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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Nasdaq Nordic</name>
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      <invstOrSec>
        <name>Citibank, National Association</name>
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      <invstOrSec>
        <name>Commodity Strategies Fund</name>
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      <invstOrSec>
        <name>ICE Futures U.S., Inc.</name>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
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            <payOffProf>Long</payOffProf>
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      <invstOrSec>
        <name>Unconstrained Total Return Fund</name>
        <lei>549300XXLJ6MGU95XN21</lei>
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        <cusip>78250F679</cusip>
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          <isin value="US78250F6795"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>PURCHASED CAD / SOLD USD</title>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>PURCHASED ZAR / SOLD USD</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Trade Identifier" value="20FHKBB7TPV"/>
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        <assetCat>DFE</assetCat>
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      <invstOrSec>
        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>PURCHASED USD / SOLD EUR</title>
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          <other otherDesc="Trade Identifier" value="20FHKBB7TNH"/>
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      <invstOrSec>
        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>PURCHASED USD / SOLD EUR</title>
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        <name>State Street Bank and Trust Company</name>
        <lei>571474TGEMMWANRLN572</lei>
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        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
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        <name>Citibank, National Association</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
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        <name>ASX Clear (Futures)</name>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <payOffProf>Long</payOffProf>
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            <expDate>2020-09-17</expDate>
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        <securityLending>
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        <name>Royal Bank of Canada</name>
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        <name>Royal Bank of Canada</name>
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        <name>State Street Bank and Trust Company</name>
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        <name>Citibank, National Association</name>
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        <name>Royal Bank of Canada</name>
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        <name>Chicago Mercantile Exchange</name>
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        <name>Chicago Mercantile Exchange</name>
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        <name>ICE Futures U.S., Inc.</name>
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        <name>Royal Bank of Canada</name>
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        <name>Citibank, National Association</name>
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        <name>Citibank, National Association</name>
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        <name>Royal Bank of Canada</name>
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        <name>Royal Bank of Canada</name>
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        <name>Chicago Board of Trade</name>
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        <name>Citibank, National Association</name>
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        <name>Citibank, National Association</name>
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        </identifiers>
        <balance>83438.33100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1037972.84000000</valUSD>
        <pctVal>2.641767867798</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Meff Financial Derivatives</name>
        <lei>N/A</lei>
        <title>IBEX 35 INDX FUTR JUL20 XMRV 20200717</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="ADI1M6Q70"/>
        </identifiers>
        <balance>3.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89007600"/>
        <valUSD>-6100.73000000</valUSD>
        <pctVal>-0.01552710423</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Meff Financial Derivatives</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>IBEX 35 Index</indexName>
                <indexIdentifier>IBN0 Index</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2020-07-17</expDate>
            <notionalAmt>221724.11000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-6100.73000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Global Equity Fund</name>
        <lei>VTHOU527SFHXM6LQY641</lei>
        <title>Global Equity Fund</title>
        <cusip>782494447</cusip>
        <identifiers>
          <isin value="US7824944471"/>
        </identifiers>
        <balance>871788.00400000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7384044.39000000</valUSD>
        <pctVal>18.79329636784</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>PURCHASED USD / SOLD SEK</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Trade Identifier" value="20FHKBB7TP3"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="SEK" exchangeRt="9.31820000"/>
        <valUSD>487.55000000</valUSD>
        <pctVal>0.001240874398</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Royal Bank of Canada</counterpartyName>
              <counterpartyLei>ES7IP3U3RHIGC71XBU11</counterpartyLei>
            </counterparties>
            <amtCurSold>374500.00000000</amtCurSold>
            <curSold>SEK</curSold>
            <amtCurPur>40714.90000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2020-09-16</settlementDt>
            <unrealizedAppr>487.55000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Emerging Markets Fund</name>
        <lei>TUWQFBBWGP866F5SFO52</lei>
        <title>Emerging Markets Fund</title>
        <cusip>782494439</cusip>
        <identifiers>
          <isin value="US7824944398"/>
        </identifiers>
        <balance>169447.01900000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2834848.63000000</valUSD>
        <pctVal>7.215036590750</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The calculation of portfolio-level risk metrics does not look through to the holdings of underlying fixed income funds." noteItem="B.3.c"/>
      <explntrNote note="The calculation of portfolio-level risk metrics does not look through to the holdings of underlying fixed income funds." noteItem="B.3.a"/>
      <explntrNote note="The calculation of portfolio-level risk metrics does not look through to the holdings of underlying fixed income funds." noteItem="B.3.b"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-07-17</ncom:dateSigned>
      <ncom:nameOfApplicant>RUSSELL INVESTMENT FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Mark Swanson</ncom:signature>
      <ncom:signerName>Mark Swanson</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
