2021

QUARTERLY

REPORT

LifePoints

®

Funds

July

31,

2021

FUND

SHARE

CLASS

Conservative

Strategy

Fund

A,

C,

R1,

R4,

R5,

S

Moderate

Strategy

Fund

A,

C,

R1,

R4,

R5,

S

Balanced

Strategy

Fund

A,

C,

R1,

R4,

R5,

S

Growth

Strategy

Fund

A,

C,

R1,

R4,

R5,

S

Equity

Growth

Strategy

Fund

A,

C,

R1,

R4,

R5,

S

Russell

Investment

Company

Russell

Investment

Company

is

a

series

investment

company

with

31

different

investment

portfolios

referred

to

as

Funds.

This

Quarterly

Report

reports

on

five

of

these

Funds.

Page

Conservative

Strategy

Fund

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

3

Moderate

Strategy

Fund

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

4

Balanced

Strategy

Fund

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

5

Growth

Strategy

Fund

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

6

Equity

Growth

Strategy

Fund

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

7

Notes

to

Quarterly

Report

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

8

Russell

Investment

Company

LifePoints

®

Funds

Quarterly

Report

July

31,

2021

(Unaudited)

Table

of

Contents

Russell

Investment

Company

–

Lifepoints

®

Funds.

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

Conservative

Strategy

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Conservative

Strategy

Fund

3

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.1%

Alternative

-

2.0%

Global

Real

Estate

Securities

Fund

Class

Y

81,135

3,099

Domestic

Equities

-

8.5%

Multifactor

U.S.

Equity

Fund

Class

Y

406,251

6,959

U.S.

Small

Cap

Equity

Fund

Class

Y

162,368

6,175

13,134

Fixed

Income

-

66.1%

Multifactor

Bond

Fund

Class

Y

750,967

7,742

Short

Duration

Bond

Fund

Class

Y

782,110

15,470

Strategic

Bond

Fund

Class

Y

7,125,267

79,019

102,231

International

Equities

-

8.5%

Emerging

Markets

Fund

Class

Y

172,524

3,818

Global

Equity

Fund

Class

Y

325,708

3,098

Multifactor

International

Equity

Fund

Class

Y

565,585

6,193

13,109

Multi-Asset

-

15.0%

Multi-Strategy

Income

Fund

Class

Y

2,119,338

23,249

Total

Investments

in

Affiliated

Funds

(cost

$138,881)

154,822

Total

Investments

-

100.1%

(identified

cost

$138,881)

154,822

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(163

)

Net

Assets

-

100.0%

154,659

Russell

Investment

Company

Moderate

Strategy

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

4

Moderate

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.1%

Alternative

-

3.0%

Global

Real

Estate

Securities

Fund

Class

Y

189,214

7,226

Domestic

Equities

-

13.5%

Multifactor

U.S.

Equity

Fund

Class

Y

1,329,077

22,767

U.S.

Small

Cap

Equity

Fund

Class

Y

251,915

9,580

32,347

Fixed

Income

-

49.2%

Multifactor

Bond

Fund

Class

Y

3,276,390

33,779

Strategic

Bond

Fund

Class

Y

7,190,617

79,744

Unconstrained

Total

Return

Fund

Class

Y

502,909

4,803

118,326

International

Equities

-

24.4%

Emerging

Markets

Fund

Class

Y

215,082

4,760

Global

Equity

Fund

Class

Y

4,661,923

44,335

Multifactor

International

Equity

Fund

Class

Y

873,599

9,566

58,661

Multi-Asset

-

10.0%

Multi-Strategy

Income

Fund

Class

Y

2,191,862

24,045

Total

Investments

in

Affiliated

Funds

(cost

$212,026)

240,605

Total

Investments

-

100.1%

(identified

cost

$212,026)

240,605

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(188)

Net

Assets

-

100.0%

240,417

Russell

Investment

Company

Balanced

Strategy

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Balanced

Strategy

Fund

5

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.1%

Alternative

-

4.0%

Global

Real

Estate

Securities

Fund

Class

Y

1,142,977

43,650

Domestic

Equities

-

18.5%

Multifactor

U.S.

