2021
QUARTERLY
REPORT
Russell
Investment
Funds
March
31,
2021
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
71
Notes
to
Schedules
of
Investments
76
Notes
to
Quarterly
Report
78
Russell
Investment
Funds
Quarterly
Report
March
31,
2021
(Unaudited)
Table
of
Contents
Russell
Investment
Funds
Copyright
©
Russell
Investments
2021.
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,
Russell
Investments’
management
and
Hamilton
Lane
Incorporated.
Frank
Russell
Company
is
the
owner
of
the
Russell
trademarks
contained
in
this
material
and
all
trademark
rights
related
to
the
Russell
trademarks,
which
the
members
of
the
Russell
Investments
group
of
companies
are
permitted
to
use
under
license
from
Frank
Russell
Company.
The
members
of
the
Russell
Investments
group
of
companies
are
not
affiliated
in
any
manner
with
Frank
Russell
Company
or
any
entity
operating
under
the
“FTSE
RUSSELL”
brand.
Fund
objectives,
risks,
charges
and
expenses
should
be
carefully
considered
before
in-
vesting.
A
prospectus
containing
this
and
other
important
information
must
precede
or
accompany
this
material.
Please
read
the
prospectus
carefully
before
investing.
Securities
distributed
through
Russell
Investments
Financial
Services,
LLC,
member
FINRA,
part
of
Russell
Investments.
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments
—
March
31,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Strategic
Equity
Fund
3
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
96.7%
Consumer
Discretionary
-
16.3%
Advance
Auto
Parts,
Inc.
2,043
375
Amazon.com,
Inc.(Æ)
6,029
18,653
Amerco,
Inc.
627
384
AutoNation,
Inc.(Æ)
4,144
386
Best
Buy
Co.,
Inc.
5,999
689
BorgWarner,
Inc.
8,159
378
Bright
Horizons
Family
Solutions,
Inc.(Æ)
2,077
356
Brunswick
Corp.
2,105
201
Capri
Holdings,
Ltd.(Æ)
5,875
300
Carnival
Corp.(Æ)
3,338
89
Carter's,
Inc.(Æ)
1,611
143
Charter
Communications,
Inc.
Class
A(Æ)
13,783
8,504
Chipotle
Mexican
Grill,
Inc.
Class
A(Æ)
116
165
Choice
Hotels
International,
Inc.
3,306
355
Columbia
Sportswear
Co.
1,096
116
Comcast
Corp.
Class
A
32,723
1,771
Costco
Wholesale
Corp.
2,363
833
Darden
Restaurants,
Inc.
2,698
383
Dick's
Sporting
Goods,
Inc.
6,312
481
Discovery,
Inc.
Class
A(Æ)(Ñ)
3,691
160
Dollar
General
Corp.
3,100
628
DR
Horton,
Inc.
21,489
1,915
eBay,
Inc.
9,193
563
Expedia
Group,
Inc.(Æ)
1,917
330
Extended
Stay
America,
Inc.
10,010
198
Floor
&
Decor
Holdings,
Inc.
Class
A(Æ)
2,227
213
Foot
Locker,
Inc.
7,438
418
Ford
Motor
Credit
Co.
LLC(Æ)
55,821
684
Gap,
Inc.
(The)
18,045
537
Garmin,
Ltd.
2,775
366
General
Motors
Co.(Æ)
102,666
5,899
Gentex
Corp.
21,830
779
Genuine
Parts
Co.
3,441
398
Goodyear
Tire
&
Rubber
Co.
(The)(Æ)
16,183
284
Graham
Holdings
Co.
Class
B
356
200
Grand
Canyon
Education,
Inc.(Æ)
1,590
170
Hanesbrands,
Inc.
12,187
240
Home
Depot,
Inc.
(The)
5,172
1,579
Kohl's
Corp.
10,918
651
Lear
Corp.
1,218
221
Leggett
&
Platt,
Inc.
4,651
212
Lennar
Corp.
Class
A
7,013
710
Lennar
Corp.
Class
B
2,463
203
Liberty
SiriusXM
Group
Class
C(Æ)
6,835
301
LKQ
Corp.(Æ)
14,272
604
Lowe's
Cos.,
Inc.
1,797
342
Lululemon
Athletica,
Inc.(Æ)
1,582
485
Macy's,
Inc.(Æ)
25,091
406
McDonald's
Corp.
2,773
622
Mohawk
Industries,
Inc.(Æ)
2,644
508
Netflix,
Inc.(Æ)
12,694
6,622
Nike,
Inc.
Class
B
58,328
7,751
Nordstrom,
Inc.(Æ)
10,259
389
Norwegian
Cruise
Line
Holdings,
Ltd.(Æ)
7,320
202
NVR,
Inc.(Æ)
70
330
Ollie's
Bargain
Outlet
Holdings,
Inc.(Æ)
2,419
210
Omnicom
Group,
Inc.
31,691
2,350
O'Reilly
Automotive,
Inc.(Æ)
525
266
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Penske
Automotive
Group,
Inc.
3,280
263
Polaris,
Inc.
3,134
418
PulteGroup,
Inc.
47,603
2,496
PVH
Corp.(Æ)
4,338
459
Ralph
Lauren
Corp.
Class
A(Æ)
2,230
275
Ross
Stores,
Inc.
4,099
492
Royal
Caribbean
Cruises,
Ltd.(Æ)
2,807
240
Sensata
Technologies
Holding
PLC(Æ)
5,004
290
Skechers
USA,
Inc.
Class
A(Æ)
6,643
277
Starbucks
Corp.
47,057
5,142
Tapestry,
Inc.(Æ)
12,285
506
Target
Corp.
4,997
990
Thor
Industries,
Inc.
10,922
1,472
TJX
Cos.,
Inc.
(The)
5,401
357
Tractor
Supply
Co.
2,270
402
Ulta
Beauty,
Inc.(Æ)
5,066
1,566
Under
Armour,
Inc.
Class
A(Æ)
7,984
177
Urban
Outfitters,
Inc.(Æ)
7,043
262
VF
Corp.
2,803
224
ViacomCBS,
Inc.
Class
B
8,415
380
Walmart,
Inc.
8,217
1,116
Walt
Disney
Co.
(The)(Æ)
6,877
1,269
Whirlpool
Corp.
1,874
413
Williams-Sonoma,
Inc.
4,349
779
Yum
China
Holdings,
Inc.
3,171
188
93,961
Consumer
Staples
-
3.7%
Archer-Daniels-Midland
Co.
8,634
492
Casey's
General
Stores,
Inc.
582
126
Clorox
Co.
(The)
446
86
Coca-Cola
Co.
(The)
20,059
1,057
CVS
Health
Corp.
50,437
3,795
Estee
Lauder
Cos.,
Inc.
(The)
Class
A
1,424
414
General
Mills,
Inc.
2,979
183
Hormel
Foods
Corp.
1,723
82
Ingredion,
Inc.
25,990
2,337
JM
Smucker
Co.
(The)
3,096
392
Kroger
Co.
(The)
80,222
2,887
Molson
Coors
Beverage
Co.
Class
B(Æ)
30,092
1,539
Mondelez
International,
Inc.
Class
A
8,443
494
Monster
Beverage
Corp.(Æ)
2,598
237
PepsiCo,
Inc.
7,645
1,081
Philip
Morris
International,
Inc.
5,193
461
Procter
&
Gamble
Co.
(The)
15,375
2,082
Sysco
Corp.
1,609
127
Tyson
Foods,
Inc.
Class
A
39,830
2,960
US
Foods
Holding
Corp.(Æ)
5,544
211
Walgreens
Boots
Alliance,
Inc.
7,886
433
21,476
Energy
-
1.5%
BP
PLC
-
ADR
77,991
1,899
Canadian
Natural
Resources,
Ltd.
73,114
2,257
Chevron
Corp.
17,554
1,839
ConocoPhillips
Co.
13,264
703
Exxon
Mobil
Corp.
6,152
343
Magna
International,
Inc.
Class
A
15,341
1,351
8,392
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
Financial
Services
-
18.1%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust(Æ)
33,845
1,988
Aflac,
Inc.
9,823
503
Alliance
Data
Systems
Corp.
2,771
311
Allstate
Corp.
(The)
4,199
482
American
Express
Co.
1,079
153
American
Homes
4
Rent
Class
A(ö)
3,460
115
American
Tower
Corp.(ö)
2,084
498
Annaly
Capital
Management,
Inc.(ö)
209,846
1,805
Apple
Hospitality
REIT,
Inc.(ö)
19,915
290
AvalonBay
Communities,
Inc.(ö)
1,131
209
Banco
Santander
SA
-
ADR(Æ)(Ñ)
353,474
1,212
Bank
of
America
Corp.
118,551
4,587
Bank
of
New
York
Mellon
Corp.
(The)
5,310
251
Berkshire
Hathaway,
Inc.
Class
B(Æ)
19,932
5,092
BlackRock,
Inc.
Class
A
903
681
Brookfield
Property
REIT,
Inc.
Class
A(ö)
12,292
221
Capital
One
Financial
Corp.
2,570
327
Cboe
Global
Markets,
Inc.
503
50
CBRE
Group,
Inc.
Class
A(Æ)
6,371
504
Charles
Schwab
Corp.
(The)
16,058
1,047
Chubb,
Ltd.
3,410
539
Citigroup,
Inc.
102,884
7,485
Citizens
Financial
Group,
Inc.
58,081
2,564
Comerica,
Inc.
24,940
1,789
Crown
Castle
International
Corp.(ö)
1,803
310
CubeSmart(ö)
3,992
151
Discover
Financial
Services
2,083
198
Equinix,
Inc.(Æ)(ö)
331
225
Equity
Commonwealth(ö)
32,441
902
Essent
Group,
Ltd.
22,410
1,064
Essex
Property
Trust,
Inc.(ö)
452
123
Everest
Re
Group,
Ltd.
130
32
FleetCor
Technologies,
Inc.(Æ)
1,063
286
Global
Payments,
Inc.
3,663
738
Goldman
Sachs
Group,
Inc.
(The)
378
124
Hartford
Financial
Services
Group,
Inc.
3,157
211
Host
Hotels
&
Resorts,
Inc.(Æ)(ö)
9,213
155
Invitation
Homes,
Inc.(ö)
4,938
158
JPMorgan
Chase
&
Co.
34,574
5,263
KeyCorp
919
18
KKR
&
Co.,
Inc.
Class
A
160,536
7,842
Life
Storage,
Inc.(Æ)(ö)
1,090
94
M&T
Bank
Corp.
1,944
295
MasterCard,
Inc.
Class
A
30,505
10,861
Medical
Properties
Trust,
Inc.(ö)
3,345
71
Merck
&
Co.,
Inc.
14,451
1,114
MetLife,
Inc.
4,703
286
Morgan
Stanley
22,018
1,710
Northern
Trust
Corp.
3,311
348
PayPal
Holdings,
Inc.(Æ)
40,923
9,938
People's
United
Financial,
Inc.
3,680
66
PNC
Financial
Services
Group,
Inc.
(The)
2,876
504
Popular,
Inc.
22,053
1,551
Progressive
Corp.
(The)
1,337
128
Prudential
Financial,
Inc.
2,506
228
Public
Storage(ö)
963
238
Raymond
James
Financial,
Inc.
1,839
225
Regency
Centers
Corp.(ö)
1,726
98
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Reinsurance
Group
of
America,
Inc.
Class
A
1,509
190
RenaissanceRe
Holdings,
Ltd.
5
1
Ryman
Hospitality
Properties,
Inc.(Æ)(ö)
12,519
970
SLM
Corp.
94,562
1,699
State
Street
Corp.
2,147
180
Sun
Communities,
Inc.(ö)
628
94
Synchrony
Financial
8,472
344
Travelers
Cos.,
Inc.
(The)
3,142
473
Truist
Financial
Corp.
8,337
486
Two
Harbors
Investment
Corp.(ö)
291,435
2,136
US
Bancorp
8,817
488
VEREIT,
Inc.(ö)
2,273
88
Visa,
Inc.
Class
A
63,381
13,420
Wells
Fargo
&
Co.
130,331
5,092
Western
Union
Co.
(The)
11,682
288
WP
Carey,
Inc.(ö)
1,391
98
104,305
Health
Care
-
14.7%
10x
Genomics,
Inc.
Class
A(Æ)
26,482
4,793
Abbott
Laboratories
9,989
1,197
AbbVie,
Inc.
20,167
2,182
Abiomed,
Inc.(Æ)
1,856
592
Agilent
Technologies,
Inc.
6,993
889
Agios
Pharmaceuticals,
Inc.(Æ)
2,044
106
Alexion
Pharmaceuticals,
Inc.(Æ)
10,084
1,542
Align
Technology,
Inc.(Æ)
12,353
6,690
Alkermes
PLC(Æ)
14,653
274
Alnylam
Pharmaceuticals,
Inc.(Æ)
2,589
366
Amgen,
Inc.
2,239
557
Anthem,
Inc.(Æ)
1,207
433
AstraZeneca
PLC
-
ADR(Ñ)
25,269
1,256
Baxter
International,
Inc.
6,149
519
Becton
Dickinson
and
Co.
2,678
651
Biogen,
Inc.(Æ)
2,834
793
BioMarin
Pharmaceutical,
Inc.(Æ)
1,022
77
Bluebird
Bio,
Inc.(Æ)
3,503
106
Boston
Scientific
Corp.(Æ)
10,245
396
Bristol-Myers
Squibb
Co.
38,282
2,417
Cantel
Medical
Corp.(Æ)
3,882
310
Centene
Corp.(Æ)
7,579
484
Cerner
Corp.
6,807
489
Cigna
Corp.
2,621
634
Cooper
Cos.,
Inc.
(The)
1,361
523
Dentsply
Sirona,
Inc.
3,268
209
DexCom,
Inc.(Æ)
948
341
Edwards
Lifesciences
Corp.(Æ)
91,667
7,666
Eli
Lilly
&
Co.
4,594
858
Envista
Holdings
Corp.(Æ)
18,972
774
Exact
Sciences
Corp.(Æ)
1,507
199
Exelixis,
Inc.(Æ)
15,276
345
Gilead
Sciences,
Inc.
7,226
467
GlaxoSmithKline
PLC
-
ADR(Ñ)
37,309
1,332
HCA
Healthcare,
Inc.
6,053
1,140
Henry
Schein,
Inc.(Æ)
2,208
153
Hill-Rom
Holdings,
Inc.
2,362
261
Hologic,
Inc.(Æ)
2,266
169
Humana,
Inc.
425
178
ICU
Medical,
Inc.(Æ)
1,174
241
IDEXX
Laboratories,
Inc.(Æ)
459
225
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
Illumina,
Inc.(Æ)
466
179
Incyte
Corp.(Æ)
5,060
411
Insulet
Corp.(Æ)
433
113
Integra
LifeSciences
Holdings
Corp.(Æ)
3,940
272
Intuitive
Surgical,
Inc.(Æ)
9,520
7,034
Jazz
Pharmaceuticals
PLC(Æ)
9,775
1,607
Johnson
&
Johnson
30,550
5,021
Laboratory
Corp.
of
America
Holdings(Æ)
2,367
604
Masimo
Corp.(Æ)
1,953
449
MEDNAX,
Inc.(Æ)
9,580
244
Medtronic
PLC
23,654
2,794
Moderna,
Inc.(Æ)
3,263
427
Neurocrine
Biosciences,
Inc.(Æ)
831
81
Penumbra,
Inc.(Æ)
1,072
290
Pfizer,
Inc.
71,473
2,589
Quest
Diagnostics,
Inc.
2,890
371
Regeneron
Pharmaceuticals,
Inc.(Æ)
844
399
ResMed,
Inc.
3,433
666
Sage
Therapeutics,
Inc.(Æ)
2,682
201
Seagen,
Inc.(Æ)
1,169
162
STERIS
PLC
2,814
536
Stryker
Corp.
3,089
752
Teleflex,
Inc.
758
315
Thermo
Fisher
Scientific,
Inc.
2,568
1,172
United
Therapeutics
Corp.(Æ)
2,788
466
UnitedHealth
Group,
Inc.
6,346
2,361
Universal
Health
Services,
Inc.
Class
B
3,427
457
Varian
Medical
Systems,
Inc.(Æ)
2,969
524
Veeva
Systems,
Inc.
Class
A(Æ)
22,339
5,836
Vertex
Pharmaceuticals,
Inc.(Æ)
2,854
613
Viatris,
Inc.
Class
W(Æ)
91,558
1,279
West
Pharmaceutical
Services,
Inc.
2,655
748
Zimmer
Biomet
Holdings,
Inc.
11,817
1,892
Zoetis,
Inc.
Class
A
4,914
774
84,473
Materials
and
Processing
-
2.4%
Air
Products
&
Chemicals,
Inc.
144
41
Alcoa
Corp.(Æ)
29,353
954
Carrier
Global
Corp.
5,632
238
Copart,
Inc.(Æ)
1,742
189
Crown
Holdings,
Inc.
14,515
1,409
DowDuPont,
Inc.
33,833
2,614
Eastman
Chemical
Co.
12,273
1,352
Ecolab,
Inc.
87
19
Fastenal
Co.
4,175
210
Huntsman
Corp.
84,441
2,434
Lennox
International,
Inc.
546
170
Linde
PLC(Æ)
1,593
446
LyondellBasell
Industries
NV
Class
A
2,417
251
Newmont
Corp.
38,905
2,345
Owens
Corning
4,178
385
Reliance
Steel
&
Aluminum
Co.
434
66
Steel
Dynamics,
Inc.
63
3
Trane
Technologies
PLC
4,386
726
13,852
Producer
Durables
-
6.4%
3M
Co.
1,939
374
AECOM(Æ)
6,434
412
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Ametek,
Inc.
5,005
639
Aptiv
PLC(Æ)
1,648
227
Boeing
Co.
(The)(Æ)
1,463
373
Booz
Allen
Hamilton
Holding
Corp.
Class
A
3,149
254
Carlisle
Cos.,
Inc.
2,833
466
CH
Robinson
Worldwide,
Inc.
3,238
309
Chart
Industries,
Inc.(Æ)
7,056
1,004
Cintas
Corp.
1,104
377
CoStar
Group,
Inc.(Æ)
672
552
CSX
Corp.
3,078
297
Cummins,
Inc.
3,179
824
Danaher
Corp.
4,098
922
Deere
&
Co.
930
348
Delta
Air
Lines,
Inc.(Æ)
8,188
395
Eaton
Corp.
PLC
8,586
1,187
Emerson
Electric
Co.
3,665
331
Expeditors
International
of
Washington,
Inc.
1,184
128
FedEx
Corp.
5,182
1,472
Flir
Systems,
Inc.
4,588
259
General
Dynamics
Corp.
1,440
261
HEICO
Corp.
1,206
152
Honeywell
International,
Inc.
5,092
1,105
Huntington
Ingalls
Industries,
Inc.
597
123
IDEX
Corp.
2,079
435
IHS
Markit,
Ltd.(Æ)
3,232
313
Illinois
Tool
Works,
Inc.
1,625
360
Johnson
Controls
International
PLC(Æ)
18,229
1,088
Kansas
City
Southern
1,960
517
Keysight
Technologies,
Inc.(Æ)
918
132
L3Harris
Technologies,
Inc.
2,996
607
Lockheed
Martin
Corp.
1,215
449
Middleby
Corp.(Æ)
1,748
290
Northrop
Grumman
Corp.
932
302
Old
Dominion
Freight
Line,
Inc.
548
132
Otis
Worldwide
Corp.
2,816
193
PACCAR
Financial
Corp.
8,356
776
Paychex,
Inc.
7,866
771
Quanta
Services,
Inc.
6,202
546
Raytheon
Co.(Æ)
14,929
1,154
Republic
Services,
Inc.
Class
A
3,229
321
Roper
Technologies,
Inc.
954
385
S&P
Global,
Inc.
188
66
Snap-on,
Inc.
1,486
343
Southwest
Airlines
Co.(Æ)
6,257
382
Stanley
Black
&
Decker,
Inc.
719
144
Textron,
Inc.
29,797
1,671
Toro
Co.
(The)
2,847
294
TreeHouse
Foods,
Inc.(Æ)
34,703
1,813
Union
Pacific
Corp.
2,511
553
United
Airlines
Holdings,
Inc.(Æ)
2,219
128
United
Parcel
Service,
Inc.
Class
B
2,401
408
United
Rentals,
Inc.(Æ)
1,238
408
Verisk
Analytics,
Inc.
Class
A
2,323
410
Vontier
Corp.(Æ)
65,857
1,993
Waste
Management,
Inc.
