2020
QUARTERLY
REPORT
Russell
Investment
Funds
September
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
Russell
Investment
Funds
Russell
Investment
Funds
is
a
series
investment
company
with
nine
different
investment
portfolios
referred
to
as
Funds.
This
Quarterly
Report
reports
on
five
of
these
Funds.
Page
U.S.
Strategic
Equity
Fund
3
U.S.
Small
Cap
Equity
Fund
9
International
Developed
Markets
Fund
22
Strategic
Bond
Fund
32
Global
Real
Estate
Securities
Fund
68
Notes
to
Schedules
of
Investments
73
Notes
to
Quarterly
Report
75
Russell
Investment
Funds
Quarterly
Report
September
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.
Frank
Russell
Company
is
the
owner
of
the
Russell
trademarks
contained
in
this
material
and
all
trademark
rights
related
to
the
Russell
trademarks,
which
the
members
of
the
Russell
Investments
group
of
companies
are
permitted
to
use
under
license
from
Frank
Russell
Company.
The
members
of
the
Russell
Investments
group
of
companies
are
not
affiliated
in
any
manner
with
Frank
Russell
Company
or
any
entity
operating
under
the
“FTSE
RUSSELL”
brand.
Fund
objectives,
risks,
charges
and
expenses
should
be
carefully
considered
before
in-
vesting.
A
prospectus
containing
this
and
other
important
information
must
precede
or
accompany
this
material.
Please
read
the
prospectus
carefully
before
investing.
Securities
distributed
through
Russell
Investments
Financial
Services,
LLC,
member
FINRA,
part
of
Russell
Investments.
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Strategic
Equity
Fund
3
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
97.7%
Consumer
Discretionary
-
17.5%
Advance
Auto
Parts,
Inc.
2,043
314
Amazon.com,
Inc.(Æ)
6,489
20,431
Amerco
,
Inc.
627
223
AutoNation,
Inc.(Æ)
4,144
219
Best
Buy
Co.,
Inc.
5,999
668
BorgWarner,
Inc.
8,159
316
Bright
Horizons
Family
Solutions,
Inc.(Æ)
2,077
316
Brunswick
Corp.
2,105
124
Capri
Holdings,
Ltd.(Æ)
5,875
106
Carnival
Corp.
3,338
51
Carter's,
Inc.
1,611
139
Charter
Communications,
Inc.
Class
A(Æ)
14,965
9,342
Chipotle
Mexican
Grill,
Inc.
Class
A(Æ)
116
144
Choice
Hotels
International,
Inc.
3,980
342
Columbia
Sportswear
Co.
1,096
95
Comcast
Corp.
Class
A
34,210
1,583
Costco
Wholesale
Corp.
2,363
839
Darden
Restaurants,
Inc.
21,159
2,132
Dick's
Sporting
Goods,
Inc.
6,312
365
Discovery,
Inc.
Class
A(Æ)(Ñ)
3,691
80
Dollar
General
Corp.
3,100
650
DR
Horton,
Inc.
22,275
1,685
eBay,
Inc.
9,193
479
Expedia
Group,
Inc.
1,917
176
Extended
Stay
America,
Inc.
10,010
120
Floor
&
Decor
Holdings,
Inc.
Class
A(Æ)
2,227
167
Foot
Locker,
Inc.
7,438
246
Ford
Motor
Co.
55,821
372
Gap,
Inc.
(The)
18,045
307
Garmin,
Ltd.
3,337
317
General
Motors
Co.
110,463
3,268
Gentex
Corp.
24,202
623
Genuine
Parts
Co.
3,441
327
Goodyear
Tire
&
Rubber
Co.
(The)
16,183
124
Graham
Holdings
Co.
Class
B
356
144
Grand
Canyon
Education,
Inc.(Æ)
1,590
127
Hanesbrands,
Inc.
12,187
192
Home
Depot,
Inc.
(The)
5,502
1,528
Kohl's
Corp.
10,918
202
Lear
Corp.
1,218
133
Leggett
&
Platt,
Inc.
4,651
191
Lennar
Corp.
Class
A
7,013
573
Lennar
Corp.
Class
B
2,463
162
Liberty
SiriusXM
Group
Class
C(Æ)
6,835
226
LKQ
Corp.(Æ)
14,272
396
Lowe's
Cos.,
Inc.
1,797
298
Lululemon
Athletica
,
Inc.(Æ)
1,582
521
Macy's,
Inc.(Ñ)
25,091
143
McDonald's
Corp.
2,773
609
Mohawk
Industries,
Inc.(Æ)
2,644
258
Netflix,
Inc.(Æ)
13,569
6,784
Nike,
Inc.
Class
B
66,757
8,380
Nordstrom,
Inc.(Ñ)
10,259
122
Norwegian
Cruise
Line
Holdings,
Ltd.(Æ)(Ñ)
7,320
125
NVR,
Inc.(Æ)
70
286
Ollie's
Bargain
Outlet
Holdings,
Inc.(Æ)
2,419
211
Omnicom
Group,
Inc.
33,369
1,652
O'Reilly
Automotive,
Inc.(Æ)
525
242
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Penske
Automotive
Group,
Inc.
3,280
156
Polaris,
Inc.
3,134
296
PulteGroup,
Inc.
50,865
2,355
PVH
Corp.
4,338
259
Ralph
Lauren
Corp.
Class
A
2,230
152
Ross
Stores,
Inc.
4,099
383
Royal
Caribbean
Cruises,
Ltd.
2,807
182
Sensata
Technologies
Holding
PLC(Æ)
5,004
216
Skechers
USA,
Inc.
Class
A(Æ)
6,643
201
Starbucks
Corp.
59,551
5,116
Tapestry,
Inc.
12,285
192
Target
Corp.
5,422
854
Thor
Industries,
Inc.(Ñ)
2,247
214
Tiffany
&
Co.
1,277
148
TJX
Cos.,
Inc.
(The)
5,401
301
Tractor
Supply
Co.
2,270
325
Ulta
Salon
Cosmetics
&
Fragrance,
Inc.(Æ)
7,943
1,779
Under
Armour
,
Inc.
Class
A(Æ)
7,984
90
Urban
Outfitters,
Inc.(Æ)
7,043
147
VF
Corp.
2,803
197
ViacomCBS
,
Inc.
Class
B
10,067
282
Walmart,
Inc.
8,705
1,218
Walt
Disney
Co.
(The)
7,265
901
Whirlpool
Corp.
1,874
345
Williams-Sonoma,
Inc.
4,349
393
Yum
China
Holdings,
Inc.
3,171
168
87,065
Consumer
Staples
-
3.9%
Archer-Daniels-Midland
Co.
8,634
401
Casey's
General
Stores,
Inc.
582
103
Clorox
Co.
(The)
446
94
Coca-Cola
Co.
(The)
20,059
990
CVS
Health
Corp.
48,541
2,835
Estee
Lauder
Cos.,
Inc.
(The)
Class
A
1,424
311
General
Mills,
Inc.
2,979
184
Hormel
Foods
Corp.
1,723
84
Ingredion,
Inc.
28,057
2,123
JM
Smucker
Co.
(The)(Ñ)
3,096
358
Kroger
Co.
(The)
86,385
2,930
Molson
Coors
Beverage
Co.
Class
B
46,711
1,568
Mondelez
International,
Inc.
Class
A
8,443
485
Monster
Beverage
Corp.(Æ)
2,598
208
PepsiCo,
Inc.
7,645
1,060
Philip
Morris
International,
Inc.
5,193
389
Procter
&
Gamble
Co.
(The)
15,970
2,220
Sysco
Corp.
1,609
100
Tyson
Foods,
Inc.
Class
A
42,746
2,543
US
Foods
Holding
Corp.(Æ)
5,544
123
Walgreens
Boots
Alliance,
Inc.
7,886
283
19,392
Energy
-
1.1%
BP
PLC
-
ADR
80,570
1,406
Canadian
Natural
Resources,
Ltd.
78,011
1,249
Chevron
Corp.
18,111
1,304
ConocoPhillips
13,264
436
Exxon
Mobil
Corp.
6,152
211
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
4
U.S.
Strategic
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Magna
International,
Inc.
Class
A
16,472
754
5,360
Financial
Services
-
16.9%
Aflac,
Inc.
9,823
357
Alliance
Data
Systems
Corp.
2,771
116
Allstate
Corp.
(The)
4,650
438
American
Express
Co.
1,079
108
American
Homes
4
Rent
Class
A(ö)
3,460
99
American
Tower
Corp.(ö)
2,084
504
Annaly
Capital
Management,
Inc.(ö)
216,680
1,543
Apple
Hospitality
REIT,
Inc.(ö)
19,915
191
AvalonBay
Communities,
Inc.(ö)
1,131
169
Banco
Santander
SA
-
ADR(Ñ)
479,541
887
Bank
of
America
Corp.
128,583
3,098
Bank
of
New
York
Mellon
Corp.
(The)
5,310
182
Berkshire
Hathaway,
Inc.
Class
B(Æ)
21,745
4,630
BlackRock,
Inc.
Class
A
1,517
855
Boston
Properties,
Inc.(ö)
12,653
1,016
Broadridge
Financial
Solutions,
Inc.
2,086
275
Brookfield
Property
REIT,
Inc.
Class
A(Ñ)(ö)
12,292
150
Capital
One
Financial
Corp.
2,570
185
Cboe
Global
Markets,
Inc.
503
44
CBRE
Group,
Inc.
Class
A(Æ)
6,371
299
Charles
Schwab
Corp.
(The)
23,971
868
Chubb,
Ltd.
3,410
396
Citigroup,
Inc.
124,460
5,365
Citizens
Financial
Group,
Inc.
62,108
1,570
Comerica,
Inc.
36,063
1,379
Crown
Castle
International
Corp.(ö)
1,803
300
CubeSmart
(ö)
3,992
129
Discover
Financial
Services
2,083
120
Equinix
,
Inc.(Æ)(ö)
331
252
Essent
Group,
Ltd.
24,126
893
Essex
Property
Trust,
Inc.(ö)
452
91
Everest
Re
Group,
Ltd.
130
26
Fidelity
National
Information
Services,
Inc.
4,609
678
Fiserv,
Inc.(Æ)
2,540
262
FleetCor
Technologies,
Inc.(Æ)
1,063
253
Global
Payments,
Inc.
3,663
650
Goldman
Sachs
Group,
Inc.
(The)
378
76
Hartford
Financial
Services
Group,
Inc.
3,157
116
Host
Hotels
&
Resorts,
Inc.(ö)
9,213
99
Invitation
Homes,
Inc.(ö)
4,938
138
Jack
Henry
&
Associates,
Inc.
2,410
392
JPMorgan
Chase
&
Co.
42,710
4,112
KeyCorp
919
11
KKR
&
Co.,
Inc.
Class
A
199,795
6,861
Life
Storage,
Inc.(Æ)(ö)
727
77
M&T
Bank
Corp.
1,944
179
MasterCard,
Inc.
Class
A
32,913
11,131
Medical
Properties
Trust,
Inc.(ö)
3,345
59
Merck
&
Co.,
Inc.
14,451
1,199
MetLife,
Inc.
4,703
175
Morgan
Stanley
1,705
82
Northern
Trust
Corp.
3,311
258
PayPal
Holdings,
Inc.(Æ)
47,813
9,421
People's
United
Financial,
Inc.
3,680
38
PNC
Financial
Services
Group,
Inc.
(The)
2,876
316
Popular,
Inc.
12,027
436
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Progressive
Corp.
(The)
1,337
127
Prudential
Financial,
Inc.
2,506
159
Public
Storage(ö)
963
214
Raymond
James
Financial,
Inc.
1,839
134
Regency
Centers
Corp.(ö)
1,726
66
Reinsurance
Group
of
America,
Inc.
Class
A
1,509
144
RenaissanceRe
Holdings,
Ltd.
5
1
SLM
Corp.
101,178
819
State
Street
Corp.
2,147
127
Sun
Communities,
Inc.(ö)
628
88
Synchrony
Financial
8,472
222
Travelers
Cos.,
Inc.
(The)
3,142
340
Truist
Financial
Corp.
8,337
317
Two
Harbors
Investment
Corp.(ö)
225,378
1,147
US
Bancorp
8,817
316
VEREIT,
Inc.(ö)
11,367
74
Visa,
Inc.
Class
A
68,441
13,687
Wells
Fargo
&
Co.
108,002
2,539
Western
Union
Co.
(The)
11,682
250
WP
Carey,
Inc.(ö)
1,391
91
84,416
Health
Care
-
14.7%
Abbott
Laboratories
10,603
1,154
AbbVie,
Inc.
18,460
1,617
Abiomed
,
Inc.(Æ)
1,856
514
Agilent
Technologies,
Inc.
7,578
765
Agios
Pharmaceuticals,
Inc.(Æ)
2,044
72
Alexion
Pharmaceuticals,
Inc.(Æ)
16,338
1,870
Align
Technology,
Inc.(Æ)
2,255
738
Alkermes
PLC(Æ)
14,653
243
Alnylam
Pharmaceuticals,
Inc.(Æ)
2,589
377
Amgen,
Inc.
2,239
569
Anthem,
Inc.(Æ)
1,207
324
AstraZeneca
PLC
-
ADR
16,079
881
Baxter
International,
Inc.
6,824
549
Becton
Dickinson
and
Co.
2,678
623
Biogen,
Inc.(Æ)
2,834
804
BioMarin
Pharmaceutical,
Inc.(Æ)
1,022
78
Bluebird
Bio,
Inc.(Æ)
3,503
189
Boston
Scientific
Corp.(Æ)
10,245
391
Bristol-Myers
Squibb
Co.
36,709
2,213
Cantel
Medical
Corp.
3,882
171
Centene
Corp.(Æ)
7,579
442
Cerner
Corp.
7,539
545
Cigna
Corp.
2,621
444
Cooper
Cos.,
Inc.
(The)
1,361
459
Dentsply
Sirona,
Inc.
3,268
143
DexCom
,
Inc.(Æ)
948
391
Edwards
Lifesciences
Corp.(Æ)
65,317
5,213
Eli
Lilly
&
Co.
4,594
680
Envista
Holdings
Corp.(Æ)
18,972
468
Exact
Sciences
Corp.(Æ)
1,507
154
Exelixis
,
Inc.(Æ)
15,276
373
Gilead
Sciences,
Inc.
7,226
457
HCA
Healthcare,
Inc.
10,016
1,249
Henry
Schein,
Inc.(Æ)
2,208
130
Hill-Rom
Holdings,
Inc.
2,362
197
Hologic
,
Inc.(Æ)
2,266
151
Humana,
Inc.
425
176
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Strategic
Equity
Fund
5
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
ICU
Medical,
Inc.(Æ)
1,174
215
IDEXX
Laboratories,
Inc.(Æ)
459
180
Illumina,
Inc.(Æ)
16,122
4,982
Incyte
Corp.(Æ)
5,060
454
Insulet
Corp.(Æ)
433
102
Integra
LifeSciences
Holdings
Corp.(Æ)
3,940
186
Intuitive
Surgical,
Inc.(Æ)
10,376
7,361
IQVIA
Holdings,
Inc.(Æ)
46,327
7,302
Jazz
Pharmaceuticals
PLC(Æ)
11,338
1,617
Johnson
&
Johnson
32,704
4,868
Laboratory
Corp.
of
America
Holdings(Æ)
2,367
446
Masimo
Corp.(Æ)
1,953
461
MEDNAX,
Inc.(Æ)
9,580
156
Medtronic
PLC
25,309
2,630
Moderna
,
Inc.(Æ)
3,263
231
Mylan
NV(Æ)
52,279
775
Neurocrine
Biosciences,
Inc.(Æ)
831
80
Penumbra,
Inc.(Æ)
1,072
208
Pfizer,
Inc.
79,383
2,913
Quest
Diagnostics,
Inc.
3,476
398
Regeneron
Pharmaceuticals,
Inc.(Æ)
844
472
ResMed
,
Inc.
3,433
589
Sage
Therapeutics,
Inc.(Æ)
2,682
164
Seagen
,
Inc.(Æ)
1,169
229
STERIS
PLC
2,814
496
Stryker
Corp.
3,089
644
Teleflex,
Inc.
758
258
Thermo
Fisher
Scientific,
Inc.
2,717
1,200
United
Therapeutics
Corp.(Æ)
2,788
282
UnitedHealth
Group,
Inc.
6,572
2,049
Universal
Health
Services,
Inc.
Class
B
3,794
406
Varian
Medical
Systems,
Inc.(Æ)
2,969
511
Veeva
Systems,
Inc.
Class
A(Æ)
1,545
434
Vertex
Pharmaceuticals,
Inc.(Æ)
2,854
777
West
Pharmaceutical
Services,
Inc.
2,655
730
Zimmer
Biomet
Holdings,
Inc.
12,660
1,724
Zoetis,
Inc.
Class
A
5,319
880
73,224
Materials
and
Processing
-
4.2%
Air
Products
&
Chemicals,
Inc.
144
43
Alcoa
Corp.(Æ)
39,860
464
Ball
Corp.
68,060
5,658
Carrier
Global
Corp.
7,844
240
Copart
,
Inc.(Æ)
1,742
183
Crown
Holdings,
Inc.(Æ)
31,816
2,445
DowDuPont
,
Inc.
36,451
2,022
Eastman
Chemical
Co.
18,501
1,445
Ecolab,
Inc.
87
17
Fastenal
Co.
4,175
188
Freeport-McMoRan,
Inc.
80,236
1,255
Huntsman
Corp.
91,018
2,022
Lennox
International,
Inc.
546
149
Linde
PLC(Æ)
1,593
379
LyondellBasell
Industries
NV
Class
A
2,417
170
Newmont
Corp.
49,627
3,149
Owens
Corning
4,178
287
Reliance
Steel
&
Aluminum
Co.
434
44
Steel
Dynamics,
Inc.
63
2
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Trane
Technologies
PLC
4,862
590
20,752
Producer
Durables
-
6.3%
3M
Co.
2,193
351
Accenture
PLC
Class
A
4,196
948
AECOM(Æ)
6,434
269
Ametek
,
Inc.
5,005
497
Aptiv
PLC
1,648
151
Automatic
Data
Processing,
Inc.
3,807
531
Boeing
Co.
(The)
1,463
242
Booz
Allen
Hamilton
Holding
Corp.
Class
A
3,149
261
Carlisle
Cos.,
Inc.
3,137
384
CH
Robinson
Worldwide,
Inc.(Ñ)
3,238
331
Chart
Industries,
Inc.(Æ)
20,498
1,441
Cintas
Corp.
1,104
367
CoStar
Group,
Inc.(Æ)
672
570
CSX
Corp.
3,078
239
Cummins,
Inc.
3,179
671
Danaher
Corp.
4,739
1,021
Deere
&
Co.
930
206
Delta
Air
Lines,
Inc.
8,188
250
Eaton
Corp.
PLC
8,954
914
Emerson
Electric
Co.
3,665
240
Expeditors
International
of
Washington,
Inc.
1,184
107
FedEx
Corp.
2,422
609
Flir
Systems,
Inc.
4,588
164
General
Dynamics
Corp.
1,440
199
HD
Supply
Holdings,
Inc.(Æ)
5,959
246
HEICO
Corp.
1,206
126
Honeywell
International,
Inc.
5,092
838
Huntington
Ingalls
Industries,
Inc.
597
84
IDEX
Corp.
2,079
379
IHS
Markit
,
Ltd.(Æ)
3,232
254
Illinois
Tool
Works,
Inc.
1,625
314
Johnson
Controls
International
PLC(Æ)
18,229
745
Kansas
City
Southern
1,960
354
Keysight
Technologies,
Inc.(Æ)
918
91
L3Harris
Technologies,
Inc.
3,321
564
Lockheed
Martin
Corp.
1,215
466
Middleby
Corp.(Æ)
1,748
157
Northrop
Grumman
Corp.
932
294
Old
Dominion
Freight
Line,
Inc.
548
99
Otis
Worldwide
Corp.
3,922
245
PACCAR,
Inc.
9,069
773
Paychex,
Inc.
8,520
680
Quanta
Services,
Inc.
6,202
328
Raytheon
Co.(Æ)
14,929
859
Republic
Services,
Inc.
Class
A
3,229
301
Roper
Technologies,
Inc.
954
377
S&P
Global,
Inc.
188
68
Snap-on,
Inc.
1,486
219
Southwest
Airlines
Co.
7,581
284
Stanley
Black
&
Decker,
Inc.
719
117
Textron,
Inc.
15,416
556
Toro
Co.
(The)
2,847
239
TreeHouse
Foods,
Inc.(Æ)
28,007
1,136
Union
Pacific
Corp.
2,511
494
United
Airlines
Holdings,
Inc.(Æ)
2,219
77
United
Parcel
Service,
Inc.
Class
B
2,401
400
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
6
U.S.
Strategic
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
United
Rentals,
Inc.(Æ)
1,238
216
Verisk
Analytics,
Inc.
Class
A
2,323
430
Waste
Management,
Inc.
61,748
6,989
Waters
Corp.(Æ)
790
155
Westinghouse
Air
Brake
Technologies
Corp.
1,530
95
Xerox
Holdings
Corp.
13,408
252
XPO
Logistics,
Inc.(Æ)
1,342
114
31,378
Technology
-
29.7%
Activision
Blizzard,
Inc.
2,116
171
Adobe,
Inc.(Æ)
12,576
6,168
Akamai
Technologies,
Inc.(Æ)
1,356
150
Allegion
PLC
1,360
135
Alphabet,
Inc.
Class
A(Æ)
7,006
10,268
Alphabet,
Inc.
Class
C(Æ)
894
1,314
Amdocs,
Ltd.
7,218
414
Amphenol
Corp.
Class
A
6,538
708
Ansys
,
Inc.(Æ)
640
209
Apple,
Inc.
107,104
12,404
Applied
Materials,
Inc.
6,816
405
Arista
Networks,
Inc.(Æ)
7,936
1,642
Arrow
Electronics,
Inc.(Æ)
5,107
402
Autodesk,
Inc.(Æ)
26,549
6,133
Black
Knight,
Inc.(Æ)
2,660
232
Booking
Holdings,
Inc.(Æ)
95
163
Broadcom,
Inc.
1,205
439
CACI
International,
Inc.
Class
A(Æ)
356
76
Cadence
Design
Systems,
Inc.(Æ)
3,050
325
CDW
Corp.
2,415
289
Cisco
Systems,
Inc.
27,779
1,094
Citrix
Systems,
Inc.
3,203
441
Cognizant
Technology
Solutions
Corp.
Class
A
17,450
1,211
Corning,
Inc.
7,541
244
Corteva
,
Inc.
Class
W
67,253
1,938
Coupa
Software,
Inc.(Æ)
20,526
5,629
Dell
Technologies,
Inc.
Class
C(Æ)
7,292
494
Dolby
Laboratories,
Inc.
Class
A
5,543
367
DXC
Technology
Co.
3,665
65
Electronic
Arts,
Inc.(Æ)
923
120
F5
Networks,
Inc.(Æ)
2,416
297
Facebook,
Inc.
Class
A(Æ)
18,586
4,868
Fortinet,
Inc.(Æ)
1,247
147
Genpact
,
Ltd.
10,959
427
Grubhub
,
Inc.(Æ)
2,448
177
Hewlett
Packard
Enterprise
Co.
Class
H
33,432
313
HP,
Inc.(Æ)
25,392
482
Intel
Corp.
33,455
1,732
Intuit,
Inc.
1,727
563
IPG
Photonics
Corp.(Æ)
4,830
821
Jabil
Circuit,
Inc.
7,666
263
Juniper
Networks,
Inc.
20,695
445
Lam
Research
Corp.
1,205
400
Leidos
Holdings,
Inc.
3,168
282
Marvell
Technology
Group,
Ltd.
40,176
1,595
Match
Group,
Inc.(Æ)
62,547
6,921
Micron
Technology,
Inc.(Æ)
41,725
1,959
Microsoft
Corp.
129,286
27,192
Motorola
Solutions,
Inc.
1,828
287
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
NCR
Corp.(Æ)
9,340
207
NVIDIA
Corp.
3,156
1,708
ON
Semiconductor
Corp.(Æ)
10,724
233
Oracle
Corp.
9,291
555
Paycom
Software,
Inc.(Æ)
20,424
6,358
Pure
Storage,
Inc.
Class
A(Æ)
18,569
286
Salesforce.com,
Inc.(Æ)
4,323
1,086
ServiceNow
,
Inc.(Æ)
19,083
9,255
Skyworks
Solutions,
Inc.
1,179
172
SYNNEX
Corp.
2,413
338
Synopsys,
Inc.(Æ)
3,910
837
Take-Two
Interactive
Software,
Inc.(Æ)
2,156
356
Teradyne,
Inc.
5,072
403
Texas
Instruments,
Inc.
5,899
842
Twilio
,
Inc.
Class
A(Æ)
34,635
8,558
Tyler
Technologies,
Inc.(Æ)
267
93
Uber
Technologies,
Inc.(Æ)
257,730
9,402
VMware,
Inc.
Class
A(Æ)(Ñ)
1,967
283
Western
Digital
Corp.
4,003
146
Wix.com,
Ltd.(Æ)
14,798
3,771
Workday,
Inc.
Class
A(Æ)
542
117
Zynga,
Inc.
Class
A(Æ)
38,500
351
148,178
Utilities
-
3.4%
American
Electric
Power
Co.,
Inc.
1,296
106
AT&T,
Inc.
125,381
3,575
Avangrid
,
Inc.
4,903
247
CenterPoint
Energy,
Inc.
10,109
196
Consolidated
Edison,
Inc.
4,123
321
Dominion
Energy,
Inc.
1,134
90
DTE
Energy
Co.
1,968
226
Duke
Energy
Corp.
6,335
561
Evergy
,
Inc.
5,903
300
Eversource
Energy(Æ)
3,433
287
Exelon
Corp.
11,311
404
FirstEnergy
Corp.
56,809
1,631
International
Business
Machines
Corp.
4,227
514
National
Fuel
Gas
Co.
2,504
102
NextEra
Energy,
Inc.
1,715
476
PG&E
Corp.(Æ)
11,180
105
Pinnacle
West
Capital
Corp.
1,968
147
PPL
Corp.
67,949
1,849
Sempra
Energy
1,950
231
Southern
Co.
(The)
4,650
252
T-Mobile
US,
Inc.(Æ)
2,129
243
UGI
Corp.
23,372
771
Verizon
Communications,
Inc.
65,258
3,882
Vistra
Corp.
4,895
92
WEC
Energy
Group,
Inc.(Æ)
5,587
541
17,149
Total
Common
Stocks
(cost
$378,650)
486,914
Warrants
and
Rights
-
0.0%
Bristol-Myers
Squibb
Co.(
Æ)
2021 Rights
5,115
12
Total
Warrants
and
Rights
(cost
$11)
12
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Strategic
Equity
Fund
7
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Short-Term
Investments
-
2.3%
U.S.
Cash
Management
Fund(@)
11,689,212
(∞)
11,687
Total
Short-Term
Investments
(cost
$11,688)
11,687
Other
Securities
-
0.5%
U.S.
Cash
Collateral
Fund(@)(×)
2,447,375
(∞)
2,447
Total
Other
Securities
(cost
$2,447)
2,447
Total
Investments
-
100.5%
(identified
cost
$392,796)
501,060
Other
Assets
and
Liabilities,
Net
-
(0.5)%
(2,573)
Net
Assets
-
100.0%
498,487
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
8
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
9
USD
1,508
12/20
(9)
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
(9)
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
Common
Stocks
Consumer
Discretionary
$
87,065
$
—
$
—
$
—
$
87,065
Consumer
Staples
19,392
—
—
—
19,392
Energy
5,360
—
—
—
5,360
Financial
Services
84,416
—
—
—
84,416
Health
Care
73,224
—
—
—
73,224
Materials
and
Processing
20,752
—
—
—
20,752
Producer
Durables
31,378
—
—
—
31,378
Technology
148,178
—
—
—
148,178
Utilities
17,149
—
—
—
17,149
Warrants
and
Rights
12
—
—
—
12
Short-Term
Investments
—
—
—
11,687
11,687
Other
Securities
—
—
—
2,447
2,447
Total
Investments
486,926
—
—
14,134
501,060
Other
Financial
Instruments
Liabilities
Futures
Contracts
(9)
—
—
—
(9)
Total
Other
Financial
Instruments
*
$
(9)
$
—
$
—
$
—
$
(9)
*
Futures
and
foreign
currency
exchange
contract
values
reflect
the
unrealized
appreciation
(depreciation)
on
the
investments.
(a)
Certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
share
(or
its
equivalent)
practical
expedient
have
not
been
classified
in
the
fair
value
levels.
The
fair
value
amounts
presented
in
the
table
are
intended
to
permit
reconciliation
to
the
amounts
presented
in
the
Schedule
of
Investments.
For
a
description
of
the
Levels,
see
note
2
in
the
Notes
to
Quarterly
Report.
For
a
disclosure
on
transfers
between
Levels
1,
2
and
3
during
the
period
ended
September
30,
2020,
see
note
2
in
the
Notes
to
Quarterly
Report.
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Small
Cap
Equity
Fund
9
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
99.6%
Consumer
Discretionary
-
13.3%
Aaron's,
Inc.
Class
A
3,587
203
Adtalem
Global
Education,
Inc.(Æ)
3,515
86
American
Axle
&
Manufacturing
Holdings,
Inc.(Æ)
43,298
250
American
Outdoor
Brands,
Inc.(Æ)
1,138
15
American
Public
Education,
Inc.(Æ)
7,586
214
America's
Car-Mart,
Inc.(Æ)
7,430
631
Aspen
Group,
Inc.(Æ)
4,078
46
B.
Riley
Financial,
Inc.
33,819
848
Beazer
Homes
USA,
Inc.(Æ)
1,405
19
Bed
Bath
&
Beyond,
Inc.(Ñ)
12,865
193
Big
Lots,
Inc.
3,369
150
BJ's
Restaurants,
Inc.
27,505
810
BJ's
Wholesale
Club
Holdings,
Inc.(Æ)
1,784
74
Bloomin
'
Brands,
Inc.
7,500
115
BMC
Stock
Holdings,
Inc.(Æ)
6,181
265
Boot
Barn
Holdings,
Inc.(Æ)(Ñ)
14,272
402
Brinker
International,
Inc.(Û)
8,049
343
Cable
One,
Inc.(Ð)(Û)
187
353
Caesars
Entertainment,
Inc.(Æ)
3,223
181
Caleres
,
Inc.
63,311
605
Camping
World
Holdings,
Inc.
Class
A
684
20
Canada
Goose
Holdings,
Inc.(Æ)(Ñ)
5,108
164
Cardlytics,
Inc.(Æ)
1,772
125
Carrols
Restaurant
Group,
Inc.(Æ)
34,087
220
Cato
Corp.
(The)
Class
A
8,044
63
Cavco
Industries,
Inc.(Æ)
2,493
450
Celestica,
Inc.(Æ)
12,552
87
Central
European
Media
Enterprises,
Ltd.
Class
A(Æ)
37,760
158
Central
Garden
&
Pet
Co.
Class
A(Æ)(Û)
1,591
57
Century
Communities,
Inc.(Æ)
3,042
129
Cheesecake
Factory,
Inc.
(The)(Ñ)
2,801
78
Chuy's
Holdings,
Inc.(Æ)
6,101
119
Cinemark
Holdings,
Inc.
9,416
94
Cooper
Tire
&
Rubber
Co.
4,486
142
Cooper-Standard
Holdings,
Inc.(Æ)(Û)
6,319
83
Cracker
Barrel
Old
Country
Store,
Inc.
681
78
Dana
Holding
Corp.
22,011
271
Deckers
Outdoor
Corp.(Æ)
610
134
Del
Taco
Restaurants,
Inc.(Æ)
35,612
292
Delta
Apparel,
Inc.(Æ)
14,382
205
Denny's
Corp.(Æ)
37,263
373
Dillard's,
Inc.
Class
A(Ñ)
2,541
93
Dine
Brands
Global,
Inc.(Ð)
988
54
El
Pollo
Loco
Holdings,
Inc.(Æ)
11,013
178
Entercom
Communications
Corp.
Class
A
73,089
118
Eros
STX
Global
Corp.(Æ)(Ñ)
35,990
80
EW
Scripps
Co.
(The)
Class
A
27,686
317
First
Cash
Financial
Services,
Inc.
1,207
69
Five
Below,
Inc.(Æ)
442
56
Floor
&
Decor
Holdings,
Inc.
Class
A(Æ)
919
69
Fossil
Group,
Inc.(Æ)(Ð)
6,576
38
Foundation
Building
Materials,
Inc.(Æ)
2,423
38
Full
House
Resorts,
Inc.(Æ)
51,201
99
Funko
,
Inc.
Class
A(Æ)(Ñ)
11,843
69
GameStop
Corp.
Class
A(Æ)(Ñ)
17,743
181
GAN,
Ltd.(Æ)
5,337
90
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Genesco,
Inc.(Æ)
14,533
313
G-III
Apparel
Group,
Ltd.(Æ)
3,723
49
Golden
Entertainment,
Inc.(Æ)
21,428
296
Goodyear
Tire
&
Rubber
Co.
(The)
22,142
170
GoPro,
Inc.
Class
A(Æ)
16,101
73
Gray
Television,
Inc.(Æ)
15,690
216
H&R
Block,
Inc.(Ð)
13,964
227
Hamilton
Beach
Brands
Holding
Co.
Class
A
16,085
313
Haverty
Furniture
Cos.,
Inc.(Û)
1,724
36
HealthStream
,
Inc.(Æ)(Û)
1,560
31
Hibbett
Sports,
Inc.(Æ)
1,437
56
Hillenbrand,
Inc.
2,627
75
Houghton
Mifflin
Harcourt
Co.(Æ)(Ð)
7,039
12
iHeartMedia
,
Inc.
Class
A(Æ)(Ñ)
17,903
145
International
Game
Technology
PLC
12,742
142
IntriCon
Corp.(Æ)(Ñ)
11,556
141
Jack
in
the
Box,
Inc.(Û)
3,972
315
K12,
Inc.(Æ)
7,140
188
KB
Home
3,448
132
Kontoor
Brands,
Inc.
18,768
454
La-Z-Boy,
Inc.
Class
Z
3,844
122
Lindblad
Expeditions
Holdings,
Inc.(Æ)
10,111
86
Lithia
Motors,
Inc.
Class
A
989
225
Lovesac
Co.
(The)(Æ)
3,011
83
Lumber
Liquidators
Holdings,
Inc.(Æ)
1,828
40
Macy's,
Inc.(Ñ)
18,040
103
Madison
Square
Garden
Entertainment
Corp.
(Æ)
5,973
409
Madison
Square
Garden
Sports
Corp.
Class
A(Æ)
2,579
388
Marchex
,
Inc.
Class
B(Æ)
4,000
8
Marriott
Vacations
Worldwide
Corp.
1,769
161
Matthews
International
Corp.
Class
A
18,195
407
Meritage
Homes
Corp.(Æ)
1,952
215
Meritor,
Inc.(Æ)(Ð)
4,471
94
Motorcar
Parts
of
America,
Inc.(Æ)
6,361
99
Movado
Group,
Inc.
1,676
17
Murphy
USA,
Inc.(Æ)
770
99
National
CineMedia
,
Inc.
30,679
83
Nautilus,
Inc.(Æ)
2,625
45
Nexstar
Media
Group,
Inc.
Class
A
1,864
168
OneWater
Marine,
Inc.
Class
A(Æ)
5,039
103
Papa
John's
International,
Inc.
846
70
Perdoceo
Education
Corp.(Æ)
4,975
61
PetIQ
,
Inc.(Æ)(Ñ)
16,249
535
Planet
Fitness,
Inc.
Class
A(Æ)
1,747
108
Quotient
Technology,
Inc.(Æ)
7,566
56
Qurate
Retail,
Inc.
Class
A
49,449
355
Red
Robin
Gourmet
Burgers,
Inc.(Æ)
1,810
24
Regis
Corp.(Æ)
11,589
71
Rent-A-Center,
Inc.
Class
A
3,634
109
REV
Group,
Inc.
3,200
25
Revlon,
Inc.
Class
A(Æ)
800
5
Revolve
Group,
Inc.(Æ)(Ñ)
5,033
83
Sally
Beauty
Holdings,
Inc.(Æ)(Ñ)
7,755
67
Scholastic
Corp.
5,060
106
Scientific
Games
Corp.
Class
A(Æ)
9,144
319
SeaWorld
Entertainment,
Inc.(Æ)
6,031
119
Sinclair
Broadcast
Group,
Inc.
Class
A
5,797
111
Skyline
Champion
Corp.(Æ)
21,952
588
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
10
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
SMART
Global
Holdings,
Inc.(Æ)(Ñ)
21,199
580
Sonic
Automotive,
Inc.
Class
A
3,122
125
Sportsman's
Warehouse
Holdings,
Inc.(Æ)
6,565
94
Stamps.com,
Inc.(Æ)
742
179
Steven
Madden,
Ltd.
2,762
54
Taylor
Morrison
Home
Corp.
Class
A(Æ)
8,671
213
Tenneco,
Inc.
Class
A(Æ)(Ð)
5,511
38
Texas
Roadhouse,
Inc.
Class
A
9,745
592
Tilly's,
Inc.
Class
A
32,427
196
Travelzoo
,
Inc.(Æ)(Û)
7,043
45
Tribune
Publishing
Co.(Æ)
1,300
15
Tupperware
Brands
Corp.(Æ)
2,810
57
Twin
River
Worldwide
Holdings,
Inc.
1,552
41
Universal
Electronics,
Inc.(Æ)
1,030
39
Universal
Technical
Institute,
Inc.(Æ)
2,523
13
Vera
Bradley,
Inc.(Æ)
1,499
9
Viad
Corp.(Ð)
1,650
34
Vista
Outdoor,
Inc.(Æ)
6,330
128
Visteon
Corp.(Æ)(Ð)
2,560
177
Wingstop
,
Inc.(Û)
2,520
344
Winnebago
Industries,
Inc.
1,823
94
Wolverine
World
Wide,
Inc.
34,266
885
WW
International,
Inc.(Æ)
7,067
133
Wyndham
Hotels
&
Resorts,
Inc.(Û)
18,729
946
ZAGG,
Inc.(Æ)(Ð)
2,265
6
Zumiez
,
Inc.(Æ)
4,347
121
25,003
Consumer
Staples
-
2.9%
Alico
,
Inc.
2,807
80
Bunge,
Ltd.(Û)
7,403
338
Coca-Cola
Bottling
Co.
381
92
Core-Mark
Holding
Co.,
Inc.
2,795
81
elf
Beauty,
Inc.(Æ)
52,027
956
Energizer
Holdings,
Inc.(Ñ)
6,438
252
Farmer
Brothers
Co.(Æ)
17,511
77
Fresh
Del
Monte
Produce,
Inc.
12,301
282
Grocery
Outlet
Holding
Corp.(Æ)
13,320
524
Helen
of
Troy,
Ltd.(Æ)
793
153
Herbalife
Nutrition,
Ltd.(Æ)(Û)
5,445
254
Laird
Superfood,
Inc.(Æ)
2,444
112
Lifevantage
Corp.(Æ)
2,200
27
Medifast
,
Inc.
687
113
MGP
Ingredients,
Inc.(Ñ)
4,798
191
National
Vision
Holdings,
Inc.(Æ)
2,413
92
Nomad
Foods,
Ltd.(Æ)
22,590
576
Performance
Food
Group
Co.(Æ)
12,278
425
Post
Holdings,
Inc.(Æ)
1,156
99
Primo
Water
Corp.
9,003
128
Quanex
Building
Products
Corp.
5,056
93
Sanderson
Farms,
Inc.(Ð)
1,250
147
Spectrum
Brands
Holdings,
Inc.
1,732
99
United
Natural
Foods,
Inc.(Æ)
5,159
77
USANA
Health
Sciences,
Inc.(Æ)
2,154
159
5,427
Energy
-
2.3%
Arch
Coal,
Inc.(Æ)(Û)
4,868
207
ChampionX
Corp.(Æ)
41,718
333
Continental
Resources,
Inc.(Ð)
5,581
69
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Diamondback
Energy,
Inc.
6,386
192
Exterran
Corp.(Æ)
1,428
6
FinTech
Acquisition
Corp.
III
Class
A(Æ)
4,379
45
Green
Brick
Partners,
Inc.(Æ)
62,782
1,011
Green
Plains,
Inc.(Æ)
5,658
88
Magnolia
Oil
&
Gas
Corp.(Æ)
43,077
223
Matrix
Service
Co.(Æ)
43,316
362
Nabors
Industries,
Inc.
559
14
National
Energy
Services
Reunited
Corp.(Æ)
58,281
372
Natural
Gas
Services
Group,
Inc.(Æ)
34,519
292
Newpark
Resources,
Inc.(Æ)
119,983
126
NOW,
Inc.(Æ)
7,781
35
Oil
States
International,
Inc.(Æ)
2,824
8
Par
Pacific
Holdings,
Inc.(Æ)
7,000
47
PDC
Energy,
Inc.(Æ)(Ð)
1,805
22
Peabody
Energy
Corp.
6,212
14
ProPetro
Holding
Corp.(Æ)
7,904
32
REX
American
Resources
Corp.(Æ)
772
51
Select
Energy
Services,
Inc.
Class
A(Æ)
54,871
211
SunCoke
Energy,
Inc.
46,306
158
Targa
Resources
Corp.
12,363
173
TPI
Composites,
Inc.(Æ)
2,779
80
Warrior
Met
Coal,
Inc.
5,951
102
World
Fuel
Services
Corp.(Ð)
5,860
124
4,397
Financial
Services
-
21.3%
1st
Source
Corp.
2,273
70
Agree
Realty
Corp.(ö)
1,342
85
Ally
Financial,
Inc.(Ð)
1,497
38
Altabank
Corp.(Æ)
1,150
23
Amalgamated
Bank
Class
A
6,601
70
American
Campus
Communities,
Inc.(Ð)(ö)
7,764
271
American
Equity
Investment
Life
Holding
Co.
9,904
218
American
National
Bankshares
,
Inc.
3,868
81
Ameris
Bancorp
16,231
370
Amerisafe
,
Inc.
1,593
91
Argo
Group
International
Holdings,
Ltd.
2,788
96
Armada
Hoffler
Properties,
Inc.(ö)
2,389
22
Assurant,
Inc.(Ð)
169
21
Assured
Guaranty,
Ltd.
1,210
26
Atlantic
Capital
Bancshares,
Inc.(Æ)
18,140
206
Atlantic
Union
Bankshares
Corp.(Æ)
4,147
89
Axis
Capital
Holdings,
Ltd.
10,405
458
Axos
Financial,
Inc.(Æ)
6,342
148
Banc
of
California,
Inc.
45,152
457
BancFirst
Corp.(Ð)
930
38
Bancorp,
Inc.
(The)(Æ)
4,312
37
BancorpSouth
Bank
4,824
93
BankUnited
,
Inc.
4,325
95
Banner
Corp.
8,194
264
Baycom
Corp.(Æ)
1,200
12
Berkshire
Hills
Bancorp,
Inc.
4,087
41
Blackstone
Mortgage
Trust,
Inc.
Class
A(ö)
4,358
96
Blucora
,
Inc.(Æ)
20,455
193
Bridgewater
Bancshares,
Inc.(Æ)
1,200
11
Brighthouse
Financial,
Inc.(Æ)(Û)
9,526
256
Brightsphere
Investment
Group,
Inc.
5,814
75
Brixmor
Property
Group,
Inc.(ö)
18,560
217
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Small
Cap
Equity
Fund
11
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Business
First
Bancshares,
Inc.(Û)
200
3
Byline
Bancorp,
Inc.
15,893
179
Cadence
Bancorp
8,985
77
Camden
Property
Trust(Ð)(ö)
3,596
320
Cannae
Holdings,
Inc.(Æ)
13,197
492
Capital
City
Bank
Group,
Inc.
16,753
315
Capstar
Financial
Holdings,
Inc.
26,154
257
Carter
Bank
&
Trust
1,394
9
Cathay
General
Bancorp
4,027
87
CBTX,
Inc.
1,597
26
Century
Bancorp,
Inc.
Class
A
3,462
228
CIT
Group,
Inc.
5,302
94
Civista
Bancshares,
Inc.
12,237
153
Coastal
Financial
Corp.(Æ)
559
7
Collectors
Universe,
Inc.
4,600
228
Columbia
Banking
System,
Inc.
3,860
92
Community
Bank
System,
Inc.
1,604
87
Community
Bankers
Trust
Corp.
10,201
52
CoreCivic
,
Inc.(Æ)
20,428
163
CorEnergy
Infrastructure
Trust,
Inc.(ö)
9,757
57
CorePoint
Lodging,
Inc.(ö)
5,023
27
Cowen
Group,
Inc.
Class
A
22,938
374
CTO
Realty
Growth,
Inc.
6,244
276
Cullen/Frost
Bankers,
Inc.(Ð)
1,461
93
Cushman
&
Wakefield
PLC(Æ)
5,511
58
CVB
Financial
Corp.
5,750
96
CyrusOne
,
Inc.(ö)
3,962
277
Deluxe
Corp.
3,135
81
DiamondRock
Hospitality
Co.(ö)
19,050
97
Diversified
Healthcare
Trust(Æ)
15,605
55
Donegal
Group,
Inc.
Class
A
100
1
Eagle
Bancorp,
Inc.
6,228
167
Easterly
Government
Properties,
Inc.(ö)
2,773
62
Ellington
Financial,
Inc.(ö)
9,444
116
Enova
International,
Inc.(Æ)
2,346
38
Equity
Commonwealth(ö)
6,814
181
Equity
LifeStyle
Properties,
Inc.
Class
A(ö)
2,687
165
Essent
Group,
Ltd.
12,930
479
Essential
Properties
Realty
Trust,
Inc.(ö)
3,652
67
Everi
Holdings,
Inc.(Æ)
51,102
422
EZCORP,
Inc.
Class
A(Æ)(Ð)
5,022
25
Farmers
&
Merchants
Bancorp,
Inc.
3,743
75
Fathom
Holdings,
Inc.(Æ)
5,885
93
FB
Financial
Corp.
5,620
141
Federated
Hermes,
Inc.
Class
B
4,440
96
First
BanCorp
(Û)
9,132
192
First
Community
Bankshares
,
Inc.
3,920
71
First
Financial
Corp.
427
13
First
Foundation,
Inc.
38,489
503
First
Horizon
National
Corp.
12,459
117
First
Interstate
BancSystem
,
Inc.
Class
A
8,207
261
First
Midwest
Bancorp,
Inc.
5,754
62
Franchise
Group,
Inc.(Æ)
17,008
431
Front
Yard
Residential
Corp.
(ö)
7,786
68
Fulton
Financial
Corp.
7,734
72
Gaming
and
Leisure
Properties,
Inc.(ö)(Û)
32,739
1,210
Genworth
Financial,
Inc.
Class
A(Æ)
75,389
253
GEO
Group,
Inc.
(The)(ö)
7,434
84
Getty
Realty
Corp.(ö)
7,832
204
Glacier
Bancorp,
Inc.
3,280
105
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Global
Net
Lease,
Inc.(ö)
2,767
44
Great
Western
Bancorp,
Inc.
3,455
43
Green
Dot
Corp.
Class
A(Æ)(Û)
10,372
525
Guaranty
Bancshares,
Inc.(Û)
460
11
Hallmark
Financial
Services,
Inc.(Æ)
29,510
77
Hancock
Holding
Co.
4,324
81
Hanmi
Financial
Corp.
11,143
91
Hanover
Insurance
Group,
Inc.
(The)
2,639
246
HarborOne
Bancorp,
Inc.
17,795
144
HCI
Group,
Inc.(Ð)
1,210
60
Heartland
Financial
USA,
Inc.
1,657
50
Helios
Technologies,
Inc.(Æ)
2,354
86
Heritage
Financial
Corp.
5,814
107
Heritage
Insurance
Holdings,
Inc.
400
4
Hilltop
Holdings,
Inc.
5,038
104
Home
Bancorp,
Inc.(Û)
4,095
99
Home
BancShares
,
Inc.
17,704
268
HomeStreet
,
Inc.
29,978
772
HomeTrust
Bancshares,
Inc.(Û)
750
10
Hope
Bancorp,
Inc.
8,861
67
Houlihan
Lokey
,
Inc.
Class
A
6,158
364
I3
Verticals,
Inc.
Class
A(Æ)
34,528
873
Independence
Realty
Trust,
Inc.(Ñ)(ö)
41,415
480
Independent
Bank
Corp.(Û)
31,370
394
Independent
Bank
Group,
Inc.
2,056
91
Industrial
Logistics
Properties
Trust(ö)
10,398
227
Investors
Bancorp,
Inc.
10,393
75
Investors
Real
Estate
Trust(ö)
5,364
350
iStar
,
Inc.(ö)
5,882
69
James
River
Group
Holdings,
Ltd.(Û)
5,558
247
JBG
Smith
Properties(ö)
974
26
JER
Investment
Trust,
Inc.(Æ)(Š)(Þ)
1,771
—
Kearny
Financial
Corp.
58,662
423
Kemper
Corp.
2,787
186
LCNB
Corp.
5,558
76
LendingClub
Corp.(Æ)
10,443
49
LendingTree
,
Inc.(Æ)(Ñ)
954
293
Lexington
Realty
Trust(ö)
9,300
97
Live
Oak
Bancshares,
Inc.(Ð)
1,860
47
LPL
Financial
Holdings,
Inc.(Û)
4,280
328
Macatawa
Bank
Corp.
8,632
56
Merchants
Bancorp
5,275
104
Mercury
General
Corp.(Ð)
1,767
73
Meta
Financial
Group,
Inc.
13,733
264
Metropolitan
Bank
Holding
Corp.(Æ)
190
5
MGIC
Investment
Corp.
16,639
147
Moelis
&
Co.
Class
A
1,066
37
Mr.
Cooper
Group,
Inc.(Æ)
12,247
273
National
Bank
Holdings
Corp.
Class
A
17,482
459
National
Bankshares
,
Inc.
3,026
77
National
Health
Investors,
Inc.(ö)
1,385
83
NBT
Bancorp,
Inc.
2,833
76
New
Senior
Investment
Group,
Inc.(ö)
37,730
151
Newmark
Group,
Inc.
Class
A
3,414
15
NexPoint
Residential
Trust,
Inc.(ö)
8,910
395
Nicolet
Bankshares
,
Inc.(Æ)
274
15
NMI
Holdings,
Inc.
Class
A(Æ)
37,682
671
Northeast
Bank
16,231
299
Northrim
BanCorp
,
Inc.
