0000351601-16-000022.txt : 20160331 0000351601-16-000022.hdr.sgml : 20160331 20160331122743 ACCESSION NUMBER: 0000351601-16-000022 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20160131 FILED AS OF DATE: 20160331 DATE AS OF CHANGE: 20160331 EFFECTIVENESS DATE: 20160331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RUSSELL INVESTMENT CO CENTRAL INDEX KEY: 0000351601 IRS NUMBER: 911151059 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-03153 FILM NUMBER: 161542414 BUSINESS ADDRESS: STREET 1: 1301 SECOND AVENUE STREET 2: 18TH FLOOR CITY: SEATTLE STATE: WA ZIP: 98101 BUSINESS PHONE: 800-787-7354 MAIL ADDRESS: STREET 1: 1301 SECOND AVENUE STREET 2: 18TH FLOOR CITY: SEATTLE STATE: WA ZIP: 98101 FORMER COMPANY: FORMER CONFORMED NAME: RUSSELL FRANK INVESTMENT CO DATE OF NAME CHANGE: 19920703 0000351601 S000001569 Russell Emerging Markets Fund C000004230 Class S REMSX C000004231 Class C REMCX C000004232 Class E REMEX C000043464 Class A REMAX C000066900 Class Y REMYX 0000351601 S000001570 Russell Tax-Managed U.S. Large Cap Fund C000004233 Class S RETSX C000004234 Class C RTLCX C000004235 Class E RTLEX C000089689 Class A RTLAX 0000351601 S000001571 Russell Tax-Managed U.S. Mid & Small Cap Fund C000004236 Class S RTSSX C000004237 Class C RTSCX C000004238 Class E RTSEX C000089690 Class A RTSAX 0000351601 S000001573 Russell U.S. Dynamic Equity Fund C000004243 Class S RSGSX C000004244 Class C RSGCX C000004245 Class E RSGEX C000004246 Class I RSGIX C000117394 Class A RSGAX C000117395 Class Y RSGTX 0000351601 S000001575 Growth Strategy Fund C000004250 Class A RALAX C000004251 Class C RALCX C000004252 Class E RALEX C000004253 Class S RALSX C000027574 Class R1 RALRX C000137230 Class R4 RALUX C000137231 Class R5 RALVX 0000351601 S000001576 Balanced Strategy Fund C000004255 Class A RBLAX C000004256 Class C RBLCX C000004257 Class E RBLEX C000004258 Class S RBLSX C000027576 Class R1 RBLRX C000137232 Class R4 RBLUX C000137233 Class R5 RBLVX 0000351601 S000001577 Moderate Strategy Fund C000004260 Class A RMLAX C000004261 Class C RMLCX C000004262 Class E RMLEX C000004263 Class S RMLSX C000027578 Class R1 RMLRX C000137234 Class R4 RMLUX C000137235 Class R5 RMLVX 0000351601 S000001578 Conservative Strategy Fund C000004265 Class A RCLAX C000004266 Class C RCLCX C000004267 Class E RCLEX C000004268 Class S RCLSX C000027580 Class R1 RCLRX C000137236 Class R4 RCLUX C000137237 Class R5 RCLVX 0000351601 S000001579 Russell Global Real Estate Securities Fund C000004269 Class S RRESX C000004270 Class C RRSCX C000004271 Class E RREEX C000043465 Class A RREAX C000066901 Class Y RREYX 0000351601 S000001580 Equity Growth Strategy Fund C000004273 Class A REAAX C000004274 Class C RELCX C000004275 Class E RELEX C000004276 Class S RELSX C000027582 Class R1 RELRX C000137238 Class R4 RELUX C000137239 Class R5 RELVX 0000351601 S000001582 2020 Strategy Fund C000004281 Class A RLLAX C000004283 Class E RLLEX C000004284 Class S RLLSX C000027586 Class R1 RLLRX C000137240 Class R4 RLLUX C000137241 Class R5 RLLVX 0000351601 S000001583 2030 Strategy Fund C000004285 Class A RRLAX C000004287 Class E RRLEX C000004288 Class S RRLSX C000027588 Class R1 RRLRX C000137242 Class R4 RRLUX C000137243 Class R5 RRLVX 0000351601 S000001584 2040 Strategy Fund C000004289 Class A RXLAX C000004291 Class E RXLEX C000004292 Class S RXLSX C000027590 Class R1 RXLRX C000137244 Class R4 RXLUX C000137245 Class R5 RXLVX 0000351601 S000001585 Russell U.S. Core Equity Fund C000004293 Class I REASX C000004294 Class E REAEX C000066902 Class A RSQAX C000066903 Class C REQSX C000066904 Class S RLISX 0000351601 S000001586 Russell U.S. Small Cap Equity Fund C000004296 Class I REBSX C000004297 Class E REBEX C000004298 Class Y REBYX C000066905 Class A RLACX C000066906 Class C RLECX C000066907 Class S RLESX 0000351601 S000001587 Russell Investment Grade Bond Fund C000004299 Class I RFASX C000004300 Class E RFAEX C000004301 Class Y RFAYX C000053055 Class C RFACX C000053056 Class S RFATX C000089691 Class A RFAAX 0000351601 S000001588 Russell International Developed Markets Fund C000004302 Class I RINSX C000004303 Class E RIFEX C000004304 Class Y RINYX C000066908 Class C RLNCX C000066909 Class S RINTX C000066910 Class A RLNAX 0000351601 S000001589 Russell Strategic Bond Fund C000004305 Class I RFCSX C000004306 Class E RFCEX C000004307 Class Y RFCYX C000066911 Class A RFDAX C000066912 Class C RFCCX C000066913 Class S RFCTX 0000351601 S000001591 Russell U.S. Defensive Equity Fund C000004311 Class I REDSX C000004312 Class E REQEX C000004313 Class Y REUYX C000066914 Class A REQAX C000066915 Class C REQCX C000066916 Class S REQTX 0000351601 S000001599 Russell Tax Exempt Bond Fund C000004330 Class S RLVSX C000004331 Class C RTECX C000004332 Class E RTBEX C000089692 Class A RTEAX 0000351601 S000001601 Russell Short Duration Bond Fund C000004336 Class S RFBSX C000004337 Class C RSBCX C000004338 Class E RSBEX C000043470 Class A RSBTX C000066918 Class Y RSBYX 0000351601 S000015554 Russell Global Equity Fund C000042371 Class A RGEAX C000042372 Class C RGECX C000042373 Class E RGEEX C000042374 Class S RGESX C000066919 Class Y RLGYX 0000351601 S000021364 2025 Strategy Fund C000061007 R1 RPLRX C000137248 R4 RPLUX C000137249 R5 RPLVX 0000351601 S000021365 2035 Strategy Fund C000061010 R1 RVLRX C000137250 R5 RVLVX C000137251 R4 RVLUX 0000351601 S000021366 2045 Strategy Fund C000061013 R1 RWLRX C000137252 R4 RWLUX C000137253 R5 RWLVX 0000351601 S000021367 2050 Strategy Fund C000061016 R1 RYLRX C000137254 R4 RYLUX C000137255 R5 RYLWX 0000351601 S000021368 In Retirement Fund C000061019 R1 RZLRX C000089693 Class A RZLAX C000137256 R4 RZLUX C000137257 R5 RZLVX 0000351601 S000028091 Russell Commodity Strategies Fund C000085554 Class A RCSAX C000085555 Class C RCSCX C000085556 Class E RCSEX C000085557 Class S RCCSX C000085558 Class Y RCSYX 0000351601 S000029198 Russell Global Infrastructure Fund C000089834 Class A RGIAX C000089835 Class C RGCIX C000089836 Class E RGIEX C000089837 Class S RGISX C000089838 Class Y RGIYX 0000351601 S000029199 Russell Global Opportunistic Credit Fund C000089839 Class Y RGCYX C000089840 Class A RGCAX C000089841 Class C RGCCX C000089842 Class E RCCEX C000089843 Class S RGCSX 0000351601 S000030345 2055 Strategy Fund C000093339 R1 RQLRX C000137258 R4 RQLUX C000137259 R5 RQLVX 0000351601 S000035752 Russell U.S. Large Cap Equity Fund C000109587 Class A RLCZX C000109588 Class C RLCCX C000109589 Class S RLCSX 0000351601 S000035753 Russell U.S. Mid Cap Equity Fund C000109590 Class A RMCAX C000109591 Class C RMCCX C000109592 Class S RMCSX 0000351601 S000037187 Russell Multi-Strategy Alternative Fund C000114539 Class A RMSAX C000114540 Class C RMSCX C000114541 Class E RMSEX C000114542 Class S RMSSX 0000351601 S000037466 Russell U.S. Strategic Equity Fund C000115674 Class A RSEAX C000115675 Class C RSECX C000115676 Class E RSEEX C000115677 Class S RSESX 0000351601 S000037801 Russell Strategic Call Overwriting Fund C000116598 Class S ROWSX 0000351601 S000045902 Select U.S. Equity Fund C000143046 Class S RTDSX C000143047 Class Y RTDYX C000148917 Class T RTDTX 0000351601 S000045903 Select International Equity Fund C000143048 Class Y RTIYX C000143052 Class S RTISX C000148918 Class T RTITX 0000351601 S000048355 Russell Tax-Managed International Equity Fund C000152720 Class A RTNAX C000152721 Class C RTNCX C000152722 Class E RTNEX C000152723 Class S RTNSX 0000351601 S000048356 Russell Multi-Strategy Income Fund C000152724 Class A RMYAX C000152725 Class C RMYCX C000152726 Class E RMYEX C000152727 Class S RMYSX C000152728 Class Y RMYYX 0000351601 S000049244 Russell Tax Exempt High Yield Bond Fund C000155368 Class A RTHAX C000155369 Class C RTHCX C000155370 Class E RTHEX C000155371 Class S RTHSX N-Q 1 ricnqfull_01312016.htm ricnqfull_01312016.htm - Generated by SEC Publisher for SEC Filing

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-03153

Russell Investment Company

(Exact name of registrant as specified in charter)

1301 2nd Avenue 18th Floor, Seattle Washington 98101
(Address of principal executive offices) (Zip code)

Mary Beth R. Albaneze, Secretary and Chief Legal Officer
1301 2nd Avenue
18th Floor
Seattle, Washington 98101
206-505-4846

_____________________________________________________________
(Name and address of agent for service)

Registrant's telephone number, including area code: 800-787-7354

Date of fiscal year end: October 31

Date of reporting period: November 1, 2015 – January 31, 2016

 

Item 1. Schedule of Investments



 

Russell Investment
Company

Russell Investment Company is a
series investment company with
41 different investment portfolios
referred to as Funds. This
Quarterly Report reports on 27 of
these Funds.

 

Russell Investment Company

Russell Funds

Quarterly Report

January 31, 2016 (Unaudited)

Table of Contents

Page
Russell U.S. Core Equity Fund 3 
Russell U.S. Defensive Equity Fund 8 
Russell U.S. Dynamic Equity Fund 16 
Russell U.S. Strategic Equity Fund 22 
Russell U.S. Large Cap Equity Fund 29 
Russell U.S. Mid Cap Equity Fund 34 
Russell U.S. Small Cap Equity Fund 39 
Russell International Developed Markets Fund 50 
Russell Global Equity Fund 66 
Russell Emerging Markets Fund 78 
Russell Tax-Managed U.S. Large Cap Fund 94 
Russell Tax-Managed U.S. Mid & Small Cap Fund 98 
Russell Tax-Managed International Equity Fund 106 
Russell Global Opportunistic Credit Fund 116 
Russell Strategic Bond Fund 138 
Russell Investment Grade Bond Fund 174 
Russell Short Duration Bond Fund 201 
Russell Tax Exempt High Yield Bond Fund 216 
Russell Tax Exempt Bond Fund 226 
Russell Commodity Strategies Fund 243 
Russell Global Infrastructure Fund 246 
Russell Global Real Estate Securities Fund 254 
Russell Multi-Strategy Alternative Fund 263 
Russell Multi-Strategy Income Fund 317 
Russell Strategic Call Overwriting Fund 337 
Select U.S. Equity Fund 343 
Select International Equity Fund 355 
Notes to Schedules of Investments 367 
Notes to Quarterly Report 369 
Shareholder Requests for Additional Information 388 

 

 

Russell Investment Company - Russell Funds.

Copyright © Russell Investments 2016. All rights reserved.

Russell Investments is a trade name and registered trademark of Frank Russell Company, a Washington USA
corporation, which operates through subsidiaries worldwide and is part of London Stock Exchange Group.

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 Financial Services, Inc., member FINRA and part of Russell
Investments.

 

Russell Investment Company
Russell U.S. Core Equity Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Common Stocks - 94.2%       Yum! Brands, Inc. 2,937 213
Consumer Discretionary - 13.6%             104,123
Amazon.com, Inc.(Æ) 11,380 6,680        
AutoZone, Inc.(Æ) 1,710 1,312 Consumer Staples - 5.9%      
Brunswick Corp. 1,800 72 Altria Group, Inc. 138,379 8,456
Cablevision Systems Corp. Class A 1,995 64 Bunge, Ltd. 6,800 422
Carnival Corp. 22,867 1,101 Clorox Co. (The) 2,420 312
CBS Corp. Class B 25,942 1,232 Coca-Cola Co. (The) 88,512 3,799
Chipotle Mexican Grill, Inc. Class A(Æ) 6,408 2,903 Colgate-Palmolive Co. 35,632 2,406
Comcast Corp. Class A(Æ) 46,219 2,575 Constellation Brands, Inc. Class A 11,263 1,717
Costco Wholesale Corp. 2,291 346 CVS Health Corp. 5,935 573
Darden Restaurants, Inc. 5,600 353 General Mills, Inc. 1,989 112
Dillard's, Inc. Class A 6,130 432 Hormel Foods Corp. 10,300 828
Ford Motor Co. 68,000 812 Kellogg Co. 7,048 518
Fortune Brands Home & Security, Inc. 1,664 81 Kimberly-Clark Corp. 1,276 164
Gap, Inc. (The) 87,300 2,158 Kraft Heinz Co. (The) 884 69
General Motors Co. 122,127 3,620 Kroger Co. (The) 40,000 1,552
Goodyear Tire & Rubber Co. (The) 23,856 678 Molson Coors Brewing Co. Class B 16,384 1,482
Harman International Industries, Inc. 11,574 861 Mondelez International, Inc. Class A 105,997 4,569
Hilton Worldwide Holdings, Inc. 44,919 800 PepsiCo, Inc. 39,282 3,901
Home Depot, Inc. 37,241 4,683 Philip Morris International, Inc. 65,290 5,877
Kohl's Corp. 1,396 69 Procter & Gamble Co. (The) 60,687 4,958
L Brands, Inc.(Æ) 14,948 1,437 Reynolds American, Inc. 29,219 1,460
Lennar Corp. Class A 80,133 3,378 Sysco Corp. 3,233 129
Liberty Interactive Corp. QVC Group Class       Walgreens Boots Alliance, Inc. 1,568 125
  A(Æ) 2,273 59 Whole Foods Market, Inc. 66,770 1,957
Lowe's Cos., Inc. 36,900 2,644       45,386
Macy's, Inc. 35,098 1,418        
Marriott International, Inc. Class A 5,277 323 Energy - 6.7%      
McDonald's Corp. 35,972 4,453 Antero Resources Corp.(Æ) 8,035 218
Michael Kors Holdings, Ltd.(Æ) 57,213 2,283 Apache Corp. 33,476 1,424
Netflix, Inc.(Æ) 5,904 542 BP PLC - ADR 162,537 5,261
Newell Rubbermaid, Inc. 38,719 1,501 Cameron International Corp.(Æ) 1,674 110
News Corp. Class A 24,000 311 Canadian Natural Resources, Ltd. 109,632 2,331
Nike, Inc. Class B 129,124 8,007 Chevron Corp. 24,060 2,080
NVR, Inc.(Æ) 500 825 Cimarex Energy Co. 15,833 1,473
Office Depot, Inc.(Æ) 51,338 264 Columbia Pipeline Group, Inc. 8,691 161
Priceline Group, Inc. (The)(Æ) 2,324 2,475 ConocoPhillips 74,806 2,923
PulteGroup, Inc. 21,883 367 Core Laboratories NV 15,808 1,556
PVH Corp. 21,036 1,544 Devon Energy Corp. 68,820 1,920
Ralph Lauren Corp. Class A 664 75 EOG Resources, Inc. 14,730 1,046
Ross Stores, Inc. 31,200 1,755 Exxon Mobil Corp. 120,635 9,391
Royal Caribbean Cruises, Ltd. 24,477 2,006 FMC Technologies, Inc.(Æ) 7,800 196
Service Corp. International 2,272 55 Hess Corp. 4,288 182
Starbucks Corp. 98,588 5,991 HollyFrontier Corp. 6,500 227
Target Corp. 100,254 7,260 Magna International, Inc. Class A(Æ) 28,199 975
Tiffany & Co. 7,537 481 Marathon Oil Corp. 12,280 120
Time Warner, Inc. 58,314 4,108 Marathon Petroleum Corp. 25,123 1,050
TJX Cos., Inc. 44,642 3,180 National Oilwell Varco, Inc. 2,422 79
Toll Brothers, Inc.(Æ) 9,727 269 Newfield Exploration Co.(Æ) 23,591 686
Toyota Motor Corp. - ADR 17,194 2,064 Occidental Petroleum Corp. 80,902 5,569
Tupperware Brands Corp. 13,435 624 ONEOK, Inc. 6,708 167
Ulta Salon Cosmetics & Fragrance, Inc.(Æ) 11,266 2,041 PBF Energy, Inc. Class A 5,200 182
Under Armour, Inc. Class A(Æ) 4,657 398 Phillips 66(Æ) 59,159 4,742
Viacom, Inc. Class B 3,591 164 Pioneer Natural Resources Co. 2,495 309
Wal-Mart Stores, Inc. 80,930 5,370 Schlumberger, Ltd. 55,947 4,043
Walt Disney Co. (The) 41,126 3,941 Spectra Energy Corp. 9,238 254
Whirlpool Corp. 10,900 1,465 Tesoro Corp. 6,242 545

 

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Core Equity Fund 3

 

Russell Investment Company
Russell U.S. Core Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Valero Energy Corp. 28,400 1,928 New York Community Bancorp, Inc. 10,846 168
      51,148 Nomura Holdings, Inc. - ADR 233,058 1,261
        Northern Trust Corp. 32,199 1,999
Financial Services - 19.9%       NorthStar Realty Europe Corp.(Æ)(ö) 5,155 49
Aflac, Inc. 4,878 283 NorthStar Realty Finance Corp.(Æ) 4,692 56
Allstate Corp. (The) 36,626 2,220 OneMain Holdings, Inc.(Æ) 2,200 58
Ally Financial, Inc.(Æ) 14,000 222 PacWest Bancorp 3,813 140
American Capital Agency Corp.(ö) 20,939 357 PayPal Holdings, Inc.(Æ) 23,600 853
American Express Co. 113,800 6,088 PNC Financial Services Group, Inc. (The) 66,965 5,803
American International Group, Inc. 8,692 491 Principal Financial Group, Inc. 12,800 486
Ameriprise Financial, Inc. 20,017 1,815 Progressive Corp. (The) 10,000 312
Arch Capital Group, Ltd.(Æ) 9,400 635 Prudential Financial, Inc. 24,262 1,700
AvalonBay Communities, Inc.(ö) 3,240 556 Public Storage(ö) 2,380 603
Bank of America Corp. 822,916 11,636 Raymond James Financial, Inc. 15,700 688
Bank of New York Mellon Corp. (The) 24,100 873 Regions Financial Corp. 292,477 2,375
Barclays PLC - ADR 19,523 210 Reinsurance Group of America, Inc. Class A 9,000 758
BB&T Corp. 28,827 941 Santander Consumer USA Holdings, Inc.(Æ) 113,000 1,181
Berkshire Hathaway, Inc. Class B(Æ) 36,431 4,728 Signature Bank(Æ) 1,730 241
BlackRock, Inc. Class A 5,606 1,762 Simon Property Group, Inc.(ö) 1,904 355
Blackstone Group, LP (The)(Æ) 33,520 881 State Street Corp. 134,559 7,499
Capital One Financial Corp. 28,702 1,883 SunTrust Banks, Inc. 36,015 1,317
Charles Schwab Corp. (The) 19,700 503 SVB Financial Group(Æ) 960 97
Chubb, Ltd.(Æ) 5,055 572 Synchrony Financial(Æ) 88,074 2,503
Citigroup, Inc. 132,267 5,632 TD Ameritrade Holding Corp. 5,900 163
Citizens Financial Group, Inc. 76,700 1,630 TFS Financial Corp. 18,253 319
CME Group, Inc. Class A 2,108 189 Thomson Reuters Corp. 3,948 148
Comerica, Inc. 23,600 809 Travelers Cos., Inc. (The) 7,884 844
Cullen/Frost Bankers, Inc. 2,736 131 Two Harbors Investment Corp.(ö) 95,876 729
Discover Financial Services 68,158 3,121 US Bancorp 59,695 2,391
E*Trade Financial Corp.(Æ) 10,500 247 Visa, Inc. Class A 131,893 9,825
East West Bancorp, Inc. 14,700 477 Voya Financial, Inc. 33,793 1,033
Equinix, Inc.(ö) 7,962 2,473 Wells Fargo & Co. 301,781 15,158
Equity Residential(ö) 2,855 220 Western Alliance Bancorp(Æ) 9,300 303
FactSet Research Systems, Inc. 2,590 390       152,386
First American Financial Corp. 9,052 311        
FleetCor Technologies, Inc.(Æ) 29,322 3,602 Health Care - 14.6%      
Forest City Realty Trust, Inc. Class A(Æ)(ö) 15,302 301 Abbott Laboratories 28,907 1,094
Four Corners Property Trust, Inc.(Æ) 6,333 107 AbbVie, Inc. 29,033 1,594
Franklin Resources, Inc. 5,398 187 Aetna, Inc. 13,350 1,360
Global Payments, Inc. 10,460 617 Alexion Pharmaceuticals, Inc.(Æ) 6,131 895
Hartford Financial Services Group, Inc. 34,010 1,367 Allergan PLC(Æ) 8,837 2,514
Hatteras Financial Corp.(ö) 56,257 690 Allscripts Healthcare Solutions, Inc.(Æ) 8,800 121
HCP, Inc.(ö) 6,009 216 AmerisourceBergen Corp. Class A 14,050 1,258
Howard Hughes Corp. (The)(Æ) 983 93 Amgen, Inc. 26,344 4,024
Intercontinental Exchange, Inc. 4,561 1,203 Anthem, Inc. 1,260 164
JPMorgan Chase & Co. 163,202 9,711 Baxalta, Inc. 4,912 197
KeyCorp 172,440 1,924 Baxter International, Inc. 4,568 167
KKR & Co., LP 161,083 2,196 Becton Dickinson and Co. 1,411 205
Leucadia National Corp. 7,785 129 Biogen, Inc.(Æ) 772 211
Lincoln National Corp. 7,400 292 Boston Scientific Corp.(Æ) 44,865 786
Loews Corp. 129,000 4,774 Bristol-Myers Squibb Co. 40,144 2,495
M&T Bank Corp. 5,540 610 Cardinal Health, Inc. 45,200 3,678
Marsh & McLennan Cos., Inc. 5,602 299 Celgene Corp.(Æ) 11,300 1,134
MasterCard, Inc. Class A 62,072 5,526 Cerner Corp.(Æ) 40,140 2,329
McGraw Hill Financial, Inc. 12,107 1,029 Cigna Corp. 10,376 1,386
MetLife, Inc. 69,798 3,116 CR Bard, Inc. 3,520 645
Mid-America Apartment Communities, Inc.       DexCom, Inc.(Æ) 8,929 636
  (ö) 2,274 213 Edwards Lifesciences Corp.(Æ) 20,042 1,567
Morningstar, Inc. 4,600 370 Eli Lilly & Co. 52,333 4,140
Navient Corp. 11,775 113 Endo International PLC(Æ) 10,381 576

 

See accompanying notes which are an integral part of this quarterly report.

4 Russell U.S. Core Equity Fund

 

Russell Investment Company
Russell U.S. Core Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Express Scripts Holding Co.(Æ) 3,481 250 Caterpillar, Inc. 19,527 1,215
Gilead Sciences, Inc. 31,626 2,625 CH Robinson Worldwide, Inc. 6,900 447
HCA Holdings, Inc.(Æ) 27,561 1,918 Chicago Bridge & Iron Co. 25,219 979
Horizon Pharma PLC(Æ) 41,654 729 CSX Corp. 7,853 181
Intuitive Surgical, Inc.(Æ) 2,203 1,191 Cummins, Inc. 1,228 110
Jazz Pharmaceuticals PLC(Æ) 4,825 621 Danaher Corp. 4,324 375
Johnson & Johnson 149,936 15,659 Deere & Co. 1,629 125
Mallinckrodt PLC(Æ) 11,943 694 Delta Air Lines, Inc. 84,986 3,764
McKesson Corp. 7,850 1,264 Eaton Corp. PLC 16,494 833
Medtronic PLC 126,368 9,594 Emerson Electric Co. 5,848 269
Merck & Co., Inc. 215,851 10,937 FedEx Corp. 16,417 2,182
Mylan NV(Æ) 50,260 2,648 Fluor Corp. 1,691 76
Pfizer, Inc. 511,138 15,585 General Dynamics Corp. 22,021 2,946
PTC Therapeutics, Inc.(Æ) 15,595 371 General Electric Co. 129,915 3,781
Qiagen NV(Æ) 21,000 477 Honeywell International, Inc. 63,762 6,580
Regeneron Pharmaceuticals, Inc.(Æ) 3,544 1,489 Illinois Tool Works, Inc. 2,752 248
St. Jude Medical, Inc. 6,100 322 JetBlue Airways Corp.(Æ) 6,676 142
Stryker Corp. 26,345 2,612 Kansas City Southern 21,525 1,526
Thermo Fisher Scientific, Inc. 14,544 1,921 KBR, Inc. 2,700 39
UnitedHealth Group, Inc. 31,813 3,664 Lexmark International, Inc. Class A 4,300 121
Valeant Pharmaceuticals International, Inc.       Lockheed Martin Corp. 15,885 3,352
  (Æ) 33,354 3,009 Norfolk Southern Corp. 29,623 2,088
Zimmer Biomet Holdings, Inc. 14,985 1,487 Northrop Grumman Corp. 15,920 2,946
      112,243 Oshkosh Corp. 26,615 876
        Paychex, Inc. 36,300 1,737
Materials and Processing - 3.2%       Raytheon Co. 71,642 9,187
Air Products & Chemicals, Inc. 1,203 152 Ryder System, Inc. 914 49
CRH PLC - ADR 176,900 4,762 Southwest Airlines Co. 78,400 2,949
Dow Chemical Co. (The) 41,489 1,742 Stanley Black & Decker, Inc. 38,193 3,603
Eastman Chemical Co. 22,918 1,403 Terex Corp. 39,546 886
Ecolab, Inc. 27,138 2,927 Textron, Inc. 14,850 508
EI du Pont de Nemours & Co. 2,283 120 Tyco International PLC 2,588 89
Hexcel Corp. 17,567 727 Union Pacific Corp. 5,555 400
International Paper Co. 41,037 1,404 United Continental Holdings, Inc.(Æ) 28,024 1,353
Louisiana-Pacific Corp.(Æ) 58,639 922 United Parcel Service, Inc. Class B 34,869 3,250
LyondellBasell Industries NV Class A 1,753 137 United Technologies Corp. 24,724 2,168
Masco Corp. 32,700 863 Verisk Analytics, Inc. Class A(Æ) 18,430 1,345
Monsanto Co. 20,542 1,861 Waste Management, Inc. 3,973 210
MRC Global, Inc.(Æ) 3,700 37 Waters Corp.(Æ) 460 56
PPG Industries, Inc. 34,148 3,248 WW Grainger, Inc. 353 69
Praxair, Inc. 2,356 236 Xylem, Inc. 45,812 1,647
Precision Castparts Corp. 1,208 284       77,542
Reliance Steel & Aluminum Co. 27,254 1,552        
Rio Tinto PLC - ADR 39,500 974 Technology - 14.8%      
Sherwin-Williams Co. (The) 4,160 1,064 Activision Blizzard, Inc. 29,140 1,015
Southern Copper Corp. 2,930 76 Adobe Systems, Inc.(Æ) 16,365 1,459
WestRock Co. 1,526 54 Alibaba Group Holding, Ltd. - ADR(Æ) 20,526 1,376
      24,545 Alphabet, Inc.(Æ) 12,205 9,068
        Alphabet, Inc. Class A(Æ) 6,190 4,713
Producer Durables - 10.1%       Apple, Inc. 159,846 15,559
3M Co. 3,884 587 Applied Materials, Inc. 55,210 974
Accenture PLC Class A 27,082 2,858 ARM Holdings PLC - ADR 52,731 2,272
AECOM(Æ) 20,936 575 Avago Technologies, Ltd. Class A 16,671 2,229
AerCap Holdings NV(Æ) 25,902 796 Avnet, Inc. 19,155 765
Allison Transmission Holdings, Inc. Class A 2,711 65 Brocade Communications Systems, Inc. 16,600 132
American Airlines Group, Inc. 56,640 2,208 CACI International, Inc. Class A(Æ) 1,700 141
Ametek, Inc. 1,742 82 CDK Global, Inc. 1,488 65
Automatic Data Processing, Inc. 49,927 4,148 Cisco Systems, Inc. 223,415 5,315
Boeing Co. (The) 12,091 1,453 Cognizant Technology Solutions Corp. Class      
Carlisle Cos., Inc. 756 63   A(Æ) 2,968 188

 

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Core Equity Fund 5

 

Russell Investment Company
Russell U.S. Core Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)  
    Principal   Fair       Principal Fair
  Amount ($) or   Value     Amount ($) or Value
    Shares   $       Shares $
Electronic Arts, Inc.(Æ) 22,334   1,441 Zero Coupon due 06/16/16   1,500 1,498
EMC Corp. 10,045   249 Total Short-Term Investments        
Facebook, Inc. Class A(Æ) 68,645   7,703 (cost $43,306)       43,306
Gartner, Inc.(Æ) 6,300   554          
Harris Corp. 17,057   1,483 Total Investments 99.9%        
Hewlett Packard Enterprise Co.(Æ) 131,746   1,813 (identified cost $683,868)       765,523
Ingram Micro, Inc. Class A 26,400   744          
Intel Corp. 285,586   8,859 Other Assets and Liabilities, Net        
International Business Machines Corp. 29,046   3,625 - 0.1%     1,104
JDS Uniphase Corp.(Æ) 58,700   293 Net Assets - 100.0%       766,627
Juniper Networks, Inc. 21,800   514          
Lam Research Corp. 28,831   2,070          
LinkedIn Corp. Class A(Æ) 7,275   1,440          
Marvell Technology Group, Ltd. 38,500   341          
Micron Technology, Inc.(Æ) 188,721   2,082          
Microsoft Corp. 225,075   12,399          
NCR Corp.(Æ) 5,200   111          
NetApp, Inc. 32,500   713          
NETGEAR, Inc.(Æ) 3,100   116          
NXP Semiconductors NV(Æ) 38,497   2,879          
ON Semiconductor Corp.(Æ) 7,900   68          
Oracle Corp. 126,606   4,597          
Palo Alto Networks, Inc.(Æ) 4,299   643          
Polycom, Inc.(Æ) 15,300   156          
QUALCOMM, Inc. 18,047   818          
Red Hat, Inc.(Æ) 33,585   2,353          
Salesforce.com, Inc.(Æ) 29,006   1,974          
SAP SE - ADR 16,609   1,325          
ServiceNow, Inc.(Æ) 7,204   448          
Splunk, Inc.(Æ) 12,534   580          
Symantec Corp. 93,088   1,847          
Synopsys, Inc.(Æ) 40,200   1,724          
Tableau Software, Inc. Class A(Æ) 9,809   787          
Texas Instruments, Inc. 5,955   315          
VMware, Inc. Class A(Æ) 6,600   302          
Western Digital Corp. 9,300   446          
Zynga, Inc. Class A(Æ) 120,600   297          
        113,380          
 
Utilities - 5.4%                  
American Electric Power Co., Inc. 34,070   2,077          
AT&T, Inc. 321,394   11,590          
China Mobile, Ltd. - ADR 36,722   2,003          
Dominion Resources, Inc. 19,447   1,404          
Duke Energy Corp. 4,439   334          
Entergy Corp. 83,400   5,886          
Exelon Corp. 18,400   544          
NextEra Energy, Inc. 29,759   3,324          
PG&E Corp. 14,136   776          
Southern Co. (The) 40,248   1,969          
Verizon Communications, Inc. 231,283   11,557          
        41,464          
 
Total Common Stocks                  
(cost $640,562)       722,217          
 
Short-Term Investments - 5.7%                  
Russell U.S. Cash Management Fund 40,808,589 (8) 40,809          
United States Treasury Bills                  
Zero Coupon due 04/07/16 1,000   999          

 

See accompanying notes which are an integral part of this quarterly report.

6 Russell U.S. Core Equity Fund

 

Russell Investment Company
Russell U.S. Core Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Futures Contracts                          
 
Amounts in thousands (except contract amounts)                        
                        Unrealized  
                        Appreciation  
        Number of   Notional   Expiration   (Depreciation)  
        Contracts   Amount   Date   $  
Long Positions                          
Russell 1000 Mini Index Futures       84 USD 8,948 03/16   70  
S&P 500 E-Mini Index Futures       369 USD 35,610 03/16   (344 )
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)                   (274 )
 
Presentation of Portfolio Holdings                          
 
 
Amounts in thousands                          
 
              Fair Value            
Portfolio Summary Level 1   Level 2     Level 3   Total  
Common Stocks                          
Consumer Discretionary $ 104,123   $ —     $   — $ 104,123  
Consumer Staples   45,386     —         —   45,386  
Energy   51,148     —         —   51,148  
Financial Services   152,386     —         —   152,386  
Health Care   112,243     —         —   112,243  
Materials and Processing   24,545     —         —   24,545  
Producer Durables   77,542     —         —   77,542  
Technology   113,380     —         —   113,380  
Utilities   41,464     —         —   41,464  
Short-Term Investments —   43,306       — 43,306  
Total Investments 722,217   43,306       — 765,523  
 
 
Other Financial Instruments                          
Futures Contracts (274 ) —       — (274 )
Total Other Financial Instruments* $ (274 ) $ —     $   — $ (274 )

 

*      Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.

For a description of the Levels see note 2 in the Notes to Quarterly Report.
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to Quarterly
Report.

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Core Equity Fund 7

 

Russell Investment Company
Russell U.S. Defensive Equity Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Common Stocks - 93.8%       Walt Disney Co. (The) 88,383 8,469
Consumer Discretionary - 12.1%       Yum! Brands, Inc. 2,366 171
Advance Auto Parts, Inc. 610 93       108,640
Amazon.com, Inc.(Æ) 223 131        
American Axle & Manufacturing Holdings,       Consumer Staples - 13.5%      
Inc.(Æ)(Û) 32,600 418 Altria Group, Inc.(Û) 92,894 5,677
AutoZone, Inc.(Æ)(Û) 4,891 3,753 Archer-Daniels-Midland Co. 10,947 387
Bed Bath & Beyond, Inc.(Æ) 1,181 51 Brown-Forman Corp. Class B - ADR(Æ) 1,655 162
Brinker International, Inc. 7,340 365 Bunge, Ltd. 19,029 1,180
Brunswick Corp.(Û) 10,800 430 Campbell Soup Co. 16,440 927
Choice Hotels International, Inc. 10,863 475 Casey's General Stores, Inc.(Û) 2,360 285
Comcast Corp. Class A(Æ)(Û) 143,098 7,972 Church & Dwight Co., Inc. 1,246 105
Costco Wholesale Corp. 36,224 5,474 Clorox Co. (The) 1,180 152
Darden Restaurants, Inc. 7,700 486 Coca-Cola Co. (The) 334,711 14,366
Delphi Automotive PLC 3,342 217 Coca-Cola Enterprises, Inc. 49,816 2,312
Dick's Sporting Goods, Inc. 9,590 375 Colgate-Palmolive Co. 4,000 270
Dollar General Corp. 122,422 9,189 Constellation Brands, Inc. Class A 7,095 1,082
Dollar Tree, Inc.(Æ) 2,280 185 CVS Health Corp. 110,861 10,708
Domino's Pizza, Inc. 14,049 1,601 Dr Pepper Snapple Group, Inc. 66,524 6,243
Dunkin' Brands Group, Inc. 24,899 980 Flowers Foods, Inc. 2,072 43
eBay, Inc.(Æ) 2,983 70 General Mills, Inc. 3,489 197
Estee Lauder Cos., Inc. (The) Class A 838 71 Hershey Co. (The) 20,895 1,841
Foot Locker, Inc. 16,309 1,102 Hormel Foods Corp. 23,291 1,873
Garmin, Ltd. 1,033 36 Ingredion, Inc. 943 95
Genuine Parts Co. 1,611 139 JM Smucker Co. (The) 18,322 2,351
Home Depot, Inc. 103,985 13,077 Kimberly-Clark Corp. 33,326 4,280
Hyatt Hotels Corp. Class A(Æ) 450 17 Kroger Co. (The) 60,965 2,366
J Alexander's Holdings, Inc.(Æ) 5,956 56 McCormick & Co., Inc. 1,735 153
John Wiley & Sons, Inc. Class A(Æ) 491 21 Mead Johnson Nutrition Co. Class A 813 59
Leggett & Platt, Inc. 1,747 73 Molson Coors Brewing Co. Class B 35,837 3,242
LKQ Corp.(Æ) 2,559 70 Mondelez International, Inc. Class A 121,178 5,223
Lowe's Cos., Inc. 133,039 9,534 PepsiCo, Inc. 121,191 12,034
Madison Square Garden Co. (The) Class A(Æ) 198 30 Philip Morris International, Inc. 166,409 14,978
Marriott International, Inc. Class A 25,321 1,552 Pinnacle Foods, Inc. 721 31
McDonald's Corp. 61,162 7,571 Procter & Gamble Co. (The) 218,859 17,879
MSG Networks, Inc.(Æ) 596 10 Reynolds American, Inc. 178,105 8,896
Murphy USA, Inc.(Æ) 3,647 211 Sysco Corp. 49,913 1,987
Nike, Inc. Class B 119,552 7,413       121,384
Nordstrom, Inc. 1,098 54        
NVR, Inc.(Æ) 1,452 2,397 Energy - 4.9%      
Omnicom Group, Inc. 54,077 3,967 Chevron Corp. 95,017 8,216
O'Reilly Automotive, Inc.(Æ) 4,027 1,051 Columbia Pipeline Group, Inc. 51,492 955
Panera Bread Co. Class A(Æ) 281 54 ConocoPhillips 3,073 120
Penske Automotive Group, Inc. 13,600 427 Dril-Quip, Inc.(Æ) 8,000 469
Polaris Industries, Inc. 334 25 EQT Corp. 1,320 81
Ralph Lauren Corp. Class A 3,609 406 Exxon Mobil Corp. 218,273 16,993
Ross Stores, Inc. 67,538 3,800 FMC Technologies, Inc.(Æ) 31,083 782
Sally Beauty Holdings, Inc.(Æ) 1,135 31 Marathon Petroleum Corp. 12,500 522
Scripps Networks Interactive, Inc. Class A 1,156 70 Occidental Petroleum Corp. 90,319 6,217
Starbucks Corp. 32,653 1,984 Oceaneering International, Inc. 9,090 308
Target Corp. 14,828 1,074 Phillips 66(Æ) 9,650 773
Tenneco, Inc.(Æ) 5,164 197 Royal Dutch Shell PLC Class A - ADR(Æ) 95,900 4,213
Thor Industries, Inc. 471 25 Schlumberger, Ltd. 1,573 114
Time Warner, Inc. 44,261 3,118 Spectra Energy Corp. 29,600 813
TJX Cos., Inc. 41,175 2,933 Superior Energy Services, Inc. 31,300 323
Twenty-First Century Fox, Inc. Class A 44,890 1,211 TransCanada Corp. 30,297 1,047
VF Corp. 31,526 1,974 Valero Energy Corp. 22,900 1,554
Viacom, Inc. Class B 1,742 79 World Fuel Services Corp. 6,300 245
Visteon Corp.(Æ) 7,000 468       43,745
Wal-Mart Stores, Inc. 21,207 1,407        

 

See accompanying notes which are an integral part of this quarterly report.

8 Russell U.S. Defensive Equity Fund

 

Russell Investment Company
Russell U.S. Defensive Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Financial Services - 16.3%       Extra Space Storage, Inc.(ö) 1,207 109
Affiliated Managers Group, Inc.(Æ) 298 40 FactSet Research Systems, Inc. 445 67
Aflac, Inc. 88,906 5,153 Federal Realty Investment Trust (ö) 466 70
Alexandria Real Estate Equities, Inc. (ö) 16,517 1,308 Federated Investors, Inc. Class B 788 20
Alleghany Corp.(Æ) 63 30 Fidelity National Information Services, Inc. 40,169 2,399
Allied World Assurance Co. Holdings AG 2,051 75 Fiserv, Inc.(Æ) 2,132 202
Allstate Corp. (The) 16,283 987 FNF Group 2,776 90
American Campus Communities, Inc. (ö) 666 28 FNFV Group(Æ) 23,142 217
American Express Co.(Û) 40,124 2,147 Four Corners Property Trust, Inc.(Æ) 6,066 103
American Financial Group, Inc. 12,954 919 Franklin Resources, Inc. 2,761 96
American Homes 4 Rent Class A(ö) 1,784 27 Fulton Financial Corp. 53,700 690
American National Insurance Co. 251 24 Global Payments, Inc. 27,345 1,612
American Tower Corp.(ö) 8,107 765 Great Western Bancorp, Inc. 10,600 277
AmTrust Financial Services, Inc. 6,145 351 Hanover Insurance Group, Inc. (The) 15,373 1,253
Aon PLC 941 83 HCP, Inc.(ö) 2,651 95
Arch Capital Group, Ltd.(Æ) 1,427 96 Health Care REIT, Inc.(Æ)(ö) 831 52
Arthur J Gallagher & Co. 55,207 2,078 Huntington Bancshares, Inc. 191,545 1,643
Aspen Insurance Holdings, Ltd. 1,003 47 Intercontinental Exchange, Inc. 6,937 1,830
Assurant, Inc. 889 72 Invesco, Ltd. 23,381 700
AvalonBay Communities, Inc.(ö) 11,841 2,031 Jack Henry & Associates, Inc. 24,348 1,977
Axis Capital Holdings, Ltd. 974 53 Jones Lang LaSalle, Inc. 4,222 594
Bank of America Corp. 8,784 124 JPMorgan Chase & Co. 6,042 360
Bank of Hawaii Corp. 452 27 KeyCorp 14,000 156
Bank of New York Mellon Corp. (The) 5,778 209 Kilroy Realty Corp.(ö) 6,193 346
BB&T Corp. 40,731 1,330 Liberty Property Trust (ö) 13,125 385
BBCN Bancorp, Inc.(Æ)(Û) 3,500 53 Loews Corp. 952 35
Berkshire Hathaway, Inc. Class B(Æ)(Û) 62,250 8,078 M&T Bank Corp. 2,164 238
BlackRock, Inc. Class A 2,611 821 Markel Corp.(Æ) 62 52
BOK Financial Corp. 438 22 Marsh & McLennan Cos., Inc. 103,923 5,542
Boston Properties, Inc.(ö) 5,469 636 MasterCard, Inc. Class A 54,690 4,869
Brandywine Realty Trust(ö)(Û) 57,400 736 Mercury General Corp. 524 24
Broadridge Financial Solutions, Inc. 1,831 98 MetLife, Inc. 13,594 607
Brown & Brown, Inc. 1,075 33 MFA Financial, Inc.(ö) 4,632 29
Camden Property Trust (ö) 705 54 Moody's Corp. 716 64
Capital One Financial Corp. 1,854 122 Morningstar, Inc. 11,399 917
Care Capital Properties, Inc. (Æ)(ö) 362 11 MSCI, Inc. Class A 1,523 105
CBOE Holdings, Inc. 651 43 Nasdaq, Inc. 1,457 90
Charles Schwab Corp. (The) 23,700 605 National Retail Properties, Inc. (ö) 1,715 74
Chubb, Ltd.(Æ) 34,518 3,903 New York Community Bancorp, Inc. 2,010 31
Cincinnati Financial Corp. 906 52 Northern Trust Corp. 31,805 1,974
Citigroup, Inc. 2,404 102 NorthStar Asset Management Group, Inc. 2,213 26
Citizens Financial Group, Inc.(Û) 75,900 1,613 Old Republic International Corp. 34,000 615
CME Group, Inc. Class A 795 71 OneMain Holdings, Inc.(Æ) 7,900 209
CNA Financial Corp. 702 23 PartnerRe, Ltd. 655 92
Comerica, Inc. 34,407 1,180 PayPal Holdings, Inc.(Æ) 2,951 107
Commerce Bancshares, Inc. 1,378 57 People's United Financial, Inc. 2,098 30
Communications Sales & Leasing, Inc. (ö) 1,394 27 Plum Creek Timber Co., Inc. (ö) 1,148 47
Corrections Corp. of America (ö) 1,410 41 PNC Financial Services Group, Inc. (The) 42,257 3,662
Cousins Properties, Inc. (ö) 58,000 500 Post Properties, Inc.(ö) 13,612 780
Cullen/Frost Bankers, Inc. 28,482 1,363 Principal Financial Group, Inc. 73,697 2,800
Discover Financial Services 37,977 1,739 ProAssurance Corp. 864 43
Dun & Bradstreet Corp. (The) 391 38 Progressive Corp. (The) 17,688 553
East West Bancorp, Inc. 29,829 967 Prologis, Inc.(ö) 13,100 517
Endurance Specialty Holdings, Ltd. 632 39 Public Storage(ö) 4,654 1,180
Equifax, Inc. 17,393 1,840 Raymond James Financial, Inc. 7,511 329
Equity LifeStyle Properties, Inc. Class A(ö) 13,798 910 Realty Income Corp. (ö) 1,811 101
Equity One, Inc. (ö) 24,200 671 Regency Centers Corp.(ö) 24,345 1,762
Erie Indemnity Co. Class A 837 80 Reinsurance Group of America, Inc. Class A 30,103 2,536
Essex Property Trust, Inc. (ö) 184 39 RenaissanceRe Holdings, Ltd. 743 84
Everest Re Group, Ltd. 12,036 2,154 RMR Group, Inc. (The) Class A(Æ) 15 —

 

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Defensive Equity Fund 9

 

Russell Investment Company
Russell U.S. Defensive Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
SEI Investments Co. 1,399 55 Gilead Sciences, Inc. 73,890 6,133
Senior Housing Properties Trust (ö) 1,413 20 Henry Schein, Inc.(Æ) 840 127
Simon Property Group, Inc.(ö) 24,527 4,569 Humana, Inc. 4,964 808
SL Green Realty Corp.(ö) 5,380 520 IDEXX Laboratories, Inc.(Æ) 5,600 393
SLM Corp.(Æ) 4,905 31 Intuitive Surgical, Inc.(Æ) 1,550 838
Starwood Property Trust, Inc.(ö) 2,724 52 Johnson & Johnson 195,172 20,384
State Street Corp. 89,500 4,988 Laboratory Corp. of America Holdings(Æ) 960 108
SVB Financial Group(Æ) 1,590 161 Magellan Health, Inc.(Æ) 12,860 733
T Rowe Price Group, Inc. 1,088 77 McKesson Corp. 36,371 5,855
Taubman Centers, Inc.(ö) 353 25 MEDNAX, Inc.(Æ) 952 66
TCF Financial Corp. 5,838 70 Medtronic PLC 3,623 275
TD Ameritrade Holding Corp. 25,400 701 Merck & Co., Inc. 138,001 6,993
Thomson Reuters Corp. 1,074 40 Patterson Cos., Inc. 827 35
Torchmark Corp. 676 37 Perrigo Co. PLC 24,577 3,553
Total System Services, Inc. 34,443 1,383 Pfizer, Inc. 545,724 16,639
Travelers Cos., Inc. (The) 31,383 3,359 Quest Diagnostics, Inc. 1,146 75
Unum Group 38,400 1,100 ResMed, Inc. 1,576 89
US Bancorp 88,922 3,562 Sirona Dental Systems, Inc.(Æ) 649 69
Validus Holdings, Ltd. 642 28 St. Jude Medical, Inc. 20,293 1,073
Ventas, Inc. (ö) 1,483 82 STERIS PLC(Æ) 8,600 595
Visa, Inc. Class A 143,060 10,657 Stryker Corp. 38,969 3,864
Vornado Realty Trust(ö) 10,900 964 Teleflex, Inc. 321 44
Voya Financial, Inc. 46,635 1,426 Thermo Fisher Scientific, Inc. 4,781 631
Weingarten Realty Investors(ö) 25,363 885 UnitedHealth Group, Inc. 124,207 14,304
Wells Fargo & Co. 282,298 14,180 Varian Medical Systems, Inc.(Æ) 20,995 1,619
Western Alliance Bancorp(Æ) 12,500 407 Zimmer Biomet Holdings, Inc. 955 95
White Mountains Insurance Group, Ltd. 40 29       147,803
Willis Towers Watson PLC 383 44        
WR Berkley Corp. 53,582 2,687 Materials and Processing - 1.6%      
XL Group PLC Class A 59,018 2,140 Acuity Brands, Inc. 3,128 633
      146,471 Air Products & Chemicals, Inc. 1,097 139
        Airgas, Inc. 714 100
Health Care - 16.4%       AptarGroup, Inc. 717 52
Abbott Laboratories 183,608 6,950 Ball Corp. 1,545 103
Aetna, Inc. 32,971 3,358 Bemis Co., Inc. 12,410 594
Agilent Technologies, Inc.(Û) 30,515 1,149 Compass Minerals International, Inc. 312 23
Alexion Pharmaceuticals, Inc.(Æ) 1,107 162 Crown Holdings, Inc.(Æ) 41,409 1,900
Allergan PLC(Æ) 1,869 532 Ecolab, Inc. 1,662 179
Allscripts Healthcare Solutions, Inc.(Æ)(Û) 31,000 427 EI du Pont de Nemours & Co. 19,695 1,039
AmerisourceBergen Corp. Class A(Û) 96,508 8,643 Fastenal Co. 1,761 71
Amgen, Inc.(Û) 62,300 9,515 Graphic Packaging Holding Co. 52,944 602
Anthem, Inc. 795 104 Hexcel Corp. 1,121 46
Baxalta, Inc. 38,209 1,529 International Flavors & Fragrances, Inc. 983 115
Baxter International, Inc. 143,611 5,256 LyondellBasell Industries NV Class A 4,336 338
Becton Dickinson and Co. 29,507 4,289 Monsanto Co. 546 50
Biogen, Inc.(Æ) 2,722 743 Mosaic Co. (The) 7,417 179
Bio-Rad Laboratories, Inc. Class A(Æ) 219 28 NewMarket Corp. 105 40
Bio-Techne Corp. 389 32 Nucor Corp. 769 30
Boston Scientific Corp.(Æ) 16,914 297 PPG Industries, Inc. 23,777 2,262
Bristol-Myers Squibb Co. 59,328 3,688 Praxair, Inc. 22,311 2,231
Cardinal Health, Inc.(Û) 51,246 4,170 Precision Castparts Corp. 2,967 697
Celgene Corp.(Æ) 2,214 222 RPM International, Inc. 658 26
Cerner Corp.(Æ) 1,725 100 Sherwin-Williams Co. (The) 10,014 2,560
Cigna Corp. 838 112 Silgan Holdings, Inc. 598 32
Cooper Cos., Inc. (The) 284 37 Sonoco Products Co. 1,372 54
CR Bard, Inc.(Û) 17,734 3,250 Valmont Industries, Inc. 211 23
Dentsply International, Inc. 1,350 79 Valspar Corp. 707 55
Edwards Lifesciences Corp.(Æ) 3,600 282 Watsco, Inc. 312 36
Eli Lilly & Co. 76,933 6,085        
Express Scripts Holding Co.(Æ) 19,011 1,366        

 

See accompanying notes which are an integral part of this quarterly report.

10 Russell U.S. Defensive Equity Fund

 

Russell Investment Company
Russell U.S. Defensive Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Westlake Chemical Corp. 9,079 413 Snap-on, Inc. 23,071 3,727
      14,622 Stanley Black & Decker, Inc. 26,464 2,497
        Stericycle, Inc.(Æ) 817 98
Producer Durables - 11.5%       Textron, Inc. 13,200 452
3M Co. 48,280 7,290 Toro Co. (The) 801 60
Accenture PLC Class A(Û) 111,071 11,723 TransDigm Group, Inc.(Æ) 142 32
Ametek, Inc. 2,133 100 Triumph Group, Inc. 23,400 597
AO Smith Corp. 975 68 Tyco International PLC 2,669 92
Automatic Data Processing, Inc.(Û) 107,176 8,905 Union Pacific Corp. 28,323 2,039
Avery Dennison Corp. 4,982 303 United Parcel Service, Inc. Class B 1,872 175
Boeing Co. (The)(Û) 45,717 5,492 United Technologies Corp. 44,680 3,918
Canadian Pacific Railway, Ltd. 1,880 225 Verisk Analytics, Inc. Class A(Æ) 735 54
Carlisle Cos., Inc. 478 40 Wabtec Corp. 479 31
CH Robinson Worldwide, Inc.(Û) 25,714 1,666 Waste Connections, Inc. 1,482 89
Cintas Corp.(Æ) 1,917 165 Waste Management, Inc. 1,140 60
Copart, Inc.(Æ) 1,390 47 Waters Corp.(Æ) 7,813 947
CSX Corp. 3,096 71 WW Grainger, Inc. 20,356 4,004
Cummins, Inc. 7,265 653 Xerox Corp. 90,900 886
Danaher Corp. 2,666 231 Xylem, Inc. 26,631 957
Deere & Co. 1,022 79       103,791
Donaldson Co., Inc. 1,705 48        
Dover Corp. 1,133 66 Technology - 12.2%      
Emerson Electric Co. 8,298 382 ACI Worldwide, Inc.(Æ)(Û) 20,800 372
Expeditors International of Washington, Inc. 961 43 Adobe Systems, Inc.(Æ) 6,943 619
FedEx Corp. 16,854 2,240 Alphabet, Inc.(Æ)(Û) 16,875 12,537
Flir Systems, Inc. 1,701 50 Alphabet, Inc. Class A(Æ) 10,713 8,156
Fluor Corp. 4,237 190 Amdocs, Ltd. 961 53
General Dynamics Corp. 30,047 4,019 Amphenol Corp. Class A 8,246 409
General Electric Co. 17,229 501 Analog Devices, Inc. 26,770 1,442
Genpact, Ltd.(Æ) 1,888 45 Anixter International, Inc.(Æ) 1,300 64
Graco, Inc. 593 43 Ansys, Inc.(Æ) 499 44
Honeywell International, Inc. 84,381 8,708 Apple, Inc. 249,615 24,297
Hubbell, Inc.(Æ) 15,542 1,406 Avago Technologies, Ltd. Class A 6,460 864
IDEX Corp. 895 65 Avnet, Inc.(Û) 40,463 1,615
Illinois Tool Works, Inc. 75,676 6,816 AVX Corp. 6,600 76
JB Hunt Transport Services, Inc. 982 71 Brocade Communications Systems, Inc.(Û) 76,400 610
Keysight Technologies, Inc.(Æ) 19,843 464 CA, Inc. 1,719 49
Kirby Corp.(Æ) 643 33 CACI International, Inc. Class A(Æ)(Û) 5,580 464
L-3 Communications Holdings, Inc. 5,911 691 Cisco Systems, Inc. 117,911 2,805
Landstar System, Inc. 6,693 384 Cognizant Technology Solutions Corp. Class      
Lincoln Electric Holdings, Inc. 14,273 760   A(Æ) 11,207 709
Lockheed Martin Corp. 15,228 3,213 Dolby Laboratories, Inc. Class A 633 23
Mettler-Toledo International, Inc.(Æ) 262 82 DST Systems, Inc. 435 46
MSC Industrial Direct Co., Inc. Class A 521 34 EMC Corp. 4,731 117
National Instruments Corp. 888 25 F5 Networks, Inc.(Æ) 14,217 1,333
Nordson Corp. 725 44 Facebook, Inc. Class A(Æ) 41,145 4,617
Norfolk Southern Corp. 1,055 74 Gartner, Inc.(Æ) 19,035 1,673
Northrop Grumman Corp. 32,881 6,085 GoDaddy, Inc. Class A(Æ) 26,900 820
Old Dominion Freight Line, Inc.(Æ) 807 44 HubSpot, Inc.(Æ) 6,500 264
PACCAR, Inc. 4,061 199 Ingram Micro, Inc. Class A 50,500 1,424
Parker-Hannifin Corp. 3,156 307 Intel Corp. 205,892 6,387
Paychex, Inc. 45,332 2,170 International Business Machines Corp. 12,883 1,608
Quanta Services, Inc.(Æ) 983 18 Intuit, Inc. 4,672 446
Raytheon Co. 23,552 3,020 JDS Uniphase Corp.(Æ) 169,935 850
Republic Services, Inc. Class A 39,829 1,741 Linear Technology Corp. 32,825 1,403
Robert Half International, Inc. 1,468 64 Microchip Technology, Inc. 80,300 3,598
Rockwell Automation, Inc. 328 31 Microsoft Corp. 294,250 16,210
Rockwell Collins, Inc. 20,495 1,658 MicroStrategy, Inc. Class A(Æ) 500 86
Rollins, Inc. 1,273 35 NetApp, Inc. 65,100 1,428
Roper Technologies, Inc. 849 149 New Relic, Inc.(Æ) 13,100 370

 

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Defensive Equity Fund 11

 

Russell Investment Company
Russell U.S. Defensive Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)      
      Principal Fair     Principal   Fair  
  Amount ($) or Value   Amount ($) or   Value  
      Shares $     Shares   $  
Oracle Corp.   28,194 1,024            
Polycom, Inc.(Æ)   57,200 583 Total Investments 106.9%          
QUALCOMM, Inc.   28,025 1,271 (identified cost $920,014)       962,087  
Red Hat, Inc.(Æ)   2,900 203 Securities Sold Short - (6.4)%          
Symantec Corp.   78,864 1,565 Consumer Discretionary - (1.7)%          
Synopsys, Inc.(Æ)   38,004 1,630 Chipotle Mexican Grill, Inc. Class A(Æ) (2,070 ) (938 )
TE Connectivity, Ltd.   3,244 185 Churchill Downs, Inc.(Æ) (6,850 ) (946 )
Texas Instruments, Inc.   60,615 3,208 Deckers Outdoor Corp.(Æ) (17,400 ) (861 )
VMware, Inc. Class A(Æ)   18,750 858 Diamond Resorts International, Inc.(Æ) (25,904 ) (477 )
Western Digital Corp.   23,000 1,104 Dillard's, Inc. Class A (12,400 ) (873 )
Zynga, Inc. Class A(Æ)   59,100 145 Dorman Products, Inc.(Æ) (17,100 ) (740 )
        109,664 Drew Industries, Inc. (16,600 ) (953 )
          Estee Lauder Cos., Inc. (The) Class A (11,700 ) (997 )
Utilities - 5.3%         Fossil Group, Inc.(Æ) (25,700 ) (838 )
Alliant Energy Corp.   546 36            
American Electric Power Co., Inc.(Û)   49,187 2,999 Gap, Inc. (The) (9,600 ) (237 )
American Water Works Co., Inc.   20,918 1,358 Gentex Corp. (30,600 ) (419 )
Aqua America, Inc.   1,923 61 Harley-Davidson, Inc. (5,600 ) (224 )
AT&T, Inc.   242,166 8,733 Hyatt Hotels Corp. Class A(Æ) (25,724 ) (995 )
Atmos Energy Corp.   673 47 Las Vegas Sands Corp. (2,400 ) (108 )
CMS Energy Corp.   35,072 1,364 Michael Kors Holdings, Ltd.(Æ) (5,000 ) (200 )
Consolidated Edison, Inc.   1,683 117 Monro Muffler Brake, Inc. (14,400 ) (947 )
DTE Energy Co.   610 52 PriceSmart, Inc. (1,900 ) (146 )
Duke Energy Corp.   1,925 145 Ralph Lauren Corp. Class A (9,010 ) (1,014 )
Edison International   34,371 2,124 Restoration Hardware Holdings, Inc.(Æ) (5,000 ) (308 )
Entergy Corp.   32,211 2,273 Sinclair Broadcast Group, Inc. Class A(Æ) (22,100 ) (729 )
Eversource Energy   1,491 80 Steven Madden, Ltd.(Æ) (22,500 ) (727 )
Exelon Corp.   18,249 540 Tiffany & Co. (2,700 ) (172 )
Hawaiian Electric Industries, Inc.(Æ)   962 29 TripAdvisor, Inc.(Æ) (7,100 ) (474 )
ITC Holdings Corp.   1,083 43 Tupperware Brands Corp. (10,300 ) (478 )
NextEra Energy, Inc.   76,684 8,566         (14,801 )
NiSource, Inc.   15,014 315 Consumer Staples - (0.3)%          
OGE Energy Corp.   1,059 28 Boston Beer Co., Inc. Class A(Æ) (3,740 ) (670 )
ONE Gas, Inc.   20,070 1,135 Energizer Holdings, Inc. (5,200 ) (167 )
PG&E Corp.   18,332 1,007 Hain Celestial Group, Inc. (The)(Æ) (6,800 ) (247 )
PPL Corp.   53,310 1,869 Kraft Heinz Co. (The) (12,000 ) (937 )
Public Service Enterprise Group, Inc.   26,961 1,113            
Questar Corp.   20,362 415 Nu Skin Enterprises, Inc. Class A (7,100 ) (225 )
SCANA Corp.   1,573 99 Pilgrim's Pride Corp.(Æ) (3,600 ) (80 )
Sempra Energy   1,514 143         (2,326 )
Southern Co. (The)   18,521 906 Energy - (0.2)%          
Talen Energy Corp.(Æ)   4,639 33 Cheniere Energy, Inc.(Æ) (7,600 ) (228 )
TECO Energy, Inc.   1,428 39 PDC Energy, Inc.(Æ) (3,300 ) (188 )
UGI Corp.   15,250 518 Rice Energy, Inc.(Æ) (49,700 ) (580 )
Vectren Corp.   743 31 Targa Resources Corp. (40,800 ) (917 )
Verizon Communications, Inc.   173,187 8,654 WPX Energy, Inc.(Æ) (34,782 ) (188 )
WEC Energy Group, Inc.   2,593 143         (2,101 )
Westar Energy, Inc. Class A   736 32 Financial Services - (1.6)%          
Xcel Energy, Inc.   69,874 2,671 American Capital Agency Corp.(ö) (18,900 ) (323 )
        47,718 American International Group, Inc. (8,300 ) (469 )
          Colony Capital, Inc. Class A(ö) (62,900 ) (1,084 )
Total Common Stocks         Equity Commonwealth(Æ)(ö) (5,700 ) (153 )
(cost $801,765)       843,838 Essex Property Trust, Inc. (ö) (4,550 ) (970 )
          Financial Engines, Inc. (9,000 ) (243 )
Short-Term Investments - 13.1%         FleetCor Technologies, Inc.(Æ) (2,960 ) (364 )
Russell U.S. Cash Management Fund 102,801,756(8) 102,802 GEO Group, Inc. (The) (ö) (6,900 ) (204 )
United States Treasury Bills         Goldman Sachs Group, Inc. (The) (1,170 ) (189 )
  0.230% due 03/03/16 15,450 15,447 Hancock Holding Co. (33,000 ) (791 )
Total Short-Term Investments         JPMorgan Chase & Co. (12,900 ) (768 )
(cost $118,249)       118,249 Kennedy-Wilson Holdings, Inc. (51,400 ) (1,042 )

 

See accompanying notes which are an integral part of this quarterly report.

12 Russell U.S. Defensive Equity Fund

 

Russell Investment Company
Russell U.S. Defensive Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)         Amounts in thousands (except share amounts)      
    Principal   Fair           Principal   Fair  
  Amount ($) or   Value         Amount ($) or   Value  
    Shares   $           Shares   $  
Kite Realty Group Trust (ö) (40,200 ) (1,065 )   PACCAR, Inc.   (19,600 ) (962 )
Legg Mason, Inc. (7,900 ) (242 )             (9,081 )
MetLife, Inc. (3,100 ) (138 )   Technology - (0.5)%            
NorthStar Realty Finance Corp.(Æ) (73,700 ) (875 )   Acxiom Corp.(Æ)   (8,400 ) (157 )
Omega Healthcare Investors, Inc. (ö) (11,200 ) (355 )   Cirrus Logic, Inc.(Æ)   (4,300 ) (149 )
Pennsylvania Real Estate Investment Trust             Facebook, Inc. Class A(Æ)   (7,500 ) (842 )
(ö) (35,200 ) (689 )   GrubHub, Inc.(Æ)   (21,500 ) (405 )
PRA Group, Inc.(Æ) (30,500 ) (907 )   IPG Photonics Corp.(Æ)   (2,700 ) (218 )
Radian Group, Inc. (14,600 ) (147 )   SBA Communications Corp. Class A(Æ)   (5,900 ) (586 )
Select Income REIT (ö) (50,200 ) (949 )   Skyworks Solutions, Inc.   (5,900 ) (407 )
Umpqua Holdings Corp. (13,700 ) (198 )   Synchronoss Technologies, Inc.(Æ)   (3,300 ) (101 )
US Bancorp (4,600 ) (184 )   Universal Display Corp.(Æ)   (2,900 ) (142 )
VEREIT, Inc. (ö) (123,100 ) (949 )   Vishay Intertechnology, Inc.   (65,500 ) (751 )
Western Union Co. (The) (15,600 ) (278 )   Yahoo!, Inc.(Æ)   (18,000 ) (531 )
WisdomTree Investments, Inc. (6,100 ) (73 )             (4,289 )
WP Carey, Inc. (ö) (16,200 ) (944 )   Utilities - (0.3)%            
        (14,593 )   Cogent Communications Holdings, Inc.   (25,870 ) (864 )
Health Care - (0.4)%             Dynegy, Inc. Class A(Æ)   (49,900 ) (591 )
Acadia Pharmaceuticals, Inc.(Æ) (4,200 ) (87 )   NiSource, Inc.   (34,400 ) (723 )
Achillion Pharmaceuticals, Inc.(Æ) (12,500 ) (85 )   Pattern Energy Group, Inc. Class A   (38,700 ) (733 )
Agios Pharmaceuticals, Inc.(Æ) (1,393 ) (59 )             (2,911 )
Air Methods Corp.(Æ) (23,700 ) (923 )                
Alder Biopharmaceuticals, Inc.(Æ) (3,200 ) (77 )   Total Securities Sold Short            
AMN Healthcare Services, Inc.(Æ) (6,300 ) (178 )   (proceeds $55,761)         (57,250 )
Bluebird Bio, Inc.(Æ) (2,100 ) (87 )                
Catalent, Inc.(Æ) (4,300 ) (101 )   Other Assets and Liabilities, Net            
Chemed Corp. (6,580 ) (923 ) - (0.5%)       (4,539 )
Illumina, Inc.(Æ) (470 ) (74 )   Net Assets - 100.0%         900,298  
Intercept Pharmaceuticals, Inc.(Æ) (800 ) (85 )                
Lannett Co., Inc.(Æ) (17,452 ) (445 )                
Pacira Pharmaceuticals, Inc.(Æ) (1,500 ) (89 )                
PRA Health Sciences, Inc.(Æ) (2,500 ) (108 )                
Puma Biotechnology, Inc.(Æ) (1,600 ) (67 )                
Sarepta Therapeutics, Inc.(Æ) (3,700 ) (44 )                
TherapeuticsMD, Inc.(Æ) (11,200 ) (80 )                
        (3,512 )                
Materials and Processing - (0.4)%                          
Balchem Corp.(Æ) (17,390 ) (976 )                
Compass Minerals International, Inc. (14,200 ) (1,063 )                
Eagle Materials, Inc. (4,400 ) (236 )                
Minerals Technologies, Inc. (16,150 ) (662 )                
Mosaic Co. (The) (9,500 ) (229 )                
Platform Specialty Products Corp.(Æ) (19,200 ) (146 )                
Southern Copper Corp. (12,500 ) (324 )                
        (3,636 )                
Producer Durables - (1.0)%                          
ADT Corp. (The) (24,300 ) (719 )                
Clarcor, Inc. (4,300 ) (201 )                
Deere & Co. (13,300 ) (1,024 )                
Generac Holdings, Inc.(Æ) (7,800 ) (222 )                
General Electric Co. (36,200 ) (1,053 )                
KLX, Inc.(Æ) (32,300 ) (944 )                
Knight Transportation, Inc. (38,500 ) (942 )                
L-3 Communications Holdings, Inc. (8,080 ) (944 )                
Macquarie Infrastructure Corp. (16,100 ) (1,080 )                
Mobile Mini, Inc. (13,200 ) (342 )                
Oshkosh Corp. (3,700 ) (122 )                
OSI Systems, Inc.(Æ) (9,590 ) (526 )                

 

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Defensive Equity Fund 13

 

Russell Investment Company
Russell U.S. Defensive Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Futures Contracts                              
 
Amounts in thousands (except contract amounts)                            
                            Unrealized  
                            Appreciation  
        Number of     Notional   Expiration (Depreciation)  
        Contracts     Amount     Date $  
Long Positions                              
S&P 500 E-Mini Index Futures       768       USD 74,116   03/16 652  
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)                       652  
                             
 
Options Written                              
Amounts in thousands (except contract amounts)                            
    Number of     Strike     Notional     Expiration Fair Value  
  Call/Put Contracts     Price     Amount     Date $  
S&P 500 Index Put 18     1,670.00 USD   3,006   02/12/16 (1 )
S&P 500 Index Put 18     1,690.00 USD   3,042   02/12/16 —  
S&P 500 Index Put 43     1,710.00 USD   7,353   02/12/16 (3 )
S&P 500 Index Put 45     1,770.00 USD   7,965   02/12/16 (1 )
S&P 500 Index Put 18     1,655.00 USD   2,979   02/19/16 (1 )
S&P 500 Index Put 43     1,775.00 USD   7,633   02/19/16 (14 )
S&P 500 Index Put 43     1,815.00 USD   7,805   02/26/16 (42 )
S&P 500 Index Put 18     1,625.00 USD   2,925   03/11/16 (4 )
Total Liability for Options Written (premiums received $310)                         (66 )
 
Transactions in options written contracts for the period ended January 31, 2016 were as follows:              
          Number of   Premiums          
          Contracts   Received          
Outstanding October 31, 2015         207   $   162          
Opened         897     891          
Closed         (858 )   (743 )        
Expired         —     —          
Outstanding January 31, 2016         246   $   310          
 
 
Presentation of Portfolio Holdings                            
 
 
Amounts in thousands                              
 
            Fair Value              
Portfolio Summary Level 1   Level 2   Level 3   Total  
Common Stocks                              
Consumer Discretionary $ 108,640   $   —   $       — $ 108,640  
Consumer Staples   121,384       —           —   121,384  
Energy   43,745       —           —   43,745  
Financial Services   146,471       —           —   146,471  
Health Care   147,803       —           —   147,803  
Materials and Processing   14,622       —           —   14,622  
Producer Durables   103,791       —           —   103,791  
Technology   109,664       —           —   109,664  
Utilities   47,718       —           —   47,718  
Short-Term Investments —   118,249         — 118,249  
Total Investments 843,838   118,249         — 962,087  
Securities Sold Short** (57,250 )   —         — (57,250 )
 
 
Other Financial Instruments                              
Futures Contracts 652     —         — 652  
Options Written (66 )   —         — (66 )

 

See accompanying notes which are an integral part of this quarterly report.

14 Russell U.S. Defensive Equity Fund

 

Russell Investment Company
Russell U.S. Defensive Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Presentation of Portfolio Holdings                    
 
Amounts in thousands                    
 
          Fair Value          
Portfolio Summary Level 1 Level 2   Level 3   Total
Total Other Financial Instruments* $ 586 $ —   $ — $   586

 

*      Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.
**    Refer to Schedule of Investments for detailed sector breakout.

For a description of the Levels see note 2 in the Notes to Quarterly Report.
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to Quarterly
Report.

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Defensive Equity Fund 15

 

Russell Investment Company
Russell U.S. Dynamic Equity Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Common Stocks - 99.5%       Tenneco, Inc.(Æ) 21,139 808
Consumer Discretionary - 17.9%       Time Warner Cable, Inc. 1,290 235
Aaron's, Inc. Class A(Û) 48,359 1,106 Time Warner, Inc. 72,022 5,073
Abercrombie & Fitch Co. Class A 33,669 883 Time, Inc.(Æ) 28,568 429
Amazon.com, Inc.(Æ) 17,254 10,128 TJX Cos., Inc. 5,251 374
Bed Bath & Beyond, Inc.(Æ) 29,383 1,268 Toll Brothers, Inc.(Æ) 6,825 189
Best Buy Co., Inc. 16,706 467 Twenty-First Century Fox, Inc. Class A 13,535 365
Big Lots, Inc. 23,726 920 Wal-Mart Stores, Inc. 27,042 1,795
Bloomin' Brands, Inc. 48,453 856 Walt Disney Co. (The) 20,669 1,981
Brinker International, Inc. 9,156 455 Yum! Brands, Inc. 609 44
Brunswick Corp. 7,500 299       87,586
Carnival Corp. 29,097 1,400        
CBS Corp. Class B 53,657 2,549 Consumer Staples - 1.6%      
Chipotle Mexican Grill, Inc. Class A(Æ) 5,148 2,332 Altria Group, Inc. 1,605 98
Comcast Corp. Class A(Æ) 25,364 1,413 Cal-Maine Foods, Inc. 7,420 375
Cooper Tire & Rubber Co. 39,965 1,457 Coca-Cola Co. (The) 43,130 1,851
Costco Wholesale Corp. 354 54 Colgate-Palmolive Co. 737 50
Dana Holding Corp. 126,078 1,499 CVS Health Corp. 735 71
Darden Restaurants, Inc. 8,500 536 Herbalife, Ltd.(Æ) 12,404 573
Deckers Outdoor Corp.(Æ) 2,292 113 Ingredion, Inc. 10,536 1,061
eBay, Inc.(Æ) 125,768 2,951 Kimberly-Clark Corp. 298 38
Ford Motor Co. 224,437 2,680 Kroger Co. (The)(Û) 71,113 2,760
General Motors Co.(Û) 123,850 3,671 Nu Skin Enterprises, Inc. Class A 3,190 101
Goodyear Tire & Rubber Co. (The) 54,445 1,547 PepsiCo, Inc. 2,772 275
Graham Holdings Co. Class B 78 38 Philip Morris International, Inc. 1,874 169
Grupo Televisa SAB - ADR 19,035 504 Procter & Gamble Co. (The) 4,289 350
Harman International Industries, Inc. 18,611 1,384 Sysco Corp. 4,142 165
Hertz Global Holdings, Inc.(Æ) 36,919 335 Walgreens Boots Alliance, Inc. 765 61
Hilton Worldwide Holdings, Inc. 41,100 732       7,998
Home Depot, Inc. 20,029 2,519        
Interpublic Group of Cos., Inc. (The) 27,075 608 Energy - 7.5%      
Johnson Controls, Inc. 1,546 55 Anadarko Petroleum Corp. 33,342 1,303
Kohl's Corp. 7,676 382 Apache Corp. 1,368 58
Lear Corp.(Û) 15,672 1,627 Baker Hughes, Inc. 797 35
Lennar Corp. Class A(Ñ) 1,841 78 BP PLC - ADR 50,625 1,639
Lowe's Cos., Inc. 18,774 1,345 Cenovus Energy, Inc.(Æ) 82,975 1,020
Marriott International, Inc. Class A(Ñ) 2,161 132 Chesapeake Energy Corp.(Ñ) 68,013 231
McDonald's Corp. 659 82 Chevron Corp. 4,417 382
Meritage Homes Corp.(Æ) 2,675 88 ConocoPhillips 2,011 79
Michael Kors Holdings, Ltd.(Æ) 41,383 1,651 Devon Energy Corp. 3,551 99
Mobileye NV(Æ)(Ñ) 27,227 739 Ensco PLC Class A 104,033 1,017
Netflix, Inc.(Æ) 3,777 347 EOG Resources, Inc. 45,477 3,230
Newell Rubbermaid, Inc. 77,675 3,012 Exxon Mobil Corp. 31,476 2,450
News Corp. Class A 197,715 2,564 FMC Technologies, Inc.(Æ) 23,278 585
Nike, Inc. Class B 27,006 1,675 Halliburton Co. 34,784 1,106
Norwegian Cruise Line Holdings, Ltd.(Æ) 12,200 554 Hess Corp. 1,063 45
NVR, Inc.(Æ) 919 1,517 HollyFrontier Corp. 14,100 493
Office Depot, Inc.(Æ) 17,702 91 Kinder Morgan, Inc. 2,526 42
Omnicom Group, Inc. 24,400 1,790 Marathon Oil Corp. 18,989 185
Pandora Media, Inc.(Æ) 84,389 820 Marathon Petroleum Corp. 70,616 2,951
Priceline Group, Inc. (The)(Æ) 1,977 2,105 Murphy Oil Corp. 29,550 579
PulteGroup, Inc. 116,787 1,957 Nabors Industries, Ltd. 58,966 434
PVH Corp. 43,194 3,170 National Oilwell Varco, Inc. 4,332 141
Ross Stores, Inc. 31,053 1,747 Newfield Exploration Co.(Æ) 39,381 1,145
Royal Caribbean Cruises, Ltd. 8,760 718 Noble Corp. PLC 133,629 1,041
Sinclair Broadcast Group, Inc. Class A(Æ) 45,343 1,496 Occidental Petroleum Corp. 1,882 130
Sirius XM Holdings, Inc.(Æ)(Ñ) 16,200 60 Oceaneering International, Inc. 8,223 278
Staples, Inc. 142,206 1,268 Oil States International, Inc.(Æ) 30,655 865
Starbucks Corp. 993 60 PBF Energy, Inc. Class A 13,000 455
Target Corp. 6,331 459 Phillips 66(Æ) 19,131 1,533

 

See accompanying notes which are an integral part of this quarterly report.

16 Russell U.S. Dynamic Equity Fund

 

Russell Investment Company
Russell U.S. Dynamic Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Pioneer Natural Resources Co. 504 62 Home BancShares, Inc. 3,000 116
Rowan Cos. PLC Class A 110,029 1,392 Hospitality Properties Trust(ö) 16,546 390
Royal Dutch Shell PLC Class A - ADR(Æ) 57,474 2,525 Intercontinental Exchange, Inc. 4,420 1,166
Schlumberger, Ltd. 25,792 1,864 Invesco, Ltd. 26,000 778
SM Energy Co.(Ñ) 14,843 208 Jones Lang LaSalle, Inc.(Û) 9,587 1,349
Spectra Energy Corp. 2,195 60 JPMorgan Chase & Co.(Û) 168,058 9,999
Tesoro Corp. 24,652 2,151 KeyCorp 388,480 4,335
Valero Energy Corp. 53,171 3,609 Lincoln National Corp. 18,800 742
Western Refining, Inc. 14,314 471 M&T Bank Corp. 7,130 786
Williams Cos., Inc. (The) 2,562 49 Mack-Cali Realty Corp.(ö) 5,903 123
World Fuel Services Corp. 11,473 447 MasterCard, Inc. Class A 805 72
      36,389 McGraw Hill Financial, Inc. 13,020 1,107
        MetLife, Inc. 32,996 1,473
Financial Services - 21.0%       MFA Financial, Inc.(ö) 9,575 61
Affiliated Managers Group, Inc.(Æ) 7,873 1,056 Morgan Stanley 45,410 1,175
Aflac, Inc. 2,123 123 NorthStar Realty Europe Corp.(Æ)(ö) 6,663 63
Allied World Assurance Co. Holdings AG 1,249 46 NorthStar Realty Finance Corp.(Æ) 6,726 80
Allstate Corp. (The)(Û) 16,076 974 OneMain Holdings, Inc.(Æ) 4,700 124
Ally Financial, Inc.(Æ) 25,622 406 PartnerRe, Ltd. 384 54
American Capital Agency Corp.(ö) 5,549 95 PayPal Holdings, Inc.(Æ) 1,025 37
American Express Co. 16,129 863 Piedmont Office Realty Trust, Inc. Class A(ö) 5,451 101
American International Group, Inc.(Û) 60,066 3,393 PNC Financial Services Group, Inc. (The) 12,931 1,120
Ameriprise Financial, Inc. 7,814 708 Principal Financial Group, Inc. 20,960 797
Annaly Capital Management, Inc.(ö) 4,568 43 ProAssurance Corp. 913 46
Arch Capital Group, Ltd.(Æ) 1,170 79 Progressive Corp. (The) 1,771 55
Arthur J Gallagher & Co. 3,953 149 Prudential Financial, Inc. 55,439 3,885
Aspen Insurance Holdings, Ltd. 33,539 1,560 Raymond James Financial, Inc. 9,000 394
Assured Guaranty, Ltd. 74,242 1,765 Regions Financial Corp. 630,923 5,123
AvalonBay Communities, Inc.(ö) 2,900 497 Reinsurance Group of America, Inc. Class A 18,092 1,524
Axis Capital Holdings, Ltd. 21,093 1,137 Signature Bank(Æ) 6,390 890
Bank of America Corp.(Û) 461,359 6,524 Simon Property Group, Inc.(ö) 3,116 580
Bank of New York Mellon Corp. (The) 40,670 1,473 Starwood Property Trust, Inc.(ö) 2,288 44
Barclays PLC - ADR(Ñ) 11,332 122 State Street Corp. 34,245 1,908
BB&T Corp. 24,080 786 SunTrust Banks, Inc. 42,859 1,568
Berkshire Hathaway, Inc. Class B(Æ) 3,803 494 SVB Financial Group(Æ) 3,480 353
BlackRock, Inc. Class A 3,011 946 Synchrony Financial(Æ) 41,995 1,194
Capital One Financial Corp. 2,662 175 Synovus Financial Corp. 8,300 253
CBL & Associates Properties, Inc.(ö)(Û) 89,711 964 TD Ameritrade Holding Corp. 18,800 519
CBRE Group, Inc. Class A(Æ)(Û) 47,042 1,316 Thomson Reuters Corp. 8,967 335
Charles Schwab Corp. (The) 81,028 2,069 Torchmark Corp. 738 40
Chubb, Ltd.(Æ) 2,271 257 Travelers Cos., Inc. (The) 1,954 209
Citigroup, Inc. 200,092 8,520 UBS Group AG(Æ) 90,500 1,506
Citizens Financial Group, Inc. 42,600 905 US Bancorp 1,074 43
CME Group, Inc. Class A 1,005 90 Validus Holdings, Ltd. 35,027 1,550
Comerica, Inc. 23,000 789 Visa, Inc. Class A 6,753 503
Discover Financial Services 72,139 3,303 Voya Financial, Inc.(Û) 105,904 3,239
E*Trade Financial Corp.(Æ) 20,200 476 Wells Fargo & Co. 3,477 175
East West Bancorp, Inc. 16,100 522 Western Alliance Bancorp(Æ) 10,400 339
Equity Commonwealth(Æ)(ö) 2,105 57 White Mountains Insurance Group, Ltd. 54 39
Everest Re Group, Ltd. 178 32 Willis Towers Watson PLC 5,454 624
First American Financial Corp. 5,030 173 XL Group PLC Class A 1,727 63
First Republic Bank 15,797 1,074       102,708
Forest City Realty Trust, Inc. Class A(Æ)(ö) 8,523 168        
Four Corners Property Trust, Inc.(Æ) 4,800 81 Health Care - 14.8%      
Franklin Resources, Inc. 46,650 1,617 Abbott Laboratories 27,215 1,030
Genworth Financial, Inc. Class A(Æ) 107,277 298 AbbVie, Inc. 42,091 2,311
Global Payments, Inc. 18,800 1,108 Acadia Pharmaceuticals, Inc.(Æ) 5,558 115
Goldman Sachs Group, Inc. (The) 10,103 1,632 Acorda Therapeutics, Inc.(Æ) 3,809 140
Hartford Financial Services Group, Inc. 16,945 681 Aetna, Inc. 26,453 2,694
HCP, Inc.(ö) 3,134 113 Agilent Technologies, Inc. 2,000 75

 

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Dynamic Equity Fund 17

 

Russell Investment Company
Russell U.S. Dynamic Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Alexion Pharmaceuticals, Inc.(Æ) 9,154 1,336 Domtar Corp. 47,962 1,547
Allergan PLC(Æ) 10,410 2,961 Dow Chemical Co. (The) 35,009 1,470
AmerisourceBergen Corp. Class A 11,060 990 Eastman Chemical Co. 1,431 88
Amgen, Inc. 29,500 4,505 Ecolab, Inc. 4,601 496
Anthem, Inc. 7,881 1,028 EI du Pont de Nemours & Co. 1,319 70
Baxalta, Inc. 4,400 176 Hexcel Corp. 59,033 2,443
Baxter International, Inc. 28,366 1,038 International Paper Co. 26,258 898
Becton Dickinson and Co. 301 44 LyondellBasell Industries NV Class A(Û) 21,150 1,649
Biogen, Inc.(Æ)(Û) 3,581 978 Masco Corp. 14,699 388
Boston Scientific Corp.(Æ) 102,975 1,805 Monsanto Co. 1,050 95
Bruker Corp.(Æ) 8,400 188 Mosaic Co. (The) 5,750 139
Cardinal Health, Inc. 2,039 166 Newmont Mining Corp. 7,579 151
Celgene Corp.(Æ) 34,778 3,489 Nucor Corp. 3,651 143
Cigna Corp. 35,860 4,791 Owens Corning 5,216 241
CR Bard, Inc. 3,970 728 PPG Industries, Inc. 12,194 1,160
Edwards Lifesciences Corp.(Æ) 10,234 800 Praxair, Inc. 3,339 334
Envision Healthcare Holdings, Inc.(Æ) 60,098 1,328 Precision Castparts Corp. 162 38
Express Scripts Holding Co.(Æ) 6,248 449 Sonoco Products Co. 2,261 89
Gilead Sciences, Inc.(Û) 78,502 6,516 WestRock Co. 1,289 45
HCA Holdings, Inc.(Æ) 51,330 3,571       13,863
Hill-Rom Holdings, Inc.(Û) 30,485 1,490        
HMS Holdings Corp.(Æ) 70,741 852 Producer Durables - 8.8%      
Humana, Inc. 1,785 291 3M Co. 608 92
Intuitive Surgical, Inc.(Æ) 1,328 718 Accenture PLC Class A 509 54
Jazz Pharmaceuticals PLC(Æ) 6,289 810 AerCap Holdings NV(Æ) 39,242 1,205
Johnson & Johnson 19,654 2,053 Alaska Air Group, Inc.(Û) 23,055 1,623
Laboratory Corp. of America Holdings(Æ) 693 78 American Airlines Group, Inc.(Û) 37,646 1,468
Ligand Pharmaceuticals, Inc. Class B(Æ) 15,003 1,500 Automatic Data Processing, Inc. 382 32
Masimo Corp.(Æ) 26,501 974 Boeing Co. (The) 14,657 1,761
McKesson Corp.(Û) 5,316 856 Bombardier, Inc. Class B(Æ) 31,964 21
Medtronic PLC 1,147 87 Caterpillar, Inc. 1,185 74
Merck & Co., Inc. 32,989 1,671 CoStar Group, Inc.(Æ) 2,833 497
Mylan NV(Æ) 44,119 2,325 CSX Corp. 2,922 67
Myriad Genetics, Inc.(Æ) 17,830 695 Cummins, Inc. 976 88
Perrigo Co. PLC 10,478 1,515 Danaher Corp. 621 54
Pfizer, Inc. 59,022 1,800 Deere & Co. 1,284 99
Puma Biotechnology, Inc.(Æ)(Ñ) 10,293 430 Delta Air Lines, Inc.(Û) 85,609 3,792
Qiagen NV(Æ) 42,800 972 Dover Corp. 20,925 1,223
Quest Diagnostics, Inc. 6,532 429 Eaton Corp. PLC 1,259 64
Quintiles Transnational Holdings, Inc.(Æ) 5,500 335 EMCOR Group, Inc. 5,511 252
Regeneron Pharmaceuticals, Inc.(Æ) 63 26 Emerson Electric Co. 804 37
St. Jude Medical, Inc. 11,300 597 Euronav NV(Æ) 33,798 407
Stryker Corp. 477 47 FedEx Corp. 24,708 3,283
Thermo Fisher Scientific, Inc. 21,715 2,868 General Dynamics Corp. 323 43
United Therapeutics Corp.(Æ)(Û) 11,769 1,450 General Electric Co. 107,309 3,123
UnitedHealth Group, Inc. 1,854 213 Hawaiian Holdings, Inc.(Æ) 23,774 837
Valeant Pharmaceuticals International, Inc.       HD Supply Holdings, Inc.(Æ) 44,352 1,165
  (Æ) 31,043 2,801 Honeywell International, Inc. 736 76
Vertex Pharmaceuticals, Inc.(Æ) 12,477 1,132 Huntington Ingalls Industries, Inc.(Û) 21,335 2,728
      72,267 Illinois Tool Works, Inc. 386 35
        JB Hunt Transport Services, Inc. 17,142 1,246
Materials and Processing - 2.9%       JetBlue Airways Corp.(Æ) 58,096 1,238
Air Products & Chemicals, Inc. 584 74 L-3 Communications Holdings, Inc. 325 38
Albemarle Corp. 693 36 Lexmark International, Inc. Class A 8,800 248
Allegheny Technologies, Inc. 7,449 70 Lockheed Martin Corp. 271 57
Bemis Co., Inc. 1,812 87 ManpowerGroup, Inc. 4,160 318
Cabot Corp. 6,157 248 MSC Industrial Direct Co., Inc. Class A 496 32
CF Industries Holdings, Inc.(Û) 29,230 877 Norfolk Southern Corp. 2,412 170
Chemtura Corp.(Æ) 5,100 134 Northrop Grumman Corp. 225 42
Crown Holdings, Inc.(Æ) 18,600 853 PACCAR, Inc. 868 43

 

See accompanying notes which are an integral part of this quarterly report.

18 Russell U.S. Dynamic Equity Fund

 

Russell Investment Company
Russell U.S. Dynamic Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Parker-Hannifin Corp. 17,200 1,671 Oracle Corp. 157,731 5,727
Raytheon Co. 13,100 1,680 Palo Alto Networks, Inc.(Æ) 12,098 1,809
Republic Services, Inc. Class A 1,981 86 Polycom, Inc.(Æ) 7,700 78
Southwest Airlines Co.(Û) 40,697 1,531 QUALCOMM, Inc. 1,648 75
Spirit AeroSystems Holdings, Inc. Class       Rackspace Hosting, Inc.(Æ) 8,902 180
  A(Æ)(Û) 31,506 1,336 Red Hat, Inc.(Æ) 11,400 799
Stanley Black & Decker, Inc. 24,455 2,307 Salesforce.com, Inc.(Æ) 35,974 2,448
Terex Corp. 1,806 40 SanDisk Corp. 446 32
Textron, Inc. 26,790 917 Seagate Technology PLC(Ñ) 25,025 727
Trinity Industries, Inc. 28,986 621 Symantec Corp.(Û) 150,993 2,996
Union Pacific Corp. 3,767 271 Synopsys, Inc.(Æ) 11,899 510
United Continental Holdings, Inc.(Æ)(Û) 35,166 1,698 Tableau Software, Inc. Class A(Æ) 6,134 492
United Parcel Service, Inc. Class B 562 52 Take-Two Interactive Software, Inc.(Æ) 43,732 1,517
United Technologies Corp. 1,623 142 Tech Data Corp.(Æ) 6,931 432
Waste Management, Inc. 590 31 Teradyne, Inc. 9,758 190
Xylem, Inc. 86,592 3,113 Texas Instruments, Inc. 869 46
      43,128 VeriSign, Inc.(Æ)(Û) 20,910 1,581
        VMware, Inc. Class A(Æ)(Ñ) 9,100 416
Technology - 21.4%       Western Digital Corp. 16,903 811
Adobe Systems, Inc.(Æ) 27,461 2,448 Workday, Inc. Class A(Æ) 10,600 668
Alibaba Group Holding, Ltd. - ADR(Æ) 32,994 2,212 Yahoo!, Inc.(Æ) 1,326 39
Alphabet, Inc. Class A(Æ) 4,333 3,299 Zynga, Inc. Class A(Æ) 180,960 445
Alphabet, Inc.(Æ) 5,939 4,412       104,624
Amdocs, Ltd. 1,448 79        
Apple, Inc.(Û) 71,836 6,993 Utilities - 3.6%      
Aspen Technology, Inc.(Æ) 41,200 1,337 AES Corp.(Û) 160,730 1,527
Avago Technologies, Ltd. Class A 23,340 3,121 AGL Resources, Inc.(Æ) 717 46
Avnet, Inc.(Û) 52,553 2,098 Ameren Corp. 1,055 47
Brocade Communications Systems, Inc. 147,076 1,174 American Electric Power Co., Inc. 4,817 294
Cadence Design Systems, Inc.(Æ) 91,281 1,785 American Water Works Co., Inc. 661 43
Ciena Corp.(Æ) 5,900 105 AT&T, Inc. 71,097 2,564
Cisco Systems, Inc. 130,409 3,102 CenturyLink, Inc. 6,369 162
Citrix Systems, Inc.(Æ)(Û) 34,166 2,407 CMS Energy Corp. 959 37
Corning, Inc. 67,947 1,264 Consolidated Edison, Inc. 3,438 239
Criteo SA - ADR(Æ) 16,899 500 Dominion Resources, Inc. 2,377 171
EMC Corp. 6,575 163 DTE Energy Co. 1,092 93
Facebook, Inc. Class A(Æ) 53,497 6,003 Duke Energy Corp. 3,778 284
GoDaddy, Inc. Class A(Æ) 8,100 247 Edison International 1,400 86
Groupon, Inc. Class A(Æ) 46,829 127 Entergy Corp. 4,028 284
Harris Corp. 31,676 2,755 Exelon Corp. 46,486 1,375
Hewlett Packard Enterprise Co.(Æ) 394,775 5,432 Frontier Communications Corp. 16,403 75
HP, Inc. 78,457 762 Hawaiian Electric Industries, Inc.(Æ) 5,518 165
Imperva, Inc.(Æ) 9,703 500 NextEra Energy, Inc. 8,438 943
Ingram Micro, Inc. Class A 23,800 671 NRG Energy, Inc. 40,919 435
Intel Corp. 141,572 4,392 Pepco Holdings, Inc. 7,062 188
InterActiveCorp 34,302 1,782 PG&E Corp. 1,610 88
International Business Machines Corp. 1,096 137 Public Service Enterprise Group, Inc. 1,550 64
Jabil Circuit, Inc. 73,360 1,461 Southern Co. (The) 5,502 269
JDS Uniphase Corp.(Æ) 50,900 254 TECO Energy, Inc. 1,168 32
Juniper Networks, Inc. 106,558 2,515 Telephone & Data Systems, Inc. 65,202 1,512
Leidos Holdings, Inc.(Ñ) 9,700 447 T-Mobile US, Inc.(Æ) 1,877 75
LinkedIn Corp. Class A(Æ) 1,360 269 Verizon Communications, Inc.(Û) 125,209 6,257
Marvell Technology Group, Ltd. 79,779 706 WEC Energy Group, Inc. 1,051 58
Micron Technology, Inc.(Æ) 51,595 569 Xcel Energy, Inc. 1,670 64
Microsoft Corp. 192,974 10,631       17,477
MicroStrategy, Inc. Class A(Æ) 2,102 363        
NCR Corp.(Æ) 5,200 111 Total Common Stocks      
NetApp, Inc. 32,515 713 (cost $493,919)     486,040
NXP Semiconductors NV(Æ) 58,103 4,345        
ON Semiconductor Corp.(Æ) 106,913 915        

 

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Dynamic Equity Fund 19

 

Russell Investment Company
Russell U.S. Dynamic Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)         Amounts in thousands (except share amounts)      
    Principal   Fair           Principal   Fair  
  Amount ($) or   Value         Amount ($) or   Value  
    Shares   $           Shares   $  
Short-Term Investments - 3.9%             Cognex Corp.   (10,244 ) (330 )
Russell U.S. Cash Management Fund 19,080,812 (8) 19,081     comScore, Inc.(Æ)   (8,685 ) (335 )
Total Short-Term Investments             Cypress Semiconductor Corp.(Æ)   (57,978 ) (456 )
(cost $19,081)       19,081     FireEye, Inc.(Æ)   (12,213 ) (172 )
              GrubHub, Inc.(Æ)   (23,476 ) (443 )
Other Securities - 0.6%             MA-COM Technology Solutions Holdings,            
Russell U.S. Cash Collateral Fund(×) 3,065,915 (8) 3,066     Inc.(Æ)   (13,299 ) (512 )
Total Other Securities             NetSuite, Inc.(Æ)   (7,211 ) (500 )
(cost $3,066)       3,066     Palo Alto Networks, Inc.(Æ)   (2,058 ) (308 )
              Stratasys, Ltd.(Æ)   (19,506 ) (318 )
Total Investments 104.0%             Twitter, Inc.(Æ)   (22,070 ) (371 )
(identified cost $516,066)       508,187     Zendesk, Inc.(Æ)   (25,536 ) (562 )
Securities Sold Short - (3.8)%                       (5,362 )
Consumer Discretionary - (0.5)%             Utilities - (0.3)%            
Amaya, Inc.(Æ) (31,786 ) (336 )   Frontier Communications Corp.   (85,611 ) (390 )
CarMax, Inc.(Æ) (9,898 ) (437 )   Globalstar, Inc.(Æ)   (164,189 ) (210 )
Charter Communications, Inc. Class A(Æ) (2,934 ) (503 )   Zayo Group Holdings, Inc.(Æ)   (22,599 ) (565 )
GoPro, Inc. Class A(Æ) (43,540 ) (498 )             (1,165 )
Mobileye NV(Æ) (7,359 ) (200 )                
Tesla Motors, Inc.(Æ) (2,711 ) (518 )   Total Securities Sold Short            
        (2,492 )   (proceeds $25,173)         (18,451 )
Energy - (0.7)%                          
Cheniere Energy, Inc.(Æ) (16,071 ) (483 )   Other Assets and Liabilities, Net            
Enbridge, Inc. (18,009 ) (623 ) - (0.2%)       (1,211 )
Golar LNG, Ltd. (14,666 ) (273 )   Net Assets - 100.0%         488,525  
Pembina Pipeline Corp. (28,896 ) (657 )                
SolarCity Corp.(Æ) (16,986 ) (605 )                
SunEdison, Inc.(Æ) (85,618 ) (268 )                
SunPower Corp. Class A(Æ) (20,936 ) (533 )                
        (3,442 )                
Financial Services - (0.5)%                          
CME Group, Inc. Class A (3,203 ) (288 )                
Iron Mountain, Inc.(ö) (6,818 ) (188 )                
Kennedy-Wilson Holdings, Inc. (3,959 ) (80 )                
LendingClub Corp.(Æ) (46,203 ) (341 )                
TFS Financial Corp. (35,009 ) (611 )                
United Bankshares, Inc. (15,047 ) (505 )                
Zillow Group, Inc. Class A(Æ) (8,405 ) (182 )                
        (2,195 )                
Health Care - (0.2)%                          
Acadia Healthcare Co., Inc.(Æ) (10,113 ) (617 )                
OPKO Health, Inc.(Æ) (66,023 ) (531 )                
        (1,148 )                
Materials and Processing - 0.0%                          
Platform Specialty Products Corp.(Æ) (8,608 ) (66 )                
 
Producer Durables - (0.5)%                          
Advisory Board Co. (The)(Æ) (6,938 ) (317 )                
Colfax Corp.(Æ) (8,256 ) (183 )                
Macquarie Infrastructure Corp. (5,946 ) (399 )                
Stericycle, Inc.(Æ) (5,044 ) (607 )                
Verisk Analytics, Inc. Class A(Æ) (7,015 ) (512 )                
XPO Logistics, Inc.(Æ) (24,637 ) (563 )                
        (2,581 )                
Technology - (1.1)%                          
Ambarella, Inc.(Æ) (3,353 ) (133 )                
Arista Networks, Inc.(Æ) (9,301 ) (558 )                
Cavium, Inc.(Æ) (6,304 ) (364 )                

 

See accompanying notes which are an integral part of this quarterly report.

20 Russell U.S. Dynamic Equity Fund

 

Russell Investment Company
Russell U.S. Dynamic Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Futures Contracts                          
 
Amounts in thousands (except contract amounts)                        
                        Unrealized  
                        Appreciation  
        Number of   Notional   Expiration   (Depreciation)  
        Contracts   Amount   Date   $  
Long Positions                          
Russell 1000 Mini Index Futures       78 USD 8,309 03/16   (425 )
S&P 500 E-Mini Index Futures       86 USD 8,299 03/16   (387 )
S&P E-Mini Industrial Select Sector Index Futures       42 USD 2,090 03/16   (132 )
S&P Materials Select Sector Index Futures       48 USD 1,967 03/16   (251 )
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)                   (1,195 )
 
Presentation of Portfolio Holdings                          
 
 
Amounts in thousands                          
 
              Fair Value            
Portfolio Summary Level 1   Level 2     Level 3   Total  
Common Stocks                          
Consumer Discretionary $ 87,586   $ —     $   — $ 87,586  
Consumer Staples   7,998     —         —   7,998  
Energy   36,389     —         —   36,389  
Financial Services   102,708     —         —   102,708  
Health Care   72,267     —         —   72,267  
Materials and Processing   13,863     —         —   13,863  
Producer Durables   43,128     —         —   43,128  
Technology   104,624     —         —   104,624  
Utilities   17,477     —         —   17,477  
Short-Term Investments —   19,081       — 19,081  
Other Securities —   3,066       — 3,066  
Total Investments 486,040   22,147       — 508,187  
Securities Sold Short** (18,451 ) —       — (18,451 )
 
 
Other Financial Instruments                          
Futures Contracts (1,195 ) —       — (1,195 )
Total Other Financial Instruments* $ (1,195 ) $ —     $   — $ (1,195 )

 

*      Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.
**    Refer to Schedule of Investments for detailed sector breakout.

For a description of the Levels see note 2 in the Notes to Quarterly Report.
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to Quarterly
Report.

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Dynamic Equity Fund 21

 

Russell Investment Company
Russell U.S. Strategic Equity Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Common Stocks - 97.7%       Ross Stores, Inc. 299,302 16,839
Consumer Discretionary - 15.4%       Royal Caribbean Cruises, Ltd. 88,983 7,293
Aaron's, Inc. Class A(Û) 86,996 1,990 Sinclair Broadcast Group, Inc. Class A(Æ) 81,504 2,690
Abercrombie & Fitch Co. Class A 53,813 1,412 Staples, Inc. 23,880 213
Amazon.com, Inc.(Æ) 57,448 33,722 Starbucks Corp. 359,618 21,854
American Eagle Outfitters, Inc. 8,800 129 Target Corp. 380,494 27,555
AutoZone, Inc.(Æ) 6,495 4,984 Tenneco, Inc.(Æ) 23,951 915
Bed Bath & Beyond, Inc.(Æ) 51,259 2,213 Time Warner, Inc. 194,648 13,711
Best Buy Co., Inc. 35,545 993 Time, Inc.(Æ) 40,851 613
Big Lots, Inc. 41,777 1,620 TJX Cos., Inc. 189,218 13,480
Bloomin' Brands, Inc. 94,276 1,665 Toll Brothers, Inc.(Æ) 27,172 750
Brinker International, Inc. 45,412 2,259 Toyota Motor Corp. - ADR 72,363 8,686
Carnival Corp. 35,988 1,732 Tupperware Brands Corp. 55,889 2,595
CBS Corp. Class B 108,965 5,176 Twenty-First Century Fox, Inc. Class A 11,691 315
Chipotle Mexican Grill, Inc. Class A(Æ) 10,728 4,859 Ulta Salon Cosmetics & Fragrance, Inc.(Æ) 52,484 9,509
Choice Hotels International, Inc. 31,006 1,356 Under Armour, Inc. Class A(Æ) 21,804 1,863
Comcast Corp. Class A(Æ) 234,348 13,056 Visteon Corp.(Æ) 8,600 575
Cooper Tire & Rubber Co. 71,848 2,620 Wal-Mart Stores, Inc. 344,094 22,834
Costco Wholesale Corp. 10,600 1,602 Walt Disney Co. (The) 348,137 33,358
Dana Holding Corp. 226,516 2,693 Whirlpool Corp. 38,300 5,147
Darden Restaurants, Inc. 15,300 965       536,863
Delphi Automotive PLC 10,504 682        
Dick's Sporting Goods, Inc. 30,207 1,180 Consumer Staples - 6.8%      
Dillard's, Inc. Class A 25,781 1,815 Altria Group, Inc. 491,394 30,029
Discovery Communications, Inc. Class A(Æ) 10,025 277 Archer-Daniels-Midland Co. 9,291 328
Domino's Pizza, Inc. 41,993 4,784 Cal-Maine Foods, Inc. 13,886 701
eBay, Inc.(Æ)(Û) 137,934 3,236 Clorox Co. (The) 25,530 3,295
Foot Locker, Inc. 44,713 3,021 Coca-Cola Co. (The) 700,336 30,058
Ford Motor Co. 74,291 887 Coca-Cola Enterprises, Inc. 143,035 6,640
Gap, Inc. (The) 301,100 7,443 Constellation Brands, Inc. Class A 52,252 7,967
General Motors Co.(Û) 525,820 15,585 CVS Health Corp. 91,034 8,793
Goodyear Tire & Rubber Co. (The) 199,876 5,678 Dr Pepper Snapple Group, Inc. 171,604 16,103
Grupo Televisa SAB - ADR 98,490 2,608 Herbalife, Ltd.(Æ) 23,950 1,107
Harman International Industries, Inc. 38,856 2,891 Hormel Foods Corp. 45,168 3,632
Hertz Global Holdings, Inc.(Æ) 82,008 745 Ingredion, Inc. 17,200 1,732
Hilton Worldwide Holdings, Inc. 208,657 3,716 Kimberly-Clark Corp. 21,049 2,703
Home Depot, Inc. 335,677 42,215 Kroger Co. (The)(Û) 283,011 10,984
J Alexander's Holdings, Inc.(Æ) 17,147 162 Molson Coors Brewing Co. Class B 50,841 4,600
Johnson Controls, Inc. 8,037 288 Mondelez International, Inc. Class A 218,003 9,396
Kohl's Corp. 6,007 299 Nu Skin Enterprises, Inc. Class A 6,239 198
L Brands, Inc.(Æ) 71,124 6,839 PepsiCo, Inc. 263,354 26,151
Lear Corp.(Û) 27,369 2,842 Philip Morris International, Inc. 334,627 30,120
Lennar Corp. Class A 239,841 10,109 Procter & Gamble Co. (The) 462,000 37,741
Lowe's Cos., Inc. 60,102 4,307 Reynolds American, Inc. 120,166 6,002
Macy's, Inc. 147,920 5,977 Walgreens Boots Alliance, Inc. 3,907 312
Magna International, Inc. Class A(Æ) 118,914 4,113       238,592
Marriott International, Inc. Class A 86,643 5,309        
McDonald's Corp. 191,132 23,658 Energy - 6.3%      
Michael Kors Holdings, Ltd.(Æ) 312,579 12,472 Anadarko Petroleum Corp. 173,505 6,782
Mobileye NV(Æ) 140,776 3,819 Apache Corp. 164,676 7,005
Netflix, Inc.(Æ) 35,450 3,256 Baker Hughes, Inc. 7,222 314
Newell Rubbermaid, Inc. 162,126 6,287 BP PLC - ADR 758,592 24,556
Nike, Inc. Class B 651,844 40,421 Cameron International Corp.(Æ) 4,369 287
NVR, Inc.(Æ)(Û) 3,686 6,086 Canadian Natural Resources, Ltd. 459,941 9,778
Office Depot, Inc.(Æ) 121,856 628 Chesapeake Energy Corp. 85,098 288
O'Reilly Automotive, Inc.(Æ) 19,060 4,973 Chevron Corp. 188,838 16,329
Pandora Media, Inc.(Æ) 436,320 4,241 Cimarex Energy Co. 55,389 5,151
Priceline Group, Inc. (The)(Æ) 3,530 3,759 Columbia Pipeline Group, Inc. 47,431 880
PulteGroup, Inc. 489,426 8,203 ConocoPhillips 271,087 10,594
PVH Corp. 84,647 6,211 CVR Energy, Inc. 6,927 243

 

See accompanying notes which are an integral part of this quarterly report.

22 Russell U.S. Strategic Equity Fund

 

Russell Investment Company
Russell U.S. Strategic Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Devon Energy Corp. 306,792 8,560 Berkshire Hathaway, Inc. Class B(Æ) 213,863 27,753
Energen Corp. 11,019 389 BlackRock, Inc. Class A 11,872 3,731
Ensco PLC Class A 187,013 1,829 Blackstone Group, LP (The)(Æ) 140,209 3,683
EOG Resources, Inc. 110,726 7,864 Broadridge Financial Solutions, Inc. 6,442 345
Exxon Mobil Corp. 583,296 45,410 Capital One Financial Corp. 90,434 5,934
First Solar, Inc.(Æ) 5,871 403 CBL & Associates Properties, Inc.(ö) 163,067 1,753
FMC Technologies, Inc.(Æ) 26,669 671 CBRE Group, Inc. Class A(Æ)(Û) 92,327 2,582
Halliburton Co. 10,207 324 Charles Schwab Corp. (The) 256,169 6,540
Helmerich & Payne, Inc. 5,797 294 Chubb, Ltd.(Æ) 6,490 734
Hess Corp. 15,243 648 Citigroup, Inc.(Û) 760,365 32,376
HollyFrontier Corp. 7,828 274 Citizens Financial Group, Inc. 253,287 5,382
Kinder Morgan, Inc. 57,762 950 CME Group, Inc. Class A 6,140 552
Laredo Petroleum, Inc.(Æ) 61,453 477 Comerica, Inc. 86,507 2,967
Marathon Oil Corp. 129,527 1,260 Discover Financial Services 181,725 8,321
Marathon Petroleum Corp. 116,782 4,880 East West Bancorp, Inc. 68,347 2,216
Nabors Industries, Ltd. 113,760 837 Equity Commonwealth(Æ)(ö) 24,220 651
National Oilwell Varco, Inc. 27,000 879 Equity LifeStyle Properties, Inc. Class A(ö) 39,473 2,602
Newfield Exploration Co.(Æ) 98,425 2,861 Equity Residential(ö) 10,202 786
Noble Corp. PLC(Û) 240,371 1,872 Everest Re Group, Ltd. 29,628 5,302
Noble Energy, Inc. 17,093 553 FactSet Research Systems, Inc. 24,889 3,751
Occidental Petroleum Corp. 229,706 15,811 Fidelity National Information Services, Inc. 3,789 226
Oceaneering International, Inc. 49,845 1,687 First American Financial Corp. 21,012 722
Oil States International, Inc.(Æ) 59,770 1,687 First Niagara Financial Group, Inc. 74,316 728
Patterson-UTI Energy, Inc. 18,705 269 First Republic Bank 81,680 5,554
PBF Energy, Inc. Class A 16,027 561 Fiserv, Inc.(Æ) 2,810 266
Phillips 66(Æ) 168,609 13,514 FleetCor Technologies, Inc.(Æ) 34,245 4,207
QEP Resources, Inc. 20,043 257 FNFV Group(Æ) 87,169 818
Rowan Cos. PLC Class A 197,687 2,501 Forest City Realty Trust, Inc. Class A(Æ)(ö) 37,535 739
Schlumberger, Ltd. 57,816 4,178 Four Corners Property Trust, Inc.(Æ) 15,420 261
SM Energy Co. 25,518 357 Genworth Financial, Inc. Class A(Æ) 236,598 658
Spectra Energy Corp. 13,894 381 Global Payments, Inc. 69,307 4,086
SunPower Corp. Class A(Æ) 14,452 368 Goldman Sachs Group, Inc. (The) 6,660 1,076
Tesoro Corp. 35,536 3,101 Hanover Insurance Group, Inc. (The) 42,418 3,457
Valero Energy Corp. 152,347 10,340 Hartford Financial Services Group, Inc. 30,704 1,234
Weatherford International PLC(Æ) 43,934 296 Hatteras Financial Corp.(ö) 235,337 2,885
Western Refining, Inc. 24,606 810 HCP, Inc.(ö) 17,349 624
World Fuel Services Corp. 6,984 272 Hospitality Properties Trust(ö) 13,608 321
      219,832 Intercontinental Exchange, Inc. 6,990 1,844
        Invesco, Ltd. 37,275 1,116
Financial Services - 18.4%       Jack Henry & Associates, Inc. 3,317 269
Affiliated Managers Group, Inc.(Æ) 41,075 5,512 Jones Lang LaSalle, Inc.(Û) 30,100 4,236
Aflac, Inc. 5,354 310 JPMorgan Chase & Co.(Û) 812,906 48,368
Allied World Assurance Co. Holdings AG 9,818 359 KeyCorp 734,394 8,196
Allstate Corp. (The)(Û) 168,423 10,206 KKR & Co., LP 677,573 9,235
Ally Financial, Inc.(Æ) 48,395 767 Loews Corp. 433,800 16,055
American Capital Agency Corp.(ö) 33,625 574 M&T Bank Corp. 33,640 3,706
American Express Co. 294,100 15,734 Markel Corp.(Æ) 358 301
American Financial Group, Inc. 38,088 2,703 Marsh & McLennan Cos., Inc. 4,915 262
American International Group, Inc.(Û) 92,344 5,216 MasterCard, Inc. Class A 290,695 25,881
Ameriprise Financial, Inc. 96,234 8,724 McGraw Hill Financial, Inc. 76,051 6,466
AmTrust Financial Services, Inc. 20,248 1,158 MetLife, Inc. 287,473 12,836
Annaly Capital Management, Inc.(ö) 61,996 589 Morgan Stanley 29,990 776
Arch Capital Group, Ltd.(Æ) 3,866 261 Morningstar, Inc. 6,917 556
Aspen Insurance Holdings, Ltd.(Û) 57,881 2,692 New York Community Bancorp, Inc. 15,448 239
Assured Guaranty, Ltd. 144,391 3,434 Nomura Holdings, Inc. - ADR 978,055 5,291
Axis Capital Holdings, Ltd. 5,603 302 Northern Trust Corp. 86,700 5,382
Bank of America Corp.(Û) 3,788,687 53,572 PartnerRe, Ltd. 2,264 318
Bank of New York Mellon Corp. (The) 15,295 554 PayPal Holdings, Inc.(Æ) 109,700 3,965
Barclays PLC - ADR 68,854 742 Piedmont Office Realty Trust, Inc. Class A(ö) 38,841 719
BB&T Corp. 14,983 489 PNC Financial Services Group, Inc. (The) 190,967 16,547

 

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Strategic Equity Fund 23

 

Russell Investment Company
Russell U.S. Strategic Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Post Properties, Inc.(ö) 40,773 2,336 Endo International PLC(Æ) 43,491 2,412
Principal Financial Group, Inc. 93,591 3,556 Envision Healthcare Holdings, Inc.(Æ) 310,734 6,867
ProAssurance Corp. 6,812 341 Express Scripts Holding Co.(Æ) 6,269 451
Progressive Corp. (The) 11,654 364 Gilead Sciences, Inc.(Û) 292,612 24,287
Prudential Financial, Inc. 116,619 8,173 HCA Holdings, Inc.(Æ) 112,925 7,857
Public Storage(ö) 11,310 2,868 Hill-Rom Holdings, Inc.(Û) 54,848 2,681
Raymond James Financial, Inc. 20,355 892 HMS Holdings Corp.(Æ) 364,852 4,397
Regency Centers Corp.(ö) 35,704 2,585 Horizon Pharma PLC(Æ) 174,751 3,058
Regions Financial Corp. 939,794 7,631 Humana, Inc. 7,630 1,242
Reinsurance Group of America, Inc. Class       Intuitive Surgical, Inc.(Æ) 10,283 5,562
  A(Û) 78,249 6,591 Jazz Pharmaceuticals PLC(Æ) 30,923 3,981
Santander Consumer USA Holdings, Inc.(Æ) 447,314 4,674 Johnson & Johnson 650,508 67,939
Simon Property Group, Inc.(ö) 45,841 8,539 Laboratory Corp. of America Holdings(Æ) 6,150 691
Starwood Property Trust, Inc.(ö) 29,345 559 Ligand Pharmaceuticals, Inc. Class B(Æ) 26,957 2,695
State Street Corp. 345,368 19,247 Mallinckrodt PLC(Æ) 50,364 2,926
SunTrust Banks, Inc. 69,478 2,542 Masimo Corp.(Æ) 45,060 1,656
Synchrony Financial(Æ) 269,666 7,664 McKesson Corp.(Û) 70,168 11,296
Thomson Reuters Corp. 8,917 334 Medtronic PLC 376,038 28,549
Torchmark Corp. 4,582 249 Merck & Co., Inc. 823,156 41,709
Total System Services, Inc. 5,257 211 Mylan NV(Æ) 188,866 9,951
Travelers Cos., Inc. (The) 7,974 854 Myriad Genetics, Inc.(Æ) 32,713 1,275
Two Harbors Investment Corp.(ö) 401,154 3,049 Perrigo Co. PLC 54,215 7,838
US Bancorp 297,415 11,914 Pfizer, Inc. 2,081,930 63,478
Validus Holdings, Ltd.(Û) 56,767 2,511 PTC Therapeutics, Inc.(Æ) 67,378 1,605
Visa, Inc. Class A 483,995 36,053 Puma Biotechnology, Inc.(Æ) 53,262 2,223
Voya Financial, Inc. 152,518 4,664 Quest Diagnostics, Inc. 19,600 1,287
Wells Fargo & Co. 1,329,773 66,795 St. Jude Medical, Inc. 58,126 3,073
Western Alliance Bancorp(Æ) 16,411 535 Stryker Corp. 79,867 7,919
White Mountains Insurance Group, Ltd. 348 248 Thermo Fisher Scientific, Inc. 50,515 6,671
WR Berkley Corp. 78,153 3,919 United Therapeutics Corp.(Æ)(Û) 21,148 2,605
XL Group PLC Class A 8,810 319 UnitedHealth Group, Inc. 176,720 20,351
      642,502 Valeant Pharmaceuticals International, Inc.      
          (Æ) 123,624 11,153
Health Care - 15.6%       Vertex Pharmaceuticals, Inc.(Æ) 64,510 5,854
Abbott Laboratories 29,718 1,125       544,968
AbbVie, Inc. 97,366 5,345        
Acadia Pharmaceuticals, Inc.(Æ) 9,979 206 Materials and Processing - 2.9%      
Acorda Therapeutics, Inc.(Æ) 7,749 285 Acuity Brands, Inc. 9,956 2,015
Aetna, Inc. 111,607 11,366 Air Products & Chemicals, Inc. 3,504 444
Agilent Technologies, Inc. 22,134 833 Albemarle Corp. 6,339 334
Alexion Pharmaceuticals, Inc.(Æ) 74,304 10,843 Alcoa, Inc. 30,291 221
Allergan PLC(Æ) 42,256 12,019 Bombardier, Inc. Class B(Æ) 450,084 302
Allscripts Healthcare Solutions, Inc.(Æ) 21,734 300 Cabot Corp. 11,116 448
AmerisourceBergen Corp. Class A 92,756 8,307 CF Industries Holdings, Inc.(Û) 52,780 1,583
Amgen, Inc. 100,783 15,393 CRH PLC - ADR 581,700 15,659
Anthem, Inc. 10,125 1,321 Crown Holdings, Inc.(Æ) 53,078 2,435
Baxalta, Inc. 127,121 5,086 Domtar Corp. 90,549 2,920
Becton Dickinson and Co. 2,783 405 Dow Chemical Co. (The) 122,345 5,139
Biogen, Inc.(Æ)(Û) 5,444 1,487 Eastman Chemical Co. 100,748 6,167
Bio-Rad Laboratories, Inc. Class A(Æ) 3,910 499 Ecolab, Inc. 19,200 2,071
Boston Scientific Corp.(Æ) 214,475 3,760 EI du Pont de Nemours & Co. 7,123 376
Bristol-Myers Squibb Co. 366,318 22,770 Hexcel Corp. 125,599 5,197
Cardinal Health, Inc. 330,310 26,877 International Paper Co. 162,400 5,556
Celgene Corp.(Æ) 39,166 3,929 Louisiana-Pacific Corp.(Æ) 245,366 3,857
Cerner Corp.(Æ) 6,365 369 LyondellBasell Industries NV Class A(Û) 55,323 4,314
Cigna Corp. 84,237 11,254 Masco Corp. 205,456 5,422
CR Bard, Inc. 48,108 8,817 Mosaic Co. (The) 10,748 259
DexCom, Inc.(Æ) 37,537 2,676 Newmont Mining Corp. 14,998 299
Edwards Lifesciences Corp.(Æ) 91,520 7,158 Nucor Corp. 8,228 321
Eli Lilly & Co. 214,906 16,999 Owens Corning 8,022 371

 

See accompanying notes which are an integral part of this quarterly report.

24 Russell U.S. Strategic Equity Fund

 

Russell Investment Company
Russell U.S. Strategic Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
PPG Industries, Inc. 180,510 17,170 United Parcel Service, Inc. Class B 25,026 2,332
Praxair, Inc. 7,010 701 United Technologies Corp. 111,984 9,820
Reliance Steel & Aluminum Co. 113,044 6,437 Waste Management, Inc. 6,891 365
Rio Tinto PLC - ADR 105,000 2,588 Waters Corp.(Æ) 20,283 2,459
Sherwin-Williams Co. (The) 26,267 6,716 Xerox Corp. 33,015 322
Westlake Chemical Corp. 24,052 1,094 Xylem, Inc. 208,812 7,507
WestRock Co. 6,634 234       367,586
      100,650        
        Technology - 16.3%      
Producer Durables - 10.5%       Activision Blizzard, Inc. 135,484 4,718
3M Co. 17,493 2,641 Adobe Systems, Inc.(Æ) 56,933 5,074
Accenture PLC Class A 122,513 12,930 Alibaba Group Holding, Ltd. - ADR(Æ) 68,672 4,603
AECOM(Æ) 88,280 2,422 Alphabet, Inc.(Æ) 49,519 36,790
AerCap Holdings NV(Æ) 181,687 5,580 Alphabet, Inc. Class A(Æ) 53,239 40,534
Alaska Air Group, Inc. 41,333 2,910 Amdocs, Ltd. 8,047 440
American Airlines Group, Inc.(Û) 298,147 11,625 Amphenol Corp. Class A 4,457 221
Automatic Data Processing, Inc. 58,299 4,844 Analog Devices, Inc. 82,955 4,468
Avery Dennison Corp. 13,616 829 Ansys, Inc.(Æ) 3,820 337
Boeing Co. (The) 124,403 14,945 Apple, Inc.(Û) 891,319 86,761
Caterpillar, Inc. 90,306 5,621 Applied Materials, Inc. 228,911 4,040
CH Robinson Worldwide, Inc. 40,748 2,639 Arrow Electronics, Inc.(Æ) 7,372 380
Chicago Bridge & Iron Co. 104,475 4,056 Aspen Technology, Inc.(Æ)(Û) 74,034 2,402
CoStar Group, Inc.(Æ) 14,654 2,570 Avago Technologies, Ltd. Class A 72,110 9,642
CSX Corp. 38,593 888 Avnet, Inc.(Û) 143,584 5,732
Danaher Corp. 7,673 665 Black Knight Financial Services, Inc. Class      
Deere & Co. 4,409 340   A(Æ) 8,823 266
Delta Air Lines, Inc. 515,468 22,830 Broadcom Corp. Class A 9,638 527
Eaton Corp. PLC 132,034 6,669 Brocade Communications Systems, Inc.(Û) 251,510 2,007
EMCOR Group, Inc. 15,250 697 CA, Inc. 12,200 351
Euronav NV(Æ) 60,437 728 CACI International, Inc. Class A(Æ) 7,608 632
FedEx Corp. 88,676 11,783 Cadence Design Systems, Inc.(Æ) 155,685 3,045
Flir Systems, Inc. 11,941 349 Cisco Systems, Inc. 1,219,342 29,008
General Dynamics Corp. 157,559 21,077 Citrix Systems, Inc.(Æ)(Û) 44,584 3,141
General Electric Co. 417,840 12,159 Cognizant Technology Solutions Corp. Class      
Genpact, Ltd.(Æ) 10,254 245   A(Æ) 3,975 252
Hawaiian Holdings, Inc.(Æ) 38,861 1,368 Computer Sciences Corp. 8,213 263
HD Supply Holdings, Inc.(Æ) 229,325 6,024 Corning, Inc. 50,760 945
Honeywell International, Inc. 266,549 27,508 Cree, Inc.(Æ) 15,910 446
Huntington Ingalls Industries, Inc. 22,830 2,920 Criteo SA - ADR(Æ) 87,375 2,585
JB Hunt Transport Services, Inc. 88,696 6,448 CSRA, Inc.(Æ) 8,213 220
JetBlue Airways Corp.(Æ) 85,830 1,829 DST Systems, Inc. 2,692 284
Lincoln Electric Holdings, Inc. 43,481 2,315 EMC Corp. 42,806 1,060
Lockheed Martin Corp. 48,629 10,261 F5 Networks, Inc.(Æ) 45,565 4,273
ManpowerGroup, Inc. 6,660 509 Facebook, Inc. Class A(Æ) 391,361 43,915
National Instruments Corp. 12,023 343 Gartner, Inc.(Æ) 29,214 2,568
Norfolk Southern Corp. 169,028 11,916 Groupon, Inc. Class A(Æ) 87,728 239
Northrop Grumman Corp. 96,731 17,901 Harris Corp. 66,865 5,815
Oshkosh Corp. 110,999 3,655 Hewlett Packard Enterprise Co.(Æ) 566,967 7,801
Paychex, Inc. 102,203 4,891 HP, Inc. 46,911 456
Raytheon Co. 260,608 33,420 Imperva, Inc.(Æ) 50,205 2,589
Republic Services, Inc. Class A 8,142 356 Ingram Micro, Inc. Class A 84,742 2,390
Snap-on, Inc. 63,767 10,302 Intel Corp. 1,489,683 46,210
Southwest Airlines Co.(Û) 434,637 16,351 InterActiveCorp 92,861 4,823
Spirit AeroSystems Holdings, Inc. Class       International Business Machines Corp. 104,007 12,979
  A(Æ)(Û) 56,890 2,412 Intuit, Inc. 2,425 232
Stanley Black & Decker, Inc. 168,369 15,884 IPG Photonics Corp.(Æ) 4,036 326
Terex Corp. 207,709 4,653 Jabil Circuit, Inc. 146,057 2,908
Trinity Industries, Inc. 69,939 1,498 JDS Uniphase Corp.(Æ) 124,942 625
Union Pacific Corp. 8,658 623 Juniper Networks, Inc. 109,824 2,592
United Continental Holdings, Inc.(Æ)(Û) 193,695 9,352 King Digital Entertainment PLC 13,921 250

 

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Strategic Equity Fund 25

 

Russell Investment Company
Russell U.S. Strategic Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)      
    Principal Fair     Principal   Fair  
  Amount ($) or Value   Amount ($) or   Value  
    Shares $     Shares   $  
Lam Research Corp. 126,592 9,088 Talen Energy Corp.(Æ) 14,282   102  
Linear Technology Corp. 5,392 230 Telephone & Data Systems, Inc. 117,144   2,717  
Marvell Technology Group, Ltd. 27,832 246 Verizon Communications, Inc.(Û) 1,112,387   55,586  
Micron Technology, Inc.(Æ)(Û) 923,514 10,186 WEC Energy Group, Inc. 4,744   262  
Microsoft Corp. 1,236,916 68,142 Xcel Energy, Inc. 6,985   267  
MicroStrategy, Inc. Class A(Æ) 3,863 666         190,077  
NCR Corp.(Æ) 10,693 228            
NetApp, Inc. 106,975 2,346 Total Common Stocks          
NXP Semiconductors NV(Æ) 225,296 16,848 (cost $3,278,467)       3,410,779  
ON Semiconductor Corp.(Æ) 142,777 1,222            
Oracle Corp. 378,513 13,744 Short-Term Investments - 2.6%          
Palo Alto Networks, Inc.(Æ) 51,154 7,647 Russell U.S. Cash Management Fund 83,945,501 (8) 83,946  
Polycom, Inc.(Æ) 36,800 375 United States Treasury Bills          
QUALCOMM, Inc. 17,979 815   0.233% due 04/07/16 3,500   3,498  
Rackspace Hosting, Inc.(Æ) 16,397 331   0.233% due 06/16/16 1,500   1,498  
Red Hat, Inc.(Æ) 9,700 679 Total Short-Term Investments          
Salesforce.com, Inc.(Æ) 100,878 6,866 (cost $88,943)       88,942  
SanDisk Corp. 8,204 580            
 
ServiceNow, Inc.(Æ) 33,414 2,079 Total Investments 100.3%          
SolarWinds, Inc.(Æ) 4,769 286            
Splunk, Inc.(Æ) 58,358 2,701 (identified cost $3,367,410)       3,499,721  
Symantec Corp. 411,006 8,154            
Synopsys, Inc.(Æ) 172,035 7,380 Securities Sold Short - (1.0)%          
Tableau Software, Inc. Class A(Æ) 72,831 5,844 Consumer Discretionary - (0.1)%          
Take-Two Interactive Software, Inc.(Æ) 78,620 2,728 Amaya, Inc.(Æ) (69,773 ) (737 )
Tech Data Corp.(Æ) 13,820 862 CarMax, Inc.(Æ) (13,893 ) (614 )
Teradyne, Inc. 36,656 712 Charter Communications, Inc. Class A(Æ) (5,520 ) (946 )
Texas Instruments, Inc. 5,982 317 GoPro, Inc. Class A(Æ) (78,226 ) (896 )
VeriSign, Inc.(Æ)(Û) 37,590 2,842 Mobileye NV(Æ) (13,110 ) (355 )
VMware, Inc. Class A(Æ) 29,206 1,336 Nord Anglia Education, Inc.(Æ) (12,542 ) (216 )
Western Digital Corp. 22,122 1,061 Tesla Motors, Inc.(Æ) (4,874 ) (932 )
Xilinx, Inc. 5,303 267         (4,696 )
Zynga, Inc. Class A(Æ) 299,330 736 Energy - (0.2)%          
      569,709 Cheniere Energy, Inc.(Æ) (28,876 ) (868 )
        Enbridge, Inc. (30,207 ) (1,045 )
Utilities - 5.5%       Golar LNG, Ltd. (26,470 ) (493 )
AES Corp.(Û) 292,494 2,779 SolarCity Corp.(Æ) (30,518 ) (1,088 )
Ameren Corp. 5,429 244 SunEdison, Inc.(Æ) (151,311 ) (474 )
American Electric Power Co., Inc. 127,172 7,754 SunPower Corp. Class A(Æ) (38,578 ) (981 )
AT&T, Inc. 1,208,045 43,562         (4,949 )
CenturyLink, Inc. 8,878 226 Financial Services - (0.1)%          
China Mobile, Ltd. - ADR 153,646 8,378 Iron Mountain, Inc.(ö) (14,411 ) (397 )
Consolidated Edison, Inc. 27,335 1,897 Kennedy-Wilson Holdings, Inc. (13,886 ) (281 )
Dominion Resources, Inc. 11,006 794            
DTE Energy Co. 3,785 322 LendingClub Corp.(Æ) (74,220 ) (548 )
Duke Energy Corp. 12,276 924 TFS Financial Corp. (63,070 ) (1,100 )
Edison International 3,853 238 United Bankshares, Inc. (27,120 ) (911 )
Entergy Corp. 405,349 28,609 Zillow Group, Inc. Class A(Æ) (15,120 ) (328 )
Eversource Energy 6,482 349         (3,565 )
Exelon Corp. 23,820 704 Health Care - (0.1)%          
NextEra Energy, Inc. 187,298 20,923 Acadia Healthcare Co., Inc.(Æ) (18,193 ) (1,110 )
NiSource, Inc. 47,421 996 OPKO Health, Inc.(Æ) (118,623 ) (954 )
NRG Energy, Inc. 81,818 870         (2,064 )
ONE Gas, Inc. 58,295 3,297 Materials and Processing – (0.0)%          
Pepco Holdings, Inc. 12,891 344 Platform Specialty Products Corp.(Æ) (26,775 ) (204 )
PG&E Corp. 8,613 473            
Pinnacle West Capital Corp. 5,155 342 Producer Durables - (0.1)%          
Public Service Enterprise Group, Inc. 6,992 289 Advisory Board Co. (The)(Æ) (12,211 ) (559 )
SCANA Corp. 5,080 320 Colfax Corp.(Æ) (19,950 ) (442 )
Southern Co. (The) 133,053 6,509 Macquarie Infrastructure Corp. (7,354 ) (493 )

 

See accompanying notes which are an integral part of this quarterly report.

26 Russell U.S. Strategic Equity Fund

 

Russell Investment Company
Russell U.S. Strategic Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)      
      Principal   Fair  
    Amount ($) or   Value  
      Shares   $  
Stericycle, Inc.(Æ)   (8,105 ) (975 )
Verisk Analytics, Inc. Class A(Æ)   (13,730 ) (1,002 )
XPO Logistics, Inc.(Æ)   (44,315 ) (1,013 )
          (4,484 )
Technology - (0.3)%            
Ambarella, Inc.(Æ)   (5,980 ) (237 )
Arista Networks, Inc.(Æ)   (16,739 ) (1,005 )
Cavium, Inc.(Æ)   (8,840 ) (511 )
Cognex Corp.   (19,330 ) (623 )
comScore, Inc.(Æ)   (16,733 ) (645 )
Cypress Semiconductor Corp.(Æ)   (104,490 ) (821 )
FireEye, Inc.(Æ)   (24,026 ) (338 )
GrubHub, Inc.(Æ)   (43,481 ) (820 )
MA-COM Technology Solutions Holdings,            
Inc.(Æ)   (26,218 ) (1,009 )
NetSuite, Inc.(Æ)   (12,972 ) (900 )
Palo Alto Networks, Inc.(Æ)   (6,100 ) (912 )
Stratasys, Ltd.(Æ)   (35,140 ) (573 )
Twitter, Inc.(Æ)   (39,800 ) (669 )
Zendesk, Inc.(Æ)   (45,929 ) (1,011 )
          (10,074 )
Utilities - (0.1)%            
Frontier Communications Corp.   (155,975 ) (710 )
Globalstar, Inc.(Æ)   (211,759 ) (271 )
Pembina Pipeline Corp.   (51,917 ) (1,181 )
Zayo Group Holdings, Inc.(Æ)   (40,651 ) (1,017 )
          (3,179 )
 
Total Securities Sold Short            
(proceeds $45,387)         (33,215 )
 
Other Assets and Liabilities, Net            
- 0.7%       23,250  
Net Assets - 100.0%         3,489,756  

 

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Strategic Equity Fund 27

 

Russell Investment Company
Russell U.S. Strategic Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Futures Contracts                          
 
Amounts in thousands (except contract amounts)                        
                        Unrealized  
                        Appreciation  
        Number of   Notional   Expiration   (Depreciation)  
        Contracts   Amount   Date   $  
Long Positions                          
Russell 1000 Mini Index Futures       220 USD 23,434 03/16   (597 )
S&P 500 E-Mini Index Futures       715 USD 69,001 03/16   (1,768 )
S&P Financial Select Sector Index Futures       216 USD 11,669 03/16   (615 )
S&P Mid 400 E-Mini Index Futures       88 USD 11,570 03/16   (412 )
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)                   (3,392 )
 
Presentation of Portfolio Holdings                          
 
 
Amounts in thousands                          
 
              Fair Value            
Portfolio Summary Level 1   Level 2     Level 3   Total  
Common Stocks                          
Consumer Discretionary $ 536,863   $ —     $   — $ 536,863  
Consumer Staples   238,592     —         —   238,592  
Energy   219,832     —         —   219,832  
Financial Services   642,502     —         —   642,502  
Health Care   544,968     —         —   544,968  
Materials and Processing   100,650     —         —   100,650  
Producer Durables   367,586     —         —   367,586  
Technology   569,709     —         —   569,709  
Utilities   190,077     —         —   190,077  
Short-Term Investments —   88,942       — 88,942  
Total Investments 3,410,779   88,942       — 3,499,721  
Securities Sold Short** (33,215 ) —       — (33,215 )
 
 
Other Financial Instruments                          
Futures Contracts (3,392 ) —       — (3,392 )
Total Other Financial Instruments* $ (3,392 ) $ —     $   — $ (3,392 )

 

*      Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.
**    Refer to Schedule of Investments for detailed sector breakout.

For a description of the Levels see note 2 in the Notes to Quarterly Report.
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to Quarterly
Report.

See accompanying notes which are an integral part of this quarterly report.

28 Russell U.S. Strategic Equity Fund

 

Russell Investment Company
Russell U.S. Large Cap Equity Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Common Stocks - 94.0%       Kraft Heinz Co. (The) 772 60
Consumer Discretionary - 14.8%       Kroger Co. (The) 25,565 992
Amazon.com, Inc.(Æ) 7,470 4,384 Mondelez International, Inc. Class A 54,170 2,335
AutoZone, Inc.(Æ) 800 614 PepsiCo, Inc. 34,900 3,465
Brunswick Corp. 1,300 52 Procter & Gamble Co. (The) 55,455 4,530
Carnival Corp. 16,707 804 Reynolds American, Inc. 14,985 748
Chipotle Mexican Grill, Inc. Class A(Æ) 2,340 1,060 Sysco Corp. 31,890 1,269
Comcast Corp. Class A(Æ) 107,482 5,989 Walgreens Boots Alliance, Inc. 1,312 105
Costco Wholesale Corp. 2,220 335 Whole Foods Market, Inc. 40,125 1,176
Dana Holding Corp. 72,000 856       20,281
Darden Restaurants, Inc. 2,100 132        
Delphi Automotive PLC 369 24 Energy - 6.6%      
Dollar General Corp. 383 29 Baker Hughes, Inc. 22,200 966
Ford Motor Co. 61,997 740 Chesapeake Energy Corp. 78,500 266
Gap, Inc. (The) 47,400 1,172 Chevron Corp. 44,580 3,855
General Motors Co. 31,129 923 ConocoPhillips 22,672 886
Hilton Worldwide Holdings, Inc. 31,918 568 Core Laboratories NV 8,868 873
Home Depot, Inc. 25,420 3,198 EOG Resources, Inc. 34,088 2,420
JC Penney Co., Inc.(Æ) 142,700 1,036 Exxon Mobil Corp. 67,153 5,229
Johnson Controls, Inc. 49,189 1,765 FMC Technologies, Inc.(Æ) 3,100 78
L Brands, Inc.(Æ) 10,590 1,018 Halliburton Co. 4,128 131
Lennar Corp. Class A 32,000 1,349 Hess Corp. 25,064 1,065
Lowe's Cos., Inc. 27,160 1,946 HollyFrontier Corp. 1,600 56
Macy's, Inc. 16,726 676 Kinder Morgan, Inc. 8,281 136
McDonald's Corp. 17,097 2,116 Marathon Petroleum Corp. 13,195 551
Netflix, Inc.(Æ) 4,371 401 Nabors Industries, Ltd. 56,300 414
News Corp. Class A 20,200 262 Occidental Petroleum Corp. 4,833 333
Nike, Inc. Class B 72,454 4,493 PBF Energy, Inc. Class A 1,700 59
NVR, Inc.(Æ) 68 112 Phillips 66(Æ) 12,354 990
Priceline Group, Inc. (The)(Æ) 1,477 1,573 Pioneer Natural Resources Co. 1,070 133
PulteGroup, Inc. 39,590 664 Schlumberger, Ltd. 57,358 4,146
Ralph Lauren Corp. Class A 7,151 804 Tesoro Corp. 1,250 109
Ross Stores, Inc. 10,780 606 Valero Energy Corp. 18,492 1,255
Royal Caribbean Cruises, Ltd. 16,263 1,333       23,951
Sirius XM Holdings, Inc.(Æ) 2,300 9        
Starbucks Corp. 54,762 3,328 Financial Services - 20.6%      
Target Corp. 19,001 1,376 Aflac, Inc. 559 32
Time Warner Cable, Inc. 373 68 Allstate Corp. (The) 41,183 2,496
Time Warner, Inc. 15,549 1,095 American Express Co. 45,569 2,437
TJX Cos., Inc. 15,410 1,098 American International Group, Inc. 3,362 190
Twenty-First Century Fox, Inc. Class A 5,837 157 American Tower Corp.(ö) 9,055 854
Twenty-First Century Fox, Inc. Class B 825 22 Ameriprise Financial, Inc. 30,807 2,793
Ulta Salon Cosmetics & Fragrance, Inc.(Æ) 8,028 1,454 Aon PLC 19,961 1,753
Under Armour, Inc. Class A(Æ) 3,323 284 AvalonBay Communities, Inc.(ö) 181 31
VF Corp. 456 29 Bank of America Corp. 34,885 494
Visteon Corp.(Æ) 400 27 Bank of New York Mellon Corp. (The) 15,737 570
Wal-Mart Stores, Inc. 20,285 1,345 BB&T Corp. 5,067 165
Walt Disney Co. (The) 20,079 1,925 Berkshire Hathaway, Inc. Class B(Æ) 7,985 1,037
      53,251 BlackRock, Inc. Class A 8,540 2,684
        Capital One Financial Corp. 12,336 809
Consumer Staples - 5.6%       Charles Schwab Corp. (The) 14,907 381
Altria Group, Inc. 24,980 1,527 Chubb, Ltd.(Æ) 16,351 1,849
Archer-Daniels-Midland Co. 3,339 118 Citigroup, Inc. 88,075 3,750
Clorox Co. (The) 1,120 145 Citizens Financial Group, Inc. 36,800 782
Coca-Cola Co. (The) 11,000 472 CME Group, Inc. Class A 1,053 95
Colgate-Palmolive Co. 20,220 1,365 Comerica, Inc. 7,000 240
ConAgra Foods, Inc. 4,200 175 Crown Castle International Corp.(ö) 7,755 668
Constellation Brands, Inc. Class A 8,201 1,251 Discover Financial Services 6,064 278
CVS Health Corp. 1,435 139 E*Trade Financial Corp.(Æ) 5,000 118
Hormel Foods Corp. 5,083 409 East West Bancorp, Inc. 4,200 136

 

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Large Cap Equity Fund 29

 

Russell Investment Company
Russell U.S. Large Cap Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Equinix, Inc.(ö) 4,621 1,435 Baxter International, Inc. 7,608 279
Equity Residential(ö) 484 37 Becton Dickinson and Co. 278 40
Fidelity National Information Services, Inc. 800 48 Biogen, Inc.(Æ) 293 80
FleetCor Technologies, Inc.(Æ) 16,440 2,019 Bristol-Myers Squibb Co. 40,814 2,537
Four Corners Property Trust, Inc.(Æ) 1,790 30 Bruker Corp.(Æ) 2,600 58
Franklin Resources, Inc. 40,762 1,412 Cardinal Health, Inc. 13,633 1,109
General Growth Properties, Inc.(ö) 866 24 Cerner Corp.(Æ) 23,520 1,364
Global Payments, Inc. 6,600 389 Cigna Corp. 27,591 3,686
Goldman Sachs Group, Inc. (The) 1,187 192 CR Bard, Inc. 2,140 392
Hartford Financial Services Group, Inc. 34,400 1,382 DexCom, Inc.(Æ) 5,575 397
Health Care REIT, Inc.(Æ)(ö) 465 29 Edwards Lifesciences Corp.(Æ) 15,874 1,241
Intercontinental Exchange, Inc. 6,299 1,662 Eli Lilly & Co. 26,378 2,086
JPMorgan Chase & Co. 89,018 5,297 Express Scripts Holding Co.(Æ) 5,903 424
KeyCorp 17,400 194 Gilead Sciences, Inc. 38,822 3,223
Lincoln National Corp. 3,200 126 Humana, Inc. 197 32
M&T Bank Corp. 3,740 412 Intuitive Surgical, Inc.(Æ) 1,690 914
Marsh & McLennan Cos., Inc. 688 37 Johnson & Johnson 74,869 7,818
MasterCard, Inc. Class A 33,734 3,003 McKesson Corp. 5,842 941
McGraw Hill Financial, Inc. 12,336 1,049 Medtronic PLC 2,813 214
MetLife, Inc. 25,841 1,153 Merck & Co., Inc. 67,213 3,406
Morgan Stanley 77,529 2,007 Mylan NV(Æ) 543 29
Morningstar, Inc. 1,500 121 Perrigo Co. PLC 193 28
Northern Trust Corp. 10,500 652 Pfizer, Inc. 231,924 7,072
OneMain Holdings, Inc.(Æ) 1,000 26 Regeneron Pharmaceuticals, Inc.(Æ) 2,304 968
PayPal Holdings, Inc.(Æ) 16,700 604 St. Jude Medical, Inc. 3,300 174
PNC Financial Services Group, Inc. (The) 17,423 1,510 Stryker Corp. 8,190 812
Principal Financial Group, Inc. 4,900 186 Thermo Fisher Scientific, Inc. 522 69
Progressive Corp. (The) 2,100 66 UnitedHealth Group, Inc. 27,255 3,139
Prologis, Inc.(ö) 693 27 Zimmer Biomet Holdings, Inc. 224 22
Prudential Financial, Inc. 585 41       52,379
Raymond James Financial, Inc. 4,100 180        
Regions Financial Corp. 12,600 102 Materials and Processing - 3.1%      
Reinsurance Group of America, Inc. Class A 3,400 286 Air Products & Chemicals, Inc. 254 32
Signature Bank(Æ) 1,650 230 Allegheny Technologies, Inc. 36,000 338
State Street Corp. 49,010 2,731 Crown Holdings, Inc.(Æ) 3,900 179
SunTrust Banks, Inc. 12,521 458 Dow Chemical Co. (The) 31,203 1,310
SVB Financial Group(Æ) 900 91 Ecolab, Inc. 14,809 1,598
Synchrony Financial(Æ) 46,461 1,320 EI du Pont de Nemours & Co. 1,510 80
TD Ameritrade Holding Corp. 2,600 72 LyondellBasell Industries NV Class A 477 37
Travelers Cos., Inc. (The) 20,632 2,209 Masco Corp. 23,300 615
US Bancorp 76,307 3,056 Monsanto Co. 12,593 1,141
Visa, Inc. Class A 74,057 5,517 PPG Industries, Inc. 27,018 2,569
Voya Financial, Inc. 18,200 557 Praxair, Inc. 590 59
Wells Fargo & Co. 133,879 6,727 Precision Castparts Corp. 586 138
Western Alliance Bancorp(Æ) 3,420 111 Sealed Air Corp. 36,600 1,483
Zions Bancorporation 27,100 615 Sherwin-Williams Co. (The) 2,840 726
      74,074 WestRock Co. 19,892 702
              11,007
Health Care - 14.5%              
Abbott Laboratories 1,999 76 Producer Durables - 8.4%      
AbbVie, Inc. 10,200 560 3M Co. 809 122
Aetna, Inc. 466 47 Accenture PLC Class A 11,910 1,257
Agilent Technologies, Inc. 37,021 1,394 ADT Corp. (The) 23,400 692
Alexion Pharmaceuticals, Inc.(Æ) 4,326 631 American Airlines Group, Inc. 827 32
Allergan PLC(Æ) 3,390 964 Automatic Data Processing, Inc. 20,685 1,719
Allscripts Healthcare Solutions, Inc.(Æ) 2,000 28 Boeing Co. (The) 9,227 1,108
AmerisourceBergen Corp. Class A 8,640 774 Caterpillar, Inc. 22,634 1,409
Amgen, Inc. 20,343 3,107 CH Robinson Worldwide, Inc. 2,600 168
Anthem, Inc. 12,411 1,620 CSX Corp. 56,144 1,293
Baxalta, Inc. 15,588 624 Danaher Corp. 790 68

 

See accompanying notes which are an integral part of this quarterly report.

30 Russell U.S. Large Cap Equity Fund

 

Russell Investment Company
Russell U.S. Large Cap Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)    
    Principal Fair     Principal   Fair
  Amount ($) or Value   Amount ($) or   Value
    Shares $     Shares   $
Deere & Co. 1,036 80 Ingram Micro, Inc. Class A 8,200   231
Delta Air Lines, Inc. 36,846 1,632 Intel Corp. 152,914   4,742
Eaton Corp. PLC 1,706 86 International Business Machines Corp. 1,164   145
Emerson Electric Co. 2,188 101 Intuit, Inc. 3,380   323
FedEx Corp. 17,195 2,284 JDS Uniphase Corp.(Æ) 13,700   69
General Dynamics Corp. 2,669 357 Juniper Networks, Inc. 14,600   345
General Electric Co. 193,093 5,619 Lam Research Corp. 10,017   719
Honeywell International, Inc. 8,093 835 LinkedIn Corp. Class A(Æ) 4,231   837
Huntington Ingalls Industries, Inc. 270 35 Maxim Integrated Products, Inc. 19,084   637
Illinois Tool Works, Inc. 430 39 Microsoft Corp. 140,837   7,760
Kansas City Southern 12,501 886 NCR Corp.(Æ) 1,800   38
Lexmark International, Inc. Class A 1,900 54 NetApp, Inc. 16,600   364
Lockheed Martin Corp. 2,010 424 NXP Semiconductors NV(Æ) 9,442   706
ManpowerGroup, Inc. 600 46 ON Semiconductor Corp.(Æ) 4,000   34
Norfolk Southern Corp. 549 39 Oracle Corp. 123,286   4,478
Northrop Grumman Corp. 6,902 1,277 Palo Alto Networks, Inc.(Æ) 3,045   455
Paychex, Inc. 4,100 196 Polycom, Inc.(Æ) 1,600   16
Pentair PLC 13,900 655 QUALCOMM, Inc. 4,435   201
Raytheon Co. 10,377 1,331 Red Hat, Inc.(Æ) 22,245   1,558
Southwest Airlines Co. 860 32 Salesforce.com, Inc.(Æ) 22,110   1,505
Terex Corp. 38,900 871 SAP SE - ADR 9,694   774
Textron, Inc. 53,100 1,817 ServiceNow, Inc.(Æ) 5,057   315
Tyco International PLC 25,400 874 Splunk, Inc.(Æ) 8,915   413
Union Pacific Corp. 1,279 92 Symantec Corp. 27,900   554
United Continental Holdings, Inc.(Æ) 20,362 983 Synopsys, Inc.(Æ) 15,990   686
United Parcel Service, Inc. Class B 5,042 470 Tableau Software, Inc. Class A(Æ) 6,285   504
United Technologies Corp. 1,938 170 TE Connectivity, Ltd. 507   29
Verisk Analytics, Inc. Class A(Æ) 10,570 772 Texas Instruments, Inc. 30,844   1,633
Waste Management, Inc. 1,765 93 VMware, Inc. Class A(Æ) 3,800   174
Waters Corp.(Æ) 880 107 Western Digital Corp. 21,660   1,039
      30,125 Yahoo!, Inc.(Æ) 2,516   74
        Zynga, Inc. Class A(Æ) 28,500   70
Technology - 16.5%               59,405
Activision Blizzard, Inc. 21,344 743          
Alphabet, Inc.(Æ) 3,901 2,898 Utilities - 3.9%        
Alphabet, Inc. Class A(Æ) 3,128 2,381 AES Corp. 96,600   918
Apple, Inc. 62,914 6,124 American Electric Power Co., Inc. 17,854   1,088
Applied Materials, Inc. 124,161 2,192 AT&T, Inc. 106,776   3,850
ARM Holdings PLC - ADR 32,557 1,403 Dominion Resources, Inc. 2,116   153
Arrow Electronics, Inc.(Æ) 1,720 89 Duke Energy Corp. 3,240   244
Avago Technologies, Ltd. Class A 3,593 480 Exelon Corp. 34,138   1,010
Avnet, Inc. 5,300 212 NextEra Energy, Inc. 20,585   2,299
Broadcom Corp. Class A 745 41 PG&E Corp. 3,949   217
Brocade Communications Systems, Inc. 6,500 52 PPL Corp. 880   31
CACI International, Inc. Class A(Æ) 300 25 Sempra Energy 314   30
Cadence Design Systems, Inc.(Æ) 10,300 201 Southern Co. (The) 12,219   598
CDW Corp. 1,200 46 Verizon Communications, Inc. 73,944   3,694
Cisco Systems, Inc. 158,227 3,764         14,132
Citrix Systems, Inc.(Æ) 1,100 78          
Cognizant Technology Solutions Corp. Class       Total Common Stocks        
  A(Æ) 802 51 (cost $315,759)       338,605
Corning, Inc. 57,366 1,067          
Cypress Semiconductor Corp.(Æ) 74,200 583 Short-Term Investments - 4.5%        
Electronic Arts, Inc.(Æ) 410 26 Russell U.S. Cash Management Fund 16,400,648 (8) 16,401
EMC Corp. 58,589 1,451 Total Short-Term Investments        
Facebook, Inc. Class A(Æ) 32,270 3,621 (cost $16,401)       16,401
Gartner, Inc.(Æ) 1,300 114          
GoDaddy, Inc. Class A(Æ) 1,400 43 Total Investments 98.5%        
Hewlett Packard Enterprise Co.(Æ) 16,734 230 (identified cost $332,160)       355,006
HP, Inc. 6,408 62          

 

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Large Cap Equity Fund 31

 

Russell Investment Company
Russell U.S. Large Cap Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)  
Principal Fair
Amount ($) or Value
Shares $
Other Assets and Liabilities, Net  
- 1.5% 5,383
Net Assets - 100.0% 360,389

 

See accompanying notes which are an integral part of this quarterly report.

32 Russell U.S. Large Cap Equity Fund

 

Russell Investment Company
Russell U.S. Large Cap Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Futures Contracts                          
 
Amounts in thousands (except contract amounts)                        
                        Unrealized  
                        Appreciation  
        Number of   Notional   Expiration   (Depreciation)  
        Contracts   Amount   Date   $  
Long Positions                          
S&P 500 E-Mini Index Futures       171 USD 16,502 03/16   (995 )
S&P E-Mini Industrial Select Sector Index Futures       36 USD 1,791 03/16   (126 )
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)                   (1,121 )
 
Presentation of Portfolio Holdings                          
 
 
Amounts in thousands                          
 
              Fair Value            
Portfolio Summary Level 1   Level 2     Level 3   Total  
Common Stocks                          
Consumer Discretionary $ 53,251   $ —     $   — $ 53,251  
Consumer Staples   20,281     —         —   20,281  
Energy   23,951     —         —   23,951  
Financial Services   74,074     —         —   74,074  
Health Care   52,379     —         —   52,379  
Materials and Processing   11,007     —         —   11,007  
Producer Durables   30,125     —         —   30,125  
Technology   59,405     —         —   59,405  
Utilities   14,132     —         —   14,132  
Short-Term Investments —   16,401       — 16,401  
Total Investments 338,605   16,401       — 355,006  
 
 
Other Financial Instruments                          
Futures Contracts (1,121 ) —       — (1,121 )
Total Other Financial Instruments* $ (1,121 ) $ —     $   — $ (1,121 )

 

*      Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.

For a description of the Levels see note 2 in the Notes to Quarterly Report.
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to Quarterly
Report.

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Large Cap Equity Fund 33

 

Russell Investment Company
Russell U.S. Mid Cap Equity Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)  
    Principal Fair       Principal Fair
  Amount ($) or Value     Amount ($) or Value
    Shares $       Shares $
Common Stocks - 94.7%         O'Reilly Automotive, Inc.(Æ) 2,677 698
Consumer Discretionary - 13.1%         Pandora Media, Inc.(Æ) 26,036 253
Advance Auto Parts, Inc. 2,371   361 Party City Holdco, Inc.(Æ)(Ñ) 20,497 197
AMC Networks, Inc. Class A(Æ) 2,100   153 Penske Automotive Group, Inc. 2,292 72
American Axle & Manufacturing Holdings,         Polaris Industries, Inc. 2,932 216
  Inc.(Æ) 3,100   40 Pool Corp. 3,893 329
Aramark 1,491   48 PVH Corp. 3,761 276
AutoZone, Inc.(Æ) 597   458 Ralph Lauren Corp. Class A 6,900 776
Avis Budget Group, Inc.(Æ) 8,295   218 Restoration Hardware Holdings, Inc.(Æ) 4,287 264
BorgWarner, Inc. 197   6 Ross Stores, Inc. 9,470 533
Brunswick Corp. 7,335   292 Royal Caribbean Cruises, Ltd. 10,866 891
Cable One, Inc.(Æ) 231   99 Service Corp. International 970 23
CarMax, Inc.(Æ) 807   36 ServiceMaster Global Holdings, Inc.(Æ) 4,543 192
Carter's, Inc. 1,470   143 Signet Jewelers, Ltd. 4,434 514
Choice Hotels International, Inc. 5,000   219 Sirius XM Holdings, Inc.(Æ)(Ñ) 148,846 551
Churchill Downs, Inc.(Æ) 2,577   356 Six Flags Entertainment Corp. 3,791 191
Cinemark Holdings, Inc. 9,463   279 Skechers U.S.A., Inc. Class A(Æ) 5,550 156
ClubCorp Holdings, Inc. 36,909   442 Starwood Hotels & Resorts Worldwide, Inc. 115 7
Coty, Inc. Class A(Æ) 267   7 Starz Class A(Æ) 846 24
Darden Restaurants, Inc. 13,590   857 Tenneco, Inc.(Æ) 6,708 256
Delphi Automotive PLC 930   60 Thor Industries, Inc. 363 19
Dick's Sporting Goods, Inc. 11,000   430 Toll Brothers, Inc.(Æ) 12,231 338
Discovery Communications, Inc. Class A(Æ) 312   9 Tractor Supply Co. 56 5
Discovery Communications, Inc. Class C(Æ) 333   9 TripAdvisor, Inc.(Æ) 2,119 141
Dollar Tree, Inc.(Æ) 2,787   227 Under Armour, Inc. Class A(Æ) 68 6
DR Horton, Inc. 6,432   177 Vail Resorts, Inc. 2,542 318
Dunkin' Brands Group, Inc.(Ñ) 4,359   172 Visteon Corp.(Æ) 616 41
Expedia, Inc. 2,795   282 Wendy's Co. (The) 2,167 22
Foot Locker, Inc. 3,012   203 Whirlpool Corp. 5,900 793
Goodyear Tire & Rubber Co. (The) 7,001   199 Wyndham Worldwide Corp. 1,013 66
Graham Holdings Co. Class B 14   7       21,563
H&R Block, Inc. 385   13        
Hanesbrands, Inc. 1,492   46 Consumer Staples - 3.7%      
Harley-Davidson, Inc. 160   6 Bunge, Ltd. 14,270 885
Harman International Industries, Inc. 5,855   436 Campbell Soup Co. 5,101 288
Hilton Worldwide Holdings, Inc. 12,700   226 Casey's General Stores, Inc. 600 72
Hyatt Hotels Corp. Class A(Æ)(Ñ) 3,264   126 Church & Dwight Co., Inc. 2,417 203
International Game Technology PLC 264   4 Clorox Co. (The) 1,658 214
Jarden Corp.(Æ) 199   11 Coca-Cola Enterprises, Inc. 157 7
John Wiley & Sons, Inc. Class A(Æ) 9,200   385 ConAgra Foods, Inc. 607 25
Johnson Controls, Inc. 20,500   735 Constellation Brands, Inc. Class A 1,589 242
La Quinta Holdings, Inc.(Æ) 12,393   141 Dr Pepper Snapple Group, Inc. 4,753 446
Lamar Advertising Co. Class A(ö) 3,179   178 Edgewell Personal Care Co. 62 4
Lear Corp. 4,780   496 Flowers Foods, Inc. 786 16
Liberty Media Corp. Class A(Æ) 17,900   655 Herbalife, Ltd.(Æ) 215 10
Liberty Ventures Class A(Æ) 4,356   171 Hershey Co. (The) 56 5
Lions Gate Entertainment Corp. 420   11 Hormel Foods Corp. 5,779 465
Live Nation Entertainment, Inc.(Æ) 1,971   45 Ingredion, Inc. 258 26
LKQ Corp.(Æ) 25,512   699 Kroger Co. (The) 11,258 437
Marriott International, Inc. Class A(Ñ) 8,900   545 McCormick & Co., Inc. 2,378 209
MGM Resorts International(Æ) 21,512   432 Mead Johnson Nutrition Co. Class A 1,074 78
Mobileye NV(Æ)(Ñ) 8,007   217 Molson Coors Brewing Co. Class B 296 27
Mohawk Industries, Inc.(Æ) 72   12 Monster Beverage Corp.(Æ) 1,545 209
MSG Networks, Inc.(Æ) 595   10 Pilgrim's Pride Corp.(Æ) 1,073 24
Murphy USA, Inc.(Æ) 4,700   272 Pinnacle Foods, Inc. 12,425 533
New York Times Co. (The) Class A 3,700   49 Rite Aid Corp.(Æ) 11,038 86
News Corp. Class A 55,700   722 Spectrum Brands Holdings, Inc. 1,829 174
Nielsen Holdings PLC(Æ) 2,748   132 Sysco Corp. 18,407 733
Norwegian Cruise Line Holdings, Ltd.(Æ) 14,077   639 Tyson Foods, Inc. Class A 6,550 349
NVR, Inc.(Æ) 116   192 United Natural Foods, Inc.(Æ) 6,731 236

 

See accompanying notes which are an integral part of this quarterly report.

34 Russell U.S. Mid Cap Equity Fund

 

Russell Investment Company
Russell U.S. Mid Cap Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
WhiteWave Foods Co. (The) Class A(Æ) 576 22 Equinix, Inc.(ö) 87 27
      6,025 Equity LifeStyle Properties, Inc. Class A(ö) 2,730 180
        Everest Re Group, Ltd. 4,740 848
Energy - 6.0%       Extra Space Storage, Inc.(ö) 2,291 208
Cabot Oil & Gas Corp. 40,400 838 FactSet Research Systems, Inc. 1,080 163
FMC Technologies, Inc.(Æ) 16,600 418 First Republic Bank 2,400 163
Frank's International NV 8,400 123 Four Corners Property Trust, Inc.(Æ) 4,529 77
Hess Corp. 21,900 931 Gaming and Leisure Properties, Inc.(ö) 6,524 170
HollyFrontier Corp. 18,400 643 General Growth Properties, Inc.(ö) 32,000 897
Kosmos Energy, Ltd.(Æ) 15,600 71 Global Payments, Inc. 5,480 323
Marathon Petroleum Corp. 15,400 644 Great Western Bancorp, Inc. 3,300 86
NextEra Energy Partners, LP(Ñ) 28,000 756 Hartford Financial Services Group, Inc. 24,300 976
Noble Energy, Inc. 40,500 1,311 HCP, Inc.(ö) 5,799 208
Patterson-UTI Energy, Inc. 56,700 815 Health Care REIT, Inc.(Æ)(ö) 1,957 122
PBF Energy, Inc. Class A 12,200 427 Home BancShares, Inc. 3,600 139
Phillips 66(Æ) 1,900 152 Huntington Bancshares, Inc. 32,100 275
Pioneer Natural Resources Co. 10,950 1,357 Intercontinental Exchange, Inc. 3,550 937
Range Resources Corp.(Ñ) 5,997 177 Invesco, Ltd. 41,400 1,239
Tesoro Corp. 6,190 540 KeyCorp 34,700 387
Valero Energy Corp. 4,500 305 Kilroy Realty Corp.(ö) 5,800 324
Western Refining, Inc. 600 20 Kimco Realty Corp.(ö) 19,400 527
Whiting Petroleum Corp.(Æ) 6,217 46 Lazard, Ltd. Class A 35,400 1,274
World Fuel Services Corp. 8,830 344 Lincoln National Corp. 16,600 655
      9,918 Markel Corp.(Æ) 4 3
        MB Financial, Inc. 19,800 616
Financial Services - 27.0%       McGraw Hill Financial, Inc. 4,935 420
Alliance Data Systems Corp.(Æ) 2,541 508 MFA Financial, Inc.(ö) 29,571 188
Allstate Corp. (The) 21,100 1,279 Mid-America Apartment Communities, Inc.      
American Homes 4 Rent Class A(ö) 11,255 169   (ö) 545 51
Ameriprise Financial, Inc. 12,000 1,088 Morningstar, Inc. 2,100 169
AmTrust Financial Services, Inc. 8,538 488 Northern Trust Corp. 13,700 851
Apartment Investment & Management Co.       OneMain Holdings, Inc.(Æ) 4,800 127
  Class A(ö) 902 35 PartnerRe, Ltd. 1,311 184
Arch Capital Group, Ltd.(Æ) 10,600 716 Post Properties, Inc.(ö) 5,000 286
AvalonBay Communities, Inc.(ö) 5,410 928 PRA Group, Inc.(Æ)(Ñ) 6,708 200
Axis Capital Holdings, Ltd. 2,100 113 Principal Financial Group, Inc. 18,900 718
BankUnited, Inc. 12,300 415 Progressive Corp. (The) 33,200 1,038
BB&T Corp. 1,100 36 Prologis, Inc.(ö) 18,900 746
Bancorp, Inc.(Æ) 2,200 33 Public Storage(ö) 1,478 375
Blackhawk Network Holdings, Inc. Class       Raymond James Financial, Inc. 20,443 896
  A(Æ) 10,668 402 Regency Centers Corp.(ö) 8,700 630
Boston Properties, Inc.(ö) 6,140 714 Regions Financial Corp. 54,000 438
Brandywine Realty Trust(ö) 14,900 191 Reinsurance Group of America, Inc. Class A 4,800 404
Brixmor Property Group, Inc.(ö) 38,305 1,020 Renaissance Holdings, Ltd. 3,165 357
Capital One Financial Corp. 5,400 354 Signature Bank(Æ) 5,054 704
CBOE Holdings, Inc. 1,133 75 SL Green Realty Corp.(ö) 3,400 328
CBRE Group, Inc. Class A(Æ) 9,815 275 Starwood Property Trust, Inc.(ö) 4,072 78
Charles Schwab Corp. (The) 6,200 158 SunTrust Banks, Inc. 19,400 710
Chimera Investment Corp.(ö) 6,933 86 Synchrony Financial(Æ) 12,200 347
Citizens Financial Group, Inc. 32,000 680 Tanger Factory Outlet Centers, Inc.(ö) 3,943 126
Comerica, Inc. 27,300 936 Taubman Centers, Inc.(ö) 9,147 650
Corporate Office Properties Trust(ö) 27,500 613 TCF Financial Corp. 24,921 299
Crown Castle International Corp.(ö) 10,271 885 TD Ameritrade Holding Corp. 13,400 370
Discover Financial Services 9,100 417 Two Harbors Investment Corp.(ö) 20,094 153
Douglas Emmett, Inc.(ö) 16,300 482 Umpqua Holdings Corp. 58,400 846
Dun & Bradstreet Corp. (The) 5,390 530 Unum Group 21,800 624
E*Trade Financial Corp.(Æ) 24,100 568 Validus Holdings, Ltd. 4,019 178
East West Bancorp, Inc. 16,000 519 Vantiv, Inc. Class A(Æ) 6,203 292
Empire State Realty Trust, Inc. Class A(ö) 9,268 153 Vornado Realty Trust(ö) 3,900 345
Equifax, Inc. 3,377 357 Voya Financial, Inc. 20,000 612

 

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Mid Cap Equity Fund 35

 

Russell Investment Company
Russell U.S. Mid Cap Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Webster Financial Corp. 7,420 246 Bemis Co., Inc. 2,635 126
Weingarten Realty Investors(ö) 8,000 279 Cabot Corp. 4,600 186
Western Alliance Bancorp(Æ) 2,100 68 Caesarstone Sdot-Yam, Ltd.(Æ) 9,640 362
Western Union Co. (The) 11,045 197 Chemtura Corp.(Æ) 4,112 108
WEX, Inc.(Æ) 4,323 314 Crown Holdings, Inc.(Æ) 9,010 413
Willis Towers Watson PLC 12,279 1,406 Graphic Packaging Holding Co. 12,000 136
XL Group PLC Class A 28,400 1,030 Hexcel Corp. 6,505 269
      44,327 Ingersoll-Rand PLC 14,400 741
        Lennox International, Inc. Class 2 920 110
Health Care - 10.5%       Martin Marietta Materials, Inc. 1,000 126
Agilent Technologies, Inc. 25,400 956 MRC Global, Inc.(Æ) 3,100 31
Allscripts Healthcare Solutions, Inc.(Æ) 13,800 190 Owens-Illinois, Inc.(Æ) 9,000 117
AmerisourceBergen Corp. Class A 7,246 649 PPG Industries, Inc. 2,670 254
Anthem, Inc. 2,760 360 Scotts Miracle-Gro Co. (The) Class A 500 34
Baxalta, Inc. 8,600 344 Sherwin-Williams Co. (The) 1,860 476
BioMarin Pharmaceutical, Inc.(Æ) 3,049 226 Silgan Holdings, Inc. 268 14
Boston Scientific Corp.(Æ) 21,200 372 Sonoco Products Co. 1,099 43
Bruker Corp.(Æ) 6,700 149 Valmont Industries, Inc. 134 14
Cardinal Health, Inc. 8,882 723 WestRock Co. 30,660 1,082
Charles River Laboratories International,             5,438
  Inc.(Æ) 3,500 260        
Cigna Corp. 11,300 1,510 Producer Durables - 10.9%      
CR Bard, Inc. 2,242 411 Alaska Air Group, Inc. 682 48
DaVita HealthCare Partners, Inc.(Æ) 2,259 152 AO Smith Corp. 5,537 387
Dentsply International, Inc. 3,289 194 Avery Dennison Corp. 884 54
Edwards Lifesciences Corp.(Æ) 4,780 374 Booz Allen Hamilton Holding Corp. Class A 5,835 165
Endo International PLC(Æ) 9,536 529 BWX Technologies, Inc. 16,000 479
Envision Healthcare Holdings, Inc.(Æ) 10,923 241 Carlisle Cos., Inc. 3,659 306
ExamWorks Group, Inc.(Æ) 22,204 610 CEB, Inc. 5,997 354
Henry Schein, Inc.(Æ) 1,345 204 CH Robinson Worldwide, Inc. 5,700 369
HMS Holdings Corp.(Æ) 20,531 247 Cintas Corp.(Æ) 332 28
Intuitive Surgical, Inc.(Æ) 670 362 CoStar Group, Inc.(Æ) 2,441 428
Laboratory Corp. of America Holdings(Æ) 1,692 190 CSX Corp. 4,200 97
LivaNova PLC(Æ) 9,716 544 Delta Air Lines, Inc. 700 31
Magellan Health, Inc.(Æ) 1,200 68 Dycom Industries, Inc.(Æ) 6,023 399
Medicines Co. (The)(Æ)(Ñ) 8,930 309 EMCOR Group, Inc. 500 23
Pacira Pharmaceuticals, Inc.(Æ)(Ñ) 9,658 574 Expeditors International of Washington, Inc. 8,538 385
Patterson Cos., Inc. 8,000 340 Genpact, Ltd.(Æ) 10,897 261
PerkinElmer, Inc. 6,505 314 HD Supply Holdings, Inc.(Æ) 11,600 305
Perrigo Co. PLC 5,040 729 Hub Group, Inc. Class A(Æ) 2,500 76
Qiagen NV(Æ) 29,380 667 Hubbell, Inc.(Æ) 8,100 732
Quest Diagnostics, Inc. 1,408 92 Huntington Ingalls Industries, Inc. 2,790 357
Quintiles Transnational Holdings, Inc.(Æ) 9,800 596 ITT Corp. 16,400 532
Sirona Dental Systems, Inc.(Æ) 5,420 576 JB Hunt Transport Services, Inc. 7,200 523
St. Jude Medical, Inc. 4,800 254 JetBlue Airways Corp.(Æ) 8,369 178
STERIS PLC(Æ) 6,600 457 KBR, Inc. 23,600 337
Stryker Corp. 3,160 313 Korn/Ferry International 16,466 507
Teleflex, Inc.(Ñ) 1,295 176 Landstar System, Inc. 3,400 195
Tornier NV(Æ) 12,078 241 Lexmark International, Inc. Class A 9,200 260
Varian Medical Systems, Inc.(Æ) 2,400 185 Macquarie Infrastructure Corp. 11,035 740
Vertex Pharmaceuticals, Inc.(Æ) 5,285 480 ManpowerGroup, Inc. 8,500 649
WebMD Health Corp. Class A(Æ) 5,423 277 MAXIMUS, Inc. 8,040 429
Zimmer Biomet Holdings, Inc. 5,080 504 Mobile Mini, Inc. 16,669 432
Zoetis, Inc. Class A 8,000 344 MSC Industrial Direct Co., Inc. Class A 2,651 172
      17,293 Northrop Grumman Corp. 1,980 366
        On Assignment, Inc.(Æ) 11,236 434
Materials and Processing - 3.3%       Orbital ATK, Inc. 5,538 500
Ashland, Inc. 6,200 588 Oshkosh Corp. 20,100 662
Ball Corp. 357 24 Paychex, Inc. 9,100 436
Beacon Roofing Supply, Inc.(Æ) 4,546 184 Pentair PLC(Ñ) 2,813 133

 

See accompanying notes which are an integral part of this quarterly report.

36 Russell U.S. Mid Cap Equity Fund

 

Russell Investment Company
Russell U.S. Mid Cap Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)      
    Principal Fair         Principal   Fair  
  Amount ($) or Value       Amount ($) or   Value  
    Shares $         Shares   $  
Republic Services, Inc. Class A 10,045 439   SBA Communications Corp. Class A(Æ)   8,688   863  
Rockwell Automation, Inc. 5,300 506   Skyworks Solutions, Inc.   6,481   447  
Rockwell Collins, Inc. 3,400 275   Symantec Corp.   39,900   792  
Ryder System, Inc. 6,513 346   Synchronoss Technologies, Inc.(Æ)   28,804   883  
Snap-on, Inc. 2,948 476   Synopsys, Inc.(Æ)   16,800   721  
Stericycle, Inc.(Æ) 1,023 123   VMware, Inc. Class A(Æ)(Ñ)   1,200   55  
Textron, Inc. 18,700 640   Western Digital Corp.(Ñ)   14,350   689  
Toro Co. (The) 1,257 94   Workday, Inc. Class A(Æ)   4,600   290  
Trimble Navigation, Ltd.(Æ) 11,748 227   Zynga, Inc. Class A(Æ)   127,000   312  
Triumph Group, Inc. 4,800 122             21,369  
Tyco International PLC 15,400 530                
United Rentals, Inc.(Æ) 4,603 221   Utilities - 7.2%            
Wabtec Corp. 4,240 271   AGL Resources, Inc.(Æ)   3,030   193  
WageWorks, Inc.(Æ) 17,904 801   Ameren Corp.   31,400   1,411  
Waste Connections, Inc. 107 6   American Electric Power Co., Inc.   12,400   756  
Xylem, Inc. 3,500 126   American Water Works Co., Inc.   5,200   338  
      17,972   CMS Energy Corp.   18,300   712  
          DTE Energy Co.   5,200   442  
Technology - 13.0%         Edison International   22,800   1,409  
Amdocs, Ltd. 8,818 483   Exelon Corp.   39,500   1,168  
Applied Materials, Inc. 52,400 925   FirstEnergy Corp.   15,600   516  
ARRIS International PLC(Æ) 4,527 115   Gogo, Inc.(Æ)(Ñ)   50,735   738  
Arrow Electronics, Inc.(Æ) 8,900 459   Pepco Holdings, Inc.   2,822   75  
Aspen Technology, Inc.(Æ) 4,696 152   PG&E Corp.   1,900   104  
Avnet, Inc. 15,469 618   Pinnacle West Capital Corp.   4,800   318  
Black Knight Financial Services, Inc. Class         Public Service Enterprise Group, Inc.   13,100   541  
  A(Æ) 8,741 264   Sempra Energy   24,530   2,324  
Brocade Communications Systems, Inc. 63,220 504   TECO Energy, Inc.   7,019   190  
Cadence Design Systems, Inc.(Æ) 16,360 320   Xcel Energy, Inc.   15,300   585  
CDW Corp. 7,300 281             11,820  
Ciena Corp.(Æ) 1,200 21                
Cypress Semiconductor Corp.(Æ)(Ñ) 169,100 1,329   Total Common Stocks            
DigitalGlobe, Inc.(Æ) 13,489 177   (cost $163,798)         155,725  
DST Systems, Inc. 1,611 170                
F5 Networks, Inc.(Æ) 3,444 323 Short -Term Investments - 4.4%            
Gartner, Inc.(Æ) 2,599 228   Russell U.S. Cash Management Fund   7,206,782 (8) 7,207  
GoDaddy, Inc. Class A(Æ)(Ñ) 4,500 137   Total Short-Term Investments            
Groupon, Inc. Class A(Æ)(Ñ) 61,567 167   (cost $7,207)         7,207  
Harris Corp. 11,700 1,018                
IMS Health Holdings, Inc.(Æ) 11,279 261   Other Securities - 4.2%            
Ingram Micro, Inc. Class A 21,500 606   Russell U.S. Cash Collateral Fund(×)   6,887,965 (8) 6,888  
Intersil Corp. Class A 72,500 942   Total Other Securities            
InterXion Holding(Æ) 17,402 547   (cost $6,888)         6,888  
Intuit, Inc. 3,300 315                
JDS Uniphase Corp.(Æ) 31,900 159   Total Investments 103.3%            
Juniper Networks, Inc. 34,150 806   (identified cost $177,893)         169,820  
KLA-Tencor Corp. 8,500 569                
Leidos Holdings, Inc.(Ñ) 12,500 576   Other Assets and Liabilities, Net            
Marvell Technology Group, Ltd. 61,500 544 - (3.3%)       (5,503 )
Maxim Integrated Products, Inc. 25,600 855   Net Assets - 100.0%         164,317  
Mentor Graphics Corp. 21,160 368              
Motorola Solutions, Inc. 264 18                
NCR Corp.(Æ) 8,800 188                
NetApp, Inc. 26,830 588                
NETGEAR, Inc.(Æ) 1,900 71                
Nuance Communications, Inc.(Æ) 22,400 395                
ON Semiconductor Corp.(Æ) 26,800 229                
Palo Alto Networks, Inc.(Æ) 610 91                
Polycom, Inc.(Æ) 32,900 335                
Sabre Corp. 6,350 163                

 

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Mid Cap Equity Fund 37

 

Russell Investment Company
Russell U.S. Mid Cap Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Futures Contracts                          
 
Amounts in thousands (except contract amounts)                        
                        Unrealized  
                        Appreciation  
        Number of   Notional   Expiration   (Depreciation)  
        Contracts   Amount   Date   $  
Long Positions                          
S&P Mid 400 E-Mini Index Futures       60 USD 7,889 03/16   (201 )
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)                   (201 )
 
Presentation of Portfolio Holdings                          
 
 
Amounts in thousands                          
 
              Fair Value            
Portfolio Summary Level 1   Level 2     Level 3   Total  
Common Stocks                          
Consumer Discretionary $ 21,563   $ —     $   — $ 21,563  
Consumer Staples   6,025     —         —   6,025  
Energy   9,918     —         —   9,918  
Financial Services   44,327     —         —   44,327  
Health Care   17,293     —         —   17,293  
Materials and Processing   5,438     —         —   5,438  
Producer Durables   17,972     —         —   17,972  
Technology   21,369     —         —   21,369  
Utilities   11,820     —         —   11,820  
Short-Term Investments —   7,207       — 7,207  
Other Securities —   6,888       — 6,888  
Total Investments 155,725   14,095       — 169,820  
 
 
Other Financial Instruments                          
Futures Contracts (201 ) —       — (201 )
Total Other Financial Instruments* $ (201 ) $ —     $   — $ (201 )

 

*      Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.

For a description of the Levels see note 2 in the Notes to Quarterly Report.
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to Quarterly
Report.

See accompanying notes which are an integral part of this quarterly report.

38 Russell U.S. Mid Cap Equity Fund

 

Russell Investment Company
Russell U.S. Small Cap Equity Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Common Stocks - 95.3%       Gentherm, Inc.(Æ) 62,850 2,515
Consumer Discretionary - 14.1%       G-III Apparel Group, Ltd.(Æ) 74,922 3,698
2U, Inc.(Æ)(Ñ) 36,353 734 Graham Holdings Co. Class B 500 242
A H Belo Corp. Class A 39,868 238 Grand Canyon Education, Inc.(Æ) 5,490 207
Abercrombie & Fitch Co. Class A(Ñ) 18,201 478 Gray Television, Inc.(Æ) 140,307 1,845
AMC Entertainment Holdings, Inc. Class A 136,218 2,970 Group 1 Automotive, Inc. 7,000 376
American Woodmark Corp.(Æ) 15,809 1,091 Guess?, Inc. 7,800 145
Angie's List, Inc.(Æ)(Ñ) 87,464 743 Habit Restaurants, Inc. (The) Class A(Æ)(Ñ) 58,401 1,199
Ascena Retail Group, Inc.(Æ) 67,700 500 Hemisphere Media Group, Inc. Class A(Æ)      
Barnes & Noble Education, Inc.(Æ) 94,523 1,042 (Ñ) 27,019 389
Bassett Furniture Industries, Inc. 30,759 920 Horizon Global Corp.(Æ) 404,799 3,866
Beazer Homes USA, Inc.(Æ) 53,717 459 IMAX Corp.(Æ)(Ñ) 26,906 836
Belmond, Ltd. Class A(Æ) 156,696 1,326 Instructure, Inc.(Æ) 32,926 571
Bloomin' Brands, Inc. 119,828 2,116 Interval Leisure Group, Inc.(Ñ) 31,835 375
Bob Evans Farms, Inc. 62,436 2,556 Isle of Capri Casinos, Inc.(Æ) 106,108 1,343
Boyd Gaming Corp.(Æ) 49,159 876 J Alexander's Holdings, Inc.(Æ) 289,150 2,727
Bravo Brio Restaurant Group, Inc.(Æ) 46,773 403 Jack in the Box, Inc. 66,686 5,178
Brinker International, Inc. 68,094 3,387 John Wiley & Sons, Inc. Class A(Æ) 13,000 543
Brunswick Corp. 10,100 402 Johnson Outdoors, Inc. Class A 7,101 153
Burlington Stores, Inc.(Æ) 23,546 1,265 Journal Media Group, Inc. Class W 25,247 303
Cabela's, Inc.(Æ)(Ñ) 58,887 2,477 K12, Inc.(Æ) 7,400 68
CalAtlantic Group, Inc. 20,167 655 KAR Auction Services, Inc. 57,400 1,918
Caleres, Inc. 45,288 1,217 KB Home(Ñ) 91,658 995
Callaway Golf Co. 181,341 1,580 Kirkland's, Inc. 50,396 596
Capella Education Co. 4,699 206 Krispy Kreme Doughnuts, Inc.(Æ) 188,191 2,759
Carmike Cinemas, Inc.(Æ) 282,173 6,259 Lands' End, Inc.(Æ)(Ñ) 32,510 708
Carrols Restaurant Group, Inc.(Æ) 71,501 955 La-Z-Boy, Inc. Class Z 26,195 562
Carter's, Inc. 29,315 2,850 Lear Corp. 3,150 327
Cheesecake Factory, Inc. (The) 57,531 2,779 Lee Enterprises, Inc.(Æ)(Ñ) 589,747 855
Cherokee, Inc.(Æ) 61,717 1,011 Libbey, Inc. 142,100 2,274
Chico's FAS, Inc. 343,389 3,568 Liberty TripAdvisor Holdings, Inc. Class      
Children's Place, Inc. (The) 37,453 2,438   A(Æ) 56,993 1,273
Christopher & Banks Corp.(Æ)(Ñ) 331,641 574 Liberty Ventures Class A(Æ) 176,800 6,954
Churchill Downs, Inc.(Æ) 31,922 4,410 Lindblad Expeditions Holdings, Inc.(Æ) 97,818 980
Chuy's Holdings, Inc.(Æ)(Ñ) 90,830 3,105 Lithia Motors, Inc. Class A 40,965 3,137
Cinemark Holdings, Inc. 17,000 501 Lumber Liquidators Holdings, Inc.(Æ)(Ñ) 178,981 2,311
Citi Trends, Inc. 95,159 1,966 Malibu Boats, Inc. Class A(Æ) 89,352 1,168
Cooper-Standard Holding, Inc.(Æ) 13,507 936 Marchex, Inc. Class B 70,833 271
Coupons.com, Inc.(Æ)(Ñ) 13,263 81 MarineMax, Inc.(Æ) 65,879 1,114
Crocs, Inc.(Æ) 54,300 500 Marriott Vacations Worldwide Corp. 12,700 627
Crown Media Holdings, Inc. Class A(Æ) 291,108 1,307 Matthews International Corp. Class A 30,100 1,502
Del Frisco's Restaurant Group, Inc.(Æ) 158,781 2,515 MDC Partners, Inc. Class A(Ñ) 535,282 10,459
Del Taco Restaurants, Inc.(Æ)(Ñ) 231,080 2,235 Media General, Inc.(Æ) 106,736 1,733
Delta Apparel, Inc.(Æ) 40,300 486 Meredith Corp. 132,941 5,625
Denny's Corp.(Æ) 142,600 1,336 Meritage Homes Corp.(Æ) 45,250 1,494
Destination XL Group, Inc.(Æ) 60,100 258 Monarch Casino & Resort, Inc.(Æ) 61,540 1,274
Domino's Pizza, Inc. 16,473 1,877 Motorcar Parts of America, Inc.(Æ) 86,293 2,966
Duluth Holdings, Inc.(Æ) 40,569 670 Movado Group, Inc. 70,083 1,801
Eldorado Resorts, Inc.(Æ) 103,674 1,070 National CineMedia, Inc. 36,100 565
Entercom Communications Corp. Class A(Æ) 61,706 647 Nautilus, Inc.(Æ) 50,119 976
Entravision Communications Corp. Class A 192,017 1,432 New York Times Co. (The) Class A 85,890 1,135
Ethan Allen Interiors, Inc.(Ñ) 105,475 2,816 Nexstar Broadcasting Group, Inc. Class A 32,075 1,450
EW Scripps Co. (The) Class A 310,017 5,884 Noodles & Co. Class A(Æ)(Ñ) 97,207 1,170
Federal-Mogul Holdings Corp.(Æ) 53,133 253 Ollie's Bargain Outlet Holdings, Inc.(Æ) 39,870 891
Fenix Parts, Inc.(Æ)(Ñ) 16,855 84 Papa John's International, Inc. 11,200 535
Fiesta Restaurant Group, Inc.(Æ) 138,261 5,033 Peak Resorts, Inc.(Æ)(Ñ) 192,450 1,057
Finish Line, Inc. (The) Class A 137,771 2,609 Penn National Gaming, Inc.(Æ) 88,843 1,255
Francesca's Holdings Corp.(Æ) 42,095 767 Penske Automotive Group, Inc. 2,300 72
FTD Cos., Inc.(Æ) 161,343 3,985 Performance Sports Group, Ltd.(Æ) 210,191 1,503
Full House Resorts, Inc.(Æ) 582,885 839 Perry Ellis International, Inc.(Æ) 14,602 278

 

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Small Cap Equity Fund 39

 

Russell Investment Company
Russell U.S. Small Cap Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Pinnacle Entertainment, Inc.(Æ) 38,418 1,173 J&J Snack Foods Corp. 52,840 5,706
Pool Corp. 84,327 7,126 John B Sanfilippo & Son, Inc.(Æ) 17,951 1,077
PriceSmart, Inc. 28,597 2,189 Lancaster Colony Corp. 11,050 1,124
QuinStreet, Inc.(Æ) 27,800 106 Limoneira Co.(Ñ) 89,000 1,120
Radio One, Inc. Class D(Æ) 480,280 692 MGP Ingredients, Inc. 40,512 907
Rentrak Corp.(Æ)(Ñ) 19,930 886 National Beverage Corp.(Æ) 31,609 1,307
Rosetta Stone, Inc.(Æ) 12,727 85 Natural Health Trends Corp.(Ñ) 104,641 2,088
Scholastic Corp.(Ñ) 47,203 1,620 Nature's Sunshine Products, Inc. 3,876 33
Scientific Games Corp. Class A(Æ)(Ñ) 165,489 980 Omega Protein Corp.(Æ) 107,704 2,433
SeaWorld Entertainment, Inc.(Ñ) 58,104 1,107 Post Holdings, Inc.(Æ) 40,590 2,374
Select Comfort Corp.(Æ) 47,259 995 Primo Water Corp.(Æ) 72,564 676
Sequential Brands Group, Inc.(Æ)(Ñ) 106,900 688 Sanderson Farms, Inc.(Ñ) 27,943 2,269
Shoe Carnival, Inc. 9,500 220 SpartanNash Co. 245,169 5,031
Six Flags Entertainment Corp. 36,100 1,815 SUPERVALU, Inc.(Æ) 278,295 1,266
Skechers U.S.A., Inc. Class A(Æ) 100,567 2,835 Synutra International, Inc.(Æ)(Ñ) 24,801 123
Smith & Wesson Holding Corp.(Æ) 60,896 1,313 Tootsie Roll Industries, Inc.(Ñ) 25,301 830
Sportsman's Warehouse Holdings, Inc.(Æ) 57,566 755 Universal Corp.(Ñ) 39,272 2,149
Stamps.com, Inc.(Æ) 32,450 3,044 USANA Health Sciences, Inc.(Æ) 16,540 2,099
Standard Motor Products, Inc. 102,793 3,835 Weis Markets, Inc. 8,413 342
Starz Class A(Æ) 30,892 878       71,572
Steven Madden, Ltd.(Æ) 39,810 1,285        
Stoneridge, Inc.(Æ) 70,774 800 Energy - 2.1%      
Superior Uniform Group, Inc. 157,380 2,806 Approach Resources, Inc.(Æ)(Ñ) 459,900 593
Tailored Brands, Inc.(Æ) 115,632 1,585 Basic Energy Services, Inc.(Æ)(Ñ) 212,849 490
Tenneco, Inc.(Æ) 70,473 2,693 Bill Barrett Corp.(Æ)(Ñ) 716,042 2,649
Texas Roadhouse, Inc. Class A 50,223 1,850 Bonanza Creek Energy, Inc.(Æ)(Ñ) 391,454 1,116
Thor Industries, Inc. 57,111 2,994 Callon Petroleum Co.(Æ) 103,459 709
Tilly's, Inc. Class A(Æ) 96,596 627 CARBO Ceramics, Inc.(Ñ) 28,073 465
Time, Inc.(Æ) 148,906 2,234 Carrizo Oil & Gas, Inc.(Æ) 66,909 1,815
TiVo, Inc.(Æ) 76,000 606 Diamondback Energy, Inc.(Æ) 12,100 914
Tower International, Inc.(Æ) 21,722 500 Green Plains, Inc. 155,191 2,941
Townsquare Media, Inc. Class A(Æ)(Ñ) 267,354 2,513 Gulf Island Fabrication, Inc. 23,686 207
TRI Pointe Group, Inc.(Æ) 171,843 1,811 Gulfport Energy Corp.(Æ) 45,900 1,356
Tribune Publishing Co. 50,800 474 Independence Contract Drilling, Inc.(Æ) 97,062 393
Universal Electronics, Inc.(Æ) 1,979 99 ION Geophysical Corp.(Æ) 120,609 54
Vail Resorts, Inc. 13,030 1,629 Jones Energy, Inc. Class A(Æ)(Ñ) 175,536 370
Vista Outdoor, Inc.(Æ) 63,218 3,048 Matrix Service Co.(Æ) 35,300 669
Visteon Corp.(Æ) 4,300 288 McDermott International, Inc.(Æ)(Ñ) 631,456 1,743
VOXX International Corp. Class A(Æ) 35,686 153 Memorial Resource Development Corp.(Æ) 66,360 1,056
WCI Communities, Inc.(Æ) 13,270 278 Pacific Ethanol, Inc.(Æ)(Ñ) 283,200 988
Weight Watchers International, Inc.(Æ)(Ñ) 37,485 476 Par Petroleum Corp.(Æ) 37,215 890
West Marine, Inc.(Æ) 38,355 317 Patterson-UTI Energy, Inc.(Ñ) 371,107 5,337
William Lyon Homes Class A(Æ)(Ñ) 207,445 2,253 PBF Energy, Inc. Class A 4,800 168
ZAGG, Inc.(Æ) 71,030 655 Phillips 66 Partners, LP(Ñ) 48,742 2,763
      253,142 PowerSecure International, Inc.(Æ) 85,928 943
        QEP Resources, Inc. 80,680 1,034
Consumer Staples - 4.0%       Rice Energy, Inc.(Æ) 67,726 790
Andersons, Inc. (The) 152,479 4,469 RSP Permian, Inc.(Æ) 43,911 1,034
Boston Beer Co., Inc. Class A(Æ) 7,057 1,265 Sanchez Energy Corp.(Æ)(Ñ) 119,235 432
Cadiz, Inc.(Æ)(Ñ) 66,900 371 Synergy Resources Corp.(Æ) 206,339 1,308
Cal-Maine Foods, Inc.(Ñ) 98,457 4,969 TETRA Technologies, Inc.(Æ) 175,600 1,087
Casey's General Stores, Inc. 118,083 14,257 US Antimony Corp.(Å)(Æ)(Ñ) 1,008,972 203
Core-Mark Holding Co., Inc. 76,447 6,214 Westmoreland Coal Co.(Æ)(Ñ) 130,500 728
Diplomat Pharmacy, Inc.(Æ)(Ñ) 105,134 2,861 Willbros Group, Inc.(Æ) 292,058 567
Energizer Holdings, Inc. 24,550 787 World Fuel Services Corp. 43,900 1,710
Farmer Brothers Co.(Æ) 40,611 1,132       37,522
Flowers Foods, Inc. 9,600 197        
Fresh Del Monte Produce, Inc. 22,629 923 Financial Services - 26.3%      
Freshpet, Inc.(Æ)(Ñ) 66,300 394 Agree Realty Corp. (ö) 20,979 775
Inventure Foods, Inc.(Æ)(Ñ) 138,534 779 Altisource Residential Corp. (ö) 106,472 1,059

 

See accompanying notes which are an integral part of this quarterly report.

40 Russell U.S. Small Cap Equity Fund

 

Russell Investment Company
Russell U.S. Small Cap Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Ambac Financial Group, Inc.(Æ) 87,448 1,228 Duke Realty Corp. (ö) 20,000 403
AMERISAFE, Inc. 29,478 1,504 DuPont Fabros Technology, Inc. (ö) 103,498 3,433
Anchor BanCorp Wisconsin, Inc.(Æ) 1,500 64 E*Trade Financial Corp.(Æ) 4,800 113
Ares Commercial Real Estate Corp. (Æ)(ö) 132,200 1,409 Eagle Bancorp, Inc.(Æ) 4,771 225
Argo Group International Holdings, Ltd. 56,168 3,192 East West Bancorp, Inc. 24,100 781
Armada Hoffler Properties, Inc. (ö) 13,400 144 Easterly Government Properties, Inc. (Æ)(ö) 64,299 1,146
Ashford Hospitality Prime, Inc.(ö) 49,789 547 EastGroup Properties, Inc. (ö) 22,000 1,175
Ashford, Inc.(Æ) 18,380 976 Education Realty Trust, Inc. (ö) 69,574 2,719
Assurant, Inc. 18,500 1,504 EMC Insurance Group, Inc. 10,899 253
BancFirst Corp. 15,700 878 Employers Holdings, Inc. 76,800 1,913
BancorpSouth, Inc. 99,668 2,081 Endurance Specialty Holdings, Ltd. 55,965 3,466
Bank Mutual Corp.(Æ) 60,393 476 Enstar Group, Ltd.(Æ) 3,622 578
Bank of Marin Bancorp 800 43 Enterprise Financial Services Corp. 30,867 876
Bank of the Ozarks, Inc. 181,990 8,069 EPR Properties (ö) 40,630 2,436
Banner Corp. 3,657 152 Equity Commonwealth(Æ)(ö) 78,500 2,111
BBCN Bancorp, Inc.(Æ) 97,171 1,477 Equity One, Inc. (ö) 76,600 2,123
Berkshire Hills Bancorp, Inc. 38,644 1,074 Essent Group, Ltd.(Æ) 145,015 2,606
BGC Partners, Inc. Class A 185,700 1,699 EverBank Financial Corp. 42,074 592
Blue Hills Bancorp, Inc. 54,843 806 Evercore Partners, Inc. Class A 59,061 2,668
Bluerock Residential Growth REIT, Inc.       Fair Isaac Corp. 32,421 3,098
  Class A(ö) 139,100 1,441 FBL Financial Group, Inc. Class A 3,200 195
BNC Bancorp 51,393 1,193 FBR & Co. 65,400 1,197
Boston Private Financial Holdings, Inc. 22,200 230 FCB Financial Holdings, Inc. Class A(Æ) 54,020 1,816
Brookline Bancorp, Inc. 336,253 3,753 Federated National Holding Co. 26,344 652
Bryn Mawr Bank Corp. 3,600 94 FelCor Lodging Trust, Inc. (ö) 533,065 3,710
Capital Bank Financial Corp. Class A(Æ) 39,941 1,216 Fidelity Southern Corp. 16,380 259
Capital City Bank Group, Inc. 2,877 41 First American Financial Corp. 30,000 1,031
Capital Southwest Corp.(Æ) 62,237 887 First BanCorp(Æ) 620,715 1,614
Cardinal Financial Corp. 121,700 2,321 First Busey Corp.(Æ) 38,832 716
Cardtronics, Inc.(Æ) 63,374 1,953 First Business Financial Services, Inc. 10,060 231
Cascade Bancorp(Æ) 14,206 77 First Defiance Financial Corp. 20,800 810
Cash America International, Inc. 142,685 4,272 First Financial Bancorp 236,482 3,784
CatchMark Timber Trust, Inc. Class A(ö) 171,000 1,862 First Financial Corp. 8,900 294
Cedar Realty Trust, Inc. (ö) 257,700 1,819 First Foundation, Inc.(Æ) 22,500 502
CenterState Banks, Inc. 221,937 3,149 First Industrial Realty Trust, Inc. (ö) 102,936 2,119
Central Pacific Financial Corp. 90,200 1,890 First Interstate BancSystem, Inc. Class A 58,899 1,587
Charter Financial Corp. 147,248 1,979 First Merchants Corp. 87,719 2,005
Chemical Financial Corp. 121,849 3,882 First Midwest Bancorp, Inc. 282,749 4,928
Cherry Hill Mortgage Investment Corp.(Æ)(ö) 8,414 115 First NBC Bank Holding Co.(Æ) 118,727 3,727
City Office REIT, Inc.(Æ)(ö) 100,100 1,176 FNB Corp. 631,566 7,610
CNO Financial Group, Inc. 95,500 1,662 FNFV Group(Æ) 680,383 6,382
CoBiz Financial, Inc. 117,299 1,289 Franklin Financial Network, Inc.(Æ) 30,160 839
Cohen & Steers, Inc. 118,871 3,592 Franklin Street Properties Corp. (ö) 35,904 350
Colony Capital, Inc. Class A(ö) 123,712 2,132 FRP Holdings, Inc.(Æ)(Þ) 68,931 2,093
Colony Starwood Homes(ö) 98,180 2,113 Fulton Financial Corp. 305,195 3,922
Columbia Banking System, Inc. 149,660 4,434 GEO Group, Inc. (The) (ö) 117,800 3,485
Community Bank System, Inc. 52,287 1,968 German American Bancorp, Inc. 4,951 158
Community Trust Bancorp, Inc. 15,070 525 Glacier Bancorp, Inc. 88,892 2,097
CommunityOne Bancorp(Æ) 25,663 338 Global Indemnity PLC Class A(Æ) 8,033 242
Consolidated-Tomoka Land Co. 46,258 2,149 Golub Capital BDC, Inc.(Ñ) 35,300 549
Corporate Office Properties Trust (ö) 222,532 4,962 Gramercy Property Trust (Æ) 224,561 1,642
Cowen Group, Inc. Class A(Æ)(Ñ) 524,375 1,500 Great Southern Bancorp, Inc. 6,300 250
CubeSmart (ö) 65,408 2,047 Great Western Bancorp, Inc. 39,500 1,032
Cullen/Frost Bankers, Inc. 1,219 58 Green Dot Corp. Class A(Æ) 48,794 867
Customers Bancorp, Inc.(Æ) 105,942 2,659 Greenhill & Co., Inc. 63,987 1,522
CyrusOne, Inc. (ö) 193,900 7,145 Hallmark Financial Services, Inc.(Æ) 22,780 248
CYS Investments, Inc. (ö) 283,916 1,956 Hancock Holding Co. 145,219 3,479
Diamond Hill Investment Group, Inc.(Æ)(Þ) 16,249 2,747 Hanover Insurance Group, Inc. (The) 61,655 5,024
DiamondRock Hospitality Co. (ö) 180,400 1,497 Hatteras Financial Corp.(ö) 12,000 147
Donegal Group, Inc. Class A 1,100 16 Healthcare Realty Trust, Inc. (ö) 36,100 1,048

 

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Small Cap Equity Fund 41

 

Russell Investment Company
Russell U.S. Small Cap Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Heartland Financial USA, Inc. 14,107 422 PennyMac Financial Services, Inc. Class      
Heartland Payment Systems, Inc. 56,082 5,164   A(Æ) 24,901 297
Hercules Technology Growth Capital, Inc.       People's Utah Bancorp(Æ) 47,250 730
  (Æ)(Ñ) 133,685 1,468 Physicians Realty Trust (ö) 204,525 3,491
Heritage Financial Corp. 134,506 2,436 Pinnacle Financial Partners, Inc. 6,879 343
Heritage Insurance Holdings, Inc.(Æ) 49,430 980 Planet Payment, Inc.(Æ) 195,019 564
Hersha Hospitality Trust Class A(ö) 47,150 828 Popular, Inc.(Æ) 65,800 1,654
HFF, Inc. Class A(Æ) 131,009 3,743 Post Properties, Inc.(ö) 5,700 327
Highwoods Properties, Inc. (ö) 16,500 698 Potlatch Corp. (ö) 263,549 7,601
Home BancShares, Inc. 138,910 5,377 Preferred Bank 4,900 159
HomeTrust Bancshares, Inc.(Æ) 15,209 281 PrivateBancorp, Inc. Class A 93,024 3,500
Howard Hughes Corp. (The)(Æ) 16,060 1,526 Prosperity Bancshares, Inc. 179,731 7,621
Huntington Bancshares, Inc. 32,100 275 Provident Financial Services, Inc. 218,732 4,296
Iberiabank Corp. 86,453 4,137 Radian Group, Inc. 161,131 1,621
Independent Bank Corp. 148,329 2,246 Raymond James Financial, Inc. 9,100 399
Independent Bank Group, Inc. 10,863 325 RE/MAX Holdings, Inc. Class A 47,500 1,654
Investment Technology Group, Inc. 40,900 704 Real Industry, Inc.(Æ) 89,500 573
Investors Bancorp, Inc. 427,500 4,997 Regency Centers Corp.(ö) 7,500 543
Jack Henry & Associates, Inc. 66,054 5,362 Reinsurance Group of America, Inc. Class A 21,354 1,799
James River Group Holdings, Ltd.(Æ) 27,270 925 Renasant Corp. 1,960 62
JMP Group LLC(Ñ) 107,109 590 Retail Opportunity Investments Corp. (ö) 315,786 5,839
KCG Holdings, Inc. Class A(Æ) 86,293 882 RLI Corp. 28,400 1,684
Kearny Financial Corp.(Æ) 304,014 3,676 Rouse Properties, Inc. (Ñ)(ö) 220,900 3,866
Kemper Corp. 78,340 2,707 Ryman Hospitality Properties, Inc.(ö) 14,052 660
Kennedy-Wilson Holdings, Inc. 82,600 1,675 Sabra Health Care REIT, Inc.(ö) 102,141 1,875
Lakeland Bancorp, Inc. 59,460 667 Sandy Spring Bancorp, Inc. 6,500 173
Lakeland Financial Corp. 4,400 193 Selective Insurance Group, Inc. 172,083 5,388
LaSalle Hotel Properties (ö) 103,140 2,286 Seritage Growth Properties(Æ)(Ñ)(ö) 34,100 1,330
LCNB Corp.(Å) 85,328 1,395 ServisFirst Bancshares, Inc. 19,312 774
LendingTree, Inc.(Æ)(Ñ) 18,712 1,379 Signature Bank(Æ) 6,550 913
Mack-Cali Realty Corp. (ö) 94,848 1,972 Silver Bay Realty Trust Corp. (ö) 79,348 1,108
Maiden Holdings, Ltd. 290,874 3,723 Simmons First National Corp. Class A 2,529 112
Marcus & Millichap, Inc.(Æ) 21,491 508 South State Corp. 55,589 3,716
MarketAxess Holdings, Inc. 38,517 4,477 Southwest Bancorp, Inc. 145,382 2,434
MB Financial, Inc. 112,499 3,501 Sovran Self Storage, Inc. (ö) 15,000 1,690
Medical Properties Trust, Inc. (ö) 116,100 1,277 Starwood Property Trust, Inc.(ö) 137,419 2,616
Meridian Bancorp, Inc. 186,194 2,616 State Auto Financial Corp.(Æ) 200 4
MGIC Investment Corp.(Æ) 421,794 2,792 State Bank Financial Corp. 363,733 7,005
Moelis & Co. Class A 37,900 964 Sterling Bancorp 203,681 3,200
MoneyGram International, Inc.(Æ) 14,721 78 Stewart Information Services Corp. 24,960 885
Morningstar, Inc. 10,390 835 Stifel Financial Corp.(Æ) 27,300 913
National Bank Holdings Corp. Class A 248,378 4,891 Stock Yards Bancorp, Inc. 8,302 324
National Health Investors, Inc. (ö) 27,171 1,649 Stonegate Bank 63,702 2,017
National Storage Affiliates Trust (Æ)(ö) 108,862 1,893 STORE Capital Corp. (ö) 23,300 578
National Western Life Group, Inc. Class A(Æ) 2,893 667 Summit Hotel Properties, Inc. (ö) 70,950 720
Navigators Group, Inc. (The)(Æ) 27,700 2,427 Sun Communities, Inc. (ö) 50,023 3,331
Nelnet, Inc. Class A 6,351 206 Sunstone Hotel Investors, Inc. (ö) 16,564 197
New Residential Investment Corp. (ö) 259,132 2,952 SVB Financial Group(Æ) 1,210 123
New Senior Investment Group, Inc. (ö) 305,395 2,807 Talmer Bancorp, Inc. Class A 130,351 2,093
New York Mortgage Trust, Inc. (Ñ)(ö) 194,752 943 Tanger Factory Outlet Centers, Inc. (ö) 234,309 7,496
Newcastle Investment Corp. (ö) 227,678 811 Taubman Centers, Inc. (ö) 1,400 99
Northfield Bancorp, Inc. 136,300 2,110 Terreno Realty Corp. (ö) 72,632 1,633
Northwest Bancshares, Inc. 226,908 2,852 Territorial Bancorp, Inc. 16,541 441
OceanFirst Financial Corp. 17,281 306 THL Credit, Inc. 46,200 448
OFG Bancorp 71,335 401 Towne Bank 47,071 898
Old National Bancorp 665,672 8,201 TriCo Bancshares 48,193 1,229
OneMain Holdings, Inc.(Æ) 2,500 66 TriState Capital Holdings, Inc.(Æ) 56,276 670
Opus Bank 36,567 1,206 TrustCo Bank Corp. 202,435 1,113
Pacific Premier Bancorp, Inc.(Æ) 51,394 1,055 Two Harbors Investment Corp.(ö) 70,200 534
PacWest Bancorp 95,386 3,502 UMB Financial Corp. 81,178 3,807

 

See accompanying notes which are an integral part of this quarterly report.

42 Russell U.S. Small Cap Equity Fund

 

Russell Investment Company
Russell U.S. Small Cap Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Union Bankshares Corp. 96,012 2,205 DexCom, Inc.(Æ) 8,641 616
United Community Banks, Inc. 78,600 1,420 Dynavax Technologies Corp.(Æ)(Ñ) 40,339 972
United Financial Bancorp, Inc. 258,385 2,920 Eagle Pharmaceuticals, Inc.(Æ)(Ñ) 15,800 1,136
United Fire Group, Inc. 22,065 852 Emergent BioSolutions, Inc.(Æ) 34,500 1,263
Universal Insurance Holdings, Inc.(Ñ) 62,634 1,174 Enanta Pharmaceuticals, Inc.(Æ) 54,122 1,391
Walker & Dunlop, Inc.(Æ) 22,016 527 Ensign Group, Inc. (The) 173,955 3,905
Washington Federal, Inc. 110,000 2,348 Envision Healthcare Holdings, Inc.(Æ) 27,521 608
Webster Financial Corp. 143,427 4,757 Everyday Health, Inc.(Æ) 3,600 17
WesBanco, Inc. 76,717 2,226 Exactech, Inc.(Æ) 26,664 534
Westamerica Bancorporation(Ñ) 74,995 3,275 Exelixis, Inc.(Æ)(Ñ) 177,406 820
Western Alliance Bancorp(Æ) 76,547 2,494 Fate Therapeutics, Inc.(Æ) 18,700 40
Western Asset Mortgage Capital Corp. (Ñ)(ö) 93,133 914 Five Prime Therapeutics, Inc.(Æ) 30,412 1,093
Wintrust Financial Corp. 7,500 316 Five Star Quality Care, Inc.(Æ) 59,355 151
WisdomTree Investments, Inc.(Ñ) 30,194 362 Flamel Technologies SA - ADR(Æ) 310,427 3,154
WSFS Financial Corp. 48,855 1,420 Genomic Health, Inc.(Æ) 24,429 704
Yadkin Financial Corp. 60,400 1,404 Geron Corp.(Æ)(Ñ) 179,049 546
      472,990 Globus Medical, Inc. Class A(Æ) 132,223 3,299
        Greatbatch, Inc.(Æ) 44,211 1,707
Health Care - 10.9%       Halyard Health, Inc.(Æ) 41,258 1,023
Abaxis, Inc. 35,756 1,582 HealthEquity, Inc.(Æ) 113,445 2,445
Abiomed, Inc.(Æ) 90,949 7,761 HealthSouth Corp. 76,478 2,737
Acadia Healthcare Co., Inc.(Æ) 69,294 4,229 Heron Therapeutics, Inc.(Æ)(Ñ) 28,248 593
Accuray, Inc.(Æ)(Ñ) 449,200 2,394 Heska Corp.(Æ) 28,805 1,076
Achaogen, Inc.(Æ) 7,147 26 ICON PLC(Æ) 13,177 871
Acorda Therapeutics, Inc.(Æ) 36,311 1,337 ICU Medical, Inc.(Æ) 13,600 1,309
Adamas Pharmaceuticals, Inc.(Æ) 27,188 466 Impax Laboratories, Inc.(Æ) 30,358 1,137
Addus HomeCare Corp.(Æ) 42,500 901 Inogen, Inc.(Æ) 59,164 1,967
Adeptus Health, Inc. Class A(Æ)(Ñ) 28,548 1,347 Insys Therapeutics, Inc.(Æ)(Ñ) 115,773 2,009
Air Methods Corp.(Æ) 17,300 674 Integra LifeSciences Holdings Corp.(Æ) 90,605 5,568
Akorn, Inc.(Æ) 84,257 2,190 Intra-Cellular Therapies, Inc.(Æ) 30,610 1,135
Albany Molecular Research, Inc.(Æ)(Ñ) 130,741 2,134 Invacare Corp. 143,331 2,209
Alere, Inc.(Æ) 23,300 867 Kindred Healthcare, Inc. 146,591 1,416
Allscripts Healthcare Solutions, Inc.(Æ) 313,390 4,318 Landauer, Inc. 8,700 267
AMAG Pharmaceuticals, Inc.(Æ) 64,391 1,475 Lantheus Holdings, Inc.(Æ) 500 1
Amedisys, Inc.(Æ) 13,626 487 LeMaitre Vascular, Inc. 67,804 990
AMN Healthcare Services, Inc.(Æ) 84,450 2,379 Lexicon Pharmaceuticals, Inc.(Æ)(Ñ) 58,372 595
Anacor Pharmaceuticals, Inc.(Æ) 34,590 2,599 LHC Group, Inc.(Æ) 14,702 557
Analogic Corp. 27,551 2,041 LifePoint Health, Inc.(Æ) 21,438 1,496
ANI Pharmaceuticals, Inc.(Æ)(Ñ) 27,046 866 Ligand Pharmaceuticals, Inc. Class B(Æ)(Ñ) 77,141 7,712
ArQule, Inc.(Æ) 15,500 27 Lipocine, Inc.(Æ)(Ñ) 49,413 448
Atrion Corp. 1,492 560 Loxo Oncology, Inc.(Æ) 26,220 542
BioDelivery Sciences International, Inc.(Æ)       Luminex Corp.(Æ) 101,200 1,942
(Ñ) 533,224 2,160 Magellan Health, Inc.(Æ) 38,500 2,194
BioTelemetry, Inc.(Æ) 31,967 302 Masimo Corp.(Æ) 9,000 331
Cambrex Corp.(Æ) 35,632 1,234 Meridian Bioscience, Inc. 2,406 46
Capital Senior Living Corp.(Æ) 140,825 2,581 Mirati Therapeutics, Inc.(Æ)(Ñ) 24,343 524
Cara Therapeutics, Inc.(Æ) 38,813 349 Molina Healthcare, Inc.(Æ) 123,239 6,767
Cerus Corp.(Æ)(Ñ) 146,975 798 NanoString Technologies, Inc.(Æ)(Ñ) 31,072 433
Chemed Corp. 45,319 6,359 National HealthCare Corp. 3,388 214
Civitas Solutions, Inc.(Æ) 29,934 720 Natus Medical, Inc.(Æ) 69,835 2,464
Collegium Pharmaceutical, Inc.(Æ)(Ñ) 34,922 595 NeoGenomics, Inc.(Æ) 398,980 2,721
Concert Pharmaceuticals, Inc.(Æ) 40,867 624 Nevro Corp.(Æ)(Ñ) 21,278 1,315
CONMED Corp. 50,729 1,874 NewLink Genetics Corp.(Æ)(Ñ) 55,025 1,340
CorVel Corp.(Æ) 57,856 2,639 NuVasive, Inc.(Æ) 27,586 1,272
Cross Country Healthcare, Inc.(Æ) 50,483 727 Omnicell, Inc.(Æ) 4,534 127
Cynosure, Inc. Class A(Æ) 94,788 3,431 Owens & Minor, Inc. 80,359 2,784
Cytokinetics, Inc.(Æ)(Ñ) 71,868 553 Pacific Biosciences of California, Inc.(Æ) 88,165 942
CytomX Therapeutics, Inc.(Æ)(Ñ) 36,664 576 Pacira Pharmaceuticals, Inc.(Æ)(Ñ) 60,645 3,604
Depomed, Inc.(Æ)(Ñ) 84,305 1,293 Patterson Cos., Inc. 33,100 1,405
Dermira, Inc.(Æ) 27,200 762 PDL BioPharma, Inc. 466,928 1,466

 

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Small Cap Equity Fund 43

 

Russell Investment Company
Russell U.S. Small Cap Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Peregrine Pharmaceuticals, Inc.(Æ)(Ñ) 36,800 36 Kraton Performance Polymers, Inc.(Æ) 38,749 569
Prestige Brands Holdings, Inc.(Æ) 53,998 2,521 Kronos Worldwide, Inc.(Ñ) 311,289 1,463
Prothena Corp. PLC(Æ) 11,357 442 Landec Corp.(Æ) 141,900 1,707
Providence Service Corp. (The)(Æ) 47,700 2,118 LSI Industries, Inc.(Æ) 73,147 844
Quality Systems, Inc. 61,000 800 Materion Corp. 24,122 591
Quintiles Transnational Holdings, Inc.(Æ) 3,000 182 MRC Global, Inc.(Æ) 83,700 841
Retrophin, Inc.(Æ) 9,360 140 NCI Building Systems, Inc.(Æ) 87,413 907
Rigel Pharmaceuticals, Inc.(Æ) 175,608 483 Neenah Paper, Inc. 879 53
Sagent Pharmaceuticals, Inc.(Æ) 90,318 1,365 NewMarket Corp. 8,338 3,162
Spectranetics Corp. (The)(Æ)(Ñ) 54,162 653 Northwest Pipe Co.(Æ) 8,600 82
STERIS PLC(Æ) 95,189 6,591 PGT, Inc.(Æ) 323,506 3,170
Sucampo Pharmaceuticals, Inc. Class A(Æ) 13,960 177 PolyOne Corp. 25,487 690
Supernus Pharmaceuticals, Inc.(Æ) 121,985 1,383 Quaker Chemical Corp. 54,054 4,055
SurModics, Inc.(Æ) 75,826 1,513 Reliance Steel & Aluminum Co. 1,400 80
Tandem Diabetes Care, Inc.(Æ) 105,770 953 Scotts Miracle-Gro Co. (The) Class A 5,200 357
TherapeuticsMD, Inc.(Æ)(Ñ) 83,241 595 Sensient Technologies Corp. 31,732 1,894
Trevena, Inc.(Æ) 67,755 493 Silgan Holdings, Inc. 31,800 1,681
Trinity Biotech PLC - ADR(Ñ) 166,100 1,759 Stepan Co. 31,613 1,421
Triple-S Management Corp. Class B(Æ) 32,355 721 Trex Co., Inc.(Æ) 31,235 1,173
Universal American Corp.(Æ) 16,639 105 Unifi, Inc.(Æ) 102,025 2,435
US Physical Therapy, Inc. 51,460 2,632 Universal Forest Products, Inc. 3,826 264
Utah Medical Products, Inc. 13,403 756 US Concrete, Inc.(Æ) 14,037 638
Vascular Solutions, Inc.(Æ) 17,299 473 US Silica Holdings, Inc.(Ñ) 209,493 3,907
VCA, Inc.(Æ) 50,877 2,608 Valspar Corp. 7,900 619
Vical, Inc.(Æ) 43,900 15       82,217
VWR Corp.(Æ)(Ñ) 79,794 1,952        
WellCare Health Plans, Inc.(Æ) 17,312 1,315 Producer Durables - 13.5%      
Zeltiq Aesthetics, Inc.(Æ)(Ñ) 114,970 2,670 ABM Industries, Inc. 41,110 1,235
      195,638 ACCO Brands Corp.(Æ) 287,678 1,746
        Accuride Corp.(Æ) 278,247 234
Materials and Processing - 4.5%       Aerovironment, Inc.(Æ) 23,933 611
Aceto Corp. 28,645 655 Air Transport Services Group, Inc.(Æ) 56,800 553
Acuity Brands, Inc. 12,542 2,539 Allegiant Travel Co. Class A 5,620 902
Allegheny Technologies, Inc. 38,500 361 Allied Motion Technologies, Inc. 82,127 1,605
Apogee Enterprises, Inc. 112,400 4,471 Altra Industrial Motion Corp. 86,160 1,935
AptarGroup, Inc. 6,600 481 ArcBest Corp. 3,200 66
Armstrong World Industries, Inc.(Æ) 20,740 802 Ardmore Shipping Corp. 91,400 928
Aspen Aerogels, Inc.(Æ) 13,900 61 Astec Industries, Inc. 108,360 4,042
Axiall Corp. 190,100 3,409 Babcock & Wilcox Co. (The) Class W 216,120 6,471
Beacon Roofing Supply, Inc.(Æ) 24,428 989 Babcock & Wilcox Enterprises, Inc.(Æ) 308,307 6,367
Belden, Inc. 933 40 Brady Corp. Class A 102,173 2,293
Berry Plastics Group, Inc.(Æ) 72,685 2,261 Briggs & Stratton Corp. 131,937 2,594
Boise Cascade Co.(Æ) 98,030 2,025 Brink's Co. (The) 81,410 2,393
Cabot Corp. 157,006 6,334 CAI International, Inc.(Æ) 22,021 138
Caesarstone Sdot-Yam, Ltd.(Æ) 24,667 927 CBIZ, Inc.(Æ) 286,701 2,896
Carpenter Technology Corp. 68,033 1,889 CDI Corp. 32,300 166
Chase Corp.(Æ) 4,356 200 CEB, Inc. 83,244 4,910
Chemtura Corp.(Æ) 97,451 2,557 Celadon Group, Inc. 24,400 194
Comfort Systems USA, Inc. 43,897 1,244 Clarcor, Inc. 35,724 1,674
Commercial Metals Co. 42,400 590 Commercial Vehicle Group, Inc.(Æ) 205,333 637
Compass Minerals International, Inc. 110,412 8,264 Control4 Corp.(Æ)(Ñ) 100,784 688
Gibraltar Industries, Inc.(Æ) 59,284 1,259 Convergys Corp. 49,483 1,209
Global Brass & Copper Holdings, Inc. 39,379 816 CoStar Group, Inc.(Æ) 16,732 2,934
Greif, Inc. Class A 56,622 1,497 Covanta Holding Corp.(Ñ) 44,200 625
Griffon Corp. 37,219 565 Covenant Transportation Group, Inc. Class      
Haynes International, Inc. 64,126 2,052   A(Æ) 39,103 764
Headwaters, Inc.(Æ) 97,087 1,551 CPI Aerostructures, Inc.(Æ) 81,967 718
Innospec, Inc. 4,960 247 CRA International, Inc.(Æ) 13,300 248
Insteel Industries, Inc. 37,488 919 Crane Co. 46,210 2,207
KapStone Paper and Packaging Corp.(Æ) 41,230 609 CSW Industrials, Inc.(Æ) 13,785 470

 

See accompanying notes which are an integral part of this quarterly report.

44 Russell U.S. Small Cap Equity Fund

 

Russell Investment Company
Russell U.S. Small Cap Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Curtiss-Wright Corp. 38,009 2,623 Moog, Inc. Class A(Æ) 31,493 1,459
Deluxe Corp. 25,401 1,420 MSA Safety, Inc. 98,041 4,196
DHI Group, Inc.(Æ) 28,410 264 MYR Group, Inc.(Æ) 21,041 421
Dorian LPG, Ltd.(Æ)(Ñ) 4,536 48 Navigant Consulting, Inc.(Æ) 50,918 804
Echo Global Logistics, Inc.(Æ) 34,100 751 Navigator Holdings, Ltd.(Æ)(Ñ) 59,800 828
Electro Rent Corp. 5,757 50 Navios Maritime Acquisition Corp.(Ñ) 157,210 358
Electronics For Imaging, Inc.(Æ) 30,695 1,270 NV5 Global, Inc.(Æ) 5,810 110
EMCOR Group, Inc. 62,520 2,857 Old Dominion Freight Line, Inc.(Æ) 66,027 3,620
Energy Recovery, Inc.(Æ)(Ñ) 97,443 604 On Assignment, Inc.(Æ) 121,798 4,707
Engility Holdings, Inc. 41,100 555 Orion Marine Group, Inc.(Æ) 245,000 884
Ennis, Inc. 43,547 870 Oshkosh Corp. 70,261 2,314
Esterline Technologies Corp.(Æ) 8,365 658 Paylocity Holding Corp.(Æ) 105,913 3,296
ExlService Holdings, Inc.(Æ) 26,974 1,178 PFSweb, Inc.(Æ) 47,286 585
Exponent, Inc. 86,160 4,421 Pitney Bowes, Inc. 12,400 243
Forward Air Corp. 18,238 787 Powell Industries, Inc. 19,569 490
Franklin Electric Co., Inc. 48,865 1,333 Primoris Services Corp. 212,303 4,329
FreightCar America, Inc. 118,890 2,265 Proto Labs, Inc.(Æ)(Ñ) 2,455 135
G&K Services, Inc. Class A 48,639 3,131 Quad/Graphics, Inc. 55,300 557
Gener8 Maritime, Inc.(Æ) 19,900 134 Rand Logistics, Inc.(Æ) 96,700 108
Generac Holdings, Inc.(Æ) 22,400 637 Regal Beloit Corp. 81,608 4,587
Genesee & Wyoming, Inc. Class A(Æ) 30,864 1,530 Resources Connection, Inc. 4,019 61
Granite Construction, Inc. 190,696 7,367 Ritchie Bros Auctioneers, Inc.(Ñ) 144,591 3,308
Great Lakes Dredge & Dock Corp.(Æ) 656,700 2,259 Roadrunner Transportation Systems, Inc.(Æ) 36,900 292
Greenbrier Cos., Inc.(Ñ) 93,087 2,407 Scorpio Bulkers, Inc.(Æ)(Ñ) 20,892 69
Hackett Group, Inc. (The) 45,921 678 Scorpio Tankers, Inc. 320,100 1,953
Hardinge, Inc. 7,800 69 Sharps Compliance Corp.(Æ) 83,849 511
Hawaiian Holdings, Inc.(Æ) 9,386 330 SkyWest, Inc. 279,561 4,199
Healthcare Services Group, Inc. 130,592 4,619 Spartan Motors, Inc. 36,577 106
HEICO Corp. 78,502 4,373 Standex International Corp. 40,301 2,911
Heidrick & Struggles International, Inc.(Æ) 31,553 832 StealthGas, Inc.(Æ) 142,930 386
Herman Miller, Inc. 114,899 2,944 Steelcase, Inc. Class A 230,997 2,948
Houston Wire & Cable Co. 46,300 255 Sun Hydraulics Corp. 4,044 103
Hub Group, Inc. Class A(Æ) 33,090 1,008 SuperCom, Ltd.(Æ)(Ñ) 125,588 654
Huron Consulting Group, Inc.(Æ) 60,782 3,410 Swift Transportation Co. Class A(Æ)(Ñ) 232,920 3,799
Hyster-Yale Materials Handling, Inc. 28,431 1,477 Sykes Enterprises, Inc.(Æ) 66,138 1,947
ICF International, Inc.(Æ) 90,700 3,103 TASER International, Inc.(Æ) 2,708 42
Information Services Group, Inc.(Æ) 463,844 1,777 Teledyne Technologies, Inc.(Æ) 47,340 3,846
Insperity, Inc. 22,861 1,027 TeleTech Holdings, Inc. 9,220 246
Itron, Inc.(Æ) 29,550 974 Tetra Tech, Inc. 115,361 3,056
Kadant, Inc. 1,698 66 Thermon Group Holdings, Inc.(Æ) 96,448 1,622
Kaman Corp. Class A 37,700 1,502 Titan Machinery, Inc.(Æ)(Ñ) 91,400 776
KBR, Inc. 456,697 6,512 TopBuild Corp.(Æ) 33,020 884
Kelly Services, Inc. Class A 15,900 264 TriMas Corp.(Æ) 208,626 3,607
Kimball International, Inc. Class B 279,290 2,692 Triumph Group, Inc. 5,400 138
Knight Transportation, Inc. 167,943 4,110 Tutor Perini Corp.(Æ) 230,795 3,049
Knoll, Inc. 21,717 399 United Rentals, Inc.(Æ) 27,067 1,297
Landstar System, Inc. 1,800 103 Vectrus, Inc.(Æ) 160,030 3,162
Layne Christensen Co.(Æ)(Ñ) 160,980 824 Vishay Precision Group, Inc.(Æ) 23,043 272
Lexmark International, Inc. Class A 5,600 158 Wabtec Corp. 35,509 2,271
Littelfuse, Inc. 36,735 3,743 WageWorks, Inc.(Æ) 88,388 3,954
Lydall, Inc.(Æ) 27,612 780 Werner Enterprises, Inc. 105,600 2,550
Manitowoc Co., Inc. (The)(Æ)(Ñ) 91,830 1,445       243,667
ManpowerGroup, Inc. 1,500 115        
MasTec, Inc.(Æ) 154,545 2,386 Technology - 15.5%      
Matson, Inc. 29,777 1,203 A10 Networks, Inc.(Æ) 105,005 622
MAXIMUS, Inc. 79,811 4,260 Acacia Research Corp. 385,877 1,443
McGrath RentCorp 85,423 2,085 ACI Worldwide, Inc.(Æ) 62,800 1,124
Mitek Systems, Inc.(Æ) 219,450 950 Acxiom Corp.(Æ) 153,507 2,871
Mobile Mini, Inc. 22,362 580 ADTRAN, Inc. 454,246 8,249
Modine Manufacturing Co.(Æ) 107,818 692 Alarm.com Holdings, Inc.(Æ)(Ñ) 39,801 643

 

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Small Cap Equity Fund 45

 

Russell Investment Company
Russell U.S. Small Cap Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Alliance Fiber Optic Products, Inc.(Æ) 19,957 287 GigOptix, Inc.(Æ) 576,161 1,798
Alpha & Omega Semiconductor, Ltd.(Æ) 6,610 63 Globant SA(Æ)(Ñ) 31,613 962
Ambarella, Inc.(Æ)(Ñ) 40,936 1,624 GrubHub, Inc.(Æ)(Ñ) 80,175 1,511
Anixter International, Inc.(Æ) 12,199 603 Guidance Software, Inc.(Æ)(Ñ) 11,600 56
Applied Micro Circuits Corp.(Æ) 242,754 1,350 Guidewire Software, Inc.(Æ) 59,087 3,252
Applied Optoelectronics, Inc.(Æ)(Ñ) 219,947 3,601 Harmonic, Inc.(Æ) 222,908 736
ARC Document Solutions, Inc.(Æ) 248,598 917 HubSpot, Inc.(Æ) 40,632 1,649
Aspen Technology, Inc.(Æ) 32,902 1,067 Imation Corp.(Æ)(Ñ) 14,050 12
Atlassian Corp. PLC Class A(Æ)(Ñ) 1,663 35 Immersion Corp.(Æ) 211,567 1,794
Autobytel, Inc.(Æ) 231,631 4,227 Imperva, Inc.(Æ) 29,087 1,500
Aviat Networks, Inc.(Æ) 37,832 28 Infinera Corp.(Æ) 84,992 1,302
Avid Technology, Inc.(Æ) 53,071 377 Infoblox, Inc.(Æ) 220,989 3,567
Avnet, Inc. 22,300 890 Ingram Micro, Inc. Class A 48,800 1,376
Bazaarvoice, Inc.(Æ) 43,000 156 Inphi Corp.(Æ) 36,654 1,017
Bel Fuse, Inc. Class B 14,274 217 Insight Enterprises, Inc.(Æ) 57,939 1,369
Benchmark Electronics, Inc.(Æ) 216,288 4,542 InterActiveCorp 17,007 883
Bottomline Technologies de, Inc.(Æ) 92,995 2,680 InterDigital, Inc. 24,880 1,121
Brocade Communications Systems, Inc. 57,200 456 Intevac, Inc.(Æ) 3,694 17
Brooks Automation, Inc. 11,476 109 Ixia(Æ) 10,700 102
CACI International, Inc. Class A(Æ) 76,599 6,363 JDS Uniphase Corp.(Æ) 97,640 488
CalAmp Corp.(Æ) 272,223 4,628 Jive Software, Inc.(Æ) 23,900 83
Calix, Inc.(Æ) 117,766 904 Kemet Corp.(Æ) 56,616 84
Callidus Software, Inc.(Æ) 324,711 5,010 KEYW Holding Corp. (The)(Æ)(Ñ) 139,100 654
Carbonite, Inc.(Æ) 8,900 80 Kimball Electronics, Inc.(Æ) 133,950 1,345
Cavium, Inc.(Æ) 11,148 644 Leidos Holdings, Inc.(Ñ) 73,530 3,391
CEVA, Inc.(Æ) 38,671 895 Limelight Networks, Inc.(Æ) 110,484 138
ChannelAdvisor Corp.(Æ) 59,436 727 Lionbridge Technologies, Inc.(Æ) 469,154 2,172
Checkpoint Systems, Inc. 321,994 2,087 Luxoft Holding, Inc. Class A(Æ) 29,404 2,208
Ciber, Inc.(Æ) 297,000 965 Manhattan Associates, Inc.(Æ) 59,123 3,408
Cohu, Inc. 271,843 3,292 ManTech International Corp. Class A 232,254 6,696
Computer Task Group, Inc. 49,525 293 Marin Software, Inc.(Æ) 16,072 54
comScore, Inc.(Æ) 84,063 3,239 Marketo, Inc.(Æ) 138,298 2,629
Comtech Telecommunications Corp. 2,541 50 MaxLinear, Inc. Class A(Æ) 65,816 1,012
Cornerstone OnDemand, Inc.(Æ) 100,793 3,093 MeetMe, Inc.(Æ)(Ñ) 265,321 846
Cray, Inc.(Æ) 3,500 138 Mentor Graphics Corp. 83,132 1,445
CSG Systems International, Inc. 32,434 1,133 Mercury Systems, Inc.(Æ) 140,098 2,674
CTS Corp.(Æ) 149,300 2,351 Methode Electronics, Inc. 58,904 1,535
Cvent, Inc.(Æ) 41,710 1,102 Microsemi Corp.(Æ) 863 27
Cypress Semiconductor Corp.(Æ)(Ñ) 376,689 2,961 MicroStrategy, Inc. Class A(Æ) 5,280 911
Daktronics, Inc. 6,855 55 Mindbody Inc. Class A(Æ)(Ñ) 39,043 462
Datalink Corp.(Æ) 47,812 343 Model N, Inc.(Æ) 105,255 1,147
Demand Media, Inc.(Æ) 22,595 114 Monolithic Power Systems, Inc. 26,382 1,651
Diebold, Inc. 241,509 6,695 Monotype Imaging Holdings, Inc. 236,692 5,903
Digi International, Inc.(Æ) 83,300 760 NeoPhotonics Corp.(Æ) 199,203 1,787
Digimarc Corp.(Æ)(Ñ) 22,300 798 NetApp, Inc. 40,200 882
EarthLink Holdings Corp. 90,523 536 NETGEAR, Inc.(Æ) 75,890 2,836
Electro Scientific Industries, Inc.(Æ) 100,040 604 NeuStar, Inc. Class A(Æ)(Ñ) 16,314 401
Ellie Mae, Inc.(Æ)(Ñ) 79,536 5,554 NVE Corp. 3,067 152
EMCORE Corp.(Æ) 37,498 227 Oclaro, Inc.(Æ)(Ñ) 426,109 1,474
Entegris, Inc.(Æ) 170,739 1,991 Paycom Software, Inc.(Æ) 14,332 432
Envestnet, Inc.(Æ) 4,596 108 PC Connection, Inc.(Æ) 49,869 1,126
EPAM Systems, Inc.(Æ) 63,667 4,769 PC-Telephone, Inc. 7,800 37
ePlus, Inc.(Æ) 14,266 1,351 PDF Solutions, Inc.(Æ) 523,986 5,675
Exar Corp.(Æ) 543,683 2,990 Perficient, Inc.(Æ) 211,445 4,028
Extreme Networks, Inc.(Æ) 305,058 842 Photronics, Inc.(Æ) 250,539 2,991
Fabrinet(Æ) 34,475 859 Pixelworks, Inc.(Æ)(Ñ) 27,783 60
FEI Co. 45,859 3,322 Plantronics, Inc. 12,100 542
Finisar Corp.(Æ) 33,000 419 Plexus Corp.(Æ) 71,806 2,510
Five9, Inc.(Æ) 115,741 964 Polycom, Inc.(Æ) 297,812 3,035
FormFactor, Inc.(Æ) 437,852 3,639 Power Integrations, Inc. 55,420 2,612

 

See accompanying notes which are an integral part of this quarterly report.

