2019

QUARTERLY

REPORT

Russell

Investment

Funds

September

30,

2019

FUND

U.S.

Strategic

Equity

Fund

U.S.

Small

Cap

Equity

Fund

International

Developed

Markets

Fund

Strategic

Bond

Fund

Global

Real

Estate

Securities

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

five

of

these

Funds.

Page

U.S.

Strategic

Equity

Fund

3

U.S.

Small

Cap

Equity

Fund

8

International

Developed

Markets

Fund

20

Strategic

Bond

Fund

29

Global

Real

Estate

Securities

Fund

65

Notes

to

Schedules

of

Investments

70

Notes

to

Quarterly

Report

72

Russell

Investment

Funds

Quarterly

Report

September

30,

2019

(Unaudited)

Table

of

Contents

Russell

Investment

Funds

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

U.S.

Strategic

Equity

Fund

Schedule

of

Investments

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Strategic

Equity

Fund

3

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

96.7%

Consumer

Discretionary

-

15.7%

Amazon.com,

Inc.(Æ)

2,162

3,753

Amerco

,

Inc.

627

245

Aramark

7,331

319

Bright

Horizons

Family

Solutions,

Inc.(Æ)

1,559

238

Carnival

Corp.

3,338

146

CBS

Corp.

Class

B

3,691

149

Charter

Communications,

Inc.

Class

A(Æ)(Ñ)

15,901

6,552

Choice

Hotels

International,

Inc.

3,017

268

Comcast

Corp.

Class

A

31,372

1,414

Costco

Wholesale

Corp.

2,319

668

Darden

Restaurants,

Inc.

2,689

318

Dollar

Tree,

Inc.(Æ)

65,179

7,440

Domino's

Pizza,

Inc.

12,290

3,006

DR

Horton,

Inc.

36,722

1,936

eBay,

Inc.

25,675

1,001

Expedia

Group,

Inc.

1,917

258

Extended

Stay

America,

Inc.

10,010

147

Ford

Motor

Co.

55,821

511

Garmin,

Ltd.

2,496

211

General

Motors

Co.

96,227

3,607

Gentex

Corp.

21,806

600

Genuine

Parts

Co.

2,261

225

Goodyear

Tire

&

Rubber

Co.

(The)

16,183

233

Hasbro,

Inc.

59,403

7,050

Home

Depot,

Inc.

(The)

4,703

1,091

Lennar

Corp.

Class

A

4,925

275

Liberty

Global

PLC

Class

A(Æ)(Ñ)

35,213

872

Liberty

Global

PLC

Class

C(Æ)

187,489

4,459

Liberty

Media

Corp.-Liberty

SiriusXM

Class

A(Æ)

4,607

192

Liberty

SiriusXM

Group

Class

C(Æ)

5,113

215

Macy's,

Inc.

7,883

123

McDonald's

Corp.

3,745

804

Mohawk

Industries,

Inc.(Æ)

16,801

2,085

Netflix,

Inc.(Æ)

15,494

4,147

Nike,

Inc.

Class

B

4,493

422

Norwegian

Cruise

Line

Holdings,

Ltd.(Æ)

28,088

1,454

Omnicom

Group,

Inc.

2,604

204

Penske

Automotive

Group,

Inc.

3,280

155

PulteGroup,

Inc.

57,639

2,107

Ross

Stores,

Inc.

2,048

225

Royal

Caribbean

Cruises,

Ltd.

2,133

231

Sensata

Technologies

Holding

PLC(Æ)

5,004

251

Starbucks

Corp.

5,646

499

Tapestry,

Inc.

5,818

152

Target

Corp.

3,723

398

TJX

Cos.,

Inc.

3,703

206

TripAdvisor,

Inc.(Æ)

78,968

3,054

Ulta

Salon

Cosmetics

&

Fragrance,

Inc.(Æ)

781

196

Viacom,

Inc.

Class

B

6,398

154

WABCO

Holdings,

Inc.(Æ)

3,992

534

Walmart,

Inc.

8,120

964

Walt

Disney

Co.

(The)

7,128

929

66,693

Consumer

Staples

-

5.1%

Archer-Daniels-Midland

Co.

8,634

355

Coca-Cola

Co.

(The)

18,596

1,012

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Constellation

Brands,

Inc.

Class

A

33,708

6,987

CVS

Health

Corp.

39,308

2,479

Ingredion,

Inc.

20,937

1,711

JM

Smucker

Co.

(The)

3,096

341

Molson

Coors

Brewing

Co.

Class

B(Ñ)

48,137

2,768

Mondelez

International,

Inc.

Class

A

9,921

549

PepsiCo,

Inc.

7,499

1,028

Procter

&

Gamble

Co.

(The)

15,537

1,932

Tyson

Foods,

Inc.

Class

A

27,860

2,400

21,562

Energy

-

6.1%

BP

PLC

-

ADR

86,591

3,290

Cabot

Oil

&

Gas

Corp.

10,541

185

Canadian

Natural

Resources,

Ltd.

143,571

3,824

Chevron

Corp.

32,094

3,807

ConocoPhillips

33,772

1,924

Exxon

Mobil

Corp.

28,423

2,007

Halliburton

Co.

111,275

2,098

Magna

International,

Inc.

Class

A

36,390

1,941

Marathon

Petroleum

Corp.

6,147

373

Phillips

66

5,180

530

Royal

Dutch

Shell

PLC

Class

B

-

ADR

41,052

2,459

Schlumberger,

Ltd.

97,644

3,336

Valero

Energy

Corp.

2,772

236

26,010

Financial

Services

-

22.9%

AerCap

Ireland

Capital,

Ltd.

/

AerCap

Global

Aviation

Trust(Æ)

35,125

1,923

Aflac,

Inc.

11,700

612

AGNC

Investment

Corp.(Æ)

33,682

542

Alliance

Data

Systems

Corp.

2,119

272

Allstate

Corp.

(The)

3,568

388

Ally

Financial,

Inc.

7,595

252

American

Express

Co.

5,408

640

American

Homes

4

Rent

Class

A(ö)

9,422

244

American

Tower

Corp.(ö)

2,084

461

Annaly

Capital

Management,

Inc.(ö)

195,489

1,720

Apple

Hospitality

REIT,

Inc.(ö)

23,369

387

AvalonBay

Communities,

Inc.(ö)

1,131

244

Banco

Santander

SA

-

ADR(Ñ)

331,428

1,332

Bank

of

America

Corp.

139,525

4,070

Bank

of

New

York

Mellon

Corp.

(The)

20,505

927

BB&T

Corp.

8,252

440

Berkshire

Hathaway,

Inc.

Class

B(Æ)

30,730

6,392

Broadridge

Financial

Solutions,

Inc.

4,812

599

Brookfield

Property

REIT,

Inc.

Class

A(ö)

12,292

251

Capital

One

Financial

Corp.

4,190

381

Cboe

Global

Markets,

Inc.

5,550

638

CBRE

Group,

Inc.

Class

A(Æ)

6,371

338

Charles

Schwab

Corp.

(The)

113,876

4,763

Chubb,

Ltd.

5,065

818

Citigroup,

Inc.

87,710

6,059

CME

Group,

Inc.

Class

A

23,643

4,997

Comerica,

Inc.

5,286

349

Crown

Castle

International

Corp.(ö)

21,258

2,955

CubeSmart

(ö)

6,859

239

Discover

Financial

Services

3,220

261

E*Trade

Financial

Corp.

33,198

1,450

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

4

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Equinix

,

Inc.(Æ)(ö)

1,147

662

Essex

Property

Trust,

Inc.(ö)

782

255

Everest

Re

Group,

Ltd.

934

249

Fidelity

National

Information

Services,

Inc.

3,560

473

First

Republic

Bank

3,665

354

Fiserv,

Inc.(Æ)

2,540

263

FleetCor

Technologies,

Inc.(Æ)

1,063

305

Gaming

and

Leisure

Properties,

Inc.(ö)

29,276

1,120

Global

Payments,

Inc.

4,685

745

Goldman

Sachs

Group,

Inc.

(The)

814

169

Hartford

Financial

Services

Group,

Inc.

5,215

316

Host

Hotels

&

Resorts,

Inc.(ö)

9,213

159

Intercontinental

Exchange,

Inc.

4,759

439

Invitation

Homes,

Inc.(ö)

8,610

255

Jack

Henry

&

Associates,

Inc.

4,957

724

JPMorgan

Chase

&

Co.

55,406

6,521

KeyCorp

22,751

406

KKR

&

Co.,

Inc.

Class

A

251,316

6,748

Life

Storage,

Inc.(Æ)(ö)

2,382

251

M&T

Bank

Corp.

1,471

232

MasterCard,

Inc.

Class

A

27,777

7,543

Medical

Properties

Trust,

Inc.(ö)

10,262

201

Merck

&

Co.,

Inc.

14,159

1,192

MetLife,

Inc.

4,703

222

MFA

Financial,

Inc.(ö)

37,864

279

Morgan

Stanley

10,225

436

Northern

Trust

Corp.

3,608

337

PayPal

Holdings,

Inc.(Æ)

48,382

5,012

People's

United

Financial,

Inc.

14,121

221

PNC

Financial

Services

Group,

Inc.

(The)

3,270

458

Prudential

Financial,

Inc.

3,811

343

Public

Storage(ö)

963

236

Raymond

James

Financial,

Inc.

4,261

351

Regency

Centers

Corp.(ö)

3,454

240

Reinsurance

Group

of

America,

Inc.

Class

A

1,509

241

RenaissanceRe

Holdings,

Ltd.

1,288

249

SLM

Corp.

77,467

684

Starwood

Property

Trust,

Inc.(ö)

10,667

258

State

Street

Corp.

6,730

398

Sun

Communities,

Inc.(ö)

1,770

263

SunTrust

Banks,

Inc.

6,518

448

Synchrony

Financial

10,463

357

Travelers

Cos.,

Inc.

(The)

3,142

467

Two

Harbors

Investment

Corp.(ö)

84,512

1,110

US

Bancorp

16,024

887

VEREIT,

Inc.(ö)

25,982

254

Virtu

Financial,

Inc.

Class

A(Ñ)

10,601

173

Visa,

Inc.

Class

A

41,521

7,142

Wells

Fargo

&

Co.

25,287

1,275

Western

Union

Co.

(The)

11,682

271

WP

Carey,

Inc.(ö)

2,849

255

97,393

Health

Care

-

12.6%

Abbott

Laboratories

9,311

779

AbbVie,

Inc.

23,318

1,766

Agilent

Technologies,

Inc.

5,840

448

Amgen,

Inc.

1,304

252

Anthem,

Inc.(Æ)

860

206

AstraZeneca

PLC

-

ADR

27,190

1,212

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Baxter

International,

Inc.

5,260

460

Becton

Dickinson

and

Co.

2,624

664

Biogen,

Inc.(Æ)

12,770

2,973

Boston

Scientific

Corp.(Æ)

5,939

242

Bristol-Myers

Squibb

Co.(Ñ)

22,803

1,156

Celgene

Corp.(Æ)

4,188

416

Centene

Corp.(Æ)

2,844

123

Cerner

Corp.

5,815

396

Cigna

Corp.

2,621

398

Cooper

Cos.,

Inc.

(The)

719

214

Eli

Lilly

&

Co.

4,350

486

Gilead

Sciences,

Inc.

18,993

1,204

HCA

Healthcare,

Inc.

969

117

Horizon

Therapeutics

PLC(Æ)

48,983

1,334

Illumina,

Inc.(Æ)

17,834

5,425

IQVIA

Holdings,

Inc.(Æ)

56,653

8,462

Jazz

Pharmaceuticals

PLC(Æ)

8,287

1,062

Johnson

&

Johnson

28,556

3,695

Laboratory

Corp.

of

America

Holdings(Æ)

2,367

398

MEDNAX,

Inc.(Æ)

7,256

164

Medtronic

PLC

28,735

3,121

Mylan

NV(Æ)

41,697

825

Pfizer,

Inc.

102,121

3,669

Qiagen

NV(Æ)

5,970

197

Quest

Diagnostics,

Inc.

2,522

270

Regeneron

Pharmaceuticals,

Inc.(Æ)

844

234

Steris

PLC

1,563

226

Stryker

Corp.

1,716

371

Thermo

Fisher

Scientific,

Inc.

2,662

775

UnitedHealth

Group,

Inc.

29,936

6,506

Universal

Health

Services,

Inc.

Class

B

3,074

457

Vertex

Pharmaceuticals,

Inc.(Æ)

726

123

WellCare

Health

Plans,

Inc.(Æ)

1,069

277

Zimmer

Biomet

Holdings,

Inc.

13,542

1,859

Zoetis,

Inc.

Class

A

4,794

597

53,559

Materials

and

Processing

-

5.9%

Air

Products

&

Chemicals,

Inc.

2,923

648

AptarGroup,

Inc.

1,917

227

Ball

Corp.

110,139

8,020

Berry

Plastics

Group,

Inc.(Æ)

4,377

172

Crown

Holdings,

Inc.(Æ)

37,180

2,457

Dow,

Inc.

14,128

673

DowDuPont

,

Inc.

12,525

893

Eastman

Chemical

Co.

20,221

1,493

Ecolab,

Inc.

5,707

1,130

Freeport-McMoRan,

Inc.

73,255

701

Huntsman

Corp.

39,454

918

Ingersoll-Rand

PLC

4,382

540

International

Flavors

&

Fragrances,

Inc.(Ñ)

2,888

354

Lennox

International,

Inc.

910

221

Linde

PLC(Æ)

3,027

586

LyondellBasell

Industries

NV

Class

A

3,398

304

NewMarket

Corp.

796

376

Newmont

Goldcorp

Corp.

59,269

2,248

Nucor

Corp.

8,267

421

Owens

Corning

4,178

264

PPG

Industries,

Inc.

2,485

294

Reliance

Steel

&

Aluminum

Co.

3,054

304

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Strategic

Equity

Fund

5

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Royal

Gold,

Inc.

6,822

841

Silgan

Holdings,

Inc.

6,460

194

Sonoco

Products

Co.

3,596

209

Steel

Dynamics,

Inc.

5,982

178

Westrock

Co.

7,415

270

24,936

Producer

Durables

-

5.7%

3M

Co.

1,529

251

Accenture

PLC

Class

A

4,112

791

AECOM(Æ)

6,434

242

American

Airlines

Group,

Inc.

87,508

2,359

Ametek

,

Inc.

5,005

460

Automatic

Data

Processing,

Inc.

4,431

715

Boeing

Co.

(The)

1,463

557

Booz

Allen

Hamilton

Holding

Corp.

Class

A

5,917

420

Carlisle

Cos.,

Inc.

2,402

350

CH

Robinson

Worldwide,

Inc.

3,238

275

Cintas

Corp.

1,104

296

CoStar

Group,

Inc.(Æ)

900

534

CSX

Corp.

3,078

213

Cummins,

Inc.

3,179

517

Danaher

Corp.

4,271

617

Deere

&

Co.

1,450

245

Delta

Air

Lines,

Inc.

8,188

472

Eaton

Corp.

PLC

9,790

814

Emerson

Electric

Co.

3,665

245

Flir

Systems,

Inc.

4,588

241

Fortive

Corp.

3,870

265

General

Dynamics

Corp.

1,440

263

HD

Supply

Holdings,

Inc.(Æ)

5,959

233

HEICO

Corp.

1,206

151

Honeywell

International,

Inc.

5,527

935

Huntington

Ingalls

Industries,

Inc.

597

126

IDEX

Corp.

2,079

341

IHS

Markit

,

Ltd.(Æ)

7,808

522

Illinois

Tool

Works,

Inc.

1,625

254

Johnson

Controls

International

PLC(Æ)

22,161

973

Kansas

City

Southern

1,960

261

L3Harris

Technologies,

Inc.

2,993

624

Lockheed

Martin

Corp.

1,215

474

McGraw

Hill

Financial,

Inc.

1,696

415

Middleby

Corp.(Æ)

1,748

204

Northrop

Grumman

Corp.

1,657

621

PACCAR,

Inc.

8,152

571

Paychex,

Inc.

7,673

635

Quanta

Services,

Inc.

6,202

234

Raytheon

Co.

3,902

766

Republic

Services,

Inc.

Class

A

4,849

420

Roper

Technologies,

Inc.

1,100

392

Snap-on,

Inc.

1,486

233

Southwest

Airlines

Co.

5,792

313

Textron,

Inc.

4,290

210

Toro

Co.

(The)

4,294

315

Union

Pacific

Corp.

2,511

407

United

Parcel

Service,

Inc.

Class

B

2,401

288

United

Technologies

Corp.

7,689

1,050

Verisk

Analytics,

Inc.

Class

A

2,323

367

Waste

Management,

Inc.

4,708

541

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Waters

Corp.(Æ)

1,784

398

24,416

Technology

-

19.6%

Adobe,

Inc.(Æ)

2,856

789

Allegion

PLC

2,791

289

Alphabet,

Inc.

Class

A(Æ)

6,847

8,361

Alphabet,

Inc.

Class

C(Æ)

1,712

2,087

Amdocs,

Ltd.

10,964

725

Amphenol

Corp.

Class

A

5,894

569

Ansys

,

Inc.(Æ)

640

142

Apple,

Inc.

23,831

5,337

Applied

Materials,

Inc.

88,482

4,415

Arista

Networks,

Inc.(Æ)

16,397

3,918

Arrow

Electronics,

Inc.(Æ)

4,342

324

Autodesk,

Inc.(Æ)

28,037

4,141

Black

Knight,

Inc.(Æ)

3,882

237

Broadcom,

Inc.

2,558

706

CDW

Corp.

2,415

298

Cisco

Systems,

Inc.

31,227

1,543

Citrix

Systems,

Inc.

5,903

570

Cognizant

Technology

Solutions

Corp.

Class

A

4,227

255

Corning,

Inc.

7,541

215

Corteva

,

Inc.

Class

W

39,713

1,112

Cypress

Semiconductor

Corp.

30,998

723

Dell

Technologies,

Inc.

Class

C(Æ)

7,292

378

Dolby

Laboratories,

Inc.

Class

A

5,543

358

DXC

Technology

Co.

3,665

108

F5

Networks,

Inc.(Æ)

1,834

258

Facebook,

Inc.

Class

A(Æ)

25,475

4,537

Genpact

,

Ltd.

15,439

598

Hewlett

Packard

Enterprise

Co.

Class

H

18,235

277

HP,

Inc.(Æ)

25,392

480

Intel

Corp.

36,104

1,860

Intuit,

Inc.

1,323

352

IPG

Photonics

Corp.(Æ)

8,734

1,184

Jabil

Circuit,

Inc.

7,666

274

Juniper

Networks,

Inc.

16,668

413

Lam

Research

Corp.

892

206

Leidos

Holdings,

Inc.

4,285

368

LogMeIn,

Inc.

3,186

226

Marvell

Technology

Group,

Ltd.

90,450

2,259

Micron

Technology,

Inc.(Æ)

7,205

309

Microsoft

Corp.

153,574

21,352

Motorola

Solutions,

Inc.

1,828

312

NVIDIA

Corp.

10,781

1,877

ON

Semiconductor

Corp.(Æ)

7,859

151

Oracle

Corp.

12,918

711

Salesforce.com,

Inc.(Æ)

4,240

629

SYNNEX

Corp.

2,413

272

Synopsys,

Inc.(Æ)

3,910

537

Take-Two

Interactive

Software,

Inc.(Æ)

38,512

4,827

Teradyne,

Inc.

3,751

217

Texas

Instruments,

Inc.

8,578

1,109

VMware,

Inc.

Class

A

1,502

225

Zynga,

Inc.

Class

A(Æ)

38,500

224

83,644

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

6

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Utilities

-

3.1%

AT&T,

Inc.

166,489

6,301

Avangrid

,

Inc.

3,657

191

CenterPoint

Energy,

Inc.

10,109

305

Consolidated

Edison,

Inc.

4,123

389

DTE

Energy

Co.

1,470

195

Duke

Energy

Corp.

6,335

607

Evergy

,

Inc.

9,509

633

Eversource

Energy(Æ)

2,559

219

Exelon

Corp.

11,311

546

International

Business

Machines

Corp.

4,227

615

NextEra

Energy,

Inc.

965

225

Pinnacle

West

Capital

Corp.

1,968

191

PPL

Corp.

10,727

338

Sempra

Energy

1,458

215

Southern

Co.

(The)

3,469

214

Verizon

Communications,

Inc.

23,387

1,412

WEC

Energy

Group,

Inc.(Æ)

5,587

531

13,127

Total

Common

Stocks

(cost

$378,908)

411,340

Short-Term

Investments

-

3.0%

U.S.

Cash

Management

Fund(@)

12,813,520

(∞)

12,816

Total

Short-Term

Investments

(cost

$12,817)

12,816

Other

Securities

-

1.6%

U.S.

Cash

Collateral

Fund(×)(@)

6,712,051

(∞)

6,712

Total

Other

Securities

(cost

$6,712)

6,712

Total

Investments

101.3%

(identified

cost

$398,437)

430,868

Other

Assets

and

Liabilities,

Net

-

(1.3%)

(5,657)

Net

Assets

-

100.0%

425,211

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Strategic

Equity

Fund

7

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

S&P

500

E-Mini

Index

Futures

13

USD

1,936

12/19

(15)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(15)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Common

Stocks

Consumer

Discretionary

$

66,693

$

—

$

—

$

—

$

66,693

Consumer

Staples

21,562

—

—

—

21,562

Energy

26,010

—

—

—

26,010

Financial

Services

97,393

—

—

—

97,393

Health

Care

53,559

—

—

—

53,559

Materials

and

Processing

24,936

—

—

—

24,936

Producer

Durables

24,416

—

—

—

24,416

Technology

83,644

—

—

—

83,644

Utilities

13,127

—

—

—

13,127

Short-Term

Investments

—

—

—

12,816

12,816

Other

Securities

—

—

—

6,712

6,712

Total

Investments

411,340

—

—

19,528

430,868

Other

Financial

Instruments

Liabilities

Futures

Contracts

(15)

—

—

—

(

15

)

Total

Other

Financial

Instruments

*

$

(15)

$

—

$

—

$

—

$

(

15

)

*

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

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

8

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

101.6%

Consumer

Discretionary

-

12.1%

Aaron's,

Inc.

Class

A(Û)

16,390

1,054

Abercrombie

&

Fitch

Co.

Class

A

4,693

73

Adtalem

Global

Education,

Inc.(Æ)

9,587

365

Advanced

Energy

Industries,

Inc.(Æ)

1,434

82

Amerco

,

Inc.

30

12

American

Axle

&

Manufacturing

Holdings,

Inc.(Æ)(Ð)

15,400

127

American

Eagle

Outfitters,

Inc.

8,494

138

American

Public

Education,

Inc.(Æ)

14,040

314

America's

Car-Mart,

Inc.(Æ)

8,384

769

Aspen

Group,

Inc.(Æ)

2,640

14

B.

Riley

Financial,

Inc.

38,458

907

Barnes

&

Noble

Education,

Inc.(Æ)

32,028

100

Bassett

Furniture

Industries,

Inc.

1,600

24

Bed

Bath

&

Beyond,

Inc.(Ñ)

9,374

100

Big

Lots,

Inc.

2,751

67

BJ's

Restaurants,

Inc.

2,100

82

Bloomin

'

Brands,

Inc.(Û)

33,556

635

BMC

Stock

Holdings,

Inc.(Æ)

9,100

238

Brinker

International,

Inc.(Ð)

3,100

132

Buckle,

Inc.

(The)(Ñ)

7,342

151

Cable

One,

Inc.(Û)

774

971

Caleres

,

Inc.

6,030

141

Care.com,

Inc.(Æ)

3,200

33

Carriage

Services,

Inc.

Class

A

6,871

140

Carrols

Restaurant

Group,

Inc.(Æ)

23,626

196

Cavco

Industries,

Inc.(Æ)

6,108

1,172

Century

Casinos,

Inc.(Æ)

40,423

312

Cheesecake

Factory,

Inc.

(The)(Ñ)

3,398

142

Chegg

,

Inc.(Æ)(Ñ)

10,213

306

Chico's

FAS,

Inc.

27,390

110

Children's

Place,

Inc.

(The)

825

64

Churchill

Downs,

Inc.

1,760

217

Chuy's

Holdings,

Inc.(Æ)(Ð)

1,600

40

Cooper

Tire

&

Rubber

Co.

5,184

135

Cooper-Standard

Holdings,

Inc.(Æ)(Ð)(Û)

3,500

143

Cracker

Barrel

Old

Country

Store,

Inc.

430

70

CSS

Industries,

Inc.(Û)

664

3

Cumulus

Media,

Inc.

Class

A(Æ)

13,367

194

Deckers

Outdoor

Corp.(Æ)

669

99

Del

Taco

Restaurants,

Inc.(Æ)

45,431

465

Delta

Apparel,

Inc.(Æ)

7,699

183

Dillard's,

Inc.

Class

A(Ñ)

2,541

168

Diversified

Restaurant

Holdings,

Inc.(Æ)

66,051

39

Domino's

Pizza,

Inc.(Ð)

100

24

Dorman

Products,

Inc.(Æ)

1,139

91

Eldorado

Resorts,

Inc.(Æ)(Ñ)

7,609

303

Ethan

Allen

Interiors,

Inc.

6,018

115

Fiesta

Restaurant

Group,

Inc.(Æ)

5,100

53

Fitbit,

Inc.

Class

A

-

ADR(Æ)(Ð)

23,500

90

Fortress

Transportation

&

Infrastructure

Investors

LLC

2,719

41

Fossil

Group,

Inc.(Æ)(Ð)

2,900

36

Foundation

Building

Materials,

Inc.(Æ)

1,300

20

Gannett

Co.,

Inc.(Ñ)

11,168

120

Genesco,

Inc.(Æ)

13,690

548

Goodyear

Tire

&

Rubber

Co.

(The)

13,200

190

GoPro,

Inc.

Class

A(Æ)

11,700

61

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Graham

Holdings

Co.

Class

B

400

265

Habit

Restaurants,

Inc.

(The)

Class

A(Æ)

1,500

13

Hamilton

Beach

Brands

Holding

Co.

Class

A

400

6

Haverty

Furniture

Cos.,

Inc.

4,997

101

HealthStream

,

Inc.(Æ)(Û)

1,700

44

Hibbett

Sports,

Inc.(Æ)

2,900

66

Hillenbrand,

Inc.

2,010

62

Hooker

Furniture

Corp.

2,800

60

Inter

Parfums

,

Inc.

6,565

459

International

Game

Technology

PLC

7,900

112

International

Speedway

Corp.

Class

A

2,502

113

IntriCon

Corp.(Æ)(Ñ)

18,692

363

J

Alexander's

Holdings,

Inc.(Æ)

101,668

1,191

Jack

in

the

Box,

Inc.(Û)

2,700

246

JC

Penney

Co.,

Inc.(Æ)

36,800

33

John

Wiley

&

Sons,

Inc.

Class

A(Ð)

3,700

163

K12,

Inc.(Æ)(Û)

6,300

166

KB

Home

5,300

180

Kontoor

Brands,

Inc.

22,445

788

Kura

Sushi

USA,

Inc.

Class

A(Æ)

1,768

35

La-Z-Boy,

Inc.

Class

Z

4,476

150

Lear

Corp.

430

51

Libbey

,

Inc.(Æ)

66,478

223

Liberty

Braves

Group

Class

C(Æ)(Ð)

600

17

Lifetime

Brands,

Inc.

20,813

184

Lovesac

Co.

(The)(Æ)

6,491

121

Madison

Square

Garden

Co.

(The)

Class

A(Æ)(Ð)

1,000

264

Marchex

,

Inc.

Class

B(Æ)

4,300

14

Marriott

Vacations

Worldwide

Corp.

6,187

641

Matthews

International

Corp.

Class

A

1,973

70

MDC

Partners,

Inc.

Class

A(Æ)

50,932

144

Monro

Muffler

Brake,

Inc.

7,105

561

Murphy

USA,

Inc.(Æ)

2,146

183

National

Presto

Industries,

Inc.

758

68

Nautilus,

Inc.(Æ)

9,209

12

Noodles

&

Co.

Class

A(Æ)(Ñ)

53,367

302

NVR,

Inc.(Æ)

12

45

OptimizeRx

Corp.(Æ)(Ñ)

2,594

38

Oxford

Industries,

Inc.

1,135

81

PetIQ

,

Inc.(Æ)(Ñ)

16,086

439

Pool

Corp.

4,602

927

Potbelly

Corp.(Æ)

2,200

10

Quotient

Technology,

Inc.(Æ)(Ð)

7,100

56

Red

Lion

Hotels

Corp.(Æ)

26,834

174

Regis

Corp.(Æ)(Ð)

4,200

85

Rent-A-Center,

Inc.

Class

A(Ð)

700

18

REV

Group,

Inc.(Ð)

3,400

39

Rosetta

Stone,

Inc.(Æ)

2,100

37

Ruth's

Hospitality

Group,

Inc.

2,600

53

Sally

Beauty

Holdings,

Inc.(Æ)(Ñ)

24,419

364

Scholastic

Corp.

6,863

259

Scientific

Games

Corp.

Class

A(Æ)(Ð)

1,200

24

Skyline

Champion

Corp.(Æ)

18,366

553

Sportsman's

Warehouse

Holdings,

Inc.(Æ)

19,947

103

Stamps.com,

Inc.(Æ)

2,134

159

Standard

Motor

Products,

Inc.

13,596

660

Steven

Madden,

Ltd.

12,294

440

Sturm

Ruger

&

Co.,

Inc.

1,571

66

Superior

Uniform

Group,

Inc.

32,415

523

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

9

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Systemax,

Inc.

4,841

107

Telaria

,

Inc.(Æ)

1,200

8

Texas

Roadhouse,

Inc.

Class

A

2,803

147

Tile

Shop

Holdings,

Inc.

108,999

348

TiVo

Corp.

32,958

251

Travelzoo

,

Inc.(Æ)(Û)

1,200

13

Tribune

Publishing

Co.(Æ)

3,300

28

Turtle

Beach

Corp.(Æ)(Ñ)

9,198

107

Viad

Corp.(Ð)

1,800

121

Vista

Outdoor,

Inc.(Æ)(Ð)

11,100

69

Visteon

Corp.(Æ)(Ð)

700

58

Wolverine

World

Wide,

Inc.

20,707

585

Zumiez

,

Inc.(Æ)

2,271

73

26,958

Consumer

Staples

-

3.6%

Calavo

Growers,

Inc.(Ñ)

10,082

960

Casey's

General

Stores,

Inc.

4,687

755

Core-Mark

Holding

Co.,

Inc.

19,164

615

Cott

Corp.

12,332

154

Dean

Foods

Co.(Ð)

16,900

20

Diplomat

Pharmacy,

Inc.(Æ)(Ð)

5,700

28

Energizer

Holdings,

Inc.

-

GDR(Æ)(Ñ)

19,298

762

Farmer

Brothers

Co.(Æ)

26,608

345

Fresh

Del

Monte

Produce,

Inc.

14,625

499

Helen

of

Troy,

Ltd.(Æ)

673

106

Herbalife

Nutrition,

Ltd.(Æ)(Ð)

1,900

72

J&J

Snack

Foods

Corp.

6,634

1,273

Lifevantage

Corp.(Æ)(Ð)

900

12

Medifast

,

Inc.

560

58

Nomad

Foods,

Ltd.(Æ)

56,696

1,162

Performance

Food

Group

Co.(Æ)

3,100

143

PolyOne

Corp.(Ð)

5,500

180

Post

Holdings,

Inc.(Æ)(Ð)

500

53

Primo

Water

Corp.(Æ)

16,401

201

Quanex

Building

Products

Corp.

4,700

85

Sanderson

Farms,

Inc.(Ð)(Û)

1,890

286

SpartanNash

Co.

4,300

51

US

Foods

Holding

Corp.(Æ)

5,740

236

8,056

Energy

-

3.5%

Algonquin

Power

&

Utilities

Corp.

63,193

865

Amplify

Energy

Corp.(Æ)

1,400

9

Berry

Petroleum

Corp.

5,650

53

C&J

Energy

Services,

Inc.(Æ)

10,600

114

Cabot

Oil

&

Gas

Corp.(Ð)

4,100

72

CONSOL

Energy,

Inc.(Æ)

300

5

Delek

US

Holdings,

Inc.

16,652

603

Devon

Energy

Corp.(Ð)

1,300

31

Energy

Fuels,

Inc.(Æ)(Ñ)

31,720

61

Exterran

Corp.(Æ)

4,600

60

Forum

Energy

Technologies,

Inc.(Æ)

8,800

14

Green

Brick

Partners,

Inc.(Æ)

37,753

404

Gulf

Island

Fabrication,

Inc.(Æ)

200

1

Gulfport

Energy

Corp.(Æ)

37,129

101

HollyFrontier

Corp.

4,100

220

Keane

Group,

Inc.(Æ)(Ð)

10,500

64

KLX

Energy

Services

Holdings,

Inc.(Æ)

24,142

209

Laredo

Petroleum,

Inc.(Æ)

28,008

67

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Luxfer

Holdings

PLC

-

ADR

23,345

364

Magnolia

Oil

&

Gas

Corp.(Æ)(Ñ)

40,269

447

Matrix

Service

Co.(Æ)

21,042

360

McDermott

International,

Inc.(Æ)(Ñ)

13,012

26

Natural

Gas

Services

Group,

Inc.(Æ)

15,581

200

Newpark

Resources,

Inc.(Æ)

34,207

261

Panhandle

Oil

and

Gas,

Inc.

Class

A

21,403

299

Par

Pacific

Holdings,

Inc.(Æ)

7,500

171

Peabody

Energy

Corp.

11,009

162

Phillips

66

Partners,

LP

10,809

611

REX

American

Resources

Corp.(Æ)

2,691

206

RigNet

,

Inc.(Æ)

7,357

57

SEACOR

Holdings,

Inc.(Æ)(Ð)

550

26

Select

Energy

Services,

Inc.

Class

A(Æ)

34,883

302

Solaris

Oilfield

Infrastructure,

Inc.

Class

A(Ñ)

23,356

313

Southwestern

Energy

Co.(Æ)

28,020

54

SunCoke

Energy,

Inc.

34,141

193

Superior

Energy

Services,

Inc.(Æ)

92,048

12

TETRA

Technologies,

Inc.(Æ)

212,731

428

World

Fuel

Services

Corp.(Û)

6,350

254

7,699

Financial

Services

-

27.4%

1st

Source

Corp.

2,100

96

AG

Mortgage

Investment

Trust,

Inc.(ö)

5,566

84

Alleghany

Corp.(Æ)(Û)

100

80

American

Campus

Communities,

Inc.(ö)

4,100

197

American

Equity

Investment

Life

Holding

Co.

9,516

231

American

Homes

4

Rent

Class

A(Ð)(ö)

9,800

254

Americold

Realty

Trust(Ñ)(ö)

18,357

680

Ameris

Bancorp

10,705

431

Amerisafe

,

Inc.

7,585

501

Apartment

Investment

&

Management

Co.

Class

A(Ð)(ö)

1,600

83

Apollo

Commercial

Real

Estate

Finance,

Inc.(ö)

10,061

193

Argo

Group

International

Holdings,

Ltd.

5,157

362

Arrow

Financial

Corp.

412

14

Artisan

Partners

Asset

Management,

Inc.

Class

A(Ð)

1,400

40

Associated

Banc-Corp.(Ð)

5,500

111

Atlantic

Capital

Bancshares,

Inc.(Æ)

34,020

590

Atlantic

Union

Bankshares

Corp.(Æ)

3,410

127

Axis

Capital

Holdings,

Ltd.(Û)

6,500

434

Axos

Financial,

Inc.(Æ)

4,061

112

Banc

of

California,

Inc.

46,601

659

BancFirst

Corp.

1,000

55

BancorpSouth

Bank

4,137

122

Bank

OZK

26,029

710

BankFinancial

Corp.

1,800

21

Banner

Corp.(Û)

12,475

701

Baycom

Corp.(Æ)(Ð)

1,200

27

Berkshire

Hills

Bancorp,

Inc.

3,099

91

Blackstone

Mortgage

Trust,

Inc.

Class

A(Ñ)(ö)

6,324

227

Braemar

Hotels

&

Resorts,

Inc.(ö)(Û)

1,700

16

Bridgewater

Bancshares,

Inc.(Æ)

1,300

16

Brighthouse

Financial,

Inc.(Æ)(Ð)

5,780

234

Brightsphere

Investment

Group,

Inc.

13,400

133

Brixmor

Property

Group,

Inc.(ö)

12,991

264

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

10

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Business

First

Bancshares,

Inc.(Û)

300

7

Byline

Bancorp,

Inc.(Æ)

10,589

189

Cadence

Bancorp

8,789

154

Camden

National

Corp.

1,000

43

Camden

Property

Trust(Ð)(ö)

4,600

511

Cannae

Holdings,

Inc.(Æ)

42,953

1,181

Capital

City

Bank

Group,

Inc.

14,030

385

Capstar

Financial

Holdings,

Inc.

33,886

562

Capstead

Mortgage

Corp.(ö)

9,877

73

Cathay

General

Bancorp

3,284

114

CBTX,

Inc.

1,500

42

CenterState

Bank

Corp.

21,546

517

Central

Pacific

Financial

Corp.

25,976

738

Century

Bancorp,

Inc.

Class

A

2,122

186

Chemung

Financial

Corp.

100

4

Civista

Bancshares,

Inc.

4,452

97

Clipper

Realty,

Inc.(ö)(Û)

600

6

CNB

Financial

Corp.

600

17

CNO

Financial

Group,

Inc.

5,560

88

Cohen

&

Steers,

Inc.

12,767

701

Colony

Credit

Real

Estate,

Inc.(ö)

7,813

113

Columbia

Banking

System,

Inc.

3,282

121

Columbia

Property

Trust,

Inc.(ö)

15,600

330

Community

Bank

System,

Inc.

1,861

115

Consolidated-

Tomoka

Land

Co.

4,952

324

CoreCivic

,

Inc.(Æ)

8,618

149

CorePoint

Lodging,

Inc.(ö)

4,500

45

CoreSite

Realty

Corp.

Class

A(ö)

300

37

Cowen

Group,

Inc.

Class

A(Æ)

24,086

371

Cullen/Frost

Bankers,

Inc.(Ð)

3,000

266

CVB

Financial

Corp.

2,524

53

CyrusOne

,

Inc.(ö)

19,635

1,554

DiamondRock

Hospitality

Co.(ö)

18,883

194

Donegal

Group,

Inc.

Class

A

100

1

Douglas

Emmett,

Inc.(ö)(Û)

10,900

467

Eagle

Bancorp,

Inc.

2,381

106

East

West

Bancorp,

Inc.

4,900

217

Emerald

Expositions

Events,

Inc.

1,900

18

Employers

Holdings,

Inc.(Û)

3,191

139

Enova

International,

Inc.(Æ)

1,500

31

Enstar

Group,

Ltd.(Æ)

486

92

Enterprise

Financial

Services

Corp.

1,736

71

Equity

Commonwealth(ö)

17,608

603

Essent

Group,

Ltd.

10,346

493

Essential

Properties

Realty

Trust,

Inc.(ö)

39,978

916

Evercore

,

Inc.

Class

A(Û)

9,403

753

Everest

Re

Group,

Ltd.(Û)

2,000

532

Ezcorp

,

Inc.

Class

A(Æ)

2,200

14

FB

Financial

Corp.

2,760

104

Federal

Agricultural

Mortgage

Corp.

Class

C

7,574

618

FGL

Holdings

13,933

111

First

American

Financial

Corp.

4,200

248

First

BanCorp

(Û)

14,041

228

First

Defiance

Financial

Corp.

500

14

First

Financial

Bancorp

3,634

89

First

Financial

Bankshares

,

Inc.

1,876

63

First

Foundation,

Inc.

34,452

526

First

Hawaiian,

Inc.

6,100

163

First

Industrial

Realty

Trust,

Inc.(ö)

1,155

46

First

Interstate

BancSystem

,

Inc.

Class

A

9,053

364

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

First

Midwest

Bancorp,

Inc.

4,670

91

Flagstar

Bancorp,

Inc.

1,438

54

Forrester

Research,

Inc.

1,253

40

Franklin

Street

Properties

Corp.(Ð)(ö)

5,200

44

Fulton

Financial

Corp.

6,295

102

Gaming

and

Leisure

Properties,

Inc.(ö)

16,741

640

GEO

Group,

Inc.

(The)(ö)

5,150

89

Glacier

Bancorp,

Inc.

2,681

108

Gladstone

Commercial

Corp.(ö)

3,200

75

Goosehead

Insurance,

Inc.

Class

A(Ñ)

6,982

345

Granite

Point

Mortgage

Trust,

Inc.(ö)

5,258

99

Great

Southern

Bancorp,

Inc.

500

28

Great

Western

Bancorp,

Inc.

9,615

317

Green

Dot

Corp.

Class

A(Æ)(Ð)

4,400

111

Guaranty

Bancshares,

Inc.(Û)

500

15

Hallmark

Financial

Services,

Inc.(Æ)

32,036

613

Hancock

Holding

Co.

3,072

118

Hanmi

Financial

Corp.

2,900

54

Hanover

Insurance

Group,

Inc.

(The)

1,340

182

HarborOne

Bancorp,

Inc.(Æ)

1,077

11

HCI

Group,

Inc.(Ð)

1,300

55

Healthcare

Realty

Trust,

Inc.(ö)

1,073

36

Healthcare

Trust

of

America,

Inc.

Class

A(ö)

5,600

165

Heartland

Financial

USA,

Inc.

4,227

189

Heritage

Insurance

Holdings,

Inc.

400

6

Home

Bancorp,

Inc.(Û)

300

12

Home

BancShares

,

Inc.

40,181

755

HomeStreet

,

Inc.(Æ)

30,221

826

HomeTrust

Bancshares,

Inc.(Û)

800

21

Hope

Bancorp,

Inc.

7,221

104

Horace

Mann

Educators

Corp.

1,363

63

Iberiabank

Corp.

1,759

133

Independence

Realty

Trust,

Inc.(ö)

50,636

725

Independent

Bank

Corp.(Û)

57,295

1,221

Independent

Bank

Group,

Inc.

2,056

108

Industrial

Logistics

Properties

Trust(ö)

15,892

338

Interactive

Brokers

Group,

Inc.

Class

A

500

27

International

Bancshares

Corp.

1,821

70

Investors

Bancorp,

Inc.

8,500

97

Investors

Real

Estate

Trust(ö)

12,209

912

JER

Investment

Trust,

Inc.(Æ)(Š)

1,771

—

Jernigan

Capital,

Inc.(ö)

4,930

95

Kearny

Financial

Corp.

105,607

1,378

Kemper

Corp.

6,091

475

Kennedy-Wilson

Holdings,

Inc.

38,954

854

Kingstone

Cos.,

Inc.

200

2

KKR

Real

Estate

Finance

Trust,

Inc.(ö)

4,615

90

Ladder

Capital

Corp.

Class

A(ö)

16,509

285

Ladenburg

Thalmann

Financial

Services,

Inc.(Û)

6,300

15

Lakeland

Financial

Corp.

11,993

527

Lamar

Advertising

Co.

Class

A(Ð)(ö)

1,200

98

Lazard,

Ltd.

Class

A(Ð)

900

32

Legacy

Housing

Corp.(Æ)

24,887

403

LegacyTexas

Financial

Group,

Inc.(Æ)

1,430

62

LendingClub

Corp.(Æ)(Ð)

6,479

85

LendingTree,

Inc.(Æ)(Ñ)

919

285

Liberty

Property

Trust(ö)

7,900

406

Life

Storage,

Inc.(Æ)(ö)

1,000

105

LPL

Financial

Holdings,

Inc.

300

25

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

11

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

LTC

Properties,

Inc.(Ð)(ö)

1,500

77

Luther

Burbank

Corp.

1,100

12

Marcus

&

Millichap,

Inc.(Æ)

6,118

217

Mercantile

Bank

Corp.

900

30

Merchants

Bancorp

2,000

33

Mercury

General

Corp.

300

17

Meridian

Bancorp,

Inc.

1,400

26

Metropolitan

Bank

Holding

Corp.(Æ)(Ð)

200

8

MGIC

Investment

Corp.

28,884

363

MidWestOne

Financial

Group,

Inc.

700

21

Moelis

&

Co.

Class

A

3,197

105

Morningstar,

Inc.

4,265

623

National

Bank

Holdings

Corp.

Class

A

17,148

586

National

General

Holdings

Corp.

9,100

209

National

Western

Life

Group,

Inc.

Class

A

359

96

NBT

Bancorp,

Inc.

2,770

101

New

York

Mortgage

Trust,

Inc.(ö)

26,518

161

NexPoint

Residential

Trust,

Inc.(ö)

11,204

524

Nicolet

Bankshares

,

Inc.(Æ)

1,100

73

NMI

Holdings,

Inc.

Class

A(Æ)(Ð)

900

24

Northeast

Bank

11,262

250

Northwest

Bancshares,

Inc.

5,522

91

OFG

Bancorp(Ð)

1,300

28

Old

Second

Bancorp,

Inc.

30,619

374

Opus

Bank(Ð)

4,900

107

Origin

Bancorp,

Inc.

11,704

395

Outfront

Media,

Inc.(ö)

4,900

136

Pacific

Premier

Bancorp,

Inc.

3,988

124

Park

Hotels

&

Resorts,

Inc.(ö)

2,677

67

PCSB

Financial

Corp.

54,129

1,082

Peapack

Gladstone

Financial

Corp.

19,338

542

Pebblebrook

Hotel

Trust(ö)

5,180

144

PennyMac

Mortgage

Investment

Trust(ö)

4,050

90

Peoples

Bancorp,

Inc.

1,300

41

People's

Utah

Bancorp

1,250

35

Physicians

Realty

Trust(ö)

2,506

44

Piedmont

Office

Realty

Trust,

Inc.

Class

A(ö)

23,967

500

Piper

Jaffray

Cos.

2,200

166

Popular,

Inc.

17,484

945

Potlatch

Corp.(ö)

39,144

1,609

Primerica,

Inc.(Ð)

420

53

Prosperity

Bancshares,

Inc.(Ð)

2,000

141

Protective

Insurance

Corp.

Class

B

400

7

PS

Business

Parks,

Inc.(ö)

1,551

282

Pzena

Investment

Management,

Inc.

Class

A

12,972

116

QCR

Holdings,

Inc.

1,100

42

QTS

Realty

Trust,

Inc.

Class

A(ö)

14,497

745

Radian

Group,

Inc.

6,867

157

Rayonier,

Inc.(ö)

6,200

175

RE/MAX

Holdings,

Inc.

Class

A

3,528

113

Redwood

Trust,

Inc.(ö)

4,421

73

Regency

Centers

Corp.(Ð)(ö)

4,100

285

Reinsurance

Group

of

America,

Inc.

Class

A(Û)

3,200

512

RenaissanceRe

Holdings,

Ltd.(Û)

2,320

449

Renasant

Corp.

3,192

112

Retail

Properties

of

America,

Inc.

Class

A(ö)

(Û)

18,800

232

Retail

Value,

Inc.(ö)

1,100

41

Riverview

Bancorp,

Inc.

300

2

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

RLJ

Lodging

Trust(ö)

12,534

213

RMR

Group,

Inc.

(The)

Class

A

1,546

70

Ryman

Hospitality

Properties,

Inc.(ö)

7,520

615

Sabra

Health

Care

REIT,

Inc.(ö)

6,419

147

Selective

Insurance

Group,

Inc.

1,483

112

Senior

Housing

Properties

Trust(ö)

8,832

82

ServisFirst

Bancshares,

Inc.

2,285

76

Signature

Bank

1,000

119

Silvercrest

Asset

Management

Group,

Inc.

Class

A

18,391

226

Simmons

First

National

Corp.

Class

A

3,993

99

SITE

Centers

Corp.(ö)

89,523

1,353

SL

Green

Realty

Corp.(ö)

700

57

South

State

Corp.

4,316

325

Southern

First

Bancshares,

Inc.(Æ)

300

12

Spirit

Realty

Capital,

Inc.(Ð)(ö)

2,500

120

Stewart

Information

Services

Corp.

