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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ICE Futures U.S., Inc.</name>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>ICE Futures U.S., Inc.</counterpartyName>
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            <payOffProf>Long</payOffProf>
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      <invstOrSec>
        <name>Italian Derivatives Market</name>
        <lei>N/A</lei>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Italian Derivatives Market</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
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        <assetCat>DFE</assetCat>
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      <invstOrSec>
        <name>Bank of Montreal</name>
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        <name>Intercontinental Exchange, Inc.</name>
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      <invstOrSec>
        <name>State Street Bank and Trust Company</name>
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      <invstOrSec>
        <name>ASX - Trade24</name>
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        <fairValLevel>1</fairValLevel>
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            <payOffProf>Short</payOffProf>
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      <invstOrSec>
        <name>Global Equity Fund</name>
        <lei>VTHOU527SFHXM6LQY641</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NYSE Euronext - Euronext Paris</name>
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                <indexName>CAC 40 Index</indexName>
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      <invstOrSec>
        <name>Bank of Montreal</name>
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        <name>Chicago Board of Trade</name>
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        <name>Chicago Mercantile Exchange</name>
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      <invstOrSec>
        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
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        <name>State Street Bank and Trust Company</name>
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        <name>Chicago Mercantile Exchange</name>
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        <name>Chicago Mercantile Exchange</name>
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        <name>Standard Chartered Bank</name>
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        <name>Chicago Mercantile Exchange</name>
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        <name>ICE Futures Europe - Financial Products Division</name>
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      </invstOrSec>
      <invstOrSec>
        <name>U.S. Small Cap Equity Fund</name>
        <lei>4GZICODFD7W48JNZSA20</lei>
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          <isin value="US7824932666"/>
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        <balance>3329198.78100000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs &amp; Co. LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Bank of Montreal</name>
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        <fairValLevel>2</fairValLevel>
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            <amtCurSold>6207200.00000000</amtCurSold>
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      <invstOrSec>
        <name>ICE Futures U.S., Inc.</name>
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        <cusip>000000000</cusip>
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          <other otherDesc="Internal Identifier" value="ADI1H6454"/>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Osaka Exchange</name>
        <lei>3538001249AILNPRUX57</lei>
        <title>TOPIX INDX FUTR   MAR20 XOSE 20200312</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="ADI1741H7"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <payOffProf>Short</payOffProf>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Standard Chartered Bank</name>
        <lei>RILFO74KP1CM8P6PCT96</lei>
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        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="19LHKBBZZW8"/>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>The Bank of New York Mellon</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>PURCHASED USD / SOLD AUD</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="19LHKBB281K"/>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Global Real Estate Securities Fund</name>
        <lei>C8PHRWSYC6CV404R0D13</lei>
        <title>Global Real Estate Securities Fund</title>
        <cusip>782478713</cusip>
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          <isin value="US7824787136"/>
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        <balance>587905.09800000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>State Street Bank and Trust Company</name>
        <lei>571474TGEMMWANRLN572</lei>
        <title>PURCHASED USD / SOLD SEK</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>State Street Bank and Trust Company</name>
        <lei>571474TGEMMWANRLN572</lei>
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      <invstOrSec>
        <name>Unconstrained Total Return Fund</name>
        <lei>549300XXLJ6MGU95XN21</lei>
        <title>Unconstrained Total Return Fund</title>
        <cusip>78250F679</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
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        <name>Nasdaq Nordic</name>
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        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
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      <invstOrSec>
        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>PURCHASED USD / SOLD CNY</title>
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        <assetCat>DFE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Meff Financial Derivatives</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Meff Financial Derivatives</counterpartyName>
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            <payOffProf>Long</payOffProf>
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      </invstOrSec>
      <invstOrSec>
