Assessment

08/14/20

25,000

100

.00

25

26

Sandmine

Road

Community

Development

District

Special

Assessment

08/14/20

20,000

100

.00

20

20

Sandmine

Road

Community

Development

District

Special

Assessment

08/14/20

50,000

99

.13

50

53

Sarasota

National

Community

Development

District

Special

Assessment

03/26/21

200,000

99

.66

199

207

Sarasota

National

Community

Development

District

Special

Assessment

03/26/21

100,000

99

.72

100

103

Seminole

County

Industrial

Development

Authority

Revenue

Bonds

07/01/21

135,000

111

.40

150

152

Shell

Point

Community

Development

District

Special

Assessment

02/13/19

100,000

100

.00

100

115

Shell

Point

Community

Development

District

Special

Assessment

02/13/19

175,000

99

.63

174

201

Sherwood

Manor

Community

Development

District

Special

Assessment

09/13/18

200,000

98

.67

197

237

Southern

Ohio

Port

Authority

Revenue

Bonds

09/24/20

625,000

97

.29

608

729

Southern

Ohio

Port

Authority

Revenue

Bonds

04/08/21

275,000

113

.85

313

324

St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

07/27/17

140,000

100

.94

141

161

St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

07/27/17

230,000

101

.00

232

266

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

12/04/15

2,210,000

102

.48

2,265

2,369

State

of

Ohio

Revenue

Bonds

11/14/19

275,000

106

.40

293

294

State

of

Ohio

Revenue

Bonds

12/05/19

110,000

109

.02

120

119

Stillwater

Community

Development

District

Special

Assessment

03/17/21

50,000

100

.42

50

52

Stillwater

Community

Development

District

Special

Assessment

03/17/21

100,000

102

.93

103

106

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

11/25/20

1,000,000

100

.00

1,000

1,041

Storey

Park

Community

Development

District

Special

Assessment

05/25/21

25,000

100

.00

25

25

Storey

Park

Community

Development

District

Special

Assessment

05/25/21

50,000

104

.18

52

53

Timber

Creek

Community

Development

District

Special

Assessment

06/20/18

1,000,000

98

.17

982

1,172

Tohoqua

Community

Development

District

Special

Assessment

03/05/21

100,000

100

.00

100

104

Tolomato

Community

Development

District

Special

Assessment

03/15/18

100,000

99

.25

99

114

Touchstone

Community

Development

District

Special

Assessment

02/02/18

100,000

99

.24

99

112

Touchstone

Community

Development

District

Special

Assessment

02/02/18

100,000

99

.36

99

112

Town

of

Argyle

Special

Assessment

01/24/18

145,000

100

.00

145

167

Town

of

Argyle

Special

Assessment

01/24/18

100,000

100

.00

100

103

Town

of

Little

Elm

Special

Assessment

12/06/17

100,000

100

.35

100

111

Town

of

Little

Elm

Special

Assessment

11/07/18

730,000

100

.00

730

864

Triple

Creek

Community

Development

District

Special

Assessment

11/08/18

265,000

98

.56

261

309

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

04/17/19

929,000

100

.00

929

1,017

Two

Lakes

Community

Development

District

Special

Assessment

06/19/17

290,000

100

.00

290

317

Two

Lakes

Community

Development

District

Special

Assessment

06/19/17

200,000

102

.54

205

240

Union

County

Improvement

Authority

Revenue

Bonds

10/23/19

600,000

100

.72

604

637

Union

Park

East

Community

Development

District

Special

Assessment

06/02/17

500,000

102

.81

514

582

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

01/23/20

100,000

105

.94

106

106

V-Dana

Community

Development

District

Special

Assessment

07/23/20

100,000

98

.29

98

106

V-Dana

Community

Development

District

Special

Assessment

04/01/21

500,000

99

.38

497

513

Ventana

Community

Development

District

Special

Assessment

03/01/18

500,000

97

.46

487

579

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

277

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

Ventana

Community

Development

District

Special

Assessment

03/01/18

500,000

97

.99

490

579

Veranda

Community

Development

District

II

Special

Assessment

02/24/21

65,000

100

.00

65

68

Veranda

Community

Development

District

II

Special

Assessment

02/24/21

90,000

101

.65

91

96

Verano

No.

1

Community

Development

District

Special

Assessment

05/04/17

100,000

98

.62

99

111

Verano

No.

1

Community

Development

District

Special

Assessment

05/30/17

100,000

100

.00

100

113

Village

at

Southgate

Metropolitan

District

General

Obligation

Limited

05/04/18

1,375,000

100

.00

1,375

1,485

Village

Community

Development

District

No.

12

Special

Assessment

03/16/18

670,000

100

.00

670

752

Village

Community

Development

District

No.

12

Special

Assessment

06/06/18

670,000

101

.26

678

752

Village

Community

Development

District

No.

13

Special

Assessment

09/11/20

265,000

100

.00

265

280

Village

Community

Development

District

No.

13

Special

Assessment

09/11/20

590,000

100

.00

590

621

Washington

Economic

Development

Finance

Authority

Revenue

Bonds

12/15/20

1,000,000

104

.36

1,044

1,231

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/19/19

200,000

107

.82

216

227

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/19/19

150,000

108

.56

163

171

Waterset

Central

Community

Development

District

Special

Assessment

05/01/18

150,000

100

.00

150

171

Waterset

Central

Community

Development

District

Special

Assessment

05/01/18

150,000

100

.00

150

171

West

Port

Community

Development

District

Special

Assessment

08/05/20

1,780,000

102

.39

1,814

1,894

West

Port

Community

Development

District

Special

Assessment

05/10/21

90,000

100

.00

90

92

West

Villages

Improvement

District

Special

Assessment

03/31/21

1,935,000

99

.29

1,922

2,000

Westside

Community

Development

District

Special

Assessment

09/20/19

100,000

100

.00

100

109

Westside

Community

Development

District

Special

Assessment

09/20/19

100,000

99

.82

100

109

Wildblue

Community

Development

District

Special

Assessment

05/23/19

125,000

100

.00

125

139

Wildblue

Community

Development

District

Special

Assessment

05/23/19

250,000

100

.29

251

273

Winsome

Metropolitan

District

No.

3

General

Obligation

Limited

07/08/21

500,000

100

.00

500

500

Zephyr

Lakes

Community

Development

District

Special

Assessment

06/17/21

50,000

100

.00

50

51

Zephyr

Lakes

Community

Development

District

Special

Assessment

06/17/21

50,000

104

.60

52

53

197,794

For

a

description

of

restricted

securities

see

note

6

in

the

Notes

to

Quarterly

Report.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Short

Positions

United

States

10

Year

Treasury

Note

Futures

158

USD

21,244

09/21

(427)

United

States

10

Year

Ultra

Treasury

Note

Futures

177

USD

26,594

09/21

(888)

United

States

Treasury

Ultra

Bond

Futures

73

USD

14,566

09/21

(841)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(2,156)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical          

Expedient

(a)

Total

Municipal

Bonds

American

Samoa

$

—

$

253

$

—

$

—

$

253

Alabama

—

18,785

—

—

18,785

Alaska

—

4,555

—

—

4,555

Arizona

—

19,605

—

—

19,605

Arkansas

—

10,821

—

—

10,821

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

278

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

California

—

156,946

—

—

156,946

Colorado

—

62,983

—

—

62,983

Connecticut

—

14,212

—

—

14,212

Delaware

—

1,231

—

—

1,231

District

of

Columbia

—

18,783

—

—

18,783

Florida

—

133,560

—

—

133,560

Georgia

—

28,084

—

—

28,084

Guam

—

17,085

—

—

17,085

Hawaii

—

3,055

—

—

3,055

Idaho

—

1,343

—

—

1,343

Illinois

—

157,983

—

—

157,983

Indiana

—

6,811

—

—

6,811

Iowa

—

7,564

—

—

7,564

Kansas

—

952

—

—

952

Kentucky

—

4,969

—

—

4,969

Louisiana

—

14,232

—

—

14,232

Maine

—

5,828

—

—

5,828

Maryland

—

12,844

—

—

12,844

Massachusetts

—

15,023

—

—

15,023

Michigan

—

39,163

—

—

39,163

Minnesota

—

11,915

—

—

11,915

Mississippi

—

16,200

—

—

16,200

Missouri

—

9,415

—

—

9,415

Montana

—

2,324

—

—

2,324

Nebraska

—

1,635

—

—

1,635

Nevada

—

5,135

—

—

5,135

New

Hampshire

—

7,538

—

—

7,538

New

Jersey

—

75,279

—

—

75,279

New

Mexico

—

147

—

—

147

New

York

—

129,550

—

—

129,550

North

Carolina

—

11,913

—

—

11,913

North

Dakota

—

4,808

—

—

4,808

Ohio

—

59,276

—

—

59,276

Oklahoma

—

5,863

—

—

5,863

Oregon

—

9,300

—

—

9,300

Pennsylvania

—

75,286

—

—

75,286

Puerto

Rico

—

115,289

—

—

115,289

Rhode

Island

—

2,437

—

—

2,437

South

Carolina

—

9,551

—

—

9,551

South

Dakota

—

2,430

—

—

2,430

Tennessee

—

6,820

—

—

6,820

Texas

—

86,779

—

—

86,779

Utah

—

8,971

720

—

9,691

Vermont

—

2,875

—

—

2,875

Virgin

Islands

—

8,087

—

—

8,087

Virginia

—

20,067

—

—

20,067

Washington

—

18,403

—

—

18,403

West

Virginia

—

2,529

—

—

2,529

Russell

Investment

Company

Tax-Exempt

High

Yield

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

High

Yield

Bond

Fund

279

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical          

Expedient

(a)

Total

Wisconsin

—

21,362

—

—

21,362

Wyoming

—

1,087

—

—

1,087

Short-Term

Investments

—

—

—

44,929

44,929

Total

Investments

—

1,488,941

720

44,929

1,534,590

Other

Financial

Instruments

T

Liabilities

Futures

Contracts

(2,156)

—

—

—

(2,156)

Total

Other

Financial

Instruments

*

$

(2,156)

$

—

$

—

$

—

$

(2,156)

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2021,

see

note

2

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

July

31,

2021,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

280

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Municipal

Bonds

-

93.7%

Alabama

-

1.4%

Alabama

Community

College

System

Board

of

Trustees

Revenue

Bonds

(µ)

150

4.000

01/01/33

178

Alabama

Community

College

System

Board

of

Trustees

Revenue

Bonds

(µ)

200

4.000

01/01/34

236

Alabama

Community

College

System

Board

of

Trustees

Revenue

Bonds

(µ)

300

4.000

01/01/36

351

Alabama

Community

College

System

Board

of

Trustees

Revenue

Bonds

(µ)

530

4.000

01/01/38

618

Alabama

Community

College

System

Board

of

Trustees

Revenue

Bonds

(µ)

380

4.000

01/01/39

442

Alabama

Community

College

System

Revenue

Bonds

(µ)

210

3.000

11/01/22

217

Alabama

Community

College

System

Revenue

Bonds

(µ)

235

4.000

11/01/25

268

Alabama

Federal

Aid

Highway

Finance

Authority

Revenue

Bonds

1,725

5.000

09/01/28

2,172

Bessemer

Governmental

Utility

Services

Corp.

Revenue

Bonds

(µ)

1,000

5.000

06/01/31

1,238

Birmingham

Airport

Authority

Revenue

Bonds

(µ)

700

5.000

07/01/28

900

Birmingham

Airport

Authority

Revenue

Bonds

(µ)

760

5.000

07/01/29

1,000

Birmingham

Airport

Authority

Revenue

Bonds

(µ)

1,000

4.000

07/01/37

1,218

Birmingham

Airport

Authority

Revenue

Bonds

(µ)

700

4.000

07/01/39

848

Birmingham

Airport

Authority

Revenue

Bonds

(µ)

600

4.000

07/01/40

726

City

of

Birmingham

Special

Care

Facilities

Financing

Authority

Revenue

Bonds

2,000

5.000

06/01/32

2,310

City

of

Gadsden

General

Obligation

Unlimited

(µ)

1,690

5.000

08/01/27

2,108

City

of

Montgomery

General

Obligation

Unlimited

500

4.000

12/01/35

620

City

of

Montgomery

General

Obligation

Unlimited

500

4.000

12/01/37

616

County

of

Jefferson

Sewer

Revenue

Bonds

2,230

5.000

10/01/22

2,357

County

of

Jefferson

Sewer

Revenue

Bonds

(µ)

585

5.500

10/01/53

658

County

of

Jefferson

Sewer

Revenue

Bonds

250

6.500

10/01/53

293

Homewood

Educational

Building

Authority

Revenue

Bonds

(µ)

485

5.000

12/01/26

512

Homewood

Educational

Building

Authority

Revenue

Bonds

(µ)(ae)

2,750

5.000

12/01/41

2,926

Limestone

County

Board

of

Education

Special

Tax

(µ)

1,000

5.000

11/01/30

1,102

Limestone

County

Board

of

Education

Special

Tax

(µ)

1,000

5.000

11/01/31

1,101

Mobile

County

Board

of

School

Commissioners

Revenue

Bonds

1,445

5.000

03/01/32

1,485

Pell

City

Special

Care

Facilities

Financing

Authority

Revenue

Bonds

9,000

5.000

12/01/31

9,120

Phoenix

City

Board

of

Education

School

Warrants

Special

Tax

(µ)

2,140

4.000

08/01/39

2,566

Prichard

Waterworks

and

Sewer

Board

Water

Revenue

Bonds

1,590

4.000

11/01/37

1,807

Prichard

Waterworks

and

Sewer

Board

Water

Revenue

Bonds

1,670

4.000

11/01/38

1,894

Southeast

Alabama

Gas

Supply

District

Revenue

Bonds

760

4.000

06/01/24

835

Southeast

Alabama

Gas

Supply

District

Revenue

Bonds

(USD

1

Month

LIBOR

+

0.850%)(ae)(Ê)

2,000

0.966

06/01/49

2,020

University

of

South

Alabama

Revenue

Bonds

(µ)

1,530

5.000

11/01/24

1,758

University

of

South

Alabama

Revenue

Bonds

(µ)

1,695

5.000

11/01/25

2,013

University

of

South

Alabama

Revenue

Bonds

(µ)

1,000

5.000

10/01/31

1,234

University

of

South

Alabama

Revenue

Bonds

(µ)

715

5.000

10/01/32

880

University

of

South

Alabama

Revenue

Bonds

(µ)

325

5.000

10/01/36

397

University

of

West

Alabama

Revenue

Bonds

(µ)

200

5.000

01/01/28

248

University

of

West

Alabama

Revenue

Bonds

(µ)

200

5.000

01/01/29

254

University

of

West

Alabama

Revenue

Bonds

(µ)

200

5.000

01/01/30

258

University

of

West

Alabama

Revenue

Bonds

(µ)

300

4.000

01/01/33

355

University

of

West

Alabama

Revenue

Bonds

(µ)

330

4.000

01/01/34

388

University

of

West

Alabama

Revenue

Bonds

(µ)

430

4.000

01/01/35

504

University

of

West

Alabama

Revenue

Bonds

(µ)

450

4.000

01/01/36

526

University

of

West

Alabama

Revenue

Bonds

(µ)

250

4.000

01/01/38

291

University

of

West

Alabama

Revenue

Bonds

(µ)

380

4.000

01/01/39

441

54,289

Alaska

-

0.3%

Alaska

Industrial

Development

&

Export

Authority

Revenue

Bonds

1,170

5.000

04/01/25

1,251

Alaska

Industrial

Development

&

Export

Authority

Revenue

Bonds

785

5.000

06/01/28

912

Alaska

Industrial

Development

&

Export

Authority

Revenue

Bonds

465

5.000

06/01/33

546

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

160

5.000

12/01/26

197

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

635

5.000

12/01/27

802

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

295

5.000

12/01/28

381

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

300

5.000

12/01/29

396

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

281

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

210

5.000

12/01/30

282

City

of

Valdez

Revenue

Bonds

(~)(Ê)

2,200

0.150

05/01/31

2,200

Northern

Tobacco

Securitization

Corp.

Revenue

Bonds

200

5.000

06/01/27

249

Northern

Tobacco

Securitization

Corp.

Revenue

Bonds

500

5.000

06/01/30

663

Northern

Tobacco

Securitization

Corp.

Revenue

Bonds

125

5.000

06/01/31

127

Northern

Tobacco

Securitization

Corp.

Revenue

Bonds

875

5.000

06/01/31

1,183

Northern

Tobacco

Securitization

Corp.

Revenue

Bonds

875

5.000

06/01/32

1,169

Northern

Tobacco

Securitization

Corp.

Revenue

Bonds

750

5.000

06/01/33

996

Northern

Tobacco

Securitization

Corp.

Revenue

Bonds

1,000

4.000

06/01/34

1,230

12,584

Arizona

-

1.4%

Arizona

Health

Facilities

Authority

Revenue

Bonds

(USD

3

Month

LIBOR

+

0.810%)(Ê)

6,625

1.770

01/01/37

6,598

Arizona

Industrial

Development

Authority

Revenue

Bonds

490

5.000

05/01/27

542

Arizona

Industrial

Development

Authority

Revenue

Bonds

270

5.000

05/01/28

301

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,180

5.000

11/01/28

1,506

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

265

3.000

12/15/31

282

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,450

5.000

11/01/32

1,840

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,100

5.000

11/01/35

1,364

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,050

5.000

11/01/37

1,297

Arizona

Industrial

Development

Authority

Revenue

Bonds

750

4.000

11/01/39

892

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000

11/01/39

1,230

Arizona

Industrial

Development

Authority

Revenue

Bonds

800

4.000

11/01/40

949

Arizona

Industrial

Development

Authority

Revenue

Bonds

120

5.000

01/01/43

130

Arizona

Industrial

Development

Authority

Revenue

Bonds

225

5.000

11/01/44

274

Arizona

Industrial

Development

Authority

Revenue

Bonds

500

4.500

01/01/49

514

Arizona

Industrial

Development

Authority

Revenue

Bonds

275

5.000

01/01/54

294

Arizona

Transportation

Board

Revenue

Bonds

2,735

5.000

07/01/25

3,112

City

of

Glendale

Excise

Tax

Revenue

Bonds

2,505

5.000

07/01/29

3,130

City

of

Glendale

Excise

Tax

Revenue

Bonds

2,025

5.000

07/01/32

2,502

City

of

Mesa

Utility

System

Revenue

Bonds

1,400

4.000

07/01/35

1,757

County

of

Pinal

Revenue

Bonds

1,775

5.000

08/01/25

2,023

Entertainment

Center

Community

Facilities

District

Revenue

Bonds

3,233

4.000

07/01/37

3,278

Festival

Ranch

Community

Facilities

District

General

Obligation

Unlimited

(µ)

850

4.000

07/15/36

970

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

50

4.000

02/15/41

58

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

850

5.000

09/01/30

1,093

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000

09/01/31

1,281

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

925

5.000

09/01/32

1,182

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

800

5.000

09/01/33

1,019

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.380%)(ae)(Ê)

1,890

0.450

01/01/35

1,888

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

610

4.000

01/01/41

703

Maricopa

County

Unified

School

District

No.

11-Peoria

General

Obligation

Unlimited

(µ)

325

5.000

07/01/29

407

Maricopa

County

Unified

School

District

No.

11-Peoria

General

Obligation

Unlimited

(µ)

250

5.000

07/01/30

311

Pinal

County

Elementary

School

District

No.

4

Casa

Grande

General

Obligation

Unlimited

(µ)

125

5.000

07/01/28

155

Pinal

County

Elementary

School

District

No.

4

Casa

Grande

General

Obligation

Unlimited

(µ)

215

5.000

07/01/29

264

Pinal

County

Elementary

School

District

No.

4

Casa

Grande

General

Obligation

Unlimited

(µ)

765

5.000

07/01/30

936

Salt

River

Project

Agricultural

Improvement

&

Power

District

Electrical

System

Revenue

Bonds

1,960

5.000

01/01/36

2,446

Salt

Verde

Financial

Corp.

Revenue

Bonds

1,090

5.250

12/01/24

1,253

Salt

Verde

Financial

Corp.

Revenue

Bonds

800

5.000

12/01/37

1,142

Student

&

Academic

Services

LLC

Revenue

Bonds

(µ)

425

5.000

06/01/27

478

Student

&

Academic

Services

LLC

Revenue

Bonds

(µ)

390

5.000

06/01/28

438

Tempe

Industrial

Development

Authority

Revenue

Bonds

(Þ)

855

4.000

10/01/23

855

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

282

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Town

of

Marana

Revenue

Bonds

1,485

5.000

07/01/28

1,618

Yuma

&

La

Paz

Counties

Community

College

District

Revenue

Bonds

(µ)

340

4.000

07/01/31

428

Yuma

&

La

Paz

Counties

Community

College

District

Revenue

Bonds

(µ)

355

4.000

07/01/32

444

Yuma

&

La

Paz

Counties

Community

College

District

Revenue

Bonds

(µ)

370

4.000

07/01/33

461

Yuma

&

La

Paz

Counties

Community

College

District

Revenue

Bonds

(µ)

370

4.000

07/01/34

459

Yuma

&

La

Paz

Counties

Community

College

District

Revenue

Bonds

(µ)

350

4.000

07/01/35

434

Yuma

&

La

Paz

Counties

Community

College

District

Revenue

Bonds

(µ)

315

4.000

07/01/36

389

54,927

Arkansas

-

0.4%

Arkansas

Development

Finance

Authority

Revenue

Bonds

200

4.000

07/01/24

214

Arkansas

Development

Finance

Authority

Revenue

Bonds

190

4.000

07/01/26

210

Arkansas

Development

Finance

Authority

Revenue

Bonds

230

4.000

07/01/28

259

Arkansas

Development

Finance

Authority

Revenue

Bonds

50

3.000

07/01/32

51

Arkansas

Development

Finance

Authority

Revenue

Bonds

955

4.000

06/01/35

1,132

Arkansas

Development

Finance

Authority

Revenue

Bonds

230

3.125

07/01/36

235

Batesville

Public

Facilities

Board

Revenue

Bonds

70

5.000

06/01/22

72

Batesville

Public

Facilities

Board

Revenue

Bonds

95

5.000

06/01/23

102

Batesville

Public

Facilities

Board

Revenue

Bonds

140

5.000

06/01/24

155

Batesville

Public

Facilities

Board

Revenue

Bonds

165

5.000

06/01/25

189

Batesville

Public

Facilities

Board

Revenue

Bonds

230

5.000

06/01/26

270

Batesville

Public

Facilities

Board

Revenue

Bonds

225

5.000

06/01/27

271

City

of

Fort

Smith

Water

&

Sewer

Revenue

Bonds

3,500

5.000

10/01/31

4,480

City

of

Hot

Springs

Waterworks

Revenue

Bonds

(µ)

600

4.000

10/01/36

674

City

of

Hot

Springs

Waterworks

Revenue

Bonds

(µ)

600

4.000

10/01/37

672

City

of

Sherwood

Sales

&

Use

Tax

Revenue

Bonds

495

4.000

12/01/30

580

City

of

Sherwood

Sales

&

Use

Tax

Revenue

Bonds

500

3.050

12/01/43

518

County

of

Pulaski

Revenue

Bonds

1,000

5.000

03/01/29

1,205

Southern

Arkansas

University

Revenue

Bonds

(µ)

1,005

4.000

03/01/33

1,081

Southern

Arkansas

University

Revenue

Bonds

(µ)

1,500

4.000

03/01/36

1,611

University

of

Central

Arkansas

Revenue

Bonds

(µ)

400

3.250

11/01/33

427

University

of

Central

Arkansas

Revenue

Bonds

(µ)

325

5.000

11/01/36

381

14,789

California

-

7.3%

Banning

Unified

School

District

General

Obligation

Unlimited

(µ)

500

5.000

08/01/28

607

Beaumont

Financing

Authority

Special

Tax

995

5.000

09/01/45

1,130

Brea

Redevelopment

Agency

Tax

Allocation

600

5.000

08/01/32

743

Brentwood

Infrastructure

Financing

Authority

Special

Assessment

(µ)

995

5.000

09/02/29

1,134

Brentwood

Union

School

District

General

Obligation

Unlimited

200

5.000

08/01/32

242

Brentwood

Union

School

District

General

Obligation

Unlimited

250

5.000

08/01/33

303

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

100

4.000

06/01/49

115

California

Educational

Facilities

Authority

Revenue

Bonds

200

5.000

10/01/27

253

California

Educational

Facilities

Authority

Revenue

Bonds

445

5.000

10/01/32

563

California

Educational

Facilities

Authority

Revenue

Bonds

800

5.000

10/01/35

1,003

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,000

5.000

02/01/26

1,207

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,265

5.000

02/01/27

1,577

California

Health

Facilities

Financing

Authority

Revenue

Bonds

(Þ)

875

2.125

11/15/27

888

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,350

5.000

02/01/28

1,676

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,000

5.000

11/15/29

1,054

California

Health

Facilities

Financing

Authority

Revenue

Bonds

365

5.000

08/15/32

448

California

Health

Facilities

Financing

Authority

Revenue

Bonds

600

5.000

08/15/33

734

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,600

5.000

08/15/35

1,952

California

Health

Facilities

Financing

Authority

Revenue

Bonds

850

5.000

08/15/47

1,023

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

185

5.000

10/01/22

196

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

320

5.000

11/01/26

394

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

135

5.000

11/01/27

171

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

(~)(ae)(Ê)

1,500

1.200

06/01/28

1,523

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

295

5.000

11/01/32

376

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

400

5.000

11/01/33

508

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

283

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

California

Municipal

Finance

Authority

Revenue

Bonds

1,825

2.000

07/01/24

1,826

California

Municipal

Finance

Authority

Revenue

Bonds

100

5.000

10/01/26

121

California

Municipal

Finance

Authority

Revenue

Bonds

690

5.000

08/15/27

862

California

Municipal

Finance

Authority

Revenue

Bonds

250

5.000

10/01/27

311

California

Municipal

Finance

Authority

Revenue

Bonds

225

5.000

10/01/29

285

California

Municipal

Finance

Authority

Revenue

Bonds

11,100

5.000

05/15/30

14,172

California

Municipal

Finance

Authority

Revenue

Bonds

100

5.000

10/01/30

126

California

Municipal

Finance

Authority

Revenue

Bonds

350

5.000

01/01/31

447

California

Municipal

Finance

Authority

Revenue

Bonds

(µ)

200

5.000

05/15/31

270

California

Municipal

Finance

Authority

Revenue

Bonds

75

4.000

07/01/31

88

California

Municipal

Finance

Authority

Revenue

Bonds

(µ)

750

4.000

05/15/32

934

California

Municipal

Finance

Authority

Revenue

Bonds

800

5.000

08/15/32

989

California

Municipal

Finance

Authority

Revenue

Bonds

1,200

5.000

08/15/34

1,479

California

Municipal

Finance

Authority

Revenue

Bonds

(µ)

1,200

4.000

05/15/35

1,481

California

Municipal

Finance

Authority

Revenue

Bonds

400

5.000

02/01/36

487

California

Municipal

Finance

Authority

Revenue

Bonds

250

4.000

07/01/41

296

California

Municipal

Finance

Authority

Revenue

Bonds

575

5.000

07/01/47

693

California

Public

Finance

Authority

Revenue

Bonds

400

4.000

10/15/27

473

California

Public

Finance

Authority

Revenue

Bonds

360

4.000

10/15/28

433

California

Public

Finance

Authority

Revenue

Bonds

(~)(Ê)

680

4.000

10/15/51

835

California

Public

Works

Board

Revenue

Bonds

1,000

4.000

05/01/36

1,246

California

Public

Works

Board

Revenue

Bonds

500

4.000

05/01/37

620

California

School

Finance

Authority

Revenue

Bonds

(Þ)

260

2.000

10/01/23

267

California

School

Finance

Authority

Revenue

Bonds

(Þ)

295

2.000

10/01/26

308

California

School

Finance

Authority

Revenue

Bonds

(Þ)

215

3.000

10/01/31

236

California

School

Finance

Authority

Revenue

Bonds

500

4.000

11/01/31

593

California

School

Finance

Authority

Revenue

Bonds

1,000

4.000

11/01/36

1,174

California

School

Finance

Authority

Revenue

Bonds

(Þ)

100

5.000

07/01/40

117

California

School

Finance

Authority

Revenue

Bonds

525

5.000

08/01/46

598

California

Statewide

Communities

Development

Authority

Revenue

Bonds

1,475

5.000

05/15/23

1,599

California

Statewide

Communities

Development

Authority

Revenue

Bonds

575

4.000

09/02/23

612

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(~)(Ê)

500

0.090

05/15/24

500

California

Statewide

Communities

Development

Authority

Revenue

Bonds

500

4.000

09/02/26

558

California

Statewide

Communities

Development

Authority

Revenue

Bonds

400

4.000

09/02/27

451

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

2,630

3.500

11/01/27

2,937

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

350

5.000

12/01/27

427

California

Statewide

Communities

Development

Authority

Revenue

Bonds

300

4.000

09/02/28

342

California

Statewide

Communities

Development

Authority

Revenue

Bonds

275

5.000

04/01/30

329

California

Statewide

Communities

Development

Authority

Revenue

Bonds

300

4.000

09/02/30

345

California

Statewide

Communities

Development

Authority

Revenue

Bonds

3,125

6.125

11/01/33

3,488

California

Statewide

Communities

Development

Authority

Revenue

Bonds

900

5.000

08/01/34

962

California

Statewide

Communities

Development

Authority

Revenue

Bonds

625

4.000

09/01/41

733

California

Statewide

Communities

Development

Authority

Revenue

Bonds

825

5.000

04/01/47

962

Camarillo

Community

Development

Commission

Successor

Agency

Tax

Allocation

(µ)

425

4.000

09/01/38

479

Chula

Vista

Community

Facilities

District

Special

Tax

880

4.000

09/01/36

1,008

Chula

Vista

Community

Facilities

District

Special

Tax

770

4.000

09/01/41

873

City

&

County

of

San

Francisco

Community

Facilities

District

No.

2016-1

Special

Tax

125

4.000

09/01/41

142

City

of

Bell

General

Obligation

Unlimited

(µ)

500

3.375

08/01/33

562

City

of

Bell

General

Obligation

Unlimited

(µ)

500

3.375

08/01/34

561

City

of

Berkeley

General

Obligation

Unlimited

140

5.000

09/01/22

147

City

of

Calimesa

California

Special

Tax

415

4.000

09/01/37

477

City

of

Clovis

Wastewater

Revenue

Bonds

(µ)

1,250

5.000

08/01/28

1,573

City

of

Lemoore

Water

Revenue

Bonds

(µ)

230

5.000

06/01/33

287

City

of

Lemoore

Water

Revenue

Bonds

(µ)

500

5.000

06/01/38

615

City

of

Lemoore

Water

Revenue

Bonds

(µ)

600

5.000

06/01/39

741

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

725

5.000

05/15/28

851

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

284

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

1,500

5.000

05/15/38

2,009

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

1,500

5.000

05/15/39

2,004

City

of

Palm

Desert

Special

Tax

25

4.000

09/01/30

29

City

of

Palm

Desert

Special

Tax

25

4.000

09/01/33

29

City

of

Palm

Desert

Special

Tax

25

4.000

09/01/36

29

City

of

Roseville

Special

Tax

5

3.000

09/01/22

5

City

of

Roseville

Special

Tax

10

4.000

09/01/24

11

City

of

Roseville

Special

Tax

10

4.000

09/01/26

11

City

of

Roseville

Special

Tax

10

5.000

09/01/30

12

City

of

Roseville

Special

Tax

25

4.000

09/01/32

29

City

of

Roseville

Special

Tax

30

4.000

09/01/34

34

City

of

Roseville

Special

Tax

35

4.000

09/01/36

40

City

of

Roseville

Special

Tax

125

2.500

09/01/37

126

City

of

Roseville

Special

Tax

40

4.000

09/01/38

45

City

of

Roseville

Special

Tax

45

4.000

09/01/40

51

City

of

Roseville

Special

Tax

75

4.000

09/01/41

87

City

of

Sacramento

Special

Tax

125

4.000

09/01/41

143

City

of

Sacramento

Unified

School

District

General

Obligation

Unlimited

(µ)

3,000

5.000

07/01/31

3,125

City

of

Susanville

Natural

Gas

Revenue

Bonds

(µ)

735

4.000

06/01/32

859

Compton

Unified

School

District

General

Obligation

Unlimited

(µ)

1,250

4.000

06/01/30

1,463

Compton

Unified

School

District

General

Obligation

Unlimited

(µ)

2,000

4.000

06/01/31

2,335

Compton

Unified

School

District

General

Obligation

Unlimited

(µ)

1,850

4.000

06/01/32

2,157

Corona-Norco

Unified

School

District

General

Obligation

Unlimited

3,430

4.000

08/01/39

4,024

County

of

San

Diego

Special

Tax

185

4.000

09/01/45

206

Desert

Hot

Springs

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,105

5.000

09/01/28

1,375

Desert

Hot

Springs

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

400

5.000

09/01/29

495

Desert

Hot

Springs

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

775

5.000

09/01/32

948

Dinuba

Redevelopment

Agency

Tax

Allocation

(µ)

590

5.000

09/01/33

664

Dixon

Unified

School

District

General

Obligation

Unlimited

(µ)

110

5.000

08/01/34

141

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

3,690

5.000

06/01/28

4,568

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

11,175

5.000

06/01/31

14,033

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

10,700

5.000

06/01/32

13,398

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

4,550

5.000

06/01/34

5,660

Grossmont-

Cuyamaca

Community

College

District

General

Obligation

Unlimited

425

5.000

08/01/34

543

Grossmont-

Cuyamaca

Community

College

District

General

Obligation

Unlimited

500

5.000

08/01/35

639

Grossmont-

Cuyamaca

Community

College

District

General

Obligation

Unlimited

1,000

5.000

08/01/36

1,275

Grossmont-

Cuyamaca

Community

College

District

General

Obligation

Unlimited

1,125

5.000

08/01/37

1,431

Hemet

Unified

School

District

General

Obligation

Unlimited

(µ)

400

4.000

08/01/40

448

Hollister

Joint

Powers

Financing

Authority  Wastewater

Revenue

Bonds

(µ)

1,000

5.000

06/01/36

1,198

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

760

5.000

08/15/29

967

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

410

5.000

08/15/30

519

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,845

5.000

08/15/31

2,326

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,625

5.000

08/15/32

2,044

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,100

5.000

08/15/33

1,380

Inglewood

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,000

5.000

05/01/33

1,226

Inglewood

Unified

School

District

General

Obligation

Unlimited

(µ)

250

4.000

08/01/26

291

Inglewood

Unified

School

District

General

Obligation

Unlimited

(µ)

325

5.000

08/01/28

407

Inglewood

Unified

School

District

General

Obligation

Unlimited

(µ)

400

5.000

08/01/30

495

Inglewood

Unified

School

District

General

Obligation

Unlimited

(µ)

790

5.000

08/01/31

966

Inglewood

Unified

School

District

General

Obligation

Unlimited

(µ)

345

5.000

08/01/32

413

Inglewood

Unified

School

District

General

Obligation

Unlimited

(µ)

500

5.000

08/01/33

596

Irvine

Unified

School

District

Special

Tax

60

5.000

09/01/30

79

Irvine

Unified

School

District

Special

Tax

50

5.000

09/01/32

66

Irvine

Unified

School

District

Special

Tax

60

5.000

09/01/34

78

Irvine

Unified

School

District

Special

Tax

75

5.000

09/01/36

97

La

Mesa

Spring

Valley

School

District

General

Obligation

Unlimited

200

4.000

08/01/35

234

La

Mesa

Spring

Valley

School

District

General

Obligation

Unlimited

365

4.000

08/01/37

425

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

285

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

La

Mesa

Spring

Valley

School

District

General

Obligation

Unlimited

500

4.000

08/01/39

581

La

Mesa

Spring

Valley

School

District

General

Obligation

Unlimited

520

4.000

08/01/41

601

Lake

Elsinore

School

Financing

Authority

Special

Tax

(µ)

750

5.000

10/01/34

960

Lake

Elsinore

School

Financing

Authority

Special

Tax

(µ)

1,490

5.000

10/01/35

1,905

Lancaster

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,380

5.000

08/01/33

1,651

Los

Angeles

Community

College

District

General

Obligation

Unlimited

1,890

4.000

08/01/37

2,195

Los

Angeles

County

Metropolitan

Transportation

Authority

Revenue

Bonds

2,500

5.000

06/01/37

3,315

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

565

2.769

08/01/31

450

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

500

2.943

08/01/32

380

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

685

3.113

08/01/33

497

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

630

3.256

08/01/34

437

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

785

3.381

08/01/35

519

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

990

3.478

08/01/36

625

Lynwood

Utility

Authority

Revenue

Bonds

(µ)

465

5.000

06/01/32

573

Madera

Development

Agency

Successor

Agency

Tax

Allocation

2,305

5.000

09/01/36

2,883

Metropolitan

Water

District

of

Southern

California

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.140%)(ae)(Ê)

6,650

0.210

05/21/24

6,650

Napa

Valley

Community

College

District

General

Obligation

Unlimited

4,000

Zero

coupon

08/01/31

4,568

Napa

Valley

Unified

School

District

General

Obligation

Unlimited

(µ)

2,235

4.000

08/01/44

2,567

Norman

Y.

Mineta

San

Jose

International

Airport

Revenue

Bonds

(µ)

2,505

4.000

03/01/34

3,135

Oakland

Unified

School

District

General

Obligation

Unlimited

(µ)

1,000

4.000

08/01/34

1,167

Oxnard

Financing

Authority

Revenue

Bonds

(µ)

775

5.000

06/01/34

871

Oxnard

School

District

General

Obligation

Unlimited

(µ)

810

5.250

08/01/28

962

Palmdale

Water

District

Public

Financing

Authority

Revenue

Bonds

(µ)

350

5.000

10/01/29

440

Palmdale

Water

District

Public

Financing

Authority

Revenue

Bonds

(µ)

185

5.000

10/01/30

230

Palmdale

Water

District

Public

Financing

Authority

Revenue

Bonds

(µ)

390

5.000

10/01/31

484

Palmdale

Water

District

Public

Financing

Authority

Revenue

Bonds

(µ)

405

5.000

10/01/32

501

Palomar

Health

General

Obligation

Unlimited

2,230

5.000

08/01/29

2,638

Paramount

Unified

School

District

General

Obligation

Unlimited

(µ)

1,355

2.845

08/01/34

999

Pittsburg

Unified

School

District

General

Obligation

Unlimited

(µ)

150

4.000

08/01/31

185

Pittsburg

Unified

School

District

General

Obligation

Unlimited

(µ)

225

4.000

08/01/34

272

Pittsburg

Unified

School

District

General

Obligation

Unlimited

(µ)

305

4.000

08/01/37

365

Pittsburg

Unified

School

District

General

Obligation

Unlimited

(µ)

175

4.000

08/01/38

209

Pittsburg

Unified

School

District

General

Obligation

Unlimited

(µ)

360

4.000

08/01/40

427

Pittsburg

Unified

School

District

General

Obligation

Unlimited

(µ)

875

4.000

08/01/46

1,027

Reef-Sunset

Unified

School

District

General

Obligation

Unlimited

(µ)

665

5.000

08/01/38

824

Rio

Vista

Public

Financing

Authority

Special

Tax

275

5.000

09/01/27

332

Rio

Vista

Public

Financing

Authority

Special

Tax

235

5.000

09/01/29

282

Ripon

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

540

4.000

11/01/32

665

Ripon

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

415

4.000

11/01/35

505

Riverside

County

Community

Facilities

Districts

Special

Tax

(µ)

1,300

4.000

09/01/40

1,564

Riverside

County

Public

Financing

Authority

Tax

Allocation

(µ)

2,270

5.000

10/01/27

2,680

Riverside

County

Public

Financing

Authority

Tax

Allocation

(µ)

1,000

5.000

10/01/28

1,178

Riverside

County

Public

Financing

Authority

Tax

Allocation

(µ)

1,150

5.000

10/01/30

1,351

Riverside

County

Redevelopment

Successor

Agency

Tax

Allocation

(µ)

490

Zero

coupon

10/01/28

593

Riverside

County

Redevelopment

Successor

Agency

Tax

Allocation

(µ)

1,010

Zero

coupon

10/01/37

1,206

Riverside

Unified

School

District

Special

Tax

25

4.000

09/01/27

29

Riverside

Unified

School

District

Special

Tax

30

4.000

09/01/28

35

Riverside

Unified

School

District

Special

Tax

30

4.000

09/01/29

35

Riverside

Unified

School

District

Special

Tax

30

4.000

09/01/30

35

Roseville

Joint

Union

High

School

District

Certificate

of

Participation

(µ)

400

1.000

06/01/25

403

Roseville

Joint

Union

High

School

District

Certificate

of

Participation

(µ)

300

1.000

06/01/26

299

Roseville

Joint

Union

High

School

District

Certificate

of

Participation

(µ)

365

1.125

06/01/27

364

Roseville

Joint

Union

High

School

District

Certificate

of

Participation

(µ)

1,000

2.125

06/01/35

1,018

Sacramento

County

Water

Financing

Authority

Revenue

Bonds

(USD

3

Month

LIBOR

+

0.550%)(µ)(Ê)

600

0.785

06/01/34

601

Salinas

City

Elementary

School

District

General

Obligation

Unlimited

(µ)

2,950

3.622

07/01/34

1,923

Salinas

City

Elementary

School

District

General

Obligation

Unlimited

(µ)

1,885

3.775

07/01/36

1,119

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

286

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

1,804

San

Francisco

City

&

County

Airport

Comm

-San

Francisco

International

Airport

Revenue

Bonds

2,275

4.000

05/01/38

2,772

San

Francisco

City

&

County

Public

Utilities

Commission

Water

Revenue

Bonds

(ae)

2,685

5.000

11/01/27

2,718

San

Jacinto

Unified

School

District

Financing

Authority

Special

Tax

100

5.000

09/01/36

119

San

Jacinto

Unified

School

District

Financing

Authority

Special

Tax

250

5.000

09/01/44

293

San

Jacinto

Unified

School

District

Financing

Authority

Special

Tax

375

5.000

09/01/49

439

San

Leandro

Unified

School

District

General

Obligation

Unlimited

(µ)

430

5.000

08/01/34

535

San

Leandro

Unified

School

District

General

Obligation

Unlimited

(µ)

800

4.000

08/01/39

945

San

Lorenzo

Unified

School

District

725

4.000

08/01/47

845

San

Ysidro

School

District

Certificate

of

Participation

(µ)

1,175

5.000

09/01/28

1,375

San

Ysidro

School

District

General

Obligation

Unlimited

(µ)

1,000

Zero

coupon

08/01/41

669

Sanger

Unified

School

District

General

Obligation

Unlimited

(µ)

525

5.000

08/01/31

654

Sanger

Unified

School

District

General

Obligation

Unlimited

(µ)

780

5.000

08/01/33

964

Sanger

Unified

School

District

General

Obligation

Unlimited

(µ)

1,275

5.000

08/01/34

1,575

Santa

Ana

College

Improvement

District

#1

Rancho

Santiago

Community

College

District

General

Obligation

Unlimited

500

4.000

08/01/31

593

Santa

Ana

College

Improvement

District

#1

Rancho

Santiago

Community

College

District

General

Obligation

Unlimited

500

4.000

08/01/32

591

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

1,000

5.000

04/01/29

1,264

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

830

5.000

04/01/31

1,035

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

650

5.000

04/01/32

806

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

1,360

5.000

04/01/33

1,682

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

1,425

5.000

04/01/34

1,757

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

1,500

5.000

04/01/35

1,846

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

2,120

5.000

04/01/36

2,601

Santa

Rosa

High

School

District

General

Obligation

Unlimited

(µ)

1,100

5.000

08/01/35

1,328

South

Orange

County

Public

Financing

Authority

Special

Assessment

1,500

5.000

08/15/28

1,866

South

Orange

County

Public

Financing

Authority

Special

Assessment

900

5.000

08/15/29

923

South

Orange

County

Public

Financing

Authority

Special

Assessment

(µ)

700

5.000

08/15/30

864

South

Orange

County

Public

Financing

Authority

Special

Assessment

(µ)

385

5.000

08/15/31

472

State

of

California

Department

of

Water

Resources

Revenue

Bonds

100

5.000

12/01/22

107

State

of

California

General

Obligation

Unlimited

145

5.000

11/01/22

153

State

of

California

General

Obligation

Unlimited

1,250

5.000

04/01/24

1,411

State

of

California

General

Obligation

Unlimited

1,600

5.000

04/01/25

1,880

State

of

California

General

Obligation

Unlimited

7,095

5.000

11/01/25

7,871

State

of

California

General

Obligation

Unlimited

5,760

5.000

03/01/26

6,730

State

of

California

General

Obligation

Unlimited

2,350

5.000

04/01/26

2,861

State

of

California

General

Obligation

Unlimited

2,350

5.000

04/01/27

2,943

State

of

California

General

Obligation

Unlimited

2,575

5.000

10/01/27

3,120

State

of

California

General

Obligation

Unlimited

(ae)

2,500

5.250

09/01/28

2,510

State

of

California

General

Obligation

Unlimited

450

5.000

02/01/31

460

Stockton

Community

Facilities

District

Special

Tax

55

2.000

09/01/24

57

Stockton

Community

Facilities

District

Special

Tax

60

2.250

09/01/26

64

Stockton

Community

Facilities

District

Special

Tax

60

2.375

09/01/28

64

Stockton

Community

Facilities

District

Special

Tax

70

2.750

09/01/31

74

Stockton

Community

Facilities

District

Special

Tax

70

3.000

09/01/33

75

Stockton

Community

Facilities

District

Special

Tax

75

3.000

09/01/34

81

Stockton

Community

Facilities

District

Special

Tax

50

3.000

09/01/35

54

Stockton

Community

Facilities

District

Special

Tax

155

3.125

09/01/37

168

Stockton

Community

Facilities

District

Special

Tax

130

3.125

09/01/39

139

Stockton

Community

Facilities

District

Special

Tax

155

3.250

09/01/41

166

Stockton

Public

Financing

Authority

Water

Revenue

Bonds

(µ)

1,565

5.000

10/01/30

2,003

The

Apple

Valley

Public

Financing

Authority

Tax

Allocation

(µ)

500

4.000

06/01/31

617

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

130

5.000

06/01/26

158

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

175

5.000

06/01/27

219

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

130

5.000

06/01/28

166

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

287

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

255

5.000

06/01/29

335

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

255

5.000

06/01/32

334

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

130

5.000

06/01/34

170

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

65

5.000

06/01/35

85

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

130

5.000

06/01/36

169

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

130

5.000

06/01/39

168

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

200

4.000

06/01/49

239

Town

of

Tiburon

Special

Assessment

75

2.375

09/02/41

76

Town

of

Tiburon

Special

Assessment

150

2.500

09/02/46

152

Transbay

Joint

Powers

Authority

Tax

Allocation

170

5.000

10/01/28

219

Transbay

Joint

Powers

Authority

Tax

Allocation

80

5.000

10/01/29

105

Transbay

Joint

Powers

Authority

Tax

Allocation

65

5.000

10/01/30

87

Transbay

Joint

Powers

Authority

Tax

Allocation

140

5.000

10/01/31

184

Transbay

Joint

Powers

Authority

Tax

Allocation

120

5.000

10/01/33

157

Transbay

Joint

Powers

Authority

Tax

Allocation

85

5.000

10/01/35

111

Transbay

Joint

Powers

Authority

Tax

Allocation

95

5.000

10/01/36

123

Transbay

Joint

Powers

Authority

Tax

Allocation

120

5.000

10/01/37

155

Transbay

Joint

Powers

Authority

Tax

Allocation

120

5.000

10/01/38

155

Transbay

Joint

Powers

Authority

Tax

Allocation

120

5.000

10/01/39

155

Transbay

Joint

Powers

Authority

Tax

Allocation

130

5.000

10/01/40

167

Tustin

Unified

School

District

Special

Tax

(µ)

125

4.000

09/01/34

139

Tustin

Unified

School

District

Special

Tax

(µ)

250

4.000

09/01/35

278

University

of

California

Revenue

Bonds

(ae)

100

5.000

05/15/22

104

Upper

Santa

Clara

Valley

Joint

Powers

Authority

Revenue

Bonds

(ae)

100

5.000

08/01/21

100

Vallecito

Union

School

District

General

Obligation

Unlimited

3,250

1.395

08/01/22

3,241

Watereuse

Finance

Authority

Revenue

Bonds

1,230

5.500

05/01/36

1,399

West

Kern

Community

College

District

Certificate

of

Participation

(µ)

1,000

4.000

11/01/40

1,159

West

Valley-Mission

Community

College

District

General

Obligation

Unlimited

170

4.000

08/01/21

170

292,168

Colorado

-

2.7%

Arkansas

River

Power

Authority

Revenue

Bonds

1,000

5.000

10/01/27

1,224

Arkansas

River

Power

Authority

Revenue

Bonds

1,200

5.000

10/01/28

1,499

Arkansas

River

Power

Authority

Revenue

Bonds

1,005

5.000

10/01/29

1,249

Arkansas

River

Power

Authority

Revenue

Bonds

1,000

5.000

10/01/30

1,234

BNC

Metropolitan

District

No.

1

General

Obligation

Unlimited

(µ)

360

5.000

12/01/32

443

Brighton

Crossing

Metropolitan

District

No.

4

General

Obligation

Unlimited

486

4.000

12/01/27

514

Buffalo

Ridge

Metropolitan

District

General

Obligation

Unlimited

(µ)

1,000

5.000

12/01/35

1,248

City

&

County

of

Denver

Airport

System

Revenue

Bonds

2,065

5.000

11/15/25

2,195

City

&

County

of

Denver

Airport

System

Revenue

Bonds

(~)(ae)(Ê)

1,245

5.000

11/15/31

1,321

City

&

County

of

Denver

Airport

System

Revenue

Bonds

1,585

5.000

11/15/32

2,132

City

&

County

of

Denver

General

Obligation

Unlimited

1,045

5.000

08/01/32

1,412

City

of

Grand

Junction

Revenue

Bonds

300

4.000

03/01/34

366

City

of

Grand

Junction

Revenue

Bonds

365

4.000

03/01/35

443

City

of

Grand

Junction

Revenue

Bonds

1,715

4.000

03/01/37

2,069

City

of

Grand

Junction

Revenue

Bonds

650

4.000

03/01/38

782

City

of

Grand

Junction

Revenue

Bonds

1,000

4.000

03/01/39

1,201

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

130

4.000

08/01/23

140

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

165

4.000

08/01/24

183

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

80

4.000

05/01/26

90

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

70

4.000

05/01/29

81

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

60

4.000

05/01/30

69

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

1,000

5.000

08/15/30

1,116

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

850

5.000

12/01/31

953

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

100

4.000

05/01/36

115

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

25

4.000

05/01/41

28

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

75

5.000

06/01/49

82

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

75

5.000

06/01/54

82

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

288

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Colorado

Health

Facilities

Authority

Revenue

Bonds

2,225

5.000

11/01/25

2,649

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,500

5.000

09/01/30

1,729

Colorado

Health

Facilities

Authority

Revenue

Bonds

3,915

5.000

08/01/32

5,038

Colorado

Health

Facilities

Authority

Revenue

Bonds

3,270

5.000

08/01/33

4,196

Colorado

Health

Facilities

Authority

Revenue

Bonds

2,610

5.000

08/01/34

3,340

Colorado

Health

Facilities

Authority

Revenue

Bonds

3,875

5.000

08/01/35

4,950

Colorado

Health

Facilities

Authority

Revenue

Bonds

200

4.000

01/01/36

241

Colorado

Health

Facilities

Authority

Revenue

Bonds

360

5.000

08/01/36

459

Colorado

Health

Facilities

Authority

Revenue

Bonds

145

5.000

08/01/37

184

Colorado

Health

Facilities

Authority

Revenue

Bonds

215

5.000

08/01/38

273

Colorado

Health

Facilities

Authority

Revenue

Bonds

460

5.000

08/01/39

582

Colorado

Health

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,540

2.800

05/15/42

2,619

Colorado

Health

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

795

5.000

08/01/49

950

Colorado

Housing

&

Finance

Authority

Revenue

Bonds

1,740

4.250

11/01/49

1,952

Colorado

Mesa

University

Revenue

Bonds

2,260

5.000

05/15/31

2,930

Copperleaf

Metropolitan

District

No.

2

General

Obligation

Limited

(µ)

375

4.000

12/01/32

467

Copperleaf

Metropolitan

District

No.

2

General

Obligation

Limited

(µ)

275

4.000

12/01/33

341

Crystal

Valley

Metropolitan

District

No.

2

General

Obligation

Limited

(µ)

750

4.000

12/01/37

903

Crystal

Valley

Metropolitan

District

No.

2

General

Obligation

Limited

(µ)

1,200

4.000

12/01/38

1,441

Denver

City

&

County

School

District

No.

1

General

Obligation

Unlimited

800

4.000

12/01/45

968

Denver

Health

&

Hospital

Authority

Certificates

of

Participation

730

5.000

12/01/23

806

Denver

Health

&

Hospital

Authority

Revenue

Bonds

120

5.000

12/01/30

155

Denver

Health

&

Hospital

Authority

Revenue

Bonds

220

5.000

12/01/31

284

Denver

Health

&

Hospital

Authority

Revenue

Bonds

475

5.000

12/01/32

612

Denver

Health

&

Hospital

Authority

Revenue

Bonds

295

4.250

12/01/33

315

Denver

Health

&

Hospital

Authority

Revenue

Bonds

(Þ)

1,000

5.000

12/01/34

1,222

Denver

Urban

Renewal

Authority

Tax

Allocation

1,775

5.000

12/01/21

1,803

Denver

Urban

Renewal

Authority

Tax

Allocation

(Þ)

1,600

5.250

12/01/39

1,759

Dominion

Water

&

Sanitation

District

Revenue

Bonds

4,930

5.250

12/01/27

5,101

E-470

Public

Highway

Authority

Revenue

Bonds

205

5.000

09/01/26

250

E-470

Public

Highway

Authority

Revenue

Bonds

120

5.000

09/01/27

150

E-470

Public

Highway

Authority

Revenue

Bonds

(µ)

4,040

Zero

coupon

09/01/28

3,706

E-470

Public

Highway

Authority

Revenue

Bonds

120

5.000

09/01/28

154

E-470

Public

Highway

Authority

Revenue

Bonds

155

5.000

09/01/34

204

E-470

Public

Highway

Authority

Revenue

Bonds

150

5.000

09/01/35

197

E-470

Public

Highway

Authority

Revenue

Bonds

165

5.000

09/01/36

216

Eaton

Area

Park

&

Recreation

District

General

Obligation

Limited

470

5.500

12/01/30

503

Flying

Horse

Metropolitan

District

No.

2

General

Obligation

Limited

(µ)

250

4.000

12/01/37

303

Flying

Horse

Metropolitan

District

No.

2

General

Obligation

Limited

(µ)

225

4.000

12/01/38

273

Glen

Metropolitan

District

No.

2

General

Obligation

Unlimited

1,320

5.000

12/01/47

1,395

Grand

River

Hospital

District

General

Obligation

Unlimited

(µ)

1,000

5.250

12/01/34

1,198

Grand

River

Hospital

District

General

Obligation

Unlimited

(µ)

500

5.250

12/01/35

595

Grand

River

Hospital

District

General

Obligation

Unlimited

(µ)

2,555

5.250

12/01/37

3,007

High

Plains

Metropolitan

District

General

Obligation

Unlimited

(µ)

500

5.000

12/01/35

613

Jefferson

County

School

District

R-1

General

Obligation

Unlimited

1,150

4.000

12/15/37

1,431

Lewis

Pointe

Metropolitan

District

General

Obligation

Limited

(µ)

240

4.000

12/01/26

281

Park

Creek

Metropolitan

District

Revenue

Bonds

1,000

5.000

12/01/26

1,183

Park

Creek

Metropolitan

District

Revenue

Bonds

(µ)

1,150

5.000

12/01/28

1,395

Park

Creek

Metropolitan

District

Revenue

Bonds

365

5.000

12/01/34

425

Park

Creek

Metropolitan

District

Revenue

Bonds

500

5.000

12/01/37

579

Poudre

Tech

Metropolitan

District

General

Obligation

Unlimited

(µ)

1,360

4.000

12/01/33

1,615

Poudre

Tech

Metropolitan

District

General

Obligation

Unlimited

(µ)

1,435

4.000

12/01/34

1,698

Public

Authority

for

Colorado

Energy

Revenue

Bonds

1,000

6.250

11/15/28

1,279

Regional

Transportation

District

Certificate

of

Participation

6,725

5.000

06/01/27

7,270

Regional

Transportation

District

Revenue

Bonds

30

5.000

07/15/26

36

Regional

Transportation

District

Revenue

Bonds

55

5.000

01/15/27

67

Regional

Transportation

District

Revenue

Bonds

55

5.000

07/15/27

69

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

289

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Regional

Transportation

District

Revenue

Bonds

60

5.000

01/15/28

75

Regional

Transportation

District

Revenue

Bonds

1,465

4.000

07/15/35

1,791

Regional

Transportation

District

Revenue

Bonds

750

4.000

07/15/36

913

Regional

Transportation

District

Revenue

Bonds

1,150

3.000

07/15/37

1,251

Regional

Transportation

District

Revenue

Bonds

500

4.000

07/15/38

604

St.

Vrain

Lakes

Metropolitan

District

No.

2

General

Obligation

Unlimited

500

5.000

12/01/37

533

Town

of

Firestone

Water

Enterprise

Revenue

Bonds

(µ)

650

4.000

12/01/38

790

Vauxmont

Metropolitan

District

General

Obligation

Limited

(µ)

125

5.000

12/15/29

146

Vauxmont

Metropolitan

District

General

Obligation

Limited

(µ)

125

5.000

12/15/30

145

106,880

Connecticut

-

2.1%

City

of

Bridgeport

General

Obligation

Unlimited

1,345

5.000

08/15/27

1,676

City

of

Bridgeport

General

Obligation

Unlimited

(µ)

965

5.000

07/01/29

1,088

City

of

Bridgeport

General

Obligation

Unlimited

1,640

5.000

11/01/33

2,013

City

of

Bridgeport

General

Obligation

Unlimited

250

5.000

08/01/34

331

City

of

Bridgeport

General

Obligation

Unlimited

700

5.000

11/01/34

858

City

of

Bridgeport

General

Obligation

Unlimited

225

4.000

08/01/36

272

City

of

Hartford

General

Obligation

Unlimited

(µ)

205

5.000

08/15/22

215

City

of

Hartford

General

Obligation

Unlimited

2,515

5.000

04/01/24

2,717

City

of

Hartford

General

Obligation

Unlimited

(µ)

250

5.000

07/01/25

295

City

of

Hartford

General

Obligation

Unlimited

(µ)

2,205

5.000

07/01/31

2,570

City

of

Hartford

General

Obligation

Unlimited

725

4.000

04/01/32

760

City

of

Hartford

General

Obligation

Unlimited

(µ)

370

4.000

07/15/33

414

City

of

Hartford

General

Obligation

Unlimited

(µ)

180

4.000

07/01/34

201

City

of

New

Haven

General

Obligation

Unlimited

(µ)

575

5.000

08/01/21

575

City

of

New

Haven

General

Obligation

Unlimited

150

5.000

08/01/26

179

City

of

New

Haven

General

Obligation

Unlimited

300

5.000

08/01/27

367

City

of

New

Haven

General

Obligation

Unlimited

450

5.000

08/01/28

563

City

of

New

Haven

General

Obligation

Unlimited

250

5.500

08/01/29

319

City

of

New

Haven

General

Obligation

Unlimited

(µ)

450

5.000

02/01/30

595

City

of

New

Haven

General

Obligation

Unlimited

150

5.500

08/01/30

190

City

of

New

Haven

General

Obligation

Unlimited

(µ)

1,915

5.000

09/01/30

2,234

City

of

New

Haven

General

Obligation

Unlimited

200

5.500

08/01/31

253

City

of

New

Haven

General

Obligation

Unlimited

200

5.500

08/01/32

253

City

of

New

Haven

General

Obligation

Unlimited

100

5.500

08/01/33

126

City

of

Waterbury

General

Obligation

Unlimited

600

5.000

02/01/27

740

City

of

Waterbury

General

Obligation

Unlimited

700

5.000

02/01/28

886

City

of

Waterbury

General

Obligation

Unlimited

750

5.000

02/01/34

978

City

of

West

Haven

General

Obligation

Unlimited

810

4.000

11/01/21

816

City

of

West

Haven

General

Obligation

Unlimited

200

5.000

11/01/22

210

City

of

West

Haven

General

Obligation

Unlimited

1,070

5.000

11/01/23

1,165

City

of

West

Haven

General

Obligation

Unlimited

400

5.000

11/01/24

449

City

of

West

Haven

General

Obligation

Unlimited

400

5.000

11/01/25

463

City

of

West

Haven

General

Obligation

Unlimited

525

5.000

11/01/26

619

City

of

West

Haven

General

Obligation

Unlimited

435

5.000

11/01/27

522

Connecticut

Clean

Water

Fund

Revenue

Bonds

3,945

5.000

05/01/32

4,888

Connecticut

Housing

Finance

Authority

Revenue

Bonds

3,565

4.250

05/15/42

3,946

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

150

5.000

07/01/22

157

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

325

5.000

07/01/23

355

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

965

5.000

07/01/24

1,079

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

150

5.000

07/01/25

176

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

100

2.750

01/01/26

101

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,000

5.000

07/01/26

1,168

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

100

3.250

01/01/27

102

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

100

5.000

01/01/30

115

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)

(ae)(Ê)

1,025

5.000

07/01/40

1,305

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

290

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)

(ae)(Ê)

400

1.800

07/01/49

415

Mattabassett

District

Revenue

Bonds

(µ)

240

5.000

08/01/21

240

Mattabassett

District

Revenue

Bonds

(µ)

195

5.000

08/01/22

204

Metropolitan

District

General

Obligation

Unlimited

(µ)

630

5.000

11/01/30

761

State

of

Connecticut

General

Obligation

Unlimited

675

5.000

06/15/27

850

State

of

Connecticut

General

Obligation

Unlimited

9,860

5.000

04/15/28

12,690

State

of

Connecticut

General

Obligation

Unlimited

245

5.000

06/15/28

317

State

of

Connecticut

General

Obligation

Unlimited

5,500

5.000

03/15/29

6,624

State

of

Connecticut

General

Obligation

Unlimited

275

5.000

06/15/29

353

State

of

Connecticut

General

Obligation

Unlimited

2,000

3.000

01/15/32

2,298

State

of

Connecticut

General

Obligation

Unlimited

60

5.000

06/15/32

76

State

of

Connecticut

General

Obligation

Unlimited

1,000

5.000

04/15/34

1,285

State

of

Connecticut

Special

Tax

Revenue

Bonds

4,485

5.000

10/01/25

4,951

State

of

Connecticut

Special

Tax

Revenue

Bonds

(µ)

2,070

4.000

05/01/38

2,545

State

of

Connecticut

Special

Tax

Revenue

Bonds

4,600

4.000

05/01/39

5,627

Town

of

Bethel

General

Obligation

Unlimited

100

5.000

11/15/23

106

Town

of

Hamden

General

Obligation

Unlimited

(µ)

400

5.000

08/15/29

499

University

of

Connecticut

Revenue

Bonds

(µ)

1,585

5.000

03/15/29

1,896

University

of

Connecticut

Revenue

Bonds

(µ)

665

5.000

04/15/29

841

University

of

Connecticut

Revenue

Bonds

(µ)

3,455

5.000

01/15/36

4,141

86,023

Delaware

-

0.3%

County

of

New

Castle

General

Obligation

Unlimited

5,000

5.000

10/01/26

5,967

Delaware

Municipal

Electric

Corp.

(The)

Revenue

Bonds

250

5.000

07/01/32

337

Delaware

Municipal

Electric

Corp.

(The)

Revenue

Bonds

340

4.000

07/01/36

415

Delaware

Municipal

Electric

Corp.

(The)

Revenue

Bonds

(µ)

335

5.000

10/01/38

433

Delaware

State

Economic

Development

Authority

Revenue

Bonds

75

4.000

08/01/29

82

Delaware

State

Economic

Development

Authority

Revenue

Bonds

100

5.000

08/01/39

117

Delaware

State

Health

Facilities

Authority

Revenue

Bonds

800

5.000

07/01/29

998

Delaware

State

Health

Facilities

Authority

Revenue

Bonds

600

5.000

06/01/30

753

State

of

Delaware

General

Obligation

Unlimited

2,000

5.000

02/01/29

2,639

Town

of

Bridgeville

Special

Tax

75

4.000

07/01/23

79

Town

of

Bridgeville

Special

Tax

75

4.000

07/01/24

81

Town

of

Bridgeville

Special

Tax

100

4.000

07/01/25

109

Town

of

Bridgeville

Special

Tax

100

4.000

07/01/26

111

Town

of

Bridgeville

Special

Tax

100

4.000

07/01/27

112

Town

of

Bridgeville

Special

Tax

300

4.000

07/01/30

336

12,569

District

of

Columbia

-

1.0%

District

of

Columbia

Revenue

Bonds

2,240

5.000

12/01/28

2,275

District

of

Columbia

Revenue

Bonds

4,500

5.000

12/01/33

5,852

District

of

Columbia

Revenue

Bonds

5,750

5.000

12/01/34

7,458

District

of

Columbia

Revenue

Bonds

2,000

5.000

06/01/36

2,307

District

of

Columbia

Revenue

Bonds

1,905

5.000

06/01/40

2,272

District

of

Columbia

Revenue

Bonds

(Þ)

250

5.000

06/01/41

300

District

of

Columbia

Water

&

Sewer

Authority

Revenue

Bonds

(~)(ae)(Ê)

935

1.750

10/01/54

976

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

150

5.000

10/01/31

189

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

150

5.000

10/01/33

189

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

150

5.000

10/01/34

189

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

150

5.000

10/01/35

188

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

(µ)

1,000

Zero

coupon

10/01/36

754

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

250

5.000

10/01/36

314

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

150

5.000

10/01/37

188

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

150

5.000

10/01/38

188

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

225

5.000

10/01/39

281

Metropolitan

Washington

Airports

Authority

Revenue

Bonds

1,555

5.000

10/01/29

2,068

Washington

Metropolitan

Area

Transit

Authority

Revenue

Bonds

2,935

4.000

07/15/34

3,692

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

291

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Washington

Metropolitan

Area

Transit

Authority

Revenue

Bonds

2,185

4.000

07/15/35

2,741

Washington

Metropolitan

Area

Transit

Authority

Revenue

Bonds

5,000

5.000

07/15/35

6,643

39,064

Florida

-

5.9%

Aberdeen

Community

Development

District

Special

Assessment

(µ)

1,000

3.250

05/01/36

1,098

AH

at

Turnpike

South

Community

Development

District

Special

Assessment

160

2.350

05/01/26

161

AH

at

Turnpike

South

Community

Development

District

Special

Assessment

185

3.000

05/01/31

190

AH

at

Turnpike

South

Community

Development

District

Special

Assessment

500

3.250

05/01/41

509

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,215

2.750

05/01/25

1,305

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,250

3.000

05/01/26

1,373

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,285

3.125

05/01/27

1,434

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,330

3.250

05/01/28

1,506

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,370

3.500

05/01/32

1,546

Artisan

Lakes

East

Community

Development

District

Special

Assessment

(Þ)

605

2.300

05/01/26

607

Astonia

Community

Development

District

Special

Assessment

(Þ)

200

2.500

05/01/26

200

Astonia

Community

Development

District

Special

Assessment

(Þ)

250

3.000

05/01/31

250

Ave

Maria

Stewardship

Community

District

Special

Assessment

(µ)

2,230

2.750

05/01/33

2,397

Ave

Maria

Stewardship

Community

District

Special

Assessment

(µ)

2,920

3.000

05/01/38

3,178

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

(Þ)

125

2.375

05/01/26

125

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

(Þ)

250

2.875

05/01/31

253

Bonterra

Community

Development

District

Special

Assessment

195

2.750

05/01/24

206

Bonterra

Community

Development

District

Special

Assessment

215

3.250

05/01/27

239

Bonterra

Community

Development

District

Special

Assessment

220

3.400

05/01/28

250

Bonterra

Community

Development

District

Special

Assessment

720

3.625

05/01/31

811

Bonterra

Community

Development

District

Special

Assessment

655

4.000

05/01/37

742

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

120

4.500

01/01/35

139

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

1,000

5.250

12/01/43

1,192

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

500

5.250

12/01/58

589

Celebration

Pointe

Community

Development

District

Special

Assessment

(Þ)

90

4.000

05/01/22

91

Central

Florida

Expressway

Authority

Revenue

Bonds

(µ)

750

4.000

07/01/35

938

Central

Florida

Expressway

Authority

Revenue

Bonds

(µ)

1,750

4.000

07/01/38

2,166

Central

Florida

Expressway

Authority

Revenue

Bonds

(µ)

500

4.000

07/01/39

617

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

120

3.500

11/01/27

136

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

120

3.500

11/01/28

136

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

443

3.500

05/01/31

482

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

130

4.000

05/01/31

145

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

650

4.000

11/01/33

737

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

1,036

4.000

05/01/37

1,140

CFM

Community

Development

District

Special

Assessment

295

2.400

05/01/26

297

CFM

Community

Development

District

Special

Assessment

125

2.875

05/01/31

126

Chapel

Crossings

Community

Development

District

Special

Assessment

100

3.200

05/01/30

104

Citizens

Property

Insurance

Corp.

Revenue

Bonds

7,385

5.000

06/01/22

7,683

City

of

Atlantic

Beach

Health

Care

Facilities

Revenue

Bonds

275

3.000

11/15/23

275

City

of

Fort

Myers

Utility

System

Revenue

Bonds

(µ)

425

5.000

10/01/21

428

City

of

Hollywood

General

Obligation

Unlimited

(µ)

1,320

5.000

07/01/32

1,726

City

of

Miami

Beach

Parking

Revenue

Bonds

(µ)

395

5.000

09/01/32

465

City

of

Miami

Beach

Parking

Revenue

Bonds

(µ)

1,755

5.000

09/01/33

2,068

City

of

North

Port

Special

Assessment

(µ)(ae)

1,135

5.000

07/01/26

1,241

City

of

Tallahassee

Revenue

Bonds

500

5.000

12/01/27

591

City

of

Tallahassee

Revenue

Bonds

650

5.000

12/01/28

766

City

of

Tampa

Revenue

Bonds

720

5.000

07/01/32

946

City

of

Tampa

Revenue

Bonds

725

5.000

07/01/33

949

City

of

Tampa

Revenue

Bonds

1,325

4.000

07/01/38

1,578

Cityplace

Community

Development

District

Special

Assessment

(µ)

2,380

1.359

05/01/28

2,399

Cityplace

Community

Development

District

Special

Assessment

(µ)

3,000

0.630

05/01/33

3,211

Copper

Oaks

Community

Development

District

Special

Assessment

(Þ)

681

3.000

05/01/31

701

Copper

Oaks

Community

Development

District

Special

Assessment

(Þ)

770

3.000

05/01/35

786

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

292

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Corkscrew

Farms

Community

Development

District

Special

Assessment

(Þ)

40

3.750

11/01/23

41

Corkscrew

Farms

Community

Development

District

Special

Assessment

(Þ)

185

4.500

11/01/28

202

Country

Greens

Community

Development

District

Special

Assessment

130

2.500

05/01/22

131

Country

Greens

Community

Development

District

Special

Assessment

105

2.750

05/01/23

109

Country

Greens

Community

Development

District

Special

Assessment

100

4.000

05/01/34

111

County

of

Broward

Airport

System

Revenue

Bonds

(ae)

145

5.000

10/01/37

153

County

of

Broward

Port

Facilities

Revenue

Bonds

1,005

5.000

09/01/37

1,291

County

of

Broward

Port

Facilities

Revenue

Bonds

1,050

5.000

09/01/38

1,347

County

of

Miami-Dade

Aviation

Revenue

Bonds

600

4.000

10/01/34

733

County

of

Miami-Dade

Aviation

Revenue

Bonds

1,600

4.000

10/01/35

1,950

County

of

Miami-Dade

Aviation

Revenue

Bonds

3,000

4.000

10/01/36

3,640

County

of

Miami-Dade

Aviation

Revenue

Bonds

4,500

4.000

10/01/37

5,447

County

of

Miami-Dade

Aviation

Revenue

Bonds

500

4.000

10/01/38

604

County

of

Miami-Dade

Aviation

Revenue

Bonds

1,600

4.000

10/01/39

1,926

County

of

Miami-Dade

Aviation

Revenue

Bonds

2,000

4.000

10/01/40

2,404

County

of

Miami-Dade

Revenue

Bonds

3,000

5.000

10/01/28

3,172

County

of

Miami-Dade

Revenue

Bonds

(µ)

4,310

3.233

10/01/35

2,833

County

of

Miami-Dade

Water

&

Sewer

System

Revenue

Bonds

1,275

4.000

10/01/34

1,573

County

of

Miami-Dade

Water

&

Sewer

System

Revenue

Bonds

750

4.000

10/01/35

924

County

of

Miami-Dade

Water

&

Sewer

System

Revenue

Bonds

1,250

4.000

10/01/38

1,527

County

of

Osceola

Transportation

Revenue

Bonds

400

5.000

10/01/32

520

County

of

Osceola

Transportation

Revenue

Bonds

350

5.000

10/01/33

454

County

of

Osceola

Transportation

Revenue

Bonds

250

5.000

10/01/34

323

County

of

Osceola

Transportation

Revenue

Bonds

440

5.000

10/01/35

568

County

of

Osceola

Transportation

Revenue

Bonds

600

5.000

10/01/36

772

County

of

Osceola

Transportation

Revenue

Bonds

525

5.000

10/01/37

674

County

of

Osceola

Transportation

Revenue

Bonds

790

5.000

10/01/38

1,013

Crystal

Cay

Community

Development

District

Specia

Assessment

850

3.050

05/01/41

850

Cypress

Bluff

Community

Development

District

Special

Assessment

800

3.625

05/01/40

847

Cypress

Mill

Community

Development

District

Special

Assessment

415

3.000

06/15/31

430

Deer

Run

Community

Development

District

Special

Assessment

1,230

5.400

05/01/39

1,410

DG

Farms

Community

Development

District

Special

Assessment

155

2.750

05/01/25

157

Downtown

Doral

South

Community

Development

District

Special

Assessment

(Þ)

310

3.875

12/15/23

319

DW

Bayview

Community

Development

District

Special

Assessment

(Þ)

50

2.375

05/01/26

50

DW

Bayview

Community

Development

District

Special

Assessment

(Þ)

60

3.000

05/01/32

62

Eagle

Pointe

Community

Development

District

Special

Assessment

(Þ)

35

3.000

05/01/25

36

Eagle

Pointe

Community

Development

District

Special

Assessment

(Þ)

60

3.625

05/01/31

64

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

(Þ)

70

3.875

11/01/23

72

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

(Þ)

340

4.375

11/01/29

375

East

Nassau

Stewardship

District

Special

Assessment

190

2.400

05/01/26

191

East

Nassau

Stewardship

District

Special

Assessment

240

3.000

05/01/31

245

Edgewater

East

Community

Development

District

Special

Assessment

50

2.500

05/01/26

51

Edgewater

East

Community

Development

District

Special

Assessment

100

3.100

05/01/31

103

Enbrook

Community

Development

District

Special

Assessment

200

2.500

05/01/25

204

Epperson

North

Community

Development

District

Special

Assessment

135

2.500

05/01/26

136

Epperson

North

Community

Development

District

Special

Assessment

215

3.000

05/01/31

221

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

360

5.000

08/15/31

469

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

420

5.000

08/15/32

545

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

355

5.000

08/15/33

459

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

275

5.000

08/15/34

355

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

375

5.000

08/15/35

482

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

540

5.000

08/15/36

693

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

720

5.000

08/15/37

922

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

160

5.000

08/15/38

205

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

475

5.000

08/15/40

605

Esplanade

Lake

Club

Community

Development

District

Special

Assessment

115

3.250

11/01/25

119

Esplanade

Lake

Club

Community

Development

District

Special

Assessment

200

4.000

11/01/40

215

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

293

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Fishhawk

Ranch

Community

Development

District

Special

Assessment

(µ)

200

2.750

11/01/35

213

Florida

Development

Finance

Corp.

Revenue

Bonds

100

3.000

06/01/22

102

Florida

Development

Finance

Corp.

Revenue

Bonds

115

3.000

06/01/23

119

Florida

Development

Finance

Corp.

Revenue

Bonds

110

4.000

06/01/25

120

Florida

Development

Finance

Corp.

Revenue

Bonds

35

5.000

04/01/26

41

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

610

1.750

06/01/26

611

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

4.000

06/01/26

114

Florida

Development

Finance

Corp.

Revenue

Bonds

35

5.000

04/01/27

43

Florida

Development

Finance

Corp.

Revenue

Bonds

35

5.000

04/01/28

44

Florida

Development

Finance

Corp.

Revenue

Bonds

30

5.000

04/01/29

38

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

4.000

12/15/29

113

Florida

Development

Finance

Corp.

Revenue

Bonds

135

5.000

06/01/31

161

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

100

5.000

12/15/34

120

Florida

Development

Finance

Corp.

Revenue

Bonds

100

5.000

06/01/35

118

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

125

5.000

12/15/39

149

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

225

5.125

06/01/40

270

Florida

Governmental

Utility

Authority

Revenue

Bonds

(µ)

1,000

5.000

10/01/31

1,319

Florida

Governmental

Utility

Authority

Revenue

Bonds

(µ)

2,300

5.000

10/01/32

3,028

Florida

Governmental

Utility

Authority

Revenue

Bonds

(µ)

1,600

5.000

10/01/33

2,100

Florida

Governmental

Utility

Authority

Revenue

Bonds

(µ)

1,000

4.000

10/01/35

1,203

Florida

Higher

Educational

Facilities

Financing

Authority

Revenue

Bonds

(Þ)

800

4.500

06/01/33

957

Florida

Higher

Educational

Facilities

Financing

Authority

Revenue

Bonds

(Þ)

150

4.750

06/01/38

180

Florida

Municipal

Power

Agency

Revenue

Bonds

4,720

5.000

10/01/28

5,771

Florida

Municipal

Power

Agency

Revenue

Bonds

750

3.000

10/01/32

836

Florida

Municipal

Power

Agency

Revenue

Bonds

700

3.000

10/01/33

777

Flow

Way

Community

Development

District

Special

Assessment

210

4.000

11/01/28

226

Flow

Way

Community

Development

District

Special

Assessment

200

4.875

11/01/37

218

Flow

Way

Community

Development

District

Special

Assessment

100

5.000

11/01/38

114

Forest

Brooke

Community

Development

District

Special

Assessment

45

3.000

11/01/21

45

Forest

Brooke

Community

Development

District

Special

Assessment

50

3.000

11/01/22

51

Forest

Brooke

Community

Development

District

Special

Assessment

50

3.000

11/01/23

52

Forest

Brooke

Community

Development

District

Special

Assessment

50

3.000

11/01/24

53

Forest

Brooke

Community

Development

District

Special

Assessment

105

3.000

11/01/25

112

Forest

Brooke

Community

Development

District

Special

Assessment

105

3.000

11/01/26

113

Forest

Brooke

Community

Development

District

Special

Assessment

110

3.000

11/01/27

119

Forest

Brooke

Community

Development

District

Special

Assessment

115

3.000

11/01/28

124

Forest

Brooke

Community

Development

District

Special

Assessment

115

3.000

11/01/29

124

Forest

Brooke

Community

Development

District

Special

Assessment

1,000

3.000

11/01/39

1,054

Golden

Lakes

Community

Development

District

Special

Assessment

(µ)

15

3.000

05/01/22

16

Golden

Lakes

Community

Development

District

Special

Assessment

(µ)

30

3.250

05/01/23

31

Golden

Lakes

Community

Development

District

Special

Assessment

(µ)

80

3.500

05/01/24

85

Golden

Lakes

Community

Development

District

Special

Assessment

(µ)

510

4.250

05/01/32

582

Grande

Pines

Community

Development

District

Special

Assessment

800

3.200

05/01/31

825

Harbor

Bay

Community

Development

District

Special

Assessment

885

3.300

05/01/29

948

Harmony

West

Community

Development

District

Special

Assessment

(Þ)

195

4.125

05/01/24

202

Harmony

West

Community

Development

District

Special

Assessment

(Þ)

420

4.750

05/01/29

465

Harmony

West

Community

Development

District

Special

Assessment

(Þ)

620

5.100

05/01/38

729

Heritage

Harbor

North

Community

Development

District

Special

Assessment

150

5.000

05/01/34

176

Hillcrest

Community

Development

District

Special

Assessment

300

4.000

11/01/28

333

Hillcrest

Community

Development

District

Special

Assessment

300

4.500

11/01/38

335

Hills

Minneola

Community

Development

District

Special

Assessment

(Þ)

180

3.000

05/01/25

184

Hills

Minneola

Community

Development

District

Special

Assessment

(Þ)

140

3.500

05/01/31

150

Hillsborough

County

Industrial

Development

Authority

Revenue

Bonds

11,900

4.000

08/01/45

14,225

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

(Þ)

345

4.000

05/01/28

367

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

100

2.750

05/01/31

100

Kingman

Gate

Community

Development

District

Special

Assessment

(Þ)

200

2.500

06/15/26

202

Kingman

Gate

Community

Development

District

Special

Assessment

(Þ)

250

3.125

06/15/31

258

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

294

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Lakeshore

Ranch

Community

Development

District

Special

Assessment

370

3.000

05/01/25

396

Lakeshore

Ranch

Community

Development

District

Special

Assessment

380

3.000

05/01/26

413

Lakeshore

Ranch

Community

Development

District

Special

Assessment

390

3.000

05/01/27

427

Lakeshore

Ranch

Community

Development

District

Special

Assessment

405

3.000

05/01/28

445

Lakeshore

Ranch

Community

Development

District

Special

Assessment

415

3.000

05/01/29

458

Lakeshore

Ranch

Community

Development

District

Special

Assessment

2,675

3.000

05/01/35

2,861

Lakewood

Ranch

Stewardship

District

Special

Assessment

100

2.500

05/01/25

102

Lakewood

Ranch

Stewardship

District

Special

Assessment

(µ)

550

2.000

05/01/27

583

Lakewood

Ranch

Stewardship

District

Special

Assessment

(µ)

585

2.000

05/01/30

604

Lakewood

Ranch

Stewardship

District

Special

Assessment

310

3.125

05/01/30

325

Lakewood

Ranch

Stewardship

District

Special

Assessment

100

3.200

05/01/30

105

Lee

Memorial

Health

System

Revenue

Bonds

(~)(ae)(Ê)

2,300

5.000

04/01/33

2,709

Lucerne

Park

Community

Development

District

Special

Assessment

1,025

4.625

05/01/39

1,148

McJunkin

Parkland

Community

Development

District

Special

Assessment

(Þ)

520

4.750

11/01/29

595

Meadow

Pointe

III

Community

Development

District

Special

Assessment

110

3.250

05/01/23

114

Meadow

Pointe

IV

Community

Development

District

Special

Assessment

105

2.750

05/01/22

106

Meadow

Pointe

IV

Community

Development

District

Special

Assessment

110

3.200

05/01/23

115

Mediterranea

Community

Development

District

Special

Assessment

260

4.250

05/01/29

296

Mediterranea

Community

Development

District

Special

Assessment

1,130

4.750

05/01/37

1,276

Miami

Beach

Health

Facilities

Authority

Revenue

Bonds

5,930

5.000

11/15/29

6,301

Miami-Dade

County

Expressway

Authority

Revenue

Bonds

1,000

5.000

07/01/30

1,130

Miami-Dade

County

Expressway

Authority

Revenue

Bonds

1,000

5.000

07/01/31

1,130

Midtown

Miami

Community

Development

District

Special

Assessment

100

5.000

05/01/29

105

Mitchell

Ranch

Community

Development

District

Special

Assessment

475

3.375

12/15/30

498

Naples

Reserve

Community

Development

District

Special

Assessment

(Þ)

535

4.625

11/01/29

595

North

Dade

Community

Development

District

Special

Assessment

81

3.000

05/01/22

83

North

Dade

Community

Development

District

Special

Assessment

84

3.000

05/01/23

87

North

Dade

Community

Development

District

Special

Assessment

88

3.500

05/01/24

94

North

Dade

Community

Development

District

Special

Assessment

92

3.500

05/01/25

100

North

Dade

Community

Development

District

Special

Assessment

96

3.500

05/01/26

107

North

Dade

Community

Development

District

Special

Assessment

100

3.500

05/01/27

112

North

Dade

Community

Development

District

Special

Assessment

99

3.500

05/01/28

112

North

Dade

Community

Development

District

Special

Assessment

327

3.750

05/01/31

369

North

Dade

Community

Development

District

Special

Assessment

824

4.000

05/01/38

920

North

Sumter

County

Utility

Dependent

District

Revenue

Bonds

575

5.000

10/01/31

773

North

Sumter

County

Utility

Dependent

District

Revenue

Bonds

3,725

5.000

10/01/43

4,815

Oak

Creek

Community

Development

District

Special

Assessment

170

3.300

05/01/22

173

Oak

Creek

Community

Development

District

Special

Assessment

180

3.500

05/01/23

188

Orange

County

Convention

Center

Revenue

Bonds

3,605

5.000

10/01/31

4,361

Orlando

Utilities

Commission

Revenue

Bonds

(~)(Ê)

575

1.250

10/01/46

587

Palm

Glades

Community

Development

District

Special

Assessment

750

4.000

11/01/33

880

Parker

Road

Community

Development

District

Special

Assessment

250

3.100

05/01/25

257

Parker

Road

Community

Development

District

Special

Assessment

255

3.375

05/01/30

268

Parkview

at

Long

Lake

Ranch

Community

Development

District

Special

Assessment

515

2.500

05/01/25

525

Parkway

Center

Community

Development

District

Special

Assessment

Revenue

Bonds

95

3.500

05/01/25

103

Parkway

Center

Community

Development

District

Special

Assessment

Revenue

Bonds

100

4.000

05/01/26

113

Parkway

Center

Community

Development

District

Special

Assessment

Revenue

Bonds

105

4.000

05/01/27

121

Parkway

Center

Community

Development

District

Special

Assessment

Revenue

Bonds

110

4.000

05/01/28

128

Paseo

Community

Development

District

Capital

Improvements

Special

Assessment

Revenue

Bonds

460

4.000

05/01/25

508

Paseo

Community

Development

District

Capital

Improvements

Special

Assessment

Revenue

Bonds

500

4.000

05/01/27

573

Paseo

Community

Development

District

Capital

Improvements

Special

Assessment

Revenue

Bonds

375

4.500

05/01/31

456

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

295

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Portico

Community

Development

District

Special

Assessment

25

3.250

05/01/31

26

Reedy

Creek

Improvement

District

General

Obligation

Limited

(ae)

5,000

5.000

06/01/25

5,448

Reedy

Creek

Improvement

District

General

Obligation

Limited

(ae)

4,870

5.000

06/01/26

5,307

Reunion

East

Community

Development

District

Special

Assessment

680

2.400

05/01/26

680

Reunion

East

Community

Development

District

Special

Assessment

700

2.850

05/01/31

700

River

Glen

Community

Development

District

Special

Assessment

509

3.000

05/01/34

543

River

Glen

Community

Development

District

Special

Assessment

686

3.000

05/01/38

717

River

Landing

Community

Development

District

Special

Assessment

850

4.125

05/01/40

900

Rivers

Edge

III

Community

Development

District

Special

Assessment

(Þ)

260

2.400

05/01/26

262

Rivers

Edge

III

Community

Development

District

Special

Assessment

(Þ)

300

3.000

05/01/31

307

Sampson

Creek

Community

Development

District

Special

Assessment

(µ)

95

2.375

05/01/35

97

Sampson

Creek

Community

Development

District

Special

Assessment

(µ)

190

2.625

05/01/40

197

Sarasota

National

Community

Development

District

Special

Assessment

135

3.400

05/01/31

139

Sarasota

National

Community

Development

District

Special

Assessment

1,500

3.500

05/01/31

1,629

Sarasota

National

Community

Development

District

Special

Assessment

(Þ)

125

3.625

05/01/31

129

Sarasota

National

Community

Development

District

Special

Assessment

2,205

4.000

05/01/39

2,412

School

District

of

Broward

County

General

Obligation

Limited

855

5.000

07/01/38

1,156

School

District

of

Broward

County

General

Obligation

Limited

885

5.000

07/01/39

1,192

School

District

of

Broward

County

General

Obligation

Limited

590

5.000

07/01/40

793

Sherwood

Manor

Community

Development

District

Special

Assessment

(Þ)

550

4.625

11/01/29

607

Shingle

Creek

at

Bronson

Community

Development

District

Special

Assessment

250

2.500

06/15/26

253

South

Fork

East

Community

Development

District

Special

Assessment

147

3.000

05/01/23

152

South

Fork

East

Community

Development

District

Special

Assessment

100

3.000

05/01/25

105

South

Fork

East

Community

Development

District

Special

Assessment

263

3.000

05/01/31

271

South

Fork

East

Community

Development

District

Special

Assessment

1,990

4.125

05/01/36

2,217

South

Fork

East

Community

Development

District

Special

Assessment

600

3.000

05/01/38

606

South

Kendall

Community

Development

District

Special

Assessment

205

4.000

11/01/31

231

South

Village

Community

Development

District

Special

Assessment

415

3.500

05/01/32

444

South

Village

Community

Development

District

Special

Assessment

230

3.750

05/01/38

247

Southern

Groves

Community

Development

District

No.

5

Special

Assessment

145

2.875

05/01/24

148

Southern

Groves

Community

Development

District

No.

5

Special

Assessment

210

2.400

05/01/26

211

Southern

Groves

Community

Development

District

No.

6

Special

Assessment

890

2.800

05/01/31

893

State

of

Florida

General

Obligation

Unlimited

1,300

4.000

06/01/30

1,341

Stonegate

Community

Development

District

Special

Assessment

190

3.000

05/01/22

192

Stonegate

Community

Development

District

Special

Assessment

190

3.000

05/01/23

196

Stonegate

Community

Development

District

Special

Assessment

195

3.000

05/01/24

205

Stonegate

Community

Development

District

Special

Assessment

205

3.000

05/01/25

219

Stonegate

Community

Development

District

Special

Assessment

210

3.000

05/01/26

225

Stonegate

Community

Development

District

Special

Assessment

215

3.000

05/01/27

235

Stonegate

Community

Development

District

Special

Assessment

225

3.000

05/01/28

246

Stonegate

Community

Development

District

Special

Assessment

230

3.000

05/01/29

252

Stonegate

Community

Development

District

Special

Assessment

1,270

3.000

05/01/34

1,361

Stonegate

Community

Development

District

Special

Assessment

1,465

3.000

05/01/39

1,560

Sweetwater

Creek

Community

Development

District

Special

Assessment

(µ)

380

2.250

05/01/27

405

Tampa

Bay

Water

Revenue

Bonds

1,890

4.000

10/01/28

2,168

Tampa-Hillsborough

County

Expressway

Authority

Revenue

Bonds

825

5.000

07/01/47

1,005

Timber

Creek

Community

Development

District

Special

Assessment

(Þ)

170

4.125

11/01/24

176

Timber

Creek

Community

Development

District

Special

Assessment

(Þ)

400

4.625

11/01/29

445

Timber

Creek

Community

Development

District

Special

Assessment

(Þ)

535

5.000

11/01/38

633

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

525

2.500

06/15/25

535

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

650

3.000

06/15/30

681

Tohoqua

Community

Development

District

Special

Assessment

(Þ)

320

3.125

05/01/31

330

Tolomato

Community

Development

District

Special

Assessment

325

3.500

05/01/24

337

Tolomato

Community

Development

District

Special

Assessment

(µ)

1,180

3.000

05/01/33

1,298

Tolomato

Community

Development

District

Special

Assessment

(µ)

930

3.000

05/01/37

1,022

Tolomato

Community

Development

District

Special

Assessment

(µ)

605

3.000

05/01/40

661

Town

of

Davie

Educational

Facilities

Revenue

Bonds

550

5.000

04/01/32

681

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

296

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Tradition

Community

Development

District

No.

9

Special

Assessment

190

2.300

05/01/26

190

Tradition

Community

Development

District

No.

9

Special

Assessment

270

2.700

05/01/31

269

University

of

Florida

Department

of

Housing

&

Residence

Education

Housing

System

Revenue

Bonds

625

4.000

07/01/34

779

V-Dana

Community

Development

District

Special

Assessment

(Þ)

375

2.600

05/01/26

380

V-Dana

Community

Development

District

Special

Assessment

(Þ)

125

3.125

05/01/31

128

Veranda

Community

Development

District

II

Special

Assessment

(Þ)

45

2.500

05/01/26

45

Veranda

Community

Development

District

II

Special

Assessment

(Þ)

55

3.100

05/01/31

57

Verano

No.

3

Community

Development

District

Special

Assessment

(Þ)

100

2.375

05/01/26

101

Verano

No.

3

Community

Development

District

Special

Assessment

(Þ)

120

3.000

05/01/31

123

Village

Community

Development

District

No.

12

Special

Assessment

(Þ)

1,465

3.800

05/01/28

1,620

Volusia

County

School

Board

Certificate

of

Participation

(µ)

1,280

5.000

08/01/32

1,517

Watergrass

Community

Development

District

II

Special

Assessment

265

4.000

05/01/23

272

Watergrass

Community

Development

District

II

Special

Assessment

775

4.450

05/01/28

845

Watergrass

Community

Development

District

II

Special

Assessment

2,260

5.150

05/01/38

2,561

West

Villages

Improvement

District

Special

Assessment

(Þ)

825

3.125

05/01/31

849

Westside

Haines

City

Community

Development

District

Special

Assessment

125

2.500

05/01/26

125

Westside

Haines

City

Community

Development

District

Special

Assessment

215

3.000

05/01/31

215

234,881

Georgia

-

1.4%

Bartow

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

890

1.550

08/01/43

902

Burke

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

525

2.150

10/01/32

551

Burke

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

285

2.250

10/01/32

294

Burke

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,875

3.000

11/01/45

4,029

Burke

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

500

2.925

11/01/48

533

Burke

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

855

1.550

12/01/49

867

County

of

Fulton

Water

&

Sewerage

Revenue

Bonds

1,415

4.000

01/01/35

1,486

Glynn-Brunswick

Memorial

Hospital

Authority

Revenue

Bonds

1,000

5.000

08/01/21

1,000

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

4,775

5.000

05/15/30

6,161

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(USD

1

Month

LIBOR

+

0.750%)(ae)

(Ê)

8,785

0.866

04/01/48

8,830

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

2,750

4.000

04/01/48

2,947

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(USD

1

Month

LIBOR

+

0.830%)(ae)

(Ê)

12,480

0.934

08/01/48

12,578

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

2,600

4.000

08/01/49

2,892

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

465

5.000

01/01/35

586

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

2,420

5.000

01/01/38

3,023

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

1,835

5.000

01/01/39

2,288

Private

Colleges

&

Universities

Authority

Revenue

Bonds

465

5.000

10/01/28

597

Private

Colleges

&

Universities

Authority

Revenue

Bonds

350

5.000

10/01/29

459

Private

Colleges

and

Universities

Authority

Revenue

Bonds

1,815

5.000

09/01/37

2,357

Savannah

Hospital

Authority

Revenue

Bonds

1,000

5.500

07/01/28

1,102

State

of

Georgia

General

Obligation

Unlimited

2,325

4.000

07/01/34

2,963

56,445

Guam

-

1.6%

Guam

Business

Privilege

Tax

Revenue

Bonds

450

5.000

01/01/28

552

Guam

Business

Privilege

Tax

Revenue

Bonds

1,025

5.000

01/01/29

1,282

Guam

Business

Privilege

Tax

Revenue

Bonds

900

5.000

01/01/30

1,144

Guam

Business

Privilege

Tax

Revenue

Bonds

775

5.000

01/01/31

1,001

Guam

Department

of

Education

Certificate

of

Participation

675

3.625

02/01/25

714

Guam

Department

of

Education

Certificate

of

Participation

265

4.250

02/01/30

300

Guam

Government

Waterworks

Authority

Revenue

Bonds

150

5.000

07/01/25

173

Guam

Government

Waterworks

Authority

Revenue

Bonds

225

5.000

07/01/26

268

Guam

Government

Waterworks

Authority

Revenue

Bonds

150

5.000

07/01/27

183

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,395

5.000

07/01/28

1,518

Guam

Government

Waterworks

Authority

Revenue

Bonds

5,425

5.000

07/01/29

6,009

Guam

Government

Waterworks

Authority

Revenue

Bonds

300

5.000

07/01/30

358

Guam

Government

Waterworks

Authority

Revenue

Bonds

600

5.000

07/01/31

704

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

297

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Guam

Government

Waterworks

Authority

Revenue

Bonds

300

5.000

07/01/32

355

Guam

Government

Waterworks

Authority

Revenue

Bonds

3,200

5.000

01/01/46

3,639

Guam

Government

Waterworks

Authority

Revenue

Bonds

445

5.000

01/01/50

550

Guam

Power

Authority

Revenue

Bonds

(µ)

2,190

5.000

10/01/24

2,308

Guam

Power

Authority

Revenue

Bonds

3,925

5.000

10/01/34

4,416

Guam

Power

Authority

Revenue

Bonds

2,690

5.000

10/01/35

3,150

Territory

of

Guam

Revenue

Bonds

435

5.000

12/01/21

442

Territory

of

Guam

Revenue

Bonds

5,060

5.000

12/01/22

5,373

Territory

of

Guam

Revenue

Bonds

2,450

5.000

12/01/23

2,712

Territory

of

Guam

Revenue

Bonds

3,000

5.000

12/01/24

3,444

Territory

of

Guam

Revenue

Bonds

7,860

5.000

11/15/26

9,250

Territory

of

Guam

Revenue

Bonds

50

5.000

11/01/27

62

Territory

of

Guam

Revenue

Bonds

50

5.000

11/01/28

63

Territory

of

Guam

Revenue

Bonds

2,000

5.000

12/01/28

2,400

Territory

of

Guam

Revenue

Bonds

50

5.000

11/01/29

64

Territory

of

Guam

Revenue

Bonds

50

5.000

11/01/30

65

Territory

of

Guam

Revenue

Bonds

9,625

5.000

01/01/31

9,813

Territory

of

Guam

Revenue

Bonds

785

5.000

01/01/32

800

Territory

of

Guam

Revenue

Bonds

1,035

5.000

12/01/32

1,225

Territory

of

Guam

Revenue

Bonds

555

5.000

12/01/35

653

Territory

of

Guam

Revenue

Bonds

980

5.000

12/01/36

1,153

66,143

Hawaii

-

0.5%

City

&

County

of

Honolulu

General

Obligation

Unlimited

9,000

5.000

03/01/29

11,805

City

&

County

of

Honolulu

Wastewater

System

Revenue

Bonds

130

5.000

07/01/22

136

State

of

Hawaii

Airports

System

Revenue

Bonds

5,000

5.000

07/01/34

6,623

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

1,400

3.200

07/01/39

1,537

20,101

Idaho

-

0.5%

Idaho

Health

Facilities

Authority

Revenue

Bonds

300

5.000

09/01/21

301

Idaho

Health

Facilities

Authority

Revenue

Bonds

1,390

5.000

09/01/24

1,556

Idaho

Health

Facilities

Authority

Revenue

Bonds

2,090

5.000

09/01/27

2,483

Idaho

Health

Facilities

Authority

Revenue

Bonds

2,045

5.000

09/01/28

2,416

Idaho

Health

Facilities

Authority

Revenue

Bonds

2,400

5.000

09/01/31

2,801

Idaho

Health

Facilities

Authority

Revenue

Bonds

1,245

4.000

09/01/40

1,501

Idaho

Housing

&

Finance

Association

Revenue

Bonds

1,670

5.000

07/15/31

1,814

Idaho

Housing

&

Finance

Association

Revenue

Bonds

600

5.000

07/15/34

807

Idaho

Housing

&

Finance

Association

Revenue

Bonds

875

5.000

07/15/35

1,175

Idaho

Housing

&

Finance

Association

Revenue

Bonds

500

4.000

07/15/36

616

Idaho

Housing

&

Finance

Association

Revenue

Bonds

640

4.000

07/15/37

785

Idaho

Housing

&

Finance

Association

Revenue

Bonds

1,250

4.000

07/15/38

1,530

Idaho

State

Building

Authority

Revenue

Bonds

590

5.000

09/01/23

621

18,406

Illinois

-

13.6%

Berkeley

School

District

No.

87

General

Obligation

Unlimited

(µ)

500

3.000

12/01/34

563

Berwyn

Municipal

Securitization

Corp.

Revenue

Bonds

(µ)

1,000

5.000

01/01/35

1,260

Carol

Stream

Park

District

General

Obligation

Unlimited

(µ)(ae)

200

5.000

01/01/26

240

Carol

Stream

Park

District

General

Obligation

Unlimited

(µ)(ae)

250

4.500

11/01/35

253

Carol

Stream

Park

District

General

Obligation

Unlimited

(µ)

630

5.000

01/01/37

745

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

50

Zero

coupon

01/01/26

48

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

25

Zero

coupon

01/01/27

24

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

35

Zero

coupon

01/01/28

32

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

30

5.000

01/01/29

38

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

25

5.000

01/01/30

32

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

110

5.000

01/01/31

139

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

260

5.000

01/01/32

327

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

125

5.000

01/01/33

157

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

155

5.000

01/01/34

194

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

298

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Chicago

Board

of

Education

General

Obligation

Unlimited

335

5.000

12/01/22

355

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

4,025

2.519

12/01/23

3,964

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

675

5.000

12/01/25

801

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

810

5.000

12/01/26

988

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

17,825

5.000

12/01/27

22,130

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

10,880

2.956

12/01/28

9,758

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

2,750

5.000

12/01/28

3,525

Chicago

Board

of

Education

General

Obligation

Unlimited

1,500

5.000

12/01/29

1,950

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

3,630

3.163

12/01/30

3,074

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

8,000

5.000

12/01/31

10,009

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

6,500

5.000

12/01/32

8,119

Chicago

Board

of

Education

General

Obligation

Unlimited

4,010

5.000

12/01/34

5,217

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

2,620

5.000

12/01/35

3,353

Chicago

Board

of

Education

General

Obligation

Unlimited

350

5.000

12/01/36

453

Chicago

Board

of

Education

General

Obligation

Unlimited

1,620

5.000

12/01/37

2,093

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

5,000

7.000

12/01/42

6,686

Chicago

Board

of

Education

Revenue

Bonds

10,000

5.750

04/01/33

12,492

Chicago

Board

of

Education

Revenue

Bonds

325

5.000

04/01/34

391

Chicago

Board

of

Education

Revenue

Bonds

250

5.000

04/01/35

301

Chicago

Board

of

Education

Revenue

Bonds

225

5.000

04/01/36

270

Chicago

Board

of

Education

Revenue

Bonds

310

5.000

04/01/37

372

Chicago

Midway

International

Airport

Revenue

Bonds

940

5.000

01/01/30

1,041

Chicago

Midway

International

Airport

Revenue

Bonds

4,435

5.000

01/01/34

4,918

Chicago

O'Hare

International

Airport

Revenue

Bonds

3,200

5.000

01/01/28

3,368

Chicago

O'Hare

International

Airport

Revenue

Bonds

4,250

5.000

01/01/33

5,040

Chicago

O'Hare

International

Airport

Revenue

Bonds

5,345

4.000

01/01/34

6,458

Chicago

O'Hare

International

Airport

Revenue

Bonds

1,850

5.000

01/01/34

2,194

Chicago

O'Hare

International

Airport

Revenue

Bonds

1,825

4.000

01/01/44

2,118

Chicago

Park

District

General

Obligation

Limited

(µ)

5,000

4.000

01/01/32

6,055

Chicago

Park

District

General

Obligation

Limited

(µ)

6,810

4.000

01/01/33

8,222

Chicago

Park

District

General

Obligation

Limited

(µ)

3,145

4.000

01/01/39

3,733

Chicago

Park

District

General

Obligation

Unlimited

550

5.000

01/01/27

672

Chicago

Park

District

General

Obligation

Unlimited

1,000

4.000

01/01/38

1,183

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

3,420

5.000

01/01/26

4,078

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

2,925

5.000

01/01/27

3,595

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

4,650

5.000

01/01/28

5,870

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

3,695

5.000

01/01/29

4,776

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

7,805

5.000

01/01/30

10,303

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

19,040

5.500

01/01/32

24,957

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

6,590

5.000

01/01/35

8,123

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

(µ)

1,450

5.000

01/01/37

1,869

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

710

4.000

01/01/38

846

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

(µ)

700

5.000

01/01/38

860

Chicago

Transit

Authority

Capital

Grant

Receipts

Revenue

Bonds

425

5.000

06/01/27

529

Chicago

Transit

Authority

Capital

Grant

Receipts

Revenue

Bonds

615

5.000

06/01/28

785

Chicago

Transit

Authority

Capital

Grant

Receipts

Revenue

Bonds

200

5.000

06/01/29

261

City

of

Belleville

Sales

Tax

Revenue

Tax

Allocation

125

3.250

07/01/29

129

City

of

Chicago

General

Obligation

Unlimited

465

5.000

01/01/27

566

City

of

Chicago

General

Obligation

Unlimited

1,650

5.000

01/01/28

2,059

City

of

Chicago

General

Obligation

Unlimited

925

5.250

01/01/28

1,061

City

of

Chicago

General

Obligation

Unlimited

2,210

5.000

01/01/29

2,766

City

of

Chicago

General

Obligation

Unlimited

870

5.000

01/01/30

1,132

City

of

Chicago

General

Obligation

Unlimited

700

5.625

01/01/30

871

City

of

Chicago

General

Obligation

Unlimited

60

5.000

01/01/31

77

City

of

Chicago

General

Obligation

Unlimited

(µ)

5,535

5.250

01/01/31

6,062

City

of

Chicago

General

Obligation

Unlimited

1,400

5.000

01/01/36

1,522

City

of

Chicago

General

Obligation

Unlimited

3,700

5.000

01/01/38

4,247

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

299

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Chicago

General

Obligation

Unlimited

325

5.000

01/01/40

328

City

of

Chicago

Motor

Fuel

Tax

Revenue

Bonds

560

5.000

01/01/28

593

City

of

Chicago

Motor

Fuel

Tax

Revenue

Bonds

725

5.000

01/01/29

765

City

of

Chicago

Revenue

Bonds

(ae)

500

5.250

01/01/38

511

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

505

5.000

01/01/29

559

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

900

5.000

01/01/32

993

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

2,015

5.000

01/01/34

2,314

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

1,630

5.000

01/01/35

1,871

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

4,920

5.000

01/01/36

5,947

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

575

5.000

01/01/44

634

City

of

Chicago

Waterworks

Revenue

Bonds

(µ)

6,000

5.000

11/01/31

7,510

City

of

Chicago

Waterworks

Revenue

Bonds

(µ)

300

5.000

11/01/33

374

City

of

Chicago

Waterworks

Revenue

Bonds

1,000

5.000

11/01/34

1,130

City

of

Chicago

Waterworks

Revenue

Bonds

2,875

5.000

11/01/42

3,027

City

of

Country

Club

Hills

General

Obligation

Unlimited

(µ)

1,000

4.000

12/01/29

1,163

City

of

Mount

Vernon

General

Obligation

Unlimited

(µ)

2,530

4.000

12/15/30

3,073

City

of

Mount

Vernon

General

Obligation

Unlimited

(µ)

3,155

4.000

12/15/31

3,817

City

of

Mount

Vernon

General

Obligation

Unlimited

(µ)

3,275

4.000

12/15/32

3,950

City

of

Mount

Vernon

General

Obligation

Unlimited

(µ)

615

4.000

12/15/33

739

City

of

Mount

Vernon

General

Obligation

Unlimited

(µ)

680

4.000

12/15/36

816

City

of

Mount

Vernon

General

Obligation

Unlimited

(µ)

735

4.000

12/15/38

876

City

of

Mount

Vernon

General

Obligation

Unlimited

(µ)

795

4.000

12/15/40

937

City

of

Peoria

General

Obligation

Unlimited

(µ)

120

5.000

01/01/29

153

City

of

Peoria

General

Obligation

Unlimited

(µ)

200

5.000

01/01/31

257

City

of

Springfield

Electric

Revenue

Bonds

1,280

5.000

03/01/32

1,479

City

of

Waukegan

Water

&

Sewer

System

Revenue

Bonds

(µ)

315

4.000

12/30/32

381

City

of

Waukegan

Water

&

Sewer

System

Revenue

Bonds

(µ)

325

4.000

12/30/33

392

City

of

Waukegan

Water

&

Sewer

System

Revenue

Bonds

(µ)

275

4.000

12/30/34

331

Cook

County

Community

College

District

No.

508

General

Obligation

Unlimited

1,500

5.250

12/01/28

1,653

Cook

County

Community

College

District

No.

527

General

Obligation

Unlimited

(µ)

580

4.000

12/15/36

712

Cook

County

Community

College

District

No.

527

General

Obligation

Unlimited

(µ)

625

4.000

12/15/38

749

Cook

County

Community

Unit

School

District

No.

401

Elmwood

Park

General

Obligation

Unlimited

715

3.000

12/01/21

722

Cook

County

High

School

District

No.

209

Proviso

Township

General

Obligation

Limited

(µ)

2,475

5.500

12/01/36

3,275

Cook

County

School

District

No.

