Russell Investment Company Russell US Small Cap Equity Fund

Russell Investment Company July 31, 2018
FUND SHARE CLASS U.S. Equity Funds U.S. Core Equity Fund** A, C, E, S, Y U.S. Defensive Equity Fund A, C, E, S, Y U.S. Dynamic Equity Fund A, C, E, S, Y U.S. Strategic Equity Fund A, C, E, M*, S, Y U.S. Mid Cap Equity Fund A, C, S U.S. Small Cap Equity Fund A, C, E, M*, R6, S, Y International and Global Equity Funds International Developed Markets Fund A, C, E, M*, S, Y Global Equity Fund A, C, E, M*, S, Y Emerging Markets Fund A, C, E, M*, R6, S, Y Tax-Managed Equity Funds Tax-Managed U.S. Large Cap Fund A, C, E, M*, S Tax-Managed U.S. Mid & Small Cap Fund A, C, E, M*, S Tax-Managed International Equity Fund A, C, E, M*, S Fixed Income Funds Global Opportunistic Credit Fund A, C, E, M*, S, Y Unconstrained Total Return Fund A, C, M*, S, Y Strategic Bond Fund A, C, E, M*, R6, S, Y Investment Grade Bond Fund A, C, E, M*, R6, S, Y Short Duration Bond Fund A, C, E, M*, R6, S, Y Tax Exempt Fixed Income Funds Tax-Exempt High Yield Bond Fund A, C, E, M*, S Tax-Exempt Bond Fund A, C, E, M*, S Alternative Funds Commodity Strategies Fund A, C, E, M*, S, Y Global Infrastructure Fund A, C, E, M*, S, Y Global Real Estate Securities Fund A, C, E, M*, R6, S, Y Specialty Funds Multi-Strategy Income Fund A, C, E, M*, S, Y Multi-Asset Growth Strategy Fund A, C, M*, S, Y Strategic Call Overwriting Fund S Multifactor Equity Funds Multifactor U.S. Equity Fund (formerly, Select U.S. Equity Fund) A, C, M*, R6, S, Y Multifactor International Equity Fund (formerly, Select International Fund) M*, R6, S, Y
* Effective September 15, 2017, Class T Shares were redesignated as Class M Shares. ** Effective September 12, 2018, the Fund changed its name to the Equity Income Fund.
Russell Investment Company
Russell Investment Company is a series investment company with 32 different investment portfolios referred to as Funds. This Quarterly Report reports on 27 of these Funds.
Page U.S. Core Equity Fund ........................................................................................ 3 U.S. Defensive Equity Fund ................................................................................ 8 U.S. Dynamic Equity Fund ............................................................................... 14 U.S. Strategic Equity Fund ............................................................................... 20 U.S. Mid Cap Equity Fund ................................................................................ 27 U.S. Small Cap Equity Fund ............................................................................. 32 International Developed Markets Fund ............................................................. 45 Global Equity Fund .......................................................................................... 62 Emerging Markets Fund .................................................................................... 75 Tax-Managed U.S. Large Cap Fund ................................................................... 89 Tax-Managed U.S. Mid & Small Cap Fund ....................................................... 94 Tax-Managed International Equity Fund ......................................................... 102 Global Opportunistic Credit Fund ................................................................... 115 Unconstrained Total Return Fund ................................................................... 155 Strategic Bond Fund ....................................................................................... 187 Investment Grade Bond Fund ......................................................................... 227 Short Duration Bond Fund .............................................................................. 247 Tax-Exempt High Yield Bond Fund ................................................................ 268 Tax-Exempt Bond Fund .................................................................................. 290 Commodity Strategies Fund ............................................................................ 318 Global Infrastructure Fund ............................................................................. 338 Global Real Estate Securities Fund ................................................................ 347 Multi-Strategy Income Fund ........................................................................... 354 Multi-Asset Growth Strategy Fund .................................................................. 404 Strategic Call Overwriting Fund ...................................................................... 455 Multifactor U.S. Equity Fund .......................................................................... 461 Multifactor International Equity Fund ............................................................ 470 Notes to Schedules of Investments .................................................................. 486 Notes to Quarterly Report ............................................................................... 488 Shareholder Requests for Additional Information ........................................... 511
Russell Investment Company
Copyright © Russell Investments 2018. All rights reserved.
Russell Investments’ ownership is composed of a majority stake held by funds managed by TA Associates with minority stakes held by funds managed by Reverence Capital Partners and Russell Investments’ management.
Fund objectives, risks, charges and expenses should be carefully considered before investing. A prospectus containing this and other important information must precede or accompany this material. Please read the prospectus carefully before investing.
Securities distributed through Russell Investments Financial Services, LLC, member FINRA, part of Russell Investments.
Russell Investment Company U.S. Core Equity Fund
Schedule of Investments — July 31, 2018 (Unaudited)
See accompanying notes which are an integral part of this quarterly report.
U.S. Core Equity Fund 3
Amounts in thousands (except share amounts) Principal
Amount ($) or Shares
Fair Value
$ Common Stocks - 96.7% Consumer Discretionary - 14.5% Aaron's, Inc. Class A 700 30 Advance Auto Parts, Inc. 4,577 646 Amazon.com, Inc.(Æ) 6,419 11,409 Best Buy Co., Inc. 5,560 417 Brunswick Corp. 3,790 244 Carnival Corp. 15,547 921 CBS Corp. Class B 45,850 2,415 Cinemark Holdings, Inc. 6,958 250 Columbia Sportswear Co. 500 43 Comcast Corp. Class A 45,622 1,633 Cooper-Standard Holdings, Inc.(Æ) 1,350 182 Costco Wholesale Corp. 9,642 2,109 Dick's Sporting Goods, Inc. 1,200 41 Dollar Tree, Inc.(Æ) 3,191 291 Domino's Pizza, Inc. 2,988 785 DR Horton, Inc. 24,514 1,071 Estee Lauder Cos., Inc. (The) Class A 12,692 1,713 Foot Locker, Inc. 1,200 59 Ford Motor Co. 119,900 1,204 General Motors Co. 111,745 4,236 Goodyear Tire & Rubber Co. (The) 34,990 847 Hilton Worldwide Holdings, Inc. 3,930 309 Home Depot, Inc. (The) 9,880 1,952 John Wiley & Sons, Inc. Class A 5,270 333 Kohl's Corp. 5,663 418 Lennar Corp. Class A 3,177 166 Lennar Corp. Class B 63 3 LKQ Corp.(Æ) 3,470 116 Lowe's Cos., Inc. 22,032 2,189 Macy's, Inc. 6,750 268 Madison Square Garden Co. (The) Class A(Æ) 4,131 1,290 Marriott International, Inc. Class A 2,409 308 McDonald's Corp. 16,309 2,570 Netflix, Inc.(Æ) 2,810 948 News Corp. Class A 12,200 184 Nike, Inc. Class B 41,915 3,224 Nordstrom, Inc. 4,346 228 Norwegian Cruise Line Holdings, Ltd.(Æ) 20,662 1,034 PulteGroup, Inc. 9,769 278 PVH Corp. 12,521 1,922 Ross Stores, Inc. 5,940 519 Royal Caribbean Cruises, Ltd. 18,655 2,104 Starbucks Corp. 36,600 1,917 Tapestry, Inc. 40,833 1,924 Target Corp. 23,714 1,912 Tenneco, Inc. 700 32 Thomson Reuters Corp. 3,987 165 TJX Cos., Inc. 28,468 2,769 Toll Brothers, Inc. 5,325 188 Tupperware Brands Corp. 13,246 486 Ulta Salon Cosmetics & Fragrance, Inc.(Æ) 8,013 1,958 VF Corp. 7,480 689 Viacom, Inc. Class B 3,591 104 Visteon Corp.(Æ) 5,670 664 Wal-Mart Stores, Inc. 56,863 5,074 Walt Disney Co. (The) 49,296 5,598 Whirlpool Corp. 5,608 735 Yum China Holdings, Inc. 2,344 85
78,901
Consumer Staples - 5.5% Altria Group, Inc. 41,929 2,460 Archer-Daniels-Midland Co. 25,541 1,232 Bunge, Ltd. 5,200 359 Coca-Cola Co. (The) 45,834 2,138 Colgate-Palmolive Co. 20,920 1,402 ConAgra Foods, Inc. 22,160 813 Constellation Brands, Inc. Class A 9,946 2,091 CVS Health Corp. 57,914 3,756 General Mills, Inc. 5,721 264 Herbalife, Ltd.(Æ) 1,200 62 JM Smucker Co. (The) 5,505 612 Kellogg Co. 2,986 212 Kimberly-Clark Corp. 1,147 131 Kraft Heinz Co. (The) 3,620 218 Molson Coors Brewing Co. Class B 12,014 805 Mondelez International, Inc. Class A 68,500 2,971 PepsiCo, Inc. 20,692 2,380 Philip Morris International, Inc. 44,121 3,807 Procter & Gamble Co. (The) 33,731 2,728 Sysco Corp. 4,104 276 Tyson Foods, Inc. Class A 13,038 752 Walgreens Boots Alliance, Inc. 5,525 374
29,843
Energy - 8.1% Anadarko Petroleum Corp. 17,490 1,279 BP PLC - ADR 92,648 4,177 Canadian Natural Resources, Ltd. 62,844 2,303 Chevron Corp. 50,512 6,379 ConocoPhillips 69,484 5,015 Devon Energy Corp. 35,189 1,584 EOG Resources, Inc. 3,880 500 Exxon Mobil Corp. 28,531 2,325 Halliburton Co. 20,659 876 Kinder Morgan, Inc. 54,118 962 Magna International, Inc. Class A 16,486 1,002 Marathon Petroleum Corp. 6,360 514 National Oilwell Varco, Inc. 8,470 412 Noble Energy, Inc. 4,050 146 Occidental Petroleum Corp. 36,419 3,057 Oceaneering International, Inc. 16,757 458 PBF Energy, Inc. Class A 4,190 196 Peabody Energy Corp. 12,240 520 Phillips 66 32,005 3,948 Pioneer Natural Resources Co. 1,020 193 Schlumberger, Ltd. 103,857 7,012 Valero Energy Corp. 9,250 1,095
43,953
Financial Services - 19.0% Aflac, Inc. 24,162 1,125 AGNC Investment Corp.(Æ) 26,992 526 Alliance Data Systems Corp. 8,950 2,013 Allstate Corp. (The) 19,024 1,810 American Express Co. 28,804 2,867 American Homes 4 Rent Class A(ö) 5,700 126
Schedule of Investments, continued — July 31, 2018 (Unaudited)
4 U.S. Core Equity Fund
Fair Value
