2023

QUARTERLY

REPORT

LifePoints

®

Funds

July

31,

2023

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,

2023

(Unaudited)

Table

of

Contents

Russell

Investment

Company

-

LifePoints

®

Funds.

Copyright

©

Russell

Investments

2023.

All

rights

reserved.

Russell

Investments’

ownership

is

composed

of

a

majority

stake

held

by

funds

managed

by

TA

Associates

Management,

L.P.,

with

a

significant

minority

stake

held

by

funds

managed

by

Reverence

Capital

Partners,

L.P.

Certain

of

Russell

Investments’

employees

and

Hamilton

Lane

Advisors,

LLC

also

hold

minority,

non-

controlling,

ownership

stakes.

Frank

Russell

Company

is

the

owner

of

the

Russell

trademarks

contained

in

this

material

and

all

trademark

rights

related

to

the

Russell

trademarks,

which

the

members

of

the

Russell

Investments

group

of

companies

are

permitted

to

use

under

license

from

Frank

Russell

Company.

The

members

of

the

Russell

Investments

group

of

companies

are

not

affiliated

in

any

manner

with

Frank

Russell

Company

or

any

entity

operating

under

the

“FTSE

RUSSELL”

brand.

Fund

objectives,

risks,

charges

and

expenses

should

be

carefully

considered

before

investing.

A

prospectus

containing

this

and

other

important

information

must

precede

or

accompany

this

material.

Please

read

the

prospectus

carefully

before

investing.

Securities

distributed

through

Russell

Investments

Financial

Services,

LLC,

member

FINRA,

part

of

Rus-

sell

Investments.

Russell

Investment

Company

Conservative

Strategy

Fund

Schedule

of

Investments

—

July

31,

2023

(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

61,627

1,743

Domestic

Equities

-

10.1%

Multifactor

U.S.

Equity

Fund

Class

Y

433,900

7,077

U.S.

Small

Cap

Equity

Fund

Class

Y

66,683

1,778

8,855

Fixed

Income

-

66.0%

Multifactor

Bond

Fund

Class

Y

550,170

4,390

Short

Duration

Bond

Fund

Class

Y

478,633

8,783

Strategic

Bond

Fund

Class

Y

4,944,217

44,894

58,067

International

Equities

-

7.0%

Emerging

Markets

Fund

Class

Y

111,363

1,777

Global

Equity

Fund

Class

Y

196,527

1,767

Multifactor

International

Equity

Fund

Class

Y

262,736

2,649

6,193

Multi-Asset

-

15.0%

Multi-Strategy

Income

Fund

Class

Y

1,430,787

13,220

Total

Investments

in

Affiliated

Funds

(cost

$90,861)

88,078

Total

Investments

-

100.1%

(identified

cost

$90,861)

88,078

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(82)

Net

Assets

-

100.0%

87,996

Russell

Investment

Company

Moderate

Strategy

Fund

Schedule

of

Investments

—

July

31,

2023

(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

159,983

4,526

Domestic

Equities

-

16.3%

Multifactor

U.S.

Equity

Fund

Class

Y

1,224,049

19,964

U.S.

Small

Cap

Equity

Fund

Class

Y

173,813

4,636

24,600

Fixed

Income

-

50.5%

Multifactor

Bond

Fund

Class

Y

2,633,425

21,015

Strategic

Bond

Fund

Class

Y

5,756,826

52,272

Unconstrained

Total

Return

Fund

Class

Y

352,062

3,017

76,304

International

Equities

-

20.3%

Emerging

Markets

Fund

Class

Y

193,873

3,094

Global

Equity

Fund

Class

Y

2,385,243

21,443

Multifactor

International

Equity

Fund

Class

Y

607,834

6,127

30,664

Multi-Asset

-

10.0%

Multi-Strategy

Income

Fund

Class

Y

1,643,957

15,190

Total

Investments

in

Affiliated

Funds

(cost

$153,184)

151,284

Total

Investments

-

100.1%

(identified

cost

$153,184)

151,284

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(122)

Net

Assets

-

100.0%

151,162

Russell

Investment

Company

Balanced

Strategy

Fund

Schedule

of

Investments

—

July

31,

2023

(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

Infrastructure

Fund

Class

Y

1,645,134

14,379

Global

Real

Estate

Securities

Fund

Class

Y

514,995

14,569

28,948

Domestic

Equities

-

17.9%

Multifactor

U.S.