95

General

Obligation

Unlimited

465

4.000

12/01/24

519

Cook

County

Township

High

School

District

General

Obligation

Unlimited

(µ)

1,000

5.000

12/01/30

1,293

Cook

County

Township

High

School

District

General

Obligation

Unlimited

(µ)

1,100

5.000

12/01/31

1,418

Cook

County

Township

High

School

District

General

Obligation

Unlimited

(µ)

1,160

5.000

12/01/32

1,492

County

of

Cook

Sales

Tax

Revenue

Bonds

75

5.000

11/15/29

98

County

of

Cook

Sales

Tax

Revenue

Bonds

205

5.000

11/15/30

274

County

of

Cook

Sales

Tax

Revenue

Bonds

265

5.000

11/15/31

359

County

of

Cook

Sales

Tax

Revenue

Bonds

150

5.000

11/15/32

202

County

of

Cook

Sales

Tax

Revenue

Bonds

135

5.000

11/15/36

178

County

of

Cook

Sales

Tax

Revenue

Bonds

1,250

5.250

11/15/36

1,566

County

of

Cook

Sales

Tax

Revenue

Bonds

185

5.000

11/15/37

242

County

of

Cook

Sales

Tax

Revenue

Bonds

270

5.000

11/15/38

353

County

of

Cook

Sales

Tax

Revenue

Bonds

345

4.000

11/15/39

417

County

of

Cook

Sales

Tax

Revenue

Bonds

315

4.000

11/15/40

380

County

of

Cook

Sales

Tax

Revenue

Bonds

460

4.000

11/15/41

553

County

of

DuPage

General

Obligation

Limited

600

5.000

01/01/28

723

County

of

Union

General

Obligation

Unlimited

(µ)

1,000

4.000

09/01/36

1,176

Governors

State

University

Certificates

of

Participation

(µ)

500

5.000

07/01/24

560

Governors

State

University

Certificates

of

Participation

(µ)

500

5.000

07/01/25

578

Illinois

Finance

Authority

Revenue

Bonds

1,150

5.000

02/15/27

1,080

Illinois

Finance

Authority

Revenue

Bonds

150

4.000

11/01/27

175

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

300

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

300

4.000

10/01/28

345

Illinois

Finance

Authority

Revenue

Bonds

250

5.000

12/01/28

306

Illinois

Finance

Authority

Revenue

Bonds

3,000

5.000

01/01/29

3,664

Illinois

Finance

Authority

Revenue

Bonds

400

5.000

02/15/29

479

Illinois

Finance

Authority

Revenue

Bonds

520

5.000

08/01/29

635

Illinois

Finance

Authority

Revenue

Bonds

(~)(Ê)

1,000

0.130

10/01/29

1,000

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

500

4.000

10/01/29

580

Illinois

Finance

Authority

Revenue

Bonds

250

4.000

11/01/29

300

Illinois

Finance

Authority

Revenue

Bonds

315

5.000

12/01/29

383

Illinois

Finance

Authority

Revenue

Bonds

1,265

5.000

08/01/30

1,521

Illinois

Finance

Authority

Revenue

Bonds

250

5.000

12/01/30

302

Illinois

Finance

Authority

Revenue

Bonds

650

5.000

08/01/31

775

Illinois

Finance

Authority

Revenue

Bonds

265

4.000

11/01/31

324

Illinois

Finance

Authority

Revenue

Bonds

320

5.000

12/01/31

386

Illinois

Finance

Authority

Revenue

Bonds

745

5.000

08/01/32

885

Illinois

Finance

Authority

Revenue

Bonds

730

5.000

08/15/32

995

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

340

4.000

10/01/32

395

Illinois

Finance

Authority

Revenue

Bonds

500

5.000

12/01/32

601

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

440

4.000

10/01/33

510

Illinois

Finance

Authority

Revenue

Bonds

2,310

5.000

08/15/34

3,127

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

445

4.000

10/01/34

513

Illinois

Finance

Authority

Revenue

Bonds

700

4.000

12/01/35

845

Illinois

Finance

Authority

Revenue

Bonds

200

5.000

01/01/36

239

Illinois

Finance

Authority

Revenue

Bonds

2,660

4.000

12/01/36

3,205

Illinois

Finance

Authority

Revenue

Bonds

1,000

4.000

07/01/38

1,231

Illinois

Finance

Authority

Revenue

Bonds

1,000

4.000

07/01/39

1,228

Illinois

Finance

Authority

Revenue

Bonds

2,000

4.000

12/01/39

2,380

Illinois

Finance

Authority

Revenue

Bonds

925

5.000

10/01/41

1,150

Illinois

Finance

Authority

Revenue

Bonds

100

4.000

11/01/41

119

Illinois

General

Obligation

Unlimited

(µ)

350

4.000

06/01/41

398

Illinois

Sports

Facilities

Authority

(The)

Revenue

Bonds

750

5.000

06/15/30

957

Illinois

Sports

Facilities

Authority

(The)

Revenue

Bonds

480

5.000

06/15/32

621

Illinois

Sports

Facilities

Authority

Revenue

Bonds

(µ)

1,000

5.250

06/15/31

1,110

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

400

5.000

01/01/25

463

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

5,000

5.000

12/01/32

5,936

Illinois

State

University

Revenue

Bonds

(µ)

725

5.000

04/01/23

781

Illinois

State

University

Revenue

Bonds

(µ)

360

5.000

04/01/24

401

Illinois

State

University

Revenue

Bonds

(µ)

500

5.000

04/01/25

577

Kane

Cook

&

DuPage,

etc.

Counties

Community

College

District

No.

509

Elgin

General

Obligation

Unlimited

950

4.000

12/15/34

1,173

Kane

Cook

&

DuPage,

etc.

Counties

Community

College

District

No.

509

Elgin

General

Obligation

Unlimited

2,670

4.000

12/15/35

3,285

Kane

County

School

District

No.

131

Aurora

East

Side

General

Obligation

(µ)

3,920

5.000

12/01/27

4,878

Kane

County

School

District

No.

131

Aurora

East

Side

General

Obligation

(µ)

2,000

5.000

12/01/28

2,547

Kane

County

School

District

No.

131

Aurora

East

Side

General

Obligation

(µ)

2,000

5.000

12/01/29

2,538

Lake

Cook

Kane

&

McHenry

Counties

Community

Unit

School

District

220

Barrington

General

Obligation

Unlimited

2,255

5.000

12/01/29

2,999

LaSalle-Peru

Township

High

School

District

No.

120

General

Obligation

Unlimited

(µ)

260

4.000

12/01/30

314

LaSalle-Peru

Township

High

School

District

No.

120

General

Obligation

Unlimited

(µ)

320

4.000

12/01/31

384

LaSalle-Peru

Township

High

School

District

No.

120

General

Obligation

Unlimited

(µ)

385

4.000

12/01/32

460

LaSalle-Peru

Township

High

School

District

No.

120

General

Obligation

Unlimited

(µ)

635

4.000

12/01/35

750

LaSalle-Peru

Township

High

School

District

No.

120

General

Obligation

Unlimited

(µ)

3,260

4.000

12/01/37

3,850

Madison

&

Jersey

Counties

Unit

School

District

No.

11

General

Obligation

Unlimited

(µ)

185

5.000

03/01/28

222

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

301

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Madison-Macoupin

Etc

Counties

Community

College

District

No.

536

General

Obligation

Unlimited

(µ)

370

4.000

05/01/27

431

Madison-Macoupin

Etc

Counties

Community

College

District

No.

536

General

Obligation

Unlimited

(µ)

225

4.000

05/01/28

265

Madison-Macoupin

Etc

Counties

Community

College

District

No.

536

General

Obligation

Unlimited

(µ)

1,000

4.000

05/01/29

1,170

McHenry

&

Kane

Counties

Community

Consolidated

School

District

No.

158

Huntley

General

Obligation

Unlimited

2,200

5.625

01/15/32

2,255

McHenry

County

Community

Unit

School

District

No.

12

Johnsburg

General

Obligation

Unlimited

(µ)

850

5.000

01/01/33

976

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,125

3.000

06/15/24

1,174

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

355

5.000

12/15/27

444

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

8,565

5.000

12/15/28

8,916

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,300

5.000

12/15/30

1,612

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

555

5.000

12/15/31

686

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

600

5.000

12/15/33

739

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

500

5.000

12/15/34

614

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

540

2.169

12/15/37

488

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,500

1.730

12/15/42

1,372

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,650

1.452

12/15/47

1,484

Northern

Illinois

University

Revenue

Bonds

(µ)

850

5.000

04/01/29

1,087

Northern

Illinois

University

Revenue

Bonds

(µ)

325

5.000

10/01/29

418

Northern

Illinois

University

Revenue

Bonds

(µ)

325

5.000

10/01/30

426

Northern

Illinois

University

Revenue

Bonds

(µ)

1,040

5.000

04/01/31

1,344

Northern

Illinois

University

Revenue

Bonds

(µ)

450

5.000

10/01/31

594

Northern

Illinois

University

Revenue

Bonds

(µ)

500

4.000

10/01/32

609

Northern

Illinois

University

Revenue

Bonds

(µ)

1,350

5.000

04/01/33

1,734

Northern

Illinois

University

Revenue

Bonds

(µ)

1,115

4.000

10/01/36

1,342

Peoria

County

Community

Unit

School

District

No.

323

General

Obligation

Unlimited

1,925

4.000

04/01/28

2,279

Peoria

County

Community

Unit

School

District

No.

323

General

Obligation

Unlimited

1,255

4.000

04/01/29

1,524

Peoria

County

Community

Unit

School

District

No.

323

General

Obligation

Unlimited

1,585

4.000

04/01/30

1,910

Rock

Island

County

School

District

No.

41

General

Obligation

Unlimited

(µ)

1,105

5.000

12/01/30

1,435

Rock

Island

County

School

District

No.

41

General

Obligation

Unlimited

(µ)

665

5.000

12/01/31

860

Rock

Island

County

School

District

No.

41

General

Obligation

Unlimited

(µ)

625

5.000

12/01/32

806

Rock

Island

County

School

District

No.

41

General

Obligation

Unlimited

(µ)

675

5.000

12/01/34

867

Sangamon

County

School

Districts

General

Obligation

Limited

(µ)

1,105

5.000

06/01/30

1,464

Sangamon

County

School

Districts

General

Obligation

Limited

(µ)

1,160

5.000

06/01/31

1,542

Sangamon

County

School

Districts

General

Obligation

Limited

(µ)

1,220

5.000

06/01/32

1,615

Sangamon

County

School

Districts

General

Obligation

Limited

(µ)

1,395

5.000

02/01/33

1,821

Sangamon

Logan

&

Menard

Counties

Community

Unit

School

District

No.

15

Williamsville

General

Obligation

Unlimited

(µ)

550

5.000

12/01/34

700

Sangamon

Logan

&

Menard

Counties

Community

Unit

School

District

No.

15

Williamsville

General

Obligation

Unlimited

(µ)

1,000

4.000

12/01/40

1,172

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)

125

4.000

01/01/32

151

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)

50

4.000

01/01/33

60

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)

55

4.000

01/01/34

66

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)

50

4.000

01/01/35

60

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)

60

4.000

01/01/37

71

Southern

Illinois

University

Revenue

Bonds

(µ)

1,470

5.000

04/01/27

1,697

Southern

Illinois

University

Revenue

Bonds

(µ)

850

5.000

04/01/28

979

Southern

Illinois

University

Revenue

Bonds

(µ)

200

4.000

04/01/29

241

Southern

Illinois

University

Revenue

Bonds

(µ)

525

4.000

04/01/30

638

Southern

Illinois

University

Revenue

Bonds

(µ)

240

5.000

04/01/32

315

Southern

Illinois

University

Revenue

Bonds

(µ)

300

5.000

04/01/33

393

Southern

Illinois

University

Revenue

Bonds

(µ)

300

4.000

04/01/35

361

Southern

Illinois

University

Revenue

Bonds

(µ)

500

4.000

04/01/39

595

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

302

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Southwestern

Illinois

Development

Authority

Revenue

Bonds

1,450

4.000

04/15/31

1,769

Southwestern

Illinois

Development

Authority

Revenue

Bonds

1,075

4.000

04/15/33

1,301

Southwestern

Illinois

Development

Authority

Revenue

Bonds

(µ)

1,005

5.000

10/15/33

1,187

Southwestern

Illinois

Development

Authority

Revenue

Bonds

925

4.000

04/15/34

1,117

Southwestern

Illinois

Development

Authority

Revenue

Bonds

1,225

4.000

10/15/35

1,473

State

of

Illinois

General

Obligation

Unlimited

1,140

5.000

11/01/21

1,154

State

of

Illinois

General

Obligation

Unlimited

3,025

4.000

02/01/22

3,082

State

of

Illinois

General

Obligation

Unlimited

200

5.000

05/01/22

207

State

of

Illinois

General

Obligation

Unlimited

225

5.000

07/01/22

235

State

of

Illinois

General

Obligation

Unlimited

(µ)

2,750

5.000

08/01/22

2,883

State

of

Illinois

General

Obligation

Unlimited

130

4.000

01/01/23

132

State

of

Illinois

General

Obligation

Unlimited

400

5.000

02/01/24

446

State

of

Illinois

General

Obligation

Unlimited

8,125

5.000

11/01/24

9,309

State

of

Illinois

General

Obligation

Unlimited

240

4.000

01/01/25

244

State

of

Illinois

General

Obligation

Unlimited

8,275

5.000

01/01/25

9,536

State

of

Illinois

General

Obligation

Unlimited

2,290

5.000

08/01/25

2,398

State

of

Illinois

General

Obligation

Unlimited

3,250

5.000

11/01/25

3,850

State

of

Illinois

General

Obligation

Unlimited

15

4.000

03/01/26

15

State

of

Illinois

General

Obligation

Unlimited

110

5.500

07/01/26

120

State

of

Illinois

General

Obligation

Unlimited

125

5.000

04/01/27

140

State

of

Illinois

General

Obligation

Unlimited

3,735

5.500

07/01/27

4,084

State

of

Illinois

General

Obligation

Unlimited

750

5.000

02/01/28

911

State

of

Illinois

General

Obligation

Unlimited

1,080

5.000

05/01/28

1,208

State

of

Illinois

General

Obligation

Unlimited

3,100

5.000

10/01/28

3,929

State

of

Illinois

General

Obligation

Unlimited

5,700

5.000

11/01/28

7,051

State

of

Illinois

General

Obligation

Unlimited

3,750

5.000

10/01/29

4,722

State

of

Illinois

General

Obligation

Unlimited

2,435

5.000

11/01/29

2,993

State

of

Illinois

General

Obligation

Unlimited

(µ)

4,500

4.000

02/01/30

5,177

State

of

Illinois

General

Obligation

Unlimited

2,175

5.000

05/01/30

2,426

State

of

Illinois

General

Obligation

Unlimited

250

5.250

07/01/30

271

State

of

Illinois

General

Obligation

Unlimited

50

5.000

03/01/31

51

State

of

Illinois

General

Obligation

Unlimited

2,000

5.000

04/01/31

2,231

State

of

Illinois

General

Obligation

Unlimited

120

4.250

01/01/36

134

State

of

Illinois

General

Obligation

Unlimited

1,200

5.000

05/01/38

1,462

State

of

Illinois

General

Obligation

Unlimited

1,000

4.000

10/01/39

1,189

State

of

Illinois

General

Obligation

Unlimited

5,000

4.000

10/01/40

5,920

State

of

Illinois

General

Obligation

Unlimited

945

5.000

05/01/42

1,141

State

of

Illinois

General

Obligation

Unlimited

720

5.000

05/01/43

867

State

of

Illinois

Revenue

Bonds

5,090

4.500

06/15/36

5,111

Town

of

Cicero

General

Obligation

Unlimited

(µ)

825

5.000

01/01/22

841

Town

of

Cicero

General

Obligation

Unlimited

(µ)

915

5.000

01/01/24

1,010

Town

of

Cicero

General

Obligation

Unlimited

(µ)

500

5.000

01/01/25

572

Town

of

Cicero

General

Obligation

Unlimited

(µ)

1,010

5.000

01/01/26

1,193

University

of

Illinois

Revenue

Bonds

(µ)

3,295

3.000

04/01/33

3,728

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

1,605

5.250

12/01/35

1,902

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

3,075

5.250

12/01/36

3,639

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

3,240

5.250

12/01/37

3,825

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

2,985

5.250

12/01/38

3,518

Village

of

Bellwood

General

Obligation

Unlimited

400

5.875

12/01/27

431

Village

of

Bellwood

General

Obligation

Unlimited

(µ)

2,075

5.000

12/01/32

2,386

Village

of

Mundelein

General

Obligation

Unlimited

(µ)

570

4.000

12/15/29

686

Village

of

Mundelein

General

Obligation

Unlimited

(µ)

400

4.000

12/15/30

479

Village

of

Mundelein

General

Obligation

Unlimited

(µ)

500

4.000

12/15/31

597

Village

of

Mundelein

General

Obligation

Unlimited

(µ)

655

4.000

12/15/33

777

Village

of

Mundelein

General

Obligation

Unlimited

(µ)

845

4.000

12/15/39

991

Village

of

Romeoville

General

Obligation

Unlimited

600

5.000

12/30/27

759

Village

of

Romeoville

General

Obligation

Unlimited

600

5.000

12/30/28

778

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

303

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Village

of

Rosemont

General

Obligation

Unlimited

(µ)

1,430

5.000

12/01/26

1,734

Village

of

Rosemont

General

Obligation

Unlimited

(µ)

1,500

5.000

12/01/27

1,865

Volo

Village

Special

Service

Area

No.

3

&

6

Special

Tax

(µ)

1,094

5.000

03/01/34

1,248

Western

Illinois

Economic

Development

Authority

Revenue

Bonds

(µ)

1,140

5.000

01/01/27

1,320

Western

Illinois

Economic

Development

Authority

Revenue

Bonds

(µ)

725

5.000

01/01/28

838

Western

Illinois

University

Revenue

Bonds

(µ)

560

5.000

04/01/24

625

Will

County

School

District

No.

114

Manhattan

General

Obligation

Unlimited

(µ)

1,630

3.500

01/01/25

1,741

Will

County

School

District

No.

210

Lincoln-Way

General

Ogligation

Unlimited

(µ)

650

4.000

01/01/34

752

Williamson

Jackson,

Perry,

Randolph

Counties

Community

College

District

No.

530

General

Obligation

Unlimited

(µ)

985

5.000

12/01/24

1,123

Williamson

Jackson,

Perry,

Randolph

Counties

Community

College

District

No.

530

General

Obligation

Unlimited

(µ)

1,450

5.000

12/01/25

1,705

547,774

Indiana

-

0.7%

City

of

Rockport

Pollution

Control

Revenue

Bonds

1,500

3.050

06/01/25

1,650

Evansville

Industry

Redevelopment

Authority

Revenue

Bonds

(µ)

1,255

4.000

02/01/33

1,436

Indiana

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,500

0.120

09/01/21

5,500

Indiana

Finance

Authority

Revenue

Bonds

160

5.000

10/01/21

161

Indiana

Finance

Authority

Revenue

Bonds

2,250

0.650

08/01/25

2,249

Indiana

Finance

Authority

Revenue

Bonds

2,500

1.400

08/01/29

2,512

Indiana

Finance

Authority

Revenue

Bonds

25

4.000

07/01/30

28

Indiana

Finance

Authority

Revenue

Bonds

1,000

3.000

11/01/30

1,103

Indiana

Finance

Authority

Revenue

Bonds

325

5.000

02/01/31

418

Indiana

Finance

Authority

Revenue

Bonds

500

5.000

02/01/32

641

Indiana

Finance

Authority

Revenue

Bonds

1,550

4.000

10/01/35

1,946

Indiana

Finance

Authority

Revenue

Bonds

1,100

4.000

10/01/36

1,378

Indiana

Finance

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.550%)

(ae)(Ê)

1,110

0.620

11/01/39

1,114

Indiana

Finance

Authority

Revenue

Bonds

40

5.000

07/01/40

46

Indiana

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

400

2.100

11/01/49

423

Metropolitan

School

District

of

Township

School

Building

Corp.

Revenue

Bonds

1,020

4.000

07/10/33

1,233

Metropolitan

School

District

of

Township

School

Building

Corp.

Revenue

Bonds

1,125

4.000

07/10/34

1,356

Metropolitan

School

District

of

Township

School

Building

Corp.

Revenue

Bonds

1,000

5.000

07/15/35

1,282

Metropolitan

School

District

of

Township

School

Building

Corp.

Revenue

Bonds

1,100

5.000

07/15/36

1,407

Muncie

Sanitary

District

Revenue

Bonds

(µ)

525

5.000

07/01/29

678

Muncie

Sanitary

District

Revenue

Bonds

(µ)

600

5.000

01/01/30

782

Town

of

Upland

Revenue

Bonds

175

4.000

09/01/31

214

27,557

Iowa

-

0.8%

City

of

Altoona

Certificate

of

Participation

(µ)

1,205

5.000

06/01/37

1,497

City

of

Altoona

Certificate

of

Participation

(µ)

245

5.000

06/01/38

304

City

of

Altoona

Certificate

of

Participation

(µ)

800

5.000

06/01/39

990

City

of

Ames

Revenue

Bonds

2,000

5.000

06/15/31

2,362

City

of

Coralville

Revenue

Bonds

215

4.000

05/01/23

216

City

of

Coralville

Revenue

Bonds

555

4.000

05/01/25

557

City

of

Coralville

Revenue

Bonds

600

4.000

05/01/27

602

City

of

Coralville

Revenue

Bonds

465

4.000

05/01/28

466

City

of

Coralville

Revenue

Bonds

975

4.000

05/01/29

976

City

of

Coralville

Revenue

Bonds

875

4.000

05/01/30

876

City

of

Orange

Sewer

Revenue

Bonds

(µ)

440

4.000

06/01/34

480

Dubuque

Community

School

District

Revenue

Bonds

(µ)

600

3.000

07/01/36

661

Dubuque

Community

School

District

Revenue

Bonds

(µ)

675

3.000

07/01/37

742

Dubuque

Community

School

District

Revenue

Bonds

(µ)

500

3.000

07/01/38

547

Iowa

Finance

Authority

Revenue

Bonds

4,000

5.000

07/01/28

4,362

Iowa

Finance

Authority

Revenue

Bonds

4,500

5.000

08/01/34

6,041

Iowa

Finance

Authority

Revenue

Bonds

4,305

4.000

07/01/47

4,898

Iowa

Finance

Authority

Revenue

Bonds

755

4.000

07/01/48

828

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

375

4.000

10/01/30

453

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

304

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

395

4.000

10/01/31

480

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

140

4.000

10/01/32

169

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

325

4.000

10/01/35

384

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

600

4.000

06/01/49

708

Western

Dubuque

County

Community

School

District

General

Obligation

Unlimited

625

2.000

06/01/23

645

Xenia

Rural

Water

District

Revenue

Bonds

3,000

5.000

12/01/28

3,605

33,849

Kansas

-

0.4%

City

of

Manhattan

Revenue

Bonds

205

4.000

06/01/25

226

City

of

Manhattan

Revenue

Bonds

330

4.000

06/01/27

376

City

of

Manhattan

Revenue

Bonds

625

4.000

06/01/36

723

Crawford

County

Unified

School

District

General

Obligation

Unlimited

(µ)

650

5.000

09/01/35

807

Kansas

Municipal

Energy

Agency

Revenue

Bonds

(µ)

1,110

5.000

04/01/31

1,334

Kansas

Municipal

Energy

Agency

Revenue

Bonds

(µ)

1,000

5.000

04/01/32

1,201

Kansas

Municipal

Energy

Agency

Revenue

Bonds

(µ)

1,000

5.000

04/01/38

1,192

University

of

Kansas

Hospital

Authority

Revenue

Bonds

2,775

4.000

03/01/36

3,370

University

of

Kansas

Hospital

Authority

Revenue

Bonds

2,500

4.000

03/01/37

3,023

Wyandotte

County

City

Unified

Government

Revenue

Bonds

1,755

4.500

06/01/40

1,853

14,105

Kentucky

-

0.9%

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

2,750

5.000

06/01/23

2,951

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

1,000

5.000

07/01/28

1,136

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

1,935

4.000

07/01/31

2,087

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

145

5.000

08/01/35

185

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

145

5.000

08/01/36

185

Kentucky

Property

&

Building

Commission

Revenue

Bonds

1,900

5.000

11/01/25

2,260

Kentucky

Property

&

Building

Commission

Revenue

Bonds

(µ)

2,750

5.000

05/01/31

3,466

Kentucky

Property

&

Building

Commission

Revenue

Bonds

(µ)

2,000

5.000

05/01/32

2,514

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

6,215

4.000

12/01/49

6,992

Kentucky

State

University

Certificate

of

Participation

(µ)

200

5.000

11/01/28

252

Kentucky

State

University

Certificate

of

Participation

(µ)

180

5.000

11/01/30

236

Kentucky

State

University

Certificate

of

Participation

(µ)

130

4.000

11/01/33

158

Kentucky

State

University

Certificate

of

Participation

(µ)

135

4.000

11/01/35

163

Kentucky

State

University

Certificate

of

Participation

(µ)

155

4.000

11/01/36

187

Kentucky

State

University

Certificate

of

Participation

(µ)

445

4.000

11/01/41

529

Kentucky

State

University

Certificate

of

Participation

(µ)

500

4.000

11/01/46

587

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

780

5.000

10/01/32

938

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

2,250

2.000

10/01/33

2,299

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

2,125

5.000

10/01/33

2,550

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

3,000

4.000

10/01/34

3,398

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

2,350

4.000

10/01/40

2,747

Louisville/Jefferson

County

Metropolitan

Sewer

District

Revenue

Bond

505

5.000

05/15/30

512

36,332

Louisiana

-

1.8%

Calcasieu

Parish

Memorial

Hospital

Service

District

Revenue

Bonds

1,455

5.000

12/01/26

1,732

Cameron

Parish

School

District

No.

15

General

Obligation

Unlimited

265

5.000

10/01/27

322

Cameron

Parish

School

District

No.

15

General

Obligation

Unlimited

275

5.000

10/01/28

340

Cameron

Parish

School

District

No.

15

General

Obligation

Unlimited

305

5.000

10/01/30

388

Cameron

Parish

School

District

No.

15

General

Obligation

Unlimited

300

4.000

10/01/31

348

Cameron

Parish

School

District

No.

15

General

Obligation

Unlimited

485

4.000

10/01/32

560

Cameron

Parish

School

District

No.

15

General

Obligation

Unlimited

520

4.000

10/01/33

597

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

(µ)

35

4.000

06/01/35

42

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

1,000

5.000

06/01/35

1,177

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

(µ)

40

4.000

06/01/36

48

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

(µ)

40

4.000

06/01/37

48

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

(µ)

40

4.000

06/01/38

48

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

(µ)

45

4.000

06/01/39

53

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

305

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

(µ)

40

4.000

06/01/40

47

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

175

5.000

06/01/45

222

City

of

Shreveport

General

Obligation

Unlimited

(µ)

2,000

5.000

08/01/28

2,514

City

of

Shreveport

Water

&

Sewer

Revenue

Bonds

(µ)

1,020

5.000

12/01/31

1,317

City

of

Shreveport

Water

&

Sewer

Revenue

Bonds

(µ)

3,955

5.000

12/01/32

4,728

City

of

Shreveport

Water

&

Sewer

Revenue

Bonds

(µ)

1,000

5.000

12/01/33

1,187

City

of

Youngsville

Revenue

Bonds

(µ)

250

4.000

05/01/37

302

City

of

Youngsville

Revenue

Bonds

(µ)

250

4.000

05/01/39

301

City

of

Youngsville

Revenue

Bonds

(µ)

250

4.000

05/01/41

299

East

Baton

Rouge

Parish

Industrial

Development

Board,

Inc.

Revenue

Bonds

(~)(Ê)

3,265

0.120

08/01/35

3,265

East

Baton

Rouge

Parish

Industrial

Development

Board,

Inc.

Revenue

Bonds

(~)(Ê)

1,180

0.120

12/01/40

1,180

Jefferson

Sales

Tax

District

Revenue

Bonds

(µ)

3,685

5.000

12/01/29

4,890

Jefferson

Sales

Tax

District

Revenue

Bonds

(µ)

1,825

5.000

12/01/34

2,392

Lafayette

Consolidated

Government

Revenue

Bonds

(µ)

700

5.000

11/01/29

830

Louisiana

Housing

Corp.

Revenue

Bonds

1,370

4.500

12/01/47

1,527

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(µ)

2,500

5.000

10/01/28

3,209

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

3,250

3.500

11/01/32

3,637

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(µ)

470

5.000

10/01/33

590

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

6,000

2.500

04/01/36

6,195

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(µ)

1,045

4.000

10/01/37

1,270

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(~)(Ê)

1,550

0.120

04/02/23

1,550

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(µ)

1,615

5.000

09/01/29

1,821

Louisiana

Public

Facilities

Authority

Revenue

Bonds

75

5.000

10/01/32

101

Louisiana

Public

Facilities

Authority

Revenue

Bonds

440

5.000

10/01/34

587

Louisiana

Public

Facilities

Authority

Revenue

Bonds

850

5.000

10/01/35

1,130

Louisiana

Public

Facilities

Authority

Revenue

Bonds

940

4.000

10/01/36

1,149

Louisiana

Public

Facilities

Authority

Revenue

Bonds

1,110

4.000

10/01/37

1,353

Louisiana

Public

Facilities

Authority

Revenue

Bonds

300

4.000

10/01/38

365

Louisiana

Public

Facilities

Authority

Revenue

Bonds

705

4.000

10/01/39

855

Louisiana

Public

Facilities

Authority

Revenue

Bonds

1,100

4.000

10/01/40

1,331

Louisiana

Public

Facilities

Authority

Revenue

Bonds

1,175

4.000

10/01/41

1,417

Louisiana

Public

Facilities

Authority

Revenue

Bonds

100

4.000

07/01/44

116

Louisiana

Public

Facilities

Authority

Revenue

Bonds

100

4.000

07/01/49

116

Parish

of

St.

John

the

Baptist

Revenue

Bonds

(~)(ae)(Ê)

1,740

2.000

06/01/37

1,782

Parish

of

St.

John

the

Baptist

Revenue

Bonds

(~)(ae)(Ê)

2,440

2.100

06/01/37

2,532

Parish

of

St.

John

the

Baptist

Revenue

Bonds

(~)(ae)(Ê)

3,265

2.200

06/01/37

3,431

Red

River

Parish

School

Board

General

Obligation

Unlimited

630

5.000

03/01/28

782

State

of

Louisiana

General

Obligation

Unlimited

(ae)

2,760

5.000

08/01/22

2,895

State

of

Louisiana

Revenue

Bonds

1,300

5.000

06/15/28

1,481

70,399

Maine

-

0.1%

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

250

5.000

07/01/34

337

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

250

4.000

07/01/35

310

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

1,000

4.000

07/01/45

1,182

Maine

Turnpike

Authority

Revenue

Bonds

3,225

5.000

07/01/42

3,354

5,183

Maryland

-

0.7%

Baltimore

Research

Park

Project

Revenue

Bonds

85

4.000

01/01/32

101

Baltimore

Research

Park

Project

Revenue

Bonds

70

4.000

01/01/33

82

Baltimore

Research

Park

Project

Revenue

Bonds

85

4.000

01/01/34

101

Baltimore

Research

Park

Project

Revenue

Bonds

150

4.000

01/01/35

176

Baltimore

Research

Park

Project

Revenue

Bonds

155

4.000

01/01/36

183

Baltimore

Research

Park

Project

Revenue

Bonds

190

4.000

01/01/37

224

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

306

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Baltimore

Research

Park

Project

Revenue

Bonds

220

4.000

01/01/38

259

Baltimore

Research

Park

Project

Revenue

Bonds

395

4.000

01/01/39

464

Baltimore

Research

Park

Project

Revenue

Bonds

350

4.000

01/01/40

411

County

of

Baltimore

General

Obligation

Unlimited

2,000

4.000

03/01/33

2,408

County

of

Frederick

Special

Tax

750

4.000

07/01/35

902

County

of

Frederick

Special

Tax

860

4.000

07/01/36

1,031

County

of

Frederick

Special

Tax

500

4.000

07/01/38

596

County

of

Frederick

Special

Tax

500

4.000

07/01/39

595

County

of

Frederick

Special

Tax

500

4.000

07/01/40

594

County

of

Frederick

Tax

Allocation

890

3.250

07/01/29

954

Maryland

Community

Development

Administration

Revenue

Bonds

3,820

4.500

09/01/48

4,307

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,500

5.000

06/01/35

1,839

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(~)(Ê)

4,750

0.100

04/01/35

4,750

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

875

5.500

01/01/46

1,057

Maryland

State

Transportation

Authority

Revenue

Bonds

3,200

3.000

07/01/33

3,681

Prince

George

County

General

Obligation

Limited

480

4.000

09/01/32

531

Prince

George

County

General

Obligation

Limited

185

4.000

09/01/33

205

State

of

Maryland

Department

of

Transportation

Revenue

Bonds

3,025

4.000

09/01/27

3,663

29,114

Massachusetts

-

1.1%

City

of

Boston

General

Obligation

Unlimited

2,015

5.000

04/01/25

2,366

City

of

Cambridge

General

Obligation

Limited

965

5.000

02/15/28

1,241

City

of

Cambridge

General

Obligation

Limited

1,000

5.000

02/15/29

1,318

City

of

Cambridge

General

Obligation

Limited

1,000

5.000

02/15/30

1,349

Commonwealth

of

Massachusetts

General

Obligation

Limited

(µ)

1,000

5.500

08/01/30

1,400

Commonwealth

of

Massachusetts

General

Obligation

Limited

4,000

4.000

05/01/39

4,716

Commonwealth

of

Massachusetts

General

Obligation

Limited

1,290

5.000

12/01/41

1,311

Commonwealth

of

Massachusetts

General

Obligation

Unlimited

(USD

3

Month

LIBOR

+

0.570%)(µ)(Ê)

3,425

1.030

05/01/37

3,410

Massachusetts

Bay

Transportation

Authority

Revenue

Bonds

4,450

5.000

06/01/35

5,657

Massachusetts

Bay

Transportation

Authority

Revenue

Bonds

5,000

5.000

06/01/36

6,341

Massachusetts

Clean

Water

Trust

(The)

Revenue

Bonds

(~)(Ê)

5,000

3.900

08/01/23

5,246

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

315

4.000

11/15/23

326

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,000

5.000

10/01/25

1,144

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,000

5.000

07/01/28

1,292

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

300

5.000

11/15/28

346

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,675

5.000

07/01/31

1,997

Massachusetts

Development

Finance

Agency

Revenue

Bonds

175

5.000

07/01/38

216

Massachusetts

Development

Finance

Agency

Revenue

Bonds

400

5.000

07/01/39

495

Massachusetts

Development

Finance

Agency

Revenue

Bonds

475

4.000

07/01/42

561

Massachusetts

Housing

Finance

Agency

Revenue

Bonds

1,460

4.000

12/01/48

1,596

42,328

Michigan

-

3.5%

Allendale

Public

School

District

General

Obligation

Unlimited

2,600

5.000

05/01/22

2,694

Allendale

Public

School

District

General

Obligation

Unlimited

2,725

5.000

05/01/23

2,952

Benzie

County

Central

Schools

Revenue

Bonds

(µ)

225

4.000

05/01/25

255

Brighton

Area

School

District

General

Obligation

Unlimited

1,525

5.000

05/01/26

1,654

Calhoun

County

Hospital

Finance

Authority

Revenue

Bonds

750

5.000

02/15/28

899

City

of

Detroit

General

Obligation

Unlimited

880

5.000

04/01/22

904

City

of

Detroit

General

Obligation

Unlimited

880

5.000

04/01/23

939

City

of

Detroit

General

Obligation

Unlimited

235

5.000

04/01/24

260

City

of

Detroit

General

Obligation

Unlimited

35

5.000

04/01/25

40

City

of

Detroit

General

Obligation

Unlimited

40

5.000

04/01/26

47

City

of

Detroit

General

Obligation

Unlimited

80

5.000

04/01/27

96

City

of

Detroit

General

Obligation

Unlimited

85

5.000

04/01/28

104

City

of

Detroit

General

Obligation

Unlimited

60

5.000

04/01/29

74

City

of

Detroit

General

Obligation

Unlimited

210

5.000

04/01/30

264

City

of

Detroit

General

Obligation

Unlimited

85

5.000

04/01/32

108

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

307

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Detroit

General

Obligation

Unlimited

470

5.500

04/01/33

605

City

of

Detroit

General

Obligation

Unlimited

115

5.000

04/01/34

145

City

of

Detroit

General

Obligation

Unlimited

330

5.500

04/01/34

423

City

of

Detroit

General

Obligation

Unlimited

350

5.500

04/01/35

448

City

of

Detroit

General

Obligation

Unlimited

200

5.000

04/01/36

251

City

of

Detroit

General

Obligation

Unlimited

300

5.000

04/01/37

375

City

of

Detroit

General

Obligation

Unlimited

150

5.000

04/01/38

187

City

of

Detroit

Sewage

Disposal

System

Revenue

Bonds

(USD

3

Month

LIBOR

+

0.600%)(µ)(Ê)

2,325

0.735

07/01/32

2,331

City

of

Detroit

Sewage

Disposal

System

Revenue

Bonds

(ae)

3,500

5.000

07/01/32

3,657

City

of

Greenville

Revenue

Bonds

(µ)

265

4.000

06/01/27

312

City

of

Greenville

Revenue

Bonds

(µ)

765

4.000

06/01/37

930

City

of

Saginaw

Water

Supply

System

Revenue

Bonds

(µ)

355

4.000

07/01/34

443

City

of

Saginaw

Water

Supply

System

Revenue

Bonds

(µ)

185

4.000

07/01/35

230

City

of

Saginaw

Water

Supply

System

Revenue

Bonds

(µ)

190

4.000

07/01/36

236

City

of

Taylor

General

Obligation

Limited

(µ)

485

4.000

03/01/30

601

City

of

Taylor

General

Obligation

Limited

(µ)

375

4.000

03/01/31

471

City

of

Taylor

General

Obligation

Limited

(µ)

570

4.000

03/01/34

701

County

of

Jackson

Revenue

Bonds

(µ)

400

4.000

05/01/34

481

Detroit

Downtown

Development

Authority

Tax

Allocation

Revenue

Bonds

(µ)

700

5.000

07/01/30

787

Detroit

Downtown

Development

Authority

Tax

Allocation

Revenue

Bonds

(µ)

1,785

5.000

07/01/31

2,006

Downriver

Utility

Wastewater

Authority

Revenue

Bonds

(µ)

895

5.000

04/01/28

1,114

Eastern

Michigan

University

Revenue

Bonds

(µ)

740

5.000

03/01/30

902

Eastern

Michigan

University

Revenue

Bonds

(µ)

2,000

5.000

03/01/31

2,429

Eastern

Michigan

University

Revenue

Bonds

(µ)

1,000

5.000

03/01/33

1,209

Grand

Rapids

Public

Schools

General

Obligation

Unlimited

(µ)

2,430

5.000

05/01/34

2,897

Grand

Rapids

Public

Schools

General

Obligation

Unlimited

(µ)

1,000

5.000

11/01/34

1,291

Grand

Rapids

Public

Schools

General

Obligation

Unlimited

(µ)

1,000

5.000

05/01/35

1,190

Grand

Traverse

County

Hospital

Finance

Authority

Revenue

Bonds

150

5.000

07/01/25

177

Grand

Traverse

County

Hospital

Finance

Authority

Revenue

Bonds

365

5.000

07/01/26

444

Grand

Traverse

County

Hospital

Finance

Authority

Revenue

Bonds

130

5.000

07/01/27

163

Grand

Traverse

County

Hospital

Finance

Authority

Revenue

Bonds

100

5.000

07/01/28

128

Grand

Traverse

County

Hospital

Finance

Authority

Revenue

Bonds

325

5.000

07/01/29

416

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

1,000

5.000

07/01/26

1,218

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

6,975

5.000

07/01/29

9,162

Great

Lakes

Water

Authority

Water

Supply

System

Revenue

Bonds

110

5.000

07/01/27

135

Great

Lakes

Water

Authority

Water

Supply

System

Revenue

Bonds

(µ)

1,000

4.000

07/01/33

1,145

Hudsonville

Public

Schools

General

Obligation

Unlimited

1,185

4.000

05/01/36

1,449

Hudsonville

Public

Schools

General

Obligation

Unlimited

1,565

4.000

05/01/38

1,904

Hudsonville

Public

Schools

General

Obligation

Unlimited

1,060

4.000

05/01/39

1,287

Imlay

City

Community

Schools

General

Obligation

Unlimited

500

4.000

05/01/37

610

Kalamazoo

Hospital

Finance

Authority

Revenue

Bonds

1,500

4.000

05/15/31

1,694

Karegnondi

Water

Authority

Revenue

Bonds

855

5.000

11/01/34

1,064

Karegnondi

Water

Authority

Revenue

Bonds

1,000

5.000

11/01/35

1,243

Karegnondi

Water

Authority

Revenue

Bonds

1,400

5.000

11/01/37

1,735

Leland

Public

Schools

General

Obligation

Unlimited

(µ)

1,180

4.000

05/01/43

1,366

Michigan

Finance

Authority

Revenue

Bonds

730

5.000

12/01/21

739

Michigan

Finance

Authority

Revenue

Bonds

630

5.000

02/01/22

641

Michigan

Finance

Authority

Revenue

Bonds

770

5.000

12/01/22

808

Michigan

Finance

Authority

Revenue

Bonds

655

5.000

12/01/23

710

Michigan

Finance

Authority

Revenue

Bonds

2,000

5.000

04/01/25

2,333

Michigan

Finance

Authority

Revenue

Bonds

2,500

5.250

02/01/27

2,811

Michigan

Finance

Authority

Revenue

Bonds

1,000

5.000

11/01/27

1,060

Michigan

Finance

Authority

Revenue

Bonds

4,655

5.000

07/01/28

5,110

Michigan

Finance

Authority

Revenue

Bonds

1,660

5.000

12/01/28

2,102

Michigan

Finance

Authority

Revenue

Bonds

1,410

5.000

07/01/29

1,543

Michigan

Finance

Authority

Revenue

Bonds

3,000

5.000

11/15/29

3,494

Michigan

Finance

Authority

Revenue

Bonds

565

1.250

06/01/30

570

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

308

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Michigan

Finance

Authority

Revenue

Bonds

1,000

5.000

07/01/30

1,133

Michigan

Finance

Authority

Revenue

Bonds

1,500

5.000

11/15/32

1,825

Michigan

Finance

Authority

Revenue

Bonds

1,000

4.000

06/01/34

1,243

Michigan

Finance

Authority

Revenue

Bonds

1,500

5.000

02/15/35

1,942

Michigan

Finance

Authority

Revenue

Bonds

500

5.000

07/01/35

583

Michigan

Finance

Authority

Revenue

Bonds

1,500

4.000

11/15/36

1,709

Michigan

Finance

Authority

Revenue

Bonds

585

5.000

12/01/36

622

Michigan

Finance

Authority

Revenue

Bonds

(ae)

830

5.000

12/01/39

843

Michigan

Finance

Authority

Revenue

Bonds

1,500

5.000

06/01/49

1,847

Michigan

Mathematics

&

Science

Initiative

Revenue

Bonds

500

4.000

01/01/31

573

Michigan

State

Housing

Development

Authority

Revenue

Bonds

3,900

4.250

06/01/49

4,328

Michigan

State

Housing

Development

Authority

Revenue

Bonds

5,945

4.250

12/01/49

6,644

Novi

Community

School

District

General

Obligation

Unlimited

1,250

5.000

05/01/33

1,662

Novi

Community

School

District

General

Obligation

Unlimited

1,365

5.000

05/01/37

1,794

Novi

Community

School

District

General

Obligation

Unlimited

1,425

5.000

05/01/39

1,867

Saginaw

City

School

District

General

Obligation

Unlimited

1,000

4.000

05/01/28

1,213

Saginaw

City

School

District

General

Obligation

Unlimited

1,000

4.000

05/01/31

1,273

University

of

Michigan

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.270%)(ae)

(Ê)

2,050

0.410

04/01/33

2,051

Van

Buren

Public

Schools

General

Obligation

Unlimited

(µ)

1,085

4.000

11/01/36

1,301

Van

Buren

Public

Schools

General

Obligation

Unlimited

(µ)

1,925

4.000

11/01/37

2,303

Van

Buren

Public

Schools

General

Obligation

Unlimited

(µ)

2,000

4.000

11/01/38

2,390

Wayne

County

Airport

Authority

Revenue

Bonds

635

5.000

12/01/29

733

Wayne

County

Airport

Authority

Revenue

Bonds

2,000

5.000

12/01/38

2,694

Wayne

County

Airport

Authority

Revenue

Bonds

5,770

5.000

12/01/39

6,983

Wayne

County

Airport

Authority

Revenue

Bonds

2,835

5.000

12/01/40

3,796

Wayne

County

Airport

Authority

Revenue

Bonds

1,000

5.000

12/01/41

1,336

139,891

Minnesota

-

0.3%

City

of

Crookston

Revenue

Bonds

2,410

5.000

05/01/34

2,541

City

of

Minneapolis/St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

2,465

5.000

11/15/28

3,148

City

of

St.

Cloud

Revenue

Bonds

650

5.000

05/01/48

809

City

of

St.

Cloud

Revenue

Bonds

250

4.000

05/01/49

283

City

of

Woodbury

Revenue

Bonds

60

3.000

12/01/30

62

Duluth

Independent

School

District

No.

709

Certificate

of

Participation

320

5.000

02/01/22

327

Duluth

Independent

School

District

No.

709

Certificate

of

Participation

395

5.000

02/01/26

467

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

25

4.000

12/01/26

29

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

30

4.000

12/01/27

35

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

35

4.000

12/01/28

42

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

1,015

5.000

10/01/29

1,257

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

20

4.000

12/01/29

24

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

40

4.000

12/01/30

48

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

585

5.000

10/01/31

720

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

30

4.000

12/01/31

36

Port

Authority

of

the

City

of

St.

Paul

Revenue

Bonds

400

4.000

10/01/28

468

Port

Authority

of

the

City

of

St.

Paul

Revenue

Bonds

250

3.000

10/01/34

267

Port

Authority

of

the

City

of

St.

Paul

Revenue

Bonds

500

4.000

10/01/41

561

11,124

Mississippi

-

1.0%

City

of

Jackson

Special

Assessment

705

5.000

03/01/27

876

City

of

Jackson

Special

Assessment

570

5.000

03/01/28

728

City

of

Jackson

Special

Assessment

615

5.000

03/01/29

802

City

of

Jackson

Special

Assessment

390

5.000

03/01/30

518

Mississippi

Business

Finance

Corp.

Revenue

Bonds

430

2.500

04/01/22

432

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

1,100

0.110

12/01/30

1,100

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

12,700

0.130

12/01/30

12,700

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

10,290

0.130

11/01/35

10,290

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,030

2.750

12/01/40

1,039

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

309

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Mississippi

Development

Bank

Revenue

Bonds

(µ)

1,000

5.000

04/01/28

1,113

Mississippi

Development

Bank

Revenue

Bonds

200

5.000

04/01/32

257

Mississippi

Development

Bank

Revenue

Bonds

(µ)

1,000

5.000

03/01/34

1,177

Mississippi

Development

Bank

Revenue

Bonds

(µ)

700

4.000

04/01/38

829

Mississippi

Development

Bank

Revenue

Bonds

4,175

5.000

03/01/43

5,211

Mississippi

Home

Corp.

Revenue

Bonds

785

4.000

12/01/44

867

Mississippi

Hospital

Equipment

&

Facilities

Authority

Revenue

Bonds

2,000

5.000

09/01/36

2,387

Warren

County

Revenue

Bonds

(~)(ae)(Ê)

500

1.375

05/01/34

519

40,845

Missouri

-

0.6%

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000

03/01/30

1,197

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

150

4.000

03/01/41

175

City

of

Poplar

Bluff

Certificate

of

Participation

125

2.500

10/01/41

125

City

of

Poplar

Bluff

Certificate

of

Participation

150

2.625

10/01/46

150

City

of

Springfield

Board

of

Public

Utilities

Revenue

Bonds

2,275

3.250

08/01/27

2,502

County

of

Boone

Missouri

Revenue

Bonds

2,760

5.000

08/01/30

3,223

County

of

Boone

Missouri

Revenue

Bonds

1,700

4.000

08/01/33

1,871

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

Bonds

250

4.000

10/01/35

296

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

Bonds

50

4.000

08/01/36

61

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

Bonds

50

4.000

08/01/41

60

Kansas

City

Revenue

Bonds

1,185

5.000

09/01/26

1,189

Kansas

City

Revenue

Bonds

1,000

5.000

09/01/28

1,004

Kansas

City

Revenue

Bonds

1,000

5.000

09/01/29

1,004

Maryland

Heights

Industrial

Development

Authority

Revenue

Bonds

930

4.375

03/15/30

901

Metropolitan

St.

Louis

Sewer

District

Revenue

Bonds

200

5.000

05/01/30

270

Metropolitan

St.

Louis

Sewer

District

Revenue

Bonds

225

5.000

05/01/31

310

Metropolitan

St.

Louis

Sewer

District

Revenue

Bonds

235

5.000

05/01/32

322

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(Ê)

1,800

1.200

02/15/33

1,800

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

100

4.000

02/15/37

118

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

125

4.000

02/15/38

147

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,305

4.000

11/15/38

1,566

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

115

4.000

02/15/39

135

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

3,495

4.000

11/15/39

4,184

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

350

4.000

02/15/44

407

Plaza

at

Noah's

Ark

Community

Improvement

District

Revenue

Bonds

25

3.000

05/01/22

25

Plaza

at

Noah's

Ark

Community

Improvement

District

Revenue

Bonds

50

3.000

05/01/24

51

Plaza

at

Noah's

Ark

Community

Improvement

District

Revenue

Bonds

25

3.000

05/01/26

26

St.

Louis

Municipal

Finance

Corp.

Revenue

Bonds

(µ)

1,000

5.000

10/01/40

1,282

St.

Louis

Municipal

Finance

Corp.

Revenue

Bonds

(µ)

700

5.000

10/01/45

885

St.

Louis

Municipal

Library

District

Certificate

of

Participation

(µ)

300

4.000

03/15/33

357

St.

Louis

Municipal

Library

District

Certificate

of

Participation

(µ)

255

4.000

03/15/35

302

25,945

Montana

-

0.2%

City

of

Bozeman

Tax

Allocation

(µ)

500

4.000

07/01/35

601

City

of

Bozeman

Tax

Allocation

(µ)

425

4.000

07/01/40

505

Montana

Finance

Authority

Health

Facilities

Revenue

Bonds

640

5.000

07/01/28

790

Montana

Finance

Authority

Health

Facilities

Revenue

Bonds

410

5.000

06/01/33

509

Montana

Finance

Authority

Health

Facilities

Revenue

Bonds

1,000

5.000

06/01/34

1,239

Yellowstone

County

Lockwood

School

District

No.

26

General

Obligation

Unlimited

1,335

5.000

07/01/26

1,619

Yellowstone

County

Lockwood

School

District

No.

26

General

Obligation

Unlimited

1,460

5.000

07/01/27

1,822

7,085

Nebraska

-

0.2%

Central

Plains

Energy

Project

Revenue

Bonds

2,500

5.000

09/01/26

3,052

Central

Plains

Energy

Project

Revenue

Bonds

2,000

5.000

09/01/30

2,611

Central

Plains

Energy

Project

Revenue

Bonds

1,565

5.000

09/01/32

1,645

Central

Plains

Energy

Project

Revenue

Bonds

(~)(ae)(Ê)

1,900

4.000

12/01/49

2,154

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

310

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Nebraska

Public

Power

District

Revenue

Bonds

380

5.000

01/01/29

387

9,849

Nevada

-

1.0%

City

of

North

Las

Vegas

General

Obligation

Limited

(µ)

605

5.000

06/01/27

753

City

of

North

Las

Vegas

General

Obligation

Limited

(µ)

630

5.000

06/01/28

802

City

of

North

Las

Vegas

General

Obligation

Limited

(µ)

665

4.000

06/01/29

816

City

of

North

Las

Vegas

General

Obligation

Limited

(µ)

690

4.000

06/01/30

859

City

of

North

Las

Vegas

General

Obligation

Limited

(µ)

2,430

5.000

06/01/30

3,164

City

of

Reno

General

Obligation

Limited

1,000

5.000

06/01/22

1,040

City

of

Sparks

Tourism

Improvement

District

1

Revenue

Bonds

(Þ)

1,390

2.500

06/15/24

1,416

City

of

Sparks

Tourism

Improvement

District

1

Revenue

Bonds

(Þ)

895

2.750

06/15/28

936

Clark

County

General

Obligation

Unlimited

2,555

5.000

06/01/33

3,211

Clark

County

School

District

General

Obligation

Limited

(µ)

120

5.000

06/15/27

150

Clark

County

School

District

General

Obligation

Limited

(µ)

120

5.000

06/15/28

154

Clark

County

School

District

General

Obligation

Limited

(µ)

120

5.000

06/15/29

158

Clark

County

School

District

General

Obligation

Limited

(µ)

1,360

5.000

06/15/30

1,782

Clark

County

School

District

General

Obligation

Limited

(µ)

5,360

5.000

06/15/31

6,993

Clark

County

School

District

General

Obligation

Limited

(µ)

105

5.000

06/15/32

139

Clark

County

School

District

General

Obligation

Limited

(µ)

100

5.000

06/15/33

132

Clark

County

School

District

General

Obligation

Limited

(µ)

115

5.000

06/15/34

151

Clark

County

School

District

General

Obligation

Limited

(µ)

2,500

4.000

06/15/35

2,991

Clark

County

School

District

General

Obligation

Limited

(µ)

120

5.000

06/15/35

157

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

275

5.000

07/01/26

330

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

145

5.000

07/01/27

179

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

1,300

5.000

07/01/31

1,585

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

95

5.000

07/01/35

118

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

1,450

5.000

07/01/37

1,795

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

6,115

5.000

07/01/43

7,474

Las

Vegas

Valley

Water

District

General

Obligation

Limited

1,040

4.000

03/01/33

1,283

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

(Þ)

85

3.125

07/15/22

86

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

(Þ)

340

5.000

07/15/27

386

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

(Þ)

640

4.500

12/15/29

715

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

200

5.000

07/01/40

237

Truckee

Meadows

Water

Authority

Revenue

Bonds

1,600

5.000

07/01/37

1,917

41,909

New

Hampshire

-

0.5%

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

840

2.800

10/01/33

878

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

1,050

4.000

01/01/41

1,172

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

2,225

5.000

06/01/28

2,871

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,730

5.000

08/01/32

2,197

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

765

5.000

08/01/33

969

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,500

5.000

01/01/34

1,674

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

810

5.000

08/01/34

1,024

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

845

5.000

08/01/35

1,066

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,825

5.000

01/01/36

2,037

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

895

5.000

08/01/36

1,129

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,615

5.000

01/01/37

1,802

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

935

5.000

08/01/37

1,175

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

985

5.000

08/01/38

1,235

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,035

5.000

08/01/39

1,295

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,090

5.000

08/01/40

1,361

21,885

New

Jersey

-

4.9%

Atlantic

City

General

Obligation

Unlimited

(µ)

500

5.000

03/01/25

578

Atlantic

City

General

Obligation

Unlimited

(µ)

450

5.000

03/01/26

537

Atlantic

City

General

Obligation

Unlimited

(µ)

750

5.000

03/01/32

914

Atlantic

County

Improvement

Authority

Revenue

Bonds

(µ)

500

4.000

07/01/39

609

Buena

Regional

School

District

General

Obligation

Unlimited

(µ)

320

4.000

08/01/33

367

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

311

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Buena

Regional

School

District

General

Obligation

Unlimited

(µ)

340

4.000

08/01/34

389

Buena

Regional

School

District

General

Obligation

Unlimited

(µ)

360

4.000

08/01/35

410

Buena

Regional

School

District

General

Obligation

Unlimited

(µ)

385

4.000

08/01/36

438

Camden

County

Improvement

Authority

Revenue

Bonds

2,000

5.000

02/15/28

2,219

City

of

Bayonne

General

Obligation

Unlimited

(µ)

1,500

5.000

07/01/33

1,832

City

of

Bayonne

General

Obligation

Unlimited

(µ)

1,865

5.000

07/01/34

2,278

City

of

Clifton

New

Jersey

General

Obligation

Unlimited

1,420

4.000

08/15/27

1,683

City

of

Newark

General

Obligation

Unlimited

(µ)

1,450

5.000

10/01/27

1,798

City

of

Trenton

General

Obligation

Unlimited

(µ)

1,510

5.000

07/15/23

1,650

County

of

Cape

May

General

Obligation

Unlimited

2,235

4.000

10/01/26

2,636

County

of

Morris

General

Obligation

Unlimited

4,615

2.000

02/01/27

4,950

Essex

County

Improvement

Authority

Revenue

Bonds

(µ)

305

4.000

08/01/38

373

Essex

County

Improvement

Authority

Revenue

Bonds

(µ)

320

4.000

08/01/39

391

Essex

County

Improvement

Authority

Revenue

Bonds

(µ)

330

4.000

08/01/40

402

Essex

County

Improvement

Authority

Revenue

Bonds

(µ)

345

4.000

08/01/41

419

Garden

State

Preservation

Trust

Revenue

Bonds

(µ)

460

5.750

11/01/28

575

Jersey

City

General

Obligation

Unlimited

450

5.000

11/01/31

562

New

Jersey

Building

Authority

Revenue

Bonds

(µ)

580

5.000

06/15/28

701

New

Jersey

Economic

Development

Authority

Revenue

Bonds

2,000

4.000

07/01/22

2,069

New

Jersey

Economic

Development

Authority

Revenue

Bonds

2,045

5.000

06/15/23

2,118

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(µ)

700

5.500

09/01/24

811

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(µ)

515

5.250

07/01/26

632

New

Jersey

Economic

Development

Authority

Revenue

Bonds

795

5.000

07/01/27

895

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(~)(Ê)

2,715

5.250

04/01/28

3,455

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(µ)

2,005

5.000

07/01/28

2,494

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,720

5.000

06/15/29

1,939

New

Jersey

Economic

Development

Authority

Revenue

Bonds

350

3.000

06/01/32

384

New

Jersey

Economic

Development

Authority

Revenue

Bonds

665

5.000

06/01/32

828

New

Jersey

Economic

Development

Authority

Revenue

Bonds

875

5.000

07/01/33

1,044

New

Jersey

Economic

Development

Authority

Revenue

Bonds

4,975

5.000

06/15/36

6,095

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,000

5.000

06/15/37

1,224

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

(µ)

450

5.000

07/01/32

541

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

(µ)

3,085

5.000

07/01/33

3,805

New

Jersey

General

Obligation

Unlimited

2,000

5.000

06/01/28

2,573

New

Jersey

General

Obligation

Unlimited

1,200

5.000

06/01/29

1,581

New

Jersey

General

Obligation

Unlimited

6,725

4.000

06/01/30

8,359

New

Jersey

General

Obligation

Unlimited

5,425

4.000

06/01/31

6,846

New

Jersey

General

Obligation

Unlimited

7,500

5.000

06/01/40

9,232

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

(µ)

1,000

5.000

07/01/27

1,175

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

1,000

5.000

07/01/28

1,223

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

2,180

5.000

07/01/29

2,680

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

300

5.000

07/01/30

354

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

1,000

5.000

07/01/31

1,217

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

1,000

4.000

07/01/35

1,198

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,610

5.000

07/01/43

1,827

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

Bonds

3,720

4.750

10/01/50

4,215

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

145

5.250

12/15/21

148

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,825

2.493

12/15/26

1,714

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,335

5.000

06/15/29

2,782

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,125

2.871

12/15/29

983

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

735

5.000

06/15/30

872

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

5,585

5.000

06/15/31

6,605

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

1,840

2.851

12/15/31

1,538

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

790

4.000

12/15/31

942

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

950

5.000

12/15/33

1,199

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,225

5.000

12/15/34

2,806

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

5,000

3.060

12/15/35

3,755

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

312

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

790

5.000

12/15/35

995

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

5,030

5.591

12/15/35

3,724

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

14,860

3.291

12/15/36

10,690

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,000

5.000

12/15/36

1,258

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

23,510

4.649

12/15/37

16,401

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

685

4.250

12/15/38

808

New

Jersey

Turnpike

Authority

Revenue

Bonds

2,050

5.000

01/01/22

2,092

New

Jersey

Turnpike

Authority

Revenue

Bonds

900

5.000

01/01/23

963

New

Jersey

Turnpike

Authority

Revenue

Bonds

3,155

5.000

01/01/24

3,374

New

Jersey

Turnpike

Authority

Revenue

Bonds

(ae)

2,330

5.000

01/01/27

2,435

New

Jersey

Turnpike

Authority

Revenue

Bonds

3,375

5.000

01/01/32

4,074

New

Jersey

Turnpike

Authority

Revenue

Bonds

2,000

5.000

01/01/33

2,446

New

Jersey

Turnpike

Authority

Revenue

Bonds

6,000

4.000

01/01/42

7,262

Newark

Board

of

Education

General

Obligation

Unlimited

420

5.000

07/15/24

478

Newark

Board

of

Education

General

Obligation

Unlimited

(µ)

1,425

5.000

07/15/32

1,928

Newark

Board

of

Education

General

Obligation

Unlimited

(µ)

1,000

4.000

07/15/35

1,234

Passaic

Valley

Sewerage

Commission

Revenue

Bonds

(µ)

1,500

3.000

12/01/32

1,687

Perth

Amboy

General

Obligation

Unlimited

(µ)

1,000

4.000

07/01/35

1,200

Salem

County

Improvement

Authority

Revenue

Bonds

(µ)

550

4.000

08/15/37

659

South

Jersey

Transportation

Authority

Revenue

Bonds

(µ)

200

5.000

11/01/28

258

South

Jersey

Transportation

Authority

Revenue

Bonds

(µ)

2,000

5.000

11/01/29

2,629

South

Jersey

Transportation

Authority

Revenue

Bonds

(µ)

1,000

5.000

11/01/30

1,306

South

Jersey

Transportation

Authority

Revenue

Bonds

4,000

4.000

11/01/40

4,750

South

Jersey

Transportation

Authority

Revenue

Bonds

(µ)

1,250

5.000

11/01/41

1,609

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

1,570

3.200

06/01/27

1,609

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

1,495

5.000

06/01/27

1,869

198,607

New

Mexico

-

0.1%

New

Mexico

Mortgage

Finance

Authority

Revenue

Bonds

800

2.250

07/01/23

801

New

Mexico

Mortgage

Finance

Authority

Revenue

Bonds

2,225

4.250

07/01/49

2,484

3,285

New

York

-

10.0%

Albany

Capital

Resource

Corp.

Revenue

Bonds

1,255

4.000

06/01/29

1,439

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

525

1.625

11/01/25

548

Buffalo

Sewer

Authority

Revenue

Bonds

(µ)

170

5.000

06/15/31

217

Buffalo

Sewer

Authority

Revenue

Bonds

(µ)

170

5.000

06/15/33

215

Buffalo

Sewer

Authority

Revenue

Bonds

(µ)

240

4.000

06/15/35

285

Build

NYC

Resource

Corp.

Revenue

Bonds

500

5.000

08/01/29

616

Build

NYC

Resource

Corp.

Revenue

Bonds

100

4.000

06/15/30

117

Build

NYC

Resource

Corp.

Revenue

Bonds

700

5.000

08/01/30

858

Build

NYC

Resource

Corp.

Revenue

Bonds

100

4.000

06/15/31

116

Build

NYC

Resource

Corp.

Revenue

Bonds

600

5.000

08/01/32

731

Build

NYC

Resource

Corp.

Revenue

Bonds

500

5.000

08/01/33

608

City

of

Buffalo

General

Obligation

Limited

(µ)

5,045

5.000

04/01/32

7,119

City

of

New

York

General

Obligation

Unlimited

2,550

5.000

08/01/21

2,550

City

of

New

York

General

Obligation

Unlimited

2,445

5.000

08/01/22

2,565

City

of

New

York

General

Obligation

Unlimited

6,420

5.000

08/01/23

7,048

City

of

New

York

General

Obligation

Unlimited

5,000

5.000

08/01/37

6,054

City

of

Syracuse

General

Obligation

Limited

(µ)

750

4.000

05/15/32

885

City

of

Syracuse

General

Obligation

Limited

(µ)

785

4.000

05/15/33

923

City

of

Yonkers

General

Obligation

Limited

(µ)

1,200

5.000

05/01/31

1,564

City

of

Yonkers

General

Obligation

Limited

(µ)

2,250

5.000

05/01/32

2,931

City

of

Yonkers

General

Obligation

Limited

(µ)

3,895

5.000

05/01/33

5,051

City

of

Yonkers

General

Obligation

Limited

(µ)

1,990

4.000

05/01/35

2,367

City

of

Yonkers

General

Obligation

Limited

(µ)

2,180

4.000

05/01/37

2,569

County

of

Nassau

General

Obligation

Limited

(µ)

3,190

5.000

04/01/35

4,162

Hempstead

Town

Local

Development

Corp.

Revenue

Bonds

1,000

5.000

07/01/22

1,046

Hempstead

Town

Local

Development

Corp.

Revenue

Bonds

1,565

5.000

07/01/24

1,786

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

313

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Hempstead

Town

Local

Development

Corp.

Revenue

Bonds

715

4.000

07/01/40

881

Hempstead

Union

Free

School

District

General

Obligation

Unlimited

1,875

1.000

07/13/22

1,889

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

7,495

5.000

02/15/35

9,119

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

4,740

5.000

02/15/37

5,743

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

5,260

5.000

02/15/38

6,367

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

300

4.000

02/15/44

339

Long

Island

Power

Authority

Revenue

Bonds

1,000

5.000

09/01/32

1,252

Long

Island

Power

Authority

Revenue

Bonds

(USD

1

Month

LIBOR

+

0.750%)(ae)

(Ê)

2,700

0.827

05/01/33

2,709

Long

Island

Power

Authority

Revenue

Bonds

750

5.000

09/01/33

934

Long

Island

Power

Authority

Revenue

Bonds

1,000

5.000

09/01/34

1,249

Long

Island

Power

Authority

Revenue

Bonds

1,250

5.000

09/01/35

1,561

Long

Island

Power

Authority

Revenue

Bonds

1,825

5.000

09/01/37

2,265

Long

Island

Power

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,000

1.650

09/01/49

2,067

Madrid-Waddington

Central

School

District

General

Obligation

Limitied

Notes

1,250

1.500

06/24/22

1,265

Metropolitan

Transportation

Authority

Revenue

Bonds

355

5.000

09/01/21

356

Metropolitan

Transportation

Authority

Revenue

Bonds

1,175

5.000

11/15/21

1,191

Metropolitan

Transportation

Authority

Revenue

Bonds

2,590

4.000

02/01/22

2,638

Metropolitan

Transportation

Authority

Revenue

Bonds

1,400

5.000

09/01/22

1,472

Metropolitan

Transportation

Authority

Revenue

Bonds

350

5.000

11/15/22

371

Metropolitan

Transportation

Authority

Revenue

Bonds

1,475

5.000

02/01/23

1,579

Metropolitan

Transportation

Authority

Revenue

Bonds

1,440

5.000

11/15/24

1,526

Metropolitan

Transportation

Authority

Revenue

Bonds

8,395

5.000

11/15/25

8,892

Metropolitan

Transportation

Authority

Revenue

Bonds

4,000

5.000

11/15/26

4,897

Metropolitan

Transportation

Authority

Revenue

Bonds

225

5.000

11/15/27

272

Metropolitan

Transportation

Authority

Revenue

Bonds

(ae)

5,710

5.000

11/15/28

6,807

Metropolitan

Transportation

Authority

Revenue

Bonds

550

5.250

11/15/28

656

Metropolitan

Transportation

Authority

Revenue

Bonds

550

5.000

11/15/29

710

Metropolitan

Transportation

Authority

Revenue

Bonds

225

5.000

11/15/30

301

Metropolitan

Transportation

Authority

Revenue

Bonds

100

5.250

11/15/31

122

Metropolitan

Transportation

Authority

Revenue

Bonds

730

4.000

11/15/32

856

Metropolitan

Transportation

Authority

Revenue

Bonds

1,150

5.000

11/15/33

1,344

Metropolitan

Transportation

Authority

Revenue

Bonds

4,500

5.000

11/15/38

4,809

Metropolitan

Transportation

Authority

Revenue

Bonds

(µ)

1,000

5.000

11/15/41

1,273

Metropolitan

Transportation

Authority

Revenue

Bonds

(µ)

600

4.000

11/15/42

714

Metropolitan

Transportation

Authority

Revenue

Bonds

8,930

5.000

11/15/42

9,475

Metropolitan

Transportation

Authority

Revenue

Bonds

(µ)

10,000

4.000

11/15/44

11,852

Metropolitan

Transportation

Authority

Revenue

Bonds

3,675

4.000

11/15/45

4,305

Metropolitan

Transportation

Authority

Revenue

Bonds

300

4.750

11/15/45

370

Metropolitan

Transportation

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,500

5.000

11/15/45

3,287

Metropolitan

Transportation

Authority

Revenue

Bonds

(~)(Ê)

18,430

0.010

11/15/50

18,430

Metropolitan

Transportation

Authority

Revenue

Bonds

4,850

4.000

11/15/52

5,597

Monroe

County

Industrial

Development

Corp.

Revenue

Bonds

960

4.000

07/01/39

1,158

New

York

City

Housing

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)

5,000

0.600

07/01/25

5,022

New

York

City

Housing

Development

Corp.

Revenue

Bonds

1,560

3.500

02/15/48

1,585

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

150

5.000

01/01/29

194

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

380

5.000

01/01/30

503

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

225

5.000

01/01/31

304

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

120

4.000

01/01/32

150

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

300

3.000

03/01/36

331

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

3,435

2.500

03/01/37

3,556

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

460

3.000

01/01/39

505

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

335

3.000

03/01/40

366

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

650

4.000

03/01/45

758

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

415

5.000

11/01/29

494

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

1,000

5.000

08/01/39

1,133

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

2,250

4.000

11/01/40

2,708

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

475

4.000

05/01/45

569

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

314

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

(~)(Ê)

9,000

1.450

08/01/45

9,000

New

York

City

Water

&

Sewer

System

Revenue

Bonds

4,050

4.000

06/15/40

4,829

New

York

City

Water

&

Sewer

System

Revenue

Bonds

700

5.000

06/15/46

857

New

York

Convention

Center

Development

Corp.

Revenue

Bonds

(µ)

2,925

Zero

coupon

11/15/34

2,316

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

645

5.000

11/15/44

715

New

York

Liberty

Development

Corp.

Revenue

Bonds

3,000

2.450

09/15/69

3,180

New

York

State

Dormitory

Authority

Revenue

Bonds

755

5.000

05/15/23

784

New

York

State

Dormitory

Authority

Revenue

Bonds

(µ)

430

5.250

07/01/23

471

New

York

State

Dormitory

Authority

Revenue

Bonds

(ae)

6,725

5.000

12/15/23

7,175

New

York

State

Dormitory

Authority

Revenue

Bonds

(ae)

6,790

5.000

07/01/26

7,427

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

5.000

08/01/27

1,240

New

York

State

Dormitory

Authority

Revenue

Bonds

9,130

5.000

02/15/31

11,270

New

York

State

Dormitory

Authority

Revenue

Bonds

105

5.000

07/01/32

134

New

York

State

Dormitory

Authority

Revenue

Bonds

3,300

5.000

10/01/32

4,025

New

York

State

Dormitory

Authority

Revenue

Bonds

1,465

5.000

07/01/33

1,867

New

York

State

Dormitory

Authority

Revenue

Bonds

710

5.000

07/01/34

902

New

York

State

Dormitory

Authority

Revenue

Bonds

325

4.000

07/01/35

404

New

York

State

Dormitory

Authority

Revenue

Bonds

95

5.000

07/01/35

121

New

York

State

Dormitory

Authority

Revenue

Bonds

260

4.000

07/01/36

322

New

York

State

Dormitory

Authority

Revenue

Bonds

85

5.000

07/01/36

108

New

York

State

Dormitory

Authority

Revenue

Bonds

70

4.000

09/01/36

83

New

York

State

Dormitory

Authority

Revenue

Bonds

325

4.000

07/01/37

401

New

York

State

Dormitory

Authority

Revenue

Bonds

100

4.000

09/01/37

118

New

York

State

Dormitory

Authority

Revenue

Bonds

4,410

3.000

03/15/38

4,895

New

York

State

Dormitory

Authority

Revenue

Bonds

6,035

4.000

07/01/38

7,326

New

York

State

Dormitory

Authority

Revenue

Bonds

75

4.000

09/01/38

88

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

5.000

10/01/38

1,268

New

York

State

Dormitory

Authority

Revenue

Bonds

85

4.000

09/01/39

100

New

York

State

Dormitory

Authority

Revenue

Bonds

15,000

4.000

03/15/40

18,227

New

York

State

Dormitory

Authority

Revenue

Bonds

105

4.000

07/01/40

122

New

York

State

Dormitory

Authority

Revenue

Bonds

100

4.000

09/01/40

117

New

York

State

Dormitory

Authority

Revenue

Bonds

110

5.000

07/01/41

137

New

York

State

Dormitory

Authority

Revenue

Bonds

1,075

4.000

03/15/42

1,300

New

York

State

Dormitory

Authority

Revenue

Bonds

425

4.000

03/15/44

509

New

York

State

Dormitory

Authority

Revenue

Bonds

435

4.000

07/01/45

499

New

York

State

Thruway

Authority

Revenue

Bonds

1,250

5.000

01/01/32

1,566

New

York

State

Urban

Development

Corp.

Revenue

Bonds

5,750

5.000

03/15/36

7,593

New

York

State

Urban

Development

Corp.

Revenue

Bonds

4,950

4.000

03/15/37

6,009

New

York

State

Urban

Development

Corp.

Revenue

Bonds

11,000

5.000

03/15/37

14,463

New

York

Transportation

Development

Corp.

Revenue

Bonds

500

5.000

12/01/27

633

New

York

Transportation

Development

Corp.

Revenue

Bonds

130

5.000

12/01/28

168

New

York

Transportation

Development

Corp.

Revenue

Bonds

145

5.000

12/01/29

192

New

York

Transportation

Development

Corp.

Revenue

Bonds

115

5.000

12/01/30

155

New

York

Transportation

Development

Corp.

Revenue

Bonds

4,090

5.000

12/01/31

5,491

New

York

Transportation

Development

Corp.

Revenue

Bonds

165

5.000

12/01/32

220

New

York

Transportation

Development

Corp.

Revenue

Bonds

2,530

5.000

12/01/33

3,369

New

York

Transportation

Development

Corp.

Revenue

Bonds

255

5.000

12/01/34

339

New

York

Transportation

Development

Corp.

Revenue

Bonds

4,575

5.000

12/01/35

6,063

New

York

Transportation

Development

Corp.

Revenue

Bonds

380

5.000

12/01/36

503

New

York

Transportation

Development

Corp.

Revenue

Bonds

3,320

5.000

12/01/37

4,379

New

York

Transportation

Development

Corp.

Revenue

Bonds

620

5.000

12/01/38

816

Niagara

Falls

City

School

District

General

Obligation

Unlimited

(µ)

1,000

5.000

06/15/28

1,280

Niagara

Falls

City

School

District

General

Obligation

Unlimited

(µ)

1,735

4.000

06/15/30

2,082

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

1,500

5.000

12/01/30

1,956

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

1,500

5.000

12/01/31

1,946

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

60

4.000

12/01/32

71

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

70

4.000

12/01/33

83

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

315

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

105

4.000

12/01/34

124

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

120

4.000

12/01/35

142

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

75

4.000

12/01/36

88

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

60

4.000

12/01/37

71

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

60

4.000

12/01/38

70

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

180

3.000

12/01/39

194

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

120

3.000

12/01/40

129

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

240

4.000

12/01/49

275

Onondaga

County

Trust

for

Cultural

Resources

Revenue

Bonds

375

5.000

12/01/40

490

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

5,000

5.000

07/15/34

6,640

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

2,775

5.000

07/15/35

3,670

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

1,000

4.000

07/15/36

1,226

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

750

5.250

05/15/42

948

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

175

5.000

11/15/42

216

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

1,700

4.000

09/01/43

2,008

Schenectady

Metroplex

Development

Authority

Revenue

Bonds

(µ)

150

4.000

08/01/31

187

Schenectady

Metroplex

Development

Authority

Revenue

Bonds

(µ)

220

4.000

08/01/32

274

Schenectady

Metroplex

Development

Authority

Revenue

Bonds

(µ)

200

4.000

08/01/33

249

Schenectady

Metroplex

Development

Authority

Revenue

Bonds

(µ)

200

4.000

08/01/34

248

Schenectady

Metroplex

Development

Authority

Revenue

Bonds

(µ)

200

4.000

08/01/35

248

Schenectady

Metroplex

Development

Authority

Revenue

Bonds

(µ)

405

4.000

08/01/36

500

State

of

New

York

Mortgage

Agency

Homeowner

Mortgage

Revenue

Bonds

2,890

4.250

10/01/47

3,187

Sufflok

County

General

Obligation

Limited

Notes

2,000

2.000

08/19/21

2,002

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

1,000

5.000

11/15/28

1,061

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

5,000

5.000

11/15/33

6,188

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

(~)(ae)(Ê)

6,375

2.000

05/15/45

6,841

TSASC,

Inc.

Revenue

Bonds

2,500

5.000

06/01/29

3,073

Webster

Central

School

District

General

Obligation

Unlimited

1,125

2.000

06/15/27

1,205

Westchester

County

Local

Development

Corp.

Revenue

Bonds

1,350

5.000

05/01/34

1,472

400,188

North

Carolina

-

1.1%

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

(~)(ae)

(Ê)

1,300

5.000

12/01/28

1,692

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

(~)(ae)

(Ê)

1,000

5.000

12/01/31

1,380

Columbus

County

Industrial

Facilities

&

Pollution

Control

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

325

1.375

05/01/34

337

County

of

Guilford

General

Obligation

Unlimited

100

5.000

05/01/22

104

North

Carolina

Capital

Facilities

Finance

Agency

Revenue

Bonds

(ae)

9,525

5.000

10/01/41

9,837

North

Carolina

Capital

Facilities

Finance

Agency

Revenue

Bonds

(ae)

7,500

5.000

10/01/44

8,233

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

3,190

4.250

07/01/47

3,538

North

Carolina

Medical

Care

Commission

Revenue

Bonds

130

4.000

03/01/24

140

North

Carolina

Medical

Care

Commission

Revenue

Bonds

250

4.000

01/01/25

266

North

Carolina

Medical

Care

Commission

Revenue

Bonds

155

4.000

03/01/25

170

North

Carolina

Medical

Care

Commission

Revenue

Bonds

240

4.000

01/01/26

260

North

Carolina

Medical

Care

Commission

Revenue

Bonds

145

5.000

03/01/26

168

North

Carolina

Medical

Care

Commission

Revenue

Bonds

565

5.000

01/01/27

649

North

Carolina

Medical

Care

Commission

Revenue

Bonds

170

5.000

03/01/27

201

North

Carolina

Medical

Care

Commission

Revenue

Bonds

790

5.000

01/01/28

924

North

Carolina

Medical

Care

Commission

Revenue

Bonds

200

5.000

03/01/28

241

North

Carolina

Medical

Care

Commission

Revenue

Bonds

560

5.000

01/01/29

654

North

Carolina

Medical

Care

Commission

Revenue

Bonds

160

4.000

03/01/29

185

North

Carolina

Medical

Care

Commission

Revenue

Bonds

655

5.000

01/01/30

761

North

Carolina

Medical

Care

Commission

Revenue

Bonds

165

4.000

03/01/30

190

North

Carolina

Medical

Care

Commission

Revenue

Bonds

700

5.000

10/01/30

832

North

Carolina

Medical

Care

Commission

Revenue

Bonds

625

5.000

01/01/31

724

North

Carolina

Medical

Care

Commission

Revenue

Bonds

170

4.000

03/01/31

195

North

Carolina

Medical

Care

Commission

Revenue

Bonds

2,105

5.000

11/01/31

2,503

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

316

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

North

Carolina

Medical

Care

Commission

Revenue

Bonds

185

4.000

09/01/34

222

North

Carolina

Medical

Care

Commission

Revenue

Bonds

100

4.000

03/01/36

113

North

Carolina

Medical

Care

Commission

Revenue

Bonds

500

5.000

01/01/38

560

North

Carolina

Medical

Care

Commission

Revenue

Bonds

100

4.000

09/01/41

118

North

Carolina

Turnpike

Authority

Revenue

Bonds

2,000

5.000

02/01/24

2,235

North

Carolina

Turnpike

Authority

Revenue

Bonds

(µ)

1,310

5.000

01/01/28

1,604

State

of

North

Carolina

General

Obligation

Unlimited

5,020

5.000

06/01/27

6,333

45,369

Ohio

-

1.8%

American

Municipal

Power,

Inc.

Revenue

Bonds

875

5.000

02/15/25

1,018

American

Municipal

Power,

Inc.

Revenue

Bonds

140

5.000

02/15/26

168

American

Municipal

Power,

Inc.

Revenue

Bonds

175

5.000

02/15/27

216

American

Municipal

Power,

Inc.

Revenue

Bonds

215

5.000

02/15/28

273

American

Municipal

Power,

Inc.

Revenue

Bonds

165

5.000

02/15/29

214

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

85

5.000

06/01/34

111

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

2,000

4.000

06/01/37

2,417

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

2,490

5.000

06/01/55

2,928

City

of

Columbus

General

Obligation

Unlimited

4,685

4.000

04/01/33

5,462

City

of

Hamilton

Electric

Revenue

Bonds

(µ)

700

4.000

10/01/34

834

City

of

Hamilton

Electric

Revenue

Bonds

(µ)

730

4.000

10/01/35

869

City

of

Hamilton

Electric

Revenue

Bonds

(µ)

590

4.000

10/01/36

701

Cleveland

Municipal

School

District

General

Obligation

Unlimited

1,100

5.000

12/01/27

1,193

County

of

Cuyahoga

Certificate

of

Participation

14,065

5.000

12/01/27

15,661

County

of

Cuyahoga

Certificate

of

Participation

1,990

5.000

12/01/28

2,209

County

of

Franklin

Revenue

Bonds

330

5.250

11/15/40

384

County

of

Hamilton

Revenue

Bonds

1,350

5.000

01/01/31

1,545

Cuyahoga

County

Hospital

Revenue

Bonds

7,450

5.000

02/15/37

8,777

Cuyahoga

Metropolitan

Housing

Authority

Revenue

Bonds

450

2.000

12/01/31

460

Elyria

City

School

District

General

Obligation

Unlimited

(µ)

375

4.000

12/01/21

380

Euclid

City

School

District

Certificated

Participation

(µ)

175

4.000

12/01/30

203

Euclid

City

School

District

Certificated

Participation

(µ)

185

4.000

12/01/31

213

Euclid

City

School

District

Certificated

Participation

(µ)

130

4.000

12/01/32

150

Euclid

City

School

District

Certificated

Participation

(µ)

135

4.000

12/01/33

156

Euclid

City

School

District

Certificated

Participation

(µ)

110

4.000

12/01/34

127

Euclid

City

School

District

Certificated

Participation

(µ)

215

4.000

12/01/35

249

Euclid

City

School

District

Certificated

Participation

(µ)

445

4.000

12/01/36

515

Euclid

City

School

District

Certificated

Participation

(µ)

380

4.000

12/01/38

439

Hillsdale

Local

School

District

Certificate

of

Participation

(µ)

3,050

4.000

12/01/32

3,744

Miami

University

Revenue

Bonds

450

5.000

09/01/36

452

Middletown

City

School

District

General

Obligation

Unlimited

(ae)

5

5.250

12/01/34

5

Northeast

Ohio

Medical

University

Revenue

Bonds

50

4.000

12/01/35

59

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

1,000

2.875

02/01/26

1,069

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

50

5.000

01/01/28

55

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

520

5.000

07/01/31

637

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

750

5.000

07/01/33

915

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

600

5.000

01/15/34

763

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

420

5.000

07/01/34

511

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

195

5.000

01/15/35

247

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

220

5.000

01/15/36

278

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

695

4.000

07/01/36

795

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

600

4.000

07/01/37

685

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

830

5.000

01/15/40

1,040

Ohio

Housing

Finance

Agency

Revenue

Bonds

2,425

4.500

09/01/48

2,698

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

(Þ)

100

3.750

12/01/31

103

State

of

Ohio

Revenue

Bonds

3,500

5.000

12/15/22

3,648

State

of

Ohio

Revenue

Bonds

2,815

5.000

12/15/23

2,934

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

1,965

5.000

07/01/29

2,161

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

317

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

United

Local

School

District

Certificate

of

Participation

(µ)

165

4.000

12/01/26

193

United

Local

School

District

Certificate

of

Participation

(µ)

120

4.000

12/01/29

146

United

Local

School

District

Certificate

of

Participation

(µ)

175

4.000

12/01/30

217

United

Local

School

District

Certificate

of

Participation

(µ)

315

4.000

12/01/32

385

United

Local

School

District

Certificate

of

Participation

(µ)

1,200

4.000

12/01/34

1,456

West

Carrollton

City

School

District

General

Obligation

Unlimited

1,080

4.000

12/01/21

1,094

74,162

Oklahoma

-

0.5%

Carter

County

Public

Facilities

Authority

Revenue

Bonds

3,625

5.000

09/01/31

4,451

Cleveland

County

Educational

Facilities

Authority

Revenue

Bonds

825

5.000

06/01/24

928

Oklahoma

Development

Finance

Authority

Revenue

Bonds

1,000

5.000

08/15/22

1,044

Oklahoma

Development

Finance

Authority

Revenue

Bonds

1,000

5.000

08/15/26

1,195

Oklahoma

Development

Finance

Authority

Revenue

Bonds

2,000

5.000

08/15/28

2,332

Oklahoma

Development

Finance

Authority

Revenue

Bonds

3,000

5.000

08/15/33

3,695

Oklahoma

Development

Finance

Authority

Revenue

Bonds

3,000

5.250

08/15/43

3,703

Oklahoma

Housing

Finance

Agency

Revenue

Bonds

1,265

4.750

09/01/48

1,424

Oklahoma

Water

Resources

Board

Revenue

Bonds

1,500

5.000

04/01/33

1,856

20,628

Oregon

-

0.3%

Benton

&

Linn

Counties

Consolidated

School

District

No.

509J

&

509A

Corvallis

General

Obligation

Unlimited

510

5.000

06/15/26

623

City

of

Portland

Sewer

System

Revenue

Bonds

340

5.000

05/01/30

453

Hospital

Facilities

Authority

of

Multnomah

County

Revenue

Bonds

(~)(ae)(Ê)

1,130

5.000

03/01/40

1,278

Oregon

State

Business

Development

Commission

Revenue

Bonds

(~)(ae)(Ê)

1,950

2.400

12/01/40

2,032

Oregon

State

Facilities

Authority

Revenue

Bonds

50

5.000

10/01/28

64

Oregon

State

Facilities

Authority

Revenue

Bonds

75

5.000

10/01/29

97

Oregon

State

Facilities

Authority

Revenue

Bonds

50

5.000

10/01/35

64

Oregon

State

Facilities

Authority

Revenue

Bonds

(Þ)

750

5.000

10/01/36

817

Port

of

Morrow

General

Obligation

Limited

100

4.000

12/01/21

101

State

of

Oregon

General

Obligation

Unlimited

150

1.250

08/01/27

157

State

of

Oregon

General

Obligation

Unlimited

120

1.375

08/01/28

125

State

of

Oregon

General

Obligation

Unlimited

125

1.500

08/01/29

131

State

of

Oregon

General

Obligation

Unlimited

500

5.000

12/01/31

617

State

of

Oregon

General

Obligation

Unlimited

2,000

4.000

05/01/39

2,497

State

of

Oregon

General

Obligation

Unlimited

1,000

4.000

05/01/40

1,244

State

of

Oregon

General

Obligation

Unlimited

1,010

4.250

06/01/49

1,124

Yamhill

County

Hospital

Authority

Revenue

Bonds

125

1.750

11/15/26

125

11,549

Pennsylvania

-

5.2%

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

615

5.000

10/15/21

620

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

790

5.000

10/15/26

945

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

835

5.000

10/15/27

991

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

870

5.000

10/15/28

1,026

Allegheny

County

Hospital

Development

Authority

Revenue

Bonds

1,145

5.000

04/01/30

1,441

Allegheny

County

Sanitary

Authority

Revenue

Bonds

1,000

4.000

06/01/35

1,178

Allentown

City

School

District

General

Obligation

Limited

(µ)

2,250

5.000

02/01/31

2,936

Allentown

City

School

District

General

Obligation

Limited

(µ)

4,385

5.000

02/01/33

5,685

Allentown

City

School

District

General

Obligation

Limited

(µ)

1,000

4.000

02/01/36

1,192

Allentown

City

School

District

General

Obligation

Limited

(µ)

2,250

5.000

02/01/37

2,886

Allentown

City

School

District

General

Obligation

Limited

Notes

1,375

1.000

03/31/22

1,375

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

50

5.000

07/01/25

57

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

50

5.000

07/01/26

59

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

50

5.000

07/01/27

60

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

50

5.000

07/01/28

62

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

50

5.000

07/01/29

63

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

75

5.000

07/01/30

95

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

330

5.000

10/01/30

378

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

350

5.000

10/01/31

400

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

318

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

610

5.000

07/01/33

787

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

535

5.000

07/01/34

688

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

415

5.000

07/01/35

533

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

635

5.000

07/01/36

812

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

1,340

5.000

07/01/37

1,709

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

1,390

5.000

07/01/38

1,769

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

1,440

5.000

07/01/39

1,827

Butler

County

General

Authority

Revenue

Bonds

(USD

3

Month

LIBOR

+

0.700%)

(µ)(Ê)

14,825

1.660

10/01/34

14,471

Chester

County

Industrial

Development

Authority

Revenue

Bonds

1,320

4.000

12/01/37

1,621

Chester

County

Industrial

Development

Authority

Revenue

Bonds

1,500

4.000

12/01/38

1,836

Chester

County

Industrial

Development

Authority

Special

Assessment

(Þ)

275

4.375

03/01/28

310

City

of

Erie

General

Obligation

Unlimited

(µ)

3,750

3.208

11/15/37

2,354

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

100

4.000

05/01/36

116

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

50

4.000

05/01/41

57

City

of

Lancaster

General

Obligation

Unlimited

(µ)

375

5.000

05/01/27

464

City

of

Oil

General

Obligation

Unlimited

(µ)

175

4.000

12/01/31

212

City

of

Oil

General

Obligation

Unlimited

(µ)

190

4.000

12/01/33

228

City

of

Oil

General

Obligation

Unlimited

(µ)

200

4.000

12/01/34

239

City

of

Philadelphia

Airport

Revenue

Bonds

1,000

4.000

07/01/35

1,221

City

of

Philadelphia

General

Obligation

Unlimited

(~)(Ê)

27,285

0.140

08/01/31

27,285

City

of

Philadelphia

General

Obligation

Unlimited

5,000

5.000

08/01/33

6,162

City

of

Philadelphia

General

Obligation

Unlimited

5,000

5.000

08/01/34

6,148

City

of

Scranton

General

Obligation

Unlimited

(Þ)

1,815

5.000

09/01/21

1,820

City

of

Scranton

General

Obligation

Unlimited

(Þ)

1,925

5.000

09/01/22

1,995

City

of

Wilkes-Barre

General

Obligation

Unlimited

(µ)

1,000

4.000

11/15/38

1,095

City

of

York

General

Obligation

Unlimited

105

5.000

11/15/24

116

City

of

York

General

Obligation

Unlimited

955

5.000

11/15/26

1,129

City

of

York

General

Obligation

Unlimited

1,755

5.000

11/15/27

2,120

Coatesville

Area

School

District

Building

Authority

Revenue

Bonds

(µ)

425

5.000

12/01/24

459

Coatesville

Area

School

District

Building

Authority

Revenue

Bonds

(µ)

335

5.000

12/01/26

361

Coatesville

Area

School

District

Building

Authority

Revenue

Bonds

(µ)

360

5.000

12/01/27

388

Commonwealth

Financing

Authority

Revenue

Bonds

(µ)

13,000

4.000

06/01/39

15,052

Commonwealth

of

Pennsylvania

General

Obligation

Unlimited

6,075

5.000

08/15/23

6,679

County

of

Luzerne

General

Obligation

Unlimited

(µ)

500

5.000

12/15/27

621

County

of

Mercer

General

Obligation

Unlimited

(µ)

175

4.000

10/01/30

216

Dauphin

County

General

Authority

Revenue

Bonds

(Þ)

1,750

4.000

10/15/22

1,777

Dauphin

County

General

Authority

Revenue

Bonds

(Þ)

700

4.250

10/15/26

766

Delaware

County

Vocational

&

Technical

School

Authority

Revenue

Bonds

(µ)

1,120

5.000

11/01/27

1,233

Delaware

County

Vocational

&

Technical

School

Authority

Revenue

Bonds

(µ)

1,140

5.000

11/01/28

1,255

Delaware

County

Vocational

&

Technical

School

Authority

Revenue

Bonds

(µ)

1,500

5.250

11/01/33

1,660

Delaware

Valley

Regional

Finance

Authority

Revenue

Bonds

(USD

1

Month

LIBOR

+

0.880%)(ae)(Ê)

10,000

0.996

09/01/48

10,090

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

370

5.000

12/01/28

435

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

150

4.000

06/01/44

175

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

275

5.000

06/01/44

348

Latrobe

Industrial

Development

Authority

Revenue

Bonds

175

5.000

03/01/31

217

Mifflin

County

School

District

General

Obligation

Limited

(µ)

1,000

5.000

09/01/30

1,158

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

Bonds

150

4.000

09/01/37

178

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

Bonds

150

4.000

09/01/38

177

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

Bonds

150

4.000

09/01/39

177

Montgomery

County

Industrial

Development

Authority

General

Obligation

Unlimited

50

4.000

10/01/36

56

Montgomery

County

Industrial

Development

Authority

General

Obligation

Unlimited

50

4.000

10/01/41

56

North

Allegheny

School

District

General

Obligation

Limited

1,000

4.000

05/01/35

1,209

North

Penn

Water

Authority

Revenue

Bonds

1,190

5.000

11/01/30

1,204

North

Pocono

School

District

General

Obligation

Limited

(µ)

885

4.000

09/15/31

1,068

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

319

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

North

Pocono

School

District

General

Obligation

Limited

(µ)

250

4.000

09/15/32

301

Northampton

County

General

Purpose

Authority

Revenue

Bonds

150

5.000

10/01/31

176

Northern

Tioga

School

District

General

Obligation

Limited

(µ)

650

5.000

04/01/30

804

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

400

4.000

07/01/33

460

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

245

4.000

03/15/36

281

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

1,500

3.000

04/01/39

1,643

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

150

4.000

10/15/39

184

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

150

4.000

10/15/40

184

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

245

4.000

07/01/41

278

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

(ae)

2,000

6.250

10/01/21

2,019

Pennsylvania

Turnpike

Commission

Revenue

Bonds

(µ)

2,195

6.250

06/01/33

2,765

Pennsylvania

Turnpike

Commission

Revenue

Bonds

500

4.000

12/01/36

617

Pennsylvania

Turnpike

Commission

Revenue

Bonds

750

5.000

12/01/36

974

Pennsylvania

Turnpike

Commission

Revenue

Bonds

675

4.000

12/01/37

830

Pennsylvania

Turnpike

Commission

Revenue

Bonds

750

5.000

12/01/38

970

Pennsylvania

Turnpike

Commission

Revenue

Bonds

1,375

4.000

12/01/39

1,681

Pennsylvania

Turnpike

Commission

Revenue

Bonds

330

4.000

12/01/40

403

Pennsylvania

Turnpike

Commission

Revenue

Bonds

630

5.000

12/01/43

791

Pennsylvania

Turnpike

Commission

Revenue

Bonds

(µ)

2,630

5.000

12/01/44

3,380

Pennsylvania

Turnpike

Commission

Revenue

Bonds

4,500

5.250

12/01/44

5,834

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

215

5.875

06/15/22

225

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

305

5.000

06/15/25

351

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

660

5.000

06/15/27

796

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

415

5.000

06/15/28

511

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

440

5.000

06/15/29

536

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(µ)

510

5.000

12/01/29

635

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

100

5.000

08/01/30

118

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

2,000

8.000

01/01/33

2,216

Philadelphia

Hospitals

&

Higher

Education

Facilities

Authority

Revenue

Bonds

500

5.000

07/01/28

604

Philadelphia

Hospitals

&

Higher

Education

Facilities

Authority

Revenue

Bonds

1,500

5.625

07/01/42

1,563

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

375

4.000

09/01/34

456

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

150

5.000

09/01/34

195

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

75

4.000

09/01/35

91

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

265

5.000

09/01/35

343

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

1,300

5.000

09/01/36

1,680

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

1,300

5.000

09/01/37

1,676

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

1,040

5.000

09/01/38

1,338

Reading

School

District

General

Obligation

Limited

(µ)

785

5.000

03/01/35

955

Reading

School

District

General

Obligation

Limited

(µ)

720

5.000

03/01/36

874

School

District

of

Philadelphia

(The)

General

Obligation

Limited

(µ)

4,445

5.000

09/01/27

5,423

Scranton

School

District

General

Obligation

Unlimited

(µ)

490

5.000

06/01/32

616

Scranton

School

District

General

Obligation

Unlimited

(µ)

330

5.000

12/01/33

408

Scranton

School

District

General

Obligation

Unlimited

(µ)

575

5.000

06/01/34

719

Scranton

School

District

General

Obligation

Unlimited

(µ)

560

5.000

06/01/36

698

Shenandoah

Valley

School

District

General

Obligation

Unlimited

(µ)

935

4.000

08/01/26

1,088

State

Public

School

Building

Authority

Revenue

Bonds

(ae)

3,030

5.000

04/01/25

3,129

State

Public

School

Building

Authority

Revenue

Bonds

(µ)

1,000

5.000

06/15/28

1,038

State

Public

School

Building

Authority

Revenue

Bonds

(µ)

1,000

5.000

06/15/29

1,038

Upper

Darby

School

District

General

Obligation

Limited

(µ)

340

4.000

04/01/40

409

Upper

Darby

School

District

General

Obligation

Limited

(µ)

250

4.000

04/01/43

298

Upper

Darby

School

District

General

Obligation

Limited

(µ)

450

4.000

04/01/46

535

Upper

Merion

Area

School

District

General

Obligation

Limited

250

3.000

01/15/40

277

Warrior

Run

School

District/Montour

Northumberland

Union

County

General

Obligation

Limited

(µ)

530

4.000

09/01/37

591

West

Mifflin

School

District

General

Obligation

Limited

(µ)

1,000

5.000

04/01/28

1,219

West

Mifflin

School

District

General

Obligation

Limited

(µ)

3,045

4.000

04/01/30

3,522

Westmoreland

County

Industrial

Development

Authority

Revenue

Bonds

200

5.000

07/01/27

247

Westmoreland

County

Industrial

Development

Authority

Revenue

Bonds

80

5.000

07/01/28

101

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

320

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Westmoreland

County

Industrial

Development

Authority

Revenue

Bonds

210

5.000

07/01/29

272

Westmoreland

County

Industrial

Development

Authority

Revenue

Bonds

60

5.000

07/01/30

79

209,033

Puerto

Rico

-

2.6%

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

(µ)

505

4.000

07/01/22

520

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

(µ)

1,305

5.375

07/01/25

1,336

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

(µ)

1,005

5.250

07/01/26

1,034

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

(µ)

415

4.250

07/01/27

427

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

(µ)

1,000

5.250

07/01/27

1,029

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

(µ)

635

5.000

07/01/31

653

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

(µ)

8,670

5.000

07/01/35

8,925

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

2,000

5.500

07/01/28

2,095

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

5,580

5.000

07/01/33

5,819

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

850

5.125

07/01/37

887

Puerto

Rico

Convention

Center

District

Authority

Revenue

Bonds

(µ)

345

5.000

07/01/31

353

Puerto

Rico

Convention

Center

District

Authority

Revenue

Bonds

(µ)

1,125

4.500

07/01/36

1,146

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(µ)

385

4.000

07/01/23

386

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(USD

3

Month

LIBOR

+

0.520%)(µ)(Ê)

8,820

1.480

07/01/29

8,218

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(µ)

230

4.375

07/01/30

231

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(µ)

770

5.250

07/01/22

802

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(µ)

70

5.500

07/01/26

81

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(µ)

950

5.000

07/01/27

976

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(µ)

320

5.500

07/01/29

377

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(µ)

40

5.500

07/01/31

47

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(µ)

70

5.250

07/01/32

81

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(µ)

515

5.250

07/01/33

579

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(µ)

360

5.250

07/01/34

402

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(µ)

1,275

5.250

07/01/35

1,386

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(µ)

5,135

5.250

07/01/36

5,784

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(µ)

500

4.750

07/01/38

508

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(µ)

250

5.250

07/01/38

272

Puerto

Rico

Highway

&

Transportation

Authority

Revenue

Bonds

(µ)

250

5.250

07/01/41

287

Puerto

Rico

Infrastructure

Financing

Authority

Revenue

Bonds

(µ)

1,565

5.500

07/01/27

1,725

Puerto

Rico

Municipal

Finance

Agency

General

Obligation

Unlimited

(µ)

3,090

5.000

08/01/27

3,176

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

3,825

2.953

07/01/27

3,507

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

327

3.071

07/01/29

286

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

2,495

3.171

07/01/31

2,015

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

10,399

3.450

07/01/33

7,807

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

9,975

4.500

07/01/34

11,051

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

26,286

4.329

07/01/40

29,873

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

1,175

4.550

07/01/40

1,352

105,433

Rhode

Island

-

0.3%

Providence

Public

Building

Authority

Revenue

Bonds

(µ)

500

5.875

06/15/26

502

Providence

Public

Building

Authority

Revenue

Bonds

(µ)

1,845

4.000

09/15/34

2,167

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

600

5.000

09/01/22

632

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

200

5.000

08/15/27

250

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

2,495

5.000

05/15/28

2,949

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

1,250

5.000

05/15/29

1,471

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

(µ)

375

5.000

05/15/32

482

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

(µ)

300

5.000

05/15/33

385

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

(µ)

300

5.000

05/15/36

382

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

(µ)

1,750

4.000

05/15/34

2,183

State

of

Rhode

Island

General

Obligation

Unlimited

2,000

4.000

04/01/34

2,394

13,797

South

Carolina

-

0.9%

Lee

County

School

Facilities,

Inc.

Revenue

Bonds

(µ)

1,050

4.000

12/01/27

1,254

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

321

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Orangeburg

County

Facilities

Corp.

Revenue

Bonds

1,140

5.000

12/01/27

1,434

Orangeburg

County

Facilities

Corp.

Revenue

Bonds

1,410

5.000

12/01/28

1,763

Orangeburg

County

Facilities

Corp.

Revenue

Bonds

1,560

5.000

12/01/30

1,929

Orangeburg

County

Facilities

Corp.

Revenue

Bonds

1,695

4.000

12/01/32

1,976

Orangeburg

County

Facilities

Corp.

Revenue

Bonds

1,165

4.000

12/01/33

1,355

Richland

County

School

District

No.

2

General

Obligation

Unlimited

100

5.000

03/01/22

103

South

Carolina

Economic

Development

Authority

Revenue

Bonds

(ae)

3,800

5.250

08/01/30

4,185

South

Carolina

Economic

Development

Authority

Revenue

Bonds

500

4.000

06/01/36

548

South

Carolina

Public

Service

Authority

Revenue

Bonds

3,500

5.000

12/01/30

3,991

South

Carolina

Public

Service

Authority

Revenue

Bonds

2,080

5.000

12/01/31

2,538

South

Carolina

Public

Service

Authority

Revenue

Bonds

200

5.000

12/01/34

228

South

Carolina

Public

Service

Authority

Revenue

Bonds

3,670

5.000

12/01/36

3,726

South

Carolina

Public

Service

Authority

Revenue

Bonds

1,750

4.000

12/01/37

2,105

South

Carolina

Transportation

Infrastructure

Bank

Revenue

Bonds

(USD

1

Month

LIBOR

+

0.450%)(ae)(Ê)

2,805

0.517

10/01/21

2,806

South

Carolina

Transportation

Infrastructure

Bank

Revenue

Bonds

(USD

1

Month

LIBOR

+

0.450%)(Ê)

40

0.517

10/01/31

41

Spartanburg

Regional

Health

Services

District

Revenue

Bonds

2,100

5.000

04/15/32

2,165

Sumter

Two

School

Facilities,

Inc.

Revenue

Bonds

(µ)

1,360

5.000

12/01/26

1,593

Williamsburg

County

Public

Facilities

Corp.

Revenue

Bonds

(µ)

500

4.000

06/01/31

615

Williamsburg

County

Public

Facilities

Corp.

Revenue

Bonds

(µ)

670

4.000

06/01/32

817

35,172

South

Dakota

-

0.0%

County

of

Lincoln

Revenue

Bonds

100

4.000

08/01/41

115

South

Dakota

Conservancy

District

Revenue

Bonds

730

5.000

08/01/32

938

South

Dakota

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

500

5.000

07/01/33

561

1,614

Tennessee

-

0.6%

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

600

5.000

10/01/26

697

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

185

5.000

08/01/35

236

Chattanooga-Hamilton

County

Hospital

Authority

Revenue

Bonds

630

5.000

10/01/23

692

City

of

Memphis

General

Obligation

Limited

2,500

5.000

06/01/28

3,029

Greenville

Health

&

Educational

Facilities

Board

Revenue

Bonds

700

4.000

07/01/40

811

Knox

County

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

1,750

5.000

04/01/29

2,101

Memphis

Sanitary

Sewerage

System

Revenue

Bonds

1,025

5.000

10/01/27

1,256

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

200

4.000

10/01/28

240

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

210

4.000

10/01/30

248

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

2,210

5.000

07/01/35

2,665

State

of

Tennessee

General

Obligation

Unlimited

5,000

5.000

09/01/34

6,281

Tennergy

Corp.

Natural

Gas

Revenue

Bonds

(~)(ae)(Ê)

2,440

5.000

02/01/50

2,776

Tennergy

Corp.

Revenue

Bonds

(~)(ae)(Ê)

225

4.000

09/01/28

271

Tennessee

Housing

Development

Agency

Revenue

Bonds

3,485

4.500

07/01/49

3,912

25,215

Texas

-

6.4%

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

70

4.000

08/15/23

75

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

50

5.000

08/15/23

54

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,000

5.000

08/15/26

1,146

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

450

5.000

12/01/27

555

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

500

5.000

12/01/28

618

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

225

4.000

08/15/32

282

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

785

5.000

12/01/33

960

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

650

5.000

12/01/34

795

Austin

Community

College

District

Public

Facility

Corp.

Revenue

Bonds

1,045

5.000

08/01/23

1,146

Austin

Community

College

District

Public

Facility

Corp.