Equity

Fund

Class

Y

9,231,063

158,128

U.S.

Small

Cap

Equity

Fund

Class

Y

1,118,242

42,527

200,655

Fixed

Income

-

30.1%

Strategic

Bond

Fund

Class

Y

27,523,901

305,240

Unconstrained

Total

Return

Fund

Class

Y

2,257,346

21,558

326,798

International

Equities

-

39.5%

Emerging

Markets

Fund

Class

Y

1,165,683

25,797

Global

Equity

Fund

Class

Y

36,725,907

349,263

Multifactor

International

Equity

Fund

Class

Y

4,896,354

53,615

428,675

Multi-Asset

-

8.0%

Multi-Strategy

Income

Fund

Class

Y

7,849,850

86,113

Total

Investments

in

Affiliated

Funds

(cost

$945,681)

1,085,891

Total

Investments

-

100.1%

(identified

cost

$945,681)

1,085,891

Other

Assets

and

Liabilities,

Net

-

(0.1

)%

(687)

Net

Assets

-

100.0%

1,085,204

Russell

Investment

Company

Growth

Strategy

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

6

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.1%

Alternative

-

5.0%

Global

Real

Estate

Securities

Fund

Class

Y

1,215,646

46,426

Domestic

Equities

-

24.6%

Multifactor

U.S.

Equity

Fund

Class

Y

11,106,678

190,257

U.S.

Small

Cap

Equity

Fund

Class

Y

949,791

36,121

226,378

Fixed

Income

-

11.0%

Strategic

Bond

Fund

Class

Y

7,524,074

83,442

Unconstrained

Total

Return

Fund

Class

Y

1,915,623

18,294

101,736

International

Equities

-

49.6%

Emerging

Markets

Fund

Class

Y

789,130

17,463

Global

Equity

Fund

Class

Y

40,024,566

380,634

Multifactor

International

Equity

Fund

Class

Y

5,394,451

59,069

457,166

Multi-Asset

-

9.9%

Multi-Asset

Growth

Strategy

Fund

Class

Y

8,126,601

91,343

Total

Investments

in

Affiliated

Funds

(cost

$788,223)

923,049

Total

Investments

-

100.1%

(identified

cost

$788,223)

923,049

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(647)

Net

Assets

-

100.0%

922,402

Russell

Investment

Company

Equity

Growth

Strategy

Fund

Schedule

of

Investments

—

July

31,

2021

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Equity

Growth

Strategy

Fund

7

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

100.1%

Alternative

-

5.0%

Global

Real

Estate

Securities

Fund

Class

Y

514,077

19,633

Domestic

Equities

-

27.6%

Multifactor

U.S.

Equity

Fund

Class

Y

5,158,660

88,368

U.S.

Small

Cap

Equity

Fund

Class

Y

503,052

19,131

107,499

International

Equities

-

57.6%

Emerging

Markets

Fund

Class

Y

421,335

9,324

Global

Equity

Fund

Class

Y

19,804,952

188,346

Multifactor

International

Equity

Fund

Class

Y

2,460,866

26,946

224,616

Multi-Asset

-

9.9%

Multi-Asset

Growth

Strategy

Fund

Class

Y

3,428,686

38,538

Total

Investments

in

Affiliated

Funds

(cost

$346,183)

390,286

Total

Investments

-

100.1%

(identified

cost

$346,183)

390,286

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(300)

Net

Assets

-

100.0%

389,986

Russell

Investment

Company

LifePoints

®

Funds

Notes

to

Quarterly

Report

—

July

31,

2021

(Unaudited)

8

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

five

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.

Each

of

the

Funds

listed

in

the

table

below

is

a

“fund

of

funds”

and

diversifies

its

assets

by

investing

principally

in

shares

of

several

other

RIC

Funds

(the

“Underlying

Funds”).

Each

Fund

seeks

to

achieve

its

specific

investment

objective

by

investing

in

different

combinations

of

Underlying

Funds.