$ American International Group, Inc. 7,900 436 American Tower Corp.(ö) 2,228 330 Ameriprise Financial, Inc. 1,274 186 Athene Holding, Ltd. Class A(Æ) 3,000 138 Axis Capital Holdings, Ltd. 4,890 277 Bank of America Corp. 180,756 5,582 Bank of New York Mellon Corp. (The) 20,600 1,101 BB&T Corp. 7,141 363 Berkshire Hathaway, Inc. Class B(Æ) 20,995 4,154 Blackstone Group, LP (The) 112,442 3,926 BNP Paribas - ADR 27,357 894 Brighthouse Financial, Inc.(Æ) 390 17 Capital One Financial Corp. 20,200 1,905 CBRE Group, Inc. Class A(Æ) 8,930 445 Chubb, Ltd. 8,487 1,185 Citigroup, Inc. 61,451 4,417 Citizens Financial Group, Inc. 10,542 419 CME Group, Inc. Class A 2,128 339 Comerica, Inc. 6,920 671 Commerce Bancshares, Inc. 14,699 982 Crown Castle International Corp.(ö) 2,175 241 Cullen/Frost Bankers, Inc. 2,756 304 Discover Financial Services 2,890 206 Douglas Emmett, Inc.(ö) 7,860 305 E*Trade Financial Corp.(Æ) 6,160 368 Equinix, Inc.(Æ)(ö) 6,742 2,962 Equity Commonwealth(Æ)(ö) 15,370 496 Equity Residential(ö) 9,636 631 Essex Property Trust, Inc.(ö) 1,130 272 Everest Re Group, Ltd. 1,360 297 Fidelity National Information Services, Inc. 1,699 175 Fifth Third Bancorp 8,968 265 First BanCorp(Æ) 2,900 24 First Data Corp. Class A(Æ) 45,063 1,048 First Hawaiian, Inc. 2,600 73 Fiserv, Inc.(Æ) 2,826 213 FleetCor Technologies, Inc.(Æ) 12,865 2,792 Franklin Resources, Inc. 4,503 155 GGP, Inc.(Æ)(ö) 21,140 451 Goldman Sachs Group, Inc. (The) 9,686 2,300 Hartford Financial Services Group, Inc. 4,819 254 HCP, Inc.(ö) 65,330 1,692 Huntington Bancshares, Inc. 14,146 218 Interactive Brokers Group, Inc. Class A 800 48 Intercontinental Exchange, Inc. 3,941 291 Invesco, Ltd. 21,506 580 Jack Henry & Associates, Inc. 1,589 214 JPMorgan Chase & Co. 64,675 7,435 KeyCorp 12,157 254 KKR & Co., Inc. Class A 90,613 2,481 Loews Corp. 37,921 1,926 M&T Bank Corp. 8,627 1,495 Marsh & McLennan Cos., Inc. 5,020 418 MasterCard, Inc. Class A 16,471 3,261 MetLife, Inc. 13,621 623 Morgan Stanley 38,339 1,938 Navient Corp. 11,891 157 New York Community Bancorp, Inc. 10,954 118 Northern Trust Corp. 11,100 1,212 OneMain Holdings, Inc.(Æ) 20,675 687
Fair Value
$ Paramount Group, Inc.(ö) 7,500 116 PayPal Holdings, Inc.(Æ) 4,583 376 PNC Financial Services Group, Inc. (The) 7,875 1,140 Popular, Inc. 2,700 134 Progressive Corp. (The) 16,480 989 Prologis, Inc.(ö) 8,601 564 Prudential Financial, Inc. 8,604 868 Public Storage(ö) 1,744 380 Raymond James Financial, Inc. 1,200 110 Rayonier, Inc.(ö) 6,630 232 Regions Financial Corp. 15,506 289 Reinsurance Group of America, Inc. Class A 6,620 937 Santander Consumer USA Holdings, Inc. 67,533 1,300 Signature Bank 1,480 162 Simon Property Group, Inc.(ö) 3,224 568 SLM Corp.(Æ) 40,263 455 Spirit MTA REIT(Æ)(ö) 1,080 11 Spirit Realty Capital, Inc.(ö) 10,400 87 State Street Corp. 33,996 3,001 SunTrust Banks, Inc. 9,958 718 Synchrony Financial 21,004 608 Synovus Financial Corp. 10,540 521 TFS Financial Corp. 15,162 231 Travelers Cos., Inc. (The) 13,322 1,734 US Bancorp 76,607 4,061 Visa, Inc. Class A 28,438 3,889 Voya Financial, Inc. 7,694 388 Wells Fargo & Co. 68,499 3,926 Willis Towers Watson PLC(Æ) 1,500 239 WR Berkley Corp. 9,442 716
103,864
Health Care - 11.2% Abbott Laboratories 9,167 601 AbbVie, Inc. 9,112 840 Acadia Pharmaceuticals, Inc.(Æ) 2,898 44 Aerie Pharmaceuticals, Inc.(Æ) 27,412 1,852 Alexion Pharmaceuticals, Inc.(Æ) 1,609 214 Allergan PLC 4,141 762 Allscripts Healthcare Solutions, Inc.(Æ) 35,850 439 Amgen, Inc. 2,946 579 Anthem, Inc.(Æ) 4,530 1,146 Baxter International, Inc. 19,462 1,410 Becton Dickinson and Co. 10,513 2,632 Biogen, Inc.(Æ) 7,089 2,370 BioMarin Pharmaceutical, Inc.(Æ) 1,487 150 Bristol-Myers Squibb Co. 14,796 869 Cardinal Health, Inc. 16,418 820 Celgene Corp.(Æ) 32,065 2,889 Centene Corp.(Æ) 1,580 206 Cerner Corp.(Æ) 6,491 403 Cigna Corp. 1,470 264 Eli Lilly & Co. 18,461 1,824 Express Scripts Holding Co.(Æ) 5,113 406 Gilead Sciences, Inc. 11,657 907 Horizon Pharma PLC(Æ) 30,544 538 Humana, Inc. 1,527 480 Intuitive Surgical, Inc.(Æ) 1,868 949 IQVIA Holdings, Inc.(Æ) 2,408 294 Jazz Pharmaceuticals PLC(Æ) 2,330 403
Fair Value
$ Johnson & Johnson 49,180 6,518 Loxo Oncology, Inc.(Æ) 6,207 1,040 Mallinckrodt PLC(Æ) 12,025 282 McKesson Corp. 740 93 Medtronic PLC 6,742 608 Merck & Co., Inc. 47,094 3,102 Molina Healthcare, Inc.(Æ) 500 52 Mylan NV(Æ) 22,801 851 Novo Nordisk A/S - ADR 42,158 2,098 Pfizer, Inc. 119,176 4,760 Portola Pharmaceuticals, Inc.(Æ) 7,664 274 Regeneron Pharmaceuticals, Inc.(Æ) 8,064 2,968 Sage Therapeutics, Inc.(Æ) 9,965 1,438 Sanofi - ADR 31,600 1,370 Seattle Genetics, Inc.(Æ) 2,463 173 Shire PLC - ADR 2,846 486 Stryker Corp. 2,642 431 Thermo Fisher Scientific, Inc. 2,609 612 United Therapeutics Corp.(Æ) 1,291 159 UnitedHealth Group, Inc. 30,579 7,743 Varian Medical Systems, Inc.(Æ) 1,570 181 Vertex Pharmaceuticals, Inc.(Æ) 2,416 423 WellCare Health Plans, Inc.(Æ) 3,196 855 Zimmer Biomet Holdings, Inc. 3,618 454
61,262
Materials and Processing - 4.0% Air Products & Chemicals, Inc. 10,205 1,675 Ashland Global Holdings, Inc. 4,530 372 Cabot Corp. 1,400 93 Celanese Corp. Class A 1,090 129 CF Industries Holdings, Inc. 2,700 120 Crown Holdings, Inc.(Æ) 13,956 632 Domtar Corp. 1,300 63 DowDuPont, Inc. 87,039 5,986 Eastman Chemical Co. 6,210 643 Ecolab, Inc. 27,222 3,831 Huntsman Corp. 1,200 40 International Flavors & Fragrances, Inc. 4,190 556 LyondellBasell Industries NV Class A 5,494 608 NewMarket Corp. 575 235 PPG Industries, Inc. 2,986 330 Praxair, Inc. 33,023 5,532 Reliance Steel & Aluminum Co. 6,383 576 Westlake Chemical Corp. 350 38 WestRock Co. 1,526 88 Worthington Industries, Inc. 800 37 WR Grace & Co. 900 66
21,650
Producer Durables - 11.7% 3M Co. 3,229 686 Accenture PLC Class A 13,034 2,077 Adient PLC 13,889 662 AECOM(Æ) 14,041 471 AerCap Holdings NV(Æ) 22,006 1,235 AGCO Corp. 15,300 964 American Airlines Group, Inc. 17,544 694 Ametek, Inc. 1,742 136 Automatic Data Processing, Inc. 20,149 2,718
Fair Value
$ Boeing Co. (The) 9,933 3,539 Carlisle Cos., Inc. 756 93 Cummins, Inc. 5,794 828 Danaher Corp. 3,874 397 Deere & Co. 15,425 2,233 Delta Air Lines, Inc. 33,892 1,845 EMCOR Group, Inc. 3,470 267 Emerson Electric Co. 5,240 379 Esterline Technologies Corp.(Æ) 670 57 Evoqua Water Technologies Corp.(Æ) 73,744 1,574 Expeditors International of Washington, Inc. 8,150 621 FedEx Corp. 9,196 2,261 Fluor Corp. 11,011 565 General Dynamics Corp. 3,415 683 General Electric Co. 204,051 2,781 Honeywell International, Inc. 4,035 644 Hub Group, Inc. Class A(Æ) 600 28 Illinois Tool Works, Inc. 2,465 353 Jacobs Engineering Group, Inc. 4,140 280 JB Hunt Transport Services, Inc. 16,541 1,984 Johnson Controls International PLC(Æ) 65,989 2,475 Kansas City Southern 18,849 2,191 Landstar System, Inc. 6,960 774 Lockheed Martin Corp. 5,375 1,753 Macquarie Infrastructure Corp. 12,385 562 ManpowerGroup, Inc. 6,130 572 Moog, Inc. Class A 600 45 Navistar International Corp.(Æ) 2,400 103 Northrop Grumman Corp. 2,587 777 Paychex, Inc. 3,073 212 Pentair PLC 3,080 138 Quanta Services, Inc.(Æ) 61,562 2,097 Raytheon Co. 15,956 3,159 Rockwell Automation, Inc. 15,276 2,866 Roper Technologies, Inc. 3,515 1,061 Ryder System, Inc. 2,300 180 Southwest Airlines Co. 29,014 1,687 Stanley Black & Decker, Inc. 8,252 1,233 Terex Corp. 4,170 184 Textron, Inc. 2,800 191 Toro Co. (The) 1,200 72 Union Pacific Corp. 20,230 3,033 United Continental Holdings, Inc.(Æ) 15,840 1,274 United Parcel Service, Inc. Class B 3,995 479 United Technologies Corp. 21,367 2,900 Waste Management, Inc. 3,559 320 Werner Enterprises, Inc. 2,100 78 WESCO International, Inc.(Æ) 900 55 Xerox Corp. 3,080 80 XPO Logistics, Inc.(Æ) 19,818 1,976
63,582
Technology - 19.0% Activision Blizzard, Inc. 2,222 163 Adobe Systems, Inc.(Æ) 2,310 565 Alibaba Group Holding, Ltd. - ADR(Æ) 9,638 1,805 Alphabet, Inc. Class A(Æ) 2,137 2,623 Alphabet, Inc. Class C(Æ) 12,141 14,780 Amdocs, Ltd. 2,820 191 Amphenol Corp. Class A 2,935 274
6 U.S. Core Equity Fund
Fair Value
$ Apple, Inc. 58,988 11,226 Applied Materials, Inc. 3,926 191 ARRIS International PLC(Æ) 13,480 341 Arrow Electronics, Inc.(Æ) 12,570 953 Aspen Technology, Inc.(Æ) 9,550 915 Autodesk, Inc.(Æ) 21,994 2,825 Avaya Holdings Corp.(Æ) 2,700 56 Avnet, Inc. 29,415 1,290 Booking Holdings, Inc.(Æ) 923 1,873 Broadcom, Inc. 9,886 2,192 CA, Inc. 4,421 195 Cadence Design Systems, Inc.(Æ) 17,440 769 Ciena Corp.(Æ) 1,300 33 Cisco Systems, Inc. 103,950 4,396 Cognizant Technology Solutions Corp. Class
A 6,613 539 Cornerstone OnDemand, Inc.(Æ) 2,200 109 Corning, Inc. 5,180 172 Electronic Arts, Inc.(Æ) 1,439 185 F5 Networks, Inc.(Æ) 3,690 632 Facebook, Inc. Class A(Æ) 27,746 4,788 FireEye, Inc.(Æ) 8,100 126 Fortinet, Inc.(Æ) 1,400 88 Hewlett Packard Enterprise Co. 26,700 412 HP, Inc.(Æ) 27,188 627 Insight Enterprises, Inc.(Æ) 500 25 Intel Corp. 70,775 3,404 International Business Machines Corp. 13,914 2,016 Intuit, Inc. 3,302 674 Jabil Circuit, Inc. 3,950 111 Juniper Networks, Inc. 36,370 958 Lam Research Corp. 972 185 Marvell Technology Group, Ltd. 117,766 2,510 Micron Technology, Inc.(Æ) 27,989 1,478 Microsoft Corp. 148,909 15,797 Motorola Solutions, Inc. 3,828 464 NetScout Systems, Inc.(Æ) 1,000 27 NVIDIA Corp. 2,428 594 Oracle Corp. 62,430 2,977 Pure Storage, Inc. Class A(Æ) 900 19 QUALCOMM, Inc. 44,387 2,845 Red Hat, Inc.(Æ) 19,561 2,763 Salesforce.com, Inc.(Æ) 29,092 3,990 SAP SE - ADR 11,902 1,381 Splunk, Inc.(Æ) 780 75 SYNNEX Corp. 530 51 Synopsys, Inc.(Æ) 11,359 1,015 Tableau Software, Inc. Class A(Æ) 1,250 129 Tech Data Corp.(Æ) 9,220 769 Teradata Corp.(Æ) 1,800 69 Texas Instruments, Inc. 5,040 561 Twitter, Inc.(Æ) 12,650 403 Viavi Solutions, Inc. Class W(Æ) 31,600 320 Western Digital Corp. 3,910 274 Xilinx, Inc. 34,053 2,454 Zynga, Inc. Class A(Æ) 64,500 244
103,916
Fair Value
$ AT&T, Inc. 222,359 7,109 Avangrid, Inc. 1,410 71 CMS Energy Corp. 7,150 346 Dominion Energy, Inc. 6,447 462 Duke Energy Corp. 3,999 326 Edison International 3,470 231 Entergy Corp. 34,562 2,809 Eversource Energy(Æ) 17,360 1,054 Exelon Corp. 43,900 1,866 NextEra Energy, Inc. 6,695 1,122 NiSource, Inc. 13,770 360 PG&E Corp. 7,287 314 Southern Co. (The) 10,611 516 US Cellular Corp.(Æ) 2,600 89 Verizon Communications, Inc. 53,484 2,762
19,995
Short-Term Investments - 3.4% U.S. Cash Management Fund(@) 15,671,817(∞) 15,673 United States Treasury Bills
2.022% due 11/01/18 ()(§) 3,100 3,084 Total Short-Term Investments (cost $18,757) 18,757
Total Investments 100.1% (identified cost $416,268) 545,723
Other Assets and Liabilities, Net - (0.1%) (708)
Net Assets - 100.0% 545,015
Futures Contracts Amounts in thousands (except contract amounts)
Number of Contracts
$
Long Positions S&P 500 E-Mini Index Futures 70 USD 9,860 09/18 105
Total Value and Unrealized Appreciation (Depreciation) on Open Futures Contracts (å) 105
Presentation of Portfolio Holdings
Fair Value
Portfolio Summary Level 1 Level 2 Level 3 Practical Expedient (a) Total
Common Stocks
Producer Durables 63,582 — — — 63,582
Other Financial Instruments
Total Other Financial Instruments* $ 105 $ — $ — $ — $ 105
* Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the investments. (a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the
fair value levels. The fair value amounts presented in the table are intended to permit reconciliation to the amounts presented in the Schedule of Investments.