Revenue

Bonds

1,115

5.000

08/01/24

1,274

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

1,765

4.000

07/15/31

1,929

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

322

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

1,430

5.000

07/15/33

1,597

Brazoria

County

Toll

Road

Authority

Revenue

Bonds

225

5.000

03/01/32

275

Brazoria

County

Toll

Road

Authority

Revenue

Bonds

200

5.000

03/01/33

243

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,695

5.000

01/01/27

2,013

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,200

5.000

01/01/35

1,390

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

900

4.000

01/01/36

1,078

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,405

5.000

01/01/36

1,740

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,735

5.000

01/01/37

2,243

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

400

5.000

01/01/38

525

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

500

5.000

01/01/39

655

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,490

5.000

01/01/40

1,902

Central

Texas

Turnpike

System

Revenue

Bonds

(µ)

860

1.717

08/15/23

852

Central

Texas

Turnpike

System

Revenue

Bonds

500

5.000

08/15/23

549

Central

Texas

Turnpike

System

Revenue

Bonds

500

5.000

08/15/42

556

City

of

Arlington

Special

Tax

(µ)

1,785

5.000

02/15/34

2,171

City

of

Arlington

Special

Tax

(µ)

3,795

5.000

02/15/37

4,698

City

of

Austin

Electric

Utility

Revenue

Bonds

2,155

5.000

11/15/39

2,804

City

of

Celina

Special

Assessment

125

3.625

09/01/30

130

City

of

Celina

Special

Assessment

575

4.800

09/01/37

636

City

of

Celina

Special

Assessment

230

4.250

09/01/40

244

City

of

Corpus

Christi

Utility

System

Revenue

Bonds

1,720

5.000

07/15/22

1,800

City

of

Crandall

Special

Assessment

(Þ)

50

3.375

09/15/26

50

City

of

Crandall

Special

Assessment

(Þ)

100

4.000

09/15/31

101

City

of

Donna

Revenue

Bonds

(µ)

1,090

5.000

02/15/31

1,212

City

of

El

Paso

Water

&

Sewer

Revenue

Bonds

3,030

5.000

03/01/25

3,405

City

of

Elgin

General

Obligation

Limited

(µ)

200

4.000

07/15/32

247

City

of

Elgin

General

Obligation

Limited

(µ)

175

4.000

07/15/34

214

City

of

Elgin

General

Obligation

Limited

(µ)

280

4.000

07/15/37

340

City

of

Elgin

General

Obligation

Limited

(µ)

575

4.000

07/15/39

694

City

of

Elgin

General

Obligation

Limited

(µ)

315

4.000

07/15/40

379

City

of

Fort

Worth

Revenue

Bonds

2,050

5.250

03/01/36

2,313

City

of

Fort

Worth

Water

&

Sewer

System

Revenue

Bonds

6,045

3.000

02/15/35

6,826

City

of

Hackberry

Revenue

Bonds

1,710

4.625

09/01/37

1,909

City

of

Hackberry

Revenue

Bonds

1,350

4.500

09/01/38

1,535

City

of

Houston

Airport

System

Revenue

Bonds

1,660

5.000

07/01/30

2,118

City

of

Houston

Airport

System

Revenue

Bonds

1,655

5.000

07/01/32

2,106

City

of

Houston

Combined

Utility

System  Revenue

Bonds

(µ)

5,000

Zero

coupon

12/01/28

4,685

City

of

Houston

Hotel

Occupancy

Tax

&

Special

Revenue

Bonds

1,470

5.000

09/01/27

1,703

City

of

Houston

Hotel

Occupancy

Tax

&

Special

Revenue

Bonds

1,240

5.000

09/01/34

1,541

City

of

Justin

Special

Assessment

(Þ)

455

4.125

09/01/23

468

City

of

Justin

Special

Assessment

(Þ)

910

4.625

09/01/28

1,021

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

290

4.750

09/01/28

330

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

595

5.250

09/01/38

699

City

of

Midlothian

Special

Assessment

(Þ)

280

2.875

09/15/26

283

City

of

Mission

General

Obligation

Limited

(µ)

525

5.000

02/15/27

643

City

of

Mission

General

Obligation

Limited

(µ)

225

5.000

02/15/28

283

City

of

Mission

General

Obligation

Limited

(µ)

100

5.000

02/15/29

128

City

of

Princeton

Special

Assessment

(Þ)

250

2.750

09/01/25

256

City

of

Princeton

Special

Assessment

(Þ)

540

4.375

09/01/28

587

City

of

Princeton

Special

Assessment

(Þ)

129

3.000

09/01/31

131

City

of

Round

Rock

Utility

System

Revenue

Bonds

1,000

5.000

08/01/24

1,141

City

of

San

Antonio

Electric

&

Gas

Systems

Revenue

Bonds

4,715

5.000

02/01/26

5,682

City

of

San

Antonio

Electric

&

Gas

Systems

Revenue

Bonds

1,250

5.000

02/01/31

1,669

City

of

San

Antonio

Electric

&

Gas

Systems

Revenue

Bonds

(~)(ae)(Ê)

3,835

1.750

02/01/33

4,042

City

of

San

Antonio

Electric

&

Gas

Systems

Revenue

Bonds

1,200

4.000

02/01/34

1,379

City

of

San

Antonio

Electric

&

Gas

Systems

Revenue

Bonds

1,900

5.000

02/01/34

2,511

City

of

San

Antonio

Electric

&

Gas

Systems

Revenue

Bonds

1,190

5.000

02/01/35

1,567

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

323

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

City

of

Temple

Tax

Allocation

(µ)

225

4.000

08/01/32

270

City

of

Temple

Tax

Allocation

(µ)

235

4.000

08/01/34

280

City

of

Temple

Tax

Allocation

(µ)

210

4.000

08/01/35

249

City

of

Temple

Tax

Allocation

(µ)

200

4.000

08/01/37

237

City

of

Temple

Tax

Allocation

(µ)

220

4.000

08/01/39

259

City

of

Temple

Tax

Allocation

(µ)

170

4.000

08/01/41

200

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

375

4.000

08/15/30

461

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

170

5.000

08/15/30

226

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

100

5.000

08/15/31

135

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

365

3.000

08/15/32

419

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

255

3.000

08/15/33

291

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

655

3.000

08/15/34

740

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

675

3.000

08/15/35

760

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

325

3.000

08/15/36

364

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

1,500

4.000

08/15/36

1,771

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

725

3.000

08/15/37

809

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

1,500

4.000

08/15/37

1,768

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

380

3.000

08/15/38

424

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

780

3.000

08/15/39

865

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

930

3.000

08/15/40

1,028

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

960

3.000

08/15/41

1,058

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

1,000

2.375

08/15/46

999

County

of

Harris

Revenue

Bonds

(USD

3

Month

LIBOR

+

0.670%)(µ)(Ê)

3,235

0.933

08/15/35

3,213

County

of

Kaufman

General

Obligation

Unlimited

500

4.000

02/15/36

603

County

of

Kaufman

General

Obligation

Unlimited

750

4.000

02/15/37

901

County

of

Kaufman

General

Obligation

Unlimited

895

4.000

02/15/39

1,070

Dallas

Independent

School

District

General

Obligation

Unlimited

1,590

5.000

08/15/32

1,823

Dallas/Fort

Worth

International

Airport

Revenue

Bonds

1,000

5.000

11/01/24

1,154

Dallas/Fort

Worth

International

Airport

Revenue

Bonds

3,410

5.000

11/01/27

3,617

Dallas/Fort

Worth

International

Airport

Revenue

Bonds

1,000

5.250

11/01/28

1,114

Dallas/Fort

Worth

International

Airport

Revenue

Bonds

2,000

5.250

11/01/29

2,225

Dallas/Fort

Worth

International

Airport

Revenue

Bonds

1,500

5.250

11/01/30

1,667

Decatur

Hospital

Authority

Revenue

Bonds

1,250

5.250

09/01/29

1,414

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

315

5.000

10/01/35

413

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

250

4.000

10/01/36

304

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

1,000

4.000

10/01/37

1,213

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

1,335

4.000

10/01/38

1,616

Greater

Texoma

Utility

Authority

Revenue

Bonds

(µ)

170

5.000

10/01/25

201

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,385

6.375

01/01/33

1,480

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,000

3.000

10/01/40

1,109

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

500

4.000

10/01/41

614

Harris

County

Toll

Road

Authority

(The)

Revenue

Bonds

1,500

4.000

08/15/33

1,873

Harris

County

Toll

Road

Authority

(The)

Revenue

Bonds

1,000

4.000

08/15/34

1,245

Harris

County

Toll

Road

Authority

(The)

Revenue

Bonds

1,000

4.000

08/15/35

1,243

Harris

County

Toll

Road

Authority

(The)

Revenue

Bonds

1,375

4.000

08/15/36

1,691

Harris

County-Houston

Sports

Authority

Revenue

Bonds

1,000

5.000

11/15/26

1,123

Harris

County-Houston

Sports

Authority

Revenue

Bonds

750

5.000

11/15/27

842

Harris

County-Houston

Sports

Authority

Revenue

Bonds

1,445

5.000

11/15/28

1,623

Harris

County-Houston

Sports

Authority

Revenue

Bonds

2,265

5.000

11/15/29

2,545

Harris

County-Houston

Sports

Authority

Revenue

Bonds

1,495

5.000

11/15/32

1,679

Houston

Higher

Education

Finance

Corp.

Revenue

Bonds

1,600

5.000

08/15/28

1,845

Houston

Higher

Education

Finance

Corp.

Revenue

Bonds

60

3.375

10/01/37

60

Hunt

Memorial

Hospital

District

Charitable

Health

General

Obligation

Limited

515

5.000

02/15/31

653

Hunt

Memorial

Hospital

District

Charitable

Health

General

Obligation

Limited

1,070

5.000

02/15/32

1,351

Hunt

Memorial

Hospital

District

Charitable

Health

General

Obligation

Limited

1,125

5.000

02/15/33

1,409

Karnes

County

Hospital

District

Revenue

Bonds

2,020

5.000

02/01/29

2,214

La

Joya

Independent

School

District

General

Obligation

Limited

(µ)

1,415

5.000

02/15/26

1,687

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

324

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

La

Joya

Independent

School

District

General

Obligation

Limited

(µ)

600

5.000

02/15/31

731

La

Joya

Independent

School

District

General

Obligation

Limited

(µ)

735

5.000

02/15/33

898

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

200

5.000

09/01/27

247

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

270

5.000

09/01/31

356

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

250

4.000

09/01/36

301

Lake

Houston

Redevelopment

Authority

Revenue

Bonds

330

3.000

09/01/38

356

Leander

Independent

School

District

General

Obligation

Unlimited

(ae)

625

4.327

08/15/38

300

Leander

Independent

School

District

General

Obligation

Unlimited

(ae)

600

4.625

08/15/43

217

Leander

Independent

School

District

General

Obligation

Unlimited

(ae)

1,425

4.746

08/15/45

458

Lower

Colorado

River

Authority

Revenue

Bonds

2,000

5.500

05/15/31

2,184

Lubbock

Independent

School

District

General

Obligation

Unlimited

1,000

4.000

02/15/40

1,177

Matagorda

County

Navigation

District

No.

1

Revenue

Bonds

1,150

2.600

11/01/29

1,248

Midlothian

Industrial

Development

Corp.

Revenue

Bonds

(~)(Ê)

1,300

0.100

08/01/34

1,300

Mitchell

County

Hospital

District

General

Obligation

Limited

105

5.250

02/15/30

114

Mitchell

County

Hospital

District

General

Obligation

Limited

55

5.375

02/15/35

62

Montgomery

County

Toll

Road

Authority

Revenue

Bonds

1,650

5.000

09/15/30

1,901

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

650

5.000

04/01/22

670

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

180

4.625

04/01/23

193

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

400

5.000

07/01/26

484

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

500

5.000

04/01/29

559

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

150

4.000

07/01/31

174

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

500

5.000

07/01/31

618

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

130

4.000

07/01/32

151

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

250

5.000

07/01/32

308

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

300

5.000

07/01/33

370

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,750

5.000

04/01/34

1,956

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,160

5.000

04/01/35

1,385

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

500

5.000

07/01/38

614

North

East

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,935

5.000

01/01/31

2,248

North

Texas

Tollway

Authority

Revenue

Bonds

3,735

5.000

01/01/23

3,992

North

Texas

Tollway

Authority

Revenue

Bonds

700

5.000

01/01/25

812

North

Texas

Tollway

Authority

Revenue

Bonds

3,975

5.000

01/01/29

4,579

North

Texas

Tollway

Authority

Revenue

Bonds

1,000

5.000

01/01/32

1,214

North

Texas

Tollway

Authority

Revenue

Bonds

1,000

4.000

01/01/33

1,243

North

Texas

Tollway

Authority

Revenue

Bonds

1,000

4.000

01/01/34

1,238

North

Texas

Tollway

Authority

Revenue

Bonds

1,000

4.000

01/01/35

1,233

North

Texas

Tollway

Authority

Revenue

Bonds

1,350

4.000

01/01/36

1,656

North

Texas

Tollway

Authority

Revenue

Bonds

1,650

4.000

01/01/37

2,015

North

Texas

Tollway

Authority

Revenue

Bonds

1,250

4.000

01/01/38

1,522

North

Texas

Tollway

Authority

Revenue

Bonds

1,475

4.000

01/01/40

1,785

North

Texas

Tollway

Authority

Revenue

Bonds

225

4.000

01/01/41

271

Reagan

Hospital

District

of

Reagan

County

General

Obligation

Limited

500

5.000

02/01/29

543

Reagan

Hospital

District

of

Reagan

County

General

Obligation

Limited

2,500

5.000

02/01/34

2,695

Royse

City

Special

Assessment

(Þ)

155

3.125

09/15/25

159

Royse

City

Special

Assessment

(Þ)

175

4.125

09/15/39

191

Royse

City

Special

Assessment

(Þ)

100

4.125

09/15/40

107

San

Antonio

Water

System

Revenue

Bonds

(~)(ae)(Ê)

2,000

2.625

05/01/49

2,137

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

40

5.000

09/01/27

49

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

45

5.000

09/01/29

57

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

55

4.000

09/01/32

65

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

475

4.000

09/01/33

554

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

1,300

5.000

09/01/33

1,569

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

55

4.000

09/01/34

64

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

250

4.000

09/01/35

291

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

85

4.000

09/01/36

99

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

800

4.000

09/01/37

926

State

of

Texas

General

Obligation

Unlimited

(ae)

235

5.000

10/01/21

237

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

325

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

I

Revenue

Bonds

2,950

6.250

12/15/26

3,478

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

II

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.550%)(Ê)

1,360

0.670

09/15/27

1,369

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

III

Revenue

Bonds

1,000

5.000

12/15/22

1,064

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

III

Revenue

Bonds

1,250

5.000

12/15/23

1,388

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

III

Revenue

Bonds

1,000

5.000

12/15/28

1,284

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

III

Revenue

Bonds

4,000

5.000

12/15/31

5,423

Texas

Municipal

Power

Agency

Revenue

Bonds

(µ)

790

3.000

09/01/34

855

Texas

Municipal

Power

Agency

Revenue

Bonds

(µ)

2,900

3.000

09/01/38

3,114

Texas

Municipal

Power

Agency

Revenue

Bonds

(µ)

1,795

3.000

09/01/40

1,921

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

300

5.000

12/31/30

390

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

3,000

4.000

06/30/32

3,668

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

1,450

4.000

12/31/32

1,770

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

3,500

5.000

12/31/33

4,505

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

3,500

5.000

12/31/34

4,491

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

2,325

5.000

12/31/36

2,971

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

505

4.000

12/31/39

595

Texas

Public

Finance

Authority

Revenue

Bonds

125

5.000

05/01/28

156

Texas

Public

Finance

Authority

Revenue

Bonds

210

5.000

05/01/29

269

Town

of

Flower

Mound

Special

Assessment

(Þ)

750

3.250

09/01/31

759

Town

of

Flower

Mound

Special

Assessment

(Þ)

800

3.500

09/01/36

812

University

of

Texas

Revenue

Bonds

1,315

5.000

08/15/26

1,615

Uptown

Development

Authority

Tax

Allocation

500

5.000

09/01/31

661

Uptown

Development

Authority

Tax

Allocation

50

4.000

09/01/33

60

Uptown

Development

Authority

Tax

Allocation

150

3.000

09/01/34

164

Uptown

Development

Authority

Tax

Allocation

820

5.000

09/01/35

948

Viridian

Municipal

Management

District

General

Obligation

Unlimited

(µ)

500

6.000

12/01/32

588

Viridian

Municipal

Management

District

General

Obligation

Unlimited

(µ)

995

6.000

12/01/33

1,171

Viridian

Municipal

Management

District

Special

Assessment

266

3.000

12/01/22

270

Viridian

Municipal

Management

District

Special

Assessment

250

2.375

12/01/25

255

Viridian

Municipal

Management

District

Special

Assessment

748

3.750

12/01/27

812

Viridian

Municipal

Management

District

Special

Assessment

2,013

4.125

12/01/37

2,159

255,448

Utah

-

1.0%

Alpine

School

District

General

Obligation

Unlimited

8,000

5.000

03/15/22

8,245

City

of

Lehi

Sales

Tax

Revenue

Bonds

500

4.000

06/01/33

589

Ogden

City

School

District

Municipal

Building

Authority

Revenue

Bonds

225

5.000

01/15/28

281

Utah

Associated

Municipal

Power

Systems

Revenue

Bonds

205

5.000

09/01/31

253

Utah

Infrastructure

Agency

Revenue

Bonds

100

4.000

10/15/24

111

Utah

Infrastructure

Agency

Revenue

Bonds

100

4.000

10/15/25

113

Utah

Infrastructure

Agency

Revenue

Bonds

135

5.000

10/15/26

163

Utah

Infrastructure

Agency

Revenue

Bonds

1,505

5.000

10/15/27

1,867

Utah

Infrastructure

Agency

Revenue

Bonds

130

5.000

10/15/28

164

Utah

Infrastructure

Agency

Revenue

Bonds

4,260

5.000

10/15/29

5,215

Utah

Infrastructure

Agency

Revenue

Bonds

155

5.000

10/15/30

193

Utah

Infrastructure

Agency

Revenue

Bonds

1,650

5.000

10/15/32

1,989

Utah

Infrastructure

Agency

Revenue

Bonds

1,185

4.000

10/15/33

1,395

Utah

Infrastructure

Agency

Revenue

Bonds

1,785

5.250

10/15/33

2,171

Utah

Infrastructure

Agency

Revenue

Bonds

380

4.000

10/15/34

446

Utah

Infrastructure

Agency

Revenue

Bonds

1,000

5.000

10/15/34

1,198

Utah

Infrastructure

Agency

Revenue

Bonds

500

4.000

10/15/36

583

Utah

Infrastructure

Agency

Revenue

Bonds

1,215

5.000

10/15/40

1,444

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

275

4.000

10/15/26

316

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

285

4.000

10/15/27

335

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

300

4.000

10/15/28

356

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

310

4.000

10/15/29

373

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

1,020

4.000

04/15/30

1,221

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

525

4.000

04/15/33

608

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

326

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

1,215

5.000

10/15/33

1,317

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

460

5.000

04/15/34

566

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

1,110

4.000

04/15/35

1,325

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

1,435

4.000

04/15/40

1,686

Utah

Transit

Authority

Revenue

Bonds

(µ)

2,000

5.250

06/15/32

2,766

Utah

Transit

Authority

Revenue

Bonds

1,860

5.000

12/15/35

2,342

39,631

Vermont

-

0.1%

City

of

Burlington

Airport

Revenue

Bonds

(µ)

335

5.000

07/01/24

366

Vermont

Housing

Finance

Agency

Revenue

Bonds

1,783

4.750

11/01/48

1,979

Vermont

Municipal

Bond

Bank

Revenue

Bonds

1,150

4.000

10/01/31

1,406

3,751

Virgin

Islands

-

0.2%

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

2,670

5.000

10/01/25

2,676

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

2,385

5.000

10/01/29

2,392

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

760

6.625

10/01/29

766

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

(µ)

1,680

5.000

10/01/32

1,753

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

1,290

6.750

10/01/37

1,300

8,887

Virginia

-

0.7%

Ballston

Quarter

Community

Development

Authority

Tax

Allocation

500

5.000

03/01/26

489

Ballston

Quarter

Community

Development

Authority

Tax

Allocation

1,000

5.125

03/01/31

960

Chesapeake

Bay

Bridge

&

Tunnel

District

Revenue

Bonds

3,090

5.000

11/01/23

3,414

Chesapeake

Economic

Development

Authority

Pollution

Control

Revenue

Bonds

(~)(ae)(Ê)

300

1.900

02/01/32

307

Chesapeake

Hospital

Authority

Revenue

Bonds

800

4.000

07/01/35

949

Chesapeake

Hospital

Authority

Revenue

Bonds

775

4.000

07/01/36

917

Chesapeake

Hospital

Authority

Revenue

Bonds

1,205

4.000

07/01/37

1,421

City

of

Newport

News

General

Obligation

Unlimited

255

3.000

02/01/27

289

City

of

Newport

News

General

Obligation

Unlimited

250

3.000

02/01/28

286

City

of

Newport

News

General

Obligation

Unlimited

250

3.000

02/01/29

290

City

of

Newport

News

General

Obligation

Unlimited

250

3.000

02/01/30

292

City

of

Newport

News

General

Obligation

Unlimited

250

3.000

02/01/31

295

City

of

Newport

News

General

Obligation

Unlimited

250

4.000

02/01/32

325

City

of

Newport

News

General

Obligation

Unlimited

250

4.000

02/01/33

330

City

of

Richmond

\Public

Utility

Revenue

Bonds

115

5.000

01/15/22

117

County

of

Fairfax

General

Obligation

Unlimited

175

4.000

10/01/22

183

County

of

Fairfax

Sewer

Revenue

Bonds

1,000

4.000

07/15/40

1,249

County

of

Fairfax

Sewer

Revenue

Bonds

1,000

4.000

07/15/41

1,246

County

of

Fairfax

Sewer

Revenue

Bonds

1,000

4.000

07/15/42

1,242

Farmville

Industrial

Development

Authority

Revenue

Bonds

1,255

5.000

01/01/32

1,560

Farmville

Industrial

Development

Authority

Revenue

Bonds

1,315

5.000

01/01/33

1,630

Louisa

Industrial

Development

Authority

Pollution

Control

Revenue

Bonds

(~)(ae)

(Ê)

350

1.800

11/01/35

354

Louisa

Industrial

Development

Authority

Pollution

Control

Revenue

Bonds

(~)(ae)

(Ê)

175

1.900

11/01/35

180

Norfolk

Airport

Authority

Revenue

Bonds

650

4.000

07/01/23

698

Norfolk

Airport

Authority

Revenue

Bonds

380

4.000

07/01/25

434

Peninsula

Ports

Authority

Revenue

Bonds

(~)(ae)(Ê)

350

1.700

10/01/33

356

Rockingham

County

Economic

Development

Authority

Revenue

Bonds

1,045

4.000

12/01/29

1,283

Rockingham

County

Economic

Development

Authority

Revenue

Bonds

1,085

4.000

12/01/30

1,322

Rockingham

County

Economic

Development

Authority

Revenue

Bonds

1,135

4.000

12/01/31

1,374

Salem

Economic

Development

Authority

Revenue

Bonds

45

5.000

04/01/26

53

Salem

Economic

Development

Authority

Revenue

Bonds

45

5.000

04/01/27

54

Salem

Economic

Development

Authority

Revenue

Bonds

50

5.000

04/01/28

62

Salem

Economic

Development

Authority

Revenue

Bonds

55

5.000

04/01/29

69

Salem

Economic

Development

Authority

Revenue

Bonds

45

5.000

04/01/30

58

Salem

Economic

Development

Authority

Revenue

Bonds

90

5.000

04/01/31

114

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

327

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Salem

Economic

Development

Authority

Revenue

Bonds

35

5.000

04/01/32

44

Salem

Economic

Development

Authority

Revenue

Bonds

80

5.000

04/01/33

101

Salem

Economic

Development

Authority

Revenue

Bonds

50

5.000

04/01/34

63

Salem

Economic

Development

Authority

Revenue

Bonds

110

5.000

04/01/35

138

Salem

Economic

Development

Authority

Revenue

Bonds

55

5.000

04/01/36

69

Salem

Economic

Development

Authority

Revenue

Bonds

125

5.000

04/01/37

156

Salem

Economic

Development

Authority

Revenue

Bonds

55

4.000

04/01/39

63

Salem

Economic

Development

Authority

Revenue

Bonds

35

4.000

04/01/40

40

Virginia

College

Building

Authority

Revenue

Bonds

125

5.000

06/01/22

130

Virginia

College

Building

Authority

Revenue

Bonds

125

5.000

06/01/23

136

Virginia

College

Building

Authority

Revenue

Bonds

25

5.000

06/01/28

31

Virginia

College

Building

Authority

Revenue

Bonds

50

5.000

06/01/29

64

Virginia

College

Building

Authority

Revenue

Bonds

50

5.000

06/01/30

65

Virginia

College

Building

Authority

Revenue

Bonds

(Þ)

710

5.250

07/01/30

790

Virginia

College

Building

Authority

Revenue

Bonds

200

5.000

06/01/31

265

Virginia

College

Building

Authority

Revenue

Bonds

125

4.000

06/01/36

149

Virginia

Commonwealth

Transportation

Board

Revenue

Bonds

(ae)

485

4.000

03/15/25

497

Virginia

Resources

Authority

Revenue

Bonds

150

5.000

11/01/21

152

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,400

4.000

01/01/45

1,590

York

County

Economic

Development

Authority

Pollution

Control

Revenue

Bonds

(~)(ae)(Ê)

550

1.900

05/01/33

564

29,309

Washington

-

1.4%

Auburn

School

District

No.

408

of

King

&

Pierce

Counties

General

Obligation

Unlimited

1,225

4.000

12/01/34

1,464

Auburn

School

District

No.

408

of

King

&

Pierce

Counties

General

Obligation

Unlimited

1,140

4.000

12/01/36

1,361

City

of

Seattle

Drainage

&

Wastewater

Revenue

Bonds

1,625

4.000

07/01/35

1,908

City

of

Seattle

Municipal

Light

&

Power

Revenue

Bonds

1,360

4.000

07/01/36

1,705

City

of

Seattle

Municipal

Light

&

Power

Revenue

Bonds

1,390

4.000

07/01/37

1,734

City

of

Seattle

Municipal

Light

&

Power

Revenue

Bonds

1,000

4.000

07/01/39

1,235

County

of

King

Sewer

Revenue

Bonds

3,085

5.000

01/01/28

3,299

Energy

Northwest

Revenue

Bonds

105

5.000

07/01/22

110

Greater

Wenatchee

Regional

Events

Center

Public

Facilities

District

Revenue

Bonds

1,000

4.500

09/01/22

1,036

King

County

School

District

No.

210

Federal

Way

General

Obligation

Unlimited

2,000

4.000

12/01/35

2,390

King

County

School

District

No.

412

Shoreline

General

Obligation

Unlimited

2,000

4.000

12/01/36

2,432

King

County

School

District

No.

414

Lake

Washington

General

Obligation

Unlimited

650

5.000

12/01/34

821

Klickitat

County

Public

Utility

District

No.

1

Revenue

Bonds

(µ)

830

5.000

12/01/30

1,085

Klickitat

County

Public

Utility

District

No.

1

Revenue

Bonds

(µ)

900

5.000

12/01/31

1,173

Port

of

Seattle

Revenue

Bonds

1,285

5.000

03/01/23

1,384

Port

of

Seattle

Revenue

Bonds

2,480

5.000

08/01/30

2,598

Spokane

Public

Facilities

District

Revenue

Bonds

970

5.000

12/01/34

1,130

State

of

Washington

General

Obligation

Unlimited

7,835

5.000

02/01/25

9,138

State

of

Washington

General

Obligation

Unlimited

5,205

5.000

07/01/29

6,245

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

2,300

5.000

08/15/29

2,783

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

700

5.000

07/01/30

790

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

225

5.000

08/01/35

287

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

535

5.000

08/01/36

682

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

285

5.000

08/01/37

362

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

285

5.000

08/01/38

362

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

1,625

5.000

10/01/38

2,107

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

715

5.000

08/01/49

854

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

1,295

5.000

07/01/37

1,647

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

1,500

2.375

01/01/26

1,501

Washington

State

Housing

Finance

Commission

Revenue

Bonds

2,395

4.000

12/01/48

2,634

56,257

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

328

Tax-Exempt

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

West

Virginia

-

0.3%

State

of

West

Virginia

General

Obligation

Unlimited

855

5.000

06/01/35

1,112

State

of

West

Virginia

General

Obligation

Unlimited

1,600

5.000

12/01/36

2,074

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

2,380

5.000

01/01/28

2,976

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

425

5.000

09/01/29

546

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

480

5.000

09/01/30

610

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

400

5.000

09/01/31

505

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

300

5.000

09/01/32

376

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

230

5.000

01/01/33

289

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

270

5.000

01/01/34

338

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

325

5.000

01/01/35

406

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

670

5.000

01/01/36

834

10,066

Wisconsin

-

1.0%

City

of

Racine

Waterworks

System

Revenue

Bonds

(µ)

785

5.000

09/01/28

992

City

of

Racine

Waterworks

System

Revenue

Bonds

(µ)

1,170

5.000

09/01/29

1,472

City

of

Racine

Waterworks

System

Revenue

Bonds

(µ)

1,590

4.000

09/01/37

1,830

Public

Finance

Authority

Revenue

Bonds

295

5.000

10/01/24

330

Public

Finance

Authority

Revenue

Bonds

(µ)

30

4.000

07/01/26

35

Public

Finance

Authority

Revenue

Bonds

125

3.000

12/01/26

135

Public

Finance

Authority

Revenue

Bonds

(µ)

30

4.000

07/01/27

36

Public

Finance

Authority

Revenue

Bonds

(µ)

30

4.000

07/01/28

36

Public

Finance

Authority

Revenue

Bonds

(µ)

30

4.000

07/01/29

36

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,250

5.125

11/15/29

1,363

Public

Finance

Authority

Revenue

Bonds

860

4.000

01/01/30

991

Public

Finance

Authority

Revenue

Bonds

(µ)

35

4.000

07/01/30

42

Public

Finance

Authority

Revenue

Bonds

(µ)

45

4.000

07/01/31

53

Public

Finance

Authority

Revenue

Bonds

450

4.000

12/01/31

547

Public

Finance

Authority

Revenue

Bonds

(µ)

55

4.000

07/01/32

65

Public

Finance

Authority

Revenue

Bonds

(µ)

25

4.000

07/01/33

29

Public

Finance

Authority

Revenue

Bonds

(µ)

20

4.000

07/01/34

23

Public

Finance

Authority

Revenue

Bonds

(Þ)

170

4.500

01/01/35

196

Public

Finance

Authority

Revenue

Bonds

(µ)

20

4.000

07/01/35

23

Public

Finance

Authority

Revenue

Bonds

335

5.000

07/01/35

438

Public

Finance

Authority

Revenue

Bonds

(Þ)

115

5.000

12/01/35

134

Public

Finance

Authority

Revenue

Bonds

(µ)

30

4.000

07/01/36

35

Public

Finance

Authority

Revenue

Bonds

40

5.000

07/01/36

52

Public

Finance

Authority

Revenue

Bonds

(µ)

280

4.000

07/01/37

325

Public

Finance

Authority

Revenue

Bonds

310

5.000

07/01/37

402

Public

Finance

Authority

Revenue

Bonds

600

4.000

11/15/37

709

Public

Finance

Authority

Revenue

Bonds

(µ)

335

4.000

07/01/38

387

Public

Finance

Authority

Revenue

Bonds

40

5.000

07/01/38

52

Public

Finance

Authority

Revenue

Bonds

(µ)

335

4.000

07/01/39

386

Public

Finance

Authority

Revenue

Bonds

40

5.000

07/01/39

52

Public

Finance

Authority

Revenue

Bonds

(µ)

35

4.000

07/01/40

40

Public

Finance

Authority

Revenue

Bonds

40

5.000

07/01/40

52

Public

Finance

Authority

Revenue

Bonds

40

5.000

07/01/41

51

State

of

Wisconsin

Clean

Water

Fund

Leveraged

Loan

Portfolio

Revenue

Bonds

(ae)

5,000

5.000

06/01/26

5,678

Wisconsin

Department

of

Transportation

Revenue

Bonds

5,950

5.000

07/01/22

6,219

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

50

4.000

03/15/30

58

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,600

5.000

02/15/32

2,093

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,000

5.000

02/15/33

1,304

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,500

4.000

02/15/34

1,807

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,500

4.000

02/15/35

1,804

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,590

4.000

02/15/36

1,905

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

640

5.000

07/01/38

762

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

329

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Rate

%

Date

of

Maturity

Fair

Value

$

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.650%)(ae)(Ê)

4,150

0.770

08/15/54

4,184

Wisconsin

Rapids

School

District

Revenue

Notes

2,750

2.000

01/06/22

2,755

39,918

Wyoming

-

0.1%

County

of

Campbell

Wastewater

Facilities

Revenue

Bonds

4,010

3.625

07/15/39

4,358

Total

Municipal

Bonds

(cost

$3,549,016)

3,766,120

Short-Term

Investments

-

5.6

%

U.S.

Cash

Management

Fund

(@)

223,646,192

(∞)

223,601

Total

Short-Term

Investments

(cost

$223,601)

223,601

Total

Investments

-

99.3%

(identified

cost

$3,772,617)

3,989,721

Other

Assets

and

Liabilities,

Net

-

0.7%

28,277

Net

Assets

-

100.0%

4,017,998

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

330

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

$

$

$

1.5%

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/15/21

265,000

102

.62

272

283

Artisan

Lakes

East

Community

Development

District

Special

Assessment

06/17/21

605,000

100

.00

605

608

Astonia

Community

Development

District

Special

Assessment

07/09/21

200,000

100

.00

200

200

Astonia

Community

Development

District

Special

Assessment

07/09/21

250,000

100

.00

250

250

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

06/09/21

125,000

100

.00

125

125

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

06/09/21

250,000

100

.00

250

252

California

Health

Facilities

Financing

Authority

Revenue

Bonds

05/27/21

875,000

100

.00

875

888

California

School

Finance

Authority

Revenue

Bonds

04/29/21

260,000

102

.14

266

267

California

School

Finance

Authority

Revenue

Bonds

04/29/21

295,000

103

.10

304

308

California

School

Finance

Authority

Revenue

Bonds

04/29/21

215,000

107

.83

232

236

California

School

Finance

Authority

Revenue

Bonds

07/21/21

100,000

117

.13

117

117

California

Statewide

Communities

Development

Authority

Revenue

Bonds

09/22/17

2,630,000

99

.22

2,610

2,937

California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/08/18

350,000

107

.98

378

427

Capital

Trust

Agency,

Inc.

Revenue

Bonds

07/17/20

120,000

100

.00

120

139

Capital

Trust

Agency,

Inc.

Revenue

Bonds

08/10/20

500,000

98

.51

493

589

Capital

Trust

Agency,

Inc.

Revenue

Bonds

12/03/20

1,000,000

106

.26

1,063

1,193

Celebration

Pointe

Community

Development

District

Special

Assessment

05/16/17

90,000

100

.22

90

91

Chester

County

Industrial

Development

Authority

Special

Assessment

08/16/18

275,000

99

.29

273

310

Chicago

Board

of

Education

General

Obligation

Unlimited

07/11/17

5,000,000

94

.20

4,710

6,686

City

of

Crandall

Special

Assessment

06/08/21

50,000

100

.00

50

50

City

of

Crandall

Special

Assessment

06/08/21

100,000

100

.00

100

101

City

of

Justin

Special

Assessment

03/27/18

910,000

100

.00

910

1,021

City

of

Justin

Special

Assessment

03/27/18

455,000

100

.00

455

468

City

of

Mesquite

Special

Assessment

Revenue

Bonds

09/05/18

595,000

100

.00

595

699

City

of

Mesquite

Special

Assessment

Revenue

Bonds

09/05/18

290,000

100

.00

290

330

City

of

Midlothian

Special

Assessment

03/24/21

280,000

100

.00

280

283

City

of

Princeton

Special

Assessment

04/24/18

540,000

100

.00

540

587

City

of

Princeton

Special

Assessment

10/02/20

250,000

101

.58

254

256

City

of

Princeton

Special

Assessment

05/25/21

129,000

100

.00

129

130

City

of

Scranton

General

Obligation

Unlimited

08/30/17

1,815,000

100

.17

1,818

1,820

City

of

Scranton

General

Obligation

Unlimited

08/30/17

1,925,000

102

.01

1,964

1,995

City

of

Sparks

Tourism

Improvement

District

1

Revenue

Bonds

12/11/19

895,000

100

.00

895

936

City

of

Sparks

Tourism

Improvement

District

1

Revenue

Bonds

12/11/19

1,390,000

100

.00

1,390

1,416

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

07/22/20

100,000

100

.00

100

101

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

07/22/20

100,000

100

.00

100

102

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

07/22/20

100,000

107

.62

108

115

Copper

Oaks

Community

Development

District

Special

Assessment

06/03/21

770,000

100

.42

773

786

Copper

Oaks

Community

Development

District

Special

Assessment

06/03/21

681,000

101

.69

693

702

Corkscrew

Farms

Community

Development

District

Special

Assessment

12/13/17

185,000

100

.00

185

202

Corkscrew

Farms

Community

Development

District

Special

Assessment

12/13/17

40,000

100

.00

40

41

Dauphin

County

General

Authority

Revenue

Bonds

07/13/17

1,750,000

99

.94

1,749

1,777

Dauphin

County

General

Authority

Revenue

Bonds

12/21/20

700,000

100

.00

700

766

Denver

Health

&

Hospital

Authority

Revenue

Bonds

11/14/17

1,000,000

110

.83

1,108

1,222

Denver

Urban

Renewal

Authority

Tax

Allocation

10/11/18

1,600,000

99

.18

1,590

1,759

District

of

Columbia

Revenue

Bonds

01/29/21

250,000

114

.07

285

300

Downtown

Doral

South

Community

Development

District

Special

Assessment

09/10/18

310,000

100

.00

310

319

DW

Bayview

Community

Development

District

Special

Assessment

02/05/21

50,000

100

.00

50

50

DW

Bayview

Community

Development

District

Special

Assessment

02/05/21

60,000

100

.00

60

61

Eagle

Pointe

Community

Development

District

Special

Assessment

07/15/20

60,000

99

.39

60

64

Eagle

Pointe

Community

Development

District

Special

Assessment

07/15/20

35,000

99

.82

35

36

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

08/29/18

70,000

100

.00

70

72

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

08/29/18

340,000

99

.82

339

375

Florida

Development

Finance

Corp.

Revenue

Bonds

06/20/19

100,000

107

.35

107

113

Florida

Development

Finance

Corp.

Revenue

Bonds

06/20/19

125,000

112

.15

140

149

Florida

Development

Finance

Corp.

Revenue

Bonds

06/20/19

100,000

113

.38

113

120

Florida

Development

Finance

Corp.

Revenue

Bonds

10/21/20

225,000

103

.01

232

270

Florida

Development

Finance

Corp.

Revenue

Bonds

07/23/21

610,000

100

.00

610

611

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

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

$

$

$

Florida

Development

Finance

Corp.

Revenue

Bonds

07/23/21

100,000

113

.23

113

114

Florida

Higher

Educational

Facilities

Financing

Authority

Revenue

Bonds

06/08/18

800,000

100

.47

804

957

Florida

Higher

Educational

Facilities

Financing

Authority

Revenue

Bonds

06/08/18

150,000

100

.71

151

180

Harmony

West

Community

Development

District

Special

Assessment

06/19/18

620,000

100

.00

620

728

Harmony

West

Community

Development

District

Special

Assessment

06/19/18

420,000

100

.00

420

465

Harmony

West

Community

Development

District

Special

Assessment

06/19/18

195,000

100

.00

195

202

Hills

Minneola

Community

Development

District

Special

Assessment

07/16/20

140,000

100

.00

140

150

Hills

Minneola

Community

Development

District

Special

Assessment

07/16/20

180,000

100

.00

180

185

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

445,000

114

.26

508

513

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

300,000

114

.36

343

345

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

440,000

114

.74

505

510

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

500,000

115

.16

576

580

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

340,000

115

.23

392

395

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

12/19/17

345,000

100

.00

345

367

Kingman

Gate

Community

Development

District

Special

Assessment

03/03/21

250,000

100

.00

250

258

Kingman

Gate

Community

Development

District

Special

Assessment

03/03/21

200,000

100

.00

200

202

Massachusetts

Development

Finance

Agency

Revenue

Bonds

10/31/18

315,000

100

.00

315

326

Massachusetts

Development

Finance

Agency

Revenue

Bonds

10/31/18

300,000

102

.95

309

346

McJunkin

Parkland

Community

Development

District

Special

Assessment

11/01/18

520,000

100

.00

520

595

Naples

Reserve

Community

Development

District

Special

Assessment

05/10/18

535,000

99

.49

532

595

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

08/31/17

85,000

100

.00

85

86

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

08/31/17

340,000

105

.25

358

386

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

04/06/18

640,000

100

.00

640

715

New

York

Liberty

Development

Corp.

Revenue

Bonds

07/07/20

645,000

104

.99

677

715

Oregon

State

Facilities

Authority

Revenue

Bonds

10/10/17

750,000

105

.10

788

817

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

305,000

110

.85

338

351

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

660,000

114

.22

754

796

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

440,000

114

.63

504

536

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

415,000

115

.56

480

511

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

03/30/21

100,000

100

.32

100

103

Public

Finance

Authority

Revenue

Bonds

06/25/14

1,250,000

98

.51

1,231

1,363

Public

Finance

Authority

Revenue

Bonds

07/17/20

170,000

100

.00

170

196

Public

Finance

Authority

Revenue

Bonds

12/03/20

115,000

111

.89

129

134

Rivers

Edge

III

Community

Development

District

Special

Assessment

04/07/21

300,000

99

.50

298

307

Rivers

Edge

III

Community

Development

District

Special

Assessment

04/07/21

260,000

99

.69

259

262

Royse

City

Special

Assessment

06/30/20

175,000

102

.88

180

191

Royse

City

Special

Assessment

07/15/20

100,000

100

.00

100

107

Royse

City

Special

Assessment

07/15/20

155,000

100

.00

155

159

Sarasota

National

Community

Development

District

Special

Assessment

03/26/21

125,000

99

.63

125

129

Sherwood

Manor

Community

Development

District

Special

Assessment

09/13/18

550,000

99

.15

545

607

Tempe

Industrial

Development

Authority

Revenue

Bonds

12/20/17

855,000

100

.05

855

855

Timber

Creek

Community

Development

District

Special

Assessment

06/20/18

170,000

100

.00

170

176

Timber

Creek

Community

Development

District

Special

Assessment

06/20/18

535,000

100

.00

535

633

Timber

Creek

Community

Development

District

Special

Assessment

06/20/18

400,000

99

.83

399

445

Tohoqua

Community

Development

District

Special

Assessment

03/05/21

320,000

100

.00

320

330

Town

of

Flower

Mound

Special

Assessment

02/09/21

750,000

100

.00

750

759

Town

of

Flower

Mound

Special

Assessment

02/09/21

800,000

100

.00

800

812

V-Dana

Community

Development

District

Special

Assessment

04/01/21

375,000

100

.00

375

380

V-Dana

Community

Development

District

Special

Assessment

04/01/21

125,000

99

.38

124

128

Veranda

Community

Development

District

II

Special

Assessment

02/24/21

45,000

100

.00

45

45

Veranda

Community

Development

District

II

Special

Assessment

02/24/21

55,000

100

.00

55

57

Verano

No.

3

Community

Development

District

Special

Assessment

04/16/21

120,000

100

.00

120

123

Verano

No.

3

Community

Development

District

Special

Assessment

04/16/21

100,000

100

.00

100

101

Village

Community

Development

District

No.

12

Special

Assessment

03/16/18

1,465,000

100

.00

1,465

1,620

Virginia

College

Building

Authority

Revenue

Bonds

07/01/15

710,000

102

.83

730

790

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/19/19

1,500,000

100

.00

1,500

1,501

West

Villages

Improvement

District

Special

Assessment

03/31/21

825,000

100

.00

825

849

62,199

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

332

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

$

$

$

For

a

description

of

restricted

securities

see

note

6

in

the

Notes

to

Quarterly

Report.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Short

Positions

United

States

5

Year

Treasury

Note

Futures

1,550

USD

192,890

09/21

(1,184)

United

States

10

Year

Treasury

Note

Futures

805

USD

108,235

09/21

(2,176)

United

States

10

Year

Ultra

Treasury

Note

Futures

116

USD

17,429

09/21

(661)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(4,021)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical          

Expedient

(a)

Total

Municipal

Bonds

Alabama

$

—

$

54,28

9

$

—

$

—

$

54,28

9

Alaska

—

12,58

4

—

—

12,58

4

Arizona

—

54,92

7

—

—

54,92

7

Arkansas

—

14,7

8

9

—

—

14,7

8

9

California

—

292,1

68

—

—

292,1

68

Colorado

—

106,8

80

—

—

106,8

80

Connecticut

—

86,02

3

—

—

86,02

3

Delaware

—

12,569

—

—

12,569

District

of

Columbia

—

39,06

4

—

—

39,06

4

Florida

—

234,88

1

—

—

234,88

1

Georgia

—

56,44

5

—

—

56,44

5

Guam

—

66,14

3

—

—

66,14

3

Hawaii

—

20,101

—

—

20,101

Idaho

—

18,40

6

—

—

18,40

6

Illinois

—

547,774

—

—

547,774

Indiana

—

27,55

7

—

—

27,55

7

Iowa

—

33,84

9

—

—

33,84

9

Kansas

—

14,10

5

—

—

14,10

5

Kentucky

—

36,33

2

—

—

36,33

2

Louisiana

—

70,399

—

—

70,399

Maine

—

5,183

—

—

5,183

Maryland

—

29,11

4

—

—

29,11

4

Massachusetts

—

42,328

—

—

42,328

Michigan

—

139,89

1

—

—

139,89

1

Minnesota

—

11,124

—

—

11,124

Mississippi

—

40,845

—

—

40,845

Missouri

—

25,94

5

—

—

25,94

5

Russell

Investment

Company

Tax-Exempt

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Tax-Exempt

Bond

Fund

333

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical          

Expedient

(a)

Total

Montana

—

7,085

—

—

7,085

Nebraska

—

9,8

49

—

—

9,8

49

Nevada

—

41,909

—

—

41,909

New

Hampshire

—

21,88

5

—

—

21,88

5

New

Jersey

—

198,6

07

—

—

198,6

07

New

Mexico

—

3,285

—

—

3,285

New

York

—

400,1

88

—

—

400,1

88

North

Carolina

—

45,3

69

—

—

45,3

69

Ohio

—

74,16

2

—

—

74,16

2

Oklahoma

—

20,628

—

—

20,628

Oregon

—

11,54

9

—

—

11,54

9

Pennsylvania

—

209,03

3

—

—

209,03

3

Puerto

Rico

—

105,43

3

—

—

105,43

3

Rhode

Island

—

13,797

—

—

13,797

South

Carolina

—

35,17

2

—

—

35,17

2

South

Dakota

—

1,61

4

—

—

1,61

4

Tennessee

—

25,21

5

—

—

25,21

5

Texas

—

255,44

8

—

—

255,44

8

Utah

—

39,6

31

—

—

39,6

31

Vermont

—

3,751

—

—

3,751

Virgin

Islands

—

8,88

7

—

—

8,88

7

Virginia

—

29,3

09

—

—

29,3

09

Washington

—

56,25

7

—

—

56,25

7

West

Virginia

—

10,06

6

—

—

10,06

6

Wisconsin

—

39,91

8

—

—

39,91

8

Wyoming

—

4,358

—

—

4,358

Short-Term

Investments

—

—

—

223,601

223,601

Total

Investments

$

—

$

3,766,120

$

—

$

223,601

$

3,989,721

Other

Financial

Instruments

Liabilities

Futures

Contracts

(4,021)

—

—

—

(4,021)

Total

Other

Financial

Instruments

*

$

(4,021)

$

—

$

—

$

—

$

(4,021)

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2021,

see

note

2

in

the

Notes

to

Quarterly

Report.

Russell

Investment

Company

Global

Infrastructure

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

334

Global

Infrastructure

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

97.7%

Australia

-

8.2%

APA

Group

1,924

13

Atlas

Arteria,

Ltd.

128,134

591

Aurizon

Holdings,

Ltd.

225,442

640

AusNet

Services(Æ)

74,847

100

Cleanaway

Waste

Management,

Ltd.(Æ)

18,301

34

NEXTDC,

Ltd.(Æ)

13,244

125

Qube

Holdings,

Ltd.

218,452

469

Spark

Infrastructure

Group

13,858

28

Sydney

Airport(Æ)

263,230

1,512

Transurban

Group

-

ADR(Æ)

407,099

4,283

7,795

Austria

-

0.1%

Flughafen

Wien

AG(Æ)

2,742

91

Belgium

-

0.1%

Elia

System

Operator

SA

520

61

Brazil

-

0.6%

Alupar

Investimento

SA

17,720

83

CCR

SA

119,300

298

Neoenergia

SA

6,100

20

Omega

Geracao

SA(Æ)

11,300

78

Santos

Brasil

Participacoes

SA(Æ)

56,100

98

Transmissora

Alianca

de

Energia

Eletrica

SA

1,061

8

585

Canada

-

9.3%

AltaGas

,

Ltd.

-

ADR

2,366

50

Brookfield

Infrastructure

Partners,

LP

6

—

Canadian

National

Railway

Co.

1,384

150

Canadian

Pacific

Railway,

Ltd.

864

64

Emera

,

Inc.

8,322

388

Enbridge,

Inc.

81,422

3,208

Fortis,

Inc.

742

34

Gibson

Energy,

Inc.

11,939

219

Pembina

Pipeline

Corp.

58,514

1,934

TC

Energy

Corp.(Æ)

55,950

2,728

Westshore

Terminals

Investment

Corp.

3,055

53

8,828

China

-

2.9%

China

Everbright

Environment

Group,

Ltd.

49,000

27

China

Gas

Holdings,

Ltd.

235,200

729

China

Merchants

Port

Holdings

Co.,

Ltd.

214,269

299

China

Resources

Gas

Group,

Ltd.

6,000

37

COSCO

SHIPPING

Ports,

Ltd.

200,000

143

ENN

Energy

Holdings,

Ltd.

8,018

168

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Guangdong

Investment,

Ltd.

401,643

563

Jiangsu

Expressway

Co.,

Ltd.

Class

H

550,685

588

Zhejiang

Expressway

Co.,

Ltd.

Class

H

214,000

181

2,735

Denmark

-

0.6%

Orsted

A/S

Class

A(Þ)

3,602

536

France

-

8.3%

Aeroports

de

Paris(Æ)(Ñ)

12,267

1,488

Eiffage

SA

10,307

1,050

Engie

SA

50,270

671

Getlink

SE

125,078

2,002

Rubis

SCA

18,594

746

Veolia

Environnement

SA

4,837

159

Vinci

SA

16,899

1,787

7,903

Germany

-

1.6%

E.ON

SE

49,477

609

Fraport

AG

Frankfurt

Airport

Services

Worldwide(Æ)

3,722

245

Hamburger

Hafen

und

Logistik

AG

2,894

69

RWE

AG

9,592

341

Vantage

Towers

AG

6,382

223

1,487

Guernsey

-

0.1%

Cordiant

Digital

Infrastructure,

Ltd.(Æ)

(Þ)

49,646

74

Hong

Kong

-

0.6%

CK

Infrastructure

Holdings,

Ltd.

21,011

127

CLP

Holdings,

Ltd.

30,845

318

HKBN,

Ltd.

57,500

67

Hong

Kong

&

China

Gas

Co.,

Ltd.

44,100

72

584

India

-

0.1%

Power

Grid

Corp.

of

India,

Ltd.

26,506

61

Power

Grid

Corp.

of

India,

Ltd.(Æ)(Š)

8,835

20

81

Italy

-

5.7%

ACEA

SpA

638

15

Atlantia

SpA

(Æ)

149,282

2,712

Enav

SpA

(Æ)(Þ)

26,386

122

Enel

SpA

102,006

942

Hera

SpA

58,132

248

Infrastrutture

Wireless

Italiane

SpA

(Þ)

76,362

864

Iren

SpA

-

ADR

13,057

40

Italgas

SpA

2,136

15

Snam

Rete

Gas

SpA

12,103

73

Russell

Investment

Company

Global

Infrastructure

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Infrastructure

Fund

335

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Terna

Rete

Elettrica

Nazionale

SpA

48,908

389

5,420

Japan

-

1.0%

East

Japan

Railway

Co.

2,068

138

Japan

Airport

Terminal

Co.,

Ltd.(Æ)

7,400

320

Kamigumi

Co.,

Ltd.

14,013

297

Kansai

Electric

Power

Co.,

Inc.

(The)

7,700

73

Tokyo

Gas

Co.,

Ltd.

7,900

150

978

Mexico

-

3.7%

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

Class

B(Æ)

14,100

86

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

-

ADR(Æ)

7,192

352

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B(Æ)

17,372

200

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

-

ADR(Æ)

7,276

835

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

68,584

1,246

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

-

ADR(Æ)

1,659

301

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

67,637

510

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

Class

L

1,643

8

3,538

Netherlands

-

0.1%

Koninklijke

Vopak

NV

2,457

104

New

Zealand

-

1.8%

Auckland

International

Airport,

Ltd.(Æ)

311,501

1,574

Port

of

Tauranga,

Ltd.

39,066

194

1,768

Philippines

-

0.3%

Converge

ICT

Solutions,

Inc.(Æ)

149,300

68

International

Container

Terminal

Services,

Inc.

71,845

224

292

Portugal

-

0.1%

Energias

de

Portugal

SA

28,101

146

Singapore

-

0.3%

NetLink

NBN

Trust

199,372

144

Parkway

Life

Real

Estate

Investment

Trust(Æ)(ö)

18,617

64

Sembcorp

Industries,

Ltd.

30,700

47

255

Spain

-

6.7%

Abertis

Infraestructuras

SA(Æ)(Š)

90,641

522

Aena

SME

SA(Æ)(Þ)

27,497

4,379

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Cellnex

Telecom

SA(Þ)

5,836

380

Corporacion

Acciona

Energias

Renovables

SA(Æ)

1,637

56

EDP

Renovaveis

SA

2,017

47

Enagas

SA

788

18

Endesa

SA

-

ADR

1,066

26

Ferrovial

SA

5,296

157

Iberdrola

SA

63,843

770

6,355

Switzerland

-

1.8%

Flughafen

Zurich

AG(Æ)

10,909

1,754

Thailand

-

0.0%

Airports

of

Thailand

PCL

9,700

17

United

Kingdom

-

2.4%

Biffa

PLC(Æ)(Þ)

14,913

74

National

Grid

PLC

19,927

255

National

Grid

PLC

-

ADR

1,261

81

Pennon

Group

PLC

4,019

72

Scottish

&

Southern

Energy

PLC

59,553

1,196

Severn

Trent

PLC

Class

H

14,908

580

2,258

United

States

-

41.3%

Alliant

Energy

Corp.

9,524

557

Ameresco

,

Inc.

Class

A(Æ)

776

53

American

Electric

Power

Co.,

Inc.

5,332

470

American

Tower

Corp.(ö)

7,973

2,255

American

Water

Works

Co.,

Inc.

2,428

413

Atmos

Energy

Corp.

3,355

331

Avista

Corp.

3,871

166

Brookfield

Renewable

Corp.

Class

A

1,868

79

Casella

Waste

Systems,

Inc.

Class

A(Æ)

2,555

176

CenterPoint

Energy,

Inc.

31,496

802

Cheniere

Energy,

Inc.(Æ)

28,246

2,399

Clearway

Energy

Operating

LLC(Æ)

4,938

142

CMS

Energy

Corp.

886

55

CoreSite

Realty

Corp.

Class

A(ö)

60

8

Crown

Castle

International

Corp.(ö)

2,295

443

CSX

Corp.

28,816

931

CyrusOne

,

Inc.(ö)

4,500

321

Digital

Realty

Trust,

Inc.(ö)

1,962

303

Dominion

Energy,

Inc.

27,398

2,051

DT

Midstream,

Inc.

7,929

336

DTE

Energy

Co.

4,200

493

Duke

Energy

Corp.

17,382

1,827

Entergy

Corp.

3,978

409

Enterprise

Products

Partners,

LP

62,747

1,416

Russell

Investment

Company

Global

Infrastructure

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

336

Global

Infrastructure

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Equinix

,

Inc.(Æ)(ö)

182

149

Essential

Utilities,

Inc.

5,591

275

Evergy

,

Inc.

11,183

729

Eversource

Energy(Æ)

10,715

924

Evoqua

Water

Technologies

Corp.(Æ)

4,000

132

Exelon

Corp.

23,730

1,111

FirstEnergy

Corp.

12,349

473

Kansas

City

Southern

1,213

325

Kinder

Morgan,

Inc.

74,342

1,292

Macquarie

Infrastructure

Corp.

11,643

460

Magellan

Midstream

Partners,

LP

16,617

774

NextEra

Energy,

Inc.

62,560

4,873

NiSource,

Inc.

14,673

363

Norfolk

Southern

Corp.

2,717

701

NorthWestern

Corp.

188

12

OGE

Energy

Corp.

1,138

38

ONEOK,

Inc.

7,033

366

Pinnacle

West

Capital

Corp.

3,988

333

Plains

GP

Holdings,

LP

Class

A(Æ)

15,452

162

Portland

General

Electric

Co.

3,496

171

PPL

Corp.

5,149

146

Public

Service

Enterprise

Group,

Inc.

5,917

368

Radius

Global

Infrastructure,

Inc.

Class

A(Æ)

4,964

76

Republic

Services,

Inc.

Class

A

5,779

684

SBA

Communications

Corp.(ö)

3,336

1,138

Sempra

Energy

4,202

549

Southern

Co.

(The)

14,225

909

Southwest

Gas

Holdings,

Inc.

1,487

104

Targa

Resources

Corp.

13,182

555

UGI

Corp.

1,082

50

Union

Pacific

Corp.

1,608

352

Waste

Connections,

Inc.

4,185

530

Waste

Management,

Inc.

1,652

245

WEC

Energy

Group,

Inc.(Æ)

4,953

466

Williams

Cos.,

Inc.

(The)

57,149

1,432

Xcel

Energy,

Inc.

23,141

1,579

39,282

Total

Common

Stocks

(cost

$66,814)

92,927

Short-Term

Investments

-

2.1%

United

States

-

2.1%

U.S.

Cash

Management

Fund(@)

1,983,717

(∞)

1,983

Total

Short-Term

Investments

(cost

$1,983)

1,983

Other

Securities

-

1.4%

U.S.

Cash

Collateral

Fund(@)(×)

1,317,514

(∞)

1,318

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Other

Securities

(cost

$1,318)

1,318

Total

Investments

-

101.2%

(identified

cost

$70,115)

96,228

Other

Assets

and

Liabilities,

Net

-

(1.2)%

(1,096)

Net

Assets

-

100.0%

95,132

Russell

Investment

Company

Global

Infrastructure

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Infrastructure

Fund

337

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

$

$

$

6.8%

Aena

SME

SA

02/11/15

EUR

27,497

77

.94

2,143

4,379

Biffa

PLC

06/19/20

GBP

14,913

2

.61

39

74

Cellnex

Telecom

SA

03/20/19

EUR

5,836

20

.30

118

380

Cordiant

Digital

Infrastructure,

Ltd.

03/08/21

GBP

49,646

1

.43

71

74

Enav

SpA

06/07/17

EUR

26,386

4

.24

112

122

Infrastrutture

Wireless

Italiane

SpA

06/18/15

EUR

76,362

9

.09

694

864

Orsted

A/S

08/15/19

DKK

3,602

101

.59

366

536

6,429

For

a

description

of

restricted

securities

see

note

6

in

the

Notes

to

Quarterly

Report.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

EURO

STOXX

50

Index

Futures

11

EUR

450

09/21

1

S&P

Energy

Select

Sector

Index

Futures

6

USD

307

09/21

(22)

S&P

Utilities

Select

Sector

Index

Futures

10

USD

664

09/21

10

SPI

200

Index

Futures

3

AUD

547

09/21

1

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(10)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

150

AUD

201

09/15/21

(3)

Bank

of

New

York

USD

204

AUD

262

09/15/21

(11)

Bank

of

New

York

USD

361

EUR

295

09/15/21

(11)

Citigroup

USD

64

CAD

79

08/04/21

—

Royal

Bank

of

Canada

USD

204

AUD

262

09/15/21

(10)

Royal

Bank

of

Canada

USD

361

EUR

295

09/15/21

(11)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(46)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Australia

$

—

$

7,795

$

—

$

—

$

7,795

Austria

—

91

—

—

91

Belgium

—

61

—

—

61

Russell

Investment

Company

Global

Infrastructure

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

338

Global

Infrastructure

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Brazil

585

—

—

—

585

Canada

8,828

—

—

—

8,828

China

—

2,735

—

—

2,735

Denmark

—

536

—

—

536

France

—

7,903

—

—

7,903

Germany

—

1,487

—

—

1,487

Guernsey

—

74

—

—

74

Hong

Kong

—

584

—

—

584

India

—

61

20

—

81

Italy

—

5,420

—

—

5,420

Japan

—

978

—

—

978

Mexico

3,538

—

—

—

3,538

Netherlands

—

104

—

—

104

New

Zealand

—

1,768

—

—

1,768

Philippines

—

292

—

—

292

Portugal

—

146

—

—

146

Singapore

—

255

—

—

255

Spain

56

5,777

522

—

6,355

Switzerland

—

1,754

—

—

1,754

Thailand

—

17

—

—

17

United

Kingdom

81

2,177

—

—

2,258

United

States

39,282

—

—

—

39,282

Short-Term

Investments

—

—

—

1,983

1,983

Other

Securities

—

—

—

1,318

1,318

Total

Investments

52,370

40,015

542

3,301

96,228

Other

Financial

Instruments

Assets

Futures

Contracts

12

—

—

—

12

Liabilities

Futures

Contracts

(22)

—

—

—

(22)

Foreign

Currency

Exchange

Contracts

—

(46)

—

—

(46)

Total

Other

Financial

Instruments

*

$

(10)

$

(46)

$

—

$

—

$

(56)

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2021,

see

note

2

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

July

31,

2021,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Global

Infrastructure

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Infrastructure

Fund

339

Amounts

in

thousands

Infrastructure

Subindustry

Exposure

Fair

Value

$

Airport

Services

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

14,982

Alternative

Carriers

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

144

Construction

&

Engineering

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

3,047

Data

Centers

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

74

Diversified

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

4,544

Electric

Utilities

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

19,806

Environmental

&

Facilities

Services

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

1,770

Gas

Utilities

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

2,556

Healthcare

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

64

Highways

&

Railtracks

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

11,695

Industrial

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

274

Integrated

Telecommunication

Services

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

1,602

Internet

Services

&

Infrastructure

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

125

Marine

Ports

&

Services

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

1,846

Multi-Utilities

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

7,791

Oil

&

Gas

Storage

&

Transportation

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

16,925

Railroads

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

3,301

Renewable

Electricity

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

329

Specialized

REITs

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

149

Water

Utilities

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

1,903

Short-Term

Investments

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

1,983

Other

Securities

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

1,318

Total

Investments

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

96,228

Russell

Investment

Company

Global

Real

Estate

Securities

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

340

Global

Real

Estate

Securities

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

96.9%

Australia

-

3.7%

BGP

Holdings

PLC(Æ)(Š)

4,619,419

—

Charter

Hall

Group

-

ADR(ö)

477,484

5,721

Goodman

Group(ö)

99,426

1,655

GPT

Group

(The)(ö)

1,089,834

3,741

Growthpoint

Properties

Australia,

Ltd.(ö)

744,175

2,153

Mirvac

Group(ö)

4,685,471

9,850

Scentre

Group(ö)

1,445,941

2,771

Vicinity

Centres

(Æ)(ö)

2,370,389

2,714

Waypoint

REIT,

Ltd.(Æ)(ö)

956,746

1,848

30,453

Belgium

-

1.1%

Aedifica

(ö)

37,393

5,358

VGP

NV

9,991

2,057

Warehouses

De

Pauw

CVA(ö)

46,922

2,016

9,431

Canada

-

2.0%

Allied

Properties

Real

Estate

Investment

Trust(ö)

45,643

1,672

Canadian

Apartment

Properties(ö)

136,010

6,797

Granite

Real

Estate

Investment

Trust(ö)

40,815

2,826

RioCan

Real

Estate

Investment

Trust(ö)

208,514

3,776

Tricon

Capital

Group,

Inc.

107,671

1,290

16,361

China

-

0.2%

ESR

Cayman,

Ltd.(Æ)(Þ)

349,000

1,228

GDS

Holdings,

Ltd.

-

ADR(Æ)

14,950

881

2,109

France

-

1.5%

Argan

SA(ö)

12,055

1,573

Gecina

SA(ö)

24,988

3,968

ICADE(ö)

31,882

2,920

Klepierre

SA

-

GDR(ö)

155,216

3,763

12,224

Germany

-

5.0%

alstria

office

REIT-AG(ö)

256,074

5,424

Deutsche

Wohnen

SE

93,762

5,856

Instone

Real

Estate

Group

AG(Þ)

90,123

2,792

LEG

Immobilien

AG

15,829

2,505

VIB

Vermoegen

AG(Æ)

5,080

217

Vonovia

SE

373,459

24,897

41,691

Hong

Kong

-

4.9%

CK

Asset

Holdings,

Ltd.

1,560,000

10,636

Hang

Lung

Properties,

Ltd.

-

ADR

95,000

246

Hysan

Development

Co.,

Ltd.

532,000

2,096

Link

Real

Estate

Investment

Trust(ö)

1,081,000

10,343

New

World

Development

Co.,

Ltd.

551,000

2,616

Sands

China,

Ltd.(Æ)

436,800

1,495

Sun

Hung

Kai

Properties,

Ltd.

537,500

7,703

SUNeVision

Holdings,

Ltd.

322,000

339

Swire

Properties,

Ltd.

512,400

1,458

Wharf

Holdings,

Ltd.

(The)

210,000

713

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Wharf

Real

Estate

Investment

Co.,

Ltd.

558,000

3,153

40,798

Japan

-

10.1%

Activia

Properties,

Inc.(ö)

1,579

7,172

Daibiru

Corp.

201,900

2,585

Global

One

Real

Estate

Investment

Corp.(ö)

2,432

2,807

GLP

J-REIT(Æ)(ö)

1,942

3,478

Hulic

REIT,

Inc.(ö)

2,280

4,032

Invincible

Investment

Corp.(ö)

6,237

2,451

Japan

Prime

Realty

Investment

Corp.(ö)

102

399

Japan

Retail

Fund

Investment

Corp.(ö)

3,777

3,953

Keihanshin

Building

Co.,

Ltd.

20,600

266

Kenedix

Residential

Next

Investment

Corp.(ö)

265

574

Kenedix

Retail

REIT

Corp.(ö)

1,351

3,750

LaSalle

Logiport

REIT(ö)

1,975

3,619

Mitsubishi

Estate

Co.,

Ltd.

633,900

9,947

Mitsui

Fudosan

Co.,

Ltd.

579,600

13,571

Mitsui

Fudosan

Logistics

Park,

Inc.

(Æ)

(ö)

414

2,318

Mori

Trust

Hotel

REIT,

Inc.(ö)

2,743

3,417

Mori

Trust

Sogo

REIT,

Inc.(ö)

2,081

3,001

Nippon

Accommodations

Fund,

Inc.(ö)

174

1,065

Nippon

Building

Fund,

Inc.(ö)

524

3,386

Nippon

Prologis

REIT,

Inc.(ö)

114

380

Nippon

REIT

Investment

Corp.(ö)

399

1,653

Orix

JREIT,

Inc.(ö)

1,233

2,355

Tokyu

Fudosan

Holdings

Corp.

822,600

4,640

United

Urban

Investment

Corp.(ö)

2,006

2,952

83,771

Netherlands

-

1.1%

CTP

NV(Æ)(Þ)

80,017

1,613

Unibail

-

Rodamco

-Westfield(Æ)(ö)

95,442

7,937

9,550

Singapore

-

2.9%

Cambridge

Industrial

Trust(ö)

1,022,900

336

CapitaLand

Integrated

Commercial

Trust

Class

A(ö)

3,609,700

5,727

CapitaLand,

Ltd.

2,285,100

6,800

City

Developments,

Ltd.

274,200

1,385

Frasers

Logistics

&

Commercial

Trust(ö)

604,000

677

Keppel

DC

REIT(ö)

281,200

548

Keppel

REIT(ö)

2,534,200

2,244

Mapletree

Greater

China

Commercial

Trust(Æ)(ö)

401,500

299

Mapletree

Logistics

Trust(Æ)(ö)

1,269,900

1,976

Parkway

Life

Real

Estate

Investment

Trust(Æ)(ö)

727,502

2,492

Suntec

Real

Estate

Investment

Trust(Æ)

(ö)

1,136,700

1,225

23,709

Spain

-

0.6%

Arima

Real

Estate

Socimi

SA(Æ)(ö)

98,385

1,132

Inmobiliaria

Colonial

Socimi

SA(ö)

239,495

2,553

Russell

Investment

Company

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Real

Estate

Securities

Fund

341

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Neinor

Homes

SA(Æ)(Þ)

98,428

1,431

5,116

Sweden

-

2.9%

Castellum

AB

276,962

7,761

Catena

AB

30,653

1,841

Fabege

AB

305,651

5,303

Fastighets

AB

Balder

Class

B(Æ)

103,991

7,191

Wihlborgs

Fastigheter

AB

71,956

1,676

23,772

United

Kingdom

-

5.3%

Assura

PLC(ö)

3,119,018

3,379

Big

Yellow

Group

PLC(ö)

132,744

2,679

British

Land

Co.

PLC

(The)(ö)

1,406,937

9,979

Derwent

London

PLC(ö)

49,291

2,490

Grainger

PLC

713,855

3,009

LondonMetric

Property

PLC(ö)

676,705

2,339

PRS

REIT

PLC

(The)(ö)

623,858

906

Safestore

Holdings

PLC(ö)

197,050

2,888

Segro

PLC(ö)

550,915

9,322

Tritax

EuroBox

PLC(Þ)

799,361

1,332

UNITE

Group

PLC

(The)(ö)

203,625

3,275

Workspace

Group

PLC(ö)

178,510

2,141

43,739

United

States

-

55.6%

Agree

Realty

Corp.(ö)

88,300

6,636

Alexandria

Real

Estate

Equities,

Inc.(ö)

19,792

3,985

American

Homes

4

Rent

Class

A(ö)

219,243

9,208

Americold

Realty

Trust(ö)

122,199

4,747

Apartment

Income

REIT

Corp.(ö)

221,249

11,647

Apple

Hospitality

REIT,

Inc.(ö)

254,531

3,805

AvalonBay

Communities,

Inc.(ö)

66,019

15,041

Boston

Properties,

Inc.(ö)

96,445

11,321

Boyd

Gaming

Corp.(Æ)

53,494

3,049

Caesars

Entertainment,

Inc.(Æ)

16,889

1,475

CoreSite

Realty

Corp.

Class

A(ö)

25,636

3,543

Crown

Castle

International

Corp.(ö)

15,279

2,950

CyrusOne

,

Inc.(ö)

116,435

8,298

Digital

Realty

Trust,

Inc.(ö)

37,711

5,814

Duke

Realty

Corp.(ö)

164,123

8,351

EastGroup

Properties,

Inc.(ö)

45,467

8,012

Empire

State

Realty

Trust,

Inc.

Class

A(ö)

408,408

4,668

EPR

Properties(ö)

13,767

692

Equinix

,

Inc.(Æ)(ö)

20,883

17,133

Equity

Residential(ö)

116,919

9,836

Essential

Properties

Realty

Trust,

Inc.(ö)

241,330

7,192

Essex

Property

Trust,

Inc.(ö)

31,689

10,397

Extra

Space

Storage,

Inc.(ö)

116,744

20,330

First

Industrial

Realty

Trust,

Inc.(ö)

70,340

3,853

Healthcare

Trust

of

America,

Inc.

Class

A(ö)

103,420

2,957

Healthpeak

Properties,

Inc.(ö)

314,071

11,611

Highwoods

Properties,

Inc.(ö)

90,664

4,324

Host

Hotels

&

Resorts,

Inc.(Æ)(ö)

408,426

6,506

Howard

Hughes

Corp.

(The)(Æ)

1,424

132

Independence

Realty

Trust,

Inc.(ö)

109,385

2,109

Invitation

Homes,

Inc.(ö)

134,623

5,476

Jones

Lang

LaSalle,

Inc.(Æ)

19,370

4,311

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kimco

Realty

Corp.(ö)

577,660

12,321

Life

Storage,

Inc.(Æ)(ö)

80,469

9,444

Medical

Properties

Trust,

Inc.(ö)

427,199

8,984

MGM

Growth

Properties

LLC

Class

A(ö)

6,347

240

Mid-America

Apartment

Communities,

Inc.(ö)

59,819

11,551

NetSTREIT

Corp.(ö)

91,917

2,385

Omega

Healthcare

Investors,

Inc.(ö)

14,976

543

Park

Hotels

&

Resorts,

Inc.(Æ)(ö)

97,595

1,806

Prologis,

Inc.(ö)

323,572

41,431

Public

Storage(ö)

55,197

17,248

Retail

Properties

of

America,

Inc.

Class

A(ö)

232,021

2,926

Rexford

Industrial

Realty,

Inc.(ö)

13,064

804

Ryman

Hospitality

Properties,

Inc.(Æ)(ö)

43,102

3,306

Sabra

Health

Care

REIT,

Inc.(ö)

8,580

160

SBA

Communications

Corp.(ö)

5,739

1,957

Simon

Property

Group,

LP(ö)

207,586

26,265

SL

Green

Realty

Corp.(ö)

69,320

5,162

Spirit

Realty

Capital,

Inc.(ö)

53,764

2,700

STAG

Industrial,

Inc.(ö)

70,425

2,910

STORE

Capital

Corp.(ö)

35,596

1,288

Sun

Communities,

Inc.(ö)

92,116

18,065

UDR,

Inc.(ö)

233,932

12,864

Ventas,

Inc.(ö)

244,942

14,643

VEREIT,

Inc.(ö)

191,083

9,357

VICI

Properties,

Inc.(ö)

313,850

9,789

Weingarten

Realty

Investors(ö)

87,643

2,821

Welltower

,

Inc.(ö)

224,664

19,514

Weyerhaeuser

Co.(ö)

55,572

1,873

461,766

Total

Common

Stocks

(cost

$601,839)

804,490

Short-Term

Investments

-

2.4%

United

States

-

2.4%

U.S.

Cash

Management

Fund(@)

20,001,218

(∞)

19,997

Total

Short-Term

Investments

(cost

$19,997)

19,997

Total

Investments

-

99.3%

(identified

cost

$621,836)

824,487

Other

Assets

and

Liabilities,

Net

-

0.7%

5,569

Net

Assets

-

100.0%

830,056

Russell

Investment

Company

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

342

Global

Real

Estate

Securities

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

1.0%

CTP

NV

04/06/21

EUR

80,017

18

.53

1,482

1,613

ESR

Cayman,

Ltd.

11/20/19

HKD

349,000

2

.26

788

1,228

Instone

Real

Estate

Group

AG

03/28/19

EUR

90,123

24

.08

2,170

2,792

Neinor

Homes

SA

05/31/21

EUR

98,428

13

.66

1,345

1,431

Tritax

EuroBox

PLC

09/12/19

GBP

799,361

1

.31

1,140

1,332

8,396

For

a

description

of

restricted

securities

see

note

6

in

the

Notes

to

Quarterly

Report.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Dow

Jones

U.S.

Real

Estate

Index

Futures

283

USD

11,745

09/21

239

FTSE/EPRA

Europe

Index

Futures

140

EUR

3,448

09/21

97

Hang

Seng

Index

Futures

8

HKD

10,359

08/21

17

MSCI

Singapore

Index

Futures

28

SGD

1,010

08/21

13

S&P/TSX

60

Index

Futures

3

CAD

727

09/21

3

SPI

200

Index

Futures

6

AUD

1,095

09/21

3

TOPIX

Index

Futures

14

JPY

266,700

09/21

(53)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

319

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

AUD

367

USD

277

09/15/21

8

Bank

of

America

AUD

1,093

USD

846

09/15/21

44

Bank

of

America

CAD

480

USD

387

09/15/21

3

Bank

of

America

CAD

946

USD

781

09/15/21

23

Bank

of

America

EUR

380

USD

453

09/15/21

2

Bank

of

America

EUR

458

USD

543

09/15/21

(1)

Bank

of

America

EUR

589

USD

702

09/15/21

3

Bank

of

America

EUR

633

USD

747

09/15/21

(5)

Bank

of

America

EUR

4,603

USD

5,614

09/15/21

150

Bank

of

America

HKD

1,641

USD

211

09/15/21

—

Bank

of

America

HKD

2,759

USD

355

09/15/21

—

Bank

of

America

HKD

12,978

USD

1,673

09/15/21

2

Bank

of

America

HKD

13,017

USD

1,678

09/15/21

2

Bank

of

America

JPY

4,345

USD

40

08/02/21

—

Bank

of

America

JPY

37,750

USD

343

09/15/21

(2)

Bank

of

America

JPY

46,351

USD

422

09/15/21

(1)

Bank

of

America

JPY

61,416

USD

556

09/15/21

(4)

Bank

of

America

JPY

369,569

USD

3,378

09/15/21

8

Bank

of

America

SGD

1,097

USD

828

09/15/21

19

Bank

of

New

York

USD

424

AUD

546

09/15/21

(23)

Bank

of

New

York

USD

345

CAD

417

09/15/21

(11)

Bank

of

New

York

USD

2,394

EUR

1,957

09/15/21

(71)

Bank

of

New

York

USD

696

HKD

5,403

09/15/21

(1)

Bank

of

New

York

USD

1,430

JPY

156,177

09/15/21

(6)

Bank

of

New

York

USD

362

SGD

479

09/15/21

(9)

Russell

Investment

Company

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Real

Estate

Securities

Fund

343

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

USD

268

AUD

360

09/15/21

(3)

Citigroup

USD

422

AUD

546

09/15/21

(22)

Citigroup

USD

84

CAD

105

08/04/21

—

Citigroup

USD

345

CAD

417

09/15/21

(11)

Citigroup

USD

389

CAD

488

09/15/21

2

Citigroup

USD

2,218

EUR

1,870

09/15/21

2

Citigroup

USD

2,390

EUR

1,957

09/15/21

(67)

Citigroup

USD

686

HKD

5,329

09/15/21

—

Citigroup

USD

696

HKD

5,403

09/15/21

(1)

Citigroup

USD

1,401

JPY

153,773

09/15/21

1

Citigroup

USD

1,427

JPY

156,177

09/15/21

(3)

Citigroup

USD

362

SGD

479

09/15/21

(8)

Citigroup

JPY

21,940

USD

200

09/15/21

—

JPMorgan

Chase

USD

422

AUD

546

09/15/21

(22)

JPMorgan

Chase

USD

345

CAD

417

09/15/21

(11)

JPMorgan

Chase

USD

2,389

EUR

1,957

09/15/21

(65)

JPMorgan

Chase

USD

696

HKD

5,403

09/15/21

(1)

JPMorgan

Chase

USD

1,426

JPY

156,177

09/15/21

(2)

JPMorgan

Chase

USD

362

SGD

479

09/15/21

(8)

Royal

Bank

of

Canada

USD

424

AUD

546

09/15/21

(23)

Royal

Bank

of

Canada

USD

345

CAD

417

09/15/21

(11)

Royal

Bank

of

Canada

USD

490

EUR

414

09/15/21

1

Royal

Bank

of

Canada

USD

2,395

EUR

1,957

09/15/21

(71)

Royal

Bank

of

Canada

USD

696

HKD

5,403

09/15/21

(1)

Royal

Bank

of

Canada

USD

240

JPY

26,519

09/15/21

1

Royal

Bank

of

Canada

USD

1,431

JPY

156,177

09/15/21

(6)

Royal

Bank

of

Canada

USD

212

SGD

288

09/15/21

1

Royal

Bank

of

Canada

USD

362

SGD

479

09/15/21

(8)

Royal

Bank

of

Canada

AUD

1,088

USD

841

09/15/21

42

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(164)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Australia

$

—

$

30,453

$

—

$

—

$

30,453

Belgium

—

9,431

—

—

9,431

Canada

16,361

—

—

—

16,361

China

881

1,228

—

—

2,109

France

—

12,224

—

—

12,224

Germany

—

41,691

—

—

41,691

Hong

Kong

—

40,798

—

—

40,798

Japan

—

83,771

—

—

83,771

Netherlands

—

9,550

—

—

9,550

Singapore

—

23,709

—

—

23,709

Spain

—

5,116

—

—

5,116

Sweden

—

23,772

—

—

23,772

United

Kingdom

—

43,739

—

—

43,739

United

States

461,766

—

—

—

461,766

Russell

Investment

Company

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

344

Global

Real

Estate

Securities

Fund

It

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Short-Term

Investments

—

—

—

19,997

19,997

Total

Investments

479,008

325,482

—

19,997

824,487

Other

Financial

Instruments

Assets

Futures

Contracts

372

—

—

—

372

Foreign

Currency

Exchange

Contracts

—

314

—

—

314

Liabilities

Futures

Contracts

(53)

—

—

—

(53

)

Foreign

Currency

Exchange

Contracts

—

(478)

—

—

(478

)

Total

Other

Financial

Instruments

*

$

319

$

(164)

$

—

$

—

$

155

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2021,

see

note

2

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

July

31,

2021,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Property

Sector

Exposure

Fair

Value

$

Data

Centers

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

339

Diversified

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

262,364

Healthcare

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

69,641

Industrial

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

80,431

Internet

Services

&

Infrastructure

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

881

Lodging/Resorts

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

24,989

Manufactured

Homes

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

18,065

Office

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

70,262

Regional

Malls

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

26,265

Residential

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

122,492

Retail

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

2,714

Self

Storage

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

52,589

Shopping

Centers

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

56,325

Specialized

REITs

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

17,133

Short-Term

Investments

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

19,997

Total

Investments

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

824,487

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

345

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

38.8%

Corporate

Bonds

and

Notes

-

10.1%

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

81

Ally

Financial,

Inc.

Series

B

4.700%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.868%)

(Ê)(ƒ)

261

273

Series

C

4.700%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

3.481%)

(Ê)(ƒ)

395

411

Alteryx

,

Inc.

0.500%

due

08/01/24

(Þ)

1,301

1,230

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)

520

523

American

International

Group,

Inc.

8.175%

due

05/15/58

(USD

3

Month

LIBOR

+

4.195%)(Ê)

350

519

Series

A-9

5.750%

due

04/01/48

(USD

3

Month

LIBOR

+

2.868%)(Ê)

108

123

ams

AG

0.875%

due

09/28/22

1,200

1,165

Apollo

Commercial

Real

Estate

Finance,

Inc.

4.750%

due

08/23/22

629

635

5.375%

due

10/15/23

650

654

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

127

Ares

Capital

Corp.

4.625%

due

03/01/24

1,097

1,187

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

131

Assurant,

Inc.

7.000%

due

03/27/48

(USD

3

Month

LIBOR

+

4.135%)(Ê)(Ñ)

210

244

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)

95

102

Bank

of

America

Corp.

Series

AA

6.100%

due

12/31/49

(USD

3

Month

LIBOR

+

3.898%)(Ê)(ƒ)

569

639

Series

FF

5.875%

due

12/31/99

(USD

3

Month

LIBOR

+

2.931%)(Ê)(ƒ)

356

409

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

X

6.250%

due

09/29/49

(USD

3

Month

LIBOR

+

3.705%)(Ê)(ƒ)

573

633

Series

Z

6.500%

due

12/31/49

(USD

3

Month

LIBOR

+

4.174%)(Ê)(ƒ)

145

163

Benefitfocus

,

Inc.

1.250%

due

12/15/23

(Ñ)

549

512

Blackstone

Mortgage

Trust,

Inc.

4.750%

due

03/15/23

549

565

CalAmp

Corp.

2.000%

due

08/01/25

542

498

Capital

One

Financial

Corp.

Series

M

3.950%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.157%)

(Ê)(ƒ)

192

198

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)

423

472

Series

H

4.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.079%)(Ê)(ƒ)

451

470

Series

I

4.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.168%)

(Ê)(ƒ)

790

825

Citigroup,

Inc.

5.950%

due

07/31/49

(USD

3

Month

LIBOR

+

4.068%)(Ê)(ƒ)

268

282

5.900%

due

12/29/49

(USD

3

Month

LIBOR

+

4.230%)(Ê)(ƒ)(Ñ)

250

262

3.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.417%)

(Ê)(ƒ)

530

542

Series

P

5.950%

due

12/31/49

(USD

3

Month

LIBOR

+

3.905%)(Ê)(ƒ)

305

336

Series

T

6.250%

due

12/29/49

(USD

3

Month

LIBOR

+

4.517%)(Ê)(ƒ)

160

185

Citizens

Financial

Group,

Inc.

Series

F

5.650%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.313%)

(Ê)(ƒ)(Ñ)

129

144

CMS

Energy

Corp.

4.750%

due

06/01/50

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.116%)

(Ê)

127

143

CoBank

ACB

Series

I

6.250%

due

12/29/49

(USD

3

Month

LIBOR

+

4.660%)(Ê)(ƒ)

330

370

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

346

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Colony

Capital,

Inc.

5.000%

due

04/15/23

1,300

1,327

Comerica,

Inc.

5.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.291%)

(Ê)(ƒ)

116

129

Dai-ichi

Life

Insurance

Co.,

Ltd.

(The)

5.100%

due

10/29/49

(USD

3

Month

LIBOR

+

3.680%)(Ê)(ƒ)(Þ)

300

331

Depository

Trust

&

Clearing

Corp.

(The)

Series

D

3.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.606%)

(Ê)(ƒ)(Þ)

250

254

Discover

Financial

Services

Series

D

6.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.783%)

(Ê)(ƒ)

80

90

DISH

Network

Corp.

2.375%

due

03/15/24

1,380

1,333

DocuSign,

Inc.

0.000%

due

01/15/24

445

474

Dominion

Energy,

Inc.

Series

B

4.650%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.993%)

(Ê)(ƒ)

125

134

Duke

Energy

Corp.

4.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.388%)

(Ê)(ƒ)

155

165

Edison

International

Series

A

5.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.698%)

(Ê)(ƒ)

295

299

Energy

Transfer

Operating,

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)

180

185

Energy

Transfer,

LP

7.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.306%)

(Ê)(ƒ)

33

34

Enstar

Finance

LLC

5.750%

due

09/01/40

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.468%)

(Ê)

225

240

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)

250

271

Exantas

Capital

Corp.

4.500%

due

08/15/22

525

518

EZCORP,

Inc.

2.375%

due

05/01/25

564

497

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

300

FireEye,

Inc.

Series

B

1.625%

due

06/01/35

1,608

1,594

Flexion

Therapeutics,

Inc.

3.375%

due

05/01/24

157

139

GA

Global

Funding

Trust

Secured

4.700%

due

10/15/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.796%)

(Ê)(Þ)

260

265

General

Electric

Co.

Series

D

3.449%

due

12/29/49

(USD

3

Month

LIBOR

+

3.330%)(Ê)(ƒ)

140

137

Goldman

Sachs

Group,

Inc.

(The)

Series

Q

5.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.623%)

(Ê)(ƒ)(Ñ)

115

126

Series

T

3.800%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.969%)

(Ê)(ƒ)

120

122

Series

U

3.650%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.915%)

(Ê)(ƒ)

214

215

Granite

Point

Mortgage

Trust,

Inc.

5.625%

due

12/01/22

(Þ)

1,078

1,067

Greenlight

Capital,

Inc.

4.000%

due

08/01/23

644

615

Haemonetics

Corp.

3.545%

due

03/01/26

1,326

1,130

Hartford

Financial

Services

Group,

Inc.

Series

ICON

2.281%

due

02/12/47

(USD

3

Month

LIBOR

+

2.125%)(Ê)(Þ)

225

217

Helix

Energy

Solutions

Group,

Inc.

4.125%

due

09/15/23

275

262

Herbalife

Nutrition,

Ltd.

2.625%

due

03/15/24

348

372

High

Ridge

Brands

Co.

8.875%

due

03/15/25

(Š)

1,640

21

Huntington

Bancshares,

Inc.

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

347

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

F

5.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.945%)(Ê)(ƒ)

20

23

Series

G

4.450%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

4.045%)

(Ê)(ƒ)

123

132

ILFC

E-Capital

Trust

I

3.660%

due

12/21/65

(~)(Ê)(Þ)

210

173

Innoviva

,

Inc.

2.125%

due

01/15/23

1,127

1,159

Invacare

Corp.

5.000%

due

11/15/24

126

120

Ionis

Pharmaceuticals,

Inc.

0.125%

due

12/15/24

(Þ)

1,273

1,168

JPMorgan

Chase

&

Co.

Series

FF

5.000%

due

12/31/99

(SOFR

+

3.380%)(Ê)(ƒ)

303

320

Series

HH

4.600%

due

12/31/99

(SOFR

+

3.125%)(Ê)(ƒ)

56

58

Series

KK

3.650%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.850%)

(Ê)(ƒ)

410

414

Series

S

6.750%

due

01/29/49

(USD

3

Month

LIBOR

+

3.780%)(Ê)(ƒ)

294

325

Series

U

6.125%

due

12/29/49

(USD

3

Month

LIBOR

+

3.330%)(Ê)(ƒ)

175

191

Series

X

6.100%

due

12/31/49

(USD

3

Month

LIBOR

+

3.330%)(Ê)(ƒ)

300

327

KKR

Real

Estate

Finance

Trust,

Inc.

6.125%

due

05/15/23

838

887

Land

O'Lakes,

Inc.

7.250%

due

12/31/99

(~)(Ê)(ƒ)(Þ)

185

199

LendingTree

,

Inc.

0.500%

due

07/15/25

1,220

1,099

Liberty

Broadband

Corp.

1.250%

due

09/30/50

700

710

2.750%

due

09/30/50

295

317

Liberty

Media

Corp.

2.125%

due

03/31/48

(Þ)

195

203

Ligand

Pharmaceuticals,

Inc.

0.750%

due

05/15/23

1,196

1,167

Limelight

Networks,

Inc.

3.500%

due

08/01/25

476

424

Macquarie

Infrastructure

Corp.

2.000%

due

10/01/23

924

919

Markel

Corp.

6.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.662%)

(Ê)(ƒ)

125

139

MetLife

Capital

Trust

IV

7.875%

due

12/15/37

(Þ)

100

140

MetLife,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

9.250%

due

04/08/38

(Þ)

325

497

10.750%

due

08/01/39

171

295

MFA

Financial,

Inc.

6.250%

due

06/15/24

1,442

1,466

MGIC

Investment

Corp.

9.000%

due

04/01/63

(Þ)

1,042

1,368

MicroStrategy

,

Inc.

5.340%

due

02/15/27

446

330

Momo

,

Inc.

1.250%

due

07/01/25

(Þ)

247

206

New

Mountain

Finance

Corp.

5.750%

due

08/15/23

1,079

1,137

New

Relic,

Inc.

0.500%

due

05/01/23

972

969

NIO,

Inc.

3.084%

due

02/01/26

228

199

Nutanix

,

Inc.

4.898%

due

01/15/23

(Þ)

748

780

NuVasive

,

Inc.

0.375%

due

03/15/25

(Þ)

48

46

Paratek

Pharmaceuticals,

Inc.

4.750%

due

05/01/24

396

347

PartnerRe

Finance

B

LLC

4.500%

due

10/01/50

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.815%)

(Ê)

125

131

Patrick

Industries,

Inc.

1.000%

due

02/01/23

92

104

PennyMac

Mortgage

Investment

Trust

5.500%

due

11/01/24

1,341

1,350

Precigen

,

Inc.

3.500%

due

07/01/23

792

663

Prudential

Financial,

Inc.

5.375%

due

05/15/45

(USD

3

Month

LIBOR

+

3.031%)(Ê)

161

178

Series

XW7

5.200%

due

03/15/44

(USD

3

Month

LIBOR

+

3.040%)(Ê)

450

486

Quotient

Technology,

Inc.

1.750%

due

12/01/22

415

417

Radius

Health,

Inc.

3.000%

due

09/01/24

518

468

Redwood

Trust,

Inc.

4.750%

due

08/15/23

629

631

Regions

Financial

Corp.

Series

D

5.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.430%)

(Ê)(ƒ)

90

101

Retrophin

,

Inc.

2.500%

due

09/15/25

153

130

RWT

Holdings,

Inc.

5.750%

due

10/01/25

920

935

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)

210

208

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

348

Multi-Strategy

Income

Fund

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)

215

218

Sempra

Energy

4.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.550%)

(Ê)(ƒ)

435

475

SmileDirectClub

LLC

5.967%

due

02/01/26

357

275

South

Jersey

Industries,

Inc.

5.020%

due

04/15/31

100

107

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)

254

259

Series

B

4.000%

due

01/15/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.733%)

(Ê)

265

280

Splitrock

Services,

Inc.

5.500%

due

02/28/24

525

438

Starwood

Property

Trust,

Inc.

4.375%

due

04/01/23

814

868

Stride,

Inc.

1.125%

due

09/01/27

162

148

Supernus

Pharmaceuticals,

Inc.

0.625%

due

04/01/23

1,289

1,256

SVB

Financial

Group

Series

C

4.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.202%)

(Ê)(ƒ)

240

249

Tabula

Rasa

HealthCare,

Inc.

1.750%

due

02/15/26

(Þ)

228

219

Theravance

Biopharma,

Inc.

3.250%

due

11/01/23

148

137

Tilray

,

Inc.

5.000%

due

10/01/23

1,040

1,014

Triarco

Industries

LLC

5.875%

due

08/01/37

322

296

Truist

Financial

Corp.

Series

M

5.125%

due

12/31/99

(USD

3

Month

LIBOR

+

2.786%)(Ê)(ƒ)

245

263

Series

N

4.800%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.003%)

(Ê)(ƒ)

126

134

Series

P

4.950%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.605%)

(Ê)(ƒ)

123

134

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

Q

5.100%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

4.349%)(Ê)(ƒ)

185

213

Veeco

Instruments,

Inc.

2.700%

due

01/15/23

716

712

Vishay

Intertechnology

,

Inc.

2.250%

due

06/15/25

321

336

Wells

Fargo

&

Co.

5.950%

due

12/15/36

190

269

Series

B

7.950%

due

11/15/29

114

159

Series

BB

3.900%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.453%)

(Ê)(ƒ)

877

910

Series

U

5.875%

due

12/31/49

(USD

3

Month

LIBOR

+

3.990%)(Ê)(ƒ)

194

220

Western

Digital

Corp.

1.500%

due

02/01/24

(Þ)

934

964

62,525

International

Debt

-

4.4%

AXA

SA

8.600%

due

12/15/30

55

83

6.379%

due

12/29/49

(USD

3

Month

LIBOR

+

2.256%)(Ê)(ƒ)(Þ)

200

280

Banco

Bilbao

Vizcaya

Argentaria

SA

Series

9

6.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.192%)

(Ê)(ƒ)

200

218

Banco

Santander

SA

7.500%

due

12/31/99

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

4.989%)(Ê)(ƒ)

200

220

4.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.753%)

(Ê)(ƒ)

400

408

Bank

of

China

(Hong

Kong),

Ltd.

5.900%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.036%)

(Ê)(ƒ)(Þ)

400

431

Bank

of

Nova

Scotia

(The)

4.900%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.551%)

(Ê)(ƒ)

195

214

Barclays

PLC

6.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.867%)

(Ê)(ƒ)

200

223

8.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.672%)

(Ê)(ƒ)

200

227

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

349

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Beazley

Insurance

Designated

Activity

Co.

5.500%

due

09/10/29

200

224

BNP

Paribas

SA

7.375%

due

12/31/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

5.150%)(Ê)

(ƒ)(Þ)

500

584

6.625%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.149%)(Ê)

(ƒ)(Þ)

200

217

7.000%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

3.980%)(Ê)

(ƒ)(Þ)

200

241

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)

350

374

4.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.398%)

(Ê)(ƒ)

609

671

Clovis

Oncology,

Inc.

1.250%

due

05/01/25

377

272

CNP

Assurances

4.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.183%)

(Ê)(ƒ)

200

214

Commerzbank

AG

7.000%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

5.228%)

(Ê)(ƒ)

200

217

Credit

Agricole

SA

7.875%

due

12/29/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.898%)(Ê)

(ƒ)(Þ)

200

226

8.125%

due

12/29/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

6.185%)(Ê)

(ƒ)(Þ)

400

486

6.875%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.319%)(Ê)

(ƒ)(Þ)

200

224

Credit

Suisse

Group

AG

7.125%

due

12/29/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

5.108%)

(Ê)(ƒ)

400

417

7.500%

due

12/31/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.598%)(Ê)

(ƒ)(Þ)

200

221

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.889%)

(Ê)(ƒ)(Þ)

200

210

6.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.822%)

(Ê)(ƒ)(Þ)

500

555

7.250%

due

12/31/99

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

4.332%)(Ê)(ƒ)(Þ)

400

451

7.500%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.600%)(Ê)

(ƒ)(Þ)

400

433

Ctrip.com

International,

Ltd.

1.250%

due

09/15/22

458

435

Danske

Bank

A/S

4.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.387%)

(Ê)(ƒ)

200

204

Deutsche

Bank

AG

Series

#

6.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.524%)

(Ê)(ƒ)

200

210

Emera

,

Inc.

Series

16-A

6.750%

due

06/15/76

(USD

3

Month

LIBOR

+

5.440%)(Ê)

632

739

Enbridge,

Inc.

6.250%

due

03/01/78

(USD

3

Month

LIBOR

+

3.641%)(Ê)

244

272

Series

16-A

6.000%

due

01/15/77

(USD

3

Month

LIBOR

+

3.890%)(Ê)

297

330

Series

20-A

5.750%

due

07/15/80

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.314%)

(Ê)

412

465

Fukoku

Mutual

Life

Insurance

Co.

6.500%

due

09/29/49

(USD

3

Month

LIBOR

+

4.370%)(Ê)(ƒ)

250

276

Ghana

Government

International

Bond

Series

REGS

7.875%

due

08/07/23

25

27

Hanwha

Life

Insurance

Co.,

Ltd.

4.700%

due

04/23/48

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.000%)

(Ê)(Þ)

200

207

Hope

Bancorp,

Inc.

2.000%

due

05/15/38

1,213

1,167

HSBC

Capital

Funding,

LP

10.176%

due

12/29/49

(USD

3

Month

LIBOR

+

4.980%)(Ê)(ƒ)(Þ)

110

184

HSBC

Holdings

PLC

6.375%

due

03/19/24

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

3.705%)(Ê)

200

219

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

350

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.375%

due

12/29/49

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

4.368%)(Ê)(ƒ)

200

221

4.600%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.649%)

(Ê)(ƒ)

200

205

6.500%

due

12/31/99

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

3.606%)(Ê)(ƒ)

200

228

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)

400

447

5.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.342%)

(Ê)(ƒ)

200

221

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

229

Kazakhstan

Government

International

Bond

Series

REGS

3.875%

due

10/14/24

140

153

Lancashire

Holdings,

Ltd.

5.625%

due

09/18/41

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.080%)

(Ê)

200

217

Liberty

Latin

America,

Ltd.

2.000%

due

07/15/24

(Þ)

456

457

Lloyds

Banking

Group

PLC

7.500%

due

04/30/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.760%)

(Ê)(ƒ)

200

226

6.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.815%)

(Ê)(ƒ)

200

230

Luminex

Corp.

3.000%

due

05/15/25

793

792

Macquarie

Bank,

Ltd.

6.125%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

3.703%)(Ê)

(ƒ)(Þ)

200

219

Meiji

Yasuda

Life

Insurance

Co.

5.200%

due

10/20/45

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.230%)

(Ê)(Þ)

200

226

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

236

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.600%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.100%)

(Ê)(ƒ)

200

205

6.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.625%)

(Ê)(ƒ)

200

222

Nippon

Life

Insurance

Co.

4.700%

due

01/20/46

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

3.750%)(Ê)(Þ)

300

335

Nordea

Bank

AB

6.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.110%)

(Ê)(ƒ)(Þ)

200

230

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)

200

214

QBE

Insurance

Group,

Ltd.

5.875%

due

06/17/46

(USD

ICE

Swap

Rate

NY

10

Year

Rate

+

4.395%)(Ê)

406

453

5.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.513%)

(Ê)(ƒ)(Þ)

200

220

Scentre

Group

Trust

2

4.750%

due

09/24/80

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.379%)

(Ê)(Þ)

300

320

5.125%

due

09/24/80

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.685%)

(Ê)(Þ)

300

323

SFL

Corp.,

Ltd.

4.875%

due

05/01/23

430

423

Societe

Generale

SA

8.000%

due

09/29/49

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

5.873%)(Ê)(ƒ)(Þ)

200

236

7.875%

due

12/29/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.979%)(Ê)

(ƒ)(Þ)

400

445

5.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.514%)

(Ê)(ƒ)(Þ)

200

216

6.750%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

3.929%)(Ê)

(ƒ)(Þ)

400

454

Standard

Chartered

PLC

7.500%

due

12/29/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

6.301%)(Ê)

(ƒ)(Þ)

200

207

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

351

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.750%

due

12/29/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

5.723%)(Ê)

(ƒ)(Þ)

200

218

4.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.805%)

(Ê)(ƒ)(Þ)

200

205

Sumitomo

Life

Insurance

Co.

3.375%

due

04/15/81

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.747%)

(Ê)(Þ)

200

208

Svenska

Handelsbanken

AB

4.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.048%)

(Ê)(ƒ)

200

213

TransCanada

Trust

5.500%

due

09/15/79

(SOFR

+

4.416%)(Ê)

390

433

Series

16-A

5.875%

due

08/15/76

(USD

3

Month

LIBOR

+

4.640%)(Ê)

598

669

UBS

Group

AG

3.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.098%)

(Ê)(ƒ)(Þ)

200

202

5.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.855%)

(Ê)(ƒ)

200

219

UBS

Group

Funding

Switzerland

AG

6.875%

due

12/29/49

(USD

Swap

Semiannual

30/360

[versus

6

Month

LIBOR]

5

Year

Rate

+

4.590%)

(Ê)(ƒ)

400

458

7.000%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.344%)(Ê)

(ƒ)(Þ)

400

440

UniCredit

SpA

8.000%

due

04/03/49

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

5.180%)

(Ê)(ƒ)

200

222

VIVAT

NV

6.250%

due

12/31/99

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

4.174%)(Ê)(ƒ)

200

211

Vodafone

Group

PLC

7.000%

due

04/04/79

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.873%)(Ê)

130

162

Series

NC10

4.125%

due

06/04/81

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.767%)

(Ê)

260

262

Weibo

Corp.

1.250%

due

11/15/22

(Þ)

469

446

WisdomTree

Investments,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.250%

due

06/15/26

422

403

27,057

Loan

Agreements

-

0.0%

Charming

Charlie,

Inc.

Converted

Term

Loan

A

0.000%

due

04/24/23

(~)(Ê)(Š)

(Æ)

(Ø)

112

—

Charming

Charlie,

Inc.

