2020

QUARTERLY

REPORT

Russell

Investment

Funds

March

31,

2020

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

30

Global

Real

Estate

Securities

Fund

70

Notes

to

Schedules

of

Investments

75

Notes

to

Quarterly

Report

77

Russell

Investment

Funds

Quarterly

Report

March

31,

2020

(Unaudited)

Table

of

Contents

Russell

Investment

Funds

Copyright

©

Russell

Investments

2020.

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

—

March

31,

2020

(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

-

90.1%

Consumer

Discretionary

-

11.0%

Amazon.com,

Inc.(Æ)

5,932

11,565

Amerco

,

Inc.

627

182

Aramark

9,710

194

Bright

Horizons

Family

Solutions,

Inc.(Æ)

2,077

212

Carnival

Corp.

3,338

44

Charter

Communications,

Inc.

Class

A(Æ)

15,046

6,565

Choice

Hotels

International,

Inc.(Ñ)

3,980

244

Comcast

Corp.

Class

A

31,965

1,099

Costco

Wholesale

Corp.

2,363

674

Darden

Restaurants,

Inc.

2,689

146

Domino's

Pizza,

Inc.

14,666

4,753

DR

Horton,

Inc.

14,344

488

Expedia

Group,

Inc.

1,917

108

Extended

Stay

America,

Inc.

10,010

73

Five

Below,

Inc.(Æ)

3,108

219

Ford

Motor

Co.

55,821

270

Garmin,

Ltd.

3,337

250

General

Motors

Co.

98,830

2,054

Gentex

Corp.

24,202

536

Genuine

Parts

Co.

2,261

152

Goodyear

Tire

&

Rubber

Co.

(The)

16,183

94

Home

Depot,

Inc.

(The)

5,082

949

Lennar

Corp.

Class

A

4,925

188

Liberty

Media

Corp.

Class

A(Æ)

6,201

197

Liberty

SiriusXM

Group

Class

C(Æ)

6,835

216

Macy's,

Inc.

7,883

39

McDonald's

Corp.

3,823

632

Mohawk

Industries,

Inc.(Æ)

1,643

125

Netflix,

Inc.(Æ)

13,339

5,009

Nike,

Inc.

Class

B

4,493

372

Norwegian

Cruise

Line

Holdings,

Ltd.(Æ)

7,320

80

Omnicom

Group,

Inc.

3,467

190

Penske

Automotive

Group,

Inc.

3,280

92

PulteGroup,

Inc.

33,177

741

Ross

Stores,

Inc.

2,740

238

Royal

Caribbean

Cruises,

Ltd.

2,807

90

Sensata

Technologies

Holding

PLC(Æ)

5,004

145

Starbucks

Corp.

5,646

371

Tapestry,

Inc.

5,818

75

Target

Corp.

4,885

454

TJX

Cos.,

Inc.

3,703

177

Ulta

Salon

Cosmetics

&

Fragrance,

Inc.(Æ)

4,878

857

ViacomCBS

,

Inc.

Class

B

10,067

141

WABCO

Holdings,

Inc.(Æ)

3,992

539

Walmart,

Inc.

8,705

989

Walt

Disney

Co.

(The)

7,265

702

43,530

Consumer

Staples

-

3.7%

Archer-Daniels-Midland

Co.

8,634

304

Coca-Cola

Co.

(The)

20,059

888

CVS

Health

Corp.

41,658

2,471

Ingredion,

Inc.

24,143

1,823

JM

Smucker

Co.

(The)(Ñ)

3,096

344

Kroger

Co.

(The)

34,167

1,029

Molson

Coors

Beverage

Co.

Class

B

55,575

2,168

Mondelez

International,

Inc.

Class

A

9,921

497

PepsiCo,

Inc.

7,645

918

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Procter

&

Gamble

Co.

(The)

15,970

1,757

Tyson

Foods,

Inc.

Class

A

42,746

2,473

14,672

Energy

-

3.3%

BP

PLC

-

ADR(Ñ)

115,412

2,815

Cabot

Oil

&

Gas

Corp.

10,541

181

Canadian

Natural

Resources,

Ltd.

232,819

3,155

Chevron

Corp.

33,280

2,411

ConocoPhillips

32,760

1,009

Exxon

Mobil

Corp.

28,966

1,100

Magna

International,

Inc.

Class

A

16,472

526

Marathon

Petroleum

Corp.

6,147

145

Phillips

66

5,747

308

Royal

Dutch

Shell

PLC

Class

B

-

ADR

38,251

1,249

Valero

Energy

Corp.

2,772

126

13,025

Financial

Services

-

21.1%

Aflac,

Inc.

13,013

446

AGNC

Investment

Corp.(Æ)

37,352

395

Alliance

Data

Systems

Corp.

2,771

93

Allstate

Corp.

(The)

4,650

427

Ally

Financial,

Inc.

7,595

110

American

Express

Co.

6,013

515

American

Homes

4

Rent

Class

A(ö)

9,422

219

American

Tower

Corp.(ö)

2,084

454

Annaly

Capital

Management,

Inc.(ö)

375,770

1,905

Apple

Hospitality

REIT,

Inc.(ö)

30,365

278

AvalonBay

Communities,

Inc.(ö)

1,131

166

Banco

Santander

SA

-

ADR(Ñ)

306,041

719

Bank

of

America

Corp.

138,875

2,948

Bank

of

New

York

Mellon

Corp.

(The)

20,944

705

Berkshire

Hathaway,

Inc.

Class

B(Æ)

27,879

5,097

BlackRock,

Inc.

Class

A

2,138

941

Broadridge

Financial

Solutions,

Inc.

5,339

506

Brookfield

Property

REIT,

Inc.

Class

A(Ñ)(ö)

12,292

104

Capital

One

Financial

Corp.

4,190

211

CBOE

Global

Markets,

Inc.

6,168

550

CBRE

Group,

Inc.

Class

A(Æ)

6,371

240

Charles

Schwab

Corp.

(The)

135,027

4,540

Chubb,

Ltd.

5,626

628

Citigroup,

Inc.

107,539

4,530

CME

Group,

Inc.

Class

A

40,024

6,921

Comerica,

Inc.

28,911

848

Crown

Castle

International

Corp.(ö)

15,789

2,280

CubeSmart

(ö)

6,859

184

Discover

Financial

Services

4,249

152

Equinix

,

Inc.(Æ)(ö)

1,164

727

Essent

Group,

Ltd.

29,741

783

Essex

Property

Trust,

Inc.(ö)

782

172

Everest

Re

Group,

Ltd.

934

180

Fidelity

National

Information

Services,

Inc.

4,609

561

First

Republic

Bank

3,665

302

Fiserv,

Inc.(Æ)

2,540

241

FleetCor

Technologies,

Inc.(Æ)

1,063

198

Global

Payments,

Inc.

4,781

690

Goldman

Sachs

Group,

Inc.

(The)

1,102

170

Hartford

Financial

Services

Group,

Inc.

5,215

184

Host

Hotels

&

Resorts,

Inc.(ö)

9,213

102

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

Intercontinental

Exchange,

Inc.

4,759

384

Invitation

Homes,

Inc.(ö)

8,610

184

Jack

Henry

&

Associates,

Inc.

5,046

783

JPMorgan

Chase

&

Co.

36,957

3,327

KeyCorp

29,558

307

KKR

&

Co.,

Inc.

Class

A

235,820

5,535

Life

Storage,

Inc.(Æ)(ö)

2,382

225

M&T

Bank

Corp.

1,944

201

MasterCard,

Inc.

Class

A

27,515

6,647

Medical

Properties

Trust,

Inc.(ö)

13,740

238

Merck

&

Co.,

Inc.

14,451

1,112

MetLife,

Inc.

4,703

144

MFA

Financial,

Inc.(ö)

37,864

59

Morgan

Stanley

13,225

450

Northern

Trust

Corp.

4,706

355

PayPal

Holdings,

Inc.(Æ)

53,280

5,101

People's

United

Financial,

Inc.

14,121

156

PNC

Financial

Services

Group,

Inc.

(The)

4,233

405

Popular,

Inc.

12,027

421

Prudential

Financial,

Inc.

4,951

258

Public

Storage(ö)

963

191

Raymond

James

Financial,

Inc.

5,545

350

Regency

Centers

Corp.(ö)

3,454

133

Reinsurance

Group

of

America,

Inc.

Class

A

1,509

127

RenaissanceRe

Holdings,

Ltd.

1,288

192

SLM

Corp.

101,178

727

Starwood

Property

Trust,

Inc.(ö)

14,105

145

State

Street

Corp.

8,729

465

Sun

Communities,

Inc.(ö)

1,770

221

Synchrony

Financial

13,607

219

Travelers

Cos.,

Inc.

(The)

3,142

312

Truist

Bank

19,179

591

Two

Harbors

Investment

Corp.(ö)

169,815

647

US

Bancorp

17,800

613

VEREIT,

Inc.(ö)

25,982

127

Virtu

Financial,

Inc.

Class

A

10,601

221

Visa,

Inc.

Class

A

56,753

9,144

Wells

Fargo

&

Co.

38,675

1,110

Western

Union

Co.

(The)(Ñ)

11,682

212

WP

Carey,

Inc.(ö)

2,849

165

83,626

Health

Care

-

11.9%

Abbott

Laboratories

9,501

750

AbbVie,

Inc.

25,287

1,927

Agilent

Technologies,

Inc.

7,578

543

Alexion

Pharmaceuticals,

Inc.(Æ)

12,307

1,105

Amgen,

Inc.

1,304

264

Anthem,

Inc.(Æ)

860

195

AstraZeneca

PLC

-

ADR

25,224

1,127

Baxter

International,

Inc.

6,824

554

Becton

Dickinson

and

Co.

2,678

615

Boston

Scientific

Corp.(Æ)

5,939

194

Bristol-Myers

Squibb

Co.

29,936

1,669

Centene

Corp.(Æ)

7,579

450

Cerner

Corp.

7,539

475

Cigna

Corp.

2,621

464

Cooper

Cos.,

Inc.

(The)

719

198

Eli

Lilly

&

Co.

5,151

715

Gilead

Sciences,

Inc.

12,268

917

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

HCA

Healthcare,

Inc.

969

87

Horizon

Therapeutics

PLC(Æ)

14,194

420

Illumina,

Inc.(Æ)

15,390

4,203

IQVIA

Holdings,

Inc.(Æ)

56,982

6,146

Jazz

Pharmaceuticals

PLC(Æ)

9,905

988

Johnson

&

Johnson

34,205

4,485

Laboratory

Corp.

of

America

Holdings(Æ)

2,367

299

MEDNAX,

Inc.(Æ)

9,580

112

Medtronic

PLC

26,905

2,426

Mylan

NV(Æ)

52,279

779

Pfizer,

Inc.

92,359

3,015

Qiagen

NV(Æ)

5,970

248

Quest

Diagnostics,

Inc.

3,476

279

Regeneron

Pharmaceuticals,

Inc.(Æ)

844

412

STERIS

PLC

1,563

219

Stryker

Corp.

2,243

373

Thermo

Fisher

Scientific,

Inc.

2,717

771

UnitedHealth

Group,

Inc.

28,158

7,023

Universal

Health

Services,

Inc.

Class

B

3,794

376

Vertex

Pharmaceuticals,

Inc.(Æ)

1,069

254

Zimmer

Biomet

Holdings,

Inc.

12,660

1,280

Zoetis,

Inc.

Class

A

5,319

626

46,983

Materials

and

Processing

-

5.5%

Air

Products

&

Chemicals,

Inc.

3,247

648

AptarGroup,

Inc.

1,917

191

Ball

Corp.

108,541

7,018

Berry

Plastics

Group,

Inc.(Æ)

4,377

148

Crown

Holdings,

Inc.(Æ)

31,816

1,847

Dow,

Inc.

5,472

160

DowDuPont

,

Inc.

29,324

1,000

Eastman

Chemical

Co.

21,525

1,003

Ecolab,

Inc.

5,822

907

Freeport-McMoRan,

Inc.

143,563

969

Huntsman

Corp.

62,738

905

International

Flavors

&

Fragrances,

Inc.(Ñ)

2,888

295

Lennox

International,

Inc.

910

165

Linde

PLC(Æ)

3,360

581

LyondellBasell

Industries

NV

Class

A

4,468

222

NewMarket

Corp.

796

305

Newmont

Corp.

52,394

2,372

Nucor

Corp.

10,698

385

Owens

Corning

4,178

162

PPG

Industries,

Inc.

2,485

208

Reliance

Steel

&

Aluminum

Co.

4,021

352

Royal

Gold,

Inc.

7,575

664

Silgan

Holdings,

Inc.

8,624

250

Sonoco

Products

Co.

3,596

167

Steel

Dynamics,

Inc.

7,891

178

Trane

Technologies

PLC

4,862

402

Westrock

Co.

7,415

210

21,714

Producer

Durables

-

5.8%

3M

Co.

2,193

299

Accenture

PLC

Class

A

4,196

685

AECOM(Æ)

6,434

192

Ametek

,

Inc.

5,005

360

Automatic

Data

Processing,

Inc.

4,921

673

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

Boeing

Co.

(The)

1,463

218

Booz

Allen

Hamilton

Holding

Corp.

Class

A

7,696

528

Carlisle

Cos.,

Inc.

3,137

393

CH

Robinson

Worldwide,

Inc.(Ñ)

3,238

214

Chart

Industries,

Inc.(Æ)

29,881

867

Cintas

Corp.

1,104

191

CoStar

Group,

Inc.(Æ)

900

528

CSX

Corp.

3,078

176

Cummins,

Inc.

3,179

430

Danaher

Corp.

4,739

656

Deere

&

Co.

1,450

200

Delta

Air

Lines,

Inc.

8,188

234

Eaton

Corp.

PLC

9,970

776

Emerson

Electric

Co.

3,665

175

FedEx

Corp.

3,636

441

Flir

Systems,

Inc.

4,588

146

Fortive

Corp.

3,870

214

General

Dynamics

Corp.

1,440

191

HD

Supply

Holdings,

Inc.(Æ)

5,959

169

HEICO

Corp.

1,206

90

Honeywell

International,

Inc.

5,641

755

Huntington

Ingalls

Industries,

Inc.

597

109

IDEX

Corp.

2,079

287

IHS

Markit

,

Ltd.(Æ)

8,664

520

Illinois

Tool

Works,

Inc.

1,625

231

Ingersoll

Rand,

Inc.(Æ)

4,290

106

Johnson

Controls

International

PLC(Æ)

22,607

609

Kansas

City

Southern

1,960

249

L3Harris

Technologies,

Inc.

3,321

598

Lockheed

Martin

Corp.

1,215

412

Middleby

Corp.(Æ)

1,748

99

Northrop

Grumman

Corp.

1,657

501

PACCAR,

Inc.

9,069

554

Paychex,

Inc.

8,520

536

Quanta

Services,

Inc.

6,202

197

Raytheon

Co.(Æ)

12,179

1,309

Republic

Services,

Inc.

Class

A

4,849

364

Roper

Technologies,

Inc.

1,312

409

S&P

Global,

Inc.

2,205

540

Snap-on,

Inc.

1,486

162

Southwest

Airlines

Co.

7,581

270

Textron,

Inc.

6,057

162

Toro

Co.

(The)

4,294

279

Union

Pacific

Corp.

2,511

354

United

Parcel

Service,

Inc.

Class

B

2,401

224

Verisk

Analytics,

Inc.

Class

A

2,323

324

Waste

Management,

Inc.

33,915

3,140

Waters

Corp.(Æ)

2,319

422

22,768

Technology

-

24.6%

Adobe,

Inc.(Æ)

10,231

3,256

Allegion

PLC

2,791

257

Alphabet,

Inc.

Class

A(Æ)

7,817

9,084

Alphabet,

Inc.

Class

C(Æ)

1,244

1,447

Amdocs,

Ltd.

12,178

669

Amphenol

Corp.

Class

A

6,538

476

Ansys

,

Inc.(Æ)

640

149

Apple,

Inc.

24,300

6,179

Applied

Materials,

Inc.

55,330

2,535

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Arista

Networks,

Inc.(Æ)

22,898

4,638

Arrow

Electronics,

Inc.(Æ)

5,107

265

Autodesk,

Inc.(Æ)

27,587

4,306

Black

Knight,

Inc.(Æ)

3,882

225

Broadcom,

Inc.

2,842

674

CDW

Corp.

2,415

225

Cisco

Systems,

Inc.

31,850

1,252

Citrix

Systems,

Inc.

6,022

852

Cognizant

Technology

Solutions

Corp.

Class

A

4,227

196

Corning,

Inc.

7,541

155

Corteva

,

Inc.

Class

W

55,483

1,304

Coupa

Software,

Inc.(Æ)

14,999

2,096

Cypress

Semiconductor

Corp.

31,621

737

Dell

Technologies,

Inc.

Class

C(Æ)

7,292

288

Dolby

Laboratories,

Inc.

Class

A

5,543

300

DXC

Technology

Co.

3,665

48

Electronic

Arts,

Inc.(Æ)

4,432

444

F5

Networks,

Inc.(Æ)

2,416

258

Facebook,

Inc.

Class

A(Æ)

30,149

5,029

Genpact

,

Ltd.

17,127

500

Hewlett

Packard

Enterprise

Co.

Class

H

25,802

251

HP,

Inc.(Æ)

25,392

441

Intel

Corp.

36,857

1,995

Intuit,

Inc.

1,727

397

IPG

Photonics

Corp.(Æ)

6,110

674

Jabil

Circuit,

Inc.

7,666

188

Juniper

Networks,

Inc.

20,695

396

Lam

Research

Corp.

1,205

289

Leidos

Holdings,

Inc.

5,593

513

LogMeIn,

Inc.

3,186

265

Marvell

Technology

Group,

Ltd.

87,615

1,983

Micron

Technology,

Inc.(Æ)

15,412

648

Microsoft

Corp.

152,406

24,037

Motorola

Solutions,

Inc.

1,828

243

ON

Semiconductor

Corp.(Æ)

10,724

133

Oracle

Corp.

13,170

637

Salesforce.com,

Inc.(Æ)

4,323

622

ServiceNow

,

Inc.(Æ)

14,275

4,091

SYNNEX

Corp.

2,413

176

Synopsys,

Inc.(Æ)

3,910

504

Take-Two

Interactive

Software,

Inc.(Æ)

32,413

3,845

Teradyne,

Inc.

5,072

275

Texas

Instruments,

Inc.

8,754

875

Twilio

,

Inc.

Class

A(Æ)

19,448

1,740

Uber

Technologies,

Inc.(Æ)

126,722

3,538

VMware,

Inc.

Class

A(Æ)

1,967

238

Zynga,

Inc.

Class

A(Æ)

38,500

264

97,102

Utilities

-

3.2%

AT&T,

Inc.

154,062

4,491

Avangrid

,

Inc.

4,903

215

CenterPoint

Energy,

Inc.

10,109

156

Consolidated

Edison,

Inc.

4,123

322

DTE

Energy

Co.

1,968

187

Duke

Energy

Corp.

6,335

512

Evergy

,

Inc.

10,550

581

Eversource

Energy(Æ)

3,433

268

Exelon

Corp.

11,311

416

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

International

Business

Machines

Corp.

4,227

469

NextEra

Energy,

Inc.

1,291

311

Pinnacle

West

Capital

Corp.

1,968

149

PPL

Corp.

10,727

265

Sempra

Energy

1,950

220

Southern

Co.

(The)

4,650

252

Verizon

Communications,

Inc.

63,928

3,435

WEC

Energy

Group,

Inc.(Æ)

5,587

492

12,741

Total

Common

Stocks

(cost

$377,809)

356,161

Warrants

&

Rights

-

0.0%

Bristol-Myers

Squibb

Co.(Æ)

2021  Rights

5,115

19

Total

Warrants

&

Rights

(cost

$11)

19

Short-Term

Investments

-

9.3%

U.S.

Cash

Management

Fund(@)

36,810,120

(∞)

36,799

Total

Short-Term

Investments

(cost

$36,810)

36,799

Other

Securities

-

1.3%

U.S.

Cash

Collateral

Fund(x)(@)

5,026,077

(∞)

5,026

Total

Other

Securities

(cost

$5,026)

5,026

Total

Investments

100.7%

(identified

cost

$419,656)

398,005

Other

Assets

and

Liabilities,

Net

-

(0.7%)

(2,641)

Net

Assets

-

100.0%

395,364

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

236

USD

30,322

06/20

1,723

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

1,723

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

$

43,530

$

—

$

—

$

—

$

43,530

Consumer

Staples

14,672

—

—

—

14,672

Energy

13,025

—

—

—

13,025

Financial

Services

83,626

—

—

—

83,626

Health

Care

46,983

—

—

—

46,983

Materials

and

Processing

21,714

—

—

—

21,714

Producer

Durables

22,768

—

—

—

22,768

Technology

97,102

—

—

—

97,102

Utilities

12,741

—

—

—

12,741

Warrants

&

Rights

19

—

—

—

19

Short-Term

Investments

—

—

—

36,799

36,799

Other

Securities

—

—

—

5,026

5,026

Total

Investments

356,180

—

—

41,825

398,005

Other

Financial

Instruments

Assets

Futures

Contracts

1,723

—

—

—

1,723

Total

Other

Financial

Instruments

*

$

1,723

$

—

$

—

$

—

$

1,723

*

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

March

31,

2020,

see

note

2

in

the

Notes

to

Quarterly

Report.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments

—

March

31,

2020

(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

-

93.5%

Consumer

Discretionary

-

10.2%

1-800-Flowers.com,

Inc.

Class

A(Æ)

2,093

28

Aaron's,

Inc.

Class

A

3,587

82

Adtalem

Global

Education,

Inc.(Æ)

5,442

146

American

Axle

&

Manufacturing

Holdings,

Inc.(Æ)(Ð)

14,300

52

American

Eagle

Outfitters,

Inc.

11,921

95

American

Outdoor

Brands

Corp.(Æ)

15,381

128

American

Public

Education,

Inc.(Æ)

7,586

182

America's

Car-Mart,

Inc.(Æ)

6,796

383

B.

Riley

Financial,

Inc.

38,375

707

Barnes

&

Noble

Education,

Inc.(Æ)

32,028

44

Bed

Bath

&

Beyond,

Inc.(Ñ)

8,587

36

Big

Lots,

Inc.

2,751

39

BJ's

Restaurants,

Inc.

25,288

351

BJ's

Wholesale

Club

Holdings,

Inc.(Æ)

3,377

86

BMC

Stock

Holdings,

Inc.(Æ)(Û)

14,551

258

Brinker

International,

Inc.

10,069

121

Cable

One,

Inc.(Û)

187

308

Carrols

Restaurant

Group,

Inc.(Æ)

31,162

57

Cato

Corp.

(The)

Class

A

8,044

86

Cavco

Industries,

Inc.(Æ)

4,069

590

Celestica,

Inc.(Æ)

41,103

144

Central

Garden

&

Pet

Co.

Class

A(Æ)(Û)

4,678

120

Century

Casinos,

Inc.(Æ)

17,529

42

Century

Communities,

Inc.(Æ)

4,626

67

Cheesecake

Factory,

Inc.

(The)(Ñ)

2,801

48

Chegg

,

Inc.(Æ)

14,637

524

Chico's

FAS,

Inc.

26,259

34

Children's

Place,

Inc.

(The)(Ñ)

3,394

66

Churchill

Downs,

Inc.

1,620

167

Cooper

Tire

&

Rubber

Co.

7,684

125

Cooper-Standard

Holdings,

Inc.(Æ)(Û)

3,240

33

Cracker

Barrel

Old

Country

Store,

Inc.(Ñ)

998

83

Cumulus

Media,

Inc.

Class

A(Æ)

17,876

97

Dana

Holding

Corp.

12,369

97

Deckers

Outdoor

Corp.(Æ)

869

117

Del

Taco

Restaurants,

Inc.(Æ)

54,244

186

Delta

Apparel,

Inc.(Æ)

15,751

164

Dillard's,

Inc.

Class

A(Ñ)

2,541

94

Domino's

Pizza,

Inc.

677

219

Entercom

Communications

Corp.

Class

A

4,723

8

First

Cash

Financial

Services,

Inc.

710

51

Fossil

Group,

Inc.(Æ)

3,471

11

Foundation

Building

Materials,

Inc.(Æ)

2,423

25

Genesco,

Inc.(Æ)

10,025

133

Golden

Entertainment,

Inc.(Æ)

900

6

Goodyear

Tire

&

Rubber

Co.

(The)

16,441

96

GoPro,

Inc.

Class

A(Æ)

16,101

42

Hamilton

Beach

Brands

Holding

Co.

Class

A

23,862

227

Haverty

Furniture

Cos.,

Inc.(Û)

4,600

55

HealthStream

,

Inc.(Æ)(Û)

1,560

37

Hillenbrand,

Inc.

3,672

70

Hooker

Furniture

Corp.

3,900

61

Houghton

Mifflin

Harcourt

Co.(Æ)(Ð)

5,796

11

iHeartMedia

,

Inc.

Class

A(Æ)

36,294

265

Inter

Parfums

,

Inc.

11,335

525

International

Game

Technology

PLC

12,742

76

IntriCon

Corp.(Æ)(Ñ)

26,527

312

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

J

Alexander's

Holdings,

Inc.(Æ)

30,813

118

Jack

in

the

Box,

Inc.(Û)

4,970

174

John

Wiley

&

Sons,

Inc.

Class

A

8,995

337

K12,

Inc.(Æ)(Û)

9,900

187

Kontoor

Brands,

Inc.(Ñ)

7,854

151

La-Z-Boy,

Inc.

Class

Z

3,844

79

LGI

Homes,

Inc.(Æ)

1,348

61

Libbey

,

Inc.(Æ)

4,863

2

Liberty

Braves

Group

Class

C(Æ)(Ð)

550

10

Lithia

Motors,

Inc.

Class

A

989

81

Madison

Square

Garden

Co.

(The)

Class

A(Æ)(Ð)(Û)

1,139

241

Marchex

,

Inc.

Class

B(Æ)

4,000

6

Marriott

Vacations

Worldwide

Corp.

4,204

234

Meredith

Corp.(Ñ)

24,829

303

Meritage

Homes

Corp.(Æ)

2,774

101

Monro

Muffler

Brake,

Inc.

1,809

79

Murphy

USA,

Inc.(Æ)

1,459

123

National

CineMedia

,

Inc.(Ð)

4,019

13

Nautilus,

Inc.(Æ)

8,509

22

Nexstar

Media

Group,

Inc.

Class

A

1,461

84

Office

Depot,

Inc.

39,260

64

Papa

John's

International,

Inc.(Ð)

1,563

83

PetIQ

,

Inc.(Æ)(Ñ)

23,002

534

Planet

Fitness,

Inc.

Class

A(Æ)(Û)

4,620

225

Quotient

Technology,

Inc.(Æ)

7,566

49

Rent-A-Center,

Inc.

Class

A

3,634

51

REV

Group,

Inc.

3,200

13

Rosetta

Stone,

Inc.(Æ)

2,107

30

Sally

Beauty

Holdings,

Inc.(Æ)(Ñ)

17,349

140

Scholastic

Corp.

5,060

129

Scientific

Games

Corp.

Class

A(Æ)(Ð)

5,165

50

Skyline

Champion

Corp.(Æ)

29,920

469

SMART

Global

Holdings,

Inc.(Æ)(Ñ)

15,690

381

Sonic

Automotive,

Inc.

Class

A

3,122

41

Sportsman's

Warehouse

Holdings,

Inc.(Æ)

13,883

86

Stamps.com,

Inc.(Æ)

1,097

143

Steven

Madden,

Ltd.

11,102

258

Systemax,

Inc.

986

18

Taylor

Morrison

Home

Corp.

Class

A(Æ)

8,671

95

Tenneco,

Inc.

Class

A(Æ)(Ð)

5,511

20

Texas

Roadhouse,

Inc.

Class

A

6,189

256

TiVo

Corp.

18,800

133

Travelzoo

,

Inc.(Æ)(Û)

1,100

4

Tribune

Publishing

Co.(Æ)

1,300

11

Turtle

Beach

Corp.(Æ)(Ñ)

12,686

79

Universal

Technical

Institute,

Inc.(Æ)

2,523

15

Viad

Corp.

1,650

35

Vista

Outdoor,

Inc.(Æ)

11,100

98

Visteon

Corp.(Æ)(Ð)

2,560

123

Whirlpool

Corp.(Ð)

91

8

Wingstop

,

Inc.(Ð)

2,520

201

Wolverine

World

Wide,

Inc.

43,888

667

WW

International,

Inc.(Æ)

2,069

35

Wyndham

Hotels

&

Resorts,

Inc.(Ð)

5,688

179

Zumiez

,

Inc.(Æ)

2,271

39

15,385

Consumer

Staples

-

3.6%

Boston

Beer

Co.,

Inc.

Class

A(Æ)

354

130

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

Bunge,

Ltd.

Finance

Corp.

6,733

276

Coca-Cola

Bottling

Co.

274

57

Energizer

Holdings,

Inc.(Ñ)

15,461

468

Farmer

Brothers

Co.(Æ)

20,741

144

Fresh

Del

Monte

Produce,

Inc.

8,130

224

Grocery

Outlet

Holding

Corp.(Æ)

15,198

522

Helen

of

Troy,

Ltd.(Æ)

793

114

Herbalife

Nutrition,

Ltd.(Æ)(Ð)

5,445

159

Ingles

Markets,

Inc.

Class

A

7,882

285

J&J

Snack

Foods

Corp.

4,375

529

Lifevantage

Corp.(Æ)(Ð)

2,200

23

National

Beverage

Corp.(Æ)(Ñ)

2,148

92

Nomad

Foods,

Ltd.(Æ)

36,198

673

Performance

Food

Group

Co.(Æ)

7,982

197

PolyOne

Corp.(Ð)

4,030

76

Post

Holdings,

Inc.(Æ)(Ð)

1,156

96

Primo

Water

Corp.

50,313

456

Quanex

Building

Products

Corp.

5,056

51

Sanderson

Farms,

Inc.(Û)

2,083

257

SpartanNash

Co.

9,916

142

Universal

Corp.

2,315

102

USANA

Health

Sciences,

Inc.(Æ)

3,179

183

WD-40

Co.

511

103

Weis

Markets,

Inc.

1,660

69

5,428

Energy

-

1.4%

Berry

Petroleum

Corp.

3,085

7

Green

Brick

Partners,

Inc.(Æ)

57,027

460

Green

Plains,

Inc.(Æ)(Ð)

5,658

27

Helix

Energy

Solutions

Group,

Inc.(Æ)

8,469

14

HollyFrontier

Corp.

685

17

Magnolia

Oil

&

Gas

Corp.(Æ)

21,269

85

Matrix

Service

Co.(Æ)

34,703

328

Murphy

Oil

Corp.

8,504

52

Nabors

Industries,

Ltd.

27,994

11

National

Energy

Services

Reunited

Corp.(Æ)

47,394

241

Natural

Gas

Services

Group,

Inc.(Æ)

35,693

159

Newpark

Resources,

Inc.(Æ)

69,540

62

NOW,

Inc.(Æ)

7,781

40

Oceaneering

International,

Inc.(Æ)

13,385

39

Par

Pacific

Holdings,

Inc.(Æ)

7,000

50

ProPetro

Holding

Corp.(Æ)

7,904

20

REX

American

Resources

Corp.(Æ)

479

22

Select

Energy

Services,

Inc.

Class

A(Æ)

71,853

232

TETRA

Technologies,

Inc.(Æ)

201,552

64

TPI

Composites,

Inc.(Æ)(Ð)

2,779

41

Warrior

Met

Coal,

Inc.

5,951

63

World

Fuel

Services

Corp.

5,860

148

2,182

Financial

Services

-

20.2%

1st

Source

Corp.

3,359

109

AG

Mortgage

Investment

Trust,

Inc.(ö)

5,566

15

Agree

Realty

Corp.(ö)

2,070

128

Altisource

Portfolio

Solutions

SA(Æ)

600

5

Amalgamated

Bank

Class

A

1,100

12

American

Campus

Communities,

Inc.(ö)(Û)

7,764

215

American

Equity

Investment

Life

Holding

Co.

4,995

94

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

American

National

Bankshares

,

Inc.

3,868

92

Ameris

Bancorp

11,954

284

Amerisafe

,

Inc.

1,593

103

Apollo

Commercial

Real

Estate

Finance,

Inc.(ö)

8,003

59

Argo

Group

International

Holdings,

Ltd.

6,140

228

Assured

Guaranty,

Ltd.

3,662

94

Atlantic

Capital

Bancshares,

Inc.(Æ)

39,120

465

Atlantic

Union

Bankshares

Corp.(Æ)

3,410

75

Axis

Capital

Holdings,

Ltd.

5,990

232

Axos

Financial,

Inc.(Æ)

5,368

97

Banc

of

California,

Inc.

55,526

444

BancFirst

Corp.

930

31

Bancorp,

Inc.

(The)(Æ)

3,573

22

BancorpSouth

Bank

4,824

91

BankFinancial

Corp.

1,700

15

Banner

Corp.(Û)

12,092

400

Baycom

Corp.(Æ)

1,200

14

Berkshire

Hills

Bancorp,

Inc.

3,099

46

Blackstone

Mortgage

Trust,

Inc.

Class

A(Ñ)(ö)

7,431

138

Bridgewater

Bancshares,

Inc.(Æ)

1,200

12

Brighthouse

Financial,

Inc.(Æ)(Û)

9,526

230

Brightsphere

Investment

Group,

Inc.

5,814

37

Brixmor

Property

Group,

Inc.(ö)

16,072

153

Business

First

Bancshares,

Inc.(Û)

300

4

Byline

Bancorp,

Inc.

15,313

159

Cadence

Bancorp

8,985

59

Camden

National

Corp.

930

29

Camden

Property

Trust(ö)(Û)

3,596

285

Cannae

Holdings,

Inc.(Æ)

19,025

637

Capital

City

Bank

Group,

Inc.

14,931

300

Capstar

Financial

Holdings,

Inc.

26,766

265

Capstead

Mortgage

Corp.(ö)

9,877

41

Carolina

Financial

Corp.

2,751

71

Carter

Bank

&

Trust

20,311

187

Cathay

General

Bancorp

3,284

75

CBTX,

Inc.

1,597

28

CenterState

Bank

Corp.

25,027

431

Central

Pacific

Financial

Corp.

17,061

271

Century

Bancorp,

Inc.

Class

A

2,122

132

Civista

Bancshares,

Inc.

4,452

67

CNB

Financial

Corp.

550

10

Collectors

Universe,

Inc.

3,607

57

Columbia

Banking

System,

Inc.

3,860

103

Community

Bank

System,

Inc.

2,181

128

Consolidated-

Tomoka

Land

Co.

5,545

252

CoreCivic

,

Inc.(Æ)

11,301

126

CorEnergy

Infrastructure

Trust,

Inc.(ö)

5,983

110

CorePoint

Lodging,

Inc.(ö)

4,200

16

Cowen

Group,

Inc.

Class

A

13,873

134

Cullen/Frost

Bankers,

Inc.

2,780

155

CVB

Financial

Corp.

5,750

115

CyrusOne

,

Inc.(ö)

4,149

256

Deluxe

Corp.

3,135

81

DiamondRock

Hospitality

Co.(ö)

19,050

97

Diversified

Healthcare

Trust(Æ)

15,605

57

Donegal

Group,

Inc.

Class

A

100

2

Eagle

Bancorp,

Inc.

8,371

253

Ellington

Financial,

Inc.(ö)

9,444

54

Enova

International,

Inc.(Æ)

2,346

34

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

Equity

Commonwealth(ö)(Û)

8,290

263

Essent

Group,

Ltd.

9,468

249

Evercore

,

Inc.

Class

A(Û)

1,760

81

Everi

Holdings,

Inc.(Æ)

7,877

26

Farmers

&

Merchants

Bancorp,

Inc.

3,743

97

FB

Financial

Corp.

2,550

50

Federated

Investors,

Inc.

Class

B

4,440

85

FGL

Holdings

7,476

73

First

BanCorp

(Û)

3,130

72

First

Community

Bankshares

,

Inc.

2,359

55

First

Defiance

Financial

Corp.

3,929

58

First

Financial

Corp.

427

14

First

Foundation,

Inc.

34,679

354

First

Interstate

BancSystem

,

Inc.

Class

A

10,069

290

First

Midwest

Bancorp,

Inc.

4,670

62

Forestar

Group,

Inc.(Æ)

1,078

11

Forrester

Research,

Inc.(Æ)

1,104

32

Fulton

Financial

Corp.

6,295

72

Gaming

and

Leisure

Properties,

Inc.(ö)

24,783

687

GEO

Group,

Inc.

(The)(ö)

7,434

90

Glacier

Bancorp,

Inc.

2,681

91

Global

Net

Lease,

Inc.(ö)

5,110

68

Goosehead

Insurance,

Inc.

Class

A(Æ)(Ñ)

5,320

237

Great

Ajax

Corp.(ö)

12,359

79

Great

Southern

Bancorp,

Inc.

470

19

Great

Western

Bancorp,

Inc.

3,455

71

Green

Dot

Corp.

Class

A(Æ)

13,016

330

Guaranty

Bancshares,

Inc.(Û)

460

11

Hallmark

Financial

Services,

Inc.(Æ)

29,510

119

Hancock

Holding

Co.

4,324

84

Hanmi

Financial

Corp.

8,067

88

Hanover

Insurance

Group,

Inc.

(The)

2,639

239

HarborOne

Bancorp,

Inc.(Æ)

1,077

8

HCI

Group,

Inc.(Ð)

1,210

49

Heartland

Financial

USA,

Inc.

4,017

121

Heritage

Insurance

Holdings,

Inc.

400

4

Hilltop

Holdings,

Inc.

5,038

76

Home

Bancorp,

Inc.(Û)

280

7

Home

BancShares

,

Inc.

8,140

98

HomeStreet

,

Inc.

31,208

694

HomeTrust

Bancshares,

Inc.(Û)

750

12

Hope

Bancorp,

Inc.

7,221

59

Houlihan

Lokey

,

Inc.

Class

A

3,873

202

I3

Verticals,

Inc.

Class

A(Æ)

34,567

660

Iberiabank

Corp.

2,718

98

Independence

Realty

Trust,

Inc.(ö)

66,697

596

Independent

Bank

Corp.(Û)

54,948

707

Independent

Bank

Group,

Inc.

2,056

49

Industrial

Logistics

Properties

Trust(ö)

6,783

119

Innovative

Industrial

Properties,

Inc.(Ñ)(ö)

1,440

109

Invesco

Mortgage

Capital,

Inc.(ö)

9,507

32

Investors

Bancorp,

Inc.

8,500

68

Investors

Real

Estate

Trust(ö)

6,370

350

iStar

,

Inc.(ö)

5,882

62

James

River

Group

Holdings,

Ltd.

5,558

201

JER

Investment

Trust,

Inc.(Æ)(Š)(Þ)

1,771

—

Kearny

Financial

Corp.

54,428

468

Kemper

Corp.

1,172

87

Kennedy-Wilson

Holdings,

Inc.

4,912

66

KKR

Real

Estate

Finance

Trust,

Inc.(ö)

6,196

93

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Ladder

Capital

Corp.

Class

A(ö)

19,369

92

Lazard,

Ltd.

Class

A

7,348

173

LCNB

Corp.

5,558

70

Legacy

Housing

Corp.(Æ)

6,783

63

LendingClub

Corp.(Æ)

10,443

82

LendingTree

,

Inc.(Æ)(Ñ)

841

154

Lexington

Realty

Trust(ö)

9,300

92

Live

Oak

Bancshares,

Inc.

1,860

23

LPL

Financial

Holdings,

Inc.(Û)

4,280

233

LTC

Properties,

Inc.(Ð)(ö)

1,380

43

Macatawa

Bank

Corp.

6,525

47

Marcus

&

Millichap,

Inc.(Æ)(Ð)

1,483

40

Merchants

Bancorp

3,580

55

Mercury

General

Corp.(Ð)

1,767

72

Metropolitan

Bank

Holding

Corp.(Æ)

190

5

MGIC

Investment

Corp.

17,556

111

National

Bank

Holdings

Corp.

Class

A

13,744

328

National

Bankshares

,

Inc.

3,026

97

National

Health

Investors,

Inc.(ö)

1,385

69

NBT

Bancorp,

Inc.

2,833

92

New

Senior

Investment

Group,

Inc.(ö)

23,460

60

New

York

Mortgage

Trust,

Inc.(ö)

12,377

19

Nicolet

Bankshares

,

Inc.(Æ)

1,788

98

Northeast

Bank

12,592

147

Northrim

BanCorp

,

Inc.

400

11

Northwest

Bancshares,

Inc.

8,889

103

OFG

Bancorp

3,834

43

Old

National

Bancorp

4,866

64

Old

Second

Bancorp,

Inc.

31,786

220

Origin

Bancorp,

Inc.

11,594

235

PCSB

Financial

Corp.

49,136

687

Peapack

Gladstone

Financial

Corp.

456

8

PennyMac

Financial

Services,

Inc.

2,108

47

People's

Utah

Bancorp

1,150

22

Physicians

Realty

Trust(ö)

7,260

101

Piedmont

Office

Realty

Trust,

Inc.

Class

A(ö)

16,739

296

Plymouth

Industrial

REIT,

Inc.(ö)

19,339

216

Popular,

Inc.

17,216

603

Potlatch

Corp.(ö)

30,062

943

Preferred

Bank

1,161

39

Protective

Insurance

Corp.

Class

B

400

6

Provident

Financial

Services,

Inc.

5,500

71

PS

Business

Parks,

Inc.(ö)

1,251

170

QCR

Holdings,

Inc.

2,236

61

Radian

Group,

Inc.

8,933

116

RE/MAX

Holdings,

Inc.

Class

A

2,945

65

RenaissanceRe

Holdings,

Ltd.

631

94

Renasant

Corp.

3,192

70

Rexford

Industrial

Realty,

Inc.(ö)

3,073

126

Riverview

Bancorp,

Inc.

11,800

59

RLJ

Lodging

Trust(ö)

12,872

99

Sabra

Health

Care

REIT,

Inc.(ö)

8,461

92

Safety

Insurance

Group,

Inc.

1,478

125

Seacoast

Banking

Corp.

of

Florida(Æ)

2,215

41

Selective

Insurance

Group,

Inc.

1,483

74

ServisFirst

Bancshares,

Inc.

2,285

67

Shore

Bancshares,

Inc.

2,446

27

Silvercrest

Asset

Management

Group,

Inc.

Class

A

16,260

154

Simmons

First

National

Corp.

Class

A

3,993

73

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

SITE

Centers

Corp.(ö)

72,495

378

SL

Green

Realty

Corp.(Ð)(ö)

2,550

110

SmartFinancial

,

Inc.

1,500

23

South

State

Corp.

4,490

264

Southern

First

Bancshares,

Inc.(Æ)

2,164

61

Southern

National

Bancorp

of

Virginia,

Inc.

5,716

56

Spirit

of

Texas

Bancshares,

Inc.(Æ)

756

8

Spirit

Realty

Capital,

Inc.(Ð)(ö)

4,030

105

STAG

Industrial,

Inc.(ö)

6,014

135

Stewart

Information

Services

Corp.