For a description of the Levels, see note 2 in the Notes to Quarterly Report. For a disclosure on transfers between Levels 1, 2 and 3 during the period ended July 31, 2018, see note 2 in the Notes to Quarterly Report.
Russell Investment Company U.S. Defensive Equity Fund
8 U.S. Defensive Equity Fund
Fair Value
$ Common Stocks - 101.0% Consumer Discretionary - 11.7% Amazon.com, Inc.(Æ) 2,143 3,809 Aramark 3,080 124 AutoZone, Inc.(Æ) 2,030 1,432 Best Buy Co., Inc. 7,600 570 Bloomin' Brands, Inc. 12,700 246 Bright Horizons Family Solutions, Inc.(Æ) 1,146 123 Brunswick Corp. 8,100 521 CarMax, Inc.(Æ) 32,704 2,442 Carnival Corp. 5,126 304 Comcast Corp. Class A 16,114 577 Cooper-Standard Holdings, Inc.(Æ) 5,790 780 Costco Wholesale Corp.(Û) 13,539 2,961 Dick's Sporting Goods, Inc. 9,400 321 Dollar General Corp. 77,985 7,652 Domino's Pizza, Inc.(Û) 5,420 1,424 Foot Locker, Inc. 12,200 595 Ford Motor Co. 130,389 1,309 Hilton Worldwide Holdings, Inc. 14,300 1,125 Home Depot, Inc. (The) 2,157 426 John Wiley & Sons, Inc. Class A 7,960 503 Lowe's Cos., Inc. 65,802 6,537 Madison Square Garden Co. (The) Class A(Æ) 4,790 1,495 McDonald's Corp. 13,960 2,199 Mohawk Industries, Inc.(Æ) 362 68 News Corp. Class A 39,500 595 Nike, Inc. Class B 5,833 449 Omnicom Group, Inc. 34,285 2,360 O'Reilly Automotive, Inc.(Æ) 6,663 2,039 Ross Stores, Inc. 65,109 5,693 Sensata Technologies Holding PLC(Æ) 58,757 3,194 Service Corp. International 2,429 96 Starbucks Corp. 5,777 303 Tapestry, Inc. 11,900 561 Tenneco, Inc. 21,500 991 VF Corp. 18,000 1,657 Visteon Corp.(Æ) 9,853 1,154 Wal-Mart Stores, Inc. 25,791 2,302 Walt Disney Co. (The) 5,453 619 Yum China Holdings, Inc. 14,997 541 Yum! Brands, Inc. 19,800 1,570
61,667
Consumer Staples - 10.7% Altria Group, Inc. 95,611 5,610 Archer-Daniels-Midland Co. 34,222 1,651 Church & Dwight Co., Inc. 2,908 163 Clorox Co. (The) 1,221 165 Coca-Cola Co. (The)(Û) 76,262 3,556 Colgate-Palmolive Co.(Û) 28,653 1,920 ConAgra Foods, Inc. 84,693 3,109 CVS Health Corp. 96,555 6,261 General Mills, Inc. 4,574 211 Hormel Foods Corp. 2,702 97 Ingredion, Inc. 2,937 298 JM Smucker Co. (The) 26,222 2,914 Kellogg Co. 1,953 139 Keurig Dr Pepper, Inc. 3,102 74 Kimberly-Clark Corp. 1,491 170
Fair Value
$ Kraft Heinz Co. (The) 5,038 304 Kroger Co. (The) 210,242 6,097 McCormick & Co., Inc. 1,262 148 Molson Coors Brewing Co. Class B 3,038 204 Mondelez International, Inc. Class A 58,663 2,545 PepsiCo, Inc.(Û) 41,509 4,774 Philip Morris International, Inc.(Û) 99,523 8,589 Procter & Gamble Co. (The) 51,751 4,186 Sysco Corp. 1,873 126 Unilever NV 58,875 3,382
56,693
Energy - 5.9% Chevron Corp.(Û) 71,540 9,034 Core Laboratories NV 20,120 2,256 Exxon Mobil Corp. 26,835 2,187 Marathon Oil Corp. 10,700 226 Occidental Petroleum Corp. 72,439 6,080 PBF Energy, Inc. Class A 10,400 486 Peabody Energy Corp. 26,600 1,130 Phillips 66 11,958 1,475 Royal Dutch Shell PLC Class A - ADR 61,717 4,219 Schlumberger, Ltd. 41,628 2,811 Valero Energy Corp. 11,790 1,395
31,299
Financial Services - 18.8% Aflac, Inc. 146,575 6,821 AGNC Investment Corp.(Æ) 5,891 115 Alexandria Real Estate Equities, Inc. (ö) 648 83 Allstate Corp. (The)(Û) 21,486 2,044 American Express Co. 2,949 293 American Homes 4 Rent Class A(ö) 9,568 212 American International Group, Inc. 2,227 123 American Tower Corp. (ö) 33,712 4,997 Annaly Capital Management, Inc. (ö) 11,167 120 Arch Capital Group, Ltd.(Æ) 4,770 146 Arthur J Gallagher & Co. 1,323 94 Assurant, Inc. 11,039 1,218 AvalonBay Communities, Inc. (ö) 544 96 Axis Capital Holdings, Ltd. 2,030 115 Bank of America Corp. 10,842 335 Bank of New York Mellon Corp. (The) 7,154 383 Banner Corp. 700 44 BB&T Corp. 1,945 99 Berkshire Hathaway, Inc. Class B(Æ) 39,648 7,845 BlackRock, Inc. Class A 566 285 Brown & Brown, Inc. 42,100 1,232 Camden Property Trust (ö) 1,176 109 Capital One Financial Corp. 1,345 127 Cathay General Bancorp 2,600 108 CBRE Group, Inc. Class A(Æ) 14,600 727 Chubb, Ltd. 2,111 295 Cincinnati Financial Corp. 2,354 178 Citigroup, Inc. 1,664 120 CME Group, Inc. Class A 1,644 262 Comerica, Inc. 13,000 1,260 Commerce Bancshares, Inc. 23,550 1,573 Discover Financial Services 4,600 328 Dun & Bradstreet Corp. (The) 4,560 574
U.S. Defensive Equity Fund 9
Fair Value
$ Eagle Bancorp, Inc.(Æ) 2,800 151 Equity Commonwealth (Æ)(ö) 19,600 632 Equity LifeStyle Properties, Inc. Class A(ö) 1,675 152 Equity Residential (ö) 20,800 1,361 Essex Property Trust, Inc. (ö) 395 95 Evercore, Inc. Class A 7,270 822 Everest Re Group, Ltd. 5,695 1,243 Extra Space Storage, Inc. (ö) 2,348 221 Federal Realty Investment Trust (ö) 814 102 Fidelity National Information Services, Inc. 1,713 177 First Hawaiian, Inc. 9,600 271 First Republic Bank 24,879 2,460 Fiserv, Inc.(Æ) 2,795 211 Goldman Sachs Group, Inc. (The) 1,086 258 Hancock Holding Co. 12,486 627 Hartford Financial Services Group, Inc. 1,968 104 Host Hotels & Resorts, Inc. (ö) 4,971 104 Howard Hughes Corp. (The)(Æ) 756 102 Huntington Bancshares, Inc. 6,605 102 Intercontinental Exchange, Inc. 17,732 1,311 Invesco, Ltd. 3,157 85 Invitation Homes, Inc.(ö) 4,810 111 JPMorgan Chase & Co. 5,247 603 Loews Corp. 1,376 70 LPL Financial Holdings, Inc. 14,700 974 M&T Bank Corp. 9,921 1,720 Markel Corp.(Æ) 4,532 5,301 Marsh & McLennan Cos., Inc. 68,615 5,720 MasterCard, Inc. Class A(Û) 24,280 4,807 MetLife, Inc. 11,503 526 Moody's Corp. 15,984 2,735 Nasdaq, Inc. 1,119 102 Northern Trust Corp. 15,585 1,702 Old Republic International Corp. 5,107 109 Paramount Group, Inc.(ö) 27,400 423 Park Hotels & Resorts, Inc. (ö) 4,036 126 PNC Financial Services Group, Inc. (The) 2,629 381 Principal Financial Group, Inc. 1,923 112 ProAssurance Corp. 24,071 994 Progressive Corp. (The) 33,160 1,990 Prologis, Inc. (ö) 5,531 363 Prudential Financial, Inc. 14,097 1,423 Public Storage (ö) 979 213 Raymond James Financial, Inc. 2,900 266 Rayonier, Inc.(ö) 20,293 710 Reinsurance Group of America, Inc. Class A 11,931 1,689 Simon Property Group, Inc. (ö) 1,396 246 Starwood Property Trust, Inc. (ö) 5,197 119 State Street Corp. 66,668 5,888 SunTrust Banks, Inc. 1,496 108 Synchrony Financial 27,300 790 Synovus Financial Corp. 17,000 840 Torchmark Corp. 2,537 223 Travelers Cos., Inc. (The) 17,327 2,255 US Bancorp(Û) 132,313 7,014 Ventas, Inc. (ö) 3,902 220 Visa, Inc. Class A 26,969 3,688 Wells Fargo & Co. 14,226 815 Weyerhaeuser Co. (ö) 4,209 144 White Mountains Insurance Group, Ltd. 100 91
Fair Value
$ Willis Towers Watson PLC(Æ) 846 135 WR Berkley Corp. 8,301 629
99,327
Health Care - 14.8% Abbott Laboratories 104,352 6,839 Allergan PLC 7,001 1,289 Allscripts Healthcare Solutions, Inc.(Æ) 85,100 1,042 AmerisourceBergen Corp. Class A 66,710 5,459 Amgen, Inc. 41,771 8,208 Anthem, Inc.(Æ) 5,110 1,293 Baxter International, Inc.(Û) 33,111 2,399 Becton Dickinson and Co. 1,320 330 Bristol-Myers Squibb Co. 9,200 541 Celgene Corp.(Æ) 6,900 622 Cerner Corp.(Æ) 19,600 1,217 Cigna Corp. 9,000 1,615 Dentsply Sirona, Inc. 3,576 172 Eli Lilly & Co.(Û) 21,465 2,121 Halozyme Therapeutics, Inc.(Æ) 15,600 282 Humana, Inc. 1,970 619 Intuitive Surgical, Inc.(Æ)(Û) 4,010 2,038 Johnson & Johnson(Û) 111,881 14,825 Laboratory Corp. of America Holdings(Æ) 1,830 321 Medtronic PLC 7,067 638 Merck & Co., Inc. 90,923 5,989 PerkinElmer, Inc. 3,571 283 Pfizer, Inc. 26,700 1,066 Quest Diagnostics, Inc. 1,454 157 Steris PLC 2,799 320 Stryker Corp. 16,891 2,758 Teleflex, Inc. 8,337 2,274 UnitedHealth Group, Inc. 37,703 9,547 Varian Medical Systems, Inc.(Æ) 12,843 1,483 Vertex Pharmaceuticals, Inc.(Æ) 2,850 499 WellCare Health Plans, Inc.(Æ) 5,650 1,511 Zimmer Biomet Holdings, Inc. 3,211 403 Zoetis, Inc. Class A 951 82
78,242
Materials and Processing - 3.0% Air Products & Chemicals, Inc. 3,465 569 AptarGroup, Inc. 2,123 217 Ashland Global Holdings, Inc. 10,200 838 Bemis Co., Inc. 25,960 1,192 Berry Plastics Group, Inc.(Æ) 3,255 159 Crown Holdings, Inc.(Æ) 1,556 70 Domtar Corp. 4,100 198 DowDuPont, Inc. 4,020 276 Eastman Chemical Co. 1,514 157 Ecolab, Inc. 23,850 3,357 Graphic Packaging Holding Co. 4,609 67 Hexcel Corp. 1,218 84 International Flavors & Fragrances, Inc. 10,766 1,429 International Paper Co. 4,059 218 NewMarket Corp. 2,580 1,056 PolyOne Corp. 4,700 211 PPG Industries, Inc. 1,625 180 Praxair, Inc. 27,820 4,659 RPM International, Inc. 1,756 113
Fair Value
$ Sonoco Products Co. 3,523 197 WestRock Co. 5,493 318 WR Grace & Co. 6,300 465
16,030
