2019

QUARTERLY

REPORT

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

September

30,

2019

FUND

Moderate

Strategy

Fund

Balanced

Strategy

Fund

Growth

Strategy

Fund

Equity

Growth

Strategy

Fund

Russell

Investment

Funds

Russell

Investment

Funds

is

a

series

investment

company

with

nine

different

investment

portfolios

referred

to

as

Funds.

This

Quarterly

Report

reports

on

four

of

these

Funds.

Page

Moderate

Strategy

Fund

3

Balanced

Strategy

Fund

6

Growth

Strategy

Fund

10

Equity

Growth

Strategy

Fund

14

Notes

to

Schedules

of

Investments

17

Notes

to

Quarterly

Report

19

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Quarterly

Report

September

30,

2019

(Unaudited)

Table

of

Contents

Russell

Investment

Funds

-

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Copyright

©

Russell

Investments

2019.

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.

Frank

Russell

Company

is

the

owner

of

the

Russell

trademarks

contained

in

this

material

and

all

trademark

rights

related

to

the

Russell

trademarks,

which

the

members

of

the

Russell

Investments

group

of

companies

are

permitted

to

use

under

license

from

Frank

Russell

Company.

The

members

of

the

Russell

Investments

group

of

companies

are

not

affiliated

in

any

manner

with

Frank

Russell

Company

or

any

entity

operating

under

the

“FTSE

RUSSELL”

brand.

Fund

objectives,

risks,

charges

and

expenses

should

be

carefully

considered

before

in-

vesting.

A

prospectus

containing

this

and

other

important

information

must

precede

or

accompany

this

material.

Please

read

the

prospectus

carefully

before

investing.

Securities

distributed

through

Russell

Investments

Financial

Services,

LLC,

member

FINRA,

part

of

Russell

Investments.

Russell

Investment

Funds

Moderate

Strategy

Fund

Schedule

of

Investments

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Moderate

Strategy

Fund

3

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

97.0%

Alternative

-

5.9%

RIC

Commodity

Strategies

Fund

Class

Y

571,990

2,924

RIC

Global

Infrastructure

Fund

Class

Y

149,209

1,702

RIF

Global

Real

Estate

Securities

Fund

86,455

1,357

5,983

Domestic

Equities

-

9.3%

RIC

Sustainable

Equity

Fund

Class

Y

1,091

59

RIC

U.S.

Dynamic

Equity

Fund

Class

Y

31,409

224

RIF

U.S.

Small

Cap

Equity

Fund

551,862

7,505

RIF

U.S.

Strategic

Equity

Fund

101,461

1,587

9,375

Fixed

Income

-

48.4%

RIC

Investment

Grade

Bond

Fund

Class

Y

551,127

12,218

RIC

Opportunistic

Credit

Fund

Class

Y

666,277

6,376

RIC

Unconstrained

Total

Return

Fund

Class

Y

820,444

8,221

RIF

Strategic

Bond

Fund

2,038,717

22,059

48,874

International

Equities

-

19.0%

RIC

Emerging

Markets

Fund

Class

Y

350,133

6,295

RIC

Global

Equity

Fund

Class

Y

721,843

7,053

RIF

International

Developed

Markets

Fund

529,011

5,851

19,199

Multi-Asset

-

14.4%

RIC

Multi-Strategy

Income

Fund

Class

Y

1,448,688

14,487

Total

Investments

in

Affiliated

Funds

(cost

$92,198)

97,918

Total

Investments

97.0%

(identified

cost

$92,198)

97,918

Other

Assets

and

Liabilities,

Net

-

3.0%

3,037

Net

Assets

-

100.0%

100,955

Russell

Investment

Funds

Moderate

Strategy

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

4

Moderate

Strategy

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Amsterdam

Index

Futures

4

EUR

464

10/19

5

CAC40

Euro

Index

Futures

27

EUR

1,533

10/19

22

DAX

Index

Futures

3

EUR

931

12/19

5

Dow

Jones

U.S.

Real

Estate

Index

Futures

65

USD

2,395

12/19

63

EURO

STOXX

50

Index

Futures

24

EUR

853

12/19

12

FTSE

100

Index

Futures

4

GBP

295

12/19

4

FTSE/MIB

Index

Futures

3

EUR

331

12/19

4

IBEX

35

Index

Futures

4

EUR

369

10/19

9

MSCI

EAFE

Index

Futures

15

USD

1,424

12/19

(8)

OMXS30

Index

Futures

18

SEK

2,966

10/19

—

Russell

1000

E-Mini

Index

Futures

4

USD

329

12/19

(4)

S&P

400

E-Mini

Index

Futures

1

USD

194

12/19

(3)

S&P/TSX

60

Index

Futures

4

CAD

797

12/19

1

SPI

200

Index

Futures

8

AUD

1,336

12/19

5

TOPIX

Index

Futures

6

JPY

95,279

12/19

27

Short

Positions

MSCI

Emerging

Markets

Index

Futures

2

USD

100

12/19

3

NASDAQ

100

E-Mini

Index

Futures

21

USD

3,263

12/19

58

Russell

2000

E-Mini

Index

Futures

54

USD

4,118

12/19

160

S&P

500

E-Mini

Index

Futures

11

USD

1,638

12/19

17

S&P

Financial

Select

Sector

Index

Futures

25

USD

2,157

12/19

29

United

States

5

Year

Treasury

Note

Futures

69

USD

8,221

12/19

54

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

463

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

Montreal

USD

217

AUD

315

12/18/19

(3)

Bank

of

Montreal

USD

376

CAD

494

12/18/19

(3)

Bank

of

Montreal

USD

371

JPY

39,503

12/18/19

(3)

Bank

of

Montreal

USD

29

MXN

575

12/18/19

—

Bank

of

Montreal

CHF

118

USD

120

12/18/19

1

Bank

of

Montreal

EUR

11

USD

12

12/18/19

—

Bank

of

Montreal

GBP

241

USD

298

12/18/19

1

Bank

of

Montreal

HKD

415

USD

53

12/18/19

—

Bank

of

Montreal

SEK

432

USD

45

12/18/19

1

Bank

of

Montreal

SGD

26

USD

19

12/18/19

—

Bank

of

Montreal

ZAR

250

USD

17

12/18/19

—

Citigroup

USD

971

CNY

6,920

12/18/19

(1)

Royal

Bank

of

Canada

USD

217

AUD

315

12/18/19

(4)

Royal

Bank

of

Canada

USD

376

CAD

494

12/18/19

(3)

Royal

Bank

of

Canada

USD

372

JPY

39,503

12/18/19

(4)

Royal

Bank

of

Canada

USD

29

MXN

575

12/18/19

—

Royal

Bank

of

Canada

CHF

118

USD

120

12/18/19

1

Royal

Bank

of

Canada

EUR

11

USD

12

12/18/19

—

Royal

Bank

of

Canada

GBP

241

USD

298

12/18/19

2

Royal

Bank

of

Canada

HKD

415

USD

53

12/18/19

—

Royal

Bank

of

Canada

SEK

432

USD

45

12/18/19

1

Royal

Bank

of

Canada

SGD

26

USD

19

12/18/19

—

Royal

Bank

of

Canada

ZAR

250

USD

17

12/18/19

—

State

Street

USD

20

RUB

1,340

12/18/19

—

State

Street

INR

8,140

USD

112

12/18/19

(2)

State

Street

KRW

349,910

USD

294

12/18/19

2

State

Street

TWD

9,520

USD

308

12/18/19

(1)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(15)

Russell

Investment

Funds

Moderate

Strategy

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Moderate

Strategy

Fund

5

Credit

Default

Swap

Contracts

Amounts

in

thousands

Credit

Indices

Reference

Entity

Counterparty

Purchase/Sell

Protection

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

CDX

Emerging

Markets

Index

Bank

of

America

Purchase

USD

2,200

(1.000%)

(2)

12/20/24

107

5

112

CDX

NA

High

Yield

Index

Bank

of

America

Sell

USD

5,600

5.000%

(2)

12/20/24

375

—

375

CDX

NA

Investment

Grade

Index

Bank

of

America

Purchase

USD

8,900

(1.000%)

(2)

12/20/24

(181)

4

(177)

Total

Open

Credit

Indices

Contracts

(å)

301

9

310

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Investments

in

Affiliated

Funds

$

97,918

$

—

$

—

$

—

$

97,918

Total

Investments

97,918

—

—

—

97,918

Other

Financial

Instruments

Assets

Futures

Contracts

478

—

—

—

478

Foreign

Currency

Exchange

Contracts

—

9

—

—

9

Credit

Default

Swap

Contracts

—

487

—

—

487

Liabilities

Futures

Contracts

(1

5

)

—

—

—

(1

5

)

Foreign

Currency

Exchange

Contracts

—

(2

4

)

—

—

(2

4

)

Credit

Default

Swap

Contracts

—

(177)

—

—

(177)

Total

Other

Financial

Instruments

*

$

463

$

295

$

—

$

—

$

758

*

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

September

30,

2019,

see

note

2

in

the

Notes

to

Quarterly

Report.

Russell

Investment

Funds

Balanced

Strategy

Fund

Schedule

of

Investments

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

6

Balanced

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

94.9%

Alternative

-

6.6%

RIC

Commodity

Strategies

Fund

Class

Y

1,584,420

8,096

RIC

Global

Infrastructure

Fund

Class

Y

425,870

4,859

RIF

Global

Real

Estate

Securities

Fund

266,916

4,191

17,146

Domestic

Equities

-

9.5%

RIC

Sustainable

Equity

Fund

Class

Y

89,564

4,831

RIC

U.S.

Dynamic

Equity

Fund

Class

Y

261,750

1,866

RIF

U.S.

Small

Cap

Equity

Fund

1,040,502

14,152

RIF

U.S.

Strategic

Equity

Fund

235,507

3,683

24,532

Fixed

Income

-

33.0%

RIC

Opportunistic

Credit

Fund

Class

Y

1,044,558

9,996

RIC

Unconstrained

Total

Return

Fund

Class

Y

1,763,932

17,675

RIF

Strategic

Bond

Fund

5,331,593

57,688

85,359

International

Equities

-

38.0%

RIC

Emerging

Markets

Fund

Class

Y

1,114,475

20,038

RIC

Global

Equity

Fund

Class

Y

4,716,959

46,085

RIF

International

Developed

Markets

Fund

2,906,274

32,143

98,266

Multi-Asset

-

7.8%

RIC

Multi-Strategy

Income

Fund

Class

Y

2,019,299

20,193

Total

Investments

in

Affiliated

Funds

(cost

$223,852)

245,496

Short-Term

Investments

-

0.0%

U.S.