400
10
Northwest
Bancshares,
Inc.
8,889
82
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
12
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
ODP
Corp.
(The)(Æ)(Ð)
3,925
76
OFG
Bancorp
3,834
48
Old
National
Bancorp
4,866
61
Old
Second
Bancorp,
Inc.
32,997
247
Origin
Bancorp,
Inc.
740
16
PCSB
Financial
Corp.
38,288
462
Peapack
Gladstone
Financial
Corp.
456
7
PennyMac
Financial
Services,
Inc.
2,108
123
Peoples
Bancorp,
Inc.
8,847
169
Physicians
Realty
Trust(ö)
9,835
176
Piedmont
Office
Realty
Trust,
Inc.
Class
A(ö)
2,658
36
Plymouth
Industrial
REIT,
Inc.(ö)
23,894
295
Popular,
Inc.(Û)
15,786
572
Postal
Realty
Trust,
Inc.
Class
A(ö)
32,185
487
Potlatch
Corp.(ö)
20,871
880
Preferred
Bank
1,161
37
Premier
Financial
Corp.
26,686
416
Primerica,
Inc.
408
46
ProAssurance
Corp.
4,676
73
Provident
Financial
Services,
Inc.
5,500
67
PS
Business
Parks,
Inc.(ö)
731
89
QCR
Holdings,
Inc.
1,020
28
QTS
Realty
Trust,
Inc.
Class
A(Ñ)(ö)
1,581
100
Radian
Group,
Inc.
8,933
131
RE/MAX
Holdings,
Inc.
Class
A
5,752
188
Realogy
Holdings
Corp.(Æ)
57,289
541
Reinsurance
Group
of
America,
Inc.
Class
A(Ð)
3,988
380
RenaissanceRe
Holdings,
Ltd.(Ð)(Û)
1,664
282
Renasant
Corp.
7,905
180
Retail
Value,
Inc.(ö)
790
10
Riverview
Bancorp,
Inc.
11,278
47
RLJ
Lodging
Trust(ö)
12,872
111
RMR
Group,
Inc.
(The)
Class
A
9,091
250
Sabra
Health
Care
REIT,
Inc.(ö)
8,461
117
Safety
Insurance
Group,
Inc.
1,478
102
Seacoast
Banking
Corp.
of
Florida(Æ)
2,215
40
Selective
Insurance
Group,
Inc.
1,830
94
ServisFirst
Bancshares,
Inc.
2,802
95
Shore
Bancshares,
Inc.
13,127
144
Silvercrest
Asset
Management
Group,
Inc.
Class
A
20,558
215
Simmons
First
National
Corp.
Class
A
4,873
77
SITE
Centers
Corp.(ö)
40,109
289
SL
Green
Realty
Corp.(Ð)(ö)
2,550
118
SLM
Corp.(Û)
29,222
236
SmartFinancial
,
Inc.
1,500
20
South
State
Corp.
8,185
394
Southern
First
Bancshares,
Inc.(Æ)
2,164
52
Southern
National
Bancorp
of
Virginia,
Inc.
5,716
50
SP
Plus
Corp.(Æ)
15,184
273
Spirit
of
Texas
Bancshares,
Inc.
756
8
Spirit
Realty
Capital,
Inc.(ö)
5,468
185
STAG
Industrial,
Inc.(ö)
4,348
133
Stewart
Information
Services
Corp.(Û)
8,944
391
Stifel
Financial
Corp.
3,007
152
Summit
Hotel
Properties,
Inc.(Ð)(ö)
7,291
38
Sunstone
Hotel
Investors,
Inc.(ö)
8,428
67
Tanger
Factory
Outlet
Centers,
Inc.(Ñ)(ö)
13,552
82
Terreno
Realty
Corp.(ö)
1,950
107
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Texas
Capital
Bancshares,
Inc.(Æ)
9,635
300
Timberland
Bancorp,
Inc.
3,980
72
Tiptree
Financial,
Inc.
Class
A
37,691
187
TriCo
Bancshares
3,480
85
TriState
Capital
Holdings,
Inc.(Æ)
484
6
Triumph
Bancorp,
Inc.(Æ)
21,355
665
Trustmark
Corp.
4,332
93
UMB
Financial
Corp.
2,293
112
UMH
Properties,
Inc.(ö)
47,053
637
United
Bankshares
,
Inc.
4,497
97
United
Community
Banks,
Inc.
4,852
82
United
Fire
Group,
Inc.
200
4
United
Insurance
Holdings
Corp.(Ð)
4,300
26
Universal
Insurance
Holdings,
Inc.(Ð)
6,231
86
Valley
National
Bancorp
13,286
91
Velocity
Financial,
Inc.(Æ)
14,427
72
Veritex
Holdings,
Inc.
10,862
185
Virtu
Financial,
Inc.
Class
A
3,782
87
Voya
Financial,
Inc.(Û)
6,706
321
Waddell
&
Reed
Financial,
Inc.
Class
A(Ð)
19,300
287
Walker
&
Dunlop,
Inc.
2,370
126
Washington
Federal,
Inc.
4,143
86
Washington
Trust
Bancorp,
Inc.
11,046
339
Watford
Holdings,
Ltd.(Æ)
1,424
33
Webster
Financial
Corp.
10,317
272
Western
Alliance
Bancorp
4,204
133
WSFS
Financial
Corp.
3,481
94
Xenia
Hotels
&
Resorts,
Inc.(ö)
8,662
76
40,042
Health
Care
-
17.1%
Accuray
,
Inc.(Æ)
89,562
215
AdaptHealth
Corp.(Æ)
15,180
331
Adverum
Biotechnologies,
Inc.(Æ)
9,072
94
Aeglea
BioTherapeutics
,
Inc.(Æ)
1,786
13
Aerie
Pharmaceuticals,
Inc.(Æ)(Ð)
2,657
31
Akebia
Therapeutics,
Inc.(Æ)(Ð)
7,843
20
Akero
Therapeutics,
Inc.(Æ)
729
22
Aldeyra
Therapeutics,
Inc.(Æ)
3,000
22
Alector
,
Inc.(Æ)
5,236
55
Alkermes
PLC(Æ)
12,989
215
Allakos
,
Inc.(Æ)(Ñ)
1,905
155
Allogene
Therapeutics,
Inc.(Æ)
2,502
94
Allscripts
Healthcare
Solutions,
Inc.(Æ)
23,400
190
Alphatec
Holdings,
Inc.(Æ)
48,183
320
AMAG
Pharmaceuticals,
Inc.(Æ)(Ð)
9,500
89
Amicus
Therapeutics,
Inc.(Æ)
15,854
224
Amneal
Pharmaceuticals,
Inc.(Æ)(Ð)
3,649
14
Anavex
Life
Sciences
Corp.(Æ)(Ñ)
25,211
115
AngioDynamics
,
Inc.(Æ)
2,436
29
ANI
Pharmaceuticals,
Inc.(Æ)
16,066
453
Anika
Therapeutics,
Inc.(Æ)
9,429
334
Apellis
Pharmaceuticals,
Inc.(Æ)
3,752
113
Applied
Genetic
Technologies
Corp.(Æ)(Ð)
3,589
17
Aptinyx
,
Inc.(Æ)
2,500
8
Arrowhead
Pharmaceuticals,
Inc.(Æ)
4,483
193
Assertio
Holdings,
Inc.(Æ)
15,227
10
Atara
Biotherapeutics
,
Inc.(Æ)(Ð)
1,214
16
Athenex
,
Inc.(Æ)(Ð)
3,561
43
Athersys
,
Inc.(Æ)(Ñ)
73,727
144
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Small
Cap
Equity
Fund
13
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Avid
Bioservices
,
Inc.(Æ)
43,310
330
Beyondspring
,
Inc.(Æ)
1,472
20
BioDelivery
Sciences
International,
Inc.(Æ)
36,192
135
Biohaven
Pharmaceutical
Holding
Co.,
Ltd.
(Æ)
5,216
339
BioLife
Solutions,
Inc.(Æ)
67,553
1,956
Biomerica
,
Inc.(Æ)(Ñ)
7,090
49
BioSpecifics
Technologies
Corp.(Æ)
5,581
295
BioTelemetry
,
Inc.(Æ)
14,514
662
Bluebird
Bio,
Inc.(Æ)(Ð)
3,407
184
Blueprint
Medicines
Corp.(Æ)
3,243
301
BridgeBio
Pharma,
Inc.(Æ)
3,807
143
Cara
Therapeutics,
Inc.(Æ)(Ð)
3,291
42
Cardiovascular
Systems,
Inc.(Æ)
2,214
87
Castlight
Health,
Inc.
Class
B(Æ)
12,722
14
Cellular
Biomedicine
Group,
Inc.(Æ)
6,234
114
ChemoCentryx
,
Inc.(Æ)
2,169
119
Chiasma,
Inc.(Æ)
3,331
14
Chimerix
,
Inc.(Æ)(Ð)
2,316
6
Coherus
Biosciences,
Inc.(Æ)(Ð)
4,063
75
Computer
Programs
&
Systems,
Inc.
3,050
84
Concert
Pharmaceuticals,
Inc.(Æ)(Ð)
3,200
31
CONMED
Corp.
4,768
375
Constellation
Pharmaceuticals,
Inc.(Æ)
5,310
108
Corbus
Pharmaceuticals
Holdings,
Inc.(Æ)(Ñ)
20,661
37
Corcept
Therapeutics,
Inc.(Æ)(Ð)
6,753
118
CorVel
Corp.(Æ)
4,811
411
Cross
Country
Healthcare,
Inc.(Æ)
2,100
14
CryoLife
,
Inc.(Æ)
6,185
114
Cutera
,
Inc.(Æ)
1,757
33
Cyclerion
Therapeutics,
Inc.(Æ)
2,800
17
Cytokinetics,
Inc.(Æ)
8,853
192
CytomX
Therapeutics,
Inc.(Æ)
29,527
196
Deciphera
Pharmaceuticals,
Inc.(Æ)
3,107
159
Denali
Therapeutics,
Inc.(Æ)
6,020
216
Dicerna
Pharmaceuticals,
Inc.(Æ)
6,088
110
Eagle
Pharmaceuticals,
Inc.(Æ)
3,408
145
Editas
Medicine,
Inc.(Æ)
6,856
193
Eidos
Therapeutics,
Inc.(Æ)(Ñ)
2,765
140
Eiger
BioPharmaceuticals
,
Inc.(Æ)(Ð)
1,894
15
Enanta
Pharmaceuticals,
Inc.(Æ)
5,326
244
Endo
International
PLC(Æ)(Ð)
14,461
48
Ensign
Group,
Inc.
(The)
9,804
559
Epizyme
,
Inc.(Æ)
5,975
71
Esperion
Therapeutics,
Inc.(Æ)(Ñ)
3,558
132
Fate
Therapeutics,
Inc.(Æ)
5,615
224
Fennec
Pharmaceuticals,
Inc.(Æ)(Ñ)
13,250
80
FibroGen
,
Inc.(Æ)
8,481
349
Fluidigm
Corp.(Æ)
4,891
36
Frequency
Therapeutics,
Inc.(Æ)(Ñ)
7,424
143
Fulgent
Genetics,
Inc.(Æ)(Ñ)
33,499
1,341
GenMark
Diagnostics,
Inc.(Æ)
7,228
103
Gossamer
Bio,
Inc.(Æ)(Ð)
3,485
43
Gritstone
Oncology,
Inc.(Æ)
17,846
47
Halozyme
Therapeutics,
Inc.(Æ)
9,580
252
Hanger,
Inc.(Æ)(Ð)
1,186
19
Heron
Therapeutics,
Inc.(Æ)(Ñ)
8,669
128
Heska
Corp.(Æ)(Ñ)
8,995
889
Homology
Medicines,
Inc.(Æ)
3,091
33
iCAD
,
Inc.(Æ)
6,141
54
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
ICU
Medical,
Inc.(Æ)
1,680
307
ImmunoGen
,
Inc.(Æ)
6,012
22
Infinity
Pharmaceuticals,
Inc.(Æ)
1,300
2
Insmed
,
Inc.(Æ)
5,400
174
Integer
Holdings
Corp.(Æ)
3,433
203
Intercept
Pharmaceuticals,
Inc.(Æ)
3,417
142
Intersect
ENT,
Inc.(Æ)
2,173
35
Invacare
Corp.
33,407
251
Ionis
Pharmaceuticals,
Inc.(Æ)(Ð)
2,916
138
iRadimed
Corp.(Æ)
30,803
659
Jazz
Pharmaceuticals
PLC(Æ)(Ð)
1,180
168
KalVista
Pharmaceuticals,
Inc.(Æ)
7,577
95
Lannett
Co.,
Inc.(Æ)(Ð)
4,267
26
Lantheus
Holdings,
Inc.(Æ)(Ð)
560
7
LeMaitre
Vascular,
Inc.
26,194
852
LHC
Group,
Inc.(Æ)
2,243
477
LivaNova
PLC(Æ)
3,423
155
MacroGenics
,
Inc.(Æ)
6,711
169
Magellan
Health,
Inc.(Æ)
2,240
170
Medpace
Holdings,
Inc.(Æ)
4,826
539
Merit
Medical
Systems,
Inc.(Æ)
2,847
124
Minerva
Neurosciences,
Inc.(Æ)
7,712
25
Mirati
Therapeutics,
Inc.(Æ)
1,846
307
Molina
Healthcare,
Inc.(Æ)(Û)
2,078
380
Mustang
Bio,
Inc.(Æ)
1,748
6
MyoKardia
,
Inc.(Æ)
354
48
Myriad
Genetics,
Inc.(Æ)
14,628
191
NantKwest
,
Inc.(Æ)(Ñ)
13,364
93
Natera
,
Inc.(Æ)
3,519
254
Natus
Medical,
Inc.(Æ)
2,245
38
Nektar
Therapeutics(Æ)(Ð)
1,704
28
Neogen
Corp.(Æ)
4,884
382
NeoGenomics
,
Inc.(Æ)
15,453
570
NextGen
Healthcare,
Inc.(Æ)
5,804
74
NGM
Biopharmaceuticals,
Inc.(Æ)
1,644
26
Novavax
,
Inc.(Æ)(Ñ)
3,442
373
Novocure
,
Ltd.(Æ)(Ð)
839
93
Odonate
Therapeutics,
Inc.(Æ)
1,024
14
Option
Care
Health,
Inc.(Æ)
15,023
201
Orthofix
Medical,
Inc.(Æ)
2,580
80
Owens
&
Minor,
Inc.
4,799
121
Oxford
Immunotec
Global
PLC(Æ)
10,692
125
PDL
BioPharma
,
Inc.(Æ)
43,190
136
Pennant
Group,
Inc.
(The)(Æ)
14,837
572
PRA
Health
Sciences,
Inc.(Æ)
2,078
211
Prestige
Brands
Holdings,
Inc.(Æ)
9,016
328
Progenics
Pharmaceuticals,
Inc.(Æ)(Ð)(Š)
1,808
—
Prothena
Corp.
PLC(Æ)(Ð)
3,700
37
Providence
Service
Corp.
(The)(Æ)
1,838
171
PTC
Therapeutics,
Inc.(Æ)
4,544
212
R1
RCM,
Inc.(Æ)
4,971
85
Radius
Health,
Inc.(Æ)(Ð)
5,394
61
RadNet
,
Inc.(Æ)
34,981
537
Recro
Pharma,
Inc.(Æ)(Ð)
1,954
4
Repligen
Corp.(Æ)
4,400
649
Retrophin
,
Inc.(Æ)(Ð)
5,403
100
Rigel
Pharmaceuticals,
Inc.(Æ)(Ð)
13,951
33
Rubius
Therapeutics,
Inc.(Æ)
1,700
9
Sage
Therapeutics,
Inc.(Æ)(Ð)
1,435
88
Sangamo
BioSciences
,
Inc.(Æ)
13,346
126
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
14
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Scholar
Rock
Holding
Corp.(Æ)(Ð)
1,475
26
Spectrum
Pharmaceuticals,
Inc.(Æ)(Ð)
6,234
25
Spero
Therapeutics,
Inc.(Æ)(Ð)
278
3
Stemline
Therapeutics,
Inc.(Æ)(Ñ)(Š)
14,060
5
Strongbridge
Biopharma
PLC(Æ)(Ð)
2,700
6
Supernus
Pharmaceuticals,
Inc.(Æ)
3,628
76
Surmodics
,
Inc.(Æ)
550
21
Sutro
Biopharma,
Inc.(Æ)(Ð)
1,000
10
Syndax
Pharmaceuticals,
Inc.(Æ)
8,777
130
Syneos
Health,
Inc.
Class
A(Æ)
1,584
84
Tabula
Rasa
HealthCare,
Inc.(Æ)(Ñ)
19,198
783
Tactile
Systems
Technology,
Inc.(Æ)(Ñ)
12,034
440
Tenet
Healthcare
Corp.(Æ)
6,777
166
TG
Therapeutics,
Inc.(Æ)
9,653
258
Theravance
Biopharma,
Inc.(Æ)(Ð)
4,805
71
Tricida
,
Inc.(Æ)
1,519
14
Turning
Point
Therapeutics,
Inc.(Æ)
2,227
195
Twist
Bioscience
Corp.(Æ)
3,118
237
Ultragenyx
Pharmaceutical,
Inc.(Æ)
2,787
229
United
Therapeutics
Corp.(Æ)(Û)
2,881
291
UNITY
Biotechnology,
Inc.(Æ)
3,300
11
Utah
Medical
Products,
Inc.
11,733
937
Vanda
Pharmaceuticals,
Inc.(Æ)
5,040
49
Varex
Imaging
Corp.(Æ)(Ð)
4,365
56
Veracyte
,
Inc.(Æ)
4,906
159
Vir
Biotechnology,
Inc.(Æ)
3,354
115
VYNE
Therapeutics,
Inc.(Æ)(Ð)
1,770
3
WaVe
Life
Sciences,
Ltd.(Æ)
1,914
16
XBiotech
,
Inc.(Æ)(Ñ)
8,118
155
Xencor
,
Inc.(Æ)
3,816
148
Zogenix
,
Inc.(Æ)
748
13
32,202
Materials
and
Processing
-
8.6%
AdvanSix
,
Inc.(Æ)
18,848
243
Alcoa
Corp.(Æ)
13,579
158
Allegheny
Technologies,
Inc.(Æ)
7,841
68
American
Woodmark
Corp.(Æ)
1,783
140
Apogee
Enterprises,
Inc.
3,813
81
Arconic
Corp.(Æ)
33,497
638
Ashland
Global
Holdings,
Inc.
4,179
296
Aspen
Aerogels,
Inc.(Æ)
20,991
230
Atkore
International
Group,
Inc.(Æ)
3,751
85
Avient
Corp.(Æ)
4,526
120
Axalta
Coating
Systems,
Ltd.(Æ)
2,928
65
Balchem
Corp.
1,809
177
Beacon
Roofing
Supply,
Inc.(Æ)
7,430
231
Boise
Cascade
Co.
3,870
154
Builders
FirstSource
,
Inc.(Æ)
4,714
154
Cabot
Corp.
3,528
127
Caesarstone
,
Ltd.
12,818
126
Carpenter
Technology
Corp.
3,962
72
CF
Industries
Holdings,
Inc.
5,794
178
Chemours
Co.
(The)
4,530
95
Clearwater
Paper
Corp.(Æ)
10,019
380
Cleveland-Cliffs,
Inc.(Æ)(Ñ)
11,106
71
Comfort
Systems
USA,
Inc.
7,449
384
Commercial
Metals
Co.
7,730
154
Culp,
Inc.
29,344
364
Eagle
Materials,
Inc.
8,093
699
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Element
Solutions,
Inc.(Æ)
89,652
942
Enerpac
Tool
Group
Corp.
4,164
78
Hecla
Mining
Co.
17,008
86
Huntsman
Corp.(Û)
13,710
305
Ingevity
Corp.(Æ)
9,686
479
Innospec
,
Inc.
1,670
106
Installed
Building
Products,
Inc.(Æ)
1,155
118
Insteel
Industries,
Inc.
10,349
194
Interface,
Inc.
Class
A
6,911
42
KAR
Auction
Services,
Inc.
12,176
175
Koppers
Holdings,
Inc.(Æ)
21,446
448
Kraton
Corp.(Æ)(Ð)
2,300
41
Kronos
Worldwide,
Inc.
23,503
302
Landec
Corp.(Æ)
47,329
460
LB
Foster
Co.
Class
A(Æ)
400
5
LiqTech
International,
Inc.(Æ)(Ñ)
89,913
760
Louisiana-Pacific
Corp.(Û)
15,537
459
Masonite
International
Corp.(Æ)(Û)
2,940
289
Mosaic
Co.
(The)
12,478
228
MRC
Global,
Inc.(Æ)
10,134
43
Mueller
Industries,
Inc.
5,379
146
Novagold
Resources,
Inc.(Æ)
4,401
52
O-I
Glass,
Inc.
Class
I
27,757
294
Olympic
Steel,
Inc.
824
9
Omega
Flex,
Inc.(Ñ)
5,180
811
Orion
Engineered
Carbons
SA
9,727
121
Patrick
Industries,
Inc.
2,239
129
Quaker
Chemical
Corp.(Ñ)
1,789
322
RBC
Bearings,
Inc.(Æ)
950
115
Resideo
Technologies,
Inc.(Æ)
3,246
36
Ryerson
Holding
Corp.(Æ)
1,710
10
Schnitzer
Steel
Industries,
Inc.
Class
A
5,300
102
Schweitzer-Mauduit
International,
Inc.
12,769
388
SiteOne
Landscape
Supply,
Inc.(Æ)
2,696
329
SSR
Mining,
Inc.(Æ)
2,443
46
Stepan
Co.(Ð)(Û)
2,300
251
TimkenSteel
Corp.(Æ)
27,259
97
Trinseo
SA
3,220
83
Tronox
Holdings
PLC
Class
A
46,790
368
UFP
Industries,
Inc.(Æ)
2,434
138
Unifi,
Inc.(Æ)(Ð)
2,844
37
United
States
Steel
Corp.
7,708
57
Universal
Stainless
&
Alloy
Products,
Inc.(Æ)
25,145
138
Valvoline,
Inc.
44,471
847
Venator
Materials
PLC(Æ)
24,023
46
Veritiv
Corp.(Æ)
900
11
Verso
Corp.
Class
A
900
7
Worthington
Industries,
Inc.
3,164
129
WR
Grace
&
Co.
2,367
95
16,264
Producer
Durables
-
14.2%
Adient
PLC(Æ)(Ð)
7,363
128
Aerojet
Rocketdyne
Holdings,
Inc.(Æ)
1,362
54
AGCO
Corp.(Û)
4,250
316
Air
Transport
Services
Group,
Inc.(Æ)
15,301
383
Alaska
Air
Group,
Inc.
5,692
208
Albany
International
Corp.
Class
A
2,433
120
Allied
Motion
Technologies,
Inc.
17,505
723
Alta
Equipment
Group
Inc.(Æ)(Ñ)
37,306
292
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Small
Cap
Equity
Fund
15
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Applied
Industrial
Technologies,
Inc.
1,942
107
ArcBest
Corp.(Ð)
4,710
146
Arcosa
,
Inc.
17,673
779
Ardmore
Shipping
Corp.
70,128
250
Argan
,
Inc.
13,461
564
ASGN,
Inc.(Æ)
2,869
182
Astec
Industries,
Inc.
549
30
Astronics
Corp.(Æ)
11,342
88
Atlas
Air
Worldwide
Holdings,
Inc.(Æ)
2,140
130
Axon
Enterprise,
Inc.(Æ)
1,784
162
Barnes
Group,
Inc.
1,439
51
Barrett
Business
Services,
Inc.
830
44
Brink's
Co.
(The)
14,982
616
CAI
International,
Inc.
509
14
Chart
Industries,
Inc.(Æ)
1,331
94
Clean
Harbors,
Inc.(Æ)
2,481
139
Colfax
Corp.(Æ)
3,019
95
Commercial
Vehicle
Group,
Inc.(Æ)
2,637
17
Covenant
Transportation
Group,
Inc.
Class
A(Æ)
16,912
295
CRA
International,
Inc.
15,650
586
Diamond
S
Shipping,
Inc.(Æ)
1,039
7
Dorian
LPG,
Ltd.(Æ)
3,170
25
DXP
Enterprises,
Inc.(Æ)
1,176
19
Echo
Global
Logistics,
Inc.(Æ)
13,649
352
EMCOR
Group,
Inc.(Û)
4,710
319
Energy
Recovery,
Inc.(Æ)(Ð)
705
6
EnerSys
1,485
100
Euronav
NV
15,152
134
Evo
Payments,
Inc.
Class
A(Æ)
24,726
614
Exponent,
Inc.
1,792
129
Franklin
Electric
Co.,
Inc.
2,851
168
frontdoor
,
Inc.(Æ)(Û)
15,957
621
Gates
Industrial
Corp.
PLC(Æ)
12,134
135
GP
Strategies
Corp.(Æ)
11,341
109
Great
Lakes
Dredge
&
Dock
Corp.(Æ)
28,485
271
Greenbrier
Cos.,
Inc.
4,705
138
Harsco
Corp.(Æ)
18,283
254
Hawaiian
Holdings,
Inc.
7,197
93
Heartland
Express,
Inc.
8,088
150
Heidrick
&
Struggles
International,
Inc.
4,695
92
Hertz
Global
Holdings,
Inc.
Class
W(Æ)
4,323
171
HNI
Corp.
4,751
149
Howmet
Aerospace,
Inc.
1,326
22
Hub
Group,
Inc.
Class
A(Æ)
2,580
130
ICF
International,
Inc.
6,230
383
Insperity
,
Inc.(Û)
3,545
232
International
Seaways,
Inc.
11,816
172
KBR,
Inc.
10,916
244
Kennametal,
Inc.
6,657
193
Kforce
,
Inc.
1,430
46
Kimball
International,
Inc.
Class
B
18,467
195
Korn
Ferry
7,441
216
Kornit
Digital,
Ltd.(Æ)
1,536
100
Kratos
Defense
&
Security
Solutions,
Inc.(Æ)
22,897
441
LCI
Industries
1,070
114
Liquidity
Services,
Inc.(Æ)
40,156
300
Lydall
,
Inc.(Æ)
9,991
166
Magnite
,
Inc.(Æ)
10,620
74
Manitowoc
Co.,
Inc.
(The)(Æ)
21,507
181
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
ManpowerGroup
,
Inc.(Û)
3,885
285
Marten
Transport,
Ltd.
13,678
223
MasTec
,
Inc.(Æ)
11,041
466
MAXIMUS,
Inc.
4,631
317
Mesa
Laboratories,
Inc.
4,953
1,261
Miller
Industries,
Inc.
4,800
147
Mitek
Systems,
Inc.(Æ)
1,100
14
Modine
Manufacturing
Co.(Æ)(Ð)
5,024
31
MTS
Systems
Corp.
5,739
110
MYR
Group,
Inc.(Æ)
4,186
155
Orion
Group
Holdings,
Inc.(Æ)
26,930
74
OSI
Systems,
Inc.(Æ)
819
64
Park-Ohio
Holdings
Corp.
4,552
73
Pitney
Bowes,
Inc.(Û)
20,313
108
Powell
Industries,
Inc.
738
18
Preformed
Line
Products
Co.
1,575
77
Primoris
Services
Corp.
7,165
129
Proto
Labs,
Inc.(Æ)
1,326
172
Quanta
Services,
Inc.(Û)
6,149
325
Radiant
Logistics,
Inc.(Æ)
68,820
354
Ranpak
Holdings
Corp.(Æ)
8,046
77
Repay
Holdings
Corp.(Æ)
7,450
175
Ryder
System,
Inc.(Ð)
3,240
137
Saia,
Inc.(Æ)
2,585
326
SHYFT
Group,
Inc.
(The)(Æ)
18,679
353
SkyWest,
Inc.
3,585
107
Smith
&
Wesson
Brands,
Inc.(Æ)
8,031
125
Spirit
AeroSystems
,
Inc.
Class
A
2,270
43
Spirit
Airlines,
Inc.(Æ)(Ñ)
5,802
93
SPX
FLOW,
Inc.(Æ)
2,399
103
Standex
International
Corp.
2,233
132
StealthGas
,
Inc.(Æ)
108,183
321
Steelcase,
Inc.
Class
A
7,992
81
Sykes
Enterprises,
Inc.(Æ)
728
25
Team,
Inc.(Æ)
3,735
21
Teekay
Tankers,
Ltd.
Class
A(Æ)(Ñ)
33,881
367
Terex
Corp.
5,260
102
Tetra
Tech,
Inc.
1,315
126
Titan
International,
Inc.(Ð)
1,706
5
Titan
Machinery,
Inc.(Æ)
4,088
54
TopBuild
Corp.(Æ)
4,299
733
TreeHouse
Foods,
Inc.(Æ)
18,442
746
TriNet
Group,
Inc.(Æ)(Û)
4,989
296
Triumph
Group,
Inc.(Ð)
7,720
50
TrueBlue
,
Inc.(Æ)
10,320
160
Tutor
Perini
Corp.(Æ)
30,387
338
Ultralife
Corp.(Æ)
35,226
208
UniFirst
Corp.
621
118
Universal
Truckload
Services,
Inc.
27,173
567
US
Xpress
Enterprises,
Inc.
Class
A(Æ)
26,696
221
USA
Truck,
Inc.(Æ)
13,012
123
Vectrus
,
Inc.(Æ)
10,011
380
Vishay
Precision
Group,
Inc.(Æ)
3,625
92
Watts
Water
Technologies,
Inc.
Class
A
1,452
145
Werner
Enterprises,
Inc.
2,525
106
WESCO
International,
Inc.(Æ)(Ð)
4,553
200
Whole
Earth
Brands,
Inc.(Æ)
4,260
36
WNS
Holdings,
Ltd.
-
ADR(Æ)
11,071
708
Xerox
Holdings
Corp.(Û)
13,139
247
XPO
Logistics,
Inc.(Æ)
850
72
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
16
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
YRC
Worldwide,
Inc.(Æ)
22,845
90
26,690
Technology
-
15.5%
A10
Networks,
Inc.(Æ)
8,549
54
ADTRAN,
Inc.
6,300
65
Agilysys
,
Inc.(Æ)
5,053
122
Allot
Communications,
Ltd.(Æ)
14,997
136
Alpha
&
Omega
Semiconductor,
Ltd.(Æ)
17,187
220
Ambarella
,
Inc.(Æ)
2,909
152
American
Software,
Inc.
Class
A
42,347
595
Amkor
Technology,
Inc.(Æ)
5,742
64
Amtech
Systems,
Inc.(Æ)
4,568
22
Anterix
Inc.(Æ)
2,782
91
APi
Group
Corp.(Æ)(Þ)
59,712
850
Appfolio
,
Inc.
Class
A(Æ)
1,542
219
Arlo
Technologies,
Inc.(Æ)
12,732
67
Arrow
Electronics,
Inc.(Æ)(Û)
4,342
342
Asure
Software,
Inc.(Æ)
10,693
81
Avaya
Holdings
Corp.(Æ)
10,294
156
Avid
Technology,
Inc.(Æ)(Ð)
4,200
36
Avnet,
Inc.
5,839
151
Axcelis
Technologies,
Inc.(Æ)
17,264
380
AXT,
Inc.(Æ)
9,689
59
Bandwidth,
Inc.
Class
A(Æ)
1,623
283
Bel
Fuse,
Inc.
Class
B
2,045
22
Benchmark
Electronics,
Inc.(Û)
21,873
441
Benefitfocus
,
Inc.(Æ)
2,758
31
Box,
Inc.
Class
A(Æ)(Û)
33,990
590
Brightcove
,
Inc.(Æ)
2,923
30
CalAmp
Corp.(Æ)
2,728
20
Cardtronics
PLC
Class
A(Æ)
749
15
Casa
Systems,
Inc.(Æ)
4,140
17
Ceridian
HCM
Holding,
Inc.(Æ)(Û)
3,884
321
ChannelAdvisor
Corp.(Æ)
1,500
22
Cirrus
Logic,
Inc.(Æ)(Û)
4,683
316
CMC
Materials,
Inc.(Æ)
1,257
180
CommScope
Holding
Co.,
Inc.(Æ)
17,546
158
CommVault
Systems,
Inc.(Æ)
3,670
150
comScore,
Inc.(Æ)(Ð)
9,300
19
Comtech
Telecommunications
Corp.
10,959
153
Conduent
,
Inc.(Æ)
19,421
62
Cornerstone
OnDemand
,
Inc.(Æ)
4,817
175
Diebold
Nixdorf,
Inc.(Æ)
38,104
291
Digimarc
Corp.(Æ)
2,506
56
Digital
Turbine,
Inc.(Æ)
34,431
1,126
Diodes,
Inc.(Æ)
1,694
96
Domo,
Inc.
Class
B(Æ)(Ð)
589
23
DSP
Group,
Inc.(Æ)
9,193
121
DZS,
Inc.(Æ)
1,900
18
eGain
Corp.(Æ)
1,756
25
EMCORE
Corp.(Æ)(Û)
3,700
12
Endava
PLC
-
ADR(Æ)
4,932
311
Endurance
International
Group
Holdings,
Inc.(Æ)
8,277
48
Extreme
Networks,
Inc.(Æ)
14,110
57
FireEye,
Inc.(Æ)(Û)
18,348
227
Glu
Mobile,
Inc.(Æ)
9,917
76
Groupon,
Inc.(Æ)
1,089
22
Harmonic,
Inc.(Æ)(Ð)
6,190
35
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
HC2
Holdings,
Inc.(Æ)
2,200
5
Ichor
Holdings,
Ltd.(Æ)
2,207
48
Infinera
Corp.(Æ)(Ð)
17,493
108
InterDigital
,
Inc.
1,727
99
Intevac,
Inc.(Æ)
300
2
iRobot
Corp.(Æ)(Ñ)
1,555
118
Jabil
Circuit,
Inc.(Û)
9,317
319
Juniper
Networks,
Inc.(Ð)(Û)
5,939
128
Kimball
Electronics,
Inc.(Æ)
27,260
315
Kulicke
&
Soffa
Industries,
Inc.
25,894
580
Liberty
Latin
America,
Ltd.
Class
A(Æ)
20,056
165
Liberty
Latin
America,
Ltd.
Class
C(Æ)
17,141
139
MACOM
Technology
Solutions
Holdings,
Inc.(Æ)
2,960
101
Magnachip
Semiconductor
Corp.(Æ)
13,629
187
Maxar
Technologies,
Inc.
17,346
433
MaxLinear
,
Inc.
Class
A(Æ)
3,111
72
Mercury
Systems,
Inc.(Æ)
5,423
420
MicroStrategy
,
Inc.
Class
A(Æ)
1,924
290
Mimecast,
Ltd.(Æ)
11,697
549
MiX
Telematics,
Ltd.
-
ADR
7,973
71
MobileIron
,
Inc.(Æ)
8,929
63
Model
N,
Inc.(Æ)
10,500
370
NAPCO
Security
Technologies,
Inc.(Æ)
37,250
874
NeoPhotonics
Corp.(Æ)
24,986
152
NetApp,
Inc.
789
35
NETGEAR,
Inc.(Æ)(Ð)
8,341
257
NetScout
Systems,
Inc.(Æ)(Û)
10,790
236
New
Relic,
Inc.(Æ)
3,210
181
nLight
,
Inc.(Æ)
41,636
977
Nuance
Communications,
Inc.(Æ)
11,100
368
NVE
Corp.
3,616
177
OneSpan
,
Inc.(Æ)
45,173
946
Ooma
,
Inc.(Æ)
26,158
341
PCTEL,
Inc.(Æ)
15,004
85
PDF
Solutions,
Inc.(Æ)
35,573
666
Pegasystems
,
Inc.
6,650
805
Perspecta
,
Inc.
17,967
349
Plantronics,
Inc.(Ð)
3,825
45
PlayAGS
,
Inc.(Æ)
4,500
16
Pure
Storage,
Inc.
Class
A(Æ)(Û)
22,497
346
Q2
Holdings,
Inc.(Æ)
695
63
QAD,
Inc.
Class
A
16,303
688
Qualys
,
Inc.(Æ)(Ñ)
4,250
417
Quantum
Corp.(Æ)
1,966
9
RADCOM,
Ltd.(Æ)
20,978
197
Rambus,
Inc.(Æ)
10,738
147
Rapid7,
Inc.(Æ)
4,376
268
Ribbon
Communications,
Inc.(Æ)
12,441
48
Sabre
Corp.
6,955
45
Sanmina
Corp.(Æ)
2,020
55
Sapiens
International
Corp.
NV(Æ)
9,854
301
ScanSource
,
Inc.(Æ)
3,974
79
SeaChange
International,
Inc.(Æ)
1,015
1
Semtech
Corp.(Æ)
812
43
Silicon
Laboratories,
Inc.(Æ)
1,544
151
Silicon
Motion
Technology
Corp.
-
ADR
3,669
139
Simulations
Plus,
Inc.
19,268
1,451
SiTime
Corp.(Æ)
2,559
215
Sonos
,
Inc.(Æ)
13,444
204
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Small
Cap
Equity
Fund
17
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Super
Micro
Computer,
Inc.(Æ)(Ð)
2,051
54
Synaptics
,
Inc.(Æ)(Û)
2,941
237
Synchronoss
Technologies,
Inc.(Æ)
4,300
13
SYNNEX
Corp.
2,899
406
TeleNav
,
Inc.(Æ)
6,200
22
Tenable
Holdings,
Inc.(Æ)
707
27
Teradata
Corp.(Æ)
6,621
150
TrueCar
,
Inc.(Æ)
22,500
113
Unisys
Corp.(Æ)
49,436
527
Upwork
,
Inc.(Æ)
7,159
125
Varonis
Systems,
Inc.(Æ)(Û)
1,786
206
Veeco
Instruments,
Inc.(Æ)
7,500
88
Verint
Systems,
Inc.(Æ)
3,255
157
Vishay
Intertechnology
,
Inc.
3,527
55
Vocera
Communications,
Inc.(Æ)(Ð)
2,620
76
Workiva
,
Inc.(Æ)
11,946
666
Xperi
Holding
Corp.(Ð)
6,255
72
Yelp,
Inc.
Class
A(Æ)
7,263
146
Zix
Corp.(Æ)
99,287
580
29,090
Utilities
-
4.4%
Allete
,
Inc.
4,956
256
American
States
Water
Co.
1,064
80
ATN
International,
Inc.(Æ)
1,615
81
Avista
Corp.
7,947
271
Black
Hills
Corp.
2,916
156
Boingo
Wireless,
Inc.(Æ)
12,260
125
Bonanza
Creek
Energy,
Inc.(Æ)
1,783
34
Brigham
Minerals,
Inc.
Class
A
81,999
731
Cincinnati
Bell,
Inc.(Æ)
10,085
151
Cogent
Communications
Holdings,
Inc.
4,707
283
Consolidated
Communications
Holdings,
Inc.
(Æ)
32,699
186
Earthstone
Energy,
Inc.
Class
A(Æ)
37,792
98
GCI
Liberty,
Inc.
Class
A(Æ)
4,238
347
Gogo
,
Inc.(Æ)(Ñ)
46,267
428
IDT
Corp.
Class
B(Æ)
7,483
49
Iridium
Communications,
Inc.(Æ)
3,094
79
Kosmos
Energy,
Ltd.(Æ)
27,499
27
MDU
Resources
Group,
Inc.
50,892
1,145
New
Fortress
Energy
LLC
4,296
189
New
Jersey
Resources
Corp.
31,874
862
NorthWestern
Corp.
3,291
160
NRG
Energy,
Inc.(Û)
6,940
213
ONE
Gas,
Inc.
2,163
149
Orbcomm
,
Inc.(Æ)
47,349
161
Plains
GP
Holdings,
LP
Class
A(Æ)
7,254
44
PNM
Resources,
Inc.
3,288
136
Portland
General
Electric
Co.(Û)
8,669
308
RGC
Resources,
Inc.
7,157
168
South
Jersey
Industries,
Inc.
21,013
405
Southwest
Gas
Holdings,
Inc.
2,093
132
Spire,
Inc.
2,213
118
Unitil
Corp.
1,712
66
Vistra
Corp.
26,893
507
Vonage
Holdings
Corp.(Æ)
5,604
57
8,202
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Total
Common
Stocks
(cost
$179,567)
187,317
Short-Term
Investments
-
4.3%
U.S.
Cash
Management
Fund(@)
8,167,526
(∞)
8,166
Total
Short-Term
Investments
(cost
$8,167)
8,166
Other
Securities
-
4.6%
U.S.
Cash
Collateral
Fund(@)(×)
8,686,214
(∞)
8,686
Total
Other
Securities
(cost
$8,686)
8,686
Total
Investments
-
108.5%
(identified
cost
$196,420)
204,169
Securities
Sold
Short
-
(4.5)%
Consumer
Discretionary
-
(0.6)%
Aspen
Group,
Inc.(Æ)
(1,140)
(13)
Callaway
Golf
Co.
(6,357)
(122)
Designer
Brands,
Inc.
Class
A
(5,435)
(29)
Duluth
Holdings,
Inc.
Class
B(Æ)
(1,566)
(19)
El
Pollo
Loco
Holdings,
Inc.(Æ)
(1,484)
(24)
EW
Scripps
Co.
(The)
Class
A
(2,272)
(26)
Fortune
Brands
Home
&
Security,
Inc.
(82)
(7)
Fox
Factory
Holding
Corp.(Æ)
(1,512)
(112)
Gaia,
Inc.(Æ)
(2,070)
(20)
Gannett
Co.,
Inc.(Æ)
(21,574)
(28)
Gentex
Corp.
(1,229)
(31)
GrowGeneration
Corp.(Æ)
(2,438)
(39)
Guess?,
Inc.
(5,342)
(62)
Levi
Strauss
&
Co.
Class
A
(1,465)
(20)
Marine
Products
Corp.
(952)
(15)
Monro
Muffler
Brake,
Inc.
(1,957)
(79)
Newell
Rubbermaid,
Inc.
(7,941)
(136)
Nordstrom,
Inc.
(5,015)
(60)
PetIQ
,
Inc.(Æ)
(963)
(32)
PriceSmart
,
Inc.
(996)
(66)
SEACOR
Marine
Holdings,
Inc.(Æ)
(2,278)
(5)
Stitch
Fix,
Inc.
Class
A(Æ)
(2,241)
(61)
Transcat
,
Inc.(Æ)
(233)
(7)
XPEL,
Inc.(Æ)
(909)
(24)
(1,037)
Consumer
Staples
-
(0.1)%
Celsius
Holdings,
Inc.(Æ)
(1,765)
(40)
Limoneira
Co.
(1,100)
(16)
Nu
Skin
Enterprises,
Inc.
Class
A
(1,576)
(79)
OptimizeRx
Corp.(Æ)
(1,921)
(40)
PetMed
Express,
Inc.
(1,096)
(34)
(209)
Energy
-
(0.2)%
Abraxas
Petroleum
Corp.(Æ)
(64,241)
(9)
Ameresco
,
Inc.
Class
A(Æ)
(2,154)
(72)
ChampionX
Corp.(Æ)
(7,424)
(59)
Contango
Oil
&
Gas
Co.(Æ)
(6,012)
(8)
FuelCell
Energy,
Inc.(Æ)
(3,481)
(8)
Gulfport
Energy
Corp.(Æ)
(78,572)
(41)
Liberty
Oilfield
Services,
Inc.
Class
A
(2,848)
(23)
Magnolia
Oil
&
Gas
Corp.(Æ)
(5,074)
(26)
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
18
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Renewable
Energy
Group,
Inc.(Æ)
(1,526)
(82)
Ring
Energy,
Inc.(Æ)
(9,000)
(6)
Solaris
Oilfield
Infrastructure,
Inc.
Class
A
(4,942)
(31)
Southwestern
Energy
Co.(Æ)
(1,608)
(4)
(369)
Financial
Services
-
(1.1)%
Annaly
Capital
Management,
Inc.(ö)
(10,789)
(77)
Anworth
Mortgage
Asset
Corp.(ö)
(19,122)
(31)
Apollo
Commercial
Real
Estate
Finance,
Inc.(ö)
(16,222)
(146)
Arbor
Realty
Trust,
Inc.(ö)
(10,400)
(119)
Ares
Management
Corp.
Class
A
(1,051)
(43)
Ashford
Hospitality
Trust,
Inc.(ö)
(3,538)
(6)
Ashford,
Inc.(Æ)
(346)
(2)
BRP
Group,
Inc.
Class
A(Æ)
(1,082)
(27)
Cannae
Holdings,
Inc.(Æ)
(661)
(25)
Colony
Credit
Real
Estate,
Inc.(ö)
(4,645)
(23)
Dynex
Capital,
Inc.(ö)
(4,391)
(67)
eHealth,
Inc.(Æ)
(475)
(38)
Ellington
Residential
Mortgage(ö)
(2,236)
(25)
Emerald
Holding,
Inc.
(7,089)
(14)
Exantas
Capital
Corp.(Æ)
(10,560)
(22)
Franchise
Group,
Inc.(Æ)
(795)
(20)
Granite
Point
Mortgage
Trust,
Inc.(ö)
(17,822)
(126)
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.(ö)
(3,094)
(131)
I3
Verticals,
Inc.
Class
A(Æ)
(1,548)
(39)
Ladder
Capital
Corp.
Class
A(ö)
(9,332)
(66)
MBIA,
Inc.(Æ)
(3,268)
(20)
Moelis
&
Co.
Class
A
(3,157)
(111)
New
Residential
Investment
Corp.(ö)
(7,415)
(59)
New
York
Mortgage
Trust,
Inc.(ö)
(52,992)
(135)
Ocwen
Financial
Corp.(Æ)
(429)
(9)
PennyMac
Mortgage
Investment
Trust(ö)
(8,736)
(140)
Ready
Capital
Corp.(Æ)
(10,617)
(119)
Redwood
Trust,
Inc.(ö)
(13,703)
(103)
TPG
RE
Finance
Trust,
Inc.(ö)
(9,710)
(82)
Two
Harbors
Investment
Corp.(ö)
(35,465)
(181)
Veritex
Holdings,
Inc.
(2,000)
(34)
Victory
Capital
Holdings,
Inc.
Class
A
(1,000)
(17)
Western
Asset
Mortgage
Capital
Corp.(ö)
(14,623)
(30)
(2,087)
Health
Care
-
(1.0)%
Acadia
Pharmaceuticals,
Inc.(Æ)
(1,817)
(75)
Addus
HomeCare
Corp.(Æ)
(596)
(56)
ADMA
Biologics,
Inc.(Æ)
(10,244)
(25)
Alphatec
Holdings,
Inc.(Æ)
(1,000)
(7)
American
Renal
Associates
Holdings,
Inc.
(Æ)
(1,742)
(12)
Arcus
Biosciences,
Inc.(Æ)
(275)
(5)
Arena
Pharmaceuticals,
Inc.(Æ)
(2,714)
(203)
Axonics
Modulation
Technologies,
Inc.(Æ)
(400)
(20)
BioDelivery
Sciences
International,
Inc.(Æ)
(4,900)
(18)
CareDx
,
Inc.(Æ)
(400)
(15)
CASI
Pharmaceuticals,
Inc.(Æ)
(700)
(1)
Dynavax
Technologies
Corp.(Æ)
(1,624)
(7)
Emergent
BioSolutions
,
Inc.(Æ)
(1,021)
(105)
Exagen
,
Inc.(Æ)
(697)
(8)
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Geron
Corp.(Æ)
(13,112)
(23)
Guardant
Health,
Inc.(Æ)
(708)
(79)
HealthEquity
,
Inc.(Æ)
(2,807)
(144)
Intra-Cellular
Therapies,
Inc.
Class
A(Æ)
(1,489)
(38)
Invitae
Corp.(Æ)
(1,553)
(67)
iRhythm
Technologies,
Inc.(Æ)
(694)
(165)
Karuna
Therapeutics,
Inc.(Æ)
(706)
(55)
Kodiak
Sciences,
Inc.(Æ)
(121)
(7)
MannKind
Corp.(Æ)
(3,300)
(6)
MediciNova
,
Inc.(Æ)
(2,468)
(13)
Mersana
Therapeutics,
Inc.(Æ)
(527)
(10)
Misonix
,
Inc.(Æ)
(670)
(8)
NeoGenomics
,
Inc.(Æ)
(3,850)
(142)
OncoCyte
Corp.(Æ)
(5,984)
(8)
OPKO
Health,
Inc.(Æ)
(14,965)
(55)
OrthoPediatrics
Corp.(Æ)
(693)
(32)
Phathom
Pharmaceuticals,
Inc.(Æ)
(185)
(7)
Premier,
Inc.
Class
A
(2,900)
(95)
Quanterix
Corp.(Æ)
(705)
(24)
Repligen
Corp.(Æ)
(1,225)
(181)
Seres
Therapeutics,
Inc.(Æ)
(1,891)
(54)
Sientra
,
Inc.(Æ)
(3,434)
(12)
Surgery
Partners,
Inc.(Æ)
(1,193)
(26)
Tabula
Rasa
HealthCare,
Inc.(Æ)
(1,420)
(58)
Vaxart
,
Inc.(Æ)
(300)
(2)
Veracyte
,
Inc.(Æ)
(1,811)
(59)
(1,927)
Materials
and
Processing
-
(0.3)%
AAON,
Inc.
(1,072)
(65)
Cleveland-Cliffs,
Inc.(Æ)
(6,595)
(42)
Coeur
Mining,
Inc.(Æ)
(3,100)
(23)
Cornerstone
Building
Brands,
Inc.(Æ)
(4,446)
(35)
Livent
Corp.(Æ)
(2,400)
(22)
Marrone
Bio
Innovations,
Inc.(Æ)
(630)
(1)
NN,
Inc.(Æ)
(5,291)
(27)
Quaker
Chemical
Corp.
(945)
(170)
Uranium
Energy
Corp.(Æ)
(16,491)
(16)
Watsco
,
Inc.
(621)
(145)
(546)
Producer
Durables
-
(0.3)%
Altra
Industrial
Motion
Corp.
(2,940)
(109)
Aqua
Metals,
Inc.(Æ)
(6,408)
(6)
Badger
Meter,
Inc.
(592)
(39)
Coda
Octopus
Group,
Inc.(Æ)
(250)
(1)
Concrete
Pumping
Holdings,
Inc.(Æ)
(2,700)
(10)
Fluor
Corp.
(4,220)
(37)
Genasys
,
Inc.(Æ)
(4,940)
(30)
Iteris
,
Inc.(Æ)
(3,714)
(15)
Mesa
Laboratories,
Inc.