47,564
6,137
Waters
Corp.(Æ)
790
224
Westinghouse
Air
Brake
Technologies
Corp.
1,530
121
Xerox
Holdings
Corp.
13,408
325
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
XPO
Logistics,
Inc.(Æ)
1,342
165
37,147
Technology
-
30.4%
Accenture
PLC
Class
A
4,196
1,159
Activision
Blizzard,
Inc.
2,116
197
Adobe,
Inc.(Æ)
11,674
5,549
Airbnb,
Inc.
Class
A(Æ)(Ñ)
24,983
4,695
Akamai
Technologies,
Inc.(Æ)
1,356
138
Allegion
PLC
1,360
171
Alphabet,
Inc.
Class
A(Æ)
2,609
5,381
Alphabet,
Inc.
Class
C(Æ)
853
1,765
Amdocs,
Ltd.
7,218
506
Amphenol
Corp.
Class
A
12,082
797
Ansys,
Inc.(Æ)
640
217
Apple,
Inc.
101,365
12,382
Applied
Materials,
Inc.
6,816
911
Arista
Networks,
Inc.(Æ)
7,173
2,165
Arrow
Electronics,
Inc.(Æ)
4,616
512
Automatic
Data
Processing,
Inc.
3,807
718
Black
Knight,
Inc.(Æ)
2,660
197
Booking
Holdings,
Inc.(Æ)
95
221
Broadcom,
Inc.
1,205
559
Broadridge
Financial
Solutions,
Inc.
2,086
319
CACI
International,
Inc.
Class
A(Æ)
356
88
Cadence
Design
Systems,
Inc.(Æ)
3,050
418
CDW
Corp.
2,415
400
Cisco
Systems,
Inc.
26,156
1,353
Citrix
Systems,
Inc.
3,203
450
Cognizant
Technology
Solutions
Corp.
Class
A
16,822
1,314
Concentrix
Corp.(Æ)
2,413
361
Corning,
Inc.
7,541
328
Corteva,
Inc.
Class
W
48,510
2,262
Coupa
Software,
Inc.(Æ)
19,600
4,988
Datadog,
Inc.
Class
A(Æ)
62,179
5,182
Dell
Technologies,
Inc.
Class
C(Æ)
7,292
643
Dolby
Laboratories,
Inc.
Class
A
4,325
427
DXC
Technology
Co.(Æ)
3,665
115
Electronic
Arts,
Inc.
923
125
F5
Networks,
Inc.(Æ)
1,997
417
Facebook,
Inc.
Class
A(Æ)
17,327
5,103
Fidelity
National
Information
Services,
Inc.
4,253
598
Fiserv,
Inc.(Æ)
2,540
302
Fortinet,
Inc.(Æ)
1,247
230
Genpact,
Ltd.
10,959
469
Grubhub,
Inc.(Æ)
2,448
147
Hewlett
Packard
Enterprise
Co.
Class
H
33,432
526
HP,
Inc.(Æ)
25,392
806
Intel
Corp.
31,958
2,045
Intuit,
Inc.
1,557
596
Jabil
Circuit,
Inc.
7,666
400
Jack
Henry
&
Associates,
Inc.
2,410
366
Juniper
Networks,
Inc.
80,920
2,050
Lam
Research
Corp.
1,088
648
Leidos
Holdings,
Inc.
3,168
305
Marvell
Technology
Group,
Ltd.
29,280
1,434
Match
Group,
Inc.(Æ)
53,095
7,294
Micron
Technology,
Inc.(Æ)
41,776
3,685
Microsoft
Corp.
118,763
28,001
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Motorola
Solutions,
Inc.
1,828
344
NCR
Corp.(Æ)
9,340
354
NVIDIA
Corp.
3,016
1,610
ON
Semiconductor
Corp.(Æ)
8,918
371
Oracle
Corp.
9,291
652
Paycom
Software,
Inc.(Æ)
16,913
6,259
Pure
Storage,
Inc.
Class
A(Æ)
18,569
400
Salesforce.com,
Inc.(Æ)
4,323
916
ServiceNow,
Inc.(Æ)
16,277
8,140
Skyworks
Solutions,
Inc.
1,179
216
Snowflake,
Inc.
Class
A(Æ)
26,070
5,977
SYNNEX
Corp.
2,413
277
Synopsys,
Inc.(Æ)
3,910
969
Take-Two
Interactive
Software,
Inc.(Æ)
2,156
381
Teradyne,
Inc.
4,579
557
Texas
Instruments,
Inc.
5,899
1,115
Twilio,
Inc.
Class
A(Æ)
29,737
10,133
Tyler
Technologies,
Inc.(Æ)
267
113
Uber
Technologies,
Inc.(Æ)
238,440
12,997
VMware,
Inc.
Class
A(Æ)(Ñ)
1,967
296
Western
Digital
Corp.
4,003
267
Wix.com,
Ltd.(Æ)
18,899
5,277
Workday,
Inc.
Class
A(Æ)
542
135
Zoom
Video
Communications,
Inc.
Class
A(Æ)
14,351
4,611
Zynga,
Inc.
Class
A(Æ)
38,500
393
175,195
Utilities
-
3.2%
American
Electric
Power
Co.,
Inc.
1,296
110
AT&T,
Inc.
99,179
3,001
Avangrid,
Inc.
4,903
244
CenterPoint
Energy,
Inc.
10,109
229
Consolidated
Edison
Co.,
Inc.
4,123
308
Dominion
Energy,
Inc.
1,134
86
DTE
Energy
Co.
1,968
262
Duke
Energy
Corp.
6,335
612
Evergy,
Inc.
5,903
351
Eversource
Energy(Æ)
3,433
297
Exelon
Corp.
11,311
495
FirstEnergy
Corp.
52,624
1,826
International
Business
Machines
Corp.
4,227
563
National
Fuel
Gas
Co.
2,504
125
NextEra
Energy,
Inc.
6,860
519
NiSource,
Inc.
62,538
1,508
PG&E
Corp.(Æ)
11,180
131
Pinnacle
West
Capital
Corp.
1,968
160
PPL
Corp.
62,438
1,801
Sempra
Energy
1,950
259
Southern
Co.
(The)
4,650
289
T-Mobile
US,
Inc.(Æ)
2,129
267
UGI
Corp.
21,330
875
Verizon
Communications,
Inc.
60,152
3,497
Vistra
Corp.
4,895
87
WEC
Energy
Group,
Inc.(Æ)
4,835
453
18,355
Total
Common
Stocks
(cost
$370,665)
557,156
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Strategic
Equity
Fund
7
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Short-Term
Investments
-
3.3%
U.S.
Cash
Management
Fund(@)
18,861,026
(∞)
18,857
Total
Short-Term
Investments
(cost
$18,857)
18,857
Other
Securities
-
1.3%
U.S.
Cash
Collateral
Fund(@)(×)
7,633,566
(∞)
7,634
Total
Other
Securities
(cost
$7,634)
7,634
Total
Investments
-
101.3%
(identified
cost
$397,156)
583,647
Other
Assets
and
Liabilities,
Net
-
(1.3)%
(7,256)
Net
Assets
-
100.0%
576,391
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
37
USD
7,340
06/21
46
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
46
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
$
93,961
$
—
$
—
$
—
$
93,961
Consumer
Staples
21,476
—
—
—
21,476
Energy
8,392
—
—
—
8,392
Financial
Services
104,305
—
—
—
104,305
Health
Care
84,473
—
—
—
84,473
Materials
and
Processing
13,852
—
—
—
13,852
Producer
Durables
37,147
—
—
—
37,147
Technology
175,195
—
—
—
175,195
Utilities
18,355
—
—
—
18,355
Short-Term
Investments
—
—
—
18,857
18,857
Other
Securities
—
—
—
7,634
7,634
Total
Investments
557,156
—
—
26,491
583,647
Other
Financial
Instruments
Assets
Futures
Contracts
46
—
—
—
46
Total
Other
Financial
Instruments
*
$
46
$
—
$
—
$
—
$
46
*
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
into
and
out
of
Level
3
during
the
period
ended
March
31,
2021,
see
note
2
in
the
Notes
to
Quarterly
Report.
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments
—
March
31,
2021
(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
–
100.9%
Consumer
Discretionary
-
15.4%
1-800-Flowers.com,
Inc.
Class
A(Æ)
8,834
244
Academy
Sports
and
Outdoors,
Inc.(Æ)
6,304
170
Adtalem
Global
Education,
Inc.(Æ)
2,078
82
AerSale
Corp.(Æ)(Ñ)
16,937
208
Altice
USA,
Inc.
Class
A(Æ)(Ð)
976
32
Amerco
,
Inc.
396
243
American
Axle
&
Manufacturing
Holdings,
Inc.(Æ)
44,607
431
American
Public
Education,
Inc.(Æ)
2,787
99
America's
Car-Mart,
Inc.(Æ)
9,117
1,388
Asbury
Automotive
Group,
Inc.(Æ)
1,986
390
B.
Riley
Financial,
Inc.
25,022
1,410
Bally's
Corp.(Æ)
6,073
394
Barnes
&
Noble
Education,
Inc.(Æ)
13,867
113
Bassett
Furniture
Industries,
Inc.
1,124
27
Beazer
Homes
USA,
Inc.(Æ)
2,650
55
Bed
Bath
&
Beyond,
Inc.(Æ)
2,088
61
BJ's
Restaurants,
Inc.(Æ)
22,646
1,314
BJ's
Wholesale
Club
Holdings,
Inc.(Æ)
5,571
250
Bloomin
'
Brands,
Inc.(Æ)
6,384
173
Bluegreen
Vacations
Corp.
8,042
87
Boot
Barn
Holdings,
Inc.(Æ)
21,249
1,324
Brinker
International,
Inc.(Æ)
9,333
663
Cable
One,
Inc.(Ð)
228
417
Caesars
Entertainment,
Inc.(Æ)
2,478
217
Caleres
,
Inc.
69,064
1,505
Canada
Goose
Holdings,
Inc.(Æ)(Ñ)
2,150
84
Cardlytics,
Inc.(Æ)
1,571
172
Carriage
Services,
Inc.
Class
A
1,471
52
Carrols
Restaurant
Group,
Inc.(Æ)
52,741
316
Cavco
Industries,
Inc.(Æ)
3,094
698
Celestica,
Inc.(Æ)
33,221
278
Central
Garden
&
Pet
Co.
Class
A(Æ)(Û)
2,321
120
Century
Casinos,
Inc.(Æ)
1,208
12
Century
Communities,
Inc.(Æ)
2,247
136
Cheesecake
Factory,
Inc.
(The)(Æ)
1,366
80
Churchill
Downs,
Inc.
959
218
Citi
Trends,
Inc.(Æ)
652
55
Cooper
Tire
&
Rubber
Co.
2,939
165
Cooper-Standard
Holdings,
Inc.(Æ)(Û)
5,692
207
Coty,
Inc.
Class
A(Æ)
10,994
99
Cracker
Barrel
Old
Country
Store,
Inc.
681
118
Dana
Holding
Corp.
20,292
494
Deckers
Outdoor
Corp.(Æ)
670
221
Del
Taco
Restaurants,
Inc.(Æ)
34,985
335
Delta
Apparel,
Inc.(Æ)
14,893
404
Denny's
Corp.(Æ)
13,532
245
Designer
Brands,
Inc.
Class
A(Æ)
25,209
439
Dillard's,
Inc.
Class
A
723
70
Dine
Brands
Global,
Inc.(Æ)
1,209
109
Drive
Shack,
Inc.(Æ)
57,017
183
Entercom
Communications
Corp.
Class
A(Æ)
39,508
208
Everi
Holdings,
Inc.(Æ)
15,610
220
EW
Scripps
Co.
(The)
Class
A
8,611
166
First
Cash
Financial
Services,
Inc.
1,207
79
Fossil
Group,
Inc.(Æ)
24,941
309
Franklin
Covey
Co.(Æ)
5,279
149
GAN,
Ltd.(Æ)
5,887
107
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Genesco,
Inc.(Æ)
11,608
552
G-III
Apparel
Group,
Ltd.(Æ)
5,231
158
Golden
Entertainment,
Inc.(Æ)
12,358
312
Goodyear
Tire
&
Rubber
Co.
(The)(Æ)(Û)
24,233
426
GoPro,
Inc.
Class
A(Æ)(Ð)
13,794
161
Gray
Television,
Inc.
13,681
252
Group
1
Automotive,
Inc.
2,014
318
H&R
Block,
Inc.
9,969
217
HealthStream
,
Inc.(Æ)(Û)
2,681
60
Hibbett
Sports,
Inc.(Æ)
1,231
85
Houghton
Mifflin
Harcourt
Co.(Æ)(Ð)
7,724
59
iHeartMedia
,
Inc.
Class
A(Æ)
14,437
262
iMedia
Brands,
Inc.(Æ)
16,334
127
International
Game
Technology
PLC(Æ)
10,916
175
IntriCon
Corp.(Æ)
5,952
153
Jack
in
the
Box,
Inc.
950
104
KB
Home
3,448
160
Kontoor
Brands,
Inc.
12,373
600
Landsea
Homes
Corp.(Æ)
46,174
441
La-Z-Boy,
Inc.
2,597
110
Liberty
TripAdvisor
Holdings,
Inc.
Class
A(Æ)
25,157
161
Lithia
Motors,
Inc.
Class
A
817
319
Lovesac
Co.
(The)(Æ)
1,334
76
Lumber
Liquidators
Holdings,
Inc.(Æ)
1,566
39
M/I
Homes,
Inc.(Æ)
2,217
131
Macy's,
Inc.(Æ)
5,139
83
Madison
Square
Garden
Entertainment
Corp.
(Æ)
7,800
638
Madison
Square
Garden
Sports
Corp.
Class
A(Æ)
2,931
526
Marchex
,
Inc.
Class
B(Æ)
4,000
11
Marriott
Vacations
Worldwide
Corp.(Æ)
1,824
317
Meritage
Homes
Corp.(Æ)
1,952
179
Mohawk
Group
Holdings,
Inc.(Æ)(Ñ)
13,168
388
Motorcar
Parts
of
America,
Inc.(Æ)
6,361
143
Nexstar
Media
Group,
Inc.
Class
A
1,351
190
Noodles
&
Co.
Class
A(Æ)
1,800
19
nVent
Electric
PLC
4,035
113
OneWater
Marine,
Inc.
Class
A(Æ)
816
33
Papa
John's
International,
Inc.
1,503
133
PARTS
iD
,
Inc.(Æ)
28,006
220
Penn
National
Gaming,
Inc.(Æ)
2,563
269
Perdoceo
Education
Corp.(Æ)(Ð)
5,137
61
PetIQ
,
Inc.(Æ)(Ñ)
17,035
601
Planet
Fitness,
Inc.
Class
A(Æ)
1,564
121
Playa
Hotels
&
Resorts
NV(Æ)
24,218
177
PLBY
Group,
Inc.(Æ)(Ñ)
9,894
194
Potbelly
Corp.(Æ)
18,187
107
Qurate
Retail,
Inc.
Class
A
58,811
692
Rent-A-Center,
Inc.
Class
A
960
55
Restoration
Hardware(Æ)
227
135
REV
Group,
Inc.
1,542
30
Revolve
Group,
Inc.(Æ)
1,567
70
Sally
Beauty
Holdings,
Inc.(Æ)
7,755
156
Scientific
Games
Corp.
Class
A(Æ)
7,062
272
SeaWorld
Entertainment,
Inc.(Æ)
3,571
177
Service
Corp.
International
1,320
67
Signet
Jewelers,
Ltd.(Æ)
4,025
233
Sinclair
Broadcast
Group,
Inc.
Class
A
4,067
119
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
Skyline
Champion
Corp.(Æ)
19,740
893
SMART
Global
Holdings,
Inc.(Æ)
19,420
893
Sonic
Automotive,
Inc.
Class
A
2,355
117
Stamps.com,
Inc.(Æ)
1,271
254
Steven
Madden,
Ltd.
2,970
111
Stride,
Inc.(Æ)
7,166
216
Taylor
Morrison
Home
Corp.
Class
A(Æ)
4,469
138
TEGNA,
Inc.
8,701
164
Tenneco,
Inc.
Class
A(Æ)
7,365
79
Texas
Roadhouse,
Inc.
Class
A
8,657
831
The
Aaron's
Co.,
Inc.
24,813
637
Tilly's,
Inc.
Class
A(Æ)
21,726
246
Townsquare
Media,
Inc.
Class
A(Æ)
32,388
348
Travelzoo
,
Inc.(Æ)(Û)
9,313
156
TripAdvisor,
Inc.(Æ)
1,874
101
Universal
Electronics,
Inc.(Æ)
6,775
372
Universal
Technical
Institute,
Inc.(Æ)
2,161
13
Urban
Outfitters,
Inc.(Æ)
4,494
167
Vera
Bradley,
Inc.(Æ)
1,285
13
Viad
Corp.(Æ)
4,039
169
Vista
Outdoor,
Inc.(Æ)
5,423
174
Visteon
Corp.(Æ)
2,194
268
WideOpenWest
,
Inc.(Æ)
2,650
36
Wingstop
,
Inc.(Û)
2,159
275
Winnebago
Industries,
Inc.
1,823
140
Wolverine
World
Wide,
Inc.
31,719
1,215
WW
International,
Inc.(Æ)
3,056
96
Wyndham
Hotels
&
Resorts,
Inc.(Û)
16,421
1,146
YETI
Holdings,
Inc.(Æ)
8,863
640
Zillow
Group,
Inc.
Class
A(Æ)(Û)
3,856
507
Zumiez
,
Inc.(Æ)
3,057
131
40,378
Consumer
Staples
-
3.2%
Adecoagro
SA(Æ)
56,963
448
Albertsons
Co.,
Inc.
Class
A
8,375
160
Andersons,
Inc.
(The)
2,637
72
Boston
Beer
Co.,
Inc.
Class
A(Æ)
176
212
Bunge,
Ltd.(Û)
6,342
503
Coca-Cola
Bottling
Co.
326
94
Core-Mark
Holding
Co.,
Inc.
1,060
41
elf
Beauty,
Inc.(Æ)
62,655
1,680
Energizer
Holdings,
Inc.
-
GDR(Æ)
13,234
524
Fresh
Del
Monte
Produce,
Inc.
9,482
272
Freshpet
,
Inc.(Æ)
635
101
Grocery
Outlet
Holding
Corp.(Æ)
15,296
563
Helen
of
Troy,
Ltd.(Æ)
793
167
Herbalife
Nutrition,
Ltd.(Æ)(Û)
4,664
207
J&J
Snack
Foods
Corp.
529
83
Lancaster
Colony
Corp.
595
104
Lifevantage
Corp.(Æ)
1,885
18
Medifast
,
Inc.
919
195
National
Vision
Holdings,
Inc.(Æ)
2,413
106
Nomad
Foods,
Ltd.(Æ)
17,058
468
Performance
Food
Group
Co.(Æ)
10,161
586
Pilgrim's
Pride
Corp.(Æ)
5,478
130
Post
Holdings,
Inc.(Æ)
990
105
Primo
Water
Corp.
31,716
516
Quanex
Building
Products
Corp.
4,332
114
Rite
Aid
Corp.(Æ)
4,632
95
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Sanderson
Farms,
Inc.(Ð)
1,071
167
Spectrum
Brands
Holdings,
Inc.
3,452
293
SunOpta
,
Inc.(Æ)
8,260
122
Turning
Point
Brands,
Inc.
2,480
129
WD-40
Co.
495
152
8,427
Energy
–
3.0%
Aemetis
,
Inc.(Æ)
6,359
156
Antero
Resources
Corp.(Æ)
7,884
80
Arch
Coal,
Inc.(Æ)(Û)
4,171
174
Berry
Petroleum
Corp.
17,184
95
ChampionX
Corp.(Æ)
47,289
1,027
Delek
US
Holdings,
Inc.
1,240
27
EQT
Corp.(Æ)
10,059
187
Exterran
Corp.(Æ)
1,223
4
Golar
LNG,
Ltd.(Æ)
5,616
57
Green
Brick
Partners,
Inc.(Æ)
54,916
1,244
Green
Plains,
Inc.