5,200

202

Stifel

Financial

Corp.(Ð)

5,840

335

Summit

Hotel

Properties,

Inc.(ö)

8,146

94

Sunstone

Hotel

Investors,

Inc.(ö)

36,703

504

Synovus

Financial

Corp.

4,200

150

Tanger

Factory

Outlet

Centers,

Inc.(Ñ)(ö)

9,171

142

Terreno

Realty

Corp.(ö)

752

38

Third

Point

Reinsurance,

Ltd.(Æ)(Ð)

12,700

127

TPG

RE

Finance

Trust,

Inc.(ö)

4,111

82

TriCo

Bancshares

1,000

36

Triumph

Bancorp,

Inc.(Æ)

12,524

399

Trustmark

Corp.

3,532

120

UMB

Financial

Corp.

1,765

114

UMH

Properties,

Inc.(ö)

26,825

378

Umpqua

Holdings

Corp.(Ð)

2,900

48

United

Bankshares

,

Inc.

2,945

112

United

Community

Banks,

Inc.

14,511

411

United

Community

Financial

Corp.

3,300

36

United

Insurance

Holdings

Corp.(Ð)

4,600

64

Universal

Insurance

Holdings,

Inc.

6,678

200

Unum

Group

700

21

Valley

National

Bancorp

11,240

122

Veritex

Holdings,

Inc.

4,513

110

Voya

Financial,

Inc.

4,300

234

Waddell

&

Reed

Financial,

Inc.

Class

A(Ñ)

20,535

353

Washington

Federal,

Inc.

6,178

229

WR

Berkley

Corp.(Û)

7,670

554

WSFS

Financial

Corp.

2,859

126

Xenia

Hotels

&

Resorts,

Inc.(ö)

4,972

105

61,116

Health

Care

-

13.2%

Acadia

Pharmaceuticals,

Inc.(Æ)

5,285

190

Acceleron

Pharma,

Inc.(Æ)

3,647

144

Accuray

,

Inc.(Æ)

111,081

308

Acorda

Therapeutics,

Inc.(Æ)(Ð)

21,500

62

Aeglea

BioTherapeutics

,

Inc.(Æ)

11,788

91

Affimed

NV(Æ)(Ñ)

28,400

83

Akcea

Therapeutics,

Inc.(Æ)(Ñ)

4,805

74

Akorn

,

Inc.(Æ)(Ð)

8,300

32

Alector

,

Inc.(Æ)(Ñ)

4,573

66

Alkermes

PLC(Æ)(Ð)

7,300

142

Allogene

Therapeutics,

Inc.(Æ)

3,139

86

Allscripts

Healthcare

Solutions,

Inc.(Æ)

58,362

641

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

12

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

AMAG

Pharmaceuticals,

Inc.(Æ)(Ð)

7,600

88

Amicus

Therapeutics,

Inc.(Æ)

15,203

122

AMN

Healthcare

Services,

Inc.(Æ)

1,843

106

Amphastar

Pharmaceuticals,

Inc.(Æ)(Ð)

1,100

22

AnaptysBio

,

Inc.(Æ)

1,869

65

ANI

Pharmaceuticals,

Inc.(Æ)

10,795

787

Anika

Therapeutics,

Inc.(Æ)

1,552

86

Apollo

Endosurgery

,

Inc.(Æ)

12,340

41

Applied

Genetic

Technologies

Corp.(Æ)(Ð)

1,300

5

Aptinyx

,

Inc.(Æ)

2,600

9

Aquestive

Therapeutics,

Inc.(Æ)

800

3

Arcus

Biosciences,

Inc.(Æ)

1,600

15

Arena

Pharmaceuticals,

Inc.(Æ)

2,726

125

Arrowhead

Pharmaceuticals,

Inc.(Æ)(Ñ)

5,358

151

Assembly

Biosciences,

Inc.(Æ)

5,063

50

Assertio

Therapeutics,

Inc.(Æ)

17,500

22

Atara

Biotherapeutics

,

Inc.(Æ)

3,941

56

Audentes

Therapeutics,

Inc.(Æ)

3,071

86

Beyondspring

,

Inc.(Æ)

3,452

62

BioCryst

Pharmaceuticals,

Inc.(Æ)(Ð)

12,300

35

Biohaven

Pharmaceutical

Holding

Co.,

Ltd.

(Æ)

1,499

63

BioLife

Solutions,

Inc.(Æ)(Ñ)

56,637

942

BioSpecifics

Technologies

Corp.(Æ)

2,675

143

BioTelemetry

,

Inc.(Æ)

23,723

966

Blueprint

Medicines

Corp.(Æ)

2,076

153

Cambrex

Corp.(Æ)

6,246

372

Cantel

Medical

Corp.

7,308

547

Cardiovascular

Systems,

Inc.(Æ)

1,930

91

CareDx

,

Inc.(Æ)

2,625

59

Castlight

Health,

Inc.

Class

B(Æ)

10,000

14

Cellular

Biomedicine

Group,

Inc.(Æ)

3,907

58

Chemed

Corp.

2,452

1,024

Chimerix

,

Inc.(Æ)(Ð)

9,600

23

Coherus

Biosciences,

Inc.(Æ)(Ð)

1,200

24

Computer

Programs

&

Systems,

Inc.

3,300

75

Concert

Pharmaceuticals,

Inc.(Æ)

8,701

51

CONMED

Corp.

1,538

148

Corbus

Pharmaceuticals

Holdings,

Inc.(Æ)(Ñ)

11,656

57

CorVel

Corp.(Æ)

5,241

397

Cross

Country

Healthcare,

Inc.(Æ)

14,831

153

Cutera

,

Inc.(Æ)

900

26

Cyclerion

Therapeutics,

Inc.(Æ)

7,050

85

Denali

Therapeutics,

Inc.(Æ)(Ñ)

5,367

82

Eagle

Pharmaceuticals,

Inc.(Æ)

3,946

223

Emergent

BioSolutions

,

Inc.(Æ)

2,444

128

Enanta

Pharmaceuticals,

Inc.(Æ)

2,585

155

Encompass

Health

Corp.(Æ)

12,787

809

Endo

International

PLC(Æ)

12,000

39

Endologix

,

Inc.(Æ)

2,600

10

Ensign

Group,

Inc.

(The)

17,649

837

Esperion

Therapeutics,

Inc.(Æ)

2,329

85

Fate

Therapeutics,

Inc.(Æ)

5,266

82

FibroGen

,

Inc.(Æ)

3,571

132

Fluidigm

Corp.(Æ)

1,400

6

Genomic

Health,

Inc.(Æ)

1,585

107

Global

Blood

Therapeutics,

Inc.(Æ)

2,575

125

Globus

Medical,

Inc.

Class

A(Æ)

2,110

108

Halozyme

Therapeutics,

Inc.(Æ)

5,577

86

Hanger,

Inc.(Æ)

10,698

218

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

HealthEquity

,

Inc.(Æ)

1,760

101

Healthways

,

Inc.(Æ)

5,840

97

Heron

Therapeutics,

Inc.(Æ)(Ñ)

5,171

96

Heska

Corp.(Æ)(Ñ)

8,287

587

Homology

Medicines,

Inc.(Æ)

4,492

81

Immunomedics

,

Inc.(Æ)(Ñ)

6,604

88

Infinity

Pharmaceuticals,

Inc.(Æ)

1,400

1

Integer

Holdings

Corp.(Æ)

4,400

332

Intercept

Pharmaceuticals,

Inc.(Æ)(Ñ)

1,188

79

Intra-Cellular

Therapies,

Inc.

Class

A(Æ)

1,400

10

Invitae

Corp.(Æ)(Ñ)

4,564

88

Iovance

Biotherapeutics

,

Inc.(Æ)

3,386

62

iRadimed

Corp.(Æ)

10,351

218

Ironwood

Pharmaceuticals,

Inc.

Class

A(Æ)

(Ð)

700

6

Jazz

Pharmaceuticals

PLC(Æ)

1,270

163

Kodiak

Sciences,

Inc.(Æ)

6,093

88

Lannett

Co.,

Inc.(Æ)

1,700

19

Lantheus

Holdings,

Inc.(Æ)

23,716

594

LeMaitre

Vascular,

Inc.

35,506

1,214

Lexicon

Pharmaceuticals,

Inc.(Æ)(Ð)

5,000

15

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)(Ñ)

2,836

282

LivaNova

PLC(Æ)

2,199

162

Luminex

Corp.(Ð)

1,200

25

Magellan

Health,

Inc.(Æ)

2,420

150

Magenta

Therapeutics,

Inc.(Æ)

5,534

57

Medicines

Co.

(The)(Æ)

1,822

91

Medpace

Holdings,

Inc.(Æ)

3,119

262

MEI

Pharma,

Inc.(Æ)(Ð)

4,278

7

MeiraGTx

Holdings

PLC(Æ)

3,010

48

Menlo

Therapeutics,

Inc.(Æ)

3,200

14

Meridian

Bioscience,

Inc.

9,085

86

Mersana

Therapeutics,

Inc.(Æ)

1,000

2

Mirati

Therapeutics,

Inc.(Æ)

1,581

123

Molina

Healthcare,

Inc.(Æ)

1,680

184

Momenta

Pharmaceuticals,

Inc.(Æ)

7,670

99

Myriad

Genetics,

Inc.(Æ)(Ñ)

9,067

260

Natera

,

Inc.(Æ)

2,510

82

Neogen

Corp.(Æ)

5,346

364

NeoGenomics

,

Inc.(Æ)

35,120

671

Neon

Therapeutics,

Inc.(Æ)

900

2

Neurocrine

Biosciences,

Inc.(Æ)(Ð)

100

9

NextGen

Healthcare,

Inc.(Æ)

1,400

22

OraSure

Technologies,

Inc.(Æ)

14,723

110

Orthofix

Medical,

Inc.(Æ)

2,800

148

Owens

&

Minor,

Inc.

9,100

53

Pacira

BioSciences

,

Inc.(Æ)(Ð)

200

8

Patterson

Cos.,

Inc.

8,809

157

PDL

BioPharma

,

Inc.(Æ)

65,166

141

Pfenex

,

Inc.(Æ)

6,041

51

PRA

Health

Sciences,

Inc.(Æ)

5,006

497

Prestige

Brands

Holdings,

Inc.(Æ)(Ñ)

17,444

605

Principia

Biopharma,

Inc.(Æ)

2,017

57

Protagonist

Therapeutics,

Inc.(Æ)

5,462

66

Prothena

Corp.

PLC(Æ)(Ð)

3,900

31

Providence

Service

Corp.

(The)(Æ)

986

59

PTC

Therapeutics,

Inc.(Æ)

3,099

105

R1

RCM,

Inc.(Æ)

2,116

19

RadNet

,

Inc.(Æ)

69,984

1,005

REGENXBIO,

Inc.(Æ)

3,343

119

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

13

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Repligen

Corp.(Æ)

8,282

635

Retrophin

,

Inc.(Æ)(Ð)

1,600

19

Revance

Therapeutics,

Inc.(Æ)(Ð)

900

12

Rigel

Pharmaceuticals,

Inc.(Æ)(Ð)

4,900

9

Sangamo

BioSciences

,

Inc.(Æ)

7,342

66

SeaSpine

Holdings

Corp.(Æ)

38,358

468

Spark

Therapeutics,

Inc.(Æ)

1,740

169

Spectrum

Pharmaceuticals,

Inc.(Æ)

12,455

103

Surmodics

,

Inc.(Æ)(Ð)

600

27

Synthorx

,

Inc.(Æ)

3,840

62

Tabula

Rasa

HealthCare,

Inc.(Æ)(Ñ)

21,702

1,192

Tactile

Systems

Technology,

Inc.(Æ)(Ñ)

14,979

634

Triple-S

Management

Corp.

Class

B(Æ)

1,786

24

Ultragenyx

Pharmaceutical,

Inc.(Æ)

2,927

125

Unum

Therapeutics,

Inc.(Æ)(Û)

1,600

2

US

Physical

Therapy,

Inc.

5,170

675

Utah

Medical

Products,

Inc.

13,958

1,337

Vanda

Pharmaceuticals,

Inc.(Æ)

7,230

96

Varex

Imaging

Corp.(Æ)

30,671

876

Vericel

Corp.(Æ)(Ñ)

7,097

108

29,369

Materials

and

Processing

-

6.9%

AdvanSix

,

Inc.(Æ)

1,700

44

Allegheny

Technologies,

Inc.(Æ)

10,565

214

Apogee

Enterprises,

Inc.

2,580

101

Arch

Coal,

Inc.

Class

A

5,085

377

Armstrong

Flooring,

Inc.(Æ)(Û)

6,700

43

Armstrong

World

Industries,

Inc.(Û)

6,619

640

Ashland

Global

Holdings,

Inc.(Ð)

3,100

239

Aspen

Aerogels,

Inc.(Æ)

19,426

115

Belden,

Inc.

1,714

91

Boise

Cascade

Co.(Ð)

4,200

137

Builders

FirstSource

,

Inc.(Æ)

700

14

Cabot

Corp.(Ð)

600

27

Cabot

Microelectronics

Corp.

6,263

884

Caesarstone

,

Ltd.

15,666

260

Carpenter

Technology

Corp.

2,604

135

CF

Industries

Holdings,

Inc.

4,300

212

Comfort

Systems

USA,

Inc.

25,868

1,145

Culp,

Inc.

1,100

18

Eagle

Materials,

Inc.

6,748

607

Element

Solutions,

Inc.(Æ)

86,666

882

Haynes

International,

Inc.

7,011

251

Huntsman

Corp.

8,700

202

Innospec

,

Inc.

1,100

98

Insteel

Industries,

Inc.

19,872

408

Koppers

Holdings,

Inc.(Æ)

600

18

Kraton

Corp.(Æ)(Ð)

500

16

Landec

Corp.(Æ)

51,235

557

LB

Foster

Co.

Class

A(Æ)

400

9

Lennox

International,

Inc.(Ð)

860

209

LiqTech

International,

Inc.(Æ)

1,100

9

Livent

Corp.(Æ)

14,089

94

Louisiana-Pacific

Corp.

3,365

83

Masonite

International

Corp.(Æ)

3,200

186

MRC

Global,

Inc.(Æ)

1,500

18

Mueller

Industries,

Inc.

1,379

40

Neenah

Paper,

Inc.

9,374

610

NewMarket

Corp.(Û)

560

264

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Olympic

Steel,

Inc.

200

3

Omega

Flex,

Inc.

4,908

502

Owens-Illinois,

Inc.

7,100

73

PGT

Innovations,

Inc.(Æ)

16,724

289

PH

Glatfelter

Co.(Ð)

2,800

43

Quaker

Chemical

Corp.

6,042

956

Schnitzer

Steel

Industries,

Inc.

Class

A

1,600

33

Schweitzer-Mauduit

International,

Inc.

24,658

923

Silgan

Holdings,

Inc.(Ð)

7,980

240

Simpson

Manufacturing

Co.,

Inc.

1,415

98

SiteOne

Landscape

Supply,

Inc.(Æ)(Ñ)

4,416

327

Stepan

Co.

2,500

243

TimkenSteel

Corp.(Æ)

5,400

34

Tredegar

Corp.

7,370

144

Trinseo

SA

3,800

163

Unifi,

Inc.(Æ)(Ð)

600

13

Universal

Stainless

&

Alloy

Products,

Inc.(Æ)

22,041

344

US

Concrete,

Inc.(Æ)

15,441

854

Valmont

Industries,

Inc.(Ð)

2,060

285

Valvoline,

Inc.(Ð)

14,200

313

Veritiv

Corp.(Æ)

900

16

Verso

Corp.

Class

A(Æ)

900

11

Worthington

Industries,

Inc.

4,587

165

WR

Grace

&

Co.(Ð)

1,100

73

15,402

Producer

Durables

-

18.9%

ACCO

Brands

Corp.

23,797

235

Adient

PLC(Ð)

1,700

39

AECOM(Æ)

5,800

218

AGCO

Corp.

4,600

348

Allied

Motion

Technologies,

Inc.

14,323

506

Allison

Transmission

Holdings,

Inc.

Class

A

1,300

61

Altra

Industrial

Motion

Corp.

2,160

60

Applied

Industrial

Technologies,

Inc.

1,587

90

ArcBest

Corp.

4,000

122

Arcosa

,

Inc.

34,134

1,168

Ardmore

Shipping

Corp.(Æ)

67,835

454

Argan

,

Inc.

12,657

497

ASGN,

Inc.(Æ)

2,851

179

Astec

Industries,

Inc.

10,583

329

Astronics

Corp.(Æ)

3,700

109

AstroNova

,

Inc.

6,381

103

Axon

Enterprise,

Inc.(Æ)

7,132

405

Babcock

&

Wilcox

Co.

(The)

Class

W(Æ)

27,439

1,569

Badger

Meter,

Inc.

11,640

625

Barnes

Group,

Inc.

1,439

74

Barrett

Business

Services,

Inc.

900

80

Brady

Corp.

Class

A

1,446

77

Briggs

&

Stratton

Corp.

7,600

46

Brink's

Co.

(The)

8,757

726

Commercial

Vehicle

Group,

Inc.(Æ)

2,637

19

Covanta

Holding

Corp.

55,924

967

Covenant

Transportation

Group,

Inc.

Class

A(Æ)

29,709

488

CPI

Aerostructures

,

Inc.(Æ)

32,921

271

CRA

International,

Inc.

13,003

546

Crane

Co.

2,000

161

Deluxe

Corp.

3,135

154

Dycom

Industries,

Inc.(Æ)(Ð)

200

10

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

14

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Echo

Global

Logistics,

Inc.(Æ)

6,600

149

EMCOR

Group,

Inc.

3,460

298

Encore

Wire

Corp.

2,638

148

Ennis,

Inc.

2,632

53

Evo

Payments,

Inc.

Class

A(Æ)

17,968

505

Exponent,

Inc.

10,185

712

Fluor

Corp.(Ð)

10,200

195

Forward

Air

Corp.

1,238

79

FreightCar

America,

Inc.(Æ)

43,412

211

frontdoor

,

Inc.(Æ)

26,951

1,308

FTI

Consulting,

Inc.(Æ)

1,155

122

Generac

Holdings,

Inc.(Æ)

4,778

374

Granite

Construction,

Inc.

20,373

655

Great

Lakes

Dredge

&

Dock

Corp.(Æ)

42,610

446

Greenbrier

Cos.,

Inc.

3,410

103

Hackett

Group,

Inc.

(The)

24,277

400

Harsco

Corp.(Æ)

49,037

930

Hawaiian

Holdings,

Inc.

3,660

96

HD

Supply

Holdings,

Inc.(Æ)

3,600

141

Healthcare

Services

Group,

Inc.(Ñ)

18,238

443

Herman

Miller,

Inc.

1,985

91

Hertz

Global

Holdings,

Inc.

Class

W(Æ)

1,000

47

Hill

International,

Inc.(Æ)

30,223

90

HNI

Corp.

5,171

184

Hub

Group,

Inc.

Class

A(Æ)

3,000

140

Huntington

Ingalls

Industries,

Inc.(Û)

810

172

Hyster

-Yale

Materials

Handling,

Inc.

2,200

120

I3

Verticals,

Inc.

Class

A(Æ)

19,599

394

ICF

International,

Inc.

11,911

1,006

Insperity

,

Inc.(Û)

1,800

178

KBR,

Inc.

36,582

898

Kennametal,

Inc.

2,459

76

Kforce

,

Inc.

3,886

147

Kimball

International,

Inc.

Class

B

40,846

788

Korn

Ferry(Û)

8,313

321

Kratos

Defense

&

Security

Solutions,

Inc.(Æ)

22,570

420

Landstar

System,

Inc.

2,100

236

Lincoln

Electric

Holdings,

Inc.

1,600

139

Liquidity

Services,

Inc.(Æ)

33,379

247

Littelfuse

,

Inc.

3,631

644

Manitowoc

Co.,

Inc.

(The)(Æ)

5,100

64

ManpowerGroup

,

Inc.(Ð)(Û)

3,600

303

Marten

Transport,

Ltd.

12,376

257

MasTec

,

Inc.(Æ)

3,436

223

Matson,

Inc.

1,550

58

MAXIMUS,

Inc.

10,266

793

Mesa

Air

Group,

Inc.(Æ)

1,200

8

Mesa

Laboratories,

Inc.(Ñ)

5,084

1,208

Methode

Electronics,

Inc.

2,700

91

Modine

Manufacturing

Co.(Æ)

4,400

50

MSC

Industrial

Direct

Co.,

Inc.

Class

A

9,753

707

MYR

Group,

Inc.(Æ)

800

25

Navistar

International

Corp.(Æ)

3,300

93

Orion

Group

Holdings,

Inc.(Æ)

86,151

388

Park-Ohio

Holdings

Corp.

800

24

Pentair

PLC

5,160

195

Pitney

Bowes,

Inc.(Û)

14,600

67

Radiant

Logistics,

Inc.

30,096

156

Rollins,

Inc.(Ð)

700

24

RR

Donnelley

&

Sons

Co.(Ð)

16,800

63

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ryder

System,

Inc.

15,145

784

Saia,

Inc.(Æ)

3,121

292

Schneider

National,

Inc.

Class

B

3,600

78

Scorpio

Tankers,

Inc.

16,498

491

SkyWest,

Inc.

13,027

748

Spartan

Motors,

Inc.

2,900

40

Spirit

AeroSystems

Holdings,

Inc.

Class

A

1,800

148

Spirit

Airlines,

Inc.(Æ)

11,071

402

SPX

Corp.(Æ)

1,000

40

Standex

International

Corp.

6,653

485

StealthGas

,

Inc.(Æ)

123,690

375

Steelcase,

Inc.

Class

A

41,297

760

Sterling

Construction

Co.,

Inc.(Æ)

4,400

58

Sykes

Enterprises,

Inc.(Æ)

7,726

237

Tennant

Co.

6,955

492

Terex

Corp.

5,700

148

Tetra

Tech,

Inc.

13,434

1,166

Titan

International,

Inc.(Ð)

6,300

17

TopBuild

Corp.(Æ)

2,930

283

TravelCenters

of

America

LLC(Æ)

9,930

122

TreeHouse

Foods,

Inc.(Æ)

11,808

655

TriNet

Group,

Inc.(Æ)

1,137

71

TrueBlue

,

Inc.(Æ)(Û)

13,014

275

Tutor

Perini

Corp.(Æ)

100,397

1,438

Ultralife

Corp.(Æ)

58,147

504

UniFirst

Corp.

877

171

Universal

Truckload

Services,

Inc.

500

12

USA

Truck,

Inc.(Æ)

20,422

164

Vectrus

,

Inc.(Æ)

12,322

501

Wabash

National

Corp.

2,400

35

Welbilt

,

Inc.(Æ)

27,359

461

Werner

Enterprises,

Inc.

3,074

109

WESCO

International,

Inc.(Æ)(Ð)

3,000

143

Willdan

Group,

Inc.(Æ)

5,568

195

WNS

Holdings,

Ltd.

-

ADR(Æ)

12,869

756

XPO

Logistics,

Inc.(Æ)

300

21

YRC

Worldwide,

Inc.(Æ)(Ñ)

79,584

240

42,156

Technology

-

11.0%

3D

Systems

Corp.(Æ)(Ð)

4,600

38

A10

Networks,

Inc.(Æ)(Û)

6,000

42

Adesto

Technologies

Corp.(Æ)(Ñ)

26,002

223

ADTRAN,

Inc.

6,700

76

Agilysys

,

Inc.(Æ)

500

13

Allot

Communications,

Ltd.(Æ)

31,931

257

Alpha

&

Omega

Semiconductor,

Ltd.(Æ)

9,139

112

American

Software,

Inc.

Class

A

1,000

15

Appfolio

,

Inc.

Class

A(Æ)(Ñ)

2,109

201

Arlo

Technologies,

Inc.(Æ)(Ð)

21,500

73

Arrow

Electronics,

Inc.(Æ)(Ð)

2,600

194

Aspen

Technology,

Inc.(Æ)

1,080

133

Avaya

Holdings

Corp.(Æ)

6,667

68

Avid

Technology,

Inc.(Æ)(Ð)

4,500

28

Avnet,

Inc.(Û)

6,420

286

AVX

Corp.

9,738

148

Axcelis

Technologies,

Inc.(Æ)

3,993

68

Bel

Fuse,

Inc.

Class

B

2,145

32

Benchmark

Electronics,

Inc.

14,329

416

Bottomline

Technologies,

Inc.(Æ)(Û)

1,940

76

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

15

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Box,

Inc.

Class

A(Æ)

15,826

262

CalAmp

Corp.(Æ)

4,834

56

Calix,

Inc.(Æ)

7,000

45

Cars.com,

Inc.(Æ)

18,025

162

Casa

Systems,

Inc.(Æ)

3,800

30

ChannelAdvisor

Corp.(Æ)

1,600

15

Cirrus

Logic,

Inc.(Æ)(Û)

11,059

592

Cloudera,

Inc.(Æ)

10,255

91

Coherent,

Inc.(Æ)

802

123

CommVault

Systems,

Inc.(Æ)

9,289

415

comScore,

Inc.(Æ)(Ð)

5,400

10

Comtech

Telecommunications

Corp.

1,200

39

Conduent

,

Inc.(Æ)

12,362

77

Cornerstone

OnDemand

,

Inc.(Æ)

800

44

Dell

Technologies,

Inc.

Class

C(Æ)

700

36

Diebold

Nixdorf,

Inc.(Æ)(Ð)

2,800

31

Digi

International,

Inc.(Æ)

1,300

18

Donnelley

Financial

Solutions,

Inc.(Æ)

1,100

14

Dropbox,

Inc.

Class

A(Æ)(Ð)

1,200

24

DSP

Group,

Inc.(Æ)(Û)

10,752

152

Ebix

,

Inc.(Ñ)

2,860

120

EMCORE

Corp.(Æ)(Û)

3,900

12

Endava

PLC

-

ADR(Æ)

4,949

187

Endurance

International

Group

Holdings,

Inc.(Æ)

9,200

35

ePlus

,

Inc.(Æ)(Û)

2,010

153

F5

Networks,

Inc.(Æ)

230

32

Fabrinet

(Æ)

1,365

71

FireEye,

Inc.(Æ)(Ð)

2,900

39

Glu

Mobile,

Inc.(Æ)(Ð)

3,200

16

Harmonic,

Inc.(Æ)(Ð)

7,800

51

HC2

Holdings,

Inc.(Æ)

2,400

6

II-VI,

Inc.(Æ)(Ñ)

2,611

92

Infinera

Corp.(Æ)(Ð)

19,500

106

Insight

Enterprises,

Inc.(Æ)

4,776

266

InterDigital

,

Inc.

1,397

73

Intevac,

Inc.(Æ)

300

2

Jabil

Circuit,

Inc.

7,400

265

Juniper

Networks,

Inc.(Û)

7,700

191

Kemet

Corp.

4,522

82

Kimball

Electronics,

Inc.(Æ)

62,831

911

Leaf

Group,

Ltd.(Æ)

26,279

110

Liberty

Latin

America,

Ltd.

Class

C(Æ)(Ð)

6,300

108

Limelight

Networks,

Inc.(Æ)

46,736

142

LiveRamp

Holdings,

Inc.(Æ)

1,715

74

LogMeIn,

Inc.

8,294

589

ManTech

International

Corp.

Class

A

1,829

131

Maxar

Technologies,

Inc.

21,114

160

Meet

Group,

Inc.(Æ)(Ð)

7,400

24

Mercury

Systems,

Inc.(Æ)

3,871

314

MicroStrategy

,

Inc.

Class

A(Æ)

4,660

691

Mimecast,

Ltd.(Æ)

11,945

426

MiX

Telematics,

Ltd.

-

ADR

12,676

177

MobileIron

,

Inc.(Æ)

14,600

96

Model

N,

Inc.(Æ)

12,751

354

NAPCO

Security

Technologies,

Inc.(Æ)

28,359

723

NeoPhotonics

Corp.(Æ)

41,163

251

NETGEAR,

Inc.(Æ)

2,700

87

NetScout

Systems,

Inc.(Æ)

27,136

626

Nuance

Communications,

Inc.(Æ)(Ð)

7,900

129

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

NVE

Corp.

9,112

605

OneSpan

,

Inc.(Æ)

35,272

511

Ooma

,

Inc.(Æ)

28,803

300

PC

Connection,

Inc.

4,789

186

Pegasystems

,

Inc.

10,889

740

Perficient

,

Inc.(Æ)

418

16

Perspecta

,

Inc.

38,835

1,013

Photronics

,

Inc.(Æ)

9,278

101

Pixelworks

,

Inc.(Æ)

3,300

12

Plantronics,

Inc.

4,894

183

PlayAGS

,

Inc.(Æ)

4,900

50

Plexus

Corp.(Æ)

1,580

99

Power

Integrations,

Inc.

7,583

686

Progress

Software

Corp.

2,370

90

QAD,

Inc.

Class

A

14,644

676

Qorvo

,

Inc.(Æ)

200

15

Qualys

,

Inc.(Æ)

7,595

574

Resideo

Technologies,

Inc.(Æ)

12,374

178

Ribbon

Communications,

Inc.(Æ)

5,000

29

Rubicon

Project,

Inc.

(The)(Æ)(Ð)

6,900

60

Rudolph

Technologies,

Inc.(Æ)

3,297

87

SailPoint

Technologies

Holding,

Inc.(Æ)

4,003

75

Sanmina

Corp.(Æ)

2,895

93

ScanSource

,

Inc.(Æ)

3,497

107

Science

Applications

International

Corp.

867

76

Semtech

Corp.(Æ)

1,505

73

ShotSpotter,

Inc.(Æ)(Ñ)

4,997

115

Silicon

Laboratories,

Inc.(Æ)

3,296

367

Simulations

Plus,

Inc.

20,582

714

SMART

Global

Holdings,

Inc.(Æ)

13,613

347

Sonos

,

Inc.(Æ)(Ð)

2,400

32

Stratasys

,

Ltd.(Æ)

2,700

58

Synaptics

,

Inc.(Æ)(Ð)

5,200

208

Synchronoss

Technologies,

Inc.(Æ)(Ð)

10,300

56

SYNNEX

Corp.

7,406

835

Tech

Data

Corp.(Æ)

3,553

371

TeleNav

,

Inc.(Æ)

6,600

32

Tenable

Holdings,

Inc.(Æ)

400

9

TrueCar

,

Inc.(Æ)(Ð)

24,300

83

Unisys

Corp.(Æ)(Ñ)

38,434

285

Universal

Display

Corp.

1,536

258

Varonis

Systems,

Inc.(Æ)(Ð)

600

36

Veeco

Instruments,

Inc.(Æ)(Ð)

8,000

93

Vishay

Intertechnology

,

Inc.

9,898

168

Workiva

,

Inc.

Class

3(Æ)

10,238

449

Yelp,

Inc.

Class

A(Æ)

1,500

52

Zix

Corp.(Æ)

79,046

572

24,432

Utilities

-

5.0%

Allete

,

Inc.

3,928

343

American

States

Water

Co.

8,603

774

Atlantic

Power

Corp.(Æ)

50,729

119

ATN

International,

Inc.(Æ)

1,300

76

Avista

Corp.

14,004

678

Black

Hills

Corp.

1,816

139

California

Water

Service

Group(Ð)

2,900

153

Chesapeake

Utilities

Corp.

900

86

Clearway

Energy,

Inc.(Æ)

2,565

44

Cogent

Communications

Holdings,

Inc.

15,343

846

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

16

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

El

Paso

Electric

Co.

3,016

202

GCI

Liberty,

Inc.

Class

A(Æ)

7,932

493

Gogo

,

Inc.(Æ)(Ð)

4,500

27

HighPoint

Resources

Corp.(Æ)

294,204

469

j2

Global,

Inc.

1,797

163

Mammoth

Energy

Services,

Inc.

50,133

124

MDU

Resources

Group,

Inc.

53,075

1,497

MGE

Energy,

Inc.

908

73

Montage

Resources

Corp.(Æ)

12,560

47

New

Jersey

Resources

Corp.

2,617

118

Northwest

Natural

Holding

Co.

2,000

143

NorthWestern

Corp.

5,545

416

NRG

Energy,

Inc.(Ð)

6,600

261

ONE

Gas,

Inc.(Û)

5,349

514

Pinnacle

West

Capital

Corp.(Ð)

3,300

320

Plains

GP

Holdings,

LP

Class

A(Æ)

1,100

23

PNM

Resources,

Inc.

1,671

87

Portland

General

Electric

Co.

10,258

578

Rosehill

Resources,

Inc.

Class

A(Æ)

25,142

49

South

Jersey

Industries,

Inc.

22,401

738

Southwest

Gas

Holdings,

Inc.

4,920

448

Spire,

Inc.

1,819

159

Spok

Holdings,

Inc.

9,999

119

Talos

Energy,

Inc.(Æ)(Ð)

2,700

55

Unitil

Corp.

3,238

204

Vistra

Energy

Corp.

24,063

643

11,228

Total

Common

Stocks

(cost

$216,023)

226,416

Short-Term

Investments

-

2.4%

U.S.

Cash

Management

Fund(@)

5,278,057

(∞)

5,279

Total

Short-Term

Investments

(cost

$5,279)

5,279

Other

Securities

-

5.8%

U.S.

Cash

Collateral

Fund(×)(@)

12,972,667

(∞)

12,973

Total

Other

Securities

(cost

$12,973)

12,973

Total

Investments

109.8%

(identified

cost

$234,275)

244,668

Securities

Sold

Short

-

(4.6)%

Consumer

Discretionary

-

(1.0)%

1-800-Flowers.com,

Inc.

Class

A(Æ)

(1,500)

(22)

American

Outdoor

Brands

Corp.(Æ)

(11,300)

(66)

At

Home

Group,

Inc.(Æ)

(3,600)

(35)

Buckle,

Inc.

(The)

(3,600)

(74)

Carvana

Co.(Æ)

(200)

(13)

Century

Communities,

Inc.(Æ)

(5,440)

(167)

Children's

Place,

Inc.

(The)

(100)

(8)

Dorman

Products,

Inc.(Æ)

(710)

(57)

Duluth

Holdings,

Inc.

Class

B(Æ)

(1,700)

(14)

Entercom

Communications

Corp.

Class

A

(8,400)

(28)

Fox

Factory

Holding

Corp.(Æ)

(700)

(44)

G-III

Apparel

Group,

Ltd.(Æ)

(4,500)

(116)

Hanesbrands,

Inc.

(417)

(6)

Harley-Davidson,

Inc.

(2,070)

(75)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Leggett

&

Platt,

Inc.

(4,000)

(164)

LGI

Homes,

Inc.(Æ)

(1,180)

(98)

Lovesac

Co.

(The)(Æ)

(400)

(7)

Marriott

Vacations

Worldwide

Corp.

(840)

(87)

Mattel,

Inc.(Æ)

(6,600)

(75)

Meredith

Corp.

(400)

(15)

Michaels

Cos.,

Inc.

(The)(Æ)

(6,000)

(59)

Monro

Muffler

Brake,

Inc.

(1,110)

(88)

Movado

Group,

Inc.

(5,000)

(124)

Oxford

Industries,

Inc.

(600)

(43)

Party

City

Holdco,

Inc.(Æ)

(18,627)

(106)

Penn

National

Gaming,

Inc.(Æ)

(700)

(13)

PetIQ

,

Inc.(Æ)

(2,100)

(57)

Sally

Beauty

Holdings,

Inc.(Æ)

(4,500)

(67)

SEACOR

Marine

Holdings,

Inc.(Æ)

(1,100)

(14)

Shoe

Carnival,

Inc.

(2,500)

(81)

Strategic

Education,

Inc.(Æ)

(450)

(61)

Thor

Industries,

Inc.

(3,000)

(170)

Tile

Shop

Holdings,

Inc.

(2,000)

(6)

Vince

Holding

Corp.(Æ)

(300)

(6)

Winnebago

Industries,

Inc.

(3,340)

(128)

ZAGG,

Inc.(Æ)

(3,900)

(24)

(2,218)

Consumer

Staples

-

(0.1)%

Energizer

Holdings,

Inc.

(4,020)

(175)

Limoneira

Co.

(1,100)

(20)

MGP

Ingredients,

Inc.

(1,300)

(65)

PetMed

Express,

Inc.

(2,400)

(43)

(303)

Energy

-

(0.3)%

Abraxas

Petroleum

Corp.(Æ)

(18,300)

(9)

Advanced

Emissions

Solutions,

Inc.

(700)

(10)

Antero

Resources

Corp.(Æ)

(16,700)

(50)

Callon

Petroleum

Co.(Æ)

(11,100)

(48)

Chesapeake

Energy

Corp.(Æ)

(5,300)

(7)

Contango

Oil

&

Gas

Co.(Æ)

(700)

(2)

Hornbeck

Offshore

Services,

Inc.(Æ)

(800)

(1)

Independence

Contract

Drilling,

Inc.(Æ)

(2,600)

(3)

Matador

Resources

Co.(Æ)

(8,200)

(136)

Nine

Energy

Service,

Inc.(Æ)

(5,500)

(34)

Northern

Oil

and

Gas,

Inc.(Æ)

(3,200)

(6)

Pacific

Ethanol,

Inc.(Æ)

(1,600)

(1)

Profire

Energy,

Inc.(Æ)

(1,000)

(2)

Range

Resources

Corp.

(24,500)

(94)

Ring

Energy,

Inc.(Æ)

(4,200)

(7)

Select

Energy

Services,

Inc.

Class

A(Æ)

(4,400)

(38)

Solaris

Oilfield

Infrastructure,

Inc.

Class

A

(5,342)

(72)

SunPower

Corp.

Class

A(Æ)

(7,400)

(81)

US

Silica

Holdings,

Inc.

(4,100)

(39)

(640)

Financial

Services

-

(1.1)%

AGNC

Investment

Corp.(Æ)

(10,900)

(175)

Allegiance

Bancshares,

Inc.(Æ)

(1,200)

(39)

Anworth

Mortgage

Asset

Corp.(ö)

(600)

(2)

Apollo

Commercial

Real

Estate

Finance,

Inc.(ö)

(3,500)

(67)

Arbor

Realty

Trust,

Inc.(ö)

(11,200)

(147)

CBL

&

Associates

Properties,

Inc.(ö)

(30,400)

(39)

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

17

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Cherry

Hill

Mortgage

Investment

Corp.(ö)

(1,625)

(21)

Chimera

Investment

Corp.(ö)

(8,300)

(162)

Colony

Credit

Real

Estate,

Inc.(ö)

(300)

(4)

Dynex

Capital,

Inc.(ö)

(7,000)

(103)

eHealth,

Inc.(Æ)

(200)

(13)

Encore

Capital

Group,

Inc.(Æ)

(2,900)

(97)

First

Financial

Bancorp

(2,500)

(61)

Granite

Point

Mortgage

Trust,

Inc.(ö)

(3,300)

(62)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(ö)

(2,530)

(74)

Helios

Technologies,

Inc.(Æ)

(810)

(33)

Howard

Hughes

Corp.

(The)(Æ)

(650)

(84)

Jernigan

Capital,

Inc.(ö)

(800)

(15)

Ladder

Capital

Corp.

Class

A(ö)

(2,100)

(36)

MBIA,

Inc.(Æ)

(12,000)

(111)

New

Residential

Investment

Corp.(ö)

(11,400)

(179)

New

York

Mortgage

Trust,

Inc.(ö)

(13,700)

(83)

Newmark

Group,

Inc.

Class

A

(7,000)

(63)

Ocwen

Financial

Corp.(Æ)

(2,500)

(5)

Pebblebrook

Hotel

Trust(ö)

(6,110)

(170)

PennyMac

Mortgage

Investment

Trust(ö)

(3,700)

(82)

Potlatch

Corp.(ö)

(4,300)

(177)

PRA

Group,

Inc.(Æ)

(1,200)

(41)

Ready

Capital

Corp.(Æ)

(1,000)

(16)

Redwood

Trust,

Inc.(ö)

(4,800)

(79)

Two

Harbors

Investment

Corp.(ö)

(5,500)

(72)

Veritex

Holdings,

Inc.

(2,100)

(51)

Virtu

Financial,

Inc.

Class

A

(4,700)

(77)

Washington

Prime

Group,

Inc.(ö)

(2,100)

(9)

Western

Asset

Mortgage

Capital

Corp.(ö)

(3,800)

(37)

(2,486)

Health

Care

-

(0.7)%

Abeona

Therapeutics,

Inc.(Æ)

(700)

(2)

Aclaris

Therapeutics,

Inc.(Æ)

(4,951)

(5)

ADMA

Biologics,

Inc.(Æ)

(1,600)

(7)

Alphatec

Holdings,

Inc.(Æ)

(1,000)

(5)

American

Renal

Associates

Holdings,

Inc.

(Æ)

(1,600)

(10)

Anika

Therapeutics,

Inc.(Æ)

(900)

(50)

Arena

Pharmaceuticals,

Inc.(Æ)

(2,600)

(119)

ArQule

,

Inc.(Æ)

(1,500)

(11)

Arrowhead

Pharmaceuticals,

Inc.(Æ)

(310)

(9)

Athenex

,

Inc.(Æ)

(2,700)

(33)

BioDelivery

Sciences

International,

Inc.(Æ)

(2,000)

(9)

Bio-Rad

Laboratories,

Inc.

Class

A(Æ)

(561)

(187)

Capital

Senior

Living

Corp.(Æ)

(1,700)

(7)

Cara

Therapeutics,

Inc.(Æ)

(400)

(7)

CareDx

,

Inc.(Æ)

(400)

(9)

Catalent

,

Inc.(Æ)

(1,700)

(81)

Celldex

Therapeutics,

Inc.(Æ)

(2,100)

(4)

Dynavax

Technologies

Corp.(Æ)

(1,900)

(7)

Emergent

BioSolutions

,

Inc.(Æ)

(1,720)

(90)

Guardant

Health,

Inc.(Æ)

(100)

(6)

iRhythm

Technologies,

Inc.(Æ)

(500)

(37)

Krystal

Biotech,

Inc.(Æ)

(600)

(21)

LHC

Group,

Inc.(Æ)

(770)

(88)

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

(1,590)

(158)

MannKind

Corp.(Æ)

(3,500)

(4)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Matinas

BioPharma

Holdings,

Inc.(Æ)

(4,900)

(3)

Medicines

Co.

(The)(Æ)

(2,500)

(125)

Myriad

Genetics,

Inc.(Æ)

(2,700)

(77)

NanoString

Technologies,

Inc.(Æ)

(400)

(9)

NeoGenomics

,

Inc.(Æ)

(2,000)

(38)

OncoCyte

Corp.(Æ)

(4,164)

(9)

OPKO

Health,

Inc.(Æ)

(24,700)

(52)

REGENXBIO,

Inc.(Æ)

(180)

(6)

Repligen

Corp.(Æ)

(1,100)

(84)

Sangamo

BioSciences

,

Inc.(Æ)

(4,600)

(42)

Sientra

,

Inc.(Æ)

(1,000)

(6)

Tabula

Rasa

HealthCare,

Inc.(Æ)

(1,000)

(55)

Teladoc

Health,

Inc.(Æ)

(770)

(52)

ViewRay

,

Inc.(Æ)

(2,700)

(8)

Xeris

Pharmaceuticals,

Inc.(Æ)

(700)

(7)

(1,539)

Materials

and

Processing

-

(0.2)%

Beacon

Roofing

Supply,

Inc.(Æ)

(1,300)

(44)

Coeur

Mining,

Inc.(Æ)

(3,300)

(16)

Cornerstone

Building

Brands,

Inc.(Æ)

(6,800)

(41)

Covia

Holdings

Corp.(Æ)

(3,900)

(8)

Griffon

Corp.

(1,900)

(40)

Hecla

Mining

Co.

(79,300)

(140)

Livent

Corp.(Æ)

(4,100)

(27)

NN,

Inc.

(4,100)

(29)

Northwest

Pipe

Co.(Æ)

(200)

(6)

Rayonier

Advanced

Materials,

Inc.

(3,900)

(17)

SiteOne

Landscape

Supply,

Inc.(Æ)

(900)

(67)

Universal

Stainless

&

Alloy

Products,

Inc.(Æ)

(2,000)

(31)

(466)

Producer

Durables

-

(0.4)%

Altra

Industrial

Motion

Corp.

(3,200)

(89)

Aqua

Metals,

Inc.(Æ)

(2,200)

(4)

Coda

Octopus

Group,

Inc.(Æ)

(1,000)

(8)

Concrete

Pumping

Holdings,

Inc.(Æ)

(2,900)

(12)

Construction

Partners,

Inc.

Class

A(Æ)

(4,000)

(62)

Healthcare

Services

Group,

Inc.

(3,640)

(88)

Iteris

,

Inc.(Æ)

(2,900)

(17)

Knight-Swift

Transportation

Holdings,

Inc.

(Æ)

(4,300)

(156)

LCI

Industries

(900)

(83)

Macquarie

Infrastructure

Corp.

(1,700)

(67)

Quad/Graphics,

Inc.

(4,400)

(46)

Stericycle,

Inc.(Æ)

(1,850)

(94)

Willdan

Group,

Inc.(Æ)

(900)

(32)

(758)

Technology

–

(0.7)%

Adesto

Technologies

Corp.(Æ)

(1,800)

(15)

Altair

Engineering,

Inc.

Class

A(Æ)

(2,600)

(90)

Alteryx,

Inc.

Class

A(Æ)

(400)

(43)

AVX

Corp.

(4,000)

(61)

Blackline,

Inc.(Æ)

(500)

(24)

Brooks

Automation,

Inc.

(1,300)

(48)

Calyxt

,

Inc.(Æ)

(1,100)

(6)

Cloudera,

Inc.(Æ)

(1,500)

(13)

Cohu

,

Inc.

(3,300)

(45)

Covetrus

,

Inc.(Æ)

(7,800)

(93)

CTS

Corp.

(1,900)

(61)

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

18

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Digimarc

Corp.(Æ)

(500)

(20)

Diodes,

Inc.(Æ)

(2,000)

(80)

Ebix

,

Inc.

(2,000)

(84)

Envestnet

,

Inc.(Æ)

(1,310)

(74)

Guidewire

Software,

Inc.(Æ)

(800)

(84)

II-VI,

Inc.(Æ)

(2,000)

(70)

Immersion

Corp.(Æ)

(9,900)

(76)

Match

Group,

Inc.

(600)

(43)

MicroVision

,

Inc.(Æ)

(6,100)

(4)

MongoDB,

Inc.(Æ)

(150)

(18)

NAPCO

Security

Technologies,

Inc.(Æ)

(3,430)

(88)

Science

Applications

International

Corp.

(1,000)

(87)

TTM

Technologies,

Inc.(Æ)

(6,800)

(83)

Ultra

Clean

Holdings(Æ)

(6,700)

(98)

Upland

Software,

Inc.(Æ)

(700)

(25)

Vishay

Intertechnology

,

Inc.

(200)

(3)

Zix

Corp.(Æ)

(8,900)

(64)

(1,500)

Utilities

-

(0.1)%

Antero

Midstream

Corp.

(20,800)

(154)

Chaparral

Energy,

Inc.

Class

A(Æ)

(9,700)

(13)

Globalstar

,

Inc.(Æ)

(11,529)

(5)

HighPoint

Resources

Corp.(Æ)

(10,000)

(16)

Internap

Corp.(Æ)

(2,200)

(6)

Montage

Resources

Corp.(Æ)

(3,900)

(15)

Pattern

Energy

Group,

Inc.