(230)
(59)
NV5
Global,
Inc.(Æ)
(963)
(51)
Plug
Power,
Inc.(Æ)
(1,353)
(18)
Ranpak
Holdings
Corp.(Æ)
(1,349)
(13)
Repay
Holdings
Corp.(Æ)
(2,237)
(53)
Sharps
Compliance
Corp.(Æ)
(2,310)
(14)
Toro
Co.
(The)
(1,989)
(167)
Workhorse
Group,
Inc.(Æ)
(329)
(8)
(630)
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Small
Cap
Equity
Fund
19
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Technology
-
(0.8)%
Alteryx
,
Inc.
Class
A(Æ)
(245)
(28)
Appfolio
,
Inc.
Class
A(Æ)
(957)
(136)
Black
Knight,
Inc.(Æ)
(1,934)
(168)
Brooks
Automation,
Inc.
(2,697)
(125)
Clearfield,
Inc.(Æ)
(639)
(13)
Cognex
Corp.
(2,644)
(172)
Envestnet
,
Inc.(Æ)
(2,207)
(170)
II-VI,
Inc.(Æ)
(3,736)
(151)
Immersion
Corp.(Æ)
(9,200)
(65)
IPG
Photonics
Corp.(Æ)
(115)
(20)
MongoDB,
Inc.(Æ)
(248)
(57)
NAPCO
Security
Technologies,
Inc.(Æ)
(1,603)
(38)
Onto
Innovation,
Inc.(Æ)
(4,302)
(128)
Powerfleet
,
Inc.(Æ)
(2,442)
(14)
Q2
Holdings,
Inc.(Æ)
(1,939)
(177)
TechTarget
,
Inc.(Æ)
(1,355)
(60)
TTM
Technologies,
Inc.(Æ)
(3,960)
(45)
Upland
Software,
Inc.(Æ)
(750)
(28)
(1,595)
Utilities
-
(0.1)%
Antero
Midstream
Corp.
(1,803)
(10)
Earthstone
Energy,
Inc.
Class
A(Æ)
(4,258)
(11)
HighPoint
Resources
Corp.(Æ)
(13,700)
(3)
Laredo
Petroleum,
Inc.(Æ)
(2,236)
(22)
Montage
Resources
Corp.(Æ)
(4,348)
(19)
New
Fortress
Energy
LLC
(1,449)
(64)
Penn
Virginia
Corp.(Æ)
(3,813)
(37)
(166)
Total
Securities
Sold
Short
(proceeds
$8,115)
(8,566)
Other
Assets
and
Liabilities,
Net
-
(4.0)%
(7,471)
Net
Assets
-
100.0%
188,132
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
20
U.S.
Small
Cap
Equity
Fund
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Securities
Acquisition
Date
Principal
Amount
($)
or
shares
Cost
per
Unit
$
Cost
(000)
$
Fair
Value
(000)
$
0.5%
APi
Group
Corp.
04/08/20
59,712
10.10
603
850
JER
Investment
Trust,
Inc.
05/27/04
1,771
82.03
145
—
850
For
a
description
of
restricted
securities
see
note
5
in
the
Notes
to
Quarterly
Report.
Futures
Contracts
Amounts
in
thousands
(except
contract
amounts
)
Number
of
Contracts
Notional
Amount
Expiration
Date
Value
and
Unrealized
Appreciation
(Depreciation)
$
Long
Positions
Russell
2000
E-Mini
Index
Futures
110
USD
8,274
12/20
(152)
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
(152)
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
Common
Stocks
Consumer
Discretionary
$
25,003
$
—
$
—
$
—
$
25,003
Consumer
Staples
5,42
7
—
—
—
5,42
7
Energy
4,39
7
—
—
—
4,39
7
Financial
Services
40,042
—
—
—
40,042
Health
Care
32,19
7
—
5
—
32,20
2
Materials
and
Processing
16,264
—
—
—
16,264
Producer
Durables
26,690
—
—
—
26,690
Technology
29,09
0
—
—
—
29,09
0
Utilities
8,20
2
—
—
—
8,20
2
Short-Term
Investments
—
—
—
8,166
8,166
Other
Securities
—
—
—
8,686
8,686
Total
Investments
187,31
2
—
5
16,852
204,169
Securities
Sold
Short
**
(8,566)
—
—
—
(8,566)
Other
Financial
Instruments
Liabilities
Futures
Contracts
(152)
—
—
—
(152)
Total
Other
Financial
Instruments
*
$
(152)
$
—
$
—
$
—
$
(152)
*
Futures
and
foreign
currency
exchange
contract
values
reflect
the
unrealized
appreciation
(depreciation)
on
the
investments.
**
Refer
to
Schedule
of
Investments
for
detailed
sector
breakout.
(a)
Certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
share
(or
its
equivalent)
practical
expedient
have
not
been
classified
in
the
fair
value
levels.
The
fair
value
amounts
presented
in
the
table
are
intended
to
permit
reconciliation
to
the
amounts
presented
in
the
Schedule
of
Investments.
For
a
description
of
the
Levels,
see
note
2
in
the
Notes
to
Quarterly
Report.
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Small
Cap
Equity
Fund
21
For
a
disclosure
on
transfers
between
Levels
1,
2
and
3
during
the
period
ended
September
30,
2020,
see
note
2
in
the
Notes
to
Quarterly
Report.
Investments
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
a
fair
value
for
the
period
ended
September
30,
2020,
were
less
than
1%
of
net
assets.
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
22
International
Developed
Markets
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
89.9%
Argentina
-
0.0%
YPF
SA
-
ADR(Æ)
34,203
122
Australia
-
1.5%
AGL
Energy,
Ltd.
33,334
326
Alumina,
Ltd.
61,212
61
Australia
&
New
Zealand
Banking
Group,
Ltd.
-
ADR
18,262
226
BHP
Group,
Ltd.
-
ADR
2,672
69
BlueScope
Steel,
Ltd.
12,890
118
Boral,
Ltd.
38,655
127
Commonwealth
Bank
of
Australia
-
ADR
15,110
690
Crown
Resorts,
Ltd.
8,918
56
CSL,
Ltd.
1,090
225
Dexus
(Æ)(ö)
13,721
88
Flight
Centre,
Ltd.(Æ)
13,704
136
Fortescue
Metals
Group,
Ltd.
26,460
310
GPT
Group
(The)(ö)
35,203
99
Insurance
Australia
Group,
Ltd.(Æ)
56,379
177
Medibank
Pvt
,
Ltd.
23,555
42
National
Australia
Bank,
Ltd.
-
ADR
14,149
181
Origin
Energy,
Ltd.
44,165
137
QBE
Insurance
Group,
Ltd.
30,022
186
Rio
Tinto
PLC
17,005
1,025
Rio
Tinto,
Ltd.
-
ADR
964
65
Scentre
Group(ö)
63,375
100
Sonic
Healthcare,
Ltd.
7,857
187
Suncorp
Group,
Ltd.(Æ)
17,531
106
Vicinity
Centres
(Æ)(ö)
262,788
260
Westpac
Banking
Corp.
9,771
118
5,115
Austria
-
0.2%
Erste
Group
Bank
AG
20,321
425
OMV
AB
3,926
107
532
Belgium
-
0.4%
Ageas
SA
18,684
762
KBC
Groep
NV
8,025
402
Solvay
SA
1,860
160
1,324
Brazil
-
0.1%
Pagseguro
Digital,
Ltd.
Class
A(Æ)
9,444
356
Canada
-
4.1%
ARC
Resources,
Ltd.(Ñ)
28,974
129
Bank
of
Montreal
6,058
354
Bank
of
Nova
Scotia
(The)
4,464
185
Barrick
Gold
Corp.
45,908
1,290
BCE,
Inc.
7,410
307
CAE,
Inc.
87,395
1,280
Cameco
Corp.
Class
A
17,489
177
Canadian
Imperial
Bank
of
Commerce(Ñ)
2,599
194
Canadian
National
Railway
Co.
28,574
3,044
Canadian
Natural
Resources,
Ltd.
9,136
146
Cenovus
Energy,
Inc.
24,425
95
CI
Financial
Corp.
22,010
279
Dollarama
,
Inc.
13,142
504
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Fairfax
Financial
Holdings,
Ltd.
462
136
Great-West
Lifeco
,
Inc.
13,079
256
iA
Financial
Corp.,
Inc.
7,351
256
Imperial
Oil,
Ltd.
6,701
80
Kinross
Gold
Corp.
70,742
624
Magna
International,
Inc.
Class
A
5,492
251
Manulife
Financial
Corp.
42,506
591
National
Bank
of
Canada
2,100
104
Pembina
Pipeline
Corp.
12,401
263
Power
Corp.
of
Canada
13,001
255
Royal
Bank
of
Canada
-
GDR
10,049
706
Shaw
Communications,
Inc.
Class
B
7,916
144
Shopify,
Inc.
Class
A(Æ)
321
328
Sun
Life
Financial,
Inc.
21,402
872
Suncor
Energy,
Inc.
12,867
157
Toronto-Dominion
Bank
(The)
20,957
970
Tourmaline
Oil
Corp.
15,073
184
14,161
Cayman
Islands
-
0.4%
Meituan-Dianping
Class
B(Æ)
46,900
1,475
China
-
3.8%
Alibaba
Group
Holding,
Ltd.
-
ADR(Æ)
17,867
5,252
China
Mobile,
Ltd.
133,000
855
China
Resources
Power
Holdings
Co.,
Ltd.
1,050,417
1,163
China
Telecom
Corp.,
Ltd.
Class
H
2,188,000
656
China
Unicom
Hong
Kong,
Ltd.
1,458,000
956
Dongfeng
Motor
Group
Co.,
Ltd.
Class
H
1,052,000
659
Lenovo
Group,
Ltd.
1,554,257
1,033
Ping
An
Insurance
Group
Co.
of
China,
Ltd.
Class
H
57,466
593
Sunny
Optical
Technology
Group
Co.,
Ltd.
27,099
415
Tencent
Holdings,
Ltd.
20,084
1,337
12,919
Colombia
-
0.0%
Millicom
International
Cellular
SA
547
17
Denmark
-
2.5%
AP
Moller
-
Maersk
A/S
Class
B
2,816
4,466
Coloplast
A/S
Class
B
1,272
201
Danske
Bank
A/S
40,324
546
Drilling
Co.
of
1972
A/S
(The)(Æ)
1,163
25
DSV
Panalpina
A/S
4,922
803
Genmab
A/S(Æ)
823
299
H
Lundbeck
A/S
1,635
54
Novo
Nordisk
A/S
Class
B
27,241
1,892
Novozymes
A/S
Class
B
2,245
141
Pandora
A/S
3,850
277
8,704
Finland
-
1.3%
Elisa
OYJ
Class
A
4,856
286
Fortum
OYJ
7,738
157
Kone
OYJ
Class
B
6,334
557
Neste
OYJ
14,398
757
Nokia
OYJ(Æ)
252,645
991
Nokian
Renkaat
OYJ
2,135
60
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
International
Developed
Markets
Fund
23
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Nordea
Bank
AB
41,131
313
Orion
OYJ
Class
B
1,887
85
Sampo
OYJ
Class
A
11,238
445
Stora
Enso
OYJ
Class
R
14,848
233
UPM-
Kymmene
OYJ
20,318
618
Wartsila
OYJ
Abp
Class
B
6,190
49
4,551
France
-
8.7%
Accor
SA(Æ)
13,426
376
Airbus
Group
SE(Æ)
7,056
512
Amundi
SA(Æ)(Þ)
21,112
1,488
Arkema
SA
1,726
183
Atos
SE(Æ)
3,906
315
AXA
SA
54,380
1,004
BNP
Paribas
SA(Æ)
30,626
1,109
Bouygues
SA
-
ADR
18,902
655
Capgemini
SE
3,935
504
Carrefour
SA
12,501
200
Cie
de
Saint-Gobain
SA(Æ)
47,519
1,995
Cie
Generale
des
Etablissements
Michelin
SCA
Class
B
15,326
1,640
Credit
Agricole
SA(Æ)
24,496
214
Danone
SA
4,141
268
Dassault
Aviation
SA(Æ)
292
248
Dassault
Systemes
SA
680
127
Eiffage
SA(Æ)
1,933
158
Engie
SA(Æ)
85,870
1,148
Hermes
International
94
81
L'Oreal
SA
3,097
1,008
LVMH
Moet
Hennessy
Louis
Vuitton
SE
-
ADR
3,506
1,639
Orange
SA
-
ADR
8,264
86
Peugeot
SA(Æ)
11,122
201
Publicis
Groupe
SA
-
ADR
35,088
1,137
Renault
SA(Æ)
17,615
455
Rexel
SA
Class
H(Æ)
259,005
3,248
Sanofi
-
ADR
9,598
962
Sartorius
Stedim
Biotech
5,057
1,742
Schneider
Electric
SE
18,715
2,322
SCOR
SE
-
ADR
32,737
907
Societe
Generale
SA(Æ)
44,209
585
Total
SA
57,254
1,966
Ubisoft
Entertainment
SA(Æ)
6,320
571
Unibail
-
Rodamco
-Westfield(Ñ)(ö)
1,829
67
Valeo
SA
5,006
153
Worldline
SA(Æ)(Þ)
5,557
456
29,730
Germany
-
4.8%
1&1
Drillisch
AG
2,043
45
adidas
AG(Æ)
9,111
2,950
Allianz
SE
2,175
417
BASF
SE
33,917
2,065
Bayer
AG
5,653
353
Bayerische
Motoren
Werke
Aktiengesellschaft
2,774
201
Brenntag
AG
3,883
247
CECONOMY
AG(Æ)
49,527
244
Continental
AG
1,558
169
Covestro
AG(Þ)
43,338
2,152
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Daimler
AG
31,078
1,676
Evonik
Industries
AG
4,697
122
Fresenius
SE
&
Co.
KGaA
4,361
199
GEA
Group
AG
4,183
147
Hannover
Rueck
SE
2,428
376
HeidelbergCement
AG
3,101
190
Infineon
Technologies
AG
-
ADR
20,319
575
KION
Group
AG
1,793
154
Metro
AG
15,401
154
Muenchener
Rueckversicherungs-
Gesellschaft
AG
3,591
912
Salzgitter
AG(Æ)
6,117
101
SAP
SE
-
ADR
1,638
255
Siemens
AG
10,381
1,313
Siemens
Energy
AG(Æ)
5,190
140
Uniper
SE
2,518
81
United
Internet
AG
5,832
223
Zalando
SE(Æ)(Þ)
9,199
861
16,322
Hong
Kong
-
2.3%
AIA
Group,
Ltd.
238,408
2,348
Bank
of
East
Asia,
Ltd.
(The)
71,800
132
CK
Asset
Holdings,
Ltd.
143,049
698
CK
Hutchison
Holdings,
Ltd.
Class
B
19,313
117
CK
Infrastructure
Holdings,
Ltd.
34,000
159
CLP
Holdings,
Ltd.
28,500
266
Galaxy
Entertainment
Group,
Ltd.
66,000
447
Hang
Seng
Bank,
Ltd.
23,400
347
Henderson
Land
Development
Co.,
Ltd.
35,200
130
Hongkong
Land
Holdings,
Ltd.
29,300
109
Jardine
Matheson
Holdings,
Ltd.
4,800
191
Jardine
Strategic
Holdings,
Ltd.
4,400
87
New
World
Development
Co.,
Ltd.
33,000
161
Power
Assets
Holdings,
Ltd.
55,000
289
Sino
Land
Co.,
Ltd.
84,000
98
Sun
Hung
Kai
Properties,
Ltd.
14,500
186
Swire
Pacific,
Ltd.
Class
A
16,000
78
Techtronic
Industries
Co.,
Ltd.
151,271
1,989
WH
Group,
Ltd.(Þ)
123,000
100
Wharf
Real
Estate
Investment
Co.,
Ltd.
19,000
78
8,010
India
-
1.1%
Canara
Bank(Æ)
119,258
145
Housing
Development
Finance
Corp.,
Ltd.
123,540
2,932
NTPC,
Ltd.
30,955
36
Oil
&
Natural
Gas
Corp.,
Ltd.
218,773
206
Zee
Entertainment
Enterprises,
Ltd.
105,298
300
3,619
Indonesia
-
0.1%
Bank
Mandiri
Persero
Tbk
PT
560,300
188
Ireland
-
3.1%
Accenture
PLC
Class
A
9,830
2,221
AIB
Group
PLC
216,609
222
Allegion
PLC
20,393
2,017
Aon
PLC
Class
A
8,626
1,780
Bank
of
Ireland
Group
PLC(Æ)
133,060
247
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
24
International
Developed
Markets
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
CRH
PLC
10,234
370
Flutter
Entertainment
plc(Æ)
1,463
230
Flutter
Entertainment
PLC
3,038
481
James
Hardie
Industries
PLC(Æ)
14,349
342
Kerry
Group
PLC
Class
A
17,825
2,289
Ryanair
Holdings
PLC
-
ADR(Æ)
5,069
414
10,613
Israel
-
0.3%
Bank
Hapoalim
BM
28,482
152
Bank
Leumi
Le-Israel
BM
36,822
162
ICL
Group,
Ltd.
26,376
93
Israel
Discount
Bank,
Ltd.
Class
A
28,582
77
Mizrahi
Tefahot
Bank,
Ltd.
6,331
112
Nice,
Ltd.(Æ)
1,352
307
903
Italy
-
2.2%
Assicurazioni
Generali
SpA
58,646
826
Atlantia
SpA
(Æ)
10,727
168
BPER
Banca(Æ)(Ñ)
57,108
133
Davide
Campari-Milano
NV(Æ)
54,158
592
Enel
SpA
156,253
1,356
ENI
SpA
-
ADR
118,126
924
Ferrari
NV
3,018
552
FinecoBank
Banca
Fineco
SpA
(Æ)
26,898
370
Intesa
Sanpaolo
SpA
(Æ)
148,539
279
Mediobanca
Banca
di
Credito
Finanziario
SpA
15,582
122
Moncler
SpA
(Æ)
9,514
390
Poste
Italiane
SpA
(Þ)
14,442
128
Saipem
SpA
(Ñ)
113,516
195
Telecom
Italia
SpA
184,329
74
UniCredit
SpA
(Æ)
150,474
1,241
7,350
Japan
-
18.6%
Aozora
Bank,
Ltd.
6,600
110
Asahi
Glass
Co.,
Ltd.
4,100
120
Asahi
Kasei
Corp.
13,000
113
Astellas
Pharma,
Inc.
44,200
658
Benesse
Holdings,
Inc.
3,100
80
Bridgestone
Corp.
17,800
562
Brother
Industries,
Ltd.
5,800
92
Canon,
Inc.
23,500
390
Central
Japan
Railway
Co.
1,000
143
Chiba
Bank,
Ltd.
(The)
28,900
159
Chiyoda
Corp.(Æ)
31,000
75
Chubu
Electric
Power
Co.,
Inc.
9,400
114
Citizen
Watch
Co.,
Ltd.(Æ)
61,500
172
Concordia
Financial
Group,
Ltd.
29,700
104
Daifuku
Co.,
Ltd.
1,800
181
Dai-ichi
Life
Holdings,
Inc.
58,950
832
Daito
Trust
Construction
Co.,
Ltd.
2,600
231
Daiwa
House
Industry
Co.,
Ltd.
4,400
113
DeNA
Co.,
Ltd.
29,700
548
Denso
Corp.
17,800
780
Eisai
Co.,
Ltd.
13,440
1,226
Electric
Power
Development
Co.,
Ltd.
5,100
79
ENEOS
Holdings,
Inc.
366,600
1,309
Fuji
Media
Holdings,
Inc.
12,900
125
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
FUJIFILM
Holdings
Corp.
4,200
207
Fujitsu,
Ltd.
3,300
452
Fukuoka
Financial
Group,
Inc.
17,800
300
GMO
Payment
Gateway,
Inc.
4,800
516
Gree
,
Inc.
55,900
273
Hino
Motors,
Ltd.
96,600
626
Hitachi
Metals,
Ltd.
110,600
1,700
Hitachi,
Ltd.
4,900
166
Honda
Motor
Co.,
Ltd.
153,900
3,630
Iida
Group
Holdings
Co.,
Ltd.
45,400
918
Inpex
Corp.
311,100
1,664
Isuzu
Motors,
Ltd.
101,300
887
ITOCHU
Corp.
16,300
417
J
Front
Retailing
Co.,
Ltd.
13,300
96
Japan
Exchange
Group,
Inc.
8,300
232
Japan
Post
Holdings
Co.,
Ltd.
20,000
136
Japan
Tobacco,
Inc.
12,900
236
JGC
Holdings
Corp.
54,400
565
JSR
Corp.
9,700
230
Kajima
Corp.
9,000
108
Kawasaki
Heavy
Industries,
Ltd.
7,200
97
KDDI
Corp.
28,700
726
Keyence
Corp.
4,900
2,284
Kirin
Holdings
Co.,
Ltd.
12,800
240
Komatsu,
Ltd.
84,600
1,862
Kyocera
Corp.
8,000
457
Marubeni
Corp.
39,300
223
Mebuki
Financial
Group,
Inc.
50,600
115
Mitsubishi
Chemical
Holdings
Corp.
24,700
143
Mitsubishi
Corp.
8,100
194
Mitsubishi
Electric
Corp.
52,500
709
Mitsubishi
Estate
Co.,
Ltd.
46,900
709
Mitsubishi
Gas
Chemical
Co.,
Inc.
12,700
236
Mitsubishi
Heavy
Industries,
Ltd.
16,100
358
Mitsubishi
Motors
Corp.
90,500
200
Mitsubishi
UFJ
Financial
Group,
Inc.
328,400
1,303
Mitsubishi
UFJ
Lease
&
Finance
Co.,
Ltd.
31,600
146
Mitsui
&
Co.,
Ltd.
66,900
1,149
Mitsui
Chemicals,
Inc.
5,300
128
MS&AD
Insurance
Group
Holdings,
Inc.
24,500
664
Murata
Manufacturing
Co.,
Ltd.
7,200
465
NGK
Spark
Plug
Co.,
Ltd.
8,100
141
Nikon
Corp.
47,900
324
Nintendo
Co.,
Ltd.
510
290
Nippon
Steel
Corp.(Æ)
13,900
131
Nippon
Telegraph
&
Telephone
Corp.
8,206
168
Nippon
Television
Holdings,
Inc.
26,800
288
Nissan
Motor
Co.,
Ltd.
123,200
438
Nitto
Denko
Corp.
14,000
913
Nomura
Holdings,
Inc.
175,500
801
Nomura
Real
Estate
Holdings,
Inc.
4,900
93
NTT
DOCOMO,
Inc.
23,400
868
Obayashi
Corp.
16,300
148
Oji
Holdings
Corp.
32,600
150
ORIX
Corp.
12,900
161
Otsuka
Holdings
Co.,
Ltd.
5,000
212
Panasonic
Corp.
226,700
1,920
Resona
Holdings,
Inc.
396,700
1,352
Sekisui
Chemical
Co.,
Ltd.
9,200
147
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
International
Developed
Markets
Fund
25
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Sekisui
House,
Ltd.
14,000
248
Shimamura
Co.,
Ltd.
10,300
1,007
Shimizu
Corp.
12,300
92
Shin-Etsu
Chemical
Co.,
Ltd.
22,935
2,993
SMC
Corp.
700
390
SoftBank
Group
Corp.
9,600
593
Sompo
Japan
Nipponkoa
Holdings,
Inc.
6,200
215
Sony
Corp.
5,710
437
Subaru
Corp.
23,600
458
Sumitomo
Chemical
Co.,
Ltd.
25,000
83
Sumitomo
Corp.
14,200
170
Sumitomo
Electric
Industries,
Ltd.
17,000
191
Sumitomo
Mitsui
Financial
Group,
Inc.
82,300
2,290
Sumitomo
Mitsui
Trust
Holdings,
Inc.
29,700
790
Suzuki
Motor
Corp.
23,000
985
T&D
Holdings,
Inc.
171,600
1,697
Taiheiyo
Cement
Corp.
5,200
133
Takeda
Pharmaceutical
Co.,
Ltd.
37,400
1,332
Teijin,
Ltd.
7,000
109
THK
Co.,
Ltd.
23,400
587
Tohoku
Electric
Power
Co.,
Inc.
12,600
126
Tokio
Marine
Holdings,
Inc.
12,200
534
Tokyo
Electric
Power
Co.
Holdings,
Inc.
(Æ)
33,900
93
Tokyo
Electron,
Ltd.
4,300
1,125
Tokyu
Fudosan
Holdings
Corp.
16,800
72
Toppan
Printing
Co.,
Ltd.
8,600
121
Toray
Industries,
Inc.
34,700
159
Tosoh
Corp.
7,800
127
Toyota
Industries
Corp.
2,000
126
Toyota
Motor
Corp.
9,600
635
Toyota
Tsusho
Corp.
5,600
156
Trend
Micro,
Inc.
32,500
1,983
Yamada
Denki
Co.,
Ltd.
34,700
173
Z
Holdings
Corp.
90,800
607
63,465
Jersey
-
0.1%
Ferguson
PLC
2,301
232
Luxembourg
-
1.3%
ArcelorMittal
SA(Æ)
84,779
1,131
Eurofins
Scientific
SE(Æ)
3,077
2,435
RTL
Group
SA
10,228
403
Spotify
Technology
SA(Æ)
1,488
361
Tenaris
SA
24,829
124
4,454
Macao
-
0.1%
Sands
China,
Ltd.
107,625
419
Malaysia
-
0.1%
CIMB
Group
Holdings
BHD
309,300
230
Mexico
-
0.3%
Grupo
Televisa
SAB
-
ADR(Æ)
143,442
886
Netherlands
-
3.9%
ABN
AMRO
Bank
NV(Þ)
77,885
651
Adyen
NV(Æ)(Þ)
413
761
Aegon
NV
41,917
109
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
ASML
Holding
NV
3,800
1,401
Exor
NV
2,352
128
Heineken
NV
35,784
3,180
ING
Groep
NV
370,947
2,627
Koninklijke
Ahold
Delhaize
NV
11,431
338
Koninklijke
KPN
NV
253,660
596
Mylan
NV(Æ)
71,522
1,061
NN
Group
NV
5,663
213
PostNL
NV
-
ADR(Æ)
118,940
362
Randstad
NV(Æ)
2,989
156
Royal
Dutch
Shell
PLC
Class
A
83,039
1,047
Yandex
NV
Class
A(Æ)(Ñ)
8,695
567
13,197
New
Zealand
-
0.3%
a2
Milk
Co.,
Ltd.
(The)(Æ)
39,510
401
Fletcher
Building,
Ltd.(Æ)
37,706
96
Meridian
Energy,
Ltd.
22,166
72
Spark
New
Zealand,
Ltd.
100,433
313
882
Norway
-
0.4%
DNB
ASA
10,403
144
Mowi
ASA
21,701
385
Norsk
Hydro
ASA(Æ)
241,043
663
Orkla
ASA
25,062
254
1,446
Portugal
-
0.1%
Energias
de
Portugal
SA
36,785
181
Russia
-
0.3%
Gazprom
PJSC
-
ADR
102,008
444
Lukoil
PJSC
-
ADR
2,628
152
Sberbank
of
Russia
PJSC
-
ADR
35,611
415
1,011
Singapore
-
1.0%
CapitaLand,
Ltd.
64,500
129
DBS
Group
Holdings,
Ltd.
63,300
931
Genting
Singapore,
Ltd.
99,700
49
Oversea-Chinese
Banking
Corp.,
Ltd.
21,945
136
Singapore
Technologies
Engineering,
Ltd.
21,600
55
Singapore
Telecommunications,
Ltd.
246,700
385
United
Overseas
Bank,
Ltd.
13,200
185
UOL
Group,
Ltd.
45,800
224
Wilmar
International,
Ltd.
422,900
1,371
3,465
South
Africa
-
0.6%
Anglo
American
PLC
45,049
1,089
Gold
Fields,
Ltd.
-
ADR
50,079
615
Impala
Platinum
Holdings,
Ltd.
26,669
231
MTN
Group,
Ltd.
61,938
208
2,143
South
Korea
-
2.1%
Hankook
Tire
&
Technology
Co.,
Ltd.
16,742
447
KB
Financial
Group,
Inc.
25,629
827
KT
Corp.
-
ADR
75,080
722
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
26
International
Developed
Markets
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
LG
Household
&
Health
Care,
Ltd.
1,393
1,728
POSCO
9,115
1,532
Samsung
Electronics
Co.,
Ltd.
12,719
641
Shinhan
Financial
Group
Co.,
Ltd.
54,698
1,272
7,169
Spain
-
1.5%
ACS
Actividades
de
Construccion
y
Servicios
SA
4,727
107
Banco
Bilbao
Vizcaya
Argentaria
SA
-
ADR
51,081
141
Banco
Santander
SA
-
ADR
87,956
164
Bankia
SA
460,725
669
CaixaBank
SA
392,208
832
Cellnex
Telecom
SA(Þ)
28,316
1,720
Endesa
SA
-
ADR
15,547
416
Industria
de
Diseno
Textil
SA
15,971
444
Naturgy
Energy
Group
SA
6,870
138
Red
Electrica
Corp.
SA
10,423
196
Repsol
SA
-
ADR
21,427
143
Telefonica
SA
-
ADR
40,445
139
5,109
Sweden
-
1.7%
Assa
Abloy
AB
Class
B
23,135
540
Atlas
Copco
AB(Æ)
15,908
757
Bausch
&
Lomb,
Inc.(Æ)
19,840
590
ICA
Gruppen
AB
1,554
79
Investor
AB
Class
B
1,564
102
Kinnevik
AB
Class
B(Æ)
3,988
161
Sandvik
AB(Æ)
59,214
1,154
Skandinaviska
Enskilda
Banken
AB
Class
A
22,237
197
Skanska
AB
Class
B
7,915
167
SKF
AB
Class
B
9,541
197
Svenska
Handelsbanken
AB
Class
A(Æ)
25,391
213
Swedbank
AB
Class
A
10,741
168
Swedish
Match
AB
7,079
578
Telefonaktiebolaget
LM
Ericsson
Class
B
60,973
667
Volvo
AB
Class
B
14,311
275
5,845
Switzerland
-
7.9%
ABB,
Ltd.
21,007
532
Adecco
Group
AG
30,586
1,616
Alcon,
Inc.(Æ)
6,099
346
Baloise
Holding
AG
1,774
261
Chocoladefabriken
Lindt
&
Spruengli
AG
23
194
Cie
Financiere
Richemont
SA
Class
A
1,133
76
Credit
Suisse
Group
AG
71,831
719
Glencore
PLC(Æ)
159,427
330
Julius
Baer
Group,
Ltd.
22,974
979
Kuehne
&
Nagel
International
AG
1,290
250
LafargeHolcim
,
Ltd.(Æ)
35,015
1,596
Lonza
Group
AG
874
540
Nestle
SA
43,121
5,117
Novartis
AG
36,441
3,167
Partners
Group
Holding
AG
1,477
1,359
Roche
Holding
AG
9,228
3,157
SGS
SA
156
418
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Swiss
Life
Holding
AG
800
302
Swiss
Re
AG
6,770
501
Swisscom
AG
399
212
Temenos
AG
8,019
1,080
UBS
Group
AG
283,757
3,168
Zurich
Insurance
Group
AG
2,516
875
26,795
Taiwan
-
2.1%
Catcher
Technology
Co.,
Ltd.
119,513
752
Hon
Hai
Precision
Industry
Co.,
Ltd.
412,184
1,103
Innolux
Corp.(Æ)
1,155,000
377
MediaTek
,
Inc.
33,000
696
Shin
Kong
Financial
Holding
Co.,
Ltd.
1,105,000
308
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
93,000
1,397
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
-
ADR
32,979
2,674
7,307
Thailand
-
0.1%
Kasikornbank
PCL
195,800
476
United
Kingdom
-
10.4%
3i
Group
PLC
29,168
374
Admiral
Group
PLC
8,940
302
Ashtead
Group
PLC
6,357
228
Associated
British
Foods
PLC
2,027
49
AstraZeneca
PLC
14,138
1,539
Aviva
PLC
192,090
706
Babcock
International
Group
PLC
90,925
292
BAE
Systems
PLC
26,210
162
Barclays
PLC
610,355
768
Barratt
Developments
PLC
42,308
259
Berkeley
Group
Holdings
PLC
6,208
338
BP
PLC
391,796
1,138
British
American
Tobacco
PLC
14,755
530
British
Land
Co.
PLC
(The)(ö)
52,154
227
BT
Group
PLC
465,803
592
Centrica
PLC
467,952
242
Coca-Cola
European
Partners
PLC
1,154
45
Compass
Group
PLC
96,935
1,455
Diageo
PLC
22,800
781
Direct
Line
Insurance
Group
PLC
95,746
333
Experian
PLC
7,218
270
Fiat
Chrysler
Automobiles
NV
18,218
223
Halma
PLC
8,601
259
HSBC
Holdings
PLC
396,323
1,540
Imperial
Tobacco
Group
PLC
5,982
105
InterContinental
Hotels
Group
PLC(Æ)
980
51
Intermediate
Capital
Group
PLC(Æ)
29,042
446
J
Sainsbury
PLC
1,180,187
2,902
John
Wood
Group
PLC
596,241
1,634
Johnson
Matthey
PLC
5,879
178
Kingfisher
PLC
318,042
1,215
Land
Securities
Group
PLC(ö)
34,795
234
Legal
&
General
Group
PLC
91,982
223
Linde
PLC
11,598
2,746
Lloyds
Banking
Group
PLC
641,761
218
London
Stock
Exchange
Group
PLC
4,342
497
M&G
PLC
56,894
116
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
International
Developed
Markets
Fund
27
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Marks
&
Spencer
Group
PLC
175,249
219
National
Grid
PLC
12,933
149
Natwest
Group
PLC
402,467
550
Persimmon
PLC
Class
A
10,068
320
Prudential
PLC
7,296
104
Reckitt
Benckiser
Group
PLC
763
74
RELX
PLC
2,687
59
Royal
Dutch
Shell
PLC
Class
B
58,161
704
RSA
Insurance
Group
PLC
71,346
415
Scottish
&
Southern
Energy
PLC
10,113
157
Segro
PLC(ö)
30,362
365
Smith
&
Nephew
PLC
32,132
626
Smiths
Group
PLC
3,388
60
St.
James's
Place
PLC
15,239
182
Standard
Chartered
PLC
364,533
1,671
Standard
Life
Aberdeen
PLC(Æ)
127,622
372
Taylor
Wimpey
PLC
134,449
187
TechnipFMC
PLC
210,368
1,327
Tesco
PLC
301,318
826
Travis
Perkins
PLC
115,406
1,605
Unilever
NV
2,045
123
Unilever
PLC
2,116
130
Vodafone
Group
PLC
842,721
1,118
Wausau
Paper
Corp.
110,875
866
Wm
Morrison
Supermarkets
PLC
80,853
177
35,603
United
States
-
0.1%
Ovintiv
,
Inc.
21,385
175
VEON,
Ltd.(Æ)
134,442
169
344
Total
Common
Stocks
(cost
$337,480)
306,670
Preferred
Stocks
-
1.7%
Germany
-
0.9%
Porsche
Automobil
Holding
SE
4.463%
(Ÿ)
5,695
340
Volkswagen
AG
3.529%
(Ÿ)
16,183
2,605
2,945
South
Korea
-
0.8%
Samsung
Electronics
Co.,
Ltd.
2.006%
(Ÿ)
63,953
2,759
Total
Preferred
Stocks
(cost
$5,493)
5,704
Short-Term
Investments
-
5.0%
United
States
-
5.0%
U.S.
Cash
Management
Fund(@)
17,103,706
(∞)
17,100
Total
Short-Term
Investments
(cost
$17,102)
17,100
Other
Securities
-
0.3%
U.S.
Cash
Collateral
Fund(@)(×)
1,096,016
(∞)
1,096
Total
Other
Securities
(cost
$1,096)
1,096
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Total
Investments
-
96.9%
(identified
cost
$361,171)
330,570
Other
Assets
and
Liabilities,
Net
-
3.1%
10,482
Net
Assets
-
100.0%
341,052
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
28
International
Developed
Markets
Fund
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Securities
Acquisition
Date
Principal
Amount
($)
or
shares
Cost
per
Unit
$
Cost
(000)
$
Fair
Value
(000)
$
2.4%
ABN
AMRO
Bank
NV
06/26/19
EUR
77,885
15.24
1,187
651
Adyen
NV
07/25/19
EUR
413
757.58
313
761
Amundi
SA
02/21/19
EUR
21,112
64.32
1,358
1,488
Cellnex
Telecom
SA
06/19/17
EUR
28,316
30.29
858
1,720
Covestro
AG
08/15/19
EUR
43,338
37.86
1,641
2,152
Poste
Italiane
SpA
06/26/19
EUR
14,442
10.45
151
128
WH
Group,
Ltd.
06/26/19
HKD
123,000
1.02
125
100
Worldline
SA
02/14/20
EUR
5,557
78.98
439
456
Zalando
SE
12/12/19
EUR
9,199
48.75
448
861
8,317
For
a
description
of
restricted
securities
see
note
5
in
the
Notes
to
Quarterly
Report.
Futures
Contracts
Amounts
in
thousands
(except
contract
amounts
)
Number
of
Contracts
Notional
Amount
Expiration
Date
Value
and
Unrealized
Appreciation
(Depreciation)
$
Long
Positions
Euro
STOXX
50
Index
Futures
477
EUR
15,235
12/20
(665)
FTSE
100
Index
Futures
124
GBP
7,243
12/20
(300)
S&P/TSX
60
Index
Futures
77
CAD
14,807
12/20
(42)
SPI
200
Index
Futures
101
AUD
14,650
12/20
(178)
TOPIX
Index
Futures
114
JPY
1,853,071
12/20
268
Short
Positions
Hang
Seng
Index
Futures
16
HKD
18,744
10/20
(21)
MSCI
Emerging
Markets
Index
Futures
627
USD
34,124
12/20
222
MSCI
Singapore
Index
Futures
36
SGD
1,018
10/20
(1)
S&P
500
E-Mini
Index
Futures
76
USD
12,738
12/20
77
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
(640)
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Bank
of
America
USD
98
AUD
137
10/02/20
—
Bank
of
America
USD
7,252
NOK
65,000
12/16/20
(283)
Bank
of
America
HKD
831
USD
107
10/06/20
—
Bank
of
America
JPY
9,150
USD
87
10/01/20
—
Bank
of
America
JPY
14,616
USD
138
10/02/20
—
Bank
of
Montreal
USD
2,568
AUD
3,531
12/16/20
(38)
Bank
of
Montreal
USD
3,442
CAD
4,542
12/16/20
(29)
Bank
of
Montreal
USD
2,011
EUR
1,698
12/16/20
(16)
Bank
of
Montreal
USD
1,625
GBP
1,251
12/16/20
(11)
Bank
of
Montreal
USD
3,685
JPY
390,783
12/16/20
24
Bank
of
Montreal
NOK
7,098
USD
785
12/16/20
24
Bank
of
New
York
USD
2,569
AUD
3,531
12/16/20
(40)
Bank
of
New
York
USD
3,449
CAD
4,542
12/16/20
(36)
Bank
of
New
York
USD
2,010
EUR
1,698
12/16/20
(15)
Bank
of
New
York
USD
1,627
GBP
1,251
12/16/20
(12)
Bank
of
New
York
USD
3,683
JPY
390,783
12/16/20
26
Bank
of
New
York
NOK
7,098
USD
787
12/16/20
26
JPMorgan
Chase
USD
2,565
AUD
3,531
12/16/20
(36)
JPMorgan
Chase
USD
3,442
CAD
4,542
12/16/20
(30)
JPMorgan
Chase
USD
2,010
EUR
1,698
12/16/20
(16)
JPMorgan
Chase
USD
1,621
GBP
1,251
12/16/20
(6)
JPMorgan
Chase
USD
3,685
JPY
390,783
12/16/20
24
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
International
Developed
Markets
Fund
29
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
JPMorgan
Chase
NOK
7,098
USD
784
12/16/20
22
Royal
Bank
of
Canada
USD
2,565
AUD
3,531
12/16/20
(36)
Royal
Bank
of
Canada
USD
3,442
CAD
4,542
12/16/20
(30)
Royal
Bank
of
Canada
USD
184
CHF
170
10/02/20
—
Royal
Bank
of
Canada
USD
2,010
EUR
1,698
12/16/20
(16)
Royal
Bank
of
Canada
USD
1,621
GBP
1,251
12/16/20
(6)
Royal
Bank
of
Canada
USD
3,685
JPY
390,783
12/16/20
24
Royal
Bank
of
Canada
EUR
760
USD
890
10/02/20
—
Royal
Bank
of
Canada
GBP
71
USD
92
10/02/20
—
Royal
Bank
of
Canada
NOK
7,098
USD
783
12/16/20
22
Standard
Chartered
USD
2,567
AUD
3,531
12/16/20
(36)
Standard
Chartered
USD
3,441
CAD
4,542
12/16/20
(28)
Standard
Chartered
USD
2,010
EUR
1,698
12/16/20
(16)
Standard
Chartered
USD
1,626
GBP
1,251
12/16/20
(11)
Standard
Chartered
USD
3,685
JPY
390,783
12/16/20
25
Standard
Chartered
NOK
7,098
USD
784
12/16/20
23
State
Street
USD
110
CHF
100
12/16/20
(1)
State
Street
USD
1,287
SEK
11,260
12/16/20
(28)
State
Street
DKK
13,240
USD
2,108
12/16/20
20
Total
Unrealized
Appreciation
(Depreciation)
on
Open
Foreign
Currency
Exchange
Contracts
(516)
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
Common
Stocks
Argentina
$
122
$
—
$
—
$
—
$
122
Australia
—
5,115
—
—
5,115
Austria
—
532
—
—
532
Belgium
—
1,324
—
—
1,324
Brazil
356
—
—
—
356
Canada
14,161
—
—
—
14,161
Cayman
Islands
—
1,475
—
—
1,475
China
5,252
7,667
—
—
12,919
Colombia
—
17
—
—
17
Denmark
—
8,704
—
—
8,704
Finland
—
4,551
—
—
4,551
France
—
29,730
—
—
29,730
Germany
140
16,182
—
—
16,322
Hong
Kong
—
8,010
—
—
8,010
India
—
3,619
—
—
3,619
Indonesia
—
188
—
—
188
Ireland
6,432
4,181
—
—
10,613
Israel
—
903
—
—
903
Italy
—
7,350
—
—
7,350
Japan
—
63,465
—
—
63,465
Jersey
—
232
—
—
232
Luxembourg
361
4,093
—
—
4,454
Macao
—
419
—
—
419
Malaysia
—
230
—
—
230
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
30
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
Mexico
886
—
—
—
886
Netherlands
1,628
11,569
—
—
13,197
New
Zealand
—
882
—
—
882
Norway
—
1,446
—
—
1,446
Portugal
—
181
—
—
181
Russia
—
1,011
—
—
1,011
Singapore
—
3,465
—
—
3,465
South
Africa
615
1,528
—
—
2,143
South
Korea
722
6,447
—
—
7,169
Spain
—
5,109
—
—
5,109
Sweden
—
5,845
—
—
5,845
Switzerland
—
26,795
—
—
26,795
Taiwan
2,674
4,633
—
—
7,307
Thailand
—
476
—
—
476
United
Kingdom
1,372
34,231
—
—
35,603
United
States
344
—
—
—
344
Preferred
Stocks
—
5,704
—
—
5,704
Short-Term
Investments
—
—
—
17,100
17,100
Other
Securities
—
—
—
1,096
1,096
Total
Investments
35,065
277,309
—
18,196
330,570
Other
Financial
Instruments
Assets
Futures
Contracts
56
7
—
—
—
56
7
Foreign
Currency
Exchange
Contracts
1
259
—
—
260
Liabilities
Futures
Contracts
(1,20
7
)
—
—
—
(1,20
7
)
Foreign
Currency
Exchange
Contracts
(1)
(775)
—
—
(776)
Total
Other
Financial
Instruments
*
$
(640)
$
(516)
$
—
$
—
$
(1,156)
*
Futures
and
foreign
currency
exchange
contract
values
reflect
the
unrealized
appreciation
(depreciation)
on
the
investments.
(a)
Certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
share
(or
its
equivalent)
practical
expedient
have
not
been
classified
in
the
fair
value
levels.
The
fair
value
amounts
presented
in
the
table
are
intended
to
permit
reconciliation
to
the
amounts
presented
in
the
Schedule
of
Investments.
For
a
description
of
the
Levels,
see
note
2
in
the
Notes
to
Quarterly
Report.
For
a
disclosure
on
transfers
between
Levels
1,
2
and
3
during
the
period
ended
September
30,
2020,
see
note
2
in
the
Notes
to
Quarterly
Report.
Amounts
in
thousands
Sector
Exposure
Fair
Value
$
Consumer
Discretionary
..........................................................
45,853
Consumer
Staples
...................................................................
15,188
Energy
....................................................................................
15,098
Financial
Services
...................................................................
74,377
Health
Care
.............................................................................
23,229
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
International
Developed
Markets
Fund
31
Materials
and
Processing
........................................................
37,806
Producer
Durables
..................................................................
44,632
Technology
..............................................................................
40,899
Utilities
...................................................................................
15,292
Short-Term
Investments
..........................................................
17,100
Other
Investments
...................................................................
1,096
Total
Investments
....................................................................
330,570
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
32
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Long-Term
Investments
-
84.1%
Asset-Backed
Securities
-
7.3%
ACE
Securities
Corp.
Home
Equity
Loan
Trust
Series
2005-HE3
Class
M2
0.843%
due
05/25/35
(USD
1
Month
LIBOR
+
0.675%)(Ê)
17
17
ACE
Securities
Corp.
Mortgage
Loan
Trust
Series
2007-D1
Class
A2
6.336%
due
02/25/38
(~)(Ê)(Þ)
510
504
Applebee's
Funding
LLC
/
IHOP
Funding
LLC
Series
2019-1A
Class
A2I
4.194%
due
06/07/49
(Þ)
340
315
Asset
Backed
Securities
Corp.
Home
Equity
Loan
Trust
Series
2007-HE1
Class
A4
0.308%
due
12/25/36
(USD
1
Month
LIBOR
+
0.140%)(Ê)
401
384
Avis
Budget
Rental
Car
Funding
(AESOP)
LLC
Series
2019-2A
Class
A
3.350%
due
09/22/25
(Þ)
600
634
BCAP
LLC
Trust
Series
2014-RR3
Class
3A2
0.954%
due
07/26/36
(~)(Ê)(Þ)
781
686
Series
2014-RR3
Class
5A2
0.964%
due
10/26/36
(~)(Ê)(Þ)
492
431
Blackbird
Capital
Aircraft
Lease
Securitization,
Ltd.
Series
2016-1A
Class
AA
2.487%
due
12/16/41
(~)(Ê)(Þ)
692
648
CAL
Funding
II,
Ltd.
Series
2018-2A
Class
A
4.340%
due
09/25/43
(Þ)
237
243
Carlyle
Global
Market
Strategies
CLO,
Ltd.
Series
2017-2A
Class
AR
2.025%
due
01/18/29
(USD
3
Month
LIBOR
+
0.890%)(Ê)(Þ)
760
751
Cedar
Funding,
Ltd.
Series
2018-5A
Class
A1R
2.235%
due
07/17/31
(USD
3
Month
LIBOR
+
1.100%)(Ê)(Þ)
1,600
1,578
Conseco
Financial
Corp.
Series
1998-2
Class
M1
6.940%
due
12/01/28
(~)(Ê)
1,236
1,214
Countrywide
Asset-Backed
Certificates
Series
2007-4
Class
A4W
4.640%
due
04/25/47
1,538
1,663
Dividend
Solar
Loans
LLC
Series
2019-1
Class
A
3.670%
due
08/22/39
(Þ)
321
329
Dryden
50
Senior
Loan
Fund
Series
2017-50A
Class
A1
2.439%
due
07/15/30
(USD
3
Month
LIBOR
+
1.220%)(Ê)(Þ)
1,230
1,222
Education
Loan
Asset-Backed
Trust
I
Series
2013-1
Class
A2
0.968%
due
04/26/32
(USD
1
Month
LIBOR
+
0.800%)(Ê)(Þ)
580
576
Fieldstone
Mortgage
Investment
Trust
Series
2004-4
Class
M3
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.118%
due
10/25/35
(USD
1
Month
LIBOR
+
1.950%)(Ê)
300
299
FirstKey
Homes
2020-SFR1
Trust
Series
2020-SFR1
Class
A
1.339%
due
09/17/25
(Þ)
881
884
Flatiron
CLO,
Ltd.
Series
2017-1A
Class
A
1.642%
due
05/15/30
(USD
3
Month
LIBOR
+
1.250%)(Ê)(Þ)
1,000
992
Goldentree
Loan
Management
US
CLO
2,
Ltd.
Series
2017-2A
Class
A
2.285%
due
11/28/30
(USD
3
Month
LIBOR
+
1.150%)(Ê)(Þ)
1,300
1,288
Series
2020-7A
Class
A
2.308%
due
04/20/31
(USD
3
Month
LIBOR
+
1.900%)(Ê)(Þ)
1,147
1,151
Greenpoint
Manufactured
Housing
Contract
Trust
Series
2000-4
Class
A3
2.190%
due
08/21/31
(USD
1
Month
LIBOR
+
2.000%)(Ê)
775
718
HSI
Asset
Securitization
Corp.
Trust
Series
2007-OPT1
Class
1A
0.314%
due
12/25/36
(USD
1
Month
LIBOR
+
0.140%)(Ê)
231
195
Invitation
Homes
Trust
Series
2017-SFR2
Class
A
3.153%
due
12/17/36
(USD
1
Month
LIBOR
+
0.850%)(Ê)(Þ)
1,378
1,374
LCM
XXIII,
Ltd.
Series
2020-23A
Class
A1R
2.205%
due
10/20/29
(USD
3
Month
LIBOR
+
1.070%)(Ê)(Þ)
1,020
1,006
LCM
XXV,
Ltd.
Series
2017-25A
Class
A
2.345%
due
07/20/30
(USD
3
Month
LIBOR
+
1.210%)(Ê)(Þ)
1,124
1,109
Legacy
Mortgage
Asset
Trust
Series
2019-GS4
Class
A1
3.438%
due
05/25/59
(~)(Ê)(Þ)
408
409
Long
Beach
Mortgage
Loan
Trust
Series
2004-1
Class
M1
0.918%
due
02/25/34
(USD
1
Month
LIBOR
+
0.750%)(Ê)
775
755
Series
2004-4
Class
M1
1.068%
due
10/25/34
(USD
1
Month
LIBOR
+
0.900%)(Ê)
547
537
Madison
Park
Funding
XIII,
Ltd.
