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      </invstOrSec>
      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>ICE Futures Europe</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>ICE Futures U.S., Inc.</name>
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      <invstOrSec>
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        <name>ICE Futures Europe</name>
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        <name>ICE Futures Europe</name>
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        <name>United States Treasury</name>
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        <name>ICE Futures Europe</name>
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        <name>AbbVie Inc</name>
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      <invstOrSec>
        <name>ICE Futures Europe</name>
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        <title>LOW SU GASOIL G   MAR22 IFEU 20220310</title>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
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      <invstOrSec>
        <name>Goldman Sachs International</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
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      <invstOrSec>
        <name>ICE Futures Europe</name>
        <lei>549300UF4R84F48NCH34</lei>
        <title>BRT/DUBAI 1ST LN  MAR23 IFEU 20230331</title>
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      <invstOrSec>
        <name>BRITISH TRA INTL FINANCE</name>
        <lei>549300GGLD5FF6EQTM03</lei>
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        <name>Macquarie Bank Limited</name>
        <lei>4ZHCHI4KYZG2WVRT8631</lei>
        <title>Long: SWU0SP366 TRS USD R E COMMODITYSPREAD / Short: SWU0SP366 TRS USD P E COMMODITYSPREAD</title>
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      <invstOrSec>
        <name>Macquarie Bank Limited</name>
        <lei>4ZHCHI4KYZG2WVRT8631</lei>
        <title>Long: SWU0GF452 TRS USD R E KWK1 COMMODITYFORWARD / Short: SWU0GF452 TRS USD P E KWK1 COMMODITYFORWARD</title>
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      <invstOrSec>
        <name>AVIATION CAPITAL GROUP</name>
        <lei>549300ODEK8HY3445C77</lei>
        <title>Aviation Capital Group LLC</title>
        <cusip>05367AAD5</cusip>
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        <balance>1100000.00000000</balance>
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        <valUSD>1112310.17000000</valUSD>
        <pctVal>0.436685646652</pctVal>
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        <fairValLevel>2</fairValLevel>
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        <name>McDonald's Corp</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
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        <fairValLevel>1</fairValLevel>
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            <payOffProf>Short</payOffProf>
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        <name>BNP Paribas</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>London Metal Exchange</name>
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      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
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      <invstOrSec>
        <name>ICE Futures U.S. Energy Division</name>
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      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>HSTN V. WTI TRD M MAR21 XNYM 20210225</title>
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          <other otherDesc="Internal Identifier" value="ADI113HR6"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>New York Mercantile Exchange</name>
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      <invstOrSec>
        <name>Campbell Soup Co</name>
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        <name>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
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        <name>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
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        <name>Singapore Exchange Derivatives Clearing Limited</name>
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      </invstOrSec>
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        <name>ICE Endex Derivatives</name>
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        <fairValLevel>1</fairValLevel>
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            <payOffProf>Short</payOffProf>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Chicago Board of Trade</counterpartyName>
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            <payOffProf>Long</payOffProf>
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        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <balance>25000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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        <name>ICE Futures Europe</name>
        <lei>549300UF4R84F48NCH34</lei>
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        <fairValLevel>2</fairValLevel>
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            <payOffProf>Long</payOffProf>
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                <indexName>Brent 1st Line vs Dubai 1st Line</indexName>
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      <invstOrSec>
        <name>United States Treasury</name>
        <lei>254900HROIFWPRGM1V77</lei>
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          <isin value="US912796D225"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2021-03-30</maturityDt>
          <couponKind>None</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>London Metal Exchange</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME NICKEL FUTURE MAY21 XLME 20210517</title>
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          <other otherDesc="Internal Identifier" value="ADI1RT3H8"/>
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        <balance>3.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-6240.00000000</valUSD>
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        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>London Metal Exchange</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <indexName>Nickel</indexName>
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            <unrealizedAppr>-6240.00000000</unrealizedAppr>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>ICE Endex Derivatives</name>
        <lei>N/A</lei>
        <title>TTF NAT GAS F     MAY22 NDEX 20220428</title>
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        <identifiers>