46 Russell U.S. Small Cap Equity Fund

 

Russell Investment Company
Russell U.S. Small Cap Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)    
    Principal Fair       Principal   Fair
  Amount ($) or Value     Amount ($) or   Value
    Shares $       Shares   $
Progress Software Corp.(Æ) 198,703 5,144 FairPoint Communications, Inc.(Æ)(Ñ)   73,445   1,102
Proofpoint, Inc.(Æ) 100,303 5,051 Genie Energy, Ltd. Class B(Æ)   20,681   174
PROS Holdings, Inc.(Æ) 29,048 357 Globalstar, Inc.(Æ)   376,252   482
Pure Storage, Inc. Class A(Æ)(Ñ) 3,600 47 Gogo, Inc.(Æ)(Ñ)   52,758   768
Q2 Holdings, Inc.(Æ) 93,357 2,022 Idacorp, Inc.   11,048   769
QAD, Inc. Class A 45,600 844 IDT Corp. Class B   23,523   299
QLogic Corp.(Æ) 8,823 113 inContact, Inc.(Æ)   158,744   1,373
Qualys, Inc.(Æ) 72,960 1,896 Inteliquent, Inc.   69,071   1,187
Quantum Corp.(Æ) 522,539 248 Iridium Communications, Inc.(Æ)(Ñ)   277,384   1,931
Rambus, Inc.(Æ) 100,992 1,236 j2 Global, Inc.   101,563   7,364
Richardson Electronics, Ltd.(Æ) 3,626 19 Laclede Group, Inc. (The)   3,338   213
Rogers Corp.(Æ) 15,829 751 magicJack VocalTec, Ltd.(Æ)   29,001   221
Rudolph Technologies, Inc.(Æ) 63,075 808 MGE Energy, Inc.   1,254   61
Sanmina Corp.(Æ) 114,213 2,140 Middlesex Water Co.   6,062   176
ScanSource, Inc.(Æ) 61,212 1,921 New Jersey Resources Corp.   128,104   4,512
Science Applications International Corp. 97,130 4,140 Northwest Natural Gas Co.   29,265   1,520
Seachange International, Inc.(Æ) 86,750 540 NorthWestern Corp.   40,048   2,236
ShoreTel, Inc.(Æ) 171,057 1,404 NRG Yield, Inc. Class A(Ñ)   161,202   1,999
Sigma Designs, Inc.(Æ) 100,988 670 ONE Gas, Inc.   24,697   1,397
Silicon Graphics International Corp.(Æ) 101,010 593 Orbcomm, Inc.(Æ)   123,055   898
Silver Spring Networks, Inc.(Æ)(Ñ) 56,491 647 Ormat Technologies, Inc.   51,100   1,809
Sonus Networks, Inc.(Æ) 83,200 499 Piedmont Natural Gas Co., Inc.   38,930   2,306
SPS Commerce, Inc.(Æ) 86,336 5,636 PNM Resources, Inc.   90,015   2,827
Super Micro Computer, Inc.(Æ) 24,657 734 Portland General Electric Co.   111,192   4,322
SYNNEX Corp. 32,291 2,711 Pure Cycle Corp.(Å)(Æ)(Ñ)   266,123   1,059
Synopsys, Inc.(Æ) 45,900 1,969 Shenandoah Telecommunications Co.(Æ)   99,097   2,277
Syntel, Inc.(Æ) 6,121 290 SJW Corp.   9,055   295
TechTarget, Inc.(Æ) 248,559 1,976 South Jersey Industries, Inc.   345,803   8,597
TeleNav, Inc.(Æ) 61,776 356 Southwest Gas Corp.   20,982   1,234
Tessera Technologies, Inc. 8,792 253 Spark Energy, Inc. Class A(Ñ)   5,672   153
Tremor Video, Inc.(Æ) 30,750 57 Spok Holdings, Inc.   21,658   390
Tyler Technologies, Inc.(Æ) 19,276 3,028 Talen Energy Corp.(Æ)   537,392   3,842
Ultimate Software Group, Inc.(Æ) 22,691 3,985 Unitil Corp.   13,382   519
Ultra Clean Holdings(Æ) 28,800 149 Vonage Holdings Corp.(Æ)   119,502   613
Ultratech, Inc.(Æ) 71,300 1,438 WGL Holdings, Inc.   30,877   2,062
Unisys Corp.(Æ) 8,400 83           78,702
United Online, Inc.(Æ) 343,735 3,647            
VeriFone Systems, Inc.(Æ) 159,431 3,729 Total Common Stocks          
Vocera Communications, Inc.(Æ) 63,350 912 (cost $1,762,492)         1,713,972
Workiva, Inc.(Æ)(Ñ) 46,469 694            
Xcerra Corp.(Æ) 418,894 2,296 Warrants & Rights - 0.0%          
Xura, Inc.(Æ) 33,245 713 Magnum Hunter Resources Corp.          
Zendesk, Inc.(Æ) 57,316 1,262 2016 Warrants (Æ) 22,534   —
Zynga, Inc. Class A(Æ) 354,200 871 2016 Warrants (Å)(Æ) 4,312   —
      278,522 Total Warrants & Rights          
        (cost $—)         —
Utilities - 4.4%                  
8x8, Inc.(Æ) 156,883 1,970 Short-Term Investments - 4.4%          
ALLETE, Inc. 15,900 841 Russell U.S. Cash Management Fund   73,338,523 (8) 73,339
American States Water Co. 113,799 5,167 United States Treasury Bills          
Artesian Resources Corp. Class A 8,265 251 0.010% due 04/07/16   5,500   5,497
Avista Corp. 30,813 1,141 Total Short-Term Investments          
Black Hills Corp.(Ñ) 15,100 744 (cost $78,837)         78,836
Boingo Wireless, Inc.(Æ) 211,200 1,288            
California Water Service Group 44,702 1,122 Other Securities - 8.8%          
Chesapeake Utilities Corp. 21,949 1,382 Russell U.S. Cash Collateral Fund(×)   158,398,377(8)   158,398
Cleco Corp. 18,870 1,003 Total Other Securities          
Connecticut Water Service, Inc. 6,736 289 (cost $158,398)         158,398
Consolidated Water Co., Ltd. 114,180 1,328            
Empire District Electric Co. (The) 40,532 1,189 Total Investments 108.5%          

 

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Small Cap Equity Fund 47

 

Russell Investment Company
Russell U.S. Small Cap Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

  Amounts in thousands (except share amounts)      
  Principal   Fair  
  Amount ($) or   Value  
  Shares   $  
  (identified cost $1,999,727)   1,951,206  
 
  Other Assets and Liabilities, Net      
- (8.5%) (153,633 )
  Net Assets - 100.0%   1,797,573  

 

See accompanying notes which are an integral part of this quarterly report.

48 Russell U.S. Small Cap Equity Fund

 

Russell Investment Company
Russell U.S. Small Cap Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Restricted Securities
Amounts in thousands (except share and cost per unit amounts)

              Principal   Cost per     Cost   Fair Value  
% of Net Assets         Acquisition   Amount ($)   Unit     (000 ) (000 )
Securities         Date   or shares   $     $   $  
0.2%                                  
LCNB Corp.         10/31/13     85,328 17.23   1,470 1,395  
Magnum Hunter Resources Corp.         09/12/13     4,312 —   —   —  
Pure Cycle Corp.         09/10/13   266,123 5.22   1,401 1,059  
US Antimony Corp.         09/10/13   1,008,972 1.58   1,597 203  
                                  2,657  
For a description of restricted securities see note 7 in the Notes to Quarterly Report.                      
 
Futures Contracts                                    
 
Amounts in thousands (except contract amounts)                                
                              Unrealized  
                              Appreciation  
          Number of   Notional   Expiration (Depreciation)  
          Contracts   Amount   Date     $  
Long Positions                                    
Russell 2000 Mini Index Futures           748 USD 77,149       03/16     (3,546 )
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)                           (3,546 )
 
Presentation of Portfolio Holdings                                    
 
 
Amounts in thousands                                    
 
                  Fair Value                  
Portfolio Summary   Level 1   Level 2     Level 3     Total  
Common Stocks                                    
Consumer Discretionary   $ 253,142   $   —     $   —     $   253,142  
Consumer Staples     71,572       —         —         71,572  
Energy     37,522       —         —         37,522  
Financial Services     472,990       —         —         472,990  
Health Care     195,638       —         —         195,638  
Materials and Processing     82,217       —         —         82,217  
Producer Durables     243,667       —         —         243,667  
Technology     278,522       —         —         278,522  
Utilities     78,702       —         —         78,702  
Warrants & Rights   —     —       —       —  
Short-Term Investments   —     78,836       —       78,836  
Other Securities   —     158,398       —       158,398  
Total Investments   1,713,972     237,234       —       1,951,206  
 
 
Other Financial Instruments                                    
Futures Contracts   (3,546 )   —       —       (3,546 )
Total Other Financial Instruments*   $ (3,546 ) $   —     $   —     $   (3,546 )

 

*      Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.

For a description of the Levels see note 2 in the Notes to Quarterly Report.
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to Quarterly
Report.

See accompanying notes which are an integral part of this quarterly report.

Russell U.S. Small Cap Equity Fund 49

 

Russell Investment Company
Russell International Developed Markets Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair       Principal   Fair
      Amount ($)   Value       Amount ($)   Value
      or Shares   $       or Shares   $
Common Stocks - 93.4%           Belgium - 1.6%          
Australia - 2.3%           Ageas 10,525   427
Abacus Property Group (Æ)(ö) 443,800   954 AGFA-Gevaert NV(Æ) 362,194   1,555
Adairs, Ltd.(Æ) 75,900   137 Anheuser-Busch InBev SA 136,635   17,205
AGL Energy, Ltd. 62,826   833 Barco NV 20,789   1,306
Amalgamated Holdings, Ltd.(Æ) 84,593   916 bpost SA 38,856   925
Austal, Ltd. 1,247,400   1,178 Delhaize Group 5,507   579
Australia & New Zealand Banking           Groupe Bruxelles Lambert SA 14,356   1,089
Group, Ltd. - ADR 247,074   4,279 KBC Ancora 24,510   918
Australian Pharmaceutical Industries,           KBC Groep NV 104,768   6,007
Ltd. Class A 317,800   474 Mobistar SA(Æ) 33,740   700
Australian Property Systems, Ltd. Class           Ontex Group NV 13,413   497
A 86,800   373 Proximus 32,279   1,114
Bendigo & Adelaide Bank, Ltd. 101,299   783 Rezidor Hotel Group AB(Æ) 141,267   482
BGP Holdings PLC(Å)(Æ) 559,805   — UCB SA 76,286   6,535
BHP Billiton, Ltd. - ADR 255,076   2,801           39,339
Blackmores, Ltd.(Æ) 3,200   438            
BlueScope Steel, Ltd. 292,300   985 Bermuda - 0.0%          
Caltex Australia, Ltd. 114,900   3,052 Seadrill, Ltd.(Æ) 64,900   138
Challenger, Ltd. 91,600   521            
CIMIC Group, Ltd. 92,896   1,616 Brazil - 0.4%          
Commonwealth Bank of Australia - ADR 88,215   4,965 Ambev SA - ADR 295,164   1,378
CSR, Ltd. 810,500   1,480 Embraer SA - ADR 259,200   7,460
Downer EDI, Ltd. 991,270   2,209           8,838
Echo Entertainment Group, Ltd.(Æ) 1,112,715   4,271            
Evolution Mining, Ltd. 1,132,888   1,175 Canada - 3.6%          
Fairfax Media, Ltd. 427,000   270 Artis Real Estate Investment Trust (ö) 65,625   566
Flight Centre, Ltd. 11,300   315 Bank of Montreal(Ñ) 146,600   7,872
GDI Property Group (Æ)(ö) 213,200   128 Bank of Nova Scotia (The) 46,100   1,889
Genworth Mortgage Insurance Australia,         Bankers Petroleum, Ltd.(Æ) 503,900   320
Ltd.(Æ)(Ñ) 402,300   744 Baytex Energy Corp.(Ñ) 98,500   208
Independence Group NL(Æ) 256,700   405 BCE, Inc. 29,400   1,184
iSentia Group, Ltd.(Æ) 418,200   1,368 Bird Construction, Inc.(Æ)(Ñ) 166,150   1,371
JB Hi-Fi, Ltd.(Ñ) 28,070   468 Boardwalk Real Estate Investment Trust          
National Australia Bank, Ltd. - ADR 149,568   2,962 (Ñ)(ö) 24,700   776
Northern Star Resources, Ltd. 642,594   1,354 Brookfield Asset Management, Inc.          
Orica, Ltd. 122,084   1,243 Class A 136,400   4,102
OZ Minerals, Ltd. 90,812   247 Canadian Imperial Bank of Commerce(Ñ) 28,600   1,863
Pact Group Holdings, Ltd.(Æ) 20,100   71 Canadian National Railway Co. 97,161   5,197
Programmed Maintenance Services, Ltd.         Canadian Natural Resources, Ltd. 211,300   4,523
(Æ) 57,400   82 Canadian Tire Corp., Ltd. Class A 10,800   880
Qantas Airways, Ltd.(Æ) 1,586,039   4,384 Canfor Pulp Products, Inc.(Ñ) 32,440   231
Regis Healthcare, Ltd.(Æ) 52,100   214 Cascades, Inc. 168,430   1,265
Rio Tinto, Ltd. - ADR 61,359   1,722 CCL Industries, Inc. Class B 11,700   1,649
Sandfire Resources NL 322,479   1,161 Centerra Gold, Inc. 147,800   673
SG Fleet Group, Ltd.(Æ) 181,500   485 CGI Group, Inc. Class A(Æ) 45,800   1,963
Telstra Corp., Ltd. 165,485   665 Dominion Diamond Corp. 130,500   1,393
Wesfarmers, Ltd. 28,104   847 Dominion Diamond Corp.(Æ) 25,400   271
Westpac Banking Corp. 69,233   1,528 Dream Office Real Estate Investment          
Woodside Petroleum, Ltd. 98,712   1,988 Trust (Ñ)(ö) 70,700   813
          56,091 Element Financial Corp.(Æ) 157,696   1,663
            Empire Co., Ltd. Class A 71,100   1,344
Austria - 0.5%           Fairfax Financial Holdings, Ltd.(Æ)(Ñ) 6,900   3,553
Buwog AG(Æ) 11,130   228 Fortis, Inc. 14,100   410
CA Immobilien Anlagen AG(Æ) 81,580   1,398 George Weston, Ltd. 43,800   3,377
Erste Group Bank AG(Æ) 307,131   8,966 Granite Real Estate Investment Trust          
EVN AG(Æ) 22,570   249 (Æ)(ö) 50,900   1,368
Kapsch TrafficCom AG(Æ) 24,760   870 Great-West Lifeco, Inc. 12,200   302
          11,711 H&R Real Estate Investment Trust (ö) 177,400   2,387
            Imperial Oil, Ltd. 14,800   454
            Intact Financial Corp. 51,500   3,088

 

See accompanying notes which are an integral part of this quarterly report.

50 Russell International Developed Markets Fund

 

Russell Investment Company
Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair     Principal   Fair
      Amount ($)   Value     Amount ($)   Value
      or Shares   $     or Shares   $
Just Energy Group, Inc.(Ñ) 52,938   352 UPM-Kymmene OYJ 20,176   328
Loblaw Cos., Ltd. 38,583   1,812         13,021
Magellan Aerospace Corp. 35,300   360          
Magna International, Inc. Class A 91,000   3,162 France - 9.1%        
Manulife Financial Corp. 24,500   341 Air France-KLM(Æ) 68,800   552
Medical Facilities Corp.(Ñ) 119,300   1,188 Air Liquide SA Class A 55,279   5,722
Metro, Inc. Class A 3,900   115 Airbus Group SE 161,938   10,186
Morguard Corp. 10,400   974 Alstom SA(Æ) 7,418   199
Morguard North American Residential           Altamir 59,513   649
Real Estate Investment Trust (Ñ)(ö) 51,700   407 Atos SE 62,377   4,955
Morguard Real Estate Investment Trust           AXA SA 143,938   3,565
  (ö) 43,000   403 BNP Paribas SA 204,174   9,704
National Bank of Canada 7,400   211 Bouygues SA - ADR 311,404   12,191
North West Co., Inc. (The) 27,100   591 Bureau Veritas SA 76,548   1,459
Potash Corp. of Saskatchewan, Inc. 48,700   794 Caisse Regionale de Credit Agricole        
Power Corp. of Canada 49,700   1,054 Mutuel Nord de France 22,025   384
Ritchie Bros Auctioneers, Inc.(Ñ) 73,300   1,677 Capital Gemini SA 32,071   2,929
Rogers Communications, Inc. Class B 5,200   178 Carrefour SA 16,952   483
Royal Bank of Canada - GDR 82,000   4,247 Casino Guichard Perrachon SA(Ñ) 30,065   1,364
Smart Real Estate Investment Trust (ö) 149,200   3,297 Cegid Group SA 16,764   909
Sun Life Financial, Inc. 20,900   599 Christian Dior SE 13,689   2,318
Suncor Energy, Inc. 293,448   6,950 Cie de Saint-Gobain 14,990   622
Toronto Dominion Bank 37,300   1,415 Credit Agricole SA 544,441   5,441
Transcontinental, Inc. Class A - ADR 40,500   533 Danone SA 104,709   7,222
          87,615 Dassault Systemes SA 39,192   3,038
            Derichebourg SA(Æ) 42,100   134
China - 0.5%           Electricite de France SA 32,051   421
Alibaba Group Holding, Ltd. - ADR(Æ) 19,087   1,280 Engie SA 339,829   5,461
Tencent Holdings, Ltd. 303,000   5,724 Essilor International SA 4,322   537
Vipshop Holdings, Ltd. - ADR(Æ) 205,241   2,635 Euler Hermes Group 811   69
Yangzijiang Shipbuilding Holdings, Ltd. 2,469,300   1,627 Faurecia 204,236   7,496
          11,266 FFP 12,986   843
            GDF Suez(Å)(Æ) 55,671   —
Czech Republic - 0.1%           Groupe Crit 2,780   151
CEZ AS 191,265   3,176 Guerbet 9,416   772
            Hermes International 7,017   2,389
Denmark - 1.3%           Innate Pharma SA(Æ) 4,375   58
AP Moeller - Maersk A/S Class B 388   499 Ipsen SA 51,976   2,997
Bavarian Nordic A/S(Æ) 11,618   485 Legrand SA - ADR 44,850   2,471
Carlsberg A/S Class B 21,706   1,828 L'Oreal SA 43,530   7,514
Danske Bank A/S 621,112   16,701 LVMH Moet Hennessy Louis Vuitton        
Dfds A/S(Æ) 2,050   73   SE - ADR 30,993   4,996
DSV A/S 144,531   5,621 Natixis SA 460,496   2,262
Novo Nordisk A/S Class B 19,526   1,090 Orange SA - ADR 55,852   1,000
Pandora A/S 2,594   346 Pernod Ricard SA 58,602   6,877
PER Aarsleff A/S Class B 3,431   1,051 Peugeot SA(Æ) 243,909   3,625
Royal Unibrew A/S(Æ) 3,580   151 Publicis Groupe SA - ADR 135,977   8,230
Schouw & Co. 896   53 Rallye SA(Ñ) 1,600   25
Vestas Wind Systems A/S 51,033   3,331 Renault SA 17,451   1,479
          31,229 Safran SA 88,053   5,746
 
Finland - 0.5%           Sanofi - ADR 287,779   24,164
Finnair OYJ(Æ) 226,093   1,211 Schneider Electric SE 279,555   15,010
Fortum OYJ 164,502   2,585 SCOR SE - ADR 66,740   2,330
Kone OYJ Class B(Ñ) 90,990   3,997 Societe BIC SA 7,311   1,192
Neste OYJ 12,210   382 Societe Generale SA 147,586   5,647
Sampo OYJ Class A 48,754   2,354 Synergie SA(Æ) 17,433   456
Sponda OYJ 304,361   1,246 Technip SA 92,866   4,356
Tieto OYJ 34,180   918 Thales SA 22,240   1,695
            Total SA 359,742   16,006
            Trigano SA 6,020   380

 

See accompanying notes which are an integral part of this quarterly report.

Russell International Developed Markets Fund 51

 

Russell Investment Company
Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair       Principal   Fair
      Amount ($)   Value       Amount ($)   Value
      or Shares   $       or Shares   $
Unibail-Rodamco SE (ö) 6,402   1,618 China Mobile, Ltd. 556,000   6,063
Vallourec SA(Ñ) 407,731   1,789 Chinese Estates Holdings, Ltd. 21,500   49
Veolia Environnement SA 17,695   427 CLP Holdings, Ltd. 543,500   4,559
Vinci SA 76,297   5,174 Emperor Entertainment Hotel, Ltd. 540,000   97
Vivendi SA - ADR(Ñ) 202,109   4,398 Emperor International Holdings, Ltd. 4,582,000   736
          224,087 Global Brands Group Holding, Ltd.(Æ) 7,793,164   1,189
            Guangdong Investment, Ltd. 2,838,600   3,636
Germany - 6.2%           Guoco Group, Ltd. 7,000   71
Aareal Bank AG 5,020   137 Hongkong & Shanghai Hotels, Ltd. (The) 7,500   7
adidas AG 13,770   1,418 Hongkong Land Holdings, Ltd. 349,100   2,186
Allianz SE 35,244   5,688 Hutchison Telecommunications Hong          
Bayer AG 88,179   9,892 Kong Holdings, Ltd. 3,892,000   1,219
Bayerische Motoren Werke AG 44,218   3,671 Hysan Development Co., Ltd. 324,000   1,254
Beiersdorf AG 65,043   6,005 Kerry Properties, Ltd. 435,000   997
Carl Zeiss Meditec AG(Æ) 3,900   115 Lai Sun Development Co., Ltd.(Æ) 29,574,000   369
Commerzbank AG(Æ) 57,255   464 Li & Fung, Ltd. 2,993,164   1,732
Continental AG 43,224   9,027 Link REIT (ö) 521,000   2,982
Daimler AG 84,446   5,879 MTR Corp., Ltd. 131,500   597
Deutsche Bank AG 5,055   89 New World Development Co., Ltd. 939,000   758
Deutsche Beteiligungs AG 7,670   228 Pico Far East Holdings, Ltd.(Ñ) 2,148,000   524
Deutsche Boerse AG 247,452   21,037 Power Assets Holdings, Ltd. 230,000   2,104
Deutsche Pfandbriefbank AG(Æ)(Þ) 40,886   423 Sino Land Co., Ltd. 204,000   261
Deutsche Telekom AG 440,205   7,642 SmarTone Telecommunications Holdings,        
E.ON SE 46,059   470 Ltd. 189,000   292
Evonik Industries AG 71,003   2,192 Sun Hung Kai Properties, Ltd. 199,000   2,164
Fresenius Medical Care AG & Co. KGaA 26,480   2,342 SUNeVision Holdings, Ltd.(Æ)(Ñ) 362,000   110
Fresenius SE & Co. KGaA 27,324   1,808 Swire Properties, Ltd. 542,800   1,407
Gerresheimer AG - GDR 47,306   3,341 United Laboratories International          
Hannover Rueck SE 15,316   1,612 Holdings, Ltd. (The)(Æ) 328,000   125
HeidelbergCement AG 49,845   3,658 Wharf Holdings, Ltd. (The) 444,000   2,069
Henkel AG & Co. KGaA 5,027   463 Wheelock & Co., Ltd. 296,000   1,131
Hochtief AG 12,220   1,126           54,460
Infineon Technologies AG - ADR 302,429   4,023            
KION Group AG(Æ) 16,290   804 Hungary - 0.2%          
Lanxess AG 23,319   962 OTP Bank PLC 259,975   5,525
Linde AG 32,417   4,379            
Merck KGaA 75,724   6,581 India - 0.3%          
Metro AG 93,063   2,631 Housing Development Finance Corp.,          
MTU Aero Engines AG 19,902   1,826 Ltd. 179,025   3,135
Muenchener Rueckversicherungs-           ICICI Bank, Ltd. - ADR 423,501   2,816
Gesellschaft AG in Muenchen 32,729   6,269 Tata Consultancy Services, Ltd. 44,303   1,565
OSRAM Licht AG 45,151   2,010           7,516
ProSiebenSat.1 Media SE 38,901   1,937            
Rheinmetall AG 4,860   348 Indonesia - 0.1%          
Rhoen Klinikum AG 40,701   1,179 Telekomunikasi Indonesia Persero Tbk          
RWE AG 81,060   1,130 PT 7,487,700   1,837
 
SAP SE - ADR 97,585   7,742 Ireland - 1.5%          
Siemens AG(Æ) 136,212   13,039 Bank of Ireland(Æ) 11,980,255   3,970
Software AG 44,815   1,510 Beazley PLC(Æ) 145,500   780
Stroeer SE(Æ) 2,620   155 CRH PLC 424,989   11,305
Suedzucker AG 25,060   378 Hibernia REIT PLC (Æ)(ö) 65,600   93
Talanx AG 42,877   1,230 Hibernia REIT PLC (ö) 13,900   20
Wuestenrot & Wuerttembergische AG 62,865   1,353 James Hardie Industries PLC 302,738   3,453
Zalando SE(Æ)(Þ) 134,427   4,620 Ryanair Holdings PLC - ADR(Æ) 49,822   3,904
          152,833 Smurfit Kappa Group PLC 3,130   68
 
Hong Kong - 2.2%           Willis Towers Watson PLC 76,604   8,769
AIA Group, Ltd. 2,304,569   12,896 XL Group PLC Class A 160,925   5,835
Champion REIT (Æ)(ö) 2,833,000   1,323           38,197
Cheung Kong Infrastructure Holdings,                      
Ltd. 165,000   1,553            

 

See accompanying notes which are an integral part of this quarterly report.

52 Russell International Developed Markets Fund

 

Russell Investment Company
Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair     Principal   Fair
      Amount ($)   Value     Amount ($)   Value
      or Shares   $     or Shares   $
Isle of Man - 0.1%           Canon, Inc. 309,900   8,660
Manx Telecom PLC(Æ) 422,034   1,218 Cawachi, Ltd. 65,300   1,098
Optimal Payments PLC(Æ) 101,900   583 Central Japan Railway Co. 20,300   3,769
          1,801 Century Tokyo Leasing Corp. 10,000   370
            Chiba Bank, Ltd. (The) 49,000   303
Israel - 1.1%           Citizen Holdings Co., Ltd. 21,900   133
Bank Hapoalim BM 382,664   1,788 Coca-Cola West Co., Ltd. 147,900   3,261
Bank Leumi Le-Israel BM(Æ) 357,728   1,191 Cocokara fine, Inc.(Æ) 9,500   395
Cellcom Israel, Ltd.(Æ) 52,500   342 Daicel Chemical Industries, Ltd. 155,100   2,277
Check Point Software Technologies, Ltd.         Daihatsu Motor Co., Ltd.(Ñ) 741,400   11,563
(Æ)(Ñ) 27,293   2,151 Dai-ichi Life Insurance Co., Ltd. (The) 273,925   3,783
Israel Discount Bank, Ltd. Class A(Æ) 1,543,158   2,543 Daiichi Sankyo Co., Ltd. 46,300   967
Mobileye NV(Æ)(Ñ) 130,480   3,540 Daikin Industries, Ltd. 64,900   4,384
Orbotech, Ltd.(Æ) 65,831   1,374 Denso Corp. 141,800   6,154
Taro Pharmaceutical Industries, Ltd.(Æ) 4,300   627 DTS Corp. 62,000   1,289
Teva Pharmaceutical Industries, Ltd.           East Japan Railway Co. 7,200   663
- ADR 189,400   11,644 EDION Corp.(Æ)(Ñ) 14,700   111
Teva Pharmaceutical Industries, Ltd. 49,152   3,019 Eisai Co., Ltd. 117,300   7,081
          28,219 FANUC Corp. 37,000   4,940
            Foster Electric Co., Ltd.(Æ) 44,000   950
Italy - 2.7%           Fuji Electric Co., Ltd. 2,281,000   7,907
A2A SpA 120,150   144          
ACEA SpA 93,754   1,393 Fuji Heavy Industries, Ltd. 117,600   4,806
Assicurazioni Generali SpA 34,745   521 Fuji Soft, Inc. 14,100   318
Atlantia SpA 33,627   879 FUJIFILM Holdings Corp. 73,500   2,837
Buzzi Unicem SpA 140,169   1,314 Fujitsu, Ltd. 2,996,000   12,498
Danieli & C Officine Meccaniche           Fukuda Corp.(Æ) 35,000   306
SpA(Æ) 42,512   611 Fukuda Denshi Co., Ltd. 2,100   104
Davide Campari-Milano SpA 566,629   4,975 Fuyo General Lease Co., Ltd. 22,000   1,081
DeA Capital SpA 80,943   114 Geo Holdings Corp. 90,900   1,403
Enel SpA 2,780,557   11,378 Goldcrest Co., Ltd.(Æ) 9,500   160
Engineering SpA 21,695   1,377 Hachijuni Bank, Ltd. (The) 75,000   418
ENI SpA - ADR 1,635,621   23,799 Haseko Corp. 231,000   2,419
Immobiliare Grande Distribuzione SIIQ           Hazama Ando Corp.(Æ) 360,200   1,764
SpA (Æ)(ö) 1,623,183   1,281 Heiwado Co., Ltd. 59,700   1,217
Intesa Sanpaolo SpA 1,000,950   2,853 Hitachi Capital Corp. 3,500   86
Parmalat SpA 222,939   579 Hitachi, Ltd. 1,443,000   7,122
Prysmian SpA 170,628   3,518 Honda Motor Co., Ltd. 702,970   19,054
Recordati SpA 5,960   147 Hoya Corp. 405,000   15,646
Reply SpA(Æ) 1,730   227 IHI Corp. 3,190,000   6,869
Salini Impregilo SpA(Æ) 142,200   553 Iida Group Holdings Co., Ltd. 435,600   7,748
Telecom Italia SpA(Æ) 6,623,341   7,357 Information Services International-        
UniCredit SpA 57,846   225   Dentsu, Ltd. 69,700   1,397
Unione di Banche Italiane SCpA 708,836   3,323 Inpex Corp. 242,300   2,144
          66,568 Ishihara Sangyo Kaisha, Ltd.(Æ) 483,000   364
            IT Holdings Corp.(Æ) 33,400   737
Japan - 17.1%           ITOCHU Corp. 891,900   10,545
Adastria Co., Ltd.(Æ) 15,000   904 Jaccs Co., Ltd.(Æ) 163,000   551
Aeon Co., Ltd. 25,800   345 Japan Post Bank Co., Ltd.(Æ) 40,700   502
Aichi Bank, Ltd. (The) 2,000   96 Japan Tobacco, Inc. 122,300   4,779
Aiphone Co., Ltd.(Æ) 1,500   25 JSR Corp. 21,400   311
Ajinomoto Co., Inc. 43,000   1,021 Kaga Electronics Co., Ltd. 7,200   90
Aoyama Trading Co., Ltd. 60,500   2,408 Kaken Pharmaceutical Co., Ltd. 62,400   4,114
Asatsu-DK, Inc.(Æ) 11,100   242 Kamei Corp. 120,100   1,119
Astellas Pharma, Inc. 140,500   1,948 Kao Corp. 86,000   4,615
Bandai Namco Holdings, Inc. 64,600   1,468 KDDI Corp. 221,400   5,598
Bank of Yokohama, Ltd. (The) 87,000   463 Keihanshin Building Co., Ltd.(Æ) 47,400   254
Belluna Co., Ltd. 16,500   85 Keyence Corp. 8,700   4,094
BML, Inc.(Æ) 24,700   756 Kohnan Shoji Co., Ltd. 12,400   178
Calsonic Kansei Corp. 174,000   1,530 Kokuyo Co., Ltd. 37,600   403
Canon Marketing Japan, Inc. 24,300   441 Konica Minolta, Inc. 55,700   468

 

See accompanying notes which are an integral part of this quarterly report.

Russell International Developed Markets Fund 53

 

Russell Investment Company
Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair     Principal   Fair
      Amount ($)   Value     Amount ($)   Value
      or Shares   $     or Shares   $
Kubota Corp. 30,000   443 Shinko Electric Industries Co., Ltd.(Æ) 35,400   216
Kuraray Co., Ltd. 37,500   452 SMC Corp. 18,600   4,202
Kyocera Corp. 67,800   2,725 Sompo Japan Nipponkoa Holdings, Inc. 82,700   2,451
Kyudenko Corp. 6,000   120 Sony Corp. 172,300   4,123
Mabuchi Motor Co., Ltd. 18,900   1,022 Sumitomo Corp. 685,400   6,836
Maeda Road Construction Co., Ltd. 70,000   1,105 Sumitomo Electric Industries, Ltd. 25,600   337
Matsuya Foods Co., Ltd.(Æ) 17,500   418 Sumitomo Forestry Co., Ltd.(Æ) 18,800   240
Meidensha Corp.(Æ) 216,000   838 Sumitomo Mitsui Financial Group, Inc. 368,900   12,389
Meitec Corp. 28,700   970 Sumitomo Mitsui Trust Holdings, Inc. 564,000   1,802
Mitsubishi Corp. 28,000   448 Sumitomo Osaka Cement Co., Ltd. 1,665,000   6,778
Mitsubishi Electric Corp. 61,000   565 Sumitomo Real Estate Sales Co., Ltd. 19,100   402
Mitsubishi Shokuhin Co., Ltd. 28,400   670 Suzuken Co., Ltd. 42,400   1,471
Mitsubishi Tanabe Pharma Corp. 61,800   1,015 Takeda Pharmaceutical Co., Ltd. 17,500   846
Mitsubishi UFJ Financial Group, Inc. 2,455,600   12,655 Takuma Co., Ltd. 176,000   1,359
Mitsuboshi Belting, Ltd. 22,000   163 Terumo Corp. 160,700   5,113
Mitsui & Co., Ltd. 36,100   410 Toa Corp. (Æ) 28,000   73
Mitsui Chemicals, Inc. 139,000   606 Token Corp. 16,000   1,204
Mitsui Engineering & Shipbuilding Co.,           Tokio Marine Holdings, Inc. 16,500   590
  Ltd.(Æ) 1,251,000   1,738 Tokyo Dome Corp.(Æ) 281,000   1,346
Mizuho Financial Group, Inc. 1,515,900   2,617 Tokyo Electric Power Co., Inc.(Æ) 368,800   1,850
Mochida Pharmaceutical Co., Ltd.(Æ) 13,000   1,005 Tokyo Gas Co., Ltd. 155,000   713
Morinaga & Co., Ltd.(Æ) 240,000   1,318 Tokyo Steel Manufacturing Co., Ltd. 441,800   3,102
MS&AD Insurance Group Holdings, Inc. 138,500   3,757 Toppan Forms Co., Ltd. 19,600   235
Nexon Co., Ltd. 191,700   3,129 Toppan Printing Co., Ltd. 400,000   3,481
NHK Spring Co., Ltd. 39,100   385 Torii Pharmaceutical Co., Ltd.(Æ) 20,000   455
Nidec Corp. 57,700   3,932 Toshiba Corp. 150,000   251
Nintendo Co., Ltd. 30,700   4,324 Toyota Boshoku Corp. 47,400   963
Nippon Shokubai Co., Ltd. 4,500   294 Toyota Motor Corp. 146,500   8,848
Nippon Steel & Sumitomo Metal Corp. 16,600   297 Trend Micro, Inc.(Æ) 134,600   5,649
Nippon Suisan Kaisha, Ltd. 623,100   3,268 Tsumura & Co.(Æ) 5,500   150
Nippon Telegraph & Telephone Corp. 155,400   6,611 Ube Industries, Ltd. 112,000   217
Nippon Television Holdings, Inc.(Æ) 47,300   879 Ulvac, Inc.(Æ) 30,500   776
Nipro Corp. 168,600   1,684 West Japan Railway Co. 58,900   3,815
Nissan Motor Co., Ltd. 33,900   336 Xebio Co., Ltd.(Æ) 57,300   1,014
Nitori Holdings Co., Ltd. 34,900   2,829 Yamaguchi Financial Group, Inc. 9,000   97
Nittetsu Mining Co., Ltd. 60,000   231 Yamazen Corp. 154,600   1,288
NOK Corp. 35,100   727 Yellow Hat, Ltd.(Æ) 10,500   204
NS Solutions Corp.(Æ) 11,300   255 Yuasa Trading Co., Ltd. 60,000   1,348
NTT DOCOMO, Inc. 523,325   11,674 Yurtec Corp. 147,000   1,124
Okamura Corp.(Æ) 146,600   1,333 Yusen Logistics Co., Ltd.(Æ) 51,600   611
Okinawa Cellular Telephone Co. 16,200   413         420,947
Olympus Corp. 96,000   3,740          
Ono Pharmaceutical Co., Ltd. 83,100   13,397 Jersey - 0.1%        
Open House Co., Ltd.(Æ) 17,900   337 Henderson Group PLC 900,392   3,566
ORIX Corp. 436,400   6,194          
Osaka Gas Co., Ltd. 615,000   2,332 Liechtenstein - 0.0%        
Otsuka Holdings Co., Ltd. 27,200   915 VP Bank AG 4,268   350
 
Oyo Corp.(Æ) 5,100   50 Luxembourg - 0.1%        
Paramount Bed Holdings Co., Ltd.(Æ) 11,900   410 ADO Properties SA(Å)(Æ) 14,180   396
Resona Holdings, Inc. 358,600   1,645 ArcelorMittal(Ñ) 130,837   505
Ryoden Trading Co., Ltd.(Æ) 6,000   37 Regus PLC 274,400   1,161
Sankyo Co., Ltd. 9,600   366         2,062
Sanyo Chemical Industries, Ltd. 49,000   379          
Sanyo Shokai, Ltd.(Æ)(Ñ) 438,000   1,107 Macao - 0.2%        
Secom Co., Ltd. 8,200   572 Sands China, Ltd. 1,771,200   6,214
Seiko Holdings Corp.(Æ) 334,000   1,591          
Seven & i Holdings Co., Ltd. 147,300   6,550 Mexico - 0.2%        
Shimamura Co., Ltd. 13,800   1,539 Fomento Economico Mexicano SAB de        
Shimano, Inc. 17,800   2,847   CV - ADR 45,641   4,328
Shin-Etsu Chemical Co., Ltd. 27,400   1,400          

 

See accompanying notes which are an integral part of this quarterly report.

54 Russell International Developed Markets Fund

 

Russell Investment Company
Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Netherlands - 4.9%         Yanlord Land Group, Ltd. 1,857,600   1,334
Aegon NV 761,861   4,325         27,383
AerCap Holdings NV(Æ) 46,300   1,422          
Akzo Nobel NV 74,655   4,792 South Africa - 0.1%        
ASML Holding NV 21,940   2,016 Mondi PLC 216,921   3,540
Boskalis Westminster 54,619   2,158          
Delta Lloyd NV(Ñ) 379,168   2,249 South Korea - 1.3%        
Eurocommercial Properties NV(Æ) 12,920   566 Hana Financial Group, Inc. 275,385   4,964
Euronext NV(Å) 6,390   310 Hankook Tire Co., Ltd.(Æ) 113,434   4,429
Ferrari NV(Æ) 3,094   123 POSCO 37,625   5,605
Flow Traders(Æ)(Þ) 28,963   1,466 Samsung Electronics Co., Ltd. 10,700   10,329
Heineken Holding NV 15,228   1,172 Shinhan Financial Group Co., Ltd.(Æ) 199,937   6,419
Heineken NV 108,324   9,420         31,746
ING Groep NV 2,022,451   23,346          
Koninklijke Ahold NV 276,748   6,282 Spain - 2.2%        
Koninklijke KPN NV 2,683,078   10,402 Acciona SA 16,281   1,248
Koninklijke Philips NV 320,744   8,533 ACS Actividades de Construccion y        
NN Group NV 315,031   10,676 Servicios SA 42,779   1,093
NXP Semiconductors NV(Æ) 53,794   4,023 Amadeus IT Holding SA Class A 185,539   7,619
Randstad Holding NV 72,010   3,936 Banco Bilbao Vizcaya Argentaria SA        
          - ADR 23,109   150
Royal Dutch Shell PLC Class A 805,285   17,672 Banco de Sabadell SA - ADR 4,257,011   7,708
Royal Dutch Shell PLC Class B 165,240   3,613 Banco Santander SA - ADR 1,897,770   8,196
Wolters Kluwer NV 45,665   1,555          
        120,057 CaixaBank SA 878,047   2,672
          Cia de Distribucion Integral Logista        
New Zealand - 0.1%         Holdings SA 18,790   391
Air New Zealand, Ltd. 711,086   1,362 Corp. Financiera Alba SA 30,989   1,224
Nuplex Industries, Ltd.(Æ) 347,442   936 Endesa SA - ADR 168,477   3,250
        2,298 Ferrovial SA(Æ) 39,431   869
          Gamesa Corp. Tecnologica SA 117,882   2,195
Norway - 0.6%         Gas Natural SDG SA 16,762   330
Austevoll Seafood ASA 185,282   1,187 Iberdrola SA 579,611   4,084
DNB ASA 13,427   163 Indra Sistemas SA(Æ)(Ñ) 297,500   2,943
Orkla ASA 845,148   6,848 Industria de Diseno Textil SA 188,173   6,174
Statoil ASA Class N 50,700   704 Lar Espana Real Estate Socimi SA (ö) 58,302   557
Telenor ASA 252,305   4,106 Mediaset Espana Comunicacion SA 159,721   1,561
Yara International ASA 30,631   1,166 Repsol SA - ADR 32,993   344
        14,174 Telefonica SA - ADR(Æ) 34,768   369
                  52,977
Portugal - 0.3%                  
Energias de Portugal SA 138,724   485 Sweden - 1.8%        
Galp Energia SGPS SA Class B 546,672   6,516 Assa Abloy AB Class B 356,037   7,535
        7,001 Atlas Copco AB Class A 206,689   4,437
          Atlas Copco AB Class B 32,449   664
Russia - 0.3%         Bilia AB Class A 25,372   475
Evraz PLC(Æ) 378,467   340 BillerudKorsnas AB 225,634   3,602
Gazprom PAO - ADR 2,002,587   7,236 Boliden AB 195,840   2,720
        7,576 Byggmax Group AB(Æ) 114,586   953
          Dios Fastigheter AB 16,100   106
Singapore - 1.1%         Electrolux AB 164,529   3,573
BW LPG, Ltd.(Þ) 283,331   2,183 Hennes & Mauritz AB Class B 109,710   3,588
DBS Group Holdings, Ltd. 366,496   3,650 Hexagon AB Class B 49,199   1,633
Frasers Centrepoint, Ltd. 50,500   59 Intrum Justitia AB(Æ) 6,700   222
Japfa, Ltd.(Æ) 608,600   202 KappAhl AB(Æ) 35,000   139
Jardine Cycle & Carriage, Ltd. 353,000   9,351 Medivir AB Class B(Æ) 70,563   551
Oversea-Chinese Banking Corp., Ltd. 88,300   495 Nobia AB 16,340   182
Singapore Airlines, Ltd. 47,400   369 Nordea Bank AB 428,661   4,302
Singapore Telecommunications, Ltd. 512,054   1,273 SAS AB(Æ)(Ñ) 451,000   1,297
United Industrial Corp., Ltd. 24,700   52 Scandi Standard AB(Æ) 16,800   108
United Overseas Bank, Ltd. 657,800   8,415 Skandinaviska Enskilda Banken AB        
          Class A 194,973   1,880

 

See accompanying notes which are an integral part of this quarterly report.

Russell International Developed Markets Fund 55

 

Russell Investment Company
Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair     Principal   Fair
      Amount ($)   Value     Amount ($)   Value
      or Shares   $     or Shares   $
Skanska AB Class B 77,242   1,486 Amec Foster Wheeler PLC - GDR 232,374   1,374
SkiStar AB(Æ) 12,783   173 Anglo American PLC 39,312   157
Svenska Cellulosa AB SCA Class B 107,436   3,182 ARM Holdings PLC 243,438   3,495
Swedish Match AB 3,840   136 Associated British Foods PLC 3,747   169
Tethys Oil AB(Æ) 163,536   1,124 AstraZeneca PLC 99,606   6,372
          44,068 Auto Trader Group PLC(Æ)(Þ) 213,215   1,194
            Aviva PLC 1,023,757   7,070
Switzerland - 8.8%           Barclays PLC 3,496,976   9,340
ABB, Ltd.(Æ) 829,988   14,373 Bellway PLC 6,750   268
ABB, Ltd. - ADR(Æ) 130,800   2,263 Berendsen PLC 9,646   150
Actelion, Ltd.(Æ) 34,983   4,627 Berkeley Group Holdings PLC 132,960   6,722
Adecco SA(Æ) 62,887   3,882 BG Group PLC 91,005   1,380
Banque Cantonale Vaudoise 2,751   1,668 BHP Billiton PLC 73,582   716
Bell AG(Æ) 374   1,320 BP PLC 3,136,747   16,996
Bobst Group SA 16,844   686 BP PLC - ADR 130,000   4,208
Chubb, Ltd.(Æ) 55,925   6,323 British American Tobacco PLC 167,454   9,310
Cie Financiere Richemont SA(Æ) 56,948   3,700 British Land Co. PLC (The) (ö) 108,393   1,150
Credit Suisse Group AG(Æ) 838,263   14,798 BT Group PLC 190,890   1,328
GAM Holding AG(Æ) 150,071   2,108 Burford Capital, Ltd. 249,106   800
Georg Fischer AG 793   524 CNH Industrial NV 1,027,403   6,435
Glencore PLC(Æ) 1,431,796   1,853 CNH Industrial NV(Ñ) 252,800   1,583
Helvetia Holding AG(Ñ) 8,449   4,418 Coats Group PLC(Æ) 1,517,413   475
Julius Baer Group, Ltd.(Æ) 188,277   7,990 Compass Group PLC 618,662   10,665
Kardex AG(Æ) 4,910   353 Computacenter PLC(Æ) 70,530   832
Kuehne & Nagel International AG 9,686   1,284 Cranswick PLC(Æ) 17,990   537
LafargeHolcim, Ltd.(Æ) 5,638   239 Dairy Crest Group PLC 879,649   8,194
Lonza Group AG(Æ) 32,119   4,919 Dart Group PLC 174,078   1,377
Metall Zug AG 364   898 Debenhams PLC 494,000   554
Nestle SA 350,524   25,818 Delphi Automotive PLC 25,620   1,664
Novartis AG 312,697   24,255 Derwent London PLC (ö) 39,235   1,820
OC Oerlikon Corp. AG(Æ) 500,730   4,483 Diageo PLC 168,439   4,535
Oriflame Holding AG(Æ) 73,048   1,025 Direct Line Insurance Group PLC 515,125   2,761
Roche Holding AG 129,271   33,631 DS Smith PLC Class F 2,807,251   14,704
Sonova Holding AG 17,036   2,045 Fiat Chrysler Automobiles NV 30,940   218
STMicroelectronics NV 970,127   6,398 Galliford Try PLC 3,720   79
Swiss Life Holding AG(Æ) 34,228   8,704 Genel Energy PLC(Æ) 390,417   589
Swiss Re AG(Æ) 89,996   8,359 GlaxoSmithKline PLC - ADR 793,663   16,350
Syngenta AG 5,255   1,935 Go-Ahead Group PLC 12,409   434
Transocean, Ltd.(Ñ) 172,642   1,808 Great Portland Estates PLC (ö) 371,425   4,074
UBS Group AG 888,633   14,672 Greggs PLC 23,905   356
Vetropack Holding AG 210   292 Hammerson PLC (ö) 243,584   2,036
Vontobel Holding AG 17,300   727 HSBC Holdings PLC 2,960,081   20,877
Wolseley PLC - ADR 11,536   571 Imperial Tobacco Group PLC 676,307   36,642
Zurich Insurance Group AG(Æ) 15,548   3,444 Inchcape PLC 283,622   2,916
          216,393 Indivior PLC 869,925   1,879
            Intermediate Capital Group PLC 54,687   457
Taiwan - 0.8%           International Consolidated Airlines        
Compal Electronics, Inc. 9,012,000   5,241  Group SA(Æ) 159,100   1,230
Hon Hai Precision Industry Co., Ltd.(Æ) 1,524,464   3,575 iomart Group PLC(Æ) 184,161   626
Taiwan Semiconductor Manufacturing           JD Sports Fashion PLC - ADR 92,144   1,500
 Co., Ltd. - ADR 316,963   7,084 Jupiter Fund Management PLC 15,100   90
Teco Electric and Machinery Co., Ltd. 4,738,500   3,711 Kingfisher PLC 2,399,700   11,231
          19,611 Land Securities Group PLC(ö) 231,110   3,626
 
Thailand - 0.3%           Legal & General Group PLC 183,671   642
Bangkok Bank PCL 292,400   1,267 Liberty Global PLC Class A(Æ) 13,600   468
Charoen Pokphand Foods PCL 10,347,500   5,660 Liberty Global PLC Class C(Æ) 10,700   356
          6,927 LivaNova PLC(Æ) 4,600   258
            Lloyds Banking Group PLC 666,867   626
United Kingdom - 17.3%           Moneysupermarket.com Group PLC 501,623   2,425
3i Group PLC 534,778   3,395 National Grid PLC 832,577   11,735

 

See accompanying notes which are an integral part of this quarterly report.

56 Russell International Developed Markets Fund

 

Russell Investment Company
Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)       Amounts in thousands (except share amounts)      
    Principal   Fair         Principal   Fair  
    Amount ($)   Value         Amount ($)   Value  
    or Shares   $         or Shares   $  
Novae Group PLC 76,481   894   Porsche Automobil Holding SE     45,260   2,047  
Old Mutual PLC 216,470   529   Schaeffler AG (Æ)     63,880   1,016  
Pendragon PLC 1,536,065   867   Volkswagen AG     69,249   8,037  
Persimmon PLC Class A(Æ) 90,393   2,634               13,876  
Premier Oil PLC(Æ) 1,161,888   315                  
Prudential PLC 396,581   7,795 Japan - 0.0%            
QinetiQ Group PLC 668,900   2,218   Shinkin Central Bank Class A     87   163  
Rank Group PLC(Æ) 89,621   357                  
Reckitt Benckiser Group PLC 204,459   18,244   Total Preferred Stocks              
Redcentric PLC(Æ) 253,991   671   (cost $17,284)           14,039  
Redrow PLC 90,400   574                  
Rentokil Initial PLC 101,800   228   Warrants & Rights - 0.0%              
Rio Tinto PLC 195,824   4,816   Hong Kong - 0.0%              
Rolls Royce Holdings PLC(Æ) 933,752   7,454   Lai Sun Development Co., Ltd.(Æ)              
Royal Bank of Scotland Group PLC(Æ) 2,460,957   8,921    2016 Rights     18,154,500   9  
Royal Mail PLC 384,508   2,529                  
RSA Insurance Group PLC 1,347,073   8,037 Spain - 0.0%            
Segro PLC (ö) 67,770   426   Iberdrola SA(Æ)(Ñ)              
Shaftesbury PLC (ö) 48,759   586    2016 Rights     579,611   81  
 
Sky PLC 688,479   10,670   Total Warrants & Rights              
Smith & Nephew PLC 230,457   3,839                  
Smiths Group PLC 191,577   2,592   (cost $80)           90  
ST Modwen Properties PLC 57,833   320                  
Standard Chartered PLC 412,223   2,793 Short -Term Investments - 5.2%              
Subsea 7 SA(Æ) 310,300   1,867   United States - 5.2%              
SVG Capital PLC(Æ) 65,519   460   Russell U.S. Cash Management Fund     110,881,877 (8) 110,882  
Taylor Wimpey PLC 890,693   2,454   United States Treasury Bills              
Tesco PLC(Æ) 256,159   634   0.230% due 03/03/16   18,200   18,196  
Travis Perkins PLC 436,077   11,394   Total Short-Term Investments              
Trinity Mirror PLC 533,860   1,154   (cost $129,078)           129,078  
Unilever NV 270,822   12,078                  
Unilever PLC 58,690   2,583   Other Securities - 2.1%              
Vertu Motors PLC(Æ) 165,494   163   Russell U.S. Cash Collateral Fund(×)     50,861,930 (8) 50,862  
Vodafone Group PLC 5,272,107   16,865   Total Other Securities              
WM Morrison Supermarkets PLC 180,621   452   (cost $50,862)           50,862  
Worldpay Group PLC Class W(Æ)(Þ) 942,510   4,220                  
WPP PLC 1,241,504   27,021   Total Investments 101.3%              
WS Atkins PLC 80,950   1,679   (identified cost $2,667,931)           2,490,010  
        424,783                  
United States  - 1.5%           Other Assets and Liabilities, Net              
Carnival PLC 148,935   7,423 - (1.3%)         (30,925 )
Horizon Pharma PLC(Æ) 84,400   1,477   Net Assets - 100.0%           2,459,085  
Milestone Apartments Real Estate                          
  Investment Trust (ö) 96,775   1,042                  
News Corp. Class A 848,625   11,007                  
Philip Morris International, Inc. 50,600   4,554                  
Samsonite International SA 1,287,300   3,321                  
Thomson Reuters Corp.(Æ) 17,300   647                  
Valeant Pharmaceuticals International,                          
  Inc.(Æ) 17,628   1,590                  
Yum! Brands, Inc. 74,780   5,412                  
        36,473                  
 
Total Common Stocks                          
(cost $2,470,627)       2,295,941                  
 
Preferred Stocks - 0.6%                          
Germany - 0.6%                          
Henkel AG & Co. KGaA 26,159   2,776                  

 

See accompanying notes which are an integral part of this quarterly report.

Russell International Developed Markets Fund 57

 

Russell Investment Company
Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Restricted Securities                              
 
Amounts in thousands (except share and cost per unit amounts)                          
 
            Principal   Cost per   Cost   Fair Value  
% of Net Assets   Acquisition       Amount ($)   Unit   (000 ) (000 )
Securities   Date       or shares   $   $   $  
0.0%                              
ADO Properties SA   07/23/15 EUR   14,180 27.42 389 396  
BGP Holdings PLC   08/06/09 EUR 559,805 — —   —  
Euronext NV   01/26/16 EUR   6,390 47.25 302 310  
GDF Suez   11/07/05 EUR   55,671 0.01 —   —  
                            706  
For a description of restricted securities see note 7 in the Notes to Quarterly Report.                  
 
Futures Contracts                              
 
Amounts in thousands (except contract amounts)                              
                        Unrealized  
                        Appreciation  
    Number of     Notional   Expiration (Depreciation)  
    Contracts     Amount   Date     $  
Long Positions                              
CAC40 Euro Index Futures     346 EUR 15,262 02/16     192  
Dow Jones Index Futures     61 EUR 14,878 03/16     (529 )
EURO STOXX 50 Index Futures     980 EUR 29,674 03/16     (893 )
FTSE 100 Index Futures     294 GBP 17,661 03/16     554  
Hang Seng Index Futures     36 HKD 35,501 02/16     151  
S&P/TSX 60 Index Futures     631 CAD 95,003 03/16     529  
SPI 200 Index Futures     631 AUD 78,323 03/16     969  
TOPIX Index Futures   1,045 JPY 15,037,550   03/16     (8,815 )
Short Positions                              
FTSE 100 Index Futures     475 GBP 28,533 03/16     (421 )
Hang Seng Index Futures     254 HKD 250,482 02/16     (1,208 )
MSCI Emerging Markets Mini Index Futures   1,348 USD 50,402 03/16     2,316  
S&P 500 E-Mini Index Futures     820 USD 79,134 03/16     4,491  
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)                         (2,664 )
 
Foreign Currency Exchange Contracts                              
Amounts in  thousands                              
                            Unrealized  
                            Appreciation  
    Amount       Amount           (Depreciation)  
Counterparty   Sold       Bought   Settlement Date   $  
Bank of America USD   141   AUD 200   03/16/16   —  
Bank of America USD   919   AUD 1,300   03/16/16   (1 )
Bank of America USD 1,394   AUD 2,000   03/16/16   19  
Bank of America USD 51,657   AUD 72,000   03/16/16   (803 )
Bank of America USD   214   CAD 300   03/16/16   1  
Bank of America USD   497   CAD 700   03/16/16   2  
Bank of America USD 61,860   CAD 84,000   03/16/16   (1,898 )
Bank of America USD 1,337   EUR 1,221   02/01/16   (15 )
Bank of America USD   34   EUR 31   02/02/16   —  
Bank of America USD 1,096   EUR 1,000   03/16/16   (12 )
Bank of America USD 1,616   EUR 1,500   03/16/16   10  
Bank of America USD 1,957   EUR 1,800   03/16/16   (5 )
Bank of America USD   718   GBP 500   03/16/16   (6 )
Bank of America USD 1,435   GBP 1,000   03/16/16   (10 )
Bank of America USD 1,483   GBP 1,000   03/16/16   (58 )
Bank of America USD   385 HKD 3,000   03/16/16   —  
Bank of America USD   78   JPY 9,226   02/02/16   (1 )
Bank of America USD   153   JPY 18,230   02/02/16   (3 )
Bank of America USD   264   JPY 32,014   02/03/16   —  
Bank of America USD   267   JPY 32,380   02/03/16   —  
Bank of America USD   421   JPY 50,000   03/16/16   (8 )
Bank of America USD   853   JPY 100,000   03/16/16   (26 )
Bank of America USD 1,013   JPY 120,000   03/16/16   (21 )

 

See accompanying notes which are an integral part of this quarterly report.

58 Russell International Developed Markets Fund

 

Russell Investment Company
Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts              
Amounts in  thousands              
            Unrealized  
            Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
Bank of America USD 106,168 JPY 13,000,000 03/16/16 1,319  
Bank of America AUD 150 USD 104 03/16/16 (1 )
Bank of America AUD 750 USD 545 03/16/16 15  
Bank of America AUD 1,171 USD 850 03/16/16 23  
Bank of America AUD 2,000 USD 1,393 03/16/16 (19 )
Bank of America AUD 2,000 USD 1,451 03/16/16 38  
Bank of America AUD 2,000 USD 1,431 03/16/16 19  
Bank of America CAD 150 USD 105 03/16/16 (2 )
Bank of America CAD 560 USD 390 03/16/16 (10 )
Bank of America CAD 700 USD 506 03/16/16 6  
Bank of America CAD 1,330 USD 958 03/16/16 9  
Bank of America EUR 32 USD 35 02/01/16 —  
Bank of America EUR 73 USD 80 02/02/16 —  
Bank of America EUR 420 USD 460 03/16/16 5  
Bank of America EUR 700 USD 761 03/16/16 2  
Bank of America EUR 2,000 USD 2,185 03/16/16 16  
Bank of America EUR 3,000 USD 3,263 03/16/16 10  
Bank of America EUR 3,200 USD 3,470 03/16/16 —  
Bank of America EUR 4,500 USD 4,887 03/16/16 7  
Bank of America EUR 7,597 USD 8,309 03/16/16 70  
Bank of America GBP 100 USD 144 03/16/16 2  
Bank of America GBP 900 USD 1,326 03/16/16 43  
Bank of America GBP 1,413 USD 2,096 03/16/16 82  
Bank of America GBP 1,500 USD 2,257 03/16/16 120  
Bank of America GBP 30,000 USD 44,951 03/16/16 2,201  
Bank of America HKD 2,000 USD 258 03/16/16 1  
Bank of America HKD 3,700 USD 475 03/16/16 (1 )
Bank of America HKD 4,646 USD 600 03/16/16 3  
Bank of America HKD 276,000 USD 35,628 03/16/16 154  
Bank of America JPY 12,507 USD 105 02/02/16 2  
Bank of America JPY 17,192 USD 145 02/02/16 3  
Bank of America JPY 69,603 USD 586 02/02/16 11  
Bank of America JPY 3,939 USD 32 02/03/16 —  
Bank of America JPY 7,249 USD 60 02/03/16 —  
Bank of America JPY 13,772 USD 114 02/03/16 —  
Bank of America JPY 27,613 USD 228 02/03/16 —  
Bank of America JPY 54,929 USD 453 02/03/16 (1 )
Bank of America JPY 50,000 USD 425 03/16/16 12  
Bank of America JPY 51,500 USD 428 03/16/16 2  
Bank of America JPY 200,000 USD 1,666 03/16/16 12  
Bank of America JPY 200,000 USD 1,694 03/16/16 40  
Bank of America JPY 240,000 USD 2,024 03/16/16 40  
Bank of America JPY 268,000 USD 2,263 03/16/16 47  
Bank of America JPY 300,000 USD 2,438 03/16/16 (42 )
Bank of Montreal USD 282 AUD 400 03/16/16 1  
Bank of Montreal USD 284 CAD 400 03/16/16 2  
Bank of Montreal USD 3,243 EUR 3,000 03/16/16 10  
Bank of Montreal USD 1,024 GBP 700 03/16/16 (27 )
Bank of Montreal USD 258 HKD 2,000 03/16/16 (1 )
Bank of Montreal USD 1,268 JPY 150,000 03/16/16 (28 )
Bank of New York USD 12,393 CAD 16,857 03/16/16 (360 )
Bank of New York USD 115 EUR 106 02/02/16 —  
Bank of New York USD 10,895 EUR 9,982 03/16/16 (70 )
Bank of New York USD 20,593 JPY 2,525,500 03/16/16 289  
Bank of New York CZK 11,472 USD 460 02/02/16 —  
Bank of New York EUR 241 USD 261 02/02/16 —  
BNP Paribas USD 573 AUD 800 03/16/16 (8 )
BNP Paribas USD 993 AUD 1,400 03/16/16 (4 )
BNP Paribas USD 717 CAD 1,000 03/16/16 (3 )
BNP Paribas USD 4,340 EUR 4,000 03/16/16 (2 )
BNP Paribas USD 1,472 GBP 1,000 03/16/16 (47 )
BNP Paribas USD 79,608 GBP 52,800 03/16/16 (4,368 )
BNP Paribas USD 258 HKD 2,000 03/16/16 (1 )

 

See accompanying notes which are an integral part of this quarterly report.

Russell International Developed Markets Fund 59

 

Russell Investment Company
Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts              
Amounts in  thousands              
            Unrealized  
            Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
BNP Paribas USD 2,098 JPY 250,000 03/16/16 (30 )
BNP Paribas AUD 300 USD 205 03/16/16 (7 )
BNP Paribas AUD 700 USD 503 03/16/16 8  
BNP Paribas CAD 350 USD 241 03/16/16 (9 )
BNP Paribas CAD 500 USD 364 03/16/16 7  
BNP Paribas CAD 1,000 USD 725 03/16/16 11  
BNP Paribas EUR 1,500 USD 1,638 03/16/16 12  
BNP Paribas EUR 2,700 USD 2,925 03/16/16 (3 )
BNP Paribas EUR 3,800 USD 4,152 03/16/16 31  
BNP Paribas EUR 103,200 USD 112,190 03/16/16 270  
BNP Paribas GBP 250 USD 378 03/16/16 22  
BNP Paribas GBP 450 USD 642 03/16/16 1  
BNP Paribas GBP 1,500 USD 2,250 03/16/16 112  
BNP Paribas HKD 1,000 USD 128 03/16/16 —  
BNP Paribas HKD 3,000 USD 387 03/16/16 2  
BNP Paribas JPY 80,000 USD 663 03/16/16 2  
BNP Paribas JPY 90,000 USD 734 03/16/16 (10 )
BNP Paribas JPY 120,000 USD 1,026 03/16/16 34  
BNP Paribas JPY 300,000 USD 2,459 03/16/16 (21 )
Brown Brothers Harriman CZK 17,347 USD 696 02/02/16 1  
Brown Brothers Harriman EUR 376 USD 408 02/02/16 —  
Citibank HKD 2,100 USD 270 03/16/16 —  
Deutsche Bank USD 1,694 JPY 200,000 03/16/16 (40 )
HSBC USD 2,361 AUD 3,294 03/16/16 (34 )
HSBC USD 17,559 AUD 24,500 03/16/16 (255 )
HSBC USD 2,950 CAD 4,010 03/16/16 (88 )
HSBC USD 12,401 CAD 16,857 03/16/16 (367 )
HSBC USD 2,293 EUR 2,098 03/16/16 (17 )
HSBC USD 7,121 EUR 6,500 03/16/16 (72 )
HSBC USD 10,906 EUR 9,982 03/16/16 (81 )
HSBC USD 6,870 GBP 4,580 03/16/16 (344 )
HSBC USD 4,047 HKD 31,349 03/16/16 (18 )
HSBC USD 7,134 JPY 874,906 03/16/16 100  
HSBC USD 20,592 JPY 2,525,500 03/16/16 289  
HSBC AUD 500 USD 347 03/16/16 (6 )
HSBC AUD 500 USD 355 03/16/16 2  
HSBC AUD 1,000 USD 715 03/16/16 9  
HSBC CAD 600 USD 418 03/16/16 (10 )
HSBC CAD 600 USD 430 03/16/16 2  
HSBC CAD 1,500 USD 1,093 03/16/16 22  
HSBC EUR 2,500 USD 2,722 03/16/16 11  
HSBC EUR 2,500 USD 2,711 03/16/16 —  
HSBC GBP 300 USD 447 03/16/16 19  
HSBC GBP 700 USD 1,011 03/16/16 13  
HSBC GBP 1,500 USD 2,259 03/16/16 122  
HSBC GBP 9,900 USD 14,851 03/16/16 745  
HSBC HKD 1,500 USD 193 03/16/16 —  
HSBC HKD 1,800 USD 232 03/16/16 1  
HSBC HKD 268,500 USD 34,661 03/16/16 151  
HSBC JPY 100,000 USD 850 03/16/16 23  
HSBC JPY 120,000 USD 980 03/16/16 (12 )
HSBC JPY 20,500,000 USD 166,660 03/16/16 (2,839 )
Morgan Stanley EUR 1,000 USD 1,094 03/16/16 10  
National Australia Bank USD 12,397 CAD 16,857 03/16/16 (364 )
National Australia Bank USD 10,891 EUR 9,982 03/16/16 (65 )
National Australia Bank USD 20,588 JPY 2,525,500 03/16/16 294  
Royal Bank of Canada USD 417 AUD 600 03/16/16 7  
Royal Bank of Canada USD 2,365 AUD 3,294 03/16/16 (39 )
Royal Bank of Canada USD 17,593 AUD 24,500 03/16/16 (288 )
Royal Bank of Canada USD 491 CAD 700 03/16/16 9  
Royal Bank of Canada USD 2,950 CAD 4,010 03/16/16 (88 )
Royal Bank of Canada USD 12,401 CAD 16,857 03/16/16 (369 )
Royal Bank of Canada USD 2,290 EUR 2,098 03/16/16 (14 )

 

See accompanying notes which are an integral part of this quarterly report.

60 Russell International Developed Markets Fund

 

Russell Investment Company
Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                
Amounts in  thousands                
              Unrealized  
              Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
Royal Bank of Canada USD   3,038 EUR 2,800 03/16/16 (1 )
Royal Bank of Canada USD   3,802 EUR 3,500 03/16/16 (7 )
Royal Bank of Canada USD   10,892 EUR 9,982 03/16/16 (66 )
Royal Bank of Canada USD   855 GBP 600 03/16/16 —  
Royal Bank of Canada USD   1,051 GBP 700 03/16/16 (54 )
Royal Bank of Canada USD   6,873 GBP 4,580 03/16/16 (348 )
Royal Bank of Canada USD   192 HKD 1,500 03/16/16 —  
Royal Bank of Canada USD   1,480 JPY 175,000 03/16/16 (33 )
Royal Bank of Canada USD   1,645 JPY 200,000 03/16/16 9  
Royal Bank of Canada USD   2,552 JPY 300,000 03/16/16 (72 )
Royal Bank of Canada USD   7,132 JPY 874,906 03/16/16 102  
Royal Bank of Canada USD   20,588 JPY 2,525,500 03/16/16 293  
Royal Bank of Canada AUD   150 USD 105 03/16/16 (1 )
Royal Bank of Canada AUD   600 USD 419 03/16/16 (4 )
Royal Bank of Canada CAD   200 USD 140 03/16/16 (3 )
Royal Bank of Canada CAD   350 USD 246 03/16/16 (4 )
Royal Bank of Canada EUR   500 USD 545 03/16/16 3  
Royal Bank of Canada GBP   150 USD 213 03/16/16 —  
Royal Bank of Canada GBP   1,000 USD 1,421 03/16/16 (4 )
Royal Bank of Canada GBP   9,900 USD 14,858 03/16/16 750  
Royal Bank of Canada HKD   6,000 USD 768 03/16/16 (3 )
Royal Bank of Canada JPY   60,000 USD 511 03/16/16 15  
State Street USD   696 AUD 983 02/01/16 —  
State Street USD   970 AUD 1,370 02/01/16 —  
State Street USD   45 AUD 64 02/02/16 —  
State Street USD   428 AUD 604 02/02/16 (1 )
State Street USD   286 AUD 400 03/16/16 (4 )
State Street USD   2,645 AUD 3,700 03/16/16 (32 )
State Street USD   2,655 AUD 3,800 03/16/16 29  
State Street USD   430 CAD 600 03/16/16 (1 )
State Street USD   3,390 CAD 4,800 03/16/16 36  
State Street USD   3,648 CAD 5,000 03/16/16 (79 )
State Street USD   1,638 EUR 1,500 03/16/16 (12 )
State Street USD   2,181 EUR 2,000 03/16/16 (12 )
State Street USD   2,188 EUR 2,000 03/16/16 (19 )
State Street USD   5,452 EUR 5,000 03/16/16 (30 )
State Street USD   19,486 EUR 18,000 03/16/16 34  
State Street USD   20,806 EUR 19,000 03/16/16 (201 )
State Street USD   334 GBP 234 02/01/16 —  
State Street USD   884 GBP 610 02/01/16 (15 )
State Street USD   893 GBP 600 03/16/16 (38 )
State Street USD   987 GBP 650 03/16/16 (61 )
State Street USD   7,856 GBP 5,500 03/16/16 (18 )
State Street USD   8,283 GBP 5,500 03/16/16 (447 )
State Street USD   44 HKD 339 02/01/16 —  
State Street USD   729 HKD 5,715 02/01/16 6  
State Street USD   128 HKD 1,000 03/16/16 —  
State Street USD   232 HKD 1,800 03/16/16 (1 )
State Street USD   1,412 HKD 11,000 03/16/16 2  
State Street USD   1,549 HKD 12,000 03/16/16 (7 )
State Street USD   35,246 HKD 273,000 03/16/16 (158 )
State Street USD   378 JPY 44,941 02/01/16 (7 )
State Street USD   850 JPY 100,000 03/16/16 (23 )
State Street USD   1,238 JPY 150,000 03/16/16 2  
State Street USD   1,701 JPY 200,000 03/16/16 (47 )
State Street USD   2,067 JPY 250,000 03/16/16 —  
State Street USD   2,535 JPY 300,000 03/16/16 (54 )
State Street USD   9,291 JPY 1,100,000 03/16/16 (196 )
State Street USD   10,297 JPY 1,250,000 03/16/16 39  
State Street USD   35 SEK 297 02/01/16 —  
State Street USD   130 SGD 186 02/01/16 —  
State Street AUD   97 USD 69 02/01/16 1  
State Street AUD   534 USD 381 02/01/16 3  

 

See accompanying notes which are an integral part of this quarterly report.

Russell International Developed Markets Fund 61

 

Russell Investment Company
Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts              
Amounts in  thousands              
            Unrealized  
            Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
State Street AUD 200 USD 139 03/16/16 (2 )
State Street AUD 300 USD 207 03/16/16 (5 )
State Street AUD 300 USD 214 03/16/16 2  
State Street AUD 300 USD 206 03/16/16 (6 )
State Street AUD 950 USD 685 03/16/16 14  
State Street AUD 2,000 USD 1,403 03/16/16 (10 )
State Street AUD 2,400 USD 1,727 03/16/16 32  
State Street AUD 34,800 USD 25,144 03/16/16 563  
State Street BRL 328 USD 81 02/02/16 (1 )
State Street CAD 312 USD 221 02/01/16 (1 )
State Street CAD 1,446 USD 1,028 02/01/16 (4 )
State Street CAD 1,581 USD 1,114 02/01/16 (15 )
State Street CAD 285 USD 203 02/02/16 —  
State Street CAD 200 USD 137 03/16/16 (5 )
State Street CAD 300 USD 211 03/16/16 (3 )
State Street CAD 350 USD 250 03/16/16 —  
State Street CAD 500 USD 345 03/16/16 (12 )
State Street CAD 1,400 USD 1,010 03/16/16 11  
State Street CAD 4,000 USD 2,826 03/16/16 (29 )
State Street CAD 44,300 USD 32,775 03/16/16 1,152  
State Street EUR — USD 1 02/01/16 —  
State Street EUR 20 USD 89 02/01/16 67  
State Street EUR 1,040 USD 1,183 02/01/16 56  
State Street EUR 1,000 USD 1,091 03/16/16 6  
State Street EUR 1,200 USD 1,304 03/16/16 3  
State Street EUR 1,500 USD 1,639 03/16/16 12  
State Street EUR 2,000 USD 2,152 03/16/16 (17 )
State Street EUR 4,500 USD 4,923 03/16/16 43  
State Street GBP 378 USD 552 02/01/16 14  
State Street GBP 300 USD 425 03/16/16 (2 )
State Street GBP 300 USD 436 03/16/16 9  
State Street GBP 500 USD 714 03/16/16 1  
State Street GBP 500 USD 733 03/16/16 21  
State Street GBP 1,200 USD 1,742 03/16/16 32  
State Street GBP 1,500 USD 2,231 03/16/16 93  
State Street HKD 714 USD 92 02/01/16 —  
State Street HKD 810 USD 104 02/01/16 —  
State Street HKD 800 USD 103 03/16/16 —  
State Street HKD 1,000 USD 128 03/16/16 (1 )
State Street HKD 1,000 USD 129 03/16/16 1  
State Street HKD 1,000 USD 129 03/16/16 —  
State Street HKD 3,000 USD 387 03/16/16 2  
State Street JPY 10,195 USD 86 02/01/16 2  
State Street JPY 19,354 USD 163 02/01/16 3  
State Street JPY 117,939 USD 1,014 02/01/16 40  
State Street JPY 373,180 USD 3,263 02/01/16 181  
State Street JPY 40,000 USD 341 03/16/16 10  
State Street JPY 80,000 USD 680 03/16/16 19  
State Street JPY 100,000 USD 853 03/16/16 26  
State Street JPY 150,000 USD 1,239 03/16/16 (1 )
State Street JPY 150,000 USD 1,262 03/16/16 21  
State Street JPY 150,000 USD 1,243 03/16/16 3  
UBS USD 2,362 AUD 3,294 03/16/16 (36 )
UBS USD 17,573 AUD 24,500 03/16/16 (268 )
UBS USD 2,949 CAD 4,010 03/16/16 (86 )
UBS USD 12,395 CAD 16,857 03/16/16 (362 )
UBS USD 2,292 EUR 2,098 03/16/16 (17 )
UBS USD 10,905 EUR 9,982 03/16/16 (80 )
UBS USD 6,874 GBP 4,580 03/16/16 (348 )
UBS USD 7,136 JPY 874,906 03/16/16 98  
UBS USD 20,598 JPY 2,525,500 03/16/16 283  
UBS AUD 1,000 USD 715 03/16/16 9  
UBS CAD 1,000 USD 728 03/16/16 14  

 

See accompanying notes which are an integral part of this quarterly report.

62 Russell International Developed Markets Fund

 

Russell Investment Company
Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                
Amounts in  thousands                
              Unrealized  
              Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
UBS CAD 2,000 USD   1,421 03/16/16 (7 )
UBS GBP 400 USD   609 03/16/16 39  
UBS GBP 9,900 USD   14,859 03/16/16 751  
UBS HKD 3,000 USD   387 03/16/16 2  
UBS JPY 100,000 USD   829 03/16/16 3  
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts         (4,781 )

 

See accompanying notes which are an integral part of this quarterly report.

Russell International Developed Markets Fund 63

 

Russell Investment Company
Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Presentation of Portfolio Holdings                        
 
 
Amounts in thousands                        
 
 
          Fair Value              
Portfolio Summary Level 1   Level 2   Level 3   Total  
Common Stocks                        
Australia $ —   $ 56,091   $ — $   56,091  
Austria   —     11,711     —     11,711  
Belgium   —     39,339     —     39,339  
Bermuda   138     —     —     138  
Brazil   8,838     —     —     8,838  
Canada   87,615     —     —     87,615  
China   3,915     7,351     —     11,266  
Czech Republic   —     3,176     —     3,176  
Denmark   —     31,229     —     31,229  
Finland   —     13,021     —     13,021  
France   32     224,055     —     224,087  
Germany   —     152,833     —     152,833  
Hong Kong   —     54,460     —     54,460  
Hungary   —     5,525     —     5,525  
India   2,816     4,700     —     7,516  
Indonesia   —     1,837     —     1,837  
Ireland   18,508     19,689     —     38,197  
Isle of Man   —     1,801     —     1,801  
Israel   19,336     8,883     —     28,219  
Italy   150     66,418     —     66,568  
Japan   —     420,947     —     420,947  
Jersey   —     3,566     —     3,566  
Liechtenstein   —     350     —     350  
Luxembourg   —     2,062     —     2,062  
Macao   —     6,214     —     6,214  
Mexico   4,328     —     —     4,328  
Netherlands   5,568     114,489     —     120,057  
New Zealand   —     2,298     —     2,298  
Norway   —     14,174     —     14,174  
Portugal   —     7,001     —     7,001  
Russia   1,092     6,484     —     7,576  
Singapore   —     27,383     —     27,383  
South Africa   —     3,540     —     3,540  
South Korea   —     31,746     —     31,746  
Spain   —     52,977     —     52,977  
Sweden   —     44,068     —     44,068  
Switzerland   8,586     207,807     —     216,393  
Taiwan   7,084     12,527     —     19,611  
Thailand   —     6,927     —     6,927  
United Kingdom   8,537     415,931     315     424,783  
United States   25,729     10,744     —     36,473  
Preferred Stocks —   14,039   —   14,039  
Warrants & Rights —   90   —   90  
Short-Term Investments —   129,078   —   129,078  
Other Securities —   50,862   —   50,862  
Total Investments 202,272   2,287,423   315   2,490,010  
 
 
 
Other Financial Instruments                        
Futures Contracts (2,664 ) —   —   (2,664 )
Foreign Currency Exchange Contracts 325   (5,106 ) —   (4,781 )
Total Other Financial Instruments* $ (2,339 ) $ (5,106 ) $ — $   (7,445 )

 

*   Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.

See accompanying notes which are an integral part of this quarterly report.

64 Russell International Developed Markets Fund

 

Russell Investment Company
Russell International Developed Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Presentation of Portfolio Holdings        
 
Amounts in thousands        
 
      Fair Value  
Portfolio Summary Level 1 Level 2 Level 3 Total
For a description of the Levels see note 2 in the Notes to Quarterly Report.    
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to Quarterly
Report.        
Investments in which significant unobservable inputs (Level 3) were used in determining a fair value for the period ended January 31,
2016 were less than 1% of net assets.        

 

See accompanying notes which are an integral part of this quarterly report.

Russell International Developed Markets Fund 65

 

Russell Investment Company
Russell Global Equity Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair     Principal   Fair
      Amount ($)   Value     Amount ($)   Value
      or Shares   $     or Shares   $
Common Stocks - 95.7%           Denmark - 0.1%        
Australia - 0.4%           Genmab A/S(Æ) 8,876   1,111
ASX, Ltd. - ADR 14,281   432 Tryg A/S 7,970   152
New Hope Corp., Ltd. 18,210   21         1,263
Qantas Airways, Ltd.(Æ) 1,062,121   2,936          
Rio Tinto, Ltd. - ADR 111,467   3,129 Finland - 0.7%        
Telstra Corp., Ltd. 187,122   752 Caverion Corp. 200,045   1,910
Washington H Soul Pattinson & Co., Ltd. 3,821   45 Fortum OYJ 51,023   801
Woodside Petroleum, Ltd. 34,039   686 Kone OYJ Class B 131,846   5,792
WorleyParsons, Ltd. 751,300   1,836 Konecranes OYJ(Ñ) 184,789   4,095
          9,837 Neste OYJ 52,743   1,648
            Sampo OYJ Class A 33,772   1,631
Austria - 0.0%           YIT OYJ(Ñ) 342,100   1,838
Erste Group Bank AG(Æ) 8,571   250         17,715
 
Belgium - 0.6%           France - 6.4%        
Ageas 8,512   345 BNP Paribas SA 715,777   34,019
Groupe Bruxelles Lambert SA 5,535   420 Christian Dior SE 30,968   5,244
KBC Groep NV 5,019   288 Cie Generale des Etablissements        
Proximus 1,259   43 Michelin Class B 65,500   6,024
Solvay SA 61,495   5,093 Danone SA 365,474   25,206
UCB SA 84,475   7,236 Engie SA 86,822   1,395
          13,425 Euler Hermes Group 251   22
            Imerys SA 88,389   5,475
Bermuda - 0.2%           IPSOS 165,176   3,388
Assured Guaranty, Ltd. 156,600   3,724 Legrand SA - ADR 237,707   13,098
Axis Capital Holdings, Ltd. 8,300   447 LVMH Moet Hennessy Louis Vuitton        
Endurance Specialty Holdings, Ltd. 3,400   211 SE - ADR 124,596   20,085
Hiscox, Ltd. 21,591   306 Numericable-SFR SAS(Æ) 30,223   1,201
PartnerRe, Ltd. 3,900   548 PPR SA 72,074   12,207
          5,236 Renault SA 99,360   8,419
            Sanofi - ADR 140,750   11,819
Canada - 1.3%           Suez Environnement Co. 40,933   759
BCE, Inc. 31,000   1,249 Total SA 123,511   5,495
Canadian Imperial Bank of Commerce(Ñ) 20,300   1,322 Veolia Environnement SA 111,777   2,695
Canadian National Railway Co. 332,027   17,760         156,551
Emera, Inc. 23,600   752          
Enbridge, Inc. 19,100   663 Germany - 4.0%        
Encana Corp. 222,100   975 Allianz SE 102,834   16,597
Genworth MI Canada, Inc.(Ñ) 3,000   52 BASF SE 64,552   4,278
Great-West Lifeco, Inc. 24,100   597 Daimler AG 248,391   17,292
Husky Energy, Inc.(Ñ) 41,062   409 Deutsche Telekom AG 374,587   6,503
Intact Financial Corp. 11,100   666 Deutsche Wohnen AG 6,290   165
Keyera Corp.(Ñ) 12,900   354 Freenet AG 178,132   5,522
Methanex Corp. 134,200   3,577 Hannover Rueck SE 59,475   6,260
Pembina Pipeline Corp.(Ñ) 26,500   602 Lanxess AG 104,992   4,329
Royal Bank of Canada - GDR 12,700   658 Linde AG 110,166   14,882
Suncor Energy, Inc. 49,000   1,161 Muenchener Rueckversicherungs-        
TELUS Corp. 17,100   476 Gesellschaft AG in Muenchen 32,020   6,134
Toronto Dominion Bank 17,300   656 Symrise AG 94,420   6,092
          31,929 Wincor Nixdorf AG(Æ) 128,163   6,467
            Zalando SE 754   26
China - 0.8%           Zalando SE(Å)(Æ) 121,964   4,191
Alibaba Group Holding, Ltd. - ADR(Æ) 98,973   6,634         98,738
China Hongxing Sports, Ltd.(Å)(Æ) 6,320,000   —          
China Petroleum & Chemical Corp.           Hong Kong - 0.6%        
  Class H 2,975,600   1,673 Cathay Pacific Airways, Ltd. 1,885,800   2,977
Tencent Holdings, Ltd. 526,200   9,941 China Resources Power Holdings Co.,        
          18,248 Ltd. 1,101,600   1,879
            Guangdong Investment, Ltd. 1,173,400   1,503
            Hang Seng Bank, Ltd. 59,200   985

 

See accompanying notes which are an integral part of this quarterly report.

66 Russell Global Equity Fund

 

Russell Investment Company
Russell Global Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
MTR Corp., Ltd. 55,500   252 Toyota Motor Corp. 308,300   18,619
Power Assets Holdings, Ltd. 196,500   1,797         105,350
REXLot Holdings, Ltd.(Å)(Ñ) 27,960,023   36          
Wharf Holdings, Ltd. (The) 332,000   1,547 Luxembourg - 0.0%        
Wheelock & Co., Ltd. 688,000   2,628 ArcelorMittal 237,196   916
        13,604          
          Netherlands - 2.1%        
India - 0.9%         AerCap Holdings NV(Æ) 152,626   4,687
Bharti Infratel, Ltd. 1,143,244   6,136 Akzo Nobel NV 165,870   10,647
HDFC Bank, Ltd.(Æ) 234,949   3,654 Altice NV Class A(Æ) 15,630   226
ICICI Bank, Ltd. 1,779,824   6,096 Altice NV Class B(Æ) 12,782   190
Infosys, Ltd. - ADR 295,800   5,298 ASML Holding NV Class G(Ñ) 43,203   3,968
        21,184 Euronext NV(Þ) 1,928   94
          Heineken NV 169,858   14,771
Ireland - 2.9%         ING Groep NV 28,434   328
Accenture PLC Class A 267,437   28,225 Koninklijke Ahold NV 68,541   1,556
Greencore Group PLC Class A 1,207,952   6,715 Koninklijke Philips NV 326,097   8,675
Medtronic PLC 473,835   35,974 Royal Dutch Shell PLC Class A 183,388   4,026
XL Group PLC Class A 1,000   36 Royal Dutch Shell PLC Class B 115,764   2,531
        70,950         51,699
 
Israel - 0.3%         New Zealand - 0.0%        
Teva Pharmaceutical Industries, Ltd.         Contact Energy, Ltd. 26,297   79
  - ADR 119,100   7,322          
          Norway - 0.6%        
Italy - 0.7%         DNB ASA 416,398   5,051
A2A SpA 610,733   730 SpareBank 1 SR-Bank ASA 881,252   3,647
Buzzi Unicem SpA 382,635   5,835 Statoil ASA Class N 8,920   124
Enel SpA 1,154,698   4,725 TGS Nopec Geophysical Co. ASA        
ENI SpA - ADR 68,802   1,001   - ADR(Ñ) 7,860   115
Intesa Sanpaolo SpA 283,283   796 Yara International ASA 145,300   5,529
Snam Rete Gas SpA 161,453   905         14,466
Trevi Finanziaria Industriale SpA(Ñ) 1,800,905   3,012          
        17,004 Portugal - 0.2%        
          Energias de Portugal SA 1,403,889   4,908
Japan - 4.3%                  
Asahi Group Holdings, Ltd. 192,300   6,180 Russia - 0.1%        
Canon, Inc. 38,800   1,084 Sberbank of Russia - ADR 363,500   2,011
Chubu Electric Power Co., Inc. 99,800   1,278          
Dai-ichi Life Insurance Co., Ltd. (The) 22,900   316 Singapore - 0.4%        
Daiwa House Industry Co., Ltd. 24,200   684 Singapore Exchange, Ltd. 887,700   4,450
Daiwa Securities Group, Inc. 2,379,000   15,039 Singapore Telecommunications, Ltd. 248,300   611
Eisai Co., Ltd. 107,400   6,484 United Overseas Bank, Ltd. 440,800   5,639
Honda Motor Co., Ltd. 146,200   3,963         10,700
 
Inpex Corp. 17,600   156 South Africa - 0.2%        
Japan Tobacco, Inc. 49,300   1,926 Sasol, Ltd. - ADR 162,293   4,238
Kakaku.com, Inc. 307,900   5,952          
KDDI Corp. 255,900   6,470 South Korea - 2.3%        
Kyushu Electric Power Co., Inc. 43,400   466 BNK Financial Group, Inc.(Æ) 292,203   2,211
MEIJI Holdings Co., Ltd. 2,200   185 DGB Financial Group, Inc.(Æ) 7,635   57
NTT DOCOMO, Inc. 104,700   2,336 Hyundai Motor Co. 11,187   1,254
Ono Pharmaceutical Co., Ltd. 36,840   5,939 Kia Motors Corp.(Æ) 165,800   6,334
Shikoku Electric Power Co., Inc.(Æ) 27,500   399 LG Household & Health Care, Ltd.(Æ) 6,380   5,317
Showa Denko KK(Æ) 4,778,000   5,228 NAVER Corp.(Æ) 6,100   3,220
Sompo Japan Nipponkoa Holdings, Inc. 2,500   74 Samsung Electronics Co., Ltd. 37,482   36,182
Sony Corp. 3,100   74 Shinhan Financial Group Co., Ltd.(Æ) 76,879   2,468
Sumitomo Mitsui Financial Group, Inc. 518,200   17,403         57,043
Takeda Pharmaceutical Co., Ltd. 27,400   1,325          
Tohoku Electric Power Co., Inc. 40,900   511 Spain - 0.1%        
Tokio Marine Holdings, Inc. 14,500   519 Acciona SA 1,419   109
Tokyo Electric Power Co., Inc.(Æ) 546,200   2,740 Endesa SA - ADR 25,849   498

 

See accompanying notes which are an integral part of this quarterly report.

Russell Global Equity Fund 67

 

Russell Investment Company
Russell Global Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Iberdrola SA 305,423   2,152 Marks & Spencer Group PLC 284,122   1,725
Tecnicas Reunidas SA 2,415   80 National Grid PLC 49,708   701
        2,839 Nomad Foods, Ltd.(Æ) 597,570   5,229
          Persimmon PLC Class A(Æ) 287,135   8,367
Sweden - 1.2%         Reckitt Benckiser Group PLC 228,218   20,364
Atlas Copco AB Class B 253,300   5,183 Rexam PLC 473,226   4,053
Duni AB 260,200   3,889 Seadrill, Ltd.(Æ)(Ñ) 141,000   292
Fastighets AB Balder Class B(Æ) 5,546   124 Standard Chartered PLC 533,242   3,613
Investor AB Class B 183,329   6,119 Taylor Wimpey PLC 3,042,469   8,384
Loomis AB Class B 163,260   4,880 Tesco PLC(Æ) 1,747,954   4,330
Nordea Bank AB 476,099   4,778 Vodafone Group PLC 386,027   1,235
Svenska Handelsbanken AB Class A 436,287   5,481         196,263
        30,454          
          United States - 49.7%        
Switzerland - 5.6%         3M Co. 106,632   16,101
Allied World Assurance Co. Holdings         Aflac, Inc. 12,100   701
  AG 7,600   278 Allergan PLC(Æ) 48,611   13,826
Baidu, Inc. - ADR(Æ) 41,500   6,776 ALLETE, Inc. 129,800   6,866
Basellandschaftliche Kantonalbank 79   70 Alphabet, Inc. Class A(Æ) 30,607   23,303
Basler Kantonalbank 7,914   530 Alphabet, Inc.(Æ) 16,000   11,887
Chubb, Ltd.(Æ) 35,151   3,975 Altria Group, Inc. 48,400   2,958
Cie Financiere Richemont SA(Æ) 326,160   21,190 Amazon.com, Inc.(Æ) 33,233   19,508
Credit Suisse Group AG(Æ) 920,579   16,251 Ameren Corp. 7,400   332
Glencore PLC(Æ) 9,268,500   11,992 American Electric Power Co., Inc. 25,300   1,543
Julius Baer Group, Ltd.(Æ) 300,660   12,759 American Financial Group, Inc. 5,600   397
Kuehne & Nagel International AG 36,300   4,812 American International Group, Inc. 418,972   23,664
LafargeHolcim, Ltd.(Æ) 277,875   11,791 American Tower Corp.(ö) 75,133   7,088
Nestle SA 300,479   22,132 Ameris Bancorp 290,520   8,405
Novartis AG 177,864   13,796 Anadarko Petroleum Corp. 159,400   6,231
Roche Holding AG 40,693   10,587 Analog Devices, Inc. 3,800   205
Swisscom AG 330   164 Anthem, Inc. 140,300   18,308
UBS Group AG 30,895   510 Apple, Inc. 153,020   14,895
        137,613 Applied Materials, Inc. 266,100   4,697
          Astoria Financial Corp. 445,200   6,736
Taiwan - 0.8%         Atmos Energy Corp. 6,200   429
Taiwan Semiconductor Manufacturing         Automatic Data Processing, Inc. 8,000   665
  Co., Ltd. - ADR 870,600   19,458 Baker Hughes, Inc. 12,700   553
 
Thailand - 0.2%         Bank of America Corp. 1,765,500   24,964
Thai Oil PCL 2,933,700   5,316 Becton Dickinson and Co. 58,668   8,529
          Bed Bath & Beyond, Inc.(Æ) 52,500   2,266
United Kingdom - 8.0%         Berkshire Hathaway, Inc. Class B(Æ) 26,300   3,413
Amlin PLC 38,643   369 BioMarin Pharmaceutical, Inc.(Æ) 600   44
Aon PLC 106,100   9,319 BlackRock, Inc. Class A 20,130   6,326
AstraZeneca PLC 144,105   9,219 Boeing Co. (The) 9,500   1,141
Barclays PLC 5,999,620   16,024 Bristol-Myers Squibb Co. 226,500   14,079
Barratt Developments PLC 980,044   8,414 Brookline Bancorp, Inc. 352,276   3,931
BBA Aviation PLC 1,510,268   3,523 Brooks Automation, Inc. 358,977   3,421
Bellway PLC 191,757   7,617 CalAtlantic Group, Inc. 111,184   3,612
BG Group PLC 17,456   265 Capital One Financial Corp. 78,900   5,177
BHP Billiton PLC - ADR(Ñ) 189,400   3,722 Carter's, Inc. 57,000   5,542
BP PLC 2,609,896   14,141 Caterpillar, Inc. 123,300   7,674
British American Tobacco PLC 24,933   1,386 Cerner Corp.(Æ) 129,293   7,500
CNH Industrial NV 2,118,715   13,270 Charter Communications, Inc. Class        
Delphi Automotive PLC 158,400   10,286   A(Æ)(Ñ) 16,900   2,896
Diageo PLC 915,253   24,639 Chesapeake Energy Corp.(Ñ) 160,600   544
Experian PLC 424,900   7,255 Chevron Corp. 37,400   3,234
GlaxoSmithKline PLC - ADR 60,901   1,254 Cigna Corp. 96,000   12,826
HSBC Holdings PLC 206,019   1,453 Cincinnati Financial Corp. 12,200   703
Imperial Tobacco Group PLC 98,251   5,323 Cisco Systems, Inc. 22,900   545
Land Securities Group PLC(ö) 31,272   491 Citigroup, Inc. 501,300   21,345

 

See accompanying notes which are an integral part of this quarterly report.

68 Russell Global Equity Fund

 

Russell Investment Company
Russell Global Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Clorox Co. (The) 2,100   271 Lockheed Martin Corp. 9,700   2,047
CMS Energy Corp. 8,400   327 Marathon Petroleum Corp. 186,100   7,777
Coca-Cola Co. (The) 57,500   2,468 MasterCard, Inc. Class A 17,500   1,558
Colgate-Palmolive Co. 6,500   439 McDonald's Corp. 17,800   2,203
Columbia Pipeline Group, Inc. 40,800   757 Merck & Co., Inc. 342,600   17,360
Comcast Corp. Class A(Æ) 5,300   295 Mercury General Corp. 2,000   93
Consolidated Edison, Inc. 20,700   1,436 Meritage Homes Corp.(Æ) 116,600   3,849
Corning, Inc. 397,400   7,396 MetLife, Inc. 160,300   7,157
CoStar Group, Inc.(Æ) 41,383   7,257 Microsoft Corp. 790,300   43,538
Cummins, Inc. 76,400   6,868 Middleby Corp.(Æ) 61,733   5,578
CVS Health Corp. 7,600   734 Mondelez International, Inc. Class A 168,418   7,259
Danaher Corp. 71,449   6,191 Monster Beverage Corp.(Æ) 50,586   6,831
DexCom, Inc.(Æ) 48,100   3,429 Morgan Stanley 14,400   373
DigitalGlobe, Inc.(Æ) 2,618   34 Mylan NV(Æ) 149,758   7,891
Dime Community Bancshares, Inc. 309,300   5,317 National Oilwell Varco, Inc. 3,800   124
Dominion Resources, Inc. 6,800   491 NextEra Energy, Inc. 85,300   9,529
DR Horton, Inc. 672,100   18,489 Northern Trust Corp. 62,878   3,903
Dr Pepper Snapple Group, Inc. 10,800   1,013 Occidental Petroleum Corp. 30,000   2,065
DTE Energy Co. 7,600   646 Oracle Corp. 423,482   15,377
Duke Energy Corp. 24,200   1,822 Panera Bread Co. Class A(Æ) 32,769   6,357
Edison International 22,300   1,378 PepsiCo, Inc. 27,500   2,731
Electronic Arts, Inc.(Æ) 13,900   897 Pfizer, Inc. 422,100   12,870
Eli Lilly & Co. 30,600   2,420 PG&E Corp. 33,900   1,861
EP Energy Corp. Class A(Æ)(Ñ) 167,800   628 Philip Morris International, Inc. 27,900   2,511
Eversource Energy 10,400   560 Phillips 66(Æ) 41,700   3,342
Exelon Corp. 36,800   1,088 Pinnacle West Capital Corp. 9,000   597
Exxon Mobil Corp. 49,500   3,854 Platform Specialty Products Corp.(Æ) 477,820   3,646
Facebook, Inc. Class A(Æ) 112,684   12,644 PPL Corp. 51,800   1,816
FairPoint Communications, Inc.(Æ)(Ñ) 200,904   3,014 Praxair, Inc. 160,032   16,003
Fastenal Co.(Ñ) 143,740   5,830 Priceline Group, Inc. (The)(Æ) 6,049   6,442
Fortune Brands Home & Security, Inc. 131,030   6,367 ProAssurance Corp. 4,600   231
Frontier Communications Corp.(Ñ) 1,006,300   4,579 Procter & Gamble Co. (The) 37,600   3,072
General Dynamics Corp. 102,400   13,698 Progressive Corp. (The) 47,300   1,478
General Electric Co. 214,475   6,241 Public Service Enterprise Group, Inc. 40,700   1,681
General Motors Co. 452,200   13,403 Public Storage(ö) 11,000   2,789
Goldman Sachs Group, Inc. (The) 48,300   7,803 Pure Storage, Inc. Class A(Æ)(Ñ) 8,130   106
Goodyear Tire & Rubber Co. (The) 60,500   1,719 QUALCOMM, Inc. 30,100   1,365
Graham Holdings Co. Class B 5,700   2,763 Quest Diagnostics, Inc. 84,900   5,575
Harman International Industries, Inc. 23,327   1,735 Range Resources Corp.(Ñ) 433,800   12,823
Hartford Financial Services Group, Inc. 18,800   755 Raytheon Co. 14,400   1,847
Hewlett Packard Enterprise Co.(Æ) 191,800   2,639 Regal Entertainment Group Class A(Ñ) 138,585   2,391
HollyFrontier Corp. 15,400   539 Reynolds American, Inc. 49,600   2,478
Hologic, Inc.(Æ) 174,109   5,909 Rite Aid Corp.(Æ) 100,800   785
Home Depot, Inc. 24,100   3,031 Samsonite International SA 3,182,700   8,210
Honeywell International, Inc. 247,280   25,519 SCANA Corp. 9,100   573
HP, Inc. 191,800   1,862 Schlumberger, Ltd. 24,200   1,749
Hyatt Hotels Corp. Class A(Æ) 24,300   940 Sempra Energy 4,900   464
Independent Bank Corp. 144,292   6,596 ServiceNow, Inc.(Æ) 84,279   5,243
Intel Corp. 597,200   18,525 Skechers U.S.A., Inc. Class A(Æ) 58,800   1,658
International Bancshares Corp. 201,918   4,682 Southern Co. (The) 38,500   1,883
International Business Machines Corp. 32,650   4,074 Southwest Bancorp, Inc. 364,200   6,097
International Game Technology PLC 336,316   4,867 St. Jude Medical, Inc. 182,100   9,626
Intuitive Surgical, Inc.(Æ) 13,866   7,499 State Street Corp. 354,324   19,746
JetBlue Airways Corp.(Æ) 72,200   1,539 Stericycle, Inc.(Æ) 30,167   3,631
JM Smucker Co. (The) 58,700   7,532 SunTrust Banks, Inc. 81,700   2,989
Johnson & Johnson 192,000   20,052 Synchrony Financial(Æ) 88,478   2,515
JPMorgan Chase & Co. 558,900   33,255 Tesoro Corp. 36,600   3,193
Kimberly-Clark Corp. 4,300   552 Texas Instruments, Inc. 17,400   921
Kinder Morgan, Inc. 22,200   365 Thermo Fisher Scientific, Inc. 196,500   25,950
Lennar Corp. Class A(Ñ) 245,100   10,331 Thomson Reuters Corp. 29,000   1,085

 

See accompanying notes which are an integral part of this quarterly report.

Russell Global Equity Fund 69

 

Russell Investment Company
Russell Global Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)       Amounts in thousands (except share amounts)      
      Principal   Fair         Principal   Fair  
      Amount ($)   Value         Amount ($)   Value  
      or Shares   $         or Shares   $  
Tiffany & Co. 47,539   3,035 Short -Term Investments - 3.3%            
Time Warner, Inc. 350,554   24,693   United States - 3.3%            
Travelers Cos., Inc. (The) 15,500   1,659   Russell U.S. Cash Management Fund   57,880,444 (8) 57,880  
United Parcel Service, Inc. Class B 198,673   18,516   United States Treasury Bills            
United Technologies Corp. 49,375   4,330   0.233% due 03/03/16(~)   22,000   21,996  
UnitedHealth Group, Inc. 160,000   18,426   Total Short-Term Investments            
US Bancorp 5,800   232   (cost $79,876)         79,876  
Valeant Pharmaceuticals International,                          
  Inc.(Æ) 7,400   681   Other Securities - 2.5%            
Valero Energy Corp. 44,900   3,047   Russell U.S. Cash Collateral Fund(×)   62,096,059 (8) 62,096  
Veeva Systems, Inc. Class A(Æ)(Ñ) 207,639   5,004   Total Other Securities            
Verizon Communications, Inc. 123,700   6,181   (cost $62,096)         62,096  
Visa, Inc. Class A 382,181   28,469                
Voya Financial, Inc. 94,100   2,878   Total Investments 101.9%            
Walgreens Boots Alliance, Inc. 2,600   207   (identified cost $2,222,345)         2,492,429  
Wal-Mart Stores, Inc. 41,800   2,774                
Walt Disney Co. (The) 251,425   24,092   Other Assets and Liabilities, Net            
Waters Corp.(Æ) 115,288   13,974 - (1.9%)       (45,377 )
Webster Financial Corp. 183,600   6,090   Net Assets - 100.0%         2,447,052  
WEC Energy Group, Inc. 14,100   779                
Wells Fargo & Co. 327,100   16,430                
WESCO International, Inc.(Æ) 127,200   5,136                
Western Union Co. (The)(Ñ) 302,200   5,391                
Workday, Inc. Class A(Æ) 127,968   8,063                
Wyndham Worldwide Corp. 67,268   4,366                
Xcel Energy, Inc. 25,700   982                
Xerox Corp. 503,600   4,910                
Yahoo!, Inc.(Æ) 67,800   2,001                
Zillow Group, Inc.(Æ)(Ñ) 132,795   2,722                
Zillow Group, Inc. Class A(Æ)(Ñ) 55,940   1,212                
Zimmer Biomet Holdings, Inc. 181,844   18,050                
          1,215,546                
 
Total Common Stocks                          
(cost $2,071,603)         2,342,155                
 
Investments in Other Funds - 0.3%                        
Vanguard FTSE All-World ex-US ETF 136,400   5,585                
  Class U                          
Total Investments in Other Funds                          
(cost $6,112)         5,585                
 
Preferred Stocks - 0.1%                          
Germany - 0.1%                          
Porsche Automobil Holding SE 57,600   2,605                
 
Japan - 0.0%                          
Shinkin Central Bank Class A 37   69                
 
Total Preferred Stocks                          
(cost $2,616)         2,674                
 
Warrants & Rights - 0.0%                          
Spain - 0.0%                          
Iberdrola SA(Æ)                          
 Rights 2017 305,423   43                
 
Total Warrants & Rights                          
(cost $42)         43                

 

See accompanying notes which are an integral part of this quarterly report.

70 Russell Global Equity Fund

 

Russell Investment Company
Russell Global Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Restricted Securities                                
 
Amounts in thousands (except share and cost per unit amounts)                            
 
              Principal Cost per   Cost   Fair Value  
% of Net Assets   Acquisition         Amount ($)     Unit   (000 ) (000 )
Securities   Date         or shares     $   $   $  
0.2%                                
China Hongxing Sports, Ltd.   08/27/10 SGD   6,320,000   — 764 —  
REXLot Holdings, Ltd.   08/22/14 HKD   27,960,023   0.10 2,842 36  
Zalando SE   09/30/14 EUR   121,964   33.27 4,083 4,191  
                              4,227  
For a description of restricted securities see note 7 in the Notes to Quarterly Report.                  
 
Futures Contracts                                
 
Amounts in thousands (except contract amounts)                                
                          Unrealized  
                          Appreciation  
    Number of     Notional   Expiration (Depreciation)  
    Contracts     Amount   Date     $  
Long Positions                                
CAC40 Euro Index Futures       146 EUR 6,440 02/16     20  
Dow Jones Index Futures       24 EUR 5,854 03/16     (506 )
EURO STOXX 50 Index Futures       133 EUR 4,027 03/16     (248 )
FTSE 100 Index Futures       85 GBP 5,106 03/16     (78 )
Hang Seng Index Futures       9 HKD 8,875 02/16     38  
OMXS30 Index Futures       60 SEK 8,119 02/16     (3 )
S&P 500 E-Mini Index Futures       649 USD 62,632 03/16     (2,362 )
S&P Mid 400 E-Mini Index Futures       35 USD 4,602 03/16     (188 )
S&P/TSX 60 Index Futures       69 CAD 10,389 03/16     1  
SPI 200 Index Futures       121 AUD 15,019 03/16     68  
TOPIX Index Futures   1,277 JPY 18,376,030   03/16     (12,602 )
Short Positions                                
EURO STOXX 50 Index Futures   1,253 EUR 37,941 03/16     2,484  
FTSE 100 Index Futures       639 GBP 38,385 03/16     (555 )
Hang Seng Index Futures       131 HKD 129,186 02/16     (622 )
MSCI Emerging Markets Mini Index Futures   1,383 USD 51,710 03/16     2,162  
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)                           (12,391 )
 
Foreign Currency Exchange Contracts                                
Amounts in  thousands                                
                              Unrealized  
                              Appreciation  
    Amount         Amount           (Depreciation)  
Counterparty   Sold         Bought   Settlement Date   $  
Bank of America USD   175   AUD   250 03/16/16   2  
Bank of America USD 1,001   AUD   1,400 03/16/16   (12 )
Bank of America USD 9,829   AUD   13,700 03/16/16   (153 )
Bank of America USD   249   CAD   350 03/16/16   1  
Bank of America USD 4,419   CAD   6,000 03/16/16   (136 )
Bank of America USD   201   CHF   203 02/01/16   (2 )
Bank of America USD   398   CHF   400 03/16/16   (7 )
Bank of America USD   140   EUR   128 02/01/16   (2 )
Bank of America USD   400   EUR   366 02/01/16   (4 )
Bank of America USD 1,104   EUR   1,008 02/01/16   (12 )
Bank of America USD   25   EUR   23 02/02/16   —  
Bank of America USD   660   EUR   600 03/16/16   (9 )
Bank of America USD 1,304   EUR   1,200 03/16/16   (3 )
Bank of America USD 1,976   EUR   1,800 03/16/16   (24 )
Bank of America USD 2,718   EUR   2,500 03/16/16   (7 )
Bank of America USD 8,534   EUR   7,800 03/16/16   (75 )
Bank of America USD   108   GBP   75 03/16/16   (1 )
Bank of America USD   405   GBP   282 03/16/16   (3 )
Bank of America USD   503   GBP   350 03/16/16   (4 )

 

See accompanying notes which are an integral part of this quarterly report.

Russell Global Equity Fund 71

 

Russell Investment Company
Russell Global Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                  
Amounts in  thousands                  
                Unrealized  
                Appreciation  
    Amount     Amount     (Depreciation)  
Counterparty   Sold     Bought   Settlement Date $  
Bank of America USD 1,038 GBP 700 03/16/16 (41 )
Bank of America USD 3,425 GBP 2,300 03/16/16 (147 )
Bank of America USD 22 HKD 173 03/16/16 —  
Bank of America USD 620 HKD 4,800 03/16/16 (3 )
Bank of America USD 775 HKD 6,000 03/16/16 (3 )
Bank of America USD 389 JPY 46,810 03/16/16 (2 )
Bank of America USD 507 JPY 60,000 03/16/16 (11 )
Bank of America USD 1,498 JPY 180,000 03/16/16 (10 )
Bank of America USD 4,136 JPY 500,000 03/16/16 (2 )
Bank of America USD 163,336 JPY 20,000,000 03/16/16 2,031  
Bank of America USD 321 SEK 2,728 02/01/16 (3 )
Bank of America USD 424 SEK 3,600 03/16/16 (5 )
Bank of America AUD 100 USD 72 03/16/16 1  
Bank of America AUD 120 USD 87 03/16/16 2  
Bank of America AUD 150 USD 104 03/16/16 (2 )
Bank of America AUD 380 USD 276 03/16/16 7  
Bank of America AUD 463 USD 322 03/16/16 (5 )
Bank of America AUD 1,400 USD 975 03/16/16 (14 )
Bank of America AUD 2,000 USD 1,451 03/16/16 38  
Bank of America CAD 130 USD 94 03/16/16 1  
Bank of America CAD 150 USD 109 03/16/16 2  
Bank of America CAD 250 USD 173 03/16/16 (6 )
Bank of America CAD 300 USD 209 03/16/16 (5 )
Bank of America CAD 486 USD 350 03/16/16 3  
Bank of America CAD 500 USD 360 03/16/16 3  
Bank of America CAD 751 USD 527 03/16/16 (10 )
Bank of America CHF 830 USD 819 03/16/16 7  
Bank of America EUR 208 USD 227 02/01/16 3  
Bank of America EUR 250 USD 274 03/16/16 3  
Bank of America EUR 279 USD 305 03/16/16 3  
Bank of America EUR 300 USD 330 03/16/16 5  
Bank of America EUR 371 USD 402 03/16/16 —  
Bank of America EUR 900 USD 981 03/16/16 5  
Bank of America EUR 2,500 USD 2,740 03/16/16 29  
Bank of America EUR 2,900 USD 3,149 03/16/16 4  
Bank of America EUR 43,000 USD 46,900 03/16/16 267  
Bank of America GBP 100 USD 149 03/16/16 6  
Bank of America GBP 100 USD 150 03/16/16 8  
Bank of America GBP 250 USD 354 03/16/16 (2 )
Bank of America GBP 286 USD 424 03/16/16 17  
Bank of America GBP 900 USD 1,354 03/16/16 72  
Bank of America GBP 50,000 USD 74,919 03/16/16 3,669  
Bank of America HKD 800 USD 103 03/16/16 —  
Bank of America HKD 1,600 USD 205 03/16/16 —  
Bank of America HKD 150,000 USD 19,363 03/16/16 84  
Bank of America JPY 63,736 USD 537 02/02/16 10  
Bank of America JPY 10,000 USD 83 03/16/16 1  
Bank of America JPY 10,000 USD 82 03/16/16 —  
Bank of America JPY 50,000 USD 428 03/16/16 14  
Bank of America JPY 180,000 USD 1,463 03/16/16 (25 )
Bank of America JPY 200,000 USD 1,661 03/16/16 7  
Bank of America JPY 250,000 USD 2,097 03/16/16 30  
Bank of America JPY 300,000 USD 2,533 03/16/16 52  
Bank of America JPY 320,000 USD 2,699 03/16/16 53  
Bank of America JPY 730,000 USD 6,181 03/16/16 145  
Bank of America SEK 800 USD 96 03/16/16 2  
Bank of America SEK 1,000 USD 118 03/16/16 1  
Bank of America SEK 1,000 USD 116 03/16/16 —  

 

See accompanying notes which are an integral part of this quarterly report.

72 Russell Global Equity Fund

 

Russell Investment Company
Russell Global Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                  
Amounts in  thousands                  
                Unrealized  
                Appreciation  
    Amount     Amount     (Depreciation)  
Counterparty   Sold     Bought   Settlement Date $  
Bank of America SEK 1,010 USD 120 03/16/16 2  
Bank of New York USD 1,218 CAD 1,700 03/16/16 (4 )
Bank of New York USD 4,737 EUR 4,340 03/16/16 (30 )
Bank of New York USD 31,146 JPY 3,819,800 03/16/16 437  
Bank of New York EUR 20,139 USD 21,980 03/16/16 140  
Bank of New York GBP 9,800 USD 14,710 03/16/16 745  
BNP Paribas USD 2,714 EUR 2,500 03/16/16 (3 )
BNP Paribas USD 4,348 EUR 4,000 03/16/16 (10 )
BNP Paribas USD 1,146 GBP 800 03/16/16 (6 )
BNP Paribas USD 130,870 GBP 86,800 03/16/16 (7,181 )
BNP Paribas AUD 150 USD 103 03/16/16 (3 )
BNP Paribas AUD 200 USD 144 03/16/16 2  
BNP Paribas AUD 900 USD 652 03/16/16 16  
BNP Paribas CAD 150 USD 103 03/16/16 (4 )
BNP Paribas CAD 250 USD 181 03/16/16 3  
BNP Paribas CAD 1,200 USD 880 03/16/16 24  
BNP Paribas EUR 450 USD 492 03/16/16 4  
BNP Paribas EUR 1,200 USD 1,316 03/16/16 15  
BNP Paribas EUR 1,300 USD 1,421 03/16/16 11  
BNP Paribas EUR 1,700 USD 1,842 03/16/16 (2 )
BNP Paribas GBP 250 USD 357 03/16/16 —  
BNP Paribas GBP 300 USD 450 03/16/16 22  
BNP Paribas GBP 400 USD 606 03/16/16 36  
BNP Paribas GBP 1,000 USD 1,489 03/16/16 64  
BNP Paribas HKD 1,000 USD 128 03/16/16 —  
BNP Paribas HKD 2,300 USD 297 03/16/16 1  
BNP Paribas JPY 50,000 USD 428 03/16/16 14  
BNP Paribas JPY 80,000 USD 656 03/16/16 (6 )
BNP Paribas JPY 85,000 USD 700 03/16/16 (2 )
BNP Paribas JPY 280,000 USD 2,285 03/16/16 (30 )
BNP Paribas JPY 800,000 USD 6,757 03/16/16 142  
BNP Paribas SEK 2,200 USD 259 03/16/16 2  
Citibank USD 2,569 JPY 300,000 03/16/16 (88 )
Citibank HKD 1,200 USD 154 03/16/16 —  
Deutsche Bank USD 6,605 JPY 780,000 03/16/16 (156 )
HSBC USD 283 AUD 400 03/16/16 —  
HSBC USD 1,190 AUD 1,660 03/16/16 (17 )
HSBC USD 2,986 AUD 4,167 03/16/16 (43 )
HSBC USD 394 CAD 550 03/16/16 (1 )
HSBC USD 1,420 CAD 1,930 03/16/16 (42 )
HSBC USD 1,532 CAD 2,083 03/16/16 (45 )
HSBC USD 2,169 EUR 2,000 03/16/16 —  
HSBC USD 4,742 EUR 4,340 03/16/16 (35 )
HSBC USD 855 GBP 600 03/16/16 —  
HSBC USD 3,417 GBP 2,278 03/16/16 (171 )
HSBC USD 167 HKD 1,300 03/16/16 —  
HSBC USD 1,755 HKD 13,592 03/16/16 (8 )
HSBC USD 1,158 JPY 140,000 03/16/16 —  
HSBC USD 3,651 JPY 447,787 03/16/16 51  
HSBC USD 31,145 JPY 3,819,800 03/16/16 438  
HSBC USD 163 SEK 1,400 03/16/16 —  
HSBC USD 519 SEK 4,398 03/16/16 (6 )
HSBC AUD 300 USD 208 03/16/16 (4 )
HSBC CAD 400 USD 279 03/16/16 (7 )
HSBC EUR 500 USD 542 03/16/16 —  
HSBC EUR 1,700 USD 1,851 03/16/16 8  
HSBC EUR 20,139 USD 22,003 03/16/16 163  
HSBC GBP 400 USD 578 03/16/16 8  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Global Equity Fund 73

 

Russell Investment Company
Russell Global Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                  
Amounts in  thousands                  
                Unrealized  
                Appreciation  
    Amount     Amount     (Depreciation)  
Counterparty   Sold     Bought   Settlement Date $  
HSBC GBP 9,800 USD 14,701 03/16/16 736  
HSBC HKD 900 USD 116 03/16/16 —  
HSBC HKD 1,100 USD 142 03/16/16 —  
HSBC HKD 130,000 USD 16,782 03/16/16 73  
HSBC JPY 40,000 USD 327 03/16/16 (4 )
HSBC JPY 90,000 USD 765 03/16/16 21  
HSBC JPY 30,000,000 USD 243,893 03/16/16 (4,157 )
HSBC SEK 1,000 USD 117 03/16/16 1  
National Australia Bank USD 4,735 EUR 4,340 03/16/16 (28 )
National Australia Bank USD 31,139 JPY 3,819,800 03/16/16 444  
National Australia Bank EUR 20,139 USD 21,972 03/16/16 132  
National Australia Bank GBP 9,800 USD 14,712 03/16/16 746  
Northern Trust USD 210 GBP 147 02/01/16 —  
Northern Trust EUR 1,374 USD 1,489 02/01/16 —  
Royal Bank of Canada USD 1,192 AUD 1,660 03/16/16 (20 )
Royal Bank of Canada USD 2,992 AUD 4,167 03/16/16 (49 )
Royal Bank of Canada USD 1,420 CAD 1,930 03/16/16 (42 )
Royal Bank of Canada USD 1,532 CAD 2,083 03/16/16 (46 )
Royal Bank of Canada USD 991 CHF 1,000 03/16/16 (13 )
Royal Bank of Canada USD 1,096 EUR 1,000 03/16/16 (11 )
Royal Bank of Canada USD 2,187 EUR 2,000 03/16/16 (18 )
Royal Bank of Canada USD 4,735 EUR 4,340 03/16/16 (29 )
Royal Bank of Canada USD 3,419 GBP 2,278 03/16/16 (173 )
Royal Bank of Canada USD 2,978 JPY 350,000 03/16/16 (84 )
Royal Bank of Canada USD 3,650 JPY 447,787 03/16/16 52  
Royal Bank of Canada USD 4,112 JPY 500,000 03/16/16 22  
Royal Bank of Canada USD 31,139 JPY 3,819,800 03/16/16 444  
Royal Bank of Canada USD 519 SEK 4,398 03/16/16 (6 )
Royal Bank of Canada EUR 700 USD 762 03/16/16 3  
Royal Bank of Canada EUR 20,139 USD 21,974 03/16/16 134  
Royal Bank of Canada GBP 350 USD 522 03/16/16 24  
Royal Bank of Canada GBP 1,000 USD 1,421 03/16/16 (4 )
Royal Bank of Canada GBP 9,800 USD 14,708 03/16/16 742  
Royal Bank of Canada HKD 4,000 USD 512 03/16/16 (2 )
Royal Bank of Canada JPY 30,000 USD 248 03/16/16 —  
State Street USD 69 AUD 100 03/16/16 2  
State Street USD 689 AUD 950 03/16/16 (18 )
State Street USD 10,910 AUD 15,100 03/16/16 (245 )
State Street USD 138 CAD 200 03/16/16 5  
State Street USD 864 CAD 1,200 03/16/16 (8 )
State Street USD 15,981 CAD 21,600 03/16/16 (562 )
State Street USD 763 CHF 750 03/16/16 (29 )
State Street USD 1,306 CHF 1,300 03/16/16 (35 )
State Street USD 601 EUR 441 02/01/16 (122 )
State Street USD 238 EUR 220 02/02/16 —  
State Street USD 545 EUR 500 03/16/16 (3 )
State Street USD 1,091 EUR 1,000 03/16/16 (6 )
State Street USD 1,547 EUR 1,400 03/16/16 (29 )
State Street USD 4,362 EUR 4,000 03/16/16 (24 )
State Street USD 5,246 EUR 4,800 03/16/16 (41 )
State Street USD 1,057 GBP 733 02/01/16 (12 )
State Street USD 6 GBP 4 02/02/16 —  
State Street USD 1,195 GBP 800 03/16/16 (55 )
State Street USD 2,224 GBP 1,500 03/16/16 (87 )
State Street USD 352 HKD 2,745 02/01/16 1  
State Street USD 452 HKD 3,500 03/16/16 (2 )
State Street USD 18,269 HKD 141,500 03/16/16 (82 )
State Street USD 1,699 JPY 200,000 03/16/16 (45 )

 

See accompanying notes which are an integral part of this quarterly report.

74 Russell Global Equity Fund

 

Russell Investment Company
Russell Global Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                  
Amounts in  thousands                  
                Unrealized  
                Appreciation  
    Amount     Amount     (Depreciation)  
Counterparty   Sold     Bought   Settlement Date $  
State Street USD 1,702 JPY 200,000 03/16/16 (48 )
State Street USD 2,041 JPY 240,000 03/16/16 (57 )
State Street USD 2,491 JPY 300,000 03/16/16 (11 )
State Street USD 4,207 JPY 500,000 03/16/16 (73 )
State Street USD 4,225 JPY 500,000 03/16/16 (91 )
State Street USD 202 SEK 1,730 02/02/16 —  
State Street USD 357 SEK 3,000 03/16/16 (7 )
State Street AUD 121 USD 85 02/01/16 —  
State Street AUD 100 USD 70 03/16/16 (1 )
State Street AUD 100 USD 69 03/16/16 (2 )
State Street AUD 100 USD 70 03/16/16 (1 )
State Street AUD 350 USD 244 03/16/16 (3 )
State Street AUD 750 USD 541 03/16/16 11  
State Street CAD 202 USD 144 02/01/16 —  
State Street CAD 100 USD 70 03/16/16 (1 )
State Street CAD 200 USD 137 03/16/16 (5 )
State Street CAD 200 USD 142 03/16/16 (1 )
State Street CAD 450 USD 318 03/16/16 (3 )
State Street CAD 1,000 USD 722 03/16/16 8  
State Street CAD 1,300 USD 921 03/16/16 (7 )
State Street CHF 15,328 USD 15,500 03/16/16 510  
State Street CHF 27,000 USD 27,063 03/16/16 660  
State Street EUR 300 USD 326 03/16/16 1  
State Street EUR 300 USD 329 03/16/16 4  
State Street EUR 400 USD 437 03/16/16 3  
State Street EUR 700 USD 765 03/16/16 6  
State Street EUR 800 USD 873 03/16/16 5  
State Street EUR 1,000 USD 1,076 03/16/16 (8 )
State Street EUR 3,600 USD 3,938 03/16/16 34  
State Street EUR 7,800 USD 8,520 03/16/16 61  
State Street GBP 100 USD 145 03/16/16 3  
State Street GBP 150 USD 224 03/16/16 10  
State Street GBP 200 USD 285 03/16/16 —  
State Street GBP 200 USD 293 03/16/16 8  
State Street GBP 400 USD 581 03/16/16 11  
State Street GBP 1,100 USD 1,636 03/16/16 69  
State Street GBP 1,500 USD 2,177 03/16/16 40  
State Street HKD 1,000 USD 129 03/16/16 —  
State Street HKD 2,500 USD 323 03/16/16 1  
State Street JPY 600,035 USD 5,225 02/01/16 269  
State Street JPY 20,000 USD 170 03/16/16 5  
State Street JPY 30,000 USD 253 03/16/16 5  
State Street JPY 30,000 USD 250 03/16/16 2  
State Street JPY 30,000 USD 252 03/16/16 4  
State Street JPY 90,000 USD 766 03/16/16 22  
State Street JPY 205,000 USD 1,699 03/16/16 4  
State Street JPY 250,000 USD 2,072 03/16/16 5  
State Street SEK 132 USD 17 02/01/16 1  
State Street SEK 1,000 USD 118 03/16/16 1  
State Street SEK 2,000 USD 238 03/16/16 4  
UBS USD 1,191 AUD 1,660 03/16/16 (18 )
UBS USD 2,989 AUD 4,167 03/16/16 (46 )
UBS USD 1,419 CAD 1,930 03/16/16 (41 )
UBS USD 1,532 CAD 2,083 03/16/16 (45 )
UBS USD 1,625 EUR 1,500 03/16/16 1  
UBS USD 4,741 EUR 4,340 03/16/16 (35 )
UBS USD 9,885 EUR 9,000 03/16/16 (124 )
UBS USD 3,419 GBP 2,278 03/16/16 (173 )

 

See accompanying notes which are an integral part of this quarterly report.

Russell Global Equity Fund 75

 

Russell Investment Company
Russell Global Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                          
Amounts in  thousands                            
                          Unrealized  
                          Appreciation  
        Amount       Amount       (Depreciation)  
Counterparty       Sold       Bought   Settlement Date $  
UBS   USD 3,652 JPY 447,787   03/16/16 50  
UBS   USD 31,155 JPY 3,819,800   03/16/16 429  
UBS   USD   519 SEK 4,398   03/16/16 (6 )
UBS   AUD   150 USD 105   03/16/16 (1 )
UBS   AUD   150 USD 107   03/16/16 1  
UBS   AUD   350 USD 252   03/16/16 5  
UBS   CAD   100 USD 73   03/16/16 1  
UBS   CAD   150 USD 106   03/16/16 (1 )
UBS   CAD   400 USD 287   03/16/16 2  
UBS   EUR   600 USD 648   03/16/16 (2 )
UBS   EUR   700 USD 771   03/16/16 12  
UBS   EUR 1,600 USD 1,757   03/16/16 22  
UBS   EUR 20,139 USD 22,001   03/16/16 161  
UBS   GBP   150 USD 214   03/16/16 —  
UBS   GBP   200 USD 304   03/16/16 19  
UBS   GBP   450 USD 667   03/16/16 26  
UBS   GBP 9,800 USD 14,709   03/16/16 744  
UBS   HKD 1,000 USD 129   03/16/16 1  
UBS   HKD 1,000 USD 129   03/16/16 1  
UBS   JPY 30,000 USD 253   03/16/16 5  
UBS   JPY 50,000 USD 415   03/16/16 1  
UBS   JPY 90,000 USD 745   03/16/16 1  
UBS   SEK   900 USD 107   03/16/16 2  
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts               213  
 
Presentation of Portfolio Holdings                            
 
 
Amounts in thousands                            
 
 
                Fair Value          
Portfolio Summary Level 1 Level 2 Level 3   Total  
Common Stocks                            
Australia $   — $     9,837 $   — $ 9,837  
Austria     —       250     —   250  
Belgium     —       13,425     —   13,425  
Bermuda   4,930       306     —   5,236  
Canada   31,929         —     —   31,929  
China   6,634       11,614     —   18,248  
Denmark     —       1,263     —   1,263  
Finland     —       17,715     —   17,715  
France     —   156,551     —   156,551  
Germany     —       98,738     —   98,738  
Hong Kong     —       13,568     36   13,604  
India   5,298       15,886     —   21,184  
Ireland   64,235       6,715     —   70,950  
Israel   7,322         —     —   7,322  
Italy     —       17,004     —   17,004  
Japan     —   105,350     —   105,350  
Luxembourg     —       916     —   916  
Netherlands   8,655       43,044     —   51,699  
New Zealand     —         79     —   79  
Norway     —       14,466     —   14,466  
Portugal     —       4,908     —   4,908  
Russia     —       2,011     —   2,011  
Singapore     —       10,700     —   10,700  
South Africa     —       4,238     —   4,238  
South Korea     —       57,043     —   57,043  
Spain     —       2,839     —   2,839  

 

See accompanying notes which are an integral part of this quarterly report.

76 Russell Global Equity Fund

 

Russell Investment Company
Russell Global Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Presentation of Portfolio Holdings                        
 
Amounts in thousands                        
 
            Fair Value            
Portfolio Summary Level 1   Level 2   Level 3   Total  
Sweden   —     30,454     —     30,454  
Switzerland   11,029     126,584     —     137,613  
Taiwan   19,458     —     —     19,458  
Thailand   —     5,316     —     5,316  
United Kingdom   23,619     172,644     —     196,263  
United States   1,207,336     8,210     —     1,215,546  
Investments in Other Funds 5,585   —   —   5,585  
Preferred Stocks —   2,674   —   2,674  
Warrants & Rights —   43   —   43  
Short-Term Investments —   79,876   —   79,876  
Other Securities —   62,096   —   62,096  
Total Investments 1,396,030   1,096,363   36   2,492,429  
 
 
Other Financial Instruments                        
Futures Contracts (12,391 ) —   —   (12,391 )
Foreign Currency Exchange Contracts 125   88   —   213  
Total Other Financial Instruments* $ (12,266 ) $ 88   $ — $   (12,178 )

 

*   Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.

For a description of the Levels see note 2 in the Notes to Quarterly Report.
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to Quarterly
Report.
Investments in which significant unobservable inputs (Level 3) were used in determining a fair value for the period ended January 31,
2016 were less than 1% of net assets.

See accompanying notes which are an integral part of this quarterly report.

Russell Global Equity Fund 77

 

Russell Investment Company
Russell Emerging Markets Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair       Principal   Fair
      Amount ($)   Value       Amount ($)   Value
      or Shares   $       or Shares   $
Common Stocks - 92.5%           Porto Seguro SA 216,380   1,416
Argentina - 1.1%           Rumo Logistica Operadora Multimodal          
Arcos Dorados Holdings, Inc. Class           SA(Æ) 379,382   179
A(Æ)(Ñ) 288,800   826 Smiles SA 53,800   383
Banco Macro SA - ADR(Æ) 111,331   7,122 Sul America SA 151,000   682
Cresud SACIF y A - ADR(Æ)(Ñ) 385,535   4,206 Telefonica Brasil SA - ADR(Ñ) 575,494   5,018
Pampa Energia SA - ADR(Æ)(Ñ) 159,172   3,564 Tim Participacoes SA - ADR 372,800   2,949
YPF SA - ADR 331,483   5,582 TOTVS SA 36,000   292
          21,300 Tractebel Energia SA 98,201   831
            Ultrapar Participacoes SA 49,392   733
Austria - 0.0%           Ultrapar Participacoes SA - ADR 9,221   138
Vienna Insurance Group AG 23,991   593 Vale SA Class B - ADR(Ñ) 1,522,379   2,938
 
Bangladesh - 0.5%                     105,678
Beximco Pharmaceuticals, Ltd. 3,769,686   4,154 Cambodia - 0.2%          
BRAC Bank, Ltd. 5,233,534   3,167 NagaCorp, Ltd. 5,008,248   3,047
United Commercial Bank, Ltd. 8,573,380   2,209            
          9,530 Canada - 0.0%          
            First Quantum Minerals, Ltd. 302,677   655
Bermuda - 0.0%           Platinum Group Metals, Ltd.(Æ) 13,450   15
Kunlun Energy Co., Ltd. 254,000   188 Torex Gold Resources, Inc.(Æ)(Ñ) 357,355   321
NWS Holdings, Ltd. 150,000   223           991
          411            
            Cayman Islands - 0.7%          
Brazil - 5.4%           China Hongqiao Group, Ltd. 419,500   227
Ambev SA - ADR 2,415,200   11,279 China Maple Leaf Educational Systems,          
B2W Cia Digital(Æ) 1,334,608   4,424 Ltd.(Æ) 296,000   138
Banco Bradesco SA - ADR(Æ) 664,388   3,036 China Resources Cement Holdings, Ltd. 882,000   213
Banco Bradesco SA(Æ) 67,904   333 China Zhongwang Holdings, Ltd. 300,400   136
Banco do Brasil SA 550,300   1,905 CKH Food & Health, Ltd.(Æ)(Ñ) 298,221   741
Banco Santander Brasil SA - ADR(Ñ) 687,543   2,200 Greentown China Holdings, Ltd.(Æ) 137,000   104
BB Seguridade Participacoes SA 439,006   2,539 Semiconductor Manufacturing          
BM&FBovespa SA 2,567,500   6,586 International Corp.(Æ) 14,194,000   1,228
BR Malls Participacoes SA 771,333   2,289 Shenzhou International Group Holdings,        
Braskem SA - ADR(Ñ) 186,638   2,238 Ltd. 116,013   623
BRF SA - ADR(Æ)(Ñ) 499,039   6,053 Sunac China Holdings, Ltd. 400,000   250
CCR SA 114,092   365 Trina Solar, Ltd. - ADR(Æ)(Ñ) 551,539   5,063
Centrais Eletricas Brasileiras SA(Æ) 711,600   1,035 VinaCapital Vietnam Opportunity Fund,          
Cia Brasileira de Distribuicao - ADR(Ñ) 381,692   3,645 Ltd. 1,819,464   4,063
Cia de Saneamento Basico do Estado de                     12,786
Sao Paulo 412,740   2,200            
Cia de Saneamento de Minas           Chile - 0.6%          
Gerais-COPASA(Æ) 241,400   777 Banco Santander Chile - ADR 254,175   4,395
Cielo SA 237,480   2,011 Cia Cervecerias Unidas SA - ADR 208,954   2,264
Cosan SA Industria e Comercio 460,400   2,894 Cia Cervecerias Unidas SA - ADR(Æ) 20,273   438
Even Construtora e Incorporadora SA 831,700   859 Embotelladora Andina SA - ADR 27,436   452
Fibria Celulose SA - ADR(Ñ) 218,400   2,413 ENTEL Chile SA 255,809   2,464
Gafisa SA(Æ) 879,760   517 Sociedad Quimica y Minera de Chile          
Gerdau SA - ADR 1,207,200   1,099 SA - ADR 87,600   1,422
Gol Linhas Aereas Inteligentes SA -                     11,435
ADR(Æ)(Ñ) 552,000   304            
Grendene SA 517,673   1,975 China - 16.1%          
Grupo BTG Pactual 105,287   442 51job, Inc. - ADR(Æ)(Ñ) 115,388   3,211
Hypermarcas SA(Æ) 715,300   3,997 58.com, Inc. - ADR(Æ)(Ñ) 19,033   1,068
Itau Unibanco Holding SA - ADR 2,020,842   12,711 AAC Technologies Holdings, Inc. 663,904   4,247
JBS SA 1,965,600   5,307 Agile Property Holdings, Ltd.(Ñ) 3,122,000   1,498
Linx SA(Æ) 31,500   395 Agricultural Bank of China, Ltd. Class H 6,372,000   2,279
MRV Engenharia e Participacoes SA 646,974   1,480 Alibaba Group Holding, Ltd. - ADR(Æ) 87,174   5,843
Multiplus SA 34,500   273 Angang Steel Co., Ltd. Class H(Ñ) 464,000   203
Odontoprev SA 125,600   317 Anhui Conch Cement Co., Ltd. Class H 2,467,798   4,790
Petroleo Brasileiro SA - ADR(Æ)(Ñ) 640,000   2,221 Anhui Conch Cement Co., Ltd. Class A 762,103   1,541

 

See accompanying notes which are an integral part of this quarterly report.

78 Russell Emerging Markets Fund

 

Russell Investment Company
Russell Emerging Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair       Principal   Fair
      Amount ($)   Value       Amount ($)   Value
      or Shares   $       or Shares   $
Anta Sports Products, Ltd. 556,000   1,343 Dalian Wanda Commercial Properties          
Autohome, Inc. - ADR(Æ)(Ñ) 29,948   736 Co., Ltd. Class H(Å) 20,800   101
Bank of China, Ltd. Class H 18,352,000   7,264 Dongfeng Motor Group Co., Ltd. Class H 4,394,000   5,215
Bank of Chongqing Co., Ltd. Class H 341,500   267 Eastern Communications Co., Ltd. Class        
Bank of Communications Co., Ltd. Class         B(Æ) 128,300   92
H 7,781,000   4,770 ENN Energy Holdings, Ltd. 470,100   2,118
Beijing Capital Land, Ltd. Class H 2,078,000   779 Evergrande Real Estate Group, Ltd.(Ñ) 4,269,000   2,832
BOE Technology Group Co., Ltd. Class           Fantasia Holdings Group Co., Ltd. 3,081,000   333
B(Æ) 3,886,230   986 Fufeng Group, Ltd.(Ñ) 645,000   207
Boer Power Holdings, Ltd.(Æ)(Ñ) 460,000   800 Future Land Development Holdings, Ltd. 3,440,000   420
BYD Electronic International Co., Ltd.           Fuyao Glass Industry Group Co., Ltd.          
(Æ) 7,259,000   3,078 Class H(Æ)(Þ) 281,600   574
China Cinda Asset Management Co.,           Geely Automobile Holdings, Ltd. 2,385,000   1,022
Ltd. Class H 9,195,282   2,897 Golden Eagle Retail Group, Ltd. 10,000   11
China CITIC Bank Corp., Ltd. Class           Great Wall Motor Co., Ltd. Class H 143,500   109
H(Æ) 9,379,000   5,434 Gree Electric Appliances, Inc. of Zhuhai        
China Communications Services Corp.,           Class A 491,300   1,405
Ltd. Class H(Æ) 402,000   159 Guangdong Electric Power Development        
China Construction Bank Corp. Class H 25,272,052   15,572 Co., Ltd. Class B 1,460,536   873
China Dongxiang Group Co., Ltd. 65,000   13 Guangshen Railway Co., Ltd. Class H 360,000   153
China Everbright Bank Co., Ltd. Class H 5,881,000   2,774 Guangzhou Automobile Group Co., Ltd.          
China Forestry Holdings Co., Ltd.(Å)(Æ) 871,100   — Class H(Æ) 1,848,000   1,542
China Huishan Dairy Holdings Co., Ltd.           Guangzhou R&F Properties Co., Ltd. 2,608,400   2,832
(Æ)(Ñ) 3,492,000   1,317 Hainan Airlines Co., Ltd. Class B 134,400   89
China Lesso Group Holdings, Ltd.(Æ) 1,435,000   784 Harbin Bank Co., Ltd. Class H(Ñ)(Þ) 132,000   34
China Life Insurance Co., Ltd. Class H 1,684,250   4,048 Hengan International Group Co., Ltd. 46,000   412
China Lilang, Ltd. 280,000   161 Hua Hong Semiconductor, Ltd.(Æ)(Þ) 2,424,000   1,872
China Lodging Group, Ltd. - ADR(Æ)(Ñ) 39,877   1,107 Huadian Fuxin Energy Corp., Ltd. Class          
China Machinery Engineering Corp.           H 9,591,983   1,882
Class H 2,030,000   1,406 Huadian Power International Corp., Ltd.        
China Mengniu Dairy Co., Ltd. 2,229,000   3,128 Class H 8,442,000   5,009
China Merchants Bank Co., Ltd. Class H 744,667   1,448 Huaneng Power International, Inc. Class        
China Merchants Shekou Industrial Zone         H 314,000   256
Co., Ltd. Class A(Æ) 345,419   757 Huishang Bank Corp., Ltd. Class H 866,000   387
China Minsheng Banking Corp., Ltd.           Huiyin Smart Community Co., Ltd.(Æ) 532,000   51
Class H 460,000   411 Industrial & Commercial Bank of China,        
China National Building Material Co.,           Ltd. Class H 34,218,697   17,947
Ltd. Class H 1,786,000   751 JA Solar Holdings Co., Ltd. - ADR(Æ)          
China Oilfield Services, Ltd. Class H(Æ) 156,000   113 (Ñ) 78,000   696
China Pacific Insurance Group Co., Ltd.           JD.com, Inc. - ADR(Æ) 384,369   10,005
Class H 1,539,928   5,382 Jiangsu Expressway Co., Ltd. Class H 1,596,000   1,902
China Petroleum & Chemical Corp.           Jiangsu Yanghe Brewery Joint-Stock Co.,        
Class H 5,972,550   3,358 Ltd. Class A 190,664   1,709
China Railway Construction Corp., Ltd.           JinkoSolar Holding Co., Ltd. - ADR(Æ)          
Class H 695,500   697 (Ñ) 21,800   449
China Railway Group, Ltd. Class H 6,266,000   4,549 Kaisa Group Holdings, Ltd.(Å)(Æ)(Ñ) 3,280,000   658
China Shenhua Energy Co., Ltd. Class H 2,226,752   3,361 Kingsoft Corp., Ltd.(Æ) 162,000   352
China Telecom Corp., Ltd. Class H 4,180,000   1,968 Kweichow Moutai Co., Ltd. Class A 64,545   1,976
China Vanke Co., Ltd. Class H 134,200   302 KWG Property Holding, Ltd. 9,385,900   5,853
Chlitina Holding, Ltd.(Æ) 103,000   1,019 Lenovo Group, Ltd. 7,386,163   6,625
Chongqing Changan Automobile Co.,           Logan Property Holdings Co., Ltd.(Ñ) 880,000   259
Ltd. Class B 1,662,667   3,263 Longfor Properties Co., Ltd. 963,052   1,217
Chongqing Rural Commercial Bank Co.,           Luye Pharma Group, Ltd.(Æ) 3,310,376   2,740
Ltd. Class H 10,985,000   5,625 Metallurgical Corp. of China, Ltd. Class          
CIFI Holdings Group Co., Ltd. 14,768,000   2,799 H 4,747,000   1,092
CNOOC, Ltd. 629,000   635 Mindray Medical International, Ltd.          
CNOOC, Ltd. - ADR(Ñ) 62,810   6,380 - ADR 25,863   698
Country Garden Holdings Co., Ltd. 3,581,000   1,381 NetEase, Inc. - ADR 46,441   7,251
CRRC Corp., Ltd.(Æ)(Ñ) 1,048,000   982 New China Life Insurance Co., Ltd.          
Ctrip.com International, Ltd. - ADR(Æ) 127,200   5,429 Class H 454,400   1,536

 

See accompanying notes which are an integral part of this quarterly report.

Russell Emerging Markets Fund 79

 

Russell Investment Company
Russell Emerging Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair       Principal   Fair
      Amount ($)   Value       Amount ($)   Value
      or Shares   $       or Shares   $
New Oriental Education & Technology           Cyprus - 0.0%          
Group - ADR 27,900   876 Global Ports Investments PLC - GDR(Æ)        
PetroChina Co., Ltd. Class H 550,000   335 (Þ) 32,776   98
PetroChina Co., Ltd. - ADR(Ñ) 31,700   1,938 Global Ports Investments PLC - GDR(Æ) 19,194   58
PICC Property & Casualty Co., Ltd.           Qiwi PLC - ADR 11,968   154
Class H(Æ) 2,148,000   3,693           310
Ping An Insurance Group Co. of China,                      
Ltd. Class H 649,500   2,965 Czech Republic - 0.2%          
Qinhuangdao Port Co., Ltd. Class H 575,500   250 Komercni Banka AS 16,767   3,529
Qunar Cayman Islands, Ltd. - ADR(Æ)                      
(Ñ) 47,900   2,111 Egypt - 0.6%          
Real Gold Mining, Ltd.(Å)(Æ) 463,232   — Commercial International Bank Egypt          
Shanghai Baosight Software Co., Ltd.           SAE 911,666   3,663
Class B(Æ) 277,264   899 Commercial International Bank Egypt          
Shanghai Electric Group Co., Ltd. Class           SAE - GDR(Æ) 265,500   1,024
H(Ñ) 1,232,000   538 Eastern Tobacco(Æ) 137,085   2,675
Shanghai Mechanical and Electrical           Edita Food Industries SAE - GDR(Æ) 112,199   1,897
Industry Co., Ltd. Class B 183,754   437 Talaat Moustafa Group 2,491,559   1,661
Shanghai Pharmaceuticals Holding Co.,                     10,920
 
Ltd. Class H 1,870,500   3,622 Georgia - 0.5%          
Shenzhen Expressway Co., Ltd. Class H 244,000   195 Bank of Georgia Holdings PLC 359,326   9,110
Shui On Land, Ltd. 6,668,000   1,619            
SINA Corp.(Æ) 140,657   6,463 Greece - 0.1%          
Sinopec Engineering Group Co., Ltd.           OPAP SA 73,475   542
Class H(Æ) 156,500   130 Sarantis SA 241,030   1,895
Sinopec Shanghai Petrochemical Co.,                     2,437
Ltd. Class H(Æ) 4,560,000   1,853            
Soho China, Ltd. 599,000   279 Hong Kong - 6.9%          
Sohu.com, Inc.(Æ) 196,900   9,922 AIA Group, Ltd. 1,754,030   9,815
Tencent Holdings, Ltd. 1,344,143   25,394 ASM Pacific Technology, Ltd. 985,877   7,144
Tianhe Chemicals Group, Ltd.(Å)(Æ) 25,778,000   2,319 Beijing Enterprises Holdings, Ltd. 19,500   98
Tianjin Capital Environmental Protection         BOC Hong Kong Holdings, Ltd. 149,500   393
Group Co., Ltd. Class H(Æ) 590,000   380 Brilliance China Automotive Holdings,          
Tianneng Power International, Ltd.(Æ) 2,438,000   1,824 Ltd.(Æ) 2,860,000   2,746
Tingyi Cayman Islands Holding Corp. 3,954,800   4,534 China Agri-Industries Holdings, Ltd.(Æ) 646,000   174
Tsingtao Brewery Co., Ltd. Class H 790,000   2,825 China Everbright International, Ltd. 3,001,978   3,208
Uni-President China Holdings, Ltd. 5,285,200   3,418 China Everbright, Ltd. 744,000   1,552
Vipshop Holdings, Ltd. - ADR(Æ) 80,300   1,031 China Foods, Ltd.(Æ) 649,732   209
Want Want China Holdings, Ltd. 1,157,000   763 China High Speed Transmission          
Weichai Power Co., Ltd. Class H 112,000   108 Equipment Group Co., Ltd.(Æ) 2,341,000   1,810
Weiqiao Textile Co. Class H 345,500   154 China Lumena New Materials Corp.(Æ)          
West China Cement, Ltd. 1,845,885   382 (Ñ) 3,024,000   4
Xinjiang Goldwind Science &           China Merchants Holdings International        
Technology Co., Ltd. Class H(Æ)(Ñ) 521,000   683 Co., Ltd. 1,267,515   3,506
Xinyi Solar Holdings, Ltd.(Æ)(Ñ) 2,954,000   950 China Metal Recycling Holdings, Ltd.          
XTEP International Holdings, Ltd.(Æ) 2,577,000   1,150 (Å)(Æ) 335,400   —
Yangzijiang Shipbuilding Holdings, Ltd. 1,504,700   991 China Mobile, Ltd. 1,181,032   12,880
Yuzhou Properties Co., Ltd. 254,000   59 China Mobile, Ltd. - ADR 456,365   24,886
Zhejiang Expressway Co., Ltd. Class H 1,604,000   1,389 China Overseas Land & Investment, Ltd. 4,616,707   13,234
Zhuzhou CSR Times Electric Co., Ltd.           China Power International Development,        
Class H 21,500   111 Ltd.(Æ) 315,000   141
ZTE Corp. Class H(Æ) 528,000   955 China Resources Enterprise, Ltd.(Æ) 462,480   732
          314,454 China Resources Gas Group, Ltd. 1,072,258   2,679
            China Resources Land, Ltd. 92,000   228
Colombia - 0.3%           China Resources Power Holdings Co.,          
Almacenes Exito SA 617,873   2,568 Ltd. 72,000   123
Bancolombia SA - ADR 82,050   2,420 China Unicom Hong Kong, Ltd. 108,000   120
Bancolombia SA 65,760   453 CITIC, Ltd. 1,173,000   1,669
          5,441 COSCO Pacific, Ltd.(Å) 148,000   167
            CT Environmental Group, Ltd.(Æ)(Ñ) 8,024,710   2,306

 

See accompanying notes which are an integral part of this quarterly report.

80 Russell Emerging Markets Fund

 

Russell Investment Company
Russell Emerging Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair     Principal   Fair
      Amount ($)   Value     Amount ($)   Value
      or Shares   $     or Shares   $
Far East Horizon, Ltd.(Æ) 128,000   98 ICICI Bank, Ltd. - ADR 1,084,092   7,209
Franshion Properties China, Ltd. 2,926,000   768 Indian Oil Corp., Ltd.(Æ) 576,028   3,421
Galaxy Entertainment Group, Ltd. 1,224,840   3,859 Indraprastha Gas, Ltd.(Æ) 26,910   224
GCL-Poly Energy Holdings, Ltd.(Æ)(Ñ) 20,152,855   2,602 Infosys, Ltd. - ADR 325,074   5,822
Guangdong Investment, Ltd. 80,000   103 Infosys, Ltd. 121,154   2,093
Haier Electronics Group Co., Ltd. 1,683,956   2,945 Jubilant Life Sciences, Ltd. 22,201   115
Hanergy Thin Film Power Group, Ltd.           Kotak Mahindra Bank, Ltd. 345,172   3,501
(Æ) 1,630,000   819 Larsen & Toubro, Ltd.(Æ) 199,602   3,267
Hopson Development Holdings, Ltd.(Æ) 840,000   785 LIC Housing Finance, Ltd. 475,905   3,364
Huabao International Holdings, Ltd. 2,224,348   826 Lupin, Ltd. 53,766   1,364
Ju Teng International Holdings, Ltd. 2,877,000   1,133 Maruti Suzuki India, Ltd. 53,740   3,253
Kerry Logistics Network, Ltd. 467,000   643 NTPC, Ltd. 1,429,490   3,019
Kerry Properties, Ltd. 367,000   841 Petronet LNG, Ltd.(Æ) 1,166,801   4,247
Kingboard Chemical Holdings, Ltd. 868,000   1,339 Piramal Enterprises, Ltd. Class A(Æ) 160,486   2,353
Lee & Man Paper Manufacturing, Ltd. 2,477,000   1,401 Power Finance Corp., Ltd. 573,893   1,494
Nine Dragons Paper Holdings, Ltd. 2,502,000   1,580 Power Grid Corp. of India, Ltd. 163,230   357
Qingling Motors Co., Ltd. Class H 366,000   101 Punjab National Bank 1,028,965   1,399
Shanghai Industrial Holdings, Ltd. 85,000   188 Rajesh Exports, Ltd.(Æ) 179,444   1,927
Shenzhen International Holdings, Ltd.           Reliance Capital, Ltd.(Æ) 283,244   1,624
(Æ) 117,000   184 Reliance Industries, Ltd. 979,656   15,045
Shenzhen Investment, Ltd. 4,354,000   1,684 Reliance Industries, Ltd. - GDR(Þ) 459,343   13,918
Shimao Property Holdings, Ltd. 1,092,000   1,540 State Bank of India 377,650   1,011
Sino Biopharmaceutical, Ltd. 4,492,885   3,106 Sun Pharmaceutical Industries, Ltd.(Æ) 100,549   1,303
Sino-Ocean Land Holdings, Ltd. 441,500   224 Sun TV Network, Ltd.(Æ) 164,538   919
Skyworth Digital Holdings, Ltd. 8,580,028   4,485 Syndicate Bank 371,798   372
SmarTone Telecommunications Holdings,         Tata Chemicals, Ltd. 316,601   1,659
Ltd. 1,396,410   2,157 Tata Consultancy Services, Ltd. 222,264   7,852
Tianjin Development Holdings, Ltd. 384,000   185 Tata Motors, Ltd. Class A(Æ) 871,935   3,438
TravelSky Technology, Ltd. Class H(Æ) 671,000   1,025 Tata Motors, Ltd.(Æ) 573,522   2,876
VTech Holdings, Ltd. 145,707   1,468 UltraTech Cement, Ltd. 128,176   5,395
WH Group, Ltd.(Æ)(Þ) 8,712,500   4,981 Union Bank of India 394,030   767
Yue Yuen Industrial Holdings, Ltd. 1,002,000   3,440 WNS Holdings, Ltd. - ADR(Æ) 56,900   1,632
Yuexiu Real Estate Investment Trust(ö) 2,197,000   1,116         152,431
          135,450          
            Indonesia - 1.3%        
Hungary - 0.8%           Astra International Tbk PT 4,734,600   2,244
OTP Bank PLC 480,026   10,201 Bank Rakyat Indonesia Persero Tbk PT 13,079,800   10,799
Richter Gedeon Nyrt 317,093   6,187 Bank Tabungan Pensiunan Nasional Tbk        
          16,388 PT(Æ) 492,300   77
            Gudang Garam Tbk PT(Æ) 516,500   2,198
India - 7.8%           Media Nusantara Citra Tbk PT 20,079,088   1,756
Ambuja Cements, Ltd. 1,123,620   3,255 Perusahaan Gas Negara Persero Tbk PT 12,538,487   2,219
Ashok Leyland, Ltd.(Æ) 170,525   227 Ramayana Lestari Sentosa Tbk PT 5,036,892   222
Axis Bank, Ltd. 1,690,718   10,280 Semen Indonesia Persero Tbk PT 1,052,525   857
Bank of Baroda 1,408,960   2,628 Steel Pipe Industry of Indonesia PT(Æ) 60,227,700   768
Bharat Petroleum Corp., Ltd. 256,214   3,382 Tambang Batubara Bukit Asam Persero        
Bharti Airtel, Ltd. 1,681,826   7,224 Tbk PT 1,702,000   556
Bharti Infratel, Ltd. 323,500   1,736 Telekomunikasi Indonesia Persero Tbk        
Chennai Petroleum Corp., Ltd.(Æ) 470,742   1,300 PT 8,557,800   2,099
Dabur India, Ltd. Class A 1,287,454   4,776 Tiga Pilar Sejahtera Food Tbk(Æ) 6,199,000   473
Eros International Media, Ltd.(Æ) 58,227   148 United Tractors Tbk PT 767,757   982
Federal Bank, Ltd.(Æ) 1,115,670   763         25,250
GlaxoSmithKline Consumer Healthcare,                    
Ltd. 1,009   87 Israel - 0.2%        
HCL Technologies, Ltd. 248,556   3,177 Israel Chemicals, Ltd. 293,420   1,203
Hero MotoCorp, Ltd. 33,343   1,266 Teva Pharmaceutical Industries, Ltd.        
Hindustan Petroleum Corp., Ltd.(Æ) 160,018   1,932 - ADR 56,000   3,443
Housing Development & Infrastructure,                   4,646
Ltd.(Æ) 33,743   37          
Housing Development Finance Corp.,                    
Ltd. 226,900   3,973          

 

See accompanying notes which are an integral part of this quarterly report.

Russell Emerging Markets Fund 81

 

Russell Investment Company
Russell Emerging Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair     Principal   Fair
      Amount ($)   Value     Amount ($)   Value
      or Shares   $     or Shares   $
Jersey - 0.2%           America Movil SAB de CV Class L        
Randgold Resources, Ltd. 42,275   2,994 - ADR 285,549   4,038
            Cemex SAB de CV - ADR(Æ) 1,322,170   5,990
Jordan - 0.2%           Compartamos SAB de CV(Æ) 73,400   131
Hikma Pharmaceuticals PLC 105,003   3,031 Controladora Vuela Cia de Aviacion SAB        
            de CV - ADR(Æ) 104,433   1,769
Kazakhstan - 0.0%           Corp. Moctezuma SAB de CV 226,363   637
KazMunaiGas Exploration Production           El Puerto de Liverpool SAB de CV 97,608   1,164
  JSC - GDR 134,917   897 Fomento Economico Mexicano SAB de        
 
Kenya - 0.1%           CV - ADR 62,300   5,907
East African Breweries, Ltd. 412,949   1,073 Genomma Lab Internacional SAB de CV        
Equity Group Holdings, Ltd. 2,157,608   806 Class B(Æ) 3,134,694   2,109
Safaricom, Ltd.(Æ) 2,731,100   405 Gruma SAB de CV Class B 243,330   3,687
          2,284 Grupo Aeroportuario del Centro Norte        
            SAB de CV Class B(Æ) 131,372   611
Kuwait - 0.4%           Grupo Aeroportuario del Sureste SAB de        
National Bank of Kuwait SAKP 2,056,419   4,735 CV - ADR 26,300   3,595
VIVA Kuwait Telecom Co.(Æ) 740,777   2,422 Grupo Financiero Banorte SAB de CV        
          7,157 Class O 2,925,329   15,262
            Grupo Financiero Inbursa SAB de CV        
Luxembourg - 0.2%           Class O 450,854   724
Tenaris SA - ADR 134,300   2,799 Grupo Lala SAB de CV Class B(Æ) 593,640   1,406
Ternium SA - ADR 43,118   512 Grupo Mexico SAB de CV 1,631,432   3,163
          3,311 Grupo Televisa SAB - ADR 422,800   11,196
            Kimberly-Clark de Mexico SAB de CV        
Macao - 0.4%           Class A 1,252,138   2,993
Sands China, Ltd. 2,112,639   7,412 Megacable Holdings SAB de CV 292,403   1,072
            Telesites SAB de CV(Æ) 256,687   156
Malaysia - 0.8%           Wal-Mart de Mexico SAB de CV(Æ) 1,415,873   3,558
7-Eleven Malaysia Holdings BHD 775,600   280         70,218
Axiata Group BHD 227,400   308          
Batu Kawan BHD 9,100   39 Morocco - 0.1%        
British American Tobacco Malaysia BHD 178,277   2,483 Attijariwafa Bank 12,205   404
Cahya Mata Sarawak BHD 838,300   1,047 Banque Centrale Populaire 5,958   129
CIMB Group Holdings BHD 67,465   68 Residences Dar Saada 113,909   1,611
Evergreen Fibreboard BHD(Æ) 1,307,100   387         2,144
Hong Leong Bank BHD 134,700   427          
Hong Leong Financial Group BHD 56,700   189 Netherlands - 0.3%        
IHH Healthcare BHD 307,900   487 Heineken NV 9,064   788
IJM Corp. BHD 2,985,441   2,478 Nostrum Oil & Gas PLC 302,398   1,194
KLCCP Stapled Group 107,000   181 OCI NV(Æ) 35,275   641
Lafarge Malaysia BHD 64,841   143 Steinhoff International Holdings NV(Æ) 47,777   230
Malayan Banking BHD 57,800   120 X5 Retail Group NV - GDR(Æ) 176,754   3,270
Maxis BHD 104,400   144         6,123
MISC BHD 259,400   548          
Nestle Malaysia BHD 7,400   132 Nigeria - 0.6%        
Petronas Dagangan BHD 301,382   1,849 Access Bank PLC 48,278,228   1,002
Petronas Gas BHD 25,000   138 Dangote Cement PLC 5,198,286   3,376
Public Bank BHD 37,700   167 FCMB Group PLC(Å) 15,631,592   77
Steppe Cement, Ltd.(Æ) 1,155,093   255 Guaranty Trust Bank PLC 28,929,020   2,460
Telekom Malaysia BHD 114,600   180 Guaranty Trust Bank PLC - GDR 182,568   661
Tenaga Nasional BHD 238,500   781 Lekoil, Ltd.(Æ) 9,884,602   2,222
Top Glove Corp. BHD 1,186,400   1,551 Nestle Nigeria PLC 158,253   582
UEM Sunrise BHD 4,329,500   1,035 Nigerian Breweries PLC 1,922,351   965
Westports Holdings BHD 375,246   367 United Bank for Africa PLC Class A 10,763,242   156
          15,784 Zenith Bank PLC 12,482,044   787
                    12,288
Mexico - 3.6%                    
Alfa SAB de CV Class A 228,400   425 Pakistan - 0.8%        
America Movil SAB de CV 886,762   625 Allied Bank, Ltd. 1,643,318   1,413
            Dawood Hercules Corp., Ltd. 2,023,500   2,146

 

See accompanying notes which are an integral part of this quarterly report.

82 Russell Emerging Markets Fund

 

Russell Investment Company
Russell Emerging Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair       Principal   Fair
    Amount ($)   Value       Amount ($)   Value
    or Shares   $       or Shares   $
Engro Corp., Ltd. 1,074,000   2,724 O'Key Group SA - GDR(Æ) 5,529   9
Engro Foods, Ltd.(Æ) 1,517,800   2,046 PhosAgro OAO - GDR 264,701   3,151
Lucky Cement, Ltd.(Æ) 866,054   4,014 Polyus Gold OJSC(Æ) 2,724   117
United Bank, Ltd. 1,948,817   2,681 Raspadskaya OAO(Æ) 141,507   47
        15,024 Rosneft OAO - GDR 509,444   1,809
          Sberbank of Russia 3,445,828   4,396
Peru - 0.5%         Sberbank of Russia - ADR 1,824,708   10,100
Credicorp, Ltd. 90,633   9,187 Severstal PAO - GDR 415,802   3,365
          Surgutneftegas OAO - ADR 151,966   743
Philippines - 0.4%         Tatneft PAO - ADR(Æ)(Ñ) 143,342   3,820
Aboitiz Power Corp. 426,700   373 Tatneft PAO - ADR(Æ) 131,290   3,567
Ayala Land, Inc. 3,089,009   2,045 Uralkali PJSC(Æ) 408,205   934
Bank of the Philippine Islands 285,319   525 X5 Retail Group NV - GDR(Æ) 200,106   3,703
International Container Terminal         Yandex NV Class A(Æ) 141,000   1,892
  Services, Inc. 27,600   35           88,692
Metro Pacific Investments Corp. 25,838,499   2,996            
Metropolitan Bank & Trust Co. - ADR 145,690   217 South Africa - 3.7%          
SM Investments Corp. 7,100   124 African Bank Investments, Ltd.(Æ) 887,049   —
Universal Robina Corp. 587,690   2,396 Anglo American Platinum, Ltd.(Æ) 22,395   328
        8,711 AngloGold Ashanti, Ltd. - ADR(Æ) 394,945   3,349
          Aspen Pharmacare Holdings, Ltd.(Æ) 300,298   5,097
Poland - 0.2%         AVI, Ltd. 441,884   2,217
Alior Bank SA(Æ) 33,715   498 Bidvest Group, Ltd. (The) 440,579   10,175
Asseco Poland SA 57,391   791 Capevin Holdings, Ltd. 189,486   113
Bank Pekao SA 81,144   2,730 Capitec Bank Holdings, Ltd. 10,696   325
Polski Koncern Naftowy Orlen SA(Ñ) 59,874   921 Discovery Holdings, Ltd. 805,043   6,537
        4,940 Distell Group, Ltd. 32,619   325
 
Portugal - 0.0%         FirstRand, Ltd. 99,260   281
Jeronimo Martins SGPS SA(Æ) 73,498   1,028 Fortress Income Fund, Ltd. Class A(Æ) 348,812   322
          Growthpoint Properties, Ltd. Class          
Qatar - 0.3%           REIT(ö) 95,593   138
Al Meera Consumer Goods Co. QSC 46,669   2,429 Hyprop Investments, Ltd. Class REIT(ö) 72,505   467
Industries Qatar QSC 83,368   2,361 Investec, Ltd. 38,189   250
Qatar Gas Transport Co., Ltd.(Æ) 81,896   471 JSE, Ltd.(Æ) 44,978   368
        5,261 Liberty Holdings, Ltd. 149,675   1,057
          Massmart Holdings, Ltd. 278,051   1,585
Romania - 0.3%         Naspers, Ltd. Class N(Æ) 133,915   16,907
Banca Transilvania(Æ) 6,199,744   3,340 Pick n Pay Holdings, Ltd. 38,790   61
Fondul Proprietatea SA(Æ) 16,605,696   2,893 Pick n Pay Stores, Ltd. 188,647   701
        6,233 PSG Group, Ltd.(Æ) 29,164   336
          Remgro, Ltd. 88,287   1,407
Russia - 4.5%         Resilient Property Income(Æ) 98,339   736
Alrosa PAO 1,889,940   1,542 Reunert, Ltd. 512,940   2,079
Federal Grid Co. Unified Energy System         RMB Holdings, Ltd. 384,228   1,369
  PJSC 583,180,000   454 Sappi, Ltd. - ADR(Æ) 390,473   1,775
Gazprom PAO - ADR 2,875,731   10,372 Sasol, Ltd. - ADR 262,939   6,860
LSR Group PJSC - GDR 144,983   235 Standard Bank Group, Ltd. 336,382   2,387
LSR Group PJSC 6,272   52 Truworths International, Ltd.(Æ) 321,966   2,008
Lukoil PJSC - ADR 428,411   14,532 Vodacom Group, Ltd. - ADR 239,097   2,191
Lukoil PJSC - ADR(Æ) 171,226   5,828 Woolworths Holdings, Ltd. 230,542   1,361
Magnit PJSC - GDR 118,550   4,653           73,112
Magnit PJSC 7,835   1,189            
Magnitogorsk Iron & Steel Works OJSC 4,290,400   1,089 South Korea - 12.9%          
MMC Norilsk Nickel PJSC - ADR(Æ) 74,610   860 BGF retail Co., Ltd.(Æ) 876   158
Mobile TeleSystems PJSC - ADR 195,900   1,371 BNK Financial Group, Inc.(Æ) 285,831   2,162
Moscow Exchange MICEX-RTS PJSC 590,560   750 Celltrion, Inc.(Æ) 5,278   495
Novatek OAO - GDR 45,996   3,989 Coway Co., Ltd.(Æ) 30,442   2,474
Novolipetsk Steel AO - GDR 389,440   3,386 Daelim Industrial Co., Ltd.(Æ) 74,872   4,930
Novolipetsk Steel AO 351,600   308 Daishin Securities Co., Ltd.(Æ) 6,615   67
Novolipetsk Steel OJSC - GDR 49,600   429 Daou Technology, Inc.(Æ) 98,048   1,693
          DGB Financial Group, Inc.(Æ) 159,697   1,195

 

See accompanying notes which are an integral part of this quarterly report.

Russell Emerging Markets Fund 83

 

Russell Investment Company
Russell Emerging Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair       Principal   Fair
      Amount ($)   Value       Amount ($)   Value
      or Shares   $       or Shares   $
Dongbu Insurance Co., Ltd.(Æ) 94,173   5,372 Songwon Industrial Co., Ltd.(Æ)(Ñ) 90,623   1,144
DongKook Pharmaceutical Co., Ltd.(Æ) 5,944   324 Tongyang Life Insurance(Æ) 67,219   574
DuzonBizon Co., Ltd.(Æ) 5,802   106 Ubiquoss, Inc.(Æ) 39,647   395
E-Mart Co., Ltd.(Æ) 3,940   542 Woori Bank 247,521   1,828
GS Holdings Corp.(Æ) 4,996   212 Yuhan Corp.(Æ) 6,088   1,703
Hana Financial Group, Inc. 16,083   290           253,597
Hankook Tire Co., Ltd.(Æ) 343,047   13,393            
Hanmi Pharm Co., Ltd.(Æ) 228   135 Spain - 0.0%          
Hanon Systems(Æ) 82,486   3,612 Cemex Latam Holdings SA(Æ) 350,159   1,035
Hanssem Co., Ltd.(Æ) 749   171            
Hanwha General Insurance Co., Ltd.(Æ) 16,463   102 Sri Lanka - 0.1%          
Hyosung Corp.(Æ) 18,319   1,675 Distilleries Co. of Sri Lanka PLC(Æ) 1,607,835   2,437
 
Hyundai Development Co.-Engineering           Switzerland - 1.4%          
& Construction(Æ) 4,836   184 Baidu, Inc. - ADR(Æ) 99,072   16,176
Hyundai Engineering & Construction           Coca-Cola HBC AG - ADR(Æ) 245,703   5,035
Co., Ltd.(Æ) 71,891   2,228 Dufry AG(Æ) 51,478   5,572
Hyundai Marine & Fire Insurance Co.,                     26,783
Ltd.(Æ) 76,892   2,085            
Hyundai Mobis Co., Ltd.(Æ) 5,881   1,275 Taiwan - 9.6%          
Hyundai Motor Co. 46,600   5,223 Advanced Semiconductor Engineering,          
JB Financial Group Co., Ltd.(Æ) 86,208   373 Inc. 6,658,459   7,135
Kangwon Land, Inc.(Æ) 28,964   999 Advanced Semiconductor Engineering,          
KB Financial Group, Inc.(Æ) 517,897   13,304 Inc. - ADR 123,240   659
KB Financial Group, Inc. - ADR(Æ) 119,900   3,017 Advantech Co., Ltd. 386,815   2,320
KB Insurance Co., Ltd.(Æ) 32,712   814 Airtac International Group 170,850   817
KCC Corp. 13,919   5,127 Asia Cement Corp.(Æ) 1,284,000   1,011
Kia Motors Corp.(Æ) 183,655   7,016 Catcher Technology Co., Ltd. 277,546   2,074
Korea Aerospace Industries, Ltd.(Æ) 4,030   241 Cathay Financial Holding Co., Ltd. 550,000   603
Korea Electric Power Corp. - ADR(Æ) 141,200   3,078 Chang Hwa Commercial Bank, Ltd. 1,407,500   705
Korea Electric Power Corp.(Æ) 82,034   3,613 Chang Type Industrial Co., Ltd.(Æ) 131,000   206
Korea Kolmar Co., Ltd.(Æ)(Ñ) 37,885   3,245 Chen Full International Co., Ltd.(Æ) 811,000   1,061
Korea Petro Chemical Industries(Æ) 13,481   2,272 Cheng Shin Rubber Industry Co., Ltd. 149,000   231
KT Corp.(Æ) 21,735   496 China Development Financial Holding          
KT&G Corp.(Æ) 14,614   1,264 Corp. 6,557,000   1,575
LG Chem, Ltd.(Æ) 25,940   6,455 China Steel Corp. Class H 571,000   306
LG Household & Health Care, Ltd.(Æ) 1,354   1,128 Chin-Poon Industrial Co., Ltd.(Æ) 138,000   218
LG International Corp.(Æ) 52,771   1,376 Chipbond Technology Corp.(Æ) 2,095,000   2,998
LG Uplus Corp.(Æ) 300,954   2,441 Chunghwa Telecom Co., Ltd. 2,244,000   6,940
Lotte Chemical Corp.(Æ) 43,769   10,128 Compeq Manufacturing Co., Ltd. 1,984,000   1,145
Lotte Chilsung Beverage Co., Ltd.(Æ) 2,542   4,642 CTBC Financial Holding Co., Ltd. 1,989,249   937
Lotte Confectionery Co., Ltd.(Æ) 2,343   4,746 Delta Electronics, Inc. 972,167   4,130
Lotte Shopping Co., Ltd.(Æ) 14,274   2,845 E.Sun Financial Holding Co., Ltd. 1,747,357   908
Macquarie Korea Infrastructure Fund 35,369   241 Eclat Textile Co., Ltd. 177,000   2,537
NAVER Corp.(Æ) 2,865   1,512 Elite Advanced Laser Corp. 182,000   701
NongShim Co., Ltd.(Æ) 4,055   1,579 Elite Material Co., Ltd.(Æ) 302,000   526
Osstem Implant Co., Ltd.(Æ) 13,910   966 Eurocharm Holdings Co., Ltd.(Æ) 109,000   319
S&T Motiv Co., Ltd.(Æ) 1,233   87 Far Eastern New Century Corp. 1,345,340   965
Samsung Card Co., Ltd.(Æ) 14,630   464 Far EasTone Telecommunications Co.,          
Samsung Electronics Co., Ltd. 60,629   58,526 Ltd. 453,000   935
Samsung Electronics Co., Ltd. - GDR(Þ) 10,112   4,783 Feng TAY Enterprise Co., Ltd. 221,160   1,196
Samsung Electronics Co., Ltd. - GDR 11,998   5,414 First Financial Holding Co., Ltd. 2,071,415   946
Samsung Fire & Marine Insurance Co.,           Formosa Petrochemical Corp. 1,197,000   2,971
Ltd.(Æ) 26,372   6,604 Fubon Financial Holding Co., Ltd. 652,000   722
Samsung Life Insurance Co., Ltd.(Æ) 59,133   5,449 Giant Manufacturing Co., Ltd. 329,291   2,189
Samsung SDI Co., Ltd.(Æ) 6,848   542 Gintech Energy Corp.(Æ) 685,000   665
Shinhan Financial Group Co., Ltd.(Æ) 510,880   16,403 Global Lighting Technologies, Inc.(Æ) 370,000   727
Shinsegae Co., Ltd.(Æ) 11,027   1,967 Global Mixed Mode Technology, Inc. 574,697   1,010
SK Hynix, Inc.(Æ) 142,317   3,291 Hiwin Technologies Corp. 308,201   1,140
SK Innovation Co., Ltd.(Æ) 20,985   2,322 Hon Hai Precision Industry Co., Ltd.(Æ) 6,179,822   14,492
SK Telecom Co., Ltd. - ADR(Ñ) 460,700   9,080 Hua Nan Financial Holdings Co., Ltd. 1,743,102   778

 

See accompanying notes which are an integral part of this quarterly report.

84 Russell Emerging Markets Fund

 

Russell Investment Company
Russell Emerging Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair       Principal   Fair
      Amount ($)   Value       Amount ($)   Value
      or Shares   $       or Shares   $
Huaku Development Co., Ltd. 348,000   553 Thai Union Frozen Products PCL Class          
Innolux Corp. 914,000   262 F(Æ) 5,726,722   2,969
Inventec Corp. 926,000   695 Thanachart Capital PCL(Æ) 1,474,200   1,565
King Yuan Electronics Co., Ltd.(Æ) 1,239,000   826 Tipco Asphalt PCL 2,150,200   2,021
Kinsus Interconnect Technology Corp. 1,357,000   2,863 Tisco Financial Group PCL 2,169,922   2,571
Largan Precision Co., Ltd. 164,465   11,973 Tisco Financial Group PCL(Æ) 41,197   49
Lite-On Technology Corp. 1,625,503   1,732 TMB Bank PCL 13,013,605   948
MediaTek, Inc. 956,422   6,217           54,293
Mega Financial Holding Co., Ltd. 6,014,498   3,848            
Mercuries Life Insurance Co., Ltd.(Æ) 1,624,000   850 Togo - 0.1%          
Micro-Star International Co., Ltd.(Æ) 1,245,000   1,584 Ecobank Transnational, Inc.(Æ) 26,351,004   1,937
Nan Ya Plastics Corp. 69,000   121            
Novatek Microelectronics Corp. 1,248,000   5,270 Tunisia - 0.0%          
Pegatron Corp. 459,000   1,048 Societe Frigorifique et Brasserie de Tunis 47,191   626
 
Pou Chen Corp. Class B 1,602,000   2,008 Turkey - 2.4%          
Powertech Technology, Inc.(Æ) 928,000   1,953 Akbank TAS 1,437,626   3,507
Radiant Opto-Electronics Corp.(Æ) 554,000   1,093 Anadolu Efes Biracilik Ve Malt Sanayii          
Sercomm Corp.(Æ) 38,000   93 AS 214,390   1,331
Shin Kong Financial Holding Co., Ltd. 4,342,559   836 Arcelik AS 757,079   3,954
Shin Zu Shing Co., Ltd. 434,000   1,622 Aselsan Elektronik Sanayi Ve Ticaret          
Sinbon Electronics Co., Ltd.(Æ) 80,000   149 AS(Æ) 84,942   521
Sino-American Silicon Products, Inc.(Æ) 604,000   777 BIM Birlesik Magazalar AS(Æ) 110,986   1,879
SinoPac Financial Holdings Co., Ltd. 3,607,243   971 Coca-Cola Icecek AS 17,478   194
Taiwan Cement Corp. 493,000   397 Emlak Konut Gayrimenkul Yatirim          
Taiwan Cooperative Financial Holding           Ortakligi AS(ö) 5,159,944   4,517
Co., Ltd. 2,284,800   951 Enka Insaat ve Sanayi AS 1,529,578   2,283
Taiwan Fertilizer Co., Ltd. Class H 275,000   349 Ford Otomotiv Sanayi AS 195,071   2,135
Taiwan Mobile Co., Ltd. 292,000   878 GSD Holding AS 260,524   87
Taiwan Semiconductor Manufacturing           Haci Omer Sabanci Holding AS 935,550   2,712
Co., Ltd. 7,669,133   32,724 Koza Altin Isletmeleri AS 227,345   975
Taiwan Semiconductor Manufacturing           Petkim Petrokimya Holding AS(Æ) 280,602   331
Co., Ltd. - ADR 1,268,460   28,350 Soda Sanayii AS 292,288   458
Taiwan Union Technology Corp.(Æ) 765,000   563 Tat Gida Sanayi AS(Æ) 394,238   705
Tripod Technology Corp. 1,808,917   2,989 TAV Havalimanlari Holding AS 512,872   3,046
Uni-President Enterprises Corp. 728,000   1,221 Tofas Turk Otomobil Fabrikasi AS(Æ) 29,701   205
Winbond Electronics Corp.(Æ) 906,000   242 Torunlar Gayrimenkul Yatirim Ortakligi          
Yuanta Financial Holding Co., Ltd. 9,590,093   2,990 AS Class REIT(ö) 120,316   145
          187,796 Tupras Turkiye Petrol Rafinerileri AS(Æ) 166,550   4,236
 
Thailand - 2.8%           Turkcell Iletisim Hizmetleri AS          
Airports of Thailand PCL 541,747   5,740 - ADR(Ñ) 134,691   1,193
Bangkok Bank PCL 853,300   3,696 Turkiye Garanti Bankasi AS 2,362,943   5,955
Bangkok Dusit Medical Services PCL           Turkiye Halk Bankasi AS 1,145,962   3,958
Class F(Æ) 614,700   380 Turkiye Sise ve Cam Fabrikalari AS(Æ) 772,034   783
BEC World PCL 1,616,695   1,371 Ulker Biskuvi Sanayi AS 107,357   687
Big C Supercenter PCL(Å) 171,289   1,080 Yapi ve Kredi Bankasi AS 594,472   748
Big C Supercenter PCL 110,800   698           46,545
 
Central Pattana PCL 4,294,837   5,419 Ukraine - 0.4%          
Delta Electronics Thailand PCL 564,400   1,264 Kernel Holding SA 330,159   3,634
Jasmine International PCL(Ñ) 13,814,332   1,210 MHP SA - GDR 492,397   3,940
Kasikornbank PCL 1,280,033   6,117           7,574
Krung Thai Bank PCL(Æ) 2,564,900   1,261            
Pruksa Real Estate PCL(Ñ) 2,837,166   2,018 United Arab Emirates - 0.4%          
PTT Exploration & Production PCL(Æ) 1,132,749   1,832 Abu Dhabi Commercial Bank PJSC 444,850   734
PTT Global Chemical PCL 695,900   1,053 Air Arabia PJSC 2,388,160   762
PTT PCL 338,500   2,255 Aldar Properties PJSC 3,157,540   1,925
Robinson Department Store PCL 475,800   514 DAMAC Properties Dubai Co. PJSC(Æ) 2,155,775   1,368
Siam Commercial Bank PCL (The) 943,100   3,472 DP World, Ltd.(Æ) 121,091   2,119
Thai Beverage PCL 6,007,990   2,867 Dubai Islamic Bank PJSC 916,549   1,446
Thai Oil PCL(Æ) 1,060,900   1,923            

 

See accompanying notes which are an integral part of this quarterly report.

Russell Emerging Markets Fund 85

 

Russell Investment Company
Russell Emerging Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair       Principal   Fair
      Amount ($)   Value       Amount ($)   Value
      or Shares   $       or Shares   $
Orascom Construction, Ltd. 14,046   92 Russia - 0.0%          
          8,446 AK Transneft OAO Class Preference 180   452
            Surgutneftegas OAO Class Preference 215,900   132
United Kingdom - 1.0%                     584
Anglo American PLC 583,703   2,342            
Anglo American PLC - ADR(Æ)(Ñ) 123,400   245 South Korea - 0.3%          
Cable & Wireless Communications PLC 1,684,644   1,661 LG Chem, Ltd. Class Preference(Æ) 2,144   391
SABMiller PLC - ADR 233,110   13,829 Samsung Electronics Co., Ltd. Class          
Tullow Oil PLC(Æ) 620,389   1,557 Preference 5,299   4,433
          19,634           4,824
 
United States - 0.3%           Total Preferred Stocks          
Cognizant Technology Solutions Corp.           (cost $20,013)         16,306
Class A(Æ) 46,455   2,941            
First Cash Financial Services, Inc.(Æ) 20,543   729 Certificates of Participation - 0.7%        
Kosmos Energy, Ltd.(Æ) 86,062   394 China - 0.0%          
Maginet Corp.(Æ) 34,700   1,355 JPMorgan Structured Products BV          
          5,419 Zero coupon due 08/14/17 48   7
            Netherlands - 0.5%          
Viet Nam - 0.2%           JP Morgan Structured Products BV          
Hoa Phat Group JSC 715,750   887 Series 0000          
Mobile World Investment Corp.(Æ) 574,330   1,867 Zero coupon due 08/14/17 535   2,653
PetroVietnam Drilling and Well Services           JPMorgan Structured Products BV          
JSC - ADR 1,080,860   1,127 Series 0001          
          3,881 Zero coupon due 05/16/17 186   2,236
            Zero coupon due 07/02/18 18   1,191
Zimbabwe - 0.0%           Series 0002          
Delta Corp., Ltd. 447,622   239 Zero coupon due 07/02/18 332   2,736
                      8,816
Total Common Stocks           United Kingdom - 0.2%          
(cost $2,127,032)         1,812,210 HSBC Bank PLC          
            Series 0000          
            Zero coupon due 09/12/16 56   2,470
Investments in Other Funds - 0.8%         Series 000A          
United Kingdon - 0.8%           Zero coupon due 01/22/18 75   438
Genesis Indian Investment Co., Ltd. 76,943   9,758 Series 000W          
Genesis Smaller Companies SICAV 74,752   6,741 Zero coupon due 07/31/17 66   1,177
Total Investments in Other Funds                     4,085
(cost $1,631)         16,499 Total Certificates of Participation          
            (cost $9,850)         12,908
Preferred Stocks - 0.8%                      
Brazil - 0.5%           Warrants & Rights - 0.3%          
Braskem SA Class Preference(Æ) 335,100   2,011 Hong Kong - 0.0%          
Centrais Eletricas Brasileiras SA Class           Ju Teng International Holdings, Ltd.(Æ)          
Preference(Æ) 47,800   120 2016 Warrants  449,125   6
Cia Brasileira de Distribuicao Class                      
Preference 57,200   547 Malaysia - 0.0%          
Investimentos Itau SA Class Preference 331,994   571 VS Industry BHD(Æ)          
Itau Unibanco Holding SA Class           2019 Warrants   483,425   48
Preference 56,470   352            
Lojas Americanas SA Class Preference 509,126   2,373 Netherlands - 0.2%          
Suzano Papel e Celulose SA Class A 148,300   591 Bharat Forge, Ltd.(Æ)(Þ)          
Telefonica Brasil SA Class Preference(Þ) 456,831   3,970 2019 Warrants  13,707   164
Telefonica Brasil SA Class Preference(Å) 110   1 Grasim Industries, Ltd.(Æ)          
          10,536 2017 Warrants  43,840   2,144
            2019 Warrants  1,532   75
Chile - 0.0%           Indraprastha Gas, Ltd.(Æ)(Þ)          
Embotelladora Andina SA Class           2016 Warrants  43,343   357
Preference 101,587   277 Titan Co., Ltd.(Æ)(Þ)          
            2016 Warrants  37,674   187
Colombia - 0.0%           TTK Prestige, Ltd.(Æ)(Þ)          
Bancolombia SA Class Preference 11,591   85            

 

See accompanying notes which are an integral part of this quarterly report.

86 Russell Emerging Markets Fund

 

Russell Investment Company
Russell Emerging Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

  Amounts in thousands (except share amounts)      
            Principal   Fair  
          Amount ($)   Value  
          or Shares   $  
  2017 Warrants      4,662   301  
                3,228  
 
  United Kingdom - 0.1%                
  Almarai Co.(Æ)(Þ)                
  2016 Warrants      15,474   277  
  HSBC Bank PLC(Æ)                
  2018 Warrants       52,900   1,852  
                2,129  
 
  Total Warrants & Rights                
  (cost $6,563)             5,411  
 
Short -Term Investments - 2.1%                
  United States - 2.1%                
  Russell U.S. Cash Management Fund     35,573,428 (8) 35,573  
  United States Treasury Bills                
  0.490% due 06/16/16     5,000   4,994  
  Total Short-Term Investments                
  (cost $40,568)             40,567  
 
  Other Securities - 2.9%                
  Russell U.S. Cash Collateral Fund(×)     56,600,048 (8) 56,600  
  Total Other Securities                
  (cost $56,600)             56,600  
 
  Total Investments 100.1%                
  (identified cost $2,262,257)             1,960,501  
 
  Other Assets and Liabilities, Net                
- (0.1%)           (2,499 )
  Net Assets - 100.0%             1,958,002  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Emerging Markets Fund 87

 

Russell Investment Company
Russell Emerging Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Restricted Securities
Amounts in thousands (except share and cost per unit amounts)

        Principal   Cost per   Cost   Fair Value  
% of Net Assets   Acquisition   Amount ($)   Unit   (000 ) (000 )
Securities   Date   or shares   $   $   $  
0.2%                      
Big C Supercenter PCL   05/03/12 THB 171,289 5.82 997 1,080  
China Forestry Holdings Co., Ltd.   07/26/10 HKD 871,100 0.43 372 —  
China Metal Recycling Holdings, Ltd.   11/16/12 HKD 335,400 — 339 —  
COSCO Pacific, Ltd.   01/26/16 HKD 148,000 1.08 160 167  
Dalian Wanda Commercial Properties Co., Ltd. Class H   07/17/15 HKD 20,800 4.53 94 101  
FCMB Group PLC   11/20/07 NGN 15,631,592 0.04 577 77  
Kaisa Group Holdings, Ltd.   09/04/14 HKD 3,280,000 0.38 1,261 658  
Real Gold Mining, Ltd.   04/26/10 HKD 463,232 1.60 741 —  
Telefonica Brasil SA   09/09/11 BRL 110 — —   1  
Tianhe Chemicals Group, Ltd.   06/13/14 HKD 25,778,000 0.23 5,886 2,319  
                      4,403  

 

For a description of restricted securities see note 7 in the Notes to Quarterly Report.          
 
Futures Contracts                    
 
Amounts in thousands (except contract amounts)                    
                  Unrealized  
                  Appreciation  
    Number of   Notional   Expiration (Depreciation)  
    Contracts   Amount   Date $  
Long Positions                    
BIST 30 Index Futures   557 TRY 5,054 02/16 (31 )
BOLSA Index Futures   155 MXN 67,938 03/16 156  
FTSE/JSE Index Futures   180 ZAR 79,652 03/16 2  
Hang Seng Index Futures   406 HKD 400,377 02/16 1,991  
H-Shares Index Futures   969 HKD 401,602 02/16 1,831  
Ibovespa Futures   25 USD 1,005 02/16 (125 )
KOSPI2 Index Futures   340 KRW 39,491,000   03/16 (697 )
MSCI Emerging Markets Mini Index Futures   236 USD 8,824 03/16 (336 )
MSCI Taiwan Index Futures 1,057 USD 31,234 02/16 1,321  
SGX NIFTY 50 Index 1,188 USD 17,941 02/16 280  
Short Positions                    
FTSE/JSE Index Futures   729 ZAR 322,590 03/16 (123 )
MSCI Emerging Markets Mini Index Futures 1,855 USD 69,358 03/16 3,194  
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)               7,463  
 
Foreign Currency Exchange Contracts                    
Amounts in  thousands                    
                  Unrealized  
                  Appreciation  
  Amount     Amount     (Depreciation)  
Counterparty Sold     Bought   Settlement Date $  
Bank of America USD 1,236   BRL 5,000   02/02/16 14  
Bank of America USD 1,444   BRL 5,800   02/02/16 6  
Bank of America USD 1,979   BRL 8,000   02/02/16 21  
Bank of America USD 6,965   BRL 27,040   02/02/16 (205 )
Bank of America USD 40,986   BRL 165,700   02/02/16 441  
Bank of America USD 53   HKD 417   02/01/16 —  
Bank of America USD 65   HKD 505   02/02/16 —  
Bank of America USD 1,678   HKD 13,000   03/16/16 (7 )
Bank of America USD 1,804   HKD 14,000   03/16/16 (4 )
Bank of America USD 3,872   HKD 30,000   03/16/16 (16 )
Bank of America USD 11,619   HKD 90,000   03/16/16 (52 )
Bank of America USD 146   INR 10,000   03/16/16 1  
Bank of America USD 7,788   INR 529,000   03/16/16 (49 )
Bank of America USD 11,189   INR 760,000   03/16/16 (70 )
Bank of America USD 390 KRW 470,000   03/16/16 (1 )
Bank of America USD 1,645 MXN 28,000   03/16/16 (106 )

 

See accompanying notes which are an integral part of this quarterly report.

88 Russell Emerging Markets Fund

 

Russell Investment Company
Russell Emerging Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts              
Amounts in  thousands              
            Unrealized  
            Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
Bank of America USD 2,939 MXN 50,312 03/16/16 (173 )
Bank of America USD 401 TRY 1,200 03/16/16 —  
Bank of America USD 601 TRY 1,800 03/16/16 —  
Bank of America USD 1,884 TRY 5,641 03/16/16 1  
Bank of America USD 968 ZAR 15,000 03/16/16 (31 )
Bank of America USD 2,028 ZAR 30,000 03/16/16 (155 )
Bank of America BRL 5,000 USD 1,237 02/02/16 (13 )
Bank of America BRL 5,800 USD 1,435 02/02/16 (15 )
Bank of America BRL 8,000 USD 1,963 02/02/16 (37 )
Bank of America BRL 27,040 USD 6,688 02/02/16 (72 )
Bank of America BRL 165,700 USD 42,682 02/02/16 1,254  
Bank of America BRL 4,000 USD 968 03/02/16 (24 )
Bank of America HKD 864 USD 111 03/16/16 —  
Bank of America HKD 10,000 USD 1,284 03/16/16 (1 )
Bank of America INR 10,000 USD 148 03/16/16 2  
Bank of America INR 15,000 USD 224 03/16/16 4  
Bank of America INR 28,000 USD 411 03/16/16 2  
Bank of America INR 50,000 USD 741 03/16/16 10  
Bank of America INR 120,000 USD 1,794 03/16/16 38  
Bank of America KRW 300,000 USD 247 03/16/16 (1 )
Bank of America KRW 423,000 USD 348 03/16/16 (1 )
Bank of America KRW 1,000,000 USD 831 03/16/16 4  
Bank of America KRW 2,000,000 USD 1,674 03/16/16 21  
Bank of America KRW 3,000,000 USD 2,548 03/16/16 68  
Bank of America TRY 500 USD 167 03/16/16 —  
Bank of America TRY 1,200 USD 401 03/16/16 —  
Bank of America TRY 1,300 USD 437 03/16/16 2  
Bank of America ZAR 2,000 USD 122 03/16/16 (3 )
Bank of America ZAR 9,600 USD 577 03/16/16 (22 )
Barclays USD 4,143 CNY 27,668 03/18/16 32  
Barclays USD 6,590 CNY 44,322 03/18/16 98  
Barclays USD 4,312 KRW 5,218,089 03/18/16 —  
Barclays USD 8,521 TWD 279,477 03/18/16 (181 )
Barclays IDR 11,733,112 USD 832 03/18/16 (18 )
Barclays KRW 7,261,133 USD 6,222 03/18/16 221  
Barclays TWD 34,759 USD 1,057 03/18/16 20  
BNP Paribas USD 3,302 PLN 13,047 03/18/16 (107 )
BNP Paribas USD 5,051 ZAR 75,083 03/16/16 (363 )
BNP Paribas HKD 15,000 USD 1,936 03/16/16 8  
BNP Paribas HKD 50,000 USD 6,454 03/16/16 27  
BNP Paribas MXN 10,000 USD 586 03/16/16 36  
BNP Paribas ZAR 325,000 USD 21,864 03/16/16 1,572  
BNP Paribas ZAR 125,244 USD 7,728 03/18/16 (89 )
Brown Brothers Harriman HKD 179 USD 23 02/02/16 —  
Citibank USD 1,026 HKD 8,000 03/16/16 2  
Citibank USD 2,768 KRW 3,270,000 03/16/16 (66 )
Citibank USD 17,990 KRW 21,250,000 03/16/16 (426 )
Citibank USD 2,617 RUB 199,661 02/24/16 13  
Citibank USD 10,825 ZAR 160,234 03/18/16 (823 )
Citibank HKD 11,000 USD 1,412 03/16/16 (2 )
Citibank HKD 12,500 USD 1,596 03/16/16 (11 )
Citibank RUB 199,661 USD 2,595 02/24/16 (35 )
Deutsche Bank USD 1,777 BRL 7,173 02/02/16 16  
Deutsche Bank USD 941 HKD 7,300 03/16/16 (3 )
Deutsche Bank USD 1,937 HKD 15,000 03/16/16 (9 )
Deutsche Bank BRL 7,173 USD 1,774 02/02/16 (19 )
Deutsche Bank BRL 7,173 USD 1,763 03/02/16 (15 )
Goldman Sachs USD 8,070 HKD 62,513 03/16/16 (35 )
Goldman Sachs USD 252 MXN 4,386 03/16/16 (11 )
Goldman Sachs USD 7,974 MYR 33,955 03/18/16 223  
Goldman Sachs USD 123 ZAR 1,938 03/16/16 (2 )
Goldman Sachs TRY 586 USD 196 03/16/16 —  
HSBC USD 2,275 BRL 9,248 02/02/16 37  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Emerging Markets Fund 89

 

Russell Investment Company
Russell Emerging Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts              
Amounts in  thousands              
            Unrealized  
            Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
HSBC USD 452 HKD 3,500 03/16/16 (2 )
HSBC USD 607 HKD 4,700 03/16/16 (3 )
HSBC USD 12,414 HKD 96,162 03/16/16 (54 )
HSBC USD 1,491 INR 100,000 03/16/16 (28 )
HSBC USD 2,212 INR 150,000 03/16/16 (18 )
HSBC USD 2,111 KRW 2,500,000 03/16/16 (44 )
HSBC USD 3,391 KRW 4,000,000 03/16/16 (85 )
HSBC USD 1,635 MXN 28,000 03/16/16 (95 )
HSBC BRL 9,248 USD 2,288 02/02/16 (25 )
HSBC HKD 11,000 USD 1,420 03/16/16 6  
HSBC INR 50,000 USD 738 03/16/16 7  
HSBC KRW 1,000,000 USD 844 03/16/16 18  
HSBC MXN 5,000 USD 291 03/16/16 17  
HSBC MXN 29,146 USD 1,619 03/18/16 17  
HSBC ZAR 18,000 USD 1,162 03/16/16 38  
HSBC ZAR 19,000 USD 1,227 03/16/16 40  
Morgan Stanley USD 2,031 MXN 33,584 03/18/16 (185 )
Morgan Stanley HKD 45,000 USD 5,808 03/16/16 24  
Morgan Stanley MXN 18,000 USD 1,030 03/16/16 41  
Morgan Stanley ZAR 25,000 USD 1,584 03/16/16 23  
Morgan Stanley ZAR 34,990 USD 2,134 03/18/16 (49 )
Royal Bank of Canada USD 3,072 HKD 24,000 03/16/16 12  
Royal Bank of Canada USD 3,208 HKD 25,000 03/16/16 6  
Royal Bank of Scotland CNY 79,768 USD 12,251 03/18/16 215  
Royal Bank of Scotland KRW 22,728,564 USD 19,354 03/18/16 570  
Royal Bank of Scotland MYR 18,479 USD 4,162 03/18/16 (299 )
Royal Bank of Scotland TWD 40,019 USD 1,209 03/18/16 15  
Royal Bank of Scotland TWD 204,699 USD 6,090 03/18/16 (18 )
Standard Chartered USD 4,062 BRL 16,421 02/02/16 44  
Standard Chartered USD 6,087 IDR 86,188,438 03/18/16 163  
Standard Chartered USD 1,519 KRW 1,779,336 03/18/16 (48 )
Standard Chartered USD 3,097 MYR 13,041 03/18/16 51  
Standard Chartered BRL 16,421 USD 4,090 02/02/16 (15 )
Standard Chartered MYR 3,228 USD 743 03/18/16 (36 )
State Street USD 404 BRL 1,634 02/01/16 5  
State Street USD 490 BRL 2,000 02/02/16 10  
State Street USD 492 BRL 2,000 02/02/16 8  
State Street USD 493 BRL 2,000 02/02/16 7  
State Street USD 495 BRL 2,000 02/02/16 5  
State Street USD 4,215 BRL 17,040 02/02/16 45  
State Street USD 36,630 BRL 148,900 02/02/16 596  
State Street USD 4,157 BRL 17,040 03/02/16 66  
State Street USD 15 HKD 118 02/01/16 —  
State Street USD 145 HKD 1,127 02/01/16 —  
State Street USD 244 HKD 1,901 02/01/16 —  
State Street USD 11 HKD 84 02/02/16 —  
State Street USD 36 HKD 281 02/02/16 —  
State Street USD 184 HKD 1,435 02/02/16 —  
State Street USD 20 HKD 157 02/03/16 —  
State Street USD 475 HKD 3,700 03/16/16 1  
State Street USD 742 HKD 5,800 03/16/16 4  
State Street USD 839 HKD 6,500 03/16/16 (3 )
State Street USD 1,154 HKD 9,000 03/16/16 3  
State Street USD 1,420 HKD 11,000 03/16/16 (6 )
State Street USD 1,538 HKD 12,000 03/16/16 4  
State Street USD 2,267 HKD 17,600 03/16/16 (5 )
State Street USD 10,326 HKD 80,000 03/16/16 (44 )
State Street USD 172 IDR 2,387,876 02/01/16 1  
State Street USD 23 IDR 317,929 02/02/16 —  
State Street USD 241 IDR 3,330,125 02/02/16 1  
State Street USD 437 INR 30,000 03/16/16 2  
State Street USD 88 KRW 106,049 02/01/16 —  
State Street USD 122 KRW 147,332 02/01/16 1  

 

See accompanying notes which are an integral part of this quarterly report.

90 Russell Emerging Markets Fund

 

Russell Investment Company
Russell Emerging Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts              
Amounts in  thousands              
            Unrealized  
            Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
State Street USD 191 KRW 229,380 02/01/16 1  
State Street USD 249 KRW 300,000 03/16/16 (1 )
State Street USD 6 MXN 106 02/02/16 —  
State Street USD 17 MXN 319 02/02/16 —  
State Street USD 56 MXN 1,016 02/02/16 —  
State Street USD 153 MXN 2,808 02/02/16 2  
State Street USD 62 MXN 1,126 02/03/16 —  
State Street USD 86 MXN 1,564 02/03/16 1  
State Street USD 2,958 MXN 50,100 03/18/16 (204 )
State Street USD 33 PHP 1,596 02/01/16 —  
State Street USD 85 PHP 4,065 02/01/16 —  
State Street USD 23 THB 840 02/01/16 —  
State Street USD 142 THB 5,095 02/01/16 1  
State Street USD 9 THB 328 02/02/16 —  
State Street USD 41 TRY 123 02/01/16 —  
State Street USD 5 TRY 15 02/02/16 —  
State Street USD 336 TRY 1,000 03/16/16 (2 )
State Street USD 105 ZAR 1,723 02/01/16 4  
State Street USD 10 ZAR 157 02/02/16 —  
State Street USD 156 ZAR 2,533 02/03/16 4  
State Street USD 2,289 ZAR 35,000 03/16/16 (104 )
State Street BRL 339 USD 83 02/01/16 (2 )
State Street BRL 1,099 USD 271 02/02/16 (3 )
State Street BRL 2,000 USD 495 02/02/16 (5 )
State Street BRL 2,000 USD 495 02/02/16 (5 )
State Street BRL 2,000 USD 495 02/02/16 (5 )
State Street BRL 2,000 USD 486 02/02/16 (14 )
State Street BRL 17,040 USD 4,192 02/02/16 (68 )
State Street BRL 148,900 USD 36,831 02/02/16 (396 )
State Street BRL 148,900 USD 36,329 03/02/16 (578 )
State Street GBP 4 USD 5 02/01/16 —  
State Street HKD 86 USD 11 02/01/16 —  
State Street HKD 88 USD 11 02/01/16 —  
State Street HKD 104 USD 13 02/02/16 —  
State Street HKD 302 USD 39 02/02/16 —  
State Street HKD 419 USD 54 02/02/16 —  
State Street HKD 6,606 USD 848 02/02/16 (1 )
State Street HKD 3,000 USD 387 03/16/16 2  
State Street HKD 4,000 USD 516 03/16/16 2  
State Street HKD 12,000 USD 1,549 03/16/16 7  
State Street HKD 15,000 USD 1,936 03/16/16 8  
State Street INR 30,000 USD 440 03/16/16 1  
State Street INR 100,000 USD 1,467 03/16/16 4  
State Street KRW 500,000 USD 417 03/16/16 4  
State Street MYR 89 USD 21 02/03/16 —  
State Street THB 572 USD 16 02/01/16 —  
State Street THB 1,150 USD 32 02/01/16 —  
State Street THB 5,220 USD 145 02/01/16 (1 )
State Street THB 962 USD 27 02/02/16 —  
State Street THB 5,963 USD 166 02/02/16 —  
State Street TRY 119 USD 40 02/01/16 —  
State Street TRY 446 USD 150 02/01/16 (1 )
State Street TRY 15 USD 5 02/02/16 —  
State Street ZAR 1,317 USD 81 02/01/16 (2 )
State Street ZAR 1,532 USD 94 02/02/16 (3 )
State Street ZAR 10,264 USD 625 02/02/16 (21 )
State Street ZAR 2,463 USD 150 02/03/16 (5 )
State Street ZAR 949 USD 59 02/04/16 (1 )
State Street ZAR 7,412 USD 457 02/04/16 (9 )
State Street ZAR 7,775 USD 488 02/05/16 (1 )
State Street ZAR 10,144 USD 637 02/05/16 (2 )
State Street ZAR 16,324 USD 1,025 02/05/16 (3 )
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts       529  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Emerging Markets Fund 91

 

Russell Investment Company
Russell Emerging Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Total Return Swap Contracts (*)            
Amounts in thousands            
Fund Receives/(Pays)   Notional   Termination Fair Value
Underlying Reference Entity Counterparty Amount   Date $
Long Reference Entity            
Bovespa Future Index Barclays USD 83,501 04/29/16 1,384
Bovespa Future Index Morgan Stanley USD 84,050 02/25/16 241
Bovespa Future Index Societe Generale USD 24,464 02/25/16 130
Bovespa Future Index UBS USD 10,894 03/10/16 —
Total Fair Value of Open Total Return Swap Contracts Premiums Paid (Received) - $— (å)         1,755

 

(*) Total return swaps (which includes index swaps) are agreements between counterparties to exchange cash flows, one based on a market-linked
returns of an individual asset or a basket of assets (i.e. an index), and the other on a fixed or floating rate. The floating rate fees were all based
on the total return of underlying security at termination

Presentation of Portfolio Holdings                    
 
 
Amounts in thousands                    
 
 
          Fair Value          
Portfolio Summary Level 1 Level 2   Level 3   Total
Common Stocks                    
Argentina $ 21,300 $ —   $ — $   21,300
Austria   —   593     —     593
Bangladesh   —   9,530     —     9,530
Bermuda   —   411     —     411
Brazil   105,678   —     —     105,678
Cambodia   —   3,047     —     3,047
Canada   991   —     —     991
Cayman Islands   5,063   7,723     —     12,786
Chile   11,435   —     —     11,435
China   67,601   243,876     2,977     314,454
Colombia   5,441   —     —     5,441
Cyprus   199   111     —     310
Czech Republic   —   3,529     —     3,529
Egypt   —   10,920     —     10,920
Georgia   —   9,110     —     9,110
Greece   —   2,437     —     2,437
Hong Kong   25,053   109,574     823     135,450
Hungary   —   16,388     —     16,388
India   29,500   122,931     —     152,431
Indonesia   —   25,250     —     25,250
Israel   3,443   1,203     —     4,646
Jersey   —   2,994     —     2,994
Jordan   —   3,031     —     3,031
Kazakhstan   897   —     —     897
Kenya   —   2,284     —     2,284
Kuwait   —   7,157     —     7,157
Luxembourg   3,311   —     —     3,311
Macao   —   7,412     —     7,412
Malaysia   255   15,529     —     15,784
Mexico   70,218   —     —     70,218
Morocco   —   2,144     —     2,144
Netherlands   3,500   2,623     —     6,123
Nigeria   661   11,627     —     12,288
Pakistan   —   15,024     —     15,024
Peru   9,187   —     —     9,187
Philippines   —   8,711     —     8,711
Poland   —   4,940     —     4,940
Portugal   —   1,028     —     1,028
Qatar   —   5,261     —     5,261
Romania   —   6,233     —     6,233
Russia   39,665   49,027     —     88,692
South Africa   4,607   68,505     —     73,112

 

See accompanying notes which are an integral part of this quarterly report.

92 Russell Emerging Markets Fund

 

Russell Investment Company
Russell Emerging Markets Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Presentation of Portfolio Holdings                    
 
 
Amounts in thousands                    
 
          Fair Value          
Portfolio Summary Level 1 Level 2   Level 3   Total
South Korea   20,422   233,175     —     253,597
Spain   1,035   —     —     1,035
Sri Lanka   —   2,437     —     2,437
Switzerland   16,176   10,607     —     26,783
Taiwan   29,009   158,787     —     187,796
Thailand   —   54,293     —     54,293
Togo   —   1,937     —     1,937
Tunisia   —   626     —     626
Turkey   1,193   45,352     —     46,545
Ukraine   2,806   4,768     —     7,574
United Arab Emirates   —   8,446     —     8,446
United Kingdom   245   19,389     —     19,634
United States   5,419   —     —     5,419
Viet Nam   —   3,881     —     3,881
Zimbabwe   —   239     —     239
Investments in Other Funds 6,741 9,758   —   16,499
Preferred Stocks 10,898 5,408   —   16,306
Certificates of Participation 7 12,901   —   12,908
Warrants & Rights 54 5,357   —   5,411
Short-Term Investments — 40,567   —   40,567
Other Securities — 56,600   —   56,600
Total Investments 502,010 1,454,691   3,800   1,960,501
 
 
Other Financial Instruments                    
Futures Contracts 7,463 —   —   7,463
Foreign Currency Exchange Contracts 135 394   —   529
Total Return Swap Contracts — 1,755   —   1,755
Total Other Financial Instruments* $ 7,598 $ 2,149   $ — $   9,747

 

*   Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.

For a description of the Levels see note 2 in the Notes to Quarterly Report.
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to Quarterly
Report.
Investments in which significant unobservable inputs (Level 3) were used in determining a fair value for the period ended January 31,
2016 were less than 1% of net assets.

See accompanying notes which are an integral part of this quarterly report.

Russell Emerging Markets Fund 93

 

Russell Investment Company
Russell Tax-Managed U.S. Large Cap Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Common Stocks - 92.3%       Dr Pepper Snapple Group, Inc. 14,940 1,402
Consumer Discretionary - 12.3%       Hershey Co. (The) 4,970 438
Advance Auto Parts, Inc. 23,410 3,560 Kimberly-Clark Corp. 19,528 2,508
Amazon.com, Inc.(Æ) 31,885 18,717 Kraft Heinz Co. (The) 13,100 1,023
AutoZone, Inc.(Æ) 2,200 1,688 Kroger Co. (The) 28,400 1,102
CBS Corp. Class B 23,777 1,129 Molson Coors Brewing Co. Class B 19,625 1,776
Charter Communications, Inc. Class A(Æ) 5,690 975 Mondelez International, Inc. Class A 447,001 19,266
Chipotle Mexican Grill, Inc. Class A(Æ) 6,121 2,773 PepsiCo, Inc. 134,931 13,399
Comcast Corp. Class A(Æ) 295,471 16,461 Philip Morris International, Inc. 120,533 10,849
Costco Wholesale Corp. 18,259 2,759 Procter & Gamble Co. (The) 51,457 4,203
CST Brands, Inc. 3,500 136 Reynolds American, Inc. 31,314 1,564
DISH Network Corp. Class A(Æ) 18,381 887 Unilever NV 192,640 8,555
Dollar General Corp. 8,600 646 Walgreens Boots Alliance, Inc. 9,505 758
Dollar Tree, Inc.(Æ) 5,970 485 Whole Foods Market, Inc. 174,967 5,128
DR Horton, Inc. 14,669 404       104,251
eBay, Inc.(Æ) 5,789 136        
Estee Lauder Cos., Inc. (The) Class A 9,487 809 Energy - 6.8%      
Expedia, Inc. 5,900 596 Anadarko Petroleum Corp. 2,100 82
Ford Motor Co. 509,643 6,085 Baker Hughes, Inc. 6,731 293
Gap, Inc. (The) 107,078 2,647 BP PLC - ADR 96,030 3,108
General Motors Co. 47,200 1,399 Cabot Oil & Gas Corp. 56,287 1,168
Harman International Industries, Inc. 6,000 446 Cheniere Energy, Inc.(Æ) 5,800 174
Home Depot, Inc. 57,634 7,248 Chevron Corp. 211,048 18,249
Interpublic Group of Cos., Inc. (The) 14,867 334 Columbia Pipeline Group, Inc. 53,987 1,001
Johnson Controls, Inc. 21,100 757 ConocoPhillips 118,368 4,626
Lennar Corp. Class A 94,863 3,998 Core Laboratories NV 99,031 9,745
Liberty Global PLC Class C(Æ) 216,588 7,392 EOG Resources, Inc. 16,120 1,145
Lowe's Cos., Inc. 173,617 12,441 EQT Corp. 27,175 1,678
Macy's, Inc. 12,300 497 Exxon Mobil Corp. 189,447 14,748
McDonald's Corp. 5,663 701 Halliburton Co. 246,282 7,829
Nike, Inc. Class B 102,679 6,367 Marathon Petroleum Corp. 3,291 138
Norwegian Cruise Line Holdings, Ltd.(Æ) 13,224 600 Occidental Petroleum Corp. 129,416 8,908
O'Reilly Automotive, Inc.(Æ) 20,764 5,417 Phillips 66(Æ) 67,369 5,400
Priceline Group, Inc. (The)(Æ) 6,390 6,805 Pioneer Natural Resources Co. 46,829 5,804
PulteGroup, Inc. 44,100 739 Schlumberger, Ltd. 271,798 19,643
Ralph Lauren Corp. Class A 3,755 422 Spectra Energy Corp. 16,266 447
Ross Stores, Inc. 18,800 1,058 Valero Energy Corp. 20,857 1,416
Royal Caribbean Cruises, Ltd. 13,290 1,089 Williams Cos., Inc. (The) 35,569 686
Starbucks Corp. 270,198 16,420       106,288
Target Corp. 126,484 9,160        
Time Warner Cable, Inc. 10,232 1,862 Financial Services - 19.3%      
Time Warner, Inc. 67,362 4,745 Aflac, Inc. 71 4
TJX Cos., Inc. 179,242 12,769 Alliance Data Systems Corp.(Æ) 1,700 340
Twenty-First Century Fox, Inc. Class A 86,473 2,332 American Express Co. 97,963 5,241
VF Corp. 35,920 2,249 American International Group, Inc. 179,595 10,144
Viacom, Inc. Class B 13,776 629 American Tower Corp.(ö) 136,817 12,907
Wal-Mart Stores, Inc. 130,086 8,633 Ameriprise Financial, Inc. 33,591 3,045
Walt Disney Co. (The) 80,473 7,711 Aon PLC 41,550 3,649
Whirlpool Corp. 12,373 1,663 AvalonBay Communities, Inc.(ö) 7,200 1,235
Wyndham Worldwide Corp. 83,089 5,392 Bank of America Corp. 1,284,572 18,164
Yum! Brands, Inc. 2,400 174 Bank of New York Mellon Corp. (The) 310 11
      192,342 BB&T Corp. 127 4
        Berkshire Hathaway, Inc. Class B(Æ) 134,959 17,514
Consumer Staples - 6.7%       BlackRock, Inc. Class A 5,477 1,721
Altria Group, Inc. 117,515 7,181 Boston Properties, Inc. (ö) 4,641 539
Archer-Daniels-Midland Co. 26,319 930 Capital One Financial Corp. 145,980 9,579
Coca-Cola Co. (The) 67,940 2,916 Charles Schwab Corp. (The) 51,632 1,318
Colgate-Palmolive Co. 88,710 5,991 Chubb, Ltd.(Æ) 118,445 13,393
Constellation Brands, Inc. Class A 18,440 2,812 Citigroup, Inc. 318,766 13,573
CVS Health Corp. 128,896 12,450 Equifax, Inc. 12,083 1,278

 

See accompanying notes which are an integral part of this quarterly report.

94 Russell Tax-Managed U.S. Large Cap Fund

 

Russell Investment Company
Russell Tax-Managed U.S. Large Cap Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Equinix, Inc.(ö) 29,524 9,169 Mallinckrodt PLC(Æ) 143 8
Everest Re Group, Ltd. 900 161 McKesson Corp. 11,523 1,855
Extra Space Storage, Inc. (ö) 6,120 555 Medtronic PLC 164,079 12,457
Fidelity National Information Services, Inc. 26,184 1,564 Merck & Co., Inc. 206,409 10,459
FleetCor Technologies, Inc.(Æ) 44,277 5,439 PerkinElmer, Inc. 2,100 101
Goldman Sachs Group, Inc. (The) 54,714 8,840 Perrigo Co. PLC 5,021 726
Hartford Financial Services Group, Inc. 55,496 2,230 Pfizer, Inc. 510,594 15,568
Highwoods Properties, Inc. (ö) 8,040 340 Regeneron Pharmaceuticals, Inc.(Æ) 10,265 4,312
Intercontinental Exchange, Inc. 47,042 12,410 Sanofi - ADR 40,450 1,684
Invesco, Ltd. 31,202 934 St. Jude Medical, Inc. 66,974 3,540
JPMorgan Chase & Co. 309,053 18,389 Stryker Corp. 13,945 1,383
KeyCorp 106,090 1,184 Teva Pharmaceutical Industries, Ltd. - ADR 12,650 778
Kilroy Realty Corp. (ö) 9,100 508 Thermo Fisher Scientific, Inc. 79,985 10,563
Loews Corp. 158,409 5,863 UnitedHealth Group, Inc. 120,346 13,859
Markel Corp.(Æ) 11,980 10,069 Vertex Pharmaceuticals, Inc.(Æ) 15,170 1,377
MasterCard, Inc. Class A 15,793 1,406 Zoetis, Inc. Class A 13,700 590
MetLife, Inc. 214,755 9,589       206,155
Morgan Stanley 128,371 3,322        
PayPal Holdings, Inc.(Æ) 838 30 Materials and Processing - 3.5%      
PNC Financial Services Group, Inc. (The) 26,570 2,302 Air Products & Chemicals, Inc. 49,407 6,260
Prologis, Inc.(ö) 20,578 812 Ball Corp. 3,000 200
Prudential Financial, Inc. 7,700 540 CF Industries Holdings, Inc. 8,500 255
Realogy Holdings Corp.(Æ) 213,867 7,015 CRH PLC - ADR 212,516 5,721
Simon Property Group, Inc.(ö) 9,970 1,857 Crown Holdings, Inc.(Æ) 29,139 1,337
SL Green Realty Corp. (ö) 4,100 396 Dow Chemical Co. (The) 134,627 5,654
State Street Corp. 241,921 13,482 Eastman Chemical Co. 1,336 82
SunTrust Banks, Inc. 27,089 991 Ecolab, Inc. 137,034 14,782
SVB Financial Group(Æ) 2,100 213 EI du Pont de Nemours & Co. 29,941 1,580
Synchrony Financial(Æ) 290,443 8,254 Ingersoll-Rand PLC 8,027 413
TD Ameritrade Holding Corp. 6,600 182 International Paper Co. 65,903 2,255
Thomson Reuters Corp. 3,730 140 LyondellBasell Industries NV Class A 11 1
Travelers Cos., Inc. (The) 657 70 Martin Marietta Materials, Inc. 1,861 234
US Bancorp 167,407 6,706 Masco Corp. 34,250 904
Visa, Inc. Class A 293,190 21,840 Monsanto Co. 50,530 4,578
Wells Fargo & Co. 615,933 30,938 Mosaic Co. (The) 34,136 823
XL Group PLC Class A 25,236 915 PPG Industries, Inc. 4,260 405
      302,314 Praxair, Inc. 41,606 4,161
        Precision Castparts Corp. 19,725 4,634
Health Care - 13.2%       Rio Tinto PLC - ADR 27,839 686
Abbott Laboratories 60,545 2,292 WestRock Co. 1,306 46
AbbVie, Inc. 169,450 9,303       55,011
Aetna, Inc. 25,634 2,611        
Alexion Pharmaceuticals, Inc.(Æ) 9,372 1,368 Producer Durables - 11.3%      
Allergan PLC(Æ) 53,360 15,177 3M Co. 5,520 834
Amgen, Inc. 123,165 18,811 Accenture PLC Class A 43,472 4,588
Anthem, Inc. 74,928 9,777 Allegion PLC 20,382 1,234
Becton Dickinson and Co. 1,909 277 American Airlines Group, Inc. 4,608 180
Biogen, Inc.(Æ) 13,409 3,661 Automatic Data Processing, Inc. 81,795 6,796
Boston Scientific Corp.(Æ) 124,350 2,180 B/E Aerospace, Inc. 101,302 4,098
Bristol-Myers Squibb Co. 87,250 5,423 Boeing Co. (The) 3,100 372
Cardinal Health, Inc. 75,340 6,130 Canadian Pacific Railway, Ltd. 3,400 407
Celgene Corp.(Æ) 48,811 4,897 CSX Corp. 63,100 1,453
Cerner Corp.(Æ) 121,255 7,034 Cummins, Inc. 1,774 159
Eli Lilly & Co. 62,172 4,918 Danaher Corp. 5,344 463
Express Scripts Holding Co.(Æ) 4,688 337 Deere & Co. 1,500 115
Gilead Sciences, Inc. 54,854 4,553 Delta Air Lines, Inc. 300,458 13,307
Humana, Inc. 17,180 2,797 Eaton Corp. PLC 35,449 1,791
Illumina, Inc.(Æ) 8,627 1,363 Emerson Electric Co. 13,090 602
Intuitive Surgical, Inc.(Æ) 104 56 FedEx Corp. 1,662 221
Johnson & Johnson 229,129 23,930 Fluor Corp. 5,295 238

 

See accompanying notes which are an integral part of this quarterly report.

Russell Tax-Managed U.S. Large Cap Fund 95

 

Russell Investment Company
Russell Tax-Managed U.S. Large Cap Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal Fair         Principal Fair  
  Amount ($) or Value       Amount ($) or Value  
    Shares $         Shares $  
General Dynamics Corp. 25,444 3,404 SAP SE - ADR   63,366 5,057  
General Electric Co. 496,155 14,438   TE Connectivity, Ltd.   28,096 1,606  
Honeywell International, Inc. 328,597 33,911   Texas Instruments, Inc.   52,718 2,790  
Illinois Tool Works, Inc. 1,831 165   Xilinx, Inc.   5,800 292  
Kansas City Southern 118,300 8,385   Yahoo!, Inc.(Æ)   115 3  
L-3 Communications Holdings, Inc. 4,583 535           230,757  
Lockheed Martin Corp. 3,081 650              
Mettler-Toledo International, Inc.(Æ) 27,322 8,548   Utilities - 4.5%          
Norfolk Southern Corp. 27,182 1,916   American Electric Power Co., Inc.   29,948 1,826  
Northrop Grumman Corp. 9,779 1,810   AT&T, Inc.   484,319 17,465  
PACCAR, Inc. 46,767 2,295   Calpine Corp.(Æ)   248,527 3,805  
Parker-Hannifin Corp. 800 78   CMS Energy Corp.   37,178 1,445  
Pentair PLC 6,410 302   Dominion Resources, Inc.   11,882 857  
Raytheon Co. 74,619 9,569   Duke Energy Corp.   20,771 1,564  
Sensata Technologies Holding NV(Æ) 240,066 8,810   Edison International   22,508 1,391  
Southwest Airlines Co. 170,195 6,403   Entergy Corp.   117,548 8,296  
Stanley Black & Decker, Inc. 70,489 6,650   Exelon Corp.   10,725 317  
TopBuild Corp.(Æ) 3,805 102   NextEra Energy, Inc.   45,951 5,133  
TransDigm Group, Inc.(Æ) 36,056 8,103   NiSource, Inc.   38,538 810  
Tyco International PLC 136,200 4,684   PG&E Corp.   36,220 1,989  
Union Pacific Corp. 57,199 4,118   PPL Corp.   47,857 1,678  
United Continental Holdings, Inc.(Æ) 16,916 817   Sempra Energy   14,900 1,412  
United Parcel Service, Inc. Class B 2,508 234   Southern Co. (The)   28,934 1,415  
United Technologies Corp. 124,784 10,942   T-Mobile US, Inc.(Æ)   8,037 323  
Verisk Analytics, Inc. Class A(Æ) 39,975 2,918   Verizon Communications, Inc.   398,410 19,909  
Waste Management, Inc. 4,229 224   Xcel Energy, Inc.   41,419 1,583  
WW Grainger, Inc. 2,470 486           71,218  
      177,355              
          Total Common Stocks          
Technology - 14.7%         (cost $1,204,829)       1,445,691  
Adobe Systems, Inc.(Æ) 125,234 11,162              
Alphabet, Inc.(Æ) 35,116 26,089 Short -Term Investments - 7.8%          
Alphabet, Inc. Class A(Æ) 10,692 8,140   Russell U.S. Cash Management Fund   116,669,534(8) 116,670  
Analog Devices, Inc. 14,338 772   United States Treasury Bills          
Apple, Inc. 396,547 38,600   0.112% due 04/07/16   3,500 3,498  
Applied Materials, Inc. 23,100 408   0.320% due 06/16/16   2,500 2,497  
ARM Holdings PLC - ADR 136,035 5,860   Total Short-Term Investments          
Avago Technologies, Ltd. Class A 30,330 4,055   (cost $122,666)       122,665  
Broadcom Corp. Class A 36,440 1,992              
CDK Global Inc. 996 44   Total Investments 100.1%          
Cisco Systems, Inc. 282,533 6,721   (identified cost $1,327,495)       1,568,356  
Cognizant Technology Solutions Corp. Class                    
  A(Æ) 31,159 1,973   Other Assets and Liabilities, Net          
EMC Corp. 293,717 7,275 - (0.1%)     (1,406 )
Facebook, Inc. Class A(Æ) 161,203 18,089   Net Assets - 100.0%       1,566,950  
Hewlett Packard Enterprise Co.(Æ) 255,802 3,520              
HP, Inc. 108,289 1,051              
Intel Corp. 175,074 5,431              
International Business Machines Corp. 43,277 5,401              
Intuit, Inc. 69,231 6,612              
KLA-Tencor Corp. 5,800 389              
Lam Research Corp. 39,898 2,864              
LinkedIn Corp. Class A(Æ) 15,915 3,150              
Microsoft Corp. 692,916 38,173              
NXP Semiconductors NV(Æ) 19,634 1,468              
Oracle Corp. 251,249 9,123              
QUALCOMM, Inc. 28,570 1,295              
Red Hat, Inc.(Æ) 80,508 5,640              
Salesforce.com, Inc.(Æ) 81,114 5,521              
SanDisk Corp. 2,700 191              

 

See accompanying notes which are an integral part of this quarterly report.

96 Russell Tax-Managed U.S. Large Cap Fund

 

Russell Investment Company
Russell Tax-Managed U.S. Large Cap Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Futures Contracts                      
 
Amounts in thousands (except contract amounts)                    
                    Unrealized  
                    Appreciation  
        Number of   Notional Expiration   (Depreciation)  
        Contracts   Amount Date   $  
Long Positions                      
S&P 500 E-Mini Index Futures       1,193 USD  115,130 03/16   (3,667 )
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)               (3,667 )
 
Presentation of Portfolio Holdings                      
 
 
Amounts in thousands                      
 
              Fair Value        
Portfolio Summary Level 1   Level 2   Level 3   Total  
Common Stocks                      
Consumer Discretionary $ 192,342   $ —   $ — $ 192,342  
Consumer Staples   104,251     —     —   104,251  
Energy   106,288     —     —   106,288  
Financial Services   302,314     —     —   302,314  
Health Care   206,155     —     —   206,155  
Materials and Processing   55,011     —     —   55,011  
Producer Durables   177,355     —     —   177,355  
Technology   230,757     —     —   230,757  
Utilities   71,218     —     —   71,218  
Short-Term Investments —   122,665   — 122,665  
Total Investments 1,445,691   122,665   — 1,568,356  
 
 
Other Financial Instruments                      
Futures Contracts (3,667 ) —   — (3,667 )
Total Other Financial Instruments* $ (3,667 ) $ —   $ — $ (3,667 )

 

*      Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.

For a description of the Levels see note 2 in the Notes to Quarterly Report.
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to Quarterly
Report.

See accompanying notes which are an integral part of this quarterly report.

Russell Tax-Managed U.S. Large Cap Fund 97

 

Russell Investment Company
Russell Tax-Managed U.S. Mid & Small Cap Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Common Stocks - 91.2%       Lamar Advertising Co. Class A(ö) 2,956 166
Consumer Discretionary - 14.6%       Lear Corp. 108 11
1-800-Flowers.com, Inc. Class A(Æ) 16,643 118 Leggett & Platt, Inc. 1,002 42
Aaron's, Inc. Class A 5,967 137 Lennar Corp. Class A(Ñ) 10,103 426
AMC Entertainment Holdings, Inc. Class A 8,046 175 Liberty Broadband Corp. Class A(Æ) 761 36
AMC Networks, Inc. Class A(Æ) 109 8 Liberty Broadband Corp. Class C(Æ) 1,205 57
American Axle & Manufacturing Holdings,       Liberty Media Corp.(Æ) 2,096 75
  Inc.(Æ) 8,987 115 Liberty Media Corp. Class A(Æ) 2,097 77
American Eagle Outfitters, Inc.(Ñ) 2,217 32 Liberty Ventures Class A(Æ) 1,972 78
American Woodmark Corp.(Æ) 1,516 105 Lithia Motors, Inc. Class A 3,321 254
Barnes & Noble Education, Inc.(Æ) 4,717 52 LKQ Corp.(Æ) 75,803 2,077
Barnes & Noble, Inc. 7,464 65 Lumber Liquidators Holdings, Inc.(Æ)(Ñ) 79,157 1,022
Beazer Homes USA, Inc.(Æ) 41,582 356 Matthews International Corp. Class A 11,725 585
Blue Nile, Inc.(Æ) 3,554 124 Monro Muffler Brake, Inc. 25,496 1,676
Bob Evans Farms, Inc. 28,410 1,163 Motorcar Parts of America, Inc.(Æ) 34,152 1,174
Brinker International, Inc. 5,264 262 Movado Group, Inc. 974 25
Buffalo Wild Wings, Inc.(Æ) 10,438 1,590 Murphy USA, Inc.(Æ) 1,877 109
Burlington Stores, Inc.(Æ) 15,045 808 New York Times Co. (The) Class A 1,570 21
Cabela's, Inc.(Æ)(Ñ) 26,748 1,125 Noodles & Co. Class A(Æ)(Ñ) 21,171 255
Cable One, Inc.(Æ) 572 246 Nutrisystem, Inc. 4,032 80
Cablevision Systems Corp. Class A 1,124 36 NVR, Inc.(Æ) 174 287
Callaway Golf Co. 14,281 124 Outfront Media, Inc. (ö) 764 17
Capella Education Co. 7,736 340 Oxford Industries, Inc. 11,002 769
CarMax, Inc.(Æ) 3,653 161 Panera Bread Co. Class A(Æ) 414 80
Carter's, Inc. 13,155 1,279 Performance Sports Group, Ltd.(Æ) 96,288 688
Cheesecake Factory, Inc. (The) 16,639 804 Polaris Industries, Inc. 1,900 140
Chico's FAS, Inc. 10,882 113 Pool Corp. 14,463 1,222
Christopher & Banks Corp.(Æ) 194,594 337 PulteGroup, Inc. 8,808 148
Cimpress NV(Æ) 544 43 Red Robin Gourmet Burgers, Inc.(Æ) 2,684 166
Columbia Sportswear Co. 436 24 Ross Stores, Inc. 4,846 273
Cooper Tire & Rubber Co. 6,952 253 Saga Communications, Inc. Class A(Æ) 2,077 87
Coty, Inc. Class A(Æ)(Ñ) 9,020 222 Sally Beauty Holdings, Inc.(Æ) 81,031 2,233
Dana Holding Corp. 9,122 108 Service Corp. International 12,050 291
Domino's Pizza, Inc. 9,988 1,138 ServiceMaster Global Holdings, Inc.(Æ) 14,895 629
Dorman Products, Inc.(Æ)(Ñ) 12,502 541 Shoe Carnival, Inc. 6,564 152
DR Horton, Inc. 3,084 85 Shutterfly, Inc.(Æ) 37,395 1,557
DreamWorks Animation SKG, Inc. Class       Signet Jewelers, Ltd. 2,947 342
  A(Æ)(Ñ) 2,540 65 Skechers U.S.A., Inc. Class A(Æ) 2,404 68
Eros International PLC(Æ) 37,979 334 Smith & Wesson Holding Corp.(Æ) 4,398 95
Ethan Allen Interiors, Inc.(Ñ) 42,160 1,126 Stamps.com, Inc.(Æ) 8,555 803
Express, Inc.(Æ) 5,500 93 Starz Class A(Æ) 5,402 154
Finish Line, Inc. (The) Class A 61,047 1,156 Strayer Education, Inc.(Æ) 3,740 200
Five Below, Inc.(Æ) 54,851 1,932 Sturm Ruger & Co., Inc.(Ñ) 3,231 190
Flexsteel Industries, Inc. 3,394 148 TEGNA, Inc. 35,639 856
Foot Locker, Inc. 1,763 119 Tenneco, Inc.(Æ) 19,415 742
Fortune Brands Home & Security, Inc. 17,182 835 Tiffany & Co. 1,713 109
FTD Cos., Inc.(Æ) 47,810 1,181 Tilly's, Inc. Class A(Æ) 66,575 432
Gannett Co., Inc. 27,057 402 Toll Brothers, Inc.(Æ) 48,363 1,336
Gentex Corp. 12,980 178 Tower International, Inc.(Æ) 4,743 109
Gentherm, Inc.(Æ) 44,474 1,779 Tractor Supply Co. 5,844 516
Goodyear Tire & Rubber Co. (The) 19,616 557 Tribune Publishing Co. 28,142 263
Grand Canyon Education, Inc.(Æ) 5,539 209 Tupperware Brands Corp.(Ñ) 2,897 134
Hanesbrands, Inc. 10,236 313 Ulta Salon Cosmetics & Fragrance, Inc.(Æ) 5,465 990
Hasbro, Inc. 19,034 1,414 Vail Resorts, Inc. 589 74
Hertz Global Holdings, Inc.(Æ) 2,222 20 Vera Bradley, Inc.(Æ) 22,851 338
Horizon Global Corp.(Æ) 31,471 301 Vista Outdoor, Inc.(Æ) 856 41
Interpublic Group of Cos., Inc. (The) 14,186 318 VOXX International Corp. Class A(Æ) 24,007 103
Jarden Corp.(Æ) 2,232 118 WABCO Holdings, Inc.(Æ) 929 83
John Wiley & Sons, Inc. Class A(Æ) 3,050 127 WCI Communities, Inc.(Æ) 873 18
La Quinta Holdings, Inc.(Æ) 41,766 474 Wyndham Worldwide Corp. 2,673 173

 

See accompanying notes which are an integral part of this quarterly report.