4,848
131
Matrix
Service
Co.(Æ)
36,320
476
Nabors
Industries,
Inc.(Æ)
479
45
National
Energy
Services
Reunited
Corp.(Æ)
37,491
463
Natural
Gas
Services
Group,
Inc.(Æ)
22,427
212
Newpark
Resources,
Inc.(Æ)
71,433
225
NexTier
Oilfield
Solutions,
Inc.(Æ)
111,140
412
NOW,
Inc.(Æ)
21,219
214
Oceaneering
International,
Inc.(Æ)
10,858
124
Oil
States
International,
Inc.(Æ)
1,367
8
Par
Pacific
Holdings,
Inc.(Æ)
5,997
85
PDC
Energy,
Inc.(Æ)(Ð)
4,786
165
Peabody
Energy
Corp.(Æ)
11,317
35
REX
American
Resources
Corp.(Æ)(Ð)
661
56
Select
Energy
Services,
Inc.
Class
A(Æ)
22,015
110
SM
Energy
Co.
22,279
365
SunCoke
Energy,
Inc.
8,930
63
Sunrun
,
Inc.(Æ)
2,161
131
Talon
Metals
Corp.(Æ)
183,000
103
Targa
Resources
Corp.(Û)
10,591
336
TPI
Composites,
Inc.(Æ)
8,898
501
US
Silica
Holdings,
Inc.(Æ)
1,000
12
Warrior
Met
Coal,
Inc.
15,676
269
Weatherford
International
PLC(Æ)
7,197
92
World
Fuel
Services
Corp.
5,021
177
7,861
Financial
Services
-
21.4%
1st
Source
Corp.
2,273
108
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust(Æ)
8,526
501
Agree
Realty
Corp.(ö)
1,342
90
Alleghany
Corp.(Æ)(Ð)
654
410
Alliance
Data
Systems
Corp.
5,274
591
Ally
Financial,
Inc.
1,283
58
Alpine
Income
Property
Trust,
Inc.(ö)
8,530
148
Altabank
Corp.(Æ)
985
41
Amalgamated
Financial
Corp.
12,149
202
American
Campus
Communities,
Inc.(Ð)(ö)
6,652
287
American
Equity
Investment
Life
Holding
Co.
9,201
290
Ameris
Bancorp
12,767
670
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
Amerisafe
,
Inc.
1,593
102
Apple
Hospitality
REIT,
Inc.(ö)
21,269
310
Argo
Group
International
Holdings,
Ltd.
2,389
120
Armada
Hoffler
Properties,
Inc.(ö)
2,046
26
Assurant,
Inc.
145
21
Atlantic
Capital
Bancshares,
Inc.(Æ)
14,557
351
Atlantic
Union
Bankshares
Corp.(Æ)
4,147
159
Axis
Capital
Holdings,
Ltd.
8,301
411
Axos
Financial,
Inc.(Æ)
3,338
157
Banc
of
California,
Inc.
55,170
996
Bancorp,
Inc.
(The)(Æ)(Ð)
1,668
35
BancorpSouth
Bank
4,824
157
BankUnited
,
Inc.
6,324
278
Banner
Corp.
2,200
117
Blackstone
Mortgage
Trust,
Inc.
Class
A(ö)
9,109
282
Blucora
,
Inc.(Æ)
30,192
503
Bridgewater
Bancshares,
Inc.(Æ)
611
10
Brighthouse
Financial,
Inc.(Æ)(Û)
8,161
361
Brixmor
Property
Group,
Inc.(ö)
25,614
518
Broadmark
Realty
Capital,
Inc.(ö)
15,560
163
Byline
Bancorp,
Inc.
16,667
353
Cadence
Bancorp
46,703
969
Capital
City
Bank
Group,
Inc.
13,619
355
Capstar
Financial
Holdings,
Inc.
28,221
487
Carter
Bankshares
,
Inc.(Æ)
1,194
17
Cathay
General
Bancorp
4,027
164
CBTX,
Inc.
1,368
42
Century
Bancorp,
Inc.
Class
A
2,836
265
Chatham
Lodging
Trust(Æ)(ö)
4,100
54
CIT
Group,
Inc.
3,377
174
Civista
Bancshares,
Inc.
16,385
376
Coastal
Financial
Corp.(Æ)
1,218
32
Columbia
Banking
System,
Inc.
3,860
166
Community
Bank
System,
Inc.
1,604
123
Community
Bankers
Trust
Corp.
10,201
90
CorEnergy
Infrastructure
Trust,
Inc.(ö)
780
6
CorePoint
Lodging,
Inc.(Æ)(ö)
3,843
35
Cowen
Group,
Inc.
Class
A
13,536
476
CTO
Realty
Growth,
Inc.(ö)
11,126
579
Curo
Group
Holdings
Corp.
8,241
120
Customers
Bancorp,
Inc.(Æ)
2,041
65
CVB
Financial
Corp.
4,428
98
Diversified
Healthcare
Trust(Æ)
2,500
12
Donegal
Group,
Inc.
Class
A
86
1
Eagle
Bancorp,
Inc.
2,909
155
EastGroup
Properties,
Inc.(ö)
1,178
169
Ellington
Financial,
Inc.(ö)
4,606
74
Emerald
Holding,
Inc.(Æ)
30,853
170
Encore
Capital
Group,
Inc.(Æ)(Ð)
3,050
123
Enova
International,
Inc.(Æ)
3,408
121
Enstar
Group,
Ltd.(Æ)
541
133
Equity
Commonwealth(ö)
11,930
332
Essent
Group,
Ltd.
12,226
581
Essential
Properties
Realty
Trust,
Inc.(ö)
5,455
125
Evans
Bancorp,
Inc.
2,760
94
eXp
World
Holdings,
Inc.(Æ)(Ð)
775
35
EZCORP,
Inc.
Class
A(Æ)
4,302
21
Fathom
Holdings,
Inc.(Æ)(Ñ)
4,189
153
FB
Financial
Corp.
5,874
261
Federal
Agricultural
Mortgage
Corp.
Class
C
6,909
696
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Federated
Hermes,
Inc.
Class
B
4,440
139
First
BanCorp
6,635
289
First
Financial
Bankshares
,
Inc.
3,746
175
First
Financial
Corp.
366
16
First
Foundation,
Inc.
35,789
839
First
Interstate
BancSystem
,
Inc.
Class
A
9,989
460
First
Midwest
Bancorp,
Inc.
5,754
126
Flagstar
Bancorp,
Inc.
4,126
186
Fly
Leasing,
Ltd.
-
ADR
12,664
213
Forestar
Group,
Inc.(Æ)
1,225
29
Franchise
Group,
Inc.(Æ)
23,459
846
Fulton
Financial
Corp.
7,734
132
Gaming
and
Leisure
Properties,
Inc.(ö)(Û)
23,827
1,011
Genworth
Financial,
Inc.
Class
A(Æ)
35,477
118
GEO
Group,
Inc.
(The)(Ð)(ö)
8,749
68
Glacier
Bancorp,
Inc.
2,595
148
Great
Western
Bancorp,
Inc.
3,455
105
Green
Dot
Corp.
Class
A(Æ)(Û)
8,373
384
Greenlight
Capital
Re,
Ltd.
Class
A(Æ)
921
8
Guaranty
Bancshares,
Inc.(Û)
433
16
Hallmark
Financial
Services,
Inc.(Æ)
19,642
76
Hancock
Holding
Co.
4,324
182
Hanmi
Financial
Corp.
2,636
52
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.(ö)
1,102
62
Hanover
Insurance
Group,
Inc.
(The)
2,431
315
HarborOne
Bancorp,
Inc.
14,481
195
Healthcare
Realty
Trust,
Inc.(ö)
2,966
90
Heartland
Financial
USA,
Inc.
1,657
83
Heritage
Financial
Corp.
7,514
212
Heritage
Insurance
Holdings,
Inc.
343
4
Hilltop
Holdings,
Inc.
3,429
117
Home
Bancorp,
Inc.(Û)
239
9
Home
BancShares
,
Inc.
28,079
760
HomeStreet
,
Inc.
23,311
1,027
HomeTrust
Bancshares,
Inc.(Û)
643
16
Hope
Bancorp,
Inc.
8,861
133
Houlihan
Lokey
,
Inc.
Class
A
4,106
273
I3
Verticals,
Inc.
Class
A(Æ)(Ñ)
28,319
880
Independence
Realty
Trust,
Inc.(ö)
38,905
591
Independent
Bank
Corp.(Û)
22,321
528
Independent
Bank
Group,
Inc.
2,056
149
Industrial
Logistics
Properties
Trust(ö)
7,046
163
Invesco
Mortgage
Capital,
Inc.(Ñ)(ö)
23,511
94
Investors
Bancorp,
Inc.
10,393
153
iStar
,
Inc.(ö)
7,801
139
James
River
Group
Holdings,
Ltd.(Ð)
4,486
205
JER
Investment
Trust,
Inc.(Æ)(Š)(Þ)
1,771
—
Kearny
Financial
Corp.
59,201
715
Kemper
Corp.
3,317
264
Kennedy-Wilson
Holdings,
Inc.
2,000
40
Ladder
Capital
Corp.
Class
A(ö)
13,162
155
Lakeland
Financial
Corp.
3,131
217
LendingClub
Corp.(Æ)
8,947
148
LendingTree
,
Inc.(Æ)(Ñ)
973
207
Lexington
Realty
Trust(ö)
9,300
103
Live
Oak
Bancshares,
Inc.(Ð)
1,093
75
LTC
Properties,
Inc.(ö)
5,422
226
Merchants
Bancorp
1,628
68
Meridian
Bancorp,
Inc.
15,699
289
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
Metropolitan
Bank
Holding
Corp.(Æ)
163
8
MFA
Financial,
Inc.(ö)
52,695
214
Mr.
Cooper
Group,
Inc.(Æ)
4,275
149
National
Bank
Holdings
Corp.
Class
A
19,205
762
National
Health
Investors,
Inc.(ö)
1,385
100
NBT
Bancorp,
Inc.
2,833
113
New
Senior
Investment
Group,
Inc.(ö)
3,921
24
Newmark
Group,
Inc.
Class
A
17,660
177
NexPoint
Residential
Trust,
Inc.(ö)
380
18
NMI
Holdings,
Inc.
Class
A(Æ)
29,916
707
Northeast
Bank
13,143
347
Northrim
BanCorp
,
Inc.
343
15
Northwest
Bancshares,
Inc.
8,889
128
ODP
Corp.
(The)(Æ)
4,206
182
Office
Properties
Income
Trust(ö)
3,622
100
OFG
Bancorp
3,285
74
Old
National
Bancorp
4,866
94
Old
Second
Bancorp,
Inc.
29,591
391
Open
Lending
Corp.
Class
A(Æ)
3,775
134
Origin
Bancorp,
Inc.
634
27
PCSB
Financial
Corp.
39,595
658
Peapack
Gladstone
Financial
Corp.
390
12
PennyMac
Financial
Services,
Inc.
5,317
356
Peoples
Bancorp,
Inc.
20,984
696
Physicians
Realty
Trust(ö)
6,466
114
Piedmont
Office
Realty
Trust,
Inc.
Class
A(ö)
2,277
40
PJT
Partners,
Inc.
Class
A
236
16
Plymouth
Industrial
REIT,
Inc.(ö)
19,050
321
Popular,
Inc.(Û)
15,439
1,086
Postal
Realty
Trust,
Inc.
Class
A(ö)
21,250
365
Potlatch
Corp.(ö)
8,165
432
Premier
Financial
Corp.
24,966
829
Primis
Financial
Corp.(Æ)
12,915
188
ProAssurance
Corp.
2,986
80
PROG
Holdings,
Inc.
13,718
594
Provident
Financial
Services,
Inc.
5,500
123
PS
Business
Parks,
Inc.(ö)
731
113
QCR
Holdings,
Inc.
874
41
Radian
Group,
Inc.
7,759
180
RE/MAX
Holdings,
Inc.
Class
A
1,875
74
Realogy
Holdings
Corp.(Æ)
8,983
136
Redfin
Corp.(Æ)
2,952
197
Reinsurance
Group
of
America,
Inc.
Class
A(Û)
3,417
431
RenaissanceRe
Holdings,
Ltd.(Ð)
2,538
407
Renasant
Corp.
2,340
97
Repay
Holdings
Corp.(Æ)
16,750
393
Retail
Value,
Inc.(ö)
718
13
RLI
Corp.
1,050
117
RLJ
Lodging
Trust(ö)
18,991
294
RMR
Group,
Inc.
(The)
Class
A
9,918
405
Ryman
Hospitality
Properties,
Inc.(Æ)(ö)
2,023
157
Sabra
Health
Care
REIT,
Inc.(ö)
5,084
88
Safety
Insurance
Group,
Inc.
1,478
125
Santander
Consumer
USA
Holdings,
Inc.
2,431
66
Selective
Insurance
Group,
Inc.
1,830
133
Selectquote
,
Inc.(Æ)
4,099
121
ServisFirst
Bancshares,
Inc.
2,802
172
Shore
Bancshares,
Inc.
9,803
167
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Silvercrest
Asset
Management
Group,
Inc.
Class
A
19,112
275
Silvergate
Capital
Corp.
Class
A(Æ)
596
85
Simmons
First
National
Corp.
Class
A
4,873
145
SLM
Corp.(Û)
17,880
321
SmartFinancial
,
Inc.
1,285
28
South
State
Corp.
4,890
384
SP
Plus
Corp.(Æ)
28,150
922
Spirit
of
Texas
Bancshares,
Inc.
647
14
Spirit
Realty
Capital,
Inc.(ö)
4,685
199
STAG
Industrial,
Inc.(ö)
4,348
146
Stewart
Information
Services
Corp.(Û)
5,487
285
Stifel
Financial
Corp.
3,410
218
StoneX
Group,
Inc.(Æ)
9,536
623
Summit
Hotel
Properties,
Inc.(Æ)(ö)
43,246
439
Sunstone
Hotel
Investors,
Inc.(Æ)(ö)
8,428
105
Terreno
Realty
Corp.(ö)
1,950
113
Territorial
Bancorp,
Inc.
18,988
502
Texas
Capital
Bancshares,
Inc.(Æ)
6,927
492
Tiptree
Financial,
Inc.
Class
A
30,544
273
TriCo
Bancshares
7,449
353
Triumph
Bancorp,
Inc.(Æ)
13,474
1,042
Trustmark
Corp.
3,378
114
UMB
Financial
Corp.
1,925
178
UMH
Properties,
Inc.(ö)
42,638
816
United
Bankshares
,
Inc.
4,497
173
United
Community
Banks,
Inc.
4,852
166
United
Fire
Group,
Inc.
1,278
44
United
Insurance
Holdings
Corp.
3,684
27
Universal
Insurance
Holdings,
Inc.
5,339
77
Valley
National
Bancorp
13,286
183
Velocity
Financial,
Inc.(Æ)
14,427
128
Veritex
Holdings,
Inc.
21,269
696
Voya
Financial,
Inc.(Û)
5,746
366
Walker
&
Dunlop,
Inc.
1,070
110
Washington
Trust
Bancorp,
Inc.
9,171
473
Webster
Financial
Corp.
9,561
527
Western
Alliance
Bancorp
1,590
150
WSFS
Financial
Corp.
2,159
107
55,998
Health
Care
-
15.9%
Acadia
Healthcare
Co.,
Inc.(Æ)
1,409
81
Accuray
,
Inc.(Æ)
9,559
47
Adverum
Biotechnologies,
Inc.(Æ)
7,648
75
Aeglea
BioTherapeutics
,
Inc.(Æ)
1,531
12
Aerie
Pharmaceuticals,
Inc.(Æ)(Ð)
3,976
71
Agenus,
Inc.(Æ)
25,408
69
Agios
Pharmaceuticals,
Inc.(Æ)(Ð)
4,882
252
Akebia
Therapeutics,
Inc.(Æ)(Ð)
16,284
55
Alector
,
Inc.(Æ)
5,236
105
Alkermes
PLC(Æ)(Û)
14,200
265
Allakos
,
Inc.(Æ)
1,468
168
Allogene
Therapeutics,
Inc.(Æ)
5,135
181
Allscripts
Healthcare
Solutions,
Inc.(Æ)(Û)
20,047
301
Alphatec
Holdings,
Inc.(Æ)
11,291
178
Amicus
Therapeutics,
Inc.(Æ)
12,702
125
Amneal
Pharmaceuticals,
Inc.(Æ)(Ð)
7,522
51
Anavex
Life
Sciences
Corp.(Æ)(Ñ)
17,807
266
AngioDynamics
,
Inc.(Æ)
2,087
49
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
ANI
Pharmaceuticals,
Inc.(Æ)
15,637
565
Anika
Therapeutics,
Inc.(Æ)
20,086
820
Apellis
Pharmaceuticals,
Inc.(Æ)
6,550
281
Applied
Genetic
Technologies
Corp.(Æ)(Ð)
3,075
16
Ardelyx
,
Inc.(Æ)(Ð)
5,552
37
Arrowhead
Pharmaceuticals,
Inc.(Æ)
4,382
291
Assertio
Holdings,
Inc.(Æ)
13,046
9
Atara
Biotherapeutics
,
Inc.(Æ)
1,648
24
Athenex
,
Inc.(Æ)
5,406
23
Athersys
,
Inc.(Æ)(Ñ)
56,759
102
Avid
Bioservices
,
Inc.(Æ)
102,655
1,872
AVROBIO,
Inc.(Æ)(Ð)
3,406
43
Beam
Therapeutics,
Inc.(Æ)(Ñ)
2,926
234
Beyondspring
,
Inc.(Æ)
1,261
14
Biohaven
Pharmaceutical
Holding
Co.,
Ltd.
(Æ)
2,594
177
BioLife
Solutions,
Inc.(Æ)
57,670
2,077
Biomerica
,
Inc.(Æ)
23,030
126
Bioxcel
Therapeutics,
Inc.(Æ)(Ñ)
1,536
66
Bluebird
Bio,
Inc.(Æ)(Ð)
5,444
164
Blueprint
Medicines
Corp.(Æ)
2,337
227
BridgeBio
Pharma,
Inc.(Æ)
2,905
179
Cara
Therapeutics,
Inc.(Æ)(Ð)
4,209
91
Cardiovascular
Systems,
Inc.(Æ)(Ð)
1,897
73
Castlight
Health,
Inc.
Class
B(Æ)
10,899
16
Catalyst
Pharmaceuticals,
Inc.(Æ)
7,800
36
ChemoCentryx
,
Inc.(Æ)
2,169
111
Chiasma,
Inc.(Æ)
10,995
34
Chimerix
,
Inc.(Æ)
13,970
135
Coherus
Biosciences,
Inc.(Æ)(Ð)
4,220
62
Community
Health
Systems,
Inc.(Æ)
14,861
201
Computer
Programs
&
Systems,
Inc.
2,613
80
Concert
Pharmaceuticals,
Inc.(Æ)(Ð)
2,742
14
CONMED
Corp.
5,080
663
Constellation
Pharmaceuticals,
Inc.(Æ)
3,682
86
CorVel
Corp.(Æ)
2,076
213
Crinetics
Pharmaceuticals,
Inc.(Æ)
921
14
Cross
Country
Healthcare,
Inc.(Æ)(Ð)
1,799
22
CryoLife
,
Inc.(Æ)
6,444
146
Cutera
,
Inc.(Æ)(Ð)
1,506
45
Cyclerion
Therapeutics,
Inc.(Æ)
2,399
7
Cytokinetics,
Inc.(Æ)
6,456
150
CytomX
Therapeutics,
Inc.(Æ)
6,236
48
Deciphera
Pharmaceuticals,
Inc.(Æ)
5,592
250
Denali
Therapeutics,
Inc.(Æ)
3,354
192
Dicerna
Pharmaceuticals,
Inc.(Æ)
5,215
133
Eagle
Pharmaceuticals,
Inc.(Æ)
2,697
113
Editas
Medicine,
Inc.(Æ)
3,629
152
Eiger
BioPharmaceuticals
,
Inc.(Æ)
14,293
126
Emergent
BioSolutions
,
Inc.(Æ)
2,839
264
Enanta
Pharmaceuticals,
Inc.(Æ)
3,119
154
Endo
International
PLC(Æ)
10,410
77
Ensign
Group,
Inc.