Producer Durables - 15.7% 3M Co. 18,502 3,927 Accenture PLC Class A 20,610 3,285 AGCO Corp. 17,790 1,121 Ametek, Inc. 2,017 157 Automatic Data Processing, Inc. 41,421 5,592 Avery Dennison Corp. 2,120 243 Boeing Co. (The)(Û) 5,565 1,983 Cintas Corp. 856 175 Cummins, Inc. 9,260 1,322 Danaher Corp. 6,015 617 Deere & Co. 454 66 Eaton Corp. PLC 3,245 270 EMCOR Group, Inc. 4,184 322 Emerson Electric Co. 2,802 203 Expeditors International of Washington, Inc. 21,100 1,607 Exponent, Inc. 5,056 247 FedEx Corp. 707 174 Fluor Corp. 18,600 953 Fortive Corp. 34,517 2,833 General Dynamics Corp. 1,503 300 Honeywell International, Inc. 49,901 7,968 Hubbell, Inc. Class B 833 103 Illinois Tool Works, Inc. 29,188 4,183 Insperity, Inc. 6,500 618 Itron, Inc.(Æ) 13,600 832 JB Hunt Transport Services, Inc. 11,920 1,429 Kansas City Southern 11,736 1,365 KBR, Inc. 10,200 204 Landstar System, Inc.(Û) 14,870 1,653 Lockheed Martin Corp.(Û) 6,738 2,197 ManpowerGroup, Inc. 12,673 1,182 Mettler-Toledo International, Inc.(Æ) 3,728 2,209 Moog, Inc. Class A 2,600 195 MSC Industrial Direct Co., Inc. Class A 8,900 753 National Instruments Corp. 24,400 1,069 Navistar International Corp.(Æ) 8,400 362 Northrop Grumman Corp.(Û) 7,297 2,193 Old Dominion Freight Line, Inc. 6,160 904 Pentair PLC 22,300 996 Quanta Services, Inc.(Æ) 26,900 916 Raytheon Co. 2,527 500 Republic Services, Inc. Class A 2,666 193 Robert Half International, Inc.(Û) 25,800 1,955 Rockwell Automation, Inc. 8,430 1,581 Rockwell Collins, Inc. 1,550 215 Roper Technologies, Inc. 17,913 5,408 Terex Corp. 13,500 596 Textron, Inc. 8,300 567 Toro Co. (The) 20,600 1,240 TransDigm Group, Inc. 7,130 2,678 UniFirst Corp. 1,980 371 Union Pacific Corp. 2,356 353 United Parcel Service, Inc. Class B 1,656 199 United Technologies Corp. 3,664 497
Fair Value
$ Verisk Analytics, Inc. Class A(Æ) 2,658 294 WageWorks, Inc.(Æ) 5,800 306 Waste Management, Inc. 3,789 341 Waters Corp.(Æ) 538 106 Werner Enterprises, Inc. 29,667 1,105 WESCO International, Inc.(Æ) 3,200 195 WW Grainger, Inc. 8,510 2,949 XPO Logistics, Inc.(Æ) 45,783 4,565
82,942
Technology - 16.7% Adobe Systems, Inc.(Æ) 12,892 3,154 Alphabet, Inc. Class A(Æ) 1,229 1,508 Alphabet, Inc. Class C(Æ)(Û) 12,975 15,797 Amdocs, Ltd. 1,336 90 Amkor Technology, Inc.(Æ) 10,200 89 Amphenol Corp. Class A 2,482 232 Anixter International, Inc.(Æ) 5,231 381 Apple, Inc. 35,364 6,730 Arrow Electronics, Inc.(Æ) 16,500 1,251 Aspen Technology, Inc.(Æ) 16,300 1,561 Avnet, Inc. 29,636 1,300 Box, Inc. Class A(Æ) 24,800 594 CA, Inc. 6,003 265 Cadence Design Systems, Inc.(Æ)(Û) 39,900 1,759 CDK Global, Inc. 1,524 95 Cirrus Logic, Inc.(Æ) 9,000 389 Cisco Systems, Inc. 13,722 580 Citrix Systems, Inc.(Æ) 4,130 454 CommVault Systems, Inc.(Æ) 2,577 167 Cornerstone OnDemand, Inc.(Æ) 15,000 741 Dolby Laboratories, Inc. Class A 3,649 235 Etsy, Inc.(Æ) 13,000 531 F5 Networks, Inc.(Æ) 8,970 1,537 Facebook, Inc. Class A(Æ) 18,376 3,171 FireEye, Inc.(Æ) 23,100 359 Fortinet, Inc.(Æ) 6,400 403 Harris Corp. 603 99 Hewlett Packard Enterprise Co. 68,590 1,059 HP, Inc.(Æ) 52,100 1,202 Intel Corp. 13,244 637 International Business Machines Corp.(Û) 2,545 369 Intuit, Inc. 30,775 6,286 Juniper Networks, Inc. 42,500 1,119 Microchip Technology, Inc. 59,544 5,563 Microsoft Corp.(Û) 102,961 10,923 Motorola Solutions, Inc. 2,440 296 New Relic, Inc.(Æ) 11,120 1,086 NXP Semiconductors NV(Æ) 3,093 295 Oracle Corp. 115,897 5,527 Plantronics, Inc. 3,080 211 Plexus Corp.(Æ) 1,200 71 Pure Storage, Inc. Class A(Æ) 13,500 292 Splunk, Inc.(Æ) 1,430 137 SYNNEX Corp. 4,650 449 Synopsys, Inc.(Æ)(Û) 19,800 1,771 Tableau Software, Inc. Class A(Æ) 5,500 567 Tech Data Corp.(Æ) 13,300 1,109 Texas Instruments, Inc. 6,519 726 Twitter, Inc.(Æ) 24,700 787
Fair Value
$ Varonis Systems, Inc.(Æ) 2,200 132 Verint Systems, Inc.(Æ) 28,610 1,285 Viavi Solutions, Inc. Class W(Æ) 37,470 379 Xilinx, Inc. 19,000 1,369 Yelp, Inc. Class A(Æ) 4,900 181 Zynga, Inc. Class A(Æ) 272,200 1,032
88,332
Utilities - 3.7% Alliant Energy Corp. 3,610 155 Ameren Corp. 1,325 82 American Electric Power Co., Inc. 18,655 1,327 Aqua America, Inc. 3,422 126 AT&T, Inc. 73,819 2,360 Atmos Energy Corp. 1,986 182 Avangrid, Inc. 8,081 404 CenterPoint Energy, Inc. 54,142 1,542 CMS Energy Corp. 17,304 837 Cogent Communications Holdings, Inc. 7,001 364 Consolidated Edison, Inc. 5,002 395 Dominion Energy, Inc. 4,983 357 DTE Energy Co. 15,102 1,639 Duke Energy Corp. 4,289 350 Edison International 14,600 973 Evergy, Inc. 22,521 1,263 Eversource Energy(Æ) 22,783 1,383 Exelon Corp. 10,260 436 MDU Resources Group, Inc. 4,259 124 NextEra Energy, Inc. 3,549 595 NiSource, Inc. 30,965 811 OGE Energy Corp. 7,716 280 Pinnacle West Capital Corp. 1,310 105 PPL Corp. 4,570 131 Public Service Enterprise Group, Inc. 7,087 365 Sempra Energy 2,627 304 Southern Co. (The) 7,275 354 US Cellular Corp.(Æ) 11,898 409 Vectren Corp. 2,180 156 Verizon Communications, Inc. 26,088 1,347 WEC Energy Group, Inc.(Æ) 5,228 347 Xcel Energy, Inc. 7,825 367
19,870
Short-Term Investments - 6.4% U.S. Cash Management Fund(@) 18,788,719(∞) 18,791 United States Treasury Bills
1.748% due 09/13/18 () 8,000 7,983
2.060% due 11/29/18 () 7,000 6,953 Total Short-Term Investments (cost $33,727) 33,727
Total Investments 107.4% (identified cost $465,173) 568,129 Securities Sold Short - (9.0)% Consumer Discretionary - (2.1)% Callaway Golf Co. (20,100) (387)
Fair Value
$ CarMax, Inc.(Æ) (5,800) (433) Central Garden & Pet Co. Class A(Æ) (7,300) (293) Chegg, Inc.(Æ) (9,700) (269) Dorman Products, Inc.(Æ) (11,400) (851) Harley-Davidson, Inc. (16,700) (716) L Brands, Inc. (13,400) (424) LCI Industries (8,960) (824) Liberty Broadband Corp. Class A(Æ) (10,167) (807) Meredith Corp. (15,595) (829) Monro Muffler Brake, Inc. (9,800) (661) Nexstar Media Group, Inc. Class A (8,000) (596) Penn National Gaming, Inc.(Æ) (22,240) (713) Planet Fitness, Inc. Class A(Æ) (10,288) (489) Sally Beauty Holdings, Inc.(Æ) (54,100) (892) Sinclair Broadcast Group, Inc. Class A (17,800) (459) Skechers U.S.A., Inc. Class A(Æ) (15,800) (438) Tempur Sealy International, Inc.(Æ) (9,600) (469) TRI Pointe Group, Inc.(Æ) (31,000) (439)
(10,989) Consumer Staples - (0.1)% Keurig Dr Pepper, Inc. (6,500) (156) Sanderson Farms, Inc. (2,690) (271)
(427) Energy - (0.3)% Callon Petroleum Co.(Æ) (43,400) (467) Gulfport Energy Corp.(Æ) (50,300) (579) Oil States International, Inc.(Æ) (11,000) (384) SRC Energy, Inc.(Æ) (35,700) (404)
(1,834) Financial Services - (1.9)% Annaly Capital Management, Inc. (ö) (75,400) (808) Apollo Commercial Real Estate Finance,
Inc.(ö) (45,800) (874) Cboe Global Markets, Inc. (1,970) (191) Chimera Investment Corp.(ö) (30,000) (573) Cohen & Steers, Inc. (6,371) (267) Colony NorthStar, Inc.(ö) (136,400) (840) Crown Castle International Corp. (ö) (2,180) (242) CyrusOne, Inc. (ö) (8,600) (533) DDR Corp. (ö) (24,900) (341) Digital Realty Trust, Inc.(ö) (2,130) (259) FBL Financial Group, Inc. Class A (1,032) (84) Invesco Mortgage Capital, Inc. (ö) (10,800) (179) Iron Mountain, Inc. (ö) (15,700) (551) LendingTree, Inc.(Æ) (2,520) (602) Medical Properties Trust, Inc. (ö) (41,800) (602) New Residential Investment Corp.(ö) (15,175) (271) Pacific Premier Bancorp, Inc.(Æ) (19,900) (736) Physicians Realty Trust (ö) (33,600) (530) Tanger Factory Outlet Centers, Inc.(ö) (38,000) (906) Two Harbors Investment Corp.(ö) (42,700) (662)
(10,051) Health Care - (1.3)% Acadia Pharmaceuticals, Inc.(Æ) (11,200) (169) Acceleron Pharma, Inc.(Æ) (5,723) (249) Corcept Therapeutics, Inc.(Æ) (7,600) (100) Exact Sciences Corp.(Æ) (1,300) (76) Insmed, Inc.(Æ) (3,300) (82)
$ Integra LifeSciences Holdings Corp.(Æ) (3,900) (243) IQVIA Holdings, Inc.(Æ) (6,500) (793) LHC Group, Inc.(Æ) (3,080) (265) Ligand Pharmaceuticals, Inc. Class B(Æ) (1,640) (358) Madrigal Pharmaceuticals, Inc.(Æ) (260) (67) MyoKardia, Inc.(Æ) (1,400) (80) Myriad Genetics, Inc.(Æ) (4,300) (188) Neogen Corp.(Æ) (4,000) (330) Nevro Corp.(Æ) (5,300) (298) Patterson Cos., Inc. (32,800) (804) Prestige Brands Holdings, Inc.(Æ) (22,270) (796) Repligen Corp.(Æ) (11,979) (579) Sage Therapeutics, Inc.(Æ) (1,110) (160) Spectrum Pharmaceuticals, Inc.(Æ) (26,700) (568) Teladoc, Inc.(Æ) (9,300) (557)
(6,762) Materials and Processing - (0.8)% Compass Minerals International, Inc. (13,027) (884) DowDuPont, Inc. (11,400) (784) Sherwin-Williams Co. (The) (2,040) (899) Simpson Manufacturing Co., Inc. (6,100) (445) SiteOne Landscape Supply, Inc.(Æ) (4,600) (410) Trex Co., Inc.(Æ) (7,100) (552)
(3,974) Producer Durables - (1.1)% Aerojet Rocketdyne Holdings, Inc.(Æ) (20,500) (691) GATX Corp. (8,100) (667) Healthcare Services Group, Inc. (20,400) (821) Keysight Technologies, Inc.(Æ) (5,700) (331) Knight-Swift Transportation Holdings, Inc.