Cash

Management

Fund

(@)

9,995

(∞)

10

Total

Short-Term

Investments

(cost

$10)

10

Total

Investments

94.9%

(identified

cost

$223,862)

245,506

Other

Assets

and

Liabilities,

Net

-

5.1%

13,110

Net

Assets

-

100.0%

258,616

Russell

Investment

Funds

Balanced

Strategy

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Balanced

Strategy

Fund

7

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Amsterdam

Index

Futures

13

EUR

1,508

10/19

15

CAC40

Euro

Index

Futures

87

EUR

4,938

10/19

70

DAX

Index

Futures

12

EUR

3,723

12/19

20

Dow

Jones

U.S.

Real

Estate

Index

Futures

162

USD

5,968

12/19

157

EURO

STOXX

50

Index

Futures

80

EUR

2,844

12/19

40

FTSE

100

Index

Futures

8

GBP

591

12/19

8

FTSE/MIB

Index

Futures

9

EUR

993

12/19

13

IBEX

35

Index

Futures

14

EUR

1,293

10/19

31

MSCI

EAFE

Index

Futures

9

USD

854

12/19

(5)

OMXS30

Index

Futures

59

SEK

9,722

10/19

1

Russell

1000

E-Mini

Index

Futures

3

USD

247

12/19

(3)

S&P

400

E-Mini

Index

Futures

2

USD

388

12/19

(6)

S&P

500

E-Mini

Index

Futures

21

USD

3,127

12/19

(31)

S&P/TSX

60

Index

Futures

2

CAD

398

12/19

1

SPI

200

Index

Futures

9

AUD

1,503

12/19

6

TOPIX

Index

Futures

19

JPY

301,720

12/19

86

Short

Positions

Hang

Seng

Index

Futures

1

HKD

1,302

10/19

(1)

MSCI

Emerging

Markets

Index

Futures

10

USD

501

12/19

14

MSCI

Singapore

Index

Futures

1

SGD

36

10/19

—

NASDAQ

100

E-Mini

Index

Futures

85

USD

13,210

12/19

236

S&P

Financial

Select

Sector

Index

Futures

48

USD

4,141

12/19

56

United

States

5

Year

Treasury

Note

Futures

158

USD

18,825

12/19

124

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

832

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

TRY

1,760

USD

295

12/18/19

(9)

Bank

of

Montreal

USD

505

CAD

663

12/18/19

(3)

Bank

of

Montreal

USD

228

CHF

224

12/18/19

(2)

Bank

of

Montreal

USD

542

JPY

57,693

12/18/19

(6)

Bank

of

Montreal

USD

28

MXN

553

12/18/19

—

Bank

of

Montreal

USD

208

NOK

1,850

12/18/19

(4)

Bank

of

Montreal

AUD

909

USD

627

12/18/19

11

Bank

of

Montreal

EUR

2,289

USD

2,550

12/18/19

40

Bank

of

Montreal

GBP

1,169

USD

1,448

12/18/19

7

Bank

of

Montreal

HKD

1,498

USD

191

12/18/19

—

Bank

of

Montreal

SEK

618

USD

64

12/18/19

1

Bank

of

Montreal

SGD

306

USD

222

12/18/19

1

Bank

of

Montreal

ZAR

70

USD

5

12/18/19

—

Bank

of

New

York

USD

505

CAD

663

12/18/19

(3)

Bank

of

New

York

USD

228

CHF

224

12/18/19

(2)

Bank

of

New

York

USD

542

JPY

57,693

12/18/19

(6)

Bank

of

New

York

USD

28

MXN

553

12/18/19

—

Bank

of

New

York

USD

208

NOK

1,850

12/18/19

(4)

Bank

of

New

York

AUD

909

USD

626

12/18/19

10

Bank

of

New

York

EUR

2,289

USD

2,546

12/18/19

36

Bank

of

New

York

GBP

1,169

USD

1,445

12/18/19

4

Bank

of

New

York

HKD

1,498

USD

191

12/18/19

—

Bank

of

New

York

SEK

618

USD

64

12/18/19

1

Bank

of

New

York

SGD

306

USD

222

12/18/19

1

Bank

of

New

York

ZAR

70

USD

5

12/18/19

—

Citigroup

USD

2,165

CNY

15,430

12/18/19

(3)

Royal

Bank

of

Canada

USD

505

CAD

663

12/18/19

(4)

Royal

Bank

of

Canada

USD

229

CHF

224

12/18/19

(2)

Russell

Investment

Funds

Balanced

Strategy

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

8

Balanced

Strategy

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Royal

Bank

of

Canada

USD

543

JPY

57,693

12/18/19

(6)

Royal

Bank

of

Canada

USD

28

MXN

553

12/18/19

—

Royal

Bank

of

Canada

USD

208

NOK

1,850

12/18/19

(4)

Royal

Bank

of

Canada

AUD

909

USD

627

12/18/19

12

Royal

Bank

of

Canada

EUR

2,289

USD

2,548

12/18/19

38

Royal

Bank

of

Canada

GBP

1,169

USD

1,449

12/18/19

7

Royal

Bank

of

Canada

HKD

1,498

USD

191

12/18/19

—

Royal

Bank

of

Canada

SEK

618

USD

65

12/18/19

1

Royal

Bank

of

Canada

SGD

306

USD

222

12/18/19

1

Royal

Bank

of

Canada

ZAR

70

USD

5

12/18/19

—

State

Street

USD

28

RUB

1,880

12/18/19

—

State

Street

BRL

5,310

USD

1,299

12/18/19

28

State

Street

INR

49,110

USD

677

12/18/19

(12)

State

Street

KRW

1,695,470

USD

1,426

12/18/19

9

State

Street

TWD

28,550

USD

923

12/18/19

(3)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

135

Credit

Default

Swap

Contracts

Amounts

in

thousands

Credit

Indices

Reference

Entity

Counterparty

Purchase/Sell

Protection

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

CDX

Emerging

Markets

Index

Bank

of

America

Purchase

USD

4,300

(1.000%)

(2)

12/20/24

210

8

218

CDX

NA

High

Yield

Index

Bank

of

America

Sell

USD

2,000

5.000%

(2)

12/20/24

134

—

134

CDX

NA

Investment

Grade

Index

Bank

of

America

Purchase

USD

16,800

(1.000%)

(2)

12/20/24

(342)

8

(334)

Total

Open

Credit

Indices

Contracts

(å)

2

16

18

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Investments

in

Affiliated

Funds

$

245,496

$

—

$

—

$

—

$

245,496

Short-Term

Investments

—

—

—

10

10

Total

Investments

245,496

—

—

10

245,506

Other

Financial

Instruments

Assets

Futures

Contracts

87

8

—

—

—

87

8

Foreign

Currency

Exchange

Contracts

—

20

8

—

—

208

Credit

Default

Swap

Contracts

—

352

—

—

352

Liabilities

Russell

Investment

Funds

Balanced

Strategy

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Balanced

Strategy

Fund

9

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Futures

Contracts

(46

)

—

—

—

(4

6

)

Foreign

Currency

Exchange

Contracts

—

(73)

—

—

(73)

Credit

Default

Swap

Contracts

—

(334)

—

—

(334)

Total

Other

Financial

Instruments

*

$

832

$

153

$

—

$

—

$

98

5

*

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

September

30,

2019,

see

note

2

in

the

Notes

to

Quarterly

Report.

Russell

Investment

Funds

Growth

Strategy

Fund

Schedule

of

Investments

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

10

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

96.6%

Alternative

-

7.5%

RIC

Commodity

Strategies

Fund

Class

Y

1,149,710

5,875

RIC

Global

Infrastructure

Fund

Class

Y

322,290

3,677

RIF

Global

Real

Estate

Securities

Fund

344,273

5,405

14,957

Domestic

Equities

-

28.6%

RIC

Sustainable

Equity

Fund

Class

Y

177,579

9,579

RIC

U.S.

Dynamic

Equity

Fund

Class

Y

977,377

6,969

RIF

U.S.

Small

Cap

Equity

Fund

1,659,673

22,571

RIF

U.S.

Strategic

Equity

Fund

1,128,362

17,648

56,767

Fixed

Income

-

17.4%

RIC

Opportunistic

Credit

Fund

Class

Y

243,795

2,333

RIC

Unconstrained

Total

Return

Fund

Class

Y

2,241,598

22,461

RIF

Strategic

Bond

Fund

906,752

9,811

34,605

International

Equities

-

43.1%

RIC

Emerging

Markets

Fund

Class

Y

886,594

15,941

RIC

Global

Equity

Fund

Class

Y

3,608,150

35,252

RIF

International

Developed

Markets

Fund

3,123,269

34,543

85,736

Total

Investments

in

Affiliated

Funds

(cost

$174,856)

192,065

Short-Term

Investments

-

0.0%

U.S.

Cash

Management

Fund(@)

19,404

(∞)

19

Total

Short-Term

Investments

(cost

$19)

19

Total

Investments

96.6%

(identified

cost

$174,875)

192,084

Other

Assets

and

Liabilities,

Net

-

3.4%

6,691

Net

Assets

-

100.0%

198,775

Russell

Investment

Funds

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Growth

Strategy

Fund

11

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Amsterdam

Index

Futures

11

EUR

1,276

10/19

13

CAC40

Euro

Index

Futures

72

EUR

4,087

10/19

58

DAX

Index

Futures

11

EUR

3,413

12/19

19

Dow

Jones

U.S.