6,404

171

Stifel

Financial

Corp.

3,007

124

Sunstone

Hotel

Investors,

Inc.(ö)

14,074

123

Tanger

Factory

Outlet

Centers,

Inc.(Ñ)(ö)

9,171

46

Terreno

Realty

Corp.(ö)

2,772

143

Texas

Capital

Bancshares,

Inc.(Æ)(Û)

4,883

108

Third

Point

Reinsurance,

Ltd.(Æ)(Ð)

8,517

63

Timberland

Bancorp,

Inc.

2,873

53

Tiptree

Financial,

Inc.

Class

A

33,385

174

TPG

RE

Finance

Trust,

Inc.(ö)

7,310

40

TriCo

Bancshares

930

28

TriState

Capital

Holdings,

Inc.(Æ)

484

5

Triumph

Bancorp,

Inc.(Æ)

4,796

125

Trustmark

Corp.

3,532

82

UMB

Financial

Corp.

2,293

106

UMH

Properties,

Inc.(ö)

45,878

498

United

Bankshares

,

Inc.

2,945

68

United

Community

Banks,

Inc.

17,232

316

United

Insurance

Holdings

Corp.

4,300

40

Universal

Insurance

Holdings,

Inc.

6,231

112

Valley

National

Bancorp

13,286

97

Velocity

Financial,

Inc.(Æ)

14,427

109

Voya

Financial,

Inc.

5,652

229

Waddell

&

Reed

Financial,

Inc.

Class

A(Ð)

19,300

220

Walker

&

Dunlop,

Inc.

1,520

61

Washington

Federal,

Inc.

3,378

88

Washington

Prime

Group,

Inc.(Ñ)(ö)

88,943

72

Watford

Holdings,

Ltd.(Æ)

1,424

21

Weingarten

Realty

Investors(Ð)(ö)

5,665

82

WSFS

Financial

Corp.

2,859

71

Xenia

Hotels

&

Resorts,

Inc.(ö)

4,972

51

30,432

Health

Care

-

15.4%

Acadia

Pharmaceuticals,

Inc.(Æ)

4,768

202

Acceleron

Pharma,

Inc.(Æ)

3,284

295

Accuray

,

Inc.(Æ)

115,392

219

Adverum

Biotechnologies,

Inc.(Æ)(Ð)

1,424

14

Akcea

Therapeutics,

Inc.(Æ)(Ñ)

8,589

123

Akebia

Therapeutics,

Inc.(Æ)(Ð)

5,960

45

Akorn

,

Inc.(Æ)(Ð)

4,800

3

Alector

,

Inc.(Æ)

7,406

179

Alkermes

PLC(Æ)(Ð)

12,989

187

Allscripts

Healthcare

Solutions,

Inc.(Æ)

23,400

165

AMAG

Pharmaceuticals,

Inc.(Æ)(Ð)

9,500

59

Amedisys

,

Inc.(Æ)

537

99

Amicus

Therapeutics,

Inc.(Æ)

20,445

189

AMN

Healthcare

Services,

Inc.(Æ)

1,207

70

Amneal

Pharmaceuticals,

Inc.(Æ)(Ð)

9,117

32

ANI

Pharmaceuticals,

Inc.(Æ)

10,434

425

Antares

Pharma,

Inc.(Æ)

11,230

27

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Applied

Genetic

Technologies

Corp.(Æ)

30,038

99

Aptinyx

,

Inc.(Æ)

2,500

5

Arrowhead

Pharmaceuticals,

Inc.(Æ)

2,149

62

Assertio

Therapeutics,

Inc.(Æ)

21,584

14

Athenex

,

Inc.(Æ)

2,175

17

BioCryst

Pharmaceuticals,

Inc.(Æ)(Ð)

10,603

21

Biohaven

Pharmaceutical

Holding

Co.,

Ltd.

(Æ)

5,216

177

BioLife

Solutions,

Inc.(Æ)(Ñ)

35,076

333

BioSpecifics

Technologies

Corp.(Æ)

6,194

350

BioTelemetry

,

Inc.(Æ)

23,708

913

Bluebird

Bio,

Inc.(Æ)

1,945

89

Blueprint

Medicines

Corp.(Æ)

2,941

172

Cardiovascular

Systems,

Inc.(Æ)

2,214

78

Castlight

Health,

Inc.

Class

B(Æ)

12,722

9

Cellular

Biomedicine

Group,

Inc.(Æ)(Ñ)

3,907

62

Cerus

Corp.(Æ)(Ð)

7,914

37

Cidara

Therapeutics,

Inc.(Æ)(Ð)

5,998

15

Coherus

Biosciences,

Inc.(Æ)(Ð)

3,298

53

Computer

Programs

&

Systems,

Inc.

3,050

68

Concert

Pharmaceuticals,

Inc.(Æ)(Ð)

3,200

28

CONMED

Corp.

5,381

308

Corbus

Pharmaceuticals

Holdings,

Inc.(Æ)(Ñ)

11,656

61

Corcept

Therapeutics,

Inc.(Æ)(Ð)

6,753

80

CorVel

Corp.(Æ)

2,526

138

Cross

Country

Healthcare,

Inc.(Æ)

2,100

14

Cutera

,

Inc.(Æ)

1,888

25

Cyclerion

Therapeutics,

Inc.(Æ)

2,800

7

Cytokinetics,

Inc.(Æ)(Ð)

3,680

43

CytomX

Therapeutics,

Inc.(Æ)

1,605

12

Denali

Therapeutics,

Inc.(Æ)

8,437

148

Eagle

Pharmaceuticals,

Inc.(Æ)

3,408

157

Eidos

Therapeutics,

Inc.(Æ)(Ñ)

1,486

73

Eiger

BioPharmaceuticals

,

Inc.(Æ)(Ð)

900

6

Enanta

Pharmaceuticals,

Inc.(Æ)

6,001

308

Endo

International

PLC(Æ)(Ð)

7,754

29

Ensign

Group,

Inc.

(The)

5,079

191

Epizyme

,

Inc.(Æ)

5,975

93

Esperion

Therapeutics,

Inc.(Æ)(Ñ)

3,558

112

Fate

Therapeutics,

Inc.(Æ)

9,806

218

FibroGen

,

Inc.(Æ)

4,252

148

Flexion

Therapeutics,

Inc.(Æ)

2,721

21

Fluidigm

Corp.(Æ)

10,848

28

Frequency

Therapeutics,

Inc.(Æ)

2,305

41

Fulgent

Genetics,

Inc.(Æ)

26,396

284

GenMark

Diagnostics,

Inc.(Æ)(Ð)

3,280

14

Global

Blood

Therapeutics,

Inc.(Æ)

4,014

205

Gritstone

Oncology,

Inc.(Æ)(Ñ)

12,152

71

Halozyme

Therapeutics,

Inc.(Æ)

6,628

119

Heron

Therapeutics,

Inc.(Æ)(Ñ)

7,390

87

Heska

Corp.(Æ)(Ñ)

8,489

469

HMS

Holdings

Corp.(Æ)

4,134

104

Homology

Medicines,

Inc.(Æ)

4,492

70

ICU

Medical,

Inc.(Æ)

1,042

210

ImmunoGen

,

Inc.(Æ)

1,541

5

Immunomedics

,

Inc.(Æ)

9,170

124

Infinity

Pharmaceuticals,

Inc.(Æ)

1,300

1

Inspire

Medical

Systems,

Inc.(Æ)

824

50

Integer

Holdings

Corp.(Æ)

4,945

311

Intercept

Pharmaceuticals,

Inc.(Æ)

2,557

161

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

Intersect

ENT,

Inc.(Æ)(Ð)

2,173

26

Invacare

Corp.

36,555

272

Invitae

Corp.(Æ)(Ñ)

9,240

126

Ionis

Pharmaceuticals,

Inc.(Æ)

2,916

138

Iovance

Biotherapeutics

,

Inc.(Æ)

7,621

228

iRadimed

Corp.(Æ)

28,454

607

Jazz

Pharmaceuticals

PLC(Æ)(Ð)

1,180

118

Joint

Corp.

(The)(Æ)(Ð)

291

3

Lannett

Co.,

Inc.(Æ)(Ð)

1,270

9

LeMaitre

Vascular,

Inc.

32,721

815

LivaNova

PLC(Æ)

2,950

133

MacroGenics

,

Inc.(Æ)

3,126

18

Magellan

Health,

Inc.(Æ)

2,240

108

Medpace

Holdings,

Inc.(Æ)

7,584

557

Menlo

Therapeutics,

Inc.(Æ)

1,770

5

Meridian

Bioscience,

Inc.(Æ)

18,205

153

Minerva

Neurosciences,

Inc.(Æ)

2,000

12

Mirati

Therapeutics,

Inc.(Æ)(Ñ)

1,846

142

Molina

Healthcare,

Inc.(Æ)(Û)

2,078

290

Momenta

Pharmaceuticals,

Inc.(Æ)

5,109

139

Myriad

Genetics,

Inc.(Æ)

8,792

126

Natera

,

Inc.(Æ)

3,519

105

Natus

Medical,

Inc.(Æ)

1,215

28

Neogen

Corp.(Æ)

6,771

454

NeoGenomics

,

Inc.(Æ)

15,597

431

Neurocrine

Biosciences,

Inc.(Æ)(Ð)

2,778

240

NextGen

Healthcare,

Inc.(Æ)

1,300

14

NGM

Biopharmaceuticals,

Inc.(Æ)

1,644

20

Novocure

,

Ltd.(Æ)(Ð)

839

56

Odonate

Therapeutics,

Inc.(Æ)

1,024

28

Omeros

Corp.(Æ)(Ð)

800

11

Omnicell

,

Inc.(Æ)

2,257

148

Orthofix

Medical,

Inc.(Æ)

2,580

72

Owens

&

Minor,

Inc.

8,500

78

Pacira

BioSciences

,

Inc.(Æ)

2,509

84

Patterson

Cos.,

Inc.

8,029

123

PDL

BioPharma

,

Inc.(Æ)

43,190

122

Pennant

Group,

Inc.

(The)(Æ)

12,930

183

Portola

Pharmaceuticals,

Inc.(Æ)

4,697

33

PRA

Health

Sciences,

Inc.(Æ)

7,109

590

Prestige

Brands

Holdings,

Inc.(Æ)

15,198

557

Principia

Biopharma,

Inc.(Æ)

1,596

95

Prothena

Corp.

PLC(Æ)(Ð)

3,700

40

Providence

Service

Corp.

(The)(Æ)

1,268

70

PTC

Therapeutics,

Inc.(Æ)

4,544

203

Ra

Pharmaceuticals,

Inc.(Æ)

2,193

105

Radius

Health,

Inc.(Æ)

5,394

70

RadNet

,

Inc.(Æ)

49,725

523

Repligen

Corp.(Æ)

8,618

832

Retrophin

,

Inc.(Æ)(Ð)

4,100

60

Rigel

Pharmaceuticals,

Inc.(Æ)

4,211

7

Rubius

Therapeutics,

Inc.(Æ)

20,437

91

Sage

Therapeutics,

Inc.(Æ)(Ð)

738

21

Sangamo

BioSciences

,

Inc.(Æ)

7,342

47

SeaSpine

Holdings

Corp.(Æ)

10,118

83

Seres

Therapeutics,

Inc.(Æ)(Ð)

4,000

14

Spectrum

Pharmaceuticals,

Inc.(Æ)(Ð)

6,234

15

Spero

Therapeutics,

Inc.(Æ)(Ð)

278

2

Stemline

Therapeutics,

Inc.(Æ)(Ð)

3,530

17

Strongbridge

Biopharma

PLC(Æ)(Ð)

2,700

5

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Supernus

Pharmaceuticals,

Inc.(Æ)

2,700

49

Surmodics

,

Inc.(Æ)

550

18

Sutro

Biopharma,

Inc.(Æ)(Ð)

1,000

10

Syndax

Pharmaceuticals,

Inc.(Æ)

8,777

96

Tabula

Rasa

HealthCare,

Inc.(Æ)(Ñ)

20,878

1,092

Tactile

Systems

Technology,

Inc.(Æ)(Ñ)

9,611

386

Teladoc

Health,

Inc.(Æ)

549

85

Tenet

Healthcare

Corp.(Æ)

6,777

98

Theravance

Biopharma,

Inc.(Æ)(Ð)

3,568

82

Ultragenyx

Pharmaceutical,

Inc.(Æ)

4,338

193

United

Therapeutics

Corp.(Æ)(Û)

2,881

273

UNITY

Biotechnology,

Inc.(Æ)

3,300

19

Utah

Medical

Products,

Inc.

11,154

1,049

Vanda

Pharmaceuticals,

Inc.(Æ)

7,230

75

Varex

Imaging

Corp.(Æ)

13,723

311

Veracyte

,

Inc.(Æ)

3,129

76

WaVe

Life

Sciences,

Ltd.(Æ)

1,914

18

XBiotech

,

Inc.(Æ)(Ñ)

6,092

65

Xencor

,

Inc.(Æ)

2,624

78

Zogenix

,

Inc.(Æ)

748

18

23,274

Materials

and

Processing

-

7.1%

AdvanSix

,

Inc.(Æ)

11,780

112

Allegheny

Technologies,

Inc.(Æ)

10,463

89

American

Vanguard

Corp.

27,938

404

American

Woodmark

Corp.(Æ)

1,783

81

Apogee

Enterprises,

Inc.

3,813

79

Arch

Coal,

Inc.

Class

A(Û)

4,868

141

Armstrong

Flooring,

Inc.(Æ)(Û)

5,700

8

Armstrong

World

Industries,

Inc.

9,055

719

Ashland

Global

Holdings,

Inc.(Ð)

4,179

209

Aspen

Aerogels,

Inc.(Æ)

15,887

98

Atkore

International

Group,

Inc.(Æ)

1,000

21

Balchem

Corp.

1,809

179

Beacon

Roofing

Supply,

Inc.(Æ)

6,235

103

Boise

Cascade

Co.

3,870

92

Builders

FirstSource

,

Inc.(Æ)

13,825

169

Cabot

Corp.

3,528

92

Cabot

Microelectronics

Corp.

3,109

355

Caesarstone

,

Ltd.

12,818

135

Carpenter

Technology

Corp.

4,455

87

Chemours

Co.

(The)

8,243

73

Comfort

Systems

USA,

Inc.

17,896

654

Commercial

Metals

Co.

7,730

122

Eagle

Materials,

Inc.

7,111

415

Eastman

Chemical

Co.

211

10

Element

Solutions,

Inc.(Æ)

84,373

705

Haynes

International,

Inc.

4,034

83

Huntsman

Corp.(Ð)

11,687

169

Innospec

,

Inc.

1,670

116

Insteel

Industries,

Inc.

12,434

165

Intrepid

Potash,

Inc.(Æ)

97,680

78

KAR

Auction

Services,

Inc.

6,594

79

Kraton

Corp.(Æ)(Ð)

2,300

19

Landec

Corp.(Æ)

54,468

473

LB

Foster

Co.

Class

A(Æ)

400

5

Lennox

International,

Inc.(Û)

1,193

217

LiqTech

International,

Inc.(Æ)(Ñ)

70,932

304

Louisiana-Pacific

Corp.

14,750

254

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

Masonite

International

Corp.(Æ)

2,940

140

MRC

Global,

Inc.(Æ)

10,134

43

Mueller

Industries,

Inc.

5,379

129

O-I

Glass,

Inc.

Class

I(Ð)

14,300

102

Olympic

Steel,

Inc.

824

9

Omega

Flex,

Inc.

4,675

395

Orion

Engineered

Carbons

SA

2,897

22

PGT

Innovations,

Inc.(Æ)

12,872

108

Quaker

Chemical

Corp.(Ñ)

1,259

159

Rayonier

Advanced

Materials,

Inc.(Ð)

3,115

3

RBC

Bearings,

Inc.(Æ)

950

107

Resideo

Technologies,

Inc.(Æ)

12,037

58

Schnitzer

Steel

Industries,

Inc.

Class

A

5,300

69

Schweitzer-Mauduit

International,

Inc.

29,836

831

Sealed

Air

Corp.(Ð)

4,955

122

Silgan

Holdings,

Inc.

1,823

53

SiteOne

Landscape

Supply,

Inc.(Æ)

5,484

404

Stepan

Co.

2,300

203

TimkenSteel

Corp.(Æ)

5,100

16

Trex

Co.,

Inc.(Æ)

1,072

86

Trinseo

SA

3,520

64

Unifi,

Inc.(Æ)(Ð)

2,844

33

Universal

Forest

Products,

Inc.

2,434

91

Universal

Stainless

&

Alloy

Products,

Inc.(Æ)

25,145

194

Valvoline,

Inc.(Ð)

2,075

27

Veritiv

Corp.(Æ)

900

7

Verso

Corp.

Class

A(Æ)

900

10

Worthington

Industries,

Inc.

3,164

83

WR

Grace

&

Co.(Ð)

1,010

36

10,718

Producer

Durables

-

16.5%

ACCO

Brands

Corp.

45,709

231

Adient

PLC(Æ)(Ð)

7,363

67

AGCO

Corp.

4,250

201

Air

Transport

Services

Group,

Inc.(Æ)

27,502

503

Albany

International

Corp.

Class

A

2,433

115

Allied

Motion

Technologies,

Inc.

11,361

269

Allison

Transmission

Holdings,

Inc.

Class

A

1,200

39

Alta

Equipment

Group

Inc.(Æ)

36,993

158

Applied

Industrial

Technologies,

Inc.

1,587

73

ArcBest

Corp.

4,710

83

Arcosa

,

Inc.

27,622

1,097

Ardmore

Shipping

Corp.

56,837

298

Argan

,

Inc.

12,105

419

ASGN,

Inc.(Æ)

2,869

101

Astec

Industries,

Inc.

3,110

109

Astronics

Corp.(Æ)

4,021

37

AstroNova

,

Inc.

17,116

133

Axon

Enterprise,

Inc.(Æ)

3,678

260

Babcock

&

Wilcox

Co.

(The)

Class

W(Æ)

10,408

507

Barnes

Group,

Inc.

1,439

60

Barrett

Business

Services,

Inc.

830

33

Brady

Corp.

Class

A

844

38

Briggs

&

Stratton

Corp.

7,100

13

Brink's

Co.

(The)

7,322

381

CAI

International,

Inc.(Æ)(Ð)

509

7

Clean

Harbors,

Inc.(Æ)

1,372

70

Commercial

Vehicle

Group,

Inc.(Æ)

2,637

4

Concrete

Pumping

Holdings,

Inc.(Æ)

13,472

39

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Covanta

Holding

Corp.

37,673

322

Covenant

Transportation

Group,

Inc.

Class

A(Æ)

45,084

391

CRA

International,

Inc.

17,722

592

Cubic

Corp.

962

40

CyberOptics

Corp.(Æ)

1,500

26

Dorian

LPG,

Ltd.(Æ)

1,400

12

Echo

Global

Logistics,

Inc.(Æ)

6,200

106

EMCOR

Group,

Inc.(Û)

3,190

196

Energy

Recovery,

Inc.(Æ)(Ð)

705

5

EnerSys

2,584

128

Euronav

NV

22,153

250

Evo

Payments,

Inc.

Class

A(Æ)

23,383

358

ExlService

Holdings,

Inc.(Æ)

1,092

57

Exponent,

Inc.

3,272

236

Franklin

Electric

Co.,

Inc.

2,851

134

frontdoor

,

Inc.(Æ)(Û)

26,632

926

FTI

Consulting,

Inc.(Æ)

1,422

170

Garrett

Motion,

Inc.(Æ)

8,445

24

Generac

Holdings,

Inc.(Æ)

1,272

119

Great

Lakes

Dredge

&

Dock

Corp.(Æ)

71,644

595

Greenbrier

Cos.,

Inc.

3,410

60

Hackett

Group,

Inc.

(The)

12,155

155

Harsco

Corp.(Æ)

15,751

110

Hawaiian

Holdings,

Inc.

4,787

50

Heidrick

&

Struggles

International,

Inc.

669

15

Hill

International,

Inc.(Æ)

39,478

57

HNI

Corp.

7,912

200

Hub

Group,

Inc.

Class

A(Æ)

3,290

150

Hudson,

Ltd.

Class

A(Æ)

41,094

206

Hyster

-Yale

Materials

Handling,

Inc.

2,030

81

ICF

International,

Inc.

8,364

575

Insperity

,

Inc.

3,545

132

International

Seaways,

Inc.

8,720

208

Kaman

Corp.

Class

A

1,297

50

KBR,

Inc.

27,591

571

Kennametal,

Inc.

6,657

124

Kforce

,

Inc.(Ð)

1,430

37

Kimball

International,

Inc.

Class

B

32,905

392

Korn

Ferry(Û)

4,986

121

Kratos

Defense

&

Security

Solutions,

Inc.(Æ)

28,185

390

Landstar

System,

Inc.

1,930

185

LCI

Industries

1,709

114

Liquidity

Services,

Inc.(Æ)

39,982

155

Lydall

,

Inc.(Æ)

8,193

53

Manitowoc

Co.,

Inc.

(The)(Æ)

4,800

41

ManpowerGroup

,

Inc.(Û)

3,885

206

Marten

Transport,

Ltd.

13,224

271

MasTec

,

Inc.(Æ)

7,623

250

MAXIMUS,

Inc.

11,105

646

Mesa

Laboratories,

Inc.(Ñ)

5,675

1,282

Methode

Electronics,

Inc.

2,700

71

Miller

Industries,

Inc.

4,800

136

Mitek

Systems,

Inc.(Æ)

1,100

9

Modine

Manufacturing

Co.(Æ)

4,100

13

MTS

Systems

Corp.

12,782

288

MYR

Group,

Inc.(Æ)

740

19

Orion

Group

Holdings,

Inc.(Æ)

39,681

103

Park-Ohio

Holdings

Corp.

300

6

Pitney

Bowes,

Inc.(Û)

38,050

77

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

Powell

Industries,

Inc.

738

19

Preformed

Line

Products

Co.

1,227

61

Proto

Labs,

Inc.(Æ)

1,743

133

Quanta

Services,

Inc.(Û)

7,426

236

Radiant

Logistics,

Inc.(Æ)

35,391

137

Ryder

System,

Inc.

3,240

86

Saia,

Inc.(Æ)

3,719

273

Schneider

National,

Inc.

Class

B

6,359

123

Scorpio

Tankers,

Inc.(Ñ)

6,500

124

SkyWest,

Inc.

12,493

327

Sleep

Number

Corp.(Æ)

1,780

34

Spartan

Motors,

Inc.

9,390

121

Spirit

Airlines,

Inc.(Æ)(Ñ)

5,228

67

Standex

International

Corp.

2,233

109

StealthGas

,

Inc.(Æ)

96,238

192

Steelcase,

Inc.

Class

A

25,959

256

Sterling

Construction

Co.,

Inc.(Æ)

4,200

40

Sykes

Enterprises,

Inc.(Æ)

2,750

75

Teekay

Tankers,

Ltd.

Class

A(Æ)

5,913

132

Tennant

Co.

7,205

418

Terex

Corp.

5,260

76

Tetra

Tech,

Inc.

1,315

93

TopBuild

Corp.(Æ)

2,936

210

TreeHouse

Foods,

Inc.(Æ)

22,822

1,008

TriNet

Group,

Inc.(Æ)

4,989

188

Triumph

Group,

Inc.(Ð)

4,442

30

TrueBlue

,

Inc.(Æ)

10,320

132

Tutor

Perini

Corp.(Æ)(Ñ)

26,293

176

Ultralife

Corp.(Æ)

40,803

212

UniFirst

Corp.

621

94

Universal

Truckload

Services,

Inc.

15,683

205

US

Xpress

Enterprises,

Inc.

Class

A(Æ)(Ð)

7,000

23

USA

Truck,

Inc.(Æ)

20,422

65

Vectrus

,

Inc.(Æ)

9,031

374

Wabash

National

Corp.

4,578

33

Watts

Water

Technologies,

Inc.

Class

A

1,452

123

Welbilt

,

Inc.(Æ)

21,759

112

Werner

Enterprises,

Inc.

3,074

111

WESCO

International,

Inc.(Æ)

4,553

104

WNS

Holdings,

Ltd.

-

ADR(Æ)

15,668

673

XPO

Logistics,

Inc.(Æ)(Ð)

2,085

102

YRC

Worldwide,

Inc.(Æ)(Ñ)

36,960

62

24,810

Technology

-

14.3%

A10

Networks,

Inc.(Æ)

2,000

12

Adesto

Technologies

Corp.(Æ)

18,242

204

ADTRAN,

Inc.

6,300

48

Agilysys

,

Inc.(Æ)

2,471

41

Allot

Communications,

Ltd.(Æ)

22,565

213

Alpha

&

Omega

Semiconductor,

Ltd.(Æ)

23,638

151

Ambarella

,

Inc.(Æ)

2,909

141

American

Software,

Inc.

Class

A

32,941

468

Amkor

Technology,

Inc.(Æ)

2,553

20

Anixter

International,

Inc.(Æ)

1,439

126

Appfolio

,

Inc.

Class

A(Æ)

2,118

235

Arlo

Technologies,

Inc.(Æ)

19,900

48

Arrow

Electronics,

Inc.(Æ)(Û)

4,342

225

Asure

Software,

Inc.(Æ)(Ñ)

14,875

89

Avaya

Holdings

Corp.(Æ)

19,426

157

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Avid

Technology,

Inc.(Æ)(Ð)

4,200

28

Axcelis

Technologies,

Inc.(Æ)

17,922

328

Bandwidth,

Inc.

Class

A(Æ)

1,336

90

Bel

Fuse,

Inc.

Class

B

2,045

20

Benchmark

Electronics,

Inc.(Û)

12,832

256

Benefitfocus

,

Inc.(Æ)(Ð)

1,349

12

Box,

Inc.

Class

A(Æ)

32,705

459

Calix,

Inc.(Æ)

6,600

47

Cardtronics

PLC

Class

A(Æ)

2,498

52

Casa

Systems,

Inc.(Æ)

4,140

14

Cerence

,

Inc.(Æ)

164

3

Ceridian

HCM

Holding,

Inc.(Æ)(Ð)

3,591

180

ChannelAdvisor

Corp.(Æ)

1,500

11

Cirrus

Logic,

Inc.(Æ)(Û)

6,331

415

Coherent,

Inc.(Æ)

1,372

146

CommVault

Systems,

Inc.(Æ)

6,146

249

comScore,

Inc.(Æ)(Ð)

9,300

26

Comtech

Telecommunications

Corp.

8,620

114

Conduent

,

Inc.(Æ)

12,619

31

Cornerstone

OnDemand

,

Inc.(Æ)

4,817

153

DASAN

Zhone

Solutions,

Inc.(Æ)

1,900

8

Diebold

Nixdorf,

Inc.(Æ)

28,993

102

Digital

Turbine,

Inc.(Æ)

57,591

248

Donnelley

Financial

Solutions,

Inc.(Æ)

6,400

34

DSP

Group,

Inc.(Æ)(Û)

15,524

208

EMCORE

Corp.(Æ)(Û)

3,700

8

Endava

PLC

-

ADR(Æ)

6,463

227

Everbridge

,

Inc.(Æ)

2,081

221

Extreme

Networks,

Inc.(Æ)

14,110

44

F5

Networks,

Inc.(Æ)

360

38

Fabrinet

(Æ)

1,365

74

FireEye,

Inc.(Æ)

18,348

194

Glu

Mobile,

Inc.(Æ)

9,917

62

Groupon,

Inc.

Class

A(Æ)

31,990

31

Harmonic,

Inc.(Æ)(Ð)

1,824

11

HC2

Holdings,

Inc.(Æ)

2,200

3

Infinera

Corp.(Æ)(Ð)

17,493

93

Inphi

Corp.(Æ)

533

42

Insight

Enterprises,

Inc.(Æ)

2,091

88

InterDigital

,

Inc.

1,397

62

Intevac,

Inc.(Æ)

300

1

iRobot

Corp.(Æ)(Ñ)

3,578

146

Juniper

Networks,

Inc.(Û)

7,758

148

Kemet

Corp.

3,015

73

Kimball

Electronics,

Inc.(Æ)

32,526

355

Kulicke

&

Soffa

Industries,

Inc.

1,972

41

Liberty

Latin

America,

Ltd.

Class

C(Æ)

17,141

176

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

3,647

69

Maxar

Technologies,

Inc.(Ñ)

37,380

399

MaxLinear

,

Inc.

Class

A(Æ)

16,617

194

Mercury

Systems,

Inc.(Æ)

5,753

410

MicroStrategy

,

Inc.

Class

A(Æ)

3,576

423

Mimecast,

Ltd.(Æ)

15,765

558

MiX

Telematics,

Ltd.

-

ADR

7,973

69

MobileIron

,

Inc.(Æ)

17,400

66

Model

N,

Inc.(Æ)

10,400

231

NAPCO

Security

Technologies,

Inc.(Æ)

35,271

536

NeoPhotonics

Corp.(Æ)

28,885

210

NETGEAR,

Inc.(Æ)(Ð)

8,341

191

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

NetScout

Systems,

Inc.(Æ)(Ñ)(Û)

12,668

299

New

Relic,

Inc.(Æ)

1,862

86

nLight

,

Inc.(Æ)

29,967

314

Nuance

Communications,

Inc.(Æ)

11,100

186

Nutanix

,

Inc.

Class

A(Æ)(Ð)

2,963

47

NVE

Corp.

7,679

400

OneSpan

,

Inc.(Æ)

50,327

914

Ooma

,

Inc.(Æ)

18,265

218

PC

Connection,

Inc.

1,489

61

PC-Telephone,

Inc.(Æ)

15,004

100

PDF

Solutions,

Inc.(Æ)

21,729

254

Pegasystems

,

Inc.(Ñ)

12,401

884

Perspecta

,

Inc.

16,610

303

Pixelworks

,

Inc.(Æ)

6,553

19

PlayAGS

,

Inc.(Æ)

4,500

12

Plexus

Corp.(Æ)

1,214

66

Power

Integrations,

Inc.

1,757

155

Pure

Storage,

Inc.

Class

A(Æ)(Û)

17,211

212

QAD,

Inc.

Class

A

21,427

857

Qualys

,

Inc.(Æ)(Ñ)

7,867

685

Rapid7,

Inc.(Æ)(Ð)

2,880

125

Ribbon

Communications,

Inc.(Æ)

12,441

38

Rubicon

Project,

Inc.

(The)(Æ)

3,843

21

Sanmina

Corp.(Æ)

2,895

79

ScanSource

,

Inc.(Æ)

2,753

59

Seachange

International,

Inc.(Æ)

1,015

4

Silicon

Laboratories,

Inc.(Æ)

4,368

373

Simulations

Plus,

Inc.

20,260

708

Smith

Micro

Software,

Inc.(Æ)(Ñ)

65,359

275

Sonos

,

Inc.(Æ)(Ð)

13,444

114

Super

Micro

Computer,

Inc.(Æ)

3,022

64

Synaptics

,

Inc.(Æ)(Û)

2,941

170

Synchronoss

Technologies,

Inc.(Æ)(Ð)

4,300

13

Tech

Data

Corp.(Æ)

1,680

220

TeleNav

,

Inc.(Æ)(Ð)

6,200

27

Tenable

Holdings,

Inc.(Æ)(Ð)

2,745

60

Teradata

Corp.(Æ)(Ð)

6,621

136

TrueCar

,

Inc.(Æ)

22,500

54

Tucows

,

Inc.

Class

A(Æ)

635

31

Unisys

Corp.(Æ)

49,843

617

Upwork

,

Inc.(Æ)

3,136

20

Varonis

Systems,

Inc.(Æ)(Ð)

1,786

114

Veeco

Instruments,

Inc.(Æ)

7,500

72

Vishay

Intertechnology

,

Inc.

5,859

84

Vocera

Communications,

Inc.(Æ)(Ð)

2,620

56

Workiva

,

Inc.(Æ)

14,567

471

Xperi

Corp.

3,197

44

Yelp,

Inc.

Class

A(Æ)

7,263

131

Zix

Corp.(Æ)

79,719

344

21,502

Utilities

-

4.8%

Allete

,

Inc.

5,017

304

American

States

Water

Co.

1,064

87

Avista

Corp.

6,521

277

Boingo

Wireless,

Inc.(Æ)(Ð)

2,208

23

Brigham

Minerals,

Inc.

Class

A

35,220

291

Cogent

Communications

Holdings,

Inc.

8,753

717

GCI

Liberty,

Inc.

Class

A(Æ)

7,618

434

Gogo

,

Inc.(Æ)(Ð)

8,874

19

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

HighPoint

Resources

Corp.(Æ)

244,355

46

J2

Global,

Inc.

1,617

121

MDU

Resources

Group,

Inc.

51,143

1,100

New

Jersey

Resources

Corp.

39,757

1,351

NorthWestern

Corp.

3,858

231

NRG

Energy,

Inc.(Ð)

6,940

189

Orbcomm

,

Inc.(Æ)

10,868

27

Plains

GP

Holdings,

LP

Class

A(Æ)

7,254

41

Portland

General

Electric

Co.(Û)

11,604

556

RGC

Resources,

Inc.

5,145

149

South

Jersey

Industries,

Inc.

26,074

652

Southwest

Gas

Holdings,

Inc.

2,093

146

Spok

Holdings,

Inc.

4,328

46

Vistra

Energy

Corp.

29,931

478

7,285

Total

Common

Stocks

(cost

$181,161)

141,016

Short-Term

Investments

-

9.4%

U.S.

Cash

Management

Fund(@)

14,220,113

(∞)

14,216

Total

Short-Term

Investments

(cost

$14,218)

14,216

Other

Securities

-

6.2%

U.S.

Cash

Collateral

Fund(x)(@)

9,316,895

(∞)

9,317

Total

Other

Securities

(cost

$9,317)

9,317

Total

Investments

109.1%

(identified

cost

$204,696)

164,549

Securities

Sold

Short

-

(4.5)%

Consumer

Discretionary

-

(0.9)%

At

Home

Group,

Inc.(Æ)

(6,279)

(13)

Big

Lots,

Inc.

(4,290)

(61)

Caleres

,

Inc.

(6,425)

(34)

Carvana

Co.(Æ)

(190)

(10)

Dorman

Products,

Inc.(Æ)

(1,060)

(59)

Fox

Factory

Holding

Corp.(Æ)

(1,237)

(52)

Funko

,

Inc.

Class

A(Æ)

(4,334)

(17)

Gannett

Co.,

Inc.(Æ)

(28,760)

(43)

Gap,

Inc.

(The)

(3,165)

(22)

Gentex

Corp.

(4,976)

(110)

G-III

Apparel

Group,

Ltd.(Æ)

(6,388)

(49)

GrowGeneration

Corp.(Æ)

(2,438)

(9)

Guess?,

Inc.

(2,864)

(19)

Harley-Davidson,

Inc.

(5,464)

(103)

Johnson

Outdoors,

Inc.

Class

A

(424)

(27)

Lands'

End,

Inc.(Æ)

(2,430)

(13)

Lifetime

Brands,

Inc.

(400)

(2)

Lovesac

Co.

(The)(Æ)

(1,937)

(11)

Monro

Muffler

Brake,

Inc.

(1,957)

(86)

Movado

Group,

Inc.

(4,000)

(47)

Newell

Rubbermaid,

Inc.

(8,235)

(109)

Ollie's

Bargain

Outlet

Holdings,

Inc.(Æ)

(2,722)

(126)

OptimizeRx

Corp.(Æ)

(1,921)

(17)

Party

City

Holdco,

Inc.(Æ)

(42,671)

(20)

PetIQ

,

Inc.(Æ)

(2,000)

(47)

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

PriceSmart

,

Inc.

(1,200)

(63)

Red

Lion

Hotels

Corp.(Æ)

(3,673)

(5)

SEACOR

Marine

Holdings,

Inc.(Æ)

(823)

(4)

Strategic

Education,

Inc.(Æ)

(916)

(128)

Thor

Industries,

Inc.

(2,736)

(116)

(1,422)

Consumer

Staples

–

(0.1)%

Energizer

Holdings,

Inc.

(1,246)

(38)

Limoneira

Co.

(1,100)

(14)

MGP

Ingredients,

Inc.

(2,158)

(58)

Simply

Good

Foods

Co.

(The)(Æ)

(3,538)

(68)

Turning

Point

Brands,

Inc.

(2,199)

(46)

(224)

Energy

–

(0.2)%

Abraxas

Petroleum

Corp.(Æ)

(64,241)

(8)

Advanced

Emissions

Solutions,

Inc.

(3,622)

(24)

Ameresco

,

Inc.

Class

A(Æ)

(1,281)

(22)

Amplify

Energy

Corp.(Æ)

(7,438)

(4)

Antero

Resources

Corp.(Æ)

(59,420)

(42)

Callon

Petroleum

Co.(Æ)

(53,642)

(29)

Clean

Energy

Fuels

Corp.(Æ)

(6,428)

(12)

Denbury

Resources,

Inc.(Æ)

(32,110)

(6)

Forum

Energy

Technologies,

Inc.(Æ)

(8,421)

(1)

Gulfport

Energy

Corp.(Æ)

(78,572)

(35)

KLX

Energy

Services

Holdings,

Inc.(Æ)

(6,286)

(4)

Laredo

Petroleum,

Inc.(Æ)

(44,720)

(17)

Nine

Energy

Service,

Inc.(Æ)

(3,021)

(3)

Noble

Energy,

Inc.

(3,997)

(24)

Oasis

Petroleum,

Inc.(Æ)

(49,134)

(17)

Panhandle

Oil

and

Gas,

Inc.

Class

A

(1,322)

(5)

Profire

Energy,

Inc.(Æ)

(1,000)

(1)

Ring

Energy,

Inc.(Æ)

(9,000)

(6)

Select

Energy

Services,

Inc.

Class

A(Æ)

(2,370)

(8)

Smart

Sand,

Inc.(Æ)

(2,436)

(3)

Solaris

Oilfield

Infrastructure,

Inc.

Class

A

(4,942)

(26)

Unit

Corp.(Æ)

(24,376)

(6)

US

Silica

Holdings,

Inc.

(8,965)

(16)

(319)

Financial

Services

-

(1.1)%

AGNC

Investment

Corp.(Æ)

(7,912)

(84)

Allegiance

Bancshares,

Inc.

(508)

(12)

American

Finance

Trust,

Inc.(ö)

(5,667)

(36)

Anworth

Mortgage

Asset

Corp.(ö)

(4,454)

(5)

Apollo

Commercial

Real

Estate

Finance,

Inc.(ö)

(3,300)

(25)

Arbor

Realty

Trust,

Inc.(ö)

(10,400)

(51)

Ashford

Hospitality

Trust,

Inc.(ö)

(9,077)

(7)

Ashford,

Inc.(Æ)

(346)

(2)

Cannae

Holdings,

Inc.(Æ)

(2,985)

(100)

CBL

&

Associates

Properties,

Inc.(ö)

(31,848)

(6)

Cherry

Hill

Mortgage

Investment

Corp.(ö)

(2,460)

(15)

Colony

Credit

Real

Estate,

Inc.(ö)

(4,645)

(18)

Easterly

Government

Properties,

Inc.(ö)

(3,986)

(98)

eHealth,

Inc.(Æ)

(220)

(31)

First

Financial

Bancorp

(4,300)

(64)

Granite

Point

Mortgage

Trust,

Inc.(ö)

(7,158)

(36)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(ö)

(2,320)

(47)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Helios

Technologies,

Inc.(Æ)

(750)

(28)

I3

Verticals,

Inc.

Class

A(Æ)

(1,548)

(30)

Jernigan

Capital,

Inc.(ö)

(3,410)

(37)

Moelis

&

Co.

Class

A

(2,017)

(57)

New

Residential

Investment

Corp.(ö)

(14,783)

(74)

New

York

Mortgage

Trust,

Inc.(ö)

(15,900)

(25)

Ocwen

Financial

Corp.(Æ)

(6,435)

(3)

Office

Properties

Income

Trust(ö)

(2,570)

(70)

Pebblebrook

Hotel

Trust(ö)

(6,888)

(75)

PennyMac

Mortgage

Investment

Trust(ö)

(7,200)

(77)

Ready

Capital

Corp.(Æ)

(8,749)

(63)

Redwood

Trust,

Inc.(ö)

(5,100)

(26)

Safehold

,

Inc.(Æ)

(1,925)

(122)

Service

Properties

Trust(ö)

(7,324)

(40)

Target

Hospitality

Corp.

Class

A(Æ)

(2,662)

(5)

TPG

RE

Finance

Trust,

Inc.(ö)

(8,253)

(45)

Two

Harbors

Investment

Corp.(ö)

(5,100)

(20)

Veritex

Holdings,

Inc.

(2,000)

(28)

Victory

Capital

Holdings,

Inc.

Class

A

(1,000)

(16)

Virtu

Financial,

Inc.

Class

A

(5,348)

(111)

Western

Asset

Mortgage

Capital

Corp.(ö)

(4,254)

(10)

(1,599)

Health

Care

-

(0.8)%

ADMA

Biologics,

Inc.(Æ)

(4,600)

(13)

Alphatec

Holdings,

Inc.(Æ)

(1,000)

(3)

Arena

Pharmaceuticals,

Inc.(Æ)

(3,317)

(139)

Arrowhead

Pharmaceuticals,

Inc.(Æ)

(290)

(8)

Axonics

Modulation

Technologies,

Inc.(Æ)

(400)

(10)

BioDelivery

Sciences

International,

Inc.(Æ)

(4,900)

(19)

Bio-Rad

Laboratories,

Inc.

Class

A(Æ)

(276)

(97)

Capital

Senior

Living

Corp.(Æ)

(1,600)

(1)

CareDx

,

Inc.(Æ)

(400)

(9)

CASI

Pharmaceuticals,

Inc.(Æ)

(700)

(1)

Catalent

,

Inc.(Æ)

(2,313)

(120)

Eloxx

Pharmaceuticals,

Inc.(Æ)

(1,524)

(3)

Emergent

BioSolutions

,

Inc.(Æ)

(1,580)

(92)

Geron

Corp.(Æ)

(12,029)

(14)

Guardant

Health,

Inc.(Æ)

(193)

(13)

Hookipa

Pharma,

Inc.(Æ)

(449)

(4)

Karuna

Therapeutics,

Inc.(Æ)

(426)

(31)

Kodiak

Sciences,

Inc.(Æ)

(121)

(6)

Krystal

Biotech,

Inc.(Æ)

(643)

(28)

LHC

Group,

Inc.(Æ)

(710)

(100)

MannKind

Corp.(Æ)

(3,300)

(3)

Matinas

BioPharma

Holdings,

Inc.(Æ)

(4,500)

(3)

MediciNova

,

Inc.(Æ)

(1,797)

(7)

Momenta

Pharmaceuticals,

Inc.(Æ)

(2,993)

(81)

Neogen

Corp.(Æ)

(497)

(33)

Phathom

Pharmaceuticals,

Inc.(Æ)

(185)

(5)

Principia

Biopharma,

Inc.(Æ)

(285)

(17)

Repligen

Corp.(Æ)

(1,225)

(118)

Tabula

Rasa

HealthCare,

Inc.(Æ)

(1,106)

(58)

Teladoc

Health,

Inc.(Æ)

(508)

(79)

Tivity

Health,

Inc.(Æ)

(5,126)

(32)

Vapotherm

,

Inc.(Æ)

(3,016)

(57)

ViewRay

,

Inc.(Æ)

(2,500)

(6)

(1,210)

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

Materials

and

Processing

-

(0.2)%

Berry

Plastics

Group,

Inc.(Æ)

(1,887)

(64)

Coeur

Mining,

Inc.(Æ)

(3,100)

(10)

Cornerstone

Building

Brands,

Inc.(Æ)

(2,965)

(14)

Covia

Holdings

Corp.(Æ)

(3,600)

(2)

Livent

Corp.(Æ)

(2,400)

(13)

LSB

Industries,

Inc.(Æ)

(3,378)

(7)

NN,

Inc.