Series
2018-13A
Class
AR2
2.085%
due
04/19/30
(USD
3
Month
LIBOR
+
0.950%)(Ê)(Þ)
574
569
Madison
Park
Funding
XVIII,
Ltd.
Series
2017-18A
Class
A1R
2.299%
due
10/21/30
(USD
3
Month
LIBOR
+
1.190%)(Ê)(Þ)
1,922
1,898
Magnetite
XVIII,
Ltd.
Series
2018-18A
Class
AR
1.472%
due
11/15/28
(USD
3
Month
LIBOR
+
1.080%)(Ê)(Þ)
1,488
1,480
Navient
Student
Loan
Trust
Series
2015-1
Class
A2
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
33
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
0.768%
due
04/25/40
(USD
1
Month
LIBOR
+
0.600%)(Ê)
162
159
Series
2020-EA
Class
A
1.690%
due
05/15/69
(Þ)
4,091
4,145
Series
2020-FA
Class
A
1.220%
due
07/15/69
(Þ)
991
994
New
Century
Home
Equity
Loan
Trust
Series
2003-6
Class
M1
1.605%
due
01/25/34
(USD
1
Month
LIBOR
+
1.080%)(Ê)
325
313
OneMain
Financial
Issuance
Trust
Series
2020-2A
Class
A
1.750%
due
09/14/35
(Þ)
1,382
1,392
Option
One
Mortgage
Loan
Trust
Series
2007-FXD1
Class
3A4
5.860%
due
01/25/37
(~)(Ê)
705
719
Popular
ABS
Mortgage
Pass-Through
Trust
Series
2006-C
Class
A4
0.418%
due
07/25/36
(USD
1
Month
LIBOR
+
0.250%)(Ê)
204
203
Series
2006-D
Class
A3
0.428%
due
11/25/36
(USD
1
Month
LIBOR
+
0.260%)(Ê)
1,054
1,038
Preston
Ridge
Partners
Mortgage
LLC
Series
2019-2A
Class
A1
3.967%
due
04/25/24
(~)(Ê)(Þ)
586
591
Series
2020-1A
Class
A1
2.981%
due
02/25/25
(~)(Ê)(Þ)
2,525
2,516
Renaissance
Home
Equity
Loan
Trust
Series
2006-1
Class
AF6
5.746%
due
05/25/36
(~)(Ê)
94
66
Residential
Asset
Mortgage
Products
Trust
Series
2006-RZ1
Class
M4
0.738%
due
03/25/36
(USD
1
Month
LIBOR
+
0.570%)(Ê)
960
931
Riserva
CLO,
Ltd.
Series
2019-3A
Class
AR
2.275%
due
10/18/28
(USD
3
Month
LIBOR
+
1.140%)(Ê)(Þ)
940
934
SBA
Small
Business
Investment
Cos.
Series
2017-10A
Class
1
2.845%
due
03/10/27
176
188
Series
2019-10A
Class
1
3.113%
due
03/10/29
176
188
Shackleton
CLO,
Ltd.
Series
2018-4RA
Class
A1A
2.311%
due
04/13/31
(USD
3
Month
LIBOR
+
1.000%)(Ê)(Þ)
930
909
SLM
Private
Credit
Student
Loan
Trust
Series
2005-B
Class
A4
0.643%
due
06/15/39
(USD
3
Month
LIBOR
+
0.330%)(Ê)
168
159
Series
2006-A
Class
A5
0.603%
due
06/15/39
(USD
3
Month
LIBOR
+
0.290%)(Ê)
171
163
SMB
Private
Education
Loan
Trust
Series
2019-B
Class
A2B
1.185%
due
06/15/37
(USD
1
Month
LIBOR
+
1.000%)(Ê)(Þ)
190
190
SoFi
Professional
Loan
Program
Trust
Series
2019-A
Class
A2FX
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.690%
due
06/15/48
(Þ)
730
772
Series
2020-C
Class
AFX
1.950%
due
02/15/46
(Þ)
754
771
SpringCastle
America
Funding
LLC
Series
2020-AA
Class
A
1.970%
due
09/25/37
(Þ)
3,957
3,970
Structured
Asset
Investment
Loan
Trust
Series
2005-HE3
Class
M1
0.888%
due
09/25/35
(USD
1
Month
LIBOR
+
0.720%)(Ê)
461
458
Sunrun
Callisto
Issuer,
LLC
Series
2019-2
Class
A
3.610%
due
02/01/55
(Þ)
590
618
TAL
Advantage
VII
LLC
Series
2020-1A
Class
A
2.050%
due
09/20/45
(Þ)
2,159
2,164
Textainer
Marine
Containers
VII,
Ltd.
Series
2020-1A
Class
A
2.730%
due
08/21/45
(Þ)
1,712
1,750
Textainer
Marine
Containers,
Ltd.
Series
2020-2A
Class
A
2.100%
due
09/20/45
(Þ)
1,576
1,577
THL
Credit
Wind
River
CLO,
Ltd.
Series
2017-2A
Class
AR
2.365%
due
10/18/30
(USD
3
Month
LIBOR
+
1.230%)(Ê)(Þ)
998
987
Towd
Point
Mortgage
Trust
Series
2016-3
Class
A1
2.250%
due
04/25/56
(~)(Ê)(Þ)
144
146
Series
2017-1
Class
A1
2.750%
due
10/25/56
(~)(Ê)(Þ)
729
747
Series
2017-3
Class
A1
2.750%
due
07/25/57
(~)(Ê)(Þ)
370
381
Series
2019-1
Class
A1
3.750%
due
03/25/58
(~)(Ê)(Þ)
1,748
1,893
Series
2019-4
Class
A1
2.900%
due
10/25/59
(~)(Ê)(Þ)
1,563
1,656
Series
2020-MH1
Class
A1
2.250%
due
02/25/60
(~)(Ê)(Þ)
3,243
3,307
United
States
Small
Business
Administration
Series
2019-20D
Class
1
2.980%
due
04/01/39
67
71
Series
2019-25G
Class
1
2.690%
due
07/01/44
68
73
Voya
CLO,
Ltd.
Series
2020-2A
Class
A1RR
2.155%
due
04/17/30
(USD
3
Month
LIBOR
+
1.020%)(Ê)(Þ)
2,454
2,414
65,412
Corporate
Bonds
and
Notes
-
24.9%
3M
Co.
2.375%
due
08/26/29
70
76
3.050%
due
04/15/30
30
34
3.700%
due
04/15/50
170
203
ABB
Finance
USA,
Inc.
2.875%
due
05/08/22
720
749
Abbott
Laboratories
3.750%
due
11/30/26
151
175
4.750%
due
11/30/36
60
80
4.900%
due
11/30/46
80
113
AbbVie,
Inc.
3.450%
due
03/15/22
(Þ)
285
295
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
34
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
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
414
3.800%
due
03/15/25
(Þ)
60
67
3.600%
due
05/14/25
60
66
2.950%
due
11/21/26
(Þ)
100
109
3.200%
due
11/21/29
(Þ)
480
528
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
82
Series
GMTN
3.750%
due
06/01/26
881
896
Aircastle
,
Ltd.
4.250%
due
06/15/26
864
799
Alimentation
Couche-Tard,
Inc.
3.550%
due
07/26/27
(Þ)
702
785
Allstate
Corp.
(The)
Series
B
5.750%
due
08/15/53
(USD
3
Month
LIBOR
+
2.938%)(Ê)
752
781
Ally
Financial,
Inc.
8.000%
due
11/01/31
554
737
Alphabet,
Inc.
0.450%
due
08/15/25
30
30
0.800%
due
08/15/27
50
50
1.100%
due
08/15/30
50
50
2.050%
due
08/15/50
90
84
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
282
472
5.375%
due
01/31/44
643
793
3.875%
due
09/16/46
70
72
5.950%
due
02/14/49
100
134
Amazon.com,
Inc.
0.800%
due
06/03/25
140
141
1.200%
due
06/03/27
190
192
1.500%
due
06/03/30
160
163
4.950%
due
12/05/44
60
85
2.500%
due
06/03/50
140
142
Series
WI
5.200%
due
12/03/25
100
122
3.150%
due
08/22/27
220
251
3.875%
due
08/22/37
50
62
4.050%
due
08/22/47
70
90
4.250%
due
08/22/57
30
41
Ambac
Assurance
Corp.
5.100%
due
12/31/99
(Þ)
1
1
Ambac
LSNI
LLC
6.000%
due
02/12/23
(USD
3
Month
LIBOR
+
5.000%)(Ê)(Þ)
3,690
3,690
American
International
Group,
Inc.
2.500%
due
06/30/25
70
75
3.750%
due
07/10/25
110
123
Amgen,
Inc.
3.625%
due
05/22/24
10
11
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.400%
due
05/01/45
100
124
Andeavor
LLC
Series
WI
5.125%
due
12/15/26
225
239
Anheuser-Busch
Cos.
LLC
/
Anheuser-
Busch
InBev
Worldwide,
Inc.
3.650%
due
02/01/26
470
525
4.900%
due
02/01/46
70
87
Anheuser-Busch
InBev
Worldwide,
Inc.
4.150%
due
01/23/25
360
406
4.000%
due
04/13/28
20
23
4.750%
due
01/23/29
90
109
3.500%
due
06/01/30
70
80
4.350%
due
06/01/40
160
187
5.550%
due
01/23/49
160
217
4.500%
due
06/01/50
290
348
Anthem,
Inc.
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
4.650%
due
08/15/44
632
791
Aon
Corp.
8.205%
due
01/01/27
172
221
Apache
Corp.
3.250%
due
04/15/22
16
16
4.375%
due
10/15/28
60
55
5.100%
due
09/01/40
413
371
4.750%
due
04/15/43
666
591
4.250%
due
01/15/44
120
102
Apple,
Inc.
2.400%
due
05/03/23
716
753
1.125%
due
05/11/25
280
286
2.450%
due
08/04/26
110
120
4.650%
due
02/23/46
100
139
ArcelorMittal
SA
6.125%
due
06/01/25
170
196
Ares
Capital
Corp.
3.500%
due
02/10/23
261
268
3.250%
due
07/15/25
914
908
AT&T,
Inc.
3.875%
due
01/15/26
685
777
3.800%
due
02/15/27
150
169
2.300%
due
06/01/27
240
252
1.650%
due
02/01/28
200
200
2.250%
due
02/01/32
40
40
3.100%
due
02/01/43
150
146
4.350%
due
06/15/45
26
29
3.500%
due
09/15/53
(Þ)
231
225
3.550%
due
09/15/55
(Þ)
83
79
Athene
Holding,
Ltd.
4.125%
due
01/12/28
630
683
Avnet,
Inc.
4.875%
due
12/01/22
410
439
Avon
Products,
Inc.
7.000%
due
03/15/23
302
321
BAC
Capital
Trust
XIV
Series
G
4.000%
due
09/29/49
(USD
3
Month
LIBOR
+
0.400%)(Ê)(ƒ)
70
69
Bank
of
America
Corp.
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
35
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.550%
due
03/05/24
(USD
3
Month
LIBOR
+
0.780%)(Ê)
130
138
4.000%
due
01/22/25
175
195
3.366%
due
01/23/26
(USD
3
Month
LIBOR
+
0.810%)(Ê)
325
354
4.250%
due
10/22/26
340
393
4.271%
due
07/23/29
(USD
3
Month
LIBOR
+
1.310%)(Ê)
200
234
3.974%
due
02/07/30
(USD
3
Month
LIBOR
+
1.210%)(Ê)
500
581
2.592%
due
04/29/31
(SOFR
+
2.150%)(Ê)
140
148
5.000%
due
01/21/44
555
767
4.330%
due
03/15/50
(USD
3
Month
LIBOR
+
1.520%)(Ê)
30
38
4.083%
due
03/20/51
(USD
3
Month
LIBOR
+
3.150%)(Ê)
440
544
Series
AA
6.100%
due
12/31/49
(USD
3
Month
LIBOR
+
3.898%)(Ê)(ƒ)
10
11
Series
GMTN
3.300%
due
01/11/23
460
488
4.450%
due
03/03/26
30
34
3.500%
due
04/19/26
640
717
3.593%
due
07/21/28
(USD
3
Month
LIBOR
+
1.370%)(Ê)
260
291
Series
WI
3.004%
due
12/20/23
(USD
3
Month
LIBOR
+
0.790%)(Ê)
42
44
3.419%
due
12/20/28
(USD
3
Month
LIBOR
+
1.040%)(Ê)
482
537
Bank
of
New
York
Mellon
Corp.
(The)
1.600%
due
04/24/25
70
73
BankUnited
,
Inc.
4.875%
due
11/17/25
661
750
Barrick
NA
Finance
LLC
5.700%
due
05/30/41
130
183
BAT
Capital
Corp.
Series
WI
3.557%
due
08/15/27
445
481
4.540%
due
08/15/47
160
171
Bayer
US
Finance
II
LLC
4.700%
due
07/15/64
(Þ)
682
743
Bayer
US
Finance
LLC
3.375%
due
10/08/24
(Þ)
726
790
Becton
Dickinson
and
Co.
3.363%
due
06/06/24
180
195
3.734%
due
12/15/24
706
780
4.685%
due
12/15/44
8
10
Bed
Bath
&
Beyond,
Inc.
5.165%
due
08/01/44
73
54
Berkshire
Hathaway
Energy
Co.
4.050%
due
04/15/25
(Þ)
699
797
Series
WI
2.800%
due
01/15/23
245
258
Berkshire
Hathaway
Finance
Corp.
4.250%
due
01/15/49
130
169
Berkshire
Hathaway,
Inc.
3.125%
due
03/15/26
694
775
Blue
Racer
Midstream
LLC
/
Blue
Racer
Finance
Corp.
6.125%
due
11/15/22
(Þ)
20
20
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Boardwalk
Pipelines,
LP
4.800%
due
05/03/29
710
773
Boeing
Co.
(The)
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
118
5.150%
due
05/01/30
190
213
3.250%
due
02/01/35
450
423
6.625%
due
02/15/38
656
788
3.550%
due
03/01/38
30
27
5.705%
due
05/01/40
160
187
3.750%
due
02/01/50
60
55
5.805%
due
05/01/50
370
446
5.930%
due
05/01/60
100
123
Booking
Holdings,
Inc.
4.625%
due
04/13/30
666
796
BP
Capital
Markets
America,
Inc.
3.245%
due
05/06/22
10
10
2.520%
due
09/19/22
250
259
2.937%
due
04/06/23
10
11
3.216%
due
11/28/23
290
312
3.790%
due
02/06/24
30
33
3.410%
due
02/11/26
200
223
3.119%
due
05/04/26
120
133
3.633%
due
04/06/30
80
92
3.000%
due
02/24/50
320
304
Brighthouse
Financial,
Inc.
Series
WI
4.700%
due
06/22/47
829
793
Bristol-Myers
Squibb
Co.
Series
WI
2.600%
due
05/16/22
90
93
3.550%
due
08/15/22
30
32
2.900%
due
07/26/24
400
433
3.875%
due
08/15/25
230
263
3.200%
due
06/15/26
190
214
3.900%
due
02/20/28
380
450
3.400%
due
07/26/29
170
198
5.000%
due
08/15/45
80
112
Broadcom,
Inc.
Series
WI
2.250%
due
11/15/23
180
187
4.700%
due
04/15/25
280
318
3.150%
due
11/15/25
220
237
Buckeye
Partners,
LP
4.350%
due
10/15/24
310
304
4.125%
due
12/01/27
149
141
5.850%
due
11/15/43
103
95
Bunge,
Ltd.
Finance
Corp.
3.000%
due
09/25/22
531
552
4.350%
due
03/15/24
220
242
Burlington
Northern
Santa
Fe
LLC
3.400%
due
09/01/24
220
242
4.550%
due
09/01/44
461
599
4.150%
due
04/01/45
100
125
Cameron
LNG
LLC
2.902%
due
07/15/31
(Þ)
40
44
3.302%
due
01/15/35
(Þ)
230
259
Cargill,
Inc.
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
36
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
1.375%
due
07/23/23
(Þ)
110
113
Carrier
Global
Corp.
1.923%
due
02/15/23
(Þ)
40
41
2.242%
due
02/15/25
(Þ)
90
94
2.493%
due
02/15/27
(Þ)
20
21
2.722%
due
02/15/30
(Þ)
160
167
2.700%
due
02/15/31
(Þ)
50
52
3.377%
due
04/05/40
(Þ)
60
63
3.577%
due
04/05/50
(Þ)
60
63
Caterpillar
Financial
Services
Corp.
1.950%
due
11/18/22
761
786
Caterpillar,
Inc.
4.750%
due
05/15/64
603
848
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
4.500%
due
08/15/30
(Þ)
10
11
4.500%
due
05/01/32
(Þ)
270
282
Centene
Corp.
Series
WI
4.625%
due
12/15/29
60
65
3.375%
due
02/15/30
50
52
CenturyLink,
Inc.
Series
T
5.800%
due
03/15/22
366
379
CF
Industries,
Inc.
3.450%
due
06/01/23
642
658
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
5.050%
due
03/30/29
240
287
5.375%
due
04/01/38
80
97
5.750%
due
04/01/48
350
433
4.800%
due
03/01/50
40
46
Series
WI
4.908%
due
07/23/25
530
613
6.384%
due
10/23/35
20
27
6.484%
due
10/23/45
639
852
6.834%
due
10/23/55
20
28
Cheniere
Corpus
Christi
Holdings
LLC
Series
WI
5.125%
due
06/30/27
719
801
Cheniere
Energy,
Inc.
4.625%
due
10/15/28
(Þ)
60
62
Chevron
Corp.
2.355%
due
12/05/22
784
814
1.554%
due
05/11/25
130
135
2.954%
due
05/16/26
70
78
1.995%
due
05/11/27
50
53
3.078%
due
05/11/50
10
11
Chubb
INA
Holdings,
Inc.
3.350%
due
05/03/26
30
34
Cigna
Corp.
Series
WI
3.750%
due
07/15/23
170
184
4.125%
due
11/15/25
130
149
4.375%
due
10/15/28
460
546
6.125%
due
11/15/41
335
471
Cimarex
Energy
Co.
4.375%
due
06/01/24
10
11
3.900%
due
05/15/27
210
212
4.375%
due
03/15/29
200
207
Cintas
Corp.
No.
2
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.900%
due
04/01/22
60
62
3.700%
due
04/01/27
70
81
CIT
Bank
NA
Series
BKNT
2.969%
due
09/27/25
(SOFR
+
1.715%)(Ê)
812
806
Citigroup,
Inc.
1.678%
due
05/15/24
(SOFR
+
1.667%)(Ê)
130
133
3.106%
due
04/08/26
(SOFR
+
2.750%)(Ê)
100
108
4.450%
due
09/29/27
610
707
4.412%
due
03/31/31
(SOFR
+
3.914%)(Ê)
160
192
2.572%
due
06/03/31
(SOFR
+
2.107%)(Ê)
310
326
8.125%
due
07/15/39
450
784
5.300%
due
05/06/44
101
135
4.750%
due
05/18/46
220
277
4.650%
due
07/23/48
35
46
Series
9-RG
4.650%
due
07/30/45
147
192
Series
P
5.950%
due
12/31/49
(USD
3
Month
LIBOR
+
3.905%)(Ê)(ƒ)
260
272
Cliffs
Natural
Resources,
Inc.
6.250%
due
10/01/40
112
86
CME
Group,
Inc.
5.300%
due
09/15/43
30
44
CNH
Industrial
Capital
LLC
4.200%
due
01/15/24
760
816
Coca-Cola
Co.
(The)
2.950%
due
03/25/25
40
44
3.375%
due
03/25/27
90
103
1.450%
due
06/01/27
130
134
2.500%
due
06/01/40
10
10
2.600%
due
06/01/50
50
51
2.500%
due
03/15/51
60
60
Columbia
Pipeline
Group,
Inc.
Series
WI
5.800%
due
06/01/45
317
413
Comcast
Cable
Communications
Holdings,
Inc.
9.455%
due
11/15/22
583
694
Comcast
Corp.
3.700%
due
04/15/24
260
287
3.100%
due
04/01/25
10
11
3.950%
due
10/15/25
230
264
3.150%
due
03/01/26
80
89
3.300%
due
04/01/27
50
57
4.150%
due
10/15/28
350
422
3.400%
due
04/01/30
70
81
4.250%
due
10/15/30
120
147
6.500%
due
11/15/35
90
136
6.550%
due
07/01/39
200
309
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
24
4.700%
due
10/15/48
30
40
3.450%
due
02/01/50
110
125
Concho
Resources,
Inc.
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
37
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.750%
due
10/01/27
150
162
4.300%
due
08/15/28
90
99
Consolidated
Edison
Company
of
New
York,
Inc.
Series
20A
3.350%
due
04/01/30
50
58
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
65
Continental
Resources,
Inc.
4.500%
due
04/15/23
238
227
3.800%
due
06/01/24
236
219
4.900%
due
06/01/44
10
8
Series
WI
4.375%
due
01/15/28
167
145
Costco
Wholesale
Corp.
1.375%
due
06/20/27
200
205
1.600%
due
04/20/30
120
122
Credit
Suisse
Group
AG
2.950%
due
04/09/25
250
273
Series
WI
4.550%
due
04/17/26
686
799
Crown
Cork
&
Seal
Co.,
Inc.
7.375%
due
12/15/26
133
158
CVS
Health
Corp.
2.750%
due
12/01/22
90
94
3.700%
due
03/09/23
113
121
2.625%
due
08/15/24
200
213
4.100%
due
03/25/25
46
52
3.625%
due
04/01/27
40
45
4.300%
due
03/25/28
390
456
3.250%
due
08/15/29
200
221
3.750%
due
04/01/30
110
126
4.780%
due
03/25/38
70
85
4.125%
due
04/01/40
40
45
5.125%
due
07/20/45
140
176
5.050%
due
03/25/48
325
413
DAE
Funding
LLC
5.750%
due
11/15/23
(Þ)
20
20
DCP
Midstream
Operating,
LP
6.450%
due
11/03/36
(Þ)
30
29
Deere
&
Co.
3.100%
due
04/15/30
20
23
3.750%
due
04/15/50
150
186
Delhaize
America,
Inc.
9.000%
due
04/15/31
154
244
Delta
Air
Lines
Pass-Through
Trust
7.000%
due
05/01/25
(Þ)
1,382
1,518
Series
2002-1
6.718%
due
01/02/23
64
62
Delta
Air
Lines,
Inc.
3.625%
due
03/15/22
470
462
3.800%
due
04/19/23
30
29
2.900%
due
10/28/24
166
148
7.375%
due
01/15/26
160
168
4.375%
due
04/19/28
136
121
Delta
Air
Lines,
Inc.
/
SkyMiles
IP,
Ltd.
4.500%
due
10/20/25
(Þ)
90
92
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.750%
due
10/20/28
(Þ)
90
93
Devon
Energy
Corp.
5.850%
due
12/15/25
440
493
7.875%
due
09/30/31
150
194
5.000%
due
06/15/45
180
171
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
Series
BKNT
2.700%
due
02/06/30
815
852
Discover
Financial
Services
3.850%
due
11/21/22
703
750
DISH
DBS
Corp.
Series
WI
5.875%
due
11/15/24
150
154
7.750%
due
07/01/26
30
33
Dollar
General
Corp.
3.250%
due
04/15/23
10
11
Dominion
Energy,
Inc.
7.000%
due
06/15/38
20
31
Dresdner
Funding
Trust
I
8.151%
due
06/30/31
(Þ)
265
385
Duke
Energy
Carolinas
LLC
5.300%
due
02/15/40
30
42
4.000%
due
09/30/42
100
122
Eaton
Corp.
2.750%
due
11/02/22
150
157
4.150%
due
11/02/42
40
49
Edison
International
4.125%
due
03/15/28
718
736
Embarq
Corp.
7.995%
due
06/01/36
234
277
Enable
Midstream
Partners,
LP
4.150%
due
09/15/29
762
706
Enbridge
Energy
Partners,
LP
7.375%
due
10/15/45
484
707
Energy
Transfer
Operating,
LP
5.875%
due
01/15/24
653
718
4.500%
due
04/15/24
100
106
2.900%
due
05/15/25
30
30
5.250%
due
04/15/29
30
32
3.750%
due
05/15/30
340
329
6.250%
due
04/15/49
30
31
Series
10Y
4.950%
due
06/15/28
40
42
Series
F
6.750%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.134%)(Ê)(ƒ)
90
69
Energy
Transfer
Partners,
LP
/
Regency
Energy
Finance
Corp.
5.000%
due
10/01/22
516
542
EnLink
Midstream
Partners,
LP
4.400%
due
04/01/24
193
174
4.150%
due
06/01/25
207
178
Enterprise
Products
Operating
LLC
3.900%
due
02/15/24
30
33
4.150%
due
10/16/28
310
362
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
38
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.800%
due
01/31/30
100
106
7.550%
due
04/15/38
20
28
4.850%
due
03/15/44
20
23
4.200%
due
01/31/50
160
170
3.700%
due
01/31/51
70
69
Series
D
6.875%
due
03/01/33
624
835
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
157
4.950%
due
04/15/50
50
61
EPR
Properties
Co.
3.750%
due
08/15/29
906
790
EQM
Midstream
Partners,
LP
4.125%
due
12/01/26
450
428
EQT
Corp.
3.000%
due
10/01/22
425
416
6.125%
due
02/01/25
176
195
3.900%
due
10/01/27
295
269
Exelon
Corp.
3.497%
due
06/01/22
245
256
Series
WI
3.950%
due
06/15/25
489
551
Exelon
Generation
Co.
LLC
5.600%
due
06/15/42
615
726
Expedia,
Inc.
Series
WI
3.800%
due
02/15/28
813
818
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
350
3.043%
due
03/01/26
60
66
3.482%
due
03/19/30
120
138
4.114%
due
03/01/46
40
47
4.327%
due
03/19/50
10
12
FedEx
Corp.
4.500%
due
02/01/65
226
239
Fidelity
&
Guaranty
Life
Holdings,
Inc.
5.500%
due
05/01/25
(Þ)
727
815
FirstEnergy
Corp.
Series
A
1.600%
due
01/15/26
50
50
Series
B
4.250%
due
03/15/23
100
106
3.900%
due
07/15/27
370
407
Series
C
7.375%
due
11/15/31
550
771
Ford
Holdings
LLC
9.300%
due
03/01/30
140
167
Ford
Motor
Co.
8.500%
due
04/21/23
10
11
9.000%
due
04/22/25
30
34
7.450%
due
07/16/31
446
511
4.750%
due
01/15/43
194
176
7.400%
due
11/01/46
230
247
Ford
Motor
Credit
Co.
LLC
3.096%
due
05/04/23
739
722
4.271%
due
01/09/27
169
166
3.815%
due
11/02/27
181
172
5.113%
due
05/03/29
304
312
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Series
FXD
3.813%
due
10/12/21
200
201
Series
GMTN
4.389%
due
01/08/26
148
146
Fox
Corp.
Series
WI
4.709%
due
01/25/29
30
36
5.476%
due
01/25/39
270
361
Freeport-McMoRan,
Inc.
4.550%
due
11/14/24
10
11
4.625%
due
08/01/30
40
42
5.400%
due
11/14/34
590
653
5.450%
due
03/15/43
365
406
Fresenius
Medical
Care
US
Finance
II,
Inc.
5.875%
due
01/31/22
(Þ)
541
575
4.750%
due
10/15/24
(Þ)
110
123
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
13
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
52
4.250%
due
05/01/40
60
61
4.350%
due
05/01/50
60
61
Series
GMTN
6.875%
due
01/10/39
511
654
Series
MTNA
6.750%
due
03/15/32
619
778
General
Motors
Co.
4.875%
due
10/02/23
671
731
5.400%
due
10/02/23
40
44
6.125%
due
10/01/25
100
116
6.250%
due
10/02/43
110
130
General
Motors
Financial
Co.,
Inc.
4.200%
due
11/06/21
100
103
4.250%
due
05/15/23
10
11
Genworth
Holdings,
Inc.
Series
.
4.900%
due
08/15/23
324
298
Gilead
Sciences,
Inc.
3.650%
due
03/01/26
90
102
4.750%
due
03/01/46
100
129
GlaxoSmithKline
Capital,
Inc.
2.800%
due
03/18/23
449
476
Glencore
Canada
Corp.
6.200%
due
06/15/35
631
794
Glencore
Funding
LLC
4.125%
due
03/12/24
(Þ)
410
444
4.625%
due
04/29/24
(Þ)
40
44
4.000%
due
03/27/27
(Þ)
330
360
3.875%
due
10/27/27
(Þ)
60
65
GLP
Capital,
LP
/
GLP
Financing
II,
Inc.
5.375%
due
11/01/23
80
86
5.375%
due
04/15/26
653
724
Goldman
Sachs
Capital
I
6.345%
due
02/15/34
185
258
Goldman
Sachs
Group,
Inc.
(The)
3.200%
due
02/23/23
70
74
3.850%
due
07/08/24
150
165
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
39
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.500%
due
04/01/25
150
166
3.272%
due
09/29/25
(USD
3
Month
LIBOR
+
1.201%)(Ê)
350
379
4.250%
due
10/21/25
310
352
3.500%
due
11/16/26
90
99
3.691%
due
06/05/28
(USD
3
Month
LIBOR
+
1.510%)(Ê)
200
224
4.223%
due
05/01/29
(USD
3
Month
LIBOR
+
1.301%)(Ê)
50
58
6.750%
due
10/01/37
410
593
4.411%
due
04/23/39
(USD
3
Month
LIBOR
+
1.430%)(Ê)
100
122
6.250%
due
02/01/41
160
239
5.150%
due
05/22/45
160
208
4.750%
due
10/21/45
110
144
Guardian
Life
Global
Funding
1.100%
due
06/23/25
(Þ)
50
50
GUSAP
III,
LP
4.250%
due
01/21/30
(Þ)
837
872
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
85
4.875%
due
05/15/26
(Þ)
70
75
Harman
International
Industries,
Inc.
4.150%
due
05/15/25
755
843
HCA,
Inc.
5.000%
due
03/15/24
50
56
5.375%
due
02/01/25
40
44
4.500%
due
02/15/27
40
45
5.625%
due
09/01/28
110
126
5.875%
due
02/01/29
80
93
4.125%
due
06/15/29
269
304
3.500%
due
09/01/30
40
41
5.500%
due
06/15/47
463
577
Hershey
Co.
(The)
0.900%
due
06/01/25
30
30
Hilton
Domestic
Operating
Co.,
Inc.
5.375%
due
05/01/25
(Þ)
120
125
5.750%
due
05/01/28
(Þ)
40
42
HollyFrontier
Corp.
5.875%
due
04/01/26
746
817
Home
Depot,
Inc.
(The)
3.250%
due
03/01/22
525
547
2.625%
due
06/01/22
243
252
2.500%
due
04/15/27
80
87
3.900%
due
12/06/28
10
12
2.700%
due
04/15/30
80
89
3.300%
due
04/15/40
110
124
3.900%
due
06/15/47
20
25
3.350%
due
04/15/50
270
311
Honeywell
International,
Inc.
1.350%
due
06/01/25
80
82
Host
Hotels
&
Resorts,
LP
3.875%
due
04/01/24
790
819
Howmet
Aerospace,
Inc.
5.870%
due
02/23/22
376
399
6.875%
due
05/01/25
709
783
HSBC
USA,
Inc.
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
7.200%
due
07/15/97
457
728
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
229
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
821
4.850%
due
03/15/26
230
247
Intel
Corp.
3.700%
due
07/29/25
20
23
4.600%
due
03/25/40
60
80
4.750%
due
03/25/50
360
494
4.950%
due
03/25/60
130
189
Series
WI
3.734%
due
12/08/47
10
12
International
Business
Machines
Corp.
3.000%
due
05/15/24
220
238
3.500%
due
05/15/29
215
248
International
Lease
Finance
Corp.
5.875%
due
08/15/22
410
439
Jefferies
Group
LLC
6.500%
due
01/20/43
635
803
Johnson
&
Johnson
3.375%
due
12/05/23
111
122
0.550%
due
09/01/25
70
70
0.950%
due
09/01/27
140
140
3.625%
due
03/03/37
70
85
JPMorgan
Chase
&
Co.
1.514%
due
06/01/24
(SOFR
+
1.455%)(Ê)
340
347
3.875%
due
09/10/24
100
111
4.023%
due
12/05/24
(USD
3
Month
LIBOR
+
1.000%)(Ê)
220
242
2.083%
due
04/22/26
(SOFR
+
1.850%)(Ê)
210
219
4.125%
due
12/15/26
230
268
4.250%
due
10/01/27
30
35
4.203%
due
07/23/29
(USD
3
Month
LIBOR
+
1.260%)(Ê)
200
237
4.452%
due
12/05/29
(USD
3
Month
LIBOR
+
1.330%)(Ê)
260
313
8.750%
due
09/01/30
280
411
2.522%
due
04/22/31
(SOFR
+
2.040%)(Ê)
120
128
4.950%
due
06/01/45
100
135
3.109%
due
04/22/51
(SOFR
+
2.440%)(Ê)
50
53
Kinder
Morgan
Energy
Partners,
LP
6.550%
due
09/15/40
600
755
5.500%
due
03/01/44
20
23
Kinder
Morgan,
Inc.
4.300%
due
06/01/25
80
90
4.300%
due
03/01/28
170
193
5.300%
due
12/01/34
690
813
5.550%
due
06/01/45
80
95
5.050%
due
02/15/46
30
34
5.200%
due
03/01/48
10
12
Series
GMTN
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
40
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
7.800%
due
08/01/31
176
243
KKR
Group
Finance
Co.
II
LLC
5.500%
due
02/01/43
(Þ)
10
13
Kraft
Foods
Group,
Inc.
3.500%
due
06/06/22
236
247
Kraft
Heinz
Foods
Co.
4.625%
due
01/30/29
168
187
4.250%
due
03/01/31
(Þ)
30
33
6.875%
due
01/26/39
288
385
5.000%
due
06/04/42
312
342
4.875%
due
10/01/49
(Þ)
261
275
5.500%
due
06/01/50
(Þ)
80
92
Series
WI
3.950%
due
07/15/25
13
14
3.000%
due
06/01/26
319
329
5.000%
due
07/15/35
283
326
5.200%
due
07/15/45
363
396
4.375%
due
06/01/46
466
478
Kroger
Co.
(The)
3.850%
due
08/01/23
750
813
5.150%
due
08/01/43
20
26
L3Harris
Technologies,
Inc.
4.854%
due
04/27/35
40
53
5.054%
due
04/27/45
40
54
Lamb
Weston
Holdings,
Inc.
4.875%
due
11/01/26
(Þ)
60
63
4.875%
due
05/15/28
(Þ)
10
11
Las
Vegas
Sands
Corp.
3.200%
due
08/08/24
922
934
2.900%
due
06/25/25
20
20
Legg
Mason,
Inc.
5.625%
due
01/15/44
586
810
Lennar
Corp.
4.500%
due
04/30/24
40
43
Series
WI
5.000%
due
06/15/27
10
11
4.750%
due
11/29/27
100
114
Levi
Strauss
&
Co.
Series
WI
5.000%
due
05/01/25
70
72
Liberty
Interactive
LLC
8.250%
due
02/01/30
81
88
Lockheed
Martin
Corp.
3.100%
due
01/15/23
702
744
4.500%
due
05/15/36
10
13
Series
10YR
3.550%
due
01/15/26
90
102
Loews
Corp.
6.000%
due
02/01/35
601
841
Lowe's
Cos.,
Inc.
4.500%
due
04/15/30
50
62
5.000%
due
04/15/40
40
52
5.125%
due
04/15/50
180
246
Lubrizol
Corp.
6.500%
due
10/01/34
215
337
Macy's
Retail
Holdings,
Inc.
3.875%
due
01/15/22
150
141
2.875%
due
02/15/23
200
162
3.625%
due
06/01/24
200
144
Magellan
Health,
Inc.
Series
0005
4.900%
due
09/22/24
176
181
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Main
Street
Capital
Corp.
5.200%
due
05/01/24
728
765
Marathon
Petroleum
Corp.
5.000%
due
09/15/54
234
240
Markel
Corp.
4.300%
due
11/01/47
699
826
Marriott
International,
Inc.
Series
R
3.125%
due
06/15/26
841
836
Mars,
Inc.
2.700%
due
04/01/25
(Þ)
60
65
3.200%
due
04/01/30
(Þ)
30
34
Mastercard
,
Inc.
3.850%
due
03/26/50
20
25
Mattel,
Inc.
6.200%
due
10/01/40
113
109
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
233
3.600%
due
07/01/30
70
81
3.625%
due
09/01/49
10
11
4.200%
due
04/01/50
140
170
MDC
Holdings,
Inc.
6.000%
due
01/15/43
30
36
Medtronic,
Inc.
Series
WI
3.500%
due
03/15/25
67
75
Merck
&
Co.,
Inc.
0.750%
due
02/24/26
140
140
1.450%
due
06/24/30
70
71
MetLife,
Inc.
6.400%
due
12/15/36
100
124
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
830
2.400%
due
08/08/26
200
218
3.300%
due
02/06/27
810
926
4.200%
due
11/03/35
606
796
4.100%
due
02/06/37
126
163
2.525%
due
06/01/50
174
182
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
269
3.900%
due
04/01/24
(Þ)
769
776
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets,
Ltd.
6.500%
due
06/20/27
(Þ)
120
125
Mondelez
International,
Inc.
2.125%
due
04/13/23
40
42
3.625%
due
05/07/23
689
746
1.500%
due
05/04/25
260
267
Morgan
Stanley
3.737%
due
04/24/24
(USD
3
Month
LIBOR
+
0.847%)(Ê)
170
183
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
41
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.188%
due
04/28/26
(SOFR
+
1.990%)(Ê)
340
356
3.622%
due
04/01/31
(SOFR
+
3.120%)(Ê)
390
445
Series
GMTN
3.772%
due
01/24/29
(USD
3
Month
LIBOR
+
1.140%)(Ê)
20
23
4.431%
due
01/23/30
(USD
3
Month
LIBOR
+
1.628%)(Ê)
10
12
2.699%
due
01/22/31
(SOFR
+
1.143%)(Ê)
420
448
MPLX,
LP
4.000%
due
03/15/28
40
44
4.800%
due
02/15/29
170
195
4.500%
due
04/15/38
80
82
4.700%
due
04/15/48
140
142
5.500%
due
02/15/49
60
67
Series
WI
4.500%
due
07/15/23
100
108
4.875%
due
06/01/25
40
45
National
Fuel
Gas
Co.
5.500%
due
01/15/26
743
811
National
Oilwell
Varco,
Inc.
3.600%
due
12/01/29
843
818
National
Securities
Clearing
Corp.
1.200%
due
04/23/23
(Þ)
250
254
Navient
Corp.
7.250%
due
01/25/22
199
204
Series
MTN
5.625%
due
08/01/33
120
101
Nestle
Holdings,
Inc.
3.350%
due
09/24/23
(Þ)
698
755
Nevada
Power
Co.
5.450%
due
05/15/41
208
280
Series
R
6.750%
due
07/01/37
362
548
New
York
Life
Global
Funding
0.950%
due
06/24/25
(Þ)
90
91
Newell
Brands,
Inc.
3.850%
due
04/01/23
40
42
4.200%
due
04/01/26
495
528
5.500%
due
04/01/46
67
75
NGPL
PipeCo
LLC
7.768%
due
12/15/37
(Þ)
553
701
NIKE,
Inc.
2.400%
due
03/27/25
60
65
2.750%
due
03/27/27
100
111
2.850%
due
03/27/30
110
124
3.250%
due
03/27/40
70
80
3.375%
due
03/27/50
160
185
Noble
Energy,
Inc.
3.900%
due
11/15/24
250
273
3.850%
due
01/15/28
130
148
5.250%
due
11/15/43
10
13
4.950%
due
08/15/47
40
52
Northern
Natural
Gas
Co.
4.300%
due
01/15/49
(Þ)
631
749
Northrop
Grumman
Corp.
2.930%
due
01/15/25
80
87
5.250%
due
05/01/50
90
129
Series
F0TZ
3.250%
due
01/15/28
310
348
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Novartis
Capital
Corp.
2.400%
due
05/17/22
719
743
NVIDIA
Corp.
2.850%
due
04/01/30
60
68
3.500%
due
04/01/40
160
187
3.500%
due
04/01/50
440
514
3.700%
due
04/01/60
110
131
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
2.700%
due
05/01/25
(Þ)
80
85
Occidental
Petroleum
Corp.
3.125%
due
02/15/22
80
76
2.700%
due
08/15/22
120
112
6.950%
due
07/01/24
210
204
2.900%
due
08/15/24
749
635
5.550%
due
03/15/26
110
100
3.400%
due
04/15/26
239
191
3.000%
due
02/15/27
830
653
3.500%
due
08/15/29
60
46
7.500%
due
05/01/31
188
179
7.875%
due
09/15/31
30
29
6.450%
due
09/15/36
127
108
4.300%
due
08/15/39
84
58
6.200%
due
03/15/40
116
95
4.500%
due
07/15/44
125
89
4.625%
due
06/15/45
177
128
4.400%
due
04/15/46
691
493
4.100%
due
02/15/47
190
128
4.200%
due
03/15/48
70
48
4.400%
due
08/15/49
109
76
Oceaneering
International,
Inc.
6.000%
due
02/01/28
144
90
ONEOK
Partners,
LP
6.125%
due
02/01/41
614
647
ONEOK,
Inc.
7.500%
due
09/01/23
204
234
4.350%
due
03/15/29
506
528
Oracle
Corp.
2.625%
due
02/15/23
719
751
4.300%
due
07/08/34
648
811
Otis
Worldwide
Corp.
Series
WI
2.056%
due
04/05/25
60
63
2.293%
due
04/05/27
60
64
2.565%
due
02/15/30
170
183
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
57
3.300%
due
08/01/40
20
18
3.500%
due
08/01/50
30
27
PacifiCorp
5.750%
due
04/01/37
543
744
Parsley
Energy
LLC
4.125%
due
02/15/28
(Þ)
10
9
Parsley
Energy
LLC
/
Parsley
Finance
Corp.
5.375%
due
01/15/25
(Þ)
20
20
PayPal
Holdings,
Inc.
1.350%
due
06/01/23
90
92
1.650%
due
06/01/25
100
104
PepsiCo,
Inc.
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
42
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.750%
due
03/05/22
224
232
0.750%
due
05/01/23
503
508
2.250%
due
03/19/25
20
21
2.625%
due
03/19/27
10
11
1.625%
due
05/01/30
110
113
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
201
Petrobras
Global
Finance
BV
6.250%
due
03/17/24
100
111
Pfizer,
Inc.
0.800%
due
05/28/25
170
171
2.625%
due
04/01/30
110
122
1.700%
due
05/28/30
110
113
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
62
Series
NCD
2.375%
due
08/17/22
210
216
Pitney
Bowes,
Inc.
4.625%
due
03/15/24
193
184
Plains
All
American
Pipeline,
LP/
PAA
Finance
Corp.
4.900%
due
02/15/45
836
762
Precision
Castparts
Corp.
2.500%
due
01/15/23
240
250
3.900%
due
01/15/43
457
527
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
5.250%
due
04/15/24
(Þ)
70
73
5.750%
due
04/15/26
(Þ)
60
64
Principal
Life
Global
Funding
II
1.250%
due
06/23/25
(Þ)
40
41
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
70
3.550%
due
03/25/40
90
109
3.600%
due
03/25/50
100
127
Progress
Energy,
Inc.
7.000%
due
10/30/31
559
793
Prudential
Financial,
Inc.
5.625%
due
06/15/43
(USD
3
Month
LIBOR
+
3.920%)(Ê)
734
780
PSEG
Power
LLC
8.625%
due
04/15/31
170
245
Range
Resources
Corp.
5.875%
due
07/01/22
12
12
Series
WI
4.875%
due
05/15/25
230
208
Raytheon
Technologies
Corp.
3.650%
due
08/16/23
3
3
3.200%
due
03/15/24
(Þ)
708
760
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
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.250%
due
07/01/30
110
116
4.500%
due
06/01/42
20
25
Regency
Energy
Partners,
LP
/
Regency
Energy
Finance
Corp.
5.875%
due
03/01/22
60
63
Republic
Services,
Inc.
2.500%
due
08/15/24
60
64
Resorts
World
Las
Vegas
LLC
/
RWLV
Capital,
Inc.
4.625%
due
04/16/29
(Þ)
809
763
Reynolds
American,
Inc.
5.850%
due
08/15/45
70
85
Roche
Holdings,
Inc.
1.750%
due
01/28/22
(Þ)
669
681
Rockies
Express
Pipeline
LLC
4.950%
due
07/15/29
(Þ)
200
194
4.800%
due
05/15/30
(Þ)
306
298
Royal
Caribbean
Cruises,
Ltd.
7.500%
due
10/15/27
138
122
Sabal
Trail
Transmission
LLC
4.246%
due
05/01/28
(Þ)
663
745
Safeway,
Inc.
7.250%
due
02/01/31
92
104
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
840
Sasol
Financing
International,
Ltd.
4.500%
due
11/14/22
272
263
SBA
Tower
Trust
2.328%
due
01/15/28
(Þ)
1,025
1,040
Schlumberger
Holdings
Corp.
4.000%
due
12/21/25
(Þ)
40
45
Seagate
HDD
Cayman
5.750%
due
12/01/34
713
810
Service
Properties
Trust
5.000%
due
08/15/22
100
100
4.375%
due
02/15/30
394
327
Sherwin-Williams
Co.
(The)
3.125%
due
06/01/24
704
761
Sierra
Pacific
Power
Co.
Series
WI
2.600%
due
05/01/26
718
782
Solar
Star
Funding
LLC
5.375%
due
06/30/35
(Þ)
652
762
Southern
Co.
(The)
6.000%
due
10/01/34
196
264
Southern
Copper
Corp.
6.750%
due
04/16/40
10
14
5.250%
due
11/08/42
380
478
Southwest
Airlines
Co.
5.250%
due
05/04/25
759
836
Southwestern
Energy
Co.
6.200%
due
01/23/25
386
375
Spectra
Energy
Partners,
LP
4.750%
due
03/15/24
671
747
Spirit
AeroSystems
,
Inc.
3.950%
due
06/15/23
116
103
4.600%
due
06/15/28
158
130
Spirit
Realty,
LP
3.400%
due
01/15/30
811
806
Sprint
Capital
Corp.
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
43
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
6.875%
due
11/15/28
420
523
8.750%
due
03/15/32
586
858
Sprint
Spectrum
Co.
LLC
/
Sprint
Spectrum
Co.
II
LLC
/
Sprint
Spectrum
Co.
III
LLC
4.738%
due
03/20/25
(Þ)
240
260
Sunoco
Logistics
Partners
Operations,
LP
3.450%
due
01/15/23
420
428
4.250%
due
04/01/24
269
282
5.300%
due
04/01/44
10
9
Synchrony
Financial
3.950%
due
12/01/27
793
853
Sysco
Corp.
2.400%
due
02/15/30
734
740
Targa
Resources
Partners,
LP
/
Targa
Resources
Partners
Finance
Corp.
4.250%
due
11/15/23
20
20
5.875%
due
04/15/26
10
10
5.375%
due
02/01/27
10
10
5.500%
due
03/01/30
(Þ)
30
30
4.875%
due
02/01/31
(Þ)
50
48
Target
Corp.
2.250%
due
04/15/25
120
128
Teachers
Insurance
&
Annuity
Association
of
America
4.900%
due
09/15/44
(Þ)
340
428
Tennessee
Gas
Pipeline
Co.
LLC
2.900%
due
03/01/30
(Þ)
210
217
Texas
Instruments,
Inc.
1.750%
due
05/04/30
70
72
Thermo
Fisher
Scientific,
Inc.
3.000%
due
04/15/23
706
747
Time
Warner
Cable
LLC
7.300%
due
07/01/38
30
42
6.750%
due
06/15/39
20
27
5.500%
due
09/01/41
666
805
Time
Warner
Entertainment
Co.,
LP
8.375%
due
03/15/23
782
919
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
538
3.750%
due
04/15/27
(Þ)
30
34
3.875%
due
04/15/30
(Þ)
300
341
2.550%
due
02/15/31
(Þ)
784
812
Toll
Brothers
Finance
Corp.
4.375%
due
04/15/23
30
31
Transcontinental
Gas
Pipe
Line
Co.
LLC
Series
WI
7.850%
due
02/01/26
220
285
TransDigm
,
Inc.
8.000%
due
12/15/25
(Þ)
20
22
6.250%
due
03/15/26
(Þ)
80
84
TWDC
Enterprises
18
Corp.
2.350%
due
12/01/22
240
249
Series
MTNB
7.000%
due
03/01/32
552
828
Tyson
Foods,
Inc.
4.500%
due
06/15/22
518
549
3.950%
due
08/15/24
237
264
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Unilever
Capital
Corp.
2.200%
due
05/05/22
504
518
Union
Pacific
Corp.
3.750%
due
07/15/25
60
68
2.150%
due
02/05/27
50
53
3.950%
due
09/10/28
400
472
3.750%
due
02/05/70
110
124
Series
WI
3.839%
due
03/20/60
140
162
United
Parcel
Service,
Inc.
3.900%
due
04/01/25
715
814
United
Rentals
NA,
Inc.
3.875%
due
11/15/27
10
10
4.875%
due
01/15/28
30
32
5.250%
due
01/15/30
130
142
3.875%
due
02/15/31
120
122
United
States
Steel
Corp.
6.650%
due
06/01/37
300
185
UnitedHealth
Group,
Inc.
2.875%
due
12/15/21
40
41
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
131
5.700%
due
10/15/40
60
87
4.250%
due
06/15/48
30
38
4.450%
due
12/15/48
30
40
3.700%
due
08/15/49
160
191
3.875%
due
08/15/59
679
821
3.125%
due
05/15/60
20
21
Unum
Group
5.750%
due
08/15/42
796
918
Upjohn,
Inc.
4.000%
due
06/22/50
(Þ)
729
776
US
Bancorp
1.450%
due
05/12/25
260
268
USAA
Capital
Corp.
2.125%
due
05/01/30
(Þ)
150
158
Valero
Energy
Corp.
10.500%
due
03/15/39
488
790
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
45
3.875%
due
02/08/29
120
142
3.150%
due
03/22/30
90
102
7.750%
due
12/01/30
100
152
4.500%
due
08/10/33
1,086
1,371
5.250%
due
03/16/37
80
111
3.850%
due
11/01/42
20
24
4.125%
due
08/15/46
60
74
5.500%
due
03/16/47
10
15
4.000%
due
03/22/50
40
49
Series
WI
3.376%
due
02/15/25
248
276
4.329%
due
09/21/28
123
149
4.862%
due
08/21/46
50
68
ViacomCBS
,
Inc.