(The)
7,139
671
Epizyme
,
Inc.(Æ)
11,235
98
Esperion
Therapeutics,
Inc.(Æ)(Ñ)
3,143
88
Exelixis
,
Inc.(Æ)(Ð)
11,521
260
Fate
Therapeutics,
Inc.(Æ)
3,088
255
Fennec
Pharmaceuticals,
Inc.(Æ)
6,778
42
FibroGen
,
Inc.(Æ)
4,252
148
Flexion
Therapeutics,
Inc.(Æ)(Ð)
4,605
41
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Forma
Therapeutics
Holdings,
Inc.(Æ)
1,971
55
Frequency
Therapeutics,
Inc.(Æ)(Ñ)
4,142
39
Fulgent
Genetics,
Inc.(Æ)(Ñ)
7,414
717
G1
Therapeutics,
Inc.(Æ)
871
21
Global
Blood
Therapeutics,
Inc.(Æ)(Ð)
2,386
97
Gossamer
Bio,
Inc.(Æ)(Ð)
5,799
54
Halozyme
Therapeutics,
Inc.(Æ)
7,998
333
Hanger,
Inc.(Æ)
2,086
48
Heron
Therapeutics,
Inc.(Æ)
12,328
199
Heska
Corp.(Æ)
7,886
1,329
Homology
Medicines,
Inc.(Æ)
2,649
25
iCAD
,
Inc.(Æ)(Ñ)
10,593
225
IGM
Biosciences,
Inc.(Æ)(Ñ)
1,136
87
ImmunityBio
,
Inc.(Æ)(Ñ)
10,051
239
Infinity
Pharmaceuticals,
Inc.(Æ)
1,113
4
InfuSystems
Holdings,
Inc.(Æ)
55,229
1,125
Inotiv
,
Inc.(Æ)
3,821
76
Insmed
,
Inc.(Æ)
3,962
135
Inspire
Medical
Systems,
Inc.(Æ)
1,612
334
Intellia
Therapeutics,
Inc.(Æ)
3,809
306
Intercept
Pharmaceuticals,
Inc.(Æ)(Ð)
2,756
64
Intersect
ENT,
Inc.(Æ)
3,241
68
Invacare
Corp.
39,431
316
Invitae
Corp.(Æ)(Ñ)
1,435
55
Ionis
Pharmaceuticals,
Inc.(Æ)
740
33
iRadimed
Corp.(Æ)
30,731
793
Ironwood
Pharmaceuticals,
Inc.
Class
A(Æ)
(Ð)
11,854
133
Jazz
Pharmaceuticals
PLC(Æ)(Û)
2,271
373
Kiniksa
Pharmaceuticals,
Ltd.
Class
A(Æ)
1,545
29
Kodiak
Sciences,
Inc.(Æ)
1,895
215
Kura
Oncology,
Inc.(Æ)
2,610
74
Kymera
Therapeutics,
Inc.(Æ)
3,034
118
Lannett
Co.,
Inc.(Æ)
3,656
19
Lantheus
Holdings,
Inc.(Æ)
29,864
638
LeMaitre
Vascular,
Inc.
20,161
984
LHC
Group,
Inc.(Æ)
4,156
796
LivaNova
PLC(Æ)(Ð)
3,998
295
MacroGenics
,
Inc.(Æ)
5,407
172
Medpace
Holdings,
Inc.(Æ)
5,535
909
MeiraGTx
Holdings
PLC(Æ)(Ð)
1,279
18
Merit
Medical
Systems,
Inc.(Æ)
1,855
111
Minerva
Neurosciences,
Inc.(Æ)
6,607
19
Mirati
Therapeutics,
Inc.(Æ)
703
120
ModivCare
,
Inc.(Æ)
3,365
498
Molina
Healthcare,
Inc.(Æ)(Ð)
2,094
489
Morphic
Holding,
Inc.(Æ)
939
59
Mustang
Bio,
Inc.(Æ)
9,303
31
Myriad
Genetics,
Inc.(Æ)
6,734
205
Natera
,
Inc.(Æ)
1,245
126
Natus
Medical,
Inc.(Æ)
18,413
471
Nektar
Therapeutics(Æ)(Ð)
1,460
29
Neogen
Corp.(Æ)
8,388
747
NeoGenomics
,
Inc.(Æ)
13,548
653
NextGen
Healthcare,
Inc.(Æ)
15,711
284
NGM
Biopharmaceuticals,
Inc.(Æ)
1,408
41
Novavax
,
Inc.(Æ)
2,612
474
Novocure
,
Ltd.(Æ)(Ð)
2,000
264
Omnicell
,
Inc.(Æ)
2,448
318
Optinose
,
Inc.(Æ)
1,664
6
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
Option
Care
Health,
Inc.(Æ)
7,518
133
Orthofix
Medical,
Inc.(Æ)
2,210
96
Pacific
Biosciences
of
California,
Inc.(Æ)
10,109
337
Paratek
Pharmaceuticals,
Inc.(Æ)(Ð)
2,947
21
Pennant
Group,
Inc.
(The)(Æ)
8,910
408
Poseida
Therapeutics,
Inc.(Æ)
1,000
10
PRA
Health
Sciences,
Inc.(Æ)
2,392
367
Prothena
Corp.
PLC(Æ)(Ð)
3,170
80
PTC
Therapeutics,
Inc.(Æ)
4,899
232
Quidel
Corp.(Æ)(Ð)
1,673
214
R1
RCM,
Inc.(Æ)
4,971
123
Radius
Health,
Inc.(Æ)
4,621
96
RadNet
,
Inc.(Æ)
43,789
953
Recro
Pharma,
Inc.(Æ)
30,766
86
REGENXBIO,
Inc.(Æ)(Ð)
1,752
60
Relay
Therapeutics,
Inc.(Æ)
4,176
144
Repligen
Corp.(Æ)
4,865
947
Revolution
Medicines,
Inc.(Æ)
3,465
159
Sage
Therapeutics,
Inc.(Æ)
669
50
Sangamo
BioSciences
,
Inc.(Æ)
9,375
117
Sarepta
Therapeutics,
Inc.(Æ)
646
48
Selecta
Biosciences,
Inc.(Æ)
10,867
49
SI-BONE,
Inc.(Æ)
5,571
177
Sorrento
Therapeutics,
Inc.(Æ)(Ñ)
7,187
59
Spectrum
Pharmaceuticals,
Inc.(Æ)
5,340
17
Stereotaxis
,
Inc.(Æ)
24,972
168
Strongbridge
Biopharma
PLC(Æ)(Ð)
2,313
6
Surmodics
,
Inc.(Æ)
472
26
Sutro
Biopharma,
Inc.(Æ)(Ð)
2,711
62
Syndax
Pharmaceuticals,
Inc.(Æ)
5,239
117
Syneos
Health,
Inc.
Class
A(Æ)
1,954
148
Syros
Pharmaceuticals,
Inc.(Æ)
2,700
20
Tabula
Rasa
HealthCare,
Inc.(Æ)(Ñ)
2,683
124
Tactile
Systems
Technology,
Inc.(Æ)
11,923
650
Tenet
Healthcare
Corp.(Æ)
6,704
349
TG
Therapeutics,
Inc.(Æ)
6,413
309
Theravance
Biopharma,
Inc.(Æ)(Ð)
4,116
84
Travere
Therapeutics,
Inc.(Æ)
4,628
116
Tricida
,
Inc.(Æ)
4,504
24
Turning
Point
Therapeutics,
Inc.(Æ)
1,774
168
Twist
Bioscience
Corp.(Æ)
1,710
212
Ultragenyx
Pharmaceutical,
Inc.(Æ)
2,283
260
United
Therapeutics
Corp.(Æ)(Û)
2,468
413
UNITY
Biotechnology,
Inc.(Æ)
2,827
17
Utah
Medical
Products,
Inc.
10,948
949
Vanda
Pharmaceuticals,
Inc.(Æ)(Ð)
4,318
65
Varex
Imaging
Corp.(Æ)(Ð)
5,401
111
Veracyte
,
Inc.(Æ)
2,705
145
ViewRay
,
Inc.(Æ)
26,763
116
Vir
Biotechnology,
Inc.(Æ)
3,354
172
Voyager
Therapeutics,
Inc.(Æ)
3,779
18
WaVe
Life
Sciences,
Ltd.(Æ)
1,640
9
Xencor
,
Inc.(Æ)
2,617
113
Zentalis
Pharmaceuticals,
Inc.(Æ)
2,369
103
Zogenix
,
Inc.(Æ)
641
13
41,574
Materials
and
Processing
-
9.0%
Advanced
Drainage
Systems,
Inc.
1,035
107
AdvanSix
,
Inc.(Æ)
2,057
55
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
A-Mark
Precious
Metals,
Inc.
542
20
American
Vanguard
Corp.
23,261
475
American
Woodmark
Corp.(Æ)
1,206
119
Apogee
Enterprises,
Inc.
3,266
134
Arconic
Corp.(Æ)
30,409
772
Ardagh
Group
SA
230
6
Ashland
Global
Holdings,
Inc.(Û)
3,580
318
Atkore
International
Group,
Inc.(Æ)
3,890
280
Beacon
Roofing
Supply,
Inc.(Æ)
10,833
567
Belden,
Inc.
2,220
99
Boise
Cascade
Co.
3,315
198
BrightView
Holdings,
Inc.(Æ)
12,735
214
Builders
FirstSource
,
Inc.(Æ)
9,601
445
Cabot
Corp.
3,022
158
Caesarstone
,
Ltd.
9,614
132
Carpenter
Technology
Corp.
3,342
138
Chemours
Co.
(The)
10,360
289
Clearwater
Paper
Corp.(Æ)(Ð)
1,382
52
Constellium
SE(Æ)
21,206
312
Culp,
Inc.
54,515
839
Eagle
Materials,
Inc.
7,381
992
Element
Solutions,
Inc.(Æ)(Û)
58,625
1,072
Haynes
International,
Inc.
2,640
78
Huntsman
Corp.
13,240
382
Ingevity
Corp.(Æ)
9,660
730
Installed
Building
Products,
Inc.
1,436
159
Insteel
Industries,
Inc.
45,632
1,406
Interface,
Inc.
Class
A(Ð)
5,921
74
Koppers
Holdings,
Inc.(Æ)
32,342
1,124
Kraton
Corp.(Æ)(Ð)
1,971
72
Kronos
Worldwide,
Inc.
10,810
165
Landec
Corp.(Æ)
34,216
363
LB
Foster
Co.
Class
A(Æ)
343
6
LiqTech
International,
Inc.(Æ)(Ñ)
92,122
745
Louisiana-Pacific
Corp.(Û)
9,753
541
Masonite
International
Corp.(Æ)(Û)
2,519
290
Matthews
International
Corp.
Class
A
3,751
148
Mosaic
Co.
(The)
25,529
807
MRC
Global,
Inc.(Æ)(Ð)
6,682
60
Mueller
Industries,
Inc.
2,934
121
Northwest
Pipe
Co.(Æ)
3,860
129
O-I
Glass,
Inc.
(Æ)
19,239
284
Olympic
Steel,
Inc.
706
21
Omega
Flex,
Inc.
4,217
666
Orion
Engineered
Carbons
SA(Æ)
9,717
192
Pactiv
Evergreen,
Inc.
11,169
153
Patrick
Industries,
Inc.
1,627
138
Quaker
Chemical
Corp.
2,072
505
Rayonier
Advanced
Materials,
Inc.(Æ)
2,855
26
RBC
Bearings,
Inc.(Æ)
665
131
Ryerson
Holding
Corp.(Æ)
1,465
25
Schnitzer
Steel
Industries,
Inc.
Class
A
3,961
166
Schweitzer-Mauduit
International,
Inc.
9,573
469
Simpson
Manufacturing
Co.,
Inc.
1,455
151
SiteOne
Landscape
Supply,
Inc.(Æ)
3,861
659
Stepan
Co.(Û)
1,971
251
Summit
Materials,
Inc.
Class
A(Æ)
13,368
375
Tecnoglass
,
Inc.
4,594
55
TimkenSteel
Corp.(Æ)
4,370
51
Trinseo
SA
2,759
176
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
Tronox
Holdings
PLC
Class
A
65,512
1,199
UFP
Industries,
Inc.(Æ)
2,434
185
Unifi,
Inc.(Æ)
7,935
219
Univar
Solutions,
Inc.
-
ADR(Æ)
9,275
200
Universal
Stainless
&
Alloy
Products,
Inc.(Æ)
24,746
252
Valvoline,
Inc.
52,799
1,376
Venator
Materials
PLC(Æ)
99,865
462
Veritiv
Corp.(Æ)
771
33
Verso
Corp.
Class
A
771
11
WR
Grace
&
Co.
1,718
103
23,727
Producer
Durables
-
15.3%
ABM
Industries,
Inc.
5,010
256
ACCO
Brands
Corp.
8,181
69
Adient
PLC(Æ)
5,534
245
AGCO
Corp.(Û)
3,641
523
Albany
International
Corp.
Class
A
1,459
122
Allied
Motion
Technologies,
Inc.
18,896
970
Alta
Equipment
Group,
Inc.(Æ)(Ñ)
51,971
676
Applied
Industrial
Technologies,
Inc.
1,216
111
ArcBest
Corp.
3,575
252
Arcosa
,
Inc.
14,977
974
Ardmore
Shipping
Corp.(Æ)
101,873
463
Argan
,
Inc.
12,826
685
ASGN,
Inc.(Æ)
1,968
188
Astronics
Corp.(Æ)
3,445
62
Atlas
Air
Worldwide
Holdings,
Inc.(Æ)
1,592
96
Axon
Enterprise,
Inc.(Æ)(Û)
2,205
314
AZZ,
Inc.
4,900
247
Barnes
Group,
Inc.
1,439
71
Barrett
Business
Services,
Inc.
711
49
Brink's
Co.
(The)
8,540
677
Bristow
Group,
Inc.(Æ)
949
25
CAI
International,
Inc.
1,014
46
Chart
Industries,
Inc.(Æ)
4,511
642
Clean
Harbors,
Inc.(Æ)
2,125
179
Commercial
Vehicle
Group,
Inc.(Æ)
2,259
22
CoreCivic
,
Inc.(Æ)
13,097
119
Covenant
Transportation
Group,
Inc.
Class
A(Æ)
12,117
250
CRA
International,
Inc.
18,266
1,362
CyberOptics
Corp.(Æ)
751
20
Darling
Ingredients,
Inc.(Æ)
2,674
197
Daseke
,
Inc.(Æ)
4,930
42
Deluxe
Corp.
3,135
132
Diamond
S
Shipping,
Inc.(Æ)
891
9
Dorian
LPG,
Ltd.(Æ)
1,459
19
Ducommun,
Inc.(Æ)
764
46
DXP
Enterprises,
Inc.(Æ)
1,007
30
Dycom
Industries,
Inc.(Æ)
1,290
120
Echo
Global
Logistics,
Inc.(Æ)
13,674
430
EMCOR
Group,
Inc.(Û)
4,253
477
Energy
Recovery,
Inc.(Æ)(Ð)
604
11
EnerSys
1,485
135
Euronav
NV
20,388
187
Evo
Payments,
Inc.
Class
A(Æ)
30,587
842
Exponent,
Inc.
1,792
175
Fluor
Corp.(Æ)
5,462
126
Franklin
Electric
Co.,
Inc.
1,788
141
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
frontdoor
,
Inc.(Æ)(Û)
16,809
903
Gates
Industrial
Corp.
PLC(Æ)
12,134
194
Genasys
,
Inc.(Æ)
54,418
364
Genco
Shipping
&
Trading,
Ltd.
921
9
GP
Strategies
Corp.(Æ)
14,949
261
Greenbrier
Cos.,
Inc.
2,072
98
Harsco
Corp.(Æ)
23,515
403
Hawaiian
Holdings,
Inc.(Æ)
6,006
160
Heidrick
&
Struggles
International,
Inc.
13,460
481
Herc
Holdings,
Inc.
(Æ)
3,108
315
Herman
Miller,
Inc.
3,560
146
HNI
Corp.
4,004
158
Hub
Group,
Inc.
Class
A(Æ)
1,643
111
Hyster
-Yale
Materials
Handling,
Inc.
1,188
103
ICF
International,
Inc.
2,686
235
Insperity
,
Inc.(Û)
3,037
254
International
Seaways,
Inc.
1,553
30
JetBlue
Airways
Corp.(Æ)
6,007
122
John
Bean
Technologies
Corp.
823
110
KBR,
Inc.
13,931
535
Kennametal,
Inc.
4,296
172
Kimball
International,
Inc.
Class
B
28,757
402
Kirby
Corp.(Æ)
2,515
152
Knight-Swift
Transportation
Holdings,
Inc.
(Æ)
9,469
455
Knoll,
Inc.
10,202
168
Korn
Ferry
5,579
348
Kratos
Defense
&
Security
Solutions,
Inc.(Æ)
14,661
400
LCI
Industries
687
91
Macquarie
Infrastructure
Corp.
3,180
101
Magnite
,
Inc.(Æ)
25,378
1,055
Manitowoc
Co.,
Inc.
(The)(Æ)
12,315
254
ManpowerGroup
,
Inc.(Û)
3,328
329
Marten
Transport,
Ltd.
23,757
403
MasTec
,
Inc.(Æ)
8,194
768
MAXIMUS,
Inc.
7,179
639
Mesa
Air
Group,
Inc.(Æ)
2,682
36
Mesa
Laboratories,
Inc.
5,121
1,246
Mitek
Systems,
Inc.(Æ)(Ð)
2,694
39
Modine
Manufacturing
Co.(Æ)
4,304
64
Murphy
USA,
Inc.
770
111
MYR
Group,
Inc.(Æ)(Ð)
1,298
93
Orion
Group
Holdings,
Inc.(Æ)
59,238
360
Park-Ohio
Holdings
Corp.
257
8
Paya
Holdings,
Inc.
Class
A(Æ)
7,065
77
Pitney
Bowes,
Inc.(Ð)
13,797
114
Powell
Industries,
Inc.
5,966
202
Primoris
Services
Corp.
7,263
241
Proto
Labs,
Inc.(Æ)
1,004
122
Radiant
Logistics,
Inc.(Æ)
44,440
309
Ranpak
Holdings
Corp.(Æ)
26,739
536
Rexnord
Corp.
3,739
176
Rush
Enterprises,
Inc.
Class
A
3,079
153
Ryder
System,
Inc.(Ð)
2,776
210
Saia,
Inc.(Æ)
4,342
1,000
Scorpio
Tankers,
Inc.
5,784
107
SFL
Corp.,
Ltd.(Æ)
7,400
59
SHYFT
Group,
Inc.
(The)(Æ)
9,429
351
SkyWest,
Inc.(Æ)
3,071
167
Smith
&
Wesson
Brands,
Inc.(Æ)
8,916
155
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
Spirit
AeroSystems
,
Inc.
Class
A
2,270
110
Spirit
Airlines,
Inc.(Æ)(Ñ)
3,679
136
SPX
Corp.(Æ)
4,250
248
SPX
FLOW,
Inc.
1,435
91
StealthGas
,
Inc.(Æ)
61,469
178
Steelcase,
Inc.
Class
A
22,913
329
Sterling
Construction
Co.,
Inc.(Æ)
9,668
224
Sun
Country
Airlines
Holdings,
Inc.(Æ)
2,794
96
Team,
Inc.(Æ)
1,957
23
Technip
Energies
NV
-
ADR(Æ)
2,963
44
Teekay
Tankers,
Ltd.
Class
A(Æ)
43,101
599
Terex
Corp.
4,506
208
Tetra
Tech,
Inc.
1,564
212
Textainer
Group
Holdings,
Ltd.(Æ)
2,768
79
Thermon
Group
Holdings,
Inc.(Æ)
7,943
155
Titan
International,
Inc.(Æ)
20,365
189
Titan
Machinery,
Inc.(Æ)
1,468
37
TopBuild
Corp.(Æ)
4,047
848
TreeHouse
Foods,
Inc.(Æ)
10,749
562
TriNet
Group,
Inc.(Æ)(Û)
4,438
346
Triumph
Group,
Inc.(Æ)
6,614
122
TrueBlue
,
Inc.(Æ)
7,046
155
Tutor
Perini
Corp.(Æ)
55,097
1,043
UniFirst
Corp.
621
139
Universal
Truckload
Services,
Inc.
14,276
376
US
Ecology,
Inc.(Æ)
5,021
209
US
Xpress
Enterprises,
Inc.
Class
A(Æ)
1,531
18
USA
Truck,
Inc.(Æ)
18,053
345
Vectrus
,
Inc.(Æ)
8,380
448
Vishay
Precision
Group,
Inc.(Æ)
4,025
124
Vivint
Smart
Home,
Inc.(Æ)
1,350
19
Watts
Water
Technologies,
Inc.
Class
A
1,022
121
Werner
Enterprises,
Inc.
2,525
119
WESCO
International,
Inc.(Æ)(Û)
7,850
680
Whole
Earth
Brands,
Inc.(Æ)
42,537
555
WNS
Holdings,
Ltd.