Converted

Term

Loan

B

0.000%

due

04/24/23

(~)(Ê)(Š)

(Æ)

(Ø)

137

—

—

Mortgage-Backed

Securities

-

21.2%

Fannie

Mae

4.500%

due

2049

21

22

5.000%

due

2049

49

54

30

Year

TBA(Ï)

2.000%

12,000

12,241

2.500%

6,000

6,246

3.000%

4,000

4,184

4.000%

32,000

34,203

Fannie

Mae

REMICS

Series

2010-35

Class

SG

Interest

Only

STRIP

6.232%

due

04/25/40

(-1

x

USD

1

Month

LIBOR

+

6.400%)(Ê)

307

66

Series

2010-99

Class

NI

Interest

Only

STRIP

6.000%

due

09/25/40

1,610

304

Series

2010-140

Class

GS

Interest

Only

STRIP

5.832%

due

07/25/39

(USD

1

Month

LIBOR

+

6.000%)(Ê)

190

3

Series

2011-101

Class

SA

Interest

Only

STRIP

5.732%

due

10/25/41

(USD

1

Month

LIBOR

+

5.900%)(Ê)

1,110

211

Series

2011-134

Class

SP

Interest

Only

STRIP

5.832%

due

02/25/41

(-1

x

USD

1

Month

LIBOR

+

6.000%)(Ê)

3,126

268

Series

2012-36

Class

SN

Interest

Only

STRIP

6.282%

due

04/25/42

(-1

x

USD

1

Month

LIBOR

+

6.450%)(Ê)

465

90

Series

2012-49

Class

QI

Interest

Only

STRIP

4.500%

due

12/25/40

543

21

Series

2012-62

Class

MI

Interest

Only

STRIP

4.000%

due

03/25/41

450

25

Series

2012-103

Class

SD

Interest

Only

STRIP

5.882%

due

09/25/42

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

996

191

Series

2012-116

Class

SA

Interest

Only

STRIP

7.032%

due

10/25/42

(-1

x

USD

1

Month

LIBOR

+

7.200%)(Ê)

1,036

217

Series

2013-35

Class

PI

Interest

Only

STRIP

3.000%

due

02/25/42

477

14

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

352

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2013-41

Class

SP

Interest

Only

STRIP

6.032%

due

06/25/40

(-1

x

USD

1

Month

LIBOR

+

6.200%)(Ê)

151

5

Series

2013-54

Class

LI

Interest

Only

STRIP

7.000%

due

11/25/34

1,081

217

Series

2013-57

Class

IQ

Interest

Only

STRIP

3.000%

due

06/25/41

464

23

Series

2013-90

Class

SD

Interest

Only

STRIP

6.432%

due

09/25/43

(-1

x

USD

1

Month

LIBOR

+

6.600%)(Ê)

649

115

Series

2013-107

Class

SB

Interest

Only

STRIP

5.782%

due

02/25/43

(USD

1

Month

LIBOR

+

5.950%)(Ê)

1,161

288

Series

2015-34

Class

QI

Interest

Only

STRIP

5.000%

due

06/25/45

670

113

Series

2015-35

Class

IA

Interest

Only

STRIP

5.000%

due

06/25/45

675

125

Series

2015-66

Class

AS

Interest

Only

STRIP

6.082%

due

09/25/45

(-1

x

USD

1

Month

LIBOR

+

6.250%)(Ê)

1,927

343

Series

2015-69

Class

IO

Interest

Only

STRIP

6.000%

due

09/25/45

1,506

309

Series

2015-84

Class

PI

Interest

Only

STRIP

5.500%

due

08/25/33

1,471

206

Series

2016-8

Class

SA

Interest

Only

STRIP

5.882%

due

03/25/46

(USD

1

Month

LIBOR

+

6.050%)(Ê)

2,780

558

Series

2016-24

Class

CI

Interest

Only

STRIP

4.000%

due

02/25/46

530

54

Series

2016-54

Class

SD

Interest

Only

STRIP

5.832%

due

08/25/46

(-1

x

USD

1

Month

LIBOR

+

6.000%)(Ê)

1,607

372

Series

2016-61

Class

BS

Interest

Only

STRIP

5.932%

due

09/25/46

(-1

x

USD

1

Month

LIBOR

+

6.100%)(Ê)

2,785

512

Series

2016-65

Class

CS

Interest

Only

STRIP

5.932%

due

09/25/46

(-1

x

USD

1

Month

LIBOR

+

6.100%)(Ê)

1,664

299

Series

2016-97

Class

KI

Interest

Only

STRIP

3.000%

due

06/25/40

265

2

Series

2017-7

Class

JI

Interest

Only

STRIP

4.000%

due

02/25/47

812

65

Series

2017-15

Class

LI

Interest

Only

STRIP

4.000%

due

06/25/46

231

9

Series

2017-32

Class

IP

Interest

Only

STRIP

4.500%

due

05/25/47

2,504

418

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2017-75

Class

NI

Interest

Only

STRIP

5.000%

due

11/25/46

934

154

Series

2017-78

Class

KI

Interest

Only

STRIP

3.500%

due

10/25/47

502

41

Series

2017-112

Class

SG

Interest

Only

STRIP

6.052%

due

01/25/48

(-1

x

USD

1

Month

LIBOR

+

6.220%)(Ê)

1,430

244

Series

2017-113

Class

IO

Interest

Only

STRIP

5.000%

due

01/25/38

561

62

Series

2018-3

Class

AI

Interest

Only

STRIP

4.500%

due

12/25/47

1,224

181

Series

2018-14

Class

KI

Interest

Only

STRIP

6.000%

due

03/25/48

2,217

451

Series

2018-38

Class

SP

Interest

Only

STRIP

6.032%

due

06/25/48

(-1

x

USD

1

Month

LIBOR

+

6.200%)(Ê)

2,083

352

Series

2018-47

Class

SA

Interest

Only

STRIP

6.082%

due

07/25/48

(-1

x

USD

1

Month

LIBOR

+

6.250%)(Ê)

2,807

528

Series

2018-73

Class

MS

Interest

Only

STRIP

6.032%

due

10/25/48

(-1

x

USD

1

Month

LIBOR

+

6.200%)(Ê)

3,452

708

Series

2018-92

Class

BI

Interest

Only

STRIP

5.000%

due

01/25/49

1,300

233

Series

2018-95

Class

SA

Interest

Only

STRIP

5.982%

due

01/25/49

(-1

x

USD

1

Month

LIBOR

+

6.150%)(Ê)

1,336

207

Series

2019-1

Class

KI

Interest

Only

STRIP

4.500%

due

02/25/49

800

43

Series

2019-13

Class

IO

Interest

Only

STRIP

4.500%

due

03/25/49

909

42

Series

2019-17

Class

LI

Interest

Only

STRIP

4.500%

due

04/25/49

916

72

Series

2019-26

Class

SM

Interest

Only

STRIP

5.882%

due

06/25/49

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

1,709

274

Series

2019-43

Class

KS

Interest

Only

STRIP

5.882%

due

08/25/49

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

1,822

271

Series

2019-45

Class

SD

Interest

Only

STRIP

5.882%

due

08/25/49

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

1,253

256

Series

2019-50

Class

SN

Interest

Only

STRIP

5.878%

due

09/25/49

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

2,176

335

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

353

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2019-51

Class

KS

Interest

Only

STRIP

5.902%

due

09/25/49

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

2,173

341

Series

2019-71

Class

CS

Interest

Only

STRIP

5.832%

due

11/25/49

(-1

x

USD

1

Month

LIBOR

+

6.000%)(Ê)

858

211

Series

2019-83

Class

QS

Interest

Only

STRIP

5.858%

due

01/25/50

(-1

x

USD

1

Month

LIBOR

+

5.950%)(Ê)

2,148

407

Series

2020-24

Class

IB

Interest

Only

STRIP

3.000%

due

04/25/50

5,148

635

Series

2020-31

Class

CI

Interest

Only

STRIP

5.000%

due

05/25/50

3,415

644

Series

2020-41

Class

SE

Interest

Only

STRIP

5.970%

due

06/25/50

(-1

x

USD

1

Month

LIBOR

+

6.100%)(Ê)

3,521

760

Series

2020-47

Class

ID

Interest

Only

STRIP

4.000%

due

07/25/50

3,070

413

Series

2020-73

Class

IJ

Interest

Only

STRIP

3.000%

due

10/25/50

2,819

342

Series

2020-75

Class

MI

Interest

Only

STRIP

4.000%

due

11/25/50

2,398

352

Series

2021-5

Class

PI

Interest

Only

STRIP

3.500%

due

02/25/51

5,645

593

Series

2021-18

Class

IY

Interest

Only

STRIP

4.500%

due

08/25/49

1,370

252

Series

2021-25

Class

IJ

Interest

Only

STRIP

3.500%

due

05/25/51

5,462

426

Series

2021-25

Class

IT

Interest

Only

STRIP

4.000%

due

05/25/51

5,012

483

Fannie

Mae

Strips

Series

2009-397

Class

2

Interest

Only

STRIP

5.000%

due

09/25/39

1,073

177

Series

2010-404

Class

2

Interest

Only

STRIP

4.500%

due

05/25/40

769

138

Series

2016-422

Class

C12

Interest

Only

STRIP

4.000%

due

12/25/45

936

150

Freddie

Mac

Series

2014-324

Class

C21

Interest

Only

STRIP

6.000%

due

06/15/39

1,716

395

Freddie

Mac

REMICS

Series

2010-3714

Class

KI

Interest

Only

STRIP

4.500%

due

11/15/39

35

—

Series

2011-3852

Class

SC

Interest

Only

STRIP

6.465%

due

04/15/40

(USD

1

Month

LIBOR

+

6.650%)(Ê)

642

71

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2011-3904

Class

NI

Interest

Only

STRIP

3.500%

due

08/15/26

761

32

Series

2011-3919

Class

SA

Interest

Only

STRIP

6.315%

due

09/15/41

(USD

1

Month

LIBOR

+

6.500%)(Ê)

2,253

451

Series

2012-3981

Class

WS

Interest

Only

STRIP

6.365%

due

05/15/41

(-1

x

USD

1

Month

LIBOR

+

6.550%)(Ê)

905

101

Series

2012-4016

Class

SC

Interest

Only

STRIP

6.315%

due

03/15/42

(-1

x

USD

1

Month

LIBOR

+

6.500%)(Ê)

824

169

Series

2012-4033

Class

SC

Interest

Only

STRIP

6.365%

due

10/15/36

(-1

x

USD

1

Month

LIBOR

+

6.550%)(Ê)

127

2

Series

2012-4074

Class

KS

Interest

Only

STRIP

6.515%

due

02/15/41

(-1

x

USD

1

Month

LIBOR

+

6.700%)(Ê)

247

19

Series

2012-4077

Class

IK

Interest

Only

STRIP

5.000%

due

07/15/42

513

82

Series

2012-4127

Class

PI

Interest

Only

STRIP

4.500%

due

07/15/42

579

64

Series

2013-4182

Class

PI

Interest

Only

STRIP

3.000%

due

12/15/41

1,254

40

Series

2013-4265

Class

SD

Interest

Only

STRIP

5.915%

due

01/15/35

(USD

1

Month

LIBOR

+

6.100%)(Ê)

1,973

341

Series

2014-4299

Class

JI

Interest

Only

STRIP

4.000%

due

07/15/43

251

12

Series

2014-4386

Class

IL

Interest

Only

STRIP

4.000%

due

12/15/43

650

77

Series

2014-4386

Class

LI

Interest

Only

STRIP

4.000%

due

02/15/43

513

40

Series

2014-4403

Class

CI

Interest

Only

STRIP

4.000%

due

10/15/44

428

37

Series

2015-4425

Class

IO

Interest

Only

STRIP

4.000%

due

01/15/45

562

68

Series

2015-4451

Class

CI

Interest

Only

STRIP

7.000%

due

03/15/45

913

202

Series

2015-4452

Class

QI

Interest

Only

STRIP

4.000%

due

11/15/44

665

95

Series

2016-4550

Class

AI

Interest

Only

STRIP

3.000%

due

10/15/40

538

14

Series

2016-4560

Class

IO

Interest

Only

STRIP

5.810%

due

05/15/39

(~)(Ê)

895

161

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

354

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2016-4560

Class

PI

Interest

Only

STRIP

3.500%

due

05/15/45

377

24

Series

2016-4596

Class

CS

Interest

Only

STRIP

5.915%

due

06/15/46

(-1

x

USD

1

Month

LIBOR

+

6.100%)(Ê)

1,713

302

Series

2016-4604

Class

QI

Interest

Only

STRIP

3.500%

due

07/15/46

595

62

Series

2016-4635

Class

PI

Interest

Only

STRIP

4.000%

due

12/15/46

708

63

Series

2017-4663

Class

KI

Interest

Only

STRIP

3.500%

due

11/15/42

(Š)

31

—

Series

2017-4663

Class

PI

Interest

Only

STRIP

4.000%

due

03/15/47

328

26

Series

2017-4697

Class

YI

Interest

Only

STRIP

3.500%

due

07/15/47

288

19

Series

2017-4707

Class

AI

Interest

Only

STRIP

4.000%

due

07/15/47

725

55

Series

2017-4731

Class

QS

Interest

Only

STRIP

6.015%

due

11/15/47

(-1

x

USD

1

Month

LIBOR

+

6.200%)(Ê)

1,032

185

Series

2018-4801

Class

IG

Interest

Only

STRIP

3.000%

due

06/15/48

431

34

Series

2018-4808

Class

SD

Interest

Only

STRIP

6.015%

due

07/15/48

(-1

x

USD

1

Month

LIBOR

+

6.200%)(Ê)

1,545

271

Series

2018-4813

Class

IO

Interest

Only

STRIP

5.500%

due

08/15/48

1,439

248

Series

2019-4900

Class

SH

Interest

Only

STRIP

5.898%

due

07/25/49

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

3,431

437

Series

2019-4919

Class

SP

Interest

Only

STRIP

5.888%

due

09/25/49

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

3,090

529

Series

2019-4928

Class

S

Interest

Only

STRIP

5.815%

due

11/25/49

(USD

1

Month

LIBOR

+

6.000%)(Ê)

1,150

187

Series

2020-4949

Class

IO

Interest

Only

STRIP

4.000%

due

01/25/50

3,259

490

Series

2020-4964

Class

IA

Interest

Only

STRIP

4.500%

due

03/25/50

2,554

434

Series

2020-4979

Class

SN

Interest

Only

STRIP

5.865%

due

06/25/50

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

1,810

331

Series

2020-4979

Class

YS

Interest

Only

STRIP

5.900%

due

06/25/50

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

1,351

258

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2020-4982

Class

DI

Interest

Only

STRIP

4.000%

due

06/25/50

2,660

337

Series

2020-5007

Class

IC

Interest

Only

STRIP

5.000%

due

08/25/50

2,840

475

Series

2020-5007

Class

SK

Interest

Only

STRIP

5.952%

due

08/25/50

(-1

x

USD

1

Month

LIBOR

+

6.100%)(Ê)

1,206

257

Series

2020-5011

Class

SA

Interest

Only

STRIP

6.089%

due

09/25/50

(-1

x

USD

1

Month

LIBOR

+

6.250%)(Ê)

3,484

727

Series

2020-5012

Class

BI

Interest

Only

STRIP

4.000%

due

09/25/50

5,047

707

Series

2020-5014

Class

AI

Interest

Only

STRIP

4.500%

due

09/25/50

3,130

458

Series

2020-5019

Class

IP

Interest

Only

STRIP

3.000%

due

10/25/50

4,857

610

Series

2020-5023

Class

TS

Interest

Only

STRIP

6.094%

due

10/25/50

(-1

x

USD

1

Month

LIBOR

+

6.250%)(Ê)

3,249

676

Series

2020-5049

Class

AI

Interest

Only

STRIP

4.500%

due

12/25/50

3,132

547

Series

2020-5060

Class

EI

Interest

Only

STRIP

3.500%

due

01/25/51

3,443

514

Series

2020-5065

Class

MI

Interest

Only

STRIP

3.500%

due

01/25/51

1,999

318

Series

2021-5072

Class

YI

Interest

Only

STRIP

3.000%

due

01/25/51

4,579

621

Series

2021-5080

Class

IQ

Interest

Only

STRIP

3.500%

due

04/25/50

3,501

498

Series

2021-5082

Class

IQ

Interest

Only

STRIP

3.000%

due

03/25/51

5,089

626

Ginnie

Mae

II

3.500%

due

2049

74

80

5.000%

due

2049

130

143

5.500%

due

2049

26

30

5.000%

due

2050

45

50

30

Year

TBA(Ï)

4.000

1,000

1,058

Ginnie

Mae

REMICS

Series

2009-121

Class

UI

Interest

Only

STRIP

5.000%

due

12/20/39

567

91

Series

2010-9

Class

UI

Interest

Only

STRIP

5.000%

due

01/20/40

3,163

591

Series

2010-35

Class

QI

Interest

Only

STRIP

4.500%

due

03/20/40

1,283

204

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

355

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2010-H19

Class

BI

Interest

Only

STRIP

1.426%

due

08/20/60

(~)(Ê)

2,400

126

Series

2010-H20

Class

IF

Interest

Only

STRIP

1.415%

due

10/20/60

(~)(Ê)

1,117

46

Series

2010-H22

Class

CI

Interest

Only

STRIP

2.342%

due

10/20/60

(~)(Ê)

1,496

79

Series

2011-17

Class

S

Interest

Only

STRIP

5.860%

due

02/20/41

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

1,912

344

Series

2011-22

Class

PS

Interest

Only

STRIP

5.810%

due

07/20/40

(-1

x

USD

1

Month

LIBOR

+

6.000%)(Ê)

277

11

Series

2011-70

Class

WI

Interest

Only

STRIP

4.660%

due

12/20/40

(USD

1

Month

LIBOR

+

4.850%)(Ê)

3,195

449

Series

2011-135

Class

DI

Interest

Only

STRIP

5.000%

due

04/16/40

1,226

215

Series

2012-129

Class

IO

Interest

Only

STRIP

4.500%

due

11/16/42

260

41

Series

2012-136

Class

BI

Interest

Only

STRIP

3.500%

due

11/20/42

1,305

203

Series

2012-H06

Class

AI

Interest

Only

STRIP

1.302%

due

01/20/62

(~)(Ê)

5,191

186

Series

2012-H10

Class

SI

Interest

Only

STRIP

1.389%

due

12/20/61

(~)(Ê)

5,846

310

Series

2013-23

Class

IK

Interest

Only

STRIP

3.000%

due

09/20/37

750

27

Series

2013-67

Class

IP

Interest

Only

STRIP

4.000%

due

04/16/43

2,651

410

Series

2013-76

Class

IO

Interest

Only

STRIP

3.500%

due

05/20/43

354

44

Series

2013-82

Class

TI

Interest

Only

STRIP

3.500%

due

05/20/43

1,864

238

Series

2013-182

Class

SY

Interest

Only

STRIP

5.910%

due

12/20/43

(-1

x

USD

1

Month

LIBOR

+

6.100%)(Ê)

550

89

Series

2013-H14

Class

XI

Interest

Only

STRIP

1.612%

due

03/20/63

(~)(Ê)

1,363

52

Series

2014-44

Class

IA

Interest

Only

STRIP

3.500%

due

05/20/28

1,006

56

Series

2014-58

Class

SA

Interest

Only

STRIP

5.910%

due

04/20/44

(-1

x

USD

1

Month

LIBOR

+

6.100%)(Ê)

19

3

Series

2014-98

Class

AI

Interest

Only

STRIP

4.500%

due

10/20/41

264

5

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2014-131

Class

BS

Interest

Only

STRIP

6.005%

due

09/16/44

(-1

x

USD

1

Month

LIBOR

+

6.200%)(Ê)

1,069

261

Series

2014-137

Class

ID

Interest

Only

STRIP

5.500%

due

09/16/44

1,417

263

Series

2014-139

Class

NI

Interest

Only

STRIP

3.500%

due

08/20/28

594

13

Series

2014-184

Class

DI

Interest

Only

STRIP

5.500%

due

12/16/44

846

166

Series

2014-188

Class

IB

Interest

Only

STRIP

4.000%

due

12/20/44

1,449

155

Series

2014-H18

Class

CI

Interest

Only

STRIP

1.553%

due

09/20/64

(~)(Ê)

3,245

224

Series

2014-H22

Class

DI

Interest

Only

STRIP

1.349%

due

11/20/64

(~)(Ê)

1,672

113

Series

2014-H24

Class

BI

Interest

Only

STRIP

1.606%

due

11/20/64

(~)(Ê)

3,909

237

Series

2014-H25

Class

BI

Interest

Only

STRIP

1.662%

due

12/20/64

(~)(Ê)

3,667

216

Series

2015-20

Class

PI

Interest

Only

STRIP

3.500%

due

02/20/45

490

71

Series

2015-40

Class

KI

Interest

Only

STRIP

4.000%

due

07/20/44

1,522

167

Series

2015-69

Class

IO

Interest

Only

STRIP

5.000%

due

05/20/45

769

125

Series

2015-106

Class

CI

Interest

Only

STRIP

4.000%

due

05/20/45

563

61

Series

2015-131

Class

BI

Interest

Only

STRIP

3.500%

due

06/20/41

284

4

Series

2015-133

Class

MI

Interest

Only

STRIP

3.000%

due

05/20/44

57

—

Series

2015-134

Class

LI

Interest

Only

STRIP

3.500%

due

05/20/39

241

4

Series

2015-144

Class

IA

Interest

Only

STRIP

4.000%

due

01/16/43

537

41

Series

2015-162

Class

BI

Interest

Only

STRIP

4.000%

due

11/20/40

784

44

Series

2015-165

Class

IC

Interest

Only

STRIP

3.500%

due

07/16/41

1,223

60

Series

2015-167

Class

BI

Interest

Only

STRIP

4.500%

due

04/16/45

904

158

Series

2015-182

Class

IC

Interest

Only

STRIP

4.500%

due

12/20/45

1,883

355

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

356

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2015-H04

Class

AI

Interest

Only

STRIP

2.348%

due

12/20/64

(~)(Ê)

2,042

115

Series

2015-H09

Class

BI

Interest

Only

STRIP

1.660%

due

03/20/65

(~)(Ê)

498

29

Series

2015-H10

Class

CI

Interest

Only

STRIP

1.777%

due

04/20/65

(~)(Ê)

1,379

93

Series

2015-H13

Class

AI

Interest

Only

STRIP

2.172%

due

06/20/65

(~)(Ê)

2,115

147

Series

2015-H15

Class

JI

Interest

Only

STRIP

1.935%

due

06/20/65

(~)(Ê)

977

75

Series

2015-H25

Class

AI

Interest

Only

STRIP

1.583%

due

09/20/65

(~)(Ê)

1,220

72

Series

2015-H29

Class

HI

Interest

Only

STRIP

2.098%

due

09/20/65

(~)(Ê)

2,032

101

Series

2016-29

Class

IO

Interest

Only

STRIP

4.000%

due

02/16/46

752

101

Series

2016-42

Class

IO

Interest

Only

STRIP

5.000%

due

02/20/46

1,002

162

Series

2016-75

Class

EI

Interest

Only

STRIP

3.500%

due

08/20/45

649

47

Series

2016-77

Class

SL

Interest

Only

STRIP

5.960%

due

03/20/43

(USD

1

Month

LIBOR

+

6.150%)(Ê)

633

49

Series

2016-123

Class

LI

Interest

Only

STRIP

3.500%

due

03/20/44

2,179

135

Series

2016-150

Class

I

Interest

Only

STRIP

5.000%

due

11/20/46

1,053

169

Series

2016-164

Class

IO

Interest

Only

STRIP

6.500%

due

12/20/46

1,005

182

Series

2016-H01

Class

AI

Interest

Only

STRIP

2.366%

due

01/20/66

(~)(Ê)

4,762

285

Series

2016-H04

Class

KI

Interest

Only

STRIP

2.260%

due

02/20/66

(~)(Ê)

1,784

87

Series

2016-H06

Class

AI

Interest

Only

STRIP

2.371%

due

02/20/66

(~)(Ê)

1,819

125

Series

2016-H13

Class

EI

Interest

Only

STRIP

1.177%

due

04/20/66

(~)(Ê)

2,614

218

Series

2016-H13

Class

MI

Interest

Only

STRIP

1.640%

due

06/20/66

(~)(Ê)

2,364

93

Series

2016-H17

Class

DI

Interest

Only

STRIP

2.317%

due

07/20/66

(~)(Ê)

3,871

286

Series

2016-H18

Class

QI

Interest

Only

STRIP

3.324%

due

06/20/66

(~)(Ê)

2,126

208

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2016-H21

Class

AI

Interest

Only

STRIP

2.265%

due

07/26/29

(~)(Ê)

6,835

563

Series

2016-H22

Class

IO

Interest

Only

STRIP

1.832%

due

10/20/66

(~)(Ê)

1,649

118

Series

2016-H24

Class

AI

Interest

Only

STRIP

2.889%

due

11/20/66

(~)(Ê)

5,346

435

Series

2016-H24

Class

DI

Interest

Only

STRIP

2.384%

due

11/20/66

(~)(Ê)

1,784

162

Series

2016-H24

Class

KI

Interest

Only

STRIP

2.009%

due

11/20/66

(~)(Ê)

1,934

181

Series

2016-H27

Class

BI

Interest

Only

STRIP

2.482%

due

12/20/66

(~)(Ê)

3,102

289

Series

2017-11

Class

PI

Interest

Only

STRIP

4.000%

due

12/20/46

304

18

Series

2017-26

Class

EI

Interest

Only

STRIP

5.000%

due

02/20/40

1,069

104

Series

2017-26

Class

IM

Interest

Only

STRIP

6.500%

due

02/20/47

2,428

393

Series

2017-38

Class

DI

Interest

Only

STRIP

5.000%

due

03/16/47

384

69

Series

2017-42

Class

IC

Interest

Only

STRIP

4.500%

due

08/20/41

1,542

262

Series

2017-52

Class

DI

Interest

Only

STRIP

5.500%

due

04/20/47

514

97

Series

2017-66

Class

KI

Interest

Only

STRIP

4.000%

due

08/20/44

1,316

57

Series

2017-79

Class

IB

Interest

Only

STRIP

5.500%

due

05/20/47

390

79

Series

2017-99

Class

PI

Interest

Only

STRIP

4.000%

due

03/20/46

427

37

Series

2017-104

Class

MI

Interest

Only

STRIP

5.500%

due

07/16/47

1,080

241

Series

2017-118

Class

KI

Interest

Only

STRIP

3.500%

due

10/20/46

375

14

Series

2017-123

Class

JI

Interest

Only

STRIP

4.000%

due

08/20/46

494

39

Series

2017-130

Class

IB

Interest

Only

STRIP

4.000%

due

08/20/47

565

81

Series

2017-132

Class

IA

Interest

Only

STRIP

4.500%

due

09/20/47

712

120

Series

2017-136

Class

GI

Interest

Only

STRIP

3.500%

due

09/20/47

850

62

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

357

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2017-136

Class

IY

Interest

Only

STRIP

5.000%

due

03/20/45

1,750

301

Series

2017-162

Class

QI

Interest

Only

STRIP

5.000%

due

10/20/47

547

96

Series

2017-179

Class

WI

Interest

Only

STRIP

5.000%

due

12/20/47

298

56

Series

2017-H02

Class

BI

Interest

Only

STRIP

2.425%

due

01/20/67

(~)(Ê)

1,233

111

Series

2017-H02

Class

HI

Interest

Only

STRIP

2.222%

due

01/20/67

(~)(Ê)

4,062

323

Series

2017-H03

Class

AI

Interest

Only

STRIP

2.524%

due

12/20/66

(~)(Ê)

6,410

610

Series

2017-H03

Class

DI

Interest

Only

STRIP

2.715%

due

12/20/66

(~)(Ê)

5,858

590

Series

2017-H03

Class

EI

Interest

Only

STRIP

2.479%

due

01/20/67

(~)(Ê)

2,341

281

Series

2017-H03

Class

KI

Interest

Only

STRIP

2.937%

due

01/20/67

(~)(Ê)

1,226

130

Series

2017-H04

Class

AI

Interest

Only

STRIP

2.873%

due

02/20/67

(~)(Ê)

8,244

724

Series

2017-H04

Class

BI

Interest

Only

STRIP

2.447%

due

02/20/67

(~)(Ê)

5,699

547

Series

2017-H06

Class

BI

Interest

Only

STRIP

2.351%

due

02/20/67

(~)(Ê)

5,171

399

Series

2017-H06

Class

DI

Interest

Only

STRIP

1.748%

due

02/20/67

(~)(Ê)

6,666

428

Series

2017-H06

Class

MI

Interest

Only

STRIP

2.244%

due

02/20/67

(~)(Ê)

1,951

173

Series

2017-H08

Class

EI

Interest

Only

STRIP

2.566%

due

02/20/67

(~)(Ê)

3,581

306

Series

2017-H08

Class

GI

Interest

Only

STRIP

2.583%

due

02/20/67

(~)(Ê)

1,084

114

Series

2017-H08

Class

NI

Interest

Only

STRIP

2.373%

due

03/20/67

(~)(Ê)

5,244

400

Series

2017-H09

Class

DI

Interest

Only

STRIP

1.874%

due

03/20/67

(~)(Ê)

3,007

218

Series

2017-H09

Class

IO

Interest

Only

STRIP

2.185%

due

04/20/67

(~)(Ê)

6,430

450

Series

2017-H14

Class

DI

Interest

Only

STRIP

1.679%

due

06/20/67

(~)(Ê)

1,152

66

Series

2017-H14

Class

JI

Interest

Only

STRIP

2.180%

due

06/20/67

(~)(Ê)

2,063

225

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2017-H14

Class

LI

Interest

Only

STRIP

1.649%

due

06/20/67

(~)(Ê)

3,710

282

Series

2017-H15

Class

CI

Interest

Only

STRIP

1.604%

due

06/20/67

(~)(Ê)

4,195

250

Series

2017-H16

Class

EI

Interest

Only

STRIP

1.820%

due

08/20/67

(~)(Ê)

5,400

398

Series

2017-H16

Class

FI

Interest

Only

STRIP

2.371%

due

08/20/67

(~)(Ê)

8,294

555

Series

2017-H16

Class

HI

Interest

Only

STRIP

1.708%

due

08/20/67

(~)(Ê)

3,040

213

Series

2017-H16

Class

IB

Interest

Only

STRIP

1.834%

due

08/20/67

(~)(Ê)

4,576

331

Series

2017-H16

Class

IG

Interest

Only

STRIP

1.825%

due

07/20/67

(~)(Ê)

4,458

298

Series

2017-H16

Class

IO

Interest

Only

STRIP

1.905%

due

08/20/67

(~)(Ê)

3,027

290

Series

2017-H16

Class

JI

Interest

Only

STRIP

2.108%

due

08/20/67

(~)(Ê)

3,160

302

Series

2017-H18

Class

CI

Interest

Only

STRIP

2.248%

due

09/20/67

(~)(Ê)

1,292

155

Series

2017-H18

Class

FI

Interest

Only

STRIP

2.408%

due

09/20/67

(~)(Ê)

3,308

326

Series

2017-H19

Class

MI

Interest

Only

STRIP

2.051%

due

04/20/67

(~)(Ê)

3,570

275

Series

2017-H20

Class

AI

Interest

Only

STRIP

2.336%

due

10/20/67

(~)(Ê)

9,578

1,004

Series

2017-H20

Class

HI

Interest

Only

STRIP

2.305%

due

10/20/67

(~)(Ê)

2,832

264

Series

2017-H20

Class

JI

Interest

Only

STRIP

1.668%

due

09/20/67

(~)(Ê)

3,348

352

Series

2017-H21

Class

DI

Interest

Only

STRIP

1.934%

due

10/20/67

(~)(Ê)

7,200

466

Series

2017-H22

Class

GI

Interest

Only

STRIP

2.471%

due

10/20/67

(~)(Ê)

5,948

658

Series

2017-H22

Class

KI

Interest

Only

STRIP

2.289%

due

11/20/67

(~)(Ê)

2,056

199

Series

2017-H25

Class

IO

Interest

Only

STRIP

2.263%

due

11/20/67

(~)(Ê)

4,051

373

Series

2018-21

Class

IN

Interest

Only

STRIP

5.000%

due

02/20/48

1,646

297

Series

2018-67

Class

SC

Interest

Only

STRIP

6.010%

due

05/20/48

(USD

1

Month

LIBOR

+

6.200%)(Ê)

1,994

353

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

358

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2018-72

Class

IC

Interest

Only

STRIP

4.000%

due

05/20/45

1,604

242

Series

2018-89

Class

LS

Interest

Only

STRIP

6.010%

due

06/20/48

(-1

x

USD

1

Month

LIBOR

+

6.200%)(Ê)

2,992

463

Series

2018-91

Class

SJ

Interest

Only

STRIP

6.060%

due

07/20/48

(USD

1

Month

LIBOR

+

6.250%)(Ê)

2,467

388

Series

2018-127

Class

IA

Interest

Only

STRIP

3.500%

due

04/20/42

140

9

Series

2018-127

Class

IB

Interest

Only

STRIP

4.500%

due

06/20/45

1,315

100

Series

2018-127

Class

ID

Interest

Only

STRIP

5.000%

due

07/20/45

1,667

198

Series

2018-H01

Class

AI

Interest

Only

STRIP

2.332%

due

01/20/68

(~)(Ê)

1,447

145

Series

2018-H01

Class

CI

Interest

Only

STRIP

1.843%

due

01/20/68

(~)(Ê)

2,743

199

Series

2018-H01

Class

KI

Interest

Only

STRIP

1.913%

due

01/20/68

(~)(Ê)

4,988

364

Series

2018-H02

Class

AI

Interest

Only

STRIP

2.401%

due

01/20/68

(~)(Ê)

2,787

278

Series

2018-H02

Class

IM

Interest

Only

STRIP

2.338%

due

02/20/68

(~)(Ê)

3,462

360

Series

2018-H02

Class

KI

Interest

Only

STRIP

1.955%

due

02/20/68

(~)(Ê)

4,552

319

Series

2018-H04

Class

GI

Interest

Only

STRIP

1.881%

due

02/20/68

(~)(Ê)

3,903

241

Series

2018-H04

Class

IO

Interest

Only

STRIP

2.665%

due

02/20/68

(~)(Ê)

1,840

182

Series

2018-H04

Class

MI

Interest

Only

STRIP

1.837%

due

03/20/68

(~)(Ê)

5,254

306

Series

2018-H05

Class

BI

Interest

Only

STRIP

2.563%

due

02/20/68

(~)(Ê)

2,651

253

Series

2018-H05

Class

ID

Interest

Only

STRIP

2.501%

due

03/20/68

(~)(Ê)

2,082

237

Series

2018-H05

Class

IE

Interest

Only

STRIP

2.482%

due

02/20/68

(~)(Ê)

6,484

636

Series

2018-H06

Class

HI

Interest

Only

STRIP

1.877%

due

04/20/68

(~)(Ê)

4,025

252

Series

2018-H06

Class

KI

Interest

Only

STRIP

3.058%

due

04/20/68

(~)(Ê)

2,352

206

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2018-H08

Class

FI

Interest

Only

STRIP

0.254%

due

06/20/68

(~)(Ê)

2,846

228

Series

2019-6

Class

SM

Interest

Only

STRIP

5.860%

due

01/20/49

(USD

1

Month

LIBOR

+

6.050%)(Ê)

1,292

179

Series

2019-20

Class

SC

Interest

Only

STRIP

5.910%

due

02/20/49

(-1

x

USD

1

Month

LIBOR

+

6.100%)(Ê)

2,960

496

Series

2019-23

Class

VS

Interest

Only

STRIP

5.960%

due

02/20/49

(-1

x

USD

1

Month

LIBOR

+

6.150%)(Ê)

1,698

274

Series

2019-78

Class

SJ

Interest

Only

STRIP

5.860%

due

06/20/49

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

118

13

Series

2019-78

Class

SM

Interest

Only

STRIP

5.910%

due

06/20/49

(USD

1

Month

LIBOR

+

6.100%)(Ê)

1,641

213

Series

2019-83

Class

JS

Interest

Only

STRIP

5.910%

due

07/20/49

(-1

x

USD

1

Month

LIBOR

+

6.100%)(Ê)

2,683

338

Series

2019-90

Class

SJ

Interest

Only

STRIP

5.948%

due

07/20/49

(-1

x

USD

1

Month

LIBOR

+

6.100%)(Ê)

3,058

547

Series

2019-99

Class

KS

Interest

Only

STRIP

5.860%

due

08/20/49

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

98

14

Series

2019-110

Class

S

Interest

Only

STRIP

5.860%

due

09/20/49

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

2,490

405

Series

2019-123

Class

SL

Interest

Only

STRIP

5.960%

due

10/20/49

(-1

x

USD

1

Month

LIBOR

+

6.150%)(Ê)

2,586

318

Series

2019-137

Class

GI

Interest

Only

STRIP

4.000%

due

11/20/49

1,693

220

Series

2019-143

Class

HS

Interest

Only

STRIP

5.860%

due

09/20/49

(USD

1

Month

LIBOR

+

6.050%)(Ê)

1,328

167

Series

2019-H15

Class

CI

Interest

Only

STRIP

1.617%

due

07/20/69

(~)(Ê)

4,188

178

Series

2019-H15

Class

MI

Interest

Only

STRIP

1.801%

due

09/20/69

(~)(Ê)

3,971

207

Series

2019-H16

Class

IA

Interest

Only

STRIP

1.744%

due

10/20/69

(~)(Ê)

4,623

223

Series

2020-7

Class

IB

Interest

Only

STRIP

4.000%

due

01/20/50

4,602

537

Series

2020-15

Class

CS

Interest

Only

STRIP

5.860%

due

02/20/50

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

316

44

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

359

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2020-32

Class

IV

Interest

Only

STRIP

3.000%

due

03/20/50

2,625

179

Series

2020-46

Class

MI

Interest

Only

STRIP

4.000%

due

04/01/50

1,503

180

Series

2020-47

Class

SG

Interest

Only

STRIP

5.813%

due

02/20/49

(USD

1

Month

LIBOR

+

6.000%)(Ê)

3,075

553

Series

2020-79

Class

DI

Interest

Only

STRIP

3.500%

due

06/20/50

4,774

581

Series

2020-84

Class

ES

Interest

Only

STRIP

6.004%

due

06/20/50

(USD

1

Month

LIBOR

+

6.150%)(Ê)

2,402

470

Series

2020-148

Class

AS

Interest

Only

STRIP

6.154%

due

10/20/50

(-1

x

USD

1

Month

LIBOR

+

6.300%)(Ê)

2,154

496

Series

2020-176

Class

BI

Interest

Only

STRIP

3.000%

due

11/20/50

2,024

264

Series

2020-H02

Class

AI

Interest

Only

STRIP

1.652%

due

01/20/70

(~)(Ê)

16,841

780

Series

2021-42

Class

IG

Interest

Only

STRIP

3.000%

due

03/20/51

2,149

168

Series

2021-49

Class

SB

Interest

Only

STRIP

6.193%

due

03/20/51

(-1

x

USD

1

Month

LIBOR

+

6.300%)(Ê)

2,577

443

Series

2021-57

Class

SD

Interest

Only

STRIP

6.194%

due

03/20/51

(-1

x

USD

1

Month

LIBOR

+

6.300%)(Ê)

3,948

506

Series

2021-59

Class

SU

Interest

Only

STRIP

6.184%

due

04/20/51

(-1

x

USD

1

Month

LIBOR

+

6.300%)(Ê)

3,505

584

Series

2021-77

Class

IL

Interest

Only

STRIP

3.000%

due

07/20/50

2,058

138

Series

2021-77

Class

SM

Interest

Only

STRIP

6.199%

due

05/20/51

(-1

x

USD

1

Month

LIBOR

+

6.300%)(Ê)

1,859

310

Series

2021-78

Class

IP

Interest

Only

STRIP

3.000%

due

05/20/51

5,738

412

Series

2021-97

Class

QI

Interest

Only

STRIP

3.000%

due

06/20/51

4,115

338

131,660

Non-US

Bonds

-

3.1%

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)

EUR

200

280

Brazil

Notas

do

Tesouro

Nacional

Series

NTNF

10.000%

due

01/01/23

BRL

1,060

211

10.000%

due

01/01/25

BRL

1,690

339

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

10.000%

due

01/01/27

BRL

1,959

393

Chile

Bonos

de

la

Tesoreria

4.500%

due

03/01/26

CLP

840,000

1,166

Colombian

Titulos

de

Tesoreria

Series

B

10.000%

due

07/24/24

COP

101,000

30

7.500%

due

08/26/26

COP

5,531,400

1,516

7.750%

due

09/18/30

COP

173,500

47

Commerzbank

AG

4.250%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

4.387%)(Ê)(ƒ)

EUR

200

241

Czech

Republic

Government

International

Bond

Series

94

0.950%

due

05/15/30

CZK

3,670

161

Series

97

0.450%

due

10/25/23

CZK

58,730

2,671

Dominican

Republic

Government

International

Bond

8.000%

due

06/11/28

(Þ)

DOP

300

6

Electricite

de

France

SA

5.000%

due

01/22/49

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

12

Year

Rate

+

3.043%)(Ê)(ƒ)

EUR

100

134

2.625%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.860%)(Ê)(ƒ)

EUR

200

243

Hungary

Government

International

Bond

Series

23/A

6.000%

due

11/24/23

HUF

87,000

317

Indonesia

Treasury

Bond

Series

FR72

8.250%

due

05/15/36

IDR

10,280,000

791

Series

FR73

8.750%

due

05/15/31

IDR

17,670,000

1,429

Mexican

Bonos

Series

M

20

7.500%

due

06/03/27

MXN

1,640

86

Series

M

8.000%

due

12/07/23

MXN

32,430

1,703

7.750%

due

11/23/34

MXN

5,161

273

Peruvian

Government

International

Bond

6.950%

due

08/12/31

PEN

1,500

386

Series

REGS

5.700%

due

08/12/24

PEN

650

172

6.900%

due

08/12/37

PEN

2,716

638

6.850%

due

02/12/42

PEN

270

62

Philippine

Government

International

Bond

Series

1060

3.625%

due

09/09/25

PHP

9,900

206

Republic

of

South

Africa

Government

International

Bond

Series

2048

8.750%

due

02/28/48

ZAR

4,010

230

Series

R214

6.500%

due

02/28/41

ZAR

17,320

788

Romania

Government

International

Bond

Series

10Y

5.850%

due

04/26/23

RON

830

212

4.750%

due

02/24/25

RON

1,415

363

Series

15YR

5.800%

due

07/26/27

RON

1,000

275

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

360

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Royal

Bank

of

Canada

3.650%

due

11/24/81

(Canadian

Government

Bonds

5

Year

Note

+

2.665%)(Ê)

CAD

200

160

Russian

Federal

Bond

-

OFZ

Series

6212

7.050%

due

01/19/28

RUB

141,331

1,965

Series

6230

7.700%

due

03/16/39

RUB

6,600

97

Thailand

Government

International

Bond

2.000%

due

12/17/22

THB

15,733

489

3.625%

due

06/16/23

THB

6,250

201

3.850%

due

12/12/25

THB

5,203

179

3.580%

due

12/17/27

THB

7,920

277

UniCredit

SpA

4.450%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

4.606%)(Ê)(ƒ)

EUR

200

241

VIVAT

NV

7.000%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

6.463%)(Ê)(ƒ)

EUR

200

273

19,251

Total

Long-Term

Investments

(cost

$238,821)

240,493

Common

Stocks

-

45.9%

Consumer

Discretionary

-

5.8%

adidas

AG

2,330

846

Aisin

Seiki

Co.,

Ltd.

21,400

866

Amazon.com,

Inc.(Æ)

191

636

Aoyama

Trading

Co.,

Ltd.(Æ)

25,600

164

B&M

European

Value

Retail

SA

12,122

93

Barnes

&

Noble

Education,

Inc.(Æ)

190,762

1,593

Boyd

Gaming

Corp.(Æ)

3,274

187

Caesars

Entertainment,

Inc.(Æ)

1,350

118

Caleres

,

Inc.

105,096

2,599

Carrols

Restaurant

Group,

Inc.(Æ)

295,524

1,451

Charming

Charlie,

Inc.(Æ)(Š)

1,147,677

—

Cie

Generale

des

Etablissements

Michelin

SCA

Class

B

405

66

Citizen

Watch

Co.,

Ltd.

163,700

641

City

Developments,

Ltd.

15,900

80

Comcast

Corp.

Class

A

3,037

179

Comet

Holding

AG

1,644

539

Costco

Wholesale

Corp.

333

143

Davide

Campari-Milano

NV(Æ)

47,708

672

Dechra

Pharmaceuticals

PLC

18,634

1,286

Del

Taco

Restaurants,

Inc.(Æ)

86,996

740

Dollar

General

Corp.

438

102

Dollar

Tree,

Inc.(Æ)

677

68

DR

Horton,

Inc.

676

65

Fortune

Brands

Home

&

Security,

Inc.

866

84

Fossil

Group,

Inc.(Æ)

97,942

1,236

Games

Workshop

Group

PLC

2,904

459

Garmin,

Ltd.

840

132

Gentex

Corp.

2,206

75

Genuine

Parts

Co.

438

56

Grand

Canyon

Education,

Inc.(Æ)

833

77

H&R

Block,

Inc.

98,870

2,426

Hermes

International

80

122

Home

Depot,

Inc.

(The)

724

238

Honda

Motor

Co.,

Ltd.

78,200

2,501

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

J

Front

Retailing

Co.,

Ltd.

71,600

603

Kering

1,330

1,194

Komeri

Co.,

Ltd.

28,100

682

K's

Holdings

Corp.

18,900

223

LKQ

Corp.(Æ)

2,005

102

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

132

106

MIPS

AB

4,919

518

Moncler

SpA

15,621

1,076

Nike,

Inc.

Class

B

656

110

Nissan

Motor

Co.,

Ltd.(Æ)

67,200

389

NVR,

Inc.(Æ)

10

52

On

the

Beach

Group

PLC(Æ)(Þ)

104,743

473

Pernod

Ricard

SA

2,773

612

Persimmon

PLC

Class

A

1,811

73

Pou

Chen

Corp.

Class

B

49,000

62

PulteGroup,

Inc.

1,630

89

Sands

China,

Ltd.(Æ)

26,800

92

Santos

Brasil

Participacoes

SA(Æ)

100,800

175

SEB

SA

316

53

SGS

SA

17

55

SMART

Global

Holdings,

Inc.(Æ)

47,058

2,204

Sumitomo

Electric

Industries,

Ltd.

130,100

1,849

Swatch

Group

AG

(The)

1,442

94

Swatch

Group

AG

(The)

Class

B

187

62

Takashimaya

Co.,

Ltd.

29,500

305

Target

Corp.

726

190

Teleperformance

-

GDR

3,930

1,658

TJX

Cos.,

Inc.

(The)

1,317

91

Tractor

Supply

Co.

326

59

United

Arrows,

Ltd.

16,000

278

Wacoal

Holdings

Corp.

15,700

358

Walmart,

Inc.

516

74

Walt

Disney

Co.

(The)(Æ)

589

104

Xebio

Holdings

Co.,

Ltd.

21,000

192

Yamada

Denki

Co.,

Ltd.

188,600

890

35,687

Consumer

Staples

-

2.1%

Adecoagro

SA(Æ)

80,146

766

Ajinomoto

Co.,

Inc.

12,100

308

Ambev

SA

35,900

115

Astarta

Holding

NV

19,130

237

Carrefour

SA

12,964

241

Clorox

Co.

(The)

427

77

Colruyt

SA

1,711

97

CVS

Health

Corp.

1,059

87

Dino

Polska

SA(Æ)(Þ)

9,549

764

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

215

72

First

Resources,

Ltd.

509,600

512

General

Mills,

Inc.

2,030

119

Golden

Agri-Resources,

Ltd.

6,929,120

1,176

HelloFresh

SE(Æ)

12,609

1,183

Henkel

AG

&

Co.

KGaA

473

43

Hormel

Foods

Corp.

1,234

57

ICA

Gruppen

AB

846

42

Ingredion,

Inc.

446

39

Japan

Tobacco,

Inc.

116,100

2,270

JM

Smucker

Co.

(The)

878

115

Kao

Corp.

7,500

451

Kernel

Holding

SA

46,554

644

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

361

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kirin

Holdings

Co.,

Ltd.

110,100

2,015

Koninklijke

Ahold

Delhaize

NV

4,146

129

Lenta

PLC

-

GDR(Æ)

112,968

360

L'Oreal

SA

130

60

NH

Foods,

Ltd.

10,800

437

North

West

Co.,

Inc.

(The)

1,843

54

PepsiCo,

Inc.

345

54

Procter

&

Gamble

Co.

(The)

1,699

242

PZ

Cussons

PLC

18,265

64

Russel

Metals,

Inc.

4,296

121

Saputo,

Inc.

-

ADR

1,555

45

Stock

Spirits

Group

PLC

22,055

79

13,075

Energy

-

2.1%

Cenovus

Energy,

Inc.

98,569

822

Chevron

Corp.

823

84

China

Petroleum

&

Chemical

Corp.

Class

H

180,000

82

China

Shenhua

Energy

Co.,

Ltd.

Class

H

157,500

299

Crescent

Point

Energy

Corp.(Ñ)

56,445

206

Denison

Mines

Corp.(Æ)

145,547

157

Exxon

Mobil

Corp.

1,668

96

Fission

Uranium

Corp.(Æ)

493,461

214

Formosa

Petrochemical

Corp.

15,000

52

Gazprom

PJSC

654,126

2,549

GS

Holdings

Corp.

3,211

119

Japan

Petroleum

Exploration

Co.,

Ltd.

9,100

151

NAC

Kazatomprom

JSC

-

GDR

40,218

1,002

NexTier

Oilfield

Solutions,

Inc.(Æ)

378,199

1,445

ONEOK,

Inc.

2,566

133

Range

Resources

Corp.(Æ)

60,932

928

Schneider

Electric

SE

343

57

SM

Energy

Co.

140,965

2,637

Southwestern

Energy

Co.(Æ)

198,616

935

Targa

Resources

Corp.

9,324

393

Williams

Cos.,

Inc.

(The)

20,814

521

12,882

Financial

Services

-

11.6%

3i

Group

PLC

7,211

128

Activia

Properties,

Inc.(ö)

41

186

Aedifica

(ö)

1,316

189

AerCap

Holdings

NV(Æ)

21,306

1,129

Aflac,

Inc.

2,194

121

Allianz

SE

392

98

Allied

Properties

Real

Estate

Investment

Trust(ö)

6,714

246

alstria

office

REIT-AG(ö)

9,699

205

American

Tower

Corp.(ö)

405

115

Americold

Realty

Trust(ö)

7,896

307

Apartment

Income

REIT

Corp.(ö)

4,914

259

Apple

Hospitality

REIT,

Inc.(ö)

172,135

2,573

Argan

SA(ö)

675

88

Assicurazioni

Generali

SpA

5,103

102

Assura

PLC(ö)

165,594

179

Axis

Capital

Holdings,

Ltd.

46,308

2,356

Big

Yellow

Group

PLC(ö)

8,111

164

BlackRock,

Inc.

Class

A

117

101

Blucora

,

Inc.(Æ)

67,224

1,133

Bridgepoint

Group

PLC(Æ)

40,971

276

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

British

Land

Co.

PLC

(The)(ö)

38,792

275

Brixmor

Property

Group,

Inc.(ö)

76,282

1,756

Canadian

Apartment

Properties(ö)

1,657

83

CapitaLand

Mall

Trust

Class

A(ö)

116,088

184

CapitaLand,

Ltd.

26,700

79

Castellum

AB

7,339

206

Catena

AB

1,669

100

CBRE

Group,

Inc.

Class

A(Æ)

2,121

205

Charles

Schwab

Corp.

(The)

1,452

99

Charter

Hall

Group

-

ADR(ö)

28,643

343

China

Common

Rich

Renewable

Energy

Investments,

Ltd.(Æ)(Š)

205,123

—

China

Life

Insurance

Co.,

Ltd.

101,000

95

Chubb,

Ltd.

554

93

CK

Asset

Holdings,

Ltd.

42,500

290

Commerce

Bancshares,

Inc.

890

63

Credit

Saison

Co.,

Ltd.

88,100

1,049

CTP

NV(Æ)(Þ)

5,015

101

Curo

Group

Holdings

Corp.

67,802

1,069

CyrusOne

,

Inc.(ö)

5,971

426

Daibiru

Corp.

18,600

238

Dai-ichi

Life

Holdings,

Inc.

92,300

1,705

Deutsche

Wohnen

SE

1,411

88

Digital

Realty

Trust,

Inc.(ö)

1,993

307

Duke

Realty

Corp.(ö)

9,469

482

Dundee

Corp.

Class

A

60,021

82

Emerald

Holding,

Inc.(Æ)

179,092

707

Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

AS(ö)

311,592

67

Equinix

,

Inc.(Æ)(ö)

461

378

Equities

AB

21,777

1,052

ESR

Cayman,

Ltd.(Æ)(Þ)

22,200

78

Essex

Property

Trust,

Inc.(ö)

1,695

556

Etalon

Group

PLC

-

GDR

197,688

325

Extra

Space

Storage,

Inc.(ö)

4,734

824

EZCORP,

Inc.

Class

A(Æ)

192,335

1,100

Fastighets

AB

Balder

Class

B(Æ)

3,021

209

Fidelity

National

Financial,

Inc.

870

39

First

Foundation,

Inc.

73,058

1,722

FirstRand,

Ltd.

21,917

81

Franklin

Resources,

Inc.

4,121

122

Gjensidige

Forsikring

ASA

2,709

62

GLP

J-REIT(Æ)(ö)

129

231

Goodman

Group(ö)

6,154

102

Granite

Real

Estate

Investment

Trust(ö)

1,202

83

Great-West

Lifeco

,

Inc.

4,350

131

Hachijuni

Bank,

Ltd.

(The)

52,700

171

Healthcare

Trust

of

America,

Inc.

Class

A(ö)

7,247

207

Healthpeak

Properties,

Inc.(ö)

18,832

696

Highwoods

Properties,

Inc.(ö)

3,576

171

Hirogin

Holdings,

Inc.

42,000

226

HomeStreet

,

Inc.

32,284

1,217

Host

Hotels

&

Resorts,

Inc.(Æ)(ö)

21,332

340

iA

Financial

Corp.,

Inc.

1,048

58

ICADE(ö)

1,609

147

IG

Group

Holdings

PLC

6,752

84

Instone

Real

Estate

Group

AG(Þ)

5,431

168

Interactive

Brokers

Group,

Inc.

Class

A

1,101

68

InterRent

Real

Estate

Investment

Trust(ö)

8,196

118

Invincible

Investment

Corp.(ö)

338

133

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

362

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Invitation

Homes,

Inc.(ö)

7,726

314

Japan

Retail

Fund

Investment

Corp.(ö)

173

181

Jones

Lang

LaSalle,

Inc.(Æ)

1,754

390

JPMorgan

Chase

&

Co.

1,421

216

Kasikornbank

PCL

23,300

73

Keppel

DC

REIT(ö)

42,400

83

Keppel

REIT(ö)

109,000

97

Kimco

Realty

Corp.(ö)

13,636

291

Klepierre

SA

-

GDR(ö)

9,517

231

Korean

Reinsurance

Co.

21,445

178

LEG

Immobilien

AG

854

135

Link

Real

Estate

Investment

Trust(ö)

37,930

363

London

Stock

Exchange

Group

PLC

8,125

846

LondonMetric

Property

PLC(ö)

30,911

107

LSR

Group

PJSC

25,878

269

LX

Holdings

Corp.(Æ)

1,079

10

M&T

Bank

Corp.

440

59

Manulife

Financial

Corp.

4,876

94

MasterCard,

Inc.

Class

A

215

83

Medical

Properties

Trust,

Inc.(ö)

11,936

251

Merck

&

Co.,

Inc.

1,596

123

Mirvac

Group(ö)

185,380

390

Mitsubishi

Estate

Co.,

Ltd.

164,100

2,575

Mitsubishi

UFJ

Financial

Group,

Inc.

196,100

1,039

Mitsubishi

UFJ

Lease

&

Finance

Co.,

Ltd.

47,700

260

Mitsui

Fudosan

Co.,

Ltd.

19,400

454

Mitsui

Fudosan

Logistics

Park,

Inc.(ö)

16

90

Monmouth

Real

Estate

Investment

Corp.

(Æ)

5,484

139

Moscow

Exchange

MICEX-RTS

PJSC

129,697

307

MS&AD

Insurance

Group

Holdings,

Inc.

21,000

649

Neinor

Homes

SA(Æ)(Þ)

6,577

96

Nippon

Building

Fund,

Inc.(ö)

32

207

Nishi-Nippon

Financial

Holdings,

Inc.

25,200

142

NMI

Holdings,

Inc.

Class

A(Æ)

167,846

3,697

NN

Group

NV

2,090

104

Nomura

Holdings,

Inc.

104,900

524

North

Pacific

Bank,

Ltd.

88,100

188

Northern

Trust

Corp.

525

59

Orix

JREIT,

Inc.(ö)

30

57

Park

Hotels

&

Resorts,

Inc.(Æ)(ö)

5,036

93

Parkway

Life

Real

Estate

Investment

Trust(Æ)(ö)

45,900

157

Partners

Group

Holding

AG

788

1,347

Picton

Property

Income,

Ltd.

(The)(ö)

66,859

85

Popular,

Inc.

38,695

2,816

Principal

Financial

Group,

Inc.

476

30

Progressive

Corp.

(The)

1,263

120

Prologis,

Inc.(ö)

7,456

955

Prosperity

Bancshares,

Inc.

1,011

69

Prosus

NV(Æ)

8,098

719

Public

Storage(ö)

4,087

1,277

Raymond

James

Financial,

Inc.

670

87

Rexford

Industrial

Realty,

Inc.(Æ)

6,300

165

RMR

Group,

Inc.

(The)

Class

A

37,222

1,461

Ruentex

Development

Co.,

Ltd.

45,000

101

Safestore

Holdings

PLC(ö)

13,643

200

Savills

PLC

9,660

154

Sberbank

of

Russia

PJSC

168,110

704

Schroders

PLC

1,626

83

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Segro

PLC(ö)

25,514

432

Simon

Property

Group,

LP(ö)

6,286

795

SP

Plus

Corp.(Æ)

60,966

1,999

Sprott

,

Inc.

14,598

538

Standard

Life

Aberdeen

PLC(Æ)

18,874

74

Sumitomo

Mitsui

Banking

Corp.

69,900

2,356

Sumitomo

Mitsui

Trust

Holdings,

Inc.

52,200

1,715

Summit

Industrial

Income

REIT(ö)

4,485

68

Sun

Communities,

Inc.(ö)

2,233

438

Sun

Hung

Kai

Properties,

Ltd.

30,500

437

Sun

Life

Financial,

Inc.

1,380

72

T.

Rowe

Price

Group,

Inc.

529

108

Target

Healthcare

REIT

PLC(ö)

45,857

79

Tokyu

Fudosan

Holdings

Corp.

16,800

95

Travelers

Cos.,

Inc.

(The)

291

43

Tritax

Big

Box

REIT

PLC(ö)

65,565

192

Truist

Financial

Corp.

1,489

81

Turkiye

Halk

Bankasi

AS(Æ)

539,138

294

UDR,

Inc.(ö)

13,658

751

Unibail

-

Rodamco

-Westfield(Æ)(ö)

1,114

93

United

Urban

Investment

Corp.(ö)

82

121

Ventas,

Inc.(ö)

10,669

638

VEREIT,

Inc.(ö)

11,632

570

VGP

NV

552

114

VICI

Properties,

Inc.(Ñ)(ö)

3,873

121

Visa,

Inc.

Class

A

368

91

Vonovia

SE

11,208

747

VTB

Bank

PJSC

410,510,000

273

Welltower

,

Inc.(ö)

4,184

363

Weyerhaeuser

Co.(ö)

3,242

109

Wharf

Real

Estate

Investment

Co.,

Ltd.

27,000

153

Wihlborgs

Fastigheter

AB

3,604

84

Workspace

Group

PLC(ö)

6,775

81

Yellow

Cake

PLC(Æ)(Þ)

86,825

339

Zurich

Insurance

Group

AG

150

60

71,564

Health

Care

-

2.7%

Abbott

Laboratories

840

102

AbbVie,

Inc.

1,531

178

AddLife

AB

Class

B

19,194

641

Agilent

Technologies,

Inc.

709

109

Ambu

A/S

Class

B(Ñ)

16,539

612

Amgen,

Inc.

333

80

Anthem,

Inc.(Æ)

129

50

Bristol-Myers

Squibb

Co.

2,059

140

Cellavision

AB

9,782

515

Chemed

Corp.

122

58

ChemoMetec

A/S

5,294

849

Cigna

Corp.

262

60

Edwards

Lifesciences

Corp.(Æ)

531

60

Evotec

SE(Æ)

20,692

859

H.U.

Group

Holdings,

Inc.

16,800

437

Henry

Schein,

Inc.(Æ)

1,049

84

Humana,

Inc.

99

42

Intuitive

Surgical,

Inc.(Æ)

61

60

Japan

Lifeline

Co.,

Ltd.

51,200

645

Johnson

&

Johnson

1,567

270

KYORIN

Holdings,

Inc.

42,400

690

Lantheus

Holdings,

Inc.(Æ)

58,302

1,526

Lifco

AB(Æ)

20,410

599

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

363

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Lonza

Group

AG

947

737

Medtronic

PLC

696

91

Novartis

AG

1,237

114

Novo

Nordisk

A/S

Class

B

14,001

1,297

Organon

&

Co.

159

5

Orion

OYJ

Class

B

1,879

80

Pfizer,

Inc.

2,009

86

PolyPeptide

Group

AG(Æ)(Þ)

5,176

564

Regeneron

Pharmaceuticals,

Inc.(Æ)

83

48

ResMed

,

Inc.

235

64

Roche

Holding

AG

264

102

Sawai

Group

Holdings

Co.,

Ltd.

14,400

616

Siemens

Healthineers

AG(Þ)

12,297

813

Sonova

Holding

AG

179

70

Straumann

Holding

AG

310

575

Stryker

Corp.

336

91

Suzuken

Co.,

Ltd.

12,900

374

Takeda

Pharmaceutical

Co.,

Ltd.

50,400

1,675

Thermo

Fisher

Scientific,

Inc.

219

118

Toho

Holdings

Co.,

Ltd.

25,100

422

UnitedHealth

Group,

Inc.

439

181

Universal

Health

Services,

Inc.

Class

B

617

99

West

Pharmaceutical

Services,

Inc.

171

70

16,958

Materials

and

Processing

-

7.1%

AddTech

AB

Class

B

32,046

666

Akzo

Nobel

NV

694

86

Artemis

Gold,

Inc.(Æ)

75,256

377

Asahi

Glass

Co.,

Ltd.

4,400

189

BASF

SE

1,528

120

Bear

Creek

Mining

Corp.(Æ)

110,946

137

Brenntag

AG

925

92

Cameco

Corp.

Class

A

110,995

1,976

Carel

Industries

SpA

(Þ)

12,965

309

CCL

Industries,

Inc.

Class

B

1,095

63

Centerra

Gold,

Inc.

225,146

1,810

Cornerstone

Building

Brands,

Inc.(Æ)

87,833

1,477

Fastenal

Co.

996

55

Ferguson

PLC

521

73

Formosa

Chemicals

&

Fibre

Corp.

34,000

100

Fresnillo

PLC

47,689

542

Gabriel

Resources,

Ltd.(Æ)

1,655,929

358

Geberit

AG

74

61

Getlink

SE

36,616

586

Gold

Fields,

Ltd.

-

ADR

49,222

485

Harmony

Gold

Mining

Co.,

Ltd.

-

ADR(Ñ)

33,548

138

Hokuetsu

Corp.

67,200

375

IAMGOLD

Corp.(Æ)

35,669

98

IMI

PLC

4,791

117

Impala

Platinum

Holdings,

Ltd.

5,436

98

International

Tower

Hill

Mines,

Ltd.(Æ)

97,110

98

ITT,

Inc.

932

91

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

101,226

751

JFE

Holdings,

Inc.

104,900

1,285

Koninklijke

DSM

NV

4,810

970

Kuraray

Co.,

Ltd.

63,100

586

Lanxess

AG

10,943

793

LG

Corp.

Class

H

2,226

183

Linde

PLC(Æ)

389

120

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

MHP

SE

-

GDR

98,982

537

Mosaic

Co.

(The)

88,959

2,778

New

Gold,

Inc.(Æ)

131,852

216

Newcrest

Mining,

Ltd.

116,623

2,273

NexGen

Energy,

Ltd.(Æ)(Ñ)

278,237

1,175

Nippon

Steel

Corp.

137,200

2,398

Northern

Dynasty

Minerals,

Ltd.(Æ)(Ñ)

419,503

182

NOVAGOLD

Resources,

Inc.(Æ)

41,672

326

NSK,

Ltd.

75,300

622

Pan

American

Silver

Corp.

16,583

466

Polyus

PJSC

-

GDR

11,176

1,077

PPG

Industries,

Inc.

594

97

Reliance

Steel

&

Aluminum

Co.

390

61

Rio

Tinto

PLC

1,756

150

Royal

Gold,

Inc.

2,348

285

Seabridge

Gold,

Inc.(Æ)(Ñ)

66,375

1,202

Sika

AG

1,701

599

Simcorp

SA

-

ADR

2,858

397

Sonoco

Products

Co.

487

31

Stella-Jones

Corp.

1,717

62

Toray

Industries,

Inc.

127,700

842

Trane

Technologies

PLC

423

86

Tronox

Holdings

PLC

Class

A

209,626

3,864

Turquoise

Hill

Resources,

Ltd.(Æ)(Ñ)

164,656

2,750

Univar

Solutions,

Inc.

-

ADR(Æ)

88,931

2,182

Valvoline,

Inc.

76,861

2,358

Venator

Materials

PLC(Æ)

248,939

789

Watsco

,

Inc.

317

90

Western

Copper

&

Gold

Corp.(Æ)

59,283

114

Wheaton

Precious

Metals

Corp.

15,033

694

Yara

International

ASA

2,913

153

44,121

Producer

Durables

-

6.4%

3M

Co.

786

156

ABB,

Ltd.

2,714

99

Adecco

Group

AG

983

59

Aena

SME

SA(Æ)(Þ)

6,555

1,044

Aeroports

de

Paris(Æ)

1,752

213

Air

Transport

Services

Group,

Inc.(Æ)

56,991

1,379

Altus

Group,

Ltd.

1,640

77

Ametek

,

Inc.

518

72

AO

Smith

Corp.

1,297

91

Atlantia

SpA

(Æ)

14,916

271

Atlas

Copco

AB(Æ)

1,443

98

Auckland

International

Airport,

Ltd.(Æ)

96,074

485

Canadian

National

Railway

Co.

1,305

142

Canadian

Pacific

Railway,

Ltd.

1,213

90

CH

Robinson

Worldwide,

Inc.

804

72

Chicony

Electronics

Co.,

Ltd.

35,000

101

Cintas

Corp.

224

88

CK

Hutchison

Holdings,

Ltd.

Class

B

13,500

99

COSCO

SHIPPING

Ports,

Ltd.

202,000

144

Covenant

Transportation

Group,

Inc.

Class

A(Æ)

52,517

1,103

Cummins,

Inc.

662

154

Daqin

Railway

Co.,

Ltd.

Class

A

97,000

88

Deutsche

Post

AG

1,856

126

DL

E&C

Co.,

Ltd.(Æ)

1,098

140

Dover

Corp.

372

62

DSV

Panalpina

A/S

3,815

929

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

364

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

East

Japan

Railway

Co.

28,600

1,908

Eaton

Corp.

PLC

638

101

Eiffage

SA

1,874

191

Emerson

Electric

Co.

1,213

122

Epiroc

AB

Class

A

47,105

1,101

Equinox

Gold

Corp.(Æ)(Ñ)

51,451

358

Expeditors

International

of

Washington,

Inc.

1,112

143

Flughafen

Zurich

AG(Æ)

1,130

182

Fukuda

Corp.

2,400

109

Graco

,

Inc.

1,139

89

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

Class

B(Æ)

13,770

84

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B(Æ)

22,666

261

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

-

ADR(Æ)

2,702

310

Guangshen

Railway

Co.,

Ltd.

Class

H(Æ)

1,294,000

223

Hamburger

Hafen

und

Logistik

AG

4,016

95

Hankook

Technology

Group

Co.,

Ltd.

17,985

281

Heidrick

&

Struggles

International,

Inc.

41,867

1,788

Hubbell,

Inc.

Class

B

458

92

Illinois

Tool

Works,

Inc.

334

76

Japan

Airport

Terminal

Co.,

Ltd.(Æ)

1,100

48

Japan

Steel

Works,

Ltd.

(The)

7,500

184

JGC

Holdings

Corp.

117,100

1,061

Johnson

Controls

International

PLC(Æ)

1,509

108

Kajima

Corp.

83,900

1,085

Kamigumi

Co.,

Ltd.

11,700

248

KBR,

Inc.

39,738

1,538

Komatsu,

Ltd.

35,700

931

Kone

OYJ

Class

B

498

41

Koninklijke

Vopak

NV

1,271

54

Kuehne

&

Nagel

International

AG

268

90

Luks

Group

Vietnam

Holdings

Co.,

Ltd.

390,000

76

Macquarie

Infrastructure

Corp.

5,415

214

Meitec

Corp.

8,000

452

Mitsubishi

Corp.

82,700

2,333

Mitsui

&

Co.,

Ltd.

36,800

849

Nestle

SA

1,061

134

NGK

Spark

Plug

Co.,

Ltd.

25,200

371

Norfolk

Southern

Corp.

1,258

324

Obayashi

Corp.

50,400

414

Old

Dominion

Freight

Line,

Inc.

240

65

Organo

Corp.

4,900

283

OSG

Corp.

17,600

329

Park24

Co.,

Ltd.

19,200

363

Paychex,

Inc.

1,144

130

Pentair

PLC

1,377

101

Pyeong

Hwa

Automotive

Co.,

Ltd.

9,470

90

Qube

Holdings,

Ltd.

184,891

397

Radiant

Logistics,

Inc.(Æ)

130,379

811

Real

Alloy(Æ)(Š)

42

1,766

Regal

Beloit

Corp.

452

67

Robert

Half

International,

Inc.

732

72

S4

Capital

PLC(Æ)

57,155

551

Securitas

AB

Class

B

4,545

80

Seiko

Epson

Corp.

98,400

1,693

Skanska

AB

Class

B

2,350

66

SKF

AB

Class

B

2,898

77

Snap-on,

Inc.

720

157

Sprott

Physical

Uranium

Trust

81,404

754

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Stolt-Nielsen,

Ltd.

Class

A

30,299

414

Sumitomo

Heavy

Industries,

Ltd.

16,700

465

Sydney

Airport(Æ)

59,064

339

Tachi

-S

Co.,

Ltd.

Class

S

7,000

93

Transurban

Group

-

ADR(Æ)

92,443

973

TreeHouse

Foods,

Inc.(Æ)

22,339

992

Tsakos

Energy

Navigation,

Ltd.

13,558

108

United

Parcel

Service,

Inc.

Class

B

285

55

Vantage

Towers

AG

2,925

102

Vectrus

,

Inc.(Æ)

40,785

1,847

Vinci

SA

2,000

211

Waste

Management,

Inc.

720

107

West

Japan

Railway

Co.

3,600

195

Westports

Holdings

BHD

120,500

116

Zhejiang

Expressway

Co.,

Ltd.

Class

H

296,000

250

39,570

Technology

-

3.5%

Accenture

PLC

Class

A

482

153

Activision

Blizzard,

Inc.

554

46

Adobe,

Inc.(Æ)

202

126

Alphabet,

Inc.

Class

A(Æ)

217

585

Alphabet,

Inc.

Class

C(Æ)

101

273

Alps

Alpine

Co.,

Ltd.

25,600

266

Amdocs,

Ltd.

688

53

Amphenol

Corp.

Class

A

1,316

95

Analog

Devices,

Inc.

354

59

Apple,

Inc.

6,862

1,001

Arrow

Electronics,

Inc.(Æ)

924

110

ASML

Holding

NV

2,017

1,535

Automatic

Data

Processing,

Inc.

710

149

Avnet,

Inc.

1,363

56

Axcelis

Technologies,

Inc.(Æ)

57,749

2,227

BCE,

Inc.

1,106

55

BE

Semiconductor

Industries

NV

11,478

1,009

Bechtle

AG

2,271

469

Cadence

Design

Systems,

Inc.(Æ)

457

67

CDW

Corp.

344

63

Cisco

Systems,

Inc.

3,439

190

Cognex

Corp.

885

80

Cognizant

Technology

Solutions

Corp.

Class

A

1,370

101

Corteva

,

Inc.

1,893

81

Cosel

Co.,

Ltd.

11,800

110

Eizo

Corp.

8,400

354

F5

Networks,

Inc.(Æ)

481

99

Facebook,

Inc.

Class

A(Æ)

1,074

383

Fanuc

Corp.

2,800

627

Fidelity

National

Information

Services,

Inc.

563

84

Fortinet,

Inc.(Æ)

251

68

GDS

Holdings,

Ltd.

-

ADR(Æ)

1,217

72

Genpact

,

Ltd.

1,840

92

Infineon

Technologies

AG

-

ADR

28,275

1,078

Inspired

Entertainment,

Inc.(Æ)

68,847

798

Intel

Corp.

3,228

173

Intuit,

Inc.

136

72

Jack

Henry

&

Associates,

Inc.

679

118

Juniper

Networks,

Inc.

2,157

61

Lite-On

Technology

Corp.

25,000

57

Maxim

Integrated

Products,

Inc.

848

85

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

365

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Microsoft

Corp.

3,551

1,012

NeoPhotonics

Corp.(Æ)

114,430

1,110

Netcompany

Group

A/S(Þ)

11,438

1,415

NEXTDC,

Ltd.(Æ)

14,418

136

Powertech

Technology,

Inc.

18,000

71

Quantum

Corp.(Æ)

117,594

729

Rambus,

Inc.(Æ)

37,536

888

Samsung

Electronics

Co.,

Ltd.

3,405

233

Softcat

PLC

40,061

1,076

Synopsys,

Inc.(Æ)

320

92

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

12,000

250

TeamViewer

AG(Æ)(Þ)

11,367

383

Texas

Instruments,

Inc.

957

182

Worldline

SA(Æ)(Þ)

11,181

1,046

21,803

Utilities

-

4.6%

American

Electric

Power

Co.,

Inc.

5,820

513

American

Water

Works

Co.,

Inc.

2,226

379

CenterPoint

Energy,

Inc.

9,261

236

Centrais

Eletricas

Brasileiras

SA

87,858

679

Cheniere

Energy,

Inc.(Æ)

7,096

603

China

Resources

Gas

Group,

Ltd.

26,000

160

CPFL

Energia

SA

13,200

64

DT

Midstream,

Inc.

2,967

126

Duke

Energy

Corp.

6,846

720

E.ON

SE

27,371

337

Electricite

de

France

SA

84,382

1,021

Enbridge,

Inc.(Ñ)

33,136

1,306

Enel

SpA

69,313

640

Engie

SA

24,878

332

ENN

Energy

Holdings,

Ltd.

12,196

256

Entergy

Corp.

1,333

137

Essential

Utilities,

Inc.

2,912

143

Evergy

,

Inc.

5,505

359

Exelon

Corp.

7,445

348

Federal

Grid

Co.

Unified

Energy

System

PJSC

512,505,540

1,409

FirstEnergy

Corp.

1,559

60

Gibson

Energy,

Inc.

4,600

84

Guangdong

Investment,

Ltd.

147,039

206

Hong

Kong

&

China

Gas

Co.,

Ltd.

82,950

135

Iberdrola

SA

42,500

512

Inpex

Corp.

75,700

534

International

Business

Machines

Corp.

593

84

Kansai

Electric

Power

Co.,

Inc.

(The)

10,800

102

KDDI

Corp.

44,000

1,343

Korea

Electric

Power

Corp.

8,777

190

Korea

Electric

Power

Corp.

-

ADR(Ñ)

20,078

216

KT

Corp.

11,792

347

KT

Corp.

-

ADR

113,016

1,626

LG

Uplus

Corp.

45,758

580

MEG

Energy

Corp.

Class

A(Æ)

121,788

777

National

Grid

PLC

7,612

97

NextEra

Energy,

Inc.

14,888

1,160

Nippon

Telegraph

&

Telephone

Corp.

100,510

2,574

NiSource,

Inc.

5,776

143

Orsted

A/S

Class

A(Þ)

1,303

194

Osaka

Gas

Co.,

Ltd.

39,900

748

Pembina

Pipeline

Corp.

12,674

419

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Pennon

Group

PLC

5,575

99

Petronas

Gas

BHD

47,400

171

Portland

General

Electric

Co.

3,971

194

PPL

Corp.

7,111

202

Proximus

SA

5,127

105

Public

Service

Enterprise

Group,

Inc.

5,413

337

RusHydro

PJSC

143,355,026

1,581

Sempra

Energy

2,949

385

Severfield

-Rowen

PLC

83,594

92

Sichuan

Chuantou

Energy

Co.,

Ltd.

Class

A

57,500

98

Southwest

Gas

Holdings,

Inc.

1,842

129

Swisscom

AG

190

114

TC

Energy

Corp.(Æ)(Ñ)

13,151

641

TELUS

Corp.

4,290

95

T-Mobile

USA,

Inc.(Æ)

359

52

Tokyo

Gas

Co.,

Ltd.

119,100

2,259

Verizon

Communications,

Inc.

3,149

176

28,629

Total

Common

Stocks

(cost

$234,314)

284,289

Preferred

Stocks

-

2.0%

Consumer

Discretionary

-

0.1%

CHS,

Inc.

7.250%

due

01/21/25(¢)

6,020

176

GMAC

Capital

Trust

I

5.910%

due

02/15/40(¢)

987

26

Hyundai

Motor

Co.

4.236%

(Ÿ)

6,405

581

783

Consumer

Staples

-

0.1%

Dairy

Farmers

of

America,

Inc.

7.875%

due

09/20/21(¢)(Þ)

2,100

211

7.875%

due

12/01/25(¢)(Þ)

2,500

256

Henkel

AG

&

Co.

KGaA

2.229%

(Ÿ)

939

95

562

Energy

-

0.1%

Energy

Transfer,

LP

7.625%

due

08/15/23(¢)

5,397

137

7.600%

due

05/15/24(¢)

6,024

151

288

Financial

Services

-

1.4%

Affiliated

Managers

Group,

Inc.

4.200%

due

09/30/61

4,000

100

AMG

Capital

Trust

II

5.150%

due

10/15/37

10,730

648

Arch

Capital

Group,

Ltd.

4.550%

due

06/11/26(¢)

4,800

124

Athene

Holding,

Ltd.

6.350%

due

06/30/29(¢)

4,085

122

6.375%

due

06/30/25(¢)

3,859

111

4.875%

due

12/30/25(¢)

5,100

133

Bank

of

America

Corp.

7.250%

(Ÿ)

722

1,067

Bank

of

Hawaii

Corp.

4.375%

due

08/01/26(¢)

5,291

137

Brighthouse

Financial,

Inc.

5.375%

due

12/25/25(¢)

9,410

250

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

366

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Brookfield

BRP

Holdings

Canada,

Inc.

4.625%

due

04/30/26(¢)

5,700

143

Brookfield

Finance,

Inc.

4.625%

due

10/16/80(¢)

5,800

149

Brookfield

Property

Partners,

LP

5.750%

due

03/31/25(¢)

6,465

158

Carlyle

Finance

LLC

4.625%

due

05/15/26

2,570

65

Charles

Schwab

Corp.

(The)

4.450%

due

06/01/26(¢)

4,140

111

CNO

Financial

Group,

Inc.

4.000%

due

08/30/26

2,499

69

CoBank

ACB

6.250%

due

10/01/22(¢)

4,100

435

Dime

Community

Bancshares,

Inc.

5.500%

due

02/15/25(¢)

5,252

139

Equitable

Holdings,

Inc.

5.250%

due

12/15/24(¢)

4,987

132

Farm

Credit

Bank

of

Texas

6.750%

due

09/15/23(¢)(Þ)

3,596

385

Farmer

Mac

4.875%

due

07/17/26(¢)

10,400

273

5.250%

due

10/15/25(¢)

5,045

136

First

Horizon

National

Corp.

6.100%

due

05/01/24(¢)

10,000

269

4.700%

due

07/10/26(¢)

4,200

109

First

Republic

Bank

4.000%

due

08/30/26(¢)

8,800

220

Global

Net

Lease,

Inc.

7.250%

due

09/12/22(¢)

6,640

175

JPMorgan

Chase

&

Co

4.625%

due

06/01/26(¢)

11,273

296

JPMorgan

Chase

&

Co.

4.200%

due

09/01/26(¢)

11,200

281

KKR

Group

Finance

Co.

IX

LLC

4.625%

due

04/01/61

4,359

114

Morgan

Stanley

5.850%

due

04/15/27(¢)

3,716

111

New

York

Community

Capital

Trust

V

6.000%

due

11/01/51

9,150

469

Pebblebrook

Hotel

Trust

6.375%

due

05/13/26

7,200

194

South

Jersey

Industries,

Inc.

5.625%

due

09/16/79

5,178

139

Stifel

Financial

Corp.

4.500%

due

08/15/26(¢)

4,400

112

Sunstone

Hotel

Investors,

Inc.

6.125%

due

05/24/26(¢)

5,500

148

Synchrony

Financial

5.625%

due

11/15/24(¢)

8,897

238

Washington

Federal,

Inc.

4.875%

due

04/15/26(¢)

6,000

159

Wells

Fargo

&

Co.

4.700%

due

12/15/25(¢)

4,100

107

4.750%

due

03/15/25(¢)

6,235

163

4.250%

due

09/15/26(¢)

7,875

197

8,388

Health

Care

-

0.1%

Draegerwerk

AG

&

Co.

KGaA

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

0.260%

(Ÿ)

1,124

103

Grifols

SA

4.156%

(Ÿ)

12,451

192

295

Producer

Durables

-

0.0%

WESCO

International,

Inc.

10.625%

due

06/22/25(¢)

4,900

152

Technology

-

0.0%

United

States

Cellular

Corp.

5.500%

due

06/01/70

9,510

247

Utilities

-

0.2%

Algonquin

Power

&

Utilities

Corp.

6.200%

due

07/01/79

1,503

42

Brookfield

Infrastructure

Finance

ULC

5.000%

due

05/24/81

4,400

115

Brookfield

Infrastructure

Partners,

LP

5.125%

due

10/15/25(¢)

7,604

198

CMS

Energy

Corp.

4.200%

due

07/15/26(¢)

5,100

130

Integrys

Holding,

Inc.

6.000%

due

08/01/73

12,150

318

SCE

Trust

V

5.450%

due

03/15/26(¢)

10,600

270

Southern

Co.

(The)

4.625%

due

01/30/80

4,700

126

United

States

Cellular

Corp.

6.250%

due

09/01/69

5,123

142

5.500%

due

03/01/70

5,241

138

1,479

Total

Preferred

Stocks

(cost

$11,259)

12,194

Options

Purchased

-

9.1%

(Number

of

Contracts)

Fannie

Mae

Bonds

JPMorgan

Chase

Aug

2021

101.28

Call

(1)

USD

25,000

(ÿ)

188

JPMorgan

Chase

Sep

2021

103.72

Call

(1)

USD

25,000

(ÿ)

125

JPMorgan

Chase

Sep

2021

104.63

Call

(1)

USD

10,000

(ÿ)

20

JPMorgan

Chase

Sep

2021

105.75

Call

(1)

USD

20,000

(ÿ)

23

FTSE

100

Index

Futures

Morgan

Stanley

Dec

2021

6,725.00

Call

(546)

GBP

36,719

(ÿ)

3,044

Swaptions

(Counterparty,

Fund

Receives/Fund

Pays,

Notional,

Termination

Date)

(Bank

of

America,

USD

1.833%/USD

3

Month

LIBOR,

USD

3,819,

09/23/54)

Bank

of

America

Sep

2024

0.00

Call

(1)

3,819

(ÿ)

441

(Bank

of

America,

USD

1.585%/USD

3

Month

LIBOR,

USD

6,050,

10/03/54)

Bank

of

America

Oct

2024

0.00

Call

(1)

6,050

(ÿ)

534

(Bank

of

America,

USD

1.725%/USD

3

Month

LIBOR,

USD

5,672,

10/04/54)

Bank

of

America

Oct

2024

0.00

Call

(1)

5,672

(ÿ)

585

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

367

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

(Bank

of

America,

USD

1.985%/USD

3

Month

LIBOR,

USD

2,440,

01/23/55)

Bank

of

America

Jan

2025

0.00

Call

(1)

2,440

(ÿ)

346

(Bank

of

America,

USD

1.025%/USD

3

Month

LIBOR,

USD

3,089,

06/18/55)

Bank

of

America

Jun

2025

0.00

Call

(1)

3,089

(ÿ)

167

(Bank

of

America,

USD

1.250%/USD

3

Month

LIBOR,

USD

7,470,

06/06/55)

Bank

of

America

Jun

2025

0.00

Call

(1)

7,470

(ÿ)

513

(Bank

of

America,

USD

2.090%/USD

3

Month

LIBOR,

USD

4,517,

06/12/55)

Bank

of

America

Jun

2025

0.00

Call

(1)

4,517

(ÿ)

724

(Bank

of

America,

USD

1.550%/USD

3

Month

LIBOR,

USD

6,201,

09/26/49)

Bank

of

America

Sep

2029

0.00

Call

(1)

6,201

(ÿ)

510

(Bank

of

America,

USD

1.823%/USD

3

Month

LIBOR,

USD

6,126,

09/27/49)

Bank

of

America

Sep

2029

0.00

Call

(1)

6,126

(ÿ)

621

(Bank

of

America,

USD

1.885%/USD

3

Month

LIBOR,

USD

4,084,

09/21/49)

Bank

of

America

Sep

2029

0.00

Call

(1)

4,084

(ÿ)

434

(Bank

of

America,

USD

1.905%/USD

3

Month

LIBOR,

USD

7,562,

09/21/39)

Bank

of

America

Sep

2029

0.00

Call

(1)

7,562

(ÿ)

456

(Bank

of

America,

USD

2.048%/USD

3

Month

LIBOR,

USD

11,344,

09/27/39)

Bank

of

America

Sep

2029

0.00

Call

(1)

11,344

(ÿ)

756

(Bank

of

America,

USD

1.155%/USD

3

Month

LIBOR,

USD

2,004,

06/12/60)

Bank

of

America

Jun

2030

0.00

Call

(1)

2,004

(ÿ)

221

(Bank

of

America,

USD

1.155%/USD

3

Month

LIBOR,

USD

2,457,

06/19/60)

Bank

of

America

Jun

2030

0.00

Call

(1)

2,457

(ÿ)

272

(Bank

of

America,

USD

1.250%/USD

3

Month

LIBOR,

USD

6,152,

06/19/40)

Bank

of

America

Jun

2030

0.00

Call

(1)

6,152

(ÿ)

273

(Bank

of

America,

USD

1.275%/USD

3

Month

LIBOR,

USD

8,682,

09/19/50)

Bank

of

America

Sep

2030

0.00

Call

(1)

8,682

(ÿ)

710

(Bank

of

America,

USD

1.345%/USD

3

Month

LIBOR,

USD

16,504,

09/19/40)

Bank

of

America

Sep

2030

0.00

Call

(1)

16,504

(ÿ)

791

(Bank

of

America,

USD

2.150%/USD

3

Month

LIBOR,

USD

4,517,

06/12/51)

Bank

of

America

Jun

2031

0.00

Call

(1)

4,517

(ÿ)

662

(Bank

of

America,

USD

2.280%/USD

3

Month

LIBOR,

USD

8,120,

06/12/41)

Bank

of

America

Jun

2031

0.00

Call

(1)

8,120

(ÿ)

704

(Citigroup,

USD

0.820%/USD

3

Month

LIBOR,

USD

27,769,

08/31/26)

Citigroup

Aug

2021

0.00

Call

(1)

27,768

(ÿ)

96

(Citigroup,

USD

1.504%/USD

3

Month

LIBOR,

USD

8,669,

10/01/31)

Citigroup

Sep

2021

0.00

Call

(1)

8,669

(ÿ)

221

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

(Citigroup,

USD

1.794%/USD

3

Month

LIBOR,

USD

6,050,

10/04/49)

Citigroup

Oct

2029

0.00

Call

(1)

6,050

(ÿ)

601

(Citigroup,

USD

1.625%/USD

3

Month

LIBOR,

USD

2,166,

01/24/61)

Citigroup

Jan

2041

0.00

Call

(1)

2,166

(ÿ)

329

(Citigroup,

USD

2.215%/USD

3

Month

LIBOR,

USD

6,481,

03/20/51)

Citigroup

Mar

2041

0.00

Call

(1)

6,481

(ÿ)

680

(Goldman

Sachs,

USD

1.473%/USD

3

Month

LIBOR,

USD

648,

08/11/31)

Goldman

Sachs

Aug

2021

0.00

Call

(1)

648

(ÿ)

14

(Goldman

Sachs,

USD

1.569%/USD

3

Month

LIBOR,

USD

1,966,

09/24/54)

Goldman

Sachs

Sep

2024

0.00

Call

(1)

1,966

(ÿ)

170

(Goldman

Sachs,

USD

1.741%/USD

3

Month

LIBOR,

USD

5,672,

09/26/54)

Goldman

Sachs

Sep

2024

0.00

Call

(1)

5,672

(ÿ)

594

(Goldman

Sachs,

USD

1.776%/USD

3

Month

LIBOR,

USD

7,562,

10/01/54)

Goldman

Sachs

Sep

2024

0.00

Call

(1)

7,562

(ÿ)

824

(Goldman

Sachs,

USD

1.790%/USD

3

Month

LIBOR,

USD

7,562,

09/27/54)

Goldman

Sachs

Sep

2024

0.00

Call

(1)

7,562

(ÿ)

836

(Goldman

Sachs,

USD

1.687%/USD

3

Month

LIBOR,

USD

5,672,

10/07/54)

Goldman

Sachs

Oct

2024

0.00

Call

(1)

5,672

(ÿ)

562

(Goldman

Sachs,

USD

1.736%/USD

3

Month

LIBOR,

USD

3,781,

10/11/54)

Goldman

Sachs

Oct

2024

0.00

Call

(1)

3,781

(ÿ)

396

(Goldman

Sachs,

USD

1.026%/USD

3

Month

LIBOR,

USD

2,574,

06/18/55)

Goldman

Sachs

Jun

2025

0.00

Call

(1)

2,574

(ÿ)

139

(Goldman

Sachs,

USD

1.178%/USD

3

Month

LIBOR,

USD

8,082,

09/19/55)

Goldman

Sachs

Sep

2025

0.00

Call

(1)

8,082

(ÿ)

538

(Goldman

Sachs,

USD

2.460%/USD

3

Month

LIBOR,

USD

5,462,

03/23/56)

Goldman

Sachs

Mar

2026

0.00

Call

(1)

5,462

(ÿ)

1,227

(Goldman

Sachs,

USD

2.475%/USD

3

Month

LIBOR,

USD

3,478,

03/20/56)

Goldman

Sachs

Mar

2026

0.00

Call

(1)

3,478

(ÿ)

790

(Goldman

Sachs,

USD

1.804%/USD

3

Month

LIBOR,

USD

11,041,

09/27/39)

Goldman

Sachs

Sep

2029

0.00

Call

(1)

11,041

(ÿ)

619

(Goldman

Sachs,

USD

1.865%/USD

3

Month

LIBOR,

USD

11,343,

10/02/39)

Goldman

Sachs

Sep

2029

0.00

Call

(1)

11,343

(ÿ)

665

(Goldman

Sachs,

USD

1.920%/USD

3

Month

LIBOR,

USD

7,562,

09/24/3)

Goldman

Sachs

Sep

2029

0.00

Call

(1)

7,562

(ÿ)

461

(Goldman

Sachs,

USD

1.985%/USD

3

Month

LIBOR,

USD

9,453,

10/15/39)

Goldman

Sachs

Oct

2029

0.00

Call

(1)

9,453

(ÿ)

604

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

368

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

(Goldman

Sachs,

USD

1.325%/USD

3

Month

LIBOR,

USD

4,044,

06/06/50)

Goldman

Sachs

Jun

2030

0.00

Call

(1)

4,044

(ÿ)

335

(Goldman

Sachs,

USD

1.328%/USD

3

Month

LIBOR,

USD

5,565,

06/12/40)

Goldman

Sachs

Jun

2030

0.00

Call

(1)

5,565

(ÿ)

260

(Goldman

Sachs,

USD

1.794%/USD

3

Month

LIBOR,

USD

2,592,

02/05/61)

Goldman

Sachs

Feb

2031

0.00

Call

(1)

2,592

(ÿ)

447

(JP

Morgan,

USD

2.051%/USD

3

Month

LIBOR,

USD

6,050,

09/28/49)

JPMorgan

Chase

Sep

2029

0.00

Call

(1)

6,050

(ÿ)

726

(JP

Morgan,

USD

1.976%/USD

3

Month

LIBOR,

USD

5,294,

10/19/49)

JPMorgan

Chase

Oct

2029

0.00

Call

(1)

5,294

(ÿ)

602

(JP

Morgan,

USD

2.028%/USD

3

Month

LIBOR,

USD

2,579,

01/24/50)

JPMorgan

Chase

Jan

2030

0.00

Call

(1)

2,579

(ÿ)

333

(JP

Morgan,

USD

1.268%/USD

3

Month

LIBOR,

USD

2,313,

06/19/40)

JPMorgan

Chase

Jun

2030

0.00

Call

(1)

2,313

(ÿ)

104

(JP

Morgan,

USD

1.322%/USD

3

Month

LIBOR,

USD

6,536,

06/19/40)

JPMorgan

Chase

Jun

2030

0.00

Call

(1)

6,536

(ÿ)

305

(JP

Morgan,

USD

2.426%/USD

3

Month

LIBOR,

USD

5,468,

03/06/41)

JPMorgan

Chase

Mar

2031

0.00

Call

(1)

5,468

(ÿ)

510

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.834%,

USD

3,819,

09/23/54)

Bank

of

America

Sep

2024

0.00

Put

(1)

3,819

(ÿ)

406

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.585%,

USD

6,050,

10/03/54)

Bank

of

America

Oct

2024

0.00

Put

(1)

6,050

(ÿ)

835

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.725%,

USD

5,672,

10/04/54)

Bank

of

America

Oct

2024

0.00

Put

(1)

5,672

(ÿ)

679

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.985%,

USD

2,440,

01/23/55)

Bank

of

America

Jan

2025

0.00

Put

(1)

2,440

(ÿ)

234

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.025%,

USD

3,089,

06/18/55)

Bank

of

America

Jun

2025

0.00

Put

(1)

3,089

(ÿ)

726

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.250%,

USD

7,470,

06/06/55)

Bank

of

America

Jun

2025

0.00

Put

(1)

7,470

(ÿ)

1,469

(Bank

of

America,

USD

3

Month

LIBOR/

USD

2.090%,

USD

4,517,

06/12/55)

Bank

of

America

Jun

2025

0.00

Put

(1)

4,517

(ÿ)

410

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.550%,

USD

6,201,

09/26/49)

Bank

of

America

Sep

2029

0.00

Put

(1)

6,201

(ÿ)

866

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.823%,

USD

6,126,

09/27/49)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Bank

of

America

Sep

2029

0.00

Put

(1)

6,126

(ÿ)

711

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.885%,

USD

4,084,

09/21/49)

Bank

of

America

Sep

2029

0.00

Put

(1)

4,084

(ÿ)

454

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.905%,

USD

7,562,

09/21/39)

Bank

of

America

Sep

2029

0.00

Put

(1)

7,562

(ÿ)

498

(Bank

of

America,

USD

3

Month

LIBOR/

USD

2.048%,

USD

11,344,

09/26/39)

Bank

of

America

Sep

2029

0.00

Put

(1)

11,344

(ÿ)

682

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.155%,

USD

2,004,

06/12/30)

Bank

of

America

Jun

2030

0.00

Put

(1)

2,004

(ÿ)

485

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.155%,

USD

2,457,

06/19/60)

Bank

of

America

Jun

2030

0.00

Put

(1)

2,457

(ÿ)

596

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.250%,

USD

6,152,

06/19/40)

Bank

of

America

Jun

2030

0.00

Put

(1)

6,152

(ÿ)

650

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.275%,

USD

8,682,

09/19/50)

Bank

of

America

Sep

2030

0.00

Put

(1)

8,682

(ÿ)

1,552

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.345%,

USD

16,504,

09/19/40)

Bank

of

America

Sep

2030

0.00

Put

(1)

16,504

(ÿ)

1,668

(Bank

of

America,

USD

3

Month

LIBOR/

USD

2.150%,

USD

4,517,

06/12/51)

Bank

of

America

Jun

2031

0.00

Put

(1)

4,517

(ÿ)

485

(Bank

of

America,

USD

3

Month

LIBOR/

USD

2.280%,

USD

8,120,

06/12/41)

Bank

of

America

Jun

2031

0.00

Put

(1)

8,120

(ÿ)

507

(Citigroup,

USD

3

Month

LIBOR/USD

0.820%,

USD

27,769,

08/31/26)

Citigroup

Aug

2021

0.00

Put

(1)

27,768

(ÿ)

81

(Citigroup,

USD

3

Month

LIBOR/USD

1.504%,

USD

8,669,

10/01/31)

Citigroup

Sep

2021

0.00

Put

(1)

8,669

(ÿ)

38

(Citigroup,

USD

3

Month

LIBOR/USD

1.794%,

USD

6,050,

10/04/49)

Citigroup

Oct

2029

0.00

Put

(1)

6,050

(ÿ)

717

(Citigroup,

USD

3

Month

LIBOR/USD

1.625%,

USD

2,166,

01/24/61)

Citigroup

Jan

2041

0.00

Put

(1)

2,166

(ÿ)

322

(Citigroup,

USD

3

Month

LIBOR/USD

2.215%,

USD

6,481,

03/20/51)

Citigroup

Mar

2041

0.00

Put

(1)

6,481

(ÿ)

486

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.473%,

USD

648,

08/11/31)

Goldman

Sachs

Aug

2021

0.00

Put

(1)

648

(ÿ)

—

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.569%,

USD

1,966,

09/24/54)

Goldman

Sachs

Sep

2024

0.00

Put

(1)

1,966

(ÿ)

275

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.741%,

USD

5,672,

09/26/54)

Goldman

Sachs

Sep

2024

0.00

Put

(1)

5,672

(ÿ)

666

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

369

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.776%,

USD

7,562,

10/01/54)

Goldman

Sachs

Sep

2024

0.00

Put

(1)

7,562

(ÿ)

857

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.790%,

USD

7,562,

09/27/54)

Goldman

Sachs

Sep

2024

0.00

Put

(1)

7,562

(ÿ)

843

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.687%,

USD

5,672,

10/07/54)

Goldman

Sachs

Oct

2024

0.00

Put

(1)

5,672

(ÿ)

707

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.736%,

USD

3,781,

10/11/54)

Goldman

Sachs

Oct

2024

0.00

Put

(1)

3,781

(ÿ)

449

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.026%,

USD

2,574,

06/18/55)

Goldman

Sachs

Jun

2025

0.00

Put

(1)

2,574

(ÿ)

604

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.178%,

USD

8,082,

09/19/55)

Goldman

Sachs

Sep

2025

0.00

Put

(1)

8,082

(ÿ)

1,709

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

2.460%,

USD

5,462,

03/23/56)

Goldman

Sachs

Mar

2026

0.00

Put

(1)

5,462

(ÿ)

391

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

2.475%,

USD

3,478,

03/20/56)

Goldman

Sachs

Mar

2026

0.00

Put

(1)

3,478

(ÿ)

245

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.804%,

USD

11,041,

09/27/39)

Goldman

Sachs

Sep

2029

0.00

Put

(1)

11,041

(ÿ)

777

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.865%,

USD

11,343,

10/02/39)

Goldman

Sachs

Sep

2029

0.00

Put

(1)

11,343

(ÿ)

768

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.920%,

USD

7,562,

09/24/39)

Goldman

Sachs

Sep

2029

0.00

Put

(1)

7,562

(ÿ)

494

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.95%,

USD

9,453,

10/15/39)

Goldman

Sachs

Oct

2029

0.00

Put

(1)

9,453

(ÿ)

593

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.325%,

USD

4,044,

06/06/50)

Goldman

Sachs

Jun

2030

0.00

Put

(1)

4,044

(ÿ)

699

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.328%,

USD

5,565,

06/12/40)

Goldman

Sachs

Jun

2030

0.00

Put

(1)

5,565

(ÿ)

564

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.794%,

USD

2,592,

02/05/61)

Goldman

Sachs

Feb

2031

0.00

Put

(1)

2,592

(ÿ)

421

(JP

Morgan,

USD

3

Month

LIBOR/USD

2.051%,

USD

6,050,

09/28/49)

JPMorgan

Chase

Sep

2029

0.00

Put

(1)

6,050

(ÿ)

597

(JP

Morgan,

USD

3

Month

LIBOR/USD

1.976%,

USD

5,294,

10/19/49)

JPMorgan

Chase

Oct

2029

0.00

Put

(1)

5,294

(ÿ)

552

(JP

Morgan,

USD

3

Month

LIBOR/USD

2.028%,

USD

2,579,

01/24/50)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

JPMorgan

Chase

Jan

2030

0.00

Put

(1)

2,579

(ÿ)

284

(JP

Morgan,

USD

3

Month

LIBOR/USD

1.268%,

USD

2,313,

06/19/40)

JPMorgan

Chase

Jun

2030

0.00

Put

(1)

2,313

(ÿ)

242

(JP

Morgan,

USD

3

Month

LIBOR/USD

1.322%,

USD

6,536,

06/19/40)

JPMorgan

Chase

Jun

2030

0.00

Put

(1)

6,536

(ÿ)

665

(JP

Morgan,

USD

3

Month

LIBOR/USD

2.426%,

USD

5,468,

03/06/41)

JPMorgan

Chase

Mar

2031

0.00

Put

(1)

5,468

(ÿ)

310

Total

Options

Purchased

(cost

$55,753)

56,377

Short-Term

Investments

-

17.0%

BlackRock

TCP

Capital

Corp.

4.625%

due

03/01/22

839

855

Blackstone

Mortgage

Trust,

Inc.

4.375%

due

05/05/22

1,007

1,027

Charming

Charlie,

Inc.

Delayed

Draw

Term

Loan

0.000%

due

05/28/22

(~)(Ê)(Š)

(Æ)

(Ø)

25

11

Charming

Charlie,

Inc.

Term

Loan

0.000%

due

05/15/22

(~)(Ê)(Š)

(Æ)

(Ø)

5

2

Dycom

Industries,

Inc.

0.750%

due

09/15/21

1,367

1,358

Evolent

Health,

Inc.

2.000%

due

12/01/21

517

584

Fortive

Corp.

0.875%

due

02/15/22

(Þ)

1,630

1,632

Golar

LNG,

Ltd.

2.750%

due

02/15/22

(Ñ)

335

332

Goldman

Sachs

BDC,

Inc.

4.500%

due

04/01/22

1,386

1,414

Helix

Energy

Solutions

Group,

Inc.

4.250%

due

05/01/22

900

859

Horizon

Global

Corp.

2.750%

due

07/01/22

183

178

Indonesia

Treasury

Bond

Series

FR61

7.000%

due

05/15/22

IDR

22,598,000

1,609

Ionis

Pharmaceuticals,

Inc.

1.000%

due

11/15/21

894

895

Jazz

Investments

I,

Ltd.

1.875%

due

08/15/21

920

918

Mexican

Bonos

Series

M

7.250%

due

12/09/21

MXN

14,616

739

New

York

Mortgage

Trust,

Inc.

6.250%

due

01/15/22

(Ñ)

1,016

1,026

Newpark

Resources,

Inc.

4.000%

due

12/01/21

444

437

PDC

Energy,

Inc.

1.125%

due

09/15/21

380

377

Pretium

Resources,

Inc.

2.250%

due

03/15/22

738

743

Scorpio

Tankers,

Inc.

3.000%

due

05/15/22

261

256

Ship

Finance

International,

Ltd.

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

370

Multi-Strategy

Income

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.750%

due

10/15/21

6

6

Thailand

Government

International

Bond

3.650%

due

12/17/21

THB

5,910

182

Twitter,

Inc.

1.000%

due

09/15/21

836

837

Two

Harbors

Investment

Corp.

6.250%

due

01/15/22

99

100

U.S.

Cash

Management

Fund(@)

72,604,428

(∞)

72,589

UMH

Properties,

Inc.

5.875%

due

07/26/22

4

103

United

States

Treasury

Bills

0.018%

due

08/05/21

(ç)(ž)

870

870

0.034%

due

08/19/21

(ç)(ž)

695

695

0.012%

due

09/02/21

(§)(ç)(ž)

219

219

0.043%

due

09/09/21

(§)(ç)(ž)

575

575

0.041%

due

09/16/21

(§)(ç)(ž)

385

385

0.044%

due

09/23/21

(ç)(ž)

2,160

2,160

0.049%

due

10/07/21

(ž)

205

205

0.050%

due

10/14/21

(§)(ž)

1,898

1,898

0.050%

due

11/12/21

(ž)

765

765

0.050%

due

11/18/21

(ž)

270

270

0.047%

due

11/26/21

(ž)

790

790

0.052%

due

12/09/21

(ž)

210

210

0.055%

due

01/06/22

(ž)

130

130

0.053%

due

01/13/22

(ž)

315

315

0.055%

due

01/20/22

(ž)

620

620

Series

WI

0.014%

due

09/21/21

(§)(ç)(ž)

17

17

0.024%

due

09/28/21

(§)(ç)(ž)

315

315

0.047%

due

10/05/21

(ž)

2,229

2,229

0.047%

due

10/12/21

(§)(ž)

1,016

1,016

0.054%

due

10/19/21

(§)(ž)

1,450

1,450

0.053%

due

10/26/21

(ž)

105

105

0.050%

due

11/09/21

(ž)

1,158

1,158

Total

Short-Term

Investments

(cost

$105,307)

105,466

Other

Securities

-

1.1%

U.S.

Cash

Collateral

Fund(@)(×)

6,755,427

(∞)

6,755

Total

Other

Securities

(cost

$6,755)

6,755

Total

Investments

-

113.9%

(identified

cost

$652,209)

705,574

Other

Assets

and

Liabilities,

Net

-

(13.9)%

(85,982)

Net

Assets

-

100.0%

619,592

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

371

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

$

$

$

5.1%

Aena

SME

SA

11/09/15

EUR

6,555

151.04

990

1,044

Aircastle

,

Ltd.

06/03/21

80,000

100.00

80

81

Alteryx

,

Inc.

03/16/21

1,301,000

94.68

1,232

1,230

Apollo

Management

Holdings,

LP

12/10/19

122,000

100.42

123

127

Ares

Management

Corp.

06/24/21

130,000

100.16

130

131

AXA

SA

01/14/19

200,000

103.05

206

280

Bank

of

China

(Hong

Kong),

Ltd.

09/11/18

400,000

100.00

400

431

BNP

Paribas

SA

08/13/18

500,000

105.48

527

584

BNP

Paribas

SA

09/23/20

200,000

106.66

213

217

BNP

Paribas

SA

09/23/20

200,000

115.53

231

241

Carel

Industries

SpA

06/17/20

EUR

12,965

16.89

219

309

Credit

Agricole

SA

02/03/16

400,000

100.10

400

486

Credit

Agricole

SA

03/12/19

200,000

107.50

215

226

Credit

Agricole

SA

09/16/20

200,000

109.50

219

224

Credit

Suisse

Group

AG

07/09/18

400,000

101.31

405

433

Credit

Suisse

Group

AG

08/14/19

500,000

103.41

517

555

Credit

Suisse

Group

AG

10/15/19

400,000

109.46

438

451

Credit

Suisse

Group

AG

08/04/20

200,000

100.00

200

210

Credit

Suisse

Group

AG

09/23/20

200,000

110.13

220

221

CTP

NV

04/23/21

EUR

5,015

17.49

88

101

Dai-ichi

Life

Insurance

Co.,

Ltd.

(The)

09/18/17

300,000

107.41

322

331

Dairy

Farmers

of

America,

Inc.

08/05/16

2,500

106.50

267

256

Dairy

Farmers

of

America,

Inc.

03/20/17

2,100

106.88

224

211

Depository

Trust

&

Clearing

Corp.

(The)

06/08/21

250,000

100.00

250

254

Dino

Polska

SA

01/12/21

PLN

9,549

73.45

701

764

Dominican

Republic

Government

International

Bond

06/08/21

DOP

300,000

1.75

5

6

ESR

Cayman,

Ltd.

12/17/19

HKD

22,200

2.22

49

78

Farm

Credit

Bank

of

Texas

07/18/16

3,596

106.13

382

385

Farm

Credit

Bank

of

Texas

07/15/20

275,000

1.00

275

300

Fortive

Corp.

11/21/19

1,630,000

99.34

1,619

1,632

GA

Global

Funding

Trust

Secured

06/24/21

260,000

100.13

260

265

Granite

Point

Mortgage

Trust,

Inc.

06/04/20

1,078,000

93.17

1,004

1,067

Hanwha

Life

Insurance

Co.,

Ltd.

04/16/18

200,000

100.00

200

207

Hartford

Financial

Services

Group,

Inc.

02/05/21

225,000

94.09

212

217

HSBC

Capital

Funding,

LP

07/14/16

110,000

145.95

161

184

ILFC

E-Capital

Trust

I

04/28/21

210,000

82.53

173

173

Instone

Real

Estate

Group

AG

03/28/19

EUR

5,431

23.75

129

168

Intesa

Sanpaolo

SpA

09/23/20

200,000

106.83

214

229

Ionis

Pharmaceuticals,

Inc.

04/26/21

1,273,000

92.71

1,180

1,168

Land

O'Lakes,

Inc.

03/28/17

185,000

100.00

185

199

Liberty

Latin

America,

Ltd.

06/05/20

456,000

88.40

403

457

Liberty

Media

Corp.

03/05/21

195,000

102.48

200

203

Macquarie

Bank,

Ltd.

02/05/21

200,000

109.13

218

219

Meiji

Yasuda

Life

Insurance

Co.

03/02/21

200,000

112.88

226

226

MetLife

Capital

Trust

IV

11/27/18

100,000

118.79

119

140

MetLife,

Inc.

07/14/16

325,000

139.43

453

497

MGIC

Investment

Corp.

09/14/20

1,042,000

129.22

1,347

1,368

Momo

,

Inc.

07/06/20

247,000

83.05

205

206

Neinor

Homes

SA

07/16/21

EUR

6,577

13.62

90

96

Netcompany

Group

A/S

06/17/20

DKK

11,438

63.09

722

1,415

Nippon

Life

Insurance

Co.

01/13/16

300,000

99.69

299

335

Nordea

Bank

AB

09/15/20

200,000

113.66

227

230

Nutanix

,

Inc.

05/06/20

748,000

92.56

692

780

NuVasive

,

Inc.

12/02/20

48,000

91.89

44

46

On

the

Beach

Group

PLC

06/18/20

GBP

104,743

3.69

386

473

Orsted

A/S

Class

A

11/08/19

DKK

1,303

133.07

173

194

PolyPeptide

Group

AG

05/07/21

CHF

5,176

90.55

469

564

QBE

Insurance

Group,

Ltd.

05/05/20

200,000

100.00

200

220

SBL

Holdings

LLC

02/04/20

215,000

94.24

203

218

SBL

Holdings

LLC

06/17/21

210,000

100.00

210

208

Scentre

Group

Trust

2

09/16/20

300,000

100.00

300

320

Scentre

Group

Trust

2

09/16/20

300,000

100.00

300

323

Siemens

Healthineers

AG

02/05/21

EUR

12,297

59.07

726

813

Societe

Generale

SA

06/05/20

400,000

103.38

414

454

Societe

Generale

SA

09/15/20

400,000

107.82

431

445

Societe

Generale

SA

09/16/20

200,000

114.28

229

236

Societe

Generale

SA

11/12/20

200,000

100.00

200

216

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

372

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

$

$

$

Standard

Chartered

PLC

02/07/18

200,000

109.87

220

218

Standard

Chartered

PLC

10/11/18

200,000

101.25

203

207

Standard

Chartered

PLC

07/15/21

200,000

103.88

208

205

Sumitomo

Life

Insurance

Co.

04/08/21

200,000

100.00

200

208

Tabula

Rasa

HealthCare,

Inc.

12/02/20

228,000

87.51

200

219

TeamViewer

AG

03/05/21

EUR

11,367

48.19

548

383

UBS

Group

AG

07/08/21

200,000

100.15

200

202

UBS

Group

Funding

Switzerland

AG

01/28/19

400,000

100.00

400

440

Weibo

Corp.

03/25/20

469,000

96.09

451

446

Western

Digital

Corp.