Class

A

(3,600)

(97)

(306)

Total

Securities

Sold

Short

(proceeds

$10,802)

(10,216)

Other

Assets

and

Liabilities,

Net

-

(5.2%)

(11,523)

Net

Assets

-

100.0%

222,929

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

19

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Russell

2000

E-Mini

Index

Futures

68

USD

5,185

12/19

(196)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(196)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Common

Stocks

Consumer

Discretionary

$

26,95

8

$

—

$

—

$

—

$

26,95

8

Consumer

Staples

8,056

—

—

—

8,056

Energy

7,699

—

—

—

7,699

Financial

Services

61,116

—

—

—

61,116

Health

Care

29,36

9

—

—

—

29,36

9

Materials

and

Processing

15,402

—

—

—

15,402

Producer

Durables

42,156

—

—

—

42,156

Technology

24,432

—

—

—

24,432

Utilities

11,2

28

—

—

—

11,2

28

Short-Term

Investments

—

—

—

5,279

5,279

Other

Securities

—

—

—

12,973

12,973

Total

Investments

226,416

—

—

18,252

244,668

Securities

Sold

Short

**

(10,216)

—

—

—

(10,216)

Other

Financial

Instruments

Liabilities

Futures

Contracts

(196)

—

—

—

(196)

Total

Other

Financial

Instruments

*

$

(196)

$

—

$

—

$

—

$

(196)

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

**

Refer

to

Schedule

of

Investments

for

detailed

sector

breakout.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

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.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

September

30,

2019,

were

less

than

1%

of

net

assets.

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

20

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

93.9%

Argentina

-

0.1%

YPF

SA

-

ADR

34,203

316

Australia

-

2.2%

AGL

Energy,

Ltd.

37,966

491

Alumina,

Ltd.

31,015

50

Aristocrat

Leisure,

Ltd.

41,327

857

ASX,

Ltd.

-

ADR

1,821

100

Australia

&

New

Zealand

Banking

Group,

Ltd.

-

ADR

18,262

353

Bendigo

&

Adelaide

Bank,

Ltd.

9,460

73

BHP

Group

PLC

23,335

499

BHP

Group,

Ltd.

-

ADR

2,672

66

Caltex

Australia,

Ltd.

4,489

80

Commonwealth

Bank

of

Australia

-

ADR

17,507

958

CSL,

Ltd.

10,576

1,670

Dexus

Property

Group(Æ)(ö)

2,800

23

Macquarie

Group,

Ltd.

7,647

678

National

Australia

Bank,

Ltd.

-

ADR

14,149

285

Origin

Energy,

Ltd.

30,207

163

Scentre

Group(ö)

21,507

57

South32,

Ltd.

Class

B

34,053

61

Stockland(ö)

27,491

84

Telstra

Corp.,

Ltd.

60,699

144

Treasury

Wine

Estates,

Ltd.

53,459

671

Wesfarmers,

Ltd.(Æ)

10,711

288

Westpac

Banking

Corp.

19,678

394

Woodside

Petroleum,

Ltd.

22,549

495

8,540

Austria

-

0.2%

Erste

Group

Bank

AG(Æ)

6,004

199

OMV

AB

6,014

322

Voestalpine

AG

4,135

95

616

Belgium

-

0.6%

Ageas

25,673

1,425

KBC

Groep

NV

11,222

730

Solvay

SA

2,210

229

2,384

Bermuda

-

0.0%

NWS

Holdings,

Ltd.

108,000

167

Brazil

-

0.2%

Pagseguro

Digital,

Ltd.

Class

A(Æ)

15,193

704

Canada

-

4.4%

Algonquin

Power

&

Utilities

Corp.(Ñ)

105,998

1,451

ARC

Resources,

Ltd.

21,406

102

Atco,

Ltd.

Class

I

3,893

142

Bank

of

Montreal

7,077

521

Bank

of

Nova

Scotia

(The)

14,838

843

Barrick

Gold

Corp.

61,195

1,059

BCE,

Inc.

7,410

358

Brookfield

Asset

Management,

Inc.

Class

A

6,061

322

Cameco

Corp.

Class

A

17,489

166

Canadian

Imperial

Bank

of

Commerce

5,421

447

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Canadian

National

Railway

Co.

6,925

622

Canadian

Natural

Resources,

Ltd.

15,998

426

Cenovus

Energy,

Inc.

24,425

229

Dollarama,

Inc.

8,396

301

Encana

Corp.

160,519

735

First

Capital

Realty,

Inc.

Class

A

4,475

75

Fortis,

Inc.

47,839

2,023

George

Weston,

Ltd.

1,870

157

Great-West

Lifeco

,

Inc.

15,478

372

Healthcare

Realty

Trust,

Inc.(Æ)(ö)

7,729

135

Husky

Energy,

Inc.

10,036

71

iA

Financial

Corp.,

Inc.

4,923

224

Imperial

Oil,

Ltd.

9,004

234

Kinross

Gold

Corp.(Æ)

107,441

494

Magna

International,

Inc.

Class

A

3,173

169

Manulife

Financial

Corp.

17,199

315

National

Bank

of

Canada

2,100

104

Power

Corp.

of

Canada

9,625

222

Power

Financial

Corp.

5,180

120

Quebecor,

Inc.

Class

B

3,680

84

RioCan

Real

Estate

Investment

Trust(ö)

7,625

152

Royal

Bank

of

Canada

-

GDR

13,941

1,131

Shaw

Communications,

Inc.

Class

B

5,973

117

Sun

Life

Financial,

Inc.

20,051

897

Suncor

Energy,

Inc.

11,320

357

TC

Energy

Corp.(Æ)

7,942

411

Teck

Resources,

Ltd.

Class

B

7,383

120

Toronto

Dominion

Bank

21,168

1,234

Tourmaline

Oil

Corp.

9,270

92

17,034

China

-

2.1%

Alibaba

Group

Holding,

Ltd.

-

ADR(Æ)

7,138

1,194

China

Telecom

Corp.,

Ltd.

Class

H

1,644,000

751

China

Tower

Corp.,

Ltd.

Class

H(Þ)

2,725,598

623

Ctrip.com

International,

Ltd.

-

ADR(Æ)

10,275

301

Dongfeng

Motor

Group

Co.,

Ltd.

Class

H

1,048,000

1,002

Lenovo

Group,

Ltd.

1,484,257

988

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

70,966

821

Sunny

Optical

Technology

Group

Co.,

Ltd.

44,499

664

Tencent

Holdings,

Ltd.

38,984

1,654

7,998

Denmark

-

1.8%

AP

Moller

-

Maersk

A/S

Class

B

2,875

3,260

Coloplast

A/S

Class

B

7,294

879

Danske

Bank

A/S

57,104

795

Drilling

Co.

of

1972

A/S

(The)(Æ)

1,163

65

DSV

A/S

7,516

716

Genmab

A/S(Æ)

2,493

507

Novo

Nordisk

A/S

Class

B

16,422

848

7,070

Finland

-

0.7%

Elisa

OYJ

Class

A

1,574

81

Kone

OYJ

Class

B

10,234

583

Neste

OYJ

9,931

328

Nokia

OYJ

158,369

804

Nordea

Bank

AB

20,914

148

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

21

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Nordea

Bank

Abp

344

2

Sampo

OYJ

Class

A

3,443

137

Stora

Enso

OYJ

Class

R

6,919

83

UPM-

Kymmene

OYJ

15,122

448

Wartsila

OYJ

Abp

Class

B

6,190

69

2,683

France

-

10.0%

Air

Liquide

SA

Class

A

19,484

2,776

Airbus

Group

SE

4,918

640

Amundi

SA(Þ)

19,623

1,370

Arkema

SA

908

85

Atos

SE

2,375

168

AXA

SA

21,044

538

BNP

Paribas

SA

36,436

1,777

Bouygues

SA

-

ADR

25,844

1,036

Capgemini

SE

5,543

654

Carrefour

SA

6,475

113

Cie

de

Saint-Gobain

46,121

1,812

Cie

Generale

des

Etablissements

Michelin

SCA

Class

B

2,298

257

CNP

Assurances

700

14

Covivio

(ö)

626

66

Credit

Agricole

SA

14,542

177

Danone

SA

3,732

329

Eiffage

SA

1,933

201

Engie

SA

76,047

1,242

Eurazeo

SE

1,724

128

Hermes

International

1,418

981

Klepierre

SA

-

GDR(ö)

7,335

249

L'Oreal

SA

11,216

3,142

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

271

108

Natixis

SA

23,693

98

Orange

SA

-

ADR

8,481

133

Pernod

Ricard

SA

5,545

987

Peugeot

SA

3,268

82

Publicis

Groupe

SA

-

ADR

39,783

1,956

Renault

SA

16,989

976

Rexel

SA

Class

H

251,825

2,698

Safran

SA

19,456

3,066

Sanofi

-

ADR

11,948

1,108

Schneider

Electric

SE

32,142

2,818

SCOR

SE

-

ADR

27,033

1,117

Societe

Generale

SA

43,723

1,200

Total

SA

71,397

3,716

Unibail

-

Rodamco

-Westfield(ö)

1,993

291

Vinci

SA

2,556

276

38,385

Germany

-

5.0%

Adidas

AG

2,428

756

Allianz

SE

3,743

873

BASF

SE

19,817

1,386

Bayer

AG

2,823

199

Bayerische

Motoren

Werke

AG

5,076

357

Beiersdorf

AG

4,418

521

Commerzbank

AG

18,403

107

Continental

AG

809

104

Covestro

AG(Þ)

16,104

797

Daimler

AG

22,953

1,140

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Deutsche

Boerse

AG

18,397

2,876

Deutsche

Lufthansa

AG

33,134

527

Deutsche

Post

AG

3,305

110

Deutsche

Telekom

AG

12,896

216

E.ON

SE

38,503

374

Evonik

Industries

AG

2,666

66

Fresenius

SE

&

Co.

KGaA

1,750

82

GEA

Group

AG

4,183

113

Hannover

Rueck

SE

2,745

464

HeidelbergCement

AG

2,127

154

Infineon

Technologies

AG

-

ADR

33,312

599

Metro

AG(Æ)

49,527

268

Metro

Wholesale

&

Food

Specialist

AG

32,126

507

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

3,912

1,012

RWE

AG

24,094

754

Salzgitter

AG

2,163

36

SAP

SE

-

ADR

24,046

2,834

Siemens

AG

12,498

1,339

Symrise

AG

2,932

285

Uniper

SE

2,518

83

Vonovia

SE

2,035

103

19,042

Hong

Kong

-

2.7%

AIA

Group,

Ltd.

235,008

2,205

Bank

of

East

Asia,

Ltd.

(The)

9,000

22

China

Mobile,

Ltd.

114,500

950

China

Resources

Power

Holdings

Co.,

Ltd.

1,356,417

1,650

China

Unicom

Hong

Kong,

Ltd.

1,014,000

1,072

CK

Asset

Holdings,

Ltd.

27,549

188

CK

Hutchison

Holdings,

Ltd.

Class

B

36,313

319

CK

Infrastructure

Holdings,

Ltd.

42,500

285

Hang

Seng

Bank,

Ltd.

21,800

472

Henderson

Land

Development

Co.,

Ltd.

35,200

164

Hongkong

Land

Holdings,

Ltd.

39,100

220

Hysan

Development

Co.,

Ltd.

20,000

81

Jardine

Matheson

Holdings,

Ltd.

5,400

290

Jardine

Strategic

Holdings,

Ltd.

1,600

48

Kerry

Properties,

Ltd.

18,500

57

Link

REIT(ö)

59,576

654

MTR

Corp.,

Ltd.

37,000

207

New

World

Development

Co.,

Ltd.

165,000

216

Power

Assets

Holdings,

Ltd.

33,500

225

Sun

Hung

Kai

Properties,

Ltd.

13,000

188

Swire

Pacific,

Ltd.

Class

A

16,000

149

Swire

Properties,

Ltd.

18,416

58

Techtronic

Industries

Co.,

Ltd.

56,271

395

WH

Group,

Ltd.(Þ)

137,000

124

Wharf

Holdings,

Ltd.

(The)

32,000

70

Wharf

Real

Estate

Investment

Co.,

Ltd.

5,000

27

Wheelock

&

Co.,

Ltd.

12,000

68

10,404

India

-

1.4%

Canara

Bank(Æ)

119,258

307

HDFC

Bank,

Ltd.

-

ADR

59,472

3,394

Infosys,

Ltd.

-

ADR

123,662

1,406

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

22

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

NTPC,

Ltd.

30,955

51

5,158

Indonesia

-

0.2%

Bank

Central

Asia

Tbk

PT

383,295

820

Ireland

-

0.3%

Bank

of

Ireland

Group

PLC

156,758

624

CRH

PLC

7,610

261

Paddy

Power

Betfair

PLC

1,019

95

980

Israel

-

0.2%

Bank

Hapoalim

BM(Æ)

43,318

341

Bank

Leumi

Le-Israel

BM

48,024

342

Israel

Discount

Bank,

Ltd.

Class

A

28,582

126

Mizrahi

Tefahot

Bank,

Ltd.

3,401

85

894

Italy

-

3.8%

Assicurazioni

Generali

SpA

76,220

1,478

Banca

Popolare

dell'Emilia

Romagna

SC

109,385

423

Davide

Campari-Milano

SpA

58,379

528

Enel

SpA

447,276

3,342

ENI

SpA

-

ADR

148,087

2,262

Ferrari

NV

8,660

1,336

FinecoBank

Banca

Fineco

SpA

53,187

564

Intesa

Sanpaolo

SpA

105,897

251

Mediobanca

SpA

21,004

230

Moncler

SpA

12,797

456

Poste

Italiane

SpA

(Þ)

14,442

164

Saipem

SpA

(Æ)

136,856

620

Snam

Rete

Gas

SpA

56,597

286

Telecom

Italia

SpA

(Æ)

830,901

475

Terna

Rete

Elettrica

Nazionale

SpA

31,532

203

UniCredit

SpA

171,656

2,028

14,646

Japan

-

18.3%

Aisin

Seiki

Co.,

Ltd.

3,000

95

ANA

Holdings,

Inc.

8,000

269

Aozora

Bank,

Ltd.

9,000

226

Asahi

Glass

Co.,

Ltd.

4,100

128

Asahi

Kasei

Corp.

18,000

178

Astellas

Pharma,

Inc.

30,700

439

Benesse

Holdings,

Inc.

5,100

133

Bridgestone

Corp.

19,600

762

Canon,

Inc.

49,200

1,313

Central

Japan

Railway

Co.

1,900

392

Chiba

Bank,

Ltd.

(The)

33,000

171

Chubu

Electric

Power

Co.,

Inc.

7,500

109

Citizen

Watch

Co.,

Ltd.

54,800

269

Concordia

Financial

Group,

Ltd.

56,200

217

Dai

Nippon

Printing

Co.,

Ltd.

9,700

252

Daicel

Chemical

Industries,

Ltd.

8,200

70

Dai-ichi

Life

Holdings,

Inc.

112,050

1,703

Daito

Trust

Construction

Co.,

Ltd.

2,900

372

Daiwa

House

Industry

Co.,

Ltd.

8,700

283

Daiwa

Securities

Group,

Inc.

31,000

139

DeNA

Co.,

Ltd.

24,300

429

Denso

Corp.

15,900

702

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

East

Japan

Railway

Co.

3,600

344

Eisai

Co.,

Ltd.

5,040

257

Electric

Power

Development

Co.,

Ltd.

6,800

156

Fuji

Heavy

Industries,

Ltd.

12,900

365

Fuji

Media

Holdings,

Inc.

3,800

49

FUJIFILM

Holdings

Corp.

4,800

212

Fujitsu,

Ltd.

29,700

2,385

Fukuoka

Financial

Group,

Inc.

14,200

270

GMO

Payment

Gateway,

Inc.

4,800

321

Gree

,

Inc.

36,400

167

Hankyu

Hanshin

Holdings,

Inc.

5,800

224

Hitachi

Metals,

Ltd.

249,200

2,706

Hitachi,

Ltd.

4,900

184

Honda

Motor

Co.,

Ltd.

167,600

4,364

Ibiden

Co.,

Ltd.

13,300

268

Iida

Group

Holdings

Co.,

Ltd.

54,000

884

Inpex

Corp.

301,300

2,748

Isuzu

Motors,

Ltd.

92,900

1,031

ITOCHU

Corp.

23,800

493

Japan

Airlines

Co.,

Ltd.

7,200

214

Japan

Exchange

Group,

Inc.

2,500

40

Japan

Post

Bank

Co.,

Ltd.

Class

A

20,600

200

Japan

Post

Holdings

Co.,

Ltd.

30,600

283

Japan

Tobacco,

Inc.

17,800

390

JFE

Holdings,

Inc.

5,800

70

JGC

Holdings

Corp.

35,400

467

JSR

Corp.

57,800

931

JX

Holdings,

Inc.

390,300

1,770

Kajima

Corp.

9,000

119

Kamigumi

Co.,

Ltd.

10,000

227

KDDI

Corp.

27,900

729

Kirin

Holdings

Co.,

Ltd.

7,800

166

Konica

Minolta,

Inc.

10,900

76

Kyushu

Electric

Power

Co.,

Inc.

5,100

48

Marubeni

Corp.

44,800

299

Mazda

Motor

Corp.

16,900

151

Medipal

Holdings

Corp.

6,000

134

Mitsubishi

Chemical

Holdings

Corp.

24,700

177

Mitsubishi

Corp.

18,100

446

Mitsubishi

Electric

Corp.

38,400

513

Mitsubishi

Estate

Co.,

Ltd.

39,800

771

Mitsubishi

Heavy

Industries,

Ltd.

30,100

1,184

Mitsubishi

Materials

Corp.

5,700

155

Mitsubishi

Motors

Corp.

48,100

210

Mitsubishi

UFJ

Financial

Group,

Inc.

427,800

2,180

Mitsui

&

Co.,

Ltd.

75,300

1,237

Mitsui

Chemicals,

Inc.

5,300

119

Mizuho

Financial

Group,

Inc.

734,800

1,130

MS&AD

Insurance

Group

Holdings,

Inc.

25,200

820

Nidec

Corp.

3,850

522

Nikon

Corp.

38,400

482

Nintendo

Co.,

Ltd.

2,710

1,009

Nippon

Steel

&

Sumitomo

Metal

Corp.

13,900

195

Nippon

Telegraph

&

Telephone

Corp.

10,203

488

Nippon

Television

Holdings,

Inc.

26,800

345

Nissan

Motor

Co.,

Ltd.

151,600

949

Nitto

Denko

Corp.

14,900

722

Nomura

Holdings,

Inc.

262,600

1,110

Nomura

Real

Estate

Holdings,

Inc.

3,100

67

NTT

DOCOMO,

Inc.

18,400

470

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

23

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Obayashi

Corp.

21,400

214

Oji

Holdings

Corp.

24,200

114

ORIX

Corp.

26,200

392

Osaka

Gas

Co.,

Ltd.

8,400

161

Otsuka

Holdings

Co.,

Ltd.

6,200

232

Resona

Holdings,

Inc.

397,200

1,711

Ricoh

Co.,

Ltd.

11,700

106

Seibu

Holdings,

Inc.

3,600

63

Sekisui

Chemical

Co.,

Ltd.

4,700

73

Sekisui

House,

Ltd.

17,200

339

Shimamura

Co.,

Ltd.

9,300

739

Shimizu

Corp.

6,000

55

Shin-Etsu

Chemical

Co.,

Ltd.

5,735

618

SoftBank

Corp.

13,200

518

Sompo

Japan

Nipponkoa

Holdings,

Inc.

7,700

324

Sony

Corp.

9,510

559

Sumitomo

Chemical

Co.,

Ltd.

25,000

113

Sumitomo

Corp.

31,600

496

Sumitomo

Electric

Industries,

Ltd.

21,000

268

Sumitomo

Metal

Mining

Co.,

Ltd.

5,000

156

Sumitomo

Mitsui

Financial

Group,

Inc.

83,900

2,883

Sumitomo

Mitsui

Trust

Holdings,

Inc.

29,300

1,062

T&D

Holdings,

Inc.

119,800

1,279

Taiheiyo

Cement

Corp.

5,200

140

Takeda

Pharmaceutical

Co.,

Ltd.

36,400

1,247

Teijin,

Ltd.

7,000

135

THK

Co.,

Ltd.

18,500

490

Tohoku

Electric

Power

Co.,

Inc.

26,800

262

Tokio

Marine

Holdings,

Inc.

37,800

2,029

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(Æ)

33,900

166

Tokyo

Electron,

Ltd.

2,900

557

Tokyo

Gas

Co.,

Ltd.

4,700

119

Tokyu

Fudosan

Holdings

Corp.

23,800

153

Toppan

Printing

Co.,

Ltd.

10,500

187

Toyota

Industries

Corp.

4,100

237

Toyota

Motor

Corp.

28,100

1,885

Toyota

Tsusho

Corp.

8,600

279

West

Japan

Railway

Co.

4,700

398

Yahoo!

Japan

Corp.

533,700

1,510

Yamada

Denki

Co.,

Ltd.

55,100

267

70,230

Luxembourg

-

0.3%

ArcelorMittal

SA(Æ)

7,875

111

Aroundtown

SA

12,829

105

RTL

Group

SA

2,936

141

Spotify

Technology

SA(Æ)

4,793

547

Tenaris

SA

10,649

113

1,017

Macao

-

0.2%

Sands

China,

Ltd.

123,625

564

Netherlands

-

4.4%

ABN

AMRO

Group

NV(Þ)

6,973

123

Adyen

NV(Æ)(Þ)

702

463

Aegon

NV

41,917

174

ASML

Holding

NV

6,316

1,568

Euronext

NV(Þ)

7,422

607

Exor

NV

2,352

158

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Heineken

NV

17,256

1,866

ING

Groep

NV

250,317

2,624

InterXion

Holding

NV(Æ)

8,688

708

Koninklijke

Ahold

Delhaize

NV

19,425

486

Koninklijke

KPN

NV

339,454

1,059

NN

Group

NV

6,815

242

Randstad

Holding

NV

1,958

96

Royal

Dutch

Shell

PLC

Class

A

108,842

3,182

TNT

NV

-

ADR

150,034

333

Unilever

NV

53,615

3,221

16,910

New

Zealand

-

0.1%

a2

Milk

Co.,

Ltd.(Æ)

54,557

448

Spark

New

Zealand,

Ltd.

29,159

81

529

Norway

-

0.6%

DNB

ASA

14,926

264

Marine

Harvest

ASA

10,241

236

Norsk

Hydro

ASA

255,790

902

Orkla

ASA

30,622

279

Statoil

ASA

Class

N

14,849

282

Telenor

ASA

10,428

209

2,172

Portugal

-

0.2%

Energias

de

Portugal

SA

69,724

271

Galp

Energia

SGPS

SA

Class

B

42,325

636

907

Russia

-

0.7%

Gazprom

PJSC

-

ADR

146,125

1,006

Lukoil

PJSC

-

ADR

6,442

532

Sberbank

of

Russia

PJSC

-

ADR

32,641

463

Yandex

NV

Class

A(Æ)

17,140

600

2,601

Singapore

-

1.4%

Ascendas

Real

Estate

Investment

Trust(ö)

277,600

627

CapitaLand,

Ltd.

85,800

220

DBS

Group

Holdings,

Ltd.

69,700

1,256

Keppel

Corp.,

Ltd.

-

ADR

6,900

30

Oversea-Chinese

Banking

Corp.,

Ltd.

16,222

128

Singapore

Airlines,

Ltd.(Æ)

24,300

161

Singapore

Technologies

Engineering,

Ltd.

109,000

303

Singapore

Telecommunications,

Ltd.

287,800

646

United

Overseas

Bank,

Ltd.

10,500

195

Venture

Corp.,

Ltd.

12,900

143

Wilmar

International,

Ltd.

625,500

1,691

Yangzijiang

Shipbuilding

Holdings,

Ltd.

71,700

50

5,450

South

Africa

-

0.4%

Anglo

American

Platinum,

Ltd.

3,118

188

Gold

Fields,

Ltd.

-

ADR

139,430

686

Impala

Platinum

Holdings,

Ltd.(Æ)

79,783

502

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

24

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

MTN

Group,

Ltd.

46,977

299

1,675

South

Korea

-

1.2%

KB

Financial

Group,

Inc.

24,492

876

KT

Corp.

-

ADR

79,085

894

POSCO

5,479

1,038

Samsung

Electronics

Co.,

Ltd.

12,959

529

Shinhan

Financial

Group

Co.,

Ltd.

38,215

1,332

4,669

Spain

-

2.6%

ACS

Actividades

de

Construccion

y

Servicios

SA

4,727

189

Banco

Bilbao

Vizcaya

Argentaria

SA

-

ADR

62,751

327

Banco

Santander

SA

-

ADR

112,243

458

Bankia

SA

263,386

498

Bankinter

SA

14,092

89

CaixaBank

SA

396,112

1,042

Cellnex

Telecom

SA(Æ)(Þ)

85,128

3,517

Enagas

SA

11,296

262

Endesa

SA

-

ADR

15,547

409

Gas

Natural

SDG

SA

10,383

275

Iberdrola

SA

121,451

1,263

Industria

de

Diseno

Textil

SA

14,864

460

Mapfre

SA

31,672

85

Red

Electrica

Corp.

SA

14,192

288

Repsol

SA

-

ADR

23,078

360

Telefonica

SA

-

ADR

56,169

429

9,951

Sweden

-

1.3%

Assa

Abloy

AB

Class

B

28,764

641

Atlas

Copco

AB(Æ)

16,636

512

Bausch

&

Lomb,

Inc.(Æ)

10,401

239

Investor

AB

Class

B

1,564

76

Kinnevik

AB(Æ)

3,988

105

Sandvik

AB

25,591

399

Skandinaviska

Enskilda

Banken

AB

Class

A

36,105

332

Skanska

AB

Class

B

5,334

108

SKF

AB

Class

B

16,922

280

Svenska

Handelsbanken

AB

Class

A

26,730

251

Swedbank

AB

Class

A

16,397

236

Telefonaktiebolaget

LM

Ericsson

Class

B

88,981

711

Telia

Co.

AB

97,916

439

Trelleborg

AB

Class

B

30,275

425

Volvo

AB

Class

B

11,120

156

4,910

Switzerland

-

8.5%

ABB,

Ltd.

59,912

1,177

Adecco

SA

27,412

1,516

Alcon,

Inc.(Æ)

8,300

484

Baloise

Holding

AG

1,774

318

Chocoladefabriken

Lindt

&

Spruengli

AG

43

318

Cie

Financiere

Richemont

SA

7,629

561

Coca-Cola

HBC

AG

-

ADR(Æ)

23,225

759

Credit

Suisse

Group

AG(Æ)

77,821

955

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Glencore

PLC(Æ)

77,853

235

Julius

Baer

Group,

Ltd.(Æ)

34,842

1,546

Kuehne

&

Nagel

International

AG

1,623

239

LafargeHolcim

,

Ltd.(Æ)

27,433

1,352

Lonza

Group

AG(Æ)

2,498

845

Nestle

SA

40,008

4,340

Novartis

AG

66,617

5,782

Pargesa

Holding

SA

1,090

84

Partners

Group

Holding

AG

495

380

Roche

Holding

AG

13,772

4,016

SGS

SA

107

265

Sika

AG

6,900

1,010

Swiss

Life

Holding

AG

952

455

Swiss

Re

AG

7,695

803

Swisscom

AG

407

201

Temenos

AG(Æ)

4,571

766

UBS

Group

AG(Æ)

298,936

3,398

Zurich

Insurance

Group

AG

1,606

615

32,420

Taiwan

-

1.2%

Catcher

Technology

Co.,

Ltd.

138,513

1,049

Hon

Hai

Precision

Industry

Co.,

Ltd.

472,184

1,118

Innolux

Corp.

1,324,000

283

MediaTek

,

Inc.

77,000

918

Shin

Kong

Financial

Holding

Co.,

Ltd.

(Æ)

1,382,000

418

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

87,000

766

4,552

United

Kingdom

-

13.2%

3i

Group

PLC

20,545

295

Admiral

Group

PLC

4,177

109

Anglo

American

PLC

60,795

1,401

AstraZeneca

PLC

45,546

4,048

Aviva

PLC

258,977

1,270

Babcock

International

Group

PLC

71,547

491

Barclays

PLC

488,669

903

Barratt

Developments

PLC

13,413

107

Berkeley

Group

Holdings

PLC

4,717

242

BP

PLC

352,870

2,231

British

American

Tobacco

PLC

30,483

1,127

British

Land

Co.

PLC

(The)(ö)

64,438

464

BT

Group

PLC

513,608

1,129

Centrica

PLC

612,799

556

Compass

Group

PLC

3,229

83

Diageo

PLC

79,559

3,256

Direct

Line

Insurance

Group

PLC

67,607

249

Experian

PLC

7,181

229

Fevertree

Drinks

PLC

16,136

481

Fiat

Chrysler

Automobiles

NV

12,720

165

GlaxoSmithKline

PLC

-

ADR

15,990

342

HSBC

Holdings

PLC

573,816

4,404

ITV

PLC

100,487

155

J

Sainsbury

PLC

605,687

1,637

John

Wood

Group

PLC

354,295

1,651

Kingfisher

PLC

316,010

803

Land

Securities

Group

PLC(ö)

47,368

499

Legal

&

General

Group

PLC

91,982

281

Lloyds

Banking

Group

PLC

847,143

565

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

25

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

London

Stock

Exchange

Group

PLC

40,019

3,594

Marks

&

Spencer

Group

PLC

175,249

397

National

Grid

PLC

26,899

292

Pearson

PLC

7,320

66

Persimmon

PLC

Class

A

6,006

160

Prudential

PLC

21,676

394

Reckitt

Benckiser

Group

PLC

2,976

232

Rio

Tinto

PLC

12,153

631

Royal

Bank

of

Scotland

Group

PLC

455,684

1,164

RSA

Insurance

Group

PLC

27,558

181

Smith

&

Nephew

PLC

37,755

909

St.

James's

Place

PLC

15,239

183

Standard

Chartered

PLC

351,823

2,958

Standard

Life

Aberdeen

PLC(Æ)

117,740

414

Taylor

Wimpey

PLC

66,138

131

TechnipFMC

PLC

72,640

1,754

Tesco

PLC

737,493

2,187

Travis

Perkins

PLC

128,081

2,033

Unilever

PLC

2,116

127

United

Utilities

Group

PLC

8,004

81

Vodafone

Group

PLC

859,323

1,711

Wausau

Paper

Corp.

72,811

911

Willis

Towers

Watson

PLC(Æ)

3,345

645

Wm

Morrison

Supermarkets

PLC

29,824

73

50,401

United

States

-

3.4%

Abbott

Laboratories

23,082

1,931

Alphabet,

Inc.

Class

C(Æ)

1,716

2,092

Carnival

PLC

5,320

221

EPAM

Systems,

Inc.(Æ)

2,011

367

Facebook,

Inc.

Class

A(Æ)

4,156

740

MasterCard,

Inc.

Class

A

7,996

2,171

Mylan

NV(Æ)

64,402

1,274

Philip

Morris

International,

Inc.

30,611

2,324

Visa,

Inc.

Class

A

11,230

1,932

13,052

Total

Common

Stocks

(cost

$365,531)

359,851

Preferred

Stocks

-

0.8%

Germany

-

0.8%

Porsche

Automobil

Holding

SE

2.738%

(Ÿ)

5,955

387

Volkswagen

AG

2.690%

(Ÿ)

15,920

2,708

3,095

Total

Preferred

Stocks

(cost

$2,775)

3,095

Short-Term

Investments

-

3.4%

United

States

-

3.4%

U.S.

Cash

Management

Fund(@)

12,935,276

(∞)

12,938

Total

Short-Term

Investments

(cost

$12,939)

12,938

Other

Securities

-

0.3%

U.S.

Cash

Collateral

Fund(×)(@)

1,237,401

(∞)

1,237

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Other

Securities

(cost

$1,237)

1,237

Total

Investments

98.4%

(identified

cost

$382,482)

377,121

Other

Assets

and

Liabilities,

Net

-

1.6%

6,160

Net

Assets

-

100.0%

383,281

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

26

International

Developed

Markets

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Securities

Acquisition

Date

Principal

Amount

($)

or

shares

Cost

per

Unit

$

Cost

(000)

$

Fair

Value

(000)

$

2.0%

ABN

AMRO

Group

NV

06/26/19

EUR

6,973

21.21

148

123

Adyen

NV

07/25/19

EUR

702

743.78

522

463

Amundi

SA

02/21/19

EUR

19,623

64.62

1,268

1,370

Cellnex

Telecom

SA

06/19/17

EUR

85,128

26.18

2,228

3,517

China

Tower

Corp.,

Ltd.

01/03/19

HKD

2,725,598

0.21

575

623

Covestro

AG

06/26/19

EUR

16,104

43.99

708

797

Euronext

NV

04/25/19

EUR

7,422

69.64

517

607

Poste

Italiane

SpA

06/26/19

EUR

14,442

10.45

151

164

WH

Group,

Ltd.

06/26/19

HKD

137,000

1.02

139

124

7,788

For

a

description

of

restricted

securities

see

note

6

in

the

Notes

to

Quarterly

Report.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

EURO

STOXX

50

Index

Futures

319

EUR

11,340

12/19

155

MSCI

EAFE

Index

Futures

118

USD

11,201

12/19

(46)

S&P/TSX

60

Index

Futures

83

CAD

16,535

12/19

22

SPI

200

Index

Futures

76

AUD

12,696

12/19

22

TOPIX

Index

Futures

111

JPY

1,762,679

12/19

504

Short

Positions

Hang

Seng

Index

Futures

42

HKD

54,688

10/19

19

MSCI

Emerging

Markets

Index

Futures

328

USD

16,431

12/19

457

S&P

500

E-Mini

Index

Futures

170

USD

25,317

12/19

248

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

1,381

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

Montreal

USD

2,194

AUD

3,183

12/18/19

(40)

Bank

of

Montreal

USD

3,881

CAD

5,100

12/18/19

(26)

Bank

of

Montreal

USD

4,119

JPY

438,467

12/18/19

(42)

Bank

of

Montreal

HKD

12,006

USD

1,532

12/18/19

(1)

Bank

of

New

York

USD

2,192

AUD

3,183

12/18/19

(38)

Bank

of

New

York

USD

3,881

CAD

5,100

12/18/19

(27)

Bank

of

New

York

USD

4,120

JPY

438,467

12/18/19

(43)

Bank

of

New

York

HKD

12,006

USD

1,532

12/18/19

(1)

Citigroup

USD

2,193

AUD

3,183

12/18/19

(39)

Citigroup

USD

3,881

CAD

5,100

12/18/19

(26)

Citigroup

USD

4,119

JPY

438,467

12/18/19

(42)

Citigroup

HKD

12,006

USD

1,532

12/18/19

(1)

Royal

Bank

of

Canada

USD

2,194

AUD

3,183

12/18/19

(41)

Royal

Bank

of

Canada

USD

3,882

CAD

5,100

12/18/19

(27)

Royal

Bank

of

Canada

USD

4,124

JPY

438,467

12/18/19

(46)

Royal

Bank

of

Canada

HKD

12,006

USD

1,532

12/18/19

(1)

Standard

Chartered

USD

2,192

AUD

3,183

12/18/19

(39)

Standard

Chartered

USD

3,881

CAD

5,100

12/18/19

(27)

Standard

Chartered

USD

4,119

JPY

438,467

12/18/19

(42)

Standard

Chartered

HKD

12,006

USD

1,532

12/18/19

(1)

State

Street

USD

3,081

GBP

2,489

12/18/19

(11)

State

Street

CHF

1,900

USD

1,935

12/18/19

18

State

Street

DKK

11,970

USD

1,787

12/18/19

29

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

27

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

State

Street

EUR

1,557

USD

1,733

12/18/19

26

State

Street

NOK

12,510

USD

1,404

12/18/19

27

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(461)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Argentina

$

316

$

—

$

—

$

—

$

316

Australia

—

8,540

—

—

8,540

Austria

—

616

—

—

616

Belgium

—

2,384

—

—

2,384

Bermuda

—

167

—

—

167

Brazil

704

—

—

—

704

Canada

17,034

—

—

—

17,034

China

1,495

6,503

—

—

7,998

Denmark

—

7,070

—

—

7,070

Finland

—

2,683

—

—

2,683

France

—

38,385

—

—

38,385

Germany

2,641

16,401

—

—

19,042

Hong

Kong

—

10,404

—

—

10,404

India

4,800

358

—

—

5,158

Indonesia

—

820

—

—

820

Ireland

—

980

—

—

980

Israel

—

894

—

—

894

Italy

675

13,971

—

—

14,646

Japan

—

70,230

—

—

70,230

Luxembourg

547

470

—

—

1,017

Macao

—

564

—

—

564

Netherlands

708

16,202

—

—

16,910

New

Zealand

—

529

—

—

529

Norway

—

2,172

—

—

2,172

Portugal

—

907

—

—

907

Russia

600

2,001

—

—

2,601

Singapore

—

5,450

—

—

5,450

South

Africa

686

989

—

—

1,675

South

Korea

894

3,775

—

—

4,669

Spain

—

9,951

—

—

9,951

Sweden

—

4,910

—

—

4,910

Switzerland

—

32,420

—

—

32,420

Taiwan

—

4,552

—

—

4,552

United

Kingdom

2,399

48,002

—

—

50,401

United

States

12,831

221

—

—

13,052

Preferred

Stocks

—

3,095

—

—

3,095

Short-Term

Investments

—

—

—

12,938

12,938

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

28

International

Developed

Markets

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Other

Securities

—

—

—

1,237

1,237

Total

Investments

46,330

316,616

—

1

4

,

175

377,121

Other

Financial

Instruments

Assets

Futures

Contracts

1,427

—

—

—

1,427

Foreign

Currency

Exchange

Contracts

—

100

—

—

100

Liabilities

Futures

Contracts

(46)

—

—

—

(46)

Foreign

Currency

Exchange

Contracts

—

(561)

—

—

(561)

Total

Other

Financial

Instruments

*

$

1,381

$

(461)

$

—

$

—

$

920

*

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.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Consumer

Discretionary

..........................................................

40,884

Consumer

Staples

...................................................................

20,728

Energy

....................................................................................

27,159

Financial

Services

...................................................................

107,720

Health

Care

.............................................................................

27,476

Materials

and

Processing

........................................................

33,533

Producer

Durables

..................................................................

38,341

Technology

..............................................................................

38,057

Utilities

...................................................................................

29,048

Short-Term

Investments

..........................................................

12,938

Other

Securities

......................................................................

1,237

Total

Investments

....................................................................

377,121

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

29

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

86.6%

Asset-Backed

Securities

-

4.4%

ACE

Securities

Corp.

Home

Equity

Loan

Trust

Series

2005-HE3

Class

M2

3.181%

due

05/25/35

(Ê)

251

251

ACE

Securities

Corp.

Mortgage

Loan

Trust

Series

2007-D1

Class

A2

6.336%

due

02/25/38

(~)(Ê)(Þ)

544

517

AEP

Texas

Restoration

Funding

LLC

Series

2019-1

Class

A2

2.294%

due

08/01/31

989

990

Americredit

Automobile

Receivables

Trust

Series

2019-1

Class

A2A

2.930%

due

06/20/22

1,241

1,246

Ameriquest

Mortgage

Securities,

Inc.

Asset-Backed

Pass-Through

Certificates

Series

2005-R1

Class

M4

3.596%

due

03/25/35

(Ê)

830

840

Applebee's

Funding

LLC

/

IHOP

Funding

LLC

Series

2019-1A

Class

A2I

4.194%

due

06/07/49

(Þ)

340

348

Asset

Backed

Securities

Corp.

Home

Equity

Loan

Trust

Series

2007-HE1

Class

A4

2.406%

due

12/25/36

(Ê)

491

475

Avis

Budget

Rental

Car

Funding  LLC

Series

2019-2A

Class

A

3.350%

due

09/22/25

(Þ)

600

624

Bank

of

America

Corp.

Series

2017-A2

Class

A2

1.840%

due

01/17/23

1,474

1,473

BCAP

LLC

Trust

Series

2014-RR3

Class

3A2

2.629%

due

07/26/36

(~)(Ê)(Þ)

967

923

Series

2014-RR3

Class

5A2

2.639%

due

10/26/36

(~)(Ê)(Þ)

620

592

BNC

Mortgage

Loan

Trust

Series

2007-1

Class

A4

2.646%

due

03/25/37

(Ê)

885

847

Citigroup

Mortgage

Loan

Trust,

Inc.

Series

2007-WFH2

Class

M2

2.936%

due

03/25/37

(Ê)

1,490

1,465

Conseco

Financial

Corp.

Series

1998-2

Class

M1

6.940%

due

12/01/28

(~)(Ê)

1,394

1,356

Countrywide

Asset-Backed

Certificates

Series

2007-4

Class

A4W

4.683%

due

04/25/47

1,572

1,654

Dividend

Solar

Loans

LLC

Series

2019-1

Class

A

3.670%

due

08/22/39

(Þ)

380

383

Education

Loan

Asset-Backed

Trust

I

Series

2013-1

Class

A2

3.066%

due

04/26/32

(Ê)(Þ)

580

576

Fieldstone

Mortgage

Investment

Trust

Series

2004-4

Class

M3

2.438%

due

10/25/35

(Ê)

378

380

Goldentree

Loan

Management

US

CLO

2,

Ltd.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2017-2A

Class

A

3.428%

due

11/28/30

(Ê)(Þ)

1,860

1,859

Greenpoint

Manufactured

Housing

Contract

Trust

Series

2000-4

Class

A3

4.046%

due

08/21/31

(Ê)

875

867

Home

Equity

Asset

Trust

Series

2005-9

Class

M1

2.887%

due

04/25/36

(Ê)

375

374

Series

2006-4

Class

2A4

2.298%

due

08/25/36

(Ê)

592

590

Series

2006-6

Class

2A3

0.596%

due

11/25/36

(Ê)

557

524

Horizon

Aircraft

Finance

I,

Ltd.

Series

2018-1

Class

A

4.458%

due

12/15/38

(Þ)

860

893

HSI

Asset

Securitization

Corp.

Trust

Series

2007-OPT1

Class

1A

2.626%

due

12/25/36

(Ê)

256

229

Legacy

Mortgage

Asset

Trust

Series

2019-GS4

Class

A1

3.438%

due

05/25/59

(~)(Ê)(Þ)

455

458

Long

Beach

Mortgage

Loan

Trust

Series

2004-1

Class

M1

3.236%

due

02/25/34

(Ê)

334

332

Series

2004-4

Class

M1

3.386%

due

10/25/34

(Ê)

677

677

Mastr

Asset

Backed

Securities

Trust

Series

2005-WMC1

Class

M4

3.422%

due

03/25/35

(Ê)

485

486

Merrill

Lynch

Mortgage

Investors

Trust

Series

2006-FF1

Class

M4

2.847%

due

08/25/36

(Ê)

790

788

Navient

Student

Loan

Trust

Series

2015-1

Class

A2

3.106%

due

04/25/40

(Ê)

179

177

Nelnet

Student

Loan

Trust

Series

2008-3

Class

A4

4.301%

due

11/25/24

(Ê)

281

281

New

Century

Home

Equity

Loan

Trust

Series

2005-B

Class

M1

2.910%

due

10/25/35

(Ê)

690

672

Option

One

Mortgage

Loan

Trust

Series

2004-3

Class

M1

1.314%

due

11/25/34

(Ê)

511

511

Series

2007-FXD1

Class

3A4

5.860%

due

01/25/37

(~)(Ê)

838

840

Park

Place

Securities,

Inc.

Asset-Backed

Pass-Through

Certificates

Series

2005-WHQ1

Class

M5

1.896%

due

03/25/35

(Ê)

1,290

1,291

Popular

ABS

Mortgage

Pass-Through

Trust

Series

2006-C

Class

A4

2.736%

due

07/25/36

(Ê)

440

438

Series

2006-D

Class

A3

2.746%

due

11/25/36

(Ê)

1,349

1,333

RAMP

Trust

Series

2006-RZ1

Class

M4

3.055%

due

03/25/36

(Ê)

960

935

Renaissance

Home

Equity

Loan

Trust

Series

2006-1

Class

AF6

5.746%

due

05/25/36

(~)(Ê)

96

64

Santander

Drive

Auto

Receivables

Trust

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

30

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2015-2

Class

D

3.020%

due

04/15/21

440

441

SBA

Small

Business

Investment

Cos.

Series

2017-10A

Class

1

2.845%

due

03/10/27

206

210

Series

2019-10A

Class

1

3.113%

due

03/10/29

198

208

SLM

Private

Credit

Student

Loan

Trust

Series

2005-B

Class

A4

2.941%

due

06/15/39

(Ê)

204

200

Series

2006-A

Class

A5

2.901%

due

06/15/39

(Ê)

206

201

SMB

Private

Education

Loan

Trust

Series

2019-B

Class

A2B

3.195%

due

06/15/37

(Ê)(Þ)

190

190

SoFi

Professional

Loan

Program

LLC

Series

2017-E

Class

A2A

1.860%

due

11/26/40

(Þ)

175

174

Series

2017-F

Class

A2FX

2.840%

due

01/25/41

(Þ)

353

358

Series

2018-A

Class

A2A

2.390%

due

02/25/42

(Þ)

169

169

Series

2018-B

Class

A1FX

2.640%

due

08/25/47

(Þ)

446

448

Structured

Asset

Investment

Loan

Trust

Series

2005-HE3

Class

M1

3.197%

due

09/25/35

(Ê)

617

616

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust

Series

2007-BC3

Class

2A4

2.278%

due

05/25/47

1,422

1,194

Towd

Point

Mortgage

Trust

Series

2016-3

Class

A1

2.250%

due

04/25/56

(~)(Ê)(Þ)

226

225

Series

2017-1

Class

A1

2.750%

due

10/25/56

(~)(Ê)(Þ)

1,003

1,012

Series

2017-2

Class

A1

2.750%

due

04/25/57

(~)(Ê)(Þ)

455

458

Series

2017-3

Class

A1

2.750%

due

07/25/57

(~)(Ê)(Þ)

481

482

Series

2017-4

Class

A1

2.750%

due

06/25/57

(~)(Ê)(Þ)

606

611

Triton

Container

Finance

IV

LLC

Series

2017-2A

Class

A

3.620%

due

08/20/42

(Þ)

530

535

Triton

Container

Finance

V

LLC

Series

2018-1A

Class

A

3.950%

due

03/20/43

(Þ)

211

216

Triton

Container

Finance

VI

LLC

Series

2017-1A

Class

A

3.520%

due

06/20/42

(Þ)

589

596

United

States

Small

Business

Administration

Series

2019-20D

Class

1

2.980%

due

04/01/39

70

73

Series

2019-25G

Class

1

2.690%

due

07/01/44

70

72

VOLT

LXII

LLC

Series

2017-NPL9

Class

A1

3.125%

due

09/25/47

(~)(Ê)(Þ)

2,029

2,031

40,279

Corporate

Bonds

and

Notes

-

17.9%

3M

Co.

2.750%

due

03/01/22

305

312

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.375%

due

08/26/29

70

69

ABB

Finance

USA,

Inc.

2.875%

due

05/08/22

274

280

ABB

Treasury

Center,

Inc.

4.000%

due

06/15/21

(Þ)

220

226

Abbott

Laboratories

2.900%

due

11/30/21

224

228

3.750%

due

11/30/26

51

56

4.750%

due

11/30/36

60

74

4.900%

due

11/30/46

80

103

AbbVie,

Inc.

2.300%

due

05/14/21

745

746

3.600%

due

05/14/25

60

62

Aetna,

Inc.

2.800%

due

06/15/23

30

30

Air

Lease

Corp.

Series

513

3.875%

due

04/01/21

714

729

Allergan

Finance

LLC

3.250%

due

10/01/22

706

721

Allergan

Sales

LLC

5.000%

due

12/15/21

(Þ)

687

722

Ally

Financial,

Inc.

8.000%

due

11/01/31

100

138

Altria

Group,

Inc.

3.490%

due

02/14/22

40

41

2.850%

due

08/09/22

170

172

4.000%

due

01/31/24

690

728

3.800%

due

02/14/24

110

115

4.400%

due

02/14/26

350

374

4.800%

due

02/14/29

380

417

10.200%

due

02/06/39

482

796

5.800%

due

02/14/39

100

116

5.950%

due

02/14/49

100

118

6.200%

due

02/14/59

20

24

Amazon.com,

Inc.

2.500%

due

11/29/22

715

727

4.950%

due

12/05/44

60

80

Series

WI

5.200%

due

12/03/25

100

118

3.150%

due

08/22/27

220

234

3.875%

due

08/22/37

50

57

4.050%

due

08/22/47

70

84

American

Airlines

Pass-Through

Trust

Series

2013-2

Class

A

4.950%

due

01/15/23

99

104

American

Express

Co.

