Russell Investment Funds N-CSRS Certified semi-annual shareholder report (management investment company)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-0

5371

Russell Investment Funds

(Exact name of registrant as specified in charter)

1301 2nd Avenue 18^th Floor, Seattle Washington 98101
(Address of principal executive offices) (Zip code)

Mary Beth R. Albaneze, Secretary and Chief Legal Officer

Russell Investment Funds

1301 2nd Avenue

18^th Floor

Seattle, Washington 98101

206-505-4846

______________________________________________

(Name and address of agent for service)

Registrant's telephone number, including area code: 800-787-7354

Date of fiscal year end:           December 31

Date of reporting period:        January 1, 2020 to June 30, 2020

Item 1. Reports to Stockholders

2020

SEMI-ANNUAL

REPORT

Russell

Investment

Funds

JUNE

30,

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

Beginning

January

1,

2021,

as

permitted

by

regulations

adopted

by

the

Securities

and

Exchange

Commission,

paper

copies

of

the

Funds’

annual

and

semi-annual

shareholder

reports

like

this

one

will

no

longer

be

sent

by

mail,

unless

you

specifically

request

paper

copies

of

the

reports

from

your

financial

professional

or

variable

annuity

provider.

Instead,

the

reports

will

be

made

available

on

a

website,

and

you

will

be

notified

by

mail

each

time

a

report

is

posted

and

provided

with

a

website

link

to

access

the

report.

If

you

already

elected

to

receive

shareholder

reports

electronically,

you

will

not

be

affected

by

this

change

and

you

need

not

take

any

action.

If

supported

by

your

financial

professional

or

variable

annuity

provider,

you

may

elect

to

receive

shareholder

reports

and

other

Fund

communications

electronically.

Please

contact

your

financial

professional

or

variable

annuity

provider

for

more

information.

You

may

elect

to

receive

all

future

shareholder

reports

in

paper

free

of

charge.

Please

contact

your

financial

professional

or

variable

annuity

provider

to

inform

them

that

you

wish

to

continue

receiving

paper

copies

of

your

shareholder

reports.

Your

election

to

receive

reports

in

paper

will

apply

to

all

Russell

Investment

Funds

and

other

funds

you

hold

with

your

financial

professional

or

variable

annuity

provider.

Russell

Investment

Funds

Russell

Investment

Funds

is

a

series

investment

company

with

nine

different

investment

portfolios

referred

to

as

Funds.

These

financial

statements

report

on

five

of

these

Funds.

Page

U.S.

Strategic

Equity

Fund

3

U.S.

Small

Cap

Equity

Fund

21

International

Developed

Markets

Fund

45

Strategic

Bond

Fund

69

Global

Real

Estate

Securities

Fund

125

Notes

to

Schedules

of

Investments

141

Notes

to

Financial

Highlights

143

Notes

to

Financial

Statements

144

Affiliated

Brokerage

Transactions

164

Basis

for

Approval

of

Investment

Advisory

Agreement

165

Liquidity

Risk

Management

Program

175

Shareholder

Requests

for

Additional

Information

176

Disclosure

of

Information

about

Fund

Trustees

and

Officers

177

Adviser,

Money

Managers

and

Service

Providers

181

Russell

Investment

Funds

Semi-annual

Report

June

30,

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.

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

and

part

of

Russell

Investments.

Performance

quoted

represents

past

performance

and

does

not

guarantee

future

results.

The

investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Shareholder

Expense

Example

—

June

30,

2020

(Unaudited)

U.S.

Strategic

Equity

Fund

3

Fund

Expenses

The

following

disclosure

provides

important

information

regarding

the

Fund’s

Shareholder

Expense

Example

(“Example”).

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

advisory

and

administrative

fees

and

other

Fund

expenses.

The

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

indicated,

which

for

this

Fund

is

from

January

1,

2020

to

June

30,

2020

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

January

1,

2020

$

1,000

.00

$

1,000

.00

Ending

Account

Value

June

30,

2020

$

986

.90

$

1,020

.64

Expenses

Paid

During

Period*

$

4

.20

$

4

.27

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

0.85%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period).

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

4

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

93.8%

Consumer

Discretionary

-

15.3%

Advance

Auto

Parts,

Inc.

2,043

291

Amazon.com,

Inc.(Æ)

6,489

17,903

Amerco

,

Inc.

627

189

AutoNation,

Inc.(Æ)

4,144

156

Best

Buy

Co.,

Inc.

5,999

524

BorgWarner,

Inc.

8,159

288

Bright

Horizons

Family

Solutions,

Inc.(Æ)

2,077

243

Brunswick

Corp.

2,105

135

Capri

Holdings,

Ltd.(Æ)

5,875

92

Carnival

Corp.(Ñ)

3,338

55

Carter's,

Inc.

1,611

130

Charter

Communications,

Inc.

Class

A(Æ)

14,965

7,633

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

116

122

Choice

Hotels

International,

Inc.

3,980

314

Columbia

Sportswear

Co.

1,096

88

Comcast

Corp.

Class

A

34,210

1,334

Costco

Wholesale

Corp.

2,363

716

Darden

Restaurants,

Inc.

21,159

1,603

Dick's

Sporting

Goods,

Inc.

6,312

260

Discovery,

Inc.

Class

A(Æ)(Ñ)

3,691

78

Dollar

General

Corp.

3,100

591

DR

Horton,

Inc.

24,291

1,347

eBay,

Inc.

9,193

482

Expedia

Group,

Inc.

1,917

158

Extended

Stay

America,

Inc.

10,010

112

Floor

&

Decor

Holdings,

Inc.

Class

A(Æ)

2,227

128

Foot

Locker,

Inc.

7,438

217

Ford

Motor

Co.

55,821

339

Gap,

Inc.

(The)

18,045

228

Garmin,

Ltd.

3,337

325

General

Motors

Co.

111,961

2,833

Gentex

Corp.

24,202

624

Genuine

Parts

Co.

3,441

299

Goodyear

Tire

&

Rubber

Co.

(The)

16,183

145

Graham

Holdings

Co.

Class

B

356

122

Grand

Canyon

Education,

Inc.(Æ)

1,590

144

Hanesbrands,

Inc.

12,187

138

Home

Depot,

Inc.

(The)

5,502

1,378

Kohl's

Corp.

10,918

227

Lear

Corp.

1,218

133

Leggett

&

Platt,

Inc.

4,651

163

Lennar

Corp.

Class

A

7,013

432

Lennar

Corp.

Class

B

2,463

114

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Liberty

SiriusXM

Group

Class

C(Æ)

6,835

235

LKQ

Corp.(Æ)

14,272

374

Lowe's

Cos.,

Inc.

1,797

243

Lululemon

Athletica

,

Inc.(Æ)

1,582

494

Macy's,

Inc.(Ñ)

25,091

173

McDonald's

Corp.

2,773

512

Mohawk

Industries,

Inc.(Æ)

2,644

269

Netflix,

Inc.(Æ)

13,569

6,174

Nike,

Inc.

Class

B

66,757

6,546

Nordstrom,

Inc.(Ñ)

10,259

159

Norwegian

Cruise

Line

Holdings,

Ltd.(Æ)(Ñ)

7,320

120

NVR,

Inc.(Æ)

70

228

Ollie's

Bargain

Outlet

Holdings,

Inc.(Æ)

2,419

236

Omnicom

Group,

Inc.

3,467

189

O'Reilly

Automotive,

Inc.(Æ)

525

221

Penske

Automotive

Group,

Inc.

3,280

127

Polaris,

Inc.

3,134

290

PulteGroup,

Inc.

50,865

1,731

PVH

Corp.

4,338

208

Ralph

Lauren

Corp.

Class

A

2,230

162

Ross

Stores,

Inc.

4,099

349

Royal

Caribbean

Cruises,

Ltd.(Ñ)

2,807

141

Sensata

Technologies

Holding

PLC(Æ)

5,004

186

Skechers

USA,

Inc.

Class

A(Æ)

6,643

208

Starbucks

Corp.

59,551

4,382

Tapestry,

Inc.

12,285

163

Target

Corp.

5,422

650

Thor

Industries,

Inc.

2,247

239

Tiffany

&

Co.

1,277

156

TJX

Cos.,

Inc.

5,401

273

Tractor

Supply

Co.

2,270

299

Ulta

Salon

Cosmetics

&

Fragrance,

Inc.(Æ)

3,515

715

Under

Armour

,

Inc.

Class

A(Æ)

7,984

78

Urban

Outfitters,

Inc.(Æ)

7,043

107

VF

Corp.

2,803

171

ViacomCBS

,

Inc.

Class

B

10,067

235

Walmart,

Inc.

8,705

1,043

Walt

Disney

Co.

(The)

7,265

810

Whirlpool

Corp.(Ñ)

1,874

243

Williams-Sonoma,

Inc.

4,349

357

Yum

China

Holdings,

Inc.

3,171

152

72,481

Consumer

Staples

-

3.9%

Archer-Daniels-Midland

Co.

8,634

344

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

5

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Casey's

General

Stores,

Inc.

582

87

Clorox

Co.

(The)

446

98

Coca-Cola

Co.

(The)

20,059

896

CVS

Health

Corp.

48,541

3,154

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

1,424

269

General

Mills,

Inc.

2,979

184

Hormel

Foods

Corp.

1,723

83

Ingredion,

Inc.

23,722

1,969

JM

Smucker

Co.

(The)(Ñ)

3,096

328

Kroger

Co.

(The)

79,442

2,689

Molson

Coors

Beverage

Co.

Class

B

46,711

1,605

Mondelez

International,

Inc.

Class

A

8,443

432

Monster

Beverage

Corp.(Æ)

2,598

180

PepsiCo,

Inc.

7,645

1,011

Philip

Morris

International,

Inc.

5,193

364

Procter

&

Gamble

Co.

(The)

15,970

1,910

Sysco

Corp.

1,609

88

Tyson

Foods,

Inc.

Class

A

42,746

2,552

US

Foods

Holding

Corp.(Æ)

5,544

109

Walgreens

Boots

Alliance,

Inc.

7,886

334

18,686

Energy

-

1.4%

BP

PLC

-

ADR(Ñ)

80,570

1,880

Canadian

Natural

Resources,

Ltd.

78,011

1,360

Chevron

Corp.

18,111

1,616

ConocoPhillips

13,264

557

Exxon

Mobil

Corp.

6,152

275

Magna

International,

Inc.

Class

A

16,472

733

6,421

Financial

Services

-

17.9%

Aflac,

Inc.

9,823

354

Alliance

Data

Systems

Corp.

2,771

125

Allstate

Corp.

(The)

4,650

451

American

Express

Co.

1,079

103

American

Homes

4

Rent

Class

A(ö)

3,460

93

American

Tower

Corp.(ö)

2,084

539

Annaly

Capital

Management,

Inc.(ö)

375,770

2,465

Apple

Hospitality

REIT,

Inc.(ö)

19,915

192

AvalonBay

Communities,

Inc.(ö)

1,131

175

Banco

Santander

SA

-

ADR(Ñ)

306,041

738

Bank

of

America

Corp.

128,583

3,054

Bank

of

New

York

Mellon

Corp.

(The)

5,310

205

Berkshire

Hathaway,

Inc.

Class

B(Æ)

21,745

3,882

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

BlackRock,

Inc.

Class

A

1,517

825

Boston

Properties,

Inc.

(ö)

10,423

942

Broadridge

Financial

Solutions,

Inc.

2,086

263

Brookfield

Property

REIT,

Inc.

Class

A(Ñ)(ö)

12,292

122

Capital

One

Financial

Corp.

2,570

161

Cboe

Global

Markets,

Inc.

503

47

CBRE

Group,

Inc.

Class

A(Æ)

6,371

288

Charles

Schwab

Corp.

(The)

23,971

809

Chubb,

Ltd.

3,410

432

Citigroup,

Inc.

104,820

5,356

Citizens

Financial

Group,

Inc.

62,108

1,568

CME

Group,

Inc.

Class

A

30,755

4,999

Comerica,

Inc.

36,063

1,374

Crown

Castle

International

Corp.(ö)

1,803

302

CubeSmart

(ö)

3,992

108

Discover

Financial

Services

2,083

104

Equinix

,

Inc.(ö)

331

232

Essent

Group,

Ltd.

24,126

875

Essex

Property

Trust,

Inc.(ö)

452

104

Everest

Re

Group,

Ltd.

130

27

Fidelity

National

Information

Services,

Inc.

4,609

618

Fiserv,

Inc.(Æ)

2,540

248

FleetCor

Technologies,

Inc.(Æ)

1,063

267

Global

Payments,

Inc.

3,663

621

Goldman

Sachs

Group,

Inc.

(The)

378

75

Hartford

Financial

Services

Group,

Inc.

3,157

122

Host

Hotels

&

Resorts,

Inc.(ö)

9,213

99

Invitation

Homes,

Inc.(ö)

4,938

136

Jack

Henry

&

Associates,

Inc.

2,410

444

JPMorgan

Chase

&

Co.

42,710

4,017

KeyCorp

919

11

KKR

&

Co.,

Inc.

Class

A

222,468

6,870

Life

Storage,

Inc.(ö)

727

69

M&T

Bank

Corp.

1,944

202

MasterCard,

Inc.

Class

A

32,913

9,732

Medical

Properties

Trust,

Inc.(ö)

3,345

63

Merck

&

Co.,

Inc.

14,451

1,117

MetLife,

Inc.

4,703

172

Morgan

Stanley

1,705

82

Northern

Trust

Corp.

3,311

263

PayPal

Holdings,

Inc.(Æ)

51,397

8,955

People's

United

Financial,

Inc.

3,680

43

PNC

Financial

Services

Group,

Inc.

(The)

2,876

303

Popular,

Inc.

12,027

447

Progressive

Corp.

(The)

1,337

107

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

6

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Prudential

Financial,

Inc.

2,506

153

Public

Storage(ö)

963

185

Raymond

James

Financial,

Inc.

1,839

127

Regency

Centers

Corp.(ö)

1,726

79

Reinsurance

Group

of

America,

Inc.

Class

A

1,509

118

RenaissanceRe

Holdings,

Ltd.

5

1

SLM

Corp.

101,178

711

State

Street

Corp.

2,147

136

Sun

Communities,

Inc.(ö)

628

85

Synchrony

Financial

8,472

188

Travelers

Cos.,

Inc.

(The)

3,142

358

Truist

Financial

Corp.

8,337

313

Two

Harbors

Investment

Corp.(Ñ)(ö)

225,378

1,136

US

Bancorp

8,817

325

VEREIT,

Inc.(ö)

11,367

73

Visa,

Inc.

Class

A

59,665

11,524

Wells

Fargo

&

Co.

108,002

2,765

Western

Union

Co.

(The)(Ñ)

11,682

253

WP

Carey,

Inc.(ö)

1,391

94

85,021

Health

Care

-

15.2%

Abbott

Laboratories

10,603

969

AbbVie,

Inc.

18,460

1,812

Abiomed

,

Inc.(Æ)

1,856

448

Agilent

Technologies,

Inc.

7,578

670

Agios

Pharmaceuticals,

Inc.(Æ)

2,044

109

Alexion

Pharmaceuticals,

Inc.(Æ)

16,338

1,834

Align

Technology,

Inc.(Æ)

2,255

619

Alkermes

PLC(Æ)

14,653

284

Alnylam

Pharmaceuticals,

Inc.(Æ)

2,589

383

Amgen,

Inc.

2,239

528

Anthem,

Inc.(Æ)

1,207

317

AstraZeneca

PLC

-

ADR

16,079

850

Baxter

International,

Inc.

6,824

588

Becton

Dickinson

and

Co.

2,678

641

Biogen,

Inc.(Æ)

2,834

758

BioMarin

Pharmaceutical,

Inc.(Æ)

1,022

126

Bluebird

Bio,

Inc.(Æ)

3,503

214

Boston

Scientific

Corp.(Æ)

10,245

360

Bristol-Myers

Squibb

Co.

36,709

2,158

Cantel

Medical

Corp.

3,882

172

Centene

Corp.(Æ)

7,579

482

Cerner

Corp.

7,539

517

Cigna

Corp.

2,621

492

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Cooper

Cos.,

Inc.

(The)

1,361

386

Dentsply

Sirona,

Inc.

3,268

144

DexCom

,

Inc.(Æ)

948

384

Edwards

Lifesciences

Corp.(Æ)

9,534

659

Eli

Lilly

&

Co.

4,594

754

Envista

Holdings

Corp.(Æ)(Ñ)

18,972

400

Exact

Sciences

Corp.(Æ)

1,507

131

Exelixis

,

Inc.(Æ)

15,276

363

Gilead

Sciences,

Inc.

7,226

556

HCA

Healthcare,

Inc.

14,043

1,363

Henry

Schein,

Inc.(Æ)

2,208

129

Hill-Rom

Holdings,

Inc.

2,362

259

Hologic

,

Inc.(Æ)

2,266

129

Humana,

Inc.

425

165

ICU

Medical,

Inc.(Æ)

1,174

216

IDEXX

Laboratories,

Inc.(Æ)

459

152

Illumina,

Inc.(Æ)

16,122

5,971

Incyte

Corp.(Æ)

5,060

526

Insulet

Corp.(Æ)

433

84

Integra

LifeSciences

Holdings

Corp.(Æ)

3,940

185

Intuitive

Surgical,

Inc.(Æ)

10,376

5,913

IQVIA

Holdings,

Inc.(Æ)

48,305

6,854

Jazz

Pharmaceuticals

PLC(Æ)

13,161

1,452

Johnson

&

Johnson

32,704

4,599

Laboratory

Corp.

of

America

Holdings(Æ)

2,367

393

Masimo

Corp.(Æ)

1,953

445

MEDNAX,

Inc.(Æ)

9,580

164

Medtronic

PLC

25,309

2,321

Moderna

,

Inc.(Æ)

3,263

210

Mylan

NV(Æ)

52,279

841

Neurocrine

Biosciences,

Inc.(Æ)

831

101

Penumbra,

Inc.(Æ)

1,072

192

Pfizer,

Inc.

91,818

3,002

Quest

Diagnostics,

Inc.

3,476

396

Regeneron

Pharmaceuticals,

Inc.(Æ)

844

526

ResMed

,

Inc.

3,433

659

Sage

Therapeutics,

Inc.(Æ)

2,682

112

Seattle

Genetics,

Inc.(Æ)

1,169

199

STERIS

PLC

2,814

432

Stryker

Corp.

3,089

557

Teleflex,

Inc.

758

276

Thermo

Fisher

Scientific,

Inc.

2,717

984

United

Therapeutics

Corp.(Æ)

2,788

337

UnitedHealth

Group,

Inc.

26,907

7,937

Universal

Health

Services,

Inc.

Class

B

3,794

352

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

7

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Varian

Medical

Systems,

Inc.(Æ)

2,969

364

Veeva

Systems,

Inc.

Class

A(Æ)

1,545

362

Vertex

Pharmaceuticals,

Inc.(Æ)

2,854

829

West

Pharmaceutical

Services,

Inc.

2,655

603

Zimmer

Biomet

Holdings,

Inc.

12,660

1,511

Zoetis,

Inc.

Class

A

5,319

729

71,939

Materials

and

Processing

-

4.3%

Air

Products

&

Chemicals,

Inc.

144

35

Alcoa

Corp.(Æ)

50,979

573

Ball

Corp.

92,259

6,411

Carrier

Global

Corp.

7,844

174

Copart

,

Inc.(Æ)

1,742

145

Crown

Holdings,

Inc.(Æ)

31,816

2,072

DowDuPont

,

Inc.

36,451

1,937

Eastman

Chemical

Co.

18,501

1,288

Ecolab,

Inc.

87

17

Fastenal

Co.

4,175

179

Freeport-McMoRan,

Inc.

132,172

1,529

Huntsman

Corp.

83,581

1,502

Lennox

International,

Inc.

546

127

Linde

PLC(Æ)

1,593

338

LyondellBasell

Industries

NV

Class

A

2,417

159

Newmont

Corp.

49,627

3,064

Owens

Corning

4,178

233

Reliance

Steel

&

Aluminum

Co.

434

41

Steel

Dynamics,

Inc.

63

2

Trane

Technologies

PLC

4,862

433

20,259

Producer

Durables

-

5.9%

3M

Co.

2,193

342

Accenture

PLC

Class

A

4,196

901

AECOM(Æ)

6,434

242

Ametek

,

Inc.

5,005

447

Aptiv

PLC

1,648

128

Automatic

Data

Processing,

Inc.

3,807

567

Boeing

Co.

(The)

1,463

268

Booz

Allen

Hamilton

Holding

Corp.

Class

A

3,149

245

Carlisle

Cos.,

Inc.

3,137

375

CH

Robinson

Worldwide,

Inc.(Ñ)

3,238

256

Chart

Industries,

Inc.(Æ)

33,304

1,615

Cintas

Corp.

1,104

294

CoStar

Group,

Inc.(Æ)

672

478

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CSX

Corp.

3,078

215

Cummins,

Inc.

3,179

551

Danaher

Corp.

4,739

838

Deere

&

Co.

930

146

Delta

Air

Lines,

Inc.

8,188

230

Eaton

Corp.

PLC

8,954

783

Emerson

Electric

Co.

3,665

227

Expeditors

International

of

Washington,

Inc.

1,184

90

FedEx

Corp.

3,636

510

Flir

Systems,

Inc.

4,588

186

General

Dynamics

Corp.

1,440

215

HD

Supply

Holdings,

Inc.(Æ)

5,959

206

HEICO

Corp.

1,206

120

Honeywell

International,

Inc.

5,092

736

Huntington

Ingalls

Industries,

Inc.

597

104

IDEX

Corp.

2,079

329

IHS

Markit

,

Ltd.(Æ)

3,232

244

Illinois

Tool

Works,

Inc.

1,625

284

Johnson

Controls

International

PLC(Æ)

18,229

622

Kansas

City

Southern

1,960

293

Keysight

Technologies,

Inc.(Æ)

918

93

L3Harris

Technologies,

Inc.

3,321

563

Lockheed

Martin

Corp.

1,215

443

Middleby

Corp.(Æ)

1,748

138

Northrop

Grumman

Corp.

932

287

Old

Dominion

Freight

Line,

Inc.

548

93

Otis

Worldwide

Corp.

3,922

223

PACCAR,

Inc.

9,069

679

Paychex,

Inc.

8,520

645

Quanta

Services,

Inc.

6,202

243

Raytheon

Co.(Æ)

14,929

920

Republic

Services,

Inc.

Class

A

3,229

265

Roper

Technologies,

Inc.

954

370

S&P

Global,

Inc.

188

62

Snap-on,

Inc.

1,486

206

Southwest

Airlines

Co.

7,581

259

Stanley

Black

&

Decker,

Inc.

719

100

Textron,

Inc.

15,416

507

Toro

Co.

(The)

2,847

189

Union

Pacific

Corp.

2,511

425

United

Airlines

Holdings,

Inc.(Æ)

2,219

77

United

Parcel

Service,

Inc.

Class

B

2,401

267

United

Rentals,

Inc.(Æ)

1,238

185

Verisk

Analytics,

Inc.

Class

A

2,323

395

Waste

Management,

Inc.

61,748

6,540

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

8

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Waters

Corp.(Æ)

790

143

Westinghouse

Air

Brake

Technologies

Corp.

1,530

88

Xerox

Holdings

Corp.

13,408

205

XPO

Logistics,

Inc.(Æ)

1,342

104

27,801

Technology

-

26.6%

Activision

Blizzard,

Inc.

2,116

161

Adobe,

Inc.(Æ)

12,576

5,474

Akamai

Technologies,

Inc.(Æ)

1,356

145

Allegion

PLC

1,360

139

Alphabet,

Inc.

Class

A(Æ)

7,657

10,857

Alphabet,

Inc.

Class

C(Æ)

894

1,264

Amdocs,

Ltd.

7,218

439

Amphenol

Corp.

Class

A

6,538

626

Ansys

,

Inc.(Æ)

640

187

Apple,

Inc.

26,776

9,767

Applied

Materials,

Inc.

6,816

412

Arista

Networks,

Inc.(Æ)

7,936

1,667

Arrow

Electronics,

Inc.(Æ)

5,107

351

Autodesk,

Inc.(Æ)

24,325

5,818

Black

Knight,

Inc.(Æ)

2,660

193

Booking

Holdings,

Inc.(Æ)

95

151

Broadcom,

Inc.

1,205

380

CACI

International,

Inc.

Class

A(Æ)

356

77

Cadence

Design

Systems,

Inc.(Æ)

3,050

293

CDW

Corp.

2,415

281

Cisco

Systems,

Inc.

27,779

1,296

Citrix

Systems,

Inc.

3,203

474

Cognizant

Technology

Solutions

Corp.

Class

A

4,227

240

Corning,

Inc.

7,541

195

Corteva

,

Inc.

Class

W

67,253

1,802

Coupa

Software,

Inc.(Æ)

19,843

5,497

Dell

Technologies,

Inc.

Class

C(Æ)

7,292

401

Dolby

Laboratories,

Inc.

Class

A

5,543

365

DXC

Technology

Co.

3,665

60

Electronic

Arts,

Inc.(Æ)

923

122

F5

Networks,

Inc.(Æ)

2,416

337

Facebook,

Inc.

Class

A(Æ)

21,418

4,863

Fortinet,

Inc.(Æ)

1,247

171

Genpact

,

Ltd.

10,959

400

Grubhub

,

Inc.(Æ)

2,448

172

Hewlett

Packard

Enterprise

Co.

Class

H

33,432

325

HP,

Inc.(Æ)

25,392

443

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Intel

Corp.

33,455

2,002

Intuit,

Inc.

1,727

512

IPG

Photonics

Corp.(Æ)

6,110

980

Jabil

Circuit,

Inc.

7,666

246

Juniper

Networks,

Inc.

20,695

473

Lam

Research

Corp.

1,205

390

Leidos

Holdings,

Inc.

3,168

297

LogMeIn,

Inc.

3,186

270

Marvell

Technology

Group,

Ltd.

36,268

1,272

Micron

Technology,

Inc.(Æ)

41,725

2,150

Microsoft

Corp.

136,837

27,847

Motorola

Solutions,

Inc.

1,828

256

NCR

Corp.(Æ)

9,340

162

NVIDIA

Corp.

3,156

1,199

ON

Semiconductor

Corp.(Æ)

10,724

213

Oracle

Corp.

9,291

514

Paycom

Software,

Inc.(Æ)

14,160

4,386

Pure

Storage,

Inc.

Class

A(Æ)

18,569

322

Salesforce.com,

Inc.(Æ)

4,323

810

ServiceNow

,

Inc.(Æ)

18,059

7,314

Skyworks

Solutions,

Inc.

1,179

151

SYNNEX

Corp.

2,413

289

Synopsys,

Inc.(Æ)

3,910

762

Take-Two

Interactive

Software,

Inc.(Æ)

2,156

301

Teradyne,

Inc.

5,072

429

Texas

Instruments,

Inc.

5,899

749

Twilio

,

Inc.

Class

A(Æ)

35,597

7,810

Tyler

Technologies,

Inc.(Æ)

267

93

Uber

Technologies,

Inc.(Æ)

220,727

6,860

VMware,

Inc.

Class

A(Æ)(Ñ)

1,967

305

Western

Digital

Corp.

4,003

177

Workday,

Inc.

Class

A(Æ)

542

102

Zynga,

Inc.

Class

A(Æ)

38,500

368

125,856

Utilities

-

3.3%

American

Electric

Power

Co.,

Inc.

1,296

103

AT&T,

Inc.

125,381

3,789

Avangrid

,

Inc.

4,903

206

CenterPoint

Energy,

Inc.

10,109

189

Consolidated

Edison,

Inc.

4,123

297

Dominion

Energy,

Inc.

1,134

92

DTE

Energy

Co.

1,968

212

Duke

Energy

Corp.

6,335

506

Evergy

,

Inc.

5,903

350

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

9

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Eversource

Energy(Æ)

3,433

286

Exelon

Corp.

11,311

410

FirstEnergy

Corp.

36,197

1,404

International

Business

Machines

Corp.

4,227

510

National

Fuel

Gas

Co.

2,504

105

NextEra

Energy,

Inc.

1,715

412

PG&E

Corp.(Æ)(Ñ)

11,180

99

Pinnacle

West

Capital

Corp.

1,968

144

PPL

Corp.

67,949

1,756

Sempra

Energy

1,950

229

Southern

Co.

(The)

4,650

241

T-Mobile

US,

Inc.(Æ)

2,129

222

Verizon

Communications,

Inc.

65,258

3,598

Vistra

Energy

Corp.

4,895

91

WEC

Energy

Group,

Inc.(Æ)

5,587

490

15,741

Total

Common

Stocks

(cost

$370,673)

444,205

Warrants

&

Rights

-

0.0%

Bristol-Myers

Squibb

Co.(Æ)

2021  Rights

5,115

19

T-Mobile

US,

Inc.(Æ)

2020  Rights

2,129

—

Total

Warrants

&

Rights

(cost

$12)

19

Short-Term

Investments

-

5.9%

U.S.

Cash

Management

Fund(@)

27,933,659

(∞)

27,931

Total

Short-Term

Investments

(cost

$27,932)

27,931

Other

Securities

-

1.3%

U.S.

Cash

Collateral

Fund(@)(x)

6,208,845

(∞)

6,209

Total

Other

Securities

(cost

$6,209)

6,209

Total

Investments

-

101.0%

(identified

cost

$404,826)

478,364

Other

Assets

and

Liabilities,

Net

-

(1.0%)

(4,753)

Net

Assets

-

100.0%

473,611

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

10

U.S.

Strategic

Equity

Fund

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

115

USD

17,769

09/20

263

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

263

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

%

of

Net

Assets

Common

Stocks

Consumer

Discretionary

$

72,481

$

—

$

—

$

—

$

72,481

15.3

Consumer

Staples

18,686

—

—

—

18,686

3.9

Energy

6,421

—

—

—

6,421

1.4

Financial

Services

85,021

—

—

—

85,021

17.9

Health

Care

71,939

—

—

—

71,939

15.2

Materials

and

Processing

20,259

—

—

—

20,259

4.3

Producer

Durables

27,801

—

—

—

27,801

5.9

Technology

125,856

—

—

—

125,856

26.6

Utilities

15,741

—

—

—

15,741

3.3

Warrants

&

Rights

19

—

—

—

19

—

*

Short-Term

Investments

—

—

—

27,931

27,931

5.9

Other

Securities

—

—

—

6,209

6,209

1.3

Total

Investments

444,224

—

—

34,140

478,364

101.0

Other

Assets

and

Liabilities,

Net

(1.0)

100.0

Other

Financial

Instruments

Assets

Futures

Contracts

263

—

—

—

263

0.1

Total

Other

Financial

Instruments

**

$

263

$

—

$

—

$

—

$

263

*

Less

than

0.05%

of

net

assets.

**

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

Financial

Statements.

For

a

disclosure

on

transfers

between

Levels

1,

2

and

3

during

the

period

ended

June

30,

2020,

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Fair

Value

of

Derivative

Instruments

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

11

ts

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Equity

Contracts

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts*

$

263

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

3,442

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

108

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

12

U.S.

Strategic

Equity

Fund

Amounts

in

thousands

word

Offsetting

of

Financial

Assets

and

Derivative

Assets

Description

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Securities

on

Loan*

Investments,

at

fair

value

$

6,002

$

—

$

6,002

Total

Financial

and

Derivative

Assets

6,002

—

6,002

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

6,002

$

—

$

6,002

Financial

Assets,

Derivative

Assets,

and

Collateral

Held

by

Counterparty

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Counterparty

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Received^

Net

Amount

Bank

of

Montreal

$

527

$

—

$

527

$

—

Barclays

1,055

—

1,055

—

Citigroup

666

—

666

—

Fidelity

563

—

563

—

JPMorgan

Chase

1,309

—

1,309

—

Merrill

Lynch

118

—

118

—

Morgan

Stanley

1,764

—

1,764

—

Total

$

6,002

$

—

$

6,002

$

—

*      

Fair

value

of

securities

on

loan

as

reported

in

the

footnotes

to

the

Statement

of

Assets

and

Liabilities.

^      Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

13

Statement

of

Assets

and

Liabilities

—

June

30,

2020

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

404,826

Investments,

at

fair

value(*)(>)

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

478,364

Receivables:

Dividends

and

interest

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

417

Dividends

from

affiliated

funds

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

6

From

broker

(a)

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

1,361

Variation

margin

on

futures

contracts

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

264

Prepaid

expenses

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

2

Total

assets

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

480,414

Liabilities

Payables:

Fund

shares

redeemed

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

202

Accrued

fees

to

affiliates

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

305

Other

accrued

expenses

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

87

Payable

upon

return

of

securities

loaned

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

6,209

Total

liabilities

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

6,803

Net

Assets

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

$

473,611

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

14

U.S.

Strategic

Equity

Fund

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2020

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

54,719

Shares

of

beneficial

interest

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

303

Additional

paid-in

capital

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

418,589

Net

Assets

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

$

473,611

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

15.64

Net

assets

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

$

473,610,505

Shares

outstanding

($.01

par

value)

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

30,275,511

Amounts

in

thousands

(*)    

Securities

on

loan

included

in

investments

$

6,002

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

and

U.S.

Cash

Collateral

Fund

$

34,140

(a)    

Receivable

from

Broker

for

Futures

$

1,361

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

15

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2020

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

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

$

3,690

Dividends

from

affiliated

funds

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

102

Securities

lending

income

(net)

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

18

Total

investment

income

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

3,810

Expenses

Advisory

fees

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

1,684

Administrative

fees

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

115

Custodian

fees

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

35

Transfer

agent

fees

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

10

Professional

fees

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

53

Trustees’

fees

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

10

Printing

fees

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

32

Miscellaneous

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

11

Total

expenses

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

1,950

Net

investment

income

(loss)

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

1,860

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

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

(21,590)

Investments

in

affiliated

funds

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

(7)

Futures

contracts

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

3,442

Foreign

currency-related

transactions

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

2

Net

realized

gain

(loss)

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

(18,153)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

7,661

Futures

contracts

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

108

Foreign

currency-related

transactions

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

(1)

Net

change

in

unrealized

appreciation

(depreciation)

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

7,768

Net

realized

and

unrealized

gain

(loss)

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

(10,385)

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

(8,525)

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

16

U.S.

Strategic

Equity

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2020

(Unaudited)

Fiscal

Year

Ended  

December

31,

2019

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

1,860

$

4,643

Net

realized

gain

(loss)

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

(18,153)

33,02

2

Net

change

in

unrealized

appreciation

(depreciation)

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

7,768

75,71

3

Net

increase

(decrease)

in

net

assets

from

operations

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

(8,525)

113,378

Distributions

To

shareholders

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

(5,569)

(30,796)

Net

decrease

in

net

assets

from

distributions

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

(5,569)

(30,796)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(25,657)

51,204

Total

Net

Increase

(Decrease)

in

Net

Assets

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

(39,751)

133,786

Net

Assets

Beginning

of

period

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

513,362

379,576

End

of

period

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

$

473,611

$

513,362

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2020

and

December

31,

2019

were

as

follows:

2020

(Unaudited)

2019

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

201

$

2,827

4,553

$

72,578

Proceeds

from

reinvestment

of

distributions

360

5,568

1,958

30,796

Payments

for

shares

redeemed

(2,315)

(34,052)

(3,413)

(52,170)

Total

increase

(decrease)

(1,754)

$

(25,657)

3,098

$

51,204

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

18

For

a

Share

Outstanding

Throughout

Each

Period.

$

Net

Asset

Value,

Beginning

of

Period

$

Net

Investment

Income

(Loss)

(a)

$

Net

Realized

and

Unrealized

Gain

(Loss)

$

Total

from

Investment

Operations

$

Distributions

from

Net

Investment

Income

$

Distributions

from

Net

Realized

Gain

June

30,

2020(1)

16.03

.06

(.27)

(.21)

(.04)

(.14)

December

31,

2019

13.12

.16

3.77

3.93

(.16)

(.86)

December

31,

2018

18.53

.17

(1.97)

(1.80)

(.21)

(3.40)

December

31,

2017

17.08

.17

3.29

3.46

(.19)

(1.82)

December

31,

2016

16.64

.19

1.53

1.72

(.17)

(1.11)

December

31,

2015

18.11

.15

.05

.20

(.15)

(1.52)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

19

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(d)(f)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

(e)(g)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(e)(g)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(e)

%

Portfolio

Turnover

Rate

(d)

(.18)

15.64

(1.31)

473,611

.85

.85

.81

33

(1.02)

16.03

30.26

513,362

.85

.85

1.07

100

(3.61)

13.12

(9.64)

379,576

.84

.84

.93

150

(2.01)

18.53

20.80

461,727

.83

.83

.94

80

(1.28)

17.08

10.64

443,053

.83

.83

1.15

101

(1.67)

16.64

1.11

454,341

.84

.84

.84

99

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

20

U.S.

Strategic

Equity

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

for

the

period

ended

June

30,

2020

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2020

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2020

,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation),

undistributed

ordinary

income

and

undistributed

long-term

capital

gains

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

284,173

Administration

fees

19,464

Transfer

agent

fees

1,712

$

305,349

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

21,735

$

77,427

$

71,224

$

(7

)

$

—

$

27,931

$

102

$

—

U.S.

Cash

Collateral

Fund

7,335

86,776

87,902

—

—

6,209

66

—

$

29,070

$

164,203

$

159,126

$

(7

)

$

—

$

34,140

$

168

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

409,371,800

$

87,633,392

$

(18,378,069)

$

69,255,323

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Shareholder

Expense

Example

—

June

30,

2020

(Unaudited)

U.S.

Small

Cap

Equity

Fund

21

Fund

Expenses

The

following

disclosure

provides

important

information

regarding

the

Fund’s

Shareholder

Expense

Example

(“Example”).

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

advisory

and

administrative

fees

and

other

Fund

expenses.

The

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

indicated,

which

for

this

Fund

is

from

January

1,

2020

to

June

30,

2020

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

January

1,

2020

$

1,000

.00

$

1,000

.00

Ending

Account

Value

June

30,

2020

$

819

.30

$

1,018

.60

Expenses

Paid

During

Period*

$

5

.70

$

6

.32

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

1.26%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period).

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

22

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

97.7%

Consumer

Discretionary

-

12.2%

Aaron's,

Inc.

Class

A

3,587

163

Adtalem

Global

Education,

Inc.(Æ)

3,515

109

American

Axle

&

Manufacturing

Holdings,

Inc.(Æ)

19,902

152

American

Eagle

Outfitters,

Inc.

11,921

130

American

Public

Education,

Inc.(Æ)

7,586

224

America's

Car-Mart,

Inc.(Æ)

6,276

551

Aspen

Group,

Inc.(Æ)

4,078

37

B.

Riley

Financial,

Inc.

39,327

856

Beazer

Homes

USA,

Inc.(Æ)

1,405

14

Bed

Bath

&

Beyond,

Inc.(Ñ)

12,865

136

Big

Lots,

Inc.

3,369

141

BJ's

Restaurants,

Inc.

14,015

293

BJ's

Wholesale

Club

Holdings,

Inc.(Æ)

1,784

66

Bloomin

'

Brands,

Inc.

4,298

46

Bluegreen

Vacations

Corp.

1,558

8

BMC

Stock

Holdings,

Inc.(Æ)(Û)

14,551

365

Boot

Barn

Holdings,

Inc.(Æ)

7,521

162

Brinker

International,

Inc.

10,069

242

Cable

One,

Inc.(Û)

187

332

Cardlytics,

Inc.(Æ)

1,086

76

Carrols

Restaurant

Group,

Inc.(Æ)

40,337

195

Cato

Corp.

(The)

Class

A

8,044

66

Cavco

Industries,

Inc.(Æ)

4,916

948

Celestica,

Inc.(Æ)

41,837

286

Central

Garden

&

Pet

Co.

Class

A(Æ)(Û)

1,591

54

Century

Communities,

Inc.(Æ)

5,070

155

Cheesecake

Factory,

Inc.

(The)(Ñ)

2,801

64

Chegg

,

Inc.(Æ)

7,935

534

Chico's

FAS,

Inc.

5,592

8

Chuy's

Holdings,

Inc.(Æ)

4,486

67

Cooper

Tire

&

Rubber

Co.

4,486

124

Cooper-Standard

Holdings,

Inc.(Æ)(Û)

3,240

43

Cracker

Barrel

Old

Country

Store,

Inc.(Ñ)

998

111

Dana

Holding

Corp.

12,369

151

Deckers

Outdoor

Corp.(Æ)

869

171

Del

Taco

Restaurants,

Inc.(Æ)

59,932

355

Delta

Apparel,

Inc.(Æ)(Ñ)

17,971

218

Denny's

Corp.(Æ)

54,173

547

Dillard's,

Inc.

Class

A(Ñ)

2,541

66

Dine

Brands

Global,

Inc.(Ð)

988

42

Domino's

Pizza,

Inc.(Ð)

871

322

El

Pollo

Loco

Holdings,

Inc.(Æ)(Ñ)

13,532

200

Entercom

Communications

Corp.

Class

A

4,723

7

EW

Scripps

Co.

(The)

Class

A

18,555

162

First

Cash

Financial

Services,

Inc.

1,207

81

Five

Below,

Inc.(Æ)

442

47

Floor

&

Decor

Holdings,

Inc.

Class

A(Æ)

919

53

Fossil

Group,

Inc.(Æ)(Ð)

8,959

42

Foundation

Building

Materials,

Inc.(Æ)

2,423

38

Full

House

Resorts,

Inc.(Æ)(Ñ)

67,647

90

GameStop

Corp.

Class

A(Æ)

7,897

34

GAN,

Ltd.(Æ)

2,189

56

Genesco,

Inc.(Æ)

10,567

229

Golden

Entertainment,

Inc.(Æ)

5,869

52

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Goodyear

Tire

&

Rubber

Co.

(The)

16,441

147

GoPro,

Inc.

Class

A(Æ)

16,101

77

Gray

Television,

Inc.(Æ)

10,986

153

Hamilton

Beach

Brands

Holding

Co.

Class

A

19,508

232

Haverty

Furniture

Cos.,

Inc.(Û)

1,724

28

HealthStream

,

Inc.(Æ)(Û)

1,560

35

Hibbett

Sports,

Inc.(Æ)

1,437

30

Hillenbrand,

Inc.

3,672

99

Hooker

Furniture

Corp.

3,900

76

Houghton

Mifflin

Harcourt

Co.(Æ)

4,512

8

iHeartMedia

,

Inc.

Class

A(Æ)(Ñ)

24,047

201

Inter

Parfums

,

Inc.

3,620

174

International

Game

Technology

PLC(Ð)

12,742

113

IntriCon

Corp.(Æ)(Ñ)

15,452

209

J

Alexander's

Holdings,

Inc.(Æ)

33,828

166

Jack

in

the

Box,

Inc.(Û)

5,897

436

John

Wiley

&

Sons,

Inc.

Class

A

5,246

205

K12,

Inc.(Æ)(Û)

7,140

195

KB

Home

3,448

106

Kontoor

Brands,

Inc.

27,633

492

La-Z-Boy,

Inc.

Class

Z

3,844

104

Liberty

Braves

Group

Class

C(Æ)

2,318

46

Lithia

Motors,

Inc.

Class

A

989

150

Lovesac

Co.

(The)(Æ)

3,011

79

Lumber

Liquidators

Holdings,

Inc.(Æ)

1,828

25

Madison

Square

Garden

Entertainment

Corp.

(Æ)

6,752

506

Madison

Square

Garden

Sports

Corp.

Class

A(Æ)(Û)

2,579

379

Marchex

,

Inc.

Class

B(Æ)

4,000

6

Marriott

Vacations

Worldwide

Corp.

6,603

543

Matthews

International

Corp.

Class

A

10,045

192

Meredith

Corp.(Ñ)

13,688

199

Meritage

Homes

Corp.(Æ)

2,774

211

Meritor,

Inc.(Æ)(Ð)

3,979

79

Monarch

Casino

&

Resort,

Inc.(Æ)

1,168

40

Motorcar

Parts

of

America,

Inc.(Æ)

2,674

47

Movado

Group,

Inc.

1,676

18

Murphy

USA,

Inc.(Æ)

1,098

124

Nautilus,

Inc.(Æ)

7,106

66

Nexstar

Media

Group,

Inc.

Class

A

1,301

109

Office

Depot,

Inc.(Ð)

39,260

92

Papa

John's

International,

Inc.

209

17

PetIQ

,

Inc.(Æ)(Ñ)

11,616

405

Planet

Fitness,

Inc.

Class

A(Æ)

956

58

Quotient

Technology,

Inc.(Æ)

7,566

55

Red

Robin

Gourmet

Burgers,

Inc.(Æ)

1,810

18

Red

Rock

Resorts,

Inc.

Class

A

2,479

27

Regis

Corp.(Æ)

3,808

31

Rent-A-Center,

Inc.

Class

A

3,634

101

REV

Group,

Inc.

3,200

20

Rosetta

Stone,

Inc.(Æ)

2,107

36

Sally

Beauty

Holdings,

Inc.(Æ)(Ñ)

7,755

97

Scholastic

Corp.

5,060

151

Scientific

Games

Corp.

Class

A(Æ)

5,165

80

SeaWorld

Entertainment,

Inc.(Æ)

7,943

118

Shoe

Carnival,

Inc.(Ñ)

1,685

49

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

23

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Signet

Jewelers,

Ltd.

2,223

23

Skyline

Champion

Corp.(Æ)

21,952

534

SMART

Global

Holdings,

Inc.(Æ)(Ñ)

11,657

317

Sonic

Automotive,

Inc.

Class

A

3,122

100

Sportsman's

Warehouse

Holdings,

Inc.(Æ)

10,516

150

Stamps.com,

Inc.(Æ)

742

136

Steven

Madden,

Ltd.

2,762

68

Sturm

Ruger

&

Co.,

Inc.

206

16

Taylor

Morrison

Home

Corp.

Class

A(Æ)

8,671

167

Tenneco,

Inc.

Class

A(Æ)(Ð)

5,511

42

Texas

Roadhouse,

Inc.

Class

A

6,798

357

Travelzoo

,

Inc.(Æ)(Û)

1,100

6

Tribune

Publishing

Co.(Æ)

1,300

13

Tupperware

Brands

Corp.(Ð)

7,103

34

Turtle

Beach

Corp.(Æ)(Ñ)

10,275

151

Twin

River

Worldwide

Holdings,

Inc.

1,552

35

Universal

Electronics,

Inc.(Æ)

1,030

48

Universal

Technical

Institute,

Inc.(Æ)

2,523

18

Vera

Bradley,

Inc.(Æ)

1,499

7

Viad

Corp.

12,354

235

Vista

Outdoor,

Inc.(Æ)

6,330

91

Visteon

Corp.(Æ)(Ð)

2,560

175

Wingstop

,

Inc.(Û)

2,520

350

Winnebago

Industries,

Inc.

1,823

121

Wolverine

World

Wide,

Inc.

48,564

1,157

WW

International,

Inc.(Æ)

3,294

84

Wyndham

Hotels

&

Resorts,

Inc.(Û)

17,083

728

Zumiez

,

Inc.(Æ)

4,347

119

22,463

Consumer

Staples

-

3.7%

Alico

,

Inc.

2,807

87

Boston

Beer

Co.,

Inc.

Class

A(Æ)

266

143

Bunge,

Ltd.(Û)

7,403

304

Coca-Cola

Bottling

Co.

274

63

Core-Mark

Holding

Co.,

Inc.

2,482

62

elf

Beauty,

Inc.(Æ)

58,023

1,106

Energizer

Holdings,

Inc.(Ñ)

20,865

991

Farmer

Brothers

Co.(Æ)

17,511

129

Fresh

Del

Monte

Produce,

Inc.

14,722

362

Grocery

Outlet

Holding

Corp.(Æ)

11,648

475

Helen

of

Troy,

Ltd.(Æ)

793

150

Herbalife

Nutrition,

Ltd.(Æ)

5,445

245

Ingles

Markets,

Inc.

Class

A

8,081

348

J&J

Snack

Foods

Corp.

1,234

157

Lifevantage

Corp.(Æ)(Ð)

2,200

30

MGP

Ingredients,

Inc.(Ñ)

7,721

283

National

Vision

Holdings,

Inc.(Æ)

2,413

74

Nomad

Foods,

Ltd.(Æ)

32,490

697

Performance

Food

Group

Co.(Æ)

4,371

127

PolyOne

Corp.

4,526

119

Post

Holdings,

Inc.(Æ)(Ð)

1,156

101

Primo

Water

Corp.

21,079

290

Quanex

Building

Products

Corp.

5,056

70

Rite

Aid

Corp.(Æ)

3,374

58

Sanderson

Farms,

Inc.

1,250

145

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

USANA

Health

Sciences,

Inc.(Æ)

2,154

158

6,774

Energy

-

2.2%

Arch

Coal,

Inc.(Æ)(Û)

4,868

138

ChampionX

Corp.(Æ)

27,317

267

Continental

Resources,

Inc.

2,875

50

Diamondback

Energy,

Inc.

3,368

141

Enphase

Energy,

Inc.(Æ)

1,857

88

EQT

Corp.

3,799

45

Exterran

Corp.(Æ)

1,428

8

Green

Brick

Partners,

Inc.(Æ)

52,946

626

Green

Plains,

Inc.(Æ)

5,658

58

Luxfer

Holdings

PLC

-

ADR

2,441

35

Magnolia

Oil

&

Gas

Corp.(Æ)

60,213

365

Matrix

Service

Co.(Æ)

36,721

357

Nabors

Industries,

Inc.(Ð)

559

21

National

Energy

Services

Reunited

Corp.(Æ)

37,386

257

Natural

Gas

Services

Group,

Inc.(Æ)

34,519

216

Newpark

Resources,

Inc.(Æ)

123,183

275

NOW,

Inc.(Æ)(Ð)

7,781

67

Oil

States

International,

Inc.(Æ)

2,824

13

Par

Pacific

Holdings,

Inc.(Æ)

7,000

63

Peabody

Energy

Corp.

6,212

18

ProPetro

Holding

Corp.(Æ)

7,904

41

REX

American

Resources

Corp.(Æ)

772

54

Select

Energy

Services,

Inc.

Class

A(Æ)

83,926

411

Solaris

Oilfield

Infrastructure,

Inc.

Class

A

11,865

88

Targa

Resources

Corp.

4,826

97

TPI

Composites,

Inc.(Æ)(Ð)

2,779

65

Warrior

Met

Coal,

Inc.

5,951

92

World

Fuel

Services

Corp.

5,860

151

4,107

Financial

Services

-

20.6%

1st

Source

Corp.

2,273

81

Agree

Realty

Corp.(ö)

2,070

136

Amalgamated

Bank

Class

A

4,289

54

American

Campus

Communities,

Inc.(Ð)(ö)

7,764

271

American

Equity

Investment

Life

Holding

Co.

9,904

244

American

National

Bankshares

,

Inc.

3,868

97

Ameris

Bancorp

16,231

383

Amerisafe

,

Inc.

1,593

97

AssetMark

Financial

Holdings,

Inc.(Æ)

1,609

44

Assurant,

Inc.

169

17

Assured

Guaranty,

Ltd.

1,210

30

Atlantic

Capital

Bancshares,

Inc.(Æ)

18,140

221

Atlantic

Union

Bankshares

Corp.(Æ)

4,147

96

Axis

Capital

Holdings,

Ltd.(Ð)

5,990

243

Axos

Financial,

Inc.(Æ)

5,368

119

Banc

of

California,

Inc.

45,152

489

BancFirst

Corp.

930

38

Bancorp,

Inc.

(The)(Æ)

3,573

35

BancorpSouth

Bank

4,824

110

Banner

Corp.

9,818

373

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

24

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Baycom

Corp.(Æ)

1,200

15

Berkshire

Hills

Bancorp,

Inc.

4,087

45

Blackstone

Mortgage

Trust,

Inc.

Class

A(Ñ)(ö)

5,917

143

Blucora

,

Inc.(Æ)

1,729

20

Bridgewater

Bancshares,

Inc.(Æ)

1,200

12

Brighthouse

Financial,

Inc.(Æ)(Û)

9,526

265

Brightsphere

Investment

Group,

Inc.

9,636

120

Brixmor

Property

Group,

Inc.(ö)

18,560

238

Business

First

Bancshares,

Inc.(Û)

300

5

Byline

Bancorp,

Inc.

20,635

270

Cadence

Bancorp

8,985

80

Camden

National

Corp.

930

32

Camden

Property

Trust(ö)(Û)

3,596

328

Cannae

Holdings,

Inc.(Æ)

13,171

541

Capital

City

Bank

Group,

Inc.

16,753

351

Capstar

Financial

Holdings,

Inc.

26,154

314

Capstead

Mortgage

Corp.(ö)

17,164

94

Carter

Bank

&

Trust

1,394

11

Cathay

General

Bancorp

4,027

106

CBTX,

Inc.

1,597

34

Century

Bancorp,

Inc.

Class

A

3,462

269

Civista

Bancshares,

Inc.

8,933

138

Coastal

Financial

Corp.(Æ)

559

8

Collectors

Universe,

Inc.

4,600

158

Columbia

Banking

System,

Inc.

3,860

109

Community

Bank

System,

Inc.

1,604

91

Community

Bankers

Trust

Corp.

10,201

56

CoreCivic

,

Inc.(Æ)

11,301

106

CorEnergy

Infrastructure

Trust,

Inc.(ö)

10,688

98

Cowen

Group,

Inc.

Class

A

21,700

351

CTO

Realty

Growth,

Inc.

6,244

246

Cullen/Frost

Bankers,

Inc.

1,461

109

Cushman

&

Wakefield

PLC(Æ)

5,511

69

CVB

Financial

Corp.

5,750

108

CyrusOne

,

Inc.(ö)

4,624

336

Deluxe

Corp.

3,135

74

DiamondRock

Hospitality

Co.(ö)

19,050

105

Diversified

Healthcare

Trust(Æ)

15,605

69

Donegal

Group,

Inc.

Class

A

100

1

Eagle

Bancorp,

Inc.

8,899

291

Easterly

Government

Properties,

Inc.(ö)

2,773

64

Ellington

Financial,

Inc.(ö)

9,444

111

Enova

International,

Inc.(Æ)

2,346

35

Equity

Commonwealth(ö)

8,355

269

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

2,687

168

Essent

Group,

Ltd.

13,960

506

Everi

Holdings,

Inc.(Æ)

15,897

82

Ezcorp

,

Inc.

Class

A(Æ)

2,504

16

Farmers

&

Merchants

Bancorp,

Inc.

3,743

80

FB

Financial

Corp.

8,170

202

Federated

Hermes,

Inc.

Class

B

4,440

105

First

BanCorp

(Û)

9,132

230

First

Community

Bankshares

,

Inc.

3,920

88

First

Financial

Corp.

427

16

First

Foundation,

Inc.

42,996

703

First

Interstate

BancSystem

,

Inc.

Class

A

9,796

303

First

Midwest

Bancorp,

Inc.

5,754

77

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

First

United

Corp.

2,893

39

Front

Yard

Residential

Corp.(Æ)(ö)

7,786

68

Fulton

Financial

Corp.

7,734

81

Gaming

and

Leisure

Properties,

Inc.(ö)(Û)

36,387

1,260

GEO

Group,

Inc.

(The)(ö)

7,434

88

Getty

Realty

Corp.(ö)

11,719

348

Glacier

Bancorp,

Inc.

3,280

116

Global

Net

Lease,

Inc.(ö)

5,110

85

Goosehead

Insurance,

Inc.

Class

A(Æ)(Ð)

620

47

Great

Southern

Bancorp,

Inc.

470

19

Great

Western

Bancorp,

Inc.

3,455

48

Green

Dot

Corp.

Class

A(Æ)

11,056

543

Guaranty

Bancshares,

Inc.(Û)

460

12

Hallmark

Financial

Services,

Inc.(Æ)

29,510

103

Hancock

Holding

Co.

4,324

92

Hanmi

Financial

Corp.

9,143

88

Hanover

Insurance

Group,

Inc.

(The)

2,639

267

HarborOne

Bancorp,

Inc.

9,333

80

HCI

Group,

Inc.(Ð)

1,210

56

Heartland

Financial

USA,

Inc.

1,657

55

Helios

Technologies,

Inc.(Æ)

2,354

88

Heritage

Commerce

Corp.

10,786

81

Heritage

Financial

Corp.

2,825

57

Heritage

Insurance

Holdings,

Inc.

400

5

Hilltop

Holdings,

Inc.

5,038

93

Home

Bancorp,

Inc.(Û)

280

7

Home

BancShares

,

Inc.

8,140

125

HomeStreet

,

Inc.

35,415

871

HomeTrust

Bancshares,

Inc.(Û)

750

12

Hope

Bancorp,

Inc.

8,861

82

Houlihan

Lokey

,

Inc.

Class

A

6,539

364

I3

Verticals,

Inc.

Class

A(Æ)

28,873

874

Iberiabank

Corp.

2,718

124

Independence

Realty

Trust,

Inc.(ö)

51,029

586

Independent

Bank

Corp.(Û)

50,962

757

Independent

Bank

Group,

Inc.

2,056

83

Industrial

Logistics

Properties

Trust(ö)

12,135

249

Innovative

Industrial

Properties,

Inc.(Ñ)(ö)

1,440

127

Investors

Bancorp,

Inc.

10,393

88

Investors

Real

Estate

Trust(ö)

7,329

517

iStar

,

Inc.(ö)

5,882

72

James

River

Group

Holdings,

Ltd.

5,558

250

JER

Investment

Trust,

Inc.(Æ)(Š)(Þ)

1,771

—

Kearny

Financial

Corp.

53,342

436

Kemper

Corp.

1,892

137

Kennedy-Wilson

Holdings,

Inc.

4,912

75

KKR

Real

Estate

Finance

Trust,

Inc.(ö)

6,196

103

LCNB

Corp.

5,558

89

LendingClub

Corp.(Æ)

10,443

48

LendingTree

,

Inc.(Æ)(Ñ)

954

276

Lexington

Realty

Trust(ö)

9,300

98

Live

Oak

Bancshares,

Inc.

1,860

27

LPL

Financial

Holdings,

Inc.(Û)

4,280

336

Macatawa

Bank

Corp.

8,632

68

Merchants

Bancorp

5,275

97

Mercury

General

Corp.(Ð)

1,767

72

Metropolitan

Bank

Holding

Corp.(Æ)

190

6

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

25

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

MGIC

Investment

Corp.

16,639

136

Moelis

&

Co.

Class

A

1,066

33

National

Bank

Holdings

Corp.

Class

A

19,260

520

National

Bankshares

,

Inc.

3,026

87

National

Health

Investors,

Inc.(ö)

1,385

84

NBT

Bancorp,

Inc.

2,833

87

New

Senior

Investment

Group,

Inc.(ö)

37,730

137

Nicolet

Bankshares

,

Inc.(Æ)

274

15

NMI

Holdings,

Inc.

Class

A(Æ)

7,741

124

Northeast

Bank

11,455

201

Northrim

BanCorp

,

Inc.

400

10

Northwest

Bancshares,

Inc.

8,889

91

OFG

Bancorp

3,834

51

Old

National

Bancorp

4,866

67

Old

Second

Bancorp,

Inc.

29,086

226

Origin

Bancorp,

Inc.

740

16

PCSB

Financial

Corp.

42,934

544

Peapack

Gladstone

Financial

Corp.

456

9

PennyMac

Financial

Services,

Inc.

2,108

88

Peoples

Bancorp,

Inc.

6,035

128

People's

Utah

Bancorp

1,150

26

Physicians

Realty

Trust(ö)

9,835

172

Piedmont

Office

Realty

Trust,

Inc.

Class

A(ö)

16,739

278

Plymouth

Industrial

REIT,

Inc.(ö)

23,894

306

Popular,

Inc.(Û)

18,941

704

Postal

Realty

Trust,

Inc.

Class

A

3,463

55

Potlatch

Corp.(ö)

25,458

969

Preferred

Bank

1,161

50

Premier

Financial

Corp.

15,649

277

Primerica,

Inc.

408

48

Protective

Insurance

Corp.

Class

B

400

6

Provident

Financial

Services,

Inc.

5,500

79

PS

Business

Parks,

Inc.(ö)

1,000

132

QCR

Holdings,

Inc.

1,020

32

QTS

Realty

Trust,

Inc.

Class

A(ö)

1,581

101

Radian

Group,

Inc.

8,933

139

RE/MAX

Holdings,

Inc.

Class

A

5,752

181

Realogy

Holdings

Corp.

24,144

179

Reinsurance

Group

of

America,

Inc.

Class

A

1,960

154

RenaissanceRe

Holdings,

Ltd.(Û)

1,664

285

Renasant

Corp.

7,905

197

Retail

Value,

Inc.(ö)

790

10

Rexford

Industrial

Realty,

Inc.(ö)

3,073

127

Riverview

Bancorp,

Inc.

17,605

99

RLJ

Lodging

Trust(ö)

12,872

122

RMR

Group,

Inc.

(The)

Class

A

1,832

54

Sabra

Health

Care

REIT,

Inc.(ö)

8,461

122

Safety

Insurance

Group,

Inc.

1,478

113

Seacoast

Banking

Corp.

of

Florida(Æ)

2,215

45

Selective

Insurance

Group,

Inc.

1,830

97

ServisFirst

Bancshares,

Inc.

2,802

100

Shore

Bancshares,

Inc.

13,127

146

Silvercrest

Asset

Management

Group,

Inc.

Class

A

20,558

261

Simmons

First

National

Corp.

Class

A

4,873

83

SITE

Centers

Corp.(ö)

55,714

452

SL

Green

Realty

Corp.(Ð)(ö)

2,550

126

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

SLM

Corp.

20,448

144

SmartFinancial

,

Inc.

1,500

24

South

State

Corp.

7,354

350

Southern

First

Bancshares,

Inc.(Æ)

2,164

60

Southern

National

Bancorp

of

Virginia,

Inc.

5,716

55

SP

Plus

Corp.(Æ)

6,509

135

Spirit

of

Texas

Bancshares,

Inc.(Æ)

756

9

Spirit

Realty

Capital,

Inc.(ö)

5,468

191

STAG

Industrial,

Inc.(ö)

6,014

176

Stewart

Information

Services

Corp.

10,065

327

Stifel

Financial

Corp.

3,007

143

Sunstone

Hotel

Investors,

Inc.(ö)

14,074

115

Tanger

Factory

Outlet

Centers,

Inc.(Ñ)(ö)

13,552

97

Terreno

Realty

Corp.(ö)

2,772

146

Texas

Capital

Bancshares,

Inc.(Æ)(Û)

4,883

151

Timberland

Bancorp,

Inc.

5,994

109

Tiptree

Financial,

Inc.

Class

A

37,691

243

TriCo

Bancshares

3,480

106

TriState

Capital

Holdings,

Inc.(Æ)

484

8

Triumph

Bancorp,

Inc.(Æ)

8,034

195

Trustmark

Corp.

4,332

106

UMB

Financial

Corp.

2,293

118

UMH

Properties,

Inc.(ö)

52,809

683

United

Bankshares

,

Inc.

4,497

124

United

Community

Banks,

Inc.

8,721

175

United

Insurance

Holdings

Corp.

4,300

34

Universal

Insurance

Holdings,

Inc.

6,231

111

Valley

National

Bancorp

13,286

104

Velocity

Financial,

Inc.(Æ)

14,427

57

Veritex

Holdings,

Inc.

10,862

192

Virtu

Financial,

Inc.

Class

A

1,301

31

Voya

Financial,

Inc.(Û)

5,652

264

Waddell

&

Reed

Financial,

Inc.

Class

A(Ð)

19,300

299

Walker

&

Dunlop,

Inc.

2,370

120

Washington

Federal,

Inc.

4,143

111

Washington

Prime

Group,

Inc.(Ñ)(ö)

150,919

127

Washington

Trust

Bancorp,

Inc.

7,151

234

Watford

Holdings,

Ltd.(Æ)

1,424

24

Webster

Financial

Corp.

5,292

151

Western

Alliance

Bancorp

1,016

38

WSFS

Financial

Corp.

3,481

100

Xenia

Hotels

&

Resorts,

Inc.(ö)

8,662

81

37,973

Health

Care

-

16.5%

Acadia

Pharmaceuticals,

Inc.(Æ)

1,550

75

Acceleron

Pharma,

Inc.(Æ)

2,050

195

Accuray

,

Inc.(Æ)

107,831

219

Adverum

Biotechnologies,

Inc.(Æ)(Ð)

1,424

30

Aimmune

Therapeutics,

Inc.(Æ)

2,314

39

Akebia

Therapeutics,

Inc.(Æ)(Ð)

5,960

81

Akero

Therapeutics,

Inc.(Æ)

729

18

Aldeyra

Therapeutics,

Inc.(Æ)

3,000

13

Alector

,

Inc.(Æ)

5,236

128

Alkermes

PLC(Æ)

12,989

252

Allscripts

Healthcare

Solutions,

Inc.(Æ)

23,400

158

Alphatec

Holdings,

Inc.(Æ)

28,232

133

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

26

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

AMAG

Pharmaceuticals,

Inc.(Æ)(Ð)

9,500

73

Amedisys

,

Inc.(Æ)

870

173

Amicus

Therapeutics,

Inc.(Æ)

15,854

239

AMN

Healthcare

Services,

Inc.(Æ)

2,073

94

ANI

Pharmaceuticals,

Inc.(Æ)

6,920

224

Anika

Therapeutics,

Inc.(Æ)

4,123

156

Apellis

Pharmaceuticals,

Inc.(Æ)

3,752

123

Applied

Genetic

Technologies

Corp.(Æ)(Ð)

3,589

20

Aptinyx

,

Inc.(Æ)

2,500

10

Arrowhead

Pharmaceuticals,

Inc.(Æ)

4,483

194

Assertio

Holdings,

Inc.(Æ)

15,227

13

Atara

Biotherapeutics

,

Inc.(Æ)(Ð)

1,214

18

Avantor

,

Inc.(Æ)

3,565

61

Axsome

Therapeutics,

Inc.(Æ)

1,133

93

BioDelivery

Sciences

International,

Inc.(Æ)

23,504

102

Biohaven

Pharmaceutical

Holding

Co.,

Ltd.

(Æ)

5,216

382

BioLife

Solutions,

Inc.(Æ)(Ñ)

52,351

855

BioNTech

SE

-

ADR(Æ)

1,233

82

BioSpecifics

Technologies

Corp.(Æ)

7,112

436

BioTelemetry

,

Inc.(Æ)

16,997

767

Bluebird

Bio,

Inc.(Æ)(Ð)

2,680

164

Blueprint

Medicines

Corp.(Æ)

3,243

253

BridgeBio

Pharma,

Inc.(Æ)(Ñ)

3,807

124

Cara

Therapeutics,

Inc.(Æ)(Ð)

1,046

18

Cardiovascular

Systems,

Inc.(Æ)

2,214

70

Castlight

Health,

Inc.

Class

B(Æ)

12,722

11

Cellular

Biomedicine

Group,

Inc.(Æ)(Ñ)

9,165

137

ChemoCentryx

,

Inc.(Æ)

2,169

125

Chimerix

,

Inc.(Æ)(Ð)

2,316

7

Coherus

Biosciences,

Inc.(Æ)(Ð)

2,981

53

Computer

Programs

&

Systems,

Inc.

3,050

70

Concert

Pharmaceuticals,

Inc.(Æ)(Ð)

3,200

32

CONMED

Corp.

3,976

286

Corbus

Pharmaceuticals

Holdings,

Inc.(Æ)(Ñ)

20,661

173

Corcept

Therapeutics,

Inc.(Æ)(Ð)

6,753

114

CorVel

Corp.(Æ)

5,090

361

Cross

Country

Healthcare,

Inc.(Æ)

2,100

13

CryoLife

,

Inc.(Æ)

6,185

119

Cyclerion

Therapeutics,

Inc.(Æ)

2,800

17

Cytokinetics,

Inc.(Æ)

2,397

56

CytomX

Therapeutics,

Inc.(Æ)

4,282

36

Denali

Therapeutics,

Inc.(Æ)

6,020

146

Dicerna

Pharmaceuticals,

Inc.(Æ)

6,088

154

Eagle

Pharmaceuticals,

Inc.(Æ)

3,408

164

Editas

Medicine,

Inc.(Æ)

6,856

203

Eidos

Therapeutics,

Inc.(Æ)(Ñ)

2,765

132

Eiger

BioPharmaceuticals

,

Inc.(Æ)(Ð)

900

9

Enanta

Pharmaceuticals,

Inc.(Æ)

5,326

268

Endo

International

PLC(Æ)(Ð)

7,754

27

Ensign

Group,

Inc.

(The)

11,509

482

Envista

Holdings

Corp.(Æ)

2,602

55

Epizyme

,

Inc.(Æ)

5,975

96

Esperion

Therapeutics,

Inc.(Æ)(Ñ)

3,558

182

Evofem

Biosciences,

Inc.(Æ)

5,006

14

Exelixis

,

Inc.(Æ)

794

19

Fate

Therapeutics,

Inc.(Æ)

5,615

193

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

FibroGen

,

Inc.(Æ)

4,252

172

Fluidigm

Corp.(Æ)

10,848

44

Frequency

Therapeutics,

Inc.(Æ)(Ñ)

7,424

173

Fulgent

Genetics,

Inc.(Æ)(Ñ)

39,475

631

GenMark

Diagnostics,

Inc.(Æ)

8,988

132

Global

Blood

Therapeutics,

Inc.(Æ)(Ñ)

2,741

173

Gossamer

Bio,

Inc.(Æ)(Ð)

3,485

45

Gritstone

Oncology,

Inc.(Æ)(Ñ)

23,485

156

Haemonetics

Corp.(Æ)

799

72

Halozyme

Therapeutics,

Inc.(Æ)

9,580

257

Heron

Therapeutics,

Inc.(Æ)(Ñ)

8,669

128

Heska

Corp.(Æ)(Ñ)

8,174

761

HMS

Holdings

Corp.(Æ)

4,134

134

Homology

Medicines,

Inc.(Æ)

1,586

24

iCAD

,

Inc.(Æ)

6,141

61

ICU

Medical,

Inc.(Æ)

1,680

310

ImmunoGen

,

Inc.(Æ)

1,541

7

Immunomedics

,

Inc.(Æ)

6,745

239

Infinity

Pharmaceuticals,

Inc.(Æ)

1,300

1

Insmed

,

Inc.(Æ)

5,400

149

Inspire

Medical

Systems,

Inc.(Æ)(Ð)

824

72

Integer

Holdings

Corp.(Æ)

3,433

251

Intercept

Pharmaceuticals,

Inc.(Æ)

2,855

137

Intersect

ENT,

Inc.(Æ)

2,173

29

Invacare

Corp.

33,407

213

Ionis

Pharmaceuticals,

Inc.(Æ)(Ð)

2,916

172

Iovance

Biotherapeutics

,

Inc.(Æ)

5,500

151

iRadimed

Corp.(Æ)

26,116

605

Jazz

Pharmaceuticals

PLC(Æ)

1,180

130

Lannett

Co.,

Inc.(Æ)(Ð)

1,270

9

Lantheus

Holdings,

Inc.(Æ)(Ð)

560

8

LeMaitre

Vascular,

Inc.

20,166

532

LHC

Group,

Inc.(Æ)

2,243

391

LivaNova

PLC(Æ)

2,950

142

Livongo

Health,

Inc.(Æ)(Ñ)

1,897

143

MacroGenics

,

Inc.(Æ)(Ð)

3,126

87

Magellan

Health,

Inc.(Æ)

2,240

163

Medpace

Holdings,

Inc.(Æ)

5,315

494

Menlo

Therapeutics,

Inc.(Æ)

1,770

3

Meridian

Bioscience,

Inc.(Æ)

5,200

121

Merit

Medical

Systems,

Inc.(Æ)(Ð)

2,847

130

Minerva

Neurosciences,

Inc.(Æ)

2,000

7

Mirati

Therapeutics,

Inc.(Æ)

1,846

211

Molina

Healthcare,

Inc.(Æ)(Û)

2,078

370

Momenta

Pharmaceuticals,

Inc.(Æ)

1,598

53

MyoKardia

,

Inc.(Æ)

1,221

118

Myriad

Genetics,

Inc.(Æ)

14,628

166

Natera

,

Inc.(Æ)

3,519

175

Natus

Medical,

Inc.(Æ)

2,245

49

Nektar

Therapeutics(Æ)

1,704

39

Neogen

Corp.(Æ)

4,884

379

NeoGenomics

,

Inc.(Æ)

15,453

479

NextGen

Healthcare,

Inc.(Æ)

5,804

64

NGM

Biopharmaceuticals,

Inc.(Æ)

1,644

32

Novocure

,

Ltd.(Æ)

2,230

132

Odonate

Therapeutics,

Inc.(Æ)

1,024

43

Omnicell

,

Inc.(Æ)

2,257

159

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

27

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Option

Care

Health,

Inc.(Æ)

2,736

38

Orthofix

Medical,

Inc.(Æ)

2,580

83

Owens

&

Minor,

Inc.

8,500

65

Oxford

Immunotec

Global

PLC(Æ)

6,403

83

Pacira

BioSciences

,

Inc.(Æ)(Ð)

2,509

132

Patterson

Cos.,

Inc.

8,029

177

PDL

BioPharma

,

Inc.(Æ)

43,190

126

Pennant

Group,

Inc.

(The)(Æ)

24,019

543

Personalis

,

Inc.(Æ)

100

1

Pfenex

,

Inc.(Æ)(Ð)

1,815

15

PRA

Health

Sciences,

Inc.(Æ)

3,028

295

Prestige

Brands

Holdings,

Inc.(Æ)

20,071

753

Principia

Biopharma,

Inc.(Æ)

1,596

95

Progenics

Pharmaceuticals,

Inc.(Æ)(Ð)(Š)

1,808

—

Prothena

Corp.

PLC(Æ)(Ð)

3,700

39

Providence

Service

Corp.

(The)(Æ)

1,268

100

PTC

Therapeutics,

Inc.(Æ)

4,544

231

Quidel

Corp.(Æ)

1,407

315

R1

RCM,

Inc.(Æ)

9,788

109

Radius

Health,

Inc.(Æ)(Ð)

5,394

74

RadNet

,

Inc.(Æ)

39,192

621

Reata

Pharmaceuticals,

Inc.

Class

A(Æ)

717

112

Recro

Pharma,

Inc.(Æ)

11,184

51

Repligen

Corp.(Æ)

5,007

618

Retrophin

,

Inc.(Æ)(Ð)

5,403

110

Rigel

Pharmaceuticals,

Inc.(Æ)(Ð)

4,211

8

Rubius

Therapeutics,

Inc.(Æ)

1,700

10

Sage

Therapeutics,

Inc.(Æ)(Ð)

1,435

60

Sangamo

BioSciences

,

Inc.(Æ)

13,346

120

Select

Medical

Holdings

Corp.(Æ)

6,267

92

Seres

Therapeutics,

Inc.(Æ)(Ð)

4,000

19

Spectrum

Pharmaceuticals,

Inc.(Æ)(Ð)

6,234

21

Spero

Therapeutics,

Inc.(Æ)(Ð)

278

4

Stemline

Therapeutics,

Inc.(Æ)(Ñ)(Š)

14,060

5

Strongbridge

Biopharma

PLC(Æ)(Ð)

2,700

10

Supernus

Pharmaceuticals,

Inc.(Æ)

6,467

153

Surmodics

,

Inc.(Æ)

550

24

Sutro

Biopharma,

Inc.(Æ)(Ð)

1,000

8

Syndax

Pharmaceuticals,

Inc.(Æ)

8,777

130

Syneos

Health,

Inc.

Class

A(Æ)

3,213

187

Tabula

Rasa

HealthCare,

Inc.(Æ)(Ñ)

17,563

960

Tactile

Systems

Technology,

Inc.(Æ)(Ñ)

13,110

543

Tandem

Diabetes

Care,

Inc.(Æ)

976

97

Teladoc

Health,

Inc.(Æ)(Ñ)

1,598

305

Tenet

Healthcare

Corp.(Æ)

12,039

218

Theravance

Biopharma,

Inc.(Æ)(Ð)

3,568

75

Tricida

,

Inc.(Æ)

1,519

42

Triple-S

Management

Corp.

Class

B(Æ)

6,941

132

Twist

Bioscience

Corp.(Æ)

3,118

141

Ultragenyx

Pharmaceutical,

Inc.(Æ)(Ñ)

2,787

218

United

Therapeutics

Corp.(Æ)(Û)

2,881

349

UNITY

Biotechnology,

Inc.(Æ)

3,300

29

Utah

Medical

Products,

Inc.

11,270

998

Varex

Imaging

Corp.(Æ)(Ð)

4,365

66

Veracyte

,

Inc.(Æ)

4,906

127

Vir

Biotechnology,

Inc.(Æ)(Ñ)

3,354

137

WaVe

Life

Sciences,

Ltd.(Æ)(Ð)

1,914

20

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

XBiotech

,

Inc.(Æ)(Ñ)

8,118

111

Xencor

,

Inc.(Æ)

3,816

124

Zogenix

,

Inc.(Æ)

748

20

30,316

Materials

and

Processing

-

7.3%

AdvanSix

,

Inc.(Æ)

18,848

221

Allegheny

Technologies,

Inc.(Æ)

8,932

91

American

Woodmark

Corp.(Æ)

1,783

135

Apogee

Enterprises,

Inc.

3,813

88

Armstrong

Flooring,

Inc.(Æ)(Ð)(Û)

5,700

17

Ashland

Global

Holdings,

Inc.(Ð)

4,179

289

Aspen

Aerogels,

Inc.(Æ)

15,887

105

Atkore

International

Group,

Inc.(Æ)

3,109

85

Axalta

Coating

Systems,

Ltd.(Æ)

2,928

66

Balchem

Corp.

1,809

172

Beacon

Roofing

Supply,

Inc.(Æ)

10,190

269

Boise

Cascade

Co.

3,870

146

Builders

FirstSource

,

Inc.(Æ)

4,714

98

Cabot

Corp.

3,528

131

Cabot

Microelectronics

Corp.

2,261

315

Caesarstone

,

Ltd.

12,818

152

Carpenter

Technology

Corp.

7,164

174

CF

Industries

Holdings,

Inc.

5,020

141

Chemours

Co.

(The)

8,243

127

Clearwater

Paper

Corp.(Æ)

5,902

213

Comfort

Systems

USA,

Inc.

8,988

366

Commercial

Metals

Co.

7,730

158

Eagle

Materials,

Inc.

9,424

662

Element

Solutions,

Inc.(Æ)

88,094

956

Enerpac

Tool

Group

Corp.

4,164

73

Fortuna

Silver

Mines,

Inc.(Æ)

9,372

48

Haynes

International,

Inc.

2,961

69

Huntsman

Corp.

13,710

246

Ingevity

Corp.(Æ)

5,205

274

Innospec

,

Inc.

1,670

129

Installed

Building

Products,

Inc.(Æ)

1,155

79

Insteel

Industries,

Inc.

10,349

197

Intrepid

Potash,

Inc.(Æ)

65,688

65

KAR

Auction

Services,

Inc.

8,471

117

Kraton

Corp.(Æ)(Ð)

2,300

40

Landec

Corp.(Æ)

55,637

443

LB

Foster

Co.

Class

A(Æ)

400

5

LiqTech

International,

Inc.(Æ)(Ñ)

71,860

392

Louisiana-Pacific

Corp.

15,537

398

Masonite

International

Corp.(Æ)(Û)

2,940

229

Mosaic

Co.

(The)

7,217

90

MRC

Global,

Inc.(Æ)

10,134

60

Mueller

Industries,

Inc.

5,379

143

O-I

Glass,

Inc.

Class

I

21,961

197

Olympic

Steel,

Inc.

824

10

Omega

Flex,

Inc.

4,560

482

Orion

Engineered

Carbons

SA

2,897

31

Patrick

Industries,

Inc.

2,239

137

PGT

Innovations,

Inc.(Æ)

9,986

157

PH

Glatfelter

Co.

3,188

51

Quaker

Chemical

Corp.(Ñ)

885

164

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

28

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Rayonier

Advanced

Materials,

Inc.(Æ)(Ð)

3,115

9

RBC

Bearings,

Inc.(Æ)

950

127

Resideo

Technologies,

Inc.(Æ)

8,783

103

Ryerson

Holding

Corp.(Æ)

1,710

10

Schnitzer

Steel

Industries,

Inc.

Class

A

5,300

93

Schweitzer-Mauduit

International,

Inc.

33,885

1,131

SiteOne

Landscape

Supply,

Inc.(Æ)(Ñ)

2,696

307

Stepan

Co.

2,300

223

TimkenSteel

Corp.(Æ)

5,100

20

Trex

Co.,

Inc.(Æ)

495

64

Trinseo

SA

3,220

71

Tronox

Holdings

PLC

Class

A

24,210

175

UFP

Industries,

Inc.(Æ)

2,434

121

Unifi,

Inc.(Æ)(Ð)

2,844

37

Universal

Stainless

&

Alloy

Products,

Inc.(Æ)

25,145

216

Valvoline,

Inc.

47,068

910

Veritiv

Corp.(Æ)

900

15

Verso

Corp.

Class

A

900

11

Worthington

Industries,

Inc.

3,164

118

WR

Grace

&

Co.

2,367

120

13,384

Producer

Durables

-

15.8%

ACCO

Brands

Corp.

65,789

467

Adient

PLC(Æ)(Ð)

7,363

121

Aerojet

Rocketdyne

Holdings,

Inc.(Æ)

1,362

54

AGCO

Corp.(Û)

4,250

236

Air

Transport

Services

Group,

Inc.(Æ)

25,857

576

Alamo

Group,

Inc.

363

37

Alaska

Air

Group,

Inc.

7,391

268

Albany

International

Corp.

Class

A

2,433

143

Allied

Motion

Technologies,

Inc.

10,606

375

Alta

Equipment

Group

Inc.(Æ)(Ñ)

59,054

459

Applied

Industrial

Technologies,

Inc.

1,942

121

ArcBest

Corp.

4,710

125

Arcosa

,

Inc.

21,179

894

Ardmore

Shipping

Corp.

70,128

304

Argan

,

Inc.

11,908

564

ASGN,

Inc.(Æ)

2,869

191

Astec

Industries,

Inc.

549

25

Astronics

Corp.(Æ)

4,021

42

AstroNova

,

Inc.

17,116

136

Axon

Enterprise,

Inc.(Æ)

3,243

318

Babcock

&

Wilcox

Co.

(The)

Class

W(Æ)

8,889

503

Barnes

Group,

Inc.

1,439

57

Barrett

Business

Services,

Inc.

830

44

Briggs

&

Stratton

Corp.

7,100

9

Brink's

Co.

(The)

9,346

425

CAI

International,

Inc.(Æ)

509

8

Chart

Industries,

Inc.(Æ)

1,331

65

Clean

Harbors,

Inc.(Æ)

2,481

149

Commercial

Vehicle

Group,

Inc.(Æ)

2,637

8

Construction

Partners,

Inc.

Class

A(Æ)

5,374

95

Covenant

Transportation

Group,

Inc.

Class

A(Æ)

17,187

248

CRA

International,

Inc.

16,826

665

Cubic

Corp.

1,775

85

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CyberOptics

Corp.(Æ)

1,419

46

Dorian

LPG,

Ltd.(Æ)

3,170

25

Ducommun,

Inc.(Æ)

1,409

49

DXP

Enterprises,

Inc.(Æ)

1,176

23

Echo

Global

Logistics,

Inc.(Æ)

16,623

359

EMCOR

Group,

Inc.(Û)

4,710

312

Energy

Recovery,

Inc.(Æ)(Ð)

705

5

EnerSys

2,049

132

Euronav

NV

15,152

123

Evo

Payments,

Inc.

Class

A(Æ)

24,726

564

Evoqua

Water

Technologies

Corp.(Æ)

1,064

20

ExlService

Holdings,

Inc.(Æ)

1,092

69

Exponent,

Inc.

2,242

181

Franklin

Electric

Co.,

Inc.

2,851

150

frontdoor

,

Inc.(Æ)(Û)

28,676

1,272

FTI

Consulting,

Inc.(Æ)

1,422

163

Garrett

Motion,

Inc.(Æ)

8,100

45

Gates

Industrial

Corp.

PLC(Æ)

6,379

66

Generac

Holdings,

Inc.(Æ)

1,272

155

GP

Strategies

Corp.(Æ)

11,341

97

Great

Lakes

Dredge

&

Dock

Corp.(Æ)

70,582

654

Greenbrier

Cos.,

Inc.

4,705

107

Hackett

Group,

Inc.

(The)

9,941

135

Harsco

Corp.(Æ)

15,821

214

Hawaiian

Holdings,

Inc.

7,197

101

Hertz

Global

Holdings,

Inc.

Class

W(Æ)

2,625

81

HNI

Corp.

5,200

159

Howmet

Aerospace,

Inc.

1,326

21

Hub

Group,

Inc.

Class

A(Æ)

2,580

123

Hudson,

Ltd.

Class

A(Æ)

76,382

372

Hyster

-Yale

Materials

Handling,

Inc.

2,030

78

ICF

International,

Inc.

8,263

536

Insperity

,

Inc.

3,545

229

International

Seaways,

Inc.

8,513

139

Itron

,

Inc.(Æ)

684

45

JetBlue

Airways

Corp.(Æ)

13,353

146

Kaman

Corp.

Class

A

1,297

54

KBR,

Inc.

19,591

442

Kennametal,

Inc.

6,657

191

Kforce

,

Inc.

1,430

42

Kimball

International,

Inc.

Class

B

23,296

269

Korn

Ferry(Û)

4,986

153

Kornit

Digital,

Ltd.(Æ)

1,536

82

Kratos

Defense

&

Security

Solutions,

Inc.(Æ)

22,897

358

Landstar

System,

Inc.

1,014

114

LCI

Industries

1,391

160

Liquidity

Services,

Inc.(Æ)

40,156

239

Lydall

,

Inc.(Æ)

9,991

135

Manitowoc

Co.,

Inc.

(The)(Æ)

4,800

52

ManpowerGroup

,

Inc.(Û)

3,885

267

Marten

Transport,

Ltd.

9,119

229

MasTec

,

Inc.(Æ)(Ñ)

6,391

287

MAXIMUS,

Inc.

6,650

468

Mesa

Laboratories,

Inc.(Ñ)

4,454

967

Methode

Electronics,

Inc.

3,314

104

Miller

Industries,

Inc.

4,800

143

Mitek

Systems,

Inc.(Æ)

1,100

11

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

29

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Modine

Manufacturing

Co.(Æ)

5,024

28

MSA

Safety,

Inc.

877

100

MTS

Systems

Corp.

2,809

49

MYR

Group,

Inc.(Æ)

4,186

133

Orion

Group

Holdings,

Inc.(Æ)

26,930

85

Park-Ohio

Holdings

Corp.

300

5

Pentair

PLC

892

34

Pitney

Bowes,

Inc.(Ñ)(Û)

59,201

154

Powell

Industries,

Inc.

738

20

Preformed

Line

Products

Co.

1,575

79

Primoris

Services

Corp.

7,165

128

Proto

Labs,

Inc.(Æ)

1,326

149

Quanta

Services,

Inc.(Û)

6,149

241

Radiant

Logistics,

Inc.(Æ)

57,155

225

Repay

Holdings

Corp.(Æ)

7,450

183

Ryder

System,

Inc.

3,240

122

Saia,

Inc.(Æ)

2,585

287

SHYFT

Group,

Inc.

(The)(Æ)

21,492

362

SkyWest,

Inc.

7,439

243

Smith

&

Wesson

Brands,

Inc.(Æ)

11,184

241

Spirit

AeroSystems

,

Inc.

Class

A

2,270

54

Spirit

Airlines,

Inc.(Æ)(Ñ)

7,887

140

Standex

International

Corp.

2,233

129

StealthGas

,

Inc.(Æ)

108,183

301

Steelcase,

Inc.

Class

A

7,992

96

Sykes

Enterprises,

Inc.(Æ)

2,750

76

Teekay

Tankers,

Ltd.

Class

A(Æ)(Ñ)

20,299

260

Terex

Corp.

5,260

99

Tetra

Tech,

Inc.

1,315

104

Titan

Machinery,

Inc.(Æ)

8,023

87

TopBuild

Corp.(Æ)

4,299

489

TreeHouse

Foods,

Inc.(Æ)

23,280

1,021

TriNet

Group,

Inc.(Æ)

4,989

304

Triumph

Group,

Inc.

7,720

70

TrueBlue

,

Inc.(Æ)

10,320

158

Tutor

Perini

Corp.(Æ)

24,344

296

Ultralife

Corp.(Æ)

49,572

347

UniFirst

Corp.

621

111

Universal

Truckload

Services,

Inc.

15,220

265

US

Xpress

Enterprises,

Inc.

Class

A(Æ)

19,351

116

USA

Truck,

Inc.(Æ)

13,012

101

Vectrus

,

Inc.(Æ)

11,148

547

Vishay

Precision

Group,

Inc.(Æ)

3,625

89

Watts

Water

Technologies,

Inc.

Class

A

1,452

118

Werner

Enterprises,

Inc.

2,525

110

WESCO

International,

Inc.(Æ)

4,897

172

Whole

Earth

Brands,

Inc.(Æ)

4,260

34

WNS

Holdings,

Ltd.

-

ADR(Æ)

11,071

609

Xerox

Holdings

Corp.

10,758

164

XPO

Logistics,

Inc.(Æ)

850

66

YRC

Worldwide,

Inc.(Æ)(Ñ)

50,904

94

29,075

Technology

-

15.8%

A10

Networks,

Inc.(Æ)

4,846

33

ADTRAN,

Inc.

6,300

69

Agilysys

,

Inc.(Æ)

2,471

44

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Allot

Communications,

Ltd.(Æ)

14,997

157

Alpha

&

Omega

Semiconductor,

Ltd.(Æ)

26,126

285

Ambarella

,

Inc.(Æ)

2,909

133

American

Software,

Inc.

Class

A

30,359

479

Amkor

Technology,

Inc.(Æ)

4,742

58

APi

Group

Corp.(Æ)(Ñ)(Þ)

76,482

928

Appfolio

,

Inc.

Class

A(Æ)(Ñ)

947

154

Arlo

Technologies,

Inc.(Æ)

19,900

51

Arrow

Electronics,

Inc.(Æ)(Û)

4,342

298

Asure

Software,

Inc.(Æ)

10,693

69

Avaya

Holdings

Corp.(Æ)

10,294

127

Avid

Technology,

Inc.(Æ)

4,200

31

Avnet,

Inc.

5,839

163

Axcelis

Technologies,

Inc.(Æ)

19,845

552

Bandwidth,

Inc.

Class

A(Æ)(Ñ)

1,623

206

Bel

Fuse,

Inc.

Class

B

2,045

22

Benchmark

Electronics,

Inc.(Û)

12,832

277

Benefitfocus

,

Inc.(Æ)

1,349

15

Box,

Inc.

Class

A(Æ)

33,417

693

Brightcove

,

Inc.(Æ)

2,923

23

CACI

International,

Inc.

Class

A(Æ)

206

45

CalAmp

Corp.(Æ)

2,728

22

Calix,

Inc.(Æ)

6,600

98

Cardtronics

PLC

Class

A(Æ)

749

18

Casa

Systems,

Inc.(Æ)

4,140

17

Cerence

,

Inc.(Æ)(Ñ)

15,426

630

Ceridian

HCM

Holding,

Inc.(Æ)(Û)

3,884

308

ChannelAdvisor

Corp.(Æ)

1,500

24

Cirrus

Logic,

Inc.(Æ)(Û)

6,331

391

Cloudera,

Inc.(Æ)

12,919

164

CommScope

Holding

Co.,

Inc.(Æ)

15,535

129

CommVault

Systems,

Inc.(Æ)

3,670

142

comScore,

Inc.(Æ)(Ð)

9,300

29

Comtech

Telecommunications

Corp.