98 Russell Tax-Managed U.S. Mid & Small Cap Fund

 

Russell Investment Company
Russell Tax-Managed U.S. Mid & Small Cap Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
ZAGG, Inc.(Æ) 42,101 388 WPX Energy, Inc.(Æ) 13,326 72
      50,830       8,825
 
Consumer Staples - 3.5%       Financial Services - 24.2%      
Cal-Maine Foods, Inc.(Ñ) 24,902 1,257 Access National Corp. 992 19
Casey's General Stores, Inc. 18,829 2,273 AG Mortgage Investment Trust, Inc. (ö) 165 2
Constellation Brands, Inc. Class A 2,422 369 Alexandria Real Estate Equities, Inc. (ö) 463 37
Fresh Del Monte Produce, Inc. 280 11 Alleghany Corp.(Æ) 445 213
Hain Celestial Group, Inc. (The)(Æ) 5,750 209 Allegiance Bancshares, Inc.(Æ)(Ñ) 5,379 100
Herbalife, Ltd.(Æ)(Ñ) 1,246 58 Alliance Data Systems Corp.(Æ) 195 39
JM Smucker Co. (The) 1,628 209 Allied World Assurance Co. Holdings AG 1,568 57
Lancaster Colony Corp. 10,536 1,071 Altisource Residential Corp. (ö) 19,089 190
MGP Ingredients, Inc. 5,280 118 Ambac Financial Group, Inc.(Æ) 17,085 240
Monster Beverage Corp.(Æ) 2,242 303 American Capital Mortgage Investment Corp.      
National Beverage Corp.(Æ) 3,983 165 (ö) 5,505 72
Natural Health Trends Corp.(Ñ) 11,619 232 American Equity Investment Life Holding      
Omega Protein Corp.(Æ) 7,057 159 Co.(Æ) 43,411 790
Pinnacle Foods, Inc. 285 12 American National Insurance Co. 2,344 228
Post Holdings, Inc.(Æ) 7,873 460 AMERISAFE, Inc. 331 17
Rite Aid Corp.(Æ) 20,360 159 AmTrust Financial Services, Inc. 1,754 100
Safeway, Inc.(Æ) 9,450 5 Anchor BanCorp Wisconsin, Inc.(Æ) 4,717 201
Sanderson Farms, Inc.(Ñ) 19,093 1,551 Apollo Investment Corp. 3,000 15
Snyders-Lance, Inc.(Ñ) 31,477 994 Arch Capital Group, Ltd.(Æ) 2,102 142
SUPERVALU, Inc.(Æ) 126,136 574 Ares Capital Corp. 5,909 82
TreeHouse Foods, Inc.(Æ) 12,955 1,028 Argo Group International Holdings, Ltd. 26,722 1,519
Universal Corp.(Ñ) 1,582 87 Arrow Financial Corp. 714 20
USANA Health Sciences, Inc.(Æ) 530 67 Aspen Insurance Holdings, Ltd. 1,017 47
WhiteWave Foods Co. (The) Class A(Æ) 16,050 606 Associated Capital Group, Inc. Class A(Æ) 5,444 147
      11,977 Assured Guaranty, Ltd. 25,077 596
        Astoria Financial Corp. 9,124 138
Energy - 2.5%       Axis Capital Holdings, Ltd. 5,244 283
Approach Resources, Inc.(Æ)(Ñ) 101,049 130 Banco Latinoamericano de Comercio Exterior      
Archrock, Inc.(Æ) 6,019 36 SA Class E 6,718 157
Bill Barrett Corp.(Æ)(Ñ) 103,963 385 BancorpSouth, Inc. 71,541 1,494
Core Laboratories NV(Ñ) 5,604 551 Bank of Hawaii Corp. 1,087 65
Diamondback Energy, Inc.(Æ) 9,576 723 Bank of the Ozarks, Inc. 17,354 770
Exterran Corp.(Æ) 23,506 388 BankFinancial Corp. 8,402 103
First Solar, Inc.(Æ) 7,131 490 BankUnited, Inc. 2,384 80
Green Brick Partners, Inc.(Æ) 21,417 126 Blackhawk Network Holdings, Inc. Class      
Helix Energy Solutions Group, Inc.(Æ) 75,605 305 A(Æ) 1,024 39
Helmerich & Payne, Inc.(Ñ) 18,870 959 Blue Hills Bancorp, Inc. 3,743 55
Matador Resources Co.(Æ) 20,113 322 BofI Holding, Inc.(Æ)(Ñ) 46,340 795
McDermott International, Inc.(Æ) 285,106 787 BOK Financial Corp.(Ñ) 990 50
Memorial Resource Development Corp.(Æ) 25,319 403 Brixmor Property Group, Inc. (ö) 833 22
Noble Energy, Inc. 2,014 65 Broadridge Financial Solutions, Inc. 5,818 312
Nordic American Offshore, Ltd.(Ñ) 20,327 82 Brown & Brown, Inc. 728 22
Oceaneering International, Inc. 3,328 113 C1 Financial, Inc.(Æ) 2,715 65
Oil States International, Inc.(Æ) 2,537 72 Camden Property Trust (ö) 3,242 247
Renewable Energy Group, Inc.(Æ) 26,988 187 Cardtronics, Inc.(Æ) 36,320 1,119
REX American Resources Corp.(Æ) 1,189 64 Care Capital Properties, Inc. (Æ)(ö) 564 17
RSP Permian, Inc.(Æ) 43,393 1,022 Cash America International, Inc. 11,666 349
SM Energy Co.(Ñ) 15,521 217 Cathay General Bancorp 4,829 135
SolarCity Corp.(Æ)(Ñ) 1,380 49 CBOE Holdings, Inc. 4,828 322
SunPower Corp. Class A(Æ)(Ñ) 7,412 189 Cedar Realty Trust, Inc. (ö) 20,389 144
Synergy Resources Corp.(Æ) 67,470 428 CenterState Banks, Inc. 59,077 838
Tesoro Corp. 3,098 270 Central Pacific Financial Corp. 8,782 184
Willbros Group, Inc.(Æ) 133,246 259 Century Bancorp, Inc. Class A 1,059 43
World Fuel Services Corp. 3,375 131 Chesapeake Lodging Trust (ö) 5,194 131
        Chimera Investment Corp. (ö) 7,320 91
        City Holding Co. 1,479 66

 

See accompanying notes which are an integral part of this quarterly report.

Russell Tax-Managed U.S. Mid & Small Cap Fund 99

 

Russell Investment Company
Russell Tax-Managed U.S. Mid & Small Cap Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
CNO Financial Group, Inc. 1,302 23 Hanover Insurance Group, Inc. (The) 46,416 3,782
Columbia Banking System, Inc. 5,350 159 Health Care REIT, Inc.(Æ)(ö) 1,344 84
Commerce Bancshares, Inc. 1,529 63 Healthcare Realty Trust, Inc. (ö) 45,468 1,320
Community Bank System, Inc. 26,516 998 Hingham Institution for Savings(Æ) 632 78
Community Trust Bancorp, Inc. 652 23 Houlihan Lokey, Inc. Class A(Æ) 22,403 541
CommunityOne Bancorp(Æ) 15,319 202 Huntington Bancshares, Inc. 21,443 184
Corrections Corp. of America (ö) 5,353 154 Iberiabank Corp. 2,759 132
CubeSmart (ö) 24,446 765 Independent Bank Corp. 4,475 68
CVB Financial Corp. 10,947 168 Inland Real Estate Corp. (ö) 7,851 84
CYS Investments, Inc. (ö) 18,096 125 Investors Bancorp, Inc. 7,082 83
DCT Industrial Trust, Inc. (ö) 60,113 2,151 iStar, Inc. (Æ)(ö) 15,472 162
Diamond Hill Investment Group, Inc.(Å)(Æ) 1,218 206 Jack Henry & Associates, Inc. 502 41
Duke Realty Corp. (ö) 1,172 24 James River Group Holdings, Ltd.(Æ) 2,624 89
E*Trade Financial Corp.(Æ) 51,924 1,223 Jones Lang LaSalle, Inc. 7,487 1,054
East West Bancorp, Inc. 4,442 144 Kayne Anderson Energy Development Co. 5,082 72
Easterly Government Properties, Inc. (Æ)(ö) 9,458 169 Kemper Corp. 911 32
Education Realty Trust, Inc. (ö) 65,696 2,567 Kennedy-Wilson Holdings, Inc. 18,477 375
Emergent Capital, Inc.(Æ)(Ñ) 12,830 56 KeyCorp 15,208 170
Empire State Realty Trust, Inc. Class A(ö) 2,317 38 Kilroy Realty Corp. (ö) 242 14
Endurance Specialty Holdings, Ltd. 20,771 1,286 LaSalle Hotel Properties (ö) 22,415 497
Enova International, Inc. Class W(Æ) 30,176 168 Lazard, Ltd. Class A 5,442 196
Enterprise Financial Services Corp. 3,951 112 Live Oak Bancshares, Inc.(Æ)(Ñ) 5,038 72
EPR Properties (ö) 416 25 Macerich Co. (The) (ö) 2,415 188
Equifax, Inc. 4,002 423 Mack-Cali Realty Corp. (ö) 5,426 113
Equinix, Inc.(ö) 697 216 Marcus & Millichap, Inc.(Æ) 3,298 78
Equity Bancshares, Inc. Class A(Æ) 11,421 251 Markel Corp.(Æ) 428 360
Equity Commonwealth(Æ)(ö) 5,469 147 MarketAxess Holdings, Inc. 488 57
Equity LifeStyle Properties, Inc. Class A(ö) 1,461 96 MBIA, Inc.(Æ) 25,545 170
Euronet Worldwide, Inc.(Æ) 17,110 1,365 MGIC Investment Corp.(Æ) 190,371 1,260
Everest Re Group, Ltd. 2,053 367 Mid-America Apartment Communities, Inc.      
Extra Space Storage, Inc. (ö) 5,406 490   (ö) 13,474 1,264
FactSet Research Systems, Inc. 364 55 MSCI, Inc. Class A 2,167 149
Fair Isaac Corp. 25,525 2,439 Nasdaq, Inc. 2,676 166
FCB Financial Holdings, Inc. Class A(Æ) 894 30 National Bank Holdings Corp. Class A 1,924 38
Federal Agricultural Mortgage Corp. Class C 8,229 268 National Commerce Corp.(Æ) 1,234 28
Federal Realty Investment Trust (ö) 2,297 346 National Health Investors, Inc. (ö) 12,180 739
FelCor Lodging Trust, Inc. (ö) 90,247 628 National Penn Bancshares, Inc. 5,570 64
Fidelity & Guaranty Life 14,793 371 National Retail Properties, Inc. (ö) 465 20
Fidelity Southern Corp. 3,161 50 National Western Life Group, Inc. Class A(Æ) 1,263 291
First American Financial Corp. 2,545 88 Navigators Group, Inc. (The)(Æ) 2,541 223
First BanCorp(Æ) 51,662 134 Nelnet, Inc. Class A 9,341 303
First Community Bancshares, Inc. 1,301 24 Northfield Bancorp, Inc. 2,794 43
First Horizon National Corp. 4,876 62 Northrim BanCorp, Inc. 4,932 114
First Industrial Realty Trust, Inc. (ö) 83,830 1,726 Northwest Bancshares, Inc. 8,090 102
First Interstate BancSystem, Inc. Class A 5,037 136 OceanFirst Financial Corp. 5,980 106
First Midwest Bancorp, Inc. 9,149 159 OFG Bancorp 48,797 274
First Niagara Financial Group, Inc. 37,103 363 Old National Bancorp 59,560 734
First Republic Bank 45,196 3,073 Old Second Bancorp, Inc.(Æ) 9,050 64
Fiserv, Inc.(Æ) 24,850 2,350 OM Asset Management PLC 9,305 105
FNF Group 7,383 239 OneBeacon Insurance Group, Ltd. Class A 25,513 328
FNFV Group(Æ) 2,460 23 Opus Bank 8,976 296
GAMCO Investors, Inc. Class A 9,533 277 Oritani Financial Corp. 8,387 140
Glacier Bancorp, Inc. 39,994 943 PacWest Bancorp 25,119 922
Global Indemnity PLC Class A(Æ) 14,032 422 Paramount Group, Inc. (ö) 23,857 391
Global Payments, Inc. 2,854 168 PartnerRe, Ltd. 1,348 189
Great Southern Bancorp, Inc. 2,156 86 Pebblebrook Hotel Trust (ö) 4,149 101
Great Western Bancorp, Inc. 14,167 370 Post Properties, Inc.(ö) 3,782 217
Green Dot Corp. Class A(Æ) 6,919 123 Preferred Bank 2,063 67
Hampton Roads Bankshares, Inc.(Æ) 12,256 22 PrivateBancorp, Inc. Class A 22,540 848
Hanmi Financial Corp. 2,852 62 ProAssurance Corp. 1,549 78

 

See accompanying notes which are an integral part of this quarterly report.

100 Russell Tax-Managed U.S. Mid & Small Cap Fund

 

Russell Investment Company
Russell Tax-Managed U.S. Mid & Small Cap Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
PS Business Parks, Inc. (ö) 3,986 345 WSFS Financial Corp. 8,031 233
Radian Group, Inc. 44,503 448 Xenia Hotels & Resorts, Inc. (ö) 4,448 65
Raymond James Financial, Inc. 4,148 182 Zions Bancorporation 3,661 83
Rayonier, Inc. (ö) 6,357 134       84,122
Reinsurance Group of America, Inc. Class A 2,529 213        
RenaissanceRe Holdings, Ltd. 352 40 Health Care - 10.2%      
Republic Bancorp, Inc. Class A 1,790 48 AbbVie, Inc. 822 45
Resource Capital Corp. (Æ)(Ñ)(ö) 6,636 69 Abiomed, Inc.(Æ) 3,361 287
Retail Opportunity Investments Corp. (ö) 9,870 183 Acadia Healthcare Co., Inc.(Æ) 15,198 928
Retail Properties of America, Inc. Class A(ö) 136,559 2,118 Adamas Pharmaceuticals, Inc.(Æ) 1,731 30
RLI Corp. 295 18 Akorn, Inc.(Æ) 85,667 2,227
RMR Group, Inc. (The) Class A(Æ) 14,780 308 Albany Molecular Research, Inc.(Æ) 56,328 919
Ryman Hospitality Properties, Inc.(ö) 4,049 190 Alere, Inc.(Æ) 5,509 205
S&T Bancorp, Inc. 2,284 62 Alexion Pharmaceuticals, Inc.(Æ) 1,299 190
Safety Insurance Group, Inc. 2,746 155 Align Technology, Inc.(Æ) 22,218 1,470
SEI Investments Co. 769 30 Alkermes PLC(Æ) 334 11
Selective Insurance Group, Inc. 83,842 2,625 Allergan PLC(Æ) 318 90
ServisFirst Bancshares, Inc. 382 15 Alnylam Pharmaceuticals, Inc.(Æ) 3,122 215
Signature Bank(Æ) 14,899 2,076 Analogic Corp. 1,887 140
SL Green Realty Corp. (ö) 1,767 171 BioMarin Pharmaceutical, Inc.(Æ) 2,801 207
SLM Corp.(Æ) 33,340 213 Bio-Rad Laboratories, Inc. Class A(Æ) 137 18
South State Corp. 17,829 1,192 Bio-Techne Corp. 23,205 1,919
Sovran Self Storage, Inc. (ö) 9,790 1,103 Bluebird Bio, Inc.(Æ) 46 2
St. Joe Co. (The)(Æ)(Ñ) 9,454 150 Cambrex Corp.(Æ) 2,478 86
StanCorp Financial Group, Inc.(Æ) 2,478 284 Celldex Therapeutics, Inc.(Æ)(Ñ) 7,464 62
Starwood Property Trust, Inc.(ö) 3,960 75 Centene Corp.(Æ) 1,814 113
State Bank Financial Corp. 55,778 1,074 Charles River Laboratories International,      
Sterling Bancorp 83,825 1,317   Inc.(Æ) 13,097 972
Sun Communities, Inc. (ö) 25,669 1,709 Chemed Corp. 2,336 328
SVB Financial Group(Æ) 1,054 107 Chiasma, Inc.(Æ)(Ñ) 6,977 72
Synovus Financial Corp. 3,419 104 CONMED Corp. 22,939 847
Talmer Bancorp, Inc. Class A 4,770 77 Cooper Cos., Inc. (The) 2,058 270
Tanger Factory Outlet Centers, Inc. (ö) 5,573 178 Dentsply International, Inc. 2,470 145
Taubman Centers, Inc. (ö) 6,177 439 DexCom, Inc.(Æ) 14,666 1,045
Texas Capital Bancshares, Inc.(Æ) 10,652 380 DYAX Corp.(Æ) 5,306 6
Torchmark Corp. 207 11 Genomic Health, Inc.(Æ) 9,297 268
Total System Services, Inc. 1,055 42 Greatbatch, Inc.(Æ) 13,730 530
Towne Bank 2,965 57 Haemonetics Corp.(Æ) 22,450 710
TriState Capital Holdings, Inc.(Æ) 4,962 59 Health Net, Inc.(Æ) 1,064 70
UMB Financial Corp. 15,623 733 Henry Schein, Inc.(Æ) 1,751 265
Umpqua Holdings Corp. 79 1 Hologic, Inc.(Æ) 9,896 336
United Community Banks, Inc. 9,570 173 ICON PLC(Æ) 27,354 1,807
United Community Financial Corp. 19,423 119 ICU Medical, Inc.(Æ) 523 50
United Development Funding IV (Ñ)(ö) 34,187 344 IDEXX Laboratories, Inc.(Æ) 465 33
Universal Insurance Holdings, Inc.(Ñ) 12,020 225 Impax Laboratories, Inc.(Æ) 576 22
Urstadt Biddle Properties, Inc. Class A(ö) 5,742 117 Incyte Corp.(Æ) 1,492 105
Validus Holdings, Ltd. 1,315 58 Integra LifeSciences Holdings Corp.(Æ) 20,985 1,290
Vantiv, Inc. Class A(Æ) 407 19 Intra-Cellular Therapies, Inc.(Æ)(Ñ) 6,798 252
Ventas, Inc. (ö) 2,256 125 Invacare Corp. 64,275 990
Virtu Financial, Inc. Class A(Æ) 1,765 40 Ionis Pharmaceuticals, Inc.(Æ) 6,951 271
Voya Financial, Inc. 4,128 126 Kindred Healthcare, Inc. 60,791 587
Waddell & Reed Financial, Inc. Class A 4,533 124 Landauer, Inc. 814 25
Webster Financial Corp. 33,938 1,126 LifePoint Health, Inc.(Æ) 11,488 802
Western Alliance Bancorp(Æ) 1,941 63 Ligand Pharmaceuticals, Inc. Class B(Æ) 14,499 1,449
White Mountains Insurance Group, Ltd. 65 46 MEDNAX, Inc.(Æ) 15,920 1,106
Willis Towers Watson PLC 757 87 MiMedx Group, Inc.(Æ) 59,522 495
Wilshire Bancorp, Inc. 5,967 63 Neurocrine Biosciences, Inc.(Æ) 1,355 58
World Acceptance Corp.(Æ)(Ñ) 1,200 35 NewLink Genetics Corp.(Æ)(Ñ) 2,199 54
WP Carey, Inc. (ö) 1,301 76 Omnicell, Inc.(Æ) 8,346 234
WR Berkley Corp. 606 30 Orthofix International NV(Æ) 4,798 189

 

See accompanying notes which are an integral part of this quarterly report.

Russell Tax-Managed U.S. Mid & Small Cap Fund 101

 

Russell Investment Company
Russell Tax-Managed U.S. Mid & Small Cap Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
PAREXEL International Corp.(Æ) 2,226 142 RBC Bearings, Inc.(Æ) 1,937 115
PerkinElmer, Inc. 17,659 853 Reliance Steel & Aluminum Co. 856 49
Phibro Animal Health Corp. Class A 192 6 RPM International, Inc. 6,601 259
PRA Health Sciences, Inc.(Æ) 8,623 371 Schweitzer-Mauduit International, Inc. 5,361 225
Prestige Brands Holdings, Inc.(Æ) 175 8 Sealed Air Corp. 631 25
Quality Systems, Inc. 2,976 39 Sensient Technologies Corp. 13,638 814
Regeneron Pharmaceuticals, Inc.(Æ) 337 142 Sonoco Products Co. 3,919 155
ResMed, Inc.(Ñ) 4,741 269 Steel Dynamics, Inc. 8,642 158
Seattle Genetics, Inc.(Æ) 4,553 150 Unifi, Inc.(Æ) 40,661 970
Teleflex, Inc. 2,839 385 Universal Forest Products, Inc. 2,625 181
Tenet Healthcare Corp.(Æ) 4,944 134 Valspar Corp. 745 58
Triple-S Management Corp. Class B(Æ) 5,261 117 Vulcan Materials Co. 17,045 1,503
United Therapeutics Corp.(Æ) 2,258 278 Watsco, Inc. 6,571 764
Universal Health Services, Inc. Class B 546 62 WR Grace & Co.(Æ) 2,986 243
US Physical Therapy, Inc. 27,991 1,432       21,733
VCA, Inc.(Æ) 72,193 3,701        
VWR Corp.(Æ)(Ñ) 33,368 816 Producer Durables - 13.1%      
WellCare Health Plans, Inc.(Æ) 21,615 1,642 Accuride Corp.(Æ) 101,774 86
      35,394 ADT Corp. (The)(Ñ) 41,725 1,234
        Advisory Board Co. (The)(Æ) 45,236 2,070
Materials and Processing - 6.3%       AECOM(Æ) 788 22
AAON, Inc. 11,226 242 AGCO Corp. 1,618 79
Acuity Brands, Inc. 14,328 2,900 Air Transport Services Group, Inc.(Æ) 802 8
Airgas, Inc. 1,657 232 Aircastle, Ltd. 8,190 141
Albemarle Corp. 2,994 158 Alaska Air Group, Inc. 2,290 161
Ashland, Inc. 2,458 233 Allegiant Travel Co. Class A 1,795 288
Balchem Corp.(Æ) 28,230 1,585 Allegion PLC 373 23
Ball Corp. 17,024 1,138 Allison Transmission Holdings, Inc. Class A 35,393 842
Belden, Inc. 3,675 157 Altra Industrial Motion Corp. 30,653 688
Bemis Co., Inc. 1,021 49 Ametek, Inc. 3,761 177
Berry Plastics Group, Inc.(Æ) 35 1 AO Smith Corp. 378 26
Carpenter Technology Corp. 20,061 557 Applied Industrial Technologies, Inc. 4,000 154
Century Aluminum Co.(Æ) 74,583 352 Avery Dennison Corp. 671 41
Chemtura Corp.(Æ) 27,913 732 Babcock & Wilcox Co. (The) Class W 1,426 43
Comfort Systems USA, Inc. 2,425 69 Babcock & Wilcox Enterprises, Inc.(Æ) 10,168 210
Compass Minerals International, Inc. 13,053 977 Barnes Group, Inc. 26,613 865
Crown Holdings, Inc.(Æ) 6,033 277 Brady Corp. Class A 45,945 1,031
Domtar Corp. 5,874 189 Briggs & Stratton Corp. 62,961 1,238
Eagle Materials, Inc. 3,008 161 Brink's Co. (The) 1,241 36
Eastman Chemical Co. 2,170 133 Bristow Group, Inc. 19,936 464
Global Brass & Copper Holdings, Inc. 16,735 347 CAI International, Inc.(Æ) 31,903 199
Headwaters, Inc.(Æ) 5,449 87 Carlisle Cos., Inc. 3,258 273
Hexcel Corp. 13,228 547 Chart Industries, Inc.(Æ) 9,702 157
Innophos Holdings, Inc. 16,844 450 Chicago Bridge & Iron Co. 2,196 85
Innospec, Inc. 321 16 Cintas Corp.(Æ) 2,308 198
Interface, Inc. Class A 1,353 23 Clarcor, Inc. 14,954 701
International Flavors & Fragrances, Inc. 1,279 150 Commercial Vehicle Group, Inc.(Æ) 92,594 287
Intrepid Potash, Inc.(Æ) 79,590 173 Convergys Corp. 879 21
KMG Chemicals, Inc. 3,207 74 CoStar Group, Inc.(Æ) 9,463 1,660
LB Foster Co. Class A 16,023 185 Echo Global Logistics, Inc.(Æ) 41,850 921
Lennox International, Inc. 3,671 440 Electronics For Imaging, Inc.(Æ) 4,867 201
LSB Industries, Inc.(Æ) 13,536 76 Encore Wire Corp.(Æ) 4,001 149
LSI Industries, Inc.(Æ) 6,093 70 Ennis, Inc. 3,601 72
Martin Marietta Materials, Inc. 7,294 916 EnPro Industries, Inc. 14,830 659
Minerals Technologies, Inc. 20,463 839 ESCO Technologies, Inc. 42,342 1,458
NewMarket Corp. 182 69 Essendant, Inc. 14,192 424
Owens Corning 5,179 239 ExlService Holdings, Inc.(Æ) 4,894 214
Packaging Corp. of America 4,726 240 Exponent, Inc. 446 23
PGT, Inc.(Æ) 96,903 950 Forward Air Corp. 3,832 165
PolyOne Corp. 6,686 181 Franklin Electric Co., Inc. 22,039 601

 

See accompanying notes which are an integral part of this quarterly report.

102 Russell Tax-Managed U.S. Mid & Small Cap Fund

 

Russell Investment Company
Russell Tax-Managed U.S. Mid & Small Cap Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
FTI Consulting, Inc.(Æ) 23,262 788 WageWorks, Inc.(Æ) 47,515 2,126
G&K Services, Inc. Class A 5,726 369 Waste Connections, Inc. 909 55
GATX Corp. 16,277 667 Xylem, Inc. 234 8
Generac Holdings, Inc.(Æ) 24,429 694 Zebra Technologies Corp. Class A(Æ) 3,211 194
Genesee & Wyoming, Inc. Class A(Æ) 7,962 395       45,324
Genpact, Ltd.(Æ) 35,196 842        
Graco, Inc. 1,457 106 Technology - 12.4%      
Granite Construction, Inc. 4,810 186 ACI Worldwide, Inc.(Æ) 44,352 794
Greenbrier Cos., Inc.(Ñ) 3,448 89 Anixter International, Inc.(Æ) 12,466 616
Gulfmark Offshore, Inc. Class A(Æ)(Ñ) 61,232 232 Ansys, Inc.(Æ) 3,035 268
Hawaiian Holdings, Inc.(Æ) 7,530 265 Aspen Technology, Inc.(Æ) 2,955 96
Healthcare Services Group, Inc. 75,255 2,662 Atmel Corp. 16,416 132
HEICO Corp. 4,771 266 Avnet, Inc. 5,555 222
Herman Miller, Inc. 33,432 857 Bottomline Technologies de, Inc.(Æ) 69,218 1,995
HNI Corp. 4,654 158 CA, Inc. 70,112 2,014
Huntington Ingalls Industries, Inc. 31 4 CACI International, Inc. Class A(Æ) 14,043 1,167
Insperity, Inc. 588 26 Cadence Design Systems, Inc.(Æ) 3,334 65
ITT Corp. 2,675 87 CalAmp Corp.(Æ) 51,711 879
Jacobs Engineering Group, Inc.(Æ) 4,317 169 Callidus Software, Inc.(Æ) 57,626 889
JetBlue Airways Corp.(Æ) 13,954 297 Cavium, Inc.(Æ) 11,456 662
Kansas City Southern 1,553 110 Checkpoint Systems, Inc. 132,955 862
Kimball International, Inc. Class B 1,063 10 Ciena Corp.(Æ) 17,964 319
Knight Transportation, Inc. 9,433 231 comScore, Inc.(Æ) 37,921 1,461
Knoll, Inc. 55,812 1,024 Cree, Inc.(Æ) 392 11
Korn/Ferry International 731 23 Criteo SA - ADR(Æ) 16,634 492
Lexmark International, Inc. Class A 4,190 118 Cypress Semiconductor Corp.(Æ)(Ñ) 21,153 166
Littelfuse, Inc. 2,549 260 Diodes, Inc.(Æ) 25,855 495
Manitowoc Co., Inc. (The)(Æ)(Ñ) 7,453 117 DST Systems, Inc. 232 24
ManpowerGroup, Inc. 3,614 276 Entegris, Inc.(Æ) 67,275 784
Matson, Inc. 1,614 65 Envestnet, Inc.(Æ) 40,958 960
MAXIMUS, Inc. 37,997 2,028 EPAM Systems, Inc.(Æ) 28,837 2,160
Mettler-Toledo International, Inc.(Æ) 812 254 FormFactor, Inc.(Æ) 101,572 844
Middleby Corp.(Æ) 9,019 815 Fortinet, Inc.(Æ) 28,324 797
Navigant Consulting, Inc.(Æ) 8,155 129 Gartner, Inc.(Æ) 1,065 94
NV5 Global, Inc.(Æ)(Ñ) 7,842 149 Guidewire Software, Inc.(Æ) 6,725 370
Orbital ATK, Inc. 4,746 428 Infinera Corp.(Æ) 31,864 488
Pentair PLC(Ñ) 2,864 135 Integrated Device Technology, Inc.(Æ) 9,405 240
Pitney Bowes, Inc. 7,284 143 IPG Photonics Corp.(Æ) 1,991 161
Proto Labs, Inc.(Æ)(Ñ) 29,240 1,608 IXYS Corp. 5,974 71
Republic Airways Holdings, Inc.(Æ) 117,107 249 Jabil Circuit, Inc. 9,924 198
Robert Half International, Inc. 4,436 194 Leidos Holdings, Inc. 1,377 64
Rollins, Inc. 817 23 Luxoft Holding, Inc. Class A(Æ) 916 69
Rush Enterprises, Inc. Class A(Æ) 31,400 600 MA-COM Technology Solutions Holdings,      
SkyWest, Inc. 11,910 179   Inc.(Æ)(Ñ) 51,351 1,977
Snap-on, Inc. 608 98 Manhattan Associates, Inc.(Æ) 11,817 681
Spirit AeroSystems Holdings, Inc. Class A(Æ) 3,750 159 ManTech International Corp. Class A 39,513 1,139
Stericycle, Inc.(Æ) 6,674 803 Match Group, Inc.(Æ)(Ñ) 25,081 315
Sykes Enterprises, Inc.(Æ) 804 24 Mentor Graphics Corp. 9,771 170
TASER International, Inc.(Æ)(Ñ) 12,309 189 Methode Electronics, Inc. 596 16
Terex Corp. 4,352 97 Monolithic Power Systems, Inc. 6,476 405
Tetra Tech, Inc. 4,369 116 Newport Corp.(Æ) 8,837 135
Thermon Group Holdings, Inc.(Æ) 43,353 729 ON Semiconductor Corp.(Æ) 9,500 81
Toro Co. (The) 3,832 286 Palo Alto Networks, Inc.(Æ) 268 40
TriMas Corp.(Æ) 42,160 729 Plexus Corp.(Æ) 54,396 1,901
TrueBlue, Inc.(Æ) 51,964 1,187 Progress Software Corp.(Æ) 86,517 2,240
Tutor Perini Corp.(Æ) 3,118 41 PTC, Inc.(Æ) 66,803 1,978
United Rentals, Inc.(Æ) 11,427 547 Qlik Technologies, Inc.(Æ) 5,493 138
Vectrus, Inc.(Æ) 8,126 161 QLogic Corp.(Æ) 14,466 185
Virgin America, Inc.(Æ)(Ñ) 1,196 37 Qorvo, Inc.(Æ) 4,523 179
Wabtec Corp. 15,892 1,016 Rambus, Inc.(Æ) 56,927 697

 

See accompanying notes which are an integral part of this quarterly report.

Russell Tax-Managed U.S. Mid & Small Cap Fund 103

 

Russell Investment Company
Russell Tax-Managed U.S. Mid & Small Cap Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)      
    Principal Fair         Principal   Fair  
  Amount ($) or Value       Amount ($) or   Value  
    Shares $         Shares   $  
Rogers Corp.(Æ) 2,812 133   Westar Energy, Inc. Class A   2,336   102  
Sanmina Corp.(Æ) 3,534 66             15,447  
Skyworks Solutions, Inc. 2,478 171                
SolarWinds, Inc.(Æ) 23,581 1,414   Total Common Stocks            
Synaptics, Inc.(Æ) 11,530 845   (cost $258,519)         316,732  
Synchronoss Technologies, Inc.(Æ) 6,060 186                
Synopsys, Inc.(Æ) 2,809 120 Short -Term Investments - 7.4%            
Syntel, Inc.(Æ) 18,509 876   Russell U.S. Cash Management Fund   25,931,779 (8) 25,932  
Take-Two Interactive Software, Inc.(Æ) 28,421 986   Total Short-Term Investments            
Tech Data Corp.(Æ) 1,915 119   (cost $25,932)         25,932  
Teradyne, Inc. 12,540 244                
Tyler Technologies, Inc.(Æ) 8,675 1,362   Other Securities - 5.9%            
Ultimate Software Group, Inc.(Æ) 5,441 956   Russell U.S. Cash Collateral Fund(×)   20,375,875 (8) 20,376  
VeriFone Systems, Inc.(Æ) 46,386 1,085   Total Other Securities            
Virtusa Corp.(Æ) 29,305 1,311   (cost $20,376)         20,376  
      43,080                
          Total Investments 104.5%            
Utilities - 4.4%         (identified cost $304,827)         363,040  
8x8, Inc.(Æ) 85,658 1,076                
AGL Resources, Inc.(Æ) 2,119 135   Other Assets and Liabilities, Net            
ALLETE, Inc. 3,252 172 - (4.5%)       (15,697 )
Alliant Energy Corp. 1,054 69   Net Assets - 100.0%         347,343  
American Water Works Co., Inc. 1,933 125                
Aqua America, Inc. 3,129 99                
Atlantic Tele-Network, Inc. 746 57                
Atmos Energy Corp. 1,051 73                
Avista Corp. 1,100 41                
CenterPoint Energy, Inc. 7,174 128                
Cleco Corp. 27,566 1,465                
CMS Energy Corp. 67,697 2,632                
Connecticut Water Service, Inc. 4,800 206                
Consolidated Water Co., Ltd. 7,960 92                
El Paso Electric Co. 32,817 1,343                
Eversource Energy 3,872 208                
Fairmount Santrol Holdings, Inc.(Æ)(Ñ) 42,623 104                
Great Plains Energy, Inc. 2,726 76                
Idacorp, Inc. 3,075 214                
IDT Corp. Class B 388 5                
Inteliquent, Inc. 379 6                
Iridium Communications, Inc.(Æ)(Ñ) 20,415 142                
Level 3 Communications, Inc.(Æ) 5,357 261                
MGE Energy, Inc. 5,069 246                
National Fuel Gas Co. 24,191 1,097                
New Jersey Resources Corp. 6,600 232                
Northwest Natural Gas Co. 2,731 142                
NorthWestern Corp. 28,250 1,577                
ONE Gas, Inc. 7,521 425                
Piedmont Natural Gas Co., Inc. 1,392 82                
Pinnacle West Capital Corp. 1,957 130                
PNM Resources, Inc. 5,304 167                
Portland General Electric Co. 1,384 54                
SCANA Corp. 1,474 93                
Southwest Gas Corp. 4,108 242                
Spark Energy, Inc. Class A 6,713 182                
Spok Holdings, Inc. 4,541 82                
TECO Energy, Inc. 6,490 176                
UGI Corp. 72 2                
US Cellular Corp.(Æ) 7,930 298                
Vectren Corp. 33,190 1,389                

 

See accompanying notes which are an integral part of this quarterly report.

104 Russell Tax-Managed U.S. Mid & Small Cap Fund

 

Russell Investment Company
Russell Tax-Managed U.S. Mid & Small Cap Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Restricted Securities
Amounts in thousands (except share and cost per unit amounts)

                    Principal Cost per   Cost   Fair Value  
% of Net Assets         Acquisition         Amount ($)     Unit   (000 ) (000 )
Securities         Date         or shares     $   $   $  
0.1%                                  
Diamond Hill Investment Group, Inc.         01/13/16     1,218 158.93 194 206  
                                  206  
For a description of restricted securities see note 7 in the Notes to Quarterly Report.                
 
Futures Contracts                                    
 
Amounts in thousands (except contract amounts)                                
                              Unrealized  
                              Appreciation  
          Number of       Notional   Expiration   (Depreciation)  
          Contracts       Amount   Date       $  
Long Positions                                    
S&P Mid 400 E-Mini Index Futures           214 USD 28,137 03/16       (1,352 )
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)                           (1,352 )
 
Presentation of Portfolio Holdings                                    
 
 
Amounts in thousands                                    
 
                    Fair Value              
Portfolio Summary   Level 1   Level 2 Level 3   Total  
Common Stocks                                    
Consumer Discretionary   $ 50,830   $   — $   —   $   50,830  
Consumer Staples     11,972       —     5       11,977  
Energy     8,825       —     —       8,825  
Financial Services     84,122       —     —       84,122  
Health Care     35,388       —     6       35,394  
Materials and Processing     21,733       —     —       21,733  
Producer Durables     45,324       —     —       45,324  
Technology     43,080       —     —       43,080  
Utilities     15,447       —     —       15,447  
Short-Term Investments   —     25,932   —     25,932  
Other Securities   —     20,376   —     20,376  
Total Investments   316,721     46,308   11     363,040  
 
 
Other Financial Instruments                                    
Futures Contracts   (1,352 )   —   —     (1,352 )
Total Other Financial Instruments*   $ (1,352 ) $   — $   —   $   (1,352 )

 

*      Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.

For a description of the Levels see note 2 in the Notes to Quarterly Report.
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to Quarterly
Report.
Investments in which significant unobservable inputs (Level 3) were used in determining a fair value for the period ended January 31,
2016 were less than 1% of net assets.

See accompanying notes which are an integral part of this quarterly report.

Russell Tax-Managed U.S. Mid & Small Cap Fund 105

 

Russell Investment Company
Russell Tax-Managed International Equity Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair     Principal   Fair
      Amount ($)   Value     Amount ($)   Value
      or Shares   $     or Shares   $
Common Stocks - 86.4%           Telefonica Brasil SA - ADR 87,374   762
Argentina - 0.2%           Tim Participacoes SA - ADR 51,513   407
Arcos Dorados Holdings, Inc. Class                   5,587
  A(Æ) 2,858   8          
Banco Macro SA - ADR(Æ) 7,573   485 Canada - 3.5%        
Grupo Financiero Galicia SA - ADR 14,564   397 Agrium, Inc. 3,539   309
YPF SA - ADR 10,387   175 Alimentation Couche-Tard, Inc. Class B 11,294   492
          1,065 Bank of Montreal 6,008   323
            Bank of Nova Scotia (The) 11,801   483
Australia - 1.9%           BCE, Inc. 8,854   357
AGL Energy, Ltd. 14,311   190 Brookfield Asset Management, Inc.        
ASX, Ltd. - ADR 4,813   146   Class A 11,167   337
Australia & New Zealand Banking           Brookfield Real Estate Services, Inc. 39,333   414
  Group, Ltd. - ADR 117,115   2,028 Canadian Imperial Bank of Commerce 1,783   116
Bendigo & Adelaide Bank, Ltd. 18,965   147 Canadian National Railway Co. 22,293   1,193
Commonwealth Bank of Australia - ADR 29,481   1,659 Canadian Natural Resources, Ltd. 51,247   1,097
CSL, Ltd. 6,543   487 Canadian Tire Corp., Ltd. Class A 4,295   350
Fortescue Metals Group, Ltd. 194,234   241 CCL Industries, Inc. Class B 2,253   318
Goodman Group (ö) 71,710   312 Cenovus Energy, Inc. 46,011   567
GPT Group (The) (ö) 138,365   482 CGI Group, Inc. Class A(Æ) 3,049   131
Lend Lease Group 34,371   319 Dollarama, Inc. 2,149   115
Macquarie Group, Ltd. 4,196   217 Encana Corp. 4,306   19
Medibank Pvt, Ltd. 265,610   475 Fairfax Financial Holdings, Ltd.(Æ) 416   214
Mirvac Group (ö) 103,514   140 First Quantum Minerals, Ltd. 117,898   255
National Australia Bank, Ltd. - ADR 18,917   375 Gildan Activewear, Inc. Class A 18,446   466
Scentre Group (ö) 159,140   494 Great-West Lifeco, Inc. 9,476   235
Stockland (ö) 29,894   88 Imperial Oil, Ltd. 6,919   212
Telstra Corp., Ltd. 41,652   167 Intact Financial Corp. 1,675   100
Wesfarmers, Ltd. 12,552   378 Loblaw Cos., Ltd. 2,231   105
Westpac Banking Corp. 10,344   228 Manulife Financial Corp. 53,189   739
          8,573 Metro, Inc. Class A 4,660   138
            National Bank of Canada 6,346   181
Austria - 0.0%           Open Text Corp. 7,037   344
UNIQA Insurance Group AG 35,374   223 Potash Corp. of Saskatchewan, Inc. 57,793   942
 
Belgium - 0.7%           Power Corp. of Canada 14,114   299
Ageas 10,179   413 Power Financial Corp. 14,019   324
Anheuser-Busch InBev SA 14,640   1,843 Rogers Communications, Inc. Class B 57,769   1,979
Colruyt SA(Æ) 511   27 Royal Bank of Canada - GDR 13,313   689
Groupe Bruxelles Lambert SA 4,485   340 SNC-Lavalin Group, Inc. 11,644   333
KBC Groep NV 10,981   630 Sun Life Financial, Inc. 6,012   172
Proximus 105   4 Suncor Energy, Inc. 29,766   705
          3,257 Toronto Dominion Bank 11,185   424
            Whitecap Resources, Inc. 32,988   180
Bermuda - 0.0%                   15,657
Hiscox, Ltd. 3,638   52          
            Cayman Islands - 0.1%        
Brazil - 1.2%           New World China Land, Ltd.(Æ) 210,000   203
Ambev SA - ADR 44,263   207 Sunac China Holdings, Ltd. 163,000   102
B2W Cia Digital(Æ) 38,178   127         305
BB Seguridade Participacoes SA 149,507   864          
BM&FBovespa SA 134,548   345 Chile - 0.1%        
Braskem SA - ADR 18,027   216 Banco de Credito e Inversiones 1   —
Cia de Saneamento Basico do Estado de           Empresas CMPC SA 42,718   97
Sao Paulo - ADR(Æ) 43,371   230 Sociedad Quimica y Minera de Chile        
Even Construtora e Incorporadora SA 14,346   15   SA - ADR 20,135   327
Hypermarcas SA(Æ) 55,824   312         424
 
Itau Unibanco Holding SA - ADR 70,142   441 China - 3.9%        
JBS SA 91,897   248 Alibaba Group Holding, Ltd. - ADR(Æ) 10,702   717
Kroton Educacional SA 109,973   234 Bank of China, Ltd. Class H 2,043,225   809
Petroleo Brasileiro SA - ADR(Æ) 379,742   1,179          

 

See accompanying notes which are an integral part of this quarterly report.

106 Russell Tax-Managed International Equity Fund

 

Russell Investment Company
Russell Tax-Managed International Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair       Principal   Fair
      Amount ($)   Value       Amount ($)   Value
      or Shares   $       or Shares   $
Bank of Communications Co., Ltd. Class         Yangzijiang Shipbuilding Holdings, Ltd. 405,000   267
H 469,000   287 Zhejiang Expressway Co., Ltd. Class H 18,000   16
Belle International Holdings, Ltd. Class                     17,765
H 252,000   170            
BYD Electronic International Co., Ltd.           Curacao - 0.0%          
(Æ) 830,500   352 HAL Trust 320   57
China CITIC Bank Corp., Ltd. Class                      
H(Æ) 1,043,000   604 Czech Republic - 0.1%          
China Communications Services Corp.,           CEZ AS 28,353   471
Ltd. Class H(Æ) 784,000   309            
China Construction Bank Corp. Class H 868,000   535 Denmark - 1.6%          
China Everbright Bank Co., Ltd. Class H 666,000   314 AP Moeller - Maersk A/S Class B 330   424
China Machinery Engineering Corp.           Carlsberg A/S Class B 3,542   298
Class H 523,000   362 Chr Hansen Holding A/S 1,138   70
China Mengniu Dairy Co., Ltd. 64,000   90 Coloplast A/S Class B 4,297   354
China Merchants Bank Co., Ltd. Class H 145,000   282 Danske Bank A/S 34,557   929
China Minsheng Banking Corp., Ltd.           DSV A/S 5,558   216
Class H 745,000   665 Genmab A/S(Æ) 2,811   352
China Petroleum & Chemical Corp.           GN Store Nord A/S 7,692   144
Class H 510,000   287 Matas A/S 27,341   518
China Railway Group, Ltd. Class H 337,000   245 Novo Nordisk A/S Class B 50,916   2,843
China Telecom Corp., Ltd. Class H 107,654   51 Novozymes A/S Class B 1,611   67
China Vanke Co., Ltd. Class H 429,264   967 Pandora A/S 787   105
Chongqing Changan Automobile Co.,           Vestas Wind Systems A/S 6,302   411
Ltd. Class B 31,200   61 William Demant Holding A/S(Æ) 5,079   450
Chongqing Rural Commercial Bank Co.,                     7,181
 
Ltd. Class H 970,000   497 Egypt - 0.0%          
CIFI Holdings Group Co., Ltd. 754,000   143 Commercial International Bank Egypt          
CITIC Securities Co., Ltd. Class H 388,500   741   SAE - GDR(Æ) 1   —
CNOOC, Ltd. 154,000   156            
Ctrip.com International, Ltd. - ADR(Æ) 11,646   497 Finland - 0.5%          
Geely Automobile Holdings, Ltd. 735,000   315 Elisa OYJ Class A 9,328   337
Great Wall Motor Co., Ltd. Class H 390,000   295 Fortum OYJ 24,435   384
Hengan International Group Co., Ltd. 119,592   1,071 Kone OYJ Class B 2,441   107
Hua Hong Semiconductor, Ltd.(Æ)(Þ) 143,000   110 Neste OYJ 1,217   38
Huadian Power International Corp., Ltd.         Nokia OYJ 29,549   212
Class H 486,251   289 Nokian Renkaat OYJ 8,911   303
Industrial & Commercial Bank of China,         Orion OYJ Class B 786   26
Ltd. Class H 555,000   291 Sampo OYJ Class A 10,857   524
JD.com, Inc. - ADR(Æ) 12,713   331 UPM-Kymmene OYJ 24,904   405
KWG Property Holding, Ltd. 583,500   364           2,336
Lenovo Group, Ltd. 300,000   269            
New China Life Insurance Co., Ltd.           France - 7.2%          
Class H 21,435   72 Air Liquide SA Class A 23,297   2,410
PetroChina Co., Ltd. - ADR 2,833   173 Airbus Group SE 4,429   279
PICC Property & Casualty Co., Ltd.           Alstom SA(Æ) 10,116   271
Class H(Æ) 126,000   217 AXA SA 26,791   663
Ping An Insurance Group Co. of China,           BioMerieux 2,113   267
Ltd. Class H 98,500   450 BNP Paribas SA 6,485   308
Qunar Cayman Islands, Ltd. - ADR(Æ) 4,163   184 Bouygues SA - ADR 49,286   1,929
Shanghai Pharmaceuticals Holding Co.,           Capital Gemini SA 1,937   177
Ltd. Class H 200,100   387 Carrefour SA 13,482   384
SINA Corp.(Æ) 9,184   422 Cie de Saint-Gobain 10,716   445
Sohu.com, Inc.(Æ) 7,558   381 Credit Agricole SA 95,616   956
Tencent Holdings, Ltd. 62,665   1,184 Danone SA 35,601   2,454
Tingyi Cayman Islands Holding Corp. 296,000   339 Dassault Systemes SA 2,108   163
Tsingtao Brewery Co., Ltd. Class H 44,000   157 Engie SA 136,570   2,195
Uni-President China Holdings, Ltd. 260,715   169 Essilor International SA 12,623   1,569
Want Want China Holdings, Ltd. 1,046,653   690 Faurecia 32,707   1,200
West China Cement, Ltd. 874,000   181 Lectra 28,543   365

 

See accompanying notes which are an integral part of this quarterly report.

Russell Tax-Managed International Equity Fund 107

 

Russell Investment Company
Russell Tax-Managed International Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair       Principal   Fair
    Amount ($)   Value       Amount ($)   Value
    or Shares   $       or Shares   $
Legrand SA - ADR 5,825   321 Wirecard AG 7,324   369
L'Oreal SA 12,343   2,131           19,131
Mercialys SA (ö) 7,185   147            
Natixis SA 60,393   297 Greece - 0.1%          
Orange SA - ADR 12,888   231 Eurobank Ergasias SA(Æ) 297,568   243
Pernod Ricard SA 2,972   349 National Bank of Greece SA(Æ) 257,065   70
Publicis Groupe SA - ADR 28,173   1,705           313
Renault SA 3,754   318            
Safran SA 8,590   561 Hong Kong - 2.7%          
Sanofi - ADR 28,423   2,386 AIA Group, Ltd. 47,000   263
Schneider Electric SE 39,178   2,104 Bank of East Asia, Ltd. (The) 89,600   264
SCOR SE - ADR 624   22 Brilliance China Automotive Holdings,          
Societe BIC SA 2,028   331 Ltd.(Æ) 150,000   144
Societe Generale SA 8,236   315 Champion REIT (Æ)(ö) 194,000   91
Technip SA 6,750   317 Cheung Kong Infrastructure Holdings,          
Teleperformance - GDR 2,067   172 Ltd. 41,000   386
Total SA 52,345   2,329 Cheung Kong Property Holdings, Ltd. 62,823   341
Unibail-Rodamco SE (ö) 2,075   522 China Mobile, Ltd. - ADR 61,422   3,348
Valeo SA 1,365   177 China Overseas Land & Investment, Ltd. 102,000   292
Vallourec SA 49,865   219 China Power International Development,        
Vicat SA 7,822   423 Ltd.(Æ) 25,000   11
Vinci SA 8,654   587 China Resources Land, Ltd. 80,000   198
Wendel SA 700   70 CK Hutchison Holdings, Ltd. 98,029   1,219
Worldline SA(Æ)(Þ) 17,726   419 CLP Holdings, Ltd. 35,000   294
        32,488 Far East Horizon, Ltd.(Æ) 370,000   283
          Goldin Financial Holdings, Ltd.(Æ) 26,453   28
Germany - 4.3%         Hang Seng Bank, Ltd. 12,300   205
adidas AG 2,086   215 Henderson Land Development Co., Ltd. 41,000   223
Allianz SE 3,950   638 Hong Kong Exchanges and Clearing,          
Aurubis AG 4,623   188 Ltd. 12,300   273
BASF SE 14,408   955 Hongkong Land Holdings, Ltd. 16,900   106
Bayer AG 5,667   636 Hopewell Holdings, Ltd. 95,000   288
Bayerische Motoren Werke AG 4,088   339 Jardine Matheson Holdings, Ltd. 4,000   210
Commerzbank AG(Æ) 29,756   241 Ju Teng International Holdings, Ltd. 98,000   39
Continental AG 5,802   1,212 Link REIT (ö) 68,000   389
Daimler AG 11,645   811 Luk Fook Holdings International, Ltd. 226   —
Deutsche Boerse AG 31,406   2,670 MTR Corp., Ltd. 98,500   448
Deutsche Post AG 7,751   187 New World Development Co., Ltd. 329,000   266
Deutsche Telekom AG 14,611   254 Nine Dragons Paper Holdings, Ltd. 325,000   205
Deutsche Wohnen AG 4,110   108 Power Assets Holdings, Ltd. 9,500   87
Fresenius SE & Co. KGaA 694   46 Shengjing Bank Co., Ltd. Class H(Æ)(Þ) 275,500   321
GEA Group AG 8,657   364 Shenzhen International Holdings, Ltd.          
Hamburger Hafen und Logistik AG 22,999   320 (Æ) 223,500   352
Hannover Rueck SE 1,235   130 Sino Biopharmaceutical, Ltd. 204,000   141
HeidelbergCement AG 17,104   1,255 Skyworth Digital Holdings, Ltd. 602,000   315
Infineon Technologies AG - ADR 7,948   106 Sun Hung Kai Properties, Ltd. 17,000   185
K&S AG 12,517   263 WH Group, Ltd.(Æ)(Þ) 257,782   147
LEG Immobilien AG(Æ) 389   31 Wharf Holdings, Ltd. (The) 26,000   121
Muenchener Rueckversicherungs-         Wheelock & Co., Ltd. 79,000   302
  Gesellschaft AG in Muenchen 2,075   397 Yue Yuen Industrial Holdings, Ltd. 68,395   235
Rational AG 2,233   1,003           12,020
RWE AG 24,950   348            
SAP SE - ADR 40,692   3,228 Hungary - 0.3%          
Siemens AG(Æ) 16,358   1,566 OTP Bank PLC 56,971   1,211
 
Software AG 10,633   358 India - 1.9%          
Symrise AG 2,008   130 Axis Bank, Ltd. - GDR 32,559   988
Talanx AG 9,909   284 Dr Reddy's Laboratories, Ltd. - ADR 16,334   734
United Internet AG 783   41 GAIL India, Ltd. - GDR(Æ) 7,528   241
Vonovia SE 14,404   438 HDFC Bank, Ltd. - ADR 34,599   2,087
          ICICI Bank, Ltd. - ADR 48,997   326

 

See accompanying notes which are an integral part of this quarterly report.

108 Russell Tax-Managed International Equity Fund

 

Russell Investment Company
Russell Tax-Managed International Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair       Principal   Fair
      Amount ($)   Value       Amount ($)   Value
      or Shares   $       or Shares   $
Infosys, Ltd. - ADR 15,790   283 Bank of Yokohama, Ltd. (The) 11,000   59
Mahindra & Mahindra, Ltd. - GDR 17,997   321 Bridgestone Corp. 6,200   225
Reliance Industries, Ltd. - GDR(Þ) 48,078   1,457 Canon, Inc. 38,406   1,073
State Bank of India - GDR 23,694   636 Central Japan Railway Co. 500   93
Tata Motors, Ltd. - ADR(Æ) 43,227   1,080 Chiba Bank, Ltd. (The) 18,000   111
Wipro, Ltd. - ADR 20,137   236 Cosel Co., Ltd. 48,777   403
          8,389 Daihatsu Motor Co., Ltd. 116,184   1,812
            Dai-ichi Life Insurance Co., Ltd. (The) 63,685   879
Indonesia - 0.1%           Daiichi Sankyo Co., Ltd. 7,300   152
Indocement Tunggal Prakarsa Tbk           Daiwa House Industry Co., Ltd. 7,900   223
  PT(Æ) 56,800   82 Denso Corp. 4,000   174
Pakuwon Jati Tbk PT(Æ) 5,762,100   190 Dentsu, Inc. 3,268   173
          272 FamilyMart Co., Ltd. 800   37
            FANUC Corp. 9,523   1,271
Ireland - 0.8%           Fast Retailing Co., Ltd. 1,000   323
CRH PLC 2,539   68 Fuji Heavy Industries, Ltd. 10,040   410
Experian PLC 20,366   348 FUJIFILM Holdings Corp. 9,721   375
ICON PLC(Æ) 3,032   200 Fujitsu, Ltd. 485,146   2,025
Paddy Power PLC 2,611   390 Fukuoka Financial Group, Inc. 22,000   93
Shire PLC - ADR 3,311   186 Gunma Bank, Ltd. (The) 44,000   244
Smurfit Kappa Group PLC 489   11 Hitachi, Ltd. 32,000   158
Willis Towers Watson PLC 11,062   1,265 Honda Motor Co., Ltd. 144,065   3,906
XL Group PLC Class A 25,098   910 Hoshizaki Electric Co., Ltd.(Æ) 1,400   98
          3,378 Hoya Corp. 3,800   147
 
Isle of Man - 0.0%           Icom, Inc. 12,700   225
Playtech PLC 2,994   33 Iida Group Holdings Co., Ltd. 78,200   1,391
            Inpex Corp. 36,200   320
Israel - 0.5%           ITOCHU Corp. 157,018   1,857
Check Point Software Technologies, Ltd.         Japan Tobacco, Inc. 6,000   234
(Æ) 2,262   178 JFE Holdings, Inc. 20,800   281
NICE-Systems, Ltd. 6,348   382 JSR Corp. 4,900   71
Taro Pharmaceutical Industries, Ltd.(Æ) 2,782   406 Kajima Corp. 25,000   142
Teva Pharmaceutical Industries, Ltd. 14,541   893 Kamigumi Co., Ltd. 32,000   289
Teva Pharmaceutical Industries, Ltd.           Kao Corp. 3,700   199
  - ADR 6,117   376 KDDI Corp. 45,100   1,140
          2,235 Keyence Corp. 6,622   3,117
            Kikkoman Corp. 2,000   67
Italy - 1.5%           Kitagawa Industries Co., Ltd. 14,200   144
Assicurazioni Generali SpA 15,717   236 Kobe Steel, Ltd. 91,000   88
Banca Popolare di Milano Scarl 331,773   271 Komatsu, Ltd. 17,300   257
Buzzi Unicem SpA 25,827   394 Kuraray Co., Ltd. 8,700   105
Davide Campari-Milano SpA 11,235   99 Kuroda Electric Co., Ltd. 12,209   197
Enel SpA 484,276   1,982 Kyocera Corp. 2,400   96
ENI SpA - ADR 109,269   1,590 M3, Inc. 1,100   25
Finmeccanica SpA(Æ) 9,944   118 Medipal Holdings Corp. 2,600   42
Mediobanca SpA(Æ) 35,816   287 MEIJI Holdings Co., Ltd. 400   34
Snam Rete Gas SpA 61,480   344 Mitsubishi Chemical Holdings Corp. 43,600   243
Telecom Italia SpA(Æ) 1,239,770   1,377 Mitsubishi Corp. 18,400   295
          6,698 Mitsubishi Electric Corp. 13,000   120
            Mitsubishi Heavy Industries, Ltd. 68,649   271
Japan - 11.8%           Mitsubishi Materials Corp. 18,000   55
Aisin Seiki Co., Ltd. 4,100   174 Mitsubishi Motors Corp. 14,600   118
Ajinomoto Co., Inc. 3,000   71 Mitsubishi UFJ Financial Group, Inc. 299,116   1,541
Alfresa Holdings Corp. 2,400   45 Mitsui & Co., Ltd. 19,100   217
Aozora Bank, Ltd. 33,000   111 Mizuho Financial Group, Inc. 200,200   346
As One Corp. 16,374   572 MS&AD Insurance Group Holdings, Inc. 31,439   853
Asahi Group Holdings, Ltd. 700   22 Murata Manufacturing Co., Ltd. 2,605   301
Asahi Kasei Corp. 37,000   239 Nakanishi, Inc. 7,659   298
Asics Corp.(Æ) 18,417   342 NEC Corp. 46,000   121
Astellas Pharma, Inc. 27,399   380 NH Foods, Ltd. 2,000   39

 

See accompanying notes which are an integral part of this quarterly report.

Russell Tax-Managed International Equity Fund 109

 

Russell Investment Company
Russell Tax-Managed International Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
NHK Spring Co., Ltd. 35,685   351 Yamaha Corp. 3,400   81
Nikon Corp. 8,800   130         52,967
Nintendo Co., Ltd. 6,775   954          
Nippon Fine Chemical Co., Ltd. 40,400   265 Jersey - 0.0%        
Nippon Steel & Sumitomo Metal Corp. 6,900   123 Henderson Group PLC 43,970   174
Nippon Telegraph & Telephone Corp. 15,400   655          
Nissan Motor Co., Ltd. 20,400   202 Kazakhstan - 0.0%        
Nitori Holdings Co., Ltd. 11,900   964 KazMunaiGas Exploration Production        
Nitto Denko Corp. 4,000   230 JSC - GDR 3,752   25
 
Nitto FC Co., Ltd. 34,852   245 Luxembourg - 0.1%        
NOK Corp. 4,800   99 Regus PLC 4,916   21
Nomura Holdings, Inc. 46,600   255 Ternium SA - ADR 22,647   269
NTT DOCOMO, Inc. 47,399   1,057         290
Obayashi Corp. 14,000   126          
Obic Co., Ltd. 300   16 Malaysia - 0.0%        
Oji Holdings Corp. 10,000   41 UEM Sunrise BHD 167,400   40
Ono Pharmaceutical Co., Ltd. 1,400   226          
Oriental Land Co., Ltd. 3,178   203 Mexico - 1.6%        
ORIX Corp. 13,500   192 America Movil SAB de CV 1,899,396   1,339
Osaka Gas Co., Ltd. 37,000   140 America Movil SAB de CV Class L        
Otsuka Holdings Co., Ltd. 7,400   249 - ADR 11,677   165
Panasonic Corp. 9,600   90 Cemex SAB de CV - ADR(Æ) 275,334   1,247
Pola Orbis Holdings, Inc. 9,570   657 Coca-Cola Femsa SAB de CV(Æ) 42,352   298
Recruit Holdings Co., Ltd. 12,272   389 El Puerto de Liverpool SAB de CV 15,111   180
Resona Holdings, Inc. 21,400   98 Fomento Economico Mexicano SAB de        
Rohm Co., Ltd. 5,800   264 CV - ADR 3,007   285
Ryohin Keikaku Co., Ltd. 500   106 Gruma SAB de CV Class B 8,864   134
SBI Holdings, Inc. 24,100   241 Grupo Carso SAB de CV 20,894   84
Secom Co., Ltd. 14,863   1,037 Grupo Financiero Banorte SAB de CV        
Secom Joshinetsu Co., Ltd. 4,800   144 Class O 186,986   976
Sekisui Chemical Co., Ltd. 28,000   343 Grupo Lala SAB de CV Class B(Æ) 42,851   101
Sekisui House, Ltd. 19,500   306 Grupo Televisa SAB - ADR 54,967   1,457
Seven & i Holdings Co., Ltd. 7,159   318 Promotora y Operadora de        
Shimadzu Corp. 3,000   47 Infraestructura SAB de CV(Æ) 34,137   390
Shimano, Inc. 11,487   1,839 Telesites SAB de CV(Æ) 94,970   58
Shin-Etsu Chemical Co., Ltd. 5,600   286 Wal-Mart de Mexico SAB de CV(Æ) 107,878   271
Shingakukai Co., Ltd. 32,400   169         6,985
Shionogi & Co., Ltd. 4,500   196          
Shizuoka Bank, Ltd. (The) 12,000   104 Netherlands - 2.6%        
SMC Corp. 1,200   271 Aalberts Industries NV 2,677   85
Sojitz Corp. 128,600   277 Aegon NV 39,337   223
Sompo Japan Nipponkoa Holdings, Inc. 41,901   1,242 AerCap Holdings NV(Æ) 3,764   116
Sumitomo Chemical Co., Ltd. 46,000   233 ASM International NV 17,669   707
Sumitomo Electric Industries, Ltd. 11,000   145 ASML Holding NV 2,789   256
Sumitomo Mitsui Financial Group, Inc. 55,802   1,875 Boskalis Westminster 7,526   297
Sumitomo Mitsui Trust Holdings, Inc. 89,000   284 GrandVision NV(Þ) 16,079   448
Suzuken Co., Ltd. 2,300   80 Heineken Holding NV 264   20
Sysmex Corp. 6,030   388 Heineken NV 5,301   461
T&D Holdings, Inc. 9,600   110 ING Groep NV 91,700   1,059
Terumo Corp. 1,300   41 Koninklijke KPN NV 682,878   2,647
Tokyo Electric Power Co., Inc.(Æ) 65,065   326 NN Group NV 46,671   1,582
Tokyo Gas Co., Ltd. 25,000   115 NXP Semiconductors NV(Æ) 3,414   255
Toyota Industries Corp. 5,600   280 Randstad Holding NV 239   13
Toyota Motor Corp. 17,400   1,051 Royal Dutch Shell PLC Class A 148,260   3,253
Toyota Tsusho Corp. 5,300   122 X5 Retail Group NV - GDR(Æ) 24,965   462
Unicharm Corp. 43,888   862         11,884
West Japan Railway Co. 1,400   91          
Yamada Denki Co., Ltd. 25,400   123 New Zealand - 0.0%        
Yamaguchi Financial Group, Inc. 5,000   54 Fonterra Co.-operative Group, Ltd. 35,614   137

 

See accompanying notes which are an integral part of this quarterly report.

110 Russell Tax-Managed International Equity Fund

 

Russell Investment Company
Russell Tax-Managed International Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair       Principal   Fair
      Amount ($)   Value       Amount ($)   Value
      or Shares   $       or Shares   $
Norway - 0.5%           Hyundai Engineering & Construction          
Orkla ASA 99,081   803 Co., Ltd.(Æ) 3,833   119
Telenor ASA 50,486   821 Hyundai Mobis Co., Ltd.(Æ) 2,129   462
TGS Nopec Geophysical Co. ASA - ADR 17,074   250 Hyundai Motor Co. 15,262   1,711
Yara International ASA 6,605   251 Hyundai Wia Corp.(Æ) 4,502   400
          2,125 KB Financial Group, Inc.(Æ) 43,989   1,130
            KB Financial Group, Inc. - ADR(Æ) 7,633   192
Peru - 0.0%           KCC Corp. 1,578   581
Credicorp, Ltd. 674   68 Kia Motors Corp.(Æ) 9,441   361
            Korea Electric Power Corp.(Æ) 7,410   326
Philippines - 0.3%           KT&G Corp.(Æ) 13,605   1,176
BDO Unibank, Inc. 150,820   324 LG Chem, Ltd.(Æ) 5,685   1,415
Jollibee Foods Corp.(Æ) 47,090   203 LG Display Co., Ltd.(Æ) 5,979   109
Universal Robina Corp. 190,090   775 LG Uplus Corp.(Æ) 31,373   254
          1,302 Lotte Chemical Corp.(Æ) 2,738   634
Russia - 1.0%           Lotte Chilsung Beverage Co., Ltd.(Æ) 180   329
Gazprom PAO - ADR 306,036   1,099 Lotte Confectionery Co., Ltd.(Æ) 112   227
Lukoil PJSC - ADR 20,302   689 Lotte Shopping Co., Ltd.(Æ) 2,031   405
Mobile TeleSystems PJSC - ADR 4,481   31 NAVER Corp.(Æ) 1,432   756
Novolipetsk Steel AO 20,640   18 POSCO 4,372   651
Novolipetsk Steel OJSC - GDR 49,960   432 Samsung Electro-Mechanics Co., Ltd.(Æ) 1,077   50
Rosneft OAO - GDR 24,806   88 Samsung Electronics Co., Ltd. 4,662   4,500
RusHydro PJSC(Æ) 39,008,130   337 Samsung Fire & Marine Insurance Co.,          
Sberbank of Russia - ADR 161,865   898 Ltd.(Æ) 776   194
Severstal PAO - GDR(Æ) 24,814   200 Samsung Life Insurance Co., Ltd.(Æ) 6,289   579
Tatneft PAO - ADR(Æ) 8,887   237 Shinhan Financial Group Co., Ltd.(Æ) 24,644   791
Yandex NV Class A(Æ) 31,813   427 Shinsegae Co., Ltd.(Æ) 1,157   206
          4,456 SK Hynix, Inc.(Æ) 7,111   164
            SK Telecom Co., Ltd. - ADR 25,598   505
Singapore - 0.4%                     20,784
CapitaLand Commercial Trust, Ltd. (Æ)                      
(ö) 351,300   322 Spain - 0.7%          
CapitaLand, Ltd. 68,100   148 ACS Actividades de Construccion y          
DBS Group Holdings, Ltd. 9,000   90 Servicios SA 10,264   262
Singapore Telecommunications, Ltd. 438,278   1,079 Banco Bilbao Vizcaya Argentaria SA          
United Overseas Bank, Ltd. 15,200   194 - ADR 63,642   412
          1,833 Bankia SA Class A 199,376   198
            Ebro Foods SA 1,531   30
South Africa - 0.5%           Ferrovial SA(Æ) 13,540   298
AngloGold Ashanti, Ltd. - ADR(Æ) 62,431   529 Gas Natural SDG SA 15,147   298
Aspen Pharmacare Holdings, Ltd.(Æ) 15,327   260 Iberdrola SA 57,514   405
Bidvest Group, Ltd. (The) 21,852   505 Indra Sistemas SA(Æ) 50,784   503
Foschini Group, Ltd. (The) 2,558   20 Industria de Diseno Textil SA 2,080   68
Mondi PLC 7,372   120 Mediaset Espana Comunicacion SA 33,346   326
Remgro, Ltd. 7,413   118 Repsol SA - ADR 29,087   303
Resilient Property Income(Æ) 37,971   284           3,103
Sasol, Ltd. - ADR 1,185   31            
Standard Bank Group, Ltd. 2,649   19 Sweden - 1.9%          
Vodacom Group, Ltd. - ADR 16,025   147 Assa Abloy AB Class B 14,932   316
Woolworths Holdings, Ltd. 20,137   119 Atlas Copco AB Class A 9,228   198
          2,152 Boliden AB 42,443   590
            Fastighets AB Balder Class B(Æ) 23,179   517
South Korea - 4.6%           Hennes & Mauritz AB Class B 11,798   386
Daelim Industrial Co., Ltd.(Æ) 5,369   354 Hexagon AB Class B 4,444   147
DGB Financial Group, Inc.(Æ) 25,054   187 Hufvudstaden AB Class A 3,405   47
Dongbu Insurance Co., Ltd.(Æ) 6,358   363 L E Lundbergforetagen AB Class B 8,737   447
Hana Financial Group, Inc. 42,423   765 Nibe Industrier AB Class B 3,695   107
Hankook Tire Co., Ltd.(Æ) 21,917   856 Svenska Cellulosa AB SCA Class B 5,320   158
Hyosung Corp.(Æ) 345   32 Svenska Handelsbanken AB Class A 213,296   2,679
            Swedish Match AB 72,273   2,570

 

See accompanying notes which are an integral part of this quarterly report.

Russell Tax-Managed International Equity Fund 111

 

Russell Investment Company
Russell Tax-Managed International Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Trelleborg AB Class B 20,776   360 Thailand - 0.3%        
        8,522 Bangkok Bank PCL 66,900   290
          Kasikornbank PCL 160,002   765
Switzerland - 8.6%         Siam Cement PCL (The)(Æ) 3,800   46
ABB, Ltd.(Æ) 116,008   2,009 Sino-Thai Engineering & Construction        
Actelion, Ltd.(Æ) 1,338   177   PCL(Æ) 661,180   402
Baidu, Inc. - ADR(Æ) 6,904   1,127         1,503
Baloise Holding AG 2,714   332          
Chocoladefabriken Lindt & Spruengli         Turkey - 0.3%        
AG 15   88 Akbank TAS 142,854   348
Chubb, Ltd.(Æ) 9,044   1,023 Coca-Cola Icecek AS 14,845   165
Cie Financiere Richemont SA(Æ) 18,572   1,207 KOC Holding AS 24,886   100
Credit Suisse Group AG(Æ) 74,403   1,313 Turk Hava Yollari AO(Æ) 48,721   121
Flughafen Zuerich AG 842   621 Turkcell Iletisim Hizmetleri AS 45,806   163
GAM Holding AG(Æ) 25,355   356 Turkiye Garanti Bankasi AS 100,164   252
Geberit AG 4,247   1,505 Turkiye Is Bankasi Class C 22,241   35
Georg Fischer AG 393   260         1,184
Givaudan SA(Æ) 184   344          
Lonza Group AG(Æ) 163   25 Ukraine - 0.0%        
Nestle SA 99,230   7,309 MHP SA - GDR 1,431   11
Novartis AG 93,950   7,287          
Panalpina Welttransport Holding AG 5,478   532 United Arab Emirates - 0.2%        
Partners Group Holding AG 81   29 Air Arabia PJSC 32,925   11
Roche Holding AG 25,185   6,552 Al Noor Hospitals Group PLC(Æ) 12,054   200
Schindler Holding AG 12,353   1,900 Emaar Properties PJSC 675,646   912
STMicroelectronics NV 182,753   1,205         1,123
Straumann Holding AG 153   46 United Kingdom - 14.6%        
Swatch Group AG (The) Class B 2,367   811 3i Group PLC 13,736   87
Swiss Life Holding AG(Æ) 413   105 Amec Foster Wheeler PLC - GDR 24,819   147
Swiss Re AG(Æ) 4,081   379 Amlin PLC 14,754   141
Syngenta AG 481   177 ARM Holdings PLC 26,495   380
TE Connectivity, Ltd. 5,789   331 Ashmore Group PLC 31,850   100
UBS Group AG 85,082   1,405 Ashtead Group PLC 23,047   298
Zurich Insurance Group AG(Æ) 1,562   346 Associated British Foods PLC 3,305   149
        38,801 AstraZeneca PLC 3,301   211
 
Taiwan - 2.6%         Aviva PLC 155,290   1,072
Advanced Semiconductor Engineering,         BAE Systems PLC 315,149   2,326
Inc. - ADR 161,365   863 Barclays PLC 367,450   981
China Development Financial Holding         Barratt Developments PLC 7,001   60
Corp. 1,414,000   340 BBA Aviation PLC 225,470   526
China Life Insurance Co., Ltd. 260,000   186 Bellway PLC 6,312   251
Chunghwa Telecom Co., Ltd. - ADR 10,843   337 Berkeley Group Holdings PLC 9,800   495
Compal Electronics, Inc. 1,696,178   986 BP PLC 473,357   2,565
E.Sun Financial Holding Co., Ltd. 16,430   9 BP PLC - ADR 39,605   1,282
Eclat Textile Co., Ltd. 46,000   659 British American Tobacco PLC 13,816   768
Hon Hai Precision Industry Co., Ltd.         British Land Co. PLC (The) (ö) 35,699   379
- GDR(Æ) 135,960   636 BT Group PLC 45,333   315
Hota Industrial Manufacturing Co., Ltd.         Capital & Counties Properties PLC 17,688   94
(Æ) 80,000   337 CNH Industrial NV 45,957   288
Inotera Memories, Inc.(Æ) 593,000   512 Cobham PLC 329,808   1,200
Kinsus Interconnect Technology Corp. 68,000   143 Compass Group PLC 9,655   166
Largan Precision Co., Ltd. 22,087   1,609 Croda International PLC 3,325   136
MediaTek, Inc. 36,000   234 Derwent London PLC (ö) 3,486   162
Novatek Microelectronics Corp. 137,000   579 Diageo PLC 157,707   4,246
Radiant Opto-Electronics Corp.(Æ) 19,000   37 Direct Line Insurance Group PLC 30,311   162
Taiwan Semiconductor Manufacturing         DS Smith PLC Class F 24,607   129
Co., Ltd. - ADR 173,563   3,880 easyJet PLC 5,180   114
United Microelectronics Corp. - ADR 206,680   405 Essentra PLC 25,754   271
        11,752 G4S PLC 315,733   1,029
          Galiform PLC 192,143   1,376

 

See accompanying notes which are an integral part of this quarterly report.

112 Russell Tax-Managed International Equity Fund

 

Russell Investment Company
Russell Tax-Managed International Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair         Principal   Fair
    Amount ($)   Value         Amount ($)   Value
    or Shares   $         or Shares   $
GlaxoSmithKline PLC - ADR 162,592   3,349 Brazil - 0.0%            
Great Portland Estates PLC (ö) 12,245   134 Usinas Siderurgicas de Minas Gerais SA 193,561   41
Greene King PLC 359   5              
Halma PLC 50,615   606 Germany - 0.6%            
Hammerson PLC (ö) 16,674   139 Funchs Petrolub SE   27,694   1,135
HSBC Holdings PLC 253,122   1,785 Henkel AG & Co. KGaA   2,731   290
Imperial Tobacco Group PLC 78,715   4,265 Porsche Automobil Holding SE   7,326   331
Inchcape PLC 35,403   364 Volkswagen AG   9,828   1,141
InterContinental Hotels Group PLC 67,361   2,219             2,897
Intermediate Capital Group PLC 77,187   645              
Intertek Group PLC 55,821   2,263 Japan - 0.1%            
ITV PLC 57,386   219 Shinkin Central Bank Class A   123   230
Johnson Matthey PLC(Æ) 7,255   257 Russia - 0.1%            
Legal & General Group PLC 61,943   216 AK Transneft OAO   73   184
Man Group PLC 57,447   135 Surgutneftegas OAO   340,692   207
Markit, Ltd.(Æ) 15,853   450             391
Marks & Spencer Group PLC 31,371   191              
Meggitt PLC 172,905   902 Total Preferred Stocks            
Michael Page International PLC 196,970   1,147 (cost $4,119)           3,559
Old Mutual PLC 105,663   258              
 
Prudential PLC 39,888   784 Short-Term Investments - 11.1%            
Reckitt Benckiser Group PLC 5,547   495 United States - 11.1%            
RELX NV 17,024   285 Russell U.S. Cash Management Fund   49,727,923 (8) 49,728
Rexam PLC 15,487   133 Total Short-Term Investments            
Rightmove PLC 2,194   125 (cost $49,728)           49,728
Rio Tinto PLC 39,047   960              
Rotork PLC 533,920   1,308              
Royal Bank of Scotland Group PLC(Æ) 346,299   1,255 Total Investments 98.3%            
RSA Insurance Group PLC 165,718   989 (identified cost $475,757)           442,211
SABMiller PLC - ADR 5,008   299              
Segro PLC (ö) 56,440   355 Other Assets and Liabilities, Net        
Shaftesbury PLC (ö) 26,031   313 - 1.7%         7,646
Smiths Group PLC 47,610   644 Net Assets - 100.0%           449,857
Spirax-Sarco Engineering PLC 36,826   1,609              
Stock Spirits Group PLC 274,926   522              
Taylor Wimpey PLC 39,681   109              
Tesco PLC(Æ) 467,905   1,159              
Travis Perkins PLC 61,275   1,601              
Unilever NV 112,496   5,017              
Unilever PLC 5,925   261              
United Business Media, Ltd. 82,359   616              
United Utilities Group PLC 13,935   191              
Vodafone Group PLC 1,095,632   3,505              
Whitbread PLC 4,903   281              
William Hill PLC 39,121   218              
WPP PLC 71,760   1,562              
        66,051              
 
United States - 0.6%                      
Autoliv, Inc. 3,554   365              
Carnival PLC 2,792   139              
Maginet Corp.(Æ) 5,030   196              
News Corp. Class A 141,090   1,831              
        2,531              
 
Total Common Stocks                      
(cost $421,910)       388,924              
 
Preferred Stocks - 0.8%                      

 

See accompanying notes which are an integral part of this quarterly report.

Russell Tax-Managed International Equity Fund 113

 

Russell Investment Company
Russell Tax-Managed International Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Futures Contracts                        
 
Amounts in thousands (except contract amounts)                      
                      Unrealized  
                      Appreciation  
      Number of   Notional   Expiration   (Depreciation)  
      Contracts   Amount   Date   $  
Long Positions                        
MSCI EAFE Mini Index Futures     675 USD 54,054 03/16   (1,363 )
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)                 (1,363 )
 
Presentation of Portfolio Holdings                        
 
 
Amounts in thousands                        
 
 
            Fair Value            
Portfolio Summary Level 1   Level 2     Level 3   Total  
Common Stocks                        
Argentina $ 1,065 $ —     $   — $ 1,065  
Australia   —   8,573         —   8,573  
Austria   —   223         —   223  
Belgium   —   3,257         —   3,257  
Bermuda   —   52         —   52  
Brazil   5,587   —         —   5,587  
Canada   15,657   —         —   15,657  
Cayman Islands   —   305         —   305  
Chile   424   —         —   424  
China   2,705   15,060         —   17,765  
Curacao   —   57         —   57  
Czech Republic   —   471         —   471  
Denmark   —   7,181         —   7,181  
Egypt   —   —         —   —  
Finland   —   2,336         —   2,336  
France   522   31,966         —   32,488  
Germany   —   19,131         —   19,131  
Greece   —   313         —   313  
Hong Kong   3,348   8,672         —   12,020  
Hungary   —   1,211         —   1,211  
India   8,389   —         —   8,389  
Indonesia   —   272         —   272  
Ireland   2,375   1,003         —   3,378  
Isle of Man   —   33         —   33  
Israel   960   1,275         —   2,235  
Italy   —   6,698         —   6,698  
Japan   —   52,967         —   52,967  
Jersey   —   174         —   174  
Kazakhstan   25   —         —   25  
Luxembourg   269   21         —   290  
Malaysia   —   40         —   40  
Mexico   6,985   —         —   6,985  
Netherlands   833   11,051         —   11,884  
New Zealand   —   137         —   137  
Norway   —   2,125         —   2,125  
Peru   68   —         —   68  
Philippines   —   1,302         —   1,302  
Russia   4,101   355         —   4,456  
Singapore   —   1,833         —   1,833  
South Africa   560   1,592         —   2,152  
South Korea   697   20,087         —   20,784  
Spain   —   3,103         —   3,103  
Sweden   —   8,522         —   8,522  
Switzerland   2,481   36,320         —   38,801  
Taiwan   6,121   5,631         —   11,752  
Thailand   —   1,503         —   1,503  
Turkey   —   1,184         —   1,184  
Ukraine   11   —         —   11  

 

See accompanying notes which are an integral part of this quarterly report.

114 Russell Tax-Managed International Equity Fund

 

Russell Investment Company
Russell Tax-Managed International Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Presentation of Portfolio Holdings                        
 
Amounts in thousands                        
 
            Fair Value            
Portfolio Summary Level 1   Level 2   Level 3   Total  
United Arab Emirates   —     1,123     —     1,123  
United Kingdom   1,732     64,319     —     66,051  
United States   2,392     139     —     2,531  
Preferred Stocks 41   3,518   —   3,559  
Short-Term Investments —   49,728   —   49,728  
Total Investments 67,348   374,863   —   442,211  
 
 
Other Financial Instruments                        
Futures Contracts (1,363 ) —   —   (1,363 )
Total Other Financial Instruments* $ (1,363 ) $ —   $ — $   (1,363 )

 

*   Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.

For a description of the Levels see note 2 in the Notes to Quarterly Report.
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to Quarterly
Report.

See accompanying notes which are an integral part of this quarterly report.

Russell Tax-Managed International Equity Fund 115

 

Russell Investment Company
Russell Global Opportunistic Credit Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
  Principal   Fair     Principal   Fair
  Amount ($)   Value   Amount ($)   Value
  or Shares   $   or Shares   $
Long-Term Fixed Income Investments - 87.2%     6.000% due 10/15/22 (Þ) 1,190      815
Argentina - 1.0%           Burger King          
Argentina Bonar Bonds           3.750% due 12/12/21 (Ê) 1,699      1,688
Series X           Cascades, Inc.          
7.000% due 04/17/17 750      771 5.750% due 07/15/23 (Þ) 1,505      1,437
Argentine Republic Government           First Quantum Minerals, Ltd.          
International Bond           7.250% due 05/15/22 (Þ) 2,405      1,082
6.000% due 03/31/23 1,295      1,515 HudBay Minerals, Inc.          
7.820% due 12/31/33 EUR   4,679    5,180 9.500% due 10/01/20 1,415      870
1.000% due 12/15/35 (Ê)   6,000    6,649 Mercer International, Inc.          
YPF SA           Series WI          
8.750% due 04/04/24 (Þ) 2,000      1,915 7.000% due 12/01/19 1,680      1,613
          16,030 7.750% due 12/01/22 1,050      969
Armenia - 0.1%           Mood Media Corp. Term Loan          
Armenia International Bond           7.000% due 05/01/19 (Ê) 1,724      1,627
Series REGS           Novelis, Inc.          
6.000% due 09/30/20 1,000      960 8.375% due 12/15/17 735      706
            Open Text Corp.          
Azerbaijan - 0.1%           5.625% due 01/15/23 (Þ) 1,280      1,274
State Oil Co. of the Azerbaijan Republic           Parq Holdings, LP Term Loan          
4.750% due 03/13/23 2,000      1,642 8.500% due 12/17/20 (Ê) 4,130      3,923
            Precision Drilling Corp.          
Bahrain - 0.1%           6.500% due 12/15/21 1,165      757
Bahrain Government International Bond           Province of Ontario Canada          
7.000% due 01/26/26 (Þ) 2,000      1,994 3.000% due 07/16/18 1,000      1,041
 
Belgium - 0.1%           1.650% due 09/27/19 600      599
            Province of Quebec Canada          
Ontex Group NV           0.666% due 09/04/18 (Ê) 450      449
4.750% due 11/15/21 (Þ) EUR   810    927            
            Teine Energy, Ltd.          
Series REGS           6.875% due 09/30/22 (Þ) 1,210      966
4.750% due 11/15/21 EUR   530    607            
            Toronto-Dominion Bank (The)          
          1,534 0.853% due 05/02/17 (Ê) 2,000      1,995
Brazil - 2.4%                      
Banco Nacional de Desenvolvimento                     28,577
Economico e Social           Cayman Islands - 0.2%          
5.750% due 09/26/23 (Þ) 4,200      3,608 Avago Technologies Cayman, Ltd. Term          
            Loan B1          
Brazil Letras do Tesouro Nacional           3.750% due 11/06/22 2,632      2,588
Series LTN                      
 
0.010% due 07/01/17 BRL   20,950    4,319 Chile - 0.5%          
Zero coupon due 01/01/18 BRL   15,250    2,926            
Zero coupon due 01/01/19 BRL   72,090    11,891 Chile Government International Bond          
            5.500% due 08/05/20 CLP   600,000    858
Brazil Notas do Tesouro Nacional           Series REGS          
Series NTNB           6.000% due 01/01/18 CLP   95,000    138
6.000% due 08/15/50 BRL   2,560    1,544 Corp. Nacional del Cobre de Chile          
Series NTNF           4.500% due 08/13/23 (Þ) 2,000      1,953
10.000% due 01/01/23 BRL   18,200    3,549 4.875% due 11/04/44 (Þ) 4,000      3,344
10.000% due 01/01/25 BRL   20,320    3,774 Series REGS          
Brazil Notas do Tesouro Nacional Serie F           6.150% due 10/24/36 1,000      992
Series NTNF                      
10.000% due 01/01/21 BRL   9,440    1,955           7,285
Marfrig Overseas, Ltd.           China - 0.3%          
Series REGS           Country Garden Holdings Co., Ltd.          
9.500% due 05/04/20 1,800      1,751 Series REGS          
Vale SA           7.250% due 04/04/21 300      305
5.625% due 09/11/42 4,800      2,843 Evergrande Real Estate Group, Ltd.          
            12.000% due 02/17/20 500      527
          38,160 Series REGS          
Canada - 1.8%           8.750% due 10/30/18 4,500      4,444
1011778 BC Unlimited Liability Co.                      
Term Loan B2                     5,276
4.625% due 01/15/22 (Þ) 905      910 Colombia - 1.4%          
4.625% due 01/15/22 (Å) 500      502 Colombia Government International          
6.000% due 04/01/22 (Þ) 5,130      5,354 Bond          
Bombardier, Inc.           7.750% due 04/14/21 COP 4,905,000    1,497

 

See accompanying notes which are an integral part of this quarterly report.

116 Russell Global Opportunistic Credit Fund

 

Russell Investment Company
Russell Global Opportunistic Credit Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
  Amount ($)   Value   Amount ($)   Value
  or Shares   $   or Shares   $
4.000% due 02/26/24 3,500      3,290 Crown European Holdings SA          
9.850% due 06/28/27 COP 4,506,000    1,531 4.000% due 07/15/22 (Þ) EUR   750    828
10.375% due 01/28/33 514      691 Series REGS          
7.375% due 09/18/37 3,000      3,158 4.000% due 07/15/22 EUR   2,230    2,462
5.000% due 06/15/45 500      409 Elis SA          
Colombian TES           Series REGS          
Series B           3.000% due 04/30/22 EUR   2,430    2,527
5.000% due 11/21/18 COP 13,290,000    3,804 Holding Medi-Partenaires SAS          
7.000% due 09/11/19 COP 1,418,000    421 7.000% due 05/15/20 (Þ) EUR   970    1,108
11.000% due 07/24/20 COP 2,937,000    993 Series REGS          
10.000% due 07/24/24 COP 10,050,000    3,309 7.000% due 05/15/20 EUR   1,910    2,182
6.000% due 04/28/28 COP 14,740,000    3,453 HomeVi SAS          
Emgesa SA ESP           Series REGS          
Series REGS           6.875% due 08/15/21 EUR   2,680    2,990
8.750% due 01/25/21 COP 1,000,000    294 Kerneos Corporate SAS          
Empresas Publicas de Medellin ESP           5.750% due 03/01/21 (Þ) EUR   1,060    1,131
Series REGS           Series REGS          
8.375% due 02/01/21 COP   570,000    166 5.750% due 03/01/21 EUR   1,505    1,606
            Linxens France SA 2nd Lien Term Loan          
Costa Rica  - 0.3%         23,016 1.000% due 07/15/23 (Å)(v) 1,840      1,785
Costa Rica Government International           Novafives SAS          
Bond           Series REGS          
4.375% due 04/30/25 (Þ) 2,044      1,727 4.500% due 06/30/21 EUR   2,400    2,086
7.000% due 04/04/44 (Þ) 3,000      2,520 Numericable-SFR SAS          
   Series REGS           5.375% due 05/15/22 (Þ) EUR   160    178
4.250% due 01/26/23 1,000      883 Series REGS          
            5.375% due 05/15/22 EUR   1,800    1,999
          5,130 5.625% due 05/15/24 EUR   2,785    3,058
Croatia - 0.9%           Picard Groupe SAS          
Croatia Government International Bond           4.250% due 08/01/19 (Ê)(Þ) EUR   1,650    1,783
6.000% due 01/26/24 (Þ) 2,200      2,364 Series REGS          
Series REGS           4.250% due 08/01/19 (Ê) EUR   205    222
6.625% due 07/14/20 1,200      1,309 Rexel SA          
6.000% due 01/26/24 9,500      10,210 5.250% due 06/15/20 (Þ) 3,195      3,147
          13,883 SPCM SA          
Dominican Republic - 0.6%           6.000% due 01/15/22 (Þ) 200      201
Dominican Republic International Bond           2.875% due 06/15/23 (Þ) EUR   1,350    1,374
7.450% due 04/30/44 (Þ) 2,000      1,930           30,667
6.850% due 01/27/45 (Þ) 4,000      3,650 Gabon - 0.0%          
Series REGS           Gabon Government International Bond          
7.500% due 05/06/21 4,000      4,230 6.375% due 12/12/24 (Þ) 500      385
          9,810            
Egypt - 0.5%           Germany - 1.0%          
Egypt Government International Bond           Deutsche Raststaetten Gruppe IV GmbH          
6.875% due 04/30/40 (Þ) 8,000      6,366 Series REGS          
Series REGS           6.750% due 12/30/20 EUR   2,195    2,507
6.875% due 04/30/40 1,000      796 Techem Energy Metering Service GmbH          
          7,162 & Co. KG          
El Salvador - 0.5%           7.875% due 10/01/20 (Þ) EUR   560    646
El Salvador Government International           Series REGS          
Bond           7.875% due 10/01/20 EUR   2,120    2,444
6.375% due 01/18/27 (Þ) 1,500      1,193 Trionista TopCo GmbH          
Series REGS           Series REGS          
7.375% due 12/01/19 1,000      964 6.875% due 04/30/21 EUR   3,410    3,861
7.750% due 01/24/23 2,400      2,235 Unitymedia Hessen GmbH & Co. KG /          
5.875% due 01/30/25 2,500      1,988 Unitymedia NRW GmbH          
7.650% due 06/15/35 998      786 5.750% due 01/15/23 (Þ) EUR   648    742
            Series REGS          
          7,166 5.500% due 09/15/22 EUR   122    139
Ethiopia - 0.1%           5.750% due 01/15/23 EUR   1,514    1,733
Ethiopia International Bond           5.625% due 04/15/23 EUR   480    549
6.625% due 12/11/24 (Þ) 1,000      860 4.000% due 01/15/25 EUR   1,350    1,428
 
France - 1.9%           WEPA Hygieneprodukte GmbH          

 

See accompanying notes which are an integral part of this quarterly report.

Russell Global Opportunistic Credit Fund 117

 

Russell Investment Company
Russell Global Opportunistic Credit Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
  Amount ($)   Value   Amount ($)   Value
  or Shares   $   or Shares   $
6.500% due 05/15/20 (Þ) EUR   870    990 Series FR61          
Series REGS           7.000% due 05/15/22 IDR 13,144,000    883
6.500% due 05/15/20 EUR   290    330 Series FR64          
          15,369 6.125% due 05/15/28 IDR 7,739,000    451
Ghana - 0.3%           Series FR65          
Ghana Government International Bond           6.625% due 05/15/33 IDR 6,000,000    349
7.875% due 08/07/23 (Þ) 4,000      2,892 Series FR68          
8.125% due 01/18/26 (Þ) 700      501 8.375% due 03/15/34 IDR 42,375,000    2,965
10.750% due 10/14/30 (Þ) 1,250      1,183 Series FR70          
            8.375% due 03/15/24 IDR 112,580,000      8,186
 
Greece - 0.2%         4,576 Series FR71          
            9.000% due 03/15/29 IDR 65,086,000    4,852
Hellenic Republic Government Bond                      
4.750% due 04/17/19 (Þ) EUR   1,100    979 Series FR73          
            8.750% due 05/15/31 IDR 7,370,000    544
Series PSI                      
3.650% due 02/24/20 EUR   2,800    1,817 Pertamina Persero PT          
            Series REGS          
          2,796 6.000% due 05/03/42 908      740
Honduras - 0.2%           5.625% due 05/20/43 2,000      1,558
Honduras Government International           6.450% due 05/30/44 6,000      5,162
Bond                      
Series REGS           Perusahaan Listrik Negara PT          
8.750% due 12/16/20 2,342      2,529 Series REGS          
7.500% due 03/15/24 500      506 5.250% due 10/24/42 5,350      4,227
                      39,905
 
Hong Kong - 0.2%         3,035 Iraq - 0.2%          
            Iraq International Bond          
CITIC, Ltd.           Series REGS          
7.875% due 04/15/49 (ƒ) 625      629 5.800% due 01/15/28 4,750      3,002
Sinochem Overseas Capital Co., Ltd.                      
4.500% due 11/12/20 (Þ) 3,000      3,172 Ireland - 1.1%          
          3,801 AerCap Ireland Capital, Ltd. / AerCap          
Hungary - 1.8%           Global Aviation Trust          
Hungary Government International Bond           4.625% due 10/30/20 1,720      1,694
5.750% due 11/22/23 2,500      2,803 Series WI          
5.375% due 03/25/24 650      716 5.000% due 10/01/21 491      491
7.625% due 03/29/41 6,500      8,864 Ardagh Packaging Finance PLC          
Series 18/B           4.250% due 01/15/22 (Þ) EUR   1,560    1,671
4.000% due 04/25/18 HUF   378,280    1,382 Series REGS          
Series 19/A           9.250% due 10/15/20 EUR   1,490    1,671
6.500% due 06/24/19 HUF 1,920,810    7,687 4.250% due 01/15/22 EUR   730    782
Series 20/A           Grifols Worldwide Operations, Ltd.          
7.500% due 11/12/20 HUF   30    — Series WI          
Series 22/A           5.250% due 04/01/22 2,995      3,040
7.000% due 06/24/22 HUF   124,030    540 Smurfit Kappa Acquisitions          
Series 23/A           3.250% due 06/01/21 (Þ) EUR   1,700    1,887
6.000% due 11/24/23 HUF   437,100    1,841 Series REGS          
Series 25/B           3.250% due 06/01/21 EUR   330    366
5.500% due 06/24/25 HUF 1,160,060    4,799 Vimpel Communications Via VIP          
          28,632 Finance Ireland, Ltd. OJSC          
Indonesia - 2.5%           Series REGS          
Indonesia Government International           7.748% due 02/02/21 2,600      2,682
            Vnesheconombank Via VEB Finance          
Bond           PLC          
Series REGS                      
8.500% due 10/12/35 3,000      3,793 Series REGS          
            6.902% due 07/09/20 1,500      1,495
7.750% due 01/17/38 1,000      1,189 6.025% due 07/05/22 2,500      2,351
Indonesia Treasury Bond                      
Series FR53                     18,130
8.250% due 07/15/21 IDR 7,062,000    512 Israel - 0.4%          
Series FR56           Israel Electric Corp., Ltd.          
8.375% due 09/15/26 IDR 36,045,000    2,627 6.875% due 06/21/23 (Þ) 3,500      4,017
Series FR58           Series 6          
8.250% due 06/15/32 IDR 7,539,000    519 5.000% due 11/12/24 (Þ) 3,000      3,041
Series FR59                     7,058
7.000% due 05/15/27 IDR 21,235,000    1,348 Italy - 0.6%          

 

See accompanying notes which are an integral part of this quarterly report.

118 Russell Global Opportunistic Credit Fund

 

Russell Investment Company
Russell Global Opportunistic Credit Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
  Amount ($)   Value   Amount ($)   Value
  or Shares   $   or Shares   $
Enel SpA           7.000% due 05/15/19 (Þ) 2,190      2,141
6.500% due 01/10/74 EUR   2,725    3,137 ConvaTec Finance International SA          
Finmeccanica SpA           8.250% due 01/15/19 (Þ) 9,135      8,130
8.000% due 12/16/19 GBP   845    1,388 ConvaTec Healthcare E SA          
Telecom Italia SpA           10.500% due 12/15/18 (Þ) 2,590      2,642
3.250% due 01/16/23 EUR   4,700    5,103 Delta 2 Lux Sarl Covenant-Lite Lien          
          9,628 Term Loan B          
Ivory Coast - 0.1%           7.750% due 07/29/22 (Ê) 3,495      2,900
Ivory Coast Government International           Delta 2 Lux Sarl Covenant-Lite Term          
Bond           Loan B3          
Series REGS           4.750% due 07/30/21 (Ê) 1,250      1,175
5.750% due 12/31/32 1,500      1,300 Dufry Finance SCA          
            4.500% due 07/15/22 (Þ) EUR   350    389
Jersey – 0.3%           4.500% due 08/01/23 (Þ) EUR   870    965
AA Bond Co., Ltd.           Evergreen Skills Lux Sarl          
5.500% due 07/31/22 (Þ) GBP   1,795    2,380 9.250% due 04/28/22 (Ê) 1,830      887
CPUK Finance, Ltd.           Gazprom OAO Via Gaz Capital SA          
7.000% due 08/28/20 (Þ) GBP   1,710    2,467 9.250% due 04/23/19 (Þ) 1,000      1,108
          4,847 Series REGS          
Kazakhstan - 0.8%           9.250% due 04/23/19 3,250      3,601
KazMunayGas National Co. JSC           6.510% due 03/07/22 2,000      2,020
6.375% due 04/09/21 (Þ) 4,000      3,914 8.625% due 04/28/34 2,000      2,233
6.000% due 11/07/44 (Þ) 3,000      2,436 GCS Holdco Finance I SA          
Series REGS           Series REGS          
7.000% due 05/05/20 4,045      4,075 6.500% due 11/15/18 EUR   1,200    1,336
5.750% due 04/30/43 2,000      1,600 Gestamp Funding Luxembourg SA          
6.000% due 11/07/44 1,000      812 5.875% due 05/31/20 (Þ) EUR   400    445
            Series REGS          
          12,837 5.875% due 05/31/20 EUR   1,795    1,996
Kenya - 0.2%           Intelsat Jackson Holdings SA          
Kenya Government International Bond           7.250% due 10/15/20 255      219
5.875% due 06/24/19 (Þ) 2,000      1,894 7.500% due 04/01/21 1,505      1,287
Series REGS                      
6.875% due 06/24/24 1,000      890 Mallinckrodt International Finance SA          
            5.750% due 08/01/22 (Þ) 1,515      1,447
          2,784 5.625% due 10/15/23 (Å) 82      77
Lebanon - 0.2%           Mallinckrodt International Finance SA          
Lebanon Government International Bond           Covenant-Lite Term Loan B          
Series REGS           3.250% due 03/19/21 981      944
8.250% due 04/12/21 3,000      3,221 Matterhorn Telecom SA          
            3.625% due 05/01/22 (Þ) CHF   240    210
Lithuania - 0.3%           3.875% due 05/01/22 (Þ) EUR   1,215    1,190
Lithuania Government International                      
Bond           Series REGS          
Series REGS           3.875% due 05/01/22 EUR   1,050    1,029
6.625% due 02/01/22 3,700      4,467 SIG Combibloc Holdings SCA          
            7.750% due 02/15/23 (Þ) EUR   1,845    2,059
 
Luxembourg - 4.1%           SkillsSoft Corp. Covenant-Lite Term          
            Loan          
Altice Financing SA           5.750% due 04/28/21 (Ê) 1,234      900
6.625% due 02/15/23 (Þ) 1,465      1,439 Stena International SA Covenant-Lite          
Series REGS           Term Loan B          
5.250% due 02/15/23 (Þ) EUR   970    1,021 4.000% due 03/03/21 (Ê) 1,474      1,227
5.250% due 02/15/23 EUR   500    526 Telenet Finance III Luxembourg SCA          
Altice Luxembourg SA           Series REGS          
7.250% due 05/15/22 (Þ) EUR   1,550    1,589 6.625% due 02/15/21 EUR   350    391
7.625% due 02/15/25 (Þ) 575      512 Telenet Finance V Luxembourg SCA          
Series REGS           6.750% due 08/15/24 (Þ) EUR   600    705
7.250% due 05/15/22 EUR   730    748 Series REGS          
ArcelorMittal           6.250% due 08/15/22 EUR   520    602
6.250% due 03/01/21 6,595      5,358 6.750% due 08/15/24 EUR   1,880    2,210
BMBG Bond Finance SCA           Travelport Finance Sarl Term Loan B          
4.981% due 10/15/20 (Ê)(Þ) EUR   1,325    1,436 5.750% due 09/02/21 1,485      1,430
Series REGS           Wind Acquisition Finance SA          
4.981% due 10/15/20 (Ê) EUR   455    493 7.000% due 04/23/21 (Þ) EUR   2,500    2,620
Capsugel SA                      

 

See accompanying notes which are an integral part of this quarterly report.

Russell Global Opportunistic Credit Fund 119

 

Russell Investment Company
Russell Global Opportunistic Credit Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
  Amount ($)   Value   Amount ($)   Value
  or Shares   $   or Shares   $
Series REGS           Morocco - 0.1%          
7.000% due 04/23/21 EUR   2,150    2,253 Morocco Government International Bond          
Xefin Lux SCA           5.500% due 12/11/42 (Þ) 1,250      1,200
Series REGS                      
3.717% due 06/01/19 (Ê) EUR   195    210 Netherlands - 2.6%          
          66,100 AP NMT Acquisition BV 1st Lien Term          
Malaysia - 1.8%           Loan          
            6.750% due 08/13/21 (Ê) 987      857
1MDB Global Investments, Ltd.           Axalta Coating Systems US Holdings,          
Series REGS           Inc. / Axalta Coating Systems Dutch          
4.400% due 03/09/23 7,500      6,613 Holding B          
Malaysia Government International Bond           Series REGS          
Series 0111           5.750% due 02/01/21 EUR   3,730    4,162
4.160% due 07/15/21 MYR   15,810    3,902 Carlson Wagonlit BV          
Series 0114           Series REGS          
4.181% due 07/15/24 MYR   8,500    2,079 7.500% due 06/15/19 EUR   1,765    1,979
Series 0115           Darling Global Finance BV          
3.955% due 09/15/25 MYR   2,990    725 4.750% due 05/30/22 (Þ) EUR   2,310    2,352
Series 0215           EMATUM Via Mozambique EMATUM          
3.795% due 09/30/22 MYR   3,500    851 Finance 2020 BV          
Series 0310           Series REGS          
4.498% due 04/15/30 MYR   9,255    2,286 6.305% due 09/11/20 1,092      863
Series 0314           Goodyear Dunlop Tires Europe BV          
4.048% due 09/30/21 MYR   13,100    3,213 3.750% due 12/15/23 (Þ) EUR   820    893
Series 0414           Grupo Antolin Dutch BV          
3.654% due 10/31/19 MYR   37,830    9,202 4.750% due 04/01/21 (Þ) EUR   475    525
          28,871 5.125% due 06/30/22 (Þ) EUR   465    516
Mexico - 3.1%           Series REGS          
America Movil SAB de CV           4.750% due 04/01/21 EUR   1,830    2,022
6.000% due 06/09/19 MXN   5,210    289 InterXion Holding NV          
Mexican Bonos           Series REGS          
Series M           6.000% due 07/15/20 EUR   2,490    2,809
5.000% due 12/11/19 MXN   171,169    9,417 LGE HoldCo VI BV          
7.750% due 05/29/31 MXN   13,974    854 Series REGS          
7.750% due 11/13/42 MXN   55,040    3,347 7.125% due 05/15/24 EUR   100    116
Series M 10           Majapahit Holding BV          
8.500% due 12/13/18 MXN   35,000    2,129 Series REGS          
Series M 20           7.875% due 06/29/37 1,500      1,607
10.000% due 12/05/24 MXN   115,579    8,145 Marfrig Holdings Europe BV          
Series M 30           Series REGS          
10.000% due 11/20/36 MXN   67,365    5,011 6.875% due 06/24/19 2,000      1,798
Mexican Udibonos           OI European Group BV          
Series S           Series REGS          
4.000% due 06/13/19 MXN   27,277    1,580 4.875% due 03/31/21 EUR   3,065    3,520
4.000% due 11/15/40 MXN   10,473    593 Petrobras Global Finance BV          
Mexico Government International Bond           4.375% due 05/20/23 2,900      1,910
5.550% due 01/21/45 2,100      2,118 6.875% due 01/20/40 2,728      1,728
5.750% due 10/12/10 9,000      8,280 6.850% due 06/05/15 1,900      1,202
Petroleos Mexicanos           Playa Resorts Holding BV 1st Lien Term          
3.500% due 01/30/23 1,500      1,279 Loan B          
6.625% due 06/15/38 4,000      3,460 4.000% due 08/09/19 (Ê) 736      710
            PortAventura Entertainment Barcelona          
6.500% due 06/02/41 2,400      2,045 BV          
5.500% due 06/27/44 1,000      754 5.592% due 12/01/19 (Ê)(Þ) EUR   370    401
Series 14-2           7.250% due 12/01/20 (Þ) EUR   330    361
7.470% due 11/12/26 MXN   5,330    259 Series REGS          
          49,560 7.250% due 12/01/20 EUR   1,060    1,159
Mongolia - 0.2%           Republic of Angola Via Northern Lights          
Mongolia Government International           III BV          
Bond           Series REGS          
5.125% due 12/05/22 (Þ) 300      222 7.000% due 08/16/19 703      661
Series REGS           Schaeffler Holding Finance BV          
5.125% due 12/05/22 4,405      3,265 6.875% due 08/15/18 (Þ) EUR   1,370    1,532
          3,487            

 

See accompanying notes which are an integral part of this quarterly report.

120 Russell Global Opportunistic Credit Fund

 

Russell Investment Company
Russell Global Opportunistic Credit Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
  Amount ($)   Value   Amount ($)   Value
  or Shares   $   or Shares   $
Series REGS           Series 1020          
6.875% due 08/15/18 EUR   150    168 5.250% due 10/25/20 PLN   17,600    4,900
5.750% due 11/15/21 EUR   2,450    2,813           23,006
UPC Holding BV           Romania - 0.7%          
Series REGS           Romania Government International Bond          
6.750% due 03/15/23 EUR   1,285    1,493 Series 5YR          
VimpelCom Holdings BV           5.900% due 07/26/17 RON   17,610    4,483
7.504% due 03/01/22 (Þ) 299      303 Series 10YR          
Ziggo Bond Finance BV           5.950% due 06/11/21 RON   12,240    3,394
4.625% due 01/15/25 (Þ) EUR   1,580    1,588 4.750% due 02/24/25 RON   1,790    467
Series REGS           Series REGS          
4.625% due 01/15/25 EUR   705    709 6.750% due 02/07/22 3,000      3,545
          40,757           11,889
Nigeria - 0.1%           Russia - 0.6%          
Nigeria Government International Bond           Russian Federal Bond - OFZ          
Series REGS           Series 6208          
6.750% due 01/28/21 1,000      939 7.500% due 02/27/19 RUB   276,200    3,417
            Series 6211          
Pakistan - 0.7%           7.000% due 01/25/23 RUB   249,790    2,817
Pakistan Government International Bond           Series 6212          
8.250% due 04/15/24 (Þ) 6,500      6,558 7.050% due 01/19/28 RUB   216,550    2,300
Series REGS           Russian Federal Inflation Linked Bond          
7.875% due 03/31/36 6,000      5,196 Series 2001          
          11,754 2.500% due 08/16/23 RUB   52,660    695
Panama - 0.5%           Russian Federation International Bond          
Panama Government International Bond           Series REGS          
9.375% due 04/01/29 4,500      6,491 7.500% due 03/31/30 893      1,071
6.700% due 01/26/36 1,500      1,793           10,300
          8,284 Serbia - 0.4%          
Paraguay - 0.3%           Serbia International Bond          
Republic of Paraguay           Series REGS          
4.625% due 01/25/23 (Þ) 624      610 5.875% due 12/03/18 1,400      1,466
6.100% due 08/11/44 (Þ) 4,551      4,392 7.250% due 09/28/21 5,000      5,606
          5,002           7,072
Peru - 0.5%           Slovenia - 0.3%          
Peruvian Government International Bond           Slovenia Government International Bond          
8.750% due 11/21/33 3,000      4,170 5.250% due 02/18/24 (Þ) 3,500      3,898
Series REGS           Series REGS          
6.950% due 08/12/31 PEN   6,480    1,700 5.850% due 05/10/23 500      574
6.900% due 08/12/37 PEN   7,270    1,847           4,472
          7,717 South Africa - 2.1%          
Philippines - 0.5%           Eskom Holdings SOC, Ltd.          
Philippine Government International           Series REGS          
Bond           5.750% due 01/26/21 5,800      5,052
4.950% due 01/15/21 PHP   42,000    906 6.750% due 08/06/23 1,000      863
9.500% due 02/02/30 4,000      6,528 7.125% due 02/11/25 5,000      4,308
6.250% due 01/14/36 PHP   20,000    464 South Africa Government Bond          
          7,898 Series 2032          
Poland - 1.4%           8.250% due 03/31/32 ZAR   149,480    8,333
Poland Government International Bond           Series R186          
3.000% due 03/17/23 2,000      1,971 10.500% due 12/21/26 ZAR   118,500    8,111
4.000% due 01/22/24 650      680 Series R203          
Series 0718           8.250% due 09/15/17 ZAR   4,620    292
2.500% due 07/25/18 PLN   10,670    2,670 Series R207          
Series 0725           7.250% due 01/15/20 ZAR   64,391    3,859
3.250% due 07/25/25 PLN   24,100    6,042 Series R208          
Series 0922           6.750% due 03/31/21 ZAR   38,930    2,238
5.750% due 09/23/22 PLN   19,585    5,705 Transnet SOC, Ltd.          
Series 1019           9.500% due 05/13/21 (Þ) ZAR   7,700    441
5.500% due 10/25/19 PLN   3,755    1,038           33,497
            Sri Lanka - 0.5%          

 

See accompanying notes which are an integral part of this quarterly report.

Russell Global Opportunistic Credit Fund 121

 

Russell Investment Company
Russell Global Opportunistic Credit Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
  Amount ($)   Value   Amount ($)   Value
  or Shares   $   or Shares   $
Sri Lanka Government International           Series REGS          
Bond           6.250% due 07/15/21 GBP   1,255    1,546
Series REGS           Iglo Foods BondCo PLC          
5.875% due 07/25/22 9,600      8,675 Series REGS          
            4.462% due 06/15/20 (Ê) EUR   1,450    1,552
Sweden - 0.2%           Ineos Finance PLC          
Auris Luxembourg II SA           4.000% due 05/01/23 (Þ) EUR   2,130    2,157
8.000% due 01/15/23 (Þ) EUR   710    828 Iron Mountain Europe PLC          
Series REGS           6.125% due 09/15/22 (Þ) GBP   1,015    1,466
8.000% due 01/15/23 EUR   1,515    1,766 Series REGS          
          2,594 6.125% due 09/15/22 GBP   1,400    2,022
Thailand - 1.0%           Merlin Entertainments PLC          
PTT Exploration & Production PCL           2.750% due 03/15/22 (Þ) EUR   680    703
4.875% due 12/29/49 (ƒ)(Þ) 1,000      931 Series REGS          
Thailand Government International Bond           2.750% due 03/15/22 EUR   1,780    1,842
3.875% due 06/13/19 THB   116,750    3,513 Moto Finance PLC          
3.650% due 12/17/21 THB   231,940    7,090 6.375% due 09/01/20 (Þ) GBP   1,350    1,944
3.850% due 12/12/25 THB   134,210    4,242 Oschadbank Via SSB #1 PLC          
3.580% due 12/17/27 THB   26,600    821 9.625% due 09/20/15 (Þ) 2,400      2,052
          16,597 7.724% due 01/19/24 (Ê) 2,800      1,807
Turkey - 2.6%           Zero coupon due 03/10/23 (Þ) 6,593      5,703
Export Credit Bank of Turkey           Pendragon PLC          
5.875% due 04/24/19 (Þ) 9,000      9,308 6.875% due 05/01/20 GBP   2,640    3,875
Turkey Government International Bond           Premier Foods Finance PLC          
10.400% due 03/27/19 TRY   27,520    9,255 Series REGS          
7.500% due 11/07/19 1,000      1,126 6.500% due 03/15/21 GBP   950    1,259
7.000% due 06/05/20 2,000      2,235 Priory Group No. 3 PLC          
9.400% due 07/08/20 TRY   10,190    3,311 Series REGS          
7.100% due 03/08/23 TRY   14,340    4,015 7.000% due 02/15/18 GBP   490    710
            Privatbank CJSC Via UK SPV Credit          
7.375% due 02/05/25 1,200      1,414 Finance PLC          
8.000% due 03/12/25 TRY   15,580    4,496 11.000% due 02/09/21 3,177      1,970
6.750% due 05/30/40 1,000      1,127 R&R Ice Cream PLC          
6.625% due 02/17/45 4,000      4,562 Series REGS          
          40,849 5.500% due 05/15/20 GBP   1,050    1,522
Ukraine - 0.6%           R&R Pik PLC          
Ukraine Government International Bond           9.250% due 05/15/18 (Þ) EUR   1,125    1,226
7.750% due 09/01/19 (Þ) 22      21 Series REGS          
7.750% due 09/01/22 (Þ) 783      730 9.250% due 05/15/18 EUR   735    801
7.750% due 09/01/23 (Þ) 3,069      2,822 Synlab Unsecured Bondco PLC          
7.750% due 09/01/24 (Þ) 2,960      2,702 8.250% due 07/01/23 (Þ) EUR   460    481
7.750% due 09/01/25 (Þ) 1,160      1,053 TA MFG., Ltd.          
Series GDP           3.625% due 04/15/23 (Þ) EUR   1,665    1,687
Zero coupon due 05/31/40 (Þ) 6,195      2,326 Tullow Oil PLC          
          9,654 6.000% due 11/01/20 (Þ) 1,600      1,016
United Kingdom - 3.9%           Ukreximbank Via Biz Finance PLC          
Arqiva Broadcast Finance PLC           7.509% due 02/09/23 (Ê)(Þ) 6,067      4,491
9.500% due 03/31/20 (Þ) GBP   1,270    1,936 9.750% due 01/22/25 (Þ) 2,369      2,029
Series REGS           Virgin Media Finance PLC          
9.500% due 03/31/20 GBP   925    1,410 4.875% due 02/15/22 1,000      825
Boparan Finance PLC           7.000% due 04/15/23 (Þ) GBP   1,200    1,780
Series REGS           Series REGS          
5.500% due 07/15/21 GBP   815    1,028 7.000% due 04/15/23 GBP   1,740    2,582
DTEK Finance PLC           Virgin Media Investment Holdings, Ltd.          
Series REGS           Term Loan F          
10.375% due 03/28/18 222      89 3.500% due 06/30/23 (Ê) 842      824
7.875% due 04/04/18 500      195 Virgin Media Secured Finance PLC          
Ephios Bondco PLC           Series REGS          
6.250% due 07/01/22 (Þ) EUR   1,050    1,162 6.000% due 04/15/21 GBP   252    372
Hyperion Insurance Group, Ltd.           Vougeot Bidco PLC          
1.000% due 04/30/22 (Ê) 744      697 7.875% due 07/15/20 (Þ) GBP   160    238
Iceland Bondco PLC           Series REGS          
            7.875% due 07/15/20 GBP   2,050    3,053

 

See accompanying notes which are an integral part of this quarterly report.

122 Russell Global Opportunistic Credit Fund

 

Russell Investment Company
Russell Global Opportunistic Credit Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
  Amount ($)   Value     Amount ($)   Value
  or Shares   $     or Shares   $
Worldpay Finance PLC           5.000% due 08/17/22 1,097      1,083
3.750% due 11/15/22 (Þ) EUR   2,100    2,292 Ancestry.com, Inc.          
          62,344 11.000% due 12/15/20 3,600      3,816
United States - 33.8%           Anheuser-Busch InBev Finance, Inc.          
99 Cents Only Stores LLC           1.016% due 02/01/19 (Ê) 1,065      1,048
11.000% due 12/15/19 1,550      465 AP Gaming I LLC 1st Lien Term Loan B          
99 Cents Only Stores LLC Covenant-Lite           9.250% due 12/20/20 (Ê) 496      465
Term Loan B2           Apex Tool Group LLC          
4.500% due 01/13/19 (Ê) 1,436      889 7.000% due 02/01/21 (Þ) 2,170      1,573
ABG Intermediate Holdings 2, LLC 1st           Apple, Inc.          
Lien Term Loan           0.863% due 05/03/18 (Ê) 937      935
5.500% due 05/27/21 (Ê) 1,310      1,277 Arctic Glacier USA, Inc. Covenant-Lite          
ABG Intermediate Holdings 2, LLC 2nd           Term Loan          
Lien Term Loan           6.000% due 05/13/19 (Ê) 481      462
9.500% due 05/27/22 (Ê) 500      460 Ashtead Capital, Inc.          
Ability Network, Inc. 1st Lien Term Loan           6.500% due 07/15/22 (Þ) 2,000      2,040
6.000% due 05/14/21 (Ê) 2,743      2,693 AssuredPartners, Inc.          
Acadia Healthcare Co., Inc.           5.750% due 10/21/22 (Ê) 929      912
Series WI           Asurion LLC          
5.625% due 02/15/23 3,205      3,021 5.000% due 08/04/22 (Ê) 1,888      1,722
ACCO Brands Corp.           Asurion LLC Covenant-Lite 2nd Lien          
6.750% due 04/30/20 1,715      1,764 Term Loan          
ADT Corp. (The)           8.500% due 03/03/21 (Ê) 500      421
6.250% due 10/15/21 860      892 Asurion LLC Covenant-Lite Term Loan          
AECOM           B1          
Series WI           5.000% due 05/24/19 (Ê) 730      685
5.750% due 10/15/22 2,110      2,134 Asurion LLC Covenant-Lite Term Loan          
AF Borrower LLC 2nd Lien Term Loan           B2          
10.000% due 12/02/22 4,270      3,928 4.250% due 07/08/20 (Ê) 980      893
Albertson's Holdings LLC Covenant-Lite           Avaya, Inc.          
Term Loan B4           6.250% due 05/29/20 (Ê) 991      662
5.500% due 08/25/21 (Ê) 1,489      1,455 Ball Corp.          
Ally Financial, Inc.           4.375% due 12/15/23 2,035      2,257
4.125% due 02/13/22 355      346 Bank of America NA          
4.625% due 05/19/22 1,875      1,875 0.779% due 02/14/17 (Ê) 1,905      1,902
Alphabet Holding Co., Inc.           Bank of Montreal          
7.750% due 11/01/17 1,840      1,799 Series YCD          
Alvogen Pharmaceutical US, Inc. Term           1.012% due 12/08/17 (Ê)(~) 1,000      1,000
Loan           Belden, Inc.          
6.000% due 04/02/22 (Ê) 477      464 5.500% due 04/15/23 (Þ) 105      111
American Airlines, Inc. Term Loan           Series REGS          
3.250% due 05/21/20 (Ê) 987      968 5.500% due 04/15/23 1,475      1,552
American Builders & Contractors Supply           Berry Plastics Corp.          
Co., Inc.           6.000% due 10/15/22 (Å) 82      84
5.625% due 04/15/21 (Þ) 2,215      2,259 Bill Barrett Corp.          
American Commercial Lines LLC Term           7.625% due 10/01/19 1,340      797
Loan B           BioScrip, Inc. Covenant-Lite 1st Lien          
1.000% due 11/06/20 (v) 891      779 Term Loan B          
American Express Credit Account           6.500% due 07/31/20 (Ê) 2,497      2,235
Master Trust           BioScrip, Inc. Covenant-Lite Term Loan          
Series 2008-2 Class A           6.500% due 07/31/20 (Ê) 1,498      1,341
1.591% due 09/15/20 (Ê) 2,205      2,246 Blue Coat Holdings, Inc.          
American Tire Distributors, Inc.           8.375% due 06/01/23 (Å) 250      252
10.250% due 03/01/22 (Þ) 3,130      2,598            
AmeriGas Finance LLC / AmeriGas           BlueLine Rental Finance Corp.          
Finance Corp.           7.000% due 02/01/19 (Þ) 1,505      1,181
6.750% due 05/20/20 560      554 BMC Software Finance, Inc. Term Loan          
7.000% due 05/20/22 2,065      2,024 5.000% due 09/10/20 (Ê) 945      754
Amsurg Corp.           BMW Vehicle Owner Trust          
Series WI           Series 2014-A Class A3          
5.625% due 07/15/22 1,840      1,847 0.970% due 11/26/18 755      755
Ancestry.com Holdings LLC           Brazil Loan Trust 1          
9.625% due 10/15/18 (Þ) 6,350      5,929 5.477% due 07/24/23 (Þ) 1,985      1,702
            BreitBurn Energy Partners, LP /          
Ancestry.com Inc. Term Loan B           BreitBurn Finance Corp.          

 

See accompanying notes which are an integral part of this quarterly report.

Russell Global Opportunistic Credit Fund 123

 

Russell Investment Company
Russell Global Opportunistic Credit Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
8.625% due 10/15/20 380      64 3.575% due 12/31/18 (Ê) 993      976
7.875% due 04/15/22 1,990      323 CHS/Community Health Systems, Inc.          
Brickman Group, Ltd. LLC Term Loan           1st Lien Term Loan G          
4.000% due 12/18/20 (Ê) 1,980      1,914 3.750% due 12/31/19 (Ê) 781      750
Building Materials Corp. of America           Churchill Downs, Inc.          
6.000% due 10/15/25 (Å) 163      166 5.375% due 12/15/21 (Þ) 1,755      1,764
BWAY Holding Co. Covenant-Lite Term           Cincinnati Bell, Inc. 1st Lien Term          
Loan B           Loan B          
5.500% due 08/14/20 (Ê) 486      455 4.000% due 09/10/20 (Ê) 1,234      1,186
Caesars Entertainment Corp. 1st Lien           CITGO Petroleum Corp.          
Term Loan B           6.250% due 08/15/22 (Þ) 2,015      1,929
7.000% due 10/11/20 (Ê) 1,962      1,706 Clean Harbors, Inc.          
California Resources Corp.           5.250% due 08/01/20 1,300      1,324
Series WI           Clear Channel Worldwide Holdings, Inc.          
5.500% due 09/15/21 2,285      457 6.500% due 11/15/22 5,070      4,512
Calpine Corp.           Series A          
5.500% due 02/01/24 1,160      1,015 7.625% due 03/15/20 3,690      2,915
Camping World, Inc. Covenant-Lite 1st           Cleaver-Brooks, Inc.          
Lien Term Loan B           8.750% due 12/15/19 (Þ) 1,470      1,382
5.250% due 02/20/20 (Ê) 1,392      1,368 Cole Park CLO, Ltd.          
Carlson Travel Holdings, Inc.           Series 2015-1A Class E          
7.500% due 08/15/19 (Þ) 3,145      3,019 6.552% due 10/20/28 (Å)(Ê) 250      195
Cast & Crew Payroll, LLC 2nd Lien Term           CommScope Holding Co., Inc.          
Loan           6.625% due 06/01/20 (Þ) 860      877
8.750% due 07/23/23 250      245 CommScope, Inc.          
Cedar Fair, LP / Canada's Wonderland           5.000% due 06/15/21 (Þ) 1,410      1,357
Co. / Magnum Management Corp.           Communications Sales & Leasing, Inc.          
Series WI           Covenant-Lite Term Loan B          
5.375% due 06/01/24 1,340      1,347 5.000% due 10/16/22 (Ê) 1,493      1,397
Cemex Finance LLC           Computer Sciences Government Services          
9.375% due 10/12/22 (Þ) 1,000      1,010 Term Loan B          
Cengage Learning Acquisitions, Inc.           1.000% due 10/27/22 (v) 500      499
Covenant-Lite 1st Lien Term Loan           Compuware Corp. Term Loan B2          
7.000% due 03/31/20 (Ê) 962      936 6.250% due 12/15/21 (Ê) 997      898
Centene Escrow Corp.           Concentra, Inc. 2nd Lien Term Loan          
5.625% due 1,130      1,150 9.000% due 06/01/23 (Ê) 1,220      1,196
6.125% due 02/15/24 (Þ) 800      822 Connolly Corp. Covenant-Lite 2nd Lien          
Century Aluminum Co.           Term Loan          
7.500% due 06/01/21 (Å) 10,395      6,783 8.000% due 05/14/22 (Å)(Ê) 5,970      5,866
CenturyLink, Inc.           Constellis Holdings LLC / Constellis          
Series WI           Finance Corp.          
5.625% due 04/01/25 1,275      1,084 9.750% due 05/15/20 (Å) 500      382
Charming Charlie, Inc. Term Loan B           Continental Building Products Operating          
9.000% due 12/24/19 (Ê) 184      143 Co. LLC 1st Lien Term Loan          
Chase Issuance Trust           4.000% due 08/28/20 (Ê) 1,687      1,646
Series 2013-A7 Class A           ConvergeOne Holdings Corp. Covenant-          
0.617% due 09/15/20 (Ê) 1,595      1,598 Lite 1st Lien Term Loan          
Checkout Holding Corp. Covenant-Lite           6.000% due 06/17/20 (Ê) 246      240
1st Lien Term Loan B           Covanta Holding Corp.          
4.500% due 04/09/21 (Ê) 1,970      1,535 6.375% due 10/01/22 1,725      1,626
Checkout Holding Corp. Covenant-Lite           CPI Buyer LLC Covenant-Lite 2nd Lien          
2nd Lien Term Loan           Term Loan          
7.750% due 04/09/22 (Ê) 750      418 8.500% due 08/18/22 (Å)(Ê) 3,150      2,929
Chelsea Petroleum Products Term Loan           CPI Card Group, Inc. Covenant-Lite          
B           Term Loan B          
5.250% due 07/07/22 981      925 6.750% due 08/17/22 (Ê) 180      176
Chemours Co. (The)           CPM Holdings, Inc. 2nd Lien Term Loan          
6.125% due 05/15/23 (Þ) 2,380      1,616 10.250% due 02/12/22 (Å) 3,980      3,958
Chrysler Group LLC 1st Lien Term           Crowne Group LLC          
Loan B           Zero coupon due 09/30/20 494      469
3.250% due 12/31/18 (Ê) 1,479      1,467 CSC Holdings LLC          
CHS/Community Health Systems, Inc.           5.250% due 06/01/24 1,150      1,015
6.875% due 02/01/22 1,355      1,226 DaVita HealthCare Partners, Inc.          
CHS/Community Health Systems, Inc.           5.125% due 07/15/24 1,800      1,810
1st Lien Term Loan F           DBP Holding Corp.          

 

See accompanying notes which are an integral part of this quarterly report.

124 Russell Global Opportunistic Credit Fund

 

Russell Investment Company
Russell Global Opportunistic Credit Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
7.750% due 10/15/20 (Þ) 3,000      1,770 11.500% due 10/06/23 (Å) 3,020      2,839
Dell International LLC Term Loan B2           FPC Holdings, Inc. 1st Lien Term Loan          
4.000% due 04/29/20 (Ê) 993      989 5.250% due 11/27/19 (Ê) 983      679
Denbury Resources, Inc.           FPC Holdings, Inc. 2nd Lien Term Loan          
6.375% due 08/15/21 680      245 9.250% due 05/27/20 (Å)(Ê) 2,000      1,320
5.500% due 05/01/22 965      338 Fresenius US Finance II, Inc.          
Dollar Tree, Inc.           4.500% due 01/15/23 (Å) 163      163
5.750% due 03/01/23 (Þ) 1,310      1,380 Frontier Communications Corp.          
Dollar Tree, Inc. 1st Lien Term Loan B1           8.875% due 09/15/20 (Å) 500      502
3.500% due 03/09/22 (Ê) 521      519 7.125% due 01/15/23 1,010      841
Dynegy, Inc.           7.625% due 04/15/24 1,340      1,119
5.875% due 06/01/23 310      251 FULLBEAUTY Brands Holding Corp.          
Series WI           2nd Lien Term Loan          
6.750% due 11/01/19 810      782 1.000% due 09/22/23 (v) 500      436
Educational Management LLC Term           FULLBEAUTY Brands, Inc. 1st Lien          
Loan B           Term Loan          
8.500% due 07/02/20 284      17 5.750% due 09/22/22 500      468
Emerald 3, Ltd. 2nd Lien Term Loan           General Electric Capital Corp.          
8.000% due 05/09/22 800      720 0.491% due 02/15/17 (Ê) 2,000      1,999
Emerald Performance Materials LLC           General Mills, Inc.          
Covenant-Lite 2nd Lien Term Loan           5.650% due 02/15/19 700      775
7.750% due 08/01/22 (Ê) 250      235 GENEX Holdings, Inc. 1st Lien Term          
Emerald US, Inc. Term Loan B1           Loan          
5.000% due 05/09/21 1,000      900 5.250% due 05/30/21 (Ê) 485      468
Endo Finance LLC           GENEX Holdings, Inc. 2nd Lien Term          
5.750% due 01/15/22 (Þ) 2,015      2,005 Loan          
5.375% due 01/15/23 (Þ) 65      65 8.750% due 05/30/22 (Ê) 250      235
Energizer Holdings, Inc.           GEO Group, Inc. (The)          
5.500% due 06/15/25 (Þ) 895      832 5.125% due 04/01/23 930      883
5.500% due 06/15/25 (Å) 500      465 Getty Images, Inc. Covenant-Lite Term          
            Loan B          
EnergySolutions LLC Term Loan           4.750% due 10/18/19 (Ê) 1,481      956
6.750% due 05/29/20 (Ê) 1,407      1,168 GOBP Holdings, Inc. Covenant-Lite          
Envision Healthcare Corp.           Term Loan B          
5.125% due 07/01/22 (Þ) 2,100      2,063 4.750% due 10/21/21 (Ê) 728      693
ExamWorks Group, Inc.           Goodyear Tire & Rubber Co. (The)          
5.625% due 04/15/23 1,530      1,537 7.000% due 05/15/22 1,305      1,396
Extreme Reach, Inc. 1st Lien Term           5.125% due 11/15/23 65      66
Loan B                      
6.750% due 02/07/20 (Ê) 1,417      1,391 Gray Television, Inc. Term Loan B          
            3.750% due 06/13/21 (Ê) 893      883
Exxon Mobil Corp.           GTCR Valor Cos., Inc. 1st Lien Term          
0.374% due 03/01/18 (Ê) 2,000      1,989 Loan          
FCA US LLC           6.000% due 05/30/21 (Ê) 986      976
3.500% due 05/24/17 (Ê) 735      731 Gulfport Energy Corp.          
Fieldwood Energy LLC 2nd Lien Term           Series WI          
Loan           6.625% due 05/01/23 1,475      1,180
8.375% due 09/30/20 (Ê) 2,335      376 H&E Equipment Services, Inc.          
First Data Corp.           7.000% due 09/01/22 960      878
7.000% due 12/01/23 (Þ) 4,890      4,927 Harland Clarke Holdings Corp.          
5.750% due 01/15/24 (Þ) 1,585      1,573 Covenant-Lite Term Loan B4          
First Quality Finance Co., Inc.           6.000% due 08/04/19 (Ê) 1,907      1,787
4.625% due 05/15/21 (Þ) 1,500      1,365 Hawaiian Telcom Communications, Inc.          
Fitness International LLC Covenant-Lite           Term Loan B          
Term Loan B           5.000% due 06/06/19 (Ê) 1,237      1,224
5.500% due 07/01/20 (Ê) 739      696 HCA Holdings, Inc.          
Ford Credit Auto Owner Trust           6.250% due 02/15/21 2,045      2,157
Series 2013-C Class A3           HCA, Inc.          
0.820% due 12/15/17 302      302 5.375% due 02/01/25 795      804
Series 2014-A Class A3           HealthSouth Corp.          
0.790% due 05/15/18 827      826 5.750% due 11/01/24 (Þ) 1,280      1,263
Foresight Energy LLC / Foresight Energy           Heartland Dental Care LLC Covenant-          
Finance Corp.           Lite 2nd Lien Term Loan          
7.875% due 08/15/21 (Å) 13,090      10,407 9.750% due 06/21/19 (Ê) 2,200      2,046
Foundation Building Materials LLC 2nd           HGIM Corp. Covenant-Lite Term Loan B          
Lien Term Loan                      

 

See accompanying notes which are an integral part of this quarterly report.

Russell Global Opportunistic Credit Fund 125

 

Russell Investment Company
Russell Global Opportunistic Credit Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
5.500% due 06/18/20 (Ê) 737      349 3.500% due 05/31/22 (Ê) 1,000      984
Honda Auto Receivables Owner Trust           LifePoint Health, Inc.          
Series 2014-2 Class A3           5.500% due 12/01/21 2,250      2,284
0.770% due 03/19/18 916      915 Linn Energy LLC          
Series 2015-2 Class A2           6.500% due 05/15/19 1,645      222
0.690% due 08/21/17 329      329 6.250% due 11/01/19 852      106
HRG Group, Inc.           Lonestar Resources America, Inc.          
7.875% due 07/15/19 1,387      1,448 8.750% due 04/15/19 (Þ) 1,010      505
7.750% due 01/15/22 11,663      11,080 LTS Buyer LLC 2nd Lien Term Loan          
7.750% due 01/15/22 (Þ) 680      646 8.000% due 04/01/21 (Ê) 1,510      1,444
HUB International, Ltd.           M/A-COM Technology Solutions          
9.250% due 02/15/21 (Þ) 2,620      2,679 Holdings, Inc. Term Loan          
7.875% due 10/01/21 (Þ) 1,400      1,228 4.500% due 05/08/21 (Ê) 628      625
Hyundai Auto Receivables Trust           MacDermid, Inc. 1st Lien Term Loan B2          
Series 2014-A Class A3           4.750% due 06/07/20 (Ê) 1,980      1,839
0.790% due 07/16/18 1,060      1,059 Match Group, Inc.          
IMS Health, Inc.           1.000% due 11/16/22 (Ê) 813      809
4.125% due 04/01/23 (Þ) 2,500      2,549 MCC Iowa LLC Term Loan H          
Ingles Markets, Inc.           3.250% due 01/29/21 (Ê) 1,485      1,461
5.750% due 06/15/23 1,500      1,504 Meccanica Holdings USA, Inc.          
International Business Machines Corp.           6.250% due 07/15/19 (Þ) 965      1,033
1.125% due 02/06/18 500      498 MedAssets, Inc.          
Intrawest Operations Group, LLC Term           1.000% due 01/22/23 (Ê) 1,510      1,498
Loan           Medpace Holdings, Inc. 1st Lien Term          
4.750% due 12/09/20 (Ê) 1,925      1,872 Loan B          
Intrepid Aviation Group Holdings LLC /           4.750% due 04/01/21 (Ê) 736      728
Intrepid Finance Co.           Memorial Production Partners, LP /          
6.875% due 02/15/19 (Þ) 1,985      1,538 Memorial Production Finance Corp.          
IPC Corp. 2nd Lien Term Loan           6.875% due 08/01/22 2,360      661
10.500% due 02/06/22 (Ê) 500      400 Merck & Co., Inc.          
J Crew Group, Inc. Covenant-Lite Term           0.685% due 05/18/18 (Ê) 1,875      1,876
Loan B           Mergermarket USA, Inc. 1st Lien Term          
4.000% due 03/05/21 (Ê) 496      335 Loan          
Jarden Corp.           4.500% due 02/04/21 (Ê) 878      850
3.750% due 10/01/21 (Þ) 1,845      2,083 Michaels Stores, Inc.          
Series REGS           5.875% due 12/15/20 (Þ) 1,740      1,792
3.750% due 10/01/21 420      474 Milacron LLC / Mcron Finance Corp.          
JBS USA LLC           7.750% due 02/15/21 (Þ) 1,390      1,230
7.250% due 06/01/21 (Þ) 2,585      2,343 MPH Acquisition Holdings LLC          
5.875% due 07/15/24 (Þ) 120      96 6.625% due 04/01/22 (Þ) 5,970      5,977
Jo-Ann Stores LLC           MPT Operating Partnership, LP / MPT          
8.125% due 03/15/19 (Þ) 2,250      1,811 Finance Corp.          
Johnson & Johnson           4.000% due 08/19/22 1,000      1,090
5.550% due 08/15/17 1,150      1,231 MSC.Software Corp. 1st Lien Term Loan          
            5.000% due 05/29/20 (Ê) 1,478      1,359
Joseph T Ryerson & Son, Inc.           National Vision, Inc. Covenant-Lite 2nd          
9.000% due 10/15/17 4,920      3,715 Lien Term Loan          
Kloeckner Pentaplast of America, Inc.           6.750% due 03/13/22 (Ê) 380      359
7.125% due 11/01/20 (Þ) 1,250      1,364 Natural Resource Partners, LP / NRP          
Lamar Media Corp.           Finance Corp.          
5.750% due 02/01/26 (Þ) 1,490      1,535 9.125% due 10/01/18 2,625      1,470
Laredo Petroleum, Inc.           Navient Corp.          
5.625% due 01/15/22 1,230      873 4.875% due 06/17/19 1,920      1,757
Lattice Semiconductor Corp. 1st Lien           Navistar, Inc. 1st Lien Term Loan B          
Term Loan B           6.500% due 08/07/20 (Ê) 500      438
5.250% due 03/10/21 (Ê) 1,489      1,385            
Legacy Reserves, LP / Legacy Reserves           Neiman Marcus Group, Ltd. LLC          
Finance Corp.           8.750% due 10/15/21 (Þ) 1,835      1,165
6.625% due 12/01/21 3,290      674 Neptune Finco Corp.          
Level 3 Financing, Inc.           5.000% due 10/09/22 (Ê) 500      499
5.375% due 01/15/24 (Þ) 1,055      1,066 6.625% due 10/15/25 (Å) 82      85
Series WI           New Millennium Holdco, Inc.          
6.125% due 01/15/21 120      126 1.000% due 12/21/20 (Ê) 509      458
5.375% due 08/15/22 620      629 Newfield Exploration Co.          
Level 3 Financing, Inc. Term Loan B2           5.375% due 01/01/26 130      105

 

See accompanying notes which are an integral part of this quarterly report.

126 Russell Global Opportunistic Credit Fund

 

Russell Investment Company
Russell Global Opportunistic Credit Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Nielsen Finance LLC / Nielsen Finance           8.250% due 01/31/22 (Ê) 7,390      5,148
Co.           PGX Holdings, Inc. Covenant-Lite 1st          
5.000% due 04/15/22 (Þ) 1,570      1,584 Lien Term Loan          
Nissan Auto Receivables Owner Trust           5.750% due 08/21/20 (Ê) 477      473
Series 2013-C Class A3           PHI, Inc.          
0.670% due 08/15/18 1,019      1,018 5.250% due 03/15/19 1,580      1,276
Series 2014-A Class A3           Pilgrim's Pride Corp.          
0.720% due 08/15/18 637      636 5.750% due 03/15/25 (Þ) 1,480      1,424
North American Lifting Holdings, Inc.           Pinnacle Foods Finance LLC          
1st Lien Term Loan           4.875% due 05/01/21 1,400      1,401
5.500% due 11/27/20 (Ê) 980      701 Pipeline Supply and Service LLC Term          
North American Lifting Holdings, Inc.           Loan B          
Covenant-Lite 2nd Lien Term Loan           5.500% due 01/28/20 (Ê) 491      393
10.000% due 11/27/21 (Ê) 250      178 Plantronics, Inc.          
North Atlantic Trading Co., Inc. 1st Lien           5.500% due 05/31/23 (Þ) 900      907
Term Loan B           Plastipak Holdings, Inc.          
7.750% due 01/13/20 (Ê) 2,418      2,388 6.500% due 10/01/21 (Þ) 1,180      1,130
Novelis, Inc.           Post Holdings, Inc.          
8.750% due 12/15/20 2,975      2,704 6.000% due 12/15/22 (Þ) 1,165      1,156
Novitex Acquisition Term Loan B2           7.750% due 03/15/24 (Þ) 460      490
7.500% due 07/07/20 (Ê) 245      220            
            Preferred Proppants LLC Term Loan          
NRG Energy, Inc.           6.750% due 08/12/20 494      189
6.250% due 07/15/22 1,500      1,237 Pre-Paid Legal Services, Inc. 2nd Lien          
6.625% due 03/15/23 1,875      1,552 Term Loan          
Nuance Communications, Inc.           10.250% due 07/01/20 (Ê) 500      491
5.375% due 08/15/20 (Þ) 5,950      5,950 PSPC Escrow Corp.          
Numericable US LLC 1st Lien Term           6.000% due 02/01/23 (Þ) 810      702
Loan B1           Series REGS          
4.500% due 05/21/20 (Ê) 197      189 6.000% due 02/01/23 1,495      1,296
Numericable US LLC 1st Lien Term                      
Loan B2           Qualitytech, LP/QTS Finance Corp.          
4.500% due 05/21/20 (Ê) 170      164 Series WI          
Numericable US LLC Term Loan B6           5.875% due 08/01/22 2,580      2,619
4.750% due 01/31/23 500      479 Quincy Newspapers, Inc. Term Loan B          
NVA Holdings, Inc. 2nd Lien Term Loan           5.500% due 10/13/22 498      487
8.000% due 08/14/22 (Ê) 250      242 Range Resources Corp.          
            4.875% due 05/15/25 (Þ) 1,475      1,195
Oasis Petroleum, Inc.           RCN Telecom Services LLC / RCN          
6.875% due 01/15/23 1,550      883 Capital Corp.          
Ocwen Loan Servicing LLC Term Loan B           8.500% due 08/15/20 (Þ) 3,996      4,016
5.500% due 02/15/18 (Ê) 935      933 Real Alloy Holding, Inc.          
Opal Acquisition, Inc.           10.000% due 01/15/19 (Þ) 5,010      5,010
8.875% due 12/15/21 (Þ) 3,500      2,782 Renaissance Learning, Inc. Term Loan          
Optima Specialty Steel, Inc.           4.500% due 04/09/21 (Ê) 983      937
12.000% due 12/30/16 (Å) 3,700      2,941            
Optimas OE Solutions Holding LLC /           Rent-A-Center, Inc.          
            6.625% due 11/15/20 1,700      1,411
Optimas OE Solutions, Inc.           4.750% due 05/01/21 370      266
8.625% due 06/01/21 (Þ) 2,770      2,244 RentPath, Inc. Covenant-Lite 1st Lien          
Paragon Offshore PLC           Term Loan          
6.750% due 07/15/22 (Þ) 3,255      415 6.250% due 12/17/21 (Ê) 1,980      1,574
Party City Holdings, Inc.           Revlon Consumer Products Corp.          
6.125% due 08/15/23 (Þ) 1,695      1,644 5.750% due 02/15/21 3,480      3,393
Patterson Medical Holdings Inc. 2nd                      
Lien Term Loan           Reynolds Group Issuer, Inc.          
8.750% due 08/14/23 (Å) 3,490      3,385 5.750% due 10/15/20 2,605      2,608
Pelican Products, Inc. Covenant-Lite           6.875% due 02/15/21 5      5
Term Loan           8.250% due 02/15/21 40      37
5.250% due 04/11/20 (Ê) 990      950 Rite Aid Corp.          
Petco Animal Supplies, Inc. Term Loan           6.125% due 04/01/23 (Þ) 1,125      1,187
1.000% due 01/11/23 (v) 415      407 Riverbed Technology, Inc. Term Loan B          
PetSmart, Inc. Term Loan B           6.000% due 04/27/22 (Ê) 1,985      1,964
4.250% due 03/10/22 (Ê) 1,990      1,925 Rovi Solutions Corp. Syndicated Loans          
Pfizer, Inc.           Covenant-Lite Term Loan B          
0.471% due 05/15/17 (Ê) 1,835      1,831 3.750% due 07/02/21 (Ê) 985      931
PFS Acquisition LLC 2nd Lien Term           RP Crown Parent LLC Term Loan          
Loan           6.000% due 12/21/18 (Ê) 980      858

 

See accompanying notes which are an integral part of this quarterly report.

Russell Global Opportunistic Credit Fund 127

 

Russell Investment Company
Russell Global Opportunistic Credit Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
RPI Finance Trust Term Loan B4           Series WI          
3.500% due 12/11/20 990      987 6.125% due 07/15/23 3,385      3,267
RR Donnelley & Sons Co.           SunCoke Energy Partners, LP / SunCoke          
6.000% due 04/01/24 1,700      1,436 Energy Partners Finance Corp.          
Sabine Pass Liquefaction LLC           7.375% due 02/01/20 (Å) 2,505      1,421
5.625% due 02/01/21 5,467      5,002 7.375% due 02/01/20 (Þ) 245      139
5.625% due 04/15/23 165      145 Sungard Availability Services Capital,          
Series WI           Inc. Covenant-Lite 1st Lien Term          
5.625% due 03/01/25 525      452 Loan B          
Scientific Games International, Inc.           6.000% due 03/31/19 (Ê) 1,324      1,095
6.250% due 09/01/20 2,740      1,301 Surgical Care Affiliates, Inc.          
7.000% due 01/01/22 (Þ) 1,700      1,598 6.000% due 04/01/23 (Þ) 2,350      2,268
Scientific Games International, Inc.           Targa Resources Partners, LP / Targa          
Covenant-Lite Term Loan B1           Resources Partners Finance Corp.          
6.000% due 10/18/20 (Ê) 2,205      1,970 6.750% due 03/15/24 (Þ) 2,385      1,968
            TCH-2 Holdings LLC Covenant-Lite 1st          
SCS Holdings, Inc.           Lien Term Loan          
6.000% due 10/30/22 (Ê) 494      487 5.500% due 05/12/21 (Ê) 1,384      1,329
Sealed Air Corp.           TCH-2 Holdings LLC Covenant-Lite 2nd          
4.500% due 09/15/23 (Þ) 1,775      1,981 Lien Term Loan          
Series REGS           8.750% due 11/12/21 (Ê) 500      460
4.500% due 09/15/23 2,190      2,444 Team Health, Inc.          
SeaWorld Parks & Entertainment, Inc.           7.250% due 12/15/23 (Þ) 1,940      2,027
Incremental Term Loan 3                      
4.000% due 05/14/20 (Ê) 443      431 Tenet Healthcare Corp.          
            4.375% due 10/01/21 1,490      1,470
Sequa Corp.           8.125% due 04/01/22 8,000      8,020
7.000% due 12/15/17 (Þ) 2,095      545            
Shale-Inland Holdings LLC / Shale-           Series WI          
Inland Finance Corp.           6.750% due 06/15/23 1,320      1,221
8.750% due 11/15/19 (Þ) 2,030      1,269 Tenneco, Inc.          
Signode Industrial Group US, Inc.           5.375% due 12/15/24 665      673
Covenant-Lite 1st Lien Term Loan B           TerraForm Power Operating LLC          
3.750% due 05/01/21 (Ê) 1,017      971 5.875% due 02/01/23 (Þ) 1,535      1,224
Simmons Foods, Inc.           The Active Network, Inc. 1st Lien Term          
7.875% due 10/01/21 (Þ) 460      407 Loan          
Sinclair Television Group, Inc.           5.500% due 11/15/20 (Ê) 1,231      1,182
5.375% due 04/01/21 1,330      1,335 Time, Inc.          
6.375% due 11/01/21 665      685 5.750% due 04/15/22 (Þ) 1,475      1,294
SIRVA Worldwide, Inc. Term Loan           T-Mobile USA, Inc.          
7.500% due 03/27/19 (Ê) 1,907      1,830 6.542% due 04/28/20 130      134
Six Flags Entertainment Corp.           6.633% due 04/28/21 285      295
5.250% due 01/15/21 (Þ) 2,220      2,261 6.000% due 03/01/23 2,220      2,232
SourceHOV LLC 1st Lien Term Loan B           TMS International Corp.          
7.750% due 10/31/19 (Ê) 969      851 7.625% due 10/15/21 (Þ) 2,420      1,869
Sprint Communications, Inc.           Tower Development Corp. Term Loan          
9.125% due 03/01/17 410      408 6.750% due 01/02/17 (Å) 2,561      2,561
8.375% due 08/15/17 2,290      2,216 Toyota Auto Receivables Owner Trust          
6.000% due 11/15/22 2,075      1,395 Series 2015-B Class A2A          
            0.770% due 11/15/17 600      600
Sprint Corp.           Toys "R" Us Property Co. I LLC Term          
Series WI                      
7.250% due 09/15/21 3,395      2,444 Loan B          
            6.000% due 08/21/19 (Ê) 1,665      1,487
Staples, Inc. Term Loan B                      
1.000% due 04/24/21 (Ê) (v) 500      496 TransDigm, Inc.          
Steak N' Shake Operations, Inc. Term           5.500% due 10/15/20 4,390      4,280
Loan           6.000% due 07/15/22 710      696
4.750% due 03/19/21 (Ê) 724      715 TreeHouse Foods, Inc.          
SterlingBackcheck, Inc. 2nd Lien Term           6.000% due 02/15/24 (Þ) 1,620      1,667
Loan           Tribune Media Co. Term Loan          
8.750% due 06/08/23 3,960      3,841 3.750% due 12/27/20 (Ê) 498      488
Suburban Propane Partners, LP/           Tronox Finance LLC          
Suburban Energy Finance Corp.           6.375% due 08/15/20 1,225      756
7.375% due 08/01/21 1,440      1,411 7.500% due 03/15/22 (Þ) 1,495      901
5.750% due 03/01/25 1,025      851 United Airlines, Inc. Term Loan B          
Summit Materials LLC / Summit           3.250% due 04/01/19 (Ê) 980      971
Materials Finance Corp.           United Rentals NA, Inc.          

 

See accompanying notes which are an integral part of this quarterly report.

128 Russell Global Opportunistic Credit Fund

 

Russell Investment Company
Russell Global Opportunistic Credit Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
7.625% due 04/15/22 1,260      1,296 6.000% due 05/16/24 13,000      3,835
United States Treasury Notes           9.750% due 05/17/35 2,000      681
2.250% due 11/15/24 1,500      1,545 5.500% due 04/12/37 9,000      2,619
Univision Communications, Inc.           Venezuela Government International          
6.750% due 09/15/22 (Þ) 1,305      1,344 Bond          
5.125% due 05/15/23 (Þ) 1,030      999 Series REGS          
US Foods, Inc.           7.000% due 12/01/18 3,000      1,103
8.500% due 06/30/19 12,480      12,418 7.750% due 10/13/19 7,000      2,363
UTEX Industries, Inc. Covenant-Lite 1st           12.750% due 08/23/22 1,000      383
Lien Term Loan B                     19,116
5.000% due 05/22/21 (Ê) 1,182      674 Vietnam - 0.1%          
UTEX Industries, Inc. Covenant-Lite           Vietnam Government International Bond          
2nd Lien Term Loan B           6.750% due 01/29/20 (Þ) 1,500      1,634
8.250% due 05/22/22 (Å)(Ê) 1,910      764            
Valeant Pharmaceuticals International,           Total Long-Term Fixed Income          
Inc.                      
5.625% due 12/01/21 (Þ) 1,685      1,533 Investments          
5.500% due 03/01/23 (Þ) 1,800      1,588 (cost $1,566,763)         1,388,729
5.875% due 05/15/23 (Þ) 1,930      1,727            
Varsity Brands, Inc. 1st Lien Term Loan           Common Stocks - 0.0%          
5.000% due 12/11/21 1,238      1,227 United States - 0.0%          
Verdesion Life Sciences LLC Term Loan           Educational Management(Æ)(Þ)   4,460,190   14
6.000% due 07/01/20 (Ê) 1,429      1,358            
Vertellus Specialties, Inc. Term Loan B           Total Common Stocks          
10.500% due 10/31/19 (Ê) 370      251 (cost $327)         14
Vince LLC 1st Lien Term Loan B                      
5.750% due 11/27/19 (Ê) 257      231 Preferred Stocks - 0.0%          
VWR Funding, Inc.           United States - 0.0%          
4.625% due 04/15/22 (Þ) 2,475      2,508 Education Management Corp.(Æ)   2,128   4
Walter Investment Management Corp.                      
Series WI           Total Preferred Stocks          
7.875% due 12/15/21 1,635      1,181            
Washington Inventory Service 2nd Lien           (cost $297)         4
Term Loan                      
10.250% due 06/20/19 (Å)(Ê) 2,600      2,132 Options Purchased - 0.0%          
Watco Cos. LLC / Watco Finance Corp.           (Number of Contracts)          
6.375% due 04/01/23 (Þ) 1,810      1,738 Inflationary Floor Options          
Wayne Merger Sub LLC              Feb 2016 18.00 Put (1) 297,000 (ÿ) 168
    8.250% due 08/01/23 (Þ) 4,680      4,095 Total Options Purchased          
William Morris Endeavor Entertainment           (cost $106)         168
LLC Covenant-Lite Term Loan           Warrants & Rights - 0.0%          
5.250% due 05/06/21 (Ê) 1,478      1,441 United States - 0.0%          
          Educational Management Corp.(Æ)          
WMG Acquisition Corp.           2021 Warrants      1,564,221   —
6.750% due 04/15/22 (Þ) 4,020      3,538            
 
Series REGS           Total Warrants & Rights          
6.250% due 01/15/21 3,456      3,828            
World Endurance Holdings Term Loan           (cost $—)         —
5.250% due 06/26/21 (Ê) 990      965            
Zayo Group LLC / Zayo Capital, Inc.           Short-Term Investments - 10.7%          
Series WI           Australia - 0.2%          
6.000% due 04/01/23 8,250      8,064 Australia & New Zealand Banking          
Zebra Technologies Corp.           Group, Ltd.          
7.250% due 10/15/22 1,250      1,300 0.414% due 07/15/16 (Ê)(Þ) 150   150
ZF NA Capital, Inc.           Commonwealth Bank of Australia          
4.500% due 04/29/22 (Þ) 1,735      1,672 0.434% due 06/03/16 (Ê)(Þ) 1,560   1,559
          537,948 Westpac Banking Corp.          
   Venezuela, Bolivarian Republic of - 1.2%       0.665% due 11/25/16 (Ê) 1,875   1,875
Petroleos de Venezuela SA                     3,584
5.375% due 04/12/27 15,000      4,350 Canada - 0.4%          
Series REGS           Canadian Imperial Bank of Commerce          
5.250% due 04/12/17 2,600      1,014            
8.500% due 11/02/17 2,667      1,100 1.140% due 07/18/16 (Ê) 2,000   2,002
9.000% due 11/17/21 5,000      1,668 Province of British Columbia          
            Zero coupon due 02/05/16 (ç)(~) 1,500   1,500

 

See accompanying notes which are an integral part of this quarterly report.

Russell Global Opportunistic Credit Fund 129

 

Russell Investment Company
Russell Global Opportunistic Credit Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)  
      Principal   Fair       Principal Fair
    Amount ($)   Value       Amount ($) Value
    or Shares   $       or Shares $
Royal Bank of Canada           0.230% due 03/03/16 (§)   4,900 4,899
0.374% due 09/06/16 (Ê)(Þ) 1,875   1,874 0.112 due 04/07/16 (§)   5,500 5,497
          5,376 0.320 due 06/16/16 (§)   1,000 999
China - 0.1%           Verizon Communications, Inc.          
China Government Bond           Series FRN          
1.400% due 08/18/16 CNY 13,500   2,010 1.867% due 09/15/16 (Ê)   1,875 1,886
Mexico - 0.1%           Victory Receivables Corp.          
Mexican Udibonos                      
Series S           Zero coupon due 02/19/16 (ç)(Þ)(~)   900 900
            Wells Fargo Bank NA          
5.000% due 06/16/16 MXN 28,183   1,582 Series BKNT          
Netherlands - 0.1%                      
Shell International Finance BV           0.479% due 06/02/16 (Ê)   1,165 1,165
0.531% due 11/15/16 (Ê) 2,250   2,248 Working Capital Management Co.          
United Kingdom - 0.1%           1.000% due 02/01/16 (ç)(Þ)(~)   1,000 1,000
Vodafone Group PLC           WPX Energy, Inc.          
Series FRN           5.250% due 01/15/17   3,130 2,997
0.718% due 02/19/16 (Ê) 1,405   1,405           154,947
United States - 9.7%           Total Short-Term Investments          
American Express Credit Corp.           (cost $172,125)         171,152
1.128% due 07/29/16 (Ê) 835   835            
Anheuser-Busch InBev Finance, Inc.           Total Investments 97.9%          
0.811% due 01/27/17 (Ê) 820   817 (identified cost $1,739,618)         1,560,067
1.125% due 01/27/17 300   300            
Apple, Inc.           Other Assets and Liabilities, Net          
0.663% due 05/03/16 (Ê) 725   725 - 2.1%       33,431
AT&T, Inc.           Net Assets - 100.0%         1,593,498
2.400% due 08/15/16 1,820   1,832            
Autobahn Funding Co. LLC                      
0.426% due 02/01/16 (ç)(~) 750   750            
ConocoPhillips Qatar Funding, Ltd.                      
1.000% due 02/05/16 (ç)(~) 1,000   1,000            
CPPIB Capital, Inc.                      
0.548% due 02/17/16 (ç)(Þ)(~) 1,750   1,750            
Credit Agricole                      
0.420% due 02/04/16 (ç)(~) 1,000   1,000            
ENI Finance USA, Inc.                      
Zero coupon due 02/02/16 (ç)(Þ)(~) 1,500   1,500            
Johnson & Johnson                      
0.395% due 11/28/16 (Ê) 710   710            
JPMorgan Chase & Co.                      
Series MTn                      
0.775% due 11/18/16 (Ê) 1,620   1,619            
Matchpoint Finance PLC                      
Zero coupon due 02/11/16 (ç)(~) 1,500   1,500            
Optima Specialty Steel, Inc.                      
12.500% due 12/15/16 (Þ) 2,030   1,695            
PACCAR Financial Corp.                      
0.581% due 02/08/16 (Ê) 1,200   1,200            
Private Export Funding Corp.                      
1.000% due 06/20/16 (Þ)(~) 1,000   997            
Regency Markets No 1 LLC                      
0.010% due 02/16/16 (ç)(Þ)(~) 1,700   1,700            
Russell U.S. Cash Management Fund   111,744,480 (8) 111,744            
Toyota Motor Credit Corp.                      
0.611% due 05/17/16 (Ê) 2,070   2,070            
UBS AG/Stamford CT                      
0.781% due 09/26/16 (Ê) 1,860   1,860            
United States Treasury Bills                      

 

See accompanying notes which are an integral part of this quarterly report.

130 Russell Global Opportunistic Credit Fund

 

Russell Investment Company
Russell Global Opportunistic Credit Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Restricted Securities                            
 
Amounts in thousands (except share and cost per unit amounts)                        
 
            Principal   Cost per   Cost   Fair Value  
% of Net Assets   Acquisition        Amount ($)   Unit   (000 ) (000 )
Securities   Date        or shares   $   $   $  
3.3%                            
1011778 BC Unlimited Liability Co. Term Loan B2   05/14/15   500,000 99.88 499 502  
Berry Plastics Corp.   09/16/15     82,000 100.00 82 84  
Blue Coat Holdings, Inc.   05/19/15   250,000 100.00 250 252  
Building Materials Corp. of America   09/22/15   163,000 100.00 163 166  
Century Aluminum Co.   05/23/13   10,395,000 100.66 10,463 6,783  
Cole Park CLO, Ltd.   10/30/15   250,000 89.84 225 195  
Connolly Corp. Covenant-Lite 2nd Lien Term Loan   05/09/14   5,970,000 99.46 5,938 5,866  
Constellis Holdings LLC / Constellis Finance Corp.   05/06/15   500,000 99.57 498 382  
CPI Buyer LLC Covenant-Lite 2nd Lien Term Loan   10/30/15   3,150,000 98.11 3,091 2,929  
CPM Holdings, Inc. 2nd Lien Term Loan   04/02/15   3,980,000 97.50 3,880 3,958  
Energizer Holdings, Inc.   05/15/15   500,000 96.04 480 465  
Foresight Energy LLC / Foresight Energy Finance Corp.   08/16/13   13,090,000 98.50 12,894 10,407  
Foundation Building Materials LLC 2nd Lien Term Loan   10/07/15   3,020,000 94.00 2,839 2,839  
FPC Holdings, Inc. 2nd Lien Term Loan   05/23/13   2,000,000 98.00 1,960 1,320  
Fresenius US Finance II, Inc.   09/16/15   163,000 100.00 163 163  
Frontier Communications Corp.   09/11/15   500,000 99.77 499 502  
Linxens France SA 2nd Lien Term Loan   07/31/15   1,840,000 99.00 1,822 1,785  
Mallinckrodt International Finance SA   09/09/15     82,000 100.00 82 77  
Neptune Finco Corp.   09/25/15     82,000 100.00 82 85  
Optima Specialty Steel, Inc.   01/20/15   3,700,000 100.00 3,700 2,941  
Patterson Medical Holdings Inc. 2nd Lien Term Loan   08/14/15   3,490,000 99.00 3,455 3,385  
SunCoke Energy Partners, LP / SunCoke Energy Partners Finance Corp. 01/13/15   1,745,000 101.16 1,765 990  
SunCoke Energy Partners, LP / SunCoke Energy Partners Finance Corp. 07/16/15   760,000 99.76 758 431  
Tower Development Corp. Term Loan   10/29/14   2,560,650 99.25 2,541 2,561  
UTEX Industries, Inc. Covenant-Lite 2nd Lien Term Loan B   05/16/14   1,910,000 99.50 1,900 764  
Washington Inventory Service 2nd Lien Term Loan   01/10/13   2,600,000 97.50 2,535 2,132  
                          51,964  
For a description of restricted securities see note 7 in the Notes to Quarterly Report.                
 
Futures Contracts                            
 
Amounts in thousands (except contract amounts)                            
                      Unrealized  
                      Appreciation  
    Number of   Notional   Expiration (Depreciation)  
    Contracts   Amount   Date     $  
Long Positions                            
Euro-Bobl Futures     62 EUR 8,211 03/16     97  
Euro-Bund Futures     12 EUR 1,960 03/16     54  
Euro-Schatz Futures     56 EUR 6,262 03/16     16  
Long Gilt Futures     11 GBP 1,324 03/16     40  
United States 2 Year Treasury Note Futures     267 USD 58,373 03/16     241  
United States 5 Year Treasury Note Futures     500 USD 60,336 03/16     786  
United States 10 Year Treasury Note Futures     630 USD 81,634 03/16     1,728  
United States Long Bond Futures     111 USD 17,874 03/16     593  
United States Ultra Bond Futures     5 USD 831 03/16     42  
Short Positions                            
Canada Government 10 Year Bond Futures     221 CAD 31,568 03/16     (395 )
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)                       3,202  
 
Foreign Currency Exchange Contracts                            
Amounts in  thousands                            
                          Unrealized  
                          Appreciation  
    Amount       Amount           (Depreciation)  
Counterparty   Sold       Bought   Settlement Date   $  
Bank of America USD  29    BRL 117   02/19/16   —  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Global Opportunistic Credit Fund 131

 

Russell Investment Company
Russell Global Opportunistic Credit Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts              
Amounts in  thousands              
            Unrealized  
            Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
Bank of America USD 39 BRL 159 02/19/16 1  
Bank of America USD 1,027 BRL 4,051 02/19/16 (19 )
Bank of America USD 19 CZK 472 02/19/16 —  
Bank of America USD 84 CZK 2,081 02/19/16 (1 )
Bank of America USD 1 IDR 17,897 02/19/16 —  
Bank of America USD 31 IDR 445,062 02/19/16 1  
Bank of America USD 1,023 IDR 14,538,206 02/19/16 37  
Bank of America USD 83 KRW 97,401 02/19/16 (2 )
Bank of America USD 107 KRW 130,335 02/19/16 1  
Bank of America USD 3,508 KRW 4,126,088 02/19/16 (95 )
Bank of America USD 23 PEN 78 02/19/16 (1 )
Bank of America USD 24 PEN 84 02/19/16 —  
Bank of America USD 1,048 PEN 3,551 02/19/16 (27 )
Bank of America USD 49 PLN 196 02/19/16 (1 )
Bank of America USD 67 PLN 269 02/19/16 (1 )
Bank of America USD 62 RUB 4,468 02/19/16 (4 )
Bank of America USD 99 RUB 7,783 02/19/16 3  
Bank of America USD 1,031 RUB 70,487 02/19/16 (101 )
Bank of America USD 86 SGD 124 02/19/16 1  
Bank of America USD 24 TRY 75 02/19/16 1  
Bank of America USD 44 TRY 132 02/19/16 1  
Bank of America USD 82 TRY 250 02/19/16 3  
Bank of America USD 145 TRY 439 02/19/16 2  
Bank of America CZK 624 USD 25 02/19/16 —  
Bank of America CZK 1,572 USD 64 02/19/16 1  
Bank of America HKD 43 USD 6 02/19/16 —  
Bank of America HKD 94 USD 12 02/19/16 —  
Bank of America HUF 632 USD 2 02/19/16 —  
Bank of America HUF 4,739 USD 17 02/19/16 —  
Bank of America IDR 59,656 USD 4 02/19/16 —  
Bank of America IDR 1,483,540 USD 103 02/19/16 (5 )
Bank of America IDR 48,460,688 USD 3,408 02/19/16 (125 )
Bank of America INR 2,186 USD 32 02/19/16 —  
Bank of America INR 2,796 USD 41 02/19/16 —  
Bank of America INR 236,648 USD 3,533 02/19/16 57  
Bank of America PHP 1,708 USD 36 02/19/16 —  
Bank of America PHP 2,747 USD 57 02/19/16 (1 )
Bank of America PHP 167,438 USD 3,523 02/19/16 24  
Bank of America PLN 59 USD 15 02/19/16 —  
Bank of America PLN 81 USD 20 02/19/16 —  
Bank of America RUB 14,893 USD 208 02/19/16 12  
Bank of America RUB 25,945 USD 331 02/19/16 (11 )
Bank of America RUB 234,958 USD 3,436 02/19/16 337  
Bank of America SGD 1 USD 1 02/19/16 —  
Bank of America TWD 313 USD 10 02/19/16 —  
Bank of America TWD 993 USD 29 02/19/16 —  
Bank of America TWD 34,934 USD 1,062 02/19/16 19  
Barclays USD 6 BRL 23 02/02/16 —  
Barclays USD 6 BRL 23 02/02/16 —  
Barclays USD 144 BRL 581 02/02/16 2  
Barclays USD 585 BRL 2,348 02/02/16 2  
Barclays USD 773 BRL 3,126 02/02/16 8  
Barclays USD 3,913 BRL 15,717 02/02/16 17  
Barclays USD 758 BRL 3,126 03/02/16 17  
Barclays USD 650 COP 2,141,100 02/16/16 2  
Barclays USD 1,092 EUR 1,000 02/16/16 (9 )
Barclays USD 52 IDR 722,841 02/16/16 1  
Barclays USD 166 IDR 2,285,777 02/16/16 1  
Barclays USD 383 INR 26,124 02/16/16 1  
Barclays USD 608 INR 40,836 02/16/16 (8 )
Barclays USD 517 MXN 9,284 02/16/16 (6 )
Barclays USD 1,019 MXN 18,380 02/16/16 (7 )
Barclays USD 1,160 MXN 21,577 02/16/16 29  

 

See accompanying notes which are an integral part of this quarterly report.

132 Russell Global Opportunistic Credit Fund

 

Russell Investment Company
Russell Global Opportunistic Credit Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts              
Amounts in  thousands              
            Unrealized  
            Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
Barclays USD 445 MYR 1,850 02/16/16 2  
Barclays USD 211 NGN 43,858 03/09/16 —  
Barclays USD 1,266 RUB 96,737 02/16/16 11  
Barclays USD 1,163 TRY 3,541 02/16/16 31  
Barclays USD 1,220 TWD 40,876 02/16/16 —  
Barclays BRL 23 USD 6 02/02/16 —  
Barclays BRL 23 USD 6 02/02/16 —  
Barclays BRL 581 USD 144 02/02/16 (2 )
Barclays BRL 2,348 USD 581 02/02/16 (6 )
Barclays BRL 3,126 USD 764 02/02/16 (17 )
Barclays BRL 15,717 USD 3,888 02/02/16 (42 )
Barclays BRL 7,657 USD 1,853 04/04/16 (25 )
Barclays COP 467,309 USD 141 02/16/16 (1 )
Barclays COP 8,606,851 USD 2,625 02/16/16 6  
Barclays EUR 1,398 PLN 6,110 02/16/16 (18 )
Barclays HUF 107,313 USD 369 02/16/16 (5 )
Barclays IDR 7,409,968 USD 530 02/16/16 (10 )
Barclays IDR 10,314,900 USD 730 02/16/16 (23 )
Barclays MYR 1,304 USD 305 02/16/16 (10 )
Barclays NGN 131,130 USD 620 02/25/16 (24 )
Barclays NGN 46,591 USD 219 03/09/16 (5 )
Barclays RON 2,468 USD 597 02/16/16 10  
Barclays THB 41,915 USD 1,170 02/16/16 (3 )
Barclays TWD 26,820 USD 799 02/16/16 (2 )
Barclays ZAR 1,527 USD 90 02/16/16 (6 )
Barclays ZAR 2,815 USD 169 02/16/16 (8 )
Barclays ZAR 13,004 USD 785 02/16/16 (31 )
BNP Paribas USD 8,403 ILS 33,203 02/19/16 (17 )
BNP Paribas CHF 1,825 USD 1,817 02/19/16 34  
BNP Paribas CHF 6,083 USD 6,055 02/19/16 113  
BNP Paribas CHF 8,517 USD 8,477 02/19/16 158  
Citigroup NGN 465,685 USD 2,181 03/09/16 (56 )
Citigroup NGN 147,270 USD 676 04/07/16 10  
Deutsche Bank USD 460 IDR 6,352,117 02/02/16 1  
HSBC USD 597 NGN 155,229 03/09/16 149  
HSBC HKD 8,283 USD 1,069 02/19/16 4  
HSBC MYR 3,489 USD 795 02/16/16 (48 )
HSBC NGN 129,363 USD 620 02/25/16 (15 )
HSBC NGN 85,670 USD 401 03/09/16 (10 )
JPMorgan Chase USD 360 BRL 1,455 02/02/16 4  
JPMorgan Chase USD 360 BRL 1,456 02/02/16 4  
JPMorgan Chase USD 366 BRL 1,479 02/02/16 4  
JPMorgan Chase USD 773 BRL 3,126 02/02/16 8  
JPMorgan Chase USD 1,131 BRL 4,574 02/02/16 12  
JPMorgan Chase USD 759 BRL 3,126 03/02/16 16  
JPMorgan Chase USD 52 IDR 722,841 02/16/16 1  
JPMorgan Chase USD 608 INR 40,836 02/16/16 (8 )
JPMorgan Chase USD 1,019 MXN 18,380 02/16/16 (7 )
JPMorgan Chase USD 100 RON 416 02/16/16 (1 )
JPMorgan Chase USD 1,164 RUB 89,119 02/16/16 12  
JPMorgan Chase USD 1,270 RUB 96,737 02/16/16 6  
JPMorgan Chase USD 1,163 TRY 3,541 02/16/16 30  
JPMorgan Chase USD 1,170 TWD 39,277 02/16/16 3  
JPMorgan Chase BRL 1,455 USD 357 02/02/16 (6 )
JPMorgan Chase BRL 1,456 USD 357 02/02/16 (6 )
JPMorgan Chase BRL 1,479 USD 368 02/02/16 (2 )
JPMorgan Chase BRL 3,126 USD 766 02/02/16 (16 )
JPMorgan Chase BRL 4,574 USD 1,140 02/02/16 (4 )
JPMorgan Chase BRL 10,812 USD 2,527 07/05/16 (49 )
JPMorgan Chase BRL 11,675 USD 2,740 07/05/16 (43 )
JPMorgan Chase EUR 1,398 PLN 6,110 02/16/16 (18 )
JPMorgan Chase EUR 2,186 USD 2,381 02/16/16 12  
JPMorgan Chase HUF 107,313 USD 369 02/16/16 (4 )

 

See accompanying notes which are an integral part of this quarterly report.

Russell Global Opportunistic Credit Fund 133

 

Russell Investment Company
Russell Global Opportunistic Credit Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts              
Amounts in  thousands              
            Unrealized  
            Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
JPMorgan Chase IDR 6,338,101 USD 451 02/16/16 (11 )
JPMorgan Chase MYR 5,966 USD 1,350 02/16/16 (90 )
JPMorgan Chase TWD 26,820 USD 800 02/16/16 (1 )
Royal Bank of Canada USD 3,563 CZK 89,554 02/19/16 28  
Royal Bank of Canada USD 3,529 PLN 14,015 02/19/16 (94 )
Royal Bank of Canada USD 3,547 SGD 5,061 02/19/16 5  
Royal Bank of Canada USD 1,036 TRY 3,064 02/19/16 (5 )
Royal Bank of Canada USD 3,455 TRY 10,213 02/19/16 (17 )
Royal Bank of Canada CZK 26,866 USD 1,069 02/19/16 (9 )
Royal Bank of Canada HUF 309,947 USD 1,064 02/19/16 (15 )
Royal Bank of Canada PLN 4,205 USD 1,059 02/19/16 29  
Standard Chartered USD 310 ARS 5,441 11/23/16 15  
Standard Chartered USD 309 BRL 1,239 02/02/16 1  
Standard Chartered USD 315 BRL 1,275 02/02/16 3  
Standard Chartered USD 720 BRL 2,907 02/02/16 7  
Standard Chartered USD 773 BRL 3,126 02/02/16 8  
Standard Chartered USD 2,649 BRL 10,812 02/02/16 54  
Standard Chartered USD 2,862 BRL 11,675 02/02/16 57  
Standard Chartered USD 759 BRL 3,126 03/02/16 16  
Standard Chartered USD 210 COP 698,670 02/16/16 3  
Standard Chartered USD 336 COP 1,002,338 05/12/16 (35 )
Standard Chartered USD 1,301 EUR 1,190 02/16/16 (11 )
Standard Chartered USD 6,052 EUR 5,555 02/19/16 (31 )
Standard Chartered USD 52 IDR 722,841 02/16/16 1  
Standard Chartered USD 494 IDR 6,827,416 02/16/16 4  
Standard Chartered USD 608 INR 40,836 02/16/16 (8 )
Standard Chartered USD 6,077 JPY 712,950 02/19/16 (188 )
Standard Chartered USD 8,508 JPY 998,130 02/19/16 (262 )
Standard Chartered USD 1,019 MXN 18,380 02/16/16 (7 )
Standard Chartered USD 300 MYR 1,260 02/16/16 4  
Standard Chartered USD 685 MYR 2,847 02/16/16 3  
Standard Chartered USD 110 NGN 23,316 03/09/16 2  
Standard Chartered USD 596 NGN 155,228 03/09/16 149  
Standard Chartered USD 597 NGN 155,228 03/09/16 149  
Standard Chartered USD 950 NGN 239,400 04/07/16 133  
Standard Chartered USD 1,009 PLN 4,046 02/16/16 (18 )
Standard Chartered USD 1,113 PLN 4,552 02/16/16 2  
Standard Chartered USD 4,651 THB 169,649 02/16/16 95  
Standard Chartered USD 1,849 TRY 5,504 02/02/16 13  
Standard Chartered USD 1,162 TRY 3,541 02/16/16 31  
Standard Chartered BRL 1,239 USD 307 02/02/16 (3 )
Standard Chartered BRL 1,275 USD 314 02/02/16 (5 )
Standard Chartered BRL 2,907 USD 719 02/02/16 (8 )
Standard Chartered BRL 3,126 USD 766 02/02/16 (16 )
Standard Chartered COP 479,258 USD 145 02/16/16 (1 )
Standard Chartered DKK 12,437 USD 1,816 02/19/16 9  
Standard Chartered DKK 41,455 USD 6,052 02/19/16 32  
Standard Chartered EUR 1,398 PLN 6,110 02/16/16 (18 )
Standard Chartered IDR 653,329 USD 47 02/16/16 (1 )
Standard Chartered IDR 2,467,293 USD 179 02/16/16 (1 )
Standard Chartered IDR 3,586,682 USD 257 02/16/16 (5 )
Standard Chartered IDR 6,352,117 USD 459 02/16/16 (4 )
Standard Chartered IDR 14,492,616 USD 1,027 02/16/16 (30 )
Standard Chartered INR 44,304 USD 650 02/16/16 (1 )
Standard Chartered MXN 5,197 USD 282 02/16/16 (4 )
Standard Chartered MYR 3,019 USD 687 02/16/16 (42 )
Standard Chartered NGN 92,130 USD 370 04/07/16 (47 )
Standard Chartered PLN 5,708 EUR 1,270 02/16/16 (22 )
Standard Chartered PLN 4,552 USD 1,113 02/02/16 (2 )
Standard Chartered TRY 5,504 USD 1,841 02/16/16 (13 )
Standard Chartered TWD 26,820 USD 799 02/16/16 (1 )
State Street USD 1,774 AUD 2,584 02/19/16 54  
State Street USD 5,918 CAD 8,594 02/19/16 216  

 

See accompanying notes which are an integral part of this quarterly report.

134 Russell Global Opportunistic Credit Fund

 

Russell Investment Company
Russell Global Opportunistic Credit Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                    
Amounts in  thousands                      
                    Unrealized  
                    Appreciation  
      Amount     Amount     (Depreciation)  
Counterparty     Sold     Bought   Settlement Date $  
State Street USD 1,881 EUR   1,732   02/04/16 (5 )
State Street USD 3,218 EUR   2,978   02/04/16 9  
State Street USD 8,028 EUR   7,357   02/04/16 (57 )
State Street USD 1,787 NOK   15,919   02/19/16 46  
State Street USD 1,773 NZD   2,756   02/19/16 10  
State Street CAD 12,031 USD   8,286   02/19/16 (303 )
State Street CHF 220 USD   221   02/04/16 6  
State Street EUR 155,202 USD 168,921   02/04/16 783  
State Street EUR 13,650 USD   14,817   02/16/16 25  
State Street GBP 23,899 USD   34,869   02/04/16 815  
State Street NOK 53,064 USD   5,957   02/19/16 (154 )
State Street NOK 74,290 USD   8,340   02/19/16 (216 )
State Street SEK 15,410 USD   1,796   02/19/16 —  
UBS USD 350 BRL   1,434   02/02/16 9  
UBS USD 376 BRL   1,522   02/02/16 4  
UBS USD 731 BRL   2,957   02/02/16 8  
UBS USD 773 BRL   3,126   02/02/16 8  
UBS USD 760 BRL   3,126   03/02/16 15  
UBS USD 510 HUF 146,834   02/01/16 —  
UBS USD 1,325 HUF 381,405   02/01/16 —  
UBS USD 52 IDR 722,841   02/16/16 1  
UBS USD 608 INR   40,836   02/16/16 (8 )
UBS USD 787 INR   53,720   02/16/16 2  
UBS USD 738 MXN   13,400   02/03/16 1  
UBS USD 1,019 MXN   18,380   02/16/16 (7 )
UBS USD 3,330 MYR   14,703   02/16/16 219  
UBS USD 1,030 PLN   4,206   02/16/16 1  
UBS BRL 1,434 USD   355   02/02/16 (4 )
UBS BRL 1,522 USD   377   02/02/16 (4 )
UBS BRL 2,957 USD   736   02/02/16 (3 )
UBS BRL 3,126 USD   766   02/02/16 (16 )
UBS CLP 513,491 USD   700   02/16/16 (18 )
UBS EUR 1,397 PLN   6,110   02/16/16 (17 )
UBS HUF 100,613 USD   350   02/16/16 —  
UBS HUF 146,834 USD   509   03/31/16 (1 )
UBS HUF 381,405 USD   1,324   03/31/16 (2 )
UBS PEN 1,048 USD   303   02/16/16 2  
UBS PHP 6,935 USD   146   02/16/16 1  
UBS RON 2,468 USD   597   02/16/16 10  
UBS THB 41,896 USD   1,170   02/16/16 (2 )
UBS TRY 277 USD   90   02/16/16 (3 )
UBS TWD 78,484 USD   2,340   02/16/16 (3 )
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts             1,499  
 
Credit Default Swap Contracts                    
 
Amounts in thousands                      
 
Credit Indices                      
              Fund (Pays)/        
              Receives   Termination Fair Value  
Reference Entity Counterparty     Notional Amount Fixed Rate   Date $  
CDX Emerging Markets Index Morgan Stanley     USD 26,460 1.000 % 12/20/20 (3,082 )
CDX Emerging Markets Index Morgan Stanley     USD 28,420 1.000 % 12/20/20 (3,311 )
CDX NA High Yield Index Goldman Sachs     USD 37,000 5.000 % 12/20/20 (5 )
CDX NA High Yield Index Goldman Sachs     USD 29,000 5.000 % 12/20/20 (4 )
iTraxx Europe Index Morgan Stanley     EUR 13,000 5.000 % 12/20/20 783  
iTraxx Europe Index Morgan Stanley     EUR 13,000 5.000 % 12/20/20 784  
Total Fair Value on Open Credit Indices Premiums Paid (Received) - ($3,416)               (4,835 )

 

See accompanying notes which are an integral part of this quarterly report.

Russell Global Opportunistic Credit Fund 135

 

Russell Investment Company
Russell Global Opportunistic Credit Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Presentation of Portfolio Holdings                        
 
Amounts in thousands                          
              Fair Value            
Portfolio Summary   Level 1   Level 2   Level 3     Total
Long-Term Fixed Income Investments                          
Argentina $   — $   16,030 $   — $   16,030
Armenia     —     960     —     960
Azerbaijan     —     1,642     —     1,642
Bahrain     —     1,994     —     1,994
Belgium     —     1,534     —     1,534
Brazil     —     38,160     —     38,160
Canada     —     28,577     —     28,577
Cayman Islands     —     2,588     —     2,588
Chile     —     7,285     —     7,285
China     —     5,276     —     5,276
Colombia     —     23,016     —     23,016
Costa Rica     —     5,130     —     5,130
Croatia     —     13,883     —     13,883
Dominican Republic     —     9,810     —     9,810
Egypt     —     7,162     —     7,162
El Salvador     —     7,166     —     7,166
Ethiopia     —     860     —     860
France     —     30,667     —     30,667
Gabon     —     385     —     385
Germany     —     15,369     —     15,369
Ghana     —     4,576     —     4,576
Greece     —     2,796     —     2,796
Honduras     —     3,035     —     3,035
Hong Kong     —     3,801     —     3,801
Hungary     —     28,632     —     28,632
Indonesia     —     39,905     —     39,905
Iraq     —     3,002     —     3,002
Ireland     —     18,130     —     18,130
Israel     —     7,058     —     7,058
Italy     —     9,628     —     9,628
Ivory Coast     —     1,300     —     1,300
Jersey     —     4,847     —     4,847
Kazakhstan     —     12,837     —     12,837
Kenya     —     2,784     —     2,784
Lebanon     —     3,221     —     3,221
Lithuania     —     4,467     —     4,467
Luxembourg     —     66,100     —     66,100
Malaysia     —     28,871     —     28,871
Mexico     —     49,560     —     49,560
Mongolia     —     3,487     —     3,487
Morocco     —     1,200     —     1,200
Netherlands     —     40,757     —     40,757
Nigeria     —     939     —     939
Pakistan     —     11,754     —     11,754
Panama     —     8,284     —     8,284
Paraguay     —     5,002     —     5,002
Peru     —     7,717     —     7,717

 

See accompanying notes which are an integral part of this quarterly report.

136 Russell Global Opportunistic Credit Fund

 

Russell Investment Company
Russell Global Opportunistic Credit Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Presentation of Portfolio Holdings                          
 
Amounts in thousands                            
              Fair Value              
Portfolio Summary   Level 1   Level 2     Level 3     Total  
Philippines     —   7,898       —     7,898  
Poland     —   23,006       —     23,006  
Romania     —   11,889       —     11,889  
Russia     —   10,300       —     10,300  
Serbia     —   7,072       —     7,072  
Slovenia     —   4,472       —     4,472  
South Africa     —   33,497       —     33,497  
Sri Lanka     —   8,675       —     8,675  
Sweden     —   2,594       —     2,594  
Thailand     —   16,597       —     16,597  
Turkey     —   40,849       —     40,849  
Ukraine     —   9,654       —     9,654  
United Kingdom     —   62,344       —     62,344  
United States     —   532,446       5,502     537,948  
Venezuela, Bolivarian Republic of     —   19,116       —     19,116  
Viet Nam     —   1,634       —     1,634  
Common Stocks   — —     14   14  
Preferred Stocks   — 4     —   4  
Options Purchased   — 168     —   168  
Warrants & Rights   — —     —   —  
Short-Term Investments   — 171,152     —   171,152  
Total Investments   — 1,554,551     5,516   1,560,067  
 
Other Financial Instruments                            
Futures Contracts   3,202 —     —   3,202  
Foreign Currency Exchange Contracts   113 1,386     —   1,499  
Credit Default Swap Contracts   — (4,835 )   —   (4,835 )
Total Other Financial Instruments* $   3,315 $ (3,449 ) $   — $   (134 )

 

*  Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.

For a description of the Levels see note 2 in the Notes to Quarterly Report.
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to Quarterly
Report.
Investments in which significant unobservable inputs (Level 3) were used in determining a fair value for the period ended January 31,
2016 were less than 1% of net assets.

See accompanying notes which are an integral part of this quarterly report.

Russell Global Opportunistic Credit Fund 137

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Long-Term Investments - 85.5%         Series 2012-1A Class A2        
Asset-Backed Securities - 8.7%         0.727% due 02/18/20 (Ê)(Þ) 6,500 6,505
Access Group, Inc.         Series 2014-1 Class A        
Series 2003-A Class A2         0.547% due 03/16/20 (Ê) 1,820 1,816
1.225% due 07/01/38 (Ê) 1,384 1,370 Capital Auto Receivables Asset Trust        
Series 2004-2 Class A3         Series 2013-1 Class B        
0.510% due 10/25/24 (Ê) 3,700 3,220 1.290% due 04/20/18 900 899
Accredited Mortgage Loan Trust         Series 2014-1 Class A2        
Series 2006-1 Class A4         0.960% due 04/20/17 466 466
0.501% due 04/25/36 (Ê) 3,510 3,049 CarFinance Capital Auto Trust        
Series 2006-2 Class A4         Series 2014-1A Class A        
0.481% due 09/25/36 (Ê) 9,855 8,277 1.460% due 12/17/18 (Þ) 2,176 2,174
Ally Auto Receivables Trust         CarMax Auto Owner Trust        
Series 2013-1 Class A3         Series 2013-1 Class A3        
0.630% due 05/15/17 166 166 0.600% due 10/16/17 457 457
Ally Master Owner Trust         CCG Receivables Trust        
Series 2013-1 Class A2         Series 2013-1 Class A2        
Zero Coupon due 02/15/18 3,395 3,395 1.050% due 08/14/20 (Þ) 288 288
AmeriCredit Automobile Receivables         Series 2014-1 Class A2        
Trust         1.060% due 11/15/21 (Þ) 1,631 1,625
Series 2012-4 Class B         Centex Home Equity Loan Trust        
1.310% due 11/08/17 611 610 Series 2002-D Class AF4        
Series 2014-2 Class A2A         5.210% due 11/25/28 72 72
0.540% due 10/10/17 246 246 Series 2006-A Class AV4        
Series 2014-2 Class A2B         0.471% due 06/25/36 (Ê) 4,713 4,366
0.475% due 10/10/17 (Ê) 820 820 Chase Issuance Trust        
AMMC CDO         Series 2007-A2 Class A2        
Series 2015-16A Class A1         0.247% due 04/15/19 (Ê) 2,925 2,918
1.821% due 04/14/27 (Ê)(Þ) 550 540 Series 2014-A1 Class A1        
ARI Fleet Lease Trust         1.150% due 01/15/19 6,560 6,572
Series 2013-A Class A3         Series 2014-A2 Class A2        
0.920% due 07/15/21 (Þ) 2,956 2,951 2.770% due 03/15/23 6,750 7,013
Asset Backed Securities Corp. Home                  
 
Equity Loan Trust         Series 2014-A8 Class A8      
Series 2006-HE5 Class A5         0.447% due 11/15/18 (Ê)   10,500 10,502
 
0.461% due 07/25/36 (Ê) 8,729 7,201 Series 2015-A4 Class A      
BA Credit Card Trust         1.840% due 04/15/22   3,800 3,822
Series 2007-A1 Class A1         Series 2015-A7 Class A7        
5.170% due 06/15/19 9,150 9,513 1.620% due 07/15/20 400 403
Ballyrock CLO LLC         Chesapeake Funding LLC        
Series 2014-1A Class A1         Series 2014-1A Class A        
1.797% due 10/20/26 (Ê)(Þ) 670 655 0.615% due 03/07/26 (Ê)(Þ) 3,406 3,397
Bank of The West Auto Trust         Series 2014-1A Class C        
Series 2014-1 Class A3         1.395% due 03/07/26 (Ê)(Þ) 1,370 1,370
1.090% due 03/15/19 (Þ) 8,025 8,005 CIT Education Loan Trust        
Bear Stearns Second Lien Trust         Series 2007-1 Class A        
Series 2007-SV1A Class A2         0.416% due 03/25/42 (Ê)(Þ) 3,388 3,120
1.062% due 12/25/36 (Å)(Ê) 1,654 1,600 Citibank Credit Card Issuance Trust        
BMW Vehicle Owner Trust         Series 2006-A7 Class A7        
Series 2013-A Class A3         0.397% due 12/17/18 (Ê) 11,480 11,461
0.670% due 11/27/17 2,905 2,902 Series 2014-A3 Class A3        
BNC Mortgage Loan Trust         0.395% due 05/09/18 (Ê) 2,920 2,920
Series 2007-2 Class A5         Citigroup Mortgage Loan Trust, Inc.        
0.531% due 05/25/37 (Ê) 3,837 2,665 Series 2007-WFH1 Class A3        
Brazos Higher Education Authority, Inc.         0.371% due 01/25/37 (Ê) 1,856 1,828
Series 2010-1 Class A2         Series 2007-WFH1 Class A4        
1.529% due 02/25/35 (Ê) 5,000 4,904 0.421% due 01/25/37 (Ê) 7,880 7,338
Cabela's Credit Card Master Note Trust         CNH Equipment Trust        

 

See accompanying notes which are an integral part of this quarterly report.

138 Russell Strategic Bond Fund

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Series 2012-D Class A3         GM Financial Automobile Leasing Trust        
0.650% due 04/16/18 58 58 Series 2015-3 Class A3        
Conseco Finance Securitizations Corp.         1.690% due 03/20/19 3,060 3,064
Series 2001-4 Class A4         GMACM Home Equity Loan Trust        
7.360% due 08/01/32 1,538 1,656 Series 2007-HE2 Class A2        
Conseco Financial Corp.         6.054% due 12/25/37 2,998 2,925
Series 1997-7 Class A6         Series 2007-HE2 Class A3        
6.760% due 07/15/28 115 117 6.193% due 12/25/37 768 754
Countrywide Asset-Backed Certificates         Green Tree Financial Corp.        
Series 2006-S8 Class A3         Series 1994-1 Class A5        
5.555% due 04/25/36 2,928 2,909 7.650% due 04/15/19 81 83
Series 2007-4 Class A2         Greenpoint Manufactured Housing        
5.429% due 04/25/47 1,131 1,232 Series 1999-1 Class A5        
Credit-Based Asset Servicing and         6.770% due 08/15/29 2,825 2,751
Securitization LLC         Series 1999-3 Class 1A7        
Series 2003-CB6 Class M1         7.270% due 06/15/29 2,832 2,791
1.271% due 12/25/33 (Ê) 3,325 3,028 GSAA Trust        
DRB Prime Student Loan Trust         Series 2006-2 Class 2A3        
Series 2015-D Class A2         0.440% due 12/25/35 (Ê) 68 68
3.200% due 01/25/40 (Þ) 7,647 7,577 Series 2006-S1 Class 2M2        
Dryden 37 Senior Loan Fund         5.850% due 08/25/34 (Å) 3,918 3,302
Series 2015-37A Class A         GSAMP Trust        
1.821% due 04/15/27 (Ê)(Þ) 3,540 3,495  Series 2006-HE5 Class A2C        
Dryden XXV Senior Loan Fund         0.349% due 08/25/36 (Ê) 5,710 4,879
Series 2012-25A Class A         Hertz Vehicle Financing II, LP        
1.701% due 01/15/25 (Ê)(Þ) 4,000 3,947 Series 2015-2A Class A        
Education Loan Asset-Backed Trust I         2.020% due 09/25/19 (Þ) 5,305 5,290
Series 2013-1 Class B1         Hertz Vehicle Financing LLC        
1.221% due 11/25/33 (Ê)(Þ) 5,946 5,557 Series 2013-1A Class A1        
Enterprise Fleet Financing LLC         1.120% due 08/25/17 (Þ) 4,515 4,520
Series 2013-2 Class A2         Higher Education Funding I        
1.060% due 03/20/19 (Þ) 1,773 1,771 Series 2014-1 Class A        
Series 2014-1 Class A2         1.283% due 05/25/34 (Ê)(Þ) 2,932 2,844
0.870% due 09/20/19 (Þ) 982 979 Home Equity Asset Trust        
EquiFirst Mortgage Loan Trust         Series 2005-9 Class M1        
Series 2003-2 Class M2         0.580% due 04/25/36 (Ê) 2,977 2,412
2.771% due 09/25/33 (Ê) 1,436 1,357 Series 2006-3 Class M1        
Fannie Mae Grantor Trust         0.812% due 07/25/36 (Ê) 3,950 3,050
Series 2003-T4 Class 2A5                  
 
5.081% due 09/26/33 511 573 Series 2006-4 Class 2A4      
Federal Home Loan Mortgage Corp.         0.454% due 08/25/36 (Ê)   3,729 3,149
Structured Pass-Through Securities         Honda Auto Receivables Owner Trust        
Series 2000-30 Class A5         Series 2013-2 Class A3        
7.120% due 12/25/30 341 360 0.530% due 02/16/17 1,259 1,259
First Franklin Mortgage Loan Asset         Series 2014-2 Class A3        
Backed Certificates         0.770% due 03/19/18 1,685 1,683
Series 2006-FF18 Class A2B         Series 2015-2 Class A2        
0.331% due 12/25/37 (Ê) 8,584 5,316 0.690% due 08/21/17 1,396 1,395
First Investors Auto Owner Trust         Series 2015-3 Class A2        
Series 2014-3A Class A2         0.920% due 11/20/17 1,875 1,875
1.060% due 11/15/18 (Þ) 2,711 2,709 HSBC Home Equity Loan Trust        
Ford Credit Auto Owner Trust         Series 2007-1 Class AS        
Series 2013-A Class A3         0.366% due 03/20/36 (Ê) 2,418 2,408
0.550% due 07/15/17 322 322 HSI Asset Securitization Corp. Trust        
Series 2013-C Class A3         Series 2007-WF1 Class 2A4        
0.820% due 12/15/17 2,154 2,153 0.420% due 05/25/37 (Ê) 9,069 7,648
Series 2014-A Class A3         Hyundai Auto Receivables Trust        
0.790% due 05/15/18 5,393 5,389          

 

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Bond Fund 139

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Series 2013-A Class A3         Series 2006-NC3 Class A5        
0.560% due 07/17/17 682 682 0.431% due 10/25/36 (Ê) 6,638 3,729
Series 2013-C Class A3         Mercedes-Benz Auto Receivables Trust        
1.010% due 02/15/18 6,745 6,746 Series 2014-1 Class A2        
Series 2014-A Class A3         0.430% due 02/15/17 843 843
0.790% due 07/16/18 4,844 4,838 Mid-State Capital Corp. Trust        
Irwin Home Equity Loan Trust         Series 2005-1 Class A        
Series 2006-1 Class 2A3         5.745% due 01/15/40 1,884 2,022
5.770% due 09/25/35 3,241 3,275 MSCC Heloc Trust        
IXIS Real Estate Capital Trust         Series 2007-1 Class A        
Series 2006-HE1 Class A3         0.299% due 12/25/31 (Ê) 1,842 1,789
0.374% due 03/25/36 (Ê) 1,887 1,123 Nationstar Home Equity Loan Trust        
   Series 2006-HE1 Class A4         Series 2006-B Class M1        
0.474% due 03/25/36 (Ê) 5,127 3,127 0.752% due 09/25/36 (Ê) 5,340 3,832
   Series 2006-HE2 Class A3         Series 2007-A Class AV4        
0.359% due 08/25/36 (Ê) 666 263 0.652% due 03/25/37 (Ê) 4,290 3,605
        Navient Student Loan Trust        
   Series 2006-HE2 Class A4       Series 2014-1 Class A3        
0.430% due 08/25/36 (Ê)   5,505 2,234        
Series 2007-HE1 Class A3         0.680% due 06/25/31 (Ê)   6,465 6,140
        Series 2014-2 Class A        
0.582% due 05/25/37 (Ê)   7,171 2,425        
JGWPT XXX LLC         0.806% due 03/25/43 (Ê)   5,648 5,320
   Series 2013-3A Class A         Series 2014-3 Class A        
4.080% due 01/17/73 (Þ) 2,059 2,148 0.786% due 03/25/43 (Ê) 5,805 5,511
JGWPT XXXII LLC         Nelnet Student Loan Trust        
   Series 2014-2A Class A         Series 2014-4A Class A2        
3.610%  due 01/17/73 (Þ) 2,479 2,482 1.119% due 11/25/43 (Ê)(Þ) 3,225 2,941
JPMorgan Mortgage Acquisition Trust         Nissan Auto Receivables Owner Trust        
    Series 2006-WF1Class A4         Series 2013-C Class A3        
6.130% due 07/25/36 6,066 3,498 0.670% due 08/15/18 2,330 2,326
   Series 2007-CH2 Class (Ê)         Series 2014-A Class A3        
0.349% due 01/25/37 10,370 9,129 0.720% due 08/15/18 3,839 3,832
Lehman ABS Manufactured Housing         Panhandle-Plains Higher Education        
Contract Trust         Authority, Inc.        
    Series 2001-B Class A6         Series 2011-1 Class A3        
6.467% due 04/15/40 512 536 1.276% due 10/01/37 (Ê) 2,500 2,428
          Popular ABS Mortgage Pass-Through        
Series 2001-B Class M1                  
6.630% due 04/15/40 1,615 1,724 Series Trust 2006-C Class A4        
Lehman XS Trust         0.471% due 07/25/36 (Ê) 7,224 6,820
Series 2006-9 Class A1B                  
0.359% due 05/25/46 (Ê) 766 651 Series 2006-D Class A3      
          0.481% due 11/25/46 (Ê)   5,455 4,732
Series 2006-13 Class 1A2         Prestige Auto Receivables Trust        
0.369% due 09/25/36 (Ê) 798 713 Series 2013-1A Class A3        
Series 2006-19 Class A2         1.330% due 05/15/19 (Þ) 1,935 1,935
0.369% due 12/25/36 (Ê) 1,134 953 Series 2014-1A Class A3        
M&T Bank Auto Receivables Trust         1.520% due 04/15/20 (Þ) 3,360 3,353
Series 2013-1A Class A3         Purchasing Power Funding LLC        
1.060% due 11/15/17 (Þ) 1,764 1,764 Series 2015-A Class A1        
Mastr Asset Backed Securities Trust         3.500% due 12/15/19 (Þ) 3,080 3,069
Series 2005-NC2 Class A3         Renaissance Home Equity Loan Trust        
0.471% due 11/25/35 (Ê) 5,416 3,367 Series 2005-4 Class A3        
Series 2006-HE5 Class A3         5.565% due 02/25/36 106 105
0.359% due 11/25/36 (Ê) 3,794 2,302 Series 2006-1 Class AF3        
Series 2006-HE5 Class A4         5.608% due 05/25/36 70 45
0.441% due 11/25/36 (Å)(Ê) 1,076 659 Series 2006-1 Class AF6        
Series 2006-NC2 Class A4         5.746% due 05/25/36 1,511 1,009
0.349% due 08/25/36 (Ê) 11,242 5,131          

 

See accompanying notes which are an integral part of this quarterly report.

140 Russell Strategic Bond Fund

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Series 2006-2 Class AF2         Series 2008-9 Class A        
5.762% due 08/25/36 227 136 1.777% due 04/25/23 (Ê) 5,086 5,070
Series 2007-1 Class AF2         Series 2008-9 Class B        
5.512% due 04/25/37 4,631 2,276 2.484% due 10/25/29 (Ê) 1,300 1,226
Santander Drive Auto Receivables Trust         Series 2013-4 Class A        
Series 2013-1 Class B         0.720% due 06/25/27 (Ê) 2,542 2,464
1.160% due 01/15/19 198 198 SMB Private Education Loan Trust        
Series 2014-2 Class A3         Series 2015-A Class A3        
0.800% due 04/16/18 2,763 2,762 1.926% due 02/17/32 (Ê)(Þ) 6,125 5,818
Series 2014-4 Class B         SoFi Professional Loan Program LLC        
1.820% due 05/15/19 3,225 3,235 Series 2014-B Class A2        
Series 2015-4 Class A3         2.550% due 08/27/29 (Þ) 4,594 4,598
1.580% due 09/16/19 2,910 2,914 Soundview Home Loan Trust        
Saxon Asset Securities Trust         Series 2005-4 Class M2        
Series 2007-2 Class A2C         0.691% due 03/25/36 (Ê) 3,870 3,267
0.461% due 05/25/47 (Ê) 6,826 4,516 South Carolina Student Loan Corp.        
Scholar Funding Trust         Series 2015-A Class A        
Series 2012-B Class A2         1.927% due 01/25/36 (Ê) 2,980 2,714
1.332% due 03/28/46 (Ê)(Þ) 3,500 3,500 Structured Asset Investment Loan Trust        
Securitized Asset Backed Receivables         Series 2006-2 Class A3        
LLC Trust         0.354% due 04/25/36 (Ê) 2,704 2,393
Series 2007-BR4 Class A2B         Structured Asset Securities Corp.        
0.421% due 05/25/37 (Ê) 6,490 3,783 Mortgage Loan Trust        
   Series 2007-BR5 Class A2A         Series 2005-4XS Class 2A1A        
0.329% due 05/25/37 (Ê) 3,582 2,358 1.906% due 03/25/35 (Ê) 1,190 1,130
   Series 2007-NC1 Class A2C         Series 2006-BC6 Class A4        
0.431% due 12/25/36 (Ê) 1,746 934 0.369% due 01/25/37 (Ê) 5,190 4,387
SLM Private Education Loan Trust         Series 2006-WF3 Class A4        
Series 2010-A Class 2A         0.480% due 09/25/36 (Ê) 5,740 5,336
3.447% due 05/16/44 (Ê)(Þ) 6,330 6,533 Series 2007-BC1 Class A4        
SLM Student Loan Trust         0.329% due 02/25/37 (Ê) 9,815 8,582
Series 2004-8 Class B         SunTrust Student Loan Trust        
0.780% due 01/25/40 (Ê) 788 672 Series 2006-1A Class A4        
Series 2006-2 Class A6         0.423% due 10/28/37 (Ê)(Þ) 5,000 4,594
0.490% due 01/25/41 (Ê) 4,400 3,847 Synchrony Credit Card Master Note Trust        
    Series 2006-8 Class A6         Series 2014-1 Class A        
0.480% due 01/25/41 (Ê) 4,400 3,891 1.610% due 11/15/20 3,425 3,437
Series 2007-6 Class B         Toyota Auto Receivables Owner Trust        
        Series 2014-B Class A3        
1.170% due 04/27/43 (Ê)   1,280 1,098        
Series 2008-2 Class B         0.760% due 03/15/18   3,000 2,997
        Series 2014-C Class A2        
1.520% due 01/25/29 (Ê)   1,270 1,036        
Series 2008-3 Class A3         0.510% due 02/15/17   781 781
        Series 2015-B Class A2B        
1.320% due 10/25/21 (Ê)   4,937 4,839        
Series 2008-3 Class B         0.407% due 11/15/17 (Ê)   3,465 3,463
        Westlake Automobile Receivables Trust        
1.520% due 04/25/29 (Ê)   1,270 1,037 Series 2016-1A Class A2A        
Series 2008-4 Class B                
        1.820% due 01/15/19 (Þ)   1,720 1,720
2.084% due 04/25/29 (Ê)   1,290 1,170 Series 2016-1A Class A2B        
Series 2008-5 Class B                
        1.050% due 01/15/19 (Ê)(Þ)   1,725 1,726
2.084% due 07/25/29 (Ê)   1,290 1,197 World Financial Network Credit Card        
Series 2008-6 Class B         Master Trust        
2.084% due 07/25/29 (Ê) 1,290 1,185 Series 2014-A Class A        
Series 2008-7 Class B         0.577% due 12/15/19 (Ê) 3,525 3,525
2.084% due 07/25/29 (Ê) 1,295 1,128 World Omni Master Owner Trust        
Series 2008-8 Class B         Series 2013-1 Class A        
2.484% due 10/25/29 (Ê) 1,300 1,237 0.547% due 02/15/18 (Ê)(Þ) 7,075 7,075
                  509,017
          Corporate Bonds and Notes - 21.7%      

 

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Bond Fund 141

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
21st Century Fox America, Inc.         3.650% due 02/01/26 7,891 7,998
4.500% due 02/15/21 3,080 3,343 4.700% due 02/01/36 4,000 4,053
3.000% due 09/15/22 2,250 2,242 4.900% due 02/01/46 5,490 5,685
AbbVie, Inc.         Anheuser-Busch InBev Worldwide, Inc        
3.600% due 05/14/25 1,500 1,501     5.375% due 01/15/20 1,725 1,913
4.500% due 05/14/35 2,180 2,132 Anthem, Inc.        
ACE INA Holdings, Inc.         3.125% due 05/15/22 1,175 1,154
2.300% due 11/03/20 3,560 3,571 4.650% due 01/15/43 1,780 1,694
2.875% due 11/03/22 3,730 3,779 Apache Corp.        
AIG Global Funding         4.750% due 04/15/43 6,350 4,669
1.650% due 12/15/17 (Þ) 2,455 2,449 4.250% due 01/15/44 1,930 1,324
Albemarle Corp.         Apollo Management Holdings, (Þ) LP        
4.150% due 12/01/24 2,020 1,974 4.000% due 05/30/24 2,995 3,028
Series 30YR         Appalachian Power Co.         
5.450% due 12/01/44 3,885 3,700     4.450% due 06/01/45 2,300 2,243
Ally Financial, Inc.         Apple, IInc        
3.600% due 05/21/18 5,530 5,461     0.863%  due 05/03/18 10,416 10,388
3.250% due 11/05/18 3,070 3,008 Assurant, Inc.        
Altria Group, Inc.         2.500% due 03/15/18 4,473 4,493
4.000% due 01/31/24 1,800 1,905 AT&T, Inc.        
9.950% due 11/10/38 370 598 3.000% due 06/30/22 2,425 2,378
10.200% due 02/06/39 2,155 3,594 3.400% due 05/15/25 2,250 2,156
4.250% due 08/09/42 2,285 2,116 4.800% due 06/15/44 1,000 888
5.375% due 01/31/44 600 653 4.750% due 05/15/46 2,405 2,133
Amazon.com, Inc.         AutoNation, Inc.        
4.950% due 12/05/44 2,310 2,432 4.500% due 10/01/25 5,070 5,193
American Airlines Pass-Through Trust         Avaya, Inc.        
Series 2011-1 Class A         9.000% due 04/01/19 (Þ) 5,350 3,625
5.250% due 01/31/21 1,610 1,691 Axiall Corp.        
Series 2013-2 Class A         4.875% due 05/15/23 3,345 3,148
4.950% due 01/15/23 4,837 5,115 Bank of America Corp.        
Series 2014-1 Class B         5.750% due 12/01/17 3,495 3,717
4.375% due 10/01/22 2,172 2,139 5.875% due 01/05/21 1,075 1,214
American Express Credit Corp.                
        3.300% due 01/11/23   2,950 2,906
1.125% due 06/05/17   1,200 1,194        
Series F         3.875% due 08/01/25   1,175 1,187
 
2.600% due 09/14/20 8,170 8,220 Series MTNL      
American International Group, Inc.         5.650% due 05/01/18   3,500 3,755
6.400% due 12/15/20 8,455 9,854 Bank of America NA        
        Series BKNT        
3.875% due 01/15/35   1,500 1,236 5.300% due 03/15/17 4,165 4,317
4.375% due 01/15/55 2,918 2,347 0.637% due 06/15/17 (Ê) 4,175 4,135
8.175% due 05/15/58 1,350 1,757 6.100% due 06/15/17 2,000 2,115
American Tower Corp.                
        1.650% due 03/26/18   2,955 2,944
3.300% due 02/15/21   3,330 3,343        
Ameriprise Financial, Inc.         1.750% due 06/05/18   6,965 6,953
7.518% due 06/01/66 2,705 2,625 2.050% due 12/07/18 1,815 1,816
Anadarko Petroleum Corp.         BB&T Corp.        
6.375% due 09/15/17 5,000 5,050 1.197% due 06/15/18 (Ê) 4,000 4,002
 
6.950% due 06/15/19 1,675 1,695 Bellsouth Capital Funding Corp.      
        7.875% due 02/15/30   3,130 3,771
6.450% due 09/15/36   8,482 6,784 Berkshire Hathaway, Inc.         
4.500% due 07/15/44 2,680 1,783     4.500% due 02/11/43 1,100 1,106
Anheuser-Busch InBev Finance, Inc.                  
3.300% due 02/01/23 425 431 Biogen, Inc.        

 

See accompanying notes which are an integral part of this quarterly report.

142 Russell Strategic Bond Fund

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
2.900% due 09/15/20 6,085 6,128 3.700% due 01/12/26 2,985 2,978
Blue Cube Spinco, Inc.         4.450% due 09/29/27 6,780 6,692
10.000% due 10/15/25 (Þ) 8,205 8,861 0.943% due 08/25/36 (Ê) 2,250 1,711
BMW US Capital LLC                
        4.650% due 07/30/45   2,740 2,713
0.669% due 06/02/17 (Ê)   11,200 11,124 Series O        
Boardwalk Pipelines, LP                
        5.875% due 12/29/49 (ƒ)   3,830 3,720
4.950% due 12/15/24   3,000 2,540 Clear Channel Worldwide Holdings, Inc.        
Boston Properties, LP                  
5.625% due 11/15/20 1,020 1,148 6.500% Series B due 11/15/22 5,425 5,025
3.650% due 02/01/26 3,875 3,915 CNA Financial Corp.        
Burlington Northern Santa Fe LLC         5.875% due 08/15/20 1,650 1,844
3.050% due 03/15/22 2,100 2,131 7.250% due 11/15/23 1,850 2,215
3.400% due 09/01/24 9,390 9,418 Coca-Cola Enterprises, Inc.        
4.150% due 04/01/45 1,200 1,111 3.500% due 09/15/20 349 363
Capital One NA         Comcast Corp.        
2.350% due 08/17/18 3,365 3,374 3.600% due 03/01/24 3,925 4,113
Series BKNT         Commonwealth Edison Co.        
1.650% due 02/05/18 4,140 4,109 5.800% due 03/15/18 1,745 1,895
Cargill, Inc.         Compass Bank        
6.000% due 11/27/17 (Þ) 3,250 3,483 Series BKNT        
CBS Corp.         6.400% due 10/01/17 6,880 7,265
4.300% due 02/15/21 1,444 1,527 2.750% due 09/29/19 1,780 1,772
3.375% due 03/01/22 2,650 2,659 ConocoPhillips Co.        
CCO Safari II LLC         2.875% due 11/15/21 3,260 2,987
4.464% due 07/23/22 (Þ) 7,750 7,764 4.300% due 11/15/44 1,930 1,446
4.908% due 07/23/25 (Þ) 2,925 2,928 Continental Resources, Inc.        
6.384% due 10/23/35 (Þ) 3,230 3,245 4.900% due 06/01/44 750 406
Celgene Corp.         Credit Suisse        
    2.250% due 05/15/19 2,385 2,392 1.750% due 01/29/18 4,765 4,760
2.875% due 08/15/20 4,005 4,038 6.000% due 02/15/18 690 744
3.875% due 08/15/25 1,700 1,716 3.000% due 10/29/21 1,200 1,215
CF Industries, Inc.         Series GMTN        
    5.150% due 03/15/34 1,305 1,112 0.897% due 05/26/17 (Ê) 2,050 2,044
Chase Capital III         1.375% due 05/26/17 5,075 5,056
Series C         Crown Castle Towers LLC        
0.964% due 03/01/27 (Ê) 1,740 1,488 4.174% due 08/15/17 (Þ) 3,880 3,957
Chesapeake Energy Corp.         3.222% due 05/15/22 (Þ) 3,610 3,610
3.539% due 04/15/19 (Ê) 3,945 1,045 CSX Corp.        
5.375% due 06/15/21 1,560 406 4.250% due 06/01/21 3,075 3,300
4.875% due 04/15/22 2,755 730 CVS Health Corp.        
Chevron Corp.         2.800% due 07/20/20 2,195 2,230
2.355% due 12/05/22 3,450 3,296 3.875% due 07/20/25 3,565 3,685
 
CHS/Community Health Systems, Inc.       5.125% due 07/20/45 3,487 3,747
6.875% due 02/01/22   10,845 9,815 Daimler Finance NA LLC        
CIT Group, Inc.         2.000% due 08/03/18 (Þ) 6,020 5,992
6.625% due 04/01/18 (Þ) 3,155 3,335 DaVita HealthCare Partners, Inc.        
Citigroup, Inc.         5.000% due 05/01/25 1,400 1,377
1.850% due 11/24/17 5,715 5,712 DCP Midstream Operating, LP        
1.800% due 02/05/18 8,005 7,942 2.500% due 12/01/17 685 617
2.150% due 07/30/18 3,375 3,371 Delta Air Lines Pass-Through Trust        
        Series 2002-1 Class G-1        
2.400% due 02/18/20   800 792        
        6.718% due 01/02/23   2,659 3,005
4.500% due 01/14/22   2,400 2,584          

 

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Bond Fund 143

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Series 2007-1 Class A         Fifth Third Bank        
6.821% due 08/10/22 2,928 3,371 Series BKNT        
Devon Energy Corp.         2.875% due 10/01/21 2,900 2,938
5.850% due 12/15/25 8,863 8,278 First Data Corp.        
5.600% due 07/15/41 3,835 2,536 5.000% due 01/15/24 (Þ) 1,100 1,100
        First Union Capital II        
5.000% due 06/15/45   5,315 3,518 Series A        
DIRECTV Holdings LLC / DIRECTV                
Financing Co., Inc.         7.950% due 11/15/29   1,575 2,116
        FirstEnergy Transmission LLC        
4.600% due 02/15/21   1,950 2,068        
Discover Bank         5.450% due 07/15/44 (Þ)   907 948
Series BKNT         Ford Motor Credit Co. LLC        
3.100% due 06/04/20 2,000 2,009 4.250% due 02/03/17 9,500 9,700
DISH DBS Corp.         3.000% due 06/12/17 2,800 2,823
6.750% due 06/01/21 580 592 2.240% due 06/15/18 3,610 3,571
Dominion Resources, Inc.         2.551% due 10/05/18 7,900 7,852
4.450% due 03/15/21 3,075 3,317        
          2.459% due 03/27/20   3,000 2,920
Series B                
2.750% due 09/15/22 3,525 3,455 3.157% due 08/04/20   1,750 1,740
Duke Energy Carolinas LLC         3.200% due 01/15/21 5,030 4,990
 
4.250% due 12/15/41 100 102 Series FXD      
Duke Energy Corp.         2.145% due 01/09/18   6,395 6,375
 
3.050% due 08/15/22 5,600 5,581 Forest Laboratories LLC      
Duke Energy Progress LLC         5.000% due 12/15/21 (Þ)   3,950 4,330
 
4.100% due 03/15/43 1,545 1,536 FPL Energy Wind Funding LLC      
eBay, Inc.         6.876% due 06/27/17 (Þ)   245 237
 
0.821% due 07/28/17 (Ê) 6,190 6,116 Freeport-McMoRan, Inc.      
1.096% due 08/01/19 (Ê) 3,950 3,837 3.550% due 03/01/22   1,080 462
El Paso Natural Gas Co. LLC         3.875% due 03/15/23 3,095 1,269
 
7.500% due 11/15/26 1,425 1,427 Frontier Communications Corp.      
Enbridge Energy Partners, LP         11.000% due 09/15/25 (Þ)   6,895 6,645
 
5.875% due 10/15/25 1,000 938 General Electric Capital Corp.      
Energy Transfer Partners, LP         0.491% due 02/15/17 (Ê)   4,995 4,992
4.050% due 03/15/25 5,710 4,679 0.684% due 05/05/26 (Ê) 3,045 2,763
6.050% due 06/01/41 2,158 1,617 0.801% due 08/15/36 (Ê) 1,000 856
 
3.633% due 11/01/66 (Ê) 11,467 6,651 Series GMTN      
Enterprise Products Operating LLC         4.625% due 01/07/21   1,389 1,548
5.250% due 01/31/20 1,010 1,052 3.100% due 01/09/23 679 705
3.700% due 02/15/26 3,350 3,013 6.150% due 08/07/37 583 748
 
5.950% due 02/01/41 2,080 1,900 Series MTNA      
Series B         6.750% due 03/15/32   852 1,117
 
7.034% due 01/15/68 2,590 2,590 General Electric Co.      
Exelon Corp.         5.250% due 12/06/17   3,805 4,080
2.850% due 06/15/20 3,850 3,854 4.500% due 03/11/44 3,250 3,399
Express Scripts Holding Co.         General Mills, Inc.        
7.250% due 06/15/19 1,000 1,159 5.650% due 02/15/19 2,300 2,547
Exxon Mobil Corp.         General Motors Co.        
0.377% due 03/15/17 (Ê) 10,750 10,722 3.500% due 10/02/18 380 382
0.374% due 03/01/18 (Ê) 1,505 1,497 4.875% due 10/02/23 10,945 11,027
Farmers Exchange Capital         6.250% due 10/02/43 1,655 1,663
7.200% due 07/15/48 (Þ) 1,100 1,417 General Motors Financial Co., Inc.        
Farmers Exchange Capital II         3.450% due 04/10/22 1,500 1,441
6.151% due 11/01/53 (Þ) 4,000 4,411 Georgia-Pacific LLC        
Farmers Exchange Capital III         8.875% due 05/15/31 2,910 4,198
5.454% due 10/15/54 (Þ) 3,275 3,292 Gilead Sciences, Inc.        

 

See accompanying notes which are an integral part of this quarterly report.

144 Russell Strategic Bond Fund

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
2.550% due 09/01/20 6,655 6,739 Intel Corp.        
3.650% due 03/01/26 6,280 6,415 4.900% due 07/29/45 2,000 2,069
        International Business Machines Corp.        
4.750% due 03/01/46   100 102        
          0.491% due 02/06/18 (Ê)   4,785 4,772
Goldman Sachs Capital I 
    6.345% due 02/15/34 3,225 3,783 1.125% due 02/06/18 235 234
Goldman Sachs Group, Inc. (The)         0.684% due 02/12/19 (Ê) 3,000 2,990
6.250% due 09/01/17 5,310 5,648 International Lease Finance Corp.        
2.750% due 09/15/20 365 365 7.125% due 09/01/18 (Þ) 1,500 1,624
        IPALCO Enterprises, Inc.        
5.750% due 01/24/22   3,985 4,520        
        5.000% due 05/01/18   3,500 3,657
3.625% due 01/22/23   650 660 Jackson National Life Global Funding        
1.925% due 11/29/23 (Ê) 4,455 4,476 Series 144a        
3.750% due 05/22/25 425 427 2.600% due 12/09/20 (Þ) 1,670 1,681
 
4.250% due 10/21/25 4,640 4,625 Janus Capital Group, Inc.      
        4.875% due 08/01/25   3,410 3,536
6.750% due 10/01/37   2,302 2,657          
 
4.750% due 10/21/45 1,660 1,643 Johnson & Johnson 3,035 3,248
          5.550% due 08/15/17        
Series 10YR                  
 
3.500% due 01/23/25 990 976 JPMorgan Chase & Co. 3,050 3,432
          6.300% due 04/23/19        
Series D                
        2.750% due 06/23/20   2,755 2,769
6.000% due 06/15/20   1,875 2,105        
Series M         4.350% due 08/15/21   2,900 3,097
5.375% due 12/31/49 (ƒ) 2,925 2,855 3.375% due 05/01/23 1,325 1,289
Great Plains Energy, Inc.         4.250% due 10/01/27 2,525 2,517
5.292% due 06/15/22 3,785 4,228 4.950% due 06/01/45 740 740
Halliburton Co.         JPMorgan Chase Bank NA        
3.800% due 11/15/25 1,520 1,425 Series BKNT        
5.000% due 11/15/45 2,310 2,060 6.000% due 10/01/17 7,800 8,306
 
Harley-Davidson Financial Services, Inc       JPMorgan Chase Capital XIII        
2.250% due 01/15/19 (Þ)   2,320 2,340    Series M      
Harris Corp.         1.232% due 09/30/34 (Ê)   3,530 2,965
1.999% due 04/27/18 2,761 2,744 JPMorgan Chase Capital XXI        
          Series U        
 
HCP, Inc.       1.563% due 02/02/37 (Ê) 455 345
4.250% due 11/15/23   2,600 2,631 JPMorgan Chase Capital XXIII        
Series 7YR                
        1.362% due 05/15/47 (Ê)   8,880 6,664
4.000% due 12/01/22   1,100 1,111 Kinder Morgan, Inc.        
Health Care REIT, Inc.                
        3.050% due 12/01/19   2,260 2,092
6.125% due 04/15/20   1,720 1,946        
Hewlett Packard Enterprise Co.         4.300% due 06/01/25   770 669
 
2.450% due 10/05/17 (Þ) 9,000 9,017 KKR Group Finance Co. III LLC      
        5.125% due 06/01/44 (Þ)   4,840 4,801
4.900% due 10/15/25 (Þ)   6,100 5,806          
 
6.200% due 10/15/35 (Þ) 3,955 3,567 Kohl's Corp. 6,485 6,306
          4.250% due 07/17/25        
Howard Hughes Medical Institute                
        5.550% due 07/17/45   3,115 2,820
3.500% due 09/01/23   1,640 1,742          
 
HP, Inc.         Kraft Heinz Foods Co.      
        1.600% due 06/30/17 (Þ)   1,740 1,740
4.375% due 09/15/21   5,465 5,510        
HSBC Bank USA NA         2.800% due 07/02/20 (Þ)   1,290 1,299
Series BKNT         3.500% due 07/15/22 (Þ) 1,620 1,649
5.875% due 11/01/34 2,665 3,048 4.875% due 02/15/25 (Þ) 8,569 9,167
HSBC USA, Inc.         Lockheed Martin Corp.        
2.000% due 08/07/18 3,950 3,945 2.500% due 11/23/20 3,045 3,069
2.625% due 09/24/18 5,875 5,969 Manufacturers & Traders Trust Co.        
Indiantown Cogeneration, LP         Series BKNT        
Series A-10         1.400% due 07/25/17 5,600 5,588
9.770% due 12/15/20 (Å) 955 1,075 Marathon Oil Corp.        

 

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Bond Fund 145

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
3.850% due 06/01/25 9,735 6,970 6.625% due 10/15/25 (Þ) 1,170 1,214
5.200% due 06/01/45 7,375 4,543 New York Life Global Funding        
McDonald's Corp.         1.450% due 12/15/17 (Þ) 6,090 6,105
2.100% due 12/07/18 2,700 2,724 NextEra Energy Capital Holdings, Inc.        
        Series F        
3.700% due 01/30/26   3,015 3,048        
        2.056% due 09/01/17   2,000 2,008
4.875% due 12/09/45   1,750 1,768 NiSource Finance Corp.        
McGraw Hill Financial, Inc.                
Series WI         6.400% due 03/15/18   868 948
        Nissan Motor Acceptance Corp.        
3.300% due 08/14/20   3,344 3,427        
McKesson Corp.         0.884% due 03/03/17 (Ê)(Þ)   4,430 4,420
        Noble Energy, Inc.        
2.284% due 03/15/19   1,825 1,829        
Medco Health Solutions, Inc.         3.900% due 11/15/24   1,000 841
        Novartis Capital Corp.        
4.125% due 09/15/20   2,027 2,122        
Medtronic, Inc.         4.000% due 11/20/45   1,000 1,010
   Series WI         NVR, Inc.        
 
2.500% due 03/15/20 615 625 3.950% due 09/15/22 3,200 3,256
          Oncor Electric Delivery Co. LLC        
Merck & Co., Inc.
    0.724% due 05/18/18 (Ê) 11,425 11,431 6.800% due 09/01/18 7,750 8,654
          PACCAR Financial Corp.        
MetLife, Inc
    3.600% due 11/13/25 3,525 3,540 0.522% due 06/06/17 (Ê) 2,500 2,495
10.750% due 08/01/39 4,795 7,363 0.932% due 12/06/18 (Ê) 1,000 1,002
          Panhandle Eastern Pipe Line Co., LP        
Metropolitan Life Global Funding  I 
    2.500% due 12/03/20 (Þ) 1,000 1,002 8.125% due 06/01/19 3,542 3,621
          Penske Truck Leasing Co. Lp / PTL        
Microsoft Corp.                  
 
3.125% due 11/03/25 3,340 3,418 Finance Corp.      
        3.050% due 01/09/20 (Þ)   2,500 2,514
3.750% due 02/12/45   2,000 1,836 Pfizer, Inc.        
MidAmerican Energy Co.         0.512% due 05/15/17 (Ê) 7,095 7,078
3.500% due 10/15/24 1,500 1,562        
          0.637% due 06/15/18 (Ê)   1,448 1,444
Monongahela Power Co.                  
 
4.100% due 04/15/24 (Þ) 1,815 1,879 Philip Morris International, Inc.      
        2.900% due 11/15/21   5,575 5,744
5.400% due 12/15/43 (Þ)   1,850 2,091 Platform Specialty Products Corp.        
Morgan Stanley         10.375% due 05/01/21 (Þ) 3,060 2,853
5.550% due 04/27/17 2,450 2,566 PNC Bank NA        
2.450% due 02/01/19 7,975 8,004 Series BKNT        
3.875% due 01/27/26 6,270 6,341 1.850% due 07/20/18 5,585 5,602
3.950% due 04/23/27 2,790 2,693 2.700% due 11/01/22 5,180 5,122
        PNC Funding Corp.        
4.300% due 01/27/45   4,405 4,137        
Series GMTN         3.300% due 03/08/22   5,530 5,720
        Pricoa Global Funding I        
6.625% due 04/01/18   2,180 2,381        
        2.550% due 11/24/20 (Þ)   2,210 2,227
5.500% due 07/24/20   1,500 1,660 Principal Financial Group, Inc.        
Mutual of Omaha Insurance Co.                
        3.125% due 05/15/23   1,683 1,667
4.297% due 07/15/54 (Þ)   3,140 3,186 Procter & Gamble Co. (The)        
Mylan NV                
        0.886% due 11/01/19 (Ê)   5,000 4,985
3.000% due 12/15/18 (Þ)   2,980 2,986 Progress Energy, Inc.        
3.750% due 12/15/20 (Þ) 2,980 3,014 3.150% due 04/01/22 1,750 1,761
Mylan, Inc.         Protective Life Global Funding        
2.550% due 03/28/19 3,760 3,740 2.700% due 11/25/20 (Þ) 1,100 1,120
National City Bank         Prudential Financial, Inc.        
Series BKNT                
        3.500% due 05/15/24   3,375 3,344
0.702% due 06/07/17 (Ê)   3,075 3,056        
National Rural Utilities Cooperative         5.625% due 06/15/43   1,650 1,669
Finance Corp.         Public Service Co. of  New Mexico        
2.300% due 11/15/19 5,805 5,876 7.950% due 05/15/18 3,320 3,742
Neptune Finco Corp.         Quebecor World Capital Corp.        

 

See accompanying notes which are an integral part of this quarterly report.

146 Russell Strategic Bond Fund

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
4.875% due 01/02/49 (Þ)(Ø) 625 — 8.375% due 03/15/23 1,000 1,222
6.125% due 11/15/49 (Ø) 1,955 — Toyota Motor Credit Corp.        
QVC, Inc.         Series MTN        
    4.375% due 03/15/23 5,765 5,526 0.706% due 03/12/20 (Ê) 13,210 13,000
 Series WI         UBS AG        
5.450% due 08/15/34 2,040 1,650 1.375% due 06/01/17 3,700 3,697
Rayonier AM Products, Inc.         1.800% due 03/26/18 7,035 7,047
5.500% due 06/01/24 (Þ) 3,360 2,533 Union Pacific Railroad Co. Pass-Through        
Reliance Standard Life Global Funding         Trust        
          Series 06-1        
2.150% II due 10/15/18 (Þ) 2,345 2,343 5.866% due 07/02/30 899 1,042
        United Technologies Corp.        
2.500% due 01/15/20 (Þ)   3,070 3,090        
Republic Services, Inc.         3.100% due 06/01/22   1,800 1,862
        UnitedHealth Group, Inc.        
5.250% due 11/15/21   1,850 2,074        
        1.900% due 07/16/18   3,420 3,440
3.550% due 06/01/22   2,850 2,970        
          2.700% due 07/15/20   4,435 4,538
Reynolds American, Inc. 
    6.750% due 06/15/17 2,400 2,553 2.875% due 12/15/21 3,375 3,474
3.750% due 05/20/23 2,900 2,950 3.350% due 07/15/22 630 652
        Univision Communications, Inc.        
4.850% due 09/15/23   1,275 1,392        
        5.125% due 05/15/23 (Þ)   550 534
4.450% due 06/12/25   1,775 1,883 Unum Group        
5.850% due 08/15/45 5,340 5,923 4.000% due 03/15/24 3,410 3,439
Sabine Pass Liquefaction LLC         US Airways Pass-Through Trust        
Series WI         Series 2012-1 Class A        
5.750% due 05/15/24 3,470 3,045 5.900% due 10/01/24 2,610 2,897
SABMiller Holdings, Inc.         Series A Class A        
3.750% due 01/15/22 (Þ) 5,516 5,717 7.125% due 10/22/23 2,576 2,960
Samsung Electronics America, Inc.         US Bank NA        
1.750% due 04/10/17 (Þ) 3,160 3,166 Series BKNT        
Schlumberger Holdings Corp.         0.533% due 09/11/17 (Ê) 4,800 4,791
4.000% due 12/21/25 (Þ) 2,400 2,337 1.375% due 09/11/17 2,400 2,404
SL Green Realty Corp         US Bank NA        
7.750% due 03/15/20 2,300 2,711 Series BKNT        
SL Green Realty Corp.         0.919% due 01/26/18 (Ê) 250 249
5.000% due 08/15/18 505 533 USF&G Capital III        
Southern Power Co.         8.312% due 07/01/46 (Þ) 2,244 3,350
Series 15B         Valeant Pharmaceuticals International,Inc.        
2.375% due 06/01/20 1,775 1,740        
Sprint Capital Corp.         5.500% due 03/01/23 (Þ) 619 546
8.750% due 03/15/32 8,565 6,038 Valero Energy Corp.        
Sprint Communications, Inc.         4.900% due 03/15/45 40 32
9.000% due 11/15/18 (Þ) 1,500 1,530 Ventas Realty LP/CAP CRP        
Synchrony Financial         2.000% due 02/15/18 1,400 1,402
4.500% due 07/23/25 725 730 Verizon Communications, Inc.        
Sysco Corp.         0.733% due 06/09/17 (Ê) 661 659
3.750% due 10/01/25 1,850 1,904 1.350% due 06/09/17 5,255 5,249
Teachers Insurance & Annuity                
   Association of  America         2.086% due 09/14/18 (Ê)   600 613
 
4.375% due 09/15/54 (Þ) 200 202 3.650% due 09/14/18 1,970 2,062
Tenet Healthcare Corp.         3.000% due 11/01/21 2,925 2,943
3.837% due 06/15/20 (Ê)(Þ) 1,165 1,144 3.500% due 11/01/21 2,100 2,164
Series WI         5.050% due 03/15/34 5,814 5,669
6.750% due 06/15/23 7,805 7,220 Series WI        
Time Warner Cable, Inc.         4.272% due 01/15/36 2,520 2,249
8.250% due 04/01/19 2,000 2,303 4.862% due 08/21/46 2,550 2,365
Time Warner Entertainment Co., LP                  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Bond Fund 147

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair       Principal   Fair
    Amount ($)   Value   Amount ($)   Value
    or Shares   $       or Shares   $
4.672% due 03/15/55 3,502 2,945 7.750% due 05/15/22 (Þ)   4,250 3,963
Viacom, Inc.         Arbor Realty Collateralized Loan          
3.125% due 06/15/22 2,080 1,942 Obligation, Ltd.          
        Series 2014-1A Class A          
5.850% due 09/01/43   5,482 4,615          
          1.946% due 05/15/24 (Ê)(Þ)     1,000 991
Visa, Inc.                    
3.150% due 12/14/25 1,005 1,022 ArcelorMittal        
          5.500% due 02/25/17     1,220 1,193
Series 7YR                  
        6.125% due 06/01/18     2,820 2,566
2.800% due 12/14/22   950 968          
Wachovia Capital Trust III         6.125% due 06/01/25     5,650 4,096
        Ardagh Packaging Finance PLC /          
5.570% due 03/29/49 (Ê)(ƒ)   3,440 3,285 Ardagh Holdings USA, Inc.          
Wachovia Corp.                  
        3.337% due 12/15/19 (Ê)(Þ)     550 526
0.607% due 06/15/17 (Ê)   5,495 5,465            
 
WEA Finance LLC / Westfield UK &         AstraZeneca PLC        
Europe Finance PLC         2.375% due 11/16/20     2,110 2,116
3.250% due 10/05/20 (Þ) 1,025 1,044 3.375% due 11/16/25   875 879
Wells Fargo & Co.         Avago Technologies Cayman, Ltd. Term          
        Loan B          
0.716% due 06/02/17 (Ê)   10,930 10,875          
        3.750% due 11/06/22     3,015 2,965
3.500% due 03/08/22   4,890 5,109            
4.125% due 08/15/23 1,675 1,752 Bank Series of Montreal 3FRN          
3.900% due 05/01/45 2,500 2,281 0.644% due 04/10/18 (Ê)   800 795
Series GMTN         Series YCD          
2.600% due 07/22/20 5,385 5,432 1.012% due 12/08/17 (Ê)(~)   7,625 7,625
 
4.300% due 07/22/27 2,885 2,967 Barclays PLC        
Welltower, Inc.         2.000% due 03/16/18     4,250 4,245
4.950% due 01/15/21 650 706 2.750% due 11/08/19   3,435 3,445
5.250% due 01/15/22 2,500 2,734 3.250% due 01/12/21   5,925 5,953
Williams Cos., Inc. (The)         4.375% due 01/12/26   5,915 5,971
7.875% due 09/01/21 458 383 Barrick Gold Corp.          
Williams Partners, LP         4.100% due 05/01/23   2,362 2,031
4.300% due 03/04/24 705 525 5.250% due 04/01/42   1,540 1,033
5.100% due 09/15/45 3,905 2,530 BAT International Finance PLC          
Williams Partners, LP / Williams         2.125% due 06/07/17 (Þ)   1,952 1,968
Partners Finance Corp.                  
        2.750% due 06/15/20 (Þ)     2,875 2,930
7.250% due 02/01/17   2,105 2,103          
Wm Wrigley Jr Co.         3.500% due 06/15/22 (Þ)     830 867
2.000% due 10/20/17 (Þ) 2,355 2,362 Berkshire Hathaway, Inc.          
ZFS Finance USA Trust II         0.750% due 03/16/23 EUR 1,010 1,064
 
6.450% due 12/15/65 (Þ) 4,650 4,656 BHP Billiton Finance USA, Ltd.        
ZFS Finance USA Trust V         6.750% due 10/19/75 (Þ)     5,320 5,001
 
6.500% due 05/09/37 (Þ) 5,977 6,010 BP Capital Markets PLC        
        1,265,311 3.506% due 03/17/25     1,425 1,373
 
International Debt - 7.1%         Braskem Finance, Ltd.        
Abbey National Treasury Services PLC       6.450% due 02/03/24     2,375 2,084
2.350% due 09/10/19   3,250 3,272 British Telecommunications PLC          
Actavis Funding SCS         2.350% due 02/14/19   915 921
3.450% due 03/15/22 1,925 1,954 Caisse Centrale Desjardins          
3.800% due 03/15/25 7,950 8,066 0.682% due 03/27/17 (Ê)(Þ)   9,785 9,769
        Canadian Imperial Bank of Commerce          
4.750% due 03/15/45   100 100          
AerCap Ireland Capital, Ltd. / AerCap         0.508% due 02/21/17 (Ê)     8,000 7,977
Global Aviation Trust         CDP Financial, Inc.          
4.625% due 07/01/22 3,670 3,569 5.600% due 11/25/39 (Þ)   2,480 3,049
Series WI         Colombia Government International          
        Bond          
5.000% due 10/01/21   1,160 1,160          
Altice Luxembourg SA         4.375% due 07/12/21     1,535 1,539

 

See accompanying notes which are an integral part of this quarterly report.