In

addition

to

investing

in

the

Underlying

Funds,

Russell

Investment

Management,

LLC

("RIM"),

the

Funds'

investment

adviser,

may

directly

manage

Fund

assets

and

utilizes

quantitative

and/or

rules-based

processes

and

qualitative

analysis

to

assess

Fund

characteristics

and

invest

in

securities

and

instruments

which

provide

the

desired

exposures.

In

connection

with

these

investment

strategies,

the

Funds

may

invest

in

derivative

instruments

and

may

use

derivatives

to

take

both

long

and

short

positions.

The

Funds

may

hold

cash

in

connection

with

these

investments.

A

Fund

usually,

but

not

always,

pursues

a

strategy

of

being

fully

invested

by

exposing

its

cash

to

the

performance

of

segments

of

the

global

equity

market

by

purchasing

index

futures

contracts

(also

known

as

"equitization").

During

the

period,

RIM

ceased

directly

managing

Fund

assets.

As

a

result,

the

Funds

no

longer

invest

in

derivative

instruments

or

hold

cash.

The

following

table

shows

each

Fund's

approximate

target

strategic

asset

allocation

to

equity,

fixed

income,

multi-

asset

and

alternative

asset

classes

effective

on

April

16,

2021.

As

of

July

31,

2021,

the

equity

Underlying

Funds

in

which

the

Funds

may

invest

include

the

Sustainable

Equity,

U.S.

Small

Cap

Equity,

Global

Equity,

Emerging

Markets,

Multifactor

U.S.

Equity,

and

Multifactor

International

Equity

Funds.

The

fixed

income

Underlying

Funds

in

which

the

Funds

may

invest

include

the

Opportunistic

Credit,

Unconstrained

Total

Return,

Strategic

Bond,

Investment

Grade

Bond,

Short

Duration

Bond,

and

Multifactor

Bond

Funds.

The

multi-asset

Underlying

Funds

in

which

the

Funds

may

invest

include

the

Multi-Strategy

Income

and

Multi-Asset

Growth

Strategy

Funds.

The

alternative

Underlying

Funds

in

which

the

Funds

may

invest

include

the

Global

Infrastructure

and

Global

Real

Estate

Securities

Funds.

Each

Fund

intends

its

strategy

of

investing

in

combinations

of

equity,

fixed

income,

multi-

asset

and

alternative

Underlying

Funds

to

result

in

investment

diversification

that

an

investor

could

otherwise

achieve

only

by

holding

numerous

individual

investments.

A

Fund’s

actual

allocation

may

vary

from

the

target

strategic

asset

allocation

at

any

point

in

time

(1)

due

to

market

movements,

(2)

by

up

to

+/-

5%

at

the

equity,

fixed

income,

alternative

or

multi-asset

category

level

based

on

RIM’s

capital

markets

research,

and/or

(3)

due

to

the

implementation

over

a

period

of

time

of

a

change

to

the

target

strategic

asset

allocation

including

the

addition

of

a

new

Underlying

Fund.

There

may

be

no

changes

in

the

asset

allocation

or

to

the

Underlying

Funds

in

a

given

period

or

such

changes

may

be

made

one

or

more

times

in

a

period.

*

As

described

above,

actual

asset

allocation

may

vary.

#

Alternative

Underlying

Funds

pursue

investment

strategies

that

differ

from

those

of

traditional

broad

market

equity

or

fixed

income

funds.

Asset

Allocation*

Conservative

Strategy

Fund

Moderate

Strategy

Fund

Balanced

Strategy

Fund

Growth

Strategy

Fund

Equity

Growth

Strategy

Fund

Equity

17%

38%

58%

74%

85%

Fixed

Income

66%

49%

30%

11%

−%

Multi-Asset

15%

10%

8%

10%

10%

Alternative#

2%

3%

4%

5%

5%

Russell

Investment

Company

LifePoints

®

Funds

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

Notes

to

Quarterly

Report

9

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”).