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
44
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.875%
due
04/01/24
20
22
Visa,
Inc.
3.150%
due
12/14/25
150
168
4.300%
due
12/14/45
490
649
Vistra
Operations
Co.
LLC
4.300%
due
07/15/29
(Þ)
708
771
VOC
Escrow,
Ltd.
5.000%
due
02/15/28
(Þ)
60
53
Vornado
Realty
Trust
3.500%
due
01/15/25
615
640
Voya
Financial,
Inc.
5.650%
due
05/15/53
(USD
3
Month
LIBOR
+
3.580%)(Ê)
789
811
Walmart,
Inc.
3.400%
due
06/26/23
40
43
3.300%
due
04/22/24
697
759
3.550%
due
06/26/25
40
45
3.700%
due
06/26/28
230
272
Walt
Disney
Co.
(The)
Series
WI
3.700%
due
09/15/24
682
755
6.650%
due
11/15/37
40
60
Washington
Prime
Group,
LP
6.450%
due
08/15/24
189
96
Waste
Management,
Inc.
3.500%
due
05/15/24
190
208
4.150%
due
07/15/49
40
51
Wells
Fargo
&
Co.
1.491%
due
10/31/23
(USD
3
Month
LIBOR
+
1.230%)(Ê)
200
202
3.750%
due
01/24/24
535
581
3.000%
due
04/22/26
400
435
2.188%
due
04/30/26
(SOFR
+
2.000%)(Ê)
230
239
3.000%
due
10/23/26
260
284
4.150%
due
01/24/29
545
640
2.879%
due
10/30/30
(USD
3
Month
LIBOR
+
1.170%)(Ê)
180
192
4.478%
due
04/04/31
(USD
3
Month
LIBOR
+
3.770%)(Ê)
80
97
5.375%
due
11/02/43
200
264
4.650%
due
11/04/44
10
12
3.900%
due
05/01/45
666
777
4.400%
due
06/14/46
230
273
4.750%
due
12/07/46
430
536
5.013%
due
04/04/51
(USD
3
Month
LIBOR
+
4.240%)(Ê)
860
1,168
Series
GMTN
4.900%
due
11/17/45
250
317
Western
Midstream
Operating,
LP
2.116%
due
01/13/23
(USD
3
Month
LIBOR
+
1.850%)(Ê)
40
37
3.100%
due
02/01/25
90
86
4.650%
due
07/01/26
40
39
4.500%
due
03/01/28
50
47
4.050%
due
02/01/30
250
244
5.300%
due
03/01/48
417
336
5.250%
due
02/01/50
60
56
Williams
Cos.,
Inc.
(The)
3.750%
due
06/15/27
60
66
7.750%
due
06/15/31
130
171
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
8.750%
due
03/15/32
517
736
5.800%
due
11/15/43
155
182
Series
A
7.500%
due
01/15/31
80
105
WPX
Energy,
Inc.
5.250%
due
10/15/27
30
30
5.875%
due
06/15/28
20
21
Wyndham
Destinations,
Inc.
5.750%
due
04/01/27
371
381
222,399
International
Debt
-
10.1%
1011778
B.C.
Unlimited
Liability
Co.
/
New
Red
Finance,
Inc.
4.250%
due
05/15/24
(Þ)
120
122
1011778
B.C.
Unlimited
Liability
Co.
Term
Loan
B4
1.897%
due
11/19/26
(USD
1
Month
LIBOR
+
1.750%)(Ê)
360
344
Abu
Dhabi
Government
International
Bond
2.500%
due
10/11/22
(Þ)
200
207
3.875%
due
04/16/50
(Þ)
520
634
Adani
Abbot
Point
Terminal
Pty,
Ltd.
4.450%
due
12/15/22
(Þ)
253
229
Adani
Ports
and
Special
Economic
Zone,
Ltd.
4.375%
due
07/03/29
(Þ)
811
814
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
4.450%
due
04/03/26
872
868
Series
WI
5.000%
due
10/01/21
652
672
Alibaba
Group
Holding,
Ltd.
Series
WI
3.125%
due
11/28/21
616
632
Altrice
France
SA
Term
Loan
B12
3.840%
due
01/31/26
(USD
1
Month
LIBOR
+
3.688%)(Ê)
65
63
America
Movil
SAB
de
CV
3.125%
due
07/16/22
750
781
Anglo
American
Capital
PLC
3.625%
due
09/11/24
(Þ)
200
215
5.375%
due
04/01/25
(Þ)
712
818
AP
Moller
-
Maersk
A/S
4.500%
due
06/20/29
(Þ)
767
862
ArcelorMittal
SA
3.600%
due
07/16/24
120
126
4.550%
due
03/11/26
50
54
Argentine
Republic
Government
International
Bond
1.000%
due
07/09/29
34
16
0.500%
due
07/09/30
(~)(Ê)
388
162
1.125%
due
07/09/35
(~)(Ê)
310
117
2.500%
due
07/09/41
(~)(Ê)
160
64
Banco
de
Bogota
SA
Series
EMTQ
4.375%
due
08/03/27
(Þ)
686
720
Banco
de
Credito
del
Peru
4.250%
due
04/01/23
(Þ)
693
742
Banco
Inbursa
SA
Institucion
de
Banca
Multiple
4.125%
due
06/06/24
(Þ)
711
744
Banco
Santander
SA
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
45
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.848%
due
04/12/23
200
214
2.706%
due
06/27/24
400
424
2.746%
due
05/28/25
400
420
5.179%
due
11/19/25
705
801
Bangkok
Bank
PCL
3.875%
due
09/27/22
(Þ)
219
230
Banistmo
SA
Series
MTQ0
3.650%
due
09/19/22
(Þ)
729
738
Bank
of
Montreal
1.850%
due
05/01/25
230
240
4.338%
due
10/05/28
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
1.280%)(Ê)
736
792
3.803%
due
12/15/32
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
1.432%)(Ê)
20
22
Bank
of
Nova
Scotia
(The)
1.300%
due
06/11/25
130
132
Barclays
Bank
PLC
1.700%
due
05/12/22
200
203
Barclays
PLC
4.972%
due
05/16/29
(USD
3
Month
LIBOR
+
1.902%)(Ê)
400
467
5.088%
due
06/20/30
(USD
3
Month
LIBOR
+
3.054%)(Ê)
200
225
4.950%
due
01/10/47
660
844
Bausch
Health
Americas,
Inc.
Term
Loan
B
3.151%
due
06/01/25
(USD
1
Month
LIBOR
+
3.000%)(Ê)
79
77
Bausch
Health
Cos.,
Inc.
6.250%
due
02/15/29
(Þ)
110
113
7.250%
due
05/30/29
(Þ)
70
75
Bharti
Airtel
International
Netherlands
BV
Series
144a
5.125%
due
03/11/23
(Þ)
693
732
BHP
Billiton
Finance
USA,
Ltd.
2.875%
due
02/24/22
5
5
5.000%
due
09/30/43
170
239
BNP
Paribas
SA
4.705%
due
01/10/25
(USD
3
Month
LIBOR
+
2.235%)(Ê)(Þ)
260
288
2.219%
due
06/09/26
(SOFR
+
2.074%)(Ê)(Þ)
200
206
4.625%
due
03/13/27
(Þ)
722
820
4.400%
due
08/14/28
(Þ)
200
234
BP
Capital
Markets
PLC
3.245%
due
05/06/22
222
231
Brazil
Government
International
Bond
2.625%
due
01/05/23
220
227
4.625%
due
01/13/28
990
1,071
5.625%
due
01/07/41
170
183
5.000%
due
01/27/45
350
351
British
Telecommunications
PLC
9.625%
due
12/15/30
30
48
Canadian
Imperial
Bank
of
Commerce
2.550%
due
06/16/22
718
745
0.950%
due
06/23/23
120
121
Canadian
Natural
Resources,
Ltd.
5.850%
due
02/01/35
661
789
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Carnival
Corp.
11.500%
due
04/01/23
(Þ)
690
773
Celulosa
Arauco
y
Constitucion
SA
Series
WI
3.875%
due
11/02/27
705
748
Cenovus
Energy,
Inc.
6.750%
due
11/15/39
110
110
Series
WI
4.250%
due
04/15/27
250
227
5.250%
due
06/15/37
60
52
5.400%
due
06/15/47
124
105
CNOOC
Finance
USA
LLC
3.500%
due
05/05/25
550
604
Colombia
Government
International
Bond
5.625%
due
02/26/44
270
335
Commerzbank
AG
8.125%
due
09/19/23
(Þ)
213
242
Cooperatieve
Rabobank
UA
4.625%
due
12/01/23
250
278
4.375%
due
08/04/25
900
1,020
Credit
Agricole
SA
4.375%
due
03/17/25
(Þ)
734
810
1.907%
due
06/16/26
(SOFR
+
1.676%)(Ê)(Þ)
250
256
Credit
Suisse
Group
AG
2.193%
due
06/05/26
(SOFR
+
2.044%)(Ê)(Þ)
330
341
4.282%
due
01/09/28
(Þ)
699
793
4.194%
due
04/01/31
(SOFR
+
3.730%)(Ê)(Þ)
250
288
Danone
SA
2.077%
due
11/02/21
(Þ)
690
701
2.589%
due
11/02/23
(Þ)
718
757
Danske
Bank
A/S
5.000%
due
01/12/22
(Þ)
400
420
3.875%
due
09/12/23
(Þ)
200
215
5.375%
due
01/12/24
(Þ)
862
970
1.226%
due
06/22/24
(Þ)
200
202
Deutsche
Bank
AG
4.500%
due
04/01/25
238
240
4.296%
due
05/24/28
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
2.248%)(Ê)
180
172
DH
Europe
Finance
II
SARL
3.400%
due
11/15/49
684
776
DP
World
PLC
5.625%
due
09/25/48
(Þ)
200
228
Ecopetrol
SA
5.375%
due
06/26/26
60
66
5.875%
due
05/28/45
350
382
Electricite
de
France
SA
6.000%
due
01/22/14
(Þ)
614
836
Enbridge,
Inc.
3.700%
due
07/15/27
687
764
ENEL
Finance
International
NV
Series
658A
3.500%
due
04/06/28
(Þ)
706
786
Enel
SpA
8.750%
due
09/24/73
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
5.880%)(Ê)(Þ)
679
793
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
46
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Eni
SpA
4.250%
due
05/09/29
(Þ)
658
740
Equate
Petrochemical
BV
4.250%
due
11/03/26
(Þ)
200
210
Fairfax
Financial
Holdings,
Ltd.
Series
WI
4.850%
due
04/17/28
810
887
Falabella
SA
4.375%
due
01/27/25
(Þ)
692
744
Four
Seasons
Hotels,
Ltd.
1st
Lien
Term
Loan
2.147%
due
11/30/23
(USD
1
Month
LIBOR
+
2.000%)(Ê)
139
135
Froneri
International,
Ltd.
Term
Loan
2.397%
due
01/31/27
(USD
1
Month
LIBOR
+
2.250%)(Ê)
120
115
Garda
World
Security
Corp.
2019
1ST
Lien
Term
Loan
B
4.900%
due
10/30/26
(USD
1
Month
LIBOR
+
4.750%)(Ê)
69
68
Gazprom
PJSC
Via
Gaz
Capital
SA
6.510%
due
03/07/22
(Þ)
672
714
GE
Capital
International
Funding
Co.
Unlimited
Co.
Series
WI
3.373%
due
11/15/25
764
815
4.418%
due
11/15/35
600
634
GFL
Environmental,
Inc.
4.250%
due
06/01/25
(Þ)
70
71
GFL
Environmental,
Inc.
1st
Lien
Term
Loan
B
4.000%
due
05/31/25
(USD
3
Month
LIBOR
+
3.000%)(Ê)
24
24
GlaxoSmithKline
Capital
PLC
2.850%
due
05/08/22
256
266
2.875%
due
06/01/22
510
530
Glencore
Finance
Canada,
Ltd.
6.000%
due
11/15/41
(Þ)
667
816
Heineken
NV
3.400%
due
04/01/22
(Þ)
710
738
HSBC
Bank
PLC
7.650%
due
05/01/25
375
463
HSBC
Holdings
PLC
3.900%
due
05/25/26
220
243
2.099%
due
06/04/26
(SOFR
+
1.929%)(Ê)
200
202
4.041%
due
03/13/28
(USD
3
Month
LIBOR
+
1.546%)(Ê)
410
453
4.583%
due
06/19/29
(USD
3
Month
LIBOR
+
1.535%)(Ê)
400
460
3.973%
due
05/22/30
(USD
3
Month
LIBOR
+
1.610%)(Ê)
200
224
5.250%
due
03/14/44
609
770
6.250%
due
12/31/99
(USD
ICE
Swap
Rate
NY
5
Year
Rate
+
3.453%)(Ê)(ƒ)
200
201
ICICI
Bank,
Ltd.
4.000%
due
03/18/26
(Þ)
782
825
Indonesia
Government
International
Bond
3.500%
due
01/11/28
210
229
4.350%
due
01/11/48
240
276
3.700%
due
10/30/49
540
578
Series
REGS
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.750%
due
04/25/22
430
447
Intesa
Sanpaolo
SpA
3.125%
due
07/14/22
(Þ)
400
411
3.375%
due
01/12/23
(Þ)
200
208
5.017%
due
06/26/24
(Þ)
292
307
3.875%
due
01/12/28
(Þ)
846
902
Inversiones
CMPC
SA
4.500%
due
04/25/22
(Þ)
214
223
Israel
Government
International
Bond
2.750%
due
07/03/30
200
221
KazMunayGas
National
Co.
JSC
5.375%
due
04/24/30
(Þ)
200
233
Kuwait
Government
International
Bond
3.500%
due
03/20/27
(Þ)
210
236
Lloyds
Bank
PLC
12.000%
due
12/29/49
(USD
3
Month
LIBOR
+
11.756%)(Ê)(ƒ)(Þ)
681
778
Lloyds
Banking
Group
PLC
4.050%
due
08/16/23
742
805
4.375%
due
03/22/28
200
232
4.550%
due
08/16/28
400
471
Series
144a
6.657%
due
12/29/49
(USD
3
Month
LIBOR
+
1.270%)(Ê)(ƒ)(Þ)
108
128
Lukoil
International
Finance
BV
4.563%
due
04/24/23
(Þ)
682
725
LYB
Finance
Co.
BV
8.100%
due
03/15/27
(Þ)
186
246
MA
Finance
Co.
LLC
Term
Loan
B
0.000%
due
06/21/24
(USD
1
Month
LIBOR
+
2.500%)(Ê)(v)
4
4
Marks
&
Spencer
PLC
7.125%
due
12/01/37
(Þ)
170
180
Methanex
Corp.
5.250%
due
12/15/29
221
219
Mexico
Government
International
Bond
6.050%
due
01/11/40
30
38
4.750%
due
03/08/44
20
22
4.350%
due
01/15/47
610
630
Mitsubishi
UFJ
Financial
Group,
Inc.
2.998%
due
02/22/22
534
552
Natwest
Group
PLC
3.875%
due
09/12/23
200
215
5.125%
due
05/28/24
420
461
4.519%
due
06/25/24
(USD
3
Month
LIBOR
+
1.550%)(Ê)
200
216
4.269%
due
03/22/25
(USD
3
Month
LIBOR
+
1.762%)(Ê)
200
217
7.648%
due
12/31/49
(USD
3
Month
LIBOR
+
2.500%)(Ê)(ƒ)
136
209
NBK
SPC,
Ltd.
2.750%
due
05/30/22
(Þ)
714
730
Nissan
Motor
Acceptance
Corp.
3.522%
due
09/17/25
(Þ)
280
283
4.345%
due
09/17/27
(Þ)
300
301
Panama
Government
International
Bond
2.252%
due
09/29/32
260
263
Panther
BF
Aggregator,
LP
Term
Loan
B
3.647%
due
04/30/26
(USD
1
Month
LIBOR
+
3.500%)(Ê)
317
308
Park
Aerospace
Holdings,
Ltd.
5.250%
due
08/15/22
(Þ)
50
50
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
47
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Pernod
Ricard
SA
4.450%
due
01/15/22
(Þ)
150
157
Peru
Government
International
Bond
6.550%
due
03/14/37
30
45
5.625%
due
11/18/50
160
255
Petrobras
Global
Finance
BV
Series
WI
5.299%
due
01/27/25
1,715
1,872
Petroleos
Mexicanos
6.625%
due
06/15/35
10
8
Series
WI
4.625%
due
09/21/23
100
99
6.875%
due
08/04/26
220
211
Prosus
NV
4.850%
due
07/06/27
(Þ)
250
284
Provincia
de
Buenos
Aires
6.500%
due
02/15/23
(~)(Ê)(Þ)
140
55
Qatar
Government
International
Bond
4.817%
due
03/14/49
(Þ)
210
283
4.400%
due
04/16/50
(Þ)
360
463
Reliance
Industries,
Ltd.
5.400%
due
02/14/22
684
721
Republic
of
Peru
Government
International
Bond
2.783%
due
01/23/31
130
141
RESIMAC
Premier
1.274%
due
02/07/52
(Þ)
966
966
Royal
Bank
of
Canada
1.150%
due
06/10/25
120
122
Series
GMTN
1.600%
due
04/17/23
200
205
Royal
Caribbean
Cruises,
Ltd.
5.250%
due
11/15/22
258
230
SABIC
Capital
II
BV
4.000%
due
10/10/23
(Þ)
737
792
Sands
China,
Ltd.
3.800%
due
01/08/26
(Þ)
200
209
Series
WI
5.125%
due
08/08/25
200
218
Santander
UK
Group
Holdings
PLC
5.000%
due
11/07/23
(Þ)
238
260
Class
N
4.750%
due
09/15/25
(Þ)
701
767
Saudi
Arabian
Oil
Co.
2.875%
due
04/16/24
(Þ)
768
806
Schneider
Electric
SE
2.950%
due
09/27/22
(Þ)
800
838
Shell
International
Finance
BV
2.875%
due
05/10/26
40
44
2.750%
due
04/06/30
100
109
4.375%
due
05/11/45
320
390
4.000%
due
05/10/46
80
93
3.250%
due
04/06/50
230
241
Siemens
Financieringsmaatschappij
NV
2.700%
due
03/16/22
(Þ)
769
794
Societe
Generale
SA
5.000%
due
01/17/24
(Þ)
700
756
Spirit
Loyalty
Cayman,
Ltd.
/
Spirit
IP
Cayman
Ltd
8.000%
due
09/20/25
(Þ)
150
159
Standard
Chartered
PLC
3.785%
due
05/21/25
(USD
3
Month
LIBOR
+
1.560%)(Ê)(Þ)
447
475
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
7.014%
due
12/30/49
(USD
3
Month
LIBOR
+
1.460%)(Ê)(ƒ)(Þ)
111
136
Stars
Group
Holdings
BV
Term
Loan
B
3.720%
due
07/10/25
(USD
3
Month
LIBOR
+
3.500%)(Ê)
5
5
Suncor
Energy,
Inc.
6.500%
due
06/15/38
607
776
Suzano
Austria
GmbH
3.750%
due
01/15/31
40
40
Swedbank
AB
1.300%
due
06/02/23
(Þ)
200
204
Syngenta
Finance
NV
3.125%
due
03/28/22
718
731
Telecom
Italia
Capital
SA
6.375%
due
11/15/33
276
327
Telecom
Italia
SpA
6.000%
due
09/30/34
394
458
Telefonaktiebolaget
LM
Ericsson
4.125%
due
05/15/22
179
187
Telefonica
Emisiones
SA
4.570%
due
04/27/23
682
747
5.213%
due
03/08/47
150
178
Tesco
PLC
6.150%
due
11/15/37
(Þ)
623
803
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
2.800%
due
07/21/23
330
316
3.150%
due
10/01/26
370
327
Toronto-Dominion
Bank
(The)
0.750%
due
06/12/23
240
241
1.150%
due
06/12/25
110
112
Total
Capital
Canada,
Ltd.
2.750%
due
07/15/23
770
818
Total
Capital
International
SA
2.700%
due
01/25/23
713
748
Trane
Technologies
Luxembourg
Finance
SA
4.500%
due
03/21/49
638
804
TransCanada
Trust
Series
16-A
5.875%
due
08/15/76
(USD
3
Month
LIBOR
+
4.640%)(Ê)
746
794
Trust
Fibra
Uno
5.250%
due
01/30/26
(Þ)
685
728
TSMC
Global,
Ltd.
0.750%
due
09/28/25
(Þ)
200
198
UBS
Group
AG
1.750%
due
04/21/22
(Þ)
220
224
3.491%
due
05/23/23
(Þ)
270
282
2.859%
due
08/15/23
(USD
3
Month
LIBOR
+
0.954%)(Ê)(Þ)
200
208
4.125%
due
04/15/26
(Þ)
694
800
4.253%
due
03/23/28
(Þ)
200
232
3.126%
due
08/13/30
(USD
3
Month
LIBOR
+
1.468%)(Ê)(Þ)
200
222
7.000%
due
12/31/99
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
4.344%)(Ê)
(ƒ)(Þ)
660
705
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
48
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
UniCredit
SpA
6.572%
due
01/14/22
(Þ)
1,042
1,106
Vale
Overseas,
Ltd.
6.875%
due
11/21/36
180
234
Vodafone
Group
PLC
4.375%
due
05/30/28
220
260
7.000%
due
04/04/79
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
4.873%)(Ê)
429
509
Woori
Bank
4.750%
due
04/30/24
(Þ)
734
811
Ziggo
Secured
Finance
BV
Term
Loan
I
2.652%
due
04/30/28
(USD
1
Month
LIBOR
+
2.500%)(Ê)
16
16
89,919
Loan
Agreements
-
1.3%
Air
Medical
Group
Holdings,
Inc.
1st
Lien
Term
Loan
B
4.250%
due
04/28/22
(USD
3
Month
LIBOR
+
3.250%)(Ê)
115
114
0.000%
due
09/24/25
(~)(Ê)(v)
60
59
Allied
Universal
Holdco
Term
Loan
B
4.397%
due
07/12/26
(USD
1
Month
LIBOR
+
4.250%)(Ê)
322
318
APi
Group
DE,
Inc.
Term
Loan
B
2.647%
due
10/01/26
(USD
1
Month
LIBOR
+
2.500%)(Ê)
318
311
Asplundh
Tree
Expert
LLC
Term
Loan
0.000%
due
08/18/27
(~)(Ê)(v)
40
40
Asurion
LLC
1st
Lien
Term
Loan
B7
3.147%
due
11/03/24
(USD
1
Month
LIBOR
+
3.000%)(Ê)
187
184
Asurion
LLC
Term
Loan
B4
3.147%
due
08/04/22
(USD
1
Month
LIBOR
+
3.000%)(Ê)
184
182
Asurion
LLC
Term
Loan
B6
3.147%
due
11/03/23
(USD
1
Month
LIBOR
+
3.000%)(Ê)
69
68
Atlantic
Aviation
FBO,
Inc.
Term
Loan
B
3.897%
due
12/06/25
(USD
1
Month
LIBOR
+
3.750%)(Ê)
20
19
Berry
Global,
Inc.
Term
Loan
W
2.156%
due
10/01/22
(USD
1
Month
LIBOR
+
2.000%)(Ê)
114
112
Boeing
Co.
(The)
Delayed
Draw
Term
Loan
1.511%
due
02/06/22
(USD
2
Month
LIBOR
+
1.250%)(Ê)(Œ)
270
261
Brickman
Group,
Ltd.
1st
Lien
Term
Loan
B
2.688%
due
08/15/25
(USD
1
Month
LIBOR
+
2.500%)(Ê)
39
39
Caesars
Resort
Collection
LLC
1st
Lien
Term
Loan
B
2.897%
due
12/22/24
(USD
1
Month
LIBOR
+
2.750%)(Ê)
138
129
Caesars
Resort
Collection
LLC
2020
Term
Loan
4.688%
due
06/19/25
(USD
1
Month
LIBOR
+
4.500%)(Ê)
160
155
Change
Healthcare
Holdings
LLC
1st
Lien
Term
Loan
B
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.500%
due
03/01/24
(USD
1
Month
LIBOR
+
2.500%)(Ê)
369
361
Charter
Communications
Operating
LLC
Term
Loan
B1
1.900%
due
04/30/25
(USD
1
Month
LIBOR
+
1.750%)(Ê)
324
318
Citadel
Securities,
LP
Term
Loan
B
2.897%
due
02/27/26
(USD
1
Month
LIBOR
+
2.750%)(Ê)
268
266
CityCenter
Holdings
LLC
Term
Loan
B
3.000%
due
04/18/24
(USD
1
Month
LIBOR
+
2.250%)(Ê)
27
26
CSC
Holdings
LLC
2019
Term
Loan
B5
2.652%
due
04/15/27
(USD
1
Month
LIBOR
+
2.500%)(Ê)
50
48
Dcert
Buyer,
Inc.
Term
Loan
B
4.147%
due
10/16/26
(USD
1
Month
LIBOR
+
4.000%)(Ê)
328
324
Deerfield
Dakota
Holding,
LLC
2020
Term
Loan
B
4.750%
due
04/09/27
(USD
1
Month
LIBOR
+
3.750%)(Ê)
100
99
Dell
International
LLC
Term
Loan
B
2.750%
due
09/19/25
(USD
1
Month
LIBOR
+
2.000%)(Ê)
214
213
Delta
Air
Lines,
Inc.
Term
Loan
B
5.750%
due
04/29/23
(USD
3
Month
LIBOR
+
4.750%)(Ê)
229
229
Edelman
Financial
Center
LLC
Term
Loan
B1
3.145%
due
07/19/25
(USD
1
Month
LIBOR
+
3.000%)(Ê)
69
66
Elanco
Animal
Health,
Inc.
Term
Loan
B
1.905%
due
02/04/27
(USD
1
Month
LIBOR
+
1.750%)(Ê)
264
256
Eyecare
Partners
LLC
Delayed
Draw
Term
Loan
3.750%
due
02/20/27
(USD
3
Month
LIBOR
+
3.750%)(Ê)(Œ)
19
18
Eyecare
Partners
LLC
Term
Loan
3.897%
due
02/20/27
(USD
1
Month
LIBOR
+
3.750%)(Ê)
81
76
First
Eagle
Holdings,
Inc.
Term
Loan
B
2.720%
due
02/02/27
(USD
3
Month
LIBOR
+
2.500%)(Ê)
49
48
Focus
Financial
Partners
LLC
2020
Term
Loan
2.147%
due
07/03/24
(USD
1
Month
LIBOR
+
2.000%)(Ê)
148
144
Genesee
&
Wyoming,
Inc.
New
Term
Loan
2.220%
due
12/30/26
(USD
3
Month
LIBOR
+
2.000%)(Ê)
149
146
Golden
Nugget,
Inc.
1st
Lien
Term
Loan
B
3.250%
due
10/04/23
(USD
2
Month
LIBOR
+
2.500%)(Ê)
189
168
Grifols
Worldwide
Operations
USA,
Inc.
Term
Loan
B
2.100%
due
11/15/27
(USD
1
Week
LIBOR
+
2.000%)(Ê)
278
272
HCA,
Inc.
Term
Loan
B12
1.897%
due
03/13/25
(USD
1
Month
LIBOR
+
1.750%)(Ê)
47
47
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
49
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Hilton
Worldwide
Finance
LLC
Term
Loan
B
1.898%
due
06/21/26
(USD
1
Month
LIBOR
+
1.750%)(Ê)
345
332
iHeartCommunications
,
Inc.
2020
Term
Loan
3.147%
due
05/01/26
(USD
1
Month
LIBOR
+
3.000%)(Ê)
257
244
Intrawest
Resorts
Holdings,
Inc.
1st
Lien
Term
Loan
B1
2.897%
due
07/31/24
(USD
1
Month
LIBOR
+
2.750%)(Ê)
138
132
Jaguar
Holding
Co.
II
1st
Lien
Term
Loan
3.500%
due
08/18/22
(USD
1
Month
LIBOR
+
2.500%)(Ê)
85
84
Jane
Street
Group
LLC
Term
Loan
3.147%
due
01/07/25
(USD
1
Month
LIBOR
+
3.000%)(Ê)
316
313
Level
3
Financing,
Inc.
Term
Loan
B
1.897%
due
03/01/27
(USD
1
Month
LIBOR
+
1.750%)(Ê)
148
144
McAfee
LLC
Term
Loan
B
3.896%
due
09/29/24
(USD
1
Month
LIBOR
+
3.750%)(Ê)
227
225
Michaels
Stores,
Inc.
1st
Lien
Term
Loan
B
3.500%
due
01/30/23
(USD
1
Month
LIBOR
+
2.500%)(Ê)
77
77
Michaels
Stores,
Inc.
2020
Term
Loan
B
0.000%
due
09/23/25
(~)(Ê)(v)
50
49
Milano
Acquisition
Corp.
Term
Loan
B
0.000%
due
10/01/27
(~)(Ê)(v)
180
178
MultiPlan
,
Inc.
Term
Loan
B
3.750%
due
06/07/23
(USD
3
Month
LIBOR
+
2.750%)(Ê)
197
193
Nexstar
Broadcasting,
Inc.
Term
Loan
B4
2.905%
due
09/19/26
(USD
1
Month
LIBOR
+
2.750%)(Ê)
385
376
Option
Care
Health,
Inc.
Term
Loan
B
4.647%
due
08/06/26
(USD
1
Month
LIBOR
+
4.500%)(Ê)
318
314
Party
City
Holdings,
Inc.
1st
Lien
Term
Loan
3.250%
due
08/19/22
(USD
1
Month
LIBOR
+
2.500%)(Ê)
42
34
PCI
Gaming
Authority
Term
Loan
2.647%
due
05/31/26
(USD
1
Month
LIBOR
+
2.500%)(Ê)
79
77
Phoenix
Guarantor,
Inc.
Term
Loan
B
3.401%
due
03/05/26
(USD
1
Month
LIBOR
+
3.250%)(Ê)
122
119
Prime
Security
Services
Borrower
LLC
Term
Loan
B1
4.250%
due
09/23/26
(USD
1
Month
LIBOR
+
3.250%)(Ê)
253
251
RegionalCare
Hospital
Partners
Holdings,
Inc.
Term
Loan
B
3.897%
due
11/16/25
(USD
1
Month
LIBOR
+
3.750%)(Ê)
320
310
Reynolds
American,
Inc.
Term
Loan
1.896%
due
02/04/27
(USD
1
Month
LIBOR
+
1.750%)(Ê)
156
154
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Reynolds
Group
Holdings,
Inc.
1st
Lien
Term
Loan
B
3.826%
due
02/05/23
(USD
3
Month
LIBOR
+
1.750%)(Ê)
9
9
Scientific
Games
International,
Inc. 1st
Lien
Term
Loan
B5
3.471%
due
08/14/24
(USD
6
Month
LIBOR
+
2.750%)(Ê)
221
207
Seattle
SpinCo
,
Inc.
1st
Lien
Term
Loan
B3
2.647%
due
06/21/24
(USD
1
Month
LIBOR
+
2.500%)(Ê)
26
24
Sotera
Health
Holdings
LLC
Term
Loan
5.500%
due
12/13/26
(USD
3
Month
LIBOR
+
4.500%)(Ê)
338
337
TKC
Holdings,
Inc.
1st
Lien
Term
Loan
4.750%
due
02/01/23
(USD
6
Month
LIBOR
+
3.750%)(Ê)
217
203
T-Mobile
USA,
Inc.
3.147%
due
04/01/27
(USD
1
Month
LIBOR
+
3.000%)(Ê)
219
219
Trans
Union
LLC
Term
Loan
B5
1.897%
due
11/13/26
(USD
1
Month
LIBOR
+
1.750%)(Ê)
98
96
UFC
Holdings
LLC
Term
Loan
4.250%
due
04/29/26
(USD
6
Month
LIBOR
+
3.250%)(Ê)
217
213
US
Foods,
Inc.
Term
Loan
B
1.897%
due
06/27/23
(USD
1
Month
LIBOR
+
1.750%)(Ê)
90
86
2.750%
due
09/13/26
(USD
1
Month
LIBOR
+
2.000%)(Ê)
90
85
VFH
Parent
LLC
Term
Loan
B
3.151%
due
03/01/26
(USD
1
Month
LIBOR
+
3.000%)(Ê)
272
269
VICI
Properties,
Inc.
1st
Lien
Term
Loan
B
1.906%
due
12/22/24
(USD
1
Month
LIBOR
+
1.750%)(Ê)
146
141
Virgin
Media
Secured
Finance
PLC
Term
Loan
2.652%
due
01/31/28
(USD
1
Month
LIBOR
+
2.500%)(Ê)
297
288
VVC
Holdings
Corp.
Term
Loan
B
4.750%
due
02/11/26
(USD
3
Month
LIBOR
+
3.250%)(Ê)
425
418
Western
Digital
Corp.
1st
Lien
Term
Loan
B4
1.906%
due
04/29/23
(USD
1
Month
LIBOR
+
1.750%)(Ê)
26
26
Wynn
Resorts
Finance
LLC
Term
Loan
A
1.900%
due
09/20/24
(USD
1
Month
LIBOR
+
1.750%)(Ê)
342
321
11,664
Mortgage-Backed
Securities
-
23.6%
Alternative
Loan
Trust
Series
2007-16CB
Class
1A5
0.568%
due
08/25/37
(USD
1
Month
LIBOR
+
0.400%)(Ê)
372
267
American
Home
Mortgage
Investment
Trust
Series
2004-4
Class
4A
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
50
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.805%
due
02/25/45
(USD
6
Month
LIBOR
+
2.000%)(Ê)
8
8
Banc
of
America
Funding
Trust
Series
2005-D
Class
A1
4.217%
due
05/25/35
(~)(Ê)
217
219
Series
2006-6
Class
2A1
6.000%
due
08/25/36
715
715
BCAP
LLC
Trust
Series
2010-RR7
Class
3A12
3.569%
due
08/26/35
(~)(Ê)(Þ)
675
604
Bear
Stearns
ARM
Trust
Series
2004-3
Class
2A
3.911%
due
07/25/34
(~)(Ê)
105
100
Bear
Stearns
Commercial
Mortgage
Securities
Trust
Series
2007-T26
Class
AM
5.513%
due
01/12/45
(~)(Ê)
71
71
Bellemeade
Re,
Ltd.
Series
2020-1A
Class
M1A
2.825%
due
06/25/30
(USD
1
Month
LIBOR
+
2.650%)(Ê)(Þ)
1,933
1,937
Series
2020-2A
Class
M1B
3.583%
due
08/26/30
(USD
1
Month
LIBOR
+
3.200%)(Ê)(Þ)
1,059
1,067
BX
Trust
Series
2018-BILT
Class
C
1.405%
due
05/15/30
(USD
1
Month
LIBOR
+
1.220%)(Ê)(Þ)
1,650
1,513
Series
2018-BIOA
Class
E
2.136%
due
03/15/37
(USD
1
Month
LIBOR
+
1.951%)(Ê)(Þ)
1,575
1,548
Series
2018-IND
Class
G
2.235%
due
11/15/35
(USD
1
Month
LIBOR
+
2.050%)(Ê)(Þ)
133
131
Series
2019-XL
Class
A
1.105%
due
10/15/36
(USD
1
Month
LIBOR
+
0.920%)(Ê)(Þ)
1,044
1,044
CAMB
Commercial
Mortgage
Trust
Series
2019-LIFE
Class
F
2.735%
due
12/15/37
(USD
1
Month
LIBOR
+
2.550%)(Ê)(Þ)
987
939
Series
2019-LIFE
Class
G
3.435%
due
12/15/37
(USD
1
Month
LIBOR
+
3.250%)(Ê)(Þ)
1,651
1,562
CHL
Mortgage
Pass-Through
Trust
Series
2005-3
Class
1A2
0.748%
due
04/25/35
(USD
1
Month
LIBOR
+
0.580%)(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
1,408
Series
2019-SST2
Class
F
2.685%
due
12/15/36
(USD
1
Month
LIBOR
+
2.500%)(Ê)(Þ)
430
409
Citigroup
Mortgage
Loan
Trust,
Inc.
Series
2005-2
Class
1A2A
4.290%
due
05/25/35
(~)(Ê)
199
202
Series
2005-11
Class
A2A
4.380%
due
10/25/35
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.400%)(Ê)
4
4
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Series
2015-2
Class
5A1
0.737%
due
03/25/47
(USD
1
Month
LIBOR
+
0.250%)(Ê)(Þ)
98
98
Commercial
Mortgage
Trust
Series
2013-300P
Class
A1
4.353%
due
08/10/30
(Þ)
195
208
Series
2013-CR6
Class
B
3.397%
due
03/10/46
(Þ)
211
214
Series
2014-277P
Class
A
3.732%
due
08/10/49
(~)(Ê)(Þ)
205
219
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
(USD
1
Month
LIBOR
+
1.550%)(Ê)(Þ)
899
840
CORE
Mortgage
Trust
Series
2019-CORE
Class
D
1.835%
due
12/15/31
(USD
1
Month
LIBOR
+
1.650%)(Ê)(Þ)
1,520
1,490
Credit
Suisse
Mortgage
Capital
Certificates
Series
2017-CHOP
Class
G
5.535%
due
07/15/32
(USD
1
Month
LIBOR
+
5.350%)(Ê)(Þ)
600
396
Series
2019-ICE4
Class
A
1.165%
due
05/15/36
(USD
1
Month
LIBOR
+
0.980%)(Ê)(Þ)
170
170
Series
2019-ICE4
Class
E
2.335%
due
05/15/36
(USD
1
Month
LIBOR
+
2.150%)(Ê)(Þ)
1,282
1,264
Credit
Suisse
Mortgage
Securities
Corp.
Trust
4.764%
due
12/15/22
680
627
Credit
Suisse
Mortgage
Trust
Series
2018-J1
Class
A2
3.500%
due
02/25/48
(~)(Ê)(Þ)
857
890
DBGS
Mortgage
Trust
Series
2019-1735
Class
D
4.334%
due
04/10/37
(~)(Ê)(Þ)
985
1,010
Deutsche
Bank
Commercial
Mortgage
Trust
Series
2016-C3
Class
A5
2.890%
due
08/10/49
240
261
Deutsche
Mortgage
Securities,
Inc.
Re-
REMIC
Trust
Series
2007-WM1
Class
A1
3.658%
due
06/27/37
(~)(Ê)(Þ)
366
359
Eagle
Re,
Ltd.
Series
2020-1
Class
M1A
1.068%
due
01/25/30
(USD
1
Month
LIBOR
+
0.900%)(Ê)(Þ)
511
507
Fannie
Mae
4.500%
due
2024
2
2
4.500%
due
2025
90
97
2.560%
due
2028
370
409
2.790%
due
2029
300
338
3.160%
due
2029
49
56
2.260%
due
2030
198
215
3.500%
due
2030
72
77
2.600%
due
2031
375
417
5.000%
due
2031
81
89
2.500%
due
2032
1,080
1,149
6.000%
due
2032
16
18
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
51
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.500%
due
2033
1,327
1,417
3.000%
due
2033
771
818
3.500%
due
2033
557
602
5.000%
due
2033
5
5
3.500%
due
2034
116
125
5.500%
due
2034
13
16
2.500%
due
2035
6,013
6,406
4.500%
due
2035
342
388
5.500%
due
2037
88
103
5.500%
due
2038
389
454
6.000%
due
2039
34
40
4.000%
due
2040
238
271
5.500%
due
2040
455
529
6.000%
due
2040
103
122
4.000%
due
2041
389
435
6.000%
due
2041
165
197
3.500%
due
2043
1,050
1,141
4.000%
due
2044
820
938
3.500%
due
2045
1,231
1,330
3.000%
due
2046
732
777
3.500%
due
2046
367
395
4.000%
due
2046
1,151
1,269
4.500%
due
2046
394
447
3.000%
due
2047
3,337
3,527
3.500%
due
2047
2,159
2,355
4.000%
due
2047
1,092
1,170
4.500%
due
2047
386
420
3.500%
due
2048
894
949
4.000%
due
2048
1,102
1,182
4.500%
due
2048
2,888
3,165
5.000%
due
2048
756
828
3.000%
due
2049
6,178
6,611
3.500%
due
2049
834
901
4.000%
due
2049
1,507
1,651
4.500%
due
2049
355
389
5.000%
due
2049
1,042
1,140
2.000%
due
2050
4,348
4,495
2.500%
due
2050
16,476
17,483
3.000%
due
2050
13,412
14,332
3.500%
due
2050
4,726
5,040
4.500%
due
2050
86
94
5.000%
due
2050
196
215
4.000%
due
2056
990
1,114
4.500%
due
2056
245
279
5.500%
due
2056
229
269
3.500%
due
2057
727
803
4.000%
due
2057
134
151
4.500%
due
2057
199
227
15
Year
TBA(Ï)
1.500%
700
716
2.000%
2,900
3,013
30
Year
TBA(Ï)
2.000%
5,000
5,169
Fannie
Mae
Connecticut
Avenue
Securities
Series
2014-C02
Class
1M2
2.768%
due
05/25/24
(USD
1
Month
LIBOR
+
2.600%)(Ê)
672
588
Series
2014-C03
Class
1M2
3.168%
due
07/25/24
(USD
1
Month
LIBOR
+
3.000%)(Ê)
1,255
1,097
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Series
2014-C04
Class
1M2
5.068%
due
11/25/24
(USD
1
Month
LIBOR
+
4.900%)(Ê)
610
632
Series
2016-C04
Class
1M2
4.418%
due
01/25/29
(USD
1
Month
LIBOR
+
4.250%)(Ê)
33
34
Series
2016-C06
Class
1M2
4.418%
due
04/25/29
(USD
1
Month
LIBOR
+
4.250%)(Ê)
1,445
1,477
Series
2017-C01
Class
1M2
3.718%
due
07/25/29
(USD
1
Month
LIBOR
+
3.550%)(Ê)
549
565
Series
2017-C05
Class
1M2
2.368%
due
01/25/30
(USD
1
Month
LIBOR
+
2.200%)(Ê)
503
496
Series
2018-C03
Class
1M2
2.318%
due
10/25/30
(USD
1
Month
LIBOR
+
2.150%)(Ê)
522
512
Series
2019-R07
Class
1M2
2.268%
due
10/25/39
(USD
1
Month
LIBOR
+
2.100%)(Ê)(Þ)
592
589
Fannie
Mae
REMICS
Series
1999-56
Class
Z
7.000%
due
12/18/29
8
9
Series
2004-W5
Class
A1
6.000%
due
02/25/47
143
171
Series
2005-24
Class
ZE
5.000%
due
04/25/35
159
181
Series
2012-35
Class
SC
Interest
Only
STRIP
6.332%
due
04/25/42
(USD
1
Month
LIBOR
+
6.500%)(Ê)
18
4
Series
2012-55
Class
PC
3.500%
due
05/25/42
492
538
Series
2013-54
Class
BS
Interest
Only
STRIP
5.982%
due
06/25/43
(USD
1
Month
LIBOR
+
6.150%)(Ê)
81
18
Series
2013-124
Class
SB
Interest
Only
STRIP
5.782%
due
12/25/43
(USD
1
Month
LIBOR
+
5.950%)(Ê)
94
20
Series
2016-23
Class
ST
Interest
Only
STRIP
5.832%
due
11/25/45
(USD
1
Month
LIBOR
+
6.000%)(Ê)
310
67
Series
2016-61
Class
BS
Interest
Only
STRIP
5.932%
due
09/25/46
(USD
1
Month
LIBOR
+
6.100%)(Ê)
264
52
Series
2017-76
Class
SB
Interest
Only
STRIP
5.932%
due
10/25/57
(USD
1
Month
LIBOR
+
6.100%)(Ê)
289
66
Series
2017-85
Class
SC
Interest
Only
STRIP
6.032%
due
11/25/47
(USD
1
Month
LIBOR
+
6.200%)(Ê)
58
11
Series
2020-47
Class
GZ
2.000%
due
07/25/50
101
101
Series
2020-56
Class
DI
Interest
Only
STRIP
2.500%
due
08/25/50
199
27
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
52
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Series
2020-5010
Class
IK
Interest
Only
STRIP
2.500%
due
09/25/50
100
13
Series
2020-5010
Class
JI
Interest
Only
STRIP
2.500%
due
09/25/50
199
27
Series
2020-5013
Class
IN
Interest
Only
STRIP
2.500%
due
09/25/50
100
14
Fannie
Mae-Aces
Series
2013-M6
Class
1AC
3.552%
due
02/25/43
(~)(Ê)
84
95
Series
2018-M9
Class
APT2
3.228%
due
04/25/28
(~)(Ê)
200
224
Series
2019-M4
Class
A2
3.610%
due
02/25/31
90
108
Series
2019-M5
Class
A2
3.273%
due
02/25/29
150
172
Series
2019-M19
Class
A2
2.560%
due
09/25/29
389
429
Series
2019-M23
Class
3A3
2.720%
due
10/25/31
(~)(Ê)
200
215
Series
2019-M27
Class
A2
2.700%
due
11/25/40
100
114
Series
2019-M28
Class
AV
2.232%
due
02/25/27
262
280
Series
2020-M36
Class
X1
Interest
Only
STRIP
1.564%
due
09/25/34
(~)(Ê)
599
66
Flagstar
Mortgage
Trust
Series
2018-2
Class
A4
3.500%
due
04/25/48
(~)(Ê)(Þ)
148
150
Freddie
Mac
3.500%
due
2030
82
87
2.500%
due
2031
3,803
4,035
3.000%
due
2032
55
57
4.500%
due
2034
120
132
5.500%
due
2038
287
337
6.000%
due
2038
67
79
5.000%
due
2040
170
196
4.000%
due
2041
1,020
1,162
4.500%
due
2041
170
191
5.500%
due
2041
185
215
3.500%
due
2043
798
888
4.000%
due
2044
436
485
3.500%
due
2045
1,252
1,378
4.000%
due
2045
911
994
3.000%
due
2046
2,608
2,812
4.000%
due
2046
252
274
4.500%
due
2046
193
212
2.542%
due
2047
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.286%)(Ê)
200
206
3.000%
due
2047
1,017
1,095
3.000%
due
2048
154
166
4.000%
due
2048
1,773
1,933
4.500%
due
2048
394
427
5.000%
due
2048
147
161
3.000%
due
2049
517
551
4.500%
due
2049
580
637
5.000%
due
2049
225
247
2.500%
due
2050
3,245
3,443
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.000%
due
2050
9,625
10,257
3.500%
due
2050
750
800
4.000%
due
2050
169
182
4.500%
due
2050
93
101
5.000%
due
2050
365
399
Series
2014-334
Class
S7
Interest
Only
STRIP
5.915%
due
08/15/44
(USD
1
Month
LIBOR
+
6.100%)(Ê)
132
28
Series
2016-353
Class
S1
Interest
Only
STRIP
5.815%
due
12/15/46
(USD
1
Month
LIBOR
+
6.000%)(Ê)
64
14
Series
2020-1
Class
M
4.250%
due
08/25/59
(~)(Ê)(Þ)
720
696
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates
Series
2016-K058
Class
X1
Interest
Only
STRIP
0.926%
due
08/25/26
(~)(Ê)
2,016
97
Series
2019-K091
Class
A2
3.505%
due
03/25/29
70
83
Freddie
Mac
Reference
REMICS
Series
2006-R007
Class
ZA
6.000%
due
05/15/36
186
223
Freddie
Mac
REMICS
Series
2003-2624
Class
QH
5.000%
due
06/15/33
58
67
Series
2010-3632
Class
PK
5.000%
due
02/15/40
114
127
Series
2010-3653
Class
B
4.500%
due
04/15/30
170
187
Series
2011-3973
Class
SA
Interest
Only
STRIP
6.305%
due
12/15/41
(USD
1
Month
LIBOR
+
6.490%)(Ê)
282
65
Series
2012-4010
Class
KM
3.000%
due
01/15/42
100
107
Series
2018-4813
Class
CJ
3.000%
due
08/15/48
57
60
Series
2019-RR01
Class
X
Interest
Only
STRIP
1.534%
due
06/25/28
(~)(Ê)
2,500
252
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
Series
2014-HQ2
Class
M3
3.918%
due
09/25/24
(USD
1
Month
LIBOR
+
3.750%)(Ê)
522
533
Series
2015-DN1
Class
M3
4.318%
due
01/25/25
(USD
1
Month
LIBOR
+
4.150%)(Ê)
283
283
Series
2016-DNA2
Class
M3
4.818%
due
10/25/28
(USD
1
Month
LIBOR
+
4.650%)(Ê)
1,568
1,629
Series
2016-DNA4
Class
M3
3.968%
due
03/25/29
(USD
1
Month
LIBOR
+
3.800%)(Ê)
2,061
2,133
Series
2017-DNA2
Class
B1
5.318%
due
10/25/29
(USD
1
Month
LIBOR
+
5.150%)(Ê)
510
518
Series
2017-DNA2
Class
M2
3.618%
due
10/25/29
(USD
1
Month
LIBOR
+
3.450%)(Ê)
440
453
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
53
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Ginnie
Mae
I
3.000%
due
2042
297
313
3.500%
due
2048
66
70
Ginnie
Mae
II
3.500%
due
2044
68
73
3.000%
due
2045
95
100
3.500%
due
2045
26
28
3.000%
due
2046
203
215
3.500%
due
2047
270
292
4.000%
due
2047
554
595
4.500%
due
2048
1,312
1,414
5.000%
due
2048
416
456
3.500%
due
2049
182
188
4.000%
due
2049
487
526
4.500%
due
2049
479
516
5.000%
due
2049
824
896
3.000%
due
2050
293
307
3.500%
due
2050
99
105
4.000%
due
2050
97
106
30
Year
TBA(Ï)
2.000%
900
935
2.500%
1,000
1,050
Ginnie
Mae
REMICS
Series
2012-135
Class
IO
Interest
Only
STRIP
0.606%
due
01/16/53
(~)(Ê)
1,252
34
Series
2013-53
Class
OI
Interest
Only
STRIP
3.500%
due
04/20/43
591
60
Series
2013-107
Class
AD
2.694%
due
11/16/47
(~)(Ê)
174
185
Series
2014-17
Class
AM
2.580%
due
06/16/48
(~)(Ê)
68
71
Series
2016-21
Class
ST
Interest
Only
STRIP
5.960%
due
02/20/46
(USD
1
Month
LIBOR
+
6.150%)(Ê)
198
44
Series
2016-51
Class
NS
Interest
Only
STRIP
5.860%
due
04/20/46
(USD
1
Month
LIBOR
+
6.050%)(Ê)
91
17
Series
2018-130
Class
A
3.250%
due
05/16/59
34
35
Series
2019-123
Class
A
3.000%
due
10/20/49
72
76
Series
2020-47
Class
MI
Interest
Only
STRIP
3.500%
due
04/20/50
391
66
Series
2020-47
Class
NI
Interest
Only
STRIP
3.500%
due
04/20/50
98
17
Series
2020-123
Class
IL
Interest
Only
STRIP
2.500%
due
08/20/50
100
14
Series
2020-123
Class
NI
Interest
Only
STRIP
2.500%
due
08/20/50
200
28
Series
2020-H09
Class
FL
1.340%
due
05/20/70
(USD
1
Month
LIBOR
+
1.150%)(Ê)
200
209
Series
2020-H09
Class
NF
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
1.440%
due
04/20/70
(USD
1
Month
LIBOR
+
1.250%)(Ê)
95
98
Grace
Mortgage
Trust
Series
2014-GRCE
Class
A
3.369%
due
06/10/28
(Þ)
393
395
GS
Mortgage
Securities
Corp.