(1,450)

(2)

Quaker

Chemical

Corp.

(850)

(107)

Uranium

Energy

Corp.(Æ)

(16,491)

(9)

(228)

Producer

Durables

-

(0.3)%

Altra

Industrial

Motion

Corp.

(2,940)

(51)

Aqua

Metals,

Inc.(Æ)

(2,100)

(1)

Coda

Octopus

Group,

Inc.(Æ)

(1,000)

(6)

Concrete

Pumping

Holdings,

Inc.(Æ)

(2,700)

(8)

Construction

Partners,

Inc.

Class

A(Æ)

(1,600)

(27)

ESCO

Technologies,

Inc.

(325)

(25)

Fluor

Corp.

(9,784)

(68)

Iteris

,

Inc.(Æ)

(1,107)

(4)

NV5

Global,

Inc.(Æ)

(637)

(26)

Plug

Power,

Inc.(Æ)

(7,737)

(27)

Ranpak

Holdings

Corp.(Æ)

(1,349)

(8)

Tidewater,

Inc.(Æ)

(1,000)

(7)

Toro

Co.

(The)

(1,908)

(124)

Willdan

Group,

Inc.(Æ)

(830)

(18)

(400)

Technology

-

(0.8)%

Altair

Engineering,

Inc.

Class

A(Æ)

(2,390)

(63)

Alteryx

,

Inc.

Class

A(Æ)

(245)

(23)

Appfolio

,

Inc.

Class

A(Æ)

(957)

(106)

Brooks

Automation,

Inc.

(349)

(11)

Calyxt

,

Inc.(Æ)

(1,688)

(6)

Cognex

Corp.

(2,542)

(107)

Cohu

,

Inc.

(3,100)

(38)

Digimarc

Corp.(Æ)

(470)

(6)

Envestnet

,

Inc.(Æ)

(1,796)

(97)

II-VI,

Inc.(Æ)

(4,722)

(135)

Immersion

Corp.(Æ)

(9,200)

(49)

IPG

Photonics

Corp.(Æ)

(170)

(19)

Mercury

Systems,

Inc.(Æ)

(1,760)

(126)

MongoDB,

Inc.(Æ)

(248)

(34)

NAPCO

Security

Technologies,

Inc.(Æ)

(1,603)

(24)

Onto

Innovation,

Inc.(Æ)

(4,302)

(128)

Q2

Holdings,

Inc.(Æ)

(1,704)

(101)

Science

Applications

International

Corp.

(1,010)

(75)

TESSCO

Technologies,

Inc.

(1,975)

(10)

TTM

Technologies,

Inc.(Æ)

(3,505)

(36)

Upland

Software,

Inc.(Æ)

(750)

(20)

Verra

Mobility

Corp.(Æ)

(2,700)

(19)

Zix

Corp.(Æ)

(8,200)

(35)

(1,268)

Utilities

–

(0.1)%

Centennial

Resource

Development,

Inc.

Class

A(Æ)

(44,241)

(12)

Chaparral

Energy,

Inc.

Class

A(Æ)

(9,000)

(4)

CNX

Resources

Corp.(Æ)

(6,330)

(34)

Earthstone

Energy,

Inc.

Class

A(Æ)

(4,258)

(7)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Equitrans

Midstream

Corp.

(8,745)

(44)

HighPoint

Resources

Corp.(Æ)

(13,700)

(3)

Montage

Resources

Corp.(Æ)

(4,348)

(10)

New

Fortress

Energy

LLC(Æ)

(1,449)

(14)

Penn

Virginia

Corp.(Æ)

(2,707)

(8)

SilverBow

Resources,

Inc.(Æ)

(1,092)

(3)

(139)

Total

Securities

Sold

Short

(proceeds

$9,905)

(6,809)

Other

Assets

and

Liabilities,

Net

-

(4.6)%

(6,931)

Net

Assets

-

100.0%

150,809

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

18

U.S.

Small

Cap

Equity

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)

$

0.0%

JER

Investment

Trust,

Inc.

05/27/04

1,771

82.03

145

—

—

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

Russell

1000

E-Mini

Index

Futures

264

USD

15,148

06/20

1,376

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

1,376

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

$

15,38

5

$

—

$

—

$

—

$

15,38

5

Consumer

Staples

5,428

—

—

—

5,428

Energy

2,182

—

—

—

2,182

Financial

Services

30,4

3

2

—

—

—

30,4

3

2

Health

Care

23,27

4

—

—

—

23,27

4

Materials

and

Processing

10,718

—

—

—

10,718

Producer

Durables

24,810

—

—

—

24,810

Technology

21,502

—

—

—

21,502

Utilities

7,285

—

—

—

7,285

Short-Term

Investments

—

—

—

14,216

14,216

Other

Securities

—

—

—

9,317

9,317

Total

Investments

141,016

—

—

23,533

164,54

9

Securities

Sold

Short

**

(6,809

)

—

—

—

(6,809

)

Other

Financial

Instruments

Assets

Futures

Contracts

1,376

—

—

—

1,376

Total

Other

Financial

Instruments

*

$

1,376

$

—

$

—

$

—

$

1,376

*

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.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

U.S.

Small

Cap

Equity

Fund

19

For

a

disclosure

on

transfers

between

Levels

1,

2

and

3

during

the

period

ended

March

31,

2020,

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

March

31,

2020,

were

less

than

1%

of

net

assets.

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments

—

March

31,

2020

(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

-

82.6%

Argentina

-

0.0%

YPF

SA

-

ADR

34,203

143

Australia

-

1.5%

AGL

Energy,

Ltd.

33,334

357

Alumina,

Ltd.

61,212

55

Australia

&

New

Zealand

Banking

Group,

Ltd.

-

ADR

18,262

197

BHP

Group,

Ltd.

-

ADR

2,672

49

BlueScope

Steel,

Ltd.

12,890

70

Boral,

Ltd.

38,655

48

Commonwealth

Bank

of

Australia

-

ADR

15,071

569

Crown

Resorts,

Ltd.

8,918

41

CSL,

Ltd.

1,468

266

Dexus

Property

Group(Æ)(ö)

13,721

78

Fortescue

Metals

Group,

Ltd.

34,745

212

GPT

Group

(The)(ö)

35,203

80

Insurance

Australia

Group,

Ltd.(Æ)

56,379

220

Medibank

Pvt

,

Ltd.

23,555

38

National

Australia

Bank,

Ltd.

-

ADR

14,149

150

Origin

Energy,

Ltd.

44,165

118

Qantas

Airways,

Ltd.(Æ)

25,262

50

QBE

Insurance

Group,

Ltd.

30,022

164

Rio

Tinto

PLC

17,005

782

Rio

Tinto,

Ltd.

-

ADR

4,100

217

Santos,

Ltd.

40,255

87

Scentre

Group(ö)

63,375

63

South32,

Ltd.

Class

B

34,053

37

Suncorp

Group,

Ltd.

17,531

98

Westpac

Banking

Corp.

16,020

167

4,213

Austria

-

0.1%

Erste

Group

Bank

AG

6,004

111

OMV

AB

3,926

109

220

Belgium

-

0.4%

Ageas

17,020

708

KBC

Groep

NV

8,025

370

Solvay

SA

1,860

136

1,214

Brazil

-

0.1%

Pagseguro

Digital,

Ltd.

Class

A(Æ)(Ñ)

16,454

318

Canada

-

4.0%

Air

Canada

Class

B(Æ)

3,326

37

ARC

Resources,

Ltd.(Ñ)

28,974

83

Bank

of

Montreal

6,058

306

Bank

of

Nova

Scotia

(The)

9,077

371

Barrick

Gold

Corp.

47,320

870

BCE,

Inc.

7,410

304

Brookfield

Asset

Management,

Inc.

Class

A

6,061

269

CAE,

Inc.

78,193

989

Cameco

Corp.

Class

A

17,489

134

Canadian

Imperial

Bank

of

Commerce

2,599

151

Canadian

National

Railway

Co.

31,016

2,426

Canadian

Natural

Resources,

Ltd.

12,580

172

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Cenovus

Energy,

Inc.

24,425

49

CI

Financial

Corp.

11,865

118

Dollarama

,

Inc.

10,898

302

Enbridge,

Inc.

4,628

135

Great-West

Lifeco

,

Inc.

13,079

226

iA

Financial

Corp.,

Inc.

3,878

122

Imperial

Oil,

Ltd.

6,701

76

Kinross

Gold

Corp.(Æ)

84,944

338

Magna

International,

Inc.

Class

A

7,219

230

Manulife

Financial

Corp.

42,506

534

Metro,

Inc.

Class

A

4,114

166

National

Bank

of

Canada

2,100

81

Power

Corp.

of

Canada

13,001

209

RioCan

Real

Estate

Investment

Trust(ö)

7,625

87

Royal

Bank

of

Canada

-

GDR

10,049

622

Shaw

Communications,

Inc.

Class

B

7,916

128

Shopify,

Inc.

Class

A(Æ)

532

223

Sun

Life

Financial,

Inc.

21,402

688

Suncor

Energy,

Inc.

12,867

205

Teck

Resources,

Ltd.

Class

B

7,383

56

Toronto-Dominion

Bank

(The)

20,957

891

Tourmaline

Oil

Corp.

15,073

93

11,691

Cayman

Islands

-

0.5%

Meituan-Dianping

Class

B(Æ)

110,000

1,320

China

-

3.6%

Alibaba

Group

Holding,

Ltd.

-

ADR(Æ)

20,699

4,026

China

Mobile,

Ltd.

102,500

774

China

Resources

Power

Holdings

Co.,

Ltd.

1,050,417

1,152

China

Telecom

Corp.,

Ltd.

Class

H

1,908,000

576

China

Unicom

Hong

Kong,

Ltd.

1,010,000

579

Dongfeng

Motor

Group

Co.,

Ltd.

Class

H

908,000

595

Lenovo

Group,

Ltd.

1,554,257

830

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

48,466

474

Sunny

Optical

Technology

Group

Co.,

Ltd.

27,099

361

Tencent

Holdings,

Ltd.

18,884

921

10,288

Colombia

-

0.0%

Millicom

International

Cellular

SA

547

15

Denmark

-

2.1%

AP

Moller

-

Maersk

A/S

Class

B

2,306

2,069

Danske

Bank

A/S

40,324

457

Drilling

Co.

of

1972

A/S

(The)(Æ)

1,163

22

DSV

A/S

4,922

448

H

Lundbeck

A/S

1,635

49

Novo

Nordisk

A/S

Class

B

51,521

3,108

6,153

Finland

-

1.0%

Elisa

OYJ

Class

A

4,856

302

Kone

OYJ

Class

B

3,365

191

Neste

OYJ

14,398

488

Nokia

OYJ

200,898

630

Nokian

Renkaat

OYJ

2,135

52

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

Orion

OYJ

Class

B

1,887

77

Sampo

OYJ

Class

A

11,238

329

Stora

Enso

OYJ

Class

R

6,919

70

UPM-

Kymmene

OYJ(Ñ)

23,074

637

Wartsila

OYJ

Abp

Class

B

6,190

45

2,821

France

-

7.3%

Accor

SA

9,423

258

Airbus

Group

SE

5,706

370

Amundi

SA(Þ)

17,954

1,063

Arkema

SA

1,726

119

Atos

SE

2,375

161

AXA

SA

17,952

311

BNP

Paribas

SA

27,978

843

Bouygues

SA

-

ADR

18,902

555

Capgemini

SE

3,935

333

Carrefour

SA

12,501

198

Cie

Generale

des

Etablissements

Michelin

SCA

Class

B

13,831

1,231

Compagnie

de

Saint-Gobain

SA

42,141

1,025

Credit

Agricole

SA

24,496

180

Danone

SA

4,141

267

Dassault

Systemes

SE

1,264

187

Eiffage

SA

1,933

137

Engie

SA

69,822

722

Hermes

International

94

65

L'Oreal

SA

3,650

958

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

4,296

1,595

Peugeot

SA

11,122

148

Publicis

Groupe

SA

-

ADR

30,894

886

Renault

SA

17,615

342

Rexel

SA

Class

H

218,125

1,625

Safran

SA

4,822

424

Sanofi

-

ADR

8,973

790

Schneider

Electric

SE

28,371

2,442

SCOR

SE

-

ADR

17,216

379

Societe

Generale

SA

34,672

583

Total

SA

52,316

2,029

Ubisoft

Entertainment

SA(Æ)

5,291

390

Unibail

-

Rodamco

-Westfield(ö)

1,829

104

Valeo

SA

5,006

84

Worldline

SA(Æ)(Þ)

5,557

327

21,131

Germany

-

3.9%

1&1

Drillisch

AG

2,043

43

adidas

AG

9,658

2,223

Allianz

SE

3,167

546

BASF

SE

25,276

1,222

Bayer

AG

5,653

332

BMW

US

Capital

LLC

3,827

201

Brenntag

AG

3,883

147

Continental

AG

1,558

114

Covestro

AG(Þ)

32,798

1,019

Daimler

AG

26,315

807

Deutsche

Lufthansa

AG

33,628

321

Deutsche

Post

AG

4,353

120

Deutsche

Telekom

AG

8,128

108

Evonik

Industries

AG

4,697

100

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Fresenius

Medical

Care

AG

&

Co.

3,214

214

Fresenius

SE

&

Co.

KGaA

4,361

164

GEA

Group

AG

4,183

86

Hannover

Rueck

SE

2,428

355

HeidelbergCement

AG

3,101

135

Infineon

Technologies

AG

-

ADR

24,127

361

KION

Group

AG

1,793

79

Metro

AG(Æ)

49,527

108

Metro

AG

15,401

133

Muenchener

Rueckversicherungs-

Gesellschaft

AG

3,591

726

Salzgitter

AG

6,117

73

SAP

SE

-

ADR

1,638

188

Siemens

AG

9,572

824

Uniper

SE

2,518

63

Zalando

SE(Æ)(Þ)

9,199

358

11,170

Hong

Kong

-

2.4%

AIA

Group,

Ltd.

339,408

3,052

CK

Asset

Holdings,

Ltd.

111,549

607

CK

Hutchison

Holdings,

Ltd.

Class

B

31,813

213

CK

Infrastructure

Holdings,

Ltd.

34,000

180

CLP

Holdings,

Ltd.

28,500

262

Hang

Seng

Bank,

Ltd.

23,400

399

Henderson

Land

Development

Co.,

Ltd.

35,200

134

Hongkong

Land

Holdings,

Ltd.

29,300

110

Jardine

Matheson

Holdings,

Ltd.

4,800

240

Jardine

Strategic

Holdings,

Ltd.

4,400

97

New

World

Development

Co.,

Ltd.

132,000

141

Power

Assets

Holdings,

Ltd.

28,000

167

Sino

Land

Co.,

Ltd.

84,000

106

Sun

Hung

Kai

Properties,

Ltd.

22,000

289

Swire

Pacific,

Ltd.

Class

A

16,000

103

Swire

Properties,

Ltd.

18,416

52

Techtronic

Industries

Co.,

Ltd.

48,271

311

WH

Group,

Ltd.(Þ)

194,000

180

Wharf

Real

Estate

Investment

Co.,

Ltd.

20,000

82

Wheelock

&

Co.,

Ltd.

21,000

143

6,868

India

-

1.1%

Canara

Bank(Æ)

119,258

143

HDFC

Bank,

Ltd.

-

ADR

7,625

293

Housing

Development

Finance

Corp.,

Ltd.

117,532

2,510

NTPC,

Ltd.

30,955

34

Oil

&

Natural

Gas

Corp.,

Ltd.

158,288

143

Zee

Entertainment

Enterprises,

Ltd.

105,298

172

3,295

Ireland

-

2.5%

AIB

Group

PLC

122,080

137

Allegion

PLC

23,089

2,125

Bank

of

Ireland

Group

PLC

133,060

251

CRH

PLC

7,610

207

Flutter

Entertainment

PLC

1,427

129

Kerry

Group

PLC

Class

A

16,237

1,861

Linde

PLC

14,580

2,632

7,342

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

Israel

-

0.2%

Bank

Hapoalim

BM

28,482

171

Bank

Leumi

Le-Israel

BM

36,822

203

Isracard

,

Ltd.

1,408

4

Israel

Chemicals,

Ltd.

26,376

84

Israel

Discount

Bank,

Ltd.

Class

A

28,582

85

Mizrahi

Tefahot

Bank,

Ltd.

3,401

64

611

Italy

-

2.3%

Assicurazioni

Generali

SpA

47,101

642

Atlantia

SpA

10,727

134

BPER

Banca

57,108

176

Davide

Campari-Milano

SpA

54,158

390

Enel

SpA

180,793

1,258

ENI

SpA

-

ADR

121,029

1,224

Ferrari

NV

3,018

469

FinecoBank

Banca

Fineco

SpA

12,771

116

Intesa

Sanpaolo

SpA

148,539

242

Mediobanca

Banca

di

Credito

Finanziario

SpA

15,582

86

Moncler

SpA

9,514

347

Poste

Italiane

SpA

(Þ)

14,442

122

Saipem

SpA

(Æ)

113,516

279

Telecom

Italia

SpA

(Æ)

707,080

289

UniCredit

SpA

123,315

966

6,740

Japan

-

18.1%

ANA

Holdings,

Inc.

3,800

93

Asahi

Glass

Co.,

Ltd.

4,100

101

Asahi

Kasei

Corp.

13,000

92

Astellas

Pharma,

Inc.

45,000

697

Benesse

Holdings,

Inc.

6,600

168

Bridgestone

Corp.

17,800

548

Brother

Industries,

Ltd.

5,800

89

Canon,

Inc.

20,400

446

Central

Japan

Railway

Co.

1,500

240

Chiyoda

Corp.(Æ)

31,000

60

Chubu

Electric

Power

Co.,

Inc.

16,100

227

Citizen

Watch

Co.,

Ltd.

61,500

218

Concordia

Financial

Group,

Ltd.

29,700

87

Dai-ichi

Life

Holdings,

Inc.

94,950

1,136

Daito

Trust

Construction

Co.,

Ltd.

2,600

243

Daiwa

House

Industry

Co.,

Ltd.

4,400

109

DeNA

Co.,

Ltd.

23,600

258

Denso

Corp.

17,800

575

Eisai

Co.,

Ltd.

11,240

825

Electric

Power

Development

Co.,

Ltd.

5,100

103

Fuji

Heavy

Industries,

Ltd.

27,200

522

Fuji

Media

Holdings,

Inc.

12,900

129

FUJIFILM

Holdings

Corp.

6,400

321

Fujitsu,

Ltd.

18,700

1,686

Fukuoka

Financial

Group,

Inc.

17,800

236

GMO

Payment

Gateway,

Inc.

5,500

386

Gree

,

Inc.

55,900

216

Hitachi

Metals,

Ltd.

123,900

1,305

Hitachi,

Ltd.

4,900

143

Honda

Motor

Co.,

Ltd.

133,200

2,995

Iida

Group

Holdings

Co.,

Ltd.

39,100

542

Inpex

Corp.

255,200

1,433

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Isuzu

Motors,

Ltd.

35,200

233

ITOCHU

Corp.

21,400

444

Japan

Airlines

Co.,

Ltd.

4,000

74

Japan

Exchange

Group,

Inc.

8,300

147

Japan

Post

Holdings

Co.,

Ltd.

20,000

157

Japan

Tobacco,

Inc.

12,900

239

JGC

Holdings

Corp.

46,700

375

JSR

Corp.

47,600

877

JX

Holdings,

Inc.

325,700

1,116

Kajima

Corp.

9,000

92

KDDI

Corp.

32,100

949

Keyence

Corp.

4,300

1,388

Kirin

Holdings

Co.,

Ltd.

12,800

254

Kyocera

Corp.

8,000

474

Marubeni

Corp.

39,300

196

Mitsubishi

Chemical

Holdings

Corp.

24,700

147

Mitsubishi

Corp.

14,600

310

Mitsubishi

Electric

Corp.

52,500

648

Mitsubishi

Estate

Co.,

Ltd.

32,200

475

Mitsubishi

Heavy

Industries,

Ltd.

23,200

587

Mitsubishi

Motors

Corp.

90,500

256

Mitsubishi

UFJ

Financial

Group,

Inc.

323,200

1,206

Mitsui

&

Co.,

Ltd.

62,100

865

Mitsui

Chemicals,

Inc.

5,300

101

MS&AD

Insurance

Group

Holdings,

Inc.

20,600

577

Murata

Manufacturing

Co.,

Ltd.

7,200

364

Nidec

Corp.

5,700

296

Nikon

Corp.

40,800

377

Nintendo

Co.,

Ltd.

510

197

Nippon

Steel

Corp.

13,900

119

Nippon

Telegraph

&

Telephone

Corp.

20,206

479

Nippon

Television

Holdings,

Inc.

26,800

299

Nissan

Motor

Co.,

Ltd.

147,000

485

Nitto

Denko

Corp.

12,300

549

Nomura

Holdings,

Inc.

116,600

494

Nomura

Real

Estate

Holdings,

Inc.

4,900

79

NTT

DOCOMO,

Inc.

25,600

805

Obayashi

Corp.

16,300

140

ORIX

Corp.

21,000

253

Osaka

Gas

Co.,

Ltd.

8,400

159

Otsuka

Holdings

Co.,

Ltd.

5,000

196

Panasonic

Corp.

146,700

1,120

Resona

Holdings,

Inc.

334,200

1,006

Sekisui

Chemical

Co.,

Ltd.

9,200

122

Sekisui

House,

Ltd.

14,000

231

Shimamura

Co.,

Ltd.

9,100

550

Shimizu

Corp.

12,300

96

Shin-Etsu

Chemical

Co.,

Ltd.

25,135

2,490

SMC

Corp.

600

256

SoftBank

Group

Corp.

11,600

406

Sompo

Japan

Nipponkoa

Holdings,

Inc.

6,200

192

Sony

Corp.

7,910

470

Sumitomo

Chemical

Co.,

Ltd.

25,000

74

Sumitomo

Corp.

20,600

236

Sumitomo

Electric

Industries,

Ltd.

17,000

179

Sumitomo

Mitsui

Financial

Group,

Inc.

69,400

1,685

Sumitomo

Mitsui

Trust

Holdings,

Inc.

24,200

699

Suzuki

Motor

Corp.

14,200

340

T&D

Holdings,

Inc.

112,100

915

Taiheiyo

Cement

Corp.

5,200

89

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

Takeda

Pharmaceutical

Co.,

Ltd.

30,000

918

Teijin,

Ltd.

7,000

119

THK

Co.,

Ltd.

15,400

314

Tohoku

Electric

Power

Co.,

Inc.

12,600

122

Tokio

Marine

Holdings,

Inc.

12,200

560

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(Æ)

33,900

118

Tokyo

Electron,

Ltd.

4,300

809

Tokyo

Gas

Co.,

Ltd.

9,400

223

Tokyu

Fudosan

Holdings

Corp.

16,800

80

Toppan

Printing

Co.,

Ltd.

8,600

132

Toray

Industries,

Inc.

34,700

150

Tosoh

Corp.

7,800

89

Toyota

Industries

Corp.

3,300

158

Toyota

Motor

Corp.

22,700

1,367

Toyota

Tsusho

Corp.

5,600

132

Trend

Micro,

Inc.

36,600

1,807

Yahoo!

Japan

Corp.

134,900

434

52,395

Jersey

-

0.0%

Ferguson

PLC

2,301

144

Luxembourg

-

0.8%

ArcelorMittal

SA(Æ)

7,875

75

Eurofins

Scientific

SE

3,450

1,710

RTL

Group

SA

7,669

259

Tenaris

SA

24,829

152

2,196

Macao

-

0.1%

Sands

China,

Ltd.

107,625

392

Malaysia

-

0.1%

CIMB

Group

Holdings

BHD

309,300

255

Mexico

-

0.3%

Grupo

Televisa

SAB

-

ADR

155,510

902

Netherlands

-

3.5%

ABN

AMRO

Bank

NV(Þ)

57,910

475

Adyen

NV(Æ)(Þ)

540

457

Aegon

NV

41,917

106

Akzo

Nobel

NV

1,907

126

ASML

Holding

NV

3,800

1,010

Exor

NV

2,352

121

Heineken

NV

39,307

3,289

ING

Groep

NV

238,371

1,249

Koninklijke

Ahold

Delhaize

NV

16,777

393

Koninklijke

KPN

NV

253,725

607

NN

Group

NV

5,663

153

Randstad

NV

2,989

106

Royal

Dutch

Shell

PLC

Class

A

104,039

1,859

TNT

NV

-

ADR

118,940

150

10,101

New

Zealand

-

0.2%

a2

Milk

Co.,

Ltd.(Æ)

45,374

470

Meridian

Energy,

Ltd.

22,166

52

Spark

New

Zealand,

Ltd.

29,159

71

593

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Norway

-

0.6%

DNB

ASA

21,500

241

Mowi

ASA

10,241

156

Norsk

Hydro

ASA

203,263

442

Orkla

ASA

25,062

214

Statoil

ASA

Class

N

51,988

655

Yara

International

ASA

3,759

119

1,827

Portugal

-

0.1%

Energias

de

Portugal

SA

61,771

248

Russia

-

0.5%

Gazprom

PJSC

-

ADR

88,942

409

Lukoil

PJSC

-

ADR

2,628

157

Sberbank

of

Russia

PJSC

-

ADR

28,165

267

VEON,

Ltd.(Æ)

134,442

203

Yandex

NV

Class

A(Æ)(Ñ)

10,688

364

1,400

Singapore

-

1.0%

CapitaLand,

Ltd.

64,500

129

DBS

Group

Holdings,

Ltd.

55,600

727

Genting

Singapore,

Ltd.

99,700

48

Oversea-Chinese

Banking

Corp.,

Ltd.

21,945

133

Singapore

Airlines,

Ltd.(Æ)

18,500

75

Singapore

Technologies

Engineering,

Ltd.

21,600

47

Singapore

Telecommunications,

Ltd.

246,700

441

United

Overseas

Bank,

Ltd.

18,400

252

Wilmar

International,

Ltd.

499,200

1,130

2,982

South

Africa

-

0.5%

Anglo

American

PLC

40,726

711

Gold

Fields,

Ltd.

-

ADR

63,106

300

Impala

Platinum

Holdings,

Ltd.

38,050

161

MTN

Group,

Ltd.

61,938

167

1,339

South

Korea

-

1.6%

KB

Financial

Group,

Inc.

22,041

615

KT

Corp.

-

ADR

65,296

508

LG

Household

&

Health

Care,

Ltd.

1,622

1,484

POSCO

5,007

657

Samsung

Electronics

Co.,

Ltd.

12,719

494

Shinhan

Financial

Group

Co.,

Ltd.

41,810

973

4,731

Spain

-

1.6%

ACS

Actividades

de

Construccion

y

Servicios

SA

4,727

92

Banco

Bilbao

Vizcaya

Argentaria

SA

-

ADR

51,081

163

Banco

Santander

SA

-

ADR

87,956

214

Bankia

SA

395,733

442

Bankinter

SA

14,092

52

CaixaBank

SA

346,136

645

Cellnex

Telecom

SA(Þ)

27,637

1,257

Enagas

SA

5,909

118

Endesa

SA

-

ADR

15,547

333

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

Gas

Natural

SDG

SA

6,870

122

Iberdrola

SA

21,999

217

Industria

de

Diseno

Textil

SA

12,598

327

Red

Electrica

Corp.

SA

10,423

188

Repsol

SA

-

ADR

21,427

196

Telefonica

SA

-

ADR

40,445

186

4,552

Sweden

-

1.2%

Assa

Abloy

AB

Class

B

23,135

437

Atlas

Copco

AB(Æ)

15,908

535

Bausch

&

Lomb,

Inc.(Æ)

13,399

244

ICA

Gruppen

AB

1,554

66

Investor

AB

Class

B

1,564

72

Kinnevik

AB

Class

B

3,988

66

Sandvik

AB

33,270

472

Skandinaviska

Enskilda

Banken

AB

Class

A

29,117

197

SKF

AB

Class

B

9,541

131

Svenska

Handelsbanken

AB

Class

A(Æ)

11,799

99

Swedish

Match

AB

7,079

405

Telefonaktiebolaget

LM

Ericsson

Class

B

65,700

537

Volvo

AB

Class

B

18,739

225

3,486

Switzerland

-

7.8%

ABB,

Ltd.

25,834

454

Adecco

SA

24,492

966

Alcon,

Inc.(Æ)

6,099

311

Baloise

Holding

AG

1,774

233

Cie

Financiere

Richemont

SA

1,133

62

Credit

Suisse

Group

AG

64,296

531

Glencore

PLC(Æ)

77,853

119

Julius

Baer

Group,

Ltd.

27,454

937

Kuehne

&

Nagel

International

AG

1,290

177

LafargeHolcim

,

Ltd.(Æ)

29,701

1,086

Lonza

Group

AG

736

306

Nestle

SA

59,446

6,128

Novartis

AG

33,469

2,766

Partners

Group

Holding

AG

1,198

829

Roche

Holding

AG

8,485

2,759

SGS

SA

156

362

Swiss

Life

Holding

AG

800

272

Swiss

Re

AG

8,077

623

Swisscom

AG

182

98

Temenos

AG(Æ)

3,091

405

UBS

Group

AG

244,066

2,281

Zurich

Insurance

Group

AG

2,516

893

22,598

Taiwan

-

2.0%

Catcher

Technology

Co.,

Ltd.

103,513

658

Hon

Hai

Precision

Industry

Co.,

Ltd.

356,184

823

Innolux

Corp.

1,155,000

200

MediaTek

,

Inc.

37,000

394

Shin

Kong

Financial

Holding

Co.,

Ltd.

1,105,000

279

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

80,000

714

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

57,081

2,728

5,796

Thailand

-

0.1%

Kasikornbank

PCL

150,800

420

United

Kingdom

-

8.4%

3i

Group

PLC

29,168

285

Admiral

Group

PLC

5,450

150

Ashtead

Group

PLC

6,357

141

Associated

British

Foods

PLC

2,027

45

AstraZeneca

PLC

14,875

1,329

Aviva

PLC

192,090

638

Babcock

International

Group

PLC

72,137

342

BAE

Systems

PLC

26,210

169

Barclays

PLC

354,801

412

Barratt

Developments

PLC

25,562

139

Berkeley

Group

Holdings

PLC

6,208

278

BP

PLC

322,609

1,372

British

American

Tobacco

PLC

14,755

504

British

Land

Co.

PLC

(The)(ö)

52,154

217

BT

Group

PLC

404,728

590

Centrica

PLC

467,952

220

Coca-Cola

European

Partners

PLC

1,154

43

Compass

Group

PLC

12,616

197

Diageo

PLC

27,574

883

Direct

Line

Insurance

Group

PLC

67,607

247

Experian

PLC

2,123

59

Fiat

Chrysler

Automobiles

NV

18,218

131

GlaxoSmithKline

PLC

-

ADR

9,801

184

HSBC

Holdings

PLC

342,536

1,929

Imperial

Tobacco

Group

PLC

5,982

111

InterContinental

Hotels

Group

PLC(Æ)

980

42

J

Sainsbury

PLC

819,249

2,134

John

Wood

Group

PLC

381,824

733

Johnson

Matthey

PLC

5,879

131

Kingfisher

PLC

282,978

510

Land

Securities

Group

PLC(ö)

34,795

240

Legal

&

General

Group

PLC

91,982

220

Lloyds

Banking

Group

PLC

641,761

253

London

Stock

Exchange

Group

PLC

5,147

464

M&G

PLC(Æ)

56,894

79

Marks

&

Spencer

Group

PLC

175,249

215

Mondi

PLC

8,829

151

National

Grid

PLC

12,933

152

Persimmon

PLC

Class

A

7,301

173

Prudential

PLC

15,827

202

Reckitt

Benckiser

Group

PLC

763

59

RELX

PLC

2,687

58

Royal

Bank

of

Scotland

Group

PLC

344,585

481

RSA

Insurance

Group

PLC

50,572

263

Scottish

&

Southern

Energy

PLC

10,113

163

Segro

PLC(ö)

30,362

287

Smith

&

Nephew

PLC

32,132

570

Smiths

Group

PLC

3,388

51

St.

James's

Place

PLC

15,239

145

Standard

Chartered

PLC

301,686

1,663

Standard

Life

Aberdeen

PLC(Æ)

127,622

353

Taylor

Wimpey

PLC

82,348

120

TechnipFMC

PLC

99,102

668

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

Tesco

PLC

333,331

944

Travis

Perkins

PLC

64,516

704

Unilever

NV

5,303

261

Unilever

PLC

2,116

107

Vodafone

Group

PLC

722,121

1,009

Wausau

Paper

Corp.

25,431

173

24,393

United

States

-

1.1%

Accenture

PLC

Class

A

11,138

1,819

Carnival

PLC

3,970

48

Mylan

NV(Æ)

48,512

723

Ovintiv

,

Inc.(Ñ)

30,764

84

Spotify

Technology

SA(Æ)

3,320

403

3,077

Total

Common

Stocks

(cost

$323,357)

239,380

Preferred

Stocks

-

1.5%

Germany

-

0.7%

Porsche

Automobil

Holding

SE

4.972%

(Ÿ)

6,745

291

Volkswagen

AG

3.909%

(Ÿ)

13,839

1,649

1,940

South

Korea

-

0.8%

Samsung

Electronics

Co.,

Ltd.

2.543%

(Ÿ)

74,089

2,419

Total

Preferred

Stocks

(cost

$5,676)

4,359

Short-Term

Investments

-

10.3%

United

States

-

10.3%

U.S.

Cash

Management

Fund(@)

29,821,496

(∞)

29,813

Total

Short-Term

Investments

(cost

$29,816)

29,813

Other

Securities

-

0.5%

U.S.

Cash

Collateral

Fund(x)(@)

1,357,987

(∞)

1,358

Total

Other

Securities

(cost

$1,358)

1,358

Total

Investments

94.9%

(identified

cost

$360,207)

274,910

Other

Assets

and

Liabilities,

Net

-

5.1%

14,805

Net

Assets

-

100.0%

289,715

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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)

$

1.8%

ABN

AMRO

Bank

NV

06/26/19

EUR

57,910

18.14

1,050

475

Adyen

NV

07/25/19

EUR

540

749.70

405

457

Amundi

SA

02/21/19

EUR

17,954

64.66

1,161

1,063

Cellnex

Telecom

SA

06/19/17

EUR

27,637

23.43

648

1,257

Covestro

AG

08/15/19

EUR

32,798

36.76

1,206

1,019

Poste

Italiane

SpA

06/26/19

EUR

14,442

10.45

151

122

WH

Group,

Ltd.

06/26/19

HKD

194,000

1.04

201

180

Worldline

SA

02/14/20

EUR

5,557

78.98

439

327

Zalando

SE

12/12/19

EUR

9,199

48.75

448

358

5,258

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

327

EUR

8,983

06/20

1,352

FTSE

100

Index

Futures

165

GBP

9,299

06/20

1,220

MSCI

EAFE

Index

Futures

479

USD

37,345

06/20

2,916

S&P/TSX

60

Index

Futures

73

CAD

11,887

06/20

329

SPI

200

Index

Futures

65

AUD

8,302

06/20

19

TOPIX

Index

Futures

48

JPY

673,440

06/20

121

Short

Positions

Hang

Seng

Index

Futures

36

HKD

42,696

04/20

(124)

MSCI

Emerging

Markets

Index

Futures

580

USD

24,444

06/20

(763)

S&P

500

E-Mini

Index

Futures

100

USD

12,849

06/20

144

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

5,214

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

Montreal

USD

2,622

AUD

4,023

06/17/20

(148)

Bank

of

Montreal

USD

2,298

CAD

3,160

06/17/20

(51)

Bank

of

Montreal

USD

807

EUR

711

06/17/20

(21)

Bank

of

Montreal

USD

2,147

GBP

1,660

06/17/20

(83)

Bank

of

Montreal

USD

4,102

JPY

427,147

06/17/20

(117)

Bank

of

Montreal

USD

791

SEK

7,492

06/17/20

(33)

Bank

of

Montreal

EUR

5,239

USD

5,765

06/17/20

(30)

Bank

of

Montreal

NOK

7,098

USD

736

06/17/20

53

Bank

of

New

York

USD

2,622

AUD

4,023

06/17/20

(146)

Bank

of

New

York

USD

2,299

CAD

3,160

06/17/20

(52)

Bank

of

New

York

USD

808

EUR

711

06/17/20

(23)

Bank

of

New

York

USD

2,147

GBP

1,660

06/17/20

(83)

Bank

of

New

York

USD

4,097

JPY

427,147

06/17/20

(111)

Bank

of

New

York

USD

793

SEK

7,492

06/17/20

(35)

Bank

of

New

York

JPY

155,969

USD

1,449

06/17/20

(6)

Bank

of

New

York

NOK

7,098

USD

739

06/17/20

56

Brown

Brothers

Harriman

SEK

1,300

USD

129

04/01/20

(2)

Citigroup

USD

2,618

AUD

4,023

06/17/20

(143)

Citigroup

USD

2,301

CAD

3,160

06/17/20

(54)

Citigroup

USD

804

EUR

711

06/17/20

(18)

Citigroup

USD

2,142

GBP

1,660

06/17/20

(78)

Citigroup

USD

4,078

JPY

427,147

06/17/20

(93)

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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)

$

Citigroup

USD

790

SEK

7,492

06/17/20

(31)

Citigroup

NOK

7,098

USD

735

06/17/20

52

Royal

Bank

of

Canada

USD

2,622

AUD

4,023

06/17/20

(147)

Royal

Bank

of

Canada

USD

2,299

CAD

3,160

06/17/20

(52)

Royal

Bank

of

Canada

USD

809

EUR

711

06/17/20

(23)

Royal

Bank

of

Canada

USD

2,148

GBP

1,660

06/17/20

(83)

Royal

Bank

of

Canada

USD

4,100

JPY

427,147

06/17/20

(114)

Royal

Bank

of

Canada

USD

794

SEK

7,492

06/17/20

(35)

Royal

Bank

of

Canada

NOK

7,098

USD

739

06/17/20

56

Standard

Chartered

USD

2,626

AUD

4,023

06/17/20

(152)

Standard

Chartered

USD

2,300

CAD

3,160

06/17/20

(52)

Standard

Chartered

USD

808

EUR

711

06/17/20

(22)

Standard

Chartered

USD

2,149

GBP

1,660

06/17/20

(85)

Standard

Chartered

USD

4,093

JPY

427,147

06/17/20

(108)

Standard

Chartered

USD

795

SEK

7,492

06/17/20

(36)

Standard

Chartered

NOK

7,098

USD

738

06/17/20

56

State

Street

USD

2,517

EUR

2,350

06/17/20

82

State

Street

USD

1,909

JPY

211,000

06/17/20

60

State

Street

CHF

1,900

USD

2,045

06/17/20

64

State

Street

DKK

13,240

USD

2,019

06/17/20

57

State

Street

GBP

540

USD

627

06/17/20

(45)

State

Street

JPY

1,222,789

USD

11,741

06/17/20

333

State

Street

SEK

26,200

USD

2,526

06/17/20

(127)

Toronto

Dominion

Bank

CAD

4,082

USD

2,870

06/17/20

(33)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(1,603)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical      

Expedient

(a)

Total

Common

Stocks

Argentina

$

143

$

—

$

—

$

—

$

143

Australia

—

4,213

—

—

4,213

Austria

—

220

—

—

220

Belgium

—

1,214

—

—

1,214

Brazil

318

—

—

—

318

Canada

11,691

—

—

—

11,691

Cayman

Islands

—

1,320

—

—

1,320

China

4,026

6,262

—

—

10,288

Colombia

—

15

—

—

15

Denmark

—

6,153

—

—

6,153

Finland

—

2,821

—

—

2,821

France

—

21,131

—

—

21,131

Germany

—

11,170

—

—

11,170

Hong

Kong

—

6,868

—

—

6,868

India

293

3,002

—

—

3,295

Ireland

2,125

5,217

—

—

7,342

Israel

—

611

—

—

611

Italy

—

6,740

—

—

6,740

Japan

—

52,395

—

—

52,395

Jersey

—

144

—

—

144

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

Luxembourg

—

2,196

—

—

2,196

Macao

—

392

—

—

392

Malaysia

—

255

—

—

255

Mexico

902

—

—

—

902

Netherlands

—

10,101

—

—

10,101

New

Zealand

—

593

—

—

593

Norway

—

1,827

—

—

1,827

Portugal

—

248

—

—

248

Russia

567

833

—

—

1,400

Singapore

—

2,982

—

—

2,982

South

Africa

300

1,039

—

—

1,339

South

Korea

508

4,223

—

—

4,731

Spain

—

4,552

—

—

4,552

Sweden

—

3,486

—

—

3,486

Switzerland

—

22,598

—

—

22,598

Taiwan

2,728

3,068

—

—

5,796

Thailand

—

420

—

—

420

United

Kingdom

711

23,682

—

—

24,393

United

States

3,029

48

—

—

3,077

Preferred

Stocks

—

4,359

—

—

4,359

Short-Term

Investments

—

—

—

29,813

29,813

Other

Securities

—

—

—

1,358

1,358

Total

Investments

27,341

216,398

—

31,171

274,910

Other

Financial

Instruments

Assets

Futures

Contracts

6,101

—

—

—

6,101

Foreign

Currency

Exchange

Contracts

—

86

9

—

—

86

9

Liabilities

Futures

Contracts

(887)

—

—

—

(887)

Foreign

Currency

Exchange

Contracts

—

(2,4

72

)

—

—

(2,47

2

)

Total

Other

Financial

Instruments

*

$

5,21

4

$

(1,60

3

)

$

—

$

—

$

3,61

1

*

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

March

31,

2020,

see

note

2

in

the

Notes

to

Quarterly

Report.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Consumer

Discretionary

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

32,319

Consumer

Staples

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

12,751

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

International

Developed

Markets

Fund

29

Energy

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

14,612

Financial

Services

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

59,594

Health

Care

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

18,538

Materials

and

Processing

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

25,210

Producer

Durables

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

32,897

Technology

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

33,032

Utilities

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

14,786

Short-Term

Investments

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

29,813

Other

Securities

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

1,358

Total

Investments

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

274,910

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments

—

March

31,

2020

(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

$

Long-Term

Investments

-

86.7%

Asset-Backed

Securities

-

5.5%

ACE

Securities

Corp.