148 Russell Strategic Bond Fund

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
  Amount ($)   Value   Amount ($)   Value
    or Shares   $     or Shares   $
Cooperatieve Centrale Raiffeisen-           Series 144a          
Boerenleenbank BA           8.000% due 12/29/49 (ƒ)(Þ)   7,055 7,224
4.625% due 12/01/23   3,425 3,548 Limerock CLO II, Ltd.          
Cooperatieve Rabobank UA           Series 2014-2A Class A          
5.250% due 08/04/45   2,450 2,570 1.817% due 04/18/26 (Ê)(Þ)   3,540 3,472
11.000% due 06/29/49 (ƒ)(Þ)   4,813 5,861 Lloyds Bank PLC          
Credit Agricole SA           2.300% due 11/27/18   2,695 2,722
8.125% due 12/31/49 (ƒ)(Þ)   4,060 4,058 Lloyds Banking Group PLC          
Credit Suisse Group Funding Guernsey,           7.500% due 12/31/49 (ƒ)   4,380 4,533
Ltd.           Macquarie Bank, Ltd.          
3.125% due 12/10/20 (Þ) 12,300 12,337 1.249% due 10/27/17 (Ê)(Þ)   2,205 2,194
Series WI           Magnetite XII, Ltd.          
3.800% due 09/15/22   2,000 2,023 Series 2015-12A Class A          
Deutsche Telekom International Finance           1.821% due 04/15/27 (Ê)(Þ)   1,500 1,479
BV                      
2.250% due 03/06/17 (Þ)   6,160 6,208 Marfrig Overseas, Ltd.   4,056 3,944
            9.500% due 05/04/20 (Þ)          
Electricite de France SA                      
4.875% due 01/22/44 (Þ)   1,535 1,508 Mexico Government International Bond   3,000 3,037
            4.000% due 10/02/23          
Ensco PLC                      
4.700% due 03/15/21   6,205 4,126 Morgan Series Stanley GMTN          
5.750% due 10/01/44   3,265 1,861 1.750% due 01/30/25 EUR 1,705 1,836
GE Capital International Funding Co.           Noble Holding International, Ltd.          
2.342% due 11/15/20 (Þ)   3,936 3,950 3.950% due 03/15/22   1,285 652
3.373% due 11/15/25 (Þ)   1,766 1,816 5.950% due 04/01/25   1,220 614
4.418% due 11/15/35 (Þ)   3,862 3,965 Nokia OYJ          
General Electric Capital Corp.           6.625% due 05/15/39   4,411 4,477
Series REGS           Perrigo Co. PLC          
5.500% due 09/15/67 EUR 900 1,038 2.300% due 11/08/18   3,255 3,226
Global Finance II SRL           Peruvian Government International Bond           
    Series SC 2014-1A Class A2               6.550% due 03/14/37   675 778
3.090% due 07/17/29 (Þ)   1,828 1,801 Petrobras Global Finance BV          
Grupo Televisa SAB           6.250% due 03/17/24   9,990 7,228
6.125% due 01/31/46   2,220 2,195 Petroleos de Venezuela SA          
HBOS PLC           5.375% due 04/12/27   2,030 589
Series GMTN                      
6.750% due 05/21/18 (Þ)   9,920 10,841 Series REGS 16,285 4,786
            6.000% due 11/15/26          
HSBC Bank PLC                      
7.650% due 05/01/25   830 1,077 Petroleos Mexicanos   2,125 1,992
            4.875% due 01/24/22          
Hutchison Ltd. Whampoa International 14,           4.500% due 01/23/26 (Þ)   2,875 2,472
3.625% due 10/31/24 (Þ)   2,475 2,498 6.875% due 08/04/26 (Þ)   4,145 4,218
ING Bank NV           5.500% due 06/27/44   2,305 1,738
3.750% due 03/07/17 (Þ)   2,125 2,177 5.625% due 01/23/46 (Þ)   5,005 3,854
4.125% due 11/21/23   2,000 2,029 Philip Morris International, Inc.          
Intelsat Jackson Holdings SA           Series EMTn          
7.250% due 04/01/19   5,960 5,409 2.875% due 03/03/26 EUR 3,900 4,756
Intesa Sanpaolo SpA           Philippine Government International          
 
2.375% due 01/13/17   2,570 2,580 Bond        
          4.200% due 01/21/24     2,200 2,445
5.017% due 06/26/24 (Þ)     2,785 2,671            
 
5.710% due 01/15/26 (Þ)   3,810 3,743 Poland Government International Bond   1,250 1,384
            5.125% due 04/21/21          
KFW                      
4.000% due 01/27/20   8,525 9,344 Prologis, LP          
            1.375% due 05/13/21 EUR 3,275 3,487
Kinder Morgan, Inc.           Province of Ontario Canada          
1.500% due 03/16/22 EUR 950 878 3.000% due 07/16/18   6,925 7,206
LBG Capital No.1 PLC                    
            3.200% due 05/16/24     2,750 2,911

 

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Bond Fund 149

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Province of Quebec Canada         3.800% due 10/01/20 1,900 1,920
0.666% due 09/04/18 (Ê) 2,355 2,348 Transocean, Inc.        
3.500% due 07/29/20 465 500 3.000% due 10/15/17 7,834 6,659
2.625% due 02/13/23 550 560 4.300% due 10/15/22 7,550 3,643
Rio Tinto Finance USA, Ltd.         6.800% due 03/15/38 1,550 728
Royal Bank of Canada         Turkey Government International Bond         
    3.750% due 06/15/25 2,286 2,051     5.750% due 03/22/24 3,015 3,223
Series GMTN         Tyco Electronics Group SA         
0.546% due 10/13/17 (Ê) 3,489 3,474     6.550% due 10/01/17 2,425 2,614
4.650% due 01/27/26 5,350 5,359 UBS Group Funding Jersey, Ltd.        
Royal Bank of Scotland Group PLC         4.125% due 09/24/25 (Þ) 3,960 3,967
6.400% due 10/21/19 1,000 1,116 Vale Overseas, Ltd.        
Royal Bank of Scotland PLC (The)         6.875% due 11/21/36 2,305 1,454
Series REGS         Validus Holdings, Ltd.         
9.500% due 03/16/22 2,825 3,008     8.875% due 01/26/40. 2,273 2,922
Santander Issuances SAU         Voya CLO, Ltd.        
5.179% due 11/19/25 3,800 3,595     Series 2014-4A Class A1        
Santander UK Group Holdings PLC         1.821% due 10/14/26 (Ê)(Þ) 1,750 1,710
Series REGS         Weatherford International, Ltd.         
4.750% due 09/15/25 1,475 1,464     5.125% due 09/15/20 4,793 3,415
Seagate HDD Cayman                
        4.500% due 04/15/22   4,585 3,015
5.750% due 12/01/34 (Þ)   3,091 2,100          
                  414,008
Shell International Finance BV          Loan Agreements - 0.5%        
    2.000% due 11/15/18 2,360 2,352 Avago Technologies Cayman, Ltd.Term        
2.250% due 01/06/23 925 856 Loan        
3.250% due 05/11/25 6,945 6,642 3.750% due 05/06/21 (Ê) 2,975 2,970
        FCA US LLC Term Loan B        
4.375% due 05/11/45   1,000 927        
Sirius International Group, Ltd.         3.500% due 05/24/17 (Ê)   3,953 3,935
        First Data Corp. Term Loan        
7.506% due 05/29/49 (ƒ)(Þ)   4,170 4,176        
Sky PLC         3.697% due 03/24/18 (Ê)   4,050 3,993
        HCA, Inc. Term Loan B4        
6.100% due 02/15/18 (Þ)   4,670 5,032        
        3.077% due 05/01/18 (Ê)   2,845 2,840
3.750% due 09/16/24 (Þ)   1,331 1,323 MacDermid, Inc. 1st Lien Term Loan        
SMART ABS Series Trust                
Series 2015-3US Class A3A         4.500% due 06/07/20 (Ê)   5,850 5,414
        Numericable US LLC 1st Lien Term        
1.660% due 08/14/19   3,595 3,589 Loan B2        
South Africa Government International                
Bond         4.500% due 05/21/20 (Ê)   1,791 1,721
        Numericable US LLC 1st Lien Term        
4.665% due 01/17/24   800 779 Loan B1        
Statoil ASA                
        4.500% due 05/21/20 (Ê)   2,070 1,989
3.150% due 01/23/22   1,600 1,597 Sungard Availability Services Capital,        
Suncor Energy, Inc.         Inc. Covenant-Lite 1st Lien Term        
5.950% due 12/01/34 2,690 2,485 Loan B        
Teck Resources, Ltd.         6.000% due 03/31/19 (Ê) 2,869 2,371
4.750% due 01/15/22 2,015 1,103 T-Mobile USA, Inc. 1st Lien Term Loan        
        B        
3.750% due 02/01/23   9,030 4,809        
          3.500% due 11/09/22 (Ê)   2,590 2,591
 
Toronto-Dominion Bank (The)       Valeant Pharmaceuticals International,        
1.461% due 01/22/19 (Ê)   5,135 5,142 Inc. 1st Lien Term Loan E        
Series GMTN         3.750% due 08/05/20 (Ê) 764 734
2.500% due 12/14/20 4,215 4,248         28,558
Total Capital SA         Mortgage-Backed Securities - 26.5%      
2.125% due 08/10/18 3,300 3,308 1211 Avenue of the Americas Trust        
Trade MAPS 1, Ltd.         Series 2015-1211 Class A1A2        
Series 2013-1A Class A         3.901% due 08/10/35 (Þ) 6,120 6,412
0.895% due 12/10/18 (Ê)(Þ) 6,410 6,373 Adjustable Rate Mortgage Trust        
TransCanada PipeLines, Ltd.                  

 

See accompanying notes which are an integral part of this quarterly report.

150 Russell Strategic Bond Fund

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Series 2006-1 Class 2A1         Series 2004-I Class 2A2        
3.524% due 03/25/36 (Ê) 654 491 2.877% due 10/25/34 (Ê) 58 57
Alternative Loan Trust         Series 2005-H Class 2A5        
Series 2005-85CB Class 2A2         2.848% due 09/25/35 (Ê) 1,701 1,555
5.500% due 02/25/36 13 13 Banc of America Mortgage Trust        
Series 2005-J13 Class 2A7         Series 2005-D Class 2A7        
5.500% due 11/25/35 523 481 2.726% due 05/25/35 (Ê) 1,294 1,207
Series 2006-13T1 Class A3         Banc of America Re-REMIC Trust        
6.000% due 05/25/36 3,196 2,713 Series 2010-UB5 Class A4A        
Series 2006-OA1 Class 2A1         5.649% due 02/17/51 (Þ) 2,227 2,234
0.417% due 03/20/46 1,269 953 BCAP LLC Trust        
    Series 2007-8CB Class A1         Series 2009-RR11 Class 7A1        
5.500% due 05/25/37 2,674 2,267 2.551% due 02/26/36 (Ê)(Þ) 793 790
   Series 2007-15CB Class A5         Series 2010-RR7 Class 3A1        
5.750% due 07/25/37 452 402 2.538% due 08/26/35 (Ê)(Þ) 1,663 1,647
   Series 2007-15CB Class A7         Series 2011-R11 Class 15A1        
6.000% due 07/25/37 1,282 1,160 2.735% due 10/26/33 (Ê)(Þ) 3,040 3,070
American Home Mortgage Investment         Series 2011-R11 Class 20A5        
Trust         2.736% due 03/26/35 (Ê)(Þ) 1,234 1,238
Series 2007-4 Class A2         Bear Stearns Adjustable Rate Mortgage        
0.411% due 08/25/37 (Ê) 352 347 Trust        
 Banc of America Alternative Loan Trust         Series 2003-8 Class 4A1        
    Series 2005-5 Class 2CB1         2.832% due 01/25/34 (Ê) 140 140
6.000% due 06/25/35 319 299 Series 2004-5 Class 2A        
Banc of America Commercial Mortgage         3.109% due 07/25/34 (Ê) 657 655
Trust         Series 2004-10 Class 22A1        
Series 2006-6 Class AJ         3.023% due 01/25/35 (Ê) 199 192
5.421% due 10/10/45 2,290 2,283 Series 2005-12 Class 13A1        
Series 2007-2 Class AM         3.634% due 02/25/36 (Ê) 157 147
5.797% due 04/10/49 1,490 1,535 Bear Stearns Commercial Mortgage        
Series 2007-3 Class AJ         Securities Trust        
5.730% due 06/10/49 2,530 2,525 Series 2005-T20 Class E        
Series 2015-UBS7 Class A4         5.342% due 10/12/42 170 170
3.705% due 09/15/48 80 83 Series 2006-T22 Class AJ        
Banc of America Funding Trust         5.816% due 04/12/38 75 75
Series 2005-8 Class 1A1         Series 2007-PW15 Class A4        
5.500% due 01/25/36 2,389 2,395 5.331% due 02/11/44 230 235
Series 2006-3 Class 5A8         Series 2007-PW16 Class A4        
5.500% due 03/25/36 1,304 1,227 5.912% due 06/11/40 39 41
Series 2006-F Class 1A2         Series 2007-PW17 Class A4        
2.706% due 07/20/36 (Ê) 95 71 5.694% due 06/11/50 512 533
Banc of America Merrill Lynch         Bear Stearns Structured Products, Inc.        
Commercial Mortgage, Inc.         Series 2007-R6 Class 1A1        
Series 2005-3 Class AM         2.599% due 01/26/36 (Ê) 1,387 1,139
4.727% due 07/10/43 104 104 Series 2007-R6 Class 2A1        
Series 2007-5 Class A4         2.478% due 12/26/46 (Ê) 1,304 972
5.492% due 02/10/51 440 457 BHMS Mortgage Trust        
Series 2008-1 Class A4         Series 2014-ATLS Class AFL        
6.424% due 02/10/51 1,247 1,325 1.693% due 07/05/33 (Ê)(Þ) 1,215 1,204
Banc of America Mortgage Securities,         Series 2014-ATLS Class BFX        
Inc.                
Series 2004-1 Class 5A1         4.241% due 07/05/33 (Þ)   2,745 2,730
        CD Mortgage Trust        
6.500% due 09/25/33   11 11 Series 2006-CD2 Class AM        
Series 2004-11 Class 2A1                
        5.592% due 01/15/46   532 531
5.750% due 01/25/35   368 375 CFCRE Commercial Mortgage Trust        
Series 2004-F Class 1A1         Series 2011-C2 Class C        
2.677% due 07/25/34 (Ê) 288 292 5.569% due 12/15/47 (Þ) 860 934

 

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Bond Fund 151

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Series 2016-C3 Class A3         Series 2007-CD4 Class A4        
3.865% due 01/10/48 6,630 6,921 5.322% due 12/11/49 263 268
CGCMT Trust         COBALT CMBS Commercial Mortgage        
Series 2009-RR1 Class MA4A         Trust        
 
5.485% due 03/17/51 (Þ) 400 412 Series 2006-C1 Class AM      
CHL Mortgage Pass-Through Trust         5.254% due 08/15/48   110 111
Series 2004-11 Class 2A1         Commercial Mortgage Pass-Through        
        Certificates        
2.288% due 07/25/34 (Ê)   1,864 1,845 Series 2014-CR14 Class XA        
Series 2004-22 Class A3         Interest Only STRIP        
2.643% due 11/25/34 (Ê) 854 806 1.019% due 02/10/47 1,615 65
Series 2006-1 Class A2         Series 2015-CR27 Class A4        
6.000% due 03/25/36 438 398 3.612% due 10/10/48 265 273
Series 2006-14 Class A4         Series 2015-CR27 Class B        
6.250% due 09/25/36 2,674 2,525 4.361% due 10/10/48 1,375 1,385
Series 2006-21 Class A8         Series 2015-CR27 Class D        
5.750% due 02/25/37 1,993 1,869 3.472% due 10/10/48 (Þ) 235 155
Series 2007-4 Class 1A10         Commercial Mortgage Trust        
6.000% due 05/25/37 4,708 4,203 Series 2001-J2A Class E        
Series 2007-5 Class A51         7.160% due 07/16/34 (Þ) 2,100 2,151
5.750% due 05/25/37 1,983 1,877 Series 2005-LP5 Class D        
Series 2007-9 Class A11         4.894% due 05/10/43 1,709 1,707
5.750% due 07/25/37 1,182 1,112 Series 2007-GG11 Class A4        
Series 2007-9 Class A13         5.736% due 12/10/49 1,088 1,133
5.750% due 07/25/37 805 760 Series 2007-GG11 Class AJ        
Citigroup Commercial Mortgage Trust         6.254% due 12/10/49 2,642 2,618
Series 2013-375P Class A         Series 2008-LS1 Class A4B        
3.251% due 05/10/35 (Þ) 3,760 3,784 6.228% due 12/10/49 1,146 1,185
Series 2014-GC19 Class D         Series 2010-RR1 Class GEA        
5.063% due 03/10/47 (Þ) 110 91 5.543% due 12/11/49 (Þ) 7,300 7,444
Series 2014-GC23 Class A4         Series 2012-CR4 Class A3        
3.622% due 07/10/47 7,225 7,525 2.853% due 10/15/45 688 695
Series 2015-GC29 Class A3         Series 2012-CR4 Class XA        
2.935% due 04/10/48 80 79 2.091% due 10/15/45 472 40
Series 2015-GC29 Class A4         Series 2012-CR5 Class A3        
3.192% due 04/10/48 110 110 2.540% due 12/10/45 10 10
Series 2015-GC29 Class D         Series 2013-300P Class A1        
3.110% due 04/10/48 (Þ) 520 335 4.353% due 08/10/30 (Þ) 950 1,028
Series 2015-GC29 Class XA         Series 2013-CR6 Class A4        
1.314% due 04/10/48 1,122 83 3.101% due 03/10/46 115 117
Series 2015-GC31 Class A4         Series 2013-CR7 Class A1        
3.762% due 06/10/48 225 235 0.716% due 03/10/46 2,847 2,829
Series 2015-GC35 Class A4         Series 2013-CR8 Class A5        
3.818% due 11/10/48 170 178 3.612% due 06/10/46 185 194
Citigroup Mortgage Loan Trust, Inc.         Series 2013-CR9 Class A3        
Series 2004-UST1 Class A5                
        4.022% due 07/10/45   155 167
2.044% due 08/25/34 (Ê)   3,103 3,048 Series 2013-CR9 Class A4        
Series 2005-11 Class A2A                
        4.376% due 07/10/45   760 831
2.730% due 10/25/35 (Ê)   93 92 Series 2014-CR15 Class A4        
Series 2007-AR8 Class 2A1A                
        4.074% due 02/10/47   90 97
2.799% due 07/25/37 (Ê)   1,312 1,226 Series 2014-CR19 Class A5        
Series 2012-7 Class 10A2                
        3.796% due 08/10/47   75 79
2.729% due 09/25/36 (Ê)(Þ)   2,194 1,955          
 
Citigroup/Deutsche Bank Commercial         Series 2014-CR21 Class A3      
Mortgage Trust         3.528% due 12/10/47   300 308
Series 2005-CD1 Class C         Series 2014-KYO Class F        
5.473% due 07/15/44 90 90 3.697% due 06/11/27 (Ê)(Þ) 3,330 3,293

 

See accompanying notes which are an integral part of this quarterly report.

152 Russell Strategic Bond Fund

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Series 2014-UBS4 Class A5         Series 2007-2 Class 3A4        
3.694% due 08/10/47 310 320 5.500% due 03/25/37 2,224 2,044
Series 2015-3BP Class A         CSMC Trust        
3.178% due 02/10/35 (Þ) 1,030 1,030 Series 2014-USA Class A2        
Series 2015-CR23 Class A4         3.953% due 09/15/37 (Þ) 2,970 3,107
3.497% due 05/10/48 305 312 DBCCRE Mortgage Trust        
   Series 2015-CR24 Class A5         Series 2014-ARCP Class C        
3.696% due 08/10/55 90 93 5.099% due 01/10/34 (Þ) 3,985 4,092
          Deutsche Alt-A Securities Mortgage        
Series 2015-CR24 Class D            Loan Trust        
3.463% due 08/10/55 180 123 Series 2007-OA4 Class 1A1A        
Series 2015-DC1 Class A5         0.411% due 08/25/47 (Ê) 3,582 2,850
3.350% due 02/10/48 290 294 DSLA Mortgage Loan Trust        
Series 2015-LC19 Class A4         Series 2007-AR1 Class 2A1A        
3.183% due 02/10/48 55 55 0.343% due 04/19/47 (Ê) 6,579 5,282
Series 2015-PC1 Class A4         Fannie Mae        
3.620% due 07/10/50 115 119 10.000% due 2018 2 2
Series 2015-PC1 Class A5         5.000% due 2019 139 146
3.902% due 07/10/50 185 194        
          3.766% due 2020   5,879 6,329
Commercial Mortgage Trust                
Series 2014-277P Class A         4.000% due 2020   4 4
3.611% due 08/10/49 (Þ) 1,070 1,109 3.400% due 2021 4,790 5,118
Commercial Mortgage Trust         3.500% due 2021 247 261
Series 2014-CR14 Class A4                
        3.840% due 2021   3,748 4,078
4.236% due 02/10/47   80 87        
Credit Suisse Commercial Mortgage         3.890% due 2021   1,853 2,017
Trust Series         4.338% due 2021 5,973 6,572
Series 2007-C1 Class A3         5.500% due 2021 81 86
5.383% due 02/15/40 4,473 4,555        
   Series 2007-C3 Class A4         2.820% due 2022   2,529 2,619
5.889% due 06/15/39 51 52 2.830% due 2022 2,323 2,407
Series 2007-C4 Class A4         5.000% due 2022 997 1,069
6.147% due 09/15/39 895 932 5.500% due 2022 368 399
Credit Suisse First Boston Mortgage         4.500% due 2023 57 62
Securities Corp.                
Series 2005-9 Class 2A1         5.500% due 2023   770 839
5.500% due 10/25/35 2,268 2,126 2.500% due 2024 6,819 7,043
Series 2005-C2 Class AMFX         4.000% due 2024 61 65
4.877% due 04/15/37 398 361 5.500% due 2024 530 580
Series 2005-C3 Class AJ                
        7.500% due 2024   1 1
4.771% due 07/15/37   12 12        
CSAIL Commercial Mortgage Trust         10.000% due 2024   2 3
    Series 2015-C2 Class XA         4.000% due 2025 2,460 2,627
Interest Only STRIP         4.500% due 2025 46 50
1.046% due 06/15/57 1,266 73        
          5.500% due 2025   1,159 1,219
Series 2015-C3 Class A4                
        3.500% due 2026   2,114 2,238
3.718% due 08/15/48   200 208        
Series 2015-C3 Class D         4.000% due 2026   6,161 6,583
3.507% due 08/15/48 355 250 4.500% due 2026 155 175
Series 2015-C4 Class A4         5.500% due 2026 162 181
3.808% due 11/15/48 520 543 9.000% due 2026 5 6
CSMC                
   Series 2010-19R Class 5A4         2.966% due 2027   3,963 3,997
3.250% due 08/27/36 (Þ) 2,977 2,896 3.000% due 2027 2,382 2,488
Series 2010-20R Class 7A4         3.500% due 2027 3,268 3,463
3.500% due 03/27/37 (Å)(Ê) 3,581 3,434 4.500% due 2027 530 600
CSMC Mortgage-Backed Trust         4.500% due 2027 3,043 3,239

 

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Bond Fund 153

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair       Principal   Fair
    Amount ($)   Value       Amount ($)   Value
    or Shares   $       or Shares   $
5.500% due 2027 56 63 5.500% due 2038   2,262 2,544
3.500% due 2028 1,886 2,001 6.500% due 2038   191 230
7.000% due 2028 37 43 4.500% due 2039   729 840
6.500% due 2029 41 47 4.500% due 2039   728 793
7.000% due 2029 374 445 6.000% due 2039   593 673
7.500% due 2029 5 7 6.500% due 2039   113 129
3.500% due 2030 4,241 4,491 4.500% due 2040   271 295
6.500% due 2030 60 69 5.500% due 2040   612 684
7.000% due 2030 57 62 4.000% due 2041   8,592 9,275
8.000% due 2030 56 72 4.500% due 2041   7,481 8,155
8.500% due 2030 51 59 4.500% due 2041   1,495 1,695
9.500% due 2030 20 23 5.000% due 2041   16,601 18,386
4.000% due 2031 1,816 1,961 3.000% due 2042   5,105 5,226
6.500% due 2031 102 117 3.500% due 2042   5,818 6,116
7.000% due 2031 245 290 4.500% due 2042   713 776
7.500% due 2031 13 14 2.500% due 2043   571 566
8.500% due 2031 93 107 3.000% due 2043   2,270 2,321
3.500% due 2032 8,457 8,972 3.500% due 2043   11,004 11,554
6.500% due 2032 94 107 3.000% due 2044   10,209 10,439
7.000% due 2032 687 805 3.500% due 2045   47,323 49,613
7.500% due 2032 18 22 4.000% due 2045   15,978 17,137
8.500% due 2032 12 15 3.500% due 2046   40,829 42,774
2.448% due 2033(Ê) 114 121 15 Year TBA(Ï)          
3.000% due 2033 5,396 5,635 2.000% 875 876
3.500% due 2033 4,649 4,933 2.500% 6,960 6,850
6.500% due 2033 141 161 3.000% 14,695 15,314
        30 Year TBA(Ï)          
7.000% due 2033   315 360          
        3.000%   51,140 52,202
2.267% due 2034(Ê)   88 93          
        3.500%   43,468 45,492
2.424% due 2034(Ê)   442 468          
        4.000%   53,770 57,427
2.536% due 2034(Ê)   239 254          
        4.500%   35,735 38,588
5.500% due 2034   992 1,119          
        5.000%   6,880 7,584
6.500% due 2034   271 322          
        6.000%   2,295 2,595
7.000% due 2034   40 48 Series 1997-281 Class 2          
2.353% due 2035(Ê) 695 740 Interest Only STRIP          
2.376% due 2035(Ê) 493 523 9.000% due 11/25/26 (Å)   17 4
4.500% due 2035 714 818 Series 2000-306 Class IO          
        Interest Only STRIP          
5.500% due 2035   654 739 8.000% due 05/25/30 (Å)   17 4
7.000% due 2035 20 21 Series 2001-317 Class 2          
7.500% due 2035 273 327 Interest Only STRIP          
2.444% due 2036(Ê) 5 6 8.000% due 12/25/31 (Å)   26 6
        Series 2002-320 Class 2          
4.000% due 2036   66 70 Interest Only STRIP          
5.500% due 2036 451 493 7.000% due 04/25/32 (Å)   8 2
7.000% due 2036 86 93 Series 2003-339 Class 23          
 
4.000% due 2037 71 77 Interest Only STRIP        
        5.000% due 06/25/18     176 7
5.500% due 2037   2,410 2,695            
        Series 2003-343 Class 6          
6.500% due 2037   205 235 Interest Only STRIP          
5.500% due 2038 2,365 2,671 5.000% due 10/25/33   478 93

 

See accompanying notes which are an integral part of this quarterly report.

154 Russell Strategic Bond Fund

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Series 2003-345 Class 18         Series 2009-39 Class LB        
Interest Only STRIP         4.500% due 06/25/29 1,394 1,510
4.500% due 12/25/18 526 24 Series 2009-70 Class PS        
Series 2003-345 Class 19         Interest Only STRIP        
Interest Only STRIP         6.581% due 01/25/37 (Ê) 11,544 2,136
4.500% due 01/25/19 572 26 Series 2009-71 Class MB        
Series 2005-365 Class 12         4.500% due 09/25/24 1,059 1,124
Interest Only STRIP             Series 2009-96 Class DB        
 
5.500% due 12/25/35 1,520 266 4.000% due 11/25/29 3,776 4,040
Series 2006-369 Class 8         Series 2010-95 Class S        
Interest Only STRIP             Interest Only STRIP        
 
5.500% due 04/25/36 222 44 6.431% due 09/25/40 (Ê) 10,594 1,633
Fannie Mae Grantor Trust         Series 2013-111 Class PL        
Series 1999-T2 Class A1                
        2.000% due 12/25/42   3,641 3,395
7.500% due 01/19/39   30 34 Series 2013-119 Class NT        
Series 2001-T4 Class A1                
        4.000% due 12/25/43   3,600 3,901
7.500% due 07/25/41   2,224 2,728 Series 2015-43 Class PA        
Fannie Mae REMICS                
Series 1996-46 Class ZA         3.500% due 01/25/43   3,326 3,480
7.500% due 11/25/26 72 82 Fannie Mae Whole Loan        
          Series 2003-W1 Class 2A        
Series 1997-68 Class SC                
        6.552% due 12/25/42   60 70
8.338% due 05/18/27 (Å)(Ê)   25 5 Series 2004-W9 Class 2A1        
Series 1999-56 Class Z                
        6.500% due 02/25/44   122 138
7.000% due 12/18/29   252 289 Series 2004-W11 Class 1A2        
Series 2001-4 Class SA                
        6.500% due 05/25/44   265 316
7.388% due 02/17/31 (Å)(Ê)   7 — Fannie Mae-Aces        
Series 2002-57 Class PG             Series 2011-M2 Class A3        
 
5.500% due 09/25/17 275 281 3.764% due 04/25/21 4,250 4,635
Series 2003-25 Class IK             Series 2012-M8 Class ASQ2        
 
7.000% due 04/25/33 (Å) 70 14 1.520% due 12/25/19 8,061 8,109
Series 2003-32 Class UI            Series 2013-M4 Class ASQ2        
 
6.000% due 05/25/33 (Å) 53 12 1.451% due 02/25/18 3,584 3,592
Series 2003-33 Class IA            Series 2013-M14 Class FA        
 
6.500% due 05/25/33 (Å) 334 73 0.520% due 08/25/18 (Ê) 4,386 4,371
Series 2003-35 Class FY             Series 2014-M13 Class A2        
 
0.570% due 05/25/18 (Ê) 298 299 3.021% due 08/25/24 2,735 2,825
Series 2003-35 Class IU             Series 2014-M13 Class AB2        
 
6.000% due 05/25/33 (Å) 62 14 2.951% due 08/25/24 3,645 3,802
Series 2003-35 Class UI         Series 2014-M13 Class ASQ2        
Interest Only STRIP                
        1.637% due 11/25/17   16,039 16,154
6.500% due 05/25/33 (Å)   74 14 Series 2015-M1 Class ASQ1        
Series 2003-64 Class JI                
        0.782% due 02/25/18   6,452 6,438
6.000% due 07/25/33 (Å)   39 9 Series 2015-M1 Class ASQ2        
Series 2004-70 Class EB                
        1.626% due 02/25/18   9,390 9,456
5.000% due 10/25/24   687 741 Series 2015-M7 Class ASQ1        
Series 2005-110 Class MB                
        0.882% due 04/25/18   5,358 5,355
5.500% due 09/25/35   256 274 Series 2015-M7 Class ASQ2        
Series 2005-117 Class LC                
        1.550% due 04/25/18   3,325 3,338
5.500% due 11/25/35   2,096 2,278 Series 2015-M11 Class A1        
Series 2006-22 Class CE                
        2.097% due 04/25/25   4,605 4,660
4.500% due 08/25/23   715 763 Series 2015-M15 Class ASQ1        
Series 2006-118 Class A1                
        0.849% due 01/25/19   11,044 11,033
0.259% due 12/25/36 (Å)(Ê)   66 64 FDIC Guaranteed Notes Trust        
Series 2007-73 Class A1             Series 2010-S1Class 1A        
 
0.259% due 07/25/37 (Å)(Ê) 675 635 0.978% due 02/25/48 (Ê)(Þ) 381 381

 

FDIC Trust

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Bond Fund 155

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair       Principal   Fair
    Amount ($)   Value       Amount ($)   Value
    or Shares   $       or Shares   $
Series 2010-R1 Class A         8.500% due 2027   44 53
2.184% due 05/25/50 (Þ) 833 839 2.500% due 2030   8,511 8,711
Series 2011-R1 Class A                  
        3.000% due 2030     3,312 3,455
2.672% due 07/25/26 (Þ)   3,239 3,303          
Federal Home Loan Mortgage Corp.         3.500% due 2030     1,467 1,552
Multifamily Structured Pass Through         7.500% due 2030   47 54
Certificates                  
    Series 2015-KF12 Class A         8.500% due 2030     19 22
0.943% due 09/25/22 (Ê) 4,934 4,887 6.500% due 2031   71 81
Series 2015-KS03 Class A4         8.000% due 2031   4 4
3.161% due 05/25/25 1,145 1,181 7.000% due 2032   43 52
Federal Home Loan Mortgage Corp.                  
 Multifamily Structured Pass-Through         2.360% due 2033(Ê)     142 151
Certificates         3.000% due 2035   545 566
Series 2011-K702 Class X1         3.500% due 2035   2,911 3,082
Interest Only STRIP                  
        5.000% due 2035     58 65
1.525% due 02/25/18   53,461 1,391          
    Series 2015-K044 Class A2         4.000% due 2036     139 149
2.811% due 01/25/25 3,050 3,081 6.000% due 2038   2,263 2,573
Series 2015-K151 Class A3         6.500% due 2038   41 46
3.511% due 04/25/30 2,405 2,477 4.500% due 2039   7,207 8,003
Federal Home Loan Mortgage Corp.                  
  Structured Pass-Through Securities         5.500% due 2039     1,474 1,636
Series 2002-42 Class A6         4.000% due 2040   9,130 9,906
9.500% due 02/25/42 47 58 4.500% due 2040   4,464 4,958
Series 2003-56 Class A5         5.000% due 2040   326 360
5.231% due 05/25/43 1,802 2,006 5.500% due 2040   2,225 2,485
Series 2003-58 Class 2A                  
        4.000% due 2041     9,290 10,040
6.500% due 09/25/43   152 179          
First Horizon Asset Securities, Inc.         5.500% due 2041     2,597 2,922
Series 2005-AR4 Class 2A1         3.000% due 2042   2,948 3,006
2.666% due 10/25/35 (Ê) 1,433 1,243 3.500% due 2043   3,695 3,874
First Horizon Mortgage Pass-Through                  
          3.500% due 2044     2,497 2,623
Series Trust 2005-AR1 Class 2A1         4.000% due 2044   6,764 7,285
2.608% due 04/25/35 (Ê) 991 981 3.000% due 2045   23,875 24,345
First Union National Bank-Bank of                  
          3.500% due 2045     44,555 46,685
Trust America NA Commercial Mortgage         4.000% due 2045   32,301 34,559
Series 2001-C1 Class IO1         4.000% due 2046   4,820 5,150
Interest Only STRIP         15 Year TBA(Ï)          
2.200% due 03/15/33 (Þ) 2,361 3 2.500% 4,900 5,010
Four Times Square Trust Commercial                  
Mortgage Pass-Through Certificates         3.000%   6,475 6,749
Series 2006-4TS Class A         30 Year TBA(Ï)          
5.401% due 12/13/28 (Þ) 390 434 3.500% 12,497 13,063
Freddie Mac         4.000% 8,100 8,636
8.500% due 2017 2 2 5.000% 375 412
10.500% due 2017 —   — 6.000% 4,450 5,015
8.000% due 2020 12 13 Freddie Mac Mortgage Trust          
 
10.000% due 2020 3 3 Series 2010-K7 Class B        
        5.624% due 04/25/20 (Þ)     5,700 6,288
11.000% due 2020   2 2 Freddie Mac Reference REMIC          
10.500% due 2021 4 4     Series 2006-R007 Class ZA          
8.500% due 2025 7 8 6.000% due 05/15/36   2,411 2,735
4.000% due 2026 1,584 1,691 Freddie Mac REMICS          
        Series 1994-1730 Class Z          
3.500% due 2027   3,253 3,440          
        7.000% due 05/15/24     82 92
7.000% due 2027   33 37            

 

See accompanying notes which are an integral part of this quarterly report.

156 Russell Strategic Bond Fund

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Series 1999-2129 Class SG         Series 2012-271 Class 30        
6.838% due 06/17/27 (Å)(Ê) 475 86 3.000% due 08/15/42 7,755 7,827
Series 2000-2247 Class SC         FREMF Mortgage Trust        
7.334% due 08/15/30 (Å)(Ê) 15 3 Series 2015-K721 Class B        
Series 2002-2463 Class SJ         3.681% due 11/25/47 (Þ) 4,105 3,687
7.834% due 03/15/32 (Å)(Ê) 43 12 GAHR Commercial Mortgage Trust        
    Series 2003-2610 Class UI         Series 2015-NRF Class AFX        
6.500% due 05/15/33 (Å) 11 2 3.235% due 12/15/19 (Þ) 2,660 2,727
Series 2003-2621 Class QH         GE Commercial Mortgage Corp. Trust        
        Series 2007-C1 Class AM        
5.000% due 05/15/33   696 768        
Series 2003-2624 Class QH         5.606% due 12/10/49   165 168
        Ginnie Mae        
5.000% due 06/15/33   666 738 Series 1999-27 Class SE        
Series 2003-2649 Class IM         Interest Only STRIP        
7.000% due 07/15/33 (Å) 90 23 8.439% due 08/16/29 (Å)(Ê) 62 18
Series 2003-2697 Class LG         Series 2002-27 Class SA        
4.500% due 10/15/23 579 625 7.839% due 05/16/32 (Å)(Ê) 14 3
Series 2003-2725 Class TA         Series 2010-14 Class A        
4.500% due 12/15/33 1,300 1,521 4.500% due 06/16/39 780 832
Series 2006-3123 Class HT         Series 2010-H04 Class BI        
5.000% due 03/15/26 1,503 1,634 Interest Only STRIP        
Series 2006-3150 Class EQ         1.406% due 04/20/60 12,017 571
5.000% due 05/15/26 1,068 1,157 Series 2010-H12 Class PT        
Series 2006-R006 Class ZA         5.470% due 11/20/59 2,980 3,082
6.000% due 04/15/36 3,361 3,827 Series 2010-H22 Class JI        
Series 2007-3335 Class FT         Interest Only STRIP        
0.348% due 08/15/19 (Ê) 431 430 2.501% due 11/20/60 20,128 1,453
Series 2007-3345 Class FP         Series 2011-H02 Class BI        
 
0.367% due 11/15/36 (Ê) 74 75 Interest Only STRIP      
Series 2007-3345 Class PF         0.417% due 02/20/61   16,843 219
0.347% due 05/15/36 (Ê) 45 45 Series 2012-H11 Class CI        
          Interest Only STRIP        
 
Series 2009-3558 Class G       2.907% due 04/20/62 19,749 1,388
4.000% due 08/15/24   150 165 Series 2012-H23 Class FI        
Series 2010-3704 Class DC                  
4.000% due 11/15/36 1,243 1,320 Interest Only STRIP 19,943 409
          0.783% due 10/20/62        
Series 2011-3963 Class JB             Series 2013-H03 Class HI        
4.500% due 11/15/41 3,500 4,014 Interest Only STRIP        
Series 2012-3997 Class PB         2.617% due 12/20/62 13,745 1,241
4.000% due 02/15/42 4,000 4,422 Series 2013-H06 Class HI        
Series 2013-4233 Class MD         Interest Only STRIP        
1.750% due 03/15/25 2,964 2,984 2.932% due 01/20/63 29,250 2,036
Series 2014-4423 Class VB         Series 2014-190 Class PL        
3.500% due 06/15/33 1,090 1,152 3.500% due 12/20/44 4,959 5,306
Freddie Mac Strips         Ginnie Mae I        
Series 1998-191         11.000% due 2020 1 2
Interest Only STRIP                
        10.500% due 2021   7 7
8.000% due 01/01/28 (Å)   16 3        
Series 1998-194         10.000% due 2022   11 12
Interest Only STRIP         2.140% due 2023 3,520 3,579
6.500% due 04/01/28 (Å) 41 9 10.000% due 2025 13 15
Series 2001-212                
  Interest OnlySTRIP         8.000% due 2030   93 106
 
6.000% due 05/01/31 (Å) 40 7 7.500% due 2031 12 12
Series 2001-215         7.500% due 2032 6 7
Interest Only STRIP         5.500% due 2034 26 29
8.000% due 06/15/31 (Å) 41 10 5.500% due 2035 3,616 4,121

 

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Bond Fund 157

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair     Principal   Fair
      Amount ($)   Value     Amount ($)   Value
      or Shares   $     or Shares   $
5.500% due 2036   51 57 Series 2011-GC5 Class XA        
          Interest Only STRIP        
5.500% due 2037     31 35        
          1.815% due 08/10/44 (Þ)   1,619 70
5.500% due 2038     42 47 Series 2013-GC12 Class A1        
4.500% due 2039   12,086 13,381 0.742% due 06/10/46 1,042 1,034
5.000% due 2039   6,273 7,013 Series 2013-GC13 Class XA        
 
4.500% due 2040   4,771 5,199 Interest Only STRIP      
          0.338% due 07/10/46   14,048 120
5.000% due 2040     1,059 1,176          
 
4.500% due 2041   3,598 3,920 Series 2013-GC16 Class A1 1,193 1,191
            1.264% due 11/10/46        
4.500% due 2042   284 310 Series 2014-GC18 Class A4        
3.000% due 2043   6,547 6,767 4.074% due 01/10/47 250 269
30 Year TBA(Ï)           Series 2014-GC20 Class D        
3.500% 1,350 1,422 5.029% due 04/10/47 (Þ) 460 359
4.000% 8,775 9,345 Series 2014-GC26 Class C        
6.000% 175 197 4.662% due 11/10/47 1,525 1,475
Ginnie Mae II           Series 2015-GC28 Class A5        
1.750% due 2040(Ê)   820 845 3.396% due 02/10/48 1,500 1,521
          Series 2015-GS1 Class D        
2.000% due 2040(Ê)     1,217 1,276        
          3.268% due 11/10/48   175 122
3.000% due 2040(Ê)     1,244 1,303 GSMPS Mortgage Loan Trust        
5.500% due 2043   3,332 3,681 Series 1998-1 Class A        
3.000% due 2045   12,638 13,054 8.000% due 09/19/27 (Þ) 52 53
 
3.500% due 2045   26,531 28,027 Series 1998-3 Class A      
          7.750% due 09/19/27 (Þ)   41 42
3.500% due 2046     5,400 5,705          
          Series 1999-3 Class A        
4.000% due 2046     7,005 7,504        
          8.000% due 08/19/29 (Þ)   146 136
5.390% due 2059     1,831 1,897 Series 2005-RP1 Class 1A4        
4.700% due 2061   7,040 7,367 8.500% due 01/25/35 (Þ) 458 494
4.810% due 2061   7,014 7,379 Series 2006-RP1 Class 1A2        
4.564% due 2062   5,881 6,343 7.500% due 01/25/36 (Þ) 1,004 1,049
          Series 2006-RP1 Class 1A3        
4.845% due 2062     1,420 1,504        
          8.000% due 01/25/36 (Þ)   1,029 1,096
5.065% due 2062     2,367 2,510 GSR Mortgage Loan Trust        
4.652% due 2063   920 1,012 Series 2005-AR7 Class 6A1        
4.661% due 2063   295 324 4.965% due 11/25/35 (Ê) 483 463
30 Year TBA(Ï)           HarborView Mortgage Loan Trust        
 
3.500% 9,695 10,223 Series 2005-4 Class 3A1      
          2.660% due 07/19/35 (Ê)   2,144 1,885
4.000%   1,550 1,657          
            Hilton USA Trust        
GMACM Mortgage Loan Trust           Series 2013-HLF Class DFL        
Series 2005-AR2 Class 4A                  
          2.941% due 11/05/30 (Ê)(Þ)   190 190
3.149% due 05/25/35 (Ê)     1,655 1,555          
GreenPoint Mortgage Funding Trust           Series 2013-HLT Class EFX        
Series 2005-AR5 Class 1A1           5.222% due 11/05/30 (Þ) 5,000 5,008
0.440% due 11/25/45 (Ê)   154 132 IndyMac INDA Mortgage Loan Trust        
GS Mortgage Securities Corp. II           Series 2007-AR1 Class 1A1        
Series 2011-GC5 Class A4           2.822% due 03/25/37 (Ê) 2,116 1,952
3.707% due 08/10/44   6,880 7,333 IndyMac INDX Mortgage Loan Trust        
            Series 2005-AR25 Class 1A21        
 
Series 2013-GC10 Class A1         2.795% due 12/25/35 (Ê) 493 372
0.696% due 02/10/46     11 10 JPMBB Commercial Mortgage Securities        
Series 2015-GC30 Class A4           Trust        
3.382% due 05/10/50   405 411 Series 2014-C21 Class A5        
GS Mortgage Securities Corp. Trust           3.775% due 08/15/47 60 63
Series 2012-ALOH Class A           Series 2014-C23 Class XA        
3.551% due 04/10/34 (Þ)   1,860 1,943 Interest Only STRIP        
GS Mortgage Securities Trust           1.025% due 09/15/47 (Ê) 4,939 213

 

See accompanying notes which are an integral part of this quarterly report.

158 Russell Strategic Bond Fund

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Series 2014-C26 Class C         Series 2005-A4 Class 1A1        
4.570% due 01/15/48 1,515 1,452 2.537% due 07/25/35 (Ê) 377 372
Series 2015-C27 Class A4         Series 2005-A8 Class 1A1        
3.179% due 02/15/48 310 309 2.636% due 11/25/35 (Ê) 1,144 1,079
Series 2015-C28 Class D         Series 2005-S3 Class 1A2        
3.881% due 10/15/48 (Þ) 175 123 5.750% due 01/25/36 80 69
Series 2015-C29 Class A4         Series 2006-A6 Class 1A2        
3.611% due 05/15/48 1,930 1,984 2.677% due 10/25/36 (Ê) 642 575
Series 2015-C32 Class A5         Series 2007-A1 Class B1        
3.598% due 11/15/48 265 272 2.695% due 07/25/35 (Ê) 65 22
JPMorgan Alternative Loan Trust         Series 2007-A4 Class 3A3        
Series 2006-A2 Class 3A1         4.844% due 06/25/37 (Ê) 1,361 1,218
2.674% due 05/25/36 (Ê) 3,580 2,899 Series 2015-SGP Class C        
JPMorgan Chase Commercial Mortgage                
          3.926% due 07/15/36 (Ê)(Þ)   4,805 4,666
Securities Trust                  
Series 2004-LN2 Class B         JPMorgan Resecuritization Trust Series        
        Series 2009-5 Class 2A2        
5.446% due 07/15/41   1,550 1,546        
          1.796% due 01/26/37 (Ê)(Þ)   5,704 4,647
Series 2005-CB12 Class AJ         LB-Commercial Mortgage Trust        
4.987% due 09/12/37 1,244 1,247 Series 2007-C3 Class AJ        
Series 2006-CB15 Class A4         6.097% due 07/15/44 2,440 2,399
5.814% due 06/12/43 1,881 1,883 Series 2007-C3 Class AM        
Series 2006-LDP8 Class A4         6.096% due 07/15/44 4,780 5,008
5.399% due 05/15/45 171 172 LB-UBS Commercial Mortgage Trust        
Series 2006-LDP9 Class A3         Series 2004-C6 Class F        
5.336% due 05/15/47 324 330 5.206% due 08/15/36 1,374 1,373
Series 2007-C1 Class A4         Series 2005-C7 Class F        
5.716% due 02/15/51 273 286 5.350% due 11/15/40 2,505 2,503
Series 2007-CB18 Class A4         Series 2007-C1 Class AJ        
5.440% due 06/12/47 882 902 5.484% due 02/15/40 3,840 3,830
Series 2007-CB19 Class A4         Series 2007-C1 Class AM        
5.883% due 02/12/49 6 7 5.455% due 02/15/40 2,570 2,641
Series 2007-LDPX Class A3         Series 2007-C2 Class A3        
5.420% due 01/15/49 181 185 5.430% due 02/15/40 3,305 3,378
Series 2007-LDPX Class AM         Series 2007-C7 Class AJ        
5.464% due 01/15/49 4,250 4,271 6.449% due 09/15/45 4,830 4,842
Series 2008-C2 Class A4FL         Series 2008-C1 Class A2        
1.696% due 02/12/51 (Ê) 1,407 1,382 6.269% due 04/15/41 49 52
Series 2009-IWST Class C         Mastr Adjustable Rate Mortgages Trust        
7.693% due 12/05/27 (Þ) 2,020 2,356 Series 2004-10 Class 2A2        
Series 2012-C8 Class A3         3.087% due 10/25/34 (Ê) 5 4
2.829% due 10/15/45 480 484 Series 2005-1 Class B1        
Series 2012-C8 Class E         2.596% due 03/25/35 (Ê) 623 196
4.814% due 10/15/45 (Þ) 100 94 Series 2006-2 Class 4A1        
Series 2013-C10 Class A5         2.747% due 02/25/36 (Ê) 682 666
3.143% due 12/15/47 5,000 5,111 Series 2007-HF2 Class A1        
Series 2014-FBLU Class A         0.531% due 09/25/37 (Ê) 3,254 2,937
1.147% due 12/15/28 (Ê)(Þ) 2,095 2,095 Mastr Reperforming Loan Trust        
Series 2014-FBLU Class C         Series 2005-2 Class 1A4        
2.426% due 12/15/28 (Ê)(Þ) 2,435 2,435 8.000% due 05/25/35 (Þ) 764 814
Series 2015-CSMO Class A         MASTR Reperforming Loan Trust        
        Series 2005-1 Class 1A3        
1.447% due 01/15/32 (Ê)(Þ)   900 889        
JPMorgan Mortgage Trust         7.000% due 08/25/34 (Þ)   372 385
Series 2004-A2 Class 3A1         Merrill Lynch Mortgage Investors Trust        
        Series 2005-A9 Class 2A1C        
2.297% due 05/25/34 (Ê)   245 236        
Series 2005-A1 Class 6T1         2.649% due 12/25/35 (Ê)   3,825 3,676
        Merrill Lynch Mortgage Trust        
2.548% due 02/25/35 (Ê)   80 80          

 

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Bond Fund 159

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Series 2005-A10 Class A         Series 2011-C2 Class A2        
0.431% due 02/25/36 (Ê) 338 311 3.476% due 06/15/44 (Þ) 4,469 4,480
Series 2006-C2 Class AM         Morgan Stanley Capital I, Inc.        
5.782% due 08/12/43 1,400 1,418 Series 2007-IQ14 Class A2        
Series 2008-C1 Class A4         5.610% due 04/15/49 604 604
5.690% due 02/12/51 3,439 3,622 Series 2007-IQ14 Class A4        
ML-CFC Commercial Mortgage Trust         5.692% due 04/15/49 530 544
Series 2007-5 Class A4         Series 2007-IQ16 Class A4        
5.378% due 08/12/48 262 267 5.809% due 12/12/49 199 208
Series 2007-5 Class AM         Morgan Stanley Re-REMIC Trust        
5.419% due 08/12/48 350 356 Series 2009-GG10 Class A4A        
Morgan Stanley Bank of America Merrill         5.989% due 08/12/45 (Þ) 1,016 1,044
Lynch Trust         Series 2010-GG10 Class A4A        
Series 2012-C5 Class A4         5.989% due 08/15/45 (Þ) 321 329
3.176% due 08/15/45 50 52 Mortgage Pass-Through Certificates        
Series 2013-C7 Class A1         Series 2001-CIB2 Class D        
0.738% due 02/15/46 1,062 1,058 6.847% due 04/15/35 187 186
Series 2013-C8 Class A4         Motel 6 Trust        
3.134% due 12/15/48 150 153 Series 2015-MTL6 Class A2A2        
Series 2014-C19 Class A4         2.605% due 02/05/30 (Þ) 3,370 3,381
3.526% due 12/15/47 130 134 MSBAM Commercial Mortgage        
Series 2015-C24 Class A4         Securities Trust        
        Series 2012-CKSV Class A2        
3.732% due 05/15/48   4,430 4,608        
Series 2015-C24 Class C         3.277% due 10/15/30 (Þ)   1,065 1,066
        MSCG Trust        
4.500% due 05/15/48   455 421 Series 2015-ALDR Class A2        
Series 2015-C26 Class A3                
        3.577% due 06/07/35 (Þ)   1,435 1,459
3.211% due 10/15/48   5,055 5,117 NCUA Guaranteed Notes Trust        
Series 2015-C26 Class D         Series 2010-R1 Class 2A        
3.060% due 10/15/48 (Þ) 225 149 1.840% due 10/07/20 149 149
Series 2015-C26 Class XA         Series 2010-R3 Class 3A        
1.279% due 10/15/48 265 21 2.400% due 12/08/20 1,423 1,441
Morgan Stanley Capital I Trust         Nomura Resecuritization Trust        
Series 2003-IQ4 Class J         Series 2013-1R Class 3A12        
5.500% due 05/15/40 (Þ) 364 370 0.351% due 10/26/36 (Ê)(Þ) 2,482 2,124
Series 2005-IQ9 Class B         Series 2014-1R Class 5A3        
4.860% due 07/15/56 1,190 1,200 0.341% due 10/26/36 (Ê)(Þ) 4,173 3,355
Series 2005-IQ10 Class B         Series 2015-11R Class 3A2        
6.278% due 09/15/42 244 246 2.394% due 05/25/36 (Ê)(Þ) 1,272 1,172
Series 2006-HQ8 Class C         Prime Mortgage Trust        
5.683% due 03/12/44 1,405 1,399 Series 2004-CL1 Class 1A2        
Series 2006-T21 Class B         0.621% due 02/25/34 (Ê) 26 24
5.312% due 10/12/52 (Þ) 1,566 1,563 RAMP Trust        
Series 2006-T21 Class D         Series 2004-SL1 Class A3        
5.404% due 10/12/52 (Þ) 85 80 7.000% due 11/25/31 2 2
Series 2006-T21 Class E         RBS Commercial Funding, Inc. Trust        
 
5.404% due 10/12/52 (Þ) 55 52 Series 2013-GSP Class A      
Series 2007-IQ14 Class A2FL         3.961% due 01/13/32 (Þ)   1,055 1,112
0.358% due 04/15/49 (Ê) 3,155 3,147 RBSCF Trust        
          Series 2010-RR4 Class WBCA        
 
Series 2007-IQ16 Class AM       5.509% due 04/16/47 (Þ) 300 301
6.288% due 12/12/49   6,907 7,277 RBSSP Resecuritization Trust        
Series 2007-T25 Class AJ                  
5.574% due 11/12/49 2,962 2,882 Series 2010-3 Class 9A1 439 446
          5.500% due 02/26/35 (Þ)        
Series 2008-T29 Class AM         Reperforming Loan REMIC Trust        
6.261% due 01/11/43 4,950 5,300 Series 2005-R2 Class 2A4        
Series 2008-T29 Class D         8.500% due 06/25/35 (Þ) 81 86
6.268% due 01/11/43 (Þ) 175 180 RFMSI Trust        

 

See accompanying notes which are an integral part of this quarterly report.

160 Russell Strategic Bond Fund

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Series 2006-SA4 Class 2A1         Series 2006-AR10 Class 1A1        
3.660% due 11/25/36 (Ê) 410 356 2.237% due 09/25/36 4,261 3,834
Rialto Capital Management LLC         Series 2007-HY1 Class 3A3        
Series 2014-LT5 Class A         4.434% due 02/25/37 (Ê) 3,238 2,970
2.850% due 05/15/24 (Þ) 206 205 Series 2007-HY2 Class 2A3        
RREF LLC         1.755% due 04/25/37 (Ê) 3,595 2,651
Series 2014-LT6 Class A            Series 2007-HY5 Class 3A1        
2.750% due 09/15/24 (Þ) 268 268 4.591% due 05/25/37 (Ê) 4,052 3,551
Series 2015-LT7 Class A            Series 2007-OA2 Class 1A        
3.000% due 12/25/32 (Þ) 3,656 3,652 0.828% due 03/25/47 (Ê) 4,696 3,527
SFAVE Commercial Mortgage Securities                  
Trust         Wells Fargo Commercial Mortgage Trust        
          Series 2015-C29 Class D        
Series 2015-5AVE Class A1       4.365% due 06/15/48 125 93
3.872% due 01/05/35 (Þ)   215 214          
          Series 2015-LC22 Class A4        
Series 2015-5AVE Class A2B       3.839% due 09/15/58 155 162
4.144% due 01/05/35 (Þ)   630 572          
Structured Adjustable Rate Mortgage         Series 2015-NXS1 Class D        
Loan Trust         4.242% due 05/15/48 40 30
Series 2004-12 Class 2A         Wells Fargo Mortgage Backed Securities        
2.421% due 09/25/34 (Ê) 5,212 5,149 Trust        
          Series 2004-CC Class A1        
Series 2004-18 Class 5A       2.665% due 01/25/35 (Ê) 567 572
2.586% due 12/25/34   67 66          
Structured Asset Mortgage Investments         Series 2005-18 Class 2A10        
II Trust         21.923% due 01/25/36 (Å)(Ê) 152 182
Series 2004-AR7 Class A1B         Series 2005-AR7 Class 2A1        
0.826% due 04/19/35 (Ê) 634 600 2.740% due 05/25/35 (Ê) 1,545 1,526
Towd Point Mortgage Trust         Series 2005-AR8 Class 1A1        
Series 2015-2 Class 2A1         2.722% due 06/25/35 (Ê) 4,045 4,104
3.750% due 11/25/57 (Þ) 2,755 2,845 Series 2006-2 Class 2A3        
UBS-Barclays Commercial Mortgage                
Trust         5.500% due 03/25/36   585 561
   Series 2012-C3 Class A4         Series 2006-6 Class 1A8        
3.091% due 08/10/49 315 321 5.750% due 05/25/36 901 883
   Series 2013-C5 Class A4         Series 2006-8 Class A15        
3.185% due 03/10/46 530 542 6.000% due 07/25/36 1,952 1,970
Wachovia Bank Commercial Mortgage         Series 2006-11 Class A9        
Trust         6.500% due 09/25/36 850 826
Series 2006-C29 Class A4         Series 2006-AR1 Class 2A5        
5.308% due 11/15/48 162 164 5.552% due 03/25/36 (Ê) 744 710
Series 2007-C30 Class A5         Series 2006-AR2 Class 2A1        
5.342% due 12/15/43 1,175 1,201 2.698% due 03/25/36 865 857
Series 2007-C33 Class AJ         Series 2006-AR4 Class 2A1        
6.150% due 02/15/51 5,100 5,137 5.724% due 04/25/36 (Ê) 4,645 4,460
Wachovia Bank Commercial Mortgage         Series 2006-AR10 Class 4A1        
Trust Series                
Series 2006-C26 Class AM         2.626% due 07/25/36 (Ê)   1,685 1,578
        Series 2006-AR17 Class A1        
6.172% due 06/15/45   3,960 4,008        
Washington Mutual Mortgage Pass-         2.733% due 10/25/36 (Ê)   4,755 4,493
Through Certificates Trust         Series 2007-11 Class A81        
Series 2004-AR1 Class A         6.000% due 08/25/37 1,933 1,915
2.436% due 03/25/34 (Ê) 397 398 Series 2007-13 Class A7        
Series 2004-AR13 Class A1A         6.000% due 09/25/37 381 384
0.941% due 11/25/34 (Ê) 2,432 2,307 WFRBS Commercial Mortgage Trust        
Series 2005-AR6 Class 2A1A         Series 2011-C4 Class A4        
0.451% due 04/25/45 (Ê) 5,507 5,112 4.902% due 06/15/44 (Þ) 600 670
Series 2006-AR7 Class 2A         Series 2012-C6 Class D        
1.093% due 07/25/46 (Ê) 1,552 1,260 5.747% due 04/15/45 (Þ) 415 418
          Series 2012-C8 Class A1        
          0.864% due 08/15/45 939 936

 

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Bond Fund 161

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair       Principal   Fair
    Amount ($)   Value   Amount ($)   Value
    or Shares   $       or Shares   $
Series 2012-C8 Class A3                     36,473
3.001% due 08/15/45 3,910 3,992 Non-US Bonds - 3.9%            
Series 2012-C9 Class A1         Achmea BV            
0.673% due 11/15/45 345 343 2.500% due 11/19/20 EUR   2,800 3,240
Series 2012-C9 Class A3         Australia Government International            
        Bond            
2.870% due 11/15/45   110 112 Series 120            
Series 2013-C11 Class A5                      
3.071% due 03/15/45 65 66 6.000% due 02/15/17 AUD   2,689 1,982
          Series 126            
Series 2013-C14 Class A1                      
0.836% due 06/15/46 1,214 1,206 4.500% due 04/15/20 AUD   12,350 9,627
          Series 133            
Series 2013-C14 Class A5                      
3.337% due 06/15/46 3,434 3,534 5.500% due 04/21/23 AUD   1,340 1,142
          Series 140            
Series 2013-C15 Class A3                      
3.881% due 08/15/46 125 133 4.500% due 04/21/33 AUD   10,020 8,464
          Barclays Bank PLC            
Series 2014-C19 Class A3                      
3.660% due 03/15/47 1,780 1,863 6.000% due 01/14/21 EUR   1,225 1,583
          Brazil Notas do Tesouro Nacional            
Series 2014-C19 Class A5         Series NTNB            
4.101% due 03/15/47 285 307 6.000% due 05/15/45 BRL   5,401 3,210
Series 2014-C20 Class A5                      
3.995% due 05/15/47 100 107 6.000% due 08/15/50 BRL   8,580 5,176
          Series NTNF            
Series 2014-C21 Class A5                      
3.678% due 08/15/47 50 52 10.000% due 01/01/21 BRL   12,510 2,591
Series 2014-C25 Class A5         10.000% due 01/01/23 BRL   23,181 4,521
3.631% due 11/15/47 130 135 10.000% due 01/01/25 BRL   26,060 4,840
Series 2014-LC14 Class XA         Bundesrepublik Deutschland            
Interest Only STRIP         1.000% due 08/15/25 EUR   1,300 1,505
1.602% due 03/15/47 2,562 183 Colombian TES            
        1,541,715 Series B            
Municipal Bonds - 0.6%         10.000% due 07/24/24 COP   38,578,500 12,703
Brazos Higher Education Authority         CRH Finland Services OYJ            
Revenue Bonds         2.750% due 10/15/20 EUR   725 847
0.613% due 12/26/24 (Ê) 1,471 1,390 Danske Bank A/S            
City of New York New York General         2.750% due 05/19/26 EUR   2,100 2,331
Obligation Unlimited                      
5.047% due 10/01/24 2,200 2,582 European Financial Stability Facility            
        1.625% due 07/17/20 EUR   3,850 4,488
6.646% due 12/01/31   1,500 1,762 European Investment Bank            
Metropolitan Transportation Authority         Series EmtN            
Revenue Bonds         FCA Capital Ireland PLC            
6.089% due 11/15/40 2,800 3,678     1.375% due 09/15/21 EUR   5,725 6,679
Municipal Electric Authority of Georgia                      
Revenue Bonds         2.875% due 01/26/18 EUR   2,620 2,916
        Housing Financing Fund            
6.637% due 04/01/57   4,755 5,703    Series 2            
 
7.055% due 04/01/57 4,445 5,154 3.750% due 04/15/34 ISK 362,323 2,991
New York City Water & Sewer System                      
Revenue Bonds         Series 3            
        3.750% due 06/15/44 ISK 772,890 6,559
5.375% due 06/15/43   5,075 5,953              
North Texas Tollway Authority Revenue         Intesa Sanpaolo SpA            
Bonds         2.000% due 06/18/21 EUR   2,025 2,272
6.718% due 01/01/49 1,100 1,562 Ireland Government International Bond            
Port Authority of New York & New         5.400% due 03/13/25 EUR   7,190 10,877
Jersey Revenue Bonds         Malaysia Government Bond            
4.458% due 10/01/62 4,175 4,149 Series 0515            
State of California General Obligation         3.759% due 03/15/19 MYR   5,300 1,295
Unlimited         Malaysia Government International Bond            
6.650% due 03/01/22 945 1,157 Series 0111            
 
University of California Revenue Bonds        4.160% due 07/15/21 MYR   1,680 415
4.601% due 05/15/31   3,085 3,383              

 

See accompanying notes which are an integral part of this quarterly report.

162 Russell Strategic Bond Fund

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair       Principal   Fair
  Amount ($)   Value   Amount ($)   Value
      or Shares   $       or Shares   $
Series 0114             3.125% due 09/01/22 SGD   1,090 817
4.181% due 07/15/24 MYR   17,700 4,329 3.000% due 09/01/24 SGD   1,100 819
Series 0115                          
              2.375% due 06/01/25 SGD   2,500 1,766
3.955% due 09/15/25 MYR   5,480 1,329 Snam SpA            
Series 0215                          
              1.375% due 11/19/23 EUR   675 740
3.795% due 09/30/22 MYR   8,170 1,986 South Africa Government International            
Series 0314             Bond            
4.048% due 09/30/21 MYR   6,770 1,660 Series R203            
Series 0315             8.250% due 09/15/17 ZAR   34,050 2,151
3.659% due 10/15/20 MYR   5,350 1,304 Series R209            
Series 0414             6.250% due 03/31/36 ZAR   27,870 1,221
3.654% due 10/31/19 MYR   11,660 2,836 Series R214            
Series 0512             6.500% due 02/28/41 ZAR 111,850 4,876
3.314% due 10/31/17 MYR   4,630 1,127 Telefonica Emisiones SAU            
Mexican Bonos             1.477% due 09/14/21 EUR   1,600 1,742
Series M 10             Titulos De Tesoreria B Bonds            
8.500% due 12/13/18 MXN   43,460 2,644 Series B            
Series M 20             6.000% due 04/28/28 COP   5,555,100 1,301
10.000% due 12/05/24 MXN 102,650 7,234             229,090
7.500% due 06/03/27 MXN   59,743 3,615 United States Government Agencies - 2.2%      
Series M 30             Federal Home Loan Banks            
10.000% due 11/20/36 MXN   74,210 5,520 3.150% due 06/28/17     5,830 5,848
Series M             Federal Home Loan Mortgage Corp.            
              Series 1            
8.000% due 06/11/20 MXN   81,530 4,988 1.000% due 07/28/17     7,000 7,024
7.750% due 05/29/31 MXN   37,000 2,262 United States Small Business            
7.750% due 11/13/42 MXN 182,600 11,104 Administration            
New Zealand Government Bond             Series 97-D Class 1            
Series 0427             7.500% due 04/01/17     57 59
4.500% due 04/15/27 NZD   7,500 5,430 United States Treasury Notes            
New Zealand Government International             1.000% due 12/31/17     5,245 5,266
Bond                        
              0.750% due 01/31/18       20,175 20,165
2.000% due 09/20/25 NZD   3,830 2,563            
Series 423             1.125% due 01/15/19       18,155 18,237
5.500% due 04/15/23 NZD   2,090 1,581 1.750% due 12/31/20     65,070 66,354
Series 521             1.375% due 01/31/21     2,240 2,282
6.000% due 05/15/21 NZD   22,255 16,703             125,235
Norway Government International Bond             United States Government Treasuries - 14.2%    
Series 472             United States Treasury Inflation Indexed            
4.250% due 05/19/17 (Þ) NOK   45,496 5,486 Bonds            
Series 477             0.125% due 04/15/17     6,092 6,097
1.750% due 03/13/25 (Þ) NOK   16,730 1,993 0.125% due 07/15/24     12,345 11,972
Peruvian Government International Bond             0.250% due 01/15/25     11,579 11,278
5.700% due 08/12/24 PEN   19,820 5,137 0.375% due 07/15/25     716 707
6.900% due 08/12/37 PEN   18,750 4,764 0.625% due 02/15/43     3,851 3,369
Queensland Treasury Corp.                        
Series 21             1.375% due 02/15/44       17,033 17,845
5.500% due 06/21/21 AUD   11,266 9,147 0.750% due 02/15/45     4,505 4,050
RCI Banque SA             United States Treasury Notes            
1.375% due 11/17/20 EUR   1,275 1,382 0.750% due 10/31/17     5,050 5,047
Royal Bank of Scotland PLC (The)             0.875% due 11/30/17     2,000 2,004
6.934% due 04/09/18 EUR   1,625 1,945 1.500% due 08/31/18     82,845 84,110
Scottish Widows PLC             1.375% due 09/30/20     157,325 157,823
5.500% due 06/16/23 GBP   1,150 1,684            
              2.125% due 12/31/22       2,395 2,468
Singapore Government Bond                        
2.000% due 07/01/20 SGD   2,320 1,650 1.750% due 01/31/23       70,795 71,293

 

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Bond Fund 163

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair     Principal     Fair
    Amount ($)   Value   Amount ($)   Value
      or Shares   $     or Shares     $
2.000% due 02/15/25   9,795 9,874 American Express Credit Corp.          
2.250% due 11/15/25   222,325 228,674 1.128% due 07/29/16 (Ê)   6,600 6,597
          AmeriCredit Automobile Receivables          
3.140% due 11/15/27     12,295 9,387 Trust          
2.750% due 08/15/42   13,285 13,360 Series 2015-3 Class A1          
2.875% due 05/15/43   6,985 7,172 0.500% due 08/08/16   3,047 3,047
          Anheuser-Busch InBev Finance, Inc.          
3.750% due 11/15/43     5,550 6,721          
          0.811% due 01/27/17 (Ê)     6,215 6,192
3.625% due 02/15/44     18,560 21,943          
          1.125% due 01/27/17     4,500 4,495
3.000% due 05/15/45     6,010 6,299 AT&T, Inc.          
2.875% due 08/15/45   24,385 24,922 2.950% due 05/15/16   5,375 5,404
3.000% due 11/15/45   111,745 117,275 Bank of America NA          
          823,690 Series BKNT          
Total Long-Term Investments           0.617% due 06/15/16 (Ê)   3,100 3,096
(cost $5,016,679)         4,979,524 Bank of Nova Scotia (The)          
            Series BKNT          
 
Common Stocks - 0.0%           0.756% due 12/13/16 (Ê)   800 800
            Series YCD          
Financial Services - 0.0%           0.524% due 11/07/16 (Ê)(~)   6,495 6,493
Escrow GM Corp.(Å)   420,000 —            
Total Common Stocks           Banque PSA Finance SA          
(cost $—)         — 4.250% due 02/25/16 EUR 5,200 5,644
            BBVA Bancomer SA          
            4.500% due 03/10/16 (Þ)   600 600
Preferred Stocks - 0.2%           Bear Stearns Cos. LLC (The)          
Financial Services - 0.1%           5.550% due 01/22/17   3,681 3,815
XLIT, Ltd.   3,685 2,904 BioMed Realty, LP          
            3.850% due 04/15/16   2,000 2,011
 
Technology - 0.1%         BP Capital Markets PLC          
Verizon Communications, Inc.     234,000 6,206          
            0.764% due 11/07/16 (Ê)     3,800 3,792
            BPCE SA          
Total Preferred Stocks           0.934% due 11/18/16 (Ê)   4,000 4,003
(cost $8,957)         9,110            
            Brazil Notas do Tesouro Nacional          
            Series NTNF          
 
Options Purchased - 0.0%           10.000% due 01/01/17 BRL 7,370 1,795
 
(Number of Contracts)           Citigroup, Inc.        
One-Look Yield Curve Cap           1.074% due 04/01/16 (Ê)     9,474 9,475
Jan 2017 0.79 Call (2) 9,618 (ÿ) 5 Coca-Cola Enterprises, Inc.          
Swaptions           2.000% due 08/19/16   858 862
(Fund Receives/Fund Pays)           Commonwealth Bank of Australia          
JPY 0.460%/JPY LIBOR-BBA           0.622% due 06/03/16 (Ê)(Þ) 10,480 10,477
Jul 2016 0.00 Put (1) 195,713 (ÿ) 10 ConocoPhillips Qatar Funding, Ltd.          
JPY 1.010%/JPY LIBOR-BBA           1.000% due 02/26/16 (Å)(ç)(~)   700 700
Jul 2016 0.00 Put (1) 61,216 (ÿ) 5 Continental Airlines Pass-Through Trust          
Total Options Purchased           Series 2009-1          
(cost $54)         20 9.000% due 07/08/16   2,278 2,347
            Deutsche Telekom International Finance          
 
Short-Term Investments - 19.7%           BV        
ABN Amro Bank NV           3.125% due 04/11/16 (Þ)     4,050 4,065
          ENI Finance USA, Inc.          
1.421% due 10/28/16 (Ê)(Þ)     2,320 2,325          
Adam Aircraft Term Loan           Zero coupon due 02/02/16 (Å)(~)     3,600 3,600
          FADE - Fondo de Amortizacion del          
3.188% due 05/23/16 (Å)     760 8 Deficit Electrico          
Ally Auto Receivables Trust           2.250% due 12/17/16 EUR 5,600 6,177
Series 2015-1 Class A1                      
          Fannie Mae          
0.390% due 08/15/16     662 662          
Ally Financial, Inc.           8.000% due 10/01/16     —   —
          Federal Home Loan Banks          
2.750% due 01/30/17     6,500 6,427            

 

See accompanying notes which are an integral part of this quarterly report.

164 Russell Strategic Bond Fund

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)      
      Principal   Fair     Principal   Fair  
      Amount ($)   Value     Amount ($)   Value  
      or Shares   $     or Shares   $  
0.375% due 06/24/16   6,850 6,848 Sabine Pass LNG, LP          
Federal Home Loan Mortgage Corp.           7.500% due 11/30/16 385 398  
Multifamily Structured Pass-Through           Series 144a          
Certificates           7.500% due 11/30/16 (Þ) 2,900 2,994  
Series 2012-K501 Class X1A                      
1.702% due 08/25/16   28,847 124 Shell International Finance BV        
            0.572% due 11/15/16 (Ê)   15,580 15,564  
General Electric Capital Corp.                      
1.111% due 02/08/16 (Ê)   2,550 2,550 Tennessee Gas Pipeline Co. LLC        
            8.000% due 02/01/16 (ç)   2,050 2,050  
Ginnie Mae I                      
7.000% due 11/15/16   —   — Total Capital International SA        
            1.000% due 08/12/16   10,485 10,490  
Google, Inc.           Toyota Auto Receivables Owner Trust          
2.125% due 05/19/16   3,405 3,422     Series 2013-A Class A3          
Hyundai Auto Receivables Trust           0.550% due 01/17/17 394 394  
Series 2015-C Class A1           UAL Pass-Through Trust          
0.390% due 09/15/16   2,481 2,481     Series 09-1          
 
International Business Machines Corp.         10.400% due 11/01/16 126 132  
0.374% due 02/05/16 (Ê)     400 400 Unilever Capital Corp.          
Japan Treasury Discount Bill           2.750% due 02/10/16 1,300 1,300  
Series 575           United States Treasury Bills          
0.010% due 06/10/16 JPY 730,000 6,030          
            0.147% due 02/11/16   25,180 25,179  
JetBlue Airways Pass-Through Trust                    
Series 04-2 Class G-2           0.183% due 02/18/16   27,300 27,297  
0.812% due 11/15/16 (Ê)   4,039 4,004 0.018% due 03/03/16 6,100 6,100  
Johnson & Johnson           0.234% due 03/03/16 1,200 1,198  
0.395% due 11/28/16 (Ê)   7,190 7,189 0.010% due 04/07/16 (~) 55,430 55,403  
JPMorgan Chase Bank NA                    
    Series BKNT           0.010% due 04/14/16 (~)   9,155 9,150  
5.875% due 06/13/16   240 244 Zero Coupon due 06/16/16 3,000 2,996  
Kellogg Co.           Verizon Communications, Inc.          
          Series FRN          
1.875% due 11/17/16     6,300 6,335          
LMA Americas LLC           1.867% due 09/15/16 (Ê)   6,300 6,337  
          Vodafone Group PLC          
1.000% due 02/01/16 (Å)(ç)(~)     500 500 Series FRN          
Mercedes-Benz Auto Receivables Trust                    
Series 2015-1 Class A1           0.752% due 02/19/16 (Ê)   7,000 6,999  
          Wells Fargo & Co.          
0.390% due 08/15/16     1,651 1,650          
Nissan Auto Receivables Owner Trust           1.250% due 07/20/16   2,000 2,004  
Series 2015-B Class A1           Willis Towers Watson PLC          
0.380% due 08/15/16   2,020 2,020 4.125% due 03/15/16 1,935 1,941  
Nomura Holdings Inc.           Total Short-Term Investments          
2.000% due 09/13/16   4,385 4,400 (cost $1,146,862)       1,151,007  
Nordea Bank AB                      
0.774% due 05/13/16 (Ê)(Þ)   250 250 Total Investments 105.3%          
Private Export Funding Corp.           (identified cost $6,172,552)       6,133,234  
1.000% due 06/20/16 (Å)(~)   6,950 6,933            
Procter & Gamble Co. (The)           Other Assets and Liabilities,          
1.450% due 08/15/16   250 251 Net - (5.3%)       (306,119 )
0.389% due 11/04/16 (Ê)   4,265 4,267 Net Assets - 100.0%       5,827,115  
Province of British Columbia                      
Zero coupon due 02/12/16 (ç)(~)   600 600            
Province of Quebec Canada                      
5.000% due 03/01/16   600 602            
Realty Income Corp.                      
5.950% due 09/15/16   1,515 1,557            
Russell U.S. Cash Management Fund     800,753,726 (8)   800,754            
Ryder System, Inc.                      
3.600% due 03/01/16   4,750 4,761            
 
            See accompanying notes which are an integral part of this quarterly report.  
                Russell Strategic Bond Fund 165  

 

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Restricted Securities
Amounts in thousands (except share and cost per unit amounts)

        Principal   Cost per   Cost   Fair Value  
% of Net Assets Acquisition     Amount ($)   Unit   (000 ) (000 )
Securities Date     or shares   $   $   $  
0.4%                      
Adam Aircraft Term Loan 03/28/08 760,489 99.87 760 8  
Bear Stearns Second Lien Trust 10/22/15 1,654,101 96.42 1,595 1,600  
ConocoPhillips Qatar Funding, Ltd. 01/27/16 700,000 99.95 700 700  
CSMC 05/20/15 3,580,629 94.76 3,393 3,434  
ENI Finance USA, Inc. 01/19/16 3,600,000 100.00 3,600 3,600  
Escrow GM Corp. 04/21/11 420,000 — —   —  
Fannie Mae 10/27/00 17,381 24.04 4 4  
Fannie Mae 02/12/01 17,490 25.95 4 4  
Fannie Mae 08/14/02 7,588 26.55 2 2  
Fannie Mae 04/27/10 26,227 21.53 6 6  
Fannie Mae REMICS 09/15/00 24,853 21.57 5 5  
Fannie Mae REMICS 06/12/01 6,759 3.82 —   —  
Fannie Mae REMICS 04/02/03 334,290 21.80 73 73  
Fannie Mae REMICS 05/28/03 70,278 19.25 14 14  
Fannie Mae REMICS 01/07/04 53,110 22.94 12 12  
Fannie Mae REMICS 04/25/05 74,436 19.44 14 14  
Fannie Mae REMICS 04/25/05 62,399 22.23 14 14  
Fannie Mae REMICS 04/25/05 39,415 22.56 9 9  
Fannie Mae REMICS 02/28/07 65,928 99.93 66 64  
Fannie Mae REMICS 08/17/07 675,439 99.15 670 635  
Freddie Mac REMICS 04/14/03 42,875 28.11 12 12  
Freddie Mac REMICS 06/11/03 11,080 17.48 2 2  
Freddie Mac REMICS 03/05/04 89,631 25.11 23 23  
Freddie Mac REMICS 03/15/04 15,383 18.81 3 3  
Freddie Mac REMICS 04/22/05 475,490 18.03 86 86  
Freddie Mac Strips 12/12/00 16,094 21.34 3 3  
Freddie Mac Strips 05/29/03 40,989 21.12 9 9  
Freddie Mac Strips 08/19/03 40,423 18.64 8 7  
Freddie Mac Strips 02/13/04 41,001 24.85 10 10  
Ginnie Mae 11/13/02 13,896 22.91 3 3  
Ginnie Mae 01/20/10 62,249 28.59 18 18  
GSAA Trust 10/21/15 3,917,915 85.14 3,336 3,302  
Indiantown Cogeneration, LP 07/08/09 955,231 95.39 911 1,075  
LMA Americas LLC 01/29/16 500,000 100.00 500 500  
Mastr Asset Backed Securities Trust 11/02/12 1,075,716 56.34 606 659  
Private Export Funding Corp. 01/25/16 6,950,000 99.73 6,931 6,933  
Wells Fargo Mortgage Backed Securities Trust 04/20/10 152,384 109.64 167 182  
                    23,025  
For a description of restricted securities see note 7 in the Notes to Quarterly Report.              

 

See accompanying notes which are an integral part of this quarterly report.

166 Russell Strategic Bond Fund

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Futures Contracts                          
 
Amounts in thousands (except contract amounts)                          
                        Unrealized  
                        Appreciation  
    Number of       Notional   Expiration (Depreciation)  
    Contracts       Amount   Date $  
Long Positions                          
Australia Government 3 Year Treasury Bond Futures     2 AUD 224 03/16 —  
Australia Government 10 Year Treasury Bond Futures     104 AUD 13,459 03/16 75  
Canada Government 10 Year Bond Futures     69 CAD 9,856 03/16 4  
Eurodollar Futures     10 USD 2,470 12/17 12  
Long Gilt Futures     11 GBP 1,324 03/16 15  
Sterling Interest Rate Futures     51 GBP 6,327 06/17 32  
United States 2 Year Treasury Note Futures     914 USD 199,823 03/16 833  
United States 5 Year Treasury Note Futures 2,609 USD 314,833 03/16 4,794  
United States 10 Year Treasury Note Futures 1,709 USD 221,449 03/16 5,006  
United States Long Bond Futures     957 USD 154,107 03/16 6,645  
United States Ultra Bond Futures     191 USD 31,742 03/16 1,376  
Short Positions                          
Euro-Bobl Futures     358 EUR 47,410 03/16 (559 )
Euro-BTP Futures     111 EUR 15,533 03/16 (390 )
Euro-Bund Futures     79 EUR 12,905 03/16 (389 )
Euro-BUXL 30 Year Bond Futures     17 EUR 2,765 03/16 (160 )
Eurodollar Futures     10 USD 2,462 12/18 (13 )
Euro-OAT Futures     105 EUR 16,218 03/16 (569 )
Euro-Schatz Futures     26 EUR 2,908 03/16 (3 )
Japan Government 10 Year Bond Futures     23 JPY 3,459,660 03/16 (359 )
Japan Government Mini 10 Year Bond Futures     2 JPY 30,094 03/16 (2 )
Long Gilt Futures     163 GBP 19,612 03/16 (706 )
Sterling Interest Rate Futures     51 GBP 6,307 06/18 (34 )
United States 5 Year Treasury Note Futures     283 USD 34,150 03/16 (567 )
United States 10 Year Treasury Note Futures 1,630 USD 211,212 03/16 (2,246 )
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)                     12,795  
 
Transactions in options written contracts for the period ended January 31, 2016 were as follows:        
        Number of     Premiums        
        Contracts     Received        
Outstanding October 31, 2015     1 $ 769      
Opened     —   —        
Closed     (1 ) (769 )      
Expired     —   —        
Outstanding January 31, 2016     —   $ —        
 
 
Foreign Currency Exchange Contracts                          
Amounts in  thousands                          
                        Unrealized  
                        Appreciation  
  Amount       Amount     (Depreciation)  
Counterparty Sold           Bought   Settlement Date $  
Bank of America USD 380   BRL     1,507 02/19/16 (5 )
Bank of America USD 418   BRL     1,708 02/19/16 7  
Bank of America USD 11,171   BRL     44,068 02/19/16 (205 )
Bank of America USD 148   CZK     3,639 02/19/16 (2 )
Bank of America USD 279   CZK     6,884 02/19/16 (3 )
Bank of America USD 1,723   CZK     42,344 02/19/16 (25 )
Bank of America USD 1,146   EUR     1,049 02/29/16 (9 )
Bank of America USD 1,711 HKD     13,257 02/19/16 (7 )
Bank of America USD 1,718   HUF     491,879 02/19/16 (7 )

 

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Bond Fund 167

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                  
Amounts in  thousands                  
                Unrealized  
                Appreciation  
    Amount     Amount     (Depreciation)  
Counterparty   Sold     Bought   Settlement Date $  
Bank of America USD 22 IDR 308,564 02/19/16 1  
Bank of America USD 397 IDR 5,688,427 02/19/16 18  
Bank of America USD 1,994 IDR 27,491,100 02/19/16 10  
Bank of America USD 11,124 IDR 158,165,399 02/19/16 409  
Bank of America USD 1,984 INR 132,333 02/19/16 (40 )
Bank of America USD 335 KRW 407,884 02/19/16 2  
Bank of America USD 386 KRW 454,389 02/19/16 (10 )
Bank of America USD 13,358 KRW 15,711,120 02/19/16 (364 )
Bank of America USD 218 PEN 751 02/19/16 (2 )
Bank of America USD 309 PEN 1,052 02/19/16 (7 )
Bank of America USD 11,401 PEN 38,637 02/19/16 (296 )
Bank of America USD 1,983 PHP 94,383 02/19/16 (11 )
Bank of America USD 164 PLN 661 02/19/16 (2 )
Bank of America USD 258 PLN 1,026 02/19/16 (7 )
Bank of America USD 1,711 PLN 6,641 02/19/16 (84 )
Bank of America USD 739 RUB 52,843 02/19/16 (42 )
Bank of America USD 949 RUB 74,486 02/19/16 33  
Bank of America USD 1,966 RUB 142,184 02/19/16 (90 )
Bank of America USD 11,215 RUB 766,852 02/19/16 (1,099 )
Bank of America USD 68 SGD 96 02/19/16 (1 )
Bank of America USD 261 SGD 376 02/19/16 3  
Bank of America USD 1,087 SGD 1,555 02/29/16 4  
Bank of America USD 183 TRY 563 02/19/16 6  
Bank of America USD 214 TRY 657 02/19/16 7  
Bank of America USD 534 TRY 1,613 02/19/16 9  
Bank of America USD 623 TRY 1,882 02/19/16 10  
Bank of America USD 1,709 TWD 56,110 02/19/16 (33 )
Bank of America AUD 13,091 USD 9,236 02/29/16 (17 )
Bank of America BRL 6,897 USD 1,687 02/19/16 (29 )
Bank of America CAD 1,555 USD 1,094 02/29/16 (16 )
Bank of America CZK 4,245 USD 172 02/19/16 2  
Bank of America CZK 5,900 USD 239 02/19/16 3  
Bank of America CZK 49,401 USD 2,010 02/19/16 29  
Bank of America HKD 801 USD 103 02/19/16 —  
Bank of America HKD 935 USD 121 02/19/16 —  
Bank of America HUF 24,424 USD 84 02/19/16 (1 )
Bank of America HUF 38,727 USD 135 02/19/16 —  
Bank of America IDR 264,484 USD 19 02/19/16 (1 )
Bank of America IDR 6,636,498 USD 463 02/19/16 (21 )
Bank of America IDR 23,563,800 USD 1,709 02/19/16 (9 )
Bank of America IDR 184,526,298 USD 12,978 02/19/16 (475 )
Bank of America INR 5,261 USD 77 02/19/16 —  
Bank of America INR 15,383 USD 228 02/19/16 2  
Bank of America INR 901,097 USD 13,453 02/19/16 218  
Bank of America KRW 2,349,412 USD 2,005 02/19/16 61  
Bank of America NZD 1,696 USD 1,101 02/29/16 4  
Bank of America PEN 5,778 USD 1,688 02/19/16 28  
Bank of America PHP 8,551 USD 177 02/19/16 (2 )
Bank of America PHP 9,848 USD 206 02/19/16 —  
Bank of America PHP 637,561 USD 13,414 02/19/16 90  
Bank of America PLN 566 USD 140 02/19/16 2  
Bank of America PLN 879 USD 221 02/19/16 6  
Bank of America PLN 7,748 USD 1,997 02/19/16 98  
Bank of America RUB 61,650 USD 862 02/19/16 49  
Bank of America RUB 86,900 USD 1,108 02/19/16 (39 )
Bank of America RUB 121,872 USD 1,685 02/19/16 77  
Bank of America RUB 894,661 USD 13,084 02/19/16 1,284  
Bank of America SGD 2,809 USD 1,996 02/19/16 25  

 

See accompanying notes which are an integral part of this quarterly report.

168 Russell Strategic Bond Fund

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                  
Amounts in  thousands                  
                Unrealized  
                Appreciation  
    Amount     Amount     (Depreciation)  
Counterparty   Sold     Bought   Settlement Date $  
Bank of America TRY 4,980 USD 1,666 02/19/16 (10 )
Bank of America TRY 5,810 USD 1,944 02/19/16 (11 )
Bank of America TWD 5,399 USD 165 02/19/16 3  
Bank of America TWD 8,929 USD 264 02/19/16 (2 )
Bank of America TWD 380,060 USD 11,554 02/19/16 206  
Bank of Montreal USD 2,461 CAD 3,499 02/29/16 36  
Barclays USD 13,900 CAD 19,721 03/18/16 177  
Barclays USD 178 CNY 1,201 10/21/16 (2 )
Barclays JPY 730,000 USD 5,974 06/10/16 (78 )
Barclays NOK 58,750 SEK 57,743 03/18/16 (28 )
BNP Paribas USD 1,088 EUR 1,000 02/29/16 (4 )
BNP Paribas USD 1,082 GBP 760 02/29/16 1  
BNP Paribas USD 39,220 ILS 154,965 02/19/16 (79 )
BNP Paribas USD 280 JPY 33,198 02/29/16 (6 )
BNP Paribas CHF 17,035 USD 16,956 02/19/16 316  
BNP Paribas CHF 19,874 USD 19,782 02/19/16 368  
BNP Paribas CHF 39,748 USD 39,565 02/19/16 736  
BNP Paribas CHF 1,105 USD 1,088 02/29/16 8  
BNP Paribas EUR 1,000 USD 1,083 02/29/16 (1 )
BNP Paribas EUR 1,000 USD 1,083 02/29/16 (1 )
Citibank USD 272 CAD 386 02/29/16 4  
Citibank USD 1,019 CAD 1,425 02/29/16 (1 )
Citibank USD 216 CNY 1,467 10/21/16 (1 )
Citibank USD 21,232 JPY 2,514,074 03/18/16 (444 )
Citibank USD 7,492 NOK 65,441 03/18/16 42  
Credit Suisse CHF 1,093 USD 1,078 02/29/16 10  
Deutsche Bank USD 2,314 CZK 57,650 02/29/16 (2 )
Deutsche Bank USD 468 JPY 56,460 02/29/16 (1 )
Deutsche Bank USD 469 JPY 56,460 02/29/16 (2 )
Deutsche Bank USD 53 ZAR 870 02/29/16 2  
Deutsche Bank CAD 1,530 USD 1,083 02/29/16 (9 )
Deutsche Bank CNY 1,246 USD 192 10/21/16 8  
Deutsche Bank NZD 1,828 USD 1,179 02/29/16 (3 )
Goldman Sachs USD 501 SGD 715 02/29/16 1  
Goldman Sachs AUD 37,717 USD 26,279 03/18/16 (358 )
Goldman Sachs JPY 85,400 USD 722 02/29/16 16  
Goldman Sachs NZD 10,470 USD 6,741 03/18/16 (21 )
Goldman Sachs NZD 31,851 USD 20,567 03/18/16 (4 )
HSBC USD 22 JPY 2,588 02/01/16 —  
HSBC USD 280 JPY 33,198 02/29/16 (6 )
HSBC CNY 7,810 USD 1,194 10/21/16 49  
HSBC HKD 90,114 USD 11,630 02/19/16 47  
HSBC INR 15,310 USD 225 02/29/16 —  
HSBC KRW 2,800,713 USD 2,328 02/29/16 12  
JPMorgan Chase USD 443 CAD 625 02/29/16 3  
JPMorgan Chase USD 543 CAD 773 02/29/16 8  
JPMorgan Chase USD 9,119 CAD 12,901 04/15/16 90  
JPMorgan Chase USD 17,943 CAD 25,225 07/08/16 70  
JPMorgan Chase USD 5,842 CLP 4,215,854 04/15/16 22  
JPMorgan Chase USD 739 CNY 4,941 10/21/16 (14 )
JPMorgan Chase USD 4,747 COP 15,707,971 04/15/16 (3 )
JPMorgan Chase USD 1,320 EUR 1,210 02/01/16 (9 )
JPMorgan Chase USD 390 EUR 357 02/17/16 (4 )
JPMorgan Chase USD 1,083 EUR 999 02/29/16 —  
JPMorgan Chase USD 1,089 EUR 1,000 02/29/16 (5 )
JPMorgan Chase USD 1,091 EUR 1,000 02/29/16 (7 )
JPMorgan Chase USD 272 GBP 190 02/01/16 (1 )
JPMorgan Chase USD 6,282 IDR 89,774,087 04/15/16 190  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Bond Fund 169

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                  
Amounts in  thousands                  
                Unrealized  
                Appreciation  
    Amount     Amount     (Depreciation)  
Counterparty   Sold     Bought   Settlement Date $  
JPMorgan Chase USD 153 JPY 18,160 02/01/16 (3 )
JPMorgan Chase USD 13,891 JPY 1,644,821 02/17/16 (302 )
JPMorgan Chase USD 14,903 JPY 1,824,209 02/17/16 169  
JPMorgan Chase USD 229 MXN 4,240 02/29/16 4  
JPMorgan Chase USD 27,586 MXN 475,850 06/10/16 (1,583 )
JPMorgan Chase USD 13,248 MYR 58,190 04/15/16 788  
JPMorgan Chase USD 1,196 NOK 10,454 02/29/16 8  
JPMorgan Chase USD 785 NOK 6,861 04/15/16 5  
JPMorgan Chase USD 785 NOK 6,848 04/15/16 3  
JPMorgan Chase USD 1,572 NOK 13,757 04/15/16 12  
JPMorgan Chase USD 1,828 NOK 16,169 04/15/16 33  
JPMorgan Chase USD 16,148 NOK 144,387 04/15/16 471  
JPMorgan Chase USD 12,456 NZD 18,385 02/17/16 (561 )
JPMorgan Chase USD 178 NZD 275 02/29/16 (1 )
JPMorgan Chase USD 13,137 PEN 45,693 04/15/16 (107 )
JPMorgan Chase USD 6,724 PLN 27,046 04/15/16 (102 )
JPMorgan Chase USD 433 SEK 3,721 02/29/16 1  
JPMorgan Chase USD 435 SEK 3,721 02/29/16 (1 )
JPMorgan Chase USD 4,649 SEK 39,761 02/29/16 (13 )
JPMorgan Chase USD 407 SGD 580 02/29/16 —  
JPMorgan Chase USD 8,280 TRY 25,726 04/15/16 246  
JPMorgan Chase USD 5,582 ZAR 94,358 04/15/16 275  
JPMorgan Chase AUD 9,813 USD 6,879 02/17/16 (62 )
JPMorgan Chase AUD 46,334 USD 33,248 02/17/16 478  
JPMorgan Chase AUD 420 USD 295 02/29/16 (2 )
JPMorgan Chase BRL 62,586 USD 15,356 02/16/16 (233 )
JPMorgan Chase CAD 1,556 USD 1,100 02/29/16 (11 )
JPMorgan Chase CAD 19,548 USD 13,990 03/18/16 36  
JPMorgan Chase CHF 18,791 USD 18,858 04/15/16 457  
JPMorgan Chase CLP 4,215,854 USD 5,733 04/15/16 (132 )
JPMorgan Chase CNY 5,191 USD 793 10/21/16 32  
JPMorgan Chase COP 53,916,774 USD 16,567 04/15/16 283  
JPMorgan Chase EUR 8,649 NOK 81,882 03/18/16 47  
JPMorgan Chase EUR 1,210 USD 1,320 02/17/16 9  
JPMorgan Chase EUR 11,284 USD 12,274 02/17/16 46  
JPMorgan Chase EUR 380 USD 413 02/29/16 1  
JPMorgan Chase EUR 401 USD 438 02/29/16 3  
JPMorgan Chase EUR 401 USD 435 02/29/16 —  
JPMorgan Chase GBP 190 USD 272 02/17/16 1  
JPMorgan Chase GBP 14,454 USD 21,774 02/17/16 1,179  
JPMorgan Chase GBP 760 USD 1,082 02/29/16 (1 )
JPMorgan Chase IDR 236,363,667 USD 16,477 04/15/16 (564 )
JPMorgan Chase JPY 18,160 USD 153 02/17/16 3  
JPMorgan Chase JPY 112,920 USD 952 02/29/16 19  
JPMorgan Chase JPY 128,500 USD 1,085 02/29/16 23  
JPMorgan Chase MXN 162,007 USD 9,008 04/15/16 121  
JPMorgan Chase MYR 5,377 USD 1,220 04/15/16 (77 )
JPMorgan Chase MYR 5,382 USD 1,253 04/15/16 (46 )
JPMorgan Chase MYR 5,416 USD 1,227 04/15/16 (80 )
JPMorgan Chase MYR 5,425 USD 1,237 04/15/16 (71 )
JPMorgan Chase NZD 96,980 USD 63,872 02/17/16 1,126  
JPMorgan Chase NZD 697 USD 454 02/29/16 4  
JPMorgan Chase NZD 697 USD 454 02/29/16 3  
JPMorgan Chase NZD 697 USD 455 02/29/16 4  
JPMorgan Chase PEN 85,653 USD 24,648 04/15/16 223  
JPMorgan Chase PHP 407,432 USD 8,556 04/15/16 96  
JPMorgan Chase SEK 9,278 USD 1,084 02/29/16 2  
JPMorgan Chase SGD 1,890 USD 1,321 02/29/16 (5 )

 

See accompanying notes which are an integral part of this quarterly report.

170 Russell Strategic Bond Fund

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                      
Amounts in  thousands                      
                    Unrealized  
                    Appreciation  
      Amount     Amount     (Depreciation)  
Counterparty     Sold     Bought   Settlement Date $  
JPMorgan Chase SGD 1,131 USD   791 04/15/16 (1 )
JPMorgan Chase SGD 1,166 USD   808 04/15/16 (9 )
JPMorgan Chase SGD 1,190 USD   827 04/15/16 (7 )
JPMorgan Chase SGD 1,196 USD   835 04/15/16 (3 )
JPMorgan Chase SGD 2,368 USD   1,655 04/15/16 (4 )
JPMorgan Chase SGD 26,644 USD   18,514 04/15/16 (159 )
JPMorgan Chase THB 314,092 USD   8,598 04/12/16 (176 )
Morgan Stanley USD 271 CAD   386 02/29/16 4  
Morgan Stanley USD 25 MXN   470 02/29/16 1  
Morgan Stanley USD 688 PLN   2,837 02/29/16 7  
Morgan Stanley CZK 7,360 USD   297 02/29/16 2  
Royal Bank of Canada USD 13,567 CZK   340,998 02/19/16 108  
Royal Bank of Canada USD 13,437 PLN   53,367 02/19/16 (360 )
Royal Bank of Canada USD 13,504 SGD   19,271 02/19/16 19  
Royal Bank of Canada USD 11,276 TRY   33,334 02/19/16 (55 )
Royal Bank of Canada USD 13,155 TRY   38,890 02/19/16 (64 )
Royal Bank of Canada CZK 292,284 USD   11,629 02/19/16 (93 )
Royal Bank of Canada HUF 3,372,004 USD   11,571 02/19/16 (160 )
Royal Bank of Canada PLN 45,743 USD   11,517 02/19/16 309  
Royal Bank of Scotland GBP 3,588 USD   5,141 02/29/16 28  
Standard Chartered USD 218 CNY   1,498 10/21/16 1  
Standard Chartered USD 435 CNY   2,995 10/21/16 4  
Standard Chartered USD 19,771 EUR   18,148 02/19/16 (103 )
Standard Chartered USD 866 EUR   797 02/29/16 (2 )
Standard Chartered USD 19,855 JPY 2,329,214 02/19/16 (610 )
Standard Chartered USD 39,710 JPY 4,658,428 02/19/16 (1,219 )
Standard Chartered CNY 1,508 USD   224 10/21/16 3  
Standard Chartered DKK 116,086 USD   16,947 02/19/16 89  
Standard Chartered DKK 135,434 USD   19,772 02/19/16 103  
Standard Chartered PEN 45 USD   13 02/29/16 —  
Standard Chartered SGD 6,758 USD   4,725 02/29/16 (16 )
State Street USD 16,560 AUD   24,124 02/19/16 500  
State Street USD 19,335 CAD   28,076 02/19/16 706  
State Street USD 16,682 NOK   148,596 02/19/16 431  
State Street USD 16,553 NZD   25,725 02/19/16 90  
State Street CAD 56,152 USD   38,670 02/19/16 (1,412 )
State Street EUR 54,404 USD   58,991 02/29/16 17  
State Street NOK 173,361 USD   19,462 02/19/16 (503 )
State Street NOK 346,723 USD   38,924 02/19/16 (1,007 )
State Street SEK 143,842 USD   16,765 02/19/16 (1 )
UBS USD 342 GBP   240 02/29/16 —  
UBS USD 6,724 JPY   795,842 03/18/16 (143 )
UBS EUR 3,634 NOK   34,420 03/18/16 22  
UBS EUR 265 USD   287 02/29/16 —  
UBS SEK 57,958 USD   6,781 03/18/16 19  
Westpac USD 147 AUD   210 02/29/16 1  
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts             (545 )
 
 
Total Return Swap Contracts (*)                      
Amounts in thousands                      
Fund Receives/(Pays)           Notional   Termination Fair Value  
Underlying Reference Entity Counterparty     Amount   Date $  
Long Reference Entity                      
Barclays U.S. Aggregate Total Return Value Unhedged                      
USD Index Bank of America     USD 52,000   02/25/16 650  
Barclays U.S. Aggregate Total Return Value Unhedged                      
USD Index Bank of America     USD 40,000   02/29/16 —  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Bond Fund 171

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Total Return Swap Contracts (*)          
Amounts in thousands          
Fund Receives/(Pays)   Notional Termination Fair Value
Underlying Reference Entity Counterparty Amount Date $
Barclays U.S. Aggregate Total Return Value Unhedged          
USD Index Cargill USD 65,613 03/31/16 —
Barclays U.S. Aggregate Total Return Value Unhedged          
USD Index Macquarie USD 40,720 02/25/16 337
Barclays U.S. Aggregate Total Return Value Unhedged          
USD Index Merrill Lynch USD 39,255 04/04/16 —
Barclays U.S. Aggregate Total Return Value Unhedged          
USD Index Merrill Lynch USD 101,303 04/29/16 —
Barclays U.S. Aggregate Total Return Value Unhedged          
USD Index Newedge USD 5,032 06/30/16 1,448
Barclays U.S. Aggregate Total Return Value Unhedged          
USD Index UBS USD 74,573 03/08/16 —
Barclays U.S. Aggregate Total Return Value Unhedged          
USD Index UBS USD 90,466 03/16/16 —
Total Fair Value of Open Total Return Swap Contracts Premiums Paid (Received) - $— (å)       2,435

 

(*) Total return swaps (which includes index swaps) are agreements between counterparties to exchange cash flows, one based on a market-linked
returns of an individual asset or a basket of assets (i.e. an index), and the other on a fixed or floating rate. The floating rate fees were all based
on 1 month LIBOR rate plus a fee ranging from 0.08% to 0.19%.

Interest Rate Swap Contracts                      
 
Amounts in thousands                          
                      Termination Fair Value  
Counterparty Notional Amount Fund Receives       Fund Pays       Date $  
Bank of America KRW  2,936,150 1.680 % Three Month Korean Won Repo Rate       06/15/21 5  
Barclays USD 3,845 Three Month LIBOR   2.481%       11/15/27 (623 )
Barclays USD 3,860 Three Month LIBOR   2.417%       11/15/27 (581 )
Citigroup USD 7,680 Three Month LIBOR   2.714%       08/15/42 (733 )
Citigroup USD 5,110 Six Month LIBOR   3.676%       11/15/43 (1,565 )
JPMorgan Chase GBP 16,145 1.680 % Six Month LIBOR       03/21/20 163  
JPMorgan Chase USD 31,085 Three Month LIBOR   1.900%       03/16/23 (686 )
JPMorgan Chase DKK 89,914 Six Month CIBOR   0.943%       05/05/25 16  
JPMorgan Chase HKD 102,714 Three Month HIBOR   2.160%       05/14/25 (249 )
JPMorgan Chase CZK 321,681 Six Month PRIBOR   1.280%       06/19/25 (707 )
Total Fair Value on Open Interest Rate Swap Contracts Premiums Paid (Received) - $77 (å)             (4,960 )
 
 
 
Credit Default Swap Contracts                      
 
Amounts in thousands                          
 
Credit Indices                          
                  Fund (Pays)/        
                  Receives   Termination Fair Value  
Reference Entity   Counterparty   Notional Amount Fixed Rate   Date $  
CDX Investment Grade Index   Goldman Sachs   USD   95,590 1.000 % 06/20/20 (25 )
CDX NA High Yield Index   Goldman Sachs   USD   45,000 5.000 % 12/20/20 (6 )
CDX NA High Yield Index   Goldman Sachs   USD   12,550 5.000 % 12/20/20 (2 )
CMBX NA Index   Bank of America   USD   775 0.500 % 01/17/47 (35 )
CMBX NA Index   Credit Suisse     USD   510 3.000 % 05/11/63 (46 )
CMBX NA Index   Credit Suisse     USD   360 0.500 % 10/17/57 (21 )
CMBX NA Index   Credit Suisse     USD   170 0.500 % 01/17/47 (7 )
CMBX NA Index   Credit Suisse     USD   465 0.500 % 01/17/47 (21 )
CMBX NA Index   Goldman Sachs   USD   325 2.000 % 05/11/63 (22 )
CMBX NA Index   JPMorgan Chase   USD   365 0.500 % 10/17/57 (81 )
iTraxx Europe Crossover Index   Goldman Sachs   EUR   39,000 (5.000 %) 12/20/20 (2,350 )
iTraxx Europe Index   Goldman Sachs   EUR   54,000 1.000 % 12/20/20 226  
Total Fair Value on Open Credit Indices Premiums Paid (Received) - ($3,182)                 (2,390 )
                         

 

See accompanying notes which are an integral part of this quarterly report.

172 Russell Strategic Bond Fund

 

Russell Investment Company
Russell Strategic Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Presentation of Portfolio Holdings                        
 
Amounts in thousands                        
 
          Fair Value              
Portfolio Summary Level 1   Level 2   Level 3   Total  
Long-Term Investments                        
Asset-Backed Securities $ —   $ 504,228   $ 4,789 $   509,017  
Corporate Bonds and Notes   —     1,265,311     —     1,265,311  
International Debt   —     413,017     991     414,008  
Loan Agreements   —     28,558     —     28,558  
Mortgage-Backed Securities   —     1,528,899     12,816     1,541,715  
Municipal Bonds   —     36,473     —     36,473  
Non-US Bonds   —     229,090     —     229,090  
United States Government Agencies   —     125,235     —     125,235  
United States Government Treasuries   —     823,690     —     823,690  
Common Stocks —   —   —   —  
Preferred Stocks 9,110   —   —   9,110  
Options Purchased —   20   —   20  
Short-Term Investments —   1,151,007   8   1,151,007  
Total Investments 9,110   6,105,520   18,604   6,133,234  
 
 
Other Financial Instruments                        
Futures Contracts 12,795   —   —   12,795  
Foreign Currency Exchange Contracts (13 ) (532 ) —   (545 )
Total Return Swap Contracts —   2,435   —   2,435  
Interest Rate Swap Contracts —   (4,960 ) —   (4,960 )
Credit Default Swap Contracts —   (2,390 ) —   (2,390 )
Total Other Financial Instruments* $ 12,782   $ (5,447 ) $ — $   7,335  

 

*      Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.

For a description of the Levels see note 2 in the Notes to Quarterly Report.
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to Quarterly
Report.
Investments in which significant unobservable inputs (Level 3) were used in determining a fair value for the period ended January 31,
2016 were less than 1% of net assets.

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Bond Fund 173

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Long-Term Investments - 92.4%         Series 2011-2 Class A3        
Asset-Backed Securities - 7.8%         1.234% due 10/27/36 (Ê) 725 699
ABFC Trust         Brazos Higher Education Authority, Inc.        
Series 2005-WMC1 Class M1         Series 2010-1 Class A2        
0.830% due 06/25/35 (Ê) 66 66 1.433% due 02/25/35 (Ê) 1,100 1,079
Access Group, Inc.         California Republic Auto Receivables        
Series 2004-2 Class A3         Trust        
        Series 2014-2 Class A4        
0.424% due 10/25/24 (Ê)   700 609        
Accredited Mortgage Loan Trust         1.570% due 12/16/19   894 892
Series 2007-1 Class A4         Series 2015-2 Class A3        
0.390% due 02/25/37 (Ê) 2,583 2,045 1.310% due 08/15/19 998 993
Ally Auto Receivables Trust         Series 2015-3 Class A3        
Series 2013-1 Class A3         1.620% due 11/15/19 445 444
0.630% due 05/15/17 40 40 Capital Auto Receivables Asset Trust        
Series 2015-1 Class A3         Series 2013-1 Class B        
1.390% due 09/16/19 485 486 1.290% due 04/20/18 1,450 1,448
Series 2015-2 Class A3         Capital One Multi-Asset Execution Trust        
        Series 2007-A5 Class A5        
1.490% due 11/15/19   199 200        
Series 2015-2 Class A4         0.371% due 07/15/20 (Ê)   743 740
        Series 2014-A4 Class A4        
1.840% due 06/15/20   208 209        
Ally Master Owner Trust         0.546% due 06/15/22 (Ê)   282 279
Series 2013-1 Class A2         CarFinance Capital Auto Trust        
        Series 2014-1A Class A        
1.000% due 02/15/18   2,330 2,330        
AmeriCredit Automobile Receivables         1.460% due 12/17/18 (Þ)   247 246
Trust         Series 2015-1A Class A        
Series 2014-2 Class A2A         1.750% due 06/15/21 (Þ) 507 503
0.540% due 10/10/17 59 59 CarMax Auto Owner Trust        
Series 2014-2 Class A2B         Series 2013-1 Class A3        
0.704% due 10/10/17 (Ê) 203 203 0.600% due 10/16/17 192 192
Series 2014-3 Class B         Series 2015-2 Class A4        
1.920% due 11/08/19 240 241 1.800% due 03/15/21 599 604
Series 2015-4 Class A2B         Series 2015-4 Class A3        
0.946% due 04/08/19 (Ê) 516 516 1.560% due 11/16/20 716 717
Series 2015-4 Class A3         Carrington Mortgage Loan Trust        
 
1.700% due 07/08/20 119 119 Series 2005-NC3 Class M1      
Series 2016-1 Class A2B         0.610% due 06/25/35 (Ê)   177 177
1.175% due 06/10/19 (Ê) 841 841 CCG Receivables Trust        
          Series 2013-1 Class A2        
 
Series 2016-1 Class C       1.050% due 08/14/20 (Þ) 94 94
2.890% due 01/10/22   300 302          
 
Ameriquest Mortgage Securities,         Series 2014-1 Class A2      
Inc. Asset-Backed Pass-Through         1.060% due 11/15/21 (Þ)   400 399
Certificates         Centex Home Equity Loan Trust        
Series 2005-R5 Class M1         Series 2003-B Class AF4        
0.600% due 07/25/35 (Ê) 659 658 3.735% due 02/25/32 2,246 2,256
BA Credit Card Trust         Series 2005-D Class M1        
Series 2007-A1 Class A1         0.600% due 10/25/35 (Ê) 735 734
5.170% due 06/15/19 2,300 2,391 Chase Issuance Trust        
Series 2015-A2 Class A         Series 2007-A2 Class A2        
1.360% due 09/15/20 536 537 0.217% due 04/15/19 (Ê) 620 618
Bayview Financial Acquisition Trust         Series 2014-A8 Class A8        
Series 2006-A Class 1A3         0.436% due 11/15/18 (Ê) 600 600
5.865% due 02/28/41 353 372 Series 2015-A2 Class A2        
BMW Vehicle Owner Trust         1.590% due 02/18/20 840 847
Series 2013-A Class A3         Chesapeake Funding LLC        
0.670% due 11/27/17 973 972 Series 2014-1A Class C        
Brazos Higher Education Authority         1.622% due 03/07/26 (Ê)(Þ) 365 365
          CIT Education Loan Trust        

 

See accompanying notes which are an integral part of this quarterly report.

174 Russell Investment Grade Bond Fund

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Series 2007-1 Class A         Series 2011-1 Class A2        
0.345% due 03/25/42 (Ê)(Þ) 736 677 0.884% due 04/25/35 (Ê) 593 579
Citibank Credit Card Issuance Trust         EFS Volunteer No. 3 LLC        
Series 2006-A7 Class A7         Series 2012-1 Class A3        
0.301% due 12/17/18 (Ê) 2,060 2,057 1.156% due 04/25/33 (Ê)(Þ) 775 741
Series 2014-A3 Class A3         Exeter Automobile Receivables Trust        
0.367% due 05/09/18 (Ê) 625 625 Series 2014-1A Class A        
CountryPlace Manufactured Housing         1.290% due 05/15/18 (Þ) 11 11
Contract Trust         Series 2014-2A Class A        
Series 2005-1 Class A4         1.060% due 08/15/18 (Þ) 7 7
5.200% due 12/15/35 (Þ) 675 705 Series 2014-3A Class A        
Countrywide Asset-Backed Certificates         1.320% due 01/15/19 (Þ) 431 429
Series 2006-BC4 Class 2A2         Fannie Mae Grantor Trust        
0.330% due 11/25/36 (Ê) 949 902 Series 2003-T4 Class 1A        
CPS Auto Receivables Trust         0.390% due 09/26/33 (Ê) 106 105
Series 2013-C Class A                  
 
1.640% due 04/16/18 (Þ) 24 24 Series 2003-T4 Class 2A5      
          5.081% due 09/26/33   676 757
Series 2013-D Class A         Fannie Mae Whole Loan        
1.540% due 07/16/18 (Þ) 36 36 Series 2003-W5 Class A        
Series 2014-A Class A         0.390% due 04/25/33 (Ê) 36 35
1.210% due 08/15/18 (Þ) 22 22 Series 2003-W9 Class A        
Series 2015-C Class A         0.423% due 06/25/33 (Ê) 51 49
1.770% due 06/17/19 (Þ) 496 495 Flagship Credit Auto Trust        
Credit-Based Asset Servicing and         Series 2014-1 Class A        
Securitization LLC                
Series 2004-CB7 Class AF5         1.210% due 04/15/19 (Þ)   120 119
        Series 2014-2 Class A        
4.848% due 10/25/34   273 283        
CSAIL Commercial Mortgage Trust         1.430% due 12/16/19 (Þ)   32 32
Series 2016-C5 Class A5         Series 2015-2 Class A        
3.704% due 11/15/48 202 208 1.980% due 10/15/20 (Þ) 451 450
Discover Card Execution Note Trust         Series 2015-3 Class A        
Series 2015-A2 Class A         2.380% due 10/15/20 (Þ) 144 143
1.900% due 10/17/22 504 507 Ford Credit Auto Owner Trust        
Series 2016-A1 Class A1         Series 2013-A Class A3        
1.640% due 07/15/21 537 538 0.550% due 07/15/17 71 71
DRB Prime Student Loan Trust         Series 2013-C Class A3        
Series 2015-D Class A2         0.820% due 12/15/17 331 331
3.200% due 01/25/40 (Þ) 1,550 1,536 Series 2014-A Class A3        
Drive Auto Receivables Trust         0.790% due 05/15/18 1,161 1,160
Series 2015-BA Class A2A         Series 2015-B Class A4        
0.930% due 12/15/17 (Þ) 347 347 1.580% due 08/15/20 979 983
Series 2015-CA Class A2B         Series 2015-C Class A3        
0.850% due 02/15/18 (Ê)(Þ) 357 356 1.410% due 02/15/20 169 169
Series 2015-DA Class A2A         Series 2015-C Class A4        
1.230% due 06/15/18 (Þ) 579 579 1.740% due 02/15/21 421 424
Series 2016-AA Class A2A         Series 2016-A Class A4        
1.500% due 03/15/18 (Þ) 634 634 1.600% due 06/15/21 403 403
DT Auto Owner Trust         GM Financial Automobile Leasing Trust        
Series 2015-1A Class A         Series 2015-3 Class A3        
1.060% due 09/17/18 (Þ) 38 38 1.690% due 03/20/19 620 621
Series 2015-3A Class A         Higher Education Funding I        
1.660% due 03/15/19 (Þ) 594 593 Series 2014-1 Class A        
Education Loan Asset-Backed Trust I         1.283% due 05/25/34 (Ê)(Þ) 658 638
Series 2013-1 Class B1         Honda Auto Receivables Owner Trust        
1.427% due 11/25/33 (Ê)(Þ) 1,517 1,417 Series 2013-2 Class A3        
Educational Funding of the South, Inc.         0.530% due 02/16/17 370 369

 

See accompanying notes which are an integral part of this quarterly report.

Russell Investment Grade Bond Fund 175

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)      
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Series 2015-3 Class A2         Series 2014-B Class A3          
0.920% due 11/20/17 625 625 1.110% due 05/15/19 657   657
Series 2015-3 Class A4         Series 2015-C Class A2A          
1.560% due 10/18/21 408 410 0.870% due 11/15/18 625   624
Series 2015-4 Class A2         Series 2015-C Class A3          
0.820% due 07/23/18 625 625 1.370% due 05/15/20 410   411
Series 2015-4 Class A3         North Carolina State Education          
1.230% due 09/23/19 448 448 Assistance Authority          
Hyundai Auto Receivables Trust         Series 2011-2 Class A2          
Series 2013-A Class A3         1.034% due 07/25/25 (Ê) 657   648
        Oak Hill Advisors Residential Loan          
0.560% due 07/17/17   162 162 Trust          
Series 2013-C Class A3         Series 2015-NPL2 Class A1          
1.010% due 02/15/18 664 664 3.721% due 07/25/55 (Þ) 316   314
Series 2014-A Class A3         Park Place Securities, Inc.          
0.790% due 07/16/18 525 524 Series 2005-WCH1 Class M2          
Series 2015-A Class A3         0.690% due 01/25/36 (Ê) 595   592
1.050% due 04/15/19 777 777 Prestige Auto Receivables Trust          
Series 2015-B Class A2A         Series 2014-1A Class A3          
0.690% due 04/16/18 1,079 1,078 1.520% due 04/15/20 (Þ) 900   898
Series 2015-C Class A3         RAMP Trust          
 
1.460% due 02/18/20 57 57 Series 2003-RS2 Class AII        
JGWPT XXX LLC         0.850% due 03/25/33 (Ê)   41   37
Series 2013-3A Class A         Series 2003-RS11 Class AI6A          
4.080% due 01/17/73 (Þ) 427 445 5.980% due 12/25/33 153   165
JGWPT XXXII LLC         RASC Trust          
Series 2014-2A Class A         Series 2001-KS3 Class AII          
3.610% due 01/17/73 (Þ) 582 582 0.630% due 09/25/31 (Ê) 21   20
Mercedes-Benz Auto Receivables Trust         Series 2003-KS4 Class AIIB          
Series 2014-1 Class A2         0.750% due 06/25/33 (Ê) 87   73
0.430% due 02/15/17 163 163 Renaissance Home Equity Loan Trust          
Morgan Stanley ABS Capital I, Inc. Trust         Series 2005-2 Class AF4          
Series 2003-NC6 Class M1         4.934% due 08/25/35 585   588
1.370% due 06/25/33 (Ê) 222 214 Series 2006-1 Class AF6          
Series 2003-NC7 Class M1         5.746% due 05/25/36 195   130
1.220% due 06/25/33 (Ê) 188 176 Santander Drive Auto Receivables Trust          
Navient Student Loan Trust         Series 2013-1 Class B          
Series 2014-2 Class A         1.160% due 01/15/19 125   125
0.806% due 03/25/43 (Ê) 1,319 1,243 Series 2014-4 Class A2B          
Series 2014-3 Class A         0.487% due 01/16/18 (Ê) 101   101
0.786% due 03/25/43 (Ê) 1,726 1,638 Series 2014-4 Class B          
Nelnet Student Loan Trust         1.820% due 05/15/19 758   761
Series 2011-1A Class A         Series 2015-2 Class B          
1.020% due 02/25/43 (Ê)(Þ) 1,090 1,077 1.830% due 01/15/20 629   629
Series 2014-4A Class A2         Series 2015-2 Class C          
1.119% due 11/25/43 (Ê)(Þ) 725 661 2.440% due 04/15/21 205   205
Series 2015-2A Class A2         Series 2015-3 Class B          
0.821% due 09/25/42 (Ê)(Þ) 1,340 1,302 2.070% due 04/15/20 513   515
New Century Home Equity Loan Trust         Series 2015-4 Class A2A          
Series 2005-2 Class M1                  
        1.200% due 12/17/18   814   814
0.600% due 06/25/35 (Ê)   1,055 1,052 Series 2015-4 Class A3          
Nissan Auto Receivables Owner Trust                  
Series 2013-C Class A3         1.580% due 09/16/19   585   586
        Series 2015-4 Class C          
0.670% due 08/15/18   320 319          
Series 2014-A Class A3         2.970% due 03/15/21   378   382
        Series 2015-5 Class A2B          
0.720% due 08/15/18   230 230          
          1.081% due 12/17/18 (Ê)   107   107

 

See accompanying notes which are an integral part of this quarterly report.

176 Russell Investment Grade Bond Fund

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Series 2015-5 Class C         Tidewater Auto Receivables Trust        
2.740% due 12/15/21 105 105 Series 2014-AA Class A3        
Saxon Asset Securities Trust         1.400% due 07/15/18 (Þ) 849 848
Series 2004-1 Class A         Toyota Auto Receivables Owner Trust        
0.695% due 03/25/35 (Ê) 57 52 Series 2014-A Class A3        
SLM Private Education Loan Trust         0.670% due 12/15/17 487 486
Series 2010-A Class 2A         Series 2015-B Class A2B        
3.676% due 05/16/44 (Ê)(Þ) 2,317 2,392 0.398% due 11/15/17 (Ê) 1,000 1,000
SLM Student Loan Trust         United Auto Credit Securitization Trust        
Series 2005-8 Class A4         Series 2016-1 Class A        
0.984% due 01/25/28 (Ê) 1,660 1,638 2.000% due 10/16/17 (Þ) 350 350
Series 2006-2 Class A6         US Residential Opportunity Fund III        
0.404% due 01/25/41 (Ê) 950 831 Trust        
          Series 2015-1A Class A        
 
Series 2006-8 Class A6       3.721% due 01/27/35 (Þ) 181 179
0.394% due 01/25/41 (Ê)   950 840          
          US Residential Opportunity Fund Trust        
 
Series 2007-6 Class B       Series 2015-1IV Class A        
1.084% due 04/27/43 (Ê)   134 115        
          3.721% due 02/27/35 (Þ)   248 247
Series 2007-7 Class B         USAA Auto Owner Trust        
0.984% due 10/25/28 (Ê) 320 254 Series 2015-1 Class A3        
Series 2007-8 Class B         1.200% due 06/17/19 358 358
1.234% due 04/27/43 (Ê) 269 230 Vericrest Opportunity Loan Trust        
Series 2008-2 Class B         Series 2015-NP12 Class A1        
1.434% due 01/25/29 (Ê) 160 130 3.875% due 09/25/45 (Þ) 94 93
Series 2008-3 Class B         Series 2015-NPL2 Class A1        
1.434% due 04/25/29 (Ê) 160 131 3.500% due 02/25/55 (Þ) 340 335
Series 2008-4 Class A4         Series 2015-NPL4 Class A1        
1.927% due 07/25/22 (Ê) 2,400 2,403 3.500% due 02/25/55 (Þ) 188 187
Series 2008-4 Class B         World Financial Network Credit Card        
2.084% due 04/25/29 (Ê) 160 145 Master Trust        
          Series 2015-A Class A        
Series 2008-5 Class B       0.703% due 02/15/22 (Ê) 259 258
2.084% due 07/25/29 (Ê)   230 213          
Series 2008-6 Class B         World Omni Auto Receivables Trust        
        Series 2014-B Class A4        
2.084% due 07/25/29 (Ê)   160 147        
          1.680% due 12/15/20   722 725
Series 2008-7 Class B                  
                91,487
2.084% due 07/25/29 (Ê)   160 139 Corporate Bonds and Notes - 23.9%      
Series 2008-8 Class B                  
2.484% due 10/25/29 (Ê) 160 152 21st Century Fox America, Inc. 775 835
          6.150% due 02/15/41        
Series 2008-9 Class A                
        8.250% due 10/17/96   65 81
1.777% due 04/25/23 (Ê)   254 254          
 
Series 2008-9 Class B         Series WI      
        4.750% due 09/15/44   370 350
2.484% due 10/25/29 (Ê)   230 217          
 
Series 2013-4 Class A         AbbVie, Inc.      
        1.800% due 05/14/18   604 602
0.720% due 06/25/27 (Ê)   530 514        
SMB Private Education Loan Trust         3.600% due 05/14/25   940 941
Series 2015-A Class A3         4.500% due 05/14/35 565 552
1.926% due 02/17/32 (Ê)(Þ) 1,345 1,278 4.700% due 05/14/45 100 98
SoFi Professional Loan Program LLC         ACE INA Holdings, Inc.        
Series 2014-B Class A2                
        2.300% due 11/03/20   595 597
2.550% due 08/27/29 (Þ)   869 870        
Specialty Underwriting & Residential         2.875% due 11/03/22   410 415
Finance Trust         Alcoa, Inc.        
Series 2003-BC1 Class A         6.150% due 08/15/20 517 502
0.850% due 01/25/34 (Ê) 25 22 Allstate Corp. (The)        
Synchrony Credit Card Master Note Trust         5.750% due 08/15/53 980 998
Series 2015-3 Class A         Altria Group, Inc.        
1.740% due 09/15/21 168 168 10.200% due 02/06/39 474 791

 

See accompanying notes which are an integral part of this quarterly report.

Russell Investment Grade Bond Fund 177

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Amazon.com, Inc.         AutoNation, Inc.        
4.950% due 12/05/44 425 447 4.500% due 10/01/25 920 942
Ameren Corp.         Bank of America Corp.        
2.700% due 11/15/20 630 636 2.000% due 01/11/18 1,170 1,166
American Airlines Pass-Through Trust         2.625% due 10/19/20 1,089 1,078
Series 2013-2 Class A                
        4.200% due 08/26/24   95 94
4.950% due 01/15/23   1,050 1,111        
American Electric Power Co., Inc.         3.875% due 08/01/25   1,006 1,017
1.650% due 12/15/17 440 438 4.875% due 04/01/44 150 153
American Express Co.         Series L        
3.625% due 12/05/24 765 762 1.950% due 05/12/18 215 215
American Express Credit Corp.         3.950% due 04/21/25 930 906
1.125% due 06/05/17 1,000 996 Bank of America NA        
Series F         Series BKNT        
2.600% due 09/14/20 680 684 5.300% due 03/15/17 400 414
American Honda Finance Corp.         0.637% due 06/15/17 (Ê) 1,340 1,327
2.250% due 08/15/19 855 868 6.100% due 06/15/17 1,900 2,009
American International Group, Inc.         2.050% due 12/07/18 1,340 1,341
4.800% due 07/10/45 343 314        
        6.000% due 10/15/36   1,300 1,538
4.375% due 01/15/55   675 543 Bank of New York Mellon Corp. (The)        
American Tower Corp.         1.969% due 06/20/17 765 772
3.300% due 02/15/21 680 683 Series G        
Amgen, Inc.         2.200% due 05/15/19 640 645
4.400% due 05/01/45 251 233 Baxalta, Inc.        
Anadarko Petroleum Corp.         3.600% due 06/23/22 (Þ) 391 396
6.375% due 09/15/17 430 434 Baylor Scott & White Holdings        
6.450% due 09/15/36 572 458 4.185% due 11/15/45 460 451
4.500% due 07/15/44 430 286 Bear Stearns Cos. LLC (The)        
Anheuser-Busch InBev Finance, Inc.         7.250% due 02/01/18 425 467
1.900% due 02/01/19 840 842 Becton Dickinson and Co.        
2.650% due 02/01/21 1,120 1,127 2.675% due 12/15/19 660 671
 
3.650% due 02/01/26 2,410 2,442 Bellsouth Capital Funding Corp.      
        7.875% due 02/15/30   635 765
4.700% due 02/01/36   556 563 Berkshire Hathaway Energy Co.        
4.900% due 02/01/46 2,165 2,242 Series WI        
 
Anheuser-Busch InBev Worldwide, Inc.       4.500% due 02/01/45 495 485
1.375% due 07/15/17   765 765 Berkshire Hathaway Finance Corp.        
Apollo Management Holdings, LP         4.400% due 05/15/42 400 406
4.000% due 05/30/24 (Þ) 790 799 Biogen, Inc.        
Apple, Inc.         2.900% due 09/15/20 1,230 1,239
0.863% due 05/03/18 (Ê) 1,875 1,870 5.200% due 09/15/45 415 420
4.375% due 05/13/45 590 575 BMW US Capital LLC        
ARC Properties Operating Partnership,                
          0.669% due 06/02/17 (Ê)   1,600 1,589
LP                  
2.000% due 02/06/17 750 740 Boston Properties, LP      
          5.625% due 11/15/20   400 450
Assurant, Inc.                
2.500% due 03/15/18 910 914 3.650% due 02/01/26   1,062 1,073
          Burlington Northern and Santa Fe        
AT&T, Inc.          Railway Co. Pass-Through Trust        
3.000% due 06/30/22 2,150 2,109 Series 2005-4        
3.600% due 02/17/23 796 795 4.967% due 04/01/23 105 115
4.500% due 05/15/35 2,703 2,438 Burlington Northern Santa Fe LLC        
4.300% due 12/15/42 169 139 6.875% due 12/01/27 90 114
4.750% due 05/15/46 860 763 5.150% due 09/01/43 456 485
5.650% due 02/15/47 80 80 4.900% due 04/01/44 125 129
          Capital One Financial Corp.        

 

See accompanying notes which are an integral part of this quarterly report.

178 Russell Investment Grade Bond Fund

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
2.450% due 04/24/19 730 731 Continental Resources, Inc.        
Capital One NA         4.900% due 06/01/44 200 108
Series BKNT         Corporate Office Properties, LP        
1.650% due 02/05/18 682 677 3.700% due 06/15/21 815 807
Cardinal Health, Inc.         Credit Suisse AG        
1.950% due 06/15/18 1,070 1,067 1.750% due 01/29/18 910 909
Cargill, Inc.         6.000% due 02/15/18 250 269
6.000% due 11/27/17 (Þ) 1,200 1,286 Credit Suisse NY        
CBS Corp.         3.625% due 09/09/24 1,010 1,038
4.300% due 02/15/21 955 1,010 Series GMTN        
4.600% due 01/15/45 675 578 1.375% due 05/26/17 1,835 1,829
CCO Safari II LLC         Crown Castle Towers LLC        
3.579% due 07/23/20 (Þ) 671 675 4.174% due 08/15/17 (Þ) 1,550 1,581
4.464% due 07/23/22 (Þ) 1,970 1,973 3.222% due 05/15/22 (Þ) 760 760
4.908% due 07/23/25 (Þ) 760 761 CVS Health Corp.        
6.384% due 10/23/35 (Þ) 1,267 1,273 3.875% due 07/20/25 1,100 1,137
Celgene Corp.         4.875% due 07/20/35 295 306
2.875% due 08/15/20 1,600 1,613 5.125% due 07/20/45 1,037 1,114
5.000% due 08/15/45 475 474 Delta Air Lines Pass-Through Trust        
CenterPoint Energy Houston Electric         Series 2010-1 Class A        
LLC         6.200% due 07/02/18 211 226
4.500% due 04/01/44 600 644 Devon Energy Corp.        
CenterPoint Energy Resources Corp.         3.250% due 05/15/22 218 173
6.125% due 11/01/17 125 133 DIRECTV Holdings LLC / DIRECTV        
Chevron  Corp.         Financing Co., Inc.        
    2.419% due 11/17/20 436 433 5.000% due 03/01/21 1,595 1,735
2.411% due 03/03/22 555 540 5.150% due 03/15/42 49 45
Chevron Phillips Chemical Co. LLC /         Discover Bank        
Chevron Phillips Chemical Co, LP         2.000% due 02/21/18 250 248
1.700% due 05/01/18 (Þ) 531 522 Dominion Gas Holdings LLC        
Citigroup, Inc.         2.500% due 12/15/19 135 136
1.350% due 03/10/17 800 799 4.600% due 12/15/44 105 99
2.500% due 09/26/18 2,025 2,044 Dominion Resources, Inc.        
3.875% due 03/26/25 645 621 1.900% due 06/15/18 949 944
        Duke Energy Carolinas LLC        
4.400% due 06/10/25   431 430        
        4.250% due 12/15/41   500 511
4.450% due 09/29/27   1,557 1,537 Duke Energy Progress LLC        
4.650% due 07/30/45 585 579 3.000% due 09/15/21 1,020 1,062
City of Hope         eBay, Inc.        
Series 2013                
        0.821% due 07/28/17 (Ê)   935 924
5.623% due 11/15/43   260 302        
Cleveland Clinic Foundation (The)         1.096% due 08/01/19 (Ê)   775 753
        Enbridge Energy Partners, LP        
4.858% due 01/01/14   168 173        
Columbia Property Trust Operating         5.875% due 10/15/25   150 141
Partnership, LP         Energy Transfer Partners, LP        
4.150% due 04/01/25 815 827 6.050% due 06/01/41 680 510
Comcast Corp.         Entergy Texas, Inc.        
4.200% due 08/15/34 649 639 7.125% due 02/01/19 775 881
Commonwealth Edison Co.         Enterprise Products Operating LLC        
5.800% due 03/15/18 565 613 5.250% due 01/31/20 760 792
ConocoPhillips Co.         5.100% due 02/15/45 774 644
4.150% due 11/15/34 97 77 4.900% due 05/15/46 151 125
Continental Airlines Pass-Through Trust         ERAC USA Finance LLC        
Series 071A Class A                
        2.350% due 10/15/19 (Þ)   1,777 1,763
5.983% due 04/19/22   1,304 1,435        
          3.800% due 11/01/25 (Þ)   450 449

 

See accompanying notes which are an integral part of this quarterly report.

Russell Investment Grade Bond Fund 179

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Exelon Corp.         6.345% due 02/15/34 1,095 1,285
1.550% due 06/09/17 476 475 Goldman Sachs Group, Inc. (The)        
2.850% due 06/15/20 1,650 1,652 6.250% due 09/01/17 1,025 1,090
5.625% due 06/15/35 107 115 2.900% due 07/19/18 640 651
Exxon Mobil Corp.         2.625% due 01/31/19 535 539
0.377% due 03/15/17 (Ê) 1,750 1,745 2.550% due 10/23/19 785 786
Farmers Exchange Capital                
        5.750% due 01/24/22   640 726
7.200% due 07/15/48 (Þ)   700 902        
Farmers Exchange Capital II         3.625% due 01/22/23   366 372
6.151% due 11/01/53 (Þ) 700 772 1.925% due 11/29/23 (Ê) 490 492
Fifth Third Bank         3.750% due 05/22/25 465 467
2.375% due 04/25/19 605 609 4.250% due 10/21/25 1,310 1,306
FirstEnergy Transmission LLC         6.750% due 10/01/37 325 375
5.450% due 07/15/44 (Þ) 339 354        
Ford Motor Credit Co. LLC         4.800% due 07/08/44   320 317
 
1.461% due 03/27/17 1,442 1,432 4.750% due 10/21/45 856 847
        Series 10YR        
1.223% due 01/09/18 (Ê)   500 495        
        3.500% due 01/23/25   350 345
3.200% due 01/15/21   458 454 Halliburton Co.        
Series FXD         2.700% due 11/15/20 409 399
2.145% due 01/09/18 965 962        
Forest Laboratories LLC         3.800% due 11/15/25   310 291
 
5.000% due 12/15/21 (Þ) 785 861 5.000% due 11/15/45 470 419
General Electric Capital Corp.         HCP, Inc.        
0.491% due 02/15/17 (Ê) 800 800 4.250% due 11/15/23 1,085 1,098
        Health Care REIT, Inc.        
0.684% due 05/05/26 (Ê)   735 667        
        6.125% due 04/15/20   585 662
5.875% due 01/14/38   105 129 Hewlett Packard Enterprise Co.        
Series GMTN         2.450% due 10/05/17 (Þ) 1,830 1,833
3.100% due 01/09/23 685 711        
        4.400% due 10/15/22 (Þ)   1,021 1,008
6.150% due 08/07/37   192 246        
General Electric Co.         4.900% due 10/15/25 (Þ)   2,000 1,904
 
5.250% due 12/06/17 815 874 6.200% due 10/15/35 (Þ) 800 721
        Hewlett-Packard Co.        
4.500% due 03/11/44   1,595 1,668        
          3.750% due 12/01/20   141 144
 
General Mills, Inc.       HP, Inc.        
5.650% due 02/15/19   695 770        
          4.375% due 09/15/21   1,000 1,008
 
General Motors Co.       Intel Corp.        
6.250% due 10/02/43   276 277        
General Motors Financial Co., Inc.         4.900% due 07/29/45   405 419
        International Business Machines Corp.        
4.750% due 08/15/17   500 514        
        0.491% due 02/06/18 (Ê)   830 828
3.100% due 01/15/19   241 239        
        0.684% due 02/12/19 (Ê)   500 498
3.200% due 07/13/20   1,200 1,177        
        2.875% due 11/09/22   1,035 1,036
3.450% due 04/10/22   460 442 ITC Holdings Corp.        
Georgia Power Co.         5.300% due 07/01/43 390 406
4.300% due 03/15/42 445 432 Jersey Central Power & Light Co.        
Georgia-Pacific LLC         4.300% due 01/15/26 (Þ) 528 546
2.539% due 11/15/19 (Þ) 975 975        
        6.400% due 05/15/36   383 429
8.875% due 05/15/31   695 1,002 Johnson Controls, Inc.        
Gilead Sciences, Inc.         4.625% due 07/02/44 138 125
2.550% due 09/01/20 1,345 1,362 JPMorgan Chase & Co.        
3.650% due 03/01/26 820 837 1.350% due 02/15/17 590 590
4.500% due 02/01/45 200 197 2.250% due 01/23/20 1,545 1,532
4.750% due 03/01/46 832 849 2.550% due 10/29/20 449 448
Goldman Sachs Capital I         3.875% due 09/10/24 1,285 1,277

 

See accompanying notes which are an integral part of this quarterly report.

180 Russell Investment Grade Bond Fund

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
4.125% due 12/15/26 205 204 Series WI        
4.250% due 10/01/27 1,046 1,043 3.300% due 08/14/20 700 717
        McKesson Corp.        
4.950% due 06/01/45   175 175        
JPMorgan Chase Bank NA         2.284% due 03/15/19   1,415 1,418
    Series BKNT         Medco Health Solutions, Inc.        
6.000% due 10/01/17 1,800 1,917 4.125% due 09/15/20 675 707
JPMorgan Chase Capital XXIII         Medtronic, Inc.        
        Series WI        
1.321% due 05/15/47 (Ê)   3,495 2,623        
 KCP&L Greater Missouri Operations Co.         4.375% due 03/15/35   297 303
    8.270% due 11/15/21 425 537 4.625% due 03/15/45 238 250
Kinder Morgan Energy Partners, LP         Merck & Co., Inc.        
    5.500% due 03/01/44 465 361 0.685% due 05/18/18 (Ê) 1,870 1,871
Kinder Morgan, Inc.         MetLife, Inc.        
    5.300% due 12/01/34 868 661 3.600% due 11/13/25 715 718
5.550% due 06/01/45 290 227 10.750% due 08/01/39 1,080 1,658
5.050% due 02/15/46 322 235 4.600% due 05/13/46 264 258
KKR Group Finance Co. III LLC         Metropolitan Life Global Funding I        
    5.125% due 06/01/44 (Þ) 1,240 1,230 1.300% due 04/10/17 (Þ) 337 337
KKR Group Finance Co. LLC         3.875% due 04/11/22 (Þ) 900 956
6.375% due 09/29/20 (Þ) 620 721 MFMEG        
Kohl's Corp.         4.490% due 02/25/28 490 508
4.250% due 07/17/25 500 486 Microsof t Corp.        
5.550% due 07/17/45 505 457 2.650% due 11/03/22 1,165 1,183
Kraft Foods Group, Inc.         3.125% due 11/03/25 750 768
6.875% due 01/26/39 78 94 4.200% due 11/03/35 240 243
Kraft Heinz Foods Co.         3.750% due 02/12/45 450 413
1.600% due 06/30/17 (Þ) 1,163 1,163 Morgan Stanley        
3.500% due 07/15/22 (Þ) 675 687 5.550% due 04/27/17 410 429
4.875% due 02/15/25 (Þ) 1,090 1,166 1.875% due 01/05/18 530 528
Kroger Co. (The)         2.125% due 04/25/18 2,290 2,291
2.300% due 01/15/19 765 778 2.450% due 02/01/19 1,630 1,636
Lehman Brothers Holdings Capital Trust                
VII         3.875% due 01/27/26   1,999 2,022
5.857% due 11/29/49 (ƒ)(Ø) 1,450 — 4.300% due 01/27/45 1,150 1,080
Lehman Brothers Holdings, Inc.         Series F        
6.500% due 07/19/17 (Ø) 390 — 3.875% due 04/29/24 820 832
 
6.750% due 12/28/17 (Ø) 990 — Series GMTN      
Lockheed Martin Corp.         5.500% due 07/24/20   535 592
2.500% due 11/23/20 1,114 1,123 4.000% due 07/23/25 379 387
 
2.900% due 03/01/25 955 931 MUFG Americas Holdings Corp.      
4.700% due 05/15/46 471 498 2.250% due 02/10/20   1,630 1,614
          Mutual of Omaha Insurance Co.        
Series 10YR       4.297% due 07/15/54 (Þ) 650 660
3.550% due 01/15/26   775 795          
          Mylan NV        
Manufacturers & Traders Trust Co.       3.000% due 12/15/18 (Þ) 600 601
1.646% due 12/28/20   180 180        
Marathon Oil Corp.         3.750% due 12/15/20 (Þ)   600 607
 
2.700% due 06/01/20 467 358 Mylan, Inc.      
Marathon Petroleum Corp.         2.550% due 03/28/19   790 786
3.400% due 12/15/20 274 265 National City Bank        
          Series BKNT        
McDonald's Corp.       0.702% due 06/07/17 (Ê) 900 894
3.700% due 01/30/26   615 622          
        Nationwide Mutual Insurance Co.        
4.875% due 12/09/45   787 795        
          2.627% due 12/15/24 (Ê)(Þ)   700 677
McGraw Hill Financial, Inc.         NextEra Energy Capital Holdings, Inc.        

 

See accompanying notes which are an integral part of this quarterly report.

Russell Investment Grade Bond Fund 181

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
1.586% due 06/01/17 783 782 5.700% due 08/15/35 467 512
2.700% due 09/15/19 352 353 4.750% due 11/01/42 625 602
Series F         5.850% due 08/15/45 1,155 1,281
2.056% due 09/01/17 846 849 Roche Holdings, Inc.        
NIKE, Inc.         3.000% due 11/10/25 (Þ) 602 608
3.875% due 11/01/45 360 359 SABMiller Holdings, Inc.        
NiSource Finance Corp.         3.750% due 01/15/22 (Þ) 1,125 1,166
6.400% due 03/15/18 100 109 Samsung Electronics America, Inc.        
Noble Energy, Inc.         1.750% due 04/10/17 (Þ) 765 767
3.900% due 11/15/24 230 194 Schlumberger Holdings Corp.        
Norfolk Southern Corp.         3.000% due 12/21/20 (Þ) 548 536
4.650% due 01/15/46 345 340 4.000% due 12/21/25 (Þ) 568 553
North Shore-Long Island Jewish Health                  
          Sempra Energy        
Care, Inc.       9.800% due 02/15/19 2,014 2,423
4.800% due 11/01/42   575 565        
Novartis Capital Corp.         3.550% due 06/15/24   550 545
 
4.000% due 11/20/45 200 202 Simon Property Group, LP      
NYU Hospitals Center         3.300% due 01/15/26   131 131
Series 13-A         Series 5YR        
5.750% due 07/01/43 159 188 2.500% due 07/15/21 879 884
Occidental Petroleum Corp.         SL Green Realty Corp. / SL Green        
3.500% due 06/15/25 315 300 Operating Partnership / Reckson        
          Operating Partnership        
 
Oncor Electric Delivery Co. LLC       7.750% due 03/15/20 550 648
6.800% due 09/01/18   1,350 1,507          
        South Carolina Electric & Gas Co.        
4.550% due 12/01/41   424 417        
        5.100% due 06/01/65   1,165 1,245
5.300% due 06/01/42   104 114 Southern California Edison Co.        
Oracle Corp.         Series C        
2.950% due 05/15/25 1,695 1,659 3.600% due 02/01/45 565 526
PACCAR Financial Corp.         Southern Co. (The)        
0.522% due 06/06/17 (Ê) 50 50 1.300% due 08/15/17 536 533
0.932% due 12/06/18 (Ê) 510 511 2.150% due 09/01/19 1,492 1,483
PacifiCorp         Southern Power Co.        
2.950% due 02/01/22 945 956 4.150% due 12/01/25 575 586
Panhandle Eastern Pipe Line Co., LP         5.250% due 07/15/43 290 273
8.125% due 06/01/19 1,725 1,763 Southwestern Electric Power Co.        
Pfizer, Inc.         3.550% due 02/15/22 316 329
0.471% due 05/15/17 (Ê) 1,380 1,377 Spectra Energy Partners, LP        
Plains All American Pipeline, LP / PAA                
Finance Corp.         4.500% due 03/15/45   400 305
        Sysco Corp.        
2.600% due 12/15/19   458 410        
        3.750% due 10/01/25   400 412
4.650% due 10/15/25   552 472 Thermo Fisher Scientific, Inc.        
Precision Castparts Corp.                
        2.400% due 02/01/19   620 624
2.500% due 01/15/23   435 428 Thomson Reuters Corp.        
Progress Energy, Inc.                
        5.650% due 11/23/43   605 630
7.750% due 03/01/31   602 798 TIAA Asset Management Finance Co.        
Public Service Co. of  New Mexico         LLC        
7.950% due 05/15/18 675 761 2.950% due 11/01/19 (Þ) 213 212
Qwest Corp.         4.125% due 11/01/24 (Þ) 137 140
6.750% due 12/01/21 315 328 Time Warner Cable, Inc.        
Regency Energy Partners, LP / Regency                
Energy Finance Corp.         7.300% due 07/01/38   119 126
        Time Warner Cos., Inc.        
4.500% due 11/01/23   512 410        
Reynolds American, Inc.         7.570% due 02/01/24   537 651
        Time Warner, Inc.        
2.300% due 06/12/18   1,047 1,057        
        3.600% due 07/15/25   249 242
4.450% due 06/12/25   404 429          

 

See accompanying notes which are an integral part of this quarterly report.

182 Russell Investment Grade Bond Fund

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
6.500% due 11/15/36 550 606 0.607% due 06/15/17 (Ê) 990 985
4.850% due 07/15/45 270 243 Walgreens Boots Alliance, Inc.        
Toyota Motor Credit Corp.         4.800% due 11/18/44 265 235
Series MTN         Wal-Mart Stores, Inc.        
0.706% due 03/12/20 (Ê) 1,820 1,791 6.500% due 08/15/37 860 1,126
TTX Co.         Walt Disney Co. (The)        
2.250% due 02/01/19 (Þ) 323 324 2.300% due 02/12/21 837 843
U.S. Bank NA         WEA Finance LLC / Westfield UK &        
Series BKNT         Europe Finance PLC        
0.533% due 09/11/17 (Ê) 800 798 2.700% due 09/17/19 (Þ) 460 460
1.375% due 09/11/17 455 456 3.250% due 10/05/20 (Þ) 1,063 1,082
UBS AG         WEC Energy Group, Inc.        
1.375% due 06/01/17 802 801 1.650% due 06/15/18 440 440
 
1.800% due 03/26/18 615 616 Wells Fargo & Co.      
        2.125% due 04/22/19   1,485 1,494
2.375% due 08/14/19   1,385 1,390        
UDR, Inc.         2.550% due 12/07/20   1,014 1,018
Series 0001         4.650% due 11/04/44 460 446
4.625% due 01/10/22 590 641 Series GMTN        
Union Pacific Corp.         4.300% due 07/22/27 615 633
4.050% due 11/15/45 395 382 4.900% due 11/17/45 444 446
United Technologies Corp.         Wells Fargo Bank NA        
1.778% due 05/04/18 1,333 1,326 Series BKNT        
UnitedHealth Group, Inc.         1.650% due 01/22/18 625 627
6.000% due 06/15/17 4 4 Welltower, Inc.        
1.400% due 10/15/17 590 590 4.950% due 01/15/21 245 266
 
2.700% due 07/15/20 635 650 Williams Partners, LP      
        3.900% due 01/15/25   685 488
3.875% due 10/15/20   100 107          
        Xcel Energy, Inc.        
3.750% due 07/15/25   320 333        
          1.200% due 06/01/17   611 608
US Bancorp                  
2.200% due 04/25/19 1,185 1,201 ZFS Finance USA Trust II      
        6.450% due 12/15/65 (Þ)   3,730 3,735
2.950% due 07/15/22   570 575 ZFS Finance USA Trust V        
US Bank NA         6.500% due 05/09/37 (Þ) 1,260 1,267
1.198% due 01/29/18 (Ê) 250 250         281,741
1.450% due 01/29/18 530 531 International Debt - 5.4%        
 
Ventas Realty, LP / Ventas Capital Corp.       Actavis Funding SCS      
2.700% due 04/01/20   1,050 1,043 3.000% due 03/12/20   730 739
Verizon Communications, Inc.         3.800% due 03/15/25 1,100 1,116
3.000% due 11/01/21 780 785 4.550% due 03/15/35 316 311
5.050% due 03/15/34 1,895 1,848 Series WI        
4.750% due 11/01/41 665 607 2.450% due 06/15/19 500 502
        Arbor Realty Collateralized Loan        
3.850% due 11/01/42   400 327          
Series WI         Obligation, Ltd.        
        Series 2014-1A Class A        
4.272% due 01/15/36   2,426 2,165 2.176% due 05/15/24 (Ê)(Þ) 1,275 1,264
4.522% due 09/15/48 403 353 AstraZeneca PLC        
4.672% due 03/15/55 937 788 2.375% due 11/16/20 1,471 1,475
Viacom, Inc.         Bank of Montreal        
5.850% due 09/01/43 1,165 981 Series 3FRN        
Visa, Inc.         0.644% due 04/10/18 (Ê) 500 497
3.150% due 12/14/25 945 960 Series YCD        
4.150% due 12/14/35 230 238 1.012% due 12/08/17 (Ê)(~) 600 600
        Barclays PLC        
4.300% due 12/14/45   451 465        
          3.250% due 01/12/21   945 949
Wachovia Corp.         3.650% due 03/16/25 250 239

 

See accompanying notes which are an integral part of this quarterly report.

Russell Investment Grade Bond Fund 183

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
4.375% due 01/12/26 1,045 1,055 Global SC Finance II SRL        
 Barrick Gold Corp.         Series 2014-1A Class A2        
    4.100% due 05/01/23 370 318 3.090% due 07/17/29 (Þ) 387 381
        Grupo Bimbo SAB de CV        
5.250% due 04/01/42   325 218        
BHP Billiton Finance USA, Ltd.         4.875% due 06/27/44 (Þ)   565 480
        HBOS PLC        
6.750% due 10/19/75 (Þ)   1,095 1,029 Series GMTN        
BNP Paribas SA                
        6.750% due 05/21/18 (Þ)   2,425 2,650
1.375% due 03/17/17   890 890 HSBC Bank PLC        
BP Capital Markets PLC                
        7.650% due 05/01/25   925 1,200
3.062% due 03/17/22   720 707 HSBC Holdings PLC        
3.994% due 09/26/23 630 631 4.250% due 03/14/24 475 470
British Telecommunications PLC         ING Bank NV        
2.350% due 02/14/19 670 674 2.000% due 11/26/18 (Þ) 724 724
Caisse Centrale Desjardins         Intesa Sanpaolo SpA        
0.682% due 03/27/17 (Ê)(Þ) 1,930 1,927 5.017% due 06/26/24 (Þ) 371 356
Canadian Natural Resources, Ltd.         Korea Electric Power Corp.        
1.750% due 01/15/18 740 670 5.125% due 04/23/34 (Þ) 155 179
6.750% due 02/01/39 52 40 Limerock CLO II, Ltd.        
Canadian Pacific Railway Co.         Series 2014-2A Class A        
4.800% due 09/15/35 260 257 1.757% due 04/18/26 (Ê)(Þ) 810 794
 
6.125% due 09/15/15 95 97 Macquarie Bank, Ltd.      
CDP Financial, Inc.         1.249% due 10/27/17 (Ê)(Þ)   430 428
5.600% due 11/25/39 (Þ) 545 670 Magnetite XI, Ltd.        
          Series 2014-11A Class A1        
 
Cenovus Energy, Inc.       1.693% due 01/18/27 (Ê)(Þ) 600 592
3.000% due 08/15/22   1,147 953 Mexico Government International Bond        
Chile Government International Bond                
        4.750% due 03/08/44   150 136
3.125% due 01/21/26   651 641 National Bank of Canada        
Cooperatieve Rabobank UA                  
11.000% due 06/29/49 (ƒ)(Þ) 1,108 1,349 Series BKNT 650 648
          1.342% due 12/14/18        
Corp. Nacional del Cobre de Chile                  
4.875% due 11/04/44 (Þ) 34 28 Ooredoo International Finance, Ltd. 340 310
Credit Suisse Group Funding Guernsey,         3.875% due 01/31/28 (Þ)        
 
Ltd.       Panama Government International Bond 742 805
3.125% due 12/10/20 (Þ)   2,847 2,856    5.200% due 01/30/20        
DP World, Ltd.         Perrigo Co. PLC        
    6.850% due 07/02/37 (Þ) 190 181 2.300% due 11/08/18 762 755
Dryden 37 Senior Loan Fund         Petroleos Mexicanos        
    Series 2015-37A Class A         5.500% due 02/04/19 (Þ) 107 109
1.821% due 04/15/27 (Ê)(Þ) 810 800 5.500% due 06/27/44 880 663
Encana Corp.         5.625% due 01/23/46 (Þ) 453 349
6.625% due 08/15/37 270 166 Province of Ontario Canada        
European Investment Bank         3.000% due 07/16/18 750 780
0.875% due 04/18/17 835 836 1.650% due 09/27/19 600 600
Flagship CLO VIII, Ltd.         Province of Quebec Canada        
Series 2014-8A Class A                
        0.666% due 09/04/18 (Ê)   380 379
1.757% due 01/16/26 (Ê)(Þ)   620 606 Rio Tinto Finance USA, Ltd.        
Flatiron CLO, Ltd.                
Series 2014-1A Class A1         3.750% due 06/15/25   582 522
        Royal Bank of Canada        
1.616% due 07/17/26 (Ê)(Þ)   730 717        
Fosse Master Issuer PLC         2.000% due 12/10/18   1,060 1,065
Series 2015-1A Class A2         Series GMTN        
0.587% due 10/18/54 (Ê)(Þ) 543 541 0.546% due 10/13/17 (Ê) 560 557
GE Capital International Funding Co.         4.650% due 01/27/26 1,090 1,092
2.342% due 11/15/20 (Þ) 511 513 Royal Bank of Scotland Group PLC        
4.418% due 11/15/35 (Þ) 968 994 1.875% due 03/31/17 2,790 2,773

 

See accompanying notes which are an integral part of this quarterly report.

184 Russell Investment Grade Bond Fund

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Santander Issuances SAU         Series 2015-1211 Class A1A2        
5.179% due 11/19/25 800 757 3.901% due 08/10/35 (Þ) 1,230 1,289
Santander UK Group Holdings PLC         Alternative Loan Trust        
5.625% due 09/15/45 (Þ) 264 264 Series 2003-20CB Class 2A1        
Seagate HDD Cayman         5.750% due 10/25/33 73 76
4.875% due 06/01/27 (Þ) 730 550 American Home Mortgage Investment        
        Trust        
5.750% due 12/01/34 (Þ)   780 530 Series 2004-4 Class 4A        
Shell International Finance BV         2.408% due 02/25/45 (Ê) 73 72
2.125% due 05/11/20 340 333 Banc of America Commercial Mortgage        
4.375% due 05/11/45 250 232 Trust        
          Series 2006-6 Class A3        
Siemens Financieringsmaatschappij NV       5.369% due 10/10/45 36 36
1.450% due 05/25/18 (Þ)   798 797          
Silverstone Master Issuer PLC         Series 2015-UBS7 Class A4        
    Series 2015-1A Class 2A2         3.705% due 09/15/48 127 132
0.842% due 01/21/70 (Ê)(Þ) 587 583 Banc of America Funding Trust        
          Series 2005-4 Class 1A3        
Sky PLC       5.500% due 08/25/35 38 38
6.100% due 02/15/18 (Þ)   945 1,018          
SMART ABS Series Trust         Series 2005-5 Class 1A11        
   Series 2015-3US Class A3A         5.500% due 09/25/35 160 165
 
1.660% due 08/14/19 730 729 Series 2005-D Class A1      
Societe Generale SA         2.670% due 05/25/35 (Ê)   81 83
        Banc of America Merrill Lynch        
5.625% due 11/24/45 (Þ)   303 281 Commercial Mortgage, Inc.        
Suncor Energy, Inc.                  
5.950% due 12/01/34 545 503 Series 2006-3 Class A4 1,103 1,108
          5.889% due 07/10/44        
Toronto-Dominion Bank (The)                  
1.461% due 01/22/19 (Ê) 1,120 1,121 Series 2006-6 Class A4 1,925 1,948
          5.356% due 10/10/45        
1.950% due 04/02/20 (Þ) 317 317 Series 2007-1 Class A4        
Series GMTN         5.451% due 01/15/49 878 899
2.500% due 12/14/20 855 862 Series 2007-2 Class AAB        
Total Capital Canada, Ltd.         5.732% due 04/10/49 18 18
2.750% due 07/15/23 455 431 Series 2008-1 Class A4        
Total Capital SA         6.424% due 02/10/51 532 565
2.125% due 08/10/18 510 511 Banc of America Mortgage Securities,        
Trade MAPS 1, Ltd.         Inc.        
Series 2013-1A Class A         Series 2004-1 Class 5A1        
1.124% due 12/10/18 (Ê)(Þ) 1,645 1,636 6.500% due 09/25/33 7 7
TransCanada PipeLines, Ltd.         Series 2004-2 Class 5A1        
1.625% due 11/09/17 1,450 1,426 6.500% due 10/25/31 7 8
 
4.875% due 01/15/26 322 325 Series 2004-11 Class 2A1      
Tyco Electronics Group SA         5.750% due 01/25/35   83 85
 
6.550% due 10/01/17 705 760 Series 2005-H Class 2A5      
UBS Group Funding Jersey, Ltd.         2.691% due 09/25/35 (Ê)   296 271
 
2.950% due 09/24/20 (Þ) 740 736 Series 2006-2 Class A15      
Validus Holdings, Ltd.         6.000% due 07/25/46   4 4
 
8.875% due 01/26/40 605 778 Series 2006-B Class 1A1      
Westpac Banking Corp.         2.497% due 10/20/46 (Ê)   64 38
2.600% due 11/23/20 665 669 BCAP LLC Trust        
          Series 2011-R11 Class 15A1        
        64,002        
Loan Agreements - 0.1%         2.736% due 10/26/33 (Ê)(Þ)   1,186 1,198
T-Mobile USA, Inc. 1st Lien Term Loan         Series 2011-R11 Class 20A5        
B         2.736% due 03/26/35 (Ê)(Þ) 305 306
3.500% due 11/09/22 (Ê) 520 520 Bear Stearns Adjustable Rate Mortgage        
          Trust        
 
Mortgage-Backed Securities - 33.5%       Series 2004-8 Class 2A1      
1211 Avenue of the Americas Trust         2.605% due 11/25/34 (Ê)   211 203

 

See accompanying notes which are an integral part of this quarterly report.

Russell Investment Grade Bond Fund 185

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Series 2004-9 Class 22A1         Series 2014-CR19 Class A5        
3.013% due 11/25/34 (Ê) 45 45 3.796% due 08/10/47 330 347
Series 2004-10 Class 22A1         Series 2014-UBS6 Class A5        
2.522% due 01/25/35 (Ê) 44 43 3.644% due 12/10/47 745 770
Series 2005-2 Class A1         Series 2015-3BP Class A        
2.680% due 03/25/35 (Ê) 618 618 3.178% due 02/10/35 (Þ) 479 479
Series 2005-12 Class 13A1         Series 2015-CR26 Class A4        
5.708% due 02/25/36 (Ê) 31 29 3.630% due 10/10/48 124 128
Bear Stearns Alt-A Trust         Series 2015-PC1 Class A4        
Series 2004-13 Class A1         3.620% due 07/10/50 169 174
0.910% due 11/25/34 (Ê) 849 834 Countrywide Home Loan Mortgage Pass-        
Bear Stearns Structured Products, Inc.         Through Trust        
Series 2007-R6 Class 1A1         Series 2004-HYB9 Class 1A1        
2.106% due 01/26/36 (Ê) 245 202 2.468% due 02/20/35 (Ê) 250 249
Series 2007-R6 Class 2A1         Series 2005-3 Class 1A2        
3.068% due 12/26/46 (Ê) 130 97 0.460% due 04/25/35 (Ê) 550 478
CHL Mortgage Pass-Through Trust         Credit Suisse Commercial Mortgage        
Series 2004-22 Class A3         Trust        
        Series 2006-C4 Class A3        
2.425% due 11/25/34 (Ê)   142 134        
Citigroup Commercial Mortgage Trust         5.467% due 09/15/39   493 497
Series 2014-GC19 Class A4         Series 2007-C2 Class A3        
4.023% due 03/10/47 825 883 5.542% due 01/15/49 310 317
Series 2014-GC25 Class AAB         Series 2007-C5 Class A4        
3.371% due 10/10/47 1,015 1,051 5.695% due 09/15/40 1,063 1,103
Citigroup Mortgage Loan Trust, Inc.         Series 2008-C1 Class A2FL        
Series 2004-UST1 Class A5         2.567% due 02/15/41 (Ê)(Þ) 276 281
2.123% due 08/25/34 (Ê) 1,073 1,054 Credit Suisse First Boston Mortgage        
Series 2005-3 Class 2A2B         Securities Corp.        
        Series 2005-9 Class 2A1        
2.578% due 08/25/35 (Ê)   164 121        
Series 2005-11 Class A2A         5.500% due 10/25/35   395 370
        CSAIL Commercial Mortgage Trust        
2.730% due 10/25/35 (Ê)   93 92 Series 2015-C2 Class A4        
Series 2007-AR8 Class 2A1A                
        3.504% due 06/15/57   30 31
2.685% due 07/25/37 (Ê)   165 154 Series 2015-C2 Class XA        
Series 2015-2 Class 1A1         Interest Only STRIP        
0.371% due 06/25/47 (Ê)(Þ) 383 354 1.042% due 06/15/57 9,928 573
Citigroup/Deutsche Bank Commercial         Series 2015-C4 Class A4        
Mortgage Trust                
Series 2005-CD1 Class C         3.808% due 11/15/48   260 271
        CSMC Trust        
5.475% due 07/15/44   29 29 Series 2014-USA Class A2        
Citigroup/Deutsche Bank Mortgage Trust                
Series 2006-CD2 Class AM         3.953% due 09/15/37 (Þ)   766 801
        CW Capital Cobalt, Ltd.        
5.578% due 01/15/46   107 107          
 
Commercial Mortgage Pass-Through         Series 2007-C3 Class A4      
Certificates         5.959% due 05/15/46   1,450 1,508
Series 2013-CR12 Class A4         DBCCRE Mortgage Trust        
 
4.046% due 10/10/46 965 1,037 Series 2014-ARCP Class C      
Commercial Mortgage Trust         5.099% due 01/10/34 (Þ)   305 313
Series 2001-J2A Class E         DBRR Trust        
 
7.160% due 07/16/34 (Þ) 670 686 Series 2011-LC2 Class A4A      
Series 2005-LP5 Class D         4.537% due 07/12/44 (Þ)   690 759
        Downey Savings & Loan Association        
4.776% due 05/10/43   367 366 Mortgage Loan Trust        
Series 2012-9W57 Class A         Series 2004-AR3 Class 1A1B        
2.365% due 02/10/29 (Þ) 1,176 1,184 2.456% due 07/19/44 (Ê) 59 58
Series 2013-300P Class A1         Fannie Mae        
4.353% due 08/10/30 (Þ) 230 249 5.000% due 2017 22 22
Series 2013-CR11 Class A3                
        6.500% due 2017   11 11
3.983% due 10/10/46   353 380          

 

See accompanying notes which are an integral part of this quarterly report.

186 Russell Investment Grade Bond Fund

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
7.500% due 2017 —   — 3.380% due 2028 405 420
8.500% due 2017 —   — 5.000% due 2028 121 133
5.000% due 2018 51 53 3.000% due 2029 678 708
5.500% due 2018 120 123 3.500% due 2029 142 150
6.500% due 2018 20 22 2.500% due 2030 744 761
5.000% due 2019 49 51 2.970% due 2030 523 522
6.500% due 2019 12 14 3.000% due 2030 1,832 1,913
3.478% due 2020 1,075 1,147 3.500% due 2030 850 900
5.000% due 2020 68 72 8.000% due 2030 26 33
5.500% due 2020 491 511 8.000% due 2031 29 35
6.500% due 2020 8 9 3.500% due 2032 1,665 1,766
3.881% due 2021 1,279 1,391 8.000% due 2032 2 2
4.000% due 2021 33 35 3.000% due 2033 2,649 2,766
4.410% due 2021 572 635 4.500% due 2033 881 970
4.640% due 2021 1,297 1,446 5.000% due 2033 330 365
5.500% due 2021 16 17 5.500% due 2033 382 432
4.500% due 2022 86 90 6.150% due 2033(Ê) 245 277
5.000% due 2022 72 77 3.500% due 2034 1,664 1,765
5.500% due 2022 76 81 4.500% due 2034 32 35
3.800% due 2023 412 433 5.000% due 2034 146 162
4.500% due 2023 59 63 5.500% due 2034 761 858
5.000% due 2023 117 126 6.000% due 2034 111 127
4.000% due 2024 172 183 5.000% due 2035 412 455
4.500% due 2024 124 134 6.000% due 2035 407 465
5.000% due 2024 18 20 5.500% due 2036 865 974
8.000% due 2024 18 21 6.500% due 2036 9 10
8.500% due 2024 5 5 5.000% due 2037 115 127
9.000% due 2024 1 1 5.500% due 2037 2,150 2,431
3.500% due 2025 115 121 6.000% due 2037 495 560
4.000% due 2025 240 255 6.500% due 2037 49 57
4.500% due 2025 94 102 5.000% due 2038 7 7
7.000% due 2025 4 4 5.500% due 2038 1,131 1,275
8.500% due 2025 10 10 4.500% due 2039 693 755
3.000% due 2026 194 202 5.000% due 2039 2 3
3.500% due 2026 820 868 6.000% due 2039 120 136
4.000% due 2026 230 247 4.000% due 2040 341 366
5.000% due 2026 251 277 4.500% due 2040 2,530 2,765
7.000% due 2026 9 10 5.000% due 2040 330 365
9.000% due 2026 2 2 5.500% due 2040 131 147
2.500% due 2027 35 36 3.500% due 2041 2,227 2,344
2.966% due 2027 920 928 4.000% due 2041 827 891
3.000% due 2027 870 909 4.500% due 2041 1,661 1,815
3.500% due 2027 375 397 5.000% due 2041 1,007 1,118
5.500% due 2027 135 151 5.500% due 2041 209 234
7.000% due 2027 1 1 3.000% due 2042 2,488 2,547
2.500% due 2028 2,698 2,773 3.500% due 2042 2,534 2,661
3.000% due 2028 103 108 4.000% due 2042 968 1,038

 

See accompanying notes which are an integral part of this quarterly report.

Russell Investment Grade Bond Fund 187

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)      
      Principal   Fair     Principal   Fair
      Amount ($)   Value     Amount ($)   Value
      or Shares   $     or Shares   $
4.500% due 2042   167 183 Series 2009-70 Class PS          
          Interest Only STRIP          
3.000% due 2043     6,991 7,152          
          6.581% due 01/25/37 (Ê)   2,535   469
3.500% due 2043     5,096 5,376 Series 2009-96 Class DB          
4.000% due 2043   1,805 1,940 4.000% due 11/25/29 733   784
4.500% due 2043   132 144 Series 2013-111 Class PL          
3.000% due 2044   214 219 2.000% due 12/25/42 955   890
4.000% due 2044   560 599 Fannie Mae-Aces          
          Series 2014-M13 Class A2          
4.500% due 2044     243 265 3.021% due 08/25/24 660   682
3.000% due 2045   428 437 FDIC Guaranteed Notes Trust          
3.500% due 2045   12,093 12,686 Series 2010-S1 Class 1A          
4.000% due 2045   12,286 13,187 0.978% due 02/25/48 (Ê)(Þ) 79   79
          FDIC Trust          
4.500% due 2045     40 44 Series 2010-R1 Class A          
3.500% due 2046   7,549 7,912 2.184% due 05/25/50 (Þ) 547   550
15 Year TBA(Ï)           Federal Home Loan Mortgage Corp.          
2.500% 4,900 5,010 Multifamily Structured Pass Through          
3.000% 4,150 4,325 Certificates          
          Series 2010-KSCT Class A2          
3.500%   1,170 1,234 4.285% due 01/25/20 450   492
30 Year TBA(Ï)                      
3.000% 6,800 6,941 Series 2014-K036 Class A2 67   72
            3.527% due 10/25/23          
3.500% 18,080 18,935 Series 2014-K041 Class A2          
4.000% 18,930 20,224 3.171% due 10/25/24 282   294
4.500% 11,260 12,233 Series 2015-K048 Class A2          
5.000% 2,950 3,254 3.284% due 06/25/25 234   245
Series 2003-343 Class 6           Series 2015-K049 Class A2          
Interest Only STRIP           3.010% due 07/25/25 146   150
5.000% due 10/25/33   136 26 Series 2015-KF12 Class A          
Series 2003-345 Class 18           0.943% due 09/25/22 (Ê) 1,000   990
Interest Only STRIP           Series 2015-KS03 Class A4          
4.500% due 12/25/18   118 5 3.161% due 05/25/25 245   253
Series 2003-345 Class 19           Federal Home Loan Mortgage Corp.          
Interest Only STRIP           Multifamily Structured Pass-Through          
4.500% due 01/25/19   128 6 Certificates          
Series 2005-365 Class 12           Series 2011-K702 Class X1          
Interest Only STRIP           Interest Only STRIP          
5.500% due 12/25/35   265 47 1.525% due 02/25/18 4,513   117
Series 2006-369 Class 8           Series 2012-K706 Class X1          
Interest Only STRIP           Interest Only STRIP          
5.500% due 04/25/36   55 11 1.578% due 10/25/18 8,545   316
Fannie Mae Grantor Trust           Series 2014-K040 Class A2          
Series 2002-T5 Class A1           3.241% due 09/25/24 301   316
0.410% due 05/25/32 (Ê)   233 227 Federal Housing Authority Trust          
Fannie Mae REMIC Trust           7.430% due 06/27/21 21   21
Series 2004-W12 Class 1A1           Freddie Mac          
6.000% due 07/25/44   413 478 6.000% due 2017 26   26
Series 2004-W12 Class 1A3           8.000% due 2017 —     —
7.000% due 07/25/44   962 1,138 4.500% due 2018 62   64
Fannie Mae REMICS                    
Series 1999-56 Class Z           5.000% due 2018   11   11
7.000% due 12/18/29   72 82 4.500% due 2019 19   20
Series 2003-35 Class FY           5.000% due 2019 54   56
0.570% due 05/25/18 (Ê)   57 58 6.000% due 2022 4   4
Series 2005-117 Class LC           4.000% due 2024 94   100
5.500% due 11/25/35   476 517          
            5.500% due 2024   64   69

 

See accompanying notes which are an integral part of this quarterly report.

188 Russell Investment Grade Bond Fund

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair       Principal   Fair
    Amount ($)   Value       Amount ($)   Value
    or Shares   $       or Shares   $
9.000% due 2024 4 3 3.000% due 2043   3,656 3,733
6.500% due 2025 3 3 3.500% due 2043   3,937 4,136
8.000% due 2025 3 4 4.000% due 2043   2,345 2,521
9.000% due 2025 3 3 4.500% due 2043   777 855
3.000% due 2026 123 129 3.500% due 2044   2,415 2,535
5.000% due 2027 2 2 4.000% due 2044   2,007 2,159
6.500% due 2027 —   — 4.500% due 2044   80 87
5.000% due 2028 120 132 3.000% due 2045   2,170 2,213
6.000% due 2028 134 151 3.500% due 2045   9,346 9,796
6.500% due 2028 8 10 4.000% due 2045   10,673 11,432
6.500% due 2029 7 8 3.000% due 2046   740 755
2.500% due 2030 2,082 2,131 3.500% due 2046   1,930 2,019
3.000% due 2030 798 832 30 Year TBA(Ï)          
3.500% due 2030 322 341 3.000% 2,325 2,369
5.500% due 2032 147 165 3.500% 5,610 5,864
6.000% due 2032 16 18 4.000% 1,835 1,959
        Freddie Mac Reference REMIC          
7.000% due 2032   101 115 Series 2006-R007 Class ZA          
7.500% due 2032 15 19 6.000% due 05/15/36   697 791
5.500% due 2033 63 70 Freddie Mac REMICS          
 
4.500% due 2034 43 47 Series 2002-2533 Class Z        
        5.500% due 12/15/32     1,466 1,650
5.000% due 2034   404 451            
5.500% due 2034 62 70 Series 2006-3123 Class HT   495 538
          5.000% due 03/15/26          
6.500% due 2034 —   1 Series 2006-R006 Class ZA          
5.000% due 2035 62 69 6.000% due 04/15/36   1,181 1,345
5.500% due 2035 88 98 Series 2010-3653 Class B          
5.500% due 2036 86 95 4.500% due 04/15/30   1,094 1,188
        Series 2012-3989 Class BW          
6.000% due 2036   34 38          
        3.500% due 01/15/27     3,180 3,460
5.000% due 2037   6 7 Series 2012-4019 Class JD          
5.500% due 2037 55 61 3.000% due 05/15/41   478 497
6.000% due 2037 118 133 Freddie Mac Strips          
 
5.000% due 2038 3 3 Series 2012-271 Class 30        
        3.000% due 08/15/42     1,536 1,550
5.500% due 2038   592 663            
        FREMF Mortgage Trust          
6.000% due 2038   423 481 Series 2013-K24 Class B          
4.500% due 2039 224 243 3.502% due 11/25/45 (Þ)   1,565 1,515
5.500% due 2039 18 20 GAHR Commercial Mortgage Trust          
        Series 2015-NRF Class AFX          
4.000% due 2040   1,772 1,915          
        3.235% due 12/15/19 (Þ)     645 661
4.500% due 2040   1,873 2,056 Ginnie Mae          
5.000% due 2040 94 103 Series 2004-93 Class PC          
5.500% due 2040 11 13 5.000% due 04/16/34   1,108 1,154
6.000% due 2040 40 45 Series 2007-26 Class SD          
        Interest Only STRIP          
4.000% due 2041   574 614          
        6.639% due 05/16/37 (Ê)     2,292 499
4.500% due 2041   1,293 1,409 Series 2010-H04 Class BI          
5.000% due 2041 367 403 Interest Only STRIP          
5.500% due 2041 549 618 1.406% due 04/20/60   3,805 181
        Series 2010-H12 Class PT          
3.000% due 2042   1,179 1,202          
        5.470% due 11/20/59     1,881 1,945
3.500% due 2042   1,085 1,135            
4.000% due 2042 772 828            

 

See accompanying notes which are an integral part of this quarterly report.

Russell Investment Grade Bond Fund 189

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair       Principal   Fair
    Amount ($)   Value       Amount ($)   Value
    or Shares   $       or Shares   $
Series 2010-H22 Class JI         3.500% due 2043   1,517 1,605
Interest Only STRIP                  
        4.000% due 2043     370 397
2.501% due 11/20/60   6,451 466          
Series 2011-H02 Class BI         5.500% due 2043     471 518
Interest Only STRIP         3.500% due 2044   603 638
0.417% due 02/20/61 15,894 207 4.000% due 2044   540 579
Series 2012-H11 Class CI         4.500% due 2044   343 370
Interest Only STRIP       3.000% due 2045   2,445 2,525
2.907% due 04/20/62   4,643 326            
Series 2012-H23 Class FI         3.500% due 2045   4,817 5,089
Interest Only STRIP         4.000% due 2045   738 790
0.783% due 10/20/62 5,775 118 4.500% due 2045   33 35
Series 2013-H03 Class HI                  
Interest Only STRIP         3.000% due 2046     55 57
2.617% due 12/20/62 4,375 395 4.000% due 2046   2,942 3,151
Ginnie Mae I         5.390% due 2059   328 339
8.000% due 2017 1 1 4.700% due 2061   1,150 1,203
10.500% due 2020 1 1 4.810% due 2061   2,437 2,564
8.000% due 2022 4 4 5.245% due 2061   688 741
8.500% due 2022 5 6 4.564% due 2062   2,561 2,763
8.500% due 2024 2 2 4.845% due 2062   342 362
8.000% due 2025 10 10 4.652% due 2063   293 322
9.000% due 2025 6 6 4.661% due 2063   95 105
8.000% due 2026 25 29 4.732% due 2063   235 252
7.000% due 2029 1 1 30 Year TBA(Ï)          
8.000% due 2029 1 1 3.000% 4,575 4,719
8.500% due 2029 15 15 3.500% 12,845 13,547
8.000% due 2030 13 13 4.000% 2,965 3,169
        GS Mortgage Securities Corp. Trust          
7.000% due 2031   91 109 Series 2012-ALOH Class A          
7.000% due 2032 27 29 3.551% due 04/10/34 (Þ)   630 658
7.000% due 2033 12 12 Series 2012-SHOP Class A          
3.000% due 2042 434 449 2.933% due 06/05/31 (Þ)   660 674
3.000% due 2043 609 631 GS Mortgage Securities Trust          
        Series 2014-GC18 Class A4          
3.500% due 2043   183 193          
          4.074% due 01/10/47     625 671
Ginnie Mae II       Series 2015-590M Class A          
7.500% due 2032   2 2          
        3.621% due 10/10/35 (Þ)     194 199
5.500% due 2039   133 147 Series 2015-GC28 Class A5          
1.750% due 2040(Ê) 199 205 3.396% due 02/10/48   595 604
2.000% due 2040(Ê) 290 304 GSMPS Mortgage Loan Trust          
 
3.000% due 2040(Ê) 362 379 Series 2004-4 Class 1AF        
        0.570% due 06/25/34 (Ê)(Þ)     377 317
3.500% due 2040(Ê)   1,844 1,930 GSR Mortgage Loan Trust          
4.000% due 2040 49 53 Series 2005-AR7 Class 6A1          
4.000% due 2041 307 331 4.965% due 11/25/35 (Ê)   535 513
4.500% due 2041 1,611 1,760 HarborView Mortgage Loan Trust          
        Series 2004-4 Class 3A          
5.500% due 2041   17 19          
        1.281% due 06/19/34 (Ê)     55 53
3.000% due 2042   207 214 Series 2005-4 Class 3A1          
3.500% due 2042 807 853 2.660% due 07/19/35 (Ê)   167 146
4.000% due 2042 1,131 1,216 Homestar Mortgage Acceptance Corp.          
 
4.500% due 2042 453 495 Series 2004-5 Class A1        
        0.620% due 10/25/34 (Ê)     1,246 1,233
3.000% due 2043   737 764 Impac CMB Trust          

 

See accompanying notes which are an integral part of this quarterly report.

190 Russell Investment Grade Bond Fund

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)      
    Principal   Fair     Principal   Fair  
    Amount ($)   Value     Amount ($)   Value  
    or Shares   $     or Shares   $  
Series 2004-5 Class 1A1         Merrill Lynch Mortgage Investors Trust          
0.890% due 10/25/34 (Ê) 178 168 Series 2005-A10 Class A          
IndyMac INDX Mortgage Loan Trust         0.395% due 02/25/36 (Ê) 123   113
Series 2004-AR6 Class 5A1         ML-CFC Commercial Mortgage Trust          
2.519% due 10/25/34 (Ê) 940 900 Series 2007-5 Class A4          
Series 2005-AR15 Class A2         5.378% due 08/12/48 436   446
4.533% due 09/25/35 (Ê) 108 92 Series 2007-7 Class A4          
JPMBB Commercial Mortgage Securities         5.747% due 06/12/50 580   599
Trust         Series 2007-8 Class ASB          
Series 2014-C26 Class C         5.819% due 08/12/49 19   19
4.570% due 01/15/48 500 480 Morgan Stanley Bank of America Merrill          
Series 2015-C29 Class A4         Lynch Trust          
3.611% due 05/15/48 660 678 Series 2014-C14 Class A4          
Series 2015-C30 Class A5         3.787% due 02/15/47 165   174
3.822% due 07/15/48 231 241 Series 2015-C24 Class A4          
JPMorgan Chase Commercial Mortgage         3.732% due 05/15/48 945   983
Securities Trust         Series 2015-C24 Class C          
Series 2004-LN2 Class B         4.500% due 05/15/48 85   78
5.466% due 07/15/41 500 499 Morgan Stanley Capital I Trust          
Series 2005-CB12 Class AJ         Series 2005-IQ9 Class B          
4.987% due 09/12/37 137 137 4.860% due 07/15/56 415   419
Series 2007-CB20 Class ASB         Series 2006-T21 Class B          
5.688% due 02/12/51 251 256 5.312% due 10/12/52 (Þ) 320   319
Series 2007-LDPX Class AM         Series 2014-CPT Class A          
5.464% due 01/15/49 880 884 3.350% due 07/13/29 (Þ) 456   471
Series 2011-C3 Class A2         Morgan Stanley Mortgage Loan Trust          
3.673% due 02/15/46 (Þ) 110 111 Series 2004-6AR Class 1A          
Series 2011-C3 Class A3         0.620% due 07/25/34 (Ê) 989   966
4.388% due 02/15/46 (Þ) 1,325 1,386 Mortgage Pass-Through Certificates          
Series 2011-C4 Class A3         Series 2001-CIB2 Class D          
4.106% due 07/15/46 (Þ) 1,405 1,468 6.847% due 04/15/35 49   49
Series 2014-FBLU Class A         MortgageIT Trust          
        Series 2005-2 Class 2A          
1.376% due 12/15/28 (Ê)(Þ)   415 415          
Series 2014-FBLU Class C         1.805% due 05/25/35 (Ê)   515   506
        Motel 6 Trust          
2.426% due 12/15/28 (Ê)(Þ)   675 675 Series 2015-MTL6 Class A2A2          
JPMorgan Mortgage Trust                  
Series 2003-A2 Class 3A1         2.605% due 02/05/30 (Þ)   815   818
        MSCG Trust          
1.990% due 11/25/33 (Ê)   205 198 Series 2015-ALDR Class A2          
Series 2004-A2 Class 3A1                  
        3.577% due 06/07/35 (Þ)   310   315
2.297% due 05/25/34 (Ê)   318 307 NCUA Guaranteed Notes Trust          
Series 2005-A1 Class 6T1         Series 2010-R1 Class 2A          
2.548% due 02/25/35 (Ê) 408 406 1.840% due 10/07/20 116   116
Series 2005-A3 Class 4A1         OBP Depositor LLC Trust          
2.658% due 06/25/35 (Ê) 137 139 Series 2010-OBP Class A          
LB Commercial Mortgage Trust         4.646% due 07/15/45 (Þ) 230   250
Series 2007-C3 Class AM         Prime Mortgage Trust          
6.096% due 07/15/44 790 828 Series 2004-CL1 Class 1A2          
LB-UBS Commercial Mortgage Trust         0.581% due 02/25/34 (Ê) 23   21
Series 2006-C7 Class A2         Provident Funding Mortgage Loan Trust          
5.300% due 11/15/38 116 118 Series 2005-2 Class 1A1A          
Series 2007-C6 Class A4         2.411% due 10/25/35 (Ê) 265   259
5.858% due 07/15/40 914 942 RALI Trust          
Mastr Alternative Loan Trust         Series 2005-QA10 Class A41          
Series 2003-4 Class B1         3.406% due 09/25/35 (Ê) 317   256
5.941% due 06/25/33 112 102 Series 2005-QO3 Class A1          
Series 2004-10 Class 5A6         0.570% due 10/25/45 (Ê) 436   310
5.750% due 09/25/34 147 151 RBS Commercial Funding, Inc. Trust          

 

See accompanying notes which are an integral part of this quarterly report.

Russell Investment Grade Bond Fund 191

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value   Amount ($)   Value
    or Shares   $     or Shares   $
Series 2013-GSP Class A         Series 2006-AR2 Class 2A1          
3.961% due 01/13/32 (Þ) 535 564 2.617% due 03/25/36   177 176
RBSCF Trust         Series 2006-AR8 Class 1A3          
Series 2010-RR4 Class CMLA         2.634% due 04/25/36 (Ê)   747 739
6.040% due 12/16/49 (Þ) 187 192 WFRBS Commercial Mortgage Trust          
RBSSP Resecuritization Trust         Series 2012-C7 Class A2          
Series 2010-3 Class 9A1         3.431% due 06/15/45   1,630 1,705
5.500% due 02/26/35 (Þ) 666 678 Series 2014-C19 Class A3          
Structured Adjustable Rate Mortgage                  
          3.660% due 03/15/47     480 502
Loan Trust                    
Series 2004-6 Class 1A         Series 2014-C21 Class XA          
        Interest Only STRIP          
2.358% due 06/25/34 (Ê)   390 378          
          1.341% due 08/15/47     7,885 541
Series 2004-12 Class 7A3                    
 
2.694% due 09/25/34 (Ê) 130 130 Series 2014-LC14 Class A5        
Structured Asset Mortgage Investments         4.045% due 03/15/47     440 472
II Trust                   394,829
Series 2005-AR5 Class A2         Municipal Bonds - 0.7%          
        Brazos Higher Education Authority          
0.414% due 07/19/35 (Ê)   101 94            
 
Structured Asset Securities Corp.         Revenue Bonds        
Mortgage Pass-Through Certificates         0.613% due 12/26/24 (Ê)     330 312
Series 2003-34A Class 5A4         City of New York New York General          
 
2.455% due 11/25/33 (Ê) 884 895 Obligation Unlimited        
UBS Commercial Mortgage Trust         6.646% due 12/01/31     200 235
Series 2012-C1 Class A3         Metropolitan Transportation Authority          
        Revenue Bonds          
3.400% due 05/10/45   1,220 1,263          
Wachovia Bank Commercial Mortgage         6.814% due 11/15/40     355 487
Trust         Municipal Electric Authority of Georgia          
Series 2006-C26 Class AM         Revenue Bonds          
6.167% due 06/15/45 865 875 6.637% due 04/01/57   990 1,187
Series 2007-C33 Class A4         7.055% due 04/01/57   1,410 1,635
6.150% due 02/15/51 320 331 New Jersey Transportation Trust Fund          
WaMu Mortgage Pass-Through         Authority Revenue Bonds          
Certificates Trust         5.754% due 12/15/28   630 672
Series 2003-AR9 Class 1A7         New York City Water & Sewer System          
 
2.406% due 09/25/33 (Ê) 37 37 Revenue Bonds        
Series 2003-AR10 Class A7         6.491% due 06/15/42     1,700 1,941
        San Diego Tobacco Settlement Revenue          
2.420% due 10/25/33 (Ê)   333 338 Funding Corp. Revenue Bonds          
Series 2004-AR1 Class A                  
        7.125% due 06/01/32     220 252
2.450% due 03/25/34 (Ê)   1,519 1,524 State of California General Obligation          
Series 2005-AR13 Class A1A1         Unlimited          
0.489% due 10/25/45 (Ê) 1,318 1,211 6.650% due 03/01/22   425 520
Wells Fargo Commercial Mortgage Trust         State of Illinois General Obligation          
Series 2015-NXS3 Class A4         Unlimited          
3.617% due 09/15/57 67 69 5.877% due 03/01/19   335 361
Series 2015-P2 Class A4         5.100% due 06/01/33   633 598
 
3.809% due 12/15/48 124 130 University of California Revenue Bonds   255 256
 Series 2015-SG1 Class A4       4.767% due 05/15/15          
3.789% due 12/15/47   171 178           8,456
Wells Fargo Mortgage Backed Securities         Non-US Bonds - 0.2%          
Trust                    
Series 2003-J Class 1A9         Queensland Treasury Corp.          
        Series 21          
2.612% due 10/25/33 (Ê)   883 886 5.500% due 06/21/21 AUD 2,277 1,849
Series 2004-CC Class A1                    
2.616% due 01/25/35 (Ê) 100 100 United States Government Agencies - 4.2%      
Series 2005-AR10 Class 2A4         Fannie Mae          
2.614% due 06/25/35 (Ê) 44 45 2.000% due 09/26/17   350 353
Series 2006-2 Class 2A3         0.279% due 10/05/17 (Ê)   2,495 2,489
5.500% due 03/25/36 135 130          
          1.125% due 10/19/18     280 281

 

See accompanying notes which are an integral part of this quarterly report.

192 Russell Investment Grade Bond Fund

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
1.125% due 12/14/18 500 501 1.000% due 12/15/17 1,250 1,255
1.750% due 06/20/19 1,000 1,019 0.750% due 12/31/17 2,700 2,698
1.625% due 01/21/20 100 101 0.875% due 01/31/18 450 451
1.600% due 12/24/20 1,205 1,204 0.750% due 02/28/18 1,600 1,598
1.875% due 12/28/20 125 128 0.750% due 03/31/18 750 749
2.625% due 09/06/24 749 781 0.625% due 04/30/18 3,000 2,984
7.125% due 01/15/30 100 151 2.625% due 04/30/18 1,200 1,247
7.250% due 05/15/30 230 353 1.375% due 06/30/18 250 253
6.625% due 11/15/30 100 147 1.500% due 08/31/18 250 254
6.000% due 04/18/36 95 96 0.875% due 10/15/18 2,949 2,944
Federal Home Loan Banks         1.250% due 12/15/18 120 121
3.150% due 06/28/17 1,315 1,319 2.750% due 02/15/19 250 263
1.000% due 12/19/17 375 376 1.375% due 02/28/19 3,000 3,032
2.875% due 09/11/20 875 931 1.500% due 02/28/19 2,500 2,536
Freddie Mac                
        1.500% due 03/31/19   1,250 1,268
1.250% due 10/02/19   1,000 1,001        
        3.125% due 05/15/19   300 320
2.375% due 01/13/22   210 218        
        1.000% due 06/30/19   1,350 1,346
6.250% due 07/15/32   624 899        
Tennessee Valley Authority         1.625% due 06/30/19   1,000 1,018
6.150% due 01/15/38 345 473 3.625% due 08/15/19 365 397
3.500% due 12/15/42 564 545 8.125% due 08/15/19 2,000 2,487
4.250% due 09/15/65 412 423 1.500% due 10/31/19 3,840 3,888
United States Treasury Notes         1.125% due 12/31/19 1,000 997
1.000% due 12/31/17 1,176 1,181 1.375% due 02/29/20 4,998 5,029
1.125% due 01/15/19 9,955 10,000 1.125% due 03/31/20 4,200 4,184
1.625% due 11/30/20 1,025 1,040 1.125% due 04/30/20 2,525 2,513
1.750% due 12/31/20 20,597 21,003 1.375% due 04/30/20 3,891 3,911
1.375% due 01/31/21 2,660 2,665 8.750% due 05/15/20 2,500 3,278
        49,678 1.625% due 07/31/20 1,731 1,757
United States Government Treasuries - 16.6%            
United States Treasury Inflation Indexed         1.375% due 09/30/20   9,368 9,398
Bonds         2.000% due 09/30/20 450 464
0.125% due 04/15/17 1,431 1,432 1.375% due 10/31/20 4,774 4,787
0.125% due 07/15/24 2,909 2,821 1.750% due 10/31/20 500 509
0.250% due 01/15/25 2,605 2,538 3.625% due 02/15/21 1,000 1,108
0.375% due 07/15/25 305 302 2.000% due 02/28/21 410 422
0.625% due 02/15/43 929 813 2.250% due 03/31/21 500 521
1.375% due 02/15/44 3,972 4,161 3.125% due 05/15/21 100 109
0.750% due 02/15/45 872 784 8.125% due 05/15/21 300 402
United States Treasury Notes                
        2.125% due 06/30/21   750 777
0.750% due 03/15/17   500 500        
        2.125% due 08/15/21   4,380 4,536
1.000% due 03/31/17   1,500 1,506        
        2.000% due 08/31/21   250 257
0.875% due 07/15/17   600 601        
        2.000% due 10/31/21   750 770
0.625% due 07/31/17   750 749        
        8.000% due 11/15/21   1,250 1,701
0.625% due 08/31/17   750 748        
        1.500% due 01/31/22   1,150 1,147
1.875% due 08/31/17   1,560 1,587        
        1.750% due 02/28/22   4,075 4,122
1.875% due 09/30/17   430 438        
        1.875% due 05/31/22   3,000 3,051
0.875% due 11/15/17   2,500 2,504        
        1.625% due 11/15/22   1,550 1,548
0.625% due 11/30/17   500 499        
        2.125% due 12/31/22   3,145 3,240
0.875% due 11/30/17   1,325 1,327          

 

See accompanying notes which are an integral part of this quarterly report.

Russell Investment Grade Bond Fund 193

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
1.750% due 05/15/23 2,660 2,668 0.400% due 02/02/16 (Å)(ç)(~) 400 400
2.750% due 02/15/24 1,010 1,082 AT&T, Inc.        
2.500% due 05/15/24 150 158 2.950% due 05/15/16 965 970
        Bank of Nova Scotia        
2.375% due 08/15/24   100 104 Series YCD        
2.000% due 08/15/25 2,245 2,259 0.491% due 11/07/16 (ç)(Ê)(~) 1,170 1,170
2.250% due 11/15/25 29,921 30,775 Bear Stearns Cos. LLC (The)        
6.500% due 11/15/26 285 410 5.550% due 01/22/17 890 922
 
Zero coupon due 11/15/27 2,215 1,691 Citigroup, Inc.      
        1.074% due 04/01/16 (Ê)   500 500
5.500% due 08/15/28   400 549          
5.250% due 02/15/29 500 676 Coca-Cola Enterprises, Inc. 500 502
          2.000% due 08/19/16        
6.125% due 08/15/29 350 513 Commonwealth Bank of Australia        
5.375% due 02/15/31 1,100 1,546 0.434% due 06/03/16 (Ê)(Þ) 1,795 1,794
4.500% due 02/15/36 750 1,004 Continental Airlines Pass-Through Trust        
        Series 09-1        
4.750% due 02/15/37   2,651 3,665        
        9.000% due 07/08/16   325 335
4.500% due 05/15/38   275 369 Cooperatieve Rabobank UA        
4.375% due 05/15/40 1,980 2,606 Series FRN        
3.875% due 08/15/40 700 857 0.766% due 03/18/16 (Ê) 200 200
 
3.125% due 02/15/42 2,735 2,965 Series YCD      
        0.595% due 03/22/16 (ç)(Ê)(~)   550 550
2.750% due 08/15/42   1,530 1,539          
        ENI Finance USA, Inc.        
2.750% due 11/15/42   1,850 1,856        
        0.692% due 02/02/16 (ç)(Þ)(~)   1,200 1,200
3.125% due 02/15/43   985 1,062 Fannie Mae        
2.875% due 05/15/43 1,190 1,222 6.500% due 03/01/16 —   —
3.750% due 11/15/43 1,375 1,665 5.500% due 05/01/16 4 5
3.000% due 05/15/45 1,776 1,861 6.500% due 06/01/16 —   —
2.500% due 08/15/45 125 118 5.500% due 01/01/17 11 11
2.875% due 08/15/45 8,817 9,011 Federal Home Loan Mortgage Corp.        
        Multifamily Structured Pass-Through        
3.000% due 11/15/45   8,315 8,727 Certificates        
        195,915 Series 2012-K501 Class X1A        
Total Long-Term Investments         1.702% due 08/25/16 13,607 59
(cost $1,082,456)       1,088,477 Ford Motor Credit Co. LLC        
          1.700% due 05/09/16 1,000 1,001
Preferred Stocks - 0.1%         Freddie Mac        
Technology - 0.1%         9.000% due 05/01/16 —   —
Verizon Communications, Inc. 73,700 1,954 9.000% due 06/01/16 —   —
          9.000% due 08/01/16 —   —
Total Preferred Stocks                
          2.000% due 08/25/16   1,275 1,285
(cost $1,853)       1,954        
          9.000% due 10/01/16   1 1
          9.000% due 11/01/16 1 1
Short-Term Investments - 17.7%         9.000% due 12/01/16 —   —
Ally Auto Receivables Trust                  
Series 2015-1 Class A1         GE Capital International Funding Co.        
0.390% due 08/15/16 148 148 0.964% due 04/15/16 (Þ) 1,192 1,193
AmeriCredit Automobile Receivables         HCP, Inc.        
Trust         6.300% due 09/15/16 135 139
Series 2015-3 Class A1         Hyundai Auto Receivables Trust        
0.500% due 08/08/16 741 741 Series 2015-C Class A1        
Anheuser-Busch InBev Finance, Inc.         0.390% due 09/15/16 577 577
0.811% due 01/27/17 (Ê) 800 797 Intesa Sanpaolo SpA        
1.125% due 01/27/17 950 949 2.375% due 01/13/17 826 829
Antalis SA         Johnson & Johnson        

 

See accompanying notes which are an integral part of this quarterly report.

194 Russell Investment Grade Bond Fund

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)      
    Principal   Fair     Principal   Fair  
    Amount ($)   Value     Amount ($)   Value  
    or Shares   $     or Shares   $  
0.395% due 11/28/16 (Ê)   1,550 1,550 United States Treasury Notes          
JPMorgan Chase Bank NA           0.500% due 11/30/16 6,000 5,995  
Series BKNT           0.625% due 12/31/16 4,000 4,000  
5.875% due 06/13/16   85 86 Verizon Communications, Inc.          
JPMorgan Securities LLC           Series FRN          
0.416% due 03/21/16 (ç)(Ê)(~)   450 450 1.867% due 09/15/16 (Ê) 1,090 1,096  
Juniper Networks, Inc.           Viacom, Inc.          
3.100% due 03/15/16   815 817 2.500% due 12/15/16 740 743  
Kaupthing Bank Hf           Victory Receivables Corp.          
7.125% due 05/19/16 (Ø)(Þ)   1,480 — 0.470% due 02/19/16 (Å)(ç)(~) 750 750  
Kellogg Co.           Vodafone Group PLC          
1.875% due 11/17/16   1,000 1,006 Series FRN          
LMA Americas LLC           0.718% due 02/19/16 (Ê) 1,200 1,200  
0.300% due 02/01/16 (Å)(ç)(~)   300 300 Walgreens Boots Alliance, Inc.          
Mercedes-Benz Auto Receivables Trust           0.775% due 05/18/16 (Ê) 1,300 1,299  
Series 2015-1 Class A1           Wells Fargo Bank NA          
0.390% due 08/15/16   369 369 Series BKNT          
Morgan Stanley           0.479% due 06/02/16 (Ê) 750 750  
1.070% due 10/18/16 (Ê)   545 544 Willis Towers Watson PLC          
Series GMTN           4.125% due 03/15/16 840 843  
5.450% due 01/09/17   600 622 Total Short-Term Investments          
Nissan Auto Receivables Owner Trust           (cost $209,823)       208,442  
Series 2015-B Class A1                      
0.380% due 08/15/16   452 452 Total Investments 110.2%          
Nomura Holdings, Inc.           (identified cost $1,294,132)       1,298,873  
2.000% due 09/13/16   825 828            
Private Export Funding Corp.           Other Assets and Liabilities,          
0.692% due 06/20/16 (Å)(ç)(~)   700 698 Net - (10.2%)       (120,529 )
Procter & Gamble Co. (The)                      
0.389% due 11/04/16 (Ê)   1,500 1,501 Net Assets - 100.0%       1,178,344  
Rio Tinto Finance USA PLC                      
1.375% due 06/17/16   620 620            
Russell U.S. Cash Management Fund   145,934,882 (8)   145,935            
Shell International Finance BV                      
0.531% due 11/15/16 (Ê)   1,825 1,823            
Tennessee Gas Pipeline Co. LLC                      
8.000% due 02/01/16 (ç)   805 805            
Total Capital International SA                      
0.707% due 08/12/16 (ç)(~)   885 885            
Toyota Auto Receivables Owner Trust                      
Series 2013-A Class A3                      
0.550% due 01/17/17   71 71            
Toyota Motor Credit Corp.                      
0.381% due 09/23/16 (Ê)   65 65            
United States Treasury Bills                      
0.276% due 02/25/16 (ç)(~)   10 10            
0.183% due 04/07/16 (ç)(~) 20 20            
0.194% due 04/07/16 (ç)(~) 3,505 3,503            
0.215% due 04/07/16 (ç)(~) 80 80            
0.233% due 04/07/16 (ç)(~) 7,715 7,711            
0.307% due 04/28/16 (ç)(~)   1,375 1,374            
United States Treasury Inflation Indexed                      
Bonds                      
0.125% due 04/15/16   2,048 2,039            
2.500% due 07/15/16   1,305 1,323            

 

See accompanying notes which are an integral part of this quarterly report.

Russell Investment Grade Bond Fund 195

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Restricted Securities
Amounts in thousands (except share and cost per unit amounts)

        Principal   Cost per   Cost   Fair Value  
% of Net Assets   Acquisition   Amount ($)   Unit   (000 ) (000 )
Securities   Date   or shares   $   $   $  
0.2%                      
Antalis SA   01/26/16 400,000 100.00 400 400  
LMA Americas LLC   01/29/16 300,000 100.00 300 300  
Private Export Funding Corp.   01/25/16 700,000 99.73 698 698  
Victory Receivables Corp.   01/13/16 750,000 99.98 750 750  
                      2,148  
For a description of restricted securities see note 7 in the Notes to Quarterly Report.                

 

See accompanying notes which are an integral part of this quarterly report.

196 Russell Investment Grade Bond Fund

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Futures Contracts                          
 
Amounts in thousands (except contract amounts)                          
                        Unrealized  
                        Appreciation  
    Number of       Notional   Expiration (Depreciation)  
    Contracts       Amount   Date $  
Long Positions                          
United States 2 Year Treasury Note Futures     83 USD 18,146 03/16 82  
United States 5 Year Treasury Note Futures 198 USD 23,893 03/16 383  
United States 10 Year Treasury Note Futures 158 USD 20,473 03/16 496  
United States Long Bond Futures     43 USD 6,924 03/16 286  
United States Ultra Bond Futures     26 USD 4,321 03/16 215  
Short Positions                          
United States 5 Year Treasury Note Futures     70 USD 8,447 03/16 (144 )
United States 10 Year Treasury Note Futures 296 USD 38,355 03/16 (338 )
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)                     980  
 
 
 
Options Written                          
 
 
Transactions in options written contracts for the period ended January 31, 2016 were as follows:        
    Number of     Premiums        
        Contracts     Received        
Outstanding October 31, 2015         1 $ 159      
Opened         —   —        
Closed         (1 ) (159 )      
Expired         —   —        
Outstanding January 31, 2016         —   $ —        
 
 
Foreign Currency Exchange Contracts                          
Amounts in  thousands                          
                        Unrealized  
                        Appreciation  
  Amount       Amount     (Depreciation)  
Counterparty Sold           Bought   Settlement Date $  
Bank of America USD 37   BRL     147 02/19/16 —  
Bank of America USD 42   BRL     172 02/19/16 1  
Bank of America USD 1,018   BRL     4,017 02/19/16 (19 )
Bank of America USD 11   CZK     268 02/19/16 —  
Bank of America USD 57   CZK     1,406 02/19/16 (1 )
Bank of America USD 4   IDR     62,035 02/19/16 —  
Bank of America USD 39   IDR     554,873 02/19/16 2  
Bank of America USD 1,014   IDR   14,415,627 02/19/16 37  
Bank of America USD 65 KRW     77,155 02/19/16 (2 )
Bank of America USD 70 KRW     85,824 02/19/16 1  
Bank of America USD 2,087 KRW   2,454,779 02/19/16 (58 )
Bank of America USD 28   PEN     95 02/19/16 —  
Bank of America USD 31   PEN     105 02/19/16 (1 )
Bank of America USD 1,039   PEN     3,522 02/19/16 (27 )
Bank of America USD 46   PLN     181 02/19/16 (1 )
Bank of America USD 46   PLN     187 02/19/16 (1 )
Bank of America USD 70   RUB     4,998 02/19/16 (4 )
Bank of America USD 102   RUB     8,020 02/19/16 4  
Bank of America USD 1,022   RUB     69,893 02/19/16 (101 )
Bank of America USD 16   SGD     22 02/19/16 —  
Bank of America USD 58   SGD     83 02/19/16 1  
Bank of America USD 28   TRY     85 02/19/16 1  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Investment Grade Bond Fund 197

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts
Amounts in  thousands

                  Unrealized  
                  Appreciation  
      Amount     Amount     (Depreciation)  
  Counterparty   Sold     Bought   Settlement Date $  
Bank of America   USD 51 TRY 155 02/19/16 1  
Bank of America   USD 55 TRY 169 02/19/16 2  
Bank of America   USD 103 TRY 310 02/19/16 2  
Bank of America   AUD 2,643 USD 1,865 02/29/16 (3 )
Bank of America   CZK 535 USD 22 02/19/16 —  
Bank of America   CZK 703 USD 29 02/19/16 —  
Bank of America   HKD 105 USD 14 02/19/16 —  
Bank of America   HKD 119 USD 15 02/19/16 —  
Bank of America   HUF 2,981 USD 10 02/19/16 —  
Bank of America   HUF 5,663 USD 20 02/19/16 —  
Bank of America   IDR 124,071 USD 9 02/19/16 —  
Bank of America   IDR 1,109,747 USD 77 02/19/16 (3 )
Bank of America   IDR 28,831,255 USD 2,028 02/19/16 (75 )
Bank of America   INR 1,737 USD 25 02/19/16 —  
Bank of America   INR 2,753 USD 41 02/19/16 —  
Bank of America   INR 140,792 USD 2,102 02/19/16 34  
Bank of America   PHP 1,785 USD 37 02/19/16 —  
Bank of America   PHP 1,951 USD 40 02/19/16 —  
Bank of America   PHP 99,615 USD 2,096 02/19/16 14  
Bank of America   PLN 91 USD 23 02/19/16 1  
Bank of America   PLN 93 USD 23 02/19/16 —  
Bank of America   RUB 9,997 USD 140 02/19/16 8  
Bank of America   RUB 16,041 USD 204 02/19/16 (7 )
Bank of America   RUB 139,786 USD 2,044 02/19/16 200  
Bank of America   TWD 578 USD 18 02/19/16 —  
Bank of America   TWD 1,099 USD 32 02/19/16 —  
Bank of America   TWD 34,640 USD 1,053 02/19/16 19  
Barclays   USD 1,891 CAD 2,683 03/18/16 24  
Barclays   NOK 7,989 SEK 7,852 03/18/16 (4 )
BNP Paribas   USD 7,218 ILS 28,520 02/19/16 (15 )
BNP Paribas   CHF 1,829 USD 1,820 02/19/16 34  
BNP Paribas   CHF 3,658 USD 3,641 02/19/16 68  
BNP Paribas   CHF 7,315 USD 7,281 02/19/16 136  
Citibank   USD 2,892 JPY 342,393 03/18/16 (61 )
Citibank   USD 1,024 NOK 8,944 03/18/16 6  
Goldman Sachs   AUD 5,007 USD 3,489 03/18/16 (47 )
Goldman Sachs   NZD 1,421 USD 915 03/18/16 (3 )
Goldman Sachs   NZD 4,333 USD 2,798 03/18/16 (1 )
HSBC   HKD 8,213 USD 1,060 02/19/16 4  
JPMorgan Chase   CAD 2,659 USD 1,903 03/18/16 5  
JPMorgan Chase   EUR 1,174 NOK 11,113 03/18/16 6  
Royal Bank of Canada   USD 2,120 CZK 53,279 02/19/16 17  
Royal Bank of Canada   USD 2,099 PLN 8,338 02/19/16 (56 )
Royal Bank of Canada   USD 2,110 SGD 3,011 02/19/16 3  
Royal Bank of Canada   USD 1,028 TRY 3,038 02/19/16 (5 )
Royal Bank of Canada   USD 2,055 TRY 6,076 02/19/16 (10 )
Royal Bank of Canada   CZK 26,640 USD 1,060 02/19/16 (8 )
Royal Bank of Canada   HUF 307,334 USD 1,055 02/19/16 (15 )
Royal Bank of Canada   PLN 4,169 USD 1,050 02/19/16 28  
Standard Chartered   USD 3,639 EUR 3,340 02/19/16 (19 )
Standard Chartered   USD 3,654 JPY 428,665 02/19/16 (112 )
Standard Chartered   USD 7,308 JPY 857,329 02/19/16 (224 )
Standard Chartered   DKK 12,463 USD 1,819 02/19/16 10  
Standard Chartered   DKK 24,925 USD 3,639 02/19/16 19  
State Street   USD 1,778 AUD 2,590 02/19/16 54  
State Street   USD 3,558 CAD 5,167 02/19/16 130  
State Street   USD 1,791 NOK 15,953 02/19/16 46  
State Street   USD 1,777 NZD 2,762 02/19/16 10  

 

See accompanying notes which are an integral part of this quarterly report.

198 Russell Investment Grade Bond Fund

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                    
Amounts in  thousands                    
                  Unrealized  
                  Appreciation  
      Amount   Amount     (Depreciation)  
Counterparty     Sold   Bought   Settlement Date $  
State Street CAD 10,334 USD 7,117 02/19/16 (260 )
State Street NOK 31,905 USD 3,582 02/19/16 (93 )
State Street NOK 63,810 USD 7,163 02/19/16 (185 )
State Street SEK 15,442 USD 1,800 02/19/16 —  
UBS USD 916 JPY 108,386 03/18/16 (20 )
UBS EUR 493 NOK 4,672 03/18/16 3  
UBS SEK 7,881 USD 922 03/18/16 3  
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts           (507 )
 
 
Total Return Swap Contracts (*)                    
Amounts in thousands                    
Fund Receives/(Pays)         Notional   Termination Fair Value  
Underlying Reference Entity   Counterparty   Amount   Date $  
Long Reference Entity                    
Barclays U.S. Aggregate Total Return Value Unhedged                    
USD Index BNP Paribas     USD 9,943   02/25/16 171  
Barclays U.S. Aggregate Total Return Value Unhedged                    
USD Index Merrill Lynch     USD 5,000   04/04/16 —  
Barclays U.S. Aggregate Total Return Value Unhedged                    
USD Index Merrill Lynch     USD 18,870   04/04/16 —  
Barclays U.S. Aggregate Total Return Value Unhedged                    
USD Index Merrill Lynch     USD 7,000   04/04/16 —  
Barclays U.S. Aggregate Total Return Value Unhedged                    
USD Index Merrill Lynch     USD 10,925   04/04/16 —  
Barclays U.S. Aggregate Total Return Value Unhedged                    
USD Index UBS       USD 12,926   02/25/16 198  
Total Fair Value of Open Total Return Swap Contracts Premiums Paid (Received) - $— (å)           369  

 

(*) Total return swaps (which includes index swaps) are agreements between counterparties to exchange cash flows, one based on a market-linked
returns of an individual asset or a basket of assets (i.e. an index), and the other on a fixed or floating rate. The floating rate fees were all based
on the 1 month LIBOR rate plus a fee ranging from 0.23% to 0.42%.

Interest Rate Swap Contracts                    
 
Amounts in thousands                      
                  Termination Fair Value  
Counterparty Notional Amount Fund Receives     Fund Pays     Date $  
Barclays USD 695 Three Month LIBOR 2.417%     11/15/27 (105 )
Barclays USD 695 Three Month LIBOR 2.481%     11/15/27 (113 )
Citigroup USD 1,390 Three Month LIBOR 2.714%     08/15/42 (133 )
Citigroup USD 1,060 Three Month LIBOR 3.676%     11/15/43 (324 )
Total Fair Value on Open Interest Rate Swap Contracts Premiums Paid (Received) - $— (å)           (675 )
 
 
 
Credit Default Swap Contracts                  
 
Amounts in thousands                      
Credit Indices                      
              Fund (Pays)/        
              Receives   Termination Fair Value  
Reference Entity     Counterparty Notional Amount Fixed Rate   Date $  
CDX Investment Grade Index   Goldman Sachs USD   12,000 1.000 % 12/20/20 (3 )
iTraxx Europe Index   Goldman Sachs EUR   11,000 1.000 % 12/20/20 46  
Total Fair Value on Open Credit Indices Premiums Paid (Received) - ($50)             43  
I                      

 

See accompanying notes which are an integral part of this quarterly report.

Russell Investment Grade Bond Fund 199

 

Russell Investment Company
Russell Investment Grade Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Presentation of Portfolio Holdings                      
 
Amounts in thousands                      
 
        Fair Value              
Portfolio Summary Level 1 Level 2   Level 3   Total  
Long-Term Investments                      
Asset-Backed Securities $ — $ 91,487   $ — $   91,487  
Corporate Bonds and Notes   —   281,233     508     281,741  
International Debt   —   62,738     1,264     64,002  
Loan Agreements   —   520     —     520  
Mortgage-Backed Securities   —   393,018     1,811     394,829  
Municipal Bonds   —   8,456     —     8,456  
Non-US Bonds   —   1,849     —     1,849  
United States Government Agencies   —   49,678     —     49,678  
United States Government Treasuries   —   195,915     —     195,915  
Preferred Stocks 1,954 —   —   1,954  
Short-Term Investments — 208,442   —   208,442  
Total Investments 1,954 1,293,336   3,583   1,298,873  
 
 
Other Financial Instruments                      
Futures Contracts 980 —   —   980  
Foreign Currency Exchange Contracts — (507 ) —   (507 )
Total Return Swap Contracts — 369   —   369  
Interest Rate Swap Contracts — (675 ) —   (675 )
Credit Default Swap Contracts — 43   —   43  
Total Other Financial Instruments* $ 980 $ (770 ) $ — $   210  

 

*      Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.

For a description of the Levels see note 2 in the Notes to Quarterly Report.
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to Quarterly
Report.
Investments in which significant unobservable inputs (Level 3) were used in determining a fair value for the period ended January 31,
2016 were less than 1% of net assets.

See accompanying notes which are an integral part of this quarterly report.

200 Russell Investment Grade Bond Fund

 

Russell Investment Company
Russell Short Duration Bond Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Long-Term Investments - 91.3%         Drive Auto Receivables Trust        
Asset-Backed Securities - 8.7%         Series 2015-DA Class A2B        
Ally Auto Receivables Trust         1.201% due 06/15/18 (Ê)(Þ) 1,478 1,478
Series 2014-2 Class A2         Education Loan Asset-Backed Trust I        
 
0.680% due 07/17/17 698 698 Series 2013-1 Class B1      
Ally Master Owner Trust         1.427% due 11/25/33 (Ê)(Þ)   2,608 2,437
Series 2013-1 Class A2         Equity One Mortgage Pass-Through Trust        
 
1.000% due 02/15/18 615 615 Series 2003-4 Class M1      
AmeriCredit Automobile Receivables         5.243% due 10/25/34   227 218
Trust         Exeter Automobile Receivables Trust        
Series 2013-1 Class B         Series 2014-1A Class A        
1.070% due 03/08/18 2,092 2,091 1.290% due 05/15/18 (Þ) 293 293
Series 2013-2 Class B         Series 2014-3A Class A        
1.190% due 05/08/18 2,325 2,324 1.320% due 01/15/19 (Þ) 1,607 1,602
Series 2014-1 Class A3         Federal Home Loan Mortgage Corp.        
0.900% due 02/08/19 663 662 Structured Pass Through Securities        
          Series 2000-30 Class A5        
 
Series 2015-1 Class A2A       7.120% due 12/25/30 1,981 2,089
0.770% due 04/09/18   591 590 Ford Credit Auto Owner Trust        
Series 2015-2 Class A2A                  
0.830% due 09/10/18 2,300 2,295 Series 2012-B Class A4 193 193
          1.000% due 09/15/17        
ARI Fleet Lease Trust         Series 2015-A Class A3        
Series 2013-A Class A3                
        1.280% due 09/15/19   1,135 1,137
0.920% due 07/15/21 (Þ)   1,669 1,667 GM Financial Automobile Leasing Trust        
Bank of The West Auto Trust         Series 2015-3 Class A3        
Series 2014-1 Class A3                
        1.690% due 03/20/19   1,950 1,953
1.090% due 03/15/19 (Þ)   2,175 2,170 Hertz Fleet Lease Funding, LP        
Series 2015-1 Class A3                  
1.310% due 10/15/19 (Þ) 2,545 2,534 Series 2013-3 Class C 2,240 2,241
          1.616% due 12/10/27 (Ê)(Þ)        
Capital Auto Receivables Asset Trust         Series 2014-1 Class C        
Series 2013-1 Class B                
        1.316% due 04/10/28 (Ê)(Þ)   1,475 1,473
1.290% due 04/20/18   1,665 1,663 Honda Auto Receivables Owner Trust        
Series 2014-1 Class A2                  
0.960% due 04/20/17 243 243 Series 2014-4 Class A3 2,950 2,947
          0.990% due 09/17/18        
CarFinance Capital Auto Trust         Huntington Auto Trust        
Series 2014-1A Class A                  
1.460% due 12/17/18 (Þ) 439 439 Series 2015-1 Class A3 1,920 1,918
          1.240% due 09/16/19        
CCG Receivables Trust         Hyundai Auto Receivables Trust        
Series 2013-1 Class A2                  
1.050% due 08/14/20 (Þ) 106 106 Series 2015-A Class A2 606 605
          0.680% due 10/16/17        
Series 2014-1 Class A2         IndyMac Home Equity Loan Trust        
1.060% due 11/15/21 (Þ) 648 646 Series 2004-2 Class A        
Chesapeake Funding LLC         0.290% due 09/28/36 (Ê) 13 13
Series 2012-2A Class A         JCP&L Transition Funding LLC        
0.719% due 05/07/24 (Ê)(Þ) 1,387 1,386 Series 2002-A Class A4        
Series 2012-2A Class C         6.160% due 06/05/19 76 78
1.819% due 05/07/24 (Ê)(Þ) 2,695 2,695 John Deere Owner Trust        
Countrywide Asset-Backed Certificates         Series 2015-B Class A3        
Series 2006-S10 Class A2         1.440% due 10/15/19 1,440 1,440
0.407% due 10/25/36 (Ê) 310 309 MSCC Heloc Trust        
Series 2007-4 Class A2         Series 2007-1 Class A        
5.375% due 04/25/47 145 158 0.270% due 12/25/31 (Ê) 649 630
CPS Auto Receivables Trust         Nissan Auto Receivables Owner Trust        
Series 2014-D Class A         Series 2014-A Class A3        
1.490% due 04/15/19 (Þ) 1,988 1,974 0.720% due 08/15/18 1,620 1,617
DRB Prime Student Loan Trust         Prestige Auto Receivables Trust        
Series 2015-D Class A2         Series 2014-1A Class A3        
3.200% due 01/25/40 (Þ) 1,801 1,784 1.520% due 04/15/20 (Þ) 1,300 1,297

 

See accompanying notes which are an integral part of this quarterly report.

Russell Short Duration Bond Fund 201

 

Russell Investment Company
Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Renaissance Home Equity Loan Trust         6.150% due 08/28/17 1,200 1,279
Series 2005-4 Class A3         American Express Credit Corp.        
5.565% due 02/25/36 63 62 1.125% due 06/05/17 2,335 2,324
Santander Drive Auto Receivables Trust         American Honda Finance Corp.        
Series 2012-5 Class C                
        1.500% due 09/11/17 (Þ)   1,400 1,406
2.700% due 08/15/18   3,313 3,329        
Series 2013-1 Class B         1.500% due 03/13/18   725 726
 
1.160% due 01/15/19 196 196 American International Group, Inc.      
Series 2013-2 Class B         5.850% due 01/16/18   2,830 3,024
 
1.330% due 03/15/18 1,463 1,464 American Tower Corp.      
Series 2014-1 Class A3         3.300% due 02/15/21   745 748
0.870% due 01/16/18 1 1 American Tower Trust I        
          Series 2013-13 Class 1A        
Series 2014-4 Class B                
        1.551% due 03/15/18 (Þ)   1,165 1,147
1.820% due 05/15/19   1,020 1,023 Anheuser-Busch InBev Finance, Inc.        
Series 2015-4 Class A3                
        1.900% due 02/01/19   5,060 5,069
1.580% due 09/16/19   710 711 Anheuser-Busch InBev Worldwide, Inc.        
SLM Private Education Loan Trust                
Series 2010-A Class 2A         1.375% due 07/15/17   1,487 1,487
3.676% due 05/16/44 (Ê)(Þ) 2,021 2,086 7.750% due 01/15/19 735 851
Series 2011-A Class A1         Assurant, Inc.        
1.167% due 10/15/24 (Ê)(Þ) 385 386 2.500% due 03/15/18 1,025 1,030
SLM Student Loan Trust         AT&T, Inc.        
Series 2014-A Class A1         1.700% due 06/01/17 1,485 1,488
0.761% due 07/15/22 (Ê)(Þ) 1,398 1,388 5.500% due 02/01/18 3,262 3,493
SMB Private Education Loan Trust         Bank of America Corp.        
Series 2015-A Class A3         1.700% due 08/25/17 2,825 2,824
1.926% due 02/17/32 (Ê)(Þ) 1,995 1,895        
          2.000% due 01/11/18   2,230 2,222
SoFi Professional Loan Program LLC         Bank of New York Mellon Corp. (The)        
Series 2014-B Class A2                  
 
2.550% due 08/27/29 (Þ) 1,344 1,345 Series G      
SunTrust Auto Receivables Trust         2.200% due 05/15/19   575 579
Series 2015-1A Class A2         BB&T Corp.        
0.990% due 06/15/18 (Þ) 2,167 2,167 2.250% due 02/01/19 1,070 1,082
Tidewater Auto Receivables Trust         Biogen, Inc.        
Series 2014-AA Class A3         2.900% due 09/15/20 1,690 1,702
1.400% due 07/15/18 (Þ) 1,370 1,368 Capital One Bank USA NA        
Toyota Auto Receivables Owner Trust         Series BKNT        
Series 2015-A Class A2         1.300% due 06/05/17 950 947
0.710% due 07/17/17 580 580 Capital One Financial Corp.        
        70,709 2.450% due 04/24/19 1,530 1,532
Corporate Bonds and Notes - 20.5%       Capital One NA        
AbbVie, Inc.         Series BKNT        
1.750% due 11/06/17 1,878 1,876 1.650% due 02/05/18 1,380 1,370
        Cardinal Health, Inc.        
2.500% due 05/14/20   730 724        
Aflac, Inc.         1.950% due 06/15/18   1,065 1,062
        Caterpillar Financial Services Corp.        
2.650% due 02/15/17   1,120 1,140 Series GMTN        
Air Lease Corp.                
        1.700% due 06/16/18   1,300 1,303
2.125% due 01/15/18   1,095 1,080 CCO Safari II LLC        
Albemarle Corp.                
Series 5YR         4.464% due 07/23/22 (Þ)   1,080 1,082
        Chevron Corp.        
3.000% due 12/01/19   845 839        
Ally Financial, Inc.         1.718% due 06/24/18   615 614
        Citigroup, Inc.        
5.500% due 02/15/17   2,595 2,627        
Amazon.com, Inc.         1.850% due 11/24/17   2,890 2,888
        Compass Bank        
2.600% due 12/05/19   2,245 2,291 Series BKNT        
American Express Co.                
          6.400% due 10/01/17   2,030 2,143

 

See accompanying notes which are an integral part of this quarterly report.

202 Russell Short Duration Bond Fund

 

Russell Investment Company
Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
ConocoPhillips Co.         2.450% due 10/05/17 (Þ) 2,245 2,249
1.500% due 05/15/18 1,395 1,337 HP, Inc.        
Coventry Health Care, Inc.         4.375% due 09/15/21 1,190 1,200
5.950% due 03/15/17 775 813 HSBC USA, Inc.        
Credit Suisse NY         2.000% due 08/07/18 955 954
Series GMTN         Huntington National Bank (The)        
1.375% due 05/26/17 2,320 2,312 2.200% due 11/06/18 830 831
Crown Castle Towers LLC         Informatica Corp. Term Loan        
6.113% due 01/15/20 (Þ) 1,410 1,550 4.500% due 06/03/22 (Ê) 998 951
CVS Health Corp.         Intel Corp.        
2.800% due 07/20/20 1,335 1,357 1.350% due 12/15/17 685 688
Daimler Finance NA LLC         International Bank for Reconstruction &        
1.375% due 08/01/17 (Þ) 1,165 1,158 Development        
DCP Midstream Operating, LP         Series GDIF        
2.500% due 12/01/17 1,680 1,512 0.625% due 05/02/17 1,510 1,497
 
Devon Energy Corp.       International Business Machines Corp.      
2.250% due 12/15/18   970 839 5.700% due 09/14/17   560 600
Ecolab, Inc.         International Lease Finance Corp.        
4.350% due 12/08/21 1,645 1,785 3.875% due 04/15/18 800 792
EnLink Midstream Partners, LP         IPALCO Enterprises, Inc.        
2.700% due 04/01/19 1,405 1,095 5.000% due 05/01/18 300 313
ERAC USA Finance LLC         JPMorgan Chase & Co.        
2.800% due 11/01/18 (Þ) 2,075 2,101 1.350% due 02/15/17 1,740 1,740
Exelon Corp.         1.625% due 05/15/18 700 696
2.850% due 06/15/20 1,120 1,121 Kinder Morgan Energy Partners, LP        
First Data Corp.         5.300% due 09/15/20 460 455
Series 2022                
        3.500% due 03/01/21   450 398
4.177% due 07/10/22 (Ê)   1,000 980 Kraft Heinz Foods Co.        
Ford Motor Credit Co. LLC                
        2.800% due 07/02/20 (Þ)   1,610 1,621
4.250% due 02/03/17   2,460 2,512        
        4.875% due 02/15/25 (Þ)   1,335 1,428
1.724% due 12/06/17   400 394 Lehman Brothers Holdings Capital Trust        
2.551% due 10/05/18 925 919 VII        
Forest Laboratories LLC         5.857% due 11/29/49 (ƒ)(Ø) 270 —
5.000% due 12/15/21 (Þ) 940 1,030 Lockheed Martin Corp.        
Freeport-McMoRan, Inc.         2.500% due 11/23/20 735 741
4.000% due 11/14/21 580 257 Marathon Oil Corp.        
General Electric Co.         2.700% due 06/01/20 985 756
5.250% due 12/06/17 1,385 1,485 McGraw Hill Financial, Inc.        
General Mills, Inc.         Series WI        
1.400% due 10/20/17 2,670 2,670 3.300% due 08/14/20 470 482
        Medtronic, Inc.        
5.650% due 02/15/19   985 1,091 Series WI        
General Motors Financial Co., Inc.                
        2.500% due 03/15/20   1,525 1,549
2.400% due 04/10/18   1,010 999 Merck & Co., Inc.        
Gilead Sciences, Inc.                
        3.875% due 01/15/21   835 902
2.550% due 09/01/20   1,425 1,443 MetLife, Inc.        
Goldman Sachs Group, Inc. (The)                
        1.756% due 12/15/17   1,130 1,132
2.625% due 01/31/19   2,865 2,886 Metropolitan Life Global Funding I        
 
2.600% due 04/23/20 2,220 2,209 1.950% due 12/03/18 (Þ) 755 757
Halliburton Co.         Morgan Stanley        
2.700% due 11/15/20 1,470 1,436 2.200% due 12/07/18 2,795 2,816
Harley-Davidson Financial Services, Inc.                
        2.450% due 02/01/19   1,790 1,796
2.250% due 01/15/19 (Þ)   515 519        
Hess Corp.         2.650% due 01/27/20   790 791
1.300% due 06/15/17 565 548 2.800% due 06/16/20 1,160 1,164
Hewlett Packard Enterprise Co.         MUFG Americas Holdings Corp.        

 

See accompanying notes which are an integral part of this quarterly report.

Russell Short Duration Bond Fund 203

 

Russell Investment Company
Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
2.250% due 02/10/20 1,040 1,030 UnitedHealth Group, Inc.        
Mylan NV         2.700% due 07/15/20 865 885
3.000% due 12/15/18 (Þ) 700 701 Verizon Communications, Inc.        
3.750% due 12/15/20 (Þ) 700 708 2.086% due 09/14/18 (Ê) 100 102
Mylan, Inc.         3.650% due 09/14/18 365 382
2.550% due 03/28/19 985 980 4.500% due 09/15/20 3,125 3,384
PepsiCo, Inc.         Wachovia Corp.        
5.000% due 06/01/18 1,050 1,137 5.750% due 06/15/17 1,410 1,491
Pharmaceutical Product Development         Wal-Mart Stores, Inc.        
LLC         1.950% due 12/15/18 920 940
4.250% due 08/18/22 (Ê) 995 975 Williams Partners, LP        
Phillips 66 Partners, LP         4.125% due 11/15/20 652 505
2.646% due 02/15/20 1,175 1,115 XTO Energy, Inc.        
PNC Bank NA         6.250% due 08/01/17 900 967
Series BKNT                  
 
1.850% due 07/20/18 1,360 1,364 ZFS Finance USA Trust II      
          6.450% due 12/15/65 (Þ)   1,335 1,337
Pricoa Global Funding I                  
 
1.350% due 08/18/17 (Þ) 3,600 3,582 ZFS Finance USA Trust V      
          6.500% due 05/09/37 (Þ)   325 327
Principal Life Global Funding II                  
                167,204
1.500% due 09/11/17 (Þ)   1,175 1,176 International Debt - 5.7%        
Private Export Funding Corp.         AP NMT Acquisition BV 1st Lien Term        
Series FF         Loan        
1.375% due 02/15/17 1,460 1,466 6.750% due 08/13/21 (Ê) 494 428
PSEG Power LLC         Arbor Realty Collateralized Loan        
2.450% due 11/15/18 1,150 1,156 Obligation, Ltd.        
Quebecor World Capital Corp.         Series 2014-1A Class A        
4.875% due 01/02/49 (Þ)(Ø) 205 — 2.176% due 05/15/24 (Ê)(Þ) 1,915 1,898
        Series 2014-1A Class B        
6.125% due 11/15/49 (Ø)   70 —        
QVC, Inc.         4.667% due 05/15/24 (Ê)(Þ)   1,240 1,240
        ArcelorMittal        
3.125% due 04/01/19   2,925 2,901        
Reynolds American, Inc.         6.125% due 06/01/18   660 601
        AstraZeneca PLC        
3.250% due 06/12/20   2,720 2,790        
SABMiller Holdings, Inc.         2.375% due 11/16/20   920 923
        Avago Technologies Cayman, Ltd.        
3.750% due 01/15/22 (Þ)   2,360 2,446        
Samsung Electronics America, Inc.         3.750% due 05/06/21 (Ê)   1,393 1,391
        Avago Technologies Cayman, Ltd. Term        
1.750% due 04/10/17 (Þ)   895 897 Loan B        
SBA Tower Trust                
Series 2014-1A Class C         3.750% due 11/06/22   2,632 2,588
        Barclays PLC        
2.898% due 10/15/19 (Þ)   1,415 1,419        
Southern Co. (The)         2.000% due 03/16/18   1,155 1,154
 
2.150% due 09/01/19 520 517 3.250% due 01/12/21 1,045 1,050
Southern Power Co.         BP Capital Markets PLC        
Series 15A         1.375% due 05/10/18 505 496
1.500% due 06/01/18 1,075 1,061 Braskem Finance, Ltd.        
Thermo Fisher Scientific, Inc.         7.000% due 05/07/20 (Þ) 780 776
1.300% due 02/01/17 1,040 1,037 British Telecommunications PLC        
Thomson Reuters Corp.         5.950% due 01/15/18 545 588
6.500% due 07/15/18 685 753 Burger King        
Time Warner, Inc.         3.750% due 12/12/21 (Ê) 1,322 1,313
 
4.750% due 03/29/21 527 568 Canadian Imperial Bank of  Commerce      
Toyota Motor Credit Corp.         1.550% due 01/23/18   1,499 1,493
Series GMTN         Credit Suisse Group Funding Guernsey,        
 
0.746% due 07/13/18 (Ê) 2,335 2,325 Ltd.      
UBS AG         3.125% due 12/10/20 (Þ)   1,315 1,319
Series BKNT         Delta 2 Lux Sarl Covenant-Lite Lien        
        Term Loan B        
5.875% due 12/20/17   1,040 1,124          

 

See accompanying notes which are an integral part of this quarterly report.