9,828

166

Conduent

,

Inc.(Æ)

19,421

46

Cornerstone

OnDemand

,

Inc.(Æ)

4,817

186

DASAN

Zhone

Solutions,

Inc.(Æ)

1,900

17

Diebold

Nixdorf,

Inc.(Æ)

43,501

264

Digimarc

Corp.(Æ)

2,506

40

Digital

Turbine,

Inc.(Æ)

60,565

762

Diodes,

Inc.(Æ)

745

38

Domo,

Inc.

Class

B(Æ)(Ð)

589

19

DSP

Group,

Inc.(Æ)

9,193

146

EMCORE

Corp.(Æ)(Û)

3,700

12

Endava

PLC

-

ADR(Æ)

4,932

238

Endurance

International

Group

Holdings,

Inc.(Æ)

8,277

33

Extreme

Networks,

Inc.(Æ)

14,110

61

F5

Networks,

Inc.(Æ)

360

50

Fabrinet

(Æ)

1,692

106

FireEye,

Inc.(Æ)

18,348

223

Five9,

Inc.(Æ)

585

65

Glu

Mobile,

Inc.(Æ)

9,917

92

Groupon,

Inc.(Æ)

1,599

29

Harmonic,

Inc.(Æ)(Ð)

1,824

9

HC2

Holdings,

Inc.(Æ)

2,200

7

Ichor

Holdings,

Ltd.(Æ)

2,207

59

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

30

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Infinera

Corp.(Æ)(Ð)

17,493

104

Inphi

Corp.(Æ)

956

112

Insight

Enterprises,

Inc.(Æ)

2,091

103

InterDigital

,

Inc.

1,727

98

Intevac,

Inc.(Æ)

300

2

iRobot

Corp.(Æ)(Ñ)

3,578

301

Juniper

Networks,

Inc.(Û)

5,939

136

Kimball

Electronics,

Inc.(Æ)

30,168

408

Kulicke

&

Soffa

Industries,

Inc.

23,789

495

Liberty

Latin

America,

Ltd.

Class

C(Æ)

17,141

162

Lumentum

Holdings,

Inc.

Class

E(Æ)

1,619

132

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

2,960

102

Magnachip

Semiconductor

Corp.(Æ)

6,249

64

Maxar

Technologies,

Inc.(Ñ)

44,038

791

MaxLinear

,

Inc.

Class

A(Æ)

3,777

81

Mercury

Systems,

Inc.(Æ)

5,423

427

MicroStrategy

,

Inc.

Class

A(Æ)

1,952

231

Mimecast,

Ltd.(Æ)

10,983

458

MiX

Telematics,

Ltd.

-

ADR

7,973

69

MobileIron

,

Inc.(Æ)

17,400

86

Model

N,

Inc.(Æ)

8,871

308

NAPCO

Security

Technologies,

Inc.(Æ)(Ñ)

35,652

834

NeoPhotonics

Corp.(Æ)

29,841

265

NETGEAR,

Inc.(Æ)(Ð)

8,341

216

NetScout

Systems,

Inc.(Æ)(Û)

14,371

368

New

Relic,

Inc.(Æ)

4,171

287

nLight

,

Inc.(Æ)

39,025

868

Nuance

Communications,

Inc.(Æ)(Ð)

11,100

281

NVE

Corp.

5,983

370

OneSpan

,

Inc.(Æ)

50,107

1,398

Ooma

,

Inc.(Æ)

19,900

328

PC

Connection,

Inc.

1,489

69

PCTEL,

Inc.(Æ)

15,004

100

PDF

Solutions,

Inc.(Æ)

18,174

355

Pegasystems

,

Inc.

7,315

740

Perspecta

,

Inc.

15,504

360

Plantronics,

Inc.(Ð)

3,825

56

PlayAGS

,

Inc.(Æ)

4,500

15

Plexus

Corp.(Æ)

1,214

86

Power

Integrations,

Inc.

1,160

137

Pure

Storage,

Inc.

Class

A(Æ)(Û)

22,497

390

Q2

Holdings,

Inc.(Æ)

695

60

QAD,

Inc.

Class

A

16,800

694

Qualys

,

Inc.(Æ)(Ñ)

4,250

442

RADCOM,

Ltd.(Æ)

11,465

93

Rambus,

Inc.(Æ)

7,210

110

Rapid7,

Inc.(Æ)

4,376

223

Ribbon

Communications,

Inc.(Æ)

12,441

49

Rogers

Corp.(Æ)

460

57

Sanmina

Corp.(Æ)

3,561

89

ScanSource

,

Inc.(Æ)

3,974

95

Science

Applications

International

Corp.

1,115

87

SeaChange

International,

Inc.(Æ)

1,015

2

Semtech

Corp.(Æ)

812

42

Silicon

Laboratories,

Inc.(Æ)

2,452

246

Silicon

Motion

Technology

Corp.

-

ADR

1,983

97

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Simulations

Plus,

Inc.(Ñ)

13,306

796

SiTime

Corp.(Æ)

3,076

146

Smith

Micro

Software,

Inc.(Æ)(Ñ)

78,355

349

Sonos

,

Inc.(Æ)(Ð)

13,444

197

Super

Micro

Computer,

Inc.(Æ)

2,051

58

Synaptics

,

Inc.(Æ)(Û)

2,941

177

Synchronoss

Technologies,

Inc.(Æ)(Ð)

4,300

15

SYNNEX

Corp.

1,873

224

Tech

Data

Corp.(Æ)(Š)

1,036

150

TeleNav

,

Inc.(Æ)(Ð)

6,200

34

Tenable

Holdings,

Inc.(Æ)

2,745

82

Teradata

Corp.(Æ)

6,621

138

TrueCar

,

Inc.(Æ)

22,500

58

Unisys

Corp.(Æ)

64,275

701

Upwork

,

Inc.(Æ)

3,855

56

Varonis

Systems,

Inc.(Æ)

1,786

158

Veeco

Instruments,

Inc.(Æ)(Ð)

7,500

101

Verint

Systems,

Inc.(Æ)

3,255

147

Vishay

Intertechnology

,

Inc.

5,859

89

Vocera

Communications,

Inc.(Æ)(Ð)

2,620

56

Workiva

,

Inc.(Æ)

11,946

639

Xperi

Holding

Corp.

7,255

107

Yelp,

Inc.

Class

A(Æ)

7,263

168

Zix

Corp.(Æ)

51,234

354

29,131

Utilities

-

3.6%

Allete

,

Inc.

4,956

271

American

States

Water

Co.

1,064

84

Avista

Corp.

7,947

289

Boingo

Wireless,

Inc.(Æ)

7,256

96

Bonanza

Creek

Energy,

Inc.(Æ)

1,783

26

Brigham

Minerals,

Inc.

Class

A

34,239

423

Cogent

Communications

Holdings,

Inc.

7,629

591

Earthstone

Energy,

Inc.

Class

A(Æ)

19,345

55

GCI

Liberty,

Inc.

Class

A(Æ)

5,164

367

Gogo

,

Inc.(Æ)(Ð)

8,874

28

MDU

Resources

Group,

Inc.

44,408

984

New

Jersey

Resources

Corp.

34,506

1,126

NorthWestern

Corp.

3,291

179

NRG

Energy,

Inc.(Ð)

6,940

226

Orbcomm

,

Inc.(Æ)

10,868

42

Plains

GP

Holdings,

LP

Class

A(Æ)

7,254

65

Portland

General

Electric

Co.(Û)

10,684

447

RGC

Resources,

Inc.

7,157

173

South

Jersey

Industries,

Inc.

15,713

393

Southwest

Gas

Holdings,

Inc.

2,093

145

Unitil

Corp.

1,712

77

Vistra

Energy

Corp.

27,936

520

6,607

Total

Common

Stocks

(cost

$175,776)

179,830

Short-Term

Investments

-

6.3%

U.S.

Cash

Management

Fund(@)

11,609,371

(∞)

11,608

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

31

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Short-Term

Investments

(cost

$11,608)

11,608

Other

Securities

-

8.8%

U.S.

Cash

Collateral

Fund(x)(@)

16,073,631

(∞)

16,074

Total

Other

Securities

(cost

$16,074)

16,074

Total

Investments

-

112.8%

(identified

cost

$203,458)

207,512

Securities

Sold

Short

-

(4.4)%

Consumer

Discretionary

-

(0.8)%

American

Eagle

Outfitters,

Inc.

(6,911)

(75)

Aspen

Group,

Inc.(Æ)

(1,140)

(10)

Build-A-Bear

Workshop,

Inc.

Class

A(Æ)

(2,531)

(6)

Callaway

Golf

Co.

(6,357)

(111)

Carvana

Co.(Æ)

(17)

(2)

Dorman

Products,

Inc.(Æ)

(1,060)

(71)

El

Pollo

Loco

Holdings,

Inc.(Æ)

(1,484)

(22)

EW

Scripps

Co.

(The)

Class

A

(2,272)

(20)

Express,

Inc.(Æ)

(5,506)

(8)

Fox

Factory

Holding

Corp.(Æ)

(1,512)

(125)

Gannett

Co.,

Inc.(Æ)

(12,643)

(17)

Gentex

Corp.

(5,158)

(133)

GrowGeneration

Corp.(Æ)

(2,438)

(17)

Guess?,

Inc.

(5,342)

(52)

Johnson

Outdoors,

Inc.

Class

A

(209)

(19)

Levi

Strauss

&

Co.

Class

A

(1,465)

(20)

Marine

Products

Corp.

(952)

(13)

Michaels

Cos.,

Inc.

(The)(Æ)

(4,590)

(32)

Monro

Muffler

Brake,

Inc.

(1,957)

(108)

Newell

Rubbermaid,

Inc.

(8,235)

(131)

Nordstrom,

Inc.

(3,504)

(54)

PriceSmart

,

Inc.

(996)

(60)

SEACOR

Marine

Holdings,

Inc.(Æ)

(2,278)

(6)

Thor

Industries,

Inc.

(2,873)

(306)

XPEL,

Inc.(Æ)

(909)

(14)

YETI

Holdings,

Inc.(Æ)

(530)

(23)

(1,455)

Consumer

Staples

-

(0.0)%

Celsius

Holdings,

Inc.(Æ)

(1,765)

(21)

Limoneira

Co.

(1,100)

(16)

OptimizeRx

Corp.(Æ)

(1,921)

(25)

(62)

Energy

-

(0.2)%

Abraxas

Petroleum

Corp.(Æ)

(64,241)

(15)

Ameresco

,

Inc.

Class

A(Æ)

(2,154)

(60)

Amplify

Energy

Corp.(Æ)

(7,438)

(9)

Contango

Oil

&

Gas

Co.(Æ)

(3,480)

(8)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Forum

Energy

Technologies,

Inc.(Æ)

(8,421)

(4)

Gulfport

Energy

Corp.(Æ)

(78,572)

(86)

Ring

Energy,

Inc.(Æ)

(9,000)

(10)

Solaris

Oilfield

Infrastructure,

Inc.

Class

A

(4,942)

(37)

WPX

Energy,

Inc.(Æ)

(9,777)

(62)

(291)

Financial

Services

-

(1.1)%

Allegiance

Bancshares,

Inc.

(92)

(2)

American

Finance

Trust,

Inc.(ö)

(3,187)

(25)

Annaly

Capital

Management,

Inc.(ö)

(10,789)

(71)

Anworth

Mortgage

Asset

Corp.(ö)

(19,122)

(33)

Apollo

Commercial

Real

Estate

Finance,

Inc.(ö)

(16,222)

(159)

Arbor

Realty

Trust,

Inc.(ö)

(10,400)

(96)

Ashford

Hospitality

Trust,

Inc.(ö)

(14,281)

(10)

Ashford,

Inc.(Æ)

(346)

(4)

BRP

Group,

Inc.

Class

A(Æ)

(1,082)

(19)

Cannae

Holdings,

Inc.(Æ)

(1,750)

(72)

Colony

Credit

Real

Estate,

Inc.(ö)

(4,645)

(33)

Dynex

Capital,

Inc.(ö)

(4,391)

(63)

eHealth,

Inc.(Æ)

(220)

(22)

Ellington

Residential

Mortgage(ö)

(1,506)

(16)

Emerald

Holding,

Inc.

(7,089)

(22)

Exantas

Capital

Corp.(Æ)

(8,517)

(23)

Granite

Point

Mortgage

Trust,

Inc.(ö)

(17,822)

(128)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.(ö)

(2,320)

(66)

I3

Verticals,

Inc.

Class

A(Æ)

(1,548)

(47)

Jernigan

Capital,

Inc.(ö)

(3,410)

(47)

Ladder

Capital

Corp.

Class

A(ö)

(9,332)

(76)

Moelis

&

Co.

Class

A

(3,157)

(98)

New

Residential

Investment

Corp.(ö)

(14,783)

(110)

New

York

Mortgage

Trust,

Inc.(ö)

(52,992)

(138)

Ocwen

Financial

Corp.(Æ)

(6,435)

(4)

PennyMac

Mortgage

Investment

Trust(ö)

(8,736)

(153)

Ready

Capital

Corp.(Æ)

(11,869)

(103)

Redwood

Trust,

Inc.(ö)

(13,703)

(96)

TPG

RE

Finance

Trust,

Inc.(ö)

(9,710)

(84)

Two

Harbors

Investment

Corp.(ö)

(35,465)

(179)

Veritex

Holdings,

Inc.

(2,000)

(35)

Victory

Capital

Holdings,

Inc.

Class

A

(1,000)

(17)

Western

Asset

Mortgage

Capital

Corp.(ö)

(14,623)

(40)

(2,091)

Health

Care

-

(0.8)%

Acadia

Pharmaceuticals,

Inc.(Æ)

(1,817)

(88)

ADMA

Biologics,

Inc.(Æ)

(10,244)

(30)

Alphatec

Holdings,

Inc.(Æ)

(1,000)

(5)

American

Renal

Associates

Holdings,

Inc.

(Æ)

(1,742)

(11)

Arcus

Biosciences,

Inc.(Æ)

(275)

(7)

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

32

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Arena

Pharmaceuticals,

Inc.(Æ)

(2,714)

(171)

Axonics

Modulation

Technologies,

Inc.(Æ)

(400)

(14)

BioDelivery

Sciences

International,

Inc.(Æ)

(4,900)

(21)

CareDx

,

Inc.(Æ)

(400)

(14)

CASI

Pharmaceuticals,

Inc.(Æ)

(700)

(2)

Emergent

BioSolutions

,

Inc.(Æ)

(931)

(74)

Geron

Corp.(Æ)

(13,112)

(29)

Guardant

Health,

Inc.(Æ)

(404)

(33)

HealthEquity

,

Inc.(Æ)

(2,440)

(143)

Invitae

Corp.(Æ)

(3,756)

(114)

Karuna

Therapeutics,

Inc.(Æ)

(706)

(79)

Kodiak

Sciences,

Inc.(Æ)

(121)

(7)

MannKind

Corp.(Æ)

(3,300)

(6)

Matinas

BioPharma

Holdings,

Inc.(Æ)

(4,500)

(3)

MediciNova

,

Inc.(Æ)

(2,468)

(13)

Mersana

Therapeutics,

Inc.(Æ)

(527)

(12)

Misonix

,

Inc.(Æ)

(670)

(9)

Momenta

Pharmaceuticals,

Inc.(Æ)

(2,993)

(100)

NeoGenomics

,

Inc.(Æ)

(3,850)

(119)

OncoCyte

Corp.(Æ)

(595)

(1)

OrthoPediatrics

Corp.(Æ)

(693)

(30)

Phathom

Pharmaceuticals,

Inc.(Æ)

(185)

(6)

Premier,

Inc.

Class

A(Æ)

(2,748)

(94)

Quanterix

Corp.(Æ)

(705)

(19)

Repligen

Corp.(Æ)

(1,225)

(151)

Sientra

,

Inc.(Æ)

(2,183)

(8)

Tabula

Rasa

HealthCare,

Inc.(Æ)

(1,420)

(78)

Vapotherm

,

Inc.(Æ)

(601)

(25)

(1,516)

Materials

and

Processing

-

(0.3)%

Coeur

Mining,

Inc.(Æ)

(3,100)

(16)

Cornerstone

Building

Brands,

Inc.(Æ)

(4,446)

(27)

Griffon

Corp.

(1,352)

(25)

Livent

Corp.(Æ)

(2,400)

(15)

Marrone

Bio

Innovations,

Inc.(Æ)

(630)

(1)

NN,

Inc.

(5,291)

(25)

Quaker

Chemical

Corp.

(945)

(175)

Trex

Co.,

Inc.(Æ)

(1,140)

(148)

Uranium

Energy

Corp.(Æ)

(16,491)

(14)

(446)

Producer

Durables

-

(0.3)%

Altra

Industrial

Motion

Corp.

(2,940)

(94)

Aqua

Metals,

Inc.(Æ)

(6,408)

(9)

Coda

Octopus

Group,

Inc.(Æ)

(1,000)

(5)

Concrete

Pumping

Holdings,

Inc.(Æ)

(2,700)

(9)

Fluor

Corp.

(9,784)

(118)

Iteris

,

Inc.(Æ)

(2,014)

(10)

Mesa

Air

Group,

Inc.(Æ)

(747)

(3)

NV5

Global,

Inc.(Æ)

(963)

(49)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Plug

Power,

Inc.(Æ)

(14,385)

(118)

Ranpak

Holdings

Corp.(Æ)

(1,349)

(10)

Repay

Holdings

Corp.(Æ)

(2,237)

(55)

Toro

Co.

(The)

(1,989)

(132)

(612)

Technology

-

(0.8)%

Acacia

Research

Corp.(Æ)

(3,875)

(16)

Alteryx

,

Inc.

Class

A(Æ)

(245)

(40)

Appfolio

,

Inc.

Class

A(Æ)

(957)

(156)

Black

Knight,

Inc.(Æ)

(1,694)

(123)

Brooks

Automation,

Inc.

(2,697)

(119)

Cognex

Corp.

(2,644)

(158)

Envestnet

,

Inc.(Æ)

(2,207)

(162)

II-VI,

Inc.(Æ)

(3,736)

(176)

Immersion

Corp.(Æ)

(9,200)

(57)

MongoDB,

Inc.(Æ)

(248)

(56)

NAPCO

Security

Technologies,

Inc.(Æ)

(1,603)

(37)

Onto

Innovation,

Inc.(Æ)

(4,302)

(146)

Q2

Holdings,

Inc.(Æ)

(1,939)

(166)

TechTarget

,

Inc.(Æ)

(1,355)

(41)

Upland

Software,

Inc.(Æ)

(750)

(26)

Zix

Corp.(Æ)

(8,200)

(57)

(1,536)

Utilities

-

(0.1)%

Antero

Midstream

Corp.

(1,803)

(9)

Earthstone

Energy,

Inc.

Class

A(Æ)

(4,258)

(12)

HighPoint

Resources

Corp.(Æ)

(13,700)

(4)

Laredo

Petroleum,

Inc.(Æ)

(2,236)

(31)

Montage

Resources

Corp.(Æ)

(4,348)

(17)

New

Fortress

Energy

LLC(Æ)

(1,449)

(19)

Penn

Virginia

Corp.(Æ)

(3,813)

(36)

SilverBow

Resources,

Inc.(Æ)

(1,092)

(4)

(132)

Total

Securities

Sold

Short

(proceeds

$7,640)

(8,141)

Other

Assets

and

Liabilities,

Net

-

(8.4%)

(15,389)

Net

Assets

-

100.0%

183,982

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

33

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)

$

0.5%

APi

Group

Corp.

04/08/20

76,482

10.29

787

928

JER

Investment

Trust,

Inc.

05/27/04

1,771

82.03

145

—

928

For

a

description

of

restricted

securities

see

note

7

in

the

Notes

to

Financial

Statements.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Russell

2000

E-Mini

Index

Futures

167

USD

12,004

09/20

382

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

382

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

%

of

Net

Assets

Common

Stocks

Consumer

Discretionary

$

22,463

$

—

$

—

$

—

$

22,463

12.2

Consumer

Staples

6,774

—

—

—

6,774

3.7

Energy

4,107

—

—

—

4,107

2.2

Financial

Services

37,973

—

—

—

37,973

20.

6

Health

Care

30,311

—

5

—

30,316

16.

5

Materials

and

Processing

13,384

—

—

—

13,384

7.3

Producer

Durables

29,075

—

—

—

29,075

15.8

Technology

28,981

—

150

—

29,131

15.8

Utilities

6,607

—

—

—

6,607

3.6

Short-Term

Investments

—

—

—

11,608

11,608

6.3

Other

Securities

—

—

—

16,074

16,074

8.

8

Total

Investments

179,675

—

155

27,682

207,512

112.

8

Securities

Sold

Short

**

(8,141)

—

—

—

(8,141)

(4.

4

)

Other

Assets

and

Liabilities,

Net

(8.4)

100.0

Other

Financial

Instruments

Assets

Futures

Contracts

382

—

—

—

382

0.2

Total

Other

Financial

Instruments

*

$

382

$

—

$

—

$

—

$

382

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

34

U.S.

Small

Cap

Equity

Fund

*

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

Financial

Statements.

For

a

disclosure

on

transfers

between

Levels

1,

2

and

3

during

the

period

ended

June

30,

2020,

see

note

2

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

June

30,

2020,

were

less

than

1%

of

net

assets.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Fair

Value

of

Derivative

Instruments

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

35

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Equity

Contracts

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts*

$

382

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

1,800

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

285

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

36

U.S.

Small

Cap

Equity

Fund

Amounts

in

thousands

Offsetting

of

Financial

Assets

and

Derivative

Assets

Description

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Securities

on

Loan*

Investments,

at

fair

value

$

15,806

$

—

$

15,806

Total

Financial

and

Derivative

Assets

15,806

—

15,806

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

15,806

$

—

$

15,806

Financial

Assets,

Derivative

Assets,

and

Collateral

Held

by

Counterparty

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Counterparty

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Received^

Net

Amount

Bank

of

Nova

Scotia

$

368

$

—

$

368

$

—

Barclays

940

—

940

—

Citigroup

1,757

—

1,757

—

Fidelity

1,435

—

1,435

—

JPMorgan

Chase

1,626

—

1,626

—

Merrill

Lynch

1,554

—

1,554

—

Morgan

Stanley

6,948

—

6,948

—

National

Bank

of

Canada

46

—

46

—

Wells

Fargo

1,132

—

1,132

—

Total

$

15,806

$

—

$

15,806

$

—

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

37

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Description

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Gross

Amounts

of

Recognized

Liabilities

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Short

Sales

Securities

sold

short,

at

fair

value

$

8,141

$

—

$

8,141

Total

Financial

and

Derivative

Liabilities

8,141

—

8,141

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

8,141

$

—

$

8,141

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Counterparty

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Pledged^

Net

Amount

State

Street

$

8,141

$

—

$

8,141

$

—

Total

$

8,141

$

—

$

8,141

$

—

*      

Fair

value

of

securities

on

loan

as

reported

in

the

footnotes

to

the

Statement

of

Assets

and

Liabilities.

^      Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

38

U.S.

Small

Cap

Equity

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2020

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

203,458

Investments,

at

fair

value(*)(>)

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

207,512

Cash

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

11

Receivables:

Dividends

and

interest

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

108

Dividends

from

affiliated

funds

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

2

Investments

sold

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

1,312

Fund

shares

sold

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

86

From

broker(a)

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

869

Variation

margin

on

futures

contracts

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

383

Prepaid

expenses

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

1

Total

assets

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

210,284

Liabilities

Payables:

Investments

purchased

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

1,722

Fund

shares

redeemed

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

124

Accrued

fees

to

affiliates

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

145

Other

accrued

expenses

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

96

Securities

sold

short,

at

fair

value(‡)

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

8,141

Payable

upon

return

of

securities

loaned

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

16,074

Total

liabilities

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

26,302

Net

Assets

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

$

183,982

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

39

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2020

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

(21,112)

Shares

of

beneficial

interest

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

161

Additional

paid-in

capital

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

204,933

Net

Assets

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

$

183,982

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

11.45

Net

assets

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

$

183,982,021

Shares

outstanding

($.01

par

value)

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

16,069,298

Amounts

in

thousands

(*)    

Securities

on

loan

included

in

investments

$

15,806

(‡)    

Proceeds

on

securities

sold

short

$

7,640

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

and

U.S.

Cash

Collateral

Fund

$

27,682

(a)    

Receivable

from

Broker

for

Futures

$

869

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

40

U.S.

Small

Cap

Equity

Fund

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2020

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

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

$

1,118

Dividends

from

affiliated

funds

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

40

Securities

lending

income

(net)

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

39

Total

investment

income

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

1,197

Expenses

Advisory

fees

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

836

Administrative

fees

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

46

Custodian

fees

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

67

Transfer

agent

fees

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

4

Professional

fees

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

42

Trustees’

fees

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

5

Printing

fees

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

19

Dividends

from

securities

sold

short

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

105

Interest

expense

paid

on

securities

sold

short

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

33

Miscellaneous

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

8

Total

expenses

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

1,165

Net

investment

income

(loss)

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

32

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

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

(24,833)

Investments

in

affiliated

funds

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

1

Futures

contracts

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

1,800

Securities

sold

short

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

2,465

Net

realized

gain

(loss)

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

(20,567)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

(19,834)

Futures

contracts

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

285

Securities

sold

short

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

(11)

Net

change

in

unrealized

appreciation

(depreciation)

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

(19,560)

Net

realized

and

unrealized

gain

(loss)

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

(40,127)

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

(40,095)

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

41

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2020

(Unaudited)

Fiscal

Year

Ended  

December

31,

2019

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

32

$

762

Net

realized

gain

(loss)

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

(20,567)

13,677

Net

change

in

unrealized

appreciation

(depreciation)

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

(19,560)

31,510

Net

increase

(decrease)

in

net

assets

from

operations

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

(40,095)

45,949

Distributions

To

shareholders

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

(5,018)

(4,653)

Net

decrease

in

net

assets

from

distributions

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

(5,018)

(4,653)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

1,196

(17,887)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

(43,917)

23,409

Net

Assets

Beginning

of

period

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

227,899

204,490

End

of

period

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

$

183,982

$

227,899

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2020

and

December

31,

2019

were

as

follows:

2020

(Unaudited)

2019

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

721

$

7,29

7

579

$

7,812

Proceeds

from

reinvestment

of

distributions

367

5,017

326

4,653

Payments

for

shares

redeemed

(960)

(11,118)

(2,208)

(30,352)

Total

increase

(decrease)

128

$

1,19

6

(1,303)

$

(17,887)

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

42

For

a

Share

Outstanding

Throughout

Each

Period.

$

Net

Asset

Value,

Beginning

of

Period

$

Net

Investment

Income

(Loss)

(a)

$

Net

Realized

and

Unrealized

Gain

(Loss)

$

Total

from

Investment

Operations

$

Distributions

from

Net

Investment

Income

$

Distributions

from

Net

Realized

Gain

$

Return

of

Capital

June

30,

2020(1)

14.30

—

(c)

(2.53)

(2.53)

(.01)

(.31)

—

December

31,

2019

11.86

.05

2.68

2.73

(.07)

(.22)

—

December

31,

2018

16.40

.07

(1.94)

(1.87)

(.08)

(2.59)

—

December

31,

2017

15.21

.03

2.33

2.36

(.03)

(1.14)

—

December

31,

2016

12.93

.10

2.30

2.40

(.10)

(.01)

(.01)

December

31,

2015

15.51

.09

(1.19)

(1.10)

(.10)

(1.38)

—

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

43

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(d)(f)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

(e)(g)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(e)(g)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(e)

%

Portfolio

Turnover

Rate

(d)

(.32)

11.45

(18.07)

183,982

1.26

1.26

.0

3

72

(.29)

14.30

23.07

227,899

1.19

1.19

.34

127

(2.67)

11.86

(11.97)

204,490

1.04

1.04

.45

80

(1.17)

16.40

15.48

254,854

1.03

1.03

.17

135

(.12)

15.21

18.66

228,715

1.03

1.03

.76

106

(1.48)

12.93

(7.19)

218,063

1.06

1.04

.61

138

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

44

U.S.

Small

Cap

Equity

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

for

the

period

ended

June

30,

2020

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2020

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2020

,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation),

undistributed

ordinary

income

and

undistributed

long-term

capital

gains

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

136,372

Administration

fees

7,576

Transfer

agent

fees

667

Trustee

fees

728

$

145,343

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

8,457

$

57,301

$

54,151

$

1

$

—

$

11,608

$

40

$

—

U.S.

Cash

Collateral

Fund

15,524

40,798

40,248

—

—

16,074

95

—

$

23,981

$

98,099

$

94,399

$

1

$

—

$

27,682

$

135

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

204,934,449

$

25,119,210

$

(30,300,133)

$

(5,180,923)

Russell

Investment

Funds

International

Developed

Markets

Fund

Shareholder

Expense

Example

—

June

30,

2020

(Unaudited)

International

Developed

Markets

Fund

45

Fund

Expenses

The

following

disclosure

provides

important

information

regarding

the

Fund’s

Shareholder

Expense

Example

(“Example”).

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

advisory

and

administrative

fees

and

other

Fund

expenses.

The

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

indicated,

which

for

this

Fund

is

from

January

1,

2020

to

June

30,

2020

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

January

1,

2020

$

1,000.00

$

1,000.00

Ending

Account

Value

June

30,

2020

$

842.60

$

1,019.54

Expenses

Paid

During

Period*

$

4.90

$

5.37

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

1.07%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period).

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

46

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

87.1%

Argentina

-

0.1%

YPF

SA

-

ADR

34,203

197

Australia

-

1.5%

AGL

Energy,

Ltd.

33,334

393

Alumina,

Ltd.

61,212

69

Australia

&

New

Zealand

Banking

Group,

Ltd.

-

ADR

18,262

236

BHP

Group,

Ltd.

-

ADR

2,672

66

BlueScope

Steel,

Ltd.

12,890

105

Boral,

Ltd.

38,655

102

Commonwealth

Bank

of

Australia

-

ADR

15,110

728

Crown

Resorts,

Ltd.

8,918

60

CSL,

Ltd.

1,090

216

Dexus

Property

Group(Æ)(ö)

13,721

87

Flight

Centre,

Ltd.

13,704

106

Fortescue

Metals

Group,

Ltd.

26,460

254

GPT

Group

(The)(ö)

35,203

102

Insurance

Australia

Group,

Ltd.(Æ)

56,379

225

Medibank

Pvt

,

Ltd.

23,555

49

National

Australia

Bank,

Ltd.

-

ADR

14,149

179

Origin

Energy,

Ltd.

44,165

179

QBE

Insurance

Group,

Ltd.

30,022

185

Rio

Tinto

PLC

17,005

956

Rio

Tinto,

Ltd.

-

ADR

964

65

Scentre

Group(ö)

63,375

95

Sonic

Healthcare,

Ltd.

7,857

166

Suncorp

Group,

Ltd.(Æ)

17,531

112

Vicinity

Centres

(Æ)(ö)

262,788

261

Westpac

Banking

Corp.

9,771

122

5,118

Austria

-

0.2%

Erste

Group

Bank

AG

20,321

478

OMV

AB

3,926

131

609

Belgium

-

0.4%

Ageas

SA

18,684

660

KBC

Groep

NV

8,025

460

Solvay

SA

1,860

149

1,269

Brazil

-

0.1%

Pagseguro

Digital,

Ltd.

Class

A(Æ)(Ñ)

9,444

334

Canada

-

4.0%

ARC

Resources,

Ltd.(Ñ)

28,974

97

Bank

of

Montreal

6,058

322

Bank

of

Nova

Scotia

(The)

4,464

185

Barrick

Gold

Corp.

45,908

1,235

BCE,

Inc.

7,410

309

CAE,

Inc.

87,395

1,419

Cameco

Corp.

Class

A

17,489

179

Canadian

Imperial

Bank

of

Commerce(Ñ)

2,599

174

Canadian

National

Railway

Co.

28,574

2,529

Canadian

Natural

Resources,

Ltd.

9,136

158

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Cenovus

Energy,

Inc.

24,425

114

CI

Financial

Corp.

22,010

280

Dollarama

,

Inc.

13,142

437

Fairfax

Financial

Holdings,

Ltd.

462

143

Great-West

Lifeco

,

Inc.

13,079

229

iA

Financial

Corp.,

Inc.

7,351

246

Imperial

Oil,

Ltd.

6,701

108

Kinross

Gold

Corp.(Æ)

84,944

613

Magna

International,

Inc.

Class

A

5,492

245

Manulife

Financial

Corp.

42,506

578

National

Bank

of

Canada

2,100

95

Pembina

Pipeline

Corp.

12,401

310

Power

Corp.

of

Canada

13,001

229

Royal

Bank

of

Canada

-

GDR

10,049

682

Shaw

Communications,

Inc.

Class

B

7,916

129

Sun

Life

Financial,

Inc.

21,402

786

Suncor

Energy,

Inc.

12,867

217

Toronto-Dominion

Bank

(The)

20,957

935

Tourmaline

Oil

Corp.

15,073

132

13,115

Cayman

Islands

-

0.6%

Meituan-Dianping

Class

B(Æ)

85,100

1,890

China

-

3.4%

Alibaba

Group

Holding,

Ltd.

-

ADR(Æ)

19,661

4,242

China

Mobile,

Ltd.

133,000

899

China

Resources

Power

Holdings

Co.,

Ltd.

1,050,417

1,241

China

Telecom

Corp.,

Ltd.

Class

H

2,188,000

613

China

Unicom

Hong

Kong,

Ltd.

1,164,000

630

Dongfeng

Motor

Group

Co.,

Ltd.

Class

H

1,052,000

629

Lenovo

Group,

Ltd.

1,554,257

861

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

48,466

484

Sunny

Optical

Technology

Group

Co.,

Ltd.

27,099

432

Tencent

Holdings,

Ltd.

20,084

1,290

11,321

Colombia

-

0.0%

Millicom

International

Cellular

SA

547

14

Denmark

-

2.1%

AP

Moller

-

Maersk

A/S

Class

B

2,816

3,279

Coloplast

A/S

Class

B

1,272

197

Danske

Bank

A/S

40,324

536

Drilling

Co.

of

1972

A/S

(The)(Æ)

1,163

24

DSV

A/S

4,922

600

Genmab

A/S(Æ)

823

275

H

Lundbeck

A/S

1,635

61

Novo

Nordisk

A/S

Class

B

27,241

1,764

Novozymes

A/S

Class

B

2,245

130

Pandora

A/S

3,850

209

7,075

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

47

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Finland

-

1.3%

Elisa

OYJ

Class

A

4,856

295

Fortum

OYJ

7,738

147

Kone

OYJ

Class

B

6,334

435

Neste

OYJ

14,398

562

Nokia

OYJ

252,645

1,107

Nokian

Renkaat

OYJ

2,135

47

Nordea

Bank

AB

41,131

283

Orion

OYJ

Class

B

1,887

91

Sampo

OYJ

Class

A

11,238

386

Stora

Enso

OYJ

Class

R

14,848

177

UPM-

Kymmene

OYJ

20,318

587

Wartsila

OYJ

Abp

Class

B

6,190

51

4,168

France

-

8.7%

Accor

SA(Æ)

13,426

364

Airbus

Group

SE(Æ)

7,056

502

Amundi

SA(Æ)(Þ)

21,112

1,651

Arkema

SA

1,726

165

Atos

SE(Æ)

3,906

332

AXA

SA

45,484

949

BNP

Paribas

SA(Æ)

30,626

1,214

Bouygues

SA

-

ADR(Æ)

18,902

645

Capgemini

SE

3,935

450

Carrefour

SA

12,501

193

Cie

de

Saint-Gobain(Æ)

55,403

1,991

Cie

Generale

des

Etablissements

Michelin

SCA

Class

B

15,326

1,588

Credit

Agricole

SA(Æ)

24,496

231

Danone

SA

4,141

286

Dassault

Aviation

SA(Æ)

144

133

Dassault

Systemes

SE

680

117

Eiffage

SA(Æ)

1,933

176

Engie

SA(Æ)

85,870

1,060

Hermes

International

94

78

L'Oreal

SA

3,097

993

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

3,506

1,536

Orange

SA

-

ADR

8,264

99

Peugeot

SA(Æ)

11,122

181

Publicis

Groupe

SA

-

ADR

35,088

1,134

Renault

SA(Æ)

17,615

446

Rexel

SA

Class

H

267,436

3,053

Safran

SA(Æ)

3,643

364

Sanofi

-

ADR

9,598

976

Schneider

Electric

SE

25,720

2,852

SCOR

SE

-

ADR

32,737

896

Societe

Generale

SA(Æ)

44,209

735

Total

SA

54,130

2,062

Ubisoft

Entertainment

SA(Æ)

6,320

521

Unibail

-

Rodamco

-Westfield(Ñ)(ö)

1,829

103

Valeo

SA

5,006

131

Worldline

SA(Æ)(Þ)

5,557

480

28,687

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Germany

-

4.3%

1&1

Drillisch

AG

2,043

53

adidas

AG(Æ)

9,111

2,384

Allianz

SE

2,175

444

BASF

SE

33,917

1,895

Bayer

AG

5,653

415

BMW

US

Capital

LLC

2,774

177

Brenntag

AG

3,883

204

Continental

AG

1,558

152

Covestro

AG(Þ)

51,207

1,943

Daimler

AG

29,082

1,179

Evonik

Industries

AG

4,697

119

Fresenius

SE

&

Co.

KGaA

4,361

215

GEA

Group

AG

4,183

132

Hannover

Rueck

SE

2,428

418

HeidelbergCement

AG

3,101

165

Infineon

Technologies

AG

-

ADR

20,319

475

KION

Group

AG

1,793

110

Metro

AG(Æ)

49,527

172

Metro

AG

15,401

146

Muenchener

Rueckversicherungs-

Gesellschaft

AG

3,591

932

Salzgitter

AG(Æ)

6,117

86

SAP

SE

-

ADR

1,638

228

Siemens

AG

10,381

1,219

Uniper

SE

2,518

81

United

Internet

AG

5,832

246

Zalando

SE(Æ)(Þ)

9,199

647

14,237

Hong

Kong

-

2.2%

AIA

Group,

Ltd.

300,208

2,793

Bank

of

East

Asia,

Ltd.

(The)

71,800

164

CK

Asset

Holdings,

Ltd.

122,049

726

CK

Hutchison

Holdings,

Ltd.

Class

B

19,313

124

CK

Infrastructure

Holdings,

Ltd.

34,000

175

CLP

Holdings,

Ltd.

28,500

279

Galaxy

Entertainment

Group,

Ltd.

66,000

448

Hang

Seng

Bank,

Ltd.

23,400

395

Henderson

Land

Development

Co.,

Ltd.

35,200

133

Hongkong

Land

Holdings,

Ltd.

29,300

121

Jardine

Matheson

Holdings,

Ltd.

4,800

201

Jardine

Strategic

Holdings,

Ltd.

4,400

95

New

World

Development

Co.,

Ltd.

33,000

157

Power

Assets

Holdings,

Ltd.

55,000

299

Sino

Land

Co.,

Ltd.

84,000

106

Sun

Hung

Kai

Properties,

Ltd.

14,500

185

Swire

Pacific,

Ltd.

Class

A

16,000

85

Techtronic

Industries

Co.,

Ltd.

48,271

471

WH

Group,

Ltd.(Þ)

123,000

106

Wharf

Real

Estate

Investment

Co.,

Ltd.

20,000

95

Wheelock

&

Co.,

Ltd.(Š)

21,000

166

7,324

India

-

1.0%

Canara

Bank(Æ)

119,258

159

HDFC

Bank,

Ltd.

-

ADR

3,662

166

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

48

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Housing

Development

Finance

Corp.,

Ltd.

111,415

2,614

NTPC,

Ltd.

30,955

40

Oil

&

Natural

Gas

Corp.,

Ltd.

218,773

238

Zee

Entertainment

Enterprises,

Ltd.

105,298

238

3,455

Indonesia

-

0.1%

Bank

Mandiri

Persero

Tbk

PT

560,300

194

Ireland

-

2.4%

Accenture

PLC

Class

A

9,830

2,111

AIB

Group

PLC

216,609

272

Allegion

PLC

20,393

2,085

Bank

of

Ireland

Group

PLC(Æ)

133,060

272

CRH

PLC

10,234

350

Flutter

Entertainment

PLC

3,038

399

Kerry

Group

PLC

Class

A

17,825

2,217

Ryanair

Holdings

PLC

-

ADR(Æ)

3,483

231

7,937

Israel

-

0.3%

Bank

Hapoalim

BM

28,482

171

Bank

Leumi

Le-Israel

BM

36,822

186

ICL

Group,

Ltd.

26,376

79

Israel

Discount

Bank,

Ltd.

Class

A

28,582

87

Mizrahi

Tefahot

Bank,

Ltd.

6,331

119

Nice,

Ltd.(Æ)

1,352

255

897

Italy

-

2.2%

Assicurazioni

Generali

SpA

47,101

712

Atlantia

SpA

(Æ)

10,727

172

BPER

Banca(Æ)(Ñ)

57,108

142

Davide

Campari-Milano

SpA

54,158

456

Enel

SpA

156,253

1,346

ENI

SpA

-

ADR

118,126

1,125

Ferrari

NV

3,018

514

FinecoBank

Banca

Fineco

SpA

(Æ)

26,898

362

Intesa

Sanpaolo

SpA

(Æ)

148,539

284

Mediobanca

Banca

di

Credito

Finanziario

SpA

15,582

112

Moncler

SpA

(Æ)

9,514

363

Poste

Italiane

SpA

(Þ)

14,442

125

Saipem

SpA

113,516

283

Telecom

Italia

SpA

184,329

72

UniCredit

SpA

(Æ)

150,474

1,381

7,449

Japan

-

18.3%

Aozora

Bank,

Ltd.

6,600

115

Asahi

Glass

Co.,

Ltd.

4,100

117

Asahi

Kasei

Corp.

13,000

106

Astellas

Pharma,

Inc.

44,200

736

Benesse

Holdings,

Inc.

3,100

83

Bridgestone

Corp.

17,800

573

Brother

Industries,

Ltd.

5,800

105

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Canon,

Inc.

23,500

468

Central

Japan

Railway

Co.

1,000

155

Chiba

Bank,

Ltd.

(The)

28,900

136

Chiyoda

Corp.(Æ)

31,000

81

Chubu

Electric

Power

Co.,

Inc.

9,400

118

Citizen

Watch

Co.,

Ltd.

61,500

200

Concordia

Financial

Group,

Ltd.

29,700

95

Daifuku

Co.,

Ltd.

1,800

157

Dai-ichi

Life

Holdings,

Inc.

58,950

702

Daito

Trust

Construction

Co.,

Ltd.

2,600

239

Daiwa

House

Industry

Co.,

Ltd.

4,400

104

DeNA

Co.,

Ltd.

29,700

370

Denso

Corp.

17,800

694

Eisai

Co.,

Ltd.

12,340

978

Electric

Power

Development

Co.,

Ltd.

5,100

97

ENEOS

Holdings,

Inc.

366,600

1,299

Fuji

Heavy

Industries,

Ltd.

23,600

491

Fuji

Media

Holdings,

Inc.

12,900

124

FUJIFILM

Holdings

Corp.

4,200

180

Fujitsu,

Ltd.

10,300

1,206

Fukuoka

Financial

Group,

Inc.

17,800

281

GMO

Payment

Gateway,

Inc.

4,800

500

Gree

,

Inc.

55,900

239

Hino

Motors,

Ltd.

31,500

213

Hitachi

Metals,

Ltd.

144,200

1,717

Hitachi,

Ltd.

4,900

155

Honda

Motor

Co.,

Ltd.

153,900

3,934

Iida

Group

Holdings

Co.,

Ltd.

45,400

695

Inpex

Corp.

311,100

1,925

Isuzu

Motors,

Ltd.

76,800

694

ITOCHU

Corp.

16,300

351

J

Front

Retailing

Co.,

Ltd.

13,300

89

Japan

Exchange

Group,

Inc.

8,300

192

Japan

Post

Holdings

Co.,

Ltd.

20,000

142

Japan

Tobacco,

Inc.

12,900

239

JGC

Holdings

Corp.

54,400

573

JSR

Corp.

24,400

471

Kajima

Corp.

9,000

107

Kawasaki

Heavy

Industries,

Ltd.

7,200

104

KDDI

Corp.

28,700

861

Keyence

Corp.

4,900

2,045

Kirin

Holdings

Co.,

Ltd.

12,800

270

Komatsu,

Ltd.

75,400

1,542

Kyocera

Corp.

8,000

435

Marubeni

Corp.

39,300

178

Mebuki

Financial

Group,

Inc.

50,600

117

Mitsubishi

Chemical

Holdings

Corp.

24,700

144

Mitsubishi

Corp.

8,100

171

Mitsubishi

Electric

Corp.

52,500

682

Mitsubishi

Estate

Co.,

Ltd.

37,100

552

Mitsubishi

Gas

Chemical

Co.,

Inc.

12,700

192

Mitsubishi

Heavy

Industries,

Ltd.

16,100

380

Mitsubishi

Motors

Corp.

90,500

223

Mitsubishi

UFJ

Financial

Group,

Inc.

353,000

1,381

Mitsubishi

UFJ

Lease

&

Finance

Co.,

Ltd.

31,600

150

Mitsui

&

Co.,

Ltd.

66,900

989

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

49

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Mitsui

Chemicals,

Inc.

5,300

110

MS&AD

Insurance

Group

Holdings,

Inc.

24,500

673

Murata

Manufacturing

Co.,

Ltd.

7,200

422

NGK

Spark

Plug

Co.,

Ltd.

8,100

116

Nikon

Corp.

47,900

401

Nintendo

Co.,

Ltd.

510

227

Nippon

Steel

Corp.

13,900

131

Nippon

Telegraph

&

Telephone

Corp.

8,206

191

Nippon

Television

Holdings,

Inc.

26,800

290

Nissan

Motor

Co.,

Ltd.

123,200

456

Nitto

Denko

Corp.

14,000

792

Nomura

Holdings,

Inc.

175,500

785

Nomura

Real

Estate

Holdings,

Inc.

4,900

91

NTT

DOCOMO,

Inc.

23,400

624

Obayashi

Corp.

16,300

152

Oji

Holdings

Corp.

32,600

151

ORIX

Corp.

12,900

159

Otsuka

Holdings

Co.,

Ltd.

5,000

218

Panasonic

Corp.

189,100

1,648

Resona

Holdings,

Inc.

396,700

1,354

Sekisui

Chemical

Co.,

Ltd.

9,200

132

Sekisui

House,

Ltd.

14,000

267

Shimamura

Co.,

Ltd.

10,300

697

Shimizu

Corp.

12,300

101

Shin-Etsu

Chemical

Co.,

Ltd.

22,935

2,680

SMC

Corp.

700

357

SoftBank

Group

Corp.

9,600

484

Sompo

Japan

Nipponkoa

Holdings,

Inc.

6,200

213

Sony

Corp.

5,710

391

Sumitomo

Chemical

Co.,

Ltd.

25,000

75

Sumitomo

Corp.

14,200

163

Sumitomo

Electric

Industries,

Ltd.

17,000

196

Sumitomo

Mitsui

Financial

Group,

Inc.

82,300

2,314

Sumitomo

Mitsui

Trust

Holdings,

Inc.

29,700

834

Suzuki

Motor

Corp.

23,000

780

T&D

Holdings,

Inc.

171,600

1,467

Taiheiyo

Cement

Corp.

5,200

120

Takeda

Pharmaceutical

Co.,

Ltd.

37,400

1,335

Teijin,

Ltd.

7,000

111

THK

Co.,

Ltd.

17,900

443

Tohoku

Electric

Power

Co.,

Inc.

12,600

120

Tokio

Marine

Holdings,

Inc.

12,200

532

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(Æ)

33,900

104

Tokyo

Electron,

Ltd.

4,300

1,055

Tokyu

Fudosan

Holdings

Corp.

16,800

79

Toppan

Printing

Co.,

Ltd.

8,600

143

Toray

Industries,

Inc.

34,700

163

Tosoh

Corp.

7,800

106

Toyota

Industries

Corp.

2,000

106

Toyota

Motor

Corp.

9,600

602

Toyota

Tsusho

Corp.

5,600

142

Trend

Micro,

Inc.

32,500

1,814

Yamada

Denki

Co.,

Ltd.

34,700

172

Z

Holdings

Corp.

135,700

662

60,613

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Jersey

-

0.1%

Ferguson

PLC

2,301

188

Luxembourg

-

0.9%

ArcelorMittal

SA(Æ)

7,875

83

Eurofins

Scientific

SE

3,077

1,929

RTL

Group

SA

10,228

327

Spotify

Technology

SA(Æ)

2,299

594

Tenaris

SA

24,829

160

3,093

Macao

-

0.1%

Sands

China,

Ltd.

107,625

421

Malaysia

-

0.1%

CIMB

Group

Holdings

BHD

309,300

259

Mexico

-

0.2%

Grupo

Televisa

SAB

-

ADR(Æ)

143,442

752

Netherlands

-

4.1%

ABN

AMRO

Bank

NV(Þ)

77,885

669

Adyen

NV(Æ)(Þ)

540

787

Aegon

NV

41,917

125

ASML

Holding

NV

3,800

1,393

Exor

NV

2,352

134

Heineken

NV

38,952

3,587

ING

Groep

NV

370,947

2,577

Koninklijke

Ahold

Delhaize

NV

11,431

311

Koninklijke

KPN

NV

295,428

782

Mylan

NV(Æ)

56,337

906

NN

Group

NV

5,663

190

PostNL

NV

-

ADR

118,940

255

Randstad

NV

2,989

133

Royal

Dutch

Shell

PLC

Class

A

83,039

1,341

Yandex

NV

Class

A(Æ)(Ñ)

10,688

535

13,725

New

Zealand

-

0.3%

a2

Milk

Co.,

Ltd.

(The)(Æ)

39,510

510

Fletcher

Building,

Ltd.(Æ)

37,706

90

Meridian

Energy,

Ltd.

22,166

69

Spark

New

Zealand,

Ltd.

100,433

297

966

Norway

-

0.6%

DNB

ASA

10,403

138

Mowi

ASA

21,701

412

Norsk

Hydro

ASA(Æ)

241,043

667

Orkla

ASA

25,062

220

Statoil

ASA

Class

N

47,835

680

2,117

Portugal

-

0.1%

Energias

de

Portugal

SA

36,785

175

Russia

-

0.3%

Gazprom

PJSC

-

ADR

102,008

549

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

50

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Lukoil

PJSC

-

ADR

2,628

195

Sberbank

of

Russia

PJSC

-

ADR(Æ)

35,611

405

1,149

Singapore

-

1.2%

CapitaLand,

Ltd.

64,500

135

DBS

Group

Holdings,

Ltd.

63,300

947

Genting

Singapore,

Ltd.

99,700

55

Oversea-Chinese

Banking

Corp.,

Ltd.

21,945

142

Singapore

Technologies

Engineering,

Ltd.

21,600

51

Singapore

Telecommunications,

Ltd.

246,700

436

United

Overseas

Bank,

Ltd.

13,200

192

UOL

Group,

Ltd.

45,800

224

Wilmar

International,

Ltd.

571,300

1,683

3,865

South

Africa

-

0.6%

Anglo

American

PLC

45,049

1,042

Gold

Fields,

Ltd.

-

ADR

50,079

471

Impala

Platinum

Holdings,

Ltd.

38,050

254

MTN

Group,

Ltd.

61,938

188

1,955

South

Korea

-

1.8%

Hankook

Tire

&

Technology

Co.,

Ltd.

12,675

260

KB

Financial

Group,

Inc.

25,629

733

KT

Corp.

-

ADR

75,080

731

LG

Household

&

Health

Care,

Ltd.

1,393

1,557

POSCO

5,682

822

Samsung

Electronics

Co.,

Ltd.

12,719

564

Shinhan

Financial

Group

Co.,

Ltd.

54,698

1,307

5,974

Spain

-

1.4%

ACS

Actividades

de

Construccion

y

Servicios

SA

4,727

119

Banco

Bilbao

Vizcaya

Argentaria

SA

-

ADR

51,081

175

Banco

Santander

SA

-

ADR

87,956

214

Bankia

SA

460,725

490

CaixaBank

SA

392,208

836

Cellnex

Telecom

SA(Þ)

23,710

1,444

Endesa

SA

-

ADR(Ñ)

15,547

383

Gas

Natural

SDG

SA

6,870

128

Industria

de

Diseno

Textil

SA

15,971

422

Red

Electrica

Corp.

SA

10,423

194

Repsol

SA

-

ADR

21,427

187

Telefonica

SA

-

ADR

40,445

194

4,786

Sweden

-

1.6%

Assa

Abloy

AB

Class

B

23,135

470

Atlas

Copco

AB(Æ)

15,908

673

Bausch

&

Lomb,

Inc.(Æ)

19,840

451

ICA

Gruppen

AB

1,554

74

Investor

AB

Class

B

1,564

82

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Kinnevik

AB

Class

B

3,988

105

Sandvik

AB(Æ)

53,667

1,000

Skandinaviska

Enskilda

Banken

AB

Class

A

22,237

192

Skanska

AB

Class

B(Æ)

7,915

161

SKF

AB

Class

B

9,541

177

Svenska

Handelsbanken

AB

Class

A(Æ)

25,391

241

Swedbank

AB

Class

A

10,741

137

Swedish

Match

AB

7,079

497

Telefonaktiebolaget

LM

Ericsson

Class

B

76,657

708

Volvo

AB

Class

B

14,311

224

5,192

Switzerland

-

7.9%

ABB,

Ltd.

30,027

675

Adecco

SA

30,586

1,433

Alcon,

Inc.(Æ)

6,099

349

Baloise

Holding

AG

1,774

266

Chocoladefabriken

Lindt

&

Spruengli

AG

23

189

Cie

Financiere

Richemont

SA

1,133

72

Credit

Suisse

Group

AG

71,831

741

Glencore

PLC(Æ)

159,427

337

Julius

Baer

Group,

Ltd.(Æ)

22,974

960

Kuehne

&

Nagel

International

AG(Æ)

1,290

214

LafargeHolcim

,

Ltd.(Æ)

35,015

1,531

Lonza

Group

AG

874

461

Nestle

SA

49,442

5,463

Novartis

AG

34,325

2,983

Partners

Group

Holding

AG

1,477

1,337

Roche

Holding

AG

9,228

3,195

SGS

SA

156

381

Swiss

Life

Holding

AG

800

296

Swiss

Re

AG

6,770

521

Swisscom

AG

399

209

Temenos

AG

3,091

479

UBS

Group

AG

283,757

3,260

Zurich

Insurance

Group

AG

2,516

886

26,238

Taiwan

-

2.2%

Catcher

Technology

Co.,

Ltd.

119,513

897

Hon

Hai

Precision

Industry

Co.,

Ltd.

412,184

1,203

Innolux

Corp.

1,155,000

308

MediaTek

,

Inc.

37,000

724

Shin

Kong

Financial

Holding

Co.,

Ltd.

1,105,000

321

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

86,000

910

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

50,401

2,862

7,225

Thailand

-

0.2%

Kasikornbank

PCL

195,800

590

United

Kingdom

-

10.0%

3i

Group

PLC

29,168

300

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

51

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Admiral

Group

PLC

8,940

254

Ashtead

Group

PLC

6,357

214

Associated

British

Foods

PLC

2,027

48

AstraZeneca

PLC

14,138

1,474

Aviva

PLC

192,090

650

Babcock

International

Group

PLC

90,925

349

BAE

Systems

PLC

26,210

157

Barclays

PLC

610,355

864

Barratt

Developments

PLC

42,308

260

Berkeley

Group

Holdings

PLC

6,208

320

BP

PLC

291,419

1,108

British

American

Tobacco

PLC

14,755

567

British

Land

Co.

PLC

(The)(ö)

52,154

249

BT

Group

PLC

465,803

657

Centrica

PLC

467,952

223

Coca-Cola

European

Partners

PLC

1,154

44

Compass

Group

PLC

96,935

1,334

Diageo

PLC

22,800

757

Direct

Line

Insurance

Group

PLC

95,746

321

Experian

PLC

7,218

252

Fiat

Chrysler

Automobiles

NV

18,218

183

Halma

PLC

8,601

245

HSBC

Holdings

PLC

275,035

1,287

Imperial

Tobacco

Group

PLC

5,982

114

InterContinental

Hotels

Group

PLC(Æ)

980

43

Intermediate

Capital

Group

PLC(Æ)

10,123

161

J

Sainsbury

PLC

870,709

2,249

John

Wood

Group

PLC

445,447

1,068

Johnson

Matthey

PLC

5,879

153

Kingfisher

PLC

318,042

869

Land

Securities

Group

PLC(ö)

34,795

238

Legal

&

General

Group

PLC

91,982

251

Linde

PLC

14,998

3,156

Lloyds

Banking

Group

PLC

641,761

248

London

Stock

Exchange

Group

PLC

5,147

532

M&G

PLC

56,894

118

Marks

&

Spencer

Group

PLC

175,249

215

National

Grid

PLC

12,933

158

Persimmon

PLC

Class

A

10,068

285

Prudential

PLC

7,296

110

Reckitt

Benckiser

Group

PLC

763

70

RELX

PLC

2,687

62

Royal

Bank

of

Scotland

Group

PLC

402,467

605

Royal

Dutch

Shell

PLC

Class

B

10,500

159

RSA

Insurance

Group

PLC

71,346

362

Scottish

&

Southern

Energy

PLC

10,113

171

Segro

PLC(ö)

30,362

336

Smith

&

Nephew

PLC

32,132

599

Smiths

Group

PLC

3,388

59

St.

James's

Place

PLC

15,239

180

Standard

Chartered

PLC

364,533

1,984

Standard

Life

Aberdeen

PLC(Æ)

127,622

422

Taylor

Wimpey

PLC

134,449

237

TechnipFMC

PLC

116,326

796

Tesco

PLC

301,318

851

Travis

Perkins

PLC

115,406

1,607

Unilever

NV

2,045

108

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Unilever

PLC

2,116

114

Vodafone

Group

PLC

842,721

1,344

Wausau

Paper

Corp.

110,875

865

Wm

Morrison

Supermarkets

PLC

80,853

191

33,207

United

States

-

0.2%

Ovintiv

,

Inc.

30,764

293

VEON,

Ltd.(Æ)

134,442

242

535

Total

Common

Stocks

(cost

$331,836)

288,315

Preferred

Stocks

-

1.6%

Germany

-

0.8%

Porsche

Automobil

Holding

SE

4.151%

(Ÿ)

5,695

326

Volkswagen

AG(Æ)

0.000%

15,108

2,285

2,611

South

Korea

-

0.8%

Samsung

Electronics

Co.,

Ltd.

2.257%

(Ÿ)

63,953

2,498

Total

Preferred

Stocks

(cost

$5,318)

5,109

Warrants

&

Rights

-

0.0%

Spain

-

0.0%

ACS

Actividades

de

Construccion

y

Servicios

SA(Æ)

2020

Rights

66,599

25

Total

Warrants

&

Rights

(cost

$28)

25

Short-Term

Investments

-

6.2%

United

States

-

6.2%

U.S.

Cash

Management

Fund(@)

20,655,239

(∞)

20,653

Total

Short-Term

Investments

(cost

$20,653)

20,653

Other

Securities

-

0.5%

U.S.

Cash

Collateral

Fund(x)(@)

1,643,748

(∞)

1,644

Total

Other

Securities

(cost

$1,644)

1,644

Total

Investments

-

95.4%

(identified

cost

$359,479)

315,746

Other

Assets

and

Liabilities,

Net

-

4.6%

15,278

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

52

International

Developed

Markets

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Net

Assets

-

100.0%

331,024

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

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)

$

2.4%

ABN

AMRO

Bank

NV

06/26/19

EUR

77,885

15.24

1,187

669

Adyen

NV

07/25/19

EUR

540

749.70

405

787

Amundi

SA

02/21/19

EUR

21,112

64.32

1,358

1,651

Cellnex

Telecom

SA

06/19/17

EUR

23,710

23.69

562

1,444

Covestro

AG

08/15/19

EUR

51,207

35.77

1,833

1,943

Poste

Italiane

SpA

06/26/19

EUR

14,442

10.45

151

125

WH

Group,

Ltd.

06/26/19

HKD

123,000

1.02

125

106

Worldline

SA

02/14/20

EUR

5,557

78.98

439

480

Zalando

SE

12/12/19

EUR

9,199

48.75

448

647

7,852

For

a

description

of

restricted

securities

see

note

7

in

the

Notes

to

Financial

Statements.

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

10,539

09/20

300

FTSE

100

Index

Futures

165

GBP

10,143

09/20

93

MSCI

EAFE

Index

Futures

317

USD

28,188

09/20

91

S&P/TSX

60

Index

Futures

73

CAD

13,556

09/20

174

SPI

200

Index

Futures

65

AUD

9,575

09/20

66

TOPIX

Index

Futures

48

JPY

748,080

09/20

(294)

Short

Positions

Hang

Seng

Index

Futures

36

HKD

43,645

07/20

61

MSCI

Emerging

Markets

Index

Futures

580

USD

28,585

09/20

(397)

S&P

500

E-Mini

Index

Futures

100

USD

15,451

09/20

(277)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(183)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

1,172

AUD

1,700

09/16/20

1

Bank

of

America

USD

2,362

CAD

3,200

09/16/20

(4)

Bank

of

America

USD

2,705

EUR

2,400

09/16/20

(4)

Bank

of

America

USD

2,491

GBP

2,000

09/16/20

(11)

Bank

of

America

USD

1,227

JPY

131,000

09/16/20

(13)

Bank

of

America

CAD

148

USD

109

07/02/20

—

Bank

of

America

CHF

392

USD

414

07/01/20

—

Bank

of

America

EUR

539

USD

606

07/01/20

—

Bank

of

America

GBP

157

USD

194

07/01/20

—

Bank

of

America

HKD

1,550

USD

200

07/02/20

—

Bank

of

America

JPY

75,900

USD

704

07/01/20

1

Bank

of

New

York

USD

1,830

AUD

2,614

09/16/20

(26)

Bank

of

New

York

USD

1,751

CAD

2,344

09/16/20

(25)

Bank

of

New

York

USD

1,362

GBP

1,067

09/16/20

(39)

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

54

International

Developed

Markets

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

New

York

USD

2,412

JPY

258,184

09/16/20

(18)

Bank

of

New

York

EUR

698

USD

795

09/16/20

9

Bank

of

New

York

NOK

7,098

USD

760

09/16/20

22

Citigroup

USD

1,832

AUD

2,614

09/16/20

(27)

Citigroup

USD

1,747

CAD

2,344

09/16/20

(20)

Citigroup

USD

1,361

GBP

1,067

09/16/20

(40)

Citigroup

USD

2,412

JPY

258,184

09/16/20

(18)

Citigroup

EUR

698

USD

796

09/16/20

10

Citigroup

NOK

7,098

USD

760

09/16/20

23

JPMorgan

Chase

USD

1,830

AUD

2,614

09/16/20

(26)

JPMorgan

Chase

USD

1,747

CAD

2,344

09/16/20

(21)

JPMorgan

Chase

USD

1,361

GBP

1,067

09/16/20

(39)

JPMorgan

Chase

USD

2,410

JPY

258,184

09/16/20

(17)

JPMorgan

Chase

EUR

698

USD

796

09/16/20

10

JPMorgan

Chase

NOK

7,098

USD

762

09/16/20

24

Royal

Bank

of

Canada

USD

1,834

AUD

2,614

09/16/20

(29)

Royal

Bank

of

Canada

USD

1,750

CAD

2,344

09/16/20

(23)

Royal

Bank

of

Canada

USD

1,365

GBP

1,067

09/16/20

(43)

Royal

Bank

of

Canada

USD

2,410

JPY

258,184

09/16/20

(17)

Royal

Bank

of

Canada

EUR

698

USD

796

09/16/20

10

Royal

Bank

of

Canada

NOK

7,098

USD

765

09/16/20

28

Standard

Chartered

USD

1,831

AUD

2,614

09/16/20

(27)

Standard

Chartered

USD

1,751

CAD

2,344

09/16/20

(24)

Standard

Chartered

USD

1,361

GBP

1,067

09/16/20

(38)

Standard

Chartered

USD

2,411

JPY

258,184

09/16/20

(18)

Standard

Chartered

EUR

698

USD

795

09/16/20

9

Standard

Chartered

NOK

7,098

USD

761

09/16/20

23

State

Street

USD

1,223

SEK

11,260

09/16/20

(14)

State

Street

CHF

1,900

USD

2,015

09/16/20

5

State

Street

DKK

13,240

USD

2,021

09/16/20

22

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(384)

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

55

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

%

of

Net

Assets

Common

Stocks

Argentina

$

197

$

—

$

—

$

—

$

197

0.1

Australia

—

5,118

—

—

5,118

1.5

Austria

—

609

—

—

609

0.2

Belgium

—

1,269

—

—

1,269

0.4

Brazil

334

—

—

—

334

0.1

Canada

13,115

—

—

—

13,115

4.0

Cayman

Islands

—

1,890

—

—

1,890

0.6

China

4,242

7,079

—

—

11,321

3.4

Colombia

—

14

—

—

14

—

*

Denmark

—

7,075

—

—

7,075

2.1

Finland

—

4,168

—

—

4,168

1.3

France

—

28,687

—

—

28,687

8.7

Germany

—

14,237

—

—

14,237

4.3

Hong

Kong

—

7,158

166

—

7,324

2.2

India

166

3,289

—

—

3,455

1.0

Indonesia

—

194

—

—

194

0.1

Ireland

4,427

3,510

—

—

7,937

2.4

Israel

—

897

—

—

897

0.3

Italy

—

7,449

—

—

7,449

2.2

Japan

—

60,613

—

—

60,613

18.3

Jersey

—

188

—

—

188

0.1

Luxembourg

594

2,499

—

—

3,093

0.9

Macao

—

421

—

—

421

0.1

Malaysia

—

259

—

—

259

0.1

Mexico

752

—

—

—

752

0.2

Netherlands

1,441

12,284

—

—

13,725

4.1

New

Zealand

—

966

—

—

966

0.3

Norway

—

2,117

—

—

2,117

0.6

Portugal

—

175

—

—

175

0.1

Russia

—

1,149

—

—

1,149

0.3

Singapore

—

3,865

—

—

3,865

1.2

South

Africa

471

1,484

—

—

1,955

0.6

South

Korea

731

5,243

—

—

5,974

1.8

Spain

—

4,786

—

—

4,786

1.4

Sweden

—

5,192

—

—

5,192

1.6

Switzerland

—

26,238

—

—

26,238

7.9

Taiwan

2,862

4,363

—

—

7,225

2.2

Thailand

—

590

—

—

590

0.2

United

Kingdom

840

32,367

—

—

33,207

10.0

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

56

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

%

of

Net

Assets

United

States

535

—

—

—

535

0.2

Preferred

Stocks

—

5,109

—

—

5,109

1.6

Warrants

&

Rights

25

—

—

—

25

—

*

Short-Term

Investments

—

—

—

20,653

20,653

6.2

Other

Securities

—

—

—

1,644

1,644

0.5

Total

Investments

30,732

262,551

166

22,297

315,746

95.4

Other

Assets

and

Liabilities,

Net

4.6

100.0

Other

Financial

Instruments

Assets

Futures

Contracts

785

—

—

—

785

0.2

Foreign

Currency

Exchange

Contracts

1

196

—

—

197

0.1

A

Liabilities

Futures

Contracts

(968)

—

—

—

(968)

(0.3)

Foreign

Currency

Exchange

Contracts

—

(581)

—

—

(581)

(0.2)

Total

Other

Financial

Instruments

**

$

(182)

$

(385)

$

—

$

—

$

(567)

*

Less

than

0.05%

of

net

assets.

**

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

Financial

Statements.

For

a

disclosure

on

transfers

between

Levels

1,

2

and

3

during

the

period

ended

June

30,

2020,

see

note

2

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

June

30,

2020,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

37,753

Consumer

Staples

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

14,726

Energy

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

15,465

Financial

Services

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

72,884

Health

Care

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

20,120

Materials

and

Processing

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

34,690

Producer

Durables

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

41,289

Technology

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

35,363

Utilities

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

16,025

Preferred

Stocks

Consumer

Discretionary

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

2,611

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

57

Technology

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

2,498

Warrants

&

Rights

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

25

Short-Term

Investments

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

20,653

Other

Securities

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

1,644

Total

Investments

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

315,746

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

58

International

Developed

Markets

Fund

Russell

Investment

Funds

International

Developed

Markets

Fund

Fair

Value

of

Derivative

Instruments

—

June

30,

2020

(Unaudited)

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Equity

Contracts

Foreign

Currency

Contracts

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

—

$

197

Variation

margin

on

futures

contracts*

785

—

Total

$

785

$

197

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts*

$

968

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

581

Total

$

968

$

581

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Foreign

Currency

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

5,154

$

—

Foreign

currency

exchange

contracts

—

(893)

Total

$

5,154

$

(893)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

1,108

$

—

Foreign

currency

exchange

contracts

—

(800)

Total

$

1,108

$

(800)

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

International

Developed

Markets

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

59

Amounts

in

thousands

Offsetting

of

Financial

Assets

and

Derivative

Assets

Description

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Securities

on

Loan*

Investments,

at

fair

value

$

1,591

$

—

$

1,591

Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

197

—

197

Total

Financial

and

Derivative

Assets

1,788

—

1,788

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

(1)

—

(1)

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

1,787

$

—

$

1,787

Financial

Assets,

Derivative

Assets,

and

Collateral

Held

by

Counterparty

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Counterparty

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Received^

Net

Amount

Bank

of

America

$

1

$

1

$

—

$

—

Bank

of

Montreal

361

—

361

—

Bank

of

New

York

31

31

—

—

Citigroup

708

32

676

—

JPMorgan

Chase

34

34

—

—

Merrill

Lynch

229

—

229

—

Morgan

Stanley

325

—

325

—

Royal

Bank

of

Canada

38

38

—

—

Standard

Chartered

32

32

—

—

State

Street

28

14

—

14

Total

$

1,787

$

182

$

1,591

$

14

Russell

Investment

Funds

International

Developed

Markets

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

60

International

Developed

Markets

Fund

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Description

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Gross

Amounts

of

Recognized

Liabilities

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

581

$

—

$

581

Total

Financial

and

Derivative

Liabilities

581

—

581

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

581

$

—

$

581

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Counterparty

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Pledged^

Net

Amount

Bank

of

America

$

32

$

1

$

—

$

31

Bank

of

New

York

108

31

—

77

Citigroup

104

32

—

72

JPMorgan

Chase

103

34

—

69

Royal

Bank

of

Canada

113

38

—

75

Standard

Chartered

107

32

—

75

State

Street

14

14

—

—

Total

$

581

$

182

$

—

$

399

*      

Fair

value

of

securities

on

loan

as

reported

in

the

footnotes

to

the

Statement

of

Assets

and

Liabilities.

^      Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

International

Developed

Markets

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

61

Statement

of

Assets

and

Liabilities

—

June

30,

2020

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

359,479

Investments,

at

fair

value(*)(>)

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

315,746

Foreign

currency

holdings(^)

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

3,280

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

197

Receivables:

Dividends

and

interest

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

434

Dividends

from

affiliated

funds

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

5

Fund

shares

sold

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

28

Foreign

capital

gains

taxes

recoverable

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

820

From

broker(a)

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

13,382

Prepaid

expenses

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

2

Total

assets

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

333,894

Liabilities

Payables:

Fund

shares

redeemed

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

79

Accrued

fees

to

affiliates

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

264

Other

accrued

expenses

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

123

Variation

margin

on

futures

contracts

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

179

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

581

Payable

upon

return

of

securities

loaned

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

1,644

Total

liabilities

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

2,870

Net

Assets

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

$

331,024

Russell

Investment

Funds

International

Developed

Markets

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

62

International

Developed

Markets

Fund

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2020

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

(53,2

28

)

Shares

of

beneficial

interest

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

336

Additional

paid-in

capital

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

383,91

6

Net

Assets

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

$

331,024

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

9.84

Net

assets

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

$

331,024,257

Shares

outstanding

($.01

par

value)

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

33,646,974

Amounts

in

thousands

(^)    

Foreign

currency

holdings

-

cost

$

3,274

(*)    

Securities

on

loan

included

in

investments

$

1,591

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

and

U.S.

Cash

Collateral

Fund

$

22,297

(a)    

Receivable

from

Broker

for

Futures

$

13,3

82

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

International

Developed

Markets

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

63

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2020

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

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

$

4,777

Dividends

from

affiliated

funds

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

55

Interest

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

5

Securities

lending

income

(net)

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

4

Less

foreign

taxes

withheld

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

(557)

Total

investment

income

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

4,284

Expenses

Advisory

fees

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

1,499

Administrative

fees

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

83

Custodian

fees

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

99

Transfer

agent

fees

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

7

Professional

fees

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

52

Trustees’

fees

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

8

Printing

fees

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

28

Miscellaneous

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

8

Total

expenses

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

1,784

Net

investment

income

(loss)

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

2,500

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

(net

of

deferred

tax

liability

for

foreign

capital

gains

taxes)

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

(1,398)

Investments

in

affiliated

funds

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

3

Futures

contracts

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

5,154

Foreign

currency

exchange

contracts

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

(893)

Foreign

currency-related

transactions

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

2

Net

realized

gain

(loss)

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

2,868

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

(net

of

deferred

tax

liability

for

foreign

capital

gains

taxes)

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

(67,20

9

)

Investments

in

affiliated

funds

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

1

Futures

contracts

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

1,108

Foreign

currency

exchange

contracts

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

(800)

Foreign

currency-related

transactions

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

(1

1

)

Net

change

in

unrealized

appreciation

(depreciation)

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

(66,911)

Net

realized

and

unrealized

gain

(loss)

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

(64,043)

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

(61,543)

Russell

Investment

Funds

International

Developed

Markets

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

64

International

Developed

Markets

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2020

(Unaudited)

Fiscal

Year

Ended  

December

31,

2019

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

2,500

$

7,866

Net

realized

gain

(loss)

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

2,868

(1,509)

Net

change

in

unrealized

appreciation

(depreciation)

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

(66,911)

62,497

Net

increase

(decrease)

in

net

assets

from

operations

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

(61,543)

68,854

Distributions

To

shareholders

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

(1,373)

(9,905)

Net

decrease

in

net

assets

from

distributions

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

(1,373)

(9,905)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(3,166)

(19,439)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

(66,082)

39,510

Net

Assets

Beginning

of

period

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

397,106

357,596

End

of

period

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

$

331,024

$

397,106

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2020

and

December

31,

2019

were

as

follows:

2020

(Unaudited)

2019

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

1,227

$

11,166

1,397

$

15,22

7

Proceeds

from

reinvestment

of

distributions

121

1,373

852

9,90

5

Payments

for

shares

redeemed

(1,586)

(15,705)

(3,974)

(44,571)

Total

increase

(decrease)

(238)

$

(3,166)

(1,725)

$

(19,439)

Russell

Investment

Funds

International

Developed

Markets

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

66

For

a

Share

Outstanding

Throughout

Each

Period.

$

Net

Asset

Value,

Beginning

of

Period

$

Net

Investment

Income

(Loss)

(a)

$

Net

Realized

and

Unrealized

Gain

(Loss)

$

Total

from

Investment

Operations

$

Distributions

from

Net

Investment

Income

$

Distributions

from

Net

Realized

Gain

June

30,

2020(1)

11.72

.07

(1.91)

(1.84)

(.04)

—

December

31,

2019

10.04

.22

1.76

1.98

(.30)

—

December

31,

2018

13.12

.22

(2.11)

(1.89)

(.22)

(.97)

December

31,

2017

11.15

.19

2.58

2.77

(.34)

(.46)

December

31,

2016

11.26

.19

.06

.25

(.36)

—

December

31,

2015

11.54

.19

(.33)

(.14)

(.14)

—

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

67

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(d)(f)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

(e)(g)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(e)(g)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(e)

%

Portfolio

Turnover

Rate

(d)

(.04)

9.84

(15.74)

331,024

1.07

1.07

1.50

42

(.30)

11.72

19.72

397,106

1.06

1.06

2.03

72

(1.19)

10.04

(14.87)

357,596

1.08

1.08

1.76

65

(.80)

13.12

24.98

436,310

1.08

1.08

1.59

117

(.36)

11.15

2.36

355,374

1.02

1.02

1.78

36

(.14)

11.26

(1.31)

358,125

1.06

1.04

1.60

35

Russell

Investment

Funds

International

Developed

Markets

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

68

International

Developed

Markets

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

for

the

period

ended

June

30,

2020

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2020

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2020,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation),

undistributed

ordinary

income

and

undistributed

long-term

capital

gains

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

248,151

Administration

fees

13,786

Transfer

agent

fees

1,213

Trustee

fees

780

$

263,930

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

10,315

$

97,842

$

87,508

$

3

$

1

$

20,653

$

55

$

—

U.S.

Cash

Collateral

Fund

1,037

17,713

17,106

—

—

1,644

8

—

$

11,352

$

115,555

$

104,614

$

3

$

1

$

22,297

$

63

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

365,729,780

$

21,595,867

$

(72,146,799)

$

(50,550,932)

Russell

Investment

Funds

Strategic

Bond

Fund

Shareholder

Expense

Example

—

June

30,

2020

(Unaudited)

Strategic

Bond

Fund

69

Fund

Expenses

The

following

disclosure

provides

important

information

regarding

the

Fund’s

Shareholder

Expense

Example

(“Example”).

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

advisory

and

administrative

fees

and

other

Fund

expenses.

The

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

indicated,

which

for

this

Fund

is

from

January

1,

2020

to

June

30,

2020

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

January

1,

2020

$

1,000

.00

$

1,000

.00

Ending

Account

Value

June

30,

2020

$

1,050

.50

$

1,021

.48

Expenses

Paid

During

Period*

$

3

.47

$

3

.42

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

0.68%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period).

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

70

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long-Term

Investments

-

85.4%

Asset-Backed

Securities

-

6.9%

ACE

Securities

Corp.

Home

Equity

Loan

Trust

Series

2005-HE3

Class

M2

3.181%

due

05/25/35

(Ê)

61

61

ACE

Securities

Corp.

Mortgage

Loan

Trust

Series

2007-D1

Class

A2

6.336%

due

02/25/38

(~)(Ê)(Þ)

526

495

Ally

Auto

Receivables

Trust

Series

2019-2

Class

A2

2.340%

due

06/15/22

881

886

AmeriCredit

Automobile

Receivables

Trust

Series

2019-1

Class

A2A

2.930%

due

06/20/22

369

370

Ameriquest

Mortgage

Securities,

Inc.

Asset-Backed

Pass-Through

Certificates

Series

2005-R1

Class

M4

3.596%

due

03/25/35

(Ê)

830

784

Applebee's

Funding

LLC

/

IHOP

Funding

LLC

Series

2019-1A

Class

A2I

4.194%

due

06/07/49

(Þ)

340

301

Asset

Backed

Securities

Corp.

Home

Equity

Loan

Trust

Series

2007-HE1

Class

A4

0.308%

due

12/25/36

(Ê)

429

394

Avis

Budget

Rental

Car

Funding

LLC

Series

2019-2A

Class

A

3.350%

due

09/22/25

(Þ)

600

608

BCAP

LLC

Trust

Series

2014-RR3

Class

3A2

2.629%

due

07/26/36

(~)(Ê)(Þ)

817

717

Series

2014-RR3

Class

5A2

2.639%

due

10/26/36

(~)(Ê)(Þ)

519

455

Blackbird

Capital

Aircraft

Lease

Securitization,

Ltd.

Series

2016-1A

Class

AA

2.487%

due

12/16/41

(~)(Ê)(Þ)

732

682

BNC

Mortgage

Loan

Trust

Series

2007-1

Class

A4

2.646%

due

03/25/37

(Ê)

773

725

CAL

Funding

II,

Ltd.

Series

2018-2A

Class

A

4.340%

due

09/25/43

(Þ)

244

247

CAL

Funding

III,

Ltd.

Series

2017-1A

Class

A

3.620%

due

06/25/42

(Þ)

554

554

Carlyle

Global

Market

Strategies

CLO,

Ltd.

Series

2017-2A

Class

AR

2.025%

due

01/18/29

(Ê)(Þ)

761

748

CarMax

Auto

Owner

Trust

Series

2017-3

Class

A3

1.970%

due

04/15/22

410

412

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2018-1

Class

A3

2.480%

due

11/15/22

1,423

1,438

Cedar

Funding,

Ltd.

Series

2018-5A

Class

A1R

2.235%

due

07/17/31

(Ê)(Þ)

1,600

1,561

Citigroup

Mortgage

Loan

Trust,

Inc.

Series

2007-WFH2

Class

M2

2.936%

due

03/25/37

(Ê)

1,490

1,390

Conseco

Financial

Corp.

Series

1998-2

Class

M1

6.940%

due

12/01/28

(~)(Ê)

1,302

1,270

Countrywide

Asset-Backed

Certificates

Series

2007-4

Class

A4W

4.683%

due

04/25/47

1,542

1,651

Dividend

Solar

Loans

LLC

Series

2019-1

Class

A

3.670%

due

08/22/39

(Þ)

339

341

Dryden

50

Senior

Loan

Fund

Series

2017-50A

Class

A1

2.439%

due

07/15/30

(Ê)(Þ)

1,230

1,209

Education

Loan

Asset-Backed

Trust

I

Series

2013-1

Class

A2

0.968%

due

04/26/32

(Ê)(Þ)

580

568

Fieldstone

Mortgage

Investment

Trust

Series

2004-4

Class

M3

2.118%

due

10/25/35

(Ê)

319

317

Flatiron

CLO,

Ltd.

Series

2017-1A

Class

A

1.642%

due

05/15/30

(Ê)(Þ)

1,000

983

Goldentree

Loan

Management

US

CLO

2,

Ltd.

Series

2017-2A

Class

A

2.285%

due

11/28/30

(Ê)(Þ)

1,860

1,821

Series

2020-7A

Class

A

2.308%

due

04/20/31

(Ê)(Þ)

1,147

1,150

Greenpoint

Manufactured

Housing

Contract

Trust

Series

2000-4

Class

A3

2.190%

due

08/21/31

(Ê)

800

740

Home

Equity

Asset

Trust

Series

2005-9

Class

M1

0.578%

due

04/25/36

(Ê)

315

310

Series

2006-4

Class

2A4

0.448%

due

08/25/36

(Ê)

522

510

HSI

Asset

Securitization

Corp.

Trust

Series

2007-OPT1

Class

1A

2.626%

due

12/25/36

(Ê)

237

191

LCM

XXIII,

Ltd.

Series

2020-23A

Class

A1R

2.205%

due

10/20/29

(Ê)(Þ)

1,020

998

LCM

XXV,

Ltd.

Series

2017-25A

Class

A

2.345%

due

07/20/30

(Ê)(Þ)

1,124

1,099

Legacy

Mortgage

Asset

Trust

Series

2019-GS4

Class

A1

3.438%

due

05/25/59

(~)(Ê)(Þ)

419

418

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

71

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Long

Beach

Mortgage

Loan

Trust

Series

2004-1

Class

M1

3.236%

due

02/25/34

(Ê)

814

782

Series

2004-4

Class

M1

3.386%

due

10/25/34

(Ê)

578

560

Madison

Park

Funding

XIII,

Ltd.

Series

2018-13A

Class

AR2

2.085%

due

04/19/30

(Ê)(Þ)

574

565

Madison

Park

Funding

XVIII,

Ltd.

Series

2017-18A

Class

A1R

2.299%

due

10/21/30

(Ê)(Þ)

872

858

Madison

Park

Funding

XXVI,

Ltd.

Series

2017-26A

Class

AR

2.041%

due

07/29/30

(~)(Ê)(Þ)

780

762

Magnetite

XVIII,

Ltd.

Series

2018-18A

Class

AR

1.472%

due

11/15/28

(Ê)(Þ)

1,488

1,466

Navient

Student

Loan

Trust

Series

2015-1

Class

A2

0.768%

due

04/25/40

(Ê)

166

159

New

Century

Home

Equity

Loan

Trust

Series

2005-B

Class

M1

0.648%

due

10/25/35

(Ê)

690

654

Option

One

Mortgage

Loan

Trust

Series

2007-FXD1

Class

3A4

5.860%

due

01/25/37

(~)(Ê)

736

749

Park

Place

Securities,

Inc.

Asset-Backed

Pass-Through

Certificates

Series

2005-WHQ1

Class

M5

1.293%

due

03/25/35

(Ê)

1,290

1,237

Popular

ABS

Mortgage

Pass-Through

Trust

Series

2006-C

Class

A4

2.736%

due

07/25/36

(Ê)

255

254

Series

2006-D

Class

A3

2.746%

due

11/25/36

(Ê)

1,114

1,088

Preston

Ridge

Partners

Mortgage

LLC

Series

2019-2A

Class

A1

3.967%

due

04/25/24

(~)(Ê)(Þ)

614

618

Series

2020-1A

Class

A1

2.981%

due

02/25/25

(~)(Ê)(Þ)

2,642

2,627

RAMP

Trust

Series

2006-RZ1

Class

M4

3.055%

due

03/25/36

(Ê)

960

905

Renaissance

Home

Equity

Loan

Trust

Series

2006-1

Class

AF6

5.746%

due

05/25/36

(~)(Ê)

95

61

Riserva

CLO,

Ltd.

Series

2019-3A

Class

AR

2.275%

due

10/18/28

(Ê)(Þ)

940

926

SBA

Small

Business

Investment

Cos.

Series

2017-10A

Class

1

2.845%

due

03/10/27

185

198

Series

2019-10A

Class

1

3.113%

due

03/10/29

181

193

Shackleton

CLO,

Ltd.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2018-4RA

Class

A1A

2.311%

due

04/13/31

(Ê)(Þ)

930

898

SLM

Private

Credit

Student

Loan

Trust

Series

2005-B

Class

A4

2.941%

due

06/15/39

(Ê)

175

164

Series

2006-A

Class

A5

2.901%

due

06/15/39

(Ê)

178

165

SMB

Private

Education

Loan

Trust

Series

2019-B

Class

A2B

1.185%

due

06/15/37

(Ê)(Þ)

190

186

SoFi

Professional

Loan

Program

Trust

Series

2019-A

Class

A2FX

3.690%

due

06/15/48

(Þ)

730

765

SpringCastle

Funding

Asset-Backed

Notes

Series

2019-AA

Class

A

3.200%

due

05/27/36

(Þ)

3,721

3,762

Structured

Asset

Investment

Loan

Trust

Series

2005-HE3

Class

M1

0.888%

due

09/25/35

(Ê)

500

492

Sunrun

Atlas

Issuer

LLC

Series

2019-2

Class

A

3.610%

due

02/01/55

(Þ)

593

586

Textainer

Marine

Containers,

Ltd.

Series

2017-1A

Class

A

3.720%

due

05/20/42

(Þ)

716

711

THL

Credit

Wind

River

CLO,

Ltd.

Series

2017-2A

Class

AR

2.365%

due

10/18/30

(Ê)(Þ)

1,004

983

Towd

Point

Mortgage

Trust

Series

2016-3

Class

A1

2.250%

due

04/25/56

(~)(Ê)(Þ)

166

167

Series

2017-1

Class

A1

2.750%

due

10/25/56

(~)(Ê)(Þ)

810

828

Series

2017-3

Class

A1

2.750%

due

07/25/57

(~)(Ê)(Þ)

397

407

Series

2017-4

Class

A1

2.750%

due

06/25/57

(~)(Ê)(Þ)

847

872

Series

2018-4

Class

A1

3.000%

due

06/25/58

(~)(Ê)(Þ)

1,309

1,382

Series

2019-1

Class

A1

3.750%

due

03/25/58

(~)(Ê)(Þ)

1,194

1,286

Series

2019-4

Class

A1

2.900%

due

10/25/59

(~)(Ê)(Þ)

1,643

1,728

Triton

Container

Finance

IV

LLC

Series

2017-2A

Class

A

3.620%

due

08/20/42

(Þ)

482

480

Triton

Container

Finance

V

LLC

Series

2018-1A

Class

A

3.950%

due

03/20/43

(Þ)

192

192

Triton

Container

Finance

VI

LLC

Series

2017-1A

Class

A

3.520%

due

06/20/42

(Þ)

532

531

United

States

Small

Business

Administration

Series

2019-20D

Class

1

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

72

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.980%

due

04/01/39

67

71

Series

2019-25G

Class

1

2.690%

due

07/01/44

69

74

Voya

CLO,

Ltd.

Series

2020-2A

Class

A1RR

2.155%

due

04/17/30

(Ê)(Þ)

2,464

2,401

60,197

Corporate

Bonds

and

Notes

-

25.4%

3M

Co.

2.750%

due

03/01/22

305

316

2.375%

due

08/26/29

70

75

3.050%

due

04/15/30

30

34

3.700%

due

04/15/50

170

202

ABB

Finance

USA,

Inc.

2.875%

due

05/08/22

720

748

Abbott

Laboratories

3.750%

due

11/30/26

151

176

4.750%

due

11/30/36

60

81

4.900%

due

11/30/46

80

115

AbbVie,

Inc.

3.450%

due

03/15/22

(Þ)

285

297

3.250%

due

10/01/22

(Þ)

706

739

2.300%

due

11/21/22

(Þ)

440

455

3.750%

due

11/14/23

30

33

2.600%

due

11/21/24

(Þ)

390

415

3.800%

due

03/15/25

(Þ)

60

67

3.600%

due

05/14/25

(Þ)

60

67

2.950%

due

11/21/26

(Þ)

100

109

3.200%

due

11/21/29

(Þ)

480

534

4.550%

due

03/15/35

(Þ)

10

12

4.250%

due

11/21/49

(Þ)

20

24

Aetna,

Inc.

2.800%

due

06/15/23

30

32

Air

Lease

Corp.

3.375%

due

07/01/25

80

80

Series

GMTN

3.750%

due

06/01/26

881

889

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

702

753

Ally

Financial,

Inc.

8.000%

due

11/01/31

554

703

Altria

Group,

Inc.

3.490%

due

02/14/22

40

42

2.850%

due

08/09/22

170

177

3.800%

due

02/14/24

110

120

2.350%

due

05/06/25

30

32

4.400%

due

02/14/26

350

403

10.200%

due

02/06/39

482

797

3.875%

due

09/16/46

70

70

5.950%

due

02/14/49

100

131

Amazon.com,

Inc.

0.800%

due

06/03/25

140

141

1.200%

due

06/03/27

190

191

1.500%

due

06/03/30

160

162

4.950%

due

12/05/44

60

85

2.500%

due

06/03/50

140

142

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

WI

5.200%

due

12/03/25

100

123

3.150%

due

08/22/27

220

252

3.875%

due

08/22/37

50

62

4.050%

due

08/22/47

70

91

4.250%

due

08/22/57

30

40

Ambac

Assurance

Corp.

5.100%

due

12/31/99

(Þ)

1

1

Ambac

LSNI

LLC

6.000%

due

02/12/23

(Ê)(Þ)

3,716

3,670

American

Honda

Finance

Corp.

Series

GMTN

1.700%

due

09/09/21

797

809

American

International

Group,

Inc.