Home

Equity

Loan

Trust

Series

2005-HE3

Class

M2

3.181%

due

05/25/35

(Ê)

115

114

ACE

Securities

Corp.

Mortgage

Loan

Trust

Series

2007-D1

Class

A2

6.336%

due

02/25/38

(~)(Ê)(Þ)

529

471

AEP

Texas

Restoration

Funding

LLC

Series

2019-1

Class

A2

2.294%

due

08/01/31

989

886

Ally

Auto

Receivables

Trust

Series

2019-2

Class

A2

2.340%

due

06/15/22

1,262

1,263

AmeriCredit

Automobile

Receivables

Trust

Series

2019-1

Class

A2A

2.930%

due

06/20/22

622

621

Ameriquest

Mortgage

Securities,

Inc.

Asset-Backed

Pass-Through

Certificates

Series

2005-R1

Class

M4

3.596%

due

03/25/35

(Ê)

830

731

Applebee's

Funding

LLC

/

IHOP

Funding

LLC

Series

2019-1A

Class

A2I

4.194%

due

06/07/49

(Þ)

340

309

Asset

Backed

Securities

Corp.

Home

Equity

Loan

Trust

Series

2007-HE1

Class

A4

1.767%

due

12/25/36

(Ê)

444

360

Avis

Budget

Rental

Car

Funding

LLC

Series

2019-2A

Class

A

3.350%

due

09/22/25

(Þ)

600

567

BCAP

LLC

Trust

Series

2014-RR3

Class

3A2

2.629%

due

07/26/36

(~)(Ê)(Þ)

859

736

Series

2014-RR3

Class

5A2

2.639%

due

10/26/36

(~)(Ê)(Þ)

545

468

Blackbird

Capital

Aircraft

Lease

Securitization,

Ltd.

Series

2016-1A

Class

AA

2.487%

due

12/16/41

(~)(Ê)(Þ)

772

629

BNC

Mortgage

Loan

Trust

Series

2007-1

Class

A4

2.646%

due

03/25/37

(Ê)

799

708

CAL

Funding

II,

Ltd.

Series

2018-2A

Class

A

4.340%

due

09/25/43

(Þ)

252

249

CAL

Funding

III,

Ltd.

Series

2017-1A

Class

A

3.620%

due

06/25/42

(Þ)

573

569

Carlyle

Global

Market

Strategies

CLO,

Ltd.

Series

2017-2A

Class

AR

2.709%

due

01/18/29

(Ê)(Þ)

761

735

CarMax

Auto

Owner

Trust

Series

2017-3

Class

A3

1.970%

due

04/15/22

570

571

Series

2018-1

Class

A3

2.480%

due

11/15/22

1,757

1,753

Citigroup

Mortgage

Loan

Trust,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2007-WFH2

Class

M2

2.936%

due

03/25/37

(Ê)

1,490

1,308

Conseco

Financial

Corp.

Series

1998-2

Class

M1

6.940%

due

12/01/28

(~)(Ê)

1,363

1,262

Countrywide

Asset-Backed

Certificates

Series

2007-4

Class

A4W

4.683%

due

04/25/47

1,548

1,446

Dividend

Solar

Loans

LLC

Series

2019-1

Class

A

3.670%

due

08/22/39

(Þ)

357

336

Education

Loan

Asset-Backed

Trust

I

Series

2013-1

Class

A2

2.427%

due

04/26/32

(Ê)(Þ)

580

555

Fieldstone

Mortgage

Investment

Trust

Series

2004-4

Class

M3

3.577%

due

10/25/35

(Ê)

327

315

Flatiron

CLO,

Ltd.

Series

2017-1A

Class

A

2.942%

due

05/15/30

(Ê)(Þ)

1,000

952

Greenpoint

Manufactured

Housing

Contract

Trust

Series

2000-4

Class

A3

3.639%

due

08/21/31

(Ê)

850

784

Home

Equity

Asset

Trust

Series

2005-9

Class

M1

2.037%

due

04/25/36

(Ê)

340

322

Series

2006-4

Class

2A4

1.907%

due

08/25/36

(Ê)

552

518

Series

2006-6

Class

2A3

1.777%

due

11/25/36

(Ê)

494

428

Horizon

Aircraft

Finance

I,

Ltd.

Series

2018-1

Class

A

4.458%

due

12/15/38

(Þ)

821

601

HSI

Asset

Securitization

Corp.

Trust

Series

2007-OPT1

Class

1A

2.626%

due

12/25/36

(Ê)

243

175

LCM

XXIII,

Ltd.

Series

2020-23A

Class

A1R

2.865%

due

10/20/29

(Ê)(Þ)

1,020

974

Legacy

Mortgage

Asset

Trust

Series

2019-GS4

Class

A1

3.438%

due

05/25/59

(~)(Ê)(Þ)

427

431

Long

Beach

Mortgage

Loan

Trust

Series

2004-1

Class

M1

3.236%

due

02/25/34

(Ê)

864

782

Series

2004-4

Class

M1

3.386%

due

10/25/34

(Ê)

607

552

Navient

Student

Loan

Trust

Series

2015-1

Class

A2

2.227%

due

04/25/40

(Ê)

170

161

New

Century

Home

Equity

Loan

Trust

Series

2005-B

Class

M1

2.107%

due

10/25/35

(Ê)

690

615

Option

One

Mortgage

Loan

Trust

Series

2007-FXD1

Class

3A4

5.860%

due

01/25/37

(~)(Ê)

762

737

Park

Place

Securities,

Inc.

Asset-Backed

Pass-Through

Certificates

Series

2005-WHQ1

Class

M5

2.752%

due

03/25/35

(Ê)

1,290

1,162

Popular

ABS

Mortgage

Pass-Through

Trust

Series

2006-C

Class

A4

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

2.736%

due

07/25/36

(Ê)

326

321

Series

2006-D

Class

A3

2.746%

due

11/25/36

(Ê)

1,199

1,130

Preston

Ridge

Partners

Mortgage

LLC

Series

2020-1A

Class

A1

2.981%

due

02/25/25

(~)(Ê)(Þ)

970

766

RAMP

Trust

Series

2006-RZ1

Class

M4

3.055%

due

03/25/36

(Ê)

960

842

Renaissance

Home

Equity

Loan

Trust

Series

2006-1

Class

AF6

5.746%

due

05/25/36

(~)(Ê)

95

57

SBA

Small

Business

Investment

Cos.

Series

2017-10A

Class

1

2.845%

due

03/10/27

185

192

Series

2019-10A

Class

1

3.113%

due

03/10/29

181

184

SLM

Private

Credit

Student

Loan

Trust

Series

2005-B

Class

A4

2.941%

due

06/15/39

(Ê)

184

175

Series

2006-A

Class

A5

2.901%

due

06/15/39

(Ê)

186

179

SMB

Private

Education

Loan

Trust

Series

2019-B

Class

A2B

1.705%

due

06/15/37

(Ê)(Þ)

190

169

SoFi

Professional

Loan

Program

Trust

Series

2019-A

Class

A2FX

3.690%

due

06/15/48

(Þ)

730

706

SpringCastle

Funding

Asset-Backed

Notes

Series

2019-AA

Class

A

3.200%

due

05/27/36

(Þ)

4,035

3,782

Structured

Asset

Investment

Loan

Trust

Series

2005-HE3

Class

M1

2.347%

due

09/25/35

(Ê)

535

509

Sunrun

Atlas

Issuer

LLC

Series

2019-2

Class

A

3.610%

due

02/01/55

(Š)(Þ)

596

523

Textainer

Marine

Containers,

Ltd.

Series

2017-1A

Class

A

3.720%

due

05/20/42

(Þ)

738

664

Towd

Point

Mortgage

Trust

Series

2016-3

Class

A1

2.250%

due

04/25/56

(~)(Ê)(Þ)

185

183

Series

2017-1

Class

A1

2.750%

due

10/25/56

(~)(Ê)(Þ)

877

878

Series

2017-3

Class

A1

2.750%

due

07/25/57

(~)(Ê)(Þ)

422

414

Series

2017-4

Class

A1

2.750%

due

06/25/57

(~)(Ê)(Þ)

544

527

Series

2018-4

Class

A1

3.000%

due

06/25/58

(~)(Ê)(Þ)

1,067

1,046

Series

2019-1

Class

A1

3.750%

due

03/25/58

(~)(Ê)(Þ)

1,248

1,281

Series

2019-4

Class

A1

2.900%

due

10/25/59

(~)(Ê)(Þ)

1,705

1,669

Triton

Container

Finance

IV

LLC

Series

2017-2A

Class

A

3.620%

due

08/20/42

(Þ)

498

435

Triton

Container

Finance

V

LLC

Series

2018-1A

Class

A

3.950%

due

03/20/43

(Þ)

198

196

Triton

Container

Finance

VI

LLC

Series

2017-1A

Class

A

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.520%

due

06/20/42

(Þ)

551

523

United

States

Small

Business

Administration

Series

2019-20D

Class

1

2.980%

due

04/01/39

68

71

Series

2019-25G

Class

1

2.690%

due

07/01/44

69

71

Verizon

Owner

Trust

Series

2018-1A

Class

A1A

2.820%

due

09/20/22

(Þ)

2,106

2,110

Voya

CLO,

Ltd.

Series

2020-2A

Class

A1RR

1.829%

due

04/17/30

(Ê)(Þ)

2,464

2,317

48,076

Corporate

Bonds

and

Notes

-

19.4%

3M

Co.

2.750%

due

03/01/22

305

307

2.375%

due

08/26/29

70

70

3.050%

due

04/15/30

30

31

3.700%

due

04/15/50

70

78

ABB

Finance

USA,

Inc.

2.875%

due

05/08/22

720

726

ABB

Treasury

Center,

Inc.

4.000%

due

06/15/21

(Þ)

220

226

Abbott

Laboratories

3.750%

due

11/30/26

51

57

4.750%

due

11/30/36

60

76

4.900%

due

11/30/46

80

109

AbbVie,

Inc.

2.300%

due

05/14/21

745

743

2.300%

due

11/21/22

(Þ)

440

440

2.600%

due

11/21/24

(Þ)

390

396

3.600%

due

05/14/25

60

63

2.950%

due

11/21/26

(Þ)

100

102

3.200%

due

11/21/29

(Þ)

480

490

4.250%

due

11/21/49

(Þ)

20

22

Aetna,

Inc.

2.800%

due

06/15/23

30

30

Allergan

Finance

LLC

3.250%

due

10/01/22

706

708

Allergan

Sales

LLC

5.000%

due

12/15/21

(Þ)

687

712

Ally

Financial,

Inc.

8.000%

due

11/01/31

554

627

Altria

Group,

Inc.

3.490%

due

02/14/22

40

40

2.850%

due

08/09/22

170

171

4.000%

due

01/31/24

690

706

3.800%

due

02/14/24

110

112

4.400%

due

02/14/26

350

362

10.200%

due

02/06/39

482

811

3.875%

due

09/16/46

70

63

5.950%

due

02/14/49

100

116

Amazon.com,

Inc.

2.500%

due

11/29/22

715

738

4.950%

due

12/05/44

60

83

Series

WI

5.200%

due

12/03/25

100

120

3.150%

due

08/22/27

220

241

3.875%

due

08/22/37

50

60

4.050%

due

08/22/47

70

89

American

Airlines

Pass-Through

Trust

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

Series

2013-2

Class

A

4.950%

due

01/15/23

94

96

American

Express

Co.

3.375%

due

05/17/21

261

264

American

Express

Credit

Corp.

2.250%

due

05/05/21

723

725

American

Honda

Finance

Corp.

Series

GMTN

1.700%

due

09/09/21

797

784

American

International

Group,

Inc.

3.750%

due

07/10/25

110

110

American

Tower

Corp.

3.450%

due

09/15/21

701

705

2.250%

due

01/15/22

230

225

Amgen,

Inc.

2.650%

due

05/11/22

274

277

3.625%

due

05/22/24

10

11

4.400%

due

05/01/45

100

117

Andeavor

LLC

Series

WI

5.125%

due

12/15/26

225

205

Anheuser-Busch

Cos.

LLC

/

Anheuser-

Busch

InBev

Worldwide,

Inc.

3.650%

due

02/01/26

470

494

4.900%

due

02/01/46

70

76

Anheuser-Busch

InBev

Finance,

Inc.

2.625%

due

01/17/23

716

719

3.300%

due

02/01/23

180

185

Anheuser-Busch

InBev

Worldwide,

Inc.

4.150%

due

01/23/25

360

388

4.000%

due

04/13/28

20

21

4.750%

due

01/23/29

90

99

5.875%

due

06/15/35

207

249

5.550%

due

01/23/49

160

188

Anthem,

Inc.

3.700%

due

08/15/21

40

40

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

114

4.550%

due

03/01/48

675

764

Aon

Corp.

8.205%

due

01/01/27

172

186

Apache

Corp.

3.250%

due

04/15/22

16

12

4.375%

due

10/15/28

70

37

4.250%

due

01/15/30

20

11

5.100%

due

09/01/40

140

62

4.750%

due

04/15/43

160

71

4.250%

due

01/15/44

120

52

Apple,

Inc.

2.400%

due

05/03/23

716

745

2.450%

due

08/04/26

110

115

4.650%

due

02/23/46

100

138

Ares

Capital

Corp.

3.500%

due

02/10/23

261

232

Associated

Bank

NA

Series

BKNT

3.500%

due

08/13/21

365

372

AT&T,

Inc.

3.000%

due

02/15/22

40

40

3.875%

due

01/15/26

685

703

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.800%

due

02/15/27

80

83

5.250%

due

03/01/37

190

221

4.350%

due

06/15/45

100

106

Athene

Holding,

Ltd.

4.125%

due

01/12/28

630

569

Avnet,

Inc.

4.875%

due

12/01/22

410

427

BAC

Capital

Trust

XIV

Series

G

4.000%

due

09/29/49

(Ê)(ƒ)

70

57

Bank

of

America

Corp.

3.550%

due

03/05/24

(Ê)

130

135

4.000%

due

01/22/25

175

185

3.366%

due

01/23/26

(Ê)

325

338

4.250%

due

10/22/26

320

341

4.271%

due

07/23/29

(Ê)

200

217

3.974%

due

02/07/30

(Ê)

500

540

4.330%

due

03/15/50

(Ê)

30

35

4.083%

due

03/20/51

(Ê)

480

545

Series

AA

6.100%

due

12/31/49

(Ê)(ƒ)

10

10

Series

GMTN

2.625%

due

04/19/21

718

723

3.300%

due

01/11/23

460

476

4.450%

due

03/03/26

30

32

3.500%

due

04/19/26

790

842

3.593%

due

07/21/28

(Ê)

260

266

Series

WI

3.004%

due

12/20/23

(Ê)

42

43

3.419%

due

12/20/28

(Ê)

482

498

BankUnited

,

Inc.

4.875%

due

11/17/25

661

682

Barrick

NA

Finance

LLC

5.700%

due

05/30/41

130

160

BAT

Capital

Corp.

Series

WI

3.557%

due

08/15/27

445

419

4.540%

due

08/15/47

160

146

Bayer

US

Finance

II

LLC

3.500%

due

06/25/21

(Þ)

713

714

Bayer

US

Finance

LLC

3.375%

due

10/08/24

(Þ)

726

745

Becton

Dickinson

and

Co.

3.363%

due

06/06/24

180

180

3.734%

due

12/15/24

706

723

4.685%

due

12/15/44

8

8

Berkshire

Hathaway

Energy

Co.

Series

WI

2.800%

due

01/15/23

245

236

3.800%

due

07/15/48

491

515

Berkshire

Hathaway

Finance

Corp.

4.200%

due

08/15/48

621

730

4.250%

due

01/15/49

130

160

Berkshire

Hathaway,

Inc.

3.125%

due

03/15/26

694

744

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

6.125%

due

11/15/22

(Þ)

30

23

BMW

US

Capital

LLC

3.400%

due

08/13/21

(Þ)

797

796

1.850%

due

09/15/21

(Þ)

20

20

Boardwalk

Pipelines,

LP

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

4.800%

due

05/03/29

710

535

Boeing

Co.

(The)

2.125%

due

03/01/22

272

257

3.100%

due

05/01/26

20

18

2.700%

due

02/01/27

40

37

2.800%

due

03/01/27

30

27

3.200%

due

03/01/29

120

111

3.250%

due

02/01/35

450

391

3.550%

due

03/01/38

30

26

3.750%

due

02/01/50

40

37

BP

Capital

Markets

America,

Inc.

3.245%

due

05/06/22

10

10

2.520%

due

09/19/22

250

248

2.750%

due

05/10/23

513

515

3.216%

due

11/28/23

290

298

3.410%

due

02/11/26

200

200

3.119%

due

05/04/26

120

121

3.000%

due

02/24/50

320

298

Brighthouse

Financial,

Inc.

Series

WI

4.700%

due

06/22/47

829

665

Bristol-Myers

Squibb

Co.

2.250%

due

08/15/21

(Þ)

70

70

2.600%

due

05/16/22

(Þ)

90

92

3.550%

due

08/15/22

(Þ)

30

32

2.900%

due

07/26/24

(Þ)

290

307

3.875%

due

08/15/25

(Þ)

200

217

3.200%

due

06/15/26

(Þ)

190

203

3.900%

due

02/20/28

(Þ)

380

423

3.400%

due

07/26/29

(Þ)

170

187

5.000%

due

08/15/45

(Þ)

80

107

Brown

&

Brown,

Inc.

4.200%

due

09/15/24

693

731

Bunge,

Ltd.

Finance

Corp.

3.000%

due

09/25/22

531

525

4.350%

due

03/15/24

220

228

Burlington

Northern

Santa

Fe

LLC

3.400%

due

09/01/24

220

229

4.550%

due

09/01/44

461

559

4.150%

due

04/01/45

100

117

Cameron

LNG

LLC

2.902%

due

07/15/31

(Þ)

40

35

3.302%

due

01/15/35

(Þ)

230

199

Capital

One

NA

Series

BKNT

2.250%

due

09/13/21

535

525

Carrier

Global

Corp.

1.923%

due

02/15/23

(Þ)

40

39

2.242%

due

02/15/25

(Þ)

90

88

2.493%

due

02/15/27

(Þ)

20

19

2.722%

due

02/15/30

(Þ)

160

147

3.377%

due

04/05/40

(Þ)

60

53

3.577%

due

04/05/50

(Þ)

60

53

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

243

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

4.500%

due

05/01/32

(Þ)

60

59

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Centene

Corp.

3.375%

due

02/15/30

(Þ)

110

102

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

5.050%

due

03/30/29

240

261

5.375%

due

04/01/38

80

86

5.750%

due

04/01/48

350

397

4.800%

due

03/01/50

40

42

Series

WI

4.908%

due

07/23/25

420

452

6.384%

due

10/23/35

20

24

6.484%

due

10/23/45

60

73

6.834%

due

10/23/55

593

703

Chevron

Corp.

2.100%

due

05/16/21

302

303

2.355%

due

12/05/22

436

442

2.954%

due

05/16/26

70

74

Chubb

INA

Holdings,

Inc.

3.350%

due

05/03/26

30

32

Cigna

Corp.

Series

144a

6.125%

due

11/15/41

(Þ)

335

437

Series

WI

3.400%

due

09/17/21

60

61

3.750%

due

07/15/23

100

103

4.125%

due

11/15/25

130

139

4.375%

due

10/15/28

460

495

Cimarex

Energy

Co.

4.375%

due

06/01/24

10

8

3.900%

due

05/15/27

210

152

4.375%

due

03/15/29

200

134

Cintas

Corp.

No.

2

2.900%

due

04/01/22

60

60

3.700%

due

04/01/27

70

72

Cisco

Systems,

Inc.

2.600%

due

02/28/23

371

382

CIT

Bank

NA

Series

BKNT

2.969%

due

09/27/25

(Ê)

738

622

Citigroup,

Inc.

4.450%

due

09/29/27

610

640

4.412%

due

03/31/31

(Ê)

160

176

8.125%

due

07/15/39

550

869

5.300%

due

05/06/44

101

123

4.750%

due

05/18/46

220

252

4.650%

due

07/23/48

55

66

Series

9-RG

4.650%

due

07/30/45

147

176

Series

P

5.950%

due

12/31/49

(Ê)(ƒ)

260

252

CME

Group,

Inc.

5.300%

due

09/15/43

30

40

CNH

Industrial

Capital

LLC

3.875%

due

10/15/21

250

249

CNOOC

Finance

USA

LLC

3.500%

due

05/05/25

550

579

Coca-Cola

Co.

(The)

3.300%

due

09/01/21

281

288

4.125%

due

03/25/40

30

37

4.200%

due

03/25/50

130

170

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

Comcast

Cable

Communications

Holdings,

Inc.

9.455%

due

11/15/22

583

688

Comcast

Corp.

1.625%

due

01/15/22

290

291

2.750%

due

03/01/23

500

514

3.700%

due

04/15/24

260

279

3.950%

due

10/15/25

200

220

3.150%

due

03/01/26

30

31

4.150%

due

10/15/28

350

398

3.400%

due

04/01/30

70

76

4.250%

due

10/15/30

120

141

6.500%

due

11/15/35

90

131

6.550%

due

07/01/39

200

282

3.250%

due

11/01/39

10

11

3.750%

due

04/01/40

10

11

3.400%

due

07/15/46

20

22

4.000%

due

03/01/48

20

23

4.700%

due

10/15/48

10

13

3.450%

due

02/01/50

110

121

Concho

Resources,

Inc.

4.375%

due

01/15/25

90

77

3.750%

due

10/01/27

150

127

4.300%

due

08/15/28

90

82

Consolidated

Edison

Company

of

New

York,

Inc.

Series

20A

3.350%

due

04/01/30

50

52

Series

20B

3.950%

due

04/01/50

30

31

Constellation

Brands,

Inc.

4.750%

due

11/15/24

40

41

Continental

Airlines

Pass-Through

Trust

Series

071A

Class

A

5.983%

due

04/19/22

71

73

Continental

Resources,

Inc.

4.500%

due

04/15/23

140

77

3.800%

due

06/01/24

110

56

4.900%

due

06/01/44

10

4

Series

WI

4.375%

due

01/15/28

150

70

Corning,

Inc.

5.850%

due

11/15/68

633

698

Costco

Wholesale

Corp.

2.250%

due

02/15/22

121

122

Crown

Castle

International

Corp.

4.875%

due

04/15/22

299

314

5.250%

due

01/15/23

203

215

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

200

3.625%

due

04/01/27

40

41

4.300%

due

03/25/28

590

627

3.250%

due

08/15/29

200

195

3.750%

due

04/01/30

110

114

4.780%

due

03/25/38

70

77

4.125%

due

04/01/40

40

40

5.125%

due

07/20/45

140

161

5.050%

due

03/25/48

325

369

DCP

Midstream

Operating,

LP

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.450%

due

11/03/36

(Þ)

30

14

Deere

&

Co.

3.100%

due

04/15/30

20

21

3.750%

due

04/15/50

90

105

Dell

International

LLC

/

EMC

Corp.

4.420%

due

06/15/21

(Þ)

430

435

Delta

Air

Lines

Pass-Through

Trust

Series

071A

Class

A

6.821%

due

08/10/22

32

33

Series

2002-1

6.718%

due

01/02/23

64

64

Delta

Air

Lines,

Inc.

3.625%

due

03/15/22

223

209

Devon

Energy

Corp.

5.850%

due

12/15/25

440

350

5.000%

due

06/15/45

180

115

Devon

Financing

Co.

LLC

7.875%

due

09/30/31

150

109

Diageo

Investment

Corp.

2.875%

due

05/11/22

90

91

Diamondback

Energy,

Inc.

3.500%

due

12/01/29

110

78

Series

WI

5.375%

due

05/31/25

30

22

Discover

Bank

2.450%

due

09/12/24

742

711

Discover

Financial

Services

3.850%

due

11/21/22

703

717

DISH

DBS

Corp.

Series

WI

5.875%

due

11/15/24

150

146

7.750%

due

07/01/26

30

31

Dominion

Energy,

Inc.

2.715%

due

08/15/21

(~)(Ê)

726

716

7.000%

due

06/15/38

20

25

Domtar

Corp.

6.750%

due

02/15/44

656

587

Dow

Chemical

Co.

(The)

3.500%

due

10/01/24

694

686

Duke

Energy

Carolinas

LLC

5.300%

due

02/15/40

30

38

4.000%

due

09/30/42

100

113

Duke

Energy

Corp.

3.750%

due

04/15/24

682

707

DuPont

de

Nemours,

Inc.

5.319%

due

11/15/38

589

662

Eaton

Corp.

2.750%

due

11/02/22

150

152

4.150%

due

11/02/42

40

44

Ecolab,

Inc.

4.350%

due

12/08/21

756

778

Edison

International

4.125%

due

03/15/28

718

687

Enable

Midstream

Partners,

LP

4.150%

due

09/15/29

762

351

Enbridge

Energy

Partners,

LP

7.375%

due

10/15/45

484

533

Energy

Transfer

Operating,

LP

5.875%

due

01/15/24

653

617

4.500%

due

04/15/24

100

89

2.900%

due

05/15/25

30

25

5.250%

due

04/15/29

30

25

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

3.750%

due

05/15/30

340

266

6.250%

due

04/15/49

30

25

Series

10Y

4.950%

due

06/15/28

40

33

Series

F

6.750%

due

12/31/99

(Ê)(ƒ)

90

55

Energy

Transfer

Partners,

LP

/

Regency

Energy

Finance

Corp.

5.000%

due

10/01/22

516

470

Enterprise

Products

Operating

LLC

3.500%

due

02/01/22

708

698

3.900%

due

02/15/24

30

31

4.150%

due

10/16/28

310

315

2.800%

due

01/31/30

100

91

7.550%

due

04/15/38

20

23

4.850%

due

03/15/44

20

21

4.200%

due

01/31/50

160

150

3.700%

due

01/31/51

70

62

EOG

Resources,

Inc.

4.150%

due

01/15/26

30

31

3.900%

due

04/01/35

140

141

ERP

Operating,

LP

4.625%

due

12/15/21

686

701

Exelon

Corp.

3.497%

due

06/01/22

245

237

Series

WI

3.950%

due

06/15/25

489

491

Exelon

Generation

Co.

LLC

5.600%

due

06/15/42

615

594

Exxon

Mobil

Corp.

2.726%

due

03/01/23

778

803

2.992%

due

03/19/25

120

126

3.043%

due

03/01/26

60

63

3.482%

due

03/19/30

120

133

4.114%

due

03/01/46

40

48

FedEx

Corp.

4.500%

due

02/01/65

226

181

Fidelity

National

Information

Services,

Inc.

3.000%

due

08/15/26

757

773

FirstEnergy

Corp.

Series

B

4.250%

due

03/15/23

100

102

3.900%

due

07/15/27

370

374

Series

C

7.375%

due

11/15/31

550

739

Ford

Motor

Credit

Co.

LLC

5.875%

due

08/02/21

200

196

3.096%

due

05/04/23

739

654

9.300%

due

03/01/30

564

538

7.450%

due

07/16/31

446

321

4.750%

due

01/15/43

10

6

7.400%

due

11/01/46

230

154

Series

FXD

3.813%

due

10/12/21

200

191

Fox

Corp.

Series

WI

4.709%

due

01/25/29

30

33

5.476%

due

01/25/39

270

313

Freeport-McMoRan,

Inc.

3.550%

due

03/01/22

10

10

4.550%

due

11/14/24

10

9

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.450%

due

03/15/43

230

206

Fresenius

Medical

Care

US

Finance

II,

Inc.

5.875%

due

01/31/22

(Þ)

236

245

4.750%

due

10/15/24

(Þ)

110

111

General

Dynamics

Corp.

3.000%

due

05/11/21

713

720

4.250%

due

04/01/50

30

37

General

Electric

Co.

Series

GMTN

6.875%

due

01/10/39

511

638

Series

MTNA

6.750%

due

03/15/32

619

750

General

Motors

Co.

4.875%

due

10/02/23

671

598

6.250%

due

10/02/43

110

87

General

Motors

Financial

Co.,

Inc.

4.375%

due

09/25/21

20

18

4.200%

due

11/06/21

335

318

4.250%

due

05/15/23

10

9

Georgia

Power

Co.

2.850%

due

05/15/22

250

252

Gilead

Sciences,

Inc.

3.650%

due

03/01/26

90

98

4.750%

due

03/01/46

100

128

GlaxoSmithKline

Capital,

Inc.

2.800%

due

03/18/23

449

464

Glencore

Funding

LLC

4.125%

due

03/12/24

(Þ)

410

377

4.625%

due

04/29/24

(Þ)

40

37

4.000%

due

03/27/27

(Þ)

330

300

3.875%

due

10/27/27

(Þ)

60

54

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.375%

due

11/01/23

80

73

5.375%

due

04/15/26

653

579

Goldman

Sachs

Group,

Inc.

(The)

5.250%

due

07/27/21

1,138

1,183

3.200%

due

02/23/23

70

71

3.850%

due

07/08/24

150

157

3.272%

due

09/29/25

(Ê)

350

357

4.250%

due

10/21/25

310

326

3.500%

due

11/16/26

90

92

3.691%

due

06/05/28

(Ê)

200

206

4.223%

due

05/01/29

(Ê)

50

53

6.750%

due

10/01/37

410

551

4.411%

due

04/23/39

(Ê)

100

109

6.250%

due

02/01/41

160

221

5.150%

due

05/22/45

200

236

4.750%

due

10/21/45

250

299

Halliburton

Co.

3.800%

due

11/15/25

5

4

4.850%

due

11/15/35

130

101

Hanesbrands,

Inc.

4.625%

due

05/15/24

(Þ)

10

10

4.875%

due

05/15/26

(Þ)

70

69

Harman

International

Industries,

Inc.

4.150%

due

05/15/25

233

241

Hasbro,

Inc.

5.100%

due

05/15/44

480

400

HCA,

Inc.

5.000%

due

03/15/24

50

52

4.500%

due

02/15/27

40

41

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

5.625%

due

09/01/28

100

105

4.125%

due

06/15/29

269

271

5.500%

due

06/15/47

463

504

Home

Depot,

Inc.

(The)

3.250%

due

03/01/22

525

543

2.625%

due

06/01/22

243

247

2.700%

due

04/15/30

80

82

3.300%

due

04/15/40

80

82

3.900%

due

06/15/47

20

22

3.350%

due

04/15/50

90

98

Honeywell

International,

Inc.

1.850%

due

11/01/21

730

730

HSBC

USA,

Inc.

7.200%

due

07/15/97

457

672

Humana,

Inc.

3.150%

due

12/01/22

10

10

3.950%

due

03/15/27

200

203

4.625%

due

12/01/42

20

22

4.950%

due

10/01/44

20

23

4.800%

due

03/15/47

10

11

iHeartCommunications

,

Inc.

3.989%

due

05/01/26

(Ê)

259

217

Intel

Corp.

2.350%

due

05/11/22

726

754

3.700%

due

07/29/25

20

22

4.600%

due

03/25/40

60

72

4.750%

due

03/25/50

320

418

4.950%

due

03/25/60

110

152

Series

WI

3.734%

due

12/08/47

10

12

International

Business

Machines

Corp.

2.500%

due

01/27/22

721

738

3.000%

due

05/15/24

220

230

3.500%

due

05/15/29

215

235

International

Lease

Finance

Corp.

8.625%

due

01/15/22

50

48

5.875%

due

08/15/22

410

367

International

Paper

Co.

5.150%

due

05/15/46

188

195

Jefferies

Group

LLC

6.500%

due

01/20/43

635

527

Johnson

&

Johnson

2.050%

due

03/01/23

728

744

3.625%

due

03/03/37

70

80

JPMorgan

Chase

&

Co.

4.350%

due

08/15/21

130

134

4.500%

due

01/24/22

691

722

3.875%

due

09/10/24

100

106

4.023%

due

12/05/24

(Ê)

220

233

4.125%

due

12/15/26

230

251

4.250%

due

10/01/27

30

33

4.203%

due

07/23/29

(Ê)

200

220

4.452%

due

12/05/29

(Ê)

260

292

8.750%

due

09/01/30

280

424

4.950%

due

06/01/45

100

129

Keurig

Dr

Pepper,

Inc.

Series

WI

3.551%

due

05/25/21

608

615

4.057%

due

05/25/23

222

231

Kinder

Morgan

Energy

Partners,

LP

6.550%

due

09/15/40

600

646

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.500%

due

03/01/44

20

20

Kinder

Morgan,

Inc.

4.300%

due

06/01/25

80

82

4.300%

due

03/01/28

170

167

5.550%

due

06/01/45

80

82

5.050%

due

02/15/46

30

30

5.200%

due

03/01/48

10

11

Series

GMTN

7.800%

due

08/01/31

176

202

KKR

Group

Finance

Co.

II

LLC

5.500%

due

02/01/43

(Þ)

10

11

Kraft

Heinz

Foods

Co.

4.875%

due

02/15/25

(Þ)

28

28

Series

WI

3.000%

due

06/01/26

60

58

5.000%

due

07/15/35

20

20

Kroger

Co.

(The)

5.150%

due

08/01/43

20

24

L3Harris

Technologies,

Inc.

4.854%

due

04/27/35

40

43

5.054%

due

04/27/45

40

44

Lamb

Weston

Holdings,

Inc.

4.875%

due

11/01/26

(Þ)

60

61

Las

Vegas

Sands

Corp.

3.200%

due

08/08/24

942

848

Lennar

Corp.

4.500%

due

04/30/24

40

39

Series

WI

5.000%

due

06/15/27

10

9

4.750%

due

11/29/27

100

100

Lockheed

Martin

Corp.

3.100%

due

01/15/23

702

712

4.500%

due

05/15/36

10

11

Series

10YR

3.550%

due

01/15/26

90

97

Lowe's

Cos.,

Inc.

3.800%

due

11/15/21

240

244

4.500%

due

04/15/30

50

55

5.000%

due

04/15/40

20

23

5.125%

due

04/15/50

110

132

Main

Street

Capital

Corp.

5.200%

due

05/01/24

728

689

Marathon

Petroleum

Corp.

5.000%

due

09/15/54

234

179

Markel

Corp.

4.300%

due

11/01/47

699

652

Mars,

Inc.

2.700%

due

04/01/25

(Þ)

60

62

3.200%

due

04/01/30

(Þ)

30

31

Marsh

&

McLennan

Cos.,

Inc.

3.500%

due

06/03/24

650

664

Masco

Corp.

4.450%

due

04/01/25

238

243

McDonald's

Corp.

2.625%

due

01/15/22

721

729

3.700%

due

01/30/26

60

63

3.500%

due

03/01/27

40

42

3.800%

due

04/01/28

200

212

3.600%

due

07/01/30

70

73

4.200%

due

04/01/50

60

66

Medtronic,

Inc.

Series

WI

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

3.150%

due

03/15/22

254

263

3.500%

due

03/15/25

67

72

MetLife,

Inc.

6.400%

due

12/15/36

100

104

Microsoft

Corp.

2.875%

due

02/06/24

180

192

2.700%

due

02/12/25

40

43

2.400%

due

08/08/26

200

212

3.300%

due

02/06/27

810

900

4.100%

due

02/06/37

200

244

3.750%

due

02/12/45

100

121

MidAmerican

Energy

Co.

3.700%

due

09/15/23

237

244

Midwest

Connector

Capital

Co.

LLC

3.625%

due

04/01/22

(Þ)

267

256

Mondelez

International,

Inc.

3.625%

due

05/07/23

689

723

Morgan

Stanley

3.737%

due

04/24/24

(Ê)

170

175

3.622%

due

04/01/31

(Ê)

390

406

5.597%

due

03/24/51

(Ê)

40

56

Series

GMTN

3.772%

due

01/24/29

(Ê)

20

21

4.431%

due

01/23/30

(Ê)

10

11

2.699%

due

01/22/31

(Ê)

420

411

MPLX,

LP

4.000%

due

03/15/28

40

36

4.800%

due

02/15/29

170

150

4.500%

due

04/15/38

80

63

4.700%

due

04/15/48

140

108

5.500%

due

02/15/49

60

51

Series

WI

4.500%

due

07/15/23

100

86

4.875%

due

06/01/25

40

33

NBCUniversal

Media

LLC

2.875%

due

01/15/23

524

539

Nestle

Holdings,

Inc.

3.350%

due

09/24/23

(Þ)

698

735

Nevada

Power

Co.

5.450%

due

05/15/41

208

247

Series

R

6.750%

due

07/01/37

362

478

Newell

Brands,

Inc.

3.850%

due

04/01/23

40

40

4.200%

due

04/01/26

40

39

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

553

551

Nike,

Inc.

2.850%

due

03/27/30

110

116

3.250%

due

03/27/40

70

73

3.375%

due

03/27/50

220

241

Noble

Energy,

Inc.

3.900%

due

11/15/24

250

206

3.850%

due

01/15/28

130

92

5.250%

due

11/15/43

10

6

4.950%

due

08/15/47

40

24

Northern

Natural

Gas

Co.

4.300%

due

01/15/49

(Þ)

631

657

Northrop

Grumman

Corp.

2.550%

due

10/15/22

717

717

2.930%

due

01/15/25

80

81

5.250%

due

05/01/50

90

123

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

F0TZ

3.250%

due

01/15/28

310

325

Novartis

Capital

Corp.

2.400%

due

05/17/22

719

741

NVIDIA

Corp.

2.850%

due

04/01/30

60

62

3.500%

due

04/01/40

160

170

3.500%

due

04/01/50

330

360

3.700%

due

04/01/60

80

87

Oasis

Petroleum,

Inc.

6.875%

due

03/15/22

80

16

6.875%

due

01/15/23

10

2

Occidental

Petroleum

Corp.

2.600%

due

08/13/21

150

120

3.125%

due

02/15/22

30

22

2.700%

due

08/15/22

80

57

6.950%

due

07/01/24

10

6

2.900%

due

08/15/24

480

262

5.550%

due

03/15/26

230

123

3.400%

due

04/15/26

50

24

3.000%

due

02/15/27

360

171

3.500%

due

08/15/29

200

94

7.875%

due

09/15/31

30

16

6.450%

due

09/15/36

110

53

4.500%

due

07/15/44

125

51

4.625%

due

06/15/45

30

13

6.600%

due

03/15/46

90

42

4.400%

due

04/15/46

20

8

4.100%

due

02/15/47

190

81

4.200%

due

03/15/48

70

30

ONEOK

Partners,

LP

6.125%

due

02/01/41

614

554

ONEOK,

Inc.

7.500%

due

09/01/23

204

203

4.350%

due

03/15/29

506

413

Oracle

Corp.

2.625%

due

02/15/23

719

738

Otis

Worldwide

Corp.

2.056%

due

04/05/25

(Þ)

60

59

2.293%

due

04/05/27

(Þ)

60

57

2.565%

due

02/15/30

(Þ)

170

165

PacifiCorp

5.750%

due

04/01/37

543

705

PepsiCo,

Inc.

2.750%

due

03/05/22

224

230

2.875%

due

10/15/49

40

42

3.875%

due

03/19/60

30

38

Pfizer,

Inc.

2.625%

due

04/01/30

90

94

Philip

Morris

International,

Inc.

2.500%

due

08/22/22

90

91

4.500%

due

03/20/42

40

47

Series

5YR

2.500%

due

11/02/22

60

60

Series

NCD

2.375%

due

08/17/22

938

955

Phillips

66

Series

WI

4.300%

due

04/01/22

498

500

Plains

All

American

Pipeline,

LP

3.600%

due

11/01/24

705

580

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

PNC

Financial

Services

Group,

Inc.

(The)

3.300%

due

03/08/22

713

725

Series

BKNT

2.232%

due

07/22/22

(Ê)

808

810

Precision

Castparts

Corp.

2.500%

due

01/15/23

240

242

3.900%

due

01/15/43

457

470

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

5.250%

due

04/15/24

(Þ)

70

69

5.750%

due

04/15/26

(Þ)

60

59

Procter

&

Gamble

Co.

(The)

2.150%

due

08/11/22

270

276

3.000%

due

03/25/30

60

67

3.550%

due

03/25/40

70

82

3.600%

due

03/25/50

90

111

Progress

Energy,

Inc.

7.000%

due

10/30/31

173

218

PSEG

Power

LLC

8.625%

due

04/15/31

170

217

Range

Resources

Corp.

5.875%

due

07/01/22

12

9

Series

WI

4.875%

due

05/15/25

230

137

Regency

Energy

Partners,

LP

/

Regency

Energy

Finance

Corp.

5.875%

due

03/01/22

60

56

Reliance

Holdings

USA,

Inc.

5.400%

due

02/14/22

(Þ)

684

696

Republic

Services,

Inc.

2.500%

due

08/15/24

60

60

Reynolds

American,

Inc.

5.850%

due

08/15/45

70

75

Roche

Holdings,

Inc.

1.750%

due

01/28/22

(Þ)

669

674

Rockwell

Collins,

Inc.

3.200%

due

03/15/24

708

730

Rohm

&

Haas

Co.

7.850%

due

07/15/29

540

678

S&P

Global,

Inc.

Series

WI

4.000%

due

06/15/25

539

566

Sabal

Trail

Transmission

LLC

4.246%

due

05/01/28

(Þ)

663

654

Salesforce.com,

Inc.

3.250%

due

04/11/23

70

73

3.700%

due

04/11/28

30

33

Santander

Holdings

USA,

Inc.

4.500%

due

07/17/25

20

20

Series

WI

3.244%

due

10/05/26

350

313

Sasol

Financing

USA

LLC

5.875%

due

03/27/24

723

304

Schlumberger

Holdings

Corp.

4.000%

due

12/21/25

(Þ)

40

37

Service

Properties

Trust

4.375%

due

02/15/30

765

580

Sherwin-Williams

Co.

(The)

3.125%

due

06/01/24

704

700

Sierra

Pacific

Power

Co.

Series

WI

2.600%

due

05/01/26

718

718

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Southern

Co.

(The)

2.950%

due

07/01/23

712

716

Southern

Co.

Gas

Capital

Corp.

6.000%

due

10/01/34

196

259

Spectra

Energy

Partners,

LP

4.750%

due

03/15/24

671

645

Sprint

Capital

Corp.

8.750%

due

03/15/32

280

370

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

3.360%

due

09/20/21

(Þ)

75

75

4.738%

due

03/20/25

(Þ)

240

245

Starbucks

Corp.

3.800%

due

08/15/25

220

234

Sunoco

Logistics

Partners

Operations,

LP

3.450%

due

01/15/23

420

362

4.250%

due

04/01/24

269

237

5.300%

due

04/01/44

10

8

Synchrony

Financial

3.750%

due

08/15/21

270

271

Sysco

Corp.

2.400%

due

02/15/30

734

603

Targa

Resources

Partners,

LP

/

Targa

Resources

Partners

Finance

Corp.