(Æ) (16,040) (522) Macquarie Infrastructure Corp. (18,400) (836) Nordson Corp. (5,500) (738) Spirit Airlines, Inc.(Æ) (18,500) (804) Square, Inc. Class A(Æ) (10,100) (653)
(6,063) Technology - (1.1)% Alarm.com Holdings, Inc.(Æ) (9,000) (386) Analog Devices, Inc. (9,500) (913) Cars.com, Inc.(Æ) (27,800) (789) Cognex Corp. (11,600) (612) Coherent, Inc.(Æ) (5,013) (792) Ebix, Inc. (2,000) (159) Envestnet, Inc.(Æ) (8,200) (481) GrubHub, Inc.(Æ) (1,440) (176) GTT Communications, Inc.(Æ) (5,900) (262) II-VI, Inc.(Æ) (6,900) (270) Leidos Holdings, Inc. (700) (48) LogMeIn, Inc. (5,450) (442) Snap, Inc. Class A(Æ) (24,500) (306) Universal Display Corp. (2,610) (251)
(5,887) Utilities - (0.3)% j2 Global, Inc. (8,100) (687) Pattern Energy Group, Inc. Class A (43,700) (812)
(1,499)
Net Assets - 100.0% 529,222
Options Written Amounts in thousands (except contract amounts)
Description Counterparty Call/Put Number of Contracts
Strike Price
Notional Amount
Expiration Date
Fair Value $
S&P 500 Index Put 24 2,650.00 USD 6,360 08/03/18 (1)
S&P 500 Index Put 24 2,700.00 USD 6,480 08/10/18 (5)
S&P 500 Index Put 23 2,690.00 USD 6,187 08/17/18 (9)
S&P 500 Index Put 24 2,705.00 USD 6,492 08/24/18 (17)
Total Liability for Options Written (premiums received $79) (32)
Fair Value
Common Stocks
Securities Sold Short** (47,486) — — — (47,486)
Total Other Financial Instruments* $ (32) $ — $ — $ — $ (32)
* Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the investments. ** Refer to Schedule of Investments for detailed sector breakout. (a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the
Russell Investment Company U.S. Dynamic Equity Fund
14 U.S. Dynamic Equity Fund
Fair Value
$ Common Stocks - 99.3% Consumer Discretionary - 16.7% Aaron's, Inc. Class A 1,176 51 Amazon.com, Inc.(Æ)(Û) 3,291 5,848 American Eagle Outfitters, Inc. 3,070 77 Avis Budget Group, Inc.(Æ) 1,039 36 Best Buy Co., Inc.(Û) 5,119 384 BorgWarner, Inc. 276 13 Brunswick Corp. 4,269 275 Burlington Stores, Inc.(Æ) 1,590 243 Carnival Corp. 3,321 197 CBS Corp. Class B 21,227 1,118 Charter Communications, Inc. Class A(Æ) 441 134 Cimpress NV(Æ) 93 14 Comcast Corp. Class A 4,201 150 Costco Wholesale Corp. 198 43 Coty, Inc. Class A 1,037 14 Dana Holding Corp. 5,462 117 Deckers Outdoor Corp.(Æ) 535 60 Dick's Sporting Goods, Inc. 4,588 156 Domino's Pizza, Inc. 1,570 412 eBay, Inc.(Æ) 3,718 124 Fiat Chrysler Automobiles NV(Æ)(Û) 4,346 74 First Cash Financial Services, Inc. 584 47 Foot Locker, Inc. 2,286 112 Ford Motor Co. 131,485 1,320 Gap, Inc. (The) 1,679 51 General Motors Co.(Û) 19,247 729 G-III Apparel Group, Ltd.(Æ) 1,100 50 Goodyear Tire & Rubber Co. (The) 2,900 70 Graham Holdings Co. Class B 129 72 Hilton Worldwide Holdings, Inc. 4,800 378 Home Depot, Inc. (The) 1,353 267 Interpublic Group of Cos., Inc. (The) 15,532 350 John Wiley & Sons, Inc. Class A 898 57 Kohl's Corp. 3,334 247 Las Vegas Sands Corp. 1,364 98 Lear Corp. 1,294 233 Lennar Corp. Class A 1,035 54 Lennar Corp. Class B 20 1 Lowe's Cos., Inc. 1,291 128 Macy's, Inc. 1,735 69 Madison Square Garden Co. (The) Class A(Æ) 1,290 403 Magna International, Inc. Class A 2,161 131 Marriott International, Inc. Class A 990 127 McDonald's Corp. 850 134 Meritage Homes Corp.(Æ) 1,203 52 Michael Kors Holdings, Ltd.(Æ)(Û) 1,610 107 Michaels Cos., Inc. (The)(Æ) 2,934 60 Netflix, Inc.(Æ) 1,258 424 Newell Rubbermaid, Inc. 11,873 311 News Corp. Class A 26,827 404 Nike, Inc. Class B 1,866 144 Norwegian Cruise Line Holdings, Ltd.(Æ) 16,713 836 NVR, Inc.(Æ) 17 47 Office Depot, Inc. 6,483 16 Omnicom Group, Inc. 6,488 447 Pandora Media, Inc.(Æ)(Ñ) 2,762 19 PulteGroup, Inc.(Û) 18,273 521 PVH Corp. 4,167 640
Fair Value
$ Ross Stores, Inc.(Û) 2,649 232 Royal Caribbean Cruises, Ltd. 801 90 Starbucks Corp. 2,524 132 Tapestry, Inc. 20,137 949 Target Corp. 2,836 229 Tenneco, Inc. 4,913 227 Thomson Reuters Corp. 2,183 90 TJX Cos., Inc. 2,344 228 Toll Brothers, Inc.(Ñ) 3,097 109 Twenty-First Century Fox, Inc. Class A 5,146 232 Urban Outfitters, Inc.(Æ) 1,491 66 Visteon Corp.(Æ) 2,460 288 WABCO Holdings, Inc.(Æ) 2,030 255 Wal-Mart Stores, Inc. 2,322 208 Walt Disney Co. (The) 1,389 158 Yum China Holdings, Inc. 4,300 155 Yum! Brands, Inc. 341 27
22,371
Consumer Staples - 1.3% Altria Group, Inc. 1,187 70 Archer-Daniels-Midland Co. 795 38 Boston Beer Co., Inc. Class A(Æ) 171 47 Bunge, Ltd. 4,900 338 Colgate-Palmolive Co. 414 28 Constellation Brands, Inc. Class A 199 42 CVS Health Corp. 795 52 Herbalife, Ltd.(Æ) 1,122 58 Ingredion, Inc.(Û) 823 83 Kimberly-Clark Corp. 200 23 Kraft Heinz Co. (The) 375 23 Kroger Co. (The) 1,151 33 Molson Coors Brewing Co. Class B 303 20 Mondelez International, Inc. Class A 463 20 Monster Beverage Corp.(Æ) 683 41 Nu Skin Enterprises, Inc. Class A 1,845 134 PepsiCo, Inc.(Û) 340 39 Performance Food Group Co.(Æ) 1,369 49 Philip Morris International, Inc. 928 80 Procter & Gamble Co. (The) 1,473 119 Sysco Corp. 1,895 127 Tyson Foods, Inc. Class A 466 27 US Foods Holding Corp.(Æ)(Û) 2,590 88 USANA Health Sciences, Inc.(Æ) 293 39 Walgreens Boots Alliance, Inc. 1,458 99
1,717
Energy - 8.4% Anadarko Petroleum Corp. 1,184 87 Andeavor(Æ) 862 129 Apache Corp. 1,209 56 Baker Hughes, a GE Co., LLC 630 22 BP PLC - ADR 7,029 317 Cenovus Energy, Inc. 37,641 378 Chevron Corp. 2,006 253 Cimarex Energy Co. 275 27 Concho Resources, Inc.(Æ) 673 98 ConocoPhillips(Û) 12,799 924 Continental Resources, Inc.(Æ) 1,200 77 Devon Energy Corp. 7,537 340
U.S. Dynamic Equity Fund 15
Fair Value
$ Enbridge, Inc. 830 29 Energen Corp.(Æ) 2,921 217 EOG Resources, Inc. 7,509 968 Exxon Mobil Corp. 10,085 822 Halliburton Co. 9,973 424 Hess Corp. 1,724 113 HollyFrontier Corp. 1,023 76 Marathon Oil Corp. 5,653 119 Marathon Petroleum Corp.(Û) 4,163 336 Murphy Oil Corp. 2,092 70 National Oilwell Varco, Inc.(Ñ) 12,830 624 Newfield Exploration Co.(Æ) 3,519 101 Noble Energy, Inc. 829 30 Occidental Petroleum Corp. 8,681 729 PBF Energy, Inc. Class A 5,286 247 PDC Energy, Inc.(Æ) 1,037 65 Peabody Energy Corp. 7,747 329 Phillips 66 2,803 345 Pioneer Natural Resources Co. 7,063 1,336 QEP Resources, Inc.(Æ) 4,398 46 Royal Dutch Shell PLC Class A - ADR 8,256 564 Schlumberger, Ltd. 1,316 89 Southwestern Energy Co.(Æ) 10,319 53 Valero Energy Corp. 6,804 805
11,245
Financial Services - 21.3% Affiliated Managers Group, Inc. 377 60 Aflac, Inc. 2,144 100 Allstate Corp. (The)(Û) 3,343 318 Ally Financial, Inc.(Û) 7,725 207 American Express Co. 409 41 American International Group, Inc. 18,335 1,013 American Tower Corp.(ö) 786 117 Ameriprise Financial, Inc.(Û) 203 30 Apple Hospitality REIT, Inc.(ö)(Û) 732 13 AvalonBay Communities, Inc.(ö) 149 26 AXA Equitable Holdings, Inc. 15,003 330 Axis Capital Holdings, Ltd. 5,970 338 Bank of America Corp.(Û) 90,551 2,795 Bank of New York Mellon Corp. (The) 1,822 97 Berkshire Hathaway, Inc. Class B(Æ) 852 169 BlackRock, Inc. Class A 68 34 Blackstone Group, LP (The) 22,984 802 Boston Properties, Inc.(ö) 877 110 Brighthouse Financial, Inc.(Æ) 53 2 Capital One Financial Corp. 18,267 1,721 CBRE Group, Inc. Class A(Æ)(Û) 4,881 243 Charles Schwab Corp. (The) 2,147 110 Chubb, Ltd. 720 101 Citigroup, Inc.(Û) 36,951 2,656 Citizens Financial Group, Inc.(Û) 13,621 542 CNO Financial Group, Inc. 3,494 71 Colony NorthStar, Inc.(ö) 4,472 28 Comerica, Inc. 3,600 349 Crown Castle International Corp.(ö) 412 46 Digital Realty Trust, Inc.(ö) 372 45 Discover Financial Services(Û) 5,275 377 Dun & Bradstreet Corp. (The) 946 119 E*Trade Financial Corp.(Æ) 6,100 365
Fair Value
$ Equinix, Inc.(Æ)(ö) 873 384 Equity Commonwealth(Æ)(ö) 4,248 137 Equity Residential(ö) 1,889 124 Essex Property Trust, Inc.(ö) 155 37 Evercore, Inc. Class A(Û) 666 75 First Citizens BancShares, Inc. Class A 124 50 First Hawaiian, Inc. 4,400 124 First Republic Bank 1,028 102 Forest City Realty Trust, Inc. Class A(ö) 6,047 151 Franklin Resources, Inc. 11,839 406 GGP, Inc.(Æ)(ö) 4,779 102 Goldman Sachs Group, Inc. (The) 8,714 2,067 HCP, Inc.(ö) 2,503 65 Interactive Brokers Group, Inc. Class A 1,600 96 JBG Smith Properties(ö) 656 24 Jones Lang LaSalle, Inc.(Û) 1,008 172 JPMorgan Chase & Co.(Û) 10,402 1,197 KKR & Co., Inc. Class A 6,279 172 Lazard, Ltd. Class A 2,651 144 Lincoln National Corp. 2,062 140 MasterCard, Inc. Class A 452 89 MetLife, Inc. 35,546 1,626 Morgan Stanley(Û) 28,173 1,424 Navient Corp.(Û) 5,389 71 Northern Trust Corp. 3,100 339 NorthStar Realty Europe Corp.(ö) 3,747 51 OneMain Holdings, Inc.(Æ) 1,432 48 Park Hotels & Resorts, Inc.(ö)(Û) 2,746 86 PayPal Holdings, Inc.(Æ) 1,240 102 Piedmont Office Realty Trust, Inc. Class A(ö) 4,072 81 PNC Financial Services Group, Inc. (The) 241 35 Popular, Inc. 8,821 438 Progressive Corp. (The) 995 60 Prologis, Inc.(ö) 3,837 252 Prudential Financial, Inc.(Û) 6,852 692 Public Storage(ö) 466 102 Raymond James Financial, Inc. 2,500 229 Ryman Hospitality Properties, Inc.(ö)(Û) 143 12 Santander Consumer USA Holdings, Inc. 2,872 55 Simon Property Group, Inc.(ö) 125 22 State Street Corp. 6,139 543 SunTrust Banks, Inc. 7,531 543 Synovus Financial Corp. 3,272 162 TCF Financial Corp.(Û) 3,579 90 UBS Group AG(Æ) 18,964 311 Unum Group 2,961 118 Ventas, Inc.(ö) 590 33 Visa, Inc. Class A 928 127 Vornado Realty Trust(ö) 1,094 79 Voya Financial, Inc. 11,812 597 Wells Fargo & Co. 10,963 628 Welltower, Inc.(ö) 733 46 Weyerhaeuser Co.(ö) 6,201 212
28,447