II
Series
2018-SRP5
Class
A
1.485%
due
09/15/31
(USD
1
Month
LIBOR
+
1.300%)(Ê)(Þ)
490
417
GS
Mortgage
Securities
Trust
Series
2013-GC14
Class
AS
4.507%
due
08/10/46
(Þ)
235
255
Series
2019-SOHO
Class
A
1.085%
due
06/15/36
(USD
1
Month
LIBOR
+
0.900%)(Ê)(Þ)
630
625
Hawaii
Hotel
Trust
Series
2019-MAUI
Class
C
1.835%
due
05/15/38
(USD
1
Month
LIBOR
+
1.650%)(Ê)(Þ)
940
871
Hilton
USA
Trust
Series
2016-HHV
Class
D
4.333%
due
11/05/38
(~)(Ê)(Þ)
1,240
1,202
Series
2016-HHV
Class
E
4.333%
due
11/05/38
(~)(Ê)(Þ)
600
558
Series
2016-SFP
Class
A
2.828%
due
11/05/35
(Þ)
226
226
HMH
Trust
Series
2017-NSS
Class
E
6.292%
due
07/05/31
(Þ)
1,170
900
HomeBanc
Mortgage
Trust
Series
2005-3
Class
M4
0.818%
due
07/25/35
(USD
1
Month
LIBOR
+
0.670%)(Ê)
940
904
Hospitality
Mortgage
Trust
Series
2019-HIT
Class
D
2.185%
due
11/15/36
(USD
1
Month
LIBOR
+
2.000%)(Ê)(Þ)
1,225
1,147
IndyMac
INDA
Mortgage
Loan
Trust
Series
2006-AR2
Class
1A1A
0.388%
due
04/25/46
(USD
1
Month
LIBOR
+
0.220%)(Ê)
632
574
Series
2006-AR2
Class
1A1B
0.378%
due
04/25/46
(USD
1
Month
LIBOR
+
0.210%)(Ê)
475
430
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2004-LN2
Class
B
5.686%
due
07/15/41
(~)(Ê)
17
17
JPMorgan
Mortgage
Trust
Series
2018-3
Class
A1
3.500%
due
09/25/48
(~)(Ê)(Þ)
421
432
Series
2018-3
Class
A3
3.500%
due
09/25/48
(~)(Ê)(Þ)
856
877
Series
2018-4
Class
A1
3.500%
due
10/25/48
(~)(Ê)(Þ)
147
151
Series
2018-5
Class
A1
3.500%
due
10/25/48
(~)(Ê)(Þ)
351
360
Series
2018-LTV1
Class
A4
4.000%
due
04/25/49
(~)(Ê)(Þ)
671
683
Series
2019-INV2
Class
A3
3.500%
due
02/25/50
(~)(Ê)(Þ)
669
691
Legacy
Mortgage
Asset
Trust
Series
2019-GS7
Class
A1
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
54
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.250%
due
11/25/59
(~)(Ê)(Þ)
675
675
LSTAR
Securities
Investment,
Ltd.
Series
2019-4
Class
A1
1.673%
due
05/01/24
(USD
1
Month
LIBOR
+
1.500%)(Ê)(Þ)
373
370
ML-CFC
Commercial
Mortgage
Trust
Series
2007-5
Class
AJ
5.450%
due
08/12/48
(~)(Ê)
126
72
Series
2007-5
Class
AJFL
5.450%
due
08/12/48
(~)(Ê)(Þ)
126
72
Morgan
Stanley
Capital
I
Trust
Series
2011-C3
Class
A4
4.118%
due
07/15/49
76
77
Series
2015-MS1
Class
A4
3.779%
due
05/15/48
(~)(Ê)
200
222
Series
2016-UBS9
Class
A4
3.594%
due
03/15/49
205
227
Series
2018-BOP
Class
E
2.135%
due
06/15/35
(USD
1
Month
LIBOR
+
1.950%)(Ê)(Þ)
1,669
1,487
Series
2018-SUN
Class
E
2.135%
due
07/15/35
(USD
1
Month
LIBOR
+
1.950%)(Ê)(Þ)
1,955
1,830
Series
2019-BPR
Class
A
1.585%
due
05/15/36
(USD
1
Month
LIBOR
+
1.400%)(Ê)(Þ)
350
335
Series
2019-NUGS
Class
E
3.744%
due
12/15/36
(USD
1
Month
LIBOR
+
2.244%)(Ê)(Þ)
1,970
1,798
Morgan
Stanley
Mortgage
Capital
Holdings
LLC
Trust
Series
2017-237P
Class
D
3.865%
due
09/13/39
(~)(Ê)(Þ)
1,500
1,492
Series
2017-237P
Class
XA
Interest
Only
STRIP
0.468%
due
09/13/39
(~)(Ê)(Þ)
8,761
197
Series
2017-237P
Class
XB
Interest
Only
STRIP
0.175%
due
09/13/39
(~)(Ê)(Þ)
5,418
32
MSCG
Trust
Series
2015-ALDR
Class
A2
3.577%
due
06/07/35
(~)(Ê)(Þ)
255
251
Natixis
Commercial
Mortgage
Securities
Trust
Series
2019-FAME
Class
A
3.047%
due
08/15/36
(Þ)
440
435
New
Residential
Mortgage
Loan
Trust
Series
2019-NQM4
Class
A2
2.644%
due
09/25/59
(~)(Ê)(Þ)
408
414
Nomura
Resecuritization
Trust
Series
2015-4R
Class
1A14
0.940%
due
03/26/47
(USD
1
Month
LIBOR
+
0.190%)(Ê)(Þ)
1,121
909
PMT
Credit
Risk
Transfer
Trust
Series
2019-1R
Class
A
2.170%
due
03/27/24
(USD
1
Month
LIBOR
+
2.000%)(Ê)(Þ)
285
256
Series
2019-3R
Class
A
2.870%
due
10/27/22
(USD
1
Month
LIBOR
+
2.700%)(Ê)(Þ)
460
443
Radnor
RE,
Ltd.
Series
2020-1
Class
M1A
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
1.118%
due
02/25/30
(USD
1
Month
LIBOR
+
0.950%)(Ê)(Þ)
567
565
RBS
Commercial
Funding,
Inc.
Trust
Series
2013-GSP
Class
A
3.961%
due
01/15/32
(~)(Ê)(Þ)
200
209
Residential
Accredit
Loans,
Inc.
Trust
Series
2006-QO7
Class
2A1
2.541%
due
09/25/46
(Federal
Reserve
U.S.
12
Month
Cumulative
Avg
1
year
CMT
+
0.850%)(Ê)
804
717
Residential
Asset
Securitization
Trust
Series
2003-A15
Class
1A2
0.618%
due
02/25/34
(USD
1
Month
LIBOR
+
0.450%)(Ê)
16
14
SBALR
Commercial
Mortgage
Trust
Series
2020-RR1
Class
C
3.979%
due
02/13/53
(~)(Ê)
410
410
Sequoia
Mortgage
Trust
Series
2013-4
Class
A3
1.550%
due
04/25/43
(~)(Ê)
811
811
Series
2015-1
Class
A1
3.500%
due
01/25/45
(~)(Ê)(Þ)
312
322
Structured
Adjustable
Rate
Mortgage
Loan
Trust
Series
2006-5
Class
3A
3.937%
due
06/25/36
(~)(Ê)
1,017
799
Tharaldson
Hotel
Portfolio
Trust
Series
2018-THL
Class
A
0.925%
due
11/11/34
(USD
1
Month
LIBOR
+
0.750%)(Ê)(Þ)
243
233
Washington
Mutual
Mortgage
Pass-
Through
Certificates
Trust
Series
2003-AR7
Class
A7
4.404%
due
08/25/33
(~)(Ê)
42
41
Series
2005-10
Class
3CB1
6.000%
due
11/25/35
684
635
Wells
Fargo
Commercial
Mortgage
Trust
Series
2017-RB1
Class
XA
Interest
Only
STRIP
1.403%
due
03/15/50
(~)(Ê)
1,922
126
Wells
Fargo
Mortgage-Backed
Securities
Trust
Series
2006-AR5
Class
1A1
4.026%
due
04/25/36
(~)(Ê)
856
823
WinWater
Mortgage
Loan
Trust
Series
2014-1
Class
A1
3.847%
due
06/20/44
(~)(Ê)(Þ)
371
386
210,799
Non-US
Bonds
-
4.4%
Argentine
Bonos
del
Tesoro
18.200%
due
10/03/21
ARS
3,950
24
Brazil
Notas
do
Tesouro
Nacional
Series
NTNF
10.000%
due
01/01/23
BRL
2,050
415
10.000%
due
01/01/27
BRL
745
154
Canadian
Government
International
Bond
1.500%
due
06/01/23
CAD
1,259
977
2.250%
due
06/01/25
CAD
966
789
1.000%
due
06/01/27
CAD
972
760
Colombian
Titulos
de
Tesoreria
Series
B
10.000%
due
07/24/24
COP
8,010,600
2,572
6.000%
due
04/28/28
COP
2,418,700
668
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
55
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Indonesia
Treasury
Bond
Series
FR56
8.375%
due
09/15/26
IDR
4,651,000
348
Series
FR59
7.000%
due
05/15/27
IDR
7,858,000
544
Series
FR68
8.375%
due
03/15/34
IDR
8,068,000
582
Series
FR77
8.125%
due
05/15/24
IDR
2,537,000
184
Series
FR78
8.250%
due
05/15/29
IDR
15,784,000
1,155
Italy
Buoni
Poliennali
Del
Tesoro
2.300%
due
10/15/21
EUR
3,130
3,767
Japan
10
Year
Government
International
Bond
Series
356
0.100%
due
09/20/29
JPY
200
2
Japan
20
Year
Government
International
Bond
Series
170
0.300%
due
09/20/39
JPY
19,050
178
Malaysia
Government
International
Bond
Series
0114
4.181%
due
07/15/24
MYR
5,384
1,388
Series
0116
3.800%
due
08/17/23
MYR
2,149
542
Series
0117
3.882%
due
03/10/22
MYR
440
109
Series
0119
3.906%
due
07/15/26
MYR
584
152
Series
0218
3.757%
due
04/20/23
MYR
1,887
474
Series
0307
3.502%
due
05/31/27
MYR
1,184
304
Series
0313
3.480%
due
03/15/23
MYR
2,472
616
Series
0319
3.478%
due
06/14/24
MYR
83
21
Series
0411
4.232%
due
06/30/31
MYR
1,112
301
Mexican
Bonos
Series
M
20
8.500%
due
05/31/29
MXN
27,440
1,467
Series
M
30
10.000%
due
11/20/36
MXN
19,304
1,164
Series
M
7.750%
due
11/13/42
MXN
82,307
4,029
8.000%
due
11/07/47
MXN
38,160
1,907
Peru
Government
International
Bond
5.700%
due
08/12/24
PEN
3,310
1,081
6.900%
due
08/12/37
PEN
1,861
615
Russian
Federal
Bond
-
OFZ
Series
6207
8.150%
due
02/03/27
RUB
48,740
708
Series
6219
7.750%
due
09/16/26
RUB
31,660
450
Series
6224
6.900%
due
05/23/29
RUB
78,719
1,066
Series
6225
7.250%
due
05/10/34
RUB
1,960
27
Series
6228
7.650%
due
04/10/30
RUB
61,470
875
Series
6230
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
7.700%
due
03/16/39
RUB
42,470
623
Singapore
Government
International
Bond
1.250%
due
10/01/21
SGD
972
719
3.125%
due
09/01/22
SGD
461
356
2.750%
due
07/01/23
SGD
836
654
3.000%
due
09/01/24
SGD
823
664
2.125%
due
06/01/26
SGD
2,930
2,332
3.500%
due
03/01/27
SGD
316
273
2.875%
due
07/01/29
SGD
549
472
2.875%
due
09/01/30
SGD
1,200
1,045
Spain
Government
International
Bond
1.950%
due
07/30/30
(Þ)
EUR
840
1,152
38,705
United
States
Government
Treasuries
-
12.5%
United
States
Treasury
Inflation
Indexed
Bonds
0.125%
due
01/15/22
578
587
0.375%
due
07/15/23
4,900
5,139
0.375%
due
07/15/25
3,122
3,389
3.375%
due
04/15/32
2,861
4,337
2.125%
due
02/15/40
1,474
2,254
2.125%
due
02/15/41
225
348
1.375%
due
02/15/44
1,756
2,491
0.750%
due
02/15/45
286
363
1.000%
due
02/15/46
1,017
1,368
0.875%
due
02/15/47
2,050
2,718
1.000%
due
02/15/48
767
1,054
1.000%
due
02/15/49
2,121
2,949
United
States
Treasury
Notes
1.250%
due
10/31/21
7,420
7,510
1.500%
due
11/30/21
5,340
5,423
0.125%
due
05/31/22
3,850
3,849
1.875%
due
05/31/22
1,315
1,353
1.625%
due
08/15/22
6,095
6,266
1.750%
due
05/15/23
4,585
4,776
1.375%
due
06/30/23
340
351
1.250%
due
07/31/23
1,720
1,773
1.625%
due
10/31/23
3,080
3,219
1.250%
due
08/31/24
305
317
2.000%
due
02/15/25
2,320
2,497
0.375%
due
04/30/25
520
523
2.125%
due
05/15/25
300
326
0.250%
due
05/31/25
1,950
1,950
0.250%
due
06/30/25
190
190
2.000%
due
08/15/25
1,478
1,601
3.000%
due
10/31/25
480
545
2.250%
due
11/15/25
1,325
1,456
1.625%
due
02/15/26
1,798
1,923
2.250%
due
03/31/26
750
828
1.625%
due
05/15/26
2,120
2,271
1.500%
due
08/15/26
4,935
5,260
0.500%
due
04/30/27
20
20
2.375%
due
05/15/27
545
614
0.500%
due
05/31/27
2,875
2,887
0.500%
due
08/31/27
620
621
2.750%
due
02/15/28
480
558
2.375%
due
05/15/29
345
397
0.625%
due
05/15/30
120
120
0.625%
due
08/15/30
1,510
1,501
1.125%
due
05/15/40
2,145
2,111
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
56
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.750%
due
11/15/42
835
1,069
2.875%
due
05/15/43
130
170
3.125%
due
08/15/44
645
878
2.875%
due
08/15/45
1,705
2,240
3.000%
due
05/15/47
265
359
2.750%
due
11/15/47
1,250
1,624
3.000%
due
02/15/48
575
781
3.125%
due
05/15/48
500
695
3.375%
due
11/15/48
340
495
2.000%
due
02/15/50
2,090
2,364
1.250%
due
05/15/50
8,495
8,051
1.375%
due
08/15/50
2,570
2,515
111,274
Total
Long-Term
Investments
(cost
$727,274)
750,172
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)
—
Options
Purchased
-
0.0%
(Number
of
Contracts)
United
States
Treasury
Bond
Futures
Bank
of
Montreal
Oct
2020
177.00
Call
(13)
USD
2,301
(ÿ)
13
Bank
of
Montreal
Oct
2020
177.50
Call
(7)
USD
1,243
(ÿ)
6
Bank
of
Montreal
Oct
2020
178.00
Call
(10)
USD
1,780
(ÿ)
7
Bank
of
America
Oct
2020
174.00
Put
(6)
USD
1,044
(ÿ)
3
Bank
of
America
Oct
2020
175.00
Put
(12)
USD
2,100
(ÿ)
10
Bank
of
Montreal
Oct
2020
176.00
Put
(6)
USD
1,056
(ÿ)
8
Total
Options
Purchased
(cost
$62)
47
Short-Term
Investments
-
15.3%
Anthem,
Inc.
3.700%
due
08/15/21
40
41
Apple,
Inc.
2.000%
due
11/13/20
80
80
Argentina
Treasury
Bond
Series
CER
0.000%
due
08/05/21
ARS
4,140
33
BMW
US
Capital
LLC
1.850%
due
09/15/21
(Þ)
20
20
Brazil
Notas
do
Tesouro
Nacional
Series
NTNF
10.000%
due
01/01/21
BRL
4,005
744
Bristol-Myers
Squibb
Co.
Series
WI
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.250%
due
08/15/21
70
71
Canadian
Government
International
Bond
0.750%
due
09/01/21
CAD
857
647
Chubb
INA
Holdings,
Inc.
2.300%
due
11/03/20
20
20
Cigna
Corp.
Series
WI
3.400%
due
09/17/21
60
62
Dell
International
LLC
/
EMC
Corp.
4.420%
due
06/15/21
(Þ)
107
110
Delta
Air
Lines,
Inc.
3.400%
due
04/19/21
170
169
Fannie
Mae
4.316%
due
01/01/21
(~)(Ê)
192
192
Federal
Home
Loan
Bank
Discount
Notes
0.157%
due
10/28/20
(ç)(ž)
180
180
Federal
Home
Loan
Banks
0.200%
due
10/07/20
(SOFR
+
0.120%)(Ê)
660
660
Ford
Motor
Credit
Co.
LLC
5.875%
due
08/02/21
200
204
General
Motors
Financial
Co.,
Inc.
2.450%
due
11/06/20
30
30
4.375%
due
09/25/21
20
21
Genworth
Holdings,
Inc.
7.625%
due
09/24/21
169
169
Goldman
Sachs
Group,
Inc.
(The)
4.000%
due
12/20/20
(USD
3
Month
LIBOR
+
0.768%)(Ê)
3
3
5.250%
due
07/27/21
380
395
JPMorgan
Chase
&
Co.
4.250%
due
10/15/20
300
300
Kinder
Morgan
Energy
Partners,
LP
3.500%
due
03/01/21
30
30
Malaysia
Government
International
Bond
Series
0111
4.160%
due
07/15/21
MYR
150
37
Series
0314
4.048%
due
09/30/21
MYR
610
150
Netflix,
Inc.
5.375%
due
02/01/21
60
61
Nordea
Bank
AB
4.875%
due
05/13/21
(Þ)
265
272
Poland
Government
International
Bond
5.125%
due
04/21/21
550
564
Progress
Energy,
Inc.
4.400%
due
01/15/21
30
30
Royal
Bank
of
Canada
2.150%
due
10/26/20
70
70
Series
GMTN
3.200%
due
04/30/21
70
71
Singapore
Government
International
Bond
2.250%
due
06/01/21
SGD
321
238
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
57
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Sprint
Spectrum
Co.
LLC
/
Sprint
Spectrum
Co.
II
LLC
/
Sprint
Spectrum
Co.
III
LLC
3.360%
due
09/20/21
(Þ)
50
51
Sumitomo
Mitsui
Financial
Group,
Inc.
Series
5FXD
2.058%
due
07/14/21
90
91
Svenska
Handelsbanken
AB
Series
BKNT
3.350%
due
05/24/21
250
255
Teva
Pharmaceutical
Finance
Netherlands
III
BV
2.200%
due
07/21/21
140
139
Time
Warner
Cable
LLC
4.125%
due
02/15/21
150
151
Toronto-Dominion
Bank
(The)
3.250%
due
06/11/21
90
92
U.S.
Cash
Management
Fund(@)
100,657,546(∞)
100,637
United
States
Treasury
Bills
0.000%
due
10/01/20
(ç)(ž)
600
600
0.058%
due
10/08/20
(ç)(ž)
7,925
7,925
0.091%
due
11/05/20
(ž)
4,525
4,524
0.100%
due
12/03/20
(ž)
4,588
4,587
0.104%
due
01/28/21
(ž)
5,050
5,048
0.108%
due
02/25/21
(ž)
6,327
6,324
UnitedHealth
Group,
Inc.
3.875%
due
10/15/20
10
10
US
Bank
NA
Series
BKNT
3.150%
due
04/26/21
250
254
Wells
Fargo
&
Co.
4.600%
due
04/01/21
220
225
Westpac
Banking
Corp.
2.600%
due
11/23/20
80
80
Total
Short-Term
Investments
(cost
$137,117)
136,667
Total
Investments
-
99.4%
(identified
cost
$864,497)
886,886
Other
Assets
and
Liabilities,
Net
-
0.6%
5,083
Net
Assets
-
100.0%
891,969
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
58
Strategic
Bond
Fund
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Securities
Acquisition
Date
Principal
Amount
($)
or
shares
Cost
per
Unit
$
Cost
(000)
$
Fair
Value
(000)
$
19.7%
1011778
B.C.
Unlimited
Liability
Co.
/
New
Red
Finance,
Inc.
03/15/19
120,000
100.53
121
122
AbbVie,
Inc.
11/12/19
480,000
100.86
484
528
AbbVie,
Inc.
11/12/19
100,000
99.89
100
109
AbbVie,
Inc.
11/12/19
440,000
99.93
440
455
AbbVie,
Inc.
11/12/19
390,000
99.93
390
414
AbbVie,
Inc.
03/25/20
20,000
97.61
20
24
AbbVie,
Inc.
05/12/20
285,000
102.30
292
295
AbbVie,
Inc.
05/12/20
60,000
107.58
65
67
AbbVie,
Inc.
05/12/20
10,000
116.06
12
12
Abu
Dhabi
Government
International
Bond
10/03/17
200,000
99.86
200
207
Abu
Dhabi
Government
International
Bond
04/08/20
520,000
96.17
500
634
ACE
Securities
Corp.
Mortgage
Loan
Trust
03/08/17
509,850
93.82
478
504
Adani
Abbot
Point
Terminal
Pty,
Ltd.
02/01/19
253,000
92.55
234
229
Adani
Ports
and
Special
Economic
Zone,
Ltd.
08/04/20
811,000
101.43
823
814
Alimentation
Couche-Tard,
Inc.
09/19/17
702,000
102.74
721
785
Ambac
Assurance
Corp.
02/09/17
881
168.77
1
1
Ambac
LSNI
LLC
02/09/17
3,689,849
99.09
3,718
3,690
Anglo
American
Capital
PLC
09/06/17
200,000
99.97
200
215
Anglo
American
Capital
PLC
05/14/20
712,000
107.32
764
818
AP
Moller
-
Maersk
A/S
05/12/20
767,000
99.32
762
862
Applebee's
Funding
LLC
/
IHOP
Funding
LLC
05/28/19
340,000
100.00
340
315
AT&T,
Inc.
06/13/16
83,000
95.22
79
79
AT&T,
Inc.
01/04/18
231,000
99.44
230
225
Avis
Budget
Rental
Car
Funding
(AESOP)
LLC
04/16/19
600,000
100.33
602
634
Banco
de
Bogota
SA
09/22/17
686,000
104.27
715
720
Banco
de
Credito
del
Peru
12/04/19
693,000
104.07
721
742
Banco
Inbursa
SA
Institucion
de
Banca
Multiple
01/06/20
711,000
103.47
736
744
Bangkok
Bank
PCL
11/09/18
219,000
99.58
218
230
Banistmo
SA
12/07/17
729,000
100.46
732
738
Bausch
Health
Cos.,
Inc.
04/15/20
70,000
109.37
77
75
Bausch
Health
Cos.,
Inc.
05/11/20
110,000
100.00
110
113
Bayer
US
Finance
II
LLC
08/03/20
682,000
120.85
824
743
Bayer
US
Finance
LLC
08/02/18
726,000
100.51
730
790
BCAP
LLC
Trust
07/21/16
674,659
76.33
515
604
BCAP
LLC
Trust
03/20/17
491,968
86.36
425
431
BCAP
LLC
Trust
03/20/17
781,452
86.39
675
686
Bellemeade
Re,
Ltd.
08/26/20
1,933,000
100.53
1,943
1,937
Bellemeade
Re,
Ltd.
09/29/20
1,059,000
100.94
1,069
1,067
Berkshire
Hathaway
Energy
Co.
04/07/20
699,000
107.82
754
797
Bharti
Airtel
International
Netherlands
BV
09/26/19
693,000
104.03
721
732
Blackbird
Capital
Aircraft
Lease
Securitization,
Ltd.
11/04/16
692,250
99.73
690
648
Blue
Racer
Midstream
LLC
/
Blue
Racer
Finance
Corp.
02/25/19
20,000
101.34
20
20
BMW
US
Capital
LLC
03/20/18
20,000
98.74
20
20
BNP
Paribas
SA
08/07/18
200,000
99.56
199
234
BNP
Paribas
SA
01/03/19
260,000
100.00
260
288
BNP
Paribas
SA
06/02/20
200,000
100.00
200
206
BNP
Paribas
SA
06/10/20
722,000
111.11
802
820
BX
Trust
03/02/18
1,575,000
99.47
1,567
1,548
BX
Trust
06/01/18
1,650,000
100.00
1,650
1,513
BX
Trust
03/05/19
133,000
100.46
134
131
BX
Trust
10/09/19
1,044,228
100.00
1,044
1,044
CAL
Funding
II,
Ltd.
12/10/19
236,800
101.65
241
243
CAMB
Commercial
Mortgage
Trust
01/25/19
1,651,000
100.00
1,651
1,562
CAMB
Commercial
Mortgage
Trust
01/25/19
987,000
100.13
988
939
Cameron
LNG
LLC
12/05/19
40,000
100.00
40
44
Cameron
LNG
LLC
12/05/19
230,000
102.68
236
259
Cargill,
Inc.
04/20/20
110,000
100.10
110
113
Carlyle
Global
Market
Strategies
CLO,
Ltd.
11/07/19
760,003
99.62
757
751
Carnival
Corp.
08/13/20
690,000
110.97
766
773
Carrier
Global
Corp.
02/13/20
20,000
100.00
20
21
Carrier
Global
Corp.
02/13/20
40,000
100.00
40
41
Carrier
Global
Corp.
02/13/20
90,000
100.00
90
94
Carrier
Global
Corp.
02/13/20
160,000
100.21
160
167
Carrier
Global
Corp.
02/18/20
60,000
101.63
61
63
Carrier
Global
Corp.
02/18/20
60,000
101.74
61
63
Carrier
Global
Corp.
06/16/20
50,000
99.85
50
52
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
03/04/20
270,000
100.31
271
282
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
59
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)
$
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
04/14/20
10,000
101.93
10
11
Cedar
Funding,
Ltd.
07/03/18
1,600,000
100.00
1,600
1,578
Cheniere
Energy,
Inc.
09/15/20
60,000
100.00
60
62
Citigroup
Commercial
Mortgage
Trust
01/12/17
170,000
102.42
174
177
Citigroup
Commercial
Mortgage
Trust
02/12/19
1,418,000
0.99
1,402
1,408
Citigroup
Commercial
Mortgage
Trust
02/21/19
430,000
100.00
430
409
Citigroup
Mortgage
Loan
Trust,
Inc.
02/01/17
97,614
97.84
96
98
Commercial
Mortgage
Trust
01/22/16
195,000
1.06
206
208
Commercial
Mortgage
Trust
02/17/16
205,000
103.67
213
219
Commercial
Mortgage
Trust
07/25/16
140,000
102.06
143
141
Commercial
Mortgage
Trust
11/21/16
211,000
100.79
213
214
Commercial
Mortgage
Trust
06/05/19
899,000
100.00
899
840
Commerzbank
AG
06/24/20
213,000
112.51
240
242
CORE
Mortgage
Trust
03/01/19
1,520,000
100.00
1,520
1,490
Credit
Agricole
SA
06/09/20
250,000
100.00
250
256
Credit
Agricole
SA
06/11/20
734,000
109.54
804
810
Credit
Suisse
Group
AG
03/27/20
250,000
100.00
250
288
Credit
Suisse
Group
AG
06/02/20
330,000
100.00
330
341
Credit
Suisse
Group
AG
07/07/20
699,000
112.11
784
793
Credit
Suisse
Mortgage
Capital
Certificates
06/20/17
600,000
99.59
598
396
Credit
Suisse
Mortgage
Capital
Certificates
05/28/19
170,000
100.00
170
170
Credit
Suisse
Mortgage
Capital
Certificates
05/28/19
1,282,000
100.00
1,282
1,264
Credit
Suisse
Mortgage
Trust
06/26/18
857,384
97.70
838
890
DAE
Funding
LLC
11/01/18
20,000
100.00
20
20
Danone
SA
10/26/16
690,000
99.95
690
701
Danone
SA
04/22/19
718,000
100.10
719
757
Danske
Bank
A/S
01/11/19
400,000
101.36
405
420
Danske
Bank
A/S
03/11/19
862,000
104.29
908
970
Danske
Bank
A/S
09/17/19
200,000
102.45
205
215
Danske
Bank
A/S
06/16/20
200,000
100.00
200
202
DBGS
Mortgage
Trust
04/03/19
985,000
101.34
998
1,010
DCP
Midstream
Operating,
LP
12/11/19
30,000
104.86
31
29
Dell
International
LLC
/
EMC
Corp.
05/17/16
107,000
100.00
107
110
Delta
Air
Lines
Pass-Through
Trust
04/27/20
1,382,000
102.21
1,416
1,518
Delta
Air
Lines,
Inc.
/
SkyMiles
IP,
Ltd.
09/16/20
90,000
100.50
90
93
Delta
Air
Lines,
Inc.
/
SkyMiles
IP,
Ltd.
09/16/20
90,000
100.83
91
92
Deutsche
Mortgage
Securities,
Inc.
Re-REMIC
Trust
01/04/17
365,779
100.59
368
359
Dividend
Solar
Loans
LLC
06/28/19
320,982
99.99
321
329
DP
World
PLC
10/03/19
200,000
115.22
230
228
Dresdner
Funding
Trust
I
06/23/20
265,000
137.72
365
385
Dryden
50
Senior
Loan
Fund
07/24/17
1,230,000
100.00
1,230
1,222
Eagle
Re,
Ltd.
01/27/20
511,000
100.00
511
507
Education
Loan
Asset-Backed
Trust
I
07/24/19
580,000
99.36
576
576
Electricite
de
France
SA
04/24/20
614,000
130.60
802
836
ENEL
Finance
International
NV
01/05/18
706,000
101.03
713
786
Enel
SpA
07/07/20
679,000
114.99
781
793
Eni
SpA
09/26/19
658,000
108.56
714
740
Equate
Petrochemical
BV
10/27/16
200,000
99.20
198
210
Falabella
SA
01/03/20
692,000
104.19
721
744
Fannie
Mae
Connecticut
Avenue
Securities
10/29/19
591,979
100.02
592
589
Fidelity
&
Guaranty
Life
Holdings,
Inc.
07/07/20
727,000
108.59
789
815
FirstKey
Homes
2020-SFR1
Trust
07/31/20
881,000
100.00
881
884
Flagstar
Mortgage
Trust
04/13/18
147,701
98.64
146
150
Flatiron
CLO,
Ltd.
11/21/19
1,000,000
100.09
1,001
992
Freddie
Mac
03/05/20
720,000
105.25
758
696
Fresenius
Medical
Care
US
Finance
II,
Inc.
06/16/16
110,000
102.38
113
123
Fresenius
Medical
Care
US
Finance
II,
Inc.
09/19/17
541,000
104.74
567
575
Gazprom
PJSC
Via
Gaz
Capital
SA
02/01/19
672,000
104.57
703
714
GFL
Environmental,
Inc.
04/22/20
70,000
100.00
70
71
Glencore
Finance
Canada,
Ltd.
08/04/20
667,000
121.96
813
816
Glencore
Funding
LLC
10/12/16
40,000
100.90
40
44
Glencore
Funding
LLC
09/13/17
330,000
100.92
333
360
Glencore
Funding
LLC
01/16/19
60,000
94.84
57
65
Glencore
Funding
LLC
03/05/19
410,000
100.82
413
444
Goldentree
Loan
Management
US
CLO
2,
Ltd.
10/26/18
1,300,000
100.03
1,300
1,288
Goldentree
Loan
Management
US
CLO
2,
Ltd.
04/24/20
1,147,000
100.00
1,147
1,151
Grace
Mortgage
Trust
05/19/17
393,000
102.96
405
395
GS
Mortgage
Securities
Corp.
II
06/06/18
490,000
100.00
490
417
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
60
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)
$
GS
Mortgage
Securities
Trust
07/20/16
235,000
111.67
262
255
GS
Mortgage
Securities
Trust
05/31/19
630,000
100.00
630
625
Guardian
Life
Global
Funding
06/16/20
50,000
99.91
50
50
GUSAP
III,
LP
05/13/20
837,000
89.38
748
872
Hanesbrands,
Inc.
08/10/18
10,000
98.43
10
10
Hanesbrands,
Inc.
08/13/18
70,000
101.80
71
75
Hanesbrands,
Inc.
04/30/20
80,000
100.38
80
85
Hawaii
Hotel
Trust
05/16/19
940,000
100.00
940
871
Heineken
NV
10/22/19
710,000
101.87
723
738
Hilton
Domestic
Operating
Co.,
Inc.
04/16/20
40,000
100.00
40
42
Hilton
Domestic
Operating
Co.,
Inc.
04/16/20
120,000
100.31
120
125
Hilton
USA
Trust
11/22/16
1,840,000
89.32
1,682
1,760
Hilton
USA
Trust
05/26/17
226,000
99.72
225
226
HMH
Trust
06/09/17
1,170,000
99.99
1,170
900
Hospitality
Mortgage
Trust
05/16/19
1,225,291
100.00
1,225
1,147
ICICI
Bank,
Ltd.
09/06/18
782,000
101.31
792
825
Intesa
Sanpaolo
SpA
07/10/17
400,000
100.15
401
411
Intesa
Sanpaolo
SpA
01/05/18
200,000
99.88
200
208
Intesa
Sanpaolo
SpA
04/22/19
846,000
96.27
814
902
Intesa
Sanpaolo
SpA
06/22/20
292,000
104.19
304
307
Inversiones
CMPC
SA
09/22/17
214,000
101.95
218
223
Invitation
Homes
Trust
09/09/20
1,377,969
99.62
1,373
1,374
JPMorgan
Mortgage
Trust
03/23/18
1,277,278
100.94
1,300
1,309
JPMorgan
Mortgage
Trust
04/25/18
498,324
97.91
488
511
JPMorgan
Mortgage
Trust
09/18/19
669,069
101.19
677
691
JPMorgan
Mortgage
Trust
05/15/20
670,768
103.32
693
683
KazMunayGas
National
Co.
JSC
04/17/18
200,000
100.00
200
233
KKR
Group
Finance
Co.
II
LLC
02/20/15
10,000
109.53
11
13
Kraft
Heinz
Foods
Co.
04/14/20
261,000
103.85
271
275
Kraft
Heinz
Foods
Co.
05/04/20
80,000
100.00
80
92
Kraft
Heinz
Foods
Co.
05/04/20
30,000
100.00
30
33
Kuwait
Government
International
Bond
03/13/17
210,000
99.33
209
236
Lamb
Weston
Holdings,
Inc.
12/01/16
60,000
99.75
60
63
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
1,006
LCM
XXV,
Ltd.
07/10/17
1,124,000
100.00
1,124
1,109
Legacy
Mortgage
Asset
Trust
05/23/19
408,036
100.00
408
409
Legacy
Mortgage
Asset
Trust
06/01/20
674,978
98.46
665
675
Lloyds
Bank
PLC
09/03/20
681,000
117.23
798
778
Lloyds
Banking
Group
PLC
06/22/20
108,000
111.83
121
128
LSTAR
Securities
Investment,
Ltd.
05/17/19
372,616
100.00
373
370
Lukoil
International
Finance
BV
09/19/17
682,000
103.65
707
725
LYB
Finance
Co.
BV
02/15/19
186,000
117.42
218
246
Madison
Park
Funding
XIII,
Ltd.
11/07/19
574,000
99.67
572
569
Madison
Park
Funding
XVIII,
Ltd.
12/01/17
1,922,000
99.81
1,918
1,898
Magnetite
XVIII,
Ltd.
10/31/18
1,488,000
100.00
1,488
1,480
Marks
&
Spencer
PLC
09/25/19
170,000
114.32
194
180
Mars,
Inc.
03/26/19
30,000
99.74
30
34
Mars,
Inc.
03/26/19
60,000
99.95
60
65
Midwest
Connector
Capital
Co.
LLC
06/04/19
267,000
101.09
270
269
Midwest
Connector
Capital
Co.
LLC
06/10/20
769,000
104.61
804
776
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets,
Ltd.
06/25/20
120,000
98.79
119
125
ML-CFC
Commercial
Mortgage
Trust
08/05/16
126,144
82.51
104
72
Morgan
Stanley
Capital
I
Trust
07/19/18
1,955,000
100.00
1,955
1,830
Morgan
Stanley
Capital
I
Trust
08/15/18
1,668,666
100.00
1,669
1,487
Morgan
Stanley
Capital
I
Trust
04/24/19
350,000
100.00
350
335
Morgan
Stanley
Capital
I
Trust
12/12/19
1,970,000
99.44
1,959
1,798
Morgan
Stanley
Mortgage
Capital
Holdings
LLC
Trust
08/11/17
5,418,000
0.59
32
32
Morgan
Stanley
Mortgage
Capital
Holdings
LLC
Trust
08/11/17
8,761,000
2.25
197
197
Morgan
Stanley
Mortgage
Capital
Holdings
LLC
Trust
08/11/17
1,500,000
97.32
1,460
1,492
MSCG
Trust
05/19/15
255,000
101.35
258
251
National
Securities
Clearing
Corp.
04/16/20
250,000
99.92
250
254
Natixis
Commercial
Mortgage
Securities
Trust
08/29/19
440,000
102.82
452
435
Navient
Student
Loan
Trust
07/20/20
990,883
99.99
991
994
Navient
Student
Loan
Trust
07/23/20
4,090,576
101.05
4,135
4,145
NBK
SPC,
Ltd.
09/30/19
714,000
100.47
717
730
Nestle
Holdings,
Inc.
01/03/20
698,000
103.91
725
755
New
Residential
Mortgage
Loan
Trust
09/09/19
407,663
100.00
408
414
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
61
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)
$
New
York
Life
Global
Funding
06/17/20
90,000
99.90
90
91
NGPL
PipeCo
LLC
09/26/19
553,000
129.03
714
701
Nissan
Motor
Acceptance
Corp.
09/10/20
280,000
100.00
280
283
Nissan
Motor
Acceptance
Corp.
09/10/20
300,000
100.00
300
301
Nomura
Resecuritization
Trust
07/22/16
1,121,165
59.93
672
909
Nordea
Bank
AB
06/04/19
265,000
101.19
268
272
Northern
Natural
Gas
Co.
08/02/18
631,000
108.97
688
749
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
04/29/20
80,000
100.49
80
85
OneMain
Financial
Issuance
Trust
08/13/20
1,382,000
99.99
1,382
1,392
Park
Aerospace
Holdings,
Ltd.
02/25/19
50,000
101.37
51
50
Parsley
Energy
LLC
09/25/20
10,000
92.25
9
9
Parsley
Energy
LLC
/
Parsley
Finance
Corp.
09/30/20
20,000
100.05
20
20
Pernod
Ricard
SA
06/13/16
150,000
102.44
154
157
PMT
Credit
Risk
Transfer
Trust
03/21/19
284,767
100.00
285
256
PMT
Credit
Risk
Transfer
Trust
10/11/19
460,474
100.00
460
443
Preston
Ridge
Partners
Mortgage
LLC
02/14/20
2,525,444
99.85
2,522
2,516
Preston
Ridge
Partners
Mortgage
LLC
06/18/20
586,137
100.58
590
591
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
09/13/19
60,000
101.73
61
64
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
09/20/19
70,000
102.15
72
73
Principal
Life
Global
Funding
II
06/16/20
40,000
99.92
40
41
Prosus
NV
06/29/17
250,000
100.00
250
284
Provincia
de
Buenos
Aires
02/08/17
140,000
99.81
140
55
Qatar
Government
International
Bond
10/03/19
210,000
123.63
260
283
Qatar
Government
International
Bond
04/07/20
360,000
100.00
360
463
Radnor
RE,
Ltd.
01/21/20
567,000
100.00
567
565
Raytheon
Technologies
Corp.
06/08/20
708,000
106.12
751
760
Raytheon
Technologies
Corp.
06/08/20
50,000
108.05
54
54
RBS
Commercial
Funding,
Inc.
Trust
01/19/16
200,000
1.04
207
209
RESIMAC
Premier
09/23/20
966,000
100.00
966
966
Resorts
World
Las
Vegas
LLC
/
RWLV
Capital,
Inc.
07/07/20
809,000
98.52
797
763
Riserva
CLO,
Ltd.
06/10/19
940,000
100.00
940
934
Roche
Holdings,
Inc.
01/03/20
669,000
100.05
669
681
Rockies
Express
Pipeline
LLC
06/23/20
306,000
94.15
288
298
Rockies
Express
Pipeline
LLC
06/25/20
200,000
93.89
188
194
Sabal
Trail
Transmission
LLC
08/02/18
663,000
105.44
699
745
SABIC
Capital
II
BV
07/07/20
737,000
106.51
785
792
Sands
China,
Ltd.
06/02/20
200,000
99.91
200
209
Santander
UK
Group
Holdings
PLC
03/05/19
701,000
102.16
716
767
Santander
UK
Group
Holdings
PLC
05/14/19
238,000
102.87
245
260
Saudi
Arabian
Oil
Co.
04/07/20
768,000
98.75
758
806
SBA
Tower
Trust
07/08/20
1,025,000
100.00
1,024
1,040
Schlumberger
Holdings
Corp.
12/10/15
40,000
99.96
40
45
Schneider
Electric
SE
02/04/19
800,000
101.45
812
838
Sequoia
Mortgage
Trust
10/21/16
311,992
102.95
321
322
Shackleton
CLO,
Ltd.
04/04/18
930,000
100.00
930
909
Siemens
Financieringsmaatschappij
NV
06/04/20
769,000
103.29
794
794
SMB
Private
Education
Loan
Trust
06/04/19
190,000
100.00
190
190
Societe
Generale
SA
12/11/19
700,000
106.35
744
756
SoFi
Professional
Loan
Program
Trust
12/12/19
730,000
103.62
756
772
SoFi
Professional
Loan
Program
Trust
07/20/20
753,768
102.18
770
771
Solar
Star
Funding
LLC
04/07/20
652,414
112.25
732
762
Spain
Government
International
Bond
05/20/20
EUR
840,000
125.59
1,055
1,152
Spirit
Loyalty
Cayman,
Ltd.
/
Spirit
IP
Cayman
Ltd
09/02/20
150,000
101.93
153
159
SpringCastle
America
Funding
LLC
09/16/20
3,957,000
100.00
3,957
3,970
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
50,000
99.87
50
51
Standard
Chartered
PLC
05/13/20
447,000
103.94
465
475
Standard
Chartered
PLC
06/22/20
111,000
111.48
124
136
Sunrun
Callisto
Issuer,
LLC
10/17/19
589,729
99.95
589
618
Swedbank
AB
05/26/20
200,000
99.90
200
204
TAL
Advantage
VII
LLC
09/09/20
2,159,000
100.03
2,160
2,164
Targa
Resources
Partners,
LP
/
Targa
Resources
Partners
Finance
Corp.
12/11/19
30,000
101.57
30
30
Targa
Resources
Partners,
LP
/
Targa
Resources
Partners
Finance
Corp.
08/11/20
50,000
100.00
50
48
Teachers
Insurance
&
Annuity
Association
of
America
06/14/16
340,000
115.10
391
428
Tennessee
Gas
Pipeline
Co.
LLC
02/19/20
210,000
99.93
210
217
Tesco
PLC
09/03/20
623,000
130.92
816
803
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
62
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)
$
Textainer
Marine
Containers
VII,
Ltd.
09/11/20
1,712,479
102.39
1,753
1,750
Textainer
Marine
Containers,
Ltd.
09/08/20
1,576,000
100.01
1,576
1,577
Tharaldson
Hotel
Portfolio
Trust
01/22/18
243,024
99.95
243
233
THL
Credit
Wind
River
CLO,
Ltd.
10/02/17
997,569
100.00
998
987
T-Mobile
USA,
Inc.
04/02/20
300,000
99.31
298
341
T-Mobile
USA,
Inc.
04/14/20
30,000
105.77
32
34
T-Mobile
USA,
Inc.
04/20/20
490,000
104.77
513
538
T-Mobile
USA,
Inc.
07/06/20
784,000
101.35
795
812
Towd
Point
Mortgage
Trust
07/22/16
144,037
99.86
144
146
Towd
Point
Mortgage
Trust
07/07/17
370,302
100.54
372
381
Towd
Point
Mortgage
Trust
09/18/17
728,641
100.59
733
747
Towd
Point
Mortgage
Trust
10/25/19
1,748,135
105.79
1,849
1,893
Towd
Point
Mortgage
Trust
11/04/19
1,563,366
100.95
1,578
1,656
Towd
Point
Mortgage
Trust
08/17/20
3,242,705
101.84
3,302
3,307
TransDigm
,
Inc.
04/09/20
80,000
102.33
82
84
TransDigm
,
Inc.
04/09/20
20,000
107.33
21
22
Trust
Fibra
Uno
09/20/17
685,000
105.24
721
728
TSMC
Global,
Ltd.
09/23/20
200,000
99.91
200
198
UBS
AG
London
04/14/20
220,000
99.90
220
224
UBS
Group
AG
03/16/17
270,000
100.00
270
282
UBS
Group
AG
03/16/17
200,000
100.00
200
232
UBS
Group
AG
01/28/19
660,000
102.29
675
705
UBS
Group
AG
09/20/19
200,000
100.75
202
222
UBS
Group
AG
05/26/20
200,000
102.79
206
208
UBS
Group
AG
07/07/20
694,000
113.92
791
800
UniCredit
SpA
01/08/19
1,042,000
102.09
1,070
1,106
Upjohn,
Inc.
07/08/20
729,000
109.16
796
776
USAA
Capital
Corp.
04/14/20
150,000
99.72
150
158
Vistra
Operations
Co.
LLC
06/04/19
708,000
101.37
718
771
VOC
Escrow,
Ltd.
08/07/18
60,000
97.39
58
53
Voya
CLO,
Ltd.
02/18/20
2,453,922
100.00
2,454
2,414
WinWater
Mortgage
Loan
Trust
03/29/17
370,844
102.38
380
386
Woori
Bank
04/22/20
734,000
105.66
776
811
175,703
For
a
description
of
restricted
securities
see
note
5
in
the
Notes
to
Quarterly
Report.