3.375%

due

05/17/21

261

266

American

Express

Credit

Corp.

2.250%

due

05/05/21

723

726

American

International

Group,

Inc.

6.400%

due

12/15/20

725

762

3.750%

due

07/10/25

110

116

American

Tower

Corp.

2.250%

due

01/15/22

230

230

Amgen,

Inc.

2.650%

due

05/11/22

274

278

3.625%

due

05/22/24

10

11

4.400%

due

05/01/45

100

113

Andeavor

LLC

Series

WI

5.125%

due

12/15/26

225

242

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

31

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Anheuser-Busch

Cos.

LLC

/

Anheuser-

Busch

InBev

Worldwide,

Inc.

3.650%

due

02/01/26

470

504

4.900%

due

02/01/46

70

83

Anheuser-Busch

InBev

Finance,

Inc.

2.650%

due

02/01/21

306

309

3.300%

due

02/01/23

180

187

Anheuser-Busch

InBev

Worldwide,

Inc.

4.150%

due

01/23/25

450

492

4.000%

due

04/13/28

20

22

4.750%

due

01/23/29

410

477

5.875%

due

06/15/35

207

261

5.550%

due

01/23/49

200

262

Anthem,

Inc.

2.500%

due

11/21/20

278

279

3.700%

due

08/15/21

40

41

3.125%

due

05/15/22

30

31

2.950%

due

12/01/22

80

82

3.350%

due

12/01/24

30

31

3.650%

due

12/01/27

110

116

Aon

Corp.

8.205%

due

01/01/27

172

218

Apache

Corp.

3.250%

due

04/15/22

16

16

4.375%

due

10/15/28

20

21

5.100%

due

09/01/40

140

140

4.750%

due

04/15/43

130

125

4.250%

due

01/15/44

120

107

Apple,

Inc.

2.000%

due

11/13/20

80

80

2.400%

due

05/03/23

716

727

2.450%

due

08/04/26

110

112

4.650%

due

02/23/46

100

126

Ares

Capital

Corp.

3.500%

due

02/10/23

261

263

Associated

Bank

NA

Series

BKNT

3.500%

due

08/13/21

365

372

AT&T

Mobility

LLC

Series

QIB

7.125%

due

12/15/31

204

269

AT&T,

Inc.

3.000%

due

02/15/22

40

41

3.875%

due

01/15/26

685

727

3.800%

due

02/15/27

80

85

5.250%

due

03/01/37

190

224

4.350%

due

06/15/45

100

105

Athene

Holding,

Ltd.

4.125%

due

01/12/28

630

648

Avnet,

Inc.

4.875%

due

12/01/22

410

436

BAC

Capital

Trust

XIV

Series

G

4.000%

due

09/29/49

(Ê)(ƒ)

70

61

Ball

Corp.

5.250%

due

07/01/25

110

122

Bank

of

America

Corp.

3.550%

due

03/05/24

(Ê)

130

135

4.000%

due

01/22/25

175

186

3.366%

due

01/23/26

(Ê)

325

339

4.250%

due

10/22/26

320

347

4.271%

due

07/23/29

(Ê)

200

223

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.974%

due

02/07/30

(Ê)

500

547

4.330%

due

03/15/50

(Ê)

30

35

Series

AA

6.100%

due

12/31/49

(Ê)(ƒ)

50

55

Series

GMTN

2.625%

due

04/19/21

718

725

3.300%

due

01/11/23

460

476

4.450%

due

03/03/26

30

33

3.500%

due

04/19/26

790

840

3.593%

due

07/21/28

(Ê)

260

275

Series

WI

3.004%

due

12/20/23

(Ê)

42

43

3.419%

due

12/20/28

(Ê)

482

503

BankUnited

,

Inc.

4.875%

due

11/17/25

661

722

Barrick

NA

Finance

LLC

5.700%

due

05/30/41

130

163

BAT

Capital

Corp.

Series

WI

3.557%

due

08/15/27

445

447

4.540%

due

08/15/47

160

154

Bayer

US

Finance

II

LLC

3.500%

due

06/25/21

(Þ)

713

727

Bayer

US

Finance

LLC

3.375%

due

10/08/24

(Þ)

248

254

BB&T

Corp.

2.050%

due

05/10/21

728

728

Becton

Dickinson

and

Co.

3.363%

due

06/06/24

180

188

3.734%

due

12/15/24

706

747

4.685%

due

12/15/44

8

9

Berkshire

Hathaway

Energy

Co.

Series

WI

2.800%

due

01/15/23

245

251

3.800%

due

07/15/48

491

532

Berkshire

Hathaway

Finance

Corp.

4.200%

due

08/15/48

621

728

4.250%

due

01/15/49

130

154

Berkshire

Hathaway,

Inc.

3.125%

due

03/15/26

694

733

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

6.125%

due

11/15/22

30

30

BMW

US

Capital

LLC

2.000%

due

04/11/21

(Þ)

724

723

1.850%

due

09/15/21

(Þ)

20

20

Boeing

Co.

(The)

2.125%

due

03/01/22

272

273

3.100%

due

05/01/26

20

21

2.700%

due

02/01/27

40

41

2.800%

due

03/01/27

30

31

3.200%

due

03/01/29

120

126

3.250%

due

02/01/35

380

396

3.750%

due

02/01/50

40

43

Boston

Scientific

Corp.

4.125%

due

10/01/23

677

720

BP

Capital

Markets

America,

Inc.

3.245%

due

05/06/22

10

10

2.520%

due

09/19/22

250

253

2.750%

due

05/10/23

513

524

3.216%

due

11/28/23

290

301

3.410%

due

02/11/26

200

211

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

32

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.119%

due

05/04/26

120

125

Brighthouse

Financial,

Inc.

Series

WI

4.700%

due

06/22/47

859

767

Bristol-Myers

Squibb

Co.

2.600%

due

05/16/22

(Þ)

90

91

2.900%

due

07/26/24

(Þ)

290

299

3.200%

due

06/15/26

(Þ)

190

199

3.400%

due

07/26/29

(Þ)

170

182

Broadcom

Corp.

/

Broadcom

Cayman

Finance,

Ltd.

Series

WI

3.125%

due

01/15/25

70

70

Broadcom,

Inc.

3.125%

due

04/15/21

(Þ)

712

719

Brown

&

Brown,

Inc.

4.200%

due

09/15/24

693

733

Buckeye

Partners,

LP

3.950%

due

12/01/26

814

717

Bunge,

Ltd.

Finance

Corp.

3.000%

due

09/25/22

531

537

4.350%

due

03/15/24

220

232

Burlington

Northern

Santa

Fe

LLC

3.400%

due

09/01/24

220

233

4.550%

due

09/01/44

461

554

4.150%

due

04/01/45

100

115

Caterpillar

Financial

Services

Corp.

Series

I

2.650%

due

05/17/21

276

279

CC

Holdings

GS

V

LLC

/

Crown

Castle

GS

III

Corp.

3.849%

due

04/15/23

242

254

Celgene

Corp.

2.250%

due

08/15/21

70

70

3.550%

due

08/15/22

30

31

3.875%

due

08/15/25

200

216

3.900%

due

02/20/28

380

417

5.000%

due

08/15/45

80

100

Centene

Corp.

4.750%

due

05/15/22

50

51

5.375%

due

06/01/26

(Þ)

10

10

Series

WI

5.625%

due

02/15/21

30

30

6.125%

due

02/15/24

50

52

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

5.050%

due

03/30/29

360

403

5.375%

due

04/01/38

80

90

5.750%

due

04/01/48

350

399

Series

WI

4.908%

due

07/23/25

420

462

6.384%

due

10/23/35

40

48

6.484%

due

10/23/45

60

73

6.834%

due

10/23/55

593

749

Cheniere

Corpus

Christi

Holdings

LLC

Series

WI

5.125%

due

06/30/27

40

44

Chevron

Corp.

2.100%

due

05/16/21

302

303

2.954%

due

05/16/26

70

73

Chubb

INA

Holdings,

Inc.

2.300%

due

11/03/20

20

20

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.350%

due

05/03/26

30

32

Cigna

Corp.

Series

WI

3.400%

due

09/17/21

60

61

3.750%

due

07/15/23

150

157

4.125%

due

11/15/25

130

140

4.375%

due

10/15/28

460

504

Cimarex

Energy

Co.

4.375%

due

06/01/24

10

11

3.900%

due

05/15/27

110

112

Cintas

Corp.

No.

2

2.900%

due

04/01/22

60

61

3.700%

due

04/01/27

70

76

Cisco

Systems,

Inc.

2.200%

due

02/28/21

220

221

CIT

Group,

Inc.

4.750%

due

02/16/24

50

53

5.250%

due

03/07/25

30

33

Citigroup,

Inc.

4.450%

due

09/29/27

730

796

8.125%

due

07/15/39

550

899

5.300%

due

05/06/44

101

126

4.750%

due

05/18/46

220

256

4.650%

due

07/23/48

95

116

Series

9-RG

4.650%

due

07/30/45

147

177

Series

P

5.950%

due

12/31/49

(Ê)(ƒ)

280

296

CME

Group,

Inc.

5.300%

due

09/15/43

30

41

CNH

Industrial

Capital

LLC

3.875%

due

10/15/21

250

256

CNOOC

Finance

USA

LLC

3.500%

due

05/05/25

300

313

Coca-Cola

Co.

(The)

3.300%

due

09/01/21

281

289

Comcast

Cable

Communications

Holdings,

Inc.

9.455%

due

11/15/22

583

714

Comcast

Corp.

1.625%

due

01/15/22

290

289

3.700%

due

04/15/24

260

277

3.950%

due

10/15/25

200

218

3.150%

due

03/01/26

30

31

4.150%

due

10/15/28

350

393

4.250%

due

10/15/30

120

137

6.500%

due

11/15/35

90

126

6.550%

due

07/01/39

200

289

Concho

Resources,

Inc.

4.375%

due

01/15/25

90

93

3.750%

due

10/01/27

110

114

4.300%

due

08/15/28

90

97

Constellation

Brands,

Inc.

4.750%

due

11/15/24

40

44

Continental

Airlines

Pass-Through

Trust

Series

071A

Class

A

5.983%

due

04/19/22

73

77

Continental

Resources,

Inc.

4.500%

due

04/15/23

90

93

3.800%

due

06/01/24

80

82

Series

WI

4.375%

due

01/15/28

20

21

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

33

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Costco

Wholesale

Corp.

2.150%

due

05/18/21

746

749

Cott

Holdings,

Inc.

5.500%

due

04/01/25

(Þ)

60

62

Crown

Castle

International

Corp.

4.875%

due

04/15/22

299

318

5.250%

due

01/15/23

203

221

CVS

Health

Corp.

2.750%

due

12/01/22

90

91

3.700%

due

03/09/23

260

271

2.625%

due

08/15/24

200

201

4.100%

due

03/25/25

190

203

4.300%

due

03/25/28

590

638

3.250%

due

08/15/29

200

201

4.780%

due

03/25/38

70

77

5.125%

due

07/20/45

140

160

5.050%

due

03/25/48

265

301

Daimler

Finance

NA

LLC

2.875%

due

03/10/21

(Þ)

320

323

Delhaize

America,

Inc.

9.000%

due

04/15/31

154

232

Dell

International

LLC

/

EMC

Corp.

4.420%

due

06/15/21

430

443

7.125%

due

06/15/24

100

106

Delta

Air

Lines

Pass-Through

Trust

Series

071A

Class

A

6.821%

due

08/10/22

33

36

Series

2002-1

6.718%

due

01/02/23

72

76

Delta

Air

Lines,

Inc.

3.625%

due

03/15/22

223

229

Devon

Energy

Corp.

5.850%

due

12/15/25

440

523

5.000%

due

06/15/45

180

209

Devon

Financing

Co.

LLC

7.875%

due

09/30/31

150

213

Diageo

Investment

Corp.

2.875%

due

05/11/22

90

92

Diamondback

Energy,

Inc.

Series

WI

5.375%

due

05/31/25

30

31

DISH

DBS

Corp.

Series

WI

5.875%

due

11/15/24

220

218

7.750%

due

07/01/26

30

31

Dominion

Energy

South

Carolina,

Inc.

4.250%

due

08/15/28

260

296

Dominion

Energy,

Inc.

2.715%

due

08/15/21

(~)(Ê)

726

731

7.000%

due

06/15/38

20

28

Domtar

Corp.

6.750%

due

02/15/44

656

736

Dow

Chemical

Co.

(The)

3.500%

due

10/01/24

694

724

Duke

Energy

Carolinas

LLC

5.300%

due

02/15/40

30

39

4.000%

due

09/30/42

100

112

Duke

Energy

Corp.

3.750%

due

04/15/24

682

723

DuPont

de

Nemours,

Inc.

5.319%

due

11/15/38

589

719

Eaton

Corp.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.750%

due

11/02/22

150

153

4.150%

due

11/02/42

40

44

Ecolab,

Inc.

4.350%

due

12/08/21

462

484

Edison

International

4.125%

due

03/15/28

718

736

Eli

Lilly

&

Co.

3.100%

due

05/15/27

10

11

EMD

Finance

LLC

3.250%

due

03/19/25

(Þ)

272

278

Enbridge

Energy

Partners,

LP

7.375%

due

10/15/45

484

717

Energy

Transfer

Operating,

LP

5.875%

due

01/15/24

653

726

4.500%

due

04/15/24

100

107

6.250%

due

04/15/49

10

12

Series

10Y

4.950%

due

06/15/28

20

22

Enterprise

Products

Operating

LLC

3.500%

due

02/01/22

708

731

4.150%

due

10/16/28

160

177

4.200%

due

01/31/50

100

107

EOG

Resources,

Inc.

4.150%

due

01/15/26

30

33

EQM

Midstream

Partners,

LP

Series

5Y

4.750%

due

07/15/23

260

261

ERP

Operating,

LP

4.625%

due

12/15/21

686

720

Exelon

Corp.

3.497%

due

06/01/22

245

251

Series

WI

3.950%

due

06/15/25

489

524

Exelon

Generation

Co.

LLC

5.600%

due

06/15/42

615

732

Express

Scripts

Holding

Co.

2.600%

due

11/30/20

278

279

Exxon

Mobil

Corp.

2.726%

due

03/01/23

778

799

3.043%

due

03/01/26

60

63

4.114%

due

03/01/46

40

48

FedEx

Corp.

4.500%

due

02/01/65

226

213

FirstEnergy

Corp.

Series

B

4.250%

due

03/15/23

100

106

3.900%

due

07/15/27

370

394

Series

C

7.375%

due

11/15/31

550

778

Ford

Motor

Co.

7.450%

due

07/16/31

446

512

4.750%

due

01/15/43

10

9

7.400%

due

11/01/46

230

261

Ford

Motor

Credit

Co.

LLC

5.875%

due

08/02/21

200

209

3.096%

due

05/04/23

436

428

Series

FXD

3.813%

due

10/12/21

200

203

Fox

Corp.

4.709%

due

01/25/29

(Þ)

30

34

5.476%

due

01/25/39

(Þ)

270

332

Freeport-McMoRan,

Inc.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

34

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.550%

due

03/01/22

10

10

4.550%

due

11/14/24

10

10

5.450%

due

03/15/43

230

207

Fresenius

Medical

Care

US

Finance

II,

Inc.

5.875%

due

01/31/22

(Þ)

236

252

4.750%

due

10/15/24

(Þ)

110

118

General

Dynamics

Corp.

3.000%

due

05/11/21

713

725

General

Electric

Co.

5.300%

due

02/11/21

130

134

Series

GMTN

6.875%

due

01/10/39

511

676

Series

MTNA

6.750%

due

03/15/32

619

778

General

Motors

Co.

4.875%

due

10/02/23

671

720

6.250%

due

10/02/43

110

120

General

Motors

Financial

Co.,

Inc.

2.450%

due

11/06/20

30

30

4.375%

due

09/25/21

20

21

4.200%

due

11/06/21

335

345

4.250%

due

05/15/23

10

10

4.350%

due

04/09/25

505

527

Georgia

Power

Co.

2.850%

due

05/15/22

250

255

Gilead

Sciences,

Inc.

3.650%

due

03/01/26

90

96

4.750%

due

03/01/46

100

120

GlaxoSmithKline

Capital,

Inc.

2.800%

due

03/18/23

449

461

Glencore

Funding

LLC

4.125%

due

03/12/24

(Þ)

430

452

4.625%

due

04/29/24

(Þ)

40

43

4.000%

due

03/27/27

(Þ)

350

360

3.875%

due

10/27/27

(Þ)

60

61

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.375%

due

11/01/23

80

87

5.375%

due

04/15/26

653

719

Goldman

Sachs

Capital

II

4.000%

due

12/20/20

(Ê)(ƒ)

3

3

Goldman

Sachs

Group,

Inc.

(The)

2.875%

due

02/25/21

324

327

5.250%

due

07/27/21

380

400

3.200%

due

02/23/23

70

72

3.850%

due

07/08/24

150

159

3.272%

due

09/29/25

(Ê)

350

361

4.250%

due

10/21/25

310

332

3.500%

due

11/16/26

90

94

3.691%

due

06/05/28

(Ê)

200

210

4.223%

due

05/01/29

(Ê)

50

55

6.750%

due

10/01/37

410

553

4.411%

due

04/23/39

(Ê)

100

113

6.250%

due

02/01/41

160

222

5.150%

due

05/22/45

200

238

4.750%

due

10/21/45

250

301

Halliburton

Co.

3.800%

due

11/15/25

70

74

4.850%

due

11/15/35

130

144

Hanesbrands,

Inc.

4.625%

due

05/15/24

(Þ)

10

11

4.875%

due

05/15/26

(Þ)

70

74

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Harman

International

Industries,

Inc.

4.150%

due

05/15/25

233

246

HCA,

Inc.

5.000%

due

03/15/24

50

55

4.500%

due

02/15/27

40

43

5.625%

due

09/01/28

100

111

4.125%

due

06/15/29

269

282

5.500%

due

06/15/47

463

524

Hilton

Domestic

Operating

Co.,

Inc.

Series

WI

5.125%

due

05/01/26

20

21

Home

Depot,

Inc.

(The)

3.250%

due

03/01/22

525

543

2.625%

due

06/01/22

243

249

Honeywell

International,

Inc.

1.850%

due

11/01/21

730

730

HP,

Inc.

3.750%

due

12/01/20

274

278

HSBC

Bank

NA

Series

BKNT

5.875%

due

11/01/34

475

610

HSBC

USA,

Inc.

7.200%

due

07/15/97

457

707

Humana,

Inc.

3.150%

due

12/01/22

10

10

3.950%

due

03/15/27

200

212

4.625%

due

12/01/42

20

22

4.950%

due

10/01/44

20

23

4.800%

due

03/15/47

10

11

Huntington

National

Bank

(The)

3.150%

due

03/14/21

281

285

IBM

Credit

LLC

1.800%

due

01/20/21

492

491

Ingersoll-Rand

Global

Holding

Co.,

Ltd.

2.900%

due

02/21/21

500

504

Intel

Corp.

3.100%

due

07/29/22

261

270

3.700%

due

07/29/25

20

22

Series

WI

3.734%

due

12/08/47

10

11

International

Business

Machines

Corp.

2.250%

due

02/19/21

270

271

2.800%

due

05/13/21

517

524

3.000%

due

05/15/24

220

228

3.500%

due

05/15/29

215

231

International

Lease

Finance

Corp.

8.625%

due

01/15/22

50

57

5.875%

due

08/15/22

410

449

International

Paper

Co.

5.150%

due

05/15/46

188

212

Jefferies

Group

LLC

6.500%

due

01/20/43

635

732

Jefferies

Group

LLC

/

Jefferies

Group

Capital

Finance,

Inc.

4.150%

due

01/23/30

732

731

John

Deere

Capital

Corp.

2.550%

due

01/08/21

274

276

Johnson

&

Johnson

2.250%

due

03/03/22

725

734

3.625%

due

03/03/37

70

78

JPMorgan

Chase

&

Co.

4.250%

due

10/15/20

300

307

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

35

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.550%

due

03/01/21

30

30

4.350%

due

08/15/21

130

135

4.500%

due

01/24/22

691

730

3.875%

due

09/10/24

100

107

4.023%

due

12/05/24

(~)(Ê)

220

235

4.125%

due

12/15/26

230

251

4.250%

due

10/01/27

30

33

4.203%

due

07/23/29

(Ê)

200

222

4.452%

due

12/05/29

(Ê)

260

294

8.750%

due

09/01/30

280

417

4.950%

due

06/01/45

100

124

Keurig

Dr

Pepper,

Inc.

Series

WI

4.057%

due

05/25/23

222

235

Kinder

Morgan

Energy

Partners,

LP

3.500%

due

03/01/21

30

30

Kinder

Morgan,

Inc.

4.300%

due

03/01/28

130

141

Series

GMTN

7.800%

due

08/01/31

176

239

KKR

Group

Finance

Co.

II

LLC

5.500%

due

02/01/43

(Þ)

10

12

Kraft

Heinz

Foods

Co.

4.875%

due

02/15/25

(Þ)

28

29

Series

WI

3.000%

due

06/01/26

60

59

5.000%

due

07/15/35

702

749

Kroger

Co.

(The)

2.600%

due

02/01/21

225

226

5.150%

due

08/01/43

20

22

L3Harris

Technologies,

Inc.

4.854%

due

04/27/35

40

47

5.054%

due

04/27/45

40

50

Lamb

Weston

Holdings,

Inc.

4.875%

due

11/01/26

(Þ)

60

63

Las

Vegas

Sands

Corp.

3.200%

due

08/08/24

430

438

Lennar

Corp.

4.500%

due

04/30/24

40

42

Series

WI

5.000%

due

06/15/27

10

11

4.750%

due

11/29/27

100

107

Life

Technologies

Corp.

5.000%

due

01/15/21

385

396

Lockheed

Martin

Corp.

3.100%

due

01/15/23

702

724

Class

Preference

4.500%

due

05/15/36

10

12

Series

10YR

3.550%

due

01/15/26

90

97

Lowe's

Cos.,

Inc.

3.800%

due

11/15/21

240

247

Marathon

Petroleum

Corp.

5.000%

due

09/15/54

234

250

Markel

Corp.

4.300%

due

11/01/47

699

724

Mars,

Inc.

2.700%

due

04/01/25

(Þ)

60

62

3.200%

due

04/01/30

(Þ)

30

32

Marsh

&

McLennan

Cos.,

Inc.

3.500%

due

12/29/20

274

278

Masco

Corp.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.450%

due

04/01/25

238

258

McDonald's

Corp.

3.700%

due

01/30/26

60

64

3.500%

due

03/01/27

40

43

3.800%

due

04/01/28

200

219

Medtronic,

Inc.

Series

WI

3.150%

due

03/15/22

254

262

3.500%

due

03/15/25

67

72

Merck

&

Co.,

Inc.

2.350%

due

02/10/22

285

289

MetLife,

Inc.

6.400%

due

12/15/36

100

119

Microsoft

Corp.

2.400%

due

02/06/22

721

731

2.875%

due

02/06/24

180

188

2.700%

due

02/12/25

40

42

2.400%

due

08/08/26

200

204

3.300%

due

02/06/27

810

873

4.100%

due

02/06/37

200

237

3.750%

due

02/12/45

100

115

MidAmerican

Energy

Co.

3.700%

due

09/15/23

237

250

3.650%

due

04/15/29

477

526

Midwest

Connector

Capital

Co.

LLC

3.625%

due

04/01/22

(Þ)

267

274

Mondelez

International,

Inc.

3.625%

due

05/07/23

689

721

Morgan

Stanley

3.737%

due

04/24/24

(Ê)

170

178

Series

GMTN

3.772%

due

01/24/29

(Ê)

70

75

4.431%

due

01/23/30

(Ê)

270

303

MPLX,

LP

4.000%

due

03/15/28

40

42

4.800%

due

02/15/29

170

188

4.500%

due

04/15/38

80

83

4.700%

due

04/15/48

140

146

5.500%

due

02/15/49

60

70

Series

WI

4.500%

due

07/15/23

100

107

4.875%

due

06/01/25

40

44

NBCUniversal

Media

LLC

4.375%

due

04/01/21

368

381

2.875%

due

01/15/23

524

538

NCL

Corp.,

Ltd.

4.750%

due

12/15/21

(Þ)

24

24

Nestle

Holdings,

Inc.

3.100%

due

09/24/21

(Þ)

718

733

Netflix,

Inc.

5.375%

due

02/01/21

60

62

Nevada

Power

Co.

5.450%

due

05/15/41

208

263

Series

R

6.750%

due

07/01/37

362

523

New

Cingular

Wireless

Services,

Inc.

8.750%

due

03/01/31

170

241

Newell

Brands,

Inc.

3.850%

due

04/01/23

40

41

4.200%

due

04/01/26

40

42

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

553

717

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

36

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Noble

Energy,

Inc.

3.900%

due

11/15/24

250

262

3.850%

due

01/15/28

80

83

5.250%

due

11/15/43

10

11

4.950%

due

08/15/47

40

44

Northern

Natural

Gas

Co.

4.300%

due

01/15/49

(Þ)

631

735

Northrop

Grumman

Corp.

2.550%

due

10/15/22

717

727

2.930%

due

01/15/25

80

82

Series

F0TZ

3.250%

due

01/15/28

310

325

Novartis

Capital

Corp.

2.400%

due

05/17/22

719

730

Oasis

Petroleum,

Inc.

6.875%

due

03/15/22

80

75

6.875%

due

01/15/23

10

9

Occidental

Petroleum

Corp.

4.850%

due

03/15/21

80

83

2.600%

due

08/13/21

60

60

3.125%

due

02/15/22

30

30

2.700%

due

08/15/22

80

81

6.950%

due

07/01/24

10

12

2.900%

due

08/15/24

370

373

3.500%

due

06/15/25

707

727

5.550%

due

03/15/26

230

260

3.400%

due

04/15/26

50

51

3.000%

due

02/15/27

360

357

3.500%

due

08/15/29

200

203

7.875%

due

09/15/31

30

41

6.450%

due

09/15/36

277

343

4.500%

due

07/15/44

125

127

4.625%

due

06/15/45

30

31

6.600%

due

03/15/46

90

117

4.400%

due

04/15/46

20

20

4.100%

due

02/15/47

190

185

4.200%

due

03/15/48

70

69

ONEOK,

Inc.

7.500%

due

09/01/23

204

239

4.350%

due

03/15/29

506

541

Oracle

Corp.

2.625%

due

02/15/23

719

733

Owens

Corning

7.000%

due

12/01/36

95

117

PacifiCorp

5.750%

due

04/01/37

543

729

PepsiCo,

Inc.

2.750%

due

03/05/22

224

229

Pfizer,

Inc.

1.950%

due

06/03/21

728

729

Philip

Morris

International,

Inc.

2.500%

due

08/22/22

90

91

4.500%

due

03/20/42

40

45

Series

5YR

2.500%

due

11/02/22

60

61

Series

NCD

2.375%

due

08/17/22

938

944

Phillips

66

5.875%

due

05/01/42

204

269

Series

WI

4.300%

due

04/01/22

498

525

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Plains

All

American

Pipeline,

LP

/

PAA

Finance

Corp.

3.600%

due

11/01/24

705

722

PNC

Bank

NA

Series

BKNT

2.150%

due

04/29/21

724

725

Precision

Castparts

Corp.

2.500%

due

01/15/23

240

244

3.900%

due

01/15/43

457

509

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

9.250%

due

05/15/23

(Þ)

35

37

5.250%

due

04/15/24

(Þ)

70

72

5.750%

due

04/15/26

(Þ)

60

62

Procter

&

Gamble

Co.

(The)

2.150%

due

08/11/22

270

273

Progress

Energy,

Inc.

4.400%

due

01/15/21

30

31

7.000%

due

10/30/31

173

239

PSEG

Power

LLC

8.625%

due

04/15/31

170

240

Range

Resources

Corp.

5.875%

due

07/01/22

30

29

Series

WI

4.875%

due

05/15/25

230

190

Regency

Energy

Partners,

LP

/

Regency

Energy

Finance

Corp.

5.875%

due

03/01/22

60

64

5.000%

due

10/01/22

516

547

Regions

Financial

Corp.

3.200%

due

02/08/21

722

731

Republic

Services,

Inc.

2.500%

due

08/15/24

60

61

Reynolds

American,

Inc.

5.850%

due

08/15/45

70

78

Roche

Holdings,

Inc.

2.875%

due

09/29/21

(Þ)

241

245

3.250%

due

09/17/23

(Þ)

509

533

Rohm

&

Haas

Co.

7.850%

due

07/15/29

540

724

Sabal

Trail

Transmission

LLC

4.246%

due

05/01/28

(Þ)

663

724

Salesforce.com,

Inc.

3.250%

due

04/11/23

70

73

3.700%

due

04/11/28

30

33

Santander

Holdings

USA,

Inc.

4.450%

due

12/03/21

350

366

4.500%

due

07/17/25

20

21

Schlumberger

Holdings

Corp.

4.000%

due

12/21/25

(Þ)

40

43

Sempra

Energy

3.550%

due

06/15/24

252

263

Service

Properties

Trust

4.375%

due

02/15/30

765

732

Sherwin-Williams

Co.

(The)

3.125%

due

06/01/24

704

727

Sierra

Pacific

Power

Co.

Series

WI

2.600%

due

05/01/26

718

730

Southern

California

Edison

Co.

3.875%

due

06/01/21

226

231

Southern

Co.

(The)

2.950%

due

07/01/23

712

727

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

37

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Southern

Co.

Gas

Capital

Corp.

6.000%

due

10/01/34

196

255

Southern

Power

Co.

4.150%

due

12/01/25

220

238

Spectra

Energy

Partners,

LP

4.750%

due

03/15/24

671

732

Spectrum

Brands,

Inc.

5.000%

due

10/01/29

(Þ)

10

10

Series

WI

5.750%

due

07/15/25

40

42

Sprint

Capital

Corp.

8.750%

due

03/15/32

370

456

Sprint

Corp.

Series

WI

7.250%

due

09/15/21

50

53

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

3.360%

due

09/20/21

100

100

4.738%

due

03/20/25

240

255

Starbucks

Corp.

3.800%

due

08/15/25

220

238

Sunoco

Logistics

Partners

Operations,

LP

3.450%

due

01/15/23

420

429

4.250%

due

04/01/24

269

283

Synchrony

Financial

3.750%

due

08/15/21

270

276

Sysco

Corp.

2.500%

due

07/15/21

225

226

Targa

Resources

Partners,

LP

/

Targa

Resources

Partners

Finance

Corp.

4.250%

due

11/15/23

20

20

5.875%

due

04/15/26

20

21

6.500%

due

07/15/27

(Þ)

30

33

6.875%

due

01/15/29

(Þ)

10

11

Teachers

Insurance

&

Annuity

Association

of

America

4.900%

due

09/15/44

(Þ)

340

423

Thermo

Fisher

Scientific,

Inc.

3.000%

due

04/15/23

706

727

Time

Warner

Cable

LLC

4.125%

due

02/15/21

150

153

7.300%

due

07/01/38

600

765

Time

Warner

Entertainment

Co.,

LP

8.375%

due

03/15/23

182

215

TJX

Cos.,

Inc.

(The)

2.750%

due

06/15/21

246

249

Toll

Brothers

Finance

Corp.

4.375%

due

04/15/23

30

31

Toyota

Motor

Credit

Corp.

Series

GMTN

3.050%

due

01/08/21

271

275

Transcontinental

Gas

Pipe

Line

Co.

LLC

Series

WI

7.850%

due

02/01/26

220

279

Tyson

Foods,

Inc.

3.950%

due

08/15/24

237

254

Unilever

Capital

Corp.

1.375%

due

07/28/21

254

251

Union

Pacific

Corp.

2.950%

due

01/15/23

269

276

3.750%

due

07/15/25

60

65

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.950%

due

09/10/28

400

442

4.500%

due

09/10/48

140

167

United

Parcel

Service,

Inc.

3.125%

due

01/15/21

742

752

United

Rentals

NA,

Inc.

6.500%

due

12/15/26

20

22

4.875%

due

01/15/28

30

31

5.250%

due

01/15/30

130

136

United

Technologies

Corp.

1.950%

due

11/01/21

232

232

3.100%

due

06/01/22

100

103

3.650%

due

08/16/23

616

652

3.950%

due

08/16/25

30

33

4.125%

due

11/16/28

150

170

4.500%

due

06/01/42

20

24

UnitedHealth

Group,

Inc.

3.875%

due

10/15/20

10

10

2.875%

due

12/15/21

40

41

2.875%

due

03/15/22

720

733

4.625%

due

07/15/35

100

121

5.700%

due

10/15/40

60

79

3.700%

due

08/15/49

160

170

3.875%

due

08/15/59

30

32

US

Bancorp

2.350%

due

01/29/21

728

731

US

Bank

NA

Series

BKNT

3.150%

due

04/26/21

250

254

Valero

Energy

Corp.

10.500%

due

03/15/39

151

256

Verizon

Communications,

Inc.

3.500%

due

11/01/24

20

21

2.625%

due

08/15/26

70

71

4.125%

due

03/16/27

40

44

3.875%

due

02/08/29

120

132

7.750%

due

12/01/30

100

145

4.500%

due

08/10/33

260

303

5.250%

due

03/16/37

80

99

5.500%

due

03/16/47

10

13

Series

WI

2.946%

due

03/15/22

717

734

3.376%

due

02/15/25

178

188

4.329%

due

09/21/28

123

140

Viacom,

Inc.

3.875%

due

04/01/24

20

21

Visa,

Inc.

2.150%

due

09/15/22

277

280

3.150%

due

12/14/25

150

160

4.300%

due

12/14/45

590

732

Vistra

Operations

Co.

LLC

3.550%

due

07/15/24

(Þ)

370

372

4.300%

due

07/15/29

(Þ)

708

727

VOC

Escrow,

Ltd.

5.000%

due

02/15/28

(Þ)

60

62

Volkswagen

Group

of

America

Finance

LLC

4.000%

due

11/12/21

(Þ)

699

722

Walgreen

Co.

3.100%

due

09/15/22

716

733

Walgreens

Boots

Alliance,

Inc.

3.300%

due

11/18/21

707

724

Walmart,

Inc.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

38

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.900%

due

12/15/20

250

251

3.700%

due

06/26/28

230

255

Walt

Disney

Co.

(The)

2.350%

due

12/01/22

240

243

6.650%

due

11/15/37

(Þ)

40

60

Waste

Management,

Inc.

3.500%

due

05/15/24

190

200

2.950%

due

06/15/24

100

103

3.200%

due

06/15/26

100

105

3.450%

due

06/15/29

120

129

4.150%

due

07/15/49

40

47

Wells

Fargo

&

Co.

2.500%

due

03/04/21

1,129

1,134

4.600%

due

04/01/21

220

228

3.486%

due

10/31/23

(Ê)

200

203

3.750%

due

01/24/24

535

567

3.000%

due

04/22/26

400

410

3.000%

due

10/23/26

260

267

4.150%

due

01/24/29

545

603

5.375%

due

11/02/43

200

253

4.650%

due

11/04/44

10

12

4.400%

due

06/14/46

230

258

4.750%

due

12/07/46

530

627

Series

GMTN

4.900%

due

11/17/45

250

299

Wells

Fargo

Bank

NA

Series

BKNT

2.600%

due

01/15/21

725

730

Western

Gas

Partners

LP

5.300%

due

03/01/48

845

734

Western

Midstream

Operating,

LP

4.650%

due

07/01/26

40

40

Western

Union

Co.

(The)

6.200%

due

11/17/36

635

721

Williams

Cos.,

Inc.

(The)

7.750%

due

06/15/31

130

173

5.800%

due

11/15/43

155

180

Series

A

7.500%

due

01/15/31

80

105

165,575

International

Debt

-

9.8%

1011778

B.C.

Unlimited

Liability

Co.

1st

Lien

Term

Loan

B4

4.294%

due

02/17/24

(~)(Ê)

45

45

1011778

BC

ULC

/

New

Red

Finance,

Inc.

4.250%

due

05/15/24

(Þ)

120

123

ABN

AMRO

Bank

NV

2.650%

due

01/19/21

(Þ)

725

728

Abu

Dhabi

Government

International

Bond

Series

C

2.500%

due

10/11/22

200

202

Adani

Abbot

Point

Terminal

Pty,

Ltd.

4.450%

due

12/15/22

(Þ)

253

252

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

Series

WI

5.000%

due

10/01/21

652

685

Air

Liquide

Finance

SA

1.750%

due

09/27/21

(Þ)

733

728

Alcoa

Nederland

Holding

BV

6.750%

due

09/30/24

(Þ)

200

210

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Alibaba

Group

Holding,

Ltd.

Series

WI

3.125%

due

11/28/21

616

626

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

702

730

Allergan

Funding

SCS

3.450%

due

03/15/22

285

292

3.800%

due

03/15/25

60

63

4.550%

due

03/15/35

10

11

Altrice

France

SA

Term

Loan

B12

5.715%

due

01/31/26

(Ê)

86

85

Ambac

LSNI

LLC

7.104%

due

02/12/23

(Ê)(Þ)

4,296

4,338

Anglo

American

Capital

PLC

3.750%

due

04/10/22

(Þ)

368

378

3.625%

due

09/11/24

(Þ)

200

206

ArcelorMittal

6.250%

due

02/25/22

110

119

3.600%

due

07/16/24

40

40

6.125%

due

06/01/25

170

191

4.550%

due

03/11/26

50

52

Argentine

Republic

Government

International

Bond

5.625%

due

01/26/22

340

146

6.875%

due

01/11/48

210

88

Series

NY

5.250%

due

12/31/38

(~)(Ê)

160

63

Series

WI

7.500%

due

04/22/26

170

75

AstraZeneca

PLC

2.375%

due

11/16/20

275

276

2.375%

due

06/12/22

403

406

Banco

de

Bogota

SA

Series

EMTQ

4.375%

due

08/03/27

(Þ)

686

730

Banco

Santander

SA

3.848%

due

04/12/23

200

208

2.706%

due

06/27/24

400

404

4.379%

due

04/12/28

200

219

Bancolombia

SA

5.950%

due

06/03/21

684

720

Bangkok

Bank

PCL

3.875%

due

09/27/22

(Þ)

219

227

Banistmo

SA

Series

MTQ0

3.650%

due

09/19/22

(Þ)

729

733

Bank

of

Montreal

2.900%

due

03/26/22

270

275

3.803%

due

12/15/32

(Ê)

20

21

Series

D

3.100%

due

04/13/21

519

528

Bank

of

Nova

Scotia

(The)

Series

BKNT

2.500%

due

01/08/21

725

729

Barclays

PLC

4.972%

due

05/16/29

(Ê)

400

439

4.950%

due

01/10/47

660

728

BBVA

Bancomer

SA

6.500%

due

03/10/21

(Þ)

695

725

Bharti

Airtel

International

Netherlands

BV

Series

144a

5.125%

due

03/11/23

(Þ)

693

729

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

39

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

BHP

Billiton

Finance

USA,

Ltd.

2.875%

due

02/24/22

5

5

5.000%

due

09/30/43

170

219

Blackbird

Capital

Aircraft

Lease

Securitization,

Ltd.

Series

2016-1A

Class

AA

2.487%

due

12/16/41

(~)(Ê)(Þ)

852

849

BNP

Paribas

SA

4.705%

due

01/10/25

(Ê)(Þ)

260

281

4.400%

due

08/14/28

(Þ)

200

221

Series

144a

5.198%

due

01/10/30

(Ê)(Þ)

800

936

Series

BKNT

5.000%

due

01/15/21

262

272

BP

Capital

Markets

PLC

3.245%

due

05/06/22

222

228

Brazil

Government

International

Bond

2.625%

due

01/05/23

220

220

4.625%

due

01/13/28

990

1,052

5.625%

due

01/07/41

170

190

5.000%

due

01/27/45

350

363

British

Telecommunications

PLC

9.625%

due

12/15/30

30

46

Brookfield

Finance,

Inc.

4.000%

due

04/01/24

618

658

CAL

Funding

III,

Ltd.

Series

2017-1A

Class

A

3.620%

due

06/25/42

(Þ)

613

622

Canadian

Imperial

Bank

of

Commerce

2.550%

due

06/16/22

718

730

Cedar

Funding,

Ltd.

Series

2018-5A

Class

A1R

3.403%

due

07/17/31

(Ê)(Þ)

1,600

1,592

Celulosa

Arauco

y

Constitucion

SA

Series

WI

3.875%

due

11/02/27

705

720

Cencosud

SA

5.500%

due

01/20/21

(Þ)

264

271

Colombia

Government

International

Bond

5.625%

due

02/26/44

270

338

Cooperatieve

Rabobank

UA

4.625%

due

12/01/23

250

269

4.375%

due

08/04/25

900

972

Covidien

International

Finance

SA

3.200%

due

06/15/22

703

724

Credit

Suisse

Group

Funding

Guernsey,

Ltd.

Series

WI

3.450%

due

04/16/21

709

721

4.875%

due

05/15/45

300

367

DAE

Funding

LLC

5.750%

due

11/15/23

(Þ)

20

21

Danone

SA

2.077%

due

11/02/21

(Þ)

890

889

2.589%

due

11/02/23

(Þ)

718

728

Danske

Bank

A/S

5.000%

due

01/12/22

(Þ)

400

421

3.875%

due

09/12/23

(Þ)

200

207

5.375%

due

01/12/24

(Þ)

862

947

Deutsche

Telekom

International

Finance

BV

1.950%

due

09/19/21

(Þ)

251

249

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Dryden

50

Senior

Loan

Fund

Series

2017-50A

Class

A1

3.523%

due

07/15/30

(Ê)(Þ)

1,230

1,228

ECAF,

Ltd.

Series

2015-1A

Class

A1

3.473%

due

06/15/40

(Þ)

294

293

Ecopetrol

SA

5.375%

due

06/26/26

60

67

5.875%

due

05/28/45

350

411

Ecuador

Government

International

Bond

7.875%

due

01/23/28

200

190

Embotelladora

Andina

SA

5.000%

due

10/01/23

(Þ)

264

283

Enbridge,

Inc.

3.700%

due

07/15/27

687

726

Enel

Finance

International

NV

Series

658A

3.500%

due

04/06/28

(Þ)

706

723

Eni

SpA

4.250%

due

05/09/29

(Þ)

658

719

Equate

Petrochemical

BV

4.250%

due

11/03/26

(Þ)

200

215

Fairfax

Financial

Holdings,

Ltd.

Series

WI

4.850%

due

04/17/28

226

245

Gazprom

OAO

Via

Gaz

Capital

SA

6.510%

due

03/07/22

(Þ)

672

730

GE

Capital

International

Funding

Co.

Unlimited

Co.

Series

WI

2.342%

due

11/15/20

245

244

4.418%

due

11/15/35

600

629

GlaxoSmithKline

Capital

PLC

2.850%

due

05/08/22

256

261

2.875%

due

06/01/22

510

521

HSBC

Bank

PLC

7.650%

due

05/01/25

375

451

HSBC

Holdings

PLC

2.650%

due

01/05/22

721

726

3.900%

due

05/25/26

220

233

4.041%

due

03/13/28

(Ê)

410

435

4.583%

due

06/19/29

(Ê)

400

444

3.973%

due

05/22/30

(Ê)

200

214

6.250%

due

12/31/99

(Ê)(ƒ)

200

207

6.500%

due

12/31/99

(Ê)(ƒ)

200

209

ICICI

Bank,

Ltd.

4.000%

due

03/18/26

(Þ)

252

263

Indonesia

Government

International

Bond

4.350%

due

01/11/48

240

265

Series

REGS

3.750%

due

04/25/22

430

443

Intelsat

Jackson

Holdings

SA

Term

Loan

B3

5.804%

due

11/27/23

(~)(Ê)

90

90

Intesa

Sanpaolo

SpA

3.125%

due

07/14/22

(Þ)

400

402

3.375%

due

01/12/23

(Þ)

200

202

3.875%

due

01/12/28

(Þ)

287

286

Inversiones

CMPC

SA

4.500%

due

04/25/22

(Þ)

214

222

KazMunayGas

National

Co.

JSC

5.375%

due

04/24/30

(Þ)

200

225

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

40

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Korea

Southern

Power

Co.,

Ltd.

3.000%

due

01/29/21

(Þ)

241

243

Kuwait

Government

International

Bond

3.500%

due

03/20/27

210

226

LCM

XXII,

Ltd.

Series

2016-22A

Class

A1

2.636%

due

10/20/28

(Ê)(Þ)

1,133

1,134

LCM

XXIII,

Ltd.

Series

2016-23A

Class

A1

3.748%

due

10/20/29

(Ê)(Þ)

1,020

1,023

LCM

XXV,

Ltd.

Series

2017-25A

Class

A

3.488%

due

07/20/30

(Ê)(Þ)

1,124

1,124

Lloyds

Banking

Group

PLC

4.375%

due

03/22/28

200

217

4.550%

due

08/16/28

400

440

Series

WI

4.582%

due

12/10/25

688

723

Lukoil

International

Finance

BV

4.563%

due

04/24/23

(Þ)

682

719

LYB

Finance

Co.

BV

8.100%

due

03/15/27

(Þ)

186

241

LYB

International

Finance

BV

4.000%

due

07/15/23

214

226

LyondellBasell

Industries

NV

5.750%

due

04/15/24

198

224

Madison

Park

Funding

XVIII,

Ltd.

Series

2017-18A

Class

A1R

3.468%

due

10/21/30

(Ê)(Þ)

872

872

Madison

Park

Funding

XXVI,

Ltd.

Series

2017-26A

Class

AR

3.456%

due

07/29/30

(Ê)(Þ)

780

780

Magnetite

XVIII,

Ltd.

Series

2018-18A

Class

AR

3.696%

due

11/15/28

(Ê)(Þ)

1,488

1,489

Marks

And

Spencer

PLC

7.125%

due

12/01/37

(Þ)

623

710

MEG

Energy

Corp.

7.000%

due

03/31/24

(Þ)

100

97

Mexico

Government

International

Bond

6.050%

due

01/11/40

30

38

4.750%

due

03/08/44

20

22

4.350%

due

01/15/47

500

516

Mitsubishi

UFJ

Financial

Group,

Inc.

2.950%

due

03/01/21

725

732

2.998%

due

02/22/22

60

61

Myriad

International

Holdings

BV

4.850%

due

07/06/27

(Þ)

250

276

NBK

SPC,

Ltd.

2.750%

due

05/30/22

(Þ)

714

715

Nordea

Bank

AB

4.875%

due

05/13/21

(Þ)

265

274

Nutrien

,

Ltd.

3.625%

due

03/15/24

264

277

NXP

BV

/

NXP

Funding

LLC

4.625%

due

06/15/22

(Þ)

693

726

Park

Aerospace

Holdings,

Ltd.

5.250%

due

08/15/22

(Þ)

50

53

Pernod

Ricard

SA

4.450%

due

01/15/22

(Þ)

150

157

Peru

Government

International

Bond

6.550%

due

03/14/37

30

44

5.625%

due

11/18/50

160

234

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Petrobras

Global

Finance

BV

6.250%

due

03/17/24

100

112

Series

WI

5.299%

due

01/27/25

2,205

2,406

Petroleos

Mexicanos

6.625%

due

06/15/35

10

10

Series

WI

4.625%

due

09/21/23

100

103

6.875%

due

08/04/26

220

237

Poland

Government

International

Bond

5.125%

due

04/21/21

550

577

Provincia

de

Buenos

Aires

6.500%

due

02/15/23

140

49

Riserva

CLO

Ltd.

Series

2019-3A

Class

AR

3.440%

due

10/18/28

(Ê)(Þ)

940

940

Royal

Bank

of

Canada

2.150%

due

10/26/20

70

70

Series

GMTN

2.500%

due

01/19/21

228

230

3.200%

due

04/30/21

70

71

2.750%

due

02/01/22

500

509

Royal

Bank

of

Scotland

Group

PLC

6.125%

due

12/15/22

70

76

3.875%

due

09/12/23

200

206

5.125%

due

05/28/24

420

448

4.519%

due

06/25/24

(Ê)

200

210

4.269%

due

03/22/25

(Ê)

200

209

Sands

China,

Ltd.