The

Funds

value

the

shares

of

the

Underlying

Funds

at

the

current

net

asset

value

("NAV")

per

share

of

each

Underlying

Fund.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

of

an

investment

in

a

fund

using

the

NAV

per

share

without

further

adjustment

as

a

practical

expedient,

if

the

NAV

per

share

of

the

investment

is

determined

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies

as

of

the

reporting

entity’s

measurement

date.

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

It

establishes

a

fair

value

hierarchy

that

prioritizes

inputs

to

valuation

methods

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.

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.

Investments

in

investment

funds

that

are

not

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market)

will

be

valued

based

upon

the

NAV

of

such

investments.

Russell

Investment

Company

LifePoints

®

Funds

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

10

Notes

to

Quarterly

Report

Derivative

instruments

are

instruments

such

as

foreign

currency

exchange

contracts,

futures

contracts,

options

contracts,

or

swap

agreements

that

derive

their

value

from

underlying

asset

prices,

indices,

reference

rates,

and

other

inputs

or

a

combination

of

these

factors.

Derivatives

may

be

classified

into

two

groups

depending

upon

the

way

that

they

are

traded:

privately

traded

over-the-

counter

(“OTC”)

derivatives

that

do

not

go

through

an

exchange

or

intermediary

and

exchange-traded

derivatives

that

are

traded

through

specialized

derivatives

exchanges

or

other

regulated

exchanges.

OTC

derivatives

are

normally

valued

on

the

basis

of

broker

dealer

quotations

or

pricing

service

providers.

Depending

on

the

product

and

the

terms

of

the

transaction,

the

value

of

the

derivative

instrument

can

be

estimated

by

a

pricing

service

provider

using

a

series

of

techniques,

including

simulation

pricing

models.

The

pricing

models

use

inputs

that

are

observed

from

actively

quoted

markets

such

as

issuer

details,

indices,

spreads,

interest

rates,

yield

curves,

dividends

and

exchange

rates.

OTC

derivatives

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy,

with

the

exception

of

foreign

currency

spot

contracts

which

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

OTC

derivatives

that

use

broker

dealer

quotations

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

Exchange-traded

derivatives

are

valued

based

on

the

last

reported

sales

price

on

the

day

of

valuation

and

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Centrally

cleared

swaps

listed

or

traded

on

a

multilateral

or

trade

facility

platform,

such

as

a

registered

exchange,

are

valued

at

the

daily

settlement

price

determined

by

the

respective

exchange.

For

centrally

cleared

credit

default

swaps,

the

clearing

facility

requires

its

members

to

provide

actionable

levels

across

complete

term

structures.

These

levels

along

with

external

third-

party

prices

are

used

to

produce

daily

settlement

prices.

These

securities

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Centrally

cleared

interest

rate

swaps

are

valued

using

a

pricing

model

that

references

the

underlying

rates

including

the

Overnight

Index

Swap

("OIS")

rate

and

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.

For

the

period

ended

July

31,

2021,

all

investments

held

were

classified

as

Level

1

within

the

fair

value

hierarchy.

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.

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

Russell

Investment

Company

LifePoints

®

Funds

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

Notes

to

Quarterly

Report

11

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

Distributions

of

income

and

capital

gains

from

the

Funds

or

Underlying

Funds

are

recorded

on

the

ex-dividend

date.

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,

the

Funds

may

enter

into

foreign

currency

exchange

contracts

for

trade

settlement

purposes.

The

Funds

may

pursue

their

strategy

of

being

fully

invested

by

exposing

cash

to

the

performance

of

segments

of

the

global

equity

market

by

purchasing

index

futures

contracts.

This

is

intended

to

cause

the

Funds

to

perform

as

though

cash

were

actually

invested

in

the

global

equity

market.

Hedging

may

be

used

by

the

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

The

Funds

may

enter

into

foreign

currency

exchange

spot

contracts

and

forward

foreign

currency

exchange

contracts

(“FX

contracts”).