04/14/20

934,000

95.41

891

964

Worldline

SA

06/17/20

EUR

11,181

82.66

924

1,046

Yellow

Cake

PLC

09/23/19

GBP

86,825

2.57

223

339

31,455

For

a

description

of

restricted

securities

see

note

6

in

the

Notes

to

Quarterly

Report.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Australia

10

Year

Government

Bond

Futures

47

AUD

6,834

09/21

132

Canadian

10

Year

Government

Bond

Futures

9

CAD

1,332

09/21

30

EURO

STOXX

50

Index

Futures

262

EUR

10,711

09/21

(127)

FTSE

100

Index

Futures

371

GBP

25,846

09/21

(653)

Japanese

10

Year

Government

Bond

Futures

3

JPY

456,900

09/21

17

MSCI

EAFE

Index

Futures

446

USD

51,723

09/21

(259)

MSCI

Emerging

Markets

Index

Futures

282

USD

18,015

09/21

(1,277)

Russell

2000

E-Mini

Index

Futures

30

USD

3,332

09/21

(132)

S&P

500

E-Mini

Index

Futures

216

USD

47,407

09/21

1,295

S&P

Financial

Select

Sector

Index

Futures

284

USD

31,883

09/21

(422)

S&P

MidCap

400

E-Mini

Index

Futures

11

USD

2,969

09/21

(19)

SPI

200

Index

Futures

3

AUD

548

09/21

1

United

States

10

Year

Treasury

Note

Futures

1,398

USD

187,965

09/21

3,162

Short

Positions

Euro-Bund

Futures

21

EUR

3,708

09/21

(123)

FTSE

250

Index

Futures

24

GBP

1,099

09/21

(23)

Long

Gilt

Futures

28

GBP

3,634

09/21

(100)

NASDAQ

100

E-Mini

Index

Futures

176

USD

52,644

09/21

(3,473)

Russell

2000

E-Mini

Index

Futures

606

USD

67,315

09/21

3,009

S&P

500

E-Mini

Index

Futures

77

USD

16,900

09/21

(387)

S&P/TSX

60

Index

Futures

100

CAD

24,248

09/21

(335)

TOPIX

Index

Futures

324

JPY

6,172,201

09/21

1,597

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

1,913

Options

Written

Amounts

in

thousands

(except

contract

amounts)

Description

Counterparty

Call/Put

Number

of

Contracts

Strike

Price

Notional

Amount

Expiration

Date

Fair

Value

$

Fannie

Mae

Bonds

JPMorgan

Chase

Put

1

101.28

USD

25,000

08/05/21

(7)

Fannie

Mae

Bonds

JPMorgan

Chase

Put

1

103.72

USD

25,000

09/07/21

(63)

Fannie

Mae

Bonds

JPMorgan

Chase

Put

1

104.63

USD

10,000

09/07/21

(20)

Fannie

Mae

Bonds

JPMorgan

Chase

Put

1

105.75

USD

20,000

09/07/21

(22)

Swaption

(Counterparty,

Fund

Receives/Fund

Pays,

Notional,

Termination

Date)

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

373

Options

Written

Amounts

in

thousands

(except

contract

amounts)

Description

Counterparty

Call/Put

Number

of

Contracts

Strike

Price

Notional

Amount

Expiration

Date

Fair

Value

$

Bank

of

America,

USD

3

Month

LIBOR/

USD

1.235%,

USD

21,872,

03/21/27

Bank

of

America

Call

1

0.00

21,872

03/19/25

(183)

Bank

of

America,

USD

3

Month

LIBOR/

USD

2.573%,

USD

6,855,

03/30/36

Bank

of

America

Call

1

0.00

6,855

03/26/26

(660)

Bank

of

America,

USD

3

Month

LIBOR/

USD

0.920%,

USD

2,758,

03/27/40

Bank

of

America

Call

2

0.00

5,516

03/25/30

(162)

Bank

of

America,

USD

3

Month

LIBOR/

USD

1.605%,

USD

4,348,

11/14/50

Bank

of

America

Call

1

0.00

4,348

11/12/30

(394)

Bank

of

America,

USD

3

Month

LIBOR/

USD

1.660%,

USD

5,268,

11/14/50

Bank

of

America

Call

1

0.00

5,268

11/12/30

(497)

Bank

of

America,

USD

3

Month

LIBOR/

USD

1.680%,

USD

8,184,

11/14/40

Bank

of

America

Call

1

0.00

8,184

11/12/30

(435)

Citigroup,

USD

3

Month

LIBOR/USD

1.518%,

USD

4,092,

11/14/55

Citigroup

Call

1

0.00

4,092

11/12/25

(394)

Citigroup,

USD

3

Month

LIBOR/USD

1.918%,

USD

2,607,

01/24/51

Citigroup

Call

1

0.00

2,607

01/22/31

(326)

Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.570%,

USD

4,932,

11/12/55

Goldman

Sachs

Call

1

0.00

4,932

11/10/25

(486)

Goldman

Sachs,

USD

3

Month

LIBOR/

USD

2.170%,

USD

13,799,

03/04/56

Goldman

Sachs

Call

1

0.00

13,799

03/02/26

(2,468)

Goldman

Sachs,

USD

3

Month

LIBOR/

USD

0.905%,

USD

8,722,

03/28/40

Goldman

Sachs

Call

1

0.00

8,722

03/26/30

(254)

Goldman

Sachs,

USD

3

Month

LIBOR/

USD

2.483%,

USD

60,192,

04/17/41

Goldman

Sachs

Call

1

0.00

60,191

04/15/31

(5,413)

Goldman

Sachs,

USD

3

Month

LIBOR/

USD

2.390%,

USD

3,481,

04/30/41

Goldman

Sachs

Call

1

0.00

3,481

04/28/31

(321)

JP

Morgan,

USD

3

Month

LIBOR/USD

0.928%,

USD

35,576,

03/31/28

JPMorgan

Chase

Call

1

0.00

35,575

03/25/27

(115)

JP

Morgan,

USD

3

Month

LIBOR/USD

1.744%,

USD

9,864,

11/14/40

JPMorgan

Chase

Call

1

0.00

9,864

11/12/30

(549)

JP

Morgan,

USD

3

Month

LIBOR/USD

1.895%,

USD

13,947,

07/09/41

JPMorgan

Chase

Call

1

0.00

13,947

07/07/31

(969)

Morgan

Stanley,

USD

3

Month

LIBOR/

USD

0.883%,

USD

4,387,

03/27/40

Morgan

Stanley

Call

1

0.00

4,387

03/25/30

(125)

Morgan

Stanley,

USD

3

Month

LIBOR/

USD

0.895%,

USD

4,387,

03/27/40

Morgan

Stanley

Call

1

0.00

4,387

03/25/30

(127)

UBS,

USD

3

Month

LIBOR/USD

0.845%,

USD

21,933,

03/27/26

UBS

Call

1

0.00

21,933

03/25/25

(62)

Bank

of

America,

USD

1.235%/USD

3

Month

LIBOR,

USD

21,872,

03/21/27

Bank

of

America

Put

1

0.00

21,872

03/19/25

(258)

Bank

of

America,

USD

2.573%/USD

3

Month

LIBOR,

USD

6,855,

03/30/36

Bank

of

America

Put

1

0.00

6,855

03/26/26

(208)

Bank

of

America,

USD

0.920%/USD

3

Month

LIBOR,

USD

2,758,

03/27/40

Bank

of

America

Put

2

0.00

5,516

03/25/30

(654)

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

374

Multi-Strategy

Income

Fund

Options

Written

Amounts

in

thousands

(except

contract

amounts)

Description

Counterparty

Call/Put

Number

of

Contracts

Strike

Price

Notional

Amount

Expiration

Date

Fair

Value

$

Bank

of

America,

USD

1.605%/USD

3

Month

LIBOR,

USD

4,348,

11/14/50

Bank

of

America

Put

1

0.00

4,348

11/12/30

(592)

Bank

of

America,

USD

1.660%/USD

3

Month

LIBOR,

USD

5,268,

11/14/50

Bank

of

America

Put

1

0.00

5,268

11/12/30

(692)

Bank

of

America,

USD

1.680%/USD

3

Month

LIBOR,

USD

8,184,

11/14/40

Bank

of

America

Put

1

0.00

8,184

11/12/30

(642)

Citigroup,

USD

1.518%/USD

3

Month

LIBOR,

USD

4,092,

11/14/55

Citigroup

Put

1

0.00

4,092

11/12/25

(662)

Citigroup,

USD

1.918%/USD

3

Month

LIBOR,

USD

2,607,

01/24/51

Citigroup

Put

1

0.00

2,607

01/22/31

(318)

Goldman

Sachs,

USD

1.570%/USD

3

Month

LIBOR,

USD

4,932,

11/12/55

Goldman

Sachs

Put

1

0.00

4,932

11/10/25

(749)

Goldman

Sachs,

USD

2.170%/USD

3

Month

LIBOR,

USD

13,799,

03/04/56

Goldman

Sachs

Put

1

0.00

13,799

03/02/26

(1,284)

Goldman

Sachs,

USD

0.905%/USD

3

Month

LIBOR,

USD

8,722,

03/28/40

Goldman

Sachs

Put

1

0.00

8,722

03/26/30

(1,043)

Goldman

Sachs,

USD

2.483%/USD

3

Month

LIBOR,

USD

60,192,

04/17/41

Goldman

Sachs

Put

1

0.00

60,191

04/15/31

(2,933)

Goldman

Sachs,

USD

2.390%/USD

3

Month

LIBOR,

USD

3,481,

04/30/41

Goldman

Sachs

Put

1

0.00

3,481

04/28/31

(204)

JP

Morgan,

USD

0.928%/USD

3

Month

LIBOR,

USD

35,576,

03/31/28

JPMorgan

Chase

Put

1

0.00

35,575

03/25/27

(351)

JP

Morgan,

USD

1.744%/USD

3

Month

LIBOR,

USD

9,864,

11/14/40

JPMorgan

Chase

Put

1

0.00

9,864

11/12/30

(745)

JP

Morgan,

USD

1.895%/USD

3

Month

LIBOR,

USD

13,947,

07/09/41

JPMorgan

Chase

Put

1

0.00

13,947

07/07/31

(1,075)

Morgan

Stanley,

USD

0.883%/USD

3

Month

LIBOR,

USD

4,387,

03/27/40

Morgan

Stanley

Put

1

0.00

4,387

03/25/30

(530)

Morgan

Stanley,

USD

0.895%/USD

3

Month

LIBOR,

USD

4,387,

03/27/40

Morgan

Stanley

Put

1

0.00

4,387

03/25/30

(526)

UBS,

USD

0.845%/USD

3

Month

LIBOR,

USD

21,933,

03/27/26

UBS

Put

1

0.00

21,933

03/25/25

(164)

Total

Liability

for

Options

Written

(premiums

received

$26,353)

(27,682)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

321

GBP

231

08/03/21

—

Bank

of

America

USD

2

JPY

262

09/09/21

—

Bank

of

America

USD

20

JPY

2,250

09/09/21

—

Bank

of

America

USD

942

JPY

103,092

09/09/21

(2)

Bank

of

America

USD

55

SGD

74

08/03/21

—

Bank

of

America

AUD

6

USD

4

09/09/21

—

Bank

of

America

AUD

13

USD

9

09/09/21

—

Bank

of

America

AUD

25

USD

20

09/09/21

1

Bank

of

America

AUD

1,223

USD

949

09/09/21

51

Bank

of

America

CHF

84

USD

92

08/03/21

—

Bank

of

America

DKK

615

USD

98

08/03/21

—

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

375

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

EUR

135

USD

160

08/03/21

—

Bank

of

America

JPY

194

USD

2

08/03/21

—

Bank

of

America

JPY

2,954

USD

27

09/09/21

—

Bank

of

America

NOK

16

USD

2

09/09/21

—

Bank

of

America

NOK

184

USD

22

09/09/21

1

Bank

of

America

NOK

208

USD

24

09/09/21

—

Bank

of

America

NOK

7,879

USD

944

09/09/21

53

Bank

of

Montreal

USD

1,748

CHF

1,562

09/15/21

(22)

Bank

of

Montreal

CAD

2,749

USD

2,274

09/15/21

71

Bank

of

Montreal

GBP

1,524

USD

2,153

09/15/21

34

Bank

of

Montreal

JPY

786,556

USD

7,182

09/15/21

10

Bank

of

Montreal

SEK

6,498

USD

787

09/15/21

32

Bank

of

New

York

USD

1,753

CHF

1,562

09/15/21

(27)

Bank

of

New

York

USD

10

NZD

14

09/09/21

—

Bank

of

New

York

USD

26

NZD

37

09/09/21

—

Bank

of

New

York

USD

1,787

NZD

2,448

09/09/21

(83)

Bank

of

New

York

CAD

2,749

USD

2,278

09/15/21

75

Bank

of

New

York

GBP

1,524

USD

2,157

09/15/21

38

Bank

of

New

York

JPY

786,556

USD

7,204

09/15/21

32

Bank

of

New

York

NZD

7

USD

5

09/09/21

—

Bank

of

New

York

SEK

6,498

USD

789

09/15/21

34

Brown

Brothers

Harriman

USD

161

CAD

201

08/04/21

—

Brown

Brothers

Harriman

USD

1,409

EUR

1,188

08/03/21

—

Brown

Brothers

Harriman

CAD

201

USD

162

08/04/21

1

Brown

Brothers

Harriman

CAD

201

USD

161

09/02/21

—

Brown

Brothers

Harriman

EUR

199

USD

237

08/03/21

—

Brown

Brothers

Harriman

EUR

989

USD

1,172

08/03/21

(1)

Brown

Brothers

Harriman

EUR

1,203

USD

1,427

09/02/21

—

Citigroup

USD

1,749

CHF

1,562

09/15/21

(23)

Citigroup

USD

2

GBP

1

09/09/21

—

Citigroup

USD

970

GBP

684

09/09/21

(19)

Citigroup

CAD

2,749

USD

2,274

09/15/21

72

Citigroup

EUR

19,309

USD

22,930

09/15/21

6

Citigroup

GBP

685

USD

958

09/09/21

5

Citigroup

GBP

1,524

USD

2,152

09/15/21

33

Citigroup

JPY

786,556

USD

7,185

09/15/21

13

Citigroup

SEK

6,498

USD

787

09/15/21

32

HSBC

USD

138

BRL

705

08/03/21

(2)

HSBC

USD

358

BRL

1,831

08/03/21

(6)

HSBC

USD

1,570

BRL

8,040

08/03/21

(26)

HSBC

USD

1,863

BRL

10,576

08/03/21

166

HSBC

USD

44

BRL

230

11/03/21

—

HSBC

USD

1,573

BRL

8,040

11/03/21

(49)

HSBC

USD

60

CNY

390

09/10/21

—

HSBC

USD

2,973

CNY

19,441

09/10/21

25

HSBC

USD

3

CZK

65

09/07/21

—

HSBC

USD

54

CZK

1,173

09/07/21

1

HSBC

USD

90

EUR

76

08/17/21

—

HSBC

USD

50

HKD

388

09/13/21

—

HSBC

USD

1,243

HKD

9,650

09/13/21

(1)

HSBC

USD

—

HUF

10

09/07/21

—

HSBC

USD

875

HUF

262,560

09/07/21

(7)

HSBC

USD

118

MXN

2,362

08/09/21

1

HSBC

USD

349

MXN

6,921

08/09/21

(1)

HSBC

USD

650

MXN

12,918

08/09/21

(1)

HSBC

USD

270

PEN

979

08/12/21

(29)

HSBC

USD

140

PLN

533

09/21/21

(2)

HSBC

USD

1,230

PLN

4,560

09/21/21

(46)

HSBC

USD

1,325

PLN

4,909

09/21/21

(51)

HSBC

USD

74

RON

311

11/08/21

—

HSBC

USD

660

RUB

49,538

09/07/21

15

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

376

Multi-Strategy

Income

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

HSBC

USD

66

THB

2,157

11/08/21

—

HSBC

USD

1,187

THB

38,258

11/08/21

(23)

HSBC

USD

29

ZAR

421

08/30/21

(1)

HSBC

USD

41

ZAR

583

08/30/21

(1)

HSBC

USD

337

ZAR

4,923

08/30/21

(2)

HSBC

BRL

705

USD

140

08/03/21

5

HSBC

BRL

1,831

USD

320

08/03/21

(32)

HSBC

BRL

8,040

USD

1,593

08/03/21

49

HSBC

BRL

10,576

USD

2,065

08/03/21

34

HSBC

CLP

40,958

USD

57

08/30/21

3

HSBC

CLP

79,138

USD

110

08/30/21

6

HSBC

CLP

82,609

USD

115

08/30/21

6

HSBC

CLP

112,373

USD

159

08/30/21

11

HSBC

CLP

115,869

USD

163

08/30/21

11

HSBC

CLP

393,573

USD

559

08/30/21

41

HSBC

COP

2,929,009

USD

770

11/08/21

19

HSBC

CZK

35,457

USD

1,649

09/07/21

1

HSBC

IDR

27,120,574

USD

1,863

09/20/21

(5)

HSBC

MXN

1,600

USD

80

08/09/21

—

HSBC

MXN

6,450

USD

315

08/09/21

(8)

HSBC

MXN

6,470

USD

316

08/09/21

(8)

HSBC

MXN

7,681

USD

380

08/09/21

(6)

HSBC

MXN

12,918

USD

639

12/02/21

1

HSBC

PEN

1,263

USD

351

08/12/21

40

HSBC

PHP

7,311

USD

151

09/07/21

4

HSBC

RUB

7,168

USD

97

09/07/21

(1)

HSBC

RUB

9,105

USD

119

09/07/21

(5)

HSBC

RUB

18,159

USD

239

09/07/21

(9)

JPMorgan

Chase

USD

1,748

CHF

1,562

09/15/21

(22)

JPMorgan

Chase

CAD

2,749

USD

2,274

09/15/21

71

JPMorgan

Chase

GBP

1,524

USD

2,153

09/15/21

34

JPMorgan

Chase

JPY

786,556

USD

7,182

09/15/21

10

JPMorgan

Chase

SEK

6,498

USD

787

09/15/21

32

Royal

Bank

of

Canada

USD

96

CAD

120

08/03/21

—

Royal

Bank

of

Canada

USD

—

CAD

1

09/09/21

—

Royal

Bank

of

Canada

USD

950

CAD

1,182

09/09/21

(2)

Royal

Bank

of

Canada

USD

2,790

CAD

3,369

09/09/21

(90)

Royal

Bank

of

Canada

USD

1,754

CHF

1,562

09/15/21

(27)

Royal

Bank

of

Canada

CAD

1,196

USD

990

09/09/21

31

Royal

Bank

of

Canada

CAD

2,749

USD

2,278

09/15/21

75

Royal

Bank

of

Canada

GBP

1,524

USD

2,158

09/15/21

39

Royal

Bank

of

Canada

JPY

786,556

USD

7,205

09/15/21

33

Royal

Bank

of

Canada

SEK

864

USD

100

08/03/21

—

Royal

Bank

of

Canada

SEK

6,498

USD

789

09/15/21

34

State

Street

USD

7

EUR

6

09/09/21

—

State

Street

USD

6

SEK

50

09/09/21

—

State

Street

AUD

16

USD

12

09/15/21

1

State

Street

DKK

18,730

USD

2,991

09/15/21

2

State

Street

EUR

3

USD

4

09/09/21

—

State

Street

EUR

6

USD

7

09/09/21

—

State

Street

EUR

674

USD

824

09/09/21

24

State

Street

EUR

1,582

USD

1,931

09/15/21

53

State

Street

NOK

8,070

USD

976

09/15/21

62

State

Street

SEK

89

USD

10

09/09/21

—

State

Street

SEK

115

USD

14

09/09/21

—

State

Street

SEK

14,790

USD

1,786

09/09/21

67

State

Street

TWD

67

USD

2

08/02/21

—

UBS

USD

5

CHF

5

09/09/21

—

UBS

USD

59

CHF

54

09/09/21

—

UBS

CHF

22

USD

24

09/09/21

—

UBS

CHF

2,479

USD

2,768

09/09/21

28

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

377

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(å)

989

Total

Return

Swap

Contracts

Amounts

in

thousands

Underlying

Reference

Entity

Counterparty

Notional

Amount

Terms

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Long

Markit

IOS

Index

-

Fannie

Mae

30

Year

4.000%

Goldman

Sachs

USD

7,864

1

Month

LIBOR

(1)

01/12/45

—

52

52

Short

Markit

IOS

Index

-

Fannie

Mae

30

Year

4.000%

JPMorgan

Chase

USD

7,864

1

Month

LIBOR

(1)

01/12/45

—

(52)

(52)

Total

Open

Total

Return

Swap

Contracts

(å)

—

—

—

Interest

Rate

Swap

Contracts

Amounts

in

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Barclays

USD

38,280

Three

Month

LIBOR

(2)

0.305%

(3)

06/24/23

13

(55)

(42)

Barclays

USD

38,280

0.305%

(2)

Three

Month

LIBOR

(2)

06/24/23

—

42

42

Barclays

USD

29,728

Three

Month

LIBOR

(2)

0.296%

(3)

07/09/23

—

(26)

(26)

Barclays

USD

14,165

Three

Month

LIBOR

(2)

0.282%

(3)

07/27/23

—

(6)

(6)

Barclays

USD

171,726

Three

Month

LIBOR

(2)

0.300%

(3)

09/15/23

326

(360)

(34)

Barclays

USD

9,234

0.350%

(2)

Three

Month

LIBOR

(2)

07/06/25

—

(102)

(102)

Barclays

USD

1,345

0.300%

(2)

Three

Month

LIBOR

(2)

07/14/25

—

(18)

(18)

Barclays

USD

957

0.277%

(2)

Three

Month

LIBOR

(2)

08/12/25

—

(14)

(14)

Barclays

USD

1,224

Three

Month

LIBOR

(2)

0.344%

(3)

10/13/25

—

17

17

Barclays

USD

1,294

Three

Month

LIBOR

(2)

0.410%

(3)

10/13/25

—

14

14

Barclays

USD

1,294

Three

Month

LIBOR

(2)

0.471%

(3)

11/16/25

—

12

12

Barclays

USD

1,323

0.428%

(2)

Three

Month

LIBOR

(2)

12/16/25

—

(16)

(16)

Barclays

USD

1,245

Three

Month

LIBOR

(2)

0.562%

(3)

01/13/26

—

8

8

Barclays

USD

262

Three

Month

LIBOR

(2)

0.584%

(3)

02/10/26

—

2

2

Barclays

USD

865

Three

Month

LIBOR

(2)

0.597%

(3)

02/17/26

10

(5)

5

Barclays

USD

1,297

Three

Month

LIBOR

(2)

0.600%

(3)

03/09/26

—

8

8

Barclays

USD

1,297

Three

Month

LIBOR

(2)

1.045%

(3)

04/15/26

—

(18)

(18)

Barclays

USD

97,000

0.615%

(2)

Three

Month

LIBOR

(2)

04/15/26

(1,849)

1,250

(599)

Barclays

USD

97,000

Three

Month

LIBOR

(2)

0.615%

(3)

04/15/26

1,780

(1,181)

599

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

378

Multi-Strategy

Income

Fund

Interest

Rate

Swap

Contracts

Amounts

in

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Barclays

USD

9,544

Three

Month

LIBOR

(2)

0.966%

(3)

04/27/26

—

(96)

(96)

Barclays

USD

9,544

0.891%

(2)

Three

Month

LIBOR

(2)

05/04/26

—

61

61

Barclays

USD

13,621

0.857%

(2)

Three

Month

LIBOR

(2)

06/04/26

—

59

59

Barclays

USD

6,375

Three

Month

LIBOR

(2)

0.934%

(3)

06/24/26

6

(55)

(49)

Barclays

USD

6,375

0.934%

(2)

Three

Month

LIBOR

(2)

06/24/26

—

49

49

Barclays

USD

92,768

1.080%

(2)

Three

Month

LIBOR

(2)

07/01/26

538

830

1,368

Barclays

USD

92,768

Three

Month

LIBOR

(2)

1.080%

(3)

07/01/26

—

(1,368)

(1,368)

Barclays

USD

5,231

0.948%

(2)

Three

Month

LIBOR

(2)

07/06/26

—

43

43

Barclays

USD

12,444

Three

Month

LIBOR

(2)

0.963%

(3)

07/06/26

—

(112)

(112)

Barclays

USD

8,041

Three

Month

LIBOR

(2)

0.858%

(3)

07/09/26

—

(31)

(31)

Barclays

USD

9,060

0.892%

(2)

Three

Month

LIBOR

(2)

07/16/26

—

49

49

Barclays

USD

5,013

Three

Month

LIBOR

(2)

0.884%

(3)

07/20/26

—

(25)

(25)

Barclays

USD

5,402

Three

Month

LIBOR

(2)

0.792%

(3)

07/21/26

—

(2)

(2)

Barclays

USD

5,402

Three

Month

LIBOR

(2)

0.790%

(3)

07/21/26

—

(1)

(1)

Barclays

USD

6,951

0.726%

(2)

Three

Month

LIBOR

(2)

07/22/26

—

(20)

(20)

Barclays

USD

5,386

0.814%

(2)

Three

Month

LIBOR

(2)

07/27/26

—

7

7

Barclays

USD

27,353

0.806%

(2)

Three

Month

LIBOR

(2)

08/04/26

—

21

21

Barclays

USD

21,918

Three

Month

LIBOR

(2)

0.950%

(3)

09/15/26

86

(225)

(139)

Barclays

USD

621

0.645%

(2)

Three

Month

LIBOR

(2)

07/15/30

—

(29)

(29)

Barclays

USD

18,467

0.556%

(2)

Three

Month

LIBOR

(2)

08/05/30

—

(1,017)

(1,017)

Barclays

USD

18,467

Three

Month

LIBOR

(2)

0.564%

(3)

09/08/30

—

1,026

1,026

Barclays

USD

17,236

Three

Month

LIBOR

(2)

0.717%

(3)

10/07/30

—

739

739

Barclays

USD

18,467

Three

Month

LIBOR

(2)

0.724%

(3)

11/04/30

—

795

795

Barclays

USD

214

Three

Month

LIBOR

(2)

1.212%

(3)

02/16/31

—

—

—

Barclays

USD

193

Three

Month

LIBOR

(2)

1.366%

(3)

02/22/31

—

(2)

(2)

Barclays

USD

151

Three

Month

LIBOR

(2)

1.426%

(3)

02/24/31

—

(3)

(3)

Barclays

USD

161

Three

Month

LIBOR

(2)

1.519%

(3)

03/02/31

—

(4)

(4)

Barclays

USD

21,692

1.609%

(2)

Three

Month

LIBOR

(2)

03/08/31

—

766

766

Barclays

USD

648

Three

Month

LIBOR

(2)

1.525%

(3)

03/15/31

—

(18)

(18)

Barclays

USD

241

Three

Month

LIBOR

(2)

1.165%

(3)

04/15/31

—

2

2

Barclays

USD

648

1.465%

(2)

Three

Month

LIBOR

(2)

04/15/31

—

14

14

Barclays

USD

17,942

Three

Month

LIBOR

(2)

1.538%

(3)

04/19/31

—

(508)

(508)

Barclays

USD

648

Three

Month

LIBOR

(2)

1.702%

(3)

04/21/31

—

(28)

(28)

Barclays

USD

12,382

1.655%

(2)

Three

Month

LIBOR

(2)

05/04/31

—

486

486

Barclays

USD

6,811

1.591%

(2)

Three

Month

LIBOR

(2)

05/05/31

—

226

226

Barclays

USD

648

1.573%

(2)

Three

Month

LIBOR

(2)

05/17/31

—

20

20

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

379

Interest

Rate

Swap

Contracts

Amounts

in

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Barclays

USD

648

1.644%

(2)

Three

Month

LIBOR

(2)

05/21/31

—

25

25

Barclays

USD

3,803

Three

Month

LIBOR

(2)

1.612%

(3)

05/27/31

—

(133)

(133)

Barclays

USD

6,837

1.465%

(2)

Three

Month

LIBOR

(2)

06/14/31

—

143

143

Barclays

USD

648

1.558%

(2)

Three

Month

LIBOR

(2)

06/16/31

—

19

19

Barclays

USD

648

1.450%

(2)

Three

Month

LIBOR

(2)

06/23/31

—

13

13

Barclays

USD

5,108

1.462%

(2)

Three

Month

LIBOR

(2)

06/24/31

9

96

105

Barclays

USD

5,108

Three

Month

LIBOR

(2)

1.462%

(3)

06/24/31

—

(105)

(105)

Barclays

USD

6,539

1.470%

(2)

Three

Month

LIBOR

(2)

06/29/31

—

139

139

Barclays

USD

2,099

Three

Month

LIBOR

(2)

1.472%

(3)

06/30/31

—

(45)

(45)

Barclays

USD

6,202

1.466%

(2)

Three

Month

LIBOR

(2)

07/01/31

—

129

129

Barclays

USD

1,755

Three

Month

LIBOR

(2)

1.437%

(3)

07/02/31

—

(31)

(31)

Barclays

USD

1,012

1.463%

(2)

Three

Month

LIBOR

(2)

07/06/31

—

21

21

Barclays

USD

819

1.339%

(2)

Three

Month

LIBOR

(2)

07/08/31

—

7

7

Barclays

USD

4,026

Three

Month

LIBOR

(2)

1.337%

(3)

07/08/31

—

(34)

(34)

Barclays

USD

446

1.457%

(2)

Three

Month

LIBOR

(2)

07/09/31

—

9

9

Barclays

USD

4,215

1.283%

(2)

Three

Month

LIBOR

(2)

07/09/31

—

13

13

Barclays

USD

952

1.282%

(2)

Three

Month

LIBOR

(2)

07/12/31

—

3

3

Barclays

USD

233

Three

Month

LIBOR

(2)

1.165%

(3)

07/15/31

—

2

2

Barclays

USD

910

Three

Month

LIBOR

(2)

1.373%

(3)

07/15/31

—

(11)

(11)

Barclays

USD

963

1.460%

(2)

Three

Month

LIBOR

(2)

07/15/31

—

19

19

Barclays

USD

923

1.363%

(2)

Three

Month

LIBOR

(2)

07/16/31

—

10

10

Barclays

USD

3,712

Three

Month

LIBOR

(2)

1.273%

(3)

07/26/31

—

(7)

(7)

Barclays

USD

2,034

1.296%

(2)

Three

Month

LIBOR

(2)

07/27/31

—

8

8

Barclays

USD

1,440

Three

Month

LIBOR

(2)

1.252%

(3)

07/29/31

—

—

—

Barclays

USD

2,916

1.273%

(2)

Three

Month

LIBOR

(2)

08/02/31

—

5

5

Barclays

USD

31,112

Three

Month

LIBOR

(2)

1.650%

(3)

09/15/31

(475)

(643)

(1,118)

Barclays

USD

445

Three

Month

LIBOR

(2)

1.328%

(3)

06/12/40

—

24

24

Barclays

USD

289

Three

Month

LIBOR

(2)

1.268%

(3)

06/19/40

—

17

17

Barclays

USD

578

Three

Month

LIBOR

(2)

1.250%

(3)

06/19/40

—

35

35

Barclays

USD

811

Three

Month

LIBOR

(2)

1.322%

(3)

06/19/40

—

45

45

Barclays

USD

1,564

Three

Month

LIBOR

(2)

1.345%

(3)

09/19/40

—

83

83

Barclays

USD

964

Three

Month

LIBOR

(2)

2.280%

(3)

06/12/41

—

(23)

(23)

Barclays

USD

830

Three

Month

LIBOR

(2)

1.325%

(3)

06/06/50

—

75

75

Barclays

USD

1,304

Three

Month

LIBOR

(2)

1.275%

(3)

09/19/50

—

126

126

Barclays

USD

39,994

Three

Month

LIBOR

(2)

1.160%

(3)

10/16/50

103

4,623

4,726

Barclays

USD

8,203

1.305%

(2)

Three

Month

LIBOR

(2)

10/27/50

—

(681)

(681)

Barclays

USD

8,370

1.410%

(2)

Three

Month

LIBOR

(2)

11/12/50

—

(481)

(481)

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

380

Multi-Strategy

Income

Fund

Interest

Rate

Swap

Contracts

Amounts

in

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Barclays

USD

6,983

Three

Month

LIBOR

(2)

1.256%

(3)

11/23/50

—

665

665

Barclays

USD

9,600

1.400%

(2)

Three

Month

LIBOR

(2)

12/04/50

—

(574)

(574)

Barclays

USD

9,768

1.563%

(2)

Three

Month

LIBOR

(2)

01/11/51

—

(197)

(197)

Barclays

USD

4,017

1.708%

(2)

Three

Month

LIBOR

(2)

02/08/51

—

62

62

Barclays

USD

3,640

1.727%

(2)

Three

Month

LIBOR

(2)

02/12/51

—

73

73

Barclays

USD

9,613

1.890%

(2)

Three

Month

LIBOR

(2)

02/18/51

—

578

578

Barclays

USD

4,775

1.985%

(2)

Three

Month

LIBOR

(2)

04/20/51

—

402

402

Barclays

USD

4,614

Three

Month

LIBOR

(2)

1.876%

(3)

06/11/51

—

(265)

(265)

Barclays

USD

711

Three

Month

LIBOR

(2)

2.150%

(3)

06/12/51

—

(28)

(28)

Barclays

USD

7,322

Three

Month

LIBOR

(2)

1.779%

(3)

06/21/51

—

(243)

(243)

Barclays

USD

1,286

Three

Month

LIBOR

(2)

1.744%

(3)

07/06/51

—

(32)

(32)

Barclays

USD

4,086

Three

Month

LIBOR

(2)

1.670%

(3)

07/08/51

—

(26)

(26)

Barclays

USD

1,742

Three

Month

LIBOR

(2)

1.725%

(3)

07/16/51

—

(35)

(35)

Barclays

USD

8,021

Three

Month

LIBOR

(2)

1.529%

(3)

07/21/51

—

231

231

Barclays

USD

7,000

1.652%

(2)

Three

Month

LIBOR

(2)

07/23/51

—

13

13

Barclays

USD

9,860

2.000%

(2)

Three

Month

LIBOR

(2)

09/15/51

514

339

853

Barclays

USD

1,121

Three

Month

LIBOR

(2)

1.250%

(3)

06/06/55

—

144

144

Barclays

USD

711

Three

Month

LIBOR

(2)

2.090%

(3)

06/12/55

—

(49)

(49)

Barclays

USD

412

Three

Month

LIBOR

(2)

1.026%

(3)

06/18/55

—

74

74

Barclays

USD

515

Three

Month

LIBOR

(2)

1.025%

(3)

06/18/55

—

93

93

Barclays

USD

4,034

1.080%

(2)

Three

Month

LIBOR

(2)

08/14/55

—

(678)

(678)

Barclays

USD

1,408

Three

Month

LIBOR

(2)

1.178%

(3)

09/19/55

—

204

204

Barclays

USD

1,211

1.570%

(2)

Three

Month

LIBOR

(2)

11/12/55

—

(65)

(65)

Barclays

USD

445

Three

Month

LIBOR

(2)

1.155%

(3)

06/12/60

—

59

59

Barclays

USD

491

Three

Month

LIBOR

(2)

1.155%

(3)

06/19/60

—

65

65

Barclays

USD

467

Three

Month

LIBOR

(2)

1.794%

(3)

02/05/61

—

(5)

(5)

Credit

Suisse

HUF

583,900

Six

Month

BUBOR

(3)

0.833%

(4)

11/22/22

—

27

27

Credit

Suisse

CNY

2,900

2.335%

(2)

CEFTS

China

7

Day

Interbank

Repo

Fixing

Rate

(2)

03/05/25

—

(2)

(2)

Credit

Suisse

CNY

5,500

2.520%

(2)

CEFTS

China

7

Day

Interbank

Repo

Fixing

Rate

(2)

07/07/25

—

2

2

Credit

Suisse

CNY

10,000

2.840%

(2)

China

Interbank

Repo

Rate

3

Months

(2)

11/24/25

—

22

22

Credit

Suisse

CNY

4,300

2.650%

(2)

China

Interbank

Repo

Rate

3

Months

(2)

01/11/26

—

4

4

Credit

Suisse

CNY

3,700

2.825%

(2)

China

Interbank

Repo

Rate

3

Months

(2)

04/07/26

—

8

8

Credit

Suisse

CNY

1,600

2.576%

(2)

China

Interbank

Repo

Rate

3

Months

(2)

07/15/26

—

1

1

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

381

Interest

Rate

Swap

Contracts

Amounts

in

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Total

Open

Interest

Rate

Swap

Contracts

(å)

1,061

5,563

6,624

Consolidated

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

$

—

$

62,504

$

21

$

—

$

62,525

International

Debt

—

27,057

—

—

27,057

Loan

Agreements

—

—

—

—

—

*

Mortgage-Backed

Securities

—

131,660

—

—

131,660

Non-US

Bonds

—

19,251

—

—

19,251

Common

Stocks

Consumer

Discretionary

15,455

20,232

—

—

35,687

Consumer

Staples

1,963

11,112

—

—

13,075

Energy

8,571

4,311

—

—

12,882

Financial

Services

41,392

30,172

—

—

71,564

Health

Care

3,672

13,286

—

—

16,958

Materials

and

Processing

27,357

16,764

—

—

44,121

Producer

Durables

14,360

23,444

1,766

—

39,570

Technology

11,688

10,115

—

—

21,803

Utilities

12,393

16,236

—

—

28,629

Preferred

Stocks

9,953

2,241

—

—

12,194

Options

Purchased

3,400

52,977

—

—

56,377

Short-Term

Investments

103

32,761

13

72,589

105,466

Other

Securities

—

—

—

6,755

6,755

Total

Investments

150,307

474,123

1,800

79,344

705,574

Other

Financial

Instruments

Assets

Futures

Contracts

9,243

—

—

—

9,

243

Foreign

Currency

Exchange

Contracts

3

5

1,594

—

—

1,629

Total

Return

Swap

Contracts

—

52

—

—

52

Interest

Rate

Swap

Contracts

—

15,819

—

—

15,819

Liabilities

Futures

Contracts

(7,330

)

—

—

—

(7,330

)

Options

Written

(112

)

(27,570)

—

—

(27,682)

Foreign

Currency

Exchange

Contracts

(35)

(605)

—

—

(640)

Total

Return

Swap

Contracts

—

(52)

—

—

(52)

Interest

Rate

Swap

Contracts

—

(9,195)

—

—

(9,195)

Total

Other

Financial

Instruments

**

$

1,80

1

$

(19,957)

$

—

$

—

$

(

18,156

)

*

Less

than

$500.

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

382

Multi-Strategy

Income

Fund

**

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2021,

see

note

2

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

July

31,

2021,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Australia

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

6,638

Belgium

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

505

Brazil

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

3,436

Burkina

Faso

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

98

Cameroon

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

332

Canada

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

22,211

Chile

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

1,623

China

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

2,471

Colombia

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

1,593

Czech

Republic

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

2,832

Denmark

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

5,897

Dominican

Republic

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

6

Finland

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

351

France

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

12,611

Germany

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

10,813

Ghana

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

27

Greece

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

108

Hong

Kong

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

2,350

Hungary

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

317

Indonesia

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

3,829

Ireland

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

1,633

Israel

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

272

Italy

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

3,762

Japan

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

65,028

Kazakhstan

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

1,155

Macao

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

92

Malaysia

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

287

Mexico

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

3,998

Monaco

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

256

Mongolia

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

2,750

Netherlands

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

5,859

New

Zealand

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

485

Norway

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

629

Peru

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

1,258

Philippines

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

206

Poland

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

764

Puerto

Rico

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

2,816

Romania

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

850

Russia

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

10,916

Singapore

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

2,368

South

Africa

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

1,820

South

Korea

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

4,981

Spain

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

2,690

Sweden

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

6,267

Russell

Investment

Company

Multi-Strategy

Income

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Strategy

Income

Fund

383

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Switzerland

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

9,263

Taiwan

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

889

Thailand

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

1,401

Turkey

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

361

Ukraine

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

1,418

United

Kingdom

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

38,034

United

States

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

455,018

Total

Investments

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

705,574

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

384

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

32.5%

Corporate

Bonds

and

Notes

-

8.6%

Aircastle,

Ltd.

4.250%

due

06/15/26

135

148

Alcoa

Corp.

4.125%

due

03/31/29

(Þ)

200

210

Alteryx,

Inc.

0.500%

due

08/01/24

(Þ)

2,269

2,146

Apollo

Commercial

Real

Estate

Finance,

Inc.

4.750%

due

08/23/22

1,090

1,101

5.375%

due

10/15/23

1,139

1,146

Ares

Capital

Corp.

4.625%

due

03/01/24

1,913

2,070

Ball

Corp.

2.875%

due

08/15/30

39

39

Benefitfocus,

Inc.

1.250%

due

12/15/23

957

893

Blackstone

Mortgage

Trust,

Inc.

4.750%

due

03/15/23

940

968

CalAmp

Corp.

2.000%

due

08/01/25

955

878

Calpine

Corp.

3.750%

due

03/01/31

(Þ)

393

378

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

4.250%

due

02/01/31

(Þ)

100

103

Centene

Corp.

2.500%

due

03/01/31

27

27

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Series

WI

5.375%

due

05/01/47

225

278

CIT

Group,

Inc.

5.000%

due

08/01/23

250

270

Clearway

Energy

Operating

LLC

4.750%

due

03/15/28

(Þ)

61

65

Series

WI

5.000%

due

09/15/26

515

527

Cleveland-Cliffs,

Inc.

Series

WI

7.000%

due

03/15/27

72

75

Colony

Capital,

Inc.

5.000%

due

04/15/23

2,267

2,313

Country

Garden

Holdings

Co.,

Ltd.

5.625%

due

01/14/30

200

213

CSC

Holdings

LLC

3.375%

due

02/15/31

(Þ)

400

380

DCP

Midstream

Operating,

LP

5.125%

due

05/15/29

277

309

5.600%

due

04/01/44

54

62

DISH

Network

Corp.

2.375%

due

03/15/24

2,406

2,325

DocuSign,

Inc.

0.000%

due

01/15/24

785

836

Domtar

Corp.

6.250%

due

09/01/42

408

433

Energy

Transfer,

LP

6.250%

due

12/31/99

(USD

3

Month

LIBOR

+

4.028%)(Ê)(ƒ)

254

229

EnLink

Midstream

Partners,

LP

5.600%

due

04/01/44

71

69

5.050%

due

04/01/45

103

95

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.450%

due

06/01/47

72

70

Enterprise

Products

Operating

LLC

5.375%

due

02/15/78

(USD

3

Month

LIBOR

+

2.570%)(Ê)

713

736

EQM

Midstream

Partners,

LP

Series

30Y

6.500%

due

07/15/48

133

146

Exantas

Capital

Corp.

4.500%

due

08/15/22

925

913

EZCORP,

Inc.

2.375%

due

05/01/25

983

866

FireEye,

Inc.

Series

B

1.625%

due

06/01/35

2,803

2,778

Flexion

Therapeutics,

Inc.

3.375%

due

05/01/24

272

242

General

Electric

Co.

Series

D

3.449%

due

12/29/49

(USD

3

Month

LIBOR

+

3.330%)(Ê)(ƒ)

170

166

General

Motors

Financial

Co.,

Inc.

Series

B

6.500%

due

12/31/99

(USD

3

Month

LIBOR

+

3.436%)(Ê)(ƒ)(Ñ)

130

148

Goodyear

Tire

&

Rubber

Co.

(The)

4.875%

due

03/15/27

700

743

Granite

Point

5.625%

due

12/01/22

(Þ)

1,881

1,861

Greenlight

Capital,

Inc.

4.000%

due

08/01/23

1,135

1,084

Haemonetics

Corp.

0.000%

due

03/01/26

2,311

1,970

Hanesbrands,

Inc.

4.875%

due

05/15/26

(Þ)

739

797

HCA,

Inc.

3.500%

due

09/01/30

506

549

7.500%

due

11/15/95

221

328

Helix

Energy

Solutions

Group,

Inc.

4.125%

due

09/15/23

464

441

Herbalife

Nutrition,

Ltd.

2.625%

due

03/15/24

605

647

Innoviva,

Inc.

2.125%

due

01/15/23

1,966

2,021

International

Consolidated

Airlines

0.500%

due

07/04/23

100

115

Invacare

Corp.

5.000%

due

11/15/24

221

211

Ionis

Pharmaceuticals,

Inc.

0.125%

due

12/15/24

(Þ)

2,226

2,043

JPMorgan

Chase

&

Co.

Series

CC

4.625%

due

12/31/99

(USD

3

Month

LIBOR

+

2.580%)(Ê)(ƒ)

50

51

KB

Home

4.800%

due

11/15/29

14

15

Kinder

Morgan

Energy

Partners,

LP

4.700%

due

11/01/42

290

343

KKR

Real

Estate

Finance

Trust,

Inc.

6.125%

due

05/15/23

1,462

1,547

L

Brands,

Inc.

Series

WI

6.875%

due

11/01/35

125

161

LendingTree,

Inc.

0.500%

due

07/15/25

2,127

1,916

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

385

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Levi

Strauss

&

Co.

3.500%

due

03/01/31

(Þ)

145

149

Liberty

Broadband

Corp.

1.250%

due

09/30/50

1,209

1,226

2.750%

due

09/30/50

519

557

Liberty

Media

Corp.

2.125%

due

03/31/48

(Þ)

344

358

Ligand

Pharmaceuticals,

Inc.

0.750%

due

05/15/23

2,086

2,035

Limelight

Networks,

Inc.

3.500%

due

08/01/25

838

747

Lumen

Technologies,

Inc.

4.000%

due

02/15/27

(Þ)

100

103

Macquarie

Infrastructure

Corp.

2.000%

due

10/01/23

1,611

1,603

Marathon

Oil

Corp.

5.200%

due

06/01/45

225

270

MFA

Financial,

Inc.

6.250%

due

06/15/24

2,514

2,555

MGIC

Investment

Corp.

9.000%

due

04/01/63

(Þ)

1,818

2,386

MicroStrategy,

Inc.

5.340%

due

02/15/27

778

576

Momo,

Inc.

1.250%

due

07/01/25

(Þ)

431

360

New

Mountain

Finance

Corp.

5.750%

due

08/15/23

1,882

1,983

New

Relic,

Inc.

0.500%

due

05/01/23

1,697

1,692

NIO,

Inc.

0.000%

due

02/01/26

395

344

Novelis

Corp.

4.750%

due

01/30/30

(Þ)

281

299

Nutanix,

Inc.

4.898%

due

01/15/23

(Þ)

1,304

1,360

NuVasive,

Inc.

0.375%

due

03/15/25

(Þ)

84

81

OneMain

Finance

Corp.

3.500%

due

01/15/27

29

30

4.000%

due

09/15/30

14

14

Paratek

Pharmaceuticals,

Inc.

4.750%

due

05/01/24

690

605

Patrick

Industries,

Inc.

1.000%

due

02/01/23

(Ñ)

159

180

PennyMac

Mortgage

Investment

Trust

5.500%

due

11/01/24

2,339

2,355

Plains

All

American

Pipeline,

LP

Series

B

6.125%

due

12/31/99

(USD

3

Month

LIBOR

+

4.110%)(Ê)(ƒ)

756

676

Post

Holdings,

Inc.

4.625%

due

04/15/30

(Þ)

52

53

4.500%

due

09/15/31

(Þ)

71

72

Precigen,

Inc.

3.500%

due

07/01/23

1,381

1,157

Quotient

Technology,

Inc.

1.750%

due

12/01/22

542

545

Radius

Health,

Inc.

3.000%

due

09/01/24

904

817

Range

Resources

Corp.

Series

WI

4.875%

due

05/15/25

132

137

Redwood

Trust,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.750%

due

08/15/23

1,095

1,098

Retrophin,

Inc.

2.500%

due

09/15/25

265

225

RWT

Holdings,

Inc.

5.750%

due

10/01/25

1,606

1,632

Seagate

HDD

Cayman

3.375%

due

07/15/31

(Þ)

177

174

Sealed

Air

Corp.

4.000%

due

12/01/27

(Þ)

400

427

SFL

Corp.,

Ltd.

4.875%

due

05/01/23

752

740

SmileDirectClub

LLC

0.000%

due

02/01/26

623

480

Splitrock

Services,

Inc.

5.500%

due

02/28/24

914

763

Starwood

Property

Trust,

Inc.

4.375%

due

04/01/23

1,419

1,513

Stride,

Inc.

1.125%

due

09/01/27

283

258

Supernus

Pharmaceuticals,

Inc.

0.625%

due

04/01/23

2,222

2,165

Tabula

Rasa

HealthCare,

Inc.

1.750%

due

02/15/26

(Ñ)(Þ)

397

381

Taylor

Morrison

Communities,

Inc.

5.875%

due

06/15/27

(Þ)

185

209

Tenet

Healthcare

Corp.

4.875%

due

01/01/26

(Þ)

421

435

6.875%

due

11/15/31

150

172

TerraForm

Power

Operating

LLC

4.750%

due

01/15/30

(Þ)

307

323

Theravance

Biopharma,

Inc.

3.250%

due

11/01/23

258

240

Tilray,

Inc.

5.000%

due

10/01/23

1,813

1,768

T-Mobile

USA,

Inc.

4.500%

due

04/15/50

25

31

Triarco

Industries

LLC

5.875%

due

08/01/37

567

521

Veeco

Instruments,

Inc.

2.700%

due

01/15/23

1,263

1,257

Vishay

Intertechnology,

Inc.

2.250%

due

06/15/25

558

585

Western

Digital

Corp.

1.500%

due

02/01/24

(Þ)

1,628

1,680

4.750%

due

02/15/26

127

141

84,037

International

Debt

-

2.1%

AerCap

Holdings

NV

5.875%

due

10/10/79

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.535%)

(Ê)

300

315

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.650%

due

07/21/27

225

242

Akbank

TAS

Series

REGS

5.125%

due

03/31/25

200

202

ams

AG

0.875%

due

09/28/22

2,200

2,136

Arcelik

AS

Series

REGS

5.000%

due

04/03/23

200

207

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

386

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ashland

Services

BV

Series

REGS

2.000%

due

01/30/28

450

543

Ball

Corp.

1.500%

due

03/15/27

100

121

Banco

BTG

Pactual

SA

Series

REGS

2.750%

due

01/11/26

200

195

Bank

of

Ireland

Group

PLC

4.125%

due

09/19/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.500%)

(Ê)

200

204

Barclays

Bank

PLC

6.278%

due

12/29/49

(USD

3

Month

LIBOR

+

1.550%)(Ê)(ƒ)

360

485

Berry

Global,

Inc.

Series

REGS

1.000%

due

01/15/25

100

121

1.500%

due

01/15/27

570

699

Bharti

Airtel,

Ltd.

Series

REGS

4.375%

due

06/10/25

200

218

BNP

Paribas

SA

Series

REGS

4.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.944%)

(Ê)(ƒ)

200

205

Catalent

Pharma

Solutions,

Inc.

Series

REGS

2.375%

due

03/01/28

506

604

Cemex

SAB

de

CV

Series

REGS

3.875%

due

07/11/31

200

207

Clovis

Oncology,

Inc.

1.250%

due

05/01/25

658

474

Credit

Suisse

Group

AG

4.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.554%)

(Ê)(ƒ)

200

199

Ctrip.com

International,

Ltd.

1.250%

due

09/15/22

809

768

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)

405

428

Enbridge,

Inc.

5.500%

due

07/15/77

(USD

3

Month

LIBOR

+

3.418%)(Ê)

607

651

Falabella

SA

Series

REGS

3.750%

due

10/30/27

200

214

Hope

Bancorp,

Inc.

2.000%

due

05/15/38

2,116

2,037

HSBC

Bank

PLC

Series

1M

0.417%

due

06/29/49

(USD

6

Month

LIBOR

+

0.250%)(Ê)(ƒ)

300

286

Huntsman

International

LLC

Series

WI

4.250%

due

04/01/25

280

375

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

IQVIA,

Inc.

2.250%

due

03/15/29

(Þ)

248

296

Series

REGS

2.250%

due

01/15/28

276

331

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

198

Klabin

Austria

GmbH

Series

REGS

3.200%

due

01/12/31

200

198

Levi

Strauss

&

Co.

Series

NCD

3.375%

due

03/15/27

416

509

Liberty

Latin

America,

Ltd.

2.000%

due

07/15/24

(Þ)

796

797

Luminex

Corp.

3.000%

due

05/15/25

1,382

1,382

Millicom

International

Cellular

SA

Series

REGS

5.125%

due

01/15/28

180

187

MPT

Operating

Partnership,

LP

/

MPT

Finance

Corp.

3.692%

due

06/05/28

397

591

Natwest

Group

PLC

6.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.625%)

(Ê)(ƒ)

200

222

Netflix,

Inc.

Series

REGs

3.000%

due

06/15/25

200

259

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)

200

210

Royal

Bank

of

Scotland

Group

PLC

Series

B

0.500%

due

08/29/49

(USD

6

Month

LIBOR

+

0.250%)(Ê)(ƒ)

130

130

Sappi

Papier

Holding

GmbH

Series

REGS

7.500%

due

06/15/32

160

178

Silgan

Holdings,

Inc.

Series

WI

2.250%

due

06/01/28

400

477

Stora

Enso

OYJ

7.250%

due

04/15/36

(Þ)

200

277

Series

REGS

7.250%

due

04/15/36

150

208

Suzano

Austria

GmbH

Series

WI

5.000%

due

01/15/30

200

227

Telecom

Italia

Capital

SA

6.000%

due

09/30/34

70

80

Turk

Telekomunikasyon

AS

Series

REGS

4.875%

due

06/19/24

230

241

Turkiye

Vakiflar

Bankasi

TAO

Series

REGS

5.250%

due

02/05/25

200

199

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

387

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Vale

Overseas,

Ltd.

6.250%

due

08/10/26

100

120

Weibo

Corp.

1.250%

due

11/15/22

(Þ)

817

776

WisdomTree

Investments,

Inc.

3.250%

due

06/15/26

736

702

20,931

Mortgage-Backed

Securities

-

17.9%

Fannie

Mae

4.500%

due

2049

36

39

5.000%

due

2049

111

123

30

Year

TBA(Ï)

2.000%

21,000

21,418

2.500%

20,000

20,819

3.000%

7,000

7,321

4.000%

16,000

17,099

Fannie

Mae

REMICS

Series

2010-35

Class

SG

Interest

Only

STRIP

6.232%

due

04/25/40

(-1

x

USD

1

Month

LIBOR

+

6.400%)(Ê)

1,191

257

Series

2010-99

Class

NI

Interest

Only

STRIP

6.000%

due

09/25/40

2,274

429

Series

2010-109

Class

IM

Interest

Only

STRIP

5.500%

due

09/25/40

3,409

520

Series

2011-101

Class

SA

Interest

Only

STRIP

5.732%

due

10/25/41

(USD

1

Month

LIBOR

+

5.900%)(Ê)

1,500

285

Series

2011-134

Class

SP

Interest

Only

STRIP

5.832%

due

02/25/41

(-1

x

USD

1

Month

LIBOR

+

6.000%)(Ê)

2,459

211

Series

2012-49

Class

QI

Interest

Only

STRIP

4.500%

due

12/25/40

623

24

Series

2012-62

Class

MI

Interest

Only

STRIP

4.000%

due

03/25/41

450

25

Series

2012-103

Class

SD

Interest

Only

STRIP

5.882%

due

09/25/42

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

2,134

408

Series

2012-116

Class

SA

Interest

Only

STRIP

7.032%

due

10/25/42

(-1

x

USD

1

Month

LIBOR

+

7.200%)(Ê)

3,805

799

Series

2013-7

Class

SA

Interest

Only

STRIP

6.532%

due

02/25/43

(-1

x

USD

1

Month

LIBOR

+

6.700%)(Ê)

5,153

1,486

Series

2013-35

Class

IP

Interest

Only

STRIP

3.000%

due

06/25/42

321

12

Series

2013-35

Class

PI

Interest

Only

STRIP

3.000%

due

02/25/42

272

8

Series

2013-40

Class

YI

Interest

Only

STRIP

3.500%

due

06/25/42

448

32

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2013-41

Class

SP

Interest

Only

STRIP

6.032%

due

06/25/40

(-1

x

USD

1

Month

LIBOR

+

6.200%)(Ê)

161

6

Series

2013-57

Class

IQ

Interest

Only

STRIP

3.000%

due

06/25/41

399

20

Series

2013-107

Class

SB

Interest

Only

STRIP

5.782%

due

02/25/43

(USD

1

Month

LIBOR

+

5.950%)(Ê)

2,647

657

Series

2015-34

Class

QI

Interest

Only

STRIP

5.000%

due

06/25/45

882

149

Series

2015-35

Class

IA

Interest

Only

STRIP

5.000%

due

06/25/45

1,463

271

Series

2015-69

Class

IO

Interest

Only

STRIP

6.000%

due

09/25/45

2,200

452

Series

2016-8

Class

SA

Interest

Only

STRIP

5.882%

due

03/25/46

(USD

1

Month

LIBOR

+

6.050%)(Ê)

4,684

940

Series

2016-54

Class

SD

Interest

Only

STRIP

5.832%

due

08/25/46

(-1

x

USD

1

Month

LIBOR

+

6.000%)(Ê)

3,140

726

Series

2016-61

Class

BS

Interest

Only

STRIP

5.932%

due

09/25/46

(-1

x

USD

1

Month

LIBOR

+

6.100%)(Ê)

5,988

1,102

Series

2016-65

Class

CS

Interest

Only

STRIP

5.932%

due

09/25/46

(-1

x

USD

1

Month

LIBOR

+

6.100%)(Ê)

3,853

693

Series

2016-83

Class

BS

Interest

Only

STRIP

5.932%

due

11/25/46

(-1

x

USD

1

Month

LIBOR

+

6.100%)(Ê)

5,032

1,071

Series

2017-32

Class

IP

Interest

Only

STRIP

4.500%

due

05/25/47

4,268

712

Series

2017-75

Class

NI

Interest

Only

STRIP

5.000%

due

11/25/46

1,272

210

Series

2017-78

Class

KI

Interest

Only

STRIP

3.500%

due

10/25/47

919

75

Series

2017-82

Class

NI

Interest

Only

STRIP

4.000%

due

10/25/47

1,871

170

Series

2017-112

Class

SG

Interest

Only

STRIP

6.052%

due

01/25/48

(-1

x

USD

1

Month

LIBOR

+

6.220%)(Ê)

1,729

295

Series

2018-1

Class

AI

Interest

Only

STRIP

5.000%

due

02/25/48

3,223

593

Series

2018-3

Class

PI

Interest

Only

STRIP

4.000%

due

02/25/48

714

72

Series

2018-36

Class

IO

Interest

Only

STRIP

5.000%

due

06/25/48

1,743

308

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

388

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2018-36

Class

SD

Interest

Only

STRIP

6.082%

due

06/25/48

(-1

x

USD

1

Month

LIBOR

+

6.250%)(Ê)

5,386

972

Series

2018-47

Class

SA

Interest

Only

STRIP

6.082%

due

07/25/48

(-1

x

USD

1

Month

LIBOR

+

6.250%)(Ê)

2,757

519

Series

2018-62

Class

SB

Interest

Only

STRIP

6.032%

due

09/25/48

(-1

x

USD

1

Month

LIBOR

+

6.200%)(Ê)

4,303

783

Series

2018-95

Class

SA

Interest

Only

STRIP

5.982%

due

01/25/49

(-1

x

USD

1

Month

LIBOR

+

6.150%)(Ê)

3,263

505

Series

2018-95

Class

SL

Interest

Only

STRIP

5.982%

due

01/25/49

(-1

x

USD

1

Month

LIBOR

+

6.150%)(Ê)

2,851

456

Series

2019-13

Class

IO

Interest

Only

STRIP

4.500%

due

03/25/49

1,532

71

Series

2019-17

Class

LI

Interest

Only

STRIP

4.500%

due

04/25/49

1,554

122

Series

2019-24

Class

SA

Interest

Only

STRIP

5.882%

due

05/25/49

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

1,536

183

Series

2019-26

Class

SM

Interest

Only

STRIP

5.882%

due

06/25/49

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

2,914

467

Series

2019-43

Class

KS

Interest

Only

STRIP

5.882%

due

08/25/49

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

3,748

558

Series

2019-45

Class

SD

Interest

Only

STRIP

5.882%

due

08/25/49

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

2,090

427

Series

2019-50

Class

SN

Interest

Only

STRIP

5.878%

due

09/25/49

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

3,344

514

Series

2019-51

Class

KS

Interest

Only

STRIP

5.902%

due

09/25/49

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

3,258

511

Series

2019-73

Class

SC

Interest

Only

STRIP

5.882%

due

12/25/49

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

2,948

522

Series

2019-83

Class

QS

Interest

Only

STRIP

5.858%

due

01/25/50

(-1

x

USD

1

Month

LIBOR

+

5.950%)(Ê)

3,924

743

Series

2020-24

Class

IB

Interest

Only

STRIP

3.000%

due

04/25/50

7,919

977

Series

2020-31

Class

CI

Interest

Only

STRIP

5.000%

due

05/25/50

5,253

991

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2020-41

Class

SE

Interest

Only

STRIP

5.970%

due

06/25/50

(-1

x

USD

1

Month

LIBOR

+

6.100%)(Ê)

4,832

1,043

Series

2020-47

Class

ID

Interest

Only

STRIP

4.000%

due

07/25/50

4,884

657

Series

2020-73

Class

IJ

Interest

Only

STRIP

3.000%

due

10/25/50

4,904

594

Series

2020-75

Class

MI

Interest

Only

STRIP

4.000%

due

11/25/50

4,229

621

Series

2021-5

Class

PI

Interest

Only

STRIP

3.500%

due

02/25/51

8,463

889

Series

2021-18

Class

IY

Interest

Only

STRIP

4.500%

due

08/25/49

2,076

383

Series

2021-25

Class

IJ

Interest

Only

STRIP

3.500%

due

05/25/51

11,020

860

Series

2021-25

Class

IT

Interest

Only

STRIP

4.000%

due

05/25/51

6,824

658

Fannie

Mae

Strips

Series

2009-397

Interest

Only

STRIP

5.000%

due

09/25/39

319

53

Series

2010-404

Interest

Only

STRIP

4.500%

due

05/25/40

229

41

Freddie

Mac

REMICS

Series

2010-3714

Class

KI

Interest

Only

STRIP

4.500%

due

11/15/39

42

—

Series

2011-3919

Class

SA

Interest

Only

STRIP

6.315%

due

09/15/41

(USD

1

Month

LIBOR

+

6.500%)(Ê)

2,277

456

Series

2011-3927

Class

IP

Interest

Only

STRIP

4.500%

due

06/15/40

438

24

Series

2012-3981

Class

WS

Interest

Only

STRIP

6.365%

due

05/15/41

(-1

x

USD

1

Month

LIBOR

+

6.550%)(Ê)

233

26

Series

2012-4000

Class

LI

Interest

Only

STRIP

4.000%

due

02/15/42

385

30

Series

2012-4016

Class

SC

Interest

Only

STRIP

6.315%

due

03/15/42

(-1

x

USD

1

Month

LIBOR

+

6.500%)(Ê)

996

204

Series

2012-4033

Class

SC

Interest

Only

STRIP

6.365%

due

10/15/36

(-1

x

USD

1

Month

LIBOR

+

6.550%)(Ê)

56

1

Series

2012-4074

Class

KS

Interest

Only

STRIP

6.515%

due

02/15/41

(-1

x

USD

1

Month

LIBOR

+

6.700%)(Ê)

744

58

Series

2013-4182

Class

PI

Interest

Only

STRIP

3.000%

due

12/15/41

852

27

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

389

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2013-4265

Class

SD

Interest

Only

STRIP

5.915%

due

01/15/35

(USD

1

Month

LIBOR

+

6.100%)(Ê)

2,296

397

Series

2014-4299

Class

JI

Interest

Only

STRIP

4.000%

due

07/15/43

390

19

Series

2015-4425

Class

EI

Interest

Only

STRIP

4.000%

due

01/15/45

1,327

132

Series

2015-4452

Class

QI

Interest

Only

STRIP

4.000%

due

11/15/44

1,981

283

Series

2016-4560

Class

IO

Interest

Only

STRIP

5.810%

due

05/15/39

(~)(Ê)

1,177

212

Series

2016-4596

Class

CS

Interest

Only

STRIP

5.915%

due

06/15/46

(-1

x

USD

1

Month

LIBOR

+

6.100%)(Ê)

4,045

714

Series

2016-4604

Class

QI

Interest

Only

STRIP

3.500%

due

07/15/46

1,943

201

Series

2017-4663

Class

KI

Interest

Only

STRIP

3.500%

due

11/15/42

(Š)

30

—

Series

2017-4663

Class

PI

Interest

Only

STRIP

4.000%

due

03/15/47

446

35

Series

2017-4678

Class

MS

Interest

Only

STRIP

5.915%

due

04/15/47

(-1

x

USD

1

Month

LIBOR

+

6.100%)(Ê)

823

161

Series

2017-4697

Class

PI

Interest

Only

STRIP

3.500%

due

09/15/45

155

4

Series

2017-4697

Class

YI

Interest

Only

STRIP

3.500%

due

07/15/47

1,122

75

Series

2017-4707

Class

AI

Interest

Only

STRIP

4.000%

due

07/15/47

317

24

Series

2017-4731

Class

QS

Interest

Only

STRIP

6.015%

due

11/15/47

(-1

x

USD

1

Month

LIBOR

+

6.200%)(Ê)

1,233

221

Series

2017-4749

Class

IP

Interest

Only

STRIP

4.000%

due

02/15/47

3,061

345

Series

2018-4801

Class

IG

Interest

Only

STRIP

3.000%

due

06/15/48

1,930

154

Series

2018-4808

Class

SD

Interest

Only

STRIP

6.015%

due

07/15/48

(-1

x

USD

1

Month

LIBOR

+

6.200%)(Ê)

2,671

469

Series

2019-4900

Class

SH

Interest

Only

STRIP

5.898%

due

07/25/49

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

5,285

673

Series

2019-4919

Class

SP

Interest

Only

STRIP

5.888%

due

09/25/49

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

5,328

913

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2019-4928

Class

S

Interest

Only

STRIP

5.815%

due

11/25/49

(USD

1

Month

LIBOR

+

6.000%)(Ê)

2,086

339

Series

2020-4949

Class

IO

Interest

Only

STRIP

4.000%

due

01/25/50

4,670

703

Series

2020-4964

Class

IA

Interest

Only

STRIP

4.500%

due

03/25/50

4,934

838

Series

2020-4979

Class

SN

Interest

Only

STRIP

5.865%

due

06/25/50

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

2,978

545

Series

2020-4979

Class

YS

Interest

Only

STRIP

5.900%

due

06/25/50

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

2,091

399

Series

2020-4982

Class

DI

Interest

Only

STRIP

4.000%

due

06/25/50

4,213

534

Series

2020-5007

Class

IC

Interest

Only

STRIP

5.000%

due

08/25/50

4,596

768

Series

2020-5007

Class

SK

Interest

Only

STRIP

5.952%

due

08/25/50

(-1

x

USD

1

Month

LIBOR

+

6.100%)(Ê)

1,868

398

Series

2020-5011

Class

SA

Interest

Only

STRIP

6.089%

due

09/25/50

(-1

x

USD

1

Month

LIBOR

+

6.250%)(Ê)

5,588

1,167

Series

2020-5012

Class

BI

Interest

Only

STRIP

4.000%

due

09/25/50

6,821

955

Series

2020-5014

Class

AI

Interest

Only

STRIP

4.500%

due

09/25/50

4,917

719

Series

2020-5023

Class

TS

Interest

Only

STRIP

6.094%

due

10/25/50

(-1

x

USD

1

Month

LIBOR

+

6.250%)(Ê)

5,004

1,041

Series

2020-5049

Class

AI

Interest

Only

STRIP

4.500%

due

12/25/50

4,167

728

Series

2020-5060

Class

EI

Interest

Only

STRIP

3.500%

due

01/25/51

5,478

818

Series

2021-5072

Interest

Only

STRIP

3.500%

due

01/25/51

2,276

362

Series

2021-5072

Class

YI

Interest

Only

STRIP

3.000%

due

01/25/51

7,523

1,021

Series

2021-5080

Class

IQ

Interest

Only

STRIP

3.500%

due

04/25/50

5,178

737

Series

2021-5082

Class

IQ

Interest

Only

STRIP

3.000%

due

03/25/51

6,622

815

Ginnie

Mae

Series

2011-17

Class

S

Interest

Only

STRIP

5.860%

due

02/20/41

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

2,695

485

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

390

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ginnie

Mae

II

3.500%

due

2049

143

155

5.000%

due

2049

226

248

5.500%

due

2049

89

100

4.000%

due

2050

28

30

5.000%

due

2050

205

225

Ginnie

Mae

REMICS

Series

2009-121

Class

CI

Interest

Only

STRIP

4.500%

due

12/16/39

2,261

328

Series

2010-35

Class

QI

Interest

Only

STRIP

4.500%

due

03/20/40

3,713

591

Series

2010-35

Class

UI

Interest

Only

STRIP

5.000%

due

03/20/40

3,585

581

Series

2010-H19

Class

BI

Interest

Only

STRIP

1.426%

due

08/20/60

(~)(Ê)

2,424

128

Series

2010-H22

Class

CI

Interest

Only

STRIP

2.342%

due

10/20/60

(~)(Ê)

1,267

67

Series

2011-22

Class

PS

Interest

Only

STRIP

5.810%

due

07/20/40

(-1

x

USD

1

Month

LIBOR

+

6.000%)(Ê)

582

24

Series

2011-135

Class

DI

Interest

Only

STRIP

5.000%

due

04/16/40

2,690

472

Series

2011-137

Class

MI

Interest

Only

STRIP

4.000%

due

01/20/41

442

23

Series

2011-H15

Class

AI

Interest

Only

STRIP

1.504%

due

06/20/61

(~)(Ê)

447

19

Series

2012-129

Class

IO

Interest

Only

STRIP

4.500%

due

11/16/42

623

99

Series

2012-140

Class

IC

Interest

Only

STRIP

3.500%

due

11/20/42

1,131

172

Series

2012-H06

Class

AI

Interest

Only

STRIP

1.302%

due

01/20/62

(~)(Ê)

5,223

188

Series

2012-H10

Class

SI

Interest

Only

STRIP

1.389%

due

12/20/61

(~)(Ê)

4,455

236

Series

2012-H18

Class

NI

Interest

Only

STRIP

1.414%

due

08/20/62

(~)(Ê)

14,648

539

Series

2012-H31

Class

DI

Interest

Only

STRIP

2.040%

due

12/20/62

(~)(Ê)

11,722

730

Series

2013-23

Class

IK

Interest

Only

STRIP

3.000%

due

09/20/37

551

20

Series

2013-67

Class

IP

Interest

Only

STRIP

4.000%

due

04/16/43

2,627

406

Series

2013-76

Class

IO

Interest

Only

STRIP

3.500%

due

05/20/43

480

59

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2013-79

Class

PI

Interest

Only

STRIP

3.500%

due

04/20/43

429

40

Series

2013-82

Class

TI

Interest

Only

STRIP

3.500%

due

05/20/43

4,433

567

Series

2013-H08

Class

BI

Interest

Only

STRIP

1.665%

due

03/20/63

(~)(Ê)

5,694

320

Series

2013-H14

Class

XI

Interest

Only

STRIP

1.612%

due

03/20/63

(~)(Ê)

1,154

44

Series

2014-58

Class

SA

Interest

Only

STRIP

5.910%

due

04/20/44

(-1

x

USD

1

Month

LIBOR

+

6.100%)(Ê)

6

1

Series

2014-98

Class

AI

Interest

Only

STRIP

4.500%

due

10/20/41

296

6

Series

2014-116

Class

IL

Interest

Only

STRIP

4.000%

due

08/20/44

692

74

Series

2014-131

Class

BS

Interest

Only

STRIP

6.005%

due

09/16/44

(-1

x

USD

1

Month

LIBOR

+

6.200%)(Ê)

2,161

528

Series

2014-137

Class

ID

Interest

Only

STRIP

5.500%

due

09/16/44

1,044

194

Series

2014-139

Class

NI

Interest

Only

STRIP

3.500%

due

08/20/28

1,047

22

Series

2014-184

Class

DI

Interest

Only

STRIP

5.500%

due

12/16/44

3,168

622

Series

2014-188

Class

IB

Interest

Only

STRIP

4.000%

due

12/20/44

2,522

271

Series

2014-H18

Class

CI

Interest

Only

STRIP

1.553%

due

09/20/64

(~)(Ê)

3,956

273

Series

2014-H22

Class

DI

Interest

Only

STRIP

1.349%

due

11/20/64

(~)(Ê)

2,199

149

Series

2014-H24

Class

BI

Interest

Only

STRIP

1.606%

due

11/20/64

(~)(Ê)

11,189

677

Series

2014-H25

Class

BI

Interest

Only

STRIP

1.662%

due

12/20/64

(~)(Ê)

1,740

103

Series

2015-20

Class

PI

Interest

Only

STRIP

3.500%

due

02/20/45

2,003

289

Series

2015-24

Class

AI

Interest

Only

STRIP

3.500%

due

12/20/37

545

20

Series

2015-69

Class

IO

Interest

Only

STRIP

5.000%

due

05/20/45

1,556

252

Series

2015-106

Class

CI

Interest

Only

STRIP

4.000%

due

05/20/45

601

65

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

391

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2015-131

Class

MI

Interest

Only

STRIP

3.500%

due

09/20/45

670

61

Series

2015-134

Class

LI

Interest

Only

STRIP

3.500%

due

05/20/39

586

9

Series

2015-144

Class

IA

Interest

Only

STRIP

4.000%

due

01/16/43

728

56

Series

2015-162

Class

BI

Interest

Only

STRIP

4.000%

due

11/20/40

1,143

64

Series

2015-165

Class

IC

Interest

Only

STRIP

3.500%

due

07/16/41

1,664

81

Series

2015-167

Class

BI

Interest

Only

STRIP

4.500%

due

04/16/45

585

102

Series

2015-182

Class

IC

Interest

Only

STRIP

4.500%

due

12/20/45

3,267

615

Series

2015-187

Class

JI

Interest

Only

STRIP

4.000%

due

03/20/45

1,267

171

Series

2015-H04

Class

AI

Interest

Only

STRIP

2.348%

due

12/20/64

(~)(Ê)

869

49

Series

2015-H09

Class

BI

Interest

Only

STRIP

1.660%

due

03/20/65

(~)(Ê)

472

27

Series

2015-H10

Class

CI

Interest

Only

STRIP

1.777%

due

04/20/65

(~)(Ê)

1,308

88

Series

2015-H13

Class

AI

Interest

Only

STRIP

2.172%

due

06/20/65

(~)(Ê)

2,186

152

Series

2015-H15

Class

JI

Interest

Only

STRIP

1.935%

due

06/20/65

(~)(Ê)

927

72

Series

2015-H25

Class

AI

Interest

Only

STRIP

1.583%

due

09/20/65

(~)(Ê)

1,157

68

Series

2015-H29

Class

HI

Interest

Only

STRIP

2.098%

due

09/20/65

(~)(Ê)

565

28

Series

2016-42

Class

IO

Interest

Only

STRIP

5.000%

due

02/20/46

198

32

Series

2016-47

Class

CI

Interest

Only

STRIP

4.000%

due

09/20/45

218

21

Series

2016-75

Class

EI

Interest

Only

STRIP

3.500%

due

08/20/45

1,431

104

Series

2016-77

Class

SC

Interest

Only

STRIP

5.910%

due

10/20/45

(USD

1

Month

LIBOR

+

6.100%)(Ê)

769

162

Series

2016-77

Class

SL

Interest

Only

STRIP

5.960%

due

03/20/43

(USD

1

Month

LIBOR

+

6.150%)(Ê)

548

42

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2016-79

Class

IO

Interest

Only

STRIP

3.500%

due

06/20/46

596

52

Series

2016-123

Class

LI

Interest

Only

STRIP

3.500%

due

03/20/44

3,000

185

Series

2016-150

Class

I

Interest

Only

STRIP

5.000%

due

11/20/46

351

56

Series

2016-H01

Class

AI

Interest

Only

STRIP

2.366%

due

01/20/66

(~)(Ê)

13,633

816

Series

2016-H04

Class

KI

Interest

Only

STRIP

2.260%

due

02/20/66

(~)(Ê)

820

40

Series

2016-H06

Class

AI

Interest

Only

STRIP

2.371%

due

02/20/66

(~)(Ê)

1,723

119

Series

2016-H08

Class

AI

Interest

Only

STRIP

2.317%

due

08/20/65

(~)(Ê)

5,024

268

Series

2016-H13

Class

EI

Interest

Only

STRIP

1.177%

due

04/20/66

(~)(Ê)

7,488

626

Series

2016-H13

Class

MI

Interest

Only

STRIP

1.640%

due

06/20/66

(~)(Ê)

3,110

123

Series

2016-H21

Class

AI

Interest

Only

STRIP

2.265%

due

09/20/66

(~)(Ê)

9,464

780

Series

2016-H22

Class

AI

Interest

Only

STRIP

3.140%

due

10/20/66

(~)(Ê)

5,691

488

Series

2016-H22

Class

IO

Interest

Only

STRIP

1.832%

due

10/20/66

(~)(Ê)

5,181

370

Series

2016-H24

Class

AI

Interest

Only

STRIP

2.889%

due

11/20/66

(~)(Ê)

6,139

500

Series

2016-H24

Class

DI

Interest

Only

STRIP

2.384%

due

11/20/66

(~)(Ê)

2,101

191

Series

2016-H24

Class

KI

Interest

Only

STRIP

2.009%

due

11/20/66

(~)(Ê)

1,462

137

Series

2016-H27

Class

BI

Interest

Only

STRIP

2.482%

due

12/20/66

(~)(Ê)

8,877

827

Series

2017-17

Class

EI

Interest

Only

STRIP

4.000%

due

09/20/44

149

3

Series

2017-26

Class

EI

Interest

Only

STRIP

5.000%

due

02/20/40

1,199

117

Series

2017-26

Class

IM

Interest

Only

STRIP

6.500%

due

02/20/47

2,807

454

Series

2017-38

Class

DI

Interest

Only

STRIP

5.000%

due

03/16/47

1,119

200

Series

2017-42

Class

IC

Interest

Only

STRIP

4.500%

due

08/20/41

3,901

664

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

392

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2017-45

Class

IM

Interest

Only

STRIP

4.000%

due

10/20/44

309

20

Series

2017-52

Class

DI

Interest

Only

STRIP

5.500%

due

04/20/47

1,415

268

Series

2017-66

Class

KI

Interest

Only

STRIP

4.000%

due

08/20/44

2,663

115

Series

2017-79

Class

IB

Interest

Only

STRIP

5.500%

due

05/20/47

2,123

429

Series

2017-99

Class

PI

Interest

Only

STRIP

4.000%

due

03/20/46

1,107

95

Series

2017-104

Class

MI

Interest

Only

STRIP

5.500%

due

07/16/47

3,412

761

Series

2017-118

Class

KI

Interest

Only

STRIP

3.500%

due

10/20/46

1,020

39

Series

2017-123

Class

JI

Interest

Only

STRIP

4.000%

due

08/20/46

1,666

132

Series

2017-130

Class

IB

Interest

Only

STRIP

4.000%

due

08/20/47

247

35

Series

2017-132

Class

IA

Interest

Only

STRIP

4.500%

due

09/20/47

312

52

Series

2017-136

Class

GI

Interest

Only

STRIP

3.500%

due

09/20/47

301

22

Series

2017-139

Class

IG

Interest

Only

STRIP

3.500%

due

09/20/47

777

62

Series

2017-162

Class

QI

Interest

Only

STRIP

5.000%

due

10/20/47

2,136

376

Series

2017-179

Class

WI

Interest

Only

STRIP

5.000%

due

12/20/47

376

71

Series

2017-H02

Class

BI

Interest

Only

STRIP

2.425%

due

01/20/67

(~)(Ê)

523

47

Series

2017-H02

Class

HI

Interest

Only

STRIP

2.222%

due

01/20/67

(~)(Ê)

13,497

1,073

Series

2017-H03

Class

AI

Interest

Only

STRIP

2.524%

due

12/20/66

(~)(Ê)

7,297

694

Series

2017-H03

Class

DI

Interest

Only

STRIP

2.715%

due

12/20/66

(~)(Ê)

2,041

206

Series

2017-H03

Class

EI

Interest

Only

STRIP

2.479%

due

01/20/67

(~)(Ê)

1,601

193

Series

2017-H04

Class

AI

Interest

Only

STRIP

2.873%

due

02/20/67

(~)(Ê)

9,468

832

Series

2017-H04

Class

BI

Interest

Only

STRIP

2.447%

due

02/20/67

(~)(Ê)

5,707

547

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2017-H05

Class

CI

Interest

Only

STRIP

2.979%

due

02/20/67

(~)(Ê)

2,244

202

Series

2017-H06

Class

BI

Interest

Only

STRIP

2.351%

due

02/20/67

(~)(Ê)

4,903

378

Series

2017-H06

Class

DI

Interest

Only

STRIP

1.748%

due

02/20/67

(~)(Ê)

4,563

293

Series

2017-H08

Class

EI

Interest

Only

STRIP

2.566%

due

02/20/67

(~)(Ê)

1,560

133

Series

2017-H08

Class

NI

Interest

Only

STRIP

2.373%

due

03/20/67

(~)(Ê)

4,974

379

Series

2017-H09

Class

DI

Interest

Only

STRIP

1.874%

due

03/20/67

(~)(Ê)

4,325

313

Series

2017-H09

Class

IO

Interest

Only

STRIP

2.185%

due

04/20/67

(~)(Ê)

4,274

299

Series

2017-H11

Class

DI

Interest

Only

STRIP

1.970%

due

05/20/67

(~)(Ê)

1,672

119

Series

2017-H14

Class

JI

Interest

Only

STRIP

2.180%

due

06/20/67

(~)(Ê)

388

42

Series

2017-H14

Class

LI

Interest

Only

STRIP

1.649%

due

06/20/67

(~)(Ê)

3,618

275

Series

2017-H15

Class

CI

Interest

Only

STRIP

1.604%

due

06/20/67

(~)(Ê)

4,761

284

Series

2017-H16

Class

EI

Interest

Only

STRIP

1.820%

due

08/20/67

(~)(Ê)

7,727

569

Series

2017-H16

Class

FI

Interest

Only

STRIP

2.371%

due

08/20/67

(~)(Ê)

10,396

695

Series

2017-H16

Class

HI

Interest

Only

STRIP

1.708%

due

08/20/67

(~)(Ê)

572

40

Series

2017-H16

Class

IB

Interest

Only

STRIP

1.834%

due

08/20/67

(~)(Ê)

2,580

187

Series

2017-H18

Class

CI

Interest

Only

STRIP

2.248%

due

09/20/67

(~)(Ê)

450

54

Series

2017-H18

Class

FI

Interest

Only

STRIP

2.408%

due

09/20/67

(~)(Ê)

11,165

1,099

Series

2017-H18

Class

IO

Interest

Only

STRIP

2.366%

due

08/20/67

(~)(Ê)

5,430

378

Series

2017-H19

Class

MI

Interest

Only

STRIP

2.051%

due

04/20/67

(~)(Ê)

6,386

492

Series

2017-H20

Class

AI

Interest

Only

STRIP

2.336%

due

10/20/67

(~)(Ê)

7,060

740

Series

2017-H20

Class

DI

Interest

Only

STRIP

2.363%

due

10/20/67

(~)(Ê)

4,804

537

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

393

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2017-H20

Class

HI

Interest

Only

STRIP

2.305%

due

10/20/67

(~)(Ê)

2,734

254

Series

2017-H21

Class

DI

Interest

Only

STRIP

1.934%

due

10/20/67

(~)(Ê)

15,457

999

Series

2017-H22

Class

DI

Interest

Only

STRIP

2.466%

due

11/20/67

(~)(Ê)

6,483

669

Series

2017-H22

Class

GI

Interest

Only

STRIP

2.471%

due

10/20/67

(~)(Ê)

6,752

747

Series

2017-H22

Class

KI

Interest

Only

STRIP

2.289%

due

11/20/67

(~)(Ê)

2,494

241

Series

2017-H25

Class

IO

Interest

Only

STRIP

2.263%

due

11/20/67

(~)(Ê)

3,382

311

Series

2018-21

Class

IN

Interest

Only

STRIP

5.000%

due

02/20/48

1,880

339

Series

2018-67

Class

SC

Interest

Only

STRIP

6.010%

due

05/20/48

(USD

1

Month

LIBOR

+

6.200%)(Ê)

1,519

269

Series

2018-72

Class

IC

Interest

Only

STRIP

4.000%

due

05/20/45

2,909

438

Series

2018-77

Class

IO

Interest

Only

STRIP

5.000%

due

06/20/48

1,528

199

Series

2018-89

Class

LS

Interest

Only

STRIP

6.010%

due

06/20/48

(-1

x

USD

1

Month

LIBOR

+

6.200%)(Ê)

2,497

387

Series

2018-105

Class

SG

Interest

Only

STRIP

6.060%

due

08/20/48

(USD

1

Month

LIBOR

+

6.250%)(Ê)

1,761

324

Series

2018-127

Class

IA

Interest

Only

STRIP

3.500%

due

04/20/42

2,054

132

Series

2018-127

Class

ID

Interest

Only

STRIP

5.000%

due

07/20/45

3,431

408

Series

2018-H01

Class

AI

Interest

Only

STRIP

2.332%

due

01/20/68

(~)(Ê)

4,255

427

Series

2018-H01

Class

CI

Interest

Only

STRIP

1.843%

due

01/20/68

(~)(Ê)

3,193

231

Series

2018-H01

Class

KI

Interest

Only

STRIP

1.913%

due

01/20/68

(~)(Ê)

5,707

417

Series

2018-H02

Class

AI

Interest

Only

STRIP

2.401%

due

01/20/68

(~)(Ê)

3,349

334

Series

2018-H02

Class

KI

Interest

Only

STRIP

1.955%

due

02/20/68

(~)(Ê)

5,300

372

Series

2018-H04

Class

GI

Interest

Only

STRIP

1.881%

due

02/20/68

(~)(Ê)

4,758

294

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2018-H04

Class

IO

Interest

Only

STRIP

2.665%

due

02/20/68

(~)(Ê)

2,360

233

Series

2018-H05

Class

ID

Interest

Only

STRIP

2.501%

due

03/20/68

(~)(Ê)

2,469

282

Series

2018-H05

Class

IE

Interest

Only

STRIP

2.482%

due

02/20/68

(~)(Ê)

4,782

469

Series

2018-H06

Class

HI

Interest

Only

STRIP

1.877%

due

04/20/68

(~)(Ê)

3,014

189

Series

2018-H06

Class

KI

Interest

Only

STRIP

3.058%

due

04/20/68

(~)(Ê)

2,784

244

Series

2018-H08

Class

AI

Interest

Only

STRIP

1.727%

due

03/20/68

(~)(Ê)

14,752

572

Series

2018-H08

Class

FI

Interest

Only

STRIP

0.254%

due

06/20/68

(~)(Ê)

6,989

559

Series

2018-H08

Class

IO

Interest

Only

STRIP

1.853%

due

06/20/68

(~)(Ê)

11,212

768

Series

2018-H09

Class

EI

Interest

Only

STRIP

1.523%

due

06/20/68

(~)(Ê)

8,923

817

Series

2018-H11

Class

BI

Interest

Only

STRIP

1.718%

due

06/20/68

(~)(Ê)

4,856

409

Series

2018-H11

Class

CI

Interest

Only

STRIP

1.731%

due

07/20/68

(~)(Ê)

10,544

905

Series

2018-H13

Class

DI

Interest

Only

STRIP

2.016%

due

08/20/68

(~)(Ê)

4,795

413

Series

2018-H13

Class

IA

Interest

Only

STRIP

2.061%

due

08/20/68

(~)(Ê)

3,658

314

Series

2018-H13

Class

NI

Interest

Only

STRIP

2.869%

due

08/20/68

(~)(Ê)

9,169

746

Series

2019-6

Class

SM

Interest

Only

STRIP

5.860%

due

01/20/49

(USD

1

Month

LIBOR

+

6.050%)(Ê)

2,129

296

Series

2019-23

Class

VS

Interest

Only

STRIP

5.960%

due

02/20/49

(-1

x

USD

1

Month

LIBOR

+

6.150%)(Ê)

3,655

589

Series

2019-78

Class

SJ

Interest

Only

STRIP

5.860%

due

06/20/49

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

280

31

Series

2019-78

Class

SM

Interest

Only

STRIP

5.910%

due

06/20/49

(USD

1

Month

LIBOR

+

6.100%)(Ê)

2,712

351

Series

2019-83

Class

JS

Interest

Only

STRIP

5.910%

due

07/20/49

(-1

x

USD

1

Month

LIBOR

+

6.100%)(Ê)

4,543

572

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

394

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2019-90

Class

SJ

Interest

Only

STRIP

5.948%

due

07/20/49

(-1

x

USD

1

Month

LIBOR

+

6.100%)(Ê)

4,662

835

Series

2019-99

Class

KS

Interest

Only

STRIP

5.860%

due

08/20/49

(-1

x

USD

1

Month

LIBOR

+

6.050%)(Ê)

213

31

Series

2019-123

Class

SL

Interest

Only

STRIP

5.960%

due

10/20/49

(-1

x

USD

1

Month

LIBOR

+

6.150%)(Ê)

4,933

607

Series

2019-137

Class

GI

Interest

Only

STRIP

4.000%

due

11/20/49

3,428

445

Series

2019-143

Class

HS

Interest

Only

STRIP

5.860%

due

09/20/49

(USD

1

Month

LIBOR

+

6.050%)(Ê)

2,559

321

Series

2019-H15

Class

CI

Interest

Only

STRIP

1.617%

due

07/20/69

(~)(Ê)

7,193

306

Series

2019-H15

Class

MI

Interest

Only

STRIP

1.801%

due

09/20/69

(~)(Ê)

6,685

348

Series

2019-H16

Class

IA

Interest

Only

STRIP

1.744%

due

10/20/69

(~)(Ê)

5,653

272

Series

2020-7

Class

IB

Interest

Only

STRIP

4.000%

due

01/20/50

6,117

714

Series

2020-32

Class

IV

Interest

Only

STRIP

3.000%

due

03/20/50

4,440

303

Series

2020-46

Class

MI

Interest

Only

STRIP

4.000%

due

04/20/50

2,603

312

Series

2020-79

Class

DI

Interest

Only

STRIP

3.500%

due

06/20/50

7,317

891

Series

2020-84

Class

ES

Interest

Only

STRIP

6.004%

due

06/20/50

(USD

1

Month

LIBOR

+

6.150%)(Ê)

3,978

778

Series

2020-148

Class

AS

Interest

Only

STRIP

6.154%

due

10/20/50

(-1

x

USD

1

Month

LIBOR

+

6.300%)(Ê)

3,587

826

Series

2020-176

Class

BI

Interest

Only

STRIP

3.000%

due

11/20/50

2,654

346

Series

2020-H02

Class

AI

Interest

Only

STRIP

1.652%

due

01/20/70

(~)(Ê)

20,594

954

Series

2021-42

Class

IG

Interest

Only

STRIP

3.000%

due

03/20/51

2,913

228

Series

2021-49

Class

SB

Interest

Only

STRIP

6.193%

due

03/20/51

(-1

x

USD

1

Month

LIBOR

+

6.300%)(Ê)

3,905

671

Series

2021-57

Class

SD

Interest

Only

STRIP

6.194%

due

03/20/51

(-1

x

USD

1

Month

LIBOR

+

6.300%)(Ê)

5,623

721

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2021-59

Class

SU

Interest

Only

STRIP

6.184%

due

04/20/51

(-1

x

USD

1

Month

LIBOR

+

6.300%)(Ê)

5,728

954

Series

2021-77

Class

IL

Interest

Only

STRIP

3.000%

due

07/20/50

4,993

335

Series

2021-77

Class

SM

Interest

Only

STRIP

6.199%

due

05/20/51

(-1

x

USD

1

Month

LIBOR

+

6.300%)(Ê)

3,498

584

Series

2021-78

Class

IP

Interest

Only

STRIP

3.000%

due

05/20/51

8,773

630

Series

2021-97

Class

QI

Interest

Only

STRIP

3.000%

due

06/20/51

6,092

501

176,205

Non-US

Bonds

-

3.3%

ABN

AMRO

Bank

NV

4.750%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.898%)(Ê)(ƒ)

EUR

400

521

ADLER

Group

SA

2.750%

due

11/13/26

EUR

100

118

Alpha

Services

and

Holdings

SA

5.500%

due

06/11/31

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

5.823%)(Ê)

EUR

100

119

Altice

Financing

SA

Series

REGS

3.000%

due

01/15/28

EUR

263

298

Altice

France

Holding

SA

Series

REGS

4.000%

due

02/15/28

EUR

228

261

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

Series

REGS

4.750%

due

07/15/27

GBP

384

546

Banco

BPM

SpA

1.625%

due

02/18/25

EUR

250

303

BAWAG

Group

AG

5.000%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

4.415%)(Ê)(ƒ)

EUR

200

256

Brazil

Notas

do

Tesouro

Nacional

Series

NTNF

10.000%

due

01/01/23

BRL

640

127

10.000%

due

01/01/25

BRL

1,603

321

10.000%

due

01/01/27

BRL

2,826

566

Caisse

Nationale

de

Reassurance

Mutuelle

Agricole

Groupama

6.375%

due

05/29/49

(3

Month

EURIBOR

+

5.770%)(Ê)(ƒ)

EUR

300

411

Canpack

SA

/

Eastern

PA

Land

Investment

Holding

LLC

Series

REGS

2.375%

due

11/01/27

EUR

200

244

Cellnex

Telecom

SA

0.750%

due

11/20/31

EUR

400

467

Chile

Bonos

de

la

Tesoreria

4.500%

due

03/01/26

CLP

1,000,000

1,387

Colombian

Titulos

de

Tesoreria

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

395

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

B

10.000%

due

07/24/24

COP

5,506,000

1,617

7.500%

due

08/26/26

COP

337,100

92

7.750%

due

09/18/30

COP

1,959,700

532

Cooperatieve

Rabobank

UA

3.250%

due

12/31/99

(Ê)(~)(ƒ)

EUR

400

490

Crown

European

Holdings

SA

Series

REGS

2.875%

due

02/01/26

EUR

400

506

Czech

Republic

Government

International

Bond

Series

94

0.950%

due

05/15/30

CZK

12,220

535

Series

97

0.450%

due

10/25/23

CZK

44,720

2,034

Deutsche

Postbank

Funding

Trust

III

0.248%

due

06/29/49

(EURIBOR

ICE

Swap

Rate

+

0.125%)(Ê)(ƒ)

EUR

253

293

Dominican

Republic

Government

International

Bond

8.000%

due

06/11/28

(Þ)

DOP

400

7

EDP

-

Energias

de

Portugal

SA

1.700%

due

07/20/80

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

1.844%)(Ê)

EUR

100

120

Electricite

de

France

SA

6.000%

due

12/29/49

(GBP

Swap

Semiannual

[versus

6

Month

LIBOR]

13

Year

Rate

+

3.958%)

(Ê)(ƒ)

GBP

400

625

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)

EUR

100

118

Eurofins

Scientific

SE

3.250%

due

12/31/99

(3

Month

EURIBOR

+

2.667%)(Ê)(ƒ)

EUR

100

126

Grifols

SA

Series

REGS

1.625%

due

02/15/25

EUR

100

120

2.250%

due

11/15/27

EUR

384

464

Heimstaden

Bostad

AB

2.625%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.149%)(Ê)(ƒ)

EUR

100

118

Ibercaja

Banco

SA

2.750%

due

07/23/30

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.882%)(Ê)

EUR

100

118

Indonesia

Treasury

Bond

Series

FR56

8.375%

due

09/15/26

IDR

34,521,000

2,711

Series

FR72

8.250%

due

05/15/36

IDR

12,835,000

989

Infrastrutture

Wireless

Italiane

SpA

Series

GMTN

1.625%

due

10/21/28

EUR

100

122

Intesa

Sanpaolo

SpA

4.125%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

4.274%)(Ê)(ƒ)

EUR

250

295

Kleopatra

Holdings

2

SCA

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

REGS

6.500%

due

09/01/26

EUR

100

113

Lorca

Telecom

Bondco

SA

Series

REGS

4.000%

due

09/18/27

EUR

100

122

Marks

&

Spencer

PLC

4.500%

due

07/10/27

GBP

300

447

Matterhorn

Telecom

SA

Series

REGS

3.125%

due

09/15/26

EUR

109

131

Mexican

Bonos

Series

M

20

7.500%

due

06/03/27

MXN

5,150

269

Series

M

5.750%

due

03/05/26

MXN

1,103

54

7.750%

due

05/29/31

MXN

13,297

709

7.750%

due

11/13/42

MXN

1,880

96

Mitsubishi

UFJ

Investor

Services

&

Banking

SA

Series

PRX

4.092%

due

12/15/50

(Ê)(~)

EUR

100

60

Orsted

A/S

1.750%

due

12/09/99

(EURIBOR

ICE

Swap

Rate

+

1.952%)(Ê)(ƒ)

EUR

100

122

Peruvian

Government

International

Bond

Series

REGS

5.700%

due

08/12/24

PEN

1,160

307

6.350%

due

08/12/28

PEN

2,335

603

6.900%

due

08/12/37

PEN

3,620

850

Phoenix

Group

Holdings

PLC

5.750%

due

12/31/99

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

4.169%)(Ê)(ƒ)

GBP

200

301

Q-Park

Holding

I

BV

Series

REGS

2.000%

due

03/01/27

EUR

109

122

Republic

of

South

Africa

Government

International

Bond

Series

2030

8.000%

due

01/31/30

ZAR

22,010

1,428

Series

2032

8.250%

due

03/31/32

ZAR

3,590

224

Series

2037

8.500%

due

01/31/37

ZAR

2,000

117

Rexel

SA

2.125%

due

06/15/28

EUR

100

122

Romania

Government

International

Bond

Series

10Y

5.850%

due

04/26/23

RON

5,100

1,299

Series

15YR

5.800%

due

07/26/27

RON

1,100

303

Russian

Federal

Bond

-

OFZ

Series

6212

7.050%

due

01/19/28

RUB

188,183

2,618

Samhallsbyggnadsbolaget

I

Norden

AB

2.625%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.227%)(Ê)(ƒ)

EUR

100

120

SIG

Combibloc

PurchaseCo

SARL

Series

REGS

2.125%

due

06/18/25

EUR

200

251

Smurfit

Kappa

Treasury

ULC

1.500%

due

09/15/27

EUR

263

334

SoftBank

Group

Corp.

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

396

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.000%

due

04/20/23

EUR

100

122

Solvay

SA

4.250%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

3.917%)(Ê)(ƒ)

EUR

300

383

Telefonica

Europe

BV

2.502%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

7

Year

Rate

+

2.663%)(Ê)(ƒ)

EUR

100

122

Thailand

Government

Bond

2.000%

due

12/17/22

THB

8,340

259

3.625%

due

06/16/23

THB

40,250

1,295

2.000%

due

12/17/31

THB

4,000

127

UniCredit

SpA

3.875%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

4.081%)(Ê)(ƒ)

EUR

200

228

UnipolSai

Assicurazioni

SpA

6.375%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

6.744%)(Ê)(ƒ)

EUR

200

275

United

Group

BV

Series

REGS

3.625%

due

02/15/28

EUR

210

243

Veolia

Environnement

SA

Series

.

2.500%

due

12/31/99

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

2.840%)(Ê)(ƒ)

EUR

100

121

Verallia

SA

1.625%

due

05/14/28

EUR

100

121

Volvo

Car

AB

2.000%

due

01/24/25

EUR

200

249

Ziggo

Secured

Co.

BV

Series

REGS

3.375%

due

02/28/30

EUR

150

177

32,821

United

States

Government

Treasuries

-

0.6%

United

States

Treasury

Notes

0.625%

due

12/31/27

5,571

5,466

Total

Long-Term

Investments

(cost

$316,237)

319,460

Common

Stocks

-

48.3%

Consumer

Discretionary

-

5.2%

adidas

AG

2,303

837

Afya,

Ltd.

Class

A(Æ)

13,335

307

Aisin

Seiki

Co.,

Ltd.

20,600

833

Alibaba

Group

Holding,

Ltd.(Æ)

40,700

994

Amazon.com,

Inc.(Æ)

707

2,353

Aoyama

Trading

Co.,

Ltd.(Æ)

26,500

169

B&M

European

Value

Retail

SA

26,468

203

Barnes

&

Noble

Education,

Inc.(Æ)

114,875

959

Boyd

Gaming

Corp.(Æ)

3,237

185

Caesars

Entertainment,

Inc.(Æ)

1,389

121

Caleres,

Inc.

63,161

1,563

Carrols

Restaurant

Group,

Inc.(Æ)

178,026

874

Cie

Generale

des

Etablissements

Michelin

SCA

Class

B

691

113

Citizen

Watch

Co.,

Ltd.

168,900

661

City

Developments,

Ltd.

16,400

83

Cogeco

Communications,

Inc.

1,027

97

Comcast

Corp.

Class

A

16,851

991

Comet

Holding

AG

1,508

494

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Costco

Wholesale

Corp.

652

280

Davide

Campari-Milano

NV(Æ)

47,784

673

Dechra

Pharmaceuticals

PLC

19,270

1,330

Del

Taco

Restaurants,

Inc.(Æ)

55,377

471

D-MARKET

Elektronik

Hizmetler

ve

Ticaret

Anonim

Sirketi

-

ADR(Æ)

9,979

131

Dollar

General

Corp.

787

183

Dollar

Tree,

Inc.(Æ)

867

87

eBay,

Inc.

8,293

566

Farfetch,

Ltd.

Class

A(Æ)

7,557

379

Fossil

Group,

Inc.(Æ)

59,000

745

Galaxy

Entertainment

Group,

Ltd.(Æ)

35,000

238

Games

Workshop

Group

PLC

3,503

554

Garmin,

Ltd.

753

118

Geely

Automobile

Holdings,

Ltd.

103,000

345

General

Motors

Co.(Æ)

30,229

1,718

Genuine

Parts

Co.

855

109

Grand

Canyon

Education,

Inc.(Æ)

1,344

124

H&R

Block,

Inc.

59,469

1,460

Hermes

International

119

182

Home

Depot,

Inc.

(The)

1,328

436

Honda

Motor

Co.,

Ltd.

77,300

2,474

Howden

Joinery

Group

PLC

10,826

135

J

Front

Retailing

Co.,

Ltd.

73,900

622

Jiangsu

Yanghe

Brewery

Joint-Stock

Co.,

Ltd.

Class

A

9,500

240

John

Wiley

&

Sons,

Inc.

Class

A

2,160

127

Kering

1,261

1,132

Koito

Manufacturing

Co.,

Ltd.

37,961

2,322

Komeri

Co.,

Ltd.

29,000

704

K's

Holdings

Corp.

19,500

230

Lear

Corp.

12,023

2,104

LKQ

Corp.(Æ)

2,402

122

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

711

569

MIPS

AB

4,471

471

Moncler

SpA

16,639

1,146

Murata

Manufacturing

Co.,

Ltd.

4,100

340

Naspers,

Ltd.

Class

N

1,260

243

Nike,

Inc.

Class

B

6,430

1,077

Nissan

Motor

Co.,

Ltd.(Æ)

69,300

401

nVent

Electric

PLC

41,776

1,321

On

the

Beach

Group

PLC(Æ)(Þ)

87,062

393

Pernod

Ricard

SA

2,864

632

Persimmon

PLC

Class

A

2,179

88

Ralph

Lauren

Corp.

Class

A

7,557

858

Sands

China,

Ltd.(Æ)

264,000

903

SMART

Global

Holdings,

Inc.(Æ)

28,274

1,324

Spectris

PLC

2,215

110

Sumitomo

Electric

Industries,

Ltd.

128,700

1,829

Takashimaya

Co.,

Ltd.

28,300

293

Target

Corp.

1,143

298

Teleperformance

-

GDR

3,910

1,650

TJX

Cos.,

Inc.

(The)

332

23

Tractor

Supply

Co.

625

113

Transcontinental,

Inc.

Class

A

-

ADR

7,353

146

United

Arrows,

Ltd.

16,500

286

Wacoal

Holdings

Corp.

14,800

337

Walmart,

Inc.

8,293

1,182

Walt

Disney

Co.

(The)(Æ)

5,417

954

Weichai

Power

Co.,

Ltd.

Class

H

120,000

263

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

397

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Xebio

Holdings

Co.,

Ltd.

21,700

199

XPeng,

Inc.(Æ)

11,600

223

Yamada

Denki

Co.,

Ltd.

186,700

881

Yum

China

Holdings,

Inc.

2,495

155

Zillow

Group,

Inc.

Class

A(Æ)

3,332

357

51,243

Consumer

Staples

-

1.8%

Adecoagro

SA(Æ)

48,260

461

Ajinomoto

Co.,

Inc.

11,700

298

Alimentation

Couche-Tard,

Inc.

Class

B

1,431

58

Ambev

SA

39,000

125

Astarta

Holding

NV(Ñ)

17,362

215

Campbell

Soup

Co.

3,710

162

Carrefour

SA

12,154

226

Casey's

General

Stores,

Inc.

557

110

Clorox

Co.

(The)

446

81

CVS

Health

Corp.

1,304

107

Dino

Polska

SA(Æ)(Þ)

9,171

734

Energizer

Holdings,

Inc.

-

GDR(Æ)

43,658

1,793

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

457

153

First

Resources,

Ltd.

357,097

359

Flowers

Foods,

Inc.

4,515

106

General

Mills,

Inc.

767

45

Golden

Agri-Resources,

Ltd.

5,053,000

857

HelloFresh

SE(Æ)

12,125

1,137

Hengan

International

Group

Co.,

Ltd.

29,500

176

Honest

Co.,

Inc.(Æ)(Ñ)

23,120

332

Ingredion,

Inc.

1,425

125

Japan

Tobacco,

Inc.

114,900

2,247

Kao

Corp.

7,200

433

Kernel

Holding

SA

38,320

531

Kirin

Holdings

Co.,

Ltd.

108,700

1,989

Koninklijke

Ahold

Delhaize

NV

1,708

53

Kroger

Co.

(The)

3,877

158

KT&G

Corp.

1,354

97

Lenta

PLC

-

GDR(Æ)

105,913

337

LG

Household

&

Health

Care,

Ltd.

81

103

Loblaw

Cos.,

Ltd.

1,615

109

L'Oreal

SA

385

176

Monster

Beverage

Corp.(Æ)

1,191

112

NH

Foods,

Ltd.

11,100

449

North

West

Co.,

Inc.

(The)

5,276

154

PepsiCo,

Inc.

405

64

Procter

&

Gamble

Co.

(The)

2,567

365

Sun

Art

Retail

Group,

Ltd.

281,500

175

Thai

Beverage

PCL

1,212,661

582

Unilever

PLC

-

ADR

34,281

1,973

Uni-President

Enterprises

Corp.

43,000

113

Wal-Mart

de

Mexico

SAB

de

CV

38,800

128

18,008

Energy

-

1.8%

Cenovus

Energy,

Inc.

70,356

587

China

Petroleum

&

Chemical

Corp.

Class

H

206,000

94

China

Shenhua

Energy

Co.,

Ltd.

Class

H

114,500

217

Crescent

Point

Energy

Corp.(Ñ)

52,866

193

Denison

Mines

Corp.(Æ)

131,726

143

Enterprise

Products

Partners,

LP

71,882

1,622

Exxon

Mobil

Corp.

1,586

91

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Fission

Uranium

Corp.(Æ)

462,975

200

Gazprom

PJSC

489,393

1,907

Genus

PLC

3,842

294

Hess

Corp.

9,671

739

Japan

Petroleum

Exploration

Co.,

Ltd.

4,600

76

Kinder

Morgan,

Inc.

72,695

1,263

Lukoil

PJSC

-

ADR

11,202

961

NAC

Kazatomprom

JSC

-

GDR

28,706

715

NexTier

Oilfield

Solutions,

Inc.(Æ)

228,408

873

PetroChina

Co.,

Ltd.

Class

H

256,000

107

Petroleo

Brasileiro

SA

-

ADR

74,665

797

Pioneer

Natural

Resources

Co.

2,864

416

PTT

Public

Company,

Ltd.

708,705

747

Range

Resources

Corp.(Æ)

42,921

654

Reliance

Industries,

Ltd.

22,061

605

Schneider

Electric

SE

1,251

210

SM

Energy

Co.

85,111

1,592

Southwestern

Energy

Co.(Æ)

150,642

710

Total

SA

2,502

109

Xcel

Energy,

Inc.

23,119

1,578

17,500

Financial

Services

-

10.1%

3i

Group

PLC

6,299

112

Activia

Properties,

Inc.(ö)

42

191

Aedifica(ö)

1,266

182

AerCap

Holdings,

Ltd.

/

AerCap

Global

Aviation

Trust(Æ)

14,654

777

Aflac,

Inc.

1,846

102

AIA

Group,

Ltd.

116,800

1,402

Allianz

SE

901

224

Allied

Properties

Real

Estate

Investment

Trust(ö)

6,133

225

Allstate

Corp.

(The)

191

25

Alpha

Bank

AE(Æ)

387,136

497

alstria

office

AG(ö)

10,035

213

American

International

Group,

Inc.

21,389

1,013

American

Tower

Corp.(ö)

4,168

1,179

Americold

Realty

Trust(ö)

6,524

253

Apartment

Income

REIT

Corp.(ö)

5,315

280

Apollo

Global

Management,

Inc.

10,867

640

Apple

Hospitality

REIT,

Inc.(ö)

106,576

1,593

ARGAN

SA(ö)

723

94

Assicurazioni

Generali

SpA

2,172

43

Assura

PLC(ö)

164,537

178

Axis

Bank,

Ltd.(Æ)

37,561

358

Axis

Capital

Holdings,

Ltd.

27,959

1,422

Banco

Bradesco

SA

-

ADR

134,984

630

Bank

Central

Asia

Tbk

PT

433,500

895

Bank

Rakyat

Indonesia

Persero

Tbk

PT

2,035,400

523

Berkshire

Hathaway,

Inc.

Class

B(Æ)

5,771

1,606

BlackRock,

Inc.

Class

A

276

239

Blackstone

Group,

Inc.

(The)

Class

A

11,686

1,347

Blucora,

Inc.(Æ)

39,862

672

Brewin

Dolphin

Holdings

PLC

25,973

130

Bridgepoint

Group

PLC(Æ)

39,397

266

British

Land

Co.

PLC

(The)(ö)

38,752

275

Brixmor

Property

Group,

Inc.(ö)

45,816

1,055

Caixa

Seguridade

Participacoes

SA(Æ)

94,000

198

Canadian

Apartment

Properties(ö)

2,623

131

CapitaLand

Mall

Trust

Class

A(ö)

119,444

190

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

398

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CapitaLand,

Ltd.

35,400

105

Castellum

AB

7,237

203

Catena

AB

3,047

183

Cathay

Financial

Holding

Co.,

Ltd.

66,000

128

CBRE

Group,

Inc.

Class

A(Æ)

1,423

137

Chailease

Holding

Co.,

Ltd.

107,000

887

Charles

Schwab

Corp.

(The)

16,823

1,143

Charter

Hall

Group

-

ADR(ö)

29,487

353

China

Construction

Bank

Corp.

Class

H

529,000

369

China

Merchants

Bank

Co.,

Ltd.

Class

H

149,500

1,141

China

Resources

Land,

Ltd.

258,000

864

Chubb,

Ltd.

336

57

Citigroup,

Inc.

21,424

1,449

CK

Asset

Holdings,

Ltd.

54,500

372

Commerce

Bancshares,

Inc.

781

55

Credit

Saison

Co.,

Ltd.

91,000

1,084

CTP

NV(Æ)(Þ)

4,839

98

Cullen/Frost

Bankers,

Inc.

1,237

133

Curo

Group

Holdings

Corp.

40,748

643

CyrusOne,

Inc.(ö)

7,774

554

Daibiru

Corp.

26,800

343

Dai-ichi

Life

Holdings,

Inc.

91,400

1,689

Derwent

London

PLC(ö)

2,199

111

Deutsche

Wohnen

SE

1,298

81

Digital

Realty

Trust,

Inc.(ö)

2,052

316

Duke

Realty

Corp.(ö)

9,748

496

Dundee

Corp.

Class

A

82,535

113

Emerald

Holding,

Inc.(Æ)

107,630

425

Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

AS(ö)

283,119

61

Equinix,

Inc.(Æ)(ö)

1,093

897

Equities

AB

18,531

895

ESR

Cayman,

Ltd.(Æ)(Þ)

22,800

80

Essex

Property

Trust,

Inc.(ö)

1,745

573

Etalon

Group

PLC

-

GDR

185,343

304

Extra

Space

Storage,

Inc.(ö)

4,534

790

EZCORP,

Inc.

Class

A(Æ)

123,632

707

Fastighets

AB

Balder

Class

B(Æ)

4,567

316

Fidelity

National

Financial,

Inc.

506

23

FinecoBank

Banca

Fineco

SpA

6,234

112

First

Foundation,

Inc.

44,139

1,040

FirstRand,

Ltd.

34,294

127

Fubon

Financial

Holding

Co.,

Ltd.

51,000

137

GLP

J-REIT(Æ)(ö)

156

279

Goldman

Sachs

Group,

Inc.

(The)

4,319

1,619

Goodman

Group(ö)

5,364

89

Great-West

Lifeco,

Inc.

2,898

87

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

80,900

524

Hachijuni

Bank,

Ltd.

(The)

34,500

112

Hana

Financial

Group,

Inc.

18,605

703

Hang

Seng

Bank,

Ltd.

4,700

90

Healthcare

Trust

of

America,

Inc.

Class

A(ö)

5,855

167

Healthpeak

Properties,

Inc.(ö)

19,387

717

Highwoods

Properties,

Inc.(ö)

3,461

165

Hirogin

Holdings,

Inc.

43,300

233

HomeStreet,

Inc.

17,015

642

Hong

Kong

Exchanges

&

Clearing,

Ltd.

15,300

978

Hongkong

Land

Holdings,

Ltd.

128,939

585

Host

Hotels

&

Resorts,

Inc.(Æ)(ö)

23,644

377

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

ICADE(ö)

1,767

162

ICICI

Bank,

Ltd.

-

ADR

122,474

2,276

ICICI

Prudential

Life

Insurance

Co.,

Ltd.(Þ)

11,142

95

IG

Group

Holdings

PLC

7,942

98

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

693,000

385

Instone

Real

Estate

Group

AG(Þ)

5,603

174

Intact

Financial

Corp.

402

55

Interactive

Brokers

Group,

Inc.

Class

A

1,478

91

Invincible

Investment

Corp.(ö)

369

145

Invitation

Homes,

Inc.(ö)

6,118

249

Itau

Unibanco

Holding

SA

-

ADR

92,050

531

Japan

Retail

Fund

Investment

Corp.(ö)

178

186

Jones

Lang

LaSalle,

Inc.(Æ)

2,422

539

JPMorgan

Chase

&

Co.

1,650

250

Jupiter

Fund

Management

PLC

38,949

146

Kasikornbank

PCL

175,500

549

KB

Financial

Group,

Inc.

6,642

295

Keppel

DC

REIT(ö)

41,900

82

Keppel

REIT(ö)

143,700

127

Kimco

Realty

Corp.(ö)

13,478

287

KKR

&

Co.,

Inc.

Class

A

16,422

1,047

Klepierre

SA

-

GDR(ö)

7,892

191

Korean

Reinsurance

Co.

19,418

161

LEG

Immobilien

AG

982

155

Link

Real

Estate

Investment

Trust(ö)

120,600

1,155

London

Stock

Exchange

Group

PLC

7,919

824

LondonMetric

Property

PLC(ö)

30,510

105

LSR

Group

PJSC

33,861

352

LX

Holdings

Corp.(Æ)

1,012

9

M&T

Bank

Corp.

812

109

Manulife

Financial

Corp.

3,974

77

MasterCard,

Inc.

Class

A

2,260

872

Medical

Properties

Trust,

Inc.(ö)

11,791

248

Merck

&

Co.,

Inc.

30,814

2,369

Mirvac

Group(ö)

190,842

401

Mitsubishi

Estate

Co.,

Ltd.

156,700

2,459

Mitsubishi

UFJ

Financial

Group,

Inc.

202,400

1,072

Mitsubishi

UFJ

Lease

&

Finance

Co.,

Ltd.

49,200

269

Mitsui

Fudosan

Co.,

Ltd.

20,000

468

Mitsui

Fudosan

Logistics

Park,

Inc.(Æ)

(ö)

24

134

Moscow

Exchange

MICEX-RTS

PJSC

38,229

90

MS&AD

Insurance

Group

Holdings,

Inc.

21,700

671

Neinor

Homes

SA(Æ)(Þ)

7,187

104

Nippon

Building

Fund,

Inc.(ö)

33

213

Nishi-Nippon

Financial

Holdings,

Inc.

26,000

146

NMI

Holdings,

Inc.

Class

A(Æ)

98,516

2,169

Nomura

Holdings,

Inc.

108,300

541

North

Pacific

Bank,

Ltd.

104,100

223

Orix

JREIT,

Inc.(ö)

63

120

OTP

Bank

PLC(Æ)

9,774

527

Park

Hotels

&

Resorts,

Inc.(Æ)(ö)

5,185

96

Parkway

Life

Real

Estate

Investment

Trust(Æ)(ö)

47,200

162

Partners

Group

Holding

AG

824

1,409

PayPal

Holdings,

Inc.(Æ)

2,680

738

Ping

An

Bank

Co.,

Ltd.

Class

A

106,200

291

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

94,000

825

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

399

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Popular,

Inc.

24,110

1,754

Progressive

Corp.

(The)

992

94

Prologis,

Inc.(ö)

7,675

983

Prosperity

Bancshares,

Inc.

398

27

Prosus

NV(Æ)

8,425

748

Prudential

PLC

25,896

487

Public

Bank

BHD

115,300

109

Public

Storage(ö)

4,647

1,452

RMR

Group,

Inc.

(The)

Class

A

22,296

875

Safestore

Holdings

PLC(ö)

13,536

198

Savills

PLC

13,774

220

SBA

Communications

Corp.(ö)

1,795

612

Sberbank

of

Russia

PJSC

-

ADR

218,605

1,514

Segro

PLC(ö)

30,854

522

Shimao

Group

Holdings,

Ltd.

121,000

239

Shimao

Services

Holdings,

Ltd.(Þ)

110,000

255

Siam

Cement

PCL

(The)

7,900

100

Simon

Property

Group,

LP(ö)

6,472

819

Sino

Land

Co.,

Ltd.

62,000

95

SP

Plus

Corp.(Æ)

38,312

1,256

Sprott,

Inc.

10,602

391

Sumitomo

Mitsui

Banking

Corp.

69,100

2,329

Sumitomo

Mitsui

Trust

Holdings,

Inc.

51,700

1,699

Sun

Communities,

Inc.(ö)

2,299

451

Sun

Hung

Kai

Properties,

Ltd.

34,000

487

Sun

Life

Financial,

Inc.

994

52

T.

Rowe

Price

Group,

Inc.

822

168

Tokyu

Fudosan

Holdings

Corp.

17,300

98

Tritax

Big

Box

REIT

PLC(ö)

38,965

114

Turkiye

Halk

Bankasi

AS(Æ)

484,107

264

UDR,

Inc.(ö)

14,060

773

Unibail-Rodamco-Westfield(Æ)(ö)

1,117

93

United

Urban

Investment

Corp.(ö)

85

125

Ventas,

Inc.(ö)

10,217

611

VEREIT,

Inc.(ö)

11,975

586

VGP

NV

394

81

VICI

Properties,

Inc.(ö)

6,458

201

Visa,

Inc.