Real

Estate

Index

Futures

60

USD

2,210

12/19

58

EURO

STOXX

50

Index

Futures

66

EUR

2,346

12/19

33

FTSE

100

Index

Futures

20

GBP

1,477

12/19

20

FTSE/MIB

Index

Futures

9

EUR

993

12/19

13

IBEX

35

Index

Futures

12

EUR

1,108

10/19

26

MSCI

EAFE

Index

Futures

24

USD

2,278

12/19

(12)

MSCI

Emerging

Markets

Index

Futures

40

USD

2,004

12/19

(59)

OMXS30

Index

Futures

51

SEK

8,404

10/19

1

S&P/TSX

60

Index

Futures

8

CAD

1,594

12/19

2

SPI

200

Index

Futures

14

AUD

2,339

12/19

9

TOPIX

Index

Futures

17

JPY

269,959

12/19

77

United

States

2

Year

Treasury

Note

Futures

155

USD

33,403

12/19

(84)

Short

Positions

NASDAQ

100

E-Mini

Index

Futures

59

USD

9,169

12/19

163

Russell

1000

E-Mini

Index

Futures

7

USD

576

12/19

6

Russell

2000

E-Mini

Index

Futures

54

USD

4,118

12/19

160

S&P

400

E-Mini

Index

Futures

4

USD

775

12/19

11

S&P

500

E-Mini

Index

Futures

77

USD

11,468

12/19

115

S&P

Financial

Select

Sector

Index

Futures

12

USD

1,035

12/19

14

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

643

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

Montreal

USD

172

CAD

227

12/18/19

(1)

Bank

of

Montreal

USD

274

JPY

29,128

12/18/19

(3)

Bank

of

Montreal

AUD

113

USD

78

12/18/19

1

Bank

of

Montreal

CHF

388

USD

395

12/18/19

4

Bank

of

Montreal

EUR

2,462

USD

2,743

12/18/19

44

Bank

of

Montreal

GBP

1,451

USD

1,797

12/18/19

9

Bank

of

Montreal

HKD

893

USD

114

12/18/19

—

Bank

of

Montreal

MXN

760

USD

38

12/18/19

—

Bank

of

Montreal

SEK

620

USD

65

12/18/19

1

Bank

of

Montreal

SGD

55

USD

40

12/18/19

—

Bank

of

Montreal

ZAR

133

USD

9

12/18/19

—

Bank

of

New

York

USD

172

CAD

227

12/18/19

(1)

Bank

of

New

York

USD

274

JPY

29,128

12/18/19

(3)

Bank

of

New

York

AUD

113

USD

78

12/18/19

1

Bank

of

New

York

CHF

388

USD

395

12/18/19

3

Bank

of

New

York

EUR

2,462

USD

2,739

12/18/19

40

Bank

of

New

York

GBP

1,451

USD

1,794

12/18/19

5

Bank

of

New

York

HKD

893

USD

114

12/18/19

—

Bank

of

New

York

MXN

760

USD

38

12/18/19

—

Bank

of

New

York

SEK

620

USD

65

12/18/19

1

Bank

of

New

York

SGD

55

USD

40

12/18/19

—

Bank

of

New

York

ZAR

133

USD

9

12/18/19

—

Citigroup

USD

2,090

CNY

14,900

12/18/19

(3)

Royal

Bank

of

Canada

USD

173

CAD

227

12/18/19

(1)

Royal

Bank

of

Canada

USD

274

JPY

29,128

12/18/19

(3)

Royal

Bank

of

Canada

AUD

113

USD

78

12/18/19

1

Royal

Bank

of

Canada

CHF

388

USD

395

12/18/19

4

Royal

Bank

of

Canada

EUR

2,462

USD

2,741

12/18/19

42

Royal

Bank

of

Canada

GBP

1,451

USD

1,798

12/18/19

9

Russell

Investment

Funds

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

12

Growth

Strategy

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Royal

Bank

of

Canada

HKD

893

USD

114

12/18/19

—

Royal

Bank

of

Canada

MXN

760

USD

38

12/18/19

—

Royal

Bank

of

Canada

SEK

620

USD

65

12/18/19

1

Royal

Bank

of

Canada

SGD

55

USD

40

12/18/19

—

Royal

Bank

of

Canada

ZAR

133

USD

9

12/18/19

—

State

Street

USD

40

RUB

2,680

12/18/19

1

State

Street

KRW

233,270

USD

196

12/18/19

1

State

Street

TWD

28,550

USD

923

12/18/19

(3)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

150

Credit

Default

Swap

Contracts

Amounts

in

thousands

Credit

Indices

Reference

Entity

Counterparty

Purchase/Sell

Protection

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

CDX

Emerging

Markets

Index

Bank

of

America

Sell

USD

100

1.000%

(2)

12/20/24

(5)

—

(5)

CDX

NA

High

Yield

Index

Bank

of

America

Purchase

USD

10,000

(5.000%)

(2)

12/20/24

(670)

—

(670)

CDX

NA

Investment

Grade

Index

Bank

of

America

Purchase

USD

5,300

(1.000%)

(2)

12/20/24

(108)

3

(105)

Total

Open

Credit

Indices

Contracts

(å)

(783)

3

(780)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Investments

in

Affiliated

Funds

$

192,065

$

—

$

—

$

—

$

192,065

Short-Term

Investments

—

—

—

19

19

Total

Investments

192,065

—

—

19

192,084

Other

Financial

Instruments

Assets

Futures

Contracts

798

—

—

—

798

Foreign

Currency

Exchange

Contracts

—

168

—

—

168

Liabilities

Futures

Contracts

(155)

—

—

—

(155)

Foreign

Currency

Exchange

Contracts

—

(18)

—

—

(18)

Credit

Default

Swap

Contracts

—

(780)

—

—

(780)

Total

Other

Financial

Instruments

*

$

643

$

(630)

$

—

$

—

$

13

*

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.

Russell

Investment

Funds

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Growth

Strategy

Fund

13

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

September

30,

2019,

see

note

2

in

the

Notes

to

Quarterly

Report.

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

Schedule

of

Investments

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

14

Equity

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

95.1%

Alternative

-

6.3%

RIC

Commodity

Strategies

Fund

Class

Y

267,547

1,368

RIC

Global

Infrastructure

Fund

Class

Y

88,462

1,009

RIF

Global

Real

Estate

Securities

Fund

40,273

632

3,009

Domestic

Equities

-

31.9%

RIC

Sustainable

Equity

Fund

Class

Y

62,407

3,366

RIC

U.S.

Dynamic

Equity

Fund

Class

Y

346,111

2,468

RIF

U.S.

Small

Cap

Equity

Fund

493,038

6,706

RIF

U.S.

Strategic

Equity

Fund

170,738

2,670

15,210

Fixed

Income

-

8.4%

RIC

Opportunistic

Credit

Fund

Class

Y

39,590

379

RIC

Unconstrained

Total

Return

Fund

Class

Y

359,567

3,603

3,982

International

Equities

-

48.5%

RIC

Emerging

Markets

Fund

Class

Y

278,995

5,016

RIC

Global

Equity

Fund

Class

Y

1,003,373

9,802

RIF

International

Developed

Markets

Fund

752,779

8,326

23,144

Total

Investments

in

Affiliated

Funds

(cost

$39,638)

45,345

Short-Term

Investments

-

0.0%

U.S.

Cash

Management

Fund(@)

20,239

(∞)

20

Total

Short-Term

Investments

(cost

$20)

20

Total

Investments

95.1%

(identified

cost

$39,658)

45,365

Other

Assets

and

Liabilities,

Net

-

4.9%

2,314

Net

Assets

-

100.0%

47,679

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Equity

Growth

Strategy

Fund

15

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Amsterdam

Index

Futures

3

EUR

348

10/19

4

CAC40

Euro

Index

Futures

20

EUR

1,135

10/19

16

DAX

Index

Futures

2

EUR

621

12/19

3

Dow

Jones

U.S.

Real

Estate

Index

Futures

66

USD

2,431

12/19

64

EURO

STOXX

50

Index

Futures

18

EUR

640

12/19

9

FTSE

100

Index

Futures

7

GBP

517

12/19

7

FTSE/MIB

Index

Futures

2

EUR

221

12/19

3

IBEX

35

Index

Futures

3

EUR

277

10/19

7

MSCI

EAFE

Index

Futures

8

USD

759

12/19

(4)

OMXS30

Index

Futures

13

SEK

2,142

10/19

—

Russell

1000

E-Mini

Index

Futures

1

USD

82

12/19

(1)

SPI

200

Index

Futures

3

AUD

501

12/19

2

TOPIX

Index

Futures

4

JPY

63,520

12/19

18

Short

Positions

MSCI

Emerging

Markets

Index

Futures

45

USD

2,254

12/19

63

NASDAQ

100

E-Mini

Index

Futures

16

USD

2,486

12/19

44

Russell

2000

E-Mini

Index

Futures

23

USD

1,754

12/19

68

S&P

400

E-Mini

Index

Futures

1

USD

194

12/19

3

S&P

500

E-Mini

Index

Futures

6

USD

894

12/19

9

S&P

Financial

Select

Sector

Index

Futures

12

USD

1,035

12/19

14

United

States

5

Year

Treasury

Note

Futures

13

USD

1,549

12/19

10

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

339

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

Montreal

USD

305

AUD

443

12/18/19

(5)

Bank

of

Montreal

USD

173

CAD

227

12/18/19

(1)

Bank

of

Montreal

USD

356

JPY

37,862

12/18/19

(4)

Bank

of

Montreal

USD

8

ZAR

115

12/18/19

—

Bank

of

Montreal

CHF

223

USD

227

12/18/19

2

Bank

of

Montreal

EUR

882

USD

983

12/18/19

16

Bank

of

Montreal

GBP

420

USD

520

12/18/19

2

Bank

of

Montreal

HKD

360

USD

46

12/18/19

—

Bank

of

Montreal

MXN

2,025

USD

102

12/18/19

—

Bank

of

Montreal

SEK

375

USD

39

12/18/19

1

Bank

of

Montreal

SGD

22

USD

16

12/18/19

—

Citigroup

USD

491

CNY

3,500

12/18/19

(1)

Royal

Bank

of

Canada

USD

305

AUD

443

12/18/19

(6)

Royal

Bank

of

Canada

USD

173

CAD

227

12/18/19

(1)

Royal

Bank

of

Canada

USD

356

JPY

37,862

12/18/19

(4)

Royal

Bank

of

Canada

USD

8

ZAR

115

12/18/19

—

Royal

Bank

of

Canada

CHF

223

USD

227

12/18/19

2

Royal

Bank

of

Canada

EUR

882

USD

982

12/18/19

14

Royal

Bank

of

Canada

GBP

420

USD

520

12/18/19

3

Royal

Bank

of

Canada

HKD

360

USD

46

12/18/19

—

Royal

Bank

of

Canada

MXN

2,025

USD

102

12/18/19

1

Royal

Bank

of

Canada

SEK

375

USD

39

12/18/19

1

Royal

Bank

of

Canada

SGD

22

USD

16

12/18/19

—

State

Street

USD

22

RUB

1,490

12/18/19

—

State

Street

BRL

980

USD

240

12/18/19

5

State

Street

INR

12,940

USD

178

12/18/19

(3)

State

Street

KRW

116,630

USD

98

12/18/19

1

State

Street

TWD

9,520

USD

308

12/18/19

(1)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

22

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

16

Equity

Growth

Strategy

Fund

Credit

Default

Swap

Contracts

Amounts

in

thousands

Credit

Indices

Reference

Entity

Counterparty

Purchase/Sell

Protection

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

CDX

Emerging

Markets

Index

Bank

of

America

Sell

USD

100

1.000%

(2)

12/20/24

(5)

—

(5)

CDX

NA

High

Yield

Index

Bank

of

America

Purchase

USD

1,300

(5.000%)

(2)

12/20/24

(87)

—

(87)

Total

Open

Credit

Indices

Contracts

(å)

(92)

—

(92)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Investments

in

Affiliated

Funds

$

45,345

$

—

$

—

$

—

$

45,345

Short-Term

Investments

—

—

—

20

20

Total

Investments

45,345

—

—

20

45,365

Other

Financial

Instruments

Assets

Futures

Contracts

344

—

—

—

344

Foreign

Currency

Exchange

Contracts

—

48

—

—

48

Liabilities

Futures

Contracts

(5)

—

—

—

(5)

Foreign

Currency

Exchange

Contracts

—

(26)

—

—

(26)

Credit

Default

Swap

Contracts

—

(

9

2)

—

—

(

9

2)

Total

Other

Financial

Instruments

*

$

339

$

(70)

$

—

$

—

$

269

*

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

September

30,

2019,

see

note

2

in

the

Notes

to

Quarterly

Report.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Schedules

of

Investments

—

September

30,

2019

(Unaudited)

Notes

to

Schedules

of

Investments

17

Footnotes:

Abbreviations:

(å)

Currency

balances

were

pledged

in

connection

with

futures

contracts

purchased

(sold),

options

written,

or

swaps

entered

into

by

the

Fund.