Health Care - 11.9% Abbott Laboratories 683 45 AbbVie, Inc. 1,964 181 Abiomed, Inc.(Æ) 750 266 Aerie Pharmaceuticals, Inc.(Æ) 9,028 610
Fair Value
$ Aetna, Inc. 623 117 Agilent Technologies, Inc. 2,632 174 Alexion Pharmaceuticals, Inc.(Æ) 722 96 Align Technology, Inc.(Æ) 960 342 Alkermes PLC(Æ)(Ñ) 2,400 105 Allergan PLC 3,153 580 Allscripts Healthcare Solutions, Inc.(Æ) 16,900 207 AmerisourceBergen Corp. Class A 3,600 295 Amgen, Inc. 2,991 588 Anthem, Inc.(Æ) 2,248 568 Bausch Health Companies, Inc.(Æ) 2,161 47 Baxter International, Inc.(Û) 3,960 287 Becton Dickinson and Co. 168 42 Biogen, Inc.(Æ) 2,529 847 Bristol-Myers Squibb Co. 13,928 818 Bruker Corp. 2,525 82 Cardinal Health, Inc. 10,549 527 Celgene Corp.(Æ) 14,657 1,321 Cigna Corp. 600 108 Colliers International Group, Inc. 702 58 Eli Lilly & Co.(Û) 1,093 108 Envision Healthcare Corp.(Æ) 1,186 52 Express Scripts Holding Co.(Æ) 5,050 401 Gilead Sciences, Inc.(Û) 5,261 409 Haemonetics Corp.(Æ) 578 56 Halozyme Therapeutics, Inc.(Æ) 3,000 54 HCA Healthcare, Inc. 698 87 HMS Holdings Corp.(Æ) 3,038 73 Humana, Inc.(Û) 2,528 794 IDEXX Laboratories, Inc.(Æ) 1,130 277 Johnson & Johnson 2,815 373 Laboratory Corp. of America Holdings(Æ) 389 68 Ligand Pharmaceuticals, Inc. Class B(Æ) 343 75 Loxo Oncology, Inc.(Æ) 2,065 346 McKesson Corp. 5,273 663 Merck & Co., Inc.(Û) 10,041 661 Molina Healthcare, Inc.(Æ) 2,000 208 Mylan NV(Æ) 13,563 506 Perrigo Co. PLC 670 54 Pfizer, Inc.(Û) 9,078 362 Regeneron Pharmaceuticals, Inc.(Æ) 236 87 Sage Therapeutics, Inc.(Æ) 3,407 492 Stryker Corp. 267 44 Thermo Fisher Scientific, Inc. 180 42 United Therapeutics Corp.(Æ) 432 53 UnitedHealth Group, Inc. 562 142 Vertex Pharmaceuticals, Inc.(Æ) 3,576 626 WellCare Health Plans, Inc.(Æ)(Û) 1,929 516 Zoetis, Inc. Class A 199 17
15,957
Materials and Processing - 3.9% Air Products & Chemicals, Inc. 327 54 Albemarle Corp. 389 37 Bemis Co., Inc. 1,019 47 Cabot Corp. 2,424 161 CF Industries Holdings, Inc. 4,200 187 Domtar Corp.(Û) 4,226 204 DowDuPont, Inc. 18,221 1,252 Eastman Chemical Co. 804 83
Fair Value
$ Ecolab, Inc. 778 109 Freeport-McMoRan, Inc.(Û) 5,215 86 Huntsman Corp.(Û) 3,801 127 Louisiana-Pacific Corp.(Û) 3,451 93 LyondellBasell Industries NV Class A(Û) 1,957 217 Masco Corp. 1,657 67 Methanex Corp.(Û) 784 54 Mosaic Co. (The) 1,927 58 Newmont Mining Corp. 1,231 45 Norbord, Inc. 1,377 49 Nucor Corp. 1,535 103 PPG Industries, Inc. 533 59 Praxair, Inc. 6,601 1,106 Reliance Steel & Aluminum Co.(Û) 2,110 190 Sonoco Products Co. 1,271 71 Steel Dynamics, Inc.(Û) 4,174 197 Teck Resources, Ltd. Class B(Û) 2,001 52 Trinseo SA 1,283 96 Triton International, Ltd. 1,267 45 United States Steel Corp.(Û) 1,754 64 Univar, Inc.(Æ) 4,700 129 WestRock Co. 1,509 87
5,129
Producer Durables - 11.6% 3M Co. 589 125 Accenture PLC Class A 286 46 AGCO Corp. 5,300 334 American Airlines Group, Inc. 780 31 Automatic Data Processing, Inc. 257 35 Boeing Co. (The) 5,770 2,055 Caterpillar, Inc. 666 96 CoStar Group, Inc.(Æ) 285 119 CSX Corp. 1,643 116 Cummins, Inc. 548 78 Danaher Corp. 348 36 Deere & Co. 5,530 801 Delta Air Lines, Inc. 5,913 322 Dover Corp. 5,155 428 Eaton Corp. PLC 708 59 EMCOR Group, Inc. 1,562 120 Emerson Electric Co. 452 33 EnerSys 662 54 Esterline Technologies Corp.(Æ) 1,700 145 Evoqua Water Technologies Corp.(Æ) 25,219 538 FedEx Corp. 3,204 788 Fluor Corp. 6,700 343 General Dynamics Corp. 181 36 General Electric Co. 42,969 586 HD Supply Holdings, Inc.(Æ) 7,117 313 Honeywell International, Inc. 413 66 Huntington Ingalls Industries, Inc.(Û) 465 108 Illinois Tool Works, Inc. 216 31 Insperity, Inc. 1,600 152 Itron, Inc.(Æ)(Ñ) 1,600 98 JB Hunt Transport Services, Inc. 692 83 Johnson Controls International PLC(Æ) 725 27 KBR, Inc. 2,100 42 Korn/Ferry International 945 62 L3 Technologies, Inc. 182 39
Fair Value
$ Lockheed Martin Corp. 244 80 ManpowerGroup, Inc.(Û) 4,279 399 Moog, Inc. Class A 614 46 MSC Industrial Direct Co., Inc. Class A 334 28 Navistar International Corp.(Æ) 1,600 69 Norfolk Southern Corp. 692 117 Northrop Grumman Corp. 125 38 Oshkosh Corp. 753 57 PACCAR, Inc. 487 32 Pentair PLC 1,600 71 Quanta Services, Inc.(Æ) 35,305 1,202 Raytheon Co. 4,686 927 Regal Beloit Corp. 684 59 Republic Services, Inc. Class A(Ñ) 1,113 81 Robert Half International, Inc.(Û) 2,073 157 Rockwell Automation, Inc. 3,870 725 Ryder System, Inc. 4,450 349 SkyWest, Inc.(Û) 902 54 Spirit AeroSystems Holdings, Inc. Class A(Û) 1,283 120 Stanley Black & Decker, Inc. 552 83 Terex Corp.(Ñ) 5,362 237 Union Pacific Corp. 7,317 1,096 United Parcel Service, Inc. Class B 749 90 United Rentals, Inc.(Æ)(Û) 817 122 United Technologies Corp. 823 112 Waste Management, Inc. 397 36 Werner Enterprises, Inc. 1,842 69 XPO Logistics, Inc.(Æ) 7,592 756
15,557
Technology - 21.2% Adobe Systems, Inc.(Æ) 509 125 Akamai Technologies, Inc.(Æ) 1,885 142 Alibaba Group Holding, Ltd. - ADR(Æ) 2,662 498 Alphabet, Inc. Class A(Æ) 168 206 Alphabet, Inc. Class C(Æ) 163 198 Amdocs, Ltd. 552 37 Amkor Technology, Inc.(Æ) 4,414 38 Apple, Inc.(Û) 30,601 5,824 Applied Materials, Inc.(Û) 3,299 160 ARRIS International PLC(Æ) 13,600 344 Aspen Technology, Inc.(Æ) 4,377 419 Avaya Holdings Corp.(Æ) 3,400 70 Avnet, Inc. 3,937 173 Booking Holdings, Inc.(Æ) 199 404 Box, Inc. Class A(Æ) 3,400 81 Broadcom, Inc. 3,368 747 Cadence Design Systems, Inc.(Æ) 2,685 118 Ciena Corp.(Æ) 2,500 64 Cirrus Logic, Inc.(Æ) 2,000 87 Cisco Systems, Inc.(Û) 9,780 414 Citrix Systems, Inc.(Æ) 5,275 580 Cognizant Technology Solutions Corp. Class
A 6,916 564 CommVault Systems, Inc.(Æ) 900 58 Cornerstone OnDemand, Inc.(Æ) 3,700 183 Corning, Inc. 966 32 Dell Technologies, Inc. Class V(Æ) 5,011 464 DXC Technology Co. 329 28 Electronic Arts, Inc.(Æ) 3,070 395
Fair Value
$ Entegris, Inc. 1,122 39 F5 Networks, Inc.(Æ) 690 118 Facebook, Inc. Class A(Æ)(Û) 17,036 2,941 FireEye, Inc.(Æ) 5,800 90 Fortinet, Inc.(Æ) 5,000 315 Hewlett Packard Enterprise Co. 66,620 1,028 HP, Inc.(Æ) 49,982 1,153 Imperva, Inc.(Æ) 688 32 Intel Corp. 9,803 472 International Business Machines Corp. 544 79 Intuit, Inc. 1,045 213 Jabil Circuit, Inc. 11,406 322 Juniper Networks, Inc. 11,400 300 KLA-Tencor Corp. 1,850 217 Marvell Technology Group, Ltd. 41,524 884 Mellanox Technologies, Ltd.(Æ) 387 30 Micro Focus International PLC - ADR 526 9 Micron Technology, Inc.(Æ)(Û) 2,837 150 Microsoft Corp.(Û) 18,083 1,918 NetApp, Inc. 5,427 420 NVIDIA Corp. 862 211 ON Semiconductor Corp.(Æ) 3,320 73 Oracle Corp. 13,501 644 Palo Alto Networks, Inc.(Æ) 1,662 329 Perspecta, Inc. 1,514 33 Pure Storage, Inc. Class A(Æ) 2,500 54 QUALCOMM, Inc. 926 59 Salesforce.com, Inc.(Æ) 4,300 590 Seagate Technology PLC 933 49 Splunk, Inc.(Æ) 2,020 194 Symantec Corp. 1,580 32 SYNNEX Corp. 860 83 Tableau Software, Inc. Class A(Æ) 3,462 357 Tech Data Corp.(Æ)(Ñ) 4,238 353 Texas Instruments, Inc. 488 54 Twitter, Inc.(Æ) 8,300 265 Varonis Systems, Inc.(Æ) 400 24 VeriSign, Inc.(Æ) 1,487 216 Viavi Solutions, Inc. Class W(Æ) 5,400 55 Vishay Intertechnology, Inc. 4,110 103 Western Digital Corp. 5,770 405 Xilinx, Inc. 13,426 967 Yelp, Inc. Class A(Æ) 1,200 44
28,377
Utilities - 3.0% AES Corp. 9,181 123 Ameren Corp. 593 37 American Electric Power Co., Inc. 2,275 162 American Water Works Co., Inc. 371 33 AT&T, Inc. 33,581 1,072 Avangrid, Inc. 1,500 75 CenturyLink, Inc. 3,582 67 CMS Energy Corp. 646 31 Consolidated Edison, Inc. 1,580 125 Dominion Energy, Inc. 824 59 DTE Energy Co. 613 67 Duke Energy Corp. 795 65 Edison International 8,409 560 Frontier Communications Corp.(Ñ) 737 4
Fair Value
$ Hawaiian Electric Industries, Inc. 1,503 53 j2 Global, Inc. 1,757 149 NextEra Energy, Inc. 986 165 PG&E Corp. 905 39 Portland General Electric Co. 599 27 Public Service Enterprise Group, Inc. 871 45 Southern Co. (The) 1,845 90 Southwest Gas Holdings, Inc. 418 33 Telephone & Data Systems, Inc. 2,996 76 T-Mobile US, Inc.(Æ) 1,055 63 Verizon Communications, Inc.(Û) 13,059 675 WEC Energy Group, Inc.(Æ) 590 39 Xcel Energy, Inc. 939 44
3,978
Short-Term Investments - 2.8% U.S. Cash Management Fund(@) 3,760,974(∞) 3,761 Total Short-Term Investments (cost $3,761) 3,761
Other Securities - 0.6% U.S. Cash Collateral Fund(×)(@) 761,448(∞) 761 Total Other Securities (cost $761) 761
Total Investments 102.7% (identified cost $111,466) 137,300 Securities Sold Short - (2.0)% Consumer Discretionary – (0.2)% Caesars Entertainment Corp.(Æ) (2,810) (32) Coty, Inc. Class A (2,654) (36) Floor & Decor Holdings, Inc. Class A(Æ) (762) (36) Mattel, Inc. (2,455) (39) Newell Rubbermaid, Inc. (1,085) (28) Nielsen Holdings PLC (1,537) (36) Tesla, Inc.(Æ) (142) (42) Under Armour, Inc. Class A(Æ) (1,760) (35)
(284) Consumer Staples - (0.1)% B&G Foods, Inc. Class A (739) (23) Kraft Heinz Co. (The) (1,660) (100)
(123) Energy – (0.1)% Golar LNG, Ltd. (1,200) (31) Pembina Pipeline Corp. (1,861) (67) Weatherford International PLC(Æ) (10,351) (35)
(133) Financial Services - (0.6)% Bank OZK (1,778) (73) Enstar Group, Ltd.(Æ) (106) (23) First Financial Bankshares, Inc. (949) (54) Healthcare Realty Trust, Inc.(ö) (1,771) (53) Iron Mountain, Inc.(ö) (1,388) (49) New York Community Bancorp, Inc. (6,679) (72) Omega Healthcare Investors, Inc.(ö) (2,801) (83)
Fair Value
$ Pinnacle Financial Partners, Inc. (1,339) (84) Sabra Health Care REIT, Inc.(ö) (4,510) (97) TFS Financial Corp. (7,274) (111) United Bankshares, Inc. (2,884) (107) Virtu Financial, Inc. Class A (1,712) (34)