Class

A

3,567

879

Vonovia

SE

10,584

706

Voya

Financial,

Inc.

21,371

1,376

VTB

Bank

PJSC

294,650,000

196

Welltower,

Inc.(ö)

3,014

262

Weyerhaeuser

Co.(ö)

3,195

108

Wharf

Real

Estate

Investment

Co.,

Ltd.

31,000

175

Woori

Financial

Group,

Inc.

77,858

734

Workspace

Group

PLC(ö)

13,320

160

Yellow

Cake

PLC(Æ)(Þ)

81,402

318

Zurich

Insurance

Group

AG

58

23

99,464

Health

Care

-

2.9%

3SBio,

Inc.

Class

A(Æ)(Þ)

180,000

150

Abbott

Laboratories

1,964

238

AbbVie,

Inc.

12,261

1,422

AddLife

AB

Class

B

16,024

535

Agilent

Technologies,

Inc.

1,571

241

Ambu

A/S

Class

B(Ñ)

17,039

630

Amgen,

Inc.

955

231

AstraZeneca

PLC

1,236

142

Bristol-Myers

Squibb

Co.

1,646

112

Cellavision

AB

11,797

621

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Chemed

Corp.

95

45

ChemoMetec

A/S

4,817

772

Cigna

Corp.

222

51

DexCom,

Inc.(Æ)

1,788

922

Edwards

Lifesciences

Corp.(Æ)

960

108

Evotec

SE(Æ)

20,277

842

Exact

Sciences

Corp.(Æ)

4,740

511

Glenmark

Pharmaceuticals,

Ltd.

21,995

180

H.U.

Group

Holdings,

Inc.

17,400

452

Illumina,

Inc.(Æ)

1,915

949

Intuitive

Surgical,

Inc.(Æ)

937

929

IQVIA,

Inc.(Æ)

2,880

713

Japan

Lifeline

Co.,

Ltd.

52,900

666

Jazz

Pharmaceuticals

PLC(Æ)

526

89

Johnson

&

Johnson

6,555

1,129

JW

(Cayman)

Therapeutics

Co.,

Ltd(Æ)

(Þ)

48,500

129

KYORIN

Holdings,

Inc.

38,500

626

Lantheus

Holdings,

Inc.(Æ)

35,121

919

Lifco

AB(Æ)

17,387

511

Lonza

Group

AG

911

709

Masimo

Corp.(Æ)

169

46

Medtronic

PLC

170

22

Novartis

AG

1,060

98

Novo

Nordisk

A/S

Class

B

14,543

1,347

Organon

&

Co.

5,254

152

Pfizer,

Inc.

2,661

114

Pharmaron

Beijing

Co.,

Ltd.

Class

H(Þ)

17,600

386

PolyPeptide

Group

AG(Æ)(Þ)

5,989

653

Regeneron

Pharmaceuticals,

Inc.(Æ)

170

98

ResMed,

Inc.

401

109

Roche

Holding

AG

577

223

Sawai

Group

Holdings

Co.,

Ltd.

14,800

633

Shenzhen

Mindray

Bio-Medical

Electronics

Co.,

Ltd.

Class

A

9,649

584

Siemens

Healthineers

AG(Þ)

12,489

825

Straumann

Holding

AG

427

792

Stryker

Corp.

375

102

Suzuken

Co.,

Ltd.

9,200

267

Takeda

Pharmaceutical

Co.,

Ltd.

49,900

1,659

Thermo

Fisher

Scientific,

Inc.

107

58

Toho

Holdings

Co.,

Ltd.

25,900

436

United

Therapeutics

Corp.(Æ)

1,238

225

UnitedHealth

Group,

Inc.

2,626

1,082

Universal

Health

Services,

Inc.

Class

B

622

100

West

Pharmaceutical

Services,

Inc.

233

96

WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

28,700

639

Wuxi

Biologics

(Cayman),

Inc.(Æ)(Þ)

48,500

740

Zoetis,

Inc.

Class

A

5,662

1,148

28,208

Materials

and

Processing

-

7.2%

AddTech

AB

Class

B

32,647

679

Akzo

Nobel

NV

714

88

Aluminum

Corp.

of

China,

Ltd.

Class

H(Æ)

676,000

411

AngloGold

Ashanti,

Ltd.

-

ADR

25,928

520

Anhui

Conch

Cement

Co.,

Ltd.

Class

H

75,500

361

Artemis

Gold,

Inc.(Æ)

70,556

353

Asahi

Glass

Co.,

Ltd.

4,200

180

Baoshan

Iron

&

Steel

Co.

Ltd.

Class

A

386,563

475

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

400

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

BASF

SE

3,251

255

Bear

Creek

Mining

Corp.(Æ)

109,903

136

Berry

Plastics

Group,

Inc.(Æ)

46,187

2,969

Cameco

Corp.

Class

A

79,356

1,412

Carel

Industries

SpA(Þ)

15,208

362

CCR

SA

210,000

524

Cemex

SAB

de

CV

-

ADR(Æ)

67,331

547

Centerra

Gold,

Inc.

152,037

1,222

China

Youran

Dairy

Group,

Ltd.(Æ)(Þ)

189,000

108

Copart,

Inc.(Æ)

828

122

Cornerstone

Building

Brands,

Inc.(Æ)

50,346

847

Denki

Kagaku

Kogyo

KK

54,700

1,896

DowDuPont,

Inc.

25,401

1,906

DS

Smith

PLC

21,276

125

Eregli

Demir

ve

Celik

Fabrikalari

TAS

115,380

274

Fastenal

Co.

1,925

105

Ferguson

PLC

878

123

Formosa

Chemicals

&

Fibre

Corp.

33,000

97

Formosa

Plastics

Corp.

31,000

111

Fresnillo

PLC

37,699

429

Gabriel

Resources,

Ltd.(Æ)

1,483,278

321

Geberit

AG

135

111

Getlink

SE

86,331

1,382

Gold

Fields,

Ltd.

-

ADR

34,752

342

Gree

Electric

Appliances,

Inc.

of

Zhuhai

Class

A

69,300

510

Harmony

Gold

Mining

Co.,

Ltd.

-

ADR

23,804

98

Hokuetsu

Corp.

69,300

387

Huntsman

Corp.

126,433

3,338

IAMGOLD

Corp.(Æ)

40,192

110

IMI

PLC

5,896

144

Impala

Platinum

Holdings,

Ltd.

4,941

89

International

Paper

Co.

27,175

1,570

International

Tower

Hill

Mines,

Ltd.(Æ)

104,920

106

ISS

A/S(Æ)

78,601

1,856

ITT,

Inc.

1,071

105

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

71,956

534

JELD-WEN

Holding,

Inc.(Æ)

28,725

761

JFE

Holdings,

Inc.

108,300

1,327

Koninklijke

DSM

NV

5,314

1,071

Kuraray

Co.,

Ltd.

60,600

563

Labrador

Iron

Ore

Royalty

Corp.

3,890

155

Lanxess

AG

11,074

802

LG

Chem,

Ltd.

1,801

1,321

LG

Corp.

Class

H

2,086

171

Linde

PLC(Æ)

540

166

MHP

SE

-

GDR

92,801

503

MMC

Norilsk

Nickel

PJSC

-

ADR

13,676

473

MMG,

Ltd.(Æ)

496,000

253

Mosaic

Co.

(The)

53,462

1,670

Nan

Ya

Plastics

Corp.

41,000

128

New

Gold,

Inc.(Æ)

123,949

203

Newcrest

Mining,

Ltd.

83,289

1,624

NexGen

Energy,

Ltd.(Æ)(Ñ)

180,003

760

Nibe

Industrier

AB

Class

B

11,895

142

Nine

Dragons

Paper

Holdings,

Ltd.

188,000

237

Nippon

Steel

Corp.

135,700

2,372

Northern

Dynasty

Minerals,

Ltd.(Æ)(Ñ)

418,276

181

NovaGold

Resources,

Inc.(Æ)

39,070

306

NSK,

Ltd.

72,600

600

Nucor

Corp.

1,732

180

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Owens

Corning

14,040

1,350

Pan

American

Silver

Corp.

12,425

349

Petronas

Chemicals

Group

BHD

473,500

902

Polymetal

International

PLC

12,795

278

Polyus

PJSC

-

GDR

8,185

789

PPG

Industries,

Inc.

827

135

Richelieu

Hardware,

Ltd.

3,323

116

Rio

Tinto

PLC

2,530

216

Royal

Gold,

Inc.

2,493

303

Seabridge

Gold,

Inc.(Æ)(Ñ)

50,412

913

Semen

Indonesia

Persero

Tbk

PT

1,155,646

616

Sika

AG

1,228

432

Simcorp

SA

-

ADR

3,446

479

Sonoco

Products

Co.

1,916

122

Stella-Jones

Corp.

3,739

136

Stora

Enso

OYJ

Class

R

5,648

111

Toray

Industries,

Inc.

123,000

811

Trane

Technologies

PLC

546

111

Tronox

Holdings

PLC

Class

A

121,919

2,247

Turquoise

Hill

Resources,

Ltd.(Æ)(Ñ)

117,640

1,965

UltraTech

Cement,

Ltd.

11,165

1,144

Univar

Solutions,

Inc.

-

ADR(Æ)

212,151

5,205

Vale

SA

Class

B

-

ADR

49,566

1,042

Valmont

Industries,

Inc.

496

118

Valvoline,

Inc.

49,317

1,513

Venator

Materials

PLC(Æ)

159,748

506

Watsco,

Inc.

384

108

Westrock

Co.

95,116

4,680

Wheaton

Precious

Metals

Corp.

12,244

565

Yara

International

ASA

1,886

99

Zijin

Mining

Group

Co.,

Ltd.

Class

H

248,000

354

71,324

Producer

Durables

-

6.7%

3M

Co.

911

180

ABB,

Ltd.

6,142

225

Aecon

Group,

Inc.

9,101

148

Aena

SME

SA(Æ)(Þ)

22,721

3,619

Aeroports

de

Paris(Æ)

11,478

1,393

Air

Transport

Services

Group,

Inc.(Æ)

34,502

835

Altus

Group,

Ltd.

3,653

172

Ametek,

Inc.

626

87

AO

Smith

Corp.

1,431

101

Atlantia

SpA(Æ)

140,608

2,554

Atlas

Copco

AB(Æ)

3,013

204

Auckland

International

Airport,

Ltd.(Æ)

178,653

903

Aurizon

Holdings,

Ltd.

399,700

1,136

Avery

Dennison

Corp.

499

105

Azul

SA

-

ADR(Æ)

14,489

325

Boeing

Co.

(The)(Æ)

3,262

739

Cathay

Pacific

Airways,

Ltd.(Æ)

258,000

207

CH

Robinson

Worldwide,

Inc.

1,078

96

Charoen

Pokphand

Foods

PCL

615,600

487

Cintas

Corp.

253

100

CK

Hutchison

Holdings,

Ltd.

Class

B

12,500

91

Country

Garden

Services

Holdings

Co.,

Ltd.

16,000

130

Covenant

Transportation

Group,

Inc.

Class

A(Æ)

32,778

689

CSX

Corp.

19,359

626

Cummins,

Inc.

365

85

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

401

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Deutsche

Post

AG

3,864

262

DL

E&C

Co.,

Ltd.(Æ)

776

99

Dover

Corp.

805

135

DSV

Panalpina

A/S

3,707

903

East

Japan

Railway

Co.

28,800

1,923

Eaton

Corp.

PLC

44

7

Eiffage

SA

9,675

986

Emerson

Electric

Co.

1,634

165

Epiroc

AB

Class

A

48,864

1,142

Equinox

Gold

Corp.(Æ)

43,493

303

Expeditors

International

of

Washington,

Inc.

456

58

Faurecia

SE

39,196

1,751

Finning

International,

Inc.

3,859

100

Flughafen

Zurich

AG(Æ)

10,829

1,742

Fukuda

Corp.

2,600

118

General

Electric

Co.

45,639

591

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

103,405

1,879

Guangshen

Railway

Co.,

Ltd.

Class

H(Æ)

1,214,000

210

Hankook

Technology

Group

Co.,

Ltd.

16,862

264

Heidrick

&

Struggles

International,

Inc.

26,263

1,122

Hexagon

AB(Æ)

7,001

116

Hubbell,

Inc.

Class

B

143

29

IDEX

Corp.

59

13

Japan

Steel

Works,

Ltd.

(The)

7,100

175

JD

Logistics,

Inc.(Æ)(Þ)

150,700

544

JGC

Holdings

Corp.

110,500

1,002

Jiangsu

Expressway

Co.,

Ltd.

Class

H

880,000

940

Jiangsu

Hengli

Hydraulic

Co.,

Ltd.

Class

A

38,200

579

Johnson

Controls

International

PLC(Æ)

868

62

Kajima

Corp.

86,600

1,120

Kamigumi

Co.,

Ltd.

11,000

233

KBR,

Inc.

23,882

924

Keysight

Technologies,

Inc.(Æ)

682

112

Komatsu,

Ltd.

36,800

959

Kone

OYJ

Class

B

586

49

Kuehne

&

Nagel

International

AG

185

62

Landstar

System,

Inc.

604

95

Larsen

&

Toubro,

Ltd.

34,724

750

Lincoln

Electric

Holdings,

Inc.

715

100

Luks

Group

Vietnam

Holdings

Co.,

Ltd.

468,000

92

Meitec

Corp.

6,900

389

Mitsubishi

Corp.

70,800

1,996

Mitsui

&

Co.,

Ltd.

30,000

692

MSC

Industrial

Direct

Co.,

Inc.

Class

A

1,143

102

Nestle

SA

1,943

246

NGK

Spark

Plug

Co.,

Ltd.

178,053

2,624

Norfolk

Southern

Corp.

1,780

459

Obayashi

Corp.

52,000

428

Old

Dominion

Freight

Line,

Inc.

408

110

Organo

Corp.

4,600

266

Orient

Overseas

International,

Ltd.

26,000

478

OSG

Corp.

16,900

316

Pacific

Basin

Shipping,

Ltd.

808,000

361

Park24

Co.,

Ltd.

15,200

287

Paychex,

Inc.

1,535

175

Persol

Holdings

Co.,

Ltd.

69,000

1,391

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

63,133

476

Pyeong

Hwa

Automotive

Co.,

Ltd.

8,879

84

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Quanta

Services,

Inc.

1,840

167

Radiant

Logistics,

Inc.(Æ)

64,874

404

Randstad

NV

1,284

93

Regal

Beloit

Corp.

675

99

Republic

Services,

Inc.

Class

A

7,830

927

Rheinmetall

AG

24,347

2,338

Rotork

PLC

20,418

102

S4

Capital

PLC(Æ)

54,959

530

Seiko

Epson

Corp.

97,400

1,676

Sprott

Physical

Uranium

Trust

59,189

548

Square,

Inc.

Class

A(Æ)

2,727

674

Standard

Foods

Corp.

105,000

197

Stantec,

Inc.

2,354

110

Stolt-Nielsen,

Ltd.

Class

A

28,407

388

Sumitomo

Heavy

Industries,

Ltd.

16,100

448

Suofeiya

Home

Collection

Co.,

Ltd.

Class

A

66,400

197

Transurban

Group

-

ADR(Æ)

329,078

3,462

TreeHouse

Foods,

Inc.(Æ)

11,387

506

Trelleborg

AB

Class

B

54,164

1,338

Tsakos

Energy

Navigation,

Ltd.(Ñ)

18,442

147

United

Parcel

Service,

Inc.

Class

B

1,230

235

Vectrus,

Inc.(Æ)

24,569

1,113

Vinci

SA

13,810

1,460

West

Japan

Railway

Co.

3,400

184

Wuxi

Lead

Intelligent

Equipment

Co.,

Ltd.

Class

A

66,289

782

65,958

Technology

-

7.3%

Accenture

PLC

Class

A

927

294

Activision

Blizzard,

Inc.

2,063

173

Adobe,

Inc.(Æ)

1,634

1,016

Alibaba

Group

Holding,

Ltd.

-

ADR(Æ)

621

121

Alphabet,

Inc.

Class

A(Æ)

675

1,819

Alphabet,

Inc.

Class

C(Æ)

463

1,252

Alps

Alpine

Co.,

Ltd.

16,500

171

Amdocs,

Ltd.

1,254

97

Amphenol

Corp.

Class

A

1,088

79

Analog

Devices,

Inc.

645

108

Apple,

Inc.

19,940

2,908

ASE

Technology

Holding

Co.,

Ltd.

136,000

599

ASM

Pacific

Technology,

Ltd.

13,500

174

ASML

Holding

NV

1,923

1,462

Atos

SE

197,225

9,437

Autodesk,

Inc.(Æ)

2,253

724

Automatic

Data

Processing,

Inc.

1,158

243

Avnet,

Inc.

56,465

2,333

Axcelis

Technologies,

Inc.(Æ)

32,436

1,250

BE

Semiconductor

Industries

NV

12,158

1,069

Bechtle

AG

2,184

451

Bilibili,

Inc.

-

ADR(Æ)

7,082

606

Cadence

Design

Systems,

Inc.(Æ)

772

114

CDW

Corp.

630

116

CGI

Group,

Inc.(Æ)

859

78

Cisco

Systems,

Inc.

32,851

1,819

Cognizant

Technology

Solutions

Corp.

Class

A

1,922

141

Computacenter

PLC

2,793

106

Corteva,

Inc.

2,101

90

Cosel

Co.,

Ltd.

12,200

113

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

402

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Dolby

Laboratories,

Inc.

Class

A

1,170

114

Eizo

Corp.

8,700

367

Electrocomponents

PLC

6,692

95

EPAM

Systems,

Inc.(Æ)

286

160

F5

Networks,

Inc.(Æ)

267

55

Facebook,

Inc.

Class

A(Æ)

4,462

1,590

FANUC

Corp.

2,900

649

Fortinet,

Inc.(Æ)

658

179

GDS

Holdings,

Ltd.

-

ADR(Æ)

958

56

Genpact,

Ltd.

1,545

77

Han's

Laser

Technology

Industry

Group

Co.,

Ltd.

Class

A

24,899

142

Hewlett

Packard

Enterprise

Co.

Class

H

30,402

441

Hon

Hai

Precision

Industry

Co.,

Ltd.

373,000

1,473

Infineon

Technologies

AG

-

ADR

27,693

1,056

Infosys,

Ltd.

-

ADR

65,943

1,459

Infrastrutture

Wireless

Italiane

SpA(Þ)

72,479

820

Inspired

Entertainment,

Inc.(Æ)

40,697

472

Intel

Corp.

3,534

190

Intuit,

Inc.

133

70

Jack

Henry

&

Associates,

Inc.

344

60

Maxim

Integrated

Products,

Inc.

973

97

MediaTek,

Inc.

11,000

358

Micron

Technology,

Inc.

14,053

1,090

Microsoft

Corp.

10,753

3,064

NeoPhotonics

Corp.(Æ)

59,633

578

Netcompany

Group

A/S(Þ)

11,881

1,470

NetEase,

Inc.

59,300

1,207

Pinterest,

Inc.

Class

A(Æ)

13,649

804

Quantum

Corp.(Æ)

70,854

439

Rambus,

Inc.(Æ)

18,724

443

Rightmove

PLC

10,264

100

Samsung

Electronics

Co.,

Ltd.

36,271

2,480

ServiceNow,

Inc.(Æ)

1,121

659

Shopify,

Inc.

Class

A(Æ)

704

1,056

SK

Hynix,

Inc.

20,715

2,038

Snap,

Inc.

Class

A(Æ)

14,403

1,072

Snowflake,

Inc.

Class

A(Æ)

2,393

636

Softcat

PLC

41,114

1,104

Synopsys,

Inc.(Æ)

358

103

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

277,000

5,768

TeamViewer

AG(Æ)(Þ)

13,141

442

Telekomunikasi

Indonesia

Persero

Tbk

PT

453,900

102

Tencent

Holdings,

Ltd.

33,900

2,093

Texas

Instruments,

Inc.

1,359

259

Trip.com

Group,

Ltd.

-

ADR(Æ)

19,821

514

Twilio,

Inc.

Class

A(Æ)

1,878

702

Twitter,

Inc.(Æ)

10,306

719

Tyler

Technologies,

Inc.(Æ)

200

99

Uber

Technologies,

Inc.(Æ)

11,562

502

Vodafone

Group

PLC

-

ADR

99,085

1,618

Wiwynn

Corp.

12,000

404

Worldline

SA(Æ)(Þ)

10,739

1,005

71,513

Utilities

-

5.3%

Alliant

Energy

Corp.

15,958

934

Atmos

Energy

Corp.

4,845

478

Avista

Corp.

5,841

250

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Bharti

Airtel,

Ltd.

127,508

965

CenterPoint

Energy,

Inc.

76,176

1,939

Centrais

Eletricas

Brasileiras

SA

75,481

583

Cheniere

Energy,

Inc.(Æ)

23,212

1,971

China

Communications

Services

Corp.,

Ltd.

Class

H

1,758,886

754

China

Gas

Holdings,

Ltd.

411,400

1,277

China

Resources

Gas

Group,

Ltd.

122,000

752

Chunghwa

Telecom

Co.,

Ltd.

30,000

124

CLP

Holdings,

Ltd.

48,500

500

Dominion

Energy,

Inc.

38,556

2,887

Duke

Energy

Corp.

12,187

1,281

Electricite

de

France

SA

60,198

729

Elisa

OYJ

1,587

102

Emera,

Inc.

13,723

640

Enbridge,

Inc.

27,313

1,077

ENN

Energy

Holdings,

Ltd.

6,800

142

Essential

Utilities,

Inc.

5,473

269

Evergy,

Inc.

7,686

501

Eversource

Energy(Æ)

14,006

1,208

Exelon

Corp.

32,728

1,532

Federal

Grid

Co.

Unified

Energy

System

PJSC

381,588,279

1,049

FirstEnergy

Corp.

16,478

631

Guangdong

Investment,

Ltd.

486,000

681

Hera

SpA

99,341

423

Inpex

Corp.

71,000

501

International

Business

Machines

Corp.

11,672

1,645

KDDI

Corp.

46,500

1,419

Korea

Electric

Power

Corp.

10,752

233

Korea

Electric

Power

Corp.

-

ADR

18,155

196

KT

Corp.

11,056

325

KT

Corp.

-

ADR

82,214

1,183

LG

Uplus

Corp.

39,664

502

Magellan

Midstream

Partners,

LP

25,110

1,170

MEG

Energy

Corp.

Class

A(Æ)

83,252

531

National

Fuel

Gas

Co.

1,793

92

NextEra

Energy,

Inc.

48,954

3,813

Nippon

Telegraph

&

Telephone

Corp.

95,500

2,447

Osaka

Gas

Co.,

Ltd.

41,200

772

Pembina

Pipeline

Corp.(Ñ)

68,702

2,270

Pinnacle

West

Capital

Corp.

5,874

491

Power

Assets

Holdings,

Ltd.

16,000

103

RingCentral,

Inc.

Class

A(Æ)

2,217

593

Rubis

SCA

26,621

1,068

RusHydro

PJSC

104,654,642

1,154

Scottish

&

Southern

Energy

PLC

86,936

1,747

Severn

Trent

PLC

Class

H

18,328

713

SK

Telecom

Co.,

Ltd.

419

110

Snam

Rete

Gas

SpA

18,960

115

TC

Energy

Corp.(Æ)

25,235

1,229

TELUS

Corp.

1,750

39

T-Mobile

USA,

Inc.(Æ)

1,517

218

Tokyo

Gas

Co.,

Ltd.

124,700

2,366

Verizon

Communications,

Inc.

24,544

1,369

52,093

Total

Common

Stocks

(cost

$401,380)

475,311

Preferred

Stocks

-

0.5%

Consumer

Discretionary

-

0.1%

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

403

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hyundai

Motor

Co.

4.236%

(Ÿ)

6,005

544

Financial

Services

-

0.4%

AMG

Capital

Trust

II

5.150%

due

10/15/37

18,713

1,131

Bank

of

America

Corp.

7.250%

1,260

1,864

Itausa

SA

2.809%

(Ÿ)

53,100

114

New

York

Community

Capital

Trust

V

6.000%

due

11/01/51

16,200

833

3,942

Health

Care

-

0.0%

Draegerwerk

AG

&

Co.

KGaA

0.260%

(Ÿ)

1,059

97

Grifols

SA

4.156%

(Ÿ)

10,592

163

260

Total

Preferred

Stocks

(cost

$4,133)

4,746

Options

Purchased

-

10.3%

(Number

of

Contracts)

Fannie

Mae

Bonds

JPMorgan

Chase

Sep

2021

103.72

Call

(1)

USD

35,000

(ÿ)

175

JPMorgan

Chase

Sep

2021

104.63

Call

(1)

USD

10,000

(ÿ)

20

JPMorgan

Chase

Sep

2021

105.75

Call

(1)

USD

27,000

(ÿ)

31

FTSE

100

Index

Futures

Morgan

Stanley

Dec

2021

6,725.00

Call

(843)

GBP

56,692

(ÿ)

4,702

Swaptions

(Counterparty,

Fund

Receives/Fund

Pays,

Notional,

Termination

Date)

(Bank

of

America,

USD

1.833%/USD

3

Month

LIBOR,

USD

6,683,

09/23/54)

Bank

of

America

Sep

2024

0.00

Call

(1)

6,683

(ÿ)

772

(Bank

of

America,

USD

1.585%/USD

3

Month

LIBOR,

USD

10,587,

10/03/54)

Bank

of

America

Oct

2024

0.00

Call

(1)

10,587

(ÿ)

934

(Bank

of

America,

USD

1.725%/USD

3

Month

LIBOR,

USD

9,926,

10/04/54)

Bank

of

America

Oct

2024

0.00

Call

(1)

9,926

(ÿ)

1,024

(Bank

of

America,

USD

1.985%/USD

3

Month

LIBOR,

USD

4,269,

01/23/55)

Bank

of

America

Jan

2025

0.00

Call

(1)

4,269

(ÿ)

606

(Bank

of

America,

USD

1.025%/USD

3

Month

LIBOR,

USD

3,152,

06/18/55)

Bank

of

America

Jun

2025

0.00

Call

(1)

3,152

(ÿ)

170

(Bank

of

America,

USD

1.250%/USD

3

Month

LIBOR,

USD

14,580,

06/06/55)

Bank

of

America

Jun

2025

0.00

Call

(1)

14,580

(ÿ)

1,001

(Bank

of

America,

USD

2.090%/USD

3

Month

LIBOR,

USD

6,899,

06/12/55)

Bank

of

America

Jun

2025

0.00

Call

(1)

6,899

(ÿ)

1,106

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

(Bank

of

America,

USD

1.550%/USD

3

Month

LIBOR,

USD

10,852,

09/26/49)

Bank

of

America

Sep

2029

0.00

Call

(1)

10,852

(ÿ)

892

(Bank

of

America,

USD

1.823%/USD

3

Month

LIBOR,

USD

10,720,

09/27/49)

Bank

of

America

Sep

2029

0.00

Call

(1)

10,720

(ÿ)

1,087

(Bank

of

America,

USD

1.885%/USD

3

Month

LIBOR,

USD

7,146,

09/21/49)

Bank

of

America

Sep

2029

0.00

Call

(1)

7,146

(ÿ)

759

(Bank

of

America,

USD

1.905%/USD

3

Month

LIBOR,

USD

13,234,

09/21/39)

Bank

of

America

Sep

2029

0.00

Call

(1)

13,234

(ÿ)

798

(Bank

of

America,

USD

2.048%/USD

3

Month

LIBOR,

USD

19,851,

09/27/39)

Bank

of

America

Sep

2029

0.00

Call

(1)

19,851

(ÿ)

1,322

(Bank

of

America,

USD

1.155%/USD

3

Month

LIBOR,

USD

2,508,

06/19/60)

Bank

of

America

Jun

2030

0.00

Call

(1)

2,508

(ÿ)

278

(Bank

of

America,

USD

1.155%/USD

3

Month

LIBOR,

USD

3,905,

06/12/60)

Bank

of

America

Jun

2030

0.00

Call

(1)

3,905

(ÿ)

430

(Bank

of

America,

USD

1.250%/USD

3

Month

LIBOR,

USD

6,291,

06/19/40)

Bank

of

America

Jun

2030

0.00

Call

(1)

6,291

(ÿ)

280

(Bank

of

America,

USD

1.275%/USD

3

Month

LIBOR,

USD

23,152,

09/19/50)

Bank

of

America

Sep

2030

0.00

Call

(1)

23,152

(ÿ)

1,894

(Bank

of

America,

USD

1.345%/USD

3

Month

LIBOR,

USD

44,009,

09/19/40)

Bank

of

America

Sep

2030

0.00

Call

(1)

44,009

(ÿ)

2,109

(Bank

of

America,

USD

2.150%/USD

3

Month

LIBOR,

USD

6,899,

06/12/51)

Bank

of

America

Jun

2031

0.00

Call

(1)

6,899

(ÿ)

1,012

(Bank

of

America,

USD

2.280%/USD

3

Month

LIBOR,

USD

12,403,

06/12/41)

Bank

of

America

Jun

2031

0.00

Call

(1)

12,403

(ÿ)

1,076

(Citigroup,

USD

0.820%/USD

3

Month

LIBOR,

USD

46,025,

08/31/26)

Citigroup

Aug

2021

0.00

Call

(1)

46,025

(ÿ)

158

(Citigroup,

USD

1.504%/USD

3

Month

LIBOR,

USD

15,364,

10/01/31)

Citigroup

Sep

2021

0.00

Call

(1)

15,364

(ÿ)

392

(Citigroup,

USD

1.794%/USD

3

Month

LIBOR,

USD

10,587,

10/04/49)

Citigroup

Oct

2029

0.00

Call

(1)

10,587

(ÿ)

1,051

(Citigroup,

USD

1.625%/USD

3

Month

LIBOR,

USD

3,956,

01/24/61)

Citigroup

Jan

2041

0.00

Call

(1)

3,956

(ÿ)

601

(Citigroup,

USD

2.215%/USD

3

Month

LIBOR,

USD

11,044,

03/20/51)

Citigroup

Mar

2041

0.00

Call

(1)

11,044

(ÿ)

1,159

(Goldman

Sachs,

USD

1.473%/USD

3

Month

LIBOR,

USD

2,414,

08/11/31)

Goldman

Sachs

Aug

2021

0.00

Call

(1)

2,414

(ÿ)

50

(Goldman

Sachs,

USD

1.569%/USD

3

Month

LIBOR,

USD

3,441,

09/24/54)

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

404

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Goldman

Sachs

Sep

2024

0.00

Call

(1)

3,441

(ÿ)

297

(Goldman

Sachs,

USD

1.741%/USD

3

Month

LIBOR,

USD

9,926,

09/26/54)

Goldman

Sachs

Sep

2024

0.00

Call

(1)

9,926

(ÿ)

1,040

(Goldman

Sachs,

USD

1.776%/USD

3

Month

LIBOR,

USD

13,234,

10/01/54)

Goldman

Sachs

Sep

2024

0.00

Call

(1)

13,234

(ÿ)

1,442

(Goldman

Sachs,

USD

1.790%/USD

3

Month

LIBOR,

USD

13,234,

09/27/54)

Goldman

Sachs

Sep

2024

0.00

Call

(1)

13,234

(ÿ)

1,464

(Goldman

Sachs,

USD

1.687%/USD

3

Month

LIBOR,

USD

9,926,

10/07/54)

Goldman

Sachs

Oct

2024

0.00

Call

(1)

9,926

(ÿ)

983

(Goldman

Sachs,

USD

1.736%/USD

3

Month

LIBOR,

USD

6,617,

10/11/54)

Goldman

Sachs

Oct

2024

0.00

Call

(1)

6,617

(ÿ)

693

(Goldman

Sachs,

USD

1.026%/USD

3

Month

LIBOR,

USD

2,627,

06/18/55)

Goldman

Sachs

Jun

2025

0.00

Call

(1)

2,627

(ÿ)

142

(Goldman

Sachs,

USD

1.178%/USD

3

Month

LIBOR,

USD

21,553,

09/19/55)

Goldman

Sachs

Sep

2025

0.00

Call

(1)

21,552

(ÿ)

1,435

(Goldman

Sachs,

USD

2.460%/USD

3

Month

LIBOR,

USD

9,393,

03/23/56)

Goldman

Sachs

Mar

2026

0.00

Call

(1)

9,393

(ÿ)

2,109

(Goldman

Sachs,

USD

2.475%/USD

3

Month

LIBOR,

USD

6,081,

03/20/56)

Goldman

Sachs

Mar

2026

0.00

Call

(1)

6,081

(ÿ)

1,381

(Goldman

Sachs,

USD

1.804%/USD

3

Month

LIBOR,

USD

19,322,

09/27/39)

Goldman

Sachs

Sep

2029

0.00

Call

(1)

19,322

(ÿ)

1,084

(Goldman

Sachs,

USD

1.865%/USD

3

Month

LIBOR,

USD

19,851,

10/02/39)

Goldman

Sachs

Sep

2029

0.00

Call

(1)

19,851

(ÿ)

1,164

(Goldman

Sachs,

USD

1.920%/USD

3

Month

LIBOR,

USD

13,234,

09/24/39)

Goldman

Sachs

Sep

2029

0.00

Call

(1)

13,234

(ÿ)

807

(Goldman

Sachs,

USD

1.985%/USD

3

Month

LIBOR,

USD

16,543,

10/15/39)

Goldman

Sachs

Oct

2029

0.00

Call

(1)

16,543

(ÿ)

1,056

(Goldman

Sachs,

USD

1.325%/USD

3

Month

LIBOR,

USD

7,936,

06/06/50)

Goldman

Sachs

Jun

2030

0.00

Call

(1)

7,936

(ÿ)

657

(Goldman

Sachs,

USD

1.328%/USD

3

Month

LIBOR,

USD

10,848,

06/12/40)

Goldman

Sachs

Jun

2030

0.00

Call

(1)

10,848

(ÿ)

506

(Goldman

Sachs,

USD

1.794%/USD

3

Month

LIBOR,

USD

4,425,

02/05/61)

Goldman

Sachs

Feb

2031

0.00

Call

(1)

4,425

(ÿ)

764

(JP

Morgan,

USD

2.051%/USD

3

Month

LIBOR,

USD

10,587,

09/28/49)

JPMorgan

Chase

Sep

2029

0.00

Call

(1)

10,587

(ÿ)

1,271

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

(JP

Morgan,

USD

1.976%/USD

3

Month

LIBOR,

USD

9,264,

10/19/49)

JPMorgan

Chase

Oct

2029

0.00

Call

(1)

9,264

(ÿ)

1,054

(JP

Morgan,

USD

2.028%/USD

3

Month

LIBOR,

USD

4,513,

01/24/50)

JPMorgan

Chase

Jan

2030

0.00

Call

(1)

4,513

(ÿ)

583

(JP

Morgan,

USD

1.268%/USD

3

Month

LIBOR,

USD

2,365,

06/19/40)

JPMorgan

Chase

Jun

2030

0.00

Call

(1)

2,365

(ÿ)

106

(JP

Morgan,

USD

1.322%/USD

3

Month

LIBOR,

USD

6,670,

06/19/40)

JPMorgan

Chase

Jun

2030

0.00

Call

(1)

6,670

(ÿ)

311

(JP

Morgan,

USD

2.426%/USD

3

Month

LIBOR,

USD

11,026,

03/06/41)

JPMorgan

Chase

Mar

2031

0.00

Call

(1)

11,026

(ÿ)

1,029

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.833%,

USD

6,683,

09/23/54)

Bank

of

America

Sep

2024

0.00

Put

(1)

6,683

(ÿ)

711

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.585%,

USD

10,587,

10/03/54)

Bank

of

America

Oct

2024

0.00

Put

(1)

10,587

(ÿ)

1,461

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.725%,

USD

9,926,

10/04/54)

Bank

of

America

Oct

2024

0.00

Put

(1)

9,926

(ÿ)

1,188

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.985%,

USD

4,269,

01/23/55)

Bank

of

America

Jan

2025

0.00

Put

(1)

4,269

(ÿ)

409

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.025%,

USD

3,152,

06/18/55)

Bank

of

America

Jun

2025

0.00

Put

(1)

3,152

(ÿ)

740

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.250%,

USD

14,580,

06/06/55)

Bank

of

America

Jun

2025

0.00

Put

(1)

14,580

(ÿ)

2,869

(Bank

of

America,

USD

3

Month

LIBOR/

USD

2.090%,

USD

6,899,

06/12/55)

Bank

of

America

Jun

2025

0.00

Put

(1)

6,899

(ÿ)

627

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.550%,

USD

10,852,

09/26/49)

Bank

of

America

Sep

2029

0.00

Put

(1)

10,852

(ÿ)

1,516

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.823%,

USD

10,720,

09/27/49)

Bank

of

America

Sep

2029

0.00

Put

(1)

10,720

(ÿ)

1,244

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.885%,

USD

7,146,

09/21/49)

Bank

of

America

Sep

2029

0.00

Put

(1)

7,146

(ÿ)

794

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.905%,

USD

13,234,

09/21/39)

Bank

of

America

Sep

2029

0.00

Put

(1)

13,234

(ÿ)

872

(Bank

of

America,

USD

3

Month

LIBOR/

USD

2.048%,

USD

19,851,

09/26/39)

Bank

of

America

Sep

2029

0.00

Put

(1)

19,851

(ÿ)

1,193

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.155%,

USD

2,508,

06/19/60)

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

405

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Bank

of

America

Jun

2030

0.00

Put

(1)

2,508

(ÿ)

608

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.155%,

USD

3,905,

06/12/60)

Bank

of

America

Jun

2030

0.00

Put

(1)

3,905

(ÿ)

945

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.250%,

USD

6,291,

06/19/40)

Bank

of

America

Jun

2030

0.00

Put

(1)

6,291

(ÿ)

664

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.275%,

USD

23,152,

09/19/50)

Bank

of

America

Sep

2030

0.00

Put

(1)

23,152

(ÿ)

4,139

(Bank

of

America,

USD

3

Month

LIBOR/

USD

1.345%,

USD

44,009,

09/19/40)

Bank

of

America

Sep

2030

0.00

Put

(1)

44,009

(ÿ)

4,451

(Bank

of

America,

USD

3

Month

LIBOR/

USD

2.150%,

USD

6,899,

06/12/51)

Bank

of

America

Jun

2031

0.00

Put

(1)

6,899

(ÿ)

740

(Bank

of

America,

USD

3

Month

LIBOR/

USD

2.280%,

USD

12,403,

06/12/41)

Bank

of

America

Jun

2031

0.00

Put

(1)

12,403

(ÿ)

775

(Citigroup,

USD

3

Month

LIBOR/USD

0.820%,

USD

46,025,

08/31/26)

Citigroup

Aug

2021

0.00

Put

(1)

46,025

(ÿ)

134

(Citigroup,

USD

3

Month

LIBOR/USD

1.504%,

USD

15,364,

10/01/31)

Citigroup

Sep

2021

0.00

Put

(1)

15,364

(ÿ)

68

(Citigroup,

USD

3

Month

LIBOR/USD

1.794%,

USD

10,587,

10/04/49)

Citigroup

Oct

2029

0.00

Put

(1)

10,587

(ÿ)

1,254

(Citigroup,

USD

3

Month

LIBOR/USD

1.625%,

USD

3,956,

01/24/61)

Citigroup

Jan

2041

0.00

Put

(1)

3,956

(ÿ)

588

(Citigroup,

USD

3

Month

LIBOR/USD

2.215%,

USD

11,044,

03/20/51)

Citigroup

Mar

2041

0.00

Put

(1)

11,044

(ÿ)

828

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.473%,

USD

2,414,

08/11/31)

Goldman

Sachs

Aug

2021

0.00

Put

(1)

2,414

(ÿ)

1

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.569%,

USD

3,441,

09/24/54)

Goldman

Sachs

Sep

2024

0.00

Put

(1)

3,441

(ÿ)

481

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.741%,

USD

9,926,

09/26/54)

Goldman

Sachs

Sep

2024

0.00

Put

(1)

9,926

(ÿ)

1,165

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.776%,

USD

13,234,

10/01/54)

Goldman

Sachs

Sep

2024

0.00

Put

(1)

13,234

(ÿ)

1,499

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.790%,

USD

13,234,

09/27/54)

Goldman

Sachs

Sep

2024

0.00

Put

(1)

13,234

(ÿ)

1,476

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.687%,

USD

9,926,

10/07/54)

Goldman

Sachs

Oct

2024

0.00

Put

(1)

9,926

(ÿ)

1,236

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.736%,

USD

6,617,

10/11/54)

Goldman

Sachs

Oct

2024

0.00

Put

(1)

6,617

(ÿ)

785

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.026%,

USD

2,627,

06/18/55)

Goldman

Sachs

Jun

2025

0.00

Put

(1)

2,627

(ÿ)

617

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.178%,

USD

21,553,

09/19/55)

Goldman

Sachs

Sep

2025

0.00

Put

(1)

21,553

(ÿ)

4,561

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

2.460%,

USD

9,393,

03/23/56)

Goldman

Sachs

Mar

2026

0.00

Put

(1)

9,393

(ÿ)

672

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

2.475%,

USD

6,081,

03/20/56)

Goldman

Sachs

Mar

2026

0.00

Put

(1)

6,081

(ÿ)

429

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.804%,

USD

19,322,

09/27/39)

Goldman

Sachs

Sep

2029

0.00

Put

(1)

19,322

(ÿ)

1,359

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.865%,

USD

19,851,

10/02/39)

Goldman

Sachs

Sep

2029

0.00

Put

(1)

19,851

(ÿ)

1,344

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.920%,

USD

13,234,

09/24/39)

Goldman

Sachs

Sep

2029

0.00

Put

(1)

13,234

(ÿ)

864

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.985%,

USD

16,543,

10/15/39)

Goldman

Sachs

Oct

2029

0.00

Put

(1)

16,543

(ÿ)

1,038

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.325%,

USD

7,936,

06/06/50)

Goldman

Sachs

Jun

2030

0.00

Put

(1)

7,936

(ÿ)

1,371

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.328%,

USD

10,848,

06/12/40)

Goldman

Sachs

Jun

2030

0.00

Put

(1)

10,848

(ÿ)

1,099

(Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.794%,

USD

4,425,

02/05/61)

Goldman

Sachs

Feb

2031

0.00

Put

(1)

4,425

(ÿ)

719

(JP

Morgan,

USD

3

Month

LIBOR/USD

2.051%,

USD

10,587,

09/28/49)

JPMorgan

Chase

Sep

2029

0.00

Put

(1)

10,587

(ÿ)

1,043

(JP

Morgan,

USD

3

Month

LIBOR/USD

1.976%,

USD

9,264,

10/19/49)

JPMorgan

Chase

Oct

2029

0.00

Put

(1)

9,264

(ÿ)

967

(JP

Morgan,

USD

3

Month

LIBOR/USD

2.028%,

USD

4,513,

01/24/50)

JPMorgan

Chase

Jan

2030

0.00

Put

(1)

4,513

(ÿ)

497

(JP

Morgan,

USD

3

Month

LIBOR/USD

1.268%,

USD

2,365,

06/19/40)

JPMorgan

Chase

Jun

2030

0.00

Put

(1)

2,365

(ÿ)

247

(JP

Morgan,

USD

3

Month

LIBOR/USD

1.322%,

USD

6,670,

06/19/40)

JPMorgan

Chase

Jun

2030

0.00

Put

(1)

6,670

(ÿ)

678

(JP

Morgan,

USD

3

Month

LIBOR/USD

2.426%,

USD

11,026,

03/06/41)

JPMorgan

Chase

Mar

2031

0.00

Put

(1)

11,026

(ÿ)

625

Total

Options

Purchased

(cost

$100,267)

100,858

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

406

Multi-Asset

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Warrants

and

Rights

-

0.0%

NewStar

Financial,

Inc.(Æ)(Š)

2021  Warrants

19,324

—

Total

Warrants

and

Rights

(cost

$—)

—

Short-Term

Investments

-

19.8%

BlackRock

TCP

Capital

Corp.

4.625%

due

03/01/22

1,479

1,507

Blackstone

Mortgage

Trust,

Inc.

4.375%

due

05/05/22

1,775

1,809

Dycom

Industries,

Inc.

0.750%

due

09/15/21

2,331

2,316

Evolent

Health,

Inc.

2.000%

due

12/01/21

912

1,030

Fortive

Corp.

0.875%

due

02/15/22

(Þ)

2,844

2,847

Golar

LNG,

Ltd.

2.750%

due

02/15/22

585

579

Goldman

Sachs

BDC,

Inc.

4.500%

due

04/01/22

2,418

2,466

Helix

Energy

Solutions

Group,

Inc.

4.250%

due

05/01/22

1,585

1,513

Horizon

Global

Corp.

2.750%

due

07/01/22

317

309

Indonesia

Treasury

Bond

Series

FR61

7.000%

due

05/15/22

INR

9,154,000

652

Ionis

Pharmaceuticals,

Inc.

1.000%

due

11/15/21

1,554

1,556

Jazz

Investments

I,

Ltd.

1.875%

due

08/15/21

1,604

1,601

Mexican

Bonos

Series

M

7.250%

due

12/09/21

MXN

45,546

2,304

New

York

Mortgage

Trust,

Inc.

6.250%

due

01/15/22

1,792

1,810

Newpark

Resources,

Inc.

4.000%

due

12/01/21

783

771

PDC

Energy,

Inc.

1.125%

due

09/15/21

653

647

Pretium

Resources,

Inc.

2.250%

due

03/15/22

1,302

1,311

Scorpio

Tankers,

Inc.

3.000%

due

05/15/22

453

444

Ship

Finance

International,

Ltd.

5.750%

due

10/15/21

8

8

Thailand

Government

Bond

3.650%

due

12/17/21

THB

113,670

3,499

Twitter,

Inc.

1.000%

due

09/15/21

1,458

1,459

Two

Harbors

Investment

Corp.

6.250%

due

01/15/22

175

177

U.S.

Cash

Management

Fund(@)(+)

145,743,059

(∞)

145,713

United

States

Cash

Management

Bills

Series

WI

0.047%

due

10/05/21

(ž)

1,334

1,334

0.047%

due

10/12/21

(ž)

1,305

1,305

0.054%

due

10/19/21

(ž)

3,135

3,135

0.053%

due

10/26/21

(ž)

133

133

0.053%

due

11/02/21

(ž)

1,346

1,346

0.050%

due

11/09/21

(ž)

684

684

United

States

Treasury

Bills

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

0.013%

due

09/02/21

(ç)(ž)

518

518

0.041%

due

09/16/21

(ç)(ž)

545

545

0.044%

due

09/23/21

(ç)(ž)

1,450

1,450

0.050%

due

10/14/21

(ž)

2,610

2,610

0.050%

due

11/04/21

(ž)

450

450

0.050%

due

11/12/21

(ž)

190

190

0.050%

due

11/18/21

(ž)

1,085

1,085

0.047%

due

11/26/21

(ž)

700

700

0.050%

due

12/02/21

(ž)

2,075

2,075

0.052%

due

12/16/21

(ž)

320

320

Series

WI

0.015%

due

09/21/21

(ç)(ž)

30

30

Total

Short-Term

Investments

(cost

$194,144)

194,238

Other

Securities

-

0.5%

U.S.

Cash

Collateral

Fund(@)(×)

5,351,562

(∞)

5,352

Total

Other

Securities

(cost

$5,352)

5,352

Total

Investments

-

111.9%

(identified

cost

$1,021,513)

1,099,965

Other

Assets

and

Liabilities,

Net

-

(11.9)%

(117,146)

Net

Assets

-

100.0%

982,819

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

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

$

$

$

3.7%

3SBio,

Inc.

06/11/21

HKD

180,000

1.35

243

150

Aena

SME

SA

03/10/17

EUR

22,721

149.22

3,390

3,619

Alcoa

Corp.

04/23/21

200,000

102.29

205

210

Alteryx,

Inc.

03/16/21

2,269,000

94.67

2,148

2,146

Calpine

Corp.

02/10/21

393,000

97.57

383

378

Carel

Industries

SpA

06/17/20

EUR

15,208

16.89

257

362

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

12/01/20

100,000

103.77

104

103

China

Youran

Dairy

Group,

Ltd.

06/25/21

HKD

189,000

0.80

151

108

Clearway

Energy

Operating

LLC

12/04/19

61,000

100.00

61

65

CSC

Holdings

LLC

11/13/20

400,000

97.97

392

380

CTP

NV

06/11/21

EUR

4,839

19.39

94

98

Dino

Polska

SA

01/12/21

PLN

9,171

74.17

680

734

Dominican

Republic

Government

International

Bond

06/08/21

DOP

400,000

1.75

7

7

ESR

Cayman,

Ltd.

11/11/19

HKD

22,800

2.16

49

80

Fortive

Corp.

11/21/19

2,844,000

99.34

2,825

2,847

Granite

Point

06/04/20

1,881,000

93.13

1,752

1,861

Hanesbrands,

Inc.

08/08/19

739,000

104.04

769

797

ICICI

Prudential

Life

Insurance

Co.,

Ltd.

06/11/21

INR

11,142

7.97

89

95

Infrastrutture

Wireless

Italiane

SpA

10/09/20

EUR

72,479

11.11

806

820

Instone

Real

Estate

Group

AG

05/21/19

EUR

5,603

24.54

137

174

Ionis

Pharmaceuticals,

Inc.

04/26/21

2,226,000

92.71

2,064

2,043

IQVIA,

Inc.

02/17/21

EUR

248,000

120.42

299

296

Itau

Unibanco

Holding

SA

01/12/21

200,000

99.69

199

198

JD

Logistics,

Inc.

06/11/21

HKD

150,700

5.63

848

544

JW

(Cayman)

Therapeutics

Co.,

Ltd

06/11/21

HKD

48,500

3.46

168

129

Levi

Strauss

&

Co.

02/02/21

145,000

100.00

145

149

Liberty

Latin

America,

Ltd.

06/05/20

796,000

88.35

703

797

Liberty

Media

Corp.

03/05/21

344,000

102.48

353

358

Lumen

Technologies,

Inc.

06/23/20

100,000

99.36

99

103

MGIC

Investment

Corp.

09/14/20

1,818,000

129.21

2,349

2,386

Momo,

Inc.

07/06/20

431,000

83.04

358

360

Neinor

Homes

SA

07/23/21

EUR

7,187

14.87

107

104

Netcompany

Group

A/S

06/17/20

DKK

11,881

62.67

745

1,470

Novelis

Corp.

01/13/20

281,000

99.11

278

299

Nutanix,

Inc.

05/06/20

1,304,000

92.61

1,208

1,360

NuVasive,

Inc.

12/02/20

84,000

91.89

77

81

On

the

Beach

Group

PLC

06/18/20

GBP

87,062

3.69

321

393

Pharmaron

Beijing

Co.,

Ltd.

06/11/21

HKD

17,600

24.47

431

386

PolyPeptide

Group

AG

05/07/21

CHF

5,989

90.55

542

653

Post

Holdings,

Inc.

02/11/20

52,000

100.06

52

53

Post

Holdings,

Inc.

02/24/21

71,000

100.00

71

72

Seagate

HDD

Cayman

01/15/21

177,000

98.32

174

174

Sealed

Air

Corp.

01/26/21

400,000

105.22

421

427

Shimao

Services

Holdings,

Ltd.

06/11/21

HKD

110,000

2.71

298

255

Siemens

Healthineers

AG

02/05/21

EUR

12,489

59.61

745

825

Stora

Enso

OYJ

03/13/17

200,000

114.43

228

277

Tabula

Rasa

HealthCare,

Inc.

12/02/20

397,000

87.50

347

381

Taylor

Morrison

Communities,

Inc.

04/06/21

185,000

111.99

207

209

TeamViewer

AG

03/05/21

EUR

13,141

48.05

631

442

Tenet

Healthcare

Corp.

08/14/19

421,000

100.66

424

435

TerraForm

Power

Operating

LLC

01/28/20

307,000

103.25

317

323

Weibo

Corp.

03/25/20

817,000

96.04

785

776

Western

Digital

Corp.

04/14/20

1,628,000

95.34

1,552

1,680

Worldline

SA

06/17/20

EUR

10,739

82.77

889

1,005

WuXi

AppTec

Co.,

Ltd.

06/11/21

HKD

28,700

22.03

632

639

Wuxi

Biologics

(Cayman),

Inc.

07/09/21

48,500

17.11

830

740

Yellow

Cake

PLC

07/08/19

GBP

81,402

2.64

215

318

36,174

For

a

description

of

restricted

securities

see

note

6

in

the

Notes

to

Quarterly

Report.

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

408

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

Australia

10

Year

Government

Bond

Futures

385

AUD

55,978

09/21

1,083

Canadian

10

Year

Government

Bond

Futures

108

CAD

15,985

09/21

358

Dow

Jones

U.S.

Real

Estate

Index

Futures

982

USD

40,753

09/21

804

EURO

STOXX

50

Index

Futures

1,253

EUR

51,223

09/21

(606)

FTSE

100

Index

Futures

649

GBP

45,213

09/21

(1,142)

Japanese

10

Year

Government

Bond

Futures

22

JPY

3,350,599

09/21

135

MSCI

Singapore

Index

Futures

496

SGD

17,898

08/21

219

S&P

500

E-Mini

Index

Futures

48

USD

10,535

09/21

382

SPI

200

Index

Futures

80

AUD

14,600

09/21

19

United

States

10

Year

Treasury

Note

Futures

2,690

USD

361,679

09/21

6,085

Short

Positions

Euro-Bund

Futures

174

EUR

30,723

09/21

(1,019)

Hang

Seng

Index

Futures

53

HKD

68,627

08/21

47

Long

Gilt

Futures

232

GBP

30,111

09/21

(826)

MSCI

Emerging

Markets

Index

Futures

265

USD

16,930

09/21

1,195

NASDAQ

100

E-Mini

Index

Futures

245

USD

73,283

09/21

(4,834)

Russell

2000

E-Mini

Index

Futures

217

USD

24,104

09/21

1,163

S&P/TSX

60

Index

Futures

2

CAD

485

09/21

(6)

TOPIX

Index

Futures

257

JPY

4,895,850

09/21

1,270

United

States

10

Year

Treasury

Note

Futures

24

USD

3,227

09/21

(53)

United

States

Treasury

Ultra

Bond

Futures

7

USD

1,397

09/21

(92)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

4,182

Options

Written

Amounts

in

thousands

(except

contract

amounts)

Description

Counterparty

Call/Put

Number

of

Contracts

Strike

Price

Notional

Amount

Expiration

Date

Fair

Value

$

Fannie

Mae

Bonds

JPMorgan

Chase

Put

1

103.72

USD

35,000

09/07/21

(89)

Fannie

Mae

Bonds

JPMorgan

Chase

Put

1

104.63

USD

10,000

09/07/21

(20)

Fannie

Mae

Bonds

JPMorgan

Chase

Put

1

105.75

USD

27,000

09/07/21

(30)

Swaption

(Counterparty,

Fund

Receives/Fund

Pays,

Notional,

Termination

Date)

Bank

of

America,

USD

3

Month

LIBOR/

USD

1.235%,

USD

38,275,

03/21/27

Bank

of

America

Call

1

0.00

38,275

03/19/25

(320)

Bank

of

America,

USD

3

Month

LIBOR/

USD

2.573%,

USD

11,403,

03/30/36

Bank

of

America

Call

1

0.00

11,403

03/26/26

(1,098)

Bank

of

America,

USD

3

Month

LIBOR/

USD

0.920%,

USD

4,827,

03/27/40

Bank

of

America

Call

2

0.00

9,654

03/25/30

(284)

Bank

of

America,

USD

3

Month

LIBOR/

USD

1.605%,

USD

8,013,

11/14/50

Bank

of

America

Call

1

0.00

8,013

11/12/30

(727)

Bank

of

America,

USD

3

Month

LIBOR/

USD

1.660%,

USD

10,311,

11/14/50

Bank

of

America

Call

1

0.00

10,311

11/12/30

(974)

Bank

of

America,

USD

3

Month

LIBOR/

USD

1.680%,

USD

15,083,

11/14/40

Bank

of

America

Call

1

0.00

15,083

11/12/30

(802)

Citigroup,

USD

3

Month

LIBOR/USD

1.518%,

USD

7,541,

11/14/55

Citigroup

Call

1

0.00

7,541

11/12/25

(725)

Citigroup,

USD

3

Month

LIBOR/USD

1.918%,

USD

4,762,

01/24/51

Citigroup

Call

1

0.00

4,762

01/22/31

(595)

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

409

Options

Written

Amounts

in

thousands

(except

contract

amounts)

Description

Counterparty

Call/Put

Number

of

Contracts

Strike

Price

Notional

Amount

Expiration

Date

Fair

Value

$

Goldman

Sachs,

USD

3

Month

LIBOR/

USD

1.570%,

USD

9,653,

11/12/55

Goldman

Sachs

Call

1

0.00

9,653

11/10/25

(951)

Goldman

Sachs,

USD

3

Month

LIBOR/

USD

2.170%,

USD

41,954,

03/04/56

Goldman

Sachs

Call

1

0.00

41,953

03/02/26

(7,507)

Goldman

Sachs,

USD

3

Month

LIBOR/

USD

0.905%,

USD

15,265,

03/28/40

Goldman

Sachs

Call

1

0.00

15,265

03/26/30

(444)

Goldman

Sachs,

USD

3

Month

LIBOR/

USD

2.483%,

USD

114,808,

04/17/41

Goldman

Sachs

Call

1

0.00

114,807

04/15/31

(10,327)

Goldman

Sachs,

USD

3

Month

LIBOR/

USD

2.390%,

USD

5,641,

04/30/41

Goldman

Sachs

Call

1

0.00

5,641

04/28/31

(520)

JP

Morgan,

USD

3

Month

LIBOR/USD

0.928%,

USD

62,257,

03/31/28

JPMorgan

Chase

Call

1

0.00

62,256

03/25/27

(201)

JP

Morgan,

USD

3

Month

LIBOR/USD

1.744%,

USD

19,305,

11/14/40

JPMorgan

Chase

Call

1

0.00

19,305

11/12/30

(1,074)

JP

Morgan,

USD

3

Month

LIBOR/USD

1.895%,

USD

26,925,

07/09/41

JPMorgan

Chase

Call

1

0.00

26,925

07/07/31

(1,870)

Morgan

Stanley,

USD

3

Month

LIBOR/

USD

0.883%,

USD

7,676,

03/27/40

Morgan

Stanley

Call

1

0.00

7,676

03/25/30

(219)

Morgan

Stanley,

USD

3

Month

LIBOR/

USD

0.895%,

USD

7,676,

03/27/40

Morgan

Stanley

Call

1

0.00

7,676

03/25/30

(221)

UBS,

USD

3

Month

LIBOR/USD

0.845%,

USD

38,382,

03/27/26

UBS

Call

1

0.00

38,382

03/25/25

(109)

Bank

of

America,

USD

1.235%/USD

3

Month

LIBOR,

USD

38,275,

03/21/27

Bank

of

America

Put

1

0.00

38,275

03/19/25

(452)

Bank

of

America,

USD

2.573%/USD

3

Month

LIBOR,

USD

11,403,

03/30/36

Bank

of

America

Put

1

0.00

11,403

03/26/26

(346)

Bank

of

America,

USD

0.920%/USD

3

Month

LIBOR,

USD

4,827,

03/27/40

Bank

of

America

Put

2

0.00

9,654

03/25/30

(1,144)

Bank

of

America,

USD

1.605%/USD

3

Month

LIBOR,

USD

8,013,

11/14/50

Bank

of

America

Put

1

0.00

8,013

11/12/30

(1,091)

Bank

of

America,

USD

1.660%/USD

3

Month

LIBOR,

USD

10,311,

11/14/50

Bank

of

America

Put

1

0.00

10,311

11/12/30

(1,355)

Bank

of

America,

USD

1.680%/USD

3

Month

LIBOR,

USD

15,083,

11/14/40

Bank

of

America

Put

1

0.00

15,083

11/12/30

(1,183)

Citigroup,

USD

1.518%/USD

3

Month

LIBOR,

USD

7,541,

11/14/55

Citigroup

Put

1

0.00

7,541

11/12/25

(1,219)

Citigroup,

USD

1.918%/USD

3

Month

LIBOR,

USD

4,762,

01/24/51

Citigroup

Put

1

0.00

4,762

01/22/31

(580)

Goldman

Sachs,

USD

1.570%/USD

3

Month

LIBOR,

USD

9,653,

11/12/55

Goldman

Sachs

Put

1

0.00

9,653

11/10/25

(1,466)

Goldman

Sachs,

USD

2.170%/USD

3

Month

LIBOR,

USD

41,954,

03/04/56

Goldman

Sachs

Put

1

0.00

41,953

03/02/26

(3,905)

Goldman

Sachs,

USD

0.905%/USD

3

Month

LIBOR,

USD

15,265,

03/28/40

Goldman

Sachs

Put

1

0.00

15,265

03/26/30

(1,826)

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

410

Multi-Asset

Growth

Strategy

Fund

Options

Written

Amounts

in

thousands

(except

contract

amounts)

Description

Counterparty

Call/Put

Number

of

Contracts

Strike

Price

Notional

Amount

Expiration

Date

Fair

Value

$

Goldman

Sachs,

USD

2.483%/USD

3

Month

LIBOR,

USD

114,808,

04/17/41

Goldman

Sachs

Put

1

0.00

114,807

04/15/31

(5,596)

Goldman

Sachs,

USD

2.390%/USD

3

Month

LIBOR,

USD

5,641,

04/30/41

Goldman

Sachs

Put

1

0.00

5,641

04/28/31

(330)

JP

Morgan,

USD

0.928%/USD

3

Month

LIBOR,

USD

62,257,

03/31/28

JPMorgan

Chase

Put

1

0.00

62,257

03/25/27

(614)

JP

Morgan,

USD

1.744%/USD

3

Month

LIBOR,

USD

19,305,

11/14/40

JPMorgan

Chase

Put

1

0.00

19,305

11/12/30

(1,457)

JP

Morgan,

USD

1.895%/USD

3

Month

LIBOR,

USD

26,925,

07/09/41

JPMorgan

Chase

Put

1

0.00

26,925

07/07/31

(2,073)

Morgan

Stanley,

USD

0.883%/USD

3

Month

LIBOR,

USD

7,676,

03/27/40

Morgan

Stanley

Put

1

0.00

7,676

03/25/30

(927)

Morgan

Stanley,

USD

0.895%/USD

3

Month

LIBOR,

USD

7,676,

03/27/40

Morgan

Stanley

Put

1

0.00

7,676

03/25/30

(921)

UBS,

USD

0.845%/USD

3

Month

LIBOR,

USD

38,382,

03/27/26

UBS

Put

1

0.00

38,382

03/25/25

(286)

Total

Liability

for

Options

Written

(premiums

received

$53,025)

(55,878)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

386

GBP

278

08/03/21

—

Bank

of

America

USD

12

HKD

95

08/02/21

—

Bank

of

America

USD

671

HKD

5,217

08/03/21

—

Bank

of

America

USD

102

JPY

11,203

08/03/21

—

Bank

of

America

USD

106

SGD

143

08/03/21

—

Bank

of

America

AUD

1,516

USD

1,139

08/06/21

27

Bank

of

America

CAD

1,996

USD

1,614

08/06/21

14

Bank

of

America

CHF

315

USD

347

08/03/21

—

Bank

of

America

CHF

1,187

USD

1,287

08/06/21

(24)

Bank

of

America

EUR

287

USD

340

08/03/21

—

Bank

of

America

EUR

4,354

USD

5,177

08/06/21

11

Bank

of

America

GBP

1,593

USD

2,203

08/06/21

(12)

Bank

of

America

HKD

16,772

USD

2,160

08/06/21

2

Bank

of

America

JPY

391,574

USD

3,539

08/06/21

(30)

Bank

of

Montreal

AUD

1,516

USD

1,140

08/06/21

28

Bank

of

Montreal

CAD

1,996

USD

1,612

08/06/21

12

Bank

of

Montreal

CHF

1,187

USD

1,288

08/06/21

(22)

Bank

of

Montreal

CHF

850

USD

951

09/15/21

12

Bank

of

Montreal

DKK

11,829

USD

1,942

09/15/21

53

Bank

of

Montreal

EUR

4,354

USD

5,179

08/06/21

14

Bank

of

Montreal

EUR

688

USD

840

09/15/21

23

Bank

of

Montreal

GBP

1,593

USD

2,204

08/06/21

(11)

Bank

of

Montreal

GBP

1,001

USD

1,415

09/15/21

23

Bank

of

Montreal

HKD

16,772

USD

2,160

08/06/21

2

Bank

of

Montreal

JPY

391,574

USD

3,542

08/06/21

(27)

Bank

of

Montreal

JPY

323,200

USD

2,951

09/15/21

4

Bank

of

Montreal

SEK

8,244

USD

999

09/15/21

41

Bank

of

New

York

USD

1,105

AUD

1,493

08/06/21

(9)

Bank

of

New

York

USD

1,584

CAD

1,971

08/06/21

(4)

Bank

of

New

York

USD

1,335

CHF

1,209

08/06/21

—

Bank

of

New

York

USD

5,093

EUR

4,285

08/06/21

(10)

Bank

of

New

York

USD

2,173

GBP

1,555

08/06/21

(12)

Bank

of

New

York

USD

2,103

HKD

16,346

08/06/21

—

Bank

of

New

York

USD

3,485

JPY

381,959

08/06/21

(3)

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

411

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

New

York

USD

4

NZD

6

09/09/21

—

Bank

of

New

York

USD

178

NZD

255

09/09/21

(1)

Bank

of

New

York

USD

9,395

NZD

12,869

09/09/21

(431)

Bank

of

New

York

AUD

1,516

USD

1,140

08/06/21

28

Bank

of

New

York

AUD

1,493

USD

1,105

09/09/21

9

Bank

of

New

York

CAD

1,996

USD

1,613

08/06/21

13

Bank

of

New

York

CAD

1,971

USD

1,584

09/09/21

4

Bank

of

New

York

CHF

1,187

USD

1,289

08/06/21

(21)

Bank

of

New

York

CHF

1,209

USD

1,336

09/09/21

—

Bank

of

New

York

CHF

850

USD

954

09/15/21

14

Bank

of

New

York

DKK

11,829

USD

1,946

09/15/21

58

Bank

of

New

York

EUR

4,354

USD

5,183

08/06/21

17

Bank

of

New

York

EUR

4,285

USD

5,096

09/09/21

9

Bank

of

New

York

EUR

688

USD

842

09/15/21

25

Bank

of

New

York

GBP

1,593

USD

2,203

08/06/21

(11)

Bank

of

New

York

GBP

1,555

USD

2,173

09/09/21

12

Bank

of

New

York

GBP

1,001

USD

1,417

09/15/21

25

Bank

of

New

York

HKD

16,772

USD

2,160

08/06/21

2

Bank

of

New

York

HKD

16,346

USD

2,103

09/09/21

—

Bank

of

New

York

JPY

391,574

USD

3,547

08/06/21

(23)

Bank

of

New

York

JPY

381,959

USD

3,485

09/09/21

3

Bank

of

New

York

JPY

323,200

USD

2,960

09/15/21

13

Bank

of

New

York

NZD

22

USD

16

09/09/21

1

Bank

of

New

York

SEK

8,244

USD

1,001

09/15/21

43

Citigroup

USD

47

CAD

58

09/09/21

—

Citigroup

USD

41

CHF

37

09/09/21

—

Citigroup

USD

41

EUR

34

09/09/21

—

Citigroup

USD

5

GBP

4

09/09/21

—

Citigroup

USD

31

GBP

22

09/09/21

—

Citigroup

USD

5,061

GBP

3,569

09/09/21

(99)

Citigroup

USD

966

HKD

7,504

09/09/21

—

Citigroup

USD

351

JPY

38,456

09/09/21

—

Citigroup

USD

43

SGD

58

09/09/21

—

Citigroup

AUD

2

USD

2

09/09/21

—

Citigroup

CHF

850

USD

952

09/15/21

12

Citigroup

DKK

11,829

USD

1,942

09/15/21

55

Citigroup

EUR

688

USD

840

09/15/21

23

Citigroup

GBP

3,591

USD

5,019

09/09/21

27

Citigroup

GBP

1,001

USD

1,414

09/15/21

22

Citigroup

JPY

323,200

USD

2,952

09/15/21

5

Citigroup

NOK

280

USD

33

09/09/21

1

Citigroup

NOK

647

USD

77

09/09/21

4

Citigroup

NOK

1,234

USD

141

09/09/21

1

Citigroup

NOK

41,419

USD

4,968

09/09/21

280

Citigroup

SEK

708

USD

82

09/09/21

—

Citigroup

SEK

8,244

USD

999

09/15/21

41

Commonwealth

Bank

of

Australia

AUD

60

USD

45

09/09/21

1

Commonwealth

Bank

of

Australia

AUD

84

USD

64

09/09/21

3

Commonwealth

Bank

of

Australia

AUD

89

USD

66

09/09/21

1

Commonwealth

Bank

of

Australia

AUD

6,428

USD

4,980

09/09/21

262

HSBC

USD

177

BRL

906

08/03/21

(3)

HSBC

USD

704

BRL

3,606

08/03/21

(12)

HSBC

USD

2,039

BRL

10,445

08/03/21

(34)

HSBC

USD

2,635

BRL

14,957

08/03/21

237

HSBC

USD

47

BRL

247

11/03/21

—

HSBC

USD

2,044

BRL

10,445

11/03/21

(64)

HSBC

USD

70

CNY

455

09/10/21

—

HSBC

USD

3,634

CNY

23,764

09/10/21

37

HSBC

USD

7

CZK

154

09/07/21

—

HSBC

USD

65

CZK

1,412

09/07/21

1

HSBC

USD

110

EUR

93

08/17/21

—

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

412

Multi-Asset

Growth

Strategy

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

HSBC

USD

1,500

HKD

11,651

09/13/21

(1)

HSBC

USD

1,465

HUF

439,766

09/07/21

(12)

HSBC

USD

141

MXN

2,824

08/09/21

1

HSBC

USD

512

MXN

10,167

08/09/21

(2)

HSBC

USD

823

MXN

16,354

08/09/21

(2)

HSBC

USD

370

PEN

1,376

08/12/21

(31)

HSBC

USD

90

PHP

4,377

09/07/21

(3)

HSBC

USD

180

PLN

685

09/21/21

(2)

HSBC

USD

1,185

PLN

4,394

09/21/21

(45)

HSBC

USD

1,277

PLN

4,731

09/21/21

(49)

HSBC

USD

97

RUB

7,346

09/07/21

3

HSBC

USD

110

RUB

8,256

09/07/21

2

HSBC

USD

10

ZAR

148

08/30/21

—

HSBC

USD

190

ZAR

2,708

08/30/21

(6)

HSBC

BRL

906

USD

180

08/03/21

6

HSBC

BRL

3,606

USD

630

08/03/21

(62)

HSBC

BRL

10,445

USD

2,069

08/03/21

64

HSBC

BRL

14,957

USD

2,920

08/03/21

49

HSBC

CLP

50,300

USD

70

08/30/21

4

HSBC

CLP

95,685

USD

133

08/30/21

7

HSBC

CLP

100,568

USD

140

08/30/21

8

HSBC

CLP

133,661

USD

189

08/30/21

13

HSBC

CLP

137,819

USD

194

08/30/21

13

HSBC

CLP

461,909

USD

657

08/30/21

48

HSBC

COP

4,978,038

USD

1,309

11/08/21

32

HSBC

CZK

24,225

USD

1,127

09/07/21

1

HSBC

IDR

26,953,254

USD

1,852

09/20/21

(6)

HSBC

MXN

2,600

USD

130

08/09/21

(1)

HSBC

MXN

13,351

USD

653

08/09/21

(17)

HSBC

MXN

13,394

USD

655

08/09/21

(17)

HSBC

MXN

16,354

USD

809

12/02/21

2

HSBC

PEN

2,506

USD

696

08/12/21

79

HSBC

RON

1,984

USD

475

11/08/21

(2)

HSBC

RUB

5,505

USD

72

09/07/21

(3)

HSBC

THB

68,179

USD

2,115

11/08/21

41

HSBC

ZAR

3,150

USD

216

08/30/21

2

JPMorgan

Chase

USD

1,104

AUD

1,493

08/06/21

(8)

JPMorgan

Chase

USD

1,582

CAD

1,971

08/06/21

(2)

JPMorgan

Chase

USD

1,332

CHF

1,209

08/06/21

3

JPMorgan

Chase

USD

5,092

EUR

4,285

08/06/21

(8)

JPMorgan

Chase

USD

2,170

GBP

1,555

08/06/21

(9)

JPMorgan

Chase

USD

2,103

HKD

16,346

08/06/21

—

JPMorgan

Chase

USD

3,478

JPY

381,959

08/06/21

4

JPMorgan

Chase

AUD

1,493

USD

1,104

09/09/21

8

JPMorgan

Chase

CAD

1,971

USD

1,581

09/09/21

2

JPMorgan

Chase

CHF

1,209

USD

1,333

09/09/21

(3)

JPMorgan

Chase

CHF

850

USD

951

09/15/21

12

JPMorgan

Chase

DKK

11,829

USD

1,942

09/15/21

54

JPMorgan

Chase

EUR

4,285

USD

5,095

09/09/21

8

JPMorgan

Chase

EUR

688

USD

840

09/15/21

23

JPMorgan

Chase

GBP

1,555

USD

2,170

09/09/21

9

JPMorgan

Chase

GBP

1,001

USD

1,415

09/15/21

23

JPMorgan

Chase

HKD

16,346

USD

2,103

09/09/21

—

JPMorgan

Chase

JPY

381,959

USD

3,479

09/09/21

(4)

JPMorgan

Chase

JPY

323,200

USD

2,951

09/15/21

4

JPMorgan

Chase

SEK

8,244

USD

999

09/15/21

40

Northern

Trust

EUR

120

USD

146

09/15/21

3

Royal

Bank

of

Canada

USD

1,103

AUD

1,493

08/06/21

(7)

Royal

Bank

of

Canada

USD

1,580

CAD

1,971

08/06/21

—

Royal

Bank

of

Canada

USD

45

CAD

56

09/09/21

—

Royal

Bank

of

Canada

USD

5,025

CAD

6,254

09/09/21

(12)

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

413

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Royal

Bank

of

Canada

USD

14,665

CAD

17,712

09/09/21

(467)

Royal

Bank

of

Canada

USD

1,333

CHF

1,209

08/06/21

2

Royal

Bank

of

Canada

USD

594

EUR

501

08/03/21

—

Royal

Bank

of

Canada

USD

5,093

EUR

4,285

08/06/21

(10)

Royal

Bank

of

Canada

USD

2,173

GBP

1,555

08/06/21

(12)

Royal

Bank

of

Canada

USD

2,104

HKD

16,346

08/06/21

—

Royal

Bank

of

Canada

USD

3,480

JPY

381,959

08/06/21

2

Royal

Bank

of

Canada

USD

36

JPY

3,937

09/09/21

—

Royal

Bank

of

Canada

USD

70

JPY

7,654

09/09/21

—

Royal

Bank

of

Canada

USD

4,942

JPY

541,938

09/09/21

—

Royal

Bank

of

Canada

AUD

1,516

USD

1,139

08/06/21

27

Royal

Bank

of

Canada

AUD

1,493

USD

1,103

09/09/21

7

Royal

Bank

of

Canada

CAD

72

USD

58

08/03/21

—

Royal

Bank

of

Canada

CAD

1,996

USD

1,612

08/06/21

12

Royal

Bank

of

Canada

CAD

1,971

USD

1,580

09/09/21

—

Royal

Bank

of

Canada

CAD

6,372

USD

5,274

09/09/21

167

Royal

Bank

of

Canada

CHF

1,187

USD

1,289

08/06/21

(22)

Royal

Bank

of

Canada

CHF

1,209

USD

1,334

09/09/21

(2)

Royal

Bank

of

Canada

CHF

850

USD

955

09/15/21

15

Royal

Bank

of

Canada

DKK

11,829

USD

1,946

09/15/21

58

Royal

Bank

of

Canada

EUR

4,354

USD

5,182

08/06/21

17

Royal

Bank

of

Canada

EUR

4,285

USD

5,096

09/09/21

10

Royal

Bank

of

Canada

EUR

100

USD

118

09/15/21

—

Royal

Bank

of

Canada

EUR

688

USD

842

09/15/21

25

Royal

Bank

of

Canada

EUR

5,900

USD

7,163

09/15/21

158

Royal

Bank

of

Canada

GBP

1,593

USD

2,203

08/06/21

(12)

Royal

Bank

of

Canada

GBP

1,555

USD

2,173

09/09/21

12

Royal

Bank

of

Canada

GBP

1,001

USD

1,418

09/15/21

25

Royal

Bank

of

Canada

HKD

16,772

USD

2,160

08/06/21

2

Royal

Bank

of

Canada

HKD

16,346

USD

2,104

09/09/21

—

Royal

Bank

of

Canada

JPY

391,574

USD

3,545

08/06/21

(25)

Royal

Bank

of

Canada

JPY

13,698

USD

125

09/09/21

—

Royal

Bank

of

Canada

JPY

381,959

USD

3,480

09/09/21

(2)

Royal

Bank

of

Canada

JPY

323,200

USD

2,961

09/15/21

13

Royal

Bank

of

Canada

SEK

4,397

USD

511

08/03/21

—

Royal

Bank

of

Canada

SEK

8,244

USD

1,002

09/15/21

44

State

Street

USD

68

AUD

90

08/06/21

(1)

State

Street

USD

1,432

AUD

1,851

09/15/21

(73)

State

Street

USD

81

CAD

101

08/06/21

(1)

State

Street

USD

331

EUR

279

08/06/21

—

State

Street

USD

11

EUR

9

09/09/21

—

State

Street

USD

24

EUR

20

09/09/21

—

State

Street

USD

213

GBP

154

08/06/21

1

State

Street

USD

219

HKD

1,703

08/06/21

—

State

Street

USD

346

JPY

38,457

08/06/21

4

State

Street

USD

56

SEK

476

08/06/21

—

State

Street

USD

3,040

SEK

25,993

08/06/21

(21)

State

Street

USD

—

SEK

4

09/09/21

—

State

Street

USD

97

SGD

130

08/06/21

(1)

State

Street

USD

1,866

SGD

2,524

08/06/21

(3)

State

Street

USD

6

TWD

163

08/06/21

—

State

Street

CAD

1,957

USD

1,619

09/15/21

50

State

Street

CHF

89

USD

96

08/06/21

(2)

State

Street

DKK

255,971

USD

40,874

09/15/21

24

State

Street

EUR

48

USD

57

09/09/21

—

State

Street

EUR

3,545

USD

4,334

09/09/21

125

State

Street

EUR

5,900

USD

7,162

09/15/21

157

State

Street

GBP

1,900

USD

2,681

09/15/21

40

State

Street

HKD

777

USD

100

09/15/21

—

State

Street

KRW

429

USD

—

08/06/21

—

State

Street

SEK

26,469

USD

3,107

08/06/21

32

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

414

Multi-Asset

Growth

Strategy

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

State

Street

SEK

16

USD

2

09/09/21

—

State

Street

SEK

828

USD

97

09/09/21

1

State

Street

SEK

25,993

USD

3,041

09/09/21

21

State

Street

SEK

77,751

USD

9,390

09/09/21

357

State

Street

SGD

2,654

USD

1,974

08/06/21

15

State

Street

SGD

2,524

USD

1,866

09/09/21

3

State

Street

TWD

114,661

USD

4,120

08/06/21

20

UBS

USD

1,105

AUD

1,493

08/06/21

(9)

UBS

USD

1,582

CAD

1,971

08/06/21

(2)

UBS

USD

1,332

CHF

1,209

08/06/21

2

UBS

USD

137

CHF

123

09/09/21

(1)

UBS

USD

264

CHF

239

09/09/21

—

UBS

USD

5,091

EUR

4,285

08/06/21

(8)

UBS

USD

2,171

GBP

1,555

08/06/21

(10)

UBS

USD

2,104

HKD

16,346

08/06/21

—

UBS

USD

3,483

JPY

381,959

08/06/21

(1)

UBS

USD

3,743

KRW

4,307,669

08/06/21

1

UBS

USD

101

KRW

116,475

09/09/21

—

UBS

USD

4,100

TWD

114,498

08/06/21

(5)

UBS

USD

88

TWD

2,443

09/09/21

—

UBS

AUD

1,493

USD

1,105

09/09/21

9

UBS

CAD

1,971

USD

1,582

09/09/21

2

UBS

CHF

174

USD

189

09/09/21

(3)

UBS

CHF

1,209

USD

1,333

09/09/21

(2)

UBS

CHF

13,031

USD

14,550

09/09/21

151

UBS

EUR

4,285

USD

5,094

09/09/21

7

UBS

GBP

1,555

USD

2,171

09/09/21

10

UBS

HKD

16,346

USD

2,104

09/09/21

—

UBS

JPY

381,959

USD

3,483

09/09/21

1

UBS

KRW

4,307,240

USD

3,812

08/06/21

67

UBS

KRW

4,307,669

USD

3,741

09/09/21

(1)

UBS

TWD

114,498

USD

4,104

09/09/21

10

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(å)

1,956

Total

Return

Swap

Contracts

Amounts

in

thousands

Underlying

Reference

Entity

Counterparty

Notional

Amount

Terms

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Long

Goldman

Sachs

ABGS1150

Commodity

Index(+)(i)

Goldman

Sachs

USD

51,672

Total

Return

on

Underlying

Reference

Entity

(5)

08/06/21

—

(1,095)

(1,095)

Total

Open

Total

Return

Swap

Contracts

(å)

—

(1,095)

(1,095)

(i)  The

following

table

represents

the

individual

commodity

positions

underlying

the

Goldman

Sachs

ABGS1150

Commodity

Index

swap

contract:

Amounts

in

thousands

Referenced

Commodity

Futures

Contracts

%

of

Index

Notional

Amount*

Long

Futures

Contracts

Brent

Oil

January

2022

12.4

$

6,460

Cotton

December

2021

12.4

6,460

Crude

Oil

November

2021

6.3

3,229

Crude

Oil

January

2022

6.3

3,229

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

415

Lean

Hogs

December

2021

12.4

6,460

Natural

Gas

(NYMEX)

November

2021

6.3

3,229

Natural

Gas

(NYMEX)

January

2022

6.3

3,229

Soybeans

Oil

December

2021

6.3

3,229

Soybeans

Oil

January

2022

6.3

3,229

Sugar

March

2022

12.4

6,460

Unleaded

Gasoline

November

2021

6.3

3,229

Unleaded

Gasoline

January

2022

6.3

3,229

Total

Long

Futures

Contracts

51,672

Short

Futures

Contracts

Coffee

December

2021

(12.4)

$

(6,459)

Copper

December

2021

(12.5)

(6,459)

Gold

December

2021

(12.5)

(6,459)

Kansas

Wheat

December

2021

(12.5)

(6,459)

Live

Cattle

December

2021

(12.5)

(6,459)

Nickel

November

2021

(6.3)

(3,229)

Nickel

January

2022

(6.3)

(3,229)

Silver

December

2021

(12.5)

(6,459)

Wheat

December

2021

(12.5)

(6,460)

Total

Short

Futures

Contracts

(51,672)

Cash

51,672

Total

Notional

Amount

100.0

$

51,672

(*)  The

notional

amount

is

indicative

of

the

quantity

and

proportionate

value

of

each

commodity

futures

contract.

Interest

Rate

Swap

Contracts

Amounts

in

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Barclays

USD

33,404

Three

Month

LIBOR

(2)

0.312%

(3)

06/22/23

5

(47)

(42)

Barclays

USD

33,404

0.312%

(2)

Three

Month

LIBOR

(2)

06/22/23

—

42

42

Barclays

USD

65,807

0.305%

(2)

Three

Month

LIBOR

(2)

06/24/23

—

73

73

Barclays

USD

65,807

Three

Month

LIBOR

(2)

0.305%

(3)

06/24/23

22

(95)

(73)

Barclays

USD

807

0.296%

(2)

Three

Month

LIBOR

(2)

07/09/23

—

1

1

Barclays

USD

17,848

Three

Month

LIBOR

(2)

0.286%

(3)

07/12/23

—

(12)

(12)

Barclays

USD

141,190

Three

Month

LIBOR

(2)

0.300%

(3)

09/15/23

268

(296)

(28)

Barclays

USD

16,654

0.350%

(2)

Three

Month

LIBOR

(2)

07/06/25

—

(183)

(183)

Barclays

USD

5,009

0.300%

(2)

Three

Month

LIBOR

(2)

07/14/25

—

(66)

(66)

Barclays

USD

3,564

0.277%

(2)

Three

Month

LIBOR

(2)

08/12/25

—

(53)

(53)

Barclays

USD

4,556

Three

Month

LIBOR

(2)

0.344%

(3)

10/13/25

—

63

63

Barclays

USD

4,816

Three

Month

LIBOR

(2)

0.410%

(3)

10/13/25

—

53

53

Barclays

USD

4,816

Three

Month

LIBOR

(2)

0.471%

(3)

11/16/25

—

44

44

Barclays

USD

4,925

0.428%

(2)

Three

Month

LIBOR

(2)

12/16/25

—

(58)

(58)

Barclays

USD

4,635

Three

Month

LIBOR

(2)

0.562%

(3)

01/13/26

—

31

31

Barclays

USD

975

Three

Month

LIBOR

(2)

0.584%

(3)

02/10/26

—

6

6

Barclays

USD

2,595

Three

Month

LIBOR

(2)

0.597%

(3)

02/17/26

31

(16)

15

Barclays

USD

4,828

Three

Month

LIBOR

(2)

0.600%

(3)

03/09/26

—

29

29

Barclays

USD

4,828

Three

Month

LIBOR

(2)

1.045%

(3)

04/15/26

—

(67)

(67)

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

416

Multi-Asset

Growth

Strategy

Fund

Interest

Rate

Swap

Contracts

Amounts

in

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Barclays

USD

209,583

Three

Month

LIBOR

(2)

0.615%

(3)

04/15/26

3,845

(2,550)

1,295

Barclays

USD

209,583

0.615%

(2)

Three

Month

LIBOR

(2)

04/15/26

(3,994)

2,699

(1,295)

Barclays

USD

16,708

Three

Month

LIBOR

(2)

0.966%

(3)

04/27/26

—

(168)

(168)

Barclays

USD

16,708

0.891%

(2)

Three

Month

LIBOR

(2)

05/04/26

—

107

107

Barclays

USD

22,576

0.857%

(2)

Three

Month

LIBOR

(2)

06/04/26

—

98

98

Barclays

USD

9,292

Three

Month

LIBOR

(2)

0.934%

(3)

06/24/26

8

(80)

(72)

Barclays

USD

9,292

0.934%

(2)

Three

Month

LIBOR

(2)

06/24/26

—

72

72

Barclays

USD

200,439

Three

Month

LIBOR

(2)

1.080%

(3)

07/01/26

—

(2,956)

(2,956)

Barclays

USD

200,439

1.080%

(2)

Three

Month

LIBOR

(2)

07/01/26

1,163

1,793

2,956

Barclays

USD

20,624

Three

Month

LIBOR

(2)

0.963%

(3)

07/06/26

—

(185)

(185)

Barclays

USD

16,566

Three

Month

LIBOR

(2)

0.858%

(3)

07/09/26

—

(63)

(63)

Barclays

USD

10,178

0.892%

(2)

Three

Month

LIBOR

(2)

07/16/26

—

55

55

Barclays

USD

5,923

Three

Month

LIBOR

(2)

0.884%

(3)

07/20/26

—

(29)

(29)

Barclays

USD

10,317

Three

Month

LIBOR

(2)

0.790%

(3)

07/21/26

—

(3)

(3)

Barclays

USD

10,317

Three

Month

LIBOR

(2)

0.792%

(3)

07/21/26

—

(4)

(4)

Barclays

USD

5,060

0.726%

(2)

Three

Month

LIBOR

(2)

07/22/26

—

(15)

(15)

Barclays

USD

6,441

0.814%

(2)

Three

Month

LIBOR

(2)

07/27/26

—

9

9

Barclays

USD

45,334

0.806%

(2)

Three

Month

LIBOR

(2)

08/04/26

—

34

34

Barclays

USD

78,348

Three

Month

LIBOR

(2)

0.950%

(3)

09/15/26

306

(802)

(496)

Barclays

USD

2,312

0.645%

(2)

Three

Month

LIBOR

(2)

07/15/30

—

(108)

(108)

Barclays

USD

33,308

0.556%

(2)

Three

Month

LIBOR

(2)

08/05/30

—

(1,835)

(1,835)

Barclays

USD

33,308

Three

Month

LIBOR

(2)

0.564%

(3)

09/08/30

—

1,849

1,849

Barclays

USD

31,087

Three

Month

LIBOR

(2)

0.717%

(3)

10/07/30

—

1,333

1,333

Barclays

USD

33,308

Three

Month

LIBOR

(2)

0.724%

(3)

11/04/30

—

1,434

1,434

Barclays

USD

798

Three

Month

LIBOR

(2)

1.212%

(3)

02/16/31

—

1

1

Barclays

USD

353

Three

Month

LIBOR

(2)

1.366%

(3)

02/22/31

—

(5)

(5)

Barclays

USD

276

Three

Month

LIBOR

(2)

1.426%

(3)

02/24/31

—

(5)

(5)

Barclays

USD

294

Three

Month

LIBOR

(2)

1.519%

(3)

03/02/31

—

(8)

(8)

Barclays

USD

42,098

1.609%

(2)

Three

Month

LIBOR

(2)

03/08/31

—

1,487

1,487

Barclays

USD

2,414

Three

Month

LIBOR

(2)

1.525%

(3)

03/15/31

—

(66)

(66)

Barclays

USD

898

Three

Month

LIBOR

(2)

1.165%

(3)

04/15/31

—

6

6

Barclays

USD

2,414

1.465%

(2)

Three

Month

LIBOR

(2)

04/15/31

—

52

52

Barclays

USD

28,367

Three

Month

LIBOR

(2)

1.538%

(3)

04/19/31

—

(803)

(803)

Barclays

USD

2,414

Three

Month

LIBOR

(2)

1.702%

(3)

04/21/31

—

(106)

(106)

Barclays

USD

20,439

1.655%

(2)

Three

Month

LIBOR

(2)

05/04/31

—

802

802

Barclays

USD

11,288

1.591%

(2)

Three

Month

LIBOR

(2)

05/05/31

—

375

375

Barclays

USD

2,414

1.573%

(2)

Three

Month

LIBOR

(2)

05/17/31

—

76

76

Barclays

USD

2,414

1.644%

(2)

Three

Month

LIBOR

(2)

05/21/31

—

92

92

Barclays

USD

6,301

Three

Month

LIBOR

(2)

1.612%

(3)

05/27/31

—

(221)

(221)

Barclays

USD

11,332

1.465%

(2)

Three

Month

LIBOR

(2)

06/14/31

—

237

237

Barclays

USD

2,414

1.558%

(2)

Three

Month

LIBOR

(2)

06/16/31

—

72

72

Barclays

USD

15,278

Three

Month

LIBOR

(2)

1.401%

(3)

06/22/31

62

(286)

(224)

Barclays

USD

15,278

1.401%

(2)

Three

Month

LIBOR

(2)

06/22/31

—

224

224

Barclays

USD

2,414

1.450%

(2)

Three

Month

LIBOR

(2)

06/23/31

—

47

47

Barclays

USD

8,781

1.462%

(2)

Three

Month

LIBOR

(2)

06/24/31

15

165

180

Barclays

USD

8,781

Three

Month

LIBOR

(2)

1.462%

(3)

06/24/31

—

(180)

(180)

Barclays

USD

10,832

1.470%

(2)

Three

Month

LIBOR

(2)

06/29/31

—

230

230

Barclays

USD

2,637

Three

Month

LIBOR

(2)

1.472%

(3)

06/30/31

—

(56)

(56)

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

417

Interest

Rate

Swap

Contracts

Amounts

in

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Barclays

USD

8,606

1.466%

(2)

Three

Month

LIBOR

(2)

07/01/31

—

179

179

Barclays

USD

4,112

Three

Month

LIBOR

(2)

1.437%

(3)

07/02/31

—

(74)

(74)

Barclays

USD

1,677

1.463%

(2)

Three

Month

LIBOR

(2)

07/06/31

—

34

34

Barclays

USD

1,173

1.339%

(2)

Three

Month

LIBOR

(2)

07/08/31

—

10

10

Barclays

USD

1,922

Three

Month

LIBOR

(2)

1.390%

(3)

07/08/31

—

(26)

(26)

Barclays

USD

5,165

Three

Month

LIBOR

(2)

1.337%

(3)

07/08/31

—

(43)

(43)

Barclays

USD

966

1.288%

(2)

Three

Month

LIBOR

(2)

07/09/31

—

3

3

Barclays

USD

1,661

1.457%

(2)

Three

Month

LIBOR

(2)

07/09/31

—

33

33

Barclays

USD

1,408

1.282%

(2)

Three

Month

LIBOR

(2)

07/12/31

—

4

4

Barclays

USD

3,626

1.330%

(2)

Three

Month

LIBOR

(2)

07/13/31

—

28

28

Barclays

USD

869

Three

Month

LIBOR

(2)

1.165%

(3)

07/15/31

—

7

7

Barclays

USD

2,566

1.460%

(2)

Three

Month

LIBOR

(2)

07/15/31

—

51

51

Barclays

USD

1,256

1.363%

(2)

Three

Month

LIBOR

(2)

07/16/31

—

14

14

Barclays

USD

5,844

Three

Month

LIBOR

(2)

1.313%

(3)

07/19/31

—

(34)

(34)

Barclays

USD

2,404

Three

Month

LIBOR

(2)

1.273%

(3)

07/26/31

—

(5)

(5)

Barclays

USD

1,513

Three

Month

LIBOR

(2)

1.251%

(3)

07/28/31

—

—

—

Barclays

USD

9,790

Three

Month

LIBOR

(2)

1.650%

(3)

09/15/31

(150)

(202)

(352)

Barclays

USD

868

Three

Month

LIBOR

(2)

1.328%

(3)

06/12/40

—

47

47

Barclays

USD

296

Three

Month

LIBOR

(2)

1.268%

(3)

06/19/40

—

18

18

Barclays

USD

591

Three

Month

LIBOR

(2)

1.250%

(3)

06/19/40

—

36

36

Barclays

USD

828

Three

Month

LIBOR

(2)

1.322%

(3)

06/19/40

—

46

46

Barclays

USD

4,172

Three

Month

LIBOR

(2)

1.345%

(3)

09/19/40

—

222

222

Barclays

USD

1,473

Three

Month

LIBOR

(2)

2.280%

(3)

06/12/41

—

(36)

(36)

Barclays

USD

1,630

Three

Month

LIBOR

(2)

1.325%

(3)

06/06/50

—

147

147

Barclays

USD

3,476

Three

Month

LIBOR

(2)

1.275%

(3)

09/19/50

—

337

337

Barclays

USD

69,645

Three

Month

LIBOR

(2)

1.160%

(3)

10/16/50

181

8,049

8,230

Barclays

USD

15,182

1.305%

(2)

Three

Month

LIBOR

(2)

10/27/50

—

(1,260)

(1,260)

Barclays

USD

15,381

1.410%

(2)

Three

Month

LIBOR

(2)

11/12/50

—

(884)

(884)

Barclays

USD

12,441

Three

Month

LIBOR

(2)

1.256%

(3)

11/23/50

—

1,184

1,184

Barclays

USD

17,476

1.400%

(2)

Three

Month

LIBOR

(2)

12/04/50

—

(1,045)

(1,045)

Barclays

USD

17,715

1.563%

(2)

Three

Month

LIBOR

(2)

01/11/51

—

(358)

(358)

Barclays

USD

7,203

1.708%

(2)

Three

Month

LIBOR

(2)

02/08/51

—

111

111

Barclays

USD

6,531

1.727%

(2)

Three

Month

LIBOR

(2)

02/12/51

—

132

132

Barclays

USD

17,277

1.890%

(2)

Three

Month

LIBOR

(2)

02/18/51

—

1,039

1,039

Barclays

USD

8,672

1.985%

(2)

Three

Month

LIBOR

(2)

04/20/51

—

729

729

Barclays

USD

6,155

Three

Month

LIBOR

(2)

1.876%

(3)

06/11/51

—

(353)

(353)

Barclays

USD

1,085

Three

Month

LIBOR

(2)

2.150%

(3)

06/12/51

—

(43)

(43)

Barclays

USD

11,334

Three

Month

LIBOR

(2)

1.779%

(3)

06/21/51

—

(377)

(377)

Barclays

USD

5,827

Three

Month

LIBOR

(2)

1.670%

(3)

07/08/51

—

(37)

(37)

Barclays

USD

2,300

Three

Month

LIBOR

(2)

1.725%

(3)

07/16/51

—

(46)

(46)

Barclays

USD

1,243

1.662%

(2)

Three

Month

LIBOR

(2)

07/19/51

—

5

5

Barclays

USD

12,638

Three

Month

LIBOR

(2)

1.529%

(3)

07/21/51

—

363

363

Barclays

USD

10,900

1.652%

(2)

Three

Month

LIBOR

(2)

07/23/51

—

20

20

Barclays

USD

15,652

2.000%

(2)

Three

Month

LIBOR

(2)

09/15/51

816

538

1,354

Barclays

USD

2,187

Three

Month

LIBOR

(2)

1.250%

(3)

06/06/55

—

280

280

Barclays

USD

1,085

Three

Month

LIBOR

(2)

2.090%

(3)

06/12/55

—

(75)

(75)

Barclays

USD

420

Three

Month

LIBOR

(2)

1.026%

(3)

06/18/55

—

76

76

Barclays

USD

525

Three

Month

LIBOR

(2)

1.025%

(3)

06/18/55

—

95

95

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

418

Multi-Asset

Growth

Strategy

Fund

Interest

Rate

Swap

Contracts

Amounts

in

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Barclays

USD

7,065

1.080%

(2)

Three

Month

LIBOR

(2)

08/14/55

—

(1,187)

(1,187)

Barclays

USD

3,754

Three

Month

LIBOR

(2)

1.178%

(3)

09/19/55

—

545

545

Barclays

USD

2,369

1.570%

(2)

Three

Month

LIBOR

(2)

11/12/55

—

(126)

(126)

Barclays

USD

868

Three

Month

LIBOR

(2)

1.155%

(3)

06/12/60

—

114

114

Barclays

USD

502

Three

Month

LIBOR

(2)

1.155%

(3)

06/19/60

—

66

66

Barclays

USD

797

Three

Month

LIBOR

(2)

1.794%

(3)

02/05/61

—

(8)

(8)

Credit

Suisse

HUF

383,299

Six

Month

BUBOR

(3)

0.833%

(4)

11/22/22

—

18

18

Credit

Suisse

HUF

239,999

Six

Month

BUBOR

(3)

1.980%

(4)

06/26/23

—

2

2

Credit

Suisse

CNY

4,000

2.335%

(2)

CEFTS

China

7

Day

Interbank

Repo

Fixing

Rate

(2)

03/05/25

—

(2)

(2)

Credit

Suisse

CNY

5,600

1.770%

(2)

CEFTS

China

7

Day

Interbank

Repo

Fixing

Rate

(2)

05/06/25

—

(21)

(21)

Credit

Suisse

CNY

4,000

2.520%

(2)

CEFTS

China

7

Day

Interbank

Repo

Fixing

Rate

(2)

07/07/25

—

1

1

Credit

Suisse

CNY

8,200

2.840%

(2)

China

Interbank

Repo

Rate

3

Months

(2)

11/24/25

—

18

18

Credit

Suisse

CNY

6,200

2.650%

(2)

China

Interbank

Repo

Rate

3

Months

(2)

01/11/26

—

6

6

Credit

Suisse

CNY

5,100

2.825%

(2)

China

Interbank

Repo

Rate

3

Months

(2)

04/07/26

—

11

11

Credit

Suisse

CNY

1,400

2.576%

(2)

China

Interbank

Repo

Rate

3

Months

(2)

07/15/26

—

1

1

Total

Open

Interest

Rate

Swap

Contracts

(å)

2,578

10,641

13,219

Credit

Default

Swap

Contracts

Amounts

in

thousands

Corporate

Issues

Reference

Entity

Counterparty

Purchase/Sell

Protection

Implied

Credit

Spread

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Ally

Financial,

Inc.

JPMorgan

Chase

Sell

0.982%

USD

843

5.000%

(2)

12/20/26

177

—

177

Anglo

American

Capital

PLC

JPMorgan

Chase

Sell

1.143%

EUR

145

5.000%

(2)

12/20/26

35

1

36

Anglo

American

Capital

PLC

JPMorgan

Chase

Sell

3.705%

EUR

279

5.000%

(2)

12/20/26

21

—

21

Apache

Corp.

JPMorgan

Chase

Sell

2.183%

USD

112

1.000%

(2)

12/20/26

(6)

(1)

(7)

ArcelorMittal

SA

JPMorgan

Chase

Sell

1.394%

EUR

650

5.000%

(2)

12/20/26

146

1

147

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

Goldman

Sachs

Sell

2.479%

EUR

100

5.000%

(2)

12/20/26

15

—

15

Cleveland-Cliffs,

Inc.

Goldman

Sachs

Sell

1.292%

USD

225

5.000%

(2)

12/20/24

28

—

28

Dell,

Inc.

Goldman

Sachs

Sell

1.008%

USD

500

1.000%

(2)

12/20/26

2

(2)

—

Faurecia

SE

JPMorgan

Chase

Sell

1.798%

EUR

100

5.000%

(2)

12/20/26

19

1

20

Ford

Motor

Co.

JPMorgan

Chase

Sell

1.437%

USD

200

5.000%

(2)

12/20/24

23

—

23

Jaguar

Land

Rover

Goldman

Sachs

Sell

1.107%

EUR

115

5.000%

(2)

12/20/21

1

1

2

KB

Home

Goldman

Sachs

Sell

1.935%

USD

4

5.000%

(2)

12/20/26

1

—

1

Kraft

Heinz

Foods

Co.

Goldman

Sachs

Sell

0.889%

USD

524

1.000%

(2)

12/20/26

5

(2)

3

Lennar

Corp.

JPMorgan

Chase

Sell

0.942%

USD

793

5.000%

(2)

12/20/26

167

1

168

Lumen

Technologies,

Inc.

Goldman

Sachs

Sell

3.035%

USD

400

1.000%

(2)

12/20/26

(40)

—

(40)

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

419

Credit

Default

Swap

Contracts

Amounts

in

thousands

Corporate

Issues

Reference

Entity

Counterparty

Purchase/Sell

Protection

Implied

Credit

Spread

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Marks

&

Spencer

PLC

JPMorgan

Chase

Sell

1.514%

EUR

167

1.000%

(2)

12/20/24

(3)

—

(3)

Nokia

OYJ

Goldman

Sachs

Sell

0.963%

EUR

100

5.000%

(2)

12/20/26

25

1

26

NRG

Energy,

Inc.

JPMorgan

Chase

Sell

1.995%

USD

257

5.000%

(2)

12/20/26

39

—

39

Occidental

Petroleum

Corp.

Goldman

Sachs

Sell

2.400%

USD

540

1.000%

(2)

12/20/26

(25)

(12)

(37)

OI

European

Group

B.V.

JPMorgan

Chase

Sell

2.496%

EUR

126

5.000%

(2)

12/20/26

19

—

19

Renault

Group

JPMorgan

Chase

Sell

1.519%

EUR

100

1.000%

(2)

12/20/24

(2)

—

(2)

Schaeffler

AG

JPMorgan

Chase

Sell

1.684%

EUR

125

5.000%

(2)

12/20/26

25

1

26

Stellantis

NV

Goldman

Sachs

Sell

1.156%

EUR

508

5.000%

(2)

12/20/26

125

(1)

124

Telecom

Italia

SpA

JPMorgan

Chase

Sell

1.848%

EUR

625

1.000%

(2)

12/20/26

(29)

(4)

(33)

Thyssenkrupp

Ag

Goldman

Sachs

Sell

1.699%

EUR

550

1.000%

(2)

06/20/23

(2)

(7)

(9)

Toll

Brothers

Finance

Corp.

Goldman

Sachs

Sell

1.177%

USD

785

1.000%

(2)

12/20/26

(11)

4

(7)

UPC

Holding

BV

Goldman

Sachs

Sell

2.431%

EUR

150

5.000%

(2)

12/20/26

22

1

23

Valeo

SA

JPMorgan

Chase

Sell

0.955%

EUR

150

1.000%

(2)

12/20/24

1

(1)

—

Virgin

Media

Finance

PLC

Goldman

Sachs

Sell

2.766%

EUR

950

5.000%

(2)

12/20/26

135

(7)

128

Ziggo

Bond

Finance

BV

Goldman

Sachs

Sell

2.636%

EUR

300

5.000%

(2)

12/20/26

43

—

43

Total

Open

Corporate

Issues

Contracts

956

(25)

931

Credit

Indices

Reference

Entity

Counterparty

Purchase/Sell

Protection

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

Purchase

USD

54,000

(5.000%)

(2)

06/20/26

(4,270)

(684)

(4,954)

iTraxx

Europe

Crossover

Morgan

Stanley

Purchase

EUR

2,950

(5.000%)

(2)

06/20/26

(402)

(20)

(422)

Total

Open

Credit

Indices

Contracts

(4,672)

(704)

(5,376)

Total

Open

Credit

Default

Swap

Contracts

(å)

(3,716)

(729)

(4,445)

Consolidated

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

$

—

$

84,037

$

—

$

—

$

84,037

International

Debt

—

20,931

—

—

20,931

Mortgage-Backed

Securities

—

176,205

—

—

176,205

Non-US

Bonds

—

32,821

—

—

32,821

United

States

Government

Treasuries

—

5,466

—

—

5,466

Common

Stocks

Consumer

Discretionary

24,641

26,602

—

—

51,243

Consumer

Staples

6,721

11,287

—

—

18,008

Energy

11,553

5,947

—

—

17,500

Financial

Services

53,235

46,229

—

—

99,464

Health

Care

11,961

16,247

—

—

28,208

Materials

and

Processing

42,819

28,505

—

—

71,324

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

420

Multi-Asset

Growth

Strategy

Fund

Consolidated

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

Producer

Durables

16,779

49,179

—

—

65,958

Technology

34,858

36,655

—

—

71,513

Utilities

31,020

21,073

—

—

52,093

Preferred

Stocks

3,942

804

—

—

4,746

Options

Purchased

4,928

95,930

—

—

100,858

Warrants

and

Rights

—

—

—

—

—

Short-Term

Investments

—

48,525

—

145,713

194,238

Other

Securities

—

—

—

5,352

5,352

Total

Investments

242,457

706,443

—

151,065

1,099,965

Other

Assets

and

Liabilities,

Net

Other

Financial

Instruments

Assets

Futures

Contracts

12,760

—

—

—

12,760

Foreign

Currency

Exchange

Contracts

49

3,780

—

—

3,829

Interest

Rate

Swap

Contracts

—

29,096

—

—

29,096

Credit

Default

Swap

Contracts

—

1,069

—

—

1,069

A

Liabilities

Futures

Contracts

(8,578)

—

—

—

(8,578)

Options

Written

(138)

(55,740)

—

—

(55,878)

Foreign

Currency

Exchange

Contracts

(49)

(1,824)

—

—

(1,873)

Total

Return

Swap

Contracts

—

(1,095)

—

—

(1,095)

Interest

Rate

Swap

Contracts

—

(15,877)

—

—

(15,877)

Credit

Default

Swap

Contracts

—

(5,514)

—

—

(5,514)

Total

Other

Financial

Instruments

*

$

4,044

$

(46,105)

$

—

$

—

$

(42,061)

*

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

Consolidated

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2021,

see

note

2

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

July

31,

2021,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Australia

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

7,281

Austria

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

2,570

Belgium

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

646

Bermuda

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

839

Brazil

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

7,847

Burkina

Faso

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

110

Cameroon

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

579

Canada

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

21,666

Russell

Investment

Company

Multi-Asset

Growth

Strategy

Fund

Consolidated

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multi-Asset

Growth

Strategy

Fund

421

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Cayman

Islands

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

1,999

Chile

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

2,398

China

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

21,963

Colombia

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

2,428

Czech

Republic

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

2,569

Denmark

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

7,579

Dominican

Republic

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

7

Finland

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

747

France

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

26,861

Germany

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

13,345

Greece

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

763

Hong

Kong

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

9,731

Hungary

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

527

India

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

8,260

Indonesia

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

6,488

Ireland

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

2,418

Israel

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

474

Italy

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

7,669

Japan

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

70,929

Jersey

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

318

Kazakhstan

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

715

Luxembourg

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

989

Malaysia

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

1,011

Mexico

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

7,622

Monaco

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

444

Mongolia

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

1,965

Netherlands

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

6,235

New

Zealand

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

903

Norway

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

915

Peru

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

1,760

Poland

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

978

Portugal

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

120

Puerto

Rico

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

1,754

Romania

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

1,602

Russia

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

11,718

Singapore

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

1,965

South

Africa

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

2,668

South

Korea

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

11,652

Spain

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

5,414

Sweden

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

7,843

Switzerland

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

7,669

Taiwan

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

10,524

Tanzania

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

520

Thailand

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

7,645

Turkey

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

1,579

Ukraine

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

1,249

United

Kingdom

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

61,323

United

States

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

712,172

Total

Investments

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

1,099,965

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

422

Multifactor

U.S.

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

97.9%

Consumer

Discretionary

-

14.9%

Advance

Auto

Parts,

Inc.

1,621

344

Amazon.com,

Inc.(Æ)

7,460

24,825

Amerco

,

Inc.

386

227

AutoNation,

Inc.(Æ)

1,886

229

AutoZone,

Inc.(Æ)

668

1,085

Bath

&

Body

Works

Inc.(Æ)

15,133

1,212

Best

Buy

Co.,

Inc.

13,090

1,471

BorgWarner,

Inc.

9,156

448

Brunswick

Corp.

4,836

505

Cable

One,

Inc.

114

215

Capri

Holdings,

Ltd.(Æ)

6,907

389

CarMax,

Inc.(Æ)

4,278

573

Carvana

Co.(Æ)

1,230

415

Charter

Communications,

Inc.

Class

A(Æ)

1,674

1,246

Comcast

Corp.

Class

A

135,481

7,971

Costco

Wholesale

Corp.

8,630

3,708

Dick's

Sporting

Goods,

Inc.

2,367

246

Discovery,

Inc.

Class

A(Æ)(Ñ)

11,270

327

DISH

Network

Corp.

Class

A(Æ)

9,840

412

Dollar

General

Corp.