See

Notes

to

Quarterly

Report.

(∞)

Unrounded

units.

(

@

)

Affiliate.

(

1

)

Monthly

payment

frequency.

(

2

)

Quarterly

payment

frequency.

(

3

)

Semi-annual

payment

frequency.

(

4

)

Annual

payment

frequency.

(

5

)

Payment

at

termination.

144A

-

Represents

private

placement

security

for

qualified

buyers

according

to

rule

144A

of

the

Securities

Act

of

1933.

ADR

-

American

Depositary

Receipt

ADS

-

American

Depositary

Share

BBSW

-

Bank

Bill

Swap

Reference

Rate

CIBOR

-

Copenhagen

Interbank

Offered

Rate

CME

-

Chicago

Mercantile

Exchange

CMO

-

Collateralized

Mortgage

Obligation

CVO

-

Contingent

Value

Obligation

EMU

-

European

Economic

and

Monetary

Union

EURIBOR

-

Euro

Interbank

Offered

Rate

FDIC

-

Federal

Deposit

Insurance

Company

GDR

-

Global

Depositary

Receipt

GDS

-

Global

Depositary

Share

HIBOR

–

Hong

Kong

Interbank

Offered

Rate

LIBOR

-

London

Interbank

Offered

Rate

NIBOR

-

Norwegian

Interbank

Offered

Rate

PIK

-

Payment

in

Kind

PRIBOR

–

Prague

Interbank

Offered

Rate

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

SIBOR

–

Singapore

Interbank

Offered

Rate

STRIP

-

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

TBA

-

To

Be

Announced

Security

UK

-

United

Kingdom

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Schedules

of

Investments,

continued

—

September

30,

2019

(Unaudited)

18

Notes

to

Schedules

of

Investments

Foreign

Currency

Abbreviations:

ARS

-

Argentine

peso

HKD

–

Hong

Kong

dollar

PHP

–

Philippine

peso

AUD

-

Australian

dollar

HUF

-

Hungarian

forint

PKR

-

Pakistani

rupee

BRL

-

Brazilian

real

IDR

-

Indonesian

rupiah

PLN

-

Polish

zloty

CAD

-

Canadian

dollar

ILS

-

Israeli

shekel

RUB

-

Russian

ruble

CHF

-

Swiss

franc

INR

-

Indian

rupee

SEK

-

Swedish

krona

CLP

-

Chilean

peso

ISK

-

Icelandic

krona

SGD

-

Singapore

dollar

CNH

-

Chinese

renminbi

yuan

(offshore)

ITL

-

Italian

lira

SKK

-

Slovakian

koruna

CNY

-

Chinese

renminbi

yuan

JPY

-

Japanese

yen

THB

-

Thai

baht

COP

-

Colombian

peso

KES

-

Kenyan

schilling

TRY

-

Turkish

lira

CRC

-

Costa

Rican

colon

KRW

-

South

Korean

won

TWD

-

Taiwanese

dollar

CZK

-

Czech

koruna

MXN

-

Mexican

peso

USD

-

United

States

dollar

DKK

-

Danish

krone

MYR

–

Malaysian

ringgit

VEB

-

Venezuelan

bolivar

EGP

-

Egyptian

pound

NOK

-

Norwegian

krone

VND

-

Vietnamese

dong

EUR

-

Euro

NZD

-

New

Zealand

dollar

ZAR

-

South

African

rand

GBP

-

British

pound

sterling

PEN

-

Peruvian

nuevo

sol

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Quarterly

Report

—

September

30,

2019

(Unaudited)

Notes

to

Quarterly

Report

19

Organization

Russell

Investment

Funds

(the

“Investment

Company”

or

“RIF”)

is

a

series

investment

company

with

nine

different

investment

portfolios

referred

to

as

funds

(each

a

“Fund”

and

collectively

the

“Funds”).

This

Quarterly

Report

reports

on

four

of

these

Funds.

The

Investment

Company

provides

the

investment

base

for

one

or

more

variable

insurance

products

issued

by

one

or

more

insurance

companies.

These

Funds

are

offered

at

net

asset

value

("NAV")

to

qualified

insurance

company

separate

accounts

offering

variable

insurance

products.

The

Investment

Company

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

("Investment

Company

Act"),

as

an

open-end

management

investment

company.

It

is

organized

and

operated

as

a

Massachusetts

business

trust

under

a

Second

Amended

and

Restated

Master

Trust

Agreement

dated

March

1,

2018,

as

amended

(“Master

Trust

Agreement”),

and

the

provisions

of

Massachusetts

law

governing

the

operation

of

a

Massachusetts

business

trust.

The

Investment

Company’s

Master

Trust

Agreement

permits

the

Board

of

Trustees

(the

“Board”)

to

issue

an

unlimited

number

of

shares

of

beneficial

interest.

Each

of

the

Funds

is

diversified.

Under

the

Investment

Company

Act

a

diversified

company

is

defined

as

a

management

company

which

meets

the

following

requirements:

at

least

75%

of

the

value

of

its

total

assets

is

represented

by

cash

and

cash

equivalents

(including

receivables),

government

securities,

securities

of

other

investment

companies,

and

other

securities

for

the

purposes

of

this

calculation

limited

in

respect

of

any

one

issuer

to

an

amount

not

greater

in

value

than

five

percent

of

the

value

of

the

total

assets

of

such

management

company

and

to

not

more

than

10%

of

the

outstanding

voting

securities

of

such

issuer.

Each

of

the

Funds

is

a

“fund

of

funds”

and

diversifies

its

assets

by

investing

principally,

in

shares

of

several

other

RIF

Funds

and

in

certain

Russell

Investment

Company

(“RIC”)

Funds

(the

“Underlying

Funds”).

Each

Fund

seeks

to

achieve

its

specific

investment

objective

by

investing

in

different

combinations

of

Underlying

Funds.

In

addition

to

investing

in

the

Underlying

Funds,

Russell

Investment

Management,

LLC

(“RIM”),

the

Funds’

investment

adviser,

may

seek

to

actively

manage

the

Funds'

overall

exposures

(such

as

asset

class,

currency,

capitalization

size,

industry,

sector,

region,

credit

exposure,

country

risk,

yield

curve

positioning

or

interest

rates)

by

investing

in

derivatives,

including

futures,

options,

forwards

and

swaps,

that

RIM

believes

will

achieve

the

desired

exposures

for

the

Funds.

Derivatives

may

be

used

to

take

long

or

short

positions.

A

Fund

may

hold

cash

in

connection

with

these

investment

strategies.

The

Funds

usually,

but

not

always,

pursue

a

strategy

of

being

fully

invested

by

exposing

their

cash

to

the

performance

of

segments

of

the

global

equity

market

by

purchasing

index

futures

contracts

(also

known

as

"equitization").

Each

Fund

intends

its

strategy

of

investing

in

combinations

of

equity,

fixed

income,

multi-asset

and

alternative

Underlying

Funds

to

result

in

investment

diversification

that

an

investor

could

otherwise

achieve

only

by

holding

numerous

individual

investments.

A

Fund’s

actual

allocation

may

vary

from

the

target

strategic

asset

allocation

at

any

point

in

time

(1)

due

to

market

movements,

(2)

by

up

to

+/-

5%

at

the

equity,

fixed

income,

multi-asset

or

alternative

category

level

based

on

RIM’s

capital

markets

research,

and/

or

(3)

due

to

the

implementation

over

a

period

of

time

of

a

change

to

the

target

strategic

asset

allocation

including

the

addition

of

a

new

Underlying

Fund.

There

may

be

no

changes

in

the

asset

allocation

or

to

the

Underlying

Funds

in

a

given

year

or

such

changes

may

be

made

one

or

more

times

in

a

year.

The

following

table

shows

the

Funds'

approximate

expected

target

strategic

asset

allocation

effective

on

or

about

May

1,

2019

to

equity,

fixed

income,

multi-asset

and

alternative

asset

classes.

The

equity

Underlying

Funds

in

which

the

Funds

may

invest

include

the

RIF

U.S.

Strategic

Equity,

RIC

Sustainable

Equity,

RIC

U.S.

Dynamic

Equity,

RIF

U.S.

Small

Cap

Equity,

RIF

International

Developed

Markets,

RIC

Global

Equity,

and

RIC

Emerging

Markets

Funds.

The

fixed

income

Underlying

Funds

in

which

the

Funds

may

invest

include

the

RIC

Opportunistic

Credit,

RIC

Unconstrained

Total

Return,

RIF

Strategic

Bond,

RIC

Investment

Grade

Bond

and

RIC

Short

Duration

Bond

Funds.

The

multi-asset

Underlying

Funds

in

which

the

Funds

may

invest

include

the

RIC

Multi-Strategy

Income

and

RIC

Multi-Asset

Growth

Strategy

Funds.

The

alternative

Underlying

Funds

in

which

the

Funds

may

invest

include

the

RIC

Commodity

Strategies,

RIC

Global

Infrastructure

and

RIF

Global

Real

Estate

Securities

Funds.

*

Actual

asset

allocation

may

vary

.

**

Alternative

Underlying

Funds

pursue

investment

strategies

that

differ

from

those

of

traditional

broad

market

equity

or

fixed

income

funds.