Series

WI

5.125%

due

08/08/25

400

439

Sanofi

4.000%

due

03/29/21

232

239

Santander

PLC

5.000%

due

11/07/23

(Þ)

676

718

Santander

UK

Group

Holdings

PLC

Class

N

4.750%

due

09/15/25

(Þ)

701

731

Sasol

Financing

International

PLC

4.500%

due

11/14/22

698

713

Schlumberger

Norge

AS

4.200%

due

01/15/21

(Þ)

70

71

Schneider

Electric

SE

2.950%

due

09/27/22

(Þ)

200

204

Shackleton

CLO,

Ltd.

Series

2018-4RA

Class

A1A

3.303%

due

04/13/31

(~)(Ê)(Þ)

930

919

Shell

International

Finance

BV

1.875%

due

05/10/21

524

524

2.375%

due

08/21/22

269

273

2.875%

due

05/10/26

40

42

4.375%

due

05/11/45

320

387

4.000%

due

05/10/46

80

93

Siemens

Financieringsmaatschappij

NV

1.700%

due

09/15/21

(Þ)

250

248

Southern

Copper

Corp.

6.750%

due

04/16/40

10

13

5.250%

due

11/08/42

590

666

Standard

Chartered

PLC

5.700%

due

03/26/44

(Þ)

600

736

Stars

Group

Holdings

BV

Term

Loan

B

5.604%

due

07/10/25

(~)(Ê)

9

9

Sumitomo

Mitsui

Banking

Corp.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

41

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.934%

due

03/09/21

723

729

Sumitomo

Mitsui

Financial

Group,

Inc.

Series

5FXD

2.058%

due

07/14/21

90

90

Suncor

Energy,

Inc.

3.600%

due

12/01/24

688

725

Svenska

Handelsbanken

AB

Series

BKNT

3.350%

due

05/24/21

250

255

Swedbank

AB

2.650%

due

03/10/21

(Þ)

797

800

Syngenta

Finance

NV

3.125%

due

03/28/22

718

722

Telefonica

Emisiones

SA

5.462%

due

02/16/21

231

241

5.213%

due

03/08/47

150

175

Teva

Pharmaceutical

Finance

Co.

BV

3.650%

due

11/10/21

20

18

2.950%

due

12/18/22

10

9

Series

2

3.650%

due

11/10/21

10

9

Teva

Pharmaceutical

Finance

Netherlands

III

BV

2.200%

due

07/21/21

210

192

2.800%

due

07/21/23

220

178

Textainer

Marine

Containers,

Ltd.

Series

2017-1A

Class

A

3.720%

due

05/20/42

781

781

THL

Credit

Wind

River

CLO,

Ltd.

Series

2017-2A

Class

AR

3.530%

due

10/18/30

(Ê)(Þ)

1,016

1,013

Toronto-Dominion

Bank

(The)

3.250%

due

06/11/21

90

92

1.800%

due

07/13/21

733

731

Total

Capital

Canada,

Ltd.

2.750%

due

07/15/23

770

791

Total

Capital

International

SA

2.750%

due

06/19/21

718

728

4.250%

due

12/15/21

230

242

Trust

F/1401

5.250%

due

01/30/26

(Þ)

685

730

UBS

Group

Funding

Switzerland

AG

3.491%

due

05/23/23

(Þ)

270

277

4.253%

due

03/23/28

(Þ)

200

218

7.000%

due

12/31/99

(Ê)(ƒ)(Þ)

660

701

UniCredit

SpA

6.572%

due

01/14/22

(Þ)

1,042

1,118

USB

Group

AG

3.126%

due

08/13/30

(Ê)(Þ)

200

201

Vale

Overseas,

Ltd.

6.875%

due

11/21/36

180

228

Vodafone

Group

PLC

4.375%

due

05/30/28

220

243

Voya

CLO,

Ltd.

Series

2017-2A

Class

A1R

3.553%

due

04/17/30

(Ê)(Þ)

1,428

1,428

Westpac

Banking

Corp.

2.600%

due

11/23/20

80

81

Woori

Bank

5.875%

due

04/13/21

(Þ)

681

711

Ziggo

Secured

Finance

Partnership

1st

Lien

Term

Loan

E

4.528%

due

04/15/25

(~)(Ê)

46

46

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

90,307

Loan

Agreements

-

0.7%

Air

Medical

Group

Holdings,

Inc.

1st

Lien

Term

Loan

B

5.307%

due

04/28/22

(~)(Ê)

116

108

Albertson's

LLC

Term

Loan

B7

4.794%

due

11/17/25

(Ê)

19

19

Albertson's

LLC

Term

Loan

B8

4.794%

due

08/17/26

(Ê)

88

89

Allied

Universal

Holdco

Delayed

Draw

Term

Loan

2.125%

due

07/12/26

(Ê)(

ƕ

)

8

8

Allied

Universal

Holdco

Term

Loan

B

6.507%

due

07/12/26

(Ê)

82

82

APi

Group

DE,

Inc.

Term

Loan

B

0.000%

due

10/01/26

(~)(Ê)(v)

100

100

Aramark

Services,

Inc.

1st

Lien

Term

Loan

B3

3.794%

due

03/11/25

(~)(Ê)

48

48

Asurion

LLC

1st

Lien

Term

Loan

B7

5.044%

due

11/03/24

(~)(Ê)

109

110

Asurion

LLC

Term

Loan

B4

5.044%

due

08/04/22

(~)(Ê)

127

127

Atlantic

Aviation

FBO,

Inc.

Term

Loan

B

5.800%

due

12/06/25

(~)(Ê)

20

20

Avolon

LLC

1st

Lien

Term

Loan

B3

3.794%

due

01/15/25

(~)(Ê)

110

110

Bausch

Health

Americas,

Inc.

Term

Loan

B

5.039%

due

06/01/25

(~)(Ê)

88

89

BCP

CC

Holdings

Merger

Sub,

Inc.

Term

Loan

B1

4.854%

due

12/01/24

(~)(Ê)

50

50

Berry

Plastics

Group,

Inc.

1st

Lien

Term

Loan

Q

4.299%

due

10/01/22

(~)(Ê)

34

34

Blackstone

CQP

Holdco

LP

Term

Loan

B

5.656%

due

09/30/24

(Ê)

40

40

Boyd

Gaming

Corp.

Term

Loan

B

4.166%

due

09/15/23

(~)(Ê)

29

29

Brickman

Group,

Ltd.

1st

Lien

Term

Loan

B

4.732%

due

08/15/25

(~)(Ê)

40

40

Caesars

Entertainment

Operating

Co.

LLC

1st

Lien

Term

Loan

B

4.044%

due

10/06/24

(Ê)

95

95

Caesars

Resort

Collection

LLC

1st

Lien

Term

Loan

B

4.794%

due

12/22/24

(~)(Ê)

139

138

Change

Healthcare

Holdings

LLC

1st

Lien

Term

Loan

B

4.544%

due

03/01/24

(~)(Ê)

108

108

Charter

Communications

Operating

LLC

1st

Lien

Term

Loan

B

4.050%

due

04/30/25

(~)(Ê)

157

158

Citadel

Securities

LP

Term

Loan

B

5.617%

due

02/27/26

(~)(Ê)

50

50

CityCenter

Holdings

LLC

Term

Loan

B

4.294%

due

04/18/24

(~)(Ê)

32

32

CWGS

Group

LLC

Term

Loan

4.794%

due

11/08/23

(~)(Ê)

48

41

Dell

International

LLC

Term

Loan

B

4.050%

due

09/19/25

(Ê)

47

47

Diamond

Sports

Group

LLC

Term

Loan

5.300%

due

08/24/26

(Ê)

50

50

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

42

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Digicert

Holdings,

Inc.

1st

Lien

Term

Loan

6.044%

due

10/31/24

(~)(Ê)

229

227

Digicert

Holdings,

Inc.

Term

Loan

B

0.000%

due

08/31/26

(~)(Ê)(v)

180

179

Edelman

Financial

Center

LLC

Term

Loan

B1

5.307%

due

07/19/25

(~)(Ê)

69

70

Focus

Financial

Partners

LLC

1st

Lien

Term

Loan

B2

4.544%

due

07/03/24

(~)(Ê)

30

30

Golden

Nugget,

Inc.

1st

Lien

Term

Loan

B

4.800%

due

10/04/23

(~)(Ê)

256

255

HCA,

Inc.

Term

Loan

B10

4.025%

due

03/13/25

(Ê)

47

48

Hilton

Worldwide

Finance

LLC

Term

Loan

B

3.768%

due

06/21/26

(Ê)

95

95

iHeartCommunications

,

Inc.

Exit

Term

Loan

6.100%

due

05/01/26

(~)(Ê)

97

97

Intrawest

Resorts

Holdings,

Inc.

1st

Lien

Term

Loan

B1

5.044%

due

07/31/24

(~)(Ê)

139

139

Jaguar

Holding

Co.

II

1st

Lien

Term

Loan

4.544%

due

08/18/22

(~)(Ê)

47

47

Jane

Street

Group

LLC

Term

Loan

B

5.046%

due

08/25/22

(~)(Ê)

90

89

Level

3

Financing,

Inc.

Term

Loan

B

4.294%

due

02/22/24

(~)(Ê)

220

220

LPL

Holdings,

Inc.

Term

Loan

B

4.304%

due

09/21/24

(~)(Ê)

20

20

MA

Finance

Co.

LLC

1st

Lien

Term

Loan

B

4.635%

due

06/21/24

(~)(Ê)

4

4

McAfee

LLC

Term

Loan

B1

5.794%

due

09/29/24

(~)(Ê)

110

110

MGM

Growth

Properties

LLC

1st

Lien

Term

Loan

B

4.044%

due

03/25/25

(~)(Ê)

125

126

Michaels

Stores,

Inc.

1st

Lien

Term

Loan

B

4.544%

due

01/28/23

(~)(Ê)

78

76

MultiPlan

,

Inc.

Term

Loan

B

4.854%

due

06/07/23

(~)(Ê)

197

187

Nexstar

Broadcasting,

Inc.

2019

Term

Loan

B4

4.909%

due

09/19/26

(~)(Ê)

120

120

Option

Care

Health,

Inc.

Term

Loan

B

6.685%

due

08/06/26

(Ê)

100

100

Panther

BF

Aggregator

LP

Term

Loan

B

5.544%

due

04/30/26

(Ê)

120

119

Party

City

Holdings,

Inc.

1st

Lien

Term

Loan

4.550%

due

08/19/22

(~)(Ê)

64

64

PCI

Gaming

Authority

Term

Loan

5.044%

due

05/31/26

(Ê)

90

90

Phoenix

Guarantor

Inc.

Term

Loan

B1

6.567%

due

03/05/26

(~)(Ê)(

ƕ

)

124

124

Prime

Security

Services

Borrower

LLC

Term

Loan

B

5.210%

due

09/13/26

(~)(Ê)

156

154

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

RegionalCare

Hospital

Partners

Holdings,

Inc.

Term

Loan

B

6.554%

due

11/16/25

(~)(Ê)

209

209

Reynolds

Group

Holdings,

Inc.

1st

Lien

Term

Loan

B

4.794%

due

02/05/23

(~)(Ê)

154

154

RPI

Finance

Trust

Term

Loan

B

4.044%

due

04/17/23

(~)(Ê)

188

189

Scientific

Games

International,

Inc.

1st

Lien

Term

Loan

B5

4.876%

due

08/14/24

(~)(Ê)

233

231

Seattle

SpinCo,

Inc.1st

Lien

Term

Loan

B3

4.544%

due

06/21/24

(~)(Ê)

26

25

Sprint

Corp.

Term

Loan

B

4.563%

due

02/03/24

(~)(Ê)

17

17

Sungard

AS

New

Holdings

III

LLC

Term

Loan

6.143%

due

02/03/22

(Ê)(

ƕ

)

39

38

Sungard

Availability

Services

Capital,

Inc.

Term

Loan

6.287%

due

11/03/22

(~)(Ê)

125

100

TKC

Holdings,

Inc.

1st

Lien

Term

Loan

5.800%

due

02/01/23

(~)(Ê)

219

215

Trans

Union

LLC

1st

Lien

Term

Loan

B3

4.044%

due

04/09/23

(~)(Ê)

42

42

UFC

Holdings

LLC

Term

Loan

5.300%

due

04/29/26

(Ê)

109

110

Univision

Communications,

Inc.

Term

Loan

C5

4.794%

due

03/15/24

(~)(Ê)

145

141

VFH

Parent

LLC

Term

Loan

B

5.638%

due

03/01/26

(~)(Ê)

20

20

VICI

Properties,

Inc.

1st

Lien

Term

Loan

B

4.046%

due

12/22/24

(~)(Ê)

26

26

Virgin

Media

Bristol

LLC

1st

Lien

Term

Loan

K

4.528%

due

01/15/26

(~)(Ê)

157

157

VVC

Holding

Corp.

Term

Loan

B

6.681%

due

02/11/26

(~)(Ê)

169

169

Western

Digital

Corp.

1st

Lien

Term

Loan

B4

3.862%

due

04/29/23

(~)(Ê)

41

41

6,496

Mortgage-Backed

Securities

-

29.6%

A10

Securitization

LLC

Series

2017-AA

Class

B1

0.071%

due

05/15/36

(Þ)

961

954

American

Home

Mortgage

Investment

Trust

Series

2004-4

Class

4A

3.844%

due

02/25/45

(Ê)

13

13

Banc

of

America

Funding

Trust

Series

2005-D

Class

A1

4.633%

due

05/25/35

(~)(Ê)

301

309

Series

2006-6

Class

2A1

6.000%

due

08/25/36

822

817

Bayview

Commercial

Asset

Trust

Series

2007-2A

Class

A1

1.507%

due

07/25/37

(Ê)

979

933

BCAP

LLC

Trust

Series

2010-RR7

Class

3A12

3.997%

due

08/26/35

(~)(Ê)(Þ)

801

743

Series

2011-R11

Class

15A1

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

43

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.672%

due

10/26/33

(~)(Ê)(Þ)

63

64

Series

2011-R11

Class

20A5

4.484%

due

03/26/35

(~)(Ê)(Þ)

9

9

Bear

Stearns

ALT-A

Trust

Series

2005-2

Class

1M1

3.236%

due

03/25/35

(Ê)

824

808

Bear

Stearns

ARM

Trust

Series

2004-3

Class

2A

4.017%

due

07/25/34

(~)(Ê)

124

127

Bear

Stearns

Commercial

Mortgage

Securities

Trust

Series

2007-T26

Class

AM

5.513%

due

01/12/45

(~)(Ê)

73

72

Benchmark

Mortgage

Trust

Series

2018-B5

Class

A3

3.944%

due

07/15/51

1,977

2,205

Series

2018-B5

Class

A4

4.208%

due

07/15/51

1,987

2,258

Series

2018-B7

Class

A4

4.510%

due

05/15/53

(~)(Ê)

1,567

1,824

Series

2018-B8

Class

A5

4.232%

due

01/15/52

2,315

2,644

Blackstone

Holdings

Finance

Co.

LLC

Series

2018-BIOA

Class

E

4.424%

due

03/15/37

(Ê)(Þ)

1,575

1,580

BX

Commercial

Mortgage

Trust

Series

2018-BIOA

Class

D

3.628%

due

03/15/37

(Ê)(Þ)

790

792

Series

2018-IND

Class

G

4.330%

due

11/15/35

(Ê)(Þ)

149

150

BX

Trust

Series

2018-BILT

Class

C

3.120%

due

05/15/30

(Ê)(Þ)

1,650

1,648

BXP

Trust

Series

2017-GM

Class

A

3.379%

due

06/13/39

(Þ)

818

876

CAMB

Commercial

Mortgage

Trust

Series

2019-LIFE

Class

F

5.050%

due

12/15/37

(Ê)(Þ)

987

995

Series

2019-LIFE

Class

G

5.750%

due

12/15/37

(Ê)(Þ)

1,651

1,665

CHL

Mortgage

Pass-Through

Trust

Series

2005-3

Class

1A2

3.066%

due

04/25/35

(Ê)

7

7

Citigroup

Commercial

Mortgage

Trust

Series

2013-375P

Class

A

3.251%

due

05/10/35

(Þ)

170

176

Series

2013-375P

Class

D

3.635%

due

05/10/35

(~)(Æ)(Ê)(Þ)

1,418

1,441

Series

2019-SST2

Class

F

4.940%

due

12/15/36

(Ê)(Þ)

430

431

Citigroup

Mortgage

Loan

Trust,

Inc.

Series

2005-2

Class

1A2A

4.913%

due

05/25/35

(~)(Ê)

273

283

Series

2005-11

Class

A2A

4.820%

due

10/25/35

(Ê)

5

5

Series

2015-2

Class

5A1

2.740%

due

03/25/47

(Ê)(Þ)

158

159

Commercial

Mortgage

Trust

Series

2013-300P

Class

A1

4.353%

due

08/10/30

(Æ)(Þ)

195

209

Series

2013-CR6

Class

B

3.397%

due

03/10/46

(Þ)

211

217

Series

2014-277P

Class

A

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.732%

due

08/10/49

(~)(Ê)(Þ)

205

218

Series

2015-LC19

Class

A4

3.183%

due

02/10/48

(Æ)

1,438

1,503

Series

2016-GCT

Class

A

2.681%

due

08/10/29

(Þ)

140

141

Series

2018-COR3

Class

A3

4.228%

due

05/10/51

2,944

3,337

Series

2019-521F

Class

A

3.380%

due

06/15/34

(Ê)(Þ)

1,203

1,203

Series

2019-521F

Class

D

4.030%

due

06/15/34

(Ê)(Þ)

899

899

Core

Industrial

Trust

Series

2019-CORE

Class

D

4.150%

due

12/15/31

(Ê)

1,520

1,521

Countrywide

Alternative

Loan

Trust

Series

2007-16CB

Class

1A5

2.886%

due

08/25/37

(Ê)

433

330

Credit

Suisse

Mortgage

Capital

Certificates

Series

2017-CHOP

Class

G

8.093%

due

07/15/32

(Ê)(Þ)

600

600

Series

2019-ICE4

Class

A

3.443%

due

05/15/36

(Ê)(Þ)

940

940

Series

2019-ICE4

Class

E

4.613%

due

05/15/36

(Ê)

1,282

1,285

Credit

Suisse

Mortgage

Trust

Series

2018-J1

Class

A2

3.500%

due

02/25/48

(~)(Ê)(Þ)

1,128

1,131

DBGS

Mortgage

Trust

Series

2019-1735

Class

D

4.194%

due

04/10/37

(~)(Ê)(Þ)

985

1,073

DBJPM

Mortgage

Trust

Series

2016-C3

Class

A5

2.890%

due

08/10/49

240

249

Deutsche

Mortgage

Securities,

Inc.

Re-

REMIC

Trust

Series

2007-WM1

Class

A1

3.685%

due

06/27/37

(~)(Ê)(Þ)

443

455

Fannie

Mae

4.250%

due

2021

395

405

4.283%

due

2021

386

397

4.500%

due

2024

3

3

4.500%

due

2025

129

138

2.560%

due

2028

370

381

3.640%

due

2028

100

111

2.740%

due

2029

100

105

2.790%

due

2029

300

315

3.090%

due

2029

100

108

3.160%

due

2029

50

54

3.240%

due

2029

90

98

3.260%

due

2029

80

87

3.350%

due

2029

20

22

3.540%

due

2029

370

410

3.830%

due

2029

490

552

3.500%

due

2030

103

107

2.600%

due

2031

375

389

2.670%

due

2031

100

104

2.765%

due

2031

100

104

2.770%

due

2031

100

104

2.810%

due

2031

100

105

2.850%

due

2031

100

105

2.860%

due

2031

100

106

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

44

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.000%

due

2031

105

113

6.000%

due

2032

20

23

3.000%

due

2033

953

983

3.500%

due

2033

713

741

5.000%

due

2033

6

6

3.500%

due

2034

147

153

5.500%

due

2034

18

20

4.500%

due

2035

414

446

3.000%

due

2037

84

87

5.500%

due

2037

110

124

5.500%

due

2038

468

528

6.000%

due

2039

42

48

4.000%

due

2040

286

309

5.500%

due

2040

549

619

6.000%

due

2040

125

144

4.000%

due

2041

484

517

6.000%

due

2041

134

154

3.500%

due

2043

1,271

1,332

4.000%

due

2044

956

1,035

3.500%

due

2045

1,624

1,697

3.000%

due

2046

911

934

3.500%

due

2046

272

286

4.000%

due

2046

1,542

1,633

4.500%

due

2046

516

566

3.000%

due

2047

4,010

4,111

3.500%

due

2047

2,741

2,863

4.000%

due

2047

1,700

1,782

4.500%

due

2047

582

616

3.500%

due

2048

892

923

4.500%

due

2048

4,097

4,321

5.000%

due

2048

552

592

3.000%

due

2049

12,039

12,279

3.500%

due

2049

17,157

17,646

4.000%

due

2049

9,895

10,273

4.500%

due

2049

400

422

4.000%

due

2056

1,161

1,233

4.500%

due

2056

286

310

5.500%

due

2056

268

294

3.500%

due

2057

838

882

4.000%

due

2057

157

167

4.500%

due

2057

249

270

15

Year

TBA(Ï)

2.500%

1,100

1,109

3.000%

1,100

1,125

3.500%

3,200

3,310

30

Year

TBA(Ï)

2.500%

2,900

2,887

3.000%

7,400

7,512

3.500%

500

513

4.000%

400

415

4.500%

800

842

5.000%

200

214

Fannie

Mae

Aces

Series

2019-M1

Class

A2

3.555%

due

09/25/28

(~)(Ê)

70

77

Series

2019-M4

Class

A2

3.610%

due

02/25/31

90

101

Series

2019-M5

Class

A2

3.273%

due

01/25/29

150

163

Series

2019-M6

Class

A2

3.450%

due

01/01/29

170

188

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Fannie

Mae

Connecticut

Avenue

Securities

Series

2014-C02

Class

1M2

5.086%

due

05/25/24

(Ê)

848

884

Series

2014-C03

Class

1M2

5.486%

due

07/25/24

(Ê)

610

640

Series

2014-C04

Class

1M2

7.377%

due

11/25/24

(Ê)

807

881

Series

2016-C04

Class

1M2

6.654%

due

01/25/29

(Ê)

50

53

Fannie

Mae

REMIC

Trust

Series

2004-W5

Class

A1

6.000%

due

02/25/47

161

186

Fannie

Mae

REMICS

Series

1999-56

Class

Z

7.000%

due

12/18/29

9

11

Series

2005-24

Class

ZE

5.000%

due

04/25/35

198

219

Series

2012-35

Class

SC

Interest

Only

STRIP

4.015%

due

04/25/42

(Ê)

23

4

Series

2012-55

Class

PC

3.500%

due

05/25/42

700

738

Series

2013-54

Class

BS

Interest

Only

STRIP

3.665%

due

06/25/43

(Ê)

100

21

Series

2013-124

Class

SB

Interest

Only

STRIP

3.465%

due

12/25/43

(Ê)

111

21

Series

2016-23

Class

ST

Interest

Only

STRIP

3.515%

due

11/25/45

(Ê)

375

79

Series

2016-61

Class

BS

Interest

Only

STRIP

3.615%

due

09/25/46

(Ê)

321

55

Series

2017-76

Class

SB

Interest

Only

STRIP

3.615%

due

10/25/57

(Ê)

359

70

Series

2017-85

Class

SC

Interest

Only

STRIP

3.715%

due

11/25/47

(Ê)

70

12

FDIC

Trust

Series

2010-R1

Class

A

2.184%

due

05/25/50

(Þ)

13

13

Flagstar

Mortgage

Trust

Series

2017-2

Class

A5

3.500%

due

10/25/47

(~)(Ê)(Þ)

803

816

Series

2018-2

Class

A4

3.500%

due

04/25/48

(~)(Ê)(Þ)

300

305

Freddie

Mac

3.500%

due

2030

112

117

4.500%

due

2034

158

170

3.000%

due

2038

175

179

5.500%

due

2038

343

390

6.000%

due

2038

77

89

5.000%

due

2040

221

244

4.000%

due

2041

1,204

1,300

4.500%

due

2041

224

243

5.500%

due

2041

233

263

3.500%

due

2043

926

978

4.000%

due

2044

571

609

3.500%

due

2045

1,590

1,677

4.000%

due

2045

1,199

1,266

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

45

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.000%

due

2046

3,101

3,191

4.000%

due

2046

1,317

1,391

4.500%

due

2046

226

242

3.000%

due

2047

1,111

1,142

4.000%

due

2047

370

388

3.000%

due

2048

186

192

3.500%

due

2048

1,337

1,376

4.000%

due

2048

2,759

2,871

4.500%

due

2048

2,984

3,140

5.000%

due

2048

236

254

3.000%

due

2049

7,889

8,034

3.500%

due

2049

8,826

9,092

4.000%

due

2049

3,132

3,249

5.000%

due

2049

396

424

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates

Series

2013-K024

Class

A2

2.573%

due

09/25/22

1,530

1,555

Series

2013-K029

Class

A2

3.320%

due

02/25/23

(~)

1,450

1,510

Series

2015-K045

Class

A2

3.023%

due

01/25/25

1,020

1,069

Series

2015-K046

Class

A2

3.205%

due

03/25/25

400

424

Series

2016-K052

Class

A2

3.151%

due

11/25/25

1,110

1,179

Series

2016-K053

Class

A2

2.995%

due

12/25/25

390

411

Series

2016-K058

Class

X1

Interest

Only

STRIP

0.930%

due

08/25/26

(~)(Ê)

4,106

226

Series

2017-K070

Class

A2

3.303%

due

11/25/27

(~)(Ê)

329

356

Series

2018-K074

Class

A2

3.600%

due

01/25/28

3,204

3,540

Series

2018-K085

Class

A2

4.060%

due

10/25/28

(~)(Ê)

586

671

Series

2019-K091

Class

A2

3.505%

due

03/25/29

190

211

Freddie

Mac

REMICS

Series

2003-2624

Class

QH

5.000%

due

06/15/33

70

79

Series

2006-R007

Class

ZA

6.000%

due

05/15/36

224

258

Series

2010-3632

Class

PK

5.000%

due

02/15/40

144

156

Series

2010-3653

Class

B

4.500%

due

04/15/30

224

241

Series

2011-3973

Class

SA

Interest

Only

STRIP

4.017%

due

12/15/41

(Ê)

340

74

Series

2012-4010

Class

KM

3.000%

due

01/15/42

117

120

Series

2018-4813

Class

CJ

3.000%

due

08/15/48

135

135

Freddie

Mac

Strips

Series

2014-334

Class

S7

Interest

Only

STRIP

3.627%

due

08/15/44

(Ê)

161

32

Series

2016-353

Class

S1

Interest

Only

STRIP

3.527%

due

12/15/46

(Ê)

74

13

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

Series

2014-HQ2

Class

M3

6.227%

due

09/25/24

(Ê)

522

565

Series

2015-DN1

Class

M3

6.168%

due

01/25/25

(Ê)

665

689

Series

2015-DNA2

Class

M2

5.077%

due

12/25/27

(Ê)

144

145

Series

2015-DNA3

Class

M3

6.718%

due

04/25/28

(Ê)

1,330

1,467

Series

2015-DNA3

Class

M3F

6.186%

due

04/25/28

(Ê)

760

814

Series

2015-HQA2

Class

M2

5.286%

due

05/25/28

(Ê)

297

299

Series

2017-DNA2

Class

B1

7.636%

due

10/25/29

(Ê)

510

588

Series

2017-DNA2

Class

M2

5.936%

due

10/25/29

(Ê)

440

464

Ginnie

Mae

I

3.000%

due

2042

391

403

3.500%

due

2048

85

90

Ginnie

Mae

II

3.500%

due

2044

94

99

3.500%

due

2045

37

38

3.500%

due

2047

338

352

4.000%

due

2047

1,511

1,580

3.000%

due

2048

696

717

3.500%

due

2048

337

350

4.000%

due

2048

1,342

1,398

4.500%

due

2048

429

449

3.500%

due

2049

890

923

4.500%

due

2049

4,065

4,262

5.000%

due

2049

442

466

30

Year

TBA(Ï)

3.000%

5,700

5,849

3.500%

5,500

5,698

4.000%

500

520

4.500%

100

105

Ginnie

Mae

REMICS

Series

2012-135

Class

IO

Interest

Only

STRIP

0.611%

due

01/16/53

(~)

1,730

62

Series

2013-53

Class

OI

Interest

Only

STRIP

3.500%

due

04/20/43

743

95

Series

2016-21

Class

ST

Interest

Only

STRIP

5.588%

due

02/20/46

(Ê)

236

41

Series

2016-51

Class

NS

Interest

Only

STRIP

5.518%

due

04/20/46

(Ê)

113

20

Series

2018-130

Class

A

3.250%

due

05/16/59

50

51

Grace

Mortgage

Trust

Series

2014-GRCE

Class

A

3.369%

due

06/10/28

393

399

GS

Mortgage

Securities

Corp.

II

Series

2018-SRP5

Class

A

3.281%

due

09/15/31

(Ê)(Þ)

490

490

GS

Mortgage

Securities

Trust

Series

2013-GC14

Class

AS

4.507%

due

08/10/46

(Þ)

235

253

Series

2016-GS2

Class

A4

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

46

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.050%

due

05/10/49

(Æ)

1,342

1,401

Series

2019-SOHO

Class

A

3.350%

due

06/15/36

(Ê)(Þ)

630

631

Hawaii

Hotel

Trust

Series

2019-MAUI

Class

C

4.150%

due

05/15/38

(Ê)(Þ)

940

941

Hilton

USA

Trust

Series

2016-HHV

Class

D

4.333%

due

11/05/38

(~)(Ê)(Þ)

1,240

1,323

Series

2016-HHV

Class

E

4.333%

due

11/05/38

(~)(Ê)(Þ)

600

629

Series

2016-SFP

Class

A

2.828%

due

11/05/35

(Þ)

226

225

HMH

Trust

Series

2017-NSS

Class

E

6.292%

due

07/05/31

(Þ)

1,170

1,229

Hospitality

Mortgage

Trust

Series

2019-HIT

Class

D

4.500%

due

11/15/36

(Ê)(Þ)

1,480

1,485

IndyMac

Index

Mortgage

Loan

Trust

Series

2006-AR2

Class

1A1A

2.730%

due

04/25/46

(Ê)

726

686

Series

2006-AR2

Class

1A1B

2.696%

due

04/25/46

(Ê)

545

514

Series

2007-FLX3

Class

A1

2.726%

due

06/25/37

(Ê)

203

203

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2004-LN2

Class

B

5.462%

due

07/15/41

(~)(Ê)

37

38

Series

2016-NINE

Class

A

2.949%

due

09/06/38

(~)(Ê)(Þ)

394

406

JPMorgan

Mortgage

Trust

Series

2015-3

Class

A5

3.500%

due

05/25/45

(~)(Ê)(Þ)

277

281

Series

2016-4

Class

A5

3.500%

due

10/25/46

(~)(Ê)(Þ)

570

579

Series

2017-2

Class

A5

3.500%

due

05/25/47

(~)(Ê)(Þ)

433

439

Series

2017-2

Class

A6

3.000%

due

05/25/47

(~)(Ê)(Þ)

2,299

2,308

Series

2017-3

Class

1A5

3.500%

due

08/25/47

(~)(Ê)(Þ)

735

743

Series

2017-6

Class

A5

3.500%

due

12/25/48

(~)(Ê)(Þ)

352

356

Series

2018-3

Class

A1

3.500%

due

09/25/48

(~)(Ê)(Þ)

644

654

Series

2018-4

Class

A1

3.500%

due

10/25/48

(~)(Ê)(Þ)

246

250

Series

2018-4

Class

A15

3.500%

due

10/25/48

(~)(Ê)(Þ)

698

705

Series

2018-5

Class

A1

3.500%

due

10/25/48

(~)(Ê)(Þ)

572

582

Series

2018-6

Class

1A4

3.500%

due

12/25/48

(~)(Ê)(Þ)

1,721

1,738

Series

2018-8

Class

A15

4.000%

due

01/25/49

(~)(Ê)(Þ)

451

452

Series

2018-8

Class

A5

4.000%

due

01/25/49

(~)(Ê)(Þ)

1,974

1,983

Series

2018-9

Class

A15

4.000%

due

02/25/49

(~)(Ê)(Þ)

258

258

Series

2019-1

Class

A6

4.000%

due

05/25/49

(~)(Ê)(Þ)

547

549

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2019-INV2

Class

A3

3.500%

due

02/25/50

(~)(Ê)(Þ)

1,026

1,037

LB-UBS

Commercial

Mortgage

Trust

Series

2005-C7

Class

F

5.350%

due

11/15/40

(~)

228

230

LSTAR

Securities

Investment,

Ltd.

Series

2019-4

Class

A1

3.730%

due

05/01/24

(Ê)(Þ)

445

445

ML-CFC

Commercial

Mortgage

Trust

Series

2007-5

Class

AJ

5.450%

due

08/12/48

(~)

185

114

Series

2007-5

Class

AJFL

5.450%

due

08/12/48

(~)(Ê)(Þ)

185

113

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2016-C31

Class

A1

1.511%

due

11/15/49

218

217

Morgan

Stanley

Capital

I

Trust

Series

2011-C3

Class

A4

4.118%

due

07/15/49

82

84

Series

2015-MS1

Class

A4

3.779%

due

05/15/48

(~)(Ê)

200

215

Series

2016-UBS9

Class

A4

3.594%

due

03/15/49

205

220

Series

2018-BOP

Class

E

4.423%

due

06/15/35

(Ê)(Þ)

1,732

1,732

Series

2018-SUN

Class

E

4.423%

due

07/15/35

(Ê)(Þ)

1,955

1,955

Series

2019-BPR

Class

A

3.900%

due

05/15/36

(Ê)(Þ)

350

350

Series

2019-PLND

Class

A

3.500%

due

05/15/36

(Ê)(Þ)

1,613

1,612

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

Series

2017-237P

Class

D

3.865%

due

09/13/39

(Þ)

1,500

1,559

Series

2017-237P

Class

XA

Interest

Only

STRIP

0.467%

due

09/13/39

(~)(Ê)(Þ)

8,761

232

Series

2017-237P

Class

XB

Interest

Only

STRIP

0.050%

due

09/13/39

(~)(Ê)(Þ)

5,418

38

MSCG

Trust

Series

2015-ALDR

Class

A2

3.577%

due

06/07/35

(~)(Ê)(Þ)

255

266

Natixis

Commercial

Mortgage

Securities

Trust

Series

2019-FAME

Class

A

3.047%

due

08/15/34

(Þ)

440

450

New

Residential

Mortgage

Loan

Trust

Series

2019-NQM4

Class

A2

2.644%

due

09/25/59

(~)(Ê)(Þ)

500

500

Nomura

Resecuritization

Trust

Series

2015-4R

Class

1A14

2.670%

due

03/26/47

(Ê)(Þ)

1,290

974

NYT

Mortgage

Trust

Series

2019-NYT

Class

A

3.700%

due

11/15/35

(Ê)(Þ)

2,451

2,460

One

Market

Plaza

Trust

Series

2017-1MKT

Class

C

4.016%

due

02/10/32

(Þ)

217

223

Series

2017-1MKT

Class

D

4.146%

due

02/10/32

(Þ)

500

514

Series

2017-1MKT

Class

E

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

47

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.142%

due

02/10/32

(Þ)

595

601

PMT

Credit

Risk

Transfer

Trust

Series

2019-1R

Class

A

4.484%

due

03/27/24

(Ê)(Þ)

404

404

RBS

Commercial

Funding,

Inc.

Trust

Series

2013-GSP

Class

A

3.961%

due

01/15/32

(~)(Æ)

200

212

Residential

Accredit

Loans,

Inc.

Series

2006-QO7

Class

2A1

3.247%

due

09/25/46

(Ê)

933

862

Residential

Asset

Securitization

Trust

Series

2003-A15

Class

1A2

2.936%

due

02/25/34

(Ê)

20

18

Sequoia

Mortgage

Trust

Series

2013-4

Class

A3

1.550%

due

04/25/43

(~)(Ê)

1,486

1,428

Series

2015-1

Class

A1

3.500%

due

01/25/45

(~)(Ê)(Þ)

569

576

Structured

Adjustable

Rate

Mortgage

Loan

Trust

Series

2006-5

Class

3A

4.249%

due

06/25/36

(~)(Ê)

1,244

1,019

Tharaldson

Hotel

Portfolio

Trust

Series

2018-THL

Class

A

3.133%

due

11/11/34

(Ê)(Þ)

243

243

Washington

Mutual

Mortgage

Pass-

Through

Certificates

Trust

Series

2003-AR7

Class

A7

4.148%

due

08/25/33

(~)(Ê)

56

57

Series

2004-AR4

Class

A6

4.505%

due

06/25/34

(~)(Ê)

487

495

Series

2005-10

Class

3CB1

6.000%

due

11/25/35

840

790

Series

2005-AR9

Class

A1A

3.126%

due

07/25/45

(Ê)

296

294

Series

2005-AR11

Class

A1A

2.806%

due

08/25/45

(Ê)

558

557

Series

2006-AR1

Class

2A1A

3.467%

due

01/25/46

(Ê)

370

379

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-NXS1

Class

A5

3.148%

due

05/15/48

1,864

1,946

Series

2017-RB1

Class

XA

Interest

Only

STRIP

1.288%

due

03/15/50

(~)(Ê)

1,961

154

Wells

Fargo

Mortgage-Backed

Securities

Trust

Series

2004-P

Class

2A1

4.637%

due

09/25/34

(~)(Ê)

89

92

Series

2006-AR2

Class

2A1

4.954%

due

03/25/36

(~)

334

343

Series

2006-AR5

Class

1A1

5.079%

due

04/25/36

(~)(Ê)

1,147

1,176

WinWater

Mortgage

Loan

Trust

Series

2014-1

Class

A1

3.926%

due

06/20/44

(~)(Ê)(Þ)

601

616

Worldwide

Plaza

Trust

Series

2017-WWP

Class

A

3.526%

due

11/10/36

(Þ)

452

487

272,944

Non-US

Bonds

-

6.3%

Argentine

Bonos

del

Tesoro

18.200%

due

10/03/21

ARS

5,600

37

Brazil

Notas

do

Tesouro

Nacional

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

NTNB

6.000%

due

05/15/45

BRL

288

319

Series

NTNF

10.000%

due

01/01/21

BRL

4,005

1,043

10.000%

due

01/01/23

BRL

3,317

909

10.000%

due

01/01/25

BRL

5,766

1,626

10.000%

due

01/01/27

BRL

165

48

Canadian

Government

International

Bond

0.750%

due

09/01/21

CAD

1,578

1,173

1.500%

due

06/01/23

CAD

2,491

1,883

2.250%

due

06/01/25

CAD

1,778

1,404

1.000%

due

06/01/27

CAD

1,968

1,445

Colombian

Titulos

de

Tesoreria

Series

B

10.000%

due

07/24/24

COP

16,186,200

5,605

6.000%

due

04/28/28

COP

4,450,300

1,294

Indonesia

Treasury

Bond

Series

FR68

8.375%

due

03/15/34

IDR

14,844,000

1,106

Series

FR77

8.125%

due

05/15/24

IDR

13,960,000

1,039

Series

FR78

8.250%

due

05/15/29

IDR

18,935,000

1,424

Japan

10

Year

Government

International

Bond

Series

348

10.000%

due

09/20/27

JPY

188,800

1,810

Malaysia

Government

International

Bond

Series

0111

4.160%

due

07/15/21

MYR

150

36

Series

0114

4.181%

due

07/15/24

MYR

5,725

1,421

Series

0116

3.800%

due

08/17/23

MYR

3,100

755

Series

0117

3.882%

due

03/10/22

MYR

3,921

953

Series

0215

3.795%

due

09/30/22

MYR

1,275

310

Series

0218

3.757%

due

04/20/23

MYR

4,616

1,122

Series

0314

4.048%

due

09/30/21

MYR

610

148

Series

0315

3.659%

due

10/15/20

MYR

3,222

774

Series

0319

3.478%

due

06/14/24

MYR

1,057

255

Series

0517

3.441%

due

02/15/21

MYR

432

104

Mexican

Bonos

Series

M

20

10.000%

due

12/05/24

MXN

11,350

658

7.500%

due

06/03/27

MXN

35,397

1,862

8.500%

due

05/31/29

MXN

6,020

340

Series

M

30

10.000%

due

11/20/36

MXN

40,673

2,624

8.500%

due

11/18/38

MXN

9,100

519

Series

M

6.500%

due

06/10/21

MXN

740

37

7.750%

due

05/29/31

MXN

4,863

261

7.750%

due

11/13/42

MXN

92,493

4,902

8.000%

due

11/07/47

MXN

4,880

266

Norway

Government

International

Bond

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

48

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

475

2.000%

due

05/24/23

NOK

10,613

1,196

Series

476

3.000%

due

03/14/24

NOK

11,435

1,351

Series

478

1.500%

due

02/19/26

NOK

2,985

334

Series

479

1.750%

due

02/17/27

NOK

902

103

Series

480

2.000%

due

04/26/28

NOK

3,345

390

Peru

Government

International

Bond

5.700%

due

08/12/24

PEN

6,444

2,129

6.900%

due

08/12/37

PEN

3,424

1,242

Russian

Federal

Bond

-

OFZ

Series

6207

8.150%

due

02/03/27

RUB

48,740

809

Series

6212

7.050%

due

01/19/28

RUB

8,430

132

Series

6219

7.750%

due

09/16/26

RUB

31,660

514

Series

6224

6.900%

due

05/23/29

RUB

19,710

304

Series

6225

7.250%

due

05/10/34

RUB

1,960

31

Series

6228

7.650%

due

04/10/30

RUB

37,350

605

Singapore

Government

International

Bond

2.250%

due

06/01/21

SGD

963

704

1.250%

due

10/01/21

SGD

1,199

861

3.125%

due

09/01/22

SGD

569

429

2.750%

due

07/01/23

SGD

1,670

1,255

3.000%

due

09/01/24

SGD

1,016

781

2.375%

due

06/01/25

SGD

1,437

1,079

2.125%

due

06/01/26

SGD

3,616

2,685

3.500%

due

03/01/27

SGD

2,077

1,690

58,136

United

States

Government

Treasuries

-

17.9%

United

States

Treasury

Inflation

Indexed

Bonds

0.125%

due

04/15/21

6,841

6,768

0.125%

due

01/15/22

635

629

0.375%

due

07/15/23

8,993

9,048

0.375%

due

07/15/25

4,520

4,582

3.375%

due

04/15/32

4,105

5,674

2.125%

due

02/15/40

1,650

2,196

1.375%

due

02/15/44

1,739

2,085

1.000%

due

02/15/46

1,007

1,123

0.875%

due

02/15/47

2,933

3,188

1.000%

due

02/15/49

1,988

2,250

United

States

Treasury

Notes

1.375%

due

05/31/21

8,665

8,616

2.125%

due

05/31/21

1,650

1,661

1.125%

due

06/30/21

12,245

12,123

1.750%

due

05/15/23

19,405

19,518

1.375%

due

06/30/23

480

477

1.250%

due

07/31/23

4,330

4,278

2.250%

due

04/30/24

30

31

1.250%

due

08/31/24

6,655

6,563

2.250%

due

11/15/24

1,040

1,074

2.000%

due

02/15/25

3,790

3,871

2.125%

due

05/15/25

2,735

2,813

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.000%

due

08/15/25

5,273

5,390

3.000%

due

10/31/25

685

740

2.250%

due

11/15/25

2,545

2,639

1.625%

due

02/15/26

4,303

4,305

2.250%

due

03/31/26

1,065

1,107

1.625%

due

05/15/26

3,005

3,007

1.500%

due

08/15/26

3,540

3,512

1.625%

due

09/30/26

3,050

3,051

2.375%

due

05/15/27

1,935

2,039

2.250%

due

08/15/27

850

889

2.750%

due

02/15/28

530

576

2.375%

due

05/15/29

875

929

1.625%

due

08/15/29

90

90

4.500%

due

05/15/38

1,090

1,537

2.750%

due

11/15/42

1,190

1,336

2.875%

due

05/15/43

1,200

1,377

3.750%

due

11/15/43

1,820

2,396

3.375%

due

05/15/44

1,400

1,745

3.125%

due

08/15/44

920

1,103

2.875%

due

08/15/45

4,985

5,749

3.000%

due

11/15/45

1,322

1,560

3.000%

due

05/15/47

1,225

1,453

2.750%

due

08/15/47

1,180

1,337

2.750%

due

11/15/47

2,735

3,100

3.000%

due

02/15/48

4,435

5,270

3.125%

due

05/15/48

1,755

2,135

3.375%

due

11/15/48

480

612

3.000%

due

02/15/49

90

107

2.875%

due

05/15/49

190

222

2.250%

due

08/15/49

7,540

7,762

165,643

Total

Long-Term

Investments

(cost

$780,111)

799,380

Common

Stocks

-

0.0%

Financial

Services

-

0.0%

Escrow

GM

Corp.(Š)

80,000

—

Technology

-

0.0%

Sungard

Availability

Services

LP(Æ)(Š)

1,760

56

Total

Common

Stocks

(cost

$44)

56

Options

Purchased

-

0.0%

(Number

of

Contracts)

Eurodollar

1

Year

Mid-

Curve

Options

Bank

of

America

Dec

2019

98.00

Call

(72)

USD

17,640

(ÿ)

96

United

States

10

Year

Treasury

Note

Futures

Bank

of

America

Oct

2019

129.50

Call

(18)

USD

2,331

(ÿ)

21

United

States

Treasury

Bond

Futures

Bank

of

America

Oct

2019

160.00

Call

(6)

USD

960

(ÿ)

18

Total

Options

Purchased

(cost

$46)

135

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

49

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Short-Term

Investments

-

16.3%

Ambac

Assurance

Corp.

5.100%

due

06/07/20

(Þ)

1

1

American

Express

Credit

Corp.

2.375%

due

05/26/20

80

80

Amgen,

Inc.

2.125%

due

05/01/20

20

20

Argentina

POM

Politica

Monetaria

Series

POM

79.499%

due

06/21/20

(Ê)

ARS

4,160

35

Boeing

Co.

(The)

4.875%

due

02/15/20

100

101

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Series

WI

3.579%

due

07/23/20

80

82

Commonwealth

Bank

of

Australia

5.000%

due

10/15/19

(Þ)

30

30

Credit

Suisse

Mortgage

Trust

Series

2018-PLUM

Class

A

5.556%

due

08/15/20

(Ê)(Þ)(

Š

)

150

150

Deutsche

Bank

AG

2.950%

due

08/20/20

242

242

Fannie

Mae

4.000%

due

01/01/20

1

1

Federal

Home

Loan

Bank

Discount

Notes

1.882%

due

01/23/20

1,250

1,243

Federal

Home

Loan

Banks

2.125%

due

02/11/20

70

70

Federal

Home

Loan

Mortgage

Corp.

1.860%

due

09/10/20

(Ê)

290

290

Four

Seasons

Hotels,

Ltd.

1st

Lien

Term

Loan

B

4.099%

due

06/27/20

(Ê)

50

50

General

Electric

Co.

Series

GMTN

5.500%

due

01/08/20

10

10

Gilead

Sciences,

Inc.

2.550%

due

09/01/20

120

121

Glencore

Funding

LLC

2.875%

due

04/16/20

(Þ)

20

20

Goldman

Sachs

Group,

Inc.

(The)

Series

D

6.000%

due

06/15/20

150

154

Lloyds

TSB

Bank

PLC

6.500%

due

09/14/20

(Þ)

228

236

Malaysia

Government

International

Bond

Series

0613

3.889%

due

07/31/20

MYR

230

55

Series

0902

4.378%

due

11/29/19

MYR

220

53

Myriad

International

Holdings

BV

6.000%

due

07/18/20

(Þ)

206

211

Philip

Morris

International,

Inc.

1.875%

due

11/01/19

170

170

Reliance

Standard

Life

Global

Funding

II

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.500%

due

01/15/20

(Þ)

30

30

Reynolds

American,

Inc.