2.500%

due

06/30/25

70

74

3.750%

due

07/10/25

110

122

American

Tower

Corp.

3.450%

due

09/15/21

701

725

Amgen,

Inc.

3.625%

due

05/22/24

10

11

4.400%

due

05/01/45

100

124

Andeavor

LLC

Series

WI

5.125%

due

12/15/26

225

234

Anheuser-Busch

Cos.

LLC

/

Anheuser-

Busch

InBev

Worldwide,

Inc.

3.650%

due

02/01/26

470

528

4.900%

due

02/01/46

70

86

Anheuser-Busch

InBev

Finance,

Inc.

2.625%

due

01/17/23

716

752

3.300%

due

02/01/23

180

190

Anheuser-Busch

InBev

Worldwide,

Inc.

4.150%

due

01/23/25

360

408

4.000%

due

04/13/28

20

23

4.750%

due

01/23/29

90

109

3.500%

due

06/01/30

70

79

4.350%

due

06/01/40

160

182

5.550%

due

01/23/49

160

214

4.500%

due

06/01/50

290

346

Anthem,

Inc.

3.700%

due

08/15/21

40

41

3.125%

due

05/15/22

30

31

2.950%

due

12/01/22

80

84

3.350%

due

12/01/24

30

33

3.650%

due

12/01/27

110

125

Aon

Corp.

8.205%

due

01/01/27

172

209

Apache

Corp.

3.250%

due

04/15/22

16

16

4.375%

due

10/15/28

70

62

4.250%

due

01/15/30

20

17

5.100%

due

09/01/40

433

356

4.750%

due

04/15/43

368

296

4.250%

due

01/15/44

120

90

Apple,

Inc.

2.400%

due

05/03/23

716

757

1.125%

due

05/11/25

280

285

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

73

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.450%

due

08/04/26

110

120

4.650%

due

02/23/46

100

137

ArcelorMittal

SA

6.125%

due

06/01/25

170

184

Ares

Capital

Corp.

3.500%

due

02/10/23

261

263

3.250%

due

07/15/25

914

887

AT&T,

Inc.

3.000%

due

02/15/22

40

42

3.875%

due

01/15/26

685

771

3.800%

due

02/15/27

150

169

2.300%

due

06/01/27

240

248

5.250%

due

03/01/37

190

235

4.350%

due

06/15/45

100

112

Athene

Holding,

Ltd.

4.125%

due

01/12/28

630

650

Avnet,

Inc.

4.875%

due

12/01/22

410

439

Avon

Products,

Inc.

7.000%

due

03/15/23

302

300

BAC

Capital

Trust

XIV

Series

G

4.000%

due

09/29/49

(Ê)(ƒ)

70

63

Bank

of

America

Corp.

3.550%

due

03/05/24

(Ê)

130

139

4.000%

due

01/22/25

175

193

3.366%

due

01/23/26

(Ê)

325

355

4.250%

due

10/22/26

340

390

4.271%

due

07/23/29

(Ê)

200

235

3.974%

due

02/07/30

(Ê)

500

582

2.592%

due

04/29/31

(Ê)

140

148

4.330%

due

03/15/50

(Ê)

30

39

4.083%

due

03/20/51

(Ê)

480

599

Series

AA

6.100%

due

12/31/49

(Ê)(ƒ)

10

11

Series

GMTN

3.300%

due

01/11/23

460

490

4.450%

due

03/03/26

30

34

3.500%

due

04/19/26

790

889

3.593%

due

07/21/28

(Ê)

260

292

Series

WI

3.004%

due

12/20/23

(Ê)

42

44

3.419%

due

12/20/28

(Ê)

482

537

Bank

of

New

York

Mellon

Corp.

(The)

1.600%

due

04/24/25

70

72

BankUnited

,

Inc.

4.875%

due

11/17/25

661

722

Barrick

NA

Finance

LLC

5.700%

due

05/30/41

130

175

BAT

Capital

Corp.

Series

WI

3.557%

due

08/15/27

445

481

4.540%

due

08/15/47

160

174

Bayer

US

Finance

LLC

3.375%

due

10/08/24

(Þ)

726

792

Becton

Dickinson

and

Co.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.363%

due

06/06/24

180

194

3.734%

due

12/15/24

706

777

4.685%

due

12/15/44

8

10

Bed

Bath

&

Beyond,

Inc.

5.165%

due

08/01/44

186

105

Berkshire

Hathaway

Energy

Co.

4.050%

due

04/15/25

(Þ)

699

796

Series

WI

2.800%

due

01/15/23

245

259

Berkshire

Hathaway

Finance

Corp.

4.200%

due

08/15/48

621

788

4.250%

due

01/15/49

130

167

Berkshire

Hathaway,

Inc.

3.125%

due

03/15/26

694

777

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

6.125%

due

11/15/22

(Þ)

20

20

BMW

US

Capital

LLC

1.850%

due

09/15/21

(Þ)

20

20

Boardwalk

Pipelines,

LP

4.800%

due

05/03/29

710

756

Boeing

Co.

(The)

2.125%

due

03/01/22

272

273

4.875%

due

05/01/25

390

425

3.100%

due

05/01/26

20

20

2.700%

due

02/01/27

40

39

2.800%

due

03/01/27

30

29

3.200%

due

03/01/29

120

119

5.150%

due

05/01/30

190

212

3.250%

due

02/01/35

450

410

3.550%

due

03/01/38

30

27

5.705%

due

05/01/40

160

181

3.750%

due

02/01/50

60

54

5.805%

due

05/01/50

370

437

5.930%

due

05/01/60

100

118

BP

Capital

Markets

America,

Inc.

3.245%

due

05/06/22

10

10

2.520%

due

09/19/22

250

260

2.937%

due

04/06/23

10

11

2.750%

due

05/10/23

513

542

3.216%

due

11/28/23

290

312

3.790%

due

02/06/24

30

33

3.410%

due

02/11/26

200

221

3.119%

due

05/04/26

120

131

3.633%

due

04/06/30

80

90

3.000%

due

02/24/50

320

315

Brighthouse

Financial,

Inc.

Series

WI

4.700%

due

06/22/47

829

758

Bristol-Myers

Squibb

Co.

2.250%

due

08/15/21

(Þ)

70

71

2.600%

due

05/16/22

(Þ)

90

94

3.550%

due

08/15/22

(Þ)

30

32

2.900%

due

07/26/24

(Þ)

400

433

3.875%

due

08/15/25

(Þ)

230

262

3.200%

due

06/15/26

(Þ)

190

213

3.900%

due

02/20/28

(Þ)

380

447

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

74

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.400%

due

07/26/29

(Þ)

170

198

5.000%

due

08/15/45

(Þ)

80

113

Broadcom,

Inc.

2.250%

due

11/15/23

(Þ)

180

186

4.700%

due

04/15/25

(Þ)

280

315

3.150%

due

11/15/25

(Þ)

220

234

Buckeye

Partners,

LP

4.350%

due

10/15/24

310

293

4.125%

due

12/01/27

149

142

5.850%

due

11/15/43

103

89

Bunge,

Ltd.

Finance

Corp.

3.000%

due

09/25/22

531

553

4.350%

due

03/15/24

220

240

Burlington

Northern

Santa

Fe

LLC

3.400%

due

09/01/24

220

242

4.550%

due

09/01/44

461

606

4.150%

due

04/01/45

100

124

Cameron

LNG

LLC

2.902%

due

07/15/31

(Þ)

40

43

3.302%

due

01/15/35

(Þ)

230

253

Capital

One

Financial

Corp.

3.200%

due

02/05/25

748

800

Cargill,

Inc.

1.375%

due

07/23/23

(Þ)

110

112

Carrier

Global

Corp.

1.923%

due

02/15/23

(Þ)

40

41

2.242%

due

02/15/25

(Þ)

90

92

2.493%

due

02/15/27

(Þ)

20

20

2.722%

due

02/15/30

(Þ)

160

160

2.700%

due

02/15/31

(Þ)

50

50

3.377%

due

04/05/40

(Þ)

60

58

3.577%

due

04/05/50

(Þ)

60

59

Caterpillar

Financial

Services

Corp.

0.950%

due

05/13/22

571

578

1.950%

due

11/18/22

761

787

Caterpillar,

Inc.

4.750%

due

05/15/64

603

837

CC

Holdings

GS

V

LLC

/

Crown

Castle

GS

III

Corp.

3.849%

due

04/15/23

242

261

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

4.500%

due

08/15/30

(Þ)

10

10

4.500%

due

05/01/32

(Þ)

270

273

CDK

Global,

Inc.

Series

WI

5.000%

due

10/15/24

295

313

Centene

Corp.

Series

WI

4.625%

due

12/15/29

60

64

3.375%

due

02/15/30

50

50

CenturyLink,

Inc.

Series

T

5.800%

due

03/15/22

366

376

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.050%

due

03/30/29

240

283

5.375%

due

04/01/38

80

97

5.750%

due

04/01/48

350

436

4.800%

due

03/01/50

40

45

Series

WI

4.908%

due

07/23/25

530

608

6.384%

due

10/23/35

20

26

6.484%

due

10/23/45

60

80

6.834%

due

10/23/55

20

27

Chevron

Corp.

2.355%

due

12/05/22

784

815

1.554%

due

05/11/25

130

134

2.954%

due

05/16/26

70

78

1.995%

due

05/11/27

50

52

3.078%

due

05/11/50

10

11

Chubb

INA

Holdings,

Inc.

3.350%

due

05/03/26

30

34

Cigna

Corp.

6.125%

due

11/15/41

(Þ)

335

478

Series

WI

3.400%

due

09/17/21

60

62

3.750%

due

07/15/23

170

185

4.125%

due

11/15/25

130

149

4.375%

due

10/15/28

460

544

Cimarex

Energy

Co.

4.375%

due

06/01/24

10

11

3.900%

due

05/15/27

210

211

4.375%

due

03/15/29

200

206

Cintas

Corp.

No.

2

2.900%

due

04/01/22

60

62

3.700%

due

04/01/27

70

79

Citigroup,

Inc.

1.678%

due

05/15/24

(Ê)

130

133

3.106%

due

04/08/26

(Ê)

100

107

4.450%

due

09/29/27

610

695

4.412%

due

03/31/31

(Ê)

160

189

2.572%

due

06/03/31

(Ê)

310

320

8.125%

due

07/15/39

550

952

5.300%

due

05/06/44

101

134

4.750%

due

05/18/46

220

281

4.650%

due

07/23/48

55

72

Series

9-RG

4.650%

due

07/30/45

147

189

Series

P

5.950%

due

12/31/49

(Ê)(ƒ)

260

258

Cliffs

Natural

Resources,

Inc.

6.250%

due

10/01/40

238

148

CME

Group,

Inc.

5.300%

due

09/15/43

30

44

CNH

Industrial

Capital

LLC

3.875%

due

10/15/21

250

256

4.200%

due

01/15/24

760

810

Coca-Cola

Co.

(The)

2.950%

due

03/25/25

60

66

3.375%

due

03/25/27

90

103

1.450%

due

06/01/27

130

134

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

75

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.125%

due

03/25/40

20

25

2.500%

due

06/01/40

10

10

4.200%

due

03/25/50

260

341

2.600%

due

06/01/50

50

51

Comcast

Cable

Communications

Holdings,

Inc.

9.455%

due

11/15/22

583

709

Comcast

Corp.

2.750%

due

03/01/23

500

532

3.700%

due

04/15/24

260

289

3.100%

due

04/01/25

10

11

3.950%

due

10/15/25

230

264

3.150%

due

03/01/26

80

90

3.300%

due

04/01/27

50

56

4.150%

due

10/15/28

350

421

3.400%

due

04/01/30

70

80

4.250%

due

10/15/30

120

147

6.500%

due

11/15/35

90

137

6.550%

due

07/01/39

200

302

3.250%

due

11/01/39

10

11

3.750%

due

04/01/40

10

12

3.400%

due

07/15/46

20

22

4.000%

due

03/01/48

20

25

4.700%

due

10/15/48

30

40

3.450%

due

02/01/50

110

125

Concho

Resources,

Inc.

4.375%

due

01/15/25

90

93

3.750%

due

10/01/27

150

160

4.300%

due

08/15/28

90

99

Consolidated

Edison

Co.

of

New

York,

Inc.

Series

20A

3.350%

due

04/01/30

50

57

Series

20B

3.950%

due

04/01/50

30

36

Constellation

Brands,

Inc.

4.750%

due

11/15/24

40

46

Continental

Airlines

Pass-Through

Trust

Series

071A

Class

A

5.983%

due

04/19/22

67

63

Continental

Resources,

Inc.

4.500%

due

04/15/23

328

314

3.800%

due

06/01/24

266

251

4.900%

due

06/01/44

10

8

Series

WI

4.375%

due

01/15/28

257

226

Costco

Wholesale

Corp.

1.375%

due

06/20/27

200

204

1.600%

due

04/20/30

120

121

Covidien

International

Finance

SA

3.200%

due

06/15/22

703

737

Credit

Suisse

Group

AG

2.950%

due

04/09/25

250

271

Crown

Castle

International

Corp.

4.875%

due

04/15/22

299

319

5.250%

due

01/15/23

203

226

Crown

Cork

&

Seal

Co.,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.375%

due

12/15/26

133

156

CVS

Health

Corp.

2.750%

due

12/01/22

90

94

3.700%

due

03/09/23

260

279

2.625%

due

08/15/24

200

214

4.100%

due

03/25/25

190

215

3.625%

due

04/01/27

40

45

4.300%

due

03/25/28

590

690

3.250%

due

08/15/29

200

221

3.750%

due

04/01/30

110

126

4.780%

due

03/25/38

70

87

4.125%

due

04/01/40

40

47

5.125%

due

07/20/45

140

180

5.050%

due

03/25/48

325

423

DAE

Funding

LLC

5.750%

due

11/15/23

(Þ)

20

19

DCP

Midstream

Operating,

LP

6.450%

due

11/03/36

(Þ)

30

27

Deere

&

Co.

3.100%

due

04/15/30

20

23

3.750%

due

04/15/50

150

184

Delhaize

America,

Inc.

9.000%

due

04/15/31

154

237

Delta

Air

Lines

Pass-Through

Trust

7.000%

due

05/01/25

(Þ)

1,412

1,457

Series

071A

Class

A

6.821%

due

08/10/22

32

31

Series

2002-1

6.718%

due

01/02/23

64

63

Delta

Air

Lines,

Inc.

3.625%

due

03/15/22

470

445

3.800%

due

04/19/23

30

27

2.900%

due

10/28/24

166

135

7.375%

due

01/15/26

200

193

4.375%

due

04/19/28

136

113

Devon

Energy

Corp.

5.850%

due

12/15/25

440

486

7.875%

due

09/30/31

150

176

5.000%

due

06/15/45

180

161

Diageo

Investment

Corp.

2.875%

due

05/11/22

90

94

Diamondback

Energy,

Inc.

3.500%

due

12/01/29

110

106

Series

WI

5.375%

due

05/31/25

30

31

Discover

Bank

2.450%

due

09/12/24

742

778

Series

BKNT

2.700%

due

02/06/30

815

821

Discover

Financial

Services

3.850%

due

11/21/22

703

745

DISH

DBS

Corp.

Series

WI

5.875%

due

11/15/24

150

149

7.750%

due

07/01/26

30

32

Dollar

General

Corp.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

76

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.250%

due

04/15/23

10

11

Dominion

Energy,

Inc.

7.000%

due

06/15/38

20

28

Duke

Energy

Carolinas

LLC

5.300%

due

02/15/40

30

42

4.000%

due

09/30/42

100

120

Eaton

Corp.

2.750%

due

11/02/22

150

158

4.150%

due

11/02/42

40

47

Edison

International

4.125%

due

03/15/28

718

759

EMC

Corp.

3.375%

due

06/01/23

374

378

Enable

Midstream

Partners,

LP

4.150%

due

09/15/29

762

668

Enbridge

Energy

Partners,

LP

7.375%

due

10/15/45

484

692

Energy

Transfer

Operating,

LP

5.875%

due

01/15/24

653

730

4.500%

due

04/15/24

100

108

2.900%

due

05/15/25

30

31

5.250%

due

04/15/29

30

33

3.750%

due

05/15/30

340

336

6.250%

due

04/15/49

30

32

Series

10Y

4.950%

due

06/15/28

40

43

Series

F

6.750%

due

12/31/99

(Ê)(ƒ)

90

76

Energy

Transfer

Partners,

LP

/

Regency

Energy

Finance

Corp.

5.000%

due

10/01/22

516

549

EnLink

Midstream

Partners,

LP

4.400%

due

04/01/24

193

160

4.150%

due

06/01/25

207

159

Enterprise

Products

Operating

LLC

3.900%

due

02/15/24

30

33

4.150%

due

10/16/28

310

354

2.800%

due

01/31/30

100

105

7.550%

due

04/15/38

20

28

4.850%

due

03/15/44

20

23

4.200%

due

01/31/50

160

177

3.700%

due

01/31/51

70

73

Series

D

6.875%

due

03/01/33

624

828

EOG

Resources,

Inc.

4.150%

due

01/15/26

40

46

4.375%

due

04/15/30

20

24

3.900%

due

04/01/35

140

163

4.950%

due

04/15/50

50

65

EQM

Midstream

Partners,

LP

4.125%

due

12/01/26

450

409

EQT

Corp.

3.000%

due

10/01/22

295

274

6.125%

due

02/01/25

166

165

3.900%

due

10/01/27

308

251

Exelon

Corp.

3.497%

due

06/01/22

245

256

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

WI

3.950%

due

06/15/25

489

549

Exelon

Generation

Co.

LLC

5.600%

due

06/15/42

615

690

Exxon

Mobil

Corp.

2.726%

due

03/01/23

778

818

1.571%

due

04/15/23

20

21

2.992%

due

03/19/25

320

348

3.043%

due

03/01/26

60

66

3.482%

due

03/19/30

120

137

4.114%

due

03/01/46

40

48

4.327%

due

03/19/50

10

13

FedEx

Corp.

4.500%

due

02/01/65

226

234

FirstEnergy

Corp.

Series

A

1.600%

due

01/15/26

50

50

Series

B

4.250%

due

03/15/23

100

108

3.900%

due

07/15/27

370

418

Series

C

7.375%

due

11/15/31

550

803

Ford

Holdings

LLC

9.300%

due

03/01/30

140

157

Ford

Motor

Co.

8.500%

due

04/21/23

10

11

9.000%

due

04/22/25

30

32

7.450%

due

07/16/31

446

469

4.750%

due

01/15/43

194

153

7.400%

due

11/01/46

230

224

Ford

Motor

Credit

Co.

LLC

5.875%

due

08/02/21

200

202

3.096%

due

05/04/23

739

700

4.271%

due

01/09/27

169

158

3.815%

due

11/02/27

181

165

5.113%

due

05/03/29

304

297

Series

FXD

3.813%

due

10/12/21

200

197

Series

GMTN

4.389%

due

01/08/26

148

140

Fox

Corp.

Series

WI

4.709%

due

01/25/29

30

36

5.476%

due

01/25/39

270

361

Freeport-McMoRan,

Inc.

3.550%

due

03/01/22

10

10

4.550%

due

11/14/24

10

10

5.400%

due

11/14/34

590

583

5.450%

due

03/15/43

260

255

Fresenius

Medical

Care

US

Finance

II,

Inc.

5.875%

due

01/31/22

(Þ)

236

250

4.750%

due

10/15/24

(Þ)

110

119

General

Dynamics

Corp.

3.250%

due

04/01/25

40

44

3.500%

due

05/15/25

20

22

4.250%

due

04/01/40

10

12

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

77

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.250%

due

04/01/50

60

78

General

Electric

Co.

3.450%

due

05/01/27

20

21

3.625%

due

05/01/30

50

50

4.250%

due

05/01/40

60

59

4.350%

due

05/01/50

60

59

Series

GMTN

6.875%

due

01/10/39

511

628

Series

MTNA

6.750%

due

03/15/32

619

758

General

Motors

Co.

4.875%

due

10/02/23

671

716

5.400%

due

10/02/23

40

43

6.125%

due

10/01/25

100

112

6.250%

due

10/02/43

110

117

General

Motors

Financial

Co.,

Inc.

4.375%

due

09/25/21

20

21

4.200%

due

11/06/21

100

103

4.250%

due

05/15/23

10

10

4.350%

due

01/17/27

850

879

Genworth

Holdings,

Inc.

7.625%

due

09/24/21

169

158

4.900%

due

08/15/23

324

259

Georgia

Power

Co.

2.850%

due

05/15/22

250

260

Gilead

Sciences,

Inc.

3.650%

due

03/01/26

90

103

4.750%

due

03/01/46

100

135

GlaxoSmithKline

Capital,

Inc.

2.800%

due

03/18/23

449

475

Glencore

Canada

Corp.

6.200%

due

06/15/35

631

764

Glencore

Funding

LLC

4.125%

due

03/12/24

(Þ)

410

439

4.625%

due

04/29/24

(Þ)

40

44

4.000%

due

03/27/27

(Þ)

330

354

3.875%

due

10/27/27

(Þ)

60

64

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.375%

due

11/01/23

80

85

5.375%

due

04/15/26

653

714

Goldman

Sachs

Capital

I

6.345%

due

02/15/34

185

254

Goldman

Sachs

Group,

Inc.

(The)

5.250%

due

07/27/21

380

399

3.200%

due

02/23/23

70

74

3.850%

due

07/08/24

150

165

3.500%

due

04/01/25

150

164

3.272%

due

09/29/25

(Ê)

350

377

4.250%

due

10/21/25

310

349

3.500%

due

11/16/26

90

99

3.691%

due

06/05/28

(Ê)

200

224

4.223%

due

05/01/29

(Ê)

50

58

6.750%

due

10/01/37

410

591

4.411%

due

04/23/39

(Ê)

100

122

6.250%

due

02/01/41

160

239

5.150%

due

05/22/45

200

264

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.750%

due

10/21/45

250

328

4.000%

due

12/29/49

(Ê)(ƒ)

3

3

Guardian

Life

Global

Funding

1.100%

due

06/23/25

(Þ)

50

50

GUSAP

III,

LP

4.250%

due

01/21/30

(Þ)

837

821

Halliburton

Co.

3.800%

due

11/15/25

5

5

4.850%

due

11/15/35

130

137

Hanesbrands,

Inc.

4.625%

due

05/15/24

(Þ)

10

10

5.375%

due

05/15/25

(Þ)

80

81

4.875%

due

05/15/26

(Þ)

70

71

Harman

International

Industries,

Inc.

4.150%

due

05/15/25

755

821

HCA,

Inc.

5.000%

due

03/15/24

50

56

5.375%

due

02/01/25

40

43

4.500%

due

02/15/27

40

45

5.625%

due

09/01/28

110

123

5.875%

due

02/01/29

80

91

4.125%

due

06/15/29

269

297

3.500%

due

09/01/30

40

39

5.500%

due

06/15/47

463

563

Hershey

Co.

(The)

0.900%

due

06/01/25

30

30

Hilton

Domestic

Operating

Co.,

Inc.

5.375%

due

05/01/25

(Þ)

120

120

5.750%

due

05/01/28

(Þ)

40

40

HollyFrontier

Corp.

5.875%

due

04/01/26

746

825

Home

Depot,

Inc.

(The)

3.250%

due

03/01/22

525

551

2.625%

due

06/01/22

243

254

2.500%

due

04/15/27

80

88

3.900%

due

12/06/28

10

12

2.700%

due

04/15/30

80

88

3.300%

due

04/15/40

110

125

3.900%

due

06/15/47

20

24

3.350%

due

04/15/50

270

308

Honeywell

International,

Inc.

1.350%

due

06/01/25

80

82

Host

Hotels

&

Resorts,

LP

3.875%

due

04/01/24

790

808

HSBC

USA,

Inc.

7.200%

due

07/15/97

457

707

Humana,

Inc.

3.150%

due

12/01/22

10

10

4.500%

due

04/01/25

20

23

3.950%

due

03/15/27

200

227

4.625%

due

12/01/42

20

25

4.950%

due

10/01/44

20

26

4.800%

due

03/15/47

10

13

Hyatt

Hotels

Corp.

5.375%

due

04/23/25

763

809

4.850%

due

03/15/26

230

242

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

78

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Intel

Corp.

3.700%

due

07/29/25

20

23

4.600%

due

03/25/40

60

79

4.750%

due

03/25/50

360

507

4.950%

due

03/25/60

130

191

Series

WI

3.734%

due

12/08/47

10

12

International

Business

Machines

Corp.

2.500%

due

01/27/22

721

744

3.000%

due

05/15/24

220

238

3.500%

due

05/15/29

215

248

International

Lease

Finance

Corp.

8.625%

due

01/15/22

50

54

5.875%

due

08/15/22

410

431

Jefferies

Group

LLC

6.500%

due

01/20/43

635

738

Johnson

&

Johnson

2.050%

due

03/01/23

728

758

3.625%

due

03/03/37

70

83

JPMorgan

Chase

&

Co.

4.350%

due

08/15/21

130

136

1.514%

due

06/01/24

(Ê)

340

345

3.875%

due

09/10/24

100

111

4.023%

due

12/05/24

(Ê)

220

242

2.083%

due

04/22/26

(Ê)

210

218

4.125%

due

12/15/26

230

268

4.250%

due

10/01/27

30

35

4.203%

due

07/23/29

(Ê)

200

234

4.452%

due

12/05/29

(Ê)

260

312

8.750%

due

09/01/30

280

407

2.522%

due

04/22/31

(Ê)

120

127

4.950%

due

06/01/45

100

135

3.109%

due

04/22/51

(Ê)

50

54

Kinder

Morgan

Energy

Partners,

LP

6.550%

due

09/15/40

600

756

5.500%

due

03/01/44

20

23

Kinder

Morgan,

Inc.

5.625%

due

11/15/23

(Þ)

703

794

4.300%

due

06/01/25

80

89

4.300%

due

03/01/28

170

193

5.550%

due

06/01/45

80

97

5.050%

due

02/15/46

30

35

5.200%

due

03/01/48

10

12

Series

GMTN

7.800%

due

08/01/31

176

239

KKR

Group

Finance

Co.

II

LLC

5.500%

due

02/01/43

(Þ)

10

12

Kraft

Foods

Group,

Inc.

3.500%

due

06/06/22

236

247

Kraft

Heinz

Foods

Co.

4.625%

due

01/30/29

168

181

4.250%

due

03/01/31

(Þ)

30

32

6.875%

due

01/26/39

288

355

5.000%

due

06/04/42

312

329

4.875%

due

10/01/49

(Þ)

261

266

5.500%

due

06/01/50

(Þ)

80

85

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

WI

3.950%

due

07/15/25

13

14

3.000%

due

06/01/26

319

323

5.000%

due

07/15/35

283

311

5.200%

due

07/15/45

363

393

4.375%

due

06/01/46

466

458

Kroger

Co.

(The)

5.150%

due

08/01/43

20

25

L3Harris

Technologies,

Inc.

4.854%

due

04/27/35

40

51

5.054%

due

04/27/45

40

53

Lamb

Weston

Holdings,

Inc.

4.875%

due

11/01/26

(Þ)

60

62

4.875%

due

05/15/28

(Þ)

10

11

Las

Vegas

Sands

Corp.

3.200%

due

08/08/24

922

918

2.900%

due

06/25/25

20

19

Lennar

Corp.

4.500%

due

04/30/24

40

42

Series

WI

5.000%

due

06/15/27

10

11

4.750%

due

11/29/27

100

109

Levi

Strauss

&

Co.

5.000%

due

05/01/25

(Þ)

70

70

Liberty

Interactive

LLC

8.250%

due

02/01/30

81

79

Lockheed

Martin

Corp.

3.100%

due

01/15/23

702

747

4.500%

due

05/15/36

10

13

Series

10YR

3.550%

due

01/15/26

90

103

Loews

Corp.

6.000%

due

02/01/35

601

815

Lowe's

Cos.,

Inc.

4.500%

due

04/15/30

50

61

5.000%

due

04/15/40

40

52

5.125%

due

04/15/50

180

248

Macy's

Retail

Holdings,

Inc.

3.875%

due

01/15/22

150

132

2.875%

due

02/15/23

200

159

3.625%

due

06/01/24

200

145

Magellan

Health,

Inc.

Series

0005

4.900%

due

09/22/24

176

179

Main

Street

Capital

Corp.

5.200%

due

05/01/24

728

749

Marathon

Petroleum

Corp.

5.000%

due

09/15/54

234

239

Markel

Corp.

4.300%

due

11/01/47

699

790

Marriott

International,

Inc.

Series

R

3.125%

due

06/15/26

841

818

Mars,

Inc.

2.700%

due

04/01/25

(Þ)

60

64

3.200%

due

04/01/30

(Þ)

30

34

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

79

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Masco

Corp.

4.450%

due

04/01/25

238

270

Mastercard

,

Inc.

3.850%

due

03/26/50

20

25

Mattel,

Inc.

6.200%

due

10/01/40

113

98

McDonald's

Corp.

3.300%

due

07/01/25

80

89

1.450%

due

09/01/25

20

21

3.700%

due

01/30/26

100

114

3.500%

due

03/01/27

70

79

3.500%

due

07/01/27

30

34

3.800%

due

04/01/28

200

234

3.600%

due

07/01/30

70

81

3.625%

due

09/01/49

10

11

4.200%

due

04/01/50

140

170

Medtronic,

Inc.

Series

WI

3.150%

due

03/15/22

254

266

3.500%

due

03/15/25

67

76

Merck

&

Co.,

Inc.

0.750%

due

02/24/26

140

140

1.450%

due

06/24/30

70

70

MetLife,

Inc.

6.400%

due

12/15/36

100

118

Micron

Technology,

Inc.

2.497%

due

04/24/23

110

114

Microsoft

Corp.

2.875%

due

02/06/24

180

194

2.700%

due

02/12/25

764

834

2.400%

due

08/08/26

200

218

3.300%

due

02/06/27

810

926

4.100%

due

02/06/37

126

163

2.525%

due

06/01/50

174

180

MidAmerican

Energy

Co.

3.700%

due

09/15/23

237

257

4.400%

due

10/15/44

627

794

Midwest

Connector

Capital

Co.

LLC

3.625%

due

04/01/22

(Þ)

267

274

3.900%

due

04/01/24

(Þ)

769

808

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

6.500%

due

06/20/27

(Þ)

120

120

Mondelez

International,

Inc.

2.125%

due

04/13/23

40

41

3.625%

due

05/07/23

689

742

1.500%

due

05/04/25

260

265

Morgan

Stanley

3.737%

due

04/24/24

(Ê)

170

183

2.188%

due

04/28/26

(Ê)

340

354

3.622%

due

04/01/31

(Ê)

390

445

Series

GMTN

3.772%

due

01/24/29

(Ê)

20

23

4.431%

due

01/23/30

(Ê)

10

12

2.699%

due

01/22/31

(Ê)

420

446

5.597%

due

03/24/51

(Ê)

40

60

MPLX,

LP

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.000%

due

03/15/28

40

42

4.800%

due

02/15/29

170

189

4.500%

due

04/15/38

80

80

4.700%

due

04/15/48

140

144

5.500%

due

02/15/49

60

68

Series

0005

4.125%

due

03/01/27

800

853

Series

WI

4.500%

due

07/15/23

100

108

4.875%

due

06/01/25

40

45

National

Oilwell

Varco,

Inc.

3.600%

due

12/01/29

843

825

National

Securities

Clearing

Corp.

1.200%

due

04/23/23

(Þ)

250

254

Navient

Corp.

7.250%

due

01/25/22

199

199

Series

MTN

5.625%

due

08/01/33

120

92

NBCUniversal

Media

LLC

2.875%

due

01/15/23

524

560

Nestle

Holdings,

Inc.

3.350%

due

09/24/23

(Þ)

698

759

Nevada

Power

Co.

5.450%

due

05/15/41

208

269

Series

R

6.750%

due

07/01/37

362

546

New

York

Life

Global

Funding

0.950%

due

06/24/25

(Þ)

90

90

Newell

Brands,

Inc.

3.850%

due

04/01/23

402

414

4.200%

due

04/01/26

495

519

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

553

675

NIKE,

Inc.

2.400%

due

03/27/25

60

65

2.750%

due

03/27/27

100

110

2.850%

due

03/27/30

110

123

3.250%

due

03/27/40

70

79

3.375%

due

03/27/50

250

287

Noble

Energy,

Inc.

3.900%

due

11/15/24

250

252

3.850%

due

01/15/28

130

126

5.250%

due

11/15/43

10

9

4.950%

due

08/15/47

40

36

Northern

Natural

Gas

Co.

4.300%

due

01/15/49

(Þ)

631

753

Northrop

Grumman

Corp.

2.550%

due

10/15/22

717

748

2.930%

due

01/15/25

80

86

5.250%

due

05/01/50

90

129

Series

F0TZ

3.250%

due

01/15/28

310

346

Novartis

Capital

Corp.

2.400%

due

05/17/22

719

746

NVIDIA

Corp.

2.850%

due

04/01/30

60

67

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

80

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.500%

due

04/01/40

160

187

3.500%

due

04/01/50

440

510

3.700%

due

04/01/60

110

131

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.

2.700%

due

05/01/25

(Þ)

80

84

Occidental

Petroleum

Corp.

2.600%

due

08/13/21

300

293

3.125%

due

02/15/22

80

77

2.700%

due

08/15/22

120

112

6.950%

due

07/01/24

210

206

2.900%

due

08/15/24

749

640

5.550%

due

03/15/26

110

100

3.400%

due

04/15/26

239

196

3.000%

due

02/15/27

830

643

3.500%

due

08/15/29

60

44

7.500%

due

05/01/31

188

175

7.875%

due

09/15/31

30

28

6.450%

due

09/15/36

110

94

6.200%

due

03/15/40

116

97

4.500%

due

07/15/44

125

86

4.625%

due

06/15/45

177

124

6.600%

due

03/15/46

90

78

4.400%

due

04/15/46

691

482

4.100%

due

02/15/47

190

128

4.200%

due

03/15/48

70

47

4.400%

due

08/15/49

109

76

Oceaneering

International,

Inc.

6.000%

due

02/01/28

144

101

ONEOK

Partners,

LP

6.125%

due

02/01/41

614

659

ONEOK,

Inc.

7.500%

due

09/01/23

204

233

4.350%

due

03/15/29

506

532

Oracle

Corp.

2.625%

due

02/15/23

719

756

3.900%

due

05/15/35

685

828

Otis

Worldwide

Corp.

2.056%

due

04/05/25

(Þ)

60

63

2.293%

due

04/05/27

(Þ)

60

63

2.565%

due

02/15/30

(Þ)

170

178

Pacific

Gas

and

Electric

Co.

1.750%

due

06/16/22

180

180

2.100%

due

08/01/27

50

49

2.500%

due

02/01/31

60

59

3.300%

due

08/01/40

30

29

3.500%

due

08/01/50

40

39

PacifiCorp

5.750%

due

04/01/37

543

745

PayPal

Holdings,

Inc.

1.350%

due

06/01/23

90

92

1.650%

due

06/01/25

100

104

PepsiCo,

Inc.

2.750%

due

03/05/22

224

234

0.750%

due

05/01/23

503

508

2.250%

due

03/19/25

20

21

2.625%

due

03/19/27

10

11

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.625%

due

05/01/30

110

112

2.875%

due

10/15/49

40

43

3.625%

due

03/19/50

20

24

3.875%

due

03/19/60

30

38

Series

WI

7.000%

due

03/01/29

140

202

Petrobras

Global

Finance

BV

6.250%

due

03/17/24

100

107

Pfizer,

Inc.

0.800%

due

05/28/25

170

170

2.625%

due

04/01/30

110

121

1.700%

due

05/28/30

110

112

Philip

Morris

International,

Inc.

2.500%

due

08/22/22

90

94

1.125%

due

05/01/23

80

81

2.100%

due

05/01/30

70

72

4.500%

due

03/20/42

40

49

Series

5YR

2.500%

due

11/02/22

60

63

Series

NCD

2.375%

due

08/17/22

210

218

Phillips

66

Series

WI

4.300%

due

04/01/22

498

528

Pitney

Bowes,

Inc.

4.625%

due

05/15/22

161

132

4.625%

due

03/15/24

240

168

Plains

All

American

Pipeline,

LP

/

PAA

Finance

Corp.

3.600%

due

11/01/24

705

720

Precision

Castparts

Corp.

2.500%

due

01/15/23

240

251

3.900%

due

01/15/43

457

507

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

5.250%

due

04/15/24

(Þ)

70

72

5.750%

due

04/15/26

(Þ)

60

62

Principal

Life

Global

Funding

II

1.250%

due

06/23/25

(Þ)

40

40

Procter

&

Gamble

Co.

(The)

2.450%

due

03/25/25

50

54

2.800%

due

03/25/27

20

22

3.000%

due

03/25/30

60

69

3.550%

due

03/25/40

90

109

3.600%

due

03/25/50

100

124

Progress

Energy,

Inc.

7.000%

due

10/30/31

173

245

Prudential

Financial,

Inc.

5.625%

due

06/15/43

(Ê)

734

781

PSEG

Power

LLC

8.625%

due

04/15/31

170

240

Range

Resources

Corp.

5.875%

due

07/01/22

12

11

Series

WI

4.875%

due

05/15/25

230

173

Raytheon

Technologies

Corp.

3.650%

due

08/16/23

3

3

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

81

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.200%

due

03/15/24

(Þ)

708

762

3.150%

due

12/15/24

(Þ)

50

54

3.950%

due

08/16/25

30

34

4.125%

due

11/16/28

100

118

2.250%

due

07/01/30

110

115

4.500%

due

06/01/42

20

25

RBS

Capital

Trust

II

6.425%

due

12/29/49

(Ê)(ƒ)

106

155

Regency

Energy

Partners,

LP

/

Regency

Energy

Finance

Corp.

5.875%

due

03/01/22

60

63

Reliance

Holding

USA,

Inc.

5.400%

due

02/14/22

(Þ)

684

721

Republic

Services,

Inc.

2.500%

due

08/15/24

60

64

Reynolds

American,

Inc.

5.850%

due

08/15/45

70

88

Roche

Holdings,

Inc.

1.750%

due

01/28/22

(Þ)

669

685

Rockies

Express

Pipeline

LLC

4.950%

due

07/15/29

(Þ)

200

186

4.800%

due

05/15/30

(Þ)

306

282

Royal

Caribbean

Cruises,

Ltd.

7.500%

due

10/15/27

138

105

Sabal

Trail

Transmission

LLC

4.246%

due

05/01/28

(Þ)

663

740

Safeway,

Inc.

7.250%

due

02/01/31

92

98

Salesforce.com,

Inc.

3.250%

due

04/11/23

70

75

3.700%

due

04/11/28

30

35

Santander

Holdings

USA,

Inc.

4.500%

due

07/17/25

758

820

Sasol

Financing

International,

Ltd.

4.500%

due

11/14/22

272

246

Sasol

Financing

USA

LLC

5.875%

due

03/27/24

723

643

Schlumberger

Holdings

Corp.

4.000%

due

12/21/25

(Þ)

40

44

Service

Properties

Trust

5.000%

due

08/15/22

100

98

4.375%

due

02/15/30

765

615

Sherwin-Williams

Co.

(The)

3.125%

due

06/01/24

704

756

Sierra

Pacific

Power

Co.

Series

WI

2.600%

due

05/01/26

718

780

Simon

Property

Group,

LP

3.750%

due

02/01/24

774

832

Solar

Star

Funding

LLC

5.375%

due

06/30/35

(Þ)

652

748

Southern

Co.

(The)

2.950%

due

07/01/23

712

752

Southern

Co.

Gas

Capital

Corp.

6.000%

due

10/01/34

196

260

Southern

Copper

Corp.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.750%

due

04/16/40

10

14

5.250%

due

11/08/42

380

450

Southwest

Airlines

Co.

2.750%

due

11/16/22

806

813

Southwestern

Energy

Co.

6.200%

due

01/23/25

386

331

Spectra

Energy

Partners,

LP

4.750%

due

03/15/24

671

750

Spirit

AeroSystems

,

Inc.

3.950%

due

06/15/23

116

98

4.600%

due

06/15/28

158

127

Sprint

Capital

Corp.

6.875%

due

11/15/28

444

541

8.750%

due

03/15/32

586

837

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

3.360%

due

09/20/21

(Þ)

63

63

4.738%

due

03/20/25

(Þ)

240

260

Sunoco

Logistics

Partners

Operations,

LP

3.450%

due

01/15/23

420

434

4.250%

due

04/01/24

269

288

5.300%

due

04/01/44

10

10

Synchrony

Financial

3.950%

due

12/01/27

793

829

Sysco

Corp.

2.400%

due

02/15/30

734

725

Targa

Resources

Partners,

LP

/

Targa

Resources

Partners

Finance

Corp.

4.250%

due

11/15/23

20

19

5.875%

due

04/15/26

10

10

5.375%

due

02/01/27

10

10

5.500%

due

03/01/30

(Þ)

30

29

Target

Corp.

2.250%

due

04/15/25

120

128

Teachers

Insurance

&

Annuity

Association

of

America

4.900%

due

09/15/44

(Þ)

340

437

Tennessee

Gas

Pipeline

Co.

LLC

2.900%

due

03/01/30

(Þ)

210

215

Texas

Instruments,

Inc.

1.750%

due

05/04/30

70

71

Thermo

Fisher

Scientific,

Inc.

3.000%

due

04/15/23

706

748

Time

Warner

Cable

LLC

7.300%

due

07/01/38

30

42

6.750%

due

06/15/39

20

27

Time

Warner

Entertainment

Co.,

LP

8.375%

due

03/15/23

782

916

TJX

Cos.,

Inc.

(The)

3.500%

due

04/15/25

80

89

3.750%

due

04/15/27

20

23

T-Mobile

USA,

Inc.

6.000%

due

03/01/23

10

10

3.500%

due

04/15/25

(Þ)

490

534

3.750%

due

04/15/27

(Þ)

30

33

3.875%

due

04/15/30

(Þ)

300

334

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

82

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Toll

Brothers

Finance

Corp.

4.375%

due

04/15/23

30

31

Toyota

Motor

Credit

Corp.

3.400%

due

09/15/21

782

809

Transcontinental

Gas

Pipe

Line

Co.

LLC

Series

WI

7.850%

due

02/01/26

220

286

TransDigm

,

Inc.

8.000%

due

12/15/25

(Þ)

20

21

6.250%

due

03/15/26

(Þ)

80

80

Truist

Financial

Corp.

2.500%

due

08/01/24

757

805

TWDC

Enterprises

18

Corp.

2.350%

due

12/01/22

240

250

Series

MTNB

7.000%

due

03/01/32

552

817

Tyson

Foods,

Inc.

4.500%

due

06/15/22

518

551

3.950%

due

08/15/24

237

262

Unilever

Capital

Corp.

2.200%

due

05/05/22

504

519

Union

Pacific

Corp.

2.950%

due

01/15/23

269

284

3.750%

due

07/15/25

60

68

2.150%

due

02/05/27

50

53

3.950%

due

09/10/28

400

475

3.750%

due

02/05/70

110

122

Series

WI

3.839%

due

03/20/60

140

164

United

Parcel

Service,

Inc.

3.900%

due

04/01/25

715

812

United

Rentals

NA,

Inc.

6.500%

due

12/15/26

10

11

3.875%

due

11/15/27

10

10

4.875%

due

01/15/28

30

31

5.250%

due

01/15/30

130

134

United

States

Steel

Corp.

6.650%

due

06/01/37

128

83

UnitedHealth

Group,

Inc.

2.875%

due

12/15/21

40

41

2.875%

due

03/15/22

720

745

2.375%

due

10/15/22

20

21

3.500%

due

06/15/23

40

43

3.750%

due

07/15/25

50

57

1.250%

due

01/15/26

40

41

2.000%

due

05/15/30

40

42

4.625%

due

07/15/35

100

132

5.700%

due

10/15/40

60

88

4.250%

due

06/15/48

30

38

4.450%

due

12/15/48

30

39

3.700%

due

08/15/49

160

189

3.875%

due

08/15/59

30

37

3.125%

due

05/15/60

40

43

Unum

Group

5.750%

due

08/15/42

796

845

US

Bancorp

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.450%

due

05/12/25

260

268

USAA

Capital

Corp.

2.125%

due

05/01/30

(Þ)

150

154

Valero

Energy

Corp.

2.850%

due

04/15/25

776

818

10.500%

due

03/15/39

151

247

Verizon

Communications,

Inc.

3.500%

due

11/01/24

20

22

2.625%

due

08/15/26

70

76

4.125%

due

03/16/27

40

47

3.000%

due

03/22/27

40

44

3.875%

due

02/08/29

120

142

3.150%

due

03/22/30

90

102

7.750%

due

12/01/30

100

151

4.500%

due

08/10/33

450

560

5.250%

due

03/16/37

80

108

3.850%

due

11/01/42

20

24

4.125%

due

08/15/46

60

75

5.500%

due

03/16/47

10

15

4.000%

due

03/22/50

40

50

Series

WI

2.946%

due

03/15/22

717

748

3.376%

due

02/15/25

248

275

4.329%

due

09/21/28

123

148

4.862%

due

08/21/46

50

68

ViacomCBS

,

Inc.

3.875%

due

04/01/24

20

22

4.000%

due

01/15/26

753

843

Visa,

Inc.

3.150%

due

12/14/25

150

167

4.300%

due

12/14/45

590

779

Vistra

Operations

Co.

LLC

4.300%

due

07/15/29

(Þ)

708

744

VOC

Escrow,

Ltd.

5.000%

due

02/15/28

(Þ)

60

45

Volkswagen

Group

of

America

Finance

LLC

4.000%

due

11/12/21

(Þ)

699

728

Vornado

Realty

Trust

3.500%

due

01/15/25

615

616

Walgreens

Boots

Alliance,

Inc.

3.300%

due

11/18/21

707

729

Wal-Mart

Stores,

Inc.

3.300%

due

04/22/24

697

766

Walmart,

Inc.

3.400%

due

06/26/23

40

43

3.550%

due

06/26/25

40

45

3.700%

due

06/26/28

230

273

Walt

Disney

Co.

(The)

Series

WI

3.700%

due

09/15/24

682

758

6.650%

due

11/15/37

40

60

Washington

Prime

Group,

LP

6.450%

due

08/15/24

189

107

Waste

Management,

Inc.

3.500%

due

05/15/24

190

207

2.950%

due

06/15/24

100

102

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

83

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.200%

due

06/15/26

100

102

3.450%

due

06/15/29

80

83

4.150%

due

07/15/49

40

50

Wells

Fargo

&

Co.

1.990%

due

10/31/23

(Ê)

200

201

3.750%

due

01/24/24

535

585

3.000%

due

04/22/26

400

437

2.188%

due

04/30/26

(Ê)

230

238

3.000%

due

10/23/26

260

284

4.150%

due

01/24/29

545

639

2.879%

due

10/30/30

(Ê)

180

192

4.478%

due

04/04/31

(Ê)

80

97

5.375%

due

11/02/43

200

272

4.650%

due

11/04/44

10

12

4.400%

due

06/14/46

230

278

4.750%

due

12/07/46

530

677

5.013%

due

04/04/51

(Ê)

1,050

1,451

Series

GMTN

4.900%

due

11/17/45

250

321

Western

Midstream

Operating,

LP

2.161%

due

01/13/23

(Ê)

40

37

3.100%

due

02/01/25

90

85

4.650%

due

07/01/26

40

38

4.500%

due

03/01/28

50

47

4.050%

due

02/01/30

340

327

5.300%

due

03/01/48

620

503

5.250%

due

02/01/50

60

52

Williams

Cos.,

Inc.

(The)

7.750%

due

06/15/31

130

168

8.750%

due

03/15/32

517

766

5.800%

due

11/15/43

155

177

Series

A

7.500%

due

01/15/31

80

102

Williams

Partners,

LP

3.750%

due

06/15/27

60

64

WPX

Energy,

Inc.

5.250%

due

10/15/27

30

28

4.500%

due

01/15/30

20

18

Wyndham

Worldwide

Corp.

4.250%

due

03/01/22

513

504

221,123

International

Debt

-

10.1%

1011778

B.C.

Unlimited

Liability

Co.

Term

Loan

B4

1.928%

due

11/19/26

(Ê)

360

341

1011778

BC

Unlimited

Liability

Co.

/

New

Red

Finance,

Inc.

4.250%

due

05/15/24

(Þ)

120

120

Abu

Dhabi

Government

International

Bond

2.500%

due

10/11/22

(Þ)

200

207

3.875%

due

04/16/50

(Þ)

520

614

Adani

Abbot

Point

Terminal

Pty,

Ltd.

4.450%

due

12/15/22

(Þ)

253

218

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

4.450%

due

04/03/26

872

826

Series

WI

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.000%

due

10/01/21

652

659

Air

Liquide

Finance

SA

1.750%

due

09/27/21

(Þ)

733

742

Alibaba

Group

Holding,

Ltd.

Series

WI

3.125%

due

11/28/21

616

634

Altrice

France

SA

Term

Loan

B12

3.872%

due

01/31/26

(Ê)

65

62

America

Movil

SAB

de

CV

3.125%

due

07/16/22

750

776

Anglo

American

Capital

PLC

3.625%

due

09/11/24

(Þ)

200

210

5.375%

due

04/01/25

(Þ)

712

804

AP

Moller

-

Maersk

A/S

4.500%

due

06/20/29

(Þ)

767

823

ArcelorMittal

SA

3.600%

due

07/16/24

120

119

4.550%

due

03/11/26

50

50

Argentine

Republic

Government

International

Bond

5.625%

due

01/26/22

(~)(Ê)

340

141

6.875%

due

01/11/48

(~)(Ê)

210

82

Series

NY

5.250%

due

03/31/29

(~)(Ê)

160

63

Series

WI

7.500%

due

04/22/26

(~)(Ê)

170

69

AstraZeneca

PLC

2.375%

due

06/12/22

403

417

Banco

de

Bogota

SA

Series

EMTQ

4.375%

due

08/03/27

(Þ)

686

696

Banco

de

Credito

del

Peru

4.250%

due

04/01/23

(Þ)

693

730

Banco

Inbursa

SA

Institucion

de

Banca

Multiple

4.125%

due

06/06/24

(Þ)

711

730

Banco

Santander

SA

3.848%

due

04/12/23

200

213

2.706%

due

06/27/24

400

420

2.746%

due

05/28/25

400

414

4.379%

due

04/12/28

200

223

Bangkok

Bank

PCL

3.875%

due

09/27/22

(Þ)

219

230

Banistmo

SA

Series

MTQ0

3.650%

due

09/19/22

(Þ)

729

728

Bank

of

Montreal

2.900%

due

03/26/22

270

281

1.850%

due

05/01/25

230

238

3.803%

due

12/15/32

(Ê)

20

22

Bank

of

Nova

Scotia

(The)

1.300%

due

06/11/25

130

131

Series

BKNT

2.450%

due

09/19/22

721

752

Barclays

Bank

PLC

1.700%

due

05/12/22

200

204

Barclays

PLC

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

84

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.972%

due

05/16/29

(Ê)

400

469

5.088%

due

06/20/30

(Ê)

200

228

4.950%

due

01/10/47

660

867

Bausch

Health

Americas,

Inc.

Term

Loan

B

3.190%

due

06/01/25

(Ê)

79

76

Bausch

Health

Cos.,

Inc.

6.250%

due

02/15/29

(Þ)

110

111

7.250%

due

05/30/29

(Þ)

70

73

BBVA

Bancomer

SA

6.750%

due

09/30/22

(Þ)

667

711

Bharti

Airtel

International

Netherlands

BV

5.125%

due

03/11/23

(Þ)

693

724

BHP

Billiton

Finance

USA,

Ltd.

2.875%

due

02/24/22

5

5

5.000%

due

09/30/43

170

235

BNP

Paribas

SA

4.705%

due

01/10/25

(Ê)(Þ)

260

288

2.219%

due

06/09/26

(Ê)(Þ)

200

204

4.625%

due

03/13/27

(Þ)

722

809

4.400%

due

08/14/28

(Þ)

200

230

BP

Capital

Markets

PLC

3.561%

due

11/01/21

770

800

3.245%

due

05/06/22

222

232

3.506%

due

03/17/25

748

828

Brazil

Government

International

Bond

2.625%

due

01/05/23

220

224

4.625%

due

01/13/28

990

1,038

5.625%

due

01/07/41

170

176

5.000%

due

01/27/45

350

335

British

Telecommunications

PLC

9.625%

due

12/15/30

30

49

Brookfield

Finance,

Inc.

4.000%

due

04/01/24

618

670

Canadian

Imperial

Bank

of

Commerce

2.550%

due

06/16/22

718

748

0.950%

due

06/23/23

120

120

Celulosa

Arauco

y

Constitucion

SA

Series

WI

3.875%

due

11/02/27

705

719

Cenovus

Energy,

Inc.

Series

WI

4.250%

due

04/15/27

250

227

5.400%

due

06/15/47

124

106

CNOOC

Finance

USA

LLC

3.500%

due

05/05/25

550

599

Colombia

Government

International

Bond

5.625%

due

02/26/44

270

322

Commerzbank

AG

8.125%

due

09/19/23

(Þ)

213

240

Cooperatieve

Rabobank

UA

4.625%

due

12/01/23

250

276

4.375%

due

08/04/25

900

1,016

Credit

Agricole

SA

4.375%

due

03/17/25

(Þ)

734

811

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.907%

due

06/16/26

(Ê)(Þ)

250

253

Credit

Suisse

Group

AG

2.193%

due

06/05/26

(Ê)(Þ)

330

334

4.194%

due

04/01/31

(Ê)(Þ)

250

285

Danone

SA

2.077%

due

11/02/21

(Þ)

890

907

2.589%

due

11/02/23

(Þ)

718

755

Danske

Bank

A/S

5.000%

due

01/12/22

(Þ)

400

421

3.875%

due

09/12/23

(Þ)

200

212

5.375%

due

01/12/24

(Þ)

862

960

1.226%

due

06/22/24

(Þ)

200

201

Deutsche

Bank

AG

4.500%

due

04/01/25

238

233

4.296%

due

05/24/28

(Ê)

180

165

DP

World

PLC

5.625%

due

09/25/48

(Þ)

200

218

Dresdner

Funding

Trust

I

8.151%

due

06/30/31

(Þ)

265

363

Ecopetrol

SA

5.875%

due

09/18/23

776

830

5.375%

due

06/26/26

60

63

5.875%

due

05/28/45

350

366

Electricite

de

France

SA

6.000%

due

01/22/14

(Þ)

614

788

Enbridge,

Inc.

3.700%

due

07/15/27

687

758

Enel

SpA

Series

658A

3.500%

due

04/06/28

(Þ)

706

759

Eni

SpA

4.250%

due

05/09/29

(Þ)

658

712

Equate

Petrochemical

BV

4.250%

due

11/03/26

(Þ)

200

211

Equinor

ASA

2.650%

due

01/15/24

775

825

Fairfax

Financial

Holdings,

Ltd.

Series

WI

4.850%

due

04/17/28

810

867

Falabella

SA

4.375%

due

01/27/25

(Þ)

692

724

Four

Seasons

Hotels,

Ltd.

1st

Lien

Term

Loan

B

2.178%

due

11/30/23

(Ê)

139

131

Froneri

International,

Ltd.

Term

Loan

2.428%

due

01/31/27

(Ê)

120

113

Garda

World

Security

Corp.

2019

1ST

Lien

Term

Loan

B

4.930%

due

10/30/26

(Ê)

69

67

Gazprom

PJSC

Via

Gaz

Capital

SA

6.510%

due

03/07/22

(Þ)

672

721

GE

Capital

International

Funding

Co.

Unlimited

Co.

Series

WI

3.373%

due

11/15/25

764

802

4.418%

due

11/15/35

600

609

GFL

Environmental,

Inc.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

85

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.250%

due

06/01/25

(Þ)

70

71

GFL

Environmental,

Inc.

1st

Lien

Term

Loan

B

4.000%

due

05/31/25

(Ê)

24

23

GlaxoSmithKline

Capital

PLC

2.850%

due

05/08/22

256

267

2.875%

due

06/01/22

510

533

Heineken

NV

3.400%

due

04/01/22

(Þ)

710

743

HSBC

Bank

PLC

7.650%

due

05/01/25

375

442

HSBC

Holdings

PLC

2.650%

due

01/05/22

721

743

3.900%

due

05/25/26

220

244

2.099%

due

06/04/26

(Ê)

200

202

4.041%

due

03/13/28

(Ê)

410

453

4.583%

due

06/19/29

(Ê)

400

462

4.950%

due

03/31/30

200

239

3.973%

due

05/22/30

(Ê)

200

222

6.250%

due

12/31/99

(Ê)(ƒ)

200

199

6.500%

due

12/31/99

(Ê)(ƒ)

200

205

ICICI

Bank,

Ltd.

4.000%

due

03/18/26

(Þ)

782

805

Indonesia

Government

International

Bond

3.500%

due

01/11/28

210

223

4.350%

due

01/11/48

240

270

3.700%

due

10/30/49

540

561

Series

REGS

3.750%

due

04/25/22

430

446

Intesa

Sanpaolo

SpA

3.125%

due

07/14/22

(Þ)

400

407

3.375%

due

01/12/23

(Þ)

200

206

5.017%

due

06/26/24

(Þ)

292

299

3.875%

due

01/12/28

(Þ)

846

874

Inversiones

CMPC

SA

4.500%

due

04/25/22

(Þ)

214

224

Israel

Government

International

Bond

2.750%

due

07/03/30

200

220

KazMunayGas

National

Co.

JSC

5.375%

due

04/24/30

(Þ)

200

226

Kuwait

Government

International

Bond

3.500%

due

03/20/27

(Þ)

210

234

Lloyds

Banking

Group

PLC

4.050%

due

08/16/23

742

807

4.375%

due

03/22/28

200

232

4.550%

due

08/16/28

400

469

6.657%

due

12/29/49

(Ê)(ƒ)(Þ)

108

122

Lukoil

International

Finance

BV

4.563%

due

04/24/23

(Þ)

682

723

LYB

Finance

Co.

BV

8.100%

due

03/15/27

(Þ)

186

249

Marks

&

Spencer

PLC

7.125%

due

12/01/37

(Þ)

308

306

Methanex

Corp.

5.250%

due

12/15/29

221

194

Mexico

Government

International

Bond

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.050%

due

01/11/40

30

37

4.750%

due

03/08/44

20

21

4.350%

due

01/15/47

610

611

Mitsubishi

UFJ

Financial

Group,

Inc.

2.998%

due

02/22/22

534

553

Mondelez

International

Holdings

Netherlands

BV

2.000%

due

10/28/21

(Þ)

726

739

NBK

SPC,

Ltd.

2.750%

due

05/30/22

(Þ)

714

728

NXP

BV

/

NXP

Funding

LLC

4.625%

due

06/15/22

(Þ)

693

738

Panther

BF

Aggregator,

LP

Term

Loan

B

3.678%

due

04/30/26

(Ê)

318

302

Park

Aerospace

Holdings,

Ltd.

5.250%

due

08/15/22

(Þ)

50

47

Pernod

Ricard

SA

4.450%

due

01/15/22

(Þ)

150

158

Peru

Government

International

Bond

6.550%

due

03/14/37

30

46

5.625%

due

11/18/50

160

252

Petrobras

Global

Finance

BV

Series

WI

5.299%

due

01/27/25

1,905

1,984

Petroleos

Mexicanos

6.625%

due

06/15/35

10

8

Series

WI

4.625%

due

09/21/23

100

96

6.875%

due

08/04/26

220

208

Prosus

NV

4.850%

due

07/06/27

(Þ)

250

280

Provincia

de

Buenos

Aires

6.500%

due

02/15/23

(~)(Ê)(Þ)

140

58

Qatar

Government

International

Bond

4.817%

due

03/14/49

(Þ)

410

539

4.400%

due

04/16/50

(Þ)

360

446

Republic

of

Peru

Government

International

Bond

2.783%

due

01/23/31

130

139

Royal

Bank

of

Canada

1.150%

due

06/10/25

120

120

Series

GMTN

1.600%

due

04/17/23

200

205

Royal

Bank

of

Scotland

Group

PLC

6.125%

due

12/15/22

70

76

3.875%

due

09/12/23

200

216

5.125%

due

05/28/24

420

459

4.519%

due

06/25/24

(Ê)

200

217

4.269%

due

03/22/25

(Ê)

200

217

7.648%

due

12/31/49

(Ê)(ƒ)

136

197

Royal

Caribbean

Cruises,

Ltd.

5.250%

due

11/15/22

258

201

Sands

China,

Ltd.

3.800%

due

01/08/26

(Þ)

200

206

Series

WI

5.125%

due

08/08/25

400

433

Santander

UK

Group

Holdings

PLC

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

86

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.000%

due

11/07/23

(Þ)

238

259

Class

N

4.750%

due

09/15/25

(Þ)

701

760

Saudi

Arabian

Oil

Co.

2.875%

due

04/16/24

(Þ)

768

798

Schneider

Electric

SE

2.950%

due

09/27/22

(Þ)

800

840

Shell

International

Finance

BV

2.375%

due

08/21/22

770

803

2.375%

due

04/06/25

773

821

2.875%

due

05/10/26

40

44

2.750%

due

04/06/30

100

108

4.375%

due

05/11/45

320

397

4.000%

due

05/10/46

80

94

3.250%

due

04/06/50

230

247

Shire

Acquisitions

Investments

Ireland

DAC

2.400%

due

09/23/21

782

798

Siemens

Financieringsmaatschappij

NV

1.700%

due

09/15/21

(Þ)

250

254

2.700%

due

03/16/22

(Þ)

769

798

Skandinaviska

Enskilda

Banken

AB

2.800%

due

03/11/22

225

234

Societe

Generale

SA

5.000%

due

01/17/24

(Þ)

700

757

Standard

Chartered

PLC

3.785%

due

05/21/25

(Ê)(Þ)

447

473

7.014%

due

12/30/49

(Ê)(ƒ)(Þ)

111

124

Stars

Group

Holdings

BV

Term

Loan

B

3.808%

due

07/10/25

(Ê)

5

5

Sumitomo

Mitsui

Financial

Group,

Inc.

2.442%

due

10/19/21

790

809

Series

5FXD

2.058%

due

07/14/21

90

92

Suncor

Energy,

Inc.

3.600%

due

12/01/24

688

743

Swedbank

AB

1.300%

due

06/02/23

(Þ)

200

202

Syngenta

Finance

NV

3.125%

due

03/28/22

718

728

Telecom

Italia

Capital

SA

6.375%

due

11/15/33

276

311

Telecom

Italia

SpA

6.000%

due

09/30/34

394

428

Telefonica

Emisiones

SA

4.570%

due

04/27/23

682

749

5.213%

due

03/08/47

150

188

Teva

Pharmaceutical

Finance

Co.

BV

2.950%

due

12/18/22

40

39

Teva

Pharmaceutical

Finance

IV

BV

3.650%

due

11/10/21

20

20

Teva

Pharmaceutical

Finance

Netherlands

III

BV

2.200%

due

07/21/21

140

137

2.800%

due

07/21/23

330

312

3.150%

due

10/01/26

370

330

Toronto-Dominion

Bank

(The)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

0.750%

due

06/12/23

240

241

1.150%

due

06/12/25

110

111

Total

Capital

Canada,

Ltd.

2.750%

due

07/15/23

770

824

Total

Capital

International

SA

4.250%

due

12/15/21

230

243

2.700%

due

01/25/23

713

752

Trust

Fibra

Uno

5.250%

due

01/30/26

(Þ)

685

721

UBS

AG

1.750%

due

04/21/22

(Þ)

220

224

UBS

Group

AG

3.491%

due

05/23/23

(Þ)

270

283

2.859%

due

08/15/23

(Ê)(Þ)

200

207

4.253%

due

03/23/28

(Þ)

200

227

3.126%

due

08/13/30

(Ê)(Þ)

200

216

7.000%

due

12/31/99

(Ê)(ƒ)(Þ)

660

686

UniCredit

SpA

6.572%

due

01/14/22

(Þ)

1,042

1,101

Vale

Overseas,

Ltd.

6.875%

due

11/21/36

180

235

Vodafone

Group

PLC

4.375%

due

05/30/28

220

262

7.000%

due

04/04/79

(Ê)

311

365

Woori

Bank

4.750%

due

04/30/24

(Þ)

734

801

Ziggo

Secured

Finance

BV

Term

Loan

I

2.685%

due

04/30/28

(Ê)

16

15

88,106

Loan

Agreements

-

1.4%

Air

Medical

Group

Holdings,

Inc.

1st

Lien

Term

Loan

B

4.250%

due

04/28/22

(Ê)

115

111

Allied

Universal

Holdco

Term

Loan

B

4.428%

due

07/12/26

(Ê)

323

313

American

Airlines,

Inc.

1st

Lien

Term

Loan

B

2.185%

due

12/14/23

(Ê)

79

63

APi

Group

DE,

Inc.

Term

Loan

B

2.678%

due

10/01/26

(Ê)

318

306

Asurion

LLC

1st

Lien

Term

Loan

B7

3.178%

due

11/03/24

(Ê)

188

181

Asurion

LLC

Term

Loan

B4

3.178%

due

08/04/22

(Ê)

185

180

Asurion

LLC

Term

Loan

B6

3.178%

due

11/03/23

(Ê)

70

67

Atlantic

Aviation

FBO,

Inc.

Term

Loan

B

3.930%

due

12/06/25

(Ê)

20

18

Berry

Global,

Inc.

Term

Loan

W

2.177%

due

10/01/22

(Ê)

114

110

Brickman

Group,

Ltd.

1st

Lien

Term

Loan

B

2.688%

due

08/15/25

(Ê)

18

17

2.750%

due

08/15/25

(~)(Ê)

22

21

Caesars

Entertainment

Operating

Co.

LLC

1st

Lien

Term

Loan

B

2.178%

due

10/06/24

(Ê)

133

133

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

87

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Caesars

Resort

Collection  LLC

2020

Term

Loan

0.000%

due

06/19/25

(~)(Ê)(v)

160

150

Caesars

Resort

Collection

LLC

1st

Lien

Term

Loan

B

2.928%

due

12/22/24

(Ê)

138

122

Change

Healthcare

Holdings

LLC

1st

Lien

Term

Loan

B

3.500%

due

03/01/24

(Ê)

374

358

Charter

Communications

Operating

LLC

Term

Loan

B1

1.930%

due

04/30/25

(Ê)

325

313

Citadel

Securities,

LP

Term

Loan

B

2.928%

due

02/27/26

(Ê)

268

260

CityCenter

Holdings

LLC

Term

Loan

B

3.000%

due

04/18/24

(Ê)

47

43

CSC

Holdings

LLC

2019

Term

Loan

B5

2.685%

due

04/15/27

(Ê)

50

47

Dcert

Buyer,

Inc.

Term

Loan

B

4.178%

due

10/16/26

(Ê)

329

317

Deerfield

Dakota

Holding,

LLC

2020

Term

Loan

B

4.750%

due

04/09/27

(Ê)

250

243

Dell

International

LLC

Term

Loan

B

2.750%

due

09/19/25

(Ê)

214

208

Delta

Air

Lines,

Inc.

Term

Loan

B

5.750%

due

04/29/23

(Ê)

230

225

Edelman

Financial

Center

LLC

Term

Loan

B1

3.180%

due

07/19/25

(Ê)

69

66

Elanco

Animal

Health,

Inc.

Term

Loan

B

1.940

due

02/04/27

(Ê)

270

257

Eyecare

Partners

LLC

Delayed

Draw

Term

Loan

0.000%

due

02/20/27

(Ê)

(

ƕ

)(v)

19

17

Eyecare

Partners

LLC

Term

Loan

4.058%

due

02/20/27

(Ê)

81

73

First

Eagle

Holdings,

Inc.

Term

Loan

B

2.808%

due

02/02/27

(Ê)

49

47

Focus

Financial

Partners

LLC

2020

Term

Loan

2.178%

due

07/03/24

(Ê)

149

142

Genesee

&

Wyoming,

Inc.

New

Term

Loan

2.308%

due

12/30/26

(Ê)

249

240

Golden

Nugget,

Inc.

1st

Lien

Term

Loan

B

3.250%

due

10/04/23

(Ê)

256

202

Grifols

Worldwide

Operations

USA,

Inc.

Term

Loan

B

2.109%

due

11/15/27

(Ê)

279

268

HCA,

Inc.

Term

Loan

B12

1.928%

due

03/13/25

(Ê)

47

46

Hilton

Worldwide

Finance

LLC

Term

Loan

B

1.935%

due

06/21/26

(Ê)

345

325

iHeartCommunications

,

Inc.

2020

Term

Loan

3.178%

due

05/01/26

(Ê)

258

237

Intrawest

Resorts

Holdings,

Inc.

1st

Lien

Term

Loan

B1

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.928%

due

07/31/24

(Ê)

138

130

Jaguar

Holding

Co.

II

1st

Lien

Term

Loan

3.500%

due

08/18/22

(Ê)

185

183

Jane

Street

Group

LLC

Term

Loan

3.178%

due

01/07/25

(Ê)

317

308

Level

3

Financing,

Inc.

Term

Loan

B

1.928%

due

03/01/27

(Ê)

148

140

MA

Finance

Co.

LLC

1st

Lien

Term

Loan

B

0.000%

due

06/21/24

(Ê)(v)

4

4

McAfee

LLC

Term

Loan

B

3.934%

due

09/29/24

(Ê)

327

318

Michaels

Stores,

Inc.

1st

Lien

Term

Loan

B

3.500%

due

01/30/23

(Ê)

36

32

3.558%

due

01/30/23

(Ê)

42

38

MultiPlan

,

Inc.

Term

Loan

B

3.750%

due

06/07/23

(Ê)

197

187

Nexstar

Broadcasting,

Inc.

Term

Loan

B4

2.923%

due

09/19/26

(Ê)

385

366

Option

Care

Helath

,

Inc.

Term

Loan

B

4.678%

due

08/06/26

(Ê)

318

309

Party

City

Holdings,

Inc.

1st

Lien

Term

Loan

3.250%

due

08/19/22

(Ê)

2

1

4.100%

due

08/19/22

(Ê)

61

29

PCI

Gaming

Authority

Term

Loan

2.678%

due

05/31/26

(Ê)

79

75

Phoenix

Guarantor,

Inc.

Term

Loan

B

3.435%

due

03/05/26

(Ê)

122

118

Prime

Security

Services

Borrower

LLC

Term

Loan

B1

4.250%

due

09/23/26

(Ê)

254

243

RegionalCare

Hospital

Partners

Holdings,

Inc.

Term

Loan

B

3.928%

due

11/16/25

(Ê)

320

299

Reynolds

American,

Inc.

Term

Loan

1.928%

due

02/04/27

(Ê)

163

157

Reynolds

Group

Holdings,

Inc.

1st

Lien

Term

Loan

B

2.928%

due

02/05/23

(Ê)

70

67

RPI

Intermediate

Finance

Trust

Term

Loan

B1

1.928%

due

02/11/27

(Ê)

269

261

Scientific

Games

International,

Inc.  1st

Lien

Term

Loan

B5

3.612%

due

08/14/24

(Ê)

177

156

Scientific

Games

International,

Inc.

1st

Lien

Term

Loan

B5

3.058%

due

08/14/24

(Ê)

1

—

3.928%

due

08/14/24

(Ê)

43

38

Seattle

SpinCo

,

Inc.

1st

Lien

Term

Loan

B3

2.678%

due

06/21/24

(Ê)

26

24

Sotera

Health

Holdings

LLC

Term

Loan

5.500%

due

12/13/26

(Ê)

339

331

TKC

Holdings,

Inc.

1st

Lien

Term

Loan

4.750%

due

02/01/23

(Ê)

217

203

T-Mobile

US,

Inc.

2020

Term

Loan

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

88

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.178%

due

04/01/27

(Ê)

220

220

Trans

Union

LLC

Term

Loan

B5

1.928%

due

11/13/26

(Ê)

98

94

UFC

Holdings

LLC

Term

Loan

4.250%

due

04/29/26

(Ê)

218

208

Univision

Communications,

Inc.

2020

Term

Loan

B

0.000%

due

03/15/26

(~)(Ê)(v)

20

19

Univision

Communications,

Inc.

Term

Loan

C5

3.750%

due

03/15/24

(~)(Ê)

134

123

US

Foods,

Inc.

Term

Loan

B

1.928%

due

06/27/23

(Ê)

90

84

3.070%

due

09/13/26

(Ê)

90

83

VFH

Parent

LLC

Term

Loan

B

3.188%

due

03/01/26

(Ê)

290

282

VICI

Properties,

Inc.

1st

Lien

Term

Loan

B

1.940%

due

12/22/24

(Ê)

146

136

Virgin

Media

Secured

Finance

PLC

Term

Loan

2.685%

due

01/31/28

(Ê)

297

283

VVC

Holdings

Corp.

Term

Loan

B

4.818%

due

02/11/26

(Ê)

426

412

Western

Digital

Corp.

1st

Lien

Term

Loan

B4

1.924%

due

04/29/23

(Ê)

29

28

Wynn

Resorts

Finance

LLC

Term

Loan

A

1.930%

due

09/20/24

(Ê)

347

322

12,037

Mortgage-Backed

Securities

-

27.7%

A10

Securitization

LLC

Series

2017-AA

Class

B1

0.071%

due

05/15/36

(Þ)

961

913

American

Home

Mortgage

Investment

Trust

Series

2004-4

Class

4A

2.805%

due

02/25/45

(Ê)

9

9

Banc

of

America

Funding

Trust

Series

2005-D

Class

A1

4.633%

due

05/25/35

(~)(Ê)

225

222

Series

2006-6

Class

2A1

6.000%

due

08/25/36

742

729

BCAP

LLC

Trust

Series

2010-RR7

Class

3A12

3.997%

due

08/26/35

(~)(Ê)(Þ)

699

612

Bear

Stearns

ALT-A

Trust

Series

2005-2

Class

1M1

3.236%

due

03/25/35

(Ê)

598

585

Bear

Stearns

ARM

Trust

Series

2004-3

Class

2A

4.017%

due

07/25/34

(~)(Ê)

109

101

Bear

Stearns

Commercial

Mortgage

Securities

Trust

Series

2007-T26

Class

AM

5.513%

due

01/12/45

(~)(Ê)

72

66

BX

Commercial

Mortgage

Trust

Series

2018-BILT

Class

C

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.405%

due

05/15/30

(Ê)(Þ)

1,650

1,493

Series

2018-BIOA

Class

D

1.506%

due

03/15/37

(Ê)(Þ)

790

754

Series

2018-BIOA

Class

E

4.424%

due

03/15/37

(Ê)(Þ)

1,575

1,439

Series

2018-IND

Class

G

2.235%

due

11/15/35

(Ê)(Þ)

133

128

Series

2019-XL

Class

A

1.105%

due

10/15/36

(Ê)(Þ)

1,051

1,045

BXP

Trust

Series

2017-GM

Class

A

3.379%

due

06/13/39

(Þ)

818

896

CAMB

Commercial

Mortgage

Trust

Series

2019-LIFE

Class

F

2.735%

due

12/15/37

(Ê)(Þ)

987

933

Series

2019-LIFE

Class

G

3.435%

due

12/15/37

(Ê)(Þ)

1,651

1,548

CHL

Mortgage

Pass-Through

Trust

Series

2005-3

Class

1A2

3.066%

due

04/25/35

(Ê)

6

5

Citigroup

Commercial

Mortgage

Trust

Series

2013-375P

Class

A

3.251%

due

05/10/35

(Þ)

170

177

Series

2013-375P

Class

D

3.635%

due

05/10/35

(~)(Ê)(Þ)

1,418

1,380

Series

2019-SST2

Class

F

2.685%

due

12/15/36

(Ê)(Þ)

430

406

Citigroup

Mortgage

Loan

Trust,

Inc.

Series

2005-2

Class

1A2A

4.913%

due

05/25/35

(~)(Ê)

216

217

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)

119

119

Commercial

Mortgage

Trust

Series

2013-300P

Class

A1

4.353%

due

08/10/30

(Þ)

195

209

Series

2013-CR6

Class

B

3.397%

due

03/10/46

(Þ)

211

212

Series

2014-277P

Class

A

3.732%

due

08/10/49

(~)(Ê)(Þ)

205

220

Series

2016-GCT

Class

A

2.681%

due

08/10/29

(Þ)

140

141

Series

2019-521F

Class

D

1.735%

due

06/15/34

(Ê)(Þ)

899

847

CORE

Mortgage

Trust

Series

2019-CORE

Class

D

1.835%

due

12/15/31

(Ê)(Þ)

1,520

1,452

Countrywide

Alternative

Loan

Trust

Series

2007-16CB

Class

1A5

2.886%

due

08/25/37

(Ê)

388

289

Credit

Suisse

Mortgage

Capital

Certificates

Series

2017-CHOP

Class

G

8.093%

due

07/15/32

(Ê)(Þ)

600

370

Series

2019-ICE4

Class

A

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

89

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.165%

due

05/15/36

(Ê)(Þ)

170

168

Series

2019-ICE4

Class

E

2.335%

due

05/15/36

(Ê)(Þ)

1,282

1,224

Credit

Suisse

Mortgage

Securities

Corp.

Trust

4.764%

due

12/15/22

680

620

Credit

Suisse

Mortgage

Trust

Series

2018-J1

Class

A2

3.500%

due

02/25/48

(~)(Ê)(Þ)

965

1,000

DBGS

Mortgage

Trust

Series

2019-1735

Class

D

4.334%

due

04/10/37

(~)(Ê)(Þ)

985

910

Deephaven

Residential

Mortgage

Trust

Series

2018-4A

Class

A1

4.080%

due

10/25/58

(~)(Ê)(Þ)

1,563

1,577

Deutsche

Bank

Commercial

Mortgage

Trust

Series

2016-C3

Class

A5

2.890%

due

08/10/49

240

257

Deutsche

Mortgage

Securities,

Inc.

Re-

REMIC

Trust

Series

2007-WM1

Class

A1

3.685%

due

06/27/37

(~)(Ê)(Þ)

381

363

Eagle

Re,

Ltd.

Series

2020-1

Class

M1A

1.068%

due

01/25/30

(Ê)(Þ)

511

503

Fannie

Mae

4.500%

due

2024

2

2

4.500%

due

2025

100

107

2.560%

due

2028

370

405

2.790%

due

2029

300

337

3.160%

due

2029

49

56

3.260%

due

2029

30

35

2.260%

due

2030

199

216

3.500%

due

2030

85

90

2.600%

due

2031

375

415

2.765%

due

2031

100

112

2.770%

due

2031

100

112

2.850%

due

2031

100

113

5.000%

due

2031

88

97

2.500%

due

2032

1,149

1,216

6.000%

due

2032

18

21

2.500%

due

2033

1,420

1,504

3.000%

due

2033

828

882

3.500%

due

2033

602

645

5.000%

due

2033

5

6

3.500%

due

2034

125

134

5.500%

due

2034

16

18

2.500%

due

2035

2,465

2,611

4.500%

due

2035

367

401

5.500%

due

2037

94

109

5.500%

due

2038

419

483

6.000%

due

2039

37

43

4.000%

due

2040

255

287

5.500%

due

2040

478

549

6.000%

due

2040

110

128

4.000%

due

2041

418

465

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

6.000%

due

2041

116

136

3.500%

due

2043

1,116

1,205

4.000%

due

2044

858

970

3.500%

due

2045

1,367

1,475

3.000%

due

2046

798

848

3.500%

due

2046

398

427

4.000%

due

2046

1,246

1,361

4.500%

due

2046

442

502

3.000%

due

2047

3,594

3,815

3.500%

due

2047

2,328

2,528

4.000%

due

2047

730

778

4.500%

due

2047

442

478

3.500%

due

2048

2,178

2,307

4.500%

due

2048

6,305

6,832

5.000%

due

2048

874

955

3.000%

due

2049

7,148

7,666

3.500%

due

2049

908

975

4.000%

due

2049

1,435

1,566

4.500%

due

2049

213

230

5.000%

due

2049

1,190

1,298

2.000%

due

2050

4,400

4,487

2.500%

due

2050

16,020

16,830

2.500%

due

2050

3,675

3,900

2.500%

due

2050

1,800

1,877

3.000%

due

2050

9,917

10,557

3.000%

due

2050

4,294

4,585

3.500%

due

2050

3,888

4,131

4.000%

due

2056

1,035

1,142

4.500%

due

2056

255

284

5.500%

due

2056

238

265

3.500%

due

2057

751

817

4.000%

due

2057

140

155

4.500%

due

2057

211

236

15

Year

TBA(Ï)

2.000%

2,900

2,998

30

Year

TBA(Ï)

2.000%

2,200

2,250

2.500%

2,400

2,501

Fannie

Mae

Aces

Series

2019-M4

Class

A2

3.610%

due

02/25/31

90

107

Series

2019-M5

Class

A2

3.273%

due

02/25/29

150

173

Series

2019-M6

Class

A2

3.450%

due

01/01/29

170

196

Fannie

Mae

Connecticut

Avenue

Securities

Series

2014-C02

Class

1M2

5.086%

due

05/25/24

(Ê)

739

647

Series

2014-C03

Class

1M2

5.486%

due

07/25/24

(Ê)

1,397

1,223

Series

2014-C04

Class

1M2

5.068%

due

11/25/24

(Ê)

685

703

Series

2016-C04

Class

1M2

4.418%

due

01/25/29

(Ê)

41

43

Series

2016-C06

Class

1M2

4.418%

due

04/25/29

(Ê)

1,784

1,863

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

90

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2017-C01

Class

1M2

3.718%

due

07/25/29

(Ê)

681

692

Series

2017-C05

Class

1M2

2.368%

due

01/25/30

(Ê)

589

577

Series

2017-C07

Class

1M2

2.568%

due

05/25/30

(Ê)

294

287

Series

2018-C03

Class

1M2

2.318%

due

10/25/30

(Ê)

700

688

Series

2019-R07

Class

1M2

2.268%

due

10/25/39

(Ê)(Þ)

710

688

Fannie

Mae

REMICS

2.000%

due

07/25/50

(Š)

100

101

Series

1999-56

Class

Z

7.000%

due

12/18/29

8

9

Series

2004-W5

Class

A1

6.000%

due

02/25/47

147

176

Series

2005-24

Class

ZE

5.000%

due

04/25/35

169

193

Series

2012-35

Class

SC

Interest

Only

STRIP

4.015%

due

04/25/42

(Ê)

19

4

Series

2012-55

Class

PC

3.500%

due

05/25/42

581

632

Series

2013-54

Class

BS

Interest

Only

STRIP 

3.665%

due

06/25/43

(Ê)

87

21

Series

2013-124

Class

SB

Interest

Only

STRIP 

3.465%

due

12/25/43

(Ê)

99

21

Series

2016-23

Class

ST

Interest

Only

STRIP

3.515%

due

11/25/45

(Ê)

328

71

Series

2016-61

Class

BS

Interest

Only

STRIP

3.615%

due

09/25/46

(Ê)

277

53

Series

2017-76

Class

SB

Interest

Only

STRIP 

3.615%

due

10/25/57

(Ê)

307

58

Series

2017-85

Class

SC

Interest

Only

STRIP 

3.715%

due

11/25/47

(Ê)

61

12

Fannie

Mae-Aces

Series

2013-M6

Class

1AC

3.552%

due

02/25/43

(~)(Ê)

85

95

Series

2018-M9

Class

APT2

3.228%

due

04/25/28

(~)(Ê)

200

224

Series

2019-M1

Class

A2

3.673%

due

09/25/28

(~)(Ê)

80

94

Series

2019-M19

Class

A2

2.560%

due

09/25/29

389

428

Series

2019-M23

Class

3A3

2.720%

due

10/25/31

(~)(Ê)

200

216

Series

2019-M27

Class

A2

2.700%

due

11/25/40

100

112

Series

2019-M28

Class

AV

2.232%

due

02/25/27

262

280

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Flagstar

Mortgage

Trust

Series

2017-2

Class

A5

3.500%

due

10/25/47

(~)(Ê)(Þ)

404

409

Series

2018-2

Class

A4

3.500%

due

04/25/48

(~)(Ê)(Þ)

197

203

Freddie

Mac

3.500%

due

2030

88

93

2.500%

due

2031

4,023

4,260

4.500%

due

2034

140

154

5.500%

due

2038

302

352

6.000%

due

2038

70

82

5.000%

due

2040

185

213

4.000%

due

2041

1,081

1,220

4.500%

due

2041

185

206

5.500%

due

2041

194

223

3.500%

due

2043

858

945

4.000%

due

2044

484

534

3.500%

due

2045

1,362

1,490

4.000%

due

2045

966

1,046

3.000%

due

2046

2,792

3,026

4.000%

due

2046

283

305

4.500%

due

2046

222

242

2.542%

due

2047(~)(Ê)

229

237

3.000%

due

2047

1,008

1,086

3.000%

due

2048

165

178

3.500%

due

2048

64

68

4.000%

due

2048

673

716

4.500%

due

2048

463

498

5.000%

due

2048

162

177

3.000%

due

2049

553

589

4.000%

due

2049

1,246

1,322

4.500%

due

2049

676

740

5.000%

due

2049

260

283

2.500%

due

2050

3,145

3,313

3.000%

due

2050

8,887

9,436

3.500%

due

2050

3,023

3,190

4.000%

due

2050

190

203

4.500%

due

2050

285

308

5.000%

due

2050

427

466

Series

2020-1

Class

M

4.250%

due

08/25/59

(~)(Ê)(Þ)

720

638

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates

Series

2016-K058

Class

X1

Interest

Only

STRIP

0.926%

due

08/25/26

(~)(Ê)

4,082

201

Series

2019-K091

Class

A2

3.505%

due

03/25/29

110

130

Freddie

Mac

Reference

REMICS

Series

2006-R007

Class

ZA

6.000%

due

05/15/36

197

235

Freddie

Mac

REMICS

Series

2003-2624

Class

QH

5.000%

due

06/15/33

61

70

Series

2010-3632

Class

PK

5.000%

due

02/15/40

121

136

Series

2010-3653

Class

B

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

91

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.500%

due

04/15/30

188

207

Series

2011-3973

Class

SA

Interest

Only

STRIP 

4.017%

due

12/15/41

(Ê)

302

69

Series

2012-4010

Class

KM

3.000%

due

01/15/42

105

112

Series

2018-4813

Class

CJ

3.000%

due

08/15/48

72

75

Series

2019-RR01

Class

X

Interest

Only

STRIP 

1.534%

due

06/25/28

(~)(Ê)

2,500

255

Freddie

Mac

Strips

Series

2014-334

Class

S7

Interest

Only

STRIP

3.627%

due

08/15/44

(Ê)

142

31

Series

2016-353

Class

S1

Interest

Only

STRIP

3.527%

due

12/15/46

(Ê)

68

14

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

Series

2014-HQ2

Class

M3

3.918%

due

09/25/24

(Ê)

522

533

Series

2015-DN1

Class

M3

4.318%

due

01/25/25

(Ê)

417

423

Series

2015-DNA3

Class

M3

4.868%

due

04/25/28

(Ê)

830

864

Series

2015-DNA3

Class

M3F

6.186%

due

04/25/28

(Ê)

760

771

Series

2016-DNA2

Class

M3

4.818%

due

10/25/28

(Ê)

1,686

1,755

Series

2016-DNA4

Class

M3

3.968%

due

03/25/29

(Ê)

2,141

2,162

Series

2017-DNA1

Class

M2

3.418%

due

07/25/29

(Ê)

675

681

Series

2017-DNA2

Class

B1

5.318%

due

10/25/29

(Ê)

510

527

Series

2017-DNA2

Class

M2

5.936%

due

10/25/29

(Ê)

440

446

Series

2017-DNA3

Class

M2

2.668%

due

03/25/30

(Ê)

1,617

1,625

Series

2018-DNA2

Class

M2

2.318%

due

12/25/30

(Ê)(Þ)

980

942

Ginnie

Mae

30

Year

TBA(Ï)

2.500%

1,900

1,999

3.000%

800

847

Ginnie

Mae

I

3.000%

due

2042

340

362

3.500%

due

2048

74

79

Ginnie

Mae

II

3.500%

due

2044

78

84

3.500%

due

2045

30

32

3.000%

due

2046

234

249

3.500%

due

2047

295

315

4.000%

due

2047

647

695

4.500%

due

2048

1,537

1,649

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

5.000%

due

2048

476

520

3.500%

due

2049

235

243

4.000%

due

2049

495

535

4.500%

due

2049

566

605

5.000%

due

2049

964

1,047

3.000%

due

2050

298

316

3.500%

due

2050

99

106

4.000%

due

2050

99

108

Ginnie

Mae

REMICS

Series

2012-135

Class

IO

Interest

Only

STRIP 

0.607%

due

01/16/53

(~)(Ê)

1,439

43

Series

2013-53

Class

OI

Interest

Only

STRIP

3.500%

due

04/20/43

638

65

Series

2013-107

Class

AD

2.694%

due

11/16/47

(~)(Ê)

188

198

Series

2014-17

Class

AM

2.580%

due

06/16/48

(~)(Ê)

70

73

Series

2016-21

Class

ST

Interest

Only

STRIP

5.960%

due

02/20/46

(Ê)

212

47

Series

2016-51

Class

NS

Interest

Only

STRIP 

5.860%

due

04/20/46

(Ê)

98

19

Series

2018-130

Class

A

3.250%

due

05/16/59

42

44

Series

2019-123

Class

A

3.000%

due

10/20/49

89

96

Series

2020-47

Class

MI

Interest

Only

STRIP

3.500%

due

04/20/50

398

67

Series

2020-47

Class

NI

Interest

Only

STRIP 

3.500%

due

04/20/50

100

18

Series

2020-H09

Class

FL

1.340%

due

05/20/70

(Ê)

200

208

Series

2020-H09

Class

NF

1.440%

due

04/20/70

(Ê)

98

101

Grace

Mortgage

Trust

Series

2014-GRCE

Class

A

3.369%

due

06/10/28

(Þ)

393

394

GS

Mortgage

Securities

Corp.