Asset

Allocation*

Asset

Allocation

Moderate

Strategy

Fund

Balanced

Strategy

Fund

Growth

Strategy

Fund

Equity

Growth

Strategy

Fund

Alternative**

7.5%

7%

8%

8%

Equity

29.5%

51%

70%

85%

Fixed

Income

53%

38%

22%

7%

Multi-Asset

10%

4%

—%

—%

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Quarterly

Report,

continued

—

September

30,

2019

(Unaudited)

20

Notes

to

Quarterly

Report

Significant

Accounting

Policies

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds

in

the

preparation

of

this

Quarterly

Report.

These

policies

are

in

conformity

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

which

require

the

use

of

management

estimates

and

assumptions

at

the

date

of

the

Quarterly

Report.

Actual

results

could

differ

from

those

estimates.

The

Funds

are

considered

investment

companies

under

U.S.

GAAP

and

follow

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

each

Fund

in

the

preparation

of

its

quarterly

report.

Security

Valuation

The

Funds

value

portfolio

securities

according

to

Board-approved

securities

valuation

procedures

which

include

market

and

fair

value

procedures.

The

Board

has

delegated

the

responsibility

for

administration

of

the

securities

valuation

procedures

to

Russell

Investments

Fund

Services,

LLC

(“RIFuS”).

The

Funds

value

the

shares

of

the

Underlying

Funds

at

the

current

NAV

per

share

of

each

Underlying

Fund.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

of

an

investment

in

a

fund

using

the

NAV

per

share

without

further

adjustment

as

a

practical

expedient,

if

the

NAV

per

share

of

the

investment

is

determined

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies

as

of

the

reporting

entity’s

measurement

date.

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

It

establishes

a

fair

value

hierarchy

that

prioritizes

inputs

to

valuation

methods

and

requires

a

separate

disclosure

of

the

fair

value

hierarchy

for

each

major

category

of

assets

and

liabilities,

that

segregates

fair

value

measurements

into

levels

(Level

1,

2,

and

3).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Levels

1,

2

and

3

of

the

fair

value

hierarchy

are

defined

as

follows:

Level

1

—

Quoted

prices

(unadjusted)

in

active

markets

or

exchanges

for

identical

assets

and

liabilities.

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable,

which

may

include,

but

are

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

and

inputs

such

as

interest

rates,

yield

curves,

implied

volatilities,

credit

spreads

or

other

market

corroborated

inputs.

Level

3

—

Significant

unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

by

RIFuS,

acting

at

the

discretion

of

the

Board,

that

are

used

in

determining

the

fair

value

of

investments.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgement.

Accordingly,

the

degree

of

judgement

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

market

values

of

financial

instruments

categorized

as

Level

1

and

Level

2

of

the

fair

value

hierarchy

are

as

follows:

Equity

securities,

including

common

and

preferred

stock,

short

securities,

ETFs

and

restricted

securities

that

are

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market),

are

stated

at

the

last

reported

sales

price

on

the

day

of

valuation

or

official

closing

price,

as

applicable.

To

the

extent

these

securities

are

actively

traded,

and

valuation

adjustments

are

not

applied,

they

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Investments

in

investment

funds

that

are

not

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market)

will

be

valued

based

upon

the

NAV

of

such

instruments.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Quarterly

Report,

continued

—

September

30,

2019

(Unaudited)

Notes

to

Quarterly

Report

21

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

of

an

investment

in

a

fund

using

the

NAV

per

share

without

further

adjustment

as

a

practical

expedient,

if

the

NAV

per

share

of

the

investment

is

determined

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies

as

of

the

reporting

entity's

measurement

date.

Derivative

instruments

are

instruments

such

as

foreign

currency

contracts,

futures

contracts,

options

contracts,

or

swap

agreements

that

derive

their

value

from

underlying

asset

prices,

indices,

reference

rates,

and

other

inputs

or

a

combination

of

these

factors.

Derivatives

may

be

classified

into

two

groups

depending

upon

the

way

that

they

are

traded:

privately

traded

over-the-counter

(“OTC”)

derivatives

that

do

not

go

through

an

exchange

or

intermediary

and

exchange-traded

derivatives

that

are

traded

through

specialized

derivatives

exchanges

or

other

regulated

exchanges.

OTC

derivatives

are

normally

valued

on

the

basis

of

broker

dealer

quotations

or

pricing

service

providers.

Depending

on

the

product

and

the

terms

of

the

transaction,

the

value

of

the

derivative

instrument

can

be

estimated

by

a

pricing

service

provider

using

a

series

of

techniques,

including

simulation

pricing

models.

The

pricing

models

use

inputs

that

are

observed

from

actively

quoted

markets

such

as

issuer

details,

indices,

spreads,

interest

rates,

yield

curves,

dividends

and

exchange

rates.

OTC

derivatives

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy,

with

the

exception

of

foreign

currency

spot

contracts

which

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

OTC

derivatives

that

use

broker

dealer

quotations

are

categorized

as

level

3

of

the

fair

value

hierarchy.

Exchange-traded

derivatives

are

valued

based

on

the

last

reported

sales

price

on

the

day

of

valuation

and

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Centrally

cleared

swaps

listed

or

traded

on

a

multilateral

or

trade

facility

platform,

such

as

a

registered

exchange,

are

valued

at

the

daily

settlement

price

determined

by

the

respective

exchange.

For

centrally

cleared

credit

default

swaps,

the

clearing

facility

requires

its

members

to

provide

actionable

levels

across

complete

term

structures.

These

levels

along

with

external

third-

party

prices

are

used

to

produce

daily

settlement

prices.

These

securities

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Centrally

cleared

interest

rate

swaps

are

valued

using

a

pricing

model

that

references

the

underlying

rates

including

the

Overnight

Index

Swap

("OIS")

rate

and

London

Interbank

Offered

Rate

(“LIBOR”)

forward

rate

to

produce

the

daily

settlement

price.

These

securities

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

For

movements

between

the

levels

within

the

fair

value

hierarchy,

the

Funds

have

adopted

a

policy

of

recognizing

the

transfers

as

of

year-end.

For

the

period

ended

September

30,

2019

there

was

no

movement

between

the

levels

of

the

fair

value

hierarchy.

Level

3

Fair

Value

Investments

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

of

financial

instruments

classified

as

Level

3

of

the

fair

value

hierarchy

are

as

follows:

Securities

and

other

assets

for

which

market

quotes

are

not

readily

available,

or

are

not

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

by

RIFuS

and

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

Market

quotes

are

considered

not

readily

available

in

circumstances

where

there

is

an

absence

of

current

or

reliable

market-based

data

(e.g.,

trade

information

or

broker

quotes).

When

RIFuS

applies

fair

valuation

methods

that

use

significant

unobservable

inputs

to

determine

a

Fund’s

NAV,

securities

will

not

be

priced

on

the

basis

of

quotes

from

the

primary

market

in

which

they

are

traded,

but

instead

may

be

priced

by

another

method

that

RIFuS

believes

accurately

reflects

fair

value

and

will

be

categorized

as

Level

3

of

the

fair

value

hierarchy.

Fair

value

pricing

may

require

subjective

determinations

about

the

value

of

a

security.

While

the

securities

valuation

procedures

are

intended

to

result

in

a

calculation

of

a

Fund’s

NAV

that

fairly

reflects

security

values

as

of

the

time

of

pricing,

the

process

cannot

guarantee

that

fair

values

determined

by

RIFuS

would

accurately

reflect

the

price

that

a

Fund

could

obtain

for

a

security

if

it

were

to

dispose

of

that

security

as

of

the

time

of

pricing

(for

instance,

in

a

forced

or

distressed

sale).

The

prices

used

by

a

Fund

may

differ

from

the

value

that

would

be

realized

if

the

security

was

sold.

RIFuS

employs

third-party

pricing

vendors

to

provide

fair

value

measurements.

RIFuS

oversees

third-party

pricing

service

providers

in

order

to

support

the

valuation

process

throughout

the

year.

If

third-party

evaluated

vendor

pricing

is

neither

available

nor

deemed

to

be

indicative

of

fair

value,

RIFuS

may

elect

to

obtain

indicative

market

quotations

(“broker

quotes”)

directly

from

the

broker

or

passed

through

from

a

third-party

vendor.

In

the

event

that

the

source

of

fair

value

is

from

a

single

source

broker

quote,

these

securities

are

classified

as

Level

3

per

the

fair

value

hierarchy.

Broker

quotes

are

typically

received

from

established

market

participants.

Although

independently

received

on

a

daily

basis,

RIFuS

does

not

have

the

transparency

to

view

the

underlying

inputs

which

support

the

broker

quotes.

Significant

changes

in

the

broker

quote

would

have

direct

and

proportional

changes

in

the

fair

value

of

the

security.

There

is

a

third-party

pricing

exception

to

the

quantitative

disclosure

requirement

when

prices

are

not

determined

by

the

reporting

entity.

RIFuS

is

exercising

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Quarterly

Report,

continued

—

September

30,

2019

(Unaudited)

22

Notes

to

Quarterly

Report

this

exception

and

has

made

a

reasonable

attempt

to

obtain

quantitative

information

from

the

third-party

pricing

vendors

regarding

the

unobservable

inputs

used.

For

fair

valuations

using

significant

unobservable

inputs,

U.S.

GAAP

requires

a

reconciliation

of

the

beginning

to

ending

balances

for

reported

fair

values

that

present

changes

attributable

to

total

realized

and

unrealized

gains

or

losses,

purchases

and

sales,

and

transfers

in/out

of

the

Level

3

category

during

the

period.

Additionally,

U.S.

GAAP

requires

quantitative

information

regarding

the

significant

unobservable

inputs

used

in

the

determination

of

fair

value

of

assets

categorized

as

Level

3

in

the

fair

value

hierarchy.

In

accordance

with

the

requirements

of

U.S.

GAAP,

a

fair

value

hierarchy,

a

Level

3

reconciliation

and

an

additional

disclosure

about

fair

value

measurements,

if

any,

has

been

included

in

the

Presentation

of

Portfolio

Holdings

for

each

respective

Fund.

Investment

Income

Distributions

of

income

and

capital

gains

from

the

Funds

or

Underlying

Funds

are

recorded

on

the

ex-dividend

date.

Derivatives

Funds

may

invest

in

derivatives.

Derivatives

are

instruments

or

agreements

whose

value

is

derived

from

an

underlying

security

or

index.

They

include

options,

futures,

swaps

and

forwards.

These

instruments

offer

unique

characteristics

and

risks

that

facilitate

the

Funds’

investment

strategies.

The

Funds

typically

use

derivatives

in

three

ways:

exposing

cash

to

markets,

hedging

and

return

enhancement.

In

addition,

the

Funds

may

enter

into

foreign

exchange

contracts

for

trade

settlement

purposes.