Equity

Fund

Class

Y

6,369,329

103,884

U.S.

Small

Cap

Equity

Fund

Class

Y

984,055

26,244

130,128

Fixed

Income

-

31.0%

Strategic

Bond

Fund

Class

Y

23,209,212

210,740

Unconstrained

Total

Return

Fund

Class

Y

1,664,235

14,262

225,002

International

Equities

-

39.2%

Emerging

Markets

Fund

Class

Y

934,926

14,921

Global

Equity

Fund

Class

Y

26,717,813

240,193

Multifactor

International

Equity

Fund

Class

Y

2,920,886

29,443

284,557

Multi-Asset

-

8.0%

Multi-Strategy

Income

Fund

Class

Y

6,305,947

58,267

Total

Investments

in

Affiliated

Funds

(cost

$700,740)

726,902

Total

Investments

-

100.1%

(identified

cost

$700,740)

726,902

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(509)

Net

Assets

-

100.0%

726,393

Russell

Investment

Company

Growth

Strategy

Fund

Schedule

of

Investments

—

July

31,

2023

(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

-

4.9%

Global

Infrastructure

Fund

Class

Y

1,513,492

13,228

Global

Real

Estate

Securities

Fund

Class

Y

720,247

20,376

33,604

Domestic

Equities

-

21

.9%

Multifactor

U.S.

Equity

Fund

Class

Y

7,044,891

114,902

U.S.

Small

Cap

Equity

Fund

Class

Y

1,318,483

35,164

150,066

Fixed

Income

-

13.2%

Strategic

Bond

Fund

Class

Y

8,474,022

76,944

Unconstrained

Total

Return

Fund

Class

Y

1,526,871

13,085

90,029

International

Equities

-

50.1%

Emerging

Markets

Fund

Class

Y

1,307,894

20,874

Global

Equity

Fund

Class

Y

31,570,327

283,817

Multifactor

International

Equity

Fund

Class

Y

3,723,141

37,530

342,221

Multi-Asset

-

10.0%

Multi-Asset

Growth

Strategy

Fund

Class

Y

6,881,138

68,123

Total

Investments

in

Affiliated

Funds

(cost

$630,436)

684,043

Total

Investments

-

100.1%

(identified

cost

$630,436)

684,043

Other

Assets

and

Liabilities,

Net

-

(0.1)%

(454)

Net

Assets

-

100.0%

683,589

Russell

Investment

Company

Equity

Growth

Strategy

Fund

Schedule

of

Investments

—

July

31,

2023

(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

-

100.0%

Alternative

-

5.9%

Global

Infrastructure

Fund

Class

Y

697,291

6,094

Global

Real

Estate

Securities

Fund

Class

Y

434,584

12,295

18,389

Domestic

Equities

-

25.2%

Multifactor

U.S.

Equity

Fund

Class

Y

3,636,247

59,307

U.S.

Small

Cap

Equity

Fund

Class

Y

708,552

18,897

78,204

Fixed

Income

-

3.8%

Strategic

Bond

Fund

Class

Y

1,311,407

11,907

International

Equities

-

55.2%

Emerging

Markets

Fund

Class

Y

687,858

10,978

Global

Equity

Fund

Class

Y

15,244,159

137,045

Multifactor

International

Equity

Fund

Class

Y

2,308,967

23,275

171,298

Multi-Asset

-

9.9%

Multi-Asset

Growth

Strategy

Fund

Class

Y

3,121,111

30,899

Total

Investments

in

Affiliated

Funds

(cost

$293,480)

310,697

Total

Investments

-

100.0%

(identified

cost

$293,480)

310,697

Other

Assets

and

Liabilities,

Net

-

(0.0)%

(111)

Net

Assets

-

100.0%

310,586

Russell

Investment

Company

LifePoints

®

Funds

Notes

to

Quarterly

Report

—

July

31,

2023

(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.

Each

of

the

Funds

listed

in

the

table

below

is

a

“fund

of

funds”

and

diversifies

its

assets

by

investing

in

shares

of

several

other

RIC

funds

(the

“Underlying

Funds”).

Each

Fund

seeks

to

achieve

its

specific

investment

objective

by

investing

in

different

combinations

of

Underlying

Funds.