4.250%

due

11/15/23

20

17

5.875%

due

04/15/26

10

8

5.375%

due

02/01/27

10

8

5.500%

due

03/01/30

(Þ)

30

23

Teachers

Insurance

&

Annuity

Association

of

America

4.900%

due

09/15/44

(Þ)

340

387

Tennessee

Gas

Pipeline

Co.

LLC

2.900%

due

03/01/30

(Þ)

210

178

Thermo

Fisher

Scientific,

Inc.

3.000%

due

04/15/23

706

724

Time

Warner

Cable

LLC

7.300%

due

07/01/38

600

737

6.750%

due

06/15/39

20

23

Time

Warner

Entertainment

Co.,

LP

8.375%

due

03/15/23

782

860

TJX

Cos.,

Inc.

(The)

2.750%

due

06/15/21

246

247

Toll

Brothers

Finance

Corp.

4.375%

due

04/15/23

30

29

Toyota

Motor

Credit

Corp.

3.400%

due

09/15/21

382

388

Transcontinental

Gas

Pipe

Line

Co.

LLC

Series

WI

7.850%

due

02/01/26

220

251

Truist

Bank

Series

BKNT

2.450%

due

08/01/22

728

729

Tyson

Foods,

Inc.

4.500%

due

06/15/22

518

536

3.950%

due

08/15/24

237

254

Unilever

Capital

Corp.

1.375%

due

07/28/21

254

254

2.200%

due

05/05/22

504

497

Union

Pacific

Corp.

2.950%

due

01/15/23

269

275

3.750%

due

07/15/25

60

64

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

2.150%

due

02/05/27

50

49

3.950%

due

09/10/28

400

429

3.839%

due

03/20/60

(Þ)

140

150

3.750%

due

02/05/70

110

114

United

Rentals

NA,

Inc.

6.500%

due

12/15/26

10

10

3.875%

due

11/15/27

10

9

4.875%

due

01/15/28

30

29

5.250%

due

01/15/30

130

130

United

Technologies

Corp.

3.650%

due

08/16/23

72

76

3.950%

due

08/16/25

30

33

4.125%

due

11/16/28

100

110

4.500%

due

06/01/42

20

23

UnitedHealth

Group,

Inc.

2.875%

due

12/15/21

40

41

2.875%

due

03/15/22

720

740

4.625%

due

07/15/35

100

119

5.700%

due

10/15/40

60

81

3.700%

due

08/15/49

160

178

3.875%

due

08/15/59

30

33

US

Bank

NA

Series

BKNT

3.150%

due

04/26/21

250

252

Valero

Energy

Corp.

10.500%

due

03/15/39

151

194

Verizon

Communications,

Inc.

3.500%

due

11/01/24

20

21

2.625%

due

08/15/26

70

72

4.125%

due

03/16/27

40

45

3.000%

due

03/22/27

40

42

3.875%

due

02/08/29

120

134

3.150%

due

03/22/30

90

97

7.750%

due

12/01/30

100

149

4.500%

due

08/10/33

450

542

5.250%

due

03/16/37

80

102

4.125%

due

08/15/46

60

69

5.500%

due

03/16/47

10

14

4.000%

due

03/22/50

40

47

Series

WI

2.946%

due

03/15/22

717

731

3.376%

due

02/15/25

178

191

4.329%

due

09/21/28

123

142

4.862%

due

08/21/46

50

65

ViacomCBS

,

Inc.

3.875%

due

04/01/24

20

20

Visa,

Inc.

2.150%

due

09/15/22

277

283

3.150%

due

12/14/25

150

163

4.300%

due

12/14/45

590

744

Vistra

Operations

Co.

LLC

4.300%

due

07/15/29

(Þ)

708

628

VOC

Escrow,

Ltd.

5.000%

due

02/15/28

(Þ)

60

44

Volkswagen

Group

of

America

Finance

LLC

4.000%

due

11/12/21

(Þ)

699

691

Walgreen

Co.

3.100%

due

09/15/22

716

717

Walgreens

Boots

Alliance,

Inc.

3.300%

due

11/18/21

707

717

Wal-Mart

Stores,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.300%

due

04/22/24

697

749

Walmart,

Inc.

3.700%

due

06/26/28

230

259

Walt

Disney

Co.

(The)

2.350%

due

12/01/22

240

244

Series

WI

3.700%

due

09/15/24

682

735

6.650%

due

11/15/37

40

58

Waste

Management,

Inc.

3.500%

due

05/15/24

190

197

2.950%

due

06/15/24

100

102

3.200%

due

06/15/26

100

104

3.450%

due

06/15/29

120

128

4.150%

due

07/15/49

40

46

Wells

Fargo

&

Co.

4.600%

due

04/01/21

220

225

2.100%

due

07/26/21

792

791

3.007%

due

10/31/23

(Ê)

200

191

3.750%

due

01/24/24

535

566

3.000%

due

04/22/26

400

412

3.000%

due

10/23/26

260

266

4.150%

due

01/24/29

545

595

2.879%

due

10/30/30

(Ê)

180

178

4.478%

due

04/04/31

(Ê)

80

90

5.375%

due

11/02/43

200

239

4.650%

due

11/04/44

10

12

4.400%

due

06/14/46

230

259

4.750%

due

12/07/46

530

612

5.013%

due

04/04/51

(Ê)

980

1,244

Series

GMTN

4.900%

due

11/17/45

250

296

Western

Midstream

Operating,

LP

2.698%

due

01/13/23

(Ê)

40

21

3.100%

due

02/01/25

90

47

4.650%

due

07/01/26

40

20

4.500%

due

03/01/28

50

24

4.050%

due

02/01/30

340

150

5.300%

due

03/01/48

845

322

5.250%

due

02/01/50

60

25

Williams

Cos.,

Inc.

(The)

7.750%

due

06/15/31

130

138

8.750%

due

03/15/32

517

562

5.800%

due

11/15/43

155

153

Series

A

7.500%

due

01/15/31

80

93

WPX

Energy,

Inc.

5.250%

due

10/15/27

30

17

4.500%

due

01/15/30

20

11

169,335

International

Debt

-

10.0%

1011778

B.C.

Unlimited

Liability

Co.

Term

Loan

B4

2.739%

due

11/19/26

(Ê)

361

332

1011778

BC

ULC

/

New

Red

Finance,

Inc.

4.250%

due

05/15/24

(Þ)

120

120

ABN

AMRO

Bank

NV

3.400%

due

08/27/21

(Þ)

862

863

Abu

Dhabi

Government

International

Bond

Series

C

2.500%

due

10/11/22

(Þ)

200

201

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

Adani

Abbot

Point

Terminal

Pty,

Ltd.

4.450%

due

12/15/22

(Þ)

253

189

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

Series

WI

5.000%

due

10/01/21

652

585

Air

Liquide

Finance

SA

1.750%

due

09/27/21

(Þ)

733

730

Alcoa

Nederland

Holding

BV

6.750%

due

09/30/24

(Þ)

200

194

Alibaba

Group

Holding,

Ltd.

Series

WI

3.125%

due

11/28/21

616

624

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

702

687

Allergan

Funding

SCS

3.450%

due

03/15/22

285

296

3.800%

due

03/15/25

60

61

4.550%

due

03/15/35

10

11

Altrice

France

SA

Term

Loan

B12

4.392%

due

01/31/26

(Ê)

65

61

Ambac

LSNI

LLC

6.450%

due

02/12/23

(Ê)(Þ)

3,947

3,748

Anglo

American

Capital

PLC

3.750%

due

04/10/22

(Þ)

368

359

3.625%

due

09/11/24

(Þ)

200

188

ArcelorMittal

SA

3.600%

due

07/16/24

120

109

6.125%

due

06/01/25

170

168

4.550%

due

03/11/26

50

45

Argentine

Republic

Government

International

Bond

5.625%

due

01/26/22

340

99

6.875%

due

01/11/48

210

55

Series

NY

5.250%

due

03/31/29

(~)(Ê)

160

47

Series

WI

7.500%

due

04/22/26

170

47

AstraZeneca

PLC

2.375%

due

06/12/22

403

406

Banco

de

Bogota

SA

Series

EMTQ

4.375%

due

08/03/27

(Þ)

686

613

Banco

de

Credito

del

Peru

4.250%

due

04/01/23

(Þ)

693

683

Banco

Inbursa

SA

Institucion

de

Banca

Multiple

4.125%

due

06/06/24

(Þ)

711

665

Banco

Santander

SA

3.848%

due

04/12/23

200

205

2.706%

due

06/27/24

400

396

4.379%

due

04/12/28

200

205

Bangkok

Bank

PCL

3.875%

due

09/27/22

(Þ)

219

228

Banistmo

SA

Series

MTQ0

3.650%

due

09/19/22

(Þ)

729

669

Bank

of

Montreal

2.900%

due

03/26/22

270

273

3.803%

due

12/15/32

(Ê)

20

19

Series

D

3.100%

due

04/13/21

519

525

Bank

of

Nova

Scotia

(The)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

BKNT

2.450%

due

09/19/22

721

727

Barclays

PLC

4.972%

due

05/16/29

(Ê)

400

432

5.088%

due

06/20/30

(Ê)

200

207

4.950%

due

01/10/47

660

722

BBVA

Bancomer

SA

6.750%

due

09/30/22

(Þ)

667

662

Bharti

Airtel

International

Netherlands

BV

Series

144a

5.125%

due

03/11/23

(Þ)

693

680

BHP

Billiton

Finance

USA,

Ltd.

2.875%

due

02/24/22

5

5

5.000%

due

09/30/43

170

223

BNP

Paribas

SA

4.705%

due

01/10/25

(Ê)(Þ)

260

271

4.400%

due

08/14/28

(Þ)

200

215

BP

Capital

Markets

PLC

3.245%

due

05/06/22

222

222

Brazil

Government

International

Bond

2.625%

due

01/05/23

220

221

4.625%

due

01/13/28

990

1,053

5.625%

due

01/07/41

170

173

5.000%

due

01/27/45

350

333

British

Telecommunications

PLC

9.625%

due

12/15/30

30

46

Brookfield

Finance,

Inc.

4.000%

due

04/01/24

618

625

Canadian

Imperial

Bank

of

Commerce

2.550%

due

06/16/22

718

730

Cedar

Funding,

Ltd.

Series

2018-5A

Class

A1R

2.936%

due

07/17/31

(Ê)(Þ)

1,600

1,482

Celulosa

Arauco

y

Constitucion

SA

Series

WI

3.875%

due

11/02/27

705

609

Colombia

Government

International

Bond

5.625%

due

02/26/44

270

296

Commonwealth

Bank

of

Australia

2.000%

due

09/06/21

(Þ)

215

213

Cooperatieve

Rabobank

UA

4.625%

due

12/01/23

250

259

4.375%

due

08/04/25

900

922

Covidien

International

Finance

SA

3.200%

due

06/15/22

703

727

Credit

Suisse

Group

AG

4.194%

due

04/01/31

(Ê)(Þ)

250

256

Series

WI

3.450%

due

04/16/21

709

713

DAE

Funding

LLC

5.750%

due

11/15/23

(Þ)

20

19

Danone

SA

2.077%

due

11/02/21

(Þ)

890

891

2.589%

due

11/02/23

(Þ)

718

712

Danske

Bank

A/S

5.000%

due

01/12/22

(Þ)

400

410

3.875%

due

09/12/23

(Þ)

200

197

5.375%

due

01/12/24

(Þ)

862

908

Delhaize

America,

Inc.

9.000%

due

04/15/31

154

222

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

Deutsche

Telekom

International

Finance

BV

1.950%

due

09/19/21

(Þ)

251

248

DNB

Bank

ASA

2.375%

due

06/02/21

(Þ)

550

539

DP

World

PLC

5.625%

due

09/25/48

(Þ)

200

167

Dryden

50

Senior

Loan

Fund

Series

2017-50A

Class

A1

3.051%

due

07/15/30

(Ê)(Þ)

1,230

1,167

ECAF,

Ltd.

Series

2015-1A

Class

A1

3.473%

due

06/15/40

(Þ)

207

183

Ecopetrol

SA

5.375%

due

06/26/26

60

58

5.875%

due

05/28/45

350

310

Embotelladora

Andina

SA

5.000%

due

10/01/23

(Þ)

264

265

Enbridge,

Inc.

3.700%

due

07/15/27

687

681

Enel

SpA

Series

658A

3.500%

due

04/06/28

(Þ)

706

709

Eni

SpA

4.250%

due

05/09/29

(Þ)

658

638

Equate

Petrochemical

BV

4.250%

due

11/03/26

(Þ)

200

190

Equinor

ASA

2.650%

due

01/15/24

775

788

Fairfax

Financial

Holdings,

Ltd.

Series

WI

4.850%

due

04/17/28

226

244

Four

Seasons

Hotels,

Ltd.

1st

Lien

Term

Loan

B

2.989%

due

11/30/23

(Ê)

139

125

Froneri

International

Ltd.

Term

Loan

3.239%

due

01/31/27

(Ê)

130

123

Garda

World

Security

Corp.

2019

1st

Lien

Term

Loan

B

6.390%

due

10/17/26

(Ê)

69

65

Gazprom

PJSC

Via

Gaz

Capital

SA

6.510%

due

03/07/22

(Þ)

672

695

GE

Capital

International

Funding

Co.

Unlimited

Co.

Series

WI

4.418%

due

11/15/35

600

648

GFL

Environmental,

Inc.

1st

Lien

Term

Loan

B

3.991%

due

05/31/25

(Ê)

24

23

GlaxoSmithKline

Capital

PLC

2.850%

due

05/08/22

256

263

2.875%

due

06/01/22

510

522

Glencore

Canada

Corp.

6.200%

due

06/15/35

631

625

Goldentree

Loan

Management

US

CLO

2,

Ltd.

Series

2017-2A

Class

A

2.969%

due

11/28/30

(Ê)(Þ)

1,860

1,757

Grifols

Worldwide

Operations

USA,

Inc.

Term

Loan

B

2.684%

due

11/15/27

(Ê)

279

263

Heineken

NV

3.400%

due

04/01/22

(Þ)

710

718

HSBC

Bank

PLC

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.650%

due

05/01/25

375

416

HSBC

Holdings

PLC

2.650%

due

01/05/22

721

720

3.900%

due

05/25/26

220

224

4.041%

due

03/13/28

(Ê)

410

417

4.583%

due

06/19/29

(Ê)

400

426

4.950%

due

03/31/30

200

221

3.973%

due

05/22/30

(Ê)

200

205

6.250%

due

12/31/99

(Ê)(ƒ)

200

185

6.500%

due

12/31/99

(Ê)(ƒ)

200

187

ICICI

Bank,

Ltd.

4.000%

due

03/18/26

(Þ)

252

243

Indonesia

Government

International

Bond

3.500%

due

01/11/28

210

206

4.350%

due

01/11/48

240

246

3.700%

due

10/30/49

540

538

Series

REGS

3.750%

due

04/25/22

430

432

Intesa

Sanpaolo

SpA

3.125%

due

07/14/22

(Þ)

400

382

3.375%

due

01/12/23

(Þ)

200

191

3.875%

due

01/12/28

(Þ)

287

270

Inversiones

CMPC

SA

4.500%

due

04/25/22

(Þ)

214

207

Israel

Government

International

Bond

2.750%

due

07/03/30

200

200

KazMunayGas

National

Co.

JSC

5.375%

due

04/24/30

(Þ)

200

196

Kuwait

Government

International

Bond

3.500%

due

03/20/27

(Þ)

210

218

LCM

XXV,

Ltd.

Series

2017-25A

Class

A

3.029%

due

07/20/30

(Ê)(Þ)

1,124

1,064

Lloyds

Banking

Group

PLC

4.375%

due

03/22/28

200

215

4.550%

due

08/16/28

400

424

Series

WI

4.582%

due

12/10/25

688

708

Lukoil

International

Finance

BV

4.563%

due

04/24/23

(Þ)

682

690

LYB

Finance

Co.

BV

8.100%

due

03/15/27

(Þ)

186

239

LYB

International

Finance

BV

4.000%

due

07/15/23

214

219

LyondellBasell

Industries

NV

6.000%

due

11/15/21

741

767

Madison

Park

Funding

XIII,

Ltd.

Series

2018-13A

Class

AR2

2.769%

due

04/19/30

(Ê)(Þ)

574

554

Madison

Park

Funding

XVIII,

Ltd.

Series

2017-18A

Class

A1R

3.009%

due

10/21/30

(Ê)(Þ)

872

832

Madison

Park

Funding

XXVI,

Ltd.

Series

2017-26A

Class

AR

2.975%

due

07/29/30

(Ê)(Þ)

780

745

Magnetite

XVIII,

Ltd.

Series

2018-18A

Class

AR

2.772%

due

11/15/28

(Ê)(Þ)

1,488

1,433

Marks

&

Spencer

PLC

7.125%

due

12/01/37

(Þ)

623

747

Mexico

Government

International

Bond

6.050%

due

01/11/40

30

36

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

4.750%

due

03/08/44

20

20

4.350%

due

01/15/47

810

787

Mitsubishi

UFJ

Financial

Group,

Inc.

2.998%

due

02/22/22

534

544

Mondelez

International

Holdings

Netherlands

BV

2.000%

due

10/28/21

(Þ)

726

723

NBK

SPC,

Ltd.

2.750%

due

05/30/22

(Þ)

714

704

Nordea

Bank

AB

4.875%

due

05/13/21

(Þ)

265

270

Nutrien

,

Ltd.

3.625%

due

03/15/24

264

266

NXP

BV

/

NXP

Funding

LLC

4.625%

due

06/15/22

(Þ)

693

717

Park

Aerospace

Holdings,

Ltd.

5.250%

due

08/15/22

(Þ)

50

45

Pernod

Ricard

SA

4.450%

due

01/15/22

(Þ)

150

154

Peru

Government

International

Bond

6.550%

due

03/14/37

30

43

5.625%

due

11/18/50

160

238

Petrobras

Global

Finance

BV

6.250%

due

03/17/24

100

99

Series

WI

5.299%

due

01/27/25

2,305

2,196

Petroleos

Mexicanos

6.625%

due

06/15/35

10

7

Series

WI

4.625%

due

09/21/23

100

81

6.875%

due

08/04/26

220

167

Poland

Government

International

Bond

5.125%

due

04/21/21

550

570

Prosus

NV

4.850%

due

07/06/27

(Þ)

250

239

Provincia

de

Buenos

Aires

6.500%

due

02/15/23

(Þ)

140

36

Qatar

Government

International

Bond

4.817%

due

03/14/49

(Þ)

410

483

Riserva

CLO,

Ltd.

Series

2019-3A

Class

AR

2.959%

due

10/18/28

(Ê)(Þ)

940

908

Royal

Bank

of

Canada

Series

GMTN

3.200%

due

04/30/21

70

71

2.750%

due

02/01/22

500

511

Royal

Bank

of

Scotland

Group

PLC

6.125%

due

12/15/22

70

72

3.875%

due

09/12/23

200

202

5.125%

due

05/28/24

420

424

4.519%

due

06/25/24

(Ê)

200

201

4.269%

due

03/22/25

(Ê)

200

205

SACI

Falabella

4.375%

due

01/27/25

(Þ)

692

657

Sands

China,

Ltd.

Series

WI

5.125%

due

08/08/25

400

376

Santander

UK

Group

Holdings

PLC

5.000%

due

11/07/23

(Þ)

238

240

Class

N

4.750%

due

09/15/25

(Þ)

701

691

Sasol

Financing

International,

Ltd.

4.500%

due

11/14/22

698

314

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Schneider

Electric

SE

2.950%

due

09/27/22

(Þ)

800

799

Shackleton

CLO,

Ltd.

Series

2018-4RA

Class

A1A

2.848%

due

04/13/31

(Ê)(Þ)

930

861

Shell

International

Finance

BV

1.875%

due

05/10/21

524

522

2.375%

due

08/21/22

269

270

2.875%

due

05/10/26

40

41

4.375%

due

05/11/45

320

370

4.000%

due

05/10/46

80

90

Shire

Acquisitions

Investments

Ireland

DAC

2.400%

due

09/23/21

782

779

Siemens

Financieringsmaatschappij

NV

1.700%

due

09/15/21

(Þ)

250

248

Skandinaviska

Enskilda

Banken

AB

2.800%

due

03/11/22

225

221

Societe

Generale

SA

5.000%

due

01/17/24

(Þ)

700

705

Southern

Copper

Corp.

6.750%

due

04/16/40

10

12

5.250%

due

11/08/42

680

698

Stars

Group

Holdings

BV

Term

Loan

B

4.950%

due

07/10/25

(Ê)

9

8

Sumitomo

Mitsui

Financial

Group,

Inc.

Series

5FXD

2.058%

due

07/14/21

90

89

Suncor

Energy,

Inc.

3.600%

due

12/01/24

688

666

Svenska

Handelsbanken

AB

Series

BKNT

3.350%

due

05/24/21

250

253

Syngenta

Finance

NV

3.125%

due

03/28/22

718

627

Telefonica

Emisiones

SA

4.570%

due

04/27/23

682

728

5.213%

due

03/08/47

150

168

Teva

Pharmaceutical

Finance

Co.

BV

2.950%

due

12/18/22

40

37

Teva

Pharmaceutical

Finance

IV

BV

3.650%

due

11/10/21

20

19

Teva

Pharmaceutical

Finance

Netherlands

III

BV

2.200%

due

07/21/21

140

134

2.800%

due

07/21/23

330

301

3.150%

due

10/01/26

280

236

THL

Credit

Wind

River

CLO,

Ltd.

Series

2017-2A

Class

AR

3.049%

due

10/18/30

(Ê)(Þ)

1,016

955

Toronto-Dominion

Bank

(The)

3.250%

due

06/11/21

90

92

1.800%

due

07/13/21

733

736

Total

Capital

Canada,

Ltd.

2.750%

due

07/15/23

770

781

Total

Capital

International

SA

2.700%

due

01/25/23

713

721

Total

Capital

SA

4.250%

due

12/15/21

230

237

Trust

F/1401

5.250%

due

01/30/26

(Þ)

685

642

UBS

Group

AG

3.491%

due

05/23/23

(Þ)

270

273

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

4.253%

due

03/23/28

(Þ)

200

210

3.126%

due

08/13/30

(Ê)(Þ)

200

195

7.000%

due

12/31/99

(Ê)(ƒ)(Þ)

660

620

UniCredit

SpA

6.572%

due

01/14/22

(Þ)

1,042

1,061

Vale

Overseas,

Ltd.

6.875%

due

11/21/36

180

200

Vodafone

Group

PLC

4.375%

due

05/30/28

220

231

Ziggo

Secured

Finance

BV

Term

Loan

I

3.205%

due

04/30/28

(Ê)

16

15

87,218

Loan

Agreements

-

1.2%

Air

Medical

Group

Holdings,

Inc.

1st

Lien

Term

Loan

B

4.932%

due

04/28/22

(Ê)

115

106

Allied

Universal

Holdco

Term

Loan

B

5.239%

due

07/12/26

(Ê)

323

298

American

Airlines,

Inc.

1st

Lien

Term

Loan

B

2.705%

due

12/14/23

(Ê)

79

62

APi

Group

DE,

Inc.

Term

Loan

B

3.489%

due

10/01/26

(Ê)

320

272

Asurion

LLC

1st

Lien

Term

Loan

B7

3.989%

due

11/03/24

(Ê)

188

178

Asurion

LLC

Term

Loan

B4

3.989%

due

08/04/22

(Ê)

186

175

Asurion

LLC

Term

Loan

B6

3.989%

due

11/03/23

(Ê)

70

66

Atlantic

Aviation

FBO,

Inc.

Term

Loan

B

4.740%

due

12/06/25

(Ê)

20

19

Bausch

Health

Americas,

Inc.

Term

Loan

B

3.612%

due

06/01/25

(Ê)

85

80

Berry

Global,

Inc.

Term

Loan

W

2.863%

due

10/01/22

(Ê)

114

108

Boyd

Gaming

Corp.

Term

Loan

B

2.934%

due

09/15/23

(Ê)

1

1

Brickman

Group,

Ltd.

1st

Lien

Term

Loan

B

3.294%

due

08/15/25

(Ê)

39

37

Caesars

Entertainment

Operating

Co.

LLC

1st

Lien

Term

Loan

B

2.989%

due

10/06/24

(Ê)

134

108

Caesars

Resort

Collection

LLC

1st

Lien

Term

Loan

B

3.739%

due

12/22/24

(Ê)

138

111

Change

Healthcare

Holdings

LLC

1st

Lien

Term

Loan

B

3.500%

due

03/01/24

(Ê)

374

351

Charter

Communications,

Inc.

Term

Loan

B1

2.740%

due

04/30/25

(Ê)

326

312

Citadel

Securities,

LP

Term

Loan

B

3.739%

due

02/27/26

(Ê)

269

239

CityCenter

Holdings

LLC

Term

Loan

B

3.239%

due

04/18/24

(Ê)

67

58

CSC

Holdings

LLC

2019

Term

Loan

B5

3.112%

due

04/15/27

(Ê)

50

48

Dcert

Buyer,

Inc.

Term

Loan

B

4.989%

due

10/16/26

(Ê)

330

293

Deerfield

Dakota

Holding

LLC

2020

Term

Loan

B

0.000%

due

02/28/27

(~)(Ê)

250

210

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Dell

International

LLC

Term

Loan

B

2.990%

due

09/19/25

(Ê)

226

215

Diamond

Sports

Group

LLC

Term

Loan

4.180%

due

08/24/26

(Ê)

40

31

Edelman

Financial

Center

LLC

Term

Loan

B1

4.179%

due

07/19/25

(Ê)

69

58

Elanco

Animal

Health,

Inc.

Term

Loan

B

0.000%

due

02/06/27

(~)(Ê)

270

255

Eyecare

Partners

LLC

Delayed

Draw

Term

Loan

0.000%

due

02/18/27

(~)(Ê)

15

12

Eyecare

Partners

LLC

Term

Loan

0.000%

due

02/18/27

(~)(Ê)

65

52

First

Eagle

Holdings

Inc.

Term

Loan

B

3.950%

due

02/02/27

(Ê)

49

41

Focus

Financial

Partners

LLC  2020

Term

Loan

2.989%

due

07/03/24

(Ê)

149

133

Genesee

&

Wyoming,

Inc.

New

Term

Loan

3.450%

due

12/30/26

(Ê)

250

238

Golden

Nugget,

Inc.

1st

Lien

Term

Loan

B

3.584%

due

10/04/23

(Ê)

317

246

HCA,

Inc.

Term

Loan

B12

2.739%

due

03/13/25

(Ê)

47

45

Hilton

Worldwide

Finance

LLC

Term

Loan

B

2.697%

due

06/21/26

(Ê)

355

335

Intrawest

Resorts

Holdings,

Inc.

1st

Lien

Term

Loan

B1

3.750%

due

07/31/24

(Ê)

138

125

Jaguar

Holding

Co.

II

1st

Lien

Term

Loan

3.500%

due

08/18/22

(Ê)

186

177

Jane

Street

Group

LLC

Term

Loan

4.613%

due

01/07/25

(Ê)

318

283

Level

3

Financing,

Inc.

Term

Loan

B

2.739%

due

03/01/27

(Ê)

148

138

MA

Finance

Co.

LLC

1st

Lien

Term

Loan

B

0.000%

due

06/21/24

(Ê)

4

3

McAfee

LLC

Term

Loan

B

4.691%

due

09/29/24

(Ê)

328

306

Michaels

Stores,

Inc.

1st

Lien

Term

Loan

B

3.534%

due

01/28/23

(Ê)

78

64

MultiPlan

,

Inc.

Term

Loan

B

4.200%

due

05/25/23

(Ê)

197

173

Nexstar

Broadcasting,

Inc.

Term

Loan

B4

4.331%

due

09/19/26

(Ê)

365

338

Option

Care

Helath

,

Inc.

Term

Loan

B

5.489%

due

08/06/26

(Ê)

319

262

Panther

BF

Aggregator,

LP

Term

Loan

B

4.441%

due

04/30/26

(Ê)

318

290

Party

City

Holdings,

Inc.

1st

Lien

Term

Loan

4.077%

due

08/19/22

(Ê)

64

31

PCI

Gaming

Authority

Term

Loan

3.489%

due

05/31/26

(Ê)

79

64

Phoenix

Guarantor,

Inc.

Term

Loan

B

4.113%

due

03/05/26

(Ê)

123

111

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

Term

Loan

B1

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

4.606%

due

09/23/26

(Ê)

254

227

RegionalCare

Hospital

Partners

Holdings,

Inc.

Term

Loan

B

4.739%

due

11/16/25

(Ê)

268

247

Reynolds

American,

Inc.

Term

Loan

3.501%

due

02/04/27

(Ê)

164

154

Reynolds

Group

Holdings,

Inc.

1st

Lien

Term

Loan

B

3.739%

due

02/05/23

(Ê)

261

246

RPI

Intermediate

Finance

Trust

Term

Loan

B1

2.739%

due

02/11/27

(Ê)

269

248

Scientific

Games

International,

Inc.

1st

Lien

Term

Loan

B5

4.246%

due

08/14/24

(Ê)

262

210

Seattle

SpinCo

,

Inc.

1st

Lien

Term

Loan

B3

3.489%

due

06/21/24

(Ê)

26

23

Sotera

Health

Holdings

LLC

Term

Loan

5.500%

due

12/13/26

(Ê)

340

294

Sprint

Corp.

Term

Loan

B

3.500%

due

02/03/24

(Ê)

46

46

Sungard

Availability

Services

Capital,

Inc.

Term

Loan

5.377%

due

11/03/22

(Ê)

2

1

TKC

Holdings,

Inc.

1st

Lien

Term

Loan

4.750%

due

02/01/23

(Ê)

218

174

Trans

Union

LLC

Term

Loan

B5

2.739%

due

11/13/26

(Ê)

99

94

UFC

Holdings

LLC

Term

Loan

4.250%

due

04/29/26

(Ê)

218

190

Univision

Communications,

Inc.

Term

Loan

C5

3.750%

due

03/15/24

(Ê)

143

120

VFH

Parent

LLC

Term

Loan

B

4.005%

due

03/01/26

(Ê)

322

292

VICI

Properties,

Inc.

1st

Lien

Term

Loan

B

2.674%

due

12/22/24

(Ê)

146

134

Virgin

Media

Secured

Finance

PLC

Term

Loan

3.205%

due

01/31/28

(Ê)

297

273

VVC

Holdings

Corp.

Term

Loan

B

5.284%

due

02/11/26

(Ê)

427

398

Western

Digital

Corp.

1st

Lien

Term

Loan

B4

3.353%

due

04/29/23

(Ê)

29

28

Wynn

Resorts

Finance

LLC

Term

Loan

A

2.740%

due

09/20/24

(Ê)

351

281

10,838

Mortgage-Backed

Securities

-

32.4%

A10

Securitization

LLC

Series

2017-AA

Class

B1

0.071%

due

05/15/36

(Þ)

961

890

American

Home

Mortgage

Investment

Trust

Series

2004-4

Class

4A

3.763%

due

02/25/45

(Ê)

10

9

Banc

of

America

Funding

Trust

Series

2005-D

Class

A1

4.633%

due

05/25/35

(~)(Ê)

235

219

Series

2006-6

Class

2A1

6.000%

due

08/25/36

776

703

Bayview

Commercial

Asset

Trust

Series

2007-2A

Class

A1

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.897%

due

07/25/37

(Ê)(Þ)

925

764

BCAP

LLC

Trust

Series

2010-RR7

Class

3A12

3.997%

due

08/26/35

(~)(Ê)(Þ)

739

612

Bear

Stearns

ALT-A

Trust

Series

2005-2

Class

1M1

3.236%

due

03/25/35

(Ê)

629

599

Bear

Stearns

ARM

Trust

Series

2004-3

Class

2A

4.017%

due

07/25/34

(~)(Ê)

114

96

Bear

Stearns

Commercial

Mortgage

Securities

Trust

Series

2007-T26

Class

AM

5.438%

due

01/12/45

(~)(Ê)

72

67

Benchmark

Mortgage

Trust

Series

2018-B5

Class

A3

3.944%

due

07/15/51

1,977

2,167

Series

2018-B5

Class

A4

4.208%

due

07/15/51

1,987

2,220

Series

2018-B7

Class

A4

4.510%

due

05/15/53

(~)(Ê)

1,567

1,791

Series

2018-B8

Class

A5

4.232%

due

01/15/52

2,315

2,598

BX

Commercial

Mortgage

Trust

Series

2018-BILT

Class

C

1.925%

due

05/15/30

(Ê)(Þ)

1,650

1,458

Series

2018-BIOA

Class

D

2.026%

due

03/15/37

(Ê)(Þ)

790

663

Series

2018-BIOA

Class

E

4.424%

due

03/15/37

(Ê)(Þ)

1,575

1,260

Series

2018-IND

Class

G

2.755%

due

11/15/35

(Ê)(Þ)

133

116

Series

2019-XL

Class

A

1.625%

due

10/15/36

(Ê)(Þ)

1,051

1,000

BXP

Trust

Series

2017-GM

Class

A

3.379%

due

06/13/39

(Þ)

818

872

CAMB

Commercial

Mortgage

Trust

Series

2019-LIFE

Class

F

3.255%

due

12/15/37

(Ê)(Þ)

987

868

Series

2019-LIFE

Class

G

3.955%

due

12/15/37

(Ê)(Þ)

1,651

1,321

CHL

Mortgage

Pass-Through

Trust

Series

2005-3

Class

1A2

3.066%

due

04/25/35

(Ê)

7

5

Citigroup

Commercial

Mortgage

Trust

Series

2013-375P

Class

A

3.251%

due

05/10/35

(Þ)

170

168

Series

2013-375P

Class

D

3.518%

due

05/10/35

(~)(Ê)(Þ)

1,418

1,346

Series

2019-SST2

Class

F

3.205%

due

12/15/36

(Ê)(Þ)

430

357

Citigroup

Mortgage

Loan

Trust,

Inc.

Series

2005-2

Class

1A2A

4.913%

due

05/25/35

(~)(Ê)

230

218

Series

2005-11

Class

A2A

4.820%

due

10/25/35

(Ê)

4

4

Series

2015-2

Class

5A1

2.740%

due

03/25/47

(Ê)(Þ)

126

124

Commercial

Mortgage

Trust

Series

2013-300P

Class

A1

4.353%

due

08/10/30

(Þ)

195

201

Series

2013-CR6

Class

B

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

3.397%

due

03/10/46

(Þ)

211

206

Series

2014-277P

Class

A

3.611%

due

08/10/49

(~)(Ê)(Þ)

205

211

Series

2015-LC19

Class

A4

3.183%

due

02/10/48

1,438

1,494

Series

2016-GCT

Class

A

2.681%

due

08/10/29

(Þ)

140

138

Series

2018-COR3

Class

A3

4.228%

due

05/10/51

2,944

3,187

Series

2019-521F

Class

A

2.559%

due

06/15/34

(Ê)(Þ)

1,203

1,120

Series

2019-521F

Class

D

3.209%

due

06/15/34

(Ê)(Þ)

899

825

CORE

Mortgage

Trust

Series

2019-CORE

Class

D

2.355%

due

12/15/31

(Ê)(Þ)

1,520

1,216

Countrywide

Alternative

Loan

Trust

Series

2007-16CB

Class

1A5

2.886%

due

08/25/37

(Ê)

402

290

Credit

Suisse

Mortgage

Capital

Certificates

Series

2017-CHOP

Class

G

8.093%

due

07/15/32

(Ê)(Þ)

600

501

Series

2019-ICE4

Class

A

1.685%

due

05/15/36

(Ê)(Þ)

170

160

Series

2019-ICE4

Class

E

2.855%

due

05/15/36

(Ê)(Þ)

1,282

1,077

Credit

Suisse

Mortgage

Securities

Corp.

Trust

4.764%

due

12/15/22

680

613

Credit

Suisse

Mortgage

Trust

Series

2018-J1

Class

A2

3.500%

due

02/25/48

(~)(Ê)(Þ)

1,043

1,060

DBGS

Mortgage

Trust

Series

2019-1735

Class

D

4.195%

due

04/10/37

(~)(Ê)(Þ)

985

808

Deephaven

Residential

Mortgage

Trust

Series

2018-4A

Class

A1

4.080%

due

10/25/58

(~)(Ê)(Þ)

1,833

1,859

Deutsche

Bank

Commercial

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)

400

350

Eagle

Re

Ltd.

Series

2020-1

Class

M1A

2.527%

due

01/25/30

(Ê)(Þ)

511

487

Fannie

Mae

4.250%

due

2021

395

401

4.500%

due

2024

2

2

4.500%

due

2025

108

115

2.560%

due

2028

370

399

3.640%

due

2028

100

115

2.520%

due

2029

20

22

2.740%

due

2029

100

110

2.790%

due

2029

300

331

3.160%

due

2029

49

56

3.240%

due

2029

90

102

3.260%

due

2029

30

34

3.350%

due

2029

20

23

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.500%

due

2030

91

96

2.600%

due

2031

375

401

2.670%

due

2031

100

110

2.765%

due

2031

100

110

2.770%

due

2031

100

110

2.810%

due

2031

100

111

2.850%

due

2031

100

111

2.860%

due

2031

100

112

5.000%

due

2031

94

102

6.000%

due

2032

18

21

3.000%

due

2033

870

926

3.500%

due

2033

640

689

5.000%

due

2033

5

6

3.500%

due

2034

133

143

5.500%

due

2034

16

18

2.000%

due

2035

1,000

1,027

4.500%

due

2035

381

418

3.000%

due

2037

77

81

5.500%

due

2037

99

111

5.500%

due

2038

436

495

6.000%

due

2039

39

45

4.000%

due

2040

266

293

5.500%

due

2040

501

568

6.000%

due

2040

115

132

4.000%

due

2041

437

476

6.000%

due

2041

122

140

3.500%

due

2043

1,171

1,251

4.000%

due

2044

880

971

3.500%

due

2045

1,476

1,576

3.000%

due

2046

840

885

3.500%

due

2046

251

270

4.000%

due

2046

1,369

1,483

4.500%

due

2046

474

525

3.000%

due

2047

3,769

3,975

3.500%

due

2047

2,993

3,194

4.000%

due

2047

1,439

1,540

4.500%

due

2047

501

544

3.500%

due

2048

764

808

4.500%

due

2048

4,373

4,709

5.000%

due

2048

597

645

3.000%

due

2049

13,941

14,681

3.500%

due

2049

7,927

8,386

4.000%

due

2049

3,224

3,440

4.500%

due

2049

1,112

1,201

2.500%

due

2050

8,300

8,642

3.000%

due

2050

(Š)

200

210

3.000%

due

2050

6,145

6,454

3.500%

due

2050

3,460

3,673

4.500%

due

2050

191

206

4.000%

due

2056

1,067

1,187

4.500%

due

2056

267

298

5.500%

due

2056

247

274

3.500%

due

2057

779

840

4.000%

due

2057

145

161

4.500%

due

2057

222

247

30

Year

TBA(Ï)

2.500%

3,500

3,611

3.000%

700

733

3.500%

2,600

2,750

4.000%

200

213

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

4.500%

11,300

12,155

5.000%

500

539

Fannie

Mae

Aces

Series

2019-M4

Class

A2

3.610%

due

02/25/31

90

102

Series

2019-M5

Class

A2

3.273%

due

01/25/29

150

166

Series

2019-M6

Class

A2

3.450%

due

01/01/29

170

190

Fannie

Mae

Balloon

2.260%

due

03/01/30

(Š)

200

210

Fannie

Mae

Connecticut

Avenue

Securities

Series

2014-C02

Class

1M2

5.086%

due

05/25/24

(Ê)

780

700

Series

2014-C03

Class

1M2

5.486%

due

07/25/24

(Ê)

1,481

1,356

Series

2014-C04

Class

1M2

6.527%

due

11/25/24

(Ê)

731

695

Series

2016-C04

Class

1M2

5.877%

due

01/25/29

(Ê)

46

44

Series

2016-C06

Class

1M2

5.877%

due

04/25/29

(Ê)

1,922

1,849

Series

2017-C01

Class

1M2

5.177%

due

07/25/29

(Ê)

1,374

1,257

Series

2017-C05

Class

1M2

3.827%

due

01/25/30

(Ê)

964

852

Series

2017-C07

Class

1M2

4.027%

due

05/25/30

(Ê)

328

292

Series

2018-C03

Class

1M2

3.777%

due

10/25/30

(Ê)

1,419

1,179

Series

2018-C05

Class

1M2

3.977%

due

01/25/31

(Ê)

2,423

2,035

Series

2019-R07

Class

1M2

3.727%

due

10/25/39

(Ê)(Þ)

710

572

Fannie

Mae

REMIC

Trust

Series

2004-W5

Class

A1

6.000%

due

02/25/47

151

179

Fannie

Mae

REMICS

Series

1999-56

Class

Z

7.000%

due

12/18/29

9

10

Series

2005-24

Class

ZE

5.000%

due

04/25/35

179

204

Series

2012-35

Class

SC

Interest

Only

STRIP

4.015%

due

04/25/42

(Ê)

20

4

Series

2012-55

Class

PC

3.500%

due

05/25/42

635

688

Series

2013-54

Class

BS

Interest

Only

STRIP

3.665%

due

06/25/43

(Ê)

91

18

Series

2013-124

Class

SB

Interest

Only

STRIP

3.465%

due

12/25/43

(Ê)

103

18

Series

2016-23

Class

ST

Interest

Only

STRIP

3.515%

due

11/25/45

(Ê)

341

72

Series

2016-61

Class

BS

Interest

Only

STRIP

3.615%

due

09/25/46

(Ê)

292

54

Series

2017-76

Class

SB

Interest

Only

STRIP

3.615%

due

10/25/57

(Ê)

328

52

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2017-85

Class

SC

Interest

Only

STRIP

3.715%

due

11/25/47

(Ê)

65

11

Fannie

Mae-Aces

Series

2013-M6

Class

1AC

3.465%

due

02/25/43

(~)(Ê)

86

93

Series

2018-M9

Class

APT2

3.124%

due

04/25/28

(~)(Ê)

200

219

Series

2019-M1

Class

A2

3.555%

due

09/25/28

(~)(Ê)

80

91

Series

2019-M19

Class

A2

2.560%

due

09/25/29

539

564

Series

2019-M23

Class

3A3

2.720%

due

10/25/31

(~)(Ê)

200

211

Series

2019-M27

Class

A2

2.700%

due

11/25/40

100

108

Series

2019-M28

Class

AV

2.232%

due

02/25/27

299

306

Flagstar

Mortgage

Trust

Series

2017-2

Class

A5

3.500%

due

10/25/47

(~)(Ê)(Þ)

562

556

Series

2018-2

Class

A4

3.500%

due

04/25/48

(~)(Ê)(Þ)