The

Funds

may

pursue

their

strategy

of

being

fully

invested

by

exposing

cash

to

the

performance

of

segments

of

the

global

equity

market

by

purchasing

index

futures

contracts.

This

is

intended

to

cause

the

Funds

to

perform

as

though

cash

were

actually

invested

in

the

global

equity

market.

Hedging

may

be

used

by

the

Funds

to

limit

or

control

risks,

such

as

adverse

movements

in

exchange

rates

and

interest

rates.

Return

enhancement

can

be

accomplished

through

the

use

of

derivatives

in

a

Fund,

including

using

derivatives

as

a

substitute

for

holding

physical

securities,

and

using

them

to

express

various

macro

views

(e.g.,

interest

rate

movements,

currency

movements,

and

macro

credit

strategies).

By

purchasing

certain

instruments,

the

Funds

may

more

effectively

achieve

the

desired

portfolio

characteristics

that

assist

them

in

meeting

their

investment

objectives.

Depending

on

how

the

derivatives

are

structured

and

utilized,

the

risks

associated

with

them

may

vary

widely.

These

risks

include,

but

are

not

limited

to,

market

risk,

liquidity

risk,

leveraging

risk,

counterparty

risk,

basis

risk,

reinvestment

risk,

political

risk,

prepayment

risk,

extension

risk,

valuation

risk

and

credit

risk.

Futures,

certain

options

and

cleared

swaps

are

traded

or

cleared

on

an

exchange

or

central

exchange

clearing

house.

Exchange-

traded

or

exchange-cleared

transactions

generally

present

less

counterparty

risk

to

a

Fund.

The

exchange’s

clearing

house

stands

between

the

Fund

and

the

broker

to

the

contract

and

therefore,

credit

risk

is

generally

limited

to

the

failure

of

the

clearing

house

and

the

clearing

member.

Cleared

swap

contracts

are

subject

to

clearing

house

rules,

including

initial

and

variation

margin

requirement,

daily

settlement

of

obligations

and

the

clearing

house

guarantee

of

payments

to

the

broker.

There

is,

however,

still

counterparty

risk

due

to

the

insolvency

of

the

broker

with

respect

to

any

margin

held

in

the

brokers’

customer

accounts.

While

clearing

members

are

required

to

segregate

customer

assets

from

their

own

assets,

in

the

event

of

insolvency,

there

may

be

a

shortfall

in

the

amount

of

margin

held

by

the

broker

for

its

clients.

Collateral

and

margin

requirements

for

exchange-traded

or

exchange-cleared

derivatives

are

established

through

regulation,

as

well

as

set

by

the

broker

or

applicable

clearing

house.

In

addition,

proposed

regulatory

changes

by

the

Securities

and

Exchange

Commission

("SEC")

relating

to

a

mutual

fund's

use

of

derivatives

could

potentially

limit

or

impact

the

Funds'

ability

to

invest

in

derivatives

and

adversely

affect

the

value

or

performance

of

the

Funds

or

their

derivative

investments.

Foreign

Currency

Exchange

Contracts

The

Funds

may

enter

into

foreign

currency

exchange

spot

contracts

and

forward

foreign

currency

exchange

contracts

(“FX

contracts”).

From

time

to

time,

the

Funds

may

enter

into

FX

contracts

to

hedge

certain

foreign

currency-denominated

assets.

FX

contracts

are

recorded

at

fair

value.

Certain

risks

may

arise

upon

entering

into

these

FX

contracts

from

the

potential

inability

of

counterparties

to

meet

the

terms

of

their

FX

contracts

and

are

generally

limited

to

the

amount

of

unrealized

gain

on

the

FX

contracts.

For

the

period

ended

September

30,

2019,

the

following

Funds

entered

into

foreign

currency

exchange

contracts

primarily

for

the

strategies

listed

below:

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Quarterly

Report,

continued

—

September

30,

2019

(Unaudited)

Notes

to

Quarterly

Report

23

The

Funds’

foreign

currency

contract

notional

dollar

values

outstanding

fluctuate

throughout

the

fiscal

year

as

required

to

meet

strategic

requirements.

The

following

table

illustrates

the

quarterly

volume

of

foreign

currency

contracts.

For

the

purpose

of

this

disclosure,

volume

measured

by

the

amounts

bought

and

sold

in

USD.

As

of

September

30,

2019,

the

Funds

had

no

cash

collateral

balances

in

connection

with

foreign

currency

contracts

purchased/sold.

Options

The

Funds

may

purchase

and

sell

(write)

call

and

put

options

on

securities

and

securities

indices.

Such

options

are

traded

on

a

national

securities

exchange

or

in

an

OTC

market.

The

Funds

may

also

purchase

and

sell

(write)

call

and

put

options

on

foreign

currencies.

When

a

Fund

writes

a

covered

call

or

a

put

option,

an

amount

equal

to

the

premium

received

by

the

Fund

is

included

in

the

Fund’s

Statement

of

Assets

and

Liabilities

as

an

asset

and

as

an

equivalent

liability.

The

amount

of

the

liability

is

subsequently

marked-

to-market

to

reflect

the

current

fair

value

of

the

option

written.

The

Fund

receives

a

premium

on

the

sale

of

a

call

option

but

gives

up

the

opportunity

to

profit

from

any

increase

in

the

value

of

the

underlying

instrument

above

the

exercise

price

of

the

option,

and

when

the

Fund

writes

a

put

option

it

is

exposed

to

a

decline

in

the

price

of

the

underlying

instrument.

When

a

Fund

sells

an

uncovered

call

option,

it

does

not

simultaneously

have

a

long

position

in

the

underlying

security.

When

a

Fund

sells

an

uncovered

put

option,

it

does

not

simultaneously

have

a

short

position

in

the

underlying

security.

Uncovered

options

are

riskier

than

covered

options

because

there

is

no

underlying

security

held

by

the

Fund

that

can

act

as

a

partial

hedge.

Whether

an

option

which

the

Fund

has

written

expires

on

its

stipulated

expiration

date

or

the

Fund

enters

into

a

closing

purchase

transaction,

the

Fund

realizes

a

gain

(or

loss,

if

the

cost

of

a

closing

purchase

transaction

exceeds

the

premium

received

when

the

option

was

sold)

without

regard

to

any

unrealized

gain

or

loss

on

the

underlying

security,

and

the

liability

related

to

such

option

is

extinguished.

If

a

call

option

which

the

Fund

has

written

is

exercised,

the

Fund

realizes

a

capital

gain

or

loss

from

the

sale

of

the

underlying

security,

and

the

proceeds

from

such

sale

are

increased

by

the

premium

originally

received.

When

a

put

option

which

a

Fund

has

written

is

exercised,

the

amount

of

the

premium

originally

received

will

reduce

the

cost

of

the

security

which

a

Fund

purchases

upon

exercise

of

the

option.

The

Funds’

use

of

written

options

involves,

to

varying

degrees,

elements

of

market

risk

in

excess

of

the

amount

recognized

in

the

Statements

of

Assets

and

Liabilities.

The

face

or

contract

amounts

of

these

instruments

reflect

the

extent

of

the

Funds’

exposure

to

market

risk.

The

risks

may

be

caused

by

an

imperfect

correlation

between

movements

in

the

price

of

the

instrument

and

the

price

of

the

underlying

securities

and

interest

rates.

The

Funds

may

enter

into

a

swaption

(an

option

on

a

swap).

In

a

swaption,

in

exchange

for

an

option,

the

buyer

gains

the

right

but

not

the

obligation

to

enter

into

a

specified

swap

agreement

with

the

issuer

on

a

specified

future

date.

The

writer

of

the

contract

receives

the

premium

and

bears

the

risk

of

unfavorable

changes

in

the

preset

rate

on

the

underlying

swap.

Funds

Strategies

Moderate

Strategy

Fund

Return

enhancement

and

hedging

Balanced

Strategy

Fund

Return

enhancement

and

hedging

Growth

Strategy

Fund

Return

enhancement

and

hedging

Equity

Growth

Strategy

Fund

Return

enhancement

and

hedging

Outstanding

Contract

Amounts

Bought

Quarter

Ended

March

31,

2019

June

30,

2019

September

30,

2019

Moderate

Strategy

Fund

$

4,912,234

$

4,883,162

$

4,790,978

Balanced

Strategy

Fund

27,448,081

27,200,421

26,596,040

Growth

Strategy

Fund

21,076,097

20,854,961

20,396,544

Equity

Growth

Strategy

Fund

7,038,708

7,004,671

6,855,798

Outstanding

Contract

Amounts

Sold

Quarter

Ended

March

31,

2019

June

30,

2019

September

30,

2019

Moderate

Strategy

Fund

$

4,905,073

$

4,872,821

$

4,806,520

Balanced

Strategy

Fund

27,267,094

27,208,203

26,424,147

Growth

Strategy

Fund

20,864,821

20,806,082

20,173,112

Equity

Growth

Strategy

Fund

6,992,077

6,998,613

6,823,926

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Quarterly

Report,

continued

—

September

30,

2019

(Unaudited)

24

Notes

to

Quarterly

Report

For

the

period

ended

September

30,

2019,

the

Funds

purchased

or

sold

options

primarily

for

the

strategies

listed

below:

The

Funds'

options

contracts

notional

dollar

values

outstanding

fluctuate

throughout

the

fiscal

year

as

required

to

meet

strategic

requirements.

The

following

table

illustrates

the

quarterly

volume

of

options

contracts

measured

by

notional

in

USD.

As

of

September

30,

2019,

the

Funds

had

no

cash

collateral

balances

in

connection

with

options

contracts

purchased/sold.

Futures

Contracts

The

Funds

may

invest

in

futures

contracts

(i.e.,

interest

rate,

foreign

currency

and

index

futures

contracts).

The

face

or

contract

value

of

these

instruments

reflect

the

extent

of

the

Funds’

exposure

to

off

balance

sheet

risk.

The

primary

risks

associated

with

the

use

of

futures

contracts

are

an

imperfect

correlation

between

the

change

in

fair

value

of

the

securities

held

by

the

Funds

and

the

prices

of

futures

contracts,

and

the

possibility

of

an

illiquid

market.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

with

a

broker

an

amount,

termed

the

initial

margin,

which

typically

represents

5%

to

10%

of

the

purchase

price

indicated

in

the

futures

contract.

Payments

to

and

from

the

broker,

known

as

variation

margin,

are

typically

required

to

be

made

on

a

daily

basis

as

the

price

of

the

futures

contract

fluctuates.

Changes

in

initial

settlement

value

are

accounted

for

as

unrealized

appreciation

(depreciation)

until

the

contracts

are

terminated,

at

which

time

realized

gains

and

losses

are

recognized.