3.250%

due

06/12/20

40

40

Royal

Bank

of

Scotland

Group

PLC

6.400%

due

10/21/19

180

180

Santander

PLC

2.375%

due

03/16/20

40

40

Shell

International

Finance

BV

4.375%

due

03/25/20

10

10

Singapore

Government

International

Bond

2.000%

due

07/01/20

SGD

464

337

Telefonica

Emisiones

SA

5.134%

due

04/27/20

40

41

U.S.

Cash

Management

Fund(@)

68,186,875(∞)

68,200

United

States

Treasury

Bills

1.637%

due

10/10/19

(ç)(ž)

4,611

4,609

1.712%

due

11/07/19

(ç)(ž)

9,120

9,104

1.797%

due

12/05/19

(ç)(ž)

9,127

9,097

1.833%

due

01/02/20

(ç)(ž)

10,732

10,682

1.825%

due

02/06/20

(ç)(ž)

27,982

27,804

1.817%

due

03/05/20

(ç)(ž)

10,752

10,669

United

States

Treasury

Notes

0.511%

due

05/31/20

(ž)

6,421

6,399

UnitedHealth

Group,

Inc.

Class

A

2.700%

due

07/15/20

70

70

Westpac

Banking

Corp.

2.300%

due

05/26/20

10

10

Williams

Cos.,

Inc.

(The)

5.250%

due

03/15/20

40

41

Total

Short-Term

Investments

(cost

$150,756)

150,788

Total

Investments

102.9%

(identified

cost

$930,957)

950,359

Other

Assets

and

Liabilities,

Net

-

(2.9%)

(26,971)

Net

Assets

-

100.0%

923,388

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

50

Strategic

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Securities

Acquisition

Date

Principal

Amount

($)

or

shares

Cost

per

Unit

$

Cost

(000)

$

Fair

Value

(000)

$

14.4%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

03/15/19

120,000

100.67

121

123

A10

Securitization

LLC

06/23/17

961,000

100.00

961

954

ABB

Treasury

Center,

Inc.

03/05/19

220,000

101.60

224

226

ABN

AMRO

Bank

NV

03/05/19

725,000

100.31

727

728

ACE

Securities

Corp.

Mortgage

Loan

Trust

03/08/17

544,281

93.58

509

517

Adani

Abbot

Point

Terminal

Pty,

Ltd.

02/01/19

253,000

89.58

227

252

Air

Liquide

Finance

SA

09/03/19

733,000

99.51

729

728

Alcoa

Nederland

Holding

BV

09/28/17

200,000

108.23

216

210

Alimentation

Couche-Tard,

Inc.

09/19/17

702,000

103.09

724

730

Allergan

Sales

LLC

09/26/19

687,000

105.08

722

722

Ambac

Assurance

Corp.

02/09/17

881

160.44

1

1

Ambac

LSNI

LLC

02/09/17

4,295,770

98.79

4,344

4,338

Anglo

American

Capital

PLC

09/30/19

368,000

102.75

378

378

Anglo

American

Capital

PLC

09/06/17

200,000

99.96

200

206

Applebee's

Funding

LLC

/

IHOP

Funding

LLC

05/28/19

340,000

100.00

340

348

Avis

Budget

Rental

Car

Funding  LLC

04/16/19

600,000

100.40

602

624

Banco

de

Bogota

SA

09/22/17

686,000

104.82

719

730

Bangkok

Bank

PCL

11/09/18

219,000

99.39

218

227

Banistmo

SA

12/07/17

729,000

100.68

734

733

Bayer

US

Finance

II

LLC

06/19/18

713,000

101.28

722

727

Bayer

US

Finance

LLC

08/02/18

248,000

97.30

241

254

BBVA

Bancomer

SA

09/27/19

695,000

104.88

729

725

BCAP

LLC

Trust

11/26/13

63,202

103.47

65

64

BCAP

LLC

Trust

03/10/14

8,648

104.23

9

9

BCAP

LLC

Trust

07/21/16

800,551

75.17

602

743

BCAP

LLC

Trust

03/20/17

619,535

85.62

530

592

BCAP

LLC

Trust

03/20/17

966,527

85.65

828

923

Bharti

Airtel

International

Netherlands

BV

09/26/19

693,000

105.59

732

729

Blackbird

Capital

Aircraft

Lease

Securitization,

Ltd.

11/04/16

852,000

99.72

850

849

Blackstone

Holdings

Finance

Co.

LLC

03/02/18

1,575,000

99.45

1,566

1,580

BMW

US

Capital

LLC

03/20/18

20,000

97.45

19

20

BMW

US

Capital

LLC

09/27/19

724,000

99.88

723

723

BNP

Paribas

SA

08/07/18

200,000

99.51

199

221

BNP

Paribas

SA

01/03/19

260,000

100.00

260

281

BNP

Paribas

SA

01/03/19

800,000

108.90

871

936

Bristol-Myers

Squibb

Co.

05/07/19

190,000

100.13

190

199

Bristol-Myers

Squibb

Co.

05/07/19

170,000

99.20

169

182

Bristol-Myers

Squibb

Co.

05/07/19

290,000

99.64

289

299

Bristol-Myers

Squibb

Co.

05/07/19

90,000

99.76

90

91

Broadcom,

Inc.

09/30/19

712,000

101.00

719

719

BX

Commercial

Mortgage

Trust

03/05/19

149,203

100.49

150

150

BX

Commercial

Mortgage

Trust

04/18/19

790,000

100.06

790

792

BX

Trust

06/01/18

1,650,000

100.00

1,650

1,648

BXP

Trust

10/30/17

818,000

100.73

824

876

CAL

Funding

III,

Ltd.

06/28/17

613,025

99.99

613

622

CAMB

Commercial

Mortgage

Trust

01/25/19

1,651,000

100.00

1,651

1,665

CAMB

Commercial

Mortgage

Trust

01/25/19

987,000

100.14

988

995

Cedar

Funding,

Ltd.

07/03/18

1,600,000

100.00

1,599

1,592

Cencosud

SA

07/01/19

264,000

103.25

273

271

Centene

Corp.

08/24/18

10,000

103.19

10

10

Citigroup

Commercial

Mortgage

Trust

01/12/17

170,000

102.58

174

176

Citigroup

Commercial

Mortgage

Trust

02/12/19

1,418,000

0.99

1,401

1,441

Citigroup

Commercial

Mortgage

Trust

02/21/19

430,000

100.00

430

431

Citigroup

Mortgage

Loan

Trust,

Inc.

02/01/17

157,927

97.76

154

159

Commercial

Mortgage

Trust

01/22/16

195,000

1.06

207

209

Commercial

Mortgage

Trust

02/17/16

205,000

103.77

213

218

Commercial

Mortgage

Trust

07/25/16

140,000

102.29

143

141

Commercial

Mortgage

Trust

11/21/16

211,000

100.82

213

217

Commercial

Mortgage

Trust

06/05/19

899,000

100.00

899

899

Commercial

Mortgage

Trust

06/05/19

1,203,000

100.00

1,203

1,203

Commonwealth

Bank

of

Australia

06/14/16

30,000

100.13

30

30

Cott

Holdings,

Inc.

03/08/17

60,000

100.00

60

62

Credit

Suisse

Mortgage

Capital

Certificates

06/20/17

600,000

99.56

597

600

Credit

Suisse

Mortgage

Capital

Certificates

05/28/19

940,000

100.00

940

940

Credit

Suisse

Mortgage

Trust

06/26/18

1,127,818

97.64

1,101

1,131

Credit

Suisse

Mortgage

Trust

09/19/18

150,421

100.00

150

150

DAE

Funding

LLC

11/01/18

20,000

100.00

20

21

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

51

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Securities

Acquisition

Date

Principal

Amount

($)

or

shares

Cost

per

Unit

$

Cost

(000)

$

Fair

Value

(000)

$

Daimler

Finance

NA

LLC

08/12/19

320,000

100.77

322

323

Danone

SA

10/26/16

890,000

99.92

889

889

Danone

SA

04/22/19

718,000

100.13

719

728

Danske

Bank

A/S

01/11/19

400,000

102.39

410

421

Danske

Bank

A/S

03/11/19

862,000

105.50

920

947

Danske

Bank

A/S

09/17/19

200,000

103.23

206

207

DBGS

Mortgage

Trust

04/03/19

985,000

101.42

999

1,073

Deutsche

Mortgage

Securities,

Inc.

Re-REMIC

Trust

01/04/17

442,627

100.63

445

455

Deutsche

Telekom

International

Finance

BV

05/02/18

251,000

97.35

244

249

Dividend

Solar

Loans

LLC

06/28/19

380,166

99.98

380

383

Dryden

50

Senior

Loan

Fund

07/24/17

1,230,000

100.00

1,230

1,228

ECAF,

Ltd.

08/09/18

294,280

99.22

292

293

Education

Loan

Asset-Backed

Trust

I

07/24/19

580,000

99.31

576

576

Embotelladora

Andina

SA

09/03/19

264,000

107.37

283

283

EMD

Finance

LLC

04/22/19

272,000

98.22

267

278

Enel

Finance

International

NV

01/05/18

706,000

101.15

714

723

Eni

SpA

09/26/19

658,000

109.41

720

719

Equate

Petrochemical

BV

10/27/16

200,000

99.08

198

215

FDIC

Trust

06/08/12

13,443

103.63

14

13

Flagstar

Mortgage

Trust

10/26/17

802,814

101.41

814

816

Flagstar

Mortgage

Trust

04/13/18

299,515

98.61

295

305

Fox

Corp.

01/15/19

30,000

100.00

30

34

Fox

Corp.

01/17/19

270,000

115.63

312

332

Fresenius

Medical

Care

US

Finance

II,

Inc.

06/16/16

110,000

102.91

113

118

Fresenius

Medical

Care

US

Finance

II,

Inc.

09/19/17

236,000

106.85

252

252

Gazprom

OAO

Via

Gaz

Capital

SA

02/01/19

672,000

107.64

723

730

Glencore

Funding

LLC

10/12/16

40,000

101.13

40

43

Glencore

Funding

LLC

09/13/17

350,000

101.12

354

360

Glencore

Funding

LLC

03/21/18

20,000

99.81

20

20

Glencore

Funding

LLC

01/16/19

60,000

94.24

57

61

Glencore

Funding

LLC

03/05/19

430,000

101.24

435

452

Goldentree

Loan

Management

US

CLO

2,

Ltd.

10/26/18

1,860,000

100.04

1,861

1,859

GS

Mortgage

Securities

Corp.

II

06/06/18

490,000

100.00

490

490

GS

Mortgage

Securities

Trust

07/20/16

235,000

112.05

263

253

GS

Mortgage

Securities

Trust

05/31/19

630,000

100.00

630

631

Hanesbrands,

Inc.

08/10/18

10,000

98.04

10

11

Hanesbrands,

Inc.

08/13/18

70,000

102.09

71

74

Hawaii

Hotel

Trust

05/16/19

940,000

100.00

940

941

Hilton

USA

Trust

11/22/16

1,840,000

88.88

1,675

1,952

Hilton

USA

Trust

05/26/17

226,000

99.71

225

225

HMH

Trust

06/09/17

1,170,000

99.99

1,170

1,229

Horizon

Aircraft

Finance

I,

Ltd.

11/16/18

860,112

100.00

860

893

Hospitality

Mortgage

Trust

05/16/19

1,479,872

100.00

1,480

1,485

ICICI

Bank,

Ltd.

09/06/18

252,000

94.80

239

263

Intesa

Sanpaolo

SpA

07/10/17

400,000

100.23

401

402

Intesa

Sanpaolo

SpA

01/05/18

200,000

99.82

200

202

Intesa

Sanpaolo

SpA

04/22/19

287,000

92.09

264

286

Inversiones

CMPC

SA

09/22/17

214,000

103.15

221

222

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

10/30/17

394,000

98.88

390

406

JPMorgan

Mortgage

Trust

03/30/17

276,797

102.57

284

281

JPMorgan

Mortgage

Trust

05/22/17

433,279

102.46

444

439

JPMorgan

Mortgage

Trust

08/09/17

734,966

102.61

754

743

JPMorgan

Mortgage

Trust

10/26/17

569,504

101.07

576

579

JPMorgan

Mortgage

Trust

03/23/18

644,269

98.61

635

654

JPMorgan

Mortgage

Trust

04/25/18

1,516,884

98.85

1,506

1,537

JPMorgan

Mortgage

Trust

08/16/18

2,424,987

100.49

2,433

2,435

JPMorgan

Mortgage

Trust

09/20/18

257,582

100.54

259

258

JPMorgan

Mortgage

Trust

01/18/19

546,787

100.70

551

549

JPMorgan

Mortgage

Trust

03/06/19

2,072,334

100.44

2,075

2,094

JPMorgan

Mortgage

Trust

03/08/19

2,298,745

98.06

2,254

2,308

JPMorgan

Mortgage

Trust

09/18/19

1,026,000

101.22

1,039

1,037

KazMunayGas

National

Co.

JSC

04/17/18

200,000

100.00

200

225

KKR

Group

Finance

Co.

II

LLC

02/20/15

10,000

109.76

11

12

Korea

Southern

Power

Co.,

Ltd.

05/02/18

241,000

99.41

240

243

Kraft

Heinz

Foods

Co.

08/05/15

28,000

104.57

29

29

Lamb

Weston

Holdings,

Inc.

12/01/16

60,000

99.71

60

63

LCM

XXII,

Ltd.

07/05/17

1,133,000

101.21

1,147

1,134

LCM

XXIII,

Ltd.

04/18/19

1,020,000

100.31

1,023

1,023

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

52

Strategic

Bond

Fund

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Securities

Acquisition

Date

Principal

Amount

($)

or

shares

Cost

per

Unit

$

Cost

(000)

$

Fair

Value

(000)

$

LCM

XXV,

Ltd.

07/10/17

1,124,000

100.00

1,124

1,124

Legacy

Mortgage

Asset

Trust

05/23/19

454,593

100.00

455

458

Lloyds

TSB

Bank

PLC

12/07/17

228,000

103.46

236

236

LSTAR

Securities

Investment,

Ltd.

05/17/19

444,555

100.00

445

445

Lukoil

International

Finance

BV

09/19/17

682,000

105.00

716

719

LYB

Finance

Co.

BV

02/15/19

186,000

119.66

223

241

Madison

Park

Funding

XVIII,

Ltd.

12/01/17

872,000

100.69

878

872

Madison

Park

Funding

XXVI,

Ltd.

09/05/17

780,000

100.00

780

780

Magnetite

XVIII,

Ltd.

10/31/18

1,488,000

100.00

1,487

1,489

Marks

And

Spencer

PLC

11/06/17

623,000

115.60

720

710

Mars,

Inc.

03/26/19

30,000

99.72

30

32

Mars,

Inc.

03/26/19

60,000

99.94

60

62

MEG

Energy

Corp.

09/20/19

100,000

98.53

99

97

Midwest

Connector

Capital

Co.

LLC

06/04/19

267,000

101.79

272

274

ML-CFC

Commercial

Mortgage

Trust

08/05/16

184,676

82.16

152

113

Morgan

Stanley

Capital

I

Trust

07/19/18

1,955,000

100.00

1,955

1,955

Morgan

Stanley

Capital

I

Trust

08/15/18

1,732,000

100.00

1,732

1,732

Morgan

Stanley

Capital

I

Trust

04/24/19

350,000

100.00

350

350

Morgan

Stanley

Capital

I

Trust

05/10/19

1,613,000

100.00

1,613

1,612

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

5,418,000

0.71

38

38

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

8,761,000

2.65

233

232

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

1,500,000

97.21

1,458

1,559

MSCG

Trust

05/19/15

255,000

101.43

259

266

Myriad

International

Holdings

BV

06/29/17

250,000

100.00

250

276

Myriad

International

Holdings

BV

09/21/17

206,000

102.51

211

211

Natixis

Commercial

Mortgage

Securities

Trust

08/29/19

440,000

102.95

453

450

NBK

SPC,

Ltd.

09/30/19

714,000

100.75

719

715

NCL

Corp.,

Ltd.

12/07/16

24,000

100.18

24

24

Nestle

Holdings,

Inc.

04/22/19

718,000

101.70

730

733

New

Residential

Mortgage

Loan

Trust

09/09/19

500,000

100.00

500

500

NGPL

PipeCo

LLC

09/26/19

553,000

130.06

719

717

Nomura

Resecuritization

Trust

07/22/16

1,290,000

58.94

760

974

Nordea

Bank

AB

06/04/19

265,000

103.08

273

274

Northern

Natural

Gas

Co.

08/02/18

631,000

109.16

689

735

NXP

BV

/

NXP

Funding

LLC

05/02/19

693,000

104.43

724

726

NYT

Mortgage

Trust

01/11/19

2,451,000

100.00

2,451

2,460

One

Market

Plaza

Trust

02/15/17

500,000

100.03

500

514

One

Market

Plaza

Trust

02/15/17

217,000

102.81

223

223

One

Market

Plaza

Trust

02/15/17

595,000

97.87

582

601

Park

Aerospace

Holdings,

Ltd.

02/25/19

50,000

102.06

51

53

Pernod

Ricard

SA

06/13/16

150,000

104.28

156

157

PMT

Credit

Risk

Transfer

Trust

03/21/19

404,059

100.00

404

404

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

10/18/16

35,000

105.27

37

37

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

09/13/19

60,000

101.99

61

62

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

09/20/19

70,000

102.70

72

72

Reliance

Standard

Life

Global

Funding

II

03/23/18

30,000

99.84

30

30

Riserva

CLO

Ltd.

06/10/19

940,000

100.00

940

940

Roche

Holdings,

Inc.

01/05/18

241,000

100.74

243

245

Roche

Holdings,

Inc.

09/27/19

509,000

104.73

533

533

Sabal

Trail

Transmission

LLC

08/02/18

663,000

106.07

703

724

Santander

PLC

05/14/19

676,000

105.35

712

718

Santander

UK

Group

Holdings

PLC

03/05/19

701,000

102.55

719

731

Schlumberger

Holdings

Corp.

12/10/15

40,000

99.96

40

43

Schlumberger

Norge

AS

06/13/16

70,000

102.66

72

71

Schneider

Electric

SE

02/04/19

200,000

98.63

197

204

Sequoia

Mortgage

Trust

10/21/16

568,558

103.06

586

576

Shackleton

CLO,

Ltd.

04/04/18

930,000

100.00

930

919

Siemens

Financieringsmaatschappij

NV

03/05/19

250,000

97.58

244

248

SMB

Private

Education

Loan

Trust

06/04/19

190,000

100.00

190

190

SoFi

Professional

Loan

Program

LLC

05/15/18

168,549

99.35

167

169

SoFi

Professional

Loan

Program

LLC

05/16/18

446,488

99.56

445

448

SoFi

Professional

Loan

Program

LLC

05/23/18

174,915

98.82

173

174

SoFi

Professional

Loan

Program

LLC

07/24/18

353,000

97.58

344

358

Spectrum

Brands,

Inc.

09/10/19

10,000

101.25

10

10

Standard

Chartered

PLC

09/26/19

600,000

122.82

737

736

Swedbank

AB

09/27/19

797,000

100.47

801

800

Targa

Resources

Partners,

LP

/

Targa

Resources

Partners

Finance

Corp.

01/10/19

10,000

100.00

10

11

Targa

Resources

Partners,

LP

/

Targa

Resources

Partners

Finance

Corp.

01/10/19

30,000

100.00

30

33

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

53

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Securities

Acquisition

Date

Principal

Amount

($)

or

shares

Cost

per

Unit

$

Cost

(000)

$

Fair

Value

(000)

$

Teachers

Insurance

&

Annuity

Association

of

America

06/14/16

340,000

115.48

393

423

Tharaldson

Hotel

Portfolio

Trust

01/22/18

243,024

99.94

243

243

THL

Credit

Wind

River

CLO,

Ltd.

10/02/17

1,016,000

100.00

1,016

1,013

Towd

Point

Mortgage

Trust

07/22/16

226,361

99.86

226

225

Towd

Point

Mortgage

Trust

05/05/17

454,899

100.32

456

458

Towd

Point

Mortgage

Trust

07/07/17

480,925

100.55

484

482

Towd

Point

Mortgage

Trust

08/04/17

606,322

100.34

608

611

Towd

Point

Mortgage

Trust

09/18/17

1,002,964

100.60

1,009

1,012

Triton

Container

Finance

IV

LLC

08/16/17

529,511

100.08

530

535

Triton

Container

Finance

V

LLC

03/13/18

210,800

99.98

211

216

Triton

Container

Finance

VI

LLC

06/07/17

589,460

99.05

584

596

Trust

F/1401

09/20/17

685,000

106.10

727

730

UBS

Group

Funding

Switzerland

AG

03/16/17

270,000

100.00

270

277

UBS

Group

Funding

Switzerland

AG

03/16/17

200,000

100.00

200

218

UBS

Group

Funding

Switzerland

AG

01/28/19

660,000

102.29

675

701

UniCredit

SpA

01/08/19

1,042,000

103.66

1,091

1,118

USB

Group

AG

09/20/19

200,000

100.82

202

201

Vistra

Operations

Co.

LLC

06/04/19

708,000

101.50

719

727

Vistra

Operations

Co.

LLC

06/04/19

370,000

99.82

369

372

VOC

Escrow,

Ltd.

08/07/18

60,000

97.11

58

62

Volkswagen

Group

of

America

Finance

LLC

09/26/19

699,000

103.30

722

722

VOLT

LXII

LLC

05/16/19

2,029,145

99.91

2,028

2,031

Voya

CLO,

Ltd.

03/31/17

1,428,000

100.06

1,429

1,428

Walt

Disney

Co.

(The)

03/15/19

40,000

135.76

54

60

WinWater

Mortgage

Loan

Trust

03/29/17

600,688

102.47

616

616

Woori

Bank

12/07/17

681,000

104.73

713

711

Worldwide

Plaza

Trust

10/31/17

452,000

102.72

464

487

132,783

For

a

description

of

restricted

securities

see

note

6

in

the

Notes

to

Quarterly

Report.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

54

Strategic

Bond

Fund

Variable

Rate

Securities

Securities

Referenced

Rate

Spread

%

1011778

B.C.

Unlimited

Liability

Co.

1st

Lien

Term

Loan

B4

USD

1

Month

LIBOR

2.250

ACE

Securities

Corp.

Home

Equity

Loan

Trust

USD

1

Month

LIBOR

0.675

Air

Medical

Group

Holdings,

Inc.

1st

Lien

Term

Loan

B

USD

1

Month

LIBOR

3.250

Albertson's

LLC

Term

Loan

B7

USD

1

Month

LIBOR

2.750

Albertson's

LLC

Term

Loan

B8

USD

1

Month

LIBOR

2.750

Allied

Universal

Holdco

Delayed

Draw

Term

Loan

USD

3

Month

LIBOR

2.125

Allied

Universal

Holdco

Term

Loan

B

USD

3

Month

LIBOR

4.250

Altrice

France

SA

Term

Loan

B12

USD

1

Month

LIBOR

3.688

Ambac

LSNI

LLC

USD

3

Month

LIBOR

10.000

American

Home

Mortgage

Investment

Trust

USD

6

Month

LIBOR

2.000

Aramark

Services,

Inc.

1st

Lien

Term

Loan

B3

USD

1

Month

LIBOR

1.750

Asset

Backed

Securities

Corp.

Home

Equity

Loan

Trust

USD

1

Month

LIBOR

0.140

Asurion

LLC

1st

Lien

Term

Loan

B7

USD

1

Month

LIBOR

3.000

Asurion

LLC

Term

Loan

B4

USD

1

Month

LIBOR

3.000

Atlantic

Aviation

FBO,

Inc.

Term

Loan

B

USD

1

Month

LIBOR

3.750

Avolon

LLC

1st

Lien

Term

Loan

B3

USD

1

Month

LIBOR

1.750

BAC

Capital

Trust

XIV

USD

3

Month

LIBOR

0.400

Bank

of

America

Corp.

USD

3

Month

LIBOR

0.780

Bank

of

America

Corp.

USD

3

Month

LIBOR

1.040

Bank

of

America

Corp.

USD

3

Month

LIBOR

0.790

Bank

of

America

Corp.

USD

3

Month

LIBOR

0.810

Bank

of

America

Corp.

USD

3

Month

LIBOR

1.370

Bank

of

America

Corp.

USD

3

Month

LIBOR

3.898

Bank

of

America

Corp.

USD

3

Month

LIBOR

1.210

Bank

of

America

Corp.

USD

3

Month

LIBOR

1.310

Bank

of

America

Corp.

USD

3

Month

LIBOR

1.520

Bank

of

Montreal

USD

Swap

Semiannual

30/360

(versus

3

Month

LIBOR)

5

Year

Rate

1.432

Barclays

PLC

USD

3

Month

LIBOR

1.902

Bausch

Health

Americas,

Inc.

Term

Loan

B

USD

1

Month

LIBOR

3.000

BCP

CC

Holdings

Merger

Sub,

Inc.

Term

Loan

B1

USD

3

Month

LIBOR

2.750

Bear

Stearns

ALT-A

Trust

USD

1

Month

LIBOR

0.750

Berry

Plastics

Group,

Inc.

1st

Lien

Term

Loan

Q

USD

1

Month

LIBOR

2.250

Blackstone

CQP

Holdco

LP

Term

Loan

B

USD

3

Month

LIBOR

3.500

Blackstone

Holdings

Finance

Co.

LLC

USD

1

Month

LIBOR

1.951

BNP

Paribas

SA

USD

3

Month

LIBOR

2.567

BNP

Paribas

SA

USD

3

Month

LIBOR

2.235

Boyd

Gaming

Corp.

Term

Loan

B

USD

1

Week

LIBOR

2.250

Brickman

Group,

Ltd.

1st

Lien

Term

Loan

B

USD

1

Month

LIBOR

2.500

BX

Commercial

Mortgage

Trust

USD

1

Month

LIBOR

2.050

BX

Commercial

Mortgage

Trust

USD

1

Month

LIBOR

1.321

BX

Trust

USD

1

Month

LIBOR

1.220

Caesars

Entertainment

Operating

Co.

LLC

1st

Lien

Term

Loan

B

USD

1

Month

LIBOR

2.000

Caesars

Resort

Collection

LLC

1st

Lien

Term

Loan

B

USD

1

Month

LIBOR

2.750

CAMB

Commercial

Mortgage

Trust

USD

1

Month

LIBOR

2.550

CAMB

Commercial

Mortgage

Trust

USD

1

Month

LIBOR

3.250

Cedar

Funding,

Ltd.

USD

3

Month

LIBOR

1.100

Change

Healthcare

Holdings

LLC

1st

Lien

Term

Loan

B

USD

1

Month

LIBOR

2.500

Charter

Communications

Operating

LLC

1st

Lien

Term

Loan

B

USD

1

Month

LIBOR

2.000

Citigroup

Commercial

Mortgage

Trust

USD

1

Month

LIBOR

2.500

Citigroup

Mortgage

Loan

Trust,

Inc.

USD

1

Month

LIBOR

0.250

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

55

Variable

Rate

Securities

Securities

Referenced

Rate

Spread

%

Citigroup,

Inc.

USD

3

Month

LIBOR

3.905

CityCenter

Holdings

LLC

Term

Loan

B

USD

1

Month

LIBOR

2.250

Commercial

Mortgage

Trust

USD

1

Month

LIBOR

1.550

Commercial

Mortgage

Trust

USD

1

Month

LIBOR

0.900

Credit

Suisse

Mortgage

Capital

Certificates

USD

1

Month

LIBOR

0.980

Credit

Suisse

Mortgage

Capital

Certificates

USD

1

Month

LIBOR

5.620

Credit

Suisse

Mortgage

Trust

USD

1

Month

LIBOR

3.231

CWGS

Group

LLC

Term

Loan

USD

1

Month

LIBOR

2.750

Dell

International

LLC

Term

Loan

B

USD

1

Month

LIBOR

2.000

Diamond

Sports

Group

LLC

Term

Loan

USD

1

Month

LIBOR

3.250

Digicert

Holdings,

Inc.

1st

Lien

Term

Loan

USD

1

Month

LIBOR

4.000

Dryden

50

Senior

Loan

Fund

USD

3

Month

LIBOR

1.220

Edelman

Financial

Center

LLC

Term

Loan

B1

USD

1

Month

LIBOR

3.250

Education

Loan

Asset-Backed

Trust

I

USD

1

Month

LIBOR

0.800

Fannie

Mae

Connecticut

Avenue

Securities

USD

1

Month

LIBOR

3.000

Fannie

Mae

REMICS

USD

1

Month

LIBOR

6.150

Fannie

Mae

REMICS

USD

1

Month

LIBOR

5.950

Fannie

Mae

REMICS

USD

1

Month

LIBOR

6.000

Fannie

Mae

REMICS

USD

1

Month

LIBOR

6.100

Fannie

Mae

REMICS

USD

1

Month

LIBOR

6.100

Fannie

Mae

REMICS

USD

1

Month

LIBOR

6.200

Fannie

Mae

REMICS

USD

1

Month

LIBOR

6.500

Fieldstone

Mortgage

Investment

Trust

USD

1

Month

LIBOR

1.950

Focus

Financial

Partners

LLC

1st

Lien

Term

Loan

B2

USD

1

Month

LIBOR

2.500

Freddie

Mac

REMICS

USD

1

Month

LIBOR

6.490

Freddie

Mac

Strips

USD

1

Month

LIBOR

6.100

Freddie

Mac

Strips

USD

1

Month

LIBOR

6.000

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

USD

1

Month

LIBOR

2.800

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

USD

1

Month

LIBOR

4.700

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

USD

1

Month

LIBOR

5.150

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

USD

1

Month

LIBOR

3.700

Ginnie

Mae

REMICS

USD

1

Month

LIBOR

6.150

Ginnie

Mae

REMICS

USD

1

Month

LIBOR

6.050

Golden

Nugget,

Inc.

1st

Lien

Term

Loan

B

USD

1

Month

LIBOR

2.750

Goldentree

Loan

Management

US

CLO

2,

Ltd.

USD

3

Month

LIBOR

1.150

Goldman

Sachs

Capital

II

USD

3

Month

LIBOR

0.768

Goldman

Sachs

Group,

Inc.

(The)

USD

3

Month

LIBOR

1.201

Goldman

Sachs

Group,

Inc.

(The)

USD

3

Month

LIBOR

1.301

Goldman

Sachs

Group,

Inc.

(The)

USD

3

Month

LIBOR

1.430

Goldman

Sachs

Group,

Inc.

(The)

USD

3

Month

LIBOR

1.510

Greenpoint

Manufactured

Housing

Contract

Trust

USD

1

Month

LIBOR

2.000

GS

Mortgage

Securities

Corp.

II

USD

1

Month

LIBOR

1.300

GS

Mortgage

Securities

Trust

USD

1

Month

LIBOR

0.900

Hawaii

Hotel

Trust

USD

1

Month

LIBOR

1.650

HCA,

Inc.

Term

Loan

B10

USD

1

Month

LIBOR

2.000

Hilton

Worldwide

Finance

LLC

Term

Loan

B

USD

1

Month

LIBOR

1.750

Home

Equity

Asset

Trust

USD

1

Month

LIBOR

0.150

Hospitality

Mortgage

Trust

USD

1

Month

LIBOR

2.000

HSBC

Holdings

PLC

USD

3

Month

LIBOR

1.610

HSBC

Holdings

PLC

USD

3

Month

LIBOR

1.535

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

56

Strategic

Bond

Fund

Variable

Rate

Securities

Securities

Referenced

Rate

Spread

%

HSBC

Holdings

PLC

USD

ICE

Swap

Rate

NY

5

Year

Rate

3.606

HSBC

Holdings

PLC

USD

3

Month

LIBOR

1.546

HSBC

Holdings

PLC

USD

ICE

Swap

Rate

NY

5

Year

Rate

3.453

HSI

Asset

Securitization

Corp.

Trust

USD

1

Month

LIBOR

0.140

iHeartCommunications

,

Inc.

Exit

Term

Loan

USD

1

Month

LIBOR

4.000

Intelsat

Jackson

Holdings

SA

Term

Loan

B3

USD

1

Month

LIBOR

3.750

Intrawest

Resorts

Holdings,

Inc.

1st

Lien

Term

Loan

B1

USD

1

Month

LIBOR

3.000

Jaguar

Holding

Co.

II

1st

Lien

Term

Loan

USD

1

Month

LIBOR

2.500

Jane

Street

Group

LLC

Term

Loan

B

USD

1

Month

LIBOR

3.000

JPMorgan

Chase

&

Co.

USD

3

Month

LIBOR

1.330

JPMorgan

Chase

&

Co.

USD

3

Month

LIBOR

1.000

JPMorgan

Chase

&

Co.

USD

3

Month

LIBOR

1.260

LCM

XXII,

Ltd.

USD

3

Month

LIBOR

1.480

LCM

XXIII,

Ltd.

USD

3

Month

LIBOR

1.400

LCM

XXV,

Ltd.

USD

3

Month

LIBOR

1.210

Level

3

Financing,

Inc.

Term

Loan

B

USD

1

Month

LIBOR

2.250

Long

Beach

Mortgage

Loan

Trust

USD

1

Month

LIBOR

0.900

LPL

Holdings,

Inc.

Term

Loan

B

USD

1

Month

LIBOR

2.250

LSTAR

Securities

Investment,

Ltd.

USD

1

Month

LIBOR

1.500

MA

Finance

Co.

LLC

1st

Lien

Term

Loan

B

USD

1

Month

LIBOR

2.500

Madison

Park

Funding

XVIII,

Ltd.

USD

3

Month

LIBOR

1.190

Madison

Park

Funding

XXVI,

Ltd.

USD

3

Month

LIBOR

1.200

Magnetite

XVIII,

Ltd.

USD

3

Month

LIBOR

1.080

Mastr

Asset

Backed

Securities

Trust

USD

1

Month

LIBOR

0.945

McAfee

LLC

Term

Loan

B1

USD

1

Month

LIBOR

3.750

Merrill

Lynch

Mortgage

Investors

Trust

USD

1

Month

LIBOR

0.370

MGM

Growth

Properties

LLC

1st

Lien

Term

Loan

B

USD

1

Month

LIBOR

2.000

Michaels

Stores,

Inc.

1st

Lien

Term

Loan

B

USD

1

Month

LIBOR

2.500

Morgan

Stanley

USD

3

Month

LIBOR

0.847

Morgan

Stanley

USD

3

Month

LIBOR

1.628

Morgan

Stanley

USD

3

Month

LIBOR

1.140

Morgan

Stanley

Capital

I

Trust

USD

1

Month

LIBOR

1.000

Morgan

Stanley

Capital

I

Trust

USD

1

Month

LIBOR

1.950

Morgan

Stanley

Capital

I

Trust

USD

1

Month

LIBOR

1.950

Morgan

Stanley

Capital

I

Trust

USD

1

Month

LIBOR

1.400

MultiPlan

,

Inc.

Term

Loan

B

USD

3

Month

LIBOR

2.750

Navient

Student

Loan

Trust

USD

1

Month

LIBOR

0.600

Nomura

Resecuritization

Trust

USD

1

Month

LIBOR

0.190

NYT

Mortgage

Trust

USD

1

Month

LIBOR

1.200

Option

Care

Health,

Inc.

Term

Loan

B

USD

1

Month

LIBOR

4.500

Option

One

Mortgage

Loan

Trust

USD

1

Month

LIBOR

0.780

Panther

BF

Aggregator

LP

Term

Loan

B

USD

1

Month

LIBOR

3.500

Party

City

Holdings,

Inc.

1st

Lien

Term

Loan

USD

1

Month

LIBOR

2.500

PCI

Gaming

Authority

Term

Loan

USD

1

Month

LIBOR

3.000

Phoenix

Guarantor

Inc.

Term

Loan

B1

USD

1

Month

LIBOR

4.500

PMT

Credit

Risk

Transfer

Trust

USD

1

Month

LIBOR

2.000

Popular

ABS

Mortgage

Pass-Through

Trust

USD

1

Month

LIBOR

0.260

Popular

ABS

Mortgage

Pass-Through

Trust

USD

1

Month

LIBOR

0.250

RAMP

Trust

USD

1

Month

LIBOR

0.570

RegionalCare

Hospital

Partners

Holdings,

Inc.

Term

Loan

B

USD

1

Month

LIBOR

4.500

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

57

Variable

Rate

Securities

Securities

Referenced

Rate

Spread

%

Residential

Asset

Securitization

Trust

USD

1

Month

LIBOR

0.450

Reynolds

Group

Holdings,

Inc.

1st

Lien

Term

Loan

B

USD

1

Month

LIBOR

2.750

Riserva

CLO

Ltd.

USD

3

Month

LIBOR

1.140

Royal

Bank

of

Scotland

Group

PLC

USD

3

Month

LIBOR

1.550

Royal

Bank

of

Scotland

Group

PLC

USD

3

Month

LIBOR

1.762

RPI

Finance

Trust

Term

Loan

B

USD

1

Month

LIBOR

2.000

Scientific

Games

International,

Inc.

1st

Lien

Term

Loan

B5

USD

2

Month

LIBOR

2.750

Seattle

SpinCo,

Inc.1st

Lien

Term

Loan

B3

USD

1

Month

LIBOR

2.500

Shackleton

CLO,

Ltd.

USD

3

Month

LIBOR

1.000

SLM

Private

Credit

Student

Loan

Trust

USD

3

Month

LIBOR

0.290

SMB

Private

Education

Loan

Trust

USD

1

Month

LIBOR

1.000

Sprint

Corp.

Term

Loan

B

USD

1

Month

LIBOR

2.500

Stars

Group

Holdings

BV

Term

Loan

B

USD

3

Month

LIBOR

3.500

Sungard

AS

New

Holdings

III

LLC

Term

Loan

USD

1

Month

LIBOR

7.500

Sungard

Availability

Services

Capital,

Inc.

Term

Loan

USD

3

Month

LIBOR

4.000

Tharaldson

Hotel

Portfolio

Trust

USD

1

Month

LIBOR

0.750

THL

Credit

Wind

River

CLO,

Ltd.

USD

3

Month

LIBOR

1.230

TKC

Holdings,

Inc.

1st

Lien

Term

Loan

USD

1

Month

LIBOR

3.750

Trans

Union

LLC

1st

Lien

Term

Loan

B3

USD

1

Month

LIBOR

2.000

UBS

Group

Funding

Switzerland

AG

USD

Swap

Semiannual

30/360

(versus

3

Month

LIBOR)

5

Year

Rate

4.344

UFC

Holdings

LLC

Term

Loan

USD

1

Month

LIBOR

3.250

Univision

Communications,

Inc.

Term

Loan

C5

USD

1

Month

LIBOR

2.750

USB

Group

AG

USD

3

Month

LIBOR

1.468

VICI

Properties,

Inc.

1st

Lien

Term

Loan

B

USD

1

Month

LIBOR

2.000

Virgin

Media

Bristol

LLC

1st

Lien

Term

Loan

K

USD

1

Month

LIBOR

2.500

Voya

CLO,

Ltd.

USD

3

Month

LIBOR

1.250

VVC

Holding

Corp.

USD

3

Month

LIBOR

4.500

Wells

Fargo

&

Co.

USD

3

Month

LIBOR

1.230

Western

Digital

Corp.

1st

Lien

Term

Loan

B4

USD

3

Month

LIBOR

1.750

Ziggo

Secured

Finance

Partnership

1st

Lien

Term

Loan

E

USD

1

Month

LIBOR

2.500

A

For

a

description

of

variable,

adjustable

or

floating

rate

securities

see

note

2

in

the

Notes

to

Quarterly

Report.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Australian

10

Year

Government

Bond

Futures

110

AUD

16,208

12/19

101

Canadian

10

Year

Government

Bond

Futures

206

CAD

29,376

12/19

(189)

Euro-BTP

Futures

40

EUR

5,834

12/19

60

Eurodollar

Futures

116

USD

28,549

12/19

61

Eurodollar

Futures

15

USD

3,698

03/21

39

Eurodollar

Futures

82

USD

20,098

06/20

213

Federal

Fund

30

Day

Futures

32

USD

13,148

05/20

(6)

Federal

Fund

30

Day

Futures

32

USD

13,156

07/20

(15)

Japan

Mini

10

Year

Government

Bond

Futures

19

JPY

294,385

12/19

(9)

United

States

2

Year

Treasury

Note

Futures

594

USD

128,008

12/19

75

United

States

5

Year

Treasury

Note

Futures

697

USD

83,046

12/19

(238)

United

States

10

Year

Treasury

Note

Futures

1,058

USD

137,872

12/19

(836)

United

States

10

Year

Ultra

Treasury

Note

Futures

23

USD

3,275

12/19

4

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

58

Strategic

Bond

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

United

States

Treasury

Long

Bond

Futures

260

USD

42,201

12/19

(54)

United

States

Treasury

Ultra

Bond

Futures

238

USD

45,673

12/19

(245)

Short

Positions

Australian

10

Year

Government

Bond

Futures

107

AUD

15,766

12/19

(116)

Euro-

Bobl

Futures

105

EUR

14,243

12/19

61

Euro-Bund

Futures

192

EUR

33,456

12/19

430

Euro-OAT

Futures

45

EUR

7,664

12/19

81

Federal

Fund

30

Day

Futures

202

USD

82,696

11/19

48

Japan

10

Year

Government

Bond

Futures

5

JPY

775,099

12/19

19

Long

Guilt

Futures

74

GBP

9,934

12/19

(51)

United

States

2

Year

Treasury

Note

Futures

52

USD

11,206

12/19

11

United

States

5

Year

Treasury

Note

Futures

30

USD

3,575

12/19

(7)

United

States

10

Year

Ultra

Treasury

Note

Futures

83

USD

11,820

12/19

154

United

States

Treasury

Long

Bond

Futures

85

USD

13,797

12/19

190

United

States

Treasury

Ultra

Bond

Futures

4

USD

768

12/19

(24)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(243)

Options

Written

Amounts

in

thousands

(except

contract

amounts)

Description

Counterparty

Call/Put

Number

of

Contracts

Strike

Price

Notional

Amount

Expiration

Date

Fair

Value

$

Eurodollar

1

Year

Mid-Curve

Options

Bank

of

America

Call

36

97.75

USD

8,798

12/13/19

(70)

Eurodollar

1

Year

Mid-Curve

Options

Bank

of

America

Call

36

98.50

USD

8,865

12/13/19

(15)

United

States

10

Year

Treasury

Note

Futures

Bank

of

America

Call

11

130.50

USD

1,436

10/25/19

(7)

United

States

10

Year

Treasury

Note

Futures

Bank

of

America

Put

11

129.00

USD

1,419

10/25/19

(2)

United

States

10

Year

Treasury

Note

Futures

Bank

of

America

Put

12

129.50

USD

1,554

10/25/19

(4)

United

States

10

Year

Treasury

Note

Futures

Bank

of

America

Put

9

130.00

USD

1,170

10/25/19

(5)

United

States

5

Year

Treasury

Note

Futures

Bank

of

America

Put

21

118.50

USD

2,489

10/25/19

(3)

United

States

Treasury

Bond

Futures

Bank

of

America

Call

5

166.00

USD

830

10/25/19

(2)

Total

Liability

for

Options

Written

(premiums

received

$63)

(108)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

2,657

HUF

773,306

11/22/19

(133)

Bank

of

America

USD

1,750

MXN

34,753

11/22/19

(3)

Bank

of

America

USD

6,057

TRY

34,891

11/22/19

16

Bank

of

America

USD

1,754

ZAR

27,053

11/22/19

20

Bank

of

America

HKD

34,984

USD

4,460

11/22/19

(6)

Bank

of

America

PLN

6,910

USD

1,770

11/22/19

46

Bank

of

America

SGD

6,169

USD

4,457

11/22/19

(9)

Bank

of

America

THB

54,971

USD

1,775

11/22/19

(24)

Bank

of

Montreal

USD

1,857

CAD

2,440

12/18/19

(13)

Bank

of

Montreal

USD

1,860

JPY

198,000

12/18/19

(19)

Bank

of

Montreal

AUD

2,660

USD

1,833

12/18/19

33

Bank

of

Montreal

CHF

15,300

USD

15,419

10/23/19

62

Bank

of

Montreal

MXN

36,200

USD

1,821

12/18/19

9

Bank

of

Montreal

NZD

2,800

USD

1,805

12/18/19

48

Bank

of

New

York

USD

1,857

CAD

2,440

12/18/19

(13)

Bank

of

New

York

USD

1,860

JPY

198,000

12/18/19

(19)

Bank

of

New

York

AUD

2,660

USD

1,832

12/18/19

32

Bank

of

New

York

MXN

36,200

USD

1,824

12/18/19

12

Bank

of

New

York

NZD

2,800

USD

1,803

12/18/19

46

Barclays

USD

2,862

CAD

3,750

10/17/19

(31)

Barclays

USD

350

GBP

278

10/17/19

(7)

Barclays

USD

101

MXN

2,000

10/17/19

—

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

59

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

USD

45

ARS

2,130

10/15/19

(10)

Citigroup

USD

419

BRL

1,590

10/17/19

(36)

Citigroup

USD

477

BRL

1,984

10/17/19

—

Citigroup

USD

484

BRL

1,838

10/17/19

(42)

Citigroup

USD

844

BRL

3,210

10/17/19

(72)

Citigroup

USD

1,005

CAD

1,332

10/17/19

1

Citigroup

USD

4,390

CAD

5,820

10/23/19

4

Citigroup

USD

1,857

CAD

2,440

12/18/19

(13)

Citigroup

USD

496

GBP

397

10/17/19

(8)

Citigroup

USD

1,033

INR

71,640

10/17/19

(22)

Citigroup

USD

1,860

JPY

198,000

12/18/19

(19)

Citigroup

USD

427

MXN

8,413

10/17/19

(2)

Citigroup

USD

10,998

SEK

106,538

10/23/19

(161)

Citigroup

USD

11

TWD

327

10/17/19

—

Citigroup

AUD

2,660

USD

1,832

12/18/19

33

Citigroup

BRL

473

USD

125

10/17/19

12

Citigroup

EUR

200

USD

223

10/17/19

5

Citigroup

EUR

280

USD

314

10/17/19

9

Citigroup

JPY

39,894

USD

370

10/17/19

1

Citigroup

MXN

600

USD

30

10/17/19

—

Citigroup

MXN

36,200

USD

1,825

12/18/19

13

Citigroup

NZD

2,800

USD

1,804

12/18/19

47

Citigroup

PEN

15,044

USD

4,426

11/22/19

(28)

Citigroup

RUB

11,647

USD

181

10/17/19

2

Citigroup

RUB

32,881

USD

509

10/17/19

3

Commonwealth

Bank

of

Australia

USD

8,452

JPY

911,877

10/23/19

(7)

Commonwealth

Bank

of

Australia

NOK

59,386

USD

6,641

10/23/19

111

Goldman

Sachs

USD

1,140

MXN

22,290

10/17/19

(13)

Goldman

Sachs

BRL

570

USD

151

10/17/19

14

JPMorgan

Chase

USD

2,132

AUD

3,154

10/15/19

(2)

JPMorgan

Chase

USD

165

BRL

690

10/30/19

1

JPMorgan

Chase

USD

1,402

CAD

1,861

10/03/19

2

JPMorgan

Chase

USD

1,970

CAD

2,610

10/03/19

—

JPMorgan

Chase

USD

7,797

CHF

7,737

10/03/19

(45)

JPMorgan

Chase

USD

1,134

COP

3,912,988

10/03/19

(10)

JPMorgan

Chase

USD

171

COP

577,579

10/23/19

(5)

JPMorgan

Chase

USD

2,150

COP

7,412,554

10/23/19

(22)

JPMorgan

Chase

USD

19

CZK

436

10/03/19

—

JPMorgan

Chase

USD

56

CZK

1,318

10/03/19

—

JPMorgan

Chase

USD

765

GBP

621

10/15/19

(1)

JPMorgan

Chase

USD

1,015

GBP

827

10/15/19

2

JPMorgan

Chase

USD

3,388

GBP

2,734

10/15/19

(25)

JPMorgan

Chase

USD

4,202

GBP

3,451

10/15/19

44

JPMorgan

Chase

USD

297

GBP

240

10/17/19

(1)