II

Series

2018-SRP5

Class

A

1.485%

due

09/15/31

(Ê)(Þ)

490

447

GS

Mortgage

Securities

Trust

Series

2013-GC14

Class

AS

4.507%

due

08/10/46

(Þ)

235

249

Series

2019-SOHO

Class

A

1.085%

due

06/15/36

(Ê)(Þ)

630

614

Hawaii

Hotel

Trust

Series

2019-MAUI

Class

C

1.835%

due

05/15/38

(Ê)(Þ)

940

846

Hilton

USA

Trust

Series

2016-HHV

Class

D

4.333%

due

11/05/38

(~)(Ê)(Þ)

1,240

1,138

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

92

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2016-HHV

Class

E

4.333%

due

11/05/38

(~)(Ê)(Þ)

600

522

Series

2016-SFP

Class

A

2.828%

due

11/05/35

(Þ)

226

223

HMH

Trust

Series

2017-NSS

Class

E

6.292%

due

07/05/31

(Þ)

1,170

1,058

Hospitality

Mortgage

Trust

Series

2019-HIT

Class

D

2.185%

due

11/15/36

(Ê)(Þ)

1,225

1,100

IndyMac

Index

Mortgage

Loan

Trust

Series

2006-AR2

Class

1A1A

0.388%

due

04/25/46

(Ê)

651

573

Series

2006-AR2

Class

1A1B

2.696%

due

04/25/46

(Ê)

488

429

Series

2007-FLX3

Class

A1

2.726%

due

06/25/37

(Ê)

176

158

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2004-LN2

Class

B

5.686%

due

07/15/41

(~)(Ê)

18

18

Series

2016-NINE

Class

A

2.949%

due

09/06/38

(~)(Ê)(Þ)

394

414

JPMorgan

Mortgage

Trust

Series

2015-3

Class

A5

3.500%

due

05/25/45

(~)(Ê)(Þ)

130

131

Series

2016-4

Class

A5

3.500%

due

10/25/46

(~)(Ê)(Þ)

379

384

Series

2017-2

Class

A6

3.000%

due

05/25/47

(~)(Ê)(Þ)

1,486

1,508

Series

2017-3

Class

1A5

3.500%

due

08/25/47

(~)(Ê)(Þ)

361

366

Series

2017-6

Class

A5

3.500%

due

12/25/48

(~)(Ê)(Þ)

194

197

Series

2018-3

Class

A1

3.500%

due

09/25/48

(~)(Ê)(Þ)

491

502

Series

2018-3

Class

A3

3.500%

due

09/25/48

(~)(Ê)(Þ)

2,073

2,119

Series

2018-4

Class

A1

3.500%

due

10/25/48

(~)(Ê)(Þ)

181

185

Series

2018-4

Class

A15

3.500%

due

10/25/48

(~)(Ê)(Þ)

340

343

Series

2018-5

Class

A1

3.500%

due

10/25/48

(~)(Ê)(Þ)

419

427

Series

2018-6

Class

1A4

3.500%

due

12/25/48

(~)(Ê)(Þ)

370

370

Series

2018-8

Class

A15

4.000%

due

01/25/49

(~)(Ê)(Þ)

55

55

Series

2018-8

Class

A5

4.000%

due

01/25/49

(~)(Ê)(Þ)

747

754

Series

2018-9

Class

A15

4.000%

due

02/25/49

(~)(Ê)(Þ)

32

32

Series

2018-LTV1

Class

A4

4.000%

due

04/25/49

(~)(Ê)(Þ)

891

910

Series

2019-INV2

Class

A3

3.500%

due

02/25/50

(~)(Ê)(Þ)

738

755

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Legacy

Mortgage

Asset

Trust

Series

2019-GS7

Class

A1

3.250%

due

11/25/59

(~)(Ê)(Þ)

686

682

LSTAR

Securities

Investment,

Ltd.

Series

2019-4

Class

A1

1.673%

due

05/01/24

(Ê)(Þ)

394

363

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

146

147

Morgan

Stanley

Capital

I

Trust

Series

2011-C3

Class

A4

4.118%

due

07/15/49

78

79

Series

2015-MS1

Class

A4

3.779%

due

05/15/48

(~)(Ê)

200

221

Series

2016-UBS9

Class

A4

3.594%

due

03/15/49

205

221

Series

2018-BOP

Class

E

2.135%

due

06/15/35

(Ê)(Þ)

1,732

1,529

Series

2018-SUN

Class

E

2.135%

due

07/15/35

(Ê)(Þ)

1,955

1,740

Series

2019-BPR

Class

A

1.585%

due

05/15/36

(Ê)(Þ)

350

310

Morgan

Stanley

Capital

I,

Inc.

Series

2019-NUGS

Class

E

3.744%

due

12/15/36

(Ê)(Þ)

1,970

1,735

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

Series

2017-237P

Class

D

3.865%

due

09/13/39

(~)(Ê)(Þ)

1,500

1,405

Series

2017-237P

Class

XA

Interest

Only

STRIP 

0.468%

due

09/13/39

(~)(Ê)(Þ)

8,761

204

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

3.577%

due

06/07/35

(~)(Ê)(Þ)

255

250

Natixis

Commercial

Mortgage

Securities

Trust

Series

2019-FAME

Class

A

3.047%

due

08/15/34

(Þ)

440

433

New

Residential

Mortgage

Loan

Trust

Series

2019-NQM4

Class

A2

2.644%

due

09/25/59

(~)(Ê)(Þ)

428

427

Nomura

Resecuritization

Trust

Series

2015-4R

Class

1A14

2.670%

due

03/26/47

(Ê)(Þ)

1,162

917

One

Market

Plaza

Trust

Series

2017-1MKT

Class

C

4.016%

due

02/10/32

(Þ)

217

223

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

93

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2017-1MKT

Class

D

4.146%

due

02/10/32

(Þ)

500

500

Series

2017-1MKT

Class

E

4.142%

due

02/10/32

(Þ)

595

589

PMT

Credit

Risk

Transfer

Trust

Series

2019-1R

Class

A

2.170%

due

03/27/24

(Ê)(Þ)

332

327

Series

2019-3R

Class

A

2.870%

due

10/27/22

(Ê)(Þ)

533

504

Radnor

RE,

Ltd.

Series

2020-1

Class

M1A

1.118%

due

02/25/30

(Ê)(Þ)

567

560

RBS

Commercial

Funding,

Inc.

Trust

Series

2013-GSP

Class

A

3.961%

due

01/15/32

(~)(Ê)(Þ)

200

203

Residential

Accredit

Loans,

Inc.

Series

2006-QO7

Class

2A1

3.247%

due

09/25/46

(Ê)

837

732

Residential

Asset

Securitization

Trust

Series

2003-A15

Class

1A2

2.936%

due

02/25/34

(Ê)

16

14

SBALR

Commercial

Mortgage

Trust

Series

2020-RR1

Class

C

3.979%

due

02/13/53

(~)(Ê)

410

401

Sequoia

Mortgage

Trust

Series

2013-4

Class

A3

1.550%

due

04/25/43

(~)(Ê)

1,059

1,060

Series

2015-1

Class

A1

3.500%

due

01/25/45

(~)(Ê)(Þ)

404

417

Structured

Adjustable

Rate

Mortgage

Loan

Trust

Series

2006-5

Class

3A

4.249%

due

06/25/36

(~)(Ê)

1,044

808

Tharaldson

Hotel

Portfolio

Trust

Series

2018-THL

Class

A

0.925%

due

11/11/34

(Ê)(Þ)

243

230

Verus

Securitization

Trust

Series

2019-4

Class

A1

2.642%

due

11/25/59

(~)(Ê)(Þ)

1,185

1,204

Washington

Mutual

Mortgage

Pass-

Through

Certificates

Trust

Series

2003-AR7

Class

A7

4.148%

due

08/25/33

(~)(Ê)

43

41

Series

2004-AR4

Class

A6

4.453%

due

06/25/34

(~)(Ê)

382

364

Series

2005-10

Class

3CB1

6.000%

due

11/25/35

741

681

Series

2006-AR1

Class

2A1A

3.467%

due

01/25/46

(Ê)

305

295

Wells

Fargo

Commercial

Mortgage

Trust

Series

2017-RB1

Class

XA

Interest

Only

STRIP 

1.403%

due

03/15/50

(~)(Ê)

1,925

126

Wells

Fargo

Mortgage-Backed

Securities

Trust

Series

2006-AR5

Class

1A1

5.079%

due

04/25/36

(~)(Ê)

922

883

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

WinWater

Mortgage

Loan

Trust

Series

2014-1

Class

A1

3.847%

due

06/20/44

(~)(Ê)(Þ)

457

474

Worldwide

Plaza

Trust

Series

2017-WWP

Class

A

3.526%

due

11/10/36

(Þ)

452

498

240,479

Non-US

Bonds

-

4.6%

Argentina

Treasury

Bond

Series

CER

1.000%

due

08/05/21

ARS

6,790

71

Argentine

Bonos

del

Tesoro

18.200%

due

10/03/21

ARS

5,600

44

Brazil

Notas

do

Tesouro

Nacional

Series

NTNB

6.000%

due

05/15/45

BRL

218

169

Series

NTNF

10.000%

due

01/01/23

BRL

3,497

730

10.000%

due

01/01/25

BRL

1,887

406

10.000%

due

01/01/27

BRL

465

101

Canadian

Government

International

Bond

0.750%

due

09/01/21

CAD

857

635

1.500%

due

06/01/23

CAD

1,259

959

2.250%

due

06/01/25

CAD

966

777

1.000%

due

06/01/27

CAD

972

745

Colombian

Titulos

de

Tesoreria

Series

B

10.000%

due

07/24/24

COP

7,318,000

2,396

6.000%

due

04/28/28

COP

2,418,700

653

Indonesia

Treasury

Bond

Series

FR56

8.375%

due

09/15/26

IDR

4,651,000

351

Series

FR59

7.000%

due

05/15/27

IDR

6,282,000

440

Series

FR68

8.375%

due

03/15/34

IDR

8,068,000

594

Series

FR77

8.125%

due

05/15/24

IDR

2,537,000

188

Series

FR78

8.250%

due

05/15/29

IDR

15,784,000

1,176

Italy

Buoni

Poliennali

Del

Tesoro

2.300%

due

10/15/21

EUR

3,130

3,624

Japan

10

Year

Government

International

Bond

Series

356

0.100%

due

09/20/29

JPY

67,950

635

Japan

20

Year

Government

International

Bond

Series

170

0.300%

due

09/20/39

JPY

60,000

545

Malaysia

Government

International

Bond

Series

0111

4.160%

due

07/15/21

MYR

150

36

Series

0114

4.181%

due

07/15/24

MYR

4,640

1,155

Series

0116

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

94

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.800%

due

08/17/23

MYR

2,149

523

Series

0117

3.882%

due

03/10/22

MYR

440

106

Series

0119

3.906%

due

07/15/26

MYR

215

54

Series

0218

3.757%

due

04/20/23

MYR

1,887

458

Series

0314

4.048%

due

09/30/21

MYR

610

146

Series

0319

3.478%

due

06/14/24

MYR

83

20

Mexican

Bonos

Series

M

20

8.500%

due

05/31/29

MXN

27,440

1,413

Series

M

30

10.000%

due

11/20/36

MXN

20,523

1,207

Series

M

7.750%

due

05/29/31

MXN

9,123

449

7.750%

due

11/13/42

MXN

82,307

3,911

8.000%

due

11/07/47

MXN

38,160

1,860

Mexican

Bonos

de

Desarrollo

Series

M

7.750%

due

11/23/34

MXN

5,144

254

Peru

Government

International

Bond

5.700%

due

08/12/24

PEN

3,310

1,086

6.900%

due

08/12/37

PEN

1,861

631

Russian

Federal

Bond

-

OFZ

Series

6207

8.150%

due

02/03/27

RUB

48,740

789

Series

6219

7.750%

due

09/16/26

RUB

31,660

501

Series

6224

6.900%

due

05/23/29

RUB

56,020

851

Series

6225

7.250%

due

05/10/34

RUB

1,960

31

Series

6228

7.650%

due

04/10/30

RUB

61,470

979

Series

6230

7.700%

due

03/16/39

RUB

42,470

699

Singapore

Government

International

Bond

1.250%

due

10/01/21

SGD

972

706

3.125%

due

09/01/22

SGD

461

351

2.750%

due

07/01/23

SGD

836

642

3.000%

due

09/01/24

SGD

823

652

2.125%

due

06/01/26

SGD

2,930

2,285

3.500%

due

03/01/27

SGD

316

268

2.875%

due

07/01/29

SGD

549

461

2.875%

due

09/01/30

SGD

1,200

1,019

Spain

Government

International

Bond

1.950%

due

07/30/30

(Þ)

EUR

840

1,086

39,868

United

States

Government

Treasuries

-

9.3%

United

States

Treasury

Inflation

Indexed

Bonds

0.125%

due

01/15/22

640

649

0.375%

due

07/15/23

5,462

5,694

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

0.375%

due

07/15/25

3,480

3,721

3.375%

due

04/15/32

3,186

4,744

2.125%

due

02/15/40

1,109

1,636

1.375%

due

02/15/44

1,739

2,374

1.000%

due

02/15/46

1,007

1,302

0.875%

due

02/15/47

2,284

2,915

1.000%

due

02/15/48

759

1,004

1.000%

due

02/15/49

3,108

4,151

0.250%

due

02/15/50

1,476

1,657

United

States

Treasury

Notes

1.500%

due

11/30/21

4,985

5,079

0.125%

due

05/31/22

3,380

3,377

1.875%

due

05/31/22

1,155

1,193

1.625%

due

08/15/22

5,350

5,516

1.750%

due

05/15/23

4,025

4,206

1.375%

due

06/30/23

300

311

1.250%

due

07/31/23

1,510

1,560

1.250%

due

08/31/24

270

281

2.000%

due

02/15/25

2,035

2,197

0.375%

due

04/30/25

520

522

2.125%

due

05/15/25

265

289

2.000%

due

08/15/25

1,298

1,409

3.000%

due

10/31/25

425

485

2.250%

due

11/15/25

1,165

1,284

1.625%

due

02/15/26

1,578

1,688

2.250%

due

03/31/26

660

730

1.625%

due

05/15/26

1,860

1,993

1.500%

due

08/15/26

1,110

1,183

0.500%

due

04/30/27

20

20

2.375%

due

05/15/27

480

542

0.500%

due

05/31/27

2,525

2,528

2.750%

due

02/15/28

425

496

2.375%

due

05/15/29

305

352

2.750%

due

11/15/42

735

941

2.875%

due

05/15/43

130

170

3.125%

due

08/15/44

570

777

2.875%

due

08/15/45

1,650

2,174

3.000%

due

05/15/47

235

320

2.750%

due

11/15/47

1,100

1,438

3.000%

due

02/15/48

505

691

3.125%

due

05/15/48

440

616

3.375%

due

11/15/48

300

441

2.000%

due

02/15/50

2,050

2,346

1.250%

due

05/15/50

3,740

3,591

80,593

Total

Long-Term

Investments

(cost

$723,918)

742,403

Common

Stocks

-

0.0%

Financial

Services

-

0.0%

Escrow

GM

Corp.(Æ)(Š)

80,000

—

Technology

-

0.0%

Sungard

Availability

Services,

LP(Æ)(Š)

1,760

—

Total

Common

Stocks

(cost

$44)

—

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

95

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Short-Term

Investments

-

13.2%

ABB

Treasury

Center,

Inc.

4.000%

due

06/15/21

(Þ)

220

227

Apple,

Inc.

2.000%

due

11/13/20

80

81

Brazil

Notas

do

Tesouro

Nacional

Series

NTNF

10.000%

due

01/01/21

BRL

4,005

764

Chubb

INA

Holdings,

Inc.

2.300%

due

11/03/20

20

20

Daimler

Finance

NA

LLC

2.875%

due

03/10/21

(Þ)

320

323

Dell

International

LLC

/

EMC

Corp.

4.420%

due

06/15/21

(Þ)

430

442

Delta

Air

Lines,

Inc.

3.400%

due

04/19/21

170

165

DNB

Bank

ASA

2.375%

due

06/02/21

(Þ)

550

560

Fannie

Mae

4.316%

due

01/01/21

(~)(Ê)

314

316

Federal

Home

Loan

Banks

0.200%

due

10/07/20

(Ê)

660

660

Freddie

Mac

0.120%

due

09/10/20

(Ê)

290

290

General

Motors

Financial

Co.,

Inc.

2.450%

due

11/06/20

30

30

Gilead

Sciences,

Inc.

2.550%

due

09/01/20

120

120

JPMorgan

Chase

&

Co.

4.250%

due

10/15/20

300

303

2.550%

due

03/01/21

30

30

Kinder

Morgan

Energy

Partners,

LP

3.500%

due

03/01/21

30

30

Malaysia

Government

International

Bond

Series

0315

3.659%

due

10/15/20

MYR

1,310

307

Netflix,

Inc.

5.375%

due

02/01/21

60

61

Nordea

Bank

AB

4.875%

due

05/13/21

(Þ)

265

274

Occidental

Petroleum

Corp.

1.398%

due

02/08/21

(Ê)

190

187

4.850%

due

03/15/21

80

79

Poland

Government

International

Bond

5.125%

due

04/21/21

550

571

Progress

Energy,

Inc.

4.400%

due

01/15/21

30

30

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Royal

Bank

of

Canada

2.150%

due

10/26/20

70

70

Series

GMTN

3.200%

due

04/30/21

70

72

Singapore

Government

International

Bond

2.250%

due

06/01/21

SGD

321

234

Svenska

Handelsbanken

AB

Series

BKNT

3.350%

due

05/24/21

250

256

Time

Warner

Cable

LLC

4.125%

due

02/15/21

150

153

Toronto-Dominion

Bank

(The)

3.250%

due

06/11/21

90

92

U.S.

Cash

Management

Fund(@)

76,277,276(∞)

76,270

United

States

Treasury

Bills

0.108%

due

07/16/20

(ç)(ž)

7,370

7,369

0.129%

due

08/13/20

(ç)(ž)

7,513

7,512

0.133%

due

09/10/20

(ž)

7,515

7,514

0.148%

due

10/08/20

(ž)

3,618

3,617

0.156%

due

11/05/20

(ž)

2,293

2,291

Series

WI

0.134%

due

08/18/20

(ç)(ž)

1,970

1,970

United

States

Treasury

Notes

1.125%

due

06/30/21

340

343

UnitedHealth

Group,

Inc.

3.875%

due

10/15/20

10

10

Class

A

2.700%

due

07/15/20

70

70

US

Bank

NA

Series

BKNT

3.150%

due

04/26/21

250

255

Wells

Fargo

&

Co.

2.500%

due

03/04/21

400

406

4.600%

due

04/01/21

220

227

Westpac

Banking

Corp.

2.600%

due

11/23/20

80

81

Total

Short-Term

Investments

(cost

$115,006)

114,682

Total

Investments

-

98.6%

(identified

cost

$838,968)

857,085

Other

Assets

and

Liabilities,

Net

-

1.4%

12,520

Net

Assets

-

100.0%

869,605

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

96

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)

$

19.5%

1011778

BC

Unlimited

Liability

Co.

/

New

Red

Finance,

Inc.

03/15/19

120,000

100.56

121

120

A10

Securitization

LLC

06/23/17

961,000

100.00

961

913

ABB

Treasury

Center,

Inc.

03/05/19

220,000

100.91

222

227

AbbVie,

Inc.

11/12/19

480,000

100.88

484

534

AbbVie,

Inc.

11/12/19

100,000

99.89

100

109

AbbVie,

Inc.

11/12/19

440,000

99.92

440

455

AbbVie,

Inc.

11/12/19

390,000

99.92

390

415

AbbVie,

Inc.

03/25/20

20,000

97.60

20

24

AbbVie,

Inc.

05/12/20

285,000

102.70

293

297

AbbVie,

Inc.

05/12/20

706,000

102.79

726

739

AbbVie,

Inc.

05/12/20

60,000

107.99

65

67

AbbVie,

Inc.

05/12/20

60,000

107.99

65

67

AbbVie,

Inc.

05/12/20

10,000

116.28

12

12

Abu

Dhabi

Government

International

Bond

10/03/17

200,000

99.84

200

207

Abu

Dhabi

Government

International

Bond

04/08/20

520,000

96.15

500

614

ACE

Securities

Corp.

Mortgage

Loan

Trust

03/08/17

526,497

93.76

494

495

Adani

Abbot

Point

Terminal

Pty,

Ltd.

02/01/19

253,000

91.77

232

218

Air

Liquide

Finance

SA

09/03/19

733,000

99.69

731

742

Alimentation

Couche-Tard,

Inc.

09/19/17

702,000

102.83

722

753

Ambac

Assurance

Corp.

02/09/17

881

31.23

—

1

Ambac

LSNI

LLC

02/09/17

3,716,094

99.00

3,747

3,670

Anglo

American

Capital

PLC

09/06/17

200,000

99.97

200

210

Anglo

American

Capital

PLC

05/14/20

712,000

107.69

767

804

AP

Moller

-

Maersk

A/S

05/12/20

767,000

99.30

762

823

Applebee's

Funding

LLC

/

IHOP

Funding

LLC

05/28/19

340,000

100.00

340

301

Avis

Budget

Rental

Car

Funding

LLC

04/16/19

600,000

100.35

602

608

Banco

de

Bogota

SA

09/22/17

686,000

104.41

716

696

Banco

de

Credito

del

Peru

12/04/19

693,000

104.46

724

730

Banco

Inbursa

SA

Institucion

de

Banca

Multiple

01/06/20

711,000

103.69

737

730

Bangkok

Bank

PCL

11/09/18

219,000

99.53

218

230

Banistmo

SA

12/07/17

729,000

100.52

733

728

Bausch

Health

Cos.,

Inc.

04/15/20

70,000

109.58

77

73

Bausch

Health

Cos.,

Inc.

05/11/20

110,000

100.00

110

111

Bayer

US

Finance

LLC

08/02/18

726,000

100.54

730

792

BBVA

Bancomer

SA

01/06/20

667,000

107.80

719

711

BCAP

LLC

Trust

07/21/16

699,396

76.03

532

612

BCAP

LLC

Trust

03/20/17

518,799

86.17

447

455

BCAP

LLC

Trust

03/20/17

817,141

86.20

704

717

Berkshire

Hathaway

Energy

Co.

04/07/20

699,000

108.23

757

796

Bharti

Airtel

International

Netherlands

BV

09/26/19

693,000

104.42

724

724

Blackbird

Capital

Aircraft

Lease

Securitization,

Ltd.

11/04/16

732,188

99.73

730

682

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

02/25/19

20,000

101.49

20

20

BMW

US

Capital

LLC

03/20/18

20,000

98.41

20

20

BNP

Paribas

SA

08/07/18

200,000

99.55

199

230

BNP

Paribas

SA

01/03/19

260,000

100.00

260

288

BNP

Paribas

SA

06/02/20

200,000

100.00

200

204

BNP

Paribas

SA

06/10/20

722,000

111.50

805

809

Bristol-Myers

Squibb

Co.

05/07/19

190,000

100.11

190

213

Bristol-Myers

Squibb

Co.

05/07/19

400,000

101.60

406

433

Bristol-Myers

Squibb

Co.

05/07/19

170,000

99.25

169

198

Bristol-Myers

Squibb

Co.

05/07/19

90,000

99.83

90

94

Bristol-Myers

Squibb

Co.

11/20/19

70,000

100.27

70

71

Bristol-Myers

Squibb

Co.

11/20/19

30,000

103.02

31

32

Bristol-Myers

Squibb

Co.

11/20/19

230,000

107.37

247

262

Bristol-Myers

Squibb

Co.

11/20/19

380,000

108.49

412

447

Bristol-Myers

Squibb

Co.

11/20/19

80,000

127.15

102

113

Broadcom,

Inc.

04/06/20

280,000

104.11

291

315

Broadcom,

Inc.

05/05/20

220,000

99.87

220

234

Broadcom,

Inc.

05/05/20

180,000

99.99

180

186

BX

Commercial

Mortgage

Trust

03/02/18

1,575,000

99.47

1,567

1,439

BX

Commercial

Mortgage

Trust

06/01/18

1,650,000

100.00

1,650

1,493

BX

Commercial

Mortgage

Trust

03/05/19

133,000

100.47

134

128

BX

Commercial

Mortgage

Trust

04/18/19

790,000

100.06

790

754

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

97

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)

$

BX

Commercial

Mortgage

Trust

10/09/19

1,050,941

100.00

1,051

1,045

BXP

Trust

10/30/17

818,000

100.70

824

896

CAL

Funding

II,

Ltd.

12/10/19

244,200

101.66

248

247

CAL

Funding

III,

Ltd.

06/28/17

553,700

99.99

554

554

CAMB

Commercial

Mortgage

Trust

01/25/19

1,651,000

100.00

1,651

1,548

CAMB

Commercial

Mortgage

Trust

01/25/19

987,000

100.13

988

933

Cameron

LNG

LLC

12/05/19

40,000

100.00

40

43

Cameron

LNG

LLC

12/05/19

230,000

102.72

236

253

Cargill,

Inc.

04/20/20

110,000

100.11

110

112

Carlyle

Global

Market

Strategies

CLO,

Ltd.

11/07/19

761,000

99.61

758

748

Carrier

Global

Corp.

02/13/20

40,000

100.00

40

41

Carrier

Global

Corp.

02/13/20

90,000

100.00

90

92

Carrier

Global

Corp.

02/13/20

20,000

100.00

20

20

Carrier

Global

Corp.

02/13/20

160,000

100.22

160

160

Carrier

Global

Corp.

02/18/20

60,000

101.65

61

58

Carrier

Global

Corp.

02/18/20

60,000

101.75

61

59

Carrier

Global

Corp.

06/16/20

50,000

99.85

50

50

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

03/04/20

270,000

100.32

271

273

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

04/14/20

10,000

101.97

10

10

Cedar

Funding,

Ltd.

07/03/18

1,600,000

100.00

1,600

1,561

Cigna

Corp.

02/04/20

335,000

134.47

450

478

Citigroup

Commercial

Mortgage

Trust

01/12/17

170,000

102.46

174

177

Citigroup

Commercial

Mortgage

Trust

02/12/19

1,418,000

0.99

1,402

1,380

Citigroup

Commercial

Mortgage

Trust

02/21/19

430,000

100.00

430

406

Citigroup

Mortgage

Loan

Trust,

Inc.

02/01/17

119,483

97.82

117

119

Commercial

Mortgage

Trust

01/22/16

195,000

1.06

206

209

Commercial

Mortgage

Trust

02/17/16

205,000

103.69

213

220

Commercial

Mortgage

Trust

07/25/16

140,000

102.12

143

141

Commercial

Mortgage

Trust

11/21/16

211,000

100.79

213

212

Commercial

Mortgage

Trust

06/05/19

899,000

100.00

899

847

Commerzbank

AG

06/24/20

213,000

113.52

242

240

CORE

Mortgage

Trust

03/01/19

1,520,000

100.00

1,520

1,452

Credit

Agricole

SA

06/11/20

734,000

110.05

808

811

Credit

Agricole

SA

06/09/20

250,000

100.00

250

253

Credit

Suisse

Group

AG

03/27/20

250,000

100.00

250

285

Credit

Suisse

Group

AG

06/02/20

330,000

100.00

330

334

Credit

Suisse

Mortgage

Capital

Certificates

06/20/17

600,000

99.58

598

370

Credit

Suisse

Mortgage

Capital

Certificates

05/28/19

170,000

100.00

170

168

Credit

Suisse

Mortgage

Capital

Certificates

05/28/19

1,282,000

100.00

1,282

1,224

Credit

Suisse

Mortgage

Trust

06/26/18

964,907

97.69

943

1,000

DAE

Funding

LLC

11/01/18

20,000

100.00

20

19

Daimler

Finance

NA

LLC

08/12/19

320,000

100.37

321

323

Danone

SA

10/26/16

890,000

99.95

890

907

Danone

SA

04/22/19

718,000

100.10

719

755

Danske

Bank

A/S

01/11/19

400,000

101.62

406

421

Danske

Bank

A/S

03/11/19

862,000

104.59

911

960

Danske

Bank

A/S

09/17/19

200,000

102.65

205

212

Danske

Bank

A/S

06/16/20

200,000

100.00

200

201

DBGS

Mortgage

Trust

04/03/19

985,000

101.36

998

910

DCP

Midstream

Operating,

LP

12/11/19

30,000

104.90

31

27

Deephaven

Residential

Mortgage

Trust

03/03/20

1,563,232

101.42

1,585

1,577

Dell

International

LLC

/

EMC

Corp.

05/17/16

430,000

100.91

434

442

Delta

Air

Lines

Pass-Through

Trust

04/27/20

1,412,000

102.35

1,448

1,457

Deutsche

Mortgage

Securities,

Inc.

Re-REMIC

Trust

01/04/17

380,533

100.60

383

363

Dividend

Solar

Loans

LLC

06/28/19

338,618

99.99

339

341

DNB

Bank

ASA

10/22/19

550,000

100.24

551

560

DP

World

PLC

10/03/19

200,000

115.29

231

218

Dresdner

Funding

Trust

I

06/23/20

265,000

138.43

367

363

Dryden

50

Senior

Loan

Fund

07/24/17

1,230,000

100.00

1,230

1,209

Eagle

Re,

Ltd.

01/27/20

511,000

100.00

511

503

Education

Loan

Asset-Backed

Trust

I

07/24/19

580,000

99.35

576

568

Electricite

de

France

SA

04/24/20

614,000

130.60

802

788

Enel

SpA

01/05/18

706,000

101.06

713

759

Eni

SpA

09/26/19

658,000

108.77

716

712

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

98

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)

$

Equate

Petrochemical

BV

10/27/16

200,000

99.17

198

211

Falabella

SA

01/03/20

692,000

104.42

723

724

Fannie

Mae

Connecticut

Avenue

Securities

10/29/19

710,000

100.02

710

688

Flagstar

Mortgage

Trust

10/26/17

403,580

101.37

409

409

Flagstar

Mortgage

Trust

04/13/18

197,477

98.63

195

203

Flatiron

CLO,

Ltd.

11/21/19

1,000,000

100.09

1,001

983

Freddie

Mac

03/05/20

720,000

105.28

758

638

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

02/26/20

980,000

101.39

994

942

Fresenius

Medical

Care

US

Finance

II,

Inc.

06/16/16

110,000

102.51

113

119

Fresenius

Medical

Care

US

Finance

II,

Inc.

09/19/17

236,000

104.69

247

250

Gazprom

PJSC

Via

Gaz

Capital

SA

02/01/19

672,000

105.34

708

721

GFL

Environmental,

Inc.

04/22/20

70,000

100.00

70

71

Glencore

Funding

LLC

10/12/16

40,000

100.96

40

44

Glencore

Funding

LLC

09/13/17

330,000

100.95

333

354

Glencore

Funding

LLC

01/16/19

60,000

94.68

57

64

Glencore

Funding

LLC

03/05/19

410,000

100.88

414

439

Goldentree

Loan

Management

US

CLO

2,

Ltd.

10/26/18

1,860,000

100.03

1,861

1,821

Goldentree

Loan

Management

US

CLO

2,

Ltd.

04/24/20

1,147,000

100.00

1,147

1,150

Grace

Mortgage

Trust

05/19/17

393,000

103.06

405

394

GS

Mortgage

Securities

Corp.

II

06/06/18

490,000

100.00

490

447

GS

Mortgage

Securities

Trust

07/20/16

235,000

111.77

263

249

GS

Mortgage

Securities

Trust

05/31/19

630,000

100.00

630

614

Guardian

Life

Global

Funding

06/16/20

50,000

99.91

50

50

GUSAP

III,

LP

05/13/20

837,000

89.16

746

821

Hanesbrands,

Inc.

08/10/18

10,000

98.33

10

10

Hanesbrands,

Inc.

08/13/18

70,000

101.87

71

71

Hanesbrands,

Inc.

04/30/20

80,000

100.39

80

81

Hawaii

Hotel

Trust

05/16/19

940,000

100.00

940

846

Heineken

NV

10/22/19

710,000

102.17

725

743

Hilton

Domestic

Operating

Co.,

Inc.

04/16/20

40,000

100.00

40

40

Hilton

Domestic

Operating

Co.,

Inc.

04/16/20

120,000

100.32

120

120

Hilton

USA

Trust

11/22/16

1,261,397

89.21

1,152

1,138

Hilton

USA

Trust

11/22/16

578,602

89.21

528

522

Hilton

USA

Trust

05/26/17

226,000

99.72

225

223

HMH

Trust

06/09/17

1,170,000

99.99

1,170

1,058

Hospitality

Mortgage

Trust

05/16/19

1,225,291

100.00

1,225

1,100

ICICI

Bank,

Ltd.

09/06/18

782,000

101.37

793

805

Intesa

Sanpaolo

SpA

07/10/17

400,000

100.17

401

407

Intesa

Sanpaolo

SpA

01/05/18

200,000

99.86

200

206

Intesa

Sanpaolo

SpA

04/22/19

846,000

96.16

814

874

Intesa

Sanpaolo

SpA

06/22/20

292,000

104.45

305

299

Inversiones

CMPC

SA

09/22/17

214,000

102.26

219

224

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

10/30/17

394,000

98.92

390

414

JPMorgan

Mortgage

Trust

03/06/19

369,619

99.97

370

370

JPMorgan

Mortgage

Trust

03/30/17

130,256

101.34

132

131

JPMorgan

Mortgage

Trust

08/09/17

361,360

102.54

371

366

JPMorgan

Mortgage

Trust

10/26/17

379,294

101.04

383

384

JPMorgan

Mortgage

Trust

03/23/18

2,

072,938

100.93

2,

121

2,119

JPMorgan

Mortgage

Trust

03/23/18

491,088

100.93

503

502

JPMorgan

Mortgage

Trust

04/25/18

182,005

98.87

180

185

JPMorgan

Mortgage

Trust

04/25/18

337,446

98.87

334

343

JPMorgan

Mortgage

Trust

04/25/18

420,086

98.87

416

427

JPMorgan

Mortgage

Trust

08/16/18

54,573

100.47

55

55

JPMorgan

Mortgage

Trust

08/16/18

748,141

100.47

750

754

JPMorgan

Mortgage

Trust

09/20/18

31,735

100.52

32

32

JPMorgan

Mortgage

Trust

03/08/19

1,485,695

98.10

1,457

1,508

JPMorgan

Mortgage

Trust

05/30/19

193,713

100.87

195

197

JPMorgan

Mortgage

Trust

09/18/19

738,478

101.20

747

755

JPMorgan

Mortgage

Trust

05/15/20

890,752

103.35

921

910

KazMunayGas

National

Co.

JSC

04/17/18

200,000

100.00

200

226

Kinder

Morgan,

Inc.

04/23/20

703,000

108.85

765

794

KKR

Group

Finance

Co.

II

LLC

02/20/15

10,000

109.59

11

12

Kraft

Heinz

Foods

Co.

04/14/20

261,000

103.86

271

266

Kraft

Heinz

Foods

Co.

05/04/20

30,000

100.00

30

32

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

99

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)

$

Kraft

Heinz

Foods

Co.

05/04/20

80,000

100.00

80

85

Kuwait

Government

International

Bond

03/13/17

210,000

99.31

209

234

Lamb

Weston

Holdings,

Inc.

12/01/16

60,000

99.74

60

62

Lamb

Weston

Holdings,

Inc.

05/07/20

10,000

100.00

10

11

LCM

XXIII,

Ltd.

01/29/20

1,020,000

100.00

1,020

998

LCM

XXV,

Ltd.

07/10/17

1,124,000

100.00

1,124

1,099

Legacy

Mortgage

Asset

Trust

05/23/19

419,129

100.00

419

418

Legacy

Mortgage

Asset

Trust

06/01/20

685,891

98.46

675

682

Levi

Strauss

&

Co.

04/14/20

70,000

100.52

70

70

Lloyds

Banking

Group

PLC

06/22/20

108,000

111.83

121

122

LSTAR

Securities

Investment,

Ltd.

05/17/19

394,108

100.00

394

363

Lukoil

International

Finance

BV

09/19/17

682,000

103.99

709

723

LYB

Finance

Co.

BV

02/15/19

186,000

117.99

219

249

Madison

Park

Funding

XIII,

Ltd.

11/07/19

574,000

99.66

572

565

Madison

Park

Funding

XVIII,

Ltd.

12/01/17

872,000

100.65

878

858

Madison

Park

Funding

XXVI,

Ltd.

09/05/17

780,000

100.00

780

762

Magnetite

XVIII,

Ltd.

10/31/18

1,488,000

100.00

1,488

1,466

Marks

&

Spencer

PLC

09/25/19

308,000

114.44

352

306

Mars,

Inc.

03/26/19

30,000

99.73

30

34

Mars,

Inc.

03/26/19

60,000

99.95

60

64

Midwest

Connector

Capital

Co.

LLC

06/04/19

267,000

101.27

270

274

Midwest

Connector

Capital

Co.

LLC

06/10/20

769,000

104.93

807

808

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

06/25/20

120,000

98.75

119

120

ML-CFC

Commercial

Mortgage

Trust

08/05/16

126,270

82.42

104

73

Mondelez

International

Holdings

Netherlands

BV

10/22/19

726,000

99.95

726

739

Morgan

Stanley

Capital

I

Trust

07/19/18

1,955,000

100.00

1,955

1,740

Morgan

Stanley

Capital

I

Trust

08/15/18

1,732,000

100.00

1,732

1,529

Morgan

Stanley

Capital

I

Trust

04/24/19

350,000

100.00

350

310

Morgan

Stanley

Capital

I,

Inc.

12/12/19

1,970,000

99.44

1,959

1,735

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

5,418,000

0.62

34

34

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

8,761,000

2.33

204

204

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

1,500,000

97.29

1,459

1,405

MSCG

Trust

05/19/15

255,000

101.37

258

250

National

Securities

Clearing

Corp.

04/16/20

250,000

99.91

250

254

Natixis

Commercial

Mortgage

Securities

Trust

08/29/19

440,000

102.86

453

433

NBK

SPC,

Ltd.

09/30/19

714,000

100.54

718

728

Nestle

Holdings,

Inc.

01/03/20

698,000

104.23

728

759

New

Residential

Mortgage

Loan

Trust

09/09/19

428,065

100.00

428

427

New

York

Life

Global

Funding

06/17/20

90,000

99.90

90

90

NGPL

PipeCo

LLC

09/26/19

553,000

129.30

715

675

Nomura

Resecuritization

Trust

07/22/16

1,161,676

59.68

693

917

Nordea

Bank

AB

06/04/19

265,000

101.67

269

274

Northern

Natural

Gas

Co.

08/02/18

631,000

109.02

688

753

NXP

BV

/

NXP

Funding

LLC

05/02/19

693,000

103.24

715

738

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.

04/29/20

80,000

100.52

80

84

One

Market

Plaza

Trust

02/15/17

500,000

100.02

500

500

One

Market

Plaza

Trust

02/15/17

217,000

102.65

223

223

One

Market

Plaza

Trust

02/15/17

595,000

97.98

583

589

Otis

Worldwide

Corp.

02/19/20

60,000

100.00

60

63

Otis

Worldwide

Corp.

02/19/20

60,000

100.00

60

63

Otis

Worldwide

Corp.

02/19/20

170,000

99.99

170

178

Park

Aerospace

Holdings,

Ltd.

02/25/19

50,000

101.55

51

47

Pernod

Ricard

SA

06/13/16

150,000

102.91

154

158

PMT

Credit

Risk

Transfer

Trust

03/21/19

332,054

100.00

332

327

PMT

Credit

Risk

Transfer

Trust

10/11/19

533,335

100.00

533

504

Preston

Ridge

Partners

Mortgage

LLC

02/14/20

2,642,300

99.84

2,637

2,627

Preston

Ridge

Partners

Mortgage

LLC

06/18/20

613,674

100.62

617

618

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

09/13/19

60,000

101.80

61

62

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

09/20/19

70,000

102.29

72

72

Principal

Life

Global

Funding

II

06/16/20

40,000

99.92

40

40

Prosus

NV

06/29/17

250,000

100.00

250

280

Provincia

de

Buenos

Aires

02/08/17

140,000

99.80

140

58

Qatar

Government

International

Bond

10/03/19

410,000

123.75

507

539

Qatar

Government

International

Bond

04/07/20

360,000

100.00

360

446

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

100

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)

$

Radnor

RE,

Ltd.

01/21/20

567,000

100.00

567

560

Raytheon

Technologies

Corp.

06/08/20

708,000

106.56

754

762

Raytheon

Technologies

Corp.

06/08/20

50,000

108.52

54

54

RBS

Commercial

Funding,

Inc.

Trust

01/19/16

200,000

1.04

207

203

Reliance

Holding

USA,

Inc.

12/04/19

684,000

104.43

714

721

Riserva

CLO,

Ltd.

06/10/19

940,000

100.00

940

926

Roche

Holdings,

Inc.

01/03/20

669,000

100.06

669

685

Rockies

Express

Pipeline

LLC

06/23/20

306,000

94.04

288

282

Rockies

Express

Pipeline

LLC

06/25/20

200,000

93.75

188

186

Sabal

Trail

Transmission

LLC

08/02/18

663,000

105.60

700

740

Sands

China,

Ltd.

06/02/20

200,000

99.90

200

206

Santander

UK

Group

Holdings

PLC

03/05/19

701,000

102.26

717

760

Santander

UK

Group

Holdings

PLC

05/14/19

238,000

103.09

245

259

Saudi

Arabian

Oil

Co.

04/07/20

768,000

98.67

758

798

Schlumberger

Holdings

Corp.

12/10/15

40,000

99.96

40

44

Schneider

Electric

SE

02/04/19

800,000

101.62

813

840

Sequoia

Mortgage

Trust

10/21/16

404,209

102.97

416

417

Shackleton

CLO,

Ltd.

04/04/18

930,000

100.00

930

898

Siemens

Financieringsmaatschappij

NV

03/05/19

250,000

98.50

246

254

Siemens

Financieringsmaatschappij

NV

06/04/20

769,000

103.85

799

798

SMB

Private

Education

Loan

Trust

06/04/19

190,000

100.00

190

186

Societe

Generale

SA

12/11/19

700,000

106.81

748

757

SoFi

Professional

Loan

Program

Trust

12/12/19

730,000

103.65

757

765

Solar

Star

Funding

LLC

04/07/20

652,414

112.40

733

748

Spain

Government

International

Bond

05/20/20

EUR

840,000

125.97

1,058

1,086

SpringCastle

Funding

Asset-Backed

Notes

01/22/20

3,720,854

100.86

3,752

3,762

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

03/14/18

240,000

100.00

240

260

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

03/15/18

62,500

99.86

62

63

Standard

Chartered

PLC

05/13/20

447,000

104.13

465

473

Standard

Chartered

PLC

06/22/20

111,000

111.48

124

124

Sunrun

Atlas

Issuer

LLC

10/17/19

593,145

99.95

593

586

Swedbank

AB

05/26/20

200,000

99.89

200

202

Targa

Resources

Partners,

LP

/

Targa

Resources

Partners

Finance

Corp.

12/11/19

30,000

101.60

30

29

Teachers

Insurance

&

Annuity

Association

of

America

06/14/16

340,000

115.19

392

437

Tennessee

Gas

Pipeline

Co.

LLC

02/19/20

210,000

99.93

210

215

Textainer

Marine

Containers,

Ltd.

05/11/17

715,660

100.00

716

711

Tharaldson

Hotel

Portfolio

Trust

01/22/18

243,024

99.95

243

230

THL

Credit

Wind

River

CLO,

Ltd.

10/02/17

1,003,540

100.00

1,004

983

T-Mobile

USA,

Inc.

04/02/20

300,000

99.29

298

334

T-Mobile

USA,

Inc.

04/14/20

30,000

105.97

32

33

T-Mobile

USA,

Inc.

04/20/20

490,000

105.02

515

534

Towd

Point

Mortgage

Trust

07/22/16

166,447

99.86

166

167

Towd

Point

Mortgage

Trust

07/07/17

397,163

100.54

399

407

Towd

Point

Mortgage

Trust

08/04/17

846,644

101.43

859

872

Towd

Point

Mortgage

Trust

09/18/17

809,597

100.59

814

828

Towd

Point

Mortgage

Trust

10/25/19

1,194,306

104.55

1,249

1,286

Towd

Point

Mortgage

Trust

10/31/19

1,309,410

101.83

1,333

1,382

Towd

Point

Mortgage

Trust

11/04/19

1,642,716

100.95

1,658

1,728

TransDigm

,

Inc.

04/09/20

80,000

102.42

82

80

TransDigm

,

Inc.

04/09/20

20,000

107.63

22

21

Triton

Container

Finance

IV

LLC

08/16/17

482,281

100.08

483

480

Triton

Container

Finance

V

LLC

03/13/18

192,200

99.98

192

192

Triton

Container

Finance

VI

LLC

06/07/17

532,415

99.07

527

531

Trust

Fibra

Uno

09/20/17

685,000

105.46

722

721

UBS

AG

04/14/20

220,000

99.88

220

224

UBS

Group

AG

03/16/17

200,000

100.00

200

227

UBS

Group

AG

03/16/17

270,000

100.00

270

283

UBS

Group

AG

01/28/19

660,000

102.29

675

686

UBS

Group

AG

09/20/19

200,000

100.77

202

216

UBS

Group

AG

05/26/20

200,000

103.02

206

207

UniCredit

SpA

01/08/19

1,042,000

102.49

1,075

1,101

USAA

Capital

Corp.

04/14/20

150,000

99.72

150

154

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

101

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)

$

Verus

Securitization

Trust

03/06/20

1,184,532

101.18

1,198

1,204

Vistra

Operations

Co.

LLC

06/04/19

708,000

101.40

718

744

VOC

Escrow,

Ltd.

08/07/18

60,000

97.32

58

45

Volkswagen

Group

of

America

Finance

LLC

09/26/19

699,000

102.15

714

728

Voya

CLO,

Ltd.

02/18/20

2,464,000

100.00

2,464

2,401

WinWater

Mortgage

Loan

Trust

03/29/17

456,535

102.40

467

474

Woori

Bank

04/22/20

734,000

106.03

778

801

Worldwide

Plaza

Trust

10/31/17

452,000

102.61

464

498

169,224

For

a

description

of

restricted

securities

see

note

7

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

102

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

3

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

3

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.

Secured

Overnight

Financing

Rate

2.150

Bank

of

America

Corp.

USD

3

Month

LIBOR

1.040

Bank

of

America

Corp.

USD

3

Month

LIBOR

0.780

Bank

of

America

Corp.

USD

3

Month

LIBOR

0.810

Bank

of

America

Corp.

USD

3

Month

LIBOR

1.310

Bank

of

America

Corp.

USD

3

Month

LIBOR

1.370

Bank

of

America

Corp.

USD

3

Month

LIBOR

1.210

Bank

of

America

Corp.

USD

3

Month

LIBOR

3.898

Bank

of

America

Corp.

USD

3

Month

LIBOR

0.790

Bank

of

America

Corp.

USD

3

Month

LIBOR

1.520

Bank

of

America

Corp.

USD

3

Month

LIBOR

3.150

Bank

of

Montreal

USD

Swap

Semiannual

30/360

(versus

3

Month

LIBOR)

5

Year

Rate

1.432

Barclays

PLC

USD

3

Month

LIBOR

1.902

Barclays

PLC

USD

3

Month

LIBOR

3.054

Bausch

Health

Americas,

Inc.

Term

Loan

B

USD

1

Month

LIBOR

3.000

Bear

Stearns

ALT-A

Trust

USD

1

Month

LIBOR

0.750

Berry

Global,

Inc.

Term

Loan

W

USD

1

Month

LIBOR

2.000

BNC

Mortgage

Loan

Trust

USD

1

Month

LIBOR

0.160

BNP

Paribas

SA

USD

3

Month

LIBOR

2.235

BNP

Paribas

SA

Secured

Overnight

Financing

Rate

2.074

Brickman

Group,

Ltd.

1st

Lien

Term

Loan

B

USD

1

Month

LIBOR

2.500

BX

Commercial

Mortgage

Trust

USD

1

Month

LIBOR

2.050

BX

Commercial

Mortgage

Trust

USD

1

Month

LIBOR

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

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

103

Variable

Rate

Securities

Securities

Referenced

Rate

Spread

%

Caesars

Entertainment

Operating

Co.

LLC

1st

Lien

Term

Loan

B

USD

1

Month

LIBOR

2.000

Caesars

Resort

Collection

LLC

1st

Lien

Term

Loan

B

USD

1

Month

LIBOR

2.750

CAMB

Commercial

Mortgage

Trust

USD

1

Month

LIBOR

2.550

CAMB

Commercial

Mortgage

Trust

USD

1

Month

LIBOR

3.250

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

3

Month

LIBOR

2.500

Charter

Communications

Operating

LLC

Term

Loan

B1

USD

1

Month

LIBOR

1.750

CHL

Mortgage

Pass-Through

Trust

USD

1

Month

LIBOR

0.580

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.

U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

2.400

Citigroup

Mortgage

Loan

Trust,

Inc.

USD

1

Month

LIBOR

0.250

Citigroup,

Inc.

USD

3

Month

LIBOR

3.905

Citigroup,

Inc.

Secured

Overnight

Financing

Rate

3.914

Citigroup,

Inc.

Secured

Overnight

Financing

Rate

2.750

Citigroup,

Inc.

Secured

Overnight

Financing

Rate

1.667

Citigroup,

Inc.

Secured

Overnight

Financing

Rate

2.107

CityCenter

Holdings

LLC

Term

Loan

B

USD

1

Month

LIBOR

2.250

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

A

gricole

SA

Secured

Overnight

Financing

Rate

1.676

Credit

Suisse

Group

AG

Secured

Overnight

Financing

Rate

3.730

Credit

Suisse

Group

AG

Secured

Overnight

Financing

Rate

2.044

Credit

Suisse

Mortgage

Capital

Certificates

USD

1

Month

LIBOR

2.150

Credit

Suisse

Mortgage

Capital

Certificates

USD

1

Month

LIBOR

5.350

Credit

Suisse

Mortgage

Capital

Certificates

USD

1

Month

LIBOR

0.980

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

Deerfield

Dakota

Holding,

LLC

2020

Term

Loan

B

USD

1

Month

LIBOR

3.750

Dell

International

LLC

Term

Loan

B

USD

1

Month

LIBOR

2.000

Delta

Air

Lines,

Inc.

Term

Loan

B

USD

3

Month

LIBOR

4.750

Deutsche

Bank

AG

USD

Swap

Semiannual

30/360

(versus

3

Month

LIBOR)

5

Year

Rate

2.248

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

3.000

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

Eyecare

Partners

LLC

Delayed

Draw

Term

Loan

USD

3

Month

LIBOR

3.750

Eyecare

Partners

LLC

Term

Loan

USD

3

Month

LIBOR

3.750

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

104

Strategic

Bond

Fund

Variable

Rate

Securities

Securities

Referenced

Rate

Spread

%

Fannie

Mae

Connecticut

Avenue

Securities

USD

1

Month

LIBOR

3.000

Fannie

Mae

Connecticut

Avenue

Securities

USD

1

Month

LIBOR

4.900

Fannie

Mae

Connecticut

Avenue

Securities

USD

1

Month

LIBOR

4.250

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

2.600

Fannie

Mae

Connecticut

Avenue

Securities

USD

1

Month

LIBOR

2.100

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

2.150

Fannie

Mae

REMICS

USD

1

Month

LIBOR

6.500

Fannie

Mae

REMICS

USD

1

Month

LIBOR

6.200

Fannie

Mae

REMICS

USD

1

Month

LIBOR

6.100

Fannie

Mae

REMICS

USD

1

Month

LIBOR

6.100

Fannie

Mae

REMICS

USD

1

Month

LIBOR

6.000

Fannie

Mae

REMICS

USD

1

Month

LIBOR

5.950

Fannie

Mae

REMICS

USD

1

Month

LIBOR

6.150

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

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

6.000

Freddie

Mac

Strips

USD

1

Month

LIBOR

6.100

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

3.450

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

USD

1

Month

LIBOR

5.150

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

USD

1

Month

LIBOR

3.700

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

3.800

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

2.500

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

4.150

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

1.250

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

105

Variable

Rate

Securities

Securities

Referenced

Rate

Spread

%

Ginnie

Mae

REMICS

USD

1

Month

LIBOR

1.150

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

1

Month

LIBOR

2.500

Goldentree

Loan

Management

US

CLO

2,

Ltd.

USD

3

Month

LIBOR

1.150

Goldentree

Loan

Management

US

CLO

2,

Ltd.

USD

3

Month

LIBOR

1.900

Goldman

Sachs

Group,

Inc.

(The)

USD

3

Month

LIBOR

1.301

Goldman

Sachs

Group,

Inc.

(The)

USD

3

Month

LIBOR

0.768

Goldman

Sachs

Group,

Inc.

(The)

USD

3

Month

LIBOR

1.430

Goldman

Sachs

Group,

Inc.

(The)

USD

3

Month

LIBOR

1.201

Goldman

Sachs

Group,

Inc.

(The)

USD

3

Month

LIBOR

1.510

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

Corp.

II

USD

1

Month

LIBOR

1.300

GS

Mortgage

Securities

Trust

USD

1

Month

LIBOR

0.900

Hawaii

Hotel

Trust

USD

1

Month

LIBOR

1.650

HCA,

Inc.

Term

Loan

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

Hospitality

Mortgage

Trust

USD

1

Month

LIBOR

2.000

HSBC

Holdings

PLC

Secured

Overnight

Financing

Rate

1.929

HSBC

Holdings

PLC

USD

3

Month

LIBOR

1.610

HSBC

Holdings

PLC

USD

3

Month

LIBOR

1.535

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

HSI

Asset

Securitization

Corp.

Trust

USD

1

Month

LIBOR

0.140

iHeartCommunications

,

Inc.

2020

Term

Loan

USD

1

Month

LIBOR

3.000

IndyMac

Index

Mortgage

Loan

Trust

USD

1

Month

LIBOR

0.210

IndyMac

Index

Mortgage

Loan

Trust

USD

1

Month

LIBOR

0.240

IndyMac

Index

Mortgage

Loan

Trust

USD

1

Month

LIBOR

0.220

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

1

Month

LIBOR

3.000

JPMorgan

Chase

&

Co.

USD

3

Month

LIBOR

1.330

JPMorgan

Chase

&

Co.

USD

3

Month

LIBOR

1.260

JPMorgan

Chase

&

Co.

Secured

Overnight

Financing

Rate

2.440

JPMorgan

Chase

&

Co.

USD

3

Month

LIBOR

1.000

JPMorgan

Chase

&

Co.

Secured

Overnight

Financing

Rate

1.455

JPMorgan

Chase

&

Co.

Secured

Overnight

Financing

Rate

2.040

JPMorgan

Chase

&

Co.

Secured

Overnight

Financing

Rate

1.850

LCM

XXIII,

Ltd.

USD

3

Month

LIBOR

1.070

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

106

Strategic

Bond

Fund

Variable

Rate

Securities

Securities

Referenced

Rate

Spread

%

LCM

XXV,

Ltd.

USD

3

Month

LIBOR

1.210

Level

3

Financing,

Inc.

Term

Loan

B

USD

1

Month

LIBOR

1.750

Lloyds

Banking

Group

PLC

USD

3

Month

LIBOR

1.270

Long

Beach

Mortgage

Loan

Trust

USD

1

Month

LIBOR

0.900

Long

Beach

Mortgage

Loan

Trust

USD

1

Month

LIBOR

1.500

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

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

3

Month

LIBOR

2.500

Michaels

Stores,

Inc.

1st

Lien

Term

Loan

B

USD

3

Month

LIBOR

2.500

Morgan

Stanley

Secured

Overnight

Financing

Rate

1.990

Morgan

Stanley

Secured

Overnight

Financing

Rate

3.120

Morgan

Stanley

Secured

Overnight

Financing

Rate

4.840

Morgan

Stanley

USD

3

Month

LIBOR

1.628

Morgan

Stanley

USD

3

Month

LIBOR

0.847

Morgan

Stanley

USD

3

Month

LIBOR

1.140

Morgan

Stanley

Secured

Overnight

Financing

Rate

1.143

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

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

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

6

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

2.700

PMT

Credit

Risk

Transfer

Trust

USD

1

Month

LIBOR

2.000

Popular

ABS

Mortgage

Pass-Through

Trust

USD

1

Month

LIBOR

0.250

Popular

ABS

Mortgage

Pass-Through

Trust

USD

1

Month

LIBOR

0.260

Prime

Security

Services

Borrower

LLC

Term

Loan

B1

USD

12

Month

LIBOR

3.250

Prudential

Financial,

Inc.

USD

3

Month

LIBOR

3.920

Radnor

RE,

Ltd.

USD

1

Month

LIBOR

0.950

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

107

Variable

Rate

Securities

Securities

Referenced

Rate

Spread

%

RAMP

Trust

USD

1

Month

LIBOR

0.570

RBS

Capital

Trust

II

USD

3

Month

LIBOR

1.943

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

1

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

2.500

Royal

Bank

of

Scotland

Group

PLC

USD

3

Month

LIBOR

1.550

Royal

Bank

of

Scotland

Group

PLC

USD

3

Month

LIBOR

1.762

RPI

Intermediate

Finance

Trust

Term

Loan

B1

USD

1

Month

LIBOR

1.750

Scientific

Games

International,

Inc.  1st

Lien

Term

Loan

B5

USD

6

Month

LIBOR

2.750

Seattle

SpinCo

,

Inc.

1st

Lien

Term

Loan

B3

USD

1

Month

LIBOR

2.500

Shackleton

CLO,

Ltd.

USD

3

Month

LIBOR

1.000

SLM

Private

Credit

Student

Loan

Trust

USD

3

Month

LIBOR

0.290

SLM

Private

Credit

Student

Loan

Trust

USD

3

Month

LIBOR

0.330

SMB

Private

Education

Loan

Trust

USD

1

Month

LIBOR

1.000

Sotera

Health

Holdings

LLC

Term

Loan

USD

1

Month

LIBOR

4.500

Standard

Chartered

PLC

USD

3

Month

LIBOR

1.460

Standard

Chartered

PLC

USD

3

Month

LIBOR

1.560

Stars

Group

Holdings

BV

Term

Loan

B

USD

3

Month

LIBOR

3.500

Structured

Asset

Investment

Loan

Trust

USD

1

Month

LIBOR

0.720

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

3

Month

LIBOR

3.750

T-Mobile

US,

Inc.

2020

Term

Loan

USD

1

Month

LIBOR

3.000

Trans

Union

LLC

Term

Loan

B5

USD

1

Month

LIBOR

1.750

UBS

Group

AG

USD

3

Month

LIBOR

1.468

UBS

Group

AG

USD

3

Month

LIBOR

0.954

UBS

Group

AG

USD

Swap

Semiannual

30/360

(versus

3

Month

LIBOR)

5

Year

Rate

4.344

UFC

Holdings

LLC

Term

Loan

USD

6

Month

LIBOR

3.250

US

Foods,

Inc.

Term

Loan

B

USD

1

Month

LIBOR

1.750

US

Foods,

Inc.

Term

Loan

B

USD

3

Month

LIBOR

2.000

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

Vodafone

Group

PLC

USD

Swap

Semiannual

30/360

(versus

3

Month

LIBOR)

5

Year

Rate

4.873

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

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

108

Strategic

Bond

Fund

Variable

Rate

Securities

Securities

Referenced

Rate

Spread

%

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

Wells

Fargo

&

Co.

Secured

Overnight

Financing

Rate

2.000

Wells

Fargo

&

Co.

USD

3

Month

LIBOR

1.230

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

Financial

Statements.

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

591

AUD

87,934

09/20

293

Euro-BTP

Futures

64

EUR

9,208

09/20

226

Eurodollar

Futures

128

USD

31,907

12/20

442

Euro-OAT

Futures

18

EUR

3,018

09/20

37

Japanese

10

Year

Government

Bond

Futures

5

JPY

759,751

09/20

(1)

United

States

2

Year

Treasury

Note

Futures

192

USD

42,399

09/20

12

United

States

5

Year

Treasury

Note

Futures

797

USD

100,216

09/20

205

United

States

10

Year

Treasury

Note

Futures

970

USD

134,997

09/20

509

United

States

10

Year

Ultra

Treasury

Note

Futures

51

USD

8,032

09/20

40

United

States

Treasury

Long

Bond

Futures

233

USD

41,605

09/20

255

United

States

Treasury

Ultra

Bond

Futures

181

USD

39,486

09/20

24

Short

Positions

Australia

10

Year

Government

Bond

Futures

23

AUD

3,422

09/20

(6)

Canadian

10

Year

Government

Bond

Futures

55

CAD

8,460

09/20

(28)

Euro-

Bobl

Futures

53

EUR

7,154

09/20

(18)

Euro-Bund

Futures

384

EUR

67,785

09/20

(617)

Eurodollar

Futures

224

USD

55,887

03/21

(67)

Eurodollar

Futures

163

USD

40,669

12/21

(259)

Euro-OAT

Futures

23

EUR

3,856

09/20

(16)

Federal

Fund

30

Day

Futures

26

USD

10,835

06/21

4

Long

Gilt

Futures

66

GBP

9,084

09/20

(19)

United

States

2

Year

Treasury

Note

Futures

92

USD

20,316

09/20

(9)

United

States

5

Year

Treasury

Note

Futures

73

USD

9,179

09/20

(20)

United

States

10

Year

Treasury

Note

Futures

174

USD

24,216

09/20

(23)

United

States

10

Year

Ultra

Treasury

Note

Futures

29

USD

4,567

09/20

(21)

United

States

Treasury

Long

Bond

Futures

6

USD

1,072

09/20

(10)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

933

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

109

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

7,232

AUD

10,550

08/24/20

50

Bank

of

America

NOK

140,471

USD

14,488

08/24/20

(108)

Bank

of

New

York

USD

23,772

JPY

2,558,801

08/24/20

(58)

Bank

of

New

York

JPY

3,205,182

USD

29,835

08/24/20

130

BNP

Paribas

USD

3,643

CAD

5,083

07/16/20

101

BNP

Paribas

CNY

5,450

USD

767

07/16/20

(3)

BNP

Paribas

EUR

20

USD

22

07/16/20

(1)

BNP

Paribas

EUR

550

USD

599

07/16/20

(19)

BNP

Paribas

EUR

1,114

USD

1,218

07/16/20

(34)

Citigroup

USD

761

BRL

3,997

07/16/20

(27)

Citigroup

USD

847

GBP

682

07/16/20

(2)

Citigroup

USD

15,562

GBP

12,361

08/24/20

(240)

Citigroup

USD

372

JPY

39,894

07/16/20

(3)

Citigroup

USD

89

NZD

139

08/24/20

1

Citigroup

USD

7,170

NZD

11,140

08/24/20

18

Citigroup

GBP

2,639

USD

3,238

08/24/20

(32)

Citigroup

RUB

16,322

USD

211

07/16/20

(18)

Goldman

Sachs

USD

1,304

MXN

32,104

07/16/20

90

Goldman

Sachs

JPY

39,894

USD

367

07/16/20

(2)

JPMorgan

Chase

USD

550

AUD

790

08/24/20

(5)

JPMorgan

Chase

USD

501

BRL

2,650

07/16/20

(14)

JPMorgan

Chase

USD

311

CLP

250,593

07/06/20

(6)

JPMorgan

Chase

USD

993

CLP

755,880

07/15/20

(73)

JPMorgan

Chase

USD

2,018

CNY

14,261

07/16/20

(2)

JPMorgan

Chase

USD

3,263

COP

11,907,989

07/16/20

(98)

JPMorgan

Chase

USD

5

CZK

119

09/17/20

—

JPMorgan

Chase

USD

1,481

EUR

1,320

08/24/20

3

JPMorgan

Chase

USD

4,487

GBP

3,577

08/24/20

(53)

JPMorgan

Chase

USD

19

HUF

5,876

09/17/20

(1)

JPMorgan

Chase

USD

267

INR

20,944

07/16/20

9

JPMorgan

Chase

USD

906

JPY

96,757

08/24/20

(9)

JPMorgan

Chase

USD

1,372

KRW

1,653,766

07/22/20

7

JPMorgan

Chase

USD

816

MXN

18,061

09/17/20

(38)

JPMorgan

Chase

USD

8,221

NOK

76,277

09/17/20

(293)

JPMorgan

Chase

USD

826

PEN

2,909

07/01/20

(5)

JPMorgan

Chase

USD

830

PEN

2,909

07/01/20

(9)

JPMorgan

Chase

USD

207

PEN

713

07/03/20

(6)

JPMorgan

Chase

USD

201

PEN

713

08/03/20

—

JPMorgan

Chase

USD

2,039

PLN

8,024

09/17/20

(11)

JPMorgan

Chase

USD

1,278

RUB

87,757

07/15/20

(47)

JPMorgan

Chase

USD

6,272

SEK

57,654

09/17/20

(79)

JPMorgan

Chase

USD

3,331

THB

103,159

07/29/20

6

JPMorgan

Chase

AUD

990

USD

678

08/24/20

(5)

JPMorgan

Chase

BRL

794

USD

159

07/15/20

13

JPMorgan

Chase

BRL

306

USD

60

07/20/20

4

JPMorgan

Chase

BRL

2,525

USD

487

07/22/20

23

JPMorgan

Chase

CAD

1,162

USD

827

08/19/20

(29)

JPMorgan

Chase

CHF

5,280

USD

5,469

08/19/20

(112)

JPMorgan

Chase

CLP

250,593

USD

307

07/06/20

2

JPMorgan

Chase

CLP

363,963

USD

474

07/15/20

30

JPMorgan

Chase

CLP

391,918

USD

480

07/15/20

3

JPMorgan

Chase

CNY

8,811

USD

1,239

07/16/20

(7)

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

110

Strategic

Bond

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

JPMorgan

Chase

COP

12,374,759

USD

3,321

07/30/20

36

JPMorgan

Chase

EUR

387

USD

425

07/16/20

(10)

JPMorgan

Chase

EUR

8,414

USD

9,477

08/24/20

13

JPMorgan

Chase

HKD

644

USD

83

08/19/20

—

JPMorgan

Chase

IDR

25,035,556

USD

1,778

07/15/20

57

JPMorgan

Chase

IDR

1,762,046

USD

122

07/20/20

1

JPMorgan

Chase

IDR

1,762,046

USD

122

07/21/20

1

JPMorgan

Chase

JPY

434,608

USD

4,049

08/24/20

21

JPMorgan

Chase

MXN

17,892

USD

783

09/17/20

13

JPMorgan

Chase

MXN

18,409

USD

827

09/17/20

34

JPMorgan

Chase

NOK

8,299

USD

871

09/17/20

9

JPMorgan

Chase

NOK

12,133

USD

1,308

09/17/20

47

JPMorgan

Chase

NZD

6,748

USD

4,383

08/24/20

29

JPMorgan

Chase

PEN

2,909

USD

826

07/01/20

5

JPMorgan

Chase

PEN

2,909

USD

850

07/01/20

28

JPMorgan

Chase

PEN

713

USD

201

07/03/20

—

JPMorgan

Chase

PEN

2,389

USD

696

07/16/20

21

JPMorgan

Chase

PEN

3,463

USD

1,002

07/20/20

25

JPMorgan

Chase

PEN

7,313

USD

2,097

07/22/20

32

JPMorgan

Chase

PEN

2,909

USD

829

08/03/20

8

JPMorgan

Chase

PLN

1,261

USD

317

09/17/20

(1)

JPMorgan

Chase

PLN

1,851

USD

472

09/17/20

5

JPMorgan

Chase

SEK

3,373

USD

359

09/17/20

(4)

JPMorgan

Chase

SEK

5,136

USD

558

09/17/20

7

JPMorgan

Chase

SGD

689

USD

483

08/19/20

(11)

JPMorgan

Chase

SGD

8,494

USD

5,979

08/19/20

(115)

JPMorgan

Chase

THB

25,635

USD

828

07/20/20

(2)

JPMorgan

Chase

THB

25,635

USD

829

07/21/20

(1)

JPMorgan

Chase

THB

88,244

USD

2,846

07/22/20

(9)

JPMorgan

Chase

THB

60,259

USD

1,944

07/27/20

(6)

JPMorgan

Chase

THB

60,259

USD

1,944

07/29/20

(6)

Royal

Bank

of

Canada

USD

21,560

CAD

29,317

08/24/20

37

Royal

Bank

of

Canada

USD

17,893

EUR

15,845

08/24/20

(72)

Royal

Bank

of

Canada

CAD

9,556

USD

6,976

08/24/20

(63)

Royal

Bank

of

Canada

EUR

1,862

USD

2,096

08/24/20

2

UBS

CHF

278

USD

293

08/24/20

(1)

UBS

CHF

20,323

USD

21,409

08/24/20

(74)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(å)

(903)

Interest

Rate

Swap

Contracts

Amounts

in

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Barclays

USD

907

Three

Month

LIBOR

(2)

1.810%

(3)

06/20/24

(11)

(177)

(188)

Barclays

USD

5,040

Three

Month

LIBOR

(5)

1.732%

(3)

10/02/39

—

(74)

(74)

Barclays

MXN

40,840

7.450%

(3)

Mexico

Interbank

28

Day

Deposit

Rate

(1)

10/23/49

17

238

255

Barclays

USD

24,156

Three

Month

LIBOR

(3)

1.550%

(3)

12/18/49

5

(1,589)

(1,584)

Barclays

USD

5,708

Three

Month

LIBOR

(3)

1.850%

(3)

10/11/54

12

(1,246)

(1,234)

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

111

Interest

Rate

Swap

Contracts

Amounts

in

thousands

Counterparty

Notional

Amount

Fund

Receives

Fund

Pays

Termination

Date

Premiums

Paid

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

Barclays

USD

9,140

Three

Month

LIBOR

(5)

1.520%

(3)

11/14/54

31

(696)

(665)

Citigroup

BRL

1,700

7.044%

(5)

Brazil

Interbank

Deposit

Rate

(5)

01/04/27

—

14

14

Citigroup

BRL

2,100

7.024%

(3)

Brazil

Interbank

Deposit

Rate

(5)

01/04/27

—

16

16

Citigroup

BRL

2,400

7.024%

(5)

Brazil

Interbank

Deposit

Rate

(5)

01/04/27

1

18

19

Citigroup

BRL

2,631

7.024%

(5)

Brazil

Interbank

Deposit

Rate

(5)

01/04/27

2

19

21

JPMorgan

Chase

HUF

269,360

Six

Month

BUBOR

(2)

0.930%

(4)

04/05/27

—

3

3

JPMorgan

Chase

HUF

627,060

Six

Month

BUBOR

(1)

1.848%

(4)

04/05/27

—

(120)

(120)

Merrill

Lynch

USD

11,733

0.600%

(3)

Three

Month

LIBOR

(2)

03/23/22

2

91

93

Merrill

Lynch

USD

32,807

0.380%

(3)

Three

Month

LIBOR

(2)

08/31/24

9

138

147

Merrill

Lynch

USD

2,848

0.100%

(3)

Federal

Fund

Effective

Rate

(2)

11/30/24

2

4

6

Merrill

Lynch

USD

6,830

0.700%

(3)

Three

Month

LIBOR

(2)

03/23/25

(6)

146

140

Merrill

Lynch

USD

1,276

Three

Month

LIBOR

(2)

1.650%

(3)

11/15/26

(5)

(97)

(102)

Merrill

Lynch

USD

3,573

Three

Month

LIBOR

(2)

1.600%

(3)

11/15/26

1

(274)

(273)

Merrill

Lynch

USD

7,588

Three

Month

LIBOR

(2)

0.750%

(3)

02/15/27

1

(158)

(157)

Merrill

Lynch

USD

9,310

0.770%

(3)

Three

Month

LIBOR

(2)

03/24/27

69

153

222

Merrill

Lynch

USD

6,024

Federal

Fund

Effective

Rate

(2)

0.260%

(3)

05/15/27

(20)

7

(13)

Merrill

Lynch

USD

1,009

Three

Month

LIBOR

(2)

0.900%

(3)

03/17/50

17

(14)

3

Merrill

Lynch

USD

516

Three

Month

LIBOR

(2)

1.791%

(3)

03/18/50

—

17

17

Merrill

Lynch

USD

519

Three

Month

LIBOR

(2)

1.818%

(3)

03/19/50

—

13

13

Total

Open

Interest

Rate

Swap

Contracts

(å)

127

(3,568)

(3,441)

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

Merrill

Lynch

Sell

USD

4,513

5.000%

(2)

06/20/25

(282)

256

(26)

CDX

NA

High

Yield

Index

Goldman

Sachs

Sell

USD

85,000

1.000%

(2)

06/20/25

462

553

1,015

CDX

NA

Investment

Grade

Index

Merrill

Lynch

Sell

USD

9,690

1.000%

(2)

06/20/25

(105)

221

116

Total

Open

Credit

Indices

Contracts

(å)

75

1,030

1,105

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

112

Strategic

Bond

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

%

of

Net

Assets

Long-Term

Investments

Asset-Backed

Securities

$

—

$

60,197

$

—

$

—

$

60,197

6.9

Corporate

Bonds

and

Notes

—

221,123

—

—

221,123

25.4

International

Debt

—

8

8

,

106

—

—

8

8

,

106

10.1

Loan

Agreements

—

12,037

—

—

12,037

1.4

Mortgage-Backed

Securities

—

240,378

101

—

240,479

27.7

Non-US

Bonds

—

39

,

868

—

—

39

,

868

4.6

United

States

Government

Treasuries

—

80,593

—

—

80,593

9.3

Common

Stocks

—

—

—

—

—

Short-Term

Investments

—

38,41

2

—

76,27

0

114,682

13.2

Total

Investments

—

780,71

4

101

76,27

0

857,085

98.6

Other

Assets

and

Liabilities,

Net

1.4

100.0

Other

Financial

Instruments

Assets

Futures

Contracts

2,

047

—

—

—

2,

047

0.

2

Foreign

Currency

Exchange

Contracts

—

92

1

—

—

92

1

0.1

Interest

Rate

Swap

Contracts

—

969

—

—

969

0.1

Credit

Default

Swap

Contracts

—

1,131

—

—

1,131

0.1

A

Liabilities

Futures

Contracts

(1,

114

)

—

—

—

(1,

114

)

(

0.1

)

Foreign

Currency

Exchange

Contracts

—

(1,82

4

)

—

—

(1,82

4

)

(0.

2

)

Interest

Rate

Swap

Contracts

—

(4,410)

—

—

(4,410)

(0.

5

)

Credit

Default

Swap

Contracts

—

(26)

—

—

(26)

(

—

)

*

Total

Other

Financial

Instruments

**

$

933

$

(3,23

9

)

$

—

$

—

$

(2,

306

)

*

Less

than

0.05%

of

net

assets.

**

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

Financial

Statements.

For

a

disclosure

on

transfers

between

Levels

1,

2

and

3

during

the

period

ended

June

30,

2020,

see

note

2

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

June

30,

2020,

were

less

than

1%

of

net

assets.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

113

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Argentina

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

527

Australia

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

539

Brazil

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

4,179

Canada

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

12,027

Cayman

Islands

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

206

Chile

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

1,667

China

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

1,233

Colombia

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

5,327

Denmark

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

2,616

Finland

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

274

France

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

8,599

Germany

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

1,001

India

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

805

Indonesia

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

4,248

Ireland

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

3,741

Israel

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

279

Italy

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

7,962

Japan

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

2,634

Kazakhstan

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

226

Kuwait

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

234

Liberia

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

201

Luxembourg

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

169

Macao

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

433

Malaysia

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

2,805

Mexico

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

13,012

Netherlands

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

13,534

Norway

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

1,385

Panama

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

728

Peru

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

2,884

Poland

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

571

Qatar

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

984

Russia

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

4,571

Saudi

Arabia

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

798

Singapore

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

6,618

South

Korea

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

801

Spain

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

3,293

Sweden

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

692

Switzerland

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

2,462

Thailand

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

230

United

Arab

Emirates

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

1,767

United

Kingdom

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

14,993

United

States

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

725,830

Total

Investments

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

857,085

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

114

Strategic

Bond

Fund

Russell

Investment

Funds

Strategic

Bond

Fund

Fair

Value

of

Derivative

Instruments

—

June

30,

2020

(Unaudited)

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Credit

Contracts

Foreign

Currency

Contracts

Interest

Rate

Contracts

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

—

$

921

$

—

Variation

margin

on

futures

contracts*

—

—

2,047

Interest

rate

swap

contracts,

at

fair

value

—

—

969

Credit

default

swap

contracts,

at

fair

value

1,131

—

—

Total

$

1,131

$

921

$

3,016

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts*

$

—

$

—

$

1,114

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

1,824

—

Interest

rate

swap

contracts,

at

fair

value

—

—

4,410

Credit

default

swap

contracts,

at

fair

value

26

—

—

Total

$

26

$

1,824

$

5,524

Derivatives

not

accounted

for

as

hedging

instruments

Credit

Contracts

Foreign

Currency

Contracts

Interest

Rate

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Investments**

$

—

$

—

$

(186)

Futures

contracts

—

—

27,017

Options

written

—

—

786

Interest

rate

swap

contracts

—

—

(2,168)

Credit

default

swap

contracts

(2,533)

—

—

Foreign

currency

exchange

contracts

—

(1,958)

—

Total

$

(2,533)

$

(1,958)

$

25,449

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Investments***

$

—

$

—

$

4

Futures

contracts

—

—

3,762

Options

written

—

—

(19)

Interest

rate

swap

contracts

—

—

(4,836)

Credit

default

swap

contracts

499

—

—

Foreign

currency

exchange

contracts

—

(597)

—

Total

$

499

$

(597)

$

(1,089)

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

**

Includes

net

realized

gain

(loss)

on

purchased

options

as

reported

in

the

Statement

of

Operations.

***

Includes

net

change

in

unrealized

appreciation

/(

depreciation)

on

purchased

options

as

reported

in

the

Statement

of

Operations.

For

further

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

Strategic

Bond

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

115

Amounts

in

thousands

word

Offsetting

of

Financial

Assets

and

Derivative

Assets

Description

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

921

$

—

$

921

Interest

Rate

Swap

Contracts

Interest

rate

swap

contracts,

at

fair

value

969

—

969

Credit

Default

Swap

Contracts

Credit

default

swap

contracts,

at

fair

value

1,131

—

1,131

Total

Financial

and

Derivative

Assets

3,021

—

3,021

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

(2,030)

—

(2,030)

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

991

$

—

$

991

Financial

Assets,

Derivative

Assets,

and

Collateral

Held

by

Counterparty

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Counterparty

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Received^

Net

Amount

Bank

of

America

$

50

$

50

$

—

$

—

Bank

of

New

York

131

58

—

73

BNP

Paribas

10

0

57

—

4

3

Citigroup

75

68

—

7

Goldman

Sachs

90

2

—

88

JPMorgan

Chase

506

506

—

—

Royal

Bank

of

Canada

39

39

—

—

Total

$

99

1

$

780

$

—

$

21

1

Russell

Investment

Funds

Strategic

Bond

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

116

Strategic

Bond

Fund

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Description

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Gross

Amounts

of

Recognized

Liabilities

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

1,824

$

—

$

1,824

Interest

Rate

Swap

Contracts

Interest

rate

swap

contracts,

at

fair

value

4,410

—

4,410

Credit

Default

Swap

Contracts

Credit

default

swap

contracts,

at

fair

value

26

—

26

Total

Financial

and

Derivative

Liabilities

6,260

—

6,260

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

(4,436)

—

(4,436)

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

1,824

$

—

$

1,824

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Counterparty

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Pledged^

Net

Amount

Bank

of

America

$

10

8

$

50

$

58

$

—

Bank

of

New

York

58

58

—

—

BNP

Paribas

57

57

—

—

Citigroup

322

68

—

254

Goldman

Sachs

2

2

—

—

JPMorgan

Chase

1,067

506

560

1

Royal

Bank

of

Canada

135

39

—

96

UBS

75

—

—

75

Total

$

1,82

4

$

780

$

618

$

42

6

^      Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

Strategic

Bond

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

117

Statement

of

Assets

and

Liabilities

—

June

30,

2020

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

83

8

,

968

Investments,

at

fair

value(>)

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

857,085

Cash

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

4,436

Foreign

currency

holdings(^)

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

2,629

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

921

Receivables:

Dividends

and

interest

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

4,677

Dividends

from

affiliated

funds

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

18

Investments

sold

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

4,567

Fund

shares

sold

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

231

From

broker(a)(b)(c)

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

15,901

Variation

margin

on

futures

contracts

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

1,009

Prepaid

expenses

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

4

Interest

rate

swap

contracts,

at

fair

value(•)

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

969

Credit

default

swap

contracts,

at

fair

value(+)

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

1,131

Total

assets

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

893,578

Liabilities

Payables:

Due

to

broker

(d)

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

100

Investments

purchased

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

16,927

Fund

shares

redeemed

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

9

Accrued

fees

to

affiliates

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

430

Other

accrued

expenses

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

160

Variation

margin

on

futures

contracts

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

66

Deferred

capital

gains

tax

liability

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

2

Unfunded

loan

commitment

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

19

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

1,824

Interest

rate

swap

contracts,

at

fair

value(•)

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

4,410

Credit

default

swap

contracts,

at

fair

value(+)

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

26

Total

liabilities

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

23,973

Net

Assets

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

$

869,605

Russell

Investment

Funds

Strategic

Bond

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

118

Strategic

Bond

Fund

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2020

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

43,229

Shares

of

beneficial

interest

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

791

Additional

paid-in

capital

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

825,585

Net

Assets

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

$

869,605

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

11.00

Net

assets

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

$

869,605,128

Shares

outstanding

($.01

par

value)

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

79,081,726

Amounts

in

thousands

(^)    

Foreign

currency

holdings

-

cost

$

2,619

(+)    

Credit

default

swap

contracts

-

premiums

paid

(received)

$

75

(•)    

Interest

rate

swap

contracts

-

premiums

paid

(received)

$

127

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

76,270

(a)    

Receivable

from

Broker

for

Futures

$

8,707

(b)    

Receivable

from

Broker

for

Swaps

$

6,364

(c)    

Receivable

from

Broker

for

Forwards

$

830

(d)    

Due

to

Broker

for

Swaps

$

100

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

Strategic

Bond

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

119

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2020

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

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

$

13

Dividends

from

affiliated

funds

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

194

Interest

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

11,

844

Total

investment

income

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

12,

05

1

Expenses

Advisory

fees

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

2,445

Administrative

fees

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

222

Custodian

fees

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

167

Transfer

agent

fees

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

20

Professional

fees

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

79

Trustees’

fees

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

19

Printing

fees

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

63

Miscellaneous

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

13

Total

expenses

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

3,028

Net

investment

income

(loss)

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

9,

023

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

(net

of

deferred

tax

liability

for

foreign

capital

gains

taxes)

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

12,4

9

5

Futures

contracts

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

27,017

Options

written

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

786

Foreign

currency

exchange

contracts

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

(1,958)

Interest

rate

swap

contracts

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

(2,168)

Credit

default

swap

contracts

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

(2,533)

Foreign

currency-related

transactions

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

322

Net

realized

gain

(loss)

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

33,9

6

1

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

(net

of

deferred

tax

liability

for

foreign

capital

gains

taxes)

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

69

Investments

in

affiliated

funds

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

(3)

Futures

contracts

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

3,762

Options

written

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

(19)

Foreign

currency

exchange

contracts

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

(597)

Interest

rate

swap

contracts

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

(4,836)

Credit

default

swap

contracts

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

499

Foreign

currency-related

transactions

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

(8

0

)

Net

change

in

unrealized

appreciation

(depreciation)

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

(1,2

05

)

Net

realized

and

unrealized

gain

(loss)

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

32,7

5

6

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

41,779

Russell

Investment

Funds

Strategic

Bond

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

120

Strategic

Bond

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2020

(Unaudited)

Fiscal

Year

Ended  

December

31,

2019

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

9,

023

$

22,858

Net

realized

gain

(loss)

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

33,9

6

1

35,561

Net

change

in

unrealized

appreciation

(depreciation)

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

(1,2

05

)

20,909

Net

increase

(decrease)

in

net

assets

from

operations

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

41,779

79,328

Distributions

To

shareholders

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

(7,529)

(36,716)

Net

decrease

in

net

assets

from

distributions

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

(7,529)

(36,716)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(82,415)

(3,503)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

(48,165)

39,109

Net

Assets

Beginning

of

period

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

917,770

878,661

End

of

period

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

$

869,605

$

917,770

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2020

and

December

31,

2019

were

as

follows:

2020

(Unaudited)

2019

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

1,620

$

17,374

2,937

$

30,89

5

Proceeds

from

reinvestment

of

distributions

718

7,529

3,485

36,716

Payments

for

shares

redeemed

(10,197)

(107,318)

(6,759)

(71,114)

Total

increase

(decrease)

(7,859)

$

(82,415)

(337)

$

(3,503)

Russell

Investment

Funds

Strategic

Bond

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

122

For

a

Share

Outstanding

Throughout

Each

Period.

$

Net

Asset

Value,

Beginning

of

Period

$

Net

Investment

Income

(Loss)

(a)

$

Net

Realized

and

Unrealized

Gain

(Loss)

$

Total

from

Investment

Operations

$

Distributions

from

Net

Investment

Income

$

Distributions

from

Net

Realized

Gain

June

30,

2020(1)

10.56

.11

.42

.53

(.09)

—

December

31,

2019

10.07

.27

.65

.92

(.29)

(.14)

December

31,

2018

10.37

.25

(.34)

(.09)

(.21)

—

December

31,

2017

10.12

.20

.19

.39

(.14)

—

December

31,

2016

10.27

.18

.14

.32

(.17)

(.30)

December

31,

2015

10.66

.16

(.17)

(.01)

(.26)

(.12)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

123

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(d)(f)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

(e)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(e)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(e)

%

Portfolio

Turnover

Rate

(d)

(.09)

11.00

5.05

869,605

.68

.68

2.05

61

(.43)

10.56

9.19

917,770

.68

.68

2.52

116

(.21)

10.07

(.81)

878,661

.67

.67

2.44

96

(.14)

10.37

3.86

907,367

.67

.66

1.89

143

(.47)

10.12

3.10

850,722

.67

.65

1.72

262

(.38)

10.27

(.14)

855,909

.67

.64

1.49

225

Russell

Investment

Funds

Strategic

Bond

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

124

Strategic

Bond

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

for

the

period

ended

June

30,

2020

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2020

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2020

,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation),

undistributed

ordinary

income

and

undistributed

long-term

capital

gains

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

390,448

Administration

fees

35,495

Transfer

agent

fees

3,124

Trustee

fees

530

$

429,597

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

16,804

$

442,528

$

383,059

$

—

$

(3

)

$

76,270

$

194

$

—

$

16,804

$

442,528

$

383,059

$

—

$

(3

)

$

76,270

$

194

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

844,342,524

$

23,025,418

$

(12,676,191)

$

10,349,227

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Shareholder

Expense

Example

—

June

30,

2020

(Unaudited)

Global

Real

Estate

Securities

Fund

125

Fund

Expenses

The

following

disclosure

provides

important

information

regarding

the

Fund’s

Shareholder

Expense

Example

(“Example”).

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

advisory

and

administrative

fees

and

other

Fund

expenses.

The

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

indicated,

which

for

this

Fund

is

from

January

1,

2020

to

June

30,

2020

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

January

1,

2020

$

1,000

.00

$

1,000

.00

Ending

Account

Value

June

30,

2020

$

811

.20

$

1,020

.29

Expenses

Paid

During

Period*

$

4

.14

$

4

.62

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

0.92%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period).

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

126

Global

Real

Estate

Securities

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

92.0%

Australia

-

3.3%

BGP

Holdings

PLC(Æ)(Š)

926,311

—

Charter

Hall

Group

-

ADR(ö)

602,868

4,101

Goodman

Group(ö)

344,035

3,541

GPT

Group

(The)(ö)

1,588,848

4,593

Growthpoint

Properties

Australia,

Ltd.(ö)

489,729

1,085

Mirvac

Group(ö)

4,970,807

7,482

Scentre

Group(ö)

1,057,735

1,593

Shopping

Centres

Australasia

Property

Group(ö)

1,019,294

1,538

Stockland(ö)

773,887

1,778

Waypoint

REIT,

Ltd.(Æ)(ö)

530,556

954

26,665

Austria

-

0.0%

CA

Immobilien

Anlagen

AG

5,352

178

Belgium

-

1.0%

Aedifica

(ö)

34,404

3,756

VGP

NV

9,571

1,221

Warehouses

De

Pauw

CVA(ö)

104,820

2,858

7,835

Canada

-

2.3%

Allied

Properties

Real

Estate

Investment

Trust(ö)

104,799

3,162

Boardwalk

Real

Estate

Investment

Trust(ö)

99,957

2,187

Canadian

Apartment

Properties(ö)

120,984

4,330

Granite

Real

Estate

Investment

Trust(ö)

78,847

4,069

InterRent

Real

Estate

Investment

Trust(Ñ)(ö)

213,534

2,254

RioCan

Real

Estate

Investment

Trust(ö)

212,109

2,400

18,402

China

-

0.3%

China

Overseas

Land

&

Investment,

Ltd.

434,000

1,310

China

Resources

Land,

Ltd.

340,000

1,285

2,595

France

-

1.6%

ARGAN

SA(ö)

23,422

2,140

Covivio

(ö)

26,496

1,918

Gecina

SA(ö)

44,366

5,476

Klepierre

SA

-

GDR(Ñ)(ö)

180,942

3,600

13,134

Germany

-

5.4%

Alstria

Office

REIT-AG(ö)

210,618

3,137

Aroundtown

SA(Æ)

84,195

482

Deutsche

Wohnen

SE

286,643

12,859

Instone

Real

Estate

Group

AG(Æ)(Þ)

81,133

1,758

LEG

Immobilien

AG

27,749

3,520

Vonovia

SE

353,905

21,680

43,436

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hong

Kong

-

5.8%

ESR

Cayman,

Ltd.(Æ)(Þ)

1,666,800

3,954

Hang

Lung

Properties,

Ltd.

-

ADR

2,005,000

4,753

Link

Real

Estate

Investment

Trust(ö)

1,182,000

9,645

New

World

Development

Co.,

Ltd.

2,816,750

13,388

Sino

Land

Co.,

Ltd.

354,000

446

Sun

Hung

Kai

Properties,

Ltd.

775,500

9,883

Swire

Properties,

Ltd.

1,514,000

3,845

45,914

India

-

0.1%

Ascendas

India

Trust

431,600

419

Japan

-

10.8%

Activia

Properties,

Inc.(ö)

2,103

7,325

Advance

Residence

Investment

Corp.(ö)

113

337

Daibiru

Corp.

215,300

1,967

Daiwa

House

REIT

Investment

Corp.(ö)

1,440

3,391

Daiwa

Securities

Living

Investments

Corp.(ö)

3,603

3,354

Frontier

Real

Estate

Investment

Corp.(ö)

136

430

Global

One

Real

Estate

Investment

Corp.(ö)

3,820

3,538

GLP

J-REIT(Æ)(ö)

2,769

4,021

Hulic

REIT,

Inc.(ö)

3,225

4,010

Japan

Prime

Realty

Investment

Corp.(ö)

944

2,782

Kenedix

Retail

REIT

Corp.(ö)

1,419

2,671

Mitsubishi

Estate

Co.,

Ltd.

909,400

13,522

Mitsui

Fudosan

Co.,

Ltd.

643,700

11,406

MORI

Trust

Hotel

REIT,

Inc.(ö)

2,065

1,885

MORI

Trust

Sogo

REIT,

Inc.(ö)

1,950

2,402

Nippon

Building

Fund,

Inc.(ö)

731

4,161

Nippon

REIT

Investment

Corp.(ö)

960

3,125

Nomura

Real

Estate

Master

Fund,

Inc.(ö)

3,705

4,450

Orix

JREIT,

Inc.(ö)

233

306

Premier

Investment

Corp.(ö)

123

137

Sumitomo

Realty

&

Development

Co.,

Ltd.

214,300

5,893

Tokyu

Fudosan

Holdings

Corp.

300,900

1,408

United

Urban

Investment

Corp.(ö)

2,437

2,620

XYMAX

REIT

Investment

Corp.(ö)

1,490

1,261

86,402

Netherlands

-

0.7%

Unibail

-

Rodamco

-Westfield(Ñ)(ö)

92,460

5,201

Norway

-

0.2%

Entra

ASA(Þ)

116,067

1,483

Singapore

-

3.2%

CapitaLand

Mall

Trust

Class

A(Æ)(ö)

2,141,700

3,020

CapitaLand,

Ltd.

1,952,100

4,100

City

Developments,

Ltd.