-
ADR(Æ)
12,686
919
Xerox
Holdings
Corp.(Ð)
11,256
273
XPO
Logistics,
Inc.(Æ)
987
122
Yellow
Corp.(Æ)
26,233
231
40,231
Technology
–
14.0%
8x8,
Inc.(Æ)
9,619
312
A10
Networks,
Inc.(Æ)
7,324
70
Absolute
Software
Corp.
57,880
803
ADTRAN,
Inc.
5,397
90
Agilysys
,
Inc.(Æ)
2,117
102
Alarm.com
Holdings,
Inc.(Æ)
1,264
109
Alpha
&
Omega
Semiconductor,
Ltd.(Æ)
7,353
240
Ambarella
,
Inc.(Æ)
2,492
250
American
Software,
Inc.
Class
A
41,815
866
Amkor
Technology,
Inc.
7,480
177
Amtech
Systems,
Inc.(Æ)
10,316
122
APi
Group
Corp.(Æ)(Þ)
52,491
1,085
Appfolio
,
Inc.
Class
A(Æ)
2,261
320
Appian
Corp.(Æ)(Ñ)
1,202
160
Applied
Optoelectronics,
Inc.(Æ)
921
8
Arlo
Technologies,
Inc.(Æ)
9,987
63
Arrow
Electronics,
Inc.(Æ)(Ð)
4,013
445
Avaya
Holdings
Corp.(Æ)(Ð)
8,820
247
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Aviat
Networks,
Inc.(Æ)
603
43
Avid
Technology,
Inc.(Æ)
3,598
76
Avnet,
Inc.
5,002
208
Axcelis
Technologies,
Inc.(Æ)
17,907
736
AXT,
Inc.(Æ)
12,694
148
Bandwidth,
Inc.
Class
A(Æ)
741
94
Bel
Fuse,
Inc.
Class
B
1,752
35
Benchmark
Electronics,
Inc.(Û)
7,841
242
Benefitfocus
,
Inc.(Æ)
2,363
33
Blackline,
Inc.(Æ)
921
100
Box,
Inc.
Class
A(Æ)(Û)
10,189
234
Brightcove
,
Inc.(Æ)
1,104
22
CalAmp
Corp.(Æ)
2,337
25
Casa
Systems,
Inc.(Æ)
3,546
34
Cerence
,
Inc.(Æ)
5,555
498
Ceridian
HCM
Holding,
Inc.(Æ)(Ð)
3,327
280
Ciena
Corp.(Æ)(Ð)(Û)
7,824
428
Cirrus
Logic,
Inc.(Æ)(Ð)
4,012
340
Cloudera,
Inc.(Æ)
6,431
78
CMC
Materials,
Inc.(Æ)
2,172
384
Cognyte
Software,
Ltd.(Æ)
3,389
94
CommScope
Holding
Co.,
Inc.(Æ)(Ð)
15,032
231
CommVault
Systems,
Inc.(Æ)
3,144
203
comScore,
Inc.(Æ)(Ð)
7,968
29
Comtech
Telecommunications
Corp.
8,952
222
Concentrix
Corp.(Æ)
4,095
613
Cornerstone
OnDemand
,
Inc.(Æ)
4,127
180
CSG
Systems
International,
Inc.
2,868
129
CTS
Corp.
3,675
114
Diebold
Nixdorf,
Inc.(Æ)
2,228
31
Digital
Turbine,
Inc.(Æ)
2,737
220
Domo,
Inc.
Class
B(Æ)
505
28
Donnelley
Financial
Solutions,
Inc.(Æ)
2,550
71
Dropbox,
Inc.
Class
A(Æ)(Ð)
1,696
45
DSP
Group,
Inc.(Æ)
11,133
159
DZS,
Inc.(Æ)
7,575
117
EchoStar
Corp.
Class
A(Æ)(Ð)
4,554
109
eGain
Corp.(Æ)
1,505
14
EMCORE
Corp.(Æ)(Û)
3,170
17
Endava
PLC
-
ADR(Æ)
5,673
480
Evolent
Health,
Inc.
Class
A(Æ)(Ð)
1,704
34
Extreme
Networks,
Inc.(Æ)
11,168
98
FireEye,
Inc.(Æ)(Û)
15,719
308
Harmonic,
Inc.(Æ)(Ð)
8,494
67
Ichor
Holdings,
Ltd.(Æ)
3,326
179
II-VI,
Inc.(Æ)
1,675
115
Infinera
Corp.(Æ)(Ð)
14,987
144
InterDigital
,
Inc.
1,727
110
Intevac,
Inc.(Æ)
257
2
Jabil
Circuit,
Inc.(Û)
6,022
314
Kimball
Electronics,
Inc.(Æ)
27,629
713
Kulicke
&
Soffa
Industries,
Inc.
16,602
815
Lattice
Semiconductor
Corp.(Æ)
5,992
270
Liberty
Latin
America,
Ltd.
Class
C(Æ)(Ð)
7,197
93
LiveRamp
Holdings,
Inc.(Æ)
4,616
239
Magnachip
Semiconductor
Corp.(Æ)
9,821
245
Maxar
Technologies,
Inc.
3,347
127
Mercury
Systems,
Inc.(Æ)
6,031
426
MicroStrategy
,
Inc.
Class
A(Æ)(Ñ)
427
290
Mimecast,
Ltd.(Æ)
13,391
538
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
Model
N,
Inc.(Æ)
20,590
725
NAPCO
Security
Technologies,
Inc.(Æ)
36,149
1,258
NCR
Corp.(Æ)(Û)
9,737
370
NeoPhotonics
Corp.(Æ)
21,987
263
NETGEAR,
Inc.(Æ)(Û)
7,146
294
NetScout
Systems,
Inc.(Æ)(Û)
9,244
260
New
Relic,
Inc.(Æ)(Ð)
3,375
207
nLight
,
Inc.(Æ)
16,574
537
Novanta
,
Inc.(Æ)
990
131
Nutanix
,
Inc.
Class
A(Æ)(Ð)
9,023
240
OneSpan
,
Inc.(Æ)
31,943
783
Ooma
,
Inc.(Æ)
12,935
205
PAE,
Inc.(Æ)
37,070
335
PDF
Solutions,
Inc.(Æ)
39,180
697
Pegasystems
,
Inc.
6,967
797
Ping
Identity
Holding
Corp.(Æ)(Ð)
2,704
59
Pixelworks
,
Inc.(Æ)
40,528
134
Plantronics,
Inc.(Æ)
3,277
128
PlayAGS
,
Inc.(Æ)
27,652
223
Power
Integrations,
Inc.
2,728
222
Powerfleet
,
Inc.(Æ)
15,948
131
Pure
Storage,
Inc.
Class
A(Æ)(Û)
18,969
409
QAD,
Inc.
Class
A
11,856
789
Qualys
,
Inc.(Æ)
3,071
322
Quantum
Corp.(Æ)
24,903
207
RADCOM,
Ltd.(Æ)
20,978
207
Rambus,
Inc.(Æ)
7,570
147
Rapid7,
Inc.(Æ)
1,766
132
Ribbon
Communications,
Inc.(Æ)
10,659
88
Sabre
Corp.(Æ)
13,018
193
SailPoint
Technologies
Holding,
Inc.(Æ)
4,251
215
Sanmina
Corp.(Æ)
2,020
84
Sapiens
International
Corp.
NV(Æ)
5,465
174
ScanSource
,
Inc.(Æ)
3,799
113
Semtech
Corp.(Æ)
3,573
247
Silicon
Laboratories,
Inc.(Æ)
2,781
392
Silicon
Motion
Technology
Corp.
-
ADR
2,186
130
Simulations
Plus,
Inc.
23,795
1,504
Sonos
,
Inc.(Æ)(Û)
9,510
356
SPS
Commerce,
Inc.(Æ)
795
79
Super
Micro
Computer,
Inc.(Æ)
3,407
133
SVMK,
Inc.(Æ)
2,866
53
Synaptics
,
Inc.(Æ)(Û)
2,520
341
Synchronoss
Technologies,
Inc.(Æ)
3,684
13
Tenable
Holdings,
Inc.(Æ)
7,071
256
TrueCar
,
Inc.(Æ)
19,276
92
Unisys
Corp.(Æ)
46,443
1,179
Upwork
,
Inc.(Æ)
7,034
315
Varonis
Systems,
Inc.(Æ)
4,188
215
Veeco
Instruments,
Inc.(Æ)
6,425
133
Verint
Systems,
Inc.(Æ)(Ð)
2,789
127
Vishay
Intertechnology
,
Inc.
3,527
85
Vocera
Communications,
Inc.(Æ)
1,368
53
Workiva
,
Inc.(Æ)
12,858
1,134
Xperi
Holding
Corp.(Ð)
2,954
64
Yelp,
Inc.
Class
A(Æ)
10,217
399
Zix
Corp.(Æ)
91,681
692
36,811
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Utilities
-
3.7%
Allete
,
Inc.
14,511
975
American
States
Water
Co.
1,064
80
APA
Corp.(Û)
24,597
440
Avista
Corp.
6,893
329
Black
Hills
Corp.
1,992
133
Bonanza
Creek
Energy,
Inc.
1,528
55
Brigham
Minerals,
Inc.
Class
A
64,247
941
Brookfield
Renewable
Corp.
Class
A
1,690
79
Cogent
Communications
Holdings,
Inc.
4,287
295
Denbury,
Inc.(Æ)
3,656
175
Gogo
,
Inc.(Æ)(Ñ)
15,916
154
Iridium
Communications,
Inc.(Æ)
3,094
128
Kosmos
Energy,
Ltd.(Æ)
18,478
57
MDU
Resources
Group,
Inc.
54,833
1,732
MGE
Energy,
Inc.
3,778
270
New
Jersey
Resources
Corp.
2,864
114
Northern
Oil
and
Gas,
Inc.(Æ)
28,473
344
NorthWestern
Corp.
2,014
131
Oasis
Petroleum,
Inc.
4,514
268
ONE
Gas,
Inc.
1,401
108
Ovintiv
,
Inc.
19,084
455
Plains
GP
Holdings,
LP
Class
A(Æ)
6,214
58
PNM
Resources,
Inc.
2,173
107
Portland
General
Electric
Co.(Û)
7,849
373
RGC
Resources,
Inc.
7,157
159
South
Jersey
Industries,
Inc.
52,647
1,188
Southwest
Gas
Holdings,
Inc.
1,704
117
Spire,
Inc.
1,348
100
Telephone
&
Data
Systems,
Inc.
7,373
169
Unitil
Corp.
3,063
140
US
Cellular
Corp.(Æ)
820
30
Vonage
Holdings
Corp.(Æ)
5,604
66
9,770
Total
Common
Stocks
(cost
$192,545)
264,777
Warrants
and
Rights
-
0.0%
Progenics
Pharmaceuticals,
Inc.(Æ)
1,808
—
Stemline
Therapeutics,
Inc.(Æ)
14,060
5
Total
Warrants
and
Rights
(cost
$5)
5
Short-Term
Investments
-
3.2%
U.S.
Cash
Management
Fund(@)
8,272,650
(∞)
8,271
Total
Short-Term
Investments
(cost
$8,271)
8,271
Other
Securities
-
2.1%
U.S.
Cash
Collateral
Fund(@)(×)
5,576,480
(∞)
5,576
Total
Other
Securities
(cost
$5,576)
5,576
Total
Investments
–
106.2%
(identified
cost
$206,397)
278,629
Securities
Sold
Short
-
(4.6)%
Consumer
Discretionary
-
(1.0)%
AMC
Entertainment
Holdings,
Inc.
Class
A(Æ)
(11,915)
(122)
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
18
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Aspen
Group,
Inc.(Æ)
(986)
(6)
Caesars
Entertainment,
Inc.(Æ)
(2,312)
(202)
Callaway
Golf
Co.
(5,497)
(147)
CarParts.com,
Inc.(Æ)
(5,133)
(73)
Cinemark
Holdings,
Inc.(Æ)
(8,101)
(165)
Dave
&
Buster's
Entertainment,
Inc.(Æ)
(3,658)
(175)
Designer
Brands,
Inc.
Class
A(Æ)
(4,252)
(74)
Dorman
Products,
Inc.(Æ)
(1,110)
(114)
Duluth
Holdings,
Inc.
Class
B(Æ)
(1,354)
(23)
Fox
Factory
Holding
Corp.(Æ)
(895)
(114)
fuboTV
,
Inc.(Æ)
(670)
(15)
GameStop
Corp.
Class
A(Æ)
(2,124)
(403)
G-III
Apparel
Group,
Ltd.(Æ)
(2,264)
(68)
GrowGeneration
Corp.(Æ)
(785)
(39)
Guess?,
Inc.
(4,619)
(109)
Hillenbrand,
Inc.
(2,760)
(132)
Leggett
&
Platt,
Inc.
(3,943)
(180)
Levi
Strauss
&
Co.
Class
A
(1,266)
(30)
Lindblad
Expeditions
Holdings,
Inc.(Æ)
(2,061)
(39)
LiveXLive
Media,
Inc.(Æ)
(2,200)
(10)
Marcus
Corp.(Æ)
(2,261)
(45)
Monro
Muffler
Brake,
Inc.
(476)
(31)
Ollie's
Bargain
Outlet
Holdings,
Inc.(Æ)
(2,044)
(178)
Party
City
Holdco,
Inc.(Æ)
(1,761)
(10)
SEACOR
Marine
Holdings,
Inc.(Æ)
(1,969)
(10)
TripAdvisor,
Inc.(Æ)
(3,243)
(174)
XPEL,
Inc.(Æ)
(786)
(41)
(2,729)
Consumer
Staples
–
(0.1)%
MGP
Ingredients,
Inc.
(752)
(44)
OptimizeRx
Corp.(Æ)
(1,661)
(81)
Utz
Brands,
Inc.
(1,716)
(43)
(168)
Energy
-
(0.2)%
ChampionX
Corp.(Æ)
(8,828)
(192)
Energous
Corp.(Æ)
(4,358)
(18)
Flux
Power
Holdings,
Inc.(Æ)
(329)
(4)
FuelCell
Energy,
Inc.(Æ)
(99)
(1)
Gevo
,
Inc.(Æ)
(1,463)
(14)
Liberty
Oilfield
Services,
Inc.
Class
A(Æ)
(9,341)
(105)
RPC,
Inc.(Æ)
(5,908)
(32)
Smart
Sand,
Inc.(Æ)
(5,667)
(14)
Solaris
Oilfield
Infrastructure,
Inc.
Class
A
(4,273)
(52)
Sunrun
,
Inc.(Æ)
(2,037)
(123)
(555)
Financial
Services
-
(0.7)%
Annaly
Capital
Management,
Inc.(ö)
(7,102)
(61)
Apollo
Commercial
Real
Estate
Finance,
Inc.(ö)
(14,027)
(196)
Apollo
Global
Management,
Inc.
(3,777)
(178)
Arbor
Realty
Trust,
Inc.(ö)
(8,992)
(143)
Ares
Management
Corp.
Class
A
(909)
(51)
BRP
Group,
Inc.
Class
A(Æ)
(1,420)
(39)
Dun
&
Bradstreet
Holdings,
Inc.(Æ)
(3,169)
(75)
Dynex
Capital,
Inc.(ö)
(1,496)
(28)
Ellington
Residential
Mortgage(ö)
(1,934)
(24)
Emerald
Holding,
Inc.(Æ)
(6,130)
(34)
Granite
Point
Mortgage
Trust,
Inc.(ö)
(14,043)
(168)
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.(ö)
(1,493)
(84)
Ladder
Capital
Corp.
Class
A(ö)
(8,069)
(95)
PennyMac
Mortgage
Investment
Trust(ö)
(7,554)
(148)
Ready
Capital
Corp.(Æ)
(8,269)
(111)
Repay
Holdings
Corp.(Æ)
(2,771)
(65)
Rocket
Companies,
Inc.
Class
A
(2,272)
(52)
TPG
RE
Finance
Trust,
Inc.(ö)
(5,529)
(62)
Two
Harbors
Investment
Corp.(ö)
(30,666)
(225)
Victory
Capital
Holdings,
Inc.
Class
A
(864)
(22)
Western
Asset
Mortgage
Capital
Corp.(ö)
(12,644)
(40)
(1,901)
Health
Care
-
(1.0)%
AcelRx
Pharmaceuticals,
Inc.(Æ)
(8,776)
(15)
Addus
HomeCare
Corp.(Æ)
(515)
(54)
ADMA
Biologics,
Inc.(Æ)
(45,660)
(80)
Altimmune
,
Inc.(Æ)
(414)
(6)
AquaBounty
Technologies,
Inc.(Æ)
(5,066)
(34)
Arcus
Biosciences,
Inc.(Æ)
(238)
(7)
Aspira
Women's
Health,
Inc.(Æ)
(1,595)
(11)
Aytu
BioScience
,
Inc.(Æ)
(1,187)
(9)
Berkeley
Lights,
Inc.(Æ)
(123)
(6)
BioCryst
Pharmaceuticals,
Inc.(Æ)
(10,381)
(106)
Bionano
Genomics,
Inc.(Æ)
(1,911)
(15)
Bio-
Techne
Corp.(Æ)
(502)
(192)
CareDx
,
Inc.(Æ)
(123)
(9)
CASI
Pharmaceuticals,
Inc.(Æ)
(605)
(1)
ChemoCentryx
,
Inc.(Æ)
(119)
(6)
Dynavax
Technologies
Corp.(Æ)
(1,035)
(10)
Exagen
,
Inc.(Æ)
(603)
(11)
Fate
Therapeutics,
Inc.(Æ)
(1,439)
(119)
Fulgent
Genetics,
Inc.(Æ)
(125)
(12)
Geron
Corp.(Æ)
(11,337)
(18)
Glaukos
Corp.(Æ)
(865)
(73)
HealthEquity
,
Inc.(Æ)
(2,758)
(188)
INmune
Bio,
Inc.(Æ)
(920)
(11)
Inovio
Pharmaceuticals,
Inc.(Æ)
(1,153)
(11)
Intra-Cellular
Therapies,
Inc.
Class
A(Æ)
(3,336)
(113)
Invitae
Corp.(Æ)
(2,805)
(107)
Kadmon
Holdings,
Inc.(Æ)
(5,970)
(23)
Kezar
Life
Sciences,
Inc.(Æ)
(800)
(5)
MannKind
Corp.(Æ)
(5,387)
(21)
MediciNova
,
Inc.(Æ)
(3,286)
(17)
Mersana
Therapeutics,
Inc.(Æ)
(801)
(13)
Misonix
,
Inc.(Æ)
(579)
(11)
Myriad
Genetics,
Inc.(Æ)
(2,027)
(62)
NeoGenomics
,
Inc.(Æ)
(3,329)
(161)
Neubase
Therapeutics,
Inc.(Æ)
(500)
(4)
Ocugen
,
Inc.(Æ)
(1,414)
(10)
Ocular
Therapeutix
,
Inc.(Æ)
(1,426)
(23)
OncoCyte
Corp.(Æ)
(5,174)
(27)
Phathom
Pharmaceuticals,
Inc.(Æ)
(614)
(23)
Premier,
Inc.
Class
A
(2,507)
(85)
Protagonist
Therapeutics,
Inc.(Æ)
(449)
(12)
Quanterix
Corp.(Æ)
(1,036)
(61)
Repligen
Corp.(Æ)
(1,059)
(206)
Replimune
Group,
Inc.(Æ)
(726)
(22)
Rigel
Pharmaceuticals,
Inc.(Æ)
(7,804)
(27)
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
Rocket
Pharmaceuticals,
Inc.(Æ)
(328)
(15)
Rubius
Therapeutics,
Inc.(Æ)
(2,616)
(69)
Seres
Therapeutics,
Inc.(Æ)
(1,881)
(39)
Sientra
,
Inc.(Æ)
(2,970)
(22)
Tabula
Rasa
HealthCare,
Inc.(Æ)
(1,228)
(57)
TherapeuticsMD
,
Inc.(Æ)
(58,611)
(79)
Vaxart
,
Inc.(Æ)
(2,562)
(16)
Veracyte
,
Inc.(Æ)
(3,919)
(211)
ViewRay
,
Inc.(Æ)
(3,272)
(14)
ZIOPHARM
Oncology,
Inc.(Æ)
(18,600)
(67)
(2,626)
Materials
and
Processing
-
(0.2)%
Cleveland-Cliffs,
Inc.(Æ)
(5,267)
(106)
Cornerstone
Building
Brands,
Inc.(Æ)
(3,845)
(54)
Livent
Corp.(Æ)
(2,075)
(36)
Marrone
Bio
Innovations,
Inc.(Æ)
(5,780)
(12)
NN,
Inc.(Æ)
(3,663)
(26)
Quaker
Chemical
Corp.