JPMorgan

Chase

USD

103

HKD

811

10/03/19

—

JPMorgan

Chase

USD

5,069

HUF

1,556,046

10/03/19

(3)

JPMorgan

Chase

USD

74

IDR

1,053,393

10/23/19

—

JPMorgan

Chase

USD

358

INR

25,434

10/17/19

2

JPMorgan

Chase

USD

1,566

JPY

168,369

10/15/19

(7)

JPMorgan

Chase

USD

1,701

JPY

179,651

10/15/19

(38)

JPMorgan

Chase

USD

1,855

KRW

2,223,379

10/07/19

2

JPMorgan

Chase

USD

3,350

KRW

4,048,799

10/07/19

31

JPMorgan

Chase

USD

5,247

KRW

6,272,178

11/08/19

(11)

JPMorgan

Chase

USD

2,219

MXN

43,407

10/03/19

(20)

JPMorgan

Chase

USD

3,374

MXN

66,349

10/03/19

(12)

JPMorgan

Chase

USD

379

NOK

3,372

10/03/19

(9)

JPMorgan

Chase

USD

380

NOK

3,380

10/03/19

(9)

JPMorgan

Chase

USD

1,398

NOK

11,865

10/03/19

(94)

JPMorgan

Chase

USD

2,363

NOK

21,369

10/03/19

(14)

JPMorgan

Chase

USD

3,222

NOK

29,234

12/16/19

(5)

JPMorgan

Chase

USD

1,392

PEN

4,663

10/03/19

(8)

JPMorgan

Chase

USD

1,103

PLN

4,367

10/03/19

(14)

JPMorgan

Chase

USD

1,551

PLN

6,200

10/03/19

(5)

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

60

Strategic

Bond

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

JPMorgan

Chase

USD

1,849

PLN

6,925

10/03/19

(122)

JPMorgan

Chase

USD

4,359

PLN

17,492

12/16/19

8

JPMorgan

Chase

USD

380

SEK

3,631

10/03/19

(11)

JPMorgan

Chase

USD

381

SEK

3,643

10/03/19

(11)

JPMorgan

Chase

USD

3,011

SEK

29,297

10/03/19

(35)

JPMorgan

Chase

USD

4,998

SEK

46,049

10/03/19

(319)

JPMorgan

Chase

USD

8,457

SEK

82,620

12/16/19

(22)

JPMorgan

Chase

USD

142

SGD

195

10/03/19

—

JPMorgan

Chase

USD

9,495

SGD

13,108

10/03/19

(11)

JPMorgan

Chase

AUD

1,168

USD

789

10/15/19

—

JPMorgan

Chase

AUD

5,281

USD

3,563

10/15/19

(3)

JPMorgan

Chase

BRL

2,198

USD

535

10/23/19

7

JPMorgan

Chase

BRL

4,172

USD

1,006

10/30/19

4

JPMorgan

Chase

BRL

4,603

USD

1,102

10/30/19

(4)

JPMorgan

Chase

CAD

1,677

USD

1,277

10/03/19

11

JPMorgan

Chase

CAD

2,794

USD

2,111

10/03/19

2

JPMorgan

Chase

CAD

2,610

USD

1,972

12/16/19

—

JPMorgan

Chase

CHF

737

USD

757

10/03/19

18

JPMorgan

Chase

CHF

741

USD

760

10/03/19

18

JPMorgan

Chase

CHF

2,743

USD

2,775

10/03/19

26

JPMorgan

Chase

CHF

3,516

USD

3,629

10/03/19

106

JPMorgan

Chase

CHF

7,737

USD

7,844

12/16/19

41

JPMorgan

Chase

CNY

3,740

USD

528

10/17/19

2

JPMorgan

Chase

CNY

10,521

USD

1,532

10/17/19

51

JPMorgan

Chase

COP

3,912,988

USD

1,126

10/03/19

2

JPMorgan

Chase

COP

3,912,988

USD

1,132

11/06/19

9

JPMorgan

Chase

COP

8,771,014

USD

2,525

11/06/19

8

JPMorgan

Chase

CZK

1,754

USD

78

10/03/19

4

JPMorgan

Chase

CZK

1,318

USD

56

12/16/19

—

JPMorgan

Chase

EUR

664

USD

739

10/15/19

15

JPMorgan

Chase

EUR

683

USD

760

10/15/19

15

JPMorgan

Chase

EUR

1,227

USD

1,367

10/15/19

28

JPMorgan

Chase

EUR

3,842

USD

4,216

10/15/19

24

JPMorgan

Chase

EUR

4,661

USD

5,243

10/15/19

158

JPMorgan

Chase

EUR

543

USD

595

10/17/19

2

JPMorgan

Chase

EUR

1,048

USD

1,189

10/17/19

45

JPMorgan

Chase

HKD

287

USD

37

10/03/19

—

JPMorgan

Chase

HKD

524

USD

67

10/03/19

—

JPMorgan

Chase

HKD

811

USD

104

12/16/19

—

JPMorgan

Chase

HUF

583,402

USD

1,911

10/03/19

12

JPMorgan

Chase

HUF

972,644

USD

3,432

10/03/19

266

JPMorgan

Chase

HUF

1,556,046

USD

5,090

12/16/19

2

JPMorgan

Chase

IDR

5,687,000

USD

400

10/23/19

—

JPMorgan

Chase

IDR

12,900,000

USD

908

10/23/19

—

JPMorgan

Chase

IDR

32,537,505

USD

2,304

10/23/19

14

JPMorgan

Chase

JPY

71,699

USD

667

10/15/19

3

JPMorgan

Chase

KRW

6,272,178

USD

5,242

10/07/19

6

JPMorgan

Chase

MXN

47,171

USD

2,420

10/03/19

30

JPMorgan

Chase

MXN

62,585

USD

3,200

10/03/19

29

JPMorgan

Chase

MXN

66,349

USD

3,334

12/16/19

12

JPMorgan

Chase

NOK

10,752

USD

1,188

10/03/19

6

JPMorgan

Chase

NOK

29,234

USD

3,218

10/03/19

5

JPMorgan

Chase

NZD

1,882

USD

1,205

10/15/19

27

JPMorgan

Chase

NZD

3,256

USD

2,045

10/15/19

5

JPMorgan

Chase

NZD

4,052

USD

2,612

10/15/19

74

JPMorgan

Chase

PEN

4,663

USD

1,371

10/03/19

(12)

JPMorgan

Chase

PEN

6,125

USD

1,828

10/23/19

12

JPMorgan

Chase

PEN

5,510

USD

1,642

10/25/19

9

JPMorgan

Chase

PEN

7,257

USD

2,166

10/25/19

15

JPMorgan

Chase

PEN

4,262

USD

1,268

11/06/19

5

JPMorgan

Chase

PEN

4,663

USD

1,389

11/06/19

7

JPMorgan

Chase

PLN

17,492

USD

4,354

10/03/19

(8)

JPMorgan

Chase

SEK

82,620

USD

8,417

10/03/19

24

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

61

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

JPMorgan

Chase

SGD

1,039

USD

748

10/03/19

(3)

JPMorgan

Chase

SGD

4,807

USD

3,481

10/03/19

3

JPMorgan

Chase

SGD

7,457

USD

5,511

10/03/19

116

JPMorgan

Chase

SGD

13,108

USD

9,502

12/16/19

10

JPMorgan

Chase

THB

51,270

USD

1,678

10/24/19

1

JPMorgan

Chase

THB

100,401

USD

3,286

10/30/19

2

JPMorgan

Chase

THB

131,632

USD

4,318

10/30/19

12

Royal

Bank

of

Canada

USD

1,857

CAD

2,440

12/18/19

(13)

Royal

Bank

of

Canada

USD

1,862

JPY

198,000

12/18/19

(21)

Royal

Bank

of

Canada

AUD

2,660

USD

1,834

12/18/19

34

Royal

Bank

of

Canada

MXN

36,200

USD

1,824

12/18/19

12

Royal

Bank

of

Canada

NZD

2,800

USD

1,805

12/18/19

48

Standard

Chartered

USD

1,857

CAD

2,440

12/18/19

(13)

Standard

Chartered

USD

1,860

JPY

198,000

12/18/19

(19)

Standard

Chartered

AUD

2,660

USD

1,832

12/18/19

32

Standard

Chartered

MXN

36,200

USD

1,823

12/18/19

11

Standard

Chartered

NZD

2,800

USD

1,803

12/18/19

47

State

Street

USD

32

CLP

22,794

11/22/19

(1)

State

Street

USD

61

HKD

476

11/22/19

—

State

Street

USD

78

HUF

23,488

11/22/19

(1)

State

Street

USD

6,191

IDR

89,368,108

11/22/19

74

State

Street

USD

233

KRW

275,783

11/22/19

(3)

State

Street

USD

4,480

MYR

18,714

11/22/19

(18)

State

Street

USD

100

PEN

333

11/22/19

(1)

State

Street

USD

6,041

RUB

406,558

11/22/19

187

State

Street

USD

78

SGD

108

11/22/19

—

State

Street

USD

45

THB

1,386

11/22/19

—

State

Street

USD

15

TRY

89

11/22/19

—

State

Street

USD

47

TWD

1,427

11/22/19

—

State

Street

CLP

3,156,586

USD

4,458

11/22/19

125

State

Street

IDR

2,995,613

USD

211

11/22/19

1

State

Street

KRW

7,628,559

USD

6,327

11/22/19

(44)

State

Street

MXN

463

USD

24

11/22/19

—

State

Street

MYR

342

USD

82

11/22/19

—

State

Street

PLN

24

USD

6

11/22/19

—

State

Street

RUB

5,967

USD

93

11/22/19

1

State

Street

TWD

56,181

USD

1,804

11/22/19

(12)

State

Street

ZAR

1,297

USD

88

11/22/19

3

UBS

EUR

8,995

USD

9,947

10/23/19

127

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

899

Interest

Rate

Swap

Contracts

Amounts

in

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Citigroup

BRL

1,189

8.41

(5)

Brazil

Interbank

Deposit

Rate

(5)

01/02/20

—

9

9

Citigroup

BRL

2,300

8.41

(5)

Brazil

Interbank

Deposit

Rate

(5)

01/02/20

1

16

17

Citigroup

BRL

2,600

8.41

(5)

Brazil

Interbank

Deposit

Rate

(5)

01/02/20

—

20

20

Citigroup

BRL

4,000

8.41

(5)

Brazil

Interbank

Deposit

Rate

(5)

01/02/20

—

30

30

Citigroup

BRL

11,431

8.41

(5)

Brazil

Interbank

Deposit

Rate

(5)

01/02/20

—

86

86

Citigroup

BRL

2,100

7.02

(5)

Brazil

Interbank

Deposit

Rate

(5)

01/04/27

—

7

7

Citigroup

BRL

2,400

7.02

(5)

Brazil

Interbank

Deposit

Rate

(5)

01/04/27

1

7

8

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

62

Strategic

Bond

Fund

Interest

Rate

Swap

Contracts

Amounts

in

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Citigroup

BRL

2,631

7.02

(5)

Brazil

Interbank

Deposit

Rate

(5)

01/04/27

1

8

9

JPMorgan

Chase

BRL

1,700

7.02

(5)

Brazil

Interbank

Deposit

Rate

(5)

01/04/27

—

6

6

JPMorgan

Chase

HUF

640,150

Six

Month

BUBOR

(3)

0.93

(4)

04/05/27

—

11

11

JPMorgan

Chase

HUF

1,080,700

Six

Month

BUBOR

(3)

1.85

(4)

04/05/27

—

(220)

(220)

Merrill

Lynch

USD

5,040

Three

Month

LIBOR

(2)

1.73

(3)

06/27/21

—

(5)

(5)

Merrill

Lynch

USD

5,662

2.25

(3)

Three

Month

LIBOR

(2)

04/26/22

1

47

48

Merrill

Lynch

USD

5,781

Three

Month

LIBOR

(2)

2.30

(3)

04/26/23

—

(50)

(50)

Merrill

Lynch

USD

4,216

Three

Month

LIBOR

(2)

2.25

(3)

12/31/25

22

(209)

(187)

Merrill

Lynch

USD

11,373

Three

Month

LIBOR

(2)

1.85

(3)

04/30/26

16

(258)

(242)

Merrill

Lynch

USD

6,084

Federal

Fund

Effective

Rate

(2)

1.25

(3)

06/30/26

(6)

4

(2)

Merrill

Lynch

USD

13,606

Three

Month

LIBOR

(2)

1.55

(3)

06/30/26

(19)

(32)

(51)

Merrill

Lynch

MXN

40,840

7.45

(3)

Mexico

Interbank

28

Day

Deposit

Rate

(1)

07/18/29

17

84

101

Merrill

Lynch

USD

2,751

3.00

(3)

Three

Month

LIBOR

(2)

02/15/36

4

530

534

Merrill

Lynch

USD

1,951

Three

Month

LIBOR

(2)

3.33

(3)

02/15/44

—

(644)

(644)

Merrill

Lynch

USD

384

Three

Month

LIBOR

(2)

2.88

(3)

05/15/44

1

(93)

(92)

Merrill

Lynch

USD

2,072

Three

Month

LIBOR

(2)

3.00

(3)

05/15/44

(2)

(547)

(549)

Merrill

Lynch

USD

2,295

Three

Month

LIBOR

(2)

2.75

(3)

08/15/44

(10)

(483)

(493)

Merrill

Lynch

USD

972

Three

Month

LIBOR

(2)

1.85

(3)

11/15/44

3

(30)

(27)

Merrill

Lynch

USD

3,184

Three

Month

LIBOR

(2)

1.81

(3)

11/15/44

(30)

(30)

(60)

UBS

USD

9,581

Three

Month

LIBOR

(2)

2.50

(3)

01/31/26

(127)

(446)

(573)

Total

Open

Interest

Rate

Swap

Contracts

(å)

(127)

(2,182)

(2,309)

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

NA

High

Yield

Index

Bank

of

America

Sell

USD

8,900

5.000%

(2)

12/20/24

596

—

596

CDX

NA

High

Yield

Index

Merrill

Lynch

Sell

USD

574

5.000%

(2)

06/20/24

25

16

41

CDX

NA

Investment

Grade

Index

Merrill

Lynch

Sell

USD

8,560

1.000%

(2)

12/20/24

169

1

170

Total

Open

Credit

Indices

Contracts

(å)

790

17

807

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Long-Term

Investments

Asset-Backed

Securities

$

—

$

40,279

$

—

$

—

$

40,279

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

63

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Corporate

Bonds

and

Notes

—

165,575

—

—

165,575

International

Debt

—

90,307

—

—

90,307

Loan

Agreements

—

6,496

—

—

6,496

Mortgage-Backed

Securities

—

272,944

—

—

272,944

Non-US

Bonds

—

58,136

—

—

58,136

United

States

Government

Treasuries

—

165,643

—

—

165,643

Common

Stocks

—

—

56

—

56

Options

Purchased

135

—

—

—

135

Short-Term

Investments

—

82,43

8

150

68,200

150,78

8

Total

Investments

135

881,81

8

206

68,200

950,35

9

Other

Financial

Instruments

Assets

Futures

Contracts

1,

547

—

—

—

1

,

547

Foreign

Currency

Exchange

Contracts

—

2,67

6

—

—

2,67

6

Interest

Rate

Swap

Contracts

—

886

—

—

886

Credit

Default

Swap

Contracts

—

807

—

—

807

Liabilities

Futures

Contracts

(1

,

790

)

—

—

—

(1

,

790

)

Options

Written

(108)

—

—

—

(108)

Foreign

Currency

Exchange

Contracts

—

(1,777)

—

—

(1,777)

Interest

Rate

Swap

Contracts

—

(3,19

5

)

—

—

(3,19

5

)

Total

Other

Financial

Instruments

*

$

(351)

$

(60

3

)

$

—

$

—

$

(

954

)

*

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.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

September

30,

2019,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Argentina

................................................................................

493

Australia

.................................................................................

597

Bermuda

.................................................................................

1,403

Brazil

......................................................................................

5,997

Canada

....................................................................................

14,564

Cayman

Islands

.......................................................................

18,729

Chile

.......................................................................................

1,497

China

......................................................................................

626

Colombia

.................................................................................

9,166

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

64

Strategic

Bond

Fund

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Curacao

...................................................................................

36

Denmark

.................................................................................

1,575

Ecuador

..................................................................................

189

Finland

...................................................................................

274

France

.....................................................................................

5,710

Guernsey

.................................................................................

1,088

India

.......................................................................................

263

Indonesia

................................................................................

4,276

Ireland

....................................................................................

1,905

Isle

of

Man

..............................................................................

713

Italy

........................................................................................

2,726

Japan

......................................................................................

3,422

Kazakhstan

.............................................................................

225

Kuwait

....................................................................................

226

Luxembourg

............................................................................

2,313

Macao

.....................................................................................

439

Malaysia

..................................................................................

5,986

Mexico

....................................................................................

13,850

Netherlands

............................................................................

11,737

Norway

....................................................................................

3,444

Panama

...................................................................................

733

Peru

........................................................................................

4,330

Poland

.....................................................................................

577

Russia

.....................................................................................

2,394

Singapore

................................................................................

9,821

South

Korea

............................................................................

954

Spain

.......................................................................................

1,288

Sweden

....................................................................................

1,055

Switzerland

.............................................................................

1,398

Thailand

..................................................................................

227

United

Arab

Emirates

.............................................................

938

United

Kingdom

......................................................................

12,531

United

States

...........................................................................

800,644

Total

Investments

....................................................................

950,359

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Real

Estate

Securities

Fund

65

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

94.4%

Australia

-

3.6%

BGP

Holdings

PLC(Æ)(Š)

926,311

—

Charter

Hall

Group

-

ADR(ö)

571,676

4,497

Cromwell

Property

Group(ö)

1,847,900

1,586

Dexus

Property

Group(Æ)(ö)

275,758

2,222

Goodman

Group(ö)

708,831

6,783

GPT

Group

(The)(ö)

1,699,791

7,075

Mirvac

Group(ö)

5,399,898

11,167

33,330

Austria

-

0.2%

CA

Immobilien

Anlagen

AG

52,923

1,877

Belgium

-

0.5%

Aedifica(ö)

30,794

3,565

VGP

NV

11,472

1,048

4,613

Canada

-

2.7%

Allied

Properties

Real

Estate

Investment

Trust(ö)

148,300

5,996

Boardwalk

Real

Estate

Investment

Trust(Ñ)(ö)

163,600

5,484

Canadian

Apartment

Properties(ö)

168,300

6,921

Granite

Real

Estate

Investment

Trust(ö)

112,400

5,442

InterRent

Real

Estate

Investment

Trust(ö)

141,500

1,747

25,590

China

-

0.2%

China

Overseas

Land

&

Investment,

Ltd.

682,000

2,158

France

-

2.0%

Covivio(ö)

31,994

3,386

Gecina

SA(ö)

42,827

6,729

Klepierre

SA

-

GDR(ö)

257,177

8,733

18,848

Germany

-

4.0%

ADO

Properties

SA

2,522

104

Alstria

Office

REIT-AG(ö)

258,238

4,429

Deutsche

Wohnen

SE

245,900

8,979

Instone

Real

Estate

Group

AG(Æ)

72,518

1,511

LEG

Immobilien

AG

48,417

5,542

Vonovia

SE

336,590

17,075

37,640

Hong

Kong

-

6.0%

CK

Asset

Holdings,

Ltd.

728,000

4,957

Hang

Lung

Properties,

Ltd.

-

ADR

1,797,000

4,085

Link

REIT(ö)

1,469,500

16,133

New

World

Development

Co.,

Ltd.

8,319,000

10,867

Shimao

Property

Holdings,

Ltd.

56,500

164

Sino

Land

Co.,

Ltd.

3,098,000

4,676

Sun

Hung

Kai

Properties,

Ltd.

645,000

9,325

Swire

Properties,

Ltd.

1,096,800

3,457

Wharf

Real

Estate

Investment

Co.,

Ltd.

402,000

2,204

55,868

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ireland

-

0.0%

Green

REIT

PLC(ö)

158,532

329

Japan

-

11.3%

Activia

Properties,

Inc.(ö)

2,612

13,337

Daibiru

Corp.

145,400

1,496

Daiwa

House

REIT

Investment

Corp.(ö)

300

844

Daiwa

Office

Investment

Corp.(ö)

315

2,444

Frontier

Real

Estate

Investment

Corp.(ö)

664

2,829

Global

One

Real

Estate

Investment

Corp.(ö)

2,768

3,739

GLP

J-Reit(Æ)(ö)

1,632

2,164

Hulic

REIT,

Inc.(ö)

302

555

Invincible

Investment

Corp.(ö)

5,083

3,136

Japan

Rental

Housing

Investments,

Inc.

(ö)

3,816

3,513

Mitsubishi

Estate

Co.,

Ltd.

638,500

12,364

Mitsui

Fudosan

Co.,

Ltd.

538,800

13,410

Mitsui

Fudosan

Logistics

Park,

Inc.

(Æ)

(ö)

475

1,980

Mori

Hills

REIT

Investment

Corp.

Class

A(ö)

3,370

5,349

Mori

Trust

Sogo

REIT,

Inc.(ö)

1,485

2,662

Nippon

Building

Fund,

Inc.(ö)

629

4,830

Nippon

Prologis

REIT,

Inc.(Æ)(ö)

922

2,525

NIPPON

REIT

Investment

Corp.(ö)

580

2,422

Nomura

Real

Estate

Master

Fund,

Inc.(ö)

2,594

4,684

Orix

JREIT,

Inc.(ö)

1,873

4,090

Premier

Investment

Corp.(ö)

2,212

3,247

Sumitomo

Realty

&

Development

Co.,

Ltd.

218,800

8,362

Tokyo

Tatemono

Co.,

Ltd.

70,900

1,000

Tokyu

Fudosan

Holdings

Corp.

606,300

3,885

XYMAX

REIT

Investment

Corp.(ö)

1,161

1,406

106,273

Netherlands

-

0.8%

InterXion

Holding

NV(Æ)

93,900

7,649

Norway

-

0.4%

Entra

ASA

265,754

4,168

Singapore

-

2.5%

CapitaLand,

Ltd.

2,534,900

6,493

City

Developments,

Ltd.

726,900

5,181

Frasers

Centrepoint

Trust(ö)

1,510,600

2,998

Keppel

DC

REIT(ö)

328,100

454

Mapletree

Industrial

Trust(ö)

371,700

654

Mapletree

Logistics

Trust(ö)

3,958,800

4,644

Parkway

Life

Real

Estate

Investment

Trust(Æ)(ö)

1,168,600

2,649

23,073

Spain

-

1.0%

Inmobiliaria

Colonial

Socimi

SA(ö)

222,051

2,679

Merlin

Properties

Socimi

SA(ö)

502,754

7,024

9,703

Sweden

-

2.1%

Castellum

AB

361,245

7,735

Catena

AB

63,320

2,079

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

66

Global

Real

Estate

Securities

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Fabege

AB

314,534

5,182

Fastighets

AB

Balder

Class

B(Æ)

75,467

2,857

Hemfosa

Fastigheter

AB(Æ)

202,821

2,054

19,907

Switzerland

-

0.6%

Swiss

Prime

Site

AG

Class

A(Æ)

55,283

5,413

United

Kingdom

-

4.1%

Assura

PLC(ö)

2,881,220

2,526

Big

Yellow

Group

PLC(ö)

139,654

1,785

British

Land

Co.

PLC

(The)(ö)

84,232

606

Derwent

London

PLC(ö)

52,258

2,166

Grainger

PLC

727,531

2,202

Great

Portland

Estates

PLC(ö)

284,054

2,619

Hammerson

PLC(ö)

405,543

1,414

Intu

Properties

PLC

Class

H(Ñ)(ö)

515,942

281

LondonMetric

Property

PLC(ö)

887,880

2,374

PRS

REIT

PLC

(The)(ö)

1,249,155

1,359

Safestore

Holdings

PLC(ö)

172,107

1,414

Segro

PLC(ö)

1,028,613

10,255

Tritax

EuroBox

PLC

953,426

1,114

UNITE

Group

PLC

(The)(ö)

422,230

5,669

Urban

&

Civic

PLC

646,931

2,577

38,361

United

States

-

52.4%

Agree

Realty

Corp.(Ñ)(ö)

103,800

7,593

Alexandria

Real

Estate

Equities,

Inc.(ö)

74,017

11,402

American

Campus

Communities,

Inc.(ö)

10,300

495

American

Tower

Corp.(ö)

31,889

7,052

Americold

Realty

Trust(Ñ)(ö)

301,384

11,172

Apartment

Investment

&

Management

Co.

Class

A(ö)

139,683

7,283

Boyd

Gaming

Corp.

145,847

3,493

Brixmor

Property

Group,

Inc.(ö)

74,329

1,508

Columbia

Property

Trust,

Inc.(ö)

132,200

2,796

CoreSite

Realty

Corp.

Class

A(ö)

37,400

4,557

Crown

Castle

International

Corp.(ö)

3,405

473

CubeSmart(ö)

166,621

5,815

CyrusOne,

Inc.(ö)

140,975

11,151

DiamondRock

Hospitality

Co.(ö)

148,930

1,527

Douglas

Emmett,

Inc.(ö)

148,516

6,361

Empire

State

Realty

Trust,

Inc.

Class

A(ö)

269,565

3,847

Equinix,

Inc.(Æ)(ö)

19,100

11,017

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

71,000

9,486

Equity

Residential(ö)

299,229

25,811

Essential

Properties

Realty

Trust,

Inc.(ö)

123,600

2,832

Essex

Property

Trust,

Inc.(ö)

56,500

18,456

Extra

Space

Storage,

Inc.(ö)

181,658

21,221

HCP,

Inc.(ö)

322,600

11,494

Highwoods

Properties,

Inc.(ö)

37,141

1,669

Host

Hotels

&

Resorts,

Inc.(ö)

115,557

1,998

Invitation

Homes,

Inc.(ö)

623,219

18,454

JBG

Smith

Properties(ö)

98,500

3,862

Kilroy

Realty

Corp.(ö)

184,646

14,382

Kimco

Realty

Corp.(ö)

568,743

11,875

Liberty

Property

Trust(ö)

66,800

3,429

Life

Storage,

Inc.(Æ)(ö)

44,500

4,691

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Macerich

Co.

(The)(Ñ)(ö)

84,600

2,673

Medical

Properties

Trust,

Inc.(ö)

499,505

9,770

Mid-America

Apartment

Communities,

Inc.(ö)

81,400

10,583

Omega

Healthcare

Investors,

Inc.(Ñ)(ö)

165,876

6,932

Paramount

Group,

Inc.(ö)

251,600

3,359

Park

Hotels

&

Resorts,

Inc.(ö)

348,704

8,707

Pebblebrook

Hotel

Trust(ö)

169,201

4,707

Physicians

Realty

Trust(ö)

18,400

327

Prologis,

Inc.(ö)

390,800

33,303

Public

Storage(ö)

29,068

7,130

Realty

Income

Corp.(ö)

183,288

14,055

Regency

Centers

Corp.(ö)

149,604

10,396

Rexford

Industrial

Realty,

Inc.(ö)

156,100

6,872

Ryman

Hospitality

Properties,

Inc.(ö)

65,846

5,387

Sabra

Health

Care

REIT,

Inc.(ö)

224,000

5,143

SBA

Communications

Corp.(ö)

13,219

3,188

Simon

Property

Group,

Inc.(ö)

123,642

19,245

SITE

Centers

Corp.(ö)

135,800

2,052

STORE

Capital

Corp.(ö)

266,800

9,981

Sun

Communities,

Inc.(ö)

53,700

7,972

Taubman

Centers,

Inc.(ö)

41,300

1,686

UDR,

Inc.(ö)

364,964

17,693

VEREIT,

Inc.(ö)

1,774,423

17,354

VICI

Properties,

Inc.(Ñ)(ö)

232,200

5,259

Welltower,

Inc.(ö)

347,029

31,457

492,433

Total

Common

Stocks

(cost

$730,823)

887,233

Short-Term

Investments

-

4.4%

United

States

-

4.4%

U.S.

Cash

Management

Fund(@)

41,081,494

(∞)

41,090

Total

Short-Term

Investments

(cost

$41,095)

41,090

Other

Securities

-

2.6%

U.S.

Cash

Collateral

Fund(×)(@)

24,940,608

(∞)

24,941

Total

Other

Securities

(cost

$24,941)

24,941

Total

Investments

101.4%

(identified

cost

$796,859)

953,264

Other

Assets

and

Liabilities,

Net

-

(1.4%)

(13,481)

Net

Assets

-

100.0%

939,783

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Real

Estate

Securities

Fund

67

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Dow

Jones

U.S.

Real

Estate

Index

Futures

741

USD

27,298

12/19

645

FTSE/EPRA

Europe

Index

Futures

301

EUR

6,854

12/19

383

Hang

Seng

Index

Futures

17

HKD

22,136

10/19

(17)

MSCI

Singapore

Index

Futures

43

SGD

1,545

10/19

(4)

S&P/TSX

60

Index

Futures

11

CAD

2,191

12/19

1

SPI

200

Index

Futures

19

AUD

3,174

12/19

6

TOPIX

Index

Futures

37

JPY

587,560

12/19

138

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

1,152

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

794

GBP

647

10/02/19

1

Bank

of

America

EUR

515

USD

561

10/02/19

—

Bank

of

Montreal

USD

572

AUD

830

12/18/19

(10)

Bank

of

Montreal

USD

580

AUD

841

12/18/19

(11)

Bank

of

Montreal

USD

295

CAD

390

12/18/19

(1)

Bank

of

Montreal

USD

324

CAD

425

12/18/19

(2)

Bank

of

Montreal

USD

1,238

EUR

1,110

12/18/19

(21)

Bank

of

Montreal

USD

1,923

EUR

1,726

12/18/19

(30)

Bank

of

Montreal

USD

1,009

HKD

7,908

12/18/19

1

Bank

of

Montreal

USD

1,131

JPY

121,440

12/18/19

(1)

Bank

of

Montreal

USD

1,467

JPY

156,193

12/18/19

(15)

Bank

of

Montreal

USD

340

SGD

469

12/18/19

(1)

Bank

of

New

York

USD

579

AUD

841

12/18/19

(10)

Bank

of

New

York

USD

324

CAD

425

12/18/19

(2)

Bank

of

New

York

USD

1,920

EUR

1,726

12/18/19

(28)

Bank

of

New

York

USD

1,009

HKD

7,908

12/18/19

1

Bank

of

New

York

USD

1,468

JPY

156,193

12/18/19

(15)

Bank

of

New

York

USD

340

SGD

469

12/18/19

(1)

Brown

Brothers

Harriman

USD

207

CAD

274

10/02/19

—

Royal

Bank

of

Canada

USD

580

AUD

841

12/18/19

(11)

Royal

Bank

of

Canada

USD

324

CAD

425

12/18/19

(2)

Royal

Bank

of

Canada

USD

1,922

EUR

1,726

12/18/19

(29)

Royal

Bank

of

Canada

USD

693

HKD

5,420

12/18/19

(1)

Royal

Bank

of

Canada

USD

1,009

HKD

7,908

12/18/19

1

Royal

Bank

of

Canada

USD

1,469

JPY

156,193

12/18/19

(17)

Royal

Bank

of

Canada

USD

1,103

SGD

1,525

10/02/19

—

Royal

Bank

of

Canada

USD

240

SGD

330

12/18/19

(1)

Royal

Bank

of

Canada

USD

340

SGD

469

12/18/19

(1)

Royal

Bank

of

Canada

AUD

4,390

USD

2,966

10/02/19

3

Royal

Bank

of

Canada

AUD

500

USD

344

12/18/19

6

Royal

Bank

of

Canada

HKD

894

USD

114

10/03/19

—

Royal

Bank

of

Canada

HKD

5,360

USD

684

12/18/19

—

Royal

Bank

of

Canada

JPY

179,883

USD

1,666

10/02/19

2

Royal

Bank

of

Canada

SGD

150

USD

109

12/18/19

—

State

Street

USD

302

CAD

400

12/18/19

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(195)

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

68

Global

Real

Estate

Securities

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Australia

$

—

$

33,330

$

—

$

—

$

33,330

Austria

—

1,877

—

—

1,877

Belgium

—

4,613

—

—

4,613

Canada

25,590

—

—

—

25,590

China

—

2,158

—

—

2,158

France

—

18,848

—

—

18,848

Germany

—

37,640

—

—

37,640

Hong

Kong

—

55,868

—

—

55,868

Ireland

—

329

—

—

329

Japan

555

105,718

—

—

106,273

Netherlands

7,649

—

—

—

7,649

Norway

—

4,168

—

—

4,168

Singapore

—

23,073

—

—

23,073

Spain

—

9,703

—

—

9,703

Sweden

—

19,907

—

—

19,907

Switzerland

—

5,413

—

—

5,413

United

Kingdom

—

38,361

—

—

38,361

United

States

492,433

—

—

—

492,433

Short-Term

Investments

—

—

—

41,090

41,090

Other

Securities

—

—

—

24,941

24,941

Total

Investments

526,227

361,006

—

66

,

031

953,264

Other

Financial

Instruments

Assets

Futures

Contracts

1,173

—

—

—

1

,

173

Foreign

Currency

Exchange

Contracts

7

8

—

—

1

5

Liabilities

Futures

Contracts

(21)

—

—

—

(21

)

Foreign

Currency

Exchange

Contracts

—

(210

)

—

—

(2

10

)

Total

Other

Financial

Instruments

*

$

1,15

9

$

(202

)

$

—

$

—

$

957

*

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.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

September

30

,

2019,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Property

Sector

Exposure

Fair

Value

$

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

September

30,

2019

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Real

Estate

Securities

Fund

69

Diversified

..............................................................................

303,986

Healthcare

..............................................................................

70,298

Industrial

................................................................................

86,072

Lodging/Resorts

......................................................................

27,507

Manufactured

Homes

..............................................................

17,458

Office

......................................................................................

102,651

Regional

Malls

........................................................................

26,883

Residential

..............................................................................

164,115

Self

Storage

.............................................................................

42,056

Shopping

Centers

....................................................................

46,207

Short-Term

Investments

..........................................................

41,090

Other

Securities

......................................................................

24,941

Total

Investments

....................................................................

953,264

Russell

Investment

Funds

Notes

to

Schedules

of

Investments

—

September

30,

2019

(Unaudited)

70

Notes

to

Schedules

of

Investments

Footnotes:

Abbreviations:

(Æ)

Nonincome-producing

security.

(Ï)

Forward

commitment.

(Ê)

Adjustable

or

floating

rate

security.

Rate

shown

reflects

rate

in

effect

at

period

end.

(ƒ)

Perpetual

floating

rate

security.

Rate

shown

reflects

rate

in

effect

at

period

end.

(ö)

Real

Estate

Investment

Trust

(REIT).

(µ)

Bond

is

insured

by

a

guarantor.

(Ø)

In

default.

(ç)

At

amortized

cost,

which

approximates

fair

value.

(ž

)

Rate

noted

is

yield-to-maturity

from

date

of

acquisition.

(æ)

Pre-refunded:

These

bonds

are

collateralized

by

U.S.

Treasury

securities,

which

are

held

in

escrow

by

a

trustee

and

used

to

pay

principal

and

interest

in

the

tax-exempt

issue

and

to

retire

the

bonds

in

full

at

the

earliest

refunding

date.

(§)

All

or

a

portion

of

the

shares

of

this

security

are

pledged

as

collateral

in

connection

with

futures

contracts

purchased

(sold)

or

swap

contracts

entered

into

by

the

Fund.

(x)

The

security

is

purchased

with

the

cash

collateral

from

securities

loaned.

(Ñ)

All

or

a

portion

of

the

shares

of

this

security

are

on

loan.

(Þ)

Restricted

security.

Security

may

have

contractual

restrictions

on

resale,

may

have

been

offered

in

a

private

placement

transaction,

and

is

not

registered

under

the

Securities

Act

of

1933.

(Û)

All

or

a

portion

of

the

shares

of

this

security

are

pledged

as

collateral

in

connection

with

securities

sold

short.

(∞)

Unrounded

units.

(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.

(

ì

)

All

or

a

portion

of

the

shares

of

this

security

are

pledged

as

collateral

in

connection

with

options

written

contracts.

(v)

Loan

agreement

still

pending.

Rate

not

available

at

period

end.

0.000%

rate

is

used

as

a

placeholder.

(

Š)

Value

was

determined

using

significant

unobservable

inputs

.

(

~)

Rate

fluctuates

based

on

various

factors

such

as

changes

in

current

rates

and

prepayments

of

the

underlying

assets,

changes

in

the

CPI

or

other

contractual

arrangements

.

(ÿ

)

Notional

amount

.

(

@)

Affiliate

.

(

Ÿ)

Rate

noted

is

dividend

yield

at

period

end

.

(

¢)

Date

sh

own

reflects

next

contractual

call

date.

(

ƕ

)

Unfunded

Loan

Agreement

.

(

Ð

)

All

or

a

portion

of

the

shares

of

this

security

are

on

loan

through

the

reciprocal

lending

program

with

State

Street.

See

note

2

in

the

Notes

to

Quarterly

Report.

(0)

Weekly

payment

frequency.

(1)

Monthly

payment

frequency.

(2)

Quarterly

payment

frequency.

(3)

Semi-annual

payment

frequency.

(4)

Annual

payment

frequency.

(5)

Payment

at

termination.

ADR

-

American

Depositary

Receipt

ADS

-

American

Depositary

Share

BBR

-

Bank

Bill

Rate

BBSW

-

Bank

Bill

Swap

Reference

Rate

BUBOR

–

Budapest

Interbank

Offered

Rate

CIBOR

-

Copenhagen

Interbank

Offered

Rate

CME

-

Chicago

Mercantile

Exchange

CMO

-

Collateralized

Mortgage

Obligation

CVO

-

Contingent

Value

Obligation

EMU

-

European

Economic

and

Monetary

Union

EURIBOR

-

Euro

Interbank

Offered

Bank

FDIC

-

Federal

Deposit

Insurance

Company

GDR

-

Global

Depositary

Receipt

GDS

-

Global

Depositary

Share

GSCI

–

Goldman

Sachs

Commodity

Index

Russell

Investment

Funds

Notes

to

Schedules

of

Investments,

continued

—

September

30,

2019

(Unaudited)

Notes

to

Schedules

of

Investments

71

Foreign

Currency

Abbreviations:

HIBOR

–

Hong

Kong

Interbank

Offered

Rate

JIBAR

–

Johannesburg

Interbank

Agreed

Rate

KSDA

–

Korean

Securities

Dealers

Association

LIBOR

-

London

Interbank

Offered

Rate

MIBOR

–

Mumbai

Inter-Bank

Offered

Rate

NIBOR

-

Norwegian

Interbank

Offered

Rate

PIK

-

Payment

in

Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

STIBOR

–

Stockholm

Interbank

Offered

Rate

STRIP

-

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

SFE

-

Sydney

Futures

Exchange

TBA

-

To

Be

Announced

Security

UK

-

United

Kingdom

WTI

–

West

Texas

Intermediate

ARS

-

Argentine

peso

HKD

-

Hong

Kong

dollar

PKR

-

Pakistani

rupee

AUD

-

Australian

dollar

HUF

-

Hungarian

forint

PLN

-

Polish

zloty

BRL

-

Brazilian

real

IDR

-

Indonesian

rupiah

RON

–

Romanian

New

Leu

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

offshore

spot

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

UYU

–

Uruguayan

peso

DOP

-

Dominican

peso

NOK

-

Norwegian

krone

VEB

-

Venezuelan

bolivar

EGP

-

Egyptian

pound

NGN

–

Nigerian

naira

VND

-

Vietnamese

dong

EUR

-

Euro

NZD

-

New

Zealand

dollar

ZAR

-

South

African

rand

GBP

-

British

pound

sterling

PEN

-

Peruvian

nuevo

sol

GHS

-

Ghana

cedi

PHP

-

Philippine

peso

Russell

Investment

Funds

Notes

to

Quarterly

Report

—

September

30,

2019

(Unaudited)

72

Notes

to

Quarterly

Report

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

five

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.

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").

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.

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

September

30,

2019

(Unaudited)

Notes

to

Quarterly

Report

73

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.

Preferred

stock

and

other

equities

traded

on

inactive

markets

or

valued

by

reference

to

similar

instruments

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Certain

foreign

equity

securities

may

be

fair

valued

using

a

pricing

service

that

considers

the

correlation

of

the

trading

patterns

of

the

foreign

security

to

the

intraday

trading

in

the

U.S.

markets

for

investments

such

as

American

Depositary

Receipts,

financial

futures,

exchange-traded

funds,

and

the

movement

of

certain

indexes

of

securities,

based

on

the

statistical

analysis

of

historical

relationships.

Foreign

equity

securities

prices

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Fixed

income

securities

including

corporate,

convertible,

U.S.

government

agency,

municipal

bonds

and

notes,

U.S.

treasury

obligations,

sovereign

issues,

bank

loans,

bank

notes

and

non-U.S.

bonds

are

normally

valued

by

pricing

service

providers

that

use

broker

dealer

quotations

or

valuation

estimates

from

their

internal

pricing

models.

The

pricing

service

providers’

internal

models

use

inputs

that

are

observable

such

as

issuer

details,

interest

rates,

yield

curves,

prepayment

speeds,

credit

risks/spreads

and

default

rates.

Such

fixed

income

securities

that

use

pricing

service

internal

models

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Such

fixed

income

securities

that

use

broker

dealer

quotations

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

Fixed

income

securities

purchased

on

a

delayed-delivery

basis

and

marked-to-market

daily

until

settlement

at

the

forward

settlement

date

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Mortgage

and

asset-backed

securities

are

usually

issued

as

separate

tranches,

or

classes,

of

securities

within

each

deal.

These

securities

are

also

normally

valued

by

pricing

service

providers

that

use

broker

dealer

quotations

or

valuation

estimates

from

their

internal

pricing

models.

The

pricing

models

for

these

securities

usually

consider

tranche-level

attributes,

including

estimated

cash

flows

of

each

tranche,

market-based

yield

spreads

for

each

tranche,

and

current

market

data,

as

well

as

incorporate

deal

collateral

performance,

as

available.

Mortgage

and

asset-backed

securities

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Investments

in

investment

funds

that

are

not

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market)

will

be

based

upon

the

NAV

of

such

investments.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

of

an

investment

in

a

fund

using

the

NAV

per

share

without

further

adjustment

as

a

practical

expedient,

if

the

NAV

per

share

of

the

investment

is

determined

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies

as

of

the

reporting

entity’s

measurement

date.

Short-term

investments

having

a

maturity

of

60

days

or

less

are

generally

valued

at

amortized

cost,

which

approximates

fair

market

value.

These

investments

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Derivative

instruments

are

instruments

such

as

foreign

currency

contracts,

futures

contracts,

options

contracts,

or

swap

agreements

that

derive

their

value

from

underlying

asset

prices,

indices,

reference

rates,

and

other

inputs

or

a

combination

of

these

factors.

Derivatives

may

be

classified

into

two

groups

depending

upon

the

way

that

they

are

traded:

privately

traded

over-the-counter

(“OTC”)

derivatives

that

do

not

go

through

an

exchange

or

intermediary

and

exchange-traded

derivatives

that

are

traded

through

specialized

derivatives

exchanges

or

other

regulated

exchanges.

OTC

derivatives

are

normally

valued

on

the

basis

of

broker

dealer

quotations

or

pricing

service

providers.

Depending

on

the

product

and

the

terms

of

the

transaction,

the

value

of

the

derivative

instrument

can

be

estimated

by

a

pricing

service

provider

using

a

series

of

techniques,

including

simulation

pricing

models.

The

pricing

models

use

inputs

that

are

observed

from

actively

quoted

markets

such

as

issuer

details,

indices,

spreads,

interest

rates,

yield

curves,

dividends

and

exchange

rates.

OTC

derivatives

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy,

with

the

exception

of

foreign

currency

spot

contracts

which

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

OTC

derivatives

that

use

broker

dealer

quotations

are

categorized

as

level

3

of

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

September

30,

2019

(Unaudited)

74

Notes

to

Quarterly

Report

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.

Events

or

circumstances

affecting

the

values

of

Fund

securities

that

occur

between

the

closing

of

the

principal

markets

on

which

they

trade

and

the

time

the

NAV

of

Fund

shares

is

determined

may

be

reflected

in

the

calculation

of

NAV

for

each

applicable

Fund

when

the

Fund

deems

that

the

particular

event

or

circumstance

would

materially

affect

such

Fund’s

NAV.

Funds

that

invest

primarily

in

frequently

traded

exchange-listed

securities

will

use

fair

value

pricing

in

limited

circumstances

since

reliable

market

quotations

will

often

be

readily

available.

Funds

that

invest

in

foreign

securities

use

fair

value

pricing

daily

as

events

may

occur

between

the

close

of

foreign

markets

and

the

time

of

pricing.

Although

there

are

observable

inputs

assigned

on

a

security

level,

prices

are

derived

from

factors

using

proprietary

models

or

matrix

pricing.

For

this

reason,

fair

value

factors

will

cause

movement

between

Levels

1

and

2.

Significant

events

that

could

trigger

fair

value

pricing

of

one

or

more

securities

include:

a

company

development

such

as

a

material

business

development;

a

natural

disaster

or

emergency

situation;

or

an

armed

conflict.

The

NAV

of

a

Fund’s

portfolio

that

includes

foreign

securities

may

change

on

days

when

shareholders

will

not

be

able

to

purchase

or

redeem

Fund

shares,

since

foreign

securities

can

trade

on

non-business

days.

For

movements

between

the

levels

within

the

fair

value

hierarchy,

the

Funds

have

adopted

a

policy

of

recognizing

the

transfers

as

of

year-end.

The

U.S.

Strategic

Equity

Fund,

U.S.

Small

Cap

Equity

Fund,

International

Developed

Markets

Fund,

and

Global

Real

Estate

Securities

Fund

had

no

transfers

between

Levels

1,

2

and

3

for

the

period

ended

September

30,

2019.

Transfers

which

result

from

the

application

of

fair

value

factors

are

purposely

excluded

because

they

represent

the

routine

treatment

of

foreign

securities

in

the

normal

course

of

business

per

the

Board-approved

securities

valuation

procedures.

The

Strategic

Bond

Fund

had

transfers

out

of

Level

3

to

Level

2

representing

financial

instruments

for

which

approved

vendor

sources

became

available

or

inputs

became

observable.

The

amount

transferred

was

$36,181.

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.

The

significant

unobservable

input

used

in

fair

value

measurement

of

certain

of

the

Funds’

preferred

equity

securities

is

the

redemption

value

calculated

on

a

fully-diluted

basis

if

converted

to

common

stock.

Significant

increases

or

decreases

in

the

redemption

value

would

have

a

direct

and

proportional

impact

to

fair

value.

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

September

30,

2019

(Unaudited)

Notes

to

Quarterly

Report

75

The

significant

unobservable

input

used

in

the

fair

value

measurement

of

certain

Funds’

debt

securities

is

the

yield

to

worst

ratio.

Significant

increases

(decreases)

in

the

yield

to

worst

ratio

would

result

in

a

lower

(higher)

fair

value

measurement.

These

significant

unobservable

inputs

are

further

disclosed

in

the

Presentation

of

Portfolio

Holdings

for

each

respective

Fund

as

applicable.

If

third-party

evaluated

vendor

pricing

is

neither

available

nor

deemed

to

be

indicative

of

fair

value,

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

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

Dividend

income

is

recorded

net

of

applicable

withholding

taxes

on

the

ex-dividend

date,

except

that

certain

dividends

from

foreign

securities

are

recorded

as

soon

as

the

Funds

are

informed

of

the

dividend,

subsequent

to

the

ex-dividend

date.

To

the

extent

the

dividend

represents

a

return

of

capital

or

capital

gain

for

tax

purposes,

reclassifications

are

made

which

may

be

based

on

management's

estimates.

Interest

income

is

recorded

daily

on

the

accrual

basis.

The

Strategic

Bond

Fund

classifies

gains

and

losses

realized

on

prepayments

received

on

mortgage-backed

securities

as

an

adjustment

to

interest

income.