244

247

Freddie

Mac

3.500%

due

2030

96

102

4.500%

due

2034

148

162

3.000%

due

2038

157

165

5.500%

due

2038

319

366

6.000%

due

2038

73

84

5.000%

due

2040

198

219

4.000%

due

2041

1,121

1,235

4.500%

due

2041

199

218

5.500%

due

2041

205

232

3.500%

due

2043

878

946

4.000%

due

2044

518

565

3.500%

due

2045

1,449

1,556

4.000%

due

2045

1,100

1,190

3.000%

due

2046

2,915

3,082

4.000%

due

2046

336

363

4.500%

due

2046

223

243

3.000%

due

2047

1,049

1,107

4.000%

due

2047

308

330

3.000%

due

2048

174

184

3.500%

due

2048

1,059

1,120

4.000%

due

2048

2,184

2,331

4.500%

due

2048

2,500

2,693

5.000%

due

2048

189

204

3.000%

due

2049

4,450

4,676

3.500%

due

2049

3,821

4,048

4.000%

due

2049

2,956

3,153

5.000%

due

2049

297

321

2.500%

due

2050

990

1,026

3.000%

due

2050

7,141

7,500

3.500%

due

2050

3,666

3,879

4.000%

due

2050

200

213

4.500%

due

2050

298

321

Series

2020-1

Class

M

4.250%

due

08/25/59

(~)(Ê)(Þ)

720

642

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates

Series

2013-K024

Class

A2

2.573%

due

09/25/22

1,530

1,574

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

Series

2013-K029

Class

A2

3.320%

due

02/25/23

1,450

1,528

Series

2015-K045

Class

A2

3.023%

due

01/25/25

1,020

1,098

Series

2015-K046

Class

A2

3.205%

due

03/25/25

400

435

Series

2016-K052

Class

A2

3.151%

due

11/25/25

1,110

1,211

Series

2016-K053

Class

A2

2.995%

due

12/25/25

390

423

Series

2016-K058

Class

X1

Interest

Only

STRIP

0.927%

due

08/25/26

(~)(Ê)

4,090

205

Series

2017-K067

Class

A2

3.194%

due

07/25/27

2,495

2,804

Series

2017-K070

Class

A2

3.303%

due

11/25/27

(~)(Ê)

329

373

Series

2018-K074

Class

A2

3.600%

due

01/25/28

3,204

3,690

Series

2018-K080

Class

A2

3.926%

due

07/25/28

(~)(Ê)

3,081

3,615

Series

2018-K081

Class

A2

3.900%

due

08/25/28

(~)(Ê)

1,667

1,985

Series

2018-K085

Class

A2

4.060%

due

10/25/28

(~)(Ê)

586

700

Series

2019-K091

Class

A2

3.505%

due

03/25/29

170

197

Freddie

Mac

Reference

REMIC

Series

2006-R007

Class

ZA

6.000%

due

05/15/36

205

243

Freddie

Mac

REMICS

Series

2003-2624

Class

QH

5.000%

due

06/15/33

64

73

Series

2010-3632

Class

PK

5.000%

due

02/15/40

128

143

Series

2010-3653

Class

B

4.500%

due

04/15/30

203

222

Series

2011-3973

Class

SA

Interest

Only

STRIP

4.017%

due

12/15/41

(Ê)

314

65

Series

2012-4010

Class

KM

3.000%

due

01/15/42

109

116

Series

2018-4813

Class

CJ

3.000%

due

08/15/48

91

94

Series

2019-RR01

Class

X

Interest

Only

STRIP

1.534%

due

06/25/28

(~)(Ê)

2,500

270

Freddie

Mac

Strips

Series

2014-334

Class

S7

Interest

Only

STRIP

3.627%

due

08/15/44

(Ê)

149

31

Series

2016-353

Class

S1

Interest

Only

STRIP

3.527%

due

12/15/46

(Ê)

70

14

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

Series

2014-HQ2

Class

M3

5.377%

due

09/25/24

(Ê)

522

481

Series

2015-DN1

Class

M3

5.777%

due

01/25/25

(Ê)

523

498

Series

2015-DNA2

Class

M2

4.227%

due

12/25/27

(Ê)

6

6

Series

2015-DNA3

Class

M3

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.327%

due

04/25/28

(Ê)

1,330

1,219

Series

2015-DNA3

Class

M3F

6.186%

due

04/25/28

(Ê)

760

733

Series

2015-HQA2

Class

M2

5.286%

due

05/25/28

(Ê)

105

104

Series

2016-DNA2

Class

M3

6.277%

due

10/25/28

(Ê)

1,939

1,842

Series

2016-DNA4

Class

M3

5.427%

due

03/25/29

(Ê)

2,141

1,986

Series

2017-DNA1

Class

M2

4.877%

due

07/25/29

(Ê)

675

594

Series

2017-DNA2

Class

B1

6.777%

due

10/25/29

(Ê)

510

262

Series

2017-DNA2

Class

M2

5.936%

due

10/25/29

(Ê)

440

392

Series

2017-DNA3

Class

M2

4.127%

due

03/25/30

(Ê)

1,617

1,392

Series

2018-DNA2

Class

M2

3.777%

due

12/25/30

(Ê)(Þ)

980

796

Ginnie

Mae

I

3.000%

due

2042

360

384

3.500%

due

2048

78

84

Ginnie

Mae

II

3.500%

due

2044

84

90

3.500%

due

2045

32

34

3.000%

due

2046

256

274

3.500%

due

2047

310

331

4.000%

due

2047

1,234

1,325

3.000%

due

2048

625

667

3.500%

due

2048

282

299

4.000%

due

2048

296

319

4.500%

due

2048

263

281

3.500%

due

2049

420

438

4.000%

due

2049

497

538

4.500%

due

2049

671

713

5.000%

due

2049

249

266

3.000%

due

2050

299

317

3.500%

due

2050

100

107

4.000%

due

2050

100

109

30

Year

TBA(Ï)

4.500%

500

531

Ginnie

Mae

REMICS

Series

2012-135

Class

IO

Interest

Only

STRIP

0.611%

due

01/16/53

(~)(Ê)

1,629

49

Series

2013-53

Class

OI

Interest

Only

STRIP

3.500%

due

04/20/43

677

69

Series

2013-107

Class

AD

2.695%

due

11/16/47

(~)(Ê)

189

195

Series

2014-17

Class

AM

2.570%

due

06/16/48

(~)(Ê)

75

78

Series

2016-21

Class

ST

Interest

Only

STRIP

5.588%

due

02/20/46

(Ê)

219

47

Series

2016-51

Class

NS

Interest

Only

STRIP

4.403%

due

04/20/46

(Ê)

103

20

Series

2018-130

Class

A

3.250%

due

05/16/59

43

44

Series

2019-123

Class

A

3.000%

due

10/20/49

100

107

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

2020-28

Class

AH

2.300%

due

11/16/61

100

100

Grace

Mortgage

Trust

Series

2014-GRCE

Class

A

3.369%

due

06/10/28

(Þ)

393

395

GS

Mortgage

Securities

Trust

Series

2013-GC14

Class

AS

4.507%

due

08/10/46

(Þ)

235

242

Series

2016-GS2

Class

A4

3.050%

due

05/10/49

(Æ)

1,342

1,356

Series

2018-SRP5

Class

A

2.005%

due

09/15/31

(Ê)(Þ)

490

442

Series

2019-SOHO

Class

A

1.605%

due

06/15/36

(Ê)(Þ)

630

596

Hawaii

Hotel

Trust

Series

2019-MAUI

Class

C

2.355%

due

05/15/38

(Ê)(Þ)

940

693

Hilton

USA

Trust

Series

2016-HHV

Class

D

4.194%

due

11/05/38

(~)(Ê)(Þ)

1,240

823

Series

2016-HHV

Class

E

4.194%

due

11/05/38

(~)(Ê)(Þ)

600

378

Series

2016-SFP

Class

A

2.828%

due

11/05/35

(Þ)

226

213

HMH

Trust

Series

2017-NSS

Class

E

6.292%

due

07/05/31

(Þ)

1,170

1,082

Hospitality

Mortgage

Trust

Series

2019-HIT

Class

D

2.705%

due

11/15/36

(Ê)(Þ)

1,294

986

IndyMac

Index

Mortgage

Loan

Trust

Series

2006-AR2

Class

1A1A

1.847%

due

04/25/46

(Ê)

665

530

Series

2006-AR2

Class

1A1B

2.696%

due

04/25/46

(Ê)

499

398

Series

2007-FLX3

Class

A1

2.726%

due

06/25/37

(Ê)

182

150

JP

Morgan

Mortgage

Trust

2018-6

Series

2018-6

Class

1A4

3.500%

due

12/25/48

(~)(Ê)(Þ)

884

874

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2004-LN2

Class

B

5.489%

due

07/15/41

(~)(Ê)

19

19

Series

2016-NINE

Class

A

2.854%

due

09/06/38

(~)(Ê)(Þ)

394

403

JPMorgan

Mortgage

Trust

Series

2015-3

Class

A5

3.500%

due

05/25/45

(~)(Ê)(Þ)

199

197

Series

2016-4

Class

A5

3.500%

due

10/25/46

(~)(Ê)(Þ)

453

456

Series

2017-2

Class

A6

3.000%

due

05/25/47

(~)(Ê)(Þ)

1,809

1,796

Series

2017-3

Class

1A5

3.500%

due

08/25/47

(~)(Ê)(Þ)

523

521

Series

2017-6

Class

A5

3.500%

due

12/25/48

(~)(Ê)(Þ)

266

266

Series

2018-3

Class

A1

3.500%

due

09/25/48

(~)(Ê)(Þ)

566

575

Series

2018-4

Class

A1

3.500%

due

10/25/48

(~)(Ê)(Þ)

211

217

Series

2018-4

Class

A15

3.500%

due

10/25/48

(~)(Ê)(Þ)

507

503

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2018-5

Class

A1

3.500%

due

10/25/48

(~)(Ê)(Þ)

495

504

Series

2018-8

Class

A15

4.000%

due

01/25/49

(~)(Ê)(Þ)

192

190

Series

2018-8

Class

A5

4.000%

due

01/25/49

(~)(Ê)(Þ)

1,170

1,172

Series

2018-9

Class

A15

4.000%

due

02/25/49

(~)(Ê)(Þ)

114

113

Series

2019-1

Class

A6

4.000%

due

05/25/49

(~)(Ê)(Þ)

149

147

Series

2019-INV2

Class

A3

3.500%

due

02/25/50

(~)(Ê)(Þ)

839

850

LSTAR

Securities

Investment,

Ltd.

Series

2019-4

Class

A1

3.081%

due

05/01/24

(Ê)(Þ)

411

386

ML-CFC

Commercial

Mortgage

Trust

Series

2007-5

Class

AJ

5.450%

due

08/12/48

(~)(Ê)

127

73

Series

2007-5

Class

AJFL

5.450%

due

08/12/48

(~)(Ê)(Þ)

126

73

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2016-C31

Class

A1

1.511%

due

11/15/49

170

169

Morgan

Stanley

Capital

I

Trust

Series

2011-C3

Class

A4

4.118%

due

07/15/49

79

80

Series

2015-MS1

Class

A4

3.779%

due

05/15/48

(~)(Ê)

200

209

Series

2016-UBS9

Class

A4

3.594%

due

03/15/49

205

213

Series

2018-BOP

Class

E

2.655%

due

06/15/35

(Ê)(Þ)

1,732

1,649

Series

2018-SUN

Class

E

2.655%

due

07/15/35

(Ê)(Þ)

1,955

1,422

Series

2019-BPR

Class

A

2.105%

due

05/15/36

(Ê)(Þ)

350

318

Morgan

Stanley

Capital

I,

Inc.

Series

2019-NUGS

Class

E

3.744%

due

12/15/36

(Ê)(Þ)

1,970

1,891

Series

2019-PLND

Class

A

1.705%

due

05/15/36

(Ê)(Þ)

1,613

1,340

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

Series

2017-237P

Class

D

3.865%

due

09/13/39

(Þ)

1,500

1,215

Series

2017-237P

Class

XA

Interest

Only

STRIP

0.343%

due

09/13/39

(~)(Ê)(Þ)

8,761

210

Series

2017-237P

Class

XB

Interest

Only

STRIP

0.050%

due

09/13/39

(~)(Ê)(Þ)

5,418

34

MSCG

Trust

Series

2015-ALDR

Class

A2

3.462%

due

06/07/35

(~)(Ê)(Þ)

255

244

Natixis

Commercial

Mortgage

Securities

Trust

Series

2019-FAME

Class

A

3.047%

due

08/15/34

(Þ)

440

423

New

Residential

Mortgage

Loan

Trust

Series

2019-NQM4

Class

A2

2.644%

due

09/25/59

(~)(Ê)(Þ)

448

441

Nomura

Resecuritization

Trust

Series

2015-4R

Class

1A14

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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

$

2.670%

due

03/26/47

(Ê)(Þ)

1,204

863

NYT

Mortgage

Trust

Series

2019-NYT

Class

A

1.905%

due

11/15/35

(Ê)(Þ)

2,451

2,299

One

Market

Plaza

Trust

Series

2017-1MKT

Class

C

4.016%

due

02/10/32

(Þ)

217

200

Series

2017-1MKT

Class

D

4.146%

due

02/10/32

(Þ)

500

452

Series

2017-1MKT

Class

E

4.142%

due

02/10/32

(Þ)

595

478

PMT

Credit

Risk

Transfer

Trust

Series

2019-1R

Class

A

3.649%

due

03/27/24

(Ê)(Þ)

362

348

Series

2019-3R

Class

A

4.313%

due

10/27/22

(Ê)(Þ)

633

607

Radnor

RE,

Ltd.

Series

2020-1

Class

M1A

2.577%

due

02/25/30

(Ê)(Þ)

567

544

RBS

Commercial

Funding,

Inc.

Trust

Series

2013-GSP

Class

A

3.834%

due

01/15/32

(~)(Ê)(Þ)

200

200

Residential

Accredit

Loans,

Inc.

Series

2006-QO7

Class

2A1

3.247%

due

09/25/46

(Ê)

855

692

Residential

Asset

Securitization

Trust

Series

2003-A15

Class

1A2

2.936%

due

02/25/34

(Ê)

17

14

SBALR

Commercial

Mortgage

Trust

Series

2020-RR1

Class

C

3.979%

due

02/13/53

(~)(Ê)

410

268

Sequoia

Mortgage

Trust

Series

2013-4

Class

A3

1.550%

due

04/25/43

(~)(Ê)

1,298

1,246

Series

2015-1

Class

A1

3.500%

due

01/25/45

(~)(Ê)(Þ)

491

486

Structured

Adjustable

Rate

Mortgage

Loan

Trust

Series

2006-5

Class

3A

4.249%

due

06/25/36

(~)(Ê)

1,105

779

Tharaldson

Hotel

Portfolio

Trust

Series

2018-THL

Class

A

1.755%

due

11/11/34

(Ê)(Þ)

243

230

Verus

Securitization

Trust

Series

2019-4

Class

A1

2.642%

due

11/25/59

(~)(Ê)(Þ)

1,313

1,329

Washington

Mutual

Mortgage

Pass-

Through

Certificates

Trust

Series

2003-AR7

Class

A7

4.148%

due

08/25/33

(~)(Ê)

47

43

Series

2004-AR4

Class

A6

4.473%

due

06/25/34

(~)(Ê)

396

349

Series

2005-10

Class

3CB1

6.000%

due

11/25/35

776

678

Series

2006-AR1

Class

2A1A

3.467%

due

01/25/46

(Ê)

327

295

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-NXS1

Class

A5

3.148%

due

05/15/48

1,864

1,892

Series

2017-RB1

Class

XA

Interest

Only

STRIP

1.247%

due

03/15/50

(~)(Ê)

1,928

132

Wells

Fargo

Mortgage-Backed

Securities

Trust

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2006-AR5

Class

1A1

5.079%

due

04/25/36

(~)(Ê)

981

887

WinWater

Mortgage

Loan

Trust

Series

2014-1

Class

A1

3.834%

due

06/20/44

(~)(Ê)(Þ)

507

504

Worldwide

Plaza

Trust

Series

2017-WWP

Class

A

3.526%

due

11/10/36

(Þ)

452

439

282,047

Non-US

Bonds

-

5.3%

Argentina

Treasury

Bond

Series

CER

1.000%

due

08/05/21

ARS

6,790

49

Argentine

Bonos

del

Tesoro

18.200%

due

10/03/21

ARS

5,600

38

Brazil

Notas

do

Tesouro

Nacional

Series

NTNB

6.000%

due

05/15/45

BRL

269

212

Series

NTNF

10.000%

due

01/01/23

BRL

3,945

862

10.000%

due

01/01/25

BRL

2,486

552

10.000%

due

01/01/27

BRL

465

104

Canadian

Government

International

Bond

0.750%

due

09/01/21

CAD

1,058

755

1.500%

due

06/01/23

CAD

1,671

1,224

2.250%

due

06/01/25

CAD

1,192

918

1.000%

due

06/01/27

CAD

1,319

959

Colombian

Titulos

de

Tesoreria

Series

B

10.000%

due

07/24/24

COP

10,855,200

3,034

6.000%

due

04/28/28

COP

2,984,600

678

Indonesia

Treasury

Bond

Series

FR56

8.375%

due

09/15/26

IDR

5,739,000

362

Series

FR59

7.000%

due

05/15/27

IDR

10,568,000

617

Series

FR68

8.375%

due

03/15/34

IDR

9,955,000

604

Series

FR77

8.125%

due

05/15/24

IDR

8,493,000

536

Series

FR78

8.250%

due

05/15/29

IDR

19,477,000

1,211

Italy

Buoni

Poliennali

Del

Tesoro

2.300%

due

10/15/21

EUR

3,130

3,556

Japan

10

Year

Government

International

Bond

Series

356

0.100%

due

09/20/29

JPY

88,050

827

Japan

20

Year

Government

International

Bond

Series

170

0.300%

due

09/20/39

JPY

78,300

726

Malaysia

Government

International

Bond

Series

0111

4.160%

due

07/15/21

MYR

150

35

Series

0114

4.181%

due

07/15/24

MYR

5,725

1,384

Series

0116

3.800%

due

08/17/23

MYR

3,100

739

Series

0117

3.882%

due

03/10/22

MYR

1,106

261

Series

0119

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

50

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.906%

due

07/15/26

MYR

215

51

Series

0218

3.757%

due

04/20/23

MYR

2,707

642

Series

0314

4.048%

due

09/30/21

MYR

610

145

Series

0319

3.478%

due

06/14/24

MYR

83

20

Mexican

Bonos

Series

M

20

10.000%

due

12/05/24

MXN

7,164

341

7.500%

due

06/03/27

MXN

23,178

993

8.500%

due

05/31/29

MXN

34,390

1,565

Series

M

30

10.000%

due

11/20/36

MXN

26,548

1,361

8.500%

due

11/18/38

MXN

9,100

405

Series

M

6.500%

due

06/10/21

MXN

740

31

7.750%

due

05/29/31

MXN

4,863

210

7.750%

due

11/13/42

MXN

68,189

2,808

8.000%

due

11/07/47

MXN

28,620

1,205

Norway

Government

International

Bond

Series

475

2.000%

due

05/24/23

(Þ)

NOK

3,290

332

Series

476

3.000%

due

03/14/24

(Þ)

NOK

11,435

1,209

Series

478

1.500%

due

02/19/26

(Þ)

NOK

1,795

181

Series

479

1.750%

due

02/17/27

(Þ)

NOK

2,270

233

Series

480

2.000%

due

04/26/28

(Þ)

NOK

2,284

240

Peru

Government

International

Bond

5.700%

due

08/12/24

PEN

4,322

1,428

6.900%

due

08/12/37

PEN

2,296

765

Russian

Federal

Bond

-

OFZ

Series

6207

8.150%

due

02/03/27

RUB

48,740

676

Series

6212

7.050%

due

01/19/28

RUB

8,430

110

Series

6219

7.750%

due

09/16/26

RUB

31,660

428

Series

6224

6.900%

due

05/23/29

RUB

56,020

726

Series

6225

7.250%

due

05/10/34

RUB

1,960

26

Series

6228

7.650%

due

04/10/30

RUB

61,470

838

Series

6230

7.700%

due

03/16/39

RUB

42,470

589

Singapore

Government

International

Bond

2.250%

due

06/01/21

SGD

396

284

1.250%

due

10/01/21

SGD

1,199

850

3.125%

due

09/01/22

SGD

569

422

2.750%

due

07/01/23

SGD

1,095

816

3.000%

due

09/01/24

SGD

1,016

776

2.125%

due

06/01/26

SGD

3,616

2,699

3.500%

due

03/01/27

SGD

390

317

2.875%

due

07/01/29

SGD

764

612

2.875%

due

09/01/30

SGD

1,886

1,521

46,098

United

States

Government

Treasuries

-

12.9%

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

United

States

Treasury

Inflation

Indexed

Bonds

0.125%

due

04/15/21

6,176

6,051

0.125%

due

01/15/22

638

629

0.375%

due

07/15/23

8,348

8,399

0.375%

due

07/15/25

4,305

4,393

3.375%

due

04/15/32

3,924

5,548

2.125%

due

02/15/40

1,534

2,145

1.375%

due

02/15/44

1,749

2,244

1.000%

due

02/15/46

1,012

1,230

0.875%

due

02/15/47

2,949

3,511

1.000%

due

02/15/48

764

941

1.000%

due

02/15/49

3,126

3,890

0.250%

due

02/15/50

1,726

1,780

United

States

Treasury

Notes

1.375%

due

05/31/21

4,055

4,114

1.125%

due

06/30/21

3,415

3,457

1.875%

due

05/31/22

3,080

3,189

1.750%

due

05/15/23

10,930

11,425

1.375%

due

06/30/23

295

305

1.250%

due

07/31/23

2,475

2,551

2.250%

due

04/30/24

30

32

1.250%

due

08/31/24

265

275

2.250%

due

11/15/24

390

424

2.000%

due

02/15/25

2,490

2,684

2.125%

due

05/15/25

1,535

1,667

2.000%

due

08/15/25

3,068

3,320

3.000%

due

10/31/25

415

473

2.250%

due

11/15/25

1,540

1,692

1.625%

due

02/15/26

2,543

2,709

2.250%

due

03/31/26

645

712

1.625%

due

05/15/26

1,820

1,942

1.500%

due

08/15/26

1,085

1,151

2.375%

due

05/15/27

1,170

1,320

2.750%

due

02/15/28

415

484

2.375%

due

05/15/29

530

610

4.500%

due

05/15/38

660

1,045

2.750%

due

11/15/42

720

930

2.875%

due

05/15/43

730

962

3.750%

due

11/15/43

915

1,376

3.125%

due

08/15/44

560

772

2.875%

due

08/15/45

4,505

6,024

3.000%

due

11/15/45

802

1,097

3.000%

due

05/15/47

745

1,030

2.750%

due

11/15/47

1,075

1,423

3.000%

due

02/15/48

3,785

5,239

3.125%

due

05/15/48

430

610

3.375%

due

11/15/48

295

438

3.000%

due

02/15/49

90

126

2.875%

due

05/15/49

290

396

2.250%

due

08/15/49

3,580

4,356

2.000%

due

02/15/50

1,020

1,185

112,306

Total

Long-Term

Investments

(cost

$767,679)

755,918

Common

Stocks

-

0.0%

Financial

Services

-

0.0%

Escrow

GM

Corp.(Æ)(Š)

80,000

—

Technology

-

0.0%

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

51

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Sungard

Availability

Services,

LP(Æ)(Š)

1,760

4

Total

Common

Stocks

(cost

$44)

4

Options

Purchased

-

0.0%

(Number

of

Contracts)

United

States

10

Year

Treasury

Note

Futures

Bank

of

America

Apr

2020

132.00

Put

(24)

USD

3,168

(ÿ)

2

United

States

2

Year

Treasury

Note

Futures

Bank

of

America

Apr

2020

85.00

Put

(138)

USD

23,460

(ÿ)

—

United

States

5

Year

Treasury

Note

Futures

Bank

of

America

Apr

2020

100.00

Put

(510)

USD

51,000

(ÿ)

4

Bank

of

America

Apr

2020

105.00

Put

(107)

USD

11,235

(ÿ)

2

Bank

of

America

Apr

2020

112.50

Put

(254)

USD

28,575

(ÿ)

5

Bank

of

America

Apr

2020

113.50

Put

(108)

USD

12,258

(ÿ)

3

Total

Options

Purchased

(cost

$58)

16

Short-Term

Investments

-

12.8%

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

Apple,

Inc.

2.000%

due

11/13/20

80

80

Brazil

Notas

do

Tesouro

Nacional

Series

NTNF

10.000%

due

01/01/21

BRL

4,005

825

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Series

WI

3.579%

due

07/23/20

80

80

Chubb

INA

Holdings,

Inc.

2.300%

due

11/03/20

20

20

Daimler

Finance

NA

LLC

2.875%

due

03/10/21

(Þ)

320

317

Express

Scripts

Holding

Co.

2.600%

due

11/30/20

278

278

Fannie

Mae

4.329%

due

01/01/21

(~)(Ê)

357

365

Federal

Home

Loan

Banks

0.261%

due

10/07/20

(Ê)

660

660

Freddie

Mac

0.050%

due

09/10/20

(Ê)

290

290

General

Electric

Co.

5.300%

due

02/11/21

130

132

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

General

Motors

Financial

Co.,

Inc.

2.450%

due

11/06/20

30

29

Gilead

Sciences,

Inc.

2.550%

due

09/01/20

120

120

Glencore

Funding

LLC

2.875%

due

04/16/20

(Þ)

20

20

Goldman

Sachs

Group,

Inc.

(The)

4.000%

due

12/20/20

(Ê)

3

2

Series

D

6.000%

due

06/15/20

150

151

JPMorgan

Chase

&

Co.

4.250%

due

10/15/20

300

304

2.550%

due

03/01/21

30

30

Kinder

Morgan

Energy

Partners,

LP

3.500%

due

03/01/21

30

30

Lloyds

TSB

Bank

PLC

6.500%

due

09/14/20

(Þ)

228

231

Malaysia

Government

International

Bond

Series

0315

3.659%

due

10/15/20

MYR

1,979

461

Netflix,

Inc.

5.375%

due

02/01/21

60

60

Occidental

Petroleum

Corp.

2.684%

due

02/08/21

(Ê)

190

151

4.850%

due

03/15/21

80

68

Progress

Energy,

Inc.

4.400%

due

01/15/21

30

30

Reynolds

American,

Inc.

3.250%

due

06/12/20

40

40

Royal

Bank

of

Canada

2.150%

due

10/26/20

70

70

Telefonica

Emisiones

SA

5.134%

due

04/27/20

40

40

Time

Warner

Cable

LLC

4.125%

due

02/15/21

150

150

U.S.

Cash

Management

Fund(@)

67,431,860(∞)

67,412

United

States

Treasury

Bills

0.095%

due

05/21/20

(ž)

2,298

2,298

0.114%

due

06/18/20

(ž)

4,166

4,165

0.101%

due

07/16/20

(ž)

9,094

9,091

0.106%

due

08/13/20

(ž)

9,271

9,267

0.138%

due

09/10/20

(ž)

9,273

9,267

0.128%

due

10/08/20

(ž)

4,465

4,462

UnitedHealth

Group,

Inc.

3.875%

due

10/15/20

10

10

Class

A

2.700%

due

07/15/20

70

70

Wells

Fargo

&

Co.

2.500%

due

03/04/21

400

400

Westpac

Banking

Corp.

2.300%

due

05/26/20

10

10

2.600%

due

11/23/20

80

80

Total

Short-Term

Investments

(cost

$111,943)

111,667

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

52

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Investments

99.5%

(identified

cost

$879,724)

867,605

Other

Assets

and

Liabilities,

Net

-

0.5%

3,953

Net

Assets

-

100.0%

871,558

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(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)

$

17.1%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

03/15/19

120,000

100.60

121

120

A10

Securitization

LLC

06/23/17

961,000

100.00

961

890

ABB

Treasury

Center,

Inc.

03/05/19

220,000

101.14

223

226

AbbVie,

Inc.

11/12/19

480,000

100.90

484

490

AbbVie,

Inc.

11/12/19

100,000

99.89

100

102

AbbVie,

Inc.

11/12/19

440,000

99.91

440

440

AbbVie,

Inc.

11/12/19

390,000

99.92

390

396

AbbVie,

Inc.

03/25/20

20,000

97.59

20

22

ABN

AMRO

Bank

NV

03/04/20

862,000

103.14

889

863

Abu

Dhabi

Government

International

Bond

10/03/17

200,000

99.83

200

201

ACE

Securities

Corp.

Mortgage

Loan

Trust

03/08/17

528,921

93.70

496

471

Adani

Abbot

Point

Terminal

Pty,

Ltd.

02/01/19

253,000

91.03

230

189

Air

Liquide

Finance

SA

09/03/19

733,000

99.63

730

730

Alcoa

Nederland

Holding

BV

09/28/17

200,000

107.49

215

194

Alimentation

Couche-Tard,

Inc.

09/19/17

702,000

102.92

722

687

Allergan

Sales

LLC

09/26/19

687,000

103.95

714

712

Ambac

Assurance

Corp.

02/09/17

881

157.89

1

1

Ambac

LSNI

LLC

02/09/17

3,946,905

98.93

3,984

3,748

Anglo

American

Capital

PLC

09/06/17

200,000

99.96

200

188

Anglo

American

Capital

PLC

09/30/19

368,000

102.22

376

359

Applebee's

Funding

LLC

/

IHOP

Funding

LLC

05/28/19

340,000

100.00

340

309

Avis

Budget

Rental

Car

Funding

LLC

04/16/19

600,000

100.36

602

567

Banco

de

Bogota

SA

09/22/17

686,000

104.55

717

613

Banco

de

Credito

del

Peru

12/04/19

693,000

104.85

727

683

Banco

Inbursa

SA

Institucion

de

Banca

Multiple

01/06/20

711,000

103.91

739

665

Bangkok

Bank

PCL

11/09/18

219,000

99.48

218

228

Banistmo

SA

12/07/17

729,000

100.57

733

669

Bayer

US

Finance

II

LLC

06/19/18

713,000

100.91

720

714

Bayer

US

Finance

LLC

08/02/18

726,000

100.57

730

745

Bayview

Commercial

Asset

Trust

10/26/17

924,949

96.07

889

764

BBVA

Bancomer

SA

01/06/20

667,000

108.64

725

662

BCAP

LLC

Trust

07/21/16

739,137

75.74

560

612

BCAP

LLC

Trust

03/20/17

545,389

85.99

469

468

BCAP

LLC

Trust

03/20/17

858,586

86.02

739

736

Bharti

Airtel

International

Netherlands

BV

09/26/19

693,000

104.81

726

680

Blackbird

Capital

Aircraft

Lease

Securitization,

Ltd.

11/04/16

772,125

99.73

770

629

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

02/25/19

30,000

101.63

30

23

BMW

US

Capital

LLC

03/20/18

20,000

98.09

20

20

BMW

US

Capital

LLC

03/04/20

797,000

102.90

819

796

BNP

Paribas

SA

08/07/18

200,000

99.54

199

215

BNP

Paribas

SA

01/03/19

260,000

100.00

260

271

Bristol-Myers

Squibb

Co.

05/07/19

190,000

100.12

190

203

Bristol-Myers

Squibb

Co.

05/07/19

170,000

99.24

169

187

Bristol-Myers

Squibb

Co.

05/07/19

290,000

99.67

289

307

Bristol-Myers

Squibb

Co.

05/07/19

90,000

99.81

90

92

Bristol-Myers

Squibb

Co.

11/20/19

70,000

100.33

70

70

Bristol-Myers

Squibb

Co.

11/20/19

30,000

103.37

31

32

Bristol-Myers

Squibb

Co.

11/20/19

200,000

106.97

214

217

Bristol-Myers

Squibb

Co.

11/20/19

380,000

108.75

413

423

Bristol-Myers

Squibb

Co.

11/20/19

80,000

127.32

102

107

BX

Commercial

Mortgage

Trust

03/02/18

1,575,000

99.46

1,567

1,260

BX

Commercial

Mortgage

Trust

06/01/18

1,650,000

100.00

1,650

1,458

BX

Commercial

Mortgage

Trust

03/05/19

133,000

100.47

134

116

BX

Commercial

Mortgage

Trust

04/18/19

790,000

100.06

790

663

BX

Commercial

Mortgage

Trust

10/09/19

1,050,941

100.00

1,051

1,000

BXP

Trust

10/30/17

818,000

100.71

824

872

CAL

Funding

II,

Ltd.

12/10/19

251,600

101.68

256

249

CAL

Funding

III,

Ltd.

06/28/17

573,475

99.99

573

569

CAMB

Commercial

Mortgage

Trust

01/25/19

1,651,000

100.00

1,651

1,321

CAMB

Commercial

Mortgage

Trust

01/25/19

987,000

100.13

988

868

Cameron

LNG

LLC

12/05/19

40,000

100.00

40

35

Cameron

LNG

LLC

12/05/19

230,000

102.76

236

199

Carlyle

Global

Market

Strategies

CLO,

Ltd.

11/07/19

761,000

99.60

758

735

Carrier

Global

Corp.

02/13/20

20,000

100.00

20

19

Carrier

Global

Corp.

02/13/20

90,000

100.00

90

88

Carrier

Global

Corp.

02/13/20

40,000

100.00

40

39

Carrier

Global

Corp.

02/13/20

160,000

100.22

160

147

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

54

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)

$

Carrier

Global

Corp.

02/18/20

60,000

101.66

61

53

Carrier

Global

Corp.

02/18/20

60,000

101.76

61

53

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

03/04/20

60,000

100.00

60

59

Cedar

Funding,

Ltd.

07/03/18

1,600,000

100.00

1,600

1,482

Centene

Corp.

02/05/20

110,000

100.14

110

102

Cigna

Corp.

02/04/20

335,000

134.73

451

437

Citigroup

Commercial

Mortgage

Trust

01/12/17

170,000

102.50

174

168

Citigroup

Commercial

Mortgage

Trust

02/12/19

1,418,000

0.99

1,402

1,346

Citigroup

Commercial

Mortgage

Trust

02/21/19

430,000

100.00

430

357

Citigroup

Mortgage

Loan

Trust,

Inc.

02/01/17

126,170

97.80

123

124

Commercial

Mortgage

Trust

01/22/16

195,000

1.06

206

201

Commercial

Mortgage

Trust

02/17/16

205,000

103.72

213

211

Commercial

Mortgage

Trust

07/25/16

140,000

102.17

143

138

Commercial

Mortgage

Trust

11/21/16

211,000

100.80

213

206

Commercial

Mortgage

Trust

06/05/19

1,203,000

100.00

1,203

1,120

Commercial

Mortgage

Trust

06/05/19

899,000

100.00

899

825

Commonwealth

Bank

of

Australia

03/04/20

215,000

101.26

218

213

CORE

Mortgage

Trust

03/01/19

1,520,000

100.00

1,520

1,216

Credit

Suisse

Group

AG

03/27/20

250,000

100.00

250

256

Credit

Suisse

Mortgage

Capital

Certificates

06/20/17

600,000

99.58

597

501

Credit

Suisse

Mortgage

Capital

Certificates

05/28/19

170,000

100.00

170

160

Credit

Suisse

Mortgage

Capital

Certificates

05/28/19

1,282,000

100.00

1,282

1,077

Credit

Suisse

Mortgage

Trust

06/26/18

1,043,318

97.67

1,019

1,060

DAE

Funding

LLC

11/01/18

20,000

100.00

20

19

Daimler

Finance

NA

LLC

08/12/19

320,000

100.51

322

317

Danone

SA

10/26/16

890,000

99.94

889

891

Danone

SA

04/22/19

718,000

100.11

719

712

Danske

Bank

A/S

01/11/19

400,000

101.88

408

410

Danske

Bank

A/S

03/11/19

862,000

104.89

914

908

Danske

Bank

A/S

09/17/19

200,000

102.84

206

197

DBGS

Mortgage

Trust

04/03/19

985,000

101.38

999

808

DCP

Midstream

Operating,

LP

12/11/19

30,000

104.95

31

14

Deephaven

Residential

Mortgage

Trust

03/03/20

1,832,872

101.43

1,859

1,859

Dell

International

LLC

/

EMC

Corp.

05/17/16

430,000

101.14

435

435

Deutsche

Mortgage

Securities,

Inc.

Re-REMIC

Trust

01/04/17

399,782

100.61

402

350

Deutsche

Telekom

International

Finance

BV

05/02/18

251,000

98.01

246

248

Dividend

Solar

Loans

LLC

06/28/19

357,091

99.98

357

336

DNB

Bank

ASA

10/22/19

550,000

100.31

552

539

DP

World

PLC

10/03/19

200,000

115.35

231

167

Dryden

50

Senior

Loan

Fund

07/24/17

1,230,000

100.00

1,230

1,167

Eagle

Re

Ltd.

01/27/20

511,000

100.00

511

487

ECAF,

Ltd.

08/09/18

207,315

99.24

206

183

Education

Loan

Asset-Backed

Trust

I

07/24/19

580,000

99.34

576

555

Embotelladora

Andina

SA

09/03/19

264,000

106.49

281

265

Enel

SpA

01/05/18

706,000

101.09

714

709

Eni

SpA

09/26/19

658,000

108.99

717

638

Equate

Petrochemical

BV

10/27/16

200,000

99.14

198

190

Fannie

Mae

Connecticut

Avenue

Securities

10/29/19

710,000

100.02

710

572

Flagstar

Mortgage

Trust

10/26/17

561,776

101.39

570

556

Flagstar

Mortgage

Trust

04/13/18

243,988

98.62

241

247

Flatiron

CLO,

Ltd.

11/21/19

1,000,000

100.10

1,001

952

Freddie

Mac

03/05/20

720,000

105.30

758

642

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

02/26/20

980,000

101.43

994

796

Fresenius

Medical

Care

US

Finance

II,

Inc.

06/16/16

110,000

102.64

113

111

Fresenius

Medical

Care

US

Finance

II,

Inc.

09/19/17

236,000

105.42

249

245

Gazprom

PJSC

Via

Gaz

Capital

SA

02/01/19

672,000

106.11

713

695

Glencore

Funding

LLC

10/12/16

40,000

101.02

40

37

Glencore

Funding

LLC

09/13/17

330,000

100.98

333

300

Glencore

Funding

LLC

03/21/18

20,000

99.99

20

20

Glencore

Funding

LLC

01/16/19

60,000

94.53

57

54

Glencore

Funding

LLC

03/05/19

410,000

100.93

414

377

Goldentree

Loan

Management

US

CLO

2,

Ltd.

10/26/18

1,860,000

100.04

1,861

1,757

Grace

Mortgage

Trust

05/19/17

393,000

103.15

405

395

GS

Mortgage

Securities

Trust

07/20/16

235,000

111.86

263

242

GS

Mortgage

Securities

Trust

06/06/18

490,000

100.00

490

442

GS

Mortgage

Securities

Trust

05/31/19

630,000

100.00

630

596

Hanesbrands,

Inc.

08/10/18

10,000

98.23

10

10

Hanesbrands,

Inc.

08/13/18

70,000

101.94

71

69

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

55

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)

$

Hawaii

Hotel

Trust

05/16/19

940,000

100.00

940

693

Heineken

NV

10/22/19

710,000

102.48

728

718

Hilton

USA

Trust

11/22/16

1,240,000

95.30

1,182

823

Hilton

USA

Trust

11/22/16

60

0,000

8

2

.

89

497

378

Hilton

USA

Trust

05/26/17

226,000

99.71

225

213

HMH

Trust

06/09/17

1,170,000

99.99

1,170

1,082

Horizon

Aircraft

Finance

I,

Ltd.

11/16/18

820,582

100.00

821

601

Hospitality

Mortgage

Trust

05/16/19

1,293,608

100.00

1,294

986

ICICI

Bank,

Ltd.

09/06/18

252,000

95.15

240

243

Intesa

Sanpaolo

SpA

07/10/17

400,000

100.19

401

382

Intesa

Sanpaolo

SpA

01/05/18

200,000

99.85

200

191

Intesa

Sanpaolo

SpA

04/22/19

287,000

92.48

265

270

Inversiones

CMPC

SA

09/22/17

214,000

102.56

219

207

JP

Morgan

Mortgage

Trust

2018-6

03/06/19

884,327

99.97

884

874

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

10/30/17

394,000

98.91

390

403

JPMorgan

Mortgage

Trust

03/30/17

198,602

101.35

201

197

JPMorgan

Mortgage

Trust

08/09/17

523,485

102.57

537

521

JPMorgan

Mortgage

Trust

10/26/17

452,536

101.05

457

456

JPMorgan

Mortgage

Trust

03/23/18

566,051

98.63

558

575

JPMorgan

Mortgage

Trust

04/25/18

211,156

97.63

206

217

JPMorgan

Mortgage

Trust

04/25/18

506,513

100.82

511

503

JPMorgan

Mortgage

Trust

04/25/18

494

,

662

98.

13

485

504

JPMorgan

Mortgage

Trust

08/16/18

191,785

100.73

193

190

JPMorgan

Mortgage

Trust

08/16/18

1,

170

,

270

100.

23

1,

173

1,172

JPMorgan

Mortgage

Trust

09/20/18

114,348

100.53

115

113

JPMorgan

Mortgage

Trust

01/18/19

148,584

100.69

150

147

JPMorgan

Mortgage

Trust

03/08/19

1,808,611

98.09

1,774

1,796

JPMorgan

Mortgage

Trust

05/30/19

265,983

100.88

268

266

JPMorgan

Mortgage

Trust

09/18/19

838,736

101.21

849

850

KazMunayGas

National

Co.

JSC

04/17/18

200,000

100.00

200

196

KKR

Group

Finance

Co.

II

LLC

02/20/15

10,000

109.65

11

11

Kraft

Heinz

Foods

Co.

08/05/15

28,000

104.19

29

28

Kuwait

Government

International

Bond

03/13/17

210,000

99.29

208

218

Lamb

Weston

Holdings,

Inc.

12/01/16

60,000

99.73

60

61

LCM

XXIII,

Ltd.

01/29/20

1,020,000

100.00

1,020

974

LCM

XXV,

Ltd.

07/10/17

1,124,000

100.00

1,124

1,064

Legacy

Mortgage

Asset

Trust

05/23/19

427,437

100.00

427

431

Lloyds

TSB

Bank

PLC

12/07/17

228,000

101.65

232

231

LSTAR

Securities

Investment,

Ltd.

05/17/19

411,151

100.00

411

386

Lukoil

International

Finance

BV

09/19/17

682,000

104.33

711

690

LYB

Finance

Co.

BV

02/15/19

186,000

118.55

220

239

Madison

Park

Funding

XIII,

Ltd.

11/07/19

574,000

99.65

572

554

Madison

Park

Funding

XVIII,

Ltd.

12/01/17

872,000

100.66

878

832

Madison

Park

Funding

XXVI,

Ltd.

09/05/17

780,000

100.00

780

745

Magnetite

XVIII,

Ltd.

10/31/18

1,488,000

100.00

1,488

1,433

Marks

&

Spencer

PLC

11/06/17

623,000

115.35

719

747

Mars,

Inc.

03/26/19

30,000

99.73

30

31

Mars,

Inc.

03/26/19

60,000

99.94

60

62

Midwest

Connector

Capital

Co.