The

following

table

shows

each

Fund’s

approximate

target

strategic

asset

allocation

to

equity,

fixed

income,

multi-asset

and

alternative

asset

classes

effective

on

March

23,

2023.

As

of

July

31,

2023,

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.

Russell

Investment

Management,

LLC

(“RIM”),

the

Funds’

investment

adviser,

may

modify

the

target

allocation

for

any

Fund,

including

changes

to

the

Underlying

Funds

in

which

a

Fund

invests,

from

time

to

time.

RIM’s

allocation

decisions

are

generally

based

on

RIM’s

outlook

on

the

business

and

economic

cycle,

relative

market

valuations

and

market

sentiment.

A

Fund’s

actual

allocation

may

vary

from

the

target

strategic

asset

allocation

at

any

point

in

time

due

to

market

movements

and/or

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.

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

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

which

require

the

use

of

management

estimates

and

assumptions

at

the

date

of

the

Quarterly

Report.

Actual

results

could

differ

from

those

estimates.

The

Funds

are

considered

investment

companies

under

U.S.

GAAP

and

follow

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Asset

Allocation*

Conservative

Strategy

Fund

Moderate

Strategy

Fund

Balanced

Strategy

Fund

Growth

Strategy

Fund

Equity

Growth

Strategy

Fund

Equity

17%

36%

56%

71%

80%

Fixed

Income

66%

51%

32%

14%

4%

Multi-Asset

15%

10%

8%

10%

10%

Alternative#

2%

3%

4%

5%

6%

Russell

Investment

Company

LifePoints

®

Funds

Notes

to

Quarterly

Report,

continued

—

July

31,

2023

(Unaudited)

Notes

to

Quarterly

Report

9

Security

Valuation

The

Underlying

Funds

value

portfolio

instruments

according

to

securities

valuation

procedures

and

pricing

sources

and

services,

which

include

market

value

procedures,

fair

value

procedures,

other

key

valuation

procedures

and

a

description

of

the

pricing

sources

and

services

used

by

the

Underlying

Funds.

With

respect

to

an

Underlying

Fund’s

investments

that

do

not

have

readily

available

market

quotations,

the

Trustees

have

designated

RIM

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act.

The

Funds

value

the

shares

of

the

Underlying

Funds

at

the

current

net

asset

value

(“NAV”)

per

share

of

each

Underlying

Fund.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

of

an

investment

in

a

fund

using

the

NAV

per

share

without

further

adjustment

as

a

practical

expedient,

if

the

NAV

per

share

of

the

investment

is

determined

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies

as

of

the

reporting

entity’s

measurement

date.

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

It

establishes

a

fair

value

hierarchy

that

prioritizes

inputs

to

valuation

methods,

requires

a

separate

disclosure

of

the

fair

value

hierarchy

for

each

major

category

of

assets

and

liabilities,

and

segregates

fair

value

measurements

into

levels

(Level

1,

2,

and

3).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Levels

1,

2

and

3

of

the

fair

value

hierarchy

are

defined

as

follows:

Level

1

—

Quoted

prices

(unadjusted)

in

active

markets

or

exchanges

for

identical

assets

and

liabilities.

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable,

which

may

include,

but

are

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

and

inputs

such

as

interest

rates,

yield

curves,

implied

volatilities,

credit

spreads

or

other

market

corroborated

inputs.

Level

3

—

Significant

unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

by

RIM,

that

are

used

in

determining

the

fair

value

of

investments.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

market

values

of

financial

instruments

categorized

as

Level

1

and

Level

2

of

the

fair

value

hierarchy

are

as

follows:

Equity

securities,

including

common

and

preferred

stock,

short

securities,

ETFs

and

restricted

securities

that

are

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market),

are

stated

at

the

last

reported

sales

price

on

the

day

of

valuation

or

official

closing

price,

as

applicable.

To

the

extent

these

securities

are

actively

traded,

and

valuation

adjustments

are

not

applied,

they

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Investments

in

investment

funds

that

are

not

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market)

will

be

valued

based

upon

the

NAV

of

such

investments.

As

of

July

31,

2023,

all

investments

held

were

classified

as

Level

1

within

the

fair

value

hierarchy.