491,800

2,980

Keppel

DC

REIT(ö)

1,845,700

3,367

Mapletree

Industrial

Trust(Æ)(ö)

3,686,300

7,661

Mapletree

Logistics

Trust(ö)

910,000

1,270

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

127

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Parkway

Life

Real

Estate

Investment

Trust(Æ)(ö)

1,139,000

2,742

25,140

Spain

-

0.4%

Arima

Real

Estate

Socimi

SA(Æ)(ö)

126,492

1,250

Inmobiliaria

Colonial

Socimi

SA(ö)

256,792

2,259

3,509

Sweden

-

1.9%

Castellum

AB

285,467

5,327

Catena

AB

45,436

1,788

Fabege

AB

291,480

3,402

Fastighets

AB

Balder

Class

B(Æ)

116,345

4,427

14,944

Switzerland

-

0.0%

PSP

Swiss

Property

AG

2,688

302

United

Kingdom

-

4.5%

Assura

PLC(ö)

2,254,695

2,193

Big

Yellow

Group

PLC(ö)

148,624

1,848

British

Land

Co.

PLC

(The)(ö)

519,453

2,484

Derwent

London

PLC(ö)

73,912

2,540

Grainger

PLC

1,102,954

3,905

Great

Portland

Estates

PLC(ö)

26,196

205

LondonMetric

Property

PLC(ö)

777,546

2,028

PRS

REIT

PLC

(The)(ö)

1,249,155

1,151

Safestore

Holdings

PLC(ö)

180,330

1,621

Segro

PLC(ö)

928,195

10,281

Tritax

EuroBox

PLC(Þ)

953,426

1,205

UNITE

Group

PLC

(The)(ö)

453,249

5,275

Urban

&

Civic

PLC

446,990

1,290

36,026

United

States

-

50.5%

Agree

Realty

Corp.(Ñ)(ö)

157,564

10,354

Alexandria

Real

Estate

Equities,

Inc.(ö)

73,894

11,989

American

Homes

4

Rent

Class

A(ö)

168,997

4,546

American

Tower

Corp.(ö)

26,959

6,970

Americold

Realty

Trust(ö)

83,501

3,031

Apple

Hospitality

REIT,

Inc.(ö)

367,466

3,550

Boston

Properties,

Inc.(ö)

27,942

2,525

Boyd

Gaming

Corp.

90,198

1,885

Cousins

Properties,

Inc.(ö)

211,242

6,301

CyrusOne

,

Inc.(ö)

75,157

5,468

Digital

Realty

Trust,

Inc.(Ñ)(ö)

59,223

8,416

Duke

Realty

Corp.(ö)

141,499

5,008

EastGroup

Properties,

Inc.(ö)

55,527

6,586

Empire

State

Realty

Trust,

Inc.

Class

A(ö)

29,553

207

Equinix

,

Inc.(Æ)(ö)

21,473

15,080

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

122,328

7,643

Equity

Residential(ö)

23,911

1,406

Essential

Properties

Realty

Trust,

Inc.(ö)

311,111

4,617

Essex

Property

Trust,

Inc.(ö)

74,387

17,047

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Extra

Space

Storage,

Inc.(ö)

118,669

10,961

Gaming

and

Leisure

Properties,

Inc.(ö)

153,461

5,310

Healthcare

Trust

of

America,

Inc.

Class

A(ö)

195,744

5,191

Healthpeak

Properties,

Inc.(ö)

201,065

5,541

Highwoods

Properties,

Inc.(ö)

172,510

6,440

Hilton

Worldwide

Holdings,

Inc.

39,194

2,879

Hyatt

Hotels

Corp.

Class

A(Ñ)

52,007

2,615

Invitation

Homes,

Inc.(ö)

619,845

17,064

Kilroy

Realty

Corp.(ö)

75,766

4,447

Kimco

Realty

Corp.(ö)

1,006,197

12,920

Life

Storage,

Inc.(Æ)(ö)

54,791

5,202

Medical

Properties

Trust,

Inc.(ö)

445,870

8,382

Mid-America

Apartment

Communities,

Inc.(ö)

95,440

10,944

Omega

Healthcare

Investors,

Inc.(ö)

290,908

8,649

Pebblebrook

Hotel

Trust(ö)

67,539

923

Prologis,

Inc.(ö)

497,586

46,441

Public

Storage(ö)

85,912

16,486

Realty

Income

Corp.(ö)

164,043

9,761

Regency

Centers

Corp.(ö)

149,160

6,845

Rexford

Industrial

Realty,

Inc.(ö)

139,307

5,771

Sabra

Health

Care

REIT,

Inc.(ö)

185,748

2,680

SBA

Communications

Corp.(ö)

13,375

3,985

Simon

Property

Group,

LP(ö)

252,321

17,255

Sun

Communities,

Inc.(ö)

51,562

6,996

UDR,

Inc.(ö)

353,453

13,212

Ventas,

Inc.(ö)

294,955

10,801

VICI

Properties,

Inc.(ö)

374,796

7,567

Welltower

,

Inc.(ö)

482,554

24,974

402,871

Total

Common

Stocks

(cost

$687,719)

734,456

Short-Term

Investments

-

6.6%

United

States

-

6.6%

U.S.

Cash

Management

Fund(@)

52,506,132

(∞)

52,501

Total

Short-Term

Investments

(cost

$52,503)

52,501

Other

Securities

-

2.5%

U.S.

Cash

Collateral

Fund(@)(x)

19,664,155

(∞)

19,664

Total

Other

Securities

(cost

$19,664)

19,664

Total

Investments

-

101.1%

(identified

cost

$759,886)

806,621

Other

Assets

and

Liabilities,

Net

-

(1.1%)

(8,925)

Net

Assets

-

100.0%

797,696

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

128

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)

$

1.1%

Entra

ASA

08/04/15

NOK

116,067

9.60

1,115

1,483

ESR

Cayman,

Ltd.

11/12/19

HKD

1,666,800

2.22

3,694

3,954

Instone

Real

Estate

Group

AG

03/28/19

EUR

81,133

22.93

1,860

1,758

Tritax

EuroBox

PLC

07/04/18

GBP

953,426

1.16

1,109

1,205

8,400

For

a

description

of

restricted

securities

see

note

7

in

the

Notes

to

Financial

Statements.

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

998

USD

30,918

09/20

(538)

FTSE/EPRA

Europe

Index

Futures

441

EUR

8,375

09/20

(523)

Hang

Seng

Index

Futures

22

HKD

26,672

07/20

(35)

MSCI

Singapore

Index

Futures

83

SGD

2,456

07/20

(11)

S&P/TSX

60

Index

Futures

11

CAD

2,043

09/20

21

SPI

200

Index

Futures

18

AUD

2,651

09/20

4

TOPIX

Index

Futures

43

JPY

670,154

09/20

(256)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(1,338)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

EUR

715

USD

801

09/16/20

(3)

Bank

of

America

HKD

2,161

USD

279

09/16/20

—

Bank

of

America

JPY

109,058

USD

1,022

09/16/20

10

Bank

of

New

York

USD

407

AUD

581

09/16/20

(6)

Bank

of

New

York

USD

341

CAD

457

09/16/20

(5)

Bank

of

New

York

USD

2,627

EUR

2,309

09/16/20

(29)

Bank

of

New

York

USD

933

HKD

7,234

09/16/20

—

Bank

of

New

York

USD

1,638

JPY

175,340

09/16/20

(12)

Bank

of

New

York

USD

474

SGD

655

09/16/20

(3)

Citigroup

USD

407

AUD

581

09/16/20

(6)

Citigroup

USD

340

CAD

457

09/16/20

(4)

Citigroup

USD

2,631

EUR

2,309

09/16/20

(31)

Citigroup

USD

933

HKD

7,234

09/16/20

—

Citigroup

USD

1,638

JPY

175,340

09/16/20

(12)

Citigroup

USD

474

SGD

655

09/16/20

(3)

JPMorgan

Chase

USD

407

AUD

581

09/16/20

(6)

JPMorgan

Chase

USD

341

CAD

457

09/16/20

(4)

JPMorgan

Chase

USD

2,630

EUR

2,309

09/16/20

(32)

JPMorgan

Chase

USD

933

HKD

7,234

09/16/20

—

JPMorgan

Chase

USD

1,637

JPY

175,340

09/16/20

(11)

JPMorgan

Chase

USD

473

SGD

655

09/16/20

(3)

Royal

Bank

of

Canada

USD

870

AUD

1,269

07/01/20

6

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

129

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Royal

Bank

of

Canada

USD

407

AUD

581

09/16/20

(6)

Royal

Bank

of

Canada

USD

341

CAD

457

09/16/20

(5)

Royal

Bank

of

Canada

USD

2,633

EUR

2,309

09/16/20

(35)

Royal

Bank

of

Canada

USD

1,375

HKD

10,657

07/02/20

—

Royal

Bank

of

Canada

USD

933

HKD

7,234

09/16/20

—

Royal

Bank

of

Canada

USD

365

JPY

39,208

07/01/20

(2)

Royal

Bank

of

Canada

USD

246

JPY

26,289

09/16/20

(2)

Royal

Bank

of

Canada

USD

1,637

JPY

175,340

09/16/20

(11)

Royal

Bank

of

Canada

USD

474

SGD

655

09/16/20

(3)

Royal

Bank

of

Canada

AUD

315

USD

217

09/16/20

—

Royal

Bank

of

Canada

EUR

844

USD

947

07/01/20

(1)

Royal

Bank

of

Canada

EUR

223

USD

250

09/16/20

—

Royal

Bank

of

Canada

EUR

235

USD

266

09/16/20

2

Royal

Bank

of

Canada

EUR

448

USD

509

09/16/20

4

Royal

Bank

of

Canada

HKD

5,723

USD

738

07/06/20

—

Royal

Bank

of

Canada

JPY

16,329

USD

152

09/16/20

1

Royal

Bank

of

Canada

SGD

536

USD

384

07/01/20

—

Standard

Chartered

USD

433

AUD

629

09/16/20

1

Standard

Chartered

USD

147

CAD

198

09/16/20

—

Standard

Chartered

USD

817

EUR

726

09/16/20

(1)

Standard

Chartered

USD

735

JPY

78,550

09/16/20

(7)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(219)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

%

of

Net

Assets

Common

Stocks

Australia

$

—

$

26,665

$

—

$

—

$

26,665

3

.3

Austria

—

178

—

—

178

—

*

Belgium

—

7,835

—

—

7,835

1

.0

Canada

18,402

—

—

—

18,402

2

.3

China

—

2,595

—

—

2,595

0

.3

France

—

13,134

—

—

13,134

1

.6

Germany

—

43,436

—

—

43,436

5

.4

Hong

Kong

—

45,914

—

—

45,914

5

.8

India

—

419

—

—

419

0

.1

Japan

—

86,402

—

—

86,402

10

.8

Netherlands

—

5,201

—

—

5,201

0

.7

Norway

—

1,483

—

—

1,483

0

.2

Singapore

—

25,140

—

—

25,140

3

.2

Spain

—

3,509

—

—

3,509

0

.4

Sweden

—

14,944

—

—

14,944

1

.9

Switzerland

—

302

—

—

302

—

*

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

130

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

%

of

Net

Assets

United

Kingdom

—

36,026

—

—

36,026

4

.5

United

States

402,871

—

—

—

402,871

50

.5

Short-Term

Investments

—

—

—

52,501

52,501

6

.6

Other

Securities

—

—

—

19,664

19,664

2

.5

Total

Investments

421,273

313,183

—

72,165

806,621

101

.1

Other

Assets

and

Liabilities,

Net

(1

.1)

100

.0

Other

Financial

Instruments

Assets

Futures

Contracts

25

—

—

—

25

—

*

Foreign

Currency

Exchange

Contracts

6

18

—

—

24

—

*

A

Liabilities

Futures

Contracts

(1,363

)

—

—

—

(1,363

)

(0

.2)

Foreign

Currency

Exchange

Contracts

(2

)

(241

)

—

—

(243

)

(—)

*

Total

Other

Financial

Instruments

**

$

(1,334

)

$

(223

)

$

—

$

—

$

(1,557

)

*

Less

than

0.05%

of

net

assets.

**

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

Financial

Statements.

For

a

disclosure

on

transfers

between

Levels

1,

2

and

3

during

the

period

ended

June

30,

2020,

see

note

2

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

June

30,

2020,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Property

Sector

Exposure

Fair

Value

$

Diversified

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

230,027

Healthcare

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

71,152

Industrial

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

104,821

Lodging/Resorts

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

11,852

Office

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

59,331

Office

Mixed

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

1,504

Residential

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

142,182

Retail

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

77,469

Self

Storage

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

36,118

Short-Term

Investments

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

52,501

Other

Securities

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

19,664

Total

Investments

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

806,621

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Fair

Value

of

Derivative

Instruments

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

131

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Equity

Contracts

Foreign

Currency

Contracts

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

—

$

24

Variation

margin

on

futures

contracts*

25

—

Total

$

25

$

24

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts*

$

1,363

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

243

Total

$

1,363

$

243

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Foreign

Currency

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

4,312

$

—

Foreign

currency

exchange

contracts

—

386

Total

$

4,312

$

386

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(2,015)

$

—

Foreign

currency

exchange

contracts

—

(343)

Total

$

(2,015)

$

(343)

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

132

Global

Real

Estate

Securities

Fund

Amounts

in

thousands

Offsetting

of

Financial

Assets

and

Derivative

Assets

Description

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Securities

on

Loan*

Investments,

at

fair

value

$

19,170

$

—

$

19,170

Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

24

—

24

Total

Financial

and

Derivative

Assets

19,194

—

19,194

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

(5)

—

(5)

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

19,189

$

—

$

19,189

Financial

Assets,

Derivative

Assets,

and

Collateral

Held

by

Counterparty

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Counterparty

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Received^

Net

Amount

Bank

of

America

$

9

$

3

$

—

$

6

Barclays

412

—

412

—

Citigroup

7,945

—

7,944

1

Credit

Suisse

6,204

—

6,204

—

Fidelity

619

—

619

—

JPMorgan

Chase

104

—

103

1

Merrill

Lynch

2,913

—

2,913

—

Morgan

Stanley

975

—

975

—

Royal

Bank

of

Canada

7

7

—

—

Standard

Chartered

1

1

—

—

Total

$

19,189

$

11

$

19,170

$

8

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

133

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Description

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Gross

Amounts

of

Recognized

Liabilities

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

243

$

—

$

243

Total

Financial

and

Derivative

Liabilities

243

—

243

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

(2)

—

(2)

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

241

$

—

$

241

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Counterparty

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Pledged^

Net

Amount

Bank

of

America

$

3

$

3

$

—

$

—

Bank

of

New

York

54

—

—

54

Citigroup

57

—

—

57

JPMorgan

Chase

56

—

—

56

Royal

Bank

of

Canada

63

7

—

56

Standard

Chartered

8

1

—

7

Total

$

241

$

11

$

—

$

230

*      

Fair

value

of

securities

on

loan

as

reported

in

the

footnotes

to

the

Statement

of

Assets

and

Liabilities.

^      Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

134

Global

Real

Estate

Securities

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2020

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

759,886

Investments,

at

fair

value(*)(>)

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

806,621

Foreign

currency

holdings(^)

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

3,573

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

24

Receivables:

Dividends

and

interest

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

2,540

Dividends

from

affiliated

funds

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

11

Investments

sold

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

6,000

Fund

shares

sold

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

49

Foreign

capital

gains

taxes

recoverable

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

183

From

broker(a)

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

7,356

Prepaid

expenses

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

4

Total

assets

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

826,361

Liabilities

Payables:

Investments

purchased

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

6,544

Fund

shares

redeemed

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

141

Accrued

fees

to

affiliates

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

574

Other

accrued

expenses

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

166

Variation

margin

on

futures

contracts

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

1,333

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

243

Payable

upon

return

of

securities

loaned

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

19,664

Total

liabilities

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

28,665

Net

Assets

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

$

797,696

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

135

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2020

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

(56,571)

Shares

of

beneficial

interest

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

641

Additional

paid-in

capital

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

853,626

Net

Assets

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

$

797,696

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

12.44

Net

assets

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

$

797,696,126

Shares

outstanding

($.01

par

value)

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

64,141,231

Amounts

in

thousands

(^)    

Foreign

currency

holdings

-

cost

$

3,589

(*)    

Securities

on

loan

included

in

investments

$

19,170

(>)    

Investments

in

affiliates,

U.S.

Cash

Management

Fund

and

U.S.

Cash

Collateral

Fund

$

72,165

(a)    

Receivable

from

Broker

for

Futures

$

7,356

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

136

Global

Real

Estate

Securities

Fund

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2020

(Unaudited)

Amounts

in

thousands

Investment

Income

Dividends

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

$

11,067

Dividends

from

affiliated

funds

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

188

Securities

lending

income

(net)

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

72

Less

foreign

taxes

withheld

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

(402)

Total

investment

income

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

10,925

Expenses

Advisory

fees

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

3,304

Administrative

fees

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

207

Custodian

fees

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

113

Transfer

agent

fees

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

18

Professional

fees

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

66

Trustees’

fees

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

20

Printing

fees

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

66

Miscellaneous

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

15

Total

expenses

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

3,809

Net

investment

income

(loss)

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

7,116

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

(net

of

deferred

tax

liability

for

foreign

capital

gains

taxes)

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

(66,866)

Futures

contracts

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

4,312

Foreign

currency

exchange

contracts

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

386

Foreign

currency-related

transactions

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

71

Net

realized

gain

(loss)

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

(62,097)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

(net

of

deferred

tax

liability

for

foreign

capital

gains

taxes)

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

(119,

071

)

Futures

contracts

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

(2,015)

Foreign

currency

exchange

contracts

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

(343)

Foreign

currency-related

transactions

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

(

57

)

Net

change

in

unrealized

appreciation

(depreciation)

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

(121,486)

Net

realized

and

unrealized

gain

(loss)

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

(183,583)

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

(176,467)

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

137

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2020

(Unaudited)

Fiscal

Year

Ended  

December

31,

2019

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

7,116

$

15,

772

Net

realized

gain

(loss)

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

(62,097)

15,745

Net

change

in

unrealized

appreciation

(depreciation)

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

(121,486)

143,607

Net

increase

(decrease)

in

net

assets

from

operations

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

(176,467)

175,

124

Distributions

To

shareholders

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

(2,794)

(46,690)

Net

decrease

in

net

assets

from

distributions

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

(2,794)

(46,690)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

25,670

379

Total

Net

Increase

(Decrease)

in

Net

Assets

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

(153,591)

128,813

Net

Assets

Beginning

of

period

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

951,287

822,474

End

of

period

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

$

797,696

$

951,287

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2020

and

December

31,

2019

were

as

follows:

2020

(Unaudited)

2019

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

3,228

$

38,032

1,024

$

15,

653

Proceeds

from

reinvestment

of

distributions

260

2,795

3,076

46,690

Payments

for

shares

redeemed

(1,124)

(15,157)

(4,086)

(61,964)

Total

increase

(decrease)

2,364

$

25,670

14

$

379

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

138

For

a

Share

Outstanding

Throughout

Each

Period.

$

Net

Asset

Value,

Beginning

of

Period

$

Net

Investment

Income

(Loss)

(a)

$

Net

Realized

and

Unrealized

Gain

(Loss)

$

Total

from

Investment

Operations

$

Distributions

from

Net

Investment

Income

$

Distributions

from

Net

Realized

Gain

$

Return

of

Capital

June

30,

2020(1)

15.40

.11

(3.03)

(2.92)

(.04)

—

—

December

31,

2019

13.32

.26

2.60

2.86

(.78)

—

—

December

31,

2018

14.81

.43

(1.26)

(.83)

(.64)

(.02)

—

December

31,

2017

14.00

.29

1.34

1.63

(.54)

(.28)

—

December

31,

2016

14.71

.31

.13

.44

(.57)

(.46)

(.12)

December

31,

2015

15.63

.29

(.25)

.04

(.25)

(.71)

—

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

139

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(d)(f)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

(e)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(e)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(e)

%

Portfolio

Turnover

Rate

(d)

(.04)

12.44

(18.88)

797,696

.92

.92

1.72

59

(.78)

15.40

21.64

951,287

.92

.92

1.72

81

(.66)

13.32

(5.72)

822,474

.92

.92

3.03

78

(.82)

14.81

11.80

899,454

.92

.92

2.09

84

(1.15)

14.00

3.02

800,818

.94

.94

2.06

91

(.96)

14.71

.25

778,091

.93

.93

1.86

64

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

140

Global

Real

Estate

Securities

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

for

the

period

ended

June

30,

2020

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2020

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2020,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation),

undistributed

ordinary

income

and

undistributed

long-term

capital

gains

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

535,975

Administration

fees

33,499

Transfer

agent

fees

2,948

Trustee

fees

1,907

$

574,329

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

U.S.

Cash

Management

Fund

$

37,832

$

184,388

$

169,719

$

—

$

—

$

52,501

$

188

$

—

U.S.

Cash

Collateral

Fund

29,944

134,452

144,732

—

—

19,664

165

—

$

67,776

$

318,840

$

314,451

$

—

$

—

$

72,165

$

353

$

—

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

818,439,566

$

10,876,200

$

(24,251,435)

$

(13,375,235)

Russell

Investment

Funds

Notes

to

Schedules

of

Investments

—

June

30,

2020

(Unaudited)

Notes

to

Schedules

of

Investments

141

Footnotes:

Abbreviations:

(Æ)

Non-income-producing

security.

(ö)

Real

Estate

Investment

Trust

(REIT).

(§)

All

or

a

portion

of

the

shares

of

this

security

are

pledged

as

collateral

in

connection

with

futures

contracts

purchased

(sold),

options

written,

or

swaps

entered

into

by

the

Fund.

(ž

)

Rate

noted

is

yield-to-maturity

from

date

of

acquisition.

(ç)

At

amortized

cost,

which

approximates

market.

(Ê)

Variable,

adjustable

or

floating

rate

security.

Rate

shown

reflects

rate

in

effect

at

period

end.

(Ï)

Forward

commitment.

(ƒ)

Perpetual

floating

rate

security.

Rate

shown

reflects

rate

in

effect

at

period

end.

(µ)

Bond

is

insured

by

a

guarantor.

(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.

(Ø)

In

default.

(x)

The

security

is

purchased

with

the

cash

collateral

from

the

securities

loaned.

(Ñ)

All

or

a

portion

of

the

shares

of

this

security

are

on

loan.

(~)

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.

(ì)

All

or

a

portion

of

the

shares

of

this

security

are

pledged

as

collateral

in

connection

with

options

written

contracts.

(¢)

Date

shown

reflects

next

contractual

call

date.

(Þ)

Restricted

security.

Security

may

have

contractual

restrictions

on

resale,

may

have

been

offered

in

a

private

placement

transaction,

and

may

not

be

registered

under

the

Securities

Act

of

1933.

See

Note

7.

(ÿ)

Notional

Amount

in

thousands.

(Š)

Value

was

determined

using

significant

unobservable

inputs.

(@)

Affiliate.

(Ÿ)

Rate

noted

is

dividend

yield

at

period

end.

(å)

Currency

balances

were

pledged

in

connection

with

futures

contracts

purchased

(sold),

options

written,

or

swaps

entered

into

by

the

Fund.

See

Note

2.

(∞)

Unrounded

units.

(v)

Loan

agreement

still

pending.

Rate

not

available

at

period

end.

(

Û

)

All

or

a

portion

of

the

shares

of

this

security

are

pledged

as

collateral

in

connection

with

securities

sold

short

.

(

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

the

Financial

Statements

.

(

ƕ

)

Unfunded

loan

agreement

.

(1)

Weekly

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

Rate

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

—

June

30,

2020

(Unaudited)

142

Notes

to

Schedules

of

Investments

Foreign

Currency

Abbreviations:

HIBOR

–

Hong

Kong

Interbank

Offer

Rate

JIBAR

–

Johannesburg

Interbank

Agreed

Rate

KSDA

–

Korean

Securities

Dealers

Association

LIBOR

-

London

Interbank

Offered

Rate

MIBOR

-

Mumbai

Interbank

Offered

Rate

NIBOR

-

Norwegian

Interbank

Offered

Rate

PIK

-

Payment

in

Kind

PRIBOR

–

Prague

Interbank

Offered

Rate

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

–

Ghanaian

Cedi

PHP

-

Philippine

peso

Russell

Investment

Funds

Notes

to

Financial

Highlights

—

June

30,

2020

(Unaudited)

Notes

to

Financial

Highlights

143

(1)

For

the

period

ended

June

30,

2020

(Unaudited).

(a)

Average

daily

shares

outstanding

were

used

for

this

calculation.

(b)

May

reflect

amounts

waived

and/or

reimbursed

by

Russell

Investment

Management,

LLC

(“RIM”).

(c)

Less

than

$.01

per

share.

(d)

Periods

less

than

one

year

are

not

annualized.

(e)

Periods

less

than

one

year

are

annualized.

(f)

The

total

return

does

not

reflect

any

Insurance

Company

Separate

Account

or

Policy

Charges.

(g)

Gross

and

Net

Expense

Ratios

for

the

period

ended

December

31,

2016

include

a

reimbursement

from

State

Street

for

the

overbilling

of

custody

expenses

in

prior

years.

Without

the

reimbursement,

the

expense

ratios

would

have

been

higher

by

the

amount

listed

below.

Fund

Impact

of

the

fee

reimbursement

on

gross

and

net

expense

ratios

U.S.

Strategic

Equity

Fund

0.01%

U.S.

Small

Cap

Equity

Fund

0.01%

International

Developed

Markets

Fund

0.05%

Russell

Investment

Funds

Notes

to

Financial

Statements

—

June

30,

2020

(Unaudited)

144

Notes

to

Financial

Statements

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”).

These

financial

statements

report

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

Funds’

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

which

require

the

use

of

management

estimates

and

assumptions

at

the

date

of

the

financial

statements.

Actual

results

could

differ

from

those

estimates.

The

Funds

are

considered

investment

companies

under

U.S.

GAAP

and

follow

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

each

Fund

in

the

preparation

of

its

financial

statements.

In

August

2018,

the

Financial

Accounting

Standards

Board

(FASB)

issued

Accounting

Standards

Update

(ASU)

No.

2018-13,

Fair

Value

Measurement

(Topic

820):

Disclosure

Framework

-

Changes

to

the

Disclosure

Requirements

for

Fair

Value

Measurements.

The

amendments

in

the

ASU

modify

the

disclosure

requirements

on

fair

value

measurements

in

Topic

820.

The

ASU

is

effective

for

interim

and

annual

reporting

periods

beginning

after

December

15,

2019.

Management

has

adopted

the

ASU

and

there

was

no

material

impact

to

the

financial

statements.

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

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

Notes

to

Financial

Statements

145

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

market

values

of

financial

instruments

categorized

as

Level

1

and

Level

2

of

the

fair

value

hierarchy

are

as

follows:

Equity

securities,

including

common

and

preferred

stock,

short

securities,

ETFs

and

restricted

securities

that

are

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market),

are

stated

at

the

last

reported

sales

price

on

the

day

of

valuation

or

official

closing

price,

as

applicable.

To

the

extent

these

securities

are

actively

traded,

and

valuation

adjustments

are

not

applied,

they

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

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

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

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

146

Notes

to

Financial

Statements

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

OTC

derivatives

that

use

broker

dealer

quotations

are

categorized

as

level

3

of

the

fair

value

hierarchy.

Exchange-traded

derivatives

are

valued

based

on

the

last

reported

sales

price

on

the

day

of

valuation

and

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Centrally

cleared

swaps

listed

or

traded

on

a

multilateral

or

trade

facility

platform,

such

as

a

registered

exchange,

are

valued

at

the

daily

settlement

price

determined

by

the

respective

exchange.

For

centrally

cleared

credit

default

swaps,

the

clearing

facility

requires

its

members

to

provide

actionable

levels

across

complete

term

structures.

These

levels

along

with

external

third-

party

prices

are

used

to

produce

daily

settlement

prices.

These

securities

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Centrally

cleared

interest

rate

swaps

are

valued

using

a

pricing

model

that

references

the

underlying

rates

including

the

Overnight

Index

Swap

("OIS")

rate

and

London

Interbank

Offered

Rate

(“LIBOR”)

forward

rate

to

produce

the

daily

settlement

price.

These

securities

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

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.

Examples

of

significant

events

that

generally

trigger

fair

value

pricing

of

one

or

more

securities

are:

any

market

movement

of

the

U.S.

securities

market

(defined

in

the

fair

value

procedures

as

the

movement

of

a

single

major

U.S.

Index);

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

period

end.

The

U.S.

Strategic

Equity

and

Global

Real

Estate

Securities

Funds

had

no

transfers

between

Levels

1,

2,

and

3

for

the

period

ended

June

30,

2020.

The

U.S.

Small

Cap

Equity

Fund

had

transfers

out

of

Level

1

into

Level

3

representing

financial

instruments

for

which

approved

vendor

sources

became

unavailable

or

inputs

became

unobservable.

The

amount

transferred

was

$150,220.

The

International

Developed

Markets

Fund

had

transfers

out

of

Level

2

into

Level

3

representing

financial

instruments

for

which

approved

vendor

sources

became

unavailable

or

inputs

became

unobservable.

The

amount

transferred

was

$160,093.

The

Strategic

Bond

Fund

had

transfers

out

of

Level

3

into

Level

2

representing

financial

instruments

for

which

approved

vendor

sources

became

available

or

inputs

became

observable.

The

amount

transferred

was

$585,802.

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.

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

Notes

to

Financial

Statements

147

RIFUS

employs

third-party

pricing

vendors

to

provide

fair

value

measurements.

RIFUS

oversees

third-party

pricing

service

providers

in

order

to

support

the

valuation

process

throughout

the

year.

The

significant

unobservable

input

used

in

fair

value

measurement

of

certain

of

the

Funds’

preferred

equity

securities

is

the

redemption

value

calculated

on

a

fully-diluted

basis

if

converted

to

common

stock.

Significant

increases

or

decreases

in

the

redemption

value

would

have

a

direct

and

proportional

impact

to

fair

value.

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

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

Transactions

Investment

transactions

are

reflected

as

of

the

trade

date

for

financial

reporting

purposes.

This

may

cause

the

NAV

stated

in

the

financial

statements

to

be

different

from

the

NAV

at

which

shareholders

may

transact.

Realized

gains

and

losses

from

securities

transactions,

if

applicable,

are

recorded

on

the

basis

of

specific

identified

cost

within

a

particular

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.

Federal

Income

Taxes

Since

the

Investment

Company

is

a

Massachusetts

business

trust,

each

Fund

is

a

separate

corporate

taxpayer

and

determines

its

net

investment

income

and

capital

gains

(or

losses)

and

the

amounts

to

be

distributed

to

each

Fund’s

shareholders

without

regard

to

the

income

and

capital

gains

(or

losses)

of

the

other

Funds.

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

148

Notes

to

Financial

Statements

For

each

year,

each

Fund

intends

to

qualify

or

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”)

and

intends

to

distribute

all

of

its

taxable

income

and

capital

gains.

Therefore,

no

federal

income

tax

provision

is

required

for

the

Funds.

The

Funds

comply

with

the

authoritative

guidance

for

uncertainty

in

income

taxes

which

requires

management

to

determine

whether

a

tax

position

of

the

Funds

is

more

likely

than

not

to

be

sustained

upon

examination,

including

resolution

of

any

related

appeals

or

litigation

processes,

based

on

the

technical

merits

of

the

position.

For

tax

positions

meeting

the

more

likely

than

not

threshold,

the

tax

amount

recognized

in

the

financial

statements

is

reduced

by

the

largest

benefit

that

has

a

greater

than

50%

likelihood

of

being

realized

upon

ultimate

settlement

with

the

relevant

taxing

authority.

Management

determined

that

no

accruals

need

to

be

made

in

the

financial

statements

due

to

uncertain

tax

positions.

Management

continually

reviews

and

adjusts

the

Funds’

liability

for

income

taxes

based

on

analyses

of

tax

laws

and

regulations,

as

well

as

their

interpretations,

and

other

relevant

factors.

Each

Fund

files

a

U.S.

tax

return.

At

June

30,

2020,

the

Funds

had

recorded

no

liabilities

for

net

unrecognized

tax

benefits

relating

to

uncertain

income

tax

positions

they

have

taken

or

expect

to

take

in

future

tax

returns.

While

the

statute

of

limitations

remains

open

to

examine

the

Funds’

U.S.

tax

returns

filed

for

the

fiscal

years

ended

December

31,

2017

through

December

31,

2019,

no

examinations

are

in

progress

or

anticipated

at

this

time.

The

Funds

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

Dividends

and

Distributions

to

Shareholders

For

all

Funds,

income,

capital

gain

distributions

and

return

of

capital,

if

any,

are

recorded

on

the

ex-dividend

date.

Income

distributions

are

generally

declared

and

paid

according

to

the

following

schedule:

The

Funds

intend

to

distribute

substantially

all

of

the

distributions

they

receive

from

real

estate

investment

trust

("REIT")

investments,

less

expenses,

as

well

as

income

from

other

investments.

Such

distributions

may

be

comprised

of

income,

return

of

capital,

and

capital

gains.

The

Funds

may

also

realize

capital

gains

on

the

sale

of

its

REIT

shares

and

other

investments.

Capital

gain

distributions

are

generally

declared

and

paid

annually.

An

additional

distribution

may

be

paid

by

the

Funds

to

avoid

imposition

of

federal

income

and

excise

tax

on

any

remaining

undistributed

capital

gains

and

net

investment

income.

The

timing

and

characterization

of

certain

income

and

capital

gain

distributions

are

determined

in

accordance

with

federal

tax

regulations

which

may

differ

from

U.S.

GAAP.

As

a

result,

net

investment

income

and

net

realized

gain

(or

loss)

on

investments

and

foreign

currency-related

transactions

for

a

reporting

period

may

differ

significantly

from

distributions

during

such

period.

The

differences

between

tax

regulations

and

U.S.

GAAP

primarily

relate

to

investments

in

options,

futures,

forward

contracts,

swap

contracts,

passive

foreign

investment

companies,

foreign-denominated

investments,

mortgage-backed

securities,

certain

securities

sold

at

a

loss,

wash

sale

deferrals

and

capital

loss

carryforwards.

Accordingly,

the

Funds

may

periodically

make

reclassifications

among

certain

of

their

capital

accounts

without

impacting

their

NAVs.

Expenses

The

Funds

pay

their

own

expenses

other

than

those

expressly

assumed

by

Russell

Investment

Management,

LLC

("RIM"),

the

Funds’

adviser,

or

RIFUS.

Most

expenses

can

be

directly

attributed

to

the

individual

Funds.

Expenses

which

cannot

be

directly

attributed

to

a

specific

Fund

are

allocated

among

all

Funds

principally

based

on

their

relative

net

assets.

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

Declared

Payable

Funds

Quarterly

April,

July,

October

and

mid-December

U.S.

Strategic

Equity,

U.S.

Small

Cap

Equity,

Strategic

Bond

and

Global

Real

Estate

Securities

Funds

Annually

Mid-December

International

Developed

Markets

Fund

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

Notes

to

Financial

Statements

149

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.

Capital

Gains

Taxes

The

Funds

may

be

subject

to

capital

gains

taxes

and

repatriation

taxes

imposed

by

certain

countries

in

which

they

invest.

The

International

Developed

Markets,

Strategic

Bond

and

Global

Real

Estate

Securities

Funds

may

record

a

deferred

capital

gains

tax

liability

with

respect

to

the

unrealized

appreciation

on

foreign

securities

for

potential

capital

gains

and

repatriation

taxes

at

June

30,

2020.

The

accrual

for

capital

gains

and

repatriation

taxes

is

included

in

net

unrealized

appreciation

(depreciation)

on

investments

in

the

Statements

of

Assets

and

Liabilities.

The

amounts

related

to

capital

gains

and

repatriation

taxes

are

included

in

net

realized

gain

(loss)

on

investments

in

the

Statements

of

Operations.

The

Strategic

Bond

Fund

had

a

deferred

capital

gains

tax

liability

of

$2,082

as

of

June

30,

2020.

The

Strategic

Bond

Fund

had

$10,320

included

in

net

realized

gain

(loss)

on

investments

in

the

Statements

of

Operations

related

to

capital

gains

taxes

for

the

period

ended

June

30,

2020.

Derivatives

The

Funds

may

invest

in

derivatives.

Derivatives

are

instruments

or

agreements

whose

value

is

derived

from

an

underlying

security

or

index.

They

include

options,

futures,

swaps

and

forwards.

These

instruments

offer

unique

characteristics

and

risks

that

facilitate

the

Funds'

investment

strategies.

The

Funds

typically

use

derivatives

in

three

ways:

exposing

cash

to

markets,

hedging

and

return

enhancement.

In

addition,

certain

Funds

may

enter

into

foreign

exchange

contracts

for

trade

settlement

purposes.

The

Funds

may

pursue

their

strategy

of

being

fully

invested

by

exposing

cash

to

the

performance

of

appropriate

markets

by

purchasing

securities

and/or

derivatives.

This

is

intended

to

cause

the

Funds

to

perform

as

though

cash

were

actually

invested

in

those

markets.

Hedging

may

be

used

by

certain

Funds

to

limit

or

control

risks,

such

as

adverse

movements

in

exchange

rates

and

interest

rates.

Return

enhancement

can

be

accomplished

through

the

use

of

derivatives

in

a

Fund,

including

using

derivatives

as

a

substitute

for

holding

physical

securities,

and

using

them

to

express

various

macro

views

(e.g.,

interest

rate

movements,

currency

movements,

and

macro

credit

strategies).

By

purchasing

certain

instruments,

the

Funds

may

more

effectively

achieve

the

desired

portfolio

characteristics

that

assist

them

in

meeting

their

investment

objectives.

Depending

on

how

the

derivatives

are

structured

and

utilized,

the

risks

associated

with

them

may

vary

widely.

These

risks

include,

but

are

not

limited

to,

market

risk,

liquidity

risk,

leveraging

risk,

counterparty

risk,

basis

risk,

reinvestment

risk,

political

risk,

prepayment

risk,

extension

risk,

valuation

risk

and

credit

risk.

Futures,

certain

options

and

cleared

swaps

are

traded

or

cleared

on

an

exchange

or

central

exchange

clearing

house.

Exchange-

traded

or

exchange-cleared

transactions

generally

present

less

counterparty

risk

to

a

Fund.

The

exchange’s

clearing

house

stands

between

the

Fund

and

the

broker

to

the

contract

and

therefore,

credit

risk

is

generally

limited

to

the

failure

of

the

clearing

house

and

the

clearing

member.

Cleared

swap

contracts

are

subject

to

clearing

house

rules,

including

initial

and

variation

margin

requirement,

daily

settlement

of

obligations

and

the

clearing

house

guarantee

of

payments

to

the

broker.

There

is,

however,

still

counterparty

risk

due

to

the

insolvency

of

the

broker

with

respect

to

any

margin

held

in

the

brokers’

customer

accounts.

While

clearing

members

are

required

to

segregate

customer

assets

from

their

own

assets,

in

the

event

of

insolvency,

there

may

be

a

shortfall

in

the

amount

of

margin

held

by

the

broker

for

its

clients.

Collateral

and

margin

requirements

for

exchange-traded

or

exchange-cleared

derivatives

are

established

through

regulation,

as

well

as

set

by

the

broker

or

applicable

clearing

house.

Margin

for

exchange-traded

and

exchange-cleared

transactions

are

detailed

in

the

Statements

of

Assets

and

Liabilities

as

Receivables

for

Variation

margin

on

futures

contracts

and

Payables

for

Variation

margin

on

futures

contracts.

Securities

and

cash

pledged

as

collateral

are

reflected

as

assets

on

the

Statements

of

Assets

and

Liabilities

as

either

a

component

of

Investments

at

fair

value

(securities)

or

Receivable

from

broker.

Cash

collateral

received

is

not

typically

held

in

a

segregated

account

and

as

such

is

reflected

as

a

liability

on

the

Statement

of

Assets

and

Liabilities

as

Due

to

broker.

Typically,

the

Funds

and

counterparties

are

not

permitted

to

sell,

repledge,

rehypothecate

or

otherwise

use

collateral

pledged

by

the

other

party

unless

explicitly

permitted

by

each

respective

governing

agreement.

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

150

Notes

to

Financial

Statements

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.

The

effects

of

derivative

instruments,

categorized

by

risk

exposure,

on

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

for

the

period

ended

June

30,

2020,

if

applicable,

are

disclosed

in

the

Fair

Value

of

Derivative

Instruments

table

following

each

applicable

Fund’s

Schedule

of

Investments.

Foreign

Currency

Exchange

Contracts

Certain

Funds

may

enter

into

foreign

currency

exchange

spot

contracts

and

forward

foreign

currency

exchange

contracts

("FX

contracts").

From

time

to

time,

certain

Funds

may

enter

into

FX

contracts

to

hedge

certain

foreign

currency-denominated

assets.

FX

contracts

are

recorded

at

fair

value.

Certain

risks

may

arise

upon

entering

into

these

FX

contracts

from

the

potential

inability

of

counterparties

to

meet

the

terms

of

their

FX

contracts

and

are

generally

limited

to

the

amount

of

unrealized

gain

on

the

FX

contracts,

if

any,

that

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

For

the

period

ended

June

30,

2020,

the

following

Funds

entered

into

foreign

currency

exchange

contracts

primarily

for

the

strategies

listed

below:

The

Funds’

foreign

currency

contract

notional

dollar

values

outstanding

fluctuate

throughout

the

fiscal

year

as

required

to

meet

strategic

requirements.

The

following

tables

illustrate

the

quarterly

volume

of

foreign

currency

contracts.

For

the

purpose

of

this

disclosure,

volume

is

measured

by

the

amounts

bought

and

sold

in

USD.

Options

Certain

Funds

may

purchase

and

sell

(write)

call

and

put

options

on

securities

and

securities

indices.

Such

options

are

traded

on

a

national

securities

exchange

or

in

an

OTC

market.

The

Funds

may

also

purchase

and

sell

(write)

call

and

put

options

on

foreign

currencies.

When

a

Fund

writes

a

covered

call

or

a

put

option,

an

amount

equal

to

the

premium

received

by

the

Fund

is

included

in

the

Fund’s

Statement

of

Assets

and

Liabilities

as

an

asset

and

as

an

equivalent

liability.

The

amount

of

the

liability

is

subsequently

marked-

to-market

to

reflect

the

current

fair

value

of

the

option

written.

The

Fund

receives

a

premium

on

the

sale

of

a

call

option

but

gives

up

the

opportunity

to

profit

from

any

increase

in

the

value

of

the

underlying

instrument

above

the

exercise

price

of

the

option,

and

when

the

Fund

writes

a

put

option

it

is

exposed

to

a

decline

in

the

price

of

the

underlying

instrument.

When

a

Fund

sells

an

uncovered

call

option,

it

does

not

simultaneously

have

a

long

position

in

the

underlying

security.

When

a

Fund

sells

an

uncovered

put

option,

it

does

not

simultaneously

have

a

short

position

in

the

underlying

security.

Uncovered

options

are

riskier

than

covered

options

because

there

is

no

underlying

security

held

by

the

Fund

that

can

act

as

a

partial

hedge.

Whether

an

option

which

the

Fund

has

written

expires

on

its

stipulated

expiration

date

or

the

Fund

enters

into

a

closing

purchase

transaction,

the

Fund

realizes

a

gain

(or

loss,

if

the

cost

of

a

closing

purchase

transaction

exceeds

the

premium

received

when

the

option

was

sold)

without

regard

to

any

unrealized

gain

or

loss

on

the

underlying

security,

and

the

liability

related

to

such

option

is

extinguished.

If

a

call

option

which

the

Fund

has

written

is

exercised,

the

Fund

realizes

a

capital

gain

or

loss

from

the

sale

of

the

underlying

security,

and

the

proceeds

from

such

sale

are

increased

by

the

premium

originally

received.

When

a

put

option

which

Funds

Strategies

International

Developed

Markets

Fund

Return

enhancement,

hedging,

exposing

cash

to

markets,

and

trade

settlement

Strategic

Bond

Fund

Return

enhancement

and

hedging

Global

Real

Estate

Securities

Fund

Exposing

cash

to

markets

and

trade

settlement

Outstanding

Contract

Amounts

Sold

Quarter

Ended

March

31,

2020

June

30,

2020

International

Developed

Markets

Fund

$

100,532,761

$

61,787,261

Strategic

Bond

Fund

316,376,044

282,765,016

Global

Real

Estate

Securities

Fund

42,972,669

36,224,112

Outstanding

Contract

Amounts

Bought

Quarter

Ended

March

31,

2020

June

30,

2020

International

Developed

Markets

Fund

$

98,889,123

$

61,391,421

Strategic

Bond

Fund

313,858,104

281,841,211

Global

Real

Estate

Securities

Fund

42,738,714

35,983,934

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

Notes

to

Financial

Statements

151

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

June

30,

2020,

the

Strategic

Bond

Fund

purchased/sold

options

primarily

for

return

enhancement

and

hedging.

The

Strategic

Bond

Fund’s

options

contracts

notional

amounts

fluctuate

throughout

the

fiscal

year

as

required

to

meet

strategic

requirements.

The

following

table

illustrates

the

quarterly

volume

of

options

contracts

measured

by

notional

in

USD.

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

June

30,

2020,

the

following

Funds

entered

into

futures

contracts

primarily

for

the

strategies

listed

below:

The

Funds’

futures

contracts

notional

amounts

fluctuate

throughout

the

fiscal

year

as

required

to

meet

strategic

requirements.

The

following

table

illustrates

the

quarterly

volume

of

futures

contracts

measured

by

notional

in

USD.

Swap

Agreements

Certain

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).

Notional

of

Options

Contracts

Outstanding

Funds

March

31,

2020

June

30,

2020

Strategic

Bond

Fund

$

201,502,250

$

—

Funds

Strategies

U.S.

Strategic

Equity

Fund

Exposing

cash

to

markets

U.S.

Small

Cap

Equity

Fund

Exposing

cash

to

markets

International

Developed

Markets

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Strategic

Bond

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Global

Real

Estate

Securities

Fund

Exposing

cash

to

markets

Notional

of

Futures

Contracts

Outstanding

Funds

March

31,

2020

June

30,

2020

U.S.

Strategic

Equity

Fund

$

30,322,460

$

17,768,650

U.S.

Small

Cap

Equity

Fund

15,148,320

12,003,960

International

Developed

Markets

Fund

121,418,445

125,785,574

Strategic

Bond

Fund

1,076,512,278

755,213,567

Global

Real

Estate

Securities

Fund

63,857,884

55,071,146

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

152

Notes

to

Financial

Statements

Certain

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.

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,

the

Fund

would

be

required

to

pay

the

par

or

other

agreed-upon

value

(or

otherwise

perform

according

to

the

swap

contract)

of

a

reference

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

other

specified

credit

event)

and

the

counterparty

would

be

required

to

surrender

the

reference

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

a

seller

of

protection,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because

in

addition

to

its

total

net

assets,

that

Fund

would

be

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

The

Fund

may

also

purchase

protection

via

credit

default

swap

contracts

in

order

to

offset

the

risk

of

default

of

debt

securities

held

in

their

portfolios

or

to

take

a

short

position

in

a

debt

security,

in

which

case

the

Fund

would

function

as

the

counterparty

referenced

in

the

preceding

paragraph.

If

a

credit

event

occurs

and

cash

settlement

is

not

elected,

a

variety

of

other

deliverable

obligations

may

be

delivered

in

lieu

of

the

specific

referenced

obligation.

The

ability

to

deliver

other

obligations

may

result

in

a

cheapest-to-deliver

option

(the

buyer

of

protection’s

right

to

choose

the

deliverable

obligation

with

the

lowest

value

following

a

credit

event).

The

Fund

may

use

credit

default

swaps

to

provide

a

measure

of

protection

against

defaults

of

the

issuers

(i.e.,

to

reduce

risk

where

the

Fund

owns

or

has

exposure

to

the

referenced

obligation)

or

to

take

an

active

long

or

short

position

with

respect

to

the

likelihood

(as

measured

by

the

credit

default

swap’s

spread)

of

a

particular

issuer’s

default.

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

Notes

to

Financial

Statements

153

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

June

30,

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

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.

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

154

Notes

to

Financial

Statements

For

the

period

ended

June

30,

2020,

the

Strategic

Bond

Fund

entered

into

credit

default

swaps

primarily

for

return

enhancement,

hedging

and

exposing

cash

to

markets.

The

Strategic

Bond

Fund’s

credit

default

swap

contract

notional

amounts

outstanding

fluctuate

throughout

the

fiscal

year

as

required

to

meet

strategic

requirements.

The

following

table

illustrates

the

quarterly

volume

of

credit

default

swap

contracts.

For

the

purpose

of

this

disclosure,

volume

is

measured

by

notional

amounts

outstanding

in

USD

at

each

quarter

end.

Interest

Rate

Swaps

The

use

of

interest

rate

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

If

RIM

or

a

money

manager

using

this

technique

is

incorrect

in

its

forecast

of

fair

values,

interest

rates

and

other

applicable

factors,

the

investment

performance

of

a

Fund

might

diminish

compared

to

what

it

would

have

been

if

this

investment

technique

were

not

used.

Interest

rate

swaps

do

not

involve

the

delivery

of

securities

or

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

with

respect

to

interest

rate

swaps

is

limited

to

the

net

amount

of

interest

payments

that

a

Fund

is

contractually

obligated

to

make.

Interest

rate

swaps

are

traded

on

exchanges

and

are

subject

to

central

clearing.

If

the

clearing

house

or

futures

commission

merchant

defaults,

a

Funds'

risk

of

loss

consists

of

the

net

amount

of

interest

payments

that

a

Fund

is

contractually

entitled

to

receive.

The

counterparty

risk

for

cleared

derivatives

is

generally

lower

than

for

uncleared

derivatives.

However,

clearing

may

subject

a

Fund

to

increased

costs

or

margin

requirements.

For

the

period

ended

June

30,

2020,

the

Strategic

Bond

Fund

entered

into

interest

rate

swaps

primarily

for

return

enhancement,

hedging

and

exposing

cash

to

markets.

The

Strategic

Bond

Fund’s

interest

rate

swap

contract

notional

amounts

outstanding

fluctuate

throughout

the

fiscal

year

as

required

to

meet

strategic

requirements.

The

following

table

illustrates

the

quarterly

volume

of

interest

rate

swap

contracts.

For

the

purpose

of

this

disclosure,

volume

is

measured

by

the

notional

amounts

outstanding

in

USD

at

each

quarter

end.

Total

Return

Swaps

Certain

Funds

may

enter

into

total

return

swap

agreements

to

expose

cash

to

markets

or

to

effect

investment

transactions.

Total

return

swap

agreements

are

two

party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

few

weeks

to

more

than

one

year.

In

a

standard

total

return

swap

transaction,

the

two

parties

agree

to

exchange

the

returns

(or

differentials

in

rates

of

return)

earned

or

realized

on

particular

investments

or

instruments.

The

returns

to

be

exchanged

between

the

parties

are

calculated

with

respect

to

a

“notional

amount”

(i.e.,

a

specified

dollar

amount

that

is

hypothetically

invested

in

a

“basket”

of

securities

representing

a

particular

index).

For

the

period

ended

June

30,

2020,

there

were

no

total

return

swaps

held

in

the

Funds.

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

June

30,

2020,

there

were

no

currency

swaps

held

in

the

Funds.

Master

Agreements

Certain

Funds

are

parties

to

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreements

(“ISDA

Master

Agreements”)

with

counterparties

that

govern

transactions

in

OTC

derivative

and

foreign

exchange

contracts

entered

into

by

the

Funds

and

those

counterparties.

The

ISDA

Master

Agreements

contain

provisions

for

general

obligations,

representations,

agreements,

collateral

and

events

of

default

or

termination.

Events

of

termination

and

default

include

conditions

that

may

entitle

either

party

Credit

Default

Swap

Notional

Amounts

Outstanding

Quarter

Ended

March

31,

2020

June

30,

2020

Strategic

Bond

Fund

$

164,893,255

$

99,202,500

Interest

Rate

Swap

Notional

Amounts

Outstanding

Quarter

Ended

March

31,

2020

June

30,

2020

Strategic

Bond

Fund

$

108,838,242

$

135,228,872

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

Notes

to

Financial

Statements

155

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.

Disclosure

about

Offsetting

Assets

and

Liabilities

Balance

sheet

disclosure

is

based

on

various

netting

agreements

between

brokers

and

counterparties,

such

as

ISDA

Master

Agreements,

Master

Repo

Agreements

and

Master

Forward

Agreements.

Certain

Funds

utilize

multiple

counterparties.

The

quantitative

disclosure

begins

with

disaggregation

of

counterparties

by

legal

entity

and

the

roll

up

of

the

data

to

reflect

a

single

counterparty

in

the

table

within

the

Funds’

financial

statements.

Net

exposure

represents

the

net

receivable

(payable)

that

would

be

due

from/to

the

counterparty

in

the

event

of

default.

Exposure

from

OTC

derivatives

can

only

be

netted

across

transactions

governed

under

the

same

Master

Agreement

with

the

same

legal

entity.

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.

The

total

amount

of

unfunded

loan

commitments

as

of

June

30,

2020

was

$18,919.

Local

Access

Products

Certain

Funds

may

invest

in

local

access

products,

also

known

as

certificates

of

participation,

participation

notes

or

participation

interest

notes.

Local

access

products

are

issued

by

banks

or

broker-dealers

and

are

designed

to

replicate

the

performance

of

foreign

companies

or

foreign

securities

markets

and

can

be

used

by

the

Fund

as

an

alternative

means

to

access

the

securities

market

of

a

frontier

emerging

market

country.

The

performance

results

of

local

access

products

will

not

replicate

exactly

the

performance

of

the

foreign

companies

or

foreign

securities

markets

that

they

seek

to

replicate

due

to

transaction

and

other

expenses.

Investments

in

local

access

products

involve

certain

risks

in

addition

to

those

associated

with

a

direct

investment

in

the

underlying

foreign

companies

or

foreign

securities

markets

whose

return

they

seek

to

replicate.

There

can

be

no

assurance

that

there

will

be

a

trading

market

or

that

the

trading

price

of

local

access

products

will

equal

the

underlying

value

of

the

foreign

company

or

foreign

securities

market

that

it

seeks

to

replicate.

The

Funds

rely

on

the

creditworthiness

of

the

counterparty

issuing

the

local

access

products

and

have

no

rights

against

the

issuer

of

the

underlying

security.

The

Funds

minimize

this

risk

by

entering

into

agreements

only

with

counterparties

that

RIM

deems

creditworthy.

Due

to

liquidity

and

transfer

restrictions,

the

secondary

markets

on

which

the

local

access

products

are

traded

may

be

less

liquid

than

the

markets

for

other

securities,

or

may

be

completely

illiquid.

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

156

Notes

to

Financial

Statements

Credit

Linked

Notes

Certain

Funds

may

invest

in

credit

linked

notes.

Credit

linked

notes

are

obligations

between

two

or

more

parties

where

the

payment

of

principal

and/or

interest

is

based

on

the

performance

of

some

obligation,

basket

of

obligations,

index

or

economic

indicator

(a

“reference

instrument”).

In

addition

to

the

credit

risk

associated

with

the

reference

instrument

and

interest

rate

risk,

the

buyer

and

seller

of

a

credit

linked

note

or

similar

structured

investment

are

subject

to

counterparty

risk.

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

respective

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

the

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

a

Fund,

or

failure

to

return

a

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

Funds

are

required

to

pledge

assets

in

a

segregated

account

maintained

by

the

Funds’

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

June

30,

2020,

the

market

value

of

the

securities

on

loan

through

the

reciprocal

lending

program

for

U.S.

Small

Cap

Equity

Fund

was

$6,737,773.

As

of

June

30,

2020

the

U.S.

Small

Cap

Equity

Fund

held

$9,912,291

as

collateral

for

short

sales.

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.

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

Notes

to

Financial

Statements

157

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

June

30,

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.

The

collateral

received

is

recorded

on

a

lending

Fund's

Statement

of

Assets

and

Liabilities

along

with

the

related

obligation

to

return

the

collateral.

Income

generated

from

the

investment

of

cash

collateral,

less

negotiated

rebate

fees

paid

to

participating

brokers,

is

divided

between

the

Fund

and

the

securities

lending

agent

and

is

reported

as

securities

lending

income

on

the

Fund's

Statement

of

Operations.

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

(“CMO”),

commercial

mortgage-backed

securities,

mortgage

dollar

rolls,

CMO

residuals,

stripped

mortgage-backed

securities

and

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

158

Notes

to

Financial

Statements

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

that

are

issued

by

private

issuers

are

not

subject

to

the

underwriting

requirements

for

the

underlying

mortgages

that

are

applicable

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

Notes

to

Financial

Statements

159

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

are

purchased

and

sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

maturity

date.

The

actual

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

160

Notes

to

Financial

Statements

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

June

30,

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

Funds'

financial

statements

(the

“Assets”).

The

Assets

consist

principally

of

cash

due

from

counterparties

and

investments.

The

extent

of

the

Funds’

exposure

to

market,

credit

and

counterparty

risks

with

respect

to

the

Assets

approximates

their

carrying

value

as

recorded

in

the

Funds’

Statements

of

Assets

and

Liabilities.

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

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

Notes

to

Financial

Statements

161

Investment

Transactions

Securities

During

the

period

ended

June,

30,

2020,

purchases

and

sales

of

investment

securities

(excluding

U.S.

Government

and

Agency

obligations,

short-term

investments,

options,

futures

and

repurchase

agreements)

were

as

follows:

Purchases

and

sales

of

U.S.

Government

and

Agency

obligations

(excluding

short-term

investments,

options,

futures

and

repurchase

agreements)

were

as

follows:

Related

Party

Transactions,

Fees

and

Expenses

Adviser,

Administrator,

Transfer

and

Dividend

Disbursing

Agent

RIM

provides

or

oversees

the

provision

of

all

investment

advisory

and

portfolio

management

services

for

the

Funds.

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

June

30,

2020,

the

Funds

had

invested

$188,962,778

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

$43,590,579

is

invested

in

the

U.S.

Cash

Collateral

Fund,

an

unregistered

fund

advised

by

RIM.

The

advisory

fee

is

based

upon

the

average

daily

net

assets

of

each

Fund

and

the

administration

fee

of

up

to

0.05%

is

based

on

the

combined

average

daily

net

assets

of

the

Funds.

Advisory

and

administration

fees

are

paid

monthly.

The

following

table

shows

the

total

amount

of

each

of

these

fees

paid

by

the

Funds

for

the

period

ended

June

30,

2020:

There

were

no

advisory

fee

waivers

for

the

Funds

during

the

period.

Purchases

Sales

U.S.

Strategic

Equity

Fund

$

146,592,295

$

178,946,242

U.S.

Small

Cap

Equity

Fund

128,922,139

134,055,387

International

Developed

Markets

Fund

130,774,540

148,812,203

Strategic

Bond

Fund

199,936,865

161,788,010

Global

Real

Estate

Securities

Fund

475,931,390

461,166,122

Purchases

Sales

Strategic

Bond

Fund

$ 

276,763,176

$ 

365,947,750

Annual

Rate

Funds

Adviser

(%)

Administration

(%)

U.S.

Strategic

Equity

Fund

0.73

Up

to

0.05

U.S.

Small

Cap

Equity

Fund

0.90

Up

to

0.05

International

Developed

Markets

Fund

0.90

Up

to

0.05

Strategic

Bond

Fund

0.55

Up

to

0.05

Global

Real

Estate

Securities

Fund

0.80

Up

to

0.05

Advisory

Administration

U.S.

Strategic

Equity

Fund

$

1,683,646

$

115,318

U.S.

Small

Cap

Equity

Fund

835,631

46,424

International

Developed

Markets

Fund

1,498,509

83,250

Strategic

Bond

Fund

2,444,513

222,228

Global

Real

Estate

Securities

Fund

3,304,141

206,509

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

162

Notes

to

Financial

Statements

RIM

does

not

have

the

ability

to

recover

amounts

waived

or

reimbursed

from

previous

periods.

Transfer

and

Dividend

Disbursing

Agent

RIFUS

serves

as

transfer

agent

and

provides

dividend

disbursing

services

to

the

Funds.

For

this

service,

RIFUS

is

paid

a

fee

based

upon

the

average

daily

net

assets

of

the

Funds

for

transfer

agency

and

dividend

disbursing

services.

RIFUS

retains

a

portion

of

this

fee

for

services

provided

to

the

Funds

and

pays

the

balance

to

unaffiliated

agents

who

assist

in

providing

these

services.

Transfer

agency

fees

paid

by

the

Funds

presented

herein

for

the

period

ended

June

30,

2020

were

as

follows:

Distributor

Russell

Investments

Financial

Services,

LLC

(the

“Distributor”),

a

wholly-owned

subsidiary

of

RIM,

is

the

distributor

for

the

Investment

Company,

pursuant

to

a

distribution

agreement

with

the

Investment

Company.

The

Distributor

receives

no

compensation

from

the

Investment

Company

for

its

services.

Affiliated

Brokerage

Transactions

The

Funds

effect

certain

transactions

through

Russell

Investments

Implementation

Services,

LLC

(“RIIS”).

RIIS

is

a

registered

broker

and

investment

adviser

and

an

affiliate

of

RIM.

RIIS

uses

a

multi-venue

trade

management

approach

whereby

RIIS

allocates

trades

among

RIIS’

network

of

independent

brokers

for

execution,

clearing

and

other

services.

Trades

placed

through

RIIS

and

its

independent

brokers

are

made

(i)

to

manage

trading

associated

with

changes

in

money

managers,

rebalancing

across

existing

money

managers,

cash

flows

and

other

portfolio

transitions,

(ii)

to

execute

portfolio

securities

transactions

for

the

portion

of

each

Fund’s

assets

that

RIM

determines

not

to

allocate

to

money

managers,

(iii)

to

execute

portfolio

securities

transactions

for

the

portion

of

a

Fund’s

assets

that

RIM

manages

based

upon

model

portfolios

provided

by

the

Fund’s

non-discretionary

managers

or

(iv)

to

execute

money

manager’s

portfolio

securities

transactions

for

the

segment

of

a

Fund’s

portfolio

assigned

to

the

money

manager.

RIM

has

authorized

RIIS

to

effect

certain

futures,

swaps,

OTC

derivative

transactions,

and

cleared

swaps,

including

foreign

currency

spots,

forwards

and

options

trading

on

behalf

of

the

Funds.

The

Funds

are

permitted

to

purchase

or

sell

securities

from

or

to

certain

related

affiliated

funds

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board.

The

procedures

have

been

designed

to

ensure

that

any

purchase

or

sale

of

securities

by

the

Funds

from

or

to

another

fund

or

portfolio

that

are,

or

could

be,

considered

an

affiliate

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

advisers),

common

Trustees

and/or

common

officers

complies

with

Rule

17a

-7

of

the

Investment

Company

Act.

Further,

as

defined

under

the

procedures

each

transaction

is

effected

at

the

current

market

value.

During

the

period

ended

June

30,

2020,

the

Funds

did

not

engage

in

purchases

and

sales

of

securities

pursuant

to

Rule

17a

-7

of

the

Investment

Company

Act.

Board

of

Trustees

The

Russell

Investments

Fund

Complex

consists

of

Russell

Investment

Company

("RIC"),

which

has

34

funds

and

RIF,

which

has

9

funds.

Each

of

the

Trustees

is

a

Trustee

of

RIC

and

RIF.

The

Russell

Investments

Fund

Complex

compensates

each

Trustee

who

is

not

an

employee

of

RIM

or

its

affiliates.

Trustee

compensation

and

expenses

are

allocated

to

each

Fund

based

on

its

net

assets

relative

to

other

funds

in

the

Russell

Investments

Fund

Complex.

For

the

period

ended

June

30,

2020,

the

regular

compensation

paid

to

the

Trustees

by

the

Russell

Investments

Fund

Complex

was

$984,750.

Federal

Income

Taxes

At

June

30,

2020,

the

following

Funds

had

net

tax

basis

capital

loss

carryforwards

which

may

be

applied

against

any

net

realized

taxable

gains

in

each

succeeding

year

or

until

their

respective

expiration

dates,

whichever

occurs

first.

Available

capital

loss

carryforwards

and

expiration

dates

are

as

follows:

Amount

U.S.

Strategic

Equity

Fund

$

10,148

U.S.

Small

Cap

Equity

Fund

4,085

International

Developed

Markets

Fund

7,326

Strategic

Bond

Fund

19,556

Global

Real

Estate

Securities

Fund

18,173

Russell

Investment

Funds

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

Notes

to

Financial

Statements

163

Record

Ownership

At

June

30,

2020,

the

following

table

includes

shareholders

of

record

with

greater

than

10%

of

the

total

outstanding

shares

of

each

respective

Fund:

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

securities

that

have

been

footnoted

as

restricted.

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.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily

and

any

unrealized

appreciation

or

depreciation

is

included

in

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations.

Funded

portions

of

credit

agreements

are

presented

in

the

Schedules

of

Investments.

The

unfunded

loan

commitments

are

footnoted

in

the

Schedule

of

Investments.

Subsequent

Events

Management

has

evaluated

the

events

and/or

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

noted

no

events

have

occurred

that

require

disclosure

except

the

following:

On

July

1,

2020,

the

Board

declared

dividends

payable

from

net

investment

income.

Dividends

were

paid

on

July

6,

2020

to

shareholders

of

record

effective

with

the

opening

on

July

2,

2020.

No

Expiration

Funds

Short

Term

Long-Term

Totals

International

Developed

Markets

Fund

$

1,024,488

$

9,295,856

$10,320,344

Global

Real

Estate

Securities

Fund

411,623

706,427

1,118,050

#

of

Shareholders

%

U.S.

Strategic

Equity

Fund

2

77.5

U.S.

Small

Cap

Equity

Fund

2

72.4

International

Developed

Markets

Fund

2

72.3

Strategic

Bond

Fund

2

84.9

Global

Real

Estate

Securities

Fund

2

90.6

Russell

Investment

Funds

Affiliated

Brokerage

Transactions

—

June

30,

2020

(Unaudited)

164

Affiliated

Brokerage

Transactions

As

stated

in

the

Note

4

in

the

Notes

to

Financial

Statements

contained

in

this

semi-annual

report,

the

Funds

utilize

RIIS

and

its

independent

brokers.

RIIS

is

a

registered

broker

dealer

and

investment

adviser

and

an

affiliate

of

RIM.

RIIS

uses

a

multi-venue

trade

management

approach

whereby

RIIS

allocates

trades

among

RIIS’

network

of

independent

brokers

for

execution,

clearing,

and

other

services.

Trades

placed

through

RIIS

and

its

independent

brokers

are

made

(i)

to

manage

trading

associated

with

changes

in

money

managers,

rebalancing

across

existing

money

managers,

cash

flows

and

other

portfolio

transitions,

(ii)

to

execute

portfolio

securities

transactions

for

each

Fund’s

assets

that

RIM

determines

not

to

allocate

to

money

managers,

(iii)

to

execute

portfolio

securities

transactions

for

the

portion

of

a

Fund’s

assets

that

RIM

manages

based

upon

model

portfolios

provided

by

the

Funds’

non-discretionary

managers

or

(iv)

to

execute

money

manager

portfolio

securities

transactions

for

the

segment

of

a

Fund’s

portfolio

assigned

to

the

money

manager.

RIM

has

authorized

RIIS

to

effect

certain

futures,

swaps,

OTC

derivative

transactions,

and

cleared

swaps,

including

foreign

currency

spots,

forwards

and

options

trading

on

behalf

of

the

Funds.

Amounts

retained

by

RIIS

for

the

period

ended

June

30,

2020

were

as

follows:

Fund

Name

Amount

U.S.

Strategic

Equity

Fund

$

14,723

U.S.

Small

Cap

Equity

Fund

29,400

International

Developed

Markets

Fund

41,816

Strategic

Bond

Fund

—

Global

Real

Estate

Securities

Fund

99,702

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

165

Approval

of

Investment

Advisory

Agreement

The

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that

the

Board

of

Trustees

(the

“Board”),

including

a

majority

of

its

members

who

are

not

considered

to

be

“interested

persons”

under

the

1940

Act

(the

“Independent

Trustees”)

voting

separately,

approve

for

an

initial

term

not

to

exceed

two

years

and,

thereafter,

approve

the

continuation

of

the

advisory

agreement

with

Russell

Investment

Management,

LLC

(“RIM”)

(the

“RIM

Agreement”)

and

the

portfolio

management

contract

with

each

Money

Manager

of

the

Funds

(collectively,

the

“portfolio

management

contracts”

and,

with

the

RIM

Agreement,

the

“Agreements”)

on

at

least

an

annual

basis

and

that

the

terms

and

conditions

of

the

RIM

Agreement

and

the

terms

and

conditions

of

each

portfolio

management

contract

provide

for

its

termination

if

continuation

is

not

approved

annually.

The

Board,

which

is

currently

comprised

entirely

of

Independent

Trustees

(the

“Trustees”),

considered

the

continuation

of

the

Agreements

at

a

meeting

held

by

video

conference

on

May

15,

2020

(the

“Agreement

Evaluation

Meeting”),

and

further

considered

and

approved

the

continuation

of

the

Agreements

at

a

meeting

held

by

video

conference

on

May

18-19,

2020

(the

“Agreement

Approval

Meeting”)

in

reliance

on

the

exemptive

order

for

temporary,

conditional

relief

from

the

in-person

voting

requirement

of

Section

15(c)

of

the

1940

Act

provided

by

the

U.S.

Securities

and

Exchange

Commission

(the

“SEC”).

During

the

course

of

a

year,

the

Trustees

receive

a

wide

variety

of

materials

regarding,

among

other

things,

the

investment

performance

of

the

Funds,

sales

and

redemptions

of

the

Funds’

shares,

management

of

the

Funds

and

other

services

provided

by

RIM

(and

its

affiliates)

and

the

Money

Managers

and

compliance

with

applicable

regulatory

requirements.

In

preparation

for

the

annual

review,

the

Trustees,

with

the

advice

and

assistance

of

their

independent

counsel

(“Independent

Counsel”),

also

requested

and

considered

(1)

information

and

reports

prepared

by

RIM

relating

to

the

services

provided

by

RIM

(and

its

affiliates)

and

the

Money

Managers

to

the

Funds;

(2)

information

and

reports

prepared

by

RIM

relating

to

the

profitability

of

each

Fund

to

RIM

(and

its

affiliates);

and

(3)

information

received

from

an

independent,

nationally

recognized

provider

of

investment

company

information

comparing

the

performance

of

the

Funds

and

their

respective

operating

expenses

over

various

periods

of

time

with

other

peer

funds

not

managed

by

RIM,

believed

by

the

provider

to

be

generally

comparable

to

the

Funds

(the

“Third-Party

Information”).

In

the

case

of

each

Fund,

its

other

peer

funds

are

collectively

hereinafter

referred

to

as

the

Fund’s

“Comparable

Funds,”

and,

with

the

Fund,

such

Comparable

Funds

are

collectively

hereinafter

referred

to

as

the

Fund’s

“Performance

Universe”

in

the

case

of

performance

comparisons

and

the

Fund’s

“Expense

Universe”

in

the

case

of

operating

expense

comparisons.

The

foregoing

and

other

information

received

by

the

Board

in

connection

with

its

evaluations

of

the

Agreements

are

collectively

called

the

“Agreement

Evaluation

Information.”

The

Trustees’

evaluations

also

reflected

the

knowledge

and

familiarity

gained

as

Board

members

of

the

Funds

and

the

other

RIM-managed

funds

for

which

the

Board

has

supervisory

responsibility

(“Other

RIM

Funds”)

with

respect

to

services

provided

by

RIM,

RIM’s

affiliates

and

each

Money

Manager.

The

Trustees

received

a

memorandum

from

counsel

to

the

Funds

(“Fund

Counsel”)

discussing

the

legal

standards

for

their

consideration

of

the

continuations

of

the

Agreements,

and

separately

received

a

memorandum

regarding

their

responsibilities

from

their

Independent

Counsel.

On

April

27,

2020,

the

Trustees

met

privately

by

video

conference

with

Independent

Counsel

to

discuss

the

Agreement

Evaluation

Information

received

to

that

date.

At

a

meeting

held

on

April

28,

2020

(the

“Agreement

Information

Review

Meeting”),

the

Trustees,

in

preparation

for

the

Agreement

Evaluation

Meeting,

met

by

video

conference

in

an

executive

session

with

a

representative

of

TA

Associates

Management,

L.P.

(“TA

Associates”),

at

which

Independent

Counsel

and

Fund

Counsel

and,

for

a

portion

of

the

session,

the

Chief

Financial

Officer

(“CFO”)

and

Chief

Operating

Officer

(“COO”)

of

RIM’s

parent

company

were

present;

met

by

video

conference

with

representatives

of

RIM;

and

then

the

Trustees

met

by

video

conference

in

a

private

session

with

Independent

Counsel

at

which

no

representatives

of

RIM

or

the

Funds’

management

were

present

to

further

review

and

discuss

the

Agreement

Evaluation

Information

received

to

that

date.

On

the

basis

of

that

review,

the

Trustees

communicated

additional

questions

and

requested

additional

Agreement

Evaluation

Information.

Certain

additional

Agreement

Evaluation

Information

requested

at

the

Agreement

Information

Review

Meeting

was

received

on

May

7,

2020.

On

May

12,

2020,

the

Trustees

met

by

video

conference

in

private

session

with

Independent

Counsel

to

further

discuss

the

Agreement

Evaluation

Information

and

review

the

additional

Agreement

Evaluation

Information.

On

May

13,

2020,

the

Board

Chair

met

by

conference

telephone

call

with

representatives

of

management

and

requested

clarifications

and

confirmations

of

certain

of

the

previously

provided

additional

Agreement

Evaluation

Information

and

those

clarifications

and

confirmations

were

addressed

at

the

Agreement

Evaluation

Meeting.

At

the

Agreement

Evaluation

Meeting,

the

Trustees

again

met

by

video

conference

in

a

private

session

with

Independent

Counsel

to

review

the

additional

or

revised

Agreement

Evaluation

Information

received

to

that

date.

At

the

Agreement

Evaluation

Meeting,

the

Trustees

considered

the

proposed

continuance

of

the

Agreements

with

RIM,

Fund

management,

Independent

Counsel

and

Fund

Counsel.

The

Board

considered

that

the

Agreement

Evaluation

Information

and

presentations

made

by

RIM

at

the

Agreement

Evaluation

Meeting

as

part

of

this

review

encompassed

the

Funds

and

all

Other

RIM

Funds.

Information

received

by

the

Board

prior

to

and

at

the

Agreement

Information

Review

Meeting,

the

Agreement

Evaluation

Meeting,

the

Agreement

Approval

Meeting

and

other

meetings

identified

above

is

included

in

the

Agreement

Evaluation

Information.

Prior

to

voting

at

the

Agreement

Approval

Meeting,

the

Trustees

met

in

private

session

with

Independent

Counsel

to

consider

Agreement

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

166

Basis

for

Approval

of

Investment

Advisory

Agreement

Evaluation

Information

received

from

RIM

and

management

at

and

prior

to

the

Agreement

Approval

Meeting.

The

discussion

below

reflects

all

of

these

reviews.

In

evaluating

the

Agreements,

the

Board

considered

that

each

of

the

Funds

employs

a

manager-of-managers

method

of

investment

and

RIM’s

past

expressed

belief

that

such

Funds,

in

employing

a

manager-of-managers

method

of

investment,

operate

in

a

manner

that

is

different

from

most

other

investment

companies.

In

the

case

of

most

other

investment

companies,

an

investment

advisory

fee

is

paid

by

the

investment

company

to

its

adviser

which,

in

turn,

employs

and

compensates

individual

portfolio

managers

to

make

specific

securities

selections

consistent

with

the

adviser’s

style

and

investment

philosophy.

RIM,

however,

has

engaged

multiple

unaffiliated

Money

Managers.

RIM

is

responsible

for

paying

fees

to

the

Money

Managers

(“Money

Manager

Fees”)

out

of

the

fees

paid

by

the

Funds

to

RIM

for

its

services

under

the

RIM

Agreement

(the

“Advisory

Fee”).

A

Money

Manager

may

have

(1)

a

discretionary

asset

management

assignment

pursuant

to

which

it

is

allocated

a

portion

of

a

Fund’s

assets

to

manage

directly

in

its

discretion;

(2)

a

non-

discretionary

assignment

pursuant

to

which

it

provides

a

model

portfolio

to

RIM

representing

its

investment

recommendations,

based

upon

which

RIM

purchases

and

sells

securities

for

a

Fund;

or

(3)

both

a

discretionary

and

a

non-discretionary

assignment.

Money

Manager

Fees

for

a

non-discretionary

assignment

may

be

the

same

as,

or

lower

than,

the

fees

would

be

for

a

discretionary

assignment

with

the

same

Money

Manager.

The

Board

considered

that

RIM

(rather

than

any

Money

Manager)

is

responsible

under

the

RIM

Agreement

for

determining,

implementing

and

maintaining

the

investment

program

for

each

Fund.

The

Board

considered

that,

although

RIM

traditionally

has

managed

Fund

exposures

through

the

selection

of

and

allocations

to

Money

Manager

strategies,

innovations

in

RIM

portfolio

management

techniques

together

with

evolutions

in

available

technology,

tools

and

analytics

have

resulted

in

certain

changes

in

RIM’s

approach

to

its

Fund

investment

advisory

services.

In

this

regard,

assets

of

each

Fund

continue

to

be

allocated

among

RIM

and

the

multiple

Money

Manager

strategies

selected

by

RIM

for

that

Fund.

RIM

may

change

a

Fund’s

asset

allocation

to

a

Money

Manager

at

any

time,

including

by

allocating

no

Fund

assets

to

one

or

more

Money

Manager

strategies.

In

addition,

RIM

continues

to

manage

the

investment

of

each

Fund’s

cash

and

portions

of

a

Fund

during

transitions

between

discretionary

Money

Managers.

RIM

also

continues

to

manage

directly

any

portion

of

each

Fund’s

assets

that

RIM

determines

not

to

allocate

to

Money

Manager

strategies.

Most

Funds

usually,

but

not

always,

pursue

a

strategy

to

be

fully

invested

by

exposing

all

or

a

portion

of

their

cash

to

the

performance

of

appropriate

markets

by

purchasing

equity

securities,

fixed

income

securities

and/or

derivatives,

which

typically

include

futures

contracts.

This

cash

“equitization”

strategy

is

managed

by

RIM.

With

respect

to

the

portion

of

a

Fund

that

RIM

manages

based

upon

non-discretionary

Money

Manager

model

portfolios,

RIM

constructs

a

portfolio

that

represents

the

aggregation

of

the

model

portfolios

based

upon

RIM’s

allocation

to

each

Money

Manager’s

strategy

through

an

“enhanced

portfolio

implementation,”

or

“emulation,”

process

designed

to

capture

return

streams

of

multiple

managers

in

a

centralized

portfolio.

RIM

then

implements

the

portfolio

consistent

with

the

aggregation

of

the

model

portfolios,

but

may

deviate

from

such

aggregation

for

the

purposes

of

exposure

and

transaction

cost

management.

RIM

noted

that

the

Funds

may

benefit

from

emulation

through,

among

other

things,

improved

incremental

returns

over

time

due

to

lower

aggregate

transaction

costs

and

turnover

from

reduced

trading

volumes,

and

the

potential

for

additional

commission

recapture.

In

all

cases,

Fund

assets

are

managed

directly

by

RIM

pursuant

to

authority

provided

by

the

RIM

Agreement.

The

Board

noted

the

variety

and

complexity

of

investment

advisory

services

that

RIM

provides

to

the

Funds

under

the

RIM

Agreement.

RIM

is

responsible

for

selecting

(subject

to

Board

approval),

overseeing

and

evaluating

the

performance

results

of

the

Money

Managers

for

each

Fund

and

for

actively

managing

allocations

and

reallocations

of

its

assets

among

the

Money

Manager

strategies

and

RIM

itself.

Each

discretionary

Money

Manager

for

a

Fund

in

effect

performs

the

function

of

an

individual

portfolio

manager

who

is

responsible

for

researching,

selecting

and

trading

portfolio

securities

for

the

portion

of

the

Fund

assigned

to

it

by

RIM

in

accordance

with

the

Fund’s

applicable

investment

objective,

policies

and

restrictions,

any

specific

guidelines

placed

by

RIM

upon

their

selection

of

portfolio

securities

and

the

Money

Manager’s

specified

role

in

a

Fund.

A

Money

Manager’s

primary

role

is

to

pursue

a

particular

investment

strategy

that

has

been

selected

and

assigned

to

it

by

RIM

through

sector

and

security

selection

and

risk

control

measures

in

a

manner

that

is

consistent

with

its

RIM-assigned

guidelines.

The

Money

Managers

operate

subject

to

the

oversight

of,

and

instructions

from,

RIM.

For

each

Fund,

RIM

is

responsible

for,

among

other

things,

providing

each

Money

Manager

with

the

investment

guidelines

and

policies

for

the

Fund

and

any

specific

investment

restrictions;

monitoring

the

performance

of

each

Money

Manager

and

Fund;

generally

supervising

compliance

by

the

discretionary

Money

Managers

and,

as

applicable,

the

non-discretionary

Money

Managers

with

each

Fund’s

investment

objective

and

policies;

with

respect

to

Funds

with

non-discretionary

Money

Managers,

purchasing

and

selling

securities

for

the

Funds

based

on

model

portfolios

representing

the

investment

recommendations

of

the

non-discretionary

Money

Managers;

managing

Fund

assets

that

are

not

allocated

to

Money

Manager

strategies;

managing

the

Funds’

cash

balances;

and

recommending

at

least

annually

to

the

Board

whether

portfolio

management

contracts

should

be

renewed,

modified

or

terminated.

In

addition

to

its

annual

recommendation

as

to

the

renewal,

modification

or

termination

of

portfolio

management

contracts,

RIM

is

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

167

responsible

for

recommending

to

the

Board

additions

of

new

Money

Managers

or

terminations

or

replacements

of

existing

Money

Managers

at

any

time

when,

based

on

RIM’s

research

and

ongoing

review

and

analysis,

such

actions

are,

in

RIM’s

judgment,

appropriate.

RIM

may

impose

specific

investment

or

strategy

parameters

from

time

to

time

on

each

Money

Manager

intended

to

capitalize

on

the

strengths

of

that

Money

Manager

or

to

coordinate

the

investment

activities

of

Money

Managers

for

the

Fund

in

a

complementary

manner.

Therefore,

RIM’s

selection

of

Money

Managers

is

made

not

only

on

the

basis

of

performance

considerations

but

also

on

the

basis

of

other

factors,

including

anticipated

compatibility

with

other

Money

Managers

in

the

same

Fund.

In

light

of

the

foregoing,

the

overall

performance

of

each

Fund

has

reflected,

in

great

part,

the

performance

of

RIM

in

designing

the

Fund’s

investment

program,

structuring

the

Fund,

selecting

effective

Money

Managers,

and

allocating

assets

among

the

Money

Manager

strategies

and

RIM

in

a

manner

designed

to

achieve

the

investment

objectives

of

the

Fund.

In

the

Agreement

Evaluation

Information,

RIM

noted

the

broad

array

of

investment

management

services

provided

to

the

Funds

by

RIM

compared

to

the

relatively

narrow

portfolio

management

services

provided

to

the

Funds

by

Money

Managers.

RIM

has

advised

the

Board

that

its

portfolio

construction

process

is

investment

led

and

designed

to

be

conducted

in

a

manner

that

is

consistent

with

its

fiduciary

duties.

The

objective

of

RIM’s

portfolio

construction

is

to

meet

a

portfolio’s

investment

objective

and

established

excess

return

target.

In

the

Agreement

Evaluation

Information,

RIM

noted

that

while

it

has

general

goals

for

Money

Manager

Fees

in

the

aggregate

globally,

there

are

no

specific

fee

targets

that

are

established

for

individual

portfolios,

which

includes

each

of

the

Funds.

In

the

Agreement

Evaluation

Information,

RIM

advised

the

Board

that

Money

Manager

Fees,

in

the

aggregate,

must

allow

RIM

to

remain

a

going

concern

with

sufficient

resources

to

provide

required

services

to

the

Funds

and

to

earn

a

reasonable

profit.

RIM

advised

the

Board

that

RIM

portfolio

managers

utilize

a

number

of

tools

in

the

portfolio

construction

process

in

order

to

meet

a

Fund’s

objective

taking

into

account

Money

Manager

Fees.

These

tools

include,

among

others,

Money

Manager

selection,

Money

Manager

allocation,

Money

Manager

Fee

negotiations,

guideline

customization

and

Direct

Management

Services

(as

defined

below).

The

Board

considered

that

the

prospectuses

for

the

Funds

and

other

public

disclosures

have

emphasized,

and

continue

to

emphasize,

to

investors

RIM’s

role

as

the

principal

investment

manager

for

each

such

Fund,

rather

than

the

investment

selection

or

recommendation

role

of

the

Money

Managers,

and

describe

the

manner

in

which

the

Funds

operate

so

that

investors

may

take

that

information

into

account

when

deciding

to

purchase

shares

of

any

Fund.

The

Board

further

considered

that

Fund

investors

in

pursuing

their

investment

goals

and

objectives

likely

purchased

their

shares

on

the

basis

of

this

information

and

RIM’s

reputation

for

and

performance

record

in

managing

the

Funds’

manager-of-managers

structure.

The

Board

also

considered

the

demands

and

complexity

of

managing

the

Funds

pursuant

to

the

manager-of-managers

structure,

the

special

expertise

of

RIM

with

respect

to

the

manager-of-managers

structure

of

the

Funds

and

the

possibility

that,

at

the

current

expense

ratio

of

each

Fund,

there

might

be

no

acceptable

alternative

investment

managers

to

replace

RIM

on

comparable

terms

given

the

need

to

continue

the

manager-of-managers

strategy

of

such

Fund

selected

by

shareholders

in

purchasing

their

shares.

In

addition

to

these

general

factors

relating

to

the

manager-of-managers

structure

of

the

Funds,

the

Trustees

considered,

with

respect

to

each

Fund,

various

specific

factors

in

evaluating

renewal

of

the

RIM

Agreement,

including

the

following:

1.

The

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

provided,

and

expected

to

be

provided,

to

the

Fund

by

RIM;

2.

The

Advisory

Fee

paid

by

the

Fund

to

RIM

and

the

fact

that

it

encompasses

all

investment

advisory

fees

paid

by

the

Fund,

including

the

fact

that

RIM

pays

all

Money

Manager

Fees

out

of

its

Advisory

Fee;

3.

Information

provided

by

RIM

as

to

other

fees

and

benefits

received

by

RIM

or

its

affiliates

in

connection

with

the

Fund,

including

any

administrative

or

transfer

agent

fees

and

any

fees

received

for

management

or

administration

of

uninvested

cash

and

securities

lending

cash

collateral,

soft

dollar

arrangements

and

commissions

in

connection

with

portfolio

securities

and

foreign

exchange

transactions;

4.

Information

provided

by

RIM

as

to

expenses

incurred

by

the

Fund;

5.

Information

provided

by

RIM

as

to

the

profits

that

RIM

derives

from

its

mutual

fund

operations

generally

and

from

the

Fund;

and

6.

Information

provided

by

RIM

concerning

economies

of

scale

and

whether

any

scale

economies

are

adequately

shared

with

the

Fund.

In

connection

with

the

Trustees’

consideration

of

the

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

provided,

and

which

are

expected

to

be

provided,

to

the

Funds,

including

Fund

portfolio

management

services,

the

Chief

Investment

Officer

of

RIM

and

the

Funds,

and

senior

representatives

of

Russell

Investments

(as

defined

below),

discussed

with

the

Board

certain

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

168

Basis

for

Approval

of

Investment

Advisory

Agreement

enhancements

made

to

the

investment

management

program

for

the

Funds

to

seek

to

increase

the

probability

of

excess

returns.

The

Board

also

discussed

the

Funds’

compliance

program

with

the

Funds’

Chief

Compliance

Officer

(“CCO”),

including

certain

items

reported

in

the

annual

report

of

the

CCO

required

under

Rule

38a-1

of

the

1940

Act

(the

“Annual

CCO

Report”)

and

the

status

of

the

goals

for

the

past

year

related

to

the

compliance

program

that

the

CCO

identified

in

connection

with

last

year’s

Annual

CCO

Report.

The

Annual

CCO

Report

also

included

information

on

the

progress

made

with

respect

to

various

compliance,

operations

and

technology

initiatives

previously

discussed

with

the

Board.

The

CCO

discussed

with

the

Board,

and

the

Board

noted,

enhancements

made

to

the

compliance

programs

of

RIM

and

the

Funds

over

the

past

year.

The

CCO

advised

the

Board

that

the

Funds’

compliance

program

meets

the

standards

of

Rule

38a-1

under

1940

Act

and

that,

as

required

by

Rule

38a-1

under

the

1940

Act,

RIM

has

adopted

policies

and

procedures

that

are

reasonably

designed

to

prevent

violation

of

the

Federal

Securities

Laws

(as

such

term

is

defined

in

the

1940

Act)

with

respect

to

the

services

RIM

provides

to

the

Funds.

The

CCO

and

RIM

senior

management

discussed

the

impact

of

the

COVID-19

crisis

on

the

operations

and

compliance

programs

of

RIM,

the

Money

Managers

and

the

Funds’

other

significant

service

providers

and

the

Trustees

received

and

considered

confirmation

from

the

CCO

and

RIM

senior

management

that

there

was

no

anticipated

diminution

in

the

nature,

extent

and

quality

of

services

to

be

provided

by

each

of

these

service

providers

under

their

respective

agreements

with

the

Funds

as

a

result

of

the

COVID-19

crisis.

Since

June

1,

2016,

RIM

has

been

an

indirect

wholly-owned

subsidiary

of

Russell

Investments

Group,

Ltd.,

a

Cayman

company

through

which

the

limited

partners

of

certain

private

equity

funds

affiliated

with

TA

Associates

indirectly

have

a

majority

ownership

interest

through

alternative

investment

vehicles

and

the

limited

partners

of

certain

private

equity

funds

affiliated

with

Reverence

Capital

Partners,

L.P.

(“Reverence

Capital”)

indirectly

have

a

significant

minority

controlling

ownership

interest

through

certain

Reverence

Capital

funds

and

alternative

investment

vehicles

in

RIM

and

its

affiliates

(“Russell

Investments”).

In

connection

with

the

Board’s

initial

approval

of

the

RIM

Agreement,

TA

Associates

advised

the

Board

of

its

plans

ultimately

to

effect

a

sale

or

other

disposition

of

its

ownership

interest

in

Russell

Investments.

Any

such

future

transaction

(“Transaction”)

could

cause

a

change

of

control

of

RIM

resulting,

among

other

things,

in

an

assignment

and

termination

of

the

RIM

Agreement,

as

required

by

the

1940

Act,

and

by

the

terms

and

conditions

of

the

RIM

Agreement.

In

the

event

of

a

Transaction,

the

Board

would

be

required

to

consider

the

approval

of

the

terms

and

conditions

of

a

replacement

agreement

(“Successor

Agreement”)

for

the

RIM

Agreement

and

thereafter

to

submit

the

Successor

Agreement

to

each

Fund’s

shareholders

for

approval,

as

required

by

the

1940

Act.

During

the

executive

session

with

a

representative

of

TA

Associates

held

in

connection

with

the

Agreement

Information

Review

Meeting,

among

other

things,

the

status

of

TA

Associates’

indirect

investment

in

RIM

and

RIM’s

access

to

sufficient

resources

to

support

its

activities

in

respect

of

the

Funds,

including

in

light

of

the

current

market

environment

and

the

COVID-19

crisis,

were

discussed.