(789)
(192)
Uranium
Energy
Corp.(Æ)
(14,260)
(41)
(467)
Producer
Durables
-
(0.4)%
Altra
Industrial
Motion
Corp.
(1,722)
(95)
American
Airlines
Group,
Inc.(Æ)
(9,172)
(219)
Aqua
Metals,
Inc.(Æ)
(5,541)
(22)
Badger
Meter,
Inc.
(1,328)
(124)
Concrete
Pumping
Holdings,
Inc.(Æ)
(2,335)
(17)
Cryoport
,
Inc.(Æ)
(1,290)
(67)
Genasys
,
Inc.(Æ)
(4,271)
(29)
Iteris
,
Inc.(Æ)
(3,211)
(20)
Mesa
Laboratories,
Inc.
(215)
(53)
NV5
Global,
Inc.(Æ)
(832)
(80)
Ranpak
Holdings
Corp.(Æ)
(3,009)
(60)
Sharps
Compliance
Corp.(Æ)
(1,998)
(29)
SharpSpring
,
Inc.(Æ)
(712)
(11)
Trimble
Navigation,
Ltd.(Æ)
(2,505)
(195)
Workhorse
Group,
Inc.(Æ)
(551)
(8)
(1,029)
Technology
-
(1.0)%
3D
Systems
Corp.(Æ)
(5,584)
(153)
ANGI
Homeservices
,
Inc.
Class
A(Æ)
(1,027)
(13)
AudioEye
,
Inc.(Æ)
(675)
(19)
AXT,
Inc.(Æ)
(3,530)
(41)
Brooks
Automation,
Inc.
(2,332)
(190)
Clearfield,
Inc.(Æ)
(1,171)
(35)
Cognex
Corp.
(2,557)
(212)
Covetrus
,
Inc.(Æ)
(3,917)
(117)
Cree,
Inc.(Æ)
(1,779)
(192)
eMagin
Corp.(Æ)
(2,043)
(8)
Envestnet
,
Inc.(Æ)
(1,772)
(128)
Eventbrite,
Inc.
Class
A(Æ)
(2,444)
(54)
II-VI,
Inc.(Æ)
(2,679)
(183)
Immersion
Corp.(Æ)
(7,955)
(76)
Intellicheck
,
Inc.(Æ)
(3,600)
(30)
IPG
Photonics
Corp.(Æ)
(136)
(29)
LivePerson
,
Inc.(Æ)
(1,130)
(60)
Luna
Innovations,
Inc.(Æ)
(200)
(2)
MicroStrategy
,
Inc.
Class
A(Æ)
(279)
(189)
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
MicroVision
,
Inc.(Æ)
(1,288)
(24)
NAPCO
Security
Technologies,
Inc.(Æ)
(1,386)
(48)
Onto
Innovation,
Inc.(Æ)
(3,720)
(244)
PAR
Technology
Corp.(Æ)
(795)
(52)
Perficient
,
Inc.(Æ)
(266)
(16)
Powerfleet
,
Inc.(Æ)
(2,112)
(17)
Q2
Holdings,
Inc.(Æ)
(541)
(54)
Resonant,
Inc.(Æ)
(2,432)
(10)
Rogers
Corp.(Æ)
(310)
(58)
Sabre
Corp.(Æ)
(13,341)
(198)
Vuzix
Corp.(Æ)
(798)
(20)
(2,472)
Utilities
–
(
0.0)%
Penn
Virginia
Corp.(Æ)
(3,297)
(44)
Tellurian,
Inc.(Æ)
(7,757)
(18)
(62)
Total
Securities
Sold
Short
(proceeds
$9,441)
(12,009)
Other
Assets
and
Liabilities,
Net
-
(1.6)%
(4,313)
Net
Assets
-
100.0%
262,307
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
20
U.S.
Small
Cap
Equity
Fund
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Securities
Acquisition
Date
Principal
Amount
($)
or
shares
Cost
per
Unit
$
Cost
(000)
$
Fair
Value
(000)
$
0.4%
APi
Group
Corp.
04/08/20
52,491
10.44
548
1,085
JER
Investment
Trust,
Inc.
05/27/04
1,771
82.03
145
—
1,085
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
74
USD
8,223
06/21
(478)
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
(478)
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
$
40,378
$
—
$
—
$
—
$
40,378
Consumer
Staples
8,427
—
—
—
8,427
Energy
7,861
—
—
—
7,861
Financial
Services
55,998
—
—
—
55,998
Health
Care
41,574
—
—
—
41,574
Materials
and
Processing
23,727
—
—
—
23,727
Producer
Durables
40,231
—
—
—
40,231
Technology
36,811
—
—
—
36,811
Utilities
9,770
—
—
—
9,770
Warrants
and
Rights
—
—
5
—
5
Short-Term
Investments
—
—
—
8,271
8,271
Other
Securities
—
—
—
5,576
5,576
Total
Investments
264,777
—
5
13,847
278,629
Securities
Sold
Short
**
(12,009)
—
—
—
(12,009)
Other
Financial
Instruments
Liabilities
Futures
Contracts
(478)
—
—
—
(478)
Total
Other
Financial
Instruments
*
$
(478)
$
—
$
—
$
—
$
(478)
*
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.
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Small
Cap
Equity
Fund
21
For
a
description
of
the
Levels,
see
note
2
in
the
Notes
to
Quarterly
Report.
For
a
disclosure
on
transfers
into
and
out
of
Level
3
during
the
period
ended
March
31,
2021,
see
note
2
in
the
Notes
to
Quarterly
Report.
Investments
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
a
fair
value
for
the
period
ended
March
31,
2021,
were
less
than
1%
of
net
assets.
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments
—
March
31,
2021
(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
-
90.2%
Argentina
-
0.0%
YPF
SA
-
ADR(Æ)
34,203
141
Australia
-
1.5%
AGL
Energy,
Ltd.
33,334
245
Alumina,
Ltd.
61,212
81
Australia
&
New
Zealand
Banking
Group,
Ltd.
-
ADR
14,428
310
BHP
Group
PLC
7,485
216
BHP
Group,
Ltd.
-
ADR
2,672
92
BlueScope
Steel,
Ltd.
8,785
130
Commonwealth
Bank
of
Australia
-
ADR
18,117
1,190
Crown
Resorts,
Ltd.(Æ)
8,918
80
CSL,
Ltd.
1,955
394
Dexus
Property
Group(Æ)(ö)
13,721
102
Fortescue
Metals
Group,
Ltd.
19,283
294
GPT
Group
(The)(ö)
35,203
123
Insurance
Australia
Group,
Ltd.(Æ)
56,379
201
Medibank
Pvt
,
Ltd.
23,555
50
National
Australia
Bank,
Ltd.
-
ADR
10,464
207
Rio
Tinto
PLC
17,005
1,302
Rio
Tinto,
Ltd.
-
ADR
3,833
324
Sonic
Healthcare,
Ltd.
7,857
210
South32,
Ltd.
Class
B
95,224
204
Suncorp
Group,
Ltd.(Æ)
11,947
90
Westpac
Banking
Corp.
9,771
181
6,026
Austria
-
0.3%
Erste
Group
Bank
AG
30,273
1,027
OMV
AB
2,685
136
1,163
Belgium
-
0.4%
Ageas
SA
14,874
898
KBC
Groep
NV
8,025
583
Solvay
SA
1,445
180
1,661
Brazil
-
0.6%
Ambev
SA
559,400
1,519
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo(Æ)
24,800
182
Pagseguro
Digital,
Ltd.
Class
A(Æ)
12,772
591
2,292
Canada
-
4.5%
Alimentation
Couche-Tard,
Inc.
Class
B
5,311
171
ARC
Resources,
Ltd.
28,974
178
Bank
of
Montreal
3,132
279
Bank
of
Nova
Scotia
(The)
4,464
279
Barrick
Gold
Corp.
36,813
730
BCE,
Inc.
7,410
335
CAE,
Inc.(Æ)
85,063
2,425
Cameco
Corp.
Class
A
17,489
290
Canadian
Imperial
Bank
of
Commerce
2,100
206
Canadian
National
Railway
Co.
30,833
3,579
Canadian
Natural
Resources,
Ltd.
7,058
218
CGI
Group,
Inc.(Æ)
2,430
202
CI
Financial
Corp.
22,010
318
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Constellation
Software,
Inc.
167
233
Dollarama
,
Inc.
16,150
713
Enbridge,
Inc.
7,869
287
Great-West
Lifeco
,
Inc.
13,079
348
iA
Financial
Corp.,
Inc.
4,032
219
Kinross
Gold
Corp.
62,936
420
Loblaw
Cos.,
Ltd.
3,911
218
Magna
International,
Inc.
Class
A
4,929
434
Manulife
Financial
Corp.
36,766
791
National
Bank
of
Canada
2,100
143
Open
Text
Corp.
3,490
166
Pembina
Pipeline
Corp.
9,880
285
Power
Corp.
of
Canada
6,330
166
Royal
Bank
of
Canada
-
GDR
10,049
927
Shaw
Communications,
Inc.
Class
B
7,916
206
Shopify,
Inc.
Class
A(Æ)
713
788
Sun
Life
Financial,
Inc.
21,459
1,085
Suncor
Energy,
Inc.
9,987
209
Topicus.com,
Inc.(Æ)
310
20
Toronto-Dominion
Bank
(The)
22,078
1,441
Tourmaline
Oil
Corp.
11,155
212
WSP
Global,
Inc.
1,496
142
18,663
Cayman
Islands
-
0.1%
Endeavour
Mining
Corp.
9,734
196
Yatsen
Holding,
Ltd.
-
ADR(Æ)(Ñ)
27,603
341
537
China
-
2.0%
Alibaba
Group
Holding,
Ltd.
-
ADR(Æ)
20,468
4,641
Dongfeng
Motor
Group
Co.,
Ltd.
Class
H
824,000
769
Ping
An
Insurance
Group
Co.
of
China,
Ltd.
Class
H
66,966
800
Tencent
Holdings,
Ltd.
22,884
1,804
8,014
Colombia
-
0.0%
Millicom
International
Cellular
SA(Æ)
547
21
Denmark
-
1.6%
AP
Moller
-
Maersk
A/S
Class
B
1,465
3,409
Coloplast
A/S
Class
B
1,272
191
Danske
Bank
A/S
40,324
756
Drilling
Co.
of
1972
A/S
(The)(Æ)
1,163
46
DSV
Panalpina
A/S
4,922
965
Genmab
A/S(Æ)
823
270
H
Lundbeck
A/S
1,635
56
Novo
Nordisk
A/S
Class
B
6,570
444
Novozymes
A/S
Class
B
2,245
144
Pandora
A/S
2,520
270
Vestas
Wind
Systems
A/S
1,025
211
6,762
Finland
-
1.6%
Elisa
OYJ
4,856
291
Fortum
OYJ
7,738
207
Kone
OYJ
Class
B
6,334
517
Neste
OYJ
16,121
855
Nokia
OYJ(Æ)
632,883
2,530
Nokian
Renkaat
OYJ
2,135
77
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
26,971
265
Orion
OYJ
Class
B
1,887
76
Sampo
OYJ
Class
A
13,281
600
Stora
Enso
OYJ
Class
R
12,544
235
UPM-
Kymmene
OYJ
20,318
730
Wartsila
OYJ
Abp
Class
B
6,190
65
6,448
France
-
9.5%
Accor
SA(Æ)
17,496
660
Air
Liquide
SA
Class
A
1,244
203
Airbus
Group
SE(Æ)
8,406
952
Amundi
SA(Þ)
17,348
1,388
Arkema
SA
1,182
143
Atos
SE
3,298
257
AXA
SA
56,914
1,526
BNP
Paribas
SA
27,086
1,646
Bouygues
SA
-
ADR
18,902
758
Capgemini
SE
3,935
670
Carrefour
SA
8,552
155
Cie
de
Saint-Gobain
SA
32,253
1,904
Cie
Generale
des
Etablissements
Michelin
SCA
Class
B
16,534
2,476
Credit
Agricole
SA
10,441
151
Danone
SA
8,666
595
Dassault
Aviation
SA
292
325
Dassault
Systemes
SE
680
145
Eiffage
SA
1,346
135
Engie
SA
74,069
1,052
EssilorLuxottica
SA
1,328
216
Faurecia
SE
256
14
Faurecia
SE(Æ)
226
12
Hermes
International
304
337
L'Oreal
SA
4,348
1,667
LVMH
Moet
Hennessy
Louis
Vuitton
SE
-
ADR
3,961
2,640
Orange
SA
-
ADR
75,727
932
Publicis
Groupe
SA
-
ADR
31,802
1,941
Renault
SA(Æ)
13,844
598
Rexel
SA
Class
H
204,869
4,060
Sanofi
-
ADR
10,750
1,063
Sartorius
Stedim
Biotech
3,282
1,352
Schneider
Electric
SE
20,067
3,066
SCOR
SE
-
ADR
25,278
861
Societe
Generale
SA
35,019
915
Technip
Energies
NV
-
ADR(Æ)
37,669
564
Total
SA
49,464
2,304
Ubisoft
Entertainment
SA(Æ)
6,320
481
Worldline
SA(Æ)(Þ)
8,621
722
38,886
Germany
-
4.7%
1&1
Drillisch
AG
2,043
57
adidas
AG
7,911
2,469
Allianz
SE
1,837
468
BASF
SE
32,853
2,729
Bayer
AG
4,326
274
Bayerische
Motoren
Werke
Aktiengesellschaft
2,774
288
Brenntag
AG
3,012
257
Ceconomy
AG(Æ)
49,527
287
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Continental
AG
1,212
160
Covestro
AG(Þ)
33,510
2,253
Daimler
AG
19,976
1,780
Deutsche
Boerse
AG
1,047
174
Deutsche
Post
AG
5,308
291
Deutsche
Telekom
AG
14,415
290
Evonik
Industries
AG
3,199
113
Fresenius
Medical
Care
AG
&
Co.
2,614
192
Fresenius
SE
&
Co.
KGaA
23,920
1,065
GEA
Group
AG
4,183
171
Hannover
Rueck
SE
2,013
368
HeidelbergCement
AG
2,408
219
Infineon
Technologies
AG
-
ADR
23,652
1,003
Metro
AG
15,401
163
Muenchener
Rueckversicherungs-
Gesellschaft
AG
3,200
986
SAP
SE
-
ADR
2,839
348
Scout24
AG(Þ)
1,967
149
Siemens
AG
7,667
1,259
Siemens
Energy
AG(Æ)
6,040
217
Uniper
SE
2,518
91
United
Internet
AG
5,832
234
Zalando
SE(Æ)(Þ)
8,796
862
19,217
Hong
Kong
-
2.6%
AIA
Group,
Ltd.
240,408
2,924
Bank
of
East
Asia,
Ltd.
(The)
39,200
84
CK
Asset
Holdings,
Ltd.
145,549
885
CK
Hutchison
Holdings,
Ltd.
Class
B
19,313
154
CK
Infrastructure
Holdings,
Ltd.
17,000
101
CLP
Holdings,
Ltd.
39,000
379
Galaxy
Entertainment
Group,
Ltd.(Æ)
94,000
850
Hang
Seng
Bank,
Ltd.
28,800
559
Henderson
Land
Development
Co.,
Ltd.
25,200
113
Hong
Kong
Exchanges
&
Clearing,
Ltd.
4,000
237
Jardine
Matheson
Holdings,
Ltd.
3,600
236
Jardine
Strategic
Holdings,
Ltd.
4,400
146
New
World
Development
Co.,
Ltd.
33,000
171
Power
Assets
Holdings,
Ltd.
55,000
325
Sino
Land
Co.,
Ltd.
59,698
83
Sun
Hung
Kai
Properties,
Ltd.
14,500
220
Techtronic
Industries
Co.,
Ltd.
183,271
3,149
WH
Group,
Ltd.(Þ)
123,000
100
10,716
India
-
1.2%
Canara
Bank(Æ)
119,258
247
Housing
Development
Finance
Corp.,
Ltd.
102,761
3,524
NTPC,
Ltd.
30,955
45
Oil
&
Natural
Gas
Corp.,
Ltd.
323,786
453
Reliance
Industries,
Ltd.
-
GDR(Þ)
9,265
512
Zee
Entertainment
Enterprises,
Ltd.
105,298
294
5,075
Indonesia
-
0.1%
Bank
Mandiri
Persero
Tbk
PT
560,300
238
Ireland
-
3.6%
Accenture
PLC
Class
A
10,007
2,765
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
AIB
Group
PLC(Æ)
216,609
563
Allegion
PLC
20,750
2,607
Aon
PLC
Class
A
10,296
2,369
Bank
of
Ireland
Group
PLC(Æ)
133,060
660
CRH
PLC
8,646
406
DCC
PLC
2,847
247
Flutter
Entertainment
PLC(Æ)
6,943
1,482
James
Hardie
Industries
PLC
18,233
554
Kerry
Group
PLC
Class
A
18,373
2,299
Kingspan
Group
PLC
1,837
156
Ryanair
Holdings
PLC
-
ADR(Æ)
5,069
583
Smurfit
Kappa
Group
PLC
3,868
182
14,873
Israel
-
0.1%
Bank
Leumi
Le-Israel
BM(Æ)
18,764
124
Israel
Discount
Bank,
Ltd.
Class
A(Æ)
28,582
119
243
Italy
-
1.8%
Assicurazioni
Generali
SpA
58,330
1,171
Atlantia
SpA
(Æ)
7,339
138
BPER
Banca
131,241
290
Davide
Campari-Milano
NV(Æ)
65,665
737
Enel
SpA
131,179
1,310
Eni
SpA
-
ADR
101,515
1,252
FinecoBank
Banca
Fineco
SpA
(Æ)
18,788
308
Intesa
Sanpaolo
SpA
101,603
276
Moncler
SpA
10,304
592
Saipem
SpA
113,516
310
Telecom
Italia
SpA
184,329
100
UniCredit
SpA
94,966
1,008
7,492
Japan
-
16.3%
Asahi
Glass
Co.,
Ltd.
4,100
172
Asahi
Kasei
Corp.
13,000
150
Astellas
Pharma,
Inc.
51,600
797
Benesse
Holdings,
Inc.
3,100
65
Bridgestone
Corp.
38,000
1,544
Brother
Industries,
Ltd.
5,800
129
Canon,
Inc.
23,500
533
Chiba
Bank,
Ltd.
(The)
14,900
97
Chiyoda
Corp.(Æ)
31,000
134
Chubu
Electric
Power
Co.,
Inc.
9,400
121
Citizen
Watch
Co.,
Ltd.
61,500
211
Dai-ichi
Life
Holdings,
Inc.
49,850
863
Daikin
Industries,
Ltd.
800
162
Daito
Trust
Construction
Co.,
Ltd.
2,600
302
Daiwa
House
Industry
Co.,
Ltd.
2,700
79
DeNA
Co.,
Ltd.
23,600
463
Denso
Corp.
13,300
888
Eisai
Co.,
Ltd.
12,840
863
ENEOS
Holdings,
Inc.
28,200
128
Fuji
Media
Holdings,
Inc.
12,900
158
FUJIFILM
Holdings
Corp.
4,200
250
Fujitsu,
Ltd.
3,400
493
Fukuoka
Financial
Group,
Inc.
33,500
638
Gree
,
Inc.
55,900
283
Hino
Motors,
Ltd.
82,400
706
Hitachi
Metals,
Ltd.
96,100
1,581
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Hitachi,
Ltd.
4,000
182
Honda
Motor
Co.,
Ltd.
131,000
3,944
Hoya
Corp.
1,700
200
Iida
Group
Holdings
Co.,
Ltd.
42,900
1,042
Inpex
Corp.
96,500
659
Isuzu
Motors,
Ltd.
151,000
1,630
ITOCHU
Corp.
11,300
367
Japan
Airlines
Co.,
Ltd.(Æ)
36,600
821
Japan
Exchange
Group,
Inc.
8,300
195
Japan
Tobacco,
Inc.
25,200
485
JGC
Holdings
Corp.
54,400
671
Kajima
Corp.
9,000
128
Kamigumi
Co.,
Ltd.
14,900
283
KDDI
Corp.
32,600
1,002
Keyence
Corp.
4,800
2,191
Kirin
Holdings
Co.,
Ltd.
17,500
336
Komatsu,
Ltd.
73,800
2,280
Kyocera
Corp.
6,700
427
M3,
Inc.
2,000
137
Marubeni
Corp.