Investment

Income

Distributions

of

income

and

capital

gains

from

the

Funds

or

Underlying

Funds

are

recorded

on

the

ex-dividend

date.

Russell

Investment

Company

LifePoints

®

Funds

Notes

to

Quarterly

Report,

continued

—

July

31,

2023

(Unaudited)

10

Notes

to

Quarterly

Report

Guarantees

In

the

normal

course

of

business,

the

Funds

may

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.

London

Interbank

Offered

Rate

(“LIBOR”)

The

Underlying

Funds

may

invest

in

certain

instruments

including,

but

not

limited

to,

repurchase

agreements,

collateralized

loan

obligations

and

mortgage-backed

securities,

that

historically

relied

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,

announced

plans

to

phase

out

the

use

of

LIBOR

by

the

end

of

2021.

After

June

30,

2023,

all

tenors

of

LIBOR

have

either

ceased

to

be

published

or,

in

the

case

of

1-month,

3-month

and

6-month

U.S.

dollar

LIBOR

settings,

are

no

longer

being

published

on

a

representative

basis.

Replacement

rates

that

have

been

identified

include

the

Secured

Overnight

Financing

Rate

(“SOFR”),

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,

the

Sterling

Overnight

Index

Average

Rate

(“SONIA”),

which

is

intended

to

replace

British

Pound

Sterling

LIBOR

and

measures

the

overnight

interest

rate

paid

by

banks

for

unsecured

transactions

in

the

sterling

market,

and

other

rates

derived

from

markets

connected

to

SOFR,

such

as

Term

SOFR.

On

April

3,

2023,

the

FCA

announced

its

decision

to

require

LIBOR’s

administrator

to

publish

an

unrepresentative

“synthetic

LIBOR”

using

a

changed

methodology

until

at

least

the

end

of

September

2024.

The

impact

of

synthetic

LIBOR

is

uncertain

and

some

LIBOR

contracts

may

use

synthetic

LIBOR

instead

of

other

alternative

reference

rates.

Accordingly,

synthetic

LIBOR

may

be

a

significant

factor

in

the

cost

of

financing

certain

Underlying

Fund

investments

or

the

value

or

return

on

certain

other

Underlying

Fund

investments.

Although

the

transition

process

away

from

LIBOR

has

become

increasingly

well-defined,

there

remains

uncertainty

regarding

the

nature

of

any

replacement

rate,

and

any

potential

effects

of

the

transition

away

from

LIBOR

on

an

Underlying

Fund

or

on

certain

instruments

in

which

an

Underlying

Fund

invests

can

be

difficult

to

ascertain.

The

transition

process

may

involve,

among

other

things,

increased

volatility

or

illiquidity

in

markets

for

instruments

that

were

tied

to

LIBOR

or

continue

to

be

tied

to

synthetic

LIBOR

and

may

result

in

a

reduction

in

value

of

certain

instruments

held

by

an

Underlying

Fund.

The

unavailability

of

LIBOR

may

affect

the

value,

liquidity

or

return

on

certain

Underlying

Fund

investments

and

may

result

in

additional

costs

in

connection

with

closing

out

positions

and

entering

into

new

trades.

Pricing

adjustments

to

an

Underlying

Fund’s

investments

resulting

from

a

substitute

reference

rate

may

adversely

affect

the

Underlying

Fund’s

performance

and/or

NAV.

At

this

time,

it

is

not

possible

to

predict

the

effect

of

the

establishment

of

SOFR,

SONIA

or

any

other

replacement

rates

or

any

other

reforms

to

LIBOR.

The

impact

of

any

substitute

reference

rate

will

vary

on

an

investment-by-investment

basis.

These

developments

could

negatively

impact

financial

markets

in

general

and

present

heightened

risks

to

the

Underlying

Funds,

including

with

respect

to

their

performance,

liquidity

and

volatility.

Market,

Credit

and

Counterparty

Risk

In

the

normal

course

of

business,

the

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

Underlying

Funds

may

also

be

exposed

to

counterparty

risk

or

risk

that

an

institution

or

other

entity

with

which

the

Underlying

Funds

have

unsettled

or

open

transactions

will

default.

The

potential

loss

could

exceed

the

value

of

the

relevant

assets

recorded

in

the

Underlying

Funds’

financial

statements

(the

“Assets”).