For

the

period

ended

September

30,

2019,

the

following

Funds

entered

into

futures

contracts

primarily

for

the

strategies

listed

below:

The

Funds’

futures

contracts

notional

amounts

fluctuate

throughout

the

fiscal

year

as

required

to

meet

strategic

requirements.

The

following

table

illustrates

the

quarterly

volume

of

futures

contracts

measured

by

notional

in

USD.

As

of

September

30,

2019,

the

Funds

had

cash

collateral

balances

in

connection

with

futures

contracts

purchased/sold

as

follows:

Funds

Strategies

Moderate

Strategy

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Balanced

Strategy

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Growth

Strategy

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Equity

Growth

Strategy

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Notional

of

Options

Contracts

Funds

March

31,

2019

June

30,

2019

September

30,

2019

Moderate

Strategy

Fund

$

46,749

$

—

$

—

Balanced

Strategy

Fund

249,327

—

—

Growth

Strategy

Fund

186,996

—

—

Equity

Growth

Strategy

Fund

46,749

—

—

Funds

Strategies

Moderate

Strategy

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Balanced

Strategy

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Growth

Strategy

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Equity

Growth

Strategy

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Notional

of

Futures

Contracts

Funds

March

31,

2019

June

30,

2019

September

30,

2019

Moderate

Strategy

Fund

$

29,441,229

$

31,739,708

$

31,772,152

Balanced

Strategy

Fund

63,311,201

69,668,624

69,949,203

Growth

Strategy

Fund

72,687,385

89,617,357

89,395,571

Equity

Growth

Strategy

Fund

18,307,057

18,816,467

18,751,014

Cash

Collateral

for

Futures

Moderate

Strategy

Fund

$

886,174

Balanced

Strategy

Fund

$

1,596,999

Growth

Strategy

Fund

$

2,262,812

Equity

Growth

Strategy

Fund

$

438,026

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Quarterly

Report,

continued

—

September

30,

2019

(Unaudited)

Notes

to

Quarterly

Report

25

Swap

Agreements

The

Funds

may

enter

into

swap

agreements,

on

either

an

asset-based

or

liability-based

basis,

depending

on

whether

they

are

hedging

their

assets

or

their

liabilities,

and

will

usually

enter

into

swaps

on

a

net

basis

(i.e.,

the

two

payment

streams

are

netted

out,

with

the

Funds

receiving

or

paying

only

the

net

amount

of

the

two

payments).

When

a

Fund

engages

in

a

swap,

it

exchanges

its

obligations

to

pay

or

rights

to

receive

payments

for

the

obligations

to

pay

or

rights

to

receive

payments

of

another

party

(i.e.,

an

exchange

of

floating

rate

payments

for

fixed

rate

payments).

The

Funds

may

enter

into

several

different

types

of

swap

agreements

including

credit

default,

interest

rate,

total

return

and

currency

swaps.

Credit

default

swaps

are

a

counterparty

agreement

which

allows

the

transfer

of

third-party

credit

risk

(the

possibility

that

an

issuer

will

default

on

its

obligation

by

failing

to

pay

principal

or

interest

in

a

timely

manner)

from

one

party

to

another.

The

lender

faces

the

credit

risk

from

a

third-party

and

the

counterparty

in

the

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Interest

rate

swaps

are

a

counterparty

agreement,

can

be

customized

to

meet

each

party’s

needs,

and

involve

the

exchange

of

a

fixed

or

variable

payment

per

period

for

a

payment

that

is

not

fixed.

Total

return

swaps

are

a

counterparty

agreement

where

two

parties

exchange

two

sets

of

cash

flows

on

predetermined

dates

for

an

agreed

upon

amount

of

time.

The

cash

flows

will

typically

be

an

equity

index

value

swapped

with

a

floating

rate

such

as

LIBOR

plus

or

minus

a

pre-defined

spread.

Total

return

swap

agreements

are

a

counterparty

agreement

intended

to

expose

cash

to

markets

or

to

effect

investment

transactions

consistent

with

those

Funds’

investment

objectives

and

strategies.

Currency

swaps

are

a

counterparty

agreement

where

two

parties

exchange

specified

amounts

of

different

currencies

which

are

followed

by

each

paying

the

other

a

series

of

interest

payments

that

are

based

on

the

principal

cash

flow.

At

maturity

the

principal

amounts

are

returned.

The

Funds

generally

expect

to

enter

into

these

transactions

primarily

to

preserve

a

return

or

spread

on

a

particular

investment

or

portion

of

their

portfolios

or

to

protect

against

any

increase

in

the

price

of

securities

they

anticipate

purchasing

at

a

later

date,

or

for

return

enhancement.

Under

most

swap

agreements

entered

into

by

a

Fund,

the

parties'

obligations

are

determined

on

a

"net

basis".

The

net

amount

of

the

excess,

if

any,

of

the

Funds’

obligations

over

their

entitlements

with

respect

to

each

swap

will

be

accrued

on

a

daily

basis

and

an

amount

of

cash

or

liquid

assets

having

an

aggregate

NAV

at

least

equal

to

the

accrued

excess

will

be

segregated.

To

the

extent

that

the

Funds

enter

into

swaps

on

other

than

a

net

basis,

the

amount

maintained

in

a

segregated

account

will

be

the

full

amount

of

the

Funds’

obligations,

if

any,

with

respect

to

such

swaps,

accrued

on

a

daily

basis.

If

there

is

a

default

by

the

other

party

to

such

a

transaction,

the

Funds

will

have

contractual

remedies

pursuant

to

the

agreement

related

to

the

transaction.

A

Fund

may

not

receive

the

expected

amount

under

a

swap

agreement

if

the

other

party

to

the

agreement

defaults

or

becomes

bankrupt.

As

of

September

30,

2019,

the

Funds

had

cash

collateral

balances

in

connection

with

swap

contracts

purchased/sold

as

follows:

Credit

Default

Swaps

The

Funds

may

enter

into

credit

default

swaps.

A

credit

default

swap

can

refer

to

corporate

issues,

government

issues,

asset-backed

securities

or

an

index

of

assets,

each

known

as

the

reference

entity

or

underlying

asset.

Funds

may

act

as

either

the

buyer

or

the

seller

of

a

credit

default

swap

involving

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

default

or

other

credit

event.

Depending

upon

the

terms

of

the

contract,

the

credit

default

swap

may

be

closed

via

physical

settlement.

However,

due

to

the

possible

or

potential

instability

in

the

market,

there

is

a

risk

that

the

Funds

may

be

unable

to

deliver

the

underlying

debt

security

to

the

other

party

to

the

agreement.

Additionally,

the

Funds

may

not

receive

the

expected

amount

under

the

swap

agreement

if

the

other

party

to

the

agreement

defaults

or

becomes

bankrupt.

In

an

unhedged

credit

default

swap,

Funds

enter

into

a

credit

default

swap

without

owning

the

underlying

asset

or

debt

issued

by

the

reference

entity.

Credit

default

swaps

allow

Funds

to

acquire

or

reduce

credit

exposure

to

a

particular

issuer,

asset

or

basket

of

instruments.

As

the

seller

of

protection

in

a

credit

default

swap,

a

Fund

would

be

required

to

pay

the

par

or

other

agreed-upon

value

(or

otherwise

perform

according

to

the

swap

contract)

of

a

reference

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

other

specified

credit

event)

and

the

counterparty

would

be

required

to

surrender

the

reference

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

Cash

Collateral

for

Swaps

Due

to

Broker

Moderate

Strategy

Fund

$

—

$

874,673

Balanced

Strategy

Fund

$

—

$

666,508

Growth

Strategy

Fund

$

844,280

$

—

Equity

Growth

Strategy

Fund

$

—

$

6,968

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Quarterly

Report,

continued

—

September

30,

2019

(Unaudited)

26

Notes

to

Quarterly

Report

credit

event

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

a

seller

of

protection,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

that

Fund

would

be

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

The

Funds

may

also

purchase

protection

via

credit

default

swap

contracts

in

order

to

offset

the

risk

of

default

of

debt

securities

held

in

their

portfolios

or

to

take

a

short

position

in

a

debt

security,

in

which

case

the

Fund

would

function

as

the

counterparty

referenced

in

the

preceding

paragraph.

If

a

credit

event

occurs

and

cash

settlement

is

not

elected,

a

variety

of

other

deliverable

obligations

may

be

delivered

in

lieu

of

the

specific

referenced

obligation.

The

ability

to

deliver

other

obligations

may

result

in

a

cheapest-to-deliver

option

(the

buyer

of

protection’s

right

to

choose

the

deliverable

obligation

with

the

lowest

value

following

a

credit

event).

The

Funds

may

use

credit

default

swaps

to

provide

a

measure

of

protection

against

defaults

of

the

issuers

(i.e.,

to

reduce

risk

where

Funds

own

or

have

exposure

to

the

referenced

obligation)

or

to

take

an

active

long

or

short

position

with

respect

to

the

likelihood

(as

measured

by

the

credit

default

swap’s

spread)

of

a

particular

issuer’s

default.

Deliverable

obligations

for

credit

default

swaps

on

asset-backed

securities

in

most

instances

are

limited

to

the

specific

referenced

obligation

as

performance

for

asset-backed

securities

can

vary

across

deals.

Prepayments,

principal

paydowns,

and

other

writedown

or

loss

events

on

the

underlying

mortgage

loans

will

reduce

the

outstanding

principal

balance

of

the

referenced

obligation.

These

reductions

may

be

temporary

or

permanent

as

defined

under

the

terms

of

the

swap

agreement

and

the

notional

amount

for

the

swap

agreement

generally

will

be

adjusted

by

corresponding

amounts.

The

Funds

may

use

credit

default

swaps

on

asset-backed

securities

to

provide

a

measure

of

protection

against

defaults

(or

other

defined

credit

events)

of

the

referenced

obligation

or

to

take

an

active

long

or

short

position

with

respect

to

the

likelihood

of

a

particular

referenced

obligation’s

default

(or

another

defined

credit

event).

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

may

include,

but

are

not

limited

to,

investment

grade

securities,

high

yield

securities,

asset-backed

securities,

emerging

markets,

and/or

various

credit

ratings

within

each

sector.

Credit

indices

are

traded

using

credit

default

swaps

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

that

name’s

weight

in

the

index.

The

composition

of

the

indices

changes

periodically,

usually

every

six

months,

and,

for

most

indices,

each

name

has

an

equal

weight

in

the

index.

Traders

may

use

credit

default

swaps

on

indices

to

speculate

on

changes

in

credit

quality.