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        <currencyConditional curCd="EUR" exchangeRt="0.82402900"/>
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        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>ICE Endex Derivatives</counterpartyName>
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            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>TTF Natural Gas Base Load Monthly Futures</indexName>
                <indexIdentifier>TZTK2 Comdty</indexIdentifier>
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            <notionalAmt>-57653.80000000</notionalAmt>
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        </derivativeInfo>
        <securityLending>
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      <invstOrSec>
        <name>Lloyds Banking Group PLC</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>Lloyds Banking Group PLC</title>
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          <isin value="US53944YAG89"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>CORN FUTURE       MAY21 XCBT 20210514</title>
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          <other otherDesc="Internal Identifier" value="ADI1KGZP0"/>
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        <balance>402.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1608654.45000000</valUSD>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Chicago Board of Trade</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <indexName>Corn</indexName>
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      <invstOrSec>
        <name>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>NY HARB ULSD FUT  JUN21 XNYM 20210528</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal Identifier" value="ADI1LC712"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <payOffProf>Short</payOffProf>
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                <indexName>NY Harb Ultra Low Sulfur Diesel</indexName>
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      <invstOrSec>
        <name>ICE Futures U.S., Inc.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>SUGAR  11 (WORLD) MAY21 IFUS 20210430</title>
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        <fairValLevel>1</fairValLevel>
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        <name>BRISTOL-MYERS SQUIBB CO</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>Bristol-Myers Squibb Co</title>
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        <curCd>USD</curCd>
        <valUSD>909876.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Canadian Imperial Bank of Commerce</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
        <title>Long: SWU0NH146 TRS USD R E SWU0NH146 COMMODITYTRS / Short: SWU0NH146 TRS USD P V 03MTBILL SWUVNH148 COMMODITYTRS</title>
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        <balance>9310959.80000000</balance>
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        <valUSD>-41305.38000000</valUSD>
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        <assetCat>DCO</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Canadian Imperial Bank of Commerce</counterpartyName>
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                <indexName>Bloomberg Commodity Index Total Return</indexName>
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        <name>ICE Futures Europe</name>
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        <name>ICE Futures Europe</name>
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        <name>ICE Futures Europe</name>
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        <name>New York Mercantile Exchange</name>
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        <name>JPMorgan Chase Bank, National Association</name>
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      <invstOrSec>
        <name>BNP Paribas</name>
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        <name>Merrill Lynch International</name>
        <lei>GGDZP1UYGU9STUHRDP48</lei>
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      <invstOrSec>
        <name>ICE Futures Europe</name>
        <lei>549300UF4R84F48NCH34</lei>
        <title>LOW SU GASOIL G   DEC21 IFEU 20211210</title>
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        <name>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
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        <name>New York Mercantile Exchange</name>
        <lei>5493008GFNDTXFPHWI47</lei>
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        <name>Campbell Soup Co</name>
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        <name>ICE Futures Europe</name>
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        <name>Commodities Exchange Center</name>
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        <name>Merrill Lynch International</name>
        <lei>GGDZP1UYGU9STUHRDP48</lei>
        <title>Long: SWU0EN051 TRS USD R E GOLDLNPM COMMODITYFORWARD / Short: SWU0EN051 TRS USD P E GOLDLNPM COMMODITYFORWARD</title>
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      <invstOrSec>
        <name>Canadian Imperial Bank of Commerce</name>
        <lei>2IGI19DL77OX0HC3ZE78</lei>
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        <name>Morgan Stanley Capital Services LLC</name>
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        <name>Morgan Stanley Capital Services LLC</name>
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        <name>ICE Futures Europe</name>
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        <name>ICE Futures Europe</name>
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        <name>ICE Futures U.S., Inc.</name>
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      <invstOrSec>
        <name>ICE Futures U.S. Energy Division</name>
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      <invstOrSec>
        <name>Goldman Sachs &amp; Co. LLC</name>
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      <invstOrSec>
        <name>Citibank, National Association</name>
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      <invstOrSec>
        <name>INTERPUBLIC GROUP COS</name>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>613746.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>

    </explntrNotes>
    <signature>
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      <ncom:nameOfApplicant>RUSSELL INVESTMENT CO</ncom:nameOfApplicant>
      <ncom:signature>Mark Swanson</ncom:signature>
      <ncom:signerName>Mark Swanson</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
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  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