The

Assets

consist

principally

of

cash

due

from

counterparties

and

investments.

The

extent

of

the

Underlying

Funds’

exposure

to

market,

credit

and

counterparty

risks

with

respect

to

the

Assets

approximates

their

carrying

value

as

recorded

in

the

Underlying

Funds’

Statements

of

Assets

and

Liabilities.

Global

economies

and

financial

markets

are

becoming

increasingly

interconnected

and

political

and

economic

conditions

(including

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

an

Underlying

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

an

Underlying

Fund

to

greater

market

and

liquidity

risk

and

potential

difficulty

in

valuing

portfolio

instruments

held

by

an

Underlying

Fund.

This

could

cause

an

Underlying

Fund

to

underperform

other

types

of

investments.

Russell

Investment

Company

LifePoints

®

Funds

Notes

to

Quarterly

Report,

continued

—

July

31,

2023

(Unaudited)

Notes

to

Quarterly

Report

11

From

time

to

time,

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

event.

Public

health

events

have

also

adversely

affected

the

global

economy,

global

supply

chains

and

the

securities

in

which

the

Underlying

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

an

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

an

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.

Russell

Investments

Fund

Services,

LLC

(“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.

Each

of

the

Funds

pays

an

annual

advisory

fee

to

RIM

and

an

annual

administrative

fee

and

annual

transfer

agency

fee

to

RIFUS. 

Transfer

agency

fees

are

class-level

expenses

and

may

differ

by

class.

Russell

Investments

Financial

Services,

LLC

(the

“Distributor”),

a

wholly

owned

subsidiary

of

RIM,

serves

as

distributor

for

RIC,

pursuant

to

a

distribution

agreement

with

RIC.

The

Investment

Company

has

distribution

plans

pursuant

to

Rule

12b-1

(the

“Plans”)

under

the

Investment

Company

Act.

Under

the

Plans,

the

Investment

Company

is

authorized

to

make

payments

to

the

Distributor

or

any

selling

agents,

as

defined

in

the

Plans,

for

sales

support

services

provided,

and

related

expenses

incurred

which

are

primarily

intended

to

result

in

the

sale

of

the

Class

A,

Class

C

and

Class

R5

Shares

subject

to

the

Plan.

12b-1

distribution

payments

are

0.25%

of

the

average

daily

net

assets

of

a

Fund’s

Class

A

or

Class

R5

Shares

or

0.75%

of

the

average

daily

net

assets

of

a

Fund’s

Class

C

Shares

on

an

annual

basis.

In

addition,

the

Investment

Company

has

adopted

shareholder

services

plans

under

which

the

Funds

may

make

payments

to

the

Distributor

or

any

servicing

agent

for

any

activities

or

expenses

primarily

intended

to

assist,

support

or

service

the

servicing

agents’

clients

who

beneficially

own

Class

C,

Class

R4

and

Class

R5

Shares

of

the

Funds.

The

shareholder

servicing

payments

shall

not

exceed

0.25%

of

the

average

daily

net

assets

of

a

Fund’s

Class

C,

Class

R4

and

Class

R5

Shares

on

an

annual

basis.

The

aggregate

initial

sales

charges,

contingent

deferred

sales

charges

(“CDSC”)

and

asset-based

sales

charges

on

Class

A,

Class

C,

Class

R4

and

Class

R5

Shares

of

the

Funds

may

not

exceed

7.25%,

6.25%,

6.25%

and

6.25%,

respectively,

of

total

gross

sales,

subject

to

certain

exclusions.

Pursuant

to

the

rules

of

the

Financial

Industry

Regulatory

Authority

(“FINRA”),

these

limitations

are

imposed

at

the

class

level

on

each

class

of

shares

of

each

Fund

rather

than

on

a

per

shareholder

basis.

Therefore,

long-term

shareholders

of

the

Class

A,

Class

C,

Class

R4

or

Class

R5

Shares

may

pay

more

than

the

economic

equivalent

of

the

maximum

sales

charges

permitted

by

FINRA.

4.