30,500
255
Mitsubishi
Chemical
Holdings
Corp.
24,700
185
Mitsubishi
Corp.
8,100
230
Mitsubishi
Electric
Corp.
52,500
804
Mitsubishi
Estate
Co.,
Ltd.
43,200
758
Mitsubishi
Gas
Chemical
Co.,
Inc.
9,800
241
Mitsubishi
Heavy
Industries,
Ltd.
11,700
365
Mitsubishi
Motors
Corp.(Æ)
65,200
187
Mitsubishi
UFJ
Financial
Group,
Inc.
283,300
1,512
Mitsubishi
UFJ
Lease
&
Finance
Co.,
Ltd.
31,600
192
Mitsui
&
Co.,
Ltd.
56,800
1,187
Mitsui
Chemicals,
Inc.
3,500
111
MS&AD
Insurance
Group
Holdings,
Inc.
18,000
530
Murata
Manufacturing
Co.,
Ltd.
11,100
895
NGK
Spark
Plug
Co.,
Ltd.
8,100
141
Nikon
Corp.
47,900
450
Nintendo
Co.,
Ltd.
810
453
Nippon
Telegraph
&
Telephone
Corp.
8,206
211
Nippon
Television
Holdings,
Inc.
26,800
353
Nissan
Motor
Co.,
Ltd.(Æ)
114,500
641
Nitori
Holdings
Co.,
Ltd.
800
155
Nitto
Denko
Corp.
3,700
318
Nomura
Holdings,
Inc.
136,300
720
Nomura
Real
Estate
Holdings,
Inc.
4,900
118
Obayashi
Corp.
11,200
103
Oji
Holdings
Corp.
32,600
212
ORIX
Corp.
12,900
218
Otsuka
Holdings
Co.,
Ltd.
8,400
356
Panasonic
Corp.
222,200
2,871
Resona
Holdings,
Inc.
352,800
1,479
Sekisui
Chemical
Co.,
Ltd.
6,300
121
Sekisui
House,
Ltd.
10,700
230
Shimamura
Co.,
Ltd.
7,700
889
Shin-Etsu
Chemical
Co.,
Ltd.
20,135
3,403
SMC
Corp.
1,000
583
Softbank
Corp.
15,000
195
SoftBank
Group
Corp.
8,100
687
Sompo
Japan
Nipponkoa
Holdings,
Inc.
3,900
149
Sony
Corp.
9,810
1,033
Subaru
Corp.
23,600
472
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
Sumitomo
Chemical
Co.,
Ltd.
25,000
129
Sumitomo
Corp.
14,200
203
Sumitomo
Electric
Industries,
Ltd.
13,000
196
Sumitomo
Heavy
Industries,
Ltd.
13,400
375
Sumitomo
Mitsui
Banking
Corp.
66,800
2,429
Sumitomo
Mitsui
Trust
Holdings,
Inc.
25,700
895
Suzuki
Motor
Corp.
7,500
342
Sysmex
Corp.
1,400
151
T&D
Holdings,
Inc.
126,600
1,644
Taiheiyo
Cement
Corp.
3,300
87
Takeda
Pharmaceutical
Co.,
Ltd.
32,200
1,163
Teijin,
Ltd.
4,500
78
THK
Co.,
Ltd.
16,900
585
Tohoku
Electric
Power
Co.,
Inc.
12,600
119
Tokio
Marine
Holdings,
Inc.
10,000
479
Tokyo
Electron,
Ltd.
4,400
1,884
Toppan
Printing
Co.,
Ltd.
18,000
304
Toray
Industries,
Inc.
27,700
178
Tosoh
Corp.
5,400
103
Toyota
Industries
Corp.
21,400
1,914
Toyota
Motor
Corp.
8,100
633
Toyota
Tsusho
Corp.
4,400
186
Trend
Micro,
Inc.
1,700
85
Yamada
Denki
Co.,
Ltd.
34,700
187
67,152
Luxembourg
-
1.1%
ArcelorMittal
SA(Æ)
73,763
2,142
Eurofins
Scientific
SE
17,690
1,691
RTL
Group
SA(Æ)
10,228
599
Tenaris
SA
13,804
156
4,588
Macao
-
0.2%
Sands
China,
Ltd.(Æ)
155,625
780
Malaysia
-
0.1%
CIMB
Group
Holdings
BHD
309,300
324
Mexico
-
0.5%
America
Movil
SAB
de
CV
Class
L
-
ADR
35,813
486
Grupo
Televisa
SAB
-
ADR(Æ)
174,739
1,549
2,035
Netherlands
-
5.0%
ABN
AMRO
Bank
NV(Þ)
67,015
813
Adyen
NV(Æ)(Þ)
415
930
Akzo
Nobel
NV
5,891
658
ASML
Holding
NV
4,230
2,580
Exor
NV
1,643
139
Ferrari
NV
3,625
759
Heineken
NV
37,579
3,862
ING
Groep
NV
317,631
3,899
Koninklijke
Ahold
Delhaize
NV
9,657
269
Koninklijke
KPN
NV
110,645
376
Koninklijke
Philips
NV
3,679
210
NN
Group
NV
3,580
175
PostNL
NV
-
ADR
91,469
445
Randstad
NV
2,045
144
Royal
Dutch
Shell
PLC
Class
A
114,407
2,241
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Royal
Dutch
Shell
PLC
Class
B
112,761
2,074
Stellantis
NV
28,358
502
Yandex
NV
Class
A(Æ)
7,768
498
20,574
New
Zealand
-
0.6%
Fisher
&
Paykel
Healthcare
Corp.,
Ltd.
102,397
2,299
Meridian
Energy,
Ltd.
22,166
84
Spark
New
Zealand,
Ltd.
39,929
125
2,508
Norway
-
0.5%
DNB
ASA
6,400
136
Mowi
ASA
11,710
291
Norsk
Hydro
ASA
195,747
1,254
Orkla
ASA
18,550
182
Yara
International
ASA
4,751
247
2,110
Russia
-
0.3%
Gazprom
PJSC
-
ADR
102,008
608
Lukoil
PJSC
-
ADR
2,628
213
Sberbank
of
Russia
PJSC
-
ADR
25,020
386
1,207
Singapore
-
0.9%
DBS
Group
Holdings,
Ltd.
46,576
1,005
Oversea-Chinese
Banking
Corp.,
Ltd.
15,091
132
Singapore
Technologies
Engineering,
Ltd.
21,600
63
Singapore
Telecommunications,
Ltd.
296,000
538
United
Overseas
Bank,
Ltd.
9,300
180
UOL
Group,
Ltd.
45,800
269
Wilmar
International,
Ltd.
367,100
1,484
3,671
South
Africa
-
0.7%
Anglo
American
PLC
46,476
1,821
Gold
Fields,
Ltd.
-
ADR
43,386
412
Impala
Platinum
Holdings,
Ltd.
8,548
158
MTN
Group,
Ltd.
61,938
364
Old
Mutual,
Ltd.
353,626
303
3,058
South
Korea
-
2.3%
Hankook
Tire
&
Technology
Co.,
Ltd.
13,108
571
KB
Financial
Group,
Inc.
24,207
1,200
KT
Corp.
-
ADR
70,697
879
LG
Household
&
Health
Care,
Ltd.
1,410
1,960
POSCO
7,883
2,259
Samsung
Electronics
Co.,
Ltd.
14,699
1,062
Shinhan
Financial
Group
Co.,
Ltd.
50,435
1,672
9,603
Spain
-
1.4%
ACS
Actividades
de
Construccion
y
Servicios
SA
4,727
157
Banco
Bilbao
Vizcaya
Argentaria
SA
-
ADR
30,527
159
Banco
Santander
SA
-
ADR
68,327
232
CaixaBank
SA
633,535
1,962
Cellnex
Telecom
SA(Þ)
30,135
1,735
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
Endesa
SA
-
ADR
8,876
235
Industria
de
Diseno
Textil
SA
20,080
662
Naturgy
Energy
Group
SA
4,700
115
Red
Electrica
Corp.
SA
10,423
185
Repsol
SA
-
ADR
16,646
206
Telefonica
SA
-
ADR
40,445
181
5,829
Sweden
-
1.7%
Assa
Abloy
AB
Class
B
28,749
826
Atlas
Copco
AB(Æ)
14,090
857
Boliden
AB(Æ)
17,213
638
Epiroc
AB
Class
A
11,110
252
Hexagon
AB
Class
B
2,334
215
Husqvarna
AB
Class
B
12,745
183
ICA
Gruppen
AB
1,554
76
Investor
AB
Class
B
1,564
125
Kinnevik
AB
Class
B(Æ)
6,539
318
NIBE
Industrier
AB
B
Shares(Æ)
4,887
152
Sandvik
AB
68,447
1,869
Skandinaviska
Enskilda
Banken
AB
Class
A
15,012
183
Skanska
AB
Class
B
7,915
199
SKF
AB
Class
B
7,413
211
Svenska
Handelsbanken
AB
Class
A
16,973
184
Swedbank
AB
Class
A
7,140
126
Swedish
Match
AB
4,332
338
Volvo
AB
Class
B
10,670
270
7,022
Switzerland
-
7.6%
ABB,
Ltd.
20,962
638
Adecco
Group
AG
27,738
1,868
Alcon,
Inc.
9,080
636
Baloise
Holding
AG
1,774
302
Chocoladefabriken
Lindt
&
Spruengli
AG
23
201
Cie
Financiere
Richemont
SA
Class
A
1,133
109
Credit
Suisse
Group
AG
Class
A
64,426
680
Geberit
AG
286
182
Julius
Baer
Group,
Ltd.
27,395
1,750
Kuehne
&
Nagel
International
AG
1,290
368
LafargeHolcim
,
Ltd.(Æ)
28,282
1,662
Lonza
Group
AG
1,337
747
Nestle
SA
50,725
5,654
Novartis
AG
36,159
3,089
Partners
Group
Holding
AG
1,477
1,887
Roche
Holding
AG
10,194
3,295
SGS
SA
183
519
Sika
AG
746
213
Straumann
Holding
AG
135
168
Swiss
Life
Holding
AG
516
254
Swiss
Re
AG
6,256
615
Swisscom
AG
399
214
Temenos
AG
11,294
1,626
UBS
Group
AG
240,800
3,728
Zurich
Insurance
Group
AG
1,811
772
31,177
Taiwan
-
2.7%
Catcher
Technology
Co.,
Ltd.
180,513
1,341
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Hon
Hai
Precision
Industry
Co.,
Ltd.
575,184
2,523
MediaTek
,
Inc.
33,000
1,134
Shin
Kong
Financial
Holding
Co.,
Ltd.
938,000
301
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
106,000
2,204
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
-
ADR
29,084
3,440
10,943
Thailand
-
0.2%
Kasikornbank
PCL
195,800
917
Turkey
-
0.1%
Turk
Telekomunikasyon
AS
230,967
191
Turkcell
Iletisim
Hizmetleri
AS
150,487
272
463
United
Kingdom
-
11.0%
3i
Group
PLC
25,073
399
Admiral
Group
PLC
5,541
237
Ashtead
Group
PLC
4,930
294
Associated
British
Foods
PLC(Æ)
7,585
253
AstraZeneca
PLC
16,413
1,637
Aviva
PLC
173,151
975
Babcock
International
Group
PLC(Æ)
90,925
287
BAE
Systems
PLC
152,605
1,062
Barclays
PLC
487,220
1,249
Barratt
Developments
PLC
28,616
295
Berkeley
Group
Holdings
PLC
5,420
332
BP
PLC
451,048
1,830
British
American
Tobacco
PLC
12,736
487
British
Land
Co.
PLC
(The)(ö)
52,154
363
BT
Group
PLC(Æ)
402,558
859
Centrica
PLC(Æ)
467,952
349
Coca-Cola
European
Partners
PLC
1,154
60
Compass
Group
PLC(Æ)
122,385
2,468
Diageo
PLC
22,504
925
Direct
Line
Insurance
Group
PLC
68,627
296
Experian
PLC
2,158
74
Ferguson
PLC
1,785
213
GlaxoSmithKline
PLC
-
ADR
11,351
201
Halma
PLC
8,601
282
HSBC
Holdings
PLC
375,389
2,190
Imperial
Tobacco
Group
PLC
5,982
123
InterContinental
Hotels
Group
PLC(Æ)
980
67
Intermediate
Capital
Group
PLC(Æ)
34,526
877
J
Sainsbury
PLC
1,042,069
3,485
John
Wood
Group
PLC(Æ)
545,601
2,033
Johnson
Matthey
PLC
5,879
244
Kingfisher
PLC
237,624
1,043
Land
Securities
Group
PLC(ö)
34,795
331
Legal
&
General
Group
PLC
53,411
205
Linde
PLC
12,037
3,372
Lloyds
Banking
Group
PLC
504,078
295
M&G
PLC
38,702
111
Marks
&
Spencer
Group
PLC(Æ)
175,249
365
Mondi
PLC
9,380
239
Natwest
Group
PLC
377,818
1,022
Persimmon
PLC
Class
A
6,821
277
Reckitt
Benckiser
Group
PLC
763
68
RELX
PLC
13,179
331
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
RSA
Insurance
Group
PLC
31,912
300
Segro
PLC(ö)
25,773
333
Smith
&
Nephew
PLC
43,601
823
Smiths
Group
PLC
3,388
72
St.
James's
Place
PLC
21,061
369
Standard
Chartered
PLC
316,166
2,175
Standard
Life
Aberdeen
PLC(Æ)
77,249
308
Taylor
Wimpey
PLC
103,021
256
TechnipFMC
PLC(Æ)
188,349
1,454
Tesco
PLC
366,335
1,156
Travis
Perkins
PLC(Æ)
104,259
2,216
Unilever
PLC
8,412
469
Vodafone
Group
PLC
894,700
1,628
Wausau
Paper
Corp.
109,687
1,393
Wm
Morrison
Supermarkets
PLC
80,853
203
45,260
United
States
-
0.8%
Amdocs,
Ltd.
25,007
1,754
Lululemon
Athletica
,
Inc.(Æ)
2,498
766
Ovintiv
,
Inc.
18,893
451
VEON,
Ltd.(Æ)
134,442
238
3,209
Total
Common
Stocks
(cost
$330,903)
370,898
Preferred
Stocks
-
2.1%
Germany
-
1.2%
Henkel
AG
&
Co.
KGaA
1.925%
(Ÿ)
2,432
273
Porsche
Automobil
Holding
SE
2.295%
(Ÿ)
5,695
604
Volkswagen
AG
2.014%
(Ÿ)
15,323
4,283
5,160
South
Korea
-
0.9%
Samsung
Electronics
Co.,
Ltd.
3.507%
(Ÿ)
54,685
3,538
Total
Preferred
Stocks
(cost
$5,289)
8,698
Short-Term
Investments
-
5.2%
United
States
-
5.2%
U.S.
Cash
Management
Fund(@)
21,450,347
(∞)
21,446
Total
Short-Term
Investments
(cost
$21,446)
21,446
Other
Securities
-
0.1%
U.S.
Cash
Collateral
Fund(@)(×)
337,500
(∞)
338
Total
Other
Securities
(cost
$338)
338
Total
Investments
-
97.6%
(identified
cost
$357,976)
401,380
Other
Assets
and
Liabilities,
Net
-
2.4%
9,762
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Net
Assets
-
100.0%
411,142
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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)
$
2.3%
ABN
AMRO
Bank
NV
06/26/19
EUR
67,015
16.60
1,113
813
Adyen
NV
07/25/19
EUR
415
1,089.63
452
930
Amundi
SA
02/21/19
EUR
17,348
64.69
1,122
1,388
Cellnex
Telecom
SA
08/07/17
EUR
30,135
35.54
1,071
1,735
Covestro
AG
08/15/19
EUR
33,510
39.67
1,329
2,253
Reliance
Industries,
Ltd.
10/21/20
USD
9,265
56.22
521
512
Scout24
AG
12/17/20
EUR
1,967
83.16
164
149
WH
Group,
Ltd.
06/26/19
HKD
123,000
1.02
125
100
Worldline
SA
02/14/20
EUR
8,621
81.51
703
722
Zalando
SE
12/12/19
EUR
8,796
57.44
505
862
9,464
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
Amsterdam
Index
Futures
9
EUR
1,258
04/21
39
CAC40
Euro
Index
Futures
63
EUR
3,822
04/21
18
DAX
Index
Futures
8
EUR
3,006
06/21
111
EURO
STOXX
50
Index
Futures
59
EUR
2,281
06/21
57
FTSE
100
Index
Futures
18
GBP
1,202
06/21
11
FTSE/MIB
Index
Futures
7
EUR
854
06/21
19
Hang
Seng
Index
Futures
4
HKD
5,663
04/21
2
IBEX
35
Index
Futures
9
EUR
773
04/21
(8)
MSCI
Singapore
Index
Futures
10
SGD
358
04/21
1
OMXS30
Index
Futures
45
SEK
9,843
04/21
15
S&P/TSX
60
Index
Futures
90
CAD
20,000
06/21
(29)
SPI
200
Index
Futures
120
AUD
20,298
06/21
15
TOPIX
Index
Futures
149
JPY
2,911,459
06/21
885
Short
Positions
MSCI
Emerging
Markets
Index
Futures
547
USD
36,171
06/21
473
S&P
500
E-Mini
Index
Futures
102
USD
20,233
06/21
(135)
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
1,474
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Bank
of
America
USD
1,255
GBP
900
06/16/21
(14)
Bank
of
America
USD
800
SEK
6,800
06/16/21
(21)
Bank
of
America
CHF
1,100
USD
1,189
06/16/21
23
Bank
of
America
EUR
1,700
USD
2,032
06/16/21
35
Morgan
Stanley
USD
1,605
AUD
2,070
06/16/21
(32)
Morgan
Stanley
USD
3,119
AUD
4,051
06/16/21
(41)
Morgan
Stanley
USD
3,592
CAD
4,542
06/16/21
22
Morgan
Stanley
USD
3,656
CAD
4,580
06/16/21
(11)
Morgan
Stanley
USD
1,701
EUR
1,428
06/16/21
(23)
Morgan
Stanley
USD
2,510
EUR
2,100
06/16/21
(44)
Morgan
Stanley
USD
1,266
GBP
911
06/16/21
(10)
Morgan
Stanley
USD
4,520
JPY
490,780
06/16/21
(84)
Morgan
Stanley
USD
4,794
JPY
520,983
06/16/21
(86)
Morgan
Stanley
USD
105
SEK
890
06/16/21
(3)
Morgan
Stanley
GBP
280
USD
388
06/16/21
2
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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)
$
Morgan
Stanley
HKD
2,630
USD
339
06/16/21
—
Royal
Bank
of
Canada
USD
3,126
AUD
4,051
06/16/21
(48)
Royal
Bank
of
Canada
USD
3,600
CAD
4,542
06/16/21
15
Royal
Bank
of
Canada
USD
1,704
EUR
1,428
06/16/21
(26)
Royal
Bank
of
Canada
USD
1,268
GBP
911
06/16/21
(12)
Royal
Bank
of
Canada
USD
4,801
JPY
520,983
06/16/21
(93)
Standard
Chartered
USD
3,119
AUD
4,051
06/16/21
(41)
Standard
Chartered
USD
3,592
CAD
4,542
06/16/21
22
Standard
Chartered
USD
1,701
EUR
1,428
06/16/21
(23)
Standard
Chartered
USD
1,266
GBP
911
06/16/21
(10)
Standard
Chartered
USD
4,794
JPY
520,983
06/16/21
(85)
State
Street
USD
3,477
NOK
29,510
06/16/21
(27)
State
Street
USD
1,323
SEK
11,260
06/16/21
(33)
State
Street
CHF
3,100
USD
3,341
06/16/21
55
State
Street
DKK
13,240
USD
2,119
06/16/21
29
Toronto
Dominion
Bank
USD
3,120
AUD
4,051
06/16/21
(42)
Toronto
Dominion
Bank
USD
3,591
CAD
4,542
06/16/21
24
Toronto
Dominion
Bank
USD
1,701
EUR
1,428
06/16/21
(24)
Toronto
Dominion
Bank
USD
1,266
GBP
911
06/16/21
(10)
Toronto
Dominion
Bank
USD
4,799
JPY
520,983
06/16/21
(91)
UBS
USD
3,120
AUD
4,051
06/16/21
(41)
UBS
USD
3,593
CAD
4,542
06/16/21
22
UBS
USD
1,701
EUR
1,428
06/16/21
(23)
UBS
USD
1,266
GBP
911
06/16/21
(10)
UBS
USD
4,793
JPY
520,983
06/16/21
(85)
Total
Unrealized
Appreciation
(Depreciation)
on
Open
Foreign
Currency
Exchange
Contracts
(844)
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
Common
Stocks
Argentina
$
141
$
—
$
—
$
—
$
141
Australia
—
6,026
—
—
6,026
Austria
—
1,163
—
—
1,163
Belgium
—
1,661
—
—
1,661
Brazil
2,292
—
—
—
2,292
Canada
18,663
—
—
—
18,663
Cayman
Islands
537
—
—
—
537
China
4,641
3,373
—
—
8,014
Colombia
—
21
—
—
21
Denmark
—
6,762
—
—
6,762
Finland
—
6,448
—
—
6,448
France
576
38,310
—
—
38,886
Germany
—
19,217
—
—
19,217
Hong
Kong
—
10,716
—
—
10,716
India
—
5,075
—
—
5,075
Indonesia
—
238
—
—
238
Ireland
8,324
6,549
—
—
14,873
Israel
—
243
—
—
243
Italy
—
7,492
—
—
7,492
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
Japan
—
67,152
—
—
67,152
Luxembourg
—
4,588
—
—
4,588
Macao
—
780
—
—
780
Malaysia
—
324
—
—
324
Mexico
2,035
—
—
—
2,035
Netherlands
498
20,076
—
—
20,574
New
Zealand
—
2,508
—
—
2,508
Norway
—
2,110
—
—
2,110
Russia
—
1,207
—
—
1,207
Singapore
—
3,671
—
—
3,671
South
Africa
412
2,646
—
—
3,058
South
Korea
879
8,724
—
—
9,603
Spain
—
5,829
—
—
5,829
Sweden
—
7,022
—
—
7,022
Switzerland
—
31,177
—
—
31,177
Taiwan
3,440
7,503
—
—
10,943
Thailand
—
917
—
—
917
Turkey
—
463
—
—
463
United
Kingdom
1,514
43,746
—
—
45,260
United
States
3,209
—
—
—
3,209
Preferred
Stocks
—
8,698
—
—
8,698
Short-Term
Investments
—
—
—
21,446
21,446
Other
Securities
—
—
—
338
338
Total
Investments
47,161
332,435
—
21,784
401,380
Other
Financial
Instruments
Assets
Futures
Contracts
1,64
6
—
—
—
1,64
6
Foreign
Currency
Exchange
Contracts
—
249
—
—
249
Liabilities
Futures
Contracts
(17
2
)
—
—
—
(17
2
)
Foreign
Currency
Exchange
Contracts
—
(1,093)
—
—
(1,093)
Total
Other
Financial
Instruments
*
$
1,474
$
(844)
$
—
$
—
$
630
*
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
into
and
out
of
Level
3
during
the
period
ended
March
31,
2021,
see
note
2
in
the
Notes
to
Quarterly
Report.