From

time

to

time,

the

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

LifePoints

®

Funds

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

12

Notes

to

Quarterly

Report

The

Funds’

FX

contract

notional

dollar

values

outstanding

fluctuate

throughout

the

period

as

required

to

meet

strategic

objectives.

The

following

table

illustrates

the

quarterly

volume

of

FX

contracts.

For

the

purpose

of

this

disclosure,

volume

is

measured

by

the

amounts

bought

and

sold

in

USD.

As

of

July

31,

2021,

the

Funds

had

no

cash

collateral

balances

in

connection

with

forward

contracts

purchased/sold.

Options

The

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.

Funds

Strategies

Conservative

Strategy

Fund

Return

enhancement

and

hedging

Moderate

Strategy

Fund

Return

enhancement

and

hedging

Balanced

Strategy

Fund

Return

enhancement

and

hedging

Growth

Strategy

Fund

Return

enhancement

and

hedging

Equity

Growth

Strategy

Fund

Return

enhancement

and

hedging

Outstanding

Contract

Amounts

Bought

Quarter

Ended

January

31,

2021

April

30,

2021

July

31,

2021

Conservative

Strategy

Fund

$

6,045,412

$

12,199,575

$

—

Moderate

Strategy

Fund

21,166,930

—

—

Balanced

Strategy

Fund

196,784,312

58,959,624

—

Growth

Strategy

Fund

152,530,536

40,765,674

—

Equity

Growth

Strategy

Fund

118,863,787

93,769,474

—

Outstanding

Contract

Amounts

Sold

Quarter

Ended

January

31,

2021

April

30,

2021

July

31,

2021

Conservative

Strategy

Fund

$

6,005,572

$

12,230,910

$

—

Moderate

Strategy

Fund

21,173,096

—

—

Balanced

Strategy

Fund

196,780,387

59,155,144

—

Growth

Strategy

Fund

152,531,895

40,893,981

—

Equity

Growth

Strategy

Fund

119,249,845

93,819,912

—

Russell

Investment

Company

LifePoints

®

Funds

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

Notes

to

Quarterly

Report

13

The

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

outstanding

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

no

cash

collateral

balances

in

connection

with

option

contracts

purchased/sold.

Futures

Contracts

The

Funds

may

invest

in

futures

contracts

(i.e.,

interest

rate,

foreign

currency,

and

index

futures

contracts).

The

face

or

contract

value

of

these

instruments

reflect

the

extent

of

the

Funds’

exposure

to

off

balance

sheet

risk.

The

primary

risks

associated

with

the

use

of

futures

contracts

are

an

imperfect

correlation

between

the

change

in

fair

value

of

the

securities

held

by

the

Funds

and

the

prices

of

futures

contracts,

and

the

possibility

of

an

illiquid

market.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

with

a

broker

an

amount,

termed

the

initial

margin,

which

typically

represents

5%

to

10%

of

the

purchase

price

indicated

in

the

futures

contract.

Payments

to

and

from

the

broker,

known

as

variation

margin,

are

typically

required

to

be

made

on

a

daily

basis

as

the

price

of

the

futures

contract

fluctuates.

Changes

in

initial

settlement

value

are

accounted

for

as

unrealized

appreciation

(depreciation)

until

the

contracts

are

terminated,

at

which

time

realized

gains

and

losses

are

recognized.

For

the

period

ended

July

31,

2021,

the

following

Funds

entered

into

futures

contracts

primarily

for

the

strategies

listed

below:

The

Funds’

futures

contracts

notional

amounts

outstanding

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.