Futures
Contracts
Amounts
in
thousands
(except
contract
amounts
)
Number
of
Contracts
Notional
Amount
Expiration
Date
Value
and
Unrealized
Appreciation
(Depreciation)
$
Long
Positions
Australia
10
Year
Government
Bond
Futures
303
AUD
45,266
12/20
368
Euro-BTP
Futures
67
EUR
9,888
12/20
238
Eurodollar
Futures
124
USD
30,924
12/20
444
Euro-OAT
Futures
18
EUR
3,034
12/20
52
United
States
2
Year
Treasury
Note
Futures
204
USD
45,076
12/20
28
United
States
5
Year
Treasury
Note
Futures
697
USD
87,842
12/20
106
United
States
10
Year
Treasury
Note
Futures
931
USD
129,903
12/20
371
United
States
10
Year
Ultra
Treasury
Note
Futures
32
USD
5,118
12/20
21
United
States
Treasury
Long
Bond
Futures
271
USD
47,772
12/20
(160)
United
States
Treasury
Ultra
Bond
Futures
183
USD
40,592
12/20
(192)
Short
Positions
Australia
10
Year
Government
Bond
Futures
23
AUD
3,436
12/20
(19)
Canadian
10
Year
Government
Bond
Futures
116
CAD
17,610
12/20
8
Euro-
Bobl
Futures
53
EUR
7,164
12/20
4
Euro-Bund
Futures
285
EUR
49,738
12/20
(291)
Eurodollar
Futures
217
USD
54,144
03/21
(67)
Eurodollar
Futures
158
USD
39,417
12/21
(247)
Euro-OAT
Futures
16
EUR
2,697
12/20
(34)
Long
Gilt
Futures
67
GBP
9,119
12/20
7
United
States
2
Year
Treasury
Note
Futures
132
USD
29,167
12/20
(10)
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
63
Futures
Contracts
Amounts
in
thousands
(except
contract
amounts
)
United
States
5
Year
Treasury
Note
Futures
77
USD
9,704
12/20
(14)
United
States
10
Year
Treasury
Note
Futures
112
USD
15,627
12/20
(9)
United
States
10
Year
Ultra
Treasury
Note
Futures
28
USD
4,477
12/20
2
United
States
Treasury
Ultra
Bond
Futures
1
USD
222
12/20
—
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
606
Options
Written
Amounts
in
thousands
(except
contract
amounts)
Description
Counterparty
Call/Put
Number
of
Contracts
Strike
Price
Notional
Amount
Expiration
Date
Fair
Value
$
United
States
Treasury
Bond
Futures
Bank
of
Montreal
Put
6
173.00
USD
1,038
10/23/20
(2)
United
States
Treasury
Bond
Futures
Bank
of
Montreal
Put
6
171.00
USD
1,026
11/20/20
(7)
Total
Liability
for
Options
Written
(premiums
received
$13)
(9)
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Bank
of
America
USD
63
AUD
86
11/24/20
(2)
Bank
of
America
USD
234
NOK
2,059
11/24/20
(13)
Bank
of
America
USD
6,489
NOK
61,195
11/24/20
72
Bank
of
America
USD
7,225
SEK
64,764
11/24/20
10
Bank
of
America
AUD
649
USD
462
11/24/20
(3)
Bank
of
America
AUD
20,625
USD
14,925
11/24/20
151
Bank
of
America
NOK
134,478
USD
15,204
11/24/20
784
Bank
of
America
SEK
64,764
USD
7,488
11/24/20
253
Bank
of
Montreal
CAD
12,000
USD
9,211
10/21/20
198
Bank
of
New
York
USD
7,428
JPY
781,321
11/24/20
(15)
Bank
of
New
York
JPY
387,574
USD
3,681
11/24/20
4
Bank
of
New
York
JPY
786,375
USD
7,445
11/24/20
(16)
BNP
Paribas
USD
852
GBP
682
10/16/20
28
BNP
Paribas
EUR
647
USD
754
10/16/20
(4)
Citigroup
USD
1,219
EUR
1,030
10/16/20
(11)
Citigroup
USD
6,293
GBP
4,754
11/24/20
(157)
Citigroup
USD
16,162
GBP
12,118
11/24/20
(521)
Citigroup
USD
277
INR
20,944
10/16/20
7
Citigroup
USD
399
MXN
9,090
10/16/20
12
Citigroup
USD
807
MXN
18,210
10/16/20
15
Citigroup
USD
17,983
NOK
156,000
10/21/20
(1,258)
Citigroup
USD
82
NZD
125
11/24/20
—
Citigroup
USD
108
NZD
161
11/24/20
(2)
Citigroup
USD
7,307
NZD
11,087
11/24/20
27
Citigroup
EUR
2,071
USD
2,342
10/16/20
(87)
Citigroup
GBP
7,120
USD
9,145
11/24/20
(45)
Goldman
Sachs
USD
1,237
BRL
6,647
10/16/20
(54)
Goldman
Sachs
USD
752
JPY
79,355
10/16/20
1
Goldman
Sachs
USD
607
MXN
13,894
10/16/20
20
Goldman
Sachs
RUB
16,322
USD
225
10/16/20
16
JPMorgan
Chase
USD
3,753
CAD
5,083
10/16/20
65
JPMorgan
Chase
USD
3,223
COP
11,907,989
10/20/20
(116)
JPMorgan
Chase
USD
4,480
GBP
3,414
10/26/20
(75)
JPMorgan
Chase
USD
19
HUF
5,876
12/17/20
—
JPMorgan
Chase
USD
1,103
JPY
116,761
10/26/20
5
JPMorgan
Chase
USD
1,280
JPY
134,679
10/26/20
(2)
JPMorgan
Chase
USD
1,406
KRW
1,653,766
10/26/20
12
JPMorgan
Chase
USD
4,673
NOK
42,564
12/17/20
(108)
JPMorgan
Chase
USD
611
PEN
2,196
10/05/20
(1)
JPMorgan
Chase
USD
1,305
PLN
4,913
12/17/20
(34)
JPMorgan
Chase
USD
1,152
RUB
87,757
10/19/20
(24)
JPMorgan
Chase
USD
5,593
SEK
49,145
12/17/20
(100)
JPMorgan
Chase
USD
1,362
THB
42,899
10/30/20
(8)
JPMorgan
Chase
AUD
1,942
USD
1,396
10/26/20
5
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
64
Strategic
Bond
Fund
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
JPMorgan
Chase
CAD
1,162
USD
875
11/19/20
3
JPMorgan
Chase
CHF
5,280
USD
5,808
11/19/20
68
JPMorgan
Chase
COP
12,374,759
USD
3,265
10/30/20
35
JPMorgan
Chase
EUR
6,567
USD
7,776
10/26/20
73
JPMorgan
Chase
HKD
644
USD
83
11/19/20
—
JPMorgan
Chase
IDR
25,035,556
USD
1,660
10/20/20
(23)
JPMorgan
Chase
IDR
1,762,046
USD
118
10/26/20
—
JPMorgan
Chase
IDR
1,762,046
USD
119
10/27/20
1
JPMorgan
Chase
JPY
337,852
USD
3,170
10/26/20
(34)
JPMorgan
Chase
MXN
28,832
USD
1,321
12/17/20
29
JPMorgan
Chase
NZD
6,748
USD
4,408
10/27/20
(56)
JPMorgan
Chase
PEN
2,196
USD
614
10/05/20
5
JPMorgan
Chase
PEN
2,389
USD
678
10/19/20
15
JPMorgan
Chase
PEN
3,463
USD
972
10/21/20
11
JPMorgan
Chase
PEN
7,313
USD
2,063
10/26/20
34
JPMorgan
Chase
PEN
2,196
USD
611
11/04/20
1
JPMorgan
Chase
SGD
9,129
USD
6,661
11/19/20
(27)
JPMorgan
Chase
THB
25,635
USD
820
10/21/20
11
JPMorgan
Chase
THB
25,635
USD
820
10/22/20
11
JPMorgan
Chase
THB
88,244
USD
2,823
10/26/20
39
Royal
Bank
of
Canada
USD
22,522
CAD
29,677
11/24/20
(231)
Royal
Bank
of
Canada
USD
4,108
EUR
3,498
11/24/20
(2)
Royal
Bank
of
Canada
USD
22,575
EUR
18,888
11/24/20
(407)
Royal
Bank
of
Canada
CAD
427
USD
326
11/24/20
5
Royal
Bank
of
Canada
CAD
9,318
USD
6,951
11/24/20
(48)
Royal
Bank
of
Canada
EUR
3,193
USD
3,805
11/24/20
58
Royal
Bank
of
Canada
EUR
8,000
USD
9,464
12/16/20
69
Royal
Bank
of
Canada
GBP
7,000
USD
9,106
12/16/20
70
Royal
Bank
of
Canada
JPY
948,000
USD
8,939
12/16/20
(59)
Standard
Chartered
SEK
77,000
USD
8,932
10/21/20
333
UBS
USD
111
CHF
100
11/24/20
(2)
UBS
CHF
496
USD
539
11/24/20
—
UBS
CHF
20,320
USD
22,564
11/24/20
469
Total
Unrealized
Appreciation
(Depreciation)
on
Open
Foreign
Currency
Exchange
Contracts
(å)
(520)
Interest
Rate
Swap
Contracts
Amounts
in
thousands
Counterparty
Notional
Amount
Fund
Receives
Fund
Pays
Termination
Date
Premiums
Paid
(Received)
$
Unrealized
Appreciation
(Depreciation)
$
Fair
Value
$
Bank
of
America
USD
8,197
0.190%
(3)
Three
Month
LIBOR
(2)
06/15/22
—
(3)
(3)
Bank
of
America
USD
2,848
0.100%
(3)
Federal
Fund
Effective
Rate
-
1
Year
(2)
11/30/24
2
(1)
1
Bank
of
America
USD
1,373
Three
Month
LIBOR
(2)
0.450%
(3)
05/15/27
(4)
6
2
Bank
of
America
USD
6,024
Federal
Fund
Effective
Rate
-
1
Year
(2)
0.260%
(3)
05/15/27
(20)
21
1
Bank
of
America
USD
2,330
12
Month
LIBOR
(2)
0.560%
(3)
07/20/45
17
127
144
Bank
of
America
USD
880
SOFR
(2)
0.740%
(3)
08/19/45
—
18
18
Bank
of
America
USD
1,022
Three
Month
LIBOR
(2)
0.800%
(3)
11/15/45
8
65
73
Bank
of
America
USD
1,980
Three
Month
LIBOR
(2)
1.000%
(3)
02/15/47
24
36
60
Bank
of
America
USD
1,009
Three
Month
LIBOR
(2)
0.900%
(3)
03/17/50
17
44
61
Bank
of
America
USD
516
Three
Month
LIBOR
(2)
0.792%
(3)
03/18/50
—
46
46
Bank
of
America
USD
519
Three
Month
LIBOR
(2)
0.818%
(3)
03/19/50
—
43
43
Bank
of
America
USD
484
Three
Month
LIBOR
(2)
0.885%
(3)
07/13/50
—
32
32
Barclays
MXN
40,840
7.450%
(1)
Mexico
Interbank
28
Day
Deposit
Rate
(1)
07/18/29
15
214
229
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
65
Interest
Rate
Swap
Contracts
Amounts
in
thousands
Counterparty
Notional
Amount
Fund
Receives
Fund
Pays
Termination
Date
Premiums
Paid
(Received)
$
Unrealized
Appreciation
(Depreciation)
$
Fair
Value
$
Citigroup
BRL
1,700
7.044%
(5)
Brazil
Interbank
Deposit
Rate
(5)
01/04/27
—
5
5
Citigroup
BRL
2,100
7.024%
(5)
Brazil
Interbank
Deposit
Rate
(5)
01/04/27
—
6
6
Citigroup
BRL
2,400
7.024%
(5)
Brazil
Interbank
Deposit
Rate
(5)
01/04/27
1
5
6
Citigroup
BRL
2,631
7.024%
(5)
Brazil
Interbank
Deposit
Rate
(5)
01/04/27
1
6
7
JPMorgan
Chase
HUF
269,360
Six
Month
BUBOR
(4)
0.930%
(4)
04/05/27
—
30
30
JPMorgan
Chase
HUF
627,060
Six
Month
BUBOR
(4)
1.848%
(4)
04/05/27
—
(46)
(46)
Total
Open
Interest
Rate
Swap
Contracts
(å)
61
654
715
Credit
Default
Swap
Contracts
Amounts
in
thousands
Credit
Indices
Reference
Entity
Counterparty
Purchase/Sell
Protection
Notional
Amount
Fund
(Pays)/
Receives
Fixed
Rate
Termination
Date
Premiums
Paid/
(Received)
$
Unrealized
Appreciation
(Depreciation)
$
Fair
Value
$
CDX
NA
High
Yield
Index
Bank
of
America
Sell
USD
5,140
5.000%
(2)
12/20/25
219
(8)
211
CDX
NA
High
Yield
Index
Goldman
Sachs
Purchase
USD
9,000
(5.000%)
(2)
12/20/25
(365)
(4)
(369)
Total
Open
Credit
Indices
Contracts
(å)
(146)
(12)
(158)
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
Long-Term
Investments
Asset-Backed
Securities
$
—
$
65,41
2
$
—
$
—
$
65,41
2
Corporate
Bonds
and
Notes
—
222,399
—
—
222,399
International
Debt
—
89,
919
—
—
89,
919
Loan
Agreements
—
11,664
—
—
11,664
Mortgage-Backed
Securities
—
210,799
—
—
210,799
Non-US
Bonds
—
38,
705
—
—
38,
705
United
States
Government
Treasuries
—
111,274
—
—
111,274
Common
Stocks
—
—
—
—
—
Options
Purchased
47
—
—
—
47
Short-Term
Investments
—
36,030
—
100,637
136,667
Total
Investments
47
786,20
2
—
100,637
886,88
6
Other
Financial
Instruments
Assets
Futures
Contracts
1,6
49
—
—
—
1,6
49
Foreign
Currency
Exchange
Contracts
—
3,025
—
—
3,025
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
66
Strategic
Bond
Fund
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
Interest
Rate
Swap
Contracts
—
764
—
—
764
Credit
Default
Swap
Contracts
—
211
—
—
211
Liabilities
Futures
Contracts
(1,0
43
)
—
—
—
(1,0
43
)
Options
Written
(9)
—
—
—
(9)
Foreign
Currency
Exchange
Contracts
—
(3,545)
—
—
(3,545)
Interest
Rate
Swap
Contracts
—
(49)
—
—
(49)
Credit
Default
Swap
Contracts
—
(369)
—
—
(369)
Total
Other
Financial
Instruments
*
$
597
$
37
$
—
$
—
$
63
4
*
Futures
and
foreign
currency
exchange
contract
values
reflect
the
unrealized
appreciation
(depreciation)
on
the
investments.
(a)
Certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
share
(or
its
equivalent)
practical
expedient
have
not
been
classified
in
the
fair
value
levels.
The
fair
value
amounts
presented
in
the
table
are
intended
to
permit
reconciliation
to
the
amounts
presented
in
the
Schedule
of
Investments.
For
a
description
of
the
Levels,
see
note
2
in
the
Notes
to
Quarterly
Report.
For
a
disclosure
on
transfers
between
Levels
1,
2
and
3
during
the
period
ended
September
30,
2020,
see
note
2
in
the
Notes
to
Quarterly
Report.
Investments
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
a
fair
value
for
the
period
ended
September
30,
2020,
were
less
than
1%
of
net
assets.
Amounts
in
thousands
Country
Exposure
Fair
Value
$
Argentina
................................................................................
469
Australia
.................................................................................
1,519
Austria
....................................................................................
40
Brazil
......................................................................................
3,381
Canada
....................................................................................
13,835
Cayman
Islands
.......................................................................
368
Chile
.......................................................................................
1,715
China
......................................................................................
1,236
Colombia
.................................................................................
4,741
Denmark
.................................................................................
2,669
Finland
...................................................................................
272
France
.....................................................................................
7,471
Germany
.................................................................................
674
India
.......................................................................................
2,359
Indonesia
................................................................................
4,344
Ireland
....................................................................................
3,040
Israel
.......................................................................................
280
Italy
........................................................................................
9,019
Japan
......................................................................................
1,407
Kazakhstan
.............................................................................
233
Kuwait
....................................................................................
236
Liberia
....................................................................................
230
Luxembourg
............................................................................
1,760
Macao
.....................................................................................
218
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
67
Amounts
in
thousands
Country
Exposure
Fair
Value
$
Malaysia
..................................................................................
4,092
Mexico
....................................................................................
11,829
Netherlands
............................................................................
10,096
Panama
...................................................................................
1,774
Peru
........................................................................................
2,879
Poland
.....................................................................................
564
Qatar
.......................................................................................
746
Russia
.....................................................................................
4,463
Saudi
Arabia
...........................................................................
1,598
Singapore
................................................................................
6,753
South
Korea
............................................................................
810
Spain
.......................................................................................
3,936
Sweden
....................................................................................
645
Switzerland
.............................................................................
4,094
Thailand
..................................................................................
230
United
Arab
Emirates
.............................................................
1,800
United
Kingdom
......................................................................
14,105
United
States
...........................................................................
754,758
Virgin
Islands,
British
.............................................................
198
Total
Investments
....................................................................
886,886
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
68
Global
Real
Estate
Securities
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
95.4%
Australia
-
3.6%
BGP
Holdings
PLC(Æ)(Š)
926,311
—
Charter
Hall
Group
-
ADR(ö)
554,972
5,008
Goodman
Group(ö)
268,371
3,454
GPT
Group
(The)(ö)
1,513,097
4,240
Growthpoint
Properties
Australia,
Ltd.(ö)
560,486
1,347
Mirvac
Group(ö)
5,742,196
8,994
Scentre
Group(ö)
1,480,910
2,343
Shopping
Centres
Australasia
Property
Group(ö)
560,589
861
Stockland(ö)
601,240
1,633
Waypoint
REIT,
Ltd.(Æ)(ö)
1,054,550
2,051
29,931
Belgium
-
1.2%
Aedifica
(ö)
36,299
4,431
VGP
NV
9,571
1,324
Warehouses
De
Pauw
CVA(ö)
109,231
3,975
9,730
Canada
-
2.0%
Allied
Properties
Real
Estate
Investment
Trust(ö)
91,703
2,469
Boardwalk
Real
Estate
Investment
Trust(Ñ)(ö)
4,813
99
Canadian
Apartment
Properties(ö)
202,634
7,069
Granite
Real
Estate
Investment
Trust(Ñ)
(ö)
119,528
6,937
16,574
China
-
0.3%
China
Resources
Land,
Ltd.
486,000
2,210
GDS
Holdings,
Ltd.
-
ADR(Æ)
8,263
676
2,886
France
-
1.6%
ARGAN
SA(ö)
23,422
2,302
Covivio
(ö)
30,917
2,182
Gecina
SA(ö)
49,231
6,514
Klepierre
SA
-
GDR(Ñ)(ö)
160,254
2,248
13,246
Germany
-
6.6%
Alstria
Office
REIT-AG(ö)
279,828
3,893
Deutsche
Wohnen
SE
325,039
16,264
Instone
Real
Estate
Group
AG(Æ)(Þ)
135,988
3,156
LEG
Immobilien
AG
22,321
3,186
Vonovia
SE
417,805
28,711
55,210
Hong
Kong
-
5.6%
ESR
Cayman,
Ltd.(Æ)(Þ)
1,249,600
3,899
Hang
Lung
Properties,
Ltd.
-
ADR
1,391,000
3,547
Link
Real
Estate
Investment
Trust(ö)
1,782,700
14,572
New
World
Development
Co.,
Ltd.
2,037,500
9,919
Sun
Hung
Kai
Properties,
Ltd.
940,500
12,057
Swire
Properties,
Ltd.
999,400
2,641
46,635
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
India
-
0.1%
Ascendas
India
Trust
1,219,900
1,227
Japan
-
11.4%
Activia
Properties,
Inc.(ö)
1,987
7,556
Daibiru
Corp.
249,000
2,891
Daiwa
House
REIT
Investment
Corp.(ö)
1,434
3,672
Daiwa
Securities
Living
Investments
Corp.(ö)
3,701
3,825
Global
One
Real
Estate
Investment
Corp.(ö)
3,575
3,451
GLP
J-
Reit
(Æ)(ö)
2,769
4,275
Hulic
REIT,
Inc.(ö)
3,729
4,941
Japan
Prime
Realty
Investment
Corp.(ö)
109
338
Japan
Retail
Fund
Investment
Corp.(ö)
2,086
3,230
Kenedix
Retail
REIT
Corp.(ö)
1,858
3,733
Mitsubishi
Estate
Co.,
Ltd.
899,700
13,599
Mitsui
Fudosan
Co.,
Ltd.
758,300
13,208
Mitsui
Fudosan
Logistics
Park,
Inc.(ö)
290
1,387
Mori
Trust
Hotel
REIT,
Inc.(ö)
3,666
3,805
Mori
Trust
Sogo
REIT,
Inc.(ö)
1,862
2,357
Nippon
Building
Fund,
Inc.(ö)
619
3,514
Nippon
REIT
Investment
Corp.(ö)
989
3,375
Nomura
Real
Estate
Master
Fund,
Inc.(ö)
3,283
4,128
Sumitomo
Realty
&
Development
Co.,
Ltd.
196,000
5,799
Tokyu
Fudosan
Holdings
Corp.
509,500
2,193
United
Urban
Investment
Corp.(ö)
3,118
3,477
XYMAX
REIT
Investment
Corp.(ö)
298
261
95,015
Macao
-
0.2%
Sands
China,
Ltd.
386,800
1,505
Netherlands
-
0.5%
Unibail
-
Rodamco
-Westfield(Ñ)(ö)
109,433
4,038
Norway
-
0.2%
Entra
ASA(Ñ)(Þ)
116,067
1,635
Singapore
-
3.4%
CapitaLand
Commercial
Trust(ö)
1,859,900
2,251
CapitaLand
Mall
Trust
Class
A(Æ)(ö)
3,186,600
4,537
CapitaLand,
Ltd.
2,116,400
4,229
City
Developments,
Ltd.
538,900
3,031
Frasers
Logistics
&
Industrial
Trust(ö)
1,708,600
1,742
Keppel
DC
REIT(ö)
1,316,200
2,813
Mapletree
Industrial
Trust(Æ)(ö)
2,662,500
6,288
Mapletree
Logistics
Trust(ö)
236,200
355
Parkway
Life
Real
Estate
Investment
Trust(Æ)(ö)
1,174,324
3,570
28,816
Spain
-
0.4%
Arima
Real
Estate
Socimi
SA(Æ)(ö)
140,207
1,431
Inmobiliaria
Colonial
Socimi
SA(ö)
256,792
2,122
3,553
Sweden
-
2.6%
Castellum
AB
326,322
7,422
Catena
AB
48,807
2,157
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Global
Real
Estate
Securities
Fund
69
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Fabege
AB
354,287
4,913
Fastighets
AB
Balder
Class
B(Æ)
146,817
7,457
21,949
United
Kingdom
-
4.7%
Assura
PLC(ö)
2,629,877
2,613
Big
Yellow
Group
PLC(ö)
158,561
2,125
British
Land
Co.
PLC
(The)(ö)
467,552
2,033
Derwent
London
PLC(ö)
93,455
3,103
Grainger
PLC
999,574
3,826
Land
Securities
Group
PLC(ö)
186,700
1,257
LondonMetric
Property
PLC(ö)
630,807
1,804
PRS
REIT
PLC
(The)(ö)
1,249,155
1,270
Safestore
Holdings
PLC(ö)
213,317
2,142
Segro
PLC(ö)
951,481
11,438
Tritax
EuroBox
PLC(Þ)
855,391
969
UNITE
Group
PLC
(The)(ö)
499,419
5,415
Urban
&
Civic
PLC
518,444
1,408
39,403
United
States
-
51.0%
Agree
Realty
Corp.(Ñ)(ö)
173,659
11,052
Alexandria
Real
Estate
Equities,
Inc.(ö)
75,061
12,010
American
Homes
4
Rent
Class
A(ö)
211,723
6,030
American
Tower
Corp.(ö)
757
183
Americold
Realty
Trust(ö)
119,116
4,258
Apple
Hospitality
REIT,
Inc.(ö)
66,085
635
AvalonBay
Communities,
Inc.(ö)
42,493
6,346
Boston
Properties,
Inc.(ö)
17,996
1,445
Boyd
Gaming
Corp.
86,557
2,656
Brixmor
Property
Group,
Inc.(ö)
335,387
3,921
Caesars
Entertainment,
Inc.(Æ)
45,075
2,527
Cousins
Properties,
Inc.(ö)
14,348
410
Crown
Castle
International
Corp.(ö)
14,812
2,466
CyrusOne
,
Inc.(ö)
92,546
6,481
Digital
Realty
Trust,
Inc.(ö)
105,390
15,467
Duke
Realty
Corp.(ö)
177,240
6,540
EastGroup
Properties,
Inc.(ö)
63,182
8,171
Equinix
,
Inc.(Æ)(ö)
15,289
11,622
Equity
LifeStyle
Properties,
Inc.
Class
A(ö)
129,041
7,910
Essential
Properties
Realty
Trust,
Inc.(ö)
371,004
6,797
Essex
Property
Trust,
Inc.(ö)
78,825
15,827
Extra
Space
Storage,
Inc.(ö)
155,138
16,598
Four
Corners
Property
Trust,
Inc.(ö)
6,840
175
Gaming
and
Leisure
Properties,
Inc.(ö)
177,542
6,557
Healthcare
Trust
of
America,
Inc.
Class
A(ö)
82,524
2,146
Healthpeak
Properties,
Inc.(ö)
200,027
5,431
Highwoods
Properties,
Inc.(ö)
9,608
323
Hilton
Worldwide
Holdings,
Inc.
50,482
4,307
Invitation
Homes,
Inc.(ö)
566,258
15,850
Kilroy
Realty
Corp.(ö)
79,581
4,135
Kimco
Realty
Corp.(ö)
820,359
9,237
Life
Storage,
Inc.(Æ)(ö)
83,022
8,740
Medical
Properties
Trust,
Inc.(ö)
347,149
6,120
Mid-America
Apartment
Communities,
Inc.(ö)
73,906
8,569
NetSTREIT
Corp.
92,134
1,682
Omega
Healthcare
Investors,
Inc.(ö)
142,794
4,275
Park
Hotels
&
Resorts,
Inc.(Ñ)(ö)
309,656
3,093
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Prologis,
Inc.(ö)
506,276
50,942
Public
Storage(ö)
87,809
19,557
Realty
Income
Corp.(ö)
199,214
12,102
Regency
Centers
Corp.(ö)
20,832
792
Rexford
Industrial
Realty,
Inc.(ö)
165,955
7,594
Sabra
Health
Care
REIT,
Inc.(ö)
245,151
3,379
SBA
Communications
Corp.(ö)
16,329
5,200
Simon
Property
Group,
LP(ö)
350,438
22,667
SL
Green
Realty
Corp.(Ñ)(ö)
60,011
2,783
Sun
Communities,
Inc.(ö)
68,616
9,648
UDR,
Inc.(ö)
252,311
8,228
Ventas,
Inc.(ö)
492,054
20,648
VEREIT,
Inc.(ö)
472,382
3,070
VICI
Properties,
Inc.(ö)
367,061
8,578
Welltower
,
Inc.(ö)
364,228
20,065
Weyerhaeuser
Co.(ö)
50,722
1,447
426,692
Total
Common
Stocks
(cost
$713,392)
798,045
Short-Term
Investments
-
3.4%
United
States
-
3.4%
U.S.
Cash
Management
Fund(@)
28,172,799
(∞)
28,167
Total
Short-Term
Investments
(cost
$28,169)
28,167
Other
Securities
-
2.4%
U.S.
Cash
Collateral
Fund(@)(×)
20,422,647
(∞)
20,423
Total
Other
Securities
(cost
$20,423)
20,423
Total
Investments
-
101.2%
(identified
cost
$761,984)
846,635
Other
Assets
and
Liabilities,
Net
-
(1.2)%
(9,960)
Net
Assets
-
100.0%
836,675
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
70
Global
Real
Estate
Securities
Fund
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Securities
Acquisition
Date
Principal
Amount
($)
or
shares
Cost
per
Unit
$
Cost
(000)
$
Fair
Value
(000)
$
1.2%
Entra
ASA
08/04/15
NOK
116,067
9.60
1,115
1,635
ESR
Cayman,
Ltd.
11/12/19
HKD
1,249,600
2.17
2,715
3,899
Instone
Real
Estate
Group
AG
03/28/19
EUR
135,988
23.99
3,263
3,156
Tritax
EuroBox
PLC
07/04/18
GBP
855,391
1.15
982
969
9,659
For
a
description
of
restricted
securities
see
note
5
in
the
Notes
to
Quarterly
Report.
Futures
Contracts
Amounts
in
thousands
(except
contract
amounts
)
Number
of
Contracts
Notional
Amount
Expiration
Date
Value
and
Unrealized
Appreciation
(Depreciation)
$
Long
Positions
Dow
Jones
U.S.
Real
Estate
Index
Futures
546
USD
17,117
12/20
(493)
FTSE/EPRA
Europe
Index
Futures
264
EUR
5,091
12/20
(121)
Hang
Seng
Index
Futures
12
HKD
14,058
10/20
16
MSCI
Singapore
Index
Futures
56
SGD
1,583
10/20
(1)
S&P/TSX
60
Index
Futures
6
CAD
1,154
12/20
(3)
SPI
200
Index
Futures
10
AUD
1,451
12/20
(18)
TOPIX
Index
Futures
25
JPY
406,375
12/20
50
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
(570)
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Bank
of
America
USD
88
EUR
75
10/01/20
—
Bank
of
America
AUD
443
USD
316
10/01/20
(2)
Bank
of
America
AUD
249
USD
178
10/02/20
(1)
Bank
of
America
EUR
265
USD
310
12/16/20
(1)
Bank
of
America
EUR
447
USD
527
12/16/20
2
Bank
of
America
HKD
1,660
USD
214
12/16/20
—
Bank
of
America
JPY
42,751
USD
405
10/01/20
(1)
Bank
of
America
JPY
50,064
USD
475
12/16/20
—
Bank
of
America
SGD
63
USD
46
10/01/20
—
Bank
of
America
SGD
215
USD
157
10/02/20
—
JPMorgan
Chase
USD
404
AUD
556
12/16/20
(6)
JPMorgan
Chase
USD
350
CAD
462
12/16/20
(3)
JPMorgan
Chase
USD
2,190
EUR
1,849
12/16/20
(17)
JPMorgan
Chase
USD
757
HKD
5,869
12/16/20
—
JPMorgan
Chase
USD
1,407
JPY
149,168
12/16/20
9
JPMorgan
Chase
USD
406
SGD
555
12/16/20
1
Royal
Bank
of
Canada
USD
404
AUD
556
12/16/20
(6)
Royal
Bank
of
Canada
USD
350
CAD
462
12/16/20
(3)
Royal
Bank
of
Canada
USD
351
EUR
299
12/16/20
—
Royal
Bank
of
Canada
USD
955
EUR
807
12/16/20
(7)
Royal
Bank
of
Canada
USD
2,189
EUR
1,849
12/16/20
(17)
Royal
Bank
of
Canada
USD
757
HKD
5,869
12/16/20
—
Royal
Bank
of
Canada
USD
212
JPY
22,377
12/16/20
—
Royal
Bank
of
Canada
USD
383
JPY
40,123
12/16/20
(2)
Royal
Bank
of
Canada
USD
1,407
JPY
149,168
12/16/20
9
Royal
Bank
of
Canada
USD
406
SGD
555
12/16/20
1
Royal
Bank
of
Canada
EUR
659
USD
782
12/16/20
8
Royal
Bank
of
Canada
HKD
1,847
USD
238
12/16/20
—
Royal
Bank
of
Canada
JPY
47,929
USD
452
12/16/20
(3)
Standard
Chartered
USD
404
AUD
556
12/16/20
(6)
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Global
Real
Estate
Securities
Fund
71
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Standard
Chartered
USD
350
CAD
462
12/16/20
(3)
Standard
Chartered
USD
2,189
EUR
1,849
12/16/20
(17)
Standard
Chartered
USD
757
HKD
5,869
12/16/20
—
Standard
Chartered
USD
1,406
JPY
149,168
12/16/20
9
Standard
Chartered
USD
406
SGD
555
12/16/20
1
State
Street
EUR
280
USD
332
12/16/20
4
Total
Unrealized
Appreciation
(Depreciation)
on
Open
Foreign
Currency
Exchange
Contracts
(51)
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
Common
Stocks
Australia
$
—
$
29,931
$
—
$
—
$
29,931
Belgium
—
9,730
—
—
9,730
Canada
16,574
—
—
—
16,574
China
676
2,210
—
—
2,886
France
—
13,246
—
—
13,246
Germany
—
55,210
—
—
55,210
Hong
Kong
—
46,635
—
—
46,635
India
—
1,227
—
—
1,227
Japan
—
95,015
—
—
95,015
Macao
—
1,505
—
—
1,505
Netherlands
—
4,038
—
—
4,038
Norway
—
1,635
—
—
1,635
Singapore
—
28,816
—
—
28,816
Spain
—
3,553
—
—
3,553
Sweden
—
21,949
—
—
21,949
United
Kingdom
—
39,403
—
—
39,403
United
States
426,692
—
—
—
426,692
Short-Term
Investments
—
—
—
28,167
28,167
Other
Securities
—
—
—
20,423
20,423
Total
Investments
443,942
354,103
—
48,590
846,635
Other
Financial
Instruments
Assets
Futures
Contracts
66
—
—
—
66
Foreign
Currency
Exchange
Contracts
—
44
—
—
44
Liabilities
Futures
Contracts
(636)
—
—
—
(636)
Foreign
Currency
Exchange
Contracts
(4)
(91)
—
—
(95)
Total
Other
Financial
Instruments
*
$
(574)
$
(47)
$
—
$
—
$
(
621
)
*
Futures
and
foreign
currency
exchange
contract
values
reflect
the
unrealized
appreciation
(depreciation)
on
the
investments.
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments,
continued
—
September
30,
2020
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
72
Global
Real
Estate
Securities
Fund
(a)
Certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
share
(or
its
equivalent)
practical
expedient
have
not
been
classified
in
the
fair
value
levels.
The
fair
value
amounts
presented
in
the
table
are
intended
to
permit
reconciliation
to
the
amounts
presented
in
the
Schedule
of
Investments.
For
a
description
of
the
Levels,
see
note
2
in
the
Notes
to
Quarterly
Report.
For
a
disclosure
on
transfers
between
Levels
1,
2
and
3
during
the
period
ended
September
30,
2020,
see
note
2
in
the
Notes
to
Quarterly
Report.
Investments
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
a
fair
value
for
the
period
ended
September
30,
2020,
were
less
than
1%
of
net
assets.
Amounts
in
thousands
Property
Sector
Exposure
Fair
Value
$
Diversified
..............................................................................
263,919
Healthcare
..............................................................................
68,246
Industrial
................................................................................
119,235
Lodging/Resorts
......................................................................
11,841
Office
......................................................................................
49,032
Residential
..............................................................................
151,697
Retail
......................................................................................
84,913
Self
Storage
.............................................................................
49,162
Short-Term
Investments
..........................................................
28,167
Other
Securities
......................................................................
20,423
Total
Investments
....................................................................
846,635
Russell
Investment
Funds
Notes
to
Schedules
of
Investments
—
September
30,
2020
(Unaudited)
Notes
to
Schedules
of
Investments
73
Footnotes:
Abbreviations:
(Æ)
Nonincome-producing
security.
(Ï)
Forward
commitment.
(Ê)
Variable,
adjustable
or
floating
rate
security.
Rate
shown
reflects
rate
in
effect
at
period
end.
(ƒ)
Perpetual
floating
rate
security.
Rate
shown
reflects
rate
in
effect
at
period
end.
(ö)
Real
Estate
Investment
Trust
(REIT).
(µ)
Bond
is
insured
by
a
guarantor.
(Ø)
In
default.
(ç)
At
amortized
cost,
which
approximates
fair
value.
(ž
)
Rate
noted
is
yield-to-maturity
from
date
of
acquisition.
(æ)
Pre-refunded:
These
bonds
are
collateralized
by
U.S.
Treasury
securities,
which
are
held
in
escrow
by
a
trustee
and
used
to
pay
principal
and
interest
in
the
tax-exempt
issue
and
to
retire
the
bonds
in
full
at
the
earliest
refunding
date.
(§)
All
or
a
portion
of
the
shares
of
this
security
are
pledged
as
collateral
in
connection
with
futures
contracts
purchased
(sold)
or
swap
contracts
entered
into
by
the
Fund.
(x)
The
security
is
purchased
with
the
cash
collateral
from
securities
loaned.
(Ñ)
All
or
a
portion
of
the
shares
of
this
security
are
on
loan.
(Þ)
Restricted
security.
Security
may
have
contractual
restrictions
on
resale,
may
have
been
offered
in
a
private
placement
transaction,
and
is
not
registered
under
the
Securities
Act
of
1933.
(Û)
All
or
a
portion
of
the
shares
of
this
security
are
pledged
as
collateral
in
connection
with
securities
sold
short.
(∞)
Unrounded
units.
(å)
Currency
balances
were
pledged
in
connection
with
futures
contracts
purchased
(sold),
options
written,
foreign
currency
exchange
contracts,
or
swaps
entered
into
by
the
Fund.
See
Notes
to
Quarterly
Report.
(
ì
)
All
or
a
portion
of
the
shares
of
this
security
are
pledged
as
collateral
in
connection
with
options
written
contracts.
(v)
Loan
agreement
still
pending.
Rate
not
available
at
period
end.
(
Š)
Value
was
determined
using
significant
unobservable
inputs
.
(
~)
Rate
fluctuates
based
on
various
factors
such
as
changes
in
current
rates
and
prepayments
of
the
underlying
assets,
changes
in
the
CPI
or
other
contractual
arrangements
.
(ÿ
)
Notional
amount
in
thousands
.
(
@)
Affiliate
.
(
Ÿ)
Rate
noted
is
dividend
yield
at
period
end
.
(
¢)
Date
shown
reflects
next
contractual
call
date.
(Œ)
Unfunded
Loan
Agreement
.
(
Ð
)
All
or
a
portion
of
the
shares
of
this
security
are
on
loan
through
the
reciprocal
lending
program
with
State
Street.
See
note
2
in
the
Notes
to
Quarterly
Report.
(0)
Weekly
payment
frequency.
(1)
Monthly
payment
frequency.
(2)
Quarterly
payment
frequency.
(3)
Semi-annual
payment
frequency.
(4)
Annual
payment
frequency.
(5)
Payment
at
termination.
ADR
-
American
Depositary
Receipt
ADS
-
American
Depositary
Share
BBR
-
Bank
Bill
Rate
BBSW
-
Bank
Bill
Swap
Reference
Rate
BUBOR
–
Budapest
Interbank
Offered
Rate
CIBOR
-
Copenhagen
Interbank
Offered
Rate
CME
-
Chicago
Mercantile
Exchange
CMO
-
Collateralized
Mortgage
Obligation
CVO
-
Contingent
Value
Obligation
EMU
-
European
Economic
and
Monetary
Union
EURIBOR
-
Euro
Interbank
Offered
Bank
FDIC
-
Federal
Deposit
Insurance
Company
GDR
-
Global
Depositary
Receipt
GDS
-
Global
Depositary
Share
GSCI
–
Goldman
Sachs
Commodity
Index
Russell
Investment
Funds
Notes
to
Schedules
of
Investments,
continued
—
September
30,
2020
(Unaudited)
74
Notes
to
Schedules
of
Investments
Foreign
Currency
Abbreviations:
HIBOR
–
Hong
Kong
Interbank
Offered
Rate
JIBAR
–
Johannesburg
Interbank
Agreed
Rate
KSDA
–
Korean
Securities
Dealers
Association
LIBOR
-
London
Interbank
Offered
Rate
MIBOR
–
Mumbai
Inter-Bank
Offered
Rate
NIBOR
-
Norwegian
Interbank
Offered
Rate
PIK
-
Payment
in
Kind
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
SOFR
–
Secured
Overnight
Financing
Rate
STIBOR
–
Stockholm
Interbank
Offered
Rate
STRIP
-
Separate
Trading
of
Registered
Interest
and
Principal
of
Securities
SFE
-
Sydney
Futures
Exchange
TBA
-
To
Be
Announced
Security
UK
-
United
Kingdom
WTI
–
West
Texas
Intermediate
ARS
-
Argentine
peso
HKD
-
Hong
Kong
dollar
PKR
-
Pakistani
rupee
AUD
-
Australian
dollar
HUF
-
Hungarian
forint
PLN
-
Polish
zloty
BRL
-
Brazilian
real
IDR
-
Indonesian
rupiah
RON
–
Romanian
New
Leu
CAD
-
Canadian
dollar
ILS
-
Israeli
shekel
RUB
-
Russian
ruble
CHF
-
Swiss
franc
INR
-
Indian
rupee
SEK
-
Swedish
krona
CLP
-
Chilean
peso
ISK
-
Icelandic
krona
SGD
-
Singapore
dollar
CNH
–
Chinese
offshore
spot
ITL
-
Italian
lira
SKK
-
Slovakian
koruna
CNY
-
Chinese
renminbi
yuan
JPY
-
Japanese
yen
THB
-
Thai
baht
COP
-
Colombian
peso
KES
-
Kenyan
schilling
TRY
-
Turkish
lira
CRC
-
Costa
Rican
colon
KRW
-
South
Korean
won
TWD
-
Taiwanese
dollar
CZK
-
Czech
koruna
MXN
-
Mexican
peso
USD
-
United
States
dollar
DKK
-
Danish
krone
MYR
-
Malaysian
ringgit
UYU
–
Uruguayan
peso
DOP
-
Dominican
peso
NOK
-
Norwegian
krone
VEB
-
Venezuelan
bolivar
EGP
-
Egyptian
pound
NGN
–
Nigerian
naira
VND
-
Vietnamese
dong
EUR
-
Euro
NZD
-
New
Zealand
dollar
ZAR
-
South
African
rand
GBP
-
British
pound
sterling
PEN
-
Peruvian
nuevo
sol
GHS
-
Ghana
cedi
PHP
-
Philippine
peso
Russell
Investment
Funds
Notes
to
Quarterly
Report
—
September
30,
2020
(Unaudited)
Notes
to
Quarterly
Report
75
Organization
Russell
Investment
Funds
(the
“Investment
Company”
or
“RIF”)
is
a
series
investment
company
with
nine
different
investment
portfolios
referred
to
as
funds
(each
a
“Fund”
and
collectively
the
“Funds”).
This
Quarterly
Report
reports
on
five
of
these
Funds.
The
Investment
Company
provides
the
investment
base
for
one
or
more
variable
insurance
products
issued
by
one
or
more
insurance
companies.
These
Funds
are
offered
at
net
asset
value
(“NAV”)
to
qualified
insurance
company
separate
accounts
offering
variable
insurance
products.
The
Investment
Company
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(“Investment
Company
Act”),
as
an
open-end
management
investment
company.
It
is
organized
and
operated
as
a
Massachusetts
business
trust
under
a
Second
Amended
and
Restated
Master
Trust
Agreement
dated
March
1,
2018,
as
amended
(“Master
Trust
Agreement”),
and
the
provisions
of
Massachusetts
law
governing
the
operation
of
a
Massachusetts
business
trust.
The
Investment
Company’s
Master
Trust
Agreement
permits
the
Board
of
Trustees
(the
“Board”)
to
issue
an
unlimited
number
of
shares
of
beneficial
interest.
Each
of
the
Funds
is
diversified.
Under
the
Investment
Company
Act,
a
diversified
company
is
defined
as
a
management
company
which
meets
the
following
requirements:
at
least
75%
of
the
value
of
its
total
assets
is
represented
by
cash
and
cash
equivalents
(including
receivables),
government
securities,
securities
of
other
investment
companies,
and
other
securities
for
the
purposes
of
this
calculation
limited
in
respect
of
any
one
issuer
to
an
amount
not
greater
in
value
than
five
percent
of
the
value
of
the
total
assets
of
such
management
company
and
to
not
more
than
10%
of
the
outstanding
voting
securities
of
such
issuer.
Significant
Accounting
Policies
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds
in
the
preparation
of
this
Quarterly
Report.
These
policies
are
in
conformity
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”),
which
require
the
use
of
management
estimates
and
assumptions
at
the
date
of
the
Quarterly
Report.
Actual
results
could
differ
from
those
estimates.
The
Funds
are
considered
investment
companies
under
U.S.
GAAP
and
follow
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Security
Valuation
The
Funds
value
portfolio
securities
according
to
Board-approved
securities
valuation
procedures
which
include
market
and
fair
value
procedures.
The
Board
has
delegated
the
responsibility
for
administration
of
the
securities
valuation
procedures
to
Russell
Investments
Fund
Services,
LLC
("RIFUS").
U.S.
GAAP
defines
fair
value
as
the
price
that
a
Fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
It
establishes
a
fair
value
hierarchy
that
prioritizes
inputs
to
valuation
methods
and
requires
a
separate
disclosure
of
the
fair
value
hierarchy
for
each
major
category
of
assets
and
liabilities,
that
segregates
fair
value
measurements
into
levels
(Level
1,
2,
and
3).
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
Levels
1,
2
and
3
of
the
fair
value
hierarchy
are
defined
as
follows:
Level
1
—
Quoted
prices
(unadjusted)
in
active
markets
or
exchanges
for
identical
assets
and
liabilities.
Level
2
—
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable,
which
may
include,
but
are
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
and
inputs
such
as
interest
rates,
yield
curves,
implied
volatilities,
credit
spreads
or
other
market
corroborated
inputs.
Level
3
—
Significant
unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
which
may
include
assumptions
made
by
RIFUS,
acting
at
the
discretion
of
the
Board,
that
are
used
in
determining
the
fair
value
of
investments.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
marketplace,
the
liquidity
of
markets,
and
other
characteristics
particular
to
the
security.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgement.
Accordingly,
the
degree
of
judgement
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
falls
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2020
(Unaudited)
76
Notes
to
Quarterly
Report
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
market
values
of
financial
instruments
categorized
as
Level
1
and
Level
2
of
the
fair
value
hierarchy
are
as
follows:
Equity
securities,
including
common
and
preferred
stock,
short
securities,
ETFs
and
restricted
securities
that
are
traded
on
a
national
securities
exchange
(or
reported
on
the
NASDAQ
national
market),
are
stated
at
the
last
reported
sales
price
on
the
day
of
valuation
or
official
closing
price,
as
applicable.
To
the
extent
these
securities
are
actively
traded,
and
valuation
adjustments
are
not
applied,
they
are
categorized
as
Level
1
of
the
fair
value
hierarchy.
Preferred
stock
and
other
equities
traded
on
inactive
markets
or
valued
by
reference
to
similar
instruments
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Certain
foreign
equity
securities
may
be
fair
valued
using
a
pricing
service
that
considers
the
correlation
of
the
trading
patterns
of
the
foreign
security
to
the
intraday
trading
in
the
U.S.
markets
for
investments
such
as
American
Depositary
Receipts,
financial
futures,
exchange-traded
funds,
and
the
movement
of
certain
indexes
of
securities,
based
on
the
statistical
analysis
of
historical
relationships.
Foreign
equity
securities
prices
as
described
above
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Fixed
income
securities
including
corporate,
convertible,
U.S.
government
agency,
municipal
bonds
and
notes,
U.S.
treasury
obligations,
sovereign
issues,
bank
loans,
bank
notes
and
non-U.S.
bonds
are
normally
valued
by
pricing
service
providers
that
use
broker
dealer
quotations
or
valuation
estimates
from
their
internal
pricing
models.
The
pricing
service
providers’
internal
models
use
inputs
that
are
observable
such
as
issuer
details,
interest
rates,
yield
curves,
prepayment
speeds,
credit
risks/spreads
and
default
rates.
Such
fixed
income
securities
that
use
pricing
service
internal
models
as
described
above
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Such
fixed
income
securities
that
use
broker
dealer
quotations
are
categorized
as
Level
3
of
the
fair
value
hierarchy.
Fixed
income
securities
purchased
on
a
delayed-delivery
basis
and
marked-to-market
daily
until
settlement
at
the
forward
settlement
date
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Mortgage
and
asset-backed
securities
are
usually
issued
as
separate
tranches,
or
classes,
of
securities
within
each
deal.
These
securities
are
also
normally
valued
by
pricing
service
providers
that
use
broker
dealer
quotations
or
valuation
estimates
from
their
internal
pricing
models.
The
pricing
models
for
these
securities
usually
consider
tranche-level
attributes,
including
estimated
cash
flows
of
each
tranche,
market-based
yield
spreads
for
each
tranche,
and
current
market
data,
as
well
as
incorporate
deal
collateral
performance,
as
available.
Mortgage
and
asset-backed
securities
that
use
these
and
similar
valuation
techniques
and
inputs
as
described
above
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Investments
in
investment
funds
that
are
not
traded
on
a
national
securities
exchange
will
be
valued
based
upon
the
NAV
of
such
investments.
The
Funds
have
adopted
the
authoritative
guidance
under
U.S.
GAAP
for
estimating
the
fair
value
of
investments
in
funds
that
have
calculated
NAV
per
share
in
accordance
with
the
specialized
accounting
guidance
for
investment
companies.
Accordingly,
the
Funds
estimate
the
fair
value
of
an
investment
in
a
fund
using
the
NAV
per
share
without
further
adjustment
as
a
practical
expedient,
if
the
NAV
per
share
of
the
investment
is
determined
in
accordance
with
the
specialized
accounting
guidance
for
investment
companies
as
of
the
reporting
entity’s
measurement
date.
Short-term
investments
having
a
maturity
of
60
days
or
less
are
generally
valued
at
amortized
cost,
which
approximates
fair
market
value.
These
investments
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Derivative
instruments
are
instruments
such
as
foreign
currency
contracts,
futures
contracts,
options
contracts,
or
swap
agreements
that
derive
their
value
from
underlying
asset
prices,
indices,
reference
rates,
and
other
inputs
or
a
combination
of
these
factors.
Derivatives
may
be
classified
into
two
groups
depending
upon
the
way
that
they
are
traded:
privately
traded
over-the-counter
(“OTC”)
derivatives
that
do
not
go
through
an
exchange
or
intermediary
and
exchange-traded
derivatives
that
are
traded
through
specialized
derivatives
exchanges
or
other
regulated
exchanges.
OTC
derivatives
are
normally
valued
on
the
basis
of
broker
dealer
quotations
or
pricing
service
providers.
Depending
on
the
product
and
the
terms
of
the
transaction,
the
value
of
the
derivative
instrument
can
be
estimated
by
a
pricing
service
provider
using
a
series
of
techniques,
including
simulation
pricing
models.
The
pricing
models
use
inputs
that
are
observed
from
actively
quoted
markets
such
as
issuer
details,
indices,
spreads,
interest
rates,
yield
curves,
dividends
and
exchange
rates.
OTC
derivatives
that
use
these
and
similar
valuation
techniques
and
inputs
as
described
above
are
categorized
as
Level
2
of
the
fair
value
hierarchy,
with
the
exception
of
foreign
currency
spot
contracts
which
are
categorized
as
Level
1
of
the
fair
value
hierarchy.
OTC
derivatives
that
use
broker
dealer
quotations
are
categorized
as
level
3
of
the
fair
value
hierarchy.
Exchange-traded
derivatives
are
valued
based
on
the
last
reported
sales
price
on
the
day
of
valuation
and
are
categorized
as
Level
1
of
the
fair
value
hierarchy.
Centrally
cleared
swaps
listed
or
traded
on
a
multilateral
or
trade
facility
platform,
such
as
a
registered
exchange,
are
valued
at
the
daily
settlement
price
determined
by
the
respective
exchange.
For
centrally
cleared
credit
default
swaps,
the
clearing
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2020
(Unaudited)
Notes
to
Quarterly
Report
77
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.
There
were
no
transfers
between
Levels
1,
2
and
3
for
the
period
ended
September
30,
2020.
Level
3
Fair
Value
Investments
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
values
of
financial
instruments
classified
as
Level
3
of
the
fair
value
hierarchy
are
as
follows:
Securities
and
other
assets
for
which
market
quotes
are
not
readily
available,
or
are
not
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
by
RIFUS
and
are
categorized
as
Level
3
of
the
fair
value
hierarchy.
Market
quotes
are
considered
not
readily
available
in
circumstances
where
there
is
an
absence
of
current
or
reliable
market-based
data
(e.g.,
trade
information
or
broker
quotes).
When
RIFUS
applies
fair
valuation
methods
that
use
significant
unobservable
inputs
to
determine
a
Fund’s
NAV,
securities
will
not
be
priced
on
the
basis
of
quotes
from
the
primary
market
in
which
they
are
traded,
but
instead
may
be
priced
by
another
method
that
RIFUS
believes
accurately
reflects
fair
value
and
will
be
categorized
as
Level
3
of
the
fair
value
hierarchy.
Fair
value
pricing
may
require
subjective
determinations
about
the
value
of
a
security.
While
the
securities
valuation
procedures
are
intended
to
result
in
a
calculation
of
a
Fund’s
NAV
that
fairly
reflects
security
values
as
of
the
time
of
pricing,
the
process
cannot
guarantee
that
fair
values
determined
by
RIFUS
would
accurately
reflect
the
price
that
a
Fund
could
obtain
for
a
security
if
it
were
to
dispose
of
that
security
as
of
the
time
of
pricing
(for
instance,
in
a
forced
or
distressed
sale).
The
prices
used
by
a
Fund
may
differ
from
the
value
that
would
be
realized
if
the
security
was
sold.
RIFUS
employs
third-party
pricing
vendors
to
provide
fair
value
measurements.
RIFUS
oversees
third-party
pricing
service
providers
in
order
to
support
the
valuation
process
throughout
the
year.
The
significant
unobservable
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.