204 Russell Short Duration Bond Fund

 

Russell Investment Company
Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
7.750% due 07/29/22 (Ê) 250 207 5.750% due 09/02/21 990 954
Delta 2 Lux Sarl Covenant-Lite Term         Vale Overseas, Ltd.        
Loan B3         4.625% due 09/15/20 540 431
4.750% due 07/30/21 (Ê) 1,250 1,175 Virgin Media Investment Holdings, Ltd.        
Deutsche Telekom International Finance         Term Loan F        
BV         3.500% due 06/30/23 (Ê) 505 494
2.250% due 03/06/17 (Þ) 2,295 2,313 Weatherford International, Ltd.        
Ensco PLC         5.125% due 09/15/20 90 64
4.700% due 03/15/21 585 389         46,718
Expro Financial Services SARL Term         Loan Agreements - 12.4%        
Loan B         ABG Intermediate Holdings 2, LLC 1st        
5.750% due 09/02/21 (Ê) 790 463 Lien Term Loan        
ING Bank NV         5.500% due 05/27/21 (Ê) 464 453
3.750% due 03/07/17 (Þ) 2,220 2,275 Ability Network, Inc. 1st Lien Term Loan        
Mallinckrodt International Finance SA                
          6.000% due 05/14/21 (Ê)   985 967
Covenant-Lite Term Loan B         Accudyne Industries Borrower SCA Term        
3.250% due 03/19/21 1,235 1,189 Loan        
Mood Media Corp. Term Loan         4.000% due 12/13/19 (Ê) 925 769
7.000% due 05/01/19 (Ê) 983 927 Albertson's Holdings LLC Covenant-Lite        
Noble Holding International, Ltd.         Term Loan B4        
2.500% due 03/15/17 610 537 5.500% due 08/25/21 (Ê) 1,241 1,212
        Alvogen Pharmaceutical US, Inc. Term        
4.000% due 03/16/18   595 474 Loan        
Perrigo Co. PLC                
        6.000% due 04/02/22 (Ê)   739 719
2.300% due 11/08/18   745 738 American Airlines, Inc. Term Loan        
Petroleos Mexicanos                
        3.250% due 05/21/20 (Ê)   1,490 1,461
5.500% due 02/04/19 (Þ)   1,290 1,308 American Commercial Lines LLC Term        
3.500% due 07/23/20 (Þ) 265 245 Loan B        
Rio Tinto Finance USA PLC         1.000% due 11/06/20 (v) 891 779
2.250% due 12/14/18 770 747 Ancestry.com Inc. Term Loan B        
Royal Bank of Scotland Group PLC         5.000% due 08/17/22 1,975 1,950
 
1.875% due 03/31/17 3,075 3,057 AP Gaming I LLC 1st Lien Term Loan B      
4.700% due 07/03/18   1,855 1,922 9.250% due 12/20/20 (Ê)   496 465
Shell International Finance BV         Arctic Glacier USA, Inc. Covenant-Lite        
        Term Loan        
2.125% due 05/11/20   2,050 2,007        
SkillsSoft Corp. Covenant-Lite Term         6.000% due 05/13/19 (Ê)   496 476
Loan         AssuredPartners, Inc. 1st Lien Term        
        Loan        
5.750% due 04/28/21 (Ê)   741 540 Series 2015        
Sky PLC                
        5.750% due 10/21/22 (Ê)   357 351
6.100% due 02/15/18 (Þ)   1,145 1,234 Asurion LLC Term Loan B4        
SMART ABS Series Trust                
Series 2015-3US Class A3A         5.000% due 08/04/22 (Ê)   498 454
        Asurion LLC Covenant-Lite 2nd Lien        
1.660% due 08/14/19   865 864 Term Loan        
Teck Resources, Ltd.         8.500% due 03/03/21 (Ê) 500 421
3.000% due 03/01/19 180 113 Asurion LLC Covenant-Lite Term Loan        
4.500% due 01/15/21 445 244 B1        
Toronto-Dominion Bank (The)         5.000% due 05/24/19 (Ê) 486 457
Series GMTN         Asurion LLC Covenant-Lite Term Loan        
 
2.500% due 12/14/20 990 998 B2      
Total Capital Canada, Ltd.         4.250% due 07/08/20 (Ê)   982 895
 
1.450% due 01/15/18 975 970 Avaya, Inc. Term Loan B7      
Trade MAPS 1, Ltd.         6.250% due 05/29/20 (Ê)   991 662
Series 2013-1A Class A         B&G Foods, Inc. Term Loan B        
 
1.124% due 12/10/18 (Ê)(Þ) 2,190 2,177 Series 2015      
Transocean, Inc.         3.750% due 10/05/22 (Ê)   1,000 997
        BioScrip, Inc. Covenant-Lite 1st Lien        
6.500% due 11/15/20   670 404 Term Loan B        
Travelport Finance Sarl Term Loan B                  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Short Duration Bond Fund 205

 

Russell Investment Company
Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
6.500% due 07/31/20 (Ê) 78 70 Eco Services Operations LLC 1st Lien        
          Term Loan B        
 
BioScrip, Inc. Covenant-Lite Term Loan       4.750% due 12/01/21 (Ê) 495 483
6.500% due 07/31/20 (Ê)   47 42 Emerald Performance Materials LLC        
 
BMC Software Finance, Inc. Term Loan Covenant-Lite 2nd Lien Term Loan 250 235
5.000% due 09/10/20 (Ê)    997    796 7.750% due 08/01/22 (Ê)        
BWAY Holding Co. Covenant-Lite Term                  
 
Loan B         Emerald US, Inc. Term Loan B1      
        5.000% due 05/09/21   1,000 900
5.500% due 08/14/20 (Ê)   1,478 1,384          
Camping World, Inc. Covenant-Lite 1st         EnergySolutions LLC Term Loan        
Lien Term Loan B         6.750% due 05/29/20 (Ê) 938 778
5.250% due 02/20/20 (Ê) 931 915 Entegris, Inc. 1st Lien Term Loan B        
Cengage Learning Acquisitions, Inc.         3.500% due 04/30/21 (Ê) 356 352
Covenant-Lite 1st Lien Term Loan         Fitness International LLC Covenant-Lite        
7.000% due 03/31/20 (Ê) 960 934 Term Loan B        
Checkout Holding Corp. Covenant-Lite         5.500% due 07/01/20 (Ê) 493 464
1st Lien Term Loan B         FPC Holdings, Inc. 1st Lien Term Loan        
4.500% due 04/09/21 (Ê) 985 767 5.250% due 11/27/19 (Ê) 496 343
Chrysler Group LLC 1st Lien Term         FULLBEAUTY Brands, Inc. 1st Lien        
Loan B         Term Loan        
3.250% due 12/31/18 (Ê) 1,969 1,953 5.750% due 09/22/22 500 468
CHS/Community Health Systems, Inc.         GCI Holdings, Inc. Term B Loan        
1st Lien Term Loan G                
        4.000% due 02/02/22 (Ê)   993 983
3.750% due 12/31/19 (Ê)   607 582 GENEX Holdings, Inc. 1st Lien Term        
Cincinnati Bell, Inc. 1st Lien Term         Loan        
Loan B                
        5.250% due 05/30/21 (Ê)   987 953
4.000% due 09/10/20 (Ê)   238 229 GENEX Holdings, Inc. 2nd Lien Term        
Communications Sales & Leasing, Inc.         Loan        
Covenant-Lite Term Loan B                
        8.750% due 05/30/22 (Ê)   250 235
5.000% due 10/16/22 (Ê)   1,493 1,397 Getty Images, Inc. Covenant-Lite Term        
Community Health Systems, Inc. Term         Loan B        
Loan H                
        4.750% due 10/18/19 (Ê)   987 637
4.000% due 01/27/21 (Ê)   1,116 1,073 Global Healthcare Exchange LLC Term        
Computer Sciences Government Services         Loan B        
Term Loan B                
        5.500% due 08/05/22   998 989
3.750% due 10/27/22   1,000 998 Go Daddy Operating Co. LLC Term Loan        
Compuware Corp. 1st Lien Term Loan B1                
        4.250% due 05/13/21 (Ê)   985 978
6.250% due 12/15/19 (Ê)   950 870 GOBP Holdings, Inc. Covenant-Lite        
Consolidated Communications, Inc. Term         Term Loan B        
Loan B                
        4.750% due 10/21/21 (Ê)   728 693
4.250% due 12/23/20 (Ê)   982 974 Gray Television, Inc. Term Loan B        
ConvergeOne Holdings Corp. Covenant-                
Lite 1st Lien Term Loan         3.750% due 06/13/21 (Ê)   890 881
        GTCR Valor Cos., Inc. 1st Lien Term        
6.000% due 06/17/20 (Ê)   985 962 Loan        
CPI Card Group, Inc. Covenant-Lite                
Term Loan B         6.000% due 05/30/21 (Ê)   987 978
        Harland Clarke Holdings Corp.        
6.750% due 08/17/22 (Ê)   718 703 Covenant-Lite Term Loan B4        
Creative Artists Agency LLC Covenant-                
Lite Term Loan B         6.000% due 08/04/19 (Ê)   1,434 1,343
        Hawaiian Telcom Communications, Inc.        
5.500% due 12/17/21 (Ê)   991 987 Term Loan B        
Crowne Group LLC 1st Lien Term Loan                
        5.000% due 06/06/19 (Ê)   1,237 1,224
6.000% due 09/30/20   494 469 Hertz Corp. Term Loan B1        
Dell International LLC Term Loan B2                
        3.750% due 03/11/18 (Ê)   982 979
4.000% due 04/29/20 (Ê)   1,992 1,986 Hilton Worldwide Finance LLC Term        
Delta Air Lines, Inc. Term Loan B         Loan        
3.250% due 08/12/22 998 995 3.500% due 10/25/20 (Ê) 251 250
 
Dollar Tree, Inc. 1st Lien Term Loan B1       Indigo Merger Sub I, Inc. 1st Lien Term        
3.500% due 03/09/22 (Ê)   346 345 Loan        
 
Eastman Kodak Co. 1st Lien Term Loan       4.750% due 07/08/21 (Ê) 985 953
7.250% due 09/03/19 (Ê)   982 832          

 

See accompanying notes which are an integral part of this quarterly report.

206 Russell Short Duration Bond Fund

 

Russell Investment Company
Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)       Amounts in thousands (except share amounts)    
  Principal     Fair       Principal   Fair
  Amount ($)     Value       Amount ($)   Value
  or Shares     $       or Shares   $
Intrawest Operations Group, LLC Term Loan           Numericable US LLC Term Loan B2        
IPC Corp. 2nd Lien Term Loan           4.500% due 05/21/20 (Ê) 689 662
 
4.750% due 12/09/20 (Ê) 724   704 NVA Holdings, Inc. 2nd Lien Term Loan 250 242
          8.000% due 08/14/22 (Ê)        
10.500% due 02/06/22 (Ê)   500   400 Ocwen Loan Servicing LLC Term Loan B        
J Crew Group, Inc. Covenant-Lite Term                  
Loan B           5.500% due 02/15/18 (Ê)   851 849
          Petco Animal Supplies, Inc. Term Loan        
4.000% due 03/05/21 (Ê)   496   335        
Lannett Co. Inc. Term Loan A           1.000% due 01/11/23 (v)   393 384
          PetSmart, Inc. Term Loan B        
5.750% due 10/27/20   750   698        
Las Vegas Sands LLC 1st Lien Term           4.250% due 03/10/22 (Ê)   995 963
Loan B           PGX Holdings, Inc. Covenant-Lite 1st        
          Lien Term Loan        
3.250% due 12/19/20 (Ê)   995   989        
            5.750% due 08/21/20 (Ê)   477 473
 
Level 3 Financing, Inc. Term Loan B2         Pinnacle Foods Finance LLC Term Loan        
3.500% due 05/31/22 (Ê)   750   738 H        
LTS Buyer LLC  Term Loan           3.000% due 04/29/20 (Ê) 995 982
4.000% due 04/13/20 (Ê) 995   974 PowerTeam Services, LLC Covenant-Lite        
MacDermid, Inc. 1st Lien Term Loan           2nd Lien Term Loan        
4.500% due 06/07/20 (Ê) 799   739 8.250% due 11/06/20 (Ê) 500 468
Match Group, Inc. Term Loan V1           Pre-Paid Legal Services, Inc. 2nd Lien        
 
5.500% due 11/16/22 (Ê) 813   809 Term Loan      
MCC Iowa LLC Term Loan H           10.250% due 07/01/20 (Ê)   500 491
          Prolampac Intermediate, Inc. 1st Lien        
3.250% due 01/29/21 (Ê)   992   976          
 
Media General, Inc. 1st Lien Term Loan           Term Loan      
B           5.000% due 08/18/22 (Ê)   998 973
 
4.000% due 07/31/20 (Ê) 915   911 Quincy Newspapers, Inc. Term Loan B      
Mergermarket USA, Inc. 1st Lien Term           1.000% due 10/13/22 (v)   996 975
 
Loan         Renaissance Learning, Inc. Term Loan      
4.500% due 02/04/21 (Ê)   878   850 4.500% due 04/09/21 (Ê)   983 937
 
MGM Resorts International Term Loan A         RentPath, Inc. Covenant-Lite 1st Lien        
2.938% due 12/20/17 (Ê)   497   493  Term Loan Inc.      
MGM Resorts International Term Loan B         6.250% due 12/17/21 (Ê)   1,980 1,574
3.500% due 12/20/19 (Ê)   497   492 RHP Hotel Properties LP Term Loan B      
Minerals Technologies, Inc.           3.500% due 01/15/21 (Ê)   985 980
          Rovi Solutions Corp. Syndicated Loans        
3.750% due 05/09/21 (Ê)   641   626 Covenant-Lite Term Loan B        
MRI Software LLC Term Loan                  
          3.750% due 07/02/21 (Ê)   985 931
5.250% due 06/18/21   498   493 RP Crown Parent LLC Term Loan        
MSC.Software Corp. 1st Lien Term Loan                  
          6.000% due 12/21/18 (Ê)   982 860
5.000% due 05/29/20 (Ê)   985   906 RPI Finance Trust Term Loan B4        
MTL Publishing LLC Term Loan                  
Series 2015           3.500% due 12/11/20   992 989
          Scientific Games International, Inc.        
4.000% due 08/20/22   998   977 Covenant-Lite Term Loan B1        
Navistar, Inc. 1st Lien Term Loan B                  
          6.000% due 10/18/20 (Ê)   1,726 1,542
6.500% due 08/07/20 (Ê)   500   438 Scientific Games International, Inc. Term        
Neptune Finco Corp. Term Loan B           Loan B2        
Series 2015           6.000% due 10/01/21 (Ê) 693 615
5.000% due 10/09/22 (Ê) 500   499 SCS Holdings, Inc. 1st Lien Term Loan        
New Millennium Holding Co., Inc. Exit                  
 Term Loan           1.000% due 10/30/22 (Ê)(v)   989 974
Novitex Acquisition LLC Term Loan B2           Signode Industrial Group US, Inc.        
 
    7.500% due 12/21/20 (Ê) 509   458 Covenant-Lite 1st Lien Term Loan B 678 647
          3.750% due 05/01/21 (Ê)        
7.500% due 07/07/20 (Ê)   245   220 SIRVA Worldwide, Inc. Term Loan        
nTelos, Inc. Term Loan B           7.500% due 03/27/19 (Ê) 483 464
5.750% due 11/09/19 (Ê) 609   606 SourceHOV LLC 1st Lien Term Loan B        
Numericable US LLC 1st Lien Term                  
Loan B1           7.750% due 10/31/19 (Ê)   484 425
          Staples, Inc. Term Loan B        
4.500% due 05/21/20 (Ê)   796   765        
            1.000% due 04/24/21 (Ê)(v)   3,600 3,571

 

See accompanying notes which are an integral part of this quarterly report.

Russell Short Duration Bond Fund 207

 

Russell Investment Company
Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Stena International SA Covenant-Lite         Series 2005-3 Class AM        
Term Loan B         4.727% due 07/10/43 271 270
4.000% due 03/03/21 (Ê) 983 818 Series 2007-2 Class A4        
Sungard Availability Services Capital,                
          5.628% due 04/10/49   115 117
Inc. Covenant-Lite 1st Lien Term         Banc of America Mortgage Securities,        
Loan B                  
6.000% due 03/31/19 (Ê) 1,354 1,120 Series Inc. 2004-I Class 2A2        
TCH-2 Holdings LLC Covenant-Lite 1st                
Lien Term Loan         2.730% due 10/25/34 (Ê)   671 653
        Banc of America Re-REMIC Trust        
5.500% due 05/12/21 (Ê)   990 951 Series 2010-UB5 Class A4A        
Terraform Private Warehouse Term Loan                
B         5.649% due 02/17/51 (Þ)   1,789 1,795
        BCAP LLC Trust        
5.000% due 07/29/22   961 894          
 
The Active Network, Inc. 1st Lien Term         Series 2011-R11 Class 15A1      
Loan         2.736% due 10/26/33 (Ê)(Þ)   926 935
 
5.500% due 11/15/20 (Ê) 982 944 Series 2011-R11 Class 20A5      
T-Mobile USA, Inc. 1st Lien Term Loan         2.736% due 03/26/35 (Ê)(Þ)   458 460
B         Bear Stearns ARM Trust        
3.500% due 11/09/22 (Ê) 500 500 Series 2004-5 Class 2A        
Total Safety U.S., Inc. 1st Lien Term         3.139% due 07/25/34 (Ê) 489 488
Loan B         Bear Stearns Commercial Mortgage        
5.750% due 03/01/20 (Ê) 982 737 Securities Trust        
 Tribune Media Co. Term Loan         Series 2002-TOP6 Class G        
 
3.750% due 12/27/20 (Ê) 838 822 6.000% due 10/15/36 (Þ) 458 459
United Airlines, Inc. Term Loan B1         BHMS Mortgage Trust        
        Series 2014-ATLS Class AFL        
3.500% due 09/15/21 (Ê)   388 384        
Varsity Brands, Inc. 1st Lien Term Loan         1.930% due 07/05/33 (Ê)(Þ)   1,000 991
        Capmark Mortgage Securities, Inc.        
5.000% due 12/11/21   124 123 Series 1997-C2 Class G        
Verdesion Life Sciences LLC Term Loan                
        6.750% due 04/15/29   552 586
6.000% due 07/01/20 (Ê)   949 901 CFCRE Commercial Mortgage Trust        
William Morris Endeavor Entertainment         Series 2011-C1 Class A2        
LLC Covenant-Lite Term Loan                
        3.759% due 04/15/44 (Þ)   15 15
5.250% due 05/06/21 (Ê)   985 961 Citigroup Commercial Mortgage Trust        
 
WMG Acquisition Corp. Term Loan B       Series 2014-GC19 Class A1        
3.750% due 07/01/20 (Ê)   982 941 1.199% due 03/10/47 502 493
 
World Endurance Holdings Term Loan       Citigroup Mortgage Loan Trust, Inc.        
5.250% due 06/26/21 (Ê)   990 965 Series 2004-UST1 Class A5        
Yonkers Racing Corp. 1st Lien Term         2.123% due 08/25/34 (Ê) 1,051 1,032
Loan         Citigroup/Deutsche Bank Commercial        
4.250% due 08/16/19 928 897 Mortgage Trust        
Zebra Technologies Corp. Term Loan         Series 2005-CD1 Class C        
4.750% due 10/27/21 (Ê) 993 992 5.475% due 07/15/44 45 45
        100,867 Commercial Mortgage Trust        
Mortgage-Backed Securities - 19.9%       Series 2001-J2A Class E        
Banc of America Commercial Mortgage         7.160% due 07/16/34 (Þ) 905 927
Trust         Series 2005-GG3 Class E        
Series 2007-2 Class AM                
        5.087% due 08/10/42   653 656
5.800% due 04/10/49   1,245 1,282 Series 2005-LP5 Class D        
Banc of America Funding Trust                
Series 2006-A Class 1A1         4.776% due 05/10/43   886 886
        Series 2007-GG9 Class A4        
2.699% due 02/20/36 (Ê)   409 404        
Series 2006-F Class 1A2         5.444% due 03/10/39   590 604
        Series 2013-LC13 Class A1        
2.606% due 07/20/36 (Ê)   34 26        
Banc of America Large Loan Trust         1.309% due 08/10/46   401 400
   Series 2009-FDG Class A         Series 2014-CR15 Class A1        
 
5.204% due 01/25/42 (Þ) 643 654 1.218% due 02/10/47 458 455
Banc of America Merrill Lynch         Series 2014-CR16 Class A1        
Commercial Mortgage, Inc.         1.445% due 04/10/47 386 386

 

See accompanying notes which are an integral part of this quarterly report.

208 Russell Short Duration Bond Fund

 

Russell Investment Company
Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair     Principal   Fair
      Amount ($)   Value     Amount ($)   Value
      or Shares   $     or Shares   $
Series 2014-SAVA Class C           Series 2010-141 Class MD        
2.561% due 06/15/34 (Ê)(Þ)   582 579 2.000% due 10/25/40 226 227
Credit Suisse Commercial Mortgage           Series 2010-150 Class PC        
Trust           3.000% due 10/25/40 477 494
Series 2006-C1 Class AJ                    
 
5.469% due 02/15/39   198 198 Series 2011-88 Class AB      
            2.500% due 09/25/26   710 721
Series 2006-C2 Class A1A                    
 
5.669% due 03/15/39   1,653 1,651 Series 2013-21 Class BA      
            1.000% due 03/25/23   2,786 2,767
Series 2006-C3 Class A1A                    
 
5.806% due 06/15/38   260 261 Series 2013-136 Class KA      
            2.000% due 05/25/25   595 602
Series 2006-C5 Class A1A           Fannie Mae Whole Loan        
5.297% due 12/15/39   519 530 Series 2004-W9 Class 2A1        
Series 2007-C1 Class A3           6.500% due 02/25/44 23 26
5.383% due 02/15/40   78 79 Fannie Mae-Aces        
Credit Suisse First Boston Mortgage           Series 2012-M2 Class A1        
Securities Corp.                  
Series 1998-C1 Class F           1.824% due 02/25/22   418 422
          Series 2012-M8 Class ASQ2        
6.000% due 05/17/40 (Þ)     237 245        
Series 2005-C3 Class AJ           1.520% due 12/25/19   2,186 2,199
          Series 2012-M9 Class ASQ2        
4.771% due 07/15/37     36 36        
Fannie Mae           1.513% due 12/25/17   1,631 1,637
          Series 2012-M13 Class ASQ2        
7.000% due 2017     7 7        
          1.246% due 08/25/17   2,565 2,569
4.500% due 2019     34 36 Series 2012-M14 Class ASQ2        
5.700% due 2019   889 985 1.114% due 02/25/17 283 283
4.500% due 2020   807 847 Series 2013-M7 Class ASQ2        
4.500% due 2021   39 41 1.233% due 03/26/18 428 428
 
7.000% due 2022   48 50 Series 2014-M9 Class ASQ2      
          1.462% due 04/25/17   568 570
2.500% due 2024     6,845 7,069          
          Series 2015-M1 Class ASQ1        
4.500% due 2025     460 496        
          0.782% due 02/25/18   1,680 1,677
3.500% due 2030     3,598 3,810 Series 2015-M1 Class ASQ2        
2.229% due 2033(Ê)   28 30 1.626% due 02/25/18 2,445 2,462
15 Year TBA (Ï)         Series 2015-M7 Class ASQ1        
3.500% 1,755 1,855 0.882% due 04/25/18 1,390 1,389
Fannie Mae Grantor Trust           Series 2015-M7 Class ASQ2        
Series 2001-T4 Class A1           1.550% due 04/25/18 835 838
7.500% due 07/25/41   564 692 Series 2015-M13 Class ASQ1        
Series 2004-T2 Class 1A3           0.856% due 09/25/19 1,854 1,847
7.000% due 11/25/43   520 597 Series 2015-M15 Class ASQ1        
Fannie Mae REMIC Trust           0.849% due 01/25/19 2,220 2,218
Series 2004-W12 Class 1A1           Series 2016-M1 Class ASQ1        
6.000% due 07/25/44   2,272 2,627 1.374% due 07/25/19 1,380 1,384
Series 2005-W1 Class 1A2           FDIC Guaranteed Notes Trust        
6.500% due 10/25/44   94 110 Series 2010-S1 Class 1A        
Fannie Mae REMICS           0.978% due 02/25/48 (Ê)(Þ) 79 79
Series 2002-57 Class PG           FDIC Trust        
5.500% due 09/25/17   72 74 Series 2010-R1 Class A        
Series 2004-70 Class EB           2.184% due 05/25/50 (Þ) 1,798 1,811
5.000% due 10/25/24   84 90 Series 2011-R1 Class A        
Series 2007-73 Class A1           2.672% due 07/25/26 (Þ) 689 702
0.241% due 07/25/37 (Å)(Ê)   66 62 Federal Home Loan Mortgage Corp.        
Series 2009-96 Class DB           Multifamily Structured Pass Through        
          Certificates        
4.000% due 11/25/29     151 162 Series 2011-K702 Class X1        
Series 2009-97 Class PG           Interest Only STRIP        
4.000% due 11/25/39   1,206 1,283 1.525% due 02/25/18 27,418 713

 

See accompanying notes which are an integral part of this quarterly report.

Russell Short Duration Bond Fund 209

 

Russell Investment Company
Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Series 2011-K703 Class A1         Series 2010-H04 Class BI        
1.873% due 01/25/18 24 24 Interest Only STRIP        
Series 2012-K019 Class A1         1.406% due 04/20/60 4,503 214
1.459% due 09/25/21 2,842 2,823 Series 2010-H12 Class PT        
Series 2012-K706 Class A1         5.470% due 11/20/59 666 689
1.691% due 06/25/18 6,609 6,644 Series 2010-H22 Class JI        
   Series 2012-K706 Class X1         Interest Only STRIP        
Interest Only STRIP         2.501% due 11/20/60 3,806 275
1.578% due 10/25/18 10,905 404 Series 2012-H11 Class CI        
   Series 2013-K502 Class A2         Interest Only STRIP        
 
1.426% due 08/25/17 2,757 2,763 2.907% due 04/20/62 5,719 402
Series 2015-KF12 Class A         Series 2013-H03 Class HI        
        Interest Only STRIP        
0.943% due 09/25/22 (Ê)   3,694 3,659        
Series 2016-K504 Class A1         2.617% due 12/20/62   5,076 458
        Ginnie Mae II        
1.680% due 12/31/49   805 808        
Federal Home Loan Mortgage Corp.         1.750% due 2040(Ê)   349 359
Structured Pass-Through Securities         2.000% due 2040(Ê) 411 431
Series 2003-58 Class 2A         3.500% due 2040(Ê) 2,567 2,685
6.500% due 09/25/43 31 36        
          5.390% due 2059   1,793 1,858
Freddie Mac                
6.000% due 2018 9 9 5.508% due 2059   1,485 1,530
        5.500% due 2060 2,311 2,456
5.500% due 2019   367 388        
5.500% due 2022 240 261 4.672% due 2062   709 748
        4.816% due 2062 1,524 1,615
5.500% due 2029   129 145        
3.500% due 2030 1,450 1,534 4.856% due 2062   2,252 2,375
Freddie Mac REMICS         4.732% due 2063 1,428 1,532
Series 2003-2559 Class PB         GS Mortgage Securities Corp. II        
 
5.500% due 08/15/30 1 — Series 2013-GC10 Class A1      
Series 2003-2632 Class AB         0.696% due 02/10/46   3 3
4.500% due 06/15/18 634 654 GS Mortgage Securities Trust        
          Series 2012-GCJ7 Class A1        
 
Series 2003-2657 Class WT       1.144% due 05/10/45 243 243
4.500% due 08/15/18   154 159          
          Series 2013-GC12 Class A1        
 
Series 2005-2922 Class JN       0.742% due 06/10/46 280 277
4.500% due 02/15/20   1,103 1,142          
          Series 2014-GC18 Class A1        
 
Series 2010-3704 Class DC       1.298% due 01/10/47 288 286
4.000% due 11/15/36   302 321          
Series 2010-3728 Class EL         GSMPS Mortgage Loan Trust        
        Series 1998-1 Class A        
1.500% due 09/15/20   1,202 1,203        
          8.000% due 09/19/27 (Þ)   32 33
Series 2011-3816 Class D                  
 
3.500% due 08/15/28 876 905 Series 1998-2 Class A      
          7.587% due 05/19/27 (Þ)   140 148
Series 2014-4315 Class CA                  
 
2.000% due 01/15/23 1,970 1,996 Series 1998-3 Class A      
          7.750% due 09/19/27 (Þ)   6 7
Series 2014-4350 Class CA                  
 
2.000% due 10/15/19 1,002 1,015 Series 1999-3 Class A      
          8.000% due 08/19/29 (Þ)   14 13
Series 2014-4383 Class JC                  
 
2.000% due 05/15/23 1,484 1,502 Series 2005-RP1 Class 1A4      
          8.500% due 01/25/35 (Þ)   150 161
Series 2014-4399 Class A                  
 
2.500% due 07/15/24 2,362 2,396 Series 2006-RP1 Class 1A2      
          7.500% due 01/25/36 (Þ)   324 338
GE Commercial Mortgage Corp. Trust                  
 
Series 2007-C1 Class A1A         Series 2006-RP1 Class 1A3      
5.483% due 12/10/49 1,494 1,538 8.000% due 01/25/36 (Þ)   80 86
Ginnie Mae         Hilton USA Trust        
          Series 2013-HLT Class CFX        
 
Series 2010-14 Class A       3.714% due 11/05/30 (Þ) 200 201
4.500% due 06/16/39   173 184 JPMorgan Chase Commercial Mortgage        
          Securities Trust        

 

See accompanying notes which are an integral part of this quarterly report.

210 Russell Short Duration Bond Fund

 

Russell Investment Company
Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Series 2001-CIB2 Class D         Series 2005-1 Class 1A3        
6.847% due 04/15/35 89 89 7.000% due 08/25/34 (Þ) 400 414
Series 2002-C2 Class E         Merrill Lynch Mortgage Investors Trust        
5.758% due 12/12/34 112 114 Series 1998-C1 Class A3        
Series 2004-LN2 Class A2         6.720% due 11/15/26 1,097 1,106
5.115% due 07/15/41 69 69 Interest Only STRIP        
   Series 2004-LN2 Class B         Series 1998-C3 Class IO        
5.466% due 07/15/41 150 149 0.898% due 12/15/30 918 12
   Series 2005-CB12 Class AJ         Series 2005-A10 Class A        
4.987% due 09/12/37 650 651 0.395% due 02/25/36 (Ê) 31 28
Series 2005-LDP2 Class C         ML-CFC Commercial Mortgage Trust        
        Series 2006-4 Class A3        
4.911% due 07/15/42   460 460        
          5.172% due 12/12/49   472 480
 
Series 2005-LDP5 Class AJ       Morgan Stanley Bank of America Merrill        
5.360% due 12/15/44   10 10 Lynch Trust        
Series 2006-CB14 Class AM         Series 2013-C7 Class A1        
5.488% due 12/12/44 50 50 0.738% due 02/15/46 177 177
Series 2006-LDP9 Class A1A         Series 2015-C26 Class A1        
5.257% due 05/15/47 833 846 1.591% due 10/15/48 1,042 1,038
Series 2007-CB20 Class AM         Morgan Stanley Capital I Trust        
5.879% due 02/12/51 160 169 Series 2005-IQ10 Class B        
Series 2007-LDPX Class AM         6.278% due 09/15/42 64 65
5.464% due 01/15/49 1,275 1,281 Series 2006-HQ8 Class AJ        
Series 2014-CBM Class A         5.511% due 03/12/44 610 609
1.067% due 10/15/29 (Ê)(Þ) 2,580 2,546 Series 2006-IQ12 Class AM        
Series 2014-FBLU Class A         5.370% due 12/15/43 865 880
1.376% due 12/15/28 (Ê)(Þ) 3,575 3,574 Series 2006-T21 Class B        
Series 2014-FBLU Class C         5.312% due 10/12/52 (Þ) 355 354
2.426% due 12/15/28 (Ê)(Þ) 2,300 2,300 Series 2006-T21 Class C        
Series 2015-CSMO Class A         5.327% due 10/12/52 (Þ) 1,270 1,263
1.676% due 01/15/32 (Ê)(Þ) 180 178 Morgan Stanley Re-REMIC Trust        
JPMorgan Commercial Mortgage Finance         Series 2010-GG10 Class A4A        
Corp.         5.989% due 08/15/45 (Þ) 3,746 3,848
Series 2000-C10 Class F         Motel 6 Trust        
8.559% due 08/15/32 691 736 Series 2015-MTL6 Class A2A2        
JPMorgan Mortgage Trust         2.605% due 02/05/30 (Þ) 1,145 1,149
Series 2004-A2 Class 1A1         NCUA Guaranteed Notes Trust        
2.609% due 05/25/34 (Ê) 128 125 Series 2010-R1 Class 2A        
Series 2005-A4 Class 1A1         1.840% due 10/07/20 41 41
2.537% due 07/25/35 (Ê) 38 37 Series 2010-R3 Class 3A        
Series 2006-A6 Class 1A2         2.400% due 12/08/20 372 377
3.140% due 10/25/36 (Ê) 21 19 Nomura Asset Acceptance Corp.        
LB Commercial Mortgage Trust         Alternative Loan Trust        
Series 2007-C3 Class AM         Series 2004-AR4 Class 1A1        
6.096% due 07/15/44 887 929 2.658% due 12/25/34 78 78
LB-UBS Commercial Mortgage Trust         ORES 2014-LV3 LLC        
Series 2005-C7 Class F         Series 2014-LV3 Class A        
5.350% due 11/15/40 1,405 1,404 3.000% due 03/27/24 (Þ) 461 461
Series 2006-C7 Class A3         RBSCF Trust        
        Series 2010-RR3 Class MSCA        
5.347% due 11/15/38   560 568        
Mastr Adjustable Rate Mortgages Trust         5.907% due 06/16/49 (Þ)   307 315
Series 2005-1 Class B1         Series 2010-RR4 Class CMLA        
2.735% due 03/25/35 (Ê) 181 57 6.040% due 12/16/49 (Þ) 320 328
Mastr Reperforming Loan Trust         Series 2010-RR4 Class WBCA        
Series 2005-2 Class 1A4         5.509% due 04/16/47 (Þ) 2,500 2,507
8.000% due 05/25/35 (Þ) 303 322 RBSSP Resecuritization Trust        
MASTR Reperforming Loan Trust                  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Short Duration Bond Fund 211

 

Russell Investment Company
Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair       Principal   Fair
    Amount ($)   Value   Amount ($)   Value
    or Shares   $       or Shares   $
Series 2010-3 Class 9A1                   162,794
5.500% due 02/26/35 (Þ) 564 574 Non-US Bonds - 0.1%          
Reperforming Loan REMIC Trust         Mexican Bonos          
Series 2005-R2 Class 2A4         Series M          
8.500% due 06/25/35 (Þ) 61 65 6.500% due 06/10/21 MXN 17,192 994
Rialto Capital Management LLC                    
Series 2014-LT5 Class A         United States Government Agencies - 4.7%    
 
2.850% due 05/15/24 (Þ) 206 206 Fannie Mae        
RREF LLC         1.125% due 07/20/18     4,994 5,016
Series 2014-LT6 Class A         United States Treasury Notes          
2.750% due 09/15/24 (Þ) 103 103 1.062% due 12/31/17   20,525 20,609
Structured Asset Securities Corp.         1.006% due 08/15/18   40 40
Mortgage Pass Through Certificates                  
Series 2003-34A Class 6A         1.250% due 11/30/18     4,900 4,940
2.595% due 11/25/33 (Ê) 182 179 1.125% due 01/15/19   180 181
Wachovia Bank Commercial Mortgage         1.750% due 12/31/20   7,805 7,959
Trust                   38,745
Series 2004-C12 Class F                    
5.611% due 07/15/41 (Þ) 561 561 United States Government Treasuries - 19.3%    
Series 2004-C15 Class B          United States Treasury Notes        
        0.625% due 02/15/17     3,780 3,779
4.892% due 10/15/41   152 153          
   Series 2006-C26 Class AM         0.875% due 02/28/17     995 997
 
6.167% due 06/15/45 1,355 1,371 3.250% due 03/31/17   4,565 4,699
Series 2006-C27 Class AM         8.750% due 05/15/17   2,650 2,922
5.795% due 07/15/45 340 345 0.875% due 07/15/17   378 379
Series 2007-C30 Class AM         2.375% due 07/31/17   5,386 5,516
5.383% due 12/15/43 245 253 4.750% due 08/15/17   4,955 5,259
Series 2007-C31 Class A4                  
        1.875% due 08/31/17     6,330 6,441
5.509% due 04/15/47   1,380 1,419          
Series 2007-C31 Class AM         0.701% due 09/15/17     5,637 5,658
5.591% due 04/15/47 1,090 1,125 0.875% due 10/15/17   1,349 1,351
Series 2007-C32 Class A2         0.750% due 10/31/17   4,550 4,548
5.711% due 06/15/49 102 102 0.875% due 11/15/17   6,400 6,410
Series 2007-C33 Class A4         0.875% due 11/30/17   2,010 2,014
6.150% due 02/15/51 94 97          
Washington Mutual Mortgage Pass-         2.250% due 11/30/17     5,655 5,803
Through Certificates Trust         0.750% due 12/31/17   1,420 1,419
Series 2003-AR7 Class A7         1.014% due 02/15/18   3,472 3,484
2.299% due 08/25/33 (Ê) 73 73          
          3.500% due 02/15/18     4,653 4,903
Series 2004-AR1 Class A                  
        0.750% due 02/28/18     3,404 3,399
2.450% due 03/25/34 (Ê)   685 687          
Wells Fargo Commercial Mortgage Trust         2.750% due 02/28/18     6,750 7,014
Series 2015-C31 Class A1         0.625% due 04/30/18   8,009 7,966
1.679% due 11/15/48 1,128 1,127 0.912% due 05/15/18   2,952 2,960
Wells Fargo Mortgage Backed Securities                  
Trust         3.875% due 05/15/18     1,659 1,773
Series 2005-AR2 Class 2A1         2.375% due 05/31/18   3,030 3,135
2.615% due 03/25/35 (Ê) 140 139 1.375% due 06/30/18   7,770 7,864
WFRBS Commercial Mortgage Trust         1.500% due 08/31/18   4,663 4,734
 
Series 2012-C9 Class A1       1.375% due 09/30/18   10,830 10,957
0.673% due 11/15/45   1,252 1,246            
Series 2012-C10 Class A1         0.875% due 10/15/18(§)   40,861 40,792
0.734% due 12/15/45 211 210 1.250% due 12/15/18   1,030 1,038
Series 2013-C14 Class A1                   157,214
0.836% due 06/15/46 672 668 Total Long-Term Investments        
Series 2014-C19 Class A3         (cost $756,492)         745,245
3.660% due 03/15/47 340 356            

 

See accompanying notes which are an integral part of this quarterly report.

212 Russell Short Duration Bond Fund

 

Russell Investment Company
Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair Principal Fair  
    Amount ($)   Value Amount ($) Value  
    or Shares   $ or Shares $  
Short-Term Investments - 8.9%         Total Short-Term Investments    
21st Century Fox America, Inc.         (cost $72,810) 72,818  
 
8.000% due 10/17/16 420 439 Total Investments 100.2%    
Anadarko Petroleum Corp.              
        (identified cost $829,302) 818,063  
5.950% due 09/15/16   2,170 2,203      
Bear Stearns Cos. LLC (The)              
5.550% due 01/22/17 2,370 2,456 Other Assets and Liabilities,    
Dayton Power & Light Co. (The)         Net - (0.2%) (1,883 )
 
1.875% due 09/15/16 325 326 Net Assets - 100.0% 816,180  
Fannie Mae-Aces              
Series 2013-M1 Class ASQ2              
1.074% due 11/25/16 675 674      
Federal Home Loan Mortgage Corp.              
Multifamily Structured Pass Through              
Certificates              
Series 2012-K501 Class A2              
1.655% due 11/25/16 1,453 1,455      
Interest Only STRIP              
Series 2012-K501 Class X1A              
1.702% due 08/25/16 7,955 35      
Hartford Financial Services Group, Inc.              
(The)              
5.500% due 10/15/16 2,635 2,716      
Hutchison Whampoa International 11,              
Ltd.              
3.500% due 01/13/17 (Þ) 940 956      
International Lease Finance Corp.              
2.287% due 06/15/16 (Ê) 1,440 1,429      
Intesa Sanpaolo SpA              
2.375% due 01/13/17 2,690 2,700      
Liberty Property, LP              
5.500% due 12/15/16 880 907      
Nomura Holdings, Inc.              
2.000% due 09/13/16 1,680 1,686      
Petrobras Global Finance BV              
1.953% due 05/20/16 (Ê) 1,400 1,384      
Russell U.S. Cash Management Fund   27,940,165 (8)   27,940      
Toyota Auto Receivables Owner Trust              
Series 2014-B Class A2              
0.400% due 12/15/16 79 79      
United States Treasury Notes              
0.875% due 11/30/16 3,787 3,795      
0.625% due 12/15/16 2,038 2,038      
0.875% due 12/31/16 4,735 4,745      
3.250% due 12/31/16 3,865 3,956      
Zero coupon due 01/15/17 160 160      
0.500% due 01/31/17 2,180 2,177      
0.875% due 01/31/17 4,025 4,034      
3.125% due 01/31/17 2,390 2,448      
Westlake Automobile Receivables Trust              
Series 2015-3A Class A1              
0.640% due 10/17/16 (Þ) 1,543 1,543      
Willis Towers Watson PLC              
4.125% due 03/15/16 535 537      

 

See accompanying notes which are an integral part of this quarterly report.

Russell Short Duration Bond Fund 213

 

Russell Investment Company
Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Restricted Securities                                      
 
Amounts in thousands (except share and cost per unit amounts)                              
 
                Principal Cost per   Cost   Fair Value  
% of Net Assets       Acquisition       Amount ($)     Unit   (000 ) (000 )
Securities       Date       or shares     $   $   $  
0.0%                                    
Fannie Mae REMICS       08/17/07       66,220   99.12 66 62  
                                    62  
For a description of restricted securities see note 7 in the Notes to Quarterly Report.                      
 
Futures Contracts                                      
 
Amounts in thousands (except contract amounts)                                  
                                Unrealized  
                                Appreciation  
        Number of     Notional   Expiration   (Depreciation)  
        Contracts     Amount       Date       $  
Long Positions                                      
United States 2 Year Treasury Note Futures         380 USD 83,077     03/16       462  
Short Positions                                      
United States 5 Year Treasury Note Futures         255 USD 30,771     03/16       (559 )
United States 10 Year Treasury Note Futures         85 USD 11,014     03/16       (281 )
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)                             (378 )
 
Foreign Currency Exchange Contracts                                  
Amounts in  thousands                                      
                                    Unrealized  
                                    Appreciation  
        Amount         Amount               (Depreciation)  
Counterparty       Sold         Bought   Settlement Date       $  
Bank of America   USD 3,506   EUR   3,233     02/05/16       (3 )
Bank of America   USD 3,507   GBP   2,383     02/05/16       (111 )
Royal Bank of Canada   USD 3,461   NZD   5,134     02/05/16       (137 )
Royal Bank of Canada   NOK 30,786   USD   3,473     02/05/16       (73 )
Royal Bank of Canada   SEK 29,584   USD   3,494     02/05/16       48  
State Street   USD 3,430   JPY 415,247     02/05/16       —  
State Street   USD 3,567   JPY 424,791     02/05/16       (58 )
State Street   USD 11   NOK   96     02/05/16       —  
State Street   USD 197   NZD   304     02/05/16       —  
State Street   USD 3,450   SEK   29,584     02/05/16       (4 )
State Street   CHF 291   USD   284     02/05/16       —  
State Street   CHF 10,504   USD   10,486     02/05/16       230  
State Street   EUR 3,233   USD   3,498     02/05/16       (4 )
State Street   GBP 2,383   USD   3,381     02/05/16       (15 )
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts                           (127 )
 
Credit Default Swap Contracts                                  
 
Amounts in thousands                                      
 
Credit Indices                                      
                    Fund (Pays)/              
                    Receives   Termination   Fair Value  
Reference Entity   Counterparty       Notional Amount Fixed Rate   Date   $  
CDX Investment Grade Index   Goldman Sachs       USD 3,740 1.000 % 06/20/20   (1 )
CDX NA High Yield Index   Goldman Sachs       USD 1,910 5.000 % 12/20/20   —  
Total Fair Value on Open Credit Indices Premiums Paid (Received) - ($29)                             (1 )
                                     

 

See accompanying notes which are an integral part of this quarterly report.

214 Russell Short Duration Bond Fund

 

Russell Investment Company
Russell Short Duration Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Presentation of Portfolio Holdings                          
 
Amounts in thousands                          
 
              Fair Value            
Portfolio Summary Level 1   Level 2     Level 3   Total  
Long-Term Investments                          
Asset-Backed Securities $ —   $ 70,709     $ — $   70,709  
Corporate Bonds and Notes   —     167,204       —     167,204  
International Debt   —     43,580       3,138     46,718  
Loan Agreements   —     100,867       —     100,867  
Mortgage-Backed Securities   —     161,445       1,349     162,794  
Non-US Bonds   —     994       —     994  
United States Government Agencies   —     38,745       —     38,745  
United States Government Treasuries   —     157,214       —     157,214  
Short-Term Investments —   72,818     —   72,818  
Total Investments —   813,576     4,487   818,063  
 
 
Other Financial Instruments                          
Futures Contracts (378 ) —     —   (378 )
Foreign Currency Exchange Contracts (23 ) (104 )   —   (127 )
Credit Default Swap Contracts —   (1 )   —   (1 )
Total Other Financial Instruments* $ (401 ) $ (105 )   $ — $   (506 )

 

*      Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.

For a description of the Levels see note 2 in the Notes to Quarterly Report.
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to Quarterly
Report.
Investments in which significant unobservable inputs (Level 3) were used in determining a fair value for the period ended January 31,
2016 were less than 1% of net assets.

See accompanying notes which are an integral part of this quarterly report.

Russell Short Duration Bond Fund 215

 

Russell Investment Company
Russell Tax Exempt High Yield Bond Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)                
    Principal           Fair
    Amount ($)   Rate   Date of   Value
    or Shares   %   Maturity   $
Municipal Bonds - 96.2%                
Alabama - 2.0%                
Alabama Industrial Development Authority Revenue Bonds 500      6.450    12/01/23   502
County of Jefferson Alabama General Obligation Limited(µ) 425      5.000    04/01/23   432
County of Jefferson Alabama General Obligation Unlimited(µ) 1,590      5.000    04/01/20   1,617
County of Jefferson Alabama Revenue Bonds 150      4.750    01/01/25   151
County of Jefferson Alabama Sewer Revenue Bonds 1,220      7.000    10/01/51   1,526
County of Jefferson Alabama Sewer Revenue Bonds 1,000    6.500    10/01/53    1,200
                5,428
Alaska - 0.7%                
Northern Tobacco Securitization Corp. Revenue Bonds 2,340    5.000    06/01/46    1,947
 
Arizona - 2.1%                
Arizona Health Facilities Authority Revenue Bonds(Ê) 1,000      1.000    01/01/37   903
Industrial Development Authority of the City of Phoenix (The) Revenue Bonds 1,000      5.000    07/01/35   1,063
Industrial Development Authority of the County of Pima (The) Revenue Bonds 250      4.500    06/01/30   273
Industrial Development Authority of the County of Pima (The) Revenue Bonds 800      5.125    12/01/40   844
Salt Verde Financial Corp. Revenue Bonds 2,100    5.000    12/01/37    2,478
                5,561
California - 12.9%                
Alhambra Unified School District General Obligation Unlimited(µ) 1,150      Zero coupon    08/01/37   495
California Municipal Finance Authority Revenue Bonds 1,000      4.250    02/01/40   1,032
California Municipal Finance Authority Revenue Bonds 1,000      5.375    11/01/40   1,017
California Municipal Finance Authority Revenue Bonds 3,700      5.000    06/01/50   4,013
California Pollution Control Financing Authority Revenue Bonds 1,000      3.375    07/01/25   1,067
California Pollution Control Financing Authority Revenue Bonds 1,720      5.000    11/21/45   1,884
California Pollution Control Financing Authority Revenue Bonds(Å) 1,000      5.000    11/21/45   1,096
California School Finance Authority Revenue Bonds 500      5.000    08/01/45   546
California Statewide Communities Development Authority Revenue Bonds 460      5.000    05/15/32   521
California Statewide Communities Development Authority Revenue Bonds 1,000      5.000    10/01/43   1,079
California Statewide Communities Development Authority Special Tax 500      4.000    09/01/19   525
California Statewide Communities Development Authority Special Tax 1,085      4.000    09/01/20   1,141
California Statewide Communities Development Authority Special Tax 500      4.250    09/01/22   538
City of Long Beach California Marina System Revenue Bonds 225      5.000    05/15/40   252
City of Long Beach California Marina System Revenue Bonds 1,185      5.000    05/15/45   1,323
Foothill-Eastern Transportation Corridor Agency Revenue Bonds 100      6.000    01/15/49   119
Fremont Community Facilities District No. 1 Special Tax 1,255      5.000    09/01/26   1,441
Golden State Tobacco Securitization Corp. Revenue Bonds 500      5.000    06/01/33   465
Golden State Tobacco Securitization Corp. Revenue Bonds 1,995      5.300    06/01/37   1,860
Golden State Tobacco Securitization Corp. Revenue Bonds 500      5.000    06/01/45   570
Golden State Tobacco Securitization Corp. Revenue Bonds 300      5.700    06/01/46   299
Golden State Tobacco Securitization Corp. Revenue Bonds 1,400      5.125    06/01/47   1,236
Golden State Tobacco Securitization Corp. Revenue Bonds 885      5.750    06/01/47   845
Jurupa Public Financing Authority Special Tax 1,000      5.000    09/01/43   1,132
M-S-R Energy Authority Revenue Bonds 1,000      6.500    11/01/39   1,438
Oakland Unified School District/Alameda County General Obligation Unlimited 1,000      5.000    08/01/19   1,122
Palomar Health Certificate Of Participation 450      6.750    11/01/39   499
Palomar Health Certificate Of Participation 500      6.000    11/01/41   532
Regents of the University of California Medical Center Pooled Revenue Bonds(µ)(Ê) 1,000      0.924    05/15/43   863
River Islands Public Financing Authority Special Tax 760      5.500    09/01/45   826
Sacramento County Sanitation Districts Financing Authority Revenue Bonds(µ)(Ê) 1,000      0.719    12/01/35   913
San Joaquin Hills Transportation Corridor Agency Revenue Bonds 1,000      5.000    01/15/29   1,140
San Joaquin Hills Transportation Corridor Agency Revenue Bonds 180      5.250    01/15/49   198
San Joaquin Hills Transportation Corridor Agency Revenue Bonds 2,000      5.000    01/15/50   2,177
Tobacco Securitization Authority of Northern California Revenue Bonds 800    5.500    06/01/45    751
                34,955
Colorado - 1.6%                
Denver Health & Hospital Authority Revenue Bonds(Ê) 1,000      1.289    12/01/33   923

 

See accompanying notes which are an integral part of this quarterly report.

216 Russell Tax Exempt High Yield Bond Fund

 

Russell Investment Company
Russell Tax Exempt High Yield Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)                
    Principal           Fair
    Amount ($)   Rate   Date of   Value
    or Shares   %   Maturity   $
Denver Health & Hospital Authority Revenue Bonds 1,500      5.250    12/01/45   1,647
Eaton Area Park & Recreation District General Obligation Limited 725      5.250    12/01/34   764
Eaton Area Park & Recreation District General Obligation Limited 525      5.500    12/01/38   560
Foothills Metropolitan District Special Assessment 500    6.000    12/01/38    539
                4,433
Connecticut - 0.0%                
Mohegan Tribal Finance Authority Revenue Bonds(Å) 100    7.000    02/01/45    100
 
District of Columbia - 1.0%                
Metropolitan Washington Airports Authority Dulles Toll Road Revenue Bonds 2,475    5.000    10/01/53    2,685
 
Florida - 8.7%                
Bannon Lakes Community Development District Special Assessment 100      5.000    11/01/48   98
Bartram Park Community Development District Special Assessment 770      4.500    05/01/25   782
Bartram Park Community Development District Special Assessment 500      4.250    05/01/29   508
Bartram Park Community Development District Special Assessment 500      4.500    05/01/35   510
Charlotte County Industrial Development Authority Revenue Bonds(Å) 250      5.500    10/01/36   251
City of Atlantic Beach Florida Revenue Bonds 1,000      5.000    11/15/37   1,066
City of Cape Coral Florida Water & Sewer Revenue Bonds 2,000      4.000    10/01/36   2,110
City of Tampa Florida Revenue Bonds 960      5.000    04/01/45   1,070
County of Osceola Florida Revenue Bonds 3,700      6.000    10/01/24   2,691
Escambia County Health Facilities Authority Revenue Bonds 1,000      6.000    08/15/36   1,163
Greater Orlando Aviation Authority Revenue Bonds 750      5.000    11/15/36   778
Lakewood Ranch Stewardship District Special Assessment 100      4.000    05/01/21   101
Lakewood Ranch Stewardship District Special Assessment 100      4.250    05/01/26   99
Lakewood Ranch Stewardship District Special Assessment 1,000      4.875    05/01/35   1,030
Lakewood Ranch Stewardship District Special Assessment 100      5.000    05/01/36   100
Lakewood Ranch Stewardship District Special Assessment 215      5.125    05/01/46   216
Lee County Industrial Development Authority Revenue Bonds 750      5.000    11/15/29   774
Miami Beach Health Facilities Authority Revenue Bonds 2,250      5.000    11/15/39   2,478
Mid-Bay Bridge Authority Revenue Bonds 1,000      5.000    10/01/40   1,094
Orchid Grove Community Development District Special Assessment 1,145      3.625    05/01/21   1,146
Orchid Grove Community Development District Special Assessment 1,250      5.000    05/01/36   1,269
Reunion East Community Development District Special Assessment 750      5.000    05/01/25   788
Reunion East Community Development District Special Assessment 750      5.000    05/01/33   763
South-Dade Venture Community Development District Special Assessment 1,000      5.125    05/01/33   1,064
Venetian Community Development District Special Assessment 535      5.000    05/01/23   568
Verano 1 Community Development Distrtict Special Assessment 250      4.750    11/01/25   252
Verano 1 Community Development Distrtict Special Assessment 250      5.125    11/01/35   255
Verano 1 Community Development Distrtict Special Assessment 250      5.250    11/01/46   256
Volusia County Educational Facility Authority Revenue Bonds 240      5.000    06/01/45   266
Winding Cypress Community Development District Special Assessment 100    5.000    11/01/45    100
                23,646
Georgia - 1.3%                
Heard County Development Authority Revenue Bonds(Ê) 500      0.200    12/01/37   500
Milledgeville & Baldwin County Development Authority Revenue Bonds(µ)(Ê) 1,000      0.790    10/01/24   978
Milledgeville & Baldwin County Development Authority Revenue Bonds(µ)(Ê) 1,000      0.840    10/01/33   887
Private Colleges & Universities Authority Revenue Bonds 1,000    5.000    10/01/40    1,101
                3,466
Guam - 1.7%                
Guam Government Waterworks Authority Revenue Bonds 1,000      5.500    07/01/43   1,127
Territory of Guam Revenue Bonds 1,000      5.000    11/15/19   1,132
Territory of Guam Revenue Bonds 500      5.000    11/15/29   589
Territory of Guam Revenue Bonds 1,500    5.000    11/15/35    1,719
                4,567
Hawaii - 0.9%                
State of Hawaii Department of Budget & Finance Revenue Bonds 2,210    5.000    01/01/30    2,321
 
Illinois - 8.4%                

 

See accompanying notes which are an integral part of this quarterly report.

Russell Tax Exempt High Yield Bond Fund 217

 

Russell Investment Company
Russell Tax Exempt High Yield Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)                
    Principal           Fair
    Amount ($)   Rate   Date of   Value
    or Shares   %   Maturity   $
Chicago Board of Education General Obligation Unlimited 145      4.250    12/01/18   138
Chicago Board of Education General Obligation Unlimited(µ) 1,000      5.000    12/01/27   1,019
Chicago Board of Education General Obligation Unlimited 795      5.000    12/01/28   635
Chicago Board of Education General Obligation Unlimited 150      5.125    12/01/32   118
Chicago Board of Education General Obligation Unlimited 75      5.250    12/01/39   59
Chicago Board of Education General Obligation Unlimited 325      5.000    12/01/41   250
Chicago O'Hare International Airport Revenue Bonds 1,000      5.000    01/01/46   1,102
City of Chicago Illinois General Obligation Unlimited(µ) 2,445      5.000    01/01/29   2,493
City of Chicago Illinois General Obligation Unlimited 2,100      5.500    01/01/42   2,122
City of Chicago Illinois Revenue Bonds 900      5.000    01/01/34   960
City of Chicago Illinois Revenue Bonds 3,000      5.250    01/01/38   3,195
City of Detroit Michigan Water Supply System Revenue Bonds 25               25
City of Springfield Illinois Electric Revenue Bonds(µ) 375      4.000    03/01/40   384
Illinois Finance Authority Revenue Bonds 500      5.000    04/01/31   500
Illinois Finance Authority Revenue Bonds 200      5.000    04/01/36   196
Illinois Finance Authority Revenue Bonds 400      5.000    12/01/36   401
Illinois Finance Authority Revenue Bonds 630      5.000    12/01/37   682
Illinois Finance Authority Revenue Bonds 875      6.000    05/15/39   1,009
Metropolitan Pier & Exposition Authority Revenue Bonds 1,000      5.000    12/15/28   1,099
Metropolitan Pier & Exposition Authority Revenue Bonds 1,000      5.000    06/15/52   1,041
Springfield Metropolitan Sanitation District General Obligation Limited 1,000      5.750    01/01/53   1,164
State of Illinois General Obligation Unlimited 2,400      5.000    05/01/29   2,641
State of Illinois General Obligation Unlimited(µ) 400      5.000    03/01/34   402
Town of Cortland Illinois Special Service Areas No. 9 & 10 Special Tax 100      5.800    03/01/37   92
Village of Bourbonnais Illinois Revenue Bonds 1,000    5.000    11/01/44    1,022
                22,749
Indiana - 1.4%                
Hammond Local Public Improvement Bond Bank Revenue Bonds 260      6.500    08/15/30   261
Hammond Local Public Improvement Bond Bank Revenue Bonds 290      6.750    08/15/35   291
Indiana Finance Authority Revenue Bonds 305      5.500    08/15/40   334
Indiana Finance Authority Revenue Bonds 2,000      5.000    10/01/44   2,183
Indiana Finance Authority Revenue Bonds 270      5.500    08/15/45   293
Indiana Municipal Power Agency Revenue Bonds 250    5.000    01/01/42    288
                3,650
Iowa - 0.3%                
Iowa Higher Education Loan Authority Revenue Bonds 100      5.000    09/01/33   103
Iowa Tobacco Settlement Authority Revenue Bonds 160      5.375    06/01/38   156
Iowa Tobacco Settlement Authority Revenue Bonds 530    5.500    06/01/42    523
                782
Kentucky - 1.3%                
County of Ohio Kentucky Revenue Bonds 2,705      6.000    07/15/31   2,748
Kentucky Economic Development Finance Authority Revenue Bonds 750    6.500    03/01/45    862
                3,610
Louisiana - 1.4%                
Louisiana Local Government Environmental Facilities & Community Development                
Authority Revenue Bonds 750      6.000    10/01/44   875
Louisiana Public Facilities Authority Revenue Bonds 250      4.000    05/15/19   270
Louisiana Public Facilities Authority Revenue Bonds 300      4.000    05/15/20   328
New Orleans Aviation Board Revenue Bonds 2,005    5.000    01/01/45    2,224
                3,697
Maryland - 1.2%                
City of Baltimore Maryland Revenue Bonds(µ) 175      5.250    09/01/39   177
Maryland Health & Higher Educational Facilities Authority Revenue Bonds 730      4.000    07/01/20   808
Maryland Health & Higher Educational Facilities Authority Revenue Bonds 600      5.250    01/01/37   665
Maryland Health & Higher Educational Facilities Authority Revenue Bonds 530      5.500    07/01/42   557
Maryland Health & Higher Educational Facilities Authority Revenue Bonds 1,000    5.000    07/01/45    1,095
                3,302

 

Massachusetts - 2.7%

See accompanying notes which are an integral part of this quarterly report.

218 Russell Tax Exempt High Yield Bond Fund

 

Russell Investment Company
Russell Tax Exempt High Yield Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)                
    Principal           Fair
    Amount ($)   Rate   Date of   Value
    or Shares   %   Maturity   $
Massachusetts Development Finance Agency Revenue Bonds 1,415      5.000    09/01/35   1,537
Massachusetts Development Finance Agency Revenue Bonds 2,000      4.875    11/01/42   2,002
Massachusetts Development Finance Agency Revenue Bonds 1,545      5.000    07/01/44   1,707
Massachusetts Port Authority Revenue Bonds(µ) 2,000    5.000    01/01/27    2,005
                7,251
Michigan - 5.3%                
City of Detroit Michigan Sewage Disposal System Revenue Bonds(µ) 120      5.000    07/01/33   121
City of Detroit Michigan Sewage Disposal System Revenue Bonds(µ) 500      5.000    07/01/39   553
City of Detroit Michigan Sewage Disposal System Revenue Bonds 2,010      5.250    07/01/39   2,233
City of Detroit Michigan Water Supply System Revenue Bonds(µ) 40      5.000    07/01/28   41
City of Detroit Michigan Water Supply System Revenue Bonds 200      5.000    07/01/36   218
City of Detroit Michigan Water Supply System Revenue Bonds 1,370      5.000    07/01/41   1,465
Flint Hospital Building Authority Revenue Bonds 100      5.250    07/01/39   101
Michigan Finance Authority Revenue Bonds 1,000      3.875    10/01/23   1,082
Michigan Finance Authority Revenue Bonds 300      5.000    07/01/33   341
Michigan Finance Authority Revenue Bonds(µ) 1,000      5.000    07/01/36   1,129
Michigan Finance Authority Revenue Bonds 1,815      5.500    11/15/45   1,878
Michigan Finance Authority Revenue Notes(Å) 1,000      4.750    06/01/16   1,005
Michigan Finance Authority Revenue Notes(Å) 700      5.750    08/22/16   699
Michigan Higher Education Facilities Authority Revenue Bonds 270      6.125    12/01/37   270
Michigan Tobacco Settlement Finance Authority Revenue Bonds 155      5.125    06/01/22   143
Michigan Tobacco Settlement Finance Authority Revenue Bonds 2,500      6.000    06/01/34   2,359
Michigan Tobacco Settlement Finance Authority Revenue Bonds 270      6.000    06/01/48   246
Ypsilanti School District General Obligation Unlimited 300    5.000    05/01/22    351
                14,235
Minnesota - 1.6%                
City of Blaine Minnesota Revenue Bonds 2,000      6.125    07/01/45   2,111
State Paul Housing & Redevelopment Authority Revenue Bonds 2,000    5.250    11/15/35    2,226
                4,337
Missouri - 0.8%                
Branson Industrial Development Authority Tax Allocation 110      5.500    06/01/29   110
Health & Educational Facilities Authority of the State of Missouri Revenue Bonds 1,410      5.000    05/01/40   1,492
State Louis County Industrial Development Authority Revenue Bonds 650    5.000    08/15/30    674
                2,276
Nevada - 0.1%                
Las Vegas Special Improvement District 607 Special Assessment 275    5.000    06/01/24    298
 
New Jersey - 5.6%                
New Jersey Economic Development Authority Revenue Bonds 1,900      5.000    07/01/38   1,957
New Jersey Economic Development Authority Revenue Bonds 1,500      5.375    01/01/43   1,670
New Jersey Health Care Facilities Financing Authority Revenue Bonds(µ) 300      4.125    07/01/38   312
New Jersey Health Care Facilities Financing Authority Revenue Bonds 500      6.625    07/01/38   554
New Jersey Health Care Facilities Financing Authority Revenue Bonds(µ) 150      5.000    07/01/46   167
New Jersey Transportation Trust Fund Authority Revenue Bonds 2,695      5.000    06/15/42   2,808
South Jersey Transportation Authority LLC Revenue Bonds 315      5.000    11/01/26   366
South Jersey Transportation Authority LLC Revenue Bonds 1,945      5.000    11/01/39   2,114
Tobacco Settlement Financing Corp. Revenue Bonds 1,130      5.000    06/01/29   1,068
Tobacco Settlement Financing Corp. Revenue Bonds 1,430      4.750    06/01/34   1,190
Tobacco Settlement Financing Corp. Revenue Bonds 3,600    5.000    06/01/41    2,995
                15,201
New York - 3.4%                
Dutchess County Industrial Development Agency Revenue Bonds 2,200      4.500    08/01/36   2,092
New York City Industrial Development Agency Revenue Bonds(Ê) 1,000      2.000    08/01/28   1,003
New York Liberty Development Corp. Revenue Bonds 2,000      5.000    11/15/44   2,124
New York Liberty Development Corp. Revenue Bonds 500      7.250    11/15/44   756
New York Liberty Development Corp. Revenue Bonds(Å) 1,000      7.250    11/15/44   1,062
New York State Dormitory Authority Revenue Bonds 400      5.000    12/01/35   427
Onondaga Civic Development Corp. Revenue Bonds 910      5.000    07/01/42   1,115

 

See accompanying notes which are an integral part of this quarterly report.

Russell Tax Exempt High Yield Bond Fund 219

 

Russell Investment Company
Russell Tax Exempt High Yield Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)                
    Principal           Fair
    Amount ($)   Rate   Date of   Value
    or Shares   %   Maturity   $
Otsego County Capital Resource Corp. Revenue Bonds 620    5.000    10/01/35    689
                9,268
Ohio - 2.4%                
Buckeye Tobacco Settlement Financing Authority Revenue Bonds 1,640      5.125    06/01/24   1,497
Buckeye Tobacco Settlement Financing Authority Revenue Bonds 100      5.375    06/01/24   93
Buckeye Tobacco Settlement Financing Authority Revenue Bonds 2,125      5.875    06/01/30   1,901
Buckeye Tobacco Settlement Financing Authority Revenue Bonds 2,095      5.750    06/01/34   1,848
County of Hamilton Ohio Revenue Bonds 750      5.000    01/01/37   759
Lorain County Port Authority Revenue Bonds 510    6.750    12/01/40    301
                6,399
Oklahoma - 0.4%                
Tulsa Airports Improvement Trust Revenue Bonds(Ê) 1,000    5.000    06/01/35    1,110
 
Oregon - 1.3%                
Oregon State Facilities Authority Revenue Bonds 750      6.375    09/01/40   805
Oregon State Facilities Authority Revenue Bonds 2,500    5.000    04/01/45    2,841
                3,646
Pennsylvania - 4.6%                
Allentown Neighborhood Improvement Zone Development Authority Revenue Bonds 1,000      5.000    05/01/42   1,052
City of Harrisburg Pennsylvania General Obligation Unlimited(µ) 285      Zero coupon    09/15/22   211
Clairton Municipal Authority Revenue Bonds 240      5.000    12/01/42   260
East Hempfield Township Industrial Development Authority Revenue Bonds 600      5.000    07/01/45   630
Geisinger Authority Revenue Bonds(Ê) 100      0.956    05/01/37   87
Latrobe Industrial Development Authority Revenue Bonds 1,375      5.000    05/01/43   1,440
Montgomery County Industrial Development Authority Revenue Bonds 1,700      5.250    01/15/46   1,865
Northampton County General Purpose Authority Revenue Bonds 1,000      5.000    10/01/36   1,139
Pennsylvania Economic Development Financing Authority Revenue Bonds 1,000      5.000    06/30/42   1,098
Pennsylvania Higher Educational Facilities Authority Revenue Bonds 155      6.250    09/01/33   166
Pennsylvania Higher Educational Facilities Authority Revenue Bonds 950      5.500    07/15/43   1,039
Pennsylvania Turnpike Commission Revenue Bonds 1,250      5.000    12/01/40   1,418
Scranton Parking Authority Revenue Bonds(µ) 2,020    5.250    06/01/39    2,030
                12,435
Puerto Rico - 7.5%                
Children's Trust Fund Revenue Bonds 12,000      Zero coupon    05/15/50   1,027
Commonwealth of Puerto Rico General Obligation Unlimited(µ) 325      5.500    07/01/19   327
Commonwealth of Puerto Rico General Obligation Unlimited 110      5.000    07/01/21   69
Commonwealth of Puerto Rico General Obligation Unlimited(µ) 320      5.250    07/01/24   331
Commonwealth of Puerto Rico General Obligation Unlimited(µ) 100      5.000    07/01/31   100
Commonwealth of Puerto Rico General Obligation Unlimited 130      5.125    07/01/31   81
Commonwealth of Puerto Rico General Obligation Unlimited 1,235      5.000    07/01/35   1,139
Commonwealth of Puerto Rico General Obligation Unlimited 1,250      8.000    07/01/35   895
Commonwealth of Puerto Rico General Obligation Unlimited 530      6.000    07/01/39   335
Commonwealth of Puerto Rico General Obligation Unlimited 180      6.000    07/01/40   114
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue Bonds(µ) 265      5.000    07/01/28   266
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue Bonds 20      5.000    07/01/30   13
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue Bonds 50      5.000    07/01/33   33
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue Bonds 1,670      5.250    07/01/42   1,111
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue Bonds 75      6.000    07/01/44   52
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue Bonds 140      6.000    07/01/47   97
Puerto Rico Convention Center District Authority Revenue Bonds(µ) 100      5.000    07/01/17   100
Puerto Rico Convention Center District Authority Revenue Bonds(µ) 2,050      5.000    07/01/31   1,845
Puerto Rico Convention Center District Authority Revenue Bonds(µ) 125      4.500    07/01/36   95
Puerto Rico Electric Power Authority Revenue Bonds(µ) 270      5.000    07/01/22   270
Puerto Rico Electric Power Authority Revenue Bonds(µ)(Ê) 915      0.738    07/01/29   686
Puerto Rico Highways & Transportation Authority Revenue Bonds(µ) 100      5.000    07/01/16   100
Puerto Rico Highways & Transportation Authority Revenue Bonds 60      5.000    07/01/28   11
Puerto Rico Highways & Transportation Authority Revenue Bonds 205      5.000    07/01/32   38
Puerto Rico Highways & Transportation Authority Revenue Bonds(µ) 160      4.750    07/01/38   144

 

See accompanying notes which are an integral part of this quarterly report.

220 Russell Tax Exempt High Yield Bond Fund

 

Russell Investment Company
Russell Tax Exempt High Yield Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)                
    Principal           Fair
    Amount ($)   Rate   Date of   Value
    or Shares   %   Maturity   $
Puerto Rico Highways & Transportation Authority Revenue Bonds(µ) 4,200      5.250    07/01/38   3,812
Puerto Rico Highways & Transportation Authority Revenue Bonds 180      5.000    07/01/42   34
Puerto Rico Infrastructure Financing Authority Revenue Bonds(µ) 165      5.500    07/01/16   166
Puerto Rico Infrastructure Financing Authority Revenue Bonds(µ) 230      5.500    07/01/17   231
Puerto Rico Infrastructure Financing Authority Revenue Bonds(µ) 2,230      5.500    07/01/23   2,218
Puerto Rico Public Buildings Authority Revenue Bonds(µ) 1,500      5.250    07/01/21   1,435
Puerto Rico Sales Tax Financing Corp. Revenue Bonds 115      6.750    08/01/16   45
Puerto Rico Sales Tax Financing Corp. Revenue Bonds 155      6.250    08/01/19   45
Puerto Rico Sales Tax Financing Corp. Revenue Bonds 280      5.750    08/01/37   105
Puerto Rico Sales Tax Financing Corp. Revenue Bonds 75      5.375    08/01/39   28
Puerto Rico Sales Tax Financing Corp. Revenue Bonds 500      6.375    08/01/39   193
Puerto Rico Sales Tax Financing Corp. Revenue Bonds 1,300      5.250    08/01/41   488
Puerto Rico Sales Tax Financing Corp. Revenue Bonds(µ) 14,125    Zero coupon    08/01/45    2,098
                20,177
South Carolina - 0.2%                
South Carolina Ports Authority Revenue Bonds 125      5.250    07/01/55   139
South Carolina State Public Service Authority Revenue Bonds 250    5.250    12/01/55    284
                423
Tennessee - 1.5%                
Chattanooga Health Educational & Housing Facility Board Revenue Bonds 650      5.000    10/01/35   742
Chattanooga-Hamilton County Hospital Authority Revenue Bonds 2,000      5.000    10/01/44   2,230
Johnson City Health & Educational Facilities Board Revenue Bonds 1,000    5.000    08/15/42    1,092
                4,064
Texas - 6.7%                
Austin Convention Enterprises, Inc. Revenue Bonds(µ) 1,690      4.300    01/01/33   1,696
Austin Convention Enterprises, Inc. Revenue Bonds(µ) 760      5.000    01/01/34   768
Board of Managers Joint Guadalupe County-City of Seguin Hospital Revenue Bonds 50      5.250    12/01/35   55
Board of Managers Joint Guadalupe County-City of Seguin Hospital Revenue Bonds 65      5.000    12/01/40   69
Board of Managers Joint Guadalupe County-City of Seguin Hospital Revenue Bonds 50      5.000    12/01/45   53
Central Texas Regional Mobility Authority Revenue Bonds 100      5.000    01/01/45   113
Central Texas Turnpike System Revenue Bonds 3,000      5.000    08/15/42   3,360
City of Aubrey Texas Revenue Bonds 700      7.250    09/01/45   711
City of Celina Texas Special Assessment 50      6.250    09/01/45   51
City of Celina Texas Special Assessment 100      7.500    09/01/45   101
City of Houston Texas Airport System Revenue Bonds 500      5.000    07/01/29   541
City of Houston Texas Airport System Revenue Bonds 1,000      5.000    07/15/30   1,080
City of Houston Texas Airport System Revenue Bonds 1,000      5.000    07/15/35   1,059
Clifton Higher Education Finance Corp. Revenue Bonds 500      5.000    12/01/45   526
Decatur Hospital Authority Revenue Bonds 200      5.250    09/01/44   215
Grand Parkway Transportation Corp. Revenue Bonds 2,500      5.500    04/01/53   2,764
New Hope Cultural Education Facilities Corp. Revenue Bonds 1,500      4.750    04/01/46   1,519
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds 875      5.000    10/01/44   930
Texas City Industrial Development Corp. Revenue Bonds 1,000      4.125    12/01/45   940
Texas Municipal Gas Acquisition & Supply Corp. I Revenue Bonds 750      6.250    12/15/26   924
Tyler Health Facilities Development Corp. Revenue Bonds 500      5.250    11/01/27   517
Viridian Municipal Management District Special Assessment 100      4.000    12/01/21   106
Viridian Municipal Management District Special Assessment 100    4.750    12/01/43    102
                18,200
Vermont - 0.6%                
Vermont Educational & Health Buildings Financing Agency Revenue Bonds 1,400    5.000    10/01/42    1,529
 
Virgin Islands - 1.8%                
Virgin Islands Public Finance Authority Revenue Bonds(µ) 2,000      4.000    10/01/22   2,160
Virgin Islands Public Finance Authority Revenue Bonds 1,000      5.000    10/01/39   1,095
Virgin Islands Water & Power Authority - Electric System Revenue Bonds 615      4.000    07/01/21   655
Virgin Islands Water & Power Authority - Electric System Revenue Bonds 1,020    5.000    07/01/31    1,031
                4,941
Virginia - 0.5%                

 

See accompanying notes which are an integral part of this quarterly report.

Russell Tax Exempt High Yield Bond Fund 221

 

Russell Investment Company
Russell Tax Exempt High Yield Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)                
    Principal           Fair
    Amount ($)   Rate   Date of   Value
    or Shares   %   Maturity   $
Tobacco Settlement Financing Corp. Revenue Bonds 1,000      5.200    06/01/46   819
Tobacco Settlement Financing Corp. Revenue Bonds 290      5.000    06/01/47   227
Virginia Small Business Financing Authority Revenue Bonds 180    5.000    01/01/40    194
                1,240
Washington - 1.6%                
Washington Health Care Facilities Authority Revenue Bonds 2,315      5.000    07/01/39   2,572
Whidbey Island Public Hospital District General Obligation Unlimited 1,500    5.500    12/01/33    1,638
                4,210
Wisconsin - 0.7%                
Public Finance Authority Revenue Bonds 500      5.000    07/01/42   521
Public Finance Authority Revenue Bonds 1,000      5.875    04/01/45   1,043
Public Finance Authority Revenue Bonds 340    5.250    07/01/47    359
                1,923
Total Municipal Bonds (cost $252,900)               260,062
 
Short-Term Investments - 3.3%                
Russell U.S. Cash Management Fund 9,006,572 (8)         9,007
Total Short-Term Investments (cost $9,007)               9,007
 
Total Investments 99.5% (identified cost $261,907)               269,069
Other Assets and Liabilities, Net - 0.5%               1,227
Net Assets - 100.0%               270,296

 

See accompanying notes which are an integral part of this quarterly report.

222 Russell Tax Exempt High Yield Bond Fund

 

Russell Investment Company
Russell Tax Exempt High Yield Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Restricted Securities
Amounts in thousands (except share and cost per unit amounts)

                    Principal   Cost per   Cost   Fair Value  
% of Net Assets           Acquisition       Amount ($)   Unit   (000 ) (000 )
Securities           Date       or shares   $   $   $  
1.6%                                
California Pollution Control Financing Authority Revenue Bonds 06/02/15   1,000,000 104.71 1,047 1,096  
Charlotte County Industrial Development Authority Revenue Bonds 12/09/15   250,000 98.78 247 251  
Michigan Finance Authority Revenue Notes       06/16/15   1,000,000 100.49 1,005 1,005  
Michigan Finance Authority Revenue Notes       09/11/15   700,000 100.00 700 699  
Mohegan Tribal Finance Authority Revenue Bonds     10/06/15   100,000 83.91 84 100  
New York Liberty Development Corp. Revenue Bonds     06/02/15   1,000,000 101.26 1,013 1,062  
                                4,213  
 For a description of restricted securities see note 7 in the Notes to Quarterly Report.              
 
Interest Rate Swap Contracts                              
 
Amounts in thousands                                  
                          Termination   Fair Value  
Counterparty   Notional Amount   Fund Receives         Fund Pays       Date   $  
Morgan Stanley   USD 5,000 Six Month LIBOR   2.500%     03/16/26   (312 )
Morgan Stanley   USD 2,300 Three Month LIBOR   2.750%     03/16/46   (239 )
Total Fair Value on Open Interest Rate Swap Contracts Premiums Paid (Received) - $213 (å)                 (551 )

 

See accompanying notes which are an integral part of this quarterly report.

Russell Tax Exempt High Yield Bond Fund 223

 

Russell Investment Company
Russell Tax Exempt High Yield Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Presentation of Portfolio Holdings                    
Amounts in thousands                    
 
      Fair Value            
Portfolio Summary Level 1 Level 2   Level 3   Total  
Municipal Bonds                    
Alabama $ — $ 5,428   $ — $ 5,428  
Alaska   —   1,947     —   1,947  
Arizona   —   5,561     —   5,561  
California   —   34,955     —   34,955  
Colorado   —   4,433     —   4,433  
Connecticut   —   100     —   100  
District of Columbia   —   2,685     —   2,685  
Florida   —   23,646     —   23,646  
Georgia   —   3,466     —   3,466  
Guam   —   4,567     —   4,567  
Hawaii   —   2,321     —   2,321  
Illinois   —   22,749     —   22,749  
Indiana   —   3,650     —   3,650  
Iowa   —   782     —   782  
Kentucky   —   3,610     —   3,610  
Louisiana   —   3,697     —   3,697  
Maryland   —   3,302     —   3,302  
Massachusetts   —   7,251     —   7,251  
Michigan   —   14,235     —   14,235  
Minnesota   —   4,337     —   4,337  
Missouri   —   2,276     —   2,276  
Nevada   —   298     —   298  
New Jersey   —   15,201     —   15,201  
New York   —   9,268     —   9,268  
Ohio   —   6,399     —   6,399  
Oklahoma   —   1,110     —   1,110  
Oregon   —   3,646     —   3,646  
Pennsylvania   —   12,435     —   12,435  
Puerto Rico   —   20,177     —   20,177  
South Carolina   —   423     —   423  
Tennessee   —   4,064     —   4,064  
Texas   —   18,200     —   18,200  
Vermont   —   1,529     —   1,529  
Virgin Islands   —   4,941     —   4,941  
Virginia   —   1,240     —   1,240  
Washington   —   4,210     —   4,210  
Wisconsin   —   1,923     —   1,923  
Short-Term Investments — 9,007   — 9,007  
Total Investments $ — $ 269,069   $ — $ 269,069  
 
 
Other Financial Instruments                    
Interest Rate Swap Contracts — (551 ) — (551 )
Total Other Financial Instruments $ — $ (551 ) $ — $ (551 )
 
For a description of the Levels see note 2 in the Notes to Quarterly Report.              

 

See accompanying notes which are an integral part of this quarterly report.

224 Russell Tax Exempt High Yield Bond Fund

l

 

Russell Investment Company
Russell Tax Exempt High Yield Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Presentation of Portfolio Holdings
Amounts in thousands

    Fair Value    
Portfolio Summary Level 1 Level 2 Level 3 Total
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to Quarterly
Report.        

 

See accompanying notes which are an integral part of this quarterly report.

Russell Tax Exempt High Yield Bond Fund 225

 

Russell Investment Company
Russell Tax Exempt Bond Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)                
    Principal           Fair
    Amount ($)   Rate   Date of   Value
    or Shares   %   Maturity   $
Municipal Bonds - 95.9%                
Alabama - 1.5%                
Alabama 21st Century Authority Revenue Bonds 1,120      5.000    06/01/18   1,219
Alabama 21st Century Authority Revenue Bonds 545      5.000    06/01/20   621
Alabama Public School & College Authority Revenue Bonds 3,385      5.000    05/01/23   4,190
Alabama Special Care Facilities Financing Authority Revenue Bonds 850      5.250    06/01/25   869
Alabama Special Care Facilities Financing Authority Revenue Bonds(µ) 500      6.000    06/01/34   580
Birmingham Water Works Board Revenue Bonds(µ) 1,275      5.000    01/01/17   1,328
County of Jefferson Alabama General Obligation Limited(µ) 4,100      5.000    04/01/22   4,170
County of Jefferson Alabama Sewer Revenue Bonds 2,230      5.000    10/01/22   2,479
Homewood Educational Building Authority Revenue Bonds(µ) 485      5.000    12/01/26   570
Limestone County Board of Education Special Tax(µ) 1,000      5.000    11/01/30   1,168
Limestone County Board of Education Special Tax(µ) 1,000      5.000    11/01/31   1,161
Mobile County Board of School Commissioners Revenue Bonds 1,445      5.000    03/01/32   1,649
Montgomery Medical Clinic Board Revenue Bonds 320    5.250    03/01/36    321
                20,325
Alaska - 0.1%                
Alaska Railroad Corp. Revenue Bonds 500      5.000    08/01/18   543
City of Valdez Alaska Revenue Bonds 750      5.000    01/01/21   855
Northern Tobacco Securitization Corp. Revenue Bonds 350    5.000    06/01/32    320
                1,718
Arizona - 2.5%                
Apache County Industrial Development Authority Revenue Bonds 3,000      4.500    03/01/30   3,266
Arizona Health Facilities Authority Revenue Bonds 2,000      5.250    01/01/18   2,165
Arizona Health Facilities Authority Revenue Bonds 2,000      5.000    02/01/18   2,150
Arizona Health Facilities Authority Revenue Bonds 2,000      5.250    01/01/22   2,177
Arizona Health Facilities Authority Revenue Bonds 2,255      5.000    02/01/34   2,467
Arizona Transportation Board Revenue Bonds 2,685      5.000    07/01/25   3,369
Arizona Water Infrastructure Finance Authority Revenue Bonds 1,000      5.000    10/01/18   1,110
County of Pinal Arizona Revenue Bonds 2,455      5.000    08/01/21   2,919
County of Pinal Arizona Revenue Bonds 1,775      5.000    08/01/25   2,186
Maricopa County Pollution Control Corp. Revenue Bonds(Ê) 2,310      5.200    06/01/43   2,565
Salt River Project Agricultural Improvement & Power District Revenue Bonds 1,635      5.000    01/01/25   1,842
Salt Verde Financial Corp. Revenue Bonds 1,045      5.250    12/01/24   1,267
Student & Academic Services LLC Revenue Bonds(µ) 200      5.000    06/01/26   239
Student & Academic Services LLC Revenue Bonds(µ) 425      5.000    06/01/27   503
Student & Academic Services LLC Revenue Bonds(µ) 390      5.000    06/01/28   458
Town of Marana Arizona Revenue Bonds 2,240      5.000    07/01/26   2,721
Town of Marana Arizona Revenue Bonds 800      5.000    07/01/27   968
Town of Marana Arizona Revenue Bonds 1,735    5.000    07/01/28    2,081
                34,453
Arkansas - 0.1%                
Henderson State University Revenue Bonds(µ) 850      2.000    11/01/16   858
Henderson State University Revenue Bonds(µ) 220      3.000    11/01/18   230
Pulaski County Public Facilities Board Revenue Bonds 440    5.000    12/01/22    528
                1,616
California - 8.5%                
Abag Finance Authority for Nonprofit Corps. Revenue Bonds 1,340      6.000    08/01/30   1,640
Alum Rock Union Elementary School District General Obligation Unlimited(µ) 400      5.000    08/01/20   468
Alum Rock Union Elementary School District General Obligation Unlimited(µ) 600      5.000    08/01/21   718
Alum Rock Union Elementary School District General Obligation Unlimited(µ) 2,855      5.000    08/01/32   3,402
Brentwood Infrastructure Financing Authority Special Assessment(µ) 1,000      5.000    09/02/29   1,175
California Health Facilities Financing Authority Revenue Bonds 1,550      5.000    07/01/16   1,578
California Health Facilities Financing Authority Revenue Bonds 1,000      5.000    11/15/29   1,107
California State Public Works Board Revenue Bonds 1,100      5.000    12/01/16   1,141
California State Public Works Board Revenue Bonds 825      4.000    12/01/34   903
California Statewide Communities Development Authority Revenue Bonds 640      3.500    11/01/18   643
California Statewide Communities Development Authority Revenue Bonds 2,260      5.000    04/01/19   2,551

 

See accompanying notes which are an integral part of this quarterly report.

226 Russell Tax Exempt Bond Fund

 

Russell Investment Company
Russell Tax Exempt Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)              
    Principal         Fair
    Amount ($)   Rate   Date of Value
    or Shares   %   Maturity $
California Statewide Communities Development Authority Revenue Bonds 1,405      6.000    05/15/23 1,540
California Statewide Communities Development Authority Revenue Bonds 1,565      6.125    11/01/33 1,716
California Statewide Communities Development Authority Revenue Bonds 1,000      5.000    08/01/34 1,171
Centinela Valley Union High School District General Obligation Unlimited 500      5.750    08/01/27 629
Centinela Valley Union High School District General Obligation Unlimited 1,000      5.750    08/01/28 1,254
Centinela Valley Union High School District General Obligation Unlimited 650      5.750    08/01/29 813
City of Fresno California Airport Revenue Bonds(µ) 225      5.000    07/01/22 268
City of Los Angeles Department of Airports Revenue Bonds 1,655      5.000    05/15/29 1,919
City of Vallejo California Water Revenue Bonds 2,755      5.250    05/01/27 3,346
City of Vallejo California Water Revenue Bonds 3,105      5.250    05/01/29 3,747
County of Los Angeles California Certificate Of Participation 200      5.000    09/01/20 234
County of Los Angeles California Certificate Of Participation 500      5.000    03/01/21 594
County of Los Angeles California Certificate Of Participation 125      5.000    09/01/21 150
County of Los Angeles California Certificate Of Participation 430      5.000    09/01/22 524
County of Sacramento California Airport System Revenue Bonds 2,000      5.000    07/01/22 2,198
Dinuba Redevelopment Agency Tax Allocation(µ) 590      5.000    09/01/33 681
El Monte Union High School District General Obligation Unlimited(µ) 4,750      5.500    06/01/34 5,373
Emeryville Redevelopment Agency Successor Agency Tax Allocation 1,980      5.000    09/01/20 2,328
Florin Resource Conservation District Revenue Bonds(µ) 300      4.000    09/01/17 313
Florin Resource Conservation District Revenue Bonds(µ) 455      4.000    09/01/18 483
Florin Resource Conservation District Revenue Bonds(µ) 100      5.000    09/01/23 119
Florin Resource Conservation District Revenue Bonds(µ) 450      5.000    09/01/24 540
Golden State Tobacco Securitization Corp. Revenue Bonds(µ) 750      4.600    06/01/23 806
Golden State Tobacco Securitization Corp. Revenue Bonds 3,955      4.500    06/01/27 3,969
Jurupa California Public Authority Special Tax Revenue Bonds 425      3.500    09/01/17 443
Modesto Irrigation District Revenue Bonds 1,425      5.000    07/01/17 1,510
Oxnard Financing Authority Revenue Bonds(µ) 740      5.000    06/01/21 873
Oxnard Financing Authority Revenue Bonds(µ) 775      5.000    06/01/34 890
Oxnard School District General Obligation Unlimited(µ) 165      5.250    08/01/26 208
Oxnard School District General Obligation Unlimited(µ) 810      5.250    08/01/28 1,006
Oxnard School District General Obligation Unlimited(µ) 325      5.250    08/01/29 402
Pajaro Valley Water Management Agency Revenue Bonds(µ) 775      4.000    03/01/18 821
Sacramento Unified School District General Obligation Unlimited(µ) 4,000      5.000    07/01/31 4,651
San Francisco City & County Public Utilities Commission Water Revenue Bonds 2,685      5.000    11/01/27 3,218
San Joaquin Hills Transportation Corridor Agency Revenue Bonds 5,000      5.000    01/15/29 5,700
San Ysidro School District Certificate Of Participation(µ) 1,175      5.000    09/01/28 1,398
Shasta Lake Public Finance Authority Tax Allocation(µ) 385      5.000    12/01/25 471
South Orange County Public Financing Authority Special Tax 900      5.000    08/15/29 1,018
Southern California Public Power Authority Revenue Bonds 1,500      5.000    07/01/18 1,650
Southern California Public Power Authority Revenue Bonds 1,000      5.000    07/01/23 1,166
State of California Department of Water Resources Power Supply Revenue Bonds 1,000      5.000    05/01/16 1,012
State of California Department of Water Resources Power Supply Revenue Bonds 1,000      5.000    05/01/17 1,056
State of California Department of Water Resources Revenue Bonds(ae) 860      5.000    06/01/18 944
State of California Department of Water Resources Revenue Bonds 140      5.000    12/01/21 153
State of California General Obligation Unlimited(µ)(ae) 1,840      4.500    03/01/16 1,846
State of California General Obligation Unlimited(µ) 1,000      6.000    02/01/17 1,055
State of California General Obligation Unlimited(ae) 1,000      5.000    07/01/19 1,141
State of California General Obligation Unlimited(ae) 635      5.250    07/01/19 730
State of California General Obligation Unlimited 2,000      5.000    02/01/20 2,317
State of California General Obligation Unlimited 2,500      5.500    04/01/21 2,859
State of California General Obligation Unlimited 365      5.250    07/01/21 420
State of California General Obligation Unlimited 1,000      5.250    03/01/22 1,172
State of California General Obligation Unlimited 7,095      5.000    11/01/25 8,752
State of California General Obligation Unlimited 5,760      5.000    03/01/26 7,231
State of California General Obligation Unlimited 2,500      5.250    09/01/28 2,998
State of California General Obligation Unlimited 2,685      5.000    10/01/29 2,915
State of California General Obligation Unlimited 450      5.000    02/01/31 534

 

See accompanying notes which are an integral part of this quarterly report.

Russell Tax Exempt Bond Fund 227

 

Russell Investment Company
Russell Tax Exempt Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)                
    Principal           Fair
    Amount ($)   Rate   Date of   Value
    or Shares   %   Maturity   $
Tuolumne Wind Project Authority Revenue Bonds 1,500      5.000    01/01/18   1,617
Watereuse Finance Authority Revenue Bonds 1,230      5.500    05/01/36   1,488
West Kern Community College District Certificate Of Participation(µ) 470    3.000    11/01/16    479
                116,185
Colorado - 2.3%                
City & County of Denver Colorado Airport System Revenue Bonds 1,965      5.000    11/15/25   2,382
City of Colorado Springs Colorado Utilities System Revenue Bonds 4,000      5.000    11/15/18   4,459
Colorado Educational & Cultural Facilities Authority Revenue Bonds 300      2.000    12/01/16   303
Colorado Educational & Cultural Facilities Authority Revenue Bonds 2,000      5.000    04/01/18   2,169
Colorado Educational & Cultural Facilities Authority Revenue Bonds 1,000      5.000    08/15/30   1,128
Colorado Health Facilities Authority Revenue Bonds(ae) 745      5.250    06/01/16   757
Colorado Health Facilities Authority Revenue Bonds 255      5.250    06/01/23   259
Colorado Health Facilities Authority Revenue Bonds 1,500      5.000    09/01/30   1,714
Colorado Health Facilities Authority Revenue Bonds 685      5.250    02/01/31   768
Denver Convention Center Hotel Authority Revenue Bonds(µ) 1,265      5.000    12/01/35   1,283
Denver Urban Renewal Authority Tax Allocation 1,575      5.000    12/01/21   1,854
E-470 Public Highway Authority Revenue Bonds(µ) 850      5.000    09/01/17   872
E-470 Public Highway Authority Revenue Bonds 2,250      5.375    09/01/26   2,528
Eaton Area Park & Recreation District General Obligation Limited 470      5.500    12/01/30   509
Park Creek Metropolitan District Revenue Bonds 1,860      4.000    12/01/20   2,031
Regional Transportation District Certificate Of Participation 6,725    5.000    06/01/27    8,018
                31,034
Connecticut - 2.1%                
City of Bridgeport Connecticut General Obligation Unlimited(µ) 965      5.000    07/01/29   1,140
City of Hartford Connecticut General Obligation Unlimited(µ) 375      5.000    10/01/18   416
City of New Haven Connecticut General Obligation Unlimited(µ) 2,000      5.000    08/01/21   2,349
City of New Haven Connecticut General Obligation Unlimited(µ) 1,915      5.000    09/01/30   2,281
Connecticut State Health & Educational Facility Authority Revenue Bonds 2,500      5.000    07/01/25   2,748
State of Connecticut General Obligation Unlimited 6,500      5.000    11/15/21   7,808
State of Connecticut General Obligation Unlimited 5,685      5.000    11/15/22   6,943
State of Connecticut Special Tax Revenue Bonds 4,470    5.000    10/01/25    5,478
                29,163
Delaware - 0.1%                
Delaware Transportation Authority Revenue Bonds 1,000    5.000    07/01/17    1,063
 
District of Columbia - 0.2%                
District of Columbia Water & Sewer Authority Revenue Bonds(µ) 500      5.000    10/01/34   555
Metropolitan Washington Airports Authority Revenue Bonds 1,500    5.000    10/01/35    1,705
                2,260
Florida - 8.7%                
Capital Projects Finance Authority Revenue Bonds(µ) 220      5.125    10/01/21   220
Citizens Property Insurance Corp. Revenue Bonds 2,500      5.000    06/01/18   2,729
Citizens Property Insurance Corp. Revenue Bonds 2,495      5.000    06/01/19   2,811
Citizens Property Insurance Corp. Revenue Bonds 2,500      5.000    06/01/20   2,892
Citizens Property Insurance Corp. Revenue Bonds 7,385      5.000    06/01/22   8,880
City of Lakeland Florida Department of Electric Utilities Revenue Bonds(µ) 2,000      5.000    10/01/17   2,144
City of Miami Beach Florida Parking Revenue Bonds(µ) 395      5.000    09/01/32   469
City of Miami Beach Florida Parking Revenue Bonds(µ) 1,755      5.000    09/01/33   2,074
City of North Port Florida Special Assessment(µ) 715      5.000    07/01/25   859
City of North Port Florida Special Assessment(µ) 1,135      5.000    07/01/26   1,359
City of Pembroke Pines Florida Revenue Bonds(µ) 1,000      5.000    10/01/16   1,029
City of Tallahassee Florida Revenue Bonds 500      5.000    12/01/27   589
City of Tallahassee Florida Revenue Bonds 650      5.000    12/01/28   761
City of Tampa Florida Revenue Bonds 1,000      4.000    09/01/33   1,050
Collier County Health Facilities Authority Revenue Bonds 150      2.000    05/01/16   150
Collier County Health Facilities Authority Revenue Bonds 350      2.000    05/01/17   355
Collier County Industrial Development Authority Revenue Bonds 1,695      5.500    10/01/26   1,995
County of Miami-Dade Florida Aviation Revenue Bonds 1,235      5.250    10/01/30   1,436

 

See accompanying notes which are an integral part of this quarterly report.

228 Russell Tax Exempt Bond Fund

 

Russell Investment Company
Russell Tax Exempt Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)                
    Principal           Fair
    Amount ($)   Rate   Date of   Value
    or Shares   %   Maturity   $
County of Miami-Dade Florida Revenue Bonds 3,000      5.000    10/01/28   3,530
County of Miami-Dade Florida Revenue Bonds 3,600      5.000    10/01/29   4,216
County of Miami-Dade Florida Revenue Bonds(µ) 4,310      Zero coupon    10/01/35   2,024
County of Miami-Dade Florida Water & Sewer System Revenue Bonds(µ) 1,500      5.250    10/01/19   1,719
County of Orange Florida Sales Tax Revenue Bonds 8,885      5.000    01/01/20   10,226
Escambia County Health Facilities Authority Revenue Bonds 2,345      6.000    08/15/36   2,726
JEA Electric System Revenue Bonds 1,000      5.000    10/01/17   1,072
JEA Electric System Revenue Bonds 645      5.000    10/01/20   756
Kissimmee Utility Authority Revenue Bonds(µ) 1,000      5.000    10/01/17   1,070
Miami Beach Health Facilities Authority Revenue Bonds 200      4.000    11/15/16   205
Miami Beach Health Facilities Authority Revenue Bonds 125      4.000    11/15/18   134
Miami Beach Health Facilities Authority Revenue Bonds 5,930      5.000    11/15/29   6,661
Miami-Dade County Expressway Authority Revenue Bonds 350      5.000    07/01/18   384
Mid-Bay Bridge Authority Revenue Bonds 455      5.000    10/01/23   529
Mid-Bay Bridge Authority Revenue Bonds 2,500      7.250    10/01/34   3,330
Orlando Utilities Commission Revenue Bonds 3,000      5.000    10/01/19   3,430
Orlando-Orange County Expressway Authority Revenue Bonds 4,145      5.000    07/01/20   4,828
Palm Beach County Health Facilities Authority Revenue Bonds 1,000      3.000    12/01/17   1,033
Reedy Creek Improvement District General Obligation Limited 850      5.000    06/01/20   990
Reedy Creek Improvement District General Obligation Limited 5,000      5.000    06/01/25   6,101
Reedy Creek Improvement District General Obligation Limited 4,870      5.000    06/01/26   5,898
South Miami Health Facilities Authority Revenue Bonds 750      5.000    08/15/18   799
State of Florida General Obligation Unlimited 11,000      5.000    06/01/21   13,214
State of Florida General Obligation Unlimited 2,990      5.000    06/01/22   3,666
State of Florida Revenue Bonds 1,300      5.000    07/01/16   1,325
Tampa Sports Authority Revenue Bonds 6,790    5.000    01/01/22    8,185
                119,853
Georgia - 1.6%                
City of Atlanta Department of Aviation Revenue Bonds 2,500      5.000    01/01/20   2,876
City of Atlanta Department of Aviation Revenue Bonds 825      5.250    01/01/30   967
City of Atlanta Georgia General Obligation Limited 3,415      5.000    12/01/21   4,139
City of Atlanta Georgia Water & Wastewater Revenue Bonds 1,000      6.000    11/01/20   1,187
City of Atlanta Georgia Water & Wastewater Revenue Bonds(µ) 2,000      5.500    11/01/23   2,324
City of Atlanta Georgia Water & Wastewater Revenue Bonds 1,300      6.000    11/01/25   1,544
Glynn-Brunswick Memorial Hospital Authority Revenue Bonds 1,000      5.000    08/01/21   1,175
Glynn-Brunswick Memorial Hospital Authority Revenue Bonds 1,220      5.000    08/01/22   1,455
Municipal Electric Authority of Georgia Revenue Bonds(µ) 850      6.250    01/01/17   894
Private Colleges & Universities Authority Revenue Bonds 1,500      5.000    09/01/16   1,541
Private Colleges & Universities Authority Revenue Bonds 565      5.000    04/01/17   588
Private Colleges & Universities Authority Revenue Bonds 1,190      5.000    04/01/27   1,381
Savannah Hospital Authority Revenue Bonds 1,000      5.500    07/01/28   1,197
State of Georgia General Obligation Unlimited 1,240    5.000    07/01/17    1,319
                22,587
Guam - 0.9%                
Guam Government Waterworks Authority Revenue Bonds 1,240      5.000    07/01/28   1,396
Guam Government Waterworks Authority Revenue Bonds 5,200      5.000    07/01/29   5,844
Guam Power Authority Revenue Bonds 2,500      5.500    10/01/30   2,806
Guam Power Authority Revenue Bonds 1,000      5.000    10/01/34   1,096
Territory of Guam Revenue Bonds 500      5.375    12/01/24   560
Territory of Guam Revenue Bonds 785    5.000    01/01/32    875
                12,577
Hawaii - 0.1%                
City & County Honolulu Hawaii Wastewater System Revenue Bonds(µ) 1,500    5.000    07/01/19    1,652
 
Idaho - 0.6%                
Idaho Health Facilities Authority Revenue Bonds 1,500      5.000    12/01/30   1,741
Idaho Housing & Finance Association Revenue Bonds(µ) 1,330      5.250    07/15/21   1,473
Idaho Housing & Finance Association Revenue Bonds(µ) 1,665      5.250    07/15/26   1,844

 

See accompanying notes which are an integral part of this quarterly report.

Russell Tax Exempt Bond Fund 229

 

Russell Investment Company
Russell Tax Exempt Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)                
    Principal           Fair
    Amount ($)   Rate   Date of   Value
    or Shares   %   Maturity   $
Idaho Housing & Finance Association Revenue Bonds 1,670      5.000    07/15/31   1,947
Idaho State Building Authority Revenue Bonds 940    5.000    09/01/23    1,114
                8,119
Illinois - 7.7%                
Chicago Board of Education General Obligation Unlimited(µ) 500      5.000    12/01/16   505
Chicago Board of Education General Obligation Unlimited(µ) 1,075      5.000    12/01/19   1,070
Chicago Board of Education General Obligation Unlimited(µ) 4,000      5.000    12/01/27   4,078
Chicago Midway International Airport Revenue Bonds 4,435      5.000    01/01/34   5,022
Chicago Public Building Commission Revenue Bonds(µ) 1,580      5.250    12/01/18   1,661
City of Chicago Illinois General Obligation Unlimited 3,050      5.000    01/01/17   3,072
City of Chicago Illinois General Obligation Unlimited 1,115      5.000    01/01/19   1,163
City of Chicago Illinois General Obligation Unlimited(µ) 325      5.000    12/01/19   333
City of Chicago Illinois General Obligation Unlimited(µ) 380      5.000    01/01/20   386
City of Chicago Illinois General Obligation Unlimited(µ) 2,535      4.250    12/01/21   2,581
City of Chicago Illinois General Obligation Unlimited 1,500      5.000    01/01/24   1,530
City of Chicago Illinois General Obligation Unlimited(µ) 2,825      5.250    01/01/24   2,921
City of Chicago Illinois Midway Airport Revenue Bonds 940      5.000    01/01/30   1,083
City of Chicago Illinois Motor Fuel Tax Revenue Bonds 1,560      5.000    01/01/28   1,644
City of Chicago Illinois Motor Fuel Tax Revenue Bonds 725      5.000    01/01/29   759
City of Chicago Illinois Wastewater Transmission Revenue Bonds 625      5.000    01/01/18   664
City of Chicago Illinois Wastewater Transmission Revenue Bonds 505      5.000    01/01/29   562
City of Chicago Illinois Wastewater Transmission Revenue Bonds 1,630      5.000    01/01/35   1,795
City of Chicago Illinois Waterworks Revenue Bonds 1,000      5.000    11/01/34   1,096
City of Freeport Illinois General Obligation Unlimited(µ) 435      2.000    12/01/17   444
City of Freeport Illinois General Obligation Unlimited(µ) 650      2.000    12/01/18   661
City of Peoria Illinois General Obligation Unlimited 625      5.000    01/01/22   672
Cook County Community College District No. 508 General Obligation Unlimited 1,500      5.250    12/01/28   1,734
Cook County Community College District No. 508 General Obligation Unlimited 2,000      5.000    12/01/33   2,243
County of Du Page Illinois General Obligation Limited 600      5.000    01/01/28   745
Illinois Finance Authority Revenue Bonds 1,000      5.000    11/15/18   1,104
Illinois Finance Authority Revenue Bonds 1,000      5.375    10/01/23   1,104
Illinois Finance Authority Revenue Bonds 1,000      5.375    10/01/24   1,101
Illinois Finance Authority Revenue Bonds 1,000      6.000    10/01/28   1,089
Illinois Finance Authority Revenue Bonds 2,500      5.750    08/15/29   2,777
Illinois Sports Facilities Authority Revenue Bonds(µ) 1,000      5.250    06/15/31   1,136
Illinois State Toll Highway Authority Revenue Bonds 5,000      5.000    12/01/32   5,970
McHenry County Community Unit School District No. 12 Johnsburg General Obligation                
Unlimited(µ) 850      5.000    01/01/33   959
Metropolitan Pier & Exposition Authority Revenue Bonds 1,500      5.000    12/15/22   1,570
Northern Illinois Municipal Power Agency Revenue Bonds(µ) 4,025      5.000    01/01/23   4,292
Railsplitter Tobacco Settlement Authority Revenue Bonds 1,000      5.000    06/01/18   1,085
Railsplitter Tobacco Settlement Authority Revenue Bonds 1,000      5.000    06/01/19   1,113
Southern Illinois University Revenue Bonds(µ) 1,470      5.000    04/01/27   1,738
Southern Illinois University Revenue Bonds(µ) 850      5.000    04/01/28   994
State of Illinois General Obligation Unlimited 2,000      5.000    04/01/21   2,253
State of Illinois General Obligation Unlimited 3,000      5.000    07/01/21   3,392
State of Illinois General Obligation Unlimited 1,000      5.000    08/01/22   1,138
State of Illinois General Obligation Unlimited 2,290      5.000    08/01/25   2,519
State of Illinois General Obligation Unlimited 2,175      5.000    05/01/30   2,379
State of Illinois Revenue Bonds(µ) 1,000      5.000    06/15/16   1,017
State of Illinois Revenue Bonds 12,500      5.000    06/15/21   14,726
State of Illinois Sports Facilities Authority Revenue Bonds 1,125      5.000    06/15/18   1,202
State of Illinois Sports Facilities Authority Revenue Bonds 500      5.000    06/15/19   546
University of Illinois Revenue Bonds 1,115      5.000    04/01/20   1,271
University of Illinois Revenue Bonds 1,470      5.500    04/01/31   1,702
Village of Bellwood Illinois General Obligation Unlimited 1,000      5.875    12/01/27   1,198
Village of Bellwood Illinois General Obligation Unlimited(µ) 2,075      5.000    12/01/32   2,347
Village of Franklin Park Illinois General Obligation Unlimited(µ) 295      5.000    07/01/18   320

 

See accompanying notes which are an integral part of this quarterly report.

230 Russell Tax Exempt Bond Fund

 

Russell Investment Company
Russell Tax Exempt Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)                
    Principal           Fair
    Amount ($)   Rate   Date of   Value
    or Shares   %   Maturity   $
Village of Melrose Park Illinois General Obligation Unlimited(µ) 530      2.000    12/15/17   541
West Chicago Park District General Obligation Unlimited(µ) 795      5.250    12/01/29   865
Western Illinois Economic Development Authority Revenue Bonds(µ) 1,140      5.000    01/01/27   1,338
Western Illinois Economic Development Authority Revenue Bonds(µ) 725      5.000    01/01/28   844
Western Illinois University Revenue Bonds(µ) 485      5.000    04/01/21   552
Western Illinois University Revenue Bonds(µ) 560    5.000    04/01/24    660
                105,266
Indiana - 0.3%                
Ball State University Revenue Bonds(µ) 1,000      5.000    07/01/16   1,019
City of Indianapolis Indiana Gas Utility Revenue Bonds(µ) 1,000      5.000    08/15/23   1,161
Indianapolis Local Public Improvement Bond Bank Revenue Bonds 1,150      5.000    06/01/16   1,167
Indianapolis Local Public Improvement Bond Bank Revenue Bonds 1,000    5.000    02/01/18    1,084
                4,431
Iowa - 0.5%                
Iowa Finance Authority Revenue Bonds 4,000      5.000    07/01/28   4,655
Iowa Higher Education Loan Authority Revenue Bonds 1,625    5.000    12/01/18    1,806
                6,461
Kansas - 0.4%                
City of Wichita Kansas Revenue Bonds 250      3.375    11/15/20   250
Seward County Unified School District No. 480 Liberal General Obligation Unlimited 4,000    5.000    09/01/30    4,713
                4,963
Kentucky - 0.2%                
Commonwealth of Kentucky Certificate Of Participation 275      2.000    06/15/17   280
County of Harrison Kentucky Revenue Notes 1,000      1.500    05/01/17   1,001
Kenton County School District Finance Corp. Revenue Bonds 330      2.000    10/01/16   333
Kentucky Municipal Power Agency Revenue Bonds(µ) 1,500    5.000    09/01/19    1,685
                3,299
Louisiana - 2.0%                
City of New Orleans Louisiana Sewerage Service Revenue Bonds 250      5.000    06/01/27   300
City of New Orleans Louisiana Sewerage Service Revenue Bonds 1,000      5.000    06/01/35   1,147
City of Shreveport Louisiana Water & Sewer Revenue Bonds(µ) 2,955      5.000    12/01/32   3,496
City of Shreveport Louisiana Water & Sewer Revenue Bonds(µ) 1,000      5.000    12/01/33   1,178
Lafayette Consolidated Government Revenue Bonds(µ) 805      5.000    11/01/20   930
Lafayette Consolidated Government Revenue Bonds(µ) 700      5.000    11/01/29   836
Louisiana Local Government Environmental Facilities & Community Development                
Authority Revenue Bonds 300      5.000    11/01/19   342
Louisiana Local Government Environmental Facilities & Community Development                
Authority Revenue Bonds(µ) 1,160      5.000    08/01/22   1,373
Louisiana Public Facilities Authority Revenue Bonds 1,000      5.000    07/01/19   1,119
Louisiana Public Facilities Authority Revenue Bonds(µ) 1,615      5.000    09/01/29   1,893
Louisiana Public Facilities Authority Revenue Bonds 595      5.000    11/01/33   687
Louisiana State Citizens Property Insurance Corp. Revenue Bonds(µ) 2,460      6.750    06/01/26   2,772
Louisiana State University & Agricultural & Mechanical College Revenue Bonds 1,000      5.000    07/01/16   1,019
State of Louisiana Gasoline & Fuels Tax Revenue Bonds 7,000      5.000    05/01/21   8,356
State of Louisiana Revenue Bonds 1,300    5.000    06/15/28    1,577
                27,025
Maryland - 0.3%                
County of Montgomery Maryland General Obligation Unlimited 1,350      5.000    07/01/19   1,538
Maryland Economic Development Corp. Revenue Bonds 1,250      5.125    06/01/20   1,362
Maryland Economic Development Corp. Revenue Bonds 885    6.200    09/01/22    1,016
                3,916
Massachusetts - 0.6%                
Commonwealth of Massachusetts General Obligation Limited 1,000      5.500    10/01/16   1,034
Commonwealth of Massachusetts Revenue Bonds 4,000      5.000    06/15/20   4,684
Massachusetts Clean Water Trust (The) Revenue Bonds 1,090      5.000    08/01/16   1,115
Massachusetts Development Finance Agency Revenue Bonds 1,675    5.000    07/01/31    1,968
                8,801
Michigan - 3.5%                
Brighton Area School District General Obligation Unlimited 1,525      5.000    05/01/26   1,795

 

See accompanying notes which are an integral part of this quarterly report.

Russell Tax Exempt Bond Fund 231

 

Russell Investment Company
Russell Tax Exempt Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)                
    Principal           Fair
    Amount ($)   Rate   Date of   Value
    or Shares   %   Maturity   $
City of Detroit Michigan Sewage Disposal System Revenue Bonds 3,500      5.000    07/01/32   3,910
City of Detroit Michigan Water Supply System Revenue Bonds(µ) 1,015      5.000    07/01/18   1,030
City of Detroit Michigan Water Supply System Revenue Bonds(µ) 170      4.500    07/01/25   171
County of Wayne Michigan General Obligation Limited(µ) 3,000      5.000    02/01/34   3,081
Detroit City School District General Obligation Unlimited(µ) 1,000      6.000    05/01/19   1,150
Kent Hospital Finance Authority Revenue Bonds 1,505      5.000    11/15/19   1,710
Michigan Finance Authority Revenue Bonds 3,625      5.000    07/01/16   3,690
Michigan Finance Authority Revenue Bonds 450      5.000    07/01/19   505
Michigan Finance Authority Revenue Bonds 600      5.000    12/01/20   675
Michigan Finance Authority Revenue Bonds 730      5.000    12/01/21   833
Michigan Finance Authority Revenue Bonds 770      5.000    12/01/22   886
Michigan Finance Authority Revenue Bonds 655      5.000    12/01/23   756
Michigan Finance Authority Revenue Bonds 1,000      5.000    11/01/27   1,165
Michigan Finance Authority Revenue Bonds 4,655      5.000    07/01/28   5,391
Michigan Finance Authority Revenue Bonds 1,375      5.000    07/01/29   1,578
Michigan Finance Authority Revenue Bonds 3,000      5.000    11/15/29   3,577
Michigan Finance Authority Revenue Bonds 1,000      5.000    07/01/30   1,156
Michigan Finance Authority Revenue Bonds 500      5.000    07/01/35   572
Michigan Finance Authority Revenue Bonds 585      5.000    12/01/36   636
Michigan Strategic Fund Revenue Bonds 1,015      5.250    06/01/32   1,073
Michigan Strategic Fund Tax Allocation(Ê) 5,000      4.125    07/01/45   5,113
Michigan Tobacco Settlement Finance Authority Revenue Bonds 3,225      5.125    06/01/22   2,982
Royal Oak School District General Obligation Unlimited 1,435      5.000    05/01/18   1,562
Saline Economic Development Corp. Revenue Bonds 485      5.250    06/01/32   510
Wayne County Airport Authority Revenue Bonds 2,000      5.000    12/01/17   2,150
Wayne County Airport Authority Revenue Bonds 435    5.000    12/01/29    517
                48,174
Minnesota - 0.9%                
City of Minneapolis Minnesota Revenue Bonds 1,250      5.000    08/01/17   1,331
City of Minneapolis Minnesota Revenue Bonds 1,855      6.375    11/15/23   2,122
City of Rochester Minnesota Revenue Bonds(Ê) 1,125      4.000    11/15/30   1,216
City of Saint Louis Park Minnesota Revenue Bonds 1,165      5.500    07/01/17   1,244
City of Saint Louis Park Minnesota Revenue Bonds 725      5.500    07/01/18   805
State Paul Housing & Redevelopment Authority Revenue Bonds 2,145      5.000    11/15/25   2,428
State Paul Housing & Redevelopment Authority Revenue Bonds 2,250    5.000    11/15/26    2,531
                11,677
Mississippi - 0.3%                
Mississippi Development Bank Revenue Bonds(µ) 1,000      5.000    04/01/28   1,177
Mississippi Development Bank Revenue Bonds(µ) 1,000      5.000    03/01/34   1,148
Mississippi Hospital Equipment & Facilities Authority Revenue Bonds 1,555    5.000    10/01/17    1,663
                3,988
Missouri - 0.9%                
Bi-State Development Agency of the Missouri-Illinois Metropolitan District Revenue                
Bonds 810      5.000    10/01/28   890
Bi-State Development Agency of the Missouri-Illinois Metropolitan District Revenue                
Bonds 1,775      5.000    10/01/33   2,072
City of Kansas City Missouri Revenue Bonds 1,185      5.000    09/01/26   1,337
City of Kansas City Missouri Revenue Bonds 500      5.000    09/01/27   563
City of Kansas City Missouri Revenue Bonds 1,000      5.000    09/01/28   1,124
City of Kansas City Missouri Revenue Bonds 1,000      5.000    09/01/29   1,122
City of Saint Louis Missouri Airport Revenue Bonds 1,680      6.125    07/01/24   1,961
Missouri Highway & Transportation Commission Revenue Bonds(ae) 2,500      5.250    05/01/17   2,647
Nixa Public Schools General Obligation Unlimited 500      5.000    03/01/33   571
Poplar Bluff R-I School District Certificate Of Participation(µ) 100      3.000    03/01/17   102
Poplar Bluff R-I School District Certificate Of Participation(µ) 100    3.000    03/01/18    104
                12,493
Nebraska - 0.7%                
Central Plains Energy Project Revenue Bonds 1,565      5.000    09/01/32   1,775

 

See accompanying notes which are an integral part of this quarterly report.

232 Russell Tax Exempt Bond Fund

 

Russell Investment Company
Russell Tax Exempt Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)                
    Principal           Fair
    Amount ($)   Rate   Date of   Value
    or Shares   %   Maturity   $
Central Plains Energy Project Revenue Bonds 3,505      5.250    09/01/37   3,981
Nebraska Public Power District Revenue Bonds 2,000      4.000    01/01/21   2,263
Nebraska Public Power District Revenue Bonds 1,000    5.000    01/01/29    1,176
                9,195
Nevada - 0.9%                
City of Reno Nevada General Obligation Limited 1,100      5.000    06/01/18   1,198
City of Reno Nevada General Obligation Limited 1,000      5.000    06/01/22   1,184
Clark County Department of Aviation Revenue Bonds(µ) 2,500      5.000    07/01/22   2,852
County of Clark Nevada Revenue Bonds 1,000      5.000    07/01/16   1,019
County of Clark Nevada Revenue Bonds 2,965      5.000    07/01/29   3,551
State of Nevada General Obligation Limited 2,590    5.000    04/01/21    3,090
                12,894
New Hampshire - 0.3%                
New Hampshire Health and Education Facilities Authority Act Revenue Bonds(ae) 2,535      5.000    07/01/16   2,582
New Hampshire Health and Education Facilities Authority Act Revenue Bonds 1,145    5.000    07/01/32    1,159
                3,741
New Jersey - 5.1%                
Camden County Improvement Authority Revenue Bonds 1,000      5.000    02/15/18   1,076
Camden County Improvement Authority Revenue Bonds 1,000      5.000    02/15/19   1,106
Camden County Improvement Authority Revenue Bonds 2,000      5.000    02/15/28   2,338
Camden County Improvement Authority Revenue Bonds 2,000      5.000    02/15/30   2,315
Camden County Improvement Authority Revenue Bonds 2,000      5.000    02/15/31   2,301
Camden County Improvement Authority Revenue Bonds 300      5.000    02/15/32   345
Casino Reinvestment Development Authority Revenue Bonds 600      5.000    11/01/18   641
Casino Reinvestment Development Authority Revenue Bonds 1,000      4.000    11/01/19   1,050
City of Trenton New Jersey General Obligation Unlimited(µ) 1,680      5.000    07/15/23   2,044
New Jersey Economic Development Authority Revenue Bonds(µ) 1,500      5.500    06/15/16   1,528
New Jersey Economic Development Authority Revenue Bonds 2,500      5.000    09/01/18   2,734
New Jersey Economic Development Authority Revenue Bonds 6,435      5.000    06/15/19   6,945
New Jersey Economic Development Authority Revenue Bonds 2,765      5.000    06/15/20   3,037
New Jersey Economic Development Authority Revenue Bonds 75      5.000    06/15/21   83
New Jersey Economic Development Authority Revenue Bonds 2,000      5.000    06/15/22   2,239
New Jersey Economic Development Authority Revenue Bonds 2,045      5.000    06/15/23   2,264
New Jersey Economic Development Authority Revenue Bonds 750      5.000    07/01/29   816
New Jersey Educational Facilities Authority Revenue Bonds 2,000      5.000    07/01/16   2,039
New Jersey Health Care Facilities Financing Authority Revenue Bonds(µ) 1,000      5.000    09/15/17   1,070
New Jersey Health Care Facilities Financing Authority Revenue Bonds 490      4.250    07/01/18   525
New Jersey Health Care Facilities Financing Authority Revenue Bonds 1,355      3.600    07/01/19   1,409
New Jersey Health Care Facilities Financing Authority Revenue Bonds 900      3.850    07/01/20   946
New Jersey Health Care Facilities Financing Authority Revenue Bonds(µ) 1,000      5.000    07/01/27   1,189
New Jersey Health Care Facilities Financing Authority Revenue Bonds 1,000      5.000    07/01/28   1,190
New Jersey Health Care Facilities Financing Authority Revenue Bonds 1,000      5.000    07/01/31   1,169
New Jersey State Turnpike Authority Revenue Bonds 5,540      5.000    01/01/22   6,685
New Jersey State Turnpike Authority Revenue Bonds 3,485      5.000    01/01/23   4,273
New Jersey State Turnpike Authority Revenue Bonds 3,080      5.000    01/01/24   3,738
New Jersey State Turnpike Authority Revenue Bonds 2,500      5.000    01/01/27   3,007
New Jersey Transportation Trust Fund Authority Revenue Bonds 1,000      5.000    12/15/18   1,073
New Jersey Transportation Trust Fund Authority Revenue Bonds(µ) 830      5.500    12/15/18   915
New Jersey Transportation Trust Fund Authority Revenue Bonds 1,120      5.250    06/15/30   1,216
Passaic County Improvement Authority Revenue Bonds 250      5.000    08/01/19   282
State of New Jersey General Obligation Unlimited(µ) 2,080      5.500    07/15/18   2,291
Tobacco Settlement Financing Corp. Revenue Bonds 55      4.500    06/01/23   56
Tobacco Settlement Financing Corp. Revenue Bonds 1,245      5.000    06/01/29   1,176
Tobacco Settlement Financing Corp. Revenue Bonds 3,250    4.750    06/01/34    2,704
                69,815
New Mexico - 0.3%                
City of Albuquerque New Mexico General Obligation Unlimited 2,320      5.000    07/01/17   2,463
County of Taos New Mexico Revenue Bonds(µ) 750      3.000    04/01/17   765

 

See accompanying notes which are an integral part of this quarterly report.

Russell Tax Exempt Bond Fund 233

 

Russell Investment Company
Russell Tax Exempt Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)                
    Principal           Fair
    Amount ($)   Rate   Date of   Value
    or Shares   %   Maturity   $
New Mexico Hospital Equipment Loan Council Revenue Bonds 555    5.000    08/01/25    695
                3,923
New York - 9.2%                
Albany Industrial Development Agency Revenue Bonds 2,380      5.250    11/15/32   2,570
Buffalo & Erie County Industrial Land Development Corp. Revenue Bonds 385      5.000    07/01/20   436
Buffalo & Erie County Industrial Land Development Corp. Revenue Bonds 1,350      5.750    10/01/26   1,631
Build NYC Resource Corp. Revenue Bonds(µ) 930      5.000    12/15/18   1,027
Build NYC Resource Corp. Revenue Bonds 1,445      5.000    08/01/19   1,613
Chautauqua Tobacco Asset Securitization Corp. Revenue Bonds 1,560      3.125    06/01/22   1,560
City of New York New York General Obligation Unlimited 2,170      5.000    08/01/16   2,220
City of New York New York General Obligation Unlimited 1,500      5.000    08/01/19   1,705
City of New York New York General Obligation Unlimited 2,105      5.000    08/01/20   2,461
City of New York New York General Obligation Unlimited 2,550      5.000    08/01/21   3,053
City of New York New York General Obligation Unlimited 2,445      5.000    08/01/22   2,983
City of New York New York General Obligation Unlimited 6,420      5.000    08/01/23   7,941
City of Yonkers New York General Obligation Limited(µ) 615      5.000    03/15/25   710
Metropolitan Transportation Authority Revenue Bonds 1,000      5.000    11/15/17   1,075
Metropolitan Transportation Authority Revenue Bonds 1,410      5.000    11/15/24   1,715
Metropolitan Transportation Authority Revenue Bonds 8,320      5.000    11/15/25   10,107
Metropolitan Transportation Authority Revenue Bonds 2,075      5.000    11/15/27   2,499
Metropolitan Transportation Authority Revenue Bonds 4,015      5.000    11/15/28   4,869
Metropolitan Transportation Authority Revenue Bonds 1,430      6.500    11/15/28   1,647
Metropolitan Transportation Authority Revenue Bonds 1,000      5.000    11/15/35   1,183
New York City Health & Hospital Corp. Revenue Bonds 1,500      5.000    02/15/17   1,570
New York City Industrial Development Agency Revenue Bonds(µ) 1,535      5.000    01/01/31   1,583
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds 1,000      5.000    11/01/18   1,113
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds 890      5.000    11/01/20   1,052
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds 2,175      5.000    05/01/21   2,601
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds 2,180      5.000    11/01/21   2,638
New York City Trust for Cultural Resources Revenue Bonds 940      5.000    07/01/21   1,102
New York State Dormitory Authority Revenue Bonds 1,625      5.000    07/01/16   1,655
New York State Dormitory Authority Revenue Bonds 1,000      5.000    12/01/16   1,033
New York State Dormitory Authority Revenue Bonds 1,755      5.000    07/01/17   1,862
New York State Dormitory Authority Revenue Bonds(ae) 5      5.250    02/15/19   6
New York State Dormitory Authority Revenue Bonds 1,000      5.000    10/01/19   1,147
New York State Dormitory Authority Revenue Bonds 995      5.250    02/15/21   1,125
New York State Dormitory Authority Revenue Bonds 180      5.000    07/01/21   216
New York State Dormitory Authority Revenue Bonds 2,400      5.000    05/01/22   2,827
New York State Dormitory Authority Revenue Bonds 725      5.000    05/15/23   878
New York State Dormitory Authority Revenue Bonds 6,700      5.000    12/15/23   8,205
New York State Dormitory Authority Revenue Bonds 700      5.000    07/01/24   835
New York State Dormitory Authority Revenue Bonds 6,790      5.000    07/01/26   8,181
New York State Dormitory Authority Revenue Bonds 1,710      5.000    12/15/28   2,053
New York State Dormitory Authority Revenue Bonds 2,500      5.250    07/01/29   2,859
New York State Energy Research & Development Authority Revenue Bonds(µ)(Ê) 3,190      0.433    03/01/27   3,034
New York State Environmental Facilities Corp. Revenue Bonds 770      5.000    06/15/22   845
New York State Environmental Facilities Corp. Revenue Bonds 1,640      5.000    09/15/23   1,757
New York State Thruway Authority Revenue Bonds 12,485      5.000    05/01/19   14,075
New York State Thruway Authority Revenue Bonds 3,000      5.000    03/15/27   3,573
Triborough Bridge & Tunnel Authority Revenue Bonds 950      5.000    11/15/17   1,024
Triborough Bridge & Tunnel Authority Revenue Bonds(µ) 1,000      5.500    11/15/20   1,198
Troy Capital Resource Corp. Revenue Bonds 1,000      5.000    09/01/20   1,158
Westchester County Local Development Corp. Revenue Bonds 1,350    5.000    05/01/34    1,481
                125,691
North Carolina - 0.5%                
North Carolina Capital Facilities Finance Agency Revenue Bonds 750      5.000    04/01/19   837
North Carolina Medical Care Commission Revenue Bonds 400      3.000    06/01/17   412
State of North Carolina General Obligation Unlimited 2,500      5.000    05/01/20   2,922

 

See accompanying notes which are an integral part of this quarterly report.

234 Russell Tax Exempt Bond Fund

 

Russell Investment Company
Russell Tax Exempt Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)                
    Principal           Fair
    Amount ($)   Rate   Date of   Value
    or Shares   %   Maturity   $
State of North Carolina Revenue Bonds 1,000      5.000    05/01/19   1,130
University of North Carolina at Chapel Hill Revenue Bonds 1,205    5.000    12/01/31    1,296
                6,597
North Dakota - 0.3%                
City of Bowman North Dakota Revenue Notes 1,000      2.500    02/15/17   1,001
City of Williston North Dakota Revenue Bonds(µ) 1,425      4.000    11/01/20   1,479
County of Burleigh North Dakota Revenue Bonds 460      5.000    07/01/29   552
County of Burleigh North Dakota Revenue Bonds 500    5.000    07/01/31    600
                3,632
Ohio - 4.8%                
Buckeye Tobacco Settlement Financing Authority Revenue Bonds 5,700      5.125    06/01/24   5,201
Buckeye Tobacco Settlement Financing Authority Revenue Bonds 1,000      5.375    06/01/24   927
Buckeye Tobacco Settlement Financing Authority Revenue Bonds 2,400      5.875    06/01/30   2,146
City of Akron Ohio Revenue Bonds 1,000      5.000    12/01/24   1,211
City of Cincinnati Ohio General Obligation Unlimited 1,815      5.000    12/01/30   2,137
City of Cincinnati Ohio General Obligation Unlimited 1,575      5.000    12/01/31   1,848
City of Cleveland Ohio Airport System Revenue Bonds(µ) 3,000      5.000    01/01/30   3,382
City of Cleveland Ohio Revenue Bonds 1,500      5.000    10/01/37   1,734
Clermont County Port Authority Revenue Bonds(µ) 200      5.000    12/01/23   246
Cleveland Municipal School District General Obligation Unlimited 1,100      5.000    12/01/27   1,320
County of Cuyahoga Ohio Certificate Of Participation 14,065      5.000    12/01/27   16,740
County of Cuyahoga Ohio Certificate Of Participation 1,990      5.000    12/01/28   2,354
County of Hamilton Ohio Revenue Bonds 1,890      5.250    06/01/32   2,160
County of Montgomery Ohio Revenue Bonds 1,100      5.750    11/15/22   1,311
Kent State University Revenue Bonds(µ) 2,000      5.000    05/01/16   2,023
Lakewood City School District General Obligation Unlimited 260      5.000    11/01/29   314
Lakewood City School District General Obligation Unlimited 875      5.000    11/01/30   1,052
Middletown City School District General Obligation Unlimited 1,435      5.250    12/01/34   1,737
North Olmsted City School District General Obligation Unlimited 420      1.750    12/01/19   428
Ohio State Water Development Authority Revenue Bonds 6,085      5.000    06/01/21   7,313
State of Ohio Revenue Bonds 3,500      5.000    12/15/22   4,239
State of Ohio Revenue Bonds 2,815      5.000    12/15/23   3,415
Toledo-Lucas County Port Authority Revenue Bonds 1,965    5.000    07/01/29    2,196
                65,434
Oklahoma - 0.3%                
Oklahoma County Finance Authority Revenue Bonds 1,000      5.000    09/01/21   1,189
Oklahoma Development Finance Authority Revenue Bonds 2,000    5.000    08/15/28    2,418
                3,607
Oregon - 0.4%                
City of Portland Oregon Sewer System Revenue Bonds 2,000      5.000    06/15/18   2,200
Hospital Facilities Authority of Multnomah County Oregon Revenue Bonds 535      5.000    10/01/19   574
Morrow County School District No. 1 General Obligation Unlimited(µ) 1,955    5.500    06/15/21    2,395
                5,169
Pennsylvania - 3.8%                
Allegheny County Hospital Development Authority Revenue Bonds 2,000      5.000    09/01/16   2,053
Berks County Municipal Authority Revenue Bonds 1,960      5.250    11/01/24   2,247
Bethlehem Authority Revenue Bonds(µ) 1,000      4.000    11/15/16   1,026
Bethlehem Authority Revenue Bonds(µ) 1,000      5.000    11/15/17   1,074
City of Philadelphia Pennsylvania General Obligation Unlimited(µ) 1,000      5.000    08/01/24   1,124
City of Philadelphia Pennsylvania General Obligation Unlimited 3,210      5.250    07/15/27   3,792
Commonwealth of Pennsylvania General Obligation Unlimited(µ) 1,300      5.375    07/01/17   1,387
Dallas Area Municipal Authority Revenue Bonds 430      4.000    05/01/18   446
Delaware County Vocational & Technical School Authority Revenue Bonds(µ) 665      5.000    11/01/25   791
Delaware County Vocational & Technical School Authority Revenue Bonds(µ) 970      5.000    11/01/26   1,150
Delaware County Vocational & Technical School Authority Revenue Bonds(µ) 1,120      5.000    11/01/27   1,320
Delaware County Vocational & Technical School Authority Revenue Bonds(µ) 1,140      5.000    11/01/28   1,341
Delaware County Vocational & Technical School Authority Revenue Bonds(µ) 1,500      5.250    11/01/33   1,756
General Authority of Southcentral Pennsylvania Revenue Bonds 360      5.000    12/01/28   404

 

See accompanying notes which are an integral part of this quarterly report.

Russell Tax Exempt Bond Fund 235

 

Russell Investment Company
Russell Tax Exempt Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)                
    Principal           Fair
    Amount ($)   Rate   Date of   Value
    or Shares   %   Maturity   $
Indiana County Hospital Authority Revenue Bonds 550      5.500    06/01/29   602
Montgomery County Industrial Development Authority Revenue Bonds 1,000      5.000    11/15/17   1,032
North Penn Water Authority Revenue Bonds 1,190      5.000    11/01/30   1,400
Northampton County General Purpose Authority Revenue Bonds 285      5.000    10/01/30   332
Northampton County General Purpose Authority Revenue Bonds 250      5.000    10/01/31   289
Pennsylvania Economic Development Financing Authority Revenue Bonds 2,270      5.000    01/01/22   2,410
Pennsylvania Economic Development Financing Authority Revenue Bonds 2,000      5.000    07/01/22   2,040
Pennsylvania Economic Development Financing Authority Revenue Bonds 1,355      5.000    01/01/23   1,358
Pennsylvania Economic Development Financing Authority Revenue Bonds(Ê) 1,000      3.750    12/01/40   1,039
Pennsylvania Higher Educational Facilities Authority Revenue Bonds 1,000      5.000    09/01/17   1,069
Pennsylvania Higher Educational Facilities Authority Revenue Bonds 1,940      5.250    05/01/24   2,271
Philadelphia Authority for Industrial Development Revenue Bonds 1,000      5.875    06/15/22   1,073
Philadelphia Authority for Industrial Development Revenue Bonds 2,000      8.000    01/01/33   2,169
State Public School Building Authority Revenue Bonds 2,000      5.000    04/01/20   2,221
State Public School Building Authority Revenue Bonds 3,030      5.000    04/01/25   3,294
State Public School Building Authority Revenue Bonds(µ) 1,000      5.000    06/15/28   1,178
State Public School Building Authority Revenue Bonds(µ) 1,000      5.000    06/15/29   1,176
State Public School Building Authority Revenue Bonds 3,000      5.000    04/01/32   3,157
Township of Bensalem Pennsylvania General Obligation Unlimited 1,380      5.250    06/01/29   1,675
University of Pittsburgh-of the Commonwealth System of Higher Education Revenue                
Bonds 1,000      5.500    09/15/21   1,141
West Mifflin Sanitary Sewer Municipal Authority Revenue Bonds(µ) 250      3.000    08/01/17   259
West Mifflin Sanitary Sewer Municipal Authority Revenue Bonds(µ) 225      4.000    08/01/18   240
Western Wayne School District General Obligation Limited(µ) 565    5.000    04/01/21    656
                51,992
Puerto Rico - 3.1%                
Commonwealth of Puerto Rico General Obligation Unlimited(ae) 620      5.250    07/01/16   633
Commonwealth of Puerto Rico General Obligation Unlimited(µ) 2,015      5.500    07/01/16   2,040
Commonwealth of Puerto Rico General Obligation Unlimited(µ) 860      6.000    07/01/16   872
Commonwealth of Puerto Rico General Obligation Unlimited(µ) 285      5.500    07/01/18   295
Commonwealth of Puerto Rico General Obligation Unlimited(µ) 640      5.500    07/01/19   662
Commonwealth of Puerto Rico General Obligation Unlimited(µ) 1,000      5.250    07/01/21   1,001
Commonwealth of Puerto Rico General Obligation Unlimited(µ) 1,000      5.250    07/01/27   1,007
Commonwealth of Puerto Rico General Obligation Unlimited(µ) 3,340      5.000    07/01/35   3,315
Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Bonds(µ) 3,050      5.000    07/01/28   3,057
Puerto Rico Convention Center District Authority Revenue Bonds(µ) 1,400      5.000    07/01/18   1,384
Puerto Rico Convention Center District Authority Revenue Bonds(µ) 305      5.000    07/01/31   275
Puerto Rico Electric Power Authority Revenue Bonds(µ) 2,105      5.500    07/01/16   2,131
Puerto Rico Electric Power Authority Revenue Bonds(µ) 1,000      5.000    07/01/19   1,001
Puerto Rico Electric Power Authority Revenue Bonds(µ) 1,815      5.000    07/01/21   1,817
Puerto Rico Electric Power Authority Revenue Bonds(µ) 215      4.000    07/01/23   208
Puerto Rico Electric Power Authority Revenue Bonds(µ) 1,940      5.000    07/01/26   1,945
Puerto Rico Electric Power Authority Revenue Bonds(µ) 205      4.375    07/01/30   190
Puerto Rico Highways & Transportation Authority Revenue Bonds(µ) 105      5.000    07/01/16   104
Puerto Rico Highways & Transportation Authority Revenue Bonds(µ) 300      4.125    07/01/18   295
Puerto Rico Highways & Transportation Authority Revenue Bonds(µ) 715      5.500    07/01/26   745
Puerto Rico Highways & Transportation Authority Revenue Bonds(µ) 225      5.000    07/01/27   225
Puerto Rico Highways & Transportation Authority Revenue Bonds(µ) 700      5.500    07/01/28   720
Puerto Rico Highways & Transportation Authority Revenue Bonds(µ) 370      5.500    07/01/29   355
Puerto Rico Housing Finance Authority Revenue Bonds 1,830      5.500    12/01/16   1,891
Puerto Rico Infrastructure Financing Authority Revenue Bonds(µ) 1,185      5.500    07/01/17   1,192
Puerto Rico Infrastructure Financing Authority Revenue Bonds(µ) 1,675      5.500    07/01/23   1,666
Puerto Rico Infrastructure Financing Authority Revenue Bonds(µ) 680      5.500    07/01/24   669
Puerto Rico Infrastructure Financing Authority Revenue Bonds(µ) 500      5.500    07/01/25   488
Puerto Rico Infrastructure Financing Authority Revenue Bonds(µ) 1,500      5.500    07/01/26   1,456
Puerto Rico Infrastructure Financing Authority Revenue Bonds(µ) 2,240      5.500    07/01/27   2,160
Puerto Rico Municipal Finance Agency General Obligation Unlimited(µ) 3,090      5.000    08/01/27   3,093
Puerto Rico Municipal Finance Agency Revenue Bonds(µ) 115      5.250    08/01/22   117

 

See accompanying notes which are an integral part of this quarterly report.

236 Russell Tax Exempt Bond Fund

 

Russell Investment Company
Russell Tax Exempt Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)                
    Principal           Fair
    Amount ($)   Rate   Date of   Value
    or Shares   %   Maturity   $
Puerto Rico Public Buildings Authority Revenue Bonds(µ) 3,130      5.500    07/01/16   3,151
Puerto Rico Public Buildings Authority Revenue Bonds(µ) 2,480      5.500    07/01/17   2,528
University of Puerto Rico Revenue Bonds(µ) 435    5.000    06/01/23    435
                43,123
Rhode Island - 0.0%                
Providence Public Buildings Authority Revenue Bonds(µ) 500    5.875    06/15/26    574
 
South Carolina - 0.9%                
County of Greenwood South Carolina Revenue Bonds(µ)(Ê) 150      0.396    10/01/34   136
Piedmont Municipal Power Agency Revenue Bonds 1,000      5.000    01/01/20   1,139
South Carolina State Public Service Authority Revenue Bonds 1,000      5.000    12/01/16   1,037
South Carolina State Public Service Authority Revenue Bonds 3,310      5.000    12/01/36   3,810
Spartanburg Regional Health Services District Revenue Bonds 5,560    5.000    04/15/32    6,245
                12,367
South Dakota - 0.2%                
Harrisburg School District No. 41-2 General Obligation Unlimited 1,100      5.000    07/15/33   1,248
South Dakota Health & Educational Facilities Authority Revenue Bonds 1,000    5.000    11/01/35    1,153
                2,401
Tennessee - 0.4%                
Chattanooga Health Educational & Housing Facility Board Revenue Bonds 600      5.000    10/01/26   705
Chattanooga Industrial Development Board Revenue Bonds(µ) 4,000      5.000    10/01/30   4,252
Chattanooga-Hamilton County Hospital Authority Revenue Bonds 630    5.000    10/01/23    748
                5,705
Texas - 9.8%                
Arlington Higher Education Finance Corp. Revenue Bonds 200      5.875    03/01/24   209
Arlington Higher Education Finance Corp. Revenue Bonds 1,000      5.000    08/15/26   1,206
Arlington Higher Education Finance Corp. Revenue Bonds 525      6.625    03/01/29   550
Austin Community College District Public Facility Corp. Revenue Bonds 1,000      5.000    08/01/23   1,223
Austin Community College District Public Facility Corp. Revenue Bonds 1,000      5.000    08/01/24   1,238
Canadian River Municipal Water Authority Corp. Revenue Bonds(µ)(ae) 1,215      5.000    02/15/16   1,217
Central Texas Regional Mobility Authority Revenue Bonds 1,200      5.000    01/01/35   1,374
Central Texas Turnpike System Revenue Bonds 500      5.000    08/15/23   606
City of Beaumont Texas Waterworks & Sewer System Revenue Bonds(µ) 425      4.000    09/01/18   456
City of Corpus Christi Texas Utility System Revenue Bonds 1,660      5.000    07/15/22   2,002
City of El Paso Texas Water & Sewer Revenue Bonds 2,890      5.000    03/01/25   3,597
City of Fort Worth Texas Water & Sewer System Revenue Bonds 1,340      5.000    02/15/17   1,403
City of Houston Texas Airport System Revenue Bonds 1,500      5.000    07/01/17   1,592
City of Houston Texas Airport System Revenue Bonds 560      5.000    07/01/25   658
City of Houston Texas Airport System Revenue Bonds 900      5.000    07/01/29   1,035
City of Houston Texas Revenue Bonds 1,890      5.000    09/01/20   2,201
City of Lubbock Texas General Obligation Limited 5,000      5.000    02/15/19   5,612
City of San Antonio Texas Water System Revenue Bonds 2,250      5.000    05/15/24   2,611
City Public Service Board of San Antonio Texas Revenue Bonds 1,000      5.000    02/01/18   1,084
Clifton Higher Education Finance Corp. Revenue Bonds 300      2.350    08/15/16   302
Clifton Higher Education Finance Corp. Revenue Bonds 425      3.000    08/15/17   439
Clifton Higher Education Finance Corp. Revenue Bonds 400      4.000    08/15/18   429
Conroe Independent School District General Obligation Unlimited 1,085      5.000    02/15/25   1,249
County of Fort Bend Texas General Obligation Limited(µ) 1,000      5.000    03/01/16   1,004
County of Fort Bend Texas General Obligation Limited 3,740      5.000    03/01/23   4,607
Dallas/Fort Worth International Airport Revenue Bonds 280      5.000    11/01/22   289
Dallas/Fort Worth International Airport Revenue Bonds 200      5.000    11/01/23   207
Dallas/Fort Worth International Airport Revenue Bonds 250      5.000    11/01/24   258
Dallas/Fort Worth International Airport Revenue Bonds 3,395      5.000    11/01/27   4,028
Dallas/Fort Worth International Airport Revenue Bonds 1,000      5.250    11/01/28   1,214
Dallas/Fort Worth International Airport Revenue Bonds 1,340      5.000    11/01/29   1,547
Dallas/Fort Worth International Airport Revenue Bonds 2,000      5.250    11/01/29   2,424
Dallas/Fort Worth International Airport Revenue Bonds 1,825      5.000    11/01/30   2,107
Dallas/Fort Worth International Airport Revenue Bonds 1,500      5.250    11/01/30   1,812

 

See accompanying notes which are an integral part of this quarterly report.

Russell Tax Exempt Bond Fund 237

 

Russell Investment Company
Russell Tax Exempt Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)                
    Principal           Fair
    Amount ($)   Rate   Date of   Value
    or Shares   %   Maturity   $
Decatur Hospital Authority Revenue Bonds 1,250      5.250    09/01/29   1,391
Goose Creek Consolidated Independent School District General Obligation Unlimited 915      5.000    02/15/24   1,079
Grand Prairie Independent School District General Obligation Unlimited 750      5.000    02/15/19   784
Harris County Cultural Education Facilities Finance Corp. Revenue Bonds 1,385      6.375    01/01/33   1,595
Harris County-Houston Sports Authority Revenue Bonds 1,000      5.000    11/15/26   1,174
Harris County-Houston Sports Authority Revenue Bonds 750      5.000    11/15/27   880
Harris County-Houston Sports Authority Revenue Bonds 2,265      5.000    11/15/29   2,633
Houston Higher Education Finance Corp. Revenue Bonds(ae) 650      6.500    05/15/21   829
Houston Higher Education Finance Corp. Revenue Bonds 1,600      5.000    08/15/28   1,937
Houston Higher Education Finance Corp. Revenue Bonds 555      6.500    05/15/31   667
Karnes County Hospital District Revenue Bonds 1,100      4.000    02/01/19   1,141
Karnes County Hospital District Revenue Bonds 2,020      5.000    02/01/29   2,231
Kerrville Health Facilities Development Corp. Revenue Bonds 1,100      4.000    08/15/19   1,187
Lower Colorado River Authority Revenue Bonds 5      5.000    05/15/16   5
Lower Colorado River Authority Revenue Bonds 3,585      5.500    05/15/31   4,289
New Hope Cultural Education Facilities Corp. Revenue Bonds 565      5.000    04/01/21   630
New Hope Cultural Education Facilities Corp. Revenue Bonds 650      5.000    04/01/22   724
New Hope Cultural Education Facilities Corp. Revenue Bonds 180      4.625    04/01/23   198
New Hope Cultural Education Facilities Corp. Revenue Bonds 500      5.000    04/01/29   548
North Texas Tollway Authority Revenue Bonds(ae) 840      6.000    01/01/18   923
North Texas Tollway Authority Revenue Bonds 120      6.000    01/01/24   131
North Texas Tollway Authority Revenue Bonds 3,840      5.000    01/01/29   4,572
Reagan Hospital District of Reagan County General Obligation Limited 860      2.500    02/01/19   870
Reagan Hospital District of Reagan County General Obligation Limited 910      3.250    02/01/21   938
Reagan Hospital District of Reagan County General Obligation Limited 485      3.750    02/01/23   509
Reagan Hospital District of Reagan County General Obligation Limited 500      5.000    02/01/29   547
Reagan Hospital District of Reagan County General Obligation Limited 3,000      5.000    02/01/34   3,214
State of Texas General Obligation Unlimited 2,910      5.000    04/01/22   3,549
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds 1,500      5.000    11/15/16   1,553
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds 2,500      2.500    12/01/18   2,527
Tarrant Regional Water District Revenue Bonds 6,000      5.000    03/01/21   7,120
Tarrant Regional Water District Revenue Bonds 1,150      5.000    03/01/22   1,393
Texas Municipal Gas Acquisition & Supply Corp. I Revenue Bonds 3,775      6.250    12/15/26   4,653
Texas Municipal Gas Acquisition & Supply Corp. III Revenue Bonds 900      5.000    12/15/24   1,057
Texas Municipal Gas Acquisition & Supply Corp. III Revenue Bonds 3,515      5.000    12/15/27   4,045
Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds 1,445      7.500    12/31/31   1,750
Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds 1,250      7.500    06/30/33   1,544
Texas Public Finance Authority Revenue Bonds 10,985      4.000    07/01/17   11,336
Texas State Public Finance Authority Charter School Finance Corp. Revenue Bonds 400      4.000    08/15/16   407
Texas State Public Finance Authority Charter School Finance Corp. Revenue Bonds 445      4.000    08/15/17   468
Texas State Public Finance Authority Charter School Finance Corp. Revenue Bonds 300      4.000    08/15/18   323
Texas Transportation Commission State Highway Fund Revenue Bonds(ae) 2,500      5.000    04/01/16   2,519
Viridian Municipal Management District General Obligation Unlimited(µ) 1,000      6.000    12/01/27   1,276
Viridian Municipal Management District General Obligation Unlimited(µ) 500      6.000    12/01/32   622
Viridian Municipal Management District General Obligation Unlimited(µ) 995    6.000    12/01/33    1,233
                134,791
Utah - 0.3%                
County of Salt Lake Utah Revenue Bonds(Ê) 2,000      5.000    12/01/33   2,118
Utah State Charter School Finance Authority Revenue Bonds 465      5.250    10/15/28   556
Utah State Charter School Finance Authority Revenue Bonds 1,215    5.000    10/15/33    1,380
                4,054
Vermont - 0.0%                
City of Burlington Vermont Airport Revenue Bonds(µ) 540    5.000    07/01/24    636
 
Virgin Islands - 1.5%                
Virgin Islands Public Finance Authority Revenue Bonds 4,455      5.000    10/01/18   4,726
Virgin Islands Public Finance Authority Revenue Bonds 1,000      4.000    10/01/22   1,056
Virgin Islands Public Finance Authority Revenue Bonds(µ) 7,400      5.000    10/01/29   8,432

 

See accompanying notes which are an integral part of this quarterly report.

238 Russell Tax Exempt Bond Fund

 

Russell Investment Company
Russell Tax Exempt Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)                
    Principal           Fair
    Amount ($)   Rate   Date of   Value
    or Shares   %   Maturity   $
Virgin Islands Public Finance Authority Revenue Bonds 670      5.250    10/01/29   742
Virgin Islands Public Finance Authority Revenue Bonds 2,650      5.000    10/01/32   2,862
Virgin Islands Public Finance Authority Revenue Bonds 2,110    6.750    10/01/37    2,389
                20,207
Virginia - 1.0%                
Chesterfield County Economic Development Authority Revenue Bonds 650      5.000    05/01/23   726
Commonwealth of Virginia General Obligation Unlimited 1,000      5.000    06/01/23   1,097
County of Fairfax Virginia General Obligation Unlimited 1,000      5.000    04/01/18   1,091
Henrico County Economic Development Authority Revenue Bonds 1,490      5.000    11/01/30   1,694
Virginia College Building Authority Revenue Bonds 530      5.000    07/01/19   570
Virginia College Building Authority Revenue Bonds 585      5.000    07/01/20   636
Virginia College Building Authority Revenue Bonds 710      5.250    07/01/30   762
Virginia Commonwealth Transportation Board Revenue Bonds 1,950      5.000    03/15/18   2,119
Virginia Public School Authority Revenue Bonds 1,000      5.000    08/01/17   1,066
Virginia Resources Authority Revenue Bonds 3,795    5.000    11/01/21    4,600
                14,361
Washington - 3.3%                
City of Seattle Washington Municipal Light & Power Revenue Bonds 5,760      5.000    05/01/20   6,704
City of Seattle Washington Municipal Light & Power Revenue Bonds 5,545      5.000    05/01/21   6,635
City of Seattle Washington Municipal Light & Power Revenue Bonds 2,820      5.000    05/01/22   3,446
County of King Washington Sewer Revenue Bonds 3,085      5.000    01/01/28   3,666
Energy Northwest Revenue Bonds 1,000      7.125    07/01/16   1,028
Energy Northwest Revenue Bonds 2,000      5.000    07/01/19   2,274
Greater Wenatchee Regional Events Center Public Facilities Dist Revenue Bonds 1,060      3.750    09/01/19   1,090
Greater Wenatchee Regional Events Center Public Facilities Dist Revenue Bonds 1,000      4.500    09/01/22   1,058
Mason County School District No. 309 Shelton General Obligation Unlimited(µ) 1,115      5.000    12/01/18   1,212
Port of Seattle Washington Revenue Bonds 1,000      5.000    06/01/22   1,151
Port of Seattle Washington Revenue Bonds 1,285      5.000    03/01/23   1,574
Snohomish County School District No. 15 Edmonds General Obligation Unlimited(µ)(ae) 2,000      5.000    06/01/16   2,030
State of Washington General Obligation Unlimited 1,000      5.000    07/01/17   1,062
State of Washington Revenue Bonds 8,000      5.000    09/01/20   9,335
Washington Health Care Facilities Authority Revenue Bonds 270      5.000    03/01/18   290
Washington Health Care Facilities Authority Revenue Bonds 700      5.000    07/01/30   808
Washington State Housing Finance Commission Revenue Bonds 1,400    4.375    01/01/21    1,419
                44,782
West Virginia - 0.2%                
County of Mason West Virginia Revenue Bonds(Ê) 1,000      1.625    10/01/22   1,003
West Virginia University Revenue Bonds 1,350    5.000    10/01/21    1,609
                2,612
Wisconsin - 1.5%                
City of Marshfield Wisconsin Electric System Revenue Bonds 4,000      5.500    12/01/30   4,829
Public Finance Authority Revenue Bonds 1,250      5.125    11/15/29   1,314
State of Wisconsin General Obligation Unlimited 4,250      5.000    11/01/20   5,025
Wisconsin Department of Transportation Revenue Bonds(µ) 1,500      5.000    07/01/19   1,704
Wisconsin Department of Transportation Revenue Bonds 5,950    5.000    07/01/22    7,325
                20,197
Wyoming - 0.2%                
County of Laramie Wyoming Revenue Bonds 1,000      4.000    05/01/22   1,114
County of Sweetwater Wyoming Revenue Bonds 1,000      5.000    12/15/16   1,037
County of Sweetwater Wyoming Revenue Bonds 1,000    5.000    12/15/18    1,072
                3,223
Total Municipal Bonds (cost $1,251,761)               1,313,822
 
Short-Term Investments - 3.4%                
Russell U.S. Cash Management Fund 47,521,500 (8)         47,522
Total Short-Term Investments (cost $47,522)               47,522

 

See accompanying notes which are an integral part of this quarterly report.

Russell Tax Exempt Bond Fund 239

 

Russell Investment Company
Russell Tax Exempt Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)        
  Principal     Fair
  Amount ($) Rate Date of Value
  or Shares % Maturity $
Total Investments 99.3% (identified cost $1,299,283)       1,361,344
Other Assets and Liabilities, Net - 0.7%       8,948
Net Assets - 100.0%       1,370,292

 

See accompanying notes which are an integral part of this quarterly report.

240 Russell Tax Exempt Bond Fund

 

Russell Investment Company
Russell Tax Exempt Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Presentation of Portfolio Holdings
Amounts in thousands

      Fair Value        
Portfolio Summary Level 1 Level 2 Level 3   Total
Municipal Bonds                
Alabama $ — $ 20,325 $ — $ 20,325
Alaska   —   1,718   —   1,718
Arizona   —   34,453   —   34,453
Arkansas   —   1,616   —   1,616
California   —   116,185   —   116,185
Colorado   —   31,034   —   31,034
Connecticut   —   29,163   —   29,163
Delaware   —   1,063   —   1,063
District of Columbia   —   2,260   —   2,260
Florida   —   119,853   —   119,853
Georgia   —   22,587   —   22,587
Guam   —   12,577   —   12,577
Hawaii   —   1,652   —   1,652
Idaho   —   8,119   —   8,119
Illinois   —   105,266   —   105,266
Indiana   —   4,431   —   4,431
Iowa   —   6,461   —   6,461
Kansas   —   4,963   —   4,963
Kentucky   —   3,299   —   3,299
Louisiana   —   27,025   —   27,025
Maryland   —   3,916   —   3,916
Massachusetts   —   8,801   —   8,801
Michigan   —   48,174   —   48,174
Minnesota   —   11,677   —   11,677
Mississippi   —   3,988   —   3,988
Missouri   —   12,493   —   12,493
Nebraska   —   9,195   —   9,195
Nevada   —   12,894   —   12,894
New Hampshire   —   3,741   —   3,741
New Jersey   —   69,815   —   69,815
New Mexico   —   3,923   —   3,923
New York   —   125,691   —   125,691
North Carolina   —   6,597   —   6,597
North Dakota   —   3,632   —   3,632
Ohio   —   65,434   —   65,434
Oklahoma   —   3,607   —   3,607
Oregon   —   5,169   —   5,169
Pennsylvania   —   51,992   —   51,992
Puerto Rico   —   43,123   —   43,123
Rhode Island   —   574   —   574
South Carolina   —   12,367   —   12,367
South Dakota   —   2,401   —   2,401
Tennessee   —   5,705   —   5,705
Texas   —   134,791   —   134,791
Utah   —   4,054   —   4,054
Vermont   —   636   —   636
Virgin Islands   —   20,207   —   20,207
Virginia   —   14,361   —   14,361

 

See accompanying notes which are an integral part of this quarterly report.

Russell Tax Exempt Bond Fund 241

 

Russell Investment Company
Russell Tax Exempt Bond Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Presentation of Portfolio Holdings
Amounts in thousands

      Fair Value        
Portfolio Summary Level 1 Level 2 Level 3   Total
Washington   —   44,782   —   44,782
West Virginia   —   2,612   —   2,612
Wisconsin   —   20,197   —   20,197
Wyoming   —   3,223   —   3,223
Short-Term Investments — 47,522 — 47,522
Total Investments $ — $ 1,361,344 $ — $ 1,361,344

 

For a description of the Levels see note 2 in the Notes to Quarterly Report.
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to Quarterly
Report.

See accompanying notes which are an integral part of this quarterly report.

242 Russell Tax Exempt Bond Fund

 

Russell Investment Company
Russell Commodity Strategies Fund

Consolidated Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)  
    Principal   Fair Principal Fair
    Amount ($)   Value Amount ($) Value
    or Shares   $ or Shares $
Short-Term Investments - 88.1%         Total Investments 88.1%  
Russell U.S. Cash Management Fund (a)   575,962,637 (8)   575,963 (identified cost $596,961) 596,961
United States Treasury Bills            
0.127% due 02/18/16(~)(ç)(§) 20,000   19,999 Other Assets and Liabilities,  
0.315% due 04/28/16(~)(ç)(§) 1,000   999 Net - 11.9% 80,948
Total Short-Term Investments            
(cost $596,961)       596,961 Net Assets - 100.0% 677,909

 

(a) Russell U.S. Cash Management Fund is an investment fund which is valued daily and allows redemptions on a daily basis. The fund exists
primarily for the investment and reinvestment of cash balances held by Russell Investment Company and Russell Investment Funds. Russell
Commodity Strategies Fund’s ownership in the Russell U.S. Cash Management Fund includes a proportional ownership in Federal Home Loan
Discount Notes with an approximate aggregate value of $74,667,002 which represents 11.01% of Russell U.S. Cash Management Fund’s net assets.      

See accompanying notes which are an integral part of this quarterly report.

Russell Commodity Strategies Fund 243

 

Russell Investment Company
Russell Commodity Strategies Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Futures Contracts              
 
Amounts in thousands (except contract amounts)            
            Unrealized  
            Appreciation  
    Number of Notional Expiration (Depreciation)  
    Contracts Amount Date $  
Long Positions              
WTI Crude Oil Futures 47 USD 1,580 02/16 225  
WTI Crude Oil Futures 96 USD 4,008 11/16 (753 )
Short Positions              
WTI Crude Oil Futures 49 USD 1,862 05/16 462  
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)         (66 )
 
Total Return Swap Contracts (*)              
Amounts in thousands              
Fund Receives/(Pays)     Notional Termination Fair Value  
Underlying Reference Entity Counterparty Amount Date $  
Long Reference Entity              
Bloomberg Aluminum Subindex Merrill Lynch   USD 1,239 07/15/16 —  
Bloomberg Aluminum Subindex UBS   USD 2,527 03/10/16 —  
Bloomberg Brent Crude Subindex Barclays   USD 3,460 06/30/16 69  
Bloomberg Brent Crude Subindex Merrill Lynch   USD 3,986 07/15/16 —  
Bloomberg Brent Crude Subindex UBS   USD 1,941 03/21/16 —  
Bloomberg Coffee Subindex Merrill Lynch   USD 487 04/04/16 —  
Bloomberg Coffee Subindex Merrill Lynch   USD 1,810 07/15/16 —  
Bloomberg Commodity Index Barclays   USD 5,399 06/30/16 547  
Bloomberg Commodity Index Barclays   USD 1,245 06/30/16 96  
Bloomberg Commodity Index Merrill Lynch   USD 1,500 04/04/16 —  
Bloomberg Commodity Index Merrill Lynch   USD 3,002 04/04/16 —  
Bloomberg Commodity Index 2 Month Forward Total              
Return Merrill Lynch   USD 12,001 04/04/16 —  
Bloomberg Commodity Index 2 Month Forward Total              
Return Merrill Lynch   USD 18,701 07/15/16 —  
Bloomberg Commodity Index 2 Month Forward Total              
Return UBS   USD 11,664 03/10/16 —  
Bloomberg Commodity Index 2 Month Forward Total              
Return UBS   USD 5,785 03/16/16 —  
Bloomberg Commodity Total Return Index Barclays   USD 11,761 02/25/16 556  
Bloomberg Commodity Total Return Index Merrill Lynch   USD 8,984 04/04/16 —  
Bloomberg Commodity Total Return Index Morgan Stanley   USD 13,650 02/25/16 61  
Bloomberg Commodity Total Return Index UBS   USD 4,207 02/16/16 —  
Bloomberg Copper Index Goldman Sachs   BRL 1,329 02/18/16 2,417  
Bloomberg Copper Index JPMorgan Chase   USD 774 03/20/16 77  
Bloomberg Cotton Subindex Barclays   USD 1,708 06/30/16 711  
Bloomberg Cotton Subindex Merrill Lynch   USD 1,901 04/04/16 —  
Bloomberg Gold Subindex Barclays   USD 2,500 09/30/16 136  
Bloomberg Gold Subindex JPMorgan Chase   USD 453 03/20/16 77  
Bloomberg Gold Subindex Merrill Lynch   USD 1,449 04/04/16 —  
Bloomberg Heating Oil Subindex Societe Generale   USD 3,496 02/25/16 74  
Bloomberg Lean Hogs Subindex Merrill Lynch   USD 1,583 04/04/16 —  
Bloomberg Lean Hogs Subindex UBS   USD 1,561 02/25/16 150  
Bloomberg Live Cattle Subindex Barclays   USD 4,655 06/30/16 536  
Bloomberg Natural Gas Subindex Merrill Lynch   USD 1,818 07/15/16 —  
Bloomberg Nickel Index Barclays   USD 2,735 04/29/16 258  
Bloomberg Platinum Subindex Barclays   USD 6,658 09/30/16 177  
Bloomberg Silver Subindex Barclays   USD 2,709 04/29/16 149  
Bloomberg Silver Subindex Merrill Lynch   USD 2,547 07/15/16 —  
Bloomberg Soy Meal Subindex Goldman Sachs   BRL 2,781 02/18/16 (216 )
Bloomberg Soy Meal Subindex Morgan Stanley   USD 709 09/18/17 71  
Bloomberg Soybean Oil Subindex Merrill Lynch   USD 1,651 07/15/16 —  
Bloomberg Soybean Oil Subindex UBS   USD 1,156 03/16/16 —  
Bloomberg Sugar Subindex Goldman Sachs   BRL 610 02/16/16 (694 )
Bloomberg Sugar Subindex UBS   USD 3,402 03/16/16 —  
Bloomberg Unleaded Gasonline Subindex Goldman Sachs   BRL 1,095 02/18/16 2,280  
Bloomberg Unleaded Gasonline Subindex Merrill Lynch   USD 3,850 04/04/16 —  
Bloomberg WTI Crude Oil Subindex 3 Month Forward JPMorgan Chase   USD 625 03/20/16 64  
Bloomberg Zinc Subindex Barclays   USD 5,531 10/31/16 1,236  
Bloomberg Zinc Subindex Merrill Lynch   USD 2,061 04/04/16 —  
Bloomberg Zinc Subindex UBS   USD 895 03/16/16 —  
Cargill Custom Index Merrill Lynch   USD 1,495 04/04/16 —  
Macquarie Commodity Customized Product Barclays   USD 24,059 09/30/16 1,019  

 

See accompanying notes which are an integral part of this quarterly report.

244 Russell Commodity Strategies Fund

 

Russell Investment Company
Russell Commodity Strategies Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Total Return Swap Contracts (*)          
Amounts in thousands          
Fund Receives/(Pays)   Notional Termination Fair Value
Underlying Reference Entity Counterparty Amount Date $
Merrill Lynch Commodity Index eXtra BIN1 Index Merrill Lynch USD 24,832 04/04/16 —
Merrill Lynch Commodity Index eXtra CS2T Index Merrill Lynch USD 44,005 04/04/16 —
Merrill Lynch Commodity Index eXtra(Palladium) Excess          
Return Barclays USD 3,220 06/30/16 68
Russell Core Commodity Diversified Index BNP Paribas USD 101,995 02/25/16 154
Societe Generale Commodity P04T Index Barclays USD 15,377 10/31/16 897
Total Fair Value of Open Total Return Swap Contracts Premiums Paid (Received) - $— (å)       10,970

 

(*) Total return swaps (which includes index swaps) are agreements between counterparties to exchange cash flows, one based on a market-linked
returns of an individual asset or a basket of assets (i.e. an index), and the other on a fixed or floating rate. The fixed fees embedded in the total
return swaps held as of January 31, 2016 ranged from 0.00% to 0.35%. The floating rate fees were all based on the 3-month Treasury Bill rate
plus a fee ranging from 0.138% to 0.296%. For the period ended January 31, 2016, there were no performance based fees.

Presentation of Portfolio Holdings                      
 
Amounts in thousands                      
 
            Fair Value          
Portfolio Summary Level 1   Level 2 Level 3   Total  
Short-Term Investments $ —   $ 596,961 $ — $   596,961  
Total Investments —   596,961 —   596,961  
 
 
Other Financial Instruments                      
Futures Contracts (66 ) — —   (66 )
Total Return Swap Contracts —   10,970 —   10,970  
Total Other Financial Instruments* $ (66 ) $ 10,970 $ — $   10,904  
 
*      Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.          

 

For a description of the Levels see note 2 in the Notes to Quarterly Report.
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to Quarterly
Report.

See accompanying notes which are an integral part of this quarterly report.

Russell Commodity Strategies Fund 245

 

Russell Investment Company
Russell Global Infrastructure Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair       Principal   Fair
      Amount ($)   Value       Amount ($)   Value
      or Shares   $       or Shares   $
Common Stocks - 96.0%           Zhejiang Expressway Co., Ltd. Class H 680,000   589
Australia - 8.7%                     24,152
APA Group 755,252   4,572            
Aurizon Holdings, Ltd. 138,466   364 France - 6.5%          
AusNet Services(Æ) 2,208,978   2,307 Aeroports de Paris 105,693   11,972
DUET Group 3,492,387   5,736 Eutelsat Communications SA(Æ) 278,442   9,045
Macquarie Atlas Roads Group 1,778,392   5,408 Groupe Eurotunnel SE 3,196,586   36,902
Spark Infrastructure Group 5,176,386   7,280 Rubis SCA 36,619   2,752
Sydney Airport 1,857,550   8,703 Suez Environnement Co. 206,064   3,823
Transurban Group - ADR(Æ) 9,784,048   74,972 Vinci SA 244,162   16,558
          109,342           81,052
 
Austria - 0.3%           Germany - 1.4%          
Flughafen Wien AG 44,186   3,889 Fraport AG Frankfurt Airport Services          
Oesterreichische Post AG 8,961   318 Worldwide 292,128   17,700
          4,207            
            Hong Kong - 3.3%          
Belgium - 0.2%           Beijing Enterprises Holdings, Ltd. 548,142   2,748
bpost SA 45,076   1,073 Cheung Kong Infrastructure Holdings,          
Elia System Operator SA 17,211   830 Ltd. 193,110   1,817
          1,903 China Everbright International, Ltd. 2,438,530   2,606
            China Gas Holdings, Ltd.(Æ) 208,712   266
Brazil - 1.6%           China Merchants Holdings International        
Alupar Investimento SA 68,125   211 Co., Ltd. 7,375,683   20,404
CCR SA 3,125,309   9,986 CLP Holdings, Ltd. 63,922   536
Cia de Saneamento Basico do Estado de           Hong Kong & China Gas Co., Ltd. 890,226   1,555
Sao Paulo - ADR(Æ)(Ñ) 1,456,460   7,734 MTR Corp., Ltd. 98,625   448
CPFL Energias Renovaveis SA(Æ) 90,531   261 Power Assets Holdings, Ltd. 1,179,380   10,787
Ultrapar Participacoes SA 67,424   1,001           41,167
Wilson Sons, Ltd. 70,606   504            
          19,697 India - 0.3%          
            Power Grid Corp. of India, Ltd. 1,504,798   3,293
Canada - 5.3%                      
AltaGas, Ltd. - ADR(Ñ) 62,735   1,468 Indonesia - 0.1%          
Brookfield Infrastructure Partners, LP(Ñ) 37,545   1,350 Jasa Marga Persero Tbk PT 503,631   212
Emera, Inc. 35,421   1,129 Tower Bersama Infrastructure Tbk PT(Æ) 1,868,444   869
Enbridge, Inc. 1,099,285   38,137           1,081
Fortis, Inc. 30,826   896            
Keyera Corp. 750   20 Italy - 7.7%          
Pembina Pipeline Corp.(Ñ) 33,825   769 ASTM SpA 67,798   737
TransCanada Corp. 611,282   21,201 Atlantia SpA 1,949,153   50,925
Veresen, Inc.(Ñ) 161,502   920 Ei Towers SpA 41,346   2,403
Westshore Terminals Investment Corp. 131,913   1,234 Hera SpA 2,178,573   6,095
          67,124 Infrastrutture Wireless Italiane SpA(Æ)          
            (Þ) 533,157   2,699
Cayman Islands - 0.1%           RAI Way SpA(Þ) 163,458   763
HKBN, Ltd.(Æ) 1,204,991   1,532 Snam Rete Gas SpA 3,691,834   20,686
            Societa Iniziative Autostradali e Servizi          
Chile - 0.5%           SpA 261,289   2,476
AES Gener SA(Æ) 3,141,567   1,388 Terna Rete Elettrica Nazionale SpA 1,814,615   9,711
Aguas Andinas SA Class A 3,539,411   1,775           96,495
Empresa Nacional de Electricidad SA                      
- ADR 29,641   1,150 Japan - 3.9%          
Enersis SA - ADR 143,114   1,687 Central Japan Railway Co. 9,900   1,838
          6,000 Chugoku Electric Power Co., Inc. (The) 85,100   1,135
            East Japan Railway Co. 198,494   18,281
China - 1.9%           Electric Power Development Co., Ltd. 30,500   1,029
China Everbright Water, Ltd.(Æ)(Ñ) 2,350,438   783 Japan Airport Terminal Co., Ltd.(Ñ) 126,853   5,073
COSCO Pacific, Ltd.(Þ) 11,316,573   12,770 Kamigumi Co., Ltd. 1,801,494   16,255
Hopewell Highway Infrastructure, Ltd. 1,026,519   470 Tohoku Electric Power Co., Inc. 92,300   1,153
Jiangsu Expressway Co., Ltd. Class H 7,825,990   9,328            
Towngas China Co., Ltd. 439,317   212            

 

See accompanying notes which are an integral part of this quarterly report.

246 Russell Global Infrastructure Fund

 

Russell Investment Company
Russell Global Infrastructure Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Tokyo Gas Co., Ltd. 796,000   3,660 Aena SA(Æ)(Þ) 81,956   9,141
        48,424 Cellnex Telecom SAU(Æ)(Þ) 89,406   1,539
          Enagas SA 171,978   5,011
Luxembourg - 0.9%         Ferrovial SA(Æ) 542,458   11,952
SES SA 453,313   11,879 Red Electrica Corp. SA 39,998   3,231
                  72,705
Malaysia - 0.1%                  
Petronas Gas BHD 180,119   993 Switzerland - 1.1%        
Westports Holdings BHD 429,784   420 Flughafen Zuerich AG 17,989   13,266
        1,413          
          United Kingdom - 6.3%        
Mexico - 1.5%         BBA Aviation PLC 3,382,110   7,890
Grupo Aeroportuario del Centro Norte         Centrica PLC 103,087   303
Sab de CV - ADR(Æ) 75,362   2,798 National Grid PLC 2,190,615   30,875
Grupo Aeroportuario del Pacifico SAB de         National Grid PLC - ADR(Ñ) 170,359   12,063
CV Class B(Æ) 612,452   5,144 Pennon Group PLC 296,309   3,751
Grupo Aeroportuario del Pacifico SAB de         Scottish & Southern Energy PLC 507,185   10,538
CV - ADR 59,618   5,010 Severn Trent PLC Class H 156,740   4,910
Grupo Aeroportuario del Sureste SAB de         Shanks Group PLC 336,931   427
CV - ADR 19,064   2,606 United Utilities Group PLC 622,868   8,522
Infraestructura Energetica Nova SAB                 79,279
de CV 76,609   300          
OHL Mexico SAB de CV(Æ) 698,207   649 United States - 35.6%        
Promotora y Operadora de         AES Corp. 551,327   5,238
Infraestructura SAB de CV Class         Alliant Energy Corp. 128,085   8,369
L(Æ) 238,255   2,357 Ameren Corp. 75,167   3,376
        18,864 American Electric Power Co., Inc. 44,323   2,702
          American Tower Corp.(ö) 70,449   6,646
Netherlands - 0.1%         American Water Works Co., Inc. 127,279   8,262
Koninklijke Vopak NV 40,593   1,766 Aqua America, Inc. 32,471   1,024
          Atmos Energy Corp. 75,298   5,212
New Zealand - 1.4%         Avangrid, Inc.(Æ) 27,168   1,045
Auckland International Airport, Ltd. 2,802,651   10,129 CenterPoint Energy, Inc. 58,572   1,047
Contact Energy, Ltd. 517,821   1,547 Cheniere Energy, Inc.(Æ) 53,400   1,605
Infratil, Ltd. 1,538,452   3,096 CMS Energy Corp. 131,007   5,094
Port of Tauranga, Ltd.(Ñ) 246,264   2,986 Columbia Pipeline Group, Inc. 418,998   7,772
Vector, Ltd. 16,989   36 Connecticut Water Service, Inc. 30,928   1,328
        17,794 Crown Castle International Corp.(ö) 76,988   6,636
Norway - 0.0%         CSX Corp. 465,671   10,720
Hafslund ASA Class B 57,564   375 Digital Realty Trust, Inc.(ö) 22,435   1,797
          Dominion Resources, Inc. 156,379   11,286
Philippines - 0.2%         DTE Energy Co. 58,112   4,940
International Container Terminal         Duke Energy Corp. 258,286   19,449
Services, Inc. 1,946,338   2,493 Edison International 157,285   9,720
          Enterprise Products Partners, LP(Ñ) 311,104   7,438
Portugal - 0.1%         Eversource Energy 239,955   12,910
REN - Redes Energeticas Nacionais         Exelon Corp. 489,491   14,474
SGPS SA 558,640   1,679 Genesee & Wyoming, Inc. Class A(Æ) 458   23
          Great Plains Energy, Inc. 201,809   5,626
Singapore - 1.1%         ITC Holdings Corp. 404,889   16,155
CitySpring Infrastructure Trust 10,054,786   3,251 Kansas City Southern 51,246   3,632
ComfortDelGro Corp., Ltd. 954,355   1,910 Kinder Morgan, Inc. 1,578,454   25,966
Hutchison Port Holdings Trust 9,311,071   4,460 Laclede Group, Inc. (The) 30,243   1,934
Parkway Life Real Estate Investment         Macquarie Infrastructure Corp. 29,172   1,956
Trust(Æ)(ö) 1,313,278   2,084 Magellan Midstream Partners, LP 140,684   9,036
SATS, Ltd. 404,575   1,105 NextEra Energy, Inc.(Ñ) 441,060   46,272
Singapore Post, Ltd. 1,438,535   1,352 NiSource, Inc. 185,370   3,895
        14,162 Norfolk Southern Corp. 64,100   4,519
          NorthWestern Corp. 22,394   1,250
Spain - 5.8%         ONE Gas, Inc. 32,013   1,811
Abertis Infraestructuras SA 2,795,353   41,831 ONEOK, Inc. 67,545   1,682

 

See accompanying notes which are an integral part of this quarterly report.

Russell Global Infrastructure Fund 247

 

Russell Investment Company
Russell Global Infrastructure Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

  Amounts in thousands (except share amounts)      
        Principal   Fair  
        Amount ($)   Value  
        or Shares   $  
  Pattern Energy Group, Inc. Class A(Ñ)   87,950   1,667  
  PG&E Corp.   578,835   31,784  
  Phillips 66 Partners, LP   65   4  
  Pinnacle West Capital Corp.   15,445   1,024  
  PPL Corp.   380,589   13,343  
  SBA Communications Corp. Class A(Æ)   160,599   15,944  
  Sempra Energy   145,464   13,783  
  Shell Midstream Partners, LP(Æ)   1,962   70  
  SJW Corp.   29,394   958  
  Southern Co. (The)   53,114   2,598  
  Southwest Gas Corp.   20,858   1,227  
  Spectra Energy Corp.   758,105   20,810  
  Tallgrass Energy GP, LP Class A(Ñ)   63,451   983  
  Targa Resources Corp.   13,957   314  
  UGI Corp.   263,453   8,957  
  Union Pacific Corp.   146,915   10,578  
  Unitil Corp.   33,360   1,293  
  Waste Connections, Inc.   5,902   354  
  WEC Energy Group, Inc.   23,551   1,301  
  Westar Energy, Inc. Class A   116,884   5,091  
  WGL Holdings, Inc.   42,393   2,831  
  Williams Cos., Inc. (The)   305,637   5,899  
  Xcel Energy, Inc.   639,557   24,444  
            447,104  
 
  Total Common Stocks            
  (cost $1,172,461)         1,205,948  
 
Short -Term Investments - 3.0%            
  United States - 3.0%            
  Russell U.S. Cash Management Fund   37,946,331 (8) 37,946  
  Total Short-Term Investments            
  (cost $37,946)         37,946  
 
  Other Securities - 2.4%            
  Russell U.S. Cash Collateral Fund(×)   30,253,785 (8) 30,254  
  Total Other Securities            
  (cost $30,254)         30,254  
 
  Total Investments 101.4%            
  (identified cost $1,240,661)         1,274,148  
 
  Other Assets and Liabilities, Net            
- (1.4%)       (17,762 )
  Net Assets - 100.0%         1,256,386  

 

See accompanying notes which are an integral part of this quarterly report.

248 Russell Global Infrastructure Fund

 

Russell Investment Company
Russell Global Infrastructure Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Futures Contracts                        
 
Amounts in thousands (except contract amounts)                        
                      Unrealized  
                      Appreciation  
      Number of   Notional   Expiration (Depreciation)  
      Contracts   Amount   Date $  
Long Positions                        
CAC40 Euro Index Futures       59 EUR 2,603 02/16 6  
Dow Jones Index Futures       2 EUR 488 03/16 6  
EURO STOXX 50 Index Futures       53 EUR 1,605 03/16 (42 )
FTSE 100 Index Futures       30 GBP 1,802 03/16 25  
Hang Seng Index Futures       23 HKD 22,681 02/16 92  
IBEX 35 Index Futures       51 EUR 4,472 02/16 (102 )
S&P 500 E-Mini Index Futures       58 USD 5,597 03/16 (181 )
S&P Utilities Select Sector Index Futures       183 USD 8,332 03/16 387  
S&P/TSX 60 Index Futures       23 CAD 3,463 03/16 3  
SPI 200 Index Futures       49 AUD 6,082 03/16 (64 )
TOPIX Index Futures       13 JPY 187,070 03/16 (75 )
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)                   55  
 
Foreign Currency Exchange Contracts                        
Amounts in  thousands                        
                      Unrealized  
                      Appreciation  
    Amount       Amount     (Depreciation)  
Counterparty   Sold       Bought   Settlement Date $  
Bank of America USD   669   CAD 940 03/16/16 2  
Bank of America USD   46   EUR 42 02/02/16 (1 )
Bank of America USD   126   EUR 115 02/02/16 (1 )
Bank of America USD   225   EUR 205 02/02/16 (2 )
Bank of America USD   2,971   EUR 2,710 03/16/16 (33 )
Bank of America USD   560   GBP 390 03/16/16 (5 )
Bank of America USD   231   HKD 1,800 03/16/16 —  
Bank of America USD   203   JPY 24,080 03/16/16 (4 )
Bank of America AUD   150   USD 107 03/16/16 2  
Bank of America AUD   189   USD 137 03/16/16 4  
Bank of America AUD   400   USD 290 03/16/16 8  
Bank of America AUD   420   USD 294 03/16/16 (3 )
Bank of America AUD   600   USD 434 03/16/16 10  
Bank of America AUD   1,500   USD 1,046 03/16/16 (13 )
Bank of America CAD   150   USD 109 03/16/16 2  
Bank of America CAD   246   USD 177 03/16/16 2  
Bank of America CAD   410   USD 292 03/16/16 (1 )
Bank of America CAD   500   USD 370 03/16/16 13  
Bank of America CAD   800   USD 558 03/16/16 (15 )
Bank of America EUR   173   USD 189 02/01/16 2  
Bank of America EUR   72   USD 78 02/02/16 —  
Bank of America EUR   106   USD 115 02/02/16 —  
Bank of America EUR   200   USD 218 03/16/16 1  
Bank of America EUR   250   USD 274 03/16/16 3  
Bank of America EUR   351   USD 384 03/16/16 3  
Bank of America EUR   1,200   USD 1,303 03/16/16 2  
Bank of America EUR   1,250   USD 1,357 03/16/16 2  
Bank of America EUR   2,500   USD 2,718 03/16/16 7  
Bank of America GBP   60   USD 90 03/16/16 5  
Bank of America GBP   72   USD 107 03/16/16 4  
Bank of America GBP   100   USD 147 03/16/16 5  
Bank of America GBP   160   USD 230 03/16/16 2  
Bank of America GBP   450   USD 648 03/16/16 7  
Bank of America HKD   912   USD 118 03/16/16 1  
Bank of America HKD   1,000   USD 129 03/16/16 1  
Bank of America HKD   2,500   USD 323 03/16/16 1  
Bank of America HKD   3,550   USD 455 03/16/16 (1 )

 

See accompanying notes which are an integral part of this quarterly report.

Russell Global Infrastructure Fund 249

 

Russell Investment Company
Russell Global Infrastructure Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts
Amounts in  thousands

                      Unrealized  
                      Appreciation  
      Amount     Amount     (Depreciation)  
  Counterparty   Sold     Bought   Settlement Date $  
Bank of America   HKD   6,000 USD   770 03/16/16 (1 )
Bank of America   JPY   5,000 USD   41 03/16/16 —  
Bank of America   JPY   9,838 USD   82 03/16/16 —  
Bank of America   JPY   20,830 USD   176 03/16/16 4  
Bank of America   JPY   45,000 USD   381 03/16/16 9  
Bank of Montreal   USD   324 EUR   300 03/16/16 1  
BNP Paribas   AUD   450 USD   323 03/16/16 5  
BNP Paribas   AUD   450 USD   326 03/16/16 8  
BNP Paribas   AUD   500 USD   358 03/16/16 5  
BNP Paribas   AUD   500 USD   360 03/16/16 7  
BNP Paribas   CAD   300 USD   218 03/16/16 4  
BNP Paribas   CAD   300 USD   220 03/16/16 6  
BNP Paribas   CAD   350 USD   254 03/16/16 4  
BNP Paribas   CAD   350 USD   251 03/16/16 1  
BNP Paribas   EUR   850 USD   937 03/16/16 16  
BNP Paribas   EUR   900 USD   987 03/16/16 11  
BNP Paribas   EUR   900 USD   977 03/16/16 —  
BNP Paribas   EUR   1,000 USD   1,093 03/16/16 8  
BNP Paribas   GBP   150 USD   225 03/16/16 11  
BNP Paribas   GBP   150 USD   227 03/16/16 14  
BNP Paribas   GBP   180 USD   273 03/16/16 17  
BNP Paribas   GBP   200 USD   294 03/16/16 9  
BNP Paribas   HKD   1,500 USD   194 03/16/16 1  
BNP Paribas   HKD   2,000 USD   258 03/16/16 1  
BNP Paribas   HKD   2,000 USD   258 03/16/16 1  
BNP Paribas   HKD   2,500 USD   323 03/16/16 1  
BNP Paribas   JPY   15,000 USD   124 03/16/16 —  
BNP Paribas   JPY   15,000 USD   123 03/16/16 (1 )
BNP Paribas   JPY   15,000 USD   124 03/16/16 —  
BNP Paribas   JPY   25,000 USD   210 03/16/16 3  
Credit Suisse   USD   10 HKD   78 02/02/16 —  
Deutsche Bank   USD   279 AUD   400 03/16/16 3  
Deutsche Bank   USD   517 AUD   720 03/16/16 (8 )
Deutsche Bank   USD   142 CAD   200 03/16/16 1  
Deutsche Bank   USD   221 CAD   300 03/16/16 (7 )
Deutsche Bank   USD   438 EUR   400 03/16/16 (4 )
Deutsche Bank   USD   983 EUR   900 03/16/16 (7 )
Deutsche Bank   USD   219 GBP   150 03/16/16 (6 )
Deutsche Bank   USD   193 HKD   1,500 03/16/16 (1 )
Deutsche Bank   USD   258 HKD   2,000 03/16/16 (1 )
Deutsche Bank   USD   85 JPY   10,000 03/16/16 (2 )
Deutsche Bank   EUR   —   USD   —   02/01/16 —  
Deutsche Bank   EUR   886 USD   960 02/02/16 —  
HSBC   USD   1,422 AUD   1,984 03/16/16 (21 )
HSBC   USD   1,112 CAD   1,512 03/16/16 (33 )
HSBC   USD   3,747 EUR   3,430 03/16/16 (28 )
HSBC   USD   975 GBP   650 03/16/16 (48 )
HSBC   USD   2,029 HKD   15,718 03/16/16 (9 )
HSBC   USD   542 JPY   66,532 03/16/16 8  
HSBC   AUD   300 USD   208 03/16/16 (4 )
HSBC   CAD   200 USD   139 03/16/16 (3 )
HSBC   EUR   700 USD   762 03/16/16 3  
HSBC   GBP   100 USD   144 03/16/16 2  
HSBC   HKD   1,000 USD   129 03/16/16 —  
HSBC   JPY   10,000 USD   85 03/16/16 2  
National Australia Bank   GBP   315 USD   452 02/01/16 3  
Royal Bank of Canada   USD   1,425 AUD   1,984 03/16/16 (23 )
Royal Bank of Canada   USD   1,112 CAD   1,512 03/16/16 (33 )

 

See accompanying notes which are an integral part of this quarterly report.

250 Russell Global Infrastructure Fund

 

Russell Investment Company
Russell Global Infrastructure Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts
Amounts in  thousands

                    Unrealized  
                    Appreciation  
      Amount     Amount     (Depreciation)  
  Counterparty   Sold     Bought   Settlement Date $  
Royal Bank of Canada   USD   3,742 EUR 3,430 03/16/16 (23 )
Royal Bank of Canada   USD   975 GBP 650 03/16/16 (49 )
Royal Bank of Canada   USD   542 JPY 66,532 03/16/16 8  
Royal Bank of Canada   AUD   600 USD 429 03/16/16 5  
Royal Bank of Canada   EUR   1,200 USD 1,307 03/16/16 5  
State Street   USD   488 AUD 700 03/16/16 7  
State Street   USD   877 AUD 1,240 03/16/16 (1 )
State Street   USD   1,152 AUD 1,600 03/16/16 (22 )
State Street   USD   2,017 AUD 2,800 03/16/16 (39 )
State Street   USD   3,406 AUD 4,800 03/16/16 (15 )
State Street   USD   737 CAD 1,000 03/16/16 (24 )
State Street   USD   1,436 CAD 2,000 03/16/16 (8 )
State Street   USD   2,366 CAD 3,300 03/16/16 (11 )
State Street   USD   765 EUR 700 03/16/16 (6 )
State Street   USD   3,096 EUR 2,800 03/16/16 (58 )
State Street   USD   5,491 EUR 5,000 03/16/16 (68 )
State Street   USD   9,226 EUR 8,500 03/16/16 (8 )
State Street   USD   275 GBP 191 02/01/16 (2 )
State Street   USD   218 GBP 150 03/16/16 (4 )
State Street   USD   759 GBP 500 03/16/16 (47 )
State Street   USD   1,334 GBP 900 03/16/16 (52 )
State Street   USD   2,310 GBP 1,550 03/16/16 (100 )
State Street   USD   23 HKD 180 02/01/16 —  
State Street   USD   37 HKD 289 02/01/16 —  
State Street   USD   135 HKD 1,053 02/01/16 —  
State Street   USD   56 HKD 439 02/02/16 —  
State Street   USD   129 HKD 1,000 03/16/16 —  
State Street   USD   618 HKD 4,810 03/16/16 —  
State Street   USD   839 HKD 6,500 03/16/16 (4 )
State Street   USD   1,420 HKD 11,000 03/16/16 (6 )
State Street   USD   2,453 HKD 19,000 03/16/16 (11 )
State Street   USD   348 JPY 42,010 03/16/16 —  
State Street   USD   413 JPY 50,000 03/16/16 1  
State Street   USD   745 JPY 90,000 03/16/16 (1 )
State Street   USD   1,308 JPY 160,000 03/16/16 14  
State Street   USD   33 MXN 604 02/04/16 —  
State Street   AUD   8 USD 6 02/01/16 —  
State Street   AUD   31 USD 22 02/01/16 —  
State Street   AUD   41 USD 29 02/01/16 —  
State Street   AUD   48 USD 34 02/01/16 —  
State Street   AUD   29 USD 20 02/02/16 —  
State Street   AUD   378 USD 269 02/02/16 1  
State Street   AUD   5 USD 3 02/03/16 —  
State Street   AUD   10 USD 7 02/03/16 —  
State Street   AUD   900 USD 644 03/16/16 8  
State Street   AUD   900 USD 649 03/16/16 13  
State Street   AUD   1,110 USD 771 03/16/16 (13 )
State Street   CAD   72 USD 52 02/01/16 —  
State Street   CAD   88 USD 62 02/01/16 —  
State Street   CAD   637 USD 451 02/01/16 (3 )
State Street   CAD   650 USD 469 03/16/16 5  
State Street   CAD   850 USD 596 03/16/16 (11 )
State Street   CAD   1,000 USD 716 03/16/16 2  
State Street   EUR   178 USD 194 02/01/16 1  
State Street   EUR   219 USD 237 02/01/16 —  
State Street   EUR   1,060 USD 1,149 02/03/16 1  
State Street   EUR   1,200 USD 1,313 03/16/16 11  
State Street   EUR   1,500 USD 1,641 03/16/16 14  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Global Infrastructure Fund 251

 

Russell Investment Company
Russell Global Infrastructure Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts
Amounts in  thousands

                          Unrealized  
                          Appreciation  
        Amount       Amount       (Depreciation)  
Counterparty       Sold       Bought   Settlement Date $  
State Street   EUR 1,960 USD 2,129   03/16/16 3  
State Street   GBP   43 USD 61   02/01/16 —  
State Street   GBP   250 USD 372   03/16/16 16  
State Street   GBP   340 USD 484   03/16/16 —  
State Street   GBP   450 USD 670   03/16/16 29  
State Street   HKD   24 USD 3   02/01/16 —  
State Street   HKD   378 USD 49   02/01/16 —  
State Street   HKD   532 USD 68   02/01/16 —  
State Street   HKD   591 USD 76   02/02/16 —  
State Street   HKD 3,200 USD 413   03/16/16 2  
State Street   HKD 4,530 USD 581   03/16/16 (1 )
State Street   HKD 6,000 USD 774   03/16/16 3  
State Street   JPY 5,046 USD 43   02/01/16 1  
State Street   JPY 5,851 USD 48   02/01/16 —  
State Street   JPY   67 USD 1   02/02/16 —  
State Street   JPY 13,177 USD 109   02/03/16 —  
State Street   JPY 45,810 USD 376   02/03/16 (2 )
State Street   JPY 189,875 USD 1,568   02/03/16 —  
State Street   JPY 25,000 USD 207   03/16/16 —  
State Street   JPY 45,000 USD 372   03/16/16 —  
State Street   JPY 51,730 USD 437   03/16/16 10  
UBS   AUD 1,200 USD 859   03/16/16 11  
UBS   CAD   800 USD 582   03/16/16 11  
UBS   EUR 2,000 USD 2,204   03/16/16 36  
UBS   GBP   350 USD 533   03/16/16 34  
UBS   HKD 4,500 USD 581   03/16/16 2  
UBS   JPY 45,000 USD 373   03/16/16 1  
Westpac   USD   208 JPY 24,983   02/02/16 (1 )
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts               (396 )
 
Presentation of Portfolio Holdings                            
 
 
Amounts in thousands                            
 
 
                Fair Value          
Portfolio Summary Level 1 Level 2 Level 3   Total  
Common Stocks                            
Australia $   — $ 109,342 $   — $ 109,342  
Austria     —       4,207     —   4,207  
Belgium     —       1,903     —   1,903  
Brazil   19,697         —     —   19,697  
Canada   67,124         —     —   67,124  
Cayman Islands     —       1,532     —   1,532  
Chile   6,000         —     —   6,000  
China   12,770       11,382     —   24,152  
France     —       81,052     —   81,052  
Germany     —       17,700     —   17,700  
Hong Kong     —       41,167     —   41,167  
India     —       3,293     —   3,293  
Indonesia     —       1,081     —   1,081  
Italy     —       96,495     —   96,495  
Japan     —       48,424     —   48,424  
Luxembourg     —       11,879     —   11,879  
Malaysia     —       1,413     —   1,413  
Mexico   18,864         —     —   18,864  
Netherlands     —       1,766     —   1,766  
New Zealand     —       17,794     —   17,794  
Norway     —       375     —   375  

 

See accompanying notes which are an integral part of this quarterly report.

252 Russell Global Infrastructure Fund

 

Russell Investment Company
Russell Global Infrastructure Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Presentation of Portfolio Holdings                        
 
 
Amounts in thousands                        
 
          Fair Value              
Portfolio Summary Level 1   Level 2   Level 3   Total  
Philippines   —     2,493     —     2,493  
Portugal   —     1,679     —     1,679  
Singapore   —     14,162     —     14,162  
Spain   —     72,705     —     72,705  
Switzerland   —     13,266     —     13,266  
United Kingdom   12,063     67,216     —     79,279  
United States   447,104     —     —     447,104  
Short-Term Investments —   37,946   —   37,946  
Other Securities —   30,254   —   30,254  
Total Investments 583,622   690,526   —   1,274,148  
 
 
Other Financial Instruments                        
Futures Contracts 55   —   —   55  
Foreign Currency Exchange Contracts (4 ) (392 ) —   (396 )
Total Other Financial Instruments* $ 51   $ (392 ) $ — $   (341 )

 

*   Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.

For a description of the Levels see note 2 in the Notes to Quarterly Report.
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to Quarterly
Report.

See accompanying notes which are an integral part of this quarterly report.

Russell Global Infrastructure Fund 253

 

Russell Investment Company
Russell Global Real Estate Securities Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair       Principal   Fair
      Amount ($)   Value       Amount ($)   Value
      or Shares   $       or Shares   $
Common Stocks - 97.8%           Mercialys SA(ö) 93,088   1,905
Australia - 5.3%           Unibail-Rodamco SE(ö) 60,172   15,167
BGP Holdings PLC(Æ)(Å) 4,619,419   —           52,114
Dexus Property Group(ö) 1,357,702   7,137            
Goodman Group(ö) 1,415,097   6,149 Germany - 2.4%          
GPT Group (The)(ö) 750,661   2,617 alstria office REIT-AG(Æ)(ö) 379,615   4,741
Investa Office Fund(ö) 205,722   572 Deutsche EuroShop AG 12,143   519
Mirvac Group(ö) 2,512,580   3,398 Deutsche Wohnen AG 395,051   10,384
Scentre Group(ö) 6,313,103   19,582 Deutsche Wohnen AG(Æ) 71,475   1,820
Shopping Centres Australasia Property           LEG Immobilien AG(Æ) 69,732   5,634
Group(ö) 117,254   178 Vonovia SE 332,851   10,118
Stockland(ö) 1,910,381   5,606           33,216
Vicinity Centres(Æ)(ö) 7,343,502   15,254            
Westfield Corp.(ö) 1,860,409   13,270 Hong Kong - 8.3%          
          73,763 Champion REIT(Æ)(ö) 698,012   326
            Cheung Kong Property Holdings, Ltd. 2,553,500   13,856
Austria - 0.0%           China Overseas Land & Investment, Ltd. 166,000   476
Buwog AG(Æ) 1,225   25 Hang Lung Properties, Ltd. - ADR 416,000   766
            Henderson Land Development Co., Ltd. 1,599,222   8,690
Brazil - 0.1%           Hongkong Land Holdings, Ltd. 3,141,667   19,674
BR Malls Participacoes SA 183,900   546 Hysan Development Co., Ltd. 1,183,000   4,577
BR Properties SA 158,800   324 Kerry Properties, Ltd. 312,000   715
Iguatemi Empresa de Shopping Centers           Link REIT(ö) 3,229,297   18,485
SA 114,800   579 New World Development Co., Ltd. 4,339,551   3,504
          1,449 Sino Land Co., Ltd. 520,000   665
            Sun Hung Kai Properties, Ltd. 2,713,982   29,512
Canada - 1.4%           Swire Properties, Ltd. 3,311,800   8,582
Allied Properties Real Estate Investment         Wharf Holdings, Ltd. (The) 1,044,000   4,865
Trust(ö) 164,657   3,914           114,693
Boardwalk Real Estate Investment                      
Trust(Ñ)(ö) 36,986   1,163 Ireland - 0.3%          
Brookfield Canada Office Properties(Ñ)           Green REIT PLC(ö) 1,771,988   2,897
(ö) 47,849   893 Hibernia REIT PLC(ö) 666,009   930
Canadian Real Estate Investment                     3,827
Trust(ö) 86,804   2,544            
Crombie Real Estate Investment Trust(ö) 70,792   673 Italy - 0.3%          
Dream Office Real Estate Investment           Beni Stabili SpA SIIQ(Ñ)(ö) 6,256,231   4,216
Trust(Ñ)(ö) 46,274   532            
First Capital Realty, Inc. Class A(Ñ) 220,572   2,947 Japan - 10.7%          
H&R Real Estate Investment Trust(Ñ)(ö) 169,793   2,285 Activia Properties, Inc.(ö) 1,375   6,181
RioCan Real Estate Investment Trust(Ñ)           Advance Residence Investment Corp.(ö) 270   584
(ö) 186,488   3,293 Aeon Mall Co., Ltd. 229,600   3,501
Smart Real Estate Investment Trust(ö) 24,000   530 Daiwa Office Investment Corp.(ö) 106   605
          18,774 Frontier Real Estate Investment Corp.(ö) 50   203
            GLP J-Reit(ö) 4,299   4,203
China - 0.0%           Hulic Co., Ltd. 85,400   734
China Resources Land, Ltd. 146,000   362 Hulic Reit, Inc.(ö) 4,361   6,342
Dalian Wanda Commercial Properties           Japan Excellent, Inc.(Æ)(ö) 386   429
Co., Ltd. Class H(Þ) 62,900   305 Japan Hotel REIT Investment Corp.          
          667 (Æ)(ö) 3,711   2,818
            Japan Logistics Fund, Inc.(Æ)(ö) 247   492
Finland - 0.2%           Japan Prime Realty Investment Corp.(ö) 851   3,060
Citycon OYJ(Æ) 800,049   1,909 Japan Real Estate Investment Corp.(ö) 1,963   10,397
Sponda OYJ 246,742   1,010 Japan Retail Fund Investment Corp.(ö) 3,805   8,031
          2,919 Kenedix Office Investment Corp. Class          
            A(ö) 121   613
France - 3.8%           Kenedix Retail REIT Corp.(ö) 297   605
Fonciere Des Regions(ö) 69,210   5,880            
Gecina SA(ö) 14,533   1,867 Mitsubishi Estate Co., Ltd. 1,943,000   38,512
Icad, Inc.(ö) 71,183   5,059 Mitsui Fudosan Co., Ltd. 1,637,350   38,496
Klepierre - GDR(ö) 509,955   22,236 Mori Hills REIT Investment Corp. Class          
            A(Ñ)(ö) 689   870

 

See accompanying notes which are an integral part of this quarterly report.

254 Russell Global Real Estate Securities Fund

 

Russell Investment Company
Russell Global Real Estate Securities Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Nippon Building Fund, Inc.(ö) 596   3,079 United Kingdom - 6.0%        
Nippon Prologis REIT, Inc.(ö) 583   1,036 Big Yellow Group PLC(ö) 624,897   6,858
Nomura Real Estate Master Fund, Inc.         British Land Co. PLC (The)(ö) 552,595   5,861
(Æ)(ö) 3,194   3,928 Capital & Counties Properties PLC 128,683   682
Nomura Real Estate Master Fund, Inc.         Capital & Regional PLC(ö) 777,953   715
(Æ)(ö) 217   267 Derwent London PLC(ö) 169,368   7,858
Orix JREIT, Inc.(ö) 707   985 Great Portland Estates PLC(ö) 731,601   8,024
Sumitomo Realty & Development Co.,         Hammerson PLC(ö) 1,938,378   16,204
Ltd. 225,000   6,308 Helical Bar PLC 12,319   71
Tokyo Tatemono Co., Ltd. 61,600   663 Intu Properties PLC Class H(ö) 534,668   2,292
Tokyu Fudosan Holdings Corp. 407,900   2,671 Kennedy Wilson Europe Real Estate        
Tokyu REIT, Inc.(ö) 109   128 PLC 124,279   1,978
United Urban Investment Corp.(ö) 2,042   2,795 Land Securities Group PLC(ö) 1,162,877   18,246
        148,536 LondonMetric Property PLC(ö) 527,783   1,221
          LXB Retail Properties PLC(Æ) 749,382   1,043
Luxembourg - 0.1%         Segro PLC(ö) 805,687   5,064
ADO Properties SA(Æ)(Þ) 40,255   1,124 Shaftesbury PLC(ö) 67,292   808
          ST Modwen Properties PLC 106,738   591
Netherlands - 1.5%         UNITE Group PLC (The) 505,827   4,653
Atrium European Real Estate, Ltd.(Æ) 139,966   482 Urban & Civic PLC 221,643   842
Eurocommercial Properties NV(Æ) 35,498   1,556 Workspace Group PLC(ö) 56,850   653
NSI NV(ö) 615,301   2,504         83,664
Wereldhave NV(ö) 309,475   16,899          
        21,441 United States - 53.8%        
          Acadia Realty Trust(ö) 22,651   772
Norway - 0.1%         American Campus Communities, Inc.(ö) 113,557   4,792
Entra ASA(Þ) 197,483   1,556 American Homes 4 Rent Class A(ö) 123,557   1,852
Norwegian Property ASA(Æ) 171,740   171 Apartment Investment & Management        
        1,727 Co. Class A(ö) 375,255   14,691
          AvalonBay Communities, Inc.(ö) 216,285   37,091
Singapore - 1.6%         Boston Properties, Inc.(ö) 200,512   23,302
Ascendas Real Estate Investment         Brandywine Realty Trust(ö) 217,626   2,792
Trust(Æ)(ö) 2,071,200   3,369          
CapitaLand Commercial Trust, Ltd.(Æ)         Brixmor Property Group, Inc.(ö) 597,627   15,909
(ö) 470,000   431 Brookdale Senior Living, Inc. Class        
CapitaLand Mall Trust Class A(Æ)(ö) 725,200   1,012 A(Æ) 199,575   3,249
CapitaLand, Ltd. 3,935,500   8,571 Camden Property Trust(ö) 137,869   10,519
Global Logistic Properties, Ltd. 4,263,750   5,118 Care Capital Properties, Inc.(Æ)(ö) 141,310   4,231
Mapletree Industrial Trust(Æ)(ö) 2,163,200   2,337 Chesapeake Lodging Trust(ö) 97,234   2,443
UOL Group, Ltd. 187,580   743 Colony Starwood Homes(ö) 133,639   2,876
        21,581 CoreSite Realty Corp. Class A(ö) 23,799   1,526
          Corporate Office Properties Trust(ö) 91,288   2,036
Spain - 0.7%         Cousins Properties, Inc.(ö) 722,155   6,225
Hispania Activos Inmobiliarios SA(Æ) 201,995   2,506 CubeSmart(ö) 28,213   883
Inmobiliaria Colonial SA 2,663,900   1,782 CyrusOne, Inc.(ö) 226,150   8,334
Merlin Properties Socimi SA(Æ)(ö) 452,731   5,289 DDR Corp.(ö) 745,065   12,748
        9,577 DiamondRock Hospitality Co.(ö) 406,610   3,375
          Douglas Emmett, Inc.(ö) 346,094   10,238
Sweden - 0.8%         Duke Realty Corp.(ö) 123,467   2,485
Atrium Ljungberg AB Class B 41,379   600 Education Realty Trust, Inc.(ö) 137,725   5,382
Castellum AB 171,047   2,550 Empire State Realty Trust, Inc. Class        
Fabege AB 180,971   2,804 A(ö) 449,636   7,442
Hufvudstaden AB Class A 128,652   1,771 Equinix, Inc.(ö) 14,202   4,411
Wihlborgs Fastigheter AB 141,770   2,729 Equity LifeStyle Properties, Inc. Class        
        10,454 A(ö) 103,866   6,847
          Equity Residential(ö) 433,774   33,440
Switzerland - 0.4%         Essex Property Trust, Inc.(ö) 80,610   17,179
Mobimo Holding AG(Æ) 759   160 Extra Space Storage, Inc.(ö) 179,950   16,320
PSP Swiss Property AG(Æ) 34,866   2,965 Federal Realty Investment Trust(ö) 46,949   7,081
Swiss Prime Site AG Class A(Æ) 31,828   2,554 First Industrial Realty Trust, Inc.(ö) 164,375   3,384
        5,679 Four Corners Property Trust, Inc.(Æ) 24,172   409

 

See accompanying notes which are an integral part of this quarterly report.

Russell Global Real Estate Securities Fund 255

 

Russell Investment Company
Russell Global Real Estate Securities Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)       Amounts in thousands (except share amounts)      
      Principal   Fair       Principal   Fair  
      Amount ($)   Value       Amount ($)   Value  
      or Shares   $       or Shares   $  
General Growth Properties, Inc.(ö) 874,060   24,508   Other Securities - 1.3%          
HCP, Inc.(ö) 488,687   17,563   Russell U.S. Cash Collateral Fund(×)   17,843,816 (8) 17,844  
Health Care REIT, Inc.(Æ)(ö) 154,788   9,631   Total Other Securities          
Healthcare Realty Trust, Inc.(ö) 309,947   9,001   (cost $17,844)       17,844  
Healthcare Trust of America, Inc. Class                        
A(ö) 326,252   9,148   Total Investments 100.7%          
Hilton Worldwide Holdings, Inc. 573,811   10,220   (identified cost $1,229,971)       1,395,081  
Host Hotels & Resorts, Inc.(ö) 1,400,392   19,395              
Hudson Pacific Properties, Inc.(ö) 369,841   9,398   Other Assets and Liabilities, Net          
InfraREIT, Inc.(ö) 101,548   1,963 - (0.7%)     (9,812 )
Kilroy Realty Corp.(ö) 217,726   12,164   Net Assets - 100.0%       1,385,269  
Kimco Realty Corp.(ö) 265,505   7,219              
La Quinta Holdings, Inc.(Æ) 35,710   405              
LaSalle Hotel Properties(ö) 338,504   7,501              
Liberty Property Trust(ö) 95,279   2,794              
Macerich Co. (The)(ö) 116,788   9,106              
Mack-Cali Realty Corp.(ö) 87,889   1,827              
Mid-America Apartment Communities,                        
Inc.(ö) 138,321   12,977              
National Retail Properties, Inc.(ö) 86,537   3,716              
Omega Healthcare Investors, Inc.(ö) 342,208   10,851              
Paramount Group, Inc.(ö) 89,539   1,468              
Prologis, Inc.(ö) 372,373   14,698              
Public Storage(ö) 163,805   41,534              
QTS Realty Trust, Inc. Class A(ö) 154,496   7,138              
Realty Income Corp.(Ñ)(ö) 156,400   8,726              
Regency Centers Corp.(ö) 292,422   21,169              
Retail Opportunity Investments Corp.(ö) 275,032   5,085              
Rexford Industrial Realty, Inc.(ö) 239,365   3,899              
RLJ Lodging Trust(ö) 39,377   720              
Senior Housing Properties Trust(ö) 147,220   2,132              
Simon Property Group, Inc.(ö) 423,716   78,930              
SL Green Realty Corp.(ö) 44,624   4,311              
Sovran Self Storage, Inc.(ö) 20,199   2,276              
Spirit Realty Capital, Inc.(ö) 516,101   5,409              
Starwood Hotels & Resorts Worldwide,                        
Inc. 1,515   94              
STORE Capital Corp.(ö) 228,934   5,675              
Sun Communities, Inc.(ö) 123,743   8,240              
Sunstone Hotel Investors, Inc.(ö) 368,960   4,383              
Tanger Factory Outlet Centers, Inc.(ö) 163,204   5,221              
UDR, Inc.(ö) 328,366   11,686              
Ventas, Inc.(ö) 112,891   6,245              
Vornado Realty Trust(ö) 448,983   39,717              
Washington Real Estate Investment                        
Trust(ö) 99,550   2,512              
Weingarten Realty Investors(ö) 199,019   6,944              
WP GLIMCHER, Inc.(ö) 268,778   2,441              
Xenia Hotels & Resorts, Inc.(ö) 80,202   1,173              
          745,477              
 
Total Common Stocks                        
(cost $1,189,813)         1,354,923              
 
Short-Term Investments - 1.6%                        
United States - 1.6%                        
Russell U.S. Cash Management Fund 22,313,904 (8) 22,314              
Total Short-Term Investments                        
(cost $22,314)         22,314              

 

See accompanying notes which are an integral part of this quarterly report.

256 Russell Global Real Estate Securities Fund

 

Russell Investment Company
Russell Global Real Estate Securities Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Restricted Securities
Amounts in thousands (except share and cost per unit amounts)

              Principal Cost per Cost   Fair Value  
% of Net Assets   Acquisition         Amount ($)     Unit (000)   (000 )
Securities   Date         or shares     $ $   $  
0.0%                              
BGP Holdings PLC   08/06/09     AUD 4,619,419   —  — —  
                            —  
For a description of restricted securities see note 7 in the Notes to Quarterly Report.                
 
Futures Contracts                              
 
Amounts in thousands (except contract amounts)                              
                          Unrealized  
                          Appreciation  
    Number of     Notional   Expiration   (Depreciation)  
    Contracts     Amount   Date     $  
Long Positions                              
Dow Jones U.S. Real Estate Index Futures     383   USD 10,820 03/16     (378 )
FTSE/EPRA Europe Index Futures     374   EUR 7,830 03/16     (442 )
Hang Seng Index Futures     13   HKD 12,820 02/16     57  
MSCI Singapore Index Futures     20   SGD 590 02/16     9  
S&P/TSX 60 Index Futures     5   CAD 753 03/16     (1 )
SPI 200 Index Futures     13   AUD 1,613 03/16     (14 )
TOPIX Index Futures     19   JPY 273,410 03/16     (132 )
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)                         (901 )
 
Foreign Currency Exchange Contracts                              
Amounts in  thousands                              
                            Unrealized  
                            Appreciation  
    Amount         Amount           (Depreciation)  
Counterparty   Sold         Bought   Settlement Date     $  
Bank of America USD 129     AUD 183 02/01/16     —  
Bank of America USD 13     EUR 12 02/01/16     —  
Bank of America USD 46     EUR 42 02/01/16     (1 )
Bank of America USD 174     EUR 159 02/01/16     (2 )
Bank of America USD 11     EUR 10 02/02/16     —  
Bank of America USD 11     EUR 10 02/02/16     —  
Bank of America USD 51     EUR 47 02/02/16     —  
Bank of America USD 56     EUR 52 02/02/16     —  
Bank of America USD 115     EUR 106 02/02/16     —  
Bank of America USD 10     GBP 7 02/01/16     —  
Bank of America USD 20     GBP 14 02/01/16     —  
Bank of America USD 91     GBP 64 02/01/16     (1 )
Bank of America USD 6     GBP 4 02/02/16     —  
Bank of America USD 14     GBP 10 02/02/16     —  
Bank of America USD 49     GBP 34 02/02/16     —  
Bank of America USD 150     GBP 105 02/02/16     —  
Bank of America USD 21     JPY 2,576 02/03/16     —  
Bank of America USD 26     JPY 3,183 02/03/16     —  
Bank of America USD 86     JPY 10,375 02/03/16     —  
Bank of America USD 238     JPY 28,855 02/03/16     —  
Bank of America USD 12     SGD 17 02/01/16     —  
Bank of America USD 18     SGD 25 02/02/16     —  
Bank of America USD 21     SGD 30 02/02/16     —  
Bank of America USD 15     SGD 21 02/03/16     —  
Bank of America USD 94     SGD 134 02/03/16     —  
Bank of America USD 218     SGD 311 02/03/16     —  
Bank of America AUD 98     USD 69 02/01/16     —  
Bank of America AUD 98     USD 70 02/01/16     —  
Bank of America AUD 100     USD 70 03/16/16     (1 )
Bank of America AUD 150     USD 107 03/16/16     2  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Global Real Estate Securities Fund 257

 

Russell Investment Company
Russell Global Real Estate Securities Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                      
Amounts in  thousands                      
                    Unrealized  
                    Appreciation  
    Amount     Amount     (Depreciation)  
Counterparty   Sold     Bought   Settlement Date $  
Bank of America AUD   500 USD   361 03/16/16 8  
Bank of America CAD   352 USD   251 02/02/16 (1 )
Bank of America CAD   100 USD   71 03/16/16 —  
Bank of America CAD   100 USD   73 03/16/16 1  
Bank of America EUR   2 USD   2 02/02/16 —  
Bank of America EUR   48 USD   52 02/02/16 —  
Bank of America EUR   68 USD   74 02/02/16 —  
Bank of America EUR   144 USD   156 02/02/16 —  
Bank of America EUR   250 USD   274 03/16/16 3  
Bank of America EUR   350 USD   380 03/16/16 1  
Bank of America EUR   800 USD   876 03/16/16 8  
Bank of America EUR   2,100 USD   2,280 03/16/16 3  
Bank of America GBP   77 USD   110 02/01/16 1  
Bank of America GBP   126 USD   181 02/01/16 1  
Bank of America GBP   6 USD   9 02/02/16 —  
Bank of America GBP   12 USD   17 02/02/16 —  
Bank of America GBP   38 USD   54 02/02/16 —  
Bank of America GBP   121 USD   171 02/02/16 —  
Bank of America GBP   218 USD   310 02/02/16 (1 )
Bank of America HKD   1,500 USD   194 03/16/16 1  
Bank of America HKD   3,000 USD   387 03/16/16 2  
Bank of America JPY   3,044 USD   26 02/01/16 1  
Bank of America JPY   12,043 USD   102 02/01/16 2  
Bank of America JPY   13,087 USD   110 02/01/16 2  
Bank of America JPY   13,099 USD   111 02/01/16 2  
Bank of America JPY   11,661 USD   96 02/03/16 —  
Bank of America JPY   14,071 USD   116 02/03/16 —  
Bank of America JPY   15,261 USD   126 02/03/16 —  
Bank of America JPY   18,467 USD   152 02/03/16 —  
Bank of America JPY   19,064 USD   157 02/03/16 —  
Bank of America JPY   22,697 USD   187 02/03/16 —  
Bank of America JPY   25,469 USD   210 02/03/16 —  
Bank of America JPY   35,334 USD   291 02/03/16 —  
Bank of America JPY   41,092 USD   339 02/03/16 (1 )
Bank of America JPY   10,000 USD   84 03/16/16 2  
Bank of America JPY   15,000 USD   127 03/16/16 3  
Bank of America JPY   30,000 USD   247 03/16/16 (1 )
Bank of America JPY   60,000 USD   488 03/16/16 (8 )
Bank of America SEK   283 USD   33 02/01/16 —  
Bank of America SEK   104 USD   12 02/02/16 —  
Bank of America SEK   195 USD   23 02/02/16 —  
Bank of America SEK   379 USD   44 02/02/16 —  
Bank of America SGD   56 USD   39 02/01/16 —  
Bank of America SGD   81 USD   57 02/02/16 —  
Bank of America SGD   70 USD   49 02/03/16 —  
Bank of America SGD   120 USD   85 03/16/16 1  
BNP Paribas USD   72 AUD   100 03/16/16 (1 )
BNP Paribas USD   434 EUR   400 03/16/16 —  
BNP Paribas USD   129 HKD   1,000 03/16/16 (1 )
BNP Paribas USD   84 JPY   10,000 03/16/16 (1 )
BNP Paribas AUD   150 USD   108 03/16/16 2  
BNP Paribas AUD   350 USD   251 03/16/16 4  
BNP Paribas CAD   80 USD   58 03/16/16 1  
BNP Paribas CAD   160 USD   116 03/16/16 2  
BNP Paribas EUR   700 USD   768 03/16/16 8  
BNP Paribas EUR   800 USD   882 03/16/16 14  
BNP Paribas EUR   1,800 USD   1,967 03/16/16 15  
BNP Paribas HKD   1,000 USD   129 03/16/16 1  

 

See accompanying notes which are an integral part of this quarterly report.

258 Russell Global Real Estate Securities Fund


Russell Investment Company
Russell Global Real Estate Securities Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                    
Amounts in  thousands                    
                  Unrealized  
                  Appreciation  
    Amount     Amount     (Depreciation)  
Counterparty   Sold     Bought   Settlement Date $  
BNP Paribas HKD   1,200 USD 155 03/16/16 1  
BNP Paribas HKD   2,500 USD 323 03/16/16 1  
BNP Paribas JPY   25,000 USD 207 03/16/16 1  
BNP Paribas JPY   25,000 USD 206 03/16/16 (1 )
BNP Paribas JPY   50,000 USD 410 03/16/16 (4 )
BNP Paribas SGD   120 USD 85 03/16/16 1  
Deutsche Bank EUR   200 USD 219 03/16/16 2  
Deutsche Bank JPY   10,000 USD 85 03/16/16 3  
HSBC USD   868 AUD 1,211 03/16/16 (13 )
HSBC USD   423 CAD 575 03/16/16 (13 )
HSBC USD   5,390 EUR 4,933 03/16/16 (39 )
HSBC USD   2,221 HKD 17,207 03/16/16 (10 )
HSBC USD   1,376 JPY 168,723 03/16/16 20  
HSBC USD   701 SGD 990 03/16/16 (7 )
HSBC AUD   100 USD 73 03/16/16 2  
HSBC AUD   175 USD 122 03/16/16 (2 )
HSBC CAD   80 USD 58 03/16/16 1  
HSBC CAD   100 USD 70 03/16/16 (2 )
HSBC EUR   500 USD 548 03/16/16 6  
HSBC EUR   1,200 USD 1,307 03/16/16 5  
HSBC HKD   1,000 USD 129 03/16/16 1  
HSBC HKD   1,500 USD 193 03/16/16 —  
HSBC JPY   20,000 USD 170 03/16/16 5  
HSBC SGD   100 USD 69 03/16/16 (1 )
Royal Bank of Canada USD   870 AUD 1,211 03/16/16 (14 )
Royal Bank of Canada USD   423 CAD 575 03/16/16 (13 )
Royal Bank of Canada USD   5,383 EUR 4,933 03/16/16 (34 )
Royal Bank of Canada USD   1,375 JPY 168,723 03/16/16 19  
Royal Bank of Canada AUD   300 USD 209 03/16/16 (2 )
Royal Bank of Canada CAD   100 USD 70 03/16/16 (1 )
Royal Bank of Canada EUR   900 USD 981 03/16/16 5  
Royal Bank of Canada EUR   2,000 USD 2,178 03/16/16 9  
Royal Bank of Canada HKD   1,500 USD 192 03/16/16 (1 )
Royal Bank of Canada HKD   3,200 USD 413 03/16/16 2  
Royal Bank of Canada JPY   30,000 USD 255 03/16/16 7  
Royal Bank of Canada JPY   70,000 USD 578 03/16/16 —  
State Street USD   244 AUD 347 02/01/16 1  
State Street USD   89 AUD 126 02/02/16 —  
State Street USD   51 AUD 72 02/03/16 —  
State Street USD   278 AUD 400 03/16/16 4  
State Street USD   540 AUD 750 03/16/16 (10 )
State Street USD   1,419 AUD 2,000 03/16/16 (6 )
State Street USD   88 CAD 120 03/16/16 (3 )
State Street USD   124 CAD 175 03/16/16 1  
State Street USD   717 CAD 1,000 03/16/16 (3 )
State Street USD   67 CHF 67 02/01/16 (1 )
State Street USD   235 CHF 238 02/01/16 (3 )
State Street USD   33 CHF 34 02/02/16 —  
State Street USD   40 CHF 41 02/02/16 —  
State Street USD   1 EUR 1 02/01/16 —  
State Street USD   16 EUR 15 02/01/16 —  
State Street USD   87 EUR 80 02/01/16 —  
State Street USD   116 EUR 107 02/01/16 —  
State Street USD   499 EUR 455 02/02/16 (6 )
State Street USD   117 EUR 109 02/03/16 —  
State Street USD   1,965 EUR 1,800 03/16/16 (13 )
State Street USD   3,538 EUR 3,200 03/16/16 (68 )
State Street USD   10,854 EUR 10,000 03/16/16 (9 )

 

See accompanying notes which are an integral part of this quarterly report.

Russell Global Real Estate Securities Fund 259

 

Russell Investment Company
Russell Global Real Estate Securities Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts
Amounts in  thousands

                    Unrealized  
                    Appreciation  
      Amount     Amount     (Depreciation)  
  Counterparty   Sold     Bought   Settlement Date $  
State Street   USD   8 GBP 5 02/01/16 —  
State Street   USD   15 GBP 10 02/01/16 —  
State Street   USD   86 GBP 60 02/01/16 (1 )
State Street   USD   4 GBP 2 02/02/16 —  
State Street   USD   5 HKD 42 02/01/16 —  
State Street   USD   214 HKD 1,671 02/01/16 —  
State Street   USD   34 HKD 265 02/02/16 —  
State Street   USD   48 HKD 371 02/02/16 —  
State Street   USD   121 HKD 940 02/02/16 —  
State Street   USD   386 HKD 3,000 03/16/16 (1 )
State Street   USD   710 HKD 5,500 03/16/16 (3 )
State Street   USD   2,066 HKD 16,000 03/16/16 (9 )
State Street   USD   44 JPY 5,216 02/01/16 (1 )
State Street   USD   175 JPY 20,783 02/01/16 (3 )
State Street   USD   7 JPY 803 02/02/16 —  
State Street   USD   35 JPY 4,142 02/02/16 (1 )
State Street   USD   39 JPY 4,587 02/02/16 (1 )
State Street   USD   58 JPY 6,868 02/02/16 (1 )
State Street   USD   48 JPY 5,819 02/03/16 —  
State Street   USD   53 JPY 6,421 02/03/16 —  
State Street   USD   174 JPY 21,126 02/03/16 —  
State Street   USD   510 JPY 60,000 03/16/16 (14 )
State Street   USD   950 JPY 115,000 03/16/16 1  
State Street   USD   2,862 JPY 350,000 03/16/16 32  
State Street   USD   62 SGD 87 03/16/16 (1 )
State Street   USD   104 SGD 150 03/16/16 1  
State Street   USD   534 SGD 760 03/16/16 (1 )
State Street   AUD   13 USD 9 02/01/16 —  
State Street   AUD   339 USD 239 02/01/16 (1 )
State Street   AUD   123 USD 87 02/02/16 —  
State Street   AUD   71 USD 51 02/03/16 —  
State Street   AUD   1,150 USD 829 03/16/16 17  
State Street   CAD   15 USD 11 02/01/16 —  
State Street   CAD   580 USD 419 03/16/16 5  
State Street   EUR   175 USD 189 02/01/16 —  
State Street   EUR   185 USD 212 02/01/16 11  
State Street   EUR   342 USD 375 02/01/16 4  
State Street   EUR   143 USD 154 02/02/16 —  
State Street   EUR   3,400 USD 3,720 03/16/16 32  
State Street   GBP   5 USD 7 02/01/16 —  
State Street   GBP   62 USD 89 02/01/16 1  
State Street   GBP   8 USD 12 02/02/16 —  
State Street   GBP   30 USD 42 02/02/16 —  
State Street   HKD   165 USD 21 02/01/16 —  
State Street   HKD   293 USD 37 02/01/16 —  
State Street   HKD   780 USD 100 02/01/16 —  
State Street   HKD   298 USD 38 02/02/16 —  
State Street   HKD   1,263 USD 162 02/02/16 —  
State Street   HKD   1,000 USD 128 03/16/16 —  
State Street   HKD   6,000 USD 774 03/16/16 3  
State Street   JPY   8,930 USD 81 02/01/16 7  
State Street   JPY   10,650 USD 90 02/01/16 2  
State Street   JPY   11,453 USD 96 02/01/16 2  
State Street   JPY   11,669 USD 98 02/01/16 2  
State Street   JPY   1,662 USD 14 02/02/16 —  
State Street   JPY   5,517 USD 46 02/02/16 1  
State Street   JPY   5,689 USD 48 02/02/16 1  
State Street   JPY   10,124 USD 85 02/02/16 1  

 

See accompanying notes which are an integral part of this quarterly report.

260 Russell Global Real Estate Securities Fund

 

Russell Investment Company
Russell Global Real Estate Securities Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts
Amounts in  thousands

                  Unrealized  
                  Appreciation  
    Amount     Amount     (Depreciation)  
Counterparty   Sold     Bought   Settlement Date $  
State Street JPY 10,293 USD   87 02/02/16 1  
State Street JPY 2,700 USD   22 02/03/16 —  
State Street JPY 5,813 USD   48 02/03/16 —  
State Street JPY 7,946 USD   66 02/03/16 —  
State Street JPY 82,671 USD   682 02/03/16 (1 )
State Street JPY 20,000 USD   171 03/16/16 5  
State Street JPY 130,000 USD   1,077 03/16/16 2  
State Street SGD 19 USD   13 02/01/16 —  
State Street SGD 430 USD   305 03/16/16 4  
UBS USD 231 EUR   211 03/16/16 (2 )
UBS AUD 200 USD   140 03/16/16 (1 )
UBS AUD 329 USD   239 03/16/16 6  
UBS AUD 350 USD   250 03/16/16 3  
UBS CAD 100 USD   71 03/16/16 (1 )
UBS CAD 150 USD   109 03/16/16 2  
UBS CAD 165 USD   119 03/16/16 1  
UBS EUR 800 USD   882 03/16/16 13  
UBS EUR 1,000 USD   1,081 03/16/16 (4 )
UBS HKD 1,200 USD   154 03/16/16 —  
UBS HKD 1,500 USD   194 03/16/16 1  
UBS HKD 2,138 USD   276 03/16/16 1  
UBS JPY 17,608 USD   146 03/16/16 1  
UBS JPY 20,000 USD   168 03/16/16 3  
UBS JPY 40,000 USD   332 03/16/16 1  
UBS SGD 100 USD   70 03/16/16 —  
UBS SGD 150 USD   106 03/16/16 1  
UBS SGD 251 USD   177 03/16/16 1  
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts             11  

 

Presentation of Portfolio Holdings                    
 
 
Amounts in thousands                    
 
 
          Fair Value          
Portfolio Summary Level 1 Level 2   Level 3   Total
Common Stocks                    
Australia $ — $ 73,763   $ — $   73,763
Austria   —   25     —     25
Brazil   1,449   —     —     1,449
Canada   18,774   —     —     18,774
China   —   667     —     667
Finland   —   2,919     —     2,919
France   7,718   44,396     —     52,114
Germany   1,820   31,396     —     33,216
Hong Kong   —   114,693     —     114,693
Ireland   —   3,827     —     3,827
Italy   —   4,216     —     4,216
Japan   267   148,269     —     148,536
Luxembourg   —   1,124     —     1,124
Netherlands   —   21,441     —     21,441
Norway   —   1,727     —     1,727
Singapore   —   21,581     —     21,581
Spain   —   9,577     —     9,577
Sweden   —   10,454     —     10,454
Switzerland   —   5,679     —     5,679
United Kingdom   71   83,593     —     83,664
United States   745,477   —     —     745,477

 

See accompanying notes which are an integral part of this quarterly report.

Russell Global Real Estate Securities Fund 261

 

Russell Investment Company
Russell Global Real Estate Securities Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Presentation of Portfolio Holdings                          
 
Amounts in thousands                          
 
              Fair Value            
Portfolio Summary Level 1   Level 2     Level 3   Total  
Short-Term Investments —   22,314     —   22,314  
Other Securities —   17,844     —   17,844  
Total Investments 775,576   619,505     —   1,395,081  
 
 
Other Financial Instruments                          
Futures Contracts (901 ) —     —   (901 )
Foreign Currency Exchange Contracts 17   (6 )   —   11  
Total Other Financial Instruments* $ (884 ) $ (6 )   $ — $   (890 )

 

*   Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.

For a description of the Levels see note 2 in the Notes to Quarterly Report.
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to Quarterly
Report.

See accompanying notes which are an integral part of this quarterly report.

262 Russell Global Real Estate Securities Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
    Amount ($) Value     Amount ($) Value
    or Shares $     or Shares $
Long-Term Investments - 17.7%     9.000% due 02/15/20 1,445 1,069
Asset-Backed Securities - 0.2%     Cenveo Corp.      
Carrington Mortgage Loan Trust       6.000% due 08/01/19 (Þ) 315 217
Series 2006-NC5 Class A5       8.500% due 09/15/22 (Þ) 400 192
0.262% due 01/25/37 (Ê) 466 329 Chester Downs & Marina LLC /      
Countrywide Asset-Backed       Chester Downs Finance Corp.      
Certificates       9.250% due 02/01/20 (Þ) 830 573
Series 2004-5 Class M1       Citigroup, Inc.      
1.025% due 08/25/34 (Ê) 204 193 2.650% due 10/26/20 280 279
Series 2005-11 Class AF3       Claire's Stores, Inc.      
4.778% due 02/25/36 171 174 9.000% due 03/15/19 (Þ) 780 466
Series 2006-5 Class 2A2       Clear Channel Communications,      
0.350% due 08/25/36 (Ê) 103 101 Inc.      
OneMain Financial Issuance Trust     14.000% due 02/01/21 564 141
Series 2015-2A Class A       CONSOL Energy, Inc.      
2.570% due 07/18/25 (Þ) 200 197 5.875% due 04/15/22 535 346
      994 Cornerstone Chemical Co.      
Corporate Bonds and Notes - 6.3%     9.375% due 03/15/18 (Þ) 490 436
Advanced Micro Devices, Inc.       Credit Acceptance Corp.      
7.750% due 08/01/20 380 242 6.125% due 02/15/21 200 191
7.500% due 08/15/22 415 257 7.375% due 03/15/23 (Þ) 65 63
7.000% due 07/01/24 660 409 Cumulus Media Holdings, Inc.      
Aegis Merger Sub, Inc.       7.750% due 05/01/19 340 131
10.250% due 02/15/23 (Þ) 310 294 Discover Bank      
Albertsons, Inc.       Series BKNT      
7.450% due 08/01/29 480 386 3.100% due 06/04/20 610 613
8.000% due 05/01/31 700 599 DISH DBS Corp.      
Ally Financial, Inc.       5.000% due 03/15/23 40 35
3.600% due 05/21/18 400 395 5.875% due 11/15/24 120 107
Alpha Natural Resources, Inc.       Energy Transfer Equity, LP      
3.750% due 12/15/17 (Ø) 265 1 5.875% due 01/15/24 690 538
6.000% due 06/01/19 (Ø) 575 1 Energy Transfer Partners, LP      
6.250% due 06/01/21 (Ø) 360 1 6.625% due 10/15/36 10 8
Altice US Finance II Corp.       EXCO Resources, Inc.      
7.750% due 07/15/25 (Þ) 85 78 8.500% due 04/15/22 305 52
American Express Credit Corp.       Frontier Communications Corp.      
Series F       8.875% due 09/15/20 (Þ) 85 85
2.600% due 09/14/20 1,000 1,006 10.500% due 09/15/22 (Þ) 315 306
APX Group, Inc.       7.625% due 04/15/24 300 251
6.375% due 12/01/19 70 67 11.000% due 09/15/25 (Þ) 105 101
8.750% due 12/01/20 950 762 GenOn Americas Generation LLC      
Aruba Investments, Inc.       8.500% due 10/01/21 45 29
8.750% due 02/15/23 (Þ) 230 218 Genworth Holdings, Inc.      
Aurora Diagnostics Holdings LLC     7.200% due 02/15/21 145 100
/ Aurora Diagnostics Financing,     6.500% due 06/15/34 170 91
Inc.       6.150% due 11/15/66 160 42
10.750% due 01/15/18 415 326 Guitar Center, Inc.      
Bank of America Corp.       6.500% due 04/15/19 (Þ) 425 358
2.625% due 10/19/20 340 336 9.625% due 04/15/20 (Þ) 760 521
Basic Energy Services, Inc.       Harland Clarke Holdings Corp.      
7.750% due 02/15/19 380 101 9.250% due 03/01/21 (Þ) 640 442
7.750% due 10/15/22 175 46 Hexion, Inc.      
BMC Software Finance, Inc.       6.625% due 04/15/20 310 240
8.125% due 07/15/21 (Þ) 810 496 10.000% due 04/15/20 550 454
Bon-Ton Department Stores, Inc.       Hot Topic, Inc.      
(The)       9.250% due 06/15/21 (Þ) 160 143
8.000% due 06/15/21 825 318 iHeartCommunications, Inc.      
Boxer Parent Co., Inc.       9.000% due 12/15/19 125 86
9.000% due 10/15/19 (Þ) 620 353 9.000% due 03/01/21 215 140
Caesars Entertainment Operating       Illinois Power Generating Co.      
Co., Inc.       6.300% due 04/01/20 240 105
11.250% due 06/01/17 120 87        

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 263

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
    Amount ($) Value     Amount ($) Value
    or Shares $     or Shares $
Series F       7.500% due 02/15/23 545 1
7.950% due 06/01/32 295 127 Scientific Games International, Inc.      
Inn of the Mountain Gods Resort &       10.000% due 12/01/22 270 188
Casino       Select Medical Corp.      
9.250% due 11/30/20 (Þ) 120 111 6.375% due 06/01/21 235 202
Kindred Healthcare, Inc.       Shingle Springs Tribal Gaming      
8.000% due 01/15/20 250 228 Authority      
6.375% due 04/15/22 235 191 9.750% due 09/01/21 (Þ) 555 579
Kosmos Energy, Ltd.       Signode Industrial Group Lux SA/      
7.875% due 08/01/21 (Þ) 235 174 Signode Industrial Group US, Inc.      
Lehman Brothers Holdings, Inc.       6.375% due 05/01/22 (Þ) 730 606
5.250% due 01/24/49 (Æ)(Ø) 5,000 415 Sprint Capital Corp.      
Liberty Interactive LLC       6.875% due 11/15/28 195 128
4.000% due 11/15/29 3 2 8.750% due 03/15/32 625 441
3.750% due 02/15/30 1,191 661 Sprint Corp.      
McClatchy Co. (The)       7.875% due 09/15/23 180 128
9.000% due 12/15/22 320 282 7.625% due 02/15/25 185 127
Memorial Production Partners, LP       SUPERVALU, Inc.      
/ Memorial Production Finance       6.750% due 06/01/21 170 143
Corp.       7.750% due 11/15/22 145 123
7.625% due 05/01/21 360 108 T-Mobile USA, Inc.      
6.875% due 08/01/22 445 125 6.500% due 01/15/26 400 400
Mohegan Tribal Gaming Authority       Townsquare Media, Inc.      
9.750% due 09/01/21 875 860 6.500% due 04/01/23 (Þ) 65 60
9.750% due 09/01/21 (Þ) 175 172 Toys R Us, Inc.      
Monitronics International, Inc.       10.375% due 08/15/17 1,035 880
9.125% due 04/01/20 1,010 811 Valeant Pharmaceuticals      
Murray Energy Corp.       International, Inc.      
11.250% due 04/15/21 (Þ) 400 55 7.500% due 07/15/21 (Þ) 435 431
Neptune Finco Corp.       Walter Energy, Inc.      
10.125% due 01/15/23 (Þ) 420 444 9.875% due 12/15/20 (Ø) 760 —
10.875% due 10/15/25 (Þ) 255 270 8.500% due 04/15/21 (Ø) 665 —
New Albertsons, Inc.       Yum! Brands, Inc.      
7.750% due 06/15/26 65 56 6.875% due 11/15/37 330 286
8.700% due 05/01/30 125 111 5.350% due 11/01/43 15 11
Nine West Holdings, Inc.             30,252
8.250% due 03/15/19 (Þ) 875 195 International Debt - 2.7%      
Ocwen Financial Corp.       Algeco Scotsman Global Finance      
6.625% due 05/15/19 235 207 PLC      
Optimas OE Solutions Holding LLC       8.500% due 10/15/18 (Þ) 615 480
/ Optimas OE Solutions, Inc.       Alinta Energy Finance Pty, Ltd.      
8.625% due 06/01/21 (Þ) 330 267 6.375% due 08/13/19 (Ê) 178 174
Parker Drilling Co.       Alinta Energy Finance Pty., Ltd.      
6.750% due 07/15/22 615 372 Delayed Draw Term Loan      
QUALCOMM, Inc.       6.375% due 08/13/18 (Ê) 12 11
3.000% due 05/20/22 1,400 1,408 ALM XII, Ltd.      
Radio One, Inc.       Series 2015-12A Class D      
9.250% due 02/15/20 (Þ) 535 423 5.757% due 04/16/27 (Ê)(Þ) 340 265
7.375% due 04/15/22 (Þ) 300 268 Altice Finco SA      
Rain CII Carbon LLC / CII Carbon       8.125% due 01/15/24 (Þ) 130 125
Corp.       7.625% due 02/15/25 (Þ) 45 41
8.000% due 12/01/18 (Þ) 265 220 Altice US Finance SA      
Rite Aid Corp.       7.750% due 07/15/25 (Þ) 65 58
6.875% due 12/15/28 (Þ) 20 22 AP NMT Acquisition BV 1st Lien      
Rockies Express Pipeline LLC       Term Loan      
6.000% due 01/15/19 (Þ) 305 287 6.750% due 08/13/21 (Ê) 236 205
5.625% due 04/15/20 (Þ) 120 107 Banco do Brasil SA      
Sabine Pass Liquefaction LLC       3.875% due 10/10/22 753 612
5.625% due 02/01/21 300 274 Bluewater Holding BV      
6.250% due 03/15/22 285 263 10.000% due 12/10/19 (Þ) 500 225
5.625% due 04/15/23 310 272 Cathedral Lake CLO 2013, Ltd.      
SandRidge Energy, Inc.              