Implied

credit

spreads,

represented

in

absolute

terms,

utilized

in

determining

the

fair

value

of

credit

default

swap

agreements

on

corporate

issues

as

of

period-end

are

disclosed

in

the

Schedules

of

Investments

and

generally

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

(or

other

defined

credit

event)

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

entering

into

a

credit

default

swap

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

asset-

backed

securities

and

credit

indices,

the

quoted

market

prices

and

resulting

values

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

and

increasing

fair

values,

in

absolute

terms

when

compared

to

the

notional

amount

of

the

swap,

generally

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

Funds

as

a

seller

of

protection

could

be

required

to

make

under

a

credit

default

swap

agreement

equals

the

notional

amount

of

the

agreement.

Notional

amounts

of

all

credit

default

swap

agreements

outstanding

as

of

September

30,

2019,

for

which

a

Fund

is

the

seller

of

protection

are

disclosed

in

the

Schedules

of

Investments.

These

potential

amounts

would

be

partially

offset

by

any

recovery

values

of

the

respective

referenced

obligations,

upfront

payments

received

upon

entering

into

the

agreement,

or

net

amounts

received

from

the

settlement

of

buy

protection

credit

default

swap

agreements

entered

into

by

a

Fund

for

the

same

referenced

entity

or

entities.

Credit

default

swaps

could

result

in

losses

if

the

Funds

do

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Funds

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

illiquidity

and

counterparty

risk.

A

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap.

As

a

buyer

of

a

credit

default

swap,

a

Fund

may

lose

its

investment

and

recover

nothing

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Quarterly

Report,

continued

—

September

30,

2019

(Unaudited)

Notes

to

Quarterly

Report

27

should

a

credit

event

fail

to

occur

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

a

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

creditworthiness

of

a

Fund’s

swap

counterparty

declines,

the

risk

that

the

counterparty

may

not

perform

could

increase,

potentially

resulting

in

a

loss

to

the

Fund.

To

limit

the

counterparty

risk

involved

in

swap

agreements,

the

Funds

will

only

enter

into

swap

agreements

with

counterparties

that

meet

certain

standards

of

creditworthiness.

Although

there

can

be

no

assurance

that

the

Funds

will

be

able

to

do

so,

the

Funds

may

be

able

to

reduce

or

eliminate

their

exposure

under

a

swap

agreement

either

by

assignment

or

other

disposition,

or

by

entering

into

an

offsetting

swap

agreement

with

the

same

party

or

another

creditworthy

party.

The

Funds

may

have

limited

ability

to

eliminate

their

exposure

under

a

credit

default

swap

if

the

credit

quality

of

the

reference

entity

or

underlying

asset

has

declined.

For

the

period

ended

September

30,

2019,

the

Funds

entered

into

credit

default

swaps

primarily

for

the

strategies

listed

below:

The

Funds’

credit

default

swap

contract

notional

amounts

outstanding

fluctuate

throughout

the

fiscal

year

as

required

to

meet

strategic

requirements.

The

following

table

illustrates

the

quarterly

volume

of

credit

default

swap

contracts.

For

the

purpose

of

this

disclosure,

volume

is

measured

by

the

notional

amounts

outstanding

in

USD

at

each

quarter

end.

Total

Return

Swaps

The

Funds

may

enter

into

total

return

swap

agreements

to

expose

cash

to

markets

or

to

effect

investment

transactions.

Total

return

swap

agreements

are

two

party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

few

weeks

to

more

than

one

year.

In

a

standard

total

return

swap

transaction,

the

two

parties

agree

to

exchange

the

returns

(or

differentials

in

rates

of

return)

earned

or

realized

on

particular

investments

or

instruments.

The

returns

to

be

exchanged

between

the

parties

are

calculated

with

respect

to

a

“notional

amount”

(i.e.,

a

specified

dollar

amount

that

is

hypothetically

invested

in

a

“basket”

of

securities

representing

a

particular

index).

For

the

period

ended

September

30,

2019,

the

Funds

did

not

enter

into

total

return

swap

agreements.

Master

Agreements

The

Funds

are

parties

to

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreements

(“ISDA

Master

Agreements”)

with

counterparties

that

govern

transactions

in

OTC

derivative

and

foreign

exchange

contracts

entered

into

by

the

Funds

and

those

counterparties.

The

ISDA

Master

Agreements

contain

provisions

for

general

obligations,

representations,

agreements,

collateral

and

events

of

default

or

termination.

Events

of

termination

and

default

include

conditions

that

may

entitle

either

party

to

elect

to

terminate

early

and

cause

settlement

of

all

outstanding

transactions

under

the

applicable

ISDA

Master

Agreement.

Any

election

to

terminate

early

could

be

material

to

the

financial

statements.

Since

different

types

of

forward

and

OTC

financial

derivative

transactions

have

different

mechanics

and

are

sometimes

traded

out

of

different

legal

entities

of

a

particular

counterparty

organization,

each

type

of

transaction

may

be

covered

by

a

different

ISDA

Master

Agreement,

resulting

in

the

need

for

multiple

agreements

with

a

single

counterparty.

As

the

ISDA

Master

Agreements

are

specific

to

unique

operations

of

different

asset

types,

they

allow

a

Fund

to

net

its

total

exposure

to

a

counterparty

in

the

event

of

a

default

with

respect

to

all

the

transactions

governed

under

a

single

agreement

with

a

counterparty.

Master

Securities

Forward

Transaction

Agreements

(“Master

Forward

Agreements”)

govern

the

considerations

and

factors

surrounding

the

settlement

of

certain

forward

settling

transactions,

such

as

delayed

delivery

by

and

between

a

Fund

and

select

counterparties.

The

Master

Forward

Agreements

maintain

provisions

for,

among

other

things,

initiation

and

confirmation,

payment

and

transfer,

events

of

default,

termination,

and

maintenance

of

collateral.

Funds

Strategies

Moderate

Strategy

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Balanced

Strategy

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Growth

Strategy

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Equity

Growth

Strategy

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Credit

Default

Swap

Notional

Amounts

Outstanding

Quarter

Ended

March

31,

2019

June

30,

2019

September

30,

2019

Moderate

Strategy

Fund

$

14,700,000

$

16,700,000

$

16,700,000

Balanced

Strategy

Fund

23,100,000

23,100,000

23,100,000

Growth

Strategy

Fund

15,400,000

15,400,000

15,400,000

Equity

Growth

Strategy

Fund

1,400,000

1,400,000

1,400,000

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Quarterly

Report,

continued

—

September

30,

2019

(Unaudited)

28

Notes

to

Quarterly

Report

Guarantees

In

the

normal

course

of

business,

the

Funds

enter

into

contracts

that

contain

a

variety

of

representations

which

provide

general

indemnifications.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds

that

have

not

yet

occurred.

However,

the

Funds

expect

the

risk

of

loss

to

be

remote.

Market,

Credit

and

Counterparty

Risk

In

the

normal

course

of

business,

the

Funds

and

Underlying

Funds

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

a

transaction

to

perform

(credit

risk).

Similar

to

credit

risk,

the

Funds

and

Underlying

Funds

may

also

be

exposed

to

counterparty

risk

or

risk

that

an

institution

or

other

entity

with

which

the

Funds

or

Underlying

Funds

have

unsettled

or

open

transactions

will

default.

The

potential

loss

could

exceed

the

value

of

the

relevant

assets

recorded

in

the

Funds'

and

Underlying

Funds'

financial

statements

(the

“Assets”).

The

Assets

consist

principally

of

cash

due

from

counterparties

and

investments.

Global

economies

and

financial

markets

are

becoming

increasingly

interconnected

and

political

and

economic

conditions

(including

recent

instability

and

volatility)

and

events

(including

natural

disasters)

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

As

a

result,

issuers

of

securities

held

by

a

Fund

or

an

Underlying

Fund

may

experience

significant

declines

in

the

value

of

their

assets

and

even

cease

operations.

Such

conditions

and/or

events

may

not

have

the

same

impact

on

all

types

of

securities

and

may

expose

a

Fund

or

an

Underlying

Fund

to

greater

market

and

liquidity

risk

and

potential

difficulty

in

valuing

portfolio

instruments

held.

This

could

cause

a

Fund

or

an

Underlying

Fund

to

underperform

other

types

of

investments.

Related

Party

Transactions,

Fees

and

Expenses

Adviser,

Administrator,

Transfer

and

Dividend

Disbursing

Agent

RIM

provides

or

oversees

the

provision

of

all

investment

advisory

and

portfolio

management

services

for

the

Funds,

including

developing

the

investment

program

for

each

Fund

and

managing

each

Fund's

overall

exposures.

RIFuS

is

the

Funds'

administrator

and

transfer

agent.

RIFuS,

in

its

capacity

as

the

Funds'

administrator,

provides

or

oversees

the

provision

of

all

administrative

services

for

the

Funds.

RIFuS,

in

its

capacity

as

the

Funds'

transfer

agent

and

dividend

disbursing

agent,

is

responsible

for

providing

transfer

agency

and

dividend

disbursing

services

to

the

Funds.

RIFuS

is

a

wholly-owned

subsidiary

of

RIM.

RIM

is

an

indirect,

wholly-owned

subsidiary

of

Russell

Investments

Group,

Ltd.,

a

Cayman

company.

The

Funds

are

permitted

to

invest

their

cash

(i.e.,

cash

awaiting

investment

or

cash

held

to

meet

redemption

requests

or

to

pay

expenses)

in

the

U.S.

Cash

Management

Fund,

an

unregistered

fund

advised

by

RIM.

As

of

September

30,

2019,

the

Funds

had

invested

$49,448

in

the

U.S.

Cash

Management

Fund.

Federal

Income

Taxes

At

September

30,

2019,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Subsequent

Events

Management

has

evaluated

the

events

and/or

transactions

that

have

occurred

through

the

date

this

Quarterly

Report

was

issued

and

noted

no

items

requiring

adjustments

of

the

Quarterly

Report

or

additional

disclosures.

Moderate

Strategy

Fund

Balanced

Strategy

Fund

Growth

Strategy

Fund

Equity

Growth

Strategy

Fund

Cost

of

Investments

$

94,032,981

$

229,155,675

$

178,488,892

$

42,024,106

Unrealized

Appreciation

$

5,163,304

$

19,537,265

$

17,047,588

$

4,045,216

Unrealized

Depreciation

(520,378)

(2,201,086)

(3,440,062)

(434,971)

Net

Unrealized

Appreciation

(Depreciation)

$

4,642,926

$

17,336,179

$

13,607,526

$

3,610,245

Russell

Investment

Funds

1301

Second

Avenue

Seattle,

Washington

98101

800-787-7354

Fax:

206-505-3495