The

Board

was

advised

that

there

was

no

change

in

TA

Associates’

plans

regarding

its

ownership

interest

in

Russell

Investments

from

those

plans

previously

reported

to

the

Board

and

of

TA

Associates’

commitment

to

continue

to

support

the

same

level

of

services

currently

being

provided

by

RIM

and

its

affiliates

to

the

Funds.

As

noted

above,

RIM,

in

addition

to

managing

the

investment

of

each

Fund’s

cash,

directly

manages

a

portion

(which

may

represent

a

significant

portion)

of

the

Funds

pursuant

to

the

RIM

Agreement,

with

the

actual

allocation

of

Fund

assets

among

Money

Manager

strategies

and

RIM

being

determined

from

time

to

time

by

the

RIM

portfolio

manager(s).

The

nature

and

scope

of

RIM’s

direct

management

of

Fund

assets

has

evolved

over

the

past

several

years.

RIM

utilizes

quantitative

and/or

rules-based

processes

and

qualitative

analysis

to

assess

Fund

characteristics

and

invests

in

securities

and

instruments

which

provide

the

desired

exposures

(such

as

low

volatility,

momentum,

value,

growth,

quality,

capitalization

size,

industry,

sector,

region,

currency,

credit

or

mortgage

exposure,

country

risk,

yield

curve

positioning

or

interest

rates).

RIM

may

utilize

tools

such

as

“optimization,”

which

involves

the

analysis

of

tradeoffs

between

various

risk

and

return

factors

as

well

as

turnover

and

transaction

costs,

in

order

to

estimate

optimal

portfolio

positioning.

RIM

may

use

strategies

based

on

indexes,

including

optimized

index

sampling

(strategies

that

seek

to

purchase

a

sampling

of

securities

using

optimization

and

risk

models)

and/or

index

replication.

For

certain

Funds,

RIM

may

invest

in

derivative

instruments

and

may

use

derivatives

to

take

both

long

and

short

positions.

RIM’s

direct

management

of

assets

for

these

purposes

is

hereinafter

referred

to

as

the

“Direct

Management

Services.”

The

Board

has

been

advised

that,

where

appropriate

in

its

judgment,

RIM

intends

to

continue

exploring

the

possible

expansion

of

its

Direct

Management

Services

whereby

larger

portions

of

certain

Funds

may

be

managed

directly

by

RIM

pursuant

to

the

Direct

Management

Services.

According

to

RIM,

its

portfolio

managers

combine

Money

Manager

strategies

and

RIM’s

Direct

Management

Services

for

the

Funds

and

precisely

align

Fund

exposures

with

RIM’s

preferred

positioning.

RIM’s

Direct

Management

Services

are

customized

portfolios

directly

managed

by

RIM

for

use

within

the

total

portfolio

of

a

Fund.

These

strategies

are

used

in

conjunction

with

allocations

to

Money

Manager

strategies

to

fully

reflect

RIM’s

strategic

and

dynamic

insights

with

integrated

liquidity

and

risk

management.

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

169

The

Board

considered

that

RIM

is

not

required

to

pay

Money

Manager

Fees

to

any

Money

Managers

with

respect

to

assets

for

which

it

provides

Direct

Management

Services

and

that

the

profits

derived

by

RIM

generally

and

from

the

Funds

consequently

may

be

increased,

although

RIM

noted

that

it

may

incur

additional

costs

in

providing

Direct

Management

Services.

RIM

advised

the

Board

that

allocations,

or

increased

allocations,

of

Fund

assets

to

Direct

Management

Services,

together

with

Money

Manager

selection,

allocations

among

Money

Manager

strategies,

renegotiation

of

Money

Manager

Fees

and

changes

in

existing

Money

Manager

assignments

from

discretionary

to

non-discretionary

assignments

where

there

is

a

related

Money

Manager

Fee

reduction

may

reduce

its

costs

of

providing

investment

advisory

services

to

the

Funds,

which

would

benefit

RIM.

The

Board

considered

RIM’s

advice

that

any

such

benefit,

including

any

increased

profits

to

RIM,

ultimately

may

be

partially

offset

by

the

impact

of

any

new

or

additional

fee

waivers

or

expense

caps

separately

agreed

upon

and

implemented

from

time

to

time

for

the

affected

Funds

and

any

costs

of

incremental

investments

or

increased

cost

allocations

that

RIM

may

incur

to

support

Direct

Management

Services.

The

Board

also

considered

information

provided

by

RIM

as

to

the

potential

benefits

of

the

Direct

Management

Services

to

Funds;

and

the

fact

that

the

aggregate

Advisory

Fees

paid

by

the

Funds

are

not

increased

as

a

result

of

RIM’s

direct

management

of

Fund

assets

as

part

of

the

Direct

Management

Services

or

otherwise.

The

Board

noted

that

changes

in

the

allocation

of

assets

among

Money

Manager

strategies

or

to

Direct

Management

Services

may

result

directly

in

higher

related

costs

to

affected

Funds,

including

higher

brokerage

commissions

and

other

transaction

costs,

a

portion

of

which

is

paid

to

RIM’s

affiliated

broker

in

connection

with

execution

of

portfolio

transactions

in

connection

with

such

changes.

The

Agreement

Evaluation

Information

outlined

various

changes

that

have

been

implemented

in

the

investment

program

for

the

Funds

in

recent

years,

and

described

additional

current

and

potential

changes,

and

the

impact

of

such

changes,

to

the

investment

advisory

services

provided

to

the

Funds

by

RIM,

which

the

Trustees

took

into

account

in

their

contract

renewal

deliberations,

including

the

following:

•

RIM

advised

the

Board

that

it

reviewed

certain

key

tenets

of

its

investment

approach

and

took

certain

measures

to

enhance

the

process

with

the

goal

to

improve

risk

adjusted

performance

over

a

market

cycle.

•

The

Direct

Management

Services

described

above.

•

RIM

advised

the

Board

that

most

remaining

discretionary

equity

Money

Managers

were

converted

to

non-discretionary

assignments,

thereby

implementing

emulation

for

most

Money

Manager

equity

assignments.

The

Board

considered

the

potential

impacts

described

in

the

Agreement

Evaluation

Information,

both

positive

and

negative,

on

the

Funds

of

emulation.

RIM

noted

that,

in

implementing

emulation

for

Funds,

it

assumes

various

risks,

including

trade

error

risk

as

it

takes

over

responsibility

for

trading.

RIM

generally

effects

Fund

portfolio

transactions

through

an

affiliated

broker

that

receives

commissions

for

effecting

a

portion

of

these

transactions.

According

to

RIM,

the

Funds

pay

the

same

commission

rates

regardless

of

whether

the

affiliate

receives

any

portion

of

the

commission.

•

RIM

advised

the

Board

that,

over

the

course

of

2019

and

in

prior

years,

it

had

reduced

the

number

of

Money

Managers

for

certain

Funds,

in

part

to

seek

more

concentrated

return

drivers.

RIM

also

advised

the

Board

that

allocations

to

Direct

Management

Services

for

certain

Funds

were

increased

to

accommodate

the

need

for

additional

overall

portfolio

exposure

management

that

may

arise

from

more

concentrated

Money

Manager

lineups.

Additionally,

RIM

advised

the

Board

that,

in

order

to

preserve

flexibility

and

to

manage

risks

and

volatility

associated

with

Funds

having

manager

lineups

with

fewer

Money

Managers,

and

consistent

with

the

terms

of

the

manager-of-managers

exemptive

order,

RIM

created

Money

Manager

“bench”

lineups

for

certain

Funds,

whereby

those

Funds

have

Board-approved

portfolio

management

contracts

with

Money

Managers

that

are

not

funded

(i.e.,

have

an

asset

allocation

of

zero).

In

the

Agreement

Evaluation

Information,

RIM

advised

the

Board

that

the

opportunity

to

decrease

a

Money

Manager’s

allocation

to

zero,

but

not

terminate

the

Money

Manager,

allows

RIM

to

potentially

realize

gains

from

strategies

that

may

have

been

overly

rewarded

in

the

marketplace

over

the

short

to

medium

term,

or

provide

the

opportunity

to

retain

capacity

with

a

Money

Manager.

The

Board

noted

that

RIM

does

not

believe

there

are

any

detriments

to

the

Funds

or

RIM

from

the

use

of

a

manager

bench.

RIM

advised

the

Board

that,

going

forward,

RIM

may

add

managers

to

a

Fund

with

an

existing

manager

bench

or

create

manager

bench

lineups

for

additional

Funds.

•

RIM

has

renegotiated

fees

with

certain

Money

Managers

to

lower

levels

and

advised

the

Board

that

it

will

continue

to

assess

opportunities

for

Money

Manager

Fee

reductions

in

the

future.

Because

Money

Manager

Fees

are

paid

by

RIM

out

of

its

Advisory

Fee

from

the

Funds,

the

foregoing

may

benefit

RIM

in

the

form

of

savings

to

RIM

from

reduced

Money

Manager

Fees.

RIM

noted

that

such

benefits

may

be

offset

partially

by

the

impact

of

any

new

or

additional

fee

waivers

or

expense

caps

separately

agreed

upon

and

implemented

from

time

to

time

for

the

affected

Funds,

and

any

costs

of

incremental

investments

or

increased

cost

allocations

that

RIM

may

incur

to

support

Direct

Management

Services.

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

170

Basis

for

Approval

of

Investment

Advisory

Agreement

In

evaluating

the

Funds’

Advisory

Fees,

the

Board

considered

that,

in

the

Agreement

Evaluation

Information

and

at

past

meetings,

RIM

noted

differences

between

the

investment

strategies

of

certain

Funds

and

their

respective

Comparable

Funds

in

pursuing

their

investment

objectives.

The

Third-Party

Information

included,

among

other

things,

comparisons

of

the

Funds’

Advisory

Fees

with

the

investment

advisory

fees

of

their

Comparable

Funds

on

an

actual

basis

(i.e.,

giving

effect

to

any

fee

waivers

implemented

by

the

managers

of

such

Fund’s

Comparable

Funds).

The

Third-Party

Information,

among

other

things,

showed

that

the

U.S.

Strategic

Equity

Fund,

U.S.

Small

Cap

Equity

Fund,

International

Developed

Markets

Fund

and

Strategic

Bond

Fund

each

had

an

Advisory

Fee

which,

compared

with

the

investment

advisory

fees

of

its

respective

Comparable

Funds

on

an

actual

basis,

was

ranked

in

the

fifth

quintile

of

its

Expense

Universe

for

that

expense

component.

The

Advisory

Fee

for

the

Global

Real

Estate

Securities

Fund

ranked

in

the

fourth

quintile

of

its

Expense

Universe.

In

these

rankings,

the

first

quintile

represents

funds

with

the

lowest

investment

advisory

fees

of

its

comparable

Fund

among

funds

in

the

Expense

Universe

and

the

fifth

quintile

represents

funds

with

the

highest

investment

advisory

fees

among

the

Expense

Universe

funds.

The

comparisons

were

based

upon

the

latest

fiscal

years

for

the

Expense

Universe

funds.

The

Board

considered

RIM’s

explanation

of

the

reasons

for

each

Fund’s

actual

Advisory

Fee

rankings.

RIM

expressed

its

belief

that

each

Fund’s

Advisory

Fee

was

fair

and

reasonable

notwithstanding

the

Third-Party

Information

comparisons

based

on

the

Agreement

Evaluation

Information.

Among

other

things,

RIM

noted

that

meaningful

comparisons

of

investment

advisory

fees

between

funds

affiliated

with

insurance

companies

issuing

variable

annuity

and

life

policies

and

non-affiliated

funds,

such

as

the

Funds,

are

difficult

as

insurance

companies

may

allocate

fees

between

the

insurance

contracts

and

their

underlying

funds.

The

Board

considered

that

the

total

expenses

for

the

Strategic

Bond

Fund

and

Global

Real

Estate

Securities

Fund

ranked

in

the

second

quintile

of

its

Expense

Universe.

The

Board

further

considered

that

the

total

expenses

for

the

U.S.

Strategic

Equity

Fund,

U.S.

Small

Cap

Equity

Fund

and

International

Developed

Markets

Fund

had

a

small

variance

to

the

third

quintile

of

its

Expense

Universe.

The

Board

determined

that

it

would

continue

to

monitor

the

Funds’

Advisory

Fees

against

the

Funds’

Comparable

Funds’

investment

advisory

fees.

In

discussing

the

Funds’

Advisory

Fees

generally,

RIM

noted,

among

other

things,

that

its

Advisory

Fees

for

the

Funds

encompass

services

that

are

typical

to

services

provided

by

investment

advisers

to

the

Funds’

Comparable

Funds,

as

well

as

unique

services

that

are

distinctly

different

from

those

provided

by

investment

advisers

to

the

Funds’

Comparable

Funds,

such

as

cash

equitization

and

transition

management

efforts

that

enable

efficient

and

cost-effective

asset

transition

events.

RIM

also

advised

the

Board

that

its

profitability

generally

and

from

its

relationships

with

the

Funds

declined

in

2019,

and

its

pre-

tax

“margins”

in

providing

investment

advisory

services

to

the

Funds

ranked

below

the

median

of

the

margins

of

public

investment

management

company

peers

based

on

a

survey

conducted

in

2018.

RIM

has

expressed

its

view

that

Advisory

Fees

should

also

be

considered

in

the

context

of

a

Fund’s

total

expense

ratio

to

obtain

a

complete

picture.

The

Board

considers

each

Fund’s

Advisory

Fee

on

both

a

standalone

basis

and

in

the

context

of

the

Fund’s

total

expense

ratio.

The

Board

has

engaged,

and

continues

to

engage,

in

discussions

with

RIM

to

identify

opportunities

for

improving

the

total

expense

comparisons

for

certain

Funds

relative

to

their

respective

Comparable

Funds.

Based

upon

information

provided

by

RIM,

the

Board

considered

for

each

Fund

whether

economies

of

scale

have

been

realized

and

whether

the

Advisory

Fee

for

such

Fund

appropriately

reflects

or

should

be

revised

to

reflect

any

such

economies.

The

Board

considered,

among

other

things,

the

variability

of

Money

Manager

Fees

and

other

factors

associated

with

the

manager-of-managers

structure

employed

by

the

Funds

as

well

as

net

Fund

redemptions

or

purchases

in

recent

years.

The

Funds

are

distributed

exclusively

through

variable

annuity

and

variable

life

insurance

contracts

issued

by

insurance

companies.

Currently,

the

Funds

are

made

available

to

holders

of

such

insurance

policies

(“Insurance

Contract

Holders”)

by

a

few

insurance

companies.

The

Funds

are

primarily

distributed

through,

and

their

assets

are

primarily

attributed

to,

The

Northwestern

Mutual

Life

Insurance

Company

(“Northwestern

Mutual”).

In

November

2018,

Northwestern

Mutual

discontinued

sales

of

the

International

Developed

Markets

Fund

to

new

Insurance

Contract

Holders

through

its

advisory

channel

but

this

Fund

is

still

available

to

new

and

existing

Insurance

Contract

Holders

through

Northwestern

Mutual’s

brokerage

channel.

RIM

expressed

its

belief

that

Northwestern

Mutual

is

committed

to

the

Funds

and

RIM

does

not

believe

Northwestern

Mutual

intends

to

discontinue

sales

of

the

other

Funds

to

its

Insurance

Contract

Holders

through

its

advisory

channel.

However,

the

Board

has

received

no

direct

assurances

in

this

regard

from

Northwestern

Mutual.

If

Northwestern

Mutual

were

to

discontinue

its

participation

in

the

Funds,

the

Board

considered

that

it

is

unlikely

that

the

Funds

would

remain

viable.

RIM

advised

the

Board

that

its

near-term

business

plan

is

to

retain

existing

RIF

complex

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

171

assets

with

intermediate-term

plans

centering

on

opportunistic

business

development

efforts

related

to

RIF

Fund

placement

in

the

insurance

channel.

RIM

previously

expressed

its

belief

that

the

Funds

will

remain

viable

in

the

near

term,

and

the

Board

was

not

advised

of

any

change

in

RIM’s

belief

in

this

regard.

The

Board

considered,

among

other

things,

the

potential

negative

implications

for

significant

future

Fund

asset

growth

if

additional

insurance

companies

do

not

make

the

Funds

available

to

their

variable

annuity

and

variable

life

insurance

policyholders.

The

Board

also

considered

that

fees

payable

to

RIM

or

its

affiliates

by

institutional

clients

with

investment

objectives

similar

to

those

of

the

Funds,

in

some

cases,

are

lower,

and

may

be

substantially

lower,

than

the

rates

paid

by

the

Funds

and

Other

RIM

Funds.

The

Trustees

considered

the

differences

in

the

nature

and

scope

of

services

RIM

provides

to

institutional

clients

and

the

Funds.

RIM

explained,

among

other

things,

that

institutional

products

have

fewer

compliance,

administrative,

client

servicing/communication

and

other

needs

than

the

Funds.

RIM

also

noted

that

due

to

the

number

and

nature

of

investors,

along

with

their

varied

needs

for

liquidity,

there

is

more

portfolio

liquidity

management

and

cash

flow

management

required

for

the

Funds

than

for

RIM’s

institutional

clients,

where

assets

are

relatively

stable.

In

addition,

RIM

noted

that

the

Funds

are

subject

to

heightened

regulatory

requirements

relative

to

institutional

clients.

Accordingly,

the

Trustees

concluded

that

the

services

provided

to

the

Funds

are

sufficiently

different

from

the

services

provided

to

the

other

clients

that

comparisons

are

not

probative

and

should

not

be

given

significant

weight.

With

respect

to

the

Funds’

total

expenses,

the

Third-Party

Information

showed

that

the

total

expenses

for

each

of

the

U.S.

Strategic

Equity

Fund,

U.S.

Small

Cap

Equity

Fund

and

International

Developed

Markets

Fund

were

ranked

in

the

fourth

quintile

of

its

Expense

Universe,

and

the

total

expenses

for

each

of

the

other

Funds

were

ranked

in

the

second

quintile

of

its

Expense

Universe.

In

these

rankings,

the

first

quintile

represents

the

funds

with

the

lowest

total

expenses

among

funds

in

the

Expense

Universe

and

the

fifth

quintile

represents

funds

with

the

highest

total

expenses

among

the

Expense

Universe

funds.

In

the

case

of

many

of

the

aforementioned

Funds,

a

significant

factor

in

the

Fund’s

total

expense

ranking

was

the

Fund’s

Advisory

Fee

when

compared

to

the

investment

advisory

fees

of

other

Comparable

Funds.

With

respect

to

each

Fund

with

total

expenses

ranked

in

the

fourth

quintile

of

its

Expense

Universe,

RIM

expressed

its

belief

that

the

Fund’s

total

expense

ratio

was

fair

and

reasonable

notwithstanding

the

Third-Party

Information

comparisons

based

on

the

Agreement

Evaluation

Information.

The

Board

considered

that

the

total

expenses

for

each

of

the

U.S.

Strategic

Equity

Fund,

U.S.

Small

Cap

Equity

Fund

and

International

Developed

Markets

Fund

had

a

small

variance

to

the

third

quintile

of

its

Expense

Universe.

On

the

basis

of

the

Agreement

Evaluation

Information,

and

other

information

previously

received

by

the

Board

from

RIM

during

the

course

of

prior

years,

or

presented

at

or

in

connection

with

the

Agreement

Information

Review

Meeting

and

Agreement

Evaluation

Meeting

by

RIM,

the

Board,

in

respect

of

each

Fund,

found,

after

considering

any

differences

in

the

composition

of

the

Expense

Universe

and

investment

strategies

of

its

respective

Comparable

Funds

and

in

light

of

other

factors

discussed

above:

(1)

the

Advisory

Fee

charged

by

RIM

was

acceptable

in

light

of

the

nature,

scope

and

overall

quality

of

the

investment

advisory

and

other

services

provided,

and

expected

to

be

provided,

to

the

Fund

and

to

provide

continuity

of

investment

advisory

and

other

services

by

RIM

to

the

Fund;

(2)

except

as

noted

above,

the

relative

expense

ratio

of

the

Fund

either

was

comparable

to

those

of

its

Comparable

Funds

or

RIM

had

provided

an

explanation

satisfactory

to

the

Board

as

to

why

the

relative

expense

ratio

was

not

comparable

to

those

of

its

Comparable

Funds;

(3)

other

benefits

and

fees

received

by

RIM

or

its

affiliates

from

the

Fund

identified

in

the

Agreement

Evaluation

Information

were

not

considered

to

be

excessive;

(4)

RIM’s

reported

profitability

with

respect

to

the

Fund

was

not

considered

to

be

excessive

in

light

of

the

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

provided

by

RIM

and

applicable

judicial

and

regulatory

guidance;

and

(5)

the

Advisory

Fee

charged

by

RIM

appropriately

reflects

any

economies

of

scale

realized

by

such

Fund

in

light

of

various

factors,

including

potential

negative

implications

for

significant

future

Fund

asset

growth

if

additional

insurance

companies

do

not

make

the

Funds

available

to

their

Insurance

Contract

Holders;

the

variability

of

Money

Manager

Fees

and

other

factors

associated

with

the

manager-of-managers

structure

employed

by

the

Funds;

and

RIM’s

advice

that

it

does

not

believe

it

will

experience

meaningful

economies

of

scale.

The

Board

concluded

that,

under

the

circumstances

and

based

on

RIM’s

performance

information

and

reviews

for

each

Fund,

the

performance

of

each

of

the

Funds

is

consistent

with

continuation

of

the

RIM

Agreement.

The

Board

noted

RIM’s

advice

that

its

investment

philosophy

and

process

seek

to

combine

investment

managers

to

produce

benchmark-beating

returns

with

above-average

consistency.

In

assessing

the

performance

of

Funds,

the

Board

focused

upon

each

Fund’s

performance

for

the

3-year

period

ended

December

31,

2019

as

most

relevant

but

also

considered

Fund

performance

for

the

1-

and

5-year

periods

ended

such

date.

In

reviewing

the

Funds’

performance

generally,

the

Board

took

into

consideration

various

steps

taken

by

RIM

in

the

past

year

to

enhance

the

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

172

Basis

for

Approval

of

Investment

Advisory

Agreement

performance

of

certain

Funds,

including

changes

in

Money

Managers

or

their

allocations,

and

RIM’s

implementation

or

expansion

of

its

Direct

Management

Services

and

other

strategies,

which

may

not

yet

be

fully

reflected

in

Fund

investment

results.

With

respect

to

the

U.S.

Strategic

Equity

Fund,

the

Third-Party

Information

showed

that

the

Fund’s

performance

for

the

3-year

period

ended

December

31,

2019

was

ranked

in

the

fifth

quintile

of

its

Performance

Universe,

and

the

Fund’s

performance

for

the

1-

and

5-year

periods

ended

such

date

was

in

the

third

and

fourth

quintiles

of

its

Performance

Universe,

respectively.

According

to

RIM,

factors

contributing

to

the

Fund’s

relative

underperformance

during

the

3-year

period

included

the

Fund’s

tilt

toward

stocks

with

lower

valuation

characteristics

and

sector

positioning,

particularly

an

overweight

to

the

energy

sector

and

an

underweight

to

the

information

technology

sector.

The

Board

considered

that

the

changes

to

the

Fund’s

Money

Managers

and

changes

in

allocations

among

Money

Managers

and

RIM’s

Direct

Management

Services

that

were

implemented

over

the

last

two

years

to

enhance

performance

over

a

market

cycle

were

not

yet

fully

reflected

in

the

Fund’s

investment

results.

With

respect

to

the

International

Developed

Markets

Fund,

the

Third-Party

Information

showed

that

the

Fund’s

performance

for

the

3-year

period

ended

December

31,

2019

was

ranked

in

the

fourth

quintile

of

its

Performance

Universe,

and

the

Fund’s

performance

for

the

1-

and

5-year

periods

ended

such

date

was

in

the

fifth

and

third

quintiles

of

its

Performance

Universe,

respectively.

According

to

RIM,

factors

contributing

to

the

Fund’s

relative

underperformance

during

the

3-year

period

included

RIM’s

strategic

belief

and

tactical

preference

for

value,

and

overweights

to

Japan

and

the

financials

sector

relative

to

peers.

RIM

noted

its

preference

for

value

over

growth,

and

that

while

valuation

spreads

between

value

and

growth

have

been

at

historically

wide

levels,

it

believes

the

extent

of

the

valuation

spreads

is

not

sustainable,

and

RIM

continues

to

favor

valuation

sensitive

managers

in

its

tactical

positioning.

With

respect

to

the

Strategic

Bond

Fund,

the

Third-Party

Information

showed

that

the

Fund’s

performance

for

the

3-year

period

ended

December

31,

2019

was

ranked

in

the

fourth

quintile

of

its

Performance

Universe,

and

the

Fund’s

performance

for

the

1-

and

5-year

periods

ended

such

date

was

in

the

third

and

fourth

quintiles

of

its

Performance

Universe,

respectively.

RIM

noted

that

the

Fund’s

peers

benefitted

more

than

the

Fund

from

the

rally

in

investment

grade

corporate

bonds

as

the

Fund

tended

to

favor

taking

spread

risk

in

securitized

products

during

the

period.

RIM

further

noted

that

the

Fund’s

currency

strategies

and

exposure

to

TIPS

also

contributed

to

the

Fund’s

underperformance

relative

to

peers.

The

Board

considered

that

the

changes

to

the

Fund’s

Money

Managers

that

were

implemented

in

2019

were

not

yet

fully

reflected

in

the

Fund’s

investment

results.

The

Third-Party

Information

also

showed

that

the

performance

of

the

Global

Real

Estate

Securities

Fund

was

ranked

in

the

second

quintile

of

its

Performance

Universe

for

the

3-year

period

ended

December

31,

2019,

and

the

performance

of

the

U.S.

Small

Cap

Equity

Fund

was

ranked

in

the

third

quintile

of

its

Performance

Universe

for

the

3-year

period

ended

such

date.

In

evaluating

performance,

the

Board

considered

each

Fund’s

performance

not

only

relative

to

its

Comparable

Funds,

but

also

in

absolute

terms

and

relative

to

its

benchmark.

The

Board

considered

the

Funds’

performance

relative

to

their

benchmarks

in

light

of

RIM’s

advice

that

its

investment

philosophy

and

process

seek

to

combine

investment

managers

to

produce

benchmark-beating

returns

with

above-average

consistency.

For

the

1-year

period

ended

December

31,

2019,

the

Strategic

Bond

Fund

outperformed

its

benchmark;

and

for

the

3-year

and

5-year

periods

ended

December

31,

2019,

the

Global

Real

Estate

Securities

Fund

outperformed

its

benchmark.

The

Board

also

considered

the

Money

Manager

changes

that

have

been

made

during

the

past

year

and

that

the

performance

of

Money

Managers

continues

to

impact

Fund

performance

for

periods

prior

and

subsequent

to

their

termination.

Lastly,

the

Board

considered

the

implementation

of

additional

strategies

and

refinements

to

strategies

discussed

in

the

Agreement

Information

Materials

and

prior

Board

meetings

that

may

be

employed

by

RIM

in

respect

of

certain

Funds.

After

considering

the

foregoing

and

other

relevant

factors,

including

factors

described

above,

the

Board

concluded

in

respect

of

each

Fund

that

continuation

of

the

RIM

Agreement

would

be

in

the

best

interest

of

such

Fund

and

its

shareholders

and

voted

to

approve

the

continuation

of

the

RIM

Agreement.

At

the

Agreement

Information

Review

Meeting

and

Agreement

Evaluation

Meeting,

with

respect

to

the

evaluation

of

the

terms

of

portfolio

management

contracts

with

Money

Managers,

the

Board

received

and

considered

information

from

RIM

reporting,

among

other

things,

for

each

Money

Manager,

the

Money

Manager’s

performance

over

various

periods;

RIM’s

assessment

of

the

performance

of

each

Money

Manager;

any

significant

business

relationships

between

the

Money

Manager

and

RIM

or

Russell

Investments

Financial

Services,

LLC,

the

Funds’

underwriter;

and

RIM’s

recommendation

to

retain

each

discretionary

or

non-discretionary

Money

Manager

on

the

current

terms

and

conditions,

including

at

the

current

fee

rate.

The

Board

received

reports

during

the

course

of

the

year

from

the

Funds’

CCO

regarding

her

assessments

of

Money

Manager

compliance

programs

and

any

compliance

issues.

RIM

did

not

identify

any

benefits

from

the

Funds’

portfolio

transactions

received

by

Money

Managers

or

their

affiliates

other

than

potential

benefits

from

soft

dollar

arrangements

or

commissions

paid

to

any

affiliated

broker-dealer

through

which

a

discretionary

Money

Manager

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

173

may

execute

trades.

The

Agreement

Evaluation

Information

(1)

described

RIM’s

oversight

of

the

discretionary

Money

Managers’

soft

dollar

arrangements,

(2)

expressed

RIM’s

belief

that,

based

upon

certifications

from

Money

Managers

and

pre-hire

and

ongoing

reviews

of

Money

Manager

documents

and

their

implementation,

the

discretionary

Money

Managers’

soft

dollar

programs

and

policies

and

procedures

are

consistent

with

applicable

legal,

regulatory

and

fiduciary

standards

and

(3)

stated

that

periodic

discretionary

Money

Manager

reviews

are

designed

to

(among

other

things)

obtain

reasonable

assurance

that

the

Money

Manager’s

actual

soft

dollar

practices

are

consistent

with

what

is

stated

in

their

policies

and

procedures

and

with

disclosures

made

by

Money

Managers

in

their

investment

adviser

registration

statements

filed

with

the

SEC.

RIM

recommended

that

each

of

the

Money

Managers

be

retained

for

its

current

discretionary

or

non-discretionary

assignment

at

its

current

fee

rate.

In

doing

so,

RIM,

as

it

has

in

the

past,

advised

the

Board

that

it

does

not

regard

Money

Manager

profitability

as

relevant

to

its

evaluation

of

the

portfolio

management

contracts

with

Money

Managers

because

the

willingness

of

Money

Managers

to

serve

in

such

capacity

depends

upon

arm’s-length

negotiations

with

RIM;

RIM

is

aware

of

the

standard

fee

rates

charged

by

Money

Managers

to

other

clients;

and

RIM

believes

that

the

fees

agreed

upon

with

Money

Managers

are

reasonable

in

light

of

the

anticipated

quality

of

investment

advisory

services

to

be

rendered.

The

Board

accepted

RIM’s

explanation

of

the

relevance

of

Money

Manager

profitability

in

light

of

RIM’s

belief

that

such

fees

are

reasonable;

the

Board’s

findings

as

to

the

acceptability

of

the

Advisory

Fee

paid

by

each

Fund;

and

the

fact

that

each

Money

Manager’s

fee

is

paid

by

RIM.

At

the

Agreement

Evaluation

Meeting,

RIM

reported

that

it

planned

to

recommend

to

the

Board

at

the

May

19,

2020

quarterly

Board

meeting

the

appointment

and

termination

of

certain

Money

Managers

and

new

portfolio

management

contracts

with

certain

Money

Managers

due

to

an

upcoming

change

in

control.

Based

upon

RIM’s

recommendations,

together

with

relevant

Agreement

Evaluation

Information,

the

Board

concluded

that

the

fees

paid

to

the

Money

Managers

of

each

Fund

are

acceptable

in

light

of

RIM’s

assessment

of

quality

of

the

investment

advisory

services

provided

and

that

continuation

of

the

portfolio

management

contract

with

each

Money

Manager

of

each

Fund

would

be

in

the

best

interests

of

the

Fund

and

its

shareholders.

*

*

*

This

discussion

is

not

intended

to

include

all

of

the

factors

and

information

considered

by

the

Board.

In

their

deliberations,

the

Trustees

did

not

identify

any

particular

information

as

to

the

RIM

Agreement

or,

other

than

RIM’s

recommendation,

the

portfolio

management

contract

with

any

Money

Manager

that

was

all-important

or

controlling,

except,

in

the

case

of

the

RIM

Agreement,

the

need

to

continue

the

managers-of-managers

structure

of

the

Funds

and

each

Trustee

attributed

different

weights

to

the

various

factors

considered.

The

Trustees

evaluated

all

information

available

to

them

on

a

Fund-by-Fund

basis

and

their

determinations

were

made

in

respect

of

each

Fund.

Approval

of

Money

Manager

Contracts

At

a

quarterly

meeting

held

on

May

19,

2020,

the

Board

received

proposals

from

RIM

to

approve

new

portfolio

management

contracts

for

the

U.S.

Strategic

Equity

Fund

and

the

Strategic

Bond

Fund

resulting

from

a

pending

change

of

control

of

a

Money

Manager

for

the

U.S.

Strategic

Equity

Fund

and

a

Money

Manager

(and

its

affiliate)

for

the

Strategic

Bond

Fund

that

are

each

subsidiaries

of

the

same

parent

company.

The

Trustees

approved

the

terms

of

each

proposed

new

portfolio

management

contract

based

upon

RIM’s

recommendation

to

hire

the

Money

Manager

at

the

proposed

fee

rate,

which

is

the

same

rate

as

under

the

prior

portfolio

management

contract;

information

as

to

the

reason

for

the

proposed

new

portfolio

management

contract;

information

as

to

the

Money

Manager’s

role

in

the

management

of

the

Fund’s

investment

portfolio

and

RIM’s

evaluation

of

the

quality

of

the

investment

advisory

services

provided

by

the

Money

Manager;

information

provided

by

RIM

that

there

are

no

expected

changes

to

the

Money

Manager’s

investment

process,

personnel

or

services

as

a

result

of

the

change

of

control;

information

as

to

any

significant

business

relationships

between

the

Money

Manager

and

RIM

or

Russell

Investments

Financial

Services,

LLC,

the

Fund’s

underwriter;

a

statement

from

the

CCO

that

there

have

been

no

changes

to

the

Money

Manager’s

compliance

policies

and

procedures;

and

information

provided

by

RIM

that

the

change

in

control

of

each

Money

Manager

would

have

no

impact

on

the

aggregate

Money

Manager

fees

to

be

paid

by

RIM

from

its

advisory

fee.

The

Trustees

considered

that

the

Agreement

Evaluation

Information

included

RIM’s

explanation

as

to

the

lack

of

relevance

of

Money

Manager

profitability

to

the

evaluation

of

portfolio

management

contracts

with

Money

Managers

because

the

willingness

of

Money

Managers

to

serve

in

such

capacity

depends

upon

arm’s-length

negotiations

with

RIM;

RIM’s

awareness

of

the

standard

fee

rates

charged

by

the

Money

Manager

to

other

clients;

and

RIM’s

belief

that

the

proposed

Money

Manager

fees

would

be

reasonable

in

light

of

the

anticipated

quality

of

investment

advisory

services

to

be

rendered.

The

Trustees’

approval

also

reflected

their

findings

at

prior

meetings,

including

the

Agreement

Approval

Meeting,

as

well

as

information

received

throughout

the

course

of

the

year

regarding,

among

other

things,

the

quality

of

services

provided

to

the

Funds

by

the

Money

Managers

and

the

reasonableness

of

the

aggregate

investment

advisory

fees

paid

by

the

Funds,

as

well

as

the

fact

that

the

aggregate

investment

advisory

fees

paid

by

the

Funds

would

Russell

Investment

Funds

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

174

Basis

for

Approval

of

Investment

Advisory

Agreement

not

increase

or

decrease

as

a

result

of

the

implementation

of

the

proposed

new

portfolio

management

contracts

because

the

Money

Managers’

investment

advisory

fees

are

paid

by

RIM.

Russell

Investment

Funds

Liquidity

Risk

Management

Program

—

(Unaudited)

Liquidity

Risk

Management

Program

175

The

Funds

have

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

in

accordance

with

Rule

22e-4

of

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”).

The

Program

seeks

to

assess,

manage,

and

review

each

Fund’s

“liquidity

risk.”

For

purposes

of

the

Liquidity

Rule,

“liquidity

risk”

is

defined

as

the

risk

that

a

Fund

is

unable

to

satisfy

redemption

requests

without

significantly

diluting

remaining

investors’

interests

in

the

Fund.

The

Program

is

comprised

of

various

components

designed

to

support

the

assessment

and/or

management

of

liquidity

risk,

including:

Assessment,

management

and

periodic

review

of

each

Fund’s

liquidity

risk;

Classification

of

each

Fund’s

investments

into

four

categories

or

liquidity

buckets

based

on

how

long

it

would

take

to

convert

the

investment

to

cash

(the

“Classification

Regime”);

Establishment

and

annual

review

of

a

highly

liquid

investment

minimum

(“HLIM”)

for

each

Fund

that

does

not

invest

primarily

in

“highly

liquid”

investments

(as

defined

under

the

Liquidity

Rule);

Requirements

applicable

to

a

Fund’s

holdings

of

“illiquid

investments”

(as

defined

under

the

Liquidity

Rule);

and

Implementation

of

redemption

in-kind

policies

and

procedures.

The

Board

of

Trustees

of

RIF

(the

“Board”)

appointed

RIM,

the

Funds’

investment

adviser,

as

the

Program

administrator

(the

“Program

Administrator”).

The

Program

Administrator

has

delegated

responsibility

to

implement

and

administer

the

Program,

subject

to

oversight

by

the

Program

Administrator,

to

one

or

more

RIM

associates

(the

“Program

Administrator

Delegate”).

The

Program

Administrator,

through

the

Program

Administrator

Delegate,

monitors

the

adequacy

and

effectiveness

of

the

Program’s

implementation

and

on

a

periodic

basis

assesses

each

Fund’s

liquidity

risk

based

on

a

variety

of

factors.

At

the

May

18,

2020

meeting

of

the

Regulatory

and

Investment

Compliance

Committee

of

the

Board

(the

“Meeting”),

the

Program

Administrator

reviewed

with

all

members

of

the

Board

the

Program

Administrator’s

initial

written

report

(the

“Report”)

addressing

the

Program’s

operation

as

well

as

the

adequacy

and

effectiveness

of

its

implementation

for

the

period

from

December

1,

2018

through

December

31,

2019

(the

“Program

Reporting

Period”).

The

Report

summarized

the

factors

considered

by

the

Program

Administrator

in

assessing

whether

the

Program

has

been

adequately

and

effectively

implemented

with

respect

to

each

Fund.

Such

information

and

factors

included,

among

other

things:

(1)

the

framework

used

to

assess,

manage,

and

periodically

review

each

Fund’s

liquidity

risk

and

the

results

of

this

assessment;

(2)

the

methodology

and

inputs

used

in

connection

with

the

Classification

Regime;

(3)

whether

a

new

HLIM

should

be

established,

or

an

existing

HLIM

continued

or

modified,

for

each

Fund

and

the

procedures

for

monitoring

for

HLIM

compliance;

(4)

whether

a

Fund

invested

more

than

15%

of

its

assets

in

illiquid

investments

and

the

procedures

for

monitoring

for

this

limit;

and

(5)

specific

liquidity

events

arising

during

the

Program

Reporting

Period,

including

the

impact

on

Fund

liquidity

caused

by

extended

non-U.S.

market

closures.

The

Board

also

received

information

prior

to

and

as

part

of

the

Meeting

relating

to

the

Program’s

operation

subsequent

to

the

Reporting

Period

in

light

of

the

COVID-19

crisis.

There

were

no

changes

to

the

Funds’

written

policies

and

procedures

related

to

the

Program

during

the

Program

Reporting

Period

but

the

Board

was

informed

of

certain

clarifications

to

such

written

policies

and

procedures

that

would

be

implemented

following

the

Meeting.

Based

on

the

Program

Administrator’s

review

and

the

factors

set

forth

in

the

Report,

the

Report

concluded

that:

(1)

the

Program

continues

to

be

reasonably

designed

to

effectively

assess

and

manage

each

Fund’s

liquidity

risk;

(2)

each

Fund’s

liquidity

risk

continues

to

be

appropriate

in

light

of

the

Fund’s

investment

objective

and

strategies;

(3)

each

Fund’s

investment

strategies

continue

to

be

appropriate

for

an

open-ended

management

investment

company;

and

(4)

the

Program

has

been

adequately

and

effectively

implemented

with

respect

to

each

Fund,

including

the

establishment

and

operation

of

the

HLIM

for

applicable

Funds.

Russell

Investment

Funds

Shareholder

Requests

for

Additional

Information

—

June

30,

2020

(Unaudited)

176

Shareholder

Requests

for

Additional

Information

Each

Fund

files

portfolio

holdings

information

within

60

days

after

the

end

of

each

fiscal

quarter

as

an

exhibit

on

Form

N-PORT.

Portfolio

holdings

information

for

the

third

month

of

each

fiscal

quarter

is

publicly

available

on

the

SEC’s

website

at

http://www.sec.

gov.

Each

Fund’s

complete

schedule

of

portfolio

holdings

for

the

second

and

fourth

quarters

of

each

fiscal

year

is

included

in

the

semi-

annual

and

annual

reports

to

Fund

shareholders.

The

Board

has

delegated

to

RIM,

as

RIF’s

investment

adviser,

the

primary

responsibility

for

monitoring,

evaluating

and

voting

proxies

solicited

by

or

with

respect

to

issuers

of

securities

in

which

assets

of

the

Funds

may

be

invested.

RIM

has

established

a

proxy

voting

committee

and

has

adopted

written

proxy

voting

policies

and

procedures

(“P&P”)

and

proxy

voting

guidelines

(“Guidelines”).

The

Funds

maintain

a

Portfolio

Holdings

Disclosure

Policy

that

governs

the

timing

and

circumstances

of

disclosure

to

shareholders

and

third

parties

of

information

regarding

the

portfolio

investments

held

by

the

Funds.

A

description

of

the

P&P,

Guidelines,

Portfolio

Holdings

Disclosure

Policy

and

additional

information

about

Fund

Trustees

are

contained

in

the

Funds’

Statement

of

Additional

Information

(“SAI”).

The

SAI

and

information

regarding

how

the

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30,

2019

are

available

(i)

free

of

charge,

upon

request,

by

calling

the

Funds

at

(800)

787-7354;

(ii)

at

https://russellinvestments.com;

and

(iii)

on

the

Securities

and

Exchange

Commission’s

website

at

www.sec.gov.

If

possible,

depending

on

contract

owner

registration

and

address

information,

and

unless

you

have

otherwise

opted

out,

only

one

copy

of

the

RIF

prospectus

and

each

annual

and

semi-annual

report

will

be

sent

to

contract

owners

at

the

same

address.

If

you

would

like

to

receive

a

separate

copy

of

these

documents,

please

contact

your

Insurance

Company.

If

you

currently

receive

multiple

copies

of

the

prospectus,

annual

report

and

semi-annual

report

and

would

like

to

request

to

receive

a

single

copy

of

these

documents

in

the

future,

please

call

your

Insurance

Company.

Some

Insurance

Companies

may

offer

electronic

delivery

of

the

Funds’

prospectuses

and

annual

and

semi-annual

reports.

Please

contact

your

Insurance

Company

for

further

details.

Russell

Investment

Funds

Disclosure

of

Information

about

Fund

Trustees

and

Officers

—

June

30,

2020

(Unaudited)

Disclosure

of

Information

about

Fund

Trustees

and

Officers

177

The

following

tables

provide

information

for

each

officer

and

trustee

of

the

Russell

Investments

Fund

Complex.

The

Russell

Investments

Fund

Complex

consists

of

Russell

Investment

Company

(“RIC”),

which

has

34

funds

and

Russell

Investment

Funds

(“RIF”),

which

has

nine

funds.

Each

of

the

Trustees

is

a

trustee

of

RIC

and

RIF.

The

first

table

provides

information

for

the

Independent

Trustees.

The

second

table

provides

information

for

the

Trustee

Emeritus.

The

third

table

provides

information

for

the

officers.

Furthermore,

each

Trustee

possesses

the

following

specific

attributes:

Mr.

Alston

has

business,

financial

and

investment

experience

as

a

senior

executive

of

an

international

real

estate

firm

and

is

trained

as

a

lawyer;

Ms.

Blake

has

had

experience

as

a

certified

public

accountant

and

has

had

experience

as

a

member

of

boards

of

directors/trustees

of

other

investment

companies;

Ms.

Burgermeister

has

had

experience

as

a

certified

public

accountant

and

as

a

member

of

boards

of

directors/trustees

of

other

investment

companies

and

has

been

determined

by

the

Board

to

be

an

“audit

committee

financial

expert”;

Ms.

Krysty

has

had

business,

financial

and

investment

experience

as

the

founder

and

senior

executive

of

a

registered

investment

adviser

focusing

on

high

net

worth

individuals

as

well

as

a

certified

public

accountant

and

a

member

of

the

boards

of

other

corporations

and

non-profit

organizations;

Ms.

Dien

Ledoux

has

had

investment

experience

as

a

portfolio

manager

and

has

had

experience

as

a

member

of

the

board

of

trustees

of

other

investment

companies;

Mr.

Tennison

has

had

business,

financial

and

investment

experience

as

a

senior

executive

of

a

corporation

with

international

activities

and

was

trained

as

an

accountant;

and

Mr.

Thompson

has

had

experience

in

business,

governance,

investment

and

financial

reporting

matters

as

a

senior

executive

of

an

organization

sponsoring

and

managing

other

investment

companies,

and,

subsequently,

has

served

as

a

board

member

of

other

investment

companies.

*

Each

Trustee

shall

retire

from

service

on

the

Board

of

Trustees

at

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

However,

at

the

discretion

of

the

Board

and

upon

the

request

of

the

Trustee,

a

one-year

waiver

may

be

granted

from

the

application

of

the

policy,

which

will

allow

the

Trustee

to

continue

to

serve

on

the

Board

for

an

additional

one-year

period

following

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

A

maximum

of

five

one-year

waivers

may

be

requested

by

the

Trustee

and

granted

by

the

Board

to

the

Trustee.

Name,

Age,

Address

Position(s)

Held

With

Fund

and

Length

of

Time

Served

Term

of

Office

*

Principal

Occupation(s)

During

the

Past

5

Years

No.

of

Portfolios

in

Russell

Fund

Complex

Overseen

by

Trustee

Other

Directorships

Held

by

Trustee

During

the

Past

5

Years

INDEPENDENT

TRUSTEES

Thaddas

L.

Alston,

Born

April

7,

1945

1301

Second

Avenue,

18th

Floor,

Seattle,

WA

98101

Trustee

since

2006

Appointed

until

successor

is

duly

elected

and

qualified

Senior

Vice

President,

Larco

Investments,

Ltd.

(real

estate

firm)

43

Until

October

2015,

Trustee,

Russell

Exchange

Traded

Funds

Trust

Kristianne

Blake,

Born

January

22,

1954

1301

Second

Avenue,

18th

Floor,

Seattle,

WA

98101

Trustee

since

2000

Chairman

since

2005

Appointed

until

successor

is

duly

elected

and

qualified

Approved

annually

Lead

Independent

Director,

Avista

Corp.

(electric

utilities)

Until

May

2017,

Director

and

Chairman

of

the

Audit

Committee,

Avista

Corp

(electric

utilities)

Until

September

2018,

Regent,

University

of

Washington

President,

Kristianne

Gates

Blake,

P.S.

(accounting

services)

43

Lead

Independent

Director,

Avista

Corp.

(electric

utilities)

Until

May

2017,

Director,

Avista

Corp

(electric

utilities)

Until

October

2015,

Trustee,

Russell

Exchange

Traded

Funds

Trust

Russell

Investment

Funds

Disclosure

of

Information

about

Fund

Trustees

and

Officers,

continued

—

June

30,

2020

(Unaudited)

178

Disclosure

of

Information

about

Fund

Trustees

and

Officers

*

Each

Trustee

shall

retire

from

service

on

the

Board

of

Trustees

at

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

However,

at

the

discretion

of

the

Board

and

upon

the

request

of

the

Trustee,

a

one-year

waiver

may

be

granted

from

the

application

of

the

policy,

which

will

allow

the

Trustee

to

continue

to

serve

on

the

Board

for

an

additional

one-year

period

following

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

A

maximum

of

five

one-year

waivers

may

be

requested

by

the

Trustee

and

granted

by

the

Board

to

the

Trustee.

Name,

Age,

Address

Position(s)

Held

With

Fund

and

Length

of

Time

Served

Term

of

Office

*

Principal

Occupation(s)

During

the

Past

5

Years

No.

of

Portfolios

in

Russell

Fund

Complex

Overseen

by

Trustee

Other

Directorships

Held

by

Trustee

During

the

Past

5

Years

INDEPENDENT

TRUSTEES

(continued)

Cheryl

Burgermeister,

Born

June

26,

1951

1301

Second

Avenue,

18th

Floor,

Seattle,

WA

98101

Trustee

since

2012

Chairman

of

the

Audit

Committee

since

2017

Appointed

until

successor

is

duly

elected

and

qualified

Appointed

until

successor

is

duly

elected

and

qualified

Retired

Trustee

and

Chairperson

of

Select

Sector

SPDR

Funds

(investment

company)

43

Trustee

and

Chairperson

of

Select

Sector

SPDR

Funds

(investment

company)

From

August

2012

through

May

2016,

Trustee,

ALPS

Series

Trust

(investment

company)

Until

October

2015,

Trustee,

Russell

Exchange

Traded

Funds

Trust

Katherine

W.

Krysty,

Born

December

3,

1951

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

Trustee

since

2014

Chairman

of

Regulatory

and

Investment

Compliance

Committee

since

2020

Appointed

until

successor

is

duly

elected

and

qualified

Retired

43

Until

October

2015,

Trustee,

Russell

Exchange

Traded

Funds

Trust

Julie

Dien

Ledoux,

Born

August

17,

1969

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

Trustee

since

2019

Appointed

until

successor

is

duly

elected

and

qualified

Until

March

2018,

Trustee

of

Avenue

Credit

Strategies

Fund

(investment

company)

Until

November

2017,

Trustee

of

Avenue

Income

Credit

Strategies

Fund

(investment

company)

43

Until

March

2018,

Trustee

of

Avenue

Credit

Strategies

Fund

(investment

company)

Until

November

2017,

Trustee

of

Avenue

Income

Credit

Strategies

Fund

(investment

company)

Russell

Investment

Funds

Disclosure

of

Information

about

Fund

Trustees

and

Officers,

continued

—

June

30,

2020

(Unaudited)

Disclosure

of

Information

about

Fund

Trustees

and

Officers

179

*

Each

Trustee

shall

retire

from

service

on

the

Board

of

Trustees

at

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

However,

at

the

discretion

of

the

Board

and

upon

the

request

of

the

Trustee,

a

one-year

waiver

may

be

granted

from

the

application

of

the

policy,

which

will

allow

the

Trustee

to

continue

to

serve

on

the

Board

for

an

additional

one-year

period

following

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

A

maximum

of

five

one-year

waivers

may

be

requested

by

the

Trustee

and

granted

by

the

Board

to

the

Trustee.

Name,

Age,

Address

Position(s)

Held

With

Fund

and

Length

of

Time

Served

Term

of

Office

*

Principal

Occupation(s)

During

the

Past

5

Years

No.

of

Portfolios

in

Russell

Fund

Complex

Overseen

by

Trustee

Other

Directorships

Held

by

Trustee

During

the

Past

5

Years

INDEPENDENT

TRUSTEES

(continued)

Raymond

P.

Tennison,

Jr.,

Born

December

21,

1955

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

Trustee

since

2000

Chairman

of

the

Nominating

and

Governance

Committee

since

2007

Appointed

until

successor

is

duly

elected

and

qualified

Retired

43

Until

October

2015,

Trustee,

Russell

Exchange

Traded

Funds

Trust

Jack

R.

Thompson,

Born

March

21,

1949

1301

Second

Avenue,

18th

Floor,

Seattle,

WA

98101

Trustee

since

2005

Appointed

until

successor

is

duly

elected

and

qualified

Retired

43

Until

October

2015,

Trustee,

Russell

Exchange

Traded

Funds

Trust

Name,

Age,

Address

Position(s)

Held

With

Fund

and

Length

of

Time

Served

Term

of

Office

Principal

Occupation(s)

During

the

Past

5

Years

No.

of

Portfolios

in

Russell

Fund

Complex

Overseen

by

Trustee

Other

Directorships

Held

by

Trustee

During

the

Past

5

Years

TRUSTEE

EMERITUS

George

F.

Russell,

Jr.,

Born

July

3,

1932

1301

Second

Avenue,

18th

Floor,

Seattle,

WA

98101

Trustee

Emeritus

and

Chairman

Emeritus

since

1999

Until

resignation

or

removal

Director

Emeritus,

RIM

43

None

Name,

Age,

Address

Positions(s)

Held

With

Fund

and

Length

of

Time

Served

Term

of

Office

Principal

Occupation(s)

During

the

Past

5

Years

OFFICERS

Cheryl

Wichers,

Born

December

16,

1966

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

Chief

Compliance

Officer

since

2005

Until

removed

by

Independent

Trustees

Chief

Compliance

Officer,

RIC

and

RIF

Chief

Compliance

Officer,

RIFUS

2011

to

2016

Chief

Compliance

Officer,

U.S.

One

,

LLC

Russell

Investment

Funds

Disclosure

of

Information

about

Fund

Trustees

and

Officers,

continued

—

June

30,

2020

(Unaudited)

180

Disclosure

of

Information

about

Fund

Trustees

and

Officers

Name,

Age,

Address

Positions(s)

Held

With

Fund

and

Length

of

Time

Served

Term

of

Office

Principal

Occupation(s)

During

the

Past

5

Years

OFFICERS

(continued)

Mark

E.

Swanson,

Born

November

26,

1963

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

President

and

Chief

Executive

Officer

since

2020

Treasurer,

Chief

Accounting

Officer

and

Chief

Financial

Officer

since

1998

Until

successor

is

chosen

and

qualified

by

Trustees

Global

Head

of

Fund

Services,

Russell

Investments

President,

Chief

Executive

Officer,

Treasurer,

Chief

Accounting

Officer

and

CFO,

RIC

and

RIF

Director

and

President,

RIFUS

Director

RIM,

Russell

Investments

Trust

Company

(“RITC”)

and

RIFIS

President

and

Chief

Executive

Officer,

RIC

and

RIF,

June

2016

to

June

2017

Peter

Gunning,

Born

February

22,

1967

1301

Second

Avenue,

18th

Floor,

Seattle

WA

98101

Chief

Investment

Officer

since

2018

Until

removed

by

Trustees

Global

Chief

Investment

Officer,

Russell

Investments

Chief

Investment

Officer,

RIC

and

RIF

Chief

Executive

Officer,

Asia

Pacific,

Russell

Investments

President,

RIM

Mary

Beth

R.

Albaneze,

Born

April

25,

1969

1301

Second

Avenue,

18th

Floor,

Seattle,

WA

98101

Secretary

and

Chief

Legal

Officer

since

2010

Until

successor

is

chosen

and

qualified

by

Trustees

Associate

General

Counsel,

Russell

Investments

Secretary,

RIM,

RIFUS

and

RIFIS

Secretary

and

Chief

Legal

Officer,

RIC

and

RIF

Assistant

Secretary,

U.S.

One,

LLC

Russell

Investment

Funds

Adviser,

Money

Managers

and

Service

Providers

—

June

30,

2020

(Unaudited)

Adviser,

Money

Managers

and

Service

Providers

181

Independent

Trustees

Thaddas

L.

Alston

Kristianne

Blake

Cheryl

Burgermeister

Katherine

W.

Krysty

Julie

Dien

Ledoux

Raymond

P.

Tennison,

Jr.

Jack

R.

Thompson

Trustee

Emeritus

George

F.

Russell,

Jr.

Officers

Mark

E.

Swanson,

President,

Chief

Executive

Officer,

Treasurer,

Chief

Accounting

Officer

&

Chief

Financial

Officer

Cheryl

Wichers,

Chief

Compliance

Officer

Peter

Gunning,

Chief

Investment

Officer

Mary

Beth

R.

Albaneze,

Secretary

Adviser

Russell

Investment

Management,

LLC

1301

Second

Avenue

Seattle, WA

98101

Administrator

and

Transfer

and

Dividend

Disbursing

Agent

Russell

Investments

Fund

Services,

LLC

1301

Second

Avenue

Seattle, WA

98101

Custodian

State

Street

Bank

and

Trust

Company

1

Heritage

Drive

North

Quincy,

MA

021171

Office

of

Shareholder

Inquiries

1301

Second

Avenue

Seattle, WA

98101

(800)

787-7354

Legal

Counsel

Dechert

LLP

One

International

Place,

40th

Floor

100

Oliver

Street

Boston, MA

02110

Distributor

Russell

Investments

Financial

Services,

LLC

1301

Second

Avenue

Seattle, WA

98101

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

1420

5th

Avenue,

Suite

2800

Seattle, WA

98101

Money

Managers

U.S.

Strategic

Equity

Fund

Brandywine

Global

Investment

Management,

LLC,

Philadelphia,

PA

HS

Management

Partners,

LLC,

New

York,

NY

Jackson

Square

Partners,

LLC,

San

Francisco,

CA

Jacobs

Levy

Equity

Management,

Inc., Florham

Park, NJ

U.S.

Small

Cap

Equity

Fund

Ancora

Advisors,

LLC,

Cleveland,

OH

Boston

Partners

Global

Investors,

Inc.,

New

York,

NY

Calamos

Advisors

LLC,

Naperville,

IL

Copeland

Capital

Management,

LLC,

Conshohocken,

PA

DePrince,

Race

&

Zollo,

Inc., Winter

Park, FL

Jacobs

Levy

Equity

Management,

Inc., Florham

Park, NJ

Penn

Capital

Management

Company,

Inc.,

Philadelphia, PA

Ranger

Investment

Management,

L.P.,

Dallas,

TX

International

Developed

Markets

Fund

Intermede

Global

Partners

Inc.,

San

Francisco,

CA

and

Intermede

Investment

Partners

Limited,

London,

United

Kingdom

Pzena

Investment

Management

LLC,

New York, NY

Wellington

Management

Company

LLP,

Boston,

MA

Strategic

Bond

Fund

Colchester

Global

Investors

Limited,

London,

England

Schroder

Investment

Management

North

America

Inc.,

New

York,

NY

Western

Asset

Management

Company,

Pasadena,

CA

and

Western

Asset

Management

Company

Limited,

London,

United

Kingdom

Global

Real

Estate

Securities

Fund

Cohen

&

Steers

Capital

Management,

Inc.,

New York, NY,

Cohen

&

Steers

UK

Limited,

London,

United

Kingdom

and

Cohen

&

Steers

Asia

Limited,

Hong

Kong,

China

RREEF

America

L.L.C.,

Chicago,

IL,

Deutsche

Investments

Australia

Limited,

Sydney,

Australia

and

Deutsche

Alternative

Management

(Global)

Limited,

London,

United

Kingdom,

operating

under

the

brand

name

Deutsche

Asset

Management

This

report

is

prepared

from

the

books

and

records

of

the

Funds

and

is

submitted

for

the

general

information

of

shareholders

and

is

not

authorized

for

distribution

to

prospective

investors

unless

accompanied

or

preceded

by

an

effective

Prospectus.

Nothing

herein

contained

is

to

be

considered

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

Russell

Investment

Funds.

Such

offering

is

made

only

by

Prospectus,

which

includes

details

as

to

offering

price

and

other

material

information.

Russell

Investment

Funds

1301

Second

Avenue

Seattle,

Washington

98101

800-787-7354

Fax:

206-505-3495

2020

SEMI-ANNUAL

REPORT

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

JUNE

30,

2020

FUND

Moderate

Strategy

Fund

Balanced

Strategy

Fund

Growth

Strategy

Fund

Equity

Growth

Strategy

Fund

Beginning

January

1,

2021,

as

permitted

by

regulations

adopted

by

the

Securities

and

Exchange

Commission,

paper

copies

of

the

Funds’

annual

and

semi-annual

shareholder

reports

like

this

one

will

no

longer

be

sent

by

mail,

unless

you

specifically

request

paper

copies

of

the

reports

from

your

financial

professional

or

variable

annuity

provider.

Instead,

the

reports

will

be

made

available

on

a

website,

and

you

will

be

notified

by

mail

each

time

a

report

is

posted

and

provided

with

a

website

link

to

access

the

report.

If

you

already

elected

to

receive

shareholder

reports

electronically,

you

will

not

be

affected

by

this

change

and

you

need

not

take

any

action.

If

supported

by

your

financial

professional

or

variable

annuity

provider,

you

may

elect

to

receive

shareholder

reports

and

other

Fund

communications

electronically.

Please

contact

your

financial

professional

or

variable

annuity

provider

for

more

information.

You

may

elect

to

receive

all

future

shareholder

reports

in

paper

free

of

charge.

Please

contact

your

financial

professional

or

variable

annuity

provider

to

inform

them

that

you

wish

to

continue

receiving

paper

copies

of

your

shareholder

reports.

Your

election

to

receive

reports

in

paper

will

apply

to

all

Russell

Investment

Funds

and

other

funds

you

hold

with

your

financial

professional

or

variable

annuity

provider.

Russell

Investment

Funds

Russell

Investment

Funds

is

a

series

investment

company

with

nine

different

investment

portfolios

referred

to

as

Funds.

These

financial

statements

report

on

four

of

these

Funds.

Page

Moderate

Strategy

Fund

3

Balanced

Strategy

Fund

17

Growth

Strategy

Fund

33

Equity

Growth

Strategy

Fund

49

Notes

to

Schedules

of

Investments

63

Notes

to

Financial

Highlights

65

Notes

to

Financial

Statements

66

Basis

for

Approval

of

Investment

Advisory

Agreement

80

Liquidity

Risk

Management

Program

90

Shareholder

Requests

for

Additional

Information

91

Disclosure

of

Information

about

Fund

Trustees

and

Officers

92

Adviser

and

Service

Providers

96

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Semi-annual

Report

June

30,

2020

(Unaudited)

Table

of

Contents

Russell

Investment

Funds

-

LifePoints

®

Funds

Variable

Target

Portfolio

Series

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.

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

and

part

of

Russell

Investments.

Performance

quoted

represents

past

performance

and

does

not

guarantee

future

results.

The

investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Russell

Investment

Funds

Moderate

Strategy

Fund

Shareholder

Expense

Example

—

June

30,

2020

(Unaudited)

Moderate

Strategy

Fund

3

Fund

Expenses

The

following

disclosure

provides

important

information

regarding

the

Fund’s

Shareholder

Expense

Example

(“Example”).

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

advisory

and

administrative

fees

and

other

Fund

expenses.

The

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

indicated,

which

for

this

Fund

is

from

January

1,

2020

to

June

30,

2020

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

January

1,

2020

$

1,000

.00

$

1,000

.00

Ending

Account

Value

June

30,

2020

$

949

.60

$

1,024

.17

Expenses

Paid

During

Period*

$

0

.68

$

0

.70

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

0.14%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period).

May

reflect

amounts

waived

and/or

reimbursed.

Without

any

waivers

and/or

reimbursements,

expenses

would

have

been

higher.

Russell

Investment

Funds

Moderate

Strategy

Fund

Schedule

of

Investments

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

4

Moderate

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

93.2%

Alternative

-

1.9%

RIC

Commodity

Strategies

Fund

Class

Y

413,064

1,710

Domestic

Equities

-

13.6%

RIF

U.S.

Small

Cap

Equity

Fund

529,553

6,063

RIF

U.S.

Strategic

Equity

Fund

385,866

6,035

12,098

Fixed

Income

-

49.0%

RIC

Investment

Grade

Bond

Fund

Class

Y

440,403

10,125

RIC

Unconstrained

Total

Return

Fund

Class

Y

2,525,693

23,465

RIF

Strategic

Bond

Fund

919,464

10,114

43,704

International

Equities

-

17.3

%

RIC

Emerging

Markets

Fund

Class

Y

255,825

4,280

RIC

Global

Equity

Fund

Class

Y

705,815

5,978

RIF

International

Developed

Markets

Fund

519,845

5,115

15,373

Multi-Asset

-

11.4%

RIC

Multi-Strategy

Income

Fund

Class

Y

1,068,626

10,184

Total

Investments

in

Affiliated

Funds

(cost

$82,526)

83,069

Short-Term

Investments

-

4.2%

U.S.

Cash

Management

Fund

(@)

3,738,409

(∞)

3,738

Total

Short-Term

Investments

(cost

$3,738)

3,738

Total

Investments

-

97.4%

(identified

cost

$86,264)

86,807

Other

Assets

and

Liabilities,

Net

-

2.6%

2,319

Net

Assets

-

100.0%

89,126

Russell

Investment

Funds

Moderate

Strategy

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

5

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Amsterdam

Index

Futures

5

EUR

560

07/20

3

CAC40

Euro

Index

Futures

27

EUR

1,327

07/20

1

DAX

Index

Futures

4

EUR

1,233

09/20

6

Dow

Jones

U.S.

Real

Estate

Index

Futures

65

USD

2,014

09/20

(33)

EURO

STOXX

50

Index

Futures

26

EUR

838

09/20

7

FTSE

100

Index

Futures

4

GBP

246

09/20

(2)

FTSE/MIB

Index

Futures

3

EUR

289

09/20

(6)

Hang

Seng

Index

Futures

2

HKD

2,425

07/20

(3)

IBEX

35

Index

Futures

5

EUR

360

07/20

(10)

MSCI

EAFE

Index

Futures

15

USD

1,334

09/20

—

MSCI

Emerging

Markets

Index

Futures

18

USD

887

09/20

11

OMXS30

Index

Futures

19

SEK

3,166

07/20

14

S&P

500

E-Mini

Index

Futures

18

USD

2,781

09/20

46

S&P/TSX

60

Index

Futures

4

CAD

743

09/20

10

SPI

200

Index

Futures

8

AUD

1,178

09/20

4

TOPIX

Index

Futures

6

JPY

93,509

09/20

(38)

United

States

Treasury

Long

Bond

Futures

34

USD

6,070

09/20

196

Short

Positions

NASDAQ

100

E-Mini

Index

Futures

21

USD

4,261

09/20

(222)

Russell

2000

E-Mini

Index

Futures

54

USD

3,882

09/20

(104)

S&P

Financial

Select

Sector

Index

Futures

25

USD

1,779

09/20

61

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(59)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

USD

221

AUD

315

09/16/20

(3)

Citigroup

USD

368

CAD

494

09/16/20

(4)

Citigroup

USD

972

CNY

6,920

09/16/20

3

Citigroup

USD

350

EUR

307

09/16/20

(4)

Citigroup

USD

199

HKD

1,542

09/16/20

—

Citigroup

USD

369

JPY

39,503

09/16/20

(3)

Citigroup

USD

26

MXN

575

09/17/20

(1)

Citigroup

CHF

118

USD

125

09/16/20

—

Citigroup

GBP

241

USD

307

09/16/20

9

Citigroup

KRW

349,910

USD

291

09/16/20

(1)

Citigroup

SEK

432

USD

47

09/16/20

—

Citigroup

SGD

26

USD

18

09/16/20

—

Citigroup

ZAR

250

USD

15

09/16/20

1

Royal

Bank

of

Canada

USD

221

AUD

315

09/16/20

(4)

Royal

Bank

of

Canada

USD

368

CAD

494

09/16/20

(5)

Royal

Bank

of

Canada

USD

350

EUR

307

09/16/20

(5)

Royal

Bank

of

Canada

USD

199

HKD

1,542

09/16/20

—

Royal

Bank

of

Canada

USD

369

JPY

39,503

09/16/20

(3)

Royal

Bank

of

Canada

USD

26

MXN

575

09/17/20

(1)

Royal

Bank

of

Canada

CHF

118

USD

125

09/16/20

—

Royal

Bank

of

Canada

GBP

241

USD

308

09/16/20

10

Royal

Bank

of

Canada

SEK

432

USD

47

09/16/20

1

Royal

Bank

of

Canada

SGD

26

USD

18

09/16/20

—

Royal

Bank

of

Canada

ZAR

250

USD

15

09/16/20

1

State

Street

USD

19

RUB

1,340

09/16/20

(1)

Russell

Investment

Funds

Moderate

Strategy

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

6

Moderate

Strategy

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

State

Street

INR

8,140

USD

107

09/16/20

—

State

Street

TWD

9,520

USD

324

09/16/20

(3)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(13)

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

Investment

Grade

Index

Goldman

Sachs

Purchase

USD

5,900

(1.000%)

(2)

06/20/25

114

(185)

(71)

CDX

NA

Investment

Grade

Index

Bank

of

America

Sell

USD

1,520

5.000%

(2)

06/20/25

(70)

61

(9)

Total

Open

Credit

Indices

Contracts

(å)

44

(124)

(80)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

%

of

Net

Assets

Investments

in

Affiliated

Funds

$

83,069

$

—

$

—

$

—

$

83,069

93.2

Short-Term

Investments

—

—

—

3,738

3,738

4.2

Total

Investments

83,069

—

—

3,738

86,807

97.4

Other

Assets

and

Liabilities,

Net

2.6

100.0

Other

Financial

Instruments

Assets

Futures

Contracts

359

—

—

—

359

0.4

Foreign

Currency

Exchange

Contracts

—

25

—

—

25

—*

'

Liabilities

Futures

Contracts

(418)

—

—

—

(418)

(0.5)

Foreign

Currency

Exchange

Contracts

—

(38)

—

—

(38)

(—)*

Credit

Default

Swap

Contracts

—

(80)

—

—

(80)

(0.1)

Total

Other

Financial

Instruments

**

$

(59)

$

(93)

$

—

$

—

$

(152)

*

Less

than

0.05%

of

net

assets.

**

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

Financial

Statements.

For

a

disclosure

on

transfers

between

Levels

1,

2

and

3

during

the

period

ended

June

30,

2020,

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

Moderate

Strategy

Fund

Fair

Value

of

Derivative

Instruments

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

7

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Equity

Contracts

Credit

Contracts

Foreign

Currency

Contracts

Interest

Rate

Contracts

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

—

$

—

$

25

$

—

Variation

margin

on

futures

contracts*

16

3

—

—

19

6

Total

$

16

3

$

—

$

25

$

19

6

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts*

$

418

$

—

$

—

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

—

38

—

Credit

default

swap

contracts,

at

fair

value

—

80

—

—

Total

$

418

$

80

$

38

$

—

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Credit

Contracts

Foreign

Currency

Contracts

Interest

Rate

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(231)

$

—

$

—

$

—

Credit

default

swap

contracts

—

(436)

—

—

Foreign

currency

exchange

contracts

—

—

31

—

Total

$

(231)

$

(436)

$

31

$

—

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

42

$

—

$

—

$

194

Credit

default

swap

contracts

—

(244)

—

—

Foreign

currency

exchange

contracts

—

—

(32)

—

Total

$

42

$

(244)

$

(32)

$

194

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

Moderate

Strategy

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

8

Moderate

Strategy

Fund

Amounts

in

thousands

word

Offsetting

of

Financial

Assets

and

Derivative

Assets

Description

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

25

$

—

$

25

Total

Financial

and

Derivative

Assets

25

—

25

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

25

$

—

$

25

Financial

Assets,

Derivative

Assets,

and

Collateral

Held

by

Counterparty

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Counterparty

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Received^

Net

Amount

Citigroup

$

13

$

13

$

—

$

—

Royal

Bank

of

Canada

1

2

1

2

—

—

Total

$

2

5

$

2

5

$

—

$

—

Russell

Investment

Funds

Moderate

Strategy

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

9

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Description

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Gross

Amounts

of

Recognized

Liabilities

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

38

$

—

$

38

Credit

Default

Swap

Contracts

Credit

default

swap

contracts,

at

fair

value

80

—

80

Total

Financial

and

Derivative

Liabilities

118

—

118

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

(80)

—

(80)

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

38

$

—

$

38

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Counterparty

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Pledged^

Net

Amount

Citigroup

$

17

$

13

$

—

$

4

Royal

Bank

of

Canada

17

1

2

—

5

State

Street

4

—

—

4

Total

$

38

$

2

5

$

—

$

1

3

^      Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

10

Moderate

Strategy

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2020

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

86,264

Investments,

at

fair

value(>)

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

86,807

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

25

Receivables:

Dividends

from

affiliated

funds

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

1

Investments

sold

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

40

From

affiliates

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

4

From

broker(a)(b)

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

2,644

Total

assets

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

89,521

Liabilities

Payables:

Due

to

custodian

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

3

Due

to

broker

(c)

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

124

Fund

shares

redeemed

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

38

Accrued

fees

to

affiliates

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

4

Other

accrued

expenses

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

50

Variation

margin

on

futures

contracts

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

58

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

38

Credit

default

swap

contracts,

at

fair

value(+)

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

80

Total

liabilities

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

395

Net

Assets

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

$

89,126

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

11

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2020

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

(1,543

)

Shares

of

beneficial

interest

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

95

Additional

paid-in

capital

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

90,574

Net

Assets

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

$

89,126

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

9.39

Net

assets

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

$

89,125,907

Shares

outstanding

($.01

par

value)

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

9,490,536

Amounts

in

thousands

(+)    

Credit

default

swap

contracts

-

premiums

paid

(received)

$

44

(>)    

Investments

in

affiliated

funds

$

86,807

(a)    

Receivable

from

Broker

for

Futures

$

2,437

(b)    

Receivable

from

Broker

for

Swaps

$

207

(c)      Due

to

Broker

for

Futures

$

124

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

12

Moderate

Strategy

Fund

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2020

(Unaudited)

Amounts

in

thousands

Investment

Income

Income

distributions

from

affiliated

funds

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

$

371

Expenses

Advisory

fees

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

90

Administrative

fees

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

19

Custodian

fees

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

28

Transfer

agent

fees

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

2

Professional

fees

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

22

Trustees’

fees

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

2

Printing

fees

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

11

Miscellaneous

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

4

Expenses

before

reductions

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

178

Expense

reductions

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

(115)

Net

expenses

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

63

Net

investment

income

(loss)

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

308

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

(397)

Futures

contracts

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

(231)

Foreign

currency

exchange

contracts

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

31

Credit

default

swap

contracts

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

(436)

Capital

gain

distributions

from

affiliated

funds

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

211

Net

realized

gain

(loss)

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

(822)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

(4,752)

Futures

contracts

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

236

Foreign

currency

exchange

contracts

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

(32)

Credit

default

swap

contracts

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

(244)

Foreign

currency-related

transactions

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

(10)

Net

change

in

unrealized

appreciation

(depreciation)

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

(4,802)

Net

realized

and

unrealized

gain

(loss)

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

(5,624)

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

(5,316)

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

13

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2020

(Unaudited)

Fiscal

Year

Ended  

December

31,

2019

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

308

$

3,021

Net

realized

gain

(loss)

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

(822)

462

Net

change

in

unrealized

appreciation

(depreciation)

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

(4,802)

8,525

Net

increase

(decrease)

in

net

assets

from

operations

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

(5,316)

12,008

Distributions

To

shareholders

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

(1,516)

(3,680)

Net

decrease

in

net

assets

from

distributions

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

(1,516)

(3,680)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(4,387)

(9,086)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

(11,219)

(758)

Net

Assets

Beginning

of

period

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

100,345

101,103

End

of

period

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

$

89,126

$

100,345

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2020

and

December

31,

2019

were

as

follows:

2020

(Unaudited)

2019

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

429

$

3,967

401

$

3,863

Proceeds

from

reinvestment

of

distributions

159

1,517

384

3,680

Payments

for

shares

redeemed

(1,082)

(9,871)

(1,717)

(16,629)

Total

increase

(decrease)

(494)

$

(4,387)

(932)

$

(9,086)

Russell

Investment

Funds

Moderate

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

14

For

a

Share

Outstanding

Throughout

Each

Period.

$

Net

Asset

Value,

Beginning

of

Period

$

Net

Investment

Income

(Loss)

(a)(b)(f)

$

Net

Realized

and

Unrealized

Gain

(Loss)

$

Total

from

Investment

Operations

$

Distributions

from

Net

Investment

Income

$

Distributions

from

Net

Realized

Gain

June

30,

2020(1)

10.05

.03

(.53)

(.50)

(.16)

—

December

31,

2019

9.26

.29

.85

1.14

(.12)

(.23)

December

31,

2018

10.29

.32

(.82)

(.50)

(.44)

(.09)

December

31,

2017

9.69

.25

.70

.95

(.23)

(.12)

December

31,

2016

9.78

.31

.43

.74

(.38)

(.45)

December

31,

2015

10.45

.26

(.43)

(.17)

(.25)

(.25)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

15

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(c)(h)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

(d)(e)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(d)(e)(f)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(b)(c)(f)

%

Portfolio

Turnover

Rate

(c)

(.16)

9.39

(5.04)

89,126

.39

.14

.69

15

(.35)

10.05

12.54

100,345

.38

.14

2.98

26

(.53)

9.26

(4.92)

101,103

.35

.14

3.20

22

(.35)

10.29

9.88

114,906

.35

.13

2.57

20

(.83)

9.69

7.75

107,632

.33

.11

3.17

38

(.50)

9.78

(1.71)

108,045

.32

.11

2.57

29

Russell

Investment

Funds

Moderate

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

16

Moderate

Strategy

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

for

the

period

ended

June

30,

2020

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2020

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2020,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

1

Administration

fees

3,126

Transfer

agent

fees

323

Trustee

fees

198

$

3,648

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

RIC

Commodity

Strategies

Fund

$

2,024

$

216

$

107

$

(28

)

$

(395

)

$

1,710

$

—

$

—

RIF

U.S.

Small

Cap

Equity

Fund

7,045

1,041

669

(95

)

(1,259

)

6,063

3

152

RIF

U.S.

Strategic

Equity

Fund

7,064

403

1,221

(136

)

(75

)

6,035

15

59

RIC

Investment

Grade

Bond

Fund

11,910

428

2,750

21

516

10,125

63

—

RIC

Unconstrained

Total

Return

Fund

17,972

8,855

2,440

(201

)

(721

)

23,465

97

—

RIF

Strategic

Bond

Fund

21,880

498

12,649

373

12

10,114

157

—

RIC

Emerging

Markets

Fund

5,105

293

382

(9

)

(727

)

4,280

—

—

RIC

Global

Equity

Fund

7,055

350

750

(106

)

(571

)

5,978

—

—

RIF

International

Developed

Markets

Fund

6,028

409

344

(46

)

(932

)

5,115

21

—

RIC

Multi-Strategy

Income

Fund

12,028

139

1,213

(170

)

(600

)

10,184

12

—

U.S.

Cash

Management

Fund

531

39,210

36,003

—

—

3,738

3

—

$

98,642

$

51,842

$

58,528

$

(397

)

$

(4,752

)

$

86,807

$

371

$

211

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

87,413,467

$

6,562,448

$

(7,320,556)

$

(758,108)

Russell

Investment

Funds

Balanced

Strategy

Fund

Shareholder

Expense

Example

—

June

30,

2020

(Unaudited)

Balanced

Strategy

Fund

17

Fund

Expenses

The

following

disclosure

provides

important

information

regarding

the

Fund’s

Shareholder

Expense

Example

(“Example”).

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

advisory

and

administrative

fees

and

other

Fund

expenses.

The

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

indicated,

which

for

this

Fund

is

from

January

1,

2020

to

June

30,

2020

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

January

1,

2020

$

1,000

.00

$

1,000

.00

Ending

Account

Value

June

30,

2020

$

922

.90

$

1,024

.17

Expenses

Paid

During

Period*

$

0

.67

$

0

.70

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

0.14%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period).

May

reflect

amounts

waived

and/or

reimbursed.

Without

any

waivers

and/or

reimbursements,

expenses

would

have

been

higher.

Russell

Investment

Funds

Balanced

Strategy

Fund

Schedule

of

Investments

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

18

Balanced

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

93.5%

Alternative

-

3.8%

RIC

Commodity

Strategies

Fund

Class

Y

1,039,643

4,304

RIF

Global

Real

Estate

Securities

Fund

337,886

4,203

8,507

Domestic

Equities

-

17.5%

RIF

U.S.

Small

Cap

Equity

Fund

1,147,143

13,135

RIF

U.S.

Strategic

Equity

Fund

1,667,677

26,082

39,217

Fixed

Income

-

30.9%

RIC

Unconstrained

Total

Return

Fund

Class

Y

4,071,848

37,828

RIF

Strategic

Bond

Fund

2,867,487

31,542

69,370

International

Equities

-

31.8%

RIC

Emerging

Markets

Fund

Class

Y

777,487

13,007

RIC

Global

Equity

Fund

Class

Y

3,822,633

32,379

RIF

International

Developed

Markets

Fund

2,625,975

25,840

71,226

Multi-Asset

-

9.5%

RIC

Multi-Strategy

Income

Fund

Class

Y

2,245,486

21,399

Total

Investments

in

Affiliated

Funds

(cost

$205,551)

209,719

Short-Term

Investments

-

4.1%

U.S.

Cash

Management

Fund

(@)

9,259,096

(∞)

9,258

Total

Short-Term

Investments

(cost

$9,259)

9,258

Total

Investments

-

97.6%

(identified

cost

$214,810)

218,977

Other

Assets

and

Liabilities,

Net

-

2.4%

5,402

Net

Assets

-

100.0%

224,379

Russell

Investment

Funds

Balanced

Strategy

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

19

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Amsterdam

Index

Futures

18

EUR

2,014

07/20

12

CAC40

Euro

Index

Futures

97

EUR

4,766

07/20

3

DAX

Index

Futures

14

EUR

4,314

09/20

22

Dow

Jones

U.S.

Real

Estate

Index

Futures

162

USD

5,019

09/20

(81)

EURO

STOXX

50

Index

Futures

88

EUR

2,836

09/20

22

FTSE

100

Index

Futures

18

GBP

1,107

09/20

(7)

FTSE/MIB

Index

Futures

11

EUR

1,061

09/20

(21)

IBEX

35

Index

Futures

16

EUR

1,154

07/20

(33)

MSCI

EAFE

Index

Futures

9

USD

800

09/20

—

MSCI

Emerging

Markets

Index

Futures

84

USD

4,140

09/20

53

OMXS30

Index

Futures

68

SEK

11,331

07/20

52

S&P

400

E-Mini

Index

Futures

1

USD

178

09/20

3

S&P

500

E-Mini

Index

Futures

91

USD

14,060

09/20

235

S&P/TSX

60

Index

Futures

2

CAD

371

09/20

5

SPI

200

Index

Futures

9

AUD

1,326

09/20

5

United

States

Treasury

Long

Bond

Futures

45

USD

8,035

09/20

204

Short

Positions

Hang

Seng

Index

Futures

1

HKD

1,212

07/20

2

MSCI

Singapore

Index

Futures

1

SGD

30

07/20

—

NASDAQ

100

E-Mini

Index

Futures

85

USD

17,251

09/20

(899)

S&P

Financial

Select

Sector

Index

Futures

48

USD

3,416

09/20

118

TOPIX

Index

Futures

29

JPY

451,965

09/20

(18)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(323)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

USD

494

CAD

663

09/16/20

(6)

Citigroup

USD

238

CHF

224

09/16/20

(1)

Citigroup

USD

2,168

CNY

15,430

09/16/20

6

Citigroup

USD

878

JPY

94,023

09/16/20

(7)

Citigroup

USD

25

MXN

553

09/17/20

(1)

Citigroup

USD

198

NOK

1,850

09/16/20

(6)

Citigroup

AUD

909

USD

637

09/16/20

10

Citigroup

BRL

5,310

USD

1,067

09/16/20

94

Citigroup

EUR

1,381

USD

1,573

09/16/20

19

Citigroup

GBP

910

USD

1,161

09/16/20

33

Citigroup

HKD

1,498

USD

193

09/16/20

—

Citigroup

KRW

1,695,470

USD

1,410

09/16/20

(4)

Citigroup

SEK

618

USD

67

09/16/20

1

Citigroup

SGD

306

USD

221

09/16/20

2

Citigroup

TRY

587

USD

84

09/16/20

—

Citigroup

ZAR

70

USD

4

09/16/20

—

JPMorgan

Chase

USD

495

CAD

663

09/16/20

(6)

JPMorgan

Chase

USD

238

CHF

224

09/16/20

(1)

JPMorgan

Chase

USD

878

JPY

94,023

09/16/20

(6)

JPMorgan

Chase

USD

25

MXN

553

09/17/20

(1)

JPMorgan

Chase

USD

199

NOK

1,850

09/16/20

(6)

JPMorgan

Chase

AUD

909

USD

637

09/16/20

9

JPMorgan

Chase

EUR

1,381

USD

1,573

09/16/20

19

JPMorgan

Chase

GBP

910

USD

1,161

09/16/20

33

Russell

Investment

Funds

Balanced

Strategy

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

20

Balanced

Strategy

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

JPMorgan

Chase

HKD

1,498

USD

193

09/16/20

—

JPMorgan

Chase

SEK

618

USD

67

09/16/20

1

JPMorgan

Chase

SGD

306

USD

221

09/16/20

1

JPMorgan

Chase

TRY

587

USD

84

09/16/20

—

JPMorgan

Chase

ZAR

70

USD

4

09/16/20

—

Royal

Bank

of

Canada

USD

495

CAD

663

09/16/20

(7)

Royal

Bank

of

Canada

USD

238

CHF

224

09/16/20

(1)

Royal

Bank

of

Canada

USD

878

JPY

94,023

09/16/20

(6)

Royal

Bank

of

Canada

USD

25

MXN

553

09/17/20

(1)

Royal

Bank

of

Canada

USD

199

NOK

1,850

09/16/20

(7)

Royal

Bank

of

Canada

AUD

909

USD

638

09/16/20

10

Royal

Bank

of

Canada

EUR

1,381

USD

1,575

09/16/20

21

Royal

Bank

of

Canada

GBP

910

USD

1,164

09/16/20

36

Royal

Bank

of

Canada

HKD

1,498

USD

193

09/16/20

—

Royal

Bank

of

Canada

SEK

618

USD

67

09/16/20

1

Royal

Bank

of

Canada

SGD

306

USD

221

09/16/20

2

Royal

Bank

of

Canada

TRY

587

USD

84

09/16/20

—

Royal

Bank

of

Canada

ZAR

70

USD

4

09/16/20

—

State

Street

USD

27

RUB

1,880

09/16/20

(1)

State

Street

INR

49,110

USD

644

09/16/20

(1)

State

Street

TWD

28,550

USD

971

09/16/20

(10)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

219

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

1,425

5.000%

(2)

06/20/25

(72)

64

(8)

CDX

Investment

Grade

Index

Bank

of

America

Purchase

USD

7,800

(1.000%)

(2)

06/20/25

153

(246)

(93)

Total

Open

Credit

Indices

Contracts

(å)

81

(182)

(101)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

%

of

Net

Assets

Investments

in

Affiliated

Funds

$

209,719

$

—

$

—

$

—

$

209,719

93.5

Short-Term

Investments

—

—

—

9,258

9,258

4.1

Total

Investments

209,719

—

—

9,258

218,977

97.6

Other

Assets

and

Liabilities,

Net

2.4

100.0

Other

Financial

Instruments

Assets

Futures

Contracts

736

—

—

—

736

0.3

Foreign

Currency

Exchange

Contracts

—

298

—

—

298

0.1

'

Russell

Investment

Funds

Balanced

Strategy

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

21

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

%

of

Net

Assets

Liabilities

Futures

Contracts

(1,059)

—

—

—

(1,059)

(0.5)

Foreign

Currency

Exchange

Contracts

—

(79)

—

—

(79)

(—)

*

Credit

Default

Swap

Contracts

—

(101)

—

—

(101)

(—)

*

Total

Other

Financial

Instruments

**

$

(323)

$

118

$

—

$

—

$

(205)

*

Less

than

0.05%

of

net

assets.

**

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

Financial

Statements.

For

a

disclosure

on

transfers

between

Levels

1,

2

and

3

during

the

period

ended

June

30,

2020,

see

note

2

in

the

Notes

to

Financial

Statements.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

22

Balanced

Strategy

Fund

Russell

Investment

Funds

Balanced

Strategy

Fund

Fair

Value

of

Derivative

Instruments

—

June

30,

2020

(Unaudited)

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Equity

Contracts

Credit

Contracts

Foreign

Currency

Contracts

Interest

Rate

Contracts

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

—

$

—

$

298

$

—

Variation

margin

on

futures

contracts*

532

—

—

204

Total

$

532

$

—

$

298

$

204

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts*

$

1,059

$

—

$

—

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

—

79

—

Credit

default

swap

contracts,

at

fair

value

—

101

—

—

Total

$

1,059

$

101

$

79

$

—

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Credit

Contracts

Foreign

Currency

Contracts

Interest

Rate

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(2,845)

$

—

$

—

$

—

Credit

default

swap

contracts

—

(359)

—

—

Foreign

currency

exchange

contracts

—

—

280

—

Total

$

(2,845)

$

(359)

$

280

$

—

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

154

$

—

$

—

$

204

Credit

default

swap

contracts

—

(145)

—

—

Foreign

currency

exchange

contracts

—

—

338

—

Total

$

154

$

(145)

$

338

$

204

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

Balanced

Strategy

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

23

Amounts

in

thousands

word

Offsetting

of

Financial

Assets

and

Derivative

Assets

Description

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

298

$

—

$

298

Total

Financial

and

Derivative

Assets

298

—

298

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

298

$

—

$

298

Financial

Assets,

Derivative

Assets,

and

Collateral

Held

by

Counterparty

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Counterparty

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Received^

Net

Amount

Citigroup

$

16

5

$

24

$

—

$

141

JPMorgan

Chase

63

20

—

43

Royal

Bank

of

Canada

70

22

—

48

Total

$

29

8

$

66

$

—

$

232

Russell

Investment

Funds

Balanced

Strategy

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

24

Balanced

Strategy

Fund

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Description

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Gross

Amounts

of

Recognized

Liabilities

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

79

$

—

$

79

Credit

Default

Swap

Contracts

Credit

default

swap

contracts,

at

fair

value

101

—

101

Total

Financial

and

Derivative

Liabilities

180

—

180

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

(10

1

)

—

(10

1

)

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

7

9

$

—

$

7

9

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Counterparty

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Pledged^

Net

Amount

Citigroup

$

24

$

24

$

—

$

—

JPMorgan

Chase

20

20

—

—

Royal

Bank

of

Canada

22

22

—

—

State

Street

1

3

—

—

1

3

Total

$

7

9

$

66

$

—

$

1

3

^      Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

25

Statement

of

Assets

and

Liabilities

—

June

30,

2020

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

214,810

Investments,

at

fair

value(>)

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

218,977

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

298

Receivables:

Dividends

from

affiliated

funds

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

2

Investments

sold

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

86

From

broker(a)(b)

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

5,682

Prepaid

expenses

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

1

Total

assets

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

225,046

Liabilities

Payables:

Due

to

custodian

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

2

Fund

shares

redeemed

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

87

Accrued

fees

to

affiliates

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

11

Other

accrued

expenses

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

67

Variation

margin

on

futures

contracts

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

320

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

79

Credit

default

swap

contracts,

at

fair

value(+)

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

101

Total

liabilities

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

667

Net

Assets

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

$

224,379

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

26

Balanced

Strategy

Fund

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2020

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

(3,669)

Shares

of

beneficial

interest

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

254

Additional

paid-in

capital

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

227,794

Net

Assets

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

$

224,379

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

8.82

Net

assets

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

$

224,379,329

Shares

outstanding

($.01

par

value)

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

25,431,881

Amounts

in

thousands

(+)    

Credit

default

swap

contracts

-

premiums

paid

(received)

$

81

(>)    

Investments

in

affiliated

funds

$

218,977

(a)    

Receivable

from

Broker

for

Futures

$

5,464

(b)    

Receivable

from

Broker

for

Swaps

$

218

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

27

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2020

(Unaudited)

Amounts

in

thousands

Investment

Income

Income

distributions

from

affiliated

funds

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

$

778

Expenses

Advisory

fees

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

229

Administrative

fees

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

49

Custodian

fees

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

30

Transfer

agent

fees

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

5

Professional

fees

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

28

Trustees’

fees

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

6

Printing

fees

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

23

Miscellaneous

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

5

Expenses

before

reductions

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

375

Expense

reductions

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

(214)

Net

expenses

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

161

Net

investment

income

(loss)

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

617

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

(1,842)

Futures

contracts

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

(2,845)

Foreign

currency

exchange

contracts

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

280

Credit

default

swap

contracts

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

(359)

Capital

gain

distributions

from

affiliated

funds

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

609

Net

realized

gain

(loss)

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

(4,157)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

(17,631)

Futures

contracts

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

358

Foreign

currency

exchange

contracts

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

338

Credit

default

swap

contracts

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

(145)

Foreign

currency-related

transactions

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

(5)

Net

change

in

unrealized

appreciation

(depreciation)

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

(17,085)

Net

realized

and

unrealized

gain

(loss)

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

(21,242)

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

(20,625)

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

28

Balanced

Strategy

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2020

(Unaudited)

Fiscal

Year

Ended  

December

31,

2019

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

617

$

7,536

Net

realized

gain

(loss)

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

(4,157)

4,893

Net

change

in

unrealized

appreciation

(depreciation)

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

(17,085)

26,836

Net

increase

(decrease)

in

net

assets

from

operations

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

(20,625)

39,265

Distributions

To

shareholders

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

(5,718)

(8,971)

Net

decrease

in

net

assets

from

distributions

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

(5,718)

(8,971)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(12,951)

(19,950)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

(39,294)

10,344

Net

Assets

Beginning

of

period

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

263,673

253,329

End

of

period

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

$

224,379

$

263,673

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2020

and

December

31,

2019

were

as

follows:

2020

(Unaudited)

2019

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

502

$

4,304

855

$

7,917

Proceeds

from

reinvestment

of

distributions

616

5,718

962

8,971

Payments

for

shares

redeemed

(2,657

)

(22,973

)

(3,973

)

(36,838

)

Total

increase

(decrease)

(1,539

)

$

(12,951

)

(2,156

)

$

(19,950

)

Russell

Investment

Funds

Balanced

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

30

For

a

Share

Outstanding

Throughout

Each

Period.