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2020
(Unaudited)
78
Notes
to
Quarterly
Report
These
significant
unobservable
inputs
are
further
disclosed
in
the
Presentation
of
Portfolio
Holdings
for
each
respective
Fund
as
applicable.
If
third-party
evaluated
vendor
pricing
is
neither
available
nor
deemed
to
be
indicative
of
fair
value,
RIFUS
may
elect
to
obtain
indicative
market
quotations
(“broker
quotes”)
directly
from
the
broker
or
passed
through
from
a
third-party
vendor.
In
the
event
that
the
source
of
fair
value
is
from
a
single
source
broker
quote,
these
securities
are
classified
as
Level
3
per
the
fair
value
hierarchy.
Broker
quotes
are
typically
received
from
established
market
participants.
Although
independently
received
on
a
daily
basis,
RIFUS
does
not
have
the
transparency
to
view
the
underlying
inputs
which
support
the
broker
quotes.
Significant
changes
in
the
broker
quote
would
have
direct
and
proportional
changes
in
the
fair
value
of
the
security.
There
is
a
third-party
pricing
exception
to
the
quantitative
disclosure
requirement
when
prices
are
not
determined
by
the
reporting
entity.
RIFUS
is
exercising
this
exception
and
has
made
a
reasonable
attempt
to
obtain
quantitative
information
from
the
third-party
pricing
vendors
regarding
the
unobservable
inputs
used.
For
fair
valuations
using
significant
unobservable
inputs,
U.S.
GAAP
requires
a
reconciliation
of
the
beginning
to
ending
balances
for
reported
fair
values
that
present
changes
attributable
to
total
realized
and
unrealized
gains
or
losses,
purchases
and
sales,
and
transfers
in/out
of
the
Level
3
category
during
the
period.
Additionally,
U.S.
GAAP
requires
quantitative
information
regarding
the
significant
unobservable
inputs
used
in
the
determination
of
fair
value
of
assets
categorized
as
Level
3
in
the
fair
value
hierarchy.
In
accordance
with
the
requirements
of
U.S.
GAAP,
a
fair
value
hierarchy,
a
Level
3
reconciliation
and
an
additional
disclosure
about
fair
value
measurements,
if
any,
has
been
included
in
the
Presentation
of
Portfolio
Holdings
for
each
respective
Fund.
Investment
Income
Dividend
income
is
recorded
net
of
applicable
withholding
taxes
on
the
ex-dividend
date,
except
that
certain
dividends
from
foreign
securities
are
recorded
as
soon
as
the
Funds
are
informed
of
the
dividend,
subsequent
to
the
ex-dividend
date.
To
the
extent
the
dividend
represents
a
return
of
capital
or
capital
gain
for
tax
purposes,
reclassifications
are
made
which
may
be
based
on
management's
estimates.
Interest
income
is
recorded
daily
on
the
accrual
basis.
The
Strategic
Bond
Fund
classifies
gains
and
losses
realized
on
prepayments
received
on
mortgage-backed
securities
as
an
adjustment
to
interest
income.
All
premiums
and
discounts,
including
original
issue
discounts,
are
amortized/
accreted
using
the
effective
interest
method.
Debt
obligation
securities
may
be
placed
in
a
non-accrual
status
and
related
interest
income
may
be
reduced
by
stopping
current
accruals
and
writing
off
interest
receivable
when
the
collection
of
all
or
a
portion
of
interest
has
become
doubtful.
Foreign
Currency
Translations
The
books
and
records
of
the
Funds
are
maintained
in
U.S.
dollars.
Foreign
currency
amounts
and
transactions
of
the
Funds
are
translated
into
U.S.
dollars
on
the
following
basis:
(a)
Fair
value
of
investment
securities,
other
assets
and
liabilities
at
the
closing
rate
of
exchange
on
the
valuation
date.
(b)
Purchases
and
sales
of
investment
securities
and
income
at
the
closing
rate
of
exchange
prevailing
on
the
respective
trade
dates
of
such
transactions.
Net
realized
gains
or
losses
from
foreign
currency-related
transactions
arise
from:
sales
and
maturities
of
short-term
securities;
sales
of
foreign
currencies;
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions;
the
difference
between
the
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
recorded
on
the
Funds’
books
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
gains
or
losses
from
foreign
currency-related
transactions
arise
from
changes
in
the
value
of
assets
and
liabilities,
other
than
investments
in
securities,
as
a
result
of
changes
in
the
exchange
rates.
The
Funds
do
not
isolate
that
portion
of
the
results
of
operations
of
the
Funds
that
arises
as
a
result
of
changes
in
exchange
rates
from
that
portion
that
arises
from
changes
in
market
prices
of
investments
during
the
year.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gain
or
loss
from
investments.
However,
for
federal
income
tax
purposes,
the
Funds
do
isolate
the
effects
of
changes
in
foreign
exchange
rates
from
the
fluctuations
arising
from
changes
in
market
prices
for
realized
gain
(or
loss)
on
debt
obligations.
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.
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2020
(Unaudited)
Notes
to
Quarterly
Report
79
The
Funds
typically
use
derivatives
in
three
ways:
exposing
cash
to
markets,
hedging
and
return
enhancement.
In
addition,
certain
Funds
may
enter
into
foreign
exchange
contracts
for
trade
settlement
purposes.
The
Funds
may
pursue
their
strategy
of
being
fully
invested
by
exposing
cash
to
the
performance
of
appropriate
markets
by
purchasing
securities
and/or
derivatives.
This
is
intended
to
cause
the
Funds
to
perform
as
though
cash
were
actually
invested
in
those
markets.
Hedging
may
be
used
by
certain
Funds
to
limit
or
control
risks,
such
as
adverse
movements
in
exchange
rates
and
interest
rates.
Return
enhancement
can
be
accomplished
through
the
use
of
derivatives
in
a
Fund,
including
using
derivatives
as
a
substitute
for
holding
physical
securities,
and
using
them
to
express
various
macro
views
(e.g.,
interest
rate
movements,
currency
movements,
and
macro
credit
strategies).
By
purchasing
certain
instruments,
the
Funds
may
more
effectively
achieve
the
desired
portfolio
characteristics
that
assist
them
in
meeting
their
investment
objectives.
Depending
on
how
the
derivatives
are
structured
and
utilized,
the
risks
associated
with
them
may
vary
widely.
These
risks
include,
but
are
not
limited
to,
market
risk,
liquidity
risk,
leveraging
risk,
counterparty
risk,
basis
risk,
reinvestment
risk,
political
risk,
prepayment
risk,
extension
risk,
valuation
risk
and
credit
risk.
Futures,
certain
options
and
cleared
swaps
are
traded
or
cleared
on
an
exchange
or
central
exchange
clearing
house.
Exchange-
traded
or
exchange-cleared
transactions
generally
present
less
counterparty
risk
to
a
Fund.
The
exchange’s
clearing
house
stands
between
the
Fund
and
the
broker
to
the
contract
and
therefore,
credit
risk
is
generally
limited
to
the
failure
of
the
clearing
house
and
the
clearing
member.
Cleared
swap
contracts
are
subject
to
clearing
house
rules,
including
initial
and
variation
margin
requirement,
daily
settlement
of
obligations
and
the
clearing
house
guarantee
of
payments
to
the
broker.
There
is,
however,
still
counterparty
risk
due
to
the
insolvency
of
the
broker
with
respect
to
any
margin
held
in
the
brokers’
customer
accounts.
While
clearing
members
are
required
to
segregate
customer
assets
from
their
own
assets,
in
the
event
of
insolvency,
there
may
be
a
shortfall
in
the
amount
of
margin
held
by
the
broker
for
its
clients.
Collateral
and
margin
requirements
for
exchange-traded
or
exchange-cleared
derivatives
are
established
through
regulation,
as
well
as
set
by
the
broker
or
applicable
clearing
house.
In
November
2019,
the
Securities
and
Exchange
Commission
("SEC")
proposed
new
regulations
applicable
to
a
mutual
fund's
use
of
derivatives.
If
adopted
as
proposed,
these
regulations
could
potentially
limit
or
impact
a
Fund's
ability
to
invest
in
derivatives
and
negatively
affect
the
Fund's
performance
and
ability
to
pursue
its
stated
investment
objective.
Foreign
Currency
Exchange
Contracts
Certain
Funds
may
enter
into
foreign
currency
exchange
spot
contracts
and
forward
foreign
currency
exchange
contracts
(“FX
contracts”).
From
time
to
time,
certain
Funds
may
enter
into
FX
contracts
to
hedge
certain
foreign
currency-denominated
assets.
FX
contracts
are
recorded
at
fair
value.
Certain
risks
may
arise
upon
entering
into
these
FX
contracts
from
the
potential
inability
of
counterparties
to
meet
the
terms
of
their
FX
contracts
and
are
generally
limited
to
the
amount
of
unrealized
gain
on
the
FX
contracts.
For
the
period
ended
September
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.
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
September
30,
2020
International
Developed
Markets
Fund
$
100,532,761
$
61,787,261
$
82,779,604
Strategic
Bond
Fund
316,376,044
282,765,016
339,937,566
Global
Real
Estate
Securities
Fund
42,972,669
36,224,112
22,947,844
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2020
(Unaudited)
80
Notes
to
Quarterly
Report
As
of
September
30,
2020,
the
Funds
had
cash
collateral
balances
in
connection
with
foreign
currency
contracts
purchased/sold
as
follows:
Options
Certain
Funds
may
purchase
and
sell
(write)
call
and
put
options
on
securities
and
securities
indices.
Such
options
are
traded
on
a
national
securities
exchange
or
in
an
OTC
market.
The
Funds
may
also
purchase
and
sell
(write)
call
and
put
options
on
foreign
currencies.
When
a
Fund
writes
a
covered
call
or
a
put
option,
an
amount
equal
to
the
premium
received
by
the
Fund
is
included
in
the
Fund’s
Statement
of
Assets
and
Liabilities
as
an
asset
and
as
an
equivalent
liability.
The
amount
of
the
liability
is
subsequently
marked-
to-market
to
reflect
the
current
fair
value
of
the
option
written.
The
Fund
receives
a
premium
on
the
sale
of
a
call
option
but
gives
up
the
opportunity
to
profit
from
any
increase
in
the
value
of
the
underlying
instrument
above
the
exercise
price
of
the
option,
and
when
the
Fund
writes
a
put
option
it
is
exposed
to
a
decline
in
the
price
of
the
underlying
instrument.
When
a
Fund
sells
an
uncovered
call
option,
it
does
not
simultaneously
have
a
long
position
in
the
underlying
security.
When
a
Fund
sells
an
uncovered
put
option,
it
does
not
simultaneously
have
a
short
position
in
the
underlying
security.
Uncovered
options
are
riskier
than
covered
options
because
there
is
no
underlying
security
held
by
the
Fund
that
can
act
as
a
partial
hedge.
Whether
an
option
which
the
Fund
has
written
expires
on
its
stipulated
expiration
date
or
the
Fund
enters
into
a
closing
purchase
transaction,
the
Fund
realizes
a
gain
(or
loss,
if
the
cost
of
a
closing
purchase
transaction
exceeds
the
premium
received
when
the
option
was
sold)
without
regard
to
any
unrealized
gain
or
loss
on
the
underlying
security,
and
the
liability
related
to
such
option
is
extinguished.
If
a
call
option
which
the
Fund
has
written
is
exercised,
the
Fund
realizes
a
capital
gain
or
loss
from
the
sale
of
the
underlying
security,
and
the
proceeds
from
such
sale
are
increased
by
the
premium
originally
received.
When
a
put
option
which
a
Fund
has
written
is
exercised,
the
amount
of
the
premium
originally
received
will
reduce
the
cost
of
the
security
which
a
Fund
purchases
upon
exercise
of
the
option.
The
Funds’
use
of
written
options
involves,
to
varying
degrees,
elements
of
market
risk
in
excess
of
the
amount
recognized
in
the
Statements
of
Assets
and
Liabilities.
The
face
or
contract
amounts
of
these
instruments
reflect
the
extent
of
the
Funds’
exposure
to
market
risk.
The
risks
may
be
caused
by
an
imperfect
correlation
between
movements
in
the
price
of
the
instrument
and
the
price
of
the
underlying
securities
and
interest
rates.
Certain
Funds
may
enter
into
a
swaption
(an
option
on
a
swap).
In
a
swaption,
in
exchange
for
an
option,
the
buyer
gains
the
right
but
not
the
obligation
to
enter
into
a
specified
swap
agreement
with
the
issuer
on
a
specified
future
date.
The
writer
of
the
contract
receives
the
premium
and
bears
the
risk
of
unfavorable
changes
in
the
preset
rate
on
the
underlying
swap.
For
the
period
ended
September
30,
2020,
the
following
Funds
purchased
or
sold
options
primarily
for
the
strategies
listed
below:
The
Funds'
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.
As
of
September
30,
2020,
the
Funds
had
no
cash
collateral
balances
in
connection
with
options
contracts
purchased/sold.
Outstanding
Contract
Amounts
Bought
Quarter
Ended
March
31,
2020
June
30,
2020
September
30,
2020
International
Developed
Markets
Fund
$
98,889,123
$
61,391,421
$
82,217,043
Strategic
Bond
Fund
313,858,104
281,841,211
339,449,231
Global
Real
Estate
Securities
Fund
42,738,714
35,983,934
22,883,112
Cash
Collateral
for
Forwards
Strategic
Bond
Fund
$
320,000
Funds
Strategies
Strategic
Bond
Fund
Return
enhancement
and
hedging
Notional
of
Options
Contracts
Outstanding
Funds
March
31,
2020
June
30,
2020
September
30,
2020
Strategic
Bond
Fund
$
201,502,250
$
—
$
11,587,500
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2020
(Unaudited)
Notes
to
Quarterly
Report
81
Futures
Contracts
The
Funds
may
invest
in
futures
contracts
(i.e.,
interest
rate,
foreign
currency
and
index
futures
contracts).
The
face
or
contract
value
of
these
instruments
reflect
the
extent
of
the
Funds’
exposure
to
off
balance
sheet
risk.
The
primary
risks
associated
with
the
use
of
futures
contracts
are
an
imperfect
correlation
between
the
change
in
fair
value
of
the
securities
held
by
the
Funds
and
the
prices
of
futures
contracts,
and
the
possibility
of
an
illiquid
market.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
with
a
broker
an
amount,
termed
the
initial
margin,
which
typically
represents
5%
to
10%
of
the
purchase
price
indicated
in
the
futures
contract.
Payments
to
and
from
the
broker,
known
as
variation
margin,
are
typically
required
to
be
made
on
a
daily
basis
as
the
price
of
the
futures
contract
fluctuates.
Changes
in
initial
settlement
value
are
accounted
for
as
unrealized
appreciation
(depreciation)
until
the
contracts
are
terminated,
at
which
time
realized
gains
and
losses
are
recognized.
For
the
period
ended
September
30,
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.
As
of
September
30,
2020,
the
Funds
had
cash
collateral
balances
in
connection
with
futures
contracts
purchased
/sold
as
follows:
Swap
Agreements
The
Funds
may
enter
into
swap
agreements,
on
either
an
asset-based
or
liability-based
basis,
depending
on
whether
they
are
hedging
their
assets
or
their
liabilities,
and
will
usually
enter
into
swaps
on
a
net
basis
(i.e.,
the
two
payment
streams
are
netted
out,
with
the
Funds
receiving
or
paying
only
the
net
amount
of
the
two
payments).
When
a
Fund
engages
in
a
swap,
it
exchanges
its
obligations
to
pay
or
rights
to
receive
payments
for
the
obligations
to
pay
or
rights
to
receive
payments
of
another
party
(i.e.,
an
exchange
of
floating
rate
payments
for
fixed
rate
payments).
The
Funds
may
enter
into
several
different
types
of
swap
agreements
including
credit
default,
interest
rate,
total
return
(equity
and/
or
index)
and
currency
swaps.
Credit
default
swaps
are
a
counterparty
agreement
which
allows
the
transfer
of
third-party
credit
risk
(the
possibility
that
an
issuer
will
default
on
its
obligation
by
failing
to
pay
principal
or
interest
in
a
timely
manner)
from
one
party
to
another.
The
lender
faces
the
credit
risk
from
a
third-party
and
the
counterparty
in
the
swap
agrees
to
insure
this
risk
in
exchange
for
regular
periodic
payments.
Interest
rate
swaps
are
a
counterparty
agreement,
can
be
customized
to
meet
each
party’s
needs,
and
involve
the
exchange
of
a
fixed
or
variable
payment
per
period
for
a
payment
that
is
not
fixed.
Total
return
swaps
are
a
counterparty
agreement
where
two
parties
exchange
two
sets
of
cash
flows
on
predetermined
dates
for
an
agreed
upon
amount
of
time.
The
cash
flows
will
typically
be
an
equity
index
value
swapped
with
a
floating
rate
such
as
LIBOR
plus
or
minus
a
pre-defined
spread.
Total
return
swap
agreements
are
a
counterparty
agreement
intended
to
expose
cash
to
markets
or
to
effect
investment
transactions
Funds
Strategies
U.S.
Strategic
Equity
Fund
Exposing
cash
to
markets
U.S.
Small
Cap
Equity
Fund
Exposing
cash
to
markets
International
Developed
Markets
Fund
Return
enhancement,
hedging
and
exposing
cash
to
markets
Strategic
Bond
Fund
Return
enhancement,
hedging
and
exposing
cash
to
markets
Global
Real
Estate
Securities
Fund
Exposing
cash
to
markets
Notional
of
Futures
Contracts
Outstanding
Funds
March
31,
2020
June
30,
2020
September
30,
2020
U.S.
Strategic
Equity
Fund
$
30,322,460
$
17,768,650
$
1,508,400
U.S.
Small
Cap
Equity
Fund
15,148,320
12,003,960
8,274,200
International
Developed
Markets
Fund
121,418,445
125,785,574
116,419,273
Strategic
Bond
Fund
1,076,512,278
755,213,567
684,890,630
Global
Real
Estate
Securities
Fund
63,857,884
55,071,146
31,818,603
Cash
Collateral
for
Futures
U.S.
Strategic
Equity
Fund
$
6,605,725
U.S.
Small
Cap
Equity
Fund
125,350
International
Developed
Markets
Fund
775,210
Strategic
Bond
Fund
9,472,663
Global
Real
Estate
Securities
Fund
93,586
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2020
(Unaudited)
82
Notes
to
Quarterly
Report
consistent
with
those
Funds’
investment
objectives
and
strategies.
Currency
swaps
are
a
counterparty
agreement
where
two
parties
exchange
specified
amounts
of
different
currencies
which
are
followed
by
each
paying
the
other
a
series
of
interest
payments
that
are
based
on
the
principal
cash
flow.
At
maturity
the
principal
amounts
are
returned.
The
Funds
generally
expect
to
enter
into
these
transactions
primarily
to
preserve
a
return
or
spread
on
a
particular
investment
or
portion
of
their
portfolios
or
to
protect
against
any
increase
in
the
price
of
securities
they
anticipate
purchasing
at
a
later
date,
or
for
return
enhancement.
Under
most
swap
agreements
entered
into
by
a
Fund,
the
parties'
obligations
are
determined
on
a
"net
basis".
The
net
amount
of
the
excess,
if
any,
of
the
Funds’
obligations
over
their
entitlements
with
respect
to
each
swap
will
be
accrued
on
a
daily
basis
and
an
amount
of
cash
or
liquid
assets
having
an
aggregate
NAV
at
least
equal
to
the
accrued
excess
will
be
segregated.
To
the
extent
that
the
Funds
enter
into
swaps
on
other
than
a
net
basis,
the
amount
maintained
in
a
segregated
account
will
be
the
full
amount
of
the
Funds’
obligations,
if
any,
with
respect
to
such
swaps,
accrued
on
a
daily
basis.
If
there
is
a
default
by
the
other
party
to
such
a
transaction,
the
Funds
will
have
contractual
remedies
pursuant
to
the
agreement
related
to
the
transaction.
A
Fund
may
not
receive
the
expected
amount
under
a
swap
agreement
if
the
other
party
to
the
agreement
defaults
or
becomes
bankrupt.
As
of
September
30,
2020,
the
Funds
had
cash
collateral
balances
in
connection
with
swap
contracts
purchased/sold
as
follows:
Credit
Default
Swaps
The
Strategic
Bond
Fund
may
enter
into
credit
default
swaps.
A
credit
default
swap
can
refer
to
corporate
issues,
government
issues,
asset-backed
securities
or
an
index
of
assets,
each
known
as
the
reference
entity
or
underlying
asset.
The
Fund
may
act
as
either
the
buyer
or
the
seller
of
a
credit
default
swap
involving
one
party
making
a
stream
of
payments
to
another
party
in
exchange
for
the
right
to
receive
a
specified
return
in
the
event
of
a
default
or
other
credit
event.
Depending
upon
the
terms
of
the
contract,
the
credit
default
swap
may
be
closed
via
physical
settlement.
However,
due
to
the
possible
or
potential
instability
in
the
market,
there
is
a
risk
that
the
Fund
may
be
unable
to
deliver
the
underlying
debt
security
to
the
other
party
to
the
agreement.
Additionally,
the
Fund
may
not
receive
the
expected
amount
under
the
swap
agreement
if
the
other
party
to
the
agreement
defaults
or
becomes
bankrupt.
In
an
unhedged
credit
default
swap,
the
Fund
enters
into
a
credit
default
swap
without
owning
the
underlying
asset
or
debt
issued
by
the
reference
entity.
Credit
default
swaps
allow
the
Fund
to
acquire
or
reduce
credit
exposure
to
a
particular
issuer,
asset
or
basket
of
instruments.
As
the
seller
of
protection
in
a
credit
default
swap,
a
Fund
would
be
required
to
pay
the
par
or
other
agreed-upon
value
(or
otherwise
perform
according
to
the
swap
contract)
of
a
reference
debt
obligation
to
the
counterparty
in
the
event
of
a
default
(or
other
specified
credit
event)
and
the
counterparty
would
be
required
to
surrender
the
reference
debt
obligation.
In
return,
the
Fund
would
receive
from
the
counterparty
a
periodic
stream
of
payments
over
the
term
of
the
contract
provided
that
no
credit
event
has
occurred.
If
no
credit
event
occurs,
the
Fund
would
keep
the
stream
of
payments
and
would
have
no
payment
obligations.
As
a
seller
of
protection,
the
Fund
would
effectively
add
leverage
to
its
portfolio
because,
in
addition
to
its
total
net
assets,
that
Fund
would
be
subject
to
investment
exposure
on
the
notional
amount
of
the
swap.
The
Fund
may
also
purchase
protection
via
credit
default
swap
contracts
in
order
to
offset
the
risk
of
default
of
debt
securities
held
in
their
portfolios
or
to
take
a
short
position
in
a
debt
security,
in
which
case
the
Fund
would
function
as
the
counterparty
referenced
in
the
preceding
paragraph.
If
a
credit
event
occurs
and
cash
settlement
is
not
elected,
a
variety
of
other
deliverable
obligations
may
be
delivered
in
lieu
of
the
specific
referenced
obligation.
The
ability
to
deliver
other
obligations
may
result
in
a
cheapest-to-deliver
option
(the
buyer
of
protection’s
right
to
choose
the
deliverable
obligation
with
the
lowest
value
following
a
credit
event).
The
Fund
may
use
credit
default
swaps
to
provide
a
measure
of
protection
against
defaults
of
the
issuers
(i.e.,
to
reduce
risk
where
the
Fund
owns
or
has
exposure
to
the
referenced
obligation)
or
to
take
an
active
long
or
short
position
with
respect
to
the
likelihood
(as
measured
by
the
credit
default
swap’s
spread)
of
a
particular
issuer’s
default.
Deliverable
obligations
for
credit
default
swaps
on
asset-backed
securities
in
most
instances
are
limited
to
the
specific
referenced
obligation
as
performance
for
asset-backed
securities
can
vary
across
deals.
Prepayments,
principal
paydowns,
and
other
writedown
or
loss
events
on
the
underlying
mortgage
loans
will
reduce
the
outstanding
principal
balance
of
the
referenced
obligation.
These
reductions
may
be
temporary
or
permanent
as
defined
under
the
terms
of
the
swap
agreement
and
the
notional
amount
for
the
swap
agreement
generally
will
be
adjusted
by
corresponding
amounts.
The
Strategic
Bond
Fund
may
use
credit
default
swaps
on
asset-
backed
securities
to
provide
a
measure
of
protection
against
defaults
(or
other
defined
credit
events)
of
the
referenced
obligation
Cash
Collateral
for
Swaps
Due
to
Broker
Strategic
Bond
Fund
$
1,225,603
$
130,000
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2020
(Unaudited)
Notes
to
Quarterly
Report
83
or
to
take
an
active
long
or
short
position
with
respect
to
the
likelihood
of
a
particular
referenced
obligation’s
default
(or
another
defined
credit
event).
Credit
default
swap
agreements
on
credit
indices
involve
one
party
making
a
stream
of
payments
to
another
party
in
exchange
for
the
right
to
receive
a
specified
return
in
the
event
of
a
write-down,
principal
shortfall,
interest
shortfall
or
default
of
all
or
part
of
the
referenced
entities
comprising
the
credit
index.
A
credit
index
is
a
basket
of
credit
instruments
or
exposures
designed
to
be
representative
of
some
part
of
the
credit
market
as
a
whole.
These
indices
are
made
up
of
reference
credits
that
are
judged
by
a
poll
of
dealers
to
be
the
most
liquid
entities
in
the
credit
default
swap
market
based
on
the
sector
of
the
index.
Components
of
the
indices
may
include,
but
are
not
limited
to,
investment
grade
securities,
high
yield
securities,
asset-backed
securities,
emerging
markets,
and/or
various
credit
ratings
within
each
sector.
Credit
indices
are
traded
using
credit
default
swaps
with
standardized
terms
including
a
fixed
spread
and
standard
maturity
dates.
An
index
credit
default
swap
references
all
the
names
in
the
index,
and
if
there
is
a
default,
the
credit
event
is
settled
based
on
that
name’s
weight
in
the
index.
The
composition
of
the
indices
changes
periodically,
usually
every
six
months,
and,
for
most
indices,
each
name
has
an
equal
weight
in
the
index.
Traders
may
use
credit
default
swaps
on
indices
to
speculate
on
changes
in
credit
quality.
Implied
credit
spreads,
represented
in
absolute
terms,
utilized
in
determining
the
fair
value
of
credit
default
swap
agreements
on
corporate
issues
as
of
period-end
are
disclosed
in
the
Schedules
of
Investments
and
generally
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
or
risk
of
default
(or
other
defined
credit
event)
for
the
credit
derivative.
The
implied
credit
spread
of
a
particular
referenced
entity
reflects
the
cost
of
entering
into
a
credit
default
swap
and
may
include
upfront
payments
required
to
be
made
to
enter
into
the
agreement.
For
credit
default
swap
agreements
on
asset-
backed
securities
and
credit
indices,
the
quoted
market
prices
and
resulting
values
serve
as
the
indicator
of
the
current
status
of
the
payment/performance
risk.
Wider
credit
spreads
and
increasing
fair
values,
in
absolute
terms
when
compared
to
the
notional
amount
of
the
swap,
generally
represent
a
deterioration
of
the
referenced
entity’s
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
The
maximum
potential
amount
of
future
payments
(undiscounted)
that
the
Fund
as
a
seller
of
protection
could
be
required
to
make
under
a
credit
default
swap
agreement
equals
the
notional
amount
of
the
agreement.
Notional
amounts
of
all
credit
default
swap
agreements
outstanding
as
of
September
30,
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.
For
the
period
ended
September
30,
2020,
the
Strategic
Bond
Fund
entered
into
credit
default
swaps
primarily
for
the
strategies
listed
below:
Funds
Strategies
Strategic
Bond
Fund
Return
enhancement,
hedging
and
exposing
cash
to
markets
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2020
(Unaudited)
84
Notes
to
Quarterly
Report
The
Funds’
credit
default
swap
contract
notional
amounts
outstanding
fluctuate
throughout
the
fiscal
year
as
required
to
meet
strategic
requirements.
The
following
table
illustrates
the
quarterly
volume
of
credit
default
swap
contracts.
For
the
purpose
of
this
disclosure,
volume
is
measured
by
the
notional
amounts
outstanding
in
USD
at
each
quarter
end.
Interest
Rate
Swaps
The
use
of
interest
rate
swaps
is
a
highly
specialized
activity
which
involves
investment
techniques
and
risks
different
from
those
associated
with
ordinary
portfolio
securities
transactions.
If
RIM
or
a
money
manager
using
this
technique
is
incorrect
in
its
forecast
of
fair
values,
interest
rates
and
other
applicable
factors,
the
investment
performance
of
a
Fund
might
diminish
compared
to
what
it
would
have
been
if
this
investment
technique
were
not
used.
Interest
rate
swaps
do
not
involve
the
delivery
of
securities
or
other
underlying
assets
or
principal.
Accordingly,
the
risk
of
loss
with
respect
to
interest
rate
swaps
is
limited
to
the
net
amount
of
interest
payments
that
the
Funds
are
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,
the
Funds'
risk
of
loss
consists
of
the
net
amount
of
interest
payments
that
the
Funds
are
contractually
entitled
to
receive.
The
counterparty
risk
for
cleared
derivatives
is
generally
lower
than
for
uncleared
derivatives.
However,
clearing
may
subject
a
Fund
to
increased
costs
or
margin
requirements.
For
the
period
ended
September
30,
2020,
the
Strategic
Bond
Fund
entered
into
interest
rate
swaps
primarily
for
the
strategies
listed
below:
The
Funds’
interest
rate
swap
contract
notional
amounts
outstanding
fluctuate
throughout
the
fiscal
year
as
required
to
meet
strategic
requirements.
The
following
table
illustrates
the
quarterly
volume
of
interest
rate
swap
contracts.
For
the
purpose
of
this
disclosure,
volume
is
measured
by
the
notional
amounts
outstanding
in
USD
at
each
quarter
end.
Total
Return
Swaps
Certain
Funds
may
enter
into
total
return
swap
agreements
to
expose
cash
to
markets
or
to
effect
investment
transactions.
Total
return
swap
agreements
are
two
party
contracts
entered
into
primarily
by
institutional
investors
for
periods
ranging
from
a
few
weeks
to
more
than
one
year.
In
a
standard
total
return
swap
transaction,
the
two
parties
agree
to
exchange
the
returns
(or
differentials
in
rates
of
return)
earned
or
realized
on
particular
investments
or
instruments.
The
returns
to
be
exchanged
between
the
parties
are
calculated
with
respect
to
a
“notional
amount”
(i.e.,
a
specified
dollar
amount
that
is
hypothetically
invested
in
a
“basket”
of
securities
representing
a
particular
index).
For
the
period
ended
September
30,
2020,
the
Funds
did
not
enter
into
any
total
return
swap
agreements.
Currency
Swaps
Certain
Funds
may
enter
into
currency
swap
agreements
to
enhance
returns
or
for
hedging
purposes.
Currency
swap
agreements
are
agreements
where
two
parties
exchange
specified
amounts
of
different
currencies
which
are
followed
by
paying
the
other
a
series
of
interest
payments
that
are
based
on
the
principal
cash
flow.
At
maturity,
the
principal
amounts
are
exchanged.
For
the
period
ended
September
30,
2020,
the
Funds
did
not
enter
into
any
currency
swap
agreements.
Master
Agreements
Certain
Funds
are
parties
to
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreements
(“ISDA
Master
Agreements”)
with
counterparties
that
govern
transactions
in
OTC
derivative
and
foreign
exchange
contracts
entered
into
by
the
Funds
and
those
counterparties.
The
ISDA
Master
Agreements
contain
provisions
for
general
obligations,
representations,
agreements,
collateral
and
events
of
default
or
termination.
Events
of
termination
and
default
include
conditions
that
may
entitle
either
party
Credit
Default
Swap
Notional
Amounts
Outstanding
Quarter
Ended
March
31,
2020
June
30,
2020
September
30,
2020
Strategic
Bond
Fund
$
164,893,255
$
99,202,500
$
14,140,000
Funds
Strategies
Strategic
Bond
Fund
Return
enhancement,
hedging
and
exposing
cash
to
markets
Interest
Rate
Swap
Notional
Amounts
Outstanding
Quarter
Ended
March
31,
2020
June
30,
2020
September
30,
2020
Strategic
Bond
Fund
$
108,838,242
$
135,228,872
$
33,493,056
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2020
(Unaudited)
Notes
to
Quarterly
Report
85
to
elect
to
terminate
early
and
cause
settlement
of
all
outstanding
transactions
under
the
applicable
ISDA
Master
Agreement.
Any
election
to
terminate
early
could
be
material
to
the
financial
statements.
Since
different
types
of
forward
and
OTC
financial
derivative
transactions
have
different
mechanics
and
are
sometimes
traded
out
of
different
legal
entities
of
a
particular
counterparty
organization,
each
type
of
transaction
may
be
covered
by
a
different
ISDA
Master
Agreement,
resulting
in
the
need
for
multiple
agreements
with
a
single
counterparty.
As
the
ISDA
Master
Agreements
are
specific
to
unique
operations
of
different
asset
types,
they
allow
a
Fund
to
net
its
total
exposure
to
a
counterparty
in
the
event
of
a
default
with
respect
to
all
the
transactions
governed
under
a
single
agreement
with
a
counterparty.
Master
Repurchase
Agreements
(“Master
Repo
Agreements”)
govern
transactions
between
a
Fund
and
select
counterparties.
The
Master
Repo
Agreements
maintain
provisions
for,
among
other
things,
initiation,
income
payments,
events
of
default,
and
maintenance
of
collateral
for
repurchase
and
reverse
repurchase
agreements.
Master
Securities
Forward
Transaction
Agreements
(“Master
Forward
Agreements”)
govern
the
considerations
and
factors
surrounding
the
settlement
of
certain
forward
settling
transactions,
such
as
delayed
delivery
by
and
between
a
Fund
and
select
counterparties.
The
Master
Forward
Agreements
maintain
provisions
for,
among
other
things,
initiation
and
confirmation,
payment
and
transfer,
events
of
default,
termination,
and
maintenance
of
collateral.
Loan
Agreements
The
Strategic
Bond
Fund
may
invest
in
direct
debt
instruments,
which
are
interests
in
amounts
owed
by
corporate,
governmental,
or
other
borrowers
to
lenders
or
lending
syndicates.
The
Fund's
investments
in
loans
may
be
in
the
form
of
participations
in
loans
or
assignments
of
all
or
a
portion
of
loans
from
third
parties.
A
loan
is
often
administered
by
a
bank
or
other
financial
institution
(the
“agent”)
that
acts
as
agent
for
all
holders.
The
agent
administers
the
terms
of
the
loan,
as
specified
in
the
loan
agreement.
When
investing
in
a
loan
participation,
the
Fund
has
the
right
to
receive
payments
of
principal,
interest
and
any
fees
to
which
it
is
entitled
only
from
the
agent
selling
the
loan
agreement
and
only
upon
receipt
by
the
agent
of
payments
from
the
borrower.
The
Fund
generally
has
no
right
to
enforce
compliance
with
the
terms
of
the
loan
agreement
with
the
borrower.
As
a
result,
the
Fund
may
be
subject
to
the
credit
risk
of
both
the
borrower
and
the
agent
that
is
selling
the
loan
agreement.
When
the
Fund
purchases
assignments
from
agents
it
acquires
direct
rights
against
the
borrower
on
the
loan.
Local
Access
Products
Certain
Funds
may
invest
in
local
access
products,
also
known
as
certificates
of
participation,
participation
notes
or
participation
interest
notes.
Local
access
products
are
issued
by
banks
or
broker-dealers
and
are
designed
to
replicate
the
performance
of
foreign
companies
or
foreign
securities
markets
and
can
be
used
by
the
Fund
as
an
alternative
means
to
access
the
securities
market
of
a
frontier
emerging
market
country.
The
performance
results
of
local
access
products
will
not
replicate
exactly
the
performance
of
the
foreign
companies
or
foreign
securities
markets
that
they
seek
to
replicate
due
to
transaction
and
other
expenses.
Investments
in
local
access
products
involve
certain
risks
in
addition
to
those
associated
with
a
direct
investment
in
the
underlying
foreign
companies
or
foreign
securities
markets
whose
return
they
seek
to
replicate.
There
can
be
no
assurance
that
there
will
be
a
trading
market
or
that
the
trading
price
of
local
access
products
will
equal
the
underlying
value
of
the
foreign
company
or
foreign
securities
market
that
it
seeks
to
replicate.
The
Funds
rely
on
the
creditworthiness
of
the
counterparty
issuing
the
local
access
products
and
have
no
rights
against
the
issuer
of
the
underlying
security.
The
Funds
minimize
this
risk
by
entering
into
agreements
only
with
counterparties
that
RIM
deems
creditworthy.
Due
to
liquidity
and
transfer
restrictions,
the
secondary
markets
on
which
the
local
access
products
are
traded
may
be
less
liquid
than
the
markets
for
other
securities,
or
may
be
completely
illiquid.
Short
Sales
The
U.S.
Small
Cap
Equity
Fund
may
enter
into
short
sale
transactions.
In
a
short
sale,
the
seller
sells
a
security
that
it
does
not
own,
typically
a
security
borrowed
from
a
broker
or
dealer.
Because
the
seller
remains
liable
to
return
the
underlying
security
that
it
borrowed
from
the
broker
or
dealer,
the
seller
must
purchase
the
security
prior
to
the
date
on
which
delivery
to
the
broker
or
dealer
is
required.
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
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2020
(Unaudited)
86
Notes
to
Quarterly
Report
the
borrowed
security.
When
a
Fund
makes
a
short
sale,
the
Fund
may
use
all
or
a
portion
of
the
cash
proceeds
of
short
sales
to
purchase
other
securities
or
for
any
other
permissible
Fund
purpose.
The
U.S.
Small
Cap
Equity
Fund
currently
engages
in
short
sale
transactions
that
are
effected
through
State
Street
but
reserves
the
right
to
engage
in
short
sale
transactions
through
one
or
more
other
counterparties.
For
short
sale
transactions
effected
through
State
Street,
the
Fund
typically
expects
to
collateralize
short
sale
transactions
through
the
Fund’s
reciprocal
lending
activity
with
State
Street
(i.e.,
short
sale
transactions
are
collateralized
by
securities
loaned
to
State
Street
for
purposes
of
securities
lending
activities).
The
Fund
may
also
deliver
cash
to
State
Street
for
purposes
of
collateralizing
its
short
sales
transactions
or
“memo
pledge”
securities
as
collateral,
whereby
assets
are
designated
as
collateral
by
State
Street
on
State
Street’s
books
but
remain
in
the
Fund’s
custody
account.
Similar
to
the
risks
generally
applicable
to
securities
lending
arrangements,
participation
in
the
reciprocal
lending
program
subjects
the
Fund
to
the
risk
that
State
Street
could
fail
to
return
a
security
lent
to
it
by
the
Fund,
or
fail
to
return
the
Fund’s
cash
collateral,
a
risk
which
would
increase
with
any
decline
in
State
Street’s
credit
profile.
However,
the
impact
of
State
Street’s
failure
to
return
a
security
lent
to
it
by
the
Fund,
or
failure
to
return
the
Fund’s
cash
collateral,
would
be
mitigated
by
the
Fund’s
right
under
such
circumstances
to
decline
to
return
the
securities
the
Fund
initially
borrowed
from
State
Street
with
respect
to
its
short
sale
transactions.
This
risk
may
be
heightened
during
periods
of
market
stress
and
volatility,
particularly
if
the
type
of
collateral
provided
is
different
than
the
type
of
security
borrowed
(e.g.,
cash
is
provided
as
collateral
for
a
loan
of
an
equity
security).
To
the
extent
necessary
to
meet
collateral
requirements
associated
with
a
short
sale
transaction
involving
a
counterparty
other
than
State
Street,
the
Fund
is
required
to
pledge
assets
in
a
segregated
account
maintained
by
the
Fund’s
custodian
for
the
benefit
of
the
broker.
The
Fund
may
also
use
securities
it
owns
to
meet
any
such
collateral
obligations.
Until
the
Fund
replaces
a
borrowed
security
in
connection
with
a
short
sale,
the
Fund
will:
(a)
maintain
daily
a
segregated
account,
containing
liquid
assets
at
such
a
level
that
the
amount
deposited
in
the
segregated
account
will
equal
the
current
requirement
under
Regulation
T
promulgated
by
the
Board
of
Governors
of
the
Federal
Reserve
System
under
the
authority
of
Sections
7
and
8
of
the
Securities
Exchange
Act
of
1934,
as
amended;
or
(b)
otherwise
cover
its
short
positions
in
accordance
with
positions
taken
by
the
staff
of
the
Securities
and
Exchange
Commission
(e.g.,
taking
an
offsetting
long
position
in
the
security
sold
short).
These
requirements
may
result
in
the
Fund
being
unable
to
purchase
or
sell
securities
or
instruments
when
it
would
otherwise
be
favorable
to
do
so,
or
in
the
Fund
needing
to
sell
holdings
at
a
disadvantageous
time
to
satisfy
its
obligations
or
to
meet
segregation
requirements.
If
the
Fund’s
prime
broker
fails
to
make
or
take
delivery
of
a
security
as
part
of
a
short
sale
transaction,
or
fails
to
make
a
cash
settlement
payment,
the
settlement
of
the
transaction
may
be
delayed
and
the
Fund
may
lose
money.
As
of
September
30,
2020,
the
fair
value
of
securities
on
loan
through
the
reciprocal
lending
program
for
the
U.S.
Small
Cap
Equity
Fund
was
$7,445,941.
As
of
September
30,
2020,
the
U.S.
Small
Cap
Equity
Fund
held
$10,587,029
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.
currency),
U.S.
Government
or
U.S.
Government
Agency
obligations
as
collateral
against
the
loaned
securities.
The
collateral
cannot
be
resold,
repledged
or
rehypothecated.
As
of
September
30,
2020,
to
the
extent
that
a
loan
was
collateralized
by
cash,
such
collateral
was
invested
by
the
securities
lending
agent,
Goldman
Sachs
Agency
Lending
("GSAL"),
in
the
U.S.
Cash
Collateral
Fund,
an
unregistered
fund
advised
by
RIM.
To
the
extent
that
a
loan
is
secured
by
non-cash
collateral,
brokers
pay
the
Fund
negotiated
lenders'
fees,
which
are
divided
between
the
Fund
and
the
securities
lending
agent
and
are
recorded
as
securities
lending
income
for
the
Fund.
All
collateral
received
will
be
in
an
amount
at
least
equal
to
102%
(for
loans
of
U.S.
securities)
or
105%
(for
loans
of
non-U.S.
securities)
of
the
fair
value
of
the
loaned
securities
at
the
inception
of
each
loan.
The
fair
value
of
the
loaned
securities
is
determined
at
the
close
of
business
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
the
next
day.
Should
the
borrower
of
the
securities
fail
financially,
there
is
a
risk
of
delay
in
recovery
of
the
securities
or
loss
of
rights
in
the
collateral.
Emerging
Markets
Securities
Certain
Funds
may
invest
in
emerging
markets
securities.
Investing
in
emerging
markets
securities
can
pose
some
risks
different
from,
and
greater
than,
risks
of
investing
in
U.S.
or
developed
markets
securities.
These
risks
include:
a
risk
of
loss
due
to
exposure
to
economic
structures
that
are
generally
less
diverse
and
mature,
and
to
political
systems
which
may
have
less
stability,
than
those
of
more
developed
countries;
smaller
market
capitalization
of
securities
markets,
which
may
suffer
periods
of
relative
illiquidity;
significant
price
volatility;
restrictions
on
foreign
investment;
and
possible
difficulties
in
the
repatriation
of
investment
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2020
(Unaudited)
Notes
to
Quarterly
Report
87
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
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
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2020
(Unaudited)
88
Notes
to
Quarterly
Report
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
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
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2020
(Unaudited)
Notes
to
Quarterly
Report
89
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
principal
amount
and
maturity
date
will
be
determined
upon
settlement
when
the
specific
mortgage
pools
are
assigned.
These
securities
are
within
the
parameters
of
industry
“good
delivery”
standards.
As
of
September
30,
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.
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2020
(Unaudited)
90
Notes
to
Quarterly
Report
LIBOR
The
Funds
may
invest
in
certain
instruments
including,
but
not
limited
to,
repurchase
agreements,
collateralized
loan
obligations
and
mortgage-backed
securities,
that
rely
in
some
fashion
upon
LIBOR.
LIBOR
is
an
average
interest
rate,
determined
by
the
ICE
Benchmark
Administration,
that
banks
charge
one
another
for
the
use
of
short-term
money.
The
United
Kingdom’s
Financial
Conduct
Authority,
which
regulates
LIBOR,
has
announced
plans
to
phase
out
the
use
of
LIBOR
by
the
end
of
2021.
There
remains
uncertainty
regarding
the
future
utilization
of
LIBOR
and
the
nature
of
any
replacement
rate
(e.g.,
the
Secured
Overnight
Financing
Rate,
which
is
intended
to
replace
U.S.
dollar
LIBOR
and
measures
the
cost
of
overnight
borrowings
through
repurchase
agreement
transactions
collateralized
with
U.S.
Treasury
securities).
Any
potential
effects
of
the
transition
away
from
LIBOR
on
the
Funds
or
on
certain
instruments
in
which
a
Fund
invests
can
be
difficult
to
ascertain,
and
they
may
vary
depending
on
factors
that
include,
but
are
not
limited
to:
(i)
existing
fallback
or
termination
provisions
in
individual
contracts
and
(ii)
whether,
how,
and
when
industry
participants
develop
and
adopt
new
reference
rates
and
fallbacks
for
both
legacy
and
new
products
and
instruments.
For
example,
certain
of
the
Fund’s
investments
may
involve
individual
contracts
that
have
no
existing
fallback
provision
or
language
that
contemplates
the
discontinuation
of
LIBOR,
and
those
investments
could
experience
increased
volatility
or
illiquidity
as
a
result
of
the
transition
process.
In
addition,
interest
rate
provisions
included
in
such
contracts
may
need
to
be
renegotiated
in
contemplation
of
the
transition
away
from
LIBOR.
The
transition
may
also
result
in
a
reduction
in
the
value
of
certain
instruments
held
by
a
Fund,
including
those
described
in
this
paragraph,
or
a
reduction
in
the
effectiveness
of
related
Fund
transactions
such
as
hedges.
Any
such
effects
of
the
transition
away
from
LIBOR,
as
well
as
other
unforeseen
effects,
could
result
in
losses
to
a
Fund.
Market,
Credit
and
Counterparty
Risk
In
the
normal
course
of
business,
the
Funds
trade
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
a
transaction
to
perform
(credit
risk).
Similar
to
credit
risk,
the
Funds
may
also
be
exposed
to
counterparty
risk
or
risk
that
an
institution
or
other
entity
with
which
the
Funds
have
unsettled
or
open
transactions
will
default.
The
potential
loss
could
exceed
the
value
of
the
relevant
assets
recorded
in
the
financial
statements
(the
“Assets”).
The
Assets
consist
principally
of
cash
due
from
counterparties
and
investments.
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.
Related
Party
Transactions
RIM
provides
or
oversees
the
provision
of
all
investment
advisory
and
portfolio
management
services
for
the
Funds.
From
its
advisory
fees
received
from
the
Funds,
RIM,
as
agent
for
RIF,
pays
all
fees
to
the
money
managers
for
their
investment
advisory
services.
Each
money
manager
has
agreed
that
it
will
look
only
to
RIM
for
the
payment
of
the
money
manager’s
fee,
after
RIF
has
paid
RIM.
Fees
paid
to
the
money
managers
are
not
affected
by
any
voluntary
or
statutory
expense
limitations.
RIFUS
is
the
Funds'
administrator
and
transfer
agent.
RIFUS,
in
its
capacity
as
the
Funds'
administrator,
provides
or
oversees
the
provision
of
all
administrative
services
for
the
Funds.
RIFUS,
in
its
capacity
as
the
Funds'
transfer
agent
and
dividend
disbursing
agent,
is
responsible
for
providing
transfer
agency
and
dividend
disbursing
services
to
the
Funds.
RIFUS
is
a
wholly-owned
subsidiary
of
RIM.
RIM
is
an
indirect,
wholly-owned
subsidiary
of
Russell
Investments
Group,
Ltd.,
a
Cayman
company.
The
Funds
are
permitted
to
invest
their
cash
(i.e.,
cash
awaiting
investment
or
cash
held
to
meet
redemption
requests
or
to
pay
expenses)
in
the
U.S.
Cash
Management
Fund,
an
unregistered
fund
advised
by
RIM.
As
of
September
30,
2020,
the
Funds
had
invested
$165,757,631
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
$32,652,252
is
invested
in
the
U.S.
Cash
Collateral
Fund,
an
unregistered
fund
advised
by
RIM.
Federal
Income
Taxes
At
September
30,
2020,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2020
(Unaudited)
Notes
to
Quarterly
Report
91
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.
Funded
portions
of
credit
agreements
are
presented
in
the
Schedules
of
Investments.
For
the
period
ended
September
30,
2020,
there
were
$18,919
in
unfunded
loan
commitments
held
by
the
Fund.
Subsequent
Events
Management
has
evaluated
the
events
and/or
transactions
that
have
occurred
through
the
date
this
Quarterly
Report
was
issued
and
noted
no
items
requiring
adjustments
of
the
Quarterly
Report
or
additional
disclosures
except
the
following:
On
October
1,
2020,
the
Board
declared
dividends
payable
from
net
investment
income.
Dividends
were
paid
on
October
5,
2020
to
shareholders
of
record
effective
with
the
opening
of
business
on
October
2,
2020.
U.S.
Strategic
Equity
Fund
U.S.
Small
Cap
Equity
Fund
International
Developed
Markets
Fund
Cost
of
Investments
$
397,341,259
$
197,417,584
$
367,421,684
Unrealized
Appreciation
$
121,534,301
$
5,704,354
$
37,636,969
Unrealized
Depreciation
(17,824,698
)
(7,670,891
)
(75,644,111
)
Net
Unrealized
Appreciation
(Depreciation)
$
103,709,603
$
(1,966,537
)
$
(
38,007,142
)
Strategic
Bond
Fund
Global
Real
Estate
Securities
Fund
Cost
of
Investments
$
869,592,287
$
820,537,826
Unrealized
Appreciation
$
26,650,220
$
33,263,166
Unrealized
Depreciation
(
8,709,116
)
(
7,785,462
)
Net
Unrealized
Appreciation
(Depreciation)
$
17,941,104
$
25,477,704
Russell
Investment
Funds
1301
Second
Avenue
Seattle,
Washington
98101
800-787-7354
Fax:
206-505-3495