As

of

July

31,

2021,

the

Funds

had

cash

collateral

balances

in

connection

with

futures

contracts

purchased/sold

as

follows:

Funds

Strategies

Moderate

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Balanced

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Growth

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Equity

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

Moderate

Strategy

Fund

$

95,196,116

$

29,698,089

$

—

Balanced

Strategy

Fund

446,372,940

123,211,714

—

Growth

Strategy

Fund

251,757,897

—

—

Equity

Growth

Strategy

Fund

111,242,666

—

—

Funds

Strategies

Conservative

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Moderate

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Balanced

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Growth

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Equity

Growth

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Notional

of

Futures

Contracts

Funds

January

31,

2021

April

30,

2021

July

31,

2021

Conservative

Strategy

Fund

$

33,008,228

$

4,790,516

$

—

Moderate

Strategy

Fund

53,117,701

5,461,188

—

Balanced

Strategy

Fund

317,880,892

16,670,994

—

Growth

Strategy

Fund

253,722,098

27,880,800

—

Equity

Growth

Strategy

Fund

91,372,341

11,784,668

—

Russell

Investment

Company

LifePoints

®

Funds

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

14

Notes

to

Quarterly

Report

Swap

Agreements

The

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).

The

Funds

may

enter

into

several

different

types

of

swap

agreements

including

credit

default,

interest

rate,

total

return

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.

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

The

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

Cash

Collateral

for

Futures

Due

to

Broker

Conservative

Strategy

Fund

$

62

$

—

Moderate

Strategy

Fund

58

201

Balanced

Strategy

Fund

359

53

Growth

Strategy

Fund

25

18

Equity

Growth

Strategy

Fund

2,813

53

Cash

Collateral

for

Swaps

Due

to

Broker

Conservative

Strategy

Fund

$

35

$

—

Moderate

Strategy

Fund

20

—

Balanced

Strategy

Fund

49

—

Growth

Strategy

Fund

—

23

Equity

Growth

Strategy

Fund

54

—

Russell

Investment

Company

LifePoints

®

Funds

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

Notes

to

Quarterly

Report

15

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.

The

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.

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.

The

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

Russell

Investment

Company

LifePoints

®

Funds

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

16

Notes

to

Quarterly

Report

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:

The

Funds’

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.

Total

Return

Swaps

The

Funds

may

enter

into

total

return

swap

agreements

to

expose

cash

to

markets

or

to

effect

investment

transactions.

Total

return

swap

agreements

are

two

party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

few

weeks

to

more

than

one

year.

In

a

standard

total

return

swap

transaction,

the

two

parties

agree

to

exchange

the

returns

(or

differentials

in

rates

of

return)

earned

or

realized

on

particular

investments

or

instruments.

The

returns

to

be

exchanged

between

the

parties

are

calculated

with

respect

to

a

“notional

amount”

(i.e.,

a

specified

dollar

amount

that

is

hypothetically

invested

in

a

“basket”

of

securities

representing

a

particular

index).

For

the

period

ended

July

31,

2021,

the

Funds

did

not

enter

into

any

total

return

swaps.

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.

Funds

Strategies

Conservative

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Moderate

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Balanced

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Growth

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Equity

Growth

Strategy

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

Conservative

Strategy

Fund

$

20,000,000

$

23,500,000

$

—

Moderate

Strategy

Fund

30,000,000

14,700,000

—

Balanced

Strategy

Fund

74,000,000

43,900,000

—

Growth

Strategy

Fund

46,300,000

35,900,000

—

Equity

Growth

Strategy

Fund

12,000,000

12,000,000

—

Russell

Investment

Company

LifePoints

®

Funds

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

Notes

to

Quarterly

Report

17

Any

election

to

terminate

early

could

be

material

to

the

financial

statements.

Since

different

types

of

forward

and

OTC

financial

derivative

transactions

have

different

mechanics

and

are

sometimes

traded

out

of

different

legal

entities

of

a

particular

counterparty

organization,

each

type

of

transaction

may

be

covered

by

a

different

ISDA

Master

Agreement,

resulting

in

the

need

for

multiple

agreements

with

a

single

counterparty.

As

the

ISDA

Master

Agreements

are

specific

to

unique

operations

of

different

asset

types,

they

allow

a

Fund

to

net

its

total

exposure

to

a

counterparty

in

the

event

of

a

default

with

respect

to

all

the

transactions

governed

under

a

single

agreement

with

a

counterparty.

Master

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.