6,187

1,439

Dollar

Tree,

Inc.(Æ)

12,264

1,224

DR

Horton,

Inc.

29,044

2,772

FactSet

Research

Systems,

Inc.

338

121

Five

Below,

Inc.(Æ)

960

187

Floor

&

Decor

Holdings,

Inc.

Class

A(Æ)

1,270

155

Foot

Locker,

Inc.

8,241

470

Ford

Motor

Credit

Co.

LLC(Æ)

147,820

2,062

Fortune

Brands

Home

&

Security,

Inc.

5,699

555

Fox

Corp.

Class

A

23,654

844

Gap,

Inc.

(The)

6,727

196

Garmin,

Ltd.

6,758

1,062

General

Motors

Co.(Æ)

57,443

3,265

Gentex

Corp.

9,384

319

Genuine

Parts

Co.

4,169

529

Graham

Holdings

Co.

Class

B

121

80

Grand

Canyon

Education,

Inc.(Æ)

3,605

333

Hanesbrands,

Inc.

6,916

126

Harley-Davidson,

Inc.

3,731

148

Home

Depot,

Inc.

(The)

15,747

5,168

IAC/InterActiveCorp.(Æ)

2,056

282

Interpublic

Group

of

Cos.,

Inc.

(The)

28,594

1,011

John

Wiley

&

Sons,

Inc.

Class

A

3,101

182

Just

Eat

Takaway.com

NV

-

ADR(Æ)

12,675

223

Kohl's

Corp.

12,950

658

Lear

Corp.

3,069

537

Leggett

&

Platt,

Inc.

3,991

192

Lennar

Corp.

Class

A

15,836

1,665

Liberty

Broadband

Corp.

Class

C(Æ)

685

122

Liberty

Media

Corp.

Class

C(Æ)

8,296

383

LKQ

Corp.(Æ)

23,090

1,172

Lowe's

Cos.,

Inc.

4,216

812

Lululemon

Athletica

,

Inc.(Æ)

1,003

401

Mattel,

Inc.(Æ)

8,014

174

McDonald's

Corp.

2,164

525

Mohawk

Industries,

Inc.(Æ)

5,394

1,051

Netflix,

Inc.(Æ)

4,211

2,179

New

York

Times

Co.

(The)

Class

A

7,004

307

Newell

Rubbermaid,

Inc.

21,166

524

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

News

Corp.

Class

A

10,896

268

Nexstar

Media

Group,

Inc.

Class

A

718

106

Nielsen

Holdings

PLC

12,984

308

Nike,

Inc.

Class

B

12,904

2,162

NVR,

Inc.(Æ)

187

977

Ollie's

Bargain

Outlet

Holdings,

Inc.(Æ)

1,828

170

Omnicom

Group,

Inc.

7,652

557

O'Reilly

Automotive,

Inc.(Æ)

600

362

Peloton

Interactive,

Inc.

Class

A(Æ)

4,277

505

Polaris,

Inc.

1,369

179

Pool

Corp.

1,538

735

PulteGroup,

Inc.

14,463

794

PVH

Corp.(Æ)

2,353

246

Qurate

Retail,

Inc.

Class

A

30,739

365

Ross

Stores,

Inc.

7,297

895

Service

Corp.

International

4,005

250

Sirius

XM

Holdings,

Inc.(Ñ)

49,327

319

Spotify

Technology

SA(Æ)

3,606

825

Starbucks

Corp.

12,264

1,489

Tapestry,

Inc.

3,233

137

Target

Corp.

13,211

3,449

Tempur

Sealy

International,

Inc.

6,399

277

Tesla,

Inc.(Æ)

11,610

7,979

TJX

Cos.,

Inc.

(The)

14,044

966

Toll

Brothers,

Inc.

1,228

73

Tractor

Supply

Co.

2,703

489

Ulta

Beauty,

Inc.(Æ)

909

305

ViacomCBS

,

Inc.

Class

B

37,553

1,537

Walmart,

Inc.

28,346

4,041

Walt

Disney

Co.

(The)(Æ)

26,419

4,650

Wayfair,

Inc.

Class

A(Æ)

1,517

366

Whirlpool

Corp.

3,786

839

Williams-Sonoma,

Inc.

6,198

940

Yum

China

Holdings,

Inc.

10,049

625

Yum!

Brands,

Inc.

1,409

185

Zillow

Group,

Inc.(Æ)

3,061

325

117,998

Consumer

Staples

-

6.3%

Albertsons

Co.,

Inc.

Class

A(Ñ)

6,560

142

Altria

Group,

Inc.

11,455

550

Archer-Daniels-Midland

Co.

44,565

2,661

Boston

Beer

Co.,

Inc.

Class

A(Æ)

442

314

Brown-Forman

Corp.

Class

B

-

ADR

2,998

213

Bunge,

Ltd.

11,564

898

Campbell

Soup

Co.

15,434

675

Casey's

General

Stores,

Inc.

3,663

724

Church

&

Dwight

Co.,

Inc.

6,269

543

Clorox

Co.

(The)

5,369

971

Coca-Cola

Co.

(The)

34,797

1,984

Colgate-Palmolive

Co.

13,575

1,079

ConAgra

Foods,

Inc.

15,379

515

Constellation

Brands,

Inc.

Class

A

1,725

387

CVS

Health

Corp.

46,735

3,849

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

4,118

1,375

Flowers

Foods,

Inc.

15,734

371

General

Mills,

Inc.

44,689

2,630

Grocery

Outlet

Holding

Corp.(Æ)

4,381

145

Hain

Celestial

Group,

Inc.

(The)(Æ)

4,043

161

Herbalife

Nutrition,

Ltd.(Æ)

7,258

370

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

U.S.

Equity

Fund

423

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hershey

Co.

(The)

3,393

607

Hormel

Foods

Corp.

11,533

535

Ingredion,

Inc.

5,002

439

JM

Smucker

Co.

(The)

8,968

1,176

Kellogg

Co.

11,944

757

Keurig

Dr

Pepper,

Inc.

2,126

75

Kimberly-Clark

Corp.

7,976

1,083

Kraft

Heinz

Foods

Co.

41,419

1,593

Kroger

Co.

(The)

39,926

1,625

McCormick

&

Co.,

Inc.

3,152

265

Molson

Coors

Beverage

Co.

Class

B

7,021

343

Mondelez

International,

Inc.

Class

A

20,353

1,288

Monster

Beverage

Corp.(Æ)

8,967

846

Nu

Skin

Enterprises,

Inc.

Class

A

4,498

241

PepsiCo,

Inc.

19,921

3,127

Philip

Morris

International,

Inc.

40,356

4,039

Pilgrim's

Pride

Corp.(Æ)

5,757

128

Post

Holdings,

Inc.(Æ)

1,186

121

Procter

&

Gamble

Co.

(The)

45,766

6,509

Reynolds

Consumer

Products,

Inc.

3,726

106

Spectrum

Brands

Holdings,

Inc.

3,423

299

Sprouts

Farmers

Market,

Inc.(Æ)

10,235

252

Tyson

Foods,

Inc.

Class

A

19,074

1,363

US

Foods

Holding

Corp.(Æ)

22,099

759

Walgreens

Boots

Alliance,

Inc.

40,771

1,922

50,055

Energy

-

1.1%

Chevron

Corp.

12,723

1,296

Cimarex

Energy

Co.

2,413

157

ConocoPhillips

Co.

14,687

823

Diamondback

Energy,

Inc.

1,944

150

Enphase

Energy,

Inc.(Æ)

1,545

293

Exxon

Mobil

Corp.

53,526

3,082

HollyFrontier

Corp.

3,479

102

Kinder

Morgan,

Inc.

58,197

1,012

ONEOK,

Inc.

18,865

980

SolarEdge

Technologies,

Inc.(Æ)

1,376

357

Xcel

Energy,

Inc.

4,603

314

8,566

Financial

Services

-

17.3%

Affiliated

Managers

Group,

Inc.

1,040

165

Aflac,

Inc.

36,157

1,989

Air

Lease

Corp.

Class

A

2,197

93

Alexandria

Real

Estate

Equities,

Inc.(ö)

960

193

Alleghany

Corp.(Æ)

146

97

Alliance

Data

Systems

Corp.

807

75

Allstate

Corp.

(The)

18,449

2,399

Ally

Financial,

Inc.

21,412

1,100

American

Express

Co.

1,589

271

American

Financial

Group,

Inc.

1,576

199

American

Homes

4

Rent

Class

A(ö)

2,701

113

American

International

Group,

Inc.

24,730

1,171

American

Tower

Corp.(ö)

1,141

323

Ameriprise

Financial,

Inc.

4,961

1,278

Annaly

Capital

Management,

Inc.(ö)

14,181

120

Arch

Capital

Group,

Ltd.(Æ)

9,219

360

Arthur

J

Gallagher

&

Co.

2,428

338

Assurant,

Inc.

550

87

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Athene

Holding,

Ltd.

Class

A(Æ)

5,034

325

Bank

of

America

Corp.

155,926

5,981

Bank

of

New

York

Mellon

Corp.

(The)

32,400

1,663

Berkshire

Hathaway,

Inc.

Class

B(Æ)

39,277

10,930

BlackRock,

Inc.

Class

A

1,982

1,719

Brighthouse

Financial,

Inc.(Æ)

2,736

118

Brown

&

Brown,

Inc.

2,723

148

Camden

Property

Trust(ö)

1,169

175

Capital

One

Financial

Corp.

20,995

3,395

Cboe

Global

Markets,

Inc.

4,037

478

CBRE

Group,

Inc.

Class

A(Æ)

21,405

2,065

Charles

Schwab

Corp.

(The)

18,521

1,259

Chubb,

Ltd.

20,149

3,400

Cincinnati

Financial

Corp.

1,987

234

Citigroup,

Inc.

46,242

3,127

Citizens

Financial

Group,

Inc.

19,838

836

CME

Group,

Inc.

Class

A

607

129

Comerica,

Inc.

5,232

359

Commerce

Bancshares,

Inc.

2,088

148

CoreSite

Realty

Corp.

Class

A(ö)

870

120

Crown

Castle

International

Corp.(ö)

1,491

288

CubeSmart

(ö)

3,425

170

Digital

Realty

Trust,

Inc.(ö)

1,484

229

Discover

Financial

Services

17,637

2,193

Duke

Realty

Corp.

(ö)

3,943

201

East

West

Bancorp,

Inc.

7,379

525

Equifax,

Inc.

2,559

667

Equinix

,

Inc.(Æ)(ö)

330

271

Equitable

Holdings,

Inc.

12,709

392

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

2,899

243

Everest

Re

Group,

Ltd.

1,128

285

Extra

Space

Storage,

Inc.(ö)

2,488

433

Fidelity

National

Financial,

Inc.

8,366

373

Fifth

Third

Bancorp

32,926

1,195

First

American

Financial

Corp.

3,276

221

First

Republic

Bank

941

184

FleetCor

Technologies,

Inc.(Æ)

405

105

Franklin

Resources,

Inc.

11,586

342

Global

Payments,

Inc.

289

56

Globe

Life,

Inc.(Æ)

4,726

440

Goldman

Sachs

Group,

Inc.

(The)

12,753

4,781

Hanover

Insurance

Group,

Inc.

(The)

471

64

Hartford

Financial

Services

Group,

Inc.

14,860

945

Healthpeak

Properties,

Inc.(ö)

4,003

148

Huntington

Bancshares,

Inc.

23,297

328

Intercontinental

Exchange,

Inc.

4,516

541

Invesco,

Ltd.

14,821

361

Invitation

Homes,

Inc.(ö)

3,963

161

Jefferies

Financial

Group,

Inc.(Æ)

5,383

179

Jones

Lang

LaSalle,

Inc.(Æ)

1,878

418

JPMorgan

Chase

&

Co.

61,792

9,379

KeyCorp

36,331

714

Kimco

Realty

Corp.(ö)

14,695

313

KKR

&

Co.,

Inc.

Class

A

15,271

974

Lazard,

Ltd.

Class

A

2,386

113

Lincoln

National

Corp.

5,679

350

Loews

Corp.

7,792

418

LPL

Financial

Holdings,

Inc.

2,218

313

M&T

Bank

Corp.

5,771

772

Markel

Corp.(Æ)

275

332

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

424

Multifactor

U.S.

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

MarketAxess

Holdings,

Inc.

884

420

Marsh

&

McLennan

Cos.,

Inc.

805

119

MasterCard,

Inc.

Class

A

11,477

4,429

Merck

&

Co.,

Inc.

35,067

2,696

MetLife,

Inc.

30,578

1,764

MGIC

Investment

Corp.

15,038

208

Mid-America

Apartment

Communities,

Inc.

(ö)

1,038

200

Morgan

Stanley

49,508

4,752

New

York

Community

Bancorp,

Inc.

22,237

262

Northern

Trust

Corp.

12,323

1,391

Old

Republic

International

Corp.

6,895

170

OneMain

Holdings,

Inc.(Æ)

2,166

132

PayPal

Holdings,

Inc.(Æ)

13,780

3,797

Pinnacle

Financial

Partners,

Inc.

1,658

149

PNC

Financial

Services

Group,

Inc.

(The)

18,019

3,287

Primerica,

Inc.

1,046

153

Principal

Financial

Group,

Inc.

15,899

988

Progressive

Corp.

(The)

28,680

2,729

Prologis,

Inc.(ö)

3,483

446

Prudential

Financial,

Inc.

14,731

1,477

Public

Storage(ö)

1,989

622

Raymond

James

Financial,

Inc.

9,221

1,194

Realty

Income

Corp.(ö)

2,243

158

Regions

Financial

Corp.

54,821

1,055

Reinsurance

Group

of

America,

Inc.

Class

A

2,328

256

RenaissanceRe

Holdings,

Ltd.

905

138

SBA

Communications

Corp.

(ö)

254

87

State

Street

Corp.

14,086

1,227

SVB

Financial

Group(Æ)

3,202

1,761

Synchrony

Financial

28,036

1,318

Synovus

Financial

Corp.

3,002

123

T.

Rowe

Price

Group,

Inc.

2,684

548

TransUnion

1,055

127

Travelers

Cos.,

Inc.

(The)

14,421

2,148

Truist

Financial

Corp.

51,895

2,825

Unum

Group

5,523

151

US

Bancorp

47,848

2,657

VICI

Properties,

Inc.(Ñ)(ö)

16,574

517

Visa,

Inc.

Class

A

23,931

5,896

Voya

Financial,

Inc.

1,947

125

Wells

Fargo

&

Co.

87,420

4,016

Welltower

,

Inc.(ö)

4,587

398

Western

Alliance

Bancorp

3,310

307

Western

Union

Co.

(The)

12,017

279

Weyerhaeuser

Co.(ö)

3,568

120

Willis

Towers

Watson

PLC(Æ)

4,610

950

WP

Carey,

Inc.(ö)

1,744

141

WR

Berkley

Corp.

6,167

451

Zions

Bancorp

NA

1,676

87

136,648

Health

Care

-

11.9%

10x

Genomics,

Inc.

Class

A(Æ)

1,581

290

Abbott

Laboratories

26,229

3,173

AbbVie,

Inc.

34,106

3,967

Abiomed

,

Inc.(Æ)

819

268

Acadia

Healthcare

Co.,

Inc.(Æ)

1,978

122

Acadia

Pharmaceuticals,

Inc.(Æ)

6,385

138

Agilent

Technologies,

Inc.

7,134

1,093

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Align

Technology,

Inc.(Æ)

2,214

1,541

Alkermes

PLC(Æ)

10,450

270

Amedisys

,

Inc.(Æ)

1,362

355

American

Well

Corp.

Class

A(Æ)

3,615

42

AmerisourceBergen

Corp.

Class

A

7,060

863

Amgen,

Inc.

8,989

2,171

Anthem,

Inc.(Æ)

10,013

3,845

AstraZeneca

PLC

-

ADR

14,517

831

Avantor

,

Inc.(Æ)

9,659

363

Baxter

International,

Inc.

6,077

470

Becton

Dickinson

and

Co.

1,507

385

Biogen,

Inc.(Æ)

8,135

2,658

Bio-Rad

Laboratories,

Inc.

Class

A(Æ)

336

248

Boston

Scientific

Corp.(Æ)

13,204

602

Bristol-Myers

Squibb

Co.

25,426

1,726

Cardinal

Health,

Inc.

13,463

799

Catalent

,

Inc.(Æ)

2,026

243

Centene

Corp.(Æ)

23,293

1,598

Cerner

Corp.

7,545

607

Charles

River

Laboratories

International,

Inc.(Æ)

1,769

720

Chemed

Corp.

436

208

Cigna

Corp.

15,866

3,641

Cooper

Cos.,

Inc.

(The)

984

415

DaVita

HealthCare

Partners,

Inc.(Æ)

4,371

526

DexCom

,

Inc.(Æ)

986

508

Edwards

Lifesciences

Corp.(Æ)

9,628

1,081

Eli

Lilly

&

Co.

3,057

744

Encompass

Health

Corp.(Æ)

1,022

85

Envista

Holdings

Corp.(Æ)

2,086

90

Exelixis

,

Inc.(Æ)

15,607

263

Gilead

Sciences,

Inc.

7,859

537

Globus

Medical,

Inc.

Class

A(Æ)

3,559

296

Haemonetics

Corp.(Æ)

866

53

HCA

Healthcare,

Inc.

10,795

2,679

Henry

Schein,

Inc.(Æ)

12,722

1,020

Hill-Rom

Holdings,

Inc.

1,250

173

Hologic

,

Inc.(Æ)

2,816

211

Horizon

Therapeutics

PLC(Æ)

4,987

499

Humana,

Inc.

5,015

2,136

Icon

PLC(Æ)

514

125

ICU

Medical,

Inc.(Æ)

397

81

IDEXX

Laboratories,

Inc.(Æ)

956

649

Illumina,

Inc.(Æ)

1,336

662

Incyte

Corp.(Æ)

4,236

328

Intuitive

Surgical,

Inc.(Æ)

1,809

1,794

Iovance

Biotherapeutics

,

Inc.(Æ)

8,967

200

IQVIA,

Inc.(Æ)

616

153

Jazz

Pharmaceuticals

PLC(Æ)

1,492

253

Johnson

&

Johnson

44,334

7,633

Laboratory

Corp.

of

America

Holdings(Æ)

5,685

1,684

Masimo

Corp.(Æ)

2,111

575

McKesson

Corp.

8,803

1,794

Medtronic

PLC

10,686

1,403

Molina

Healthcare,

Inc.(Æ)

1,536

419

Novocure

,

Ltd.(Æ)

2,605

401

Oak

Street

Health,

Inc.(Æ)

2,172

137

Organon

&

Co.

3,251

94

PerkinElmer,

Inc.

2,443

445

Pfizer,

Inc.

120,951

5,177

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

U.S.

Equity

Fund

425

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Qiagen

NV(Æ)

5,058

267

Quest

Diagnostics,

Inc.

7,951

1,127

Quidel

Corp.(Æ)

1,061

150

Regeneron

Pharmaceuticals,

Inc.(Æ)

1,600

919

Repligen

Corp.(Æ)

1,066

262

ResMed

,

Inc.

5,322

1,447

Sage

Therapeutics,

Inc.(Æ)

3,818

167

Seagen

,

Inc.(Æ)

3,186

489

STERIS

PLC

1,947

424

Stryker

Corp.

5,692

1,542

Syneos

Health,

Inc.

Class

A(Æ)

1,951

175

Teladoc

Health,

Inc.(Æ)

2,618

389

Teleflex,

Inc.

337

134

Thermo

Fisher

Scientific,

Inc.

5,307

2,866

United

Therapeutics

Corp.(Æ)

4,320

786

UnitedHealth

Group,

Inc.

19,520

8,046

Universal

Health

Services,

Inc.

Class

B

5,556

891

Veeva

Systems,

Inc.

Class

A(Æ)

4,964

1,652

Vertex

Pharmaceuticals,

Inc.(Æ)

2,668

538

Viatris

,

Inc.

60,081

845

West

Pharmaceutical

Services,

Inc.

3,497

1,440

Zoetis,

Inc.

Class

A

6,189

1,255

94,371

Materials

and

Processing

-

4.4%

Air

Products

&

Chemicals,

Inc.

1,958

570

Albemarle

Corp.

5,132

1,057

Amcor

PLC

48,889

565

AptarGroup,

Inc.

4,005

516

Ball

Corp.

6,584

533

Berry

Plastics

Group,

Inc.(Æ)

6,333

407

Carrier

Global

Corp.

8,616

476

Celanese

Corp.

Class

A

6,339

987

CF

Industries

Holdings,

Inc.

3,183

150

Chemours

Co.

(The)

4,066

135

Copart

,

Inc.(Æ)

8,256

1,214

Crown

Holdings,

Inc.

8,000

798

Dow,

Inc.

16,832

1,046

DowDuPont

,

Inc.

7,834

588

Eastman

Chemical

Co.

10,354

1,167

Ecolab,

Inc.

3,838

848

Element

Solutions,

Inc.(Æ)

6,819

159

Fastenal

Co.

11,202

614

FMC

Corp.

1,833

196

Freeport-McMoRan,

Inc.

25,312

964

Graphic

Packaging

Holding

Co.

11,124

213

Huntsman

Corp.

13,564

358

IAA,

Inc.(Æ)

1,810

109

International

Flavors

&

Fragrances,

Inc.

3,754

566

International

Paper

Co.

36,006

2,080

ITT,

Inc.

1,974

193

Linde

PLC(Æ)

6,091

1,872

LyondellBasell

Industries

Class

A

13,729

1,364

Mosaic

Co.

(The)

9,811

306

NewMarket

Corp.

220

70

Newmont

Corp.

17,447

1,096

Nucor

Corp.

20,936

2,179

Olin

Corp.

4,382

206

Owens

Corning

5,137

494

Packaging

Corp.

of

America

8,633

1,222

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

PPG

Industries,

Inc.

6,054

990

Reliance

Steel

&

Aluminum

Co.

6,070

954

RPM

International,

Inc.

1,878

163

Scotts

Miracle-

Gro

Co.

(The)

Class

A

563

100

Sealed

Air

Corp.

8,637

490

Sherwin-Williams

Co.

(The)

4,300

1,251

Silgan

Holdings,

Inc.

1,496

61

Sonoco

Products

Co.

6,072

387

Southern

Copper

Corp.

4,424

290

Steel

Dynamics,

Inc.

19,773

1,274

Terminix

Global

Holdings,

Inc.(Æ)

2,905

153

Timken

Co.

(The)

3,380

269

Trane

Technologies

PLC

7,032

1,432

Trex

Co.,

Inc.(Æ)

3,883

377

Valmont

Industries,

Inc.

1,525

361

Vulcan

Materials

Co.

734

132

Watsco

,

Inc.

1,466

414

Westlake

Chemical

Corp.

1,494

124

Westrock

Co.

11,206

551

35,091

Producer

Durables

-

8.4%

3M

Co.

11,565

2,289

AGCO

Corp.

3,622

479

Ametek

,

Inc.

7,174

998

AO

Smith

Corp.

5,624

396

Aptiv

PLC(Æ)

7,083

1,182

Avalara,

Inc.(Æ)

1,865

312

Avery

Dennison

Corp.

2,308

486

Beyond

Meat,

Inc.(Æ)(Ñ)

2,356

289

Carlisle

Cos.,

Inc.

1,852

375

Caterpillar,

Inc.

4,327

895

CH

Robinson

Worldwide,

Inc.

4,499

401

Cintas

Corp.

2,987

1,177

CoStar

Group,

Inc.(Æ)

10,460

929

Crane

Co.

1,160

113

CSX

Corp.

30,135

974

Cummins,

Inc.

12,725

2,953

Danaher

Corp.

5,660

1,684

Deere

&

Co.

2,935

1,061

Donaldson

Co.,

Inc.

2,305

153

Dover

Corp.

3,545

592

Eaton

Corp.

PLC

8,712

1,377

Emerson

Electric

Co.

11,686

1,179

Expeditors

International

of

Washington,

Inc.

9,965

1,278

FedEx

Corp.

10,889

3,047

Fortive

Corp.

5,331

387

Generac

Holdings,

Inc.(Æ)

1,519

637

General

Dynamics

Corp.

7,564

1,483

General

Electric

Co.

25,266

327

Graco

,

Inc.

7,498

585

HEICO

Corp.

857

116

Honeywell

International,

Inc.

5,520

1,291

Hubbell,

Inc.

Class

B

2,493

500

IDEX

Corp.

3,612

819

Illinois

Tool

Works,

Inc.

5,210

1,181

Ingersoll

Rand,

Inc.(Æ)

4,090

200

Jacobs

Engineering

Group,

Inc.

2,214

299

JB

Hunt

Transport

Services,

Inc.

1,545

260

Johnson

Controls

International

PLC(Æ)

34,754

2,482

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

426

Multifactor

U.S.

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kansas

City

Southern

1,726

462

Keysight

Technologies,

Inc.(Æ)

7,257

1,194

Kirby

Corp.(Æ)

2,098

121

Knight-Swift

Transportation

Holdings,

Inc.

(Æ)

5,576

277

Landstar

System,

Inc.

943

148

Lincoln

Electric

Holdings,

Inc.

2,244

313

Littelfuse

,

Inc.

717

191

Lockheed

Martin

Corp.

3,674

1,366

ManpowerGroup

,

Inc.

3,997

474

Mettler

-Toledo

International,

Inc.(Æ)

474

699

Middleby

Corp.(Æ)

2,914

558

MSA

Safety,

Inc.

848

139

MSC

Industrial

Direct

Co.,

Inc.

Class

A

2,696

240

National

Instruments

Corp.

1,491

66

Nordson

Corp.

623

141

Norfolk

Southern

Corp.

3,355

865

Northrop

Grumman

Corp.

5,168

1,876

Old

Dominion

Freight

Line,

Inc.

4,014

1,080

Otis

Worldwide

Corp.

2,878

258

PACCAR

Financial

Corp.

16,583

1,376

Parker-Hannifin

Corp.

1,137

355

Paychex,

Inc.

10,985

1,250

Paylocity

Holding

Corp.(Æ)

586

122

Pentair

PLC

5,866

432

Quanta

Services,

Inc.

12,505

1,137

Regal

Beloit

Corp.

1,461

215

Republic

Services,

Inc.

Class

A

2,052

243

Robert

Half

International,

Inc.

5,093

500

Rockwell

Automation,

Inc.

1,449

445

Rollins,

Inc.

4,610

177

Roper

Technologies,

Inc.

406

199

S&P

Global,

Inc.

229

98

Snap-on,

Inc.

3,810

831

Square,

Inc.

Class

A(Æ)

3,456

855

Stanley

Black

&

Decker,

Inc.

5,473

1,078

StoneCo

,

Ltd.

Class

A(Æ)

1,467

86

Teledyne

Technologies,

Inc.(Æ)

474

215

Textron,

Inc.

5,573

385

Toro

Co.

(The)

3,560

405

TreeHouse

Foods,

Inc.(Æ)

2,934

130

Trimble

Navigation,

Ltd.(Æ)

10,986

939

Union

Pacific

Corp.

2,130

466

United

Parcel

Service,

Inc.

Class

B

8,617

1,649

United

Rentals,

Inc.(Æ)

5,768

1,901

Verisk

Analytics,

Inc.

Class

A

4,591

872

Waste

Management,

Inc.

6,230

924

Waters

Corp.(Æ)

1,847

720

Westinghouse

Air

Brake

Technologies

Corp.

4,274

363

WW

Grainger,

Inc.

847

377

Xerox

Holdings

Corp.

5,514

133

XPO

Logistics,

Inc.(Æ)

2,888

401

Xylem,

Inc.

3,889

489

Zebra

Technologies

Corp.

Class

A(Æ)

2,166

1,197

66,619

Technology

-

28.2%

Accenture

PLC

Class

A

6,874

2,184

Activision

Blizzard,

Inc.

11,921

997

Adobe,

Inc.(Æ)

7,633

4,745

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Advanced

Micro

Devices,

Inc.(Æ)

11,761

1,249

Akamai

Technologies,

Inc.(Æ)

2,151

258

Alphabet,

Inc.

Class

A(Æ)

8,161

21,989

Alphabet,

Inc.

Class

C(Æ)

2,423

6,553

Amdocs,

Ltd.

6,444

497

Amphenol

Corp.

Class

A

16,250

1,178

Analog

Devices,

Inc.

5,765

965

Anaplan,

Inc.(Æ)

4,290

245

Ansys

,

Inc.(Æ)

2,653

978

Apple,

Inc.

282,550

41,212

Applied

Materials,

Inc.

13,476

1,886

Arista

Networks,

Inc.(Æ)

2,632

1,001

Arrow

Electronics,

Inc.(Æ)

5,069

601

Atlassian

Corp.

PLC

Class

A(Æ)

2,201

716

Autodesk,

Inc.(Æ)

1,940

623

Automatic

Data

Processing,

Inc.

6,042

1,267

Avnet,

Inc.

3,255

134

Bill.com

Holdings,

Inc.(Æ)

1,598

330

Bio

Techne

Corp.(Æ)

1,377

664

Black

Knight,

Inc.(Æ)

2,011

167

Broadcom,

Inc.

2,486

1,207

Broadridge

Financial

Solutions,

Inc.

1,481

257

CACI

International,

Inc.

Class

A(Æ)

580

155

Cadence

Design

Systems,

Inc.(Æ)

9,289

1,372

CDW

Corp.

630

116

Ceridian

HCM

Holding,

Inc.(Æ)

1,758

173

Ciena

Corp.(Æ)

7,070

411

Cisco

Systems,

Inc.

84,148

4,659

Citrix

Systems,

Inc.

1,036

104

Cloudflare

,

Inc.

Class

A(Æ)

5,399

640

Cognex

Corp.

5,824

527

Cognizant

Technology

Solutions

Corp.

Class

A

17,119

1,259

Concentrix

Corp.(Æ)

471

77

Corning,

Inc.

8,762

367

Corteva

,

Inc.

54,492

2,331

Coupa

Software,

Inc.(Æ)

1,259

273

Cree,

Inc.(Æ)

1,012

94

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

5,543

1,406

Datadog

,

Inc.

Class

A(Æ)

3,275

363

Dell

Technologies,

Inc.

Class

C(Æ)

13,117

1,267

DocuSign,

Inc.(Æ)

1,703

508

Dolby

Laboratories,

Inc.

Class

A

1,887

183

Dropbox,

Inc.

Class

A(Æ)

5,152

162

DXC

Technology

Co.(Æ)

5,783

231

Elastic

NV(Æ)

2,177

322

Electronic

Arts,

Inc.

3,485

502

Entegris

,

Inc.

923

111

EPAM

Systems,

Inc.(Æ)

1,847

1,034

Etsy,

Inc.(Æ)

2,437

447

F5

Networks,

Inc.(Æ)

1,943

401

Facebook,

Inc.

Class

A(Æ)

38,847

13,841

Fair

Isaac

Corp.(Æ)

517

271

Fastly

,

Inc.

Class

A(Æ)(Ñ)

1,165

56

Fidelity

National

Information

Services,

Inc.

5,462

814

FireEye,

Inc.(Æ)

4,876

98

Fiserv,

Inc.(Æ)

4,040

465

Five9,

Inc.(Æ)

1,204

242

Fortinet,

Inc.(Æ)

5,751

1,566

Genpact

,

Ltd.

1,325

66

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

U.S.

Equity

Fund

427

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Globant

SA(Æ)

1,379

330

Guidewire

Software,

Inc.(Æ)

587

68

Hewlett

Packard

Enterprise

Co.

Class

H

70,119

1,017

HP,

Inc.(Æ)

89,678

2,589

HubSpot

,

Inc.(Æ)

530

316

Intel

Corp.

95,592

5,135

Intuit,

Inc.

3,877

2,055

IPG

Photonics

Corp.(Æ)

350

76

Jack

Henry

&

Associates,

Inc.

1,329

231

Juniper

Networks,

Inc.

16,956

477

KLA

Corp.

3,338

1,162

Lam

Research

Corp.

2,042

1,302

Leidos

Holdings,

Inc.

3,866

411

Lumentum

Holdings,

Inc.

Class

E(Æ)

1,219

102

Manhattan

Associates,

Inc.(Æ)

2,909

464

Match

Group,

Inc.(Æ)

3,207

511

Maxim

Integrated

Products,

Inc.

10,288

1,028

Media

General,

Inc.(Æ)(Š)

1,092

—

Microchip

Technology,

Inc.

1,736

248

Micron

Technology,

Inc.

25,620

1,988

Microsoft

Corp.

133,788

38,117

MKS

Instruments,

Inc.

1,085

170

MongoDB,

Inc.(Æ)

607

218

Monolithic

Power

Systems,

Inc.

1,137

511

Motorola

Solutions,

Inc.

886

198

MSCI,

Inc.

Class

A

483

288

nCino

,

Inc.(Æ)

1,539

98

NCR

Corp.(Æ)

5,337

237

NetApp,

Inc.

5,718

455

Nuance

Communications,

Inc.(Æ)

7,127

391

NVIDIA

Corp.

35,284

6,880

Okta

,

Inc.(Æ)

1,471

364

ON

Semiconductor

Corp.(Æ)

4,746

185

Oracle

Corp.

23,081

2,011

Palo

Alto

Networks,

Inc.(Æ)

1,206

481

Paycom

Software,

Inc.(Æ)

1,427

571

Pinterest,

Inc.

Class

A(Æ)

7,056

416

PTC,

Inc.(Æ)

1,649

223

Qorvo

,

Inc.(Æ)

2,488

472

QUALCOMM,

Inc.

7,434

1,114

Raytheon

Technologies

Corp.(Æ)

34,809

3,027

Roku,

Inc.(Æ)

2,235

957

Salesforce.com,

Inc.(Æ)

11,632

2,814

Science

Applications

International

Corp.

1,080

94

ServiceNow

,

Inc.(Æ)

1,761

1,035

Skyworks

Solutions,

Inc.

4,971

917

Smartsheet

,

Inc.

Class

A(Æ)

3,071

223

SS&C

Technologies

Holdings,

Inc.

3,011

236

SYNNEX

Corp.

2,866

343

Synopsys,

Inc.(Æ)

3,653

1,052

Take-Two

Interactive

Software,

Inc.(Æ)

4,714

818

Teradyne,

Inc.

5,995

761

Texas

Instruments,

Inc.

14,300

2,726

Trade

Desk,

Inc.

(The)

Class

A(Æ)

10,690

876

Twitter,

Inc.(Æ)

13,802

963

Tyler

Technologies,

Inc.(Æ)

1,985

978

Ubiquiti,

Inc.

553

173

Unity

Software,

Inc.(Æ)

1,490

160

Vimeo,

Inc.(Æ)

3,339

150

VMware,

Inc.

Class

A(Æ)(Ñ)

2,068

318

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Workday,

Inc.

Class

A(Æ)

3,712

870

Xilinx,

Inc.

4,262

639

Zendesk

,

Inc.(Æ)

1,099

143

Zoom

Video

Communications,

Inc.

Class

A(Æ)

3,087

1,167

Zscaler

,

Inc.(Æ)

1,418

335

Zynga,

Inc.

Class

A(Æ)

10,871

110

223,612

Utilities

-

5.4%

Alliant

Energy

Corp.

6,994

409

Ameren

Corp.

3,420

287

American

Electric

Power

Co.,

Inc.

18,464

1,627

American

Water

Works

Co.,

Inc.

2,201

374

AT&T,

Inc.

188,687

5,293

Atmos

Energy

Corp.

7,974

786

Avangrid

,

Inc.

5,223

272

CMS

Energy

Corp.

4,365

270

Consolidated

Edison

Co.,

Inc.

17,190

1,268

Dominion

Energy,

Inc.

5,764

432

DT

Midstream,

Inc.

5,040

214

DTE

Energy

Co.

10,081

1,183

Duke

Energy

Corp.

21,294

2,238

Edison

International

3,505

191

Entergy

Corp.

10,442

1,075

Essential

Utilities,

Inc.

2,076

102

Evergy

,

Inc.

6,998

456

Eversource

Energy(Æ)

2,983

257

Exelon

Corp.

40,647

1,902

FirstEnergy

Corp.

14,439

553

Hawaiian

Electric

Industries,

Inc.

5,775

250

IDACORP,

Inc.

2,620

276

International

Business

Machines

Corp.

23,587

3,325

Lumen

Technologies,

Inc.

76,275

951

MDU

Resources

Group,

Inc.

10,801

343

National

Fuel

Gas

Co.

3,411

175

NextEra

Energy,

Inc.

30,278

2,359

NiSource,

Inc.

8,418

209

NRG

Energy,

Inc.

6,723

277

OGE

Energy

Corp.

10,301

348

Pinnacle

West

Capital

Corp.

5,625

470

PPL

Corp.

39,034

1,107

Public

Service

Enterprise

Group,

Inc.

25,448

1,584

RingCentral,

Inc.

Class

A(Æ)

1,287

344

Sempra

Energy

11,252

1,470

Southern

Co.

(The)

19,837

1,267

Telephone

&

Data

Systems,

Inc.

8,121

182

T-Mobile

USA,

Inc.(Æ)

11,929

1,718

UGI

Corp.

6,830

314

Verizon

Communications,

Inc.

101,416

5,657

Vistra

Corp.

16,704

320

WEC

Energy

Group,

Inc.(Æ)

3,663

345

42,480

Total

Common

Stocks

(cost

$495,617)

775,440

Short-Term

Investments

-

1.9%

U.S.

Cash

Management

Fund(@)

15,321,961

(∞)

15,319

Total

Short-Term

Investments

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

428

Multifactor

U.S.

Equity

Fund

cif

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

(cost

$15,319)

15,319

Other

Securities

-

0.3%

U.S.

Cash

Collateral

Fund(@)(×)

1,985,525

(∞)

1,986

Total

Other

Securities

(cost

$1,986)

1,986

Total

Investments

-

100.1%

(identified

cost

$512,922)

792,745

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(1,078)

Net

Assets

-

100.0%

791,667

Russell

Investment

Company

Multifactor

U.S.

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

U.S.

Equity

Fund

429

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

7,901

09/21

255

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

255

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

$

117,998

$

—

$

—

$

—

$

117,998

Consumer

Staples

50,055

—

—

—

50,055

Energy

8,566

—

—

—

8,566

Financial

Services

136,648

—

—

—

136,648

Health

Care

94,371

—

—

—

94,371

Materials

and

Processing

35,091

—

—

—

35,091

Producer

Durables

66,619

—

—

—

66,619

Technology

223,612

—

—

—

223,612

Utilities

42,480

—

—

—

42,480

Short-Term

Investments

—

—

—

15,319

15,319

Other

Securities

—

—

—

1,986

1,986

Total

Investments

775,440

—

—

17,305

792,745

Other

Financial

Instruments

Assets

Futures

Contracts

255

—

—

—

255

Total

Other

Financial

Instruments

*

$

255

$

—

$

—

$

—

$

255

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2021,

see

note

2

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

July

31,

2021,

were

less

than

1%

of

net

assets.

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

430

Multifactor

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

92.4%

Australia

-

6.2%

Afterpay

,

Ltd.(Æ)

895

64

AGL

Energy,

Ltd.

53,937

285

APA

Group

17,930

125

Aristocrat

Leisure,

Ltd.

6,018

185

ASX,

Ltd.

-

ADR

1

—

Aurizon

Holdings,

Ltd.

98,021

278

AusNet

Services(Æ)

91,779

123

Australia

&

New

Zealand

Banking

Group,

Ltd.

-

ADR

41,979

855

BHP

Group

PLC

23,193

753

BHP

Group,

Ltd.

-

ADR

26,135

1,024

BlueScope

Steel,

Ltd.

41,967

754

Brambles,

Ltd.

19,953

170

Cochlear,

Ltd.

607

110

Coles

Group,

Ltd.

20,328

261

Commonwealth

Bank

of

Australia

-

ADR

31,393

2,296

CSL,

Ltd.

3,912

830

Dexus

Property

Group(ö)

50,536

381

Domino's

Pizza

Enterprises,

Ltd.

1,198

103

Endeavour

Mining

Corp.(Æ)

13,261

65

Evolution

Mining,

Ltd.

27,146

84

Fortescue

Metals

Group,

Ltd.

57,589

1,058

Goodman

Group(ö)

28,175

469

GPT

Group

(The)(ö)

62,105

213

Insurance

Australia

Group,

Ltd.(Æ)

29,005

104

Macquarie

Group,

Ltd.

4,650

537

Magellan

Financial

Group,

Ltd.

-

ADR

1

—

Mirvac

Group(ö)

39,278

83

National

Australia

Bank,

Ltd.

-

ADR

36,690

699

Newcrest

Mining,

Ltd.

9,621

188

Northern

Star

Resources,

Ltd.

13,149

99

QBE

Insurance

Group,

Ltd.

31,715

255

Ramsay

Health

Care,

Ltd.

2,286

108

REA

Group,

Ltd.

901

107

Reece,

Ltd.(Æ)

6,882

119

Rio

Tinto

PLC

36,804

3,136

Rio

Tinto,

Ltd.

-

ADR

11,028

1,085

Santos,

Ltd.

18,898

89

SEEK,

Ltd.

10,394

224

Sonic

Healthcare,

Ltd.

8,395

247

South32,

Ltd.

Class

B

303,654

665

Stockland(ö)

168,024

544

Suncorp

Group,

Ltd.(Æ)

21,798

185

Tabcorp

Holdings,

Ltd.

110,931

404

Telstra

Corp.,

Ltd.

114,177

317

Transurban

Group

-

ADR(Æ)

12,668

133

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Treasury

Wine

Estates,

Ltd.

14,368

126

Wesfarmers,

Ltd.(Æ)

15,284

687

Westpac

Banking

Corp.

48,796

875

Woolworths

Group,

Ltd.

13,261

379

21,881

Austria

-

0.5%

Erste

Group

Bank

AG

10,858

421

OMV

AB

13,375

722

Voestalpine

AG

10,621

468

1,611

Belgium

-

0.8%

Ageas

SA

11,424

603

Colruyt

SA

3,924

223

Groupe

Bruxelles

Lambert

SA

1,856

216

KBC

Groep

NV

5,533

445

Proximus

SA

13,012

267

Solvay

SA

4,418

589

UCB

SA

2,652

287

Umicore

SA

3,367

209

2,839

Canada

-

8.5%

Algonquin

Power

&

Utilities

Corp.

9,360

149

Alimentation

Couche-Tard,

Inc.

Class

B

5,989

241

AltaGas

,

Ltd.

-

ADR

17,269

366

Atco,

Ltd.

Class

I

3,692

133

B2Gold

Corp.

32,799

137

Bank

of

Montreal(Ñ)

14,534

1,438

Bank

of

Nova

Scotia

(The)

20,180

1,260

Barrick

Gold

Corp.

10,962

239

BCE,

Inc.

6,408

320

BlackBerry,

Ltd.

-

ADR(Æ)

12,915

131

Canadian

Apartment

Properties(ö)

4,833

242

Canadian

Imperial

Bank

of

Commerce

11,808

1,373

Canadian

National

Railway

Co.

2,697

293

Canadian

Natural

Resources,

Ltd.

29,173

963

Canadian

Pacific

Railway,

Ltd.

3,644

271

Canadian

Tire

Corp.,

Ltd.

Class

A

2,341

360

CCL

Industries,

Inc.

Class

B

2,129

122

Cenovus

Energy,

Inc.

37,180

310

CGI

Group,

Inc.(Æ)

1,438

131

Constellation

Software,

Inc.

134

215

Emera

,

Inc.

2,931

137

Empire

Co.,

Ltd.

Class

A

9,948

327

Enbridge,

Inc.

25,716

1,014

Fairfax

Financial

Holdings,

Ltd.

612

258

First

Quantum

Minerals,

Ltd.

17,299

370

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

International

Equity

Fund

431

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Fortis,

Inc.

4,404

200

George

Weston,

Ltd.

1,679

174

Gildan

Activewear

,

Inc.

Class

A

2,893

100

Great-West

Lifeco

,

Inc.

16,830

506

Hydro

One,

Ltd.(Þ)

6,600

163

iA

Financial

Corp.,

Inc.

3,555

197

IGM

Financial,

Inc.

1,035

37

Imperial

Oil,

Ltd.

12,069

331

Intact

Financial

Corp.

919

125

Inter

Pipeline,

Ltd.

21,874

350

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

13,483

100

Kinross

Gold

Corp.

33,470

219

Loblaw

Cos.,

Ltd.

9,768

661

Lundin

Mining

Corp.

9,996

91

Magna

International,

Inc.

Class

A

14,307

1,200

Manulife

Financial

Corp.

63,234

1,223

Metro,

Inc.

Class

A

4,517

234

National

Bank

of

Canada

12,741

975

Nutrien

,

Ltd.

5,574

331

Onex

Corp.

2,895

221

Open

Text

Corp.

2,821

147

Power

Corp.

of

Canada

21,745

694

Quebecor,

Inc.

Class

B

9,367

245

Ritchie

Bros

Auctioneers,

Inc.

2,638

157

Rogers

Communications,

Inc.

Class

B

1,665

85

Royal

Bank

of

Canada

-

GDR

27,574

2,788

Saputo,

Inc.

-

ADR

4,167

120

Shaw

Communications,

Inc.

Class

B

21,313

623

Shopify,

Inc.

Class

A(Æ)

782

1,174

Sun

Life

Financial,

Inc.

19,292

1,005

TC

Energy

Corp.(Æ)

7,567

369

Teck

Resources,

Ltd.

Class

B

36,976

844

TELUS

Corp.

3,519

78

Thomson

Reuters

Corp.(Æ)

3,457

366

Toromont

Industries,

Ltd.

1,360

115

Toronto-Dominion

Bank

(The)

39,254

2,609

West

Fraser

Timber

Co.,

Ltd.

3,984

286

WSP

Global,

Inc.

2,318

276

30,219

Chile

-

0.0%

Antofagasta

PLC

4,847

101

Denmark

-

1.9%

Ambu

A/S

Class

B

600

22

AP

Moller

-

Maersk

A/S

Class

A

147

393

AP

Moller

-

Maersk

A/S

Class

B

493

1,368

Coloplast

A/S

Class

B

1,074

196

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Danske

Bank

A/S

25,075

439

Demant

A/S(Æ)

3,270

200

DSV

Panalpina

A/S

2,726

664

Genmab

A/S(Æ)

588

265

GN

Store

Nord

A/S

1,707

150

Novo

Nordisk

A/S

Class

B

19,476

1,804

Novozymes

A/S

Class

B

3,394

267

Pandora

A/S

4,563

592

Rockwool

International

A/S

Class

B

280

149

Vestas

Wind

Systems

A/S

7,565

279

6,788

Finland

-

1.7%

Elisa

OYJ

2,678

172

Fortum

OYJ

35,268

974

Kesko

OYJ

Class

B

6,371

273

Kone

OYJ

Class

B

3,679

305

Neste

OYJ

2,332

143

Nordea

Bank

AB

118,598

1,387

Orion

OYJ

Class

B

6,037

257

Sampo

OYJ

Class

A

8,327

402

Stora

Enso

OYJ

Class

R

49,764

984

UPM-

Kymmene

OYJ

18,688

764

Wartsila

OYJ

Abp

Class

B

34,159

515

6,176

France

-

8.2%

Air

Liquide

SA

Class

A

2,463

428

Airbus

Group

SE(Æ)

4,089

561

Amundi

SA(Þ)

2,267

210

Arkema

SA

4,423

563

Atos

SE

8,373

401

AXA

SA

42,760

1,107

BioMerieux

803

96

BNP

Paribas

SA

23,227

1,413

Bollore

SA

78,273

437

Bouygues

SA

-

ADR

12,298

474

Capgemini

SE

2,470

534

Carrefour

SA

33,417

621

Cie

de

Saint-Gobain

SA

23,806

1,703

Cie

Generale

des

Etablissements

Michelin

SCA

Class

B

9,121

1,489

Credit

Agricole

SA

41,415

576

Danone

SA

11,483

845

Dassault

Aviation

SA

137

163

Dassault

Systemes

SE

9,415

519

Eiffage

SA

4,613

470

Electricite

de

France

SA

400

5

Engie

SA

13,579

181

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

432

Multifactor

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

EssilorLuxottica

SA

1,391

263

Eurazeo

SE

1,310

127

Faurecia

SE

1,492

68

Hermes

International

542

829

Iliad

SA

627

135

Klepierre

SA

-

GDR(ö)

10,283

249

La

Francaise

des

Jeux

SAEM(Þ)

1,182

63

Legrand

SA

-

ADR

1,578

178

L'Oreal

SA

3,050

1,397

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

3,710

2,970

Orange

SA

-

ADR

65,319

728

Pernod

Ricard

SA

553

122

Publicis

Groupe

SA

-

ADR

16,675

1,052

Remy

Cointreau

SA

535

118

Sanofi

-

ADR

19,041

1,962

Sartorius

Stedim

Biotech

842

481

Schneider

Electric

SE

8,059

1,350

SCOR

SE

-

ADR

6,459

181

SEB

SA

613

102

Societe

Generale

SA

20,199

592

SUEZ

SA

17,813

416

Teleperformance

-

GDR

499

211

Total

SA

47,405

2,067

Valeo

SA

2,248

65

Vinci

SA

4,463

472

Vivendi

SA

-

ADR

9,215

311

29,305

Germany

-

8.1%

Allianz

SE

7,877

1,962

Aroundtown

SA

52,213

409

BASF

SE

20,280

1,594

Bayer

AG

20,051

1,196

Bayerische

Motoren

Werke

Aktiengesellschaft

13,253

1,318

Bechtle

AG

646

134

Beiersdorf

AG

887

105

Brenntag

AG

5,616

561

Carl

Zeiss

Meditec

AG

890

198

Continental

AG(Æ)

4,202

571

Covestro

AG(Þ)

12,268

789

Daimler

AG

25,038

2,238

Deutsche

Bank

AG(Æ)

94,540

1,195

Deutsche

Boerse

AG

210

35

Deutsche

Post

AG

22,520

1,525

Deutsche

Telekom

AG

56,863

1,181

Deutsche

Wohnen

SE

4,657

291

E.ON

SE

41,168

506

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Evonik

Industries

AG

15,215

529

Fresenius

Medical

Care

AG

&

Co.

9,571

756

Fresenius

SE

&

Co.

KGaA

16,921

890

GEA

Group

AG

5,226

232

Hannover

Rueck

SE

2,342

394

HeidelbergCement

AG

10,324

916

HelloFresh

SE(Æ)

4,445

417

Henkel

AG

&

Co.

KGaA

1,721

156

Infineon

Technologies

AG

-

ADR

13,736

524

KION

Group

AG

3,039

323

Knorr-

Bremse

AG

887

101

Lanxess

AG

4,269

309

LEG

Immobilien

AG

816

129

Merck

&

Co.,

Inc.

2,113

433

Muenchener

Rueckversicherungs-

Gesellschaft

AG

3,578

968

Puma

SE

1,786

219

RWE

AG

3,885

138

SAP

SE

-

ADR

8,863

1,271

Scout24

AG(Þ)

1,854

159

Siemens

AG

12,020

1,877

Siemens

Energy

AG(Æ)

11,835

322

Siemens

Healthineers

AG(Þ)

1,826

121

Symrise

AG

925

136

Telefonica

Deutschland

Holding

AG

54,926

148

Uniper

SE

9,922

388

United

Internet

AG

8,556

354

Volkswagen

AG

737

245

Vonovia

SE

4,719

315

Zalando

SE(Æ)(Þ)

2,304

256

28,834

Hong

Kong

-

2.5%

AIA

Group,

Ltd.

99,090

1,188

Bank

of

East

Asia,

Ltd.

(The)

1

—

BOC

Hong

Kong

Holdings,

Ltd.

61,500

198

CK

Asset

Holdings,

Ltd.

109,973

750

CK

Hutchison

Holdings,

Ltd.

Class

B

84,258

616

CK

Infrastructure

Holdings,

Ltd.

55,500

336

CLP

Holdings,

Ltd.

49,312

509

Hang

Seng

Bank,

Ltd.

4,100

79

Henderson

Land

Development

Co.,

Ltd.

82,197

368

HKT

Trust

&

HKT,

Ltd.

159,658

217

Hong

Kong

Exchanges

&

Clearing,

Ltd.

7,100

454

Jardine

Matheson

Holdings,

Ltd.

13,000

771

Melco

Crown

Entertainment,

Ltd.(Æ)(Š)

8,400

39

New

World

Development

Co.,

Ltd.

58,395

277

Power

Assets

Holdings,

Ltd.

91,000

588

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

International

Equity

Fund

433

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Sino

Land

Co.,

Ltd.

265,689

407

Sun

Hung

Kai

Properties,

Ltd.

41,097

589

Swire

Pacific,

Ltd.

Class

A

41,840

260

Swire

Properties,

Ltd.

56,400

161

Techtronic

Industries

Co.,

Ltd.

22,500

403

WH

Group,

Ltd.(Þ)

469,438

389

Xinyi

Glass

Holdings,

Ltd.

54,000

202

8,801

Ireland

-

0.8%

CRH

PLC

30,690

1,530

Flutter

Entertainment

PLC(Æ)

777

132

Kerry

Group

PLC

Class

A

912

135

Kingspan

Group

PLC

3,986

433

Smurfit

Kappa

Group

PLC

9,688

547

2,777

Israel

-

0.5%

Bank

Leumi

Le-Israel

BM(Æ)

67,859

520

Check

Point

Software

Technologies,

Ltd.

(Æ)

2,128

270

ICL

Group,

Ltd.

37,460

272

Israel

Discount

Bank,

Ltd.

Class

A(Æ)

46,648

219

Mizrahi

Tefahot

Bank,

Ltd.

5,654

171

Nice,

Ltd.(Æ)

1,145

319

1,771

Italy

-

1.4%

Assicurazioni

Generali

SpA

35,767

715

DiaSorin

SpA

250

51

Enel

SpA

40,436

373

Ferrari

NV

1

—

Intesa

Sanpaolo

SpA

418,064

1,155

Mediobanca

Banca

di

Credito

Finanziario

SpA

23,764

278

Moncler

SpA

4,989

344

Poste

Italiane

SpA

(Þ)

36,770

487

Recordati

SpA

5,351

331

Snam

Rete

Gas

SpA

40,361

244

Telecom

Italia

SpA

650,149

286

Terna

Rete

Elettrica

Nazionale

SpA

16,481

131

UniCredit

SpA

62,849

752

5,147

Japan

-

20.2%

Advantest

Corp.

1,700

151

Aeon

Co.,

Ltd.

6,400

175

Aisin

Seiki

Co.,

Ltd.

13,000

526

Ajinomoto

Co.,

Inc.

9,900

252

Asahi

Glass

Co.,

Ltd.

13,700

589

Asahi

Group

Holdings,

Ltd.

7,200

324

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Asahi

Kasei

Corp.

38,500

420

Astellas

Pharma,

Inc.

36,400

580

Bandai

Namco

Holdings,

Inc.

2,600

168

Bridgestone

Corp.

24,600

1,083

Brother

Industries,

Ltd.

18,400

374

Canon,

Inc.

27,200

625

Capcom

Co.,

Ltd.

-

GDR

2,000

55

Century

Tokyo

Leasing

Corp.

2,400

132

Chiba

Bank,

Ltd.

(The)

29,600

169

Chubu

Electric

Power

Co.,

Inc.

35,600

429

Chugai

Pharmaceutical

Co.,

Ltd.

4,300

159

CyberAgent

,

Inc.

13,600

245

Dai-ichi

Life

Holdings,

Inc.

26,500

490

Daiichi

Sankyo

Co.,

Ltd.

9,100

180

Daikin

Industries,

Ltd.

1,500

312

Daito

Trust

Construction

Co.,

Ltd.

4,200

494

Daiwa

House

Industry

Co.,

Ltd.

15,700

482

Daiwa

House

REIT

Investment

Corp.(ö)

25

74

Daiwa

Securities

Group,

Inc.

79,600

418

Denso

Corp.

10,900

748

Disco

Corp.

500

143

ENEOS

Holdings,

Inc.

146,500

611

FANUC

Corp.

1,500

336

Fuji

Electric

Co.,

Ltd.

7,800

341

FUJIFILM

Holdings

Corp.

13,200

948

Fujitsu,

Ltd.

2,900

493

GLP

J-REIT(ö)

47

84

Hamamatsu

Photonics

KK

2,400

134

Harmonic

Drive

Systems,

Inc.

1,200

67

Hirose

Electric

Co.,

Ltd.

900

135

Hitachi

Metals,

Ltd.

5,300

103

Hitachi,

Ltd.

23,400

1,345

Honda

Motor

Co.,

Ltd.

30,900

988

Hoya

Corp.

2,900

409

Ibiden

Co.,

Ltd.

6,000

318

Idemitsu

Kosan

Co.,

Ltd.

18,400

433

Iida

Group

Holdings

Co.,

Ltd.

11,000

265

Inpex

Corp.

68,900

486

Isuzu

Motors,

Ltd.

46,000

612

ITOCHU

Corp.

46,700

1,392

Japan

Exchange

Group,

Inc.

100

2

Japan

Post

Bank

Co.,

Ltd.

Class

A

7,800

66

Japan

Post

Holdings

Co.,

Ltd.

35,600

303

Japan

Post

Insurance

Co.,

Ltd.

Class

A

5,300

94

Japan

Real

Estate

Investment

Corp.(ö)

34

213

Japan

Retail

Fund

Investment

Corp.(ö)

70

73

Japan

Tobacco,

Inc.

40,400

790

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

434

Multifactor

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

JFE

Holdings,

Inc.

29,300

359

JSR

Corp.

6,200

208

Kajima

Corp.

27,800

360

Kakaku.com,

Inc.

3,600

98

Kansai

Electric

Power

Co.,

Inc.

(The)

43,700

414

Kao

Corp.

900

54

KDDI

Corp.

37,200

1,136

Keyence

Corp.

900

501

Kikkoman

Corp.

2,300

141

Kirin

Holdings

Co.,

Ltd.

8,900

163

Kobayashi

Pharmaceutical

Co.,

Ltd.

100

8

Komatsu,

Ltd.

13,200

344

Konami

Holdings

Corp.

2,600

144

Kubota

Corp.

7,400

155

Kyocera

Corp.

5,100

315

Kyowa

Kirin

Co.,

Ltd.

4,100

133

Lasertec

Corp.

1,200

226

Lawson,

Inc.

2,000

100

Lion

Corp.

100

2

LIXIL

Group

Corp.

13,300

363

M3,

Inc.

5,300

347

Makita

Corp.

2,900

150

Marubeni

Corp.

116,100

995

Mazda

Motor

Corp.(Æ)

25,200

248

Medipal

Holdings

Corp.

13,400

252

MEIJI

Holdings

Co.,

Ltd.

1,800

111

Mitsubishi

Chemical

Holdings

Corp.

98,600

828

Mitsubishi

Corp.

40,300

1,137

Mitsubishi

Electric

Corp.

65,900

892

Mitsubishi

Estate

Co.,

Ltd.

5,000

78

Mitsubishi

Gas

Chemical

Co.,

Inc.

12,800

267

Mitsubishi

Heavy

Industries,

Ltd.

10,200

296

Mitsubishi

UFJ

Financial

Group,

Inc.

156,100

827

Mitsubishi

UFJ

Lease

&

Finance

Co.,

Ltd.

33,500

183

Mitsui

&

Co.,

Ltd.

64,600

1,492

Mitsui

Chemicals,

Inc.

14,900

476

Mitsui

Fudosan

Co.,

Ltd.

13,700

321

Mizuho

Financial

Group,

Inc.

34,400

491

MonotaRO

Co.,

Ltd.

4,400

101

MS&AD

Insurance

Group

Holdings,

Inc.

10,500

325

Murata

Manufacturing

Co.,

Ltd.

4,600

381

Nabtesco

Corp.

3,000

115

NEC

Corp.

8,800

447

NGK

Insulators,

Ltd.

10,500

168

NH

Foods,

Ltd.

4,200

170

Nidec

Corp.

2,100

236

Nihon

M&A

Center,

Inc.

4,200

117

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Nintendo

Co.,

Ltd.

1,500

773

Nippon

Express

Co.,

Ltd.

4,000

292

Nippon

Shinyaku

Co.,

Ltd.

1,200

90

Nippon

Steel

Corp.

23,300

407

Nippon

Telegraph

&

Telephone

Corp.

31,318

802

Nippon

Yusen

14,300

773

Nissan

Chemical

Industries,

Ltd.

100

5

Nissan

Motor

Co.,

Ltd.(Æ)

65,600

380

Nissin

Foods

Holdings

Co.,

Ltd.

900

64

Nitori

Holdings

Co.,

Ltd.

800

152

Nitto

Denko

Corp.

3,600

268

Nomura

Holdings,

Inc.

79,900

399

Nomura

Real

Estate

Holdings,

Inc.

11,400

283

Nomura

Real

Estate

Master

Fund,

Inc.(ö)

121

192

Nomura

Research

Institute,

Ltd.

10,400

335

NTT

Data

Corp.

4,200

65

Obayashi

Corp.

51,600

424

Obic

Co.,

Ltd.

600

106

Oji

Holdings

Corp.

73,900

427

Omron

Corp.

2,700

231

Ono

Pharmaceutical

Co.,

Ltd.

8,600

197

ORIX

Corp.

33,600

587

Orix

JREIT,

Inc.(ö)

42

80

Osaka

Gas

Co.,

Ltd.

14,700

276

Otsuka

Corp.

1,100

57

Otsuka

Holdings

Co.,

Ltd.

11,700

465

Pan

Pacific

International

Holdings

Corp.

7,100

148

Panasonic

Corp.

62,200

745

Persol

Holdings

Co.,

Ltd.

4,900

99

Rakuten

,

Inc.

25,600

282

Recruit

Holdings

Co.,

Ltd.

10,000

517

Resona

Holdings,

Inc.

53,900

203

Ricoh

Co.,

Ltd.

25,800

282

Rinnai

Corp.

1,300

120

Ryohin

Keikaku

Co.,

Ltd.

6,300

129

SBI

Holdings,

Inc.

4,200

101

SCSK

Corp.

1,100

66

Secom

Co.,

Ltd.

800

60

Seiko

Epson

Corp.

14,600

251

Sekisui

Chemical

Co.,

Ltd.

25,200

435

Sekisui

House,

Ltd.

27,900

553

Seven

&

i

Holdings

Co.,

Ltd.

13,000

579

SG

Holdings

Co.,

Ltd.

5,600

151

Shimadzu

Corp.

2,700

109

Shimano,

Inc.

800

205

Shimizu

Corp.

46,600

343

Shin-Etsu

Chemical

Co.,

Ltd.

1,700

277

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

International

Equity

Fund

435

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Shionogi

&

Co.,

Ltd.

2,400

126

SMC

Corp.

500

297

SoftBank

Group

Corp.

44,200

1,264

Sompo

Japan

Nipponkoa

Holdings,

Inc.

8,400

348

Sony

Corp.

15,000

1,567

Start

Today

Co.,

Ltd.

4,000

136

Subaru

Corp.

1,692

33

Sumco

Corp.

6,900

160

Sumitomo

Chemical

Co.,

Ltd.

73,100

381

Sumitomo

Corp.

59,700

812

Sumitomo

Dainippon

Pharma

Co.,

Ltd.

15,000

259

Sumitomo

Electric

Industries,

Ltd.

44,800

637

Sumitomo

Metal

Mining

Co.,

Ltd.

18,100

737

Sumitomo

Mitsui

Banking

Corp.

20,200

681

Sumitomo

Mitsui

Trust

Holdings,

Inc.

7,900

260

Sumitomo

Realty

&

Development

Co.,

Ltd.

6,400

208

Suzuki

Motor

Corp.

4,900

199

Sysmex

Corp.

1,800

214

T&D

Holdings,

Inc.

16,300

209

Taisei

Corp.

8,521

288

Takeda

Pharmaceutical

Co.,

Ltd.

13,666

454

Tecmo

Koei

Holdings

Co.,

Ltd.

2,210

104

Terumo

Corp.

3,200

124

THK

Co.,

Ltd.

5,300

152

TIS,

Inc.

3,900

101

Tobu

Railway

Co.,

Ltd.

4,100

107

Tohoku

Electric

Power

Co.,

Inc.

35,300

268

Tokio

Marine

Holdings,

Inc.

5,400

258

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(Æ)

91,000

243

Tokyo

Electron,

Ltd.

3,000

1,237

Tokyo

Gas

Co.,

Ltd.

10,700

203

Toppan

Printing

Co.,

Ltd.

21,600

367

Toray

Industries,

Inc.

89,100

587

Toshiba

Corp.

8,300

357

Tosoh

Corp.

21,100

371

TOTO,

Ltd.

1,700

88

Toyo

Suisan

Kaisha,

Ltd.

4,000

153

Toyota

Industries

Corp.

7,800

654

Toyota

Motor

Corp.

41,500

3,728

Toyota

Tsusho

Corp.

18,800

888

Unicharm

Corp.

2,700

108

United

Urban

Investment

Corp.(ö)

46

68

USS

Co.,

Ltd.

3,700

64

Wannyan

Mura

Co.,

Ltd.

2,600

115

Yakult

Honsha

Co.,

Ltd.

100

6

Yamada

Denki

Co.,

Ltd.

58,400

276

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Yamaha

Motor

Co.,

Ltd.

18,500

463

Yamato

Holdings

Co.,

Ltd.

4,100

118

Yaskawa

Electric

Corp.

2,900

143

71,919

Jersey

-

0.2%

Glencore

PLC(Æ)

160,002

719

Luxembourg

-

0.6%

ArcelorMittal

SA(Æ)

42,687

1,491

Eurofins

Scientific

SE

4,630

554

Tenaris

SA

22,730

232

2,277

Netherlands

-

4.1%

Adyen

NV(Æ)(Þ)

85

231

Aegon

NV

106,549

453

Akzo

Nobel

NV

1,885

233

ASM

International

NV

1,290

459

ASML

Holding

NV

6,183

4,702

Exor

NV

6,272

517

Heineken

NV

876

102

ING

Groep

NV

97,150

1,244

Koninklijke

Ahold

Delhaize

NV

37,384

1,162

Koninklijke

DSM

NV

598

121

Koninklijke

KPN

NV

37,451

123

Koninklijke

Philips

NV

5,500

254

Koninklijke

Vopak

NV

2,884

122

NN

Group

NV

16,216

805

Randstad

NV

9,943

722

Royal

Dutch

Shell

PLC

Class

A

55,393

1,111

Royal

Dutch

Shell

PLC

Class

B

37,000

730

Stellantis

NV

50,332

968

Wolters

Kluwer

NV

3,553

405

14,464

New

Zealand

-

0.2%

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

8,984

198

Mercury

NZ,

Ltd.

39,416

182

Spark

New

Zealand,

Ltd.

60,154

198

578

Norway

-

0.6%

DNB

Bank

ASA(Æ)

14,051

288

Mowi

ASA

12,436

317

Norsk

Hydro

ASA

75,116

500

Orkla

ASA

42,644

388

Schibsted

ASA

Class

A

2,097

111

Telenor

ASA

9,550

166

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

436

Multifactor

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Yara

International

ASA

10,084

530

2,300

Portugal

-

0.1%

Banco

Espirito

Santo

SA

Class

C(Æ)(Š)

22,842

3

Jeronimo

Martins

SGPS

SA

9,843

201

204

Russia

-

0.1%

Evraz

PLC

32,771

280

Singapore

-

0.7%

CapitaLand,

Ltd.

43,500

129

DBS

Group

Holdings,

Ltd.

9,897

222

Oversea-Chinese

Banking

Corp.,

Ltd.

63,479

574

Singapore

Technologies

Engineering,

Ltd.

37,000

109

Singapore

Telecommunications,

Ltd.

239,100

401

United

Overseas

Bank,

Ltd.

22,100

428

UOL

Group,

Ltd.

38,800

209

Wilmar

International,

Ltd.

156,200

502

2,574

South

Africa

-

0.3%

Anglo

American

PLC

22,730

1,007

Spain

-

2.0%

ACS

Actividades

de

Construccion

y

Servicios

SA

16,631

437

Banco

Bilbao

Vizcaya

Argentaria

SA

-

ADR

133,236

855

Banco

Santander

SA

-

ADR

356,779

1,304

CaixaBank

SA

116,906

348

Enagas

SA

12,230

281

Endesa

SA

-

ADR

15,036

366

Gamesa

Corp.

Technologica

SA(Æ)

3,500

98

Iberdrola

SA

50,440

608

Industria

de

Diseno

Textil

SA

2,879

98

Naturgy

Energy

Group

SA

14,150

366

Red

Electrica

Corp.

SA

22,642

448

Repsol

SA

-

ADR

99,660

1,089

Telefonica

SA

-

ADR

136,848

628

6,926

Sweden

-

3.7%

Assa

Abloy

AB

Class

B

6,443

207

Atlas

Copco

AB(Æ)

16,481

1,056

Boliden

AB(Æ)

23,217

905

Electrolux

AB

15,056

395

Epiroc

AB

Class

A

8,805

206

Epiroc

AB

Class

B

2,949

59

Essity

Aktiebolag

Class

B

6,073

199

Evolution

Gaming

Group

AB(Þ)

3,266

570

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hennes

&

Mauritz

AB

Class

B(Æ)

6,242

131

Hexagon

AB(Æ)

22,897

380

Husqvarna

AB

Class

B

27,653

387

ICA

Gruppen

AB

5,345

264

Industrivarden

AB

Class

C

3,554

136

Investment

AB

Latour

Class

B

2,070

81

Investor

AB

Class

B

32,691

810

Kinnevik

AB

Class

B(Æ)

9,609

419

L

E

Lundbergforetagen

AB

Class

B

1,904

136

Lundin

Petroleum

AB

6,870

214

Nibe

Industrier

AB

Class

B

32,854

393

Sandvik

AB

27,430

714

Securitas

AB

Class

B

16,109

284

Sinch

AB(Æ)(Þ)

14,370

291

Skandinaviska

Enskilda

Banken

AB

Class

A

63,694

860

Skanska

AB

Class

B

23,006

649

SKF

AB

Class

B

10,081

268

Svenska

Handelsbanken

AB

Class

A

50,625

572

Swedbank

AB

Class

A

26,212

511

Swedish

Match

AB

82,740

741

Tele2

AB

Class

B

9,880

145

Telefonaktiebolaget

LM

Ericsson

Class

B

12,082

139

Volvo

AB

Class

A

-

GDR

4,665

114

Volvo

AB

Class

B

31,249

737

12,973

Switzerland

-

7.9%

ABB,

Ltd.

23,629

864

Adecco

Group

AG

9,872

591

Baloise

Holding

AG

2,416

382

Barry

Callebaut

AG

52

132

Chocoladefabriken

Lindt

&

Spruengli

AG

25

490

Cie

Financiere

Richemont

SA

Class

A

5,388

690

Credit

Suisse

Group

AG

Class

A

46,792

470

EMS-

Chemie

Holding

AG

37

41

Geberit

AG

715

587

Givaudan

SA

47

235

Julius

Baer

Group,

Ltd.

2,897

192

Kuehne

&

Nagel

International

AG

3,109

1,049

LafargeHolcim

,

Ltd.(Æ)

21,482

1,259

Logitech

International

SA

4,020

439

Lonza

Group

AG

423

329

Nestle

SA

39,313

4,981

Novartis

AG

33,540

3,102

Partners

Group

Holding

AG

587

1,004

Roche

Holding

AG

9,735

3,765

Schindler

Holding

AG

1,142

366

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

International

Equity

Fund

437

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

SGS

SA

86

279

Sika

AG

1,954

688

Sonova

Holding

AG

925

363

STMicroelectronics

NV

7,391

303

Straumann

Holding

AG

180

334

Swatch

Group

AG

(The)

2,972

193

Swatch

Group

AG

(The)

Class

B

1,421

475

Swiss

Life

Holding

AG

1,541

796

Swiss

Prime

Site

AG

Class

A

1,903

203

Swiss

Re

AG

3,491

316

Swisscom

AG

943

567

UBS

Group

AG

103,072

1,700

Zurich

Insurance

Group

AG

2,655

1,070

28,255

United

Kingdom

-

10.3%

3i

Group

PLC

47,434

843

Admiral

Group

PLC

5,335

252

Ashtead

Group

PLC

9,898

741

AstraZeneca

PLC

16,702

1,917

Auto

Trader

Group

PLC(Þ)

12,919

117

Aviva

PLC

194,378

1,046

BAE

Systems

PLC

47,751

382

Barclays

PLC

502,822

1,219

Barratt

Developments

PLC

80,608

788

Berkeley

Group

Holdings

PLC

6,820

459

BP

PLC

298,975

1,199

British

American

Tobacco

PLC

43,115

1,607

BT

Group

PLC(Æ)

474,165

1,144

Bunzl

PLC

7,962

295

Burberry

Group

PLC

2,193

63

CNH

Industrial

NV

42,004

702

Croda

International

PLC(Æ)

1,409

165

DCC

PLC

5,558

465

Diageo

PLC

15,122

750

Direct

Line

Insurance

Group

PLC

57,119

236

Experian

PLC

10,249

451

Ferguson

PLC

6,044

847

GlaxoSmithKline

PLC

-

ADR

44,803

885

GVC

Holdings

PLC(Æ)

20,206

510

Halma

PLC

10,175

408

HSBC

Holdings

PLC

298,670

1,648

Imperial

Tobacco

Group

PLC

32,031

686

Intertek

Group

PLC

1,209

87

J

Sainsbury

PLC

139,393

549

JD

Sports

Fashion

PLC

7,829

98

Johnson

Matthey

PLC

13,520

558

Kingfisher

PLC

175,976

901

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Legal

&

General

Group

PLC

182,782

664

Lloyds

Banking

Group

PLC

2,004,461

1,270

M&G

PLC

149,965

470

Mondi

PLC

25,646

711

National

Grid

PLC

37,955

486

Natwest

Group

PLC

174,781

491

Next

PLC

2,953

323

Persimmon

PLC

Class

A

13,350

539

Phoenix

Group

Holdings

PLC

11,848

112

Prudential

PLC

44,604

838

Reckitt

Benckiser

Group

PLC

4,886

375

RELX

PLC

12,123

356

Rentokil

Initial

PLC

16,954

134

Sage

Group

PLC

(The)

9,845

96

Schroders

PLC

2,156

110

Scottish

&

Southern

Energy

PLC

10,697

215

Segro

PLC(ö)

37,238

630

Severn

Trent

PLC

Class

H

6,843

266

Smith

&

Nephew

PLC

9,035

184

Smiths

Group

PLC

4,207

91

Spirax-Sarco

Engineering

PLC

1,084

226

St.

James's

Place

PLC

18,375

405

Standard

Chartered

PLC

46,525

279

Taylor

Wimpey

PLC

248,437

568

Tesco

PLC

192,210

622

Unilever

PLC

29,400

1,693

United

Utilities

Group

PLC

9,550

142

Vodafone

Group

PLC

442,149

709

Wausau

Paper

Corp.

84,649

1,096

Wm

Morrison

Supermarkets

PLC

177,461

660

36,779

United

States

-

0.3%

Bausch

Health

Companies,

Inc.(Æ)

21,302

623

James

Hardie

Industries

PLC

6,277

212

Newmont

Mining

Corp.

1,378

122

957

Total

Common

Stocks

(cost

$244,663)

328,462

Preferred

Stocks

-

1.2%

Germany

-

1.2%

Bayerische

Motoren

Werke

AG

2.688%

(Ÿ)

969

83

Henkel

AG

&

Co.

KGaA

2.229%

(Ÿ)

5,068

514

Porsche

Automobil

Holding

SE

2.688%

(Ÿ)

13,151

1,424

Sartorius

AG

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

438

Multifactor

International

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

0.125%

(Ÿ)

986

596

Volkswagen

AG

2.520%

(Ÿ)

6,561

1,601

4,218

Total

Preferred

Stocks

(cost

$2,587)

4,218

Short-Term

Investments

-

4.7%

United

States

-

4.7%

U.S.

Cash

Management

Fund(@)

16,854,191

(∞)

16,851

Total

Short-Term

Investments

(cost

$16,851)

16,851

Other

Securities

-

0.4%

U.S.

Cash

Collateral

Fund(@)(×)

1,468,458

(∞)

1,468

Total

Other

Securities

(cost

$1,468)

1,468

Total

Investments

-

98.7%

(identified

cost

$265,569)

350,999

Other

Assets

and

Liabilities,

Net

-

1.3%

4,789

Net

Assets

-

100.0%

355,788

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

International

Equity

Fund

439

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%

Adyen

NV

12/20/19

EUR

85

1,400

.25

119

231

Amundi

SA

01/10/17

EUR

2,267

54

.41

123

210

Auto

Trader

Group

PLC

12/11/20

GBP

12,919

7

.37

95

117

Covestro

AG

07/20/16

EUR

12,268

57

.80

709

789

Evolution

Gaming

Group

AB

11/24/20

SEK

3,266

105

.46

344

570

Hydro

One,

Ltd.

06/19/20

CAD

6,600

18

.71

123

163

La

Francaise

des

Jeux

SAEM

06/14/21

EUR

1,182

60

.08

71

63

Poste

Italiane

SpA

07/20/16

EUR

36,770

9

.39

345

487

Scout24

AG

12/11/20

EUR

1,854

81

.26

151

159

Siemens

Healthineers

AG

04/14/20

EUR

1,826

41

.17

75

121

Sinch

AB

06/14/21

SEK

14,370

18

.93

272

291

WH

Group,

Ltd.

04/30/19

HKD

469,438

0

.92

431

389

Zalando

SE

12/20/19

EUR

2,304

47

.22

109

256

3,846

For

a

description

of

restricted

securities

see

note

6

in

the

Notes

to

Quarterly

Report.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

EURO

STOXX

50

Index

Futures

156

EUR

6,377

09/21

(42)

FTSE

100

Index

Futures

18

GBP

1,254

09/21

(30)

Hang

Seng

Index

Futures

10

HKD

12,949

08/21

8

MSCI

Emerging

Markets

Index

Futures

50

USD

3,194

09/21

(224)

MSCI

Singapore

Index

Futures

21

SGD

758

08/21

5

S&P/TSX

60

Index

Futures

13

CAD

3,152

09/21

35

SPI

200

Index

Futures

16

AUD

2,920

09/21

4

TOPIX

Index

Futures

19

JPY

361,950

09/21

(76)

Short

Positions

S&P

500

E-Mini

Index

Futures

30

USD

6,584

09/21

(227)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(547)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

1,435

CAD

1,750

09/15/21

(33)

Bank

of

America

USD

3,205

EUR

2,690

09/15/21

(12)

Bank

of

America

USD

1,800

JPY

198,000

09/15/21

6

Bank

of

America

USD

1,080

NOK

9,000

09/15/21

(61)

Bank

of

America

EUR

1,200

USD

1,464

09/15/21

39

Bank

of

America

JPY

317,000

USD

2,898

09/15/21

7

Bank

of

Montreal

USD

457

AUD

591

09/15/21

(23)

Bank

of

Montreal

USD

1,394

CAD

1,685

09/15/21

(43)

Bank

of

Montreal

USD

1,069

EUR

875

09/15/21

(29)

Bank

of

Montreal

USD

899

GBP

637

09/15/21

(14)

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

440

Multifactor

International

Equity

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

Montreal

USD

515

NOK

4,264

09/15/21

(33)

Bank

of

Montreal

USD

818

NZD

1,140

09/15/21

(24)

Bank

of

Montreal

CHF

970

USD

1,086

09/15/21

13

Bank

of

Montreal

SEK

12,115

USD

1,467

09/15/21

60

Bank

of

New

York

USD

459

AUD

591

09/15/21

(25)

Bank

of

New

York

USD

1,396

CAD

1,685

09/15/21

(46)

Bank

of

New

York

USD

1,071

EUR

875

09/15/21

(32)

Bank

of

New

York

USD

901

GBP

637

09/15/21

(16)

Bank

of

New

York

USD

517

NOK

4,264

09/15/21

(34)

Bank

of

New

York

USD

821

NZD

1,140

09/15/21

(27)

Bank

of

New

York

CHF

970

USD

1,089

09/15/21

17

Bank

of

New

York

SEK

12,115

USD

1,471

09/15/21

63

BNP

Paribas

USD

1,768

CHF

1,600

09/15/21

—

Citigroup

USD

457

AUD

591

09/15/21

(23)

Citigroup

USD

1,394

CAD

1,685

09/15/21

(44)

Citigroup

USD

1,069

EUR

875

09/15/21

(30)

Citigroup

USD

899

GBP

637

09/15/21

(14)

Citigroup

USD

516

NOK

4,264

09/15/21

(33)

Citigroup

USD

818

NZD

1,140

09/15/21

(24)

Citigroup

CHF

970

USD

1,086

09/15/21

14

Citigroup

SEK

12,115

USD

1,468

09/15/21

61

JPMorgan

Chase

USD

457

AUD

591

09/15/21

(23)

JPMorgan

Chase

USD

1,394

CAD

1,685

09/15/21

(43)

JPMorgan

Chase

USD

1,069

EUR

875

09/15/21

(29)

JPMorgan

Chase

USD

899

GBP

637

09/15/21

(14)

JPMorgan

Chase

USD

515

NOK

4,264

09/15/21

(33)

JPMorgan

Chase

USD

818

NZD

1,140

09/15/21

(24)

JPMorgan

Chase

CHF

970

USD

1,086

09/15/21

13

JPMorgan

Chase

SEK

12,115

USD

1,467

09/15/21

60

Royal

Bank

of

Canada

USD

459

AUD

591

09/15/21

(25)

Royal

Bank

of

Canada

USD

1,396

CAD

1,685

09/15/21

(46)

Royal

Bank

of

Canada

USD

1,071

EUR

875

09/15/21

(32)

Royal

Bank

of

Canada

USD

901

GBP

637

09/15/21

(16)

Royal

Bank

of

Canada

USD

518

NOK

4,264

09/15/21

(35)

Royal

Bank

of

Canada

USD

822

NZD

1,140

09/15/21

(28)

Royal

Bank

of

Canada

CHF

970

USD

1,089

09/15/21

17

Royal

Bank

of

Canada

SEK

12,115

USD

1,472

09/15/21

64

State

Street

USD

179

HKD

1,390

09/15/21

—

State

Street

USD

1,328

JPY

145,470

09/15/21

(2)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(536)

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

International

Equity

Fund

441

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Australia

$

446

$

21,435

$

—

$

—

$

21,881

Austria

—

1,611

—

—

1,611

Belgium

—

2,839

—

—

2,839

Canada

30,219

—

—

—

30,219

Chile

—

101

—

—

101

Denmark

—

6,788

—

—

6,788

Finland

—

6,176

—

—

6,176

France

—

29,305

—

—

29,305

Germany

—

28,834

—

—

28,834

Hong

Kong

—

8,762

39

—

8,801

Ireland

—

2,777

—

—

2,777

Israel

270

1,501

—

—

1,771

Italy

—

5,147

—

—

5,147

Japan

—

71,919

—

—

71,919

Jersey

—

719

—

—

719

Luxembourg

—

2,277

—

—

2,277

Netherlands

—

14,464

—

—

14,464

New

Zealand

—

578

—

—

578

Norway

288

2,012

—

—

2,300

Portugal

—

201

3

—

204

Russia

—

280

—

—

280

Singapore

—

2,574

—

—

2,574

South

Africa

—

1,007

—

—

1,007

Spain

—

6,926

—

—

6,926

Sweden

—

12,973

—

—

12,973

Switzerland

—

28,255

—

—

28,255

United

Kingdom

—

36,779

—

—

36,779

United

States

623

334

—

—

957

Preferred

Stocks

—

4,218

—

—

4,218

Short-Term

Investments

—

—

—

16,851

16,851

Other

Securities

—

—

—

1,468

1,468

Total

Investments

31,846

300,792

42

18,319

350,999

Other

Financial

Instruments

Assets

Futures

Contracts

52

—

—

—

52

Foreign

Currency

Exchange

Contracts

—

434

—

—

434

Liabilities

Futures

Contracts

(599)

—

—

—

(599)

Foreign

Currency

Exchange

Contracts

—

(970)

—

—

(970)

Total

Other

Financial

Instruments

*

$

(547)

$

(536)

$

—

$

—

$

(1,083)

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

Russell

Investment

Company

Multifactor

International

Equity

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

442

Multifactor

International

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

July

31,

2021,

see

note

2

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

July

31,

2021,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

46,773

Consumer

Staples

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

18,607

Energy

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

11,669

Financial

Services

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

81,630

Health

Care

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

27,406

Materials

and

Processing

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

47,523

Producer

Durables

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

47,620

Technology

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

23,988

Utilities

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

23,246

Preferred

Stocks

Consumer

Discretionary

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

3,108

Consumer

Staples

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

514

Technology

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

596

Short-Term

Investments

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

16,851

Other

Securities

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

1,468

Total

Investments

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

350,999

Russell

Investment

Company

Multifactor

Bond

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

Bond

Fund

443

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

87.3%

Corporate

Bonds

and

Notes

-

14.4%

Berkshire

Hathaway

Energy

Co.

5.150%

due

11/15/43

147

198

Boardwalk

Pipelines,

LP

3.400%

due

02/15/31

203

219

Brighthouse

Financial,

Inc.

Series

WI

4.700%

due

06/22/47

98

110

Capital

One

Financial

Corp.

3.650%

due

05/11/27

195

219

Coca-Cola

Co.

(The)

1.125%

due

03/09/27

119

151

DH

Europe

Finance

II

SARL

0.450%

due

03/18/28

111

135

Energy

Transfer

Operating,

LP

7.500%

due

07/01/38

138

196

Enterprise

Products

Operating

LLC

Series

D

6.875%

due

03/01/33

125

180

Exelon

Generation

Co.

LLC

5.600%

due

06/15/42

183

220

Fiat

Chrysler

Automobiles

NV

Series

WI

5.250%

due

04/15/23

139

149

GE

Capital

International

Funding

Co.,

ULC

Series

WI

4.418%

due

11/15/35

200

244

General

Electric

Co.

Series

GMTN

6.875%

due

01/10/39

44

67

General

Motors

Financial

Co.,

Inc.

5.200%

due

03/20/23

38

41

3.700%

due

05/09/23

89

93

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.300%

due

01/15/29

149

176

HCA,

Inc.

5.250%

due

06/15/49

131

172

Inter-American

Development

Bank

3.125%

due

09/18/28

550

626

Jefferies

Group

LLC

Series

EMTN

6.250%

due

01/15/36

94

128

JPMorgan

Chase

&

Co.

2.182%

due

06/01/28

(SOFR

+

1.890%)(Ê)

141

146

Kinder

Morgan

Energy

Partners,

LP

6.550%

due

09/15/40

167

237

McDonald's

Corp.

4.700%

due

12/09/35

156

198

Microsoft

Corp.

3.500%

due

02/12/35

126

150

NGPL

PipeCo

LLC

4.875%

due

08/15/27

(Þ)

154

178

PacifiCorp

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.250%

due

10/15/37

144

208

Santander

Holdings,

Inc.

Series

FXD

3.500%

due

06/07/24

158

169

Southern

Power

Co.

5.150%

due

09/15/41

184

229

Spectra

Energy

Partners,

LP

4.750%

due

03/15/24

197

216

Synchrony

Financial

3.700%

due

08/04/26

157

172

Thermo

Fisher

Scientific,

Inc.

0.750%

due

09/12/24

126

154

Time

Warner

Cable

LLC

7.300%

due

07/01/38

117

172

T-Mobile

USA,

Inc.

Series

WI

3.500%

due

04/15/25

212

229

Upjohn

Finance

BV

2.700%

due

06/22/30

(Þ)

206

212

5,994

International

Debt

-

16.7%

Adani

Ports

and

Special

Economic

Zone,

Ltd.

Series

REGS

4.200%

due

08/04/27

200

210

Altria

Group,

Inc.

3.125%

due

06/15/31

EUR

88

123

AT&T,

Inc.

Series

MPLE

4.850%

due

05/25/47

CAD

256

230

Bank

of

America

Corp.

7.000%

due

07/31/28

GBP

50

96

Bank

of

Nova

Scotia

(The)

1.950%

due

02/01/23

215

220

Barclays

PLC

5.250%

due

08/17/45

157

212

Bayer

US

Finance

LLC

3.375%

due

10/08/24

(Þ)

204

219

Bayer

US

Finance

II

LLC

3.875%

due

12/15/23

(Þ)

204

218

Becton

Dickinson

and

Co.

1.000%

due

12/15/22

EUR

124

150

Berkshire

Hathaway

Finance

Corp.

2.375%

due

06/19/39

GBP

114

176

BNP

Paribas

SA

3.500%

due

03/01/23

(Þ)

221

232

Bocom

Leasing

Management

Hong

Kong

Co.,

Ltd.

4.375%

due

01/22/24

200

215

Brookfield

Finance

LLC

3.450%

due

04/15/50

206

218

Brookfield

Finance,

Inc.

4.350%

due

04/15/30

174

205

Canadian

Imperial

Bank

of

Commerce

3.100%

due

04/02/24

218

232

Comcast

Corp.

Russell

Investment

Company

Multifactor

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

444

Multifactor

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

0.250%

due

05/20/27

EUR

103

124

Credit

Suisse

Group

AG

Series

WI

3.800%

due

06/09/23

175

185

Danske

Bank

A/S

1.226%

due

06/22/24

(Þ)

147

149

Deutsche

Bank

AG

2.222%

due

09/18/24

(SOFR

+

2.159%)(Ê)

144

148

Deutsche

Telekom

International

Finance

BV

2.485%

due

09/19/23

(Þ)

227

235

Exxon

Mobil

Corp.

1.408%

due

06/26/39

EUR

171

206

Fidelity

National

Information

Services,

Inc.

0.750%

due

05/21/23

EUR

120

145

Honeywell

International,

Inc.

2.250%

due

02/22/28

EUR

100

136

IBM

Corp.

1.750%

due

03/07/28

EUR

100

132

Illinois

Tool

Works,

Inc.

1.000%

due

06/05/31

EUR

100

128

International

Bank

for

Reconstruction

&

Development

3.000%

due

10/19/26

AUD

50

41

Johnson

&

Johnson

0.650%

due

05/20/24

EUR

118

144

Marubeni

Corp.

1.319%

due

09/18/25

206

206

Medtronic

Global

Holdings

SCA

0.375%

due

03/07/23

EUR

102

122

PepsiCo,

Inc.

2.150%

due

05/06/24

CAD

257

212

Procter

&

Gamble

Co.

(The)

0.500%

due

10/25/24

EUR

126

154

SF

Holding

Investment,

Ltd.

4.125%

due

07/26/23

200

211

Southern

Copper

Corp.

7.500%

due

07/27/35

137

196

Standard

Chartered

PLC

4.300%

due

02/19/27

(Þ)

131

145

Sura

Asset

Management

SA

Series

REGS

4.875%

due

04/17/24

157

169

Sysco

Canada,

Inc.

3.650%

due

04/25/25

CAD

239

205

Verizon

Communications,

Inc.

4.500%

due

08/17/27

AUD

200

169

Volkswagen

Group

of

America

Finance

LLC

3.125%

due

05/12/23

(Þ)

146

152

Walmart,

Inc.

4.875%

due

09/21/29

EUR

73

120

Wells

Fargo

&

Co.

2.125%

due

12/20/23

GBP

91

130

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6,920

Non-US

Bonds

-

45.4%

Abbott

Laboratories

0.875%

due

09/27/23

EUR

118

144

Alimentation

Couche-Tard,

Inc.

Series

5

3.600%

due

06/02/25

CAD

244

210

AltaLink,

LP

3.717%

due

12/03/46

CAD

224

201

Anheuser-Busch

InBev

SA

9.750%

due

07/30/24

GBP

119

209

Assicurazioni

Generali

SpA

5.500%

due

10/27/47

(3

Month

EURIBOR

+

5.350%)(Ê)

EUR

91

134

Australia

Government

International

Bond

Series

142

4.250%

due

04/21/26

AUD

120

103

Series

162

1.750%

due

06/21/51

AUD

40

27

Bank

of

Montreal

2.370%

due

02/03/25

CAD

179

149

Bankinter

SA

1.250%

due

12/23/32

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

5

Year

Rate

+

1.450%)(Ê)

EUR

100

120

Becton

Dickinson

and

Co.

1.208%

due

06/04/26

EUR

124

155

Bonos

y

Obligaciones

del

Estado

Government

International

Bonds

1.250%

due

10/31/30

(Þ)

EUR

920

1,204

1.200%

due

10/31/40

(Þ)

EUR

60

75

Series

REGS

0.800%

due

07/30/27

(Þ)

EUR

200

252

BP

Capital

Markets

PLC

1.953%

due

03/03/25

EUR

119

152

Brookfield

Asset

Management,

Inc.

5.040%

due

03/08/24

CAD

228

199

Bundesrepublik

Deutschland

0.000%

due

08/15/50

EUR

40

47

Buoni

del

Tesoro

Poliennali

Bonds

1.500%

due

06/01/25

EUR

450

568

Caisse

d'Amortissement

de

la

Dette

Sociale

0.000%

due

05/25/31

EUR

100

119

Canadian

National

Railway

Co.

3.950%

due

09/22/45

CAD

157

138

Cie

de

Saint-Gobain

SA

1.750%

due

04/03/23

EUR

100

123

Compass

Group

PLC

1.875%

due

01/27/23

EUR

100

123

Conti-Gummi

Finance

BV

2.125%

due

11/27/23

EUR

137

171

Credit

Agricole

SA

2.000%

due

07/17/30

EUR

100

127

Czech

Republic

Government

International

Bond

Russell

Investment

Company

Multifactor

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

Bond

Fund

445

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

100

0.250%

due

02/10/27

CZK

2,900

125

Danaher

Corp.

2.500%

due

03/30/30

EUR

164

231

Denmark

Government

International

Bond

1.750%

due

11/15/25

DKK

831

146

E.ON

SE

0.375%

due

04/20/23

EUR

120

144

Enbridge

Pipelines,

Inc.

5.350%

due

11/10/39

CAD

102

98

Enbridge,

Inc.

5.570%

due

11/14/35

CAD

207

196

Enel

Finance

International

NV

1.000%

due

09/16/24

EUR

123

152

Enel

SpA

5.750%

due

06/22/37

GBP

59

121

Engie

Alliance

GIE

5.750%

due

06/24/23

EUR

141

186

Engie

SA

0.875%

due

09/19/25

EUR

100

124

Eni

SpA

1.500%

due

01/17/27

EUR

135

173

Fairfax

Financial

Holdings,

Ltd.

4.700%

due

12/16/26

CAD

230

206

France

Government

International

Bond

4.000%

due

04/25/60

EUR

90

223

Fresenius

Finance

Ireland

PLC

1.500%

due

01/30/24

EUR

166

205

Gatwick

Funding,

Ltd.

2.500%

due

04/15/30

GBP

100

141

GE

Capital

European

Funding

Unlimited

Co.

6.025%

due

03/01/38

EUR

98

198

GE

Capital

UK

Funding

Co.

8.000%

due

01/14/39

GBP

62

155

HSBC

Holdings

PLC

7.000%

due

04/07/38

GBP

50

109

Hungary

Government

International

Bond

Series

24/C

2.500%

due

10/24/24

HUF

25,000

84

Iberdrola

International

BV

1.750%

due

09/17/23

EUR

100

124

Innogy

Finance

BV

3.000%

due

01/17/24

EUR

147

188

Intermediate

Capital

Group

PLC

1.625%

due

02/17/27

EUR

143

176

Intesa

Sanpaolo

SpA

1.375%

due

01/18/24

EUR

123

152

Italy

Buoni

Poliennali

Del

Tesoro

0.950%

due

09/15/27

(Þ)

EUR

150

187

2.150%

due

03/01/72

(Þ)

EUR

325

395

Japan

10

Year

Government

International

Bond

Series

349

0.100%

due

12/20/27

JPY

115,000

1,063

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Japan

20

Year

Government

International

Bond

Series

165

0.500%

due

06/20/38

JPY

76,000

717

Japan

30

Year

Government

International

Bond

Series

33

2.000%

due

09/20/40

JPY

24,000

284

Series

37

1.900%

due

09/20/42

JPY

59,000

698

Japan

40

Year

Government

International

Bond

Series

13

0.500%

due

03/20/60

JPY

53,900

456

Jyske

Bank

A/S

0.625%

due

06/20/24

(EUR

Swap

Annual

[versus

6

Month

EURIBOR]

1

Year

Rate

+

0.950%)(Ê)

EUR

102

123

KfW

0.010%

due

03/31/25

EUR

110

133

0.500%

due

09/15/27

EUR

300

377

Lloyds

Banking

Group

PLC

1.875%

due

01/15/26

(U.K.

Government

Bonds

1

Year

Note

Generic

Bid

Yield

+

1.300%)(Ê)

GBP

109

155

Loblaw

Cos.,

Ltd.

4.860%

due

09/12/23

CAD

230

197

LVMH

Moet

Hennessy

Louis

Vuitton

SE

0.125%

due

02/28/23

EUR

100

120

Mexican

Bonos

Series

M

7.750%

due

11/13/42

MXN

3,110

159

National

Bank

of

Canada

2.580%

due

02/03/25

CAD

178

149

Nederlandse

Waterschapsbank

NV

0.125%

due

05/28/27

EUR

360

439

Nestle

Holdings,

Inc.

0.750%

due

05/16/23

EUR

92

111

Network

Rail

Infrastructure

Finance

PLC

4.750%

due

11/29/35

GBP

135

279

New

Zealand

Government

International

Bond

Series

0427

4.500%

due

04/15/27

NZD

60

49

Northern

Powergrid

Holdings

Co.

7.250%

due

12/15/22

GBP

110

167

Norway

Government

International

Bond

Series

478

1.500%

due

02/19/26

(Þ)

NOK

200

23

Orange

SA

3.125%

due

01/09/24

EUR

100

129

Poland

Government

International

Bond

Series

1029

2.750%

due

10/25/29

PLN

400

114

Prosus

NV

Series

REGS

2.031%

due

08/03/32

EUR

100

121

Royal

Bank

of

Canada

Russell

Investment

Company

Multifactor

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

446

Multifactor

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

DPNT

2.360%

due

12/05/22

CAD

189

155

Santander

Issuances

SA

2.500%

due

03/18/25

EUR

100

129

Santander

UK

Group

Holdings

PLC

1.125%

due

09/08/23

EUR

108

132

7.037%

due

08/29/49

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

3.750%)(Ê)(ƒ)

GBP

110

170

Schneider

Electric

SE

0.875%

due

03/11/25

EUR

100

124

Sky,

Ltd.

2.500%

due

09/15/26

EUR

112

150

Standard

Chartered

PLC

5.125%

due

06/06/34

GBP

65

117

Sweden

Government

International

Bond

Series

1058

2.500%

due

05/12/25

SEK

860

110

Switzerland

Government

International

Bond

0.002%

due

07/24/39

CHF

120

136

Telefonica

Emisiones

SA

5.289%

due

12/09/22

GBP

150

222

TELUS

Corp.

Series

CJ

3.350%

due

03/15/23

CAD

241

200

Terega

2.200%

due

08/05/25

EUR

100

129

Tesco

Corp.

Treasury

Services

PLC

2.500%

due

05/02/25

GBP

91

134

Toronto-Dominion

Bank

(The)

0.375%

due

04/25/24

EUR

102

123

Treasury

Corp.

of

Victoria

1.500%

due

09/10/31

AUD

200

147

UniCredit

SpA

2.000%

due

03/04/23

EUR

114

140

United

Kingdom

Gilt

0.250%

due

07/31/31

GBP

230

307

3.500%

due

01/22/45

GBP

74

157

1.625%

due

10/22/54

GBP

100

165

United

Parcel

Service,

Inc.

0.375%

due

11/15/23

EUR

117

141

Volkswagen

Group

of

America

Finance

LLC

2.125%

due

06/27/24

GBP

100

144

Volkswagen

International

Finance

NV

Series

EMTN

0.875%

due

01/16/23

EUR

142

171

Westcoast

Energy,

Inc.

3.120%

due

12/05/22

CAD

241

199

Woolworths

Group,

Ltd.

2.850%

due

04/23/24

AUD

220

170

18,824

United

States

Government

Treasuries

-

10.8%

United

States

Treasury

Notes

1.625%

due

10/31/26

1,400

1,464

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.250%

due

02/15/29

994

1,298

0.625%

due

08/15/30

600

571

1.125%

due

02/15/31

400

397

2.250%

due

08/15/46

110

118

2.250%

due

08/15/49

280

301

1.250%

due

05/15/50

400

340

4,489

Total

Long-Term

Investments

(cost

$34,963

)

36,227

Short-Term

Investments

-

10.6%

U.S.

Cash

Management

Fund(@)

2,171,740(∞)

2,171

United

States

Treasury

Notes

0.125%

due

06/30/22

1,700

1,701

0.125%

due

07/31/22

525

525

Total

Short-Term

Investments

(cost

$4,397)

4,397

Total

Investments

-

97.9%

(identified

cost

$39,360)

40,624

Other

Assets

and

Liabilities,

Net

-

2.1%

885

Net

Assets

-

100.0%

41,509

Russell

Investment

Company

Multifactor

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

Bond

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

$

$

$

9.3%

Bayer

US

Finance

LLC

11/14/19

204,000

101.80

208

219

Bayer

US

Finance

II

LLC

11/13/19

204,000

102.66

209

218

BNP

Paribas

SA

02/04/20

221,000

102.24

226

232

Bonos

y

Obligaciones

del

Estado

Government

International

Bonds

11/12/20

EUR

920,000

130.24

1,197

1,204

Bonos

y

Obligaciones

del

Estado

Government

International

Bonds

12/10/20

EUR

200,000

129.27

259

252

Bonos

y

Obligaciones

del

Estado

Government

International

Bonds

06/01/21

EUR

60,000

123.01

74

75

Danske

Bank

A/S

02/16/21

147,000

101.34

149

149

Deutsche

Telekom

International

Finance

BV

04/27/20

227,000

101.80

232

235

Italy

Buoni

Poliennali

Del

Tesoro

12/10/20

EUR

150,000

126.82

190

187

Italy

Buoni

Poliennali

Del

Tesoro

04/16/21

EUR

325,000

119.04

387

395

NGPL

PipeCo

LLC

04/27/20

154,000

101.65

157

178

Norway

Government

International

Bond

07/16/20

NOK

200,000

11.28

23

23

Standard

Chartered

PLC

02/16/21

131,000

111.33

146

145

Upjohn

Finance

BV

07/15/20

206,000

105.10

217

212

Volkswagen

Group

of

America

Finance

LLC

03/03/21

146,000

104.43

152

152

3,876

For

a

description

of

restricted

securities

see

note

6

in

the

Notes

to

Quarterly

Report.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Euro-Bund

Futures

5

EUR

883

09/21

29

Japanese

Mini

10-Year  Government

Bond

Futures

5

JPY

76,165

09/21

4

Long

Gilt

Futures

1

GBP

130

09/21

4

United

States

5

Year

Treasury

Note

Futures

1

USD

124

09/21

1

United

States

10

Year

Treasury

Note

Futures

12

USD

1,614

09/21

28

United

States

Treasury

Long

Bond

Futures

3

USD

494

09/21

17

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

83

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

AUD

10

USD

8

09/09/21

—

Bank

of

America

AUD

30

USD

22

09/09/21

—

Bank

of

America

AUD

40

USD

31

09/09/21

1

Bank

of

America

AUD

859

USD

666

09/09/21

36

Bank

of

America

CZK

2,829

USD

136

09/15/21

5

Bank

of

America

HUF

26,320

USD

93

09/15/21

6

Bank

of

America

NOK

53

USD

6

09/09/21

—

Bank

of

America

NOK

271

USD

32

09/09/21

2

Bank

of

America

NOK

285

USD

33

09/09/21

—

Bank

of

America

NOK

5,534

USD

663

09/09/21

38

Bank

of

America

PLN

439

USD

120

09/15/21

6

Bank

of

New

York

USD

424

NOK

3,500

09/15/21

(29)

Bank

of

New

York

AUD

221

USD

171

09/15/21

9

Bank

of

New

York

CAD

922

USD

764

09/15/21

25

Bank

of

New

York

CHF

30

USD

34

09/15/21

1

Bank

of

New

York

DKK

231

USD

38

09/15/21

1

Bank

of

New

York

EUR

2,367

USD

2,896

09/15/21

88

Bank

of

New

York

GBP

536

USD

759

09/15/21

13

Russell

Investment

Company

Multifactor

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

448

Multifactor

Bond

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

New

York

JPY

87,875

USD

805

09/15/21

4

Bank

of

New

York

MXN

806

USD

41

09/15/21

—

Bank

of

New

York

NOK

52

USD

6

09/15/21

—

Bank

of

New

York

NZD

19

USD

14

09/15/21

—

Bank

of

New

York

SEK

249

USD

30

09/15/21

1

Bank

of

New

York

SEK

3,500

USD

425

09/15/21

18

Citigroup

USD

124

GBP

90

09/09/21

1

Citigroup

USD

426

GBP

300

09/09/21

(8)

Citigroup

USD

681

GBP

480

09/09/21

(15)

Citigroup

AUD

221

USD

171

09/15/21

9

Citigroup

CAD

922

USD

763

09/15/21

24

Citigroup

CHF

—

USD

—

09/09/21

—

Citigroup

CHF

15

USD

16

09/09/21

—

Citigroup

CHF

21

USD

24

09/09/21

—

Citigroup

CHF

914

USD

1,021

09/09/21

11

Citigroup

CHF

30

USD

34

09/15/21

—

Citigroup

DKK

231

USD

38

09/15/21

1

Citigroup

EUR

2,367

USD

2,891

09/15/21

81

Citigroup

GBP

578

USD

808

09/09/21

4

Citigroup

GBP

536

USD

757

09/15/21

12

Citigroup

JPY

87,875

USD

803

09/15/21

1

Citigroup

MXN

806

USD

41

09/15/21

—

Citigroup

NOK

52

USD

6

09/15/21

—

Citigroup

NZD

19

USD

14

09/15/21

—

Citigroup

SEK

249

USD

30

09/15/21

1

JPMorgan

Chase

AUD

221

USD

171

09/15/21

9

JPMorgan

Chase

CAD

922

USD

762

09/15/21

25

JPMorgan

Chase

CHF

30

USD

34

09/15/21

—

JPMorgan

Chase

DKK

231

USD

38

09/15/21

1

JPMorgan

Chase

EUR

2,367

USD

2,890

09/15/21

80

JPMorgan

Chase

GBP

536

USD

758

09/15/21

12

JPMorgan

Chase

JPY

87,875

USD

802

09/15/21

1

JPMorgan

Chase

MXN

806

USD

41

09/15/21

—

JPMorgan

Chase

NOK

52

USD

6

09/15/21

—

JPMorgan

Chase

NZD

19

USD

14

09/15/21

—

JPMorgan

Chase

SEK

249

USD

30

09/15/21

1

Royal

Bank

of

Canada

USD

3

CAD

3

09/09/21

—

Royal

Bank

of

Canada

USD

709

CAD

882

09/09/21

(2)

Royal

Bank

of

Canada

USD

1,029

CAD

1,243

09/09/21

(32)

Royal

Bank

of

Canada

USD

12

EUR

10

09/09/21

—

Royal

Bank

of

Canada

USD

179

EUR

150

09/09/21

(1)

Royal

Bank

of

Canada

USD

394

EUR

322

09/09/21

(11)

Royal

Bank

of

Canada

USD

425

NOK

3,500

09/15/21

(29)

Royal

Bank

of

Canada

AUD

17

USD

13

09/15/21

—

Royal

Bank

of

Canada

AUD

221

USD

171

09/15/21

9

Royal

Bank

of

Canada

CAD

821

USD

680

09/09/21

21

Royal

Bank

of

Canada

CAD

17

USD

14

09/15/21

—

Royal

Bank

of

Canada

CAD

922

USD

764

09/15/21

25

Royal

Bank

of

Canada

CHF

30

USD

34

09/15/21

1

Royal

Bank

of

Canada

DKK

231

USD

38

09/15/21

1

Royal

Bank

of

Canada

EUR

384

USD

457

09/09/21

1

Royal

Bank

of

Canada

EUR

2,367

USD

2,897

09/15/21

87

Royal

Bank

of

Canada

GBP

536

USD

759

09/15/21

14

Royal

Bank

of

Canada

JPY

1,400

USD

13

09/15/21

—

Royal

Bank

of

Canada

JPY

87,875

USD

805

09/15/21

4

Royal

Bank

of

Canada

MXN

806

USD

41

09/15/21

—

Royal

Bank

of

Canada

NOK

52

USD

6

09/15/21

—

Royal

Bank

of

Canada

NZD

19

USD

14

09/15/21

—

Royal

Bank

of

Canada

SEK

249

USD

30

09/15/21

1

Royal

Bank

of

Canada

SEK

3,500

USD

425

09/15/21

18

State

Street

USD

25

CAD

30

09/15/21

(1)

Russell

Investment

Company

Multifactor

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

Bond

Fund

449

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

State

Street

USD

48

EUR

40

09/15/21

—

State

Street

USD

304

EUR

250

09/15/21

(7)

State

Street

USD

21

GBP

15

09/15/21

—

State

Street

USD

174

JPY

19,027

09/09/21

—

State

Street

USD

7

NZD

10

09/09/21

—

State

Street

USD

7

NZD

11

09/09/21

—

State

Street

USD

10

NZD

14

09/09/21

—

State

Street

USD

338

NZD

463

09/09/21

(16)

State

Street

CAD

20

USD

17

09/15/21

—

State

Street

CAD

22

USD

17

09/15/21

—

State

Street

EUR

10

USD

12

09/15/21

—

State

Street

EUR

10

USD

12

09/15/21

—

State

Street

EUR

20

USD

24

09/15/21

1

State

Street

EUR

22

USD

27

09/15/21

1

State

Street

EUR

25

USD

30

09/15/21

—

State

Street

EUR

25

USD

30

09/15/21

—

State

Street

EUR

50

USD

59

09/15/21

—

State

Street

EUR

88

USD

104

09/15/21

(1)

State

Street

EUR

146

USD

177

09/15/21

4

State

Street

GBP

9

USD

12

09/15/21

—

State

Street

GBP

12

USD

16

09/15/21

—

State

Street

GBP

18

USD

25

09/15/21

—

State

Street

GBP

20

USD

28

09/15/21

—

State

Street

GBP

120

USD

164

09/15/21

(3)

State

Street

JPY

700

USD

6

09/15/21

—

State

Street

SEK

38

USD

4

09/09/21

—

State

Street

SEK

55

USD

6

09/09/21

—

State

Street

SEK

93

USD

11

09/09/21

—

State

Street

SEK

2,797

USD

338

09/09/21

13

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

574

Credit

Default

Swap

Contracts

Amounts

in

thousands

Credit

Indices

Reference

Entity

Counterparty

Purchase/Sell

Protection

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

CDX

NA

Investment

Grade

Index

Goldman

Sachs

Purchase

USD

8,400

(1.000%)

(2)

06/20/26

(201)

(1)

(202)

Total

Open

Credit

Indices

Contracts

(å)

(201)

(1)

(202)

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

$

—

$

5,994

$

—

$

—

$

5,994

International

Debt

—

6,920

—

—

6,920

Non-US

Bonds

—

18,824

—

—

18,824

Russell

Investment

Company

Multifactor

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

450

Multifactor

Bond

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

United

States

Government

Treasuries

—

4,489

—

—

4,489

Short-Term

Investments

—

2,226

—

2,171

4,397

Total

Investments

—

38,453

—

2,171

40,624

Other

Financial

Instruments

Assets

Futures

Contracts

83

—

—

—

83

Foreign

Currency

Exchange

Contracts

—

729

—

—

729

Liabilities

Foreign

Currency

Exchange

Contracts

—

(155)

—

—

(155)

Credit

Default

Swap

Contracts

—

(202)

—

—

(202)

Total

Other

Financial

Instruments

*

$

83

$

372

$

—

$

—

$

455

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

July

31,

2021,

see

note

2

in

the

Notes

to

Quarterly

Report.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Australia

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

448

Belgium

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

209

Canada

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

3,297

China

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

426

Colombia

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

169

Czech

Republic

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

125

Denmark

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

417

France

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

1,634

Germany

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

2,409

Hungary

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

84

India

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

210

Ireland

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

701

Italy

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

1,870

Japan

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

3,424

Luxembourg

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

266

Mexico

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

159

Netherlands

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

1,007

New

Zealand

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

49

Norway

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

23

Peru

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

196

Poland

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

114

Russell

Investment

Company

Multifactor

Bond

Fund

Schedule

of

Investments,

continued

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Multifactor

Bond

Fund

451

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Spain

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

2,002

Sweden

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

110

Switzerland

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

322

United

Kingdom

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

2,989

United

States

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

17,964

Total

Investments

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

40,624

Russell

Investment

Company

Notes

to

Schedules

of

Investments

—

July

31,

2021

(Unaudited)

452

Notes

to

Schedules

of

Investments

Footnotes:

Abbreviations:

(Æ)

Non-Income

producing

security.