LLC

06/04/19

267,000

101.45

271

256

ML-CFC

Commercial

Mortgage

Trust

08/05/16

126,393

82.33

104

73

Mondelez

International

Holdings

Netherlands

BV

10/22/19

726,000

99.94

726

723

Morgan

Stanley

Capital

I

Trust

07/19/18

1,955,000

100.00

1,955

1,422

Morgan

Stanley

Capital

I

Trust

08/15/18

1,732,000

100.00

1,732

1,649

Morgan

Stanley

Capital

I

Trust

04/24/19

350,000

100.00

350

318

Morgan

Stanley

Capital

I,

Inc.

05/10/19

1,613,000

100.00

1,613

1,340

Morgan

Stanley

Capital

I,

Inc.

12/12/19

1,970,000

99.43

1,959

1,891

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

5,418,000

0.63

34

34

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

8,761,000

2.39

210

210

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

1,500,000

97.26

1,459

1,215

MSCG

Trust

05/19/15

255,000

101.39

259

244

Natixis

Commercial

Mortgage

Securities

Trust

08/29/19

440,000

102.89

453

423

NBK

SPC,

Ltd.

09/30/19

714,000

100.61

718

704

Nestle

Holdings,

Inc.

01/03/20

698,000

104.54

730

735

New

Residential

Mortgage

Loan

Trust

09/09/19

448,076

100.00

448

441

NGPL

PipeCo

LLC

09/26/19

553,000

129.55

716

551

Nomura

Resecuritization

Trust

07/22/16

1,203,534

59.43

715

863

Nordea

Bank

AB

06/04/19

265,000

102.14

271

270

Northern

Natural

Gas

Co.

08/02/18

631,000

109.07

688

657

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

56

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)

$

Norway

Government

International

Bond

01/18/19

NOK

2,270,000

11.43

259

233

Norway

Government

International

Bond

01/18/19

NOK

11,435,000

11.98

1,370

1,209

Norway

Government

International

Bond

03/07/19

NOK

1,795,000

11.29

203

181

Norway

Government

International

Bond

03/07/19

NOK

2,284,000

11.55

264

240

Norway

Government

International

Bond

03/07/19

NOK

3,290,000

11.81

388

332

NXP

BV

/

NXP

Funding

LLC

05/02/19

693,000

103.63

718

717

NYT

Mortgage

Trust

01/11/19

2,451,000

100.00

2,451

2,299

One

Market

Plaza

Trust

02/15/17

500,000

100.02

500

452

One

Market

Plaza

Trust

02/15/17

217,000

102.70

223

200

One

Market

Plaza

Trust

02/15/17

595,000

97.94

583

478

Otis

Worldwide

Corp.

02/19/20

60,000

100.00

60

59

Otis

Worldwide

Corp.

02/19/20

60,000

100.00

60

57

Otis

Worldwide

Corp.

02/19/20

170,000

99.99

170

165

Park

Aerospace

Holdings,

Ltd.

02/25/19

50,000

101.72

51

45

Pernod

Ricard

SA

06/13/16

150,000

103.37

155

154

PMT

Credit

Risk

Transfer

Trust

03/21/19

362,292

100.00

362

348

PMT

Credit

Risk

Transfer

Trust

10/11/19

633,253

100.00

633

607

Preston

Ridge

Partners

Mortgage

LLC

02/14/20

969,536

100.00

970

766

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

09/13/19

60,000

101.86

61

59

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

09/20/19

70,000

102.43

72

69

Prosus

NV

06/29/17

250,000

100.00

250

239

Provincia

de

Buenos

Aires

02/08/17

140,000

99.78

140

36

Qatar

Government

International

Bond

10/03/19

410,000

123.87

508

483

Radnor

RE,

Ltd.

01/21/20

567,000

100.00

567

544

RBS

Commercial

Funding,

Inc.

Trust

01/19/16

200,000

1.04

208

200

Reliance

Holdings

USA,

Inc.

12/04/19

684,000

105.10

719

696

Riserva

CLO,

Ltd.

06/10/19

940,000

100.00

940

908

Roche

Holdings,

Inc.

01/03/20

669,000

100.06

669

674

Sabal

Trail

Transmission

LLC

08/02/18

663,000

105.76

701

654

SACI

Falabella

01/03/20

692,000

104.64

724

657

Santander

UK

Group

Holdings

PLC

03/05/19

701,000

102.36

718

691

Santander

UK

Group

Holdings

PLC

05/14/19

238,000

103.30

246

240

Schlumberger

Holdings

Corp.

12/10/15

40,000

99.96

40

37

Schneider

Electric

SE

02/04/19

800,000

101.80

814

799

Sequoia

Mortgage

Trust

10/21/16

491,235

103.00

506

486

Shackleton

CLO,

Ltd.

04/04/18

930,000

100.00

930

861

Siemens

Financieringsmaatschappij

NV

03/05/19

250,000

98.19

245

248

SMB

Private

Education

Loan

Trust

06/04/19

190,000

100.00

190

169

Societe

Generale

SA

12/11/19

700,000

107.26

751

705

SoFi

Professional

Loan

Program

Trust

12/12/19

730,000

103.67

757

706

SpringCastle

Funding

Asset-Backed

Notes

01/22/20

4,035,359

100.88

4,070

3,782

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

03/14/18

240,000

100.00

240

245

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

03/15/18

75,000

99.85

75

75

Sunrun

Atlas

Issuer

LLC

10/17/19

596,269

99.95

596

523

Targa

Resources

Partners,

LP

/

Targa

Resources

Partners

Finance

Corp.

12/11/19

30,000

101.63

30

23

Teachers

Insurance

&

Annuity

Association

of

America

06/14/16

340,000

115.29

392

387

Tennessee

Gas

Pipeline

Co.

LLC

02/19/20

210,000

99.93

210

178

Textainer

Marine

Containers,

Ltd.

05/11/17

738,148

100.00

738

664

Tharaldson

Hotel

Portfolio

Trust

01/22/18

243,024

99.95

243

230

THL

Credit

Wind

River

CLO,

Ltd.

10/02/17

1,016,000

100.00

1,016

955

Towd

point

Mortgage

Trust

10/31/19

1,066,557

102.29

1,091

1,046

Towd

Point

Mortgage

Trust

07/22/16

185,165

99.86

185

183

Towd

Point

Mortgage

Trust

07/07/17

422,282

100.54

425

414

Towd

Point

Mortgage

Trust

08/04/17

544,424

100.34

546

527

Towd

Point

Mortgage

Trust

09/18/17

877,352

100.60

883

878

Towd

Point

Mortgage

Trust

10/25/19

1,247,772

104.58

1,305

1,281

Towd

Point

Mortgage

Trust

11/04/19

1,704,572

100.96

1,721

1,669

Triton

Container

Finance

IV

LLC

08/16/17

498,307

100.08

499

435

Triton

Container

Finance

V

LLC

03/13/18

198,400

99.98

198

196

Triton

Container

Finance

VI

LLC

06/07/17

551,430

99.06

546

523

Trust

F/1401

09/20/17

685,000

105.68

724

642

UBS

Group

AG

03/16/17

200,000

100.00

200

210

UBS

Group

AG

03/16/17

270,000

100.00

270

273

UBS

Group

AG

01/28/19

660,000

102.29

675

620

UBS

Group

AG

09/20/19

200,000

100.79

202

195

UniCredit

SpA

01/08/19

1,042,000

102.88

1,081

1,061

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

57

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)

$

Union

Pacific

Corp.

06/07/18

140,000

100.93

141

150

Verizon

Owner

Trust

02/28/20

2,106,000

100.73

2,121

2,110

Verus

Securitization

Trust

03/06/20

1,313,095

101.19

1,329

1,329

Vistra

Operations

Co.

LLC

06/04/19

708,000

101.43

718

628

VOC

Escrow,

Ltd.

08/07/18

60,000

97.25

58

44

Volkswagen

Group

of

America

Finance

LLC

09/26/19

699,000

102.53

717

691

Voya

CLO,

Ltd.

02/18/20

2,464,000

100.00

2,464

2,317

WinWater

Mortgage

Loan

Trust

03/29/17

507,167

102.42

519

504

Worldwide

Plaza

Trust

10/31/17

452,000

102.65

464

439

148,911

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

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

58

Strategic

Bond

Fund

Variable

Rate

Securities

Securities

Referenced

Rate

Spread

%

1011778

B.C.

Unlimited

Liability

Co.

Term

Loan

B4

USD

1

Month

LIBOR

1.750

ACE

Securities

Corp.

Home

Equity

Loan

Trust

USD

1

Month

LIBOR

0.675

Air

Medical

Group

Holdings,

Inc.

1st

Lien

Term

Loan

B

USD

2

Month

LIBOR

3.250

Allied

Universal

Holdco

Term

Loan

B

USD

1

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

Airlines,

Inc.

1st

Lien

Term

Loan

B

USD

1

Month

LIBOR

2.000

American

Home

Mortgage

Investment

Trust

USD

6

Month

LIBOR

2.000

Ameriquest

Mortgage

Securities,

Inc.

Asset-Backed

Pass-Through

Certificates

USD

1

Month

LIBOR

1.110

APi

Group

DE,

Inc.

Term

Loan

B

USD

1

Month

LIBOR

2.500

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

Asurion

LLC

Term

Loan

B6

USD

1

Month

LIBOR

3.000

Atlantic

Aviation

FBO,

Inc.

Term

Loan

B

USD

1

Month

LIBOR

3.750

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

0.790

Bank

of

America

Corp.

USD

3

Month

LIBOR

1.310

Bank

of

America

Corp.

USD

3

Month

LIBOR

1.210

Bank

of

America

Corp.

USD

3

Month

LIBOR

1.520

Bank

of

America

Corp.

USD

3

Month

LIBOR

3.150

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

1.040

Bank

of

Montreal

USD

Swap

Semiannual

30/360

(versus

3

Month

LIBOR)

5

Year

Rate

1.432

Barclays

PLC

USD

3

Month

LIBOR

3.054

Barclays

PLC

USD

3

Month

LIBOR

1.902

Bausch

Health

Americas,

Inc.

Term

Loan

B

USD

1

Month

LIBOR

3.000

Bayview

Commercial

Asset

Trust

USD

1

Month

LIBOR

0.270

Bear

Stearns

ALT-A

Trust

USD

1

Month

LIBOR

0.750

Berry

Global,

Inc.

Term

Loan

W

USD

3

Month

LIBOR

2.000

BNC

Mortgage

Loan

Trust

USD

1

Month

LIBOR

0.160

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

0.920

BX

Commercial

Mortgage

Trust

USD

1

Month

LIBOR

1.321

BX

Commercial

Mortgage

Trust

USD

1

Month

LIBOR

1.951

BX

Commercial

Mortgage

Trust

USD

1

Month

LIBOR

1.220

BX

Commercial

Mortgage

Trust

USD

1

Month

LIBOR

2.050

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

3.250

CAMB

Commercial

Mortgage

Trust

USD

1

Month

LIBOR

2.550

Carlyle

Global

Market

Strategies

CLO,

Ltd.

USD

3

Month

LIBOR

0.890

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,

Inc.

Term

Loan

B1

USD

1

Month

LIBOR

1.750

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

59

Variable

Rate

Securities

Securities

Referenced

Rate

Spread

%

CHL

Mortgage

Pass-Through

Trust

USD

1

Month

LIBOR

0.580

CIT

Bank

NA

Secured

Overnight

Financing

Rate

1.715

Citadel

Securities,

LP

Term

Loan

B

USD

1

Month

LIBOR

2.750

Citigroup

Commercial

Mortgage

Trust

USD

1

Month

LIBOR

2.500

Citigroup

Mortgage

Loan

Trust,

Inc.

USD

1

Month

LIBOR

0.450

Citigroup

Mortgage

Loan

Trust,

Inc.

USD

1

Month

LIBOR

0.250

Citigroup

Mortgage

Loan

Trust,

Inc.

U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

2.400

Citigroup,

Inc.

USD

3

Month

LIBOR

3.905

Citigroup,

Inc.

Secured

Overnight

Financing

Rate

3.914

CityCenter

Holdings

LLC

Term

Loan

B

USD

1

Month

LIBOR

2.250

Commercial

Mortgage

Trust

USD

1

Month

LIBOR

0.900

Commercial

Mortgage

Trust

USD

1

Month

LIBOR

1.550

CORE

Mortgage

Trust

USD

1

Month

LIBOR

1.650

Countrywide

Alternative

Loan

Trust

USD

1

Month

LIBOR

0.400

Credit

Suisse

Group

AG

Secured

Overnight

Financing

Rate

3.730

Credit

Suisse

Mortgage

Capital

Certificates

USD

1

Month

LIBOR

0.980

Credit

Suisse

Mortgage

Capital

Certificates

USD

1

Month

LIBOR

5.350

Credit

Suisse

Mortgage

Capital

Certificates

USD

1

Month

LIBOR

2.150

CSC

Holdings

LLC

2019

Term

Loan

B5

USD

1

Month

LIBOR

2.500

Dcert

Buyer,

Inc.

Term

Loan

B

USD

1

Month

LIBOR

4.000

Dell

International

LLC

Term

Loan

B

USD

1

Month

LIBOR

2.000

Diamond

Sports

Group

LLC

Term

Loan

USD

1

Month

LIBOR

3.250

Dryden

50

Senior

Loan

Fund

USD

3

Month

LIBOR

1.220

Eagle

Re

Ltd.

USD

1

Month

LIBOR

0.900

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

Energy

Transfer

Operating,

LP

U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

5.134

Fannie

Mae

Connecticut

Avenue

Securities

USD

1

Month

LIBOR

2.600

Fannie

Mae

Connecticut

Avenue

Securities

USD

1

Month

LIBOR

4.250

Fannie

Mae

Connecticut

Avenue

Securities

USD

1

Month

LIBOR

2.350

Fannie

Mae

Connecticut

Avenue

Securities

USD

1

Month

LIBOR

2.400

Fannie

Mae

Connecticut

Avenue

Securities

USD

1

Month

LIBOR

2.200

Fannie

Mae

Connecticut

Avenue

Securities

USD

1

Month

LIBOR

2.150

Fannie

Mae

Connecticut

Avenue

Securities

USD

1

Month

LIBOR

3.550

Fannie

Mae

Connecticut

Avenue

Securities

USD

1

Month

LIBOR

4.250

Fannie

Mae

Connecticut

Avenue

Securities

USD

1

Month

LIBOR

4.900

Fannie

Mae

Connecticut

Avenue

Securities

USD

1

Month

LIBOR

3.000

Fannie

Mae

Connecticut

Avenue

Securities

USD

1

Month

LIBOR

2.100

Fannie

Mae

REMICS

USD

1

Month

LIBOR

6.200

Fannie

Mae

REMICS

USD

1

Month

LIBOR

6.500

Fannie

Mae

REMICS

USD

1

Month

LIBOR

6.150

Fannie

Mae

REMICS

USD

1

Month

LIBOR

6.100

Fannie

Mae

REMICS

USD

1

Month

LIBOR

6.000

Fannie

Mae

REMICS

USD

1

Month

LIBOR

5.950

Fannie

Mae

REMICS

USD

1

Month

LIBOR

6.100

Federal

Home

Loan

Banks

Secured

Overnight

Financing

Rate

0.120

Fieldstone

Mortgage

Investment

Trust

USD

1

Month

LIBOR

1.950

First

Eagle

Holdings

Inc.

Term

Loan

B

USD

3

Month

LIBOR

2.500

Flatiron

CLO,

Ltd.

USD

3

Month

LIBOR

1.250

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

60

Strategic

Bond

Fund

Variable

Rate

Securities

Securities

Referenced

Rate

Spread

%

Focus

Financial

Partners

LLC  2020

Term

Loan

USD

1

Month

LIBOR

2.000

Four

Seasons

Hotels,

Ltd.

1st

Lien

Term

Loan

B

USD

1

Month

LIBOR

2.000

Freddie

Mac

Secured

Overnight

Financing

Rate

0.040

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

4.650

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

USD

1

Month

LIBOR

2.500

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

USD

1

Month

LIBOR

3.250

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

USD

1

Month

LIBOR

3.800

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

5.150

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

2.600

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

USD

1

Month

LIBOR

4.150

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

USD

1

Month

LIBOR

3.750

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

USD

1

Month

LIBOR

3.450

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

USD

1

Month

LIBOR

3.700

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

USD

1

Month

LIBOR

2.150

Froneri

International

Ltd.

Term

Loan

USD

1

Month

LIBOR

2.250

Garda

World

Security

Corp.

2019

1st

Lien

Term

Loan

B

USD

3

Month

LIBOR

4.750

Genesee

&

Wyoming,

Inc.

New

Term

Loan

USD

3

Month

LIBOR

2.000

GFL

Environmental,

Inc.

1st

Lien

Term

Loan

B

USD

1

Month

LIBOR

3.000

Ginnie

Mae

REMICS

USD

1

Month

LIBOR

6.050

Ginnie

Mae

REMICS

USD

1

Month

LIBOR

6.150

Golden

Nugget,

Inc.

1st

Lien

Term

Loan

B

USD

3

Month

LIBOR

2.500

Goldentree

Loan

Management

US

CLO

2,

Ltd.

USD

3

Month

LIBOR

1.150

Goldman

Sachs

Group,

Inc.

(The)

USD

3

Month

LIBOR

1.430

Goldman

Sachs

Group,

Inc.

(The)

USD

3

Month

LIBOR

0.768

Goldman

Sachs

Group,

Inc.

(The)

USD

3

Month

LIBOR

1.510

Goldman

Sachs

Group,

Inc.

(The)

USD

3

Month

LIBOR

1.201

Goldman

Sachs

Group,

Inc.

(The)

USD

3

Month

LIBOR

1.301

Greenpoint

Manufactured

Housing

Contract

Trust

USD

1

Month

LIBOR

2.000

Grifols

Worldwide

Operations

USA,

Inc.

Term

Loan

B

USD

1

Week

LIBOR

2.000

GS

Mortgage

Securities

Trust

USD

1

Month

LIBOR

0.900

GS

Mortgage

Securities

Trust

USD

1

Month

LIBOR

1.300

Hawaii

Hotel

Trust

USD

1

Month

LIBOR

1.650

HCA,

Inc.

Term

Loan

B12

USD

1

Month

LIBOR

1.750

Hilton

Worldwide

Finance

LLC

Term

Loan

B

USD

1

Month

LIBOR

1.750

Home

Equity

Asset

Trust

USD

1

Month

LIBOR

0.410

Home

Equity

Asset

Trust

USD

1

Month

LIBOR

0.280

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

1.546

HSBC

Holdings

PLC

USD

ICE

Swap

Rate

NY

5

Year

Rate

3.453

HSBC

Holdings

PLC

USD

ICE

Swap

Rate

NY

5

Year

Rate

3.606

HSBC

Holdings

PLC

USD

3

Month

LIBOR

1.535

HSBC

Holdings

PLC

USD

3

Month

LIBOR

1.610

HSI

Asset

Securitization

Corp.

Trust

USD

1

Month

LIBOR

0.140

iHeartCommunications

,

Inc.

USD

1

Month

LIBOR

3.000

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

61

Variable

Rate

Securities

Securities

Referenced

Rate

Spread

%

IndyMac

Index

Mortgage

Loan

Trust

USD

1

Month

LIBOR

0.210

IndyMac

Index

Mortgage

Loan

Trust

USD

1

Month

LIBOR

0.220

IndyMac

Index

Mortgage

Loan

Trust

USD

1

Month

LIBOR

0.240

Intrawest

Resorts

Holdings,

Inc.

1st

Lien

Term

Loan

B1

USD

1

Month

LIBOR

2.750

Jaguar

Holding

Co.

II

1st

Lien

Term

Loan

USD

1

Month

LIBOR

2.500

Jane

Street

Group

LLC

Term

Loan

USD

3

Month

LIBOR

3.000

JPMorgan

Chase

&

Co.

USD

3

Month

LIBOR

1.260

JPMorgan

Chase

&

Co.

USD

3

Month

LIBOR

1.330

JPMorgan

Chase

&

Co.

USD

3

Month

LIBOR

1.000

LCM

XXIII,

Ltd.

USD

3

Month

LIBOR

1.070

LCM

XXV,

Ltd.

USD

3

Month

LIBOR

1.210

Level

3

Financing,

Inc.

Term

Loan

B

USD

1

Month

LIBOR

1.750

Long

Beach

Mortgage

Loan

Trust

USD

1

Month

LIBOR

1.500

Long

Beach

Mortgage

Loan

Trust

USD

1

Month

LIBOR

0.900

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

XIII,

Ltd.

USD

3

Month

LIBOR

0.950

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

McAfee

LLC

Term

Loan

B

USD

1

Month

LIBOR

3.750

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

1.140

Morgan

Stanley

USD

3

Month

LIBOR

1.628

Morgan

Stanley

Secured

Overnight

Financing

Rate

1.143

Morgan

Stanley

Secured

Overnight

Financing

Rate

4.840

Morgan

Stanley

Secured

Overnight

Financing

Rate

3.120

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

Morgan

Stanley

Capital

I,

Inc.

USD

1

Month

LIBOR

2.244

Morgan

Stanley

Capital

I,

Inc.

USD

1

Month

LIBOR

1.000

MultiPlan

,

Inc.

Term

Loan

B

USD

3

Month

LIBOR

2.750

Navient

Student

Loan

Trust

USD

1

Month

LIBOR

0.600

New

Century

Home

Equity

Loan

Trust

USD

1

Month

LIBOR

0.480

Nexstar

Broadcasting,

Inc.

Term

Loan

B4

USD

1

Month

LIBOR

2.750

Nomura

Resecuritization

Trust

USD

1

Month

LIBOR

0.190

NYT

Mortgage

Trust

USD

1

Month

LIBOR

1.200

Occidental

Petroleum

Corp.

USD

3

Month

LIBOR

0.950

Option

Care

Helath

,

Inc.

Term

Loan

B

USD

1

Month

LIBOR

4.500

Panther

BF

Aggregator,

LP

Term

Loan

B

USD

1

Month

LIBOR

3.500

Park

Place

Securities,

Inc.

Asset-Backed

Pass-Through

Certificates

USD

1

Month

LIBOR

1.125

Party

City

Holdings,

Inc.

1st

Lien

Term

Loan

USD

1

Month

LIBOR

2.500

PCI

Gaming

Authority

Term

Loan

USD

1

Month

LIBOR

2.500

Phoenix

Guarantor,

Inc.

Term

Loan

B

USD

1

Month

LIBOR

3.250

PMT

Credit

Risk

Transfer

Trust

USD

1

Month

LIBOR

2.000

PMT

Credit

Risk

Transfer

Trust

USD

1

Month

LIBOR

2.700

PNC

Financial

Services

Group,

Inc.

(The)

USD

3

Month

LIBOR

0.440

Popular

ABS

Mortgage

Pass-Through

Trust

USD

1

Month

LIBOR

0.260

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

62

Strategic

Bond

Fund

Variable

Rate

Securities

Securities

Referenced

Rate

Spread

%

Popular

ABS

Mortgage

Pass-Through

Trust

USD

1

Month

LIBOR

0.250

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

Term

Loan

B1

USD

1

Month

LIBOR

3.250

Radnor

RE,

Ltd.

USD

1

Month

LIBOR

0.950

RAMP

Trust

USD

1

Month

LIBOR

0.570

RegionalCare

Hospital

Partners

Holdings,

Inc.

Term

Loan

B

USD

1

Month

LIBOR

3.750

Residential

Accredit

Loans,

Inc.

Federal

Reserve

U.S.

12

Month

Cumulative

Avg

1

year

CMT

0.850

Residential

Asset

Securitization

Trust

USD

1

Month

LIBOR

0.450

Reynolds

American,

Inc.

Term

Loan

USD

3

Month

LIBOR

1.750

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

1.762

Royal

Bank

of

Scotland

Group

PLC

USD

3

Month

LIBOR

1.550

RPI

Intermediate

Finance

Trust

Term

Loan

B1

USD

1

Month

LIBOR

1.750

Scientific

Games

International,

Inc.

1st

Lien

Term

Loan

B5

USD

1

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

0.330

SLM

Private

Credit

Student

Loan

Trust

USD

3

Month

LIBOR

0.290

SMB

Private

Education

Loan

Trust

USD

1

Month

LIBOR

1.000

Sotera

Health

Holdings

LLC

Term

Loan

USD

1

Month

LIBOR

4.500

Sprint

Corp.

Term

Loan

B

USD

1

Month

LIBOR

2.500

Stars

Group

Holdings

BV

Term

Loan

B

USD

3

Month

LIBOR

3.500

Structured

Asset

Investment

Loan

Trust

USD

1

Month

LIBOR

0.720

Sungard

Availability

Services

Capital,

Inc.

Term

Loan

USD

1

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

Term

Loan

B5

USD

1

Month

LIBOR

1.750

UBS

Group

AG

USD

Swap

Semiannual

30/360

(versus

3

Month

LIBOR)

5

Year

Rate

4.344

UBS

Group

AG

USD

3

Month

LIBOR

1.468

UFC

Holdings

LLC

Term

Loan

USD

1

Month

LIBOR

3.250

Univision

Communications,

Inc.

Term

Loan

C5

USD

1

Month

LIBOR

2.750

VFH

Parent

LLC

Term

Loan

B

USD

1

Month

LIBOR

3.000

VICI

Properties,

Inc.

1st

Lien

Term

Loan

B

USD

1

Month

LIBOR

1.750

Virgin

Media

Secured

Finance

PLC

Term

Loan

USD

1

Month

LIBOR

2.500

Voya

CLO,

Ltd.

USD

3

Month

LIBOR

1.020

VVC

Holdings

Corp.

Term

Loan

B

USD

3

Month

LIBOR

4.500

Washington

Mutual

Mortgage

Pass-Through

Certificates

Trust

Federal

Reserve

U.S.

12

Month

Cumulative

Avg

1

year

CMT

1.070

Wells

Fargo

&

Co.

USD

3

Month

LIBOR

1.230

Wells

Fargo

&

Co.

USD

3

Month

LIBOR

1.170

Wells

Fargo

&

Co.

USD

3

Month

LIBOR

3.770

Wells

Fargo

&

Co.

USD

3

Month

LIBOR

4.240

Western

Digital

Corp.

1st

Lien

Term

Loan

B4

USD

3

Month

LIBOR

1.750

Western

Midstream

Operating,

LP

USD

3

Month

LIBOR

0.850

Wynn

Resorts

Finance

LLC

Term

Loan

A

USD

1

Month

LIBOR

1.750

Ziggo

Secured

Finance

BV

Term

Loan

I

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.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

63

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Australia

10

Year

Government

Bond

Futures

227

AUD

34,189

06/20

(22)

Canadian

10

Year

Government

Bond

Futures

113

CAD

16,627

06/20

510

Euro-BTP

Futures

60

EUR

8,485

06/20

(381)

Eurodollar

Futures

455

USD

113,153

06/20

672

Eurodollar

Futures

143

USD

35,628

12/20

470

Euro-OAT

Futures

17

EUR

2,843

06/20

(97)

Federal

Fund

30

Day

Futures

68

USD

28,315

04/20

347

Federal

Fund

30

Day

Futures

32

USD

13,325

05/20

171

Federal

Fund

30

Day

Futures

32

USD

13,326

07/20

155

Japan

10

Year

Government

Bond

Futures

10

JPY

1,525,699

06/20

(278)

United

States

2

Year

Treasury

Note

Futures

931

USD

205,176

06/20

1,780

United

States

5

Year

Treasury

Note

Futures

878

USD

110,066

06/20

2,405

United

States

10

Year

Treasury

Note

Futures

1,156

USD

160,323

06/20

5,480

United

States

10

Year

Ultra

Treasury

Note

Futures

30

USD

4,681

06/20

210

United

States

Treasury

Long

Bond

Futures

232

USD

41,543

06/20

2,021

United

States

Treasury

Ultra

Bond

Futures

181

USD

40,160

06/20

3,490

Short

Positions

Australia

10

Year

Government

Bond

Futures

178

AUD

26,809

06/20

(32)

Canadian

10

Year

Government

Bond

Futures

70

CAD

10,300

06/20

(302)

Euro-

Bobl

Futures

71

EUR

9,600

06/20

9

Euro-Bund

Futures

216

EUR

37,263

06/20

470

Eurodollar

Futures

65

USD

16,204

03/21

(11)

Eurodollar

Futures

182

USD

45,351

12/21

(239)

Euro-OAT

Futures

30

EUR

5,016

06/20

115

Long

Gilt

Futures

77

GBP

10,487

06/20

(178)

United

States

2

Year

Treasury

Note

Futures

58

USD

12,782

06/20

(188)

United

States

5

Year

Treasury

Note

Futures

39

USD

4,889

06/20

(123)

United

States

10

Year

Treasury

Note

Futures

217

USD

30,095

06/20

(409)

United

States

10

Year

Ultra

Treasury

Note

Futures

69

USD

10,767

06/20

(572)

United

States

Treasury

Long

Bond

Futures

205

USD

36,708

06/20

(1,986)

United

States

Treasury

Ultra

Bond

Futures

2

USD

444

06/20

2

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

13,489

Options

Written

Amounts

in

thousands

(except

contract

amounts)

Description

Counterparty

Call/Put

Number

of

Contracts

Strike

Price

Notional

Amount

Expiration

Date

Fair

Value

$

United

States

10

Year

Treasury

Note

Futures

Bank

of

America

Call

24

135.00

USD

3,240

04/24/20

(91)

United

States

10

Year

Treasury

Note

Futures

Bank

of

America

Call

26

138.00

USD

3,588

04/24/20

(34)

United

States

10

Year

Treasury

Note

Futures

Bank

of

America

Call

24

141.00

USD

3,384

04/24/20

(6)

United

States

10

Year

Treasury

Note

Futures

Bank

of

America

Put

24

131.00

USD

3,144

04/24/20

(2)

United

States

5

Year

Treasury

Note

Futures

Bank

of

America

Put

34

122.50

USD

4,165

04/24/20

(2)

United

States

5

Year

Treasury

Note

Futures

Bank

of

America

Put

34

122.75

USD

4,174

04/24/20

(2)

United

States

5

Year

Treasury

Note

Futures

Bank

of

America

Put

78

123.75

USD

9,653

04/24/20

(7)

United

States

5

Year

Treasury

Note

Futures

Bank

of

America

Put

144

124.00

USD

17,856

04/24/20

(15)

United

States

5

Year

Treasury

Note

Futures

Bank

of

America

Put

47

124.25

USD

5,840

04/24/20

(6)

United

States

5

Year

Treasury

Note

Futures

Bank

of

America

Put

89

124.00

USD

11,036

05/22/20

(19)

United

States

5

Year

Treasury

Note

Futures

Bank

of

America

Put

44

124.50

USD

5,478

05/22/20

(13)

United

States

5

Year

Treasury

Note

Futures

Bank

of

America

Put

2

124.75

USD

250

05/22/20

(1)

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

64

Strategic

Bond

Fund

Options

Written

Amounts

in

thousands

(except

contract

amounts)

Description

Counterparty

Call/Put

Number

of

Contracts

Strike

Price

Notional

Amount

Expiration

Date

Fair

Value

$

Total

Liability

for

Options

Written

(premiums

received

$337)

(198)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

2,270

HUF

703,230

05/22/20

(117)

Bank

of

America

USD

1,491

MXN

28,078

05/22/20

(316)

Bank

of

America

USD

5,179

RUB

334,478

05/22/20

(926)

Bank

of

America

USD

5,123

TRY

31,835

05/22/20

(380)

Bank

of

America

USD

1,478

ZAR

22,434

05/22/20

(232)

Bank

of

America

HKD

29,239

USD

3,763

05/22/20

(8)

Bank

of

America

KRW

6,234,440

USD

5,245

05/22/20

123

Bank

of

America

PEN

12,737

USD

3,754

05/22/20

51

Bank

of

America

PHP

190,144

USD

3,733

05/22/20

37

Bank

of

America

SGD

5,228

USD

3,757

05/22/20

76

Bank

of

America

THB

46,856

USD

1,501

05/22/20

73

Bank

of

America

TWD

45,151

USD

1,508

05/22/20

3

Bank

of

New

York

USD

5,475

JPY

583,177

04/22/20

(47)

Bank

of

New

York

USD

9,066

SEK

90,455

04/22/20

82

Barclays

USD

1,334

INR

97,074

04/17/20

(59)

BNP

Paribas

GBP

240

USD

315

04/17/20

17

Citigroup

USD

871

BRL

3,560

04/17/20

(186)

Citigroup

USD

980

BRL

4,019

04/17/20

(208)

Citigroup

USD

609

CAD

790

04/17/20

(48)

Citigroup

USD

1,277

CAD

1,663

04/17/20

(96)

Citigroup

USD

2,029

CAD

2,630

04/17/20

(160)

Citigroup

USD

1,210

GBP

922

04/17/20

(65)

Citigroup

USD

14,804

GBP

12,222

04/22/20

384

Citigroup

USD

6,257

JPY

655,333

06/17/20

(142)

Citigroup

USD

3,691

NZD

6,036

04/22/20

(90)

Citigroup

EUR

2,071

USD

2,316

04/17/20

31

Goldman

Sachs

USD

1,682

MXN

32,104

04/17/20

(331)

Goldman

Sachs

BRL

932

USD

180

04/17/20

1

Goldman

Sachs

JPY

39,894

USD

370

04/17/20

(1)

Goldman

Sachs

RUB

44,022

USD

710

04/17/20

149

Goldman

Sachs

RUB

69,220

USD

1,118

04/17/20

236

JPMorgan

Chase

USD

178

AUD

301

04/20/20

7

JPMorgan

Chase

USD

491

AUD

732

04/20/20

(41)

JPMorgan

Chase

USD

787

AUD

1,315

04/20/20

22

JPMorgan

Chase

USD

795

AUD

1,302

04/20/20

6

JPMorgan

Chase

USD

1,614

AUD

2,459

04/20/20

(101)

JPMorgan

Chase

USD

313

BRL

1,573

04/22/20

(11)

JPMorgan

Chase

USD

1,028

CAD

1,478

05/19/20

23

JPMorgan

Chase

USD

1,852

CHF

1,810

05/19/20

33

JPMorgan

Chase

USD

2,773

COP

9,667,280

04/14/20

(395)

JPMorgan

Chase

USD

1,073

COP

4,277,363

04/27/20

(22)

JPMorgan

Chase

USD

5

CZK

119

06/17/20

(1)

JPMorgan

Chase

USD

1,685

EUR

1,551

04/20/20

27

JPMorgan

Chase

USD

2,123

EUR

1,964

04/20/20

44

JPMorgan

Chase

USD

554

GBP

464

04/20/20

22

JPMorgan

Chase

USD

564

GBP

462

04/20/20

10

JPMorgan

Chase

USD

1,083

GBP

840

04/20/20

(39)

JPMorgan

Chase

USD

6,262

GBP

4,833

04/20/20

(256)

JPMorgan

Chase

USD

22

HKD

167

05/19/20

—

JPMorgan

Chase

USD

859

HUF

281,209

06/17/20

3

JPMorgan

Chase

USD

65

IDR

1,077,834

04/16/20

1

JPMorgan

Chase

USD

912

IDR

14,555,229

04/16/20

(18)

JPMorgan

Chase

USD

160

JPY

17,486

04/20/20

3

JPMorgan

Chase

USD

411

JPY

45,579

04/20/20

14

JPMorgan

Chase

USD

3,441

JPY

376,912

04/20/20

67

JPMorgan

Chase

USD

5,304

KRW

6,390,873

04/21/20

(55)

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

65

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

JPMorgan

Chase

USD

330

MXN

6,979

06/17/20

(40)

JPMorgan

Chase

USD

379

MXN

9,352

06/17/20

11

JPMorgan

Chase

USD

397

MXN

9,459

06/17/20

(3)

JPMorgan

Chase

USD

1,259

MXN

31,262

06/17/20

44

JPMorgan

Chase

USD

331

NOK

3,157

06/17/20

(27)

JPMorgan

Chase

USD

402

NOK

4,227

06/17/20

5

JPMorgan

Chase

USD

418

NOK

4,545

06/17/20

19

JPMorgan

Chase

USD

867

NOK

8,694

06/17/20

(31)

JPMorgan

Chase

USD

962

NOK

10,158

06/17/20

16

JPMorgan

Chase

USD

964

NOK

10,444

06/17/20

41

JPMorgan

Chase

USD

4,393

NOK

41,934

06/17/20

(359)

JPMorgan

Chase

USD

868

NZD

1,355

04/20/20

(60)

JPMorgan

Chase

USD

933

NZD

1,609

04/20/20

27

JPMorgan

Chase

USD

369

PEN

1,309

04/22/20

12

JPMorgan

Chase

USD

581

PEN

1,970

04/27/20

(8)

JPMorgan

Chase

USD

910

PEN

3,205

04/27/20

23

JPMorgan

Chase

USD

3,961

PLN

14,912

06/17/20

(357)

JPMorgan

Chase

USD

723

RUB

54,418

04/14/20

(29)

JPMorgan

Chase

USD

741

RUB

54,418

04/14/20

(47)

JPMorgan

Chase

USD

431

RUB

34,040

04/17/20

2

JPMorgan

Chase

USD

799

RUB

62,880

04/17/20

2

JPMorgan

Chase

USD

332

SEK

3,145

06/17/20

(14)

JPMorgan

Chase

USD

397

SEK

3,948

06/17/20

3

JPMorgan

Chase

USD

401

SEK

4,020

06/17/20

6

JPMorgan

Chase

USD

8,844

SEK

82,643

06/17/20

(476)

JPMorgan

Chase

USD

2,550

SGD

3,683

05/19/20

43

JPMorgan

Chase

USD

1,003

THB

32,990

04/23/20

3

JPMorgan

Chase

USD

2,880

THB

95,069

04/28/20

17

JPMorgan

Chase

AUD

4,940

USD

3,330

04/20/20

291

JPMorgan

Chase

BRL

1,099

USD

243

04/14/20

32

JPMorgan

Chase

BRL

306

USD

66

04/16/20

7

JPMorgan

Chase

BRL

297

USD

58

04/22/20

1

JPMorgan

Chase

BRL

4,595

USD

933

04/22/20

50

JPMorgan

Chase

CAD

967

USD

668

05/19/20

(20)

JPMorgan

Chase

CAD

2,185

USD

1,609

05/19/20

55

JPMorgan

Chase

CHF

848

USD

900

05/19/20

17

JPMorgan

Chase

CHF

936

USD

979

05/19/20

5

JPMorgan

Chase

CHF

6,995

USD

7,552

05/19/20

268

JPMorgan

Chase

CNY

14,261

USD

2,049

04/17/20

35

JPMorgan

Chase

COP

3,369,342

USD

819

04/27/20

(10)

JPMorgan

Chase

COP

12,684,002

USD

3,097

04/27/20

(20)

JPMorgan

Chase

EUR

936

USD

1,030

04/20/20

(2)

JPMorgan

Chase

EUR

10,855

USD

11,895

04/20/20

(85)

JPMorgan

Chase

GBP

739

USD

965

04/20/20

47

JPMorgan

Chase

GBP

1,084

USD

1,278

04/20/20

(69)

JPMorgan

Chase

HKD

811

USD

104

05/19/20

—

JPMorgan

Chase

HUF

5,015

USD

15

06/17/20

—

JPMorgan

Chase

HUF

1,324,259

USD

4,498

06/17/20

442

JPMorgan

Chase

IDR

25,035,556

USD

1,758

04/14/20

219

JPMorgan

Chase

IDR

51,397,642

USD

3,534

04/16/20

376

JPMorgan

Chase

INR

30,620

USD

405

04/17/20

3

JPMorgan

Chase

INR

45,510

USD

599

04/17/20

1

JPMorgan

Chase

JPY

32,079

USD

288

04/20/20

(10)

JPMorgan

Chase

JPY

61,742

USD

557

04/20/20

(17)

JPMorgan

Chase

JPY

62,229

USD

574

04/20/20

(5)

JPMorgan

Chase

JPY

74,367

USD

679

04/20/20

(13)

JPMorgan

Chase

JPY

114,841

USD

1,069

04/20/20

—

JPMorgan

Chase

JPY

269,432

USD

2,586

04/20/20

79

JPMorgan

Chase

KRW

476,978

USD

394

04/21/20

3

JPMorgan

Chase

KRW

485,502

USD

396

04/21/20

(3)

JPMorgan

Chase

KRW

1,315,466

USD

1,059

04/21/20

(21)

JPMorgan

Chase

MXN

23,246

USD

913

06/17/20

(56)

JPMorgan

Chase

MXN

43,824

USD

2,048

06/17/20

222

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

66

Strategic

Bond

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

JPMorgan

Chase

NOK

20,032

USD

1,806

06/17/20

(121)

JPMorgan

Chase

NZD

1,335

USD

796

04/20/20

—

JPMorgan

Chase

NZD

1,338

USD

787

04/20/20

(12)

JPMorgan

Chase

NZD

9,190

USD

5,951

04/20/20

468

JPMorgan

Chase

PEN

2,661

USD

771

04/14/20

(4)

JPMorgan

Chase

PEN

1,732

USD

503

04/16/20

(1)

JPMorgan

Chase

PEN

1,732

USD

497

04/17/20

(7)

JPMorgan

Chase

PEN

4,478

USD

1,276

04/20/20

(28)

JPMorgan

Chase

PEN

4,144

USD

1,179

04/21/20

(27)

JPMorgan

Chase

PEN

11,775

USD

3,304

04/27/20

(124)

JPMorgan

Chase

PLN

1,880

USD

439

06/17/20

(15)

JPMorgan

Chase

PLN

2,883

USD

741

06/17/20

44

JPMorgan

Chase

PLN

2,883

USD

736

06/17/20

39

JPMorgan

Chase

RUB

22,296

USD

282

04/14/20

(2)

JPMorgan

Chase

SEK

17,670

USD

1,742

06/17/20

(48)

JPMorgan

Chase

SGD

147

USD

102

05/19/20

(2)

JPMorgan

Chase

SGD

14,609

USD

10,561

05/19/20

275

JPMorgan

Chase

THB

25,635

USD

808

04/16/20

27

JPMorgan

Chase

THB

25,635

USD

813

04/17/20

32

JPMorgan

Chase

THB

88,244

USD

2,740

04/22/20

51

JPMorgan

Chase

THB

116,016

USD

3,571

04/23/20

36

Royal

Bank

of

Canada

USD

6,290

JPY

655,333

06/17/20

(176)

Standard

Chartered

USD

6,280

JPY

655,333

06/17/20

(165)

State

Street

USD

318

BRL

1,588

05/22/20

(13)

State

Street

USD

3,757

BRL

16,292

05/22/20

(632)

State

Street

USD

3,609

CAD

5,103

04/22/20

18

State

Street

USD

556

CHF

545

04/22/20

11

State

Street

USD

2,436

EUR

2,213

04/22/20

7

State

Street

USD

77

HKD

595

05/22/20

—

State

Street

USD

242

HKD

1,875

05/22/20

—

State

Street

USD

24

INR

1,806

05/22/20

—

State

Street

USD

1,491

INR

107,409

05/22/20

(88)

State

Street

USD

17

KRW

20,172

05/22/20

—

State

Street

USD

164

KRW

205,379

05/22/20

4

State

Street

USD

210

MXN

4,803

05/22/20

(9)