 

See accompanying notes which are an integral part of this quarterly report.

264 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) Value     Amount ($) Value
    or Shares $     or Shares $
Series 2014-1A Class C         THL Credit Wind River CLO, Ltd.      
3.903% due 01/15/26 (Ê)(Þ)   250 205 Series 2015-3A Class D      
Credit Suisse Group Funding         4.293% due 01/22/27 (Ê)(Þ) 250 222
Guernsey, Ltd.         YPF SA      
3.125% due 12/10/20 (Þ)   1,200 1,204 8.750% due 04/04/24 (Þ) 315 302
Cutwater, Ltd.               12,846
Series 2014-1A Class C         Loan Agreements - 2.5%      
3.931% due 07/15/26 (Ê)(Þ)   100 81 Albertson's LLC Term Loan B2      
Digicel, Ltd.         5.375% due 03/21/19 (Ê) 448 444
6.000% due 04/15/21 (Þ)   100 87 AMF Bowling Centers, Inc. Term      
6.750% due 03/01/23 (Þ)   145 125 Loan B      
Drillships Ocean Ventures, Inc.         7.250% due 09/18/21 (Ê) 273 269
Term Loan         Ascena Retail Group, Inc.Term      
5.500% due 07/25/21 (Ê)   606 235 Loan B      
Dubai World, Ltd. Term Loan B1         5.250% due 08/21/22 (Ê) 430 405
3.500% due 09/30/18   205 159 BMC Software Finance, Inc. Term      
Global A&T Electronics, Ltd.         Loan      
10.000% due 02/01/19 (Þ)   290 212 5.000% due 09/10/20 (Ê) 246 196
Highbridge Loan Management         Chromaflo Technologies Corp. 2nd      
Series 2014-2014 Class D         Lien Term Loan      
5.275% due 01/18/25 (Ê)(Þ)   250 187 8.250% due 06/02/20 (Å)(Ê) 115 92
IAMGOLD Corp.         Clear Channel Communications,      
6.750% due 10/01/20 (Þ)   720 456 Inc. 1st Lien Term Loan D      
Intelsat Jackson Holdings SA         6.938% due 01/30/19 (Ê) 1,017 672
7.250% due 10/15/20   75 64 Cumulus Media Holdings, Inc. Term      
7.500% due 04/01/21   120 103 Loan B      
Intelsat Luxembourg SA         4.250% due 12/23/20 (Ê) 205 149
7.750% due 06/01/21   485 211 Empire Generating Co. LLC Term      
Jupiter Resources, Inc.         Loan B      
8.500% due 10/01/22 (Þ)   585 208 5.250% due 03/14/21 (Ê) 477 334
Kosmos Energy, Ltd.         Empire Generating Co. LLC Term      
7.875% due 08/01/21 (Þ)   245 182 Loan C      
Lloyds Bank PLC         5.250% due 03/14/21 (Ê) 32 23
12.000% due 12/29/49 (ƒ)(Þ)   300 420 GTCR Valor Cos., Inc. 1st Lien      
Lloyds Banking Group PLC         Term Loan      
7.500% due 12/31/49 (ƒ)   275 285 6.000% due 05/30/21 (Ê) 301 298
Magnetite XV, Ltd.         Gymboree Corp. (The) Initial Term      
Series 2015-15A Class D         Loan      
4.542% due 10/25/27 (Ê)(Þ)   375 343 5.000% due 02/23/18 (Ê) 510 267
MEG Energy Corp.         Hilton Worldwide Finance LLC      
7.000% due 03/31/24 (Þ)   340 178 Term Loan      
Offshore Group Investment, Ltd.         3.500% due 10/25/20 (Ê) 584 582
7.500% due 11/01/19   2,000 370 KCA Deutag Alpha, Ltd. 1st Lien      
Palmer Square, Ltd.         Term Loan B      
Series 2014-1A Class D         6.250% due 05/16/20 (Ê) 340 212
5.978% due 10/17/22 (Ê)(Þ)   250 242 Lantheus Medical Imaging, Inc.      
PHOTONIS Technologies SAS 1st                
Lien Term Loan         Term Loan      
          8.500% due 06/30/22 (Ê) 368 331
8.500% due 09/18/19 (Ê)   215 198 Mashantucket (Western) Pequot      
Republic of Argentina Government                
Bond         Tribe Term Loan A      
          5.000% due 07/01/18 (Ê) 113 82
Series LOC         Mashantucket (Western) Pequot      
8.280% due 12/31/33 (Å)   3,070 3,175        
SLM Student Loan Trust         Tribe Term Loan B      
Series 2003-2 Class A5         9.375% due 06/30/20 (Ê) 856 644
0.342% due 12/15/23 (Ê) EUR 488 498 MModal LLC Term Loan B      
Slovenia Government International         9.000% due 01/31/20 (Ê) 434 384
Bond         Mohegan Tribal Gaming Authority      
Series REGS         Term Loan B      
5.250% due 02/18/24   400 445 5.500% due 06/15/18 (Ê) 346 335
Sound Point CLO II, Ltd.         Mount Airy Lodge LLC 1st Lien      
Series 2013-1A Class B1L         Term Loan      
3.984% due 04/26/25 (Ê)(Þ)   280 253 13.500% due 04/01/18 191 193

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 265

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
    Amount ($) Value     Amount ($) Value
    or Shares $     or Shares $
Moxie Liberty LLC Term Loan B1       Bear Stearns Structured Products,      
7.500% due 08/21/20 (Ê) 50 45 Inc.      
Moxie Patriot LLC Term Loan B1       Series 2007-R6 Class 1A1      
6.750% due 12/19/20 (Ê) 475 428 2.106% due 01/26/36 (Ê) 775 637
Murray Energy Corp. Term Loan B2       CHL Mortgage Pass-Through Trust      
7.250% due 04/16/20 (Ê) 249 117 Series 2004-12 Class 11A1      
New Millennium Holding Co., Inc.       3.026% due 08/25/34 (Ê) 292 257
Exit Term Loan       Series 2004-16 Class 1A4A      
7.500% due 12/21/20 (Ê) 224 201 0.962% due 09/25/34 (Ê) 106 97
Nine West Group, Inc. Term Loan       Series 2004-25 Class 1A1      
6.250% due 01/08/20 (Ê) 222 64 0.532% due 02/25/35 (Ê) 105 96
Nine West Holdings, Inc. Term Loan       Series 2004-25 Class 2A1      
4.750% due 10/08/19 (Ê) 327 185 0.542% due 02/25/34 (Ê) 131 114
Onex Carestream Finance LP 2nd       DSLA Mortgage Loan Trust      
Lien Term Loan       Series 2004-AR3 Class 2A1      
9.500% due 12/07/19 (Ê) 621 534 2.498% due 07/19/44 (Ê) 99 98
Ortho-Clinical Diagnostics, Inc.       Fannie Mae-Aces      
Term Loan       Series 2012-M16 Class X      
4.750% due 06/30/21 (Ê) 269 236 Interest Only STRIP      
Panda Sherman Power LLC Term       0.998% due 09/25/22 17,291 817
Loan       GE Commercial Mortgage Corp.      
9.000% due 09/14/18 (Ê) 667 583 Trust      
Preferred Proppants LLC Term Loan       Series 2007-C1 Class A1A      
6.750% due 08/12/20 374 144 5.483% due 12/10/49 819 843
Red Lobster Management LLC Term       HarborView Mortgage Loan Trust      
Loan       Series 2005-14 Class 4A1A      
6.250% due 07/28/21 (Ê) 307 302 2.597% due 12/19/35 (Ê) 320 241
Spencer Gifts LLC 2nd Lien Term       Merrill Lynch Mortgage Investors      
Loan B       Trust      
9.250% due 11/12/21 164 164 Series 2003-A2 Class 2A3      
Styrolution Group GmbH Term       2.006% due 03/25/33 (Ê) 318 314
Loan B       Morgan Stanley Capital I, Inc.      
6.500% due 09/30/19 (Ê) 315 313 Series 2010-IQ14 Class A2FX      
Texas Competitive Electric Holdings       5.610% due 04/15/49 268 269
Co. LLC Extended Term Loan       Sequoia Mortgage Trust      
4.677% due 10/10/17 (Ø)(Ê) 2,544 767 Series 2003-4 Class 2A1      
The Talbots, Inc. 2nd Lien Term       0.553% due 07/20/33 (Ê) 177 166
Loan       Wells Fargo Mortgage Backed      
9.500% due 03/17/21 (Ê) 340 317 Securities      
Toys R Us - Delaware, Inc. Term       Series 2004-DD Class 2A6      
Loan       2.617% due 01/25/33 (Ê) 496 492
8.250% due 10/24/19 (Ê) 297 288       5,949
9.750% due 04/24/20 (Ê) 310 239 Municipal Bonds - 0.7%      
Toys R Us Canada, Ltd. Term Loan       Commonwealth of Puerto Rico      
8.250% due 10/24/19 (Ê) 217 210 General Obligation Unlimited      
Tribune Publishing Co. Term Loan       5.000% due 07/01/33 55 34
5.750% due 08/04/21 (Ê) 209 190 8.000% due 07/01/35 565 405
Walter Investment Management       5.125% due 07/01/37 45 28
Corp. 1st Lien Term Loan       5.250% due 07/01/37 20 13
4.750% due 12/18/20 (Ê) 327 253 5.000% due 07/01/41 85 53
Wilton Brands LLC Term Loan       Puerto Rico Sales Tax Financing      
8.500% due 08/30/18 (Ê) 533 496 Corp. Revenue Bonds      
      11,988 5.250% due 08/01/57 420 265
Mortgage-Backed Securities - 1.3%     Puerto Rico Sales Tax Financing      
Adjustable Rate Mortgage Trust       Corp. Revenue Bonds      
Series 2005-5 Class 2A1       Zero coupon due 08/01/54 (µ) 2,975 231
2.752% due 09/25/35 (Ê) 677 560 Puerto Rico Sales Tax Funding      
Bear Stearns ALT-A Trust       Revenue Bonds      
Series 2005-10 Class 24A1       6.050% due 08/01/38 3,115 1,838
2.460% due 01/25/36 (Ê) 621 508 Texas Public Finance Authority      
Series 2006-3 Class 31A1       Revenue Bonds      
2.799% due 05/25/36 (Ê) 646 440 8.250% due 07/01/24 555 555

 

See accompanying notes which are an integral part of this quarterly report.

266 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) Value     Amount ($) Value
    or Shares $     or Shares $
        3,422 Total Long-Term Investments      
Non-US Bonds - 1.4%         (cost $101,016)     84,401
Autonomous Community of                
Catalonia         Common Stocks - 21.3%      
4.750% due 06/04/18 EUR 400 453 Consumer Discretionary - 3.8%      
Barclays Bank PLC         Advance Auto Parts, Inc.(Û) 9,914 1,507
14.000% due 12/31/49 (ƒ) GBP 300 542 Amer Sports Oyj Class A(Û) 1,883 52
Deutsche Bundesrepublik Inflation         Autogrill SpA(Æ)(Û) 13,680 116
Linked Bond         AutoZone, Inc.(Æ) 100 77
Series I/L         Cie Generale des Etablissements      
1.750% due 04/15/20 EUR 383 459 Michelin Class B 3,044 280
0.100% due 04/15/23 EUR 207 238 Coach, Inc. 1,500 56
0.100% due 04/15/26 EUR 504 585 Comcast Corp. Class A(Æ) 8,822 491
France Government Bond OAT         Costco Wholesale Corp. 6,196 936
Series OATe         Diamond Resorts International, Inc.(Æ) 47,500 875
0.250% due 07/25/18 EUR 14 16        
2.250% due 07/25/20 EUR 305 377 DISH Network Corp. Class A(Æ) 12,900 623
1.100% due 07/25/22 EUR 108 131 DKSH Holding AG(Æ) 185 11
0.250% due 07/25/24 EUR 305 351 Dollar Tree, Inc.(Æ)(Û) 19,258 1,566
          Electrolux AB(Û) 7,046 153
Series OATi         Elior(Þ) 26,273 528
0.100% due 07/25/21 EUR 101 114        
0.100% due 03/01/25 EUR 300 339 Ferrari NV(Æ) 278 11
Hellenic Republic Bonds         Fiat Chrysler Automobiles NV(Û) 14,925 105
Series GDP         General Motors Co. 5,000 148
Principal Only STRIP         Genting Singapore PLC 24,300 12
Zero coupon due 10/15/42 EUR 39,250 145 Hella KGaA Hueck & Co.(Û) 1,441 60
Hellenic Republic Government         Home Depot, Inc. (The)(Û) 10,020 1,260
International Bond         Husqvarna AB Class B 16,460 104
4.500% due 07/03/17 JPY 110,000 772 Jarden Corp.(Æ) 10,000 425
Hema Bondco I BV         Liberty Global PLC Class C(Æ)(Û) 12,269 409
5.212% due 06/15/19 (Ê)(Þ) EUR 360 271 McDonald's Corp.(Û) 11,877 1,470
LightPoint Pan-European CLO PLC         Mediaset Espana Comunicacion SA(Û) 11,486 112
Series 2006-1 Class A         MGM Resorts International(Æ) 33,900 681
0.476% due 01/31/22 (Ê) EUR 17 18 Moncler SpA(Û) 8,211 122
Meldrew Participation B.V. Term         MTU Aero Engines AG(Û) 1,387 127
Loan A         New Media Investment Group, Inc. 29,839 517
5.000% due 10/31/19 EUR 477 433 Nike, Inc. Class B(Û) 15,820 981
SK Spice SARL Term Loan B         Office Depot, Inc.(Æ) 70,000 360
6.070% due 06/12/21 EUR 205 219        
United Kingdom Gilt Inflation         Pandora A/S(Û) 2,172 290
          ProSiebenSat.1 Media SE(Û) 2,750 137
Linked         Sirius XM Holdings, Inc.(Æ) 233,400 864
Series 3MO                
0.125% due 03/22/24 GBP 482 748 Starbucks Corp.(Û) 19,991 1,215
0.125% due 03/22/26 GBP 352 553 Tribune Media Co. Class A 33,400 1,101
          Wolters Kluwer NV(Û) 8,182 279
        6,764        
United States Government Treasuries - 2.6%         18,061
United States Treasury Inflation                
Indexed Bonds         Consumer Staples - 1.6%      
0.125% due 04/15/19   1,469 1,477 Coca-Cola Co. (The)(Û) 34,606 1,485
0.125% due 04/15/20   1,672 1,676 Constellation Brands, Inc. Class A 6,941 1,058
0.125% due 07/15/24   650 630 Davide Campari-Milano SpA(Û) 3,628 32
0.250% due 01/15/25   852 830 Ebro Foods SA 1,432 28
0.375% due 07/15/25   901 890 Jeronimo Martins SGPS SA(Æ)(Û) 5,294 74
1.375% due 02/15/44   713 747 Kesko OYJ Class B(Û) 1,948 78
0.750% due 02/15/45   302 272 Koninklijke Ahold NV(Û) 9,166 208
United States Treasury Notes         Kraft Heinz Co. (The)(Û) 13,002 1,015
1.875% due 08/31/22   700 711 Metro AG(Û) 1,938 55
1.750% due 05/15/23   1,600 1,604 Mondelez International, Inc. Class A(Û) 28,008 1,207
2.500% due 08/15/23   1,600 1,689 Nomad Foods, Ltd.(Æ) 61,000 534
2.000% due 08/15/25   1,650 1,660 PepsiCo, Inc.(Û) 9,874 981
        12,186 Suedzucker AG(Û) 1,758 27
          Svenska Cellulosa AB SCA Class B(Û) 952 28

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 267

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
    Amount ($) Value     Amount ($) Value
    or Shares $     or Shares $
Swedish Match AB(Û) 2,865 102 PayPal Holdings, Inc.(Æ) 6,300 228
Walgreens Boots Alliance, Inc. 10,800 861 PennyMac Financial Services, Inc. Class      
      7,773 A(Æ) 48,800 581
        Piraeus Bank S.A(Æ) 4,050 1
Energy - 1.2%       Public Storage(ö)(Û) 2,298 583
Atlas Energy Group LLC(Æ) 42,888 36 Realogy Holdings Corp.(Æ) 22,500 738
ENI SpA - ADR(Û) 17,754 258 Swiss Life Holding AG(Æ) 483 123
Fugro NV(Æ)(Û) 3,139 47 Synchrony Financial(Æ) 19,800 563
Galp Energia SGPS SA Class B(Û) 7,500 89 Talanx AG(Û) 1,127 32
Gamesa Corp. Tecnologica SA(Û) 5,736 107 Tetragon Financial Group, Ltd. 116,302 1,093
Gulfport Energy Corp.(Æ) 26,500 783 Unipol Gruppo Finanziario SpA 22,526 92
Marathon Petroleum Corp.(Û) 18,623 778 UnipolSai SpA 37,925 81
Neste Oyj(Û) 3,058 96 Zurich Insurance Group AG(Æ)(Û) 66 15
Nordic American Offshore, Ltd. 27,500 111       16,680
Phillips 66(Æ)(Û) 6,257 502        
Repsol SA - ADR 14,355 150 Health Care - 2.5%      
Subsea 7 SA(Æ) 6,127 37 Actelion, Ltd.(Æ)(Û) 3,798 502
SunEdison, Inc.(Æ) 15,000 47 Allergan PLC(Æ) 10,803 3,073
Targa Resources Corp. 15,050 338 Almirall SA 3,369 65
Targa Resources Partners, LP 10,266 141 Baxter International, Inc. 22,000 805
TerraForm Global, Inc. Class A(Æ) 26,800 113 Bristol-Myers Squibb Co.(Û) 22,484 1,398
Transocean Partners LLC 4,700 38 Centene Corp.(Æ) 8,500 528
Vestas Wind Systems A/S(Û) 1,813 118 Chr Hansen Holding A/S(Û) 365 22
Williams Cos., Inc. (The) 50,000 965 Galenica AG 24 34
YPF SA - ADR 63,000 1,061 Genmab A/S(Æ)(Û) 773 97
      5,815 Humana, Inc. 11,250 1,831
        Johnson & Johnson(Û) 9,727 1,016
Financial Services - 3.5%       Lonza Group AG(Æ) 1,079 165
Ageas(Û) 5,600 227 Merck KGaA(Û) 774 67
AIA Group, Ltd. 50,300 281 Millennium Health LLC(Æ) 4,988 59
Allianz SE(Û) 296 48 Novo Nordisk A/S Class B(Û) 7,163 400
Alpha Bank AE(Æ) 21,000 42 Orion Oyj Class B(Û) 3,108 102
Altisource Portfolio Solutions SA(Æ) 12,107 350 Paratek Pharmaceuticals, Inc.(Æ) 500 7
Ambac Financial Group, Inc.(Æ) 10,000 140 Pfizer, Inc.(Û) 35,424 1,080
American International Group, Inc. 36,500 2,061 Recordati SpA 3,810 94
Azimut Holding SpA(Û) 622 13 SIGA Technologies, Inc.(Æ) 100,000 47
Banca Generali SpA 719 19 STADA Arzneimittel AG(Û) 1,597 55
Banca Popolare di Milano Scarl 73,492 60 Straumann Holding AG 37 11
Banco Popolare SC(Æ)(Û) 1,068 10 Swedish Orphan Biovitrum AB Class      
Barclays PLC 166,300 444 B(Æ) 7,403 94
Chimera Investment Corp.(ö) 98,500 1,220 UnitedHealth Group, Inc. 2,500 288
Citigroup, Inc. 24,900 1,060 William Demant Holding A/S(Æ)(Û) 310 27
E*Trade Financial Corp.(Æ) 22,100 521       11,867
Federal National Mortgage              
Association(Æ) 175,000 233 Materials and Processing - 1.2%      
FinecoBank Banca Fineco SpA 4,020 31 Ashland, Inc. 13,100 1,241
Hannover Rueck SE(Û) 1,294 136 Aurubis AG(Û) 1,475 60
Hongkong Land Holdings, Ltd. 21,500 135 BillerudKorsnas AB 6,036 96
HRG Group, Inc.(Æ) 85,100 1,033 Boliden AB(Û) 8,577 119
JPMorgan Chase & Co. 6,500 387 Brenntag AG(Û) 468 23
KBC Groep NV(Û) 1,128 65 Buzzi Unicem SpA(Û) 3,440 52
Mapfre SA 4,652 10 CF Industries Holdings, Inc.(Û) 55,184 1,656
Muenchener Rueckversicherungs-       Clariant AG(Æ) 2,067 34
Gesellschaft AG in Muenchen(Û) 719 138 Dow Chemical Co. (The) 24,279 1,020
Navient Corp. 153,450 1,467 Eastman Chemical Co. 8,737 535
New Residential Investment Corp.(ö) 73,124 833 Evonik Industries AG(Û) 2,430 75
New Senior Investment Group, Inc.(ö) 61,800 568 Geberit AG(Û) 114 40
NN Group NV(Û) 8,092 274 Graphic Packaging Holding Co. 50,000 568
OneMain Holdings, Inc.(Æ) 25,000 661 Hexpol AB 1,184 11
Partners Group Holding AG 230 83 Nibe Industrier AB Class B 1,178 34

 

See accompanying notes which are an integral part of this quarterly report.

268 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)    
      Principal Fair     Principal   Fair
      Amount ($) Value   Amount ($)   Value
      or Shares $     or Shares   $
Orion Engineered Carbons SA 3,137 38 NII Holdings, Inc.(Æ) 50,000   183
Yara International ASA(Û) 2,147 82 Software AG(Û) 882   30
        5,684 Tencent Holdings, Ltd. 86,320   1,631
          United Internet AG(Û) 352   18
Producer Durables - 2.2%         Yahoo!, Inc.(Æ) 50,000   1,476
Abengoa SA Class B 57,235 12         17,817
Adecco SA(Æ)(Û) 1,385 85          
AerCap Holdings NV(Æ) 53,100 1,631 Utilities - 1.6%        
AMR Corp.(Å)(Æ) 75,000 — A2A SpA 49,432   59
Atlantia SpA(Û) 2,449 64 AT&T, Inc. 29,413   1,061
Boskalis Westminster(Û) 3,343 132 Edison International 16,894   1,044
bpost SA(Û) 2,783 66 Elisa OYJ Class A(Û) 4,003   145
Cargotec Oyj Class B(Û) 2,091 67 Endesa SA - ADR(Û) 8,724   168
ComfortDelGro Corp., Ltd. 35,100 70 Freenet AG(Û) 16,197   502
Delta Air Lines, Inc. 7,800 345 Gas Natural SDG SA(Û) 9,913   195
Deutsche Lufthansa AG(Æ)(Û) 20,927 306 Hera SpA 12,658   35
DSV A/S(Û) 2,580 100 Iberdrola SA(Û) 9,393   66
Eagle Bulk Shipping, Inc.(Å)(Æ) 3,878 5 NextEra Energy, Inc.(Û) 14,810   1,655
Finmeccanica SpA(Æ)(Û) 8,602 102 Proximus(Û) 8,228   284
Flughafen Zuerich AG 289 213 Sempra Energy(Û) 19,894   1,885
Fraport AG Frankfurt Airport Services         Snam Rete Gas SpA(Û) 3,566   20
Worldwide(Û) 228 14 TDC A/S 15,010   64
General Electric Co.(Û) 51,323 1,493 Tele2 AB Class B(Û) 10,869   90
Hochtief AG(Û) 3,193 294 TeliaSonera AB 16,094   76
Honeywell International, Inc.(Û) 9,580 989         7,349
ISS A/S(Û) 2,387 84          
KION Group AG(Æ)(Û) 2,627 130 Total Common Stocks        
Koninklijke Vopak NV 1,055 46 (cost $108,632)       101,651
Krones AG(Û) 240 26          
Kuehne & Nagel International AG 277 37 Investments in Other Funds - 0.5%      
Lockheed Martin Corp.(Û) 3,324 701 iShares MSCI Emerging Markets ETF 16,400   502
Metso OYJ(Û) 2,411 50 iShares Russell 2000 ETF 20,000   2,058
Orkla ASA(Û) 2,948 24 Total Investments in Other Funds        
OSRAM Licht AG(Û) 4,829 215 (cost $2,610)       2,560
Prysmian SpA(Û) 19,721 407          
Randstad Holding NV(Û) 5,996 328          
Raytheon Co.(Û) 5,865 752 Options Purchased - 0.2%        
Rheinmetall AG(Û) 3,514 251 (Number of Contracts)        
          Autodesk, Inc.        
Securitas AB Class B(Û) 5,161 76 Feb 2016 45.00 Put (100) USD 450 (ÿ) 9
Singapore Airlines, Ltd. 37,600 293 Diamond Resorts        
Skanska AB Class B(Û) 2,435 47 International, Inc.        
Tecnicas Reunidas SA(Û) 923 31 Feb 2016 22.50 Call (50) USD 113 (ÿ) 2
United Continental Holdings, Inc.(Æ) 22,054 1,065 Feb 2016 25.00 Call (60) USD 150 (ÿ) 1
Yangzijiang Shipbuilding Holdings, Ltd. 81,900 54 May 2016 15.00 Put (200) USD 300 (ÿ) 36
        10,605 Energy Transfer Equity, LP        
          Mar 2016 13.00 Call (56) USD 73 (ÿ) 1
Technology - 3.7%         Apr 2016 10.00 Call (650) USD 650 (ÿ) 65
Alphabet, Inc. Class A(Æ)(Û) 6,156 4,687 Apr 2016 12.50 Call (250) USD 313 (ÿ) 12
Amadeus IT Holding SA Class A 5,100 209 Feb 2016 10.00 Put (80) USD 80 (ÿ) 16
ams AG 1,441 40 Eurodollar 1 Year Mid-        
ARM Holdings PLC - ADR(Û) 10,815 466 Curve Futures        
Autodesk, Inc.(Æ) 11,000 515 Mar 2016 98.75 Put (69) USD 17,034 (ÿ) 2
Dialog Semiconductor PLC(Æ)(Û) 4,835 147 Apr 2016 98.50 Put (207) USD 50,974 (ÿ) 5
EMC Corp. 50,000 1,238 Eurodollar Futures        
Facebook, Inc. Class A(Æ)(Û) 18,867 2,117 Jun 2016 99.00 Put (59) USD 14,603 (ÿ) 1
GN Store Nord A/S(Û) 599 11 Ford Motor Co.        
Loral Space & Communications, Inc.(Æ) 14,600 504 Jan 2016 12.25 Call (490) USD 600 (ÿ) —
Microsoft Corp.(Û) 58,542 3,225 Inflationary Floor Options        
          Aug 2019 1.60 Call (1) USD 24,442 (ÿ) 327
MModal(Å)(Æ) 13,683 185 Aug 2019 1.63 Call (1) USD 26,163 (ÿ) 220
Motorola Solutions, Inc. 17,000 1,135 Aug 2019 1.63 Put (1) USD 9,425 (ÿ) 79

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 269

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)         Amounts in thousands (except share amounts)      
      Principal     Fair           Principal   Fair  
    Amount ($)     Value           Amount ($)   Value  
      or Shares     $           or Shares   $  
iShares iBoxx High Yield               0.401% due 07/28/16   800   798  
Corporate Bond ETF               0.402% due 07/28/16   400   399  
Feb 2016 80.00 Call (200) USD 1,600 (ÿ) 10   0.419% due 07/28/16   394   393  
iShares Russell 2000 Index               0.422% due 07/28/16   2,600   1,697  
Jan 2016 99.50 Put (100) USD 995 (ÿ) —   0.422% due 07/28/16   1,800   1,796  
Micron Technology, Inc.               United States Treasury Notes              
Jan 2016 20.00 Call (990) USD 1,980 (ÿ) 42   0.250% due 03/10/16 (ç)(Û)(~)   3,000   2,999  
Office Depot, Inc.               0.250% due 03/10/16   3,000   2,999  
Feb 2016 7.00 Call (200) USD 140 (ÿ) 2   Total Short-Term Investments              
Pfizer, Inc.                              
Jan 2017 32.00 Call (250) USD 800 (ÿ) 36   (cost $219,162)           220,977  
SPDR S&P 500 ETF Trust                              
Jan 2016 188.00 Put (100) USD 1,880 (ÿ) —   Repurchase Agreements - 7.7%              
Swaptions               Agreement with Barclays and State              
(Fund Receives/Fund Pays)               Street Bank (Tri-Party) of $600 dated              
USD 1.100%/3 Month LIBOR               January 29, 2016 at 0.540% to be              
Feb 2016 0.00 Call (1) 3,298,680 (ÿ)   216   repurchased at $600 on February              
May 2016 0.00 Put (1) 1,290 (ÿ)   1   1, 2016 collateralized by: $601              
Williams Cos., Inc.               par various United States Treasury              
Mar 2016 19.00 Call (100) USD 190 (ÿ) 22   Obligations, valued at $611.   600   600  
Total Options Purchased               Agreement with Credit Suisse and State              
(cost $982)           1,105   Street Bank (Tri-Party) of $9,000              
                dated January 29, 2016 at 0.550% to              
Warrants & Rights - 0.2%               be repurchased at $9,000 on February          
HSBC Bank PLC (Æ)               1, 2016 collateralized by: $9,184              
2017  Warrants   76,181     811   par various United States Treasury              
                Obligations, valued at $8,981.   9,000   9,000  
MModal (Æ)(Å)               Agreement with Goldman Sachs  and              
2017  Warrants   9,579     —   State Street Bank (Tri-Party) of $7,500          
Total Warrants & Rights               dated January 29, 2016 at 0.560% to              
(cost $1,329)           811   be repurchased at $7,500 on February          
                1, 2016 collateralized by: $7,359 par              
Short-Term Investments - 46.2%               various United States Government              
ICICI Bank, Ltd.               Agency Obligations, valued at $7,873. 7,500   7,500  
4.750% due 11/25/16 (Þ)   100     102   Agreement with JPMorgan Chase and              
Morgan Stanley               State Street Bank (Tri-Party) of $7,500          
Series GMTN               dated January 29, 2016 at 0.540% to              
0.278% due 01/16/17 (Ê)   100     109   be repurchased at $7,500 on February          
Russell U.S. Cash Management Fund   170,473,517 (8) 170,474   1, 2016 collateralized by: $7,603              
Texas Competitive Electric Holdings Co.,                              
LLC Term Loan               par various United States Treasury              
4.677% due 10/10/16   565     165   Obligations, valued at $7,515.   7,500   7,500  
United States Treasury Bills               Agreement with Toronto Dominion              
0.160% due 02/04/16 (ç)   800     800   and State Street Bank (Tri-Party) of              
0.162% due 02/04/16 (ç)   700     700 $ 12,200 dated January 29, 2016 at              
0.163% due 02/04/16 (ç)   1,742     1,742   0.540% to be repurchased at $12,200          
0.165% due 02/04/16 (ç)(~)   10,000     10,000   on February 1, 2016 collateralized              
0.165% due 02/04/16   7,999     800   by: $11,855 par various United              
0.165% due 02/04/16 (ç)   500     500   States Treasury Obligations, valued at          
0.208% due 02/04/16 (ç)(~)   5,000     4,999 $ 12,174 . 12,200   12,200  
0.254% due 02/04/16   727     766   Total Repurchase Agreements              
0.254% due 03/24/16 (ç)(~)   500     500   (cost $36,800)           36,800  
0.259% due 04/21/16 (~)   3,500     3,517                  
0.269% due 04/21/16   5,800     5,796   Total Investments 93.8%              
0.310% due 04/28/16 (~)   500     500   (identified cost $470,531)           448,305  
0.418% due 06/02/16   900     949                  
0.419% due 06/02/16   73     73   Securities Sold Short - (5.8)%              
0.422% due 06/02/16   500     499   Common Stocks - (5.1)%              
0.422% due 06/02/16   1,600     1,598   Consumer Discretionary - (1.2)%          
0.544% due 06/09/16   1,314     1,313   adidas AG   (1,442 ) (149 )
0.490% due 06/16/16 (Û)   2,000     1,997   Altice NV Class A(Æ)   (684 ) (10 )
0.478% due 06/23/16 (Û)(~)   2,000     1,997                  

 

See accompanying notes which are an integral part of this quarterly report.

270 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)       Amounts in thousands (except share amounts)      
    Principal   Fair         Principal   Fair  
    Amount ($)   Value         Amount ($)   Value  
    or Shares   $         or Shares   $  
Atresmedia Corp. de Medios de           Zillow Group, Inc.(Æ) (10,320 ) (212 )
Comunicacion SA (2,334 ) (22 )           (2,060 )
Bayerische Motoren Werke AG (3,299 ) (274 ) Health Care - (0.7)%            
Charter Communications, Inc. Class           Aetna, Inc. (9,800 ) (998 )
A(Æ) (610 ) (105 ) Baxter International, Inc. (5,000 ) (183 )
Cie Financiere Richemont SA(Æ) (5,554 ) (361 ) Fresenius Medical Care AG & Co. (532 ) (47 )
City Developments, Ltd. (6,100 ) (30 ) Getinge AB Class B (1,451 ) (32 )
Continental AG (198 ) (41 ) Health Net, Inc.(Æ) (12,500 ) (828 )
Daimler AG (1,201 ) (84 ) Illumina, Inc.(Æ) (2,619 ) (414 )
Dufry AG(Æ) (2,141 ) (232 ) Intuitive Surgical, Inc.(Æ) (453 ) (245 )
Foot Locker, Inc. (7,704 ) (520 ) Novozymes A/S Class B (1,500 ) (62 )
Jarden Corp.(Æ) (10,000 ) (512 ) UCB SA (649 ) (56 )
Kohl's Corp. (10,362 ) (515 ) Varian Medical Systems, Inc.(Æ) (6,501 ) (501 )
Koninklijke Philips NV (2,248 ) (60 )           (3,366 )
Mediaset SpA (9,970 ) (34 ) Materials and Processing - (0.6)%          
Mobileye NV(Æ) (10,851 ) (294 ) Acerinox SA (1,448 ) (13 )
Salvatore Ferragamo SpA (3,043 ) (69 ) APERAM SA(Æ) (1,142 ) (36 )
Schibsted ASA Class A (9,202 ) (271 ) EI du Pont de Nemours & Co. (7,457 ) (393 )
Swatch Group AG (The) Class B (2,481 ) (850 ) Fastenal Co. (19,600 ) (795 )
Target Corp. (6,796 ) (492 ) First Quantum Minerals, Ltd. (76,691 ) (166 )
Tesla Motors, Inc.(Æ) (1,051 ) (201 ) LafargeHolcim, Ltd.(Æ) (6,826 ) (290 )
Walt Disney Co. (The) (4,761 ) (456 ) LyondellBasell Industries NV Class A (5,230 ) (408 )
        (5,582 ) Mosaic Co. (The) (8,824 ) (213 )
Consumer Staples - (0.3)%           Norsk Hydro ASA (46,297 ) (155 )
Anheuser-Busch InBev SA (2,396 ) (302 ) Potash Corp. of Saskatchewan, Inc. (14,612 ) (238 )
Aryzta AG(Æ) (3,917 ) (179 ) Tenaris SA (28,188 ) (293 )
Barry Callebaut AG(Æ) (77 ) (88 ) ThyssenKrupp AG - ADR (2,624 ) (40 )
Carlsberg A/S Class B (419 ) (35 )           (3,040 )
Chocoladefabriken Lindt & Spruengli           Producer Durables - (0.3)%            
AG (11 ) (64 ) Alfa Laval AB (3,343 ) (58 )
Golden Agri-Resources, Ltd. (219,000 ) (58 ) AP Moeller - Maersk A/S Class B (84 ) (108 )
Tesco PLC(Æ) (112,030 ) (278 ) Bilfinger SE (1,211 ) (53 )
Woolworths, Ltd. (28,741 ) (500 ) Caterpillar, Inc. (6,990 ) (435 )
        (1,504 ) CNH Industrial NV (8,752 ) (55 )
Energy - (0.6)%           Deutsche Post AG (4,237 ) (102 )
BP PLC - ADR (16,207 ) (525 ) Duerr AG (525 ) (35 )
Energy Transfer Equity, LP (62,500 ) (542 ) Hexagon AB Class B (3,732 ) (124 )
Glencore PLC(Æ) (694,519 ) (898 ) Hutchison Port Holdings Trust (21,300 ) (10 )
Keppel Corp., Ltd. - ADR (67,900 ) (242 ) Obrascon Huarte Lain SA (19,577 ) (105 )
National Oilwell Varco, Inc. (13,148 ) (428 ) OC Oerlikon Corp. AG(Æ) (2,555 ) (23 )
SBM Offshore NV(Æ) (7,798 ) (103 ) SGS SA (36 ) (70 )
Statoil ASA Class N (1,345 ) (19 ) Singapore Post, Ltd. (75,200 ) (71 )
        (2,757 ) Volvo AB Class B (6,456 ) (59 )
Financial Services - (0.5)%           Wirecard AG (4,200 ) (212 )
Banco Comercial Portugues SA Class                     (1,520 )
R(Æ) (1,921,040 ) (81 ) Technology - (0.7)%            
Banco de Sabadell SA - ADR (48,895 ) (89 ) Alibaba Group Holding, Ltd. - ADR(Æ) (20,000 ) (1,341 )
Banco Popular Espanol SA (30,643 ) (83 ) Amadeus IT Holding SA Class A (1,277 ) (52 )
Banco Santander SA - ADR (5,868 ) (25 ) ASML Holding NV (2,370 ) (218 )
CaixaBank SA (17,561 ) (53 ) Gemalto NV (1,667 ) (100 )
Canadian Imperial Bank of Commerce (10,705 ) (697 ) Infineon Technologies AG - ADR (12,055 ) (160 )
CapitaLand, Ltd. (37,200 ) (81 ) International Business Machines Corp. (4,981 ) (622 )
Commerzbank AG(Æ) (8,894 ) (72 ) Micron Technology, Inc.(Æ) (31,967 ) (353 )
Credit Suisse Group AG(Æ) (1,434 ) (25 ) Nokia OYJ (33,845 ) (243 )
DBS Group Holdings, Ltd. (46,177 ) (460 )           (3,089 )
DNB ASA (10,165 ) (123 ) Utilities - (0.2)%            
Gjensidige Forsikring ASA (1,068 ) (17 ) Deutsche Telekom AG (9,662 ) (168 )
Global Logistic Properties, Ltd. (8,000 ) (10 ) E.ON SE (25,703 ) (262 )
Oversea-Chinese Banking Corp., Ltd. (1,900 ) (11 ) Energias de Portugal SA (17,880 ) (63 )
Tryg A/S (1,086 ) (21 ) RWE AG (27,083 ) (378 )

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 271

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)      
    Principal   Fair  
    Amount ($)   Value  
    or Shares   $  
Singapore Telecommunications, Ltd. (20,800 ) (51 )
Telefonica Deutschland Holding AG (12,826 ) (63 )
Telefonica SA - ADR(Æ) (10,105 ) (107 )
        (1,092 )
Total Common Stocks          
(proceeds $28,014)       (24,010 )
 
Investments in Other Funds - (0.7)%        
iShares China Large-Cap ETF (13,490 ) (421 )
iShares MSCI Brazil Capped ETF (35,486 ) (704 )
iShares MSCI Emerging Markets ETF (43,404 ) (1,327 )
iShares Russell 2000 ETF (10,000 ) (1,029 )
Total Investments in Other Funds          
(proceeds $4,050)       (3,481 )
 
Preferred Stocks – (0.0)%          
Consumer Discretionary – (0.0)%          
Volkswagen AG (1,414 ) (164 )
 
Total Preferred Stocks          
(proceeds $200)       (164 )
 
Total Securities Sold Short          
(proceeds $32,264)       (27,655 )
 
Other Assets and Liabilities,          
Net - 12.0%       57,353  
 
Net Assets - 100.0%       478,003  

 

See accompanying notes which are an integral part of this quarterly report.

272 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Restricted Securities                        
 
Amounts in thousands (except share and cost per unit amounts)                    
 
          Principal   Cost per   Cost   Fair Value  
% of Net Assets   Acquisition     Amount ($)   Unit   (000 ) (000 )
Securities   Date     or shares   $   $   $  
0.7%                      
AMR Corp.   11/25/13 75,000 — —   —  
Chromaflo Technologies Corp. 2nd Lien Term Loan   11/20/13 114,996 99.50 114   92  
Eagle Bulk Shipping, Inc.   10/15/14 3,878 14.35 56   5  
MModal   07/31/14 13,683 20.01 274   185  
MModal   08/28/14 9,579 25.99 4   —  
Republic of Argentina Government Bond   05/20/14 3,070,463 80.38 2,468   3,175  
                      3,457  
For a description of restricted securities see note 7 in the Notes to Quarterly Report.              

 

Futures Contracts              
 
Amounts in thousands (except contract amounts)              
            Unrealized  
            Appreciation  
    Number of Notional Expiration (Depreciation)  
    Contracts Amount Date $  
Long Positions              
Aluminum Futures 1 USD 38 02/16 —  
Aluminum Futures 16 USD 607 03/16 5  
Aluminum Futures 2 USD 76 04/16 2  
Australia Government 10 Year Treasury Bond Futures 8 AUD 1,035 03/16 7  
Bank Acceptance Futures 12 CAD 2,980 06/16 —  
Bank Acceptance Futures 15 CAD 3,726 09/16 2  
Brent Crude Oil Futures 7 USD 252 02/16 44  
Canada Government 10 Year Bond Futures 17 CAD 2,428 03/16 16  
Cocoa Futures 6 USD 143 03/16 (30 )
Coffee Futures 1 USD 44 03/16 (2 )
Copper Futures 3 USD 343 02/16 (21 )
Copper Futures 9 USD 956 03/16 (2 )
Copper Futures 3 USD 342 04/16 12  
Corn Futures 8 USD 149 03/16 (1 )
Cotton No. 2 Futures 5 USD 153 03/16 (5 )
Euribor Interest Rate Futures 23 EUR 5,768 06/16 4  
Euribor Interest Rate Futures 20 EUR 5,017 09/16 5  
Euribor Interest Rate Futures 22 EUR 5,519 12/16 6  
Euribor Interest Rate Futures 25 EUR 6,271 03/17 8  
Euribor Interest Rate Futures 43 EUR 10,728 06/17 18  
Euribor Interest Rate Futures 28 EUR 7,020 09/17 8  
Euribor Interest Rate Futures 19 EUR 4,762 12/17 14  
EURO STOXX 50 Index Futures 51 EUR 1,544 03/16 32  
Euro-Bobl Futures 38 EUR 5,032 03/16 34  
Euro-BTP Futures 12 EUR 1,679 03/16 20  
Euro-Bund Futures 58 EUR 9,474 03/16 262  
Euro-Buxl Futures 1 EUR 163 03/16 4  
Euro-OAT Futures 8 EUR 1,236 03/16 18  
Euro-Schatz Futures 69 EUR 7,716 03/16 10  
Eurodollar Futures 8 USD 1,986 06/16 1  
Eurodollar Futures 17 USD 4,219 09/16 3  
Eurodollar Futures 18 USD 4,463 12/16 6  
Eurodollar Futures 17 USD 4,212 03/17 7  
Eurodollar Futures 16 USD 3,956 09/17 8  
Eurodollar Futures 16 USD 3,952 12/17 8  
EuroSwiss Interest Rate Futures 1 CHF 252 06/16 —  
EuroSwiss Interest Rate Futures 2 CHF 505 09/16 —  
EuroSwiss Interest Rate Futures 2 CHF 505 12/16 —  
FTSE 100 Index Futures 12 GBP 721 03/16 39  
Gold 100 oz. Futures 28 USD 3,126 02/16 60  
Gold 100 oz. Futures 7 USD 781 04/16 6  
Hang Seng Index Futures 5 HKD 4,931 02/16 25  
H-Shares Index Futures 7 HKD 2,901 02/16 13  
Japan Government Mini 10 Year Bond Futures 74 JPY 1,113,478 03/16 104  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 273

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Futures Contracts              
 
Amounts in thousands (except contract amounts)              
KOSPI2 Index Futures 4 KRW 464,600 03/16 (6 )
Lead Futures 1 USD 43 04/16 2  
Live Cattle Futures 3 USD 162 02/16 1  
Live Cattle Futures 5 USD 268 04/16 —  
Long Gilt Futures 29 GBP 3,489 03/16 91  
MSCI Emerging Markets Mini Index Futures 174 USD 6,506 03/16 (322 )
MSCI Singapore Index Futures 12 SGD 354 02/16 7  
MSCI Taiwan Index Futures 6 USD 177 02/16 6  
Natural Gas Futures 1 USD 23 02/16 (1 )
New York Harbor ULSD Futures 2 USD 91 02/16 (1 )
Nickel Futures 1 USD 52 02/16 (7 )
Nickel Futures 2 USD 103 03/16 (1 )
Palladium Futures 1 USD 44 04/16 —  
S&P 500 E-Mini Index Futures 55 USD 5,308 03/16 (119 )
S&P/TSX 60 Index Futures 10 CAD 1,506 03/16 50  
SGX NIFTY 50 Index 2 USD 30 02/16 —  
Silver Futures 2 USD 142 03/16 4  
Soybean Futures 5 USD 221 03/16 (3 )
Soybean Meal Futures 8 USD 218 03/16 3  
Soybean Oil Futures 11 USD 204 03/16 (1 )
SPI 200 Index Futures 1 AUD 124 03/16 1  
Sterling Interest Rate Futures 19 GBP 2,362 06/16 5  
Sterling Interest Rate Futures 20 GBP 2,486 09/16 7  
Sterling Interest Rate Futures 11 GBP 1,367 12/16 5  
Sterling Interest Rate Futures 24 GBP 2,980 03/17 11  
Sterling Interest Rate Futures 22 GBP 2,729 06/17 10  
Sterling Interest Rate Futures 20 GBP 2,479 09/17 8  
Sterling Interest Rate Futures 19 GBP 2,353 12/17 8  
Sugar 11 Futures 17 USD 250 02/16 (33 )
TOPIX Index Futures 130 JPY 1,870,700 03/16 (1,310 )
United States 10 Year Treasury Note Futures 139 USD 18,011 03/16 407  
United States 2 Year Treasury Note Futures 50 USD 10,931 03/16 18  
United States 5 Year Treasury Note Futures 44 USD 5,310 03/16 35  
United States Long Bond Futures 6 USD 966 03/16 6  
United States Ultra Bond Futures 3 USD 499 03/16 4  
Wheat Futures 10 USD 240 03/16 (1 )
WTI Crude Oil Futures 10 USD 336 02/16 26  
Zinc Futures 1 USD 41 02/16 (1 )
Zinc Futures 4 USD 162 03/16 1  
Zinc Futures 1 USD 41 04/16 1  
Short Positions              
Aluminum Futures 1 USD 38 02/16 (1 )
Aluminum Futures 11 USD 417 03/16 (7 )
Aluminum Futures 2 USD 76 04/16 (3 )
Australia Government 3 Year Treasury Bond Futures 12 AUD 1,344 03/16 (8 )
BOVESPA Index Futures 10 BRL 388 02/16 19  
CAC40 Euro Index Futures 5 EUR 221 02/16 (5 )
Cocoa Futures 7 USD 186 03/16 5  
Coffee Futures 7 USD 305 03/16 6  
Copper Futures 3 USD 343 02/16 22  
Copper Futures 19 USD 1,419 03/16 2  
Copper Futures 3 USD 342 04/16 (12 )
Corn Futures 17 USD 316 03/16 (6 )
Dow Jones E-Mini Index Futures 7 USD 572 03/16 (4 )
Dow Jones Index Futures 1 EUR 244 03/16 —  
EURO STOXX 50 Index Futures 102 EUR 3,089 03/16 (49 )
FTSE 100 Index Futures 1 GBP 60 03/16 (2 )
FTSE CHINA A50 Index Futures 5 USD 44 02/16 —  
FTSE/JSE Index Futures 1 ZAR 442 03/16 (2 )
FTSE/MIB Index Futures 1 EUR 93 03/16 9  
Gasoline RBOB Futures 3 USD 143 02/16 2  
Gold 100 oz. Futures 28 USD 3,126 02/16 (131 )
Gold 100 oz. Futures 16 USD 1,786 04/16 (21 )
Hang Seng Index Futures 5 HKD 4,931 02/16 (21 )
H-Shares Index Futures 8 HKD 3,316 02/16 (11 )
IBEX 35 Index Futures 4 EUR 351 02/16 11  

 

See accompanying notes which are an integral part of this quarterly report.

274 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Futures Contracts                    
 
Amounts in thousands (except contract amounts)                  
KOSPI2 Index Futures     7 KRW 813,050   03/16 1  
Lead Futures     1 USD 43   04/16 (3 )
Live Cattle Futures     3 USD 162   02/16 (3 )
Low Sulphur Gasoil Futures     3 USD 94   03/16 (2 )
MSCI EAFE Mini Index Futures     1 USD 80   03/16 3  
MSCI Emerging Markets Mini Index Futures     8 USD 299   03/16 8  
MSCI Singapore Index Futures     4 SGD 118   02/16 (2 )
MSCI Taiwan Index Futures     8 USD 236   02/16 (7 )
NASDAQ 100 E-Mini Futures     5 USD 426   03/16 (9 )
Natural Gas Futures     15 USD 345   02/16 21  
New York Harbor ULSD Futures     1 USD 45   02/16 (3 )
Nickel Futures     1 USD 52   02/16 7  
Nickel Futures     4 USD 207   03/16 (1 )
NIKKEI 225 Index Futures     2 JPY 35,280   03/16 (5 )
OMXS30 Index Futures     7 SEK 947   02/16 —  
Palladium Futures     3 USD 150   03/16 14  
Palladium Futures     6 USD 262   04/16 (6 )
Russell 2000 Mini Index Futures     2 USD 206   03/16 13  
S&P 500 E-Mini Index Futures     21 USD 2,027   03/16 (74 )
S&P/TSX 60 Index Futures     3 CAD 452   03/16 —  
Silver Futures     3 USD 214   03/16 (1 )
Soybean Futures     12 USD 529   03/16 (1 )
Soybean Meal Futures     31 USD 844   03/16 19  
Soybean Oil Futures     2 USD 37   03/16 1  
SPI 200 Index Futures     6 AUD 745   03/16 (11 )
Sugar 11 Futures     13 USD 191   02/16 (10 )
Swiss Market Index Futures     2 CHF 164   03/16 (6 )
TAIEX Index Futures     3 TWD 4,832   02/16 (6 )
United States 5 Year Treasury Note Futures     2 USD 241   03/16 (4 )
Wheat Futures     25 USD 597   03/16 16  
Zinc Futures     1 USD 41   02/16 1  
Zinc Futures     6 USD 243   03/16 (7 )
Zinc Futures     1 USD 41   04/16 —  
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)             (603 )
 
 
 
 
Options Written                    
Amounts in thousands (except contract amounts)                  
    Number of   Strike Notional   Expiration Fair Value  
  Call/Put Contracts   Price Amount   Date $  
Cross Currency Options (EUR/GBP) Call 1   0.76 EUR 1,319 02/09/16 (11 )
Cross Currency Options (NZD/CAD) Call 1   0.96 NZD 6,634 02/04/16 —  
Cross Currency Options (USD/TRY) Call 1   3.13 USD 10,814 02/02/16 —  
Cross Currency Options (USD/ZAR) Call 1   17.54 USD 6,060 02/12/16 —  
Eurodollar 1 Year Mid-Curve Futures Put 69   98.63 USD 17,013 03/11/16 (1 )
Eurodollar 1 Year Mid-Curve Futures Put 413   98.25 USD 101,443 04/15/16 (3 )
Eurodollar Futures Call 59   99.50 USD 14,676 06/13/16 (3 )
Eurodollar Futures Put 59   98.88 USD 14,584 06/13/16 —  
Inflationary Floor Options Call 2   1.00 USD 62,800 08/15/19 (521 )
Inflationary Floor Options Put 1   1.00 USD 11,600 08/15/19 (79 )
iShares Russell 2000 Index Put 100   94.50 USD 945 01/15/16 —  
Pfizer, Inc. Call 250   37.00 USD 925 01/20/17 (9 )
Pfizer, Inc. Put 252   28.00 USD 706 01/20/17 (49 )
SPDR S&P 500 ETF Trust Put 100   184.00 USD 1,840 01/15/16 —  
Swaptions                    
(Fund Receives/Fund Pays)                    
USD 1.100%/3 Month LIBOR Put 1   0.00 22,990 02/17/16 (18 )
USD 2.50%/3 Month LIBOR Put 1   0.00 11,250 05/12/16 (1 )
Total Liability for Options Written (premiums received $400)               (695 )

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 275

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Transactions in options written contracts for the period ended January 31, 2016 were as follows:  
  Number of     Premiums  
    Contracts     Received  
Outstanding October 31, 2015 1,683   $ 5,318  
Opened 4,479   5,212  
Closed (2,562 ) (5,787 )
Expired (2,289 ) (4,343 )
Outstanding January 31, 2016 1,311   $ 400  

 

Foreign Currency Exchange Contracts                  
Amounts in  thousands                  
                Unrealized  
                Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
Bank of America USD   8 EUR   8 02/24/16 —  
Bank of America USD   19 EUR   18 02/24/16 —  
Bank of America USD   29 EUR   27 02/24/16 —  
Bank of America USD   37 EUR   34 02/24/16 —  
Bank of America USD   48 EUR   44 02/24/16 (1 )
Bank of America USD   58 EUR   53 02/24/16 —  
Bank of America USD   74 EUR   68 02/24/16 (1 )
Bank of America USD   299 EUR   274 02/24/16 (1 )
Bank of America USD   1,172 EUR   1,065 02/24/16 (19 )
Bank of America USD   1,609 GBP   1,129 02/02/16 (1 )
Bank of America USD   201 ILS   794 02/18/16 (1 )
Bank of America EUR   34 USD   37 02/02/16 —  
Bank of America EUR   53 USD   57 02/24/16 —  
Bank of America EUR   53 USD   58 02/24/16 —  
Bank of America EUR   67 USD   74 02/24/16 1  
Bank of America EUR   76 USD   83 02/24/16 1  
Bank of America GBP   1,129 USD   1,609 03/02/16 1  
Barclays EUR   15 USD   16 02/24/16 —  
Barclays EUR   45 USD   49 02/24/16 —  
BNP Paribas ILS   1,576 USD   406 02/18/16 8  
Citibank USD   200 AUD   282 02/01/16 —  
Citibank USD   55 AUD   81 03/16/16 2  
Citibank USD   80 AUD   111 03/16/16 (2 )
Citibank USD   113 AUD   158 03/16/16 (2 )
Citibank USD   135 AUD   193 03/16/16 2  
Citibank USD   165 AUD   226 03/16/16 (6 )
Citibank USD   195 AUD   269 03/16/16 (5 )
Citibank USD   199 AUD   282 03/16/16 —  
Citibank USD   337 AUD   484 03/16/16 5  
Citibank USD   355 AUD   504 03/16/16 1  
Citibank USD   406 AUD   579 03/16/16 3  
Citibank USD   481 AUD   701 03/16/16 14  
Citibank USD   490 AUD   681 03/16/16 (9 )
Citibank USD   3,022 AUD   4,153 03/16/16 (89 )
Citibank USD   2 BRL   8 03/16/16 —  
Citibank USD   44 BRL   170 03/16/16 (2 )
Citibank USD   49 BRL   199 03/16/16 —  
Citibank USD   60 BRL   240 03/16/16 (1 )
Citibank USD   74 BRL   291 03/16/16 (2 )
Citibank USD   77 BRL   295 03/16/16 (4 )
Citibank USD   97 BRL   378 03/16/16 (4 )
Citibank USD   222 BRL   861 03/16/16 (9 )
Citibank USD   65 CAD   86 03/16/16 (3 )
Citibank USD   66 CAD   93 03/16/16 1  
Citibank USD   101 CAD   145 03/16/16 3  
Citibank USD   193 CAD   276 03/16/16 4  
Citibank USD   247 CAD   348 03/16/16 2  
Citibank USD   299 CAD   421 03/16/16 1  
Citibank USD   383 CAD   545 03/16/16 6  
Citibank USD   392 CAD   556 03/16/16 5  
Citibank USD   487 CAD   696 03/16/16 10  

 

See accompanying notes which are an integral part of this quarterly report.

276 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                  
Amounts in  thousands                  
                Unrealized  
                Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
Citibank USD   551 CAD   775 03/16/16 3  
Citibank USD   612 CAD   888 03/16/16 22  
Citibank USD   691 CAD   923 03/16/16 (32 )
Citibank USD   796 CAD   1,108 03/16/16 (5 )
Citibank USD   1,026 CAD   1,497 03/16/16 43  
Citibank USD   1,076 CAD   1,502 03/16/16 (3 )
Citibank USD   3 CHF   3 03/16/16 —  
Citibank USD   30 CHF   30 03/16/16 (1 )
Citibank USD   3 CLP   2,085 03/16/16 —  
Citibank USD   4 CLP   2,587 03/16/16 —  
Citibank USD   4 CLP   2,890 03/16/16 —  
Citibank USD   6 CLP   4,141 03/16/16 —  
Citibank USD   17 CLP   12,136 03/16/16 —  
Citibank USD   17 CLP   12,042 03/16/16 —  
Citibank USD   20 CLP   14,718 03/16/16 1  
Citibank USD   30 CLP   21,576 03/16/16 —  
Citibank USD   77 CLP   53,708 03/16/16 (2 )
Citibank USD   82 CLP   58,046 03/16/16 (1 )
Citibank USD   1 COP   3,818 03/16/16 —  
Citibank USD   1 COP   4,031 03/16/16 —  
Citibank USD   1 COP   4,521 03/16/16 —  
Citibank USD   2 COP   5,229 03/16/16 —  
Citibank USD   4 COP   12,378 03/16/16 —  
Citibank USD   4 COP   14,430 03/16/16 —  
Citibank USD   8 COP   25,194 03/16/16 —  
Citibank USD   14 COP   45,169 03/16/16 (1 )
Citibank USD   16 COP   51,744 03/16/16 —  
Citibank USD   1 CZK   35 02/01/16 —  
Citibank USD   1 CZK   35 03/16/16 —  
Citibank USD   7 CZK   170 03/16/16 —  
Citibank USD   10 CZK   240 03/16/16 —  
Citibank USD   17 CZK   431 03/16/16 —  
Citibank USD   141 CZK   3,441 03/16/16 (2 )
Citibank USD   174 CZK   4,291 03/16/16 (2 )
Citibank USD   197 CZK   5,020 03/16/16 4  
Citibank USD   376 CZK   9,331 03/16/16 (2 )
Citibank USD   117 EUR   107 02/01/16 (1 )
Citibank USD   5 EUR   5 03/16/16 —  
Citibank USD   24 EUR   22 03/16/16 —  
Citibank USD   89 EUR   81 03/16/16 (1 )
Citibank USD   128 EUR   118 03/16/16 —  
Citibank USD   241 EUR   224 03/16/16 2  
Citibank USD   444 EUR   409 03/16/16 (1 )
Citibank USD   480 EUR   442 03/16/16 —  
Citibank USD   493 EUR   452 03/16/16 (3 )
Citibank USD   561 EUR   516 03/16/16 (1 )
Citibank USD   604 EUR   551 03/16/16 (7 )
Citibank USD   790 EUR   728 03/16/16 (1 )
Citibank USD   1,051 EUR   964 03/16/16 (6 )
Citibank USD   1,140 EUR   1,049 03/16/16 (2 )
Citibank USD   1,371 EUR   1,257 03/16/16 (7 )
Citibank USD   1,770 EUR   1,617 03/16/16 (16 )
Citibank USD   1,895 EUR   1,720 03/16/16 (29 )
Citibank USD   1,956 EUR   1,782 03/16/16 (23 )
Citibank USD   3,261 EUR   2,951 03/16/16 (61 )
Citibank USD   3,411 EUR   3,119 03/16/16 (28 )
Citibank USD   3,521 EUR   3,252 03/16/16 5  
Citibank USD   3,916 EUR   3,600 03/16/16 (12 )
Citibank USD   172 GBP   120 02/01/16 (1 )
Citibank USD   12 GBP   8 03/16/16 —  
Citibank USD   18 GBP   13 03/16/16 —  
Citibank USD   59 GBP   39 03/16/16 (3 )
Citibank USD   79 GBP   56 03/16/16 —  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 277

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                
Amounts in  thousands                
              Unrealized  
              Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
Citibank USD   354 GBP 233 03/16/16 (22 )
Citibank USD   767 GBP 511 03/16/16 (38 )
Citibank USD   8 HKD 62 03/16/16 —  
Citibank USD   25 HKD 195 03/16/16 —  
Citibank USD   27 HKD 208 03/16/16 —  
Citibank USD   33 HKD 256 03/16/16 —  
Citibank USD   93 HKD 727 03/16/16 —  
Citibank USD   7 HUF 2,035 02/01/16 —  
Citibank USD   7 HUF 2,057 03/16/16 —  
Citibank USD   7 HUF 2,035 03/16/16 —  
Citibank USD   10 HUF 2,906 03/16/16 —  
Citibank USD   18 HUF 5,338 03/16/16 —  
Citibank USD   23 HUF 6,642 03/16/16 —  
Citibank USD   23 HUF 6,851 03/16/16 —  
Citibank USD   30 HUF 8,686 03/16/16 —  
Citibank USD   30 HUF 8,719 03/16/16 —  
Citibank USD   35 HUF 10,178 03/16/16 —  
Citibank USD   37 HUF 10,710 03/16/16 —  
Citibank USD   40 HUF 11,541 03/16/16 —  
Citibank USD   45 HUF 13,001 03/16/16 —  
Citibank USD   50 HUF 14,797 03/16/16 1  
Citibank USD   67 HUF 19,112 03/16/16 —  
Citibank USD   99 HUF 28,192 03/16/16 —  
Citibank USD   105 HUF 30,865 03/16/16 2  
Citibank USD   12 IDR 168,903 03/16/16 —  
Citibank USD   35 IDR 491,515 03/16/16 1  
Citibank USD   61 IDR 860,560 03/16/16 1  
Citibank USD   108 IDR 1,522,508 03/16/16 3  
Citibank USD   110 IDR 1,549,193 03/16/16 3  
Citibank USD   113 IDR 1,595,631 03/16/16 3  
Citibank USD   3 ILS 13 02/01/16 —  
Citibank USD   45 ILS 172 03/16/16 (1 )
Citibank USD   50 ILS 188 03/16/16 (2 )
Citibank USD   65 ILS 253 03/16/16 (2 )
Citibank USD   127 ILS 492 03/16/16 (3 )
Citibank USD   181 ILS 697 03/16/16 (4 )
Citibank USD   188 INR 12,690 02/26/16 (2 )
Citibank USD   3 INR 215 03/16/16 —  
Citibank USD   5 INR 366 03/16/16 —  
Citibank USD   9 INR 635 03/16/16 —  
Citibank USD   54 INR 3,635 03/16/16 (1 )
Citibank USD   67 INR 4,511 03/16/16 (1 )
Citibank USD   78 INR 5,263 03/16/16 (1 )
Citibank USD   90 INR 6,115 03/16/16 (1 )
Citibank USD   90 INR 6,110 03/16/16 (1 )
Citibank USD   97 INR 6,553 03/16/16 (1 )
Citibank USD   135 INR 9,174 03/16/16 (1 )
Citibank USD   226 INR 15,297 03/16/16 (2 )
Citibank USD   1 JPY 121 03/16/16 —  
Citibank USD   6 JPY 709 03/16/16 —  
Citibank USD   57 JPY 6,878 03/16/16 —  
Citibank USD   100 JPY 11,707 03/16/16 (3 )
Citibank USD   143 JPY 16,891 03/16/16 (4 )
Citibank USD   175 JPY 20,613 03/16/16 (4 )
Citibank USD   238 JPY 28,094 03/16/16 (6 )
Citibank USD   318 JPY 37,369 03/16/16 (9 )
Citibank USD   375 JPY 45,909 03/16/16 5  
Citibank USD   540 JPY 64,162 03/16/16 (10 )
Citibank USD   638 JPY 78,468 03/16/16 11  
Citibank USD   639 JPY 78,591 03/16/16 11  
Citibank USD   640 JPY 78,441 03/16/16 9  
Citibank USD   640 JPY 78,587 03/16/16 10  
Citibank USD   651 JPY 79,843 03/16/16 9  

 

See accompanying notes which are an integral part of this quarterly report.

278 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                
Amounts in  thousands                
              Unrealized  
              Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
Citibank USD   787 JPY 93,164 03/16/16 (16 )
Citibank USD   901 JPY 109,550 03/16/16 5  
Citibank USD   1,073 JPY 129,211 03/16/16 (5 )
Citibank USD   1,274 JPY 155,854 03/16/16 14  
Citibank USD   1,445 JPY 175,026 03/16/16 3  
Citibank USD   2,127 JPY 260,473 03/16/16 27  
Citibank USD   3,018 JPY 363,133 03/16/16 (15 )
Citibank USD   50 KRW 60,059 03/16/16 —  
Citibank USD   62 KRW 75,606 03/16/16 —  
Citibank USD   73 KRW 87,514 03/16/16 (1 )
Citibank USD   109 KRW 126,884 03/16/16 (5 )
Citibank USD   170 KRW 206,573 03/16/16 1  
Citibank USD   180 KRW 218,855 03/16/16 1  
Citibank USD   300 KRW 351,223 03/16/16 (9 )
Citibank USD   552 KRW 641,141 03/16/16 (22 )
Citibank USD   8 MXN 145 03/16/16 —  
Citibank USD   9 MXN 162 03/16/16 —  
Citibank USD   13 MXN 219 03/16/16 (1 )
Citibank USD   14 MXN 239 03/16/16 (1 )
Citibank USD   36 MXN 641 03/16/16 —  
Citibank USD   44 MXN 814 03/16/16 1  
Citibank USD   48 MXN 877 03/16/16 1  
Citibank USD   52 MXN 928 03/16/16 (1 )
Citibank USD   56 MXN 1,043 03/16/16 1  
Citibank USD   69 MXN 1,263 03/16/16 1  
Citibank USD   73 MXN 1,287 03/16/16 (3 )
Citibank USD   76 MXN 1,309 03/16/16 (4 )
Citibank USD   100 MXN 1,802 03/16/16 (1 )
Citibank USD   108 MXN 1,950 03/16/16 (1 )
Citibank USD   185 MXN 3,072 03/16/16 (16 )
Citibank USD   191 MXN 3,565 03/16/16 5  
Citibank USD   200 MXN 3,326 03/16/16 (17 )
Citibank USD   234 MXN 4,378 03/16/16 7  
Citibank USD   1 MYR 3 03/16/16 —  
Citibank USD   3 MYR 11 03/16/16 —  
Citibank USD   5 MYR 21 03/16/16 —  
Citibank USD   6 MYR 24 03/16/16 —  
Citibank USD   17 MYR 70 03/16/16 —  
Citibank USD   29 MYR 123 03/16/16 1  
Citibank USD   30 MYR 129 03/16/16 1  
Citibank USD   31 MYR 131 03/16/16 1  
Citibank USD   42 MYR 180 03/16/16 1  
Citibank USD   44 MYR 185 03/16/16 1  
Citibank USD   76 MYR 327 03/16/16 3  
Citibank USD   181 MYR 769 03/16/16 5  
Citibank USD   186 NOK 1,606 02/01/16 (1 )
Citibank USD   2 NOK 14 03/16/16 —  
Citibank USD   5 NOK 46 03/16/16 —  
Citibank USD   22 NOK 196 03/16/16 —  
Citibank USD   46 NOK 404 03/16/16 1  
Citibank USD   52 NOK 468 03/16/16 2  
Citibank USD   53 NOK 471 03/16/16 1  
Citibank USD   67 NOK 596 03/16/16 2  
Citibank USD   94 NOK 815 03/16/16 —  
Citibank USD   95 NOK 849 03/16/16 2  
Citibank USD   111 NOK 996 03/16/16 3  
Citibank USD   111 NOK 964 03/16/16 —  
Citibank USD   133 NOK 1,167 03/16/16 2  
Citibank USD   165 NOK 1,480 03/16/16 6  
Citibank USD   185 NOK 1,644 03/16/16 5  
Citibank USD   186 NOK 1,606 03/16/16 (1 )
Citibank USD   192 NOK 1,674 03/16/16 1  
Citibank USD   236 NOK 2,077 03/16/16 3  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 279

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                  
Amounts in  thousands                  
                Unrealized  
                Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
Citibank USD   254 NOK   2,197 03/16/16 (1 )
Citibank USD   298 NOK   2,538 03/16/16 (6 )
Citibank USD   707 NOK   6,224 03/16/16 9  
Citibank USD   56 NZD   86 02/02/16 —  
Citibank USD   3 NZD   4 03/16/16 —  
Citibank USD   95 NZD   142 03/16/16 (3 )
Citibank USD   151 NZD   229 03/16/16 (3 )
Citibank USD   275 NZD   413 03/16/16 (8 )
Citibank USD   398 NZD   602 03/16/16 (10 )
Citibank USD   399 NZD   585 03/16/16 (21 )
Citibank USD   399 NZD   606 03/16/16 (8 )
Citibank USD   481 NZD   725 03/16/16 (13 )
Citibank USD   481 NZD   730 03/16/16 (10 )
Citibank USD   481 NZD   730 03/16/16 (10 )
Citibank USD   701 NZD   1,041 03/16/16 (29 )
Citibank USD   7 PHP   326 03/16/16 —  
Citibank USD   10 PHP   463 03/16/16 —  
Citibank USD   14 PHP   643 03/16/16 —  
Citibank USD   26 PHP   1,212 03/16/16 —  
Citibank USD   39 PHP   1,869 03/16/16 —  
Citibank USD   69 PHP   3,264 03/16/16 (1 )
Citibank USD   159 PHP   7,511 03/16/16 (2 )
Citibank USD   29 PLN   119 02/01/16 —  
Citibank USD   101 PLN   404 03/16/16 (2 )
Citibank USD   157 PLN   620 03/16/16 (6 )
Citibank USD   260 PLN   1,011 03/16/16 (12 )
Citibank USD   1,815 PLN   7,059 03/16/16 (86 )
Citibank USD   140 SEK   1,194 02/01/16 (1 )
Citibank USD   5 SEK   46 03/16/16 —  
Citibank USD   49 SEK   425 03/16/16 1  
Citibank USD   140 SEK   1,194 03/16/16 (1 )
Citibank USD   148 SEK   1,257 03/16/16 (2 )
Citibank USD   207 SEK   1,753 03/16/16 (3 )
Citibank USD   213 SEK   1,789 03/16/16 (4 )
Citibank USD   264 SEK   2,244 03/16/16 (2 )
Citibank USD   274 SEK   2,328 03/16/16 (3 )
Citibank USD   404 SEK   3,499 03/16/16 4  
Citibank USD   499 SEK   4,245 03/16/16 (4 )
Citibank USD   1,253 SEK   10,524 03/16/16 (26 )
Citibank USD   5 SGD   7 03/16/16 —  
Citibank USD   6 SGD   8 03/16/16 —  
Citibank USD   8 SGD   11 03/16/16 —  
Citibank USD   19 SGD   28 03/16/16 —  
Citibank USD   25 SGD   36 03/16/16 —  
Citibank USD   28 SGD   39 03/16/16 —  
Citibank USD   43 SGD   61 03/16/16 —  
Citibank USD   46 SGD   67 03/16/16 1  
Citibank USD   65 SGD   94 03/16/16 1  
Citibank USD   74 SGD   103 03/16/16 (1 )
Citibank USD   132 SGD   186 03/16/16 (2 )
Citibank USD   358 SGD   506 03/16/16 (3 )
Citibank USD   23 TRY   69 03/16/16 —  
Citibank USD   48 TRY   142 03/16/16 —  
Citibank USD   96 TRY   283 03/16/16 (1 )
Citibank USD   96 TRY   284 03/16/16 (1 )
Citibank USD   104 TRY   309 03/16/16 (1 )
Citibank USD   128 TRY   384 03/16/16 —  
Citibank USD   160 TRY   475 03/16/16 (1 )
Citibank USD   317 TRY   949 03/16/16 —  
Citibank USD   382 TRY   1,140 03/16/16 (1 )
Citibank USD   5 TWD   159 03/16/16 —  
Citibank USD   13 TWD   429 03/16/16 —  
Citibank USD   14 TWD   481 03/16/16 —  

 

See accompanying notes which are an integral part of this quarterly report.

280 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                  
Amounts in  thousands                  
                Unrealized  
                Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
Citibank USD   15 TWD   514 03/16/16 —  
Citibank USD   24 TWD   778 03/16/16 (1 )
Citibank USD   29 TWD   985 03/16/16 —  
Citibank USD   54 TWD   1,831 03/16/16 —  
Citibank USD   57 TWD   1,891 03/16/16 (1 )
Citibank USD   57 TWD   1,938 03/16/16 —  
Citibank USD   80 TWD   2,603 03/16/16 (2 )
Citibank USD   162 TWD   5,314 03/16/16 (3 )
Citibank USD   20 ZAR   318 02/01/16 —  
Citibank USD   2 ZAR   29 03/16/16 —  
Citibank USD   21 ZAR   345 03/16/16 1  
Citibank USD   36 ZAR   614 03/16/16 2  
Citibank USD   43 ZAR   713 03/16/16 2  
Citibank USD   45 ZAR   752 03/16/16 2  
Citibank USD   48 ZAR   778 03/16/16 —  
Citibank USD   54 ZAR   867 03/16/16 —  
Citibank USD   62 ZAR   1,010 03/16/16 1  
Citibank USD   83 ZAR   1,185 03/16/16 (9 )
Citibank USD   107 ZAR   1,804 03/16/16 5  
Citibank USD   112 ZAR   1,861 03/16/16 4  
Citibank USD   113 ZAR   1,906 03/16/16 6  
Citibank USD   117 ZAR   1,851 03/16/16 (1 )
Citibank USD   241 ZAR   3,687 03/16/16 (10 )
Citibank USD   301 ZAR   4,692 03/16/16 (9 )
Citibank USD   302 ZAR   4,669 03/16/16 (11 )
Citibank USD   327 ZAR   5,143 03/16/16 (6 )
Citibank USD   388 ZAR   5,937 03/16/16 (17 )
Citibank AUD   282 USD   200 02/01/16 —  
Citibank AUD   10 USD   7 03/16/16 —  
Citibank AUD   71 USD   52 03/16/16 1  
Citibank AUD   114 USD   79 03/16/16 (1 )
Citibank AUD   197 USD   139 03/16/16 —  
Citibank AUD   253 USD   177 03/16/16 (2 )
Citibank AUD   298 USD   207 03/16/16 (3 )
Citibank AUD   355 USD   247 03/16/16 (4 )
Citibank AUD   502 USD   359 03/16/16 5  
Citibank AUD   588 USD   426 03/16/16 11  
Citibank AUD   610 USD   445 03/16/16 14  
Citibank AUD   656 USD   467 03/16/16 3  
Citibank AUD   1,173 USD   853 03/16/16 25  
Citibank AUD   2,199 USD   1,554 03/16/16 1  
Citibank AUD   2,523 USD   1,821 03/16/16 39  
Citibank BRL   17 USD   4 03/16/16 —  
Citibank BRL   17 USD   4 03/16/16 —  
Citibank BRL   30 USD   7 03/16/16 —  
Citibank BRL   67 USD   16 03/16/16 (1 )
Citibank BRL   89 USD   22 03/16/16 —  
Citibank BRL   89 USD   22 03/16/16 —  
Citibank BRL   102 USD   25 03/16/16 (1 )
Citibank BRL   114 USD   28 03/16/16 —  
Citibank BRL   209 USD   50 03/16/16 (1 )
Citibank BRL   417 USD   104 03/16/16 1  
Citibank BRL   663 USD   162 03/16/16 (2 )
Citibank BRL   2,029 USD   509 03/16/16 8  
Citibank CAD   2 USD   2 03/16/16 —  
Citibank CAD   56 USD   40 03/16/16 —  
Citibank CAD   73 USD   52 03/16/16 —  
Citibank CAD   111 USD   79 03/16/16 —  
Citibank CAD   331 USD   234 03/16/16 (2 )
Citibank CAD   364 USD   272 03/16/16 12  
Citibank CAD   479 USD   343 03/16/16 1  
Citibank CAD   750 USD   552 03/16/16 16  
Citibank CAD   1,479 USD   1,104 03/16/16 48  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 281

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                
Amounts in  thousands                
              Unrealized  
              Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
Citibank CAD 1,574 USD   1,179 03/16/16 55  
Citibank CAD 1,616 USD   1,192 03/16/16 38  
Citibank CAD 1,727 USD   1,278 03/16/16 45  
Citibank CAD 1,837 USD   1,352 03/16/16 40  
Citibank CAD 2,236 USD   1,603 03/16/16 7  
Citibank CAD 2,421 USD   1,762 03/16/16 34  
Citibank CHF 1 USD   1 03/16/16 —  
Citibank CHF 1 USD   1 03/16/16 —  
Citibank CHF 2 USD   2 03/16/16 —  
Citibank CHF 3 USD   3 03/16/16 —  
Citibank CHF 4 USD   4 03/16/16 —  
Citibank CHF 7 USD   7 03/16/16 —  
Citibank CHF 12 USD   12 03/16/16 —  
Citibank CLP 6,154 USD   9 03/16/16 —  
Citibank CLP 12,984 USD   18 03/16/16 —  
Citibank CLP 22,085 USD   31 03/16/16 —  
Citibank CLP 50,892 USD   72 03/16/16 1  
Citibank CLP 60,297 USD   84 03/16/16 (1 )
Citibank CLP 179,348 USD   252 03/16/16 2  
Citibank COP 14,908 USD   4 03/16/16 —  
Citibank COP 41,917 USD   13 03/16/16 —  
Citibank COP 135,439 USD   42 03/16/16 1  
Citibank COP 264,068 USD   79 03/16/16 (1 )
Citibank CZK 35 USD   1 02/01/16 —  
Citibank CZK 2,142 USD   87 03/16/16 1  
Citibank EUR 107 USD   116 02/01/16 —  
Citibank EUR 2 USD   2 03/16/16 —  
Citibank EUR 3 USD   3 03/16/16 —  
Citibank EUR 4 USD   4 03/16/16 —  
Citibank EUR 5 USD   6 03/16/16 —  
Citibank EUR 5 USD   5 03/16/16 —  
Citibank EUR 9 USD   10 03/16/16 —  
Citibank EUR 9 USD   10 03/16/16 —  
Citibank EUR 12 USD   13 03/16/16 —  
Citibank EUR 16 USD   17 03/16/16 —  
Citibank EUR 17 USD   19 03/16/16 —  
Citibank EUR 18 USD   20 03/16/16 —  
Citibank EUR 73 USD   79 03/16/16 —  
Citibank EUR 82 USD   89 03/16/16 —  
Citibank EUR 90 USD   98 03/16/16 —  
Citibank EUR 107 USD   117 03/16/16 1  
Citibank EUR 697 USD   759 03/16/16 4  
Citibank EUR 841 USD   899 03/16/16 (13 )
Citibank EUR 1,486 USD   1,625 03/16/16 13  
Citibank EUR 2,590 USD   2,763 03/16/16 (46 )
Citibank EUR 6,735 USD   7,153 03/16/16 (151 )
Citibank EUR 12,755 USD   13,592 03/16/16 (241 )
Citibank GBP 120 USD   171 02/01/16 —  
Citibank GBP 2 USD   3 03/16/16 —  
Citibank GBP 20 USD   30 03/16/16 2  
Citibank GBP 44 USD   65 03/16/16 2  
Citibank GBP 54 USD   77 03/16/16 —  
Citibank GBP 92 USD   132 03/16/16 1  
Citibank GBP 120 USD   172 03/16/16 1  
Citibank GBP 126 USD   190 03/16/16 10  
Citibank GBP 132 USD   193 03/16/16 4  
Citibank GBP 156 USD   226 03/16/16 3  
Citibank GBP 163 USD   234 03/16/16 1  
Citibank GBP 182 USD   262 03/16/16 3  
Citibank GBP 182 USD   270 03/16/16 11  
Citibank GBP 201 USD   289 03/16/16 3  
Citibank GBP 345 USD   523 03/16/16 32  
Citibank GBP 362 USD   540 03/16/16 24  

 

See accompanying notes which are an integral part of this quarterly report.

282 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                
Amounts in  thousands                
              Unrealized  
              Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
Citibank GBP 559 USD   827 03/16/16 31  
Citibank GBP 740 USD   1,118 03/16/16 64  
Citibank GBP 912 USD   1,356 03/16/16 57  
Citibank HKD 25 USD   3 03/16/16 —  
Citibank HKD 27 USD   3 03/16/16 —  
Citibank HKD 52 USD   7 03/16/16 —  
Citibank HKD 100 USD   13 03/16/16 —  
Citibank HKD 117 USD   15 03/16/16 —  
Citibank HKD 151 USD   19 03/16/16 —  
Citibank HKD 610 USD   78 03/16/16 —  
Citibank HUF 2,035 USD   7 02/01/16 —  
Citibank HUF 2,725 USD   9 03/16/16 —  
Citibank HUF 3,525 USD   12 03/16/16 —  
Citibank HUF 4,922 USD   17 03/16/16 —  
Citibank HUF 8,262 USD   29 03/16/16 —  
Citibank HUF 14,133 USD   49 03/16/16 (1 )
Citibank HUF 38,444 USD   132 03/16/16 (2 )
Citibank HUF 42,432 USD   147 03/16/16 (1 )
Citibank HUF 42,904 USD   149 03/16/16 —  
Citibank IDR 122,260 USD   9 03/16/16 —  
Citibank IDR 189,266 USD   13 03/16/16 —  
Citibank IDR 234,195 USD   16 03/16/16 (1 )
Citibank IDR 792,924 USD   56 03/16/16 (2 )
Citibank IDR 867,932 USD   62 03/16/16 (1 )
Citibank IDR 924,297 USD   65 03/16/16 (2 )
Citibank ILS 13 USD   3 02/01/16 —  
Citibank ILS 5 USD   1 03/16/16 —  
Citibank ILS 6 USD   2 03/16/16 —  
Citibank ILS 8 USD   2 03/16/16 —  
Citibank ILS 11 USD   3 03/16/16 —  
Citibank ILS 12 USD   3 03/16/16 —  
Citibank ILS 13 USD   3 03/16/16 —  
Citibank ILS 15 USD   4 03/16/16 —  
Citibank ILS 22 USD   6 03/16/16 —  
Citibank ILS 23 USD   6 03/16/16 —  
Citibank ILS 26 USD   7 03/16/16 —  
Citibank ILS 26 USD   7 03/16/16 —  
Citibank ILS 31 USD   8 03/16/16 —  
Citibank ILS 80 USD   20 03/16/16 —  
Citibank ILS 136 USD   35 03/16/16 —  
Citibank ILS 146 USD   38 03/16/16 1  
Citibank ILS 205 USD   53 03/16/16 1  
Citibank ILS 223 USD   57 03/16/16 1  
Citibank ILS 226 USD   57 03/16/16 —  
Citibank ILS 488 USD   124 03/16/16 1  
Citibank ILS 602 USD   156 03/16/16 4  
Citibank INR 42 USD   1 03/16/16 —  
Citibank INR 256 USD   4 03/16/16 —  
Citibank INR 336 USD   5 03/16/16 —  
Citibank INR 456 USD   7 03/16/16 —  
Citibank INR 467 USD   7 03/16/16 —  
Citibank INR 833 USD   12 03/16/16 —  
Citibank INR 1,119 USD   16 03/16/16 —  
Citibank INR 1,370 USD   20 03/16/16 —  
Citibank INR 2,022 USD   30 03/16/16 —  
Citibank INR 2,060 USD   31 03/16/16 —  
Citibank INR 2,143 USD   32 03/16/16 —  
Citibank INR 3,134 USD   47 03/16/16 1  
Citibank INR 3,194 USD   47 03/16/16 1  
Citibank INR 3,372 USD   50 03/16/16 —  
Citibank INR 3,719 USD   55 03/16/16 —  
Citibank INR 4,045 USD   60 03/16/16 1  
Citibank INR 6,545 USD   98 03/16/16 2  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 283

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                
Amounts in  thousands                
              Unrealized  
              Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
Citibank INR 7,277 USD   106 03/16/16 —  
Citibank INR 10,099 USD   148 03/16/16 1  
Citibank JPY 857 USD   7 03/16/16 —  
Citibank JPY 11,592 USD   96 03/16/16 —  
Citibank JPY 34,424 USD   280 03/16/16 (4 )
Citibank JPY 47,550 USD   404 03/16/16 11  
Citibank JPY 62,164 USD   532 03/16/16 18  
Citibank JPY 90,356 USD   777 03/16/16 30  
Citibank JPY 91,719 USD   746 03/16/16 (13 )
Citibank JPY 99,545 USD   814 03/16/16 (9 )
Citibank JPY 127,102 USD   1,034 03/16/16 (17 )
Citibank JPY 357,294 USD   2,917 03/16/16 (37 )
Citibank KRW 15,705 USD   13 03/16/16 —  
Citibank KRW 71,481 USD   61 03/16/16 2  
Citibank KRW 116,332 USD   99 03/16/16 2  
Citibank KRW 161,642 USD   139 03/16/16 6  
Citibank KRW 219,043 USD   189 03/16/16 8  
Citibank KRW 249,283 USD   210 03/16/16 4  
Citibank KRW 274,901 USD   231 03/16/16 4  
Citibank KRW 302,792 USD   256 03/16/16 6  
Citibank KRW 305,853 USD   259 03/16/16 7  
Citibank KRW 365,357 USD   305 03/16/16 3  
Citibank KRW 423,612 USD   354 03/16/16 4  
Citibank KRW 507,845 USD   430 03/16/16 10  
Citibank KRW 521,817 USD   434 03/16/16 3  
Citibank KRW 532,114 USD   451 03/16/16 11  
Citibank KRW 613,863 USD   516 03/16/16 9  
Citibank MXN 815 USD   49 03/16/16 4  
Citibank MXN 1,233 USD   72 03/16/16 5  
Citibank MXN 1,566 USD   93 03/16/16 7  
Citibank MXN 2,922 USD   171 03/16/16 11  
Citibank MXN 3,532 USD   207 03/16/16 12  
Citibank MXN 3,647 USD   219 03/16/16 18  
Citibank MXN 4,096 USD   239 03/16/16 13  
Citibank MXN 4,188 USD   240 03/16/16 10  
Citibank MXN 4,219 USD   246 03/16/16 14  
Citibank MXN 4,367 USD   263 03/16/16 23  
Citibank MXN 5,299 USD   309 03/16/16 18  
Citibank MYR 11 USD   3 03/16/16 —  
Citibank MYR 11 USD   3 03/16/16 —  
Citibank MYR 102 USD   24 03/16/16 (1 )
Citibank MYR 103 USD   25 03/16/16 —  
Citibank MYR 126 USD   29 03/16/16 (1 )
Citibank MYR 129 USD   30 03/16/16 (1 )
Citibank MYR 133 USD   31 03/16/16 (1 )
Citibank MYR 133 USD   32 03/16/16 (1 )
Citibank MYR 134 USD   31 03/16/16 (1 )
Citibank MYR 197 USD   45 03/16/16 (2 )
Citibank MYR 216 USD   48 03/16/16 (4 )
Citibank MYR 495 USD   114 03/16/16 (6 )
Citibank NOK 1,606 USD   186 02/01/16 1  
Citibank NOK 193 USD   22 03/16/16 —  
Citibank NOK 312 USD   36 03/16/16 —  
Citibank NOK 685 USD   78 03/16/16 (1 )
Citibank NOK 1,561 USD   178 03/16/16 (1 )
Citibank NOK 1,660 USD   195 03/16/16 3  
Citibank NOK 1,676 USD   195 03/16/16 2  
Citibank NOK 1,915 USD   220 03/16/16 —  
Citibank NOK 2,908 USD   331 03/16/16 (4 )
Citibank NOK 5,121 USD   584 03/16/16 (6 )
Citibank NOK 5,964 USD   687 03/16/16 —  
Citibank NOK 6,090 USD   705 03/16/16 4  
Citibank NOK 10,451 USD   1,206 03/16/16 3  

 

See accompanying notes which are an integral part of this quarterly report.

284 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                  
Amounts in  thousands                  
                Unrealized  
                Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
Citibank NZD   86 USD   56 02/02/16 —  
Citibank NZD   86 USD   56 03/16/16 —  
Citibank NZD   106 USD   69 03/16/16 —  
Citibank NZD   275 USD   183 03/16/16 6  
Citibank NZD   278 USD   181 03/16/16 1  
Citibank NZD   401 USD   259 03/16/16 —  
Citibank NZD   447 USD   296 03/16/16 7  
Citibank NZD   586 USD   379 03/16/16 1  
Citibank NZD   683 USD   452 03/16/16 10  
Citibank NZD   732 USD   475 03/16/16 2  
Citibank NZD   780 USD   508 03/16/16 4  
Citibank NZD   781 USD   510 03/16/16 6  
Citibank NZD   813 USD   532 03/16/16 7  
Citibank NZD   904 USD   580 03/16/16 (4 )
Citibank NZD   952 USD   631 03/16/16 17  
Citibank NZD   996 USD   641 03/16/16 (3 )
Citibank NZD   1,041 USD   680 03/16/16 7  
Citibank NZD   1,307 USD   832 03/16/16 (12 )
Citibank PHP   633 USD   13 03/16/16 —  
Citibank PHP   1,689 USD   35 03/16/16 —  
Citibank PHP   1,775 USD   37 03/16/16 —  
Citibank PHP   2,212 USD   46 03/16/16 —  
Citibank PHP   3,292 USD   69 03/16/16 —  
Citibank PHP   3,347 USD   70 03/16/16 —  
Citibank PHP   3,956 USD   83 03/16/16 1  
Citibank PHP   5,124 USD   108 03/16/16 1  
Citibank PHP   5,193 USD   109 03/16/16 1  
Citibank PLN   119 USD   29 02/01/16 —  
Citibank PLN   64 USD   16 03/16/16 —  
Citibank PLN   89 USD   22 03/16/16 —  
Citibank PLN   101 USD   25 03/16/16 —  
Citibank PLN   119 USD   29 03/16/16 —  
Citibank PLN   157 USD   39 03/16/16 1  
Citibank PLN   179 USD   43 03/16/16 —  
Citibank PLN   207 USD   52 03/16/16 1  
Citibank PLN   208 USD   52 03/16/16 1  
Citibank PLN   272 USD   66 03/16/16 (1 )
Citibank PLN   370 USD   92 03/16/16 1  
Citibank PLN   386 USD   96 03/16/16 1  
Citibank PLN   534 USD   135 03/16/16 4  
Citibank PLN   618 USD   155 03/16/16 4  
Citibank PLN   726 USD   183 03/16/16 5  
Citibank PLN   769 USD   192 03/16/16 4  
Citibank PLN   827 USD   205 03/16/16 2  
Citibank PLN   910 USD   229 03/16/16 7  
Citibank PLN   1,078 USD   270 03/16/16 6  
Citibank PLN   1,086 USD   272 03/16/16 6  
Citibank PLN   1,199 USD   301 03/16/16 7  
Citibank PLN   1,376 USD   344 03/16/16 7  
Citibank PLN   1,586 USD   394 03/16/16 6  
Citibank SEK   1,194 USD   140 02/01/16 1  
Citibank SEK   41 USD   5 03/16/16 —  
Citibank SEK   936 USD   110 03/16/16 1  
Citibank SEK   1,110 USD   131 03/16/16 1  
Citibank SEK   1,783 USD   208 03/16/16 —  
Citibank SEK   2,680 USD   312 03/16/16 (1 )
Citibank SEK   3,597 USD   421 03/16/16 2  
Citibank SEK   4,244 USD   497 03/16/16 1  
Citibank SEK   4,405 USD   508 03/16/16 (6 )
Citibank SEK   6,118 USD   722 03/16/16 9  
Citibank SEK   6,837 USD   803 03/16/16 6  
Citibank SGD   4 USD   3 03/16/16 —  
Citibank SGD   10 USD   7 03/16/16 —  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 285

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts              
Amounts in  thousands              
            Unrealized  
            Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
Citibank SGD 69 USD 49 03/16/16 —  
Citibank SGD 70 USD 49 03/16/16 —  
Citibank SGD 90 USD 64 03/16/16 —  
Citibank SGD 107 USD 74 03/16/16 (1 )
Citibank SGD 111 USD 78 03/16/16 —  
Citibank SGD 140 USD 99 03/16/16 1  
Citibank SGD 169 USD 121 03/16/16 2  
Citibank SGD 198 USD 140 03/16/16 1  
Citibank SGD 198 USD 140 03/16/16 1  
Citibank SGD 210 USD 148 03/16/16 1  
Citibank SGD 214 USD 149 03/16/16 (1 )
Citibank SGD 259 USD 181 03/16/16 —  
Citibank TRY 10 USD 3 03/16/16 —  
Citibank TRY 13 USD 4 03/16/16 —  
Citibank TRY 38 USD 13 03/16/16 —  
Citibank TRY 51 USD 17 03/16/16 —  
Citibank TRY 69 USD 23 03/16/16 —  
Citibank TRY 106 USD 34 03/16/16 (1 )
Citibank TRY 142 USD 46 03/16/16 (1 )
Citibank TRY 153 USD 50 03/16/16 (1 )
Citibank TRY 215 USD 72 03/16/16 —  
Citibank TRY 217 USD 71 03/16/16 (2 )
Citibank TRY 351 USD 114 03/16/16 (4 )
Citibank TRY 438 USD 144 03/16/16 (3 )
Citibank TRY 460 USD 150 03/16/16 (4 )
Citibank TRY 495 USD 162 03/16/16 (4 )
Citibank TRY 574 USD 194 03/16/16 2  
Citibank TRY 985 USD 318 03/16/16 (11 )
Citibank TRY 1,245 USD 406 03/16/16 (10 )
Citibank TRY 1,549 USD 517 03/16/16 (1 )
Citibank TWD 90 USD 3 03/16/16 —  
Citibank TWD 157 USD 5 03/16/16 —  
Citibank TWD 396 USD 12 03/16/16 —  
Citibank TWD 1,163 USD 35 03/16/16 —  
Citibank TWD 1,301 USD 40 03/16/16 1  
Citibank TWD 2,016 USD 61 03/16/16 1  
Citibank TWD 2,037 USD 62 03/16/16 1  
Citibank TWD 2,044 USD 62 03/16/16 1  
Citibank TWD 2,361 USD 71 03/16/16 —  
Citibank TWD 2,898 USD 89 03/16/16 2  
Citibank TWD 2,939 USD 88 03/16/16 —  
Citibank TWD 3,109 USD 94 03/16/16 2  
Citibank TWD 11,591 USD 355 03/16/16 9  
Citibank ZAR 318 USD 19 02/01/16 (1 )
Citibank ZAR 230 USD 14 03/16/16 —  
Citibank ZAR 318 USD 19 03/16/16 —  
Citibank ZAR 522 USD 35 03/16/16 3  
Citibank ZAR 2,899 USD 196 03/16/16 15  
Citibank ZAR 3,740 USD 251 03/16/16 17  
Citibank ZAR 4,571 USD 310 03/16/16 24  
Citibank ZAR 4,583 USD 296 03/16/16 10  
Citibank ZAR 4,651 USD 320 03/16/16 30  
Citibank ZAR 6,290 USD 427 03/16/16 35  
Citibank ZAR 18,658 USD 1,280 03/16/16 116  
Citigroup USD 61,650 CNY 392,863 02/16/16 (1,768 )
Citigroup BRL 15,162 USD 4,795 02/16/16 1,019  
Citigroup CNY 109,087 USD 17,125 02/16/16 497  
Citigroup CNY 109,104 USD 17,125 02/16/16 495  
Citigroup CNY 109,246 USD 17,150 02/17/16 506  
Citigroup PEN 47,242 USD 14,425 03/16/16 895  
Credit Suisse USD 3 CHF 3 03/16/16 —  
Credit Suisse USD 107 CHF 108 03/16/16 (1 )
Credit Suisse USD 157 CHF 155 03/16/16 (5 )

 

See accompanying notes which are an integral part of this quarterly report.

286 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                
Amounts in  thousands                
              Unrealized  
              Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
Credit Suisse USD   2 DKK 13 03/16/16 —  
Credit Suisse USD   899 DKK 6,101 03/16/16 (12 )
Credit Suisse USD   1 EUR 1 03/16/16 —  
Credit Suisse USD   2,186 EUR 1,988 03/16/16 (29 )
Credit Suisse USD   40 HKD 316 03/16/16 —  
Credit Suisse USD   49 NOK 422 02/02/16 —  
Credit Suisse USD   — NOK 4 03/16/16 —  
Credit Suisse USD   3 NOK 26 03/16/16 —  
Credit Suisse USD   132 NOK 1,174 03/16/16 3  
Credit Suisse USD   138 NOK 1,213 03/16/16 1  
Credit Suisse USD   161 NOK 1,413 03/16/16 2  
Credit Suisse USD   90 SEK 769 02/02/16 —  
Credit Suisse USD   682 SEK 5,727 03/16/16 (14 )
Credit Suisse USD   29 SGD 42 03/16/16 —  
Credit Suisse USD   268 SGD 385 03/16/16 2  
Credit Suisse CHF   2 USD 2 03/16/16 —  
Credit Suisse CHF   93 USD 93 03/16/16 2  
Credit Suisse DKK   11 USD 2 03/16/16 —  
Credit Suisse DKK   111 USD 16 03/16/16 —  
Credit Suisse DKK   542 USD 79 03/16/16 —  
Credit Suisse DKK   12,198 USD 1,785 03/16/16 12  
Credit Suisse EUR   19 USD 21 03/16/16 —  
Credit Suisse EUR   415 USD 450 03/16/16 —  
Credit Suisse EUR   1,173 USD 1,273 03/16/16 —  
Credit Suisse EUR   3,887 USD 4,247 03/16/16 32  
Credit Suisse HKD   347 USD 45 03/16/16 —  
Credit Suisse SEK   3 USD — 03/16/16 —  
Credit Suisse SEK   4 USD — 03/16/16 —  
Credit Suisse SEK   447 USD 52 03/16/16 —  
Credit Suisse SEK   880 USD 103 03/16/16 —  
Credit Suisse SEK   11,363 USD 1,338 03/16/16 12  
Credit Suisse SGD   35 USD 25 03/16/16 —  
Deutsche Bank USD   200 ILS 781 02/18/16 (3 )
Deutsche Bank INR   66,508 USD 990 02/26/16 14  
HSBC USD   943 GBP 624 02/11/16 (53 )
JPMorgan Chase USD   4,734 AUD 6,910 03/16/16 146  
JPMorgan Chase USD   4,228 BRL 15,162 02/16/16 (452 )
JPMorgan Chase USD   1,733 BRL 7,176 03/16/16 39  
JPMorgan Chase USD   4 CHF 4 03/16/16 —  
JPMorgan Chase USD   865 CHF 854 03/16/16 (30 )
JPMorgan Chase USD   6,414 CHF 6,335 03/16/16 (219 )
JPMorgan Chase USD   2,078 CNY 13,641 02/16/16 2  
JPMorgan Chase USD   3,205 CNY 20,524 02/16/16 (77 )
JPMorgan Chase USD   3,205 CNY 20,516 02/16/16 (78 )
JPMorgan Chase USD   3,205 CNY 20,507 02/16/16 (79 )
JPMorgan Chase USD   3,205 CNY 20,516 02/16/16 (78 )
JPMorgan Chase USD   3,205 CNY 20,516 02/16/16 (78 )
JPMorgan Chase USD   3,205 CNY 20,516 02/16/16 (78 )
JPMorgan Chase USD   3,205 CNY 20,523 02/16/16 (77 )
JPMorgan Chase USD   3,205 CNY 20,505 02/16/16 (79 )
JPMorgan Chase USD   3,205 CNY 20,505 02/16/16 (79 )
JPMorgan Chase USD   4,330 CNY 27,885 02/16/16 (80 )
JPMorgan Chase USD   6,080 CNY 39,367 02/16/16 (79 )
JPMorgan Chase USD   6,080 CNY 39,367 02/16/16 (79 )
JPMorgan Chase USD   9,615 CNY 61,507 02/16/16 (240 )
JPMorgan Chase USD   17,150 CNY 112,778 02/17/16 33  
JPMorgan Chase USD   7,503 EUR 6,930 02/01/16 —  
JPMorgan Chase USD   35 EUR 32 02/02/16 —  
JPMorgan Chase USD   373 EUR 345 02/02/16 —  
JPMorgan Chase USD   646 EUR 596 02/02/16 —  
JPMorgan Chase USD   3,774 EUR 3,465 02/02/16 (21 )
JPMorgan Chase USD   69 EUR 63 02/24/16 (1 )
JPMorgan Chase USD   102 EUR 95 02/24/16 —  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 287

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                
Amounts in  thousands                
              Unrealized  
              Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
JPMorgan Chase USD   108 EUR 100 02/24/16 —  
JPMorgan Chase USD   3,808 EUR 3,465 03/16/16 (50 )
JPMorgan Chase USD   3,883 EUR 3,535 03/16/16 (50 )
JPMorgan Chase USD   7,020 EUR 6,412 03/16/16 (67 )
JPMorgan Chase USD   7,483 EUR 6,910 03/16/16 10  
JPMorgan Chase USD   7,557 EUR 6,930 03/16/16 (42 )
JPMorgan Chase USD   7,563 EUR 6,930 03/16/16 (47 )
JPMorgan Chase USD   9,337 EUR 8,496 03/16/16 (124 )
JPMorgan Chase USD   3,777 EUR 3,465 03/17/16 (19 )
JPMorgan Chase USD   5,333 GBP 3,535 03/16/16 (296 )
JPMorgan Chase USD   9,961 GBP 6,910 03/16/16 (114 )
JPMorgan Chase USD   10,623 GBP 7,070 03/16/16 (548 )
JPMorgan Chase USD   6,780 INR 460,226 03/16/16 (47 )
JPMorgan Chase USD   970 JPY 115,305 02/01/16 —  
JPMorgan Chase USD   6,930 JPY 823,447 02/01/16 —  
JPMorgan Chase USD   2,495 JPY 296,498 02/02/16 (46 )
JPMorgan Chase USD   3,465 JPY 419,859 02/02/16 3  
JPMorgan Chase USD   3,465 JPY 411,110 02/02/16 (69 )
JPMorgan Chase USD   5,012 JPY 587,290 03/16/16 (156 )
JPMorgan Chase USD   5,544 JPY 652,616 03/16/16 (148 )
JPMorgan Chase USD   6,910 JPY 816,844 03/16/16 (156 )
JPMorgan Chase USD   6,910 JPY 805,569 03/16/16 (249 )
JPMorgan Chase USD   6,910 JPY 807,181 03/16/16 (236 )
JPMorgan Chase USD   6,910 JPY 805,377 03/16/16 (251 )
JPMorgan Chase USD   7,727 JPY 938,751 03/16/16 35  
JPMorgan Chase USD   53 KRW 62,804 03/16/16 (1 )
JPMorgan Chase USD   3,345 KRW 3,946,814 03/16/16 (83 )
JPMorgan Chase USD   3,435 KRW 4,025,699 03/16/16 (108 )
JPMorgan Chase USD   266 MXN 4,597 03/16/16 (14 )
JPMorgan Chase USD   6,770 MXN 112,726 03/16/16 (574 )
JPMorgan Chase USD   2 NOK 19 02/01/16 —  
JPMorgan Chase USD   1,349 NZD 2,079 03/16/16 (6 )
JPMorgan Chase USD   4,458 NZD 6,930 03/16/16 18  
JPMorgan Chase USD   4,809 NZD 7,080 03/16/16 (236 )
JPMorgan Chase USD   76 PEN 260 03/16/16 (1 )
JPMorgan Chase USD   14,326 PEN 46,982 03/16/16 (872 )
JPMorgan Chase USD   85 PLN 328 02/08/16 (4 )
JPMorgan Chase USD   1,733 RUB 137,012 03/16/16 63  
JPMorgan Chase USD   1,733 RUB 137,521 03/16/16 69  
JPMorgan Chase USD   108 SEK 940 02/11/16 1  
JPMorgan Chase USD   3,345 SGD 4,731 03/16/16 (27 )
JPMorgan Chase USD   3,435 SGD 4,835 03/16/16 (44 )
JPMorgan Chase USD   3,435 SGD 4,836 03/16/16 (44 )
JPMorgan Chase USD   41 TRY 121 03/16/16 —  
JPMorgan Chase USD   3,455 TRY 10,523 03/16/16 62  
JPMorgan Chase USD   3,539 TRY 10,593 03/16/16 1  
JPMorgan Chase USD   4,837 TRY 14,840 03/16/16 122  
JPMorgan Chase USD   211 TWD 6,941 03/29/16 (4 )
JPMorgan Chase USD   6,280 TWD 202,309 03/29/16 (244 )
JPMorgan Chase USD   11,740 TWD 386,092 06/23/16 (240 )
JPMorgan Chase USD   13,260 TWD 436,121 07/11/16 (274 )
JPMorgan Chase USD   81 ZAR 1,253 03/16/16 (3 )
JPMorgan Chase USD   1,673 ZAR 25,563 03/16/16 (76 )
JPMorgan Chase USD   3,455 ZAR 57,570 03/16/16 140  
JPMorgan Chase USD   3,465 ZAR 57,245 03/16/16 109  
JPMorgan Chase USD   3,465 ZAR 57,314 03/16/16 114  
JPMorgan Chase AUD   6,930 JPY 559,537 03/16/16 (268 )
JPMorgan Chase AUD   1,587 USD 1,152 02/02/16 29  
JPMorgan Chase AUD   404 USD 284 02/11/16 (2 )
JPMorgan Chase AUD   6,910 USD 4,847 03/16/16 (34 )
JPMorgan Chase AUD   6,930 USD 4,759 03/16/16 (136 )
JPMorgan Chase BRL   14,210 USD 3,465 03/16/16 (42 )
JPMorgan Chase CAD   7,549 USD 5,198 03/16/16 (191 )

 

See accompanying notes which are an integral part of this quarterly report.

288 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts              
Amounts in  thousands              
            Unrealized  
            Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
JPMorgan Chase CAD 2,496 USD 1,733 03/17/16 (49 )
JPMorgan Chase CHF 3,320 USD 3,345 03/16/16 99  
JPMorgan Chase CHF 3,473 USD 3,465 03/16/16 68  
JPMorgan Chase CHF 3,874 USD 3,967 03/16/16 178  
JPMorgan Chase CNY 23,323 USD 3,550 02/16/16 (5 )
JPMorgan Chase CNY 112,702 USD 17,150 02/16/16 (29 )
JPMorgan Chase CNY 405,042 USD 61,650 02/16/16 (89 )
JPMorgan Chase CNY 3,532 USD 538 02/17/16 (1 )
JPMorgan Chase EUR 6,910 GBP 5,159 03/16/16 (142 )
JPMorgan Chase EUR 3,205 HUF 1,012,498 02/08/16 51  
JPMorgan Chase EUR 693 JPY 87,905 03/16/16 (25 )
JPMorgan Chase EUR 6,930 JPY 886,229 03/16/16 (188 )
JPMorgan Chase EUR 6,930 JPY 881,185 03/16/16 (230 )
JPMorgan Chase EUR 5,198 NOK 48,975 02/01/16 —  
JPMorgan Chase EUR 5,198 NOK 49,069 03/16/16 13  
JPMorgan Chase EUR 3,205 PLN 13,623 02/08/16 (134 )
JPMorgan Chase EUR 6,930 USD 7,560 02/01/16 —  
JPMorgan Chase EUR 34 USD 37 02/24/16 —  
JPMorgan Chase EUR 44 USD 48 02/24/16 —  
JPMorgan Chase EUR 45 USD 49 02/24/16 —  
JPMorgan Chase EUR 72 USD 79 02/24/16 1  
JPMorgan Chase EUR 102 USD 111 02/24/16 1  
JPMorgan Chase EUR 182 USD 196 02/24/16 (1 )
JPMorgan Chase EUR 202 USD 222 02/24/16 3  
JPMorgan Chase EUR 371 USD 404 02/24/16 2  
JPMorgan Chase EUR 3,455 USD 3,767 03/16/16 20  
JPMorgan Chase EUR 3,465 USD 3,763 03/16/16 6  
JPMorgan Chase EUR 4,683 USD 5,081 03/16/16 3  
JPMorgan Chase EUR 6,690 USD 7,278 03/16/16 23  
JPMorgan Chase EUR 6,910 USD 7,533 03/16/16 40  
JPMorgan Chase EUR 6,910 USD 7,522 03/16/16 28  
JPMorgan Chase EUR 6,930 USD 7,511 03/16/16 (5 )
JPMorgan Chase EUR 7,070 USD 7,687 03/16/16 20  
JPMorgan Chase EUR 3,465 USD 3,747 03/17/16 (11 )
JPMorgan Chase GBP 2,645 EUR 3,465 03/16/16 (12 )
JPMorgan Chase GBP 2,079 JPY 352,421 03/16/16 (49 )
JPMorgan Chase GBP 47 USD 67 02/02/16 —  
JPMorgan Chase GBP 1,082 USD 1,606 02/02/16 64  
JPMorgan Chase GBP 6,930 USD 9,909 03/16/16 34  
JPMorgan Chase GBP 10,605 USD 15,801 03/16/16 688  
JPMorgan Chase HUF 1,011,705 EUR 3,205 02/08/16 (48 )
JPMorgan Chase HUF 792 USD 3 02/08/16 —  
JPMorgan Chase ILS 1,464 EUR 346 03/16/16 5  
JPMorgan Chase ILS 1,361 USD 346 03/16/16 2  
JPMorgan Chase INR 5,474 USD 82 03/16/16 2  
JPMorgan Chase INR 224,482 USD 3,345 03/16/16 61  
JPMorgan Chase INR 230,270 USD 3,435 03/16/16 66  
JPMorgan Chase JPY 578,471 AUD 6,930 03/16/16 112  
JPMorgan Chase JPY 439,704 EUR 3,465 03/16/16 122  
JPMorgan Chase JPY 538,490 EUR 4,178 03/16/16 79  
JPMorgan Chase JPY 884,207 EUR 6,910 03/16/16 183  
JPMorgan Chase JPY 352,501 GBP 2,079 03/16/16 48  
JPMorgan Chase JPY 938,751 USD 7,720 02/01/16 —  
JPMorgan Chase JPY 417,496 USD 3,465 02/02/16 16  
JPMorgan Chase JPY 6,800 USD 55 02/12/16 (1 )
JPMorgan Chase JPY 1,182,060 USD 10,023 03/16/16 250  
JPMorgan Chase JPY 1,216,000 USD 10,365 03/16/16 311  
JPMorgan Chase JPY 1,220,283 USD 10,365 03/16/16 275  
JPMorgan Chase JPY 1,229,838 USD 10,395 03/16/16 226  
JPMorgan Chase KRW 8,035,317 USD 6,780 03/16/16 139  
JPMorgan Chase MXN 55,587 USD 3,230 03/16/16 174  
JPMorgan Chase MXN 61,737 USD 3,540 03/16/16 146  
JPMorgan Chase NOK 48,994 EUR 5,198 02/01/16 —  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 289

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                
Amounts in  thousands                
              Unrealized  
              Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
JPMorgan Chase NOK 32,641 EUR   3,465 02/02/16 (6 )
JPMorgan Chase NZD 4,851 CAD   4,437 03/16/16 34  
JPMorgan Chase NZD 2,079 USD   1,318 03/16/16 (25 )
JPMorgan Chase NZD 3,455 USD   2,278 03/16/16 47  
JPMorgan Chase NZD 7,080 USD   4,778 03/16/16 205  
JPMorgan Chase PLN 13,951 EUR   3,205 02/08/16 54  
JPMorgan Chase RUB 281,878 USD   3,465 03/16/16 (228 )
JPMorgan Chase SGD 39 USD   28 03/16/16 —  
JPMorgan Chase SGD 4,837 USD   3,435 03/16/16 43  
JPMorgan Chase SGD 9,526 USD   6,780 03/16/16 99  
JPMorgan Chase TRY 2,104 USD   691 03/16/16 (12 )
JPMorgan Chase TRY 2,117 USD   691 03/16/16 (16 )
JPMorgan Chase TRY 3,181 USD   1,061 03/16/16 (2 )
JPMorgan Chase TRY 7,533 USD   2,478 03/16/16 (39 )
JPMorgan Chase TRY 10,515 USD   3,455 03/16/16 (59 )
JPMorgan Chase TRY 10,533 USD   3,455 03/16/16 (65 )
JPMorgan Chase TRY 10,651 USD   3,455 03/16/16 (104 )
JPMorgan Chase TWD 209,251 USD   6,280 03/29/16 37  
JPMorgan Chase TWD 28,020 USD   852 06/23/16 18  
JPMorgan Chase TWD 358,072 USD   11,740 06/23/16 1,074  
JPMorgan Chase TWD 23,838 USD   725 07/11/16 15  
JPMorgan Chase TWD 49,634 USD   1,520 07/11/16 42  
JPMorgan Chase TWD 181,324 USD   5,870 07/11/16 471  
JPMorgan Chase TWD 181,324 USD   5,870 07/11/16 471  
JPMorgan Chase ZAR 26,815 USD   1,770 03/16/16 96  
JPMorgan Chase ZAR 58,236 USD   3,465 03/16/16 (171 )
JPMorgan Chase ZAR 58,426 USD   3,465 03/16/16 (183 )
JPMorgan Chase ZAR 58,994 USD   3,455 03/16/16 (228 )
Morgan Stanley JPY 79,900 USD   660 02/02/16 —  
Morgan Stanley JPY 5,800 USD   47 02/12/16 —  
National Australia Bank USD 1,108 AUD   1,587 02/02/16 15  
National Australia Bank AUD 1,587 USD   1,107 03/02/16 (15 )
Standard Chartered USD 675 JPY   79,900 02/02/16 (15 )
Standard Chartered JPY 79,900 USD   675 03/02/16 15  
Standard Chartered SGD 1,129 USD   802 02/26/16 10  
State Street USD 23 EUR   21 03/15/16 —  
State Street USD 384 EUR   350 03/15/16 (5 )
State Street USD 33 EUR   30 04/19/16 —  
State Street USD 44 EUR   40 04/19/16 —  
State Street USD 44 EUR   40 04/19/16 (1 )
State Street USD 54 EUR   50 04/19/16 —  
State Street USD 131 EUR   120 04/19/16 (1 )
State Street USD 153 EUR   140 04/19/16 (1 )
State Street USD 11 EUR   10 04/20/16 —  
State Street USD 33 EUR   30 04/20/16 —  
State Street USD 33 EUR   30 04/20/16 —  
State Street USD 55 EUR   50 04/20/16 (1 )
State Street USD 55 EUR   50 04/20/16 (1 )
State Street USD 15 GBP   10 02/23/16 —  
State Street USD 29 GBP   20 02/23/16 —  
State Street USD 30 GBP   20 02/23/16 (2 )
State Street USD 46 GBP   30 02/23/16 (4 )
State Street USD 142 GBP   100 02/23/16 1  
State Street USD 62 GBP   40 02/24/16 (5 )
State Street EUR 440 USD   480 03/15/16 3  
State Street EUR 570 USD   628 03/15/16 9  
State Street EUR 200 USD   221 03/16/16 4  
State Street EUR 7 USD   7 04/19/16 —  
State Street EUR 13 USD   15 04/19/16 —  
State Street EUR 400 USD   431 04/19/16 (3 )
State Street EUR 20 USD   21 04/20/16 —  
State Street EUR 20 USD   22 04/20/16 —  
State Street EUR 60 USD   66 04/20/16 1  

 

See accompanying notes which are an integral part of this quarterly report.

290 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                
Amounts in  thousands                
              Unrealized  
              Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
State Street EUR 950 USD   1,024 04/20/16 (7 )
State Street GBP 30 USD   46 02/23/16 3  
State Street GBP 50 USD   76 02/23/16 5  
State Street GBP 320 USD   491 02/23/16 35  
State Street GBP 10 USD   15 02/24/16 1  
State Street GBP 10 USD   15 02/24/16 1  
State Street GBP 20 USD   31 02/24/16 2  
State Street GBP 100 USD   153 02/24/16 11  
UBS USD 1,275 EUR   1,177 02/02/16 —  
UBS USD 1,039 INR   69,875 02/26/16 (13 )
UBS EUR 2,150 USD   2,350 02/02/16 21  
UBS EUR 1,177 USD   1,276 03/02/16 —  
UBS MYR 2,461 USD   556 02/26/16 (39 )
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts         (1,315 )

 

Total Return Swap Contracts (*)            
Amounts in thousands            
    Notional Termination Fair Value  
Underlying Reference Entity Counterparty Amount Date $  
Long Reference Entity            
3M Co. Goldman Sachs USD 544 12/22/20 (23 )
A. O. Smith Corp. Goldman Sachs USD 391 12/22/20 3  
AA PLC Morgan Stanley GBP 19 06/28/17 1  
Aaron's, Inc. Goldman Sachs USD 22 12/22/20 —  
Abbott Laboratories Goldman Sachs USD 347 06/30/16 (101 )
AbbVie Inc. Goldman Sachs USD 77 01/18/17 1  
Abercrombie & Fitch Co. Goldman Sachs USD 39 12/22/20 —  
Accenture PLC Goldman Sachs USD 168 12/22/20 9  
ACE, Ltd. Goldman Sachs USD 95 06/30/16 8  
Activision Blizzard, Inc. Goldman Sachs USD 86 12/22/20 24  
Aeroports de Paris SA Morgan Stanley EUR 21 06/28/17 —  
Aetna , Inc. Goldman Sachs USD 383 06/30/16 (49 )
Aflac, Inc. Goldman Sachs USD 432 12/22/20 (42 )
AGCO Corp. Goldman Sachs USD 28 12/22/20 —  
Aggreko PLC Morgan Stanley GBP 27 06/28/17 (7 )
Agilent Technologies, Inc. Goldman Sachs USD 461 06/30/16 —  
Air Canada Morgan Stanley CAD 219 06/29/17 (37 )
Ajinomoto Co., Inc. Goldman Sachs JPY 8,509 12/22/20 3  
Akamai Technologies, Inc. Goldman Sachs USD 197 12/22/20 (99 )
Alaska Air Group, Inc. Goldman Sachs USD 28 12/22/20 —  
Alfresa Holdings Corp. Goldman Sachs JPY 3,105 12/22/20 1  
Alleghany Corp. Goldman Sachs USD 37 12/22/20 1  
Alliant Energy Corp. Goldman Sachs USD 60 12/22/20 7  
Allied World Assurance Co. Holdings, AG Goldman Sachs USD 33 12/22/20 (2 )
Allscripts Healthcare Solutions, Inc. Goldman Sachs USD 71 12/22/20 (7 )
Alphabet, Inc. Goldman Sachs USD 343 12/22/20 90  
Alps Electric Co., Ltd. Goldman Sachs JPY 7,715 12/22/20 (13 )
Altria Group, Inc. Goldman Sachs USD 391 12/22/20 71  
Amada Holdings Co., Ltd. Goldman Sachs JPY 11,995 12/22/20 (4 )
Amazon.com, Inc. Goldman Sachs USD 144 12/22/20 27  
Amcor, Ltd. Morgan Stanley AUD 87 06/29/17 (1 )
Amdocs, Ltd. Goldman Sachs USD 434 12/22/20 (11 )
Amec Foster Wheeler PLC Morgan Stanley GBP 34 06/28/17 5  
AMERCO Goldman Sachs USD 25 12/22/20 (1 )
Ameren Corp. Goldman Sachs USD 91 12/22/20 15  
American Eagle Outfitters, Inc. Goldman Sachs USD 65 12/22/20 (13 )
American Electric Power Co., Inc. Goldman Sachs USD 234 12/22/20 32  
American Express Co. Goldman Sachs USD 149 06/30/16 (74 )
American Financial Group, Inc. Goldman Sachs USD 115 01/18/17 6  
American International Group, Inc. Goldman Sachs USD 123 12/22/20 (2 )
Ameriprise Financial, Inc. Goldman Sachs USD 340 12/22/20 (141 )
AmerisourceBergen Corp. Goldman Sachs USD 452 12/22/20 (88 )
Amgen, Inc. Goldman Sachs USD 408 12/22/20 (15 )
Analog Devices, Inc. Goldman Sachs USD 50 12/22/20 2  
Ansell, Ltd. Morgan Stanley AUD 174 06/29/17 —  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 291

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Total Return Swap Contracts (*)            
Amounts in thousands            
    Notional Termination Fair Value  
Underlying Reference Entity Counterparty Amount Date $  
Anthem, Inc. Goldman Sachs USD 455 12/22/20 (127 )
Aozora Bank, Ltd. Goldman Sachs JPY 9,223 06/30/16 (13 )
Apollo Education Group, Inc. Goldman Sachs USD 100 12/22/20 (17 )
Apple, Inc. Goldman Sachs USD 174 12/22/20 (53 )
Applied Materials, Inc. Goldman Sachs USD 96 12/22/20 (12 )
Archer-Daniels-Midland Co. Goldman Sachs USD 336 12/22/20 (138 )
Armstrong World Industries, Inc. Goldman Sachs USD 55 12/22/20 (14 )
Arrow Electronics, Inc. Goldman Sachs USD 328 12/22/20 (39 )
Asahi Kasei Corp. Goldman Sachs JPY 9,286 12/22/20 (26 )
ASOS PLC Morgan Stanley GBP 70 06/28/17 (4 )
Aspen Insurance Holdings, Ltd. Goldman Sachs USD 48 12/22/20 —  
Assurant, Inc. Goldman Sachs USD 224 12/22/20 30  
Assured Guaranty, Ltd. Goldman Sachs USD 337 12/22/20 (43 )
Astellas Pharma, Inc. Goldman Sachs JPY 21,120 12/22/20 (16 )
ATCO, Ltd. Morgan Stanley CAD 58 06/29/17 4  
Atmos Energy Corp. Goldman Sachs USD 24 12/22/20 6  
Atos SE Morgan Stanley EUR 39 06/28/17 3  
Atwood Oceanics, Inc. Goldman Sachs USD 159 12/22/20 (103 )
Aurizon Holdings, Ltd. Morgan Stanley AUD 192 06/29/17 (25 )
Automatic Data Processing, Inc. Goldman Sachs USD 108 12/22/20 —  
Avery Dennison Corp. Goldman Sachs USD 210 12/22/20 (3 )
Avnet, Inc. Goldman Sachs USD 319 12/22/20 (19 )
Avon Products, Inc. Goldman Sachs USD 99 12/22/20 (13 )
AXIS Capital Holdings, Ltd. Goldman Sachs USD 185 12/22/20 —  
BANDAI NAMCO Holdings, Inc. Goldman Sachs JPY 25,568 12/22/20 9  
Bank of Montreal Morgan Stanley CAD 159 06/29/17 (1 )
Barratt Developments PLC Morgan Stanley GBP 113 06/28/17 (8 )
Baxter International, Inc. Goldman Sachs USD 202 12/22/20 4  
Baytex Energy Corp. Morgan Stanley CAD 194 06/29/17 —  
BCE, Inc. Morgan Stanley CAD 96 06/29/17 2  
Bed Bath & Beyond, Inc. Goldman Sachs USD 14 12/22/20 (9 )
Bellway PLC Morgan Stanley GBP 68 06/28/17 4  
Bemis Co., Inc. Goldman Sachs USD 334 12/22/20 13  
Best Buy Co., Inc. Goldman Sachs USD 315 12/22/20 (71 )
BHP Billiton PLC Morgan Stanley GBP 16 06/28/17 (3 )
Big Lots, Inc. Goldman Sachs USD 254 12/22/20 (31 )
Biogen, Inc. Goldman Sachs USD 291 12/22/20 (138 )
Bio-Rad Laboratories, Inc. Goldman Sachs USD 57 12/22/20 (5 )
BlackBerry, Ltd. Morgan Stanley CAD 39 06/29/17 2  
BOC Hong Kong (Holdings), Ltd. Morgan Stanley HKD 184 06/29/17 (5 )
Bombardier, Inc. Morgan Stanley CAD 68 06/29/17 (19 )
Boral, Ltd. Morgan Stanley AUD 516 06/29/17 (13 )
Bridgestone Corp. Goldman Sachs JPY 2,168 06/30/16 (1 )
Brinker International, Inc. Goldman Sachs USD 114 12/22/20 (10 )
Bristol-Myers Squibb Co. Goldman Sachs USD 65 06/30/16 (5 )
Britvic PLC Morgan Stanley GBP 46 06/28/17 2  
Broadridge Financial Solutions, Inc. Goldman Sachs USD 340 12/22/20 13  
Brocade Communications Systems, Inc. Goldman Sachs USD 544 12/22/20 (220 )
Bruker Corp. Goldman Sachs USD 121 12/22/20 (3 )
Brunswick Corp. Goldman Sachs USD 64 12/22/20 (15 )
Bunge, Ltd. Goldman Sachs USD 278 12/22/20 (92 )
Burberry Group PLC Morgan Stanley GBP 36 06/28/17 (9 )
BWX Technologies, Inc. Goldman Sachs USD 187 12/22/20 13  
C.R. Bard, Inc. Goldman Sachs USD 282 12/22/20 —  
CA, Inc. Goldman Sachs USD 205 12/22/20 (9 )
Cabot Corp. Goldman Sachs USD 32 12/22/20 2  
Cadence Design Systems, Inc. Goldman Sachs USD 164 12/22/20 (6 )
California Resources Corp. Goldman Sachs USD 157 12/22/20 (10 )
Caltex Australia, Ltd. Morgan Stanley AUD 280 06/29/17 23  
Cameco Corp. Morgan Stanley CAD 58 06/29/17 1  
Canadian Imperial Bank of Commerce Morgan Stanley CAD 158 06/29/17 (4 )
Canadian Tire Corp., Ltd. Morgan Stanley CAD 228 06/29/17 (23 )
Canfor Corp. Morgan Stanley CAD 151 06/29/17 (60 )
Cap Gemini SA Morgan Stanley EUR 265 06/28/17 11  
Capital One Financial Corp. Goldman Sachs USD 145 12/22/20 (52 )
Cardinal Health, Inc. Goldman Sachs USD 166 12/22/20 (7 )
Carlisle Companies, Inc. Goldman Sachs USD 214 12/22/20 (15 )
Carnival Corp. Goldman Sachs USD 196 12/22/20 (12 )
Carter's, Inc. Goldman Sachs USD 427 12/22/20 (45 )
Cascade Bancorp Morgan Stanley GBP 90 06/28/17 (5 )

 

See accompanying notes which are an integral part of this quarterly report.

292 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Total Return Swap Contracts (*)            
Amounts in thousands            
    Notional Termination Fair Value  
Underlying Reference Entity Counterparty Amount Date $  
CCL Industries, Inc. Morgan Stanley CAD 31 06/29/17 1  
CDW Corp. Goldman Sachs USD 80 12/22/20 6  
CEB, Inc. Goldman Sachs USD 119 12/22/20 (9 )
Centene Corp. Goldman Sachs USD 106 12/22/20 (13 )
Central Japan Railway Co. Goldman Sachs JPY 24,315 12/22/20 (2 )
Centrica PLC Morgan Stanley GBP 109 06/28/17 (3 )
CGI Group, Inc. Morgan Stanley CAD 238 06/29/17 25  
Charles River Laboratories International, Inc. Goldman Sachs USD 224 12/22/20 13  
Chico's FAS, Inc. Goldman Sachs USD 36 12/22/20 (13 )
Chiyoda Corp. Goldman Sachs JPY 6,104 12/22/20 2  
Christian Dior SE Morgan Stanley EUR 21 06/28/17 (2 )
Chubu Electric Power Co., Inc. Goldman Sachs JPY 26,223 12/22/20 (34 )
Church & Dwight Co., Inc. Goldman Sachs USD 91 12/22/20 3  
CI Financial Corp. Morgan Stanley CAD 64 06/29/17 (5 )
CIMIC Group, Ltd. Morgan Stanley AUD 171 06/29/17 (3 )
Cintas Corp. Goldman Sachs USD 287 12/22/20 1  
Cisco Systems, Inc. Goldman Sachs USD 384 06/30/16 (72 )
CIT Group, Inc. Goldman Sachs USD 12 12/22/20 (7 )
Citigroup, Inc. Goldman Sachs USD 152 12/22/20 (22 )
Citrix Systems, Inc. Goldman Sachs USD 215 12/22/20 (11 )
CK Hutchison Holdings, Ltd. Morgan Stanley HKD 482 06/29/17 (8 )
CLP Holdings, Ltd. Morgan Stanley HKD 2,995 06/29/17 (2 )
CNP Assurances Morgan Stanley EUR 37 06/28/17 4  
Coach, Inc. Goldman Sachs USD 73 12/22/20 13  
Coca-Cola Amatil, Ltd. Morgan Stanley AUD 201 06/29/17 (11 )
Coca-Cola HBC AG Morgan Stanley GBP 151 06/28/17 2  
Cochlear, Ltd. Morgan Stanley AUD 26 06/29/17 3  
Cognizant Technology Solutions Corp. Goldman Sachs USD 42 12/22/20 —  
Colgate-Palmolive Co. Goldman Sachs USD 173 12/22/20 11  
Comcast Corp. Goldman Sachs USD 83 06/30/16 (8 )
Commerce Bancshares, Inc. Goldman Sachs USD 77 12/22/20 4  
Commercial Metals Co. Goldman Sachs USD 106 01/18/17 5  
Community Health Systems, Inc. Goldman Sachs USD 202 12/22/20 (301 )
Computer Sciences Corp. Goldman Sachs USD 251 06/30/16 8  
Consolidated Edison, Inc. Goldman Sachs USD 306 12/22/20 51  
Constellation Software, Inc. Morgan Stanley CAD 200 06/29/17 (2 )
Convergys Corp. Goldman Sachs USD 89 12/22/20 —  
CoreLogic, Inc. Goldman Sachs USD 43 12/22/20 (3 )
Corning, Inc. Goldman Sachs USD 244 12/22/20 (24 )
Cracker Barrel Old Country Store, Inc. Goldman Sachs USD 16 12/22/20 1  
Crane Co. Goldman Sachs USD 100 12/22/20 (25 )
Crown Holdings, Inc. Goldman Sachs USD 41 12/22/20 (2 )
CSX Corp. Goldman Sachs USD 183 12/22/20 (84 )
Cummins, Inc. Goldman Sachs USD 177 12/22/20 (86 )
CVR Energy, Inc. Goldman Sachs USD 35 12/22/20 1  
CVS Health Corp. Goldman Sachs USD 322 12/22/20 (29 )
Daicel Corp. Goldman Sachs JPY 25,186 12/22/20 16  
Danaher Corp. Goldman Sachs USD 35 09/14/16 —  
Darden Restaurants, Inc. Goldman Sachs USD 261 06/30/16 35  
Dassault Systemes Morgan Stanley EUR 37 06/28/17 5  
DCC PLC Morgan Stanley GBP 342 06/28/17 30  
Dean Foods Co. Goldman Sachs USD 186 12/22/20 32  
Delta Air Lines, Inc. Goldman Sachs USD 501 12/22/20 (25 )
Deluxe Corp. Goldman Sachs USD 11 12/22/20 (1 )
DeNA Co., Ltd. Goldman Sachs JPY 21,021 12/22/20 (14 )
Denbury Resources, Inc. Goldman Sachs USD 27 12/22/20 6  
DENTSPLY International, Inc. Goldman Sachs USD 79 12/22/20 9  
Dick's Sporting Goods, Inc. Goldman Sachs USD 188 12/22/20 (67 )
Dillard's, Inc. Goldman Sachs USD 24 06/30/16 (10 )
Disco Corp. Goldman Sachs JPY 6,780 12/22/20 4  
Discover Financial Services Goldman Sachs USD 233 12/22/20 (64 )
Dixons Carphone PLC Morgan Stanley GBP 33 06/28/17 1  
Dollarama, Inc. Morgan Stanley CAD 207 06/29/17 (3 )
Domino's Pizza, Inc. Goldman Sachs USD 104 12/22/20 3  
Domtar Corp. Goldman Sachs USD 101 12/22/20 (29 )
Don Quijote Holdings Co., Ltd. Goldman Sachs JPY 11,270 08/04/16 (17 )
Dr Pepper Snapple Group, Inc. Goldman Sachs USD 540 12/22/20 109  
Drax Group PLC Morgan Stanley GBP 9 06/28/17 —  
Dril-Quip, Inc. Goldman Sachs USD 12 12/22/20 —  
DS Smith PLC Morgan Stanley GBP 80 06/28/17 (8 )

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 293

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Total Return Swap Contracts (*)            
Amounts in thousands            
    Notional Termination Fair Value  
Underlying Reference Entity Counterparty Amount Date $  
DST Systems, Inc. Goldman Sachs USD 137 12/22/20 (27 )
DSW, Inc. Goldman Sachs USD 47 12/22/20 (19 )
DTE Energy Co. Goldman Sachs USD 344 12/22/20 43  
Eaton Corp. PLC Goldman Sachs USD 106 12/22/20 2  
eBay, Inc. Goldman Sachs USD 386 12/22/20 (81 )
Edwards Lifesciences Corp. Goldman Sachs USD 253 12/22/20 17  
Eiffage SA Morgan Stanley EUR 126 06/28/17 20  
Electric Power Development Co., Ltd. Goldman Sachs JPY 2,418 12/22/20 2  
Electronic Arts, Inc. Goldman Sachs USD 74 12/22/20 (4 )
Element Financial Corp. Morgan Stanley CAD 55 06/29/17 (1 )
Eli Lilly and Co. Goldman Sachs USD 187 12/22/20 (12 )
Emerson Electric Co. Goldman Sachs USD 199 12/22/20 (46 )
Empire Co., Ltd. Morgan Stanley CAD 231 06/29/17 (12 )
Encana Corp. Morgan Stanley CAD 76 06/29/17 4  
Enerplus Corp. Morgan Stanley CAD 93 06/29/17 4  
Entergy Corp. Goldman Sachs USD 18 12/22/20 —  
EP Energy Corp. Goldman Sachs USD 100 12/22/20 (37 )
Equifax, Inc. Goldman Sachs USD 475 12/22/20 25  
Esterline Technologies Corp. Goldman Sachs USD 117 12/22/20 4  
Eutelsat Communications Morgan Stanley EUR 87 06/28/17 (3 )
Expedia, Inc. Goldman Sachs USD 261 12/22/20 (12 )
Expeditors International of Washington, Inc. Goldman Sachs USD 24 12/22/20 (2 )
Express Scripts Holding Co. Goldman Sachs USD 79 12/22/20 —  
Ezaki Glico Co., Ltd. Goldman Sachs JPY 3,924 12/22/20 6  
F5 Networks, Inc. Goldman Sachs USD 189 12/22/20 (41 )
FactSet Research Systems, Inc. Goldman Sachs USD 67 12/22/20 (5 )
Fairchild Semiconductor International, Inc. Goldman Sachs USD 181 12/22/20 21  
Fairfax Financial Holdings, Ltd. Morgan Stanley CAD 138 06/29/17 10  
FamilyMart Co., Ltd. Goldman Sachs JPY 3,360 12/22/20 (2 )
Faurecia Morgan Stanley EUR 42 06/28/17 (1 )
FedEx Corp. Goldman Sachs USD 241 12/22/20 (59 )
Fidelity National Information Services, Inc. Goldman Sachs USD 42 12/22/20 (2 )
Fifth Third Bancorp Goldman Sachs USD 38 06/30/16 (13 )
Finning International, Inc. Morgan Stanley CAD 121 06/29/17 (28 )
First Solar, Inc. Goldman Sachs USD 314 12/22/20 86  
Fiserv, Inc. Goldman Sachs USD 57 12/22/20 6  
Flextronics International, Ltd. Goldman Sachs USD 221 12/22/20 (28 )
Flight Centre Travel Group, Ltd. Morgan Stanley AUD 82 06/29/17 2  
Foot Locker, Inc. Goldman Sachs USD 182 06/30/16 —  
Ford Motor Co. Goldman Sachs USD 176 12/22/20 (52 )
Franklin Resources, Inc. Goldman Sachs USD 94 12/22/20 (43 )
Fuji Electric Co., Ltd. Goldman Sachs JPY 5,369 12/22/20 (14 )
Fuji Heavy Industries, Ltd. Goldman Sachs JPY 56,330 12/22/20 33  
FUJIFILM Holdings Corp. Goldman Sachs JPY 6,437 12/22/20 —  
Fukuoka Financial Group, Inc. Goldman Sachs JPY 1,512 12/22/20 (4 )
General Dynamics Corp. Goldman Sachs USD 589 06/30/16 (53 )
General Mills, Inc. Goldman Sachs USD 179 12/22/20 2  
General Motors Co. Goldman Sachs USD 505 12/22/20 (74 )
Genpact, Ltd. Goldman Sachs USD 115 12/22/20 (1 )
George Weston Ltd. Morgan Stanley CAD 183 06/29/17 3  
Gilead Sciences, Inc. Goldman Sachs USD 378 12/22/20 (166 )
GKN PLC Morgan Stanley GBP 31 06/28/17 (11 )
Glencore PLC Morgan Stanley GBP 14 06/28/17 (5 )
GNC Holdings, Inc. Goldman Sachs USD 73 12/22/20 (43 )
Graham Holdings Co. Goldman Sachs USD 146 12/22/20 (20 )
Groupe Eurotunnel SE Morgan Stanley EUR 14 06/28/17 (3 )
Groupon, Inc. Goldman Sachs USD 189 12/22/20 (93 )
Guess?, Inc. Goldman Sachs USD 24 12/22/20 —  
H & R Block, Inc. Goldman Sachs USD 32 12/22/20 2  
Hakuhodo DY Holdings, Inc. Goldman Sachs JPY 5,588 12/22/20 3  
Hang Seng Bank, Ltd. Morgan Stanley HKD 103 06/29/17 (3 )
Harvey Norman Holdings, Ltd. Morgan Stanley AUD 133 06/29/17 7  
HASEKO Corp. Goldman Sachs JPY 24,526 12/22/20 (9 )
Hays PLC Morgan Stanley GBP 13 06/28/17 (2 )
HCA Holdings, Inc. Goldman Sachs USD 305 12/22/20 (95 )
HD Supply Holdings, Inc Goldman Sachs USD 74 12/22/20 (24 )
Herman Miller, Inc. Goldman Sachs USD 197 12/22/20 (21 )
Hermes International Morgan Stanley EUR 27 06/28/17 —  
Hess Corp. Goldman Sachs USD 24 12/22/20 (15 )
Hitachi Chemical Co., Ltd. Goldman Sachs JPY 3,753 12/22/20 5  

 

See accompanying notes which are an integral part of this quarterly report.

294 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Total Return Swap Contracts (*)            
Amounts in thousands            
    Notional Termination Fair Value  
Underlying Reference Entity Counterparty Amount Date $  
Hitachi High-Technologies Corp. Goldman Sachs JPY 24,637 12/22/20 28  
Hitachi Metals, Ltd. Goldman Sachs JPY 3,999 12/22/20 (15 )
HNI Corp. Goldman Sachs USD 29 12/22/20 2  
Hokuhoku Financial Group, Inc. Goldman Sachs JPY 1,768 12/22/20 (3 )
HollyFrontier Corp. Goldman Sachs USD 351 12/22/20 (59 )
Hormel Foods Corp. Goldman Sachs USD 165 06/30/16 47  
Hoshizaki Electric Co.,Ltd. Goldman Sachs JPY 2,505 09/14/16 2  
Hoya Corp. Goldman Sachs JPY 57,500 12/22/20 (38 )
HP Inc. Goldman Sachs USD 203 12/22/20 (84 )
HSN, Inc. Goldman Sachs USD 91 12/22/20 (4 )
Hubbell Inc. Goldman Sachs USD 70 12/22/20 (16 )
HUGO BOSS AG Morgan Stanley EUR 14 06/28/17 (6 )
Huntington Ingalls Industries, Inc. Goldman Sachs USD 625 12/22/20 64  
Huntsman Corp. Goldman Sachs USD 71 12/22/20 (31 )
IAC/InterActiveCorp Goldman Sachs USD 203 12/22/20 (99 )
IBIDEN Co., Ltd. Goldman Sachs JPY 7,723 12/22/20 (18 )
iBoxx Liquid High Yield Index UBS USD 1,650 03/10/16 —  
Idemitsu Kosan Co., Ltd. Goldman Sachs JPY 2,142 12/22/20 (1 )
IGM Financial, Inc. Morgan Stanley CAD 91 06/29/17 (10 )
Illinois Tool Works, Inc. Goldman Sachs USD 164 12/22/20 (5 )
Iluka Resources, Ltd. Morgan Stanley AUD 122 06/29/17 (24 )
IMS Health Holdings, Inc. Goldman Sachs USD 35 12/22/20 (5 )
Incitec Pivot, Ltd. Morgan Stanley AUD 31 06/29/17 (4 )
Indivior PLC Morgan Stanley GBP 38 06/28/17 (13 )
Industrial Alliance Insurance and Financial Services,            
Inc. Morgan Stanley CAD 33 06/29/17 —  
Ingram Micro, Inc. Goldman Sachs USD 349 12/22/20 (15 )
Ingredion, Inc. Goldman Sachs USD 216 06/30/16 21  
INPEX Corp. Goldman Sachs JPY 11,799 12/22/20 (6 )
Intact Financial Corp. Morgan Stanley CAD 76 06/29/17 (3 )
Integrated Device Technology, Inc. Goldman Sachs USD 244 12/22/20 33  
Intel Corp. Goldman Sachs USD 89 12/22/20 —  
Intercontinental Exchange, Inc. Goldman Sachs USD 38 12/22/20 5  
InterDigital, Inc. Goldman Sachs USD 23 09/14/16 (2 )
International Business Machines Corp. Goldman Sachs USD 316 12/22/20 (104 )
International Consolidated Airlines Group SA Morgan Stanley GBP 7 06/28/17 —  
International Paper Co. Goldman Sachs USD 388 12/22/20 (162 )
Intuit, Inc. Goldman Sachs USD 232 12/22/20 (18 )
Invesco, Ltd. Goldman Sachs USD 177 12/22/20 (51 )
Ipsen SA Morgan Stanley EUR 65 06/28/17 (5 )
Isuzu Motors, Ltd. Goldman Sachs JPY 17,068 12/22/20 (54 )
ITOCHU Corp. Goldman Sachs JPY 11,180 12/22/20 (18 )
ITOCHU Techno-Solutions Corp. Goldman Sachs JPY 11,229 12/22/20 (22 )
ITT Corp. Goldman Sachs USD 90 12/22/20 (25 )
Izumi Co., Ltd. Goldman Sachs JPY 1,393 12/22/20 (1 )
Jabil Circuit, Inc. Goldman Sachs USD 31 12/22/20 (1 )
Jack Henry & Associates, Inc. Goldman Sachs USD 33 12/22/20 2  
Jack in the Box, Inc. Goldman Sachs USD 112 12/22/20 3  
Jacobs Engineering Group, Inc. Goldman Sachs USD 49 12/22/20 (2 )
Janus Capital Group, Inc. Goldman Sachs USD 19 12/22/20 (7 )
Japan Airlines Co., Ltd. Goldman Sachs JPY 69,826 12/22/20 25  
Japan Petroleum Exploration Co., Ltd. Goldman Sachs JPY 10,797 12/22/20 (11 )
JetBlue Airways Corp. Goldman Sachs USD 116 12/22/20 3  
John Wiley & Sons, Inc. Goldman Sachs USD 95 12/22/20 (3 )
John Wood Group PLC Morgan Stanley GBP 140 06/28/17 19  
Johnson & Johnson Goldman Sachs USD 365 12/22/20 17  
JPMorgan Chase & Co. Goldman Sachs USD 183 06/30/16 (29 )
JTEKT Corp. Goldman Sachs JPY 8,772 12/22/20 (17 )
Juniper Networks, Inc. Goldman Sachs USD 110 12/22/20 (22 )
Just Eat PLC Morgan Stanley GBP 19 06/28/17 (3 )
JX Holdings, Inc. Goldman Sachs JPY 15,458 12/22/20 10  
Kaken Pharmaceutical Co., Ltd. Goldman Sachs JPY 28,332 12/22/20 (13 )
Kamigumi Co., Ltd. Goldman Sachs JPY 3,222 12/22/20 2  
Kaneka Corp. Goldman Sachs JPY 5,695 12/22/20 1  
Kawasaki Heavy Industries, Ltd. Goldman Sachs JPY 1,101 12/22/20 (5 )
Kennametal, Inc. Goldman Sachs USD 31 12/22/20 1  
Kerry Properties, Ltd. Morgan Stanley HKD 1,064 06/29/17 (51 )
Kewpie Corp. Goldman Sachs JPY 5,749 09/14/16 2  
Kimberly-Clark Corp. Goldman Sachs USD 643 12/22/20 102  
Kinder Morgan, Inc. Goldman Sachs USD 106 12/22/20 16  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 295

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Total Return Swap Contracts (*)            
Amounts in thousands            
    Notional Termination Fair Value  
Underlying Reference Entity Counterparty Amount Date $  
Kingfisher PLC Morgan Stanley GBP 137 06/28/17 (23 )
Kinross Gold Corp. Morgan Stanley CAD 38 06/29/17 (3 )
Kobayashi Pharmaceutical Co., Ltd. Goldman Sachs JPY 2,034 12/22/20 3  
Kohl's Corp. Goldman Sachs USD 18 12/22/20 (5 )
Koito Manufacturing Co., Ltd. Goldman Sachs JPY 6,588 12/22/20 9  
Konami Corp. Goldman Sachs JPY 19,639 12/22/20 14  
Konica Minolta, Inc. Goldman Sachs JPY 18,418 12/22/20 (55 )
KOSE Corp. Goldman Sachs JPY 3,312 12/22/20 4  
L Brands, Inc. Goldman Sachs USD 144 12/22/20 12  
L-3 Communications Holdings, Inc. Goldman Sachs USD 142 12/22/20 4  
Lagardere SCA Morgan Stanley EUR 50 06/28/17 (1 )
Lam Research Corp. Goldman Sachs USD 103 12/22/20 (8 )
Lancaster Colony Corp. Goldman Sachs USD 44 12/22/20 (3 )
Lear Corp. Goldman Sachs USD 79 12/22/20 (8 )
Legg Mason, Inc. Goldman Sachs USD 117 12/22/20 (76 )
Leggett & Platt, Inc. Goldman Sachs USD 51 12/22/20 (10 )
Legrand SA Morgan Stanley EUR 30 06/28/17 —  
Leidos Holdings, Inc. Goldman Sachs USD 249 12/22/20 (38 )
Lennox International, Inc. Goldman Sachs USD 104 12/22/20 10  
Liberty Interactive Corp. Goldman Sachs USD 154 12/22/20 (14 )
LifePoint Health, Inc. Goldman Sachs USD 61 12/22/20 (13 )
Linamar Corp. Morgan Stanley CAD 249 06/29/17 (66 )
Lincoln Electric Holdings, Inc. Goldman Sachs USD 138 12/22/20 (24 )
Lincoln National Corp. Goldman Sachs USD 317 06/30/16 (141 )
LIXIL Group Corp. Goldman Sachs JPY 11,088 12/22/20 —  
Lowe's Companies, Inc. Goldman Sachs USD 323 06/30/16 12  
LyondellBasell Industries NV Goldman Sachs USD 254 12/22/20 (88 )
M3, Inc. Goldman Sachs JPY 8,184 12/22/20 7  
Macy's, Inc. Goldman Sachs USD 233 12/22/20 (127 )
Magasins Couche-Tard, Inc. Morgan Stanley CAD 237 06/29/17 7  
Magna International, Inc. Morgan Stanley CAD 427 06/29/17 (140 )
Mallinckrodt PLC Goldman Sachs USD 68 12/22/20 (31 )
Man Group PLC Morgan Stanley GBP 194 06/28/17 (5 )
Manhattan Associates, Inc. Goldman Sachs USD 105 12/22/20 —  
Manpowergroup, Inc. Goldman Sachs USD 551 12/22/20 (111 )
Marathon Petroleum Corp. Goldman Sachs USD 412 12/22/20 (77 )
Marks and Spencer Group PLC Morgan Stanley GBP 94 06/28/17 (43 )
Marvell Technology Group, Ltd. Goldman Sachs USD 364 12/22/20 (43 )
Masco Corp. Goldman Sachs USD 505 06/30/16 (2 )
Maxim Integrated Products, Inc. Goldman Sachs USD 102 12/22/20 (4 )
Mazda Motor Corp. Goldman Sachs JPY 16,973 12/22/20 (17 )
McDonald's Corp. Goldman Sachs USD 298 12/22/20 66  
McGraw Hill Financial, Inc. Goldman Sachs USD 37 12/22/20 (8 )
McKesson Corp. Goldman Sachs USD 344 12/22/20 (63 )
Mead Johnson Nutrition Co. Goldman Sachs USD 81 12/22/20 (2 )
Medipal Holdings Corp. Goldman Sachs JPY 14,125 12/22/20 —  
Medivation, Inc. Goldman Sachs USD 203 12/22/20 (127 )
MEG Energy Corp. Morgan Stanley CAD 106 06/29/17 (4 )
Mentor Graphics Corp. Goldman Sachs USD 204 12/22/20 5  
Merck & Co., Inc. Goldman Sachs USD 279 12/22/20 (43 )
MetLife, Inc. Goldman Sachs USD 211 12/22/20 (34 )
METRO, Inc. Morgan Stanley CAD 289 06/29/17 34  
Mettler-Toledo International, Inc. Goldman Sachs USD 84 12/22/20 (1 )
Michael Kors Holdings, Ltd. Goldman Sachs USD 141 12/22/20 (14 )
Micron Technology, Inc. Goldman Sachs USD 175 12/22/20 (126 )
Microsoft Corp. Goldman Sachs USD 345 12/22/20 60  
Minerals Technologies, Inc. Goldman Sachs USD 11 12/22/20 (2 )
MISUMI Group, Inc. Goldman Sachs JPY 2,757 12/22/20 1  
Mitsubishi Chemical Holdings Corp. Goldman Sachs JPY 9,802 12/22/20 (16 )
Mitsubishi Corp. Goldman Sachs JPY 5,335 12/22/20 (20 )
Mitsubishi Electric Corp. Goldman Sachs JPY 32,985 12/22/20 (131 )
Mitsubishi Motors Corp. Goldman Sachs JPY 48,004 12/22/20 (42 )
Mitsubishi Tanabe Pharma Corp. Goldman Sachs JPY 36,456 12/22/20 (14 )
Mitsubishi UFJ Financial Group, Inc. Goldman Sachs JPY 13,833 12/22/20 (56 )
Mitsui & Co., Ltd. Goldman Sachs JPY 2,711 12/22/20 (5 )
Mitsui Chemicals, Inc. Goldman Sachs JPY 13,494 12/22/20 8  
mixi, Inc. Goldman Sachs JPY 24,765 12/22/20 (36 )
Mizuho Financial Group, Inc. Goldman Sachs JPY 6,380 12/22/20 (17 )
Molina Healthcare, Inc. Goldman Sachs USD 334 12/22/20 (61 )
Mondelez International, Inc. Goldman Sachs USD 256 12/22/20 11  

 

See accompanying notes which are an integral part of this quarterly report.

296 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Total Return Swap Contracts (*)            
Amounts in thousands            
    Notional Termination Fair Value  
Underlying Reference Entity Counterparty Amount Date $  
Mondi PLC Morgan Stanley GBP 88 06/28/17 (24 )
Moody's Corp. Goldman Sachs USD 100 12/22/20 (24 )
Motorola Solutions, Inc. Goldman Sachs USD 11 12/22/20 1  
MS&AD Insurance Group Holdings, Inc. Goldman Sachs JPY 17,737 12/22/20 (27 )
MSCI, Inc. Goldman Sachs USD 343 12/22/20 33  
MSG Networks Inc. Goldman Sachs USD 191 12/22/20 (27 )
Murata Manufacturing Co., Ltd. Goldman Sachs JPY 8,217 12/22/20 (27 )
Murphy USA, Inc. Goldman Sachs USD 146 12/22/20 —  
Nabors Industries, Ltd. Goldman Sachs USD 38 12/22/20 (36 )
National Bank of Canada Morgan Stanley CAD 53 06/29/17 (8 )
Navient Corp. Goldman Sachs USD 88 12/22/20 (51 )
NCR Corp. Goldman Sachs USD 175 12/22/20 (27 )
NetApp, Inc. Goldman Sachs USD 198 06/30/16 (95 )
NeuStar, Inc. Goldman Sachs USD 64 12/22/20 9  
New World Development Co., Ltd. Morgan Stanley HKD 850 06/29/17 (51 )
News Corp. Goldman Sachs USD 98 12/22/20 5  
NEXON Co., Ltd. Goldman Sachs JPY 25,000 11/09/16 23  
NHK Spring Co., Ltd. Goldman Sachs JPY 15,588 12/22/20 (1 )
NIKE, Inc. Goldman Sachs USD 368 12/22/20 41  
Nintendo Co., Ltd. Goldman Sachs JPY 13,324 12/22/20 (45 )
Nippon Express Co., Ltd. Goldman Sachs JPY 23,436 12/22/20 (25 )
Nippon Shokubai Co., Ltd. Goldman Sachs JPY 9,336 12/22/20 (7 )
Nippon Telegraph and Telephone Corp. Goldman Sachs JPY 33,688 12/22/20 35  
Nippon Yusen Kabushiki Kaisha Goldman Sachs JPY 11,264 12/22/20 (34 )
NiSource, Inc. Goldman Sachs USD 90 12/22/20 8  
Nisshin Seifun Group, Inc. Goldman Sachs JPY 2,701 12/22/20 2  
Nitori Holdings Co., Ltd. Goldman Sachs JPY 2,895 12/22/20 —  
Nitto Denko Corp. Goldman Sachs JPY 5,457 12/22/20 (22 )
NOK Corp. Goldman Sachs JPY 34,728 12/22/20 (150 )
Nomura Research Institute, Ltd. Goldman Sachs JPY 13,797 12/22/20 (4 )
Northrop Grumman Corp. Goldman Sachs USD 379 12/22/20 47  
NRW.Bank Morgan Stanley GBP 166 06/28/17 (5 )
NTN Corp. Goldman Sachs JPY 4,928 12/22/20 (4 )
Nu Skin Enterprises, Inc. Goldman Sachs USD 204 12/22/20 (23 )
Nuance Communications, Inc. Goldman Sachs USD 53 12/22/20 (2 )
Numericable-SFR SAS Morgan Stanley EUR 35 06/28/17 (5 )
NVIDIA Corp. Goldman Sachs USD 48 12/22/20 2  
OBIC Co., Ltd. Goldman Sachs JPY 6,170 12/22/20 7  
Oceaneering International, Inc. Goldman Sachs USD 76 12/22/20 2  
Oil States International, Inc. Goldman Sachs USD 262 12/22/20 (20 )
OMRON Corp. Goldman Sachs JPY 8,021 12/22/20 (51 )
ON Semiconductor Corp. Goldman Sachs USD 150 12/22/20 (29 )
OneMain Holdings, Inc. Goldman Sachs USD 39 12/22/20 (21 )
Onex Corp. Morgan Stanley CAD 39 06/29/17 1  
Open Text Corp. Morgan Stanley CAD 191 06/29/17 36  
Oracle Corp. Goldman Sachs USD 322 06/30/16 (43 )
Oracle Corp. Japan Goldman Sachs JPY 3,801 12/22/20 (1 )
Orbital ATK, Inc. Goldman Sachs USD 192 12/22/20 33  
O'Reilly Automotive, Inc. Goldman Sachs USD 28 12/22/20 3  
Orica, Ltd. Morgan Stanley AUD 96 06/29/17 (9 )
Orient Overseas (International), Ltd. Morgan Stanley HKD 259 06/29/17 (7 )
Origin Energy, Ltd. Morgan Stanley AUD 50 06/29/17 3  
Otsuka Corp. Goldman Sachs JPY 32,615 06/30/16 2  
Otsuka Holdings Co., Ltd. Goldman Sachs JPY 36,536 06/30/16 2  
Owens Corning Goldman Sachs USD 524 12/22/20 44  
Panasonic Corp. Goldman Sachs JPY 29,967 12/22/20 (145 )
Panera Bread Co. Goldman Sachs USD 55 12/22/20 4  
PARK24 Co., Ltd. Goldman Sachs JPY 9,032 06/30/16 28  
Parker-Hannifin Corp. Goldman Sachs USD 80 12/22/20 (17 )
Patterson Companies, Inc. Goldman Sachs USD 179 06/30/16 (26 )
PBF Energy, Inc. Goldman Sachs USD 78 12/22/20 2  
PepsiCo, Inc. Goldman Sachs USD 1,021 12/22/20 42  
Persimmon PLC Morgan Stanley GBP 204 06/28/17 6  
Petrofac, Ltd. Morgan Stanley GBP 13 06/28/17 2  
Peugeot SA Morgan Stanley EUR 425 06/28/17 (77 )
Pfizer, Inc. Goldman Sachs USD 401 12/22/20 (47 )
PG&E Corp. Goldman Sachs USD 353 12/22/20 35  
Philip Morris International, Inc. Goldman Sachs USD 226 12/22/20 26  
Phillips 66 Goldman Sachs USD 187 12/22/20 5  
Pinnacle Foods, Inc. Goldman Sachs USD 47 12/22/20 (3 )

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 297

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Total Return Swap Contracts (*)            
Amounts in thousands            
    Notional Termination Fair Value  
Underlying Reference Entity Counterparty Amount Date $  
Pinnacle West Capital Corp. Goldman Sachs USD 250 12/22/20 36  
Pitney Bowes, Inc. Goldman Sachs USD 262 12/22/20 (25 )
Plantronics, Inc. Goldman Sachs USD 97 12/22/20 (5 )
Playtech PLC Morgan Stanley GBP 22 06/28/17 (3 )
Pola Orbis Holdings, Inc. Goldman Sachs JPY 29,484 11/09/16 17  
Polycom, Inc. Goldman Sachs USD 148 12/22/20 (23 )
Popular, Inc. Goldman Sachs USD 40 12/22/20 (9 )
Power Financial Corp. Morgan Stanley CAD 25 06/29/17 (2 )
ProAssurance Corp. Goldman Sachs USD 14 12/22/20 1  
Progressive Waste Solutions, Ltd. Morgan Stanley CAD 39 06/29/17 6  
Prudential Financial, Inc. Goldman Sachs USD 171 12/22/20 (50 )
PTC, Inc. Goldman Sachs USD 12 12/22/20 (5 )
Public Service Enterprise Group, Inc. Goldman Sachs USD 739 12/22/20 34  
PVH Corp. Goldman Sachs USD 35 12/22/20 (14 )
Qantas Airways, Ltd. Morgan Stanley AUD 341 06/29/17 11  
QEP Resources, Inc. Goldman Sachs USD 93 12/22/20 (24 )
QUALCOMM, Inc. Goldman Sachs USD 51 12/22/20 (1 )
Quanta Services, Inc. Goldman Sachs USD 135 12/22/20 (64 )
Quest Diagnostics, Inc. Goldman Sachs USD 134 06/30/16 (8 )
Quintiles Transnational Holdings, Inc. Goldman Sachs USD 467 12/22/20 (69 )
Rackspace Hosting, Inc. Goldman Sachs USD 289 12/22/20 (117 )
Ralph Lauren Corp. Goldman Sachs USD 83 12/22/20 (18 )
Raytheon Co. Goldman Sachs USD 363 06/30/16 86  
Recruit Holdings Co.,Ltd. Goldman Sachs JPY 26,117 12/22/20 1  
Red Hat, Inc. Goldman Sachs USD 11 12/22/20 (1 )
Regions Financial Corp. Goldman Sachs USD 34 12/22/20 (2 )
Regus PLC Morgan Stanley GBP 49 06/28/17 —  
Reinsurance Group of America, Inc. Goldman Sachs USD 256 12/22/20 (35 )
Reliance Steel & Aluminum Co. Goldman Sachs USD 37 12/22/20 (2 )
Rentokil Initial PLC Morgan Stanley GBP 46 06/28/17 1  
Republic Services, Inc. Goldman Sachs USD 95 12/22/20 7  
Resona Holdings, Inc. Goldman Sachs JPY 7,665 12/22/20 (17 )
Ritchie Bros. Auctioneers Inc. Morgan Stanley CAD 124 06/29/17 (4 )
Robert Half International, Inc. Goldman Sachs USD 302 12/22/20 (65 )
Rockwell Automation, Inc. Goldman Sachs USD 211 12/22/20 (61 )
Rohm Co., Ltd. Goldman Sachs JPY 8,085 12/22/20 (26 )
Ross Stores, Inc. Goldman Sachs USD 135 12/22/20 14  
Rovi Corp. Goldman Sachs USD 155 12/22/20 67  
Royal Bank of Canada Morgan Stanley CAD 136 06/29/17 (8 )
Royal Dutch Shell PLC Morgan Stanley GBP 101 06/28/17 21  
Royal Mail PLC Morgan Stanley GBP 194 06/28/17 (5 )
Ryohin Keikaku Co., Ltd. Goldman Sachs JPY 5,064 12/22/20 3  
Safran SA Morgan Stanley EUR 92 06/28/17 (14 )
Sally Beauty Holdings, Inc. Goldman Sachs USD 12 12/22/20 (1 )
Sankyo Co., Ltd. Goldman Sachs JPY 17,823 12/22/20 4  
Sanofi Morgan Stanley EUR 239 06/28/17 (55 )
Santander Consumer USA Holdings, Inc. Goldman Sachs USD 72 12/22/20 (107 )
Santen Pharmaceutical Co., Ltd. Goldman Sachs JPY 36,689 12/22/20 23  
Saputo, Inc. Morgan Stanley CAD 68 06/29/17 5  
SCOR SE Morgan Stanley EUR 203 06/28/17 —  
Seagate Technology PLC Goldman Sachs USD 10 12/22/20 (3 )
SEB S.A. Morgan Stanley EUR 49 06/28/17 1  
Sega Sammy Holdings, Inc. Goldman Sachs JPY 3,378 12/22/20 (3 )
SEI Investments Co. Goldman Sachs USD 53 12/22/20 (15 )
Sekisui Chemical Co., Ltd. Goldman Sachs JPY 27,335 12/22/20 (10 )
Service Corp. International Goldman Sachs USD 46 12/22/20 (10 )
SES SA Morgan Stanley EUR 19 06/28/17 (7 )
Seven Generations Energy, Ltd. Morgan Stanley CAD 31 06/29/17 3  
Shaw Communications, Inc. Morgan Stanley CAD 65 06/29/17 1  
Shimadzu Corp. Goldman Sachs JPY 7,348 12/22/20 3  
SHIMAMURA CO., Ltd. Goldman Sachs JPY 37,352 12/22/20 10  
Shin-Etsu Chemical Co., Ltd. Goldman Sachs JPY 1,216 12/22/20 (3 )
Shinsei Bank, Ltd. Morgan Stanley GBP 284 06/28/17 62  
Shionogi & Co., Ltd. Goldman Sachs JPY 3,641 12/22/20 3  
Sino Land Co., Ltd. Morgan Stanley HKD 1,462 06/29/17 (45 )
Skechers U.S.A., Inc. Goldman Sachs USD 126 12/22/20 (36 )
Skyworks Solutions, Inc. Goldman Sachs USD 86 12/22/20 (48 )
Smiths Group PLC Morgan Stanley GBP 109 06/28/17 —  
Snap-on, Inc. Goldman Sachs USD 204 12/22/20 1  
SNC-Lavalin Group, Inc. Morgan Stanley CAD 121 06/29/17 —  

 

See accompanying notes which are an integral part of this quarterly report.

298 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Total Return Swap Contracts (*)            
Amounts in thousands            
    Notional Termination Fair Value  
Underlying Reference Entity Counterparty Amount Date $  
Sodexo SA Morgan Stanley EUR 89 06/28/17 2  
Sojitz Corp. Goldman Sachs JPY 36,211 12/22/20 (49 )
Sompo Japan Nipponkoa Holdings, Inc. Goldman Sachs JPY 15,132 12/22/20 (29 )
Sonoco Products Co. Goldman Sachs USD 97 12/22/20 (2 )
Southwest Airlines Co. Goldman Sachs USD 133 12/22/20 (4 )
Spirit AeroSystems Holdings, Inc. Goldman Sachs USD 603 12/22/20 (194 )
SPX Corp. Goldman Sachs USD 72 12/22/20 8  
St. Jude Medical, Inc. Goldman Sachs USD 167 06/30/16 (68 )
Stagecoach Group PLC Morgan Stanley GBP 26 06/28/17 (6 )
Stanley Black & Decker, Inc. Goldman Sachs USD 147 12/22/20 (18 )
Staples, Inc. Goldman Sachs USD 51 12/22/20 (19 )
Starbucks Corp. Goldman Sachs USD 81 12/22/20 7  
State Street Corp. Goldman Sachs USD 128 12/22/20 (53 )
Steel Dynamics, Inc. Goldman Sachs USD 98 12/22/20 (19 )
Stryker Corp. Goldman Sachs USD 175 06/30/16 3  
Sugi Holdings Co., Ltd. Goldman Sachs JPY 1,857 12/22/20 2  
Sumitomo Chemical Co., Ltd. Goldman Sachs JPY 12,060 12/22/20 (13 )
Sumitomo Heavy Industries, Ltd. Goldman Sachs JPY 7,035 12/22/20 (28 )
Sumitomo Mitsui Financial Group, Inc. Goldman Sachs JPY 16,716 12/22/20 (54 )
Sumitomo Rubber Industries, Ltd. Goldman Sachs JPY 12,709 06/30/16 (31 )
Sundrug Co., Ltd. Goldman Sachs JPY 16,569 12/22/20 13  
Superior Energy Services, Inc. Goldman Sachs USD 70 12/22/20 (32 )
SUPERVALU, Inc. Goldman Sachs USD 191 12/22/20 (137 )
Suruga Bank, Ltd. Goldman Sachs JPY 8,632 12/22/20 (12 )
Suzuken Co., Ltd. Goldman Sachs JPY 26,400 12/22/20 (8 )
Swire Pacific, Ltd. Morgan Stanley HKD 150 06/29/17 (3 )
Swiss Re AG Morgan Stanley CHF 362 06/28/17 39  
Synchrony Financial Goldman Sachs USD 107 12/22/20 (1 )
Synopsys, Inc. Goldman Sachs USD 222 12/22/20 (39 )
T&D Holdings, Inc. Goldman Sachs JPY 8,281 12/22/20 (21 )
Target Corp. Goldman Sachs USD 465 12/22/20 (76 )
Tatts Group, Ltd. Morgan Stanley AUD 86 06/29/17 5  
Taylor Wimpey PLC Morgan Stanley GBP 202 06/28/17 —  
TDK Corp. Goldman Sachs JPY 11,067 12/22/20 (44 )
TE Connectivity, Ltd. Goldman Sachs USD 21 12/22/20 (3 )
Tech Data Corp. Goldman Sachs USD 265 12/22/20 (38 )
Techtronic Industries Co., Ltd. Morgan Stanley HKD 161 06/29/17 —  
Teekay Corp. Goldman Sachs USD 145 12/22/20 17  
TEGNA, Inc. Goldman Sachs USD 20 12/22/20 (1 )
Teijin, Ltd. Goldman Sachs JPY 8,720 12/22/20 5  
Teleperformance Morgan Stanley EUR 78 06/28/17 6  
Telephone and Data Systems, Inc. Goldman Sachs USD 73 12/22/20 (5 )
Television Francaise 1 SA Morgan Stanley EUR 23 06/28/17 (4 )
Telstra Corp., Ltd. Morgan Stanley AUD 146 06/29/17 (11 )
Teradata Corp. Goldman Sachs USD 108 12/22/20 (7 )
Teradyne, Inc. Goldman Sachs USD 254 12/22/20 (5 )
Tesoro Corp. Goldman Sachs USD 209 12/22/20 2  
Texas Instruments, Inc. Goldman Sachs USD 63 12/22/20 —  
Textron, Inc. Goldman Sachs USD 19 12/22/20 (6 )
Thales SA Morgan Stanley EUR 142 06/28/17 17  
The Allstate Corp. Goldman Sachs USD 490 12/22/20 (42 )
The Bank of Kyoto, Ltd. Goldman Sachs JPY 1,844 12/22/20 (6 )
The Bank of Nova Scotia Morgan Stanley CAD 98 06/29/17 (11 )
The Bank of Yokohama, Ltd. Goldman Sachs JPY 13,974 12/22/20 (25 )
The Berkeley Group Holdings PLC Morgan Stanley GBP 234 06/28/17 9  
The Boeing Co. Goldman Sachs USD 216 12/22/20 (23 )
The Boston Beer Co., Inc. Goldman Sachs USD 56 12/22/20 2  
The Cheesecake Factory, Inc. Goldman Sachs USD 97 12/22/20 (13 )
The Chemours Co. Goldman Sachs USD 32 12/22/20 (34 )
The Chiba Bank, Ltd. Goldman Sachs JPY 6,633 12/22/20 (16 )
The Clorox Co. Goldman Sachs USD 198 12/22/20 34  
The Coca-Cola Co. Goldman Sachs USD 286 12/22/20 7  
The Dai-ichi Life Insurance Co., Ltd. Goldman Sachs JPY 18,132 12/22/20 (69 )
The Dow Chemical Co. Goldman Sachs USD 164 06/30/16 (42 )
The Dun & Bradstreet Corp. Goldman Sachs USD 230 12/22/20 (66 )
The Estee Lauder Companies, Inc. Goldman Sachs USD 247 12/22/20 (7 )
The Gap, Inc. Goldman Sachs USD 76 06/30/16 (44 )
The Goodyear Tire & Rubber Co. Goldman Sachs USD 316 12/22/20 (33 )
The Gunma Bank, Ltd. Goldman Sachs JPY 1,320 12/22/20 (2 )
The Hachijuni Bank, Ltd. Goldman Sachs JPY 1,998 12/22/20 (4 )

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 299

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Total Return Swap Contracts (*)            
Amounts in thousands            
    Notional Termination Fair Value  
Underlying Reference Entity Counterparty Amount Date $  
The Hartford Financial Services Group, Inc. Goldman Sachs USD 122 12/22/20 (6 )
The Hiroshima Bank, Ltd. Goldman Sachs JPY 1,190 12/22/20 (1 )
The Home Depot, Inc. Goldman Sachs USD 144 12/22/20 15  
The Interpublic Group of Companies, Inc. Goldman Sachs USD 209 12/22/20 25  
The Kroger Co. Goldman Sachs USD 202 12/22/20 10  
The Mosaic Co. Goldman Sachs USD 65 12/22/20 (53 )
The NASDAQ OMX Group, Inc. Goldman Sachs USD 275 12/22/20 50  
The PNC Financial Services Group, Inc. Goldman Sachs USD 130 06/30/16 (18 )
The Priceline Group, Inc. Goldman Sachs USD 103 12/22/20 (23 )
The Procter & Gamble Co. Goldman Sachs USD 676 12/22/20 18  
The Sage Group PLC Morgan Stanley GBP 16 06/28/17 3  
The Star Entertainment Group, Ltd. Morgan Stanley AUD 463 06/29/17 58  
The Timken Co. Goldman Sachs USD 60 12/22/20 (24 )
The TJX Companies, Inc. Goldman Sachs USD 239 12/22/20 11  
The Toronto-Dominion Bank Morgan Stanley CAD 88 06/29/17 (1 )
The Travelers Companies, Inc. Goldman Sachs USD 490 12/22/20 40  
The Western Union Co. Goldman Sachs USD 204 12/22/20 (22 )
Thermo Fisher Scientific, Inc. Goldman Sachs USD 78 12/22/20 1  
Thomas Cook Group PLC Morgan Stanley GBP 69 06/28/17 (24 )
Thomson Reuters Corp. Morgan Stanley CAD 46 06/29/17 —  
Thor Industries, Inc. Goldman Sachs USD 138 12/22/20 4  
Time Warner, Inc. Goldman Sachs USD 25 12/22/20 (6 )
TOHO GAS Co., Ltd. Goldman Sachs JPY 8,635 12/22/20 3  
Tohoku Electric Power Co., Inc. Goldman Sachs JPY 32,057 12/22/20 (31 )
Tokio Marine Holdings, Inc. Goldman Sachs JPY 21,240 12/22/20 (38 )
Tokyo Electric Power Co., Inc. Goldman Sachs JPY 35,280 12/22/20 (55 )
Tokyo Gas Co., Ltd. Goldman Sachs JPY 20,335 12/22/20 2  
Tosoh Corp. Goldman Sachs JPY 8,050 12/22/20 (2 )
TOTAL SA Morgan Stanley EUR 284 06/28/17 29  
Total System Services, Inc. Goldman Sachs USD 146 12/22/20 (28 )
Toyo Suisan Kaisha, Ltd. Goldman Sachs JPY 6,203 12/22/20 (3 )
Toyoda Gosei Co., Ltd. Goldman Sachs JPY 3,866 12/22/20 1  
Toyota Boshoku Corp. Goldman Sachs JPY 17,593 12/22/20 8  
TPG Telecom, Ltd. Morgan Stanley AUD 73 06/29/17 3  
Treasury Wine Estates, Ltd. Morgan Stanley AUD 248 06/29/17 35  
Trinity Industries, Inc. Goldman Sachs USD 64 06/30/16 (19 )
Triumph Group, Inc. Goldman Sachs USD 16 12/22/20 (12 )
Tsuruha Holdings, Inc. Goldman Sachs JPY 11,892 12/22/20 2  
Tyson Foods, Inc. Goldman Sachs USD 135 12/22/20 1  
U.S. Bancorp Goldman Sachs USD 24 12/22/20 1  
United Therapeutics Corp. Goldman Sachs USD 458 12/22/20 (115 )
UnitedHealth Group, Inc. Goldman Sachs USD 451 12/22/20 (33 )
Universal Health Services, Inc. Goldman Sachs USD 44 12/22/20 (11 )
Unum Group Goldman Sachs USD 284 12/22/20 (80 )
Urban Outfitters, Inc. Goldman Sachs USD 38 12/22/20 3  
V.F. Corp. Goldman Sachs USD 210 12/22/20 (28 )
Valeo Morgan Stanley EUR 37 06/28/17 (4 )
Valero Energy Corp. Goldman Sachs USD 330 12/22/20 33  
Validus Holdings, Ltd. Goldman Sachs USD 139 12/22/20 —  
Varian Medical Systems, Inc. Goldman Sachs USD 114 12/22/20 (9 )
Vectren Corp. Goldman Sachs USD 84 12/22/20 5  
Vedanta Resources PLC Morgan Stanley GBP 30 06/28/17 (27 )
Veolia Environnement SA Morgan Stanley EUR 155 06/28/17 23  
VeriSign, Inc. Goldman Sachs USD 113 12/22/20 13  
Verizon Communications, Inc. Goldman Sachs USD 241 09/14/16 20  
Viacom, Inc. Goldman Sachs USD 340 12/22/20 (117 )
Vishay Intertechnology, Inc. Goldman Sachs USD 40 12/22/20 3  
Vivendi SA Morgan Stanley EUR 177 06/28/17 (36 )
VMware, Inc. Goldman Sachs USD 55 12/22/20 (29 )
Vodafone Group PLC Morgan Stanley GBP 101 06/28/17 (9 )
Voya Financial, Inc. Goldman Sachs USD 149 12/22/20 (84 )
W.W. Grainger, Inc. Goldman Sachs USD 12 12/22/20 (3 )
Waddell & Reed Financial, Inc. Goldman Sachs USD 54 12/22/20 6  
Wal-Mart Stores, Inc. Goldman Sachs USD 422 12/22/20 (37 )
Waste Management, Inc. Goldman Sachs USD 272 12/22/20 22  
Waters Corp. Goldman Sachs USD 146 12/22/20 (12 )
Wells Fargo & Co. Goldman Sachs USD 153 12/22/20 1  
Werner Enterprises, Inc. Goldman Sachs USD 140 12/22/20 (9 )
WESCO International, Inc. Goldman Sachs USD 35 12/22/20 (13 )
West Fraser Timber Co., Ltd. Morgan Stanley CAD 120 06/29/17 (11 )

 

See accompanying notes which are an integral part of this quarterly report.

300 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Total Return Swap Contracts (*)            
Amounts in thousands            
    Notional Termination Fair Value  
Underlying Reference Entity Counterparty Amount Date $  
Western Digital Corp. Goldman Sachs USD 239 12/22/20 (173 )
Western Refining, Inc. Goldman Sachs USD 91 06/30/16 (31 )
Westlake Chemical Corp. Goldman Sachs USD 100 12/22/20 (18 )
Wheelock and Co., Ltd. Morgan Stanley HKD 118 06/29/17 —  
Whirlpool Corp. Goldman Sachs USD 144 12/22/20 (47 )
William Hill PLC Morgan Stanley GBP 75 06/28/17 (5 )
Woodside Petroleum, Ltd. Morgan Stanley AUD 617 06/29/17 (81 )
World Fuel Services Corp. Goldman Sachs USD 181 12/22/20 (3 )
WPP PLC Morgan Stanley GBP 154 06/28/17 7  
WPX Energy, Inc. Goldman Sachs USD 27 12/22/20 (24 )
Wyndham Worldwide Corp. Goldman Sachs USD 41 12/22/20 (12 )
Xerox Corp. Goldman Sachs USD 226 06/30/16 (29 )
Xilinx, Inc. Goldman Sachs USD 289 12/22/20 30  
XL Group PLC Goldman Sachs USD 51 12/22/20 (1 )
Yamaguchi Financial Group, Inc. Goldman Sachs JPY 1,292 12/22/20 (1 )
Yamaha Corp. Goldman Sachs JPY 9,909 12/22/20 7  
Yelp, Inc. Goldman Sachs USD 54 12/22/20 (8 )
Yue Yuen Industrial (Holdings) Ltd. Morgan Stanley HKD 1,030 06/29/17 (2 )
Yum! Brands, Inc. Goldman Sachs USD 169 06/30/16 (20 )
Zoetis, Inc. Goldman Sachs USD 242 06/30/16 (34 )
Zynga, Inc. Goldman Sachs USD 124 12/22/20 (4 )
Short Reference Entity            
3D Systems Corp. Goldman Sachs USD 146 12/22/20 (4 )
Aberdeen Asset Management PLC Morgan Stanley GBP 92 06/28/17 87  
Acadia Healthcare Co., Inc. Goldman Sachs USD 506 12/22/20 34  
ACOM Co., Ltd. Goldman Sachs JPY 18,468 12/22/20 (12 )
Acuity Brands, Inc. Goldman Sachs USD 123 01/18/17 4  
Acxiom Corp. Goldman Sachs USD 69 12/22/20 10  
Admiral Group PLC Morgan Stanley GBP 201 06/28/17 (61 )
Adobe Systems, Inc. Goldman Sachs USD 47 12/22/20 (3 )
Advance Auto Parts, Inc. Goldman Sachs USD 121 12/22/20 10  
Advanced Micro Devices, Inc. Goldman Sachs USD 50 12/22/20 (4 )
Advantest Corp. Goldman Sachs JPY 9,503 12/22/20 (11 )
AECOM Goldman Sachs USD 247 12/22/20 35  
AEON Co., Ltd. Goldman Sachs JPY 12,616 12/22/20 3  
AEON Financial Service Co., Ltd. Goldman Sachs JPY 10,670 12/22/20 1  
Agios Pharmaceuticals, Inc. Goldman Sachs USD 89 12/22/20 29  
Agnico Eagle Mines, Ltd. Morgan Stanley CAD 528 06/29/17 (40 )
Agrium, Inc. Morgan Stanley CAD 161 06/29/17 1  
AIA Group, Ltd. Morgan Stanley HKD 129 06/29/17 —  
Air Lease Corp. Goldman Sachs USD 58 12/22/20 15  
Airbus Group SE Morgan Stanley EUR 74 06/28/17 11  
Akorn, Inc. Goldman Sachs USD 338 12/22/20 116  
Albemarle Corp. Goldman Sachs USD 425 12/22/20 4  
Alcoa, Inc. Goldman Sachs USD 183 12/22/20 (4 )
Alere, Inc. Goldman Sachs USD 89 12/22/20 5  
Alexion Pharmaceuticals, Inc. Goldman Sachs USD 507 12/22/20 100  
Align Technology, Inc. Goldman Sachs USD 213 12/22/20 (15 )
Alkermes PLC Goldman Sachs USD 21 12/22/20 3  
Allegheny Technologies, Inc. Goldman Sachs USD 89 12/22/20 115  
Allegion PLC Goldman Sachs USD 133 12/22/20 (2 )
Alliance Data Systems Corp. Goldman Sachs USD 513 12/22/20 264  
Ally Financial Inc. Goldman Sachs USD 259 12/22/20 25  
Alnylam Pharmaceuticals, Inc. Goldman Sachs USD 245 12/22/20 53  
ALS Ltd. Morgan Stanley AUD 58 06/29/17 4  
Als, Ltd. Morgan Stanley AUD — 06/29/17 —  
AltaGas, Ltd. Morgan Stanley CAD 113 06/29/17 (2 )
Altice NV Morgan Stanley EUR 37 06/28/17 (3 )
Alumina, Ltd. Morgan Stanley AUD 122 06/29/17 (1 )
AMC Networks Inc. Goldman Sachs USD 13 12/22/20 2  
American Airlines Group, Inc. Goldman Sachs USD 60 12/22/20 10  
AMETEK, Inc. Goldman Sachs USD 202 12/22/20 31  
AMP, Ltd. Morgan Stanley AUD 17 06/29/17 3  
Amphenol Corp. Goldman Sachs USD 305 12/22/20 35  
Anadarko Petroleum Corp. Goldman Sachs USD 129 12/22/20 134  
Anglo American PLC Morgan Stanley GBP 71 06/28/17 (17 )
Antofagasta PLC Morgan Stanley GBP 210 06/28/17 171  
Aon PLC Goldman Sachs USD 259 12/22/20 44  
APA Group Morgan Stanley AUD 354 06/29/17 5  
Apache Corp. Goldman Sachs USD 234 12/22/20 50  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 301

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Total Return Swap Contracts (*)            
Amounts in thousands            
    Notional Termination Fair Value  
Underlying Reference Entity Counterparty Amount Date $  
Aqua America, Inc. Goldman Sachs USD 150 12/22/20 (16 )
Arista Networks, Inc. Goldman Sachs USD 302 12/22/20 36  
Arkema SA Morgan Stanley EUR 80 06/28/17 14  
ARM Holdings PLC Morgan Stanley GBP 253 06/28/17 6  
ARRIS International PLC Goldman Sachs USD 433 12/22/20 86  
Arthur J. Gallagher & Co. Goldman Sachs USD 11 12/22/20 2  
Artisan Partners Asset Management Inc. Goldman Sachs USD 49 12/22/20 (2 )
Asahi Glass Co., Ltd. Goldman Sachs JPY 17,448 12/22/20 (17 )
Asahi Group Holdings, Ltd. Goldman Sachs JPY 7,674 06/30/16 1  
Ascena Retail Group, Inc. Goldman Sachs USD 151 12/22/20 19  
Ashland, Inc. Goldman Sachs USD 38 12/22/20 1  
Ashtead Group PLC Morgan Stanley GBP 43 06/28/17 12  
ASICS Corp. Goldman Sachs JPY 9,286 11/09/16 34  
ASM Pacific Technology, Ltd. Morgan Stanley HKD 522 06/29/17 1  
AT&T, Inc. Goldman Sachs USD 305 06/30/16 —  
AusNet Services Morgan Stanley AUD 24 06/29/17 —  
Autodesk, Inc. Goldman Sachs USD 95 12/22/20 11  
Avago Technologies, Ltd. Goldman Sachs USD 18 12/22/20 (2 )
Avis Budget Group, Inc. Goldman Sachs USD 467 12/22/20 216  
Aviva PLC Morgan Stanley GBP 52 06/28/17 —  
B/E Aerospace, Inc. Goldman Sachs USD 53 12/22/20 21  
Babcock International Group PLC Morgan Stanley GBP 38 06/28/17 12  
Ball Corp. Goldman Sachs USD 475 12/22/20 38  
Bank of Queensland, Ltd. Morgan Stanley AUD 43 06/29/17 (1 )
Bank of the Ozarks, Inc. Goldman Sachs USD 40 11/09/16 6  
BankUnited, Inc. Goldman Sachs USD 89 06/30/16 7  
Barrick Gold Corp. Morgan Stanley CAD 170 06/29/17 (21 )
Becton, Dickinson and Co. Goldman Sachs USD 165 12/22/20 (4 )
BioMarin Pharmaceutical, Inc. Goldman Sachs USD 119 12/22/20 20  
Bio-Techne Corp. Goldman Sachs USD 255 12/22/20 28  
Black Hills Corp. Goldman Sachs USD 201 12/22/20 (13 )
Black Knight Financial Services, Inc. Goldman Sachs USD 129 12/22/20 10  
Bollore SA Morgan Stanley EUR 202 06/28/17 72  
Booker Group PLC Morgan Stanley GBP 27 06/28/17 2  
BorgWarner, Inc. Goldman Sachs USD 365 12/22/20 343  
Boston Scientific Corp. Goldman Sachs USD 20 12/22/20 1  
BP PLC Morgan Stanley GBP 71 06/28/17 (13 )
Brambles, Ltd. Morgan Stanley AUD 327 06/29/17 (7 )
British American Tobacco PLC Morgan Stanley GBP 455 06/28/17 (58 )
Brookdale Senior Living, Inc. Goldman Sachs USD 124 12/22/20 124  
Brother Industries, Ltd. Goldman Sachs JPY 2,158 12/22/20 —  
Brown-Forman Corp. Goldman Sachs USD 269 12/22/20 8  
BTG PLC Morgan Stanley GBP 66 06/28/17 (1 )
Buffalo Wild Wings, Inc. Goldman Sachs USD 60 12/22/20 2  
Bunzl PLC Morgan Stanley GBP 45 06/28/17 (1 )
Bureau Veritas SA Morgan Stanley EUR 18 06/28/17 4  
Cabela's, Inc. Goldman Sachs USD 262 12/22/20 15  
Cable One, Inc. Goldman Sachs USD 37 12/22/20 —  
Cabot Oil & Gas Corp. Goldman Sachs USD 185 12/22/20 100  
CalAtlantic Group, Inc. Goldman Sachs USD 112 12/22/20 7  
CALBEE, Inc. Goldman Sachs JPY 17,307 12/22/20 (6 )
Calpine Corp. Goldman Sachs USD 39 12/22/20 (2 )
Campbell Soup Co. Goldman Sachs USD 26 06/30/16 (4 )
Canadian National Railway Co. Morgan Stanley CAD 71 06/29/17 (1 )
Canadian Natural Resources , Ltd. Morgan Stanley CAD 44 06/29/17 (3 )
Canadian Pacific Railway, Ltd. Morgan Stanley CAD 70 06/29/17 10  
Canadian Utilities, Ltd. Morgan Stanley CAD 501 06/29/17 —  
Canon, Inc. Goldman Sachs JPY 6,016 09/14/16 5  
Capita PLC Morgan Stanley GBP 64 06/28/17 (1 )
CarMax, Inc. Goldman Sachs USD 283 12/22/20 153  
Carpenter Technology Corp. Goldman Sachs USD 14 12/22/20 (1 )
Carrefour SA Morgan Stanley EUR 115 06/28/17 18  
Casey's General Stores, Inc. Goldman Sachs USD 41 12/22/20 (4 )
Catalent, Inc. Goldman Sachs USD 104 12/22/20 13  
Cathay Pacific Airways, Ltd. Morgan Stanley HKD 719 06/29/17 36  
CBOE Holdings, Inc. Goldman Sachs USD 150 12/22/20 (13 )
CBS Corp. Goldman Sachs USD 38 12/22/20 2  
CDK Global, Inc. Goldman Sachs USD 207 12/22/20 54  
Celanese Corp. Goldman Sachs USD 11 12/22/20 1  
Celgene Corp. Goldman Sachs USD 52 12/22/20 4  

 

See accompanying notes which are an integral part of this quarterly report.

302 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Total Return Swap Contracts (*)            
Amounts in thousands            
    Notional Termination Fair Value  
Underlying Reference Entity Counterparty Amount Date $  
Cenovus Energy, Inc. Morgan Stanley CAD 146 06/29/17 14  
CenterPoint Energy, Inc. Goldman Sachs USD 49 12/22/20 (2 )
Century Tokyo Leasing Corp. Goldman Sachs JPY 4,400 12/22/20 (3 )
CenturyLink, Inc. Goldman Sachs USD 52 12/22/20 9  
Cerner Corp. Goldman Sachs USD 46 12/22/20 3  
CF Industries Holdings, Inc. Goldman Sachs USD 105 12/22/20 6  
Cheniere Energy, Inc. Goldman Sachs USD 211 12/22/20 172  
Cheung Kong Property Holdings , Ltd. Morgan Stanley HKD 2,270 06/29/17 68  
Chevron Corp. Goldman Sachs USD 142 12/22/20 (4 )
Chicago Bridge & Iron Co. NV Goldman Sachs USD 143 12/22/20 (15 )
Chipotle Mexican Grill, Inc. Goldman Sachs USD 170 12/22/20 59  
Chugai Pharmaceutical Co., Ltd. Goldman Sachs JPY 10,965 06/30/16 14  
Ciena Corp. Goldman Sachs USD 317 12/22/20 22  
Cimarex Energy Co. Goldman Sachs USD 211 12/22/20 45  
Cinemark Holdings, Inc. Goldman Sachs USD 15 12/22/20 6  
Citizen Holdings Co., Ltd. Goldman Sachs JPY 6,034 12/22/20 10  
Clean Harbors, Inc. Goldman Sachs USD 24 12/22/20 3  
CME Group, Inc. Goldman Sachs USD 197 12/22/20 9  
CMS Energy Corp. Goldman Sachs USD 90 12/22/20 (7 )
CNH Industrial NV Morgan Stanley EUR 358 06/28/17 139  
Cobalt International Energy, Inc. Goldman Sachs USD 82 12/22/20 128  
Cobham PLC Morgan Stanley GBP 164 06/28/17 16  
Cognex Corp. Goldman Sachs USD 31 12/22/20 (2 )
Colfax Corp. Goldman Sachs USD 106 12/22/20 73  
Columbia Pipeline Group, Inc. Goldman Sachs USD 84 12/22/20 21  
Comerica, Inc. Goldman Sachs USD 11 12/22/20 6  
Commonwealth Bank of Australia Morgan Stanley AUD 96 06/29/17 (1 )
CommScope Holding Co., Inc. Goldman Sachs USD 465 12/22/20 60  
CommVault Systems, Inc. Goldman Sachs USD 13 12/22/20 1  
Compagnie de Saint-Gobain SA Morgan Stanley EUR 33 06/28/17 5  
Compagnie Plastic Omnium SACA Morgan Stanley EUR 62 06/28/17 (9 )
Compass Minerals International, Inc. Goldman Sachs USD 143 12/22/20 (8 )
Computershare, Ltd. Morgan Stanley AUD 40 06/29/17 1  
ConAgra Foods, Inc. Goldman Sachs USD 49 12/22/20 3  
Concho Resources, Inc. Goldman Sachs USD 211 12/22/20 39  
ConocoPhillips Goldman Sachs USD 108 12/22/20 37  
CONSOL Energy, Inc. Goldman Sachs USD 21 12/22/20 1  
Constellation Brands, Inc. Goldman Sachs USD 205 12/22/20 (34 )
Core Laboratories NV Goldman Sachs USD 336 12/22/20 30  
CoStar Group, Inc. Goldman Sachs USD 129 12/22/20 17  
Costco Wholesale Corp. Goldman Sachs USD 68 12/22/20 (2 )
Covanta Holding Corp. Goldman Sachs USD 279 12/22/20 37  
Credit Saison Co., Ltd. Goldman Sachs JPY 22,979 12/22/20 39  
Croda International PLC Morgan Stanley GBP 33 06/28/17 —  
Crown Resorts, Ltd. Morgan Stanley AUD 136 06/29/17 —  
CSL, Ltd. Morgan Stanley AUD 158 06/29/17 —  
CST Brands, Inc. Goldman Sachs USD 175 12/22/20 10  
Cullen/Frost Bankers, Inc. Goldman Sachs USD 45 12/22/20 30  
Cypress Semiconductor Corp. Goldman Sachs USD 278 06/30/16 97  
Daihatsu Motor Co., Ltd. Goldman Sachs JPY 7,998 12/22/20 (12 )
Daikin Industries, Ltd. Goldman Sachs JPY 13,617 12/22/20 13  
Daiwa Securities Group, Inc. Goldman Sachs JPY 3,002 12/22/20 2  
DaVita HealthCare Partners, Inc. Goldman Sachs USD 335 12/22/20 70  
Deckers Outdoor Corp. Goldman Sachs USD 92 12/22/20 (11 )
Deere & Co. Goldman Sachs USD 65 12/22/20 (3 )
Delphi Automotive PLC Goldman Sachs USD 31 12/22/20 8  
DENSO Corp. Goldman Sachs JPY 28,380 12/22/20 29  
Devon Energy Corp. Goldman Sachs USD 15 12/22/20 12  
DeVry Education Group, Inc. Goldman Sachs USD 69 12/22/20 13  
DexCom, Inc. Goldman Sachs USD 112 12/22/20 21  
Diageo PLC Morgan Stanley GBP 120 06/28/17 —  
Diebold, Inc. Goldman Sachs USD 105 12/22/20 15  
Discovery Communications, Inc. Goldman Sachs USD 201 12/22/20 (4 )
Dolby Laboratories, Inc. Goldman Sachs USD 40 12/22/20 (4 )
Dollar Tree, Inc. Goldman Sachs USD 542 12/22/20 (98 )
Dominion Resources, Inc. Goldman Sachs USD 1,202 12/22/20 (73 )
Donaldson Co., Inc. Goldman Sachs USD 63 12/22/20 4  
DreamWorks Animation SKG, Inc. Goldman Sachs USD 34 12/22/20 1  
Dunkin' Brands Group, Inc. Goldman Sachs USD 65 12/22/20 10  
E*Trade Financial Corp. Goldman Sachs USD 203 12/22/20 61  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 303

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Total Return Swap Contracts (*)            
Amounts in thousands            
    Notional Termination Fair Value  
Underlying Reference Entity Counterparty Amount Date $  
Eagle Materials, Inc. Goldman Sachs USD 145 06/30/16 59  
Eastman Chemical Co. Goldman Sachs USD 29 12/22/20 3  
easyJet PLC Morgan Stanley GBP 75 06/28/17 12  
EchoStar Corp. Goldman Sachs USD 23 12/22/20 —  
Ecolab, Inc. Goldman Sachs USD 322 12/22/20 24  
Edenred Morgan Stanley EUR 293 06/28/17 (15 )
Eldorado Gold Corp. Morgan Stanley CAD 50 06/29/17 8  
Electricite de France Societe anonyme Morgan Stanley EUR 242 06/28/17 64  
Enbridge, Inc. Morgan Stanley CAD 424 06/29/17 27  
Endo International PLC Goldman Sachs USD 304 12/22/20 141  
Energen Corp. Goldman Sachs USD 100 12/22/20 (6 )
Engie Morgan Stanley EUR 135 06/28/17 (3 )
Ensco PLC Goldman Sachs USD 59 12/22/20 9  
Envision Healthcare Holdings, Inc. Goldman Sachs USD 303 12/22/20 250  
EOG Resources, Inc. Goldman Sachs USD 212 12/12/16 (6 )
EQT Corp. Goldman Sachs USD 117 12/22/20 16  
Esprit Holdings, Ltd. Morgan Stanley HKD 415 06/29/17 2  
Essentra PLC Morgan Stanley GBP 24 06/28/17 2  
Eversource Energy Goldman Sachs USD 229 12/22/20 (34 )
Exxon Mobil Corp. Goldman Sachs USD 193 12/22/20 (7 )
Fast Retailing Co., Ltd. Goldman Sachs JPY 15,372 12/22/20 26  
FEI Co. Goldman Sachs USD 123 12/22/20 21  
FireEye, Inc. Goldman Sachs USD 92 12/22/20 18  
First Quantum Minerals, Ltd. Morgan Stanley CAD 93 06/29/17 204  
FleetCor Technologies, Inc. Goldman Sachs USD 320 12/22/20 95  
FMC Corp. Goldman Sachs USD 263 06/30/16 87  
Forest City Realty Trust, Inc. Goldman Sachs USD 200 12/22/20 33  
Fortinet, Inc. Goldman Sachs USD 55 12/22/20 26  
Fortis, Inc. Morgan Stanley CAD 150 06/29/17 (13 )
Fortune Brands Home & Security, Inc. Goldman Sachs USD 177 12/22/20 4  
Franco-Nevada Corp. Morgan Stanley CAD 357 06/29/17 9  
Frank's International NV Goldman Sachs USD 88 12/22/20 —  
Freeport-McMoRan, Inc. Goldman Sachs USD 191 12/22/20 53  
Frontier Communications Corp. Goldman Sachs USD 299 12/22/20 12  
G4S PLC Morgan Stanley GBP 16 06/28/17 5  
Galaxy Entertainment Group, Ltd. Morgan Stanley HKD 1,036 06/29/17 (12 )
GATX Corp. Goldman Sachs USD 118 12/22/20 (10 )
General Electric Co. Goldman Sachs USD 198 06/30/16 (4 )
Genesee & Wyoming, Inc. Goldman Sachs USD 360 12/22/20 53  
Gentex Corp. Goldman Sachs USD 105 06/30/16 21  
Genworth Financial, Inc. Goldman Sachs USD 27 12/22/20 42  
Gildan Activewear, Inc. Morgan Stanley CAD 430 06/29/17 54  
Goldcorp, Inc. Morgan Stanley CAD 273 06/29/17 2  
Granite Construction Inc. Goldman Sachs USD 78 12/22/20 —  
Graphic Packaging Holding Co. Goldman Sachs USD 59 12/22/20 14  
Greif, Inc. Goldman Sachs USD 75 12/22/20 10  
Halliburton Co. Goldman Sachs USD 292 12/22/20 82  
Hamamatsu Photonics K.K. Goldman Sachs JPY 16,582 12/22/20 3  
Hancock Holding Co. Goldman Sachs USD 49 12/22/20 18  
Hanesbrands, Inc. Goldman Sachs USD 140 12/22/20 (2 )
Hang Lung Properties, Ltd. Morgan Stanley HKD 414 06/29/17 4  
Hargreaves Lansdown PLC Morgan Stanley GBP 364 06/28/17 (62 )
Harley-Davidson, Inc. Goldman Sachs USD 299 12/22/20 114  
Harman International Industries, Inc. Goldman Sachs USD 114 12/22/20 36  
Harris Corp. Goldman Sachs USD 238 12/22/20 (31 )
Hasbro, Inc. Goldman Sachs USD 11 12/22/20 —  
Healthscope, Ltd. Morgan Stanley AUD 29 06/29/17 1  
Helmerich & Payne, Inc. Goldman Sachs USD 256 12/22/20 76  
Henderson Land Development Co., Ltd. Morgan Stanley HKD 210 06/29/17 (2 )
Henry Schein, Inc. Goldman Sachs USD 61 12/22/20 (3 )
Hertz Global Holdings, Inc. Goldman Sachs USD 256 12/22/20 161  
Hexcel Corp. Goldman Sachs USD 347 12/22/20 68  
Hirose Electric Co., Ltd. Goldman Sachs JPY 4,050 12/22/20 10  
Hitachi Construction Machinery Co., Ltd. Goldman Sachs JPY 9,180 12/22/20 (2 )
Hitachi, Ltd. Goldman Sachs JPY 5,864 12/22/20 8  
HKT Trust and HKT, Ltd. Morgan Stanley HKD 1,645 06/29/17 (20 )
Hologic, Inc. Goldman Sachs USD 52 12/22/20 6  
Honda Motor Co., Ltd. Goldman Sachs JPY 33,410 06/30/16 57  
Honeywell International, Inc. Goldman Sachs USD 85 12/22/20 (2 )
Hudson's Bay Co. Morgan Stanley CAD 65 06/29/17 (2 )

 

See accompanying notes which are an integral part of this quarterly report.

304 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Total Return Swap Contracts (*)            
Amounts in thousands            
    Notional Termination Fair Value  
Underlying Reference Entity Counterparty Amount Date $  
Husky Energy, Inc. Morgan Stanley CAD 135 06/29/17 63  
Hysan Development Co., Ltd. Morgan Stanley HKD 420 06/29/17 2  
iBoxx Liquid High Yield Index Societe Generale USD 1,650 02/25/16 214  
iBoxx Liquid High Yield Index UBS USD 1,520 02/16/16 —  
IDEXX Laboratories, Inc. Goldman Sachs USD 528 12/22/20 (47 )
IHI Corp. Goldman Sachs JPY 38,100 12/22/20 247  
IHS, Inc. Goldman Sachs USD 124 12/22/20 33  
Iliad SA Morgan Stanley EUR 12 06/28/17 (1 )
Illumina, Inc. Goldman Sachs USD 699 12/22/20 186  
Imperial Oil, Ltd. Morgan Stanley CAD 266 06/29/17 8  
Incyte Corp. Goldman Sachs USD 143 12/22/20 90  
Ingenico Group SA Morgan Stanley EUR 29 06/28/17 (1 )
Inmarsat PLC Morgan Stanley GBP 55 06/28/17 (3 )
Insurance Australia Group, Ltd. Morgan Stanley AUD 309 06/29/17 (1 )
Inter Pipeline, Ltd. Morgan Stanley CAD 106 06/29/17 (4 )
Intersil Corp. Goldman Sachs USD 40 12/22/20 (5 )
Intertek Group PLC Morgan Stanley GBP 43 06/28/17 (9 )
Intuitive Surgical, Inc. Goldman Sachs USD 111 12/22/20 (9 )
Ionis Pharmaceuticals, Inc. Goldman Sachs USD 102 12/22/20 43  
IPG Photonics Corp. Goldman Sachs USD 104 12/22/20 5  
Isetan Mitsukoshi Holdings, Ltd. Goldman Sachs JPY 14,071 12/22/20 58  
ITC Holdings Corp. Goldman Sachs USD 284 12/22/20 (27 )
ITV PLC Morgan Stanley GBP 35 06/28/17 1  
J Sainsbury PLC Morgan Stanley GBP 106 06/28/17 6  
J. B. Hunt Transport Services, Inc. Goldman Sachs USD 157 12/22/20 24  
J. C. Penney Co., Inc. Goldman Sachs USD 63 12/22/20 (6 )
Japan Airport Terminal Co., Ltd. Goldman Sachs JPY 20,900 12/22/20 52  
Japan Display, Inc. Goldman Sachs JPY 8,800 12/22/20 34  
Japan Tobacco, Inc. Goldman Sachs JPY 29,830 06/30/16 (12 )
Jazz Pharmaceuticals PLC Goldman Sachs USD 63 12/22/20 23  
JFE Holdings, Inc. Goldman Sachs JPY 12,527 12/22/20 3  
JGC Corp. Goldman Sachs JPY 11,310 12/22/20 24  
Johnson Controls, Inc. Goldman Sachs USD 33 12/22/20 8  
Joy Global, Inc. Goldman Sachs USD 13 12/22/20 (1 )
Kakaku.com, Inc. Goldman Sachs JPY 5,770 12/22/20 1  
Kansas City Southern Goldman Sachs USD 572 06/30/16 156  
Kao Corp. Goldman Sachs JPY 8,953 12/22/20 (8 )
KAR Auction Services, Inc. Goldman Sachs USD 31 12/22/20 3  
Kate Spade & Co. Goldman Sachs USD 91 12/22/20 6  
KBR, Inc. Goldman Sachs USD 146 12/22/20 38  
Keikyu Corp. Goldman Sachs JPY 4,955 12/22/20 (1 )
Keio Corp. Goldman Sachs JPY 8,488 12/22/20 (6 )
Kering Morgan Stanley EUR 109 06/28/17 (8 )
Kikkoman Corp. Goldman Sachs JPY 7,920 12/22/20 (2 )
Kintetsu Group Holdings Co.,Ltd. Goldman Sachs JPY 33,098 12/22/20 (41 )
Kirby Corp. Goldman Sachs USD 81 12/22/20 43  
Kirin Holdings Co., Ltd. Goldman Sachs JPY 16,776 06/30/16 2  
KLX, Inc. Goldman Sachs USD 144 12/22/20 77  
Knowles Corp. Goldman Sachs USD 162 12/22/20 (20 )
Kobe Steel, Ltd. Goldman Sachs JPY 6,670 12/22/20 (2 )
Komatsu, Ltd. Goldman Sachs JPY 16,289 12/22/20 54  
Kosmos Energy Ltd. Goldman Sachs USD 123 12/22/20 37  
Kubota Corp. Goldman Sachs JPY 15,741 06/30/16 16  
Kyocera Corp. Goldman Sachs JPY 3,970 12/22/20 11  
Kyushu Electric Power Co., Inc. Goldman Sachs JPY 66,667 12/22/20 55  
Laboratory Corp. of America Holdings Goldman Sachs USD 255 12/22/20 21  
Ladbrokes PLC Morgan Stanley GBP 57 06/28/17 4  
Las Vegas Sands Corp. Goldman Sachs USD 121 12/22/20 12  
Legal & General Group PLC Morgan Stanley GBP 60 06/28/17 4  
Lennar Corp. Goldman Sachs USD 144 12/22/20 29  
Leucadia National Corp. Goldman Sachs USD 134 12/22/20 32  
Level 3 Communications, Inc. Goldman Sachs USD 744 12/22/20 36  
Lexmark International, Inc. Goldman Sachs USD 14 12/22/20 (1 )
Liberty Broadband Corp. Goldman Sachs USD 86 12/22/20 13  
Liberty Global PLC Goldman Sachs USD 90 12/22/20 17  
Linear Technology Corp. Goldman Sachs USD 66 12/22/20 (3 )
LinkedIn Corp. Goldman Sachs USD 69 12/22/20 7  
Lions Gate Entertainment Corp. Goldman Sachs USD 124 06/30/16 54  
Live Nation Entertainment, Inc. Goldman Sachs USD 116 12/22/20 14  
Lloyds Banking Group PLC Morgan Stanley GBP 242 06/28/17 21  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 305

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Total Return Swap Contracts (*)            
Amounts in thousands            
    Notional Termination Fair Value  
Underlying Reference Entity Counterparty Amount Date $  
Loews Corp. Goldman Sachs USD 669 12/22/20 31  
Louisiana-Pacific Corp. Goldman Sachs USD 451 12/22/20 41  
lululemon athletica, Inc. Goldman Sachs USD 82 12/22/20 (5 )
Lundin Mining Corp. Morgan Stanley CAD 22 06/29/17 (1 )
LVMH Moet Hennessy Louis Vuitton SE Morgan Stanley EUR 10 06/28/17 —  
M&T Bank Corp. Goldman Sachs USD 156 12/22/20 25  
M.D.C. Holdings, Inc. Goldman Sachs USD 73 12/22/20 30  
Macquarie Infrastructure Corp. Goldman Sachs USD 146 12/22/20 15  
Makita Corp. Goldman Sachs JPY 12,042 12/22/20 3  
Marathon Oil Corp. Goldman Sachs USD 41 12/22/20 33  
Marsh & McLennan Companies, Inc. Goldman Sachs USD 26 12/22/20 2  
Martin Marietta Materials, Inc. Goldman Sachs USD 319 12/22/20 55  
Marubeni Corp. Goldman Sachs JPY 12,839 12/22/20 (5 )
Marui Group Co., Ltd. Goldman Sachs JPY 45,976 12/22/20 (38 )
Maruichi Steel Tube Ltd. Goldman Sachs JPY 6,075 12/22/20 (1 )
MasterCard, Inc. Goldman Sachs USD 137 06/30/16 8  
Mattel, Inc. Goldman Sachs USD 474 12/22/20 (69 )
MAXIMUS, Inc. Goldman Sachs USD 126 12/22/20 2  
MDU Resources Group, Inc. Goldman Sachs USD 516 12/22/20 87  
Medibank Private, Ltd. Morgan Stanley AUD 154 06/29/17 (15 )
MEDNAX, Inc. Goldman Sachs USD 214 12/22/20 18  
Medtronic PLC Goldman Sachs USD 61 12/22/20 —  
Melrose Industries PLC Morgan Stanley GBP 3 06/28/17 25  
Memorial Resource Development Corp. Goldman Sachs USD 270 12/22/20 7  
Methanex Corp. Morgan Stanley CAD 193 06/29/17 65  
MGM China Holdings, Ltd. Morgan Stanley HKD 1,427 06/29/17 61  
MGM Resorts International Goldman Sachs USD 240 12/22/20 (19 )
Minebea Co., Ltd. Goldman Sachs JPY 15,708 12/22/20 144  
Mitsubishi Heavy Industries, Ltd. Goldman Sachs JPY 11,665 12/22/20 21  
Mitsubishi Logistics Corp. Goldman Sachs JPY 22,848 12/22/20 (10 )
Mitsui O.S.K. Lines, Ltd. Goldman Sachs JPY 44,840 12/22/20 159  
Mohawk Industries, Inc. Goldman Sachs USD 21 12/22/20 4  
Molson Coors Brewing Co. Goldman Sachs USD 207 12/22/20 (1 )
Monster Beverage Corp. Goldman Sachs USD 329 12/22/20 1  
MSC Industrial Direct Co., Inc. Goldman Sachs USD 140 06/30/16 13  
MTR Corp., Ltd. Morgan Stanley HKD 579 06/29/17 1  
Mylan NV Goldman Sachs USD 188 12/22/20 (25 )
National Fuel Gas Co. Goldman Sachs USD 375 12/22/20 94  
National Oilwell Varco, Inc. Goldman Sachs USD 153 12/22/20 39  
Natixis SA Morgan Stanley EUR 54 06/28/17 (2 )
Netflix, Inc. Goldman Sachs USD 86 12/22/20 14  
NetScout Systems, Inc. Goldman Sachs USD 137 12/22/20 62  
NetSuite, Inc. Goldman Sachs USD 367 12/22/20 96  
Newcrest Mining, Ltd. Morgan Stanley AUD 24 06/29/17 1  
Newell Rubbermaid, Inc. Goldman Sachs USD 204 12/22/20 19  
Newfield Exploration Co. Goldman Sachs USD 188 12/22/20 (10 )
NGK Insulators, Ltd. Goldman Sachs JPY 9,892 12/22/20 26  
NGK Spark Plug Co., Ltd. Goldman Sachs JPY 35,840 12/22/20 57  
Nidec Corp. Goldman Sachs JPY 30,788 12/22/20 26  
Nielsen Holdings PLC Goldman Sachs USD 547 12/22/20 (20 )
Nippon Electric Glass Co., Ltd. Goldman Sachs JPY 2,468 12/22/20 (2 )
Nippon Paint Holdings Co., Ltd. Goldman Sachs JPY 32,573 12/22/20 87  
Nippon Steel & Sumitomo Metal Corp. Goldman Sachs JPY 14,244 12/22/20 —  
Nissan Motor Co., Ltd. Goldman Sachs JPY 12,390 12/22/20 (5 )
Noble Energy, Inc. Goldman Sachs USD 177 12/22/20 39  
Nomura Holdings, Inc. Goldman Sachs JPY 6,110 12/22/20 7  
Nordson Corp. Goldman Sachs USD 81 12/22/20 10  
Nordstrom, Inc. Goldman Sachs USD 66 12/22/20 36  
NorthStar Asset Management Group, Inc. Goldman Sachs USD 171 12/22/20 35  
Norwegian Cruise Line Holdings, Ltd. Goldman Sachs USD 56 12/22/20 14  
NOW Inc. Goldman Sachs USD 73 12/22/20 (4 )
NRG Energy, Inc. Goldman Sachs USD 286 12/22/20 225  
Ocado Group PLC Morgan Stanley GBP 28 06/28/17 18  
Occidental Petroleum Corp. Goldman Sachs USD 272 12/22/20 36  
Odakyu Electric Railway Co., Ltd. Goldman Sachs JPY 24,111 12/22/20 (14 )
OGE Energy Corp. Goldman Sachs USD 93 06/30/16 9  
Old Dominion Freight Line, Inc. Goldman Sachs USD 61 12/22/20 —  
Old Mutual PLC Morgan Stanley GBP 92 06/28/17 31  
Olympus Corp. Goldman Sachs JPY 9,744 12/22/20 (5 )
Omnicom Group, Inc. Goldman Sachs USD 102 12/22/20 (3 )

 

See accompanying notes which are an integral part of this quarterly report.

306 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Total Return Swap Contracts (*)            
Amounts in thousands            
    Notional Termination Fair Value  
Underlying Reference Entity Counterparty Amount Date $  
ONEOK, Inc. Goldman Sachs USD 215 12/22/20 74  
Oriental Land Co., Ltd. Goldman Sachs JPY 36,590 12/22/20 (16 )
Oshkosh Corp. Goldman Sachs USD 68 12/22/20 9  
Owens-Illinois, Inc. Goldman Sachs USD 247 12/22/20 100  
Packaging Corp. of America Goldman Sachs USD 63 12/22/20 9  
PacWest Bancorp Goldman Sachs USD 11 12/22/20 2  
Palo Alto Networks, Inc. Goldman Sachs USD 287 12/22/20 51  
Pandora Media, Inc. Goldman Sachs USD 15 12/22/20 10  
PAREXEL International Corp. Goldman Sachs USD 191 12/22/20 2  
Patterson-UTI Energy, Inc. Goldman Sachs USD 224 12/22/20 43  
PayPal Holdings, Inc. Goldman Sachs USD 67 12/22/20 (3 )
Pembina Pipeline Corp. Morgan Stanley CAD 286 06/29/17 (13 )
Penske Automotive Group, Inc. Goldman Sachs USD 10 12/22/20 6  
Pentair PLC Goldman Sachs USD 249 12/22/20 35  
People's United Financial, Inc. Goldman Sachs USD 248 12/22/20 37  
PerkinElmer, Inc. Goldman Sachs USD 335 06/30/16 41  
Pernod Ricard SA Morgan Stanley EUR 339 06/28/17 (1 )
Perrigo Co. PLC Goldman Sachs USD 122 12/22/20 1  
Pigeon Corp. Goldman Sachs JPY 10,676 12/22/20 1  
Platform Specialty Products Corp. Goldman Sachs USD 239 12/22/20 134  
Polaris Industries, Inc. Goldman Sachs USD 119 12/22/20 124  
PolyOne Corp. Goldman Sachs USD 14 12/22/20 —  
Post Holdings, Inc. Goldman Sachs USD 126 12/22/20 (12 )
Potash Corp. of Saskatchewan, Inc. Morgan Stanley CAD 159 06/29/17 30  
PPL Corp. Goldman Sachs USD 12 12/22/20 (2 )
Praxair, Inc. Goldman Sachs USD 165 12/22/20 36  
Precision Drilling Corp. Morgan Stanley CAD 158 06/29/17 21  
Premier, Inc. Goldman Sachs USD 176 12/22/20 11  
Prosperity Bancshares, Inc. Goldman Sachs USD 23 12/22/20 9  
Provident Financial PLC Morgan Stanley GBP 36 06/28/17 12  
Prudential PLC Morgan Stanley GBP 75 06/28/17 4  
PulteGroup, Inc. Goldman Sachs USD 85 12/22/20 3  
QBE Insurance Group, Ltd. Morgan Stanley AUD 26 06/29/17 5  
Qiagen NV Goldman Sachs USD 139 12/22/20 22  
Qorvo, Inc. Goldman Sachs USD 48 12/22/20 51  
Questar Corp. Goldman Sachs USD 324 12/22/20 (5 )
Rakuten, Inc. Goldman Sachs JPY 3,440 12/22/20 —  
Ramsay Health Care Ltd. Morgan Stanley AUD 174 06/29/17 1  
Range Resources Corp. Goldman Sachs USD 267 12/22/20 137  
REA Group Ltd. Morgan Stanley AUD 44 06/29/17 (2 )
Regal Beloit Corp. Goldman Sachs USD 92 12/22/20 28  
Regeneron Pharmaceuticals, Inc. Goldman Sachs USD 252 12/22/20 58  
Remy Cointreau SA Morgan Stanley EUR 53 06/28/17 (4 )
Renault SA Morgan Stanley EUR 97 06/28/17 27  
Repsol YPF SA Merrill Lynch USD 40 04/04/16 —  
Restaurant Brands International, Inc. Morgan Stanley CAD 275 06/29/17 —  
Reynolds American, Inc. Goldman Sachs USD 281 12/22/20 (65 )
Rice Energy, Inc. Goldman Sachs USD 100 12/22/20 65  
Ricoh Co., Ltd. Goldman Sachs JPY 70,394 12/22/20 58  
Rinnai Corp. Goldman Sachs JPY 8,752 12/22/20 (7 )
Rio Tinto PLC Morgan Stanley GBP 19 06/28/17 (1 )
Rockwell Collins, Inc. Goldman Sachs USD 63 12/22/20 10  
Rogers Communications, Inc. Morgan Stanley CAD 426 06/29/17 (28 )
Rollins, Inc. Goldman Sachs USD 67 12/22/20 (1 )
Rolls-Royce Holdings PLC Morgan Stanley GBP 182 06/28/17 95  
Rolls-Royce Holdings PLC Morgan Stanley GBP 2 06/28/17 (3 )
Roper Technologies, Inc. Goldman Sachs USD 226 06/30/16 1  
Rotork PLC Morgan Stanley GBP 10 06/28/17 5  
Royal Caribbean Cruises, Ltd. Goldman Sachs USD 98 12/22/20 (2 )
RPC, Inc. Goldman Sachs USD 98 12/22/20 (15 )
RPM International, Inc. Goldman Sachs USD 45 06/30/16 13  
RSA Insurance Group PLC Morgan Stanley GBP 85 06/28/17 (2 )
Ryder System, Inc. Goldman Sachs USD 127 12/22/20 15  
Sabre Corp. Goldman Sachs USD 79 12/22/20 5  
salesforce.com, Inc. Goldman Sachs USD 134 12/22/20 9  
Samsonite International SA Morgan Stanley HKD 445 06/29/17 17  
SanDisk Corp. Goldman Sachs USD 276 12/22/20 (50 )
Sands China, Ltd. Morgan Stanley HKD 161 06/29/17 1  
SBA Communications Corp. Goldman Sachs USD 544 12/22/20 98  
Schlumberger, Ltd. Goldman Sachs USD 187 12/22/20 (2 )

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 307

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Total Return Swap Contracts (*)            
Amounts in thousands            
    Notional Termination Fair Value  
Underlying Reference Entity Counterparty Amount Date $  
Schneider Electric SE Morgan Stanley EUR 86 06/28/17 31  
Sealed Air Corp. Goldman Sachs USD 84 12/22/20 25  
Seattle Genetics, Inc. Goldman Sachs USD 182 12/22/20 52  
SEEK, Ltd. Morgan Stanley AUD 1,924 06/29/17 (58 )
SEIBU Holdings, Inc. Goldman Sachs JPY 45,353 12/22/20 92  
Seiko Epson Corp. Goldman Sachs JPY 8,737 12/22/20 11  
Sempra Energy Goldman Sachs USD 218 12/22/20 10  
Sensata Technologies Holding NV Goldman Sachs USD 570 12/22/20 242  
Serco Group PLC Morgan Stanley GBP 46 06/28/17 19  
ServiceMaster Global Holdings, Inc. Goldman Sachs USD 113 12/22/20 (14 )
ServiceNow, Inc. Goldman Sachs USD 184 12/22/20 43  
Seven & i Holdings Co., Ltd. Goldman Sachs JPY 9,562 12/22/20 (4 )
Shikoku Electric Power Co., Inc. Goldman Sachs JPY 12,470 12/22/20 5  
Shimano, Inc. Goldman Sachs JPY 36,100 11/09/16 (9 )
Shiseido Co., Ltd. Goldman Sachs JPY 21,504 06/30/16 43  
Signature Bank Goldman Sachs USD 149 12/22/20 10  
Signature Metals, Ltd. Morgan Stanley GBP 138 06/28/17 (10 )
Signet Jewelers, Ltd. Goldman Sachs USD 102 12/22/20 13  
Silgan Holdings, Inc. Goldman Sachs USD 92 12/22/20 (2 )
Silicon Laboratories, Inc. Goldman Sachs USD 42 12/22/20 (2 )
Silver Wheaton Corp. Morgan Stanley CAD 268 06/29/17 24  
Sirius XM Holdings, Inc. Goldman Sachs USD 242 12/22/20 9  
Six Flags Entertainment Corp. Goldman Sachs USD 32 12/22/20 (2 )
SLM Corp. Goldman Sachs USD 47 12/22/20 5  
SM Energy Co. Goldman Sachs USD 50 12/22/20 (2 )
SoftBank Group Corp. Goldman Sachs JPY 37,908 12/22/20 128  
SolarCity Corp. Goldman Sachs USD 183 12/22/20 (14 )
Sotheby's Goldman Sachs USD 113 12/22/20 75  
South32 Ltd. Morgan Stanley AUD 72 06/29/17 —  
Spectra Energy Corp. Goldman Sachs USD 197 12/22/20 38  
Spectris PLC Morgan Stanley GBP 21 06/28/17 1  
Spectrum Brands Holdings, Inc. Goldman Sachs USD 511 12/22/20 27  
Spirit Airlines, Inc. Goldman Sachs USD 96 12/22/20 21  
Splunk, Inc. Goldman Sachs USD 249 12/22/20 98  
Sprouts Farmers Market, Inc. Goldman Sachs USD 476 12/22/20 96  
SS&C Technologies Holdings, Inc. Goldman Sachs USD 124 12/22/20 (9 )
St. James's Place PLC Morgan Stanley GBP 110 06/28/17 (2 )
Standard Life PLC Morgan Stanley GBP 169 06/28/17 48  
Stanley Electric Co., Ltd. Goldman Sachs JPY 9,425 12/22/20 (4 )
Stericycle, Inc. Goldman Sachs USD 640 12/22/20 81  
STERIS PLC Goldman Sachs USD 57 12/22/20 3  
Suez Environnement Co. SA Morgan Stanley EUR 69 06/28/17 3  
Sumco Corp. Goldman Sachs JPY 20,110 06/30/16 159  
Sumitomo Dainippon Pharma Co., Ltd. Goldman Sachs JPY 5,183 12/22/20 (2 )
Sumitomo Metal Mining Co., Ltd. Goldman Sachs JPY 2,514 12/22/20 2  
Suncor Energy, Inc. Morgan Stanley CAD 85 06/29/17 —  
SunPower Corp. Goldman Sachs USD 165 12/22/20 (3 )
Suntory Beverage & Food, Ltd. Goldman Sachs JPY 15,456 06/30/16 (13 )
SVB Financial Group Goldman Sachs USD 57 12/22/20 26  
Swire Properties, Ltd. Morgan Stanley HKD 144 06/29/17 3  
Synaptics, Inc. Goldman Sachs USD 13 12/22/20 2  
Synovus Financial Corp. Goldman Sachs USD 76 12/22/20 2  
Sysmex Corp. Goldman Sachs JPY 5,348 12/22/20 (1 )
Tableau Software, Inc. Goldman Sachs USD 40 12/22/20 4  
Taiyo Nippon Sanso Corp. Goldman Sachs JPY 5,595 12/22/20 (3 )
Takashimaya Co., Ltd. Goldman Sachs JPY 8,176 12/22/20 (2 )
Technip SA Morgan Stanley EUR 49 06/28/17 4  
Teck Resources, Ltd. Morgan Stanley CAD 26 06/29/17 11  
Tempur Sealy International, Inc. Goldman Sachs USD 192 12/22/20 36  
Tenet Healthcare Corp. Goldman Sachs USD 304 12/22/20 219  
TerraForm Power, Inc. Goldman Sachs USD 132 12/22/20 118  
Terumo Corp. Goldman Sachs JPY 12,852 12/22/20 (22 )
Tesco PLC Morgan Stanley GBP 352 06/28/17 108  
Tesla Motors, Inc. Goldman Sachs USD 659 12/22/20 239  
The ADT Corp. Goldman Sachs USD 255 12/22/20 34  
The Bank of East Asia, Ltd. Morgan Stanley HKD 91 06/29/17 1  
The Charles Schwab Corp. Goldman Sachs USD 448 12/22/20 138  
The Chugoku Electric Power Co., Inc. Goldman Sachs JPY 25,999 12/22/20 6  
The Cooper Companies, Inc. Goldman Sachs USD 213 12/22/20 75  
The Hain Celestial Group, Inc. Goldman Sachs USD 168 12/22/20 140  

 

See accompanying notes which are an integral part of this quarterly report.

308 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Total Return Swap Contracts (*)            
Amounts in thousands            
    Notional Termination Fair Value  
Underlying Reference Entity Counterparty Amount Date $  
The Hong Kong and China Gas Co., Ltd. Morgan Stanley HKD 3,037 06/29/17 68  
The Howard Hughes Corp. Goldman Sachs USD 182 12/22/20 70  
The J. M. Smucker Co. Goldman Sachs USD 196 12/22/20 (27 )
The Manitowoc Co., Inc. Goldman Sachs USD 162 12/22/20 (25 )
The Middleby Corp. Goldman Sachs USD 207 12/22/20 22  
The Royal Bank of Scotland Group PLC Morgan Stanley GBP 29 06/28/17 5  
The Southern Co. Goldman Sachs USD 171 12/22/20 (25 )
The Ultimate Software Group, Inc. Goldman Sachs USD 252 12/22/20 (12 )
The Valspar Corp. Goldman Sachs USD 38 12/22/20 (2 )
The Walt Disney Co. Goldman Sachs USD 64 12/22/20 12  
The Weir Group PLC Morgan Stanley GBP 24 06/28/17 34  
The Wharf (Holdings), Ltd. Morgan Stanley HKD 180 06/29/17 —  
The WhiteWave Foods Co. Goldman Sachs USD 340 12/22/20 8  
The Yokohama Rubber Co., Ltd. Goldman Sachs JPY 13,543 12/22/20 (8 )
THK Co., Ltd. Goldman Sachs JPY 5,688 12/22/20 3  
Tiffany & Co. Goldman Sachs USD 59 12/22/20 28  
T-Mobile US, Inc. Goldman Sachs USD 232 12/22/20 (2 )
Toshiba Corp. Goldman Sachs JPY 53,531 12/22/20 265  
Tourmaline Oil Corp. Morgan Stanley CAD 88 06/29/17 7  
Toyo Seikan Group Holdings, Ltd. Goldman Sachs JPY 24,963 12/22/20 (1 )
Toyota Industries Corp. Goldman Sachs JPY 26,775 12/22/20 46  
Toyota Motor Corp. Goldman Sachs JPY 18,000 12/22/20 4  
TransAlta Corp. Morgan Stanley CAD 19 06/29/17 3  
TransCanada Corp. Morgan Stanley CAD 346 06/29/17 2  
TransDigm Group, Inc. Goldman Sachs USD 620 12/22/20 11  
TreeHouse Foods, Inc. Goldman Sachs USD 253 12/22/20 (7 )
TRI Pointe Group, Inc. Goldman Sachs USD 153 12/22/20 25  
Trimble Navigation, Ltd. Goldman Sachs USD 116 12/22/20 11  
TripAdvisor, Inc. Goldman Sachs USD 210 12/22/20 33  
Twitter, Inc. Goldman Sachs USD 257 12/22/20 236  
UGI Corp. Goldman Sachs USD 24 12/22/20 1  
Ulta Salon, Cosmetics & Fragrance, Inc. Goldman Sachs USD 31 12/22/20 (4 )
Under Armour, Inc. Goldman Sachs USD 445 12/22/20 2  
Unicharm Corp. Goldman Sachs JPY 63,129 06/30/16 118  
United Natural Foods, Inc. Goldman Sachs USD 90 12/22/20 75  
United Rentals, Inc. Goldman Sachs USD 109 12/22/20 95  
USG Corp. Goldman Sachs USD 439 12/22/20 252  
Valeant Pharmaceuticals International, Inc. Morgan Stanley CAD 305 06/29/17 215  
Value Partners Group, Ltd. Morgan Stanley HKD 738 06/29/17 21  
Vantiv, Inc. Goldman Sachs USD 61 12/22/20 (11 )
Veeva Systems, Inc. Goldman Sachs USD 138 12/22/20 8  
Veresen, Inc. Morgan Stanley CAD 17 06/29/17 4  
VeriFone Systems, Inc. Goldman Sachs USD 85 12/22/20 43  
Verisk Analytics, Inc. Goldman Sachs USD 681 12/22/20 (16 )
Vermilion Energy, Inc. Morgan Stanley CAD 115 06/29/17 28  
Vertex Pharmaceuticals, Inc. Goldman Sachs USD 134 12/22/20 46  
Viavi Solutions, Inc. Goldman Sachs USD 33 12/22/20 34  
Visa, Inc. Goldman Sachs USD 364 12/22/20 (28 )
Vista Outdoor, Inc. Goldman Sachs USD 133 12/22/20 (8 )
Visteon Corp. Goldman Sachs USD 106 12/22/20 51  
Vulcan Materials Co. Goldman Sachs USD 133 12/22/20 (2 )
W. R. Grace & Co. Goldman Sachs USD 149 12/22/20 39  
WABCO Holdings, Inc. Goldman Sachs USD 40 12/22/20 12  
Wabtec Corp. Goldman Sachs USD 43 12/22/20 —  
Walgreens Boots Alliance, Inc. Goldman Sachs USD 172 12/22/20 15  
Waste Connections, Inc. Goldman Sachs USD 88 12/22/20 (18 )
Weatherford International PLC Goldman Sachs USD 141 12/22/20 47  
WEC Energy Group, Inc. Goldman Sachs USD 1,070 12/22/20 (86 )
WellCare Health Plans, Inc. Goldman Sachs USD 81 12/22/20 13  
Westpac Banking Corp. Morgan Stanley AUD 248 06/29/17 12  
WestRock Co. Goldman Sachs USD 393 12/22/20 68  
WEX, Inc. Goldman Sachs USD 33 12/22/20 20  
Whole Foods Market, Inc. Goldman Sachs USD 39 01/18/17 4  
Williams-Sonoma, Inc. Goldman Sachs USD 35 12/22/20 1  
Willis Towers Watson PLC Goldman Sachs USD 35 12/22/20 3  
WisdomTree Investments, Inc. Goldman Sachs USD 443 12/22/20 102  
Woolworths, Ltd. Morgan Stanley AUD 87 06/29/17 8  
Workday, Inc. Goldman Sachs USD 238 12/22/20 53  
WorleyParsons, Ltd. Morgan Stanley AUD 14 06/29/17 2  
Wynn Macau, Ltd. Morgan Stanley HKD 661 06/29/17 (11 )

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 309

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Total Return Swap Contracts (*)            
Amounts in thousands            
    Notional Termination Fair Value  
Underlying Reference Entity Counterparty Amount Date $  
Wynn Resorts, Ltd. Goldman Sachs USD 287 12/22/20 21  
Yahoo Japan Corp. Goldman Sachs JPY 19,383 12/22/20 19  
Yahoo!, Inc. Goldman Sachs USD 83 12/22/20 (1 )
Yakult Honsha Co., Ltd. Goldman Sachs JPY 42,196 12/22/20 123  
Yamaha Motor Co., Ltd. Goldman Sachs JPY 11,390 09/14/16 (1 )
Yamana Gold, Inc. Morgan Stanley CAD 65 06/29/17 (2 )
Yamato Holdings Co., Ltd. Goldman Sachs JPY 54,444 12/22/20 (46 )
YASKAWA Electric Corp. Goldman Sachs JPY 32,423 12/22/20 37  
Yokogawa Electric Corp. Goldman Sachs JPY 12,778 12/22/20 22  
Zebra Technologies Corp. Goldman Sachs USD 234 12/22/20 140  
Zions BanCorp. Goldman Sachs USD 177 12/22/20 77  
Zodiac Aerospace Morgan Stanley EUR 456 06/28/17 239  
Total Fair Value of Open Total Return Swap Contracts Premiums Paid (Received) - $337 (å)       5,751  

 

(*) Total return swaps are agreements between counterparties to exchange cash flows, one based on a market-linked returns of an individual asset or
a basket of assets (i.e. an index), and the other on a fixed or floating rate. The fixed fees embedded in the total return swaps held as of January
31, 2016 ranged from 0.010% to 0.50%.