(840) Health Care – (0.2)% Alkermes PLC(Æ) (743) (33) DexCom, Inc.(Æ) (594) (57) Incyte Corp.(Æ) (394) (26) Insulet Corp.(Æ) (416) (35) Medicines Co. (The)(Æ) (767) (30) Novocure, Ltd.(Æ) (954) (32) Teladoc, Inc.(Æ) (748) (45)
(258) Materials and Processing - (0.4)% Axalta Coating Systems, Ltd.(Æ) (2,156) (65) Ball Corp. (950) (37) Crown Holdings, Inc.(Æ) (1,291) (58) Eagle Materials, Inc. (959) (95) Martin Marietta Materials, Inc. (525) (105) Platform Specialty Products Corp.(Æ) (3,197) (40) Summit Materials, Inc. Class A(Æ) (1,754) (44) Vulcan Materials Co. (782) (88) Wheaton Precious Metals Corp. (1,581) (33)
(565) Producer Durables – (0.1)% Brink's Co. (The) (441) (35) Macquarie Infrastructure Corp. (812) (37) Square, Inc. Class A(Æ) (300) (19) Stericycle, Inc.(Æ) (739) (52)
(143) Technology – (0.3)% Carvana Co.(Æ) (1,343) (58) Cree, Inc.(Æ) (876) (41) Gartner, Inc.(Æ) (360) (49) MACOM Technology Solutions Holdings,
Inc.(Æ) (834) (17) Maxar Technologies, Ltd. (944) (46) Snap, Inc. Class A(Æ) (2,336) (29) Switch, Inc. Class A (2,691) (35) Universal Display Corp. (416) (40) ViaSat, Inc.(Æ) (625) (44)
(359)
Net Assets - 100.0% 133,669
Futures Contracts Amounts in thousands (except contract amounts)
Number of Contracts
$
Long Positions S&P 500 E-Mini Index Futures 10 USD 1,409 09/18 10
Total Value and Unrealized Appreciation (Depreciation) on Open Futures Contracts (å) 10
Fair Value
Common Stocks
Securities Sold Short** (2,705) — — — (2,705)
Total Other Financial Instruments* $ 10 $ — $ — $ — $ 10
* Futures and foreign currency exchange contract values reflect the unrealized appreciation (depreciation) on the investments. ** Refer to Schedule of Investments for detailed sector breakout. (a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the
Russell Investment Company U.S. Strategic Equity Fund
20 U.S. Strategic Equity Fund
Fair Value
$ Common Stocks - 102.0% Consumer Discretionary - 22.1% Aaron's, Inc. Class A 71,747 3,107 Abercrombie & Fitch Co. Class A 40,100 950 Advance Auto Parts, Inc. 37,088 5,238 Amazon.com, Inc.(Æ) 47,270 84,020 Autoliv, Inc. 10,880 1,115 Best Buy Co., Inc. 65,600 4,922 Bloomin' Brands, Inc. 16,700 323 BorgWarner, Inc. 26,600 1,224 Brunswick Corp. 17,012 1,094 Burlington Stores, Inc.(Æ) 16,590 2,535 Carnival Corp. 372,702 22,079 CBS Corp. Class B 307,198 16,180 Chipotle Mexican Grill, Inc. Class A(Æ) 7,290 3,161 Cinemark Holdings, Inc. 55,239 1,984 Comcast Corp. Class A 1,079,173 38,613 Cooper-Standard Holdings, Inc.(Æ) 5,907 796 Costco Wholesale Corp. 28,380 6,207 Darden Restaurants, Inc. 145,267 15,535 Diageo PLC - ADR 91,500 13,475 Dick's Sporting Goods, Inc. 52,800 1,803 Dollar General Corp. 33,200 3,259 Dollar Tree, Inc.(Æ) 29,800 2,720 Domino's Pizza, Inc. 20,500 5,385 DR Horton, Inc. 216,201 9,448 Dunkin' Brands Group, Inc. 120,300 8,376 eBay, Inc.(Æ) 626,094 20,943 Foot Locker, Inc. 40,100 1,957 Ford Motor Co. 921,000 9,247 Fortune Brands Home & Security, Inc. 30,400 1,763 GameStop Corp. Class A 130,300 1,878 Garmin, Ltd. 29,800 1,861 General Motors Co. 857,922 32,524 Gentex Corp. 86,100 1,998 Genuine Parts Co. 23,800 2,316 Goodyear Tire & Rubber Co. (The) 317,103 7,677 Graham Holdings Co. Class B 3,800 2,124 Hilton Worldwide Holdings, Inc. 93,130 7,326 Home Depot, Inc. (The) 111,370 21,998 International Game Technology PLC 58,100 1,469 Jack in the Box, Inc. 4,000 337 John Wiley & Sons, Inc. Class A 31,294 1,976 Lear Corp. 19,900 3,585 LKQ Corp.(Æ) 119,600 4,009 LVMH Moet Hennessy Louis Vuitton SE
- ADR 83,300 5,807 Madison Square Garden Co. (The) Class A(Æ) 18,367 5,734 Magna International, Inc. Class A 132,732 8,067 Marriott International, Inc. Class A 93,886 12,002 McDonald's Corp. 234,336 36,917 Michael Kors Holdings, Ltd.(Æ) 28,300 1,888 Netflix, Inc.(Æ) 18,278 6,168 News Corp. Class A 178,312 2,687 Nordstrom, Inc. 42,300 2,217 Norwegian Cruise Line Holdings, Ltd.(Æ) 166,855 8,348 NVR, Inc.(Æ) 729 2,012 PulteGroup, Inc. 41,200 1,174 PVH Corp. 97,150 14,914 Ross Stores, Inc. 54,140 4,733
Fair Value
$ Royal Caribbean Cruises, Ltd. 133,605 15,065 Service Corp. International 45,800 1,802 Starbucks Corp. 281,720 14,759 Tapestry, Inc. 364,296 17,166 Target Corp. 29,200 2,356 Tenneco, Inc. 6,000 277 Thor Industries, Inc. 13,900 1,318 Tiffany & Co. 19,200 2,641 TJX Cos., Inc. 28,800 2,801 Tupperware Brands Corp. 108,910 3,998 Ulta Salon Cosmetics & Fragrance, Inc.(Æ) 63,700 15,568 Vail Resorts, Inc. 7,000 1,938 VF Corp. 8,504 783 Visteon Corp.(Æ) 34,420 4,030 WABCO Holdings, Inc.(Æ) 16,590 2,085 Wal-Mart Stores, Inc. 406,950 36,312 Walt Disney Co. (The) 388,254 44,090 Williams-Sonoma, Inc. 135,019 7,897 Yum China Holdings, Inc. 96,998 3,500 Yum! Brands, Inc. 8,200 650
670,241
Consumer Staples - 6.4% Anheuser-Busch InBev SA - ADR 157,100 15,980 Archer-Daniels-Midland Co. 242,060 11,682 Brown-Forman Corp. Class B - ADR 30,600 1,629 Bunge, Ltd. 57,600 3,982 Coca-Cola Co. (The) 607,400 28,323 Colgate-Palmolive Co. 22,600 1,514 ConAgra Foods, Inc. 105,100 3,858 Constellation Brands, Inc. Class A 61,112 12,848 CVS Health Corp. 98,679 6,400 Flowers Foods, Inc. 100,700 2,054 Heineken NV - ADR 151,800 7,718 Hershey Co. (The) 9,900 972 Hormel Foods Corp. 43,100 1,550 Ingredion, Inc. 13,000 1,317 JM Smucker Co. (The) 46,936 5,216 Kellogg Co. 309,752 22,002 Kraft Heinz Co. (The) 21,600 1,301 McCormick & Co., Inc. 10,800 1,270 Medifast, Inc. 1,400 240 Molson Coors Brewing Co. Class B 118,148 7,916 Monster Beverage Corp.(Æ) 33,000 1,981 Nestle SA - ADR 354,900 28,928 Nu Skin Enterprises, Inc. Class A 4,300 313 PepsiCo, Inc. 44,480 5,115 Philip Morris International, Inc. 39,782 3,433 Pilgrim's Pride Corp.(Æ) 26,200 467 Pinnacle Foods, Inc. 29,900 1,986 Post Holdings, Inc.(Æ) 13,400 1,160 Procter & Gamble Co. (The) 66,100 5,346 Seaboard Corp. 401 1,459 Tyson Foods, Inc. Class A 46,100 2,658 USANA Health Sciences, Inc.(Æ) 1,670 221 Walgreens Boots Alliance, Inc. 55,800 3,773
194,612
U.S. Strategic Equity Fund 21
Fair Value
$ Andeavor(Æ) 29,100 4,367 BP PLC - ADR 350,483 15,803 Cabot Oil & Gas Corp. 30,600 719 Canadian Natural Resources, Ltd. 490,276 17,964 Chevron Corp. 95,370 12,042 Cimarex Energy Co. 28,800 2,840 Concho Resources, Inc.(Æ) 12,480 1,820 ConocoPhillips 242,917 17,531 CONSOL Energy, Inc.(Æ) 66,600 2,773 Devon Energy Corp. 277,602 12,495 Diamondback Energy, Inc. 11,800 1,557 Energen Corp.(Æ) 25,700 1,907 EOG Resources, Inc. 49,240 6,349 Exxon Mobil Corp. 149,100 12,153 Halliburton Co. 165,858 7,036 Kinder Morgan, Inc. 432,017 7,681 Marathon Petroleum Corp. 157,400 12,723 National Oilwell Varco, Inc. 105,700 5,139 Occidental Petroleum Corp. 42,500 3,567 Oceaneering International, Inc. 134,074 3,668 PBF Energy, Inc. Class A 48,690 2,274 Peabody Energy Corp. 59,914 2,546 Phillips 66 93,910 11,583 Pioneer Natural Resources Co. 21,130 3,999 Schlumberger, Ltd. 155,936 10,529 Transocean, Ltd.(Æ) 82,300 1,059 Valero Energy Corp. 82,570 9,772 Williams Cos., Inc. (The) 56,600 1,684 World Fuel Services Corp. 73,100 2,034
205,868
Financial Services - 17.5% Affiliated Managers Group, Inc. 5,700 912 Aflac, Inc. 39,400 1,834 AGNC Investment Corp.(Æ) 125,400 2,442 Allstate Corp. (The) 77,550 7,377 American Express Co. 38,400 3,822 American International Group, Inc. 89,800 4,958 Ameriprise Financial, Inc. 20,600 3,001 Annaly Capital Management, Inc.(ö) 210,800 2,260 Aspen Insurance Holdings, Ltd. 31,369 1,269 Athene Holding, Ltd. Class A(Æ) 51,167 2,347 Axis Capital Holdings, Ltd. 22,844 1,292 Bank of America Corp. 739,264 22,828 Bank of New York Mellon Corp. (The) 45,500 2,433 Banner Corp. 2,400 151 Berkshire Hathaway, Inc. Class B(Æ) 133,752 26,466 BlackRock, Inc. Class A 1,500 754 Blackstone Group, LP (The) 815,585 28,480 BNP Paribas - ADR 218,832 7,149 Capital One Financial Corp. 153,395 14,468 Cathay General Bancorp 18,300 761 Cboe Global Markets, Inc. 32,300 3,137 CBRE Group, Inc. Class A(Æ) 38,087 1,897 Charles Schwab Corp. (The) 56,100 2,864 Chimera Investment Corp.(ö) 146,200 2,792 CIT Group, Inc. 37,110 1,964 Citigroup, Inc. 415,671 29,883 Citizens Financial Group, Inc. 106,700 4,245 CNO Financial Group, Inc. 9,600 195
Fair Value