        <name>Eurex Deutschland</name>
        <lei>529900LN3S50JPU47S06</lei>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Standard Chartered Bank</name>
        <lei>RILFO74KP1CM8P6PCT96</lei>
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        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="19LHKBBZZRK"/>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Standard Chartered Bank</counterpartyName>
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      <invstOrSec>
        <name>Strategic Bond Fund</name>
        <lei>XI1M1CDVRC8YNT0B5804</lei>
        <title>Strategic Bond Fund</title>
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          <isin value="US7824931593"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>State Street Bank and Trust Company</name>
        <lei>571474TGEMMWANRLN572</lei>
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        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="19LHKBB6NPZ"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Commodity Strategies Fund</name>
        <lei>1E2MXG7NXLQLNN8B4J13</lei>
        <title>Commodity Strategies Fund</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Standard Chartered Bank</name>
        <lei>RILFO74KP1CM8P6PCT96</lei>
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        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="19LHKBBZZW4"/>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.49387500"/>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Standard Chartered Bank</counterpartyName>
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        <securityLending>
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      <invstOrSec>
        <name>Hong Kong Futures Exchange Ltd.</name>
        <lei>213800YTVSXYQN17BW16</lei>
        <title>HANG SENG IDX FUT FEB20 XHKF 20200227</title>
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        <identifiers>
          <other otherDesc="Internal Identifier" value="ADI1HTG36"/>
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        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <payOffProf>Short</payOffProf>
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            <expDate>2020-02-27</expDate>
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      <invstOrSec>
        <name>State Street Bank and Trust Company</name>
        <lei>571474TGEMMWANRLN572</lei>
        <title>PURCHASED JPY / SOLD USD</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="19LHKBB6MGH"/>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Euronext Eqf, Equities And Indices Derivatives</name>
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          <other otherDesc="Internal Identifier" value="ADI1HGLT1"/>
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        <fairValLevel>1</fairValLevel>
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            <payOffProf>Long</payOffProf>
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      <invstOrSec>
        <name>Multifactor International Equity Fund</name>
        <lei>5493004SX31W5EXJ2590</lei>
        <title>Multifactor International Equity Fund</title>
        <cusip>78249R289</cusip>
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          <isin value="US78249R2893"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>State Street Bank and Trust Company</name>
        <lei>571474TGEMMWANRLN572</lei>
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      <invstOrSec>
        <name>Emerging Markets Fund</name>
        <lei>TUWQFBBWGP866F5SFO52</lei>
        <title>Emerging Markets Fund</title>
        <cusip>782494439</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>State Street Bank and Trust Company</name>
        <lei>571474TGEMMWANRLN572</lei>
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        <assetCat>DFE</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>Morgan Stanley &amp; Co. LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>IS8302941 NDX INDEX MAR20 9508.47 CALL</title>
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        <curCd>USD</curCd>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <putOrCall>Call</putOrCall>
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                <indexName>NASDAQ 100 Stock Index</indexName>
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            <shareNo>1.00000000</shareNo>
            <exercisePrice>9508.47000000</exercisePrice>
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            <unrealizedAppr>-71176.82000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>The Bank of New York Mellon</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>PURCHASED USD / SOLD EUR</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="19LHKBB2834"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.90167300"/>
        <valUSD>28012.00000000</valUSD>
        <pctVal>0.002745936426</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>The Bank of New York Mellon</counterpartyName>
              <counterpartyLei>HPFHU0OQ28E4N0NFVK49</counterpartyLei>
            </counterparties>
            <amtCurSold>6207200.00000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>6930276.73000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-03-18</settlementDt>
            <unrealizedAppr>28012.00000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank of Montreal</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>PURCHASED USD / SOLD AUD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="19LHKBB12NW"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.49387500"/>
        <valUSD>75373.98000000</valUSD>
        <pctVal>0.007388696175</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Bank of Montreal</counterpartyName>
              <counterpartyLei>NQQ6HPCNCCU6TUTQYE16</counterpartyLei>
            </counterparties>
            <amtCurSold>4555400.00000000</amtCurSold>
            <curSold>AUD</curSold>
            <amtCurPur>3127145.44000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-03-18</settlementDt>
            <unrealizedAppr>75373.98000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>PURCHASED USD / SOLD EUR</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="19LHKBB1L5N"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.90167300"/>
        <valUSD>29501.73000000</valUSD>