(Ï)

Forward

commitment.

(Ê)

Variable,

adjustable

or

floating

rate

security.

Rate

shown

reflects

rate

in

effect

at

period

end.

(ƒ)

Perpetual

floating

rate

security.

Rate

shown

reflects

rate

in

effect

at

period

end.

(ö)

Real

Estate

Investment

Trust

(REIT).

(µ)

Bond

is

insured

by

a

guarantor.

(Ø)

In

default.

(ç)

At

amortized

cost,

which

approximates

fair

value.

(ž

)

Rate

noted

is

yield-to-maturity

from

date

of

acquisition.

(æ)

Pre-refunded:

These

bonds

are

collateralized

by

U.S.

Treasury

securities,

which

are

held

in

escrow

by

a

trustee

and

used

to

pay

principal

and

interest

in

the

tax-exempt

issue

and

to

retire

the

bonds

in

full

at

the

earliest

refunding

date.

(§)

All

or

a

portion

of

the

shares

of

this

security

are

pledged

as

collateral

in

connection

with

futures

contracts

purchased

(sold)

or

swap

contracts

entered

into

by

the

Fund.

(x)

The

security

is

purchased

with

the

cash

collateral

from

the

securities

loaned.

(Ñ)

All

or

a

portion

of

the

shares

of

this

security

are

on

loan.

(Þ)

Restricted

security.

Security

may

have

contractual

restrictions

on

resale,

may

have

been

offered

in

a

private

placement

transaction,

and

is

not

registered

under

the

Securities

Act

of

1933.

(Û)

All

or

a

portion

of

the

shares

of

this

security

are

pledged

as

collateral

in

connection

with

securities

sold

short.

(ÿ)

Notional

amount

in

thousands.

(∞)

Unrounded

units.

(å)

Currency

balances

were

pledged

in

connection

with

futures

contracts

purchased

(sold),

options

written,

foreign

currency

exchange

contracts,

or

swaps

entered

into

by

the

Fund.

(ì)

All

or

a

portion

of

the

shares

of

this

security

are

pledged

as

collateral

in

connection

with

options

written

contracts.

(v)

Loan

agreement

still

pending.

Rate

not

available

at

period

end.

(

Š)

Value

was

determined

using

significant

unobservable

inputs

.

(

~)

Rate

fluctuates

based

on

various

factors

such

as

changes

in

current

rates

and

prepayments

of

the

underlying

assets,

changes

in

the

CPI

or

other

contractual

arrangements

.

(

@)

Affiliate

.

(

Ÿ)

Rate

noted

is

dividend

yield

at

period

end

.

(

¢)

Date

shown

reflects

next

contractual

call

date.

(

+)

All

or

a

portion

of

the

security

is

owned

by

the

Cayman

Multi-Asset

Growth

Strategy

Fund

Ltd.

See

note

3

in

the

Notes

to

Quarterly

Report

for

details

.

(

Œ

)

Unfunded

loan

agreement.

(

Ð

)

All

or

a

portion

of

the

shares

of

this

security

are

on

loan

through

the

reciprocal

lending

program

with

State

Street.

See

note

2

in

the

Notes

to

Quarterly

Report.

(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

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

CVO

-

Contingent

Value

Obligation

EMU

-

European

Economic

and

Monetary

Union

EURIBOR

-

Euro

Interbank

Offered

Bank

FDIC

-

Federal

Deposit

Insurance

Company

GDR

-

Global

Depositary

Receipt

GDS

-

Global

Depositary

Share

Russell

Investment

Company

Notes

to

Schedules

of

Investments,

continued

—

July

31,

2021

(Unaudited)

Notes

to

Schedules

of

Investments

453

Foreign

Currency

Abbreviations:

GSCI

–

Goldman

Sachs

Commodity

Index

HIBOR

–

Hong

Kong

Interbank

Offered

Rate

JIBAR

-

Johannesburg

Interbank

Agreed

Rate

KSDA

–

Korean

Securities

Dealers

Association

LIBOR

-

London

Interbank

Offered

Rate

MIBOR

-

Mumbai

Interbank

Offered

Rate

NIBOR

-

Norwegian

Interbank

Offered

Rate

PIK

-

Payment

in

Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

SOFR

–

Secured

Overnight

Financing

Rate

STIBOR

–

Stockholm

Interbank

Offered

Rate

STRIP

-

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

SFE

-

Sydney

Futures

Exchange

TBA

-

To

Be

Announced

Security

UK

-

United

Kingdom

WTI

–

West

Texas

Intermediate

ARS

-

Argentine

peso

HKD

-

Hong

Kong

dollar

PKR

-

Pakistani

rupee

AUD

-

Australian

dollar

HUF

-

Hungarian

forint

PLN

-

Polish

zloty

BRL

-

Brazilian

real

IDR

-

Indonesian

rupiah

RON

-

Romanian

New

Leu

CAD

-

Canadian

dollar

ILS

-

Israeli

shekel

RUB

-

Russian

ruble

CHF

-

Swiss

franc

INR

-

Indian

rupee

SEK

-

Swedish

krona

CLP

-

Chilean

peso

ISK

-

Icelandic

krona

SGD

-

Singapore

dollar

CNY

-

Chinese

offshore

spot

ITL

-

Italian

lira

SKK

-

Slovakian

koruna

CNY

-

Chinese

renminbi

yuan

JPY

-

Japanese

yen

THB

-

Thai

baht

COP

-

Colombian

peso

KES

-

Kenyan

schilling

TRY

-

Turkish

lira

CRC

-

Costa

Rican

colon

KRW

-

South

Korean

won

TWD

-

Taiwanese

dollar

CZK

-

Czech

koruna

MXN

-

Mexican

peso

USD

-

United

States

dollar

DKK

-

Danish

krone

MYR

-

Malaysian

ringgit

UYU

–

Uruguayan

peso

DOP

-

Dominican

peso

NOK

-

Norwegian

krone

VEB

-

Venezuelan

bolivar

EGP

-

Egyptian

pound

NGN

–

Nigerian

naira

VND

-

Vietnamese

dong

EUR

-

Euro

NZD

-

New

Zealand

dollar

ZAR

-

South

African

rand

GBP

-

British

pound

sterling

PEN

-

Peruvian

nuevo

sol

GHS

-

Ghana

cedi

PHP

-

Philippine

peso

Russell

Investment

Company

Notes

to

Quarterly

Report

—

July

31,

2021

(Unaudited)

454

Notes

to

Quarterly

Report

1.

Organization

Russell

Investment

Company

(the

“Investment

Company”

or

“RIC”)

is

a

series

investment

company

with

31

different

investment

portfolios

referred

to

as

funds.

This

Quarterly

Report

reports

on

25

of

these

funds

(each

a

"Fund"

and

collectively

the

"Funds").

The

Investment

Company

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(“Investment

Company

Act”),

as

an

open-end

management

investment

company.

It

is

organized

and

operated

as

a

Massachusetts

business

trust

under

a

Fourth

Amended

and

Restated

Master

Trust

Agreement

dated

December

7,

2020,

as

amended

(“Master

Trust

Agreement”),

and

the

provisions

of

Massachusetts

law

governing

the

operation

of

a

Massachusetts

business

trust.

The

Investment

Company’s

Master

Trust

Agreement

permits

the

Board

of

Trustees

(the

“Board”)

to

issue

an

unlimited

number

of

shares

of

beneficial

interest.

Each

of

the

Funds

is

diversified.

Under

the

Investment

Company

Act,

a

diversified

company

is

defined

as

a

management

company

which

meets

the

following

requirements:

at

least

75%

of

the

value

of

its

total

assets

is

represented

by

cash

and

cash

equivalents

(including

receivables),

government

securities,

securities

of

other

investment

companies,

and

other

securities

for

the

purposes

of

this

calculation

limited

in

respect

of

any

one

issuer

to

an

amount

not

greater

in

value

than

five

percent

of

the

value

of

the

total

assets

of

such

management

company

and

to

not

more

than

10%

of

the

outstanding

voting

securities

of

such

issuer.

Unless

otherwise

specified,

“period”

(as

used

within

this

Quarterly

Report)

refers

to

the

nine

months

ended

July

31,

2021.

2.

Significant

Accounting

Policies

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds

in

the

preparation

of

this

Quarterly

Report.

These

policies

are

in

conformity

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.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

each

Fund

in

the

preparation

of

this

Quarterly

Report.

Security

Valuation

The

Funds

value

portfolio

securities

according

to

Board-approved

securities

valuation

procedures

which

include

market

and

fair

value

procedures.

The

Board

has

delegated

the

responsibility

for

administration

of

the

securities

valuation

procedures

to

Russell

Investments

Fund

Services,

LLC

("RIFUS").

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

and

requires

a

separate

disclosure

of

the

fair

value

hierarchy

for

each

major

category

of

assets

and

liabilities,

that

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

RIFUS,

acting

at

the

discretion

of

the

Board,

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

judgement.

Accordingly,

the

degree

of

judgement

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

Notes

to

Quarterly

Report

455

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

market

values

of

financial

instruments

categorized

as

Level

1

and

Level

2

of

the

fair

value

hierarchy

are

as

follows:

Equity

securities,

including

common

and

preferred

stock,

short

securities,

ETFs

and

restricted

securities

that

are

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market),

are

stated

at

the

last

reported

sales

price

on

the

day

of

valuation

or

official

closing

price,

as

applicable.

To

the

extent

these

securities

are

actively

traded,

and

valuation

adjustments

are

not

applied,

they

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Preferred

stock

and

other

equities

traded

on

inactive

markets

or

valued

by

reference

to

similar

instruments

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Certain

foreign

equity

securities

may

be

fair

valued

using

a

pricing

service

that

considers

the

correlation

of

the

trading

patterns

of

the

foreign

security

to

the

intraday

trading

in

the

U.S.

markets

for

investments

such

as

American

Depositary

Receipts,

financial

futures,

exchange-traded

funds,

and

the

movement

of

certain

indexes

of

securities,

based

on

the

statistical

analysis

of

historical

relationships.

Foreign

equity

securities

prices

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Fixed

income

securities

including

corporate,

convertible,

U.S.

government

agency,

municipal

bonds

and

notes,

U.S.

treasury

obligations,

sovereign

issues,

bank

loans,

bank

notes

and

non-U.S.

bonds

are

normally

valued

by

pricing

service

providers

that

use

broker

dealer

quotations

or

valuation

estimates

from

their

internal

pricing

models.

The

pricing

service

providers’

internal

models

use

inputs

that

are

observable

such

as

issuer

details,

interest

rates,

yield

curves,

prepayment

speeds,

credit

risks/spreads

and

default

rates.

Such

fixed

income

securities

that

use

pricing

service

internal

models

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Such

fixed

income

securities

that

use

broker

dealer

quotations

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

Fixed

income

securities

purchased

on

a

delayed-delivery

basis

and

marked-to-market

daily

until

settlement

at

the

forward

settlement

date

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Mortgage

and

asset-backed

securities

are

usually

issued

as

separate

tranches,

or

classes,

of

securities

within

each

deal.

These

securities

are

also

normally

valued

by

pricing

service

providers

that

use

broker

dealer

quotations

or

valuation

estimates

from

their

internal

pricing

models.

The

pricing

models

for

these

securities

usually

consider

tranche-level

attributes,

including

estimated

cash

flows

of

each

tranche,

market-based

yield

spreads

for

each

tranche,

and

current

market

data,

as

well

as

incorporate

deal

collateral

performance,

as

available.

Mortgage

and

asset-backed

securities

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Investments

in

investment

funds

that

are

not

traded

on

a

national

securities

exchange

will

be

valued

based

upon

the

net

asset

value

(“NAV”)

of

such

investments.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

of

an

investment

in

a

fund

using

the

NAV

per

share

without

further

adjustment

as

a

practical

expedient,

if

the

NAV

per

share

of

the

investment

is

determined

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies

as

of

the

reporting

entity’s

measurement

date.

Short-term

investments

having

a

maturity

of

60

days

or

less

are

generally

valued

at

amortized

cost,

which

approximates

fair

market

value.

These

investments

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Derivative

instruments

are

instruments

such

as

foreign

currency

exchange

contracts,

futures

contracts,

options

contracts,

or

swap

agreements

that

derive

their

value

from

underlying

asset

prices,

indices,

reference

rates,

and

other

inputs

or

a

combination

of

these

factors.

Derivatives

may

be

classified

into

two

groups

depending

upon

the

way

that

they

are

traded:

privately

traded

over-the-

counter

(“OTC”)

derivatives

that

do

not

go

through

an

exchange

or

intermediary

and

exchange-traded

derivatives

that

are

traded

through

specialized

derivatives

exchanges

or

other

regulated

exchanges.

OTC

derivatives

are

normally

valued

on

the

basis

of

broker

dealer

quotations

or

pricing

service

providers.

Depending

on

the

product

and

the

terms

of

the

transaction,

the

value

of

the

derivative

instrument

can

be

estimated

by

a

pricing

service

provider

using

a

series

of

techniques,

including

simulation

pricing

models.

The

pricing

models

use

inputs

that

are

observed

from

actively

quoted

markets

such

as

issuer

details,

indices,

spreads,

interest

rates,

yield

curves,

dividends

and

exchange

rates.

OTC

derivatives

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy,

with

the

exception

of

foreign

currency

spot

contracts

which

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

OTC

derivatives

that

use

broker

dealer

quotations

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

Exchange-traded

derivatives

are

valued

based

on

the

last

reported

sales

price

on

the

day

of

valuation

and

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Centrally

cleared

swaps

listed

or

traded

on

a

multilateral

or

trade

facility

platform,

such

as

a

registered

exchange,

are

valued

at

the

daily

settlement

price

determined

by

the

respective

exchange.

For

centrally

cleared

credit

default

swaps,

the

clearing

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

456

Notes

to

Quarterly

Report

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

London

Interbank

Offered

Rate

(“LIBOR”)

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

will

use

fair

value

pricing

in

limited

circumstances

since

reliable

market

quotations

will

often

be

readily

available.

Funds

that

invest

in

foreign

securities

use

fair

value

pricing

daily

as

events

may

occur

between

the

close

of

foreign

markets

and

the

time

of

pricing.

Although

there

are

observable

inputs

assigned

on

a

security

level,

prices

are

derived

from

factors

using

proprietary

models

or

matrix

pricing.

For

this

reason,

fair

value

factors

will

cause

movement

between

Levels

1

and

2.

Examples

of

significant

events

that

generally

trigger

fair

value

pricing

of

one

or

more

securities

are:

any

market

movement

of

the

U.S.

securities

market

(defined

in

the

fair

value

procedures

as

the

movement

of

a

single

major

U.S.

Index);

a

company

development

such

as

a

material

business

development;

a

natural

disaster,

a

public

health

emergency

affecting

one

or

more

countries

in

the

global

economy

(including

an

emergency

which

results

in

the

closure

of

financial

markets)

or

other

emergency

situation;

or

an

armed

conflict.

The

NAV

of

a

Fund’s

portfolio

that

includes

foreign

securities

may

change

on

days

when

shareholders

will

not

be

able

to

purchase

or

redeem

Fund

shares,

since

foreign

securities

can

trade

on

non-business

days.

The

Equity

Income,

Sustainable

Equity,

U.S.

Strategic

Equity,

U.S.

Small

Cap

Equity,

International

Developed

Markets,

Emerging

Markets,

Tax-Managed

U.S.

Large

Cap,

Tax-Managed

U.S.

Mid

&

Small

Cap,

Tax-Managed

International

Equity,

Tax-Managed

Real

Assets,

Unconstrained

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,

Multi-Asset

Growth

Strategy,

Multifactor

U.S.

Equity,

Multifactor

International

Equity,

and

Multifactor

Bond

Funds

had

no

transfers

into

or

out

of

Level

3

for

the

period

ended

July

31,

2021.

The

Global

Equity

Fund

had

transfers

out

of

Level

3

into

Level

1

representing

financial

instruments

for

which

approved

vendor

sources

became

available

or

inputs

become

observable.

The

amounts

transferred

were

as

follows:

The

Opportunistic

Credit

Fund

had

transfers

out

of

Level

2

into

Level

3

representing

financial

instruments

for

which

inputs

became

unobservable.

The

amounts

transferred

were

as

follows:

Level

3

Fair

Value

Investments

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

of

financial

instruments

classified

as

Level

3

of

the

fair

value

hierarchy

are

as

follows:

Securities

and

other

assets

for

which

market

quotes

are

not

readily

available,

or

are

not

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

by

RIFUS

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

RIFUS

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

RIFUS

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

RIFUS

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.

RIFUS

employs

third-party

pricing

vendors

to

provide

fair

value

measurements.

RIFUS

oversees

third-party

pricing

service

providers

in

order

to

support

the

valuation

process

throughout

the

period.

Global

Equity

Fund

$

5,371,073

Opportunistic

Credit

Fund

$

136,315

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

Notes

to

Quarterly

Report

457

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

rate

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,

RIFUS

may

elect

to

obtain

indicative

market

quotations

(“broker

quotes”)

directly

from

the

broker

or

passed

through

from

a

third-party

vendor.

In

the

event

that

the

source

of

fair

value

is

from

a

single

source

broker

quote,

these

securities

are

classified

as

Level

3

per

the

fair

value

hierarchy.

Broker

quotes

are

typically

received

from

established

market

participants.

Although

independently

received

on

a

daily

basis,

RIFUS

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.

RIFUS

is

exercising

this

exception

and

has

made

a

reasonable

attempt

to

obtain

quantitative

information

from

the

third-party

pricing

vendors

regarding

the

unobservable

inputs

used.

For

fair

valuations

using

significant

unobservable

inputs,

U.S.

GAAP

requires

a

reconciliation

of

the

beginning

to

ending

balances

for

reported

fair

values

that

present

changes

attributable

to

total

realized

and

unrealized

gains

or

losses,

purchases

and

sales,

and

transfers

in/out

of

the

Level

3

category

during

the

period.

Additionally,

U.S.

GAAP

requires

quantitative

information

regarding

the

significant

unobservable

inputs

used

in

the

determination

of

fair

value

of

assets

categorized

as

Level

3

in

the

fair

value

hierarchy.

In

accordance

with

the

requirements

of

U.S.

GAAP,

a

fair

value

hierarchy,

a

Level

3

reconciliation

and

an

additional

disclosure

about

fair

value

measurements,

if

any,

has

been

included

in

the

Presentation

of

Portfolio

Holdings

for

each

respective

Fund.

Investment

Income

Dividend

income

is

recorded

net

of

applicable

withholding

taxes

on

the

ex-dividend

date,

except

that

certain

dividends

from

foreign

securities

are

recorded

as

soon

as

the

Funds

are

informed

of

the

dividend,

subsequent

to

the

ex-dividend

date.

To

the

extent

the

dividend

represents

a

return

of

capital

or

capital

gain

for

tax

purposes,

reclassifications

are

made

which

may

be

based

on

management's

estimates.

Interest

income

is

recorded

daily

on

the

accrual

basis.

The

Funds

classify

gains

and

losses

realized

on

prepayments

received

on

mortgage-backed

securities

as

an

adjustment

to

interest

income.

All

premiums

and

discounts,

including

original

issue

discounts,

are

amortized/

accreted

using

the

effective

interest

method.

Debt

obligation

securities

may

be

placed

in

a

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivable

when

the

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Foreign

Currency

Translations

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Foreign

currency

amounts

and

transactions

of

the

Funds

are

translated

into

U.S.

dollars

on

the

following

basis:

(a)

Fair

value

of

investment

securities,

other

assets

and

liabilities

at

the

closing

rate

of

exchange

on

the

valuation

date.

(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

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

458

Notes

to

Quarterly

Report

arise

from

changes

in

the

value

of

assets

and

liabilities,

other

than

investments

in

securities,

as

a

result

of

changes

in

the

exchange

rates.

The

Funds

do

not

isolate

that

portion

of

the

results

of

operations

of

the

Funds

that

arises

as

a

result

of

changes

in

exchange

rates

from

that

portion

that

arises

from

changes

in

market

prices

of

investments

during

the

period.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

from

investments.

However,

for

federal

income

tax

purposes,

the

Funds

do

isolate

the

effects

of

changes

in

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

in

market

prices

for

realized

gain

(or

loss)

on

debt

obligations.

Derivatives

The

Funds

may

invest

in

derivatives.

Derivatives

are

instruments

or

agreements

whose

value

is

derived

from

an

underlying

security

or

index.

They

include

options,

futures,

swaps

and

forwards.

These

instruments

offer

unique

characteristics

and

risks

that

facilitate

the

Funds’

investment

strategies.

The

Funds

typically

use

derivatives

in

three

ways:

exposing

cash

to

markets,

hedging

and

return

enhancement.

In

addition,

certain

Funds

may

enter

into

foreign

currency

exchange

contracts

for

trade

settlement

purposes.

Certain

Funds

may

pursue

their

strategy

of

being

fully

invested

by

exposing

cash

to

the

performance

of

appropriate

markets

by

purchasing

securities

and/or

derivatives.

This

is

intended

to

cause

the

Funds

to

perform

as

though

cash

were

actually

invested

in

those

markets.

Hedging

may

be

used

by

certain

Funds

to

limit

or

control

risks,

such

as

adverse

movements

in

exchange

rates

and

interest

rates.

Return

enhancement

can

be

accomplished

through

the

use

of

derivatives

in

a

Fund,

including

using

derivatives

as

a

substitute

for

holding

physical

securities,

and

using

them

to

express

various

macro

views

(e.g.,

interest

rate

movements,

currency

movements,

and

macro

credit

strategies).

By

purchasing

certain

instruments,

the

Funds

may

more

effectively

achieve

the

desired

portfolio

characteristics

that

assist

them

in

meeting

their

investment

objectives.

Depending

on

how

the

derivatives

are

structured

and

utilized,

the

risks

associated

with

them

may

vary

widely.

These

risks

include,

but

are

not

limited

to,

market

risk,

liquidity

risk,

leveraging

risk,

counterparty

risk,

basis

risk,

reinvestment

risk,

political

risk,

prepayment

risk,

extension

risk,

valuation

risk

and

credit

risk.

Futures,

certain

options

and

cleared

swaps

are

traded

or

cleared

on

an

exchange

or

central

exchange

clearing

house.

Exchange-

traded

or

exchange-cleared

transactions

generally

present

less

counterparty

risk

to

a

Fund.

The

exchange’s

clearing

house

stands

between

the

Fund

and

the

broker

to

the

contract

and

therefore,

credit

risk

is

generally

limited

to

the

failure

of

the

clearing

house

and

the

clearing

member.

Cleared

swap

contracts

are

subject

to

clearing

house

rules,

including

initial

and

variation

margin

requirement,

daily

settlement

of

obligations

and

the

clearing

house

guarantee

of

payments

to

the

broker.

There

is,

however,

still

counterparty

risk

due

to

the

insolvency

of

the

broker

with

respect

to

any

margin

held

in

the

brokers’

customer

accounts.

While

clearing

members

are

required

to

segregate

customer

assets

from

their

own

assets,

in

the

event

of

insolvency,

there

may

be

a

shortfall

in

the

amount

of

margin

held

by

the

broker

for

its

clients.

Collateral

and

margin

requirements

for

exchange-traded

or

exchange-cleared

derivatives

are

established

through

regulation,

as

well

as

set

by

the

broker

or

applicable

clearing

house.

In

October

2020,

the

Securities

and

Exchange

Commission

("SEC")

adopted

a

final

rule

related

to

the

use

of

derivatives,

reverse

repurchase

agreements

and

certain

other

transactions

by

registered

investment

companies

that

will

rescind

and

withdraw

the

guidance

of

the

SEC

and

its

staff

regarding

asset

segregation

and

cover

transactions.

The

final

rule

requires

funds

to

trade

derivatives

and

other

transactions

that

create

future

payment

or

delivery

obligations

(except

reverse

repurchase

agreements

and

similar

financing

transactions)

subject

to

a

value-at-risk

leverage

limit

and

certain

derivatives

risk

management

program

and

reporting

requirements.

Compliance

with

these

new

requirements

will

be

required

after

an

eighteen-month

transition

period.

Following

the

compliance

date,

these

requirements

may

limit

the

ability

of

a

Fund

to

use

derivatives

and

reverse

repurchase

agreements

and

similar

financing

transactions

as

part

of

its

investment

strategies.

Foreign

Currency

Exchange

Contracts

Certain

Funds

may

enter

into

foreign

currency

exchange

spot

contracts

and

forward

foreign

currency

exchange

contracts

(“FX

contracts”).

From

time

to

time,

certain

Funds

may

enter

into

FX

contracts

to

hedge

certain

foreign

currency-denominated

assets.

FX

contracts

are

recorded

at

fair

value.

Certain

risks

may

arise

upon

entering

into

these

FX

contracts

from

the

potential

inability

of

counterparties

to

meet

the

terms

of

their

FX

contracts

and

are

generally

limited

to

the

amount

of

unrealized

gain

on

the

FX

contracts.

For

the

period

ended

July

31,

2021,

the

following

Funds

entered

into

FX

contracts

primarily

for

the

strategies

listed

below:

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

Notes

to

Quarterly

Report

459

The

Funds’

FX

contract

notional

dollar

values

outstanding

fluctuate

throughout

the

period

as

required

to

meet

strategic

objectives.

The

following

tables

illustrate

the

quarterly

volume

of

FX

contracts.

For

the

purpose

of

this

disclosure,

volume

is

measured

by

the

amounts

bought

and

sold

in

USD.

Funds

Strategies

International

Developed

Markets

Fund

Return

enhancement,

hedging,

exposing

cash

to

markets,

and

trade

settlement

Global

Equity

Fund

Return

enhancement,

hedging,

exposing

cash

to

markets,

and

trade

settlement

Emerging

Markets

Fund

Return

enhancement,

hedging,

exposing

cash

to

markets,

and

trade

settlement

Tax-Managed

International

Equity

Fund

Return

enhancement,

hedging,

exposing

cash

to

markets,

and

trade

settlement

Tax-Managed

Real

Assets

Fund

Exposing

cash

to

markets

and

trade

settlement

Opportunistic

Credit

Fund

Return

enhancement

and

hedging

Unconstrained

Total

Return

Fund

Hedging

Strategic

Bond

Fund

Return

enhancement

and

hedging

Investment

Grade

Bond

Fund

Return

enhancement

and

hedging

Short

Duration

Bond

Fund

Return

enhancement

and

hedging

Global

Infrastructure

Fund

Exposing

cash

to

markets

and

trade

settlement

Global

Real

Estate

Securities

Fund

Exposing

cash

to

markets

and

trade

settlement

Multi-Strategy

Income

Fund

Return

enhancement

and

hedging

Multi-Asset

Growth

Strategy

Fund

Return

enhancement

and

hedging

Multifactor

International

Equity

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Multifactor

Bond

Fund

Return

enhancement

and

hedging

Outstanding

Contract

Amounts

Bought

Quarter

Ended

January

31,

2021

April

30,

2021

July

31,

2021

International

Developed

Markets

Fund

$

642,780,045

$

509,451,713

$

487,045,626

Global

Equity

Fund

90,722,943

207,783,201

170,958,931

Emerging

Markets

Fund

26,495,256

33,183,228

24,931,144

Tax-Managed

International

Equity

Fund

14,978,997

8,481,913

1,062,327

Tax-Managed

Real

Assets

Fund

—

360,918

1,516,402

Opportunistic

Credit

Fund

335,079,662

334,677,397

368,113,200

Unconstrained

Total

Return

Fund

134,243,676

142,989,553

29,160,461

Strategic

Bond

Fund

1,108,569,023

1,447,904,538

1,725,164,405

Investment

Grade

Bond

Fund

178,898,799

202,132,928

232,700,075

Short

Duration

Bond

Fund

57,117,716

62,284,253

60,735,194

Global

Infrastructure

Fund

9,040,542

54,947,523

1,296,858

Global

Real

Estate

Securities

Fund

14,097,295

126,670,047

48,980,481

Multi-Strategy

Income

Fund

297,394,905

250,769,806

151,558,758

Multi-Asset

Growth

Strategy

Fund

1,204,921,602

771,482,817

480,141,486

Multifactor

International

Equity

Fund

143,908,386

432,055,262

52,752,383

Multifactor

Bond

Fund

56,473,223

80,883,345

34,221,115

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

460

Notes

to

Quarterly

Report

As

of

July

31,

2021,

the

Funds

had

cash

collateral

balances

in

connection

with

FX

contracts

purchased/sold

as

follows:

Options

Certain

Funds

may

purchase

and

sell

(write)

call

and

put

options

on

securities

and

securities

indices.

Such

options

are

traded

on

a

national

securities

exchange

or

in

an

OTC

market.

The

Funds

may

also

purchase

and

sell

(write)

call

and

put

options

on

foreign

currencies.

When

a

Fund

writes

a

covered

call

or

a

put

option,

an

amount

equal

to

the

premium

received

by

the

Fund

is

included

in

the

Fund’s

Statement

of

Assets

and

Liabilities

as

an

asset

and

as

an

equivalent

liability.

The

amount

of

the

liability

is

subsequently

marked-

to-market

to

reflect

the

current

fair

value

of

the

option

written.

The

Fund

receives

a

premium

on

the

sale

of

a

call

option

but

gives

up

the

opportunity

to

profit

from

any

increase

in

the

value

of

the

underlying

instrument

above

the

exercise

price

of

the

option,

and

when

the

Fund

writes

a

put

option

it

is

exposed

to

a

decline

in

the

price

of

the

underlying

instrument.

When

a

Fund

sells

an

uncovered

call

option,

it

does

not

simultaneously

have

a

long

position

in

the

underlying

security.

When

a

Fund

sells

an

uncovered

put

option,

it

does

not

simultaneously

have

a

short

position

in

the

underlying

security.

Uncovered

options

are

riskier

than

covered

options

because

there

is

no

underlying

security

held

by

the

Fund

that

can

act

as

a

partial

hedge.

Whether

an

option

which

the

Fund

has

written

expires

on

its

stipulated

expiration

date

or

the

Fund

enters

into

a

closing

purchase

transaction,

the

Fund

realizes

a

gain

(or

loss,

if

the

cost

of

a

closing

purchase

transaction

exceeds

the

premium

received

when

the

option

was

sold)

without

regard

to

any

unrealized

gain

or

loss

on

the

underlying

security,

and

the

liability

related

to

such

option

is

extinguished.

If

a

call

option

which

the

Fund

has

written

is

exercised,

the

Fund

realizes

a

capital

gain

or

loss

from

the

sale

of

the

underlying

security,

and

the

proceeds

from

such

sale

are

increased

by

the

premium

originally

received.

When

a

put

option

which

a

Fund

has

written

is

exercised,

the

amount

of

the

premium

originally

received

will

reduce

the

cost

of

the

security

which

a

Fund

purchases

upon

exercise

of

the

option.

The

Funds’

use

of

written

options

involves,

to

varying

degrees,

elements

of

market

risk

in

excess

of

the

amount

recognized

in

the

Statements

of

Assets

and

Liabilities.

The

face

or

contract

amounts

of

these

instruments

reflect

the

extent

of

the

Funds’

exposure

to

market

risk.

The

risks

may

be

caused

by

an

imperfect

correlation

between

movements

in

the

price

of

the

instrument

and

the

price

of

the

underlying

securities

and

interest

rates.

Outstanding

Contract

Amounts

Sold

Quarter

Ended

January

31,

2021

April

30,

2021

July

31,

2021

International

Developed

Markets

Fund

$

641,209,280

$

507,738,343

$

497,930,137

Global

Equity

Fund

90,398,244

208,302,151

170,728,235

Emerging

Markets

Fund

26,830,956

32,863,066

24,956,722

Tax-Managed

International

Equity

Fund

14,984,951

8,540,107

1,059,872

Tax-Managed

Real

Assets

Fund

—

362,451

1,510,781

Opportunistic

Credit

Fund

335,049,290

335,305,474

365,812,389

Unconstrained

Total

Return

Fund

134,011,952

143,108,686

28,724,304

Strategic

Bond

Fund

1,109,041,618

1,447,145,599

1,697,305,748

Investment

Grade

Bond

Fund

178,896,092

202,115,597

232,468,956

Short

Duration

Bond

Fund

57,079,223

62,250,262

60,658,875

Global

Infrastructure

Fund

9,031,932

54,827,662

1,343,928

Global

Real

Estate

Securities

Fund

14,077,783

126,458,914

49,148,478

Multi-Strategy

Income

Fund

296,417,929

250,623,530

150,524,761

Multi-Asset

Growth

Strategy

Fund

1,202,664,154

773,462,310

478,069,453

Multifactor

International

Equity

Fund

143,437,331

431,738,199

53,288,459

Multifactor

Bond

Fund

56,547,428

81,126,738

33,635,147

Cash

Collateral

for

Forwards

Due

to

Broker

Opportunistic

Credit

Fund

$

—

$

640,000

Strategic

Bond

Fund

340,000

—

Multi-Strategy

Income

Fund

420,000

420,000

Multi-Asset

Growth

Strategy

Fund

812,145

—

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

Notes

to

Quarterly

Report

461

Certain

Funds

may

enter

into

a

swaption

(an

option

on

a

swap).

In

a

swaption,

in

exchange

for

an

option,

the

buyer

gains

the

right

but

not

the

obligation

to

enter

into

a

specified

swap

agreement

with

the

issuer

on

a

specified

future

date.

The

writer

of

the

contract

receives

the

premium

and

bears

the

risk

of

unfavorable

changes

in

the

preset

rate

on

the

underlying

swap.

For

the

period

ended

July

31,

2021,

the

following

Funds

purchased

or

sold

options

primarily

for

the

strategies

listed

below:

The

Funds’

options

contracts

notional

amounts

fluctuate

throughout

the

period

as

required

to

meet

strategic

objectives.

The

following

table

illustrates

the

quarterly

volume

of

options

contracts

measured

by

notional

in

USD.

As

of

July

31,

2021,

the

Funds

had

cash

collateral

balances

in

connection

with

options

contracts

purchased/sold

as

follows:

Futures

Contracts

Certain

Funds

may

invest

in

futures

contracts

(i.e.,

interest

rate,

foreign

currency

and

index

futures

contracts)

and

commodity

futures

contracts

(Multi-Asset

Growth

Strategy

Fund

only).

The

face

or

contract

value

of

these

instruments

reflect

the

extent

of

the

Funds’

exposure

to

off

balance

sheet

risk.

The

primary

risks

associated

with

the

use

of

futures

contracts

are

an

imperfect

correlation

between

the

change

in

fair

value

of

the

securities

held

by

the

Funds

and

the

prices

of

futures

contracts,

and

the

possibility

of

an

illiquid

market.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

with

a

broker

an

amount,

termed

the

initial

margin,

which

typically

represents

5%

to

10%

of

the

purchase

price

indicated

in

the

futures

contract.

Payments

to

and

from

the

broker,

known

as

variation

margin,

are

typically

required

to

be

made

on

a

daily

basis

as

the

price

of

the

futures

contract

fluctuates.

Changes

in

initial

settlement

value

are

accounted

for

as

unrealized

appreciation

(depreciation)

until

the

contracts

are

terminated,

at

which

time

realized

gains

and

losses

are

recognized.

For

the

period

ended

July

31,

2021,

the

following

Funds

entered

into

futures

contracts

primarily

for

the

strategies

listed

below:

Funds

Strategies

Unconstrained

Total

Return

Fund

Return

enhancement

and

hedging

Strategic

Bond

Fund

Return

enhancement

and

hedging

Short

Duration

Bond

Fund

Return

enhancement

and

hedging

Multi-Strategy

Income

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Multi-Asset

Growth

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Notional

of

Options

Contracts

Funds

January

31,

2021

April

30,

2021

July

31,

2021

Unconstrained

Total

Return

Fund

$

247,678,400

$

49,586,400

$

—

Strategic

Bond

Fund

29,992,500

12,375,000

—

Short

Duration

Bond

Fund

—

—

1,867,000

Multi-Strategy

Income

Fund

1,453,193,402

1,660,171,549

1,291,441,730

Multi-Asset

Growth

Strategy

Fund

2,733,224,902

3,022,162,126

2,210,106,395

Cash

Collateral

for

Options

Due

to

Broker

Multi-Strategy

Income

Fund

$

—

$

2,274,571

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

462

Notes

to

Quarterly

Report

The

Funds'

futures

contracts

notional

amounts

fluctuate

throughout

the

period

as

required

to

meet

strategic

objectives.

The

following

table

illustrates

the

quarterly

volume

of

futures

contracts

measured

by

notional

in

USD.

Funds

Strategies

Equity

Income

Fund

Exposing

cash

to

markets

Sustainable

Equity

Fund

Exposing

cash

to

markets

U.S.

Strategic

Equity

Fund

Exposing

cash

to

markets

U.S.

Small

Cap

Equity

Fund

Exposing

cash

to

markets

International

Developed

Markets

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Global

Equity

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Emerging

Markets

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Exposing

cash

to

markets

Tax-Managed

International

Equity

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Tax-Managed

Real

Assets

Fund

Exposing

cash

to

markets

Opportunistic

Credit

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Unconstrained

Total

Return

Fund

Return

enhancement

and

hedging

Strategic

Bond

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Investment

Grade

Bond

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Short

Duration

Bond

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Tax-Exempt

High

Yield

Bond

Fund

Return

enhancement

and

hedging

Tax-Exempt

Bond

Fund

Return

enhancement

and

hedging

Global

Infrastructure

Fund

Exposing

cash

to

markets

Global

Real

Estate

Securities

Fund

Exposing

cash

to

markets

Multi-Strategy

Income

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Multi-Asset

Growth

Strategy

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Multifactor

U.S.

Equity

Fund

Exposing

cash

to

markets

Multifactor

International

Equity

Fund

Return

enhancement,

hedging,

exposing

cash

to

markets,

and

trade

settlement

Multifactor

Bond

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Notional

of

Futures

Contracts

Funds

January

31,

2021

April

30,

2021

July

31,

2021

Equity

Income

Fund

$

4,816,760

$

5,218,000

$

5,047,925

Sustainable

Equity

Fund

—

—

7,462,150

U.S.

Strategic

Equity

Fund

75,400,820

103,525,120

44,992,375

U.S.

Small

Cap

Equity

Fund

56,358,450

46,699,975

69,869,320

International

Developed

Markets

Fund

618,371,969

664,980,428

645,125,508

Global

Equity

Fund

219,998,138

403,517,895

407,190,675

Emerging

Markets

Fund

371,030,440

188,642,519

145,961,705

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

5,372,110

5,440,600

10,524,930

Tax-Managed

International

Equity

Fund

819,550,106

883,499,897

878,409,027

Tax-Managed

Real

Assets

Fund

21,304,900

13,984,240

15,143,775

Opportunistic

Credit

Fund

375,215,095

428,226,063

452,370,444

Unconstrained

Total

Return

Fund

152,154,493

37,328,780

39,167,682

Strategic

Bond

Fund

2,543,937,784

2,338,598,956

2,448,462,514

Investment

Grade

Bond

Fund

422,218,341

378,614,797

331,248,031

Short

Duration

Bond

Fund

145,384,108

136,576,757

154,315,797

Tax-Exempt

High

Yield

Bond

Fund

29,188,516

45,317,594

62,403,625

Tax-Exempt

Bond

Fund

192,528,906

315,271,719

318,554,001

Global

Infrastructure

Fund

5,527,756

2,259,128

1,906,116

Global

Real

Estate

Securities

Fund

17,380,304

28,877,569

21,730,475

Multi-Strategy

Income

Fund

532,783,690

479,770,856

626,107,657

Multi-Asset

Growth

Strategy

Fund

1,132,458,726

1,325,919,943

896,020,687

Multifactor

U.S.

Equity

Fund

4,631,500

21,080,720

7,901,100

Multifactor

International

Equity

Fund

27,782,426

31,258,326

29,280,851

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

Notes

to

Quarterly

Report

463

As

of

July

31,

2021,

the

Funds

had

cash

collateral

balances

in

connection

with

futures

contracts

purchased/sold

as

follows:

Swap

Agreements

Certain

Funds

may

enter

into

swap

agreements,

on

either

an

asset-based

or

liability-based

basis,

depending

on

whether

they

are

hedging

their

assets

or

their

liabilities,

and

will

usually

enter

into

swaps

on

a

net

basis

(i.e.,

the

two

payment

streams

are

netted

out,

with

the

Funds

receiving

or

paying

only

the

net

amount

of

the

two

payments).

When

a

Fund

engages

in

a

swap,

it

exchanges

its

obligations

to

pay

or

rights

to

receive

payments

for

the

obligations

to

pay

or

rights

to

receive

payments

of

another

party

(i.e.,

an

exchange

of

floating

rate

payments

for

fixed

rate

payments).

Certain

Funds

may

enter

into

several

different

types

of

swap

agreements

including

credit

default,

interest

rate,

commodity-

linked

(Multi-Asset

Growth

Strategy

Fund

only),

total

return

(equity

and/or

index)

and

currency

swaps.

Credit

default

swaps

are

a

counterparty

agreement

which

allows

the

transfer

of

third

party

credit

risk

(the

possibility

that

an

issuer

will

default

on

its

obligation

by

failing

to

pay

principal

or

interest

in

a

timely

manner)

from

one

party

to

another.

The

lender

faces

the

credit

risk

from

a

third

party

and

the

counterparty

in

the

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Interest

rate

swaps

are

a

counterparty

agreement,

can

be

customized

to

meet

each

party’s

needs,

and

involve

the

exchange

of

a

fixed

or

variable

payment

per

period

for

a

payment

that

is

not

fixed.

Total

return

swaps

are

a

counterparty

agreement

where

two

parties

exchange

two

sets

of

cash

flows

on

predetermined

dates

for

an

agreed

upon

amount

of

time.

The

cash

flows

will

typically

be

an

equity

index

value

swapped

with

a

floating

rate

such

as

LIBOR

plus

or

minus

a

pre-defined

spread.

Total

return

swap

agreements

are

a

counterparty

agreement

intended

to

expose

cash

to

markets

or

to

effect

investment

transactions

consistent

with

those

Funds’

investment

objectives

and

strategies.

Currency

swaps

are

a

counterparty

agreement

where

two

parties

exchange

specified

amounts

of

different

currencies

which

are

followed

by

each

paying

the

other

a

series

of

interest

payments

that

are

based

on

the

principal

cash

flow.

At

maturity

the

principal

amounts

are

returned.

Notional

of

Futures

Contracts

Multifactor

Bond

Fund

17,189,129

8,109,191

4,153,999

Cash

Collateral

for

Futures

Due

to

Broker

Equity

Income

Fund

$

181,779

$

—

Sustainable

Equity

Fund

241,158

—

U.S.

Strategic

Equity

Fund

618,938

—

U.S.

Small

Cap

Equity

Fund

5,168,597

—

International

Developed

Markets

Fund

31,548,356

—

Global

Equity

Fund

12,954,699

—

Emerging

Markets

Fund

19,105,501

—

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

396,318

—

Tax-Managed

U.S.

Large

Cap

Fund

29

—

Tax-Managed

International

Equity

Fund

43,425,075

—

Tax-Managed

Real

Assets

Fund

164,576

—

Opportunistic

Credit

Fund

6,921,956

984,051

Unconstrained

Total

Return

Fund

712,873

117,703

Strategic

Bond

Fund

29,068,199

4,821,176

Investment

Grade

Bond

Fund

1,884,681

842,293

Short

Duration

Bond

Fund

1,322,643

—

Tax-Exempt

High

Yield

Bond

Fund

3,226,375

—

Tax-Exempt

Bond

Fund

6,365,902

—

Global

Infrastructure

Fund

121,491

—

Global

Real

Estate

Securities

Fund

1,029,416

—

Multi-Strategy

Income

Fund

25,296,241

—

Multi-Asset

Growth

Strategy

Fund

34,586,461

10,116,094

Multifactor

U.S.

Equity

Fund

149,860

—

Multifactor

International

Equity

Fund

2,166,047

—

Multifactor

Bond

Fund

42

25,647

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

464

Notes

to

Quarterly

Report

The

Funds

generally

expect

to

enter

into

these

transactions

primarily

to

preserve

a

return

or

spread

on

a

particular

investment

or

portion

of

their

portfolios

or

to

protect

against

any

increase

in

the

price

of

securities

they

anticipate

purchasing

at

a

later

date,

or

for

return

enhancement.

Under

most

swap

agreements

entered

into

by

a

Fund,

the

parties'

obligations

are

determined

on

a

"net

basis".

The

net

amount

of

the

excess,

if

any,

of

the

Funds’

obligations

over

their

entitlements

with

respect

to

each

swap

will

be

accrued

on

a

daily

basis

and

an

amount

of

cash

or

liquid

assets

having

an

aggregate

NAV

at

least

equal

to

the

accrued

excess

will

be

segregated.

To

the

extent

that

the

Funds

enter

into

swaps

on

other

than

a

net

basis,

the

amount

maintained

in

a

segregated

account

will

be

the

full

amount

of

the

Funds’

obligations,

if

any,

with

respect

to

such

swaps,

accrued

on

a

daily

basis.

If

there

is

a

default

by

the

other

party

to

such

a

transaction,

the

Funds

will

have

contractual

remedies

pursuant

to

the

agreement

related

to

the

transaction.

A

Fund

may

not

receive

the

expected

amount

under

a

swap

agreement

if

the

other

party

to

the

agreement

defaults

or

becomes

bankrupt.

As

of

July

31,

2021,

the

Funds

had

cash

collateral

balances

in

connection

with

swap

contracts

purchased/sold

as

follows:

Credit

Default

Swaps

Certain

Funds

may

enter

into

credit

default

swaps.

A

credit

default

swap

can

refer

to

corporate

issues,

government

issues,

asset-

backed

securities

or

an

index

of

assets,

each

known

as

the

reference

entity

or

underlying

asset.

Funds

may

act

as

either

the

buyer

or

the

seller

of

a

credit

default

swap

involving

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

default

or

other

credit

event.

Depending

upon

the

terms

of

the

contract,

the

credit

default

swap

may

be

closed

via

physical

settlement.

However,

due

to

the

possible

or

potential

instability

in

the

market,

there

is

a

risk

that

the

Funds

may

be

unable

to

deliver

the

underlying

debt

security

to

the

other

party

to

the

agreement.

Additionally,

the

Funds

may

not

receive

the

expected

amount

under

the

swap

agreement

if

the

other

party

to

the

agreement

defaults

or

becomes

bankrupt.

In

an

unhedged

credit

default

swap,

Funds

enter

into

a

credit

default

swap

without

owning

the

underlying

asset

or

debt

issued

by

the

reference

entity.

Credit

default

swaps

allow

Funds

to

acquire

or

reduce

credit

exposure

to

a

particular

issuer,

asset

or

basket

of

instruments.

As

the

seller

of

protection

in

a

credit

default

swap,

a

Fund

would

be

required

to

pay

the

par

or

other

agreed-upon

value

(or

otherwise

perform

according

to

the

swap

contract)

of

a

reference

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

other

specified

credit

event)

and

the

counterparty

would

be

required

to

surrender

the

reference

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

a

seller

of

protection,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

that

Fund

would

be

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

Certain

Funds

may

also

purchase

protection

via

credit

default

swap

contracts

in

order

to

offset

the

risk

of

default

of

debt

securities

held

in

their

portfolios

or

to

take

a

short

position

in

a

debt

security,

in

which

case

the

Fund

would

function

as

the

counterparty

referenced

in

the

preceding

paragraph.

If

a

credit

event

occurs

and

cash

settlement

is

not

elected,

a

variety

of

other

deliverable

obligations

may

be

delivered

in

lieu

of

the

specific

referenced

obligation.

The

ability

to

deliver

other

obligations

may

result

in

a

cheapest-to-deliver

option

(the

buyer

of

protection’s

right

to

choose

the

deliverable

obligation

with

the

lowest

value

following

a

credit

event).

The

Funds

may

use

credit

default

swaps

to

provide

a

measure

of

protection

against

defaults

of

the

issuers

(i.e.,

to

reduce

risk

where

Funds

own

or

have

exposure

to

the

referenced

obligation)

or

to

take

an

active

long

or

short

position

with

respect

to

the

likelihood

(as

measured

by

the

credit

default

swap’s

spread)

of

a

particular

issuer’s

default.

Cash

Collateral

for

Swaps

Due

to

Broker

Opportunistic

Credit

Fund

$

2,156,318

$

1,862

Unconstrained

Total

Return

Fund

2,094,145

3,818,000

Strategic

Bond

Fund

41,077,765

40,046

Investment

Grade

Bond

Fund

2,787

—

Short

Duration

Bond

Fund

48

8

Tax-Exempt

High

Yield

Bond

Fund

—

13,969

Multi-Strategy

Income

Fund

770,119

11,611,379

Multi-Asset

Growth

Strategy

Fund

12,043,445

15,767,585

Multifactor

Bond

Fund

312,711

—

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

Notes

to

Quarterly

Report

465

Deliverable

obligations

for

credit

default

swaps

on

asset-backed

securities

in

most

instances

are

limited

to

the

specific

referenced

obligation

as

performance

for

asset-backed

securities

can

vary

across

deals.

Prepayments,

principal

paydowns,

and

other

writedown

or

loss

events

on

the

underlying

mortgage

loans

will

reduce

the

outstanding

principal

balance

of

the

referenced

obligation.

These

reductions

may

be

temporary

or

permanent

as

defined

under

the

terms

of

the

swap

agreement

and

the

notional

amount

for

the

swap

agreement

generally

will

be

adjusted

by

corresponding

amounts.

Certain

Funds

may

use

credit

default

swaps

on

asset-backed

securities

to

provide

a

measure

of

protection

against

defaults

(or

other

defined

credit

events)

of

the

referenced

obligation

or

to

take

an

active

long

or

short

position

with

respect

to

the

likelihood

of

a

particular

referenced

obligation’s

default

(or

another

defined

credit

event).

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

may

include,

but

are

not

limited

to,

investment

grade

securities,

high

yield

securities,

asset-backed

securities,

emerging

markets,

and/or

various

credit

ratings

within

each

sector.

Credit

indices

are

traded

using

credit

default

swaps

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

that

name’s

weight

in

the

index.

The

composition

of

the

indices

changes

periodically,

usually

every

six

months,

and,

for

most

indices,

each

name

has

an

equal

weight

in

the

index.

Traders

may

use

credit

default

swaps

on

indices

to

speculate

on

changes

in

credit

quality.

Implied

credit

spreads,

represented

in

absolute

terms,

utilized

in

determining

the

fair

value

of

credit

default

swap

agreements

on

corporate

issues

as

of

period-end

are

disclosed

in

the

Schedules

of

Investments

and

generally

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

(or

other

defined

credit

event)

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

entering

into

a

credit

default

swap

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

asset-

backed

securities

and

credit

indices,

the

quoted

market

prices

and

resulting

values

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

and

increasing

fair

values,

in

absolute

terms

when

compared

to

the

notional

amount

of

the

swap,

generally

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

Funds

as

a

seller

of

protection

could

be

required

to

make

under

a

credit

default

swap

agreement

equals

the

notional

amount

of

the

agreement.

Notional

amounts

of

all

credit

default

swap

agreements

outstanding

as

of

July

31,

2021,

for

which

a

Fund

is

the

seller

of

protection

are

disclosed

in

the

Schedules

of

Investments.

These

potential

amounts

would

be

partially

offset

by

any

recovery

values

of

the

respective

referenced

obligations,

upfront

payments

received

upon

entering

into

the

agreement,

or

net

amounts

received

from

the

settlement

of

buy

protection

credit

default

swap

agreements

entered

into

by

a

Fund

for

the

same

referenced

entity

or

entities.

Credit

default

swaps

could

result

in

losses

if

the

Funds

do

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Funds

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

illiquidity

and

counterparty

risk.

A

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap.

As

a

buyer

of

a

credit

default

swap,

a

Fund

may

lose

its

investment

and

recover

nothing

should

a

credit

event

fail

to

occur

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

a

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

creditworthiness

of

a

Fund’s

swap

counterparty

declines,

the

risk

that

the

counterparty

may

not

perform

could

increase,

potentially

resulting

in

a

loss

to

the

Fund.

To

limit

the

counterparty

risk

involved

in

swap

agreements,

the

Funds

will

only

enter

into

swap

agreements

with

counterparties

that

meet

certain

standards

of

creditworthiness.

Although

there

can

be

no

assurance

that

the

Funds

will

be

able

to

do

so,

the

Funds

may

be

able

to

reduce

or

eliminate

their

exposure

under

a

swap

agreement

either

by

assignment

or

other

disposition,

or

by

entering

into

an

offsetting

swap

agreement

with

the

same

party

or

another

creditworthy

party.

The

Funds

may

have

limited

ability

to

eliminate

their

exposure

under

a

credit

default

swap

if

the

credit

quality

of

the

reference

entity

or

underlying

asset

has

declined.

For

the

period

ended

July

31,

2021,

the

following

Funds

entered

into

credit

default

swaps

primarily

for

the

strategies

listed

below:

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

466

Notes

to

Quarterly

Report

The

Funds'

period

end

credit

default

swap

contract

notional

amounts

outstanding

fluctuate

throughout

the

period

as

required

to

meet

strategic

objectives.

The

following

table

illustrates

the

quarterly

volume

of

credit

default

swap

contracts.

For

the

purpose

of

this

disclosure,

volume

is

measured

by

the

notional

amounts

outstanding

in

USD

at

each

quarter

end.

Interest

Rate

Swaps

The

use

of

interest

rate

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

If

RIM

or

a

money

manager

using

this

technique

is

incorrect

in

its

forecast

of

fair

values,

interest

rates

and

other

applicable

factors,

the

investment

performance

of

a

Fund

might

diminish

compared

to

what

it

would

have

been

if

this

investment

technique

were

not

used.

Interest

rate

swaps

do

not

involve

the

delivery

of

securities

or

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

with

respect

to

interest

rate

swaps

is

limited

to

the

net

amount

of

interest

payments

that

the

Funds

are

contractually

obligated

to

make.

Interest

rate

swaps

are

traded

on

exchanges

and

are

subject

to

central

clearing.

If

the

clearing

house

or

futures

commission

merchant

defaults,

the

Funds'

risk

of

loss

consists

of

the

net

amount

of

interest

payments

that

the

Funds

are

contractually

entitled

to

receive.

The

counterparty

risk

for

cleared

derivatives

is

generally

lower

than

for

uncleared

derivatives.

However,

clearing

may

subject

a

Fund

to

increased

costs

or

margin

requirements.

For

the

period

ended

July

31,

2021,

the

following

Funds

entered

into

interest

rate

swaps

primarily

for

the

strategies

listed

below:

The

Funds’

interest

rate

swap

contract

notional

amounts

outstanding

fluctuate

throughout

the

period

as

required

to

meet

strategic

objectives.

The

following

table

illustrates

the

quarterly

volume

of

interest

rate

swap

contracts.

For

the

purpose

of

this

disclosure,

volume

is

measured

by

the

notional

amounts

outstanding

in

USD

at

each

quarter

end.

Total

Return

Swaps

Certain

Funds

may

enter

into

total

return

swap

agreements

to

expose

cash

to

markets

or

to

effect

investment

transactions.

Total

return

swap

agreements

are

two

party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

few

weeks

Funds

Strategies

Opportunistic

Credit

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Unconstrained

Total

Return

Fund

Return

enhancement

and

hedging

Strategic

Bond

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Multi-Strategy

Income

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Multi-Asset

Growth

Strategy

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Multifactor

Bond

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Credit

Default

Swap

Notional

Amounts

Outstanding

Quarter

Ended

January

31,

2021

April

30,

2021

July

31,

2021

Opportunistic

Credit

Fund

$

49,884,321

$

82,632,598

$

72,100,000

Unconstrained

Total

Return

Fund

164,770,288

54,982,159

100,610,373

Strategic

Bond

Fund

86,232,000

223,552,000

630,652,000

Multi-Strategy

Income

Fund

47,061,471

—

—

Multi-Asset

Growth

Strategy

Fund

30,527,683

66,840,950

68,898,383

Multifactor

Bond

Fund

—

—

8,400,000

Funds

Strategies

Unconstrained

Total

Return

Fund

Return

enhancement

and

hedging

Strategic

Bond

Fund

Return

enhancement

and

hedging

Tax-Exempt

High

Yield

Bond

Fund

Return

enhancement

and

hedging

Multi-Strategy

Income

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Multi-Asset

Growth

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Interest

Rate

Swap

Notional

Amounts

Outstanding

Quarter

Ended

January

31,

2021

April

30,

2021

July

31,

2021

Unconstrained

Total

Return

Fund

$

311,617,000

$

425,977,900

$

10,204,000

Strategic

Bond

Fund

257,874,186

273,210,824

373,464,631

Tax-Exempt

High

Yield

Bond

Fund

4,700,000

—

—

Multi-Strategy

Income

Fund

664,190,097

1,047,059,908

1,255,228,913

Multi-Asset

Growth

Strategy

Fund

1,230,856,145

1,698,004,480

2,207,972,438

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

Notes

to

Quarterly

Report

467

to

more

than

one

year.

In

a

standard

total

return

swap

transaction,

the

two

parties

agree

to

exchange

the

returns

(or

differentials

in

rates

of

return)

earned

or

realized

on

particular

investments

or

instruments.

The

returns

to

be

exchanged

between

the

parties

are

calculated

with

respect

to

a

“notional

amount”

(i.e.,

a

specified

dollar

amount

that

is

hypothetically

invested

in

a

“basket”

of

securities

representing

a

particular

index).

For

the

period

ended

July

31,

2021,

the

following

Funds

entered

into

total

return

swaps

primarily

for

the

strategies

listed

below:

The

Funds'

period

end

total

return

swap

contract

notional

amounts

outstanding

fluctuate

throughout

the

period

as

required

to

meet

strategic

objectives.

The

following

table

illustrates

the

quarterly

volume

of

total

return

swap

contracts.

For

the

purpose

of

this

disclosure,

volume

is

measured

by

the

notional

amounts

outstanding

in

USD

at

each

quarter

end.

Currency

Swaps

Certain

Funds

may

enter

into

currency

swap

agreements

to

enhance

returns

or

for

hedging

purposes.

Currency

swap

agreements

are

agreements

where

two

parties

exchange

specified

amounts

of

different

currencies

which

are

followed

by

paying

the

other

a

series

of

interest

payments

that

are

based

on

the

principal

cash

flow.

At

maturity,

the

principal

amounts

are

exchanged.

For

the

period

ended

July

31,

2021,

the

Funds

did

not

enter

into

any

currency

swaps.

Commodity-Linked

Instruments

The

Multi-Asset

Growth

Strategy

Fund

invests

in

commodity-linked

derivative

instruments,

such

as

swap

agreements

and

futures.

At

least

part

of

their

value

is

derived

from

the

value

of

an

underlying

commodity

index,

commodity

futures

or

options

contracts

index,

or

other

readily

measurable

economic

variable.

The

prices

of

commodity-linked

derivative

instruments

may

move

in

different

directions

than

investments

in

traditional

equity

and

debt

securities.

As

an

example,

during

periods

of

rising

inflation,

debt

securities

have

historically

tended

to

decline

in

value

due

to

the

general

increase

in

prevailing

interest

rates.

Conversely,

during

those

same

periods

of

rising

inflation,

historically

the

prices

of

certain

commodities,

such

as

oil

and

metals,

have

tended

to

increase.

Of

course,

there

cannot

be

any

guarantee

that

such

commodity-linked

derivative

instruments

will

perform

in

that

manner

in

the

future,

and

at

certain

times

the

price

movements

of

commodity-linked

derivative

investments

have

been

parallel

to

those

of

debt

and

equity

securities.

The

Multi-Asset

Growth

Strategy

Fund

may

invest

in

commodity-linked

notes.

Commodity

linked

notes

pay

a

return

linked

to

the

performance

of

a

commodity

over

a

defined

period.

On

the

maturity

date,

the

note

pays

the

initial

principal

amount

plus

return,

if

any,

based

on

the

percentage

change

in

the

underlying

commodity.

Master

Agreements

Certain

Funds

are

parties

to

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreements

(“ISDA

Master

Agreements”)

with

counterparties

that

govern

transactions

in

OTC

derivative

and

foreign

exchange

contracts

entered

into

by

the

Funds

and

those

counterparties.

The

ISDA

Master

Agreements

contain

provisions

for

general

obligations,

representations,

agreements,

collateral

and

events

of

default

or

termination.

Events

of

termination

and

default

include

conditions

that

may

entitle

either

party

to

elect

to

terminate

early

and

cause

settlement

of

all

outstanding

transactions

under

the

applicable

ISDA

Master

Agreement.

Any

election

to

terminate

early

could

be

material

to

the

financial

statements.

Since

different

types

of

forward

and

OTC

financial

derivative

transactions

have

different

mechanics

and

are

sometimes

traded

out

of

different

legal

entities

of

a

particular

counterparty

organization,

each

type

of

transaction

may

be

covered

by

a

different

ISDA

Master

Agreement,

resulting

in

the

need

for

multiple

agreements

with

a

single

counterparty.

As

the

ISDA

Master

Agreements

are

specific

to

unique

operations

of

different

asset

types,

Funds

Strategies

Unconstrained

Total

Return

Fund

Hedging

Multi-Strategy

Income

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Multi-Asset

Growth

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Total

Return

Swap

Notional

Amounts

Outstanding

Quarter

Ended

January

31,

2021

April

30,

2021

July

31,

2021

Unconstrained

Total

Return

Fund

$

3,018,270

$

5,342,045

$

4,724,458

Multi-Strategy

Income

Fund

50,485,499

35,569,686

31,457,519

Multi-Asset

Growth

Strategy

Fund

108,237,783

51,059,686

—

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

468

Notes

to

Quarterly

Report

they

allow

a

Fund

to

net

its

total

exposure

to

a

counterparty

in

the

event

of

a

default

with

respect

to

all

the

transactions

governed

under

a

single

agreement

with

a

counterparty.

Master

Repurchase

Agreements

(“Master

Repo

Agreements”)

govern

transactions

between

a

Fund

and

select

counterparties.

The

Master

Repo

Agreements

maintain

provisions

for,

among

other

things,

initiation,

income

payments,

events

of

default,

and

maintenance

of

collateral

for

repurchase

and

reverse

repurchase

agreements.

Master

Securities

Forward

Transaction

Agreements

(“Master

Forward

Agreements”)

govern

the

considerations

and

factors

surrounding

the

settlement

of

certain

forward

settling

transactions,

such

as

delayed

delivery

by

and

between

a

Fund

and

select

counterparties.

The

Master

Forward

Agreements

maintain

provisions

for,

among

other

things,

initiation

and

confirmation,

payment

and

transfer,

events

of

default,

termination,

and

maintenance

of

collateral.

Loan

Agreements

Certain

Funds

may

invest

in

direct

debt

instruments,

which

are

interests

in

amounts

owed

by

corporate,

governmental,

or

other

borrowers

to

lenders

or

lending

syndicates.

The

Funds'

investments

in

loans

may

be

in

the

form

of

participations

in

loans

or

assignments

of

all

or

a

portion

of

loans

from

third

parties.

A

loan

is

often

administered

by

a

bank

or

other

financial

institution

(the

“agent”)

that

acts

as

agent

for

all

holders.

The

agent

administers

the

terms

of

the

loan,

as

specified

in

the

loan

agreement.

When

investing

in

a

loan

participation,

the

Funds

have

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

they

are

entitled

only

from

the

agent

selling

the

loan

agreement

and

only

upon

receipt

by

the

agent

of

payments

from

the

borrower.

The

Funds

generally

have

no

right

to

enforce

compliance

with

the

terms

of

the

loan

agreement

with

the

borrower.

As

a

result,

the

Funds

may

be

subject

to

the

credit

risk

of

both

the

borrower

and

the

agent

that

is

selling

the

loan

agreement.

When

the

Funds

purchase

assignments

from

agents

they

acquire

direct

rights

against

the

borrower

on

the

loan.

Local

Access

Products

Certain

Funds

may

invest

in

local

access

products,

also

known

as

certificates

of

participation,

participation

notes

or

participation

interest

notes.

Local

access

products

are

issued

by

banks

or

broker-dealers

and

are

designed

to

replicate

the

performance

of

foreign

companies

or

foreign

securities

markets

and

can

be

used

by

the

Fund

as

an

alternative

means

to

access

the

securities

market

of

a

frontier

emerging

market

country.

The

performance

results

of

local

access

products

will

not

replicate

exactly

the

performance

of

the

foreign

companies

or

foreign

securities

markets

that

they

seek

to

replicate

due

to

transaction

and

other

expenses.

Investments

in

local

access

products

involve

certain

risks

in

addition

to

those

associated

with

a

direct

investment

in

the

underlying

foreign

companies

or

foreign

securities

markets

whose

return

they

seek

to

replicate.

There

can

be

no

assurance

that

there

will

be

a

trading

market

or

that

the

trading

price

of

local

access

products

will

equal

the

underlying

value

of

the

foreign

company

or

foreign

securities

market

that

it

seeks

to

replicate.

The

Funds

rely

on

the

creditworthiness

of

the

counterparty

issuing

the

local

access

products

and

have

no

rights

against

the

issuer

of

the

underlying

security.

The

Funds

minimize

this

risk

by

entering

into

agreements

only

with

counterparties

that

RIM

deems

creditworthy.

Due

to

liquidity

and

transfer

restrictions,

the

secondary

markets

on

which

the

local

access

products

are

traded

may

be

less

liquid

than

the

markets

for

other

securities,

or

may

be

completely

illiquid.

Credit

Linked

Notes

Certain

Funds

may

invest

in

credit

linked

notes.

Credit

linked

notes

are

obligations

between

two

or

more

parties

where

the

payment

of

principal

and/or

interest

is

based

on

the

performance

of

some

obligation,

basket

of

obligations,

index

or

economic

indicator

(a

“reference

instrument”).

In

addition

to

the

credit

risk

associated

with

the

reference

instrument

and

interest

rate

risk,

the

buyer

and

seller

of

a

credit

linked

note

or

similar

structured

investment

are

subject

to

counterparty

risk.

Short

Sales

The

Sustainable

Equity

and

U.S.

Small

Cap

Equity

Funds

may

enter

into

short

sale

transactions.

In

a

short

sale,

the

seller

sells

a

security

that

it

does

not

own,

typically

a

security

borrowed

from

a

broker

or

dealer.

Because

the

seller

remains

liable

to

return

the

underlying

security

that

it

borrowed

from

the

broker

or

dealer,

the

seller

must

purchase

the

security

prior

to

the

date

on

which

delivery

to

the

broker

or

dealer

is

required.

A

Fund

will

incur

a

loss

as

a

result

of

the

short

sale

if

the

price

of

the

security

increases

between

the

date

of

the

short

sale

and

the

date

on

which

the

Fund

must

return

the

borrowed

security.

A

Fund

will

realize

a

gain

if

the

security

declines

in

price

between

those

dates.

Short

sales

expose

a

Fund

to

the

risk

of

liability

for

the

fair

value

of

the

security

that

is

sold

(the

amount

of

which

increases

as

the

fair

value

of

the

underlying

security

increases),

in

addition

to

the

costs

associated

with

establishing,

maintaining

and

closing

out

the

short

position.

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

Notes

to

Quarterly

Report

469

Although

a

Fund’s

potential

for

gain

as

a

result

of

a

short

sale

is

limited

to

the

price

at

which

it

sold

the

security

short

less

the

cost

of

borrowing

the

security,

its

potential

for

loss

is

theoretically

unlimited

because

there

is

no

limit

to

the

cost

of

replacing

the

borrowed

security.

When

a

Fund

makes

a

short

sale,

the

Fund

may

use

all

or

a

portion

of

the

cash

proceeds

of

short

sales

to

purchase

other

securities

or

for

any

other

permissible

Fund

purpose.

Each

of

the

Sustainable

Equity

Fund

and

U.S.

Small

Cap

Equity

Fund

currently

engage

in

short

sale

transactions

that

are

effected

through

State

Street

but

reserve

the

right

to

engage

in

short

sale

transactions

through

one

or

more

other

counterparties.

For

short

sale

transactions

effected

through

State

Street,

the

Funds

typically

expect

to

collateralize

short

sale

transactions

through

the

Funds’

respective

reciprocal

lending

activity

with

State

Street

(i.e.,

short

sale

transactions

are

collateralized

by

securities

loaned

to

State

Street

for

purposes

of

securities

lending

activities).

The

Funds

may

also

deliver

cash

to

State

Street

for

purposes

of

collateralizing

their

short

sales

transactions

or

“memo

pledge”

securities

as

collateral,

whereby

assets

are

designated

as

collateral

by

State

Street

on

State

Street's

books

but

remain

in

a

Fund’s

custody

account.

Similar

to

the

risks

generally

applicable

to

securities

lending

arrangements,

participation

in

the

reciprocal

lending

program

subjects

these

Funds

to

the

risk

that

State

Street

could

fail

to

return

a

security

lent

to

it

by

a

Fund,

or

fail

to

return

the

Fund’s

cash

collateral,

a

risk

which

would

increase

with

any

decline

in

State

Street’s

credit

profile.

However,

the

impact

of

State

Street’s

failure

to

return

a

security

lent

to

it

by

a

Fund,

or

failure

to

return

a

Fund’s

cash

collateral,

would

be

mitigated

by

the

Fund’s

right

under

such

circumstances

to

decline

to

return

the

securities

the

Fund

initially

borrowed

from

State

Street

with

respect

to

its

short

sale

transactions.

This

risk

may

be

heightened

during

periods

of

market

stress

and

volatility,

particularly

if

the

type

of

collateral

provided

is

different

than

the

type

of

security

borrowed

(e.g.,

cash

is

provided

as

collateral

for

a

loan

of

an

equity

security).

To

the

extent

necessary

to

meet

collateral

requirements

associated

with

a

short

sale

transaction

involving

a

counterparty

other

than

State

Street,

the

Funds

are

required

to

pledge

assets

in

a

segregated

account

maintained

by

the

Funds'

custodian

for

the

benefit

of

the

broker.

The

Funds

may

also

use

securities

they

own

to

meet

any

such

collateral

obligations.

Until

the

Funds

replace

a

borrowed

security

in

connection

with

a

short

sale,

the

Funds

will:

(a)

maintain

daily

a

segregated

account,

containing

liquid

assets

at

such

a

level

that

the

amount

deposited

in

the

segregated

account

will

equal

the

current

requirement

under

Regulation

T

promulgated

by

the

Board

of

Governors

of

the

Federal

Reserve

System

under

the

authority

of

Sections

7

and

8

of

the

Securities

Exchange

Act

of

1934,

as

amended;

or

(b)

otherwise

cover

their

short

positions

in

accordance

with

positions

taken

by

the

staff

of

the

SEC

(e.g.,

taking

an

offsetting

long

position

in

the

security

sold

short).

These

requirements

may

result

in

the

Funds

being

unable

to

purchase

or

sell

securities

or

instruments

when

it

would

otherwise

be

favorable

to

do

so,

or

in

the

Funds

needing

to

sell

holdings

at

a

disadvantageous

time

to

satisfy

their

obligations

or

to

meet

segregation

requirements.

If

the

Fund’s

prime

broker

fails

to

make

or

take

delivery

of

a

security

as

part

of

a

short

sale

transaction,

or

fails

to

make

a

cash

settlement

payment,

the

settlement

of

the

transaction

may

be

delayed

and

the

Fund

may

lose

money.

As

of

July

31,

2021,

the

market

value

of

securities

on

loan

through

the

reciprocal

lending

program

were

as

follows:

As

of

July

31,

2021,

the

Sustainable

Equity

Fund

held

$30,058,233

and

the

U.S.

Small

Cap

Equity

Fund

held

$83,722,295

as

collateral

for

short

sales.

Securities

Lending

The

Investment

Company

has

a

securities

lending

program

whereby

each

Fund

can

loan

securities

with

a

value

up

to

33

1/3%

of

each

Fund's

total

assets.

The

maturity

associated

with

these

securities

is

considered

continuous.

The

Fund

receives

cash

(U.S.

currency),

U.S.

Government

or

U.S.

Government

Agency

obligations

as

collateral

against

the

loaned

securities.

The

collateral

cannot

be

resold,

repledged

or

rehypothecated.

As

of

July

31,

2021,

to

the

extent

that

a

loan

was

collateralized

by

cash,

such

collateral

was

invested

by

the

securities

lending

agent,

Goldman

Sachs

Agency

Lending

("GSAL"),

in

the

U.S.

Cash

Collateral

Fund,

an

unregistered

fund

advised

by

RIM.

To

the

extent

that

a

loan

is

secured

by

non-cash

collateral,

brokers

pay

the

Fund

negotiated

lenders'

fees,

which

are

divided

between

the

Fund

and

the

securities

lending

agent

and

are

recorded

as

securities

lending

income

for

the

Fund.

All

collateral

received

will

be

in

an

amount

at

least

equal

to

102%

(for

loans

of

U.S.

securities)

or

105%

(for

loans

of

non-U.S.

securities)

of

the

fair

value

of

the

loaned

securities

at

the

inception

of

each

loan.

The

fair

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

the

next

day.

Should

the

borrower

of

the

securities

fail

financially,

there

is

a

risk

of

delay

in

recovery

of

the

securities

or

loss

of

rights

in

the

collateral.

Amount

Sustainable

Equity

Fund

$

16,304,311

U.S.

Small

Cap

Equity

Fund

56,529,670

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

470

Notes

to

Quarterly

Report

Emerging

Markets

Securities

Certain

Funds

may

invest

in

emerging

markets

securities.

Investing

in

emerging

markets

securities

can

pose

some

risks

different

from,

and

greater

than,

risks

of

investing

in

U.S.

or

developed

markets

securities.

These

risks

include:

a

risk

of

loss

due

to

exposure

to

economic

structures

that

are

generally

less

diverse

and

mature,

and

to

political

systems

which

may

have

less

stability,

than

those

of

more

developed

countries;

smaller

market

capitalization

of

securities

markets,

which

may

suffer

periods

of

relative

illiquidity

(including

as

a

result

of

a

significant

reduction

in

the

number

of

market

participants

or

transactions);

significant

price

volatility;

restrictions

on

foreign

investment;

possible

difficulties

in

the

repatriation

of

investment

income

and

capital

including

as

a

result

of

the

closure

of

securities

markets

in

an

emerging

market

country;

and

generally,

less

stringent

investor

protection

standards

as

compared

with

investments

in

U.S.

or

other

developed

market

equity

securities.

In

addition,

foreign

investors

may

be

required

to

register

the

proceeds

of

sales

and

future

economic

or

political

crises

could

lead

to

price

controls,

forced

mergers,

expropriation

or

confiscatory

taxation,

seizure,

nationalization,

or

creation

of

government

monopolies.

The

currencies

of

emerging

market

countries

may

experience

significant

declines

against

the

U.S.

dollar,

and

devaluation

may

occur

subsequent

to

investments

in

these

currencies

by

the

Funds.

Emerging

market

securities

may

be

subject

to

currency

transfer

restrictions

and

may

experience

delays

and

disruptions

in

settlement

procedures

for

a

Fund's

portfolio

securities.

Inflation

and

rapid

fluctuations

in

inflation

rates

have

had,

and

may

continue

to

have,

negative

effects

on

the

economies

and

securities

markets

of

certain

emerging

market

countries.

Emerging

market

countries

may

be

more

likely

to

experience

the

imposition

of

economic

sanctions

by

foreign

governments.

In

addition,

emerging

market

countries

may

be

subject

to

less

stringent

requirements

regarding

accounting,

auditing,

financial

reporting

and

record

keeping

and

therefore,

all

material

information

may

not

be

available

or

reliable.

U.S.

regulatory

authorities'

ability

to

enforce

legal

and/or

regulatory

obligations

against

individuals

or

entities,

and

shareholders'

ability

to

bring

derivative

litigation

or

otherwise

enforce

their

legal

rights,

in

emerging

market

countries

may

be

limited.

Emerging

Markets

Debt

Certain

Funds

may

invest

in

emerging

markets

debt.

A

Fund's

emerging

markets

debt

securities

may

include

obligations

of

governments

and

corporations.

As

with

any

fixed

income

securities,

emerging

markets

debt

securities

are

subject

to

the

risk

of

being

downgraded

in

credit

rating

due

to

the

risk

of

default.

In

the

event

of

a

default

on

any

investments

in

foreign

debt

obligations,

it

may

be

more

difficult

for

a

Fund

to

obtain

or

to

enforce

a

judgment

against

the

issuers

of

such

securities.

With

respect

to

debt

issued

by

emerging

market

governments,

such

issuers

may

be

unwilling

to

pay

interest

and

repay

principal

when

due,

either

due

to

an

inability

to

pay

or

submission

to

political

pressure

not

to

pay,

and

as

a

result

may

default,

declare

temporary

suspensions

of

interest

payments

or

require

that

the

conditions

for

payment

be

renegotiated.

Repurchase

Agreements

Certain

Funds

may

enter

into

repurchase

agreements.

A

repurchase

agreement

is

an

agreement

under

which

a

Fund

acquires

a

fixed

income

security

from

a

commercial

bank,

broker

or

dealer

and

simultaneously

agrees

to

resell

such

security

to

the

seller

at

an

agreed

upon

price

and

date

(normally

within

a

few

days

or

weeks).

The

resale

price

reflects

an

agreed

upon

interest

rate

effective

for

the

period

the

security

is

held

by

a

Fund

and

is

unrelated

to

the

interest

rate

on

the

security.

The

securities

acquired

by

a

Fund

constitute

collateral

for

the

repurchase

obligation.

In

these

transactions,

the

securities

acquired

by

a

Fund

(including

accrued

interest

earned

thereon)

must

have

a

total

value

in

excess

of

the

value

of

the

repurchase

agreement

and

must

be

held

by

the

custodian

bank

until

repurchased.

A

Fund

will

not

invest

more

than

15%

of

its

net

assets

(taken

at

current

fair

value)

in

repurchase

agreements

maturing

in

more

than

seven

days.

Mortgage-Related

and

Other

Asset-Backed

Securities

Certain

Funds

may

invest

in

mortgage

or

other

asset-backed

securities

(“ABS”).

These

securities

may

include

mortgage

instruments

issued

by

U.S.

government

agencies

(“agency

mortgages”)

or

those

issued

by

private

entities

(“non-agency

mortgages”).

Specific

types

of

instruments

may

include

reverse

mortgages,

mortgage

pass-through

securities,

collateralized

mortgage

obligations

(“CMO”),

commercial

mortgage-backed

securities,

mortgage

dollar

rolls,

CMO

residuals,

stripped

mortgage-backed

securities

and

other

securities

that

directly

or

indirectly

represent

a

participation

in,

or

are

secured

by

a

payable

from,

mortgage

loans

on

real

property.

The

value

of

a

Fund’s

mortgage-backed

securities

(“MBS”)

may

be

affected

by,

among

other

things,

changes

or

perceived

changes

in

interest

rates,

factors

concerning

the

interests

in

and

structure

of

the

issuer

or

the

originator

of

the

mortgage,

or

the

quality

of

the

underlying

assets.

The

mortgages

underlying

the

securities

may

default

or

decline

in

quality

or

value.

Through

its

investments

in

MBS,

a

Fund

has

exposure

to

subprime

loans,

Alt-A

loans

and

non-conforming

loans

as

well

as

to

the

mortgage

and

credit

markets

generally.

Underlying

collateral

related

to

subprime,

Alt-A

and

non-conforming

mortgage

loans

has

become

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

Notes

to

Quarterly

Report

471

increasingly

susceptible

to

defaults

and

declines

in

quality

or

value,

especially

in

a

declining

residential

real

estate

market.

In

addition,

regulatory

or

tax

changes

may

adversely

affect

the

mortgage

securities

markets

as

a

whole.

Mortgage-Backed

Securities

MBS

often

have

stated

maturities

of

up

to

thirty

years

when

they

are

issued,

depending

upon

the

length

of

the

mortgages

underlying

the

securities.

In

practice,

however,

unscheduled

or

early

payments

of

principal

and

interest

on

the

underlying

mortgages

may

make

the

securities’

effective

maturity

shorter

than

this,

and

the

prevailing

interest

rates

may

be

higher

or

lower

than

the

current

yield

of

a

Fund’s

portfolio

at

the

time

resulting

in

reinvestment

risk.

Rising

or

high

interest

rates

may

result

in

slower

than

expected

principal

payments

which

may

tend

to

extend

the

duration

of

MBS,

making

them

more

volatile

and

more

sensitive

to

changes

in

interest

rates.

This

is

known

as

extension

risk.

MBS

may

have

less

potential

for

capital

appreciation

than

comparable

fixed

income

securities

due

to

the

likelihood

of

increased

prepayments

of

mortgages

resulting

from

foreclosures

or

declining

interest

rates.

These

foreclosed

or

refinanced

mortgages

are

paid

off

at

face

value

(par)

or

less,

causing

a

loss,

particularly

for

any

investor

who

may

have

purchased

the

security

at

a

premium

or

a

price

above

par.

In

such

an

environment,

this

risk

limits

the

potential

price

appreciation

of

these

securities.

Agency

Mortgage-Backed

Securities

Certain

MBS

may

be

issued

or

guaranteed

by

the

U.S.

government

or

a

government

sponsored

entity,

such

as

Fannie

Mae

(the

Federal

National

Mortgage

Association)

or

Freddie

Mac

(the

Federal

Home

Loan

Mortgage

Corporation).

Although

these

instruments

may

be

guaranteed

by

the

U.S.

government

or

a

government

sponsored

entity,

many

such

MBS

are

not

backed

by

the

full

faith

and

credit

of

the

United

States

and

are

still

exposed

to

the

risk

of

non-payment.

Privately

Issued

Mortgage-Backed

Securities

MBS

held

by

a

Fund

may

be

issued

by

private

issuers

including

commercial

banks,

savings

associations,

mortgage

companies,

investment

banking

firms,

finance

companies

and

special

purpose

finance

entities

(called

special

purpose

vehicles

or

SPVs)

and

other

entities

that

acquire

and

package

mortgage

loans

for

resale

as

MBS.

These

privately

issued

non-agency

MBS

may

offer

higher

yields

than

those

issued

by

government

agencies,

but

also

may

be

subject

to

greater

price

changes

than

governmental

issues.

Subprime

loans

refer

to

loans

made

to

borrowers

with

weakened

credit

histories

or

with

a

lower

capacity

to

make

timely

payments

on

their

loans.

Alt-A

loans

refer

to

loans

extended

to

borrowers

who

have

incomplete

documentation

of

income,

assets,

or

other

variables

that

are

important

to

the

credit

underwriting

processes.

Non-conforming

mortgages

are

loans

that

do

not

meet

the

standards

that

allow

purchase

by

government-sponsored

enterprises.

MBS

with

exposure

to

subprime

loans,

Alt-A

loans

or

nonconforming

loans

have

had

in

many

cases

higher

default

rates

than

those

loans

that

meet

government

underwriting

requirements.

The

risk

of

non-payment

is

greater

for

MBS

that

are

backed

by

mortgage

pools

that

contain

subprime,

Alt-A

and

non-conforming

loans,

but

a

level

of

risk

exists

for

all

loans.

Unlike

agency

MBS

issued

or

guaranteed

by

the

U.S.

government

or

a

government-sponsored

entity

(e.g.,

Fannie

Mae

and

Freddie

Mac),

MBS

issued

by

private

issuers

do

not

have

a

government

or

government-sponsored

entity

guarantee,

but

may

have

credit

enhancements

provided

by

external

entities

such

as

banks

or

financial

institutions

or

achieved

through

the

structuring

of

the

transaction

itself.

Examples

of

such

credit

support

arising

out

of

the

structure

of

the

transaction

include

the

issue

of

senior

and

subordinated

securities

(e.g.,

the

issuance

of

securities

by

an

SPV

in

multiple

classes

or

tranches,

with

one

or

more

classes

being

senior

to

other

subordinated

classes

as

to

the

payment

of

principal

and

interest,

with

the

result

that

defaults

on

the

underlying

mortgage

loans

are

borne

first

by

the

holders

of

the

subordinated

class);

creation

of

reserve

funds

(in

which

case

cash

or

investments,

sometimes

funded

from

a

portion

of

the

payments

on

the

underlying

mortgage

loans,

are

held

in

reserve

against

future

losses);

and

overcollateralization

(in

which

case

the

scheduled

payments

on,

or

the

principal

amount

of,

the

underlying

mortgage

loans

exceeds

that

required

to

make

payment

on

the

securities

and

pay

any

servicing

or

other

fees).

However,

there

can

be

no

guarantee

that

credit

enhancements,

if

any,

will

be

sufficient

to

prevent

losses

in

the

event

of

defaults

on

the

underlying

mortgage

loans.

In

addition,

MBS

that

are

issued

by

private

issuers

are

not

subject

to

the

underwriting

requirements

for

the

underlying

mortgages

that

are

applicable

to

those

MBS

that

have

a

government

or

government-sponsored

entity

guarantee.

As

a

result,

the

mortgage

loans

underlying

private

MBS

may,

and

frequently

do,

have

less

favorable

collateral,

credit

risk

or

other

underwriting

characteristics

than

government

or

government-sponsored

MBS

and

have

wider

variances

in

a

number

of

terms

including

interest

rate,

term,

size,

purpose

and

borrower

characteristics.

Privately

issued

pools

more

frequently

include

second

mortgages,

high

loan-to-value

mortgages

and

manufactured

housing

loans.

The

coupon

rates

and

maturities

of

the

underlying

mortgage

loans

in

a

private-label

MBS

pool

may

vary

to

a

greater

extent

than

those

included

in

a

government

guaranteed

pool,

and

the

pool

may

include

subprime

mortgage

loans.

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

472

Notes

to

Quarterly

Report

Privately

issued

MBS

are

not

traded

on

an

exchange

and

there

may

be

a

limited

market

for

the

securities,

especially

when

there

is

a

perceived

weakness

in

the

mortgage

and

real

estate

market

sectors.

Without

an

active

trading

market,

MBS

held

in

a

Fund's

portfolio

may

be

particularly

difficult

to

value

because

of

the

complexities

involved

in

assessing

the

value

of

the

underlying

mortgage

loans.

Asset-Backed

Securities

ABS

may

include

MBS,

loans,

receivables

or

other

assets.

The

value

of

the

Funds’

ABS

may

be

affected

by,

among

other

things,

actual

or

perceived

changes

in

interest

rates,

factors

concerning

the

interests

in

and

structure

of

the

issuer

or

the

originator

of

the

receivables,

the

market’s

assessment

of

the

quality

of

underlying

assets

or

actual

or

perceived

changes

in

the

credit

worthiness

of

the

individual

borrowers,

the

originator,

the

servicing

agent

or

the

financial

institution

providing

the

credit

support.

Payment

of

principal

and

interest

may

be

largely

dependent

upon

the

cash

flows

generated

by

the

assets

backing

the

securities.

Rising

or

high

interest

rates

tend

to

extend

the

duration

of

ABS,

making

them

more

volatile

and

more

sensitive

to

changes

in

interest

rates.

The

underlying

assets

are

sometimes

subject

to

prepayments

which

can

shorten

the

security’s

weighted

average

life

and

may

lower

its

return.

Defaults

on

loans

underlying

ABS

have

become

an

increasing

risk

for

ABS

that

are

secured

by

home

equity

loans

related

to

sub-prime,

Alt-A

or

non-conforming

mortgage

loans,

especially

in

a

declining

residential

real

estate

market.

ABS

(other

than

MBS)

present

certain

risks

that

are

not

presented

by

MBS.

Primarily,

these

securities

may

not

have

the

benefit

of

any

security

interest

in

the

related

assets.

Credit

card

receivables

are

generally

unsecured

and

the

debtors

are

entitled

to

the

protection

of

a

number

of

state

and

federal

consumer

credit

laws,

many

of

which

give

such

debtors

the

right

to

set

off

certain

amounts

owed

on

the

credit

cards,

thereby

reducing

the

balance

due.

There

is

the

possibility

that

recoveries

on

repossessed

collateral

may

not,

in

some

cases,

be

available

to

support

payments

on

these

securities.

ABS

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

To

lessen

the

effect

of

failures

by

obligors

on

underlying

assets

to

make

payments,

the

securities

may

contain

elements

of

credit

support

which

fall

into

two

categories:

(i)

liquidity

protection,

and

(ii)

protection

against

losses

resulting

from

ultimate

default

by

an

obligor

on

the

underlying

assets.

Liquidity

protection

refers

to

the

provision

of

advances,

generally

by

the

entity

administering

the

pool

of

assets,

to

ensure

that

the

receipt

of

payments

on

the

underlying

pool

occurs

in

a

timely

fashion.

Protection

against

losses

results

from

payment

of

the

insurance

obligations

on

at

least

a

portion

of

the

assets

in

the

pool.

This

protection

may

be

provided

through

guarantees,

policies

or

letters

of

credit

obtained

by

the

issuer

or

sponsor

from

third

parties,

through

various

means

of

structuring

the

transaction

or

through

a

combination

of

such

approaches.

The

Funds

will

not

pay

any

additional

or

separate

fees

for

credit

support.

The

degree

of

credit

support

provided

for

each

issue

is

generally

based

on

historical

information

respecting

the

level

of

credit

risk

associated

with

the

underlying

assets.

Delinquency

or

loss

in

excess

of

that

anticipated

or

failure

of

the

credit

support

could

adversely

affect

the

return

on

an

investment

in

such

a

security.

The

availability

of

ABS

may

be

affected

by

legislative

or

regulatory

developments.

It

is

possible

that

such

developments

may

require

the

Funds

to

dispose

of

any

then-existing

holdings

of

such

securities.

Forward

Commitments

Certain

Funds

may

contract

to

purchase

securities

for

a

fixed

price

at

a

future

date

beyond

customary

settlement

time.

The

price

of

the

underlying

securities

and

the

date

when

the

securities

will

be

delivered

and

paid

for

are

fixed

at

the

time

the

transaction

is

negotiated

The

Funds

may

dispose

of

a

forward

commitment

transaction

prior

to

settlement

if

it

is

appropriate

to

do

so

and

may

realize

short-term

gains

(or

losses)

upon

such

sale.

When

effecting

such

transactions,

liquid

assets

of

the

Funds,

in

a

dollar

amount

sufficient

to

make

payment

for

the

portfolio

securities

to

be

purchased,

will

be

earmarked

on

the

Fund's

records

at

the

trade

date

and

until

the

transaction

is

settled.

A

forward

commitment

transaction

involves

a

risk

of

loss

if

the

value

of

the

security

to

be

purchased

declines

prior

to

the

settlement

date

or

the

other

party

to

the

transaction

fails

to

complete

the

transaction.

Certain

Funds

may

invest

in

to-be-announced

("TBA")

mortgage-backed

securities.

A

TBA

security

is

a

forward

mortgage-backed

securities

trade

in

which

a

seller

agrees

to

issue

a

TBA

mortgage-backed

security

at

a

future

date.

The

securities

are

purchased

and

sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

maturity

date.

The

actual

principal

amount

and

maturity

date

will

be

determined

upon

settlement

when

the

specific

mortgage

pools

are

assigned.

These

securities

are

within

the

parameters

of

industry

“good

delivery”

standards.

As

of

July

31,

2021,

the

Funds

had

no

cash

collateral

balances

in

connection

with

TBAs.

Inflation-Indexed

Bonds

The

fixed

income

Funds

may

invest

in

inflation-indexed

securities,

which

are

typically

bonds

or

notes

designed

to

provide

a

return

higher

than

the

rate

of

inflation

(based

on

a

designated

index)

if

held

to

maturity.

A

common

type

of

inflation-indexed

security

is

a

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

Notes

to

Quarterly

Report

473

U.S.

Treasury

Inflation-Protected

Security

(“TIPS”).

The

principal

of

a

TIPS

increases

with

inflation

and

decreases

with

deflation,

as

measured

by

the

Consumer

Price

Index.

When

a

TIPS

matures,

the

adjusted

principal

or

original

principal

is

paid,

whichever

is

greater.

TIPS

pay

interest

twice

a

year,

at

a

fixed

rate.

The

rate

is

applied

to

the

adjusted

principal;

so,

like

the

principal,

interest

payments

rise

with

inflation

and

fall

with

deflation.

Guarantees

In

the

normal

course

of

business,

the

Funds

enter

into

contracts

that

contain

a

variety

of

representations

which

provide

general

indemnifications.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds

that

have

not

yet

occurred.

However,

the

Funds

expect

the

risk

of

loss

to

be

remote.

LIBOR

The

Funds

may

invest

in

certain

instruments

including,

but

not

limited

to,

repurchase

agreements,

collateralized

loan

obligations

and

mortgage-backed

securities,

that

rely

in

some

fashion

upon

LIBOR.

LIBOR

is

an

average

interest

rate,

determined

by

the

ICE

Benchmark

Administration,

that

banks

charge

one

another

for

the

use

of

short-term

money.

The

United

Kingdom’s

Financial

Conduct

Authority

("FCA"),

which

regulates

LIBOR,

has

announced

plans

to

phase

out

the

use

of

LIBOR

by

the

end

of

2021.

However,

subsequent

announcements

by

the

FCA,

the

LIBOR

administrator

and

other

regulators

indicate

that

it

is

possible

that

certain

LIBORs

may

continue

beyond

2021

and

certain

of

the

most

widely

used

LIBORs

may

continue

until

mid-2023.

There

remains

uncertainty

regarding

the

future

utilization

of

LIBOR

and

the

nature

of

any

replacement

rate

(e.g.,

the

Secured

Overnight

Financing

Rate,

which

is

intended

to

replace

U.S.

dollar

LIBOR

and

measures

the

cost

of

overnight

borrowings

through

repurchase

agreement

transactions

collateralized

with

U.S.

Treasury

securities).

Any

potential

effects

of

the

transition

away

from

LIBOR

on

the

Funds

or

on

certain

instruments

in

which

a

Fund

invests

can

be

difficult

to

ascertain,

and

they

may

vary

depending

on

factors

that

include,

but

are

not

limited

to:

(i)

existing

fallback

or

termination

provisions

in

individual

contracts

and

(ii)

whether,

how,

and

when

industry

participants

develop

and

adopt

new

reference

rates

and

fallbacks

for

both

legacy

and

new

products

and

instruments.

For

example,

certain

of

the

Funds'

investments

may

involve

individual

contracts

that

have

no

existing

fallback

provision

or

language

that

contemplates

the

discontinuation

of

LIBOR,

and

those

investments

could

experience

increased

volatility

or

illiquidity

as

a

result

of

the

transition

process.

In

addition,

interest

rate

provisions

included

in

such

contracts

may

need

to

be

renegotiated

in

contemplation

of

the

transition

away

from

LIBOR.

The

transition

may

also

result

in

a

reduction

in

the

value

of

certain

instruments

held

by

a

Fund,

including

those

described

in

this

paragraph,

or

a

reduction

in

the

effectiveness

of

related

Fund

transactions

such

as

hedges.

Any

such

effects

of

the

transition

away

from

LIBOR,

as

well

as

other

unforeseen

effects,

could

result

in

losses

to

a

Fund.

Market,

Credit

and

Counterparty

Risk

In

the

normal

course

of

business,

the

Funds

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

a

transaction

to

perform

(credit

risk).

Similar

to

credit

risk,

the

Funds

may

also

be

exposed

to

counterparty

risk

or

risk

that

an

institution

or

other

entity

with

which

the

Funds

have

unsettled

or

open

transactions

will

default.

The

potential

loss

could

exceed

the

value

of

the

relevant

assets

recorded

in

the

Funds'

financial

statements

(the

“Assets”).

The

Assets

consist

principally

of

cash

due

from

counterparties

and

investments.

The

extent

of

the

Funds'

exposure

to

market,

credit

and

counterparty

risks

with

respect

to

the

Assets

approximates

their

carrying

value

as

recorded

in

the

Funds'

Statements

of

Assets

and

Liabilities.

Global

economies

and

financial

markets

are

becoming

increasingly

interconnected

and

political

and

economic

conditions

(including

recent

instability

and

volatility

due

to

international

trade

disputes)

and

events

(including

natural

disasters,

pandemics,

epidemics,

social

unrest

and

government

shutdowns)

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

As

a

result,

issuers

of

securities

held

by

a

Fund

may

experience

significant

declines

in

the

value

of

their

assets

and

even

cease

operations.

Such

conditions

and/or

events

may

not

have

the

same

impact

on

all

types

of

securities

and

may

expose

a

Fund

to

greater

market

and

liquidity

risk

and

potential

difficulty

in

valuing

portfolio

instruments

held.

This

could

cause

a

Fund

to

underperform

other

types

of

investments.

From

time

to

time,

as

occurred

in

early

2020,

outbreaks

of

infectious

illness,

public

health

emergencies

and

other

similar

issues

(“public

health

events”)

may

occur

in

one

or

more

countries

around

the

globe.

Such

public

health

events

have

had

significant

impacts

on

both

the

country

in

which

the

event

is

first

identified

as

well

as

other

countries

in

the

global

economy.

Public

health

events

have

reduced

consumer

demand

and

economic

output

in

one

or

more

countries

subject

to

the

public

health

event,

resulted

in

restrictions

on

trading

and

market

closures

(including

for

extended

periods

of

time),

increased

substantially

the

volatility

of

financial

markets,

and,

more

generally,

have

had

a

significant

negative

impact

on

the

economy

of

the

country

or

countries

subject

to

the

public

health

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

474

Notes

to

Quarterly

Report

event.

Public

health

events

have

also

adversely

affected

the

global

economy,

global

supply

chains

and

the

securities

in

which

the

Funds

invest

across

a

number

of

industries,

sectors

and

asset

classes.

The

extent

of

the

impact

depends

on,

among

other

factors,

the

scale

and

duration

of

any

such

public

health

event.

Public

health

events

have

resulted

in

the

governments

of

affected

countries

taking

potentially

significant

measures

to

seek

to

mitigate

the

transmission

of

the

infectious

illness

or

other

public

health

issue

including,

among

other

measures,

imposing

travel

restrictions

and/or

quarantines

and

limiting

the

operations

of

non-essential

businesses.

Any

of

these

events

could

adversely

affect

a

Fund’s

investments

and

performance,

including

by

exacerbating

other

pre-

existing

political,

social

and

economic

risks.

Governmental

authorities

and

other

entities

may

respond

to

such

events

with

fiscal

and/or

monetary

policy

changes.

It

is

not

guaranteed

that

these

policy

changes

will

have

their

intended

effect

and

it

is

possible

that

the

implementation

of

or

subsequent

reversal

of

such

policy

changes

could

increase

volatility

in

financial

markets,

which

could

adversely

affect

a

Fund’s

investments

and

performance.

3.

Investment

in

Cayman

Multi-Asset

Growth

Strategy

Fund,

Ltd.

The

Cayman

Multi-Asset

Growth

Strategy

Fund,

Ltd.

(the

"Subsidiary”)

is

a

Cayman

Island

exempted

company

and

a

wholly

owned

subsidiary

of

the

Multi-Asset

Growth

Strategy

Fund.

The

Subsidiary

acts

as

an

investment

vehicle

for

the

Fund

in

order

to

effect

certain

investments

on

behalf

of

the

Fund.

The

Fund

is

the

sole

shareholder

of

the

Subsidiary,

and

it

is

intended

that

the

Fund

will

remain

the

sole

shareholder

and,

as

a

result,

will

continue

to

control

the

Subsidiary.

As

of

July

31,

2021,

net

assets

of

the

Multi-

Asset

Growth

Strategy

Fund

were

$982,819,032

of

which

$14,754,970

or

approximately

1.5%,

represents

the

Fund’s

ownership

of

the

shares

of

the

Subsidiary.

As

of

July

31,

2021,

the

fair

values

of

securities

owned

by

the

Cayman

Multi-Asset

Growth

Strategy

Fund,

Ltd.

within

the

Consolidated

Schedule

of

Investments

were

as

follows:

The

Multi-Asset

Growth

Strategy

Fund

may

invest

up

to

25%

of

its

total

assets

in

the

Subsidiary,

which

may

invest

without

limitation

in

commodity-linked

derivative

instruments,

such

as

swaps

and

futures

that

provide

exposure

to

the

performance

of

commodities

markets.

The

Subsidiary

may

also

invest

in

fixed

income

securities.

The

financial

statements

of

the

Multi-Asset

Growth

Strategy

Fund

have

been

consolidated

and

include

the

accounts

of

both

the

Fund

and

the

Subsidiary.

All

inter-company

transactions

and

balances

have

been

eliminated

upon

consolidation.

4.

Related

Party

Transactions

RIM

provides

or

oversees

the

provision

of

all

investment

advisory

and

portfolio

management

services

for

the

Funds.

From

its

advisory

fees

received

from

the

Funds,

RIM,

as

agent

for

RIC,

pays

all

fees

to

the

money

managers

for

their

investment

advisory

services.

Each

money

manager

has

agreed

that

it

will

look

only

to

RIM

for

the

payment

of

the

money

manager’s

fee,

after

RIC

has

paid

RIM.

Fees

paid

to

the

money

managers

are

not

affected

by

any

voluntary

or

statutory

expense

limitations.

RIFUS

is

the

Funds'

administrator

and

transfer

agent.

RIFUS,

in

its

capacity

as

the

Funds'

administrator,

provides

or

oversees

the

provision

of

all

administrative

services

for

the

Funds.

RIFUS,

in

its

capacity

as

the

Funds'

transfer

agent

and

dividend

disbursing

agent,

is

responsible

for

providing

transfer

agency

and

dividend

disbursing

services

to

the

Funds.

RIFUS

is

a

wholly-owned

subsidiary

of

RIM.

RIM

is

an

indirect,

wholly-owned

subsidiary

of

Russell

Investments

Group,

Ltd.

The

Funds

are

permitted

to

invest

their

cash

(i.e.,

cash

awaiting

investment

or

cash

held

to

meet

redemption

requests

or

to

pay

expenses)

in

the

U.S.

Cash

Management

Fund,

an

unregistered

fund

advised

by

RIM.

Each

Fund's

investment

in

the

U.S.

Cash

Management

Fund

is

disclosed

within

the

Fund's

Schedule

of

Investments.

In

addition,

all

or

a

portion

of

the

collateral

received

from

the

Investment

Company’s

securities

lending

program

is

invested

in

the

U.S.

Cash

Collateral

Fund,

an

unregistered

fund

advised

by

RIM.

Each

Fund's

investment

in

the

U.S.

Cash

Collateral

Fund

is

disclosed

within

the

Fund's

Schedule

of

Investments.

5.

Federal

Income

Taxes

At

July

31,

2021,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

U.S.

Cash

Management

Fund

$

10,089,117

Equity

Income

Fund

Sustainable

Equity

Fund

U.S.

Strategic

Equity

Fund

Cost

of

Investments

$

142,844,869

$

210,088,401

$

2,872,698,273

Unrealized

Appreciation

$

112,822,638

$

90,950,660

$

1,340,967,383

Unrealized

Depreciation

(1,769,343)

(3,666,303)

(19,879,935)

Net

Unrealized

Appreciation

(Depreciation)

$

111,053,295

$

87,284,357

$

1,321,087,448

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

Notes

to

Quarterly

Report

475

U.S.

Small

Cap

Equity

Fund

International

Developed

Markets

Fund

Global

Equity

Fund

Cost

of

Investments

$

1,265,181,629

$

1,809,730,025

$

1,118,608,679

Unrealized

Appreciation

$

298,237,979

$

303,065,424

$

239,425,043

Unrealized

Depreciation

(48,895,880)

(123,289,138)

(25,139,336)

Net

Unrealized

Appreciation

(Depreciation)

$

249,342,099

$

179,776,286

$

214,285,707

Emerging

Markets

Fund

Tax-Managed

U.S.

Large

Cap

Fund

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Cost

of

Investments

$

941,023,275

$

2,850,503,354

$

707,004,006

Unrealized

Appreciation

$

384,987,216

$

2,960,963,585

$

614,354,054

Unrealized

Depreciation

(64,134,855)

(1,767,023)

(2,200,660)

Net

Unrealized

Appreciation

(Depreciation)

$

320,852,361

$

2,959,196,562

$

612,153,394

Tax-Managed

International

Equity

Fund

Tax-Managed

Real

Assets

Fund

Opportunistic

Credit

Fund

Cost

of

Investments

$

1,913,500,169

$

553,799,973

$

724,351,218

Unrealized

Appreciation

$

720,406,494

$

169,554,069

$

126,847,179

Unrealized

Depreciation

(33,503,747)

(3,670,508)

(129,482,292)

Net

Unrealized

Appreciation

(Depreciation)

$

686,902,747

$

165,883,561

$

(2,635,113)

Unconstrained

Total

Return

Fund

Strategic

Bond

Fund

Investment

Grade

Bond

Fund

Cost

of

Investments

$

147,394,097

$

3,965,950,388

$

759,331,840

Unrealized

Appreciation

$

5,566,677

$

121,466,039

$

25,719,973

Unrealized

Depreciation

(8,588,219)

(33,254,558)

(4,923,046)

Net

Unrealized

Appreciation

(Depreciation)

$

(3,021,542)

$

88,211,481

$

20,796,927

Short

Duration

Bond

Fund

Tax-Exempt

High

Yield

Bond

Fund

Tax-Exempt

Bond

Fund

Cost

of

Investments

$

409,054,723

$

1,405,820,799

$

3,795,382,775

Unrealized

Appreciation

$

5,213,470

$

130,902,414

$

197,555,170

Unrealized

Depreciation

(1,512,560)

(4,288,610)

(7,237,852)

Net

Unrealized

Appreciation

(Depreciation)

$

3,700,910

$

126,613,804

$

190,317,318

Global

Infrastructure

Fund

Global

Real

Estate

Securities

Fund

Multi-Strategy

Income

Fund

Cost

of

Investments

$

74,916,592

$

655,259,111

$

673,245,584

Unrealized

Appreciation

$

22,349,531

$

172,100,036

$

67,876,436

Unrealized

Depreciation

(1,094,130)

(2,716,368)

(27,352,223)

Net

Unrealized

Appreciation

(Depreciation)

$

21,255,401

$

169,383,668

$

40,524,213

Multi-Asset

Growth

Strategy

Fund

Multifactor

U.S.

Equity

Fund

Multifactor

International

Equity

Fund

Cost

of

Investments

$

1,058,763,054

$

516,767,793

$

274,595,533

Unrealized

Appreciation

$

103,530,213

$

282,168,127

$

81,206,169

Unrealized

Depreciation

(50,268,736)

(5,936,032)

(5,886,433)

Net

Unrealized

Appreciation

(Depreciation)

$

53,261,477

$

276,232,095

$

75,319,736

Russell

Investment

Company

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

476

Notes

to

Quarterly

Report

6.

Restricted

Securities

Restricted

securities

are

subject

to

contractual

restrictions

on

resale,

are

often

issued

in

private

placement

transactions,

and

are

not

registered

under

the

Securities

Act

of

1933,

as

amended

("the

Act").

The

most

common

types

of

restricted

securities

are

those

sold

under

Rule

144A

of

the

Act

and

commercial

paper

sold

under

Section

4(2)

of

the

Act.

See

each

Fund’s

Schedule

of

Investments

for

a

list

of

securities

that

have

been

footnoted

as

restricted.

7.

Commitments

and

Contingencies

Certain

Funds

enter

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The

Funds

are

obligated

to

fund

these

loan

commitments

at

the

borrowers'

discretion.

Funded

portions

of

credit

agreements

are

presented

in

the

Schedules

of

Investments.

As

of

July

31,

2021,

there

were

no

unfunded

loan

commitments.

8.

Subsequent

Events

Management

has

evaluated

the

events

and/or

transactions

that

have

occurred

through

the

date

this

Quarterly

Report

was

issued

and

noted

no

events

have

occurred

that

require

disclosure

except

the

following:

On

August

2,

2021,

the

Board

declared

dividends

payable

from

net

investment

income.

Dividends

were

paid

on

August

4,

2021,

to

shareholders

of

record

effective

with

the

opening

of

business

on

August

3,

2021.

On

September

1,

2021,

the

Board

declared

dividends

payable

from

net

investment

income.

Dividends

were

paid

on

September

3,

2021,

to

shareholders

of

record

effective

with

the

opening

of

business

on

September

2,

2021.

Multifactor

Bond

Fund

Cost

of

Investments

$

40,635,590

Unrealized

Appreciation

$

541,581

Unrealized

Depreciation

(97,691)

Net

Unrealized

Appreciation

(Depreciation)

$

443,890

Russell

Investment

Company

1301

Second

Avenue

Seattle,

Washington

98101

800-787-7354

Fax:

206-505-3495

https://russellinvestments.com