$ Comerica, Inc. 65,710 6,370 Commerce Bancshares, Inc. 68,674 4,587 Discover Financial Services 20,100 1,435 Douglas Emmett, Inc.(ö) 43,600 1,693 E*Trade Financial Corp.(Æ) 166,800 9,976 Eagle Bancorp, Inc.(Æ) 1,000 54 Equinix, Inc.(Æ)(ö) 10,140 4,454 Equity Commonwealth(Æ)(ö) 82,739 2,668 Equity Residential(ö) 65,500 4,286 Euronet Worldwide, Inc.(Æ) 19,000 1,747 Everest Re Group, Ltd. 8,750 1,911 Federated Investors, Inc. Class B 34,500 835 Fidelity National Information Services, Inc. 21,800 2,248 First BanCorp(Æ) 71,359 587 First Data Corp. Class A(Æ) 358,728 8,344 First Hawaiian, Inc. 70,853 2,002 First Midwest Bancorp, Inc. 18,450 492 Fiserv, Inc.(Æ) 25,100 1,895 Franklin Resources, Inc. 73,200 2,512 Gaming and Leisure Properties, Inc.(ö) 61,800 2,245 Global Payments, Inc. 24,000 2,702 Goldman Sachs Group, Inc. (The) 68,367 16,232 Hanover Insurance Group, Inc. (The) 8,945 1,122 Host Hotels & Resorts, Inc.(ö) 113,300 2,373 Interactive Brokers Group, Inc. Class A 26,520 1,587 Intercontinental Exchange, Inc. 60,700 4,486 Invesco, Ltd. 173,029 4,670 Investors Bancorp, Inc. 24,300 304 Jack Henry & Associates, Inc. 29,800 4,014 Jefferies Financial Group, Inc.(Æ) 53,900 1,307 JPMorgan Chase & Co. 247,774 28,482 KKR & Co., Inc. Class A 712,094 19,497 Lazard, Ltd. Class A 45,600 2,476 Legg Mason, Inc. 23,500 802 Life Storage, Inc.(Æ)(ö) 16,800 1,612 LPL Financial Holdings, Inc. 7,500 497 M&T Bank Corp. 54,630 9,470 MasterCard, Inc. Class A 91,515 18,120 Medical Properties Trust, Inc.(ö) 164,000 2,363 MFA Financial, Inc.(ö) 330,000 2,657 Morgan Stanley 313,641 15,858 Morningstar, Inc. 18,000 2,376 MSCI, Inc. Class A 11,000 1,828 Nasdaq, Inc. 21,700 1,983 New Residential Investment Corp.(ö) 117,500 2,102 New York Community Bancorp, Inc. 148,600 1,600 Northern Trust Corp. 71,725 7,834 Omega Healthcare Investors, Inc.(ö) 65,200 1,936 OneMain Holdings, Inc.(Æ) 164,904 5,483 Paramount Group, Inc.(ö) 141,272 2,181 Park Hotels & Resorts, Inc.(ö) 83,800 2,621 PayPal Holdings, Inc.(Æ) 78,000 6,407 PNC Financial Services Group, Inc. (The) 20,000 2,897 Popular, Inc. 5,300 263 Primerica, Inc. 11,500 1,320 ProAssurance Corp. 19,311 798 Progressive Corp. (The) 183,344 11,002 Prudential Financial, Inc. 24,780 2,501 Raymond James Financial, Inc. 69,940 6,406 Rayonier, Inc.(ö) 25,400 889
Russell Investment Company U.S. Strategic Equity Fund
22 U.S. Strategic Equity Fund
Fair Value
$ Reinsurance Group of America, Inc. Class A 36,814 5,209 Retail Properties of America, Inc. Class A(ö) 13,700 172 Santander Consumer USA Holdings, Inc. 462,409 8,897 SEI Investments Co. 20,500 1,229 SLM Corp.(Æ) 320,381 3,617 Spirit Realty Capital, Inc.(ö) 68,300 572 Starwood Property Trust, Inc.(ö) 178,900 4,086 State Street Corp. 130,570 11,531 SunTrust Banks, Inc. 105,400 7,596 Synchrony Financial 291,481 8,435 Synovus Financial Corp. 84,260 4,164 T Rowe Price Group, Inc. 15,200 1,810 TD Ameritrade Holding Corp. 20,900 1,194 Total System Services, Inc. 25,100 2,298 Travelers Cos., Inc. (The) 49,160 6,398 Two Harbors Investment Corp.(ö) 155,900 2,416 Visa, Inc. Class A 54,100 7,398 Voya Financial, Inc. 43,100 2,177 Wells Fargo & Co. 95,700 5,483 WR Berkley Corp. 11,069 839 WSFS Financial Corp. 3,300 187
531,088
Health Care - 10.7% Abbott Laboratories 31,500 2,064 AbbVie, Inc. 51,635 4,762 Abiomed, Inc.(Æ) 10,300 3,652 Aerie Pharmaceuticals, Inc.(Æ) 178,284 12,043 Aetna, Inc. 15,200 2,864 Agilent Technologies, Inc. 52,200 3,447 Align Technology, Inc.(Æ) 31,700 11,306 Alkermes PLC(Æ) 31,700 1,390 Allergan PLC 15,650 2,881 Allscripts Healthcare Solutions, Inc.(Æ) 207,066 2,534 AmerisourceBergen Corp. Class A 51,506 4,215 Amgen, Inc. 10,200 2,005 Anthem, Inc.(Æ) 52,090 13,179 Baxter International, Inc. 45,200 3,275 Becton Dickinson and Co. 7,500 1,878 Biogen, Inc.(Æ) 36,720 12,278 Bristol-Myers Squibb Co. 103,000 6,051 Cardinal Health, Inc. 58,100 2,902 Celgene Corp.(Æ) 269,261 24,258 Centene Corp.(Æ) 19,900 2,594 Cerner Corp.(Æ) 48,000 2,980 Cigna Corp. 61,970 11,119 Cooper Cos., Inc. (The) 8,900 2,318 Edwards Lifesciences Corp.(Æ) 20,200 2,877 Eli Lilly & Co. 85,131 8,412 Express Scripts Holding Co.(Æ) 36,500 2,900 Gilead Sciences, Inc. 68,884 5,361 Halozyme Therapeutics, Inc.(Æ) 24,300 440 Hologic, Inc.(Æ) 19,200 824 Horizon Pharma PLC(Æ) 241,704 4,261 Humana, Inc. 32,330 10,157 IDEXX Laboratories, Inc.(Æ) 5,070 1,242 Intuitive Surgical, Inc.(Æ) 20,588 10,463 Jazz Pharmaceuticals PLC(Æ) 18,535 3,208 Johnson & Johnson 160,480 21,267 Laboratory Corp. of America Holdings(Æ) 12,700 2,227
Fair Value
$ Loxo Oncology, Inc.(Æ) 40,553 6,796 Mallinckrodt PLC(Æ) 96,358 2,260 Masimo Corp.(Æ) 5,500 547 McKesson Corp. 28,800 3,617 Medtronic PLC 25,900 2,337 Merck & Co., Inc. 140,949 9,284 Molina Healthcare, Inc.(Æ) 17,960 1,869 Mylan NV(Æ) 134,541 5,020 Perrigo Co. PLC 9,500 765 Pfizer, Inc. 228,985 9,143 Portola Pharmaceuticals, Inc.(Æ) 61,354 2,196 Quest Diagnostics, Inc. 16,400 1,767 Sage Therapeutics, Inc.(Æ) 63,780 9,205 Shire PLC - ADR 22,384 3,819 Steris PLC 11,400 1,305 Stryker Corp. 10,600 1,730 Thermo Fisher Scientific, Inc. 11,000 2,580 UnitedHealth Group, Inc. 103,151 26,120 Varian Medical Systems, Inc.(Æ) 32,677 3,773 Veeva Systems, Inc. Class A(Æ) 27,200 2,057 Vertex Pharmaceuticals, Inc.(Æ) 16,300 2,853 WellCare Health Plans, Inc.(Æ) 27,200 7,274 West Pharmaceutical Services, Inc. 23,300 2,555 Zimmer Biomet Holdings, Inc. 28,858 3,622 Zoetis, Inc. Class A 36,100 3,122
325,250
Materials and Processing - 3.4% Air Products & Chemicals, Inc. 7,550 1,239 Ashland Global Holdings, Inc. 36,500 2,997 Ball Corp. 22,700 885 Berry Plastics Group, Inc.(Æ) 18,200 889 Cabot Corp. 4,100 271 Crown Holdings, Inc.(Æ) 125,641 5,688 Domtar Corp. 57,100 2,753 DowDuPont, Inc. 274,869 18,903 Eastman Chemical Co. 50,000 5,181 Ecolab, Inc. 6,525 918 Ingersoll-Rand PLC 20,000 1,970 International Flavors & Fragrances, Inc. 26,160 3,473 LyondellBasell Industries NV Class A 21,100 2,338 NewMarket Corp. 4,235 1,734 Nucor Corp. 50,500 3,380 Owens Corning 28,100 1,748 Packaging Corp. of America 8,800 994 Praxair, Inc. 87,901 14,723 Reliance Steel & Aluminum Co. 69,595 6,277 Royal Gold, Inc. 35,800 3,029 Sherwin-Williams Co. (The) 31,400 13,839 Sonoco Products Co. 17,200 960 Steel Dynamics, Inc. 37,300 1,756 Tahoe Resources, Inc.(Æ) 544,900 2,458 Univar, Inc.(Æ) 31,630 870 Watsco, Inc. 7,800 1,346 WestRock Co. 28,200 1,635 Worthington Industries, Inc. 2,600 122 WR Grace & Co. 29,087 2,148
104,524
U.S. Strategic Equity Fund 23
Fair Value
$ 3M Co. 13,300 2,824 Accenture PLC Class A 31,996 5,098 Adient PLC 12,400 591 AECOM(Æ) 111,866 3,754 AerCap Holdings NV(Æ) 175,254 9,837 AGCO Corp. 65,511 4,128 Allison Transmission Holdings, Inc. Class A 74,390 3,496 American Airlines Group, Inc. 137,257 5,427 Ametek, Inc. 30,900 2,404 AO Smith Corp. 36,700 2,185 Apergy Corp.(Æ) 11,600 476 Aptiv PLC 11,600 1,138 Automatic Data Processing, Inc. 23,300 3,145 Avery Dennison Corp. 14,000 1,605 Babcock & Wilcox Co. (The) Class W(Æ) 28,700 1,887 Boeing Co. (The) 64,167 22,863 Booz Allen Hamilton Holding Corp. Class A 36,400 1,721 Carlisle Cos., Inc. 14,800 1,818 Copart, Inc.(Æ) 28,000 1,607 CoStar Group, Inc.(Æ) 6,900 2,869 Crane Co. 16,900 1,531 Cummins, Inc. 34,284 4,896 Danaher Corp. 12,700 1,303 Deere & Co. 91,071 13,186 Delta Air Lines, Inc. 232,197 12,636 Donaldson Co., Inc. 13,900 663 Dover Corp. 23,100 1,917 Eaton Corp. PLC 58,700 4,882 EMCOR Group, Inc. 8,645 665 Esterline Technologies Corp.(Æ) 1,500 128 Evoqua Water Technologies Corp.(Æ) 439,798 9,385 ExlService Holdings, Inc.(Æ) 1,200 72 Expeditors International of Washington, Inc. 59,328 4,519 Exponent, Inc. 2,100 103 FedEx Corp. 55,684 13,691 Fluor Corp. 81,400 4,172 Fortive Corp. 17,700 1,453 Forward Air Corp. 10,354 662 General Dynamics Corp. 14,400 2,877 General Electric Co. 68,500 934 Genpact, Ltd. 81,000 2,461 Graco, Inc. 43,500 2,007 HD Supply Holdings, Inc.(Æ) 35,800 1,574 HEICO Corp. 34,000 2,597 Herman Miller, Inc. 3,000 114 Honeywell International, Inc. 22,200 3,544 Hub Group, Inc. Class A(Æ) 17,440 809 Hubbell, Inc. Class B 9,100 1,122 Huntington Ingalls Industries, Inc. 8,600 2,004 IDEX Corp. 11,200 1,720 IHS Markit, Ltd.(Æ) 29,300 1,554 Illinois Tool Works, Inc. 71,679 10,274 Insperity, Inc. 3,000 285 Itron, Inc.(Æ) 2,700 165 Jacobs Engineering Group, Inc. 34,900 2,360 JB Hunt Transport Services, Inc. 38,460 4,611 Kansas City Southern 122,651 14,261 KBR, Inc. 54,300 1,085 L3 Technologies, Inc. 12,100 2,595 Landstar System, Inc. 50,080 5,566
Fair Value
$ Lincoln Electric Holdings, Inc. 11,510 1,081 Lockheed Martin Corp. 25,003 8,153 Macquarie Infrastructure Corp. 98,538 4,475 ManpowerGroup, Inc. 22,900 2,136 McGraw Hill Financial, Inc. 10,400 2,085 Moog, Inc. Class A 12,382 929 Navistar International Corp.(Æ) 10,600 457 Nordson Corp. 12,600 1,690 Northrop Grumman Corp. 12,500 3,756 Old Dominion Freight Line, Inc. 7,200 1,057 Paychex, Inc. 40,300 2,781 Pentair PLC 13,800 616 Quanta Services, Inc.(Æ) 443,571 15,112 Raytheon Co. 85,927 17,016 Rockwell Automation, Inc. 107,907 20,239 Rockwell Collins, Inc. 31,100 4,323 Rollins, Inc. 32,400 1,780 Roper Technologies, Inc. 8,910 2,690 Ryder System, Inc. 4,900 384 Snap-on, Inc. 14,100 2,391 Southwest Airlines Co. 35,800 2,082 Spirit AeroSystems Holdings, Inc. Class A 18,000 1,678 Stanley Black & Decker, Inc. 12,100 1,809 Terex Corp. 18,300 807 Textron, Inc. 114,391 7,809 Toro Co. (The) 29,685 1,787 UniFirst Corp. 2,366 443 Union Pacific Corp. 81,328 12,190 United Continental Holdings, Inc.(Æ) 103,499 8,321 United Rentals, Inc.(Æ) 7,700 1,146 United Technologies Corp. 37,800 5,131 WageWorks, Inc.(Æ) 14,700 776 Waters Corp.(Æ) 11,000 2,170 Werner Enterprises, Inc. 37,300 1,389 WESCO International, Inc.(Æ) 25,500 1,555 XPO Logistics, Inc.(Æ) 128,956 12,859
374,359
Technology - 20.7% Adobe Systems, Inc.(Æ) 21,300 5,212 Alibaba Group Holding, Ltd. - ADR(Æ) 64,008 11,984 Alphabet, Inc. Class A(Æ) 23,848 29,267 Alphabet, Inc. Class C(Æ) 61,817 75,247 Amdocs, Ltd. 66,900 4,521 Amphenol Corp. Class A 30,900 2,890 Anixter International, Inc.(Æ) 8,150 594 Ansys, Inc.(Æ) 15,700 2,651 Apple, Inc. 508,141 96,694 Applied Materials, Inc. 41,700 2,028 Arista Networks, Inc.(Æ) 6,900 1,765 ARRIS International PLC(Æ) 114,987 2,905 Arrow Electronics, Inc.(Æ) 80,243 6,086 Aspen Technology, Inc.(Æ) 50,938 4,879 Avaya Holdings Corp.(Æ) 36,000 741 Av

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