$

Net

Asset

Value,

Beginning

of

Period

$

Net

Investment

Income

(Loss)

(a)(b)(f)

$

Net

Realized

and

Unrealized

Gain

(Loss)

$

Total

from

Investment

Operations

$

Distributions

from

Net

Investment

Income

$

Distributions

from

Net

Realized

Gain

June

30,

2020(1)

9.78

.02

(.76)

(.74)

(.09)

(.13)

December

31,

2019

8.70

.27

1.13

1.40

(.15)

(.17)

December

31,

2018

10.17

.32

(.97)

(.65)

(.54)

(.28)

December

31,

2017

9.74

.28

.87

1.15

(.25)

(.47)

December

31,

2016

9.38

.24

.60

.84

(.32)

(.16)

December

31,

2015

10.40

.22

(.44)

(.22)

(.22)

(.58)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

31

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(c)(h)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

(d)(e)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(d)(e)(f)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(b)(c)(f)

%

Portfolio

Turnover

Rate

(c)

(.22)

8.82

(7.71)

224,379

.33

.14

.54

7

(.32)

9.78

16.32

263,673

.32

.14

2.89

32

(.82)

8.70

(6.69)

253,329

.30

.14

3.25

13

(.72)

10.17

12.00

295,259

.31

.13

2.74

35

(.48)

9.74

9.05

282,137

.30

.11

2.55

19

(.80)

9.38

(2.30)

288,675

.29

.11

2.16

23

Russell

Investment

Funds

Balanced

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

32

Balanced

Strategy

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

for

the

period

ended

June

30,

2020

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2020

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2020,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

2,045

Administration

fees

7,896

Transfer

agent

fees

817

Trustee

fees

459

$

11,217

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

RIC

Commodity

Strategies

Fund

$

5,296

$

394

$

296

$

(88

)

$

(1,002

)

$

4,304

$

—

$

—

RIF

Global

Real

Estate

Securities

Fund

5,226

310

413

(24

)

(896

)

4,203

15

—

RIF

U.S.

Small

Cap

Equity

Fund

15,830

1,748

1,475

(429

)

(2,539

)

13,135

8

341

RIF

U.S.

Strategic

Equity

Fund

31,784

403

5,095

(368

)

(642

)

26,082

67

268

RIC

Unconstrained

Total

Return

Fund

33,932

11,144

5,374

(430

)

(1,444

)

37,828

173

—

RIF

Strategic

Bond

Fund

51,935

835

22,444

855

361

31,542

369

—

RIC

Emerging

Markets

Fund

15,996

425

1,140

22

(2,296

)

13,007

—

—

RIC

Global

Equity

Fund

39,685

87

3,612

(650

)

(3,131

)

32,379

—

—

RIF

International

Developed

Markets

Fund

31,650

901

1,667

(249

)

(4,795

)

25,840

110

—

RIC

Multi-Strategy

Income

Fund

26,321

102

3,296

(482

)

(1,246

)

21,399

26

—

U.S.

Cash

Management

Fund

2,722

56,737

50,201

1

(1

)

9,258

10

—

$

260,377

$

73,086

$

95,013

$

(1,842

)

$

(17,631

)

$

218,977

$

778

$

609

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

218,928,320

$

208,391

$

(365,025)

$

(156,634)

Russell

Investment

Funds

Growth

Strategy

Fund

Shareholder

Expense

Example

—

June

30,

2020

(Unaudited)

Growth

Strategy

Fund

33

Fund

Expenses

The

following

disclosure

provides

important

information

regarding

the

Fund’s

Shareholder

Expense

Example

(“Example”).

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

advisory

and

administrative

fees

and

other

Fund

expenses.

The

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

indicated,

which

for

this

Fund

is

from

January

1,

2020

to

June

30,

2020

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

January

1,

2020

$

1,000

.00

$

1,000

.00

Ending

Account

Value

June

30,

2020

$

909

.10

$

1,024

.12

Expenses

Paid

During

Period*

$

0

.71

$

0

.75

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

0.15%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period).

May

reflect

amounts

waived

and/or

reimbursed.

Without

any

waivers

and/or

reimbursements,

expenses

would

have

been

higher.

Russell

Investment

Funds

Growth

Strategy

Fund

Schedule

of

Investments

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

34

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

94.2%

Alternative

-

3.8%

RIC

Commodity

Strategies

Fund

Class

Y

811,605

3,360

RIF

Global

Real

Estate

Securities

Fund

267,497

3,328

6,688

Domestic

Equities

-

30.2%

RIF

U.S.

Small

Cap

Equity

Fund

1,354,208

15,506

RIF

U.S.

Strategic

Equity

Fund

2,409,477

37,684

53,190

Fixed

Income

-

14.8%

RIC

Unconstrained

Total

Return

Fund

Class

Y

2,807,256

26,079

International

Equities

-

35.8%

RIC

Emerging

Markets

Fund

Class

Y

712,781

11,925

RIC

Global

Equity

Fund

Class

Y

3,014,905

25,536

RIF

International

Developed

Markets

Fund

2,591,091

25,496

62,957

Multi-Asset

-

9.6%

RIC

Multi-Asset

Growth

Strategy

Fund

Class

Y

1,749,333

16,899

Total

Investments

in

Affiliated

Funds

(cost

$164,228)

165,813

Short-Term

Investments

-

3.1%

U.S.

Cash

Management

Fund(@)

5,406,394

(∞)

5,406

Total

Short-Term

Investments

(cost

$5,406)

5,406

Total

Investments

-

97.3%

(identified

cost

$169,634)

171,219

Other

Assets

and

Liabilities,

Net

-

2.7%

4,744

Net

Assets

-

100.0%

175,963

Russell

Investment

Funds

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Growth

Strategy

Fund

35

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Amsterdam

Index

Futures

14

EUR

1,567

07/20

10

CAC40

Euro

Index

Futures

80

EUR

3,931

07/20

3

DAX

Index

Futures

11

EUR

3,390

09/20

17

Dow

Jones

U.S.

Real

Estate

Index

Futures

60

USD

1,859

09/20

(30)

EURO

STOXX

50

Index

Futures

73

EUR

2,353

09/20

18

FTSE

100

Index

Futures

20

GBP

1,230

09/20

(8)

FTSE/MIB

Index

Futures

9

EUR

868

09/20

(17)

IBEX

35

Index

Futures

14

EUR

1,009

07/20

(28)

MSCI

EAFE

Index

Futures

24

USD

2,134

09/20

—

MSCI

Emerging

Markets

Index

Futures

68

USD

3,351

09/20

43

OMXS30

Index

Futures

56

SEK

9,331

07/20

43

S&P

500

E-Mini

Index

Futures

41

USD

6,335

09/20

106

S&P/TSX

60

Index

Futures

14

CAD

2,600

09/20

33

SPI

200

Index

Futures

14

AUD

2,062

09/20

7

TOPIX

Index

Futures

26

JPY

405,209

09/20

(166)

United

States

Treasury

Long

Bond

Futures

11

USD

1,964

09/20

50

Short

Positions

NASDAQ

100

E-Mini

Index

Futures

59

USD

11,973

09/20

(624)

Russell

2000

E-Mini

Index

Futures

54

USD

3,882

09/20

(104)

S&P

Financial

Select

Sector

Index

Futures

12

USD

854

09/20

30

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(617)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

USD

498

CAD

668

09/16/20

(6)

Citigroup

USD

2,093

CNY

14,900

09/16/20

6

Citigroup

USD

781

JPY

83,623

09/16/20

(6)

Citigroup

AUD

113

USD

79

09/16/20

1

Citigroup

CHF

388

USD

411

09/16/20

1

Citigroup

EUR

2,008

USD

2,288

09/16/20

28

Citigroup

GBP

1,451

USD

1,851

09/16/20

54

Citigroup

HKD

893

USD

115

09/16/20

—

Citigroup

KRW

233,270

USD

194

09/16/20

(1)

Citigroup

MXN

760

USD

34

09/17/20

2

Citigroup

SEK

620

USD

67

09/16/20

1

Citigroup

SGD

55

USD

40

09/16/20

—

Citigroup

ZAR

133

USD

8

09/16/20

—

JPMorgan

Chase

USD

498

CAD

668

09/16/20

(6)

JPMorgan

Chase

USD

781

JPY

83,623

09/16/20

(5)

JPMorgan

Chase

AUD

113

USD

79

09/16/20

1

JPMorgan

Chase

CHF

388

USD

411

09/16/20

1

JPMorgan

Chase

EUR

2,008

USD

2,288

09/16/20

28

JPMorgan

Chase

GBP

1,451

USD

1,851

09/16/20

52

JPMorgan

Chase

HKD

893

USD

115

09/16/20

—

JPMorgan

Chase

MXN

760

USD

34

09/17/20

2

JPMorgan

Chase

SEK

620

USD

67

09/16/20

1

JPMorgan

Chase

SGD

55

USD

40

09/16/20

—

JPMorgan

Chase

ZAR

133

USD

8

09/16/20

—

Royal

Bank

of

Canada

USD

499

CAD

668

09/16/20

(7)

Russell

Investment

Funds

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

36

Growth

Strategy

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Royal

Bank

of

Canada

USD

781

JPY

83,623

09/16/20

(5)

Royal

Bank

of

Canada

AUD

113

USD

79

09/16/20

1

Royal

Bank

of

Canada

CHF

388

USD

411

09/16/20

1

Royal

Bank

of

Canada

EUR

2,008

USD

2,290

09/16/20

30

Royal

Bank

of

Canada

GBP

1,451

USD

1,856

09/16/20

58

Royal

Bank

of

Canada

HKD

893

USD

115

09/16/20

—

Royal

Bank

of

Canada

MXN

760

USD

34

09/17/20

2

Royal

Bank

of

Canada

SEK

620

USD

67

09/16/20

1

Royal

Bank

of

Canada

SGD

55

USD

40

09/16/20

—

Royal

Bank

of

Canada

ZAR

133

USD

8

09/16/20

—

State

Street

USD

39

RUB

2,680

09/16/20

(1)

State

Street

TWD

28,550

USD

971

09/16/20

(11)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

223

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

Investment

Grade

Index

Goldman

Sachs

Purchase

USD

5,300

(1.000%)

(2)

06/20/25

102

(165)

(63)

Total

Open

Credit

Indices

Contracts

(å)

102

(165)

(63)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

%

of

Net

Assets

Investments

in

Affiliated

Funds

$

165,813

$

—

$

—

$

—

$

165,813

94.2

Short-Term

Investments

—

—

—

5,406

5,406

3.1

Total

Investments

165,813

—

—

5,406

171,219

97.3

Other

Assets

and

Liabilities,

Net

2.7

100.0

Other

Financial

Instruments

Assets

Futures

Contracts

360

—

—

—

360

0.2

Foreign

Currency

Exchange

Contracts

—

27

1

—

—

27

1

0.2

'

Liabilities

Futures

Contracts

(977)

—

—

—

(977)

(0.6)

Foreign

Currency

Exchange

Contracts

—

(48

)

—

—

(4

8

)

(—)*

Credit

Default

Swap

Contracts

—

(63)

—

—

(63)

(—)*

Total

Other

Financial

Instruments

**

$

(617)

$

160

$

—

$

—

$

(457)

*

Less

than

0.05%

of

net

assets.

**

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

Russell

Investment

Funds

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Growth

Strategy

Fund

37

(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

Financial

Statements.

For

a

disclosure

on

transfers

between

Levels

1,

2

and

3

during

the

period

ended

June

30,

2020,

see

note

2

in

the

Notes

to

Financial

Statements.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

38

Growth

Strategy

Fund

Russell

Investment

Funds

Growth

Strategy

Fund

Fair

Value

of

Derivative

Instruments

—

June

30,

2020

(Unaudited)

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Equity

Contracts

Credit

Contracts

Foreign

Currency

Contracts

Interest

Rate

Contracts

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

—

$

—

$

27

1

$

—

Variation

margin

on

futures

contracts*

310

—

—

50

Total

$

310

$

—

$

27

1

$

50

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts*

$

977

$

—

$

—

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

—

48

—

Credit

default

swap

contracts,

at

fair

value

—

63

—

—

Total

$

977

$

63

$

48

$

—

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Credit

Contracts

Foreign

Currency

Contracts

Interest

Rate

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(2,055)

$

—

$

—

$

—

Credit

default

swap

contracts

—

781

—

—

Foreign

currency

exchange

contracts

—

—

52

—

Total

$

(3,906

)

$

7

81

$

52

$

—

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

46

$

—

$

—

$

—

Credit

default

swap

contracts

—

17

2

—

—

Foreign

currency

exchange

contracts

—

—

315

—

Total

$

46

$

17

2

$

31

5

$

—

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

Growth

Strategy

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Growth

Strategy

Fund

39

Amounts

in

thousands

word

Offsetting

of

Financial

Assets

and

Derivative

Assets

Description

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

271

$

—

$

271

Total

Financial

and

Derivative

Assets

271

—

271

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

271

$

—

$

271

Financial

Assets,

Derivative

Assets,

and

Collateral

Held

by

Counterparty

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Counterparty

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Received^

Net

Amount

Citigroup

$

92

$

12

$

—

$

80

JPMorgan

Chase

8

6

11

—

7

5

Royal

Bank

of

Canada

93

12

—

81

Total

$

27

1

$

35

$

—

$

23

6

Russell

Investment

Funds

Growth

Strategy

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

40

Growth

Strategy

Fund

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Description

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Gross

Amounts

of

Recognized

Liabilities

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

48

$

—

$

48

Credit

Default

Swap

Contracts

Credit

default

swap

contracts,

at

fair

value

63

—

63

Total

Financial

and

Derivative

Liabilities

111

—

111

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

(6

3

)

—

(6

3

)

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

4

8

$

—

$

4

8

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Counterparty

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Pledged^

Net

Amount

Citigroup

$

12

$

12

$

—

$

—

JPMorgan

Chase

11

11

—

—

Royal

Bank

of

Canada

12

12

—

—

State

Street

1

3

—

—

1

3

Total

$

4

8

$

35

$

—

$

1

3

^      Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Growth

Strategy

Fund

41

Statement

of

Assets

and

Liabilities

—

June

30,

2020

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

169,634

Investments,

at

fair

value(>)

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

171,219

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

271

Receivables:

Dividends

and

interest

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

1

Dividends

from

affiliated

funds

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

1

Investments

sold

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

238

Fund

shares

sold

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

1

From

broker(a)(b)

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

5,269

Prepaid

expenses

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

1

Total

assets

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

177,001

Liabilities

Payables:

Due

to

custodian

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

4

Fund

shares

redeemed

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

239

Accrued

fees

to

affiliates

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

9

Other

accrued

expenses

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

60

Variation

margin

on

futures

contracts

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

615

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

48

Credit

default

swap

contracts,

at

fair

value(+)

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

63

Total

liabilities

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

1,038

Net

Assets

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

$

175,963

Russell

Investment

Funds

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

42

Growth

Strategy

Fund

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2020

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

(4,44

2

)

Shares

of

beneficial

interest

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

206

Additional

paid-in

capital

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

180,199

Net

Assets

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

$

175,963

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:(#)

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

$

8.56

Net

assets

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

$

175,963,208

Shares

outstanding

($.01

par

value)

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

20,567,308

Amounts

in

thousands

(+)    

Credit

default

swap

contracts

-

premiums

paid

(received)

$

102

(>)    

Investments

in

affiliated

funds

$

171,219

(a)    

Receivable

from

Broker

for

Futures

$

5,119

(b)    

Receivable

from

Broker

for

Swaps

$

150

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Growth

Strategy

Fund

43

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2020

(Unaudited)

Amounts

in

thousands

Investment

Income

Income

distributions

from

affiliated

funds

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

$

442

Expenses

Advisory

fees

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

178

Administrative

fees

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

38

Custodian

fees

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

28

Transfer

agent

fees

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

4

Professional

fees

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

25

Trustees’

fees

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

4

Printing

fees

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

18

Miscellaneous

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

5

Expenses

before

reductions

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

300

Expense

reductions

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

(166)

Net

expenses

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

134

Net

investment

income

(loss)

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

308

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

(1,851)

Futures

contracts

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

(2,055)

Foreign

currency

exchange

contracts

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

52

Credit

default

swap

contracts

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

781

Capital

gain

distributions

from

affiliated

funds

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

784

Net

realized

gain

(loss)

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

(2,289)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

(17,34

4

)

Futures

contracts

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

46

Foreign

currency

exchange

contracts

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

315

Credit

default

swap

contracts

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

17

2

Foreign

currency-related

transactions

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

(2

3

)

Net

change

in

unrealized

appreciation

(depreciation)

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

(16,834)

Net

realized

and

unrealized

gain

(loss)

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

(19,123)

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

(18,815)

Russell

Investment

Funds

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

44

Growth

Strategy

Fund

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2020

(Unaudited)

Fiscal

Year

Ended  

December

31,

2019

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

308

$

4,970

Net

realized

gain

(loss)

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

(2,289)

4,892

Net

change

in

unrealized

appreciation

(depreciation)

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

(16,834)

23,360

Net

increase

(decrease)

in

net

assets

from

operations

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

(18,815)

33,222

Distributions

To

shareholders

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

(6,226)

(12,311)

Net

decrease

in

net

assets

from

distributions

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

(6,226)

(12,311)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(4,405)

(5,544)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

(29,446)

15,367

Net

Assets

Beginning

of

period

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

205,409

190,042

End

of

period

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

$

175,963

$

205,409

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2020

and

December

31,

2019

were

as

follows:

2020

(Unaudited)

2019

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

327

$

2,650

453

$

4,145

Proceeds

from

reinvestment

of

distributions

671

6,226

1,362

12,311

Payments

for

shares

redeemed

(1,553)

(13,281)

(2,393)

(22,000)

Total

increase

(decrease)

(555)

$

(4,405)

(578)

$

(5,544)

Russell

Investment

Funds

Growth

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Growth

Strategy

Fund

46

For

a

Share

Outstanding

Throughout

Each

Period.

$

Net

Asset

Value,

Beginning

of

Period

$

Net

Investment

Income

(Loss)

(a)(b)(f)

$

Net

Realized

and

Unrealized

Gain

(Loss)

$

Total

from

Investment

Operations

$

Distributions

from

Net

Investment

Income

$

Distributions

from

Net

Realized

Gain

June

30,

2020(1)

9.72

.01

(.87)

(.86)

(.14)

(.16)

December

31,

2019

8.76

.23

1.31

1.54

(.07)

(.51)

December

31,

2018

10.46

.37

(1.17)

(.80)

(.51)

(.39)

December

31,

2017

9.53

.34

1.13

1.47

(.32)

(.22)

December

31,

2016

8.94

.20

.66

.86

(.27)

—(f)

December

31,

2015

10.07

.17

(.48)

(.31)

(.18)

(.64)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Growth

Strategy

Fund

47

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(c)(h)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

(d)(e)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(d)(e)(f)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(b)(c

)(f)

%

Portfolio

Turnover

Rate

(c)

(.30)

8.56

(9.09)

175,963

.34

.15

.35

9

(.58)

9.72

18.06

205,409

.33

.15

2.48

33

(.90)

8.76

(8.05)

190,042

.31

.15

3.69

18

(.54)

10.46

15.65

220,835

.32

.14

3.37

29

(.27)

9.53

9.73

205,944

.30

.12

2.14

18

(.82)

8.94

(3.31)

200,116

.30

.11

1.78

23

Russell

Investment

Funds

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

48

Growth

Strategy

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

for

the

period

ended

June

30,

2020

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2020

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2020

,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

1,869

Administration

fees

6,221

Transfer

agent

fees

644

Trustee

fees

326

$

9,060

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

RIC

Commodity

Strategies

Fund

$

4,123

$

309

$

231

$

(88

)

$

(753

)

$

3,360

$

—

$

—

RIF

Global

Real

Estate

Securities

Fund

4,060

260

283

6

(715

)

3,328

11

—

RIF

U.S.

Small

Cap

Equity

Fund

18,437

1,898

1,339

(340

)

(3,150

)

15,506

14

398

RIF

U.S.

Strategic

Equity

Fund

45,335

907

6,951

(685

)

(922

)

37,684

91

386

RIC

Unconstrained

Total

Return

Fund

20,157

10,501

3,557

(292

)

(730

)

26,079

107

—

RIF

Strategic

Bond

Fund

12,025

138

12,174

604

(593

)

—

84

—

RIC

Emerging

Markets

Fund

14,532

291

818

(27

)

(2,053

)

11,925

—

—

RIC

Global

Equity

Fund

30,836

250

2,527

(458

)

(2,565

)

25,536

—

—

RIF

International

Developed

Markets

Fund

30,738

760

1,077

(163

)

(4,762

)

25,496

107

—

RIC

Multi-Asset

Growth

Strategy

Fund

20,320

141

2,052

(409

)

(1,101

)

16,899

22

—

U.S.

Cash

Management

Fund

1,621

34,428

30,644

1

—

5,406

6

—

$

202,184

$

49,883

$

61,653

$

(1,851

)

$

(17,344

)

$

171,219

$

442

$

784

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

173,772,778

$

16,365,387

$

(19,375,413)

$

(3,010,026)

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

Shareholder

Expense

Example

—

June

30,

2020

(Unaudited)

Equity

Growth

Strategy

Fund

49

Fund

Expenses

The

following

disclosure

provides

important

information

regarding

the

Fund’s

Shareholder

Expense

Example

(“Example”).

Example

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

and

(2)

ongoing

costs,

including

advisory

and

administrative

fees

and

other

Fund

expenses.

The

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

indicated,

which

for

this

Fund

is

from

January

1,

2020

to

June

30,

2020

.

Actual

Expenses

The

information

in

the

table

under

the

heading

“Actual

Performance”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

column,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

column

in

the

row

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

in

the

table

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs.

Therefore,

the

information

under

the

heading

“Hypothetical

Performance

(5%

return

before

expenses)”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

fees

and

expenses

shown

in

this

section

do

not

reflect

any

Insurance

Company

Separate

Account

or

Policy

Charges.

Actual

Performance

Hypothetical

Performance

(5%

return

before

expenses)

Beginning

Account

Value

January

1,

2020

$

1,000

.00

$

1,000

.00

Ending

Account

Value

June

30,

2020

$

878

.00

$

1,024

.12

Expenses

Paid

During

Period*

$

0

.70

$

0

.75

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio

of

0.15%

(representing

the

six

month

period

annualized),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period).

May

reflect

amounts

waived

and/or

reimbursed.

Without

any

waivers

and/or

reimbursements,

expenses

would

have

been

higher.

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

Schedule

of

Investments

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

50

Equity

Growth

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

Shares

Fair

Value

$

Investments

in

Affiliated

Funds

-

87.8%

Alternative

-

4.4%

RIC

Commodity

Strategies

Fund

Class

Y

169,613

702

RIF

Global

Real

Estate

Securities

Fund

83,686

1,041

1,743

Domestic

Equities

-

30.8%

RIF

U.S.

Small

Cap

Equity

Fund

372,554

4,266

RIF

U.S.

Strategic

Equity

Fund

501,211

7,839

12,105

Fixed

Income

-

9.7%

RIC

Unconstrained

Total

Return

Fund

Class

Y

409,837

3,807

International

Equities

-

39.3%

RIC

Emerging

Markets

Fund

Class

Y

169,447

2,835

RIC

Global

Equity

Fund

Class

Y

872,090

7,387

RIF

International

Developed

Markets

Fund

533,934

5,254

15,476

Multi-Asset

-

3.6%

RIC

Multi-Asset

Growth

Strategy

Fund

Class

Y

144,738

1,398

Total

Investments

in

Affiliated

Funds

(cost

$33,461)

34,529

Short-Term

Investments

-

8.5%

U.S.

Cash

Management

Fund(@)

3,324,386

(∞)

3,324

Total

Short-Term

Investments

(cost

$3,324)

3,324

Total

Investments

-

96.3%

(identified

cost

$36,785)

37,853

Other

Assets

and

Liabilities,

Net

-

3.7%

1,466

Net

Assets

-

100.0%

39,319

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Growth

Strategy

Fund

51

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Amsterdam

Index

Futures

4

EUR

448

07/20

3

CAC40

Euro

Index

Futures

20

EUR

983

07/20

1

DAX

Index

Futures

3

EUR

924

09/20

5

Dow

Jones

U.S.

Real

Estate

Index

Futures

66

USD

2,045

09/20

(34)

EURO

STOXX

50

Index

Futures

18

EUR

580

09/20

5

FTSE

100

Index

Futures

7

GBP

430

09/20

(3)

FTSE/MIB

Index

Futures

2

EUR

193

09/20

(4)

IBEX

35

Index

Futures

3

EUR

216

07/20

(6)

MSCI

EAFE

Index

Futures

12

USD

1,067

09/20

(1)

OMXS30

Index

Futures

13

SEK

2,166

07/20

10

S&P

400

E-Mini

Index

Futures

2

USD

356

09/20

9

S&P

500

E-Mini

Index

Futures

22

USD

3,399

09/20

56

SPI

200

Index

Futures

3

AUD

442

09/20

2

TOPIX

Index

Futures

4

JPY

62,339

09/20

(25)

United

States

Treasury

Long

Bond

Futures

5

USD

893

09/20

23

Short

Positions

MSCI

Emerging

Markets

Index

Futures

25

USD

1,232

09/20

(18)

NASDAQ

100

E-Mini

Index

Futures

16

USD

3,247

09/20

(169)

Russell

2000

E-Mini

Index

Futures

23

USD

1,653

09/20

(46)

S&P

Financial

Select

Sector

Index

Futures

12

USD

854

09/20

29

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(163)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

USD

310

AUD

443

09/16/20

(5)

Citigroup

USD

169

CAD

227

09/16/20

(2)

Citigroup

USD

492

CNY

3,500

09/16/20

1

Citigroup

USD

354

JPY

37,862

09/16/20

(3)

Citigroup

USD

7

ZAR

115

09/16/20

—

Citigroup

BRL

980

USD

197

09/16/20

18

Citigroup

CHF

223

USD

236

09/16/20

1

Citigroup

EUR

655

USD

746

09/16/20

9

Citigroup

GBP

420

USD

535

09/16/20

15

Citigroup

HKD

360

USD

46

09/16/20

—

Citigroup

KRW

116,630

USD

97

09/16/20

—

Citigroup

MXN

2,025

USD

91

09/17/20

4

Citigroup

SEK

375

USD

41

09/16/20

—

Citigroup

SGD

22

USD

16

09/16/20

—

Royal

Bank

of

Canada

USD

310

AUD

443

09/16/20

(5)

Royal

Bank

of

Canada

USD

169

CAD

227

09/16/20

(2)

Royal

Bank

of

Canada

USD

353

JPY

37,862

09/16/20

(2)

Royal

Bank

of

Canada

USD

7

ZAR

115

09/16/20

—

Royal

Bank

of

Canada

CHF

223

USD

236

09/16/20

1

Royal

Bank

of

Canada

EUR

655

USD

747

09/16/20

10

Royal

Bank

of

Canada

GBP

420

USD

537

09/16/20

16

Royal

Bank

of

Canada

HKD

360

USD

46

09/16/20

—

Royal

Bank

of

Canada

MXN

2,025

USD

92

09/17/20

4

Royal

Bank

of

Canada

SEK

375

USD

41

09/16/20

—

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

Schedule

of

Investments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

52

Equity

Growth

Strategy

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Royal

Bank

of

Canada

SGD

22

USD

16

09/16/20

—

State

Street

USD

22

RUB

1,490

09/16/20

(1)

State

Street

INR

12,940

USD

170

09/16/20

—

State

Street

TWD

9,520

USD

324

09/16/20

(3)

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

56

Credit

Default

Swap

Contracts

Amounts

in

thousands

Credit

Indices

Reference

Entity

Counterparty

Purchase/Sell

Protection

Notional

Amount

Fund

(Pays)/

Receives

Fixed

Rate

Termination

Date

Premiums

Paid/

(Received)

$

Unrealized

Appreciation

(Depreciation)

$

Fair

Value

$

CDX

NA

Investment

Grade

Index

Bank

of

America

Sell

USD

1,615

5.000%

(2)

06/20/25

(68)

59

(9)

Total

Open

Credit

Indices

Contracts

(å)

(68)

59

(9)

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical

Expedient

(a)

Total

%

of

Net

Assets

Investments

in

Affiliated

Funds

$

34,529

$

—

$

—

$

—

$

34,529

87.8

Short-Term

Investments

—

—

—

3,324

3,324

8.5

Total

Investments

34,529

—

—

3,324

37,853

96.3

Other

Assets

and

Liabilities,

Net

3.7

100.0

Other

Financial

Instruments

Assets

Futures

Contracts

143

—

—

—

143

0.4

Foreign

Currency

Exchange

Contracts

—

79

—

—

79

0.2

'

Liabilities

Futures

Contracts

(306)

—

—

—

(306)

(0.8)

Foreign

Currency

Exchange

Contracts

—

(23)

—

—

(23)

(0.1)

Credit

Default

Swap

Contracts

—

(9)

—

—

(9)

(—)

*

Total

Other

Financial

Instruments

**

$

(163)

$

47

$

—

$

—

$

(116)

*

Less

than

0.05%

of

net

assets.

**

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

Financial

Statements.

For

a

disclosure

on

transfers

between

Levels

1,

2

and

3

during

the

period

ended

June

30,

2020,

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

Fair

Value

of

Derivative

Instruments

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Growth

Strategy

Fund

53

Amounts

in

thousands

Derivatives

not

accounted

for

as

hedging

instruments

Equity

Contracts

Credit

Contracts

Foreign

Currency

Contracts

Interest

Rate

Contracts

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

—

$

—

$

79

$

—

Variation

margin

on

futures

contracts*

120

—

—

23

Total

$

120

$

—

$

79

$

23

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts*

$

306

$

—

$

—

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

—

23

—

Credit

default

swap

contracts,

at

fair

value

—

9

—

—

Total

$

306

$

9

$

23

$

—

Derivatives

not

accounted

for

as

hedging

instruments

Equity  

Contracts

Credit

Contracts

Foreign

Currency

Contracts

Interest

Rate

Contracts

Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(621)

$

—

$

—

$

—

Credit

default

swap

contracts

—

(26)

—

—

Foreign

currency

exchange

contracts

—

—

73

—

Total

$

(621)

$

(26)

$

73

$

—

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(21)

$

—

$

—

$

22

Credit

default

swap

contracts

—

99

—

—

Foreign

currency

exchange

contracts

—

—

74

—

Total

$

(21)

$

99

$

74

$

22

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

54

Equity

Growth

Strategy

Fund

Amounts

in

thousands

word

Offsetting

of

Financial

Assets

and

Derivative

Assets

Description

Location:

Statement

of

Assets

and

Liabilities

-

Assets

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Foreign

Currency

Exchange

Contracts

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

79

$

—

$

79

Total

Financial

and

Derivative

Assets

79

—

79

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

79

$

—

$

79

Financial

Assets,

Derivative

Assets,

and

Collateral

Held

by

Counterparty

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Counterparty

Net

Amounts

of

Assets

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Received^

Net

Amount

Citigroup

$

48

$

10

$

—

$

38

Royal

Bank

of

Canada

3

1

10

—

2

1

Total

$

79

$

20

$

—

$

59

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

Balance

Sheet

Offsetting

of

Financial

and

Derivative

Instruments,

continued

—

June

30,

2020

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Growth

Strategy

Fund

55

Amounts

in

thousands

Offsetting

of

Financial

Liabilities

and

Derivative

Liabilities

Description

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Gross

Amounts

of

Recognized

Liabilities

Gross

Amounts

Offset

in

the

Statement

of

Assets

and

Liabilities

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Foreign

Currency

Exchange

Contracts

Unrealized

depreciation

on

foreign

currency

exchange

contracts

$

23

$

—

$

23

Credit

Default

Swap

Contracts

Credit

default

swap

contracts,

at

fair

value

9

—

9

Total

Financial

and

Derivative

Liabilities

32

—

32

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

(

9

)

—

(

9

)

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

2

3

$

—

$

2

3

Financial

Liabilities,

Derivative

Liabilities,

and

Collateral

Pledged

by

Counterparty

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Counterparty

Net

Amounts

of

Liabilities

Presented

in

the

Statement

of

Assets

and

Liabilities

Financial

and

Derivative

Instruments

Collateral

Pledged^

Net

Amount

Citigroup

$

10

$

10

$

—

$

—

Royal

Bank

of

Canada

10

10

—

—

State

Street

3

—

—

3

Total

$

2

3

$

20

$

—

$

3

^      Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

2

in

the

Notes

to

Financial

Statements.

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

56

Equity

Growth

Strategy

Fund

Statement

of

Assets

and

Liabilities

—

June

30,

2020

(Unaudited)

Amounts

in

thousands

Assets

Investments,

at

identified

cost

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

$

36,785

Investments,

at

fair

value(>)

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

37,853

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

79

Receivables:

Dividends

and

interest

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

6

Dividends

from

affiliated

funds

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

1

Fund

shares

sold

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

51

From

affiliates

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

6

From

broker(a)(b)

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

1,613

Total

assets

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

39,609

Liabilities

Payables:

Investments

purchased

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

28

Fund

shares

redeemed

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

2

2

Accrued

fees

to

affiliates

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

2

Other

accrued

expenses

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

4

4

Variation

margin

on

futures

contracts

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

162

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

23

Credit

default

swap

contracts,

at

fair

value(+)

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

9

Total

liabilities

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

290

Net

Assets

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

$

39,319

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Growth

Strategy

Fund

57

Statement

of

Assets

and

Liabilities,

continued

—

June

30,

2020

(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

(3,095)

Shares

of

beneficial

interest

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

51

Additional

paid-in

capital

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

42,363

Net

Assets

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

$

39,319

Net

Asset

Value

,

offering

and

redemption

price

per

share:

Net

asset

value

per

share:

(#)

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

$

7.72

Net

assets

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

$

39,318,683

Shares

outstanding

($.01

par

value)

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

5,091,534

Amounts

in

thousands

(+)    

Credit

default

swap

contracts

-

premiums

paid

(received)

$

(68)

(>)    

Investments

in

affiliated

funds

$

37,853

(a)    

Receivable

from

Broker

for

Futures

$

1,387

(b)    

Receivable

from

Broker

for

Swaps

$

226

(#)

Net

asset

value

per

share

equals

net

assets

divided

by

shares

of

beneficial

interest

outstanding.

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

58

Equity

Growth

Strategy

Fund

Statement

of

Operations

—

For

the

Period

Ended

June

30,

2020

(Unaudited)

Amounts

in

thousands

Investment

Income

Income

distributions

from

affiliated

funds

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

$

82

Expenses

Advisory

fees

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

41

Administrative

fees

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

9

Custodian

fees

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

26

Transfer

agent

fees

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

1

Professional

fees

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

20

Trustees’

fees

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

1

Printing

fees

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

7

Miscellaneous

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

4

Expenses

before

reductions

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

10

9

Expense

reductions

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

(

78

)

Net

expenses

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

31

Net

investment

income

(loss)

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

51

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

(1,

934

)

Futures

contracts

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

(621)

Foreign

currency

exchange

contracts

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

73

Credit

default

swap

contracts

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

(26)

Capital

gain

distributions

from

affiliated

funds

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

219

Net

realized

gain

(loss)

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

(2,

289

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

(4,

153

)

Futures

contracts

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

1

Foreign

currency

exchange

contracts

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

74

Credit

default

swap

contracts

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

99

Foreign

currency-related

transactions

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

(7)

Net

change

in

unrealized

appreciation

(depreciation)

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

(3,

986

)

Net

realized

and

unrealized

gain

(loss)

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

(6,275)

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

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

$

(6,224)

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Growth

Strategy

Fund

59

Statements

of

Changes

in

Net

Assets

Amounts

in

thousands

Period

Ended

June

30,

2020

(Unaudited)

Fiscal

Year

Ended  

December

31,

2019

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

(loss)

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

$

51

$

1,140

Net

realized

gain

(loss)

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

(2,

289

)

1,855

Net

change

in

unrealized

appreciation

(depreciation)

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

(3,

986

)

5,903

Net

increase

(decrease)

in

net

assets

from

operations

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

(6,224)

8,898

Distributions

To

shareholders

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

(2,147)

(3,114)

Net

decrease

in

net

assets

from

distributions

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

(2,147)

(3,114)

Share

Transactions*

Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(1,626)

(4,098)

Total

Net

Increase

(Decrease)

in

Net

Assets

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

(9,997)

1,686

Net

Assets

Beginning

of

period

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

49,316

47,630

End

of

period

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

$

39,319

$

49,316

*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

June

30,

2020

and

December

31,

2019

were

as

follows:

2020

(Unaudited)

2019

Shares

Dollars

Shares

Dollars

Proceeds

from

shares

sold

257

$

2,160

250

$

2,157

Proceeds

from

reinvestment

of

distributions

247

2,147

369

3,114

Payments

for

shares

redeemed

(773)

(5,933)

(1,094)

(9,369)

Total

increase

(decrease)

(269)

$

(1,626)

(475)

$

(4,098)

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Growth

Strategy

Fund

60

For

a

Share

Outstanding

Throughout

Each

Period.

$

Net

Asset

Value,

Beginning

of

Period

$

Net

Investment

Income

(Loss)

(a)(b)(f)

$

Net

Realized

and

Unrealized

Gain

(Loss)

$

Total

from

Investment

Operations

$

Distributions

from

Net

Investment

Income

$

Distributions

from

Net

Realized

Gain

June

30,

2020(1)

9.20

.01

(1.09)

(1.08)

(.15)

(.25)

December

31,

2019

8.16

.20

1.39

1.59

(.02)

(.53)

December

31,

2018

9.97

.36

(1.26)

(.90)

(.48)

(.43)

December

31,

2017

8.92

.35

1.21

1.56

(.32)

(.19)

December

31,

2016

8.28

.17

.72

.89

(.25)

—

December

31,

2015

9.46

.16

(.50)

(.34)

(.13)

(.71)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Growth

Strategy

Fund

61

$

Total

Distributions

$

Net

Asset

Value,

End

of

Period

%

Total

Return

(c)(h)

$

Net

Assets,

End

of

Period

(000)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Gross

(d)(e)

%

Ratio

of

Expenses

to

Average

Net

Assets,

Net

(d)(e)(f)

%

Ratio

of

Net

Investment

Income

to

Average

Net

Assets

(b)(c)(f)

%

Portfolio

Turnover

Rate

(c)

(.40)

7.72

(12.20)

39,319

.52

.15

.25

7

(.55)

9.20

20.09

49,316

.48

.15

2.36

38

(.91)

8.16

(9.55)

47,630

.43

.15

3.73

21

(.51)

9.97

17.67

55,946

.43

.14

3.72

35

(.25)

8.92

10.85

48,164

.40

.12

1.97

21

(.84)

8.28

(3.87)

48,051

.39

.11

1.73

31

Russell

Investment

Funds

Equity

Growth

Strategy

Fund

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

62

Equity

Growth

Strategy

Fund

Related

Party

Transactions,

Fees

and

Expenses

(Unaudited)

Accrued

fees

payable

to

affiliates

for

the

period

ended

June

30,

2020

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

June

30,

2020

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

Federal

Income

Taxes

(Unaudited)

At

June

30,

2020,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Administration

fees

$

1,381

Transfer

agent

fees

143

Trustee

fees

122

$

1,646

Fair

Value,

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

in

Unrealized

Gain

(Loss)

Fair

Value,

End

of

Period

Income

Distributions

Capital

Gains

Distributions

RIC

Commodity

Strategies

Fund

$

976

$

148

$

214

$

(63

)

$

(145

)

$

702

$

—

$

—

RIF

Global

Real

Estate

Securities

Fund

1,449

92

238

(26

)

(236

)

1,041

4

—

RIF

U.S.

Small

Cap

Equity

Fund

5,828

494

818

(235

)

(1,003

)

4,266

3

128

RIF

U.S.

Strategic

Equity

Fund

10,735

319

2,568

(458

)

(189

)

7,839

19

91

RIC

Unconstrained

Total

Return

Fund

5,284

698

1,834

(126

)

(215

)

3,807

23

—

RIC

Emerging

Markets

Fund

3,945

150

617

(104

)

(539

)

2,835

—

—

RIC

Global

Equity

Fund

10,215

309

1,895

(596

)

(646

)

7,387

2

—

RIF

International

Developed

Markets

Fund

7,273

463

1,147

(242

)

(1,093

)

5,254

26

—

RIC

Multi-Asset

Growth

Strategy

Fund

1,927

107

465

(84

)

(87

)

1,398

—

—

U.S.

Cash

Management

Fund

958

18,432

16,066

—

—

3,324

5

—

$

48,590

$

21,212

$

25,862

$

(1,934

)

$

(4,153

)

$

37,853

$

82

$

219

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

$

38,467,184

$

692,065

$

(1,423,792)

$

(731,727)

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Schedules

of

Investments

—

June

30,

2020

(Unaudited)

Notes

to

Schedules

of

Investments

63

Footnotes:

Abbreviations:

(å)

Currency

balances

were

pledged

in

connection

with

futures

contracts

purchased

(sold),

options

written,

foreign

currency

exchange

contracts,

or

swaps

entered

into

by

the

Fund.

See

Statement

of

Assets

and

Liabilities.

(ÿ)

Notional

Amount

in

thousands.

(∞)

Unrounded

units.

(@)

Affiliate.

(1)

Monthly

payment

frequency.

(2)

Quarterly

payment

frequency.

(3)

Semi-annual

payment

frequency.

(4)

Annual

payment

frequency.

(5)

Payment

at

termination.

144A

-

Represents

private

placement

security

for

qualified

buyers

according

to

rule

144A

of

the

Securities

Act

of

1933.

ADR

-

American

Depositary

Receipt

ADS

-

American

Depositary

Share

BBSW

-

Bank

Bill

Swap

Reference

Rate

CIBOR

-

Copenhagen

Interbank

Offered

Rate

CME

-

Chicago

Mercantile

Exchange

CMO

-

Collateralized

Mortgage

Obligation

CVO

-

Contingent

Value

Obligation

EMU

-

European

Economic

and

Monetary

Union

EURIBOR

-

Euro

Interbank

Offered

Rate

FDIC

-

Federal

Deposit

Insurance

Company

GDR

-

Global

Depositary

Receipt

GDS

-

Global

Depositary

Share

HIBOR

–

Hong

Kong

Interbank

Offered

Rate

LIBOR

-

London

Interbank

Offered

Rate

NIBOR

-

Norwegian

Interbank

Offered

Rate

PIK

-

Payment

in

Kind

PRIBOR

–

Prague

Interbank

Offered

Rate

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

SIBOR

–

Singapore

Interbank

Offered

Rate

STRIP

-

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

TBA

-

To

Be

Announced

Security

UK

-

United

Kingdom

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Schedules

of

Investments,

continued

—

June

30,

2020

(Unaudited)

64

Notes

to

Schedules

of

Investments

Foreign

Currency

Abbreviations:

ARS

-

Argentine

peso

HUF

-

Hungarian

forint

PKR

-

Pakistani

rupee

AUD

-

Australian

dollar

IDR

-

Indonesian

rupiah

PLN

-

Polish

zloty

BRL

-

Brazilian

real

ILS

-

Israeli

shekel

RUB

-

Russian

ruble

CAD

-

Canadian

dollar

INR

-

Indian

rupee

SEK

-

Swedish

krona

CHF

-

Swiss

franc

ISK

-

Icelandic

krona

SGD

-

Singapore

dollar

CLP

-

Chilean

peso

ITL

-

Italian

lira

SKK

-

Slovakian

koruna

CNY

-

Chinese

yuan

renminbi

JPY

-

Japanese

yen

THB

-

Thai

baht

COP

-

Colombian

peso

KES

-

Kenyan

schilling

TRY

-

Turkish

lira

CRC

-

Costa

Rican

colon

KRW

-

South

Korean

won

TWD

-

Taiwanese

dollar

CZK

-

Czech

koruna

MXN

-

Mexican

peso

USD

-

United

States

dollar

DKK

-

Danish

krone

MYR

–

Malaysian

ringgit

VEB

-

Venezuelan

bolivar

EGP

-

Egyptian

pound

NOK

-

Norwegian

krone

VND

-

Vietnamese

dong

EUR

-

Euro

NZD

-

New

Zealand

dollar

ZAR

-

South

African

rand

GBP

-

British

pound

sterling

PEN

-

Peruvian

nuevo

sol

HKD

–

Hong

Kong

dollar

PHP

–

Philippine

peso

Russell

Investment

Funds

LifePoints

®

Variable

Target

Portfolio

Series

Notes

to

Financial

Highlights

—

June

30,

2020

(Unaudited)

Notes

to

Financial

Highlights

65

(1)

For

the

period

ended

June

30,

2020

(Unaudited).

(a)

Average

daily

shares

outstanding

were

used

for

this

calculation.

(b)

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

the

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

(c)

Periods

less

than

one

year

are

not

annualized.

(d)

The

ratios

for

periods

less

than

one

year

are

annualized.

(e)

The

calculation

includes

only

those

expenses

charged

directly

to

the

Fund

and

does

not

include

expenses

charged

to

the

Underlying

Funds

in

which

the

Fund

invests.

(f)

May

reflect

amounts

waived

and

reimbursed

by

Russell

Investment

Management,

LLC

(“RIM”).

(g)

Less

than

$.01

per

share.

(h)

The

total

return

does

not

reflect

any

Insurance

Company

Separate

Account

or

Policy

Charges.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements

—

June

30,

2020

(Unaudited)

66

Notes

to

Financial

Statements

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”).

These

financial

statements

report

on

four

of

these

Funds.

The

Investment

Company

provides

the

investment

base

for

one

or

more

variable

insurance

products

issued

by

one

or

more

insurance

companies.

These

Funds

are

offered

at

net

asset

value

(“NAV”)

to

qualified

insurance

company

separate

accounts

offering

variable

insurance

products.

The

Investment

Company

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(“Investment

Company

Act”),

as

an

open-end

management

investment

company.

It

is

organized

and

operated

as

a

Massachusetts

business

trust

under

a

Second

Amended

and

Restated

Master

Trust

Agreement

dated

March

1,

2018,

as

amended

(“Master

Trust

Agreement”),

and

the

provisions

of

Massachusetts

law

governing

the

operation

of

a

Massachusetts

business

trust.

The

Investment

Company’s

Master

Trust

Agreement

permits

the

Board

of

Trustees

(the

“Board”)

to

issue

an

unlimited

number

of

shares

of

beneficial

interest.

Each

of

the

Funds

is

diversified.

Under

the

Investment

Company

Act,

a

diversified

company

is

defined

as

a

management

company

which

meets

the

following

requirements:

at

least

75%

of

the

value

of

its

total

assets

is

represented

by

cash

and

cash

equivalents

(including

receivables),

government

securities,

securities

of

other

investment

companies,

and

other

securities

for

the

purposes

of

this

calculation

limited

in

respect

of

any

one

issuer

to

an

amount

not

greater

in

value

than

five

percent

of

the

value

of

the

total

assets

of

such

management

company

and

to

not

more

than

10%

of

the

outstanding

voting

securities

of

such

issuer.

Each

of

the

Funds

listed

in

the

table

below

is

a

“fund

of

funds”

and

diversifies

its

assets

by

investing

principally,

in

shares

of

several

other

RIF

Funds

and

in

certain

Russell

Investment

Company

(“RIC”)

Funds

(the

“Underlying

Funds”).

Each

Fund

seeks

to

achieve

its

specific

investment

objective

by

investing

in

different

combinations

of

Underlying

Funds.

In

addition

to

investing

in

the

Underlying

Funds,

Russell

Investment

Management,

LLC

("RIM"),

the

Funds'

investment

adviser,

may

directly

manage

Fund

assets

and

utilizes

quantitative

and/or

rules-based

processes

and

qualitative

analysis

to

assess

Fund

characteristics

and

invest

in

securities

and

instruments

which

provide

the

desired

exposures.

In

connection

with

these

investment

strategies,

the

Funds

may

invest

in

derivative

instruments

and

may

use

derivatives

to

take

both

long

and

short

positions.

The

Funds

may

hold

cash

in

connection

with

these

investments.

A

Fund

usually,

but

not

always,

pursues

a

strategy

of

being

fully

invested

by

exposing

its

cash

to

the

performance

of

segments

of

the

global

equity

market

by

purchasing

index

futures

contracts

(also

known

as

"equitization").

The

following

table

shows

each

Funds'

approximate

expected

target

strategic

asset

allocation

to

equity,

fixed

income,

multi-asset,

and

alternative

asset

classes

effective

May

1,

2020.

As

of

June

30,

2020,

the

equity

Underlying

Funds

in

which

the

Funds

may

invest

include

the

RIC

Sustainable

Equity,

RIC

U.S.

Dynamic

Equity,

RIF

U.S.

Small

Cap

Equity,

RIF

U.S.

Strategic

Equity,

RIC

Emerging

Markets,

RIC

Global

Equity,

and

RIF

International

Developed

Markets

Funds.

The

fixed

income

Underlying

Funds

in

which

the

Funds

may

invest

include

the

RIC

Investment

Grade

Bond,

RIC

Opportunistic

Credit,

RIC

Short

Duration

Bond,

RIC

Unconstrained

Total

Return,

and

RIF

Strategic

Bond

Funds.

The

multi-asset

Underlying

Funds

in

which

the

Funds

may

invest

include

the

RIC

Multi-Asset

Growth

Strategy

and

RIC

Multi-Strategy

Income

Funds.

The

alternative

Underlying

Funds

in

which

the

Funds

may

invest

include

the

RIC

Commodity

Strategies,

RIC

Global

Infrastructure

and

RIF

Global

Real

Estate

Securities

Funds.

Each

Fund

intends

its

strategy

of

investing

in

combinations

of

equity,

fixed

income,

multi-asset

and

alternative

Underlying

Funds

to

result

in

investment

diversification

that

an

investor

could

otherwise

achieve

only

by

holding

numerous

individual

investments.

A

Fund’s

actual

allocation

may

vary

from

the

target

strategic

asset

allocation

at

any

point

in

time

(1)

due

to

market

movements,

(2)

by

up

to

+/-

5%

at

the

equity,

fixed

income,

multi-asset

or

alternative

category

level

based

on

RIM’s

capital

markets

research,

and/

or

(3)

due

to

the

implementation

over

a

period

of

time

of

a

change

to

the

target

strategic

asset

allocation

including

the

addition

of

a

new

Underlying

Fund.

There

may

be

no

changes

in

the

asset

allocation

or

to

the

Underlying

Funds

in

a

given

year

or

such

changes

may

be

made

one

or

more

times

in

a

year.

*

As

described

above,

actual

asset

allocation

may

vary.

#

Alternative

Underlying

Funds

pursue

investment

strategies

that

differ

from

those

of

traditional

broad

market

equity

or

fixed

income

funds.

Asset

Allocation*

Moderate

Strategy

Fund

Balanced

Strategy

Fund

Growth

Strategy

Fund

Equity

Growth

Strategy

Fund

Equity

34%

53%

70%

80%

Fixed

Income

52%

33%

16%

11%

Multi-Asset

12%

10%

10%

4%

Alternative

#

2%

4%

4%

5%

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

Notes

to

Financial

Statements

67

Significant

Accounting

Policies

The

Funds’

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

which

require

the

use

of

management

estimates

and

assumptions

at

the

date

of

the

financial

statements.

Actual

results

could

differ

from

those

estimates.

The

Funds

are

considered

investment

companies

under

U.S.

GAAP

and

follow

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

each

Fund

in

the

preparation

of

its

financial

statements.

In

August

2018,

the

Financial

Accounting

Standards

Board

(FASB)

issued

Accounting

Standards

Update

(ASU)

No.

2018-13,

Fair

Value

Measurement

(Topic

820):

Disclosure

Framework

-

Changes

to

the

Disclosure

Requirements

for

Fair

Value

Measurements.

The

amendments

in

the

ASU

modify

the

disclosure

requirements

on

fair

value

measurements

in

Topic

820.

The

ASU

is

effective

for

interim

and

annual

reporting

periods

beginning

after

December

15,

2019.

Management

has

adopted

the

ASU

and

there

was

no

material

impact

to

the

financial

statements.

Security

Valuation

The

Funds

value

portfolio

securities

according

to

Board-approved

securities

valuation

procedures

which

include

market

and

fair

value

procedures.

The

Board

has

delegated

the

responsibility

for

administration

of

the

securities

valuation

procedures

to

Russell

Investments

Fund

Services,

LLC

("RIFUS").

The

Funds

value

the

shares

of

the

Underlying

Funds

at

the

current

NAV

per

share

of

each

Underlying

Fund.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

of

an

investment

in

a

fund

using

the

NAV

per

share

without

further

adjustment

as

a

practical

expedient,

if

the

NAV

per

share

of

the

investment

is

determined

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies

as

of

the

reporting

entity’s

measurement

date.

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

It

establishes

a

fair

value

hierarchy

that

prioritizes

inputs

to

valuation

methods

and

requires

a

separate

disclosure

of

the

fair

value

hierarchy

for

each

major

category

of

assets

and

liabilities,

that

segregates

fair

value

measurements

into

levels

(Level

1,

2,

and

3).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Levels

1,

2

and

3

of

the

fair

value

hierarchy

are

defined

as

follows:

Level

1

—

Quoted

prices

(unadjusted)

in

active

markets

or

exchanges

for

identical

assets

and

liabilities.

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable,

which

may

include,

but

are

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

and

inputs

such

as

interest

rates,

yield

curves,

implied

volatilities,

credit

spreads

or

other

market

corroborated

inputs.

Level

3

—

Significant

unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

by

RIFUS,

acting

at

the

discretion

of

the

Board,

that

are

used

in

determining

the

fair

value

of

investments

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgement.

Accordingly,

the

degree

of

judgement

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

market

values

of

financial

instruments

categorized

as

Level

1

and

Level

2

of

the

fair

value

hierarchy

are

as

follows:

Equity

securities,

including

common

and

preferred

stock,

short

securities,

ETFs

and

restricted

securities

that

are

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market),

are

stated

at

the

last

reported

sales

price

on

the

day

of

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

68

Notes

to

Financial

Statements

valuation

or

official

closing

price,

as

applicable.

To

the

extent

these

securities

are

actively

traded,

and

valuation

adjustments

are

not

applied,

they

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Investments

in

investment

funds

that

are

not

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market)

will

be

valued

based

upon

the

NAV

of

such

investments.

Derivative

instruments

are

instruments

such

as

foreign

currency

contracts,

futures

contracts,

options

contracts,

or

swap

agreements

that

derive

their

value

from

underlying

asset

prices,

indices,

reference

rates,

and

other

inputs

or

a

combination

of

these

factors.

Derivatives

may

be

classified

into

two

groups

depending

upon

the

way

that

they

are

traded:

privately

traded

over-the-counter

(“OTC”)

derivatives

that

do

not

go

through

an

exchange

or

intermediary

and

exchange-traded

derivatives

that

are

traded

through

specialized

derivatives

exchanges

or

other

regulated

exchanges.

OTC

derivatives

are

normally

valued

on

the

basis

of

broker

dealer

quotations

or

pricing

service

providers.

Depending

on

the

product

and

the

terms

of

the

transaction,

the

value

of

the

derivative

instrument

can

be

estimated

by

a

pricing

service

provider

using

a

series

of

techniques,

including

simulation

pricing

models.

The

pricing

models

use

inputs

that

are

observed

from

actively

quoted

markets

such

as

issuer

details,

indices,

spreads,

interest

rates,

yield

curves,

dividends

and

exchange

rates.

OTC

derivatives

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

2

of

the

fair

value

hierarchy,

with

the

exception

of

foreign

currency

spot

contracts

which

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

OTC

derivatives

that

use

broker

dealer

quotations

are

categorized

as

level

3

of

the

fair

value

hierarchy.

Exchange-traded

derivatives

are

valued

based

on

the

last

reported

sales

price

on

the

day

of

valuation

and

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Centrally

cleared

swaps

listed

or

traded

on

a

multilateral

or

trade

facility

platform,

such

as

a

registered

exchange,

are

valued

at

the

daily

settlement

price

determined

by

the

respective

exchange.

For

centrally

cleared

credit

default

swaps,

the

clearing

facility

requires

its

members

to

provide

actionable

levels

across

complete

term

structures.

These

levels

along

with

external

third-

party

prices

are

used

to

produce

daily

settlement

prices.

These

securities

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Centrally

cleared

interest

rate

swaps

are

valued

using

a

pricing

model

that

references

the

underlying

rates

including

the

Overnight

Index

Swap

("OIS")

rate

and

London

Interbank

Offered

Rate

(“LIBOR”)

forward

rate

to

produce

the

daily

settlement

price.

These

securities

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

For

movements

between

the

levels

within

the

fair

value

hierarchy,

the

Funds

have

adopted

a

policy

of

recognizing

the

transfers

as

of

period

end.

For

the

period

ended

June

30,

2020,

there

was

no

movement

between

the

levels

of

the

fair

value

hierarchy.

Level

3

Fair

Value

Investments

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

of

financial

instruments

classified

as

Level

3

of

the

fair

value

hierarchy

are

as

follows:

Securities

and

other

assets

for

which

market

quotes

are

not

readily

available,

or

are

not

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

by

RIFUS

and

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

Market

quotes

are

considered

not

readily

available

in

circumstances

where

there

is

an

absence

of

current

or

reliable

market-based

data

(e.g.,

trade

information

or

broker

quotes).

When

RIFUS

applies

fair

valuation

methods

that

use

significant

unobservable

inputs

to

determine

a

Fund’s

NAV,

securities

will

not

be

priced

on

the

basis

of

quotes

from

the

primary

market

in

which

they

are

traded,

but

instead

may

be

priced

by

another

method

that

RIFUS

believes

accurately

reflects

fair

value

and

will

be

categorized

as

Level

3

of

the

fair

value

hierarchy.

Fair

value

pricing

may

require

subjective

determinations

about

the

value

of

a

security.

While

the

securities

valuation

procedures

are

intended

to

result

in

a

calculation

of

a

Fund’s

NAV

that

fairly

reflects

security

values

as

of

the

time

of

pricing,

the

process

cannot

guarantee

that

fair

values

determined

by

RIFUS

would

accurately

reflect

the

price

that

a

Fund

could

obtain

for

a

security

if

it

were

to

dispose

of

that

security

as

of

the

time

of

pricing

(for

instance,

in

a

forced

or

distressed

sale).

The

prices

used

by

a

Fund

may

differ

from

the

value

that

would

be

realized

if

the

security

was

sold.

RIFUS

employs

third-party

pricing

vendors

to

provide

fair

value

measurements.

RIFUS

oversees

third-party

pricing

service

providers

in

order

to

support

the

valuation

process

throughout

the

year.

If

third-party

evaluated

vendor

pricing

is

neither

available

nor

deemed

to

be

indicative

of

fair

value,

RIFUS

may

elect

to

obtain

indicative

market

quotations

(“broker

quotes”)

directly

from

the

broker

or

passed

through

from

a

third-party

vendor.

In

the

event

that

the

source

of

fair

value

is

from

a

single

source

broker

quote,

these

securities

are

classified

as

Level

3

per

the

fair

value

hierarchy.

Broker

quotes

are

typically

received

from

established

market

participants.

Although

independently

received

on

a

daily

basis,

RIFUS

does

not

have

the

transparency

to

view

the

underlying

inputs

which

support

the

broker

quotes.

Significant

changes

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

Notes

to

Financial

Statements

69

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

Transactions

Investment

transactions

are

reflected

as

of

the

trade

date

for

financial

reporting

purposes.

This

may

cause

the

NAV

stated

in

the

financial

statements

to

be

different

from

the

NAV

at

which

shareholders

may

transact.

Realized

gains

and

losses

from

securities

transactions,

if

applicable,

are

recorded

on

the

basis

of

specific

identified

cost

within

a

particular

Fund.

Investment

Income

Distributions

of

income

and

capital

gains

from

the

Funds

or

Underlying

Funds

are

recorded

on

the

ex-dividend

date.

Federal

Income

Taxes

Since

the

Investment

Company

is

a

Massachusetts

business

trust,

each

Fund

is

a

separate

corporate

taxpayer

and

determines

its

net

investment

income

and

capital

gains

(or

losses)

and

the

amounts

to

be

distributed

to

each

Fund’s

shareholders

without

regard

to

the

income

and

capital

gains

(or

losses)

of

the

other

Funds.

For

each

year,

each

Fund

intends

to

qualify

or

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”)

and

intends

to

distribute

all

of

its

taxable

income

and

capital

gains.

Therefore,

no

federal

income

tax

provision

is

required

for

the

Funds.

The

Funds

comply

with

the

authoritative

guidance

for

uncertainty

in

income

taxes

which

requires

management

to

determine

whether

a

tax

position

of

the

Funds

is

more

likely

than

not

to

be

sustained

upon

examination,

including

resolution

of

any

related

appeals

or

litigation

processes,

based

on

the

technical

merits

of

the

position.

For

tax

positions

meeting

the

more

likely

than

not

threshold,

the

tax

amount

recognized

in

the

financial

statements

is

reduced

by

the

largest

benefit

that

has

a

greater

than

50%

likelihood

of

being

realized

upon

ultimate

settlement

with

the

relevant

taxing

authority.

Management

determined

that

no

accruals

need

to

be

made

in

the

financial

statements

due

to

uncertain

tax

positions.

Management

continually

reviews

and

adjusts

the

Funds’

liability

for

income

taxes

based

on

analyses

of

tax

laws

and

regulations,

as

well

as

their

interpretations,

and

other

relevant

factors.

Each

Fund

files

a

U.S.

tax

return.

At

June

30,

2020,

the

Funds

had

recorded

no

liabilities

for

net

unrecognized

tax

benefits

relating

to

uncertain

income

tax

positions

they

have

taken

or

expect

to

take

in

future

tax

returns.

While

the

statute

of

limitations

remains

open

to

examine

the

Funds’

U.S.

tax

returns

filed

for

the

fiscal

years

ended

December

31,

2017

through

December

31,

2019,

no

examinations

are

in

progress

or

anticipated

at

this

time.

The

Funds

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

Dividends

and

Distributions

to

Shareholders

Income

dividends,

capital

gain

distributions

and

return

of

capital,

if

any,

are

recorded

on

the

ex-dividend

date.

Income

dividends

are

generally

declared

and

paid

quarterly.

Capital

gain

distributions

are

generally

declared

and

paid

annually.

An

additional

distribution

may

be

paid

by

the

Funds

to

avoid

imposition

of

federal

income

and

excise

tax

on

any

remaining

undistributed

capital

gains

and

net

investment

income.

The

timing

and

characterization

of

certain

income

and

capital

gain

distributions

are

determined

in

accordance

with

federal

tax

regulations

which

may

differ

from

U.S.

GAAP.

As

a

result,

net

investment

income

and

net

realized

gain

(or

loss)

on

investments

and

foreign

currency-related

transactions

for

a

reporting

period

may

differ

significantly

from

distributions

during

such

period.

The

differences

between

tax

regulations

and

U.S.

GAAP

primarily

relate

to

investments

in

options,

futures,

forward

contracts,

swap

contracts,

the

Underlying

Funds

sold

at

a

loss,

wash

sale

deferrals

and

capital

loss

carryforwards.

Accordingly,

the

Funds

may

periodically

make

reclassifications

among

certain

of

their

capital

accounts

without

impacting

their

NAVs.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

70

Notes

to

Financial

Statements

Expenses

Expenses

included

in

the

accompanying

financial

statements

reflect

the

expenses

of

each

Fund

and

do

not

include

those

expenses

incurred

by

the

Underlying

Funds.

Because

the

Underlying

Funds

have

varied

expense

and

fee

levels

and

the

Funds

may

own

different

proportions

of

the

Underlying

Funds

at

different

times,

the

amount

of

the

Underlying

Funds’

fees

and

expenses

incurred

indirectly

by

the

Funds

will

vary.

The

Funds

pay

their

own

expenses

other

than

those

expressly

assumed

by

RIM,

the

Funds’

adviser,

or

RIFUS.

Most

expenses

can

be

directly

attributed

to

the

individual

Funds.

Expenses

which

cannot

be

directly

attributed

to

a

specific

Fund

are

allocated

among

all

Funds

principally

based

on

their

relative

net

assets.

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,

the

Funds

may

enter

into

foreign

currency

contracts

for

trade

settlement

purposes.

The

Funds

may

pursue

their

strategy

of

being

fully

invested

by

exposing

cash

to

the

performance

of

segments

of

the

global

equity

market

by

purchasing

index

futures

contracts.

This

is

intended

to

cause

the

Funds

to

perform

as

though

cash

were

actually

invested

in

the

global

equity

market.

Hedging

may

be

used

by

the

Funds

to

limit

or

control

risks,

such

as

adverse

movements

in

exchange

rates

and

interest

rates.

Return

enhancement

can

be

accomplished

through

the

use

of

derivatives

in

a

Fund,

including

using

derivatives

as

a

substitute

for

holding

physical

securities,

and

using

them

to

express

various

macro

views

(e.g.,

interest

rate

movements,

currency

movements,

and

macro

credit

strategies).

By

purchasing

certain

instruments,

the

Funds

may

more

effectively

achieve

the

desired

portfolio

characteristics

that

assist

them

in

meeting

their

investment

objectives.

Depending

on

how

the

derivatives

are

structured

and

utilized,

the

risks

associated

with

them

may

vary

widely.

These

risks

include,

but

are

not

limited

to,

market

risk,

liquidity

risk,

leveraging

risk,

counterparty

risk,

basis

risk,

reinvestment

risk,

political

risk,

prepayment

risk,

extension

risk,

valuation

risk

and

credit

risk.

Futures,

certain

options

and

cleared

swaps

are

traded

or

cleared

on

an

exchange

or

central

exchange

clearing

house.

Exchange-

traded

or

exchange-cleared

transactions

generally

present

less

counterparty

risk

to

a

Fund.

The

exchange’s

clearing

house

stands

between

the

Fund

and

the

broker

to

the

contract

and

therefore,

credit

risk

is

generally

limited

to

the

failure

of

the

clearing

house

and

the

clearing

member.

Cleared

swap

contracts

are

subject

to

clearing

house

rules,

including

initial

and

variation

margin

requirement,

daily

settlement

of

obligations

and

the

clearing

house

guarantee

of

payments

to

the

broker.

There

is,

however,

still

counterparty

risk

due

to

the

insolvency

of

the

broker

with

respect

to

any

margin

held

in

the

brokers’

customer

accounts.

While

clearing

members

are

required

to

segregate

customer

assets

from

their

own

assets,

in

the

event

of

insolvency,

there

may

be

a

shortfall

in

the

amount

of

margin

held

by

the

broker

for

its

clients.

Collateral

and

margin

requirements

for

exchange-traded

or

exchange-cleared

derivatives

are

established

through

regulation,

as

well

as

set

by

the

broker

or

applicable

clearing

house.

Margin

for

exchange-traded

and

exchange-cleared

transactions

are

detailed

in

the

Statements

of

Assets

and

Liabilities

as

Receivables

for

Variation

margin

on

futures

contracts

and

Payables

for

Variation

margin

on

futures

contracts.

Securities

and

cash

pledged

as

collateral

are

reflected

as

assets

on

the

Statements

of

Assets

and

Liabilities

as

either

a

component

of

Investments

at

fair

value

(securities)

or

Receivable

from

broker.

Cash

collateral

received

is

not

typically

held

in

a

segregated

account

and

as

such

is

reflected

as

a

liability

on

the

Statement

of

Assets

and

Liabilities

as

Due

to

broker.

Typically,

the

Funds

and

counterparties

are

not

permitted

to

sell,

repledge,

rehypothecate

or

otherwise

use

collateral

pledged

by

the

other

party

unless

explicitly

permitted

by

each

respective

governing

agreement.

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.

The

effects

of

derivative

instruments,

categorized

by

risk

exposure,

on

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

for

the

period

ended

June

30,

2020,

if

applicable,

are

disclosed

in

the

Fair

Value

of

Derivative

Instruments

table

following

each

applicable

Fund’s

Schedule

of

Investments.

Foreign

Currency

Exchange

Contracts

The

Funds

may

enter

into

foreign

currency

exchange

spot

contracts

and

forward

foreign

currency

exchange

contracts

(“FX

contracts”).

From

time

to

time,

the

Funds

may

enter

into

FX

contracts

to

hedge

certain

foreign

currency-denominated

assets.

FX

contracts

are

recorded

at

fair

value.

Certain

risks

may

arise

upon

entering

into

these

FX

contracts

from

the

potential

inability

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

Notes

to

Financial

Statements

71

of

counterparties

to

meet

the

terms

of

their

FX

contracts

and

are

generally

limited

to

the

amount

of

unrealized

gain

on

the

FX

contracts,

if

any,

that

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

For

the

period

ended

June

30,

2020,

the

following

Funds

entered

into

foreign

currency

exchange

contracts

primarily

for

the

strategies

listed

below:

The

Funds'

foreign

currency

contract

notional

dollar

values

outstanding

fluctuate

throughout

the

fiscal

year

as

required

to

meet

strategic

requirements.

The

following

tables

illustrate

the

quarterly

volume

of

foreign

currency

contracts.

For

the

purpose

of

this

disclosure,

volume

is

measured

by

the

amounts

bought

and

sold

in

USD.

Options

The

Funds

may

purchase

and

sell

(write)

call

and

put

options

on

securities

and

securities

indices.

Such

options

are

traded

on

a

national

securities

exchange

or

in

an

OTC

market.

The

Funds

may

also

purchase

and

sell

(write)

call

and

put

options

on

foreign

currencies.

When

a

Fund

writes

a

covered

call

or

a

put

option,

an

amount

equal

to

the

premium

received

by

the

Fund

is

included

in

the

Fund’s

Statement

of

Assets

and

Liabilities

as

an

asset

and

as

an

equivalent

liability.

The

amount

of

the

liability

is

subsequently

marked-

to-market

to

reflect

the

current

fair

value

of

the

option

written.

The

Fund

receives

a

premium

on

the

sale

of

a

call

option

but

gives

up

the

opportunity

to

profit

from

any

increase

in

the

value

of

the

underlying

instrument

above

the

exercise

price

of

the

option,

and

when

the

Fund

writes

a

put

option

it

is

exposed

to

a

decline

in

the

price

of

the

underlying

instrument.

When

a

Fund

sells

an

uncovered

call

option,

it

does

not

simultaneously

have

a

long

position

in

the

underlying

security.

When

a

Fund

sells

an

uncovered

put

option,

it

does

not

simultaneously

have

a

short

position

in

the

underlying

security.

Uncovered

options

are

riskier

than

covered

options

because

there

is

no

underlying

security

held

by

the

Fund

that

can

act

as

a

partial

hedge.

Whether

an

option

which

the

Fund

has

written

expires

on

its

stipulated

expiration

date

or

the

Fund

enters

into

a

closing

purchase

transaction,

the

Fund

realizes

a

gain

(or

loss,

if

the

cost

of

a

closing

purchase

transaction

exceeds

the

premium

received

when

the

option

was

sold)

without

regard

to

any

unrealized

gain

or

loss

on

the

underlying

security,

and

the

liability

related

to

such

option

is

extinguished.

If

a

call

option

which

the

Fund

has

written

is

exercised,

the

Fund

realizes

a

capital

gain

or

loss

from

the

sale

of

the

underlying

security,

and

the

proceeds

from

such

sale

are

increased

by

the

premium

originally

received.

When

a

put

option

which

a

Fund

has

written

is

exercised,

the

amount

of

the

premium

originally

received

will

reduce

the

cost

of

the

security

which

a

Fund

purchases

upon

exercise

of

the

option.

The

Funds’

use

of

written

options

involves,

to

varying

degrees,

elements

of

market

risk

in

excess

of

the

amount

recognized

in

the

Statements

of

Assets

and

Liabilities.

The

face

or

contract

amounts

of

these

instruments

reflect

the

extent

of

the

Funds’

exposure

to

market

risk.

The

risks

may

be

caused

by

an

imperfect

correlation

between

movements

in

the

price

of

the

instrument

and

the

price

of

the

underlying

securities

and

interest

rates.

Funds

Strategies

Moderate

Strategy

Fund

Return

enhancement

and

hedging

Balanced

Strategy

Fund

Return

enhancement

and

hedging

Growth

Strategy

Fund

Return

enhancement

and

hedging

Equity

Growth

Strategy

Fund

Return

enhancement

and

hedging

Outstanding

Contract

Amounts

Sold

Quarter

Ended

March

31,

2020

June

30,

2020

Moderate

Strategy

Fund

$

5,746,662

$

5,780,913

Balanced

Strategy

Fund

23,100,993

23,327,044

Growth

Strategy

Fund

21,406,205

21,539,379

Equity

Growth

Strategy

Fund

6,257,969

6,326,470

Outstanding

Contract

Amounts

Bought

Quarter

Ended

March

31,

2020

June

30,

2020

Moderate

Strategy

Fund

$

5,695,450

$

5,774,852

Balanced

Strategy

Fund

23,440,013

23,562,542

Growth

Strategy

Fund

21,784,086

21,796,203

Equity

Growth

Strategy

Fund

6,336,457

6,388,657

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

72

Notes

to

Financial

Statements

The

Funds

may

enter

into

a

swaption

(an

option

on

a

swap).

In

a

swaption,

in

exchange

for

an

option,

the

buyer

gains

the

right

but

not

the

obligation

to

enter

into

a

specified

swap

agreement

with

the

issuer

on

a

specified

future

date.

The

writer

of

the

contract

receives

the

premium

and

bears

the

risk

of

unfavorable

changes

in

the

preset

rate

on

the

underlying

swap.

For

the

period

ended

June

30,

2020,

the

Funds

purchased

or

sold

options

primarily

for

the

strategies

listed

below:

For

the

period

ended

June

30,

2020,

the

Funds

did

not

enter

into

any

options.

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

June

30,

2020,

the

following

Funds

entered

into

futures

contracts

primarily

for

the

strategies

listed

below:

The

Funds'

futures

contracts

notional

amounts

fluctuate

throughout

the

fiscal

year

as

required

to

meet

strategic

requirements.

The

following

table

illustrates

the

quarterly

volume

of

futures

contracts

measured

by

notional

in

USD.

Swap

Agreements

The

Funds

may

enter

into

swap

agreements,

on

either

an

asset-based

or

liability-based

basis,

depending

on

whether

they

are

hedging

their

assets

or

their

liabilities,

and

will

usually

enter

into

swaps

on

a

net

basis

(i.e.,

the

two

payment

streams

are

netted

out,

with

the

Funds

receiving

or

paying

only

the

net

amount

of

the

two

payments).

When

a

Fund

engages

in

a

swap,

it

exchanges

its

obligations

to

pay

or

rights

to

receive

payments

for

the

obligations

to

pay

or

rights

to

receive

payments

of

another

party

(i.e.,

an

exchange

of

floating

rate

payments

for

fixed

rate

payments).

The

Funds

may

enter

into

several

different

types

of

swap

agreements

including

credit

default,

interest

rate,

total

return

and

currency

swaps.

Credit

default

swaps

are

a

counterparty

agreement

which

allows

the

transfer

of

third-party

credit

risk

(the

possibility

that

an

issuer

will

default

on

its

obligation

by

failing

to

pay

principal

or

interest

in

a

timely

manner)

from

one

party

to

another.

The

lender

faces

the

credit

risk

from

a

third-party

and

the

counterparty

in

the

swap

agrees

to

insure

this

risk

in

exchange

for

regular

periodic

payments.

Interest

rate

swaps

are

a

counterparty

agreement,

can

be

customized

to

meet

each

party’s

needs,

and

involve

the

exchange

of

a

fixed

or

variable

payment

per

period

for

a

payment

that

is

not

fixed.

Total

return

swaps

are

a

counterparty

agreement

where

two

parties

exchange

two

sets

of

cash

flows

on

predetermined

dates

for

an

agreed

upon

amount

of

time.

The

cash

flows

will

typically

be

an

equity

index

value

swapped

with

a

floating

rate

such

as

LIBOR

plus

or

minus

a

pre-defined

spread.

Total

return

Funds

Strategies

Moderate

Strategy

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Balanced

Strategy

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Growth

Strategy

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Equity

Growth

Strategy

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Funds

Strategies

Moderate

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Balanced

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Growth

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Equity

Growth

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Notional

of

Futures

Contracts

Outstanding

Funds

March

31,

2020

June

30,

2020

Moderate

Strategy

Fund

$

22,090,672

$

31,368,813

Balanced

Strategy

Fund

60,809,523

79,177,352

Growth

Strategy

Fund

47,520,098

56,705,705

Equity

Growth

Strategy

Fund

15,330,252

20,151,215

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

Notes

to

Financial

Statements

73

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.

Credit

Default

Swaps

The

Funds

may

enter

into

credit

default

swaps.

A

credit

default

swap

can

refer

to

corporate

issues,

government

issues,

asset-backed

securities

or

an

index

of

assets,

each

known

as

the

reference

entity

or

underlying

asset.

Funds

may

act

as

either

the

buyer

or

the

seller

of

a

credit

default

swap

involving

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

default

or

other

credit

event.

Depending

upon

the

terms

of

the

contract,

the

credit

default

swap

may

be

closed

via

physical

settlement.

However,

due

to

the

possible

or

potential

instability

in

the

market,

there

is

a

risk

that

the

Funds

may

be

unable

to

deliver

the

underlying

debt

security

to

the

other

party

to

the

agreement.

Additionally,

the

Funds

may

not

receive

the

expected

amount

under

the

swap

agreement

if

the

other

party

to

the

agreement

defaults

or

becomes

bankrupt.

In

an

unhedged

credit

default

swap,

Funds

enter

into

a

credit

default

swap

without

owning

the

underlying

asset

or

debt

issued

by

the

reference

entity.

Credit

default

swaps

allow

Funds

to

acquire

or

reduce

credit

exposure

to

a

particular

issuer,

asset

or

basket

of

instruments.

As

the

seller

of

protection

in

a

credit

default

swap,

a

Fund

would

be

required

to

pay

the

par

or

other

agreed-upon

value

(or

otherwise

perform

according

to

the

swap

contract)

of

a

reference

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

other

specified

credit

event)

and

the

counterparty

would

be

required

to

surrender

the

reference

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

a

seller

of

protection,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

that

Fund

would

be

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

The

Funds

may

also

purchase

protection

via

credit

default

swap

contracts

in

order

to

offset

the

risk

of

default

of

debt

securities

held

in

their

portfolios

or

to

take

a

short

position

in

a

debt

security,

in

which

case

the

Fund

would

function

as

the

counterparty

referenced

in

the

preceding

paragraph.

If

a

credit

event

occurs

and

cash

settlement

is

not

elected,

a

variety

of

other

deliverable

obligations

may

be

delivered

in

lieu

of

the

specific

referenced

obligation.

The

ability

to

deliver

other

obligations

may

result

in

a

cheapest-to-deliver

option

(the

buyer

of

protection’s

right

to

choose

the

deliverable

obligation

with

the

lowest

value

following

a

credit

event).

The

Funds

may

use

credit

default

swaps

to

provide

a

measure

of

protection

against

defaults

of

the

issuers

(i.e.,

to

reduce

risk

where

Funds

own

or

have

exposure

to

the

referenced

obligation)

or

to

take

an

active

long

or

short

position

with

respect

to

the

likelihood

(as

measured

by

the

credit

default

swap’s

spread)

of

a

particular

issuer’s

default.

Deliverable

obligations

for

credit

default

swaps

on

asset-backed

securities

in

most

instances

are

limited

to

the

specific

referenced

obligation

as

performance

for

asset-backed

securities

can

vary

across

deals.

Prepayments,

principal

paydowns,

and

other

writedown

or

loss

events

on

the

underlying

mortgage

loans

will

reduce

the

outstanding

principal

balance

of

the

referenced

obligation.

These

reductions

may

be

temporary

or

permanent

as

defined

under

the

terms

of

the

swap

agreement

and

the

notional

amount

for

the

swap

agreement

generally

will

be

adjusted

by

corresponding

amounts.

The

Funds

may

use

credit

default

swaps

on

asset-backed

securities

to

provide

a

measure

of

protection

against

defaults

(or

other

defined

credit

events)

of

the

referenced

obligation

or

to

take

an

active

long

or

short

position

with

respect

to

the

likelihood

of

a

particular

referenced

obligation’s

default

(or

another

defined

credit

event).

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

74

Notes

to

Financial

Statements

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

may

include,

but

are

not

limited

to,

investment

grade

securities,

high

yield

securities,

asset-backed

securities,

emerging

markets,

and/or

various

credit

ratings

within

each

sector.

Credit

indices

are

traded

using

credit

default

swaps

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

that

name’s

weight

in

the

index.

The

composition

of

the

indices

changes

periodically,

usually

every

six

months,

and,

for

most

indices,

each

name

has

an

equal

weight

in

the

index.

Traders

may

use

credit

default

swaps

on

indices

to

speculate

on

changes

in

credit

quality.

Implied

credit

spreads,

represented

in

absolute

terms,

utilized

in

determining

the

fair

value

of

credit

default

swap

agreements

on

corporate

issues

as

of

period-end

are

disclosed

in

the

Schedules

of

Investments

and

generally

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

(or

other

defined

credit

event)

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

entering

into

a

credit

default

swap

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

asset-

backed

securities

and

credit

indices,

the

quoted

market

prices

and

resulting

values

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

and

increasing

fair

values,

in

absolute

terms

when

compared

to

the

notional

amount

of

the

swap,

generally

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

Funds

as

a

seller

of

protection

could

be

required

to

make

under

a

credit

default

swap

agreement

equals

the

notional

amount

of

the

agreement.

Notional

amounts

of

all

credit

default

swap

agreements

outstanding

as

of

June

30,

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

a

Fund

for

the

same

referenced

entity

or

entities.

Credit

default

swaps

could

result

in

losses

if

the

Funds

do

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Funds

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

illiquidity

and

counterparty

risk.

A

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap.

As

a

buyer

of

a

credit

default

swap,

a

Fund

may

lose

its

investment

and

recover

nothing

should

a

credit

event

fail

to

occur

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

a

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

creditworthiness

of

a

Fund’s

swap

counterparty

declines,

the

risk

that

the

counterparty

may

not

perform

could

increase,

potentially

resulting

in

a

loss

to

the

Fund.

To

limit

the

counterparty

risk

involved

in

swap

agreements,

the

Funds

will

only

enter

into

swap

agreements

with

counterparties

that

meet

certain

standards

of

creditworthiness.

Although

there

can

be

no

assurance

that

the

Funds

will

be

able

to

do

so,

the

Funds

may

be

able

to

reduce

or

eliminate

their

exposure

under

a

swap

agreement

either

by

assignment

or

other

disposition,

or

by

entering

into

an

offsetting

swap

agreement

with

the

same

party

or

another

creditworthy

party.

The

Funds

may

have

limited

ability

to

eliminate

their

exposure

under

a

credit

default

swap

if

the

credit

quality

of

the

reference

entity

or

underlying

asset

has

declined.

For

the

period

ended

June

30,

2020,

the

Funds

entered

into

credit

default

swaps

primarily

for

the

strategies

listed

below:

The

Funds'

period

end

credit

default

swap

contract

notional

amounts

outstanding

fluctuate

throughout

the

fiscal

year

as

required

to

meet

strategic

requirements.

The

following

table

illustrates

the

quarterly

volume

of

credit

default

swap

contracts.

For

the

purpose

of

this

disclosure,

volume

is

measured

by

notional

amounts

outstanding

in

USD

at

each

quarter

end.

Funds

Strategies

Moderate

Strategy

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Balanced

Strategy

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Growth

Strategy

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Equity

Growth

Strategy

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

Notes

to

Financial

Statements

75

Total

Return

Swaps

The

Funds

may

enter

into

total

return

swap

agreements

to

expose

cash

to

markets

or

to

effect

investment

transactions.

Total

return

swap

agreements

are

two

party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

few

weeks

to

more

than

one

year.

In

a

standard

total

return

swap

transaction,

the

two

parties

agree

to

exchange

the

returns

(or

differentials

in

rates

of

return)

earned

or

realized

on

particular

investments

or

instruments.

The

returns

to

be

exchanged

between

the

parties

are

calculated

with

respect

to

a

“notional

amount”

(i.e.,

a

specified

dollar

amount

that

is

hypothetically

invested

in

a

“basket”

of

securities

representing

a

particular

index).

For

the

period

ended

June

30,

2020,

the

Funds

did

not

enter

into

any

total

return

swaps.

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

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.

Disclosure

about

Offsetting

Assets

and

Liabilities

Balance

sheet

disclosure

is

based

on

various

netting

agreements

for

OTC

derivative

transactions

between

brokers

and

counterparties,

such

as

ISDA

Master

Agreements

and

Master

Forward

Agreements.

Certain

Funds

utilize

multiple

counterparties.

The

quantitative

disclosure

begins

with

disaggregation

of

counterparties

by

legal

entity

and

the

roll

up

of

the

data

to

reflect

a

single

counterparty

in

the

table

within

the

Funds’

financial

statements.

Net

exposure

represents

the

net

receivable

(payable)

that

would

be

due

from/to

the

counterparty

in

the

event

of

default.

Exposure

from

OTC

derivatives

can

only

be

netted

across

transactions

governed

under

the

same

Master

Agreement

with

the

same

legal

entity.

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

and

the

Underlying

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

Credit

Default

Swap

Notional

Amounts

Outstanding

Quarter

Ended

March

31,

2020

June

30,

2020

Moderate

Strategy

Fund

$

17,500,000

$

7,420,000

Balanced

Strategy

Fund

30,300,000

9,225,000

Growth

Strategy

Fund

8,300,000

5,300,000

Equity

Growth

Strategy

Fund

2,700,000

1,615,000

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

76

Notes

to

Financial

Statements

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

the

Underlying

Funds

or

on

certain

instruments

in

which

a

Fund

or

an

Underlying

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

Funds’

or

Underlying

Funds’

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

or

an

Underlying

Fund,

including

those

described

in

this

paragraph,

or

a

reduction

in

the

effectiveness

of

related

Fund

or

Underlying

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

or

an

Underlying

Fund.

Market,

Credit

and

Counterparty

Risk

In

the

normal

course

of

business,

the

Funds

and

Underlying

Funds

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

a

transaction

to

perform

(credit

risk).

Similar

to

credit

risk,

the

Funds

and

Underlying

Funds

may

also

be

exposed

to

counterparty

risk

or

risk

that

an

institution

or

other

entity

with

which

the

Funds

or

Underlying

Funds

have

unsettled

or

open

transactions

will

default.

The

potential

loss

could

exceed

the

value

of

the

relevant

assets

recorded

in

the

Funds'

and

Underlying

Funds'

financial

statements

(the

“Assets”).

The

Assets

consist

principally

of

cash

due

from

counterparties

and

investments.

The

extent

of

the

Funds'

and

Underlying

Funds'

exposure

to

market,

credit

and

counterparty

risks

with

respect

to

the

Assets

approximates

their

carrying

value

as

recorded

in

the

Funds'

and

Underlying

Funds'

Statements

of

Assets

and

Liabilities.

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

or

an

Underlying

Fund

may

experience

significant

declines

in

the

value

of

their

assets

and

even

cease

operations.

Such

conditions

and/or

events

may

not

have

the

same

impact

on

all

types

of

securities

and

may

expose

a

Fund

or

an

Underlying

Fund

to

greater

market

and

liquidity

risk

and

potential

difficulty

in

valuing

portfolio

instruments

held.

This

could

cause

a

Fund

or

an

Underlying

Fund

to

underperform

other

types

of

investments.

Investment

Transactions

Securities

During

the

period

ended

June

30,

2020,

purchases

and

sales

of

investment

securities

(excluding

short-term

investments,

options

and

futures)

were

as

follows:

Related

Party

Transactions,

Fees

and

Expenses

Adviser,

Administrator,

Transfer

and

Dividend

Disbursing

Agent

RIM

provides

or

oversees

the

provision

of

all

investment

advisory

and

portfolio

management

services

for

the

Funds.

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

Purchases

Sales

Moderate

Strategy

Fund

$

12,632,322

$

22,525,490

Balanced

Strategy

Fund

16,348,735

44,812,087

Growth

Strategy

Fund

15,455,210

31,009,4

56

Equity

Growth

Strategy

Fund

2,780,229

9,796,138

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

Notes

to

Financial

Statements

77

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

June

30,

2020,

the

Funds

had

invested

$21,726,112

in

the

U.S.

Cash

Management

Fund.

An

affiliated

company

is

a

company

in

which

a

Fund

has

ownership

of

at

least

5%

of

the

voting

securities

or

which

the

Fund

controls,

is

controlled

by

or

is

under

common

control

with.

See

each

Fund’s

Related

Party

Transactions,

Fees

and

Expenses

for

disclosure

of

transactions

with

affiliated

companies.

The

advisory

fee

of

0.20%

is

based

upon

the

average

daily

net

assets

of

each

Fund

and

the

administration

fee

of

up

to

0.0425%

is

based

on

the

combined

average

daily

net

assets

of

the

Funds.

Advisory

and

administration

fees

are

paid

monthly.