        <pctVal>0.002891970406</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Royal Bank of Canada</counterpartyName>
              <counterpartyLei>ES7IP3U3RHIGC71XBU11</counterpartyLei>
            </counterparties>
            <amtCurSold>6207200.00000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>6931766.46000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-03-18</settlementDt>
            <unrealizedAppr>29501.73000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street Bank and Trust Company</name>
        <lei>571474TGEMMWANRLN572</lei>
        <title>PURCHASED USD / SOLD KRW</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="19LGKBB0RW2"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="KRW" exchangeRt="1191.85000000"/>
        <valUSD>178556.14000000</valUSD>
        <pctVal>0.017503348883</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>State Street Bank and Trust Company</counterpartyName>
              <counterpartyLei>571474TGEMMWANRLN572</counterpartyLei>
            </counterparties>
            <amtCurSold>40818570000.00000000</amtCurSold>
            <curSold>KRW</curSold>
            <amtCurPur>34324683.19000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-03-18</settlementDt>
            <unrealizedAppr>178556.14000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Multi-Asset Growth Strategy Fund</name>
        <lei>549300X1VBO22V2H1F97</lei>
        <title>Multi-Asset Growth Strategy Fund</title>
        <cusip>78250F547</cusip>
        <identifiers>
          <isin value="US78250F5474"/>
        </identifiers>
        <balance>10078308.34700000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>102093263.56000000</valUSD>
        <pctVal>10.00791129741</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Singapore Exchange Derivatives Clearing Limited</name>
        <lei>549300ZLWT3FK3F0FW61</lei>
        <title>MSCI SING IX ETS  FEB20 XSIM 20200227</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="ADI1HGL20"/>
        </identifiers>
        <balance>-64.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="SGD" exchangeRt="1.36460000"/>
        <valUSD>19794.25000000</valUSD>
        <pctVal>0.001940373843</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Singapore Exchange Derivatives Clearing Limited</counterpartyName>
              <counterpartyLei>549300ZLWT3FK3F0FW61</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>MSCI Singapore Index</indexName>
                <indexIdentifier>QZG0 Index</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2020-02-27</expDate>
            <notionalAmt>-2358211.24000000</notionalAmt>
            <curCd>SGD</curCd>
            <unrealizedAppr>19794.25000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>E-MINI RUSS 2000  MAR20 XCME 20200320</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="ADI1B84L1"/>
        </identifiers>
        <balance>-410.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>671622.50000000</valUSD>
        <pctVal>0.065837237159</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>Russell 2000 Index</indexName>
                <indexIdentifier>RTYH0 Index</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2020-03-20</expDate>
            <notionalAmt>-33772972.50000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>671622.50000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>PURCHASED USD / SOLD AUD</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="19LHKBB35HV"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="AUD" exchangeRt="1.49387500"/>
        <valUSD>82371.53000000</valUSD>
        <pctVal>0.008074646033</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Citibank, National Association</counterpartyName>
              <counterpartyLei>E57ODZWZ7FF32TWEFA76</counterpartyLei>
            </counterparties>
            <amtCurSold>4555400.00000000</amtCurSold>
            <curSold>AUD</curSold>
            <amtCurPur>3134142.99000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-03-18</settlementDt>
            <unrealizedAppr>82371.53000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>PURCHASED USD / SOLD GBP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="19LHKBB1L67"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75728900"/>
        <valUSD>1807.53000000</valUSD>
        <pctVal>0.000177187008</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Royal Bank of Canada</counterpartyName>
              <counterpartyLei>ES7IP3U3RHIGC71XBU11</counterpartyLei>
            </counterparties>
            <amtCurSold>5253600.00000000</amtCurSold>
            <curSold>GBP</curSold>
            <amtCurPur>6947150.50000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-03-18</settlementDt>
            <unrealizedAppr>1807.53000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Bank of New York Mellon</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>PURCHASED USD / SOLD CHF</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="19LHKBB281S"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CHF" exchangeRt="0.96320000"/>
        <valUSD>-27463.79000000</valUSD>
        <pctVal>-0.00269219696</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>The Bank of New York Mellon</counterpartyName>
              <counterpartyLei>HPFHU0OQ28E4N0NFVK49</counterpartyLei>
            </counterparties>
            <amtCurSold>1414800.00000000</amtCurSold>
            <curSold>CHF</curSold>
            <amtCurPur>1445797.91000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-03-18</settlementDt>
            <unrealizedAppr>-27463.79000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The calculation of portfolio-level risk metrics does not look through to the holdings of underlying fixed income funds." noteItem="B.3.b"/>
      <explntrNote note="The calculation of portfolio-level risk metrics does not look through to the holdings of underlying fixed income funds." noteItem="B.3.a"/>
      <explntrNote note="The calculation of portfolio-level risk metrics does not look through to the holdings of underlying fixed income funds." noteItem="B.3.c"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-02-28</ncom:dateSigned>
      <ncom:nameOfApplicant>RUSSELL INVESTMENT CO</ncom:nameOfApplicant>
      <ncom:signature>Mark Swanson</ncom:signature>
      <ncom:signerName>Mark Swanson</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