All

premiums

and

discounts,

including

original

issue

discounts,

are

amortized/

accreted

using

the

effective

interest

method.

Debt

obligation

securities

may

be

placed

in

a

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivable

when

the

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Foreign

Currency

Translations

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Foreign

currency

amounts

and

transactions

of

the

Funds

are

translated

into

U.S.

dollars

on

the

following

basis:

(a)

Fair

value

of

investment

securities,

other

assets

and

liabilities

at

the

closing

rate

of

exchange

on

the

valuation

date.

(b)

Purchases

and

sales

of

investment

securities

and

income

at

the

closing

rate

of

exchange

prevailing

on

the

respective

trade

dates

of

such

transactions.

Net

realized

gains

or

losses

from

foreign

currency-related

transactions

arise

from:

sales

and

maturities

of

short-term

securities;

sales

of

foreign

currencies;

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions;

the

difference

between

the

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

recorded

on

the

Funds’

books

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

gains

or

losses

from

foreign

currency-related

transactions

arise

from

changes

in

the

value

of

assets

and

liabilities,

other

than

investments

in

securities,

as

a

result

of

changes

in

the

exchange

rates.

The

Funds

do

not

isolate

that

portion

of

the

results

of

operations

of

the

Funds

that

arises

as

a

result

of

changes

in

exchange

rates

from

that

portion

that

arises

from

changes

in

market

prices

of

investments

during

the

year.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

from

investments.

However,

for

federal

income

tax

purposes,

the

Funds

do

isolate

the

effects

of

changes

in

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

in

market

prices

for

realized

gain

(or

loss)

on

debt

obligations.

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

September

30,

2019

(Unaudited)

76

Notes

to

Quarterly

Report

Derivatives

The

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,

certain

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

appropriate

markets

by

purchasing

securities

and/or

derivatives.

This

is

intended

to

cause

the

Funds

to

perform

as

though

cash

were

actually

invested

in

those

markets.

Hedging

may

be

used

by

certain

Funds

to

limit

or

control

risks,

such

as

adverse

movements

in

exchange

rates

and

interest

rates.

Return

enhancement

can

be

accomplished

through

the

use

of

derivatives

in

a

Fund,

including

using

derivatives

as

a

substitute

for

holding

physical

securities,

and

using

them

to

express

various

macro

views

(e.g.,

interest

rate

movements,

currency

movements,

and

macro

credit

strategies).

By

purchasing

certain

instruments,

the

Funds

may

more

effectively

achieve

the

desired

portfolio

characteristics

that

assist

them

in

meeting

their

investment

objectives.

Depending

on

how

the

derivatives

are

structured

and

utilized,

the

risks

associated

with

them

may

vary

widely.

These

risks

include,

but

are

not

limited

to,

market

risk,

liquidity

risk,

leveraging

risk,

counterparty

risk,

basis

risk,

reinvestment

risk,

political

risk,

prepayment

risk,

extension

risk,

valuation

risk

and

credit

risk.

Futures,

certain

options

and

cleared

swaps

are

traded

or

cleared

on

an

exchange

or

central

exchange

clearing

house.

Exchange-

traded

or

exchange-cleared

transactions

generally

present

less

counterparty

risk

to

a

Fund.

The

exchange’s

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

Certain

Funds

may

enter

into

foreign

currency

exchange

spot

contracts

and

forward

foreign

currency

exchange

contracts

(“FX

contracts”).

From

time

to

time,

certain

Funds

may

enter

into

FX

contracts

to

hedge

certain

foreign

currency-denominated

assets.

FX

contracts

are

recorded

at

fair

value.

Certain

risks

may

arise

upon

entering

into

these

FX

contracts

from

the

potential

inability

of

counterparties

to

meet

the

terms

of

their

FX

contracts

and

are

generally

limited

to

the

amount

of

unrealized

gain

on

the

FX

contracts.

For

the

period

ended

September

30,

2019

the

following

Funds

entered

into

foreign

currency

exchange

contracts

primarily

for

the

strategies

listed

below:

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.

Funds

Strategies

International

Developed

Markets

Fund

Return

enhancement,

hedging,

exposing

cash

to

markets

and

trade

settlement

Strategic

Bond

Fund

Return

enhancement

and

hedging

Global

Real

Estate

Securities

Fund

Exposing

cash

to

markets

and

trade

settlement

Outstanding

Contract

Amounts

Sold

Quarter

Ended

March

31,

2019

June

30,

2019

September

30,

2019

International

Developed

Markets

Fund

$

166,952,447

$

108,530,104

$

68,435,457

Strategic

Bond

Fund

276,761,776

346,905,191

406,773,970

Global

Real

Estate

Securities

Fund

13,077,807

9,690,876

29,934,621

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

September

30,

2019

(Unaudited)

Notes

to

Quarterly

Report

77

As

of

September

30,

2019

the

Funds

had

cash

collateral

balances

in

connection

with

foreign

currency

contracts

purchased

/sold

as

follows:

Options

Certain

Funds

may

purchase

and

sell

(write)

call

and

put

options

on

securities

and

securities

indices.

Such

options

are

traded

on

a

national

securities

exchange

or

in

an

OTC

market.

The

Funds

may

also

purchase

and

sell

(write)

call

and

put

options

on

foreign

currencies.

When

a

Fund

writes

a

covered

call

or

a

put

option,

an

amount

equal

to

the

premium

received

by

the

Fund

is

included

in

the

Fund’s

Statement

of

Assets

and

Liabilities

as

an

asset

and

as

an

equivalent

liability.

The

amount

of

the

liability

is

subsequently

marked-

to-market

to

reflect

the

current

fair

value

of

the

option

written.

The

Fund

receives

a

premium

on

the

sale

of

a

call

option

but

gives

up

the

opportunity

to

profit

from

any

increase

in

the

value

of

the

underlying

instrument

above

the

exercise

price

of

the

option,

and

when

the

Fund

writes

a

put

option

it

is

exposed

to

a

decline

in

the

price

of

the

underlying

instrument.

When

a

Fund

sells

an

uncovered

call

option,

it

does

not

simultaneously

have

a

long

position

in

the

underlying

security.

When

a

Fund

sells

an

uncovered

put

option,

it

does

not

simultaneously

have

a

short

position

in

the

underlying

security.

Uncovered

options

are

riskier

than

covered

options

because

there

is

no

underlying

security

held

by

the

Fund

that

can

act

as

a

partial

hedge.

Whether

an

option

which

the

Fund

has

written

expires

on

its

stipulated

expiration

date

or

the

Fund

enters

into

a

closing

purchase

transaction,

the

Fund

realizes

a

gain

(or

loss,

if

the

cost

of

a

closing

purchase

transaction

exceeds

the

premium

received

when

the

option

was

sold)

without

regard

to

any

unrealized

gain

or

loss

on

the

underlying

security,

and

the

liability

related

to

such

option

is

extinguished.

If

a

call

option

which

the

Fund

has

written

is

exercised,

the

Fund

realizes

a

capital

gain

or

loss

from

the

sale

of

the

underlying

security,

and

the

proceeds

from

such

sale

are

increased

by

the

premium

originally

received.

When

a

put

option

which

a

Fund

has

written

is

exercised,

the

amount

of

the

premium

originally

received

will

reduce

the

cost

of

the

security

which

a

Fund

purchases

upon

exercise

of

the

option.

The

Funds’

use

of

written

options

involves,

to

varying

degrees,

elements

of

market

risk

in

excess

of

the

amount

recognized

in

the

Statements

of

Assets

and

Liabilities.

The

face

or

contract

amounts

of

these

instruments

reflect

the

extent

of

the

Funds’

exposure

to

market

risk.

The

risks

may

be

caused

by

an

imperfect

correlation

between

movements

in

the

price

of

the

instrument

and

the

price

of

the

underlying

securities

and

interest

rates.

Certain

Funds

may

enter

into

a

swaption

(an

option

on

a

swap).

In

a

swaption,

in

exchange

for

an

option,

the

buyer

gains

the

right

but

not

the

obligation

to

enter

into

a

specified

swap

agreement

with

the

issuer

on

a

specified

future

date.

The

writer

of

the

contract

receives

the

premium

and

bears

the

risk

of

unfavorable

changes

in

the

preset

rate

on

the

underlying

swap.

For

the

period

ended

September

30,

2019,

the

following

Funds

purchased

or

sold

options

primarily

for

the

strategies

listed

below:

The

Funds'

options

contracts

notional

amounts

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.

Outstanding

Contract

Amounts

Bought

Quarter

Ended

March

31,

2019

June

30,

2019

September

30,

2019

International

Developed

Markets

Fund

$

166,988,286

$

108,684,111

$

67,845,339

Strategic

Bond

Fund

281,153,505

338,223,071

407,769,462

Global

Real

Estate

Securities

Fund

13,018,690

9,698,703

29,658,735

Cash

Collateral

for

Forwards

Due

to

Broker

Strategic

Bond

Fund

$

10,000

$

40,000

Funds

Strategies

Strategic

Bond

Fund

Return

enhancement

and

hedging

Notional

of

Options

Contracts

Funds

March

31,

2019

June

30,

2019

September

30,

2019

Strategic

Bond

Fund

$

50,072,755

$

58,192,750

$

47,490,500

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

September

30,

2019

(Unaudited)

78

Notes

to

Quarterly

Report

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:

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

(equity

and/

or

index)

and

currency

swaps.

Credit

default

swaps

are

a

counterparty

agreement

which

allows

the

transfer

of

third-party

credit

risk

(the

possibility

that

an

issuer

will

default

on

its

obligation

by

failing

to

pay

principal

or

interest

in

a

timely

manner)

from

one

party

to

another.

The

lender

faces

the

credit

risk

from

a

third-party

and

the

counterparty

in

the

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Interest

rate

swaps

are

a

counterparty

agreement,

can

be

customized

to

meet

each

party’s

needs,

and

involve

the

exchange

of

a

fixed

or

variable

payment

per

period

for

a

payment

that

is

not

fixed.

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

Funds

Strategies

U.S.

Strategic

Equity

Fund

Exposing

cash

to

markets

U.S.

Small

Cap

Equity

Fund

Exposing

cash

to

markets

International

Developed

Markets

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Strategic

Bond

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Global

Real

Estate

Securities

Fund

Exposing

cash

to

markets

Notional

of

Futures

Contracts

Funds

March

31,

2019

June

30,

2019

September

30,

2019

U.S.

Strategic

Equity

Fund

$

6,243,160

$

7,066,080

$

1,936,025

U.S.

Small

Cap

Equity

Fund

2,006,940

7,600,435

5,185,000

International

Developed

Markets

Fund

118,377,117

112,050,501

109,639,209

Strategic

Bond

Fund

584,543,689

679,752,543

775,144,815

Global

Real

Estate

Securities

Fund

21,319,343

18,589,439

47,941,057

Cash

Collateral

for

Futures

Due

to

Broker

U.S.

Strategic

Equity

Fund

$

120,828

$

—

U.S.

Small

Cap

Equity

Fund

$

419,709

$

—

International

Developed

Markets

Fund

$

3,574,121

$

—

Strategic

Bond

Fund

$

6,887,226

$

41

Global

Real

Estate

Securities

Fund

$

1,056,985

$

—

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

September

30,

2019

(Unaudited)

Notes

to

Quarterly

Report

79

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

Strategic

Bond

Fund

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.

The

Fund

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

Fund

may

be

unable

to

deliver

the

underlying

debt

security

to

the

other

party

to

the

agreement.

Additionally,

the

Fund

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,

the

Fund

enters

into

a

credit

default

swap

without

owning

the

underlying

asset

or

debt

issued

by

the

reference

entity.

Credit

default

swaps

allow

the

Fund

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

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

Fund

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

Fund

may

use

credit

default

swaps

to

provide

a

measure

of

protection

against

defaults

of

the

issuers

(i.e.,

to

reduce

risk

where

the

Fund

owns

or

has

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

Strategic

Bond

Fund

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

Cash

Collateral

for

Swaps

Due

to

Broker

Strategic

Bond

Fund

$

3,056,369

$

218,630

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

September

30,

2019

(Unaudited)

80

Notes

to

Quarterly

Report

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

the

Fund

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

the

Fund

for

the

same

referenced

entity

or

entities.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

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

Fund

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.

The

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,

the

Fund

may

lose

its

investment

and

recover

nothing

should

a

credit

event

fail

to

occur

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

the

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

the

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

Fund

will

only

enter

into

swap

agreements

with

counterparties

that

meet

certain

standards

of

creditworthiness.

Although

there

can

be

no

assurance

that

the

Fund

will

be

able

to

do

so,

the

Fund

may

be

able

to

reduce

or

eliminate

its

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

Fund

may

have

limited

ability

to

eliminate

its

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

Strategic

Bond

Fund

entered

into

credit

default

swaps

primarily

for

the

strategies

listed

below:

Funds

Strategies

Strategic

Bond

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

September

30,

2019

(Unaudited)

Notes

to

Quarterly

Report

81

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.

Interest

Rate

Swaps

The

use

of

interest

rate

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

If

RIM

or

a

money

manager

using

this

technique

is

incorrect

in

its

forecast

of

fair

values,

interest

rates

and

other

applicable

factors,

the

investment

performance

of

a

Fund

might

diminish

compared

to

what

it

would

have

been

if

this

investment

technique

were

not

used.

Interest

rate

swaps

do

not

involve

the

delivery

of

securities

or

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

with

respect

to

interest

rate

swaps

is

limited

to

the

net

amount

of

interest

payments

that

a

Fund

is

contractually

obligated

to

make.

Interest

rate

swaps

are

traded

on

exchanges

and

are

subject

to

central

clearing.

If

the

clearing

house

or

futures

commission

merchant

defaults,

a

Funds'

risk

of

loss

consists

of

the

net

amount

of

interest

payments

that

a

Fund

is

contractually

entitled

to

receive.

The

counterparty

risk

for

cleared

derivatives

is

generally

lower

than

for

uncleared

derivatives.

However,

clearing

may

subject

a

Fund

to

increased

costs

or

margin

requirements.

For

the

period

ended

September

30,

2019,

the

Strategic

Bond

Fund

entered

into

interest

rate

swaps

primarily

for

the

strategies

listed

below:

The

Funds’

interest

rate

swap

contract

notional

amounts

outstanding

fluctuate

throughout

the

fiscal

year

as

required

to

meet

strategic

requirements.

The

following

table

illustrates

the

quarterly

volume

of

interest

rate

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

Certain

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

any

total

return

swap

agreements.

Currency

Swaps

Certain

Funds

may

enter

into

currency

swap

agreements

to

enhance

returns

or

for

hedging

purposes.

Currency

swap

agreements

are

agreements

where

two

parties

exchange

specified

amounts

of

different

currencies

which

are

followed

by

paying

the

other

a

series

of

interest

payments

that

are

based

on

the

principal

cash

flow.

At

maturity,

the

principal

amounts

are

exchanged.

For

the

period

ended

September

30,

2019,

the

Funds

did

not

enter

into

any

currency

swap

agreements.

Master

Agreements

Certain

Funds

are

parties

to

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreements

(“ISDA

Master

Agreements”)

with

counterparties

that

govern

transactions

in

OTC

derivative

and

foreign

exchange

contracts

entered

into

by

the

Funds

and

those

counterparties.

The

ISDA

Master

Agreements

contain

provisions

for

general

obligations,

representations,

agreements,

collateral

and

events

of

default

or

termination.

Events

of

termination

and

default

include

conditions

that

may

entitle

either

party

Credit

Default

Swap

Notional

Amounts

Outstanding

Quarter

Ended

March

31,

2019

June

30,

2019

September

30,

2019

Strategic

Bond

Fund

$

36,699,702

$

36,190,000

$

18,034,200

Funds

Strategies

Strategic

Bond

Fund

Return

enhancement

and

hedging

Interest

Rate

Swap

Notional

Amounts

Outstanding

Quarter

Ended

March

31,

2019

June

30,

2019

September

30,

2019

Strategic

Bond

Fund

$

60,993,824

$

81,003,255

$

89,927,991

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

September

30,

2019

(Unaudited)

82

Notes

to

Quarterly

Report

to

elect

to

terminate

early

and

cause

settlement

of

all

outstanding

transactions

under

the

applicable

ISDA

Master

Agreement.

Any

election

to

terminate

early

could

be

material

to

the

financial

statements.

Since

different

types

of

forward

and

OTC

financial

derivative

transactions

have

different

mechanics

and

are

sometimes

traded

out

of

different

legal

entities

of

a

particular

counterparty

organization,

each

type

of

transaction

may

be

covered

by

a

different

ISDA

Master

Agreement,

resulting

in

the

need

for

multiple

agreements

with

a

single

counterparty.

As

the

ISDA

Master

Agreements

are

specific

to

unique

operations

of

different

asset

types,

they

allow

a

Fund

to

net

its

total

exposure

to

a

counterparty

in

the

event

of

a

default

with

respect

to

all

the

transactions

governed

under

a

single

agreement

with

a

counterparty.

Master

Repurchase

Agreements

(“Master

Repo

Agreements”)

govern

transactions

between

a

Fund

and

select

counterparties.

The

Master

Repo

Agreements

maintain

provisions

for,

among

other

things,

initiation,

income

payments,

events

of

default,

and

maintenance

of

collateral

for

repurchase

and

reverse

repurchase

agreements.

Master

Securities

Forward

Transaction

Agreements

(“Master

Forward

Agreements”)

govern

the

considerations

and

factors

surrounding

the

settlement

of

certain

forward

settling

transactions,

such

as

delayed

delivery

by

and

between

a

Fund

and

select

counterparties.

The

Master

Forward

Agreements

maintain

provisions

for,

among

other

things,

initiation

and

confirmation,

payment

and

transfer,

events

of

default,

termination,

and

maintenance

of

collateral.

Loan

Agreements

The

Strategic

Bond

Fund

may

invest

in

direct

debt

instruments,

which

are

interests

in

amounts

owed

by

corporate,

governmental,

or

other

borrowers

to

lenders

or

lending

syndicates.

The

Fund's

investments

in

loans

may

be

in

the

form

of

participations

in

loans

or

assignments

of

all

or

a

portion

of

loans

from

third

parties.

A

loan

is

often

administered

by

a

bank

or

other

financial

institution

(the

“agent”)

that

acts

as

agent

for

all

holders.

The

agent

administers

the

terms

of

the

loan,

as

specified

in

the

loan

agreement.

When

investing

in

a

loan

participation,

the

Fund

has

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

agent

selling

the

loan

agreement

and

only

upon

receipt

by

the

agent

of

payments

from

the

borrower.

The

Fund

generally

has

no

right

to

enforce

compliance

with

the

terms

of

the

loan

agreement

with

the

borrower.

As

a

result,

the

Fund

may

be

subject

to

the

credit

risk

of

both

the

borrower

and

the

agent

that

is

selling

the

loan

agreement.

When

the

Fund

purchases

assignments

from

agents

it

acquires

direct

rights

against

the

borrower

on

the

loan.

Local

Access

Products

Certain

Funds

may

invest

in

local

access

products,

also

known

as

certificates

of

participation,

participation

notes

or

participation

interest

notes.

Local

access

products

are

issued

by

banks

or

broker-dealers

and

are

designed

to

replicate

the

performance

of

foreign

companies

or

foreign

securities

markets

and

can

be

used

by

the

Fund

as

an

alternative

means

to

access

the

securities

market

of

a

frontier

emerging

market

country.

The

performance

results

of

local

access

products

will

not

replicate

exactly

the

performance

of

the

foreign

companies

or

foreign

securities

markets

that

they

seek

to

replicate

due

to

transaction

and

other

expenses.

Investments

in

local

access

products

involve

certain

risks

in

addition

to

those

associated

with

a

direct

investment

in

the

underlying

foreign

companies

or

foreign

securities

markets

whose

return

they

seek

to

replicate.

There

can

be

no

assurance

that

there

will

be

a

trading

market

or

that

the

trading

price

of

local

access

products

will

equal

the

underlying

value

of

the

foreign

company

or

foreign

securities

market

that

it

seeks

to

replicate.

The

Funds

rely

on

the

creditworthiness

of

the

counterparty

issuing

the

local

access

products

and

have

no

rights

against

the

issuer

of

the

underlying

security.

The

Funds

minimize

this

risk

by

entering

into

agreements

only

with

counterparties

that

RIM

deems

creditworthy.

Due

to

liquidity

and

transfer

restrictions,

the

secondary

markets

on

which

the

local

access

products

are

traded

may

be

less

liquid

than

the

markets

for

other

securities,

or

may

be

completely

illiquid.

Short

Sales

The

U.S.

Small

Cap

Equity

Fund

may

enter

into

short

sale

transactions.

In

a

short

sale,

the

seller

sells

a

security

that

it

does

not

own,

typically

a

security

borrowed

from

a

broker

or

dealer.

Because

the

seller

remains

liable

to

return

the

underlying

security

that

it

borrowed

from

the

broker

or

dealer,

the

seller

must

purchase

the

security

prior

to

the

date

on

which

delivery

to

the

broker

or

dealer

is

required.

The

Fund

will

incur

a

loss

as

a

result

of

the

short

sale

if

the

price

of

the

security

increases

between

the

date

of

the

short

sale

and

the

date

on

which

the

Fund

must

return

the

borrowed

security.

The

Fund

will

realize

a

gain

if

the

security

declines

in

price

between

those

dates.

Short

sales

expose

the

Fund

to

the

risk

of

liability

for

the

fair

value

of

the

security

that

is

sold

(the

amount

of

which

increases

as

the

fair

value

of

the

underlying

security

increases),

in

addition

to

the

costs

associated

with

establishing,

maintaining

and

closing

out

the

short

position.

Although

the

Fund’s

potential

for

gain

as

a

result

of

a

short

sale

is

limited

to

the

price

at

which

it

sold

the

security

short

less

the

cost

of

borrowing

the

security,

its

potential

for

loss

is

theoretically

unlimited

because

there

is

no

limit

to

the

cost

of

replacing

the

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

September

30,

2019

(Unaudited)

Notes

to

Quarterly

Report

83

borrowed

security.

When

the

Fund

makes

a

short

sale,

the

Fund

may

use

all

or

a

portion

of

the

cash

proceeds

of

short

sales

to

purchase

other

securities

or

for

any

other

permissible

Fund

purpose.

To

the

extent

necessary

to

meet

collateral

requirements,

the

Fund

is

required

to

pledge

assets

in

a

segregated

account

maintained

by

the

Fund’s

custodian

for

the

benefit

of

the

broker.

The

Fund

also

may

use

securities

it

owns

to

meet

any

such

collateral

obligations.

Until

the

Fund

replaces

a

borrowed

security

in

connection

with

a

short

sale,

the

Fund

will:

(a)

maintain

daily

a

segregated

account,

containing

liquid

assets

at

such

a

level

that

the

amount

deposited

in

the

segregated

account

will

equal

the

current

requirement

under

Regulation

T

promulgated

by

the

Board

of

Governors

of

the

Federal

Reserve

System

under

the

authority

of

Sections

7

and

8

of

the

Securities

Exchange

Act

of

1934,

as

amended;

or

(b)

otherwise

cover

its

short

position

in

accordance

with

positions

taken

by

the

staff

of

the

Securities

and

Exchange

Commission

(e.g.,

taking

an

offsetting

long

position

in

the

security

sold

short).

The

U.S.

Small

Cap

Fund

may

also

engage

in

short

sale

transactions

that

are

effected

through

State

Street

and

may

deliver

cash

received

in

connection

with

its

reciprocal

lending

activity

to

State

Street

as

collateral

to

secure

the

short

sale

transactions.

Participation

in

this

program

may

subject

the

Fund

to

a

heightened

risk

that

State

Street

would

fail

to

return

the

Fund’s

cash

collateral.

As

of

September

30,

2019,

the

market

value

of

securities

on

loan

through

the

reciprocal

lending

program

for

U.S.

Small

Cap

Equity

Fund

was

$8,867,836.

As

of

September

30,

2019,

the

U.S.

Small

Cap

Equity

Fund

held

$12,627,904

as

collateral

for

short

sales.

Emerging

Markets

Securities

Funds

may

invest

in

emerging

markets

securities.

Investing

in

emerging

markets

securities

can

pose

some

risks

different

from,

and

greater

than,

risks

of

investing

in

U.S.

or

developed

markets

securities.

These

risks

include:

a

risk

of

loss

due

to

exposure

to

economic

structures

that

are

generally

less

diverse

and

mature,

and

to

political

systems

which

may

have

less

stability,

than

those

of

more

developed

countries;

smaller

market

capitalization

of

securities

markets,

which

may

suffer

periods

of

relative

illiquidity;

significant

price

volatility;

restrictions

on

foreign

investment;

and

possible

difficulties

in

the

repatriation

of

investment

income

and

capital.

In

addition,

foreign

investors

may

be

required

to

register

the

proceeds

of

sales

and

future

economic

or

political

crises

could

lead

to

price

controls,

forced

mergers,

expropriation

or

confiscatory

taxation,

seizure,

nationalization,

or

creation

of

government

monopolies.

The

currencies

of

emerging

market

countries

may

experience

significant

declines

against

the

U.S.

dollar,

and

devaluation

may

occur

subsequent

to

investments

in

these

currencies

by

the

Funds.

Emerging

market

securities

may

be

subject

to

currency

transfer

restrictions

and

may

experience

delays

and

disruptions

in

settlement

procedures.

Inflation

and

rapid

fluctuations

in

inflation

rates

have

had,

and

may

continue

to

have,

negative

effects

on

the

economies

and

securities

markets

of

certain

emerging

market

countries.

Emerging

Markets

Debt

The

Strategic

Bond

Fund

may

invest

in

emerging

markets

debt.

The

Fund's

emerging

markets

debt

securities

may

include

obligations

of

governments

and

corporations.

As

with

any

fixed

income

securities,

emerging

markets

debt

securities

are

subject

to

the

risk

of

being

downgraded

in

credit

rating

due

to

the

risk

of

default.

In

the

event

of

a

default

on

any

investments

in

foreign

debt

obligations,

it

may

be

more

difficult

for

the

Fund

to

obtain

or

to

enforce

a

judgment

against

the

issuers

of

such

securities.

With

respect

to

debt

issued

by

emerging

market

governments,

such

issuers

may

be

unwilling

to

pay

interest

and

repay

principal

when

due,

either

due

to

an

inability

to

pay

or

submission

to

political

pressure

not

to

pay,

and

as

a

result

may

default,

declare

temporary

suspensions

of

interest

payments

or

require

that

the

conditions

for

payment

be

renegotiated.

Repurchase

Agreements

The

Strategic

Bond

Fund

may

enter

into

repurchase

agreements.

A

repurchase

agreement

is

an

agreement

under

which

a

Fund

acquires

a

fixed

income

security

from

a

commercial

bank,

broker

or

dealer

and

simultaneously

agrees

to

resell

such

security

to

the

seller

at

an

agreed

upon

price

and

date

(normally

within

a

few

days

or

weeks).

The

resale

price

reflects

an

agreed

upon

interest

rate

effective

for

the

period

the

security

is

held

by

a

Fund

and

is

unrelated

to

the

interest

rate

on

the

security.

The

securities

acquired

by

a

Fund

constitute

collateral

for

the

repurchase

obligation.

In

these

transactions,

the

securities

acquired

by

a

Fund

(including

accrued

interest

earned

thereon)

must

have

a

total

value

in

excess

of

the

value

of

the

repurchase

agreement

and

must

be

held

by

the

custodian

bank

until

repurchased.

A

Fund

will

not

invest

more

than

15%

of

its

net

assets

(taken

at

current

fair

value)

in

repurchase

agreements

maturing

in

more

than

seven

days.

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

September

30,

2019

(Unaudited)

84

Notes

to

Quarterly

Report

Mortgage-Related

and

Other

Asset-Backed

Securities

The

Strategic

Bond

Fund

may

invest

in

mortgage

or

other

asset-backed

securities

(“ABS”).

These

securities

may

include

mortgage

instruments

issued

by

U.S.

government

agencies

(“agency

mortgages”)

or

those

issued

by

private

entities

(“non-agency

mortgages”).

Specific

types

of

instruments

may

include

reverse

mortgages,

mortgage

pass-through

securities,

collateralized

mortgage

obligations

(“CMO”),

commercial

mortgage-backed

securities,

mortgage

dollar

rolls,

CMO

residuals,

stripped

mortgage-backed

securities

and

other

securities

that

directly

or

indirectly

represent

a

participation

in,

or

are

secured

by

a

payable

from,

mortgage

loans

on

real

property.

The

value

of

a

Fund’s

mortgage-backed

securities

(“MBS”)

may

be

affected

by,

among

other

things,

changes

or

perceived

changes

in

interest

rates,

factors

concerning

the

interests

in

and

structure

of

the

issuer

or

the

originator

of

the

mortgage,

or

the

quality

of

the

underlying

assets.

The

mortgages

underlying

the

securities

may

default

or

decline

in

quality

or

value.

Through

its

investments

in

MBS,

a

Fund

has

exposure

to

subprime

loans,

Alt-A

loans

and

non-conforming

loans

as

well

as

to

the

mortgage

and

credit

markets

generally.

Underlying

collateral

related

to

subprime,

Alt-A

and

non-conforming

mortgage

loans

has

become

increasingly

susceptible

to

defaults

and

declines

in

quality

or

value,

especially

in

a

declining

residential

real

estate

market.

In

addition,

regulatory

or

tax

changes

may

adversely

affect

the

mortgage

securities

markets

as

a

whole.

Mortgage-Backed

Securities

MBS

often

have

stated

maturities

of

up

to

thirty

years

when

they

are

issued,

depending

upon

the

length

of

the

mortgages

underlying

the

securities.

In

practice,

however,

unscheduled

or

early

payments

of

principal

and

interest

on

the

underlying

mortgages

may

make

the

securities’

effective

maturity

shorter

than

this,

and

the

prevailing

interest

rates

may

be

higher

or

lower

than

the

current

yield

of

a

Fund’s

portfolio

at

the

time

resulting

in

reinvestment

risk.

Rising

or

high

interest

rates

may

result

in

slower

than

expected

principal

payments

which

may

tend

to

extend

the

duration

of

MBS,

making

them

more

volatile

and

more

sensitive

to

changes

in

interest

rates.

This

is

known

as

extension

risk.

MBS

may

have

less

potential

for

capital

appreciation

than

comparable

fixed

income

securities

due

to

the

likelihood

of

increased

prepayments

of

mortgages

resulting

from

foreclosures

or

declining

interest

rates.

These

foreclosed

or

refinanced

mortgages

are

paid

off

at

face

value

(par)

or

less,

causing

a

loss,

particularly

for

any

investor

who

may

have

purchased

the

security

at

a

premium

or

a

price

above

par.

In

such

an

environment,

this

risk

limits

the

potential

price

appreciation

of

these

securities.

Agency

Mortgage-Backed

Securities

Certain

MBS

may

be

issued

or

guaranteed

by

the

U.S.

government

or

a

government

sponsored

entity,

such

as

Fannie

Mae

(the

Federal

National

Mortgage

Association)

or

Freddie

Mac

(the

Federal

Home

Loan

Mortgage

Corporation).

Although

these

instruments

may

be

guaranteed

by

the

U.S.

government

or

a

government

sponsored

entity,

many

such

MBS

are

not

backed

by

the

full

faith

and

credit

of

the

United

States

and

are

still

exposed

to

the

risk

of

non-payment.

Privately

Issued

Mortgage-Backed

Securities

MBS

held

by

a

Fund

may

be

issued

by

private

issuers

including

commercial

banks,

savings

associations,

mortgage

companies,

investment

banking

firms,

finance

companies

and

special

purpose

finance

entities

(called

special

purpose

vehicles

or

SPVs)

and

other

entities

that

acquire

and

package

mortgage

loans

for

resale

as

MBS.

These

privately

issued

non-agency

MBS

may

offer

higher

yields

than

those

issued

by

government

agencies,

but

also

may

be

subject

to

greater

price

changes

than

governmental

issues.

Subprime

loans

refer

to

loans

made

to

borrowers

with

weakened

credit

histories

or

with

a

lower

capacity

to

make

timely

payments

on

their

loans.

Alt-A

loans

refer

to

loans

extended

to

borrowers

who

have

incomplete

documentation

of

income,

assets,

or

other

variables

that

are

important

to

the

credit

underwriting

processes.

Non-conforming

mortgages

are

loans

that

do

not

meet

the

standards

that

allow

purchase

by

government-sponsored

enterprises.

MBS

with

exposure

to

subprime

loans,

Alt-A

loans

or

nonconforming

loans

have

had

in

many

cases

higher

default

rates

than

those

loans

that

meet

government

underwriting

requirements.

The

risk

of

non-payment

is

greater

for

MBS

that

are

backed

by

mortgage

pools

that

contain

subprime,

Alt-A

and

non-conforming

loans,

but

a

level

of

risk

exists

for

all

loans.

Unlike

agency

MBS

issued

or

guaranteed

by

the

U.S.

government

or

a

government-sponsored

entity

(e.g.,

Fannie

Mae

and

Freddie

Mac),

MBS

issued

by

private

issuers

do

not

have

a

government

or

government-sponsored

entity

guarantee,

but

may

have

credit

enhancements

provided

by

external

entities

such

as

banks

or

financial

institutions

or

achieved

through

the

structuring

of

the

transaction

itself.

Examples

of

such

credit

support

arising

out

of

the

structure

of

the

transaction

include

the

issue

of

senior

and

subordinated

securities

(e.g.,

the

issuance

of

securities

by

an

SPV

in

multiple

classes

or

tranches,

with

one

or

more

classes

being

senior

to

other

subordinated

classes

as

to

the

payment

of

principal

and

interest,

with

the

result

that

defaults

on

the

underlying

mortgage

loans

are

borne

first

by

the

holders

of

the

subordinated

class);

creation

of

reserve

funds

(in

which

case

cash

or

investments,

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

September

30,

2019

(Unaudited)

Notes

to

Quarterly

Report

85

sometimes

funded

from

a

portion

of

the

payments

on

the

underlying

mortgage

loans,

are

held

in

reserve

against

future

losses);

and

overcollateralization

(in

which

case

the

scheduled

payments

on,

or

the

principal

amount

of,

the

underlying

mortgage

loans

exceeds

that

required

to

make

payment

on

the

securities

and

pay

any

servicing

or

other

fees).

However,

there

can

be

no

guarantee

that

credit

enhancements,

if

any,

will

be

sufficient

to

prevent

losses

in

the

event

of

defaults

on

the

underlying

mortgage

loans.

In

addition,

MBS

that

are

issued

by

private

issuers

are

not

subject

to

the

underwriting

requirements

for

the

underlying

mortgages

that

are

applicable

to

those

MBS

that

have

a

government

or

government-sponsored

entity

guarantee.

As

a

result,

the

mortgage

loans

underlying

private

MBS

may,

and

frequently

do,

have

less

favorable

collateral,

credit

risk

or

other

underwriting

characteristics

than

government

or

government-sponsored

MBS

and

have

wider

variances

in

a

number

of

terms

including

interest

rate,

term,

size,

purpose

and

borrower

characteristics.

Privately

issued

pools

more

frequently

include

second

mortgages,

high

loan-to-value

mortgages

and

manufactured

housing

loans.

The

coupon

rates

and

maturities

of

the

underlying

mortgage

loans

in

a

private-label

MBS

pool

may

vary

to

a

greater

extent

than

those

included

in

a

government

guaranteed

pool,

and

the

pool

may

include

subprime

mortgage

loans.

Privately

issued

MBS

are

not

traded

on

an

exchange

and

there

may

be

a

limited

market

for

the

securities,

especially

when

there

is

a

perceived

weakness

in

the

mortgage

and

real

estate

market

sectors.

Without

an

active

trading

market,

MBS

held

in

a

Fund's

portfolio

may

be

particularly

difficult

to

value

because

of

the

complexities

involved

in

assessing

the

value

of

the

underlying

mortgage

loans.

Asset-Backed

Securities

ABS

may

include

MBS,

loans,

receivables

or

other

assets.

The

value

of

the

Funds’

ABS

may

be

affected

by,

among

other

things,

actual

or

perceived

changes

in

interest

rates,

factors

concerning

the

interests

in

and

structure

of

the

issuer

or

the

originator

of

the

receivables,

the

market’s

assessment

of

the

quality

of

underlying

assets

or

actual

or

perceived

changes

in

the

credit

worthiness

of

the

individual

borrowers,

the

originator,

the

servicing

agent

or

the

financial

institution

providing

the

credit

support.

Payment

of

principal

and

interest

may

be

largely

dependent

upon

the

cash

flows

generated

by

the

assets

backing

the

securities.

Rising

or

high

interest

rates

tend

to

extend

the

duration

of

ABS,

making

them

more

volatile

and

more

sensitive

to

changes

in

interest

rates.

The

underlying

assets

are

sometimes

subject

to

prepayments

which

can

shorten

the

security’s

weighted

average

life

and

may

lower

its

return.

Defaults

on

loans

underlying

ABS

have

become

an

increasing

risk

for

ABS

that

are

secured

by

home

equity

loans

related

to

sub-prime,

Alt-A

or

non-conforming

mortgage

loans,

especially

in

a

declining

residential

real

estate

market.

ABS

(other

than

MBS)

present

certain

risks

that

are

not

presented

by

MBS.

Primarily,

these

securities

may

not

have

the

benefit

of

any

security

interest

in

the

related

assets.

Credit

card

receivables

are

generally

unsecured

and

the

debtors

are

entitled

to

the

protection

of

a

number

of

state

and

federal

consumer

credit

laws,

many

of

which

give

such

debtors

the

right

to

set

off

certain

amounts

owed

on

the

credit

cards,

thereby

reducing

the

balance

due.

There

is

the

possibility

that

recoveries

on

repossessed

collateral

may

not,

in

some

cases,

be

available

to

support

payments

on

these

securities.

ABS

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

To

lessen

the

effect

of

failures

by

obligors

on

underlying

assets

to

make

payments,

the

securities

may

contain

elements

of

credit

support

which

fall

into

two

categories:

(i)

liquidity

protection,

and

(ii)

protection

against

losses

resulting

from

ultimate

default

by

an

obligor

on

the

underlying

assets.

Liquidity

protection

refers

to

the

provision

of

advances,

generally

by

the

entity

administering

the

pool

of

assets,

to

ensure

that

the

receipt

of

payments

on

the

underlying

pool

occurs

in

a

timely

fashion.

Protection

against

losses

results

from

payment

of

the

insurance

obligations

on

at

least

a

portion

of

the

assets

in

the

pool.

This

protection

may

be

provided

through

guarantees,

policies

or

letters

of

credit

obtained

by

the

issuer

or

sponsor

from

third

parties,

through

various

means

of

structuring

the

transaction

or

through

a

combination

of

such

approaches.

The

Fund

will

not

pay

any

additional

or

separate

fees

for

credit

support.

The

degree

of

credit

support

provided

for

each

issue

is

generally

based

on

historical

information

respecting

the

level

of

credit

risk

associated

with

the

underlying

assets.

Delinquency

or

loss

in

excess

of

that

anticipated

or

failure

of

the

credit

support

could

adversely

affect

the

return

on

an

investment

in

such

a

security.

The

availability

of

ABS

may

be

affected

by

legislative

or

regulatory

developments.

It

is

possible

that

such

developments

may

require

the

Funds

to

dispose

of

any

then-existing

holdings

of

such

securities.

Forward

Commitments

The

Strategic

Bond

Fund

may

contract

to

purchase

securities

for

a

fixed

price

at

a

future

date

beyond

customary

settlement

time.

The

price

of

the

underlying

securities

and

the

date

when

the

securities

will

be

delivered

and

paid

for

are

fixed

at

the

time

the

transaction

is

negotiated.

The

Fund

may

dispose

of

a

forward

commitment

transaction

prior

to

settlement

if

it

is

appropriate

to

do

so

and

may

realize

short-term

gains

(or

losses)

upon

such

sale.

When

effecting

such

transactions,

cash

or

liquid

high-grade

debt

obligations

of

the

Fund

in

a

dollar

amount

sufficient

to

make

payment

for

the

portfolio

securities

to

be

purchased

will

be

earmarked

on

the

Fund's

records

at

the

trade

date

and

until

the

transaction

is

settled.

A

forward

commitment

transaction

involves

a

risk

of

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

September

30,

2019

(Unaudited)

86

Notes

to

Quarterly

Report

loss

if

the

value

of

the

security

to

be

purchased

declines

prior

to

the

settlement

date

or

the

other

party

to

the

transaction

fails

to

complete

the

transaction.

The

Strategic

Bond

Fund

may

invest

in

to-be-announced

("TBA")

mortgage-backed

securities.

A

TBA

security

is

a

forward

mortgage-backed

securities

trade

in

which

a

seller

agrees

to

issue

a

TBA

mortgage-backed

security

at

a

future

date.

The

securities

are

purchased

and

sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

maturity

date.

The

actual

principal

amount

and

maturity

date

will

be

determined

upon

settlement

when

the

specific

mortgage

pools

are

assigned.

These

securities

are

within

the

parameters

of

industry

“good

delivery”

standards.

As

of

September

30,

2019,

the

Strategic

Bond

Fund

had

no

cash

collateral

balances

in

connection

with

TBAs.

Inflation-Indexed

Bonds

The

Strategic

Bond

Fund

may

invest

in

inflation-indexed

securities,

which

are

typically

bonds

or

notes

designed

to

provide

a

return

higher

than

the

rate

of

inflation

(based

on

a

designated

index)

if

held

to

maturity.

A

common

type

of

inflation-indexed

security

is

a

U.S.

Treasury

Inflation-Protected

Security

(“TIPS”).

The

principal

of

a

TIPS

increases

with

inflation

and

decreases

with

deflation,

as

measured

by

the

Consumer

Price

Index.

When

a

TIPS

matures,

the

adjusted

principal

or

original

principal

is

paid,

whichever

is

greater.

TIPS

pay

interest

twice

a

year,

at

a

fixed

rate.

The

rate

is

applied

to

the

adjusted

principal;

so,

like

the

principal,

interest

payments

rise

with

inflation

and

fall

with

deflation.

Guarantees

In

the

normal

course

of

business,

the

Funds

enter

into

contracts

that

contain

a

variety

of

representations

which

provide

general

indemnifications.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds

that

have

not

yet

occurred.

However,

the

Funds

expect

the

risk

of

loss

to

be

remote.

Market,

Credit

and

Counterparty

Risk

In

the

normal

course

of

business,

the

Funds

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

a

transaction

to

perform

(credit

risk).

Similar

to

credit

risk,

the

Funds

may

also

be

exposed

to

counterparty

risk

or

risk

that

an

institution

or

other

entity

with

which

the

Funds

have

unsettled

or

open

transactions

will

default.

The

potential

loss

could

exceed

the

value

of

the

relevant

assets

recorded

in

the

financial

statements

(the

“Assets”).

The

Assets

consist

principally

of

cash

due

from

counterparties

and

investments.

Global

economies

and

financial

markets

are

becoming

increasingly

interconnected

and

political

and

economic

conditions

(including

recent

instability

and

volatility)

and

events

(including

natural

disasters)

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

As

a

result,

issuers

of

securities

held

by

a

Fund

may

experience

significant

declines

in

the

value

of

their

assets

and

even

cease

operations.

Such

conditions

and/or

events

may

not

have

the

same

impact

on

all

types

of

securities

and

may

expose

a

Fund

to

greater

market

and

liquidity

risk

and

potential

difficulty

in

valuing

portfolio

instruments

held.

This

could

cause

a

Fund

to

underperform

other

types

of

investments.

Investment

Transactions

Securities

Lending

The

Investment

Company

has

a

securities

lending

program

whereby

each

Fund

can

loan

securities

with

a

value

up

to

33

1/3%

of

each

Fund's

total

assets.

The

maturity

associated

with

these

securities

is

considered

continuous.

The

Fund

receives

cash

(U.S.

currency),

U.S.

Government

or

U.S.

Government

Agency

obligations

as

collateral

against

the

loaned

securities.

The

collateral

cannot

be

resold,

repledged

or

rehypothecated.

As

of

September

30,

2019,

to

the

extent

that

a

loan

was

collateralized

by

cash,

such

collateral

was

invested

by

the

securities

lending

agent,

Goldman

Sachs

Agency

Lending

("GSAL"),

in

the

U.S.

Cash

Collateral

Fund,

an

unregistered

fund

advised

by

RIM.

To

the

extent

that

a

loan

is

secured

by

non-cash

collateral,

brokers

pay

the

Fund

negotiated

lenders'

fees,

which

are

divided

between

the

Fund

and

the

securities

lending

agent

and

are

recorded

as

securities

lending

income

for

the

Fund.

All

collateral

received

will

be

in

an

amount

at

least

equal

to

102%

(for

loans

of

U.S.

securities)

or

105%

(for

loans

of

non-U.S.

securities)

of

the

fair

value

of

the

loaned

securities

at

the

inception

of

each

loan.

The

fair

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

the

next

day.

Should

the

borrower

of

the

securities

fail

financially,

there

is

a

risk

of

delay

in

recovery

of

the

securities

or

loss

of

rights

in

the

collateral.

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

September

30,

2019

(Unaudited)

Notes

to

Quarterly

Report

87

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.

From

its

advisory

fees

received

from

the

Funds,

RIM,

as

agent

for

RIF,

pays

all

fees

to

the

money

managers

for

their

investment

advisory

services.

Each

money

manager

has

agreed

that

it

will

look

only

to

RIM

for

the

payment

of

the

money

manager’s

fee,

after

RIF

has

paid

RIM.

Fees

paid

to

the

money

managers

are

not

affected

by

any

voluntary

or

statutory

expense

limitations.

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

$140,323,281

in

the

U.S.

Cash

Management

Fund.

In

addition,

all

or

a

portion

of

the

collateral

received

from

the

Investment

Company’s

securities

lending

program

in

the

amount

of

$45,862,727

is

invested

in

the

U.S.

Cash

Collateral

Fund,

an

unregistered

fund

advised

by

RIM.

Federal

Income

Taxes

At

September

30,

2019,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Restricted

Securities

Restricted

securities

are

subject

to

contractual

restrictions

on

resale,

are

often

issued

in

private

placement

transactions,

and

are

not

registered

under

the

Securities

Act

of

1933,

as

amended,

("the

Act").

The

most

common

types

of

restricted

securities

are

those

sold

under

Rule

144A

of

the

Act

and

commercial

paper

sold

under

Section

4(2)

of

the

Act.

See

each

Fund’s

Schedule

of

Investments

for

a

list

of

restricted

securities

that

have

been

footnoted

as

a

restricted

security.

Commitments

and

Contingencies

The

Strategic

Bond

Fund

may

enter

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The

Fund

is

obligated

to

fund

these

loan

commitments

at

the

borrowers'

discretion.

Funded

portions

of

credit

agreements

are

presented

in

the

Schedules

of

Investments.

For

the

period

ended

September

30,

2019,

there

was

$25,116

in

unfunded

loan

commitments

held

by

the

Fund.

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

except

the

following:

On

October

1,

2019

the

Board

declared

dividends

payable

from

net

investment

income.

Dividends

were

paid

on

October

3,

2019,

to

shareholders

of

record

effective

with

the

opening

of

business

on

October

2,

2019.

U.S.

Strategic

Equity

Fund

U.S.

Small

Cap

Equity

Fund

International

Developed

Markets

Fund

Cost

of

Investments

$

400,250,665

$

226,409,812

$

385,913,868

Unrealized

Appreciation

$

42,985,667

$

17,271,222

$

50,326,439

Unrealized

Depreciation

(12,383,988)

(9,424,043)

(58,199,052)

Net

Unrealized

Appreciation

(Depreciation)

$

30,601,679

$

7,847,179

$

(7,872,613)

Strategic

Bond

Fund

Global

Real

Estate

Securities

Fund

Cost

of

Investments

$

933,472,435

$

823,404,599

Unrealized

Appreciation

$

24,890,871

$

139,186,695

Unrealized

Depreciation

(8,890,116)

(8,377,005)

Net

Unrealized

Appreciation

(Depreciation)

$

16,000,755

$

130,809,690

Russell

Investment

Funds

1301

Second

Avenue

Seattle,

Washington

98101

800-787-7354

Fax:

206-505-3495