Interest Rate Swap Contracts              
 
Amounts in thousands                  
              Termination Fair Value  
Counterparty Notional Amount Fund Receives   Fund Pays   Date $  
Credit Suisse MXN 11,400 5.270 % Mexico Interbank 28 Day Deposit Rate   02/05/20 11  
Credit Suisse MXN 7,500 5.670 % Mexico Interbank 28 Day Deposit Rate   06/01/20 13  
Credit Suisse MXN 2,700 5.615 % Mexico Interbank 28 Day Deposit Rate   06/02/20 4  
Credit Suisse MXN 7,200 5.535 % Mexico Interbank 28 Day Deposit Rate   06/11/20 10  
Credit Suisse MXN 3,200 5.610 % Mexico Interbank 28 Day Deposit Rate   07/07/21 4  
Credit Suisse MXN 5,200 5.430 % Mexico Interbank 28 Day Deposit Rate   11/17/21 2  
Credit Suisse USD 500 Three Month LIBOR   2.150 % 04/30/22 (21 )
Credit Suisse USD 800 Three Month LIBOR   2.000 % 06/19/23 (23 )
Credit Suisse JPY 40,000 Six Month LIBOR   1.000 % 09/18/23 (21 )
Credit Suisse USD 1,800 Three Month LIBOR   2.750 % 06/17/25 (158 )
Credit Suisse GBP 4,200 Six Month LIBOR   2.400 % 06/17/25 (112 )
Credit Suisse EUR 5,500 1.600 % Six Month EURIBOR   06/17/25 135  
Credit Suisse JPY 342,000 Six Month LIBOR   1.500 % 06/19/28 (368 )
Credit Suisse GBP 400 Six Month LIBOR   3.750 % 09/18/43 (113 )
Credit Suisse CAD 100 Canadian Dealer Offer Rate   3.500 % 06/20/44 (21 )
Morgan Stanley GBP 500 Six Month LIBOR   3.758 % 09/18/43 (142 )
Total Fair Value on Open Interest Rate Swap Contracts Premiums Paid (Received) - $62 (å)     (800 )

 

Credit Default Swap Contracts                  
 
Amounts in thousands                    
 
Corporate Issues                    
    Implied       Fund (Pays)/        
    Credit       Receives   Termination Fair Value  
Reference Entity Counterparty Spread   Notional Amount Fixed Rate   Date $  
21st Centry Fox America, Inc. JPMorgan Chase 0.476 % USD 2,000 (1.000 %) 09/20/20 (48 )
21st Centry Fox America, Inc. JPMorgan Chase 0.476 % USD 2,000 1.000 % 09/20/20 48  
21st Centry Fox America, Inc. JPMorgan Chase 0.497 % USD 2,000 1.000 % 12/20/20 48  
Airbus Group JPMorgan Chase 0.916 % EUR 1,000 1.000 % 12/20/20 4  
Altria Group, Inc. JPMorgan Chase 0.275 % USD 2,000 1.000 % 09/20/20 66  
Altria Group, Inc. JPMorgan Chase 0.292 % USD 500 1.000 % 12/20/20 17  
American Axle & Manufacturing Inc. JPMorgan Chase 4.169 % USD 1,000 5.000 % 12/20/20 36  
American Education Services JPMorgan Chase 3.758 % USD 250 (5.000 %) 09/20/20 (13 )
American Education Services JPMorgan Chase 3.758 % USD 1,000 5.000 % 09/20/20 52  
American Electric Power Co. Inc. JPMorgan Chase 0.180 % USD 1,000 (1.000 %) 12/20/20 (39 )
American Electric Power Co. Inc. JPMorgan Chase 0.180 % USD 1,000 (1.000 %) 12/20/20 (39 )
Anheuser-Busch InBev JPMorgan Chase 0.823 % EUR 1,000 1.000 % 09/20/20 9  
Anheuser-Busch InBev JPMorgan Chase 0.855 % EUR 500 1.000 % 12/20/20 4  

 

See accompanying notes which are an integral part of this quarterly report.

310 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Credit Default Swap Contracts                  
 
Amounts in thousands                    
 
Corporate Issues                    
    Implied       Fund (Pays)/        
    Credit       Receives   Termination Fair Value  
Reference Entity Counterparty Spread   Notional Amount Fixed Rate   Date $  
Apache Corp. JPMorgan Chase 2.369 % USD 1,000 1.000 % 12/20/20 (62 )
Arrow Electonics, Inc. JPMorgan Chase 0.760 % USD 2,000 (1.000 %) 09/20/20 (22 )
Arrow Electonics, Inc. JPMorgan Chase 0.760 % USD 1,000 (1.000 %) 09/20/20 (11 )
ArvinMeritor JPMorgan Chase 5.665 % USD 1,000 5.000 % 06/20/20 (25 )
AT&T, Inc. JPMorgan Chase 0.769 % USD 1,000 1.000 % 03/20/20 9  
AT&T, Inc. JPMorgan Chase 0.963 % USD 1,000 1.000 % 12/20/20 2  
AutoZone, Inc. JPMorgan Chase 0.378 % USD 1,000 (1.000 %) 12/20/20 (30 )
AutoZone, Inc. JPMorgan Chase 0.378 % USD 1,000 (1.000 %) 12/20/20 (30 )
Avnet, Inc. JPMorgan Chase 0.723 % USD 1,500 (1.000 %) 06/20/20 (18 )
Avnet, Inc. JPMorgan Chase 0.765 % USD 1,000 (1.000 %) 09/20/20 (11 )
Avnet, Inc. JPMorgan Chase 0.765 % USD 500 (1.000 %) 09/20/20 (5 )
BAE Systems PLC JPMorgan Chase 0.770 % EUR 1,000 1.000 % 06/20/20 11  
BASF SE JPMorgan Chase 0.492 % EUR 1,000 (1.000 %) 06/20/20 (24 )
BASF SE JPMorgan Chase 0.540 % EUR 1,000 (1.000 %) 12/20/20 (24 )
Bayer AG JPMorgan Chase 0.505 % EUR 1,000 (1.000 %) 12/20/20 (26 )
Bayerische Motoren Werke AG JPMorgan Chase 1.033 % EUR 1,000 1.000 % 12/20/20 (2 )
Bayerische Motoren Werke AG JPMorgan Chase 1.033 % EUR 1,000 (1.000 %) 12/20/20 2  
Berkshire Hathaway, Inc. JPMorgan Chase 0.995 % USD 1,000 1.000 % 12/20/20 —  
Berkshire Hathaway, Inc. JPMorgan Chase 0.995 % USD 1,000 1.000 % 12/20/20 —  
Best Buy Co., Inc. JPMorgan Chase 2.718 % USD 1,000 (5.000 %) 12/20/20 (103 )
Best Buy Co., Inc. JPMorgan Chase 2.718 % USD 500 (5.000 %) 12/20/20 (51 )
Best Buy Co., Inc. JPMorgan Chase 2.718 % USD 1,000 (5.000 %) 12/20/20 (103 )
BHP Billiton JPMorgan Chase 2.121 % USD 1,000 (1.000 %) 06/20/20 46  
BHP Billiton JPMorgan Chase 2.121 % USD 500 (1.000 %) 06/20/20 23  
BHP Billiton JPMorgan Chase 2.253 % USD 265 (1.000 %) 12/20/20 15  
Bouygues JPMorgan Chase 0.430 % EUR 3,000 (1.000 %) 12/20/19 (73 )
Bouygues JPMorgan Chase 0.430 % EUR 2,000 1.000 % 12/20/19 48  
Bouygues JPMorgan Chase 0.524 % EUR 500 (1.000 %) 09/20/20 (12 )
BP PLC JPMorgan Chase 1.386 % EUR 1,000 (1.000 %) 12/20/20 20  
BP PLC JPMorgan Chase 1.386 % EUR 2,000 1.000 % 12/20/20 (40 )
BP PLC JPMorgan Chase 1.386 % EUR 1,000 (1.000 %) 12/20/20 20  
Bristol-Myers Squibb JPMorgan Chase 0.118 % USD 2,000 (1.000 %) 12/20/20 (85 )
British American Tobacco PLC JPMorgan Chase 0.562 % EUR 1,500 1.000 % 12/20/20 35  
British Telecommunications PLC JPMorgan Chase 0.819 % EUR 2,000 1.000 % 09/20/20 18  
Canadian Resources Ltd. JPMorgan Chase 4.190 % USD 500 1.000 % 09/20/20 (66 )
Canadian Resources Ltd. JPMorgan Chase 4.190 % USD 1,000 1.000 % 09/20/20 (131 )
Cardinal Health, Inc. JPMorgan Chase 0.181 % USD 2,000 (1.000 %) 12/20/20 (79 )
Carlsberg Breweries A/S JPMorgan Chase 0.984 % EUR 2,000 1.000 % 12/20/20 2  
Carnival Corp. JPMorgan Chase 0.482 % USD 2,000 1.000 % 03/20/20 42  
Carrefour JPMorgan Chase 0.868 % EUR 2,000 (1.000 %) 12/20/20 (14 )
Carrefour JPMorgan Chase 0.868 % EUR 1,000 1.000 % 12/20/20 7  
Catepillar, Inc. JPMorgan Chase 0.989 % USD 1,000 1.000 % 09/20/20 —  
Catepillar, Inc. JPMorgan Chase 0.989 % USD 1,000 1.000 % 09/20/20 —  
Centrica PLC JPMorgan Chase 1.198 % EUR 1,000 (1.000 %) 12/20/20 10  
Centrica PLC JPMorgan Chase 1.198 % EUR 1,000 1.000 % 12/20/20 (10 )
CNH Industrial N.V. JPMorgan Chase 3.789 % EUR 500 (5.000 %) 06/20/20 (26 )
CNH Industrial N.V. JPMorgan Chase 3.978 % EUR 500 5.000 % 12/20/20 24  
CNH Industrial N.V. JPMorgan Chase 3.789 % EUR 500 5.000 % 06/20/20 26  
Comcast Corp. JPMorgan Chase 0.337 % USD 3,000 (1.000 %) 12/20/20 (95 )
Community Health System JPMorgan Chase 5.669 % USD 500 (1.000 %) 12/20/20 14  
ConocoPhillips JPMorgan Chase 2.831 % USD 2,000 1.000 % 09/20/20 (156 )
ConocoPhillips JPMorgan Chase 2.831 % USD 2,000 (1.000 %) 09/20/20 156  
ConocoPhillips JPMorgan Chase 2.903 % USD 1,000 1.000 % 12/20/20 (84 )
Continental AG JPMorgan Chase 0.781 % EUR 2,000 1.000 % 09/20/20 22  
CSX Corp. JPMorgan Chase 0.492 % USD 3,000 (1.000 %) 12/20/20 (73 )
Danone JPMorgan Chase 0.458 % EUR 1,000 1.000 % 06/20/20 26  
Danone JPMorgan Chase 0.458 % EUR 1,000 (1.000 %) 06/20/20 (26 )
Danone JPMorgan Chase 0.485 % EUR 1,000 1.000 % 09/20/20 26  
Deere & Co. JPMorgan Chase 0.728 % USD 2,000 1.000 % 12/20/20 26  
Deutsche Lufthansa AG JPMorgan Chase 1.271 % EUR 1,000 1.000 % 06/20/20 (13 )
Deutsche Lufthansa AG JPMorgan Chase 1.271 % EUR 1,000 1.000 % 06/20/20 (13 )
Deutsche Lufthansa AG JPMorgan Chase 1.336 % EUR 500 1.000 % 09/20/20 (8 )

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 311

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Credit Default Swap Contracts

Amounts in thousands                    
 
Corporate Issues                    
    Implied       Fund (Pays)/        
    Credit       Receives   Termination Fair Value  
Reference Entity Counterparty Spread   Notional Amount Fixed Rate   Date $  
Deutsche Lufthansa AG JPMorgan Chase 1.336 % EUR 500 (1.000 %) 09/20/20 8  
Deutsche Lufthansa Aktiengesellschaft JPMorgan Chase 1.271 % EUR 2,000 (1.000 %) 06/20/20 25  
Deutsche Lufthansa Aktiengesellschaft JPMorgan Chase 1.394 % EUR 1,750 (1.000 %) 12/20/20 36  
Deutsche Telekom AG JPMorgan Chase 0.451 % EUR 1,000 (1.000 %) 06/20/20 (26 )
Deutsche Telekom AG JPMorgan Chase 0.503 % EUR 1,000 (1.000 %) 12/20/20 (26 )
Devon JPMorgan Chase 5.795 % USD 135 (1.000 %) 12/20/20 26  
Devon JPMorgan Chase 5.795 % USD 2,000 (1.000 %) 12/20/20 390  
Devon JPMorgan Chase 5.795 % USD 2,000 1.000 % 12/20/20 (390 )
Diageo PLC JPMorgan Chase 0.551 % EUR 500 1.000 % 09/20/20 11  
Diageo PLC JPMorgan Chase 0.551 % EUR 1,000 1.000 % 09/20/20 23  
Dish DBS Corp. JPMorgan Chase 3.100 % USD 1,000 5.000 % 03/20/20 72  
Dominion Resources Inc. JPMorgan Chase 0.327 % USD 1,500 1.000 % 12/20/20 48  
Domtar Corp. JPMorgan Chase 1.972 % USD 1,500 1.000 % 12/20/20 (67 )
E.I. DuPont  de Nemours & Co. JPMorgan Chase 0.586 % USD 1,000 1.000 % 12/20/20 20  
E. ON AG JPMorgan Chase 1.017 % EUR 1,000 (1.000 %) 06/20/20 1  
E. ON AG JPMorgan Chase 1.073 % EUR 500 (1.000 %) 09/20/20 2  
Eastman Chemical Co. JPMorgan Chase 1.317 % USD 2,000 1.000 % 12/20/20 (30 )
Electrolux AB JPMorgan Chase 0.747 % EUR 1,500 (1.000 %) 06/20/20 (18 )
Electrolux AB JPMorgan Chase 0.747 % EUR 500 1.000 % 06/20/20 6  
Electrolux AB JPMorgan Chase 0.747 % EUR 1,000 (1.000 %) 06/20/20 (12 )
Electrolux AB JPMorgan Chase 0.783 % EUR 1,000 (1.000 %) 09/20/20 (11 )
Enbridge, Inc. JPMorgan Chase 4.350 % USD 1,500 1.000 % 06/20/20 (191 )
Exelon Corp. JPMorgan Chase 0.280 % USD 1,000 (1.000 %) 06/20/20 (31 )
Exelon Corp. JPMorgan Chase 0.312 % USD 1,000 (1.000 %) 09/20/20 (31 )
Exelon Corp. JPMorgan Chase 0.340 % USD 1,000 (1.000 %) 12/20/20 (32 )
Expedia, Inc. JPMorgan Chase 1.034 % USD 1,500 1.000 % 12/20/20 (2 )
Experian Finance PLC JPMorgan Chase 0.340 % EUR 1,000 (1.000 %) 03/20/20 (30 )
Experian Finance PLC JPMorgan Chase 0.340 % EUR 1,000 1.000 % 03/20/20 30  
FirstEnergy Corp. JPMorgan Chase 0.723 % USD 1,500 (1.000 %) 06/20/20 (18 )
FirstEnergy Corp. JPMorgan Chase 0.723 % USD 500 (1.000 %) 06/20/20 (6 )
FirstEnergy Corp. JPMorgan Chase 0.723 % USD 1,000 (1.000 %) 06/20/20 (12 )
Gas Natural SDG SA JPMorgan Chase 1.136 % EUR 1,500 1.000 % 06/20/20 (10 )
General Motors Co. JPMorgan Chase 1.824 % USD 2,000 5.000 % 12/20/20 290  
Gene's JPMorgan Chase 0.296 % USD 2,000 1.000 % 12/20/20 68  
Glencore AG JPMorgan Chase 8.884 % EUR 500 1.000 % 12/20/20 (152 )
Glencore AG JPMorgan Chase 8.884 % EUR 500 (1.000 %) 12/20/20 152  
Halliburton JPMorgan Chase 1.278 % USD 2,000 (1.000 %) 09/20/20 25  
Halliburton JPMorgan Chase 1.278 % USD 1,000 (1.000 %) 09/20/20 12  
Health Care Authority JPMorgan Chase 2.114 % USD 1,250 (5.000 %) 12/20/20 (165 )
HeidelbergCement AG JPMorgan Chase 2.122 % EUR 1,000 5.000 % 12/20/20 145  
Heineken NV JPMorgan Chase 0.585 % EUR 1,500 1.000 % 12/20/20 33  
Home Depot JPMorgan Chase 0.227 % USD 2,000 (1.000 %) 12/20/20 (74 )
Home Depot JPMorgan Chase 0.227 % USD 1,000 (1.000 %) 12/20/20 (37 )
Home Depot JPMorgan Chase 0.227 % USD 3,000 1.000 % 12/20/20 111  
Honeywell International, Inc. JPMorgan Chase 0.184 % USD 1,000 (1.000 %) 12/20/20 (39 )
Honeywell International, Inc. JPMorgan Chase 0.184 % USD 1,000 (1.000 %) 12/20/20 (39 )
Iberdrola SA JPMorgan Chase 0.935 % EUR 1,000 1.000 % 12/20/20 3  
IBM Corp. JPMorgan Chase 0.663 % USD 2,000 1.000 % 12/20/20 32  
Imperial Tobacco Group PLC JPMorgan Chase 0.887 % EUR 2,000 1.000 % 12/20/20 12  
Ingersoll-Rand Co. JPMorgan Chase 0.364 % USD 2,000 (1.000 %) 12/20/20 (61 )
Ingersoll-Rand Co. JPMorgan Chase 0.364 % USD 1,000 (1.000 %) 12/20/20 (30 )
Ingersoll-Rand Co. JPMorgan Chase 0.364 % USD 3,000 1.000 % 12/20/20 91  
International Paper Co. JPMorgan Chase 1.498 % USD 3,000 (1.000 %) 12/20/20 69  
International Paper Co. JPMorgan Chase 1.498 % USD 1,000 1.000 % 12/20/20 (23 )
ITV PLC JPMorgan Chase 1.137 % EUR 1,500 5.000 % 12/20/20 302  
JCPenny Co. JPMorgan Chase 8.350 % USD 1,000 (5.000 %) 06/20/20 116  
JCPenny Co. JPMorgan Chase 8.350 % USD 1,000 5.000 % 06/20/20 (116 )
Johnson Controls, Inc. JPMorgan Chase 0.361 % USD 1,500 (1.000 %) 12/20/20 (46 )
Johnson Controls, Inc. JPMorgan Chase 0.361 % USD 1,500 1.000 % 12/20/20 46  
KB Home JPMorgan Chase 4.708 % USD 500 5.000 % 06/20/20 6  
KB Home JPMorgan Chase 4.935 % USD 500 5.000 % 09/20/20 1  
Kering JPMorgan Chase 0.854 % EUR 2,000 (1.000 %) 09/20/20 (14 )

 

See accompanying notes which are an integral part of this quarterly report.

312 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Credit Default Swap Contracts

Amounts in thousands                    
 
Corporate Issues                    
    Implied       Fund (Pays)/        
    Credit       Receives   Termination Fair Value  
Reference Entity Counterparty Spread   Notional Amount Fixed Rate   Date $  
Kering JPMorgan Chase 0.854 % EUR 500 1.000 % 09/20/20 4  
Kering JPMorgan Chase 0.854 % EUR 1,500 1.000 % 09/20/20 11  
Kering JPMorgan Chase 0.885 % EUR 2,000 (1.000 %) 12/20/20 (12 )
Kohl's Corp. JPMorgan Chase 1.835 % USD 1,000 1.000 % 12/20/20 (39 )
Kohl's Corp. JPMorgan Chase 1.835 % USD 1,000 (1.000 %) 12/20/20 39  
Koninklijke KPN NV JPMorgan Chase 0.464 % EUR 1,000 (1.000 %) 06/20/20 (26 )
Koninklijke KPN NV JPMorgan Chase 0.791 % EUR 2,000 1.000 % 09/20/20 21  
Koninklijke KPN NV JPMorgan Chase 0.791 % EUR 1,500 (1.000 %) 09/20/20 (16 )
Koninklijke KPN NV JPMorgan Chase 0.791 % EUR 500 1.000 % 09/20/20 5  
Koninklijke KPN NV JPMorgan Chase 0.791 % EUR 1,000 (1.000 %) 09/20/20 (10 )
Koninklijke KPN NV JPMorgan Chase 0.557 % EUR 1,000 (1.000 %) 12/20/20 (23 )
Kroger JPMorgan Chase 0.408 % USD 2,500 1.000 % 06/20/20 64  
Kroger JPMorgan Chase 0.408 % USD 1,500 (1.000 %) 06/20/20 (38 )
Kroger JPMorgan Chase 0.408 % USD 1,000 (1.000 %) 06/20/20 (25 )
Kroger JPMorgan Chase 0.468 % USD 2,000 (1.000 %) 12/20/20 (51 )
Kroger JPMorgan Chase 0.468 % USD 1,000 (1.000 %) 12/20/20 (25 )
Lanxess AG JPMorgan Chase 1.079 % EUR 2,000 (1.000 %) 09/20/20 8  
Lanxess AG JPMorgan Chase 1.079 % EUR 500 1.000 % 09/20/20 (2 )
Lennar Corp. JPMorgan Chase 2.410 % USD 1,500 5.000 % 06/20/20 159  
Lennar Corp. JPMorgan Chase 2.410 % USD 500 (5.000 %) 06/20/20 (53 )
Lennar Corp. JPMorgan Chase 2.544 % USD 500 5.000 % 09/20/20 53  
Linde AG JPMorgan Chase 0.562 % EUR 2,000 1.000 % 12/20/20 46  
Linde AG JPMorgan Chase 0.562 % EUR 1,000 (1.000 %) 12/20/20 (23 )
Linde AG JPMorgan Chase 0.562 % EUR 1,000 (1.000 %) 12/20/20 (23 )
Lockheed Martin Corp. JPMorgan Chase 0.278 % USD 2,000 1.000 % 12/20/20 69  
Louisiana-Pacific Corp. JPMorgan Chase 1.830 % USD 1,500 (5.000 %) 12/20/20 (219 )
Lowe's Companies, Inc. JPMorgan Chase 0.176 % USD 2,000 (1.000 %) 12/20/20 (79 )
LVMH Moët Hennessy - Louis Vuitton JPMorgan Chase 0.523 % EUR 1,000 (1.000 %) 09/20/20 (24 )
Macy's JPMorgan Chase 1.845 % USD 360 (–%)   12/20/20 14  
Macy's JPMorgan Chase 1.845 % USD 230 (1.000 %) 12/20/20 9  
Macy's JPMorgan Chase 1.845 % USD 3,000 1.000 % 12/20/20 (117 )
Macy's JPMorgan Chase 1.845 % USD 3,000 (1.000 %) 12/20/20 117  
Marsh & Mclennan Co, Inc. JPMorgan Chase 0.220 % USD 3,000 (1.000 %) 12/20/20 (112 )
McDonald's Corp. JPMorgan Chase 0.286 % USD 1,000 1.000 % 12/20/20 34  
McDonald's Corp. JPMorgan Chase 0.286 % USD 1,000 1.000 % 12/20/20 34  
McKesson Corp. JPMorgan Chase 0.196 % USD 1,000 (1.000 %) 09/20/20 (37 )
McKesson Corp. JPMorgan Chase 0.210 % USD 2,000 (1.000 %) 12/20/20 (76 )
Metsa Board Corp. JPMorgan Chase 1.093 % EUR 1,000 (5.000 %) 09/20/20 (194 )
Metsa Board Corp. JPMorgan Chase 1.140 % EUR 1,000 (5.000 %) 12/20/20 (201 )
Mondelez International, Inc. JPMorgan Chase 0.404 % USD 1,000 (1.000 %) 12/20/20 (29 )
Mondelez International, Inc. JPMorgan Chase 0.404 % USD 1,000 (1.000 %) 12/20/20 (29 )
Motorola Solutions, Inc. JPMorgan Chase 1.321 % USD 2,000 1.000 % 06/20/20 (27 )
Motorola Solutions, Inc. JPMorgan Chase 1.321 % USD 1,000 (1.000 %) 06/20/20 14  
Motorola Solutions, Inc. JPMorgan Chase 1.422 % USD 1,000 1.000 % 09/20/20 (19 )
Nabors Industries, Inc. JPMorgan Chase 7.100 % USD 1,000 (1.000 %) 12/20/20 234  
National Grid PLC JPMorgan Chase 0.577 % EUR 2,000 1.000 % 12/20/20 45  
Nestle JPMorgan Chase 0.361 % EUR 1,250 1.000 % 12/20/20 43  
New York Times Co. JPMorgan Chase 0.626 % USD 1,500 (1.000 %) 06/20/20 (24 )
New York Times Co. JPMorgan Chase 0.626 % USD 1,500 (1.000 %) 06/20/20 (24 )
Newmont Mining Corp. JPMorgan Chase 2.016 % USD 1,250 (1.000 %) 12/20/20 58  
Newmont Mining Corp. JPMorgan Chase 2.016 % USD 1,250 1.000 % 12/20/20 (58 )
Next PLC JPMorgan Chase 0.583 % EUR 1,000 1.000 % 06/20/20 20  
Next PLC JPMorgan Chase 0.649 % EUR 1,000 1.000 % 12/20/20 19  
Nordstrom, Inc. Barclays 1.251 % USD 295 (1.000 %) 12/20/20 3  
Nordstrom, Inc. Barclays 1.251 % USD 265 (1.000 %) 12/20/20 3  
Nordstrom, Inc. JPMorgan Chase 1.251 % USD 1,500 1.000 % 12/20/20 (18 )
Nordstrom, Inc. JPMorgan Chase 1.251 % USD 2,000 (1.000 %) 12/20/20 24  
Nordstrom, Inc. JPMorgan Chase 1.251 % USD 2,000 1.000 % 12/20/20 (23 )
NRG Energy, Inc. JPMorgan Chase 7.293 % USD 500 (5.000 %) 12/20/20 45  
Omnicom Group, Inc. JPMorgan Chase 0.221 % USD 1,500 (1.000 %) 12/20/20 (56 )
Omnicom Group, Inc. JPMorgan Chase 0.358 % USD 1,000 (1.000 %) 09/20/20 (29 )
Omnicom Group, Inc. JPMorgan Chase 0.385 % USD 500 (1.000 %) 12/20/20 (15 )

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 313

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Credit Default Swap Contracts

Amounts in thousands                    
 
Corporate Issues                    
    Implied       Fund (Pays)/        
    Credit       Receives   Termination Fair Value  
Reference Entity Counterparty Spread   Notional Amount Fixed Rate   Date $  
Pearson PLC JPMorgan Chase 0.989 % EUR 1,000 (1.000 %) 12/20/20 (1 )
Pearson PLC JPMorgan Chase 0.989 % EUR 1,500 (1.000 %) 12/20/20 (1 )
Pernod Ricard JPMorgan Chase 0.675 % EUR 500 1.000 % 06/20/20 8  
Pernod Ricard JPMorgan Chase 0.675 % EUR 1,500 1.000 % 06/20/20 23  
Pfizer, Inc. JPMorgan Chase 0.149 % USD 1,750 (1.000 %) 12/20/20 (72 )
Pfizer, Inc. JPMorgan Chase 0.149 % USD 1,000 (1.000 %) 12/20/20 (41 )
Pitney Bowes, Inc. JPMorgan Chase 1.034 % USD 1,000 1.000 % 06/20/20 (1 )
Pitney Bowes, Inc. JPMorgan Chase 1.034 % USD 500 1.000 % 06/20/20 (1 )
Pitney Bowes, Inc. JPMorgan Chase 1.118 % USD 500 1.000 % 09/20/20 (3 )
PostNL NV JPMorgan Chase 0.547 % EUR 500 (1.000 %) 06/20/20 (11 )
PostNL NV JPMorgan Chase 0.547 % EUR 1,000 (1.000 %) 06/20/20 (22 )
Publicis Groupe SA JPMorgan Chase 0.952 % EUR 1,250 (1.000 %) 12/20/20 (3 )
Publicis Groupe SA JPMorgan Chase 0.952 % EUR 1,250 1.000 % 12/20/20 3  
Publicis Groupe SA JPMorgan Chase 1.885 % USD 1,000 (5.000 %) 12/20/20 (144 )
Publicis Groupe SA JPMorgan Chase 1.885 % USD 1,000 5.000 % 12/20/20 144  
Quest Diagnostics, Inc. JPMorgan Chase 0.523 % USD 1,000 1.000 % 03/20/20 19  
Quest Diagnostics, Inc. JPMorgan Chase 0.615 % USD 1,000 1.000 % 09/20/20 17  
Rentokil Initial PLC JPMorgan Chase 0.519 % EUR 2,000 1.000 % 12/20/20 51  
Reynolds American, Inc. JPMorgan Chase 0.338 % USD 1,000 (1.000 %) 12/20/20 (32 )
Reynolds American, Inc. JPMorgan Chase 0.338 % USD 1,000 (1.000 %) 12/20/20 (32 )
Rolls-Royce PLC JPMorgan Chase 1.672 % EUR 2,000 (1.000 %) 12/20/20 69  
Rolls-Royce PLC JPMorgan Chase 1.672 % EUR 2,000 1.000 % 12/20/20 (69 )
Royal Caribbean Cruises, Ltd. JPMorgan Chase 1.606 % USD 500 5.000 % 03/20/20 67  
Royal Caribbean Cruises, Ltd. JPMorgan Chase 1.897 % USD 1,000 5.000 % 09/20/20 136  
Royal Dutch Shell PLC JPMorgan Chase 1.251 % EUR 2,000 1.000 % 09/20/20 (25 )
Royal Dutch Shell PLC JPMorgan Chase 1.251 % EUR 2,000 (1.000 %) 09/20/20 25  
Royal Dutch Shell PLC JPMorgan Chase 1.277 % EUR 2,000 (1.000 %) 12/20/20 29  
Royal Dutch Shell PLC JPMorgan Chase 1.277 % EUR 2,000 1.000 % 12/20/20 (29 )
RWE AG JPMorgan Chase 1.121 % EUR 1,000 (1.000 %) 03/20/20 5  
RWE AG JPMorgan Chase 1.247 % EUR 500 (1.000 %) 09/20/20 6  
Sanofi JPMorgan Chase 0.414 % EUR 2,000 (1.000 %) 12/20/20 (62 )
Sealed Air Corp. JPMorgan Chase 1.509 % USD 1,000 (1.000 %) 12/20/20 24  
Sealed Air Corp. JPMorgan Chase 1.509 % USD 1,000 (1.000 %) 12/20/20 24  
Sempra Energy JPMorgan Chase 0.541 % USD 1,000 (1.000 %) 06/20/20 (20 )
Sempra Energy JPMorgan Chase 0.541 % USD 1,000 1.000 % 06/20/20 20  
Sempra Energy JPMorgan Chase 0.607 % USD 1,000 1.000 % 12/20/20 19  
Sempra Energy JPMorgan Chase 0.607 % USD 1,000 (1.000 %) 12/20/20 (19 )
Sempra Energy JPMorgan Chase 0.607 % USD 1,500 1.000 % 12/20/20 28  
Sherwin Williams Co. JPMorgan Chase 0.180 % USD 3,000 (1.000 %) 09/20/20 (112 )
Siemens AG JPMorgan Chase 0.471 % EUR 2,000 (1.000 %) 12/20/20 (56 )
Siemens AG JPMorgan Chase 0.471 % EUR 2,000 1.000 % 12/20/20 56  
Simon Property Group LP JPMorgan Chase 0.487 % USD 1,000 1.000 % 09/20/20 23  
Simon Property Group LP JPMorgan Chase 0.487 % USD 2,000 (1.000 %) 09/20/20 (46 )
Simon Property Group LP JPMorgan Chase 0.487 % USD 1,000 1.000 % 09/20/20 23  
SMC Coporation of America JPMorgan Chase 0.272 % USD 2,000 (1.000 %) 12/20/20 (70 )
Stora Enso JPMorgan Chase 2.277 % EUR 2,000 (5.000 %) 12/20/20 (273 )
Supervalu, Inc. JPMorgan Chase 7.343 % USD 1,000 (5.000 %) 06/20/20 84  
Target Corp. JPMorgan Chase 0.242 % USD 2,000 (1.000 %) 09/20/20 (69 )
Telefonaktiebolaget LM Ericsson JPMorgan Chase 0.683 % EUR 1,000 (1.000 %) 06/20/20 (15 )
Telefonaktiebolaget LM Ericsson JPMorgan Chase 0.722 % EUR 1,000 (1.000 %) 09/20/20 (14 )
Telefonaktiebolaget LM Ericsson JPMorgan Chase 0.757 % EUR 1,500 (1.000 %) 12/20/20 (19 )
Telenor ASA JPMorgan Chase 0.515 % EUR 2,000 (1.000 %) 09/20/20 (49 )
Telenor ASA JPMorgan Chase 0.515 % EUR 500 (1.000 %) 09/20/20 (12 )
TeliaSonera JPMorgan Chase 0.745 % EUR 500 (1.000 %) 12/20/20 (7 )
TeliaSonera JPMorgan Chase 0.745 % EUR 2,000 (1.000 %) 12/20/20 (27 )
Tesco PLC JPMorgan Chase 2.864 % EUR 1,000 (1.000 %) 06/20/20 83  
Tesco PLC JPMorgan Chase 2.864 % EUR 1,000 1.000 % 06/20/20 (83 )
Tesoro Corp. JPMorgan Chase 2.367 % USD 500 5.000 % 09/20/20 57  
Tesoro Corp. JPMorgan Chase 2.367 % USD 2,000 (5.000 %) 09/20/20 (228 )
Tesoro Corp. JPMorgan Chase 2.367 % USD 500 5.000 % 09/20/20 57  
Tesoro Corp. JPMorgan Chase 2.367 % USD 1,000 5.000 % 09/20/20 114  
Tesoro Corp. JPMorgan Chase 2.502 % USD 1,000 5.000 % 12/20/20 113  

 

See accompanying notes which are an integral part of this quarterly report.

314 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Credit Default Swap Contracts

Amounts in thousands                    
 
Corporate Issues                    
    Implied       Fund (Pays)/        
    Credit       Receives   Termination Fair Value  
Reference Entity Counterparty Spread   Notional Amount Fixed Rate   Date $  
Tesoro Corp. JPMorgan Chase 2.502 % USD 1,000 (5.000 %) 12/20/20 (113 )
The Boeing Co. JPMorgan Chase 0.246 % USD 1,000 (1.000 %) 09/20/20 (34 )
The Boeing Co. JPMorgan Chase 0.264 % USD 1,500 (1.000 %) 12/20/20 (53 )
The Boeing Co. JPMorgan Chase 0.264 % USD 1,000 (1.000 %) 12/20/20 (35 )
The Gap, Inc. JPMorgan Chase 2.453 % USD 2,000 1.000 % 12/20/20 (132 )
The Gap, Inc. JPMorgan Chase 2.453 % USD 500 (1.000 %) 12/20/20 33  
The Volvo Group JPMorgan Chase 1.347 % EUR 1,000 (1.000 %) 06/20/20 16  
The Walt Disney Co. JPMorgan Chase 0.199 % USD 1,000 (1.000 %) 12/20/20 (39 )
The Walt Disney Co. JPMorgan Chase 0.199 % USD 1,000 (1.000 %) 12/20/20 (39 )
ThyssenKrupp AG JPMorgan Chase 3.579 % EUR 1,000 1.000 % 12/20/20 (125 )
Time Warner Cable, Inc. JPMorgan Chase 0.565 % USD 2,000 1.000 % 09/20/20 39  
Time Warner Inc. JPMorgan Chase 0.565 % USD 2,000 (1.000 %) 09/20/20 (39 )
Time Warner Inc. JPMorgan Chase 0.600 % USD 1,500 1.000 % 12/20/20 29  
Toll Brothers Inc. JPMorgan Chase 1.944 % USD 1,750 (1.000 %) 12/20/20 76  
Toll Brothers Inc. JPMorgan Chase 1.944 % USD 1,750 1.000 % 12/20/20 (76 )
Total SA JPMorgan Chase 1.044 % EUR 1,000 (1.000 %) 12/20/20 2  
Total SA JPMorgan Chase 1.044 % EUR 1,000 1.000 % 12/20/20 (2 )
Unilever NV JPMorgan Chase 0.333 % EUR 2,000 (1.000 %) 12/20/20 (71 )
Union Pacific Corp. JPMorgan Chase 0.295 % USD 1,000 (1.000 %) 12/20/20 (34 )
Union Pacific Corp. JPMorgan Chase 0.295 % USD 1,000 (1.000 %) 12/20/20 (34 )
United Health Group, Inc. JPMorgan Chase 0.210 % USD 1,500 1.000 % 06/20/20 51  
United Health Group, Inc. JPMorgan Chase 0.210 % USD 1,500 (1.000 %) 06/20/20 (51 )
United Health Group, Inc. JPMorgan Chase 0.230 % USD 1,000 (1.000 %) 12/20/20 (37 )
United Parcel Service, Inc. JPMorgan Chase 0.169 % USD 1,000 (1.000 %) 12/20/20 (40 )
United Parcel Service, Inc. JPMorgan Chase 0.169 % USD 1,000 (1.000 %) 12/20/20 (40 )
United Utilities PLC JPMorgan Chase 0.857 % EUR 500 1.000 % 12/20/20 4  
United Utilities PLC JPMorgan Chase 0.857 % EUR 1,000 1.000 % 12/20/20 8  
Universal Health Services, Inc. JPMorgan Chase 1.101 % USD 2,000 (1.000 %) 12/20/20 10  
Valero Energy Corp. JPMorgan Chase 1.365 % USD 1,750 1.000 % 12/20/20 (30 )
Veolia Environment JPMorgan Chase 0.761 % EUR 1,000 1.000 % 09/20/20 12  
Veolia Environment JPMorgan Chase 0.761 % EUR 750 1.000 % 09/20/20 9  
Veolia Environment JPMorgan Chase 0.761 % EUR 3,000 (1.000 %) 09/20/20 (36 )
Verizon Communications, Inc. JPMorgan Chase 0.561 % USD 1,000 1.000 % 03/20/20 18  
Verizon Communications, Inc. JPMorgan Chase 0.593 % USD 1,000 1.000 % 06/20/20 17  
Viacom JPMorgan Chase 1.893 % USD 1,000 1.000 % 09/20/20 (39 )
Viacom JPMorgan Chase 1.893 % USD 1,000 (1.000 %) 09/20/20 39  
Vodafone Group PLC JPMorgan Chase 1.220 % EUR 1,500 1.000 % 12/20/20 (17 )
Volvo AB JPMorgan Chase 1.347 % EUR 500 (1.000 %) 06/20/20 8  
Volvo AB JPMorgan Chase 1.401 % EUR 1,000 (1.000 %) 09/20/20 20  
Weatherford International Ltd. JPMorgan Chase 10.897 % USD 500 1.000 % 12/20/20 (154 )
Weatherford International Ltd. JPMorgan Chase 10.897 % USD 500 (1.000 %) 12/20/20 154  
Weatherford International Ltd. JPMorgan Chase 11.007 % USD 1,000 1.000 % 09/20/20 (301 )
Weatherford International Ltd. JPMorgan Chase 11.007 % USD 500 (1.000 %) 09/20/20 151  
Weatherford International Ltd. JPMorgan Chase 11.007 % USD 500 (1.000 %) 09/20/20 151  
Weyerhaeuser Co. JPMorgan Chase 1.361 % USD 2,000 1.000 % 12/20/20 (34 )
Whirlpool Corp. JPMorgan Chase 1.267 % USD 1,500 (1.000 %) 12/20/20 19  
Whirlpool Corp. JPMorgan Chase 1.267 % USD 1,000 (1.000 %) 12/20/20 13  
WPP GRP PLC JPMorgan Chase 0.437 % EUR 3,000 (1.000 %) 12/20/19 (72 )
WPP GRP PLC JPMorgan Chase 0.437 % EUR 2,000 1.000 % 12/20/19 48  
WPP GRP PLC JPMorgan Chase 0.528 % EUR 1,000 (1.000 %) 09/20/20 (24 )
Xerox Corp. JPMorgan Chase 1.968 % USD 2,000 1.000 % 12/20/20 (89 )
Total Fair Value on Open Corporate Issues Premiums Paid (Received) - ($2,268)               (2,088 )

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Alternative Fund 315

 

Russell Investment Company
Russell Multi-Strategy Alternative Fund

Consolidated Schedule of Investments, continued — January 31, 2016 (Unaudited)

Consolidated Presentation of Portfolio Holdings                      
Amounts in thousands                          
          Fair Value            
Portfolio Summary   Level 1     Level 2      Level 3    Total  
Long-Term Investments                          
Asset-Backed Securities $ —   $ 994   $   — $   994  
Corporate Bonds and Notes —   30,252     —   30,252  
International Debt —   12,846     —   12,846  
Loan Agreements —   11,988     —   11,988  
Mortgage-Backed Securities —   5,949     —   5,949  
Municipal Bonds —   3,422     —   3,422  
Non-US Bonds —   6,764     —   6,764  
United States Government Treasuries —   12,186     —   12,186  
Common Stocks                          
Consumer Discretionary 15,573   2,488     —   18,061  
Consumer Staples   6,607     1,166       —     7,773  
Energy   4,913     902       —     5,815  
Financial Services   13,227     3,453       —     16,680  
Health Care   10,073     1,794       —     11,867  
Materials and Processing   5,058     626       —     5,684  
Producer Durables   6,981     3,624       —     10,605  
Technology   15,546     2,271       —     17,817  
Utilities   5,645     1,704       —     7,349  
Investments in Other Funds 2,560   —     —   2,560  
Options Purchased 262   843     —   1,105  
Warrants & Rights —   811     —   811  
Short-Term Investments —   220,977     —   220,977  
Repurchase Agreements —   36,800     —   36,800  
Total Investments 86,445   361,860     —   448,305  
Securities Sold Short**                          
Common Stock (13,632 ) (10,378 )   —   (24,010 )
Investments in Other Funds (3,481 ) —     —   (3,481 )
Preferred Stocks —   (164 )   —   (164 )
 
Other Financial Instruments                          
Futures Contracts (600 ) (3 )   —   (603 )
Options Written —   (695 )   —   (695 )
Foreign Currency Exchange Contracts (1 ) (1,314 )   —   (1,315 )
Total Return Swap Contracts —   5,751     —   5,751  
Interest Rate Swap Contracts —   (800 )   —   (800 )
Credit Default Swap Contracts —   (2,088 )   —   (2,088 )
Total Other Financial Instruments* $ (601 ) $ 851   $   — $   250  

 

*    Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.
**  Refer to Schedule of Investments for detailed sector breakout.

For a description of the Levels see note 2 in the Notes to Quarterly Report.
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to
Quarterly Report.

See accompanying notes which are an integral part of this quarterly report.

316 Russell Multi-Strategy Alternative Fund

 

Russell Investment Company
Russell Multi-Strategy Income Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
    Amount ($) Value     Amount ($) Value
    or Shares $     or Shares $
Long-Term Investments - 52.9%       Baltimore Gas & Electric Co.      
Asset-Backed Securities - 0.1%       3.350% due 07/01/23 45 46
CLI Funding V LLC       Bank of America Corp.      
Series 2014-2A Class A       Series AA      
3.380% due 10/18/29 (Þ) 122 119 6.100% due 12/31/49 (ƒ) 75 76
Credit Acceptance Auto Loan Trust       Series L      
Series 2015-1A Class A       3.950% due 04/21/25 180 175
2.000% due 07/15/22 (Þ) 250 250 Series Z      
      369 6.500% due 12/31/49 (ƒ) 150 157
Corporate Bonds and Notes - 17.4%     Becton Dickinson and Co.      
21st Century Fox America, Inc.       2.675% due 12/15/19 40 41
Series WI       3.734% due 12/15/24 95 97
3.700% due 09/15/24 175 177 Berry Plastics Corp.      
99 Cents Only Stores LLC       6.000% due 10/15/22 (Å) 28 29
11.000% due 12/15/19 930 279 Bill Barrett Corp.      
AbbVie, Inc.       7.625% due 10/01/19 620 369
2.900% due 11/06/22 170 167 Blue Coat Holdings, Inc.      
Acadia Healthcare Co., Inc.       8.375% due 06/01/23 (Å) 250 252
Series WI       BreitBurn Energy Partners, LP /      
5.625% due 02/15/23 240 226 BreitBurn Finance Corp.      
Air Lease Corp.       7.875% due 04/15/22 450 73
3.750% due 02/01/22 70 69 Brixmor Operating Partnership, LP      
4.250% due 09/15/24 20 19 3.875% due 08/15/22 115 117
Aircastle, Ltd.       Building Materials Corp. of America      
5.500% due 02/15/22 40 40 6.000% due 10/15/25 (Å) 55 56
Ally Financial, Inc.       CCO Safari II LLC      
3.750% due 11/18/19 135 132 4.908% due 07/23/25 (Þ) 85 85
4.125% due 03/30/20 5 5 Celgene Corp.      
4.125% due 02/13/22 80 78 2.875% due 08/15/20 45 45
Altria Group, Inc.       3.550% due 08/15/22 50 51
2.850% due 08/09/22 120 120 5.000% due 08/15/45 45 45
Amazon.com, Inc.       Century Aluminum Co.      
3.300% due 12/05/21 45 47 7.500% due 06/01/21 (Þ) 2,320 1,514
4.800% due 12/05/34 40 42 CF Industries, Inc.      
American Airlines Pass-Through Trust       3.450% due 06/01/23 10 9
Series B       Chesapeake Energy Corp.      
5.250% due 01/15/24 60 60 4.875% due 04/15/22 125 33
American International Group, Inc.       CHS/Community Health Systems, Inc.      
4.875% due 06/01/22 35 37 5.125% due 08/15/18 40 40
4.800% due 07/10/45 45 41 Cigna Corp.      
8.175% due 05/15/58 41 54 3.250% due 04/15/25 15 15
American Tire Distributors, Inc.       CIT Group, Inc.      
10.250% due 03/01/22 (Þ) 500 415 5.250% due 03/15/18 95 98
Ancestry.com Holdings LLC       Citigroup, Inc.      
9.625% due 10/15/18 (Þ) 1,980 1,849 4.000% due 08/05/24 90 89
Anheuser-Busch InBev Finance, Inc.       Series O      
2.650% due 02/01/21 115 116 5.875% due 12/29/49 (ƒ) 25 24
3.650% due 02/01/26 65 66 Series R      
4.700% due 02/01/36 20 20 6.125% due 12/31/49 (ƒ) 59 60
4.900% due 02/01/46 85 88 Clear Channel Worldwide Holdings, Inc.      
Anthem, Inc.       6.500% due 11/15/22 2,250 2,002
3.500% due 08/15/24 20 20 Cleaver-Brooks, Inc.      
4.650% due 08/15/44 70 66 8.750% due 12/15/19 (Þ) 630 592
Arrow Electronics, Inc.       Comcast Corp.      
3.500% due 04/01/22 45 45 3.375% due 08/15/25 25 26
AT&T, Inc.       4.200% due 08/15/34 55 54
4.300% due 12/15/42 55 45 Concho Resources, Inc.      
4.350% due 06/15/45 80 67 5.500% due 04/01/23 10 9
4.750% due 05/15/46 45 40 Constellation Brands, Inc.      
Aviation Capital Group Corp.       3.875% due 11/15/19 25 26
4.875% due 10/01/25 (Þ) 40 40 Constellis Holdings LLC / Constellis      
BAE Systems Holdings, Inc.       Finance Corp.      
3.850% due 12/15/25 (Þ) 65 66 9.750% due 05/15/20 (Å) 500 382
        Continental Resources, Inc.      
Ball Corp.       4.500% due 04/15/23 10 7
4.000% due 11/15/23 35 34 3.800% due 06/01/24 90 58

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Income Fund 317

 

Russell Investment Company
Russell Multi-Strategy Income Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
    Amount ($) Value     Amount ($) Value
    or Shares $     or Shares $
CRH America, Inc.       8.875% due 09/15/20 (Å) 125 125
3.875% due 05/18/25 (Þ) 200 203 9.000% due 08/15/31 50 40
Crown Castle International Corp.       GATX Corp.      
3.400% due 02/15/21 40 40 3.250% due 03/30/25 90 84
CVS Health Corp.       General Electric Capital Corp.      
2.250% due 08/12/19 115 116 5.875% due 01/14/38 90 111
5.125% due 07/20/45 70 75 General Electric Co.      
Daimler Finance NA LLC       4.125% due 10/09/42 95 93
2.700% due 08/03/20 (Þ) 150 149 Series D      
DDR Corp.       5.000% due 12/29/49 (ƒ) 281 289
3.375% due 05/15/23 20 19 General Motors Financial Co., Inc.      
3.625% due 02/01/25 105 100 4.375% due 09/25/21 115 117
Delphi Corp.       4.250% due 05/15/23 15 15
4.150% due 03/15/24 25 25 4.000% due 01/15/25 120 112
Delta Air Lines Pass-Through Trust       Gilead Sciences, Inc.      
Series 2015-1 Class B       4.750% due 03/01/46 40 41
4.250% due 07/30/23 55 55 Goldman Sachs Group, Inc. (The)      
Devon Energy Corp.       3.850% due 07/08/24 100 101
3.250% due 05/15/22 15 12 Series GMTN      
5.850% due 12/15/25 20 19 5.375% due 03/15/20 80 88
Diamond Offshore Drilling, Inc.       H&E Equipment Services, Inc.      
4.875% due 11/01/43 10 6 7.000% due 09/01/22 250 229
DIRECTV Holdings LLC / DIRECTV       HCA, Inc.      
Financing Co., Inc.       4.750% due 05/01/23 5 5
4.450% due 04/01/24 35 36 5.375% due 02/01/25 100 101
5.150% due 03/15/42 15 14 HCP, Inc.      
Dominion Resources, Inc.       3.400% due 02/01/25 110 103
5.750% due 10/01/54 32 31 Health Care REIT, Inc.      
Duke Energy Carolinas LLC       4.000% due 06/01/25 (ö) 105 105
4.000% due 09/30/42 25 25 Hewlett Packard Enterprise Co.      
Eaton Corp.       4.900% due 10/15/25 (Þ) 15 14
4.000% due 11/02/32 45 44 6.200% due 10/15/35 (Þ) 20 18
Embarq Corp.       6.350% due 10/15/45 (Þ) 40 36
7.995% due 06/01/36 50 50 Hologic, Inc.      
Energizer Holdings, Inc.       5.250% due 07/15/22 (Þ) 35 36
5.500% due 06/15/25 (Å) 125 116 Home Depot, Inc. (The)      
Energy Transfer Partners, LP       2.625% due 06/01/22 135 137
4.900% due 02/01/24 110 93 Host Hotels & Resorts, LP      
5.150% due 03/15/45 45 31 Series C      
6.125% due 12/15/45 25 20 4.750% due 03/01/23 85 89
Enterprise Products Operating LLC       Series D      
1.650% due 05/07/18 45 44 3.750% due 10/15/23 75 74
ERAC USA Finance LLC       HRG Group, Inc.      
2.800% due 11/01/18 (Þ) 70 71 7.750% due 01/15/22 (Þ) 1,330 1,263
3.800% due 11/01/25 (Þ) 75 75 7.750% due 01/15/22 960 912
4.500% due 02/15/45 (Þ) 45 42 HSBC Bank USA NA      
Essex Portfolio, LP       Series BKNT      
3.250% due 05/01/23 90 89 5.875% due 11/01/34 250 286
First Data Corp.       HSBC USA, Inc.      
7.000% due 12/01/23 (Þ) 460 463 2.750% due 08/07/20 130 130
Ford Motor Credit Co. LLC       HUB International, Ltd.      
4.250% due 09/20/22 200 206 9.250% due 02/15/21 (Þ) 470 481
4.134% due 08/04/25 200 198 Hyundai Capital America      
Foresight Energy LLC / Foresight Energy       3.000% due 10/30/20 (Þ) 55 55
Finance Corp.       Series REGS      
7.875% due 08/15/21 (Þ) 2,510 1,995 2.600% due 03/19/20 115 115
Freeport-McMoRan, Inc.       IHS, Inc.      
5.400% due 11/14/34 5 2 Series WI      
5.450% due 03/15/43 30 12 5.000% due 11/01/22 40 40
Fresenius Medical Care US Finance II,       INVISTA Finance LLC      
Inc.       4.250% due 10/15/19 (Þ) 100 97
4.125% due 10/15/20 (Þ) 35 35 Jo-Ann Stores LLC      
Fresenius US Finance II, Inc.       8.125% due 03/15/19 (Þ) 750 604
4.500% due 01/15/23 (Å) 25 25 Joseph T Ryerson & Son, Inc.      
4.500% due 01/15/23 (Þ) 55 55 9.000% due 10/15/17 650 491
Frontier Communications Corp.       JPMorgan Chase & Co.      

 

See accompanying notes which are an integral part of this quarterly report.

318 Russell Multi-Strategy Income Fund

 

Russell Investment Company
Russell Multi-Strategy Income Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
    Amount ($) Value     Amount ($) Value
    or Shares $     or Shares $
3.200% due 01/25/23 50 49 Omnicom Group, Inc.      
Series 1       3.650% due 11/01/24 65 65
7.900% due 04/29/49 (ƒ) 75 76 Opal Acquisition, Inc.      
Series S       8.875% due 12/15/21 (Þ) 540 429
6.750% due 01/29/49 (ƒ) 125 135 Optimas OE Solutions Holding LLC /      
Series Z       Optimas OE Solutions, Inc.      
5.300% due 12/29/49 (ƒ) 50 50 8.625% due 06/01/21 (Þ) 750 607
Kimco Realty Corp.       PFS Holding Corp.      
3.200% due 05/01/21 130 132 4.500% due 01/31/21 (Ê) 197 178
4.250% due 04/01/45 80 75 Pioneer Natural Resources Co.      
Kinder Morgan, Inc.       3.450% due 01/15/21 20 19
5.050% due 02/15/46 125 91 3.950% due 07/15/22 50 46
Lennar Corp.       4.450% due 01/15/26 45 41
4.875% due 12/15/23 15 15 PNC Financial Services Group, Inc.      
4.750% due 05/30/25 45 43 (The)      
Liberty Mutual Group, Inc.       6.750% due 12/31/49 (ƒ) 100 107
4.250% due 06/15/23 (Þ) 55 57 Principal Financial Group, Inc.      
7.800% due 03/15/37 (Þ) 100 114 3.400% due 05/15/25 45 44
4.850% due 08/01/44 (Þ) 55 52 4.700% due 05/15/55 50 50
Lockheed Martin Corp.       Prudential Financial, Inc.      
3.800% due 03/01/45 30 27 5.875% due 09/15/42 50 53
4.700% due 05/15/46 90 95 5.625% due 06/15/43 100 101
McGraw Hill Financial, Inc.       5.375% due 05/15/45 34 33
Series WI       Qualitytech, LP/QTS Finance Corp.      
4.000% due 06/15/25 190 192 Series WI      
McKesson Corp.       5.875% due 08/01/22 90 91
4.883% due 03/15/44 35 35 Quicken Loans, Inc.      
Medtronic, Inc.       5.750% due 05/01/25 (Þ) 45 42
Series WI       Range Resources Corp.      
3.500% due 03/15/25 175 180 5.000% due 03/15/23 20 16
Memorial Production Partners, LP /       Real Alloy Holding, Inc.      
Memorial Production Finance Corp.       10.000% due 01/15/19 (Þ) 1,000 1,000
6.875% due 08/01/22 1,010 283 Sabine Pass Liquefaction LLC      
Merck & Co., Inc.       5.625% due 02/01/21 1,500 1,372
2.350% due 02/10/22 180 180 Santander Holdings USA, Inc.      
MetLife Capital Trust IV       4.500% due 07/17/25 80 83
7.875% due 12/15/37 (Þ) 175 210 Sempra Energy      
MetLife, Inc.       3.750% due 11/15/25 45 45
4.125% due 08/13/42 30 27 Shale-Inland Holdings LLC / Shale-      
4.050% due 03/01/45 30 27 Inland Finance Corp.      
Series C       8.750% due 11/15/19 (Þ) 210 131
5.250% due 12/29/49 (ƒ) 135 132 Simmons Foods, Inc.      
Micron Technology, Inc.       7.875% due 10/01/21 (Þ) 70 62
5.250% due 01/15/24 (Þ) 55 45 SM Energy Co.      
Morgan Stanley       5.625% due 06/01/25 10 5
3.950% due 04/23/27 30 29 Southwestern Electric Power Co.      
Series GMTN       3.550% due 02/15/22 90 94
5.500% due 07/28/21 110 123 Spirit Airlines Pass-Through Trust      
MPH Acquisition Holdings LLC       Series 2015-1 Class B      
6.625% due 04/01/22 (Þ) 1,000 1,001 4.450% due 04/01/24 62 61
Nabors Industries, Inc.       Sprint Communications, Inc.      
4.625% due 09/15/21 70 52 9.125% due 03/01/17 50 50
Nationwide Financial Services, Inc.       8.375% due 08/15/17 260 251
5.375% due 03/25/21 (Þ) 172 190 State Street Corp.      
Neptune Finco Corp.       Series F      
6.625% due 10/15/25 (Å) 28 29 5.250% due 12/29/49 (ƒ) 100 101
Newfield Exploration Co.       Sterigenics-Nordion Holdings LLC      
5.375% due 01/01/26 20 16 4.250% due 05/15/22 (Ê) 499 484
NextEra Energy Capital Holdings, Inc.       6.500% due 05/15/23 (Þ) 70 67
2.400% due 09/15/19 105 105 Surgical Care Affiliates, Inc.      
Noble Energy, Inc.       6.000% due 04/01/23 (Þ) 400 386
5.250% due 11/15/43 80 59 Targa Resources Partners, LP / Targa      
Northrop Grumman Corp.       Resources Partners Finance Corp.      
3.850% due 04/15/45 45 42 5.000% due 01/15/18 (Þ) 40 37
Nuance Communications, Inc.       Team Health, Inc.      
5.375% due 08/15/20 (Þ) 750 750 7.250% due 12/15/23 (Þ) 320 334

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Income Fund 319

 

Russell Investment Company
Russell Multi-Strategy Income Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
    Amount ($) Value     Amount ($) Value
    or Shares $     or Shares $
Tenet Healthcare Corp.       Series WI      
4.500% due 04/01/21 90 88 6.000% due 04/01/23 1,750 1,711
8.125% due 04/01/22 1,750 1,755 Zebra Technologies Corp.      
Tesoro Logistics, LP / Tesoro Logistics       7.250% due 10/15/22 360 374
Finance Corp.       Zimmer Biomet Holdings, Inc.      
5.500% due 10/15/19 (Þ) 40 37 3.550% due 04/01/25 55 54
Time Warner Cable, Inc.       Zions Bancorporation      
4.500% due 09/15/42 125 99 Series J      
Time Warner, Inc.       7.200% due 09/29/49 (ƒ) 125 131
4.875% due 03/15/20 40 43       44,449
4.850% due 07/15/45 80 72 International Debt - 9.6%      
Trans-Allegheny Interstate Line Co.       1011778 BC ULC / New Red Finance,      
3.850% due 06/01/25 (Þ) 40 41 Inc.      
TransDigm, Inc.       4.625% due 01/15/22 (Å) 500 502
5.500% due 10/15/20 1,000 975 Actavis Funding SCS      
Travelers Cos., Inc. (The)       3.800% due 03/15/25 40 41
4.600% due 08/01/43 30 33 4.550% due 03/15/35 40 39
Tyson Foods, Inc.       AerCap Ireland Capital, Ltd. / AerCap      
2.650% due 08/15/19 50 51 Global Aviation Trust      
3.950% due 08/15/24 95 98 Series WI      
4.875% due 08/15/34 25 25 3.750% due 05/15/19 150 148
United Airlines Pass-Through Trust       Albemarle Corp.      
Series B Class B       1.875% due 12/08/21 100 104
5.375% due 08/15/21 50 51 Angolan Government International Bond      
4.625% due 09/03/22 50 50 9.500% due 11/12/25 (Þ) 73 61
United Continental Holdings, Inc.       Aquarius & Investments PLC for Swiss      
6.375% due 06/01/18 40 41 Reinsurance Co., Ltd.      
UnitedHealth Group, Inc.       8.250% due 09/29/49 (ƒ) 200 213
2.700% due 07/15/20 80 82 ArcelorMittal      
4.750% due 07/15/45 45 48 5.125% due 06/01/20 50 40
US Bancorp       6.000% due 08/05/20 95 77
Series I       Argentine Republic Government      
5.125% due 12/29/49 (ƒ) 47 47 International Bond      
US Foods, Inc.       Series 1      
8.500% due 06/30/19 2,450 2,438 8.750% due 06/02/17 94 105
Verizon Communications, Inc.       Series NY      
5.150% due 09/15/23 55 61 3.750% due 03/31/19 370 226
5.050% due 03/15/34 70 68 8.280% due 12/31/33 478 527
4.750% due 11/01/41 20 18 Avago Technologies Cayman, Ltd. Term      
3.850% due 11/01/42 90 74 Loan B      
Series WI       3.750% due 11/06/22 1,097 1,078
2.625% due 02/21/20 100 100 AXA SA      
4.272% due 01/15/36 35 31 8.600% due 12/15/30 25 33
4.522% due 09/15/48 75 66 Baidu, Inc.      
Viacom, Inc.       3.250% due 08/06/18 200 204
4.375% due 03/15/43 35 24 Bank of America Corp.      
Virginia Electric & Power Co.       4.625% due 09/14/18 135 160
4.450% due 02/15/44 40 42 Barclays PLC      
Visa, Inc.       4.375% due 09/11/24 200 195
3.150% due 12/14/25 60 61 Belize Government International Bond      
Wayne Merger Sub LLC       Series REGS      
8.250% due 08/01/23 (Þ) 610 534 6.767% due 08/20/17 75 49
Wells Fargo & Co.       BG Energy Capital PLC      
Series K       4.000% due 12/09/20 (Þ) 100 105
7.980% due 03/29/49 (ƒ) 100 105 BNP Paribas SA      
Series U       7.375% due 12/31/49 (ƒ)(Þ) 200 196
5.875% due 12/31/49 (ƒ) 100 105 BorgWarner, Inc.      
Whiting Petroleum Corp.       1.800% due 11/07/22 115 126
5.750% due 03/15/21 115 72 BP Capital Markets PLC      
Wisconsin Power & Light Co.       3.245% due 05/06/22 160 157
4.100% due 10/15/44 85 86 Brazilian Government International Bond      
WMG Acquisition Corp.       4.875% due 01/22/21 180 172
6.750% due 04/15/22 (Þ) 1,000 880 2.625% due 01/05/23 175 138
Worthington Industries, Inc.       4.250% due 01/07/25 100 84
4.550% due 04/15/26 25 25 Burger King      
Zayo Group LLC / Zayo Capital, Inc.       3.750% due 12/12/21 (Ê) 458 455

 

See accompanying notes which are an integral part of this quarterly report.

320 Russell Multi-Strategy Income Fund

 

Russell Investment Company
Russell Multi-Strategy Income Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal Fair     Principal Fair
    Amount ($) Value     Amount ($) Value
    or Shares $     or Shares $
Citigroup, Inc.           Series GMTN        
1.375% due 10/27/21   130   143 2.375% due 06/18/19 200   199
Series MPLE           Enel SpA        
4.090% due 06/09/25 (Þ)   100   70 8.750% due 09/24/73 (Þ) 200   220
CNOOC Finance 2015 Australia Pty,           Evergreen Skills Lux Sarl        
Ltd.           9.250% due 04/28/22 (Ê) 500   242
2.625% due 05/05/20   200   198 Flextronics International, Ltd.        
Cole Park CLO, Ltd.           Series WI        
Series 2015-1A Class E           4.750% due 06/15/25 20   19
6.552% due 10/20/28 (Å)(Ê)   250   195 Ghana Government International Bond        
Colombia Government International           Series REGS        
Bond           7.875% due 08/07/23 70   51
4.375% due 07/12/21   70   70 Global SC Finance II SRL        
2.625% due 03/15/23   200   175 Series 2014-1A Class A1        
4.000% due 02/26/24   50   47 3.190% due 07/17/29 (Þ) 213   209
4.500% due 01/28/26   55   52 Guatemala Government International        
7.375% due 09/18/37   90   95 Bond        
ConvaTec Finance International SA           Series REGS        
8.250% due 01/15/19 (Þ)   950   845 5.750% due 06/06/22 10   10
ConvaTec Healthcare E SA           4.875% due 02/13/28 10   10
10.500% due 12/15/18 (Þ)   490   500 Houghton Mifflin Harcourt Publishers,        
Cooperatieve Rabobank UA           Inc. Term Loan B        
11.000% due 06/29/49 (ƒ)(Þ)   100   122 4.000% due 05/29/21 (Ê) 498   485
Costa Rica Government International           Hungary Government International Bond        
Bond           6.375% due 03/29/21 22   25
Series REGS           5.375% due 02/21/23 272   297
4.375% due 04/30/25   60   51 5.375% due 03/25/24 100   110
Credit Agricole SA           ICICI Bank, Ltd.        
Series REGS           Series REGS        
4.375% due 03/17/25   200   193 5.750% due 11/16/20 100   112
Croatia Government International Bond           Indonesia Government International        
Series REGS           Bond        
6.625% due 07/14/20   180   196 Series REGS        
6.000% due 01/26/24   200   215 4.125% due 01/15/25 190   186
Dai-ichi Life Insurance Co., Ltd. (The)           7.750% due 01/17/38 80   95
7.250% due 12/29/49 (ƒ)(Þ)   100   116 5.125% due 01/15/45 100   94
Delhaize Group           Itau Unibanco Holding SA        
5.700% due 10/01/40   10   10 2.850% due 05/26/18 (Þ) 200   192
Delphi Automotive PLC           Ivory Coast Government International        
3.150% due 11/19/20   15   15 Bond        
4.250% due 01/15/26   50   50 Series REGS        
Delta 2 Lux Sarl Covenant-Lite Lien           5.750% due 12/31/32 540   468
Term Loan B           Jamaica Government International Bond        
7.750% due 07/29/22 (Ê)   500   415 8.000% due 06/24/19 35   37
Delta 2 Lux Sarl Covenant-Lite Term           6.750% due 04/28/28 40   40
Loan B3           Jordan Government International Bond        
4.750% due 07/30/21 (Ê) 1,000   940 6.125% due 01/29/26 (Þ) 60   61
Dominican Republic International Bond           JPMorgan Chase & Co.        
6.875% due 01/29/26 (Þ)   110   112 1.500% due 01/27/25 165   179
Series REGS           Kazakhstan Government International        
7.500% due 05/06/21   100   106 Bond        
7.450% due 04/30/44   240   231 Series REGS        
Ecopetrol SA           3.875% due 10/14/24 140   132
4.125% due 01/16/25   60   46 KazMunayGas National Co. JSC        
Ecuador Government International Bond           Series REGS        
Series REGS           9.125% due 07/02/18 100   107
7.950% due 06/20/24   80   55 Linxens France SA 2nd Lien Term Loan        
EDP Finance BV           1.000% due 07/15/23 (Þ) 310   301
4.900% due 10/01/19 (Þ)   100   103 Lloyds Bank PLC        
Egypt Government International Bond           2.350% due 09/05/19 200   202
Series REGS           Lloyds Banking Group PLC        
5.750% due 04/29/20   40   40 4.500% due 11/04/24 200   205
Embraer Netherlands Finance BV           7.500% due 12/31/49 (ƒ) 300   311
5.050% due 06/15/25   75   67 Mallinckrodt International Finance SA /        
Emirates Telecommunications Corp.           Mallinckrodt CB LLC        
            5.625% due 10/15/23 (Å) 28   26
            Methanex Corp.        

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Income Fund 321

 

Russell Investment Company
Russell Multi-Strategy Income Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
  Principal Fair     Principal Fair
  Amount ($) Value     Amount ($) Value
  or Shares $     or Shares $
3.250% due 12/15/19 40   38 Poland Government International Bond        
Mexico Government International Bond         3.000% due 03/17/23 20   20
4.750% due 03/08/44 310   281 Prologis, LP        
4.600% due 01/23/46 25   22 3.000% due 06/02/26 180   202
Series GMTN         QBE Insurance Group, Ltd.        
5.950% due 03/19/19 146   161 6.750% due 12/02/44 200   206
Mohawk Industries, Inc.         Republic of Azerbaijan International        
2.000% due 01/14/22 135   147 Bond        
Mood Media Corp. Term Loan         Series REGS        
7.000% due 05/01/19 (Ê) 125   118 4.750% due 03/18/24 50   45
Morgan Stanley         Republic of Paraguay        
1.875% due 03/30/23 100   111 Series REGS        
Namibia International Bonds         6.100% due 08/11/44 95   92
5.250% due 10/29/25 (Þ) 30   28 Romania Government International Bond        
Nippon Life Insurance Co.         Series REGS        
4.700% due 01/20/46 (Þ) 200   201 6.125% due 01/22/44 110   130
OCP SA         Royal Bank of Scotland Group PLC        
Series REGS         6.100% due 06/10/23 30   32
5.625% due 04/25/24 200   199 5.125% due 05/28/24 200   201
Ooredoo International Finance, Ltd.         7.648% due 09/30/49 (ƒ) 75   93
Series REGS         7.500% due 12/29/49 (ƒ) 200   203
5.000% due 10/19/25 200   208 Russian Foreign Bond - Eurobond        
Pakistan Government International Bond         Series REGS        
Series REGS         4.875% due 09/16/23 200   203
8.250% due 09/30/25 120   121 7.500% due 03/31/30 104   125
Panama Government International Bond         Simon Property Group, LP        
5.200% due 01/30/20 10   11 2.375% due 10/02/20 100   115
4.000% due 09/22/24 135   136 Sky PLC        
3.750% due 03/16/25 75   74 Series REGS        
8.875% due 09/30/27 73   101 3.750% due 09/16/24 200   199
6.700% due 01/26/36 159   190 Slovenia Government International Bond        
Parq Holdings, LP Term Loan         Series REGS        
8.500% due 12/17/20 (Ê) 820   779 5.850% due 05/10/23 185   212
Pernod Ricard SA         South Africa Government International        
5.500% due 01/15/42 (Þ) 150   154 Bond        
Pertamina Persero PT         5.875% due 05/30/22 100   106
Series REGS         5.375% due 07/24/44 50   45
4.300% due 05/20/23 200   181 Sri Lanka Government International        
Peruvian Government International Bond         Bond        
4.125% due 08/25/27 50   49 6.850% due 11/03/25 (Þ) 130   118
Petrobras Global Finance BV         Series REGS        
3.163% due 03/17/20 (Ê) 195   135 5.875% due 07/25/22 60   54
Petroleos de Venezuela SA         Standard Chartered PLC        
Series REGS         3.950% due 01/11/23 (Þ) 200   189
9.000% due 11/17/21 37   12 SUAM Finance BV        
6.000% due 05/16/24 25   8 Series REGS        
Petroleos Mexicanos         4.875% due 04/17/24 100   98
8.000% due 05/03/19 20   22 Sumitomo Life Insurance Co.        
5.500% due 06/27/44 35   26 6.500% due 09/20/73 (Þ) 200   224
6.375% due 01/23/45 90   76 Teine Energy, Ltd.        
5.625% due 01/23/46 14   11 6.875% due 09/30/22 (Þ) 230   184
Petronas Capital, Ltd.         Telecom Italia Capital SA        
Series REGS         6.000% due 09/30/34 80   72
3.500% due 03/18/25 45   44 Telefonica Emisiones SAU        
Philip Morris International, Inc.         5.462% due 02/16/21 80   89
1.750% due 03/19/20 140   159 7.045% due 06/20/36 20   24
Philippine Government International         Turkey Government International Bond        
Bond         7.500% due 11/07/19 60   68
4.200% due 01/21/24 25   28 7.375% due 02/05/25 130   153
10.625% due 03/16/25 18   29 4.250% due 04/14/26 50   48
5.500% due 03/30/26 45   55 4.875% due 04/16/43 60   53
9.500% due 02/02/30 30   49 UBS Group AG        
6.375% due 10/23/34 40   54 7.125% due 12/29/49 (ƒ) 200   206
Playa Resorts Holding BV 1st Lien Term         Ukraine Government International Bond        
Loan B         7.750% due 09/01/19 (Þ) 10   9
4.000% due 08/09/19 (Ê) 496   479 7.750% due 09/01/20 (Þ) 324   305

 

See accompanying notes which are an integral part of this quarterly report.

322 Russell Multi-Strategy Income Fund

 

Russell Investment Company
Russell Multi-Strategy Income Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)    
    Principal Fair     Principal Fair
    Amount ($) Value     Amount ($) Value
    or Shares $     or Shares $
7.750% due 09/01/21 (Þ) 131 122 BMC Software Finance, Inc. Term Loan        
7.750% due 09/01/27 (Þ) 100 89 5.000% due 09/10/20 (Ê) 496   396
1.000% due 05/31/40 (Þ)(v) 110 41 BWAY Holding Co. Covenant-Lite Term        
Vale Overseas, Ltd.       Loan B        
6.875% due 11/21/36 75 47 5.500% due 08/14/20 (Ê) 496   465
Venezuela Government International       Caesars Entertainment Corp. 1st Lien        
Bond       Term Loan B        
9.375% due 01/13/34 110 38 7.000% due 10/11/20 (Ê) 992   863
Series REGS       Calpine Construction Finance Co., LP        
6.000% due 12/09/20 100 32 Term Loan B1        
9.000% due 05/07/23 57 20 3.000% due 05/03/20 (Ê) 496   465
8.250% due 10/13/24 330 111 Camping World, Inc. Covenant-Lite 1st        
11.950% due 08/05/31 117 43 Lien Term Loan B        
Vietnam Government International Bond       5.250% due 02/20/20 (Ê) 481   472
   Series REGS       Cast & Crew Payroll, LLC 2nd Lien Term        
 
6.750% due 01/29/20 70 76 Loan        
        8.750% due 07/23/23 250   245
4.800% due 11/19/24 15 15 Cengage Learning Acquisitions, Inc.        
WPP Finance       Covenant-Lite 1st Lien Term Loan        
5.625% due 11/15/43 80 81 7.000% due 03/31/20 (Ê) 486   473
      24,668 Chemours Co. Term Loan B        
Loan Agreements - 18.9%       3.750% due 05/22/22 498   439
99 Cents Only Stores LLC Covenant-Lite       Chrysler Group LLC 1st Lien Term        
Term Loan B2       Loan B        
4.500% due 01/13/19 (Ê) 229 142 3.250% due 12/31/18 (Ê) 992   985
ABG Intermediate Holdings 2, LLC 1st       Cincinnati Bell, Inc. 1st Lien Term        
Lien Term Loan       Loan B        
5.500% due 05/27/21 (Ê) 116 113 4.000% due 09/10/20 (Ê) 496   477
ABG Intermediate Holdings 2, LLC       Communications Sales & Leasing, Inc.        
Incremental Covenant-Lite Term Loan       Covenant-Lite Term Loan B        
4.500% due 05/27/21 (Ê) 9 8 5.000% due 10/16/22 (Ê) 995   931
AF Borrower LLC 2nd Lien Term Loan       Community Health Systems, Inc. Term        
10.000% due 12/02/22 900 828 Loan B2        
Alvogen Pharmaceutical US, Inc. Term       4.000% due 01/27/21 (Ê) 995   956
Loan       Compuware Corp. Term Loan B2        
6.000% due 04/02/22 (Ê) 1,297 1,262 6.250% due 12/15/21 (Ê) 992   894
American Airlines, Inc. Term Loan       Connolly Corp. Covenant-Lite 2nd Lien        
3.250% due 05/21/20 (Ê) 500 490 Term Loan        
American Commercial Lines LLC Term       8.000% due 05/14/22 (Ê)(Þ) 510   501
Loan B       CPI Card Group, Inc. Covenant-Lite        
1.000% due 11/06/20 (v) 223 195 Term Loan B        
Ancestry.com Inc. Term Loan B       6.750% due 08/17/22 (Ê) 180   176
5.000% due 08/17/22 1,097 1,083 Creative Artists Agency LLC Covenant-        
AP Gaming I LLC 1st Lien Term Loan B       Lite Term Loan B        
9.250% due 12/20/20 (Ê) 248 233 5.500% due 12/17/21 (Ê) 249   248
Arctic Glacier USA, Inc. Covenant-Lite       Crowne Group LLC 1st Lien Term Loan        
Term Loan       6.000% due 09/30/20 248   236
6.000% due 05/13/19 (Ê) 385 369 Dell International LLC Term Loan B2        
AssuredPartners, Inc. 1st Lien Term       4.000% due 04/29/20 (Ê) 496   495
Loan       Dollar Tree, Inc. 1st Lien Term Loan B1        
5.750% due 10/21/22 (Ê) 214 210 3.500% due 03/09/22 (Ê) 578   576
Asurion LLC Covenant-Lite 2nd Lien       Eastman Kodak Co. 1st Lien Term Loan        
Term Loan       7.250% due 09/03/19 (Ê) 248   210
8.500% due 03/03/21 (Ê) 250 210 EnergySolutions LLC Term Loan        
Asurion LLC Term Loan B4       6.750% due 05/29/20 (Ê) 125   104
5.000% due 08/04/22 (Ê) 1,245 1,135 eResearchTechnology, Inc. Term Loan B        
Avaya, Inc. Term Loan B7       5.500% due 05/11/22 (Ê) 498   484
6.250% due 05/29/20 (Ê) 1,982 1,324 First Data Corp. Term Loan B        
Berlin Packaging LLC 2nd Lien Term       4.425% due 07/10/22 (Ê) 1,000   980
Loan       Fitness International LLC Covenant-Lite        
7.750% due 10/01/22 (Ê) 1,000 939 Term Loan B        
BioScrip, Inc. Covenant-Lite 1st Lien       5.500% due 07/01/20 (Ê) 125   117
Term Loan B       Foundation Building Materials LLC 2nd        
6.500% due 07/31/20 (Ê) 991 887 Lien Term Loan        
BioScrip, Inc. Covenant-Lite Term Loan       11.500% due 10/06/23 (Þ) 590   555
6.500% due 07/31/20 (Ê) 594 532 FPC Holdings, Inc. 1st Lien Term Loan        
Blue Coat Systems, Inc. Term Loan       5.250% due 11/27/19 (Ê) 496   343
4.500% due 05/26/22 (Ê) 499 481          

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Income Fund 323

 

Russell Investment Company
Russell Multi-Strategy Income Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
    Amount ($) Value     Amount ($) Value
    or Shares $     or Shares $
FULLBEAUTY Brands Holding Corp.       Physio-Control International, Inc. 2nd      
2nd Lien Term Loan       Lien Term Loan      
10.000% due 09/22/23 250 218 10.000% due 05/05/23 1,090 984
FULLBEAUTY Brands, Inc. 1st Lien       PowerTeam Services, LLC Covenant-Lite      
Term Loan       2nd Lien Term Loan      
5.750% due 09/22/22 500 468 8.250% due 11/06/20 (Ê) 250 234
GENEX Holdings, Inc. 2nd Lien Term       Pre-Paid Legal Services, Inc. 2nd Lien      
Loan       Term Loan      
8.750% due 05/30/22 (Ê) 250 235 10.250% due 07/01/20 (Ê) 250 245
Genoa a QoL Healthcare Co LLC 2nd       Quincy Newspapers, Inc. Term Loan B      
Lien Term Loan       7.000% due 10/13/22 249 244
8.750% due 04/30/23 (Ê) 474 441 RentPath, Inc. Covenant-Lite 1st Lien      
Getty Images, Inc. Covenant-Lite Term       Term Loan      
Loan B       6.250% due 12/17/21 (Ê) 992 789
4.750% due 10/18/19 (Ê) 992 641 Rovi Solutions Corp. Syndicated Loans      
GTCR Valor Cos., Inc. 1st Lien Term       Covenant-Lite Term Loan B      
Loan       3.750% due 07/02/21 (Ê) 125 118
6.000% due 05/30/21 (Ê) 249 246 Royal Holdings, Inc. Term Loan      
IPC Corp. 2nd Lien Term Loan       8.500% due 06/19/23 (Ê) 390 378
10.500% due 02/06/22 (Ê) 250 200 RPI Finance Trust Term Loan B4      
J Crew Group, Inc. Covenant-Lite Term       3.500% due 12/11/20 496 495
Loan B       Sage Products Holdings III, LLC 2nd      
4.000% due 03/05/21 (Ê) 99 67 Lien Term Loan      
Jill Acquisition LLC Term Loan       9.250% due 06/13/20 (Ê) 330 329
6.000% due 05/04/22 522 509 Scientific Games International, Inc. Term      
Koosharem LLC Term Loan       Loan B2      
7.500% due 05/16/20 (Ê) 496 460 6.000% due 10/01/21 (Ê) 1,489 1,322
LTS Buyer LLC 2nd Lien Term Loan       SCS Holdings, Inc. 1st Lien Term Loan      
8.000% due 04/01/21 (Ê) 320 306 6.000% due 10/30/22 (Ê) 494 487
Match Group, Inc. Term Loan B1       SeaWorld Parks & Entertainment, Inc.      
5.500% due 11/16/22 (Ê) 203 202 Incremental Term Loan B3      
MCC Iowa LLC Term Loan H       4.000% due 05/14/20 (Ê) 443 430
3.250% due 01/29/21 (Ê) 496 488 Signode Industrial Group US, Inc.      
Media General, Inc. 1st Lien Term Loan       Covenant-Lite 1st Lien Term Loan B      
B       3.750% due 05/01/21 (Ê) 116 111
4.000% due 07/31/20 (Ê) 462 460 SIRVA Worldwide, Inc. Term Loan      
Mergermarket USA, Inc. 1st Lien Term       7.500% due 03/27/19 (Ê) 125 120
Loan       Spectrum Brands, Inc. Covenant-Lite      
4.500% due 02/04/21 (Ê) 887 858 Term Loan      
MSC.Software Corp. 1st Lien Term Loan       3.500% due 06/23/22 (Ê) 422 421
5.000% due 05/29/20 (Ê) 496 456 Staples, Inc. Term Loan B      
National Vision, Inc. Covenant-Lite 2nd       1.000% due 04/24/21 (Ê)(v) 1,500 1,488
Lien Term Loan       SterlingBackcheck, Inc. 2nd Lien Term      
6.750% due 03/13/22 (Ê) 1,280 1,210 Loan      
Navistar, Inc. 1st Lien Term Loan B       8.750% due 06/08/23 660 640
6.500% due 08/07/20 (Ê) 250 219 The Active Network, Inc. 1st Lien Term      
Neptune Finco Corp. Term Loan B       Loan      
5.000% due 10/09/22 (Ê) 250 249 5.500% due 11/15/20 (Ê) 496 477
New Millennium Holding Co., Inc. Exit       Transdigm, Inc. Term Loan E      
Term Loan       3.500% due 05/14/22 (Ê) 496 475
7.500% due 12/21/20 (Ê) 85 77 Tribune Media Co. Term Loan      
nTelos, Inc. Term Loan B       3.750% due 12/27/20 (Ê) 498 488
5.750% due 11/09/19 (Ê) 204 203 TTM Technologies, Inc. 1st Lien Term      
Numericable US LLC 1st Lien Term       Loan      
Loan B1       6.000% due 05/07/21 498 414
4.500% due 05/21/20 (Ê) 266 256 U.S. Renal Care Inc. 2nd Lien Term      
Numericable US LLC Term Loan       Loan      
4.500% due 01/31/23 250 240 9.000% due 11/06/23 1,030 1,008
Numericable US LLC Term Loan B2       Valeant Pharmaceuticals International,      
4.500% due 05/21/20 (Ê) 230 221 Inc. 1st Lien Term Loan B      
Ocwen Loan Servicing LLC Term Loan B       4.000% due 04/02/22 (Ê) 990 952
5.500% due 02/15/18 (Ê) 522 521 William Morris Endeavor Entertainment      
Patterson Medical Holdings Inc. 2nd       LLC Covenant-Lite Term Loan      
    Lien Term Loan       5.250% due 05/06/21 (Ê) 496 484
8.750% due 08/14/23 (Þ) 590 572 World Endurance Holdings Term Loan      
Petco Animal Supplies, Inc. Term Loan       5.250% due 06/26/21 (Ê) 125 122
1.000% due 01/11/23 (v) 250 245 Zebra Technologies Corp. Term Loan      
        4.750% due 10/27/21 (Ê) 1,420 1,419

 

See accompanying notes which are an integral part of this quarterly report.

324 Russell Multi-Strategy Income Fund

 

Russell Investment Company
Russell Multi-Strategy Income Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)    
    Principal Fair     Principal Fair
  Amount ($) Value   Amount ($) Value
    or Shares $   or Shares $
        48,469 6.000% due 04/28/28 COP 431,000   101
Mortgage-Backed Securities - 0.2%       Deutsche Bahn Finance BV          
Commercial Mortgage Trust         2.500% due 09/12/23 EUR 115   142
Series 2014-KYO Class A         Enel Finance International NV          
1.082% due 06/11/27 (Ê)(Þ)   150 149 5.625% due 08/14/24 GBP 80   133
JPMorgan Chase Commercial Mortgage         5.750% due 09/14/40 GBP 50   83
Securities Trust         European Investment Bank          
Series 2006-LDP9 Class A3         2.750% due 09/15/21 EUR 80   100
5.336% due 05/15/47   69 70 Fonterra Co.-operative Group, Ltd.          
Morgan Stanley Re-REMIC Trust         4.500% due 06/30/21 AUD 200   147
Series 2010-GG10 Class A4B         Hungary Government International Bond          
5.795% due 08/15/45 (Þ)   150 156 Series 18/C          
        375 2.500% due 06/22/18 HUF 16,050   57
Non-US Bonds - 6.6%         Series 19/A          
Abbey National Treasury Serices PLC         6.500% due 06/24/19 HUF 84,170   337
0.875% due 01/13/20 EUR 170 185 Series 20/B          
Alimentation Couche-Tard, Inc.         3.500% due 06/24/20 HUF 7,270   26
Series 2         Series 25/B          
3.319% due 11/01/19 CAD 170 126 5.500% due 06/24/25 HUF 100,040   414
Allianz Finance II BV         Iberdrola Finanzas SAU          
5.750% due 07/08/41 EUR 200 249 6.000% due 07/01/22 GBP 50   85
Aquarius & Investments PLC for Zurich         Indonesia Treasury Bond          
Insurance Co., Ltd.         Series FR56          
4.250% due 10/02/43 EUR 135 157 8.375% due 09/15/26 IDR 2,308,000   168
Aviva PLC         Series FR69          
6.625% due 06/03/41 GBP 100 153 7.875% due 04/15/19 IDR 4,369,000   314
3.875% due 07/03/44 EUR 100 106 Series FR70          
AXA SA         8.375% due 03/15/24 IDR 2,760,000   201
5.250% due 04/16/40 EUR 150 179 Series FR71          
Bank Nederlandse Gemeenten NV         9.000% due 03/15/29 IDR 8,872,000   661
Series EMTN         Kelda Finance No. 3 PLC          
3.000% due 10/25/21 EUR 75 95 Series REGS          
BMW Finance NV         5.750% due 02/17/20 GBP 100   149
3.625% due 01/29/18 EUR 70 81 KFW          
BNP Paribas SA         1.625% due 01/15/21 EUR 95   112
5.750% due 01/24/22 GBP 75 120 Malaysia Government International Bond          
2.375% due 02/17/25 EUR 100 106 Series 0114          
BNZ International Funding, Ltd.         4.181% due 07/15/24 MYR 1,670   409
Series GMTN         Series 0115          
4.000% due 03/08/17 EUR 70 79 3.955% due 09/15/25 MYR 1,070   259
Brazil Letras do Tesouro Nacional         Series 0210          
Series LTN         4.012% due 09/15/17 MYR 240   59
Zero coupon due 01/01/19 BRL 3,750 618 Series 0215          
0.010% due 07/01/19 BRL 300 46 3.795% due 09/30/22 MYR 100   24
Brazil Notas do Tesouro Nacional Serie B         Series 0414          
Series NTNB         3.654% due 10/31/19 MYR 1,260   307
6.000% due 08/15/50 BRL 160 97 Mexican Bonos          
Brazil Notas do Tesouro Nacional Serie F         Series M 20          
Series NTNF         10.000% due 12/05/24 MXN 9,762   688
10.000% due 01/01/23 BRL 790 154 Series M 30          
10.000% due 01/01/25 BRL 1,360 253 10.000% due 11/20/36 MXN 1,962   146
Bundesrepublik Deutschland         Series M          
1.500% due 05/15/24 EUR 115 139 5.000% due 12/11/19 MXN 9,297   511
Series 2007         Muenchener Rueckversicherungs-          
4.250% due 07/04/39 EUR 110 201 Gesellschaft AG in Muenchen          
Carrefour SA         6.000% due 05/26/41 EUR 100   128
1.750% due 07/15/22 EUR 100 113 NWEN Finance PLC          
Centrica PLC         5.875% due 06/21/21 GBP 100   148
4.375% due 03/13/29 GBP 100 151 Peruvian Government International Bond          
Claris ABS         Series REGS          
    Series 2012-1 Class REGS         6.950% due 08/12/31 PEN 260   68
0.412% due 10/31/60 (Ê) EUR 53 57 6.900% due 08/12/37 PEN 540   137
Colombian TES         Philippine Government International          
   Series B         Bond          
5.000% due 11/21/18 COP 285,000 81 Series 1060          
10.000% due 07/24/24 COP 1,661,000 547 3.625% due 09/09/25 PHP 3,000   60

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Income Fund 325

 

Russell Investment Company
Russell Multi-Strategy Income Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) Value   Amount ($) Value
    or Shares $     or Shares $
Poland Government International Bond           4.500% due 11/13/18 AUD 170 125
Series 0420           Tesco PLC        
1.500% due 04/25/20 PLN 400   95 5.000% due 03/24/23 GBP 120 165
Series 0718           Thailand Government Bond        
2.500% due 07/25/18 PLN 90   22 3.875% due 06/13/19 THB 4,250 128
Series 0725           3.850% due 12/12/25 THB 18,890 597
3.250% due 07/25/25 PLN 1,000   251 Turkey Government International Bond        
Series 0922           8.000% due 03/12/25 TRY 1,900 548
5.750% due 09/23/22 PLN 2,340   682 Series 5Y        
Series 1020           6.300% due 02/14/18 TRY 1,280 400
5.250% due 10/25/20 PLN 160   45 United Kingdom Gilt        
Province of Manitoba Canada           3.250% due 01/22/44 GBP 25 42
4.400% due 09/05/25 CAD 165   137 Unitymedia GmbH        
Province of Ontario Canada           Series REGS        
1.950% due 01/27/23 CAD 125   90 3.750% due 01/15/27 EUR 100 96
4.650% due 06/02/41 CAD 80   71 Vier Gas Transport GmbH        
Residential Mortgage Securities 22 PLC           2.000% due 06/12/20 EUR 100 115
Series 2006-22X Class A3A           Virgin Media Finance PLC        
0.944% due 11/14/39 (Ê) GBP 17   22 6.375% due 10/15/24 (Þ) GBP 100 142
Romania Government International Bond           WPP Finance Deutschland GmbH        
Series 10YR           1.625% due 03/23/30 EUR 100 97
5.950% due 06/11/21 RON 380   105         16,920
Series 10Y           United States Government Treasuries - 0.1%    
4.750% due 02/24/25 RON 450   117 United States Treasury Notes        
Series EMTN           0.875% due 10/15/18   100 100
2.875% due 10/28/24 EUR 50   57 1.500% due 12/31/18   185 188
RTE Reseau de Transport d'Electricite           3.000% due 11/15/45   20 21
SA                    
1.625% due 10/08/24 EUR 100   109         309
2.750% due 06/20/29 EUR 100   115 Total Long-Term Investments        
Russian Federal Bond - OFZ           (cost $147,897)       135,559
Series 6206           Common Stocks - 37.3%        
7.400% due 06/14/17 RUB 5,267   68 Consumer Discretionary - 3.4%        
Series 6208           361 Degrees International, Ltd.(Æ)   161,000 53
7.500% due 02/27/19 RUB 18,380   227 AMOREPACIFIC Group(Æ)   129 16
Series 6209           Barratt Developments PLC   39,105 336
7.600% due 07/20/22 RUB 6,540   77 Berkeley Group Holdings PLC   1,314 66
Series 6211           Bridgestone Corp.   500 18
7.000% due 01/25/23 RUB 13,100   148 Daimler AG   3,134 218
Series 6215           Diageo PLC   15,366 414
7.000% due 08/16/23 RUB 7,020   78 Dollar Tree, Inc.(Æ)   235 19
Santander Issuances SAU           Fast Retailing Co., Ltd.   200 65
2.500% due 03/18/25 EUR 100   102 Flight Centre, Ltd.   7,628 213
SGSP Australia Assets Pty, Ltd.           Fuji Heavy Industries, Ltd.   1,700 69
Series EMTN           Gap, Inc. (The)   5,752 142
2.000% due 06/30/22 EUR 100   108 Goodyear Tire & Rubber Co. (The)   4,016 114
Siviglia SPV SRL           Grupo Televisa SAB - ADR   13,707 363
Series 2012-1 Class A           Guangzhou Automobile Group Co., Ltd.   18,000 15
0.498% due 10/25/55 (Ê) EUR 63   66 Class H(Æ)        
Societe Generale SA           Home Depot, Inc. (The)   2,138 269
2.625% due 02/27/25 EUR 100   104 Honda Motor Co., Ltd.   14,100 382
South Africa Government International           Hyundai Motor Co.   4,974 558
Bond           Isuzu Motors, Ltd.   1,500 15
Series 2032           ITOCHU Corp.   5,400 64
8.250% due 03/31/32 ZAR 650   36 Kering   99 17
Series R186           Kose Corp.   200 19
10.500% due 12/21/26 ZAR 10,180   697 Las Vegas Sands Corp.   3,967 179
Series R203           lululemon athletica, Inc.(Æ)   506 31
8.250% due 09/15/17 ZAR 3,110   196 Makita Corp.   400 23
Series R214           Matas A/S   13,596 257
6.500% due 02/28/41 ZAR 4,350   190 McDonald's Corp.   3,684 456
Standard Chartered PLC           Mediaset Espana Comunicacion SA   2,527 25
4.000% due 10/21/25 EUR 100   104 Metropole Television SA   10,361 166
Telefonica Emisiones SAU           Michael Kors Holdings, Ltd.(Æ)   5,717 228
5.375% due 02/02/26 GBP 50   79 Netflix, Inc.(Æ)   1,136 104
Telstra Corp., Ltd.           Pearson PLC   7,072 80

 

See accompanying notes which are an integral part of this quarterly report.

326 Russell Multi-Strategy Income Fund

 

Russell Investment Company
Russell Multi-Strategy Income Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
      Principal Fair       Principal Fair
      Amount ($) Value       Amount ($) Value
      or Shares $       or Shares $
Persimmon PLC Class A(Æ) 11,910 347 BP PLC - ADR 19,195 621
Pola Orbis Holdings, Inc. 1,000 69 Cenovus Energy, Inc. 20,572 254
Polaris Industries, Inc. 688 51 Cheniere Energy, Inc.(Æ) 1,721 52
Priceline Group, Inc. (The)(Æ) 32 34 Chevron Corp. 2,955 256
Regal Entertainment Group Class A 9,095 157 Devon Energy Corp. 5,137 143
Renault SA 917 78 Diamondback Energy, Inc.(Æ) 3,791 286
Ryohin Keikaku Co., Ltd. 500 106 Enterprise Products Partners, LP 7,755 185
Sankyo Co., Ltd. 2,100 80 Exxon Mobil Corp. 5,884 458
SATS, Ltd. 70,400 192 Gamesa Corp. Tecnologica SA 2,115 39
Secom Co., Ltd. 4,861 339 Hanergy Thin Film Power Group, Ltd. 205,123 103
Shaw Communications, Inc. Class B 8,693 150 (Æ)        
Shenzhou International Group Holdings,       Helmerich & Payne, Inc. 1,513 77
  Ltd. 12,000 64 Husky Energy, Inc. 15,279 152
Shingakukai Co., Ltd. 18,484 97 Kinder Morgan, Inc. 22,342 368
Skechers U.S.A., Inc. Class A(Æ) 2,468 70 New Hope Corp., Ltd. 19,974 24
Societe Television Francaise 1 15,792 179 NextEra Energy Partners, LP 1,723 47
Starbucks Corp. 2,450 149 Occidental Petroleum Corp. 4,271 294
Sumitomo Electric Industries, Ltd. 2,600 34 Royal Dutch Shell PLC Class A 29,170 640
Tatts Group, Ltd. 32,947 98 Royal Dutch Shell PLC Class A 6,109 268
Taylor Wimpey PLC 121,289 334 - ADR(Æ)        
Toyota Boshoku Corp. 1,800 37 Statoil ASA Class N 20,225 281
Toyota Motor Corp. 1,300 79 Tallgrass Energy GP, LP Class A 2,280 35
Under Armour, Inc. Class A(Æ) 1,093 93 TGS Nopec Geophysical Co. ASA - ADR 2,015 29
United Business Media, Ltd. 31,801 238 Total SA 6,997 311
Vivendi SA - ADR 10,492 228 Ultrapar Participacoes SA 3,284 49
Wal-Mart Stores, Inc. 1,295 86 Vermilion Energy, Inc. 4,440 119
Wesfarmers, Ltd. 5,117 154 Williams Cos., Inc. (The) 6,215 120
XTEP International Holdings, Ltd.(Æ) 80,500 36 Woodside Petroleum, Ltd. 6,803 137
Yamaha Corp. 2,200 52         5,617
        8,625          
          Financial Services - 8.1%        
Consumer Staples - 4.1%         Aberdeen Asset Management PLC 29,537 104
Altria Group, Inc. 9,716 594 Activia Properties, Inc.(ö) 9 41
British American Tobacco PLC 8,638 480 ADO Properties SA(Æ)(Þ) 770 22
CK Hutchison Holdings, Ltd. 20,219 251 Aegon NV 5,800 33
Coca-Cola Co. (The) 29,904 1,284 Aeon Mall Co., Ltd. 2,600 40
GS Retail Co., Ltd.(Æ) 2,506 138 Aflac, Inc. 2,224 129
Hang Fat Ginseng Holdings Co., Ltd.(Æ) 500,000 2 Allianz SE 1,477 238
Imperial Tobacco Group PLC 7,129 386 Ally Financial, Inc.(Æ) 27,594 437
Japan Tobacco, Inc. 9,800 383 alstria office REIT-AG(Æ)(ö) 4,025 50
Kimberly-Clark Corp. 2,041 262 American Capital Agency Corp.(ö) 9,252 158
Koninklijke Ahold NV 4,102 93 Amlin PLC 4,548 43
KT&G Corp.(Æ) 1,599 138 AmTrust Financial Services, Inc. 637 36
MEIJI Holdings Co., Ltd. 600 50 Apartment Investment & Management 3,771 148
Nu Skin Enterprises, Inc. Class A 498 16 Co. Class A(ö)        
PepsiCo, Inc. 11,631 1,155 Arthur J Gallagher & Co. 2,935 111
Philip Morris International, Inc. 5,220 470 ASX, Ltd. - ADR 2,190 66
Procter & Gamble Co. (The) 18,425 1,505 AXA SA 13,158 326
Reynolds American, Inc. 10,427 521 Azimut Holding SpA 4,941 105
Rite Aid Corp.(Æ) 12,928 101 Bank Handlowy w Warszawie SA 654 12
Sprouts Farmers Market, Inc.(Æ) 2,750 63 Bank of Communications Co., Ltd. Class 228,188 140
Stock Spirits Group PLC 120,703 229 H        
Swedish Match AB 21,219 755 Beni Stabili SpA SIIQ(ö) 74,159 50
Sysco Corp. 10,774 429 Big Yellow Group PLC(ö) 8,221 90
Tesco PLC(Æ) 185,390 459 BOC Hong Kong Holdings, Ltd. 5,500 14
Unilever NV 9,380 418 Brixmor Property Group, Inc.(ö) 2,897 77
Unilever PLC 5,134 226 Buwog AG(Æ) 535 11
Woolworths, Ltd. 7,518 131 CapitaLand, Ltd. 20,800 45
          CBL & Associates Properties, Inc. 2,500 61
        10,539 Charles Schwab Corp. (The) 2,178 56
          Chesapeake Lodging Trust 2,000 51
Energy - 2.2%         Cheung Kong Property Holdings, Ltd. 28,000 152
AltaGas, Ltd. - ADR 1,502 35 China CITIC Bank Corp., Ltd. Class        
APA Group 14,319 87 H(Æ) 204,000 118
ARC Resources, Ltd. 4,710 63 China Construction Bank Corp. Class H 192,000 118
BP PLC 15,572 84 China Everbright Bank Co., Ltd. Class H 139,742 66

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Income Fund 327

 

Russell Investment Company
Russell Multi-Strategy Income Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal Fair       Principal Fair
      Amount ($) Value       Amount ($) Value
      or Shares $       or Shares $
China Life Insurance Co., Ltd. Class H 43,126   104 Japan Exchange Group, Inc. 5,300   75
China Merchants Bank Co., Ltd. Class H 25,000   49 Japan Prime Realty Investment Corp.(ö) 11   40
China Pacific Insurance Group Co., Ltd. 4,400   15 Japan Retail Fund Investment Corp.(ö) 32   68
Class H           Kilroy Realty Corp.(ö) 2,084   116
Chubb, Ltd.(Æ) 717   81 Klepierre - GDR(ö) 5,226   228
Cincinnati Financial Corp. 1,786   103 Lazard, Ltd. Class A 5,041   181
CIT Group, Inc. 17,580   516 Link REIT(ö) 18,000   103
Citigroup, Inc. 1,000   28 LondonMetric Property PLC(ö) 8,989   21
Citizens Financial Group, Inc. 30,918   657 Macerich Co. (The)(ö) 1,147   89
CME Group, Inc. Class A 2,023   182 Man Group PLC 27,544   65
Colony Capital, Inc. 1,000   24 Mapfre SA 3,820   9
Colony Starwood Homes(ö) 1,752   38 MasterCard, Inc. Class A 606   54
Commonwealth Bank of Australia - ADR 2,917   164 Merlin Properties Socimi SA(Æ)(ö) 3,915   46
CoreSite Realty Corp. Class A(ö) 760   49 Mid-America Apartment Communities,          
Corrections Corp. of America (ö) 8,662   250 Inc.(ö) 903   85
Credit Acceptance Corp.(Æ) 192   34 Mitsubishi Estate Co., Ltd. 8,000   159
Credit Agricole SA 4,446   44 Mitsubishi UFJ Financial Group, Inc. 22,100   114
Crown Castle International Corp.(ö) 1,078   93 Mitsui Fudosan Co., Ltd. 8,000   188
CyrusOne, Inc.(ö) 1,280   47 Mizuho Financial Group, Inc. 8,300   14
Dai-ichi Life Insurance Co., Ltd. (The) 3,300   46 Moscow Exchange MICEX-RTS PJSC 124,042   159
DDR Corp.(ö) 9,383   174 Muenchener Rueckversicherungs- 2,736   524
Deutsche Bank AG 4,589   81 Gesellschaft AG in Muenchen          
Deutsche Boerse AG 225   19 National Retail Properties, Inc. 2,200   55
Deutsche Wohnen AG 4,379   115 Natixis SA 3,127   15
Dexus Property Group(ö) 10,872   57 Nomura Holdings, Inc. 11,700   64
Douglas Emmett, Inc.(ö) 2,554   76 Nomura Real Estate Master Fund, Inc. 19   23
DuPont Fabros Technology, Inc. 2,000   51 (Æ)(ö)          
Education Realty Trust, Inc.(ö) 1,623   63 Nordea Bank AB 11,049   111
Empire State Realty Trust, Inc. Class           NorthStar Asset Management Group, Inc. 22,903   264
A(ö) 2,794   46 NSI NV(ö) 7,515   31
Equity LifeStyle Properties, Inc. Class           Omega Healthcare Investors, Inc.(ö) 4,170   132
A(ö) 553   36 Pennsylvania Real Estate Investment         50
Equity Residential(ö) 1,846   142 Trust 1,939    
Essex Property Trust, Inc.(ö) 694   148 People's United Financial, Inc. 10,927   157
Euler Hermes Group 365   31 Ping An Insurance Group Co. of  China, 16,000   73
Extra Space Storage, Inc.(ö) 1,541   140 Ltd. Class H          
Fifth Third Bancorp 24,595   389 PS Business Parks, Inc.(Æ) 5,486   139
Fonciere Des Regions(ö) 725   62 Public Storage(ö) 2,644   421
Four Corners Property Trust, Inc.(Æ) 1,043   18 QTS Realty Trust, Inc. Class A(ö) 1,116   52
GAM Holding AG(Æ) 5,595   79 Regency Centers Corp.(ö) 3,087   177
General Growth Properties, Inc.(ö) 3,413   96 Retail Properties of America, Inc.(Æ) 1,396   35
Genworth MI Canada, Inc. 11,192   194 RMB Holdings, Ltd. 792   3
Global Logistic Properties, Ltd. 41,741   50 Sampo OYJ Class A 6,474   313
GLP J-Reit(ö) 19   19 SBI Holdings, Inc. 14,400   144
Great-West Lifeco, Inc. 5,660   140 Scentre Group(ö) 36,874   114
Hammerson PLC(ö) 20,320   170 SCOR SE - ADR 7,848   274
Hang Seng Bank, Ltd. 10,600   176 Segro PLC(ö) 7,037   44
Hannover Rueck SE 2,986   314 Simon Property Group, Inc.(ö) 1,587   296
Hatteras Financial Corp.(ö) 11,338   139 Singapore Exchange, Ltd. 29,800   149
HCP, Inc.(ö) 1,474   53 SL Green Realty Corp.(ö) 449   43
Health Care REIT, Inc.(Æ)(ö) 6,853   426 Societe Generale SA 920   35
Healthcare Trust of America, Inc. Class           Sompo Japan Nipponkoa Holdings, Inc. 9,494   281
A(ö) 1,767   50 Spirit Realty Capital, Inc.(ö) 6,220   65
Henderson Land Development Co., Ltd. 13,000   71 Standard Chartered PLC 11,301   77
Hispania Activos Inmobiliarios SA(Æ) 2,495   31 STORE Capital Corp.(ö) 1,489   37
Hongkong Land Holdings, Ltd. 13,700   86 Sumitomo Mitsui Financial Group, Inc. 1,500   50
Host Hotels & Resorts, Inc.(ö) 6,159   85 Sun Communities, Inc.(ö) 1,549   103
HSBC Holdings PLC 21,137   149 Sun Hung Kai Properties, Ltd. 10,000   109
Hulic Reit, Inc.(ö) 49   71 Svenska Handelsbanken AB Class A 16,245   204
ING Groep NV 5,756   66 T&D Holdings, Inc. 1,200   14
Insurance Australia Group, Ltd. 64,553   243 Thomson Reuters Corp. 705   26
Intact Financial Corp. 658   39 Tokio Marine Holdings, Inc. 2,100   75
Interactive Brokers Group, Inc. Class A 1,114   36 Travelers Cos., Inc. (The) 1,179   126
Intesa Sanpaolo SpA 54,325   155 Tryg A/S 10,650   203
Iron Mountain, Inc.(ö) 10,709   295 Two Harbors Investment Corp.(ö) 46,257   352
Israel Corp., Ltd. (The)(Æ) 196   33 UDR, Inc.(ö) 4,170   148

 

See accompanying notes which are an integral part of this quarterly report.

328 Russell Multi-Strategy Income Fund

 

Russell Investment Company
Russell Multi-Strategy Income Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
      Principal Fair       Principal Fair
      Amount ($) Value       Amount ($) Value
      or Shares $       or Shares $
Unibail-Rodamco SE(ö) 1,176 297 CF Industries Holdings, Inc. 1,757 53
UNITE Group PLC (The) 2,436 22 China Lesso Group Holdings, Ltd.(Æ) 71,000 39
Urstadt Biddle Properties, Inc. 2,125 55 Dongpeng Holdings Co., Ltd.(Æ) 138,000 60
VEREIT, Inc. 3,300 80 Dongyue Group(Æ) 122,000 24
Vicinity Centres(Æ)(ö) 45,275 94 Dow Chemical Co. (The) 5,240 220
Visa, Inc. Class A 219 16 Eregli Demir ve Celik Fabrikalari TAS 5,402 6
Vornado Realty Trust(ö) 4,399 231 Greatview Aseptic Packaging Co., Ltd. 135,000 56
Wells Fargo & Co. 24,552 1,233     (Æ)        
Wereldhave NV(ö) 2,553 139 Hyosung Corp.(Æ) 401 37
Westfield Corp.(ö) 3,646 26 Israel Chemicals, Ltd. 22,486 92
Westpac Banking Corp. 9,615 212 James Hardie Industries PLC 6,396 73
Zions Bancorporation 17,100 388 K&S AG 2,532 53
Zurich Insurance Group AG(Æ) 41 9 Kingboard Laminates Holdings, Ltd.(Æ) 127,500 51
        20,810 Koza Altin Isletmeleri AS 26,746 115
          Kukdo Chemical Co., Ltd.(Æ) 478 24
 
Health Care - 3.6%         LG Chem, Ltd.(Æ) 207 51
AbbVie, Inc. 3,102 170 Masco Corp. 3,121 82
Acadia Healthcare Co., Inc.(Æ) 3,415 208 Mosaic Co. (The) 6,467 156
As One Corp. 3,981 139 Nippon Fine Chemical Co., Ltd. 13,141 86
AstraZeneca PLC 3,127 200 Nippon Steel & Sumitomo Metal Corp. 2,800 50
AstraZeneca PLC - ADR 9,948 321 Nitto FC Co., Ltd. 19,585 138
Bristol-Myers Squibb Co. 2,455 153 Norsk Hydro ASA 2,178 7
Centene Corp.(Æ) 2,292 142 Novolipetsk Steel AO 105,838 93
Chugai Pharmaceutical Co., Ltd. 700 21 Potash Corp. of Saskatchewan, Inc. 2,743 45
Daiichi Sankyo Co., Ltd. 5,200 109 Rio Tinto PLC 1,201 30
Edwards Lifesciences Corp.(Æ) 768 60 Shimano, Inc. 300 48
Eisai Co., Ltd. 1,500 91 Siemens AG(Æ) 2,216 212
          Sinopec Oilfield Service Corp. Class        
Eli Lilly & Co. 2,310 183   179,023 40
                H(Æ)        
GlaxoSmithKline PLC - ADR 58,556 1,206 South32, Ltd.(Æ) 20,290 14
Hanmi Pharm Co., Ltd.(Æ) 25 15 Tipco Asphalt PCL(Æ) 168,000 158
Hanmi Science Co. ltd(Æ) 393 52 Tongyang, Inc.(Æ) 18,610 44
Illumina, Inc.(Æ) 695 110 TOTO, Ltd. 1,200 39
Jazz Pharmaceuticals PLC(Æ) 237 30 Westlake Chemical Corp. 354 16
Johnson & Johnson 14,031 1,465 Xinyi Glass Holdings, Ltd. 32,000 16
Kaken Pharmaceutical Co., Ltd. 300 20 Yara International ASA 3,728 142
Medikit Co., Ltd. 621 19          
Merck & Co., Inc. 8,091 410         3,301
Millennium Health LLC(Æ) 2,491 29          
Mylan NV(Æ) 337 18 Producer Durables - 4.8%        
Nakanishi, Inc. 2,020 79 3M Co. 904 137
Novartis AG 9,421 731 Abertis Infraestructuras SA 17,644 264
Novo Nordisk A/S Class B 939 52 Accenture PLC Class A 2,919 308
Pfizer, Inc. 40,104 1,223 Aena SA(Æ)(Þ) 1,321 147
Roche Holding AG 1,840 479 AerCap Holdings NV(Æ) 764 23
Sanofi - ADR 5,436 456 Aeroports de Paris 771 87
Sonic Healthcare, Ltd. 9,229 121 Air Lease Corp. Class A 520 13
Stryker Corp. 4,849 481 Alaska Air Group, Inc. 450 32
Sysmex Corp. 300 19 Amada Holdings Co., Ltd. 2,000 19
Takeda Pharmaceutical Co., Ltd. 4,300 208 Atlantia SpA 11,736 307
Taro Pharmaceutical Industries, Ltd.(Æ) 109 16 Auckland International Airport, Ltd. 59,511 215
Valeant Pharmaceuticals International,         Automatic Data Processing, Inc. 3,160 263
  Inc.(Æ) 288 26 Babcock & Wilcox Co. (The) 7,767 233
Veeva Systems, Inc. Class A(Æ) 3,358 81 BAE Systems PLC 69,793 515
Zoetis, Inc. Class A 984 42 BBA Aviation PLC 42,348 99
        9,185 Boeing Co. (The) 1,834 220
          Brambles, Ltd. 2,185 18
Materials and Processing - 1.3%       Canon, Inc. 15,229 426
Agrium, Inc.(Æ) 1,419 123 Central Japan Railway Co. 500 93
          China Railway Construction Corp., Ltd.        
Alrosa PAO 176,900 145   18,723 19
              Class H        
Alumina, Ltd. 170,471 128 China Railway Group, Ltd. Class H 33,000 24
Amcor, Ltd. Class A 5,018 48 Cobham PLC 104,436 380
APERAM SA(Æ) 1,603 50 Colfax Corp.(Æ) 4,652 103
BASF SE 3,049 202 ComfortDelGro Corp., Ltd. 45,700 91
BHP Billiton PLC 3,360 33 COSCO Pacific, Ltd.(Þ) 62,000 70
BHP Billiton, Ltd. - ADR 18,383 202 Coway Co., Ltd.(Æ) 315 26

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Income Fund 329

 

Russell Investment Company
Russell Multi-Strategy Income Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
      Principal Fair       Principal Fair
      Amount ($) Value       Amount ($) Value
      or Shares $       or Shares $
CRRC Corp., Ltd.(Æ) 129,000 121 Cisco Systems, Inc. 5,821 138
Cummins, Inc. 865 78 CommScope Holding Co., Inc.(Æ) 794 18
Danone SA 10,867 749 Corning, Inc. 4,295 80
Denso Corp. 400 17 Cosel Co., Ltd. 21,239 176
Deutsche Post AG 5,854 142 Ei Towers SpA 1,901 110
Duerr AG 229 15 Electronic Arts, Inc.(Æ) 2,679 173
Eaton Corp. PLC 2,345 118 Eutelsat Communications SA(Æ) 5,969 194
Emerson Electric Co. 4,523 208 Facebook, Inc. Class A(Æ) 3,022 339
Ferrovial SA(Æ) 10,464 231 Icom, Inc. 4,043 72
Flughafen Zuerich AG 421 311 Infineon Technologies AG - ADR 1,155 15
G4S PLC 68,544 223 Intel Corp. 9,344 290
Genesee & Wyoming, Inc. Class A(Æ) 308 15 International Business Machines Corp. 2,061 257
Groupe Eurotunnel SE 27,908 322 IPG Photonics Corp.(Æ) 270 22
Grupo Aeroportuario del Pacifico SAB de 2,657 223 Lectra 8,960 114
CV - ADR         Microchip Technology, Inc. 4,393 197
Hamburger Hafen und Logistik AG 9,825 137 Micron Technology, Inc.(Æ) 2,420 27
Hino Motors, Ltd. 1,400 16 Microsoft Corp. 29,109 1,604
JetBlue Airways Corp.(Æ) 5,171 110 Mitsubishi Electric Corp. 3,000 28
Jiangsu Expressway Co., Ltd. Class H 80,000 95 NetEase, Inc. - ADR 360 56
Kitagawa Industries Co., Ltd. 8,131 83 Nexon Co., Ltd. 2,100 34
Kubota Corp. 1,000 15 NTT DOCOMO, Inc. 17,139 382
Kuehne & Nagel International AG 727 96 Obic Co., Ltd. 300 16
Lockheed Martin Corp. 2,080 439 Oracle Corp. 32,797 1,191
Macquarie Infrastructure Corp. 4,152 278 Otsuka Corp.(Æ) 700 35
Meggitt PLC 62,784 327 QUALCOMM, Inc. 5,561 252
Mitsubishi Corp. 1,000 16 Rogers Communications, Inc. Class B 27,506 942
MTR Corp., Ltd. 25,000 114 Seagate Technology PLC 11,936 347
Nestle SA 8,730 643 SINA Corp.(Æ) 1,550 71
Oesterreichische Post AG 3,956 141 Skyworks Solutions, Inc. 2,817 194
OHL Mexico SAB de CV(Æ) 32,608 30 Sony Corp. 2,200 53
Orkla ASA 43,236 350 Tableau Software, Inc. Class A(Æ) 1,531 123
Qantas Airways, Ltd.(Æ) 2,359 7 Taiwan Semiconductor Manufacturing        
Raytheon Co. 806 103        Co., Ltd. - ADR 8,641 193
RR Donnelley & Sons Co. 13,238 185 Telefonaktiebolaget LM Ericsson Class B 4,098 36
Secom Joshinetsu Co., Ltd. 5,002 150 Telesites SAB de CV(Æ) 41,463 25
Shanghai Electric Group Co., Ltd. Class 124,669 55 Texas Instruments, Inc. 5,620 297
H         Vodafone Group PLC 265,982 851
Shanghai Jinjiang International         VTech Holdings, Ltd. 7,300 73
Industrial Investment Co., Ltd. Class 37,200 68 Yahoo!, Inc.(Æ) 1,943 57
B(Æ)                 11,621
Shimadzu Corp. 2,000 31          
Skanska AB Class B 11,926 229          
Spirit Airlines, Inc.(Æ) 2,375 99 Utilities - 5.3%        
          Aguas Andinas SA Class A 94,907 48
Tecnicas Reunidas SA 505 17 Alliant Energy Corp. 1,199 78
Transurban Group - ADR(Æ) 79,731 611 Ameren Corp. 5,904 265
Trinity Industries, Inc. 3,166 68 America Movil SAB de CV 829,267 585
Union Pacific Corp. 490 35 American Water Works Co., Inc. 1,803 117
United Continental Holdings, Inc.(Æ) 649 31 AT&T, Inc. 12,918 466
United Parcel Service, Inc. Class B 847 79 Atmos Energy Corp. 660 46
United Rentals, Inc.(Æ) 1,943 93 Canadian Natural Resources, Ltd. 7,756 166
United Technologies Corp. 1,007 88 CenturyLink, Inc. 11,201 285
Vinci SA 4,097 278 China Power International Development,      
Waste Management, Inc. 3,097 164   209,000 94
             Ltd.(Æ)        
Westshore Terminals Investment Corp. 3,701 35 China Resources Power Holdings Co.,        
Zhejiang Expressway Co., Ltd. Class H 36,000 31   Ltd. 24,000 41
        12,252 Chugoku Electric Power Co., Inc. (The) 3,300 44
          CMS Energy Corp. 3,515 137
Technology - 4.5%         Deutsche Telekom AG 10,401 181
Alphabet, Inc. Class A(Æ) 1,608 1,224 Dominion Resources, Inc. 4,392 317
Analog Devices, Inc. 2,092 113 DTE Energy Co. 1,241 106
Apple, Inc. 6,052 589 Duke Energy Corp. 6,828 514
ARRIS International PLC(Æ) 572 15 Edison International 3,500 216
Avago Technologies, Ltd. Class A 136 18 Electric Power Development Co., Ltd. 1,500 51
BCE, Inc. 10,693 431 Enagas SA 4,518 132
CA, Inc. 1,940 56 Enbridge, Inc. 6,717 233
Cellnex Telecom SAU(Æ)(Þ) 5,385 93 Engie SA 13,150 211

 

See accompanying notes which are an integral part of this quarterly report.

330 Russell Multi-Strategy Income Fund

 

Russell Investment Company
Russell Multi-Strategy Income Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)    
      Principal Fair     Principal   Fair
      Amount ($) Value   Amount ($)   Value
      or Shares $   or Shares   $
Entergy Corp. 4,422 312 ING Groep NV 2,500   65
Eversource Energy 3,591 193 JPMorgan Chase & Co. 1,800   46
Exelon Corp. 17,043 504 Morgan Stanley 10,750   287
Gas Natural SDG SA 8,440 166 National Westminster Bank PLC 900   23
KDDI Corp. 2,900 73 PartnerRe, Ltd. 5,399   155
National Grid PLC 55,830 787 PNC Financial Services Group, Inc. 1,500   42
NextEra Energy, Inc. 4,456 498 (The)        
Nippon Telegraph & Telephone Corp. 4,500 191 PrivateBancorp, Inc. 711   19
NiSource, Inc. 1,802 38 RBS Capital Funding Trust VI 1,000   25
Pattern Energy Group, Inc. Class A 4,603 87 Regions Financial Corp. 2,223   59
PG&E Corp. 4,770 262 Reinsurance Group of America, Inc. 1,000   29
Power Assets Holdings, Ltd. 18,500 169 SunTrust Banks, Inc. 801   21
PPL Corp. 34,727 1,218 US Bancorp 1,000   28
Proximus 2,900 100 Wells Fargo & Co. 6,282   166
Scottish & Southern Energy PLC 13,926 289 Wells Fargo Real Estate Investment 1,200   32
Sempra Energy 2,219 210 Corp.        
Singapore Telecommunications, Ltd. 97,566 240 WR Berkley Corp. 1,500   38
Snam Rete Gas SpA 43,740 245         1,847
Southern Co. (The) 4,044 198 Health Care - 0.0%        
Spark Infrastructure Group 34,326 48 Sartorius AG 260   67
Swisscom AG 654 325          
TalkTalk Telecom Group PLC 25,622 81 Materials and Processing - 0.0%        
TECO Energy, Inc. 7,175 195 LG Chem, Ltd. 80   15
Telenor ASA 11,082 180          
Telkom SA SOC, Ltd. 2,036 8 Utilities - 0.1%        
Telstra Corp., Ltd. 116,878 470 Integrys Holding, Inc. 1,000   26
TELUS Corp. 5,724 159 NextEra Energy Capital Holdings, Inc. 1,700   44
Terna Rete Elettrica Nazionale SpA 72,373 387 Qwest Corp. 3,400   87
Tohoku Electric Power Co., Inc. 3,600 45 SCE Trust IV 5,300   142
Tokyo Gas Co., Ltd. 9,000 41         299
TransCanada Corp. 10,040 349 Total Preferred Stocks        
United Utilities Group PLC 9,521 130          
Verizon Communications, Inc. 8,910 445 (cost $2,530)       2,582
WEC Energy Group, Inc. 8,222 454          
Xcel Energy, Inc. 3,752 143 Options Purchased - 0.1%        
          (Number of Contracts)        
        13,573 EURO STOXX 50 Index        
             Apr 2016 3,092.47 Call (1,576) EUR 4,874 (ÿ) 177
Total Common Stocks         Total Options Purchased        
(cost $105,405)       95,523 (cost $203)       177
Preferred Stocks - 1.0%                  
Consumer Discretionary - 0.1%         Short-Term Investments - 7.1%        
CHS, Inc. 4,762 127 Brazil Letras do Tesouro Nacional        
GMAC Capital Trust I 3,999 102 Series LTN        
        229 Zero coupon due 01/01/17 BRL 900   199
Energy - 0.1%         Malaysia Government International Bond        
Southern Co. (The) 4,700 125 Series 1/06        
          4.262% due 09/15/16 MYR 700   170
Financial Services - 0.7%         Mexico Government International Bond        
Aegon NV 2,000 52 5.625% due 01/15/17 30   31
Allstate Corp. (The) 1,750 48 Optima Specialty Steel, Inc.        
American Financial Group, Inc. 3,300 83 12.500% due 12/15/16 (Þ) 1,000   835
Bank of America Corp. 1,925 49 Poland Government International Bond        
Barclays Bank PLC 3,700 97 Series 1016        
Charles Schwab Corp. (The) 1,500 39 4.750% due 10/25/16 PLN 540   136
Citigroup Capital XIII 2,300 59 Russell U.S. Cash Management Fund 15,867,354 (8) 15,867
Citigroup, Inc. 1,900 48 Russian Federal Bond - OFZ        
CoBank ACB 700 72 Series 6203        
Deutsche Bank Contingent Capital Trust       6.900% due 08/03/16 RUB 5,960   78
  1,482 38          
   III         Turkey Government International Bond        
Endurance Specialty Holdings, Ltd. 2,000 52 0.010% due 12/14/16 TRY 610   189
Fifth Third Bancorp 1,500 42 United States Treasury Notes        
First Republic Bank 2,000 51 1.500% due 07/31/16 135   136
Hanover Insurance Group, Inc. (The) 2,000 51 WPX Energy, Inc.        
Hartford Financial Services Group, Inc. 1,000 31 5.250% due 01/15/17 580   555
   (The)                  

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Income Fund 331

 

Russell Investment Company
Russell Multi-Strategy Income Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)  
Principal Fair
Amount ($) Value
or Shares $
Total Short-Term Investments  
(cost $18,347) 18,196
Total Investments 98.4%  
(identified cost $274,382) 252,037
 
Other Assets and Liabilities,  
Net - 1.6% 4,027
 
Net Assets - 100.0% 256,064

 

See accompanying notes which are an integral part of this quarterly report.

332 Russell Multi-Strategy Income Fund

 

Russell Investment Company
Russell Multi-Strategy Income Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Restricted Securities                        
 
Amounts in thousands (except share and cost per unit amounts)                    
 
        Principal   Cost per   Cost   Fair Value  
% of Net Assets   Acquisition   Amount ($)   Unit   (000 ) (000 )
Securities   Date   or shares   $   $   $  
0.7%                      
1011778 BC ULC / New Red Finance, Inc.   05/14/15 500,000 100.00 500 502  
Berry Plastics Corp.   09/16/15 28,000 100.00 28 29  
Blue Coat Holdings, Inc.   05/19/15 250,000 100.00 250 252  
Building Materials Corp. of America   09/22/15 55,000 100.00 55 56  
Cole Park CLO, Ltd.   10/30/15 250,000 89.84 225 195  
Constellis Holdings LLC / Constellis Finance Corp.   05/06/15 500,000 99.57 498 382  
Energizer Holdings, Inc.   05/15/15 125,000 96.04 120 116  
Fresenius US Finance II, Inc.   09/16/15 25,000 100.00 25 25  
Frontier Communications Corp.   09/11/15 125,000 99.78 125 125  
Mallinckrodt International Finance SA / Mallinckrodt CB LLC   09/09/15 28,000 100.00 28 26  
Neptune Finco Corp.   09/25/15 28,000 100.00 28 29  
                      1,737  
For a description of restricted securities see note 7 in the Notes to Quarterly Report.                

 

Futures Contracts                  
 
Amounts in thousands (except contract amounts)                  
                Unrealized  
                Appreciation  
    Number of   Notional   Expiration (Depreciation)  
    Contracts   Amount   Date $  
Long Positions                  
EURO STOXX 50 Index Futures 89 EUR 2,695 03/16 (175 )
MSCI EAFE Mini Index Futures 19 USD 1,522 03/16 (77 )
MSCI Emerging Markets Mini Index Futures 6 USD 224 03/16 (8 )
Russell 1000 Mini Index Futures 4 USD 426 03/16 (20 )
S&P 500 E-Mini Index Futures 89 USD 8,589 03/16 (387 )
S&P Consumer Discretionary Select Sector Index Futures 34 USD 2,527 03/16 (192 )
S&P Financial Select Sector Index Futures 225 USD 12,156 03/16 (399 )
S&P Mid 400 E-Mini Index Futures 5 USD 657 03/16 (30 )
United States 2 Year Treasury Note Futures 11 USD 2,405 03/16 12  
United States 5 Year Treasury Note Futures 31 USD 3,741 03/16 63  
United States 10 Year Treasury Note Futures 16 USD 2,073 03/16 48  
United States Long Bond Futures 4 USD 644 03/16 23  
Short Positions                  
Amsterdam Index Futures 1 EUR 86 02/16 (2 )
CAC40 Euro Index Futures 6 EUR 265 02/16 (1 )
Dax Index Futures 1 EUR 244 03/16 16  
Dow Jones U.S. Real Estate Index Futures 368 USD 10,396 03/16 (199 )
FTSE 100 Index Futures 46 GBP 2,763 03/16 (41 )
IBEX 35 Index Futures 1 EUR 88 02/16 3  
MSCI Emerging Markets Mini Index Futures 20 USD 748 03/16 27  
OMXS30 Index Futures 2 SEK 270 02/16 —  
S&P Energy Select Sector Index Futures 23 USD 1,335 03/16 91  
S&P Utilities Select Sector Index Futures 96 USD 4,371 03/16 (374 )
S&P/TSX 60 Index Futures 17 CAD 2,559 03/16 (9 )
SPI 200 Index Futures 14 AUD 1,738 03/16 (19 )
TOPIX Index Futures 2 JPY 28,780 03/16 15  
United States 10 Year Treasury Note Futures 36 USD 4,665 03/16 (119 )
United States Ultra Bond Futures 1 USD 166 03/16 (7 )
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)               (1,761 )

 

Options Written                  
Amounts in thousands (except contract amounts)                
    Number of Strike Notional   Expiration Fair Value  
  Call/Put Contracts Price   Amount   Date $  
EURO STOXX 50 Index Call 1,576 3,479.03 EUR 5,483 04/08/16 (12 )

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Income Fund 333

 

Russell Investment Company
Russell Multi-Strategy Income Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Options Written                            
Amounts in thousands (except contract amounts)                          
    Number of   Strike     Notional   Expiration Fair Value  
  Call/Put Contracts   Price     Amount   Date $  
EURO STOXX 50 Index Put 1,576   2,880.24 EUR 4,539 04/08/16 (134 )
Total Liability for Options Written (premiums received $203)                       (146 )
Transactions in options written contracts for the period ended January 31, 2016 were as follows:          
        Number of     Premiums        
          Contracts     Received        
Outstanding October 31, 2015         —   $   —        
Opened       378,158   293      
Closed     (375,006 )   (90 )      
Expired         —     —        
Outstanding January 31, 2016         3,152 $   203      

 

Foreign Currency Exchange Contracts                
Amounts in  thousands                
              Unrealized  
              Appreciation  
    Amount    Amount   (Depreciation)  
Counterparty   Sold    Bought Settlement Date $  
Bank of America USD 10 EUR   9 02/01/16 —  
Bank of America USD 10 EUR   9 02/01/16 —  
Bank of America USD 12 EUR   11 02/01/16 —  
Bank of America USD 12 EUR   11 02/02/16 —  
Bank of America USD 12 EUR   11 02/02/16 —  
Bank of America USD 13 EUR   12 02/02/16 (1 )
Bank of America USD 11 JPY   1,288 02/03/16 —  
Bank of America USD 12 JPY   1,450 02/03/16 —  
Bank of America EUR 13 USD   15 02/01/16 —  
Bank of America JPY 1,186 USD   10 02/03/16 —  
Bank of America JPY 1,516 USD   13 02/03/16 —  
Barclays USD 65 BRL   265 02/02/16 1  
Barclays USD 66 BRL   265 02/02/16 1  
Barclays USD 70 HUF   20,329 02/16/16 1  
Barclays USD 55 INR   3,686 02/16/16 (1 )
Barclays USD 12 MXN   213 02/16/16 —  
Barclays USD 50 MXN   930 02/16/16 1  
Barclays USD 62 RON   258 02/16/16 (1 )
Barclays USD 140 THB   5,104 02/16/16 3  
Barclays USD 29 TRY   88 02/16/16 1  
Barclays USD 32 ZAR   534 02/16/16 1  
Barclays BRL 265 USD   66 02/02/16 (1 )
Barclays BRL 265 USD   66 02/02/16 —  
Barclays BRL 265 USD   64 03/02/16 (1 )
Barclays HUF 24,659 USD   85 02/16/16 (1 )
Barclays IDR 382,538 USD   27 02/16/16 (1 )
Credit Suisse USD 997 EUR   905 03/16/16 (15 )
Credit Suisse EUR 190 USD   206 03/16/16 —  
HSBC USD 2,786 EUR   2,550 03/16/16 (21 )
HSBC USD 1,238 GBP   825 03/16/16 (62 )
HSBC USD 112 JPY   13,750 03/16/16 2  
HSBC AUD 520 USD   373 03/16/16 5  
HSBC AUD 560 USD   401 03/16/16 6  
HSBC CAD 270 USD   199 03/16/16 6  
HSBC CAD 1,300 USD   956 03/16/16 28  
HSBC CHF 380 USD   384 03/16/16 13  
HSBC EUR 2,835 USD   3,097 03/16/16 23  
HSBC GBP 2,390 USD   3,585 03/16/16 180  
HSBC NOK 6,215 USD   708 03/16/16 (8 )
HSBC SEK 1,805 USD   213 03/16/16 2  
JPMorgan Chase USD 55 INR   3,686 02/16/16 (1 )

 

See accompanying notes which are an integral part of this quarterly report.

334 Russell Multi-Strategy Income Fund

 

Russell Investment Company
Russell Multi-Strategy Income Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                
Amounts in  thousands                
              Unrealized  
              Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
JPMorgan Chase USD 12 MXN   213 02/16/16 —  
JPMorgan Chase USD 29 TRY   88 02/16/16 1  
JPMorgan Chase HUF 24,659 USD   85 02/16/16 (1 )
JPMorgan Chase IDR 382,538 USD   27 02/16/16 —  
Royal Bank of Canada USD 2,782 EUR   2,550 03/16/16 (17 )
Royal Bank of Canada USD 1,238 GBP   825 03/16/16 (62 )
Royal Bank of Canada USD 112 JPY   13,750 03/16/16 2  
Royal Bank of Canada AUD 520 USD   373 03/16/16 6  
Royal Bank of Canada AUD 560 USD   402 03/16/16 7  
Royal Bank of Canada CAD 270 USD   199 03/16/16 6  
Royal Bank of Canada CAD 1,300 USD   956 03/16/16 28  
Royal Bank of Canada CHF 380 USD   384 03/16/16 13  
Royal Bank of Canada EUR 2,835 USD   3,093 03/16/16 19  
Royal Bank of Canada GBP 2,390 USD   3,587 03/16/16 182  
Royal Bank of Canada NOK 6,215 USD   708 03/16/16 (8 )
Royal Bank of Canada SEK 1,805 USD   213 03/16/16 2  
Standard Chartered USD 55 INR   3,686 02/16/16 (1 )
Standard Chartered USD 12 MXN   213 02/16/16 —  
Standard Chartered USD 29 TRY   88 02/16/16 1  
Standard Chartered IDR 382,538 USD   27 02/16/16 (1 )
State Street USD 1,408 CAD   2,020 03/16/16 34  
State Street USD 600 CHF   590 03/16/16 (23 )
State Street USD 1 EUR   1 02/01/16 —  
State Street USD 608 GBP   410 03/16/16 (23 )
State Street USD 500 NOK   4,360 03/16/16 2  
UBS USD 250 CHF   250 03/16/16 (6 )
UBS USD 55 INR   3,686 02/16/16 (1 )
UBS USD 431 JPY   53,000 03/16/16 7  
UBS USD 12 MXN   213 02/16/16 —  
UBS USD 62 RON   258 02/16/16 (1 )
UBS IDR 382,538 USD   27 02/16/16 —  
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts         326  

 

Credit Default Swap Contracts                
Amounts in thousands                  
Credit Indices                  
          Fund (Pays)/        
          Receives   Termination Fair Value  
Reference Entity      Counterparty Notional Amount   Fixed Rate   Date $  
CDX NA High Yield Index Morgan Stanley USD 9,600 5.000 % 12/20/20 (1 )
Total Fair Value on Open Credit Indices Premiums Paid (Received) - ($26)             (1 )

 

See accompanying notes which are an integral part of this quarterly report.

Russell Multi-Strategy Income Fund 335

 

Russell Investment Company
Russell Multi-Strategy Income Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Consolidated Presentation of Portfolio Holdings                      
Amounts in thousands                          
          Fair Value            
Portfolio Summary   Level 1     Level 2      Level 3    Total  
Long-Term Investments                          
Asset-Backed Securities $ —   $ 369   $   — $   369  
Corporate Bonds and Notes —   44,449     —   44,449  
International Debt —   24,668     —   24,668  
Loan Agreements —   48,469     —   48,469  
Mortgage-Backed Securities —   375     —   375  
Non-US Bonds —   16,920     —   16,920  
United States Government Treasuries —   309     —   309  
Common Stocks                          
Consumer Discretionary 2,695   5,930     —   8,625  
Consumer Staples   6,400     4,139       —     10,539  
Energy   3,882     1,632       103     5,617  
Financial Services   11,431     9,379       —     20,810  
Health Care   5,139     4,046       —     9,185  
Materials and Processing   695     2,606       —     3,301  
Producer Durables   3,968     8,284       —     12,252  
Technology   9,339     2,282       —     11,621  
Utilities   8,844     4,729       —     13,573  
Preferred Stocks                    
Consumer Discretionary 102   127     —   229  
Energy   125     —       —     125  
Financial Services   1,757     90       —     1,847  
Health Care   —     67       —     67  
Materials and Processing   —     15       —     15  
Utilities   299     —       —     299  
Options Purchased 177   —     —   177  
Short-Term Investments —   18,196     —   18,196  
Total Investments 54,853   197,081     103   252,037  
 
Other Financial Instruments                          
Futures Contracts (1,761 ) —     —   (1,761 )
Options Written (146 ) —     —   (146 )
Foreign Currency Exchange Contracts (1 ) 327     —   326  
Credit Default Swap Contracts —   (1 )   —   (1 )
Total Other Financial Instruments* $ (1,908 ) $ 326   $   — $   (1,582 )

 

*    Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.

For a description of the Levels see note 2 in the Notes to Quarterly Report.
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to
Quarterly Report.
Investments in which significant unobservable inputs (Level 3) were used in determining a fair value for the period ended January
31, 2016 were less than 1% of net assets.

See accompanying notes which are an integral part of this quarterly report.

336 Russell Multi-Strategy Income Fund

 

Russell Investment Company
Russell Strategic Call Overwriting Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Common Stocks - 91.8%       Nielsen Holdings PLC(Æ) 237 11
Consumer Discretionary - 13.7%       Nike, Inc. Class B 8,514 528
Abercrombie & Fitch Co. Class A 705 18 Pandora Media, Inc.(Æ) 1,810 18
Advance Auto Parts, Inc. 242 37 PulteGroup, Inc. 2,943 49
Amazon.com, Inc.(Æ)(ì) 2,052 1,204 PVH Corp. 797 58
AMC Networks, Inc. Class A(Æ) 208 15 Regal Entertainment Group Class A 1,672 29
Ascena Retail Group, Inc.(Æ) 3,338 25 Sally Beauty Holdings, Inc.(Æ) 375 10
AutoNation, Inc.(Æ) 793 34 Scripps Networks Interactive, Inc. Class A 597 36
Best Buy Co., Inc. 2,196 61 SeaWorld Entertainment, Inc. 715 14
Cable One, Inc.(Æ) 55 24 Starbucks Corp. 7,452 453
Cablevision Systems Corp. Class A 2,094 67 Taylor Morrison Home Corp. Class A(Æ) 957 11
CarMax, Inc.(Æ) 2,143 95 TEGNA, Inc. 1,865 45
Charter Communications, Inc. Class A(Æ) 238 41 Tempur Sealy International, Inc.(Æ) 219 13
Chico's FAS, Inc. 1,305 14 Tesla Motors, Inc.(Æ) 344 66
Choice Hotels International, Inc. 141 6 Tiffany & Co. 1,156 74
Cinemark Holdings, Inc. 781 23 Time Warner, Inc. 4,934 348
Clear Channel Outdoor Holdings, Inc. Class       TJX Cos., Inc. 4,732 337
   A(Æ) 2,880 15 TripAdvisor, Inc.(Æ) 769 51
Comcast Corp. Class A(Æ)(ì) 14,746 821 Twenty-First Century Fox, Inc. Class A 10,120 273
Costco Wholesale Corp. 2,784 421 Urban Outfitters, Inc.(Æ) 1,573 36
Deckers Outdoor Corp.(Æ) 368 18 Visteon Corp.(Æ) 226 15
Dollar General Corp. 2,083 156 Wal-Mart Stores, Inc.(ì) 8,670 575
DR Horton, Inc. 2,712 75 Walt Disney Co. (The)(ì) 9,323 893
DreamWorks Animation SKG, Inc. Class       Whirlpool Corp. 556 75
   A(Æ) 725 19 Wyndham Worldwide Corp. 1,531 99
DSW, Inc. Class A 958 23       10,890
Dunkin' Brands Group, Inc. 958 38        
eBay, Inc.(Æ) 5,552 130 Consumer Staples - 8.6%      
Expedia, Inc. 692 70 Altria Group, Inc.(ì) 14,066 860
Ford Motor Co. 21,357 255 Bunge, Ltd. 647 40
Fortune Brands Home & Security, Inc. 621 30 Campbell Soup Co. 2,795 158
Fossil Group, Inc.(Æ) 397 13 Coca-Cola Co. (The)(ì) 10,630 456
GameStop Corp. Class A 1,714 45 Colgate-Palmolive Co. 5,464 369
Gannett Co., Inc. 932 14 Constellation Brands, Inc. Class A 597 91
Gentex Corp. 3,254 45 CVS Health Corp. 6,712 648
Goodyear Tire & Rubber Co. (The) 2,724 77 GNC Holdings, Inc. Class A 545 15
Graham Holdings Co. Class B 55 27 Herbalife, Ltd.(Æ) 359 17
H&R Block, Inc. 2,631 90 Hormel Foods Corp. 2,326 187
Harman International Industries, Inc. 482 36 Keurig Green Mountain, Inc. 526 47
Hasbro, Inc. 1,340 99 Kimberly-Clark Corp. 2,584 332
Home Depot, Inc. (The)(ì) 8,950 1,126 Kraft Heinz Co. (The) 3,305 258
Hyatt Hotels Corp. Class A(Æ) 488 19 Molson Coors Brewing Co. Class B 1,487 135
International Game Technology PLC 482 7 Mondelez International, Inc. Class A 9,898 427
Interpublic Group of Cos., Inc. (The) 1,780 40 Nu Skin Enterprises, Inc. Class A 284 9
J Alexander's Holdings, Inc.(Æ) 247 2 PepsiCo, Inc.(ì) 9,278 921
JC Penney Co., Inc.(Æ) 10,549 77 Philip Morris International, Inc.(ì) 4,891 440
Lamar Advertising Co. Class A(ö) 451 25        
Lear Corp. 1,030 107 Procter & Gamble Co. (The)(ì) 13,742 1,123
Leggett & Platt, Inc. 680 28 Safeway, Inc.(Æ) 4,648 2
Lennar Corp. Class A 954 40 Tyson Foods, Inc. Class A 2,568 137
Liberty Interactive Corp. QVC Group Class       Walgreens Boots Alliance, Inc. 1,585 126
   A(Æ) 1,594 42       6,798
Liberty Ventures Class A(Æ) 226 9        
Madison Square Garden Co. (The) Class A(Æ) 107 16 Energy - 6.1%      
McDonald's Corp. 5,682 703 Anadarko Petroleum Corp. 3,508 137
Michael Kors Holdings, Ltd.(Æ) 852 34 Apache Corp. 2,959 126
MSG Networks, Inc.(Æ) 323 6 California Resources Corp. 1,795 3
Netflix, Inc.(Æ) 2,569 236 Cheniere Energy, Inc.(Æ) 1,236 37
Newell Rubbermaid, Inc. 1,515 59 Chevron Corp.(ì) 9,365 810
News Corp. Class A 1,262 16 Cobalt International Energy, Inc.(Æ) 440 2

 

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Call Overwriting Fund 337

 

Russell Investment Company
Russell Strategic Call Overwriting Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Columbia Pipeline Group, Inc. 4,424 82 JPMorgan Chase & Co.(ì) 17,526 1,043
ConocoPhillips 8,741 342 Kilroy Realty Corp.(ö) 1,430 80
CONSOL Energy, Inc. 4,549 36 Legg Mason, Inc. 2,165 66
Denbury Resources, Inc. 5,120 8 Leucadia National Corp. 2,584 43
EQT Corp. 2,257 139 Lincoln National Corp. 2,048 81
Exxon Mobil Corp.(ì) 21,225 1,652 Macerich Co. (The)(ö) 665 52
First Solar, Inc.(Æ) 501 34 MasterCard, Inc. Class A 6,458 575
Halliburton Co. 7,112 226 MBIA, Inc.(Æ) 504 3
Helmerich & Payne, Inc. 1,227 62 MetLife, Inc. 6,203 277
HollyFrontier Corp. 948 33 Nasdaq, Inc. 2,333 145
Kosmos Energy, Ltd.(Æ) 1,026 5 Old Republic International Corp. 1,160 21
Nabors Industries, Ltd. 4,749 35 PayPal Holdings, Inc.(Æ) 5,552 201
Noble Corp. PLC 1,228 9 People's United Financial, Inc. 6,651 96
Occidental Petroleum Corp. 4,488 309 Public Storage(ö) 857 217
Paragon Offshore PLC(Æ)(Ø) 409 — Raymond James Financial, Inc. 1,908 84
Peabody Energy Corp.(Æ)(Ø) 31 — Realty Income Corp.(ö) 772 43
QEP Resources, Inc. 1,612 21 RenaissanceRe Holdings, Ltd. 1,137 128
Rowan Cos. PLC Class A 1,570 20 SEI Investments Co. 2,715 107
Schlumberger, Ltd.(ì) 8,132 588 Simon Property Group, Inc.(ö) 2,224 414
SM Energy Co. 785 11 SL Green Realty Corp.(ö) 803 78
Superior Energy Services, Inc. 1,913 20 StanCorp Financial Group, Inc.(Æ) 824 94
Tesoro Corp. 1,113 97 Synovus Financial Corp. 1,170 36
Ultra Petroleum Corp.(Æ) 832 2 TD Ameritrade Holding Corp. 4,432 122
Whiting Petroleum Corp.(Æ) 1,117 8 Torchmark Corp. 2,565 139
WPX Energy, Inc.(Æ) 2,077 11 Total System Services, Inc. 2,598 104
      4,865 Unum Group 5,074 145
        US Bancorp 9,816 393
Financial Services - 16.8%       Visa, Inc. Class A(ì) 12,100 901
Affiliated Managers Group, Inc.(Æ) 867 116 Waddell & Reed Financial, Inc. Class A 2,936 81
Alliance Data Systems Corp.(Æ) 375 75 Weingarten Realty Investors(ö) 1,406 49
American Express Co.(ì) 6,880 368 Wells Fargo & Co.(ì) 25,452 1,278
American International Group, Inc. 8,619 487 Weyerhaeuser Co. (ö) 3,853 99
American Tower Corp.(ö) 1,011 95 WP Glimcher, Inc.(ö) 1,284 12
Apartment Investment & Management Co.       WR Berkley Corp. 1,829 92
   Class A(ö) 2,311 90 XL Group PLC Class A 3,586 130
Assurant, Inc. 1,255 102 Zions Bancorporation 4,152 94
Bank of America Corp.(ì) 47,474 671       13,370
BankUnited, Inc. 3,208 108        
Berkshire Hathaway, Inc. Class B(Æ)(ì) 9,794 1,271 Health Care - 13.0%      
CBRE Group, Inc. Class A(Æ) 2,909 81 Abbott Laboratories(ì) 7,702 291
Chimera Investment Corp.(ö) 445 6 AbbVie, Inc.(ì) 7,637 419
Cincinnati Financial Corp. 3,366 194 Aetna, Inc. 1,106 113
Citigroup, Inc.(ì) 12,560 535 Allergan PLC(Æ) 408 116
Comerica, Inc. 912 31 Allscripts Healthcare Solutions, Inc.(Æ) 993 14
Crown Castle International Corp.(ö) 1,126 97 Amgen, Inc.(ì) 4,291 655
DDR Corp.(ö) 3,346 57 Baxalta, Inc. 3,771 151
Duke Realty Corp.(ö) 4,212 85 Baxter International, Inc. 3,771 138
E*Trade Financial Corp.(Æ) 4,055 96 Becton Dickinson and Co. 169 25
Eaton Vance Corp. 3,867 111 Biogen, Inc.(Æ) 1,635 446
Equifax, Inc. 652 69 Bristol-Myers Squibb Co. 8,156 507
Federal Realty Investment Trust(ö) 676 102 Bruker Corp.(Æ) 746 17
Federated Investors, Inc. Class B 2,001 51 Celgene Corp.(Æ) 568 57
Fidelity National Information Services, Inc. 1,695 101 Dentsply International, Inc. 1,764 104
First Horizon National Corp. 3,802 48 Eli Lilly & Co. 5,710 452
FNF Group 4,299 139 Express Scripts Holding Co.(Æ) 4,536 326
FNFV Group(Æ) 1,432 13 Gilead Sciences, Inc.(ì) 7,706 640
Genworth Financial, Inc. Class A(Æ) 4,514 13 Halyard Health, Inc.(Æ) 323 8
Goldman Sachs Group, Inc. (The) 2,470 399 HCA Holdings, Inc.(Æ) 842 59
Huntington Bancshares, Inc. 11,657 100 Health Net, Inc.(Æ) 409 27
Intercontinental Exchange, Inc. 514 136 Henry Schein, Inc.(Æ) 1,290 195

 

See accompanying notes which are an integral part of this quarterly report.

338 Russell Strategic Call Overwriting Fund

 

Russell Investment Company
Russell Strategic Call Overwriting Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Hill-Rom Holdings, Inc. 428 21 Booz Allen Hamilton Holding Corp. Class A 1,211 34
IDEXX Laboratories, Inc.(Æ) 1,224 86 Caterpillar, Inc. 4,132 257
Incyte Corp.(Æ) 500 35 Chicago Bridge & Iron Co. 461 18
Johnson & Johnson(ì) 14,881 1,554 Cintas Corp.(Æ) 713 61
Medivation, Inc.(Æ) 848 28 Copa Holdings Class A 212 10
Medtronic PLC 7,884 599 Delta Air Lines, Inc. 3,227 143
Merck & Co., Inc.(ì) 15,711 796 Emerson Electric Co. 5,760 265
Myriad Genetics, Inc.(Æ) 401 16 Flir Systems, Inc. 1,971 58
Patterson Cos., Inc. 1,312 56 Flowserve Corp. 2,221 86
PerkinElmer, Inc. 2,078 100 GATX Corp. 511 21
Pfizer, Inc.(ì) 36,879 1,124 General Electric Co.(ì) 52,542 1,529
Regeneron Pharmaceuticals, Inc.(Æ) 412 173 Honeywell International, Inc. 5,132 530
ResMed, Inc. 905 51 IDEX Corp. 1,808 131
Sirona Dental Systems, Inc.(Æ) 468 50 IHS, Inc. Class A(Æ) 339 36
Tenet Healthcare Corp.(Æ) 1,398 38 Jacobs Engineering Group, Inc.(Æ) 2,018 79
United Therapeutics Corp.(Æ) 369 45 Joy Global, Inc. 1,124 11
UnitedHealth Group, Inc.(ì) 6,346 731 Kennametal, Inc. 1,039 18
Varian Medical Systems, Inc.(Æ) 1,286 99 L-3 Communications Holdings, Inc. 1,344 157
      10,362 Mettler-Toledo International, Inc.(Æ) 372 116
        Navistar International Corp.(Æ) 312 2
Materials and Processing - 2.8%       Oshkosh Corp. 638 21
Airgas, Inc. 844 118 Pitney Bowes, Inc. 2,023 40
Albemarle Corp. 1,165 61 Quanta Services, Inc.(Æ) 1,940 36
Allegheny Technologies, Inc. 1,360 13 Robert Half International, Inc. 1,651 72
Ball Corp. 1,447 97 Rockwell Collins, Inc. 1,531 124
Bemis Co., Inc. 1,486 71 RR Donnelley & Sons Co. 1,424 20
Cabot Corp. 555 22 Ryder System, Inc. 494 26
Chemours Co. (The) 1,067 4 Snap-on, Inc. 769 124
Domtar Corp. 658 21 Southwest Airlines Co. 2,791 105
Dow Chemical Co. (The) 6,661 280 Teekay Corp. 526 4
EI du Pont de Nemours & Co. 5,336 282 Textron, Inc. 2,068 71
FMC Corp. 1,114 40 TopBuild Corp.(Æ) 334 9
Huntsman Corp. 1,323 11 TransDigm Group, Inc.(Æ) 332 75
International Flavors & Fragrances, Inc. 520 61 Trimble Navigation, Ltd.(Æ) 1,732 33
Lennox International, Inc. Class 2 551 66 Union Pacific Corp.(ì) 6,272 452
Masco Corp. 3,011 79 United Parcel Service, Inc. Class B 5,059 472
Monsanto Co. 3,444 312 United Technologies Corp. 5,341 468
Newmont Mining Corp. 2,293 46 Waters Corp.(Æ) 1,344 163
Owens-Illinois, Inc.(Æ) 1,379 18 WESCO International, Inc.(Æ) 875 35
Packaging Corp. of America 995 51 Xylem, Inc. 2,411 87
Praxair, Inc. 1,988 199       7,747
Reliance Steel & Aluminum Co. 589 34        
Royal Gold, Inc. 2,332 69 Technology - 16.2%      
Sealed Air Corp. 2,145 87 3D Systems Corp.(Æ) 304 2
Steel Dynamics, Inc. 1,639 30 Akamai Technologies, Inc.(Æ) 1,200 55
Tahoe Resources, Inc. 1,578 12 Alphabet, Inc.(Æ)(ì) 1,305 970
United States Steel Corp. 2,527 18 Alphabet, Inc. Class A(Æ)(ì) 1,303 992
Vulcan Materials Co. 817 72 Ansys, Inc.(Æ) 309 27
WestRock Co. 1,507 53 Apple, Inc.(ì) 29,269 2,849
      2,227 Avago Technologies, Ltd. Class A 839 112
        Avnet, Inc. 1,478 59
Producer Durables - 9.8%       Cadence Design Systems, Inc.(Æ) 4,432 87
3M Co.(i) 4,400 664 Cisco Systems, Inc.(ì) 26,614 633
Accenture PLC Class A 3,500 369 Computer Sciences Corp. 949 30
AECOM(Æ) 197 5 Cree, Inc.(Æ) 943 26
AGCO Corp. 898 44 CSRA, Inc.(Æ) 949 25
Allison Transmission Holdings, Inc. Class A 500 12 Electronic Arts, Inc.(Æ) 3,031 196
Ametek, Inc. 860 41 Facebook, Inc. Class A(Æ) 8,223 923
Avery Dennison Corp. 1,187 72 Fortinet, Inc.(Æ) 757 21
Boeing Co. (The) 4,507 541 Harris Corp. 882 77

 

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Call Overwriting Fund 339

 

Russell Investment Company
Russell Strategic Call Overwriting Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
  Principal   Fair     Principal   Fair
  Amount ($) or   Value     Amount ($) or   Value
  Shares   $     Shares   $
Hewlett Packard Enterprise Co.(Æ) 9,771   134 Mar 2016 25.00 Call (225)   USD 562,500 (ÿ) 38
HP, Inc. 9,771   95 Apr 2016 29.00 Call (170)   USD 493,000 (ÿ) 28
          Apr 2016 30.00 Call (154)   USD 462,000 (ÿ) 23
Intel Corp.(ì) 12,135   376 Apr 2016 35.00 Call (56)   USD 196,000 (ÿ) 5
InterActiveCorp 410   21 May 2016 29.00 Call (170)   USD 493,000 (ÿ) 31
International Business Machines Corp.(ì) 3,241   404 May 2016 30.00 Call (154)   USD 462,000 (ÿ) 25
JDS Uniphase Corp.(Æ) 3,969   20 May 2016 35.00 Call (56)   USD 196,000 (ÿ) 6
Lam Research Corp. 1,621   116         Jun 2016 29.00 Call (70)   USD 203,000 (ÿ) 14
          Jun 2016 30.00 Call (154)   USD 462,000 (ÿ) 28
Leidos Holdings, Inc. 900   42        Jun 2016 35.00 Call (56)   USD 196,000 (ÿ) 7
Linear Technology Corp. 4,274   183        Feb 2016 16.00 Put (475)   USD 760,000 (ÿ) 2
LinkedIn Corp. Class A(Æ) 183   36        Feb 2016 16.00 Put (475)   USD 760,000 (ÿ) 5
Lumentum Holdings, Inc.(Æ) 793   16        Feb 2016 17.00 Put (225)   USD 382,500 (ÿ) 3
Marvell Technology Group, Ltd. 1,954   17        Feb 2016 18.00 Put (175)   USD 315,000 (ÿ) 4
Maxim Integrated Products, Inc. 1,820   61        Feb 2016 20.00 Put (200)   USD 400,000 (ÿ) 17
                 Feb 2016 25.00 Put (170)   USD 425,000 (ÿ) 73
Microchip Technology, Inc. 2,564   115        Feb 2016 27.00 Put (210)   USD 567,000 (ÿ) 126
Micron Technology, Inc.(Æ) 7,807   86        Mar 2016 16.00 Put (475)   USD 760,000 (ÿ) 9
Microsoft Corp.(ì) 39,090   2,154        Mar 2016 17.00 Put (225)   USD 382,500 (ÿ) 6
NetSuite, Inc.(Æ) 320   22        Mar 2016 25.00 Put (340)   USD 850,000 (ÿ) 184
Oracle Corp.(ì) 20,062   728        Mar 2016 27.00 Put (210)   USD 567,000 (ÿ) 148
                 Apr 2016 25.00 Put (140)   USD 350,000 (ÿ) 83
QUALCOMM, Inc.(ì) 9,016   409 Total Options Purchased          
SBA Communications Corp. Class A(Æ) 1,097   109 (cost $1,142)         929
Seagate Technology PLC 121   4            
Skyworks Solutions, Inc. 674   47 Short-Term Investments - 6.8%          
Splunk, Inc.(Æ) 453   21 Russell U.S. Cash Management Fund   5,372,595 (8) 5,373
Teradyne, Inc. 2,531   49 Total Short-Term Investments          
Texas Instruments, Inc. 6,986   370 (cost $5,373)         5,373
VeriSign, Inc.(Æ) 1,322   100            
Vishay Intertechnology, Inc. 1,240   14            
VMware, Inc. Class A(Æ) 362   17 Total Investments 99.8%          
Zynga, Inc. Class A(Æ) 1,760   4 (identified cost $60,185)         79,226
 
        12,854 Other Assets and Liabilities, Net          
Utilities  - 4.8%         - 0.2%       195
AGL Resources, Inc.(Æ) 769   49 Net Assets - 100.0%         79,421
Ameren Corp. 3,981   179            
American Electric Power Co., Inc. 4,308   263            
AT&T, Inc.(ì) 25,720   927            
Calpine Corp.(Æ) 2,233   34            
CMS Energy Corp. 7,106   276            
Duke Energy Corp. 5,607   422            
Frontier Communications Corp. 4,965   23            
NiSource, Inc. 4,424   93            
NRG Energy, Inc. 3,627   39            
Pepco Holdings, Inc. 4,275   114            
Pinnacle West Capital Corp. 2,955   196            
Questar Corp. 1,644   34            
SCANA Corp. 2,626   165            
Verizon Communications, Inc.(ì) 18,621   930            
Westar Energy, Inc. Class A 1,532   67            
        3,811            
 
Total Common Stocks                    
(cost $53,670)       72,924            
 
Options Purchased - 1.2%                    
(Number of Contracts)                    
SPX Volatility Index                    
Feb 2016 25.00 Call (450) USD 1,125,000 (ÿ) 30            
Feb 2016 27.00 Call (225) USD 607,500 (ÿ) 21            
Feb 2016 28.00 Call (200) USD 560,000 (ÿ) 11            
Feb 2016 40.00 Call (280) USD 1,120,000 (ÿ) 2            

 

See accompanying notes which are an integral part of this quarterly report.

340 Russell Strategic Call Overwriting Fund

 

Russell Investment Company
Russell Strategic Call Overwriting Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Futures Contracts                  
 
Amounts in thousands (except contract amounts)                  
                Unrealized  
                Appreciation  
    Number of    Notional   Expiration (Depreciation)  
    Contracts    Amount   Date $  
Long Positions                  
S&P 500 E-Mini Index Futures 1 USD 97 03/16 (4 )
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)               (4 )

 

Options Written                
Amounts in thousands (except contract amounts)              
    Number of Strike   Notional Expiration Fair Value  
  Call/Put Contracts Price   Amount Date $  
S&P 500 Index Call 105 1,910.00 USD 20,055 02/12/16 (379 )
S&P 500 Index Call 40 1,900.00 USD 7,600 02/12/16 (199 )
S&P 500 Index Call 135 1,900.00 USD 25,650 02/19/16 (730 )
S&P 500 Index Call 40 1,900.00 USD 7,600 02/26/16 (234 )
S&P 500 Index Call 40 1,900.00 USD 7,600 02/29/16 (237 )
SPX Volatility Index Call 385 40.00 USD 1,540 04/15/15 (24 )
SPX Volatility Index Call 450 18.00 USD 810 02/17/16 (157 )
SPX Volatility Index Call 225 20.00 USD 450 02/17/16 (29 )
SPX Volatility Index Call 200 21.00 USD 420 02/17/16 (40 )
SPX Volatility Index Call 225 20.00 USD 450 02/23/16 (78 )
SPX Volatility Index Call 225 22.00 USD 495 03/16/16 (57 )
SPX Volatility Index Call 56 45.00 USD 252 04/20/16 (2 )
SPX Volatility Index Call 326 40.00 USD 1,304 05/18/16 (24 )
SPX Volatility Index Call 56 45.00 USD 252 05/18/16 (3 )
SPX Volatility Index Call 222 40.00 USD 888 06/15/16 (19 )
SPX Volatility Index Call 56 45.00 USD 252 06/15/16 (3 )
SPX Volatility Index Put 380 19.00 USD 722 02/17/16 (16 )
SPX Volatility Index Put 200 21.00 USD 420 02/17/16 (28 )
SPX Volatility Index Put 225 20.00 USD 450 02/23/16 (19 )
SPX Volatility Index Put 775 22.00 USD 1,705 03/16/16 (226 )
SPX Volatility Index Put 140 19.00 USD 266 04/20/16 (23 )
Total Liability for Options Written (premiums received $2,636)           (2,527 )

 

Transactions in options written contracts for the period ended January 31, 2016 were as follows:  
  Number of     Premiums  
    Contracts     Received  
Outstanding October 31, 2015 2,965   $ 1,561  
Opened 31,100   8,728  
Closed (29,559 ) (7,653 )
Expired —   —  
Outstanding January 31, 2016 4,506   $ 2,636  

 

Presentation of Portfolio Holdings                    
 
 
Amounts in thousands                    
 
          Fair Value          
Portfolio Summary Level 1 Level 2   Level 3   Total
Common Stocks                    
Consumer Discretionary $ 10,890 $ —   $ — $   10,890
Consumer Staples   6,796   —     2     6,798
Energy   4,865   —     —     4,865
Financial Services   13,370   —     —     13,370
Health Care   10,362   —     —     10,362
Materials and Processing   2,227   —     —     2,227
Producer Durables   7,747   —     —     7,747

 

See accompanying notes which are an integral part of this quarterly report.

Russell Strategic Call Overwriting Fund 341

 

Russell Investment Company
Russell Strategic Call Overwriting Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Presentation of Portfolio Holdings                        
 
Amounts in thousands                        
 
            Fair Value            
Portfolio Summary Level 1   Level 2   Level 3   Total  
Technology   12,854     —     —     12,854  
Utilities   3,811     —     —     3,811  
Options Purchased 929   —   —   929  
Short-Term Investments —   5,373   —   5,373  
Total Investments 73,851   5,373   2   79,226  
 
 
Other Financial Instruments                        
Futures Contracts (4 ) —   —   (4 )
Options Written (2,527 ) —   —   (2,527 )
Total Other Financial Instruments* $ (2,531 ) $ —   $ — $   (2,531 ))

 

*      Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.

For a description of the Levels see note 2 in the Notes to Quarterly Report.
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to Quarterly
Report.
Investments in which significant unobservable inputs (Level 3) were used in determining a fair value for the period ended January 31,
2016 were less than 1% of net assets.

See accompanying notes which are an integral part of this quarterly report.

342 Russell Strategic Call Overwriting Fund

 

Russell Investment Company
Select U.S. Equity Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Common Stocks - 95.2%       Express, Inc.(Æ) 1,226 21
Consumer Discretionary - 14.2%       Finish Line, Inc. (The) Class A 682 13
Aaron's, Inc. Class A 3,391 78 Foot Locker, Inc. 7,600 513
Advance Auto Parts, Inc. 3,162 481 Ford Motor Co. 230,134 2,748
Amazon.com, Inc.(Æ) 7,349 4,314 Fortune Brands Home & Security, Inc. 2,332 113
AMC Networks, Inc. Class A(Æ) 1,847 134 Fossil Group, Inc.(Æ) 1,320 43
Amerco, Inc. 810 297 GameStop Corp. Class A 5,313 139
American Eagle Outfitters, Inc. 2,033 30 Gannett Co., Inc. 5,905 88
Aramark 2,052 66 Gap, Inc. (The) 3,221 80
AutoNation, Inc.(Æ) 2,837 123 Garmin, Ltd. 9,803 345
AutoZone, Inc.(Æ) 1,679 1,288 General Motors Co. 94,831 2,811
Avis Budget Group, Inc.(Æ) 1,244 33 Genesco, Inc.(Æ) 296 20
Avon Products, Inc. 6,104 21 Gentex Corp. 8,319 114
Bed Bath & Beyond, Inc.(Æ) 6,644 287 Genuine Parts Co. 8,058 694
Belmond, Ltd. Class A(Æ) 1,328 11 Goodyear Tire & Rubber Co. (The) 22,027 626
Best Buy Co., Inc. 13,942 389 GoPro, Inc. Class A(Æ) 2,226 25
BJ's Restaurants, Inc.(Æ) 309 13 Graham Holdings Co. Class B 297 144
Bob Evans Farms, Inc. 333 14 Group 1 Automotive, Inc. 261 14
BorgWarner, Inc. 1,178 35 Guess?, Inc. 986 18
Brinker International, Inc. 3,937 196 H&R Block, Inc. 1,859 63
Brunswick Corp. 461 18 Hanesbrands, Inc. 10,694 327
Buffalo Wild Wings, Inc.(Æ) 84 13 Harley-Davidson, Inc. 4,133 165
Cabela's, Inc.(Æ) 2,424 102 Harman International Industries, Inc. 2,168 161
Cable One, Inc.(Æ) 439 189 Hasbro, Inc. 2,985 222
Cablevision Systems Corp. Class A 9,304 297 Helen of Troy, Ltd.(Æ) 276 25
CalAtlantic Group, Inc. 865 28 Hertz Global Holdings, Inc.(Æ) 22,192 202
CarMax, Inc.(Æ) 4,329 191 Hilton Worldwide Holdings, Inc. 4,621 82
Carnival Corp. 34,482 1,660 Home Depot, Inc. 43,835 5,513
Carter's, Inc. 1,660 161 Houghton Mifflin Harcourt Co.(Æ) 1,108 20
Cato Corp. (The) Class A 396 16 Hyatt Hotels Corp. Class A(Æ) 2,172 84
CBS Corp. Class B 6,197 294 Iconix Brand Group, Inc.(Æ) 548 4
Charter Communications, Inc. Class A(Æ) 1,251 214 International Game Technology PLC 631 9
Children's Place, Inc. (The) 331 22 International Speedway Corp. Class A 540 18
Chipotle Mexican Grill, Inc. Class A(Æ) 279 126 Interpublic Group of Cos., Inc. (The) 2,064 46
Choice Hotels International, Inc. 1,766 77 Jack in the Box, Inc. 171 13
Cinemark Holdings, Inc. 3,591 106 Jarden Corp.(Æ) 6,468 343
Coach, Inc. 6,749 250 JC Penney Co., Inc.(Æ) 13,152 95
Comcast Corp. Class A(Æ) 83,473 4,650 John Wiley & Sons, Inc. Class A(Æ) 3,769 158
Cooper Tire & Rubber Co. 548 20 Johnson Controls, Inc. 34,228 1,228
Costco Wholesale Corp. 17,139 2,590 KAR Auction Services, Inc. 5,384 180
Coty, Inc. Class A(Æ) 3,112 77 Kate Spade & Co.(Æ) 1,777 32
Cracker Barrel Old Country Store, Inc. 112 15 Kohl's Corp. 13,050 649
Dana Holding Corp. 917 11 L Brands, Inc.(Æ) 3,866 372
Darden Restaurants, Inc. 5,408 341 Lamar Advertising Co. Class A(ö) 1,086 61
Delphi Automotive PLC 5,231 340 Las Vegas Sands Corp. 4,719 213
Dick's Sporting Goods, Inc. 9,603 375 Lear Corp. 5,573 579
Dillard's, Inc. Class A 1,276 90 Leggett & Platt, Inc. 10,984 456
DineEquity, Inc. 149 13 Lennar Corp. Class A 8,823 372
Discovery Communications, Inc. Class A(Æ) 3,071 85 Liberty Broadband Corp. Class A(Æ) 197 9
Discovery Communications, Inc. Class C(Æ) 5,114 139 Liberty Broadband Corp. Class C(Æ) 3,824 180
DISH Network Corp. Class A(Æ) 5,674 274 Liberty Media Corp. Class A(Æ) 18,722 603
Dollar General Corp. 11,437 858 Liberty Media Corp.(Æ) 4,917 175
Dollar Tree, Inc.(Æ) 15,443 1,256 Liberty TripAdvisor Holdings, Inc. Class      
Domino's Pizza, Inc. 2,001 228    A(Æ) 1,036 23
DR Horton, Inc. 13,152 362 Liberty Ventures Class A(Æ) 3,814 150
DSW, Inc. Class A 3,658 88 Lions Gate Entertainment Corp. 1,131 30
Dunkin' Brands Group, Inc. 2,779 109 Live Nation Entertainment, Inc.(Æ) 4,942 112
eBay, Inc.(Æ) 39,172 919 LKQ Corp.(Æ) 12,758 350
Estee Lauder Cos., Inc. (The) Class A 10,486 894 Lowe's Cos., Inc. 31,891 2,285
Expedia, Inc. 3,547 358 lululemon athletica, Inc.(Æ) 2,488 154

 

See accompanying notes which are an integral part of this quarterly report.

Select U.S. Equity Fund 343

 

Russell Investment Company
Select U.S. Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Macy's, Inc. 3,809 154 Thor Industries, Inc. 3,307 173
Madison Square Garden Co. (The) Class A(Æ) 1,453 224 Tiffany & Co. 1,892 121
Marriott International, Inc. Class A 2,923 179 Time Warner Cable, Inc. 6,093 1,109
Marriott Vacations Worldwide Corp. 314 16 Time Warner, Inc. 29,070 2,048
Mattel, Inc. 15,111 417 Time, Inc.(Æ) 1,202 18
Matthews International Corp. Class A 415 21 TJX Cos., Inc. 29,954 2,134
McDonald's Corp. 26,313 3,257 Toll Brothers, Inc.(Æ) 7,709 213
Media General, Inc.(Æ) 1,092 18 Tractor Supply Co. 4,816 425
Meredith Corp. 445 19 TRI Pointe Group, Inc.(Æ) 1,351 14
Meritage Homes Corp.(Æ) 448 15 Tribune Media Co. Class A 2,949 97
MGM Resorts International(Æ) 16,560 333 TripAdvisor, Inc.(Æ) 1,688 113
Michael Kors Holdings, Ltd.(Æ) 2,179 87 Tupperware Brands Corp. 708 33
Michaels Cos., Inc. (The)(Æ) 2,792 61 Twenty-First Century Fox, Inc. Class A 35,254 951
Mohawk Industries, Inc.(Æ) 2,012 335 Twenty-First Century Fox, Inc. Class B 10,149 275
MSG Networks, Inc.(Æ) 4,360 76 Ulta Salon Cosmetics & Fragrance, Inc.(Æ) 2,117 384
Murphy USA, Inc.(Æ) 2,220 128 Under Armour, Inc. Class A(Æ) 4,105 351
Netflix, Inc.(Æ) 12,527 1,150 Urban Outfitters, Inc.(Æ) 2,993 68
New York Times Co. (The) Class A 1,463 19 VF Corp. 16,691 1,045
Newell Rubbermaid, Inc. 10,554 409 Viacom, Inc. Class B 12,475 569
News Corp. Class A 24,001 311 Vista Outdoor, Inc.(Æ) 1,515 73
Nielsen Holdings PLC(Æ) 3,956 191 WABCO Holdings, Inc.(Æ) 1,600 143
Nike, Inc. Class B 56,152 3,482 Wal-Mart Stores, Inc. 110,630 7,341
Nordstrom, Inc. 5,642 277 Walt Disney Co. (The) 59,933 5,743
Norwegian Cruise Line Holdings, Ltd.(Æ) 3,091 140 Wendy's Co. (The) 5,007 51
NVR, Inc.(Æ) 375 619 Whirlpool Corp. 4,216 567
Office Depot, Inc.(Æ) 19,687 101 Williams-Sonoma, Inc. 674 35
Omnicom Group, Inc. 6,886 505 Wyndham Worldwide Corp. 713 46
O'Reilly Automotive, Inc.(Æ) 6,015 1,569 Wynn Resorts, Ltd. 1,138 77
Outfront Media, Inc. (ö) 1,765 38 Yum! Brands, Inc. 18,595 1,346
Pandora Media, Inc.(Æ) 2,887 28       103,533
Panera Bread Co. Class A(Æ) 2,224 431        
Penn National Gaming, Inc.(Æ) 1,031 15 Consumer Staples - 6.6%      
Penske Automotive Group, Inc. 1,399 44 Altria Group, Inc. 47,114 2,879
Polaris Industries, Inc. 2,371 175 Archer-Daniels-Midland Co. 39,122 1,383
Priceline Group, Inc. (The)(Æ) 882 939 Brown-Forman Corp. Class B - ADR(Æ) 6,964 681
PulteGroup, Inc. 17,020 285 Bunge, Ltd. 6,111 379
PVH Corp. 3,332 244 Campbell Soup Co. 6,773 382
Ralph Lauren Corp. Class A 4,130 465 Church & Dwight Co., Inc. 5,026 422
Regal Entertainment Group Class A 3,078 53 Clorox Co. (The) 5,858 756
Rent-A-Center, Inc. Class A 738 10 Coca-Cola Co. (The) 76,585 3,287
Ross Stores, Inc. 25,244 1,420 Coca-Cola Enterprises, Inc. 7,495 348
Royal Caribbean Cruises, Ltd. 9,477 777 Colgate-Palmolive Co. 22,073 1,491
Sally Beauty Holdings, Inc.(Æ) 9,521 262 ConAgra Foods, Inc. 4,033 168
Scholastic Corp. 450 15 Constellation Brands, Inc. Class A 2,436 372
Scripps Networks Interactive, Inc. Class A 5,293 323 Core-Mark Holding Co., Inc. 293 24
Service Corp. International 3,933 95 CVS Health Corp. 32,823 3,170
ServiceMaster Global Holdings, Inc.(Æ) 2,525 107 Dean Foods Co. 1,121 22
Signet Jewelers, Ltd. 1,068 124 Dr Pepper Snapple Group, Inc. 9,032 848
Sirius XM Holdings, Inc.(Æ) 11,227 42 Edgewell Personal Care Co. 378 28
Six Flags Entertainment Corp. 1,024 51 Flowers Foods, Inc. 7,852 161
Skechers U.S.A., Inc. Class A(Æ) 3,372 95 Fresh Del Monte Produce, Inc. 540 22
Sonic Automotive, Inc. Class A 657 11 General Mills, Inc. 18,163 1,026
Staples, Inc. 40,234 359 Hain Celestial Group, Inc. (The)(Æ) 2,299 84
Starbucks Corp. 53,745 3,266 Herbalife, Ltd.(Æ) 827 38
Starwood Hotels & Resorts Worldwide, Inc. 821 51 Hershey Co. (The) 6,693 590
Starz Class A(Æ) 1,315 37 Hormel Foods Corp. 14,904 1,198
Target Corp. 47,551 3,444 Ingredion, Inc. 5,214 525
TEGNA, Inc. 17,310 416 JM Smucker Co. (The) 5,963 765
Tempur Sealy International, Inc.(Æ) 114 7 Keurig Green Mountain, Inc. 514 46
Tesla Motors, Inc.(Æ) 1,204 230 Kimberly-Clark Corp. 10,862 1,395

 

See accompanying notes which are an integral part of this quarterly report.

344 Select U.S. Equity Fund

 

Russell Investment Company
Select U.S. Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Kraft Heinz Co. (The) 6,114 477 Exxon Mobil Corp. 204,634 15,931
Kroger Co. (The) 37,744 1,465 First Solar, Inc.(Æ) 2,169 149
Lancaster Colony Corp. 177 18 FMC Technologies, Inc.(Æ) 3,372 85
McCormick & Co., Inc. 6,784 597 Frank's International NV 4,293 63
Mead Johnson Nutrition Co. Class A 3,098 225 Golar LNG, Ltd. 480 9
Molson Coors Brewing Co. Class B 2,203 199 Gulfport Energy Corp.(Æ) 3,498 103
Mondelez International, Inc. Class A 74,477 3,210 Halliburton Co. 39,485 1,255
Monster Beverage Corp.(Æ) 603 81 Helix Energy Solutions Group, Inc.(Æ) 1,385 6
Nu Skin Enterprises, Inc. Class A 504 16 Helmerich & Payne, Inc. 3,950 201
PepsiCo, Inc. 30,550 3,034 Hess Corp. 6,481 275
Philip Morris International, Inc. 42,948 3,866 HollyFrontier Corp. 6,913 242
Pinnacle Foods, Inc. 6,289 270 Kinder Morgan, Inc. 58,756 967
Post Holdings, Inc.(Æ) 440 26 Kosmos Energy, Ltd.(Æ) 4,466 20
Procter & Gamble Co. (The) 100,548 8,214 Laredo Petroleum, Inc.(Æ) 9,930 77
Reynolds American, Inc. 35,416 1,769 Marathon Oil Corp. 15,815 154
Rite Aid Corp.(Æ) 19,919 155 Marathon Petroleum Corp. 33,165 1,386
Safeway, Inc.(Æ) 4,520 2 Murphy Oil Corp. 4,444 87
Seaboard Corp.(Æ) 4 12 Nabors Industries, Ltd. 10,354 76
Snyders-Lance, Inc. 664 21 National Oilwell Varco, Inc. 8,745 285
SpartanNash Co. 641 13 Newfield Exploration Co.(Æ) 4,602 134
SUPERVALU, Inc.(Æ) 2,110 10 Noble Corp. PLC 6,181 48
Sysco Corp. 13,478 537 Noble Energy, Inc. 10,040 325
TreeHouse Foods, Inc.(Æ) 303 24 NOW, Inc.(Æ) 4,899 66
Tyson Foods, Inc. Class A 2,581 138 Occidental Petroleum Corp. 28,943 1,992
United Natural Foods, Inc.(Æ) 205 7 Oceaneering International, Inc. 4,009 136
Universal Corp. 372 20 ONEOK, Inc. 1,140 28
Vector Group, Ltd. 745 17 Patterson-UTI Energy, Inc. 5,489 79
Walgreens Boots Alliance, Inc. 18,091 1,442 PBF Energy, Inc. Class A 3,046 107
WhiteWave Foods Co. (The) Class A(Æ) 321 12 PDC Energy, Inc.(Æ) 372 21
      48,367 Peabody Energy Corp.(Æ) 606 3
        Phillips 66(Æ) 22,355 1,792
Energy - 6.7%       Pioneer Natural Resources Co. 746 92
Anadarko Petroleum Corp. 14,936 584 QEP Resources, Inc. 6,880 88
Antero Resources Corp.(Æ) 3,139 85 Range Resources Corp. 2,341 69
Apache Corp. 18,699 795 Rice Energy, Inc.(Æ) 2,048 24
Archrock, Inc.(Æ) 625 4 Rowan Cos. PLC Class A 4,648 59
Baker Hughes, Inc. 20,254 881 RPC, Inc. 5,838 73
Cabot Oil & Gas Corp. 1,302 27 SandRidge Energy, Inc.(Æ) 29,149 1
California Resources Corp. 14,080 20 Schlumberger, Ltd. 39,039 2,821
Cameron International Corp.(Æ) 6,869 451 SEACOR Holdings, Inc.(Æ) 269 12
Cheniere Energy, Inc.(Æ) 1,100 33 Seadrill, Ltd.(Æ) 12,253 25
Chesapeake Energy Corp. 11,101 38 SM Energy Co. 3,346 47
Chevron Corp. 94,405 8,163 SolarCity Corp.(Æ) 795 28
Cimarex Energy Co. 356 33 Southwestern Energy Co.(Æ) 10,353 92
Columbia Pipeline Group, Inc. 7,253 135 Spectra Energy Corp. 18,992 521
Concho Resources, Inc.(Æ) 509 48 SunEdison, Inc.(Æ) 6,301 20
ConocoPhillips 57,766 2,257 SunPower Corp. Class A(Æ) 316 8
CONSOL Energy, Inc. 8,596 68 Superior Energy Services, Inc. 4,249 44
Continental Resources, Inc.(Æ) 1,290 27 Targa Resources Corp. 749 17
CVR Energy, Inc. 126 4 Tesoro Corp. 7,267 634
Denbury Resources, Inc. 13,375 21 Ultra Petroleum Corp.(Æ) 1,397 3
Devon Energy Corp. 19,055 532 Valero Energy Corp. 31,883 2,164
Diamond Offshore Drilling, Inc. 2,936 55 Weatherford International PLC(Æ) 16,505 111
Dril-Quip, Inc.(Æ) 896 53 Whiting Petroleum Corp.(Æ) 6,142 45
Energen Corp. 2,834 100 Williams Cos., Inc. (The) 8,902 172
Ensco PLC Class A 8,261 81 World Fuel Services Corp. 3,557 139
EOG Resources, Inc. 16,568 1,177 WPX Energy, Inc.(Æ) 6,782 37
EP Energy Corp. Class A(Æ) 9,386 35       49,211
EQT Corp. 823 51        
Exterran Corp.(Æ) 312 5        

 

See accompanying notes which are an integral part of this quarterly report.

Select U.S. Equity Fund 345

 

Russell Investment Company
Select U.S. Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Financial Services - 19.4%       Chimera Investment Corp.(ö) 2,908 36
Acadia Realty Trust (ö) 782 27 Chubb, Ltd.(Æ) 31,307 3,540
Affiliated Managers Group, Inc.(Æ) 1,692 227 Cincinnati Financial Corp. 8,414 485
Aflac, Inc. 27,192 1,576 CIT Group, Inc. 3,196 94
Alexander & Baldwin, Inc. 509 15 Citigroup, Inc. 111,982 4,768
Alexandria Real Estate Equities, Inc. (ö) 901 71 Citizens Financial Group, Inc. 8,793 187
Alleghany Corp.(Æ) 508 243 CME Group, Inc. Class A 17,345 1,558
Alliance Data Systems Corp.(Æ) 210 42 CNA Financial Corp. 1,478 49
Allied World Assurance Co. Holdings AG 16,360 599 CNO Financial Group, Inc. 1,856 32
Allstate Corp. (The) 30,153 1,827 Colony Capital, Inc. Class A(ö) 1,156 20
Ally Financial, Inc.(Æ) 10,011 159 Columbia Banking System, Inc. 762 23
American Campus Communities, Inc. (ö) 3,907 165 Comerica, Inc. 4,865 167
American Capital Agency Corp.(ö) 11,201 191 Commerce Bancshares, Inc. 7,534 310
American Equity Investment Life Holding       Communications Sales & Leasing, Inc. (ö) 5,405 104
   Co.(Æ) 862 16 Community Bank System, Inc. 569 21
American Express Co. 31,286 1,674 CoreLogic, Inc.(Æ) 2,865 102
American Financial Group, Inc. 7,914 562 Corrections Corp. of America (ö) 5,990 173
American Homes 4 Rent Class A(ö) 7,802 117 Cousins Properties, Inc. (ö) 2,516 22
American International Group, Inc. 49,296 2,784 Credit Acceptance Corp.(Æ) 361 65
American National Insurance Co. 2,014 196 CubeSmart (ö) 1,335 42
American Tower Corp.(ö) 8,455 798 Cullen/Frost Bankers, Inc. 4,929 236
Ameriprise Financial, Inc. 2,766 251 CVB Financial Corp. 1,392 21
AmTrust Financial Services, Inc. 1,552 89 CYS Investments, Inc. (ö) 2,020 14
Annaly Capital Management, Inc.(ö) 23,465 223 DCT Industrial Trust, Inc. (ö) 840 30
Aon PLC 4,601 404 DiamondRock Hospitality Co. (ö) 2,041 17
Arch Capital Group, Ltd.(Æ) 11,828 799 Discover Financial Services 23,483 1,075
Argo Group International Holdings, Ltd. 411 23 Dun & Bradstreet Corp. (The) 2,778 273
ARMOUR Residential REIT, Inc. (ö) 679 13 DuPont Fabros Technology, Inc. (ö) 622 21
Arthur J Gallagher & Co. 6,636 250 E*Trade Financial Corp.(Æ) 8,634 203
Aspen Insurance Holdings, Ltd. 6,713 312 East West Bancorp, Inc. 5,344 173
Associated Banc-Corp. 6,655 117 Eaton Vance Corp. 1,852 53
Assurant, Inc. 6,053 492 Education Realty Trust, Inc. (ö) 597 23
Assured Guaranty, Ltd. 6,662 158 Endurance Specialty Holdings, Ltd. 5,587 346
Astoria Financial Corp. 1,367 21 Enstar Group, Ltd.(Æ) 131 21
AvalonBay Communities, Inc.(ö) 2,678 459 EPR Properties (ö) 579 35
Axis Capital Holdings, Ltd. 12,203 658 Equifax, Inc. 9,943 1,052
Banco Latinoamericano de Comercio Exterior       Equinix, Inc.(ö) 374 116
   SA Class E 555 13 Equity LifeStyle Properties, Inc. Class A(ö) 3,608 238
BancorpSouth, Inc. 1,136 24 Equity One, Inc. (ö) 804 22
Bank of America Corp. 380,474 5,380 Equity Residential(ö) 11,530 889
Bank of Hawaii Corp. 1,565 94 Erie Indemnity Co. Class A 2,560 246
Bank of New York Mellon Corp. (The) 51,799 1,876 Essex Property Trust, Inc. (ö) 1,053 224
BankUnited, Inc. 3,131 106 EverBank Financial Corp. 1,053 15
BB&T Corp. 49,217 1,607 Everest Re Group, Ltd. 5,258 941
Berkshire Hathaway, Inc. Class B(Æ) 87,442 11,347 Extra Space Storage, Inc.(ö) 8,756 794
BlackRock, Inc. Class A 5,136 1,614 FactSet Research Systems, Inc. 2,835 427
BOK Financial Corp. 2,347 117 Federal Realty Investment Trust (ö) 1,346 203
Broadridge Financial Solutions, Inc. 11,051 592 Federated Investors, Inc. Class B 5,832 147
Brown & Brown, Inc. 5,706 173 FelCor Lodging Trust, Inc. (ö) 1,675 12
Camden Property Trust (ö) 2,844 217 Fidelity National Information Services, Inc. 6,324 378
Capital One Financial Corp. 31,447 2,064 Fifth Third Bancorp 24,649 389
Capitol Federal Financial, Inc. 1,827 22 First American Financial Corp. 1,062 36
Capstead Mortgage Corp. (ö) 1,505 14 First Citizens BancShares, Inc. Class A 109 27
Care Capital Properties, Inc. (Æ)(ö) 1,488 45 First Financial Bankshares, Inc. 688 18
Cathay General Bancorp 936 26 First Horizon National Corp. 7,257 92
CBOE Holdings, Inc. 3,550 236 First Industrial Realty Trust, Inc. (ö) 1,066 22
CBRE Group, Inc. Class A(Æ) 8,855 248 First Midwest Bancorp, Inc. 1,101 19
Charles Schwab Corp. (The) 24,594 628 First Niagara Financial Group, Inc. 11,415 112
Chemical Financial Corp. 595 19 First Republic Bank 6,206 422
Chesapeake Lodging Trust (ö) 620 16 FirstMerit Corp. 1,748 34

 

See accompanying notes which are an integral part of this quarterly report.

346 Select U.S. Equity Fund

 

Russell Investment Company
Select U.S. Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Fiserv, Inc.(Æ) 14,696 1,390 MB Financial, Inc. 776 24
FleetCor Technologies, Inc.(Æ) 827 102 McGraw Hill Financial, Inc. 3,757 319
FNB Corp. 2,028 24 Medical Properties Trust, Inc. (ö) 2,166 24
FNF Group 19,166 621 Mercury General Corp. 3,725 173
Forest City Realty Trust, Inc. Class A(Æ)(ö) 1,258 25 MetLife, Inc. 33,718 1,505
Four Corners Property Trust, Inc.(Æ) 1,802 30 MFA Financial, Inc.(ö) 27,903 177
Franklin Resources, Inc. 23,915 829 MGIC Investment Corp.(Æ) 2,152 14
Franklin Street Properties Corp. (ö) 1,420 14 Moody's Corp. 8,266 737
General Growth Properties, Inc.(ö) 5,005 140 Morgan Stanley 60,743 1,572
Genworth Financial, Inc. Class A(Æ) 15,346 43 Morningstar, Inc. 1,951 157
GEO Group, Inc. (The) (ö) 757 22 MSCI, Inc. Class A 10,061 693
Glacier Bancorp, Inc. 943 22 Nasdaq, Inc. 12,088 749
Global Payments, Inc. 7,216 425 National Penn Bancshares, Inc. 1,768 20
Goldman Sachs Group, Inc. (The) 18,850 3,045 National Retail Properties, Inc. (ö) 7,069 304
Government Properties Income Trust (ö) 905 12 Nationstar Mortgage Holdings, Inc.(Æ) 2,378 24
Gramercy Property Trust (Æ)(ö) 4,473 33 Navient Corp. 12,390 118
Hancock Holding Co. 934 22 NBT Bancorp, Inc. 773 20
Hanover Insurance Group, Inc. (The) 4,735 386 New Residential Investment Corp. (ö) 1,493 17
Hartford Financial Services Group, Inc. 8,131 327 New York Community Bancorp, Inc. 41,407 641
Hatteras Financial Corp.(ö) 1,218 15 New York REIT, Inc. (ö) 1,827 19
HCP, Inc.(ö) 10,636 382 Northern Trust Corp. 8,006 497
Health Care REIT, Inc.(Æ)(ö) 2,571 160 NorthStar Asset Management Group, Inc. 10,983 127
Healthcare Realty Trust, Inc. (ö) 1,014 29 Northwest Bancshares, Inc. 1,613 20
Hersha Hospitality Trust Class A(ö) 682 12 Ocwen Financial Corp.(Æ) 3,632 20
Highwoods Properties, Inc.(ö) 867 37 Old National Bancorp 1,548 19
Hilltop Holdings, Inc.(Æ) 990 16 Old Republic International Corp. 5,837 106
Horace Mann Educators Corp. 597 18 OneMain Holdings, Inc.(Æ) 1,626 43
Hudson Pacific Properties, Inc. (ö) 674 17 PacWest Bancorp 784 29
Huntington Bancshares, Inc. 65,646 563 Park National Corp. 220 19
Iberiabank Corp. 383 18 Parkway Properties, Inc. (ö) 1,052 14
Independent Bank Corp. 450 21 PartnerRe, Ltd. 6,397 898
Interactive Brokers Group, Inc. Class A 2,147 69 PayPal Holdings, Inc.(Æ) 36,914 1,334
Intercontinental Exchange, Inc. 2,328 614 Pebblebrook Hotel Trust (ö) 692 17
International Bancshares Corp. 728 17 Pennsylvania Real Estate Investment Trust      
Invesco Mortgage Capital, Inc. (ö) 1,371 16 (ö) 803 16
Invesco, Ltd. 2,885 86 PennyMac Mortgage Investment Trust (ö) 903 12
Investors Bancorp, Inc. 3,202 37 People's United Financial, Inc. 16,096 231
Jack Henry & Associates, Inc. 4,848 394 Pinnacle Financial Partners, Inc. 468 23
Janus Capital Group, Inc. 1,662 21 Plum Creek Timber Co., Inc. (ö) 5,480 222
Jones Lang LaSalle, Inc. 1,652 232 PNC Financial Services Group, Inc. (The) 28,462 2,466
JPMorgan Chase & Co. 157,729 9,385 Popular, Inc.(Æ) 1,240 31
Kemper Corp. 603 21 Post Properties, Inc.(ö) 2,886 165
Kennedy-Wilson Holdings, Inc. 829 17 Primerica, Inc. 565 25
KeyCorp 19,442 217 Principal Financial Group, Inc. 11,970 455
LaSalle Hotel Properties (ö) 1,054 23 PrivateBancorp, Inc. Class A 676 25
Lazard, Ltd. Class A 3,221 116 ProAssurance Corp. 6,187 310
Legg Mason, Inc. 5,408 166 Progressive Corp. (The) 30,969 968
Leucadia National Corp. 6,331 105 Prosperity Bancshares, Inc. 699 30
Lexington Realty Trust (ö) 2,197 16 Provident Financial Services, Inc. 1,032 20
Liberty Property Trust (ö) 2,597 76 Prudential Financial, Inc. 19,346 1,356
Lincoln National Corp. 8,677 342 PS Business Parks, Inc. (ö) 215 19
Loews Corp. 10,662 395 Public Storage(ö) 3,660 928
LPL Financial Holdings, Inc. 286 9 Radian Group, Inc. 1,459 15
LTC Properties, Inc. (ö) 471 21 Ramco-Gershenson Properties Trust (ö) 1,033 18
M&T Bank Corp. 6,779 747 Raymond James Financial, Inc. 7,736 339
Macerich Co. (The) (ö) 1,826 142 Rayonier, Inc. (ö) 3,305 70
Mack-Cali Realty Corp.(ö) 1,143 24 Realogy Holdings Corp.(Æ) 4,007 131
Markel Corp.(Æ) 761 640 Realty Income Corp. (ö) 7,424 414
Marsh & McLennan Cos., Inc. 17,901 955 Redwood Trust, Inc. (ö) 1,057 11
MasterCard, Inc. Class A 32,074 2,856 Regions Financial Corp. 51,791 421

 

See accompanying notes which are an integral part of this quarterly report.

Select U.S. Equity Fund 347

 

Russell Investment Company
Select U.S. Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Reinsurance Group of America, Inc. Class A 3,717 313 Westamerica Bancorporation 444 19
RenaissanceRe Holdings, Ltd. 5,090 573 Western Union Co. (The) 15,063 269
Retail Opportunity Investments Corp. (ö) 1,225 23 WEX, Inc.(Æ) 159 12
RLI Corp. 515 31 White Mountains Insurance Group, Ltd. 483 344
RLJ Lodging Trust (ö) 1,123 21 Willis Towers Watson PLC 2,908 333
RMR Group, Inc. (The) Class A(Æ) 97 2 Wintrust Financial Corp. 546 23
Royal Bank of Canada(Æ) 2,706 139 WR Berkley Corp. 6,936 348
Ryman Hospitality Properties, Inc.(ö) 287 13 XL Group PLC Class A 17,232 625
Santander Consumer USA Holdings, Inc.(Æ) 3,537 37 Zillow Group, Inc.(Æ) 992 20
SEI Investments Co. 10,870 427 Zillow Group, Inc. Class A(Æ) 496 11
Selective Insurance Group, Inc. 765 24 Zions Bancorporation 1,368 31
Senior Housing Properties Trust (ö) 7,976 115       141,903
Signature Bank(Æ) 710 99        
Simon Property Group, Inc.(ö) 5,009 933 Health Care - 13.6%      
SLM Corp.(Æ) 28,279 181 Abbott Laboratories 78,721 2,980
South State Corp. 319 21 AbbVie, Inc. 35,151 1,930
Sovran Self Storage, Inc. (ö) 196 22 Acadia Healthcare Co., Inc.(Æ) 652 40
STAG Industrial, Inc. (ö) 756 13 Aetna, Inc. 23,094 2,352
StanCorp Financial Group, Inc.(Æ) 2,597 298 Agilent Technologies, Inc. 6,561 247
Starwood Property Trust, Inc.(ö) 15,474 295 Agios Pharmaceuticals, Inc.(Æ) 810 34
State Street Corp. 17,982 1,002 Akorn, Inc.(Æ) 1,963 51
Sterling Bancorp 1,313 21 Alere, Inc.(Æ) 2,355 88
Stifel Financial Corp.(Æ) 658 22 Alexion Pharmaceuticals, Inc.(Æ) 4,040 590
Sunstone Hotel Investors, Inc. (ö) 1,916 23 Align Technology, Inc.(Æ) 1,450 96
SunTrust Banks, Inc. 14,891 545 Alkermes PLC(Æ) 4,069 130
SVB Financial Group(Æ) 1,630 165 Allergan PLC(Æ) 11,196 3,184
Symetra Financial Corp. 980 31 Allscripts Healthcare Solutions, Inc.(Æ) 7,622 105
Synchrony Financial(Æ) 2,401 68 Alnylam Pharmaceuticals, Inc.(Æ) 2,423 167
Synovus Financial Corp. 5,635 172 AmerisourceBergen Corp. Class A 3,657 328
T Rowe Price Group, Inc. 7,185 510 Amgen, Inc. 25,110 3,835
Taubman Centers, Inc.(ö) 1,323 94 Amsurg Corp. Class A(Æ) 422 31
TCF Financial Corp. 5,745 69 Analogic Corp. 203 15
TD Ameritrade Holding Corp. 2,146 59 Anthem, Inc. 18,379 2,398
Texas Capital Bancshares, Inc.(Æ) 453 16 Baxalta, Inc. 26,046 1,042
Thomson Reuters Corp. 15,879 594 Baxter International, Inc. 23,585 863
Torchmark Corp. 9,063 492 Becton Dickinson and Co. 9,688 1,408
Total System Services, Inc. 9,115 366 Biogen, Inc.(Æ) 5,549 1,515
Travelers Cos., Inc. (The) 24,024 2,572 BioMarin Pharmaceutical, Inc.(Æ) 4,138 306
Trustmark Corp. 912 20 Bio-Rad Laboratories, Inc. Class A(Æ) 2,084 266
Two Harbors Investment Corp.(ö) 5,058 38 Bluebird Bio, Inc.(Æ) 838 35
UDR, Inc. (ö) 3,169 113 Boston Scientific Corp.(Æ) 23,519 412
UMB Financial Corp. 464 22 Bristol-Myers Squibb Co. 45,897 2,853
Umpqua Holdings Corp. 1,787 26 Brookdale Senior Living, Inc. Class A(Æ) 1,153 19
Union Bankshares Corp. 835 19 Bruker Corp.(Æ) 1,963 44
United Bankshares, Inc. 765 26 Cardinal Health, Inc. 13,935 1,134
Unum Group 3,799 109 Celgene Corp.(Æ) 16,294 1,635
US Bancorp 82,539 3,306 Centene Corp.(Æ) 3,543 220
Validus Holdings, Ltd. 5,754 255 Cerner Corp.(Æ) 12,905 749
Valley National Bancorp 2,670 23 Charles River Laboratories International,      
Vantiv, Inc. Class A(Æ) 2,821 133    Inc.(Æ) 1,349 100
Ventas, Inc. (ö) 4,389 243 Cigna Corp. 11,371 1,519
Visa, Inc. Class A 58,722 4,374 Community Health Systems, Inc.(Æ) 4,191 90
Voya Financial, Inc. 11,000 336 CONMED Corp. 388 14
Waddell & Reed Financial, Inc. Class A 1,325 36 Cooper Cos., Inc. (The) 2,645 347
Washington Federal, Inc. 1,200 26 CR Bard, Inc. 3,446 632
Washington Real Estate Investment Trust (ö) 802 20 DaVita HealthCare Partners, Inc.(Æ) 1,048 70
Webster Financial Corp. 908 30 Dentsply International, Inc. 5,872 346
Weingarten Realty Investors(ö) 4,799 167 DexCom, Inc.(Æ) 2,246 160
Wells Fargo & Co. 221,948 11,148 Edwards Lifesciences Corp.(Æ) 5,516 431
WesBanco, Inc. 570 17 Eli Lilly & Co. 33,676 2,664

 

See accompanying notes which are an integral part of this quarterly report.

348 Select U.S. Equity Fund

 

Russell Investment Company
Select U.S. Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Endo International PLC(Æ) 4,204 233 UnitedHealth Group, Inc. 34,178 3,936
Envision Healthcare Holdings, Inc.(Æ) 1,438 32 Universal Health Services, Inc. Class B 2,739 309
Express Scripts Holding Co.(Æ) 26,589 1,911 Varian Medical Systems, Inc.(Æ) 5,253 405
Gilead Sciences, Inc. 36,327 3,015 VCA, Inc.(Æ) 2,084 107
Greatbatch, Inc.(Æ) 364 14 Veeva Systems, Inc. Class A(Æ) 1,263 30
Haemonetics Corp.(Æ) 576 18 Vertex Pharmaceuticals, Inc.(Æ) 6,398 581
HCA Holdings, Inc.(Æ) 18,099 1,259 VWR Corp.(Æ) 2,823 69
Health Net, Inc.(Æ) 2,848 189 West Pharmaceutical Services, Inc. 302 17
HealthSouth Corp. 482 17 Zimmer Biomet Holdings, Inc. 4,875 484
Henry Schein, Inc.(Æ) 5,491 832 Zoetis, Inc. Class A 7,034 303
Hill-Rom Holdings, Inc. 2,022 99       99,148
Hologic, Inc.(Æ) 6,607 224        
Humana, Inc. 5,725 932 Materials and Processing - 3.0%      
ICU Medical, Inc.(Æ) 207 20 A Schulman, Inc. 397 10
IDEXX Laboratories, Inc.(Æ) 770 54 Acuity Brands, Inc. 1,302 264
Illumina, Inc.(Æ) 4,327 683 Air Products & Chemicals, Inc. 8,514 1,079
Incyte Corp.(Æ) 4,786 338 Airgas, Inc. 3,769 528
Integra LifeSciences Holdings Corp.(Æ) 287 18 Albemarle Corp. 3,187 168
Intercept Pharmaceuticals, Inc.(Æ) 146 16 Alcoa, Inc. 22,948 167
Intrexon Corp.(Æ) 1,625 47 Allegheny Technologies, Inc. 4,212 39
Intuitive Surgical, Inc.(Æ) 165 89 AptarGroup, Inc. 3,890 284
Ionis Pharmaceuticals, Inc.(Æ) 5,272 205 Ashland, Inc. 2,354 223
Jazz Pharmaceuticals PLC(Æ) 1,461 188 Axalta Coating Systems, Ltd.(Æ) 2,668 63
Johnson & Johnson 122,703 12,815 Axiall Corp. 600 11
Juno Therapeutics, Inc.(Æ) 1,815 50 Ball Corp. 7,734 517
Kindred Healthcare, Inc. 845 8 Beacon Roofing Supply, Inc.(Æ) 625 25
Laboratory Corp. of America Holdings(Æ) 8,828 992 Bemis Co., Inc. 9,005 431
LifePoint Health, Inc.(Æ) 3,362 235 Berry Plastics Group, Inc.(Æ) 499 15
Magellan Health, Inc.(Æ) 353 20 Cabot Corp. 1,250 50
Mallinckrodt PLC(Æ) 2,586 150 Celanese Corp. Class A 56 4
McKesson Corp. 8,138 1,310 CF Industries Holdings, Inc. 5,795 174
Medivation, Inc.(Æ) 7,649 250 Chemours Co. (The) 4,357 17
MEDNAX, Inc.(Æ) 7,853 545 Cliffs Natural Resources, Inc.(Æ) 8,577 14
Medtronic PLC 57,611 4,374 Commercial Metals Co. 1,400 19
Merck & Co., Inc. 123,541 6,260 Compass Minerals International, Inc. 1,934 145
Mylan NV(Æ) 14,016 738 Crown Holdings, Inc.(Æ) 518 24
Myriad Genetics, Inc.(Æ) 321 13 Domtar Corp. 3,581 115
OPKO Health, Inc.(Æ) 7,233 58 Dow Chemical Co. (The) 37,064 1,557
Owens & Minor, Inc. 736 25 Eagle Materials, Inc. 816 44
PAREXEL International Corp.(Æ) 261 17 Eastman Chemical Co. 4,277 262
Patterson Cos., Inc. 792 34 Ecolab, Inc. 12,425 1,340
PerkinElmer, Inc. 2,634 127 EI du Pont de Nemours & Co. 20,407 1,077
Perrigo Co. PLC 2,357 341 Fastenal Co. 11,658 473
Pfizer, Inc. 298,863 9,112 FMC Corp. 1,069 38
Premier, Inc. Class A(Æ) 2,013 64 Freeport-McMoRan, Inc. 29,049 134
Puma Biotechnology, Inc.(Æ) 732 31 Graphic Packaging Holding Co. 8,087 92
Qiagen NV(Æ) 9,335 212 Hecla Mining Co. 4,958 9
Quest Diagnostics, Inc. 10,714 704 Hexcel Corp. 8,716 361
Quintiles Transnational Holdings, Inc.(Æ) 2,262 138 Huntsman Corp. 3,469 30
Regeneron Pharmaceuticals, Inc.(Æ) 2,350 987 Innospec, Inc. 369 18
ResMed, Inc. 7,778 441 International Flavors & Fragrances, Inc. 7,321 856
Seattle Genetics, Inc.(Æ) 549 18 International Paper Co. 2,993 102
Sirona Dental Systems, Inc.(Æ) 3,918 416 Kaiser Aluminum Corp. 260 20
St. Jude Medical, Inc. 6,944 367 Lennox International, Inc. Class 2 1,125 135
STERIS PLC(Æ) 254 18 Louisiana-Pacific Corp.(Æ) 1,363 21
Stryker Corp. 13,618 1,350 LyondellBasell Industries Class A 4,303 335
Teleflex, Inc. 2,302 312 Martin Marietta Materials, Inc. 1,827 229
Tenet Healthcare Corp.(Æ) 527 14 Masco Corp. 8,737 231
Thermo Fisher Scientific, Inc. 16,470 2,175 Masonite International Corp.(Æ) 308 17
United Therapeutics Corp.(Æ) 2,260 278 Minerals Technologies, Inc. 332 14

 

See accompanying notes which are an integral part of this quarterly report.

Select U.S. Equity Fund 349

 

Russell Investment Company
Select U.S. Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Monsanto Co. 6,389 579 Atlas Air Worldwide Holdings, Inc.(Æ) 353 13
Mosaic Co. (The) 8,368 202 Automatic Data Processing, Inc. 21,857 1,816
Mueller Industries, Inc. 488 12 Avery Dennison Corp. 6,552 399
NewMarket Corp. 661 251 Babcock & Wilcox Co. (The) 3,631 109
Newmont Mining Corp. 14,349 286 Babcock & Wilcox Enterprises, Inc.(Æ) 4,164 86
Nucor Corp. 12,163 475 Barnes Group, Inc. 641 21
Olin Corp. 927 16 Boeing Co. (The) 16,532 1,986
Owens Corning 4,065 188 Brady Corp. Class A 703 16
Owens-Illinois, Inc.(Æ) 2,544 33 Briggs & Stratton Corp. 795 16
Packaging Corp. of America 1,845 94 Bristow Group, Inc. 418 10
Platform Specialty Products Corp.(Æ) 509 4 Carlisle Cos., Inc. 3,407 285
PPG Industries, Inc. 7,407 705 Caterpillar, Inc. 18,101 1,127
Praxair, Inc. 12,130 1,213 CH Robinson Worldwide, Inc. 4,891 317
Precision Castparts Corp. 6,533 1,535 Chicago Bridge & Iron Co. 3,489 135
Reliance Steel & Aluminum Co. 3,079 175 Cintas Corp.(Æ) 7,313 628
Royal Gold, Inc. 319 9 Clarcor, Inc. 252 12
RPM International, Inc. 3,950 155 Clean Harbors, Inc.(Æ) 844 37
Schweitzer-Mauduit International, Inc. 396 17 Colfax Corp.(Æ) 2,086 46
Sealed Air Corp. 4,577 185 Convergys Corp. 1,180 29
Sensient Technologies Corp. 501 30 Copa Holdings SA Class A 932 44
Sherwin-Williams Co. (The) 4,271 1,092 Copart, Inc.(Æ) 6,454 216
Silgan Holdings, Inc. 3,232 171 CoStar Group, Inc.(Æ) 964 169
Simpson Manufacturing Co., Inc. 556 18 Covanta Holding Corp. 2,768 39
Sonoco Products Co. 9,839 389 Crane Co. 1,929 92
Southern Copper Corp. 1,704 44 CSX Corp. 35,940 827
Steel Dynamics, Inc. 10,928 201 Cubic Corp. 329 13
Tahoe Resources, Inc. 4,879 38 Cummins, Inc. 7,916 712
Timken Co. (The) 3,435 91 Curtiss-Wright Corp. 418 29
Tronox, Ltd. Class A 789 3 Danaher Corp. 26,480 2,294
United States Steel Corp. 4,864 34 Darling Ingredients, Inc.(Æ) 1,555 14
Universal Forest Products, Inc. 310 21 Deere & Co. 14,945 1,151
USG Corp.(Æ) 1,600 29 Delta Air Lines, Inc. 10,211 452
Valmont Industries, Inc. 1,665 177 Deluxe Corp. 370 21
Valspar Corp. 3,935 308 Donaldson Co., Inc. 7,890 222
Vulcan Materials Co. 2,629 232 Dover Corp. 7,034 411
Watsco, Inc. 2,102 244 Eaton Corp. PLC 19,130 966
Westlake Chemical Corp. 739 34 EMCOR Group, Inc. 715 33
WestRock Co. 10,026 354 Emerson Electric Co. 23,585 1,084
WR Grace & Co.(Æ) 518 42 EnerSys 431 21
      21,467 ESCO Technologies, Inc. 446 15
        Essendant, Inc. 529 16
Producer Durables - 10.3%       Esterline Technologies Corp.(Æ) 316 25
3M Co. 16,458 2,485 Expeditors International of Washington, Inc. 4,418 199
AAR Corp. 570 12 Federal Signal Corp. 972 14
ABM Industries, Inc. 722 22 FedEx Corp. 11,347 1,508
Accenture PLC Class A 23,015 2,429 Flir Systems, Inc. 9,726 284
Actuant Corp. Class A(Æ) 834 19 Fluor Corp. 2,433 109
ADT Corp. (The) 7,154 212 FTI Consulting, Inc.(Æ) 490 17
AECOM(Æ) 3,042 83 G&K Services, Inc. Class A 280 18
AGCO Corp. 1,114 54 GATX Corp. 521 21
Air Lease Corp. Class A 3,433 88 General Dynamics Corp. 14,568 1,949
Aircastle, Ltd. 708 12 General Electric Co. 363,390 10,575
Alaska Air Group, Inc. 5,222 368 Genesee & Wyoming, Inc. Class A(Æ) 799 40
Albany International Corp. Class A 427 14 Genpact, Ltd.(Æ) 11,557 276
Allegion PLC 1,017 62 Graco, Inc. 3,536 257
Allison Transmission Holdings, Inc. Class A 1,526 36 Granite Construction, Inc. 562 22
American Airlines Group, Inc. 11,965 466 HD Supply Holdings, Inc.(Æ) 7,172 188
Ametek, Inc. 10,901 513 HEICO Corp. 281 16
AO Smith Corp. 5,808 406 Honeywell International, Inc. 20,706 2,137
Applied Industrial Technologies, Inc. 443 17 Hubbell, Inc.(Æ) 4,799 434

 

See accompanying notes which are an integral part of this quarterly report.

350 Select U.S. Equity Fund

 

Russell Investment Company
Select U.S. Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Huntington Ingalls Industries, Inc. 1,251 160 Southwest Airlines Co. 9,546 359
Huron Consulting Group, Inc.(Æ) 301 17 Spirit AeroSystems Holdings, Inc. Class A(Æ) 2,897 123
IDEX Corp. 3,721 270 Spirit Airlines, Inc.(Æ) 784 33
IHS, Inc. Class A(Æ) 420 44 SPX Corp. 1,999 19
Illinois Tool Works, Inc. 12,020 1,083 SPX FLOW, Inc.(Æ) 1,999 48
Itron, Inc.(Æ) 500 16 Stanley Black & Decker, Inc. 4,346 410
ITT Corp. 3,653 119 Stericycle, Inc.(Æ) 4,496 541
Jacobs Engineering Group, Inc.(Æ) 3,491 137 Sykes Enterprises, Inc.(Æ) 720 21
JB Hunt Transport Services, Inc. 5,785 421 Teledyne Technologies, Inc.(Æ) 324 26
JetBlue Airways Corp.(Æ) 21,158 451 Terex Corp. 941 21
Joy Global, Inc. 4,038 40 Tetra Tech, Inc. 835 22
Kansas City Southern 4,088 290 Textron, Inc. 9,801 335
KBR, Inc. 6,008 86 TopBuild Corp.(Æ) 270 7
Kennametal, Inc. 3,055 54 Toro Co. (The) 4,129 308
Keysight Technologies, Inc.(Æ) 2,835 66 TransDigm Group, Inc.(Æ) 2,319 521
Kirby Corp.(Æ) 4,932 250 Trinity Industries, Inc. 5,316 114
Korn/Ferry International 541 17 Triumph Group, Inc. 1,988 51
L-3 Communications Holdings, Inc. 6,370 744 Tyco International PLC 12,201 420
Landstar System, Inc. 1,527 88 UniFirst Corp. 190 20
Lexmark International, Inc. Class A 3,036 86 Union Pacific Corp. 26,365 1,898
Lincoln Electric Holdings, Inc. 3,257 173 United Continental Holdings, Inc.(Æ) 6,223 300
Lockheed Martin Corp. 9,548 2,015 United Parcel Service, Inc. Class B 16,716 1,558
Macquarie Infrastructure Corp. 473 32 United Rentals, Inc.(Æ) 781 37
Manitowoc Co., Inc. (The)(Æ) 2,169 34 United Technologies Corp. 36,013 3,158
ManpowerGroup, Inc. 1,867 143 Verisk Analytics, Inc. Class A(Æ) 8,076 590
Matson, Inc. 478 19 Wabtec Corp. 6,251 400
MAXIMUS, Inc. 283 15 Waste Connections, Inc. 7,549 453
Mettler-Toledo International, Inc.(Æ) 1,829 572 Waste Management, Inc. 17,051 903
Middleby Corp.(Æ) 640 58 Waters Corp.(Æ) 4,241 514
Mobile Mini, Inc. 493 13 Watts Water Technologies, Inc. Class A 375 18
Moog, Inc. Class A(Æ) 416 19 Werner Enterprises, Inc. 578 14
MSC Industrial Direct Co., Inc. Class A 3,218 209 WESCO International, Inc.(Æ) 797 32
National Instruments Corp. 2,557 73 Woodward, Inc. 440 20
Navistar International Corp.(Æ) 123 1 WW Grainger, Inc. 2,710 533
Nordson Corp. 3,989 241 Xerox Corp. 32,459 316
Norfolk Southern Corp. 18,542 1,307 XPO Logistics, Inc.(Æ) 454 10
Northrop Grumman Corp. 10,361 1,917 Xylem, Inc. 10,566 380
Old Dominion Freight Line, Inc.(Æ) 6,356 348 Zebra Technologies Corp. Class A(Æ) 981 59
Orbital ATK, Inc. 3,504 316       75,419
Oshkosh Corp. 1,331 44        
OSI Systems, Inc.(Æ) 251 14 Technology - 16.2%      
PACCAR, Inc. 5,465 268 3D Systems Corp.(Æ) 1,150 9
Parker-Hannifin Corp. 2,111 205 Activision Blizzard, Inc. 19,891 693
Paychex, Inc. 15,097 723 Acxiom Corp.(Æ) 923 17
Pentair PLC 2,300 108 Adobe Systems, Inc.(Æ) 4,371 390
Pitney Bowes, Inc. 1,481 29 Akamai Technologies, Inc.(Æ) 5,018 229
Quanta Services, Inc.(Æ) 10,511 197 Alphabet, Inc. Class A(Æ) 10,345 7,876
Raytheon Co. 16,726 2,145 Alphabet, Inc.(Æ) 6,199 4,606
Regal Beloit Corp. 1,589 89 Amdocs, Ltd. 15,914 871
Republic Services, Inc. Class A 12,519 547 Amphenol Corp. Class A 16,507 818
Robert Half International, Inc. 6,798 298 Analog Devices, Inc. 11,356 612
Rockwell Automation, Inc. 1,798 172 Anixter International, Inc.(Æ) 254 13
Rockwell Collins, Inc. 8,352 675 Ansys, Inc.(Æ) 5,654 499
Rollins, Inc. 7,762 214 Apple, Inc. 192,385 18,727
Roper Technologies, Inc. 6,215 1,092 Applied Materials, Inc. 5,210 92
RR Donnelley & Sons Co. 6,184 86 ARRIS International PLC(Æ) 2,868 73
Ryder System, Inc. 2,331 124 Arrow Electronics, Inc.(Æ) 3,992 206
Scorpio Tankers, Inc. 2,066 13 Aspen Technology, Inc.(Æ) 446 14
Ship Finance International, Ltd. 1,038 14 Atmel Corp. 4,404 35
Snap-on, Inc. 3,154 510 Autodesk, Inc.(Æ) 1,942 91

 

See accompanying notes which are an integral part of this quarterly report.

Select U.S. Equity Fund 351

 

Russell Investment Company
Select U.S. Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)  
    Principal Fair     Principal Fair
  Amount ($) or Value   Amount ($) or Value
    Shares $     Shares $
Avago Technologies, Ltd. Class A 5,774 772 Linear Technology Corp. 8,886 380
Avnet, Inc. 6,255 250 LinkedIn Corp. Class A(Æ) 906 179
Benchmark Electronics, Inc.(Æ) 808 17 Lumentum Holdings, Inc.(Æ) 1,124 22
Bio Techne Corp. 2,205 182 Manhattan Associates, Inc.(Æ) 328 19
Black Knight Financial Services, Inc. Class       Marvell Technology Group, Ltd. 21,033 186
  A(Æ) 2,131 64 Maxim Integrated Products, Inc. 4,110 137
Broadcom Corp. Class A 23,892 1,306 Mentor Graphics Corp. 1,127 20
Brocade Communications Systems, Inc. 18,014 144 Microchip Technology, Inc. 1,153 52
CA, Inc. 19,388 557 Micron Technology, Inc.(Æ) 58,018 640
CACI International, Inc. Class A(Æ) 283 23 Microsemi Corp.(Æ) 761 24
Cadence Design Systems, Inc.(Æ) 3,992 78 Microsoft Corp. 331,379 18,256
CDK Global Inc. 3,523 155 MKS Instruments, Inc. 668 24
CDW Corp. 2,657 102 Motorola Solutions, Inc. 1,111 74
Cirrus Logic, Inc.(Æ) 595 21 NCR Corp.(Æ) 7,718 165
Cisco Systems, Inc. 313,033 7,447 NetApp, Inc. 21,944 481
Citrix Systems, Inc.(Æ) 798 56 NETGEAR, Inc.(Æ) 554 21
Cognex Corp. 2,796 90 NetSuite, Inc.(Æ) 813 56
Cognizant Technology Solutions Corp. Class       Nuance Communications, Inc.(Æ) 1,517 27
  A(Æ) 29,011 1,837 NVIDIA Corp. 18,934 555
Coherent, Inc.(Æ) 323 25 NXP Semiconductors NV(Æ) 884 66
CommScope Holding Co., Inc.(Æ) 1,833 41 ON Semiconductor Corp.(Æ) 14,903 128
Computer Sciences Corp. 6,402 205 Oracle Corp. 106,594 3,870
Corning, Inc. 76,921 1,431 Palo Alto Networks, Inc.(Æ) 1,538 230
Cree, Inc.(Æ) 4,666 131 Plexus Corp.(Æ) 424 15
CSRA, Inc.(Æ) 6,402 171 Polycom, Inc.(Æ) 1,165 12
Cypress Semiconductor Corp.(Æ) 8,377 66 Progress Software Corp.(Æ) 731 19
Diebold, Inc. 1,123 31 PTC, Inc.(Æ) 1,378 41
DigitalGlobe, Inc.(Æ) 712 9 QLogic Corp.(Æ) 1,286 16
Dolby Laboratories, Inc. Class A 5,101 184 Qorvo, Inc.(Æ) 1,416 56
DST Systems, Inc. 3,002 316 QUALCOMM, Inc. 78,114 3,542
EchoStar Corp. Class A(Æ) 1,406 49 Rackspace Hosting, Inc.(Æ) 1,988 40
Electronic Arts, Inc.(Æ) 7,925 511 Red Hat, Inc.(Æ) 4,653 326
EMC Corp. 120,063 2,974 Rogers Corp.(Æ) 228 11
Entegris, Inc.(Æ) 1,315 15 Rovi Corp.(Æ) 2,303 45
F5 Networks, Inc.(Æ) 1,078 101 Sabre Corp. 1,873 48
Facebook, Inc. Class A(Æ) 50,733 5,693 Salesforce.com, Inc.(Æ) 11,213 763
Fairchild Semiconductor International, Inc.       SanDisk Corp. 12,245 866
   Class A(Æ) 1,322 27 Sanmina Corp.(Æ) 885 17
FireEye, Inc.(Æ) 3,231 46 SBA Communications Corp. Class A(Æ) 1,522 151
Fortinet, Inc.(Æ) 3,096 87 ScanSource, Inc.(Æ) 475 15
Gartner, Inc.(Æ) 6,804 598 ServiceNow, Inc.(Æ) 4,463 278
Groupon, Inc. Class A(Æ) 10,977 30 Silicon Laboratories, Inc.(Æ) 343 16
Harris Corp. 2,083 181 Skyworks Solutions, Inc. 5,728 395
Hewlett Packard Enterprise Co.(Æ) 109,725 1,510 SolarWinds, Inc.(Æ) 1,045 63
HP, Inc. 114,761 1,114 Solera Holdings, Inc. 719 39
II-VI, Inc.(Æ) 939 20 Splunk, Inc.(Æ) 2,667 123
IMS Health Holdings, Inc.(Æ) 2,542 59 SS&C Technologies Holdings, Inc. 2,599 167
Ingram Micro, Inc. Class A 3,265 92 Stratasys, Ltd.(Æ) 1,069 17
Insight Enterprises, Inc.(Æ) 663 16 Symantec Corp. 25,192 500
Intel Corp. 261,528 8,113 SYNNEX Corp. 314 26
International Business Machines Corp. 37,933 4,734 Synopsys, Inc.(Æ) 14,020 601
Intersil Corp. Class A 1,410 18 Tableau Software, Inc. Class A(Æ) 658 53
Intuit, Inc. 11,087 1,059 Take-Two Interactive Software, Inc.(Æ) 844 29
IPG Photonics Corp.(Æ) 834 67 Teradata Corp.(Æ) 4,895 119
Jabil Circuit, Inc. 10,228 204 Teradyne, Inc. 5,489 107
JDS Uniphase Corp.(Æ) 5,623 28 Texas Instruments, Inc. 37,272 1,973
Juniper Networks, Inc. 14,089 332 Twitter, Inc.(Æ) 2,198 37
KLA-Tencor Corp. 909 61 Tyler Technologies, Inc.(Æ) 140 22
Lam Research Corp. 5,374 386 Ultimate Software Group, Inc.(Æ) 742 130
Leidos Holdings, Inc. 3,283 151 Veeco Instruments, Inc.(Æ) 540 10

 

See accompanying notes which are an integral part of this quarterly report.

352 Select U.S. Equity Fund

 

Russell Investment Company
Select U.S. Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)   Amounts in thousands (except share amounts)    
    Principal Fair       Principal   Fair
  Amount ($) or Value     Amount ($) or   Value
    Shares $       Shares   $
Verint Systems, Inc.(Æ) 273 10 OGE Energy Corp.   3,684   97
VeriSign, Inc.(Æ) 1,938 146 ONE Gas, Inc.   522   30
VMware, Inc. Class A(Æ) 1,228 56 Otter Tail Corp.   564   16
Western Digital Corp. 13,801 662 Pepco Holdings, Inc.   2,707   72
Workday, Inc. Class A(Æ) 979 62 PG&E Corp.   19,936   1,095
Xilinx, Inc. 3,435 173 Piedmont Natural Gas Co., Inc.   834   49
Yahoo!, Inc.(Æ) 41,554 1,226 Pinnacle West Capital Corp.   2,104   140
Yelp, Inc. Class A(Æ) 1,086 23 PNM Resources, Inc.   918   29
Zynga, Inc. Class A(Æ) 21,456 53 Portland General Electric Co.   836   33
      118,569 PPL Corp.   14,918   523
        Public Service Enterprise Group, Inc.   14,304   591
Utilities - 5.2%       Questar Corp.   5,280   108
AES Corp. 678 6 SCANA Corp.   8,462   533
AGL Resources, Inc.(Æ) 3,393 216 Sempra Energy   10,242   970
ALLETE, Inc. 504 27 South Jersey Industries, Inc.   826   21
Alliant Energy Corp. 3,484 228 Southern Co. (The)   36,973   1,809
Ameren Corp. 3,086 139 Southwest Gas Corp.   512   30
American Electric Power Co., Inc. 23,805 1,451 Sprint Corp.(Æ)   24,933   75
American States Water Co. 511 23 Talen Energy Corp.(Æ)   1,767   13
American Water Works Co., Inc. 7,050 458 TECO Energy, Inc.   9,633   261
Aqua America, Inc. 8,922 281 Telephone & Data Systems, Inc.   5,211   121
AT&T, Inc. 276,687 9,977 T-Mobile US, Inc.(Æ)   16,022   643
Atmos Energy Corp. 7,011 485 UGI Corp.   3,197   109
Avangrid, Inc.(Æ) 608 23 US Cellular Corp.(Æ)   2,005   75
Avista Corp. 726 27 Vectren Corp.   6,543   274
Black Hills Corp. 519 26 Verizon Communications, Inc.   112,988   5,646
California Water Service Group 731 18 WEC Energy Group, Inc.   15,305   845
Calpine Corp.(Æ) 789 12 Westar Energy, Inc. Class A   5,852   255
CenterPoint Energy, Inc. 2,689 48 WGL Holdings, Inc.   557   37
CenturyLink, Inc. 14,808 376 Windstream Holdings, Inc.   3,466   20
CMS Energy Corp. 3,313 129 Xcel Energy, Inc.   18,013   688
Consolidated Edison, Inc. 10,040 697           37,946
Dominion Resources, Inc. 7,870 568            
DTE Energy Co. 6,786 577 Total Common Stocks          
Duke Energy Corp. 25,326 1,907 (cost $754,282)         695,563
Dynegy, Inc. Class A(Æ) 1,034 12            
Edison International 4,400 272 Short-Term Investments - 4.3%          
El Paso Electric Co. 552 23 Russell U.S. Cash Management Fund   31,152,090 (8) 31,152
Empire District Electric Co. (The) 698 20 Total Short-Term Investments          
Entergy Corp. 1,606 113 (cost $31,152)         31,152
Eversource Energy 9,612 517            
Exelon Corp. 32,051 948 Total Investments 99.5%          
FirstEnergy Corp. 3,880 128 (identified cost $785,434)         726,715
Frontier Communications Corp. 35,220 160            
Hawaiian Electric Industries, Inc.(Æ) 8,535 255 Other Assets and Liabilities, Net          
Idacorp, Inc. 525 37 - 0.5%       3,837
ITC Holdings Corp. 2,649 106 Net Assets - 100.0%         730,552
Laclede Group, Inc. (The) 505 32            
Level 3 Communications, Inc.(Æ) 5,861 286            
MDU Resources Group, Inc. 1,352 23            
MGE Energy, Inc. 479 23            
National Fuel Gas Co. 2,487 113            
New Jersey Resources Corp. 930 33            
NextEra Energy, Inc. 15,826 1,768            
NiSource, Inc. 3,769 79            
Northwest Natural Gas Co. 404 21            
NorthWestern Corp. 524 29            
NRG Energy, Inc. 3,145 33            
NRG Yield, Inc. Class A 320 4            
NRG Yield, Inc. Class C 320 4            

 

See accompanying notes which are an integral part of this quarterly report.

Select U.S. Equity Fund 353

 

Russell Investment Company
Select U.S. Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Futures Contracts                  
 
Amounts in thousands (except contract amounts)                  
                Unrealized  
                Appreciation  
    Number of   Notional   Expiration (Depreciation)  
    Contracts   Amount   Date $  
Long Positions                  
Russell 1000 Mini Index Futures 162 USD 17,256 03/16 (827 )
S&P 500 E-Mini Index Futures 177 USD 17,082 03/16 (763 )
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)               (1,590 )

 

Presentation of Portfolio Holdings                        
 
 
Amounts in thousands                        
 
            Fair Value            
Portfolio Summary Level 1    Level 2   Level 3   Total   
Common Stocks                        
Consumer Discretionary $ 103,533   $ —   $ — $   103,533  
Consumer Staples   48,365     —     2     48,367  
Energy   49,211     —     —     49,211  
Financial Services   141,903     —     —     141,903  
Health Care   99,148     —     —     99,148  
Materials and Processing   21,467     —     —     21,467  
Producer Durables   75,419     —     —     75,419  
Technology   118,569     —     —     118,569  
Utilities   37,946     —     —     37,946  
Short-Term Investments —   31,152   —   31,152  
Total Investments 695,561   31,152   2   726,715  
 
 
Other Financial Instruments                        
Futures Contracts (1,590 ) —   —   (1,590 )
Total Other Financial Instruments* $ (1,590 ) $ —   $ — $   (1,590 )

 

*      Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.

For a description of the Levels see note 2 in the Notes to Quarterly Report.
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to Quarterly
Report.
Investments in which significant unobservable inputs (Level 3) were used in determining a fair value for the period ended January 31,
2016 were less than 1% of net assets.

See accompanying notes which are an integral part of this quarterly report.

354 Select U.S. Equity Fund

 

Russell Investment Company
Select International Equity Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair     Principal   Fair
      Amount ($)   Value     Amount ($)   Value
      or Shares   $     or Shares   $
Common Stocks - 93.5%           Woolworths, Ltd. 44,858   780
Australia - 4.8%                   36,677
AGL Energy, Ltd. 103,669   1,375          
ALS, Ltd. 61,378   145 Austria - 0.5%        
Amcor, Ltd. Class A 57,017   541 Andritz AG 4,707   220
AMP, Ltd. 103,529   397 Erste Group Bank AG(Æ) 25,288   737
Ansell, Ltd. - GDR 22,315   318 EVN AG(Æ) 22,512   249
APA Group 67,642   409 Immofinanz AG(Æ) 146,730   277
Aristocrat Leisure, Ltd. 14,596   107 Mayr Melnhof Karton AG 3,332   379
Asciano, Ltd. 116,338   739 Oesterreichische Post AG 3,501   124
ASX, Ltd. - ADR 19,638   595 OMV AG 20,830   536
AusNet Services(Æ) 95,591   100 Raiffeisen Bank International AG(Æ) 15,227   193
Australia & New Zealand Banking           Strabag SE 17,107   418
   Group, Ltd. - ADR 78,811   1,365 UNIQA Insurance Group AG 30,637   194
Bendigo & Adelaide Bank, Ltd. 95,314   737 Verbund AG Class A 12,730   154
BHP Billiton, Ltd. - ADR 182,736   2,006 Vienna Insurance Group AG Wiener        
Boral, Ltd. 77,581   311    Versicherung Gruppe 6,376   158
Brambles, Ltd. 73,665   591 Voestalpine AG 17,190   457
Caltex Australia, Ltd. 9,401   250         4,096
Challenger, Ltd. 80,753   459          
CIMIC Group, Ltd. 18,356   319 Belgium - 1.5%        
Coca-Cola Amatil, Ltd. 15,522   93 Ackermans & van Haaren NV 1,869   242
Cochlear, Ltd. 4,674   313 Ageas 23,775   965
Commonwealth Bank of Australia - ADR 62,525   3,518 Anheuser-Busch InBev SA 35,817   4,509
CSL, Ltd. 24,924   1,856 bpost SA 11,294   269
Echo Entertainment Group, Ltd.(Æ) 83,109   319 Cie d'Entreprises CFE 3,706   380
Flight Centre, Ltd. 4,958   138 Colruyt SA(Æ) 4,280   230
Fortescue Metals Group, Ltd. 108,589   135 Delhaize Group 19,595   2,060
Goodman Group(ö) 19,121   83 D'ieteren SA 6,118   200
Harvey Norman Holdings, Ltd. 146,879   466 Elia System Operator SA 4,610   222
Healthscope, Ltd. 5,129   8 Groupe Bruxelles Lambert SA 8,420   639
Incitec Pivot, Ltd. 409,905   908 KBC Ancora 4,247   159
Lend Lease Group 37,025   344 KBC Groep NV 16,838   965
Macquarie Group, Ltd. 18,465   954 Proximus 4,768   165
National Australia Bank, Ltd. - ADR 78,814   1,561 Sofina SA 3,622   382
Newcrest Mining, Ltd.(Æ) 122,424   1,130 Umicore SA 6,950   257
Orica, Ltd. 30,246   308         11,644
Origin Energy, Ltd. 91,496   271          
Qantas Airways, Ltd.(Æ) 242,714   671 Bermuda - 0.1%        
QBE Insurance Group, Ltd. 202,009   1,571 Hiscox, Ltd. 52,821   749
Ramsay Health Care, Ltd. 6,134   265          
REA Group, Ltd. 3,483   131 Canada - 6.3%        
            Agrium, Inc. 4,739   414
Rio Tinto, Ltd. - ADR 29,440   826 Alimentation Couche-Tard, Inc. Class B 32,437   1,412
Santos, Ltd. 172,493   398 Atco, Ltd. Class I 12,505   347
Scentre Group(ö) 128,818   400 Bank of Montreal 38,736   2,080
Sonic Healthcare, Ltd. 14,651   192 Bank of Nova Scotia (The) 42,514   1,742
South32, Ltd.(Æ) 678,687   475 Barrick Gold Corp. 93,313   928
Suncorp Group, Ltd. 63,313   525 Baytex Energy Corp. 44,337   94
Sydney Airport 58,643   275 BCE, Inc. 22,029   887
Tabcorp Holdings, Ltd. 94,475   310 Brookfield Asset Management, Inc.        
Tatts Group, Ltd. 141,414   422    Class A 34,778   1,050
Telstra Corp., Ltd. 278,651   1,119 Cameco Corp. 32,039   389
TPG Telecom, Ltd. 41,023   295 Canadian Imperial Bank of Commerce 7,743   504
Transurban Group - ADR(Æ) 77,895   597 Canadian National Railway Co. 21,373   1,159
Vicinity Centres(Æ)(ö) 95,471   198 Canadian Natural Resources, Ltd. 71,372   1,528
Wesfarmers, Ltd. 35,014   1,055 Canadian Oil Sands, Ltd. 28,537   191
Westfield Corp.(ö) 39,919   285 Canadian Tire Corp., Ltd. Class A 4,795   391
Westpac Banking Corp. 98,429   2,172 CCL Industries, Inc. Class B 991   140
Woodside Petroleum, Ltd. 27,117   546 Cenovus Energy, Inc. 70,085   863
            CGI Group, Inc. Class A(Æ) 20,601   883

 

See accompanying notes which are an integral part of this quarterly report.