Federal

Income

Taxes

As

of

July

31,

2023,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Conservative

Strategy

Fund

Moderate

Strategy

Fund

Balanced

Strategy

Fund

Cost

of

Investments

$

93,277,010

$

155,479,896

$

710,561,456

Unrealized

Appreciation

$

6,110,411

$

25,601,709

$

39,879,620

Unrealized

Depreciation

(11,308,930

)

(29,797,284

)

(23,538,713

)

Russell

Investment

Company

LifePoints

®

Funds

Notes

to

Quarterly

Report,

continued

—

July

31,

2023

(Unaudited)

12

Notes

to

Quarterly

Report

5.

Subsequent

Events

Management

has

evaluated

the

events

and/or

transactions

that

have

occurred

through

the

date

this

Quarterly

Report

was

issued

and

determined

no

events

have

occurred

that

require

disclosure

except

the

following:

Effective

on

or

about

September

13,

2023:

-

The

Conservative

Strategy

Fund’s

approximate

target

strategic

allocation

will

be

18%

to

equity,

72%

to

fixed

income,

8%

to

multi-asset

and

2%

to

alternative

asset

classes.

-

The

Moderate

Strategy

Fund’s

approximate

target

strategic

allocation

will

be

37%

to

equity,

52%

to

fixed

income,

8%

to

multi-asset

and

3%

to

alternative

asset

classes.

-

The

Balanced

Strategy

Fund's

approximate

target

strategic

allocation

will

be

56%

to

equity,

31.5%

to

fixed

income,

8%

to

multi-asset

and

4.5%

to

alternative

asset

classes.

-

The

Growth

Strategy

Fund’s

approximate

target

strategic

allocation

will

be

72%

to

equity,

14.5%

to

fixed

income,

8%

to

multi-asset

and

5.5%

to

alternative

asset

classes.

-

The

Equity

Growth

Strategy

Fund’s

approximate

target

strategic

allocation

will

be

81%

to

equity,

4.5%

to

fixed

income,

8%

to

multi-asset

and

6.5%

to

alternative

asset

classes.

-

The

U.S.

Strategic

Equity

Fund

will

be

added

as

an

equity

Underlying

Fund

in

which

the

Funds

may

invest

and

the

Unconstrained

Total

Return

Fund

will

no

longer

be

an

Underlying

Fund.

-

The

Multifactor

Bond

Fund

will

be

renamed

the

Long

Duration

Bond

Fund

and

will

change

certain

of

its

investment

strategies.

For

more

information

regarding

these

changes,

please

see

the

supplement

dated

July

27,

2023

to

the

Underlying

Fund’s

prospectus

dated

March

1,

2023.

At

a

meeting

held

on

May

23,

2023,

the

Board,

upon

the

recommendation

of

RIM,

approved

the

liquidation

of

the

Unconstrained

Total

Return

Fund

pursuant

to

a

Plan

of

Liquidation

and

Dissolution

of

Sub-Trust

(the

“Plan”).

The

Plan

provides

for

the

liquidation

of

the

Underlying

Fund’s

assets

on

or

before

September

27,

2023.

Effective

July

5,

2023,

the

Underlying

Fund

is

no

longer

pursuing

its

investment

strategy

or

engaging

in

any

business

activities

except

for

the

purpose

of

winding

up

its

business

affairs,

which

includes

liquidating

its

holdings,

and

distributing

its

investment

income,

capital

gains

and

remaining

assets

to

shareholders.

The

Underlying

Fund

may

liquidate

prior

to

September

27,

2023

in

the

event

that

all

Shares

are

redeemed

prior

to

the

planned

liquidation

date.

For

more

information

regarding

the

liquidation,

please

see

the

supplement

dated

May

24,

2023

to

the

Underlying

Fund’s

prospectus

dated

March

1,

2023.

Conservative

Strategy

Fund

Moderate

Strategy

Fund

Balanced

Strategy

Fund

Net

Unrealized

Appreciation

(Depreciation)

$

(5,198,519

)

$

(4,195,575

)

$

16,340,907

Growth

Strategy

Fund

Equity

Growth

Strategy

Fund

Cost

of

Investments

$

637,949,366

$

297,529,875

Unrealized

Appreciation

$

58,760,070

$

17,012,837

Unrealized

Depreciation

(12,666,422

)

(3,845,556

)

Net

Unrealized

Appreciation

(Depreciation)

$

46,093,648

$

13,167,281

Russell

Investment

Company

1301

Second

Avenue

Seattle,

Washington

98101

800-787-7354

Fax:

206-505-3495

https://russellinvestments.com