The

following

table

shows

the

total

amount

of

each

of

these

fees

paid

by

the

Funds

for

the

period

ended

June

30,

2020:

RIM

has

agreed

to

certain

waivers

of

its

advisory

fees

as

follows:

For

the

Moderate

Strategy

Fund,

RIM

has

contractually

agreed,

until

April

30,

2021,

to

waive

up

to

the

full

amount

of

its

0.20%

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.14%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Direct

Fund-level

expenses

do

not

include

extraordinary

expenses

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests,

including

the

Underlying

Funds,

which

are

borne

indirectly

by

the

Fund.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

Balanced

Strategy

Fund,

RIM

has

contractually

agreed,

until

April

30,

2021,

to

waive

up

to

the

full

amount

of

its

0.20%

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.14%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Direct

Fund-level

expenses

do

not

include

extraordinary

expenses

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests,

including

the

Underlying

Funds,

which

are

borne

indirectly

by

the

Fund.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

Growth

Strategy

Fund,

RIM

has

contractually

agreed,

until

April

30,

2021,

to

waive

up

to

the

full

amount

of

its

0.20%

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.15%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Direct

Fund-level

expenses

do

not

include

extraordinary

expenses

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests,

including

the

Underlying

Funds,

which

are

borne

indirectly

by

the

Fund.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

Equity

Growth

Strategy

Fund,

RIM

has

contractually

agreed,

until

April

30,

2021,

to

waive

up

to

the

full

amount

of

its

0.20%

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.15%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Direct

Fund-level

expenses

do

not

include

extraordinary

expenses

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests,

including

the

Underlying

Funds,

which

are

borne

indirectly

by

the

Fund.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

period

ended

June

30,

2020,

RIM

waived/reimbursed

the

following

expenses:

Advisory

Administration

Moderate

Strategy

Fund

$

89,995

$

19,124

Balanced

Strategy

Fund

229,490

48,767

Growth

Strategy

Fund

177,751

37,772

Equity

Growth

Strategy

Fund

41,462

8,811

Waiver

Reimbursement

Total

Moderate

Strategy

Fund

$

89,995

$

24,699

$

114,694

Balanced

Strategy

Fund

214,218

—

214,218

Growth

Strategy

Fund

166,424

—

166,424

Equity

Growth

Strategy

Fund

41,462

36,141

77,603

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

78

Notes

to

Financial

Statements

RIM

does

not

have

the

ability

to

recover

amounts

waived

or

reimbursed

from

previous

periods.

Transfer

and

Dividend

Disbursing

Agent

RIFUS

serves

as

transfer

agent

and

provides

dividend

disbursing

services

to

the

Funds.

For

this

service,

RIFUS

is

paid

a

fee

based

upon

the

average

daily

net

assets

of

the

Funds

for

transfer

agency

and

dividend

disbursing

services.

RIFUS

retains

a

portion

of

this

fee

for

its

services

provided

to

the

Funds

and

pays

the

balance

to

unaffiliated

agents

who

assist

in

providing

these

services.

Transfer

agency

fees

paid

by

the

Funds

presented

herein

for

the

period

ended

June

30,

2020

were

as

follows:

Distributor

Russell

Investments

Financial

Services,

LLC,

(the

“Distributor”),

a

wholly-owned

subsidiary

of

RIM,

is

the

distributor

for

the

Investment

Company

pursuant

to

a

distribution

agreement

with

the

Investment

Company.

The

Distributor

receives

no

compensation

from

the

Investment

Company

for

its

services.

Affiliated

Brokerage

Transactions

The

Funds

effect

certain

transactions

through

Russell

Investments

Implementation

Services,

LLC

(“RIIS”).

RIIS

is

a

registered

broker

and

investment

adviser

and

an

affiliate

of

RIM.

RIIS

uses

a

multi-venue

trade

management

approach

whereby

RIIS

allocates

trades

among

RIIS’

network

of

independent

brokers

for

execution,

clearing

and

other

services.

RIM

has

authorized

RIIS

to

effect

certain

futures,

swaps,

OTC

derivative

transactions,

and

cleared

swaps,

including

foreign

currency

spots,

forwards

and

options

trading

on

behalf

of

the

Funds.

Board

of

Trustees

The

Russell

Investments

Fund

Complex

consists

of

RIC,

which

has

34

funds

and

RIF,

which

has

9

funds.

Each

of

the

Trustees

is

a

Trustee

of

RIC

and

RIF.

The

Russell

Investments

Fund

Complex

compensates

each

Trustee

who

is

not

an

employee

of

RIM

or

its

affiliates.

Trustee

compensation

and

expenses

are

allocated

to

each

Fund

based

on

its

net

assets

relative

to

other

funds

in

the

Russell

Investments

Fund

Complex.

For

the

period

ended

June

30,

2020,

the

regular

compensation

paid

to

the

Trustees

by

the

Russell

Investments

Fund

Complex

was

$984,750.

Federal

Income

Taxes

At

June

30,

2020,

the

following

Funds

had

net

tax

basis

capital

loss

carryforwards

which

may

be

applied

against

any

net

realized

taxable

gains

in

each

succeeding

year

or

until

their

respective

expiration

dates,

whichever

occurs

first.

Available

capital

loss

carryforwards

and

expiration

dates

are

as

follows:

Record

Ownership

As

of

June

30,

2020,

the

following

table

includes

shareholders

of

record

with

greater

than

10%

of

the

total

outstanding

shares

of

each

respective

Fund.

Amount

Moderate

Strategy

Fund

$

1,980

Balanced

Strategy

Fund

5,049

Growth

Strategy

Fund

3,911

Equity

Growth

Strategy

Fund

912

No

Expiration

Funds

Short

Term

Long-Term

Totals

Moderate

Strategy

Fund

$

87,673

$

—

$

87,673

#

of

Shareholders

%

Moderate

Strategy

Fund

1

87.6

Balanced

Strategy

Fund

1

88.2

Growth

Strategy

Fund

2

97.8

Equity

Growth

Strategy

Fund

2

96.6

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Notes

to

Financial

Statements,

continued

—

June

30,

2020

(Unaudited)

Notes

to

Financial

Statements

79

Subsequent

Events

Management

has

evaluated

the

events

and/or

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

noted

no

events

have

occurred

that

require

disclosure

except

the

following:

On

July

2,

2020,

the

Board

declared

dividends

payable

from

net

investment

income.

Dividends

were

paid

on

July

7,

2020

to

shareholders

of

record

effective

with

the

opening

on

July

6,

2020.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement

—(Unaudited)

80

Basis

for

Approval

of

Investment

Advisory

Agreement

The

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that

the

Board

of

Trustees

(the

“Board”),

including

a

majority

of

its

members

who

are

not

considered

to

be

“interested

persons”

under

the

1940

Act

(the

“Independent

Trustees”)

voting

separately,

approve

for

an

initial

term

not

to

exceed

two

years

and,

thereafter,

approve

the

continuation

of

the

advisory

agreement

with

Russell

Investment

Management,

LLC

(“RIM”)

(the

“RIM

Agreement”)

and

the

portfolio

management

contract

with

each

Money

Manager

of

the

funds

(collectively,

the

“portfolio

management

contracts”

and,

with

the

RIM

Agreement,

the

“Agreements”)

in

which

the

Funds

invest

(the

“Underlying

Funds”)

on

at

least

an

annual

basis

and

that

the

terms

and

conditions

of

the

RIM

Agreement

and

the

terms

and

conditions

of

each

portfolio

management

contract

provide

for

its

termination

if

continuation

is

not

approved

annually.

The

Board,

which

is

currently

comprised

entirely

of

Independent

Trustees

(the

“Trustees”),

considered

the

continuation

of

the

Agreements

at

a

meeting

held

by

video

conference

on

May

15,

2020

(the

“Agreement

Evaluation

Meeting”),

and

further

considered

and

approved

the

continuation

of

the

Agreements

at

a

meeting

held

by

video

conference

on

May

18-19,

2020

(the

“Agreement

Approval

Meeting”)

in

reliance

on

the

exemptive

order

for

temporary,

conditional

relief

from

the

in-person

voting

requirement

of

Section

15(c)

of

the

1940

Act

provided

by

the

U.S.

Securities

and

Exchange

Commission

(the

“SEC”).

During

the

course

of

a

year,

the

Trustees

receive

a

wide

variety

of

materials

regarding,

among

other

things,

the

investment

performance

of

the

Funds

and

Underlying

Funds,

sales

and

redemptions

of

the

Funds’

and

Underlying

Funds’

shares,

management

of

the

Funds

and

the

Underlying

Funds

and

other

services

provided

by

RIM

(and

its

affiliates)

and

the

Money

Managers

and

compliance

with

applicable

regulatory

requirements.

In

preparation

for

the

annual

review,

the

Trustees,

with

the

advice

and

assistance

of

their

independent

counsel

(“Independent

Counsel”),

also

requested

and

considered

(1)

information

and

reports

prepared

by

RIM

relating

to

the

services

provided

by

RIM

(and

its

affiliates)

and

the

Money

Managers

to

the

Funds

and

the

Underlying

Funds;

(2)

information

and

reports

prepared

by

RIM

relating

to

the

profitability

of

each

Fund

and

Underlying

Fund

to

RIM

(and

its

affiliates);

and

(3)

information

received

from

an

independent,

nationally

recognized

provider

of

investment

company

information

comparing

the

performance

of

the

Funds

and

the

Underlying

Funds

and

their

respective

operating

expenses

over

various

periods

of

time

with

other

peer

funds

not

managed

by

RIM,

believed

by

the

provider

to

be

generally

comparable

to

the

Funds

and

the

Underlying

Funds

(the

“Third-Party

Information”).

In

the

case

of

each

Fund,

its

other

peer

funds

are

collectively

hereinafter

referred

to

as

the

Fund’s

“Comparable

Funds,”

and,

with

the

Fund,

such

Comparable

Funds

are

collectively

hereinafter

referred

to

as

the

Fund’s

“Performance

Universe”

in

the

case

of

performance

comparisons

and

the

Fund’s

“Expense

Universe”

in

the

case

of

operating

expense

comparisons.

The

foregoing

and

other

information

received

by

the

Board

in

connection

with

its

evaluations

of

the

Agreements

are

collectively

called

the

“Agreement

Evaluation

Information.”

The

Trustees’

evaluations

also

reflected

the

knowledge

and

familiarity

gained

as

Board

members

of

the

Funds

and

the

other

RIM-managed

funds

for

which

the

Board

has

supervisory

responsibility,

including

the

Underlying

Funds

(“Other

RIM

Funds”),

with

respect

to

services

provided

by

RIM,

RIM’s

affiliates

and

each

Money

Manager.

The

Trustees

received

a

memorandum

from

counsel

to

the

Funds

and

the

Underlying

Funds

(“Fund

Counsel”)

discussing

the

legal

standards

for

their

consideration

of

the

continuations

of

the

Agreements,

and

separately

received

a

memorandum

regarding

their

responsibilities

from

their

Independent

Counsel.

At

a

meeting

held

in

person

on

April

30,

2019

(the

“Agreement

Information

Review

Meeting,”),

the

Board,

including

the

Independent

Trustees,

in

preparation

for

the

Agreement

Evaluation

Meeting,

met

with

representatives

of

RIM;

met

in

an

executive

session

with

a

representative

of

TA

Associates

Management,

L.P.

(“TA

Associates”),

at

which

the

Chief

Operating

Officer

(“COO”)

of

RIM’s

parent

company

was

present;

and

then

the

Independent

Trustees

met

in

a

private

session

with

Independent

Counsel

at

which

no

representatives

of

RIM

or

the

Funds’

management

were

present

to

review

the

Agreement

Evaluation

Information

received

to

that

date

and,

on

the

basis

of

that

review,

communicated

additional

questions

and

requested

additional

Agreement

Evaluation

Information.

Certain

additional

Agreement

Evaluation

Information

requested

at

the

Agreement

Information

Review

Meeting

was

received

on

May

10,

2019.

On

May

14,

2019,

the

Independent

Trustees

met

by

conference

telephone

call

in

private

session

with

Independent

Counsel

to

further

discuss

the

Agreement

Evaluation

Information

and

review

the

additional

Agreement

Evaluation

Information.

On

May

14,

2019,

following

the

aforementioned

conference

call,

the

Board

Chair

met

in-person

with

representatives

of

management.

At

the

Agreement

Evaluation

Meeting,

the

Independent

Trustees

again

met

in

person

in

a

private

session

with

Independent

Counsel

to

review

additional

or

revised

Agreement

Evaluation

Information

received

to

that

date.

At

the

Agreement

Evaluation

Meeting,

the

Board,

including

the

Independent

Trustees,

considered

the

proposed

continuance

of

the

Agreements

with

RIM,

Fund

management,

Independent

Counsel

and

Fund

Counsel.

The

Board

considered

that

the

Agreement

Evaluation

Information

and

presentations

made

by

RIM

at

the

Agreement

Evaluation

Meeting

as

part

of

this

review

encompassed

the

Funds

and

all

Other

RIM

Funds.

Information

received

by

the

Board,

including

the

Independent

Trustees,

prior

to

and

at

the

Agreement

Information

Review

Meeting,

the

Agreement

Evaluation

Meeting

and

other

meetings

identified

above

is

included

in

the

Agreement

Evaluation

Information.

Prior

to

voting

at

the

Agreement

Evaluation

Meeting,

the

Independent

Trustees

met

in

private

session

with

Independent

Counsel

to

consider

Agreement

Evaluation

Information

received

from

RIM

and

management

at

and

prior

to

the

Agreement

Evaluation

Meeting.

The

discussion

below

reflects

all

of

these

reviews.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

81

On

April

27,

2020,

the

Trustees

met

privately

by

video

conference

with

Independent

Counsel

to

discuss

the

Agreement

Evaluation

Information

received

to

that

date.

At

a

meeting

held

on

April

28,

2020

(the

“Agreement

Information

Review

Meeting”),

the

Trustees,

in

preparation

for

the

Agreement

Evaluation

Meeting,

met

by

video

conference

in

an

executive

session

with

a

representative

of

TA

Associates

Management,

L.P.

(“TA

Associates”),

at

which

Independent

Counsel

and

Fund

Counsel

and,

for

a

portion

of

the

session,

the

Chief

Financial

Officer

(“CFO”)

and

Chief

Operating

Officer

(“COO”)

of

RIM’s

parent

company

were

present;

met

by

video

conference

with

representatives

of

RIM;

and

then

the

Trustees

met

by

video

conference

in

a

private

session

with

Independent

Counsel

at

which

no

representatives

of

RIM

or

the

Funds’

management

were

present

to

further

review

and

discuss

the

Agreement

Evaluation

Information

received

to

that

date.

On

the

basis

of

that

review,

the

Trustees

communicated

additional

questions

and

requested

additional

Agreement

Evaluation

Information.

Certain

additional

Agreement

Evaluation

Information

requested

at

the

Agreement

Information

Review

Meeting

was

received

on

May

7,

2020.

On

May

12,

2020,

the

Trustees

met

by

video

conference

in

private

session

with

Independent

Counsel

to

further

discuss

the

Agreement

Evaluation

Information

and

review

the

additional

Agreement

Evaluation

Information.

On

May

13,

2020,

the

Board

Chair

met

by

conference

telephone

call

with

representatives

of

management

and

requested

clarifications

and

confirmations

of

certain

of

the

previously

provided

additional

Agreement

Evaluation

Information

and

those

clarifications

and

confirmations

were

addressed

at

the

Agreement

Evaluation

Meeting.

At

the

Agreement

Evaluation

Meeting,

the

Trustees

again

met

by

video

conference

in

a

private

session

with

Independent

Counsel

to

review

the

additional

or

revised

Agreement

Evaluation

Information

received

to

that

date.

At

the

Agreement

Evaluation

Meeting,

the

Trustees

considered

the

proposed

continuance

of

the

Agreements

with

RIM,

Fund

management,

Independent

Counsel

and

Fund

Counsel.

The

Board

considered

that

the

Agreement

Evaluation

Information

and

presentations

made

by

RIM

at

the

Agreement

Evaluation

Meeting

as

part

of

this

review

encompassed

the

Funds

and

all

Other

RIM

Funds.

Information

received

by

the

Board

prior

to

and

at

the

Agreement

Information

Review

Meeting,

the

Agreement

Evaluation

Meeting,

the

Agreement

Approval

Meeting

and

other

meetings

identified

above

is

included

in

the

Agreement

Evaluation

Information.

Prior

to

voting

at

the

Agreement

Approval

Meeting,

the

Trustees

met

in

private

session

with

Independent

Counsel

to

consider

Agreement

Evaluation

Information

received

from

RIM

and

management

at

and

prior

to

the

Agreement

Approval

Meeting.

The

discussion

below

reflects

all

of

these

reviews.

In

evaluating

the

Agreements,

the

Board

considered

that

each

of

the

Underlying

Funds

employs

a

manager-of-managers

method

of

investment

and

RIM’s

past

expressed

belief

that

the

Underlying

Funds,

in

employing

a

manager-of-managers

method

of

investment,

operate

in

a

manner

that

is

different

from

most

other

investment

companies.

In

the

case

of

most

other

investment

companies,

an

investment

advisory

fee

is

paid

by

the

investment

company

to

its

adviser

which,

in

turn,

employs

and

compensates

individual

portfolio

managers

to

make

specific

securities

selections

consistent

with

the

adviser’s

style

and

investment

philosophy.

In

the

case

of

the

Underlying

Funds,

RIM,

however,

has

engaged

multiple

unaffiliated

Money

Managers.

RIM

is

responsible

for

paying

fees

to

the

Money

Managers

(“Money

Manager

Fees”)

out

of

the

fees

paid

by

the

Underlying

Funds

to

RIM

for

its

services

under

the

RIM

Agreement

(the

“Advisory

Fee”).

A

Money

Manager

may

have

(1)

a

discretionary

asset

management

assignment

pursuant

to

which

it

is

allocated

a

portion

of

an

Underlying

Fund’s

assets

to

manage

directly

in

its

discretion;

(2)

a

non-discretionary

assignment

pursuant

to

which

it

provides

a

model

portfolio

to

RIM

representing

its

investment

recommendations,

based

upon

which

RIM

purchases

and

sells

securities

for

an

Underlying

Fund;

or

(3)

both

a

discretionary

and

a

non-discretionary

assignment.

Money

Manager

Fees

for

a

non-discretionary

assignment

may

be

the

same

as,

or

lower

than,

the

fees

would

be

for

a

discretionary

assignment

with

the

same

Money

Manager.

The

Board

considered

that

RIM

(rather

than

any

Money

Manager

in

the

case

of

Underlying

Funds)

is

responsible

under

the

RIM

Agreement

for

determining,

implementing

and

maintaining

the

investment

program

for

each

Fund

and,

in

conducting

each

Fund’s

investment

program,

allocating

assets

of

such

Fund

principally

among

its

Underlying

Funds.

The

assets

of

each

Fund

are

principally

invested

in

different

combinations

of

the

Underlying

Funds

pursuant

to

target

asset

allocations

set

by

RIM.

RIM

analyzes

opportunities

and

risks

at

the

aggregate

level

of

the

four

main

asset

classes

–

equities,

fixed

income,

alternatives

and

multi-asset

–

and

monitors

exposure

to

such

asset

classes

using

analytical

tools

to

ensure

that

any

deviations

from

the

target

asset

allocations

are

intentional

and

tactical.

RIM

continually

evaluates

each

Fund’s

allocation

between

asset

classes

to

ensure

that

the

allocations

optimally

match

the

Fund’s

stated

investment

objectives

and

risks

profile.

In

addition

to

investing

in

the

Underlying

Funds,

RIM

may

seek

to

actively

manage

each

Fund’s

overall

exposures

(such

as

asset

class,

currency,

capitalization

size,

industry,

sector,

region,

credit

exposure,

country

risk,

yield

curve

positioning

or

interest

rates)

by

investing

in

derivatives

that

RIM

believes

will

achieve

the

desired

exposures

for

the

Fund.

RIM

may

modify

the

target

asset

allocation

for

any

Fund

and/or

the

Underlying

Funds

in

which

the

Funds

invest.

The

overall

performance

of

each

Fund

therefore

has

reflected,

in

part,

the

performance

of

RIM

in

designing

the

investment

program

of

the

Fund

and

in

determining

the

Funds’

target

strategic

asset

allocations.

The

overall

performance

of

each

Fund

also

has

reflected

the

performance

of

RIM

in

managing

its

Underlying

Funds.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

82

Basis

for

Approval

of

Investment

Advisory

Agreement

The

Board

considered

that,

although

RIM

traditionally

has

managed

Underlying

Fund

exposures

through

the

selection

of

and

allocations

to

Money

Manager

strategies,

innovations

in

RIM

portfolio

management

techniques

together

with

evolutions

in

available

technology,

tools

and

analytics

have

resulted

in

certain

changes

in

RIM’s

approach

to

its

Underlying

Fund

investment

advisory

services.

In

this

regard,

assets

of

each

Underlying

Fund

continue

to

be

allocated

among

RIM

and

the

multiple

Money

Manager

strategies

selected

by

RIM

for

that

Underlying

Fund.

RIM

may

change

an

Underlying

Fund’s

asset

allocation

to

a

Money

Manager

at

any

time,

including

by

allocating

no

Underlying

Fund

assets

to

one

or

more

Money

Manager

strategies.

In

addition,

RIM

continues

to

manage

the

investment

of

each

Underlying

Fund’s

cash

and

portions

of

an

Underlying

Fund

during

transitions

between

discretionary

Money

Managers.

RIM

also

continues

to

manage

directly

any

portion

of

each

Underlying

Fund’s

assets

that

RIM

determines

not

to

allocate

to

Money

Manager

strategies.

Most

Underlying

Funds

usually,

but

not

always,

pursue

a

strategy

to

be

fully

invested

by

exposing

all

or

a

portion

of

their

cash

to

the

performance

of

appropriate

markets

by

purchasing

equity

securities,

fixed

income

securities

and/or

derivatives,

which

typically

include

futures

contracts.

This

cash

“equitization”

strategy

is

managed

by

RIM.

With

respect

to

the

portion

of

an

Underlying

Fund

that

RIM

manages

based

upon

non-discretionary

Money

Manager

model

portfolios,

RIM

constructs

a

portfolio

that

represents

the

aggregation

of

the

model

portfolios

based

upon

RIM’s

allocation

to

each

Money

Manager’s

strategy

through

an

“enhanced

portfolio

implementation,”

or

“emulation,”

process

designed

to

capture

return

streams

of

multiple

managers

in

a

centralized

portfolio.

RIM

then

implements

the

portfolio

consistent

with

the

aggregation

of

the

model

portfolios,

but

may

deviate

from

such

aggregation

for

the

purposes

of

exposure

and

transaction

cost

management.

RIM

noted

that

the

Underlying

Funds

may

benefit

from

emulation

through,

among

other

things,

improved

incremental

returns

over

time

due

to

lower

aggregate

transaction

costs

and

turnover

from

reduced

trading

volumes

and

the

potential

for

additional

commission

recapture.

In

all

cases,

Underlying

Fund

assets

are

managed

directly

by

RIM

pursuant

to

authority

provided

by

the

RIM

Agreement.

The

Board

noted

the

variety

and

complexity

of

investment

advisory

services

that

RIM

provides

directly

or,

through

the

Underlying

Funds,

indirectly

to

the

Funds

under

the

RIM

Agreement.

In

the

case

of

Underlying

Funds,

RIM

is

responsible

for

selecting

(subject

to

Board

approval),

overseeing

and

evaluating

the

performance

results

of

the

Money

Managers

for

each

Underlying

Fund

and

for

actively

managing

allocations

and

reallocations

of

its

assets

among

the

Money

Manager

strategies

and

RIM

itself.

Each

discretionary

Money

Manager

for

an

Underlying

Fund

in

effect

performs

the

function

of

an

individual

portfolio

manager

who

is

responsible

for

researching,

selecting

and

trading

portfolio

securities

for

the

portion

of

the

Underlying

Fund

assigned

to

it

by

RIM

in

accordance

with

the

Underlying

Fund’s

applicable

investment

objective,

policies

and

restrictions,

any

specific

guidelines

placed

by

RIM

upon

their

selection

of

portfolio

securities

and

the

Money

Manager’s

specified

role

in

an

Underlying

Fund.

A

Money

Manager’s

primary

role

is

to

pursue

a

particular

investment

strategy

that

has

been

selected

and

assigned

to

it

by

RIM

through

sector

and

security

selection

and

risk

control

measures

in

a

manner

that

is

consistent

with

its

RIM-assigned

guidelines.

The

Money

Managers

operate

subject

to

the

oversight

of,

and

instructions

from,

RIM.

For

each

Underlying

Fund,

RIM

is

responsible

for,

among

other

things,

providing

each

Money

Manager

with

the

investment

guidelines

and

policies

for

the

Underlying

Fund

and

any

specific

investment

restrictions;

monitoring

the

performance

of

each

Money

Manager

and

Underlying

Fund;

generally

supervising

compliance

by

the

discretionary

Money

Managers

and,

as

applicable,

the

non-discretionary

Money

Managers

with

each

Underlying

Fund’s

investment

objective

and

policies;

with

respect

to

Underlying

Funds

with

non-discretionary

Money

Managers,

purchasing

and

selling

securities

for

the

Underlying

Funds

based

on

model

portfolios

representing

the

investment

recommendations

of

the

non-discretionary

Money

Managers;

managing

Underlying

Fund

assets

that

are

not

allocated

to

Money

Manager

strategies;

managing

the

Funds’

and

Underlying

Funds’

cash

balances;

and

recommending

at

least

annually

to

the

Board

whether

portfolio

management

contracts

should

be

renewed,

modified

or

terminated.

In

addition

to

its

annual

recommendation

as

to

the

renewal,

modification

or

termination

of

portfolio

management

contracts,

RIM

is

responsible

for

recommending

to

the

Board

additions

of

new

Money

Managers

or

terminations

or

replacements

of

existing

Money

Managers

at

any

time

when,

based

on

RIM’s

research

and

ongoing

review

and

analysis,

such

actions

are,

in

RIM’s

judgment,

appropriate.

RIM

may

impose

specific

investment

or

strategy

parameters

from

time

to

time

on

each

Money

Manager

intended

to

capitalize

on

the

strengths

of

that

Money

Manager

or

to

coordinate

the

investment

activities

of

Money

Managers

for

the

Underlying

Fund

in

a

complementary

manner.

Therefore,

RIM’s

selection

of

Money

Managers

for

an

Underlying

Fund

is

made

not

only

on

the

basis

of

performance

considerations

but

also

on

the

basis

of

other

factors,

including

anticipated

compatibility

with

other

Money

Managers

in

the

same

Underlying

Fund.

In

light

of

the

foregoing,

the

overall

performance

of

each

Underlying

Fund

has

reflected,

in

great

part,

the

performance

of

RIM

in

designing

the

Underlying

Fund’s

investment

program,

structuring

the

Underlying

Fund,

selecting

effective

Money

Managers,

and

allocating

assets

among

the

Money

Manager

strategies

and

RIM

in

a

manner

designed

to

achieve

the

investment

objectives

of

the

Underlying

Fund.

In

the

Agreement

Evaluation

Information,

RIM

noted

the

broad

array

of

investment

management

services

provided

to

the

Underlying

Funds

by

RIM

compared

to

the

relatively

narrow

portfolio

management

services

provided

to

the

Underlying

Funds

by

Money

Managers.

RIM

has

advised

the

Board

that

its

portfolio

construction

process

is

investment

led

and

designed

to

be

conducted

in

a

manner

that

is

consistent

with

its

fiduciary

duties.

The

objective

of

RIM’s

portfolio

construction

is

to

meet

a

portfolio’s

investment

objective

and

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

83

established

excess

return

target.

In

the

Agreement

Evaluation

Information,

RIM

noted

that

while

it

has

general

goals

for

Money

Manager

Fees

in

the

aggregate

globally,

there

are

no

specific

fee

targets

that

are

established

for

individual

portfolios,

which

includes

each

of

the

Underlying

Funds.

In

the

Agreement

Evaluation

Information,

RIM

advised

the

Board

that

Money

Manager

Fees,

in

the

aggregate,

must

allow

RIM

to

remain

a

going

concern

with

sufficient

resources

to

provide

required

services

to

the

Funds

and

to

earn

a

reasonable

profit.

RIM

advised

the

Board

that

RIM

portfolio

managers

utilize

a

number

of

tools

in

the

portfolio

construction

process

in

order

to

meet

an

Underlying

Fund’s

objective

taking

into

account

Money

Manager

Fees.

These

tools

include,

among

others,

Money

Manager

selection,

Money

Manager

allocation,

Money

Manager

Fee

negotiations,

guideline

customization

and

Direct

Management

Services

(as

defined

below).

The

Board

considered

that

the

prospectuses

for

the

Funds

and

the

Underlying

Funds

and

other

public

disclosures

have

emphasized,

and

continue

to

emphasize,

to

investors

RIM’s

role

as

the

principal

investment

manager

for

each

Underlying

Fund,

rather

than

the

investment

selection

or

recommendation

role

of

these

Underlying

Funds’

Money

Managers,

and

describe

the

manner

in

which

the

Funds

or

Underlying

Funds

operate

so

that

investors

may

take

that

information

into

account

when

deciding

to

purchase

shares

of

any

such

Fund.

The

Board

further

considered

that

Fund

investors

in

pursuing

their

investment

goals

and

objectives

likely

purchased

their

shares

on

the

basis

of

this

information

and

RIM’s

reputation

for

and

performance

record

in

managing

the

manager-of-managers

structure

of

the

Underlying

Funds.

The

Board

also

considered

the

demands

and

complexity

of

managing

the

Underlying

Funds

pursuant

to

the

manager-of-managers

structure,

the

special

expertise

of

RIM

with

respect

to

the

manager-of-managers

structure

of

the

Underlying

Funds

and

the

possibility

that,

at

the

current

expense

ratio

of

each

Underlying

Fund,

there

might

be

no

acceptable

alternative

investment

managers

to

replace

RIM

on

comparable

terms

given

the

need

to

continue

the

manager-of-managers

strategy

of

such

Underlying

Fund

selected

by

shareholders

in

purchasing

their

shares

In

addition

to

these

general

factors

relating

to

the

manager-of-managers

structure

of

the

Underlying

Funds,

the

Trustees

considered,

with

respect

to

each

Fund

and

Underlying

Fund,

various

specific

factors

in

evaluating

renewal

of

the

RIM

Agreement,

including

the

following:

1.

The

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

provided,

and

expected

to

be

provided,

to

the

Fund

or

the

Underlying

Fund

by

RIM;

2.

The

Advisory

Fee

paid

by

the

Fund

or

the

Underlying

Fund

to

RIM

and

the

fact

that

it

encompasses

all

investment

advisory

fees

paid

by

the

Fund

or

Underlying

Fund,

including,

in

the

case

of

Underlying

Funds,

the

fact

that

RIM

pays

all

Money

Manager

Fees

out

of

its

Advisory

Fee;

3.

Information

provided

by

RIM

as

to

other

fees

and

benefits

received

by

RIM

or

its

affiliates

in

connection

with

the

Fund

or

the

Underlying

Fund,

including

any

administrative

or

transfer

agent

fees

and

any

fees

received

for

management

or

administration

of

uninvested

cash

and

securities

lending

cash

collateral,

soft

dollar

arrangements

and

commissions

in

connection

with

portfolio

securities

and

foreign

exchange

transactions;

4.

Information

provided

by

RIM

as

to

expenses

incurred

by

the

Fund

or

Underlying

Fund;

5.

Information

provided

by

RIM

as

to

the

profits

that

RIM

derives

from

its

mutual

fund

operations

generally

and

from

the

Fund

or

the

Underlying

Fund;

and

6.

Information

provided

by

RIM

concerning

economies

of

scale

and

whether

any

scale

economies

are

adequately

shared

with

the

Fund

or

the

Underlying

Fund.

In

connection

with

the

Trustees’

consideration

of

the

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

provided,

and

which

are

expected

to

be

provided,

to

the

Funds

or

the

Underlying

Funds,

including

Fund

portfolio

management

services,

the

Chief

Investment

Officer

of

RIM

and

the

Funds,

and

senior

representatives

of

Russell

Investments

(as

defined

below),

discussed

with

the

Board

certain

enhancements

made

to

the

investment

management

program

for

the

Underlying

Funds

to

seek

to

increase

the

probability

of

excess

returns.

The

Board

also

discussed

the

Funds’

compliance

program

with

the

Funds’

Chief

Compliance

Officer

(“CCO”),

including

certain

items

reported

in

the

annual

report

of

the

CCO

required

under

Rule

38a-1

of

the

1940

Act

(the

“Annual

CCO

Report”)

and

the

status

of

the

goals

for

the

past

year

related

to

the

compliance

program

that

the

CCO

identified

in

connection

with

last

year’s

Annual

CCO

Report.

The

Annual

CCO

Report

also

included

information

on

the

progress

made

with

respect

to

various

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

84

Basis

for

Approval

of

Investment

Advisory

Agreement

compliance,

operations

and

technology

initiatives

previously

discussed

with

the

Board.

The

CCO

discussed

with

the

Board,

and

the

Board

noted,

enhancements

made

to

the

compliance

programs

of

RIM

and

the

Funds

over

the

past

year.

The

CCO

advised

the

Board

that

the

Funds’

compliance

program

meets

the

standards

of

Rule

38a-1

under

1940

Act

and

that,

as

required

by

Rule

38a-1

under

the

1940

Act,

RIM

has

adopted

policies

and

procedures

that

are

reasonably

designed

to

prevent

violation

of

the

Federal

Securities

Laws

(as

such

term

is

defined

in

the

1940

Act)

with

respect

to

the

services

RIM

provides

to

the

Funds.

The

CCO

and

RIM

senior

management

discussed

the

impact

of

the

COVID-19

crisis

on

the

operations

and

compliance

programs

of

RIM

and

the

Funds’

other

significant

service

providers

and

the

Trustees

received

and

considered

confirmation

from

the

CCO

and

RIM

senior

management

that

there

was

no

anticipated

diminution

in

the

nature,

extent

and

quality

of

services

to

be

provided

by

each

of

these

service

providers

under

their

respective

agreements

with

the

Funds

as

a

result

of

the

COVID-19

crisis.

Since

June

1,

2016,

RIM

has

been

an

indirect

wholly-owned

subsidiary

of

Russell

Investments

Group,

Ltd.,

a

Cayman

company

through

which

the

limited

partners

of

certain

private

equity

funds

affiliated

with

TA

Associates

indirectly

have

a

majority

ownership

interest

through

alternative

investment

vehicles

and

the

limited

partners

of

certain

private

equity

funds

affiliated

with

Reverence

Capital

Partners,

L.P.

(“Reverence

Capital”)

indirectly

have

a

significant

minority

controlling

ownership

interest

through

certain

Reverence

Capital

funds

and

alternative

investment

vehicles

in

RIM

and

its

affiliates

(“Russell

Investments”).

In

connection

with

the

Board’s

initial

approval

of

the

RIM

Agreement,

TA

Associates

advised

the

Board

of

its

plans

ultimately

to

effect

a

sale

or

other

disposition

of

its

ownership

interest

in

Russell

Investments.

Any

such

future

transaction

(“Transaction”)

could

cause

a

change

of

control

of

RIM

resulting,

among

other

things,

in

an

assignment

and

termination

of

the

RIM

Agreement,

as

required

by

the

1940

Act,

and

by

the

terms

and

conditions

of

the

RIM

Agreement.

In

the

event

of

a

Transaction,

the

Board

would

be

required

to

consider

the

approval

of

the

terms

and

conditions

of

a

replacement

agreement

(“Successor

Agreement”)

for

the

RIM

Agreement

and

thereafter

to

submit

the

Successor

Agreement

to

each

Fund’s

shareholders

for

approval,

as

required

by

the

1940

Act.

During

the

executive

session

with

a

representative

of

TA

Associates

held

in

connection

with

the

Agreement

Information

Review

Meeting,

among

other

things,

the

status

of

TA

Associates’

indirect

investment

in

RIM

and

RIM’s

access

to

sufficient

resources

to

support

its

activities

in

respect

of

the

Funds,

including

in

light

of

the

current

market

environment

and

the

COVID-19

crisis,

were

discussed.

The

Board

was

advised

that

there

was

no

change

in

TA

Associates’

plans

regarding

its

ownership

interest

in

Russell

Investments

from

those

plans

previously

reported

to

the

Board

and

of

TA

Associates’

commitment

to

continue

to

support

the

same

level

of

services

currently

being

provided

by

RIM

and

its

affiliates

to

the

Funds.

As

noted

above,

RIM,

in

addition

to

managing

the

investment

of

each

Underlying

Fund’s

cash,

directly

manages

a

portion

(which

may

represent

a

significant

portion)

of

the

Underlying

Funds

pursuant

to

the

RIM

Agreement,

with

the

actual

allocation

of

Underlying

Fund

assets

among

Money

Manager

strategies

and

RIM

being

determined

from

time

to

time

by

the

RIM

portfolio

manager(s).

The

nature

and

scope

of

RIM’s

direct

management

of

Underlying

Fund

assets

has

evolved

over

the

past

several

years.

In

the

management

of

Underlying

Funds’

assets,

RIM

utilizes

quantitative

and/or

rules-based

processes

and

qualitative

analysis

to

assess

Underlying

Fund

characteristics

and

invests

in

securities

and

instruments

which

provide

the

desired

exposures

(such

as

low

volatility,

momentum,

value,

growth,

quality,

capitalization

size,

industry,

sector,

region,

currency,

credit

or

mortgage

exposure,

country

risk,

yield

curve

positioning,

or

interest

rates).

RIM

may

utilize

tools

such

as

“optimization,”

which

involves

the

analysis

of

tradeoffs

between

various

risk

and

return

factors

as

well

as

turnover

and

transaction

costs,

in

order

to

estimate

optimal

portfolio

positioning.

RIM

may

use

strategies

based

on

indexes,

including

optimized

index

sampling

(strategies

that

seek

to

purchase

a

sampling

of

securities

using

optimization

and

risk

models)

and/or

index

replication.

For

certain

Underlying

Funds,

RIM

may

invest

in

derivative

instruments

and

may

use

derivatives

to

take

both

long

and

short

positions.

RIM’s

direct

management

of

assets

for

these

purposes

is

hereinafter

referred

to

as

the

“Direct

Management

Services.”

The

Board

has

been

advised

that,

where

appropriate

in

its

judgment,

RIM

intends

to

continue

exploring

the

possible

expansion

of

its

Direct

Management

Services

whereby

larger

portions

of

certain

Underlying

Funds

may

be

managed

directly

by

RIM

pursuant

to

the

Direct

Management

Services.

According

to

RIM,

its

portfolio

managers

combine

Money

Manager

strategies

and

RIM’s

Direct

Management

Services

for

the

Underlying

Funds

and

precisely

align

Underlying

Fund

exposures

with

RIM’s

preferred

positioning.

RIM’s

Direct

Management

Services

are

customized

portfolios

directly

managed

by

RIM

for

use

within

the

total

portfolio

of

each

Fund.

These

strategies

are

used

in

conjunction

with

allocations

to

Money

Manager

strategies

to

fully

reflect

RIM’s

strategic

and

dynamic

insights

with

integrated

liquidity

and

risk

management.

The

Board

considered

that

RIM

is

not

required

to

pay

Money

Manager

Fees

to

any

Money

Managers

with

respect

to

assets

for

which

it

provides

Direct

Management

Services

and

that

the

profits

derived

by

RIM

generally

and

from

the

Underlying

Funds

consequently

may

be

increased,

although

RIM

noted

that

it

may

incur

additional

costs

in

providing

Direct

Management

Services.

RIM

advised

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

85

the

Board

that

allocations,

or

increased

allocations,

of

Underlying

Fund

assets

to

Direct

Management

Services,

together

with

Money

Manager

selection,

allocations

among

Money

Manager

strategies,

renegotiation

of

Money

Manager

Fees

and

changes

in

existing

Money

Manager

assignments

from

discretionary

to

non-discretionary

assignments

where

there

is

a

related

Money

Manager

Fee

reduction

may

reduce

its

costs

of

providing

investment

advisory

services

to

the

Underlying

Funds,

which

would

benefit

RIM.

The

Board

considered

RIM’s

advice

that

any

such

benefit,

including

any

increased

profits

to

RIM,

ultimately

may

be

partially

offset

by

the

impact

of

any

new

or

additional

fee

waivers

or

expense

caps

separately

agreed

upon

and

implemented

from

time

to

time

for

the

affected

Funds

and

any

costs

of

incremental

investments

or

increased

cost

allocations

that

RIM

may

incur

to

support

Direct

Management

Services.

The

Board

also

considered

information

provided

by

RIM

as

to

the

potential

benefits

of

the

Direct

Management

Services

to

Underlying

Funds;

and

the

fact

that

the

aggregate

Advisory

Fees

paid

by

the

Underlying

Funds

are

not

increased

as

a

result

of

RIM’s

direct

management

of

Underlying

Fund

assets

as

part

of

the

Direct

Management

Services

or

otherwise.

The

Board

noted

that

changes

in

the

allocation

of

assets

among

Money

Manager

strategies

or

to

Direct

Management

Services

may

result

directly

in

higher

related

costs

to

affected

Underlying

Funds,

including

higher

brokerage

commissions

and

other

transaction

costs,

a

portion

of

which

is

paid

to

RIM’s

affiliated

broker

in

connection

with

execution

of

portfolio

transactions

in

connection

with

such

changes.

The

Agreement

Evaluation

Information

outlined

various

changes

that

have

been

implemented

in

the

investment

program

for

the

Underlying

Funds

in

recent

years,

and

described

additional

current

and

potential

changes,

and

the

impact

of

such

changes,

to

the

investment

advisory

services

provided

to

the

Underlying

Funds

by

RIM,

which

the

Trustees

took

into

account

in

their

contract

renewal

deliberations,

including

the

following:

•

RIM

advised

the

Board

that

it

reviewed

certain

key

tenets

of

its

investment

approach

and

took

certain

measures

to

enhance

the

process

with

the

goal

to

improve

risk

adjusted

performance

over

a

market

cycle.

•

The

Direct

Management

Services

described

above.

•

RIM

advised

the

Board

that

most

remaining

discretionary

equity

Money

Managers

for

Underlying

Funds

were

converted

to

non-

discretionary

assignments,

thereby

implementing

emulation

for

most

Money

Manager

equity

assignments.

The

Board

considered

the

potential

impacts

described

in

the

Agreement

Evaluation

Information,

both

positive

and

negative,

on

the

Underlying

Funds

of

emulation.

RIM

noted

that,

in

implementing

emulation

for

Underlying

Funds,

it

assumes

various

risks,

including

trade

error

risk

as

it

takes

over

responsibility

for

trading.

RIM

generally

effects

Underlying

Fund

portfolio

transactions

through

an

affiliated

broker

that

receives

commissions

for

effecting

a

portion

of

these

transactions.

According

to

RIM,

the

Underlying

Funds

pay

the

same

commission

rates

regardless

of

whether

the

affiliate

receives

any

portion

of

the

commission.

•

RIM

advised

the

Board

that,

over

the

course

of

2019

and

in

prior

years,

it

had

reduced

the

number

of

Money

Managers

for

certain

Underlying

Funds

in

part

to

seek

more

concentrated

return

drivers.

RIM

also

advised

the

Board

that

allocations

to

Direct

Management

Services

for

certain

Underlying

Funds

were

increased

to

accommodate

the

need

for

additional

overall

portfolio

exposure

management

that

may

arise

from

more

concentrated

Money

Manager

lineups.

Additionally,

RIM

advised

the

Board

that,

in

order

to

preserve

flexibility

and

to

manage

risks

and

volatility

associated

with

Underlying

Funds

having

manager

lineups

with

fewer

Money

Managers,

and

consistent

with

the

terms

of

the

manager-of-managers

exemptive

order,

RIM

created

Money

Manager

“bench”

lineups

for

certain

Underlying

Funds,

whereby

those

Underlying

Funds

have

Board-approved

portfolio

management

contracts

with

Money

Managers

that

are

not

funded

(i.e.,

have

an

asset

allocation

of

zero).

In

the

Agreement

Evaluation

Information,

RIM

advised

the

Board

that

the

opportunity

to

decrease

a

Money

Manager’s

allocation

to

zero,

but

not

terminate

the

Money

Manager,

allows

RIM

to

potentially

realize

gains

from

strategies

that

may

have

been

overly

rewarded

in

the

marketplace

over

the

short

to

medium

term,

or

provide

the

opportunity

to

retain

capacity

with

a

Money

Manager.

The

Board

noted

that

RIM

does

not

believe

there

are

any

detriments

to

the

Underlying

Funds

or

RIM

from

the

use

of

a

manager

bench.

RIM

advised

the

Board

that,

going

forward,

RIM

may

add

managers

to

an

Underlying

Fund

with

an

existing

manager

bench

or

create

manager

bench

lineups

for

additional

Underlying

Funds.

•

RIM

has

renegotiated

fees

with

certain

Money

Managers

to

lower

levels

and

advised

the

Board

that

it

will

continue

to

assess

opportunities

for

Money

Manager

Fee

reductions

in

the

future.

Because

Money

Manager

Fees

are

paid

by

RIM

out

of

its

Advisory

Fee

from

the

Underlying

Funds,

the

foregoing

may

benefit

RIM

in

the

form

of

savings

to

RIM

from

reduced

Money

Manager

Fees.

RIM

noted

that

such

benefits

may

be

offset

partially

by

the

impact

of

any

new

or

additional

fee

waivers

or

expense

caps

separately

agreed

upon

and

implemented

from

time

to

time

for

the

affected

Underlying

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

86

Basis

for

Approval

of

Investment

Advisory

Agreement

Funds,

and

any

costs

of

incremental

investments

or

increased

cost

allocations

that

RIM

may

incur

to

support

Direct

Management

Services.

In

evaluating

the

Funds’

and

Underlying

Funds’

Advisory

Fees,

the

Board

considered

that,

in

the

Agreement

Evaluation

Information

and

at

past

meetings,

RIM

noted

differences

between

the

investment

strategies

of

certain

Underlying

Funds

and

their

respective

Comparable

Funds

in

pursuing

their

investment

objectives.

The

Third-Party

Information

included,

among

other

things,

comparisons

of

the

Funds’

Advisory

Fees

with

the

investment

advisory

fees

of

their

Comparable

Funds

on

an

actual

basis

(i.e.,

giving

effect

to

any

fee

waivers

and/or

expense

caps

implemented

by

RIM

with

respect

to

a

Fund

and

by

the

managers

of

such

Fund’s

Comparable

Funds).

The

Third-Party

Information,

among

other

things,

showed

that

each

Fund

had

an

Advisory

Fee

which,

compared

with

the

investment

advisory

fees

of

its

respective

Comparable

Funds

on

an

actual

basis,

was

ranked

in

the

first

quintile

of

its

Expense

Universe

for

that

expense

component.

In

these

rankings,

the

first

quintile

represents

funds

with

the

lowest

investment

advisory

fees

of

its

comparable

Fund

among

funds

in

the

Expense

Universe

and

the

fifth

quintile

represents

funds

with

the

highest

investment

advisory

fees

among

the

Expense

Universe

funds.

The

comparisons

were

based

upon

the

latest

fiscal

years

for

the

Expense

Universe

funds.

In

discussing

the

Advisory

Fees

for

the

Underlying

Funds

generally,

RIM

noted,

among

other

things,

that

its

Advisory

Fees

for

the

Underlying

Funds

encompass

services

that

are

typical

to

services

provided

by

investment

advisers

to

the

Underlying

Funds’

Comparable

Funds,

as

well

as

unique

services

that

are

distinctly

different

from

those

provided

by

investment

advisers

to

the

Underlying

Funds’

Comparable

Funds,

such

as

cash

equitization

and

transition

management

efforts

that

enable

efficient

and

cost-effective

asset

transition

events.

RIM

also

advised

the

Board

that

its

profitability

generally

and

from

its

relationships

with

the

Funds

and

Underlying

Funds

declined

in

2019,

and

its

pre-tax

“margins”

in

providing

investment

advisory

services

to

the

Funds

ranked

below

the

median

of

the

margins

of

public

investment

management

company

peers

based

on

a

survey

conducted

in

2018.

RIM

has

expressed

its

view

that

Advisory

Fees

should

also

be

considered

in

the

context

of

a

Fund’s

or

Underlying

Fund’s

total

expense

ratio

to

obtain

a

complete

picture.

The

Board

considers

each

Fund’s

and

Underlying

Fund’s

Advisory

Fee

on

both

a

standalone

basis

and

in

the

context

of

the

Fund’s

or

Underlying

Fund’s

total

expense

ratio.

The

Board

has

engaged,

and

continues

to

engage,

in

discussions

with

RIM

to

identify

opportunities

for

improving

the

total

expense

comparisons

for

certain

Underlying

Funds

relative

to

their

respective

Comparable

Funds.

The

Board

previously

requested

that

RIM

provide

total

expense

ratio

management

plans

to

reduce

total

expenses

for

certain

Underlying

Funds

relative

to

their

Comparable

Funds.

At

the

Agreement

Information

Review

Meeting,

the

Board

reviewed

and

discussed

with

RIM

the

expenses

of

the

Underlying

Funds,

the

plans

that

RIM

had

previously

implemented

and

has

proposed

to

implement,

including

the

prior

and

proposed

acceleration

of

elements

of

certain

plans,

to

reduce

total

expenses

for

certain

Underlying

Funds

in

light

of

RIM’s

progress

in

meeting

plan

objectives

and

Comparable

Fund

fee

and

expense

developments

in

the

past

year.

Based

on

that

review

and

discussions

with

RIM,

the

Trustees

will

continue

to

evaluate

and

engage

in

ongoing

discussions

with

management

regarding

total

expense

comparisons

of

the

Underlying

Funds.

Based

upon

information

provided

by

RIM,

the

Board

considered

for

each

Fund

and

Underlying

Fund

whether

economies

of

scale

have

been

realized

and

whether

the

Advisory

Fee

for

such

Fund

or

Underlying

Fund

appropriately

reflects

or

should

be

revised

to

reflect

any

such

economies.

The

Board

considered,

among

other

things,

the

variability

of

Money

Manager

Fees

and

other

factors

associated

with

the

manager-of-managers

structure

employed

by

the

Underlying

Funds

as

well

as

net

Fund

redemptions

or

purchases

in

recent

years.

The

Funds

and

the

RIF

Underlying

Funds

are

distributed

exclusively

through

variable

annuity

and

variable

life

insurance

contracts

issued

by

insurance

companies.

Currently,

the

Funds

are

made

available

to

holders

of

such

insurance

policies

(“Insurance

Contract

Holders”)

by

a

few

insurance

companies.

The

Funds

are

primarily

distributed

through,

and

their

assets

are

primarily

attributed

to,

The

Northwestern

Mutual

Life

Insurance

Company

(“Northwestern

Mutual”).

In

November

2018,

Northwestern

Mutual

discontinued

sales

of

the

RIF

International

Developed

Markets

Fund,

an

Underlying

Fund,

to

new

Insurance

Contract

Holders

through

its

advisory

channel

but

this

Underlying

Fund

is

still

available

to

new

and

existing

Insurance

Contract

Holders

through

Northwestern

Mutual’s

brokerage

channel.

RIM

expressed

its

belief

that

Northwestern

Mutual

is

committed

to

the

Funds

and

RIF

Underlying

Funds

and

RIM

does

not

believe

that

Northwestern

Mutual

intends

to

discontinue

sales

of

the

Funds

or

other

RIF

Underlying

Funds

to

its

Insurance

Contract

Holders

through

its

advisory

channel.

However,

the

Board

has

received

no

direct

assurances

in

this

regard

from

Northwestern

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

87

Mutual.

If

Northwestern

Mutual

were

to

discontinue

its

participation

in

the

Funds,

the

Board

considered

that

it

is

unlikely

that

the

Funds

would

remain

viable.

RIM

advised

the

Board

that

its

near-term

business

plan

is

to

retain

existing

RIF

complex

assets

with

intermediate-term

plans

centering

on

opportunistic

business

development

efforts

related

to

RIF

Fund

placement

in

the

insurance

channel.

RIM

previously

expressed

its

belief

that

the

Funds

will

remain

viable

in

the

near

term,

and

the

Board

was

not

advised

of

any

change

in

RIM’s

belief

in

this

regard.

The

Board

considered,

among

other

things,

the

potential

negative

implications

for

significant

future

Fund

asset

growth

if

additional

insurance

companies

do

not

make

the

Funds

available

to

their

variable

annuity

and

variable

life

insurance

policyholders.

With

respect

to

each

Underlying

Fund,

the

Board

considered

any

Advisory

Fee

waivers

or

other

expense

limitation

arrangements

that

had

been

implemented

in

the

past

year

or

may

be

implemented

in

the

future.

The

Board

also

considered

that

fees

payable

to

RIM

or

its

affiliates

by

institutional

clients

with

investment

objectives

similar

to

those

of

the

Funds

and

the

Underlying

Funds,

in

some

cases,

are

lower,

and

may

be

substantially

lower,

than

the

rates

paid

by

the

Funds,

the

Underlying

Funds

and

Other

RIM

Funds.

The

Trustees

considered

the

differences

in

the

nature

and

scope

of

services

RIM

provides

to

institutional

clients

and

the

Funds

and

the

Underlying

Funds.

RIM

explained,

among

other

things,

that

institutional

products

have

fewer

compliance,

administrative,

client

servicing/

communication

and

other

needs

than

the

Funds

and

the

Underlying

Funds.

RIM

also

noted

that

due

to

the

number

and

nature

of

investors,

along

with

their

varied

needs

for

liquidity,

there

is

more

portfolio

liquidity

management

and

cash

flow

management

required

for

the

Funds

and

the

Underlying

Funds

than

for

RIM’s

institutional

clients,

where

assets

are

relatively

stable.

In

addition,

RIM

noted

that

the

Funds

and

the

Underlying

Funds

are

subject

to

heightened

regulatory

requirements

relative

to

institutional

clients.

Accordingly,

the

Trustees

concluded

that

the

services

provided

to

the

Funds

and

Underlying

Funds

are

sufficiently

different

from

the

services

provided

to

the

other

clients

that

comparisons

are

not

probative

and

should

not

be

given

significant

weight.

With

respect

to

the

Funds’

total

expenses,

the

Third-Party

Information

showed

that

the

total

expenses

for

the

Balanced

Strategy

Fund

ranked

in

the

first

quintile

of

its

Expense

Universe,

and

the

total

expenses

of

each

other

Fund

ranked

in

the

second

quintile

of

its

Expense

Universe.

In

these

rankings,

the

first

quintile

represents

the

funds

with

the

lowest

total

expenses

among

funds

in

the

Expense

Universe

and

the

fifth

quintile

represents

funds

with

the

highest

total

expenses

among

the

Expense

Universe

funds.

On

the

basis

of

the

Agreement

Evaluation

Information,

and

other

information

previously

received

by

the

Board

from

RIM

during

the

course

of

prior

years,

or

presented

at

or

in

connection

with

the

Agreement

Information

Review

Meeting

and

Agreement

Evaluation

Meeting

by

RIM,

the

Board,

in

respect

of

each

Fund

and

Underlying

Fund,

found,

after

giving

effect

to

the

total

expense

ratio

management

plans

or

any

other

waivers

or

expense

caps

for

the

Underlying

Funds,

and

considering

any

differences

in

the

composition

of

the

Expense

Universe

and

investment

strategies

of

its

respective

Comparable

Funds

and

in

light

of

other

factors

discussed

above:

(1)

the

Advisory

Fee

charged

by

RIM

was

acceptable

in

light

of

the

nature,

scope

and

overall

quality

of

the

investment

advisory

and

other

services

provided,

and

expected

to

be

provided,

to

the

Fund

or

Underlying

Fund

and

to

provide

continuity

of

investment

advisory

and

other

services

by

RIM

to

the

Fund

or

Underlying

Fund;

(2)

except

as

noted

above,

the

relative

expense

ratio

of

each

Fund

and

Underlying

Fund

either

was

comparable

to

those

of

its

Comparable

Funds

or

RIM

had

provided

an

explanation

satisfactory

to

the

Board

as

to

why

the

relative

expense

ratio

was

not

comparable

to

those

of

its

Comparable

Funds;

(3)

other

benefits

and

fees

received

by

RIM

or

its

affiliates

from

the

Fund

or

Underlying

Fund

identified

in

the

Agreement

Evaluation

Information

were

not

considered

to

be

excessive;

(4)

RIM’s

reported

profitability

with

respect

to

the

Fund

and

Underlying

Fund

was

not

considered

to

be

excessive

in

light

of

the

nature,

scope

and

overall

quality

of

the

investment

management

and

other

services

provided

by

RIM

and

applicable

judicial

and

regulatory

guidance;

and

(5)

the

Advisory

Fee

charged

by

RIM

appropriately

reflects

any

economies

of

scale

realized

by

such

Fund

or

Underlying

Fund

in

light

of

various

factors,

including

potential

negative

implications

for

significant

future

Fund

asset

growth

if

additional

insurance

companies

do

not

make

the

Funds

available

to

their

Insurance

Contract

Holders;

the

variability

of

Money

Manager

Fees

and

other

factors

associated

with

the

manager-of-managers

structure

employed

by

the

Underlying

Funds;

and

RIM’s

advice

that

it

does

not

believe

it

will

experience

meaningful

economies

of

scale.

The

Board

concluded

that,

under

the

circumstances

and

based

on

RIM’s

performance

information

and

reviews

for

each

Fund

and

Underlying

Fund,

the

performance

of

each

of

the

Funds

and

Underlying

Funds

is

consistent

with

continuation

of

the

RIM

Agreement.

The

Board

noted

RIM’s

advice

that

its

investment

philosophy

and

process

seek

to

combine

investment

managers

to

produce

benchmark-

beating

returns

with

above-average

consistency.

In

assessing

the

performance

of

the

Funds

and

the

Underlying

Funds

with

at

least

three

years

of

performance

history,

the

Board

focused

upon

performance

for

the

3-year

period

ended

December

31,

2019

as

most

relevant,

but

also

considered

Fund

and

Underlying

Fund

performance

for

the

1-year

and,

where

applicable,

5-year

periods

ended

such

date.

In

reviewing

the

performance

of

the

Funds

and

Underlying

Funds

generally,

the

Board

took

into

consideration

various

steps

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

88

Basis

for

Approval

of

Investment

Advisory

Agreement

taken

by

RIM

in

the

past

year

to

enhance

the

performance

of

certain

Underlying

Funds,

including

changes

in

Money

Managers

or

their

allocations,

and

RIM’s

implementation

or

expansion

of

its

Direct

Management

Services

and

other

strategies,

which

may

not

yet

be

fully

reflected

in

Underlying

Fund

investment

results.

With

respect

to

the

Moderate

Strategy

Fund

and

Balanced

Strategy

Fund,

the

Third-Party

Information

showed

that

each

Fund’s

performance

was

ranked

in

the

fifth

quintile

of

its

Performance

Universe

for

the

1-

and

3-year

periods

ended

December

31,

2019,

and

the

fourth

quintile

of

its

Performance

Universe

for

the

5-year

period

ended

such

date.

With

respect

to

the

Growth

Strategy

Fund,

the

Third-Party

Information

showed

that

the

Fund’s

performance

was

ranked

in

the

fifth

quintile

of

its

Performance

Universe

for

each

of

the

1-,

3-

and

5-year

periods

ended

December

31,

2019.

With

respect

to

the

Equity

Growth

Strategy

Fund,

the

Third-Party

Information

showed

that

the

Fund’s

performance

was

ranked

in

the

fifth

quintile

of

its

Performance

Universe

for

the

3-year

period

ended

December

31,

2019,

and

the

fourth

quintile

of

its

Performance

Universe

for

the

1-

and

5-year

periods

ended

such

date.

The

Board

considered

RIM’s

explanation

that

the

Fund’s

underperformance

relative

to

its

Comparable

Funds

was

primarily

due

to

asset

allocation

differences

compared

to

the

Performance

Universe.

RIM

noted,

among

other

things,

that

the

Fund

has

exposure

to

more

diversified

and,

in

some

cases,

growth-oriented

asset

classes

beyond

traditional

equities

(such

as

global

high

yield

debt,

emerging

market

debt,

global

real

estate,

infrastructure

and

commodities),

which

are

intended

to

provide

diversification

benefits

and

dampen

volatility.

RIM

explained

that

in

the

strong

rising

equity

environment

experienced

over

the

period,

the

Funds’

exposures

to

these

asset

classes,

particularly

to

commodities,

were

headwinds

relative

to

peers.

The

Board

also

considered

RIM’s

explanation

that

the

Funds

have

a

non-U.S.

bias

and

a

lower

U.S.

equity

allocation

relative

to

peers,

which

negatively

impacted

peer-relative

performance

during

the

period.

RIM

noted

that

the

Funds’

strategic

asset

allocations

were

changed

in

November

2019,

and

while

the

Funds

continue

to

maintain

a

more

diversified

strategic

asset

allocation

relative

to

the

peer

average,

RIM

expressed

its

belief

the

current

strategic

asset

allocations

are

appropriate

over

the

longer

term.

In

evaluating

performance,

the

Board

considered

each

Fund’s

and

Underlying

Fund’s

performance

not

only

relative

to

its

Comparable

Funds,

but

also

in

absolute

terms

and

relative

to

appropriate

benchmarks

and

indices.

The

Board

considered

the

Underlying

Funds’

performance

relative

to

their

benchmarks

in

light

of

RIM’s

advice

that

its

investment

philosophy

and

process

seek

to

combine

investment

managers

to

produce

benchmark-beating

returns

with

above-average

consistency.

For

the

1-year

period

ended

December

31,

2019,

the

RIC

Emerging

Markets

Fund,

RIC

Opportunistic

Credit

Fund,

RIC

Unconstrained

Total

Return

Fund,

RIF

Strategic

Bond

Fund,

RIC

Investment

Grade

Bond

Fund,

RIC

Short

Duration

Bond

Fund,

RIC

Commodity

Strategies

Fund

and

RIC

Global

Infrastructure

Fund

outperformed

their

benchmarks;

for

the

3-year

period

ended

December

31,

2019,

the

RIC

Opportunistic

Credit

Fund,

RIC

Unconstrained

Total

Return

Fund,

RIC

Short

Duration

Bond

Fund,

RIC

Global

Infrastructure

Fund

and

RIF

Global

Real

Estate

Securities

Fund

outperformed

their

benchmarks;

and

for

the

5-year

period

ended

December

31,

2019,

the

RIC

Opportunistic

Credit

Fund,

RIC

Short

Duration

Bond

Fund,

RIC

Global

Infrastructure

Fund

and

RIF

Global

Real

Estate

Securities

Fund

outperformed

their

benchmarks.

The

Board

also

considered

the

Money

Manager

changes

that

have

been

made

during

the

past

year

and

that

the

performance

of

Money

Managers

continues

to

impact

the

performance

of

the

Funds

and

Underlying

Funds

for

periods

prior

and

subsequent

to

their

termination.

Lastly,

the

Board

considered

the

implementation

of

additional

strategies

and

refinements

to

strategies

discussed

in

the

Agreement

Information

Materials

and

prior

Board

meetings

that

may

be

employed

by

RIM

in

respect

of

certain

Funds

and

Underlying

Funds.

After

considering

the

foregoing

and

other

relevant

factors,

including

factors

described

above,

the

Board

concluded

in

respect

of

each

Fund

and

Underlying

Fund

that

continuation

of

the

RIM

Agreement

would

be

in

the

best

interest

of

such

Fund

and

its

shareholders

and

voted

to

approve

the

continuation

of

the

RIM

Agreement.

At

the

Agreement

Information

Review

Meeting

and

Agreement

Evaluation

Meeting,

with

respect

to

the

evaluation

of

the

terms

of

portfolio

management

contracts

with

Money

Managers

for

the

Underlying

Funds,

the

Board

received

and

considered

information

from

RIM

reporting,

among

other

things,

for

each

Money

Manager,

the

Money

Manager’s

performance

over

various

periods;

RIM’s

assessment

of

the

performance

of

each

Money

Manager;

any

significant

business

relationships

between

the

Money

Manager

and

RIM

or

Russell

Investments

Financial

Services,

LLC,

the

Funds’

and

Underlying

Funds’

underwriter;

and

RIM’s

recommendation

to

retain

each

discretionary

or

non-discretionary

Money

Manager

on

the

current

terms

and

conditions,

including

at

the

current

fee

rate.

The

Board

received

reports

during

the

course

of

the

year

from

the

Funds’

CCO

regarding

her

assessments

of

Money

Manager

compliance

programs

and

any

compliance

issues.

RIM

did

not

identify

any

benefits

from

the

Underlying

Funds’

portfolio

transactions

received

by

Money

Managers

or

their

affiliates

other

than

potential

benefits

from

soft

dollar

arrangements

or

commissions

paid

to

any

affiliated

broker-

dealer

through

which

a

discretionary

Money

Manager

may

execute

trades.

The

Agreement

Evaluation

Information

(1)

described

RIM’s

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Basis

for

Approval

of

Investment

Advisory

Agreement,

continued

—

(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreement

89

oversight

of

the

discretionary

Money

Managers’

soft

dollar

arrangements,

(2)

expressed

RIM’s

belief

that,

based

upon

certifications

from

Money

Managers

and

pre-hire

and

ongoing

reviews

of

Money

Manager

documents

and

their

implementation,

the

discretionary

Money

Managers’

soft

dollar

programs

and

policies

and

procedures

are

consistent

with

applicable

legal,

regulatory

and

fiduciary

standards

and

(3)

stated

that

periodic

discretionary

Money

Manager

reviews

are

designed

to

(among

other

things)

obtain

reasonable

assurance

that

the

Money

Manager’s

actual

soft

dollar

practices

are

consistent

with

what

is

stated

in

their

policies

and

procedures

and

with

disclosures

made

by

Money

Managers

in

their

investment

adviser

registration

statements

filed

with

the

SEC.

RIM

recommended

that

each

of

the

Money

Managers

be

retained

for

its

current

discretionary

or

non-discretionary

assignment

at

its

current

fee

rate.

In

doing

so,

RIM,

as

it

has

in

the

past,

advised

the

Board

that

it

does

not

regard

Money

Manager

profitability

as

relevant

to

its

evaluation

of

the

portfolio

management

contracts

with

Money

Managers

because

the

willingness

of

Money

Managers

to

serve

in

such

capacity

depends

upon

arm’s-length

negotiations

with

RIM;

RIM

is

aware

of

the

standard

fee

rates

charged

by

Money

Managers

to

other

clients;

and

RIM

believes

that

the

fees

agreed

upon

with

Money

Managers

are

reasonable

in

light

of

the

anticipated

quality

of

investment

advisory

services

to

be

rendered.

The

Board

accepted

RIM’s

explanation

of

the

relevance

of

Money

Manager

profitability

in

light

of

RIM’s

belief

that

such

fees

are

reasonable;

the

Board’s

findings

as

to

the

acceptability

of

the

Advisory

Fee

paid

by

each

Underlying

Fund;

and

the

fact

that

each

Money

Manager’s

fee

is

paid

by

RIM.

At

the

Agreement

Evaluation

Meeting,

RIM

reported

that

it

planned

to

recommend

to

the

Board

at

the

May

19,

2020

quarterly

Board

meeting

the

appointment

and

termination

of

certain

Money

Managers

and

new

portfolio

management

contracts

with

certain

Money

Managers

due

to

an

upcoming

change

in

control.

Based

upon

RIM’s

recommendations,

together

with

relevant

Agreement

Evaluation

Information,

the

Board

concluded

that

the

fees

paid

to

the

Money

Managers

of

each

Underlying

Fund

are

acceptable

in

light

of

RIM’s

assessment

of

quality

of

the

investment

advisory

services

provided

and

that

continuation

of

the

portfolio

management

contract

with

each

Money

Manager

of

each

Underlying

Fund

would

be

in

the

best

interests

of

such

Underlying

Fund

and

its

shareholders.

*

*

*

This

discussion

is

not

intended

to

include

all

of

the

factors

and

information

considered

by

the

Board.

In

their

deliberations,

the

Trustees

did

not

identify

any

particular

information

as

to

the

RIM

Agreement

or,

other

than

RIM’s

recommendation,

the

portfolio

management

contract

with

any

Money

Manager

for

an

Underlying

Fund

that

was

all-important

or

controlling,

except,

in

the

case

of

the

RIM

Agreement,

the

need

to

continue

the

managers-of-managers

structure

of

the

Underlying

Funds,

and

each

Trustee

attributed

different

weights

to

the

various

factors

considered.

The

Trustees

evaluated

all

information

available

to

them

on

a

Fund-by-Fund

basis

and

their

determinations

were

made

in

respect

of

each

Fund

and

Underlying

Fund.

Russell

Investment

Funds

Liquidity

Risk

Management

Program

—

(Unaudited)

90

Liquidity

Risk

Management

Program

The

Funds

have

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

in

accordance

with

Rule

22e-4

of

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”).

The

Program

seeks

to

assess,

manage,

and

review

each

Fund’s

“liquidity

risk.”

For

purposes

of

the

Liquidity

Rule,

“liquidity

risk”

is

defined

as

the

risk

that

a

Fund

is

unable

to

satisfy

redemption

requests

without

significantly

diluting

remaining

investors’

interests

in

the

Fund.

The

Program

is

comprised

of

various

components

designed

to

support

the

assessment

and/or

management

of

liquidity

risk,

including:

Assessment,

management

and

periodic

review

of

each

Fund’s

liquidity

risk;

Classification

of

each

Fund’s

investments

into

four

categories

or

liquidity

buckets

based

on

how

long

it

would

take

to

convert

the

investment

to

cash

(the

“Classification

Regime”);

Establishment

and

annual

review

of

a

highly

liquid

investment

minimum

(“HLIM”)

for

each

Fund

that

does

not

invest

primarily

in

“highly

liquid”

investments

(as

defined

under

the

Liquidity

Rule);

Requirements

applicable

to

a

Fund’s

holdings

of

“illiquid

investments”

(as

defined

under

the

Liquidity

Rule);

and

Implementation

of

redemption

in-kind

policies

and

procedures.

The

Board

of

Trustees

of

RIF

(the

“Board”)

appointed

RIM,

the

Funds’

investment

adviser,

as

the

Program

administrator

(the

“Program

Administrator”).

The

Program

Administrator

has

delegated

responsibility

to

implement

and

administer

the

Program,

subject

to

oversight

by

the

Program

Administrator,

to

one

or

more

RIM

associates

(the

“Program

Administrator

Delegate”).

The

Program

Administrator,

through

the

Program

Administrator

Delegate,

monitors

the

adequacy

and

effectiveness

of

the

Program’s

implementation

and

on

a

periodic

basis

assesses

each

Fund’s

liquidity

risk

based

on

a

variety

of

factors.

At

the

May

18,

2020

meeting

of

the

Regulatory

and

Investment

Compliance

Committee

of

the

Board

(the

“Meeting”),

the

Program

Administrator

reviewed

with

all

members

of

the

Board

the

Program

Administrator’s

initial

written

report

(the

“Report”)

addressing

the

Program’s

operation

as

well

as

the

adequacy

and

effectiveness

of

its

implementation

for

the

period

from

December

1,

2018

through

December

31,

2019

(the

“Program

Reporting

Period”).

The

Report

summarized

the

factors

considered

by

the

Program

Administrator

in

assessing

whether

the

Program

has

been

adequately

and

effectively

implemented

with

respect

to

each

Fund.

Such

information

and

factors

included,

among

other

things:

(1)

the

framework

used

to

assess,

manage,

and

periodically

review

each

Fund’s

liquidity

risk

and

the

results

of

this

assessment;

(2)

the

methodology

and

inputs

used

in

connection

with

the

Classification

Regime;

(3)

whether

a

new

HLIM

should

be

established,

or

an

existing

HLIM

continued

or

modified,

for

each

Fund

and

the

procedures

for

monitoring

for

HLIM

compliance;

(4)

whether

a

Fund

invested

more

than

15%

of

its

assets

in

illiquid

investments

and

the

procedures

for

monitoring

for

this

limit;

and

(5)

specific

liquidity

events

arising

during

the

Program

Reporting

Period,

including

the

impact

on

Fund

liquidity

caused

by

extended

non-U.S.

market

closures.

The

Board

also

received

information

prior

to

and

as

part

of

the

Meeting

relating

to

the

Program’s

operation

subsequent

to

the

Reporting

Period

in

light

of

the

COVID-19

crisis.

There

were

no

changes

to

the

Funds’

written

policies

and

procedures

related

to

the

Program

during

the

Program

Reporting

Period

but

the

Board

was

informed

of

certain

clarifications

to

such

written

policies

and

procedures

that

would

be

implemented

following

the

Meeting.

Based

on

the

Program

Administrator’s

review

and

the

factors

set

forth

in

the

Report,

the

Report

concluded

that:

(1)

the

Program

continues

to

be

reasonably

designed

to

effectively

assess

and

manage

each

Fund’s

liquidity

risk;

(2)

each

Fund’s

liquidity

risk

continues

to

be

appropriate

in

light

of

the

Fund’s

investment

objective

and

strategies;

(3)

each

Fund’s

investment

strategies

continue

to

be

appropriate

for

an

open-ended

management

investment

company;

and

(4)

the

Program

has

been

adequately

and

effectively

implemented

with

respect

to

each

Fund,

including

the

establishment

and

operation

of

the

HLIM

for

applicable

Funds.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Shareholder

Requests

for

Additional

Information

—

June

30,

2020

(Unaudited)

Shareholder

Requests

for

Additional

Information

91

Each

Fund

files

portfolio

holdings

information

within

60

days

after

the

end

of

each

fiscal

quarter

as

an

exhibit

on

Form

N-PORT.

Portfolio

holdings

information

for

the

third

month

of

each

fiscal

quarter

is

publicly

available

on

the

SEC’s

website

at

http://www.sec.

gov.

Each

Fund’s

complete

schedule

of

portfolio

holdings

for

the

second

and

fourth

quarters

of

each

fiscal

year

is

included

in

the

semi-

annual

and

annual

reports

to

Fund

shareholders.

The

Board

has

delegated

to

RIM,

as

RIF’s

investment

adviser,

the

primary

responsibility

for

monitoring,

evaluating

and

voting

proxies

solicited

by

or

with

respect

to

issuers

of

securities

in

which

assets

of

the

Underlying

Funds

may

be

invested.

RIM

has

established

a

proxy

voting

committee

and

has

adopted

written

proxy

voting

policies

and

procedures

(“P&P”)

and

proxy

voting

guidelines

(“Guidelines”).

The

Funds

maintain

a

Portfolio

Holdings

Disclosure

Policy

that

governs

the

timing

and

circumstances

of

disclosure

to

shareholders

and

third

parties

of

information

regarding

the

portfolio

investments

held

by

the

Funds.

A

description

of

the

P&P,

Guidelines,

Portfolio

Holdings

Disclosure

Policy

and

additional

information

about

Fund

Trustees

are

contained

in

the

Funds’

Statement

of

Additional

Information

(“SAI”).

The

SAI

and

information

regarding

how

the

Underlying

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30,

2019

are

available

(i)

free

of

charge,

upon

request,

by

calling

the

Funds

at

(800)

787-

7354,

and

(ii)

on

the

Securities

and

Exchange

Commission’s

website

at

www.sec.gov.

If

possible,

depending

on

contract

owner

registration

and

address

information,

and

unless

you

have

otherwise

opted

out,

only

one

copy

of

the

RIF

prospectus

and

each

annual

and

semi-annual

report

will

be

sent

to

contract

owners

at

the

same

address.

If

you

would

like

to

receive

a

separate

copy

of

these

documents,

please

contact

your

Insurance

Company.

If

you

currently

receive

multiple

copies

of

the

prospectus,

annual

report

and

semi-annual

report

and

would

like

to

request

to

receive

a

single

copy

of

these

documents

in

the

future,

please

call

your

Insurance

Company.

Some

Insurance

Companies

may

offer

electronic

delivery

of

the

Funds’

prospectuses

and

annual

and

semi-annual

reports.

Please

contact

your

Insurance

Company

for

further

details.

Financial

statements

of

the

Underlying

Funds

can

be

obtained

at

no

charge

by

calling

the

Funds

at

(800)

787-7354.

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Disclosure

of

Information

about

Fund

Trustees

and

Officers

—

June

30,

2020

(Unaudited)

92

Disclosure

of

Information

about

Fund

Trustees

and

Officers

The

following

tables

provide

information

for

each

officer

and

trustee

of

the

Russell

Investments

Fund

Complex.

The

Russell

Investments

Fund

Complex

consists

of

Russell

Investment

Company

(“RIC”),

which

has

34

funds

and

Russell

Investment

Funds

(“RIF”),

which

has

nine

funds.

Each

of

the

Trustees

is

a

trustee

of

RIC

and

RIF.

The

first

table

provides

information

for

the

Independent

Trustees.

The

second

table

provides

information

for

the

Trustee

Emeritus.

The

third

table

provides

information

for

the

officers.

Furthermore,

each

Trustee

possesses

the

following

specific

attributes:

Mr.

Alston

has

business,

financial

and

investment

experience

as

a

senior

executive

of

an

international

real

estate

firm

and

is

trained

as

a

lawyer;

Ms.

Blake

has

had

experience

as

a

certified

public

accountant

and

has

had

experience

as

a

member

of

boards

of

directors/trustees

of

other

investment

companies;

Ms.

Burgermeister

has

had

experience

as

a

certified

public

accountant

and

as

a

member

of

boards

of

directors/trustees

of

other

investment

companies

and

has

been

determined

by

the

Board

to

be

an

“audit

committee

financial

expert”;

Ms.

Krysty

has

had

business,

financial

and

investment

experience

as

the

founder

and

senior

executive

of

a

registered

investment

adviser

focusing

on

high

net

worth

individuals

as

well

as

a

certified

public

accountant

and

a

member

of

the

boards

of

other

corporations

and

non-profit

organizations;

Ms.

Dien

Ledoux

has

had

investment

experience

as

a

portfolio

manager

and

has

had

experience

as

a

member

of

the

board

of

trustees

of

other

investment

companies;

Mr.

Tennison

has

had

business,

financial

and

investment

experience

as

a

senior

executive

of

a

corporation

with

international

activities

and

was

trained

as

an

accountant;

and

Mr.

Thompson

has

had

experience

in

business,

governance,

investment

and

financial

reporting

matters

as

a

senior

executive

of

an

organization

sponsoring

and

managing

other

investment

companies,

and,

subsequently,

has

served

as

a

board

member

of

other

investment

companies.

*

Each

Trustee

shall

retire

from

service

on

the

Board

of

Trustees

at

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

However,

at

the

discretion

of

the

Board

and

upon

the

request

of

the

Trustee,

a

one-year

waiver

may

be

granted

from

the

application

of

the

policy,

which

will

allow

the

Trustee

to

continue

to

serve

on

the

Board

for

an

additional

one-year

period

following

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

A

maximum

of

five

one-year

waivers

may

be

requested

by

the

Trustee

and

granted

by

the

Board

to

the

Trustee.

Name,

Age,

Address

Position(s)

Held

With

Fund

and

Length

of

Time

Served

Term

of

Office

*

Principal

Occupation(s)

During

the

Past

5

Years

No.

of

Portfolios

in

Russell

Fund

Complex

Overseen

by

Trustee

Other

Directorships

Held

by

Trustee

During

the

Past

5

Years

INDEPENDENT

TRUSTEES

Thaddas

L.

Alston,

Born

April

7,

1945

1301

Second

Avenue,

18th

Floor,

Seattle,

WA

98101

Trustee

since

2006

Appointed

until

successor

is

duly

elected

and

qualified

Senior

Vice

President,

Larco

Investments,

Ltd.

(real

estate

firm)

43

Until

October

2015,

Trustee,

Russell

Exchange

Traded

Funds

Trust

Kristianne

Blake,

Born

January

22,

1954

1301

Second

Avenue,

18th

Floor,

Seattle,

WA

98101

Trustee

since

2000

Chairman

since

2005

Appointed

until

successor

is

duly

elected

and

qualified

Approved

annually

Lead

Independent

Director,

Avista

Corp.

(electric

utilities)

Until

May

2017,

Director

and

Chairman

of

the

Audit

Committee,

Avista

Corp

(electric

utilities)

Until

September

2018,

Regent,

University

of

Washington

President,

Kristianne

Gates

Blake,

P.S.

(accounting

services)

43

Lead

Independent

Director,

Avista

Corp.

(electric

utilities)

Until

May

2017,

Director,

Avista

Corp

(electric

utilities)

Until

October

2015,

Trustee,

Russell

Exchange

Traded

Funds

Trust

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Disclosure

of

Information

about

Fund

Trustees

and

Officers,

continued

—

June

30,

2020

(Unaudited)

Disclosure

of

Information

about

Fund

Trustees

and

Officers

93

*

Each

Trustee

shall

retire

from

service

on

the

Board

of

Trustees

at

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

However,

at

the

discretion

of

the

Board

and

upon

the

request

of

the

Trustee,

a

one-year

waiver

may

be

granted

from

the

application

of

the

policy,

which

will

allow

the

Trustee

to

continue

to

serve

on

the

Board

for

an

additional

one-year

period

following

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

A

maximum

of

five

one-year

waivers

may

be

requested

by

the

Trustee

and

granted

by

the

Board

to

the

Trustee.

Name,

Age,

Address

Position(s)

Held

With

Fund

and

Length

of

Time

Served

Term

of

Office

*

Principal

Occupation(s)

During

the

Past

5

Years

No.

of

Portfolios

in

Russell

Fund

Complex

Overseen

by

Trustee

Other

Directorships

Held

by

Trustee

During

the

Past

5

Years

INDEPENDENT

TRUSTEES

(continued)

Cheryl

Burgermeister,

Born

June

26,

1951

1301

Second

Avenue,

18th

Floor,

Seattle,

WA

98101

Trustee

since

2012

Chairman

of

the

Audit

Committee

since

2017

Appointed

until

successor

is

duly

elected

and

qualified

Appointed

until

successor

is

duly

elected

and

qualified

Retired

Trustee

and

Chairperson

of

Select

Sector

SPDR

Funds

(investment

company)

43

Trustee

and

Chairperson

of

Select

Sector

SPDR

Funds

(investment

company)

From

August

2012

through

May

2016,

Trustee,

ALPS

Series

Trust

(investment

company)

Until

October

2015,

Trustee,

Russell

Exchange

Traded

Funds

Trust

Katherine

W.

Krysty,

Born

December

3,

1951

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

Trustee

since

2014

Chairman

of

Regulatory

and

Investment

Compliance

Committee

since

2020

Appointed

until

successor

is

duly

elected

and

qualified

Retired

43

Until

October

2015,

Trustee,

Russell

Exchange

Traded

Funds

Trust

Julie

Dien

Ledoux,

Born

August

17,

1969

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

Trustee

since

2019

Appointed

until

successor

is

duly

elected

and

qualified

Until

March

2018,

Trustee

of

Avenue

Credit

Strategies

Fund

(investment

company)

Until

November

2017,

Trustee

of

Avenue

Income

Credit

Strategies

Fund

(investment

company)

43

Until

March

2018,

Trustee

of

Avenue

Credit

Strategies

Fund

(investment

company)

Until

November

2017,

Trustee

of

Avenue

Income

Credit

Strategies

Fund

(investment

company)

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Disclosure

of

Information

about

Fund

Trustees

and

Officers,

continued

—

June

30,

2020

(Unaudited)

94

Disclosure

of

Information

about

Fund

Trustees

and

Officers

*

Each

Trustee

shall

retire

from

service

on

the

Board

of

Trustees

at

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

However,

at

the

discretion

of

the

Board

and

upon

the

request

of

the

Trustee,

a

one-year

waiver

may

be

granted

from

the

application

of

the

policy,

which

will

allow

the

Trustee

to

continue

to

serve

on

the

Board

for

an

additional

one-year

period

following

the

end

of

the

calendar

year

in

which

the

Trustee

reaches

75

years

of

age.

A

maximum

of

five

one-year

waivers

may

be

requested

by

the

Trustee

and

granted

by

the

Board

to

the

Trustee.

Name,

Age,

Address

Position(s)

Held

With

Fund

and

Length

of

Time

Served

Term

of

Office

*

Principal

Occupation(s)

During

the

Past

5

Years

No.

of

Portfolios

in

Russell

Fund

Complex

Overseen

by

Trustee

Other

Directorships

Held

by

Trustee

During

the

Past

5

Years

INDEPENDENT

TRUSTEES

(continued)

Raymond

P.

Tennison,

Jr.,

Born

December

21,

1955

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

Trustee

since

2000

Chairman

of

the

Nominating

and

Governance

Committee

since

2007

Appointed

until

successor

is

duly

elected

and

qualified

Retired

43

Until

October

2015,

Trustee,

Russell

Exchange

Traded

Funds

Trust

Jack

R.

Thompson,

Born

March

21,

1949

1301

Second

Avenue,

18th

Floor,

Seattle,

WA

98101

Trustee

since

2005

Appointed

until

successor

is

duly

elected

and

qualified

Retired

43

Until

October

2015,

Trustee,

Russell

Exchange

Traded

Funds

Trust

Name,

Age,

Address

Position(s)

Held

With

Fund

and

Length

of

Time

Served

Term

of

Office

Principal

Occupation(s)

During

the

Past

5

Years

No.

of

Portfolios

in

Russell

Fund

Complex

Overseen

by

Trustee

Other

Directorships

Held

by

Trustee

During

the

Past

5

Years

TRUSTEE

EMERITUS

George

F.

Russell,

Jr.,

Born

July

3,

1932

1301

Second

Avenue,

18th

Floor,

Seattle,

WA

98101

Trustee

Emeritus

and

Chairman

Emeritus

since

1999

Until

resignation

or

removal

Director

Emeritus,

RIM

43

None

Name,

Age,

Address

Positions(s)

Held

With

Fund

and

Length

of

Time

Served

Term

of

Office

Principal

Occupation(s)

During

the

Past

5

Years

OFFICERS

Cheryl

Wichers,

Born

December

16,

1966

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

Chief

Compliance

Officer

since

2005

Until

removed

by

Independent

Trustees

Chief

Compliance

Officer,

RIC

and

RIF

Chief

Compliance

Officer,

RIFUS

2011

to

2016

Chief

Compliance

Officer,

U.S.

One

,

LLC

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Disclosure

of

Information

about

Fund

Trustees

and

Officers,

continued

—

June

30,

2020

(Unaudited)

Disclosure

of

Information

about

Fund

Trustees

and

Officers

95

Name,

Age,

Address

Positions(s)

Held

With

Fund

and

Length

of

Time

Served

Term

of

Office

Principal

Occupation(s)

During

the

Past

5

Years

OFFICERS

(continued)

Mark

E.

Swanson,

Born

November

26,

1963

1301

Second

Avenue

18th

Floor,

Seattle,

WA

98101

President

and

Chief

Executive

Officer

since

2020

Treasurer,

Chief

Accounting

Officer

and

Chief

Financial

Officer

since

1998

Until

successor

is

chosen

and

qualified

by

Trustees

Global

Head

of

Fund

Services,

Russell

Investments

President,

Chief

Executive

Officer,

Treasurer,

Chief

Accounting

Officer

and

CFO,

RIC

and

RIF

Director

and

President,

RIFUS

Director

RIM,

Russell

Investments

Trust

Company

(“RITC”)

and

RIFIS

President

and

Chief

Executive

Officer,

RIC

and

RIF,

June

2016

to

June

2017

Peter

Gunning,

Born

February

22,

1967

1301

Second

Avenue,

18th

Floor,

Seattle

WA

98101

Chief

Investment

Officer

since

2018

Until

removed

by

Trustees

Global

Chief

Investment

Officer,

Russell

Investments

Chief

Investment

Officer,

RIC

and

RIF

Chief

Executive

Officer,

Asia

Pacific,

Russell

Investments

President,

RIM

Mary

Beth

R.

Albaneze,

Born

April

25,

1969

1301

Second

Avenue,

18th

Floor,

Seattle,

WA

98101

Secretary

and

Chief

Legal

Officer

since

2010

Until

successor

is

chosen

and

qualified

by

Trustees

Associate

General

Counsel,

Russell

Investments

Secretary,

RIM,

RIFUS

and

RIFIS

Secretary

and

Chief

Legal

Officer,

RIC

and

RIF

Assistant

Secretary,

U.S.

One,

LLC

Russell

Investment

Funds

LifePoints

®

Funds

Variable

Target

Portfolio

Series

Adviser

and

Service

Providers

—

June

30,

2020

(Unaudited)

96

Adviser

and

Service

Providers

Independent

Trustees

Thaddas

L.

Alston

Kristianne

Blake

Cheryl

Burgermeister

Katherine

W.

Krysty

Julie

Dien

Ledoux

Raymond

P.

Tennison,

Jr.

Jack

R.

Thompson

Trustee

Emeritus

George

F.

Russell,

Jr.

Officers

Mark

E.

Swanson,

President,

Chief

Executive

Officer,

Treasurer,

Chief

Accounting

Officer

and

Chief

Financial

Officer

Cheryl

Wichers,

Chief

Compliance

Officer

Peter

Gunning,

Chief

Investment

Officer

Mary

Beth

R.

Albaneze,

Secretary

Adviser

Russell

Investment

Management,

LLC

1301

Second

Avenue

Seattle,

WA

98101

Administrator

and

Transfer

and

Dividend

Disbursing

Agent

Russell

Investments

Fund

Services,

LLC

1301

Second

Avenue

Seattle,

WA

98101

Custodian

State

Street

Bank

and

Trust

Company

1

Heritage

Drive

North

Quincy,

MA

02171

Office

of

Shareholder

Inquiries

1301

Second

Avenue

Seattle,

WA

98101

(800)

787-7354

Legal

Counsel

Dechert

LLP

One

International

Place,

40th

Floor

100

Oliver

Street

Boston,

MA

02110

Distributor

Russell

Investments

Financial

Services,

LLC

1301

Second

Avenue

Seattle,

WA

98101

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

1420

5th

Avenue,

Suite

2800

Seattle,

WA

98101

This

report

is

prepared

from

the

books

and

records

of

the

Funds

and

is

submitted

for

the

general

information

of

shareholders

and

is

not

authorized

for

distribution

to

prospective

investors

unless

accompanied

or

preceded

by

an

effective

Prospectus.

Nothing

herein

contained

is

to

be

considered

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

Russell

Investment

Funds.

Such

offering

is

made

only

by

Prospectus,

which

includes

details

as

to

offering

price

and

other

material

information.

Russell

Investment

Funds

1301

Second

Avenue

Seattle,

Washington

98101

800-787-7354

Fax:

206-505-3495

Item 2. Code of Ethics. [Annual Report Only]

Item 3. Audit Committee Financial Expert. [Annual Report Only]

Item 4. Principal Accountant Fees and Services. [Annual Report Only]

Item 5.  Audit Committee of Listed Registrants.  [Not Applicable]

Item 6.  [Schedules of Investments are included as part of the Report to Shareholders filed under Item 1 of this form]

Items 7-9. [Not Applicable]

Item 10.  Submission of Matters to a Vote of Security Holders

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.

Item 11. Controls and Procedures

(a) Registrant's principal executive officer and principal financial officer have concluded that Registrant's disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940 (the “Act”)) are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the date this report is filed with the Securities and Exchange Commission.

(b) There were no significant changes in Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected or is likely to materially affect Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies [Not Applicable]

Item 13. Exhibit List

(a)Certification for principal executive officer of Registrant as required by Rule 30a-2(a) under the Act and certification for principal financial officer of Registrant as required by Rule 30a-2(a) under the Act.  ex99_cert

(b)Certification for principal executive officer and principal financial officer of Registrant as required by Rule 30a-2(b) under Act. ex99_906cert

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Russell Investment Funds

By:  /s/ Mark E. Swanson                                                                                          

            Mark E. Swanson   

President, Chief Executive Officer, Treasurer, Chief Accounting Officer and Chief Financial Officer, Russell Investment Funds

Date:  August 13, 2020