Select International Equity Fund 355

 

Russell Investment Company
Select International Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Constellation Software, Inc. 1,320   481 Novo Nordisk A/S Class B 96,949   5,414
DH Corp. 9,204   207 Novozymes A/S Class B 8,001   334
Dollarama, Inc. 12,090   649 Pandora A/S 6,567   877
Element Financial Corp.(Æ) 21,403   226 Rockwool International A/S Class B 1,053   159
Emera, Inc. 10,381   331 Vestas Wind Systems A/S 19,654   1,283
Empire Co., Ltd. Class A 40,113   758 William Demant Holding A/S(Æ) 878   78
Enbridge, Inc. 28,983   1,007         15,384
Encana Corp. 69,691   306          
Fairfax Financial Holdings, Ltd.(Æ) 3,487   1,795 Finland - 1.0%        
Finning International, Inc. 13,244   169 Amer Sports OYJ Class A 12,246   335
First Quantum Minerals, Ltd. 189,095   409 Cargotec OYJ Class B 4,768   152
Fortis, Inc. 37,381   1,086 Elisa OYJ Class A 18,558   671
Genworth MI Canada, Inc. 21,516   372 Fortum OYJ 70,452   1,107
George Weston, Ltd. 2,289   176 Huhtamaki OYJ 9,990   354
Gildan Activewear, Inc. Class A 22,169   560 Kone OYJ Class B 16,462   723
Goldcorp, Inc. 85,289   972 Nokia OYJ 102,880   738
Great-West Lifeco, Inc. 28,092   696 Orion OYJ Class B 12,479   411
Husky Energy, Inc. 27,464   273 Sampo OYJ Class A 19,016   918
Imperial Oil, Ltd. 47,942   1,470 Stora Enso OYJ Class R 103,856   846
Industrial Alliance Insurance &         UPM-Kymmene OYJ 69,038   1,123
   Financial Services, Inc. 11,071   329 Wartsila OYJ Abp Class B 4,180   188
Intact Financial Corp. 6,675   400         7,566
Kinross Gold Corp.(Æ) 305,979   505          
Loblaw Cos., Ltd. 12,386   582 France - 9.1%        
Magna International, Inc. Class A 23,002   799 Accor SA 4,618   177
Manulife Financial Corp. 124,526   1,731 Air Liquide SA Class A 10,911   1,129
Metro, Inc. Class A 20,914   618 Airbus Group SE 22,835   1,436
National Bank of Canada 18,043   515 Alcatel-Lucent SA - ADR(Æ) 116,296   460
Power Corp. of Canada 54,037   1,146 Alstom SA(Æ) 12,913   346
Power Financial Corp. 39,843   919 Arkema SA 9,366   586
Progressive Waste Solutions, Ltd. 10,085   284 AXA SA 191,820   4,750
Ritchie Bros Auctioneers, Inc. 6,486   148 BNP Paribas SA 66,583   3,165
Rogers Communications, Inc. Class B 9,794   335 Bouygues SA - ADR 32,237   1,262
Royal Bank of Canada - GDR 52,717   2,730 Capital Gemini SA 10,683   976
SNC-Lavalin Group, Inc. 41,636   1,190 Carrefour SA 56,525   1,611
Sun Life Financial, Inc. 57,734   1,656 Christian Dior SE 4,372   740
Suncor Energy, Inc. 131,060   3,103 Cie de Saint-Gobain 44,616   1,851
Teck Resources, Ltd. Class B 96,351   360 CNP Assurances 21,126   284
TELUS Corp. 11,764   327 Credit Agricole SA 162,163   1,621
TMX Group, Ltd. 4,821   140 Danone SA 14,836   1,023
Toronto Dominion Bank 60,290   2,287 Dassault Systemes SA 12,369   959
TransCanada Corp. 15,414   535 Eiffage SA 10,096   697
WestJet Airlines, Ltd. 9,118   123 Electricite de France SA 24,534   323
WSP Global, Inc. 7,807   224 Engie SA 118,560   1,905
Yamana Gold, Inc. 314,401   541 Essilor International SA 12,619   1,568
        48,472 Financiere de L'Odet 338   308
          Groupe Eurotunnel SE 36,000   416
Curacao - 0.0%         Ingenico Group 2,196   260
HAL Trust 1,412   250 Ipsen SA 3,088   178
          JCDecaux SA 392   15
Denmark - 2.0%         Kering 907   154
AP Moeller - Maersk A/S Class A 262   331 Legrand SA - ADR 7,543   416
AP Moeller - Maersk A/S Class B 1,238   1,591 L'Oreal SA 11,714   2,022
Carlsberg A/S Class B 12,271   1,033 LVMH Moet Hennessy Louis Vuitton        
Chr Hansen Holding A/S 5,363   328    SE - ADR 12,090   1,949
Coloplast A/S Class B 3,332   275 Natixis SA 149,526   735
Danske Bank A/S 41,369   1,112 Numericable-SFR SAS(Æ) 3,855   153
DSV A/S 17,583   684 Orange SA - ADR 177,072   3,172
Genmab A/S(Æ) 8,905   1,115 Pernod Ricard SA 10,655   1,250
H Lundbeck A/S(Æ) 9,756   319 Peugeot SA(Æ) 55,904   831
ISS A/S 12,755   451 Publicis Groupe SA - ADR 6,246   378

 

See accompanying notes which are an integral part of this quarterly report.

356 Select International Equity Fund

 

Russell Investment Company
Select International Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Renault SA 26,212   2,221 Merck KGaA 10,765   936
Safran SA 17,685   1,154 Metro AG 14,345   406
Sanofi - ADR 50,862   4,271 MTU Aero Engines AG 4,501   413
Sartorius Stedim Biotech 707   258 Muenchener Rueckversicherungs-        
Schneider Electric SE 21,773   1,169    Gesellschaft AG in Muenchen 15,608   2,990
SCOR SE - ADR 38,350   1,339 OSRAM Licht AG 15,817   704
SEB SA 1,777   174 ProSiebenSat.1 Media SE 12,731   634
Societe BIC SA 2,706   441 Puma SE 580   117
Societe Generale SA 66,921   2,561 Rational AG 312   140
Suez Environnement Co. 47,247   877 Rheinmetall AG 5,199   372
Technip SA 10,072   472 Rhoen Klinikum AG 14,843   430
Teleperformance - GDR 5,467   456 RWE AG 57,898   807
Thales SA 8,868   676 Salzgitter AG 7,200   154
Total SA 135,154   6,012 SAP SE - ADR 28,265   2,242
Unibail-Rodamco SE(ö) 2,830   711 Siemens AG(Æ) 36,124   3,458
Valeo SA 3,650   474 Software AG 6,008   202
Vallourec SA 16,050   70 Suedzucker AG 10,236   155
Veolia Environnement SA 70,233   1,693 Symrise AG 8,560   552
Vinci SA 43,933   2,979 Talanx AG 6,377   183
Vivendi SA - ADR 113,457   2,469 Telefonica Deutschland Holding AG 36,532   180
Wendel SA 2,738   274 TUI AG 10,353   175
Zodiac Aerospace(Æ) 6,095   128 United Internet AG 8,827   457
        69,985 Volkswagen AG 830   109
          Vonovia SE 9,169   279
Germany - 7.0%         Wirecard AG 3,272   165
adidas AG 6,063   624         53,300
Allianz SE 30,702   4,954          
Aurubis AG 3,342   136 Hong Kong - 2.5%        
BASF SE 30,768   2,039 AIA Group, Ltd. 345,800   1,935
Bayer AG 34,406   3,859 Bank of East Asia, Ltd. (The) 69,600   205
Bayerische Motoren Werke AG 27,079   2,248 Cheung Kong Infrastructure Holdings,        
Beiersdorf AG 5,232   483    Ltd. 47,000   442
Bilfinger SE 5,346   236 Chinese Estates Holdings, Ltd. 72,500   165
Brenntag AG 7,381   362 CK Hutchison Holdings, Ltd. 88,536   1,101
Commerzbank AG(Æ) 94,847   769 Goldin Financial Holdings, Ltd.(Æ) 176,000   189
Continental AG 4,214   880 Guoco Group, Ltd. 10,569   107
CTS Eventim AG & Co. KGaA(Æ) 4,193   154 Hang Lung Group, Ltd. 65,000   180
Daimler AG 75,959   5,287 Hang Lung Properties, Ltd. - ADR 230,000   424
Deutsche Bank AG 95,629   1,692 Hang Seng Bank, Ltd. 26,300   438
Deutsche Boerse AG 9,903   842 Henderson Land Development Co., Ltd. 224,700   1,221
Deutsche Post AG 27,835   673 Hong Kong Exchanges and Clearing,        
Deutsche Telekom AG 99,748   1,732    Ltd. 37,000   820
Deutsche Wohnen AG 31,483   828 Hongkong Land Holdings, Ltd. 181,800   1,138
E.ON SE 118,037   1,205 Hopewell Holdings, Ltd. 46,500   141
Evonik Industries AG 6,658   206 Hysan Development Co., Ltd. 49,000   190
Freenet AG 13,578   421 Jardine Matheson Holdings, Ltd. 34,800   1,825
Fresenius Medical Care AG & Co. 12,718   1,125 Jardine Strategic Holdings, Ltd. 21,100   577
Fresenius SE & Co. KGaA 17,753   1,175 Link REIT(ö) 164,000   939
GEA Group AG 8,518   359 Melco Crown Entertainment, Ltd. 8,400   43
Hannover Rueck SE 8,030   845 MTR Corp., Ltd. 147,500   670
HeidelbergCement AG 13,654   1,002 New World Development Co., Ltd. 829,000   669
Henkel AG & Co. KGaA 6,500   598 Orient Overseas International, Ltd. 36,500   136
Hochtief AG 2,077   191 Power Assets Holdings, Ltd. 66,000   604
Hugo Boss AG 1,491   119 Sun Hung Kai Properties, Ltd. 133,000   1,446
Infineon Technologies AG - ADR 38,236   509 Swire Pacific, Ltd. Class A 98,500   955
K&S AG 25,595   538 Swire Properties, Ltd. 141,800   367
KION Group AG(Æ) 4,528   223 Wharf Holdings, Ltd. (The) 226,000   1,053
Krones AG 1,356   146 Wheelock & Co., Ltd. 226,000   863
Lanxess AG 3,241   134         18,843
Linde AG 3,302   446          

 

See accompanying notes which are an integral part of this quarterly report.

Select International Equity Fund 357

 

Russell Investment Company
Select International Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair     Principal   Fair
      Amount ($)   Value     Amount ($)   Value
      or Shares   $     or Shares   $
Ireland - 0.8%           Japan - 20.6%        
Bank of Ireland(Æ) 440,904   146 Aeon Co., Ltd. 73,800   987
CRH PLC 34,355   916 Aisin Seiki Co., Ltd. 23,900   1,013
DCC PLC 5,819   451 Ajinomoto Co., Inc. 20,000   475
Experian PLC 46,125   788 Alfresa Holdings Corp. 45,500   847
Glanbia PLC 16,075   307 Alps Electric Co., Ltd. 8,700   172
James Hardie Industries PLC 37,386   426 ANA Holdings, Inc. 98,000   288
Kerry Group PLC Class A 4,807   393 Aozora Bank, Ltd. 156,000   523
Kingspan Group PLC 13,601   352 Asahi Glass Co., Ltd. 168,000   1,026
Paddy Power PLC 3,538   528 Asahi Group Holdings, Ltd. 5,300   170
Shire PLC - ADR 29,428   1,650 Asahi Kasei Corp. 60,000   388
Smurfit Kappa Group PLC 13,616   296 Astellas Pharma, Inc. 62,400   865
Willis Towers Watson PLC 1,729   198 Bandai Namco Holdings, Inc. 8,300   189
          6,451 Bank of Kyoto, Ltd. (The) 40,000   309
            Bank of Yokohama, Ltd. (The) 106,000   564
Isle of Man - 0.0%           Benesse Holdings, Inc. 7,400   207
Playtech PLC 19,726   216 Bridgestone Corp. 44,700   1,625
            Brother Industries, Ltd. 14,600   147
Israel - 0.4%           Canon, Inc. 39,000   1,090
Bank Hapoalim BM 78,997   369 Casio Computer Co., Ltd. 10,700   207
Bank Leumi Le-Israel BM(Æ) 72,228   240 Central Japan Railway Co. 9,000   1,671
Check Point Software Technologies, Ltd.         Century Tokyo Leasing Corp. 5,000   185
   (Æ) 1,985   156 Chiba Bank, Ltd. (The) 91,000   562
Mizrahi Tefahot Bank, Ltd. 13,937   157 Chiyoda Corp. 16,000   117
NICE-Systems, Ltd. 2,962   178 Chubu Electric Power Co., Inc. 66,600   853
Taro Pharmaceutical Industries, Ltd.(Æ) 2,611   381 Chugai Pharmaceutical Co., Ltd. 11,600   355
Teva Pharmaceutical Industries, Ltd. 30,814   1,894 Chugoku Bank, Ltd. (The) 39,500   470
          3,375 Chugoku Electric Power Co., Inc. (The) 31,300   417
 
Italy - 2.5%           Credit Saison Co., Ltd. 16,600   311
A2A SpA 454,065   543 Dai Nippon Printing Co., Ltd. 87,000   817
Assicurazioni Generali SpA 105,432   1,582 Daicel Chemical Industries, Ltd. 17,500   257
Atlantia SpA 11,704   306 Daido Steel Co., Ltd. 37,000   153
Banca Monte dei Paschi di Siena           Daihatsu Motor Co., Ltd. 24,500   382
   SpA(Æ) 115,610   84 Dai-ichi Life Insurance Co., Ltd. (The) 38,400   530
Banca Popolare dell'Emilia Romagna SC 30,696   185 Daikin Industries, Ltd. 13,600   919
Banca Popolare di Milano Scarl 612,481   501 Daiwa House Industry Co., Ltd. 35,000   989
Banco Popolare SC(Æ) 62,431   580 DeNA Co., Ltd. 11,200   162
Credito Emiliano SpA 27,983   187 Denso Corp. 12,600   547
Davide Campari-Milano SpA 18,789   165 Dentsu, Inc. 11,100   588
De' Longhi SpA 4,420   105 Don Quijote Holdings Co., Ltd. 4,200   142
Enel Green Power SpA 106,566   209 East Japan Railway Co. 14,600   1,345
Enel SpA 537,730   2,200 Eisai Co., Ltd. 14,200   857
ENI SpA - ADR 165,987   2,415 Electric Power Development Co., Ltd. 9,300   314
EXOR SpA 10,640   349 Ezaki Glico Co., Ltd. 6,900   377
Finmeccanica SpA(Æ) 16,745   199 FamilyMart Co., Ltd. 4,000   187
Hera SpA 69,807   195 FANUC Corp. 7,700   1,028
Intesa Sanpaolo SpA 1,126,104   3,189 Fast Retailing Co., Ltd. 1,900   614
Luxottica Group SpA 12,616   781 Fuji Electric Co., Ltd. 82,000   284
Mediobanca SpA(Æ) 40,225   322 Fuji Heavy Industries, Ltd. 16,600   678
Parmalat SpA 87,811   228 FUJIFILM Holdings Corp. 51,900   2,004
Prysmian SpA 12,682   261 Fukuoka Financial Group, Inc. 118,000   499
Recordati SpA 16,059   398 GungHo Online Entertainment, Inc. 143,000   383
Snam Rete Gas SpA 50,689   284 Gunma Bank, Ltd. (The) 102,000   566
Telecom Italia SpA(Æ) 1,213,485   1,348 Hachijuni Bank, Ltd. (The) 142,000   791
Telecom Italia SpA 555,279   500 Hamamatsu Photonics KK 6,700   167
UniCredit SpA 250,508   974 Hankyu Hanshin Holdings, Inc. 120,000   748
Unione di Banche Italiane SCpA 114,073   535 Haseko Corp. 41,600   436
UnipolSai SpA 111,608   238 Hiroshima Bank, Ltd. (The) 91,000   454
          18,863 Hisamitsu Pharmaceutical Co., Inc. 3,400   153
            Hitachi Capital Corp. 10,600   261

 

See accompanying notes which are an integral part of this quarterly report.

358 Select International Equity Fund

 

Russell Investment Company
Select International Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair       Principal   Fair
      Amount ($)   Value       Amount ($)   Value
      or Shares   $       or Shares   $
Hitachi Chemical Co., Ltd. 10,600   186 Mitsubishi Chemical Holdings Corp. 199,700   1,112
Hitachi, Ltd. 259,000   1,278 Mitsubishi Corp. 108,800   1,742
Hokuhoku Financial Group, Inc. 294,000   544 Mitsubishi Electric Corp. 50,000   463
Hokuriku Electric Power Co. 41,100   581 Mitsubishi Estate Co., Ltd. 19,000   377
Honda Motor Co., Ltd. 81,200   2,201 Mitsubishi Gas Chemical Co., Inc. 61,000   293
Hoshizaki Electric Co., Ltd.(Æ) 4,600   321 Mitsubishi Heavy Industries, Ltd. 53,000   209
Ibiden Co., Ltd. 16,800   236 Mitsubishi Materials Corp. 162,000   499
Idemitsu Kosan Co., Ltd. 34,300   516 Mitsubishi Motors Corp. 22,300   180
Iida Group Holdings Co., Ltd. 23,500   418 Mitsubishi Tanabe Pharma Corp. 18,600   306
Inpex Corp. 91,400   809 Mitsubishi UFJ Financial Group, Inc. 952,300   4,909
Isetan Mitsukoshi Holdings, Ltd. 31,100   395 Mitsubishi UFJ Lease & Finance Co.,          
ITOCHU Corp. 147,200   1,740    Ltd. 71,500   355
Itochu Techno-Solutions Corp. 18,400   298 Mitsui & Co., Ltd. 142,700   1,619
Iyo Bank, Ltd. (The) 58,500   495 Mitsui Chemicals, Inc. 76,000   331
J Front Retailing Co., Ltd. 35,800   493 Mitsui Fudosan Co., Ltd. 10,000   235
Japan Display, Inc.(Æ) 120,300   277 Mitsui OSK Lines, Ltd. 255,000   505
Japan Exchange Group, Inc. 16,500   234 Mizuho Financial Group, Inc. 1,841,400   3,180
Japan Petroleum Exploration Co., Ltd. 13,400   345 MS&AD Insurance Group Holdings, Inc. 58,500   1,587
Japan Tobacco, Inc. 27,500   1,074 Murata Manufacturing Co., Ltd. 7,800   901
JFE Holdings, Inc. 37,100   502 Nagoya Railroad Co., Ltd. 90,000   411
JGC Corp. 19,000   301 Nankai Electric Railway Co., Ltd. 46,000   271
Joyo Bank, Ltd. (The) 106,000   429 Nexon Co., Ltd. 10,400   170
JSR Corp. 6,700   97 NH Foods, Ltd. 17,000   329
JX Holdings, Inc. 247,400   943 NHK Spring Co., Ltd. 53,100   522
Kajima Corp. 141,000   799 Nidec Corp. 3,700   252
Kaken Pharmaceutical Co., Ltd. 7,800   514 Nikon Corp. 38,400   566
Kamigumi Co., Ltd. 65,000   587 Nintendo Co., Ltd. 5,400   761
Kaneka Corp. 53,000   505 Nippon Electric Glass Co., Ltd. 52,000   269
Kansai Electric Power Co., Inc. (The)(Æ) 42,400   461 Nippon Express Co., Ltd. 105,000   492
Kao Corp. 19,400   1,041 Nippon Paint Holdings Co., Ltd. 15,500   296
Kawasaki Heavy Industries, Ltd. 41,000   126 Nippon Shokubai Co., Ltd. 3,800   248
KDDI Corp. 59,300   1,499 Nippon Steel & Sumitomo Metal Corp. 52,200   933
Keihan Electric Railway Co., Ltd. 65,000   409 Nippon Telegraph & Telephone Corp. 89,600   3,813
Keikyu Corp. 13,000   108 Nippon Yusen KK 206,000   445
Keio Corp. 25,000   223 Nissan Motor Co., Ltd. 166,800   1,654
Kewpie Corp. 4,100   90 Nisshin Seifun Group, Inc. 51,100   826
Keyence Corp. 1,500   706 Nissin Foods Holdings Co., Ltd. 3,600   184
Kikkoman Corp. 11,000   366 Nitori Holdings Co., Ltd. 5,600   454
Kintetsu Group Holdings Co., Ltd. 44,000   181 Nitto Denko Corp. 7,200   414
Kirin Holdings Co., Ltd. 20,300   289 Nomura Holdings, Inc. 111,900   612
Kobayashi Pharmaceutical Co., Ltd. 4,800   409 Nomura Real Estate Holdings, Inc. 23,400   413
Kobe Steel, Ltd. 359,000   348 Nomura Research Institute, Ltd. 10,100   367
Koito Manufacturing Co., Ltd. 4,500   208 NSK, Ltd. 12,400   128
Komatsu, Ltd. 23,600   350 NTT Data Corp. 4,700   227
Konami Corp. 11,100   258 NTT DOCOMO, Inc. 52,300   1,167
Konica Minolta, Inc. 38,400   323 Obayashi Corp. 47,000   424
Kose Corp. 8,400   782 Obic Co., Ltd. 5,600   290
Kubota Corp. 15,000   221 Odakyu Electric Railway Co., Ltd. 23,000   244
Kuraray Co., Ltd. 57,700   696 Oji Holdings Corp. 111,000   451
Kurita Water Industries, Ltd. 18,300   391 Ono Pharmaceutical Co., Ltd. 4,200   677
Kyocera Corp. 21,200   852 Oracle Corp. Japan 4,100   186
Lawson, Inc. 4,300   340 Oriental Land Co., Ltd. 14,700   938
LIXIL Group Corp. 37,400   788 ORIX Corp. 123,200   1,748
Mabuchi Motor Co., Ltd. 3,500   189 Osaka Gas Co., Ltd. 290,000   1,100
Marubeni Corp. 148,000   712 Otsuka Corp.(Æ) 2,600   129
Marui Group Co., Ltd. 16,400   260 Otsuka Holdings Co., Ltd. 33,700   1,134
Medipal Holdings Corp. 29,300   477 Panasonic Corp. 67,700   634
MEIJI Holdings Co., Ltd. 4,300   361 Park24 Co., Ltd.(Æ) 5,200   145
Minebea Co., Ltd. 20,000   156 Pigeon Corp. 4,400   94
MISUMI Group, Inc. 11,000   135 Pola Orbis Holdings, Inc. 5,500   378

 

See accompanying notes which are an integral part of this quarterly report.

Select International Equity Fund 359

 

Russell Investment Company
Select International Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Rakuten, Inc.(Æ) 43,300   446 Toppan Printing Co., Ltd. 93,000   809
Recruit Holdings Co., Ltd. 22,600   716 Toray Industries, Inc. 40,000   342
Resona Holdings, Inc. 299,000   1,372 Toshiba Corp. 327,000   548
Ricoh Co., Ltd. 99,800   963 Tosoh Corp. 106,000   512
Rinnai Corp. 2,300   212 TOTO, Ltd. 12,600   410
Ryohin Keikaku Co., Ltd. 2,100   445 Toyo Seikan Group Holdings, Ltd. 17,600   318
Sankyo Co., Ltd. 9,300   355 Toyo Suisan Kaisha, Ltd. 11,600   401
Santen Pharmaceutical Co., Ltd. 33,000   526 Toyoda Gosei Co., Ltd. 15,900   343
SBI Holdings, Inc. 25,400   254 Toyota Boshoku Corp. 19,300   392
Secom Co., Ltd. 6,300   439 Toyota Industries Corp. 13,500   676
Sega Sammy Holdings, Inc. 15,300   144 Toyota Motor Corp. 113,400   6,850
Sekisui House, Ltd. 68,000   1,069 Toyota Tsusho Corp. 25,100   577
Seven & i Holdings Co., Ltd. 26,400   1,174 Trend Micro, Inc.(Æ) 5,100   214
Shikoku Electric Power Co., Inc.(Æ) 19,300   280 Tsuruha Holdings, Inc. 3,900   322
Shimadzu Corp. 15,000   233 West Japan Railway Co. 15,300   991
Shimamura Co., Ltd. 1,500   167 Yahoo! Japan Corp. 103,200   395
Shimano, Inc. 1,400   224 Yamada Denki Co., Ltd. 94,700   458
Shin-Etsu Chemical Co., Ltd. 8,900   455 Yamaguchi Financial Group, Inc. 80,000   865
Shinsei Bank, Ltd. 344,000   536 Yamaha Corp. 20,200   481
Shionogi & Co., Ltd. 17,600   767 Yamazaki Baking Co., Ltd.(Æ) 10,000   218
Shizuoka Bank, Ltd. (The) 67,000   583 Yokohama Rubber Co., Ltd. (The) 23,400   351
Showa Shell Sekiyu KK 27,500   224         158,063
SMC Corp. 1,400   316          
SoftBank Group Corp. 18,800   832 Jersey - 0.0%        
Sohgo Security Services Co., Ltd. 21,600   1,055 Henderson Group PLC 85,911   340
Sojitz Corp. 382,900   826          
Sompo Japan Nipponkoa Holdings, Inc. 11,700   347 Luxembourg - 0.2%        
Sony Corp. 46,200   1,105 ArcelorMittal 101,809   393
Sugi Holdings Co., Ltd. - GDR 6,700   346 Regus PLC 77,130   326
Sumitomo Chemical Co., Ltd. 61,000   309 RTL Group SA 2,083   169
Sumitomo Corp. 127,300   1,270 SES SA 5,486   144
Sumitomo Electric Industries, Ltd. 93,700   1,234 Tenaris SA 51,880   538
Sumitomo Heavy Industries, Ltd. 55,000   217         1,570
 
Sumitomo Metal Mining Co., Ltd. 64,000   682 Netherlands - 3.0%        
Sumitomo Mitsui Financial Group, Inc. 90,400   3,036 Aalberts Industries NV 4,999   158
Sumitomo Mitsui Trust Holdings, Inc. 305,000   974 Aegon NV 179,535   1,019
Sumitomo Rubber Industries, Ltd. 41,400   524 Akzo Nobel NV 12,273   788
Sundrug Co., Ltd. 5,800   384 ASML Holding NV 11,945   1,098
Suntory Beverage & Food, Ltd. 5,700   264 Boskalis Westminster 12,560   496
Suzuken Co., Ltd. 20,500   711 Euronext NV(Þ) 4,830   235
Suzuki Motor Corp. 5,000   153 Ferrari NV(Æ) 12,060   478
Sysmex Corp. 7,700   495 Heineken Holding NV 9,969   767
Taiheiyo Cement Corp. 99,000   285 Heineken NV 13,535   1,177
Taisei Corp. 39,000   244 ING Groep NV 319,756   3,690
Taisho Pharmaceutical Holdings Co.,         Koninklijke Ahold NV 55,541   1,261
Ltd. 2,900   195 Koninklijke Philips NV 14,154   377
Takashimaya Co., Ltd. 42,000   360 NN Group NV 15,872   538
Takeda Pharmaceutical Co., Ltd. 20,700   1,001 NXP Semiconductors NV(Æ) 11,672   873
Teijin, Ltd. 57,000   208 Randstad Holding NV 12,831   701
Tobu Railway Co., Ltd. 35,000   171 Royal Dutch Shell PLC Class A 339,785   7,458
Toho Co., Ltd. 8,400   219 Royal Dutch Shell PLC Class B 52,755   1,154
Toho Gas Co., Ltd. 37,000   243 SBM Offshore NV(Æ) 37,636   498
Tohoku Electric Power Co., Inc. 26,100   326 Wolters Kluwer NV 11,385   388
Tokio Marine Holdings, Inc. 32,900   1,177         23,154
Tokyo Broadcasting System Holdings,                  
  Inc. 31,100   473 New Zealand - 0.1%        
Tokyo Electric Power Co., Inc.(Æ) 199,800   1,002 Auckland International Airport, Ltd. 86,492   313
Tokyo Gas Co., Ltd. 113,000   520 Fonterra Group, Ltd. 26,408   101
Tokyu Corp. 29,000   226          
TonenGeneral Sekiyu KK 17,000   139          

 

See accompanying notes which are an integral part of this quarterly report.

360 Select International Equity Fund

 

Russell Investment Company
Select International Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair       Principal   Fair
    Amount ($)   Value       Amount ($)   Value
    or Shares   $       or Shares   $
Meridian Energy, Ltd. 304,497   466 Telefonica SA - ADR(Æ) 168,003   1,784
        880           19,527
 
Norway - 0.7%         Sweden - 2.2%          
DNB ASA 144,730   1,755 Alfa Laval AB 8,921   154
Statoil ASA Class N 103,756   1,441 Assa Abloy AB Class B 81,714   1,730
Telenor ASA 44,590   726 Atlas Copco AB Class A 42,112   904
Yara International ASA 40,152   1,528 Atlas Copco AB Class B 14,660   300
        5,450 Axfood AB 5,369   94
          BillerudKorsnas AB 11,282   180
Portugal - 0.5%         Boliden AB 18,922   263
Banco Comercial Portugues SA Class         Fastighets AB Balder Class B(Æ) 31,202   695
   R(Æ) 3,654,779   155 Hennes & Mauritz AB Class B 28,180   922
Banco Espirito Santo SA Class C(Æ) 22,842   3 Hexagon AB Class B 4,547   151
Energias de Portugal SA 443,103   1,549 Hexpol AB 27,066   240
Galp Energia SGPS SA Class B 15,514   185 Hufvudstaden AB Class A 16,259   224
Jeronimo Martins SGPS SA(Æ) 29,411   411 L E Lundbergforetagen AB Class B 5,730   293
NOS SGPS SA 44,930   326 NCC AB Class A(Æ) 5,396   182
Portucel SA - ADR 137,564   463 NCC AB Class B 5,367   182
Sonae SGPS SA 401,517   452 Nibe Industrier AB Class B 10,258   298
        3,544 Nordea Bank AB 220,060   2,209
          Ratos AB Class B 21,770   117
Singapore - 0.4%         Saab AB Class B 6,279   190
CapitaLand, Ltd. 73,000   159 Securitas AB Class B 29,704   438
Keppel Corp., Ltd. - ADR 139,804   497 Skandinaviska Enskilda Banken AB          
Oversea-Chinese Banking Corp., Ltd. 218,556   1,226    Class A 42,603   411
Singapore Telecommunications, Ltd. 123,500   304 Skanska AB Class B 8,783   169
United Overseas Bank, Ltd. 62,800   803 SSAB AB Class A(Æ) 21,895   53
        2,989 Svenska Cellulosa AB SCA Class A 13,383   395
 
South Africa - 0.1%         Svenska Cellulosa AB SCA Class B 43,403   1,285
Investec PLC 72,196   461 Svenska Handelsbanken AB Class A 41,230   518
Mondi PLC 28,426   464 Svenska Handelsbanken AB Class B 16,033   209
        925 Swedbank AB Class A 25,048   527
          Tele2 AB Class B 84,509   700
Spain - 2.6%         Telefonaktiebolaget LM Ericsson Class A 21,091   181
Abengoa SA Class B 198,130   40 Telefonaktiebolaget LM Ericsson Class B 98,495   868
Abertis Infraestructuras SA 16,784   251 TeliaSonera AB 134,236   632
Acciona SA 2,040   156 Trelleborg AB Class B 11,087   192
ACS Actividades de Construccion y         Volvo AB Class A - GDR 13,255   122
   Servicios SA 24,240   619 Volvo AB Class B 60,968   556
Almirall SA 25,248   486           16,584
Amadeus IT Holding SA Class A 27,620   1,134            
Banco Bilbao Vizcaya Argentaria SA         Switzerland – 8.0%          
   - ADR 328,897   2,127 ABB, Ltd.(Æ) 56,615   980
Banco de Sabadell SA - ADR 208,826   378 Actelion, Ltd.(Æ) 3,233   428
Banco Popular Espanol SA 130,246   351 Adecco SA(Æ) 5,121   316
Banco Santander SA - ADR 722,633   3,122 Alpiq Holding AG(Æ) 2,090   215
Bankia SA Class A 248,821   247 Baloise Holding AG 7,208   882
Corp. Financiera Alba SA 11,060   437 Banque Cantonale Vaudoise 299   181
Ebro Foods SA 15,141   296 Basellandschaftliche Kantonalbank 571   506
Endesa SA - ADR 23,563   455 Basler Kantonalbank 14,377   962
Ferrovial SA(Æ) 30,239   666 Berner Kantonalbank AG 1,072   203
Gamesa Corp. Tecnologica SA 11,173   208 Bucher Industries AG 739   152
Gas Natural SDG SA 35,070   691 Chocoladefabriken Lindt & Spruengli          
Grupo Catalana Occidente SA 5,461   167    AG 64   565
Iberdrola SA 419,289   2,955 Cie Financiere Richemont SA(Æ) 12,789   831
Industria de Diseno Textil SA 59,283   1,945 Credit Suisse Group AG(Æ) 110,063   1,943
Mapfre SA 96,567   216 DKSH Holding AG(Æ) 2,896   178
Repsol SA - ADR 76,387   796 Flughafen Zuerich AG 327   241
          Galenica AG 280   391
          GAM Holding AG(Æ) 14,871   209

 

See accompanying notes which are an integral part of this quarterly report.

Select International Equity Fund 361

 

Russell Investment Company
Select International Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
    Principal   Fair     Principal   Fair
    Amount ($)   Value     Amount ($)   Value
    or Shares   $     or Shares   $
Geberit AG 893   317 Croda International PLC 9,254   378
Givaudan SA(Æ) 275   514 Derwent London PLC(ö) 13,041   605
Glencore PLC(Æ) 590,511   764 Diageo PLC 57,083   1,537
Graubuendner Kantonalbank 100   176 Direct Line Insurance Group PLC 177,413   951
Helvetia Holding AG 833   436 easyJet PLC 12,347   273
Julius Baer Group, Ltd.(Æ) 6,216   264 Essentra PLC 18,728   197
Kuehne & Nagel International AG 2,884   382 Fiat Chrysler Automobiles NV 120,600   850
LafargeHolcim, Ltd.(Æ) 23,598   1,001 Galiform PLC 53,141   381
Lonza Group AG(Æ) 2,199   337 GlaxoSmithKline PLC - ADR 182,265   3,755
Nestle SA 163,800   12,064 Great Portland Estates PLC(ö) 53,919   591
Novartis AG 131,391   10,191 Greene King PLC 15,265   192
OC Oerlikon Corp. AG(Æ) 17,600   158 Halma PLC 14,525   174
PSP Swiss Property AG(Æ) 3,062   260 Hammerson PLC(ö) 61,006   510
Roche Holding AG 36,674   9,534 Hays PLC 172,937   315
Schindler Holding AG 3,538   544 HSBC Holdings PLC 1,193,198   8,417
SGS SA 181   352 ICAP PLC 23,405   162
St. Galler Kantonalbank AG 600   213 IG Group Holdings PLC 27,567   289
Swatch Group AG (The) 2,601   173 Imperial Tobacco Group PLC 78,111   4,232
Swatch Group AG (The) Class B 2,701   925 Inchcape PLC 98,892   1,017
Swiss Life Holding AG(Æ) 2,979   758 Informa PLC 39,067   356
Swiss Prime Site AG Class A(Æ) 3,714   298 Inmarsat PLC 44,294   698
Swiss Re AG(Æ) 29,655   2,754 Intermediate Capital Group PLC 71,330   596
Swisscom AG 965   480 International Consolidated Airlines        
Syngenta AG 4,430   1,631    Group SA(Æ) 89,107   689
TE Connectivity, Ltd. 22,417   1,281 Intertek Group PLC 5,358   217
Transocean, Ltd. 39,900   418 Intu Properties PLC Class H(ö) 42,829   184
UBS Group AG 168,753   2,786 ITV PLC 313,353   1,197
Wolseley PLC - ADR 4,215   209 J Sainsbury PLC 310,634   1,092
Zurich Insurance Group AG(Æ) 11,402   2,526 John Wood Group PLC 47,012   435
        60,929 Jupiter Fund Management PLC 24,829   148
          Just Eat PLC(Æ) 46,687   250
United Kingdom - 16.0%         Kingfisher PLC 343,991   1,610
3i Group PLC 97,114   616 Land Securities Group PLC(ö) 144,133   2,261
Amlin PLC 91,533   874 Legal & General Group PLC 549,275   1,919
Anglo American PLC 111,833   447 Liberty Global PLC Class A(Æ) 31,592   1,087
ARM Holdings PLC 140,003   2,010 Liberty Global PLC Class C(Æ) 28,042   934
Associated British Foods PLC 16,871   762 Lloyds Banking Group PLC 2,734,892   2,565
AstraZeneca PLC 21,551   1,379 Man Group PLC 295,154   692
Auto Trader Group PLC(Æ)(Þ) 106,840   598 Marks & Spencer Group PLC 143,288   870
Aviva PLC 335,912   2,320 Meggitt PLC 121,741   635
BAE Systems PLC 69,360   512 Melrose Industries PLC(Æ) 15,091   64
Balfour Beatty PLC(Æ) 133,716   480 Merlin Entertainments PLC(Þ) 31,951   189
Barclays PLC 888,511   2,373 Micro Focus International PLC 19,821   393
Barratt Developments PLC 102,153   877 National Grid PLC 182,585   2,573
Bellway PLC 15,182   603 Next PLC 5,065   501
Berkeley Group Holdings PLC 16,145   816 Old Mutual PLC 569,171   1,392
Betfair Group PLC 12,232   765 Pearson PLC 22,404   254
BG Group PLC 140,979   2,137 Persimmon PLC Class A(Æ) 25,898   755
BHP Billiton PLC 158,606   1,544 Petrofac, Ltd. 12,747   145
Booker Group PLC(Æ) 183,130   435 Provident Financial PLC 9,355   394
BP PLC 1,124,563   6,094 Prudential PLC 57,659   1,133
British American Tobacco PLC 70,738   3,933 Reckitt Benckiser Group PLC 23,525   2,099
British Land Co. PLC (The)(ö) 14,567   154 RELX NV 62,401   1,044
BT Group PLC 186,144   1,295 RELX PLC 34,644   610
Cable & Wireless Communications PLC 237,208   234 Rentokil Initial PLC 106,816   239
Capita PLC 9,588   162 Rightmove PLC 10,873   620
Capital & Counties Properties PLC 184,950   979 Rio Tinto PLC 74,469   1,832
Centrica PLC 68,675   202 Rolls-Royce Holdings PLC(Æ) 118,069   942
CNH Industrial NV 106,589   668 Royal Bank of Scotland Group PLC(Æ) 149,036   540
Compass Group PLC 40,089   691 Royal Mail PLC 73,032   480

 

See accompanying notes which are an integral part of this quarterly report.

362 Select International Equity Fund

 

Russell Investment Company
Select International Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)     Amounts in thousands (except share amounts)    
      Principal   Fair       Principal   Fair
      Amount ($)   Value       Amount ($)   Value
      or Shares   $       or Shares   $
RSA Insurance Group PLC 110,429   659 Sweden - 0.0%          
SABMiller PLC - ADR 27,516   1,642 Fastighets AB Balder(Æ)   7,635   270
Saga PLC 50,748   142            
Sage Group PLC (The) 72,687   646 Total Preferred Stocks          
Schroders PLC 8,867   347 (cost $8,334)         5,537
Scottish & Southern Energy PLC 20,945   435            
Segro PLC(ö) 149,342   939 Short-Term Investments - 5.1%          
Shaftesbury PLC(ö) 46,053   553 United States - 5.1%          
Sky PLC 43,245   670 Russell U.S. Cash Management Fund   38,598,755 (8) 38,599
Smith & Nephew PLC 18,880   314 Total Short-Term Investments          
Spirax-Sarco Engineering PLC 3,620   158 (cost $38,599)         38,599
Sports Direct International PLC(Æ) 15,948   95            
Stagecoach Group PLC 19,716   78 Total Investments 99.3%          
Standard Chartered PLC 152,924   1,036 (identified cost $875,009)         761,064
Standard Life PLC 219,143   1,144            
 
Subsea 7 SA(Æ) 30,690   185 Other Assets and Liabilities, Net          
Tate & Lyle PLC 51,115   456            
Taylor Wimpey PLC 351,066   967 - 0.7%       5,440
Tesco PLC(Æ) 751,993   1,863 Net Assets - 100.0%         766,504
Travis Perkins PLC 53,883   1,408            
Unilever NV 69,184   3,085            
Unilever PLC 42,414   1,867            
United Utilities Group PLC 11,071   151            
Vodafone Group PLC 2,376,277   7,602            
Whitbread PLC 2,326   133            
William Hill PLC 66,683   371            
WM Morrison Supermarkets PLC 280,135   701            
WPP PLC 61,606   1,341            
          122,408            
 
United States - 0.6%                      
Autoliv, Inc. 7,941   816            
Carnival PLC 28,253   1,409            
Equinix, Inc.(ö) 462   143            
Horizon Pharma PLC(Æ) 42,341   741            
Seagate Technology PLC 9,139   265            
Valeant Pharmaceuticals International,                      
   Inc.(Æ) 12,337   1,136            
          4,510            
 
Total Common Stocks                      
(cost $827,863)         716,744            
 
Investments in Other Funds - 0.0%                    
Platinum Asset Management, Ltd. 39,724   184            
Total Investments in Other Funds                      
(cost $213)         184            
 
Preferred Stocks - 0.7%                      
Germany - 0.6%                      
Bayerische Motoren Werke AG 3,683   254            
Fuchs Petrolub SE 5,155   211            
Henkel AG & Co. KGaA 13,004   1,380            
Porsche Automobil Holding SE 21,593   976            
Sartorius AG(Æ) 916   235            
Volkswagen AG 12,972   1,507            
          4,563            
 
Japan - 0.1%                      
Shinkin Central Bank Class A 377   704            

 

See accompanying notes which are an integral part of this quarterly report.

Select International Equity Fund 363

 

Russell Investment Company
Select International Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Futures Contracts                  
 
Amounts in thousands (except contract amounts)                  
                Unrealized  
                Appreciation  
    Number of   Notional   Expiration (Depreciation)  
    Contracts   Amount   Date $  
Long Positions                  
EURO STOXX 50 Index Futures 125 EUR 3,785 03/16 (94 )
MSCI EAFE Mini Index Futures 479 USD 38,358 03/16 (1,219 )
MSCI Emerging Markets Mini Index Futures 197 USD 7,366 03/16 (198 )
S&P/TSX 60 Index Futures 34 CAD 5,119 03/16 5  
Short Positions                  
S&P 500 E-Mini Index Futures 80 USD 7,720 03/16 417  
S&P/TSX 60 Index Futures 19 CAD 2,861 03/16 (113 )
TOPIX Index Futures 15 JPY 215,850 03/16 (33 )
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)               (1,235 )

 

Foreign Currency Exchange Contracts              
Amounts in  thousands              
            Unrealized  
            Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
Bank of America USD 35 CAD 50 03/16/16 1  
Bank of America USD 3,194 CAD 4,640 03/16/16 117  
Bank of America USD 1,439 CNY 9,610 03/16/16 11  
Bank of America USD 44 EUR 40 03/16/16 —  
Bank of America USD 86 EUR 80 03/16/16 1  
Bank of America USD 2,443 JPY 285,480 03/16/16 (83 )
Bank of America CAD 100 USD 72 03/16/16 1  
Bank of America CAD 137 USD 99 03/16/16 1  
Bank of America CAD 500 USD 360 03/16/16 3  
Bank of America CHF 810 USD 810 03/16/16 18  
Bank of America CNY 9,174 USD 1,390 03/16/16 5  
Bank of America CNY 12,680 USD 1,883 03/16/16 (31 )
Bank of America EUR 1,600 USD 1,748 03/16/16 12  
Bank of America INR 57,528 USD 847 03/16/16 5  
Bank of America KRW 13,400 USD 11 03/16/16 —  
Bank of America SGD 1,070 USD 742 03/16/16 (9 )
Bank of America TWD 31,700 USD 960 03/16/16 14  
Bank of New York EUR 3,918 USD 4,276 03/16/16 27  
BNP Paribas USD 22 EUR 20 03/16/16 —  
BNP Paribas USD 2,175 EUR 2,000 03/16/16 (6 )
BNP Paribas CAD 2,630 USD 1,828 03/16/16 (49 )
BNP Paribas JPY 215,000 USD 1,824 03/16/16 46  
BNP Paribas ZAR 8,741 USD 588 03/16/16 42  
Citibank USD 44 EUR 40 03/16/16 —  
Citibank BRL 1,941 USD 495 03/16/16 15  
Citibank CAD 35 USD 24 03/16/16 (1 )
Citibank EUR 10 USD 11 03/16/16 —  
Citibank JPY 2,000 USD 17 03/16/16 1  
Citibank KRW 12,220 USD 10 03/16/16 —  
Deutsche Bank CAD 80 USD 59 03/16/16 2  
HSBC USD 1,157 AUD 1,615 03/16/16 (17 )
HSBC USD 1,284 CAD 1,745 03/16/16 (38 )
HSBC USD 1,007 CHF 995 03/16/16 (34 )
HSBC USD 1,972 GBP 1,314 03/16/16 (98 )
HSBC USD 1,072 ILS 4,143 03/16/16 (25 )
HSBC USD 856 SEK 7,257 03/16/16 (9 )
HSBC USD 5,788 SGD 8,173 03/16/16 (56 )
HSBC CAD 80 USD 57 03/16/16 —  
HSBC CAD 100 USD 72 03/16/16 1  
HSBC DKK 4,299 USD 629 03/16/16 4  
HSBC EUR 3,918 USD 4,280 03/16/16 32  
HSBC HKD 12,010 USD 1,550 03/16/16 7  
HSBC JPY 519,701 USD 4,237 03/16/16 (60 )

 

See accompanying notes which are an integral part of this quarterly report.

364 Select International Equity Fund

 

Russell Investment Company
Select International Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts                
Amounts in  thousands                
              Unrealized  
              Appreciation  
    Amount    Amount   (Depreciation)  
Counterparty   Sold    Bought Settlement Date $  
HSBC NOK 6,907 USD   786 03/16/16 (9 )
National Australia Bank EUR 3,918 USD   4,274 03/16/16 26  
Royal Bank of Canada USD 1,160 AUD   1,615 03/16/16 (19 )
Royal Bank of Canada USD 1,284 CAD   1,745 03/16/16 (38 )
Royal Bank of Canada USD 1,007 CHF   995 03/16/16 (34 )
Royal Bank of Canada USD 43 EUR   40 03/16/16 —  
Royal Bank of Canada USD 1,972 GBP   1,314 03/16/16 (100 )
Royal Bank of Canada USD 1,072 ILS   4,143 03/16/16 (25 )
Royal Bank of Canada USD 856 SEK   7,257 03/16/16 (10 )
Royal Bank of Canada CAD 2,200 USD   1,578 03/16/16 8  
Royal Bank of Canada DKK 4,299 USD   629 03/16/16 4  
Royal Bank of Canada EUR 3,918 USD   4,275 03/16/16 26  
Royal Bank of Canada JPY 519,701 USD   4,237 03/16/16 (60 )
Royal Bank of Canada NOK 6,907 USD   787 03/16/16 (8 )
State Street USD 2,440 AUD   3,340 03/16/16 (80 )
State Street USD 1,153 CAD   1,600 03/16/16 (10 )
State Street USD 1,719 CAD   2,300 03/16/16 (77 )
State Street USD 1,719 CAD   2,400 03/16/16 (6 )
State Street USD 2,171 CAD   2,952 03/16/16 (64 )
State Street USD 1,765 CHF   1,750 03/16/16 (54 )
State Street USD 1,922 EUR   1,760 03/16/16 (13 )
State Street USD 2,082 EUR   1,910 03/16/16 (11 )
State Street USD 2,128 EUR   1,950 03/16/16 (13 )
State Street USD 1,077 HKD   8,340 03/16/16 (5 )
State Street CAD 100 USD   71 03/16/16 —  
State Street CAD 250 USD   180 03/16/16 2  
State Street CAD 2,720 USD   1,923 03/16/16 (18 )
State Street EUR 50 USD   55 03/16/16 —  
State Street EUR 50 USD   54 03/16/16 —  
State Street EUR 50 USD   55 03/16/16 1  
State Street JPY 6,000 USD   51 03/16/16 1  
State Street KRW 10,700 USD   9 03/16/16 —  
UBS USD 1,158 AUD   1,615 03/16/16 (18 )
UBS USD 89 CAD   125 03/16/16 —  
UBS USD 1,202 CAD   1,700 03/16/16 12  
UBS USD 1,283 CAD   1,745 03/16/16 (38 )
UBS USD 1,007 CHF   995 03/16/16 (34 )
UBS USD 1,973 GBP   1,314 03/16/16 (99 )
UBS USD 1,074 ILS   4,143 03/16/16 (27 )
UBS USD 856 SEK   7,257 03/16/16 (9 )
UBS DKK 4,299 USD   630 03/16/16 5  
UBS EUR 3,918 USD   4,280 03/16/16 31  
UBS JPY 519,701 USD   4,239 03/16/16 (58 )
UBS NOK 6,907 USD   787 03/16/16 (9 )
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts         (980 )

 

See accompanying notes which are an integral part of this quarterly report.

Select International Equity Fund 365

 

Russell Investment Company
Select International Equity Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Presentation of Portfolio Holdings

Amounts in thousands

          Fair Value              
Portfolio Summary  Level 1   Level 2    Level 3    Total  
Common Stocks                        
Australia $ —   $ 36,677   $ — $   36,677  
Austria   —     4,096     —     4,096  
Belgium   —     11,644     —     11,644  
Bermuda   —     749     —     749  
Canada   48,472     —     —     48,472  
Curacao   —     250     —     250  
Denmark   —     15,384     —     15,384  
Finland   —     7,566     —     7,566  
France   711     69,274     —     69,985  
Germany   —     53,300     —     53,300  
Hong Kong   —     18,800     43     18,843  
Ireland   198     6,253     —     6,451  
Isle of Man   —     216     —     216  
Israel   537     2,838     —     3,375  
Italy   —     18,863     —     18,863  
Japan   —     158,063     —     158,063  
Jersey   —     340     —     340  
Luxembourg   —     1,570     —     1,570  
Netherlands   1,351     21,803     —     23,154  
New Zealand   —     880     —     880  
Norway   —     5,450     —     5,450  
Portugal   —     3,541     3     3,544  
Singapore   —     2,989     —     2,989  
South Africa   —     925     —     925  
Spain   —     19,527     —     19,527  
Sweden   —     16,584     —     16,584  
Switzerland   1,281     59,648     —     60,929  
United Kingdom   2,021     120,387     —     122,408  
United States   3,101     1,409     —     4,510  
Investments in Other Funds —   184   —   184  
Preferred Stocks —   5,537   —   5,537  
Short-Term Investments —   38,599   —   38,599  
Total Investments 57,672   703,346   46   761,064  
 
 
 
Other Financial Instruments                        
Futures Contracts (1,235 ) —   —   (1,235 )
Foreign Currency Exchange Contracts —   (980 ) —   (980 )
Total Other Financial Instruments* $ (1,235 ) $ (980 ) $ — $   (2,215 )

 

*   Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.

For a description of the Levels see note 2 in the Notes to Quarterly Report.
For disclosure on transfers between Levels 1, 2 and 3 during the period ended January 31, 2016, see note 2 in the Notes to Quarterly
Report.
Investments in which significant unobservable inputs (Level 3) were used in determining a fair value for the period ended January 31,
2016 were less than 1% of net assets.

See accompanying notes which are an integral part of this quarterly report.

366 Select International Equity Fund

 

Russell Investment Company
Russell Funds

Notes to Schedules of Investments — January 31, 2016 (Unaudited)

Footnotes:
(Æ) Nonincome-producing security.
(Ï) Forward commitment.
(Ê) Adjustable or floating rate security. Rate shown reflects rate in effect at period end.
(ƒ) Perpetual floating rate security. Rate shown reflects rate in effect at period end.
(ö) Real Estate Investment Trust (REIT).
(µ) Bond is insured by a guarantor.
(Ø) In default.
(ç) At amortized cost, which approximates market value.
(~ ) Rate noted is yield-to-maturity from date of acquisition.
(æ) Pre-refunded: These bonds are collateralized by U.S. Treasury securities, which are held in escrow by a trustee and used to pay
principal and interest in the tax-exempt issue and to retire the bonds in full at the earliest refunding date.
(§) All or a portion of the shares of this security are held as collateral in connection with futures contracts purchased (sold) or swap
contracts entered into by the Fund.
(x) The security is purchased with the cash collateral from the securities loaned.
(Ñ) All or a portion of the shares of this security are on loan.
(Þ) Restricted security. Security may have contractual restrictions on resale, may have been offered in a private placement transaction,
and is not registered under the Securities Act of 1933.
(Å) Illiquid and restricted security.
(Û) All or a portion of the shares of this security are held as collateral in connection with securities sold short.
(ÿ) Notional Amount.
(8) Unrounded units.
(å) Currency balances were held in connection with futures contracts purchased (sold), options written, or swaps entered into by the
Fund. See Statement of Assets and Liabilities.
(ì) All or a portion of the shares of this security are held as collateral in connection with options written contracts.
(v) Loan agreement still pending. Rate not available at period end.

Abbreviations:
ADR - American Depositary Receipt
ADS - American Depositary Share
BBR - Bank Bill Rate
BBSW - Bank Bill Swap Reference Rate
BUBOR –Budapest Interbank Offered Rate
CIBOR - Copenhagen Interbank Offered Rate
CME - Chicago Mercantile Exchange
CMO - Collateralized Mortgage Obligation
CVO - Contingent Value Obligation
EMU - European Economic and Monetary Union
EURIBOR - Euro Interbank Offered Bank
FDIC - Federal Deposit Insurance Company
GDR - Global Depositary Receipt
GDS - Global Depositary Share
GSCI – Goldman Sachs Commodity Index
HIBOR – Hong Kong Interbank Offer Rate
JIBOR - Johannesburg Interbank Agreed Rate
KSDA – Korean Securities Dealers Association
LIBOR - London Interbank Offered Rate
MIBOR - Mumbai Interbank Offered Rate
NIBOR - Norwegian Interbank Offered Rate
PIK - Payment in Kind
REMIC - Real Estate Mortgage Investment Conduit
STIBOR – Stockholm Interbank Offered Rate
STRIP - Separate Trading of Registered Interest and Principal of Securities
SFE - Sydney Futures Exchange
TBA - To Be Announced Security
UK - United Kingdom
WTI – West Texas Intermediate
Foreign Currency Abbreviations:

Notes to Schedules of Investments 367

 

Russell Investment Company
Russell Funds

Notes to Schedules of Investments, continued — January 31, 2016 (Unaudited)

ARS - Argentine peso HKD - Hong Kong dollar PHP - Philippine peso
AUD - Australian dollar HUF - Hungarian forint PKR - Pakistani rupee
BRL - Brazilian real IDR - Indonesian rupiah PLN - Polish zloty
CAD - Canadian dollar ILS - Israeli shekel RUB - Russian ruble
CHF - Swiss franc INR - Indian rupee SEK - Swedish krona
CLP - Chilean peso ISK - Icelandic krona SGD - Singapore dollar
CNY - Chinese renminbi yuan ITL - Italian lira SKK - Slovakian koruna
COP - Colombian peso JPY - Japanese yen THB - Thai baht
CRC - Costa Rican colon KES - Kenyan schilling TRY - Turkish lira
CZK - Czech koruna KRW - South Korean won TWD - Taiwanese dollar
DKK - Danish krone MXN - Mexican peso USD - United States dollar
DOP - Dominican peso MYR - Malaysian ringgit UYU – Uruguayan peso
EGP - Egyptian pound NOK - Norwegian krone VEB - Venezuelan bolivar
EUR - Euro NGN – Nigerian naira VND - Vietnamese dong
GBP - British pound sterling NZD - New Zealand dollar ZAR - South African rand
GHS - Ghana cedi PEN - Peruvian nuevo sol  

 

368 Notes to Schedules of Investments

 

Russell Investment Company
Russell Funds

Notes to Quarterly Report — January 31, 2016 (Unaudited)

1. Organization
Russell Investment Company (the “Investment Company” or “RIC”) is a series investment company with 41 different investment
portfolios referred to as funds (each a “Fund” and collectively the “Funds”). This Quarterly Report reports on 27 of these 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 Second
Amended and Restated Master Trust Agreement dated October 1, 2008, 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.

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 financial statements. 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 its 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
Fund Services Company (“RFSC”).

In May 2015, Financial Accounting Standards Board issued Accounting Standard Updates (“ASU”) No. 2015-07, Fair Value
Measurement (Topic 820), Disclosures for Investments in certain entities that calculate NAV per share (or its equivalent). The ASU
removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net
asset value per share practical expedient and amends certain disclosure requirements for such investments. The ASU is effective
for interim and annual reporting periods beginning after December 15, 2015. The ASU was not early adopted as of year-end and its
impact for future reporting periods is being evaluated.

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 RFSC, 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 judgment. Accordingly, the degree of judgment 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:

Notes to Quarterly Report 369

 

Russell Investment Company
Russell Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)

Equity securities, including common and preferred stock, 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. To the extent these securities are
actively traded, and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. Preferred
stock and other equities traded on inactive markets or valued by reference to similar instruments are categorized as Level 2 of the
fair value hierarchy. Certain foreign equity securities may be fair valued using a pricing service that considers the correlation of
the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary
Receipts, financial futures, exchange-traded funds, and the movement of certain indexes of securities, based on the statistical
analysis of historical relationships. Foreign equity securities prices as described above are categorized as Level 2 of the fair value
hierarchy.

Fixed income securities including corporate, convertible, U.S. government agency, municipal bonds and notes, U.S. treasury
obligations, sovereign issues, bank loans, bank notes and non-U.S. bonds are normally valued by pricing service providers that use
broker dealer quotations or valuation estimates from their internal pricing models. The pricing service providers’ internal models
use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads and
default rates. Such fixed income securities that use pricing service internal models as described above are categorized as Level
2 of the fair value hierarchy. Such fixed income securities that use broker dealer quotations are categorized as Level 3 of the fair
value hierarchy.

Fixed income securities purchased on a delayed-delivery basis and marked-to-market daily until settlement at the forward settlement
date are categorized as Level 2 of the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These
securities are also normally valued by pricing service providers that use broker dealer quotations or valuation estimates from their
internal pricing models. The pricing models for these securities usually consider tranche-level attributes, including estimated cash
flows of each tranche, market-based yield spreads for each tranche, and current market data, as well as incorporate deal collateral
performance, as available. Mortgage and asset-backed securities that use these and similar valuation techniques and inputs as
described above are categorized as Level 2 of the fair value hierarchy.

Investments in privately held investment funds will be valued based upon the net asset value (“NAV”) of such investments and
are categorized as Level 2 of the fair value hierarchy if the privately-held investment funds’ redemption terms require 90 days
notice or less. If the redemption terms require greater than 90 days notice for redemptions, then the investment will be categorized
as Level 3. The Funds have adopted the authoritative guidance under U.S. GAAP for estimating the fair value of investments in
funds that have calculated NAV per share in accordance with the specialized accounting guidance for investment companies.
Accordingly, the Funds estimate the fair value of an investment in a fund using the NAV per share without further adjustment as a
practical expedient, if the NAV per share of the investment is determined in accordance with the specialized accounting guidance
for investment companies as of the reporting entity’s measurement date.

Short-term investments having a maturity of 60 days or less are generally valued at amortized cost, which approximates fair market
value. These investments are categorized as Level 2 of the fair value hierarchy.

Derivative instruments are instruments such as foreign currency 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 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.

370 Notes to Quarterly Report

 

Russell Investment Company
Russell Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)


Events or circumstances affecting the values of Fund securities that occur between the closing of the principal markets on which
they trade and the time the NAV of Fund shares is determined may be reflected in the calculation of NAV for each applicable
Fund when the Fund deems that the particular event or circumstance would materially affect such Fund’s NAV. Funds that invest
primarily in frequently traded exchange-listed securities will use fair value pricing in limited circumstances since reliable market
quotations will often be readily available. Funds that invest in foreign securities are likely to use fair value pricing more often since
significant events may occur between the close of foreign markets and the time of pricing which would trigger fair value pricing
of the foreign securities. Although there are observable inputs assigned on a security level, prices are derived from factors using
proprietary models or matrix pricing. For this reason, significant events will cause movement between Levels 1 and 2. Significant
events that could trigger fair value pricing of one or more securities include: any market movement of the U.S. securities market;
a company development such as a material business development; a natural disaster or emergency situation; or an armed conflict.

The NAV of a Fund’s portfolio that includes foreign securities may change on days when shareholders will not be able to purchase
or redeem Fund shares, since foreign securities can trade on non-business days.

The Russell U.S. Core Equity, Russell U.S. Defensive Equity, Russell U.S. Dynamic Equity, Russell U.S. Strategic Equity, Russell
U.S. Large Cap Equity, Russell U.S. Mid Cap Equity, Russell Global Equity, Russell Tax-Managed U.S. Large Cap, Russell Tax-
Managed U.S. Mid & Small Cap, Russell Tax-Managed International Equity, Russell Global Opportunistic Credit, Russell Tax
Exempt High Yield Bond, Russell Tax Exempt Bond, Russell Commodity Strategies, Russell Global Real Estate Securities, Russell
Multi-Strategy Alternative, Russell Strategic Call Overwriting, Select U.S. Equity and Select International Equity Funds had no
transfers between Levels 1, 2 and 3 for the period ended January 31, 2016.

The Russell U.S. Small Cap Equity, Russell International Developed Markets and Russell Strategic Bond Funds had transfers
from Level 2 into Level 3 representing financials instruments for which pricing was applied using observable inputs that became
unobservable. The Russell U.S. Small Cap Equity Fund had warrants at zero value with transfers from Level 2 to Level 3. The
amounts transferred were as follows:

Russell U.S. Small Cap Equity Fund $ —
Russell International Developed Markets Fund   314,559
Russell Strategic Bond Fund   4,527,403

 

The Russell Strategic Bond, Russell Investment Grade Bond and Russell Short Duration Bond Funds had transfers out of Level 3
into Level 2 representing financial instruments for which third party pricing became available. The amounts transferred were as
follows:

Russell Strategic Bond Fund $ 5,116,890
Russell Investment Grade Bond Fund   199,310
Russell Short Duration Bond Fund   2,165,267

 

The Russell Emerging Markets, Russell Global Infrastructure and Russell Multi-Strategy Income Funds had transfers out of Level
3 into Level 1 representing financial instruments for which quoted pricing became available in an active market. The amounts
transferred were as follows:

Russell Emerging Markets Fund $ 1,630,404
Russell Global Infrastructure Fund   12,769,750
Russell Multi-Strategy Income Fund   124,438

 

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 RFSC 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 RFSC 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 RFSC 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

Notes to Quarterly Report 371

 

Russell Investment Company
Russell Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)

guarantee that fair values determined by RFSC 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.

RFSC employs third party pricing vendors to provide fair value measurements. RFSC oversees third-party pricing service providers
in order to support the valuation process throughout the year.

The significant unobservable input used in fair value measurement of certain of the Funds’ preferred equity securities is the
redemption value calculated on a fully-diluted basis if converted to common stock. Significant increases or decreases in the
redemption value would have a direct and proportional impact to fair value.

The significant unobservable input used in the fair value measurement of certain Funds’ debt securities is the yield to worst ratio.
Significant increases (decreases) in the yield to worst ratio would result in a lower (higher) fair value measurement.

These significant unobservable inputs are further disclosed in the Presentation of Portfolio Holdings for each respective Fund as
applicable.

If third party evaluated vendor pricing is neither available nor deemed to be indicative of fair value, RFSC 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, RFSC 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. RFSC is exercising
this exception and has made a reasonable attempt to obtain quantitative information from the third party pricing vendors regarding
the unobservable inputs used.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances
for reported fair values that present changes attributable to total realized and unrealized gains or losses, purchases and sales, and
transfers in/out of the Level 3 category during the period. Additionally, U.S. GAAP requires quantitative information regarding the
significant unobservable inputs used in the determination of fair value of assets categorized as Level 3 in the fair value hierarchy. In
accordance with the requirements of U.S. GAAP, a fair value hierarchy, a Level 3 reconciliation and an additional disclosure about
fair value measurements, if any, has been included in the Presentation of Portfolio Holdings for each respective Fund.

Investment Transactions
Investment transactions are reflected as of the trade date for financial reporting purposes. This may cause the NAV stated in the
financial statements to be different from the NAV at which shareholders may transact. Realized gains and losses from securities
transactions, if applicable, are recorded on the basis of specific identified cost incurred within a particular Fund.

Investment Income
Dividend income is recorded net of applicable withholding taxes on the ex-dividend date, except that certain dividends from foreign
securities are recorded as soon as the Funds are informed of the dividend, subsequent to the ex-dividend date. Interest income is
recorded daily on the accrual basis. The Funds classify gains and losses realized on prepayments received on mortgage-backed
securities as an adjustment to interest income. All premiums and discounts, including original issue discounts, are amortized/
accreted using the effective interest method. Debt obligation securities may be placed in a non-accrual status and related interest
income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of
interest has become doubtful.

Foreign Currency Translations
The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts and transactions of the Funds are
translated into U.S. dollars on the following basis:

(a) Fair value of investment securities, other assets and liabilities at the closing rate of exchange on the valuation date.

(b) Purchases and sales of investment securities and income at the closing rate of exchange prevailing on the respective trade
dates of such transactions.

Net realized gains or losses from foreign currency-related transactions arise from: sales and maturities of short-term securities;
sales of foreign currencies; currency gains or losses realized between the trade and settlement dates on securities transactions; the
difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S.
dollar equivalent of the amounts actually received or paid. Net unrealized gains or losses from foreign currency-related transactions

372 Notes to Quarterly Report

 

Russell Investment Company
Russell Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)

arise from changes in the value of assets and liabilities, other than investments in securities, as a result of changes in the exchange
rates.

The Funds do not isolate that portion of the results of operations of the Funds that arises as a result of changes in exchange rates
from that portion that arises from changes in market prices of investments during the year. Such fluctuations are included with the
net realized and unrealized gain or loss from investments. However, for federal income tax purposes, the Funds do isolate the effects
of changes in foreign exchange rates from the fluctuations arising from changes in market prices for realized gain (or loss) on debt
obligations.

Derivatives
Certain Funds may invest in derivatives. Derivative securities are instruments or agreements whose value is derived from an
underlying security or index. They include options, futures, swaps and forwards. These instruments offer unique characteristics and
risks that facilitate the Funds’ investment strategies.

The Funds typically use derivatives in three ways: exposing cash to markets, hedging and return enhancement. In addition, certain
Funds may enter into foreign exchange contracts for trade settlement purposes. Certain Funds may pursue their strategy of being
fully invested by exposing cash to the performance of appropriate markets by purchasing securities and/or derivatives. This is
intended to cause the Funds to perform as though cash were actually invested in those markets.

Hedging may be used by certain Funds to limit or control risks, such as adverse movements in exchange rates and interest rates.
Return enhancement can be accomplished through the use of derivatives in a Fund, including using derivatives as a substitute for
holding physical securities, and using them to express various macro views (e.g., interest rate movements, currency movements,
and macro credit strategies). By purchasing certain instruments, the Funds may more effectively achieve the desired portfolio
characteristics that assist them in meeting their investment objectives. Depending on how the derivatives are structured and
utilized, the risks associated with them may vary widely. These risks include, but are not limited to, market risk, liquidity risk,
leveraging risk, counterparty risk, basis risk, reinvestment risk, political risk, prepayment risk, extension risk, valuation risk and
credit risk.

Futures, certain options and cleared swaps are traded or cleared on an exchange or central exchange clearing house. Exchange-
traded or exchange-cleared transactions generally present less counterparty risk to a Fund. The exchange’s clearinghouse 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 clearinghouse. Securities pledged by a Fund for
exchange-traded and exchange-cleared transactions are noted as collateral or margin requirements in the Schedule of Investments.

Foreign Currency Exchange Contracts
In connection with investment transactions consistent with the Funds’ investment objectives and strategies, certain funds may enter
into foreign currency exchange spot contracts and forward foreign currency exchange contracts (“FX contracts”). From time to time,
certain Funds may enter into FX contracts to hedge certain foreign currency-denominated assets. FX contracts are recorded at fair
value. Certain risks may arise upon entering into these FX contracts from the potential inability of counterparties to meet the terms
of their FX contracts and are generally limited to the amount of unrealized gain on the FX contracts, if any, that are disclosed in
the Statements of Assets and Liabilities.

For the period ended January 31, 2016, the following Funds entered into foreign currency exchange contracts primarily for the
strategies listed below:

Notes to Quarterly Report 373

 

Russell Investment Company
Russell Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)

Funds Strategies
Russell International Developed Markets Fund Return enhancement, hedging, exposing cash to markets, and trade settlement
Russell Global Equity Fund Return enhancement, hedging, exposing cash to markets, and trade settlement
Russell Emerging Markets Fund Exposing cash to markets and trade settlement
Russell Tax-Managed International Equity Fund Return enhancement, hedging, exposing cash to markets, and trade settlement
Russell Global Opportunistic Credit Fund Return enhancement and hedging
Russell Strategic Bond Fund Return enhancement and hedging
Russell Investment Grade Bond Fund Return enhancement and hedging
Russell Short Duration Bond Fund Return enhancement and hedging
Russell Global Infrastructure Fund Exposing cash to markets and trade settlement
Russell Global Real Estate Securities Fund Exposing cash to markets and trade settlement
Russell Multi-Strategy Alternative Fund Return enhancement and hedging
Russell Multi-Strategy Income Fund Return enhancement, hedging, and exposing cash to markets
Select International Equity Fund Return enhancement, hedging,, exposing cash to markets, and trade settlement

 

The Funds’ period end foreign currency exchange contracts, as presented in the table following the Schedule of Investments,
generally are indicative of the volume of their derivative activity during the period ended January 31, 2016.

Options
Certain Funds may purchase and sell (write) call and put options on securities and securities indices. Such options are traded on
a national securities exchange or in an OTC market. The Funds may also purchase and sell (write) call and put options on foreign
currencies.

When a Fund writes a covered call or a put option, an amount equal to the premium received by the Fund is included in the Fund’s
Statement of Assets and Liabilities as an asset and as an equivalent liability. The amount of the liability is subsequently marked-
to-market to reflect the current fair value of the option written. The Fund receives a premium on the sale of a call option but gives
up the opportunity to profit from any increase in the value of the underlying instrument above the exercise price of the option, and
when the Fund writes a put option it is exposed to a decline in the price of the underlying instrument.

When a Fund sells an uncovered call option, it does not simultaneously have a long position in the underlying security. When a
Fund sells an uncovered put option, it does not simultaneously have a short position in the underlying security. Uncovered options
are riskier than covered options because there is no underlying security held by the Fund that can act as a partial hedge.

Whether an option which the Fund has written expires on its stipulated expiration date or the Fund enters into a closing purchase
transaction, the Fund realizes a gain (or loss, if the cost of a closing purchase transaction exceeds the premium received when the
option was sold) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is
extinguished. If a call option which the Fund has written is exercised, the Fund realizes a capital gain or loss from the sale of the
underlying security, and the proceeds from such sale are increased by the premium originally received. When a put option which
a Fund has written is exercised, the amount of the premium originally received will reduce the cost of the security which a Fund
purchases upon exercise of the option.

The Funds’ use of written options involves, to varying degrees, elements of market risk in excess of the amount recognized in the
Statements of Assets and Liabilities. The face or contract amounts of these instruments reflect the extent of the Funds’ exposure to
market risk. The risks may be caused by an imperfect correlation between movements in the price of the instrument and the price
of the underlying securities and interest rates.

Certain Funds may enter into a swaption (an option on a swap). In a swaption, in exchange for an option, the buyer gains the right
but not the obligation to enter into a specified swap agreement with the issuer on a specified future date. The writer of the contract
receives the premium and bears the risk of unfavorable changes in the preset rate on the underlying interest rate swap.

For the period ended January 31, 2016, the Funds purchased/sold options primarily for the strategies listed below:

Funds Strategies
Russell U.S. Defensive Equity Fund Exposing cash to markets
Russell Strategic Bond Fund Return enhancement and hedging
Russell Investment Grade Bond Fund Return enhancement and hedging
Russell Short Duration Bond Fund Return enhancement and hedging
Russell Multi-Strategy Alternative Fund Return enhancement and hedging
Russell Multi-Strategy Income Fund Return enhancement and hedging
Russell Strategic Call Overwriting Fund Return enhancement and hedging

 

374 Notes to Quarterly Report

 

Russell Investment Company
Russell Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)


As of January 31, 2016, the Russell Strategic Call Overwriting Fund pledged securities valued at $34,069,888 as collateral in
connection with options.

The Funds’ period end options contracts, as presented in the table following the Schedule of Investments, generally are indicative
of the volume of their derivative activity during the period ended January 31, 2016.

Futures Contracts
Certain Funds may invest in futures contracts (i.e., interest rate, foreign currency, index futures contracts) and commodity futures
contracts (Russell Commodity Strategies Fund and Russell Multi-Strategy Alternative Fund only). The face or contract value of
these instruments reflect the extent of the Funds’ exposure to off balance sheet risk. The primary risks associated with the use of
futures contracts are an imperfect correlation between the change in fair value of the securities held by the Funds and the prices of
futures contracts, and the possibility of an illiquid market. Upon entering into a futures contract, the Funds are required to deposit
with a broker an amount, termed the initial margin, which typically represents 5% to 10% of the purchase price indicated in the
futures contract. Payments to and from the broker, known as variation margin, are typically required to be made on a daily basis
as the price of the futures contract fluctuates. Changes in initial settlement value are accounted for as unrealized appreciation
(depreciation) until the contracts are terminated, at which time realized gains and losses are recognized.

For the period ended January 31, 2016, the following Funds entered into futures contracts primarily for the strategies listed below:

Funds Strategies
Russell U.S. Core Equity Fund Exposing cash to markets
Russell U.S. Defensive Equity Fund Exposing cash to markets
Russell U.S. Dynamic Equity Fund Exposing cash to markets
Russell U.S. Strategic Equity Fund Exposing cash to markets
Russell U.S. Large Cap Equity Fund Exposing cash to markets
Russell U.S. Mid Cap Equity Fund Exposing cash to markets
Russell U.S. Small Cap Equity Fund Exposing cash to markets
Russell International Developed Markets Fund Return enhancement, hedging and exposing cash to markets
Russell Global Equity Fund Return enhancement, hedging and exposing cash to markets
Russell Emerging Markets Fund Hedging and exposing cash to markets
Russell Tax-Managed U.S. Large Cap Fund Exposing cash to markets
Russell Tax-Managed U.S. Mid & Small Cap Fund Exposing cash to markets
Russell Tax-Managed International Equity Fund Return enhancement, hedging and exposing cash to markets
Russell Global Opportunistic Credit Fund Return enhancement, hedging and exposing cash to markets
Russell Strategic Bond Fund Return enhancement, hedging and exposing cash to markets
Russell Investment Grade Bond Fund Return enhancement, hedging and exposing cash to markets
Russell Short Duration Bond Fund Return enhancement, hedging and exposing cash to markets
Russell Commodity Strategies Fund Return enhancement
Russell Global Infrastructure Fund Exposing cash to markets
Russell Global Real Estate Securities Fund Exposing cash to markets
Russell Multi-Strategy Alternative Fund Return enhancement and hedging
Russell Multi-Strategy Income Fund Return enhancement, hedging and exposing cash to markets
Russell Strategic Call Overwriting Fund Hedging and exposing cash to markets
Select U.S. Equity Fund Exposing cash to markets
Select International Equity Fund Return enhancement, hedging and exposing cash to markets

 

The Funds’ period end futures contracts, as presented in the table following the Schedule of Investments, generally are indicative
of the volume of their derivative activity during the period ended January 31, 2016.

As of January 31, 2016, the Funds have cash collateral balances in connection with future contracts purchased/sold as follows:

  Cash Collateral for Futures     Due to Broker
Russell U.S. Core Equity Fund $ 271 $ —
Russell U.S. Defensive Equity Fund $ 1,783,042 $ —
Russell U.S. Dynamic Equity Fund $ 1,505,417 $ —
Russell U.S. Strategic Equity Fund $ 1,000,000 $ —
Russell U.S. Large Cap Equity Fund $ 1,319,000 $ —

 

Notes to Quarterly Report 375

 

Russell Investment Company
Russell Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)

  Cash Collateral for Futures     Due to Broker  
Russell U.S. Mid Cap Equity Fund $ 442,000 $ —  
Russell U.S. Small Cap Equity Fund $ 20,062 $ —  
Russell International Developed Markets Fund $ 15,500,000 $ —  
Russell Global Equity Fund $ 11,300,000 $ —  
Russell Emerging Markets Fund $ 13,800,000 $ (6,350 )
Russell Tax-Managed U.S. Large Cap Fund $ 901,898 $ —  
Russell Tax-Managed U.S. Mid & Small Cap Fund $ 1,545,007 $ —  
Russell Tax-Managed International Equity Fund $ 2,300,000 $ —  
Russell Global Opportunistic Credit Fund $ 1,500,000 $ —  
Russell Strategic Bond Fund $ 600,000 $ —  
Russell Investment Grade Bond Fund $ 1,126,300 $ —  
Russell Short Duration Bond Fund $ 449,000 $ —  
Russell Global Infrastructure Fund $ 3,591,000 $ —  
Russell Global Real Estate Securities Fund $ 2,600,000 $ —  
Russell Multi-Strategy Alternative Fund $ 1,700,000 $ —  
Russell Multi-Strategy Income Fund $ 3,000,000 $ —  
Russell Strategic Call Overwriting Fund $ 11,350,000 $ —  
Select U.S. Equity Fund $ 1,500,000 $ —  
Select International Equity Fund $ 3,300,000 $ —  

 

Swap Agreements
Certain funds may enter into swap agreements, on either an asset-based or liability-based basis, depending on whether they are
hedging their assets or their liabilities, and will usually enter into swaps on a net basis (i.e., the two payment streams are netted
out, with the Funds receiving or paying only the net amount of the two payments). When a Fund engages in a swap, it exchanges
its obligations to pay or rights to receive payments for the obligations to pay or rights to receive payments of another party (i.e., an
exchange of floating rate payments for fixed rate payments).

Certain Funds may enter into several different types of swap agreements including credit default, interest rate, commodity-linked
(Russell Commodity Strategies Fund and Russell Multi-Strategy Alternative Fund only), total return (equity and/or index) and
currency swaps. Credit default swaps are a counterparty agreement which allows the transfer of third party credit risk (the possibility
that an issuer will default on its obligation by failing to pay principal or interest in a timely manner) from one party to another. The
lender faces the credit risk from a third party and the counterparty in the swap agrees to insure this risk in exchange for regular
periodic payments. Interest rate swaps are a counterparty agreement, can be customized to meet each party’s needs, and involve the
exchange of a fixed or variable payment per period for a payment that is not fixed. Equity 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. Index 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 January 31, 2016, the Funds has cash collateral balances in connection with swap contracts purchased/sold as follows:

376 Notes to Quarterly Report

 

Russell Investment Company
Russell Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)

  Cash Collateral for Swaps     Due to Broker  
Russell Global Opportunistic Credit Fund $ 6,787,786 $ —  
Russell Strategic Bond Fund $ 9,625,453 $ 9,193,343
Russell Investment Grade Bond Fund $ 678,438 $ 300,000
Russell Short Duration Bond Fund $ 183,847 $ —  
Russell Commodity Strategies Fund $ 54,175,526 $ 3,620,000
Russell Multi-Strategy Alternative Fund $ 7,324,900 $ 2,260,000
Russell Multi-Strategy Income Fund $ 630,000 $ —  

 

Credit Default Swaps
Certain Funds may enter into credit default swaps. A credit default swap can refer to corporate issues, asset-backed securities or an
index of assets, each known as the reference entity or underlying asset. Funds may act as either the buyer or the seller of a credit
default swap involving one party making a stream of payments to another party in exchange for the right to receive a specified return
in the event of a default or other credit event. Depending upon the terms of the contract, the credit default swap may be closed via
physical settlement. However, due to the possible or potential instability in the market, there is a risk that the Funds may be unable
to deliver the underlying debt security to the other party to the agreement. Additionally, the Funds may not receive the expected
amount under the swap agreement if the other party to the agreement defaults or becomes bankrupt. In an unhedged credit default
swap, Funds enter into a credit default swap without owning the underlying asset or debt issued by the reference entity. Credit
default swaps allow Funds to acquire or reduce credit exposure to a particular issuer, asset or basket of assets.

As the seller of protection in a credit default swap, a Fund would be required to pay the par or other agreed-upon value (or otherwise
perform according to the swap contract) of a reference debt obligation to the counterparty in the event of a default (or other specified
credit event) and the counterparty would be required to surrender the reference debt obligation. In return, the Fund would receive
from the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no
credit event occurs, the Fund would keep the stream of payments and would have no payment obligations. As a seller of protection,
the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, that Fund would be subject to
investment exposure on the notional amount of the swap.

Certain Funds may also purchase protection via credit default swap contracts in order to offset the risk of default of debt securities
held 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). Certain 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. Certain Funds may use credit default swaps on asset-backed
securities to provide a measure of protection against defaults (or other defined credit events) of the referenced obligation or to take
an active long or short position with respect to the likelihood of a particular referenced obligation’s default (or another defined credit
event).

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for
the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of
the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be
representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a
poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the
indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging
markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized
terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and
if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes

Notes to Quarterly Report 377

 

Russell Investment Company
Russell Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)

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 January 31,
2016, for which a Fund is the seller of protection are disclosed in the Schedules of Investments. These potential amounts would be
partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the
agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for
the same referenced entity or entities.

Credit default swaps could result in losses if the Funds do not correctly evaluate the creditworthiness of the company or companies
on which the credit default swap is based. Credit default swap agreements may involve greater risks than if the Funds had invested
in the reference obligation directly since, in addition to risks relating to the reference obligation, credit default swaps are subject
to illiquidity and counterparty risk. A Fund will generally incur a greater degree of risk when it sells a credit default swap than
when it purchases a credit default swap. As a buyer of a credit default swap, a Fund may lose its investment and recover nothing
should a credit event fail to occur and the swap is held to its termination date. As seller of a credit default swap, if a credit event
were to occur, the value of any deliverable obligation received by a Fund, coupled with the upfront or periodic payments previously
received, may be less than what it pays to the buyer, resulting in a loss of value to the Fund.

If the creditworthiness of a Fund’s swap counterparty declines, the risk that the counterparty may not perform could increase,
potentially resulting in a loss to the Fund. To limit the counterparty risk involved in swap agreements, the Funds will only enter
into swap agreements with counterparties that meet certain standards of creditworthiness. Although there can be no assurance that
the Funds will be able to do so, the Funds may be able to reduce or eliminate their exposure under a swap agreement either by
assignment or other disposition, or by entering into an offsetting swap agreement with the same party or another creditworthy party.
The Funds may have limited ability to eliminate their exposure under a credit default swap if the credit quality of the reference
entity or underlying asset has declined.

For the period ended January 31, 2016, the Funds entered into credit default swaps primarily for the strategies listed below:

Funds Strategies
Russell Global Opportunistic Credit Fund Return enhancement and exposing cash to markets
Russell Strategic Bond Fund Return enhancement, hedging, and exposing cash to markets
Russell Investment Grade Bond Fund Return enhancement, hedging, and exposing cash to markets
Russell Short Duration Bond Fund Return enhancement and hedging
Russell Multi-Strategy Alternative Fund Return enhancement and hedging
Russell Multi-Strategy Income Fund Return enhancement and hedging

 

The Funds’ period end credit default swap contracts, as presented in the table following the Schedule of Investments, generally are
indicative of the volume of their derivative activity during the period ended January 31, 2016.

Interest Rate Swaps
The use of interest rate swaps is a highly specialized activity which involves investment techniques and risks different from those
associated with ordinary portfolio securities transactions. If RIMCo or a money manager using this technique is incorrect in its
forecast of fair values, interest rates and other applicable factors, the investment performance of a Fund might diminish compared
to what it would have been if this investment technique were not used.

Interest rate swaps do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss
with respect to interest rate swaps is limited to the net amount of interest payments that the Funds are contractually obligated to
make. Interest rate swaps are traded on exchanges and are subject to central clearing. If the clearing house or futures commission
merchant defaults, the Funds' risk of loss consists of the net amount of interest payments that the Funds are contractually entitled

378 Notes to Quarterly Report

 

Russell Investment Company
Russell Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)


to receive. The counterparty risk for cleared derivatives is generally lower than for uncleared derivatives. However, clearing may
subject the Fund to increased costs or margin requirements.

For the period ended January 31, 2016, the Funds entered into interest rate swaps primarily for the strategies listed below:

Funds Strategies
Russell Strategic Bond Fund Return enhancement and hedging
Russell Investment Grade Bond Fund Return enhancement and hedging
Russell Tax Exempt High Yield Bond Fund Return enhancement and hedging
Russell Multi-Strategy Alternative Fund Return enhancement and hedging

 

The Funds’ period end interest rate swap contracts, as presented in the table following the Schedule of Investments, generally are
indicative of the volume of their derivative activity during the period ended January 31, 2016.

Total Return Swaps
Certain Funds may enter into index swap agreements to expose cash to markets or to effect investment transactions. Index 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 index 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 January 31, 2016, the Funds entered into total return swaps primarily for the strategies listed below:

Funds Strategies
Russell Emerging Markets Fund Hedging and exposing cash to markets
Russell Strategic Bond Fund Exposing cash to markets
Russell Investment Grade Bond Fund Exposing cash to markets
Russell Commodity Strategies Fund Return enhancement
Russell Global Real Estate Securities Fund Exposing cash to markets
Russell Multi-Strategy Alternative Fund Return enhancement and hedging
Russell Multi-Strategy Income Fund Return enhancement and hedging

 

The Funds’ period end total return swap contracts, as presented in the table following the Schedule of Investments, generally are
indicative of the volume of their derivative activity during the period ended January 31, 2016.

Currency Swaps
Certain Funds may enter into currency swap agreements to enhance returns or for hedging purposes. Currency swap agreements are
agreements where two parties exchange specified amounts of different currencies which are followed by paying the other a series of
interest payments that are based on the principal cash flow. At maturity, the principal amounts are exchanged.

Commodity-Linked Instruments
The Russell Commodity Strategies and the Russell Multi-Strategy Alternative Funds invest in commodity-linked derivative
instruments, such as swap agreements and futures. At least part of their value is derived from the value of an underlying commodity
index, commodity futures or options contracts index, or other readily measurable economic variable. The prices of commodity-
linked derivative instruments may move in different directions than investments in traditional equity and debt securities. As an
example, during periods of rising inflation, debt securities have historically tended to decline in value due to the general increase
in prevailing interest rates. Conversely, during those same periods of rising inflation, historically the prices of certain commodities,
such as oil and metals, have tended to increase. Of course, there cannot be any guarantee that such commodity-linked derivative
instruments will perform in that manner in the future, and at certain times the price movements of commodity-linked derivative
investments have been parallel to those of debt and equity securities.

The Russell Commodity Strategies and the Russell Multi-Strategy Alternative Funds may invest in commodity-linked notes.
Commodity linked notes pay a return linked to the performance of a commodity over a defined period. On the maturity date, the
note pays the initial principal amount plus return, if any, based on the percentage change in the underlying commodity.

Notes to Quarterly Report 379

 

Russell Investment Company
Russell Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)

Master Agreements
Certain Funds are parties to International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”)
with counterparties that govern transactions in OTC derivative and foreign exchange contracts entered into by the Funds and
those counterparties. The ISDA Master Agreements contain provisions for general obligations, representations, agreements,
collateral and events of default or termination. Events of termination and default include conditions that may entitle either party
to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement.
Any election to terminate early could be material to the financial statements. Since different types of forward and OTC financial
derivative transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty
organization, each type of transaction may be covered by a different ISDA Master Agreement, resulting in the need for multiple
agreements with a single counterparty. As the ISDA Master Agreements are specific to unique operations of different asset types,
they allow a Fund to net its total exposure to a counterparty in the event of a default with respect to all the transactions governed
under a single agreement with a counterparty.

Master Repurchase Agreements (“Master Repo Agreements”) govern transactions between a Fund and select counterparties.
The Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and
maintenance of collateral for repurchase and reverse repurchase agreements.

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern the considerations and factors
surrounding the settlement of certain forward settling transactions, such as delayed delivery by and between a Fund and select
counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment
and transfer, events of default, termination, and maintenance of collateral.

Loan Agreements
Certain Funds may invest in direct debt instruments, which are interests in amounts owed by corporate, governmental, or other
borrowers to lenders or lending syndicates. The Funds' investments in loans may be in the form of participations in loans or
assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the
“agent”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. When
investing in a loan participation, the Funds have the right to receive payments of principal, interest and any fees to which they
are entitled only from the agent selling the loan agreement and only upon receipt by the agent of payments from the borrower. The
Funds generally have no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Funds
may be subject to the credit risk of both the borrower and the agent that is selling the loan agreement. When the Funds purchase
assignments from agents they acquire direct rights against the borrower on the loan. As of January 31, 2016, the Russell Global
Opportunistic Credit Fund had $4,129,646, Russell Short Duration Bond Fund had $34,503 and the Russell Multi-Strategy Income
Fund had $936,079 in unfunded loan commitments.

Local Access Products
Certain Funds may invest in local access products, also known as certificates of participation, participation notes or participation
interest notes. Local access products are issued by banks or broker-dealers and are designed to replicate the performance of foreign
companies or foreign securities markets and can be used by the Fund as an alternative means to access the securities market of a
frontier emerging market country. The performance results of local access products will not replicate exactly the performance of
the foreign companies or foreign securities markets that they seek to replicate due to transaction and other expenses. Investments
in local access products involve certain risks in addition to those associated with a direct investment in the underlying foreign
companies or foreign securities markets whose return they seek to replicate. There can be no assurance that there will be a trading
market or that the trading price of local access products will equal the underlying value of the foreign company or foreign securities
market that it seeks to replicate. The Funds rely on the creditworthiness of the counterparty issuing the local access products and
have no rights against the issuer of the underlying security. The Funds minimize this risk by entering into agreements only with
counterparties that RIMCo deems creditworthy. Due to liquidity and transfer restrictions, the secondary markets on which the local
access products are traded may be less liquid than the markets for other securities, or may be completely illiquid.

Credit-Linked Notes
The Russell Global Opportunistic Credit and Russell Multi-Strategy Alternative Funds may invest in credit linked notes. Credit
linked notes are obligations between two or more parties where the payment of principal and/or interest is based on the performance
of some obligation, basket of obligations, index or economic indicator (a “reference instrument”). In addition to the credit risk
associated with the reference instrument and interest rate risk, the buyer and seller of a credit linked note or similar structured
investment are subject to counterparty risk.

380 Notes to Quarterly Report

 

Russell Investment Company
Russell Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)

Short Sales
The Russell U.S. Defensive Equity, The Russell U.S. Dynamic Equity, Russell U.S. Strategic Equity and Russell Multi-Strategy
Alternative Funds may enter into short sale transactions. In a short sale, the seller sells a security that it does not own, typically a
security borrowed from a broker or dealer. Because the seller remains liable to return the underlying security that it borrowed from
the broker or dealer, the seller must purchase the security prior to the date on which delivery to the broker or dealer is required. The
Funds will incur a loss as a result of the short sale if the price of the security increases between the date of the short sale and the
date on which the Funds must return the borrowed security. The Funds will realize a gain if the security declines in price between
those dates. Short sales expose the Funds to the risk of liability for the fair value of the security that is sold (the amount of which
increases as the fair value of the underlying security increases), in addition to the costs associated with establishing, maintaining
and closing out the short position.

Although the Funds’ potential for gain as a result of a short sale is limited to the price at which it sold the security short less the
cost of borrowing the security, its potential for loss is theoretically unlimited because there is no limit to the cost of replacing the
borrowed security. When the Funds make a short sale, the Funds may use all or a portion of the cash proceeds of short sales to
purchase other securities or for any other permissible Fund purpose. To the extent necessary to meet collateral requirements, the
Funds are required to pledge assets in a segregated account maintained by the Funds’ custodian for the benefit of the broker. The
Funds also may use securities they own to meet any such collateral obligations. Until the Funds replace a borrowed security in
connection with a short sale, the Funds will: (a) maintain daily a segregated account, containing liquid assets at such a level that
the amount deposited in the segregated account will equal the current requirement under Regulation T promulgated by the Board
of Governors of the Federal Reserve System under the authority of Sections 7 and 8 of the Securities Exchange Act of 1934, as
amended; or (b) otherwise cover its short position in accordance with positions taken by the staff of the Securities and Exchange
Commission (e.g., taking an offsetting long position in the security sold short). As of January 31, 2016, the Russell U.S. Defensive
Equity Fund held $33,933,799, Russell U.S. Dynamic Equity Fund held $51,657,597, the Russell U.S. Strategic Equity Fund held
$94,715,715 and the Russell Multi-Strategy Alternative Fund held $79,870,550 as collateral for short sales.

Emerging Markets Securities
Certain Funds may invest in emerging markets securities. Investing in emerging markets securities can pose some risks different
from, and greater than, risks of investing in U.S. or developed markets securities. These risks include: a risk of loss due to
exposure to economic structures that are generally less diverse and mature, and to political systems which may have less stability,
than those of more developed countries; smaller market capitalization of securities markets, which may suffer periods of relative
illiquidity; significant price volatility; restrictions on foreign investment; and possible difficulties in the repatriation of investment
income and capital. In addition, foreign investors may be required to register the proceeds of sales and future economic or political
crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization, or creation of
government monopolies. The currencies of emerging market countries may experience significant declines against the U.S. dollar,
and devaluation may occur subsequent to investments in these currencies by the Funds. Emerging market securities may be
subject to currency transfer restrictions and may experience delays and disruptions in settlement procedures. Inflation and rapid
fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of
certain emerging market countries.

Emerging Markets Debt
Certain Funds may invest in emerging markets debt. A Fund's emerging markets debt securities may include obligations of
governments and corporations. As with any fixed income securities, emerging markets debt securities are subject to the risk of
being downgraded in credit rating due to the risk of default. In the event of a default on any investments in foreign debt obligations,
it may be more difficult for a Fund to obtain or to enforce a judgment against the issuers of such securities. With respect to debt
issued by emerging market governments, such issuers may be unwilling to pay interest and repay principal when due, either due
to an inability to pay or submission to political pressure not to pay, and as a result may default, declare temporary suspensions of
interest payments or require that the conditions for payment be renegotiated.

Repurchase Agreements
Certain Funds may enter into repurchase agreements. A repurchase agreement is an agreement under which a Fund acquires a
fixed income security from a commercial bank, broker or dealer and simultaneously agrees to resell such security to the seller
at an agreed upon price and date (normally within a few days or weeks). The resale price reflects an agreed upon interest rate
effective for the period the security is held by a Fund and is unrelated to the interest rate on the security. The securities acquired
by a Fund constitute collateral for the repurchase obligation. In these transactions, the securities acquired by a Fund (including
accrued interest earned thereon) must have a total value in excess of the value of the repurchase agreement and must be held by the

Notes to Quarterly Report 381

 

Russell Investment Company
Russell Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)

custodian bank until repurchased. A Fund will not invest more than 15% of its net assets (taken at current fair value) in repurchase
agreements maturing in more than seven days.

Mortgage-Related and Other Asset-Backed Securities
Certain Funds may invest in mortgage or other asset-backed securities (“ABS”). These securities may include mortgage instruments
issued by U.S. government agencies (“agency mortgages”) or those issued by private entities (“non-agency mortgages”). Specific
types of instruments may include reverse mortgages, mortgage pass-through securities, collateralized mortgage obligations
(“CMO”), commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities and
other securities that directly or indirectly represent a participation in, or are secured by a payable from, mortgage loans on real
property. The value of a Fund’s mortgage-backed securities (“MBS”) may be affected by, among other things, changes or perceived
changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgage, or the
quality of the underlying assets. The mortgages underlying the securities may default or decline in quality or value. Through its
investments in MBS, a Fund has exposure to subprime loans, Alt-A loans and non-conforming loans as well as to the mortgage
and credit markets generally. Underlying collateral related to subprime, Alt-A and non-conforming mortgage loans has become
increasingly susceptible to defaults and declines in quality or value, especially in a declining residential real estate market. In
addition, regulatory or tax changes may adversely affect the mortgage securities markets as a whole.

Mortgage-Backed Securities
MBS often have stated maturities of up to thirty years when they are issued, depending upon the length of the mortgages underlying
the securities. In practice, however, unscheduled or early payments of principal and interest on the underlying mortgages may make
the securities’ effective maturity shorter than this, and the prevailing interest rates may be higher or lower than the current yield of
a Fund’s portfolio at the time resulting in reinvestment risk.

Rising or high interest rates may result in slower than expected principal payments which may tend to extend the duration of MBS,
making them more volatile and more sensitive to changes in interest rates. This is known as extension risk.

MBS may have less potential for capital appreciation than comparable fixed income securities due to the likelihood of increased
prepayments of mortgages resulting from foreclosures or declining interest rates. These foreclosed or refinanced mortgages are paid
off at face value (par) or less, causing a loss, particularly for any investor who may have purchased the security at a premium or a
price above par. In such an environment, this risk limits the potential price appreciation of these securities.

Agency Mortgage-Backed Securities
Certain MBS may be issued or guaranteed by the U.S. government or a government sponsored entity, such as Fannie Mae (the Federal
National Mortgage Association) or Freddie Mac (the Federal Home Loan Mortgage Corporation). Although these instruments may
be guaranteed by the U.S. government or a government sponsored entity, many such MBS are not backed by the full faith and credit
of the United States and are still exposed to the risk of non-payment.

Privately Issued Mortgage-Backed Securities
MBS held by a Fund may be issued by private issuers including commercial banks, savings associations, mortgage companies,
investment banking firms, finance companies and special purpose finance entities (called special purpose vehicles or SPVs) and
other entities that acquire and package mortgage loans for resale as MBS. These privately issued non-agency MBS may offer higher
yields than those issued by government agencies, but also may be subject to greater price changes than governmental issues.
Subprime loans refer to loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments
on their loans. Alt-A loans refer to loans extended to borrowers who have incomplete documentation of income, assets, or other
variables that are important to the credit underwriting processes. Non-conforming mortgages are loans that do not meet the standards
that allow purchase by government-sponsored enterprises. MBS with exposure to subprime loans, Alt-A loans or nonconforming
loans have had in many cases higher default rates than those loans that meet government underwriting requirements. The risk of
non-payment is greater for MBS that are backed by mortgage pools that contain subprime, Alt-A and non-conforming loans, but a
level of risk exists for all loans.

Unlike agency MBS issued or guaranteed by the U.S. government or a government-sponsored entity (e.g., Fannie Mae and Freddie
Mac), MBS issued by private issuers do not have a government or government-sponsored entity guarantee, but may have credit
enhancements provided by external entities such as banks or financial institutions or achieved through the structuring of the
transaction itself. Examples of such credit support arising out of the structure of the transaction include the issue of senior and
subordinated securities (e.g., the issuance of securities by an SPV in multiple classes or tranches, with one or more classes being
senior to other subordinated classes as to the payment of principal and interest, with the result that defaults on the underlying
mortgage loans are borne first by the holders of the subordinated class); creation of reserve funds (in which case cash or investments,
sometimes funded from a portion of the payments on the underlying mortgage loans, are held in reserve against future losses); and
382 Notes to Quarterly Report

 

Russell Investment Company
Russell Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)

overcollateralization (in which case the scheduled payments on, or the principal amount of, the underlying mortgage loans exceeds
that required to make payment on the securities and pay any servicing or other fees). However, there can be no guarantee that credit
enhancements, if any, will be sufficient to prevent losses in the event of defaults on the underlying mortgage loans. In addition, MBS
that are issued by private issuers are not subject to the underwriting requirements for the underlying mortgages that are applicable
to those MBS that have a government or government-sponsored entity guarantee. As a result, the mortgage loans underlying private
MBS may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics than government or
government-sponsored MBS and have wider variances in a number of terms including interest rate, term, size, purpose and borrower
characteristics. Privately issued pools more frequently include second mortgages, high loan-to-value mortgages and manufactured
housing loans. The coupon rates and maturities of the underlying mortgage loans in a private-label MBS pool may vary to a greater
extent than those included in a government guaranteed pool, and the pool may include subprime mortgage loans.

Privately issued MBS are not traded on an exchange and there may be a limited market for the securities, especially when there is a
perceived weakness in the mortgage and real estate market sectors. Without an active trading market, MBS held in a Fund's portfolio
may be particularly difficult to value because of the complexities involved in assessing the value of the underlying mortgage loans.

Asset-Backed Securities
ABS may include MBS, loans, receivables or other assets. The value of the Funds’ ABS may be affected by, among other things,
actual or perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator of the
receivables, the market’s assessment of the quality of underlying assets or actual or perceived changes in the credit worthiness of
the individual borrowers, the originator, the servicing agent or the financial institution providing the credit support.

Payment of principal and interest may be largely dependent upon the cash flows generated by the assets backing the securities.
Rising or high interest rates tend to extend the duration of ABS, making them more volatile and more sensitive to changes in interest
rates. The underlying assets are sometimes subject to prepayments which can shorten the security’s weighted average life and may
lower its return. Defaults on loans underlying ABS have become an increasing risk for ABS that are secured by home equity loans
related to sub-prime, Alt-A or non-conforming mortgage loans, especially in a declining residential real estate market.

ABS (other than MBS) present certain risks that are not presented by MBS. Primarily, these securities may not have the benefit
of any security interest in the related assets. Credit card receivables are generally unsecured and the debtors are entitled to the
protection of a number of state and federal consumer credit laws, many of which give such debtors the right to set off certain amounts
owed on the credit cards, thereby reducing the balance due. There is the possibility that recoveries on repossessed collateral may
not, in some cases, be available to support payments on these securities. ABS are often backed by a pool of assets representing the
obligations of a number of different parties. To lessen the effect of failures by obligors on underlying assets to make payments, the
securities may contain elements of credit support which fall into two categories: (i) liquidity protection, and (ii) protection against
losses resulting from ultimate default by an obligor on the underlying assets. Liquidity protection refers to the provision of advances,
generally by the entity administering the pool of assets, to ensure that the receipt of payments on the underlying pool occurs in a
timely fashion. Protection against losses results from payment of the insurance obligations on at least a portion of the assets in the
pool. This protection may be provided through guarantees, policies or letters of credit obtained by the issuer or sponsor from third
parties, through various means of structuring the transaction or through a combination of such approaches. The Funds will not
pay any additional or separate fees for credit support. The degree of credit support provided for each issue is generally based on
historical information respecting the level of credit risk associated with the underlying assets.

Delinquency or loss in excess of that anticipated or failure of the credit support could adversely affect the return on an investment
in such a security. The availability of ABS may be affected by legislative or regulatory developments. It is possible that such
developments may require the Funds to dispose of any then-existing holdings of such securities.

Forward Commitments
Certain Funds may contract to purchase securities for a fixed price at a future date beyond customary settlement time. The price
of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is
negotiated The Funds may dispose of a forward commitment transaction prior to settlement if it is appropriate to do so and may
realize short-term gains (or losses) upon such sale. When effecting such transactions, cash or liquid high-grade debt obligations
of the Funds in a dollar amount sufficient to make payment for the portfolio securities to be purchased will be earmarked on the
Fund's records at the trade date and until the transaction is settled. A forward commitment transaction involves a risk of loss if the
value of the security to be purchased declines prior to the settlement date or the other party to the transaction fails to complete the
transaction.

Certain funds may invest in to-be-announced ("TBA") mortgage-backed securities. A TBA security is a forward mortgage-backed
securities trade in which a seller agrees to issue a TBA mortgage-backed security at a future date. The securities are purchased
and sold on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and

Notes to Quarterly Report 383

 

Russell Investment Company
Russell Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)

maturity date will be determined upon settlement when the specific mortgage pools are assigned. These securities are within the
parameters of industry “good delivery” standards.

As of January 31, 2016, the Funds had cash collateral balances in connection with TBAs as follows:  
    Cash Collateral for TBAs     Due to Broker  
Russell Strategic Bond Fund $ 595,000 $ 910,000

 

Inflation-Indexed Bonds
The fixed income funds and the Russell Multi-Strategy Alternative Fund may invest in inflation-indexed securities, which are
typically bonds or notes designed to provide a return higher than the rate of inflation (based on a designated index) if held to
maturity. A common type of inflation-indexed security is a U.S. Treasury Inflation-Protected Security (“TIPS”). The principal of
a TIPS increases with inflation and decreases with deflation, as measured by the Consumer Price Index. When a TIPS matures,
the adjusted principal or original principal is paid, whichever is greater. TIPS pay interest twice a year, at a fixed rate. The rate is
applied to the adjusted principal; so, like the principal, interest payments rise with inflation and fall with deflation.

Guarantees
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general
indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that
may be made against the Funds that have not yet occurred. However, the Funds expect the risk of loss to be remote.

Market, Credit and Counterparty Risk
In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential
loss exists due to changes in the market (market risk) or failure of the other party to a transaction to perform (credit risk). Similar to
credit risk, the Funds may also be exposed to counterparty risk or risk that an institution or other entity with which the Funds have
unsettled or open transactions will default. The potential loss could exceed the value of the relevant assets recorded in the financial
statements (the “Assets”). The Assets consist principally of cash due from counterparties and investments. The extent of the Funds'
exposure to market, credit and counterparty risks with respect to the Assets approximates their carrying value as recorded in the
Funds' Statements of Assets and Liabilities.

Global economies and financial markets are becoming increasingly interconnected and political and economic conditions (including
recent instability and volatility) and events (including natural disasters) in one country, region or financial market may adversely
impact issuers in a different country, region or financial market. As a result, issuers of securities held by a Fund may experience
significant declines in the value of their assets and even cease operations. Such conditions and/or events may not have the same
impact on all types of securities and may expose a Fund to greater market and liquidity risk and potential difficulty in valuing
portfolio instruments held. This could cause a Fund to underperform other types of investments.

3. Investment in Russell Cayman Commodity Strategies Fund Ltd. and Russell Cayman Multi-Strategy
Alternative Fund Ltd.
The Russell Cayman Commodity Strategies Fund Ltd. and Russell Cayman Multi-Strategy Alternative Fund Ltd. (each a
“Subsidiary”) are Cayman Island exempted companies and wholly owned subsidiaries of the Russell Commodity Strategies Fund
and Russell Multi-Strategy Alternative Fund, respectively. Each Subsidiary acts as an investment vehicle for its respective Fund
in order to effect certain investments on behalf of the Fund. Each Fund is the sole shareholder of its respective Subsidiary and it
is intended that each Fund will remain the sole shareholder and, as a result, will continue to control the Subsidiary. As of January
31, 2016, net assets of the Russell Commodity Strategies Fund were $ 677,908,727 of which $ 141,185,288 or approximately 21%,
represents the Fund’s ownership of the shares of its Subsidiary, and net assets of the Russell Multi-Strategy Alternative Fund were
$ 478,003,427 of which $17,339,926, or approximately 4%, represents the Fund’s ownership of the shares of its Subsidiary.

The Russell Commodity Strategies and Russell Multi-Strategy Alternative Funds may invest up to 25% of their total assets in their
Subsidiary, which may invest without limitation in commodity-linked derivative instruments, such as swaps and futures that provide
exposure to the performance of commodities markets. Each Subsidiary may also invest in fixed income securities. The financial
statements for each of the Russell Commodity Strategies Fund and Russell Multi-Strategy Alternative Fund have been consolidated
and include the accounts of both the Fund and its respective Subsidiary. All inter-company transactions and balances have been
eliminated upon consolidation.

4. Investment Transactions

Securities Lending
384 Notes to Quarterly Report

 

Russell Investment Company
Russell Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)

The Investment Company has a securities lending program whereby each Fund can loan securities with a value up to 33 1/3% of
each Fund’s total assets. The maturity associated with these securities is considered continuous. The Fund receives cash (U.S.
currency), U.S. Government or U.S. Government Agency obligations as collateral against the loaned securities. As of January
31, 2016, to the extent that a loan was collateralized by cash, such collateral was invested by the securities lending agent, Brown
Brothers Harriman & Co. (“BBH”), in the Russell U.S. Cash Collateral Fund, an unregistered fund advised by RIMCo. The
collateral received is recorded on a lending Fund’s Statement of Assets and Liabilities along with the related obligation to return
the collateral.

Income generated from the investment of cash collateral, less negotiated rebate fees paid to participating brokers, is divided between
the Fund and BBH and is recorded as income for the Fund. To the extent that a loan is secured by non-cash collateral, brokers pay
the Fund negotiated lenders’ fees, which are divided between the Fund and BBH and are recorded as securities lending income
for the Fund. All collateral received will be in an amount at least equal to 102% (for loans of U.S. securities) or 105% (for loans of
non-U.S. securities) of the fair value of the loaned securities at the inception of each loan. The fair value of the loaned securities is
determined at the close of business of the Fund and any additional required collateral is delivered to the Fund the next day. Should
the borrower of the securities fail financially, there is a risk of delay in recovery of the securities or loss of rights in the collateral.

5. Related Party Transactions, Fees and Expenses

Adviser and Administrator
RIMCo provides or oversees the provision of all investment advisory and portfolio management services for the Funds, including
developing the investment program for each Fund and managing each Fund's overall exposures. RFSC is the Funds’ administrator
and transfer and dividend disbursing agent and among other services, with the assistance of RIMCo and its affiliates, provides the
Funds with office space, equipment and personnel necessary to operate and administrate the Funds' business and to supervise the
provision of services by certain third parties. RFSC is a wholly-owned subsidiary of RIMCo. RIMCo is a wholly-owned subsidiary
of Frank Russell Company ("FRC") (which is an indirect subsidiary of London Stock Exchange Group plc ("LSEG")).

RIMCo has advised the Funds that, on October 8, 2015, Emerald Acquisition Limited, a company incorporated under the laws
of England and Wales (“Buyer”), entered into an agreement with FRC and LSEG through which Buyer will acquire FRC’s asset
management business (“Russell Investments”), including RIMCo, from LSEG (the “Transaction”). Buyer is a newly formed
acquisition vehicle through which private equity funds affiliated with TA Associates will acquire a majority ownership interest and
private equity funds affiliated with Reverence Capital Partners (“RCP”) will acquire a significant minority ownership interest in
Russell Investments. RIMCo expects that the Transaction will be consummated in the first half of 2016, subject to regulatory and
other approvals and confirmations, and other conditions being satisfied.

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 Russell U.S. Cash Management Fund, an unregistered fund advised by RIMCo. As of January 31, 2016, the Funds
had invested $2,780,836,104 in the Russell U.S. Cash Management Fund. In addition, all or a portion of the collateral received
from the Investment Company’s securities lending program in the amount of $406,383,770 is invested in the Russell U.S. Cash
Collateral Fund, an unregistered fund advised by RIMCo.

6. Federal Income Taxes
At January 31, 2016, the cost of investments and net unrealized appreciation (depreciation), for income tax purposes were as
follows:

       Russell U.S. Core   Russell U.S. Defensive     Russell U.S. Dynamic      Russell U.S. Strategic     Russell U.S. Large  
    Equity Fund     Equity Fund     Equity Fund     Equity Fund     Cap Equity Fund  
Cost of Investments $ 692,413,882 $   924,036,882 $   524,599,421 $   3,411,624,193 $   335,930,200
Unrealized Appreciation $ 106,217,935 $   72,807,936 $   84,402,231 $   251,077,420 $   33,906,473
Unrealized Depreciation (33,108,792)   (34,758,264) (100,814,649) (162,981,084)   (14,830,913)
Net Unrealized Appreciation (Depreciation) $ 73,109,143 $   38,049,572 $   (16,412,418) $   88,096,136 $   19,075,560
              Russell International                
    Russell U.S. Mid Cap       Russell U.S. Small       Developed Markets     Russell Global Equity     Russell Emerging  
    Equity Fund     Cap Equity Fund       Fund     Fund     Markets Fund  
Cost of Investments $ 179,281,102 $   2,030,153,815 $   2,718,436,178 $   2,250,655,107 $ 2,349,555,304
Unrealized Appreciation $ 9,941,371 $   277,189,734 $   227,605,670 $   413,778,380 $ 217,636,271
Unrealized Depreciation (19,402,596) (356,137,748) (456,031,904) (172,004,446)   (606,690,171)
Net Unrealized Appreciation (Depreciation) $ (9,461,225) $   (78,948,014) $   (228,426,234)  $   241,773,934) $ (389,053,900)

 

Notes to Quarterly Report 385

 

Russell Investment Company
Russell Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)

              Russell Tax-Managed   Russell Tax-Managed     Russell Global          
  Russell Tax-Managed        U.S. Mid & Small Cap   International Equity     Opportunistic Credit     Russell Strategic Bond  
  U.S. Large Cap Fund       Fund     Fund       Fund       Fund  
Cost of Investments $ 1,329,897,236 $   305,493,745 $ 476,369,432 $   1,747,480,413 $ 6,184,584,012
Unrealized Appreciation $ 269,045,109 $   69,329,603 $ 9,439,057 $   11,662,586 $ 142,647,425
Unrealized Depreciation (30,586,752)   (11,782,859) (43,597,044) (199,075,951) (193,997,005)
Net Unrealized Appreciation (Depreciation) $ 238,458,357 $   57,546,744 $ (34,157,987) $   (187,413,365) $   (51,349,580)
  Russell Investment       Russell Short Duration   Russell Tax Exempt     Russell Tax Exempt     Russell Commodity  
  Grade Bond Fund     Bond Fund   High Yield Bond Fund      Bond Fund     Strategies Fund  
Cost of Investments $ 1,296,129,438 $   829,623,402 $ 261,896,619 $   1,299,379,018 $   597,080,414
Unrealized Appreciation $ 11,094,574 $   2,127,740 $ 8,658,324 $   63,576,126 $   499
Unrealized Depreciation (8,350,595)   (13,688,209) (1,486,412)   (1,611,449)   (120,211)
Net Unrealized Appreciation (Depreciation) $ 2,743,979 $   (11,560,469) $ 7,171,912 $   61,964,677 $   (119,712)
    Russell Global        Russell Global Real   Russell Multi-Strategy     Russell Multi-Strategy     Russell Strategic Call  
  Infrastructure Fund       Estate Securities Fund   Alternative Fund     Income Fund     Overwriting Fund  
Cost of Investments $ 1,277,262,409 $   1,303,882,128 $ 473,106,971 $   274,873,407 $   60,187,258
Unrealized Appreciation $ 8,095,401 $   134,754,522 $ 10,652,744 $   3,701,411 $   22,283,658
Unrealized Depreciation (11,209,749)     (43,555,974) (35,455,158)   (26,537,946)   (3,245,100)
Net Unrealized Appreciation (Depreciation) $ (3,114,348) $   91,198,548 $ (24,802,414) $   (22,836,535) $   19,038,558
  Select U.S. Equity     Select International                          
      Fund     Equity Fund                          
Cost of Investments $ 787,399,233 $   880,127,625                        
Unrealized Appreciation $ 29,232,716 $   17,841,912                          
Unrealized Depreciation (89,916,636)   (136,905,257)                          
Net Unrealized Appreciation (Depreciation) $ (60,683,920) $ (119,063,345)                          

 

7. Restricted Securities
Restricted securities are subject to contractual limitations on resale, are often issued in private placement transactions, and are not
registered under the Securities Act of 1933, as amended (the "Act"). The most common types of restricted securities are those sold
under Rule 144A of the Act and commercial paper sold under Section 4(2) of the Act.

A Fund may invest a portion of its net assets not to exceed 15% in securities that are illiquid. This limitation is applied at the time
of purchase. Illiquid securities are securities that may not be readily marketable, and that cannot be sold within seven days in
the ordinary course of business at the approximate amount at which the Fund has valued the securities. Restricted securities are
generally considered to be illiquid.

See each Fund’s Schedule of Investments for a list of restricted securities held by a Fund that are illiquid.

8. Pending Legal Proceedings
On October 17, 2013, Fred McClure filed a derivative lawsuit against RIMCo on behalf of ten funds: the Russell Commodity
Strategies Fund, Russell Emerging Markets Fund, Russell Global Equity Fund, Russell Global Infrastructure Fund, Russell Global
Opportunistic Credit Fund, Russell International Developed Markets Fund, Russell Multi-Strategy Alternative Fund, Russell
Strategic Bond Fund, Russell U.S. Small Cap Equity Fund and Russell Global Real Estate Securities Fund. The lawsuit, which
was filed in the United States District Court for the District of Massachusetts, seeks recovery under Section 36(b) of the Investment
Company Act, as amended, for the funds' alleged payment of excessive investment management fees to RIMCo. On December 8,
2014, Fred McClure filed a second derivative lawsuit in the United States District Court for the District of Massachusetts. This
second suit involves the same ten funds, and the allegations are similar, although the second suit adds a claim alleging that RFSC
charged the funds excessive administrative fees under Section 36(b). The plaintiff seeks on behalf of the funds recovery of the
amount of the allegedly excessive compensation or payments received from these ten funds and earnings that would have accrued to
plaintiff had that compensation not been paid or, alternatively, rescission of the contracts and restitution of all excessive fees paid,

386 Notes to Quarterly Report

 

Russell Investment Company
Russell Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)

for a period commencing one year prior to the filing of the lawsuit through the date of the trial. RIMCo and RFSC are defending the
actions.

9. Subsequent Events
Management has evaluated the events and/or transactions that have occurred through the date this Quarterly Report was issued and
noted no items requiring adjustments of the Quarterly Report or additional disclosures.

On February 1, 2016, the Board declared dividends payable from net investment income. Dividends will be payable on February
3, 2016, to shareholders of record on February 2, 2016.

On March 1, 2016, the Board declared dividends payable from net investment income. Dividends will be payable on March 3, 2016,
to shareholders of record on March 2, 2016.

Notes to Quarterly Report 387

 

Russell Investment Company
Russell Funds

Shareholder Requests for Additional Information — January 31, 2016 (Unaudited)

A complete unaudited schedule of investments is made available generally no later than 60 days after the end of the first and third quarters
of each fiscal year. These reports are available (i) free of charge, upon request, by calling the Funds at (800) 787-7354; (ii) at www.russell.
com; (iii) on the Securities and Exchange Commission’s website at www.sec.gov; and (iv) at the Securities and Exchange Commission’s
public reference room.

The Board has delegated to RIMCo, as RIC’s investment adviser, the primary responsibility for monitoring, evaluating and voting proxies
solicited by or with respect to issuers of securities in which assets of the Funds may be invested. RIMCo has established a proxy voting
committee and has adopted written proxy voting policies and procedures (“P&P”) and proxy voting guidelines (“Guidelines”). The Funds
maintain a Portfolio Holdings Disclosure Policy that governs the timing and circumstances of disclosure to shareholders and third parties
of information regarding the portfolio investments held by the Funds. A description of the P&P, Guidelines, Portfolio Holdings Disclosure
Policy and additional information about Fund Trustees are contained in the Funds’ Statement of Additional Information (“SAI”). The SAI
and information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June
30, 2015 are available (i) free of charge, upon request, by calling the Funds at (800) 787-7354; (ii) at www.russell.com; and (iii) on the
Securities and Exchange Commission’s website at www. sec.gov.

To reduce expenses, we may mail only one copy of the Funds’ prospectuses and each annual and semi-annual report to those addresses
shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

Some Financial Intermediaries may offer electronic delivery of the Funds prospectuses and annual and semi-annual reports. Please contact
your Financial Intermediary for further details.

388 Shareholder Requests for Additional Information

 




 

Russell Investment
Company

Russell Investment Company is a
series investment company with
41 different investment portfolios
referred to as Funds. This
Quarterly Report reports on 14 of
these Funds.

 

Russell Investment Company

LifePoints® Funds

Quarterly Report

January 31, 2016 (Unaudited)

Table of Contents

  Page
Conservative Strategy Fund 3
Moderate Strategy Fund 7
Balanced Strategy Fund 12
Growth Strategy Fund 17
Equity Growth Strategy Fund 22
2020 Strategy Fund 27
2025 Strategy Fund 28
2030 Strategy Fund 29
2035 Strategy Fund 30
2040 Strategy Fund 31
2045 Strategy Fund 32
2050 Strategy Fund 33
2055 Strategy Fund 34
In Retirement Fund 35
Notes to Schedule of Investments 36
Notes to Quarterly Report 37
Shareholder Requests for Additional Information 48

 

 

Russell Investment Company - LifePoints® Funds.

Copyright © Russell Investments 2016. All rights reserved.

Russell Investments is a trade name and registered trademark of Frank Russell Company, a Washington USA
corporation, which operates through subsidiaries worldwide and is part of London Stock Exchange Group.

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 Financial Services, Inc., member FINRA and part of Russell
Investments.

 

Russell Investment Company
Conservative Strategy Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)        
        Fair
        Value
    Shares   $
Investments in Russell Affiliated Mutual Funds - 97.5%        
Alternative - 8.0%        
Russell Global Infrastructure Fund Class Y 1,542,975   16,078
Russell Global Real Estate Securities Fund Class Y 453,420   15,484
        31,562
 
Domestic Equities - 4.9%        
Russell U.S. Defensive Equity Fund Class Y 128,416   5,876
Russell U.S. Dynamic Equity Fund Class Y 647,513   5,633
Select U.S. Equity Fund Class Y 780,864   7,739
        19,248
 
Fixed Income - 57.8%        
Russell Global Opportunistic Credit Fund Class Y 899,144   7,859
Russell Investment Grade Bond Fund Class Y 1,813,585   39,464
Russell Short Duration Bond Fund Class Y 4,757,860   90,303
Russell Strategic Bond Fund Class Y 8,514,508   90,764
        228,390
 
International Equities - 3.9%        
Russell Emerging Markets Fund Class Y 573,950   7,703
Select International Equity Fund Class Y 953,559   7,676
        15,379
 
Specialty - 22.9%        
Russell Multi-Strategy Income Fund Class Y 10,043,227   90,289
 
Total Investments in Russell Affiliated Mutual Funds        
(cost $386,830)       384,868
 
Options Purchased - 0.0%        
(Number of Contracts)        
EURO STOXX 50 Index        
Apr 2016 3,092.47 Call (2,425) EUR 7,499 (ÿ) 273
Total Options Purchased        
(cost $312)       273
 
Short-Term Investments - 2.2%        
Russell U.S. Cash Management Fund 8,603,907 (8) 8,604
Total Short-Term Investments        
(cost $8,604)       8,604
 
Total Investments 99.7%        
(identified cost $395,746)       393,745
 
Other Assets and Liabilities, Net - 0.3%       1,074
Net Assets - 100.0%       394,819

 

See accompanying notes which are an integral part of this quarterly report.

Conservative Strategy Fund 3

 

Russell Investment Company
Conservative Strategy Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Futures Contracts              
 
Amounts in thousands (except contract amounts)              
            Unrealized  
            Appreciation  
    Number of Notional Expiration (Depreciation)  
    Contracts Amount Date $  
Long Positions              
Russell 1000 Mini Index Futures 5 USD 533 03/16 (18 )
S&P 500 E-Mini Index Futures 47 USD 4,536 03/16 (205 )
S&P Mid 400 E-Mini Index Futures 6 USD 788 03/16 (38 )
Short Positions              
MSCI EAFE Mini Index Futures 22 USD 1,762 03/16 111  
MSCI Emerging Markets Mini Index Futures 14 USD 523 03/16 20  
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)           (130 )

 

Options Written                
Amounts in thousands (except contract amounts)              
    Number of Strike   Notional Expiration Fair Value  
  Call/Put Contracts Price   Amount Date $  
EURO STOXX 50 Index Call 2,425 3,479.03 EUR 8,437 04/08/16 (19 )
EURO STOXX 50 Index Put 2,425 2,880.24 EUR 6,985 04/08/16 (206 )
Total Liability for Options Written (premiums received $312)           (225 )

 

Transactions in options written contracts for the period ended January 31, 2016 were as follows:
  Number of   Premiums
    Contracts   Received
Outstanding October 31, 2015 — $ —
Opened 4,850 312
Closed — —
Expired — —
Outstanding January 31, 2016 4,850 $ 312

 

Foreign Currency Exchange Contracts              
Amounts in  thousands              
            Unrealized  
            Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
BNP Paribas USD 331 AUD 467 02/05/16 (1 )
BNP Paribas USD 402 CAD 566 02/05/16 2  
BNP Paribas USD 481 CHF 491 02/05/16 (1 )
BNP Paribas USD 1,766 EUR 1,619 02/05/16 (12 )
BNP Paribas USD 968 GBP 677 02/05/16 (3 )
BNP Paribas USD 138 HKD 1,072 02/05/16 —  
BNP Paribas USD 1,119 JPY 135,348 02/05/16 (1 )
BNP Paribas USD 172 SEK 1,477 02/05/16 —  
BNP Paribas USD 62 SGD 89 02/05/16 —  
BNP Paribas AUD 467 USD 331 03/04/16 1  
BNP Paribas CAD 566 USD 402 03/04/16 (2 )
BNP Paribas CHF 491 USD 481 03/04/16 1  
BNP Paribas EUR 1,619 USD 1,767 03/04/16 12  
BNP Paribas GBP 677 USD 968 03/04/16 3  
BNP Paribas HKD 1,072 USD 138 03/04/16 —  
BNP Paribas JPY 135,348 USD 1,119 03/04/16 1  
BNP Paribas SEK 1,477 USD 172 03/04/16 —  
BNP Paribas SGD 89 USD 62 03/04/16 —  
Royal Bank of Canada USD 331 AUD 467 02/05/16 (1 )
Royal Bank of Canada USD 402 CAD 566 02/05/16 2  
Royal Bank of Canada USD 481 CHF 491 02/05/16 (1 )
Royal Bank of Canada USD 1,766 EUR 1,619 02/05/16 (12 )
Royal Bank of Canada USD 967 GBP 677 02/05/16 (3 )
Royal Bank of Canada USD 137 HKD 1,072 02/05/16 —  
Royal Bank of Canada USD 1,118 JPY 135,348 02/05/16 —  

 

See accompanying notes which are an integral part of this quarterly report.

4 Conservative Strategy Fund

 

Russell Investment Company
Conservative Strategy Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts
Amounts in  thousands

              Unrealized  
              Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
Royal Bank of Canada USD 172 SEK   1,477 02/05/16 —  
Royal Bank of Canada USD 62 SGD   89 02/05/16 —  
Royal Bank of Canada AUD 467 USD   331 03/04/16 1  
Royal Bank of Canada CAD 566 USD   402 03/04/16 (2 )
Royal Bank of Canada CHF 491 USD   481 03/04/16 1  
Royal Bank of Canada EUR 1,619 USD   1,767 03/04/16 12  
Royal Bank of Canada GBP 677 USD   967 03/04/16 3  
Royal Bank of Canada HKD 1,072 USD   137 03/04/16 —  
Royal Bank of Canada JPY 135,348 USD   1,119 03/04/16 —  
Royal Bank of Canada SEK 1,477 USD   173 03/04/16 —  
Royal Bank of Canada SGD 89 USD   62 03/04/16 —  
State Street USD 1 AUD   2 02/05/16 —  
State Street USD 39 CAD   54 02/05/16 —  
State Street USD 40 CHF   40 02/05/16 (1 )
State Street USD 271 EUR   251 02/05/16 1  
State Street USD 81 GBP   55 02/05/16 (2 )
State Street USD 8 HKD   65 02/05/16 —  
State Street USD 163 JPY   19,485 02/05/16 (2 )
State Street USD 32 SEK   269 02/05/16 —  
State Street USD 2 SGD   3 02/05/16 —  
State Street AUD 468 USD   341 02/05/16 10  
State Street CAD 593 USD   427 02/05/16 4  
State Street CHF 511 USD   517 02/05/16 17  
State Street EUR 1,745 USD   1,909 02/05/16 19  
State Street GBP 705 USD   1,044 02/05/16 39  
State Street HKD 1,104 USD   142 02/05/16 1  
State Street JPY 145,090 USD   1,204 02/05/16 6  
State Street SEK 1,611 USD   192 02/05/16 4  
State Street SGD 91 USD   64 02/05/16 —  
UBS AUD 468 USD   341 02/05/16 10  
UBS CAD 593 USD   427 02/05/16 4  
UBS CHF 511 USD   517 02/05/16 18  
UBS EUR 1,745 USD   1,909 02/05/16 19  
UBS GBP 705 USD   1,044 02/05/16 40  
UBS HKD 1,104 USD   142 02/05/16 1  
UBS JPY 145,090 USD   1,204 02/05/16 6  
UBS SEK 1,611 USD   192 02/05/16 4  
UBS SGD 91 USD   64 02/05/16 —  
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts         198  

 

See accompanying notes which are an integral part of this quarterly report.

Conservative Strategy Fund 5

 

Russell Investment Company
Conservative Strategy Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Presentation of Portfolio Holdings                        
 
Amounts in thousands                        
 
            Fair Value            
Portfolio Summary Level 1   Level 2   Level 3   Total  
Investments in Russell Affiliated Mutual Funds $ 384,868   $ —   $ — $   384,868  
Options Purchased 273   —   —   273  
Short-Term Investments —   8,604   —   8,604  
Total Investments 385,141   8,604   —   393,745  
 
 
Other Financial Instruments                        
Futures Contracts (130 ) —   —   (130 )
Options Written (225 ) —   —   (225 )
Foreign Currency Exchange Contracts —   198   —   198  
Total Other Financial Instruments* $ (355 ) $ 198   $ — $   (157 )

 

*      Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments

For a description of the Levels see note 2 in the Notes to Quarterly Report.

See accompanying notes which are an integral part of this quarterly report.

6 Conservative Strategy Fund

 

Russell Investment Company
Moderate Strategy Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)        
        Fair
        Value
    Shares   $
Investments in Russell Affiliated Mutual Funds - 97.1%        
Alternative - 5.5%        
Russell Commodity Strategies Fund Class Y 1,877,187   9,536
Russell Global Infrastructure Fund Class Y 1,849,767   19,275
Russell Global Real Estate Securities Fund Class Y 182,261   6,224
        35,035
 
Domestic Equities - 15.1%        
Russell U.S. Defensive Equity Fund Class Y 551,565   25,240
Russell U.S. Dynamic Equity Fund Class Y 2,064,614   17,962
Russell U.S. Small Cap Equity Fund Class Y 1,014,752   24,161
Select U.S. Equity Fund Class Y 2,822,717   27,973
        95,336
 
Fixed Income - 60.9%        
Russell Global Opportunistic Credit Fund Class Y 9,384,515   82,021
Russell Investment Grade Bond Fund Class Y 4,646,105   101,099
Russell Strategic Bond Fund Class Y 18,960,497   202,119
        385,239
 
International Equities - 15.6%        
Russell Emerging Markets Fund Class Y 1,836,302   24,643
Russell Global Equity Fund Class Y 3,924,052   36,768
Select International Equity Fund Class Y 4,584,567   36,906
        98,317
 
Total Investments in Russell Affiliated Mutual Funds        
(cost $618,080)       613,927
 
Options Purchased - 0.1%        
(Number of Contracts)        
EURO STOXX 50 Index        
Apr 2016 3,092.47 Call (3,941) EUR 12,187 (ÿ) 443
Total Options Purchased        
(cost $508)       443
 
Short-Term Investments - 1.8%        
Russell U.S. Cash Management Fund 11,231,531 (8) 11,232
Total Short-Term Investments        
(cost $11,232)       11,232
 
Total Investments 99.0%        
(identified cost $629,820)       625,602
 
Other Assets and Liabilities, Net - 1.0%       6,345
Net Assets - 100.0%       631,947

 

See accompanying notes which are an integral part of this quarterly report.

Moderate Strategy Fund 7

 

Russell Investment Company
Moderate Strategy Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Futures Contracts              
 
Amounts in thousands (except contract amounts)              
            Unrealized  
            Appreciation  
    Number of Notional Expiration (Depreciation)  
    Contracts Amount Date $  
Long Positions              
Amsterdam Index Futures 12 EUR 1,031 02/16 23  
CAC40 Euro Index Futures 80 EUR 3,529 02/16 11  
Dow Jones Index Futures 12 EUR 2,927 03/16 (201 )
EURO STOXX 50 Index Futures 71 EUR 2,150 03/16 (135 )
FTSE/MIB Index Futures 8 EUR 744 03/16 (113 )
IBEX 35 Index Futures 13 EUR 1,140 02/16 (32 )
OMXS30 Index Futures 54 SEK 7,308 02/16 (2 )
Russell 1000 Mini Index Futures 13 USD 1,385 03/16 (59 )
S&P 500 E-Mini Index Futures 86 USD 8,298 03/16 (402 )
S&P Mid 400 E-Mini Index Futures 15 USD 1,972 03/16 (118 )
Short Positions              
FTSE 100 Index Futures 32 GBP 1,922 03/16 (30 )
MSCI EAFE Mini Index Futures 43 USD 3,443 03/16 218  
MSCI Emerging Markets Mini Index Futures 28 USD 1,047 03/16 41  
Russell 1000 Mini Index Futures 2 USD 213 03/16 13  
S&P 500 E-Mini Index Futures 35 USD 3,378 03/16 194  
S&P Mid 400 E-Mini Index Futures 2 USD 263 03/16 18  
S&P/TSX 60 Index Futures 39 CAD 5,872 03/16 (22 )
SPI 200 Index Futures 39 AUD 4,841 03/16 (53 )
TOPIX Index Futures 32 JPY 460,480 03/16 346  
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)           (303 )

 

Options Written                
Amounts in thousands (except contract amounts)              
    Number of Strike   Notional Expiration Fair Value  
  Call/Put Contracts Price   Amount Date $  
EURO STOXX 50 Index Call 3,941 3,479.03 EUR 13,711 04/08/16 (31 )
EURO STOXX 50 Index Put 3,941 2,880.24 EUR 11,351 04/08/16 (334 )
Total Liability for Options Written (premiums received $508)           (365 )

 

Transactions in options written contracts for the period ended January 31, 2016 were as follows:  
    Number of     Premiums  
      Contracts     Received  
Outstanding October 31, 2015   —   $ —  
Opened   956,315   733  
Closed (948,433 ) (225 )
Expired   —   —  
Outstanding January 31, 2016   7,882   $ 508  

 

Foreign Currency Exchange Contracts              
Amounts in  thousands              
            Unrealized  
            Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
Bank of America USD 2,397 CAD 3,360 03/16/16 1  
Bank of America CNY 39,000 USD 6,003 03/16/16 115  
Bank of America KRW 4,856,000 USD 4,224 03/16/16 211  
Bank of America TWD 62,000 USD 1,910 03/16/16 60  
BNP Paribas USD 576 AUD 813 02/05/16 (1 )
BNP Paribas USD 699 CAD 984 02/05/16 3  
BNP Paribas USD 836 CHF 855 02/05/16 (2 )
BNP Paribas USD 3,072 EUR 2,817 02/05/16 (21 )
BNP Paribas USD 1,684 GBP 1,178 02/05/16 (5 )
BNP Paribas USD 239 HKD 1,864 02/05/16 —  
BNP Paribas USD 1,946 JPY 235,486 02/05/16 (1 )

 

See accompanying notes which are an integral part of this quarterly report.

8 Moderate Strategy Fund

 

Russell Investment Company
Moderate Strategy Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts              
Amounts in  thousands              
            Unrealized  
            Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
BNP Paribas USD 300 SEK 2,569 02/05/16 (1 )
BNP Paribas USD 109 SGD 155 02/05/16 —  
BNP Paribas AUD 546 USD 398 02/05/16 11  
BNP Paribas AUD 813 USD 575 03/04/16 1  
BNP Paribas CAD 692 USD 498 02/05/16 4  
BNP Paribas CAD 984 USD 699 03/04/16 (3 )
BNP Paribas CHF 597 USD 605 02/05/16 22  
BNP Paribas CHF 855 USD 837 03/04/16 2  
BNP Paribas EUR 2,038 USD 2,231 02/05/16 23  
BNP Paribas EUR 2,817 USD 3,074 03/04/16 21  
BNP Paribas GBP 823 USD 1,219 02/05/16 46  
BNP Paribas GBP 1,178 USD 1,684 03/04/16 5  
BNP Paribas HKD 1,290 USD 166 02/05/16 1  
BNP Paribas HKD 1,864 USD 239 03/04/16 —  
BNP Paribas JPY 169,498 USD 1,407 02/05/16 7  
BNP Paribas JPY 235,486 USD 1,947 03/04/16 1  
BNP Paribas SEK 1,882 USD 224 02/05/16 5  
BNP Paribas SEK 2,569 USD 300 03/04/16 1  
BNP Paribas SGD 106 USD 75 02/05/16 —  
BNP Paribas SGD 155 USD 109 03/04/16 —  
Royal Bank of Canada USD 576 AUD 813 02/05/16 (1 )
Royal Bank of Canada USD 699 CAD 984 02/05/16 3  
Royal Bank of Canada USD 837 CHF 855 02/05/16 (2 )
Royal Bank of Canada USD 3,073 EUR 2,817 02/05/16 (21 )
Royal Bank of Canada USD 1,683 GBP 1,178 02/05/16 (5 )
Royal Bank of Canada USD 239 HKD 1,864 02/05/16 —  
Royal Bank of Canada USD 1,946 JPY 235,486 02/05/16 (1 )
Royal Bank of Canada USD 300 SEK 2,569 02/05/16 (1 )
Royal Bank of Canada USD 109 SGD 155 02/05/16 —  
Royal Bank of Canada AUD 813 USD 575 03/04/16 1  
Royal Bank of Canada CAD 984 USD 699 03/04/16 (3 )
Royal Bank of Canada CHF 855 USD 837 03/04/16 2  
Royal Bank of Canada EUR 2,817 USD 3,075 03/04/16 21  
Royal Bank of Canada GBP 1,178 USD 1,683 03/04/16 5  
Royal Bank of Canada HKD 1,864 USD 239 03/04/16 —  
Royal Bank of Canada JPY 235,486 USD 1,947 03/04/16 1  
Royal Bank of Canada SEK 2,569 USD 300 03/04/16 1  
Royal Bank of Canada SGD 155 USD 109 03/04/16 —  
State Street USD 10 AUD 14 02/05/16 —  
State Street USD 79 CAD 110 02/05/16 —  
State Street USD 82 CHF 82 02/05/16 (2 )
State Street USD 519 EUR 480 02/05/16 1  
State Street USD 166 GBP 113 02/05/16 (5 )
State Street USD 90 GBP 60 03/16/16 (5 )
State Street USD 18 HKD 142 02/05/16 —  
State Street USD 315 JPY 37,524 02/05/16 (5 )
State Street USD 514 JPY 63,000 03/16/16 7  
State Street USD 60 SEK 507 02/05/16 (1 )
State Street USD 6 SGD 8 02/05/16 —  
State Street AUD 546 USD 398 02/05/16 11  
State Street AUD 3,590 USD 2,577 03/16/16 41  
State Street CAD 692 USD 498 02/05/16 4  
State Street CAD 4,040 USD 2,971 03/16/16 88  
State Street CHF 597 USD 604 02/05/16 21  
State Street EUR 2,038 USD 2,231 02/05/16 23  
State Street EUR 2,300 USD 2,510 03/16/16 16  
State Street GBP 823 USD 1,219 02/05/16 47  
State Street HKD 1,290 USD 166 02/05/16 1  
State Street JPY 169,498 USD 1,407 02/05/16 7  
State Street SEK 1,882 USD 224 02/05/16 5  
State Street SGD 106 USD 75 02/05/16 —  
UBS AUD 546 USD 398 02/05/16 11  
UBS CAD 692 USD 498 02/05/16 4  

 

See accompanying notes which are an integral part of this quarterly report.

Moderate Strategy Fund 9

 

Russell Investment Company
Moderate Strategy Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts              
Amounts in  thousands              
              Unrealized
              Appreciation
    Amount   Amount   (Depreciation)
Counterparty   Sold   Bought Settlement Date $
UBS CHF 597 USD   604 02/05/16 22
UBS EUR 2,038 USD   2,231 02/05/16 23
UBS GBP 823 USD   1,220 02/05/16 46
UBS HKD 1,290 USD   166 02/05/16 1
UBS JPY 169,498 USD   1,407 02/05/16 7
UBS SEK 1,882 USD   224 02/05/16 5
UBS SGD 106 USD   75 02/05/16 —
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts         879

 

Credit Default Swap Contracts              
 
Amounts in thousands                
Credit Indices                
        Fund (Pays)/        
        Receives   Termination Fair Value  
Reference Entity Counterparty Notional Amount Fixed Rate   Date $  
CDX NA High Yield Index Morgan Stanley USD 10,300 5.000 % 12/20/20 (1 )
Total Fair Value on Open Credit Indices Premiums Paid (Received) - ($254)           (1 )

 

Total Return Swap Contracts (*)          
Amounts in thousands          
Fund Receives/(Pays)   Notional Termination Fair Value
Underlying Reference Entity Counterparty Amount Date $
Long Reference Entity          
Dow Jones U.S. Real Estate Index Bank of America USD 7,344 03/07/16 171
Total Fair Value of Open Total Return Swap Contracts Premiums Paid (Received) - $— (å)       171

 

(*) Total return swaps (which includes index swaps) are agreements between counterparties to exchange cash flows, one based on a market-linked
returns of an individual asset or a basket of assets (i.e. an index), and the other on a fixed or floating rate. The floating rate fee was based on the
3 Month LIBOR rate plus a fee of 0.120%.

Presentation of Portfolio Holdings

Amounts in thousands                          
 
              Fair Value            
Portfolio Summary Level 1   Level 2     Level 3   Total  
Investments in Russell Affiliated Mutual Funds $ 613,927   $ —     $ — $   613,927  
Options Purchased 443   —     —   443  
Short-Term Investments —   11,232     —   11,232  
Total Investments 614,370   11,232     —   625,602  
 
 
Other Financial Instruments                          
Futures Contracts (303 ) —     —   (303 )
Options Written (365 ) —     —   (365 )
Foreign Currency Exchange Contracts —   879     —   879  
Credit Default Swap Contracts —   (1 )   —   (1 )
Total Return Swap Contracts —   171     —   171  
Total Other Financial Instruments* $ (668 ) $ 1,049     $ — $   381  

 

*      Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.

See accompanying notes which are an integral part of this quarterly report.

10 Moderate Strategy Fund

 

Russell Investment Company
Moderate Strategy Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Presentation of Portfolio Holdings

Amounts in thousands

      Fair Value    
Portfolio Summary Level 1 Level 2   Level 3 Total
For a description of the Levels see note 2 in the Notes to Quarterly Report.      

 

See accompanying notes which are an integral part of this quarterly report.

Moderate Strategy Fund 11

 

Russell Investment Company
Balanced Strategy Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)        
        Fair
        Value
    Shares   $
Investments in Russell Affiliated Mutual Funds - 96.8%        
Alternative - 7.3%        
Russell Commodity Strategies Fund Class Y 11,342,713   57,621
Russell Global Infrastructure Fund Class Y 10,442,695   108,813
Russell Global Real Estate Securities Fund Class Y 773,445   26,413
        192,847
 
Domestic Equities - 27.1%        
Russell U.S. Defensive Equity Fund Class Y 4,072,946   186,378
Russell U.S. Dynamic Equity Fund Class Y 20,305,201   176,655
Russell U.S. Small Cap Equity Fund Class Y 6,413,889   152,715
Select U.S. Equity Fund Class Y 20,588,058   204,028
        719,776
 
Fixed Income - 37.2%        
Russell Global Opportunistic Credit Fund Class Y 27,425,972   239,703
Russell Strategic Bond Fund Class Y 70,294,503   749,338
        989,041
 
International Equities - 25.2%        
Russell Emerging Markets Fund Class Y 11,167,374   149,866
Russell Global Equity Fund Class Y 27,680,439   259,366
Select International Equity Fund Class Y 32,365,478   260,542
        669,774
 
Total Investments in Russell Affiliated Mutual Funds        
(cost $2,662,112)       2,571,438
 
Options Purchased - 0.1%        
(Number of Contracts)        
EURO STOXX 50 Index        
Apr 2016 3,092.47 Call (16,765) EUR 51,845 (ÿ) 1,885
Total Options Purchased        
(cost $2,160)       1,885
 
Short-Term Investments - 1.7%        
Russell U.S. Cash Management Fund 44,966,756 (8) 44,967
Total Short-Term Investments        
(cost $44,967)       44,967
 
Total Investments 98.6%        
(identified cost $2,709,239)       2,618,290
 
Other Assets and Liabilities, Net - 1.4%       37,288
Net Assets - 100.0%       2,655,578

 

See accompanying notes which are an integral part of this quarterly report.

12 Balanced Strategy Fund

 

Russell Investment Company
Balanced Strategy Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Futures Contracts              
 
Amounts in thousands (except contract amounts)              
            Unrealized  
            Appreciation  
    Number of Notional Expiration (Depreciation)  
    Contracts Amount Date $  
Long Positions              
Amsterdam Index Futures 83 EUR 7,129 02/16 188  
CAC40 Euro Index Futures 529 EUR 23,334 02/16 90  
Dow Jones Index Futures 85 EUR 20,732 03/16 (1,461 )
EURO STOXX 50 Index Futures 466 EUR 14,110 03/16 (1,040 )
FTSE/MIB Index Futures 59 EUR 5,488 03/16 (833 )
IBEX 35 Index Futures 89 EUR 7,804 02/16 (200 )
OMXS30 Index Futures 366 SEK 49,529 02/16 (13 )
Russell 1000 Mini Index Futures 30 USD 3,196 03/16 (145 )
S&P 500 E-Mini Index Futures 549 USD 52,980 03/16 (2,519 )
S&P Mid 400 E-Mini Index Futures 36 USD 4,733 03/16 (287 )
Short Positions              
FTSE 100 Index Futures 206 GBP 12,374 03/16 (191 )
MSCI EAFE Mini Index Futures 340 USD 27,227 03/16 1,723  
MSCI Emerging Markets Mini Index Futures 206 USD 7,702 03/16 360  
Russell 1000 Mini Index Futures 10 USD 1,065 03/16 66  
S&P 500 E-Mini Index Futures 185 USD 17,853 03/16 1,024  
S&P Mid 400 E-Mini Index Futures 12 USD 1,578 03/16 106  
S&P/TSX 60 Index Futures 255 CAD 38,393 03/16 (142 )
SPI 200 Index Futures 239 AUD 29,666 03/16 (326 )
TOPIX Index Futures 224 JPY 3,223,360 03/16 2,615  
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)           (985 )

 

Options Written                
Amounts in thousands (except contract amounts)              
    Number of Strike   Notional Expiration Fair Value  
  Call/Put Contracts Price   Amount Date $  
EURO STOXX 50 Index Call 16,765 3,479.03 EUR 58,326 04/08/16 (133 )
EURO STOXX 50 Index Put 16,765 2,880.24 EUR 48,287 04/08/16 (1,422 )
Total Liability for Options Written (premiums received $2,160)           (1,555 )

 

Transactions in options written contracts for the period ended January 31, 2016 were as follows:  
    Number of     Premiums  
      Contracts     Received  
Outstanding October 31, 2015   —   $ —  
Opened 5,783,936   3,535  
Closed (5,750,406 ) (1,375 )
Expired   —   —  
Outstanding January 31, 2016   33,530   $ 2,160  

 

Foreign Currency Exchange Contracts              
Amounts in  thousands              
            Unrealized  
            Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
Bank of America USD 16,203 CAD 22,710 03/16/16 8  
Bank of America USD 5,984 JPY 733,890 03/16/16 84  
Bank of America CAD 9,306 USD 6,851 03/16/16 208  
Bank of America CNY 229,000 USD 35,247 03/16/16 677  
Bank of America EUR 6,836 USD 7,452 03/16/16 39  
Bank of America KRW 30,401,000 USD 26,447 03/16/16 1,320  
Bank of America TWD 358,000 USD 11,029 03/16/16 346  
Bank of New York USD 5,984 JPY 733,890 03/16/16 84  
Bank of New York CAD 9,306 USD 6,842 03/16/16 198  
Bank of New York EUR 6,836 USD 7,461 03/16/16 48  
BNP Paribas USD 2,153 AUD 3,038 02/05/16 (4 )

 

See accompanying notes which are an integral part of this quarterly report.

Balanced Strategy Fund 13

 

Russell Investment Company
Balanced Strategy Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts              
Amounts in  thousands              
            Unrealized  
            Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
BNP Paribas USD 2,613 CAD 3,676 02/05/16 11  
BNP Paribas USD 3,126 CHF 3,194 02/05/16 (7 )
BNP Paribas USD 11,483 EUR 10,529 02/05/16 (77 )
BNP Paribas USD 6,293 GBP 4,403 02/05/16 (20 )
BNP Paribas USD 7,275 JPY 880,179 02/05/16 (4 )
BNP Paribas USD 4,483 SEK 38,406 02/05/16 (8 )
BNP Paribas AUD 3,049 USD 2,219 02/05/16 62  
BNP Paribas AUD 3,038 USD 2,150 03/04/16 4  
BNP Paribas CAD 3,863 USD 2,780 02/05/16 23  
BNP Paribas CAD 3,676 USD 2,613 03/04/16 (11 )
BNP Paribas CHF 3,331 USD 3,373 02/05/16 121  
BNP Paribas CHF 3,194 USD 3,129 03/04/16 7  
BNP Paribas EUR 11,369 USD 12,443 02/05/16 127  
BNP Paribas EUR 10,529 USD 11,491 03/04/16 77  
BNP Paribas GBP 4,591 USD 6,801 02/05/16 260  
BNP Paribas GBP 4,403 USD 6,293 03/04/16 20  
BNP Paribas JPY 945,581 USD 7,849 02/05/16 38  
BNP Paribas JPY 880,179 USD 7,278 03/04/16 3  
BNP Paribas SEK 38,406 USD 4,487 03/04/16 8  
Commonwealth Bank of Australia USD 2,152 AUD 3,038 02/05/16 (2 )
Commonwealth Bank of Australia USD 2,614 CAD 3,676 02/05/16 10  
Commonwealth Bank of Australia USD 3,127 CHF 3,194 02/05/16 (9 )
Commonwealth Bank of Australia USD 11,482 EUR 10,529 02/05/16 (76 )
Commonwealth Bank of Australia USD 6,289 GBP 4,403 02/05/16 (16 )
Commonwealth Bank of Australia USD 7,275 JPY 880,179 02/05/16 (4 )
Commonwealth Bank of Australia AUD 3,038 USD 2,149 03/04/16 2  
Commonwealth Bank of Australia CAD 3,676 USD 2,614 03/04/16 (10 )
Commonwealth Bank of Australia CHF 3,194 USD 3,130 03/04/16 9  
Commonwealth Bank of Australia EUR 10,529 USD 11,490 03/04/16 76  
Commonwealth Bank of Australia GBP 4,403 USD 6,290 03/04/16 16  
Commonwealth Bank of Australia JPY 880,179 USD 7,278 03/04/16 4  
HSBC AUD 3,049 USD 2,220 02/05/16 63  
HSBC CAD 3,863 USD 2,780 02/05/16 23  
HSBC CHF 3,331 USD 3,370 02/05/16 118  
HSBC EUR 11,369 USD 12,443 02/05/16 126  
HSBC GBP 4,591 USD 6,803 02/05/16 263  
HSBC JPY 945,581 USD 7,847 02/05/16 36  
HSBC SEK 41,992 USD 4,999 02/05/16 107  
Royal Bank of Canada USD 2,153 AUD 3,038 02/05/16 (4 )
Royal Bank of Canada USD 2,613 CAD 3,676 02/05/16 11  
Royal Bank of Canada USD 3,127 CHF 3,194 02/05/16 (9 )
Royal Bank of Canada USD 11,486 EUR 10,529 02/05/16 (79 )
Royal Bank of Canada USD 6,290 GBP 4,403 02/05/16 (17 )
Royal Bank of Canada USD 1,791 GBP 1,193 03/16/16 (90 )
Royal Bank of Canada USD 7,274 JPY 880,179 02/05/16 (3 )
Royal Bank of Canada USD 5,983 JPY 733,890 03/16/16 85  
Royal Bank of Canada AUD 3,038 USD 2,150 03/04/16 4  
Royal Bank of Canada AUD 12,407 USD 8,909 03/16/16 146  
Royal Bank of Canada CAD 3,676 USD 2,613 03/04/16 (11 )
Royal Bank of Canada CAD 9,306 USD 6,846 03/16/16 202  
Royal Bank of Canada CHF 3,194 USD 3,130 03/04/16 9  
Royal Bank of Canada CHF 1,707 USD 1,727 03/16/16 58  
Royal Bank of Canada EUR 10,529 USD 11,493 03/04/16 79  
Royal Bank of Canada EUR 6,836 USD 7,459 03/16/16 45  
Royal Bank of Canada GBP 4,403 USD 6,290 03/04/16 17  
Royal Bank of Canada JPY 880,179 USD 7,277 03/04/16 3  
State Street USD 31 AUD 44 02/05/16 —  
State Street USD 2,154 AUD 3,038 02/05/16 (4 )
State Street USD 535 CAD 746 02/05/16 (3 )
State Street USD 2,615 CAD 3,676 02/05/16 10  
State Street USD 546 CHF 548 02/05/16 (11 )
State Street USD 3,130 CHF 3,194 02/05/16 (12 )
State Street USD 3,633 EUR 3,360 02/05/16 7  

 

See accompanying notes which are an integral part of this quarterly report.

14 Balanced Strategy Fund

 

Russell Investment Company
Balanced Strategy Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts              
Amounts in  thousands              
            Unrealized  
            Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
State Street USD 11,493 EUR 10,529 02/05/16 (87 )
State Street USD 1,108 GBP 754 02/05/16 (33 )
State Street USD 6,287 GBP 4,403 02/05/16 (14 )
State Street USD 1,791 GBP 1,193 03/16/16 (90 )
State Street USD 118 HKD 917 02/05/16 —  
State Street USD 3,576 HKD 27,869 02/05/16 6  
State Street USD 2,195 JPY 261,607 02/05/16 (34 )
State Street USD 7,269 JPY 880,179 02/05/16 2  
State Street USD 5,984 JPY 733,890 03/16/16 84  
State Street USD 422 SEK 3,586 02/05/16 (5 )
State Street USD 35 SGD 50 02/05/16 —  
State Street USD 1,624 SGD 2,314 02/05/16 —  
State Street AUD 3,049 USD 2,219 02/05/16 62  
State Street AUD 3,038 USD 2,151 03/04/16 4  
State Street AUD 12,407 USD 8,905 03/16/16 142  
State Street CAD 3,863 USD 2,781 02/05/16 24  
State Street CAD 3,676 USD 2,614 03/04/16 (10 )
State Street CAD 9,306 USD 6,844 03/16/16 201  
State Street CHF 3,331 USD 3,371 02/05/16 119  
State Street CHF 3,194 USD 3,133 03/04/16 12  
State Street CHF 1,707 USD 1,728 03/16/16 59  
State Street EUR 11,369 USD 12,444 02/05/16 127  
State Street EUR 10,529 USD 11,500 03/04/16 86  
State Street EUR 6,836 USD 7,461 03/16/16 47  
State Street GBP 4,591 USD 6,802 02/05/16 261  
State Street GBP 4,403 USD 6,287 03/04/16 14  
State Street HKD 28,786 USD 3,715 02/05/16 15  
State Street HKD 27,869 USD 3,576 03/04/16 (6 )
State Street JPY 945,581 USD 7,848 02/05/16 37  
State Street JPY 880,179 USD 7,272 03/04/16 (2 )
State Street SGD 2,364 USD 1,668 02/05/16 9  
State Street SGD 2,314 USD 1,623 03/04/16 —  
UBS USD 1,791 GBP 1,193 03/16/16 (91 )
UBS USD 5,986 JPY 733,890 03/16/16 82  
UBS AUD 3,049 USD 2,219 02/05/16 62  
UBS AUD 12,407 USD 8,899 03/16/16 136  
UBS CAD 3,863 USD 2,781 02/05/16 24  
UBS CAD 9,306 USD 6,843 03/16/16 200  
UBS CHF 3,331 USD 3,372 02/05/16 120  
UBS CHF 1,707 USD 1,728 03/16/16 59  
UBS EUR 11,369 USD 12,443 02/05/16 126  
UBS EUR 6,836 USD 7,468 03/16/16 55  
UBS GBP 4,591 USD 6,803 02/05/16 262  
UBS JPY 945,581 USD 7,848 02/05/16 37  
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts       6,913  

 

Total Return Swap Contracts (*)          
Amounts in thousands          
Fund Receives/(Pays)   Notional Termination Fair Value
Underlying Reference Entity Counterparty Amount Date $
Long Reference Entity          
Dow Jones U.S. Real Estate Index Bank of America USD 32,402 03/07/16 754
Total Fair Value of Open Total Return Swap Contracts Premiums Paid (Received) - $— (å)       754

 

(*) Total return swaps (which includes index swaps) are agreements between counterparties to exchange cash flows, one based on a market-linked
returns of an individual asset or a basket of assets (i.e. an index), and the other on a fixed or floating rate. The floating rate fee is based on the 3
Month LIBOR rate plus a fee of 0.120%.

See accompanying notes which are an integral part of this quarterly report.

Balanced Strategy Fund 15

 

Russell Investment Company
Balanced Strategy Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Credit Default Swap Contracts                        
Amounts in thousands                          
Credit Indices                          
                Fund (Pays)/          
                Receives   Termination   Fair Value  
Reference Entity Counterparty     Notional Amount Fixed Rate   Date   $  
CDX NA High Yield Index Morgan Stanley       USD   50,900 5.000 % 12/20/20   (7 )
Total Fair Value on Open Credit Indices Premiums Paid (Received) - ($1,255)                   (7 )
 
 
Presentation of Portfolio Holdings                        
 
Amounts in thousands                          
 
              Fair Value            
Portfolio Summary Level 1   Level 2   Level 3     Total  
Investments in Russell Affiliated Mutual Funds $ 2,571,438   $ —   $ —   $   2,571,438  
Options Purchased 1,885   —   —     1,885  
Short-Term Investments —   44,967   —     44,967  
Total Investments 2,573,323   44,967   —     2,618,290  
 
 
Other Financial Instruments                          
Futures Contracts (985 ) —   —     (985 )
Options Written (1,555 ) —   —     (1,555 )
Foreign Currency Exchange Contracts (100 ) 7,013   —     6,913  
Total Return Swap Contracts —   754   —     754  
Credit Default Swap Contracts —   (7 ) —     (7 )
Total Other Financial Instruments* $ (2,640 ) $ 7,760   $ —   $   5,120  

 

*      Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.

For a description of the Levels see note 2 in the Notes to Quarterly Report.

See accompanying notes which are an integral part of this quarterly report.

16 Balanced Strategy Fund

 

Russell Investment Company
Growth Strategy Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)        
        Fair
        Value
    Shares   $
Investments in Russell Affiliated Mutual Funds - 97.0%        
Alternative - 11.0%        
Russell Commodity Strategies Fund Class Y 9,523,405   48,379
Russell Global Infrastructure Fund Class Y 8,212,552   85,575
Russell Global Real Estate Securities Fund Class Y 1,464,581   50,015
        183,969
 
Domestic Equities - 35.5%        
Russell U.S. Defensive Equity Fund Class Y 2,932,761   134,203
Russell U.S. Dynamic Equity Fund Class Y 14,787,449   128,651
Russell U.S. Small Cap Equity Fund Class Y 6,135,755   146,092
Select U.S. Equity Fund Class Y 18,509,413   183,428
        592,374
 
Fixed Income - 17.1%        
Russell Global Opportunistic Credit Fund Class Y 9,590,660   83,822
Russell Strategic Bond Fund Class Y 18,954,221   202,052
        285,874
 
International Equities - 33.4%        
Russell Emerging Markets Fund Class Y 10,661,959   143,083
Russell Global Equity Fund Class Y 21,180,900   198,465
Select International Equity Fund Class Y 26,820,681   215,907
        557,455
 
Total Investments in Russell Affiliated Mutual Funds        
(cost $1,741,664)       1,619,672
 
Options Purchased - 0.1%        
(Number of Contracts)        
EURO STOXX 50 Index        
Apr 2016 3,092.47 Call (10,611) EUR 32,814 (ÿ) 1,193
Total Options Purchased        
(cost $1,367)       1,193
 
Short-Term Investments - 1.3%        
Russell U.S. Cash Management Fund 22,040,627 (8) 22,041
Total Short-Term Investments        
(cost $22,041)       22,041
 
Total Investments 98.4%        
(identified cost $1,765,072)       1,642,906
 
Other Assets and Liabilities, Net - 1.6%       27,300
Net Assets - 100.0%       1,670,206

 

See accompanying notes which are an integral part of this quarterly report.

Growth Strategy Fund 17

 

Russell Investment Company
Growth Strategy Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Futures Contracts              
 
Amounts in thousands (except contract amounts)              
            Unrealized  
            Appreciation  
    Number of Notional Expiration (Depreciation)  
    Contracts Amount Date $  
Long Positions              
Amsterdam Index Futures 50 EUR 4,295 02/16 113  
CAC40 Euro Index Futures 318 EUR 14,027 02/16 54  
Dow Jones Index Futures 51 EUR 12,439 03/16 (877 )
EURO STOXX 50 Index Futures 281 EUR 8,509 03/16 (627 )
FTSE/MIB Index Futures 36 EUR 3,349 03/16 (508 )
IBEX 35 Index Futures 54 EUR 4,735 02/16 (121 )
MSCI EAFE Mini Index Futures 197 USD 15,776 03/16 (935 )
MSCI Emerging Markets Mini Index Futures 90 USD 3,365 03/16 (142 )
OMXS30 Index Futures 220 SEK 29,771 02/16 (8 )
Russell 1000 Mini Index Futures 40 USD 4,260 03/16 (186 )
Russell 2000 Mini Index Futures 36 USD 3,713 03/16 (334 )
S&P 500 E-Mini Index Futures 609 USD 58,770 03/16 (2,861 )
S&P Mid 400 E-Mini Index Futures 48 USD 6,311 03/16 (408 )
Short Positions              
FTSE 100 Index Futures 90 GBP 5,406 03/16 (84 )
MSCI EAFE Mini Index Futures 205 USD 16,416 03/16 1,039  
MSCI Emerging Markets Mini Index Futures 124 USD 4,636 03/16 217  
S&P/TSX 60 Index Futures 169 CAD 25,445 03/16 (94 )
SPI 200 Index Futures 185 AUD 22,963 03/16 (253 )
TOPIX Index Futures 115 JPY 1,654,849 03/16 1,342  
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)           (4,673 )

 

Options Written                
Amounts in thousands (except contract amounts)              
    Number of Strike   Notional Expiration Fair Value  
  Call/Put Contracts Price   Amount Date $  
EURO STOXX 50 Index Call 10,611 3,479.03 EUR 36,916 04/08/16 (84 )
EURO STOXX 50 Index Put 10,611 2,880.24 EUR 30,562 04/08/16 (900 )
Total Liability for Options Written (premiums received $1,367)           (984 )

 

Transactions in options written contracts for the period ended January 31, 2016 were as follows:  
    Number of     Premiums  
      Contracts     Received  
Outstanding October 31, 2015   —   $ —  
Opened 4,490,253   2,425  
Closed (4,469,031 ) (1,058 )
Expired   —   —  
Outstanding January 31, 2016   21,222   $ 1,367  

 

Foreign Currency Exchange Contracts              
Amounts in  thousands              
            Unrealized  
            Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
Bank of America USD 13,099 CAD 18,360 03/16/16 7  
Bank of America CNY 177,000 USD 27,243 03/16/16 524  
Bank of America KRW 25,987,000 USD 22,607 03/16/16 1,128  
Bank of America TWD 264,000 USD 8,133 03/16/16 255  
BNP Paribas USD 1,304 AUD 1,839 02/05/16 (2 )
BNP Paribas USD 1,582 CAD 2,226 02/05/16 6  
BNP Paribas USD 1,892 CHF 1,934 02/05/16 (5 )
BNP Paribas USD 6,952 EUR 6,375 02/05/16 (47 )
BNP Paribas USD 3,810 GBP 2,665 02/05/16 (12 )
BNP Paribas USD 4,404 JPY 532,892 02/05/16 (2 )
BNP Paribas USD 2,714 SEK 23,252 02/05/16 (5 )

 

See accompanying notes which are an integral part of this quarterly report.

18 Growth Strategy Fund

 

Russell Investment Company
Growth Strategy Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts              
Amounts in  thousands              
            Unrealized  
            Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
BNP Paribas AUD 1,835 USD 1,336 02/05/16 37  
BNP Paribas AUD 1,839 USD 1,302 03/04/16 2  
BNP Paribas CAD 2,325 USD 1,674 02/05/16 14  
BNP Paribas CAD 2,226 USD 1,582 03/04/16 (6 )
BNP Paribas CHF 2,005 USD 2,030 02/05/16 73  
BNP Paribas CHF 1,934 USD 1,894 03/04/16 4  
BNP Paribas EUR 6,844 USD 7,490 02/05/16 77  
BNP Paribas EUR 6,375 USD 6,957 03/04/16 46  
BNP Paribas GBP 2,764 USD 4,094 02/05/16 157  
BNP Paribas GBP 2,665 USD 3,810 03/04/16 12  
BNP Paribas JPY 569,211 USD 4,725 02/05/16 23  
BNP Paribas JPY 532,892 USD 4,406 03/04/16 2  
BNP Paribas SEK 23,252 USD 2,716 03/04/16 5  
Commonwealth Bank of Australia USD 1,303 AUD 1,839 02/05/16 (1 )
Commonwealth Bank of Australia USD 1,582 CAD 2,226 02/05/16 6  
Commonwealth Bank of Australia USD 1,893 CHF 1,934 02/05/16 (5 )
Commonwealth Bank of Australia USD 6,952 EUR 6,375 02/05/16 (46 )
Commonwealth Bank of Australia USD 3,808 GBP 2,665 02/05/16 (10 )
Commonwealth Bank of Australia USD 4,404 JPY 532,892 02/05/16 (2 )
Commonwealth Bank of Australia AUD 1,839 USD 1,301 03/04/16 1  
Commonwealth Bank of Australia CAD 2,226 USD 1,582 03/04/16 (6 )
Commonwealth Bank of Australia CHF 1,934 USD 1,895 03/04/16 5  
Commonwealth Bank of Australia EUR 6,375 USD 6,956 03/04/16 46  
Commonwealth Bank of Australia GBP 2,665 USD 3,808 03/04/16 10  
Commonwealth Bank of Australia JPY 532,892 USD 4,406 03/04/16 2  
HSBC AUD 1,835 USD 1,336 02/05/16 38  
HSBC CAD 2,325 USD 1,674 02/05/16 14  
HSBC CHF 2,005 USD 2,029 02/05/16 71  
HSBC EUR 6,844 USD 7,490 02/05/16 76  
HSBC GBP 2,764 USD 4,095 02/05/16 158  
HSBC JPY 569,211 USD 4,724 02/05/16 22  
HSBC SEK 25,278 USD 3,010 02/05/16 64  
Royal Bank of Canada USD 1,303 AUD 1,839 02/05/16 (2 )
Royal Bank of Canada USD 1,582 CAD 2,226 02/05/16 7  
Royal Bank of Canada USD 1,893 CHF 1,934 02/05/16 (5 )
Royal Bank of Canada USD 6,954 EUR 6,375 02/05/16 (48 )
Royal Bank of Canada USD 575 EUR 527 03/16/16 (3 )
Royal Bank of Canada USD 3,808 GBP 2,665 02/05/16 (10 )
Royal Bank of Canada USD 2,191 GBP 1,460 03/16/16 (111 )
Royal Bank of Canada USD 4,404 JPY 532,892 02/05/16 (2 )
Royal Bank of Canada USD 2,107 JPY 258,473 03/16/16 30  
Royal Bank of Canada AUD 1,839 USD 1,302 03/04/16 2  
Royal Bank of Canada AUD 5,833 USD 4,189 03/16/16 69  
Royal Bank of Canada CAD 2,226 USD 1,582 03/04/16 (7 )
Royal Bank of Canada CAD 5,493 USD 4,041 03/16/16 119  
Royal Bank of Canada CHF 1,934 USD 1,895 03/04/16 5  
Royal Bank of Canada EUR 6,375 USD 6,958 03/04/16 48  
Royal Bank of Canada GBP 2,665 USD 3,808 03/04/16 10  
Royal Bank of Canada JPY 532,892 USD 4,406 03/04/16 2  
State Street USD 1,304 AUD 1,839 02/05/16 (2 )
State Street USD 286 CAD 399 02/05/16 (1 )
State Street USD 1,583 CAD 2,226 02/05/16 6  
State Street USD 285 CHF 286 02/05/16 (6 )
State Street USD 1,895 CHF 1,934 02/05/16 (7 )
State Street USD 2,029 EUR 1,876 02/05/16 4  
State Street USD 6,958 EUR 6,375 02/05/16 (53 )
State Street USD 575 EUR 527 03/16/16 (4 )
State Street USD 577 GBP 393 02/05/16 (17 )
State Street USD 3,806 GBP 2,665 02/05/16 (8 )
State Street USD 2,191 GBP 1,460 03/16/16 (110 )
State Street USD 59 HKD 456 02/05/16 —  
State Street USD 2,165 HKD 16,873 02/05/16 3  
State Street USD 1,219 JPY 145,275 02/05/16 (19 )

 

See accompanying notes which are an integral part of this quarterly report.

Growth Strategy Fund 19

 

Russell Investment Company
Growth Strategy Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts              
Amounts in  thousands              
            Unrealized  
            Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
State Street USD 4,401 JPY 532,892 02/05/16 1  
State Street USD 2,108 JPY 258,473 03/16/16 29  
State Street USD 239 SEK 2,026 02/05/16 (3 )
State Street USD 15 SGD 22 02/05/16 —  
State Street USD 983 SGD 1,401 02/05/16 —  
State Street AUD 15 USD 11 02/05/16 —  
State Street AUD 1,835 USD 1,336 02/05/16 37  
State Street AUD 1,839 USD 1,302 03/04/16 3  
State Street AUD 5,833 USD 4,187 03/16/16 67  
State Street CAD 2,325 USD 1,674 02/05/16 14  
State Street CAD 2,226 USD 1,583 03/04/16 (6 )
State Street CAD 5,493 USD 4,040 03/16/16 119  
State Street CHF 2,005 USD 2,029 02/05/16 72  
State Street CHF 1,934 USD 1,897 03/04/16 7  
State Street EUR 6,844 USD 7,491 02/05/16 77  
State Street EUR 6,375 USD 6,963 03/04/16 52  
State Street GBP 2,764 USD 4,094 02/05/16 158  
State Street GBP 2,665 USD 3,806 03/04/16 8  
State Street HKD 17,329 USD 2,236 02/05/16 9  
State Street HKD 16,873 USD 2,165 03/04/16 (4 )
State Street JPY 569,211 USD 4,724 02/05/16 22  
State Street JPY 532,892 USD 4,403 03/04/16 (1 )
State Street SGD 1,423 USD 1,004 02/05/16 5  
State Street SGD 1,401 USD 983 03/04/16 —  
UBS USD 575 EUR 527 03/16/16 (4 )
UBS USD 2,191 GBP 1,460 03/16/16 (111 )
UBS USD 2,108 JPY 258,473 03/16/16 29  
UBS AUD 1,835 USD 1,336 02/05/16 37  
UBS AUD 5,833 USD 4,184 03/16/16 64  
UBS CAD 2,325 USD 1,674 02/05/16 14  
UBS CAD 5,493 USD 4,039 03/16/16 118  
UBS CHF 2,005 USD 2,030 02/05/16 73  
UBS EUR 6,844 USD 7,490 02/05/16 76  
UBS GBP 2,764 USD 4,095 02/05/16 158  
UBS JPY 569,211 USD 4,724 02/05/16 22  
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts       3,768  

 

Total Return Swap Contracts (*)          
Amounts in thousands          
Fund Receives/(Pays)   Notional Termination Fair Value
Underlying Reference Entity Counterparty Amount Date $
Long Reference Entity          
Dow Jones U.S. Real Estate Index Bank of America USD 60,917 03/07/16 1,417
Total Fair Value of Open Total Return Swap Contracts Premiums Paid (Received) - $— (å)       1,417

 

(*) Total return swaps (which includes index swaps) are agreements between counterparties to exchange cash flows, one based on a market-linked
returns of an individual asset or a basket of assets (i.e. an index), and the other on a fixed or floating rate. The floating rate fees were all based on the
3-month LIBOR rate plus a fee of 0.120%.

Presentation of Portfolio Holdings

Amounts in thousands

          Fair Value          
Portfolio Summary Level 1 Level 2   Level 3   Total
Investments in Russell Affiliated Mutual Funds $ 1,619,672 $ —   $ — $   1,619,672
Options Purchased 1,193 —   —   1,193

 

See accompanying notes which are an integral part of this quarterly report.

20 Growth Strategy Fund

 

Russell Investment Company
Growth Strategy Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Presentation of Portfolio Holdings                        
 
Amounts in thousands                        
 
            Fair Value            
Portfolio Summary Level 1   Level 2   Level 3   Total  
Short-Term Investments —   22,041   —   22,041  
Total Investments 1,620,865   22,041   —   1,642,906  
 
 
Other Financial Instruments                        
Futures Contracts (4,673 ) —   —   (4,673 )
Options Written (984 ) —   —   (984 )
Foreign Currency Exchange Contracts (61 ) 3,829   —   3,768  
Total Return Swap Contracts 1,417   —   —   1,417  
Total Other Financial Instruments* $ (4,301 ) $ 3,829   $ — $   (472 )

 

*      Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.

For a description of the Levels see note 2 in the Notes to Quarterly Report.

See accompanying notes which are an integral part of this quarterly report.

Growth Strategy Fund 21

 

Russell Investment Company
Equity Growth Strategy Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)        
        Fair
        Value
    Shares   $
Investments in Russell Affiliated Mutual Funds - 96.7%        
Alternative - 11.0%        
Russell Commodity Strategies Fund Class Y 4,006,454   20,353
Russell Global Infrastructure Fund Class Y 3,302,255   34,409
Russell Global Real Estate Securities Fund Class Y 590,136   20,153
        74,915
 
Domestic Equities - 38.3%        
Russell U.S. Defensive Equity Fund Class Y 1,328,880   60,810
Russell U.S. Dynamic Equity Fund Class Y 6,837,749   59,488
Russell U.S. Small Cap Equity Fund Class Y 3,079,451   73,322
Select U.S. Equity Fund Class Y 6,819,797   67,584
        261,204
 
Fixed Income - 8.8%        
Russell Global Opportunistic Credit Fund Class Y 6,868,339   60,029
 
International Equities - 38.6%        
Russell Emerging Markets Fund Class Y 5,545,650   74,423
Russell Global Equity Fund Class Y 10,796,508   101,163
Select International Equity Fund Class Y 10,917,583   87,887
        263,473
 
Total Investments in Russell Affiliated Mutual Funds        
(cost $720,947)       659,621
 
Options Purchased - 0.1%        
(Number of Contracts)        
EURO STOXX 50 Index        
Apr 2016 3,092.47 Call (4,365) EUR 13,499 (ÿ) 491
Total Options Purchased        
(cost $562)       491
 
Short-Term Investments - 1.4%        
Russell U.S. Cash Management Fund 9,399,962 (8) 9,400
Total Short-Term Investments        
(cost $9,400)       9,400
 
Total Investments 98.2%        
(identified cost $730,909)       669,512
 
Other Assets and Liabilities, Net - 1.8%       12,215
Net Assets - 100.0%       681,727

 

See accompanying notes which are an integral part of this quarterly report.

22 Equity Growth Strategy Fund

 

Russell Investment Company
Equity Growth Strategy Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Futures Contracts              
 
Amounts in thousands (except contract amounts)              
            Unrealized  
            Appreciation  
    Number of Notional Expiration (Depreciation)  
    Contracts Amount Date $  
Long Positions              
Amsterdam Index Futures 19 EUR 1,632 02/16 37  
CAC40 Euro Index Futures 121 EUR 5,337 02/16 20  
Dow Jones Index Futures 19 EUR 4,634 03/16 (318 )
EURO STOXX 50 Index Futures 108 EUR 3,270 03/16 (221 )
FTSE/MIB Index Futures 14 EUR 1,302 03/16 (198 )
IBEX 35 Index Futures 21 EUR 1,841 02/16 (52 )
MSCI EAFE Mini Index Futures 80 USD 6,406 03/16 (380 )
MSCI Emerging Markets Mini Index Futures 36 USD 1,346 03/16 (59 )
OMXS30 Index Futures 84 SEK 11,368 02/16 (3 )
Russell 1000 Mini Index Futures 20 USD 2,131 03/16 (93 )
Russell 2000 Mini Index Futures 14 USD 1,444 03/16 (129 )
S&P 500 E-Mini Index Futures 256 USD 24,706 03/16 (1,205 )
S&P Mid 400 E-Mini Index Futures 25 USD 3,287 03/16 (205 )
Short Positions              
FTSE 100 Index Futures 27 GBP 1,622 03/16 (24 )
MSCI EAFE Mini Index Futures 95 USD 7,608 03/16 481  
MSCI Emerging Markets Mini Index Futures 58 USD 2,169 03/16 86  
S&P/TSX 60 Index Futures 72 CAD 10,840 03/16 (40 )
SPI 200 Index Futures 75 AUD 9,309 03/16 (102 )
TOPIX Index Futures 40 JPY 575,600 03/16 432  
Total Unrealized Appreciation (Depreciation) on Open Futures Contracts (å)           (1,973 )

 

Options Written                
Amounts in thousands (except contract amounts)              
    Number of Strike   Notional Expiration Fair Value  
  Call/Put Contracts Price   Amount Date $  
EURO STOXX 50 Index Call 4,365 3,479.03 EUR 15,186 04/08/16 (35 )
EURO STOXX 50 Index Put 4,365 2,880.24 EUR 12,572 04/08/16 (370 )
Total Liability for Options Written (premiums received $562)           (405 )

 

Transactions in options written contracts for the period ended January 31, 2016 were as follows:  
    Number of     Premiums  
      Contracts     Received  
Outstanding October 31, 2015   —   $ —  
Opened 2,419,229   1,133  
Closed (2,410,499 ) (571 )
Expired   —   —  
Outstanding January 31, 2016   8,730   $ 562  

 

Foreign Currency Exchange Contracts              
Amounts in  thousands              
            Unrealized  
            Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
Bank of America USD 5,301 CAD 7,430 03/16/16 3  
Bank of America CNY 95,000 USD 14,622 03/16/16 281  
Bank of America KRW 13,730,000 USD 11,944 03/16/16 595  
Bank of America TWD 153,000 USD 4,713 03/16/16 148  
BNP Paribas USD 591 AUD 833 02/05/16 (1 )
BNP Paribas USD 717 CAD 1,008 02/05/16 3  
BNP Paribas USD 857 CHF 876 02/05/16 (2 )
BNP Paribas USD 3,149 EUR 2,887 02/05/16 (21 )
BNP Paribas USD 1,726 GBP 1,207 02/05/16 (5 )
BNP Paribas USD 1,995 JPY 241,372 02/05/16 (1 )
BNP Paribas USD 1,229 SEK 10,532 02/05/16 (2 )

 

See accompanying notes which are an integral part of this quarterly report.

Equity Growth Strategy Fund 23

 

Russell Investment Company
Equity Growth Strategy Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts              
Amounts in  thousands              
            Unrealized  
            Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
BNP Paribas AUD 831 USD 605 02/05/16 17  
BNP Paribas AUD 833 USD 590 03/04/16 1  
BNP Paribas CAD 1,053 USD 758 02/05/16 6  
BNP Paribas CAD 1,008 USD 717 03/04/16 (3 )
BNP Paribas CHF 908 USD 920 02/05/16 33  
BNP Paribas CHF 876 USD 858 03/04/16 2  
BNP Paribas EUR 3,100 USD 3,393 02/05/16 35  
BNP Paribas EUR 2,887 USD 3,151 03/04/16 21  
BNP Paribas GBP 1,252 USD 1,854 02/05/16 71  
BNP Paribas GBP 1,207 USD 1,726 03/04/16 5  
BNP Paribas JPY 257,826 USD 2,140 02/05/16 10  
BNP Paribas JPY 241,372 USD 1,996 03/04/16 1  
BNP Paribas SEK 10,532 USD 1,230 03/04/16 2  
Commonwealth Bank of Australia USD 590 AUD 833 02/05/16 (1 )
Commonwealth Bank of Australia USD 717 CAD 1,008 02/05/16 3  
Commonwealth Bank of Australia USD 857 CHF 876 02/05/16 (2 )
Commonwealth Bank of Australia USD 3,149 EUR 2,887 02/05/16 (21 )
Commonwealth Bank of Australia USD 1,725 GBP 1,207 02/05/16 (4 )
Commonwealth Bank of Australia USD 1,995 JPY 241,372 02/05/16 (1 )
Commonwealth Bank of Australia AUD 833 USD 589 03/04/16 1  
Commonwealth Bank of Australia CAD 1,008 USD 717 03/04/16 (3 )
Commonwealth Bank of Australia CHF 876 USD 858 03/04/16 2  
Commonwealth Bank of Australia EUR 2,887 USD 3,151 03/04/16 21  
Commonwealth Bank of Australia GBP 1,207 USD 1,725 03/04/16 4  
Commonwealth Bank of Australia JPY 241,372 USD 1,996 03/04/16 1  
HSBC AUD 831 USD 605 02/05/16 17  
HSBC CAD 1,053 USD 758 02/05/16 6  
HSBC CHF 908 USD 919 02/05/16 32  
HSBC EUR 3,100 USD 3,393 02/05/16 34  
HSBC GBP 1,252 USD 1,855 02/05/16 72  
HSBC JPY 257,826 USD 2,140 02/05/16 10  
HSBC SEK 11,450 USD 1,363 02/05/16 29  
Royal Bank of Canada USD 590 AUD 833 02/05/16 (1 )
Royal Bank of Canada USD 717 CAD 1,008 02/05/16 3  
Royal Bank of Canada USD 857 CHF 876 02/05/16 (2 )
Royal Bank of Canada USD 3,150 EUR 2,887 02/05/16 (22 )
Royal Bank of Canada USD 942 EUR 863 03/16/16 (6 )
Royal Bank of Canada USD 1,725 GBP 1,207 02/05/16 (5 )
Royal Bank of Canada USD 1,546 GBP 1,030 03/16/16 (78 )
Royal Bank of Canada USD 1,995 JPY 241,372 02/05/16 (1 )
Royal Bank of Canada USD 1,704 JPY 209,000 03/16/16 24  
Royal Bank of Canada AUD 833 USD 590 03/04/16 1  
Royal Bank of Canada AUD 2,310 USD 1,659 03/16/16 27  
Royal Bank of Canada CAD 1,008 USD 717 03/04/16 (3 )
Royal Bank of Canada CAD 2,500 USD 1,839 03/16/16 55  
Royal Bank of Canada CHF 876 USD 858 03/04/16 2  
Royal Bank of Canada EUR 2,887 USD 3,152 03/04/16 22  
Royal Bank of Canada GBP 1,207 USD 1,725 03/04/16 5  
Royal Bank of Canada JPY 241,372 USD 1,996 03/04/16 1  
State Street USD 591 AUD 833 02/05/16 (1 )
State Street USD 130 CAD 181 02/05/16 (1 )
State Street USD 717 CAD 1,008 02/05/16 3  
State Street USD 129 CHF 130 02/05/16 (3 )
State Street USD 858 CHF 876 02/05/16 (3 )
State Street USD 919 EUR 850 02/05/16 2  
State Street USD 3,152 EUR 2,887 02/05/16 (24 )
State Street USD 942 EUR 863 03/16/16 (6 )
State Street USD 261 GBP 178 02/05/16 (8 )
State Street USD 1,724 GBP 1,207 02/05/16 (4 )
State Street USD 1,546 GBP 1,030 03/16/16 (78 )
State Street USD 27 HKD 206 02/05/16 —  
State Street USD 981 HKD 7,643 02/05/16 2  
State Street USD 552 JPY 65,813 02/05/16 (8 )

 

See accompanying notes which are an integral part of this quarterly report.

24 Equity Growth Strategy Fund

 

Russell Investment Company
Equity Growth Strategy Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Foreign Currency Exchange Contracts              
Amounts in  thousands              
            Unrealized  
            Appreciation  
    Amount   Amount   (Depreciation)  
Counterparty   Sold   Bought Settlement Date $  
State Street USD 1,993 JPY 241,372 02/05/16 —  
State Street USD 1,704 JPY 209,000 03/16/16 24  
State Street USD 108 SEK 918 02/05/16 (1 )
State Street USD 7 SGD 10 02/05/16 —  
State Street USD 446 SGD 635 02/05/16 —  
State Street AUD 7 USD 5 02/05/16 —  
State Street AUD 831 USD 605 02/05/16 17  
State Street AUD 833 USD 590 03/04/16 1  
State Street AUD 2,310 USD 1,658 03/16/16 27  
State Street CAD 1,053 USD 758 02/05/16 7  
State Street CAD 1,008 USD 717 03/04/16 (3 )
State Street CAD 2,500 USD 1,839 03/16/16 54  
State Street CHF 908 USD 919 02/05/16 33  
State Street CHF 876 USD 859 03/04/16 3  
State Street EUR 3,100 USD 3,393 02/05/16 35  
State Street EUR 2,887 USD 3,154 03/04/16 24  
State Street GBP 1,252 USD 1,855 02/05/16 71  
State Street GBP 1,207 USD 1,724 03/04/16 4  
State Street HKD 7,849 USD 1,013 02/05/16 4  
State Street HKD 7,643 USD 981 03/04/16 (2 )
State Street JPY 257,826 USD 2,140 02/05/16 10  
State Street JPY 241,372 USD 1,994 03/04/16 (1 )
State Street SGD 645 USD 455 02/05/16 2  
State Street SGD 635 USD 445 03/04/16 —  
UBS USD 943 EUR 863 03/16/16 (7 )
UBS USD 1,546 GBP 1,030 03/16/16 (77 )
UBS USD 1,705 JPY 209,000 03/16/16 23  
UBS AUD 831 USD 605 02/05/16 17  
UBS AUD 2,310 USD 1,657 03/16/16 25  
UBS CAD 1,053 USD 758 02/05/16 7  
UBS CAD 2,500 USD 1,838 03/16/16 54  
UBS CHF 908 USD 920 02/05/16 33  
UBS EUR 3,100 USD 3,393 02/05/16 34  
UBS GBP 1,252 USD 1,855 02/05/16 71  
UBS JPY 257,826 USD 2,140 02/05/16 10  
Total Unrealized Appreciation (Depreciation) on Open Foreign Currency Exchange Contracts       1,791  

 

Total Return Swap Contracts (*)          
Amounts in thousands          
Fund Receives/(Pays)   Notional Termination Fair Value
Underlying Reference Entity Counterparty Amount Date $
Long Reference Entity          
Dow Jones U.S. Real Estate Index Bank of America USD 24,950 03/07/16 580
Total Fair Value of Open Total Return Swap Contracts Premiums Paid (Received) - $— (å)       580

 

(*) Total return swaps (which includes index swaps) are agreements between counterparties to exchange cash flows, one based on a market-linked
returns of an individual asset or a basket of assets (i.e. an index), and the other on a fixed or floating rate. The floating rate fee was based on the
3 Month LIBOR rate plus a fee of 0.120%.

Presentation of Portfolio Holdings

Amounts in thousands

          Fair Value          
Portfolio Summary Level 1 Level 2   Level 3   Total
Investments in Russell Affiliated Mutual Funds $ 659,621 $ —   $ — $   659,621
Options Purchased 491 —   —   491
Short-Term Investments — 9,400   —   9,400

 

See accompanying notes which are an integral part of this quarterly report.

Equity Growth Strategy Fund 25

 

Russell Investment Company
Equity Growth Strategy Fund

Schedule of Investments, continued — January 31, 2016 (Unaudited)

Presentation of Portfolio Holdings                        
 
Amounts in thousands                        
 
            Fair Value            
Portfolio Summary Level 1   Level 2   Level 3   Total  
Total Investments 660,112   9,400   —   669,512  
 
 
Other Financial Instruments                        
Futures Contracts (1,973 ) —   —   (1,973 )
Options Written (405 ) —   —   (405 )
Foreign Currency Exchange Contracts (28 ) 1,819   —   1,791  
Total Return Swap Contracts 580   —   —   580  
Total Other Financial Instruments* $ (1,826 ) $ 1,819   $ — $   (7 )

 

*      Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the instruments.

For a description of the Levels see note 2 in the Notes to Quarterly Report.

See accompanying notes which are an integral part of this quarterly report.

26 Equity Growth Strategy Fund

 

Russell Investment Company
2020 Strategy Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)

      Fair  
      Value  
    Shares $  
Investments in Russell Affiliated Mutual Funds - 100.0%        
Alternative - 6.2%        
Russell Commodity Strategies Fund Class Y 284,728 1,446  
Russell Global Infrastructure Fund Class Y 122,135 1,273  
Russell Global Real Estate Securities Fund Class Y 35,652 1,218  
      3,937  
 
Domestic Equities - 18.4%        
Russell U.S. Defensive Equity Fund Class Y 34,991 1,601  
Russell U.S. Dynamic Equity Fund Class Y 112,726 981  
Russell U.S. Small Cap Equity Fund Class Y 66,545 1,584  
Select U.S. Equity Fund Class Y 747,544 7,408  
      11,574  
 
Fixed Income - 59.9%        
Russell Global Opportunistic Credit Fund Class Y 306,217 2,676  
Russell Investment Grade Bond Fund Class Y 419,156 9,121  
Russell Short Duration Bond Fund Class Y 250,740 4,759  
Russell Strategic Bond Fund Class Y 1,993,692 21,253  
      37,809  
 
International Equities - 15.5%        
Russell Emerging Markets Fund Class Y 104,140 1,398  
Russell Global Equity Fund Class Y 306,860 2,875  
Select International Equity Fund Class Y 683,127 5,499  
      9,772  
 
Total Investments in Russell Affiliated Mutual Funds        
(cost $58,573)     63,092  
 
Total Investments 100.0%        
(identified cost $58,573)     63,092  
 
Other Assets and Liabilities, Net - (0.0%)     (7 )
Net Assets - 100.0%     63,085  

 

Presentation of Portfolio Holdings                    
 
Amounts in thousands                    
 
          Fair Value          
Portfolio Summary Level 1 Level 2   Level 3   Total
Investments in Russell Affiliated Mutual Funds $ 63,092 $ —   $ — $   63,092
Total Investments $ 63,092 $ —   $ — $   63,092

 

For a description of the Levels see note 2 in the Notes to Quarterly Report.

See accompanying notes which are an integral part of this quarterly report.

2020 Strategy Fund 27

 

Russell Investment Company
2025 Strategy Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)

      Fair  
      Value  
    Shares $  
Investments in Russell Affiliated Mutual Funds - 100.0%        
Alternative - 6.8%        
Russell Commodity Strategies Fund Class Y 132,720 674  
Russell Global Infrastructure Fund Class Y 57,754 602  
Russell Global Real Estate Securities Fund Class Y 17,018 581  
      1,857  
 
Domestic Equities - 23.5%        
Russell U.S. Defensive Equity Fund Class Y 15,906 728  
Russell U.S. Dynamic Equity Fund Class Y 71,026 618  
Russell U.S. Small Cap Equity Fund Class Y 43,917 1,046  
Select U.S. Equity Fund Class Y 409,383 4,057  
      6,449  
 
Fixed Income - 48.9%        
Russell Global Opportunistic Credit Fund Class Y 126,928 1,109  
Russell Investment Grade Bond Fund Class Y 160,723 3,497  
Russell Short Duration Bond Fund Class Y 34,162 648  
Russell Strategic Bond Fund Class Y 764,778 8,153  
      13,407  
 
International Equities - 20.8%        
Russell Emerging Markets Fund Class Y 67,269 903  
Russell Global Equity Fund Class Y 182,175 1,707  
Select International Equity Fund Class Y 385,513 3,103  
      5,713  
 
Total Investments in Russell Affiliated Mutual Funds        
(cost $26,714)     27,426  
 
Total Investments 100.0%        
(identified cost $26,714)     27,426  
 
Other Assets and Liabilities, Net - (0.0%)     (4 )
Net Assets - 100.0%     27,422  

 

Presentation of Portfolio Holdings                    
 
Amounts in thousands                    
 
          Fair Value          
Portfolio Summary Level 1 Level 2   Level 3   Total
Investments in Russell Affiliated Mutual Funds $ 27,426 $ —   $ — $   27,426
Total Investments $ 27,426 $ —   $ — $   27,426

 

For a description of the Levels see note 2 in the Notes to Quarterly Report.

See accompanying notes which are an integral part of this quarterly report.

28 2025 Strategy Fund

 

Russell Investment Company
2030 Strategy Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)

      Fair  
      Value  
    Shares $  
Investments in Russell Affiliated Mutual Funds - 100.0%        
Alternative - 7.1%        
Russell Commodity Strategies Fund Class Y 408,702 2,076  
Russell Global Infrastructure Fund Class Y 164,770 1,717  
Russell Global Real Estate Securities Fund Class Y 48,417 1,654  
      5,447  
 
Domestic Equities - 29.2%        
Russell U.S. Defensive Equity Fund Class Y 47,007 2,151  
Russell U.S. Dynamic Equity Fund Class Y 263,391 2,292  
Russell U.S. Small Cap Equity Fund Class Y 167,175 3,980  
Select U.S. Equity Fund Class Y 1,390,745 13,782  
      22,205  
 
Fixed Income - 36.8%        
Russell Global Opportunistic Credit Fund Class Y 319,114 2,789  
Russell Investment Grade Bond Fund Class Y 268,394 5,840  
Russell Strategic Bond Fund Class Y 1,816,990 19,369  
      27,998  
 
International Equities - 26.9%        
Russell Emerging Markets Fund Class Y 263,537 3,537  
Russell Global Equity Fund Class Y 668,218 6,261  
Select International Equity Fund Class Y 1,323,550 10,655  
      20,453  
 
Total Investments in Russell Affiliated Mutual Funds        
(cost $72,996)     76,103  
 
Total Investments 100.0%        
(identified cost $72,996)     76,103  
 
Other Assets and Liabilities, Net - (0.0%)     (8 )
Net Assets - 100.0%     76,095  

 

Presentation of Portfolio Holdings                    
 
Amounts in thousands                    
 
          Fair Value          
Portfolio Summary Level 1 Level 2   Level 3   Total
Investments in Russell Affiliated Mutual Funds $ 76,103 $ —   $ — $   76,103
Total Investments $ 76,103 $ —   $ — $   76,103

 

For a description of the Levels see note 2 in the Notes to Quarterly Report.

See accompanying notes which are an integral part of this quarterly report.

2030 Strategy Fund 29

 

Russell Investment Company
2035 Strategy Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)

      Fair  
      Value  
    Shares $  
Investments in Russell Affiliated Mutual Funds - 100.0%        
Alternative - 8.2%        
Russell Commodity Strategies Fund Class Y 120,041 610  
Russell Global Infrastructure Fund Class Y 49,699 518  
Russell Global Real Estate Securities Fund Class Y 14,784 505  
      1,633  
 
Domestic Equities - 36.3%        
Russell U.S. Defensive Equity Fund Class Y 13,084 598  
Russell U.S. Dynamic Equity Fund Class Y 92,532 805  
Russell U.S. Small Cap Equity Fund Class Y 59,300 1,412  
Select U.S. Equity Fund Class Y 446,703 4,427  
      7,242  
 
Fixed Income - 21.7%        
Russell Global Opportunistic Credit Fund Class Y 64,641 565  
Russell Strategic Bond Fund Class Y 353,180 3,765  
      4,330  
 
International Equities - 33.8%        
Russell Emerging Markets Fund Class Y 95,470 1,281  
Russell Global Equity Fund Class Y 215,354 2,018  
Select International Equity Fund Class Y 425,733 3,427  
      6,726  
 
Total Investments in Russell Affiliated Mutual Funds        
(cost $19,775)     19,931  
 
Total Investments 100.0%        
(identified cost $19,775)     19,931  
 
Other Assets and Liabilities, Net - (0.0%)     (4 )
Net Assets - 100.0%     19,927  

 

Presentation of Portfolio Holdings                    
 
Amounts in thousands                    
 
          Fair Value          
Portfolio Summary Level 1 Level 2   Level 3   Total
Investments in Russell Affiliated Mutual Funds $ 19,931 $ —   $ — $   19,931
Total Investments $ 19,931 $ —   $ — $   19,931

 

For a description of the Levels see note 2 in the Notes to Quarterly Report.

See accompanying notes which are an integral part of this quarterly report.

30 2035 Strategy Fund

 

Russell Investment Company
2040 Strategy Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)

      Fair  
      Value  
    Shares $  
Investments in Russell Affiliated Mutual Funds - 100.0%        
Alternative - 9.5%        
Russell Commodity Strategies Fund Class Y 376,137 1,911  
Russell Global Infrastructure Fund Class Y 160,610 1,673  
Russell Global Real Estate Securities Fund Class Y 47,864 1,635  
      5,219  
 
Domestic Equities - 42.8%        
Russell U.S. Defensive Equity Fund Class Y 35,777 1,637  
Russell U.S. Dynamic Equity Fund Class Y 313,127 2,724  
Russell U.S. Small Cap Equity Fund Class Y 195,656 4,659  
Select U.S. Equity Fund Class Y 1,449,738 14,367  
      23,387  
 
Fixed Income - 6.9%        
Russell Strategic Bond Fund Class Y 353,782 3,771  
 
International Equities - 40.8%        
Russell Emerging Markets Fund Class Y 329,683 4,424  
Russell Global Equity Fund Class Y 756,092 7,085  
Select International Equity Fund Class Y 1,337,374 10,766  
      22,275  
 
Total Investments in Russell Affiliated Mutual Funds        
(cost $52,553)     54,652  
 
Total Investments 100.0%        
(identified cost $52,553)     54,652  
 
Other Assets and Liabilities, Net - (0.0%)     (4 )
Net Assets - 100.0%     54,648  

 

Presentation of Portfolio Holdings                    
 
Amounts in thousands                    
 
          Fair Value          
Portfolio Summary Level 1 Level 2   Level 3   Total
Investments in Russell Affiliated Mutual Funds $ 54,652 $ —   $ — $   54,652
Total Investments $ 54,652 $ —   $ — $   54,652

 

For a description of the Levels see note 2 in the Notes to Quarterly Report.

See accompanying notes which are an integral part of this quarterly report.

2040 Strategy Fund 31

 

Russell Investment Company
2045 Strategy Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)

      Fair  
      Value  
    Shares $  
Investments in Russell Affiliated Mutual Funds - 100.0%        
Alternative - 9.6%        
Russell Commodity Strategies Fund Class Y 74,240 377  
Russell Global Infrastructure Fund Class Y 31,517 328  
Russell Global Real Estate Securities Fund Class Y 9,364 320  
      1,025  
 
Domestic Equities - 42.6%        
Russell U.S. Defensive Equity Fund Class Y 7,004 320  
Russell U.S. Dynamic Equity Fund Class Y 61,006 531  
Russell U.S. Small Cap Equity Fund Class Y 38,078 907  
Select U.S. Equity Fund Class Y 282,841 2,803  
      4,561  
 
Fixed Income - 7.0%        
Russell Strategic Bond Fund Class Y 70,037 747  
 
International Equities - 40.8%        
Russell Emerging Markets Fund Class Y 64,418 864  
Russell Global Equity Fund Class Y 147,818 1,385  
Select International Equity Fund Class Y 261,946 2,109  
      4,358  
 
Total Investments in Russell Affiliated Mutual Funds        
(cost $10,692)     10,691  
 
Total Investments 100.0%        
(identified cost $10,692)     10,691  
 
Other Assets and Liabilities, Net - (0.0%)     (2 )
Net Assets - 100.0%     10,689  

 

Presentation of Portfolio Holdings                    
 
Amounts in thousands                    
 
          Fair Value          
Portfolio Summary Level 1 Level 2   Level 3   Total
Investments in Russell Affiliated Mutual Funds $ 10,691 $ —   $ — $   10,691
Total Investments $ 10,691 $ —   $ — $   10,691

 

For a description of the Levels see note 2 in the Notes to Quarterly Report.

See accompanying notes which are an integral part of this quarterly report.

32 2045 Strategy Fund

 

Russell Investment Company
2050 Strategy Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)

      Fair  
      Value  
    Shares $  
Investments in Russell Affiliated Mutual Funds - 100.0%        
Alternative - 9.5%        
Russell Commodity Strategies Fund Class Y 71,723 364  
Russell Global Infrastructure Fund Class Y 30,454 317  
Russell Global Real Estate Securities Fund Class Y 9,089 311  
      992  
 
Domestic Equities - 42.7%        
Russell U.S. Defensive Equity Fund Class Y 6,792 311  
Russell U.S. Dynamic Equity Fund Class Y 59,351 516  
Russell U.S. Small Cap Equity Fund Class Y 36,968 880  
Select U.S. Equity Fund Class Y 274,414 2,720  
      4,427  
 
Fixed Income - 7.0%        
Russell Strategic Bond Fund Class Y 67,832 723  
 
International Equities - 40.8%        
Russell Emerging Markets Fund Class Y 62,452 838  
Russell Global Equity Fund Class Y 143,562 1,345  
Select International Equity Fund Class Y 254,210 2,047  
      4,230  
 
Total Investments in Russell Affiliated Mutual Funds        
(cost $9,874)     10,372  
 
Total Investments 100.0%        
(identified cost $9,874)     10,372  
 
Other Assets and Liabilities, Net - (0.0%)     (2 )
Net Assets - 100.0%     10,370  

 

Presentation of Portfolio Holdings                    
 
Amounts in thousands                    
 
          Fair Value          
Portfolio Summary Level 1 Level 2   Level 3   Total
Investments in Russell Affiliated Mutual Funds $ 10,372 $ —   $ — $   10,372
Total Investments $ 10,372 $ —   $ — $   10,372

 

For a description of the Levels see note 2 in the Notes to Quarterly Report.

See accompanying notes which are an integral part of this quarterly report.

2050 Strategy Fund 33

 

Russell Investment Company
2055 Strategy Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)

      Fair  
      Value  
    Shares $  
Investments in Russell Affiliated Mutual Funds - 100.0%        
Alternative - 9.5%        
Russell Commodity Strategies Fund Class Y 26,017 132  
Russell Global Infrastructure Fund Class Y 10,879 113  
Russell Global Real Estate Securities Fund Class Y 3,321 114  
      359  
 
Domestic Equities - 42.8%        
Russell U.S. Defensive Equity Fund Class Y 2,478 113  
Russell U.S. Dynamic Equity Fund Class Y 21,725 189  
Russell U.S. Small Cap Equity Fund Class Y 13,537 322  
Select U.S. Equity Fund Class Y 100,146 993  
      1,617  
 
Fixed Income - 7.0%        
Russell Strategic Bond Fund Class Y 24,778 264  
 
International Equities - 40.7%        
Russell Emerging Markets Fund Class Y 22,580 303  
Russell Global Equity Fund Class Y 52,442 492  
Select International Equity Fund Class Y 92,697 746  
      1,541  
 
Total Investments in Russell Affiliated Mutual Funds        
(cost $4,116)     3,781  
 
Total Investments 100.0%        
(identified cost $4,116)     3,781  
 
Other Assets and Liabilities, Net - (0.0%)     (1 )
Net Assets - 100.0%     3,780  

 

Presentation of Portfolio Holdings                    
 
Amounts in thousands                    
 
          Fair Value          
Portfolio Summary Level 1 Level 2   Level 3   Total
Investments in Russell Affiliated Mutual Funds $ 3,781 $ —   $ — $   3,781
Total Investments $ 3,781 $ —   $ — $   3,781

 

For a description of the Levels see note 2 in the Notes to Quarterly Report.

See accompanying notes which are an integral part of this quarterly report.

34 2055 Strategy Fund

 

Russell Investment Company
In Retirement Fund

Schedule of Investments — January 31, 2016 (Unaudited)

Amounts in thousands (except share amounts)

      Fair  
      Value  
    Shares $  
Investments in Russell Affiliated Mutual Funds - 100.0%        
Alternative - 6.1%        
Russell Commodity Strategies Fund Class Y 138,258 702  
Russell Global Infrastructure Fund Class Y 61,887 645  
Russell Global Real Estate Securities Fund Class Y 18,595 635  
      1,982  
 
Domestic Equities - 14.8%        
Russell U.S. Defensive Equity Fund Class Y 17,396 796  
Russell U.S. Dynamic Equity Fund Class Y 42,397 369  
Russell U.S. Small Cap Equity Fund Class Y 23,634 563  
Select U.S. Equity Fund Class Y 306,077 3,033  
      4,761  
 
Fixed Income - 67.5%        
Russell Global Opportunistic Credit Fund Class Y 159,800 1,397  
Russell Investment Grade Bond Fund Class Y 245,104 5,333  
Russell Short Duration Bond Fund Class Y 195,302 3,707  
Russell Strategic Bond Fund Class Y 1,061,291 11,313  
      21,750  
 
International Equities - 11.6%        
Russell Emerging Markets Fund Class Y 37,070 498  
Russell Global Equity Fund Class Y 110,266 1,033  
Select International Equity Fund Class Y 273,817 2,204  
      3,735  
 
Total Investments in Russell Affiliated Mutual Funds        
(cost $29,841)     32,228  
 
Total Investments 100.0%        
(identified cost $29,841)     32,228  
 
Other Assets and Liabilities, Net - (0.0%)     (4 )
Net Assets - 100.0%     32,224  

 

Presentation of Portfolio Holdings                    
 
Amounts in thousands                    
 
          Fair Value          
Portfolio Summary Level 1 Level 2   Level 3   Total
Investments in Russell Affiliated Mutual Funds $ 32,228 $ —   $ — $   32,228
Total Investments $ 32,228 $ —   $ — $   32,228

 

For a description of the Levels see note 2 in the Notes to Quarterly Report.

See accompanying notes which are an integral part of this quarterly report.

In Retirement Fund 35

 

Russell Investment Company
LifePoints® Funds

Notes to Schedule of Investments — January 31, 2016

Footnotes:
(å) Currency balances were held in connection with futures contracts purchased (sold), options written, or swaps entered into by the
Fund. See Statement of Assets and Liabilities.
(8) Unrounded units.

36 Notes to Schedule of Investments

 

Russell Investment Company
LifePoints® Funds

Notes to Quarterly Report — January 31, 2016 (Unaudited)

1. Organization
Russell Investment Company (the “Investment Company” or “RIC”) is a series investment company with 41 different investment
portfolios referred to as funds (each a “Fund” and collectively the “Funds”). This quarterly report reports on 14 of these 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 Second
Amended and Restated Master Trust Agreement dated October 1, 2008, 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.

Target Portfolio Funds
Each of the Target Portfolio Funds listed in the table below is a “fund of funds” and diversifies its assets by investing principally,
at present, 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 Company ("RIMCo"), the Funds' investment adviser, may seek to actively manage the Funds' overall
exposure by investing in derivatives, including futures, options, forwards and swaps, that RIMCo believes will achieve the desired
risk/return profile for the Funds. The Funds may hold cash in connection with these investments. The Funds usually, but not
always, pursue a strategy of being fully invested by exposing their cash to the performance of segments of the global equity market
by purchasing index futures contracts (also known as "equitization"). The following table shows each Fund’s target strategic asset
allocation to equity Underlying Funds, fixed/other income Underlying Funds and alternative Underlying Funds. As of January
31, 2016, the equity Underlying Funds in which the Funds may invest include the Russell U.S. Defensive Equity, Russell U.S.
Dynamic Equity, Russell U.S. Small Cap Equity, Russell Global Equity, Russell Emerging Markets, Select U.S. Equity and Select
International Equity Funds. As of January 31, 2016, the fixed/other income Underlying Funds in which the Funds may invest
include the Russell Global Opportunistic Credit, Russell Strategic Bond, Russell Investment Grade Bond, Russell Short Duration
Bond and Russell Multi-Strategy Income Funds. As of January 31, 2016, the alternative Underlying Funds in which the Funds
may invest include the Russell Commodity Strategies, Russell Global Infrastructure and Russell Global Real Estate Securities
Funds. Each Fund intends its strategy of investing in combinations of equity, fixed/other income 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/other income or alternative category level based on RIMCo’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 year or such changes may
be made one or more times in a year.

The following table shows the Target Portfolio Funds’ approximate expected target strategic asset allocations to equity, fixed/other
income and alternative asset classes as of March 1, 2015 for Moderate Strategy, Balanced Strategy, Growth Strategy and as of May
1, 2015 for Conservative Strategy.

      Asset Allocation Targets*      
  Conservative   Moderate   Balanced   Growth   Equity Growth  
  Strategy Fund   Strategy Fund   Strategy Fund   Strategy Fund   Strategy Fund  
Alternative** 8 % 7 % 10 % 13 % 13 %
Equity 11 % 34 % 55 % 71 % 79 %
Fixed/Other Income 81 % 59 % 35 % 16 % 8 %

 

* Prospectus dated March 1, 2015, as supplemented January 5, 2016. Actual asset allocation may vary.
** Alternative Underlying Funds pursue investment strategies that differ from those of traditional broad market equity or fixed income funds or seek returns
with a low correlation to global equity markets.

Target Date Funds
Each of the Target Date Funds listed in the table below is a “fund of funds” and seeks to achieve its objective by investing in
shares of several of the Underlying Funds which represent various asset classes. Each Fund currently intends to invest only
in the Underlying Funds. The following table shows each Fund’s target strategic asset allocation to equity Underlying Funds,
fixed income Underlying Funds and alternative Underlying Funds. The equity Underlying Funds in which the Funds may invest
include the Russell U.S. Defensive Equity, Russell U.S. Dynamic Equity, Russell U.S. Small Cap Equity, Russell Global Equity,
Russell Emerging Markets, Select U.S. Equity and Select International Equity Funds. The fixed income Underlying Funds in

Notes to Quarterly Report 37

 

Russell Investment Company
LifePoints® Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)

which the Funds may invest include the Russell Global Opportunistic Credit, Russell Strategic Bond, Russell Investment Grade
Bond and Russell Short Duration Bond Funds. The alternative Underlying Funds in which the Funds may invest include the
Russell Commodity Strategies, Russell Global Infrastructure and Russell Global Real Estate Securities Funds. The 2020 Strategy,
2025 Strategy, 2030 Strategy, 2035 Strategy, 2040 Strategy, 2045 Strategy, 2050 Strategy and 2055 Strategy Funds are referred
to herein as the “Strategy Funds.” The allocation of each Strategy Fund’s assets to the Underlying Funds in which it invests will
become more conservative over time until approximately the year indicated in the Fund name, the “target year,” at which time the
allocation will remain fixed. The Strategy Funds are designed for investors who plan to retire close to the target year indicated in
the Fund name. The allocation of the In Retirement Fund’s assets to the Underlying Funds in which it invests does not shift over
time. The In Retirement Fund is intended for investors who have reached retirement age and are no longer contributing to their
retirement savings. 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 or alternative category level based on RIMCo’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 year or
such changes may be made one or more times in a year.

The following table shows the Target Date Funds’ approximate expected allocations to equity, fixed income and alternative asset
classes effective on or about March 1, 2015.

      Asset Allocation Targets as of March 1, 2015*      
  2020   2025   2030   2035   2040  
  Strategy Fund   Strategy Fund   Strategy Fund   Strategy Fund   Strategy Fund  
Alternative ** 6.9 % 7.5 % 8.4 % 9.3 % 10.5 %
Equity 36.9 % 47 % 59.1 % 73.3 % 82.5 %
Fixed Income 56.2 % 45.5 % 32.5 % 17.4 % 7 %
      Asset Allocation Targets as of March 1, 2015*      
  2045   2050   2055   In Retirement  
  Strategy Fund   Strategy Fund   Strategy Fund   Fund  
Alternative ** 10.5 % 10.5 % 10.5 % 6.6 %
Equity 82.5 % 82.5 % 82.5 % 27.1 %
Fixed Income 7 % 7 % 7 % 66.3 %

 

* Prospectus dated January 5, 2015 as supplemented through November 6, 2015. Actual asset allocation may vary.
** Alternative Underlying Funds pursue investment strategies that differ from those of traditional broad market equity or fixed income funds or seek returns
with a low correlation to global equity markets.

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 financial statements. 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 its financial statements.

Security Valuation
The Funds value the shares of the Underlying Funds at the current net asset value ("NAV") per share of each Underlying Fund. 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 Fund
Services Company (“RFSC”).

In May, Financial Accounting Standards Board issued Accounting Standard Updates (“ASU”) No. 2015-07, Fair Value Measurement
(Topic 820), Disclosures for Investments in certain entities that calculate NAV per share (or its equivalent). The ASU removes the
requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value
per share practical expedient and amends certain disclosure requirements for such investments. The ASU is effective for interim
and annual reporting periods beginning after December 15, 2015. The ASU was not early adopted as of year-end and its impact for
future reporting periods is being evaluated.

38 Notes to Quarterly Report

 

Russell Investment Company
LifePoints® Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)

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 RFSC, 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 judgment. Accordingly, the degree of judgment 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:

Derivative instruments are instruments such as foreign currency 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 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.

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:

Notes to Quarterly Report 39

 

Russell Investment Company
LifePoints® Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)

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 RFSC 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 RFSC 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 RFSC 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 RFSC 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.

RFSC employs third party pricing vendors to provide fair value measurements. RFSC oversees third-party pricing service providers
in order to support the valuation process throughout the year.

If third party evaluated vendor pricing is neither available nor deemed to be indicative of fair value, RFSC 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, RFSC 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. RFSC is exercising
this exception and has made a reasonable attempt to obtain quantitative information from the third party pricing vendors regarding
the unobservable inputs used.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances
for reported fair values that present changes attributable to total realized and unrealized gains or losses, purchases and sales, and
transfers in/out of the Level 3 category during the period. Additionally, U.S. GAAP requires quantitative information regarding the
significant unobservable inputs used in the determination of fair value of assets categorized as Level 3 in the fair value hierarchy. In
accordance with the requirements of U.S. GAAP, a fair value hierarchy, a Level 3 reconciliation and an additional disclosure about
fair value measurements, if any, has been included in the Presentation of Portfolio Holdings for each respective Fund.

These significant unobservable inputs are further disclosed in the Presentation of Portfolio Holdings for each respective Fund as
applicable.

Investment Transactions
Investment transactions are reflected as of the trade date for financial reporting purposes. This may cause the NAV stated in the
financial statements to be different from the NAV at which shareholders may transact. Realized gains and losses from securities
transactions, if applicable, are recorded on the basis of specific identified cost incurred within a particular Target Portfolio Fund
or Underlying Fund.

Investment Income
Distributions of income and capital gains from the Target Portfolio Funds or Underlying Funds are recorded on the ex-dividend
date.

Derivatives
The Target Portfolio Funds may invest in derivatives. Derivative securities 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 Target Portfolio Funds typically use derivatives in three ways: exposing cash to markets, hedging and return enhancement.
In addition, certain Funds may enter into foreign exchange contracts for trade settlement purposes. The Target Portfolio 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.

40 Notes to Quarterly Report

 

Russell Investment Company
LifePoints® Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)

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 clearinghouse 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 clearinghouse. Margin
for exchange-traded and exchange-cleared transactions are detailed in the Statements of Assets and Liabilities as cash held at the
broker for futures contracts and cash held at the broker for swap contracts, respectively. Securities pledged by a Fund for exchange-
traded and exchange-cleared transactions are noted as collateral or margin requirements in the Schedule of Investments.

Foreign Currency Exchange Contracts
Certain funds may enter into foreign currency exchange spot contracts and forward foreign currency exchange contracts (“FX
contracts”). From time to time, certain Funds may enter into FX contracts to hedge certain foreign currency-denominated assets.
FX contracts are recorded at fair value. Certain risks may arise upon entering into these FX contracts from the potential inability
of counterparties to meet the terms of their FX contracts and are generally limited to the amount of unrealized gain on the FX
contracts, if any, that are disclosed in the Statements of Assets and Liabilities.

For the period ended January 31, 2016, the following Funds entered into foreign currency exchange contracts primarily for the
strategies listed below:

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

 

The Funds’ period end foreign currency exchange contracts, as presented in the table following the Schedule of Investments,
generally are indicative of the volume of their derivative activity during the period ended January 31, 2016.

Options
The Target Portfolio 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.

Notes to Quarterly Report 41

 

Russell Investment Company
LifePoints® Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)

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.

Certain Funds may enter into a swaption (an option on a swap). In a swaption, in exchange for an option, the buyer gains the right
but not the obligation to enter into a specified swap agreement with the issuer on a specified future date. The writer of the contract
receives the premium and bears the risk of unfavorable changes in the preset rate on the underlying interest rate swap.

For the period ended January 31, 2016, the Target Portfolio Funds purchased or sold options primarily for the strategies listed
below:

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

 

The Funds’ period end options contracts, as presented in the table following the Schedule of Investments, generally are indicative
of the volume of their derivative activity during the period ended January 31, 2016.

Futures Contracts
The Target Portfolio 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 January 31, 2016, the following Funds entered into futures contracts primarily for the strategies listed below:

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

 

The Funds’ period end futures contracts, as presented in the table following the Schedule of Investments, generally are indicative
of the volume of their derivative activity during the period ended January 31, 2016.

As of January 31, 2016, the Funds have cash collateral balances in connection with future contracts purchased/sold as follows:

  Cash Collateral for Futures  
Conservative Strategy Fund $ 900,000
Moderate Strategy Fund $ 3,900,000
Balanced Strategy Fund $ 19,700,000
Growth Strategy Fund $ 14,000,000

 

42 Notes to Quarterly Report

 

Russell Investment Company
LifePoints® Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)

  Cash Collateral for Futures  
Equity Growth Strategy Fund $ 6,300,000

 

Swap Agreements
The Target Portfolio 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 Target Portfolio Funds may enter into several different types of swap agreements including credit default, interest rate, total
return (equity and/or index) and currency swaps. Credit default swaps are a counterparty agreement which allows the transfer of
third party credit risk (the possibility that an issuer will default on its obligation by failing to pay principal or interest in a timely
manner) from one party to another. The lender faces the credit risk from a third party and the counterparty in the swap agrees to
insure this risk in exchange for regular periodic payments. Interest rate swaps are a counterparty agreement, can be customized
to meet each party’s needs, and involve the exchange of a fixed or variable payment per period for a payment that is not fixed.
Equity 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. Index 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 January 31, 2016, the Funds have cash collateral balances in connection with swap contracts purchased/sold as follows:

  Cash Collateral for Swaps  
Conservative Strategy Fund $ 270,000
Moderate Strategy Fund $ 1,760,000
Balanced Strategy Fund $ 11,680,000
Growth Strategy Fund $ 7,810,000
Equity Growth Strategy Fund $ 3,310,000

 

Credit Default Swaps
Certain Funds may enter into credit default swaps. A credit default swap can refer to corporate issues, asset-backed securities or an
index of assets, each known as the reference entity or underlying asset. Funds may act as either the buyer or the seller of a credit
default swap involving one party making a stream of payments to another party in exchange for the right to receive a specified return
in the event of a default or other credit event. Depending upon the terms of the contract, the credit default swap may be closed via
physical settlement. However, due to the possible or potential instability in the market, there is a risk that the Funds may be unable
to deliver the underlying debt security to the other party to the agreement. Additionally, the Funds may not receive the expected
amount under the swap agreement if the other party to the agreement defaults or becomes bankrupt. In an unhedged credit default
swap, Funds enter into a credit default swap without owning the underlying asset or debt issued by the reference entity. Credit
default swaps allow Funds to acquire or reduce credit exposure to a particular issuer, asset or basket of assets.

Notes to Quarterly Report 43

 

Russell Investment Company
LifePoints® Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)

As the seller of protection in a credit default swap, a Fund would be required to pay the par or other agreed-upon value (or otherwise
perform according to the swap contract) of a reference debt obligation to the counterparty in the event of a default (or other specified
credit event) and the counterparty would be required to surrender the reference debt obligation. In return, the Fund would receive
from the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no
credit event occurs, the Fund would keep the stream of payments and would have no payment obligations. As a seller of protection,
the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, that Fund would be subject to
investment exposure on the notional amount of the swap.

Certain Funds may also purchase protection via credit default swap contracts in order to offset the risk of default of debt securities
held 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). Certain 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. Certain Funds may use credit default swaps on asset-backed
securities to provide a measure of protection against defaults (or other defined credit events) of the referenced obligation or to take
an active long or short position with respect to the likelihood of a particular referenced obligation’s default (or another defined credit
event).

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for
the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of
the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be
representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a
poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the
indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging
markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized
terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and
if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes
periodically, usually every six months, and, for most indices, each name has an equal weight in the index. Traders may use credit
default swaps on indices to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements on
corporate issues as of period-end are disclosed in the Schedules of Investments and generally serve as an indicator of the current
status of the payment/performance risk and represent the likelihood or risk of default (or other defined credit event) for the credit
derivative. The implied credit spread of a particular referenced entity reflects the cost of entering into a credit default swap and
may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on asset-
backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of
the payment/performance risk. Wider credit spreads and increasing fair values, in absolute terms when compared to the notional
amount of the swap, generally represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk
of default or other credit event occurring as defined under the terms of the agreement. The maximum potential amount of future
payments (undiscounted) that Funds as a seller of protection could be required to make under a credit default swap agreement
equals the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of January 31,
2016, for which a Fund is the seller of protection are disclosed in the Schedules of Investments. These potential amounts would be
partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the
agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for
the same referenced entity or entities.

44 Notes to Quarterly Report

 

Russell Investment Company
LifePoints® Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)

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 January 31, 2016, the Funds entered into credit default swaps primarily for the strategies listed below:

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

 

The Funds’ period end credit default swap contracts, as presented in the table following the Schedule of Investments, generally are
indicative of the volume of their derivative activity during the period ended January 31, 2016.

Total Return Swaps
The Target Portfolio Funds may enter into index swap agreements to expose cash to markets or to effect investment transactions.
Index 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 index 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 January 31, 2016, the Funds entered into total return swaps primarily for the strategies listed below:

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

 

The Funds’ period end total return swap contracts, as presented in the table following the Schedule of Investments, generally are
indicative of the volume of their derivative activity during the period ended January 31, 2016.

Master Agreements
Certain Target Portfolio Funds are parties to International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA
Master Agreements”) with counterparties that govern transactions in OTC derivative and foreign exchange contracts entered into
by the Funds and those counterparties. The ISDA Master Agreements contain provisions for general obligations, representations,
agreements, collateral and events of default or termination. Events of termination and default include conditions that may entitle
either party to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master
Agreement. Any election to terminate early could be material to the financial statements. Since different types of forward and OTC
financial derivative transactions have different mechanics and are sometimes traded out of different legal entities of a particular

Notes to Quarterly Report 45

 

Russell Investment Company
LifePoints® Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)

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.

Market, Credit and Counterparty Risk
In the normal course of business, the Funds or 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 or 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' or Underlying Funds' financial statements (the “Assets”).
The Assets consist principally of cash due from counterparties and investments. The extent of the Funds' or Underlying Funds'
exposure to market, credit and counterparty risks with respect to the Assets approximates their carrying value as recorded in the
Funds' or Underlying Funds' Statements of Assets and Liabilities.

Global economies and financial markets are becoming increasingly interconnected and political and economic conditions (including
recent instability and volatility) and events (including natural disasters) 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. This could cause an Underlying Fund to underperform other types of investments.
3. Federal Income Taxes
At January 31, 2016, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:

      Conservative Strategy      Moderate Strategy        Balanced Strategy  
        Fund     Fund       Fund  
Cost of Investments $   399,030,781 $ 637,550,063 $ 2,723,869,539
Unrealized Appreciation $   36,504,444 $ 84,398,337 $ 119,056,439
Unrealized Depreciation   (41,790,465 ) (96,346,746 ) (224,635,646 )
Net Unrealized Appreciation (Depreciation) $   (5,286,021 )       $ (11,948,409 )       $ (105,579,207 )
 
            Equity Growth          
  Growth Strategy Fund   Strategy Fund       2020 Strategy Fund  
Cost of Investments $   1,768,555,327 $ 748,489,308 $   59,215,012
Unrealized Appreciation $   62,931,601 $ 19,695,132 $   6,309,936
Unrealized Depreciation (188,580,430 ) (98,672,777 )   (2,432,877 )
Net Unrealized Appreciation (Depreciation) $   (125,648,829 )       $ (78,977,645 )       $   3,877,059

 

46 Notes to Quarterly Report

 

Russell Investment Company
LifePoints® Funds

Notes to Quarterly Report, continued — January 31, 2016 (Unaudited)

     2025 Strategy Fund      2030 Strategy Fund      2035 Strategy Fund  
Cost of Investments $ 27,311,913 $ 74,499,726 $ 20,357,165
Unrealized Appreciation $ 313,166 $ 3,881,724 $ 3,530,726
Unrealized Depreciation (198,739 ) (2,278,766 ) (3,956,744 )
Net Unrealized Appreciation (Depreciation) $ 114,427 $ 1,602,958 $ (426,018 )
 
     2040 Strategy Fund      2045 Strategy Fund      2050 Strategy Fund  
Cost of Investments $ 54,190,284 $ 11,029,765 $ 10,252,037
Unrealized Appreciation $ 1,365,620 $ 807,251 $ 274,156
Unrealized Depreciation (904,092 ) (1,146,050 ) (154,567 )
Net Unrealized Appreciation (Depreciation) $ 461,528 $ (338,799 )       $ 119,589
 
     2055 Strategy Fund      In Retirement Fund        
Cost of Investments $ 4,204,850 $ 30,501,249      
Unrealized Appreciation $ 40,058 $ 2,591,994      
Unrealized Depreciation (464,064 ) (864,963 )      
Net Unrealized Appreciation (Depreciation) $ (424,006 ) $ 1,727,031      

 

4. Pending Legal Proceedings
On October 17, 2013, Fred McClure filed a derivative lawsuit against RIMCo on behalf of ten RIC funds, some of which are
Underlying Funds in which the Funds invest: the Russell Commodity Strategies Fund, Russell Emerging Markets Fund, Russell
Global Equity Fund, Russell Global Infrastructure Fund, Russell Global Opportunistic Credit Fund, Russell International
Developed Markets Fund, Russell Multi-Strategy Alternative Fund, Russell Strategic Bond Fund, Russell U.S. Small Cap Equity
Fund and Russell Global Real Estate Securities Fund. The lawsuit, which was filed in the United States District Court for the
District of Massachusetts, seeks recovery under Section 36(b) of the Investment Company Act, as amended, for the funds’ alleged
payment of excessive investment management fees to RIMCo. On December 8, 2014, Fred McClure filed a second derivative
lawsuit in the United States District Court for the District of Massachusetts. This second suit involves the same ten funds, and the
allegations are similar, although the second suit adds a claim alleging that RFSC charged the funds excessive administrative fees
under Section 36(b). The plaintiff seeks on behalf of the funds recovery of the amount of the allegedly excessive compensation or
payments received from these ten funds and earnings that would have accrued to plaintiff had that compensation not been paid or,
alternatively, rescission of the contracts and restitution of all excessive fees paid, for a period commencing one year prior to the
filing of the lawsuit through the date of the trial. RIMCo and RFSC are defending the actions.
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 items requiring adjustments of the Quarterly Report or additional disclosures.

Notes to Quarterly Report 47

 

Russell Investment Company
LifePoints® Funds

Shareholder Requests for Additional Information — January 31, 2016 (Unaudited)

A complete unaudited schedule of investments is made available generally no later than 60 days after the end of the first and third
quarters of each fiscal year. These reports are available (i) free of charge, upon request, by calling the Funds at (800) 787-7354; (ii) at
www.russell.com; (iii) on the Securities and Exchange Commission’s website at www.sec.gov; and (iv) at the Securities and Exchange
Commission’s public reference room.

The Board has delegated to RIMCo, as RIC’s investment adviser, the primary responsibility for monitoring; evaluating and voting
proxies solicited by or with respect to issuers of securities in which assets of the Underlying Funds may be invested. RIMCo has
established a proxy voting committee and has adopted written proxy voting policies and procedures (“P&P”) and proxy voting
guidelines (“Guidelines”). The Funds maintain a Portfolio Holdings Disclosure Policy that governs the timing and circumstances of
disclosure to shareholders and third parties of information regarding the portfolio investments held by the Funds. A description of the
P&P, Guidelines, Portfolio Holdings Disclosure Policy and additional information about Fund Trustees are contained in the Funds’
Statement of Additional Information (“SAI”). The SAI and information regarding how the Underlying Funds voted proxies relating to
portfolio securities during the most recent 12-month period ended June 30, 2015 are available (i) free of charge, upon request, by
calling the Funds at (800) 787-7354; (ii) at www.russell.com; and (iii) on the Securities and Exchange Commission’s website at www.
sec.gov.

To reduce expenses, we may mail only one copy of the Funds’ prospectuses and each annual and semi-annual report to those addresses
shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

Some Financial Intermediaries may offer electronic delivery of the Funds’ prospectuses and annual and semi-annual reports. Please
contact your Financial Intermediary for further details.

Financial statements of the Underlying Funds can be obtained at no charge by calling the Funds at (800) 787-7354.

48 Shareholder Requests for Additional Information

 



Item 2. Controls and Procedures

(a) Registrant's principal executive officer and principal financial officer have concluded
that Registrant's disclosure controls and procedures (as defined in Rule 30a-2(c) under
the Investment Company Act of 1940 (the “Act”)) are effective, based on their evaluation
of these controls and procedures as of a date within 90 days of the date this report is filed
with the Securities and Exchange Commission.

(b) There were no significant changes in Registrant's internal control over financial
reporting that occurred during the period covered by this report that has materially
affected or is likely to materially affect Registrant's internal control over financial
reporting.

Item 3. Exhibits

(a) Certification for principal executive officer of Registrant as required by Rule 30a-2(a)
under the Act and certification for principal financial officer of Registrant as required by
Rule 30a-2(a) under the Act.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

Russell Investment Company

By: /s/ Sandra Cavanaugh
Sandra Cavanaugh
President and Chief Executive Officer, Russell Investment Company

Date: March 31, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following persons on behalf of
the Registrant and in the capacities and on the dates indicated.

By: /s/ Sandra Cavanaugh
Sandra Cavanaugh
President and Chief Executive Officer, Russell Investment Company

Date: March 31, 2016

By: /s/ Mark E. Swanson
Mark E. Swanson
Principal Financial Officer, Principal Accounting Officer and Treasurer, Russell
Investment Company

Date: March 31, 2016

 EX-99.CERT 2 exhibit99_cert.htm exhibit99_cert.htm - Generated by SEC Publisher for SEC Filing

Exhibit (a)

CERTIFICATION

I, Sandra Cavanaugh, certify that:

1. I have reviewed this report on Form N-Q of Russell Investment Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by
this report;

3. Based on my knowledge, the schedule of investments included in this report fairly present in
all material respects the investments of the Registrant as of the end of the fiscal quarter for which
the report is filed;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the
Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information
relating to the Registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;

(b) Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting
principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of a date within 90 days prior to the filing date of this report based on
such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial
reporting that occurred during the Registrant’s most recent fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the Registrant's internal
control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent
functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the
Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who
have a significant role in the Registrant's internal control over financial reporting.

Date: March 31, 2016

/s/ Sandra Cavanaugh
Sandra Cavanaugh
President and
Chief Executive Officer, Russell Investment
Company

 

CERTIFICATION

I, Mark E. Swanson, certify that:

1. I have reviewed this report on Form N-Q of Russell Investment Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by
this report;

3. Based on my knowledge, the schedule of investments included in this report fairly present in
all material respects the investments of the Registrant as of the end of the fiscal quarter for which
the report is filed;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the
Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information
relating to the Registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being
prepared;

(b) Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting
principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of a date within 90 days prior to the filing date of this report based on
such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial
reporting that occurred during the Registrant’s most recent fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the Registrant's internal
control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent
functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the
Registrant's ability to record, process, summarize, and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who
have a significant role in the Registrant's internal control over financial reporting.

Date: March 31, 2016

/s/ Mark E. Swanson
Mark E. Swanson
Principal Financial Officer, Principal
Accounting Officer and Treasurer,
Russell Investment Company

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