State

Street

USD

21

MYR

91

05/22/20

—

State

Street

USD

3,739

MYR

15,588

05/22/20

(128)

State

Street

USD

219

PEN

785

05/22/20

9

State

Street

USD

59

PHP

3,054

05/22/20

1

State

Street

USD

213

PHP

11,183

05/22/20

4

State

Street

USD

13

PLN

57

05/22/20

—

State

Street

USD

22

PLN

86

05/22/20

(1)

State

Street

USD

26

RUB

2,109

05/22/20

1

State

Street

USD

675

RUB

50,402

05/22/20

(34)

State

Street

USD

28

SGD

40

05/22/20

—

State

Street

USD

144

SGD

208

05/22/20

3

State

Street

USD

5

THB

168

05/22/20

—

State

Street

USD

58

THB

1,883

05/22/20

—

State

Street

USD

101

TRY

663

05/22/20

(2)

State

Street

USD

27

TWD

815

05/22/20

—

State

Street

USD

88

TWD

2,648

05/22/20

—

State

Street

USD

114

ZAR

1,910

05/22/20

(8)

State

Street

BRL

245

USD

47

05/22/20

—

State

Street

CAD

96

USD

66

04/22/20

(2)

State

Street

EUR

93

USD

100

04/22/20

(3)

State

Street

GBP

17

USD

20

04/22/20

(1)

State

Street

HUF

2,425

USD

7

05/22/20

—

State

Street

HUF

25,613

USD

83

05/22/20

5

State

Street

INR

6,863

USD

90

05/22/20

—

State

Street

JPY

22,454

USD

205

04/22/20

(4)

State

Street

MXN

178

USD

7

05/22/20

—

State

Street

MYR

618

USD

137

05/22/20

(6)

State

Street

NOK

991

USD

88

04/22/20

(7)

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

67

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

State

Street

NOK

56,284

USD

5,364

04/22/20

(49)

State

Street

NZD

71

USD

41

04/22/20

(1)

State

Street

PEN

345

USD

97

05/22/20

(4)

State

Street

PLN

5,904

USD

1,500

05/22/20

74

State

Street

SEK

2,152

USD

208

04/22/20

(10)

State

Street

TRY

1,239

USD

186

05/22/20

1

State

Street

TRY

28,000

USD

4,404

06/17/20

261

State

Street

ZAR

771

USD

44

05/22/20

1

UBS

CHF

12,281

USD

12,828

04/22/20

55

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(2,468)

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

1,700

7.044%

(5)

Brazil

Interbank

Deposit

Rate

(5)

01/04/27

—

1

1

Citigroup

BRL

2,100

7.024%

(3)

Brazil

Interbank

Deposit

Rate

(5)

01/04/27

—

1

1

Citigroup

BRL

2,400

7.024%

(5)

Brazil

Interbank

Deposit

Rate

(5)

01/04/27

1

—

1

Citigroup

BRL

2,631

7.024%

(5)

Brazil

Interbank

Deposit

Rate

(5)

01/04/27

1

—

1

JPMorgan

Chase

HUF

640,150

Six

Month

BUBOR

(2)

0.930%

(4)

04/05/27

—

40

40

JPMorgan

Chase

HUF

831,480

Six

Month

BUBOR

(1)

1.848%

(4)

04/05/27

—

(110)

(110)

Merrill

Lynch

USD

5,040

Three

Month

LIBOR

(5)

1.732%

(3)

06/27/21

—

(75)

(75)

Merrill

Lynch

USD

11,733

0.600%

(3)

Three

Month

LIBOR

(2)

03/23/22

2

32

34

Merrill

Lynch

USD

6,830

0.700%

(3)

Three

Month

LIBOR

(2)

03/23/25

(5)

69

64

Merrill

Lynch

USD

1,832

0.658%

(3)

Three

Month

LIBOR

(2)

09/18/25

—

14

14

Merrill

Lynch

USD

2,361

0.645%

(3)

Three

Month

LIBOR

(2)

09/18/25

—

16

16

Merrill

Lynch

USD

24,156

Three

Month

LIBOR

(3)

1.550%

(3)

06/30/26

3

(1,459)

(1,456)

Merrill

Lynch

USD

9,140

Three

Month

LIBOR

(5)

1.520%

(3)

07/31/26

29

(560)

(531)

Merrill

Lynch

USD

1,276

Three

Month

LIBOR

(2)

1.650%

(3)

11/15/26

(5)

(83)

(88)

Merrill

Lynch

USD

3,573

Three

Month

LIBOR

(2)

1.600%

(3)

11/15/26

1

(236)

(235)

Merrill

Lynch

USD

5,997

Federal

Fund

Effective

Rate

(2)

0.300%

(3)

02/15/27

18

(2)

16

Merrill

Lynch

USD

7,588

Three

Month

LIBOR

(2)

0.750%

(3)

02/15/27

1

(87)

(86)

Merrill

Lynch

USD

9,310

0.770%

(3)

Three

Month

LIBOR

(2)

03/24/27

69

35

104

Merrill

Lynch

MXN

40,840

7.450%

(3)

Mexico

Interbank

28

Day

Deposit

Rate

(1)

07/18/29

16

46

62

Merrill

Lynch

USD

384

Three

Month

LIBOR

(5)

2.875%

(3)

05/15/44

1

(172)

(171)

Merrill

Lynch

USD

3,184

Three

Month

LIBOR

(2)

1.810%

(3)

11/15/44

(30)

(637)

(667)

Merrill

Lynch

USD

5,708

Three

Month

LIBOR

(3)

1.850%

(3)

11/15/44

12

(1,261)

(1,249)

Merrill

Lynch

USD

1,009

Three

Month

LIBOR

(2)

0.900%

(3)

03/17/50

17

(16)

1

Merrill

Lynch

USD

516

Three

Month

LIBOR

(2)

0.792%

(3)

03/18/50

—

16

16

Merrill

Lynch

USD

519

Three

Month

LIBOR

(2)

0.818%

(3)

03/19/50

—

12

12

Merrill

Lynch

USD

332

Three

Month

LIBOR

(2)

1.650%

(3)

09/18/50

—

5

5

Merrill

Lynch

USD

430

Three

Month

LIBOR

(2)

0.838%

(3)

09/18/50

—

8

8

Total

Open

Interest

Rate

Swap

Contracts

(å)

131

(4,403)

(4,272)

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

68

Strategic

Bond

Fund

Credit

Default

Swap

Contracts

Amounts

in

thousands

Credit

Indices

Reference

Entity

Counterparty

Purchase/Sell

Protection

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

CDX

High

Yield

Index

Goldman

Sachs

Sell

USD

35,900

5.000%

(2)

06/20/25

(1,465)

(772)

(2,237)

CDX

High

Yield

Index

Merrill

Lynch

Sell

USD

2,480

5.000%

(2)

06/20/25

(100)

(59)

(159)

CDX

Investment

Grade

Index

Merrill

Lynch

Sell

USD

20,240

1.000%

(2)

12/20/24

3

(73)

(70)

CDX

Investment

Grade

Index

Merrill

Lynch

Sell

USD

21,350

1.000%

(2)

06/20/25

(7)

(135)

(142)

iTraxx

Europe

Crossover

Index

Goldman

Sachs

Sell

EUR

9,000

5.000%

(2)

06/20/25

(493)

193

(300)

iTraxx

Europe

Crossover

Index

Goldman

Sachs

Sell

EUR

68,000

1.000%

(2)

06/20/25

(296)

(1,970)

(2,266)

Total

Open

Credit

Indices

Contracts

(å)

(2,358)

(2,816)

(5,174)

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

$

—

$

47,553

$

523

$

—

$

48,076

Corporate

Bonds

and

Notes

—

169,335

—

—

169,335

International

Debt

—

87,2

18

—

—

87,2

18

Loan

Agreements

—

10,838

—

—

10,838

Mortgage-Backed

Securities

—

281,627

420

—

282,047

Non-US

Bonds

—

46,0

98

—

—

46,

0

98

United

States

Government

Treasuries

—

112,306

—

—

112,306

Common

Stocks

—

—

4

—

4

Options

Purchased

16

—

—

—

16

Short-Term

Investments

—

44,25

5

—

67,41

2

111,667

Total

Investments

16

799,2

30

947

67,41

2

867,605

Other

Financial

Instruments

Assets

Futures

Contracts

18,307

—

—

—

18,307

Foreign

Currency

Exchange

Contracts

—

5,399

—

—

5,399

Interest

Rate

Swap

Contracts

—

396

—

—

396

Liabilities

Futures

Contracts

(4,818)

—

—

—

(4,818)

Options

Written

(198)

—

—

—

(198)

Foreign

Currency

Exchange

Contracts

—

(7,867)

—

—

(7,867)

Interest

Rate

Swap

Contracts

—

(4,668)

—

—

(4,668)

Credit

Default

Swap

Contracts

—

(5,174)

—

—

(5,174)

Total

Other

Financial

Instruments

*

$

13,291

$

(11,914)

$

—

$

—

$

1,377

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

69

*

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

March

31,

2020,

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

March

31,

2020,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Argentina

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

371

Australia

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

721

Brazil

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

4,534

Canada

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

12,857

Cayman

Islands

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

15,508

Chile

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

1,738

China

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

863

Colombia

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

4,989

Curacao

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

56

Denmark

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

1,514

Finland

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

270

France

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

5,496

Germany

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

564

Guernsey

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

713

India

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

243

Indonesia

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

4,754

Ireland

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

2,240

Isle

of

Man

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

314

Israel

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

200

Italy

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

6,097

Japan

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

2,187

Kazakhstan

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

196

Kuwait

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

218

Luxembourg

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

1,418

Macao

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

376

Malaysia

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

3,739

Mexico

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

11,986

Netherlands

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

13,258

Norway

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

3,522

Panama

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

669

Peru

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

3,866

Poland

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

570

Qatar

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

483

Russia

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

4,089

Singapore

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

8,296

South

Africa

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

188

Spain

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

2,006

Sweden

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

474

Switzerland

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

1,554

Thailand

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

228

United

Arab

Emirates

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

1,090

United

Kingdom

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

10,895

United

States

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

732,255

Total

Investments

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

867,605

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

70

Global

Real

Estate

Securities

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

89.0%

Australia

-

2.6%

BGP

Holdings

PLC(Æ)(Š)

926,311

—

Charter

Hall

Group

-

ADR(ö)

379,381

1,579

Goodman

Group(ö)

574,523

4,389

GPT

Group

(The)(ö)

1,596,819

3,639

Mirvac

Group(ö)

4,790,553

6,340

Shopping

Centres

Australasia

Property

Group(ö)

1,170,818

1,666

Viva

Energy(ö)

396,149

568

18,181

Austria

-

0.2%

CA

Immobilien

Anlagen

AG

46,121

1,558

Belgium

-

0.9%

Aedifica(ö)

28,534

2,964

VGP

NV

9,571

986

Warehouses

De

Pauw

CVA(Æ)(ö)

97,725

2,810

6,760

Canada

-

2.2%

Allied

Properties

Real

Estate

Investment

Trust(ö)

98,943

3,146

Boardwalk

Real

Estate

Investment

Trust(ö)

99,957

1,627

Canadian

Apartment

Properties(ö)

145,314

4,397

Granite

Real

Estate

Investment

Trust(ö)

104,125

4,301

InterRent

Real

Estate

Investment

Trust

(Ñ)(ö)

213,534

2,020

15,491

China

-

0.7%

China

Overseas

Land

&

Investment,

Ltd.

986,000

3,043

GDS

Holdings,

Ltd.

-

ADR(Æ)(Ñ)

32,484

1,883

4,926

France

-

1.3%

ARGAN

SA(ö)

23,422

1,741

Gecina

SA(ö)

42,527

5,642

Klepierre

SA

-

GDR(Ñ)(ö)

110,697

2,138

9,521

Germany

-

5.3%

Alstria

Office

REIT-AG(ö)

174,185

2,509

Aroundtown

SA

427,612

2,143

Deutsche

Wohnen

SE

244,519

9,343

Instone

Real

Estate

Group

AG(Æ)(Þ)

65,506

1,046

LEG

Immobilien

AG

48,474

5,477

Vonovia

SE

344,017

16,956

37,474

Hong

Kong

-

6.5%

ESR

Cayman,

Ltd.(Æ)(Þ)

1,126,400

2,422

Hang

Lung

Properties,

Ltd.

-

ADR

1,357,000

2,745

Link

Real

Estate

Investment

Trust(ö)

1,403,700

11,857

New

World

Development

Co.,

Ltd.

10,926,000

11,704

Sino

Land

Co.,

Ltd.

2,434,000

3,079

Sun

Hung

Kai

Properties,

Ltd.

570,500

7,491

Swire

Properties,

Ltd.

1,884,200

5,286

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Wharf

Real

Estate

Investment

Co.,

Ltd.

375,000

1,537

46,121

Japan

-

11.1%

Activia

Properties,

Inc.(ö)

2,689

8,615

Daibiru

Corp.

194,900

1,608

Daiwa

House

REIT

Investment

Corp.(ö)

1,707

4,170

Frontier

Real

Estate

Investment

Corp.(ö)

929

2,612

Global

One

Real

Estate

Investment

Corp.(ö)

3,177

2,665

GLP

J-REIT(Æ)(ö)

4,576

5,147

Hulic

REIT,

Inc.(ö)

3,035

3,486

Japan

Hotel

REIT

Investment

Corp.(ö)

2,973

861

Japan

Prime

Realty

Investment

Corp.(ö)

97

291

Japan

Rental

Housing

Investments,

Inc.

(ö)

3,237

2,734

Japan

Retail

Fund

Investment

Corp.(ö)

1,270

1,434

Mitsubishi

Estate

Co.,

Ltd.

854,000

12,591

Mitsui

Fudosan

Co.,

Ltd.

585,200

10,123

Mitsui

Fudosan

Logistics

Park,

Inc.(ö)

544

2,298

MORI

Hills

REIT

Investment

Corp.

Class

A(ö)

1,286

1,707

MORI

Trust

Hotel

REIT,

Inc.(ö)

2,359

1,784

MORI

Trust

Sogo

REIT,

Inc.(ö)

1,750

2,113

Nippon

Building

Fund,

Inc.(ö)

629

4,226

Nippon

REIT

Investment

Corp.(ö)

627

1,848

Premier

Investment

Corp.(ö)

1,272

1,398

Sumitomo

Realty

&

Development

Co.,

Ltd.

202,900

4,945

Tokyu

Fudosan

Holdings

Corp.

300,900

1,440

XYMAX

REIT

Investment

Corp.(ö)

1,345

1,049

79,145

Netherlands

-

0.1%

Unibail-Rodamco-Westfield(ö)

12,149

691

Norway

-

0.3%

Entra

ASA(Þ)

147,081

1,752

Singapore

-

3.1%

CapitaLand

Mall

Trust

Class

A(Æ)(ö)

126,300

159

CapitaLand,

Ltd.

2,875,600

5,741

City

Developments,

Ltd.

487,700

2,472

Frasers

Centrepoint

Trust(ö)

79,900

124

Keppel

DC

REIT(ö)

2,062,000

3,287

Mapletree

Industrial

Trust(Æ)(ö)

1,816,600

3,072

Mapletree

Logistics

Trust(ö)

4,723,600

5,257

Parkway

Life

Real

Estate

Investment

Trust(Æ)(ö)

1,011,800

2,201

22,313

Spain

-

0.2%

Arima

Real

Estate

Socimi

SA(Æ)(ö)

126,492

1,136

Inmobiliaria

Colonial

Socimi

SA(ö)

26,872

255

Merlin

Properties

Socimi

SA(ö)

30,977

234

1,625

Sweden

-

1.8%

Castellum

AB

253,923

4,298

Catena

AB

37,497

1,094

Fabege

AB

259,420

3,324

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Real

Estate

Securities

Fund

71

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Fastighets

AB

Balder

Class

B(Æ)

106,189

3,815

12,531

Switzerland

-

0.5%

PSP

Swiss

Property

AG

9,672

1,210

Swiss

Prime

Site

AG

Class

A

24,112

2,367

3,577

United

Kingdom

-

4.7%

Assura

PLC(ö)

2,155,613

2,230

Big

Yellow

Group

PLC(ö)

148,624

1,850

British

Land

Co.

PLC

(The)(ö)

421,807

1,755

Derwent

London

PLC(ö)

50,282

2,037

Grainger

PLC

1,014,455

3,259

Great

Portland

Estates

PLC(ö)

359,751

3,037

Hammerson

PLC(ö)

214,575

205

Land

Securities

Group

PLC(ö)

208,737

1,438

LondonMetric

Property

PLC(ö)

698,748

1,524

Safestore

Holdings

PLC(ö)

180,330

1,432

Segro

PLC(ö)

809,250

7,653

The

PRS

REIT

PLC(ö)

1,249,155

1,186

Tritax

EuroBox

PLC(Þ)

953,426

1,107

UNITE

Group

PLC

(The)(ö)

379,930

3,773

Urban

&

Civic

PLC

446,990

1,162

33,648

United

States

-

47.5%

Agree

Realty

Corp.(ö)

123,368

7,636

Alexandria

Real

Estate

Equities,

Inc.

(Ñ)(ö)

72,240

9,901

American

Homes

4

Rent

Class

A(ö)

147,341

3,418

American

Tower

Corp.(ö)

21,997

4,790

Apartment

Investment

&

Management

Co.

Class

A(ö)

118,820

4,177

Boyd

Gaming

Corp.

105,299

1,518

Brixmor

Property

Group,

Inc.(ö)

242,621

2,305

Columbia

Property

Trust,

Inc.(ö)

19,757

247

Cousins

Properties,

Inc.(ö)

169,010

4,947

Crown

Castle

International

Corp.(ö)

18,492

2,670

Digital

Realty

Trust,

Inc.(Ñ)(ö)

162,929

22,631

Duke

Realty

Corp.(ö)

115,452

3,738

EastGroup

Properties,

Inc.(ö)

33,887

3,541

Empire

State

Realty

Trust,

Inc.

Class

A(ö)

237,342

2,127

Equinix,

Inc.(Æ)(ö)

10,813

6,753

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

133,609

7,680

Equity

Residential(ö)

269,356

16,622

Essential

Properties

Realty

Trust,

Inc.(ö)

186,663

2,438

Essex

Property

Trust,

Inc.(ö)

49,292

10,856

Extra

Space

Storage,

Inc.(ö)

144,810

13,867

Gaming

and

Leisure

Properties,

Inc.(ö)

82,242

2,279

Healthcare

Trust

of

America,

Inc.

Class

A(ö)

119,718

2,907

Healthpeak

Properties,

Inc.(ö)

411,771

9,821

Highwoods

Properties,

Inc.(ö)

142,004

5,030

Hilton

Worldwide

Holdings,

Inc.

40,067

2,734

Host

Hotels

&

Resorts,

Inc.(ö)

273,214

3,016

Hyatt

Hotels

Corp.

Class

A(Ñ)

25,009

1,198

Invitation

Homes,

Inc.(ö)

499,579

10,676

Jones

Lang

LaSalle,

Inc.

19,023

1,921

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kilroy

Realty

Corp.(ö)

205,369

13,082

Kimco

Realty

Corp.(ö)

601,025

5,812

Life

Storage,

Inc.(Æ)(ö)

69,152

6,538

Medical

Properties

Trust,

Inc.(ö)

494,527

8,550

Mid-America

Apartment

Communities,

Inc.(ö)

73,803

7,604

Omega

Healthcare

Investors,

Inc.(ö)

47,763

1,268

Park

Hotels

&

Resorts,

Inc.(ö)

118,985

941

Prologis,

Inc.(ö)

461,750

37,110

Public

Storage(ö)

57,150

11,351

Realty

Income

Corp.(ö)

175,965

8,774

Regency

Centers

Corp.(ö)

118,052

4,537

Rexford

Industrial

Realty,

Inc.(ö)

147,688

6,057

Ryman

Hospitality

Properties,

Inc.(ö)

54,346

1,948

SBA

Communications

Corp.(ö)

4,464

1,205

Simon

Property

Group,

Inc.(ö)

85,777

4,706

STORE

Capital

Corp.(ö)

142,117

2,575

Sun

Communities,

Inc.(ö)

30,898

3,858

UDR,

Inc.(ö)

266,181

9,726

Ventas,

Inc.(ö)

157,146

4,212

VEREIT,

Inc.(ö)

722,844

3,535

VICI

Properties,

Inc.(Ñ)(ö)

311,913

5,190

Weingarten

Realty

Investors(ö)

65,332

943

Welltower,

Inc.(ö)

381,000

17,442

338,408

Total

Common

Stocks

(cost

$676,494)

633,722

Short-Term

Investments

-

8.8%

United

States

-

8.8%

U.S.

Cash

Management

Fund(@)

62,583,193

(∞)

62,564

Total

Short-Term

Investments

(cost

$62,581)

62,564

Other

Securities

-

4.9%

U.S.

Cash

Collateral

Fund(x)(@)

35,110,725

(∞)

35,111

Total

Other

Securities

(cost

$35,111)

35,111

Total

Investments

102.7%

(identified

cost

$774,186)

731,397

Other

Assets

and

Liabilities,

Net

-

(2.7%)

(19,109)

Net

Assets

-

100.0%

712,288

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

72

Global

Real

Estate

Securities

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)

$

0.9%

Entra

ASA

08/04/15

NOK

147,081

9.82

1,445

1,752

ESR

Cayman,

Ltd.

11/12/19

HKD

1,126,400

2.21

2,489

2,422

Instone

Real

Estate

Group

AG

03/28/19

EUR

65,506

23.02

1,508

1,046

Tritax

EuroBox

PLC

07/04/18

GBP

953,426

1.16

1,109

1,107

6,327

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

Dow

Jones

U.S.

Real

Estate

Index

Futures

1,301

USD

35,725

06/20

1,235

FTSE/EPRA

Europe

Index

Futures

574

EUR

10,366

06/20

546

Hang

Seng

Index

Futures

23

HKD

27,278

04/20

78

MSCI

Singapore

Index

Futures

100

SGD

2,814

04/20

(9)

S&P/TSX

60

Index

Futures

16

CAD

2,605

06/20

162

SPI

200

Index

Futures

26

AUD

3,321

06/20

104

TOPIX

Index

Futures

56

JPY

785,681

06/20

343

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

2,459

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Brown

Brothers

Harriman

USD

319

AUD

515

06/17/20

(2)

Brown

Brothers

Harriman

USD

251

CAD

350

06/17/20

(2)

Brown

Brothers

Harriman

USD

1,218

EUR

1,091

06/17/20

(12)

Brown

Brothers

Harriman

USD

72

HKD

560

04/02/20

—

Brown

Brothers

Harriman

USD

188

HKD

1,458

06/17/20

—

Brown

Brothers

Harriman

USD

1,383

JPY

149,468

04/02/20

7

Brown

Brothers

Harriman

USD

749

JPY

80,487

06/17/20

2

Brown

Brothers

Harriman

USD

280

SGD

398

06/17/20

1

Brown

Brothers

Harriman

AUD

2,459

USD

1,501

04/02/20

(11)

Brown

Brothers

Harriman

CHF

1,292

USD

1,338

04/02/20

(4)

Brown

Brothers

Harriman

GBP

248

USD

307

04/02/20

(1)

Brown

Brothers

Harriman

SGD

2,032

USD

1,425

04/02/20

(4)

Citigroup

USD

383

AUD

588

06/17/20

(21)

Citigroup

USD

363

CAD

499

06/17/20

(9)

Citigroup

USD

1,901

EUR

1,680

06/17/20

(42)

Citigroup

USD

339

HKD

2,630

06/17/20

1

Citigroup

USD

1,310

JPY

137,196

06/17/20

(30)

Citigroup

USD

365

SGD

509

06/17/20

(7)

Citigroup

CAD

888

USD

632

04/02/20

1

Royal

Bank

of

Canada

USD

383

AUD

588

06/17/20

(21)

Royal

Bank

of

Canada

USD

924

AUD

1,554

06/17/20

31

Royal

Bank

of

Canada

USD

363

CAD

499

06/17/20

(8)

Royal

Bank

of

Canada

USD

771

CAD

1,115

06/17/20

22

Royal

Bank

of

Canada

USD

1,913

EUR

1,680

06/17/20

(54)

Royal

Bank

of

Canada

USD

6,180

EUR

5,710

06/17/20

135

Royal

Bank

of

Canada

USD

339

HKD

2,630

06/17/20

1

Royal

Bank

of

Canada

USD

2,378

HKD

18,455

06/17/20

1

Royal

Bank

of

Canada

USD

1,317

JPY

137,196

06/17/20

(37)

Royal

Bank

of

Canada

USD

3,322

JPY

367,674

06/17/20

109

Royal

Bank

of

Canada

USD

366

SGD

509

06/17/20

(8)

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Real

Estate

Securities

Fund

73

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Royal

Bank

of

Canada

USD

1,048

SGD

1,515

06/17/20

19

Royal

Bank

of

Canada

AUD

416

USD

242

06/17/20

(14)

Royal

Bank

of

Canada

CAD

449

USD

312

06/17/20

(7)

Royal

Bank

of

Canada

EUR

1,659

USD

1,774

06/17/20

(61)

Royal

Bank

of

Canada

HKD

1,143

USD

147

06/17/20

—

Royal

Bank

of

Canada

JPY

59,329

USD

536

06/17/20

(18)

Royal

Bank

of

Canada

SGD

491

USD

338

06/17/20

(8)

Standard

Chartered

USD

384

AUD

588

06/17/20

(22)

Standard

Chartered

USD

363

CAD

499

06/17/20

(8)

Standard

Chartered

USD

1,911

EUR

1,680

06/17/20

(53)

Standard

Chartered

USD

339

HKD

2,630

06/17/20

1

Standard

Chartered

USD

1,315

JPY

137,196

06/17/20

(35)

Standard

Chartered

USD

366

SGD

509

06/17/20

(8)

State

Street

USD

1,197

EUR

1,087

04/02/20

2

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(174)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

Common

Stocks

Australia

$

—

$

18,181

$

—

$

—

$

18,181

Austria

—

1,558

—

—

1,558

Belgium

—

6,760

—

—

6,760

Canada

15,491

—

—

—

15,491

China

1,883

3,043

—

—

4,926

France

—

9,521

—

—

9,521

Germany

—

37,474

—

—

37,474

Hong

Kong

—

46,121

—

—

46,121

Japan

—

79,145

—

—

79,145

Netherlands

—

691

—

—

691

Norway

—

1,752

—

—

1,752

Singapore

—

22,313

—

—

22,313

Spain

—

1,625

—

—

1,625

Sweden

—

12,531

—

—

12,531

Switzerland

1,210

2,367

—

—

3,577

United

Kingdom

—

33,648

—

—

33,648

United

States

338,408

—

—

—

338,408

Short-Term

Investments

—

—

—

62,564

62,564

Other

Securities

—

—

—

35,111

35,111

Total

Investments

356,992

276,730

—

97,675

731,397

Other

Financial

Instruments

Assets

Futures

Contracts

2,468

—

—

—

2,468

Foreign

Currency

Exchange

Contracts

10

32

3

—

—

33

3

Liabilities

Futures

Contracts

(9)

—

—

—

(9)

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

March

31,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

74

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

Foreign

Currency

Exchange

Contracts

(20)

(48

7

)

—

—

(50

7

)

Total

Other

Financial

Instruments

*

$

2,449

$

(164)

$

—

$

—

$

2,285

*

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

March

31,

2020,

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

March

31,

2020,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Property

Sector

Exposure

Fair

Value

$

Diversified

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

249,092

Healthcare

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

48,631

Industrial

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

63,617

Internet

Services

&

Infrastructure

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

1,883

Lodging/Resorts

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

14,954

Manufactured

Homes

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

11,538

Office

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

64,293

Regional

Malls

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

4,830

Residential

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

106,187

Self-Storage

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

35,038

Shopping

Centers

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

33,659

Short-Term

Investments

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

62,564

Other

Securities

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

35,111

Total

Investments

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

731,397

Russell

Investment

Funds

Notes

to

Schedules

of

Investments

—

March

31,

2020

(Unaudited)

Notes

to

Schedules

of

Investments

75

Footnotes:

Abbreviations:

(Æ)

Nonincome-producing

security.

(Ï)

Forward

commitment.

(Ê)

Variable,

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

in

thousands

.

(

@)

Affiliate

.

(

Ÿ)

Rate

noted

is

dividend

yield

at

period

end

.

(

¢)

Date

shown

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

—

March

31,

2020

(Unaudited)

76

Notes

to

Schedules

of

Investments

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

—

March

31,

2020

(Unaudited)

Notes

to

Quarterly

Report

77

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.

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.

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.

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2020

(Unaudited)

78

Notes

to

Quarterly

Report

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

valued

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

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

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2020

(Unaudited)

Notes

to

Quarterly

Report

79

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,

a

public

health

emergency

affecting

one

or

more

countries

in

the

global

economy

(including

an

emergency

which

results

in

the

closure

of

financial

markets)

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.

There

were

no

transfers

between

Levels

1,

2

and

3

for

the

period

ended

March

31,

2020.

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

inputs

used

in

fair

value

measurement

of

certain

of

the

Funds'

private

equity

securities

include

market

data

of

comparable

public

companies,

discount

rates,

EBITDA

multiples,

and

future

projected

cash

flows

for

the

portfolio

company.

These

inputs

are

utilized

in

valuation

models

that

are

based

on

market

analysis

and

discounted

cash

flow

methodologies.

Significant

increases

or

decreases

in

the

unobservable

inputs

would

have

a

direct

and

proportional

impact

to

fair

value.

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

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2020

(Unaudited)

80

Notes

to

Quarterly

Report

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.

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

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2020

(Unaudited)

Notes

to

Quarterly

Report

81

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

November

2019,

the

Securities

and

Exchange

Commission

("SEC")

proposed

new

regulations

applicable

to

a

mutual

fund's

use

of

derivatives.

If

adopted

as

proposed,

these

regulations

could

potentially

limit

or

impact

a

Fund's

ability

to

invest

in

derivatives

and

negatively

affect

the

Fund's

performance

and

ability

to

pursue

its

stated

investment

objective.

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

March

31,

2020,

the

following

Funds

entered

into

foreign

currency

exchange

contracts

primarily

for

the

strategies

listed

below:

The

Funds'

period

end

foreign

currency

exchange

contracts,

as

presented

in

the

table

following

the

Schedule

of

Investments,

generally

are

indicative

of

the

volume

of

their

derivative

activity

during

the

period

ended

March

31,

2020.

As

of

March

31,

2020,

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.

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

Cash

Collateral

for

Forwards

Due

to

Broker

Strategic

Bond

Fund

$

1,400,000

$

60,000

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2020

(Unaudited)

82

Notes

to

Quarterly

Report

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

March

31,

2020,

the

following

Funds

purchased

or

sold

options

primarily

for

the

strategies

listed

below:

The

Funds'

period

end

options

contracts,

as

presented

in

the

table

following

the

Schedule

of

Investments,

generally

are

indicative

of

the

volume

of

their

derivative

activity

during

the

period

ended

March

31,

2020.

As

of

March

31,

2020,

the

Funds

had

no

cash

collateral

balances

in

connection

with

options

contracts

purchased/sold.

Futures

Contracts

The

Funds

may

invest

in

futures

contracts

(i.e.,

interest

rate,

foreign

currency

and

index

futures

contracts).

The

face

or

contract

value

of

these

instruments

reflect

the

extent

of

the

Funds’

exposure

to

off

balance

sheet

risk.

The

primary

risks

associated

with

the

use

of

futures

contracts

are

an

imperfect

correlation

between

the

change

in

fair

value

of

the

securities

held

by

the

Funds

and

the

prices

of

futures

contracts,

and

the

possibility

of

an

illiquid

market.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

with

a

broker

an

amount,

termed

the

initial

margin,

which

typically

represents

5%

to

10%

of

the

purchase

price

indicated

in

the

futures

contract.

Payments

to

and

from

the

broker,

known

as

variation

margin,

are

typically

required

to

be

made

on

a

daily

basis

as

the

price

of

the

futures

contract

fluctuates.

Changes

in

initial

settlement

value

are

accounted

for

as

unrealized

appreciation

(depreciation)

until

the

contracts

are

terminated,

at

which

time

realized

gains

and

losses

are

recognized.

For

the

period

ended

March

31,

2020,

the

following

Funds

entered

into

futures

contracts

primarily

for

the

strategies

listed

below:

The

Funds'

period

end

futures

contracts,

as

presented

in

the

table

following

the

Schedule

of

Investments,

generally

are

indicative

of

the

volume

of

their

derivative

activity

during

the

period

ended

March

31,

2020.

As

of

March

31,

2020,

the

Funds

had

cash

collateral

balances

in

connection

with

futures

contracts

purchased

/sold

as

follows:

Funds

Strategies

Strategic

Bond

Fund

Return

enhancement

and

hedging

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

Cash

Collateral

for

Futures

Due

to

Broker

U.S.

Strategic

Equity

Fund

$

3,904,613

$

4,475,703

U.S.

Small

Cap

Equity

Fund

$

619,173

$

—

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2020

(Unaudited)

Notes

to

Quarterly

Report

83

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

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

March

31,

2010,

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

Cash

Collateral

for

Futures

Due

to

Broker

International

Developed

Markets

Fund

$

408,105

$

—

Strategic

Bond

Fund

$

9,472,491

$

—

Global

Real

Estate

Securities

Fund

$

4,472,360

$

—

Cash

Collateral

for

Swaps

Due

to

Broker

Strategic

Bond

Fund

$

14,810,764

$

100,000

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2020

(Unaudited)

84

Notes

to

Quarterly

Report

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

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

March

31,

2020,

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

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2020

(Unaudited)

Notes

to

Quarterly

Report

85

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

March

31,

2020,

the

Strategic

Bond

Fund

entered

into

credit

default

swaps

primarily

for

the

strategies

listed

below:

The

Funds'

period

end

credit

default

swap

contracts,

as

presented

in

the

table

following

the

Schedule

of

Investments,

generally

are

indicative

of

the

volume

of

their

derivative

activity

during

the

period

ended

March

31,

2020.

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

March

31,

2020,

the

Strategic

Bond

Fund

entered

into

interest

rate

swaps

primarily

for

the

strategies

listed

below:

The

Funds'

period

end

interest

rate

swap

contracts,

as

presented

in

the

table

following

the

Schedule

of

Investments,

generally

are

indicative

of

the

volume

of

their

derivative

activity

during

the

period

ended

March

31,

2020.

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

March

31,

2020,

the

Strategic

Bond

Fund

entered

into

total

return

swaps

primarily

for

the

strategies

listed

below.

Funds

Strategies

Strategic

Bond

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Funds

Strategies

Strategic

Bond

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2020

(Unaudited)

86

Notes

to

Quarterly

Report

The

Funds'

period

end

total

return

swap

contracts,

as

presented

in

the

table

following

the

Schedule

of

Investments,

generally

are

indicative

of

the

volume

of

their

derivative

activity

during

the

period

ended

March

31,

2020.

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

March

31,

2020,

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

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.

As

of

March

31,

2020,

the

Strategic

Bond

Fund

had

no

unfunded

loan

commitments.

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

Funds

Strategies

Strategic

Bond

Fund

Exposing

cash

to

markets

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2020

(Unaudited)

Notes

to

Quarterly

Report

87

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.

A

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.

A

Fund

will

realize

a

gain

if

the

security

declines

in

price

between

those

dates.

Short

sales

expose

a

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

a

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

borrowed

security.

When

a

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.

The

U.S.

Small

Cap

Equity

Fund

currently

engages

in

short

sale

transactions

that

are

effected

through

State

Street

but

reserves

the

right

to

engage

in

short

sale

transactions

through

one

or

more

other

counterparties.

For

short

sale

transactions

effected

through

State

Street,

the

Fund

typically

expects

to

collateralize

short

sale

transactions

through

the

Fund’s

reciprocal

lending

activity

with

State

Street

(i.e.,

short

sale

transactions

are

collateralized

by

securities

loaned

to

State

Street

for

purposes

of

securities

lending

activities).

The

Fund

may

also

deliver

cash

to

State

Street

for

purposes

of

collateralizing

its

short

sales

transactions

or

“memo

pledge”

securities

as

collateral,

whereby

assets

are

designated

as

collateral

by

State

Street

on

State

Street’s

books

but

remain

in

the

Fund’s

custody

account.

Similar

to

the

risks

generally

applicable

to

securities

lending

arrangements,

participation

in

the

reciprocal

lending

program

subjects

the

Fund

to

the

risk

that

State

Street

could

fail

to

return

a

security

lent

to

it

by

the

Fund,

or

fail

to

return

the

Fund’s

cash

collateral,

a

risk

which

would

increase

with

any

decline

in

State

Street’s

credit

profile.

However,

the

impact

of

State

Street’s

failure

to

return

a

security

lent

to

it

by

the

Fund,

or

failure

to

return

the

Fund’s

cash

collateral,

would

be

mitigated

by

the

Fund’s

right

under

such

circumstances

to

decline

to

return

the

securities

the

Fund

initially

borrowed

from

State

Street

with

respect

to

its

short

sale

transactions.

This

risk

may

be

heightened

during

periods

of

market

stress

and

volatility,

particularly

if

the

type

of

collateral

provided

is

different

than

the

type

of

security

borrowed

(e.g.,

cash

is

provided

as

collateral

for

a

loan

of

an

equity

security).

To

the

extent

necessary

to

meet

collateral

requirements

associated

with

a

short

sale

transaction

involving

a

counterparty

other

than

State

Street,

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

may

also

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

positions

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).

These

requirements

may

result

in

the

Fund

being

unable

to

purchase

or

sell

securities

or

instruments

when

it

would

otherwise

be

favorable

to

do

so,

or

in

the

Fund

needing

to

sell

holdings

at

a

disadvantageous

time

to

satisfy

its

obligations

or

to

meet

segregation

requirements.

If

the

Fund’s

prime

broker

fails

to

make

or

take

delivery

of

a

security

as

part

of

a

short

sale

transaction,

or

fails

to

make

a

cash

settlement

payment,

the

settlement

of

the

transaction

may

be

delayed

and

the

Fund

may

lose

money.

As

of

March

31,

2020,

the

market

value

of

securities

on

loan

through

the

reciprocal

lending

program

for

U.S.

Small

Cap

Equity

Fund

was

$5,363,984.

As

of

March

31,

2020,

the

U.S.

Small

Cap

Equity

Fund

held

$8,430,426

as

collateral

for

short

sales.

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2020

(Unaudited)

88

Notes

to

Quarterly

Report

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

March

31,

2020,

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.

Emerging

Markets

Securities

Certain

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.

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

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2020

(Unaudited)

Notes

to

Quarterly

Report

89

(“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,

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

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2020

(Unaudited)

90

Notes

to

Quarterly

Report

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

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

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2020

(Unaudited)

Notes

to

Quarterly

Report

91

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

March

31,

2020,

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.

LIBOR

The

Funds

may

invest

in

certain

instruments

including,

but

not

limited

to,

repurchase

agreements,

collateralized

loan

obligations

and

mortgage-backed

securities,

that

rely

in

some

fashion

upon

LIBOR.

LIBOR

is

an

average

interest

rate,

determined

by

the

ICE

Benchmark

Administration,

that

banks

charge

one

another

for

the

use

of

short-term

money.

The

United

Kingdom’s

Financial

Conduct

Authority,

which

regulates

LIBOR,

has

announced

plans

to

phase

out

the

use

of

LIBOR

by

the

end

of

2021.

There

remains

uncertainty

regarding

the

future

utilization

of

LIBOR

and

the

nature

of

any

replacement

rate

(e.g.,

the

Secured

Overnight

Financing

Rate,

which

is

intended

to

replace

U.S.

dollar

LIBOR

and

measures

the

cost

of

overnight

borrowings

through

repurchase

agreement

transactions

collateralized

with

U.S.

Treasury

securities).

Any

potential

effects

of

the

transition

away

from

LIBOR

on

the

Funds

or

on

certain

instruments

in

which

a

Fund

invests

can

be

difficult

to

ascertain,

and

they

may

vary

depending

on

factors

that

include,

but

are

not

limited

to:

(i)

existing

fallback

or

termination

provisions

in

individual

contracts

and

(ii)

whether,

how,

and

when

industry

participants

develop

and

adopt

new

reference

rates

and

fallbacks

for

both

legacy

and

new

products

and

instruments.

For

example,

certain

of

the

Fund’s

investments

may

involve

individual

contracts

that

have

no

existing

fallback

provision

or

language

that

contemplates

the

discontinuation

of

LIBOR,

and

those

investments

could

experience

increased

volatility

or

illiquidity

as

a

result

of

the

transition

process.

In

addition,

interest

rate

provisions

included

in

such

contracts

may

need

to

be

renegotiated

in

contemplation

of

the

transition

away

from

LIBOR.

The

transition

may

also

result

in

a

reduction

in

the

value

of

certain

instruments

held

by

a

Fund,

including

those

described

in

this

paragraph,

or

a

reduction

in

the

effectiveness

of

related

Fund

transactions

such

as

hedges.

Any

such

effects

of

the

transition

away

from

LIBOR,

as

well

as

other

unforeseen

effects,

could

result

in

losses

to

a

Fund.

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

due

to

international

trade

disputes)

and

events

(including

natural

disasters,

pandemics,

epidemics,

social

unrest

and

government

shutdowns)

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.

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2020

(Unaudited)

92

Notes

to

Quarterly

Report

Related

Party

Transactions

RIM

provides

or

oversees

the

provision

of

all

investment

advisory

and

portfolio

management

services

for

the

Funds.

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

March

31,

2020,

the

Funds

had

invested

$210,803,522

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

$50,811,684

is

invested

in

the

U.S.

Cash

Collateral

Fund,

an

unregistered

fund

advised

by

RIM.

Federal

Income

Taxes

At

March

31,

2020,

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

or

as

an

illiquid

and

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

March

31,

2020,

there

were

no

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

April

1,

2020

the

Board

declared

dividends

payable

from

net

investment

income.

Dividends

were

paid

on

April

3,

2020,

to

shareholders

of

record

effective

with

the

opening

of

business

on

April

2,

2020.

U.S.

Strategic

Equity

Fund

U.S.

Small

Cap

Equity

Fund

International

Developed

Markets

Fund

Cost

of

Investments

$

4

22,408,040

$

201,237,481

$

365,357,392

Unrealized

Appreciation

$

34,923,278

$

11,994,395

$

12,853,686

Unrealized

Depreciation

(57,603,271

)

(54,115,820)

(99,620,225)

Net

Unrealized

Appreciation

(Depreciation)

$

(22,679,993)

$

(42,121,425)

$

(86,766,539)

Strategic

Bond

Fund

Global

Real

Estate

Securities

Fund

Cost

of

Investments

$

882,696,307

$

823,636,396

Unrealized

Appreciation

$

75,173,571

$

114,264,889

Unrealized

Depreciation

(88,553,538)

(204,208,311)

Net

Unrealized

Appreciation

(Depreciation)

$

(13,379,967)

$

(89,943,422)

Russell

Investment

Funds

1301

Second

Avenue

Seattle,

Washington

98101

800-787-7354

Fax:

206-505-3495