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

and

the

Underlying

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

the

Underlying

Funds

or

on

certain

instruments

in

which

a

Fund

or

an

Underlying

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'

or

Underlying

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

or

an

Underlying

Fund,

including

those

described

in

this

paragraph,

or

a

reduction

in

the

effectiveness

of

related

Fund

or

Underlying

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

or

an

Underlying

Fund.

Market,

Credit

and

Counterparty

Risk

In

the

normal

course

of

business,

the

Funds

and

Underlying

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

and

Underlying

Funds

may

also

be

exposed

to

counterparty

risk

or

risk

that

an

institution

or

other

entity

with

which

the

Funds

or

Underlying

Funds

have

unsettled

or

open

transactions

will

default.

The

potential

loss

could

exceed

the

value

of

the

relevant

assets

recorded

in

the

Funds'

and

Underlying

Funds'

financial

statements

(the

“Assets”).

The

Assets

consist

principally

of

cash

due

from

counterparties

and

investments.

The

extent

of

the

Funds'

and

Underlying

Funds'

exposure

to

market,

credit

and

counterparty

risks

with

respect

to

the

Assets

approximates

their

carrying

value

as

recorded

in

the

Funds'

and

Underlying

Funds'

Statement

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

or

an

Underlying

Fund

may

experience

Russell

Investment

Company

LifePoints

®

Funds

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

18

Notes

to

Quarterly

Report

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

or

an

Underlying

Fund

to

greater

market

and

liquidity

risk

and

potential

difficulty

in

valuing

portfolio

instruments

held.

This

could

cause

a

Fund

or

an

Underlying

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

issue

(“public

health

events”)

may

occur

in

one

or

more

countries

around

the

globe.

Such

public

health

events

have

had

significant

impacts

on

both

the

country

in

which

the

event

is

first

identified

as

well

as

other

countries

in

the

global

economy.

Public

health

events

have

reduced

consumer

demand

and

economic

output

in

one

or

more

countries

subject

to

the

public

health

event,

resulted

in

restrictions

on

trading

and

market

closures

(including

for

extended

periods

of

time),

increased

substantially

the

volatility

of

financial

markets,

and,

more

generally,

have

had

a

significant

negative

impact

on

the

economy

of

the

country

or

countries

subject

to

the

public

health

event.

Public

health

events

have

also

adversely

affected

the

global

economy,

global

supply

chains

and

the

securities

in

which

the

Funds

and/or

Underlying

Fund’s

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

and/or

Underlying

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

and/or

Underlying

Fund’s

investments

and

performance.

3.

Related

Party

Transactions

RIM

provides

or

oversees

the

provision

of

all

investment

advisory

and

portfolio

management

services

for

the

Funds.

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.

4.

Federal

Income

Taxes

At

July

31,

2021,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Conservative

Strategy

Fund

Moderate

Strategy

Fund

Cost

of

Investments

$

141,148,377

$

214,335,702

Unrealized

Appreciation

$

13,673,627

$

26,269,388

Unrealized

Depreciation

−

−

Net

Unrealized

Appreciation

(Depreciation)

$

13,673,627

$

26,269,388

Balanced

Strategy

Fund

Growth

Strategy

Fund

Cost

of

Investments

$

953,089,304

$

794,535,025

Unrealized

Appreciation

$

132,801,395

$

128,513,950

Unrealized

Depreciation

−

−

Net

Unrealized

Appreciation

(Depreciation)

$

132,801,395

$

128,513,950

Equity

Growth

Strategy

Fund

Cost

of

Investments

$

349,395,263

Unrealized

Appreciation

$

40,890,379

Unrealized

Depreciation

−

Net

Unrealized

Appreciation

(Depreciation)

$

40,890,379

Russell

Investment

Company

LifePoints

®

Funds

Notes

to

Quarterly

Report,

continued

—

July

31,

2021

(Unaudited)

Notes

to

Quarterly

Report

19

5.

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.

Russell

Investment

Company

1301

Second

Avenue

Seattle,

Washington

98101

800-787-7354

Fax:

206-505-3495

https://russellinvestments.com