Amounts
in
thousands
Sector
Exposure
Fair
Value
$
Common
Stocks
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
International
Developed
Markets
Fund
31
Consumer
Discretionary
..........................................................
55,591
Consumer
Staples
...................................................................
20,330
Energy
....................................................................................
20,466
Financial
Services
...................................................................
89,367
Health
Care
.............................................................................
24,000
Materials
and
Processing
........................................................
46,910
Producer
Durables
..................................................................
50,573
Technology
..............................................................................
48,903
Utilities
...................................................................................
14,758
Preferred
Stocks
Consumer
Discretionary
..........................................................
4,887
Consumer
Staples
...................................................................
273
Technology
..............................................................................
3,538
Short-Term
Investments
................................................................
21,446
Other
Securities
...........................................................................
338
Total
Investments
....................................................................
401,380
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments
—
March
31,
2021
(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
-
82.7%
Asset-Backed
Securities
-
9.0%
ACE
Securities
Corp.
Mortgage
Loan
Trust
Series
2007-D1
Class
A2
6.336%
due
02/25/38
(~)(Ê)(Þ)
503
500
Applebee's
Funding
LLC
/
IHOP
Funding
LLC
Series
2019-1A
Class
A2I
4.194%
due
06/07/49
(Þ)
338
347
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)
351
343
Avis
Budget
Rental
Car
Funding
(AESOP)
LLC
Series
2019-2A
Class
A
3.350%
due
09/22/25
(Þ)
600
644
Blackbird
Capital
Aircraft
Lease
Securitization,
Ltd.
Series
2016-1A
Class
AA
2.487%
due
12/16/41
(~)(Ê)(Þ)
612
617
Canyon
Capital
CLO,
Ltd.
Series
2020-2A
Class
A
1.660%
due
10/15/31
(USD
3
Month
LIBOR
+
1.450%)(Ê)(Þ)
1,000
1,002
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
760
Cedar
Funding,
Ltd.
Series
2018-5A
Class
A1R
2.235%
due
07/17/31
(USD
3
Month
LIBOR
+
1.100%)(Ê)(Þ)
1,600
1,600
CF
Hippolyta
LLC
Series
2021-1A
Class
A1
1.530%
due
03/15/61
(Þ)
1,092
1,088
Chase
Auto
Credit
Liked
Notes
Series
2021-1
Class
B
0.875%
due
09/25/28
(Þ)
4,495
4,494
CIFC
Funding,
Ltd.
Series
2017-2A
Class
A
2.375%
due
04/20/30
(USD
3
Month
LIBOR
+
1.240%)(Ê)(Þ)
971
971
CLI
Funding
VI
LLC
Series
2020-1A
Class
A
2.080%
due
09/18/45
(Þ)
1,172
1,169
Series
2020-3A
Class
A
2.070%
due
10/18/45
(Þ)
2,271
2,271
College
Ave
Student
Loans
Series
2019-A
Class
A2
3.280%
due
12/28/48
(Þ)
112
115
Conseco
Financial
Corp.
Series
1998-2
Class
M1
6.940%
due
12/01/28
(~)(Ê)
1,093
1,079
Countrywide
Asset-Backed
Certificates
Series
2007-4
Class
A4W
4.640%
due
04/25/47
1,530
1,596
Countrywide
Home
Equity
Loan
Trust
Series
2006-E
Class
2A
1.905%
due
07/15/36
(USD
1
Month
LIBOR
+
0.140%)(Ê)
678
644
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
CWHEQ
Revolving
Home
Equity
Loan
Trust
Series
2006-G
Class
2A
0.257%
due
10/15/36
(USD
1
Month
LIBOR
+
0.150%)(Ê)
434
411
Dividend
Solar
Loans
LLC
Series
2019-1
Class
A
3.670%
due
08/22/39
(Þ)
293
310
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
1,230
Fieldstone
Mortgage
Investment
Trust
Series
2004-4
Class
M3
2.118%
due
10/25/35
(USD
1
Month
LIBOR
+
1.950%)(Ê)
257
258
FirstKey
Homes
Trust
Series
2020-SFR1
Class
A
1.339%
due
09/17/25
(Þ)
881
879
Series
2020-SFR2
Class
A
1.266%
due
10/19/37
(Þ)
3,397
3,365
FNA
VI
LLC
Series
2021-1A
Class
A
1.350%
due
01/10/32
(~)(Ê)(Þ)
713
712
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
1,300
Series
2020-7A
Class
A
2.308%
due
04/20/31
(USD
3
Month
LIBOR
+
1.900%)(Ê)(Þ)
1,147
1,148
Greenpoint
Manufactured
Housing
Contract
Trust
Series
2000-4
Class
A3
2.190%
due
08/21/31
(USD
1
Month
LIBOR
+
2.000%)(Ê)
700
700
Hertz
Vehicle
Financing
II,
LP
Series
2018-3A
Class
B
4.370%
due
07/25/24
(Þ)
484
485
HSI
Asset
Securitization
Corp.
Trust
Series
2007-OPT1
Class
1A
0.314%
due
12/25/36
(USD
1
Month
LIBOR
+
0.140%)(Ê)
217
198
Instar
Group,
Inc.
Series
2021-1A
Class
A
2.300%
due
02/15/54
(Þ)
130
127
Invitation
Homes
Trust
Series
2017-SFR2
Class
A
3.153%
due
12/17/36
(USD
1
Month
LIBOR
+
0.850%)(Ê)(Þ)
1,367
1,369
ITE
Rail
Fund
Levered
LP
Series
2021-1A
Class
A
2.250%
due
02/28/51
(Þ)
259
258
LCM
XXIII,
Ltd.
Series
2020-23A
Class
A1R
2.205%
due
10/20/29
(USD
3
Month
LIBOR
+
1.070%)(Ê)(Þ)
1,020
1,020
LCM
XXV,
Ltd.
Series
2017-25A
Class
A
2.345%
due
07/20/30
(USD
3
Month
LIBOR
+
1.210%)(Ê)(Þ)
1,904
1,904
Legacy
Mortgage
Asset
Trust
Series
2019-GS4
Class
A1
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
3.438%
due
05/25/59
(~)(Ê)(Þ)
375
376
Long
Beach
Mortgage
Loan
Trust
Series
2004-1
Class
M1
0.918%
due
02/25/34
(USD
1
Month
LIBOR
+
0.750%)(Ê)
466
465
Series
2004-4
Class
M1
1.068%
due
10/25/34
(USD
1
Month
LIBOR
+
0.900%)(Ê)
494
491
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
574
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
1,922
Magnetite
XVIII,
Ltd.
Series
2018-18A
Class
AR
1.472%
due
11/15/28
(USD
3
Month
LIBOR
+
1.080%)(Ê)(Þ)
1,488
1,488
Navient
Private
Education
Refi
Loan
Trust
Series
2020-HA
Class
A
1.310%
due
01/15/69
(Þ)
901
906
Series
2021-A
Class
A
0.840%
due
05/15/69
(Þ)
787
785
Series
2021-BA
Class
A
0.940%
due
07/15/69
(Þ)
1,281
1,280
Navient
Student
Loan
Trust
Series
2020-EA
Class
A
1.690%
due
05/15/69
(Þ)
3,547
3,605
Series
2020-FA
Class
A
1.220%
due
07/15/69
(Þ)
703
706
New
Century
Home
Equity
Loan
Trust
Series
2003-6
Class
M1
1.605%
due
01/25/34
(USD
1
Month
LIBOR
+
1.080%)(Ê)
303
296
Oak
Street
Investment
Grade
Net
Lease
Fund
Series
2020-1A
Class
A1
1.850%
due
10/20/50
(Þ)
258
260
OCP
CLO,
Ltd.
Series
2017-10A
Class
A1R
1.035%
due
10/26/27
(USD
3
Month
LIBOR
+
0.820%)(Ê)(Þ)
1,101
1,101
OneMain
Financial
Issuance
Trust
Series
2019-2A
Class
A
3.140%
due
10/14/36
(Þ)
500
531
Series
2020-1A
Class
A
3.840%
due
05/14/32
(Þ)
555
582
Series
2020-2A
Class
A
1.750%
due
09/14/35
(Þ)
3,154
3,161
Option
One
Mortgage
Loan
Trust
Series
2007-FXD1
Class
3A4
5.860%
due
01/25/37
(~)(Ê)
643
655
Popular
ABS
Mortgage
Pass-Through
Trust
Series
2006-C
Class
A4
0.418%
due
07/25/36
(USD
1
Month
LIBOR
+
0.250%)(Ê)
16
16
Series
2006-D
Class
A3
0.428%
due
11/25/36
(USD
1
Month
LIBOR
+
0.260%)(Ê)
887
878
Preston
Ridge
Partners
Mortgage
LLC
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Series
2020-1A
Class
A1
2.981%
due
02/25/25
(~)(Ê)(Þ)
2,272
2,277
Renaissance
Home
Equity
Loan
Trust
Series
2006-1
Class
AF6
5.746%
due
05/25/36
(~)(Ê)
93
64
Riserva
CLO,
Ltd.
Series
2021-3A
Class
ARR
1.000%
due
01/18/34
(USD
3
Month
LIBOR
+
1.060%)(Ê)(Þ)
940
940
Saxon
Asset
Securities
Trust
Series
2006-3
Class
A4
0.388%
due
10/25/46
(USD
1
Month
LIBOR
+
0.240%)(Ê)
300
266
SBA
Small
Business
Investment
Cos.
Series
2017-10A
Class
1
2.845%
due
03/10/27
144
151
Series
2019-10A
Class
1
3.113%
due
03/10/29
165
176
Shackleton
CLO,
Ltd.
Series
2018-4RA
Class
A1A
2.311%
due
04/13/31
(USD
3
Month
LIBOR
+
1.000%)(Ê)(Þ)
930
926
SLM
Private
Credit
Student
Loan
Trust
Series
2005-B
Class
A4
0.643%
due
06/15/39
(USD
3
Month
LIBOR
+
0.330%)(Ê)
153
150
Series
2006-A
Class
A5
0.603%
due
06/15/39
(USD
3
Month
LIBOR
+
0.290%)(Ê)
156
153
SMB
Private
Education
Loan
Trust
Series
2019-B
Class
A2B
1.185%
due
06/15/37
(USD
1
Month
LIBOR
+
1.000%)(Ê)(Þ)
186
187
Series
2021-A
Class
A2B
1.590%
due
01/15/53
(Þ)
480
472
SoFi
Professional
Loan
Program
Trust
Series
2020-C
Class
AFX
1.950%
due
02/15/46
(Þ)
588
597
SpringCastle
America
Funding
LLC
Series
2020-AA
Class
A
1.970%
due
09/25/37
(Þ)
4,973
5,012
Sunrun
Callisto
Issuer
LLC
Series
2019-2
Class
A
3.610%
due
02/01/55
(Þ)
581
613
TAL
Advantage
VII
LLC
Series
2020-1A
Class
A
2.050%
due
09/20/45
(Þ)
2,140
2,136
Textainer
Marine
Containers
VII,
Ltd.
Series
2020-1A
Class
A
2.730%
due
08/21/45
(Þ)
1,622
1,651
Textainer
Marine
Containers,
Ltd.
Series
2020-2A
Class
A
2.100%
due
09/20/45
(Þ)
1,502
1,506
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)
985
985
Towd
Point
Mortgage
Trust
Series
2016-4
Class
B1
3.848%
due
07/25/56
(~)(Ê)(Þ)
920
984
Series
2016-3
Class
A1
2.250%
due
04/25/56
(~)(Ê)(Þ)
85
85
Series
2019-1
Class
A1
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
34
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.750%
due
03/25/58
(~)(Ê)(Þ)
1,542
1,634
Series
2020-MH1
Class
A1
2.250%
due
02/25/60
(~)(Ê)(Þ)
2,863
2,899
United
States
Small
Business
Administration
Series
2019-20D
Class
1
2.980%
due
04/01/39
65
68
Series
2019-25G
Class
1
2.690%
due
07/01/44
65
68
Voya
CLO,
Ltd.
Series
2020-2A
Class
A1RR
2.155%
due
04/17/30
(USD
3
Month
LIBOR
+
1.020%)(Ê)(Þ)
2,449
2,449
81,441
Corporate
Bonds
and
Notes
-
22.1%
3M
Co.
2.375%
due
08/26/29
70
71
3.050%
due
04/15/30
30
32
3.700%
due
04/15/50
170
185
Abbott
Laboratories
3.750%
due
11/30/26
151
169
4.750%
due
11/30/36
60
74
4.900%
due
11/30/46
80
104
AbbVie,
Inc.
3.750%
due
11/14/23
30
32
3.600%
due
05/14/25
60
65
Series
WI
2.300%
due
11/21/22
270
278
2.600%
due
11/21/24
390
412
3.800%
due
03/15/25
60
66
2.950%
due
11/21/26
100
106
3.200%
due
11/21/29
480
511
4.550%
due
03/15/35
10
12
4.250%
due
11/21/49
20
23
Aetna,
Inc.
2.800%
due
06/15/23
30
31
Air
Lease
Corp.
3.375%
due
07/01/25
80
85
Series
GMTN
3.750%
due
06/01/26
881
941
Alimentation
Couche-Tard,
Inc.
3.550%
due
07/26/27
(Þ)
702
762
Allstate
Corp.
(The)
Series
B
5.750%
due
08/15/53
(USD
3
Month
LIBOR
+
2.938%)(Ê)
752
795
Ally
Financial,
Inc.
8.000%
due
11/01/31
554
747
Alphabet,
Inc.
0.450%
due
08/15/25
30
29
1.998%
due
08/15/26
865
901
0.800%
due
08/15/27
50
48
1.100%
due
08/15/30
50
46
2.050%
due
08/15/50
90
74
Altria
Group,
Inc.
2.350%
due
05/06/25
30
31
4.400%
due
02/14/26
182
205
10.200%
due
02/06/39
282
471
5.375%
due
01/31/44
643
749
3.875%
due
09/16/46
70
68
5.950%
due
02/14/49
100
125
Amazon.com,
Inc.
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
1.200%
due
06/03/27
1,092
1,068
1.500%
due
06/03/30
160
152
4.950%
due
12/05/44
60
79
2.500%
due
06/03/50
140
125
Series
WI
5.200%
due
12/03/25
100
118
3.150%
due
08/22/27
220
241
3.875%
due
08/22/37
50
57
4.050%
due
08/22/47
70
82
4.250%
due
08/22/57
30
36
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)
3,675
3,683
American
International
Group,
Inc.
2.500%
due
06/30/25
70
73
3.750%
due
07/10/25
110
120
American
Tower
Corp.
5.000%
due
02/15/24
805
898
Amgen,
Inc.
3.625%
due
05/22/24
10
11
4.400%
due
05/01/45
100
116
Andeavor
LLC
Series
WI
5.125%
due
12/15/26
225
240
Anheuser-Busch
Cos.
LLC
/
Anheuser-
Busch
InBev
Worldwide,
Inc.
3.650%
due
02/01/26
360
396
4.900%
due
02/01/46
70
84
Anheuser-Busch
InBev
Worldwide,
Inc.
3.500%
due
06/01/30
60
65
4.350%
due
06/01/40
160
181
5.550%
due
01/23/49
50
65
4.500%
due
06/01/50
270
306
Anthem,
Inc.
3.125%
due
05/15/22
30
31
2.950%
due
12/01/22
80
83
3.350%
due
12/01/24
30
32
3.650%
due
12/01/27
110
121
4.650%
due
08/15/44
632
754
Aon
Corp.
8.205%
due
01/01/27
172
226
Apache
Corp.
3.250%
due
04/15/22
16
16
4.375%
due
10/15/28
50
50
5.100%
due
09/01/40
120
117
4.750%
due
04/15/43
150
139
4.250%
due
01/15/44
120
108
5.350%
due
07/01/49
269
257
Apple,
Inc.
1.125%
due
05/11/25
140
141
2.450%
due
08/04/26
110
116
4.500%
due
02/23/36
691
848
4.650%
due
02/23/46
100
124
Ares
Capital
Corp.
3.250%
due
07/15/25
914
942
AT&T,
Inc.
3.800%
due
02/15/27
150
166
2.300%
due
06/01/27
80
82
1.650%
due
02/01/28
200
194
2.250%
due
02/01/32
40
38
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
35
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.550%
due
12/01/33
(Þ)
782
742
3.100%
due
02/01/43
150
140
4.350%
due
06/15/45
26
28
3.500%
due
09/15/53
(Þ)
231
213
3.550%
due
09/15/55
(Þ)
83
76
Avnet,
Inc.
4.875%
due
12/01/22
410
435
Avon
Products,
Inc.
7.000%
due
03/15/23
228
243
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.
3.550%
due
03/05/24
(USD
3
Month
LIBOR
+
0.780%)(Ê)
130
137
4.000%
due
01/22/25
175
192
3.366%
due
01/23/26
(USD
3
Month
LIBOR
+
0.810%)(Ê)
325
350
4.250%
due
10/22/26
340
381
4.271%
due
07/23/29
(USD
3
Month
LIBOR
+
1.310%)(Ê)
200
225
3.974%
due
02/07/30
(USD
3
Month
LIBOR
+
1.210%)(Ê)
500
555
2.592%
due
04/29/31
(SOFR
+
2.150%)(Ê)
140
140
5.000%
due
01/21/44
555
683
4.330%
due
03/15/50
(USD
3
Month
LIBOR
+
1.520%)(Ê)
30
35
4.083%
due
03/20/51
(USD
3
Month
LIBOR
+
3.150%)(Ê)
440
489
Series
GMTN
3.300%
due
01/11/23
460
483
4.450%
due
03/03/26
30
34
3.500%
due
04/19/26
270
296
3.593%
due
07/21/28
(USD
3
Month
LIBOR
+
1.370%)(Ê)
260
282
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
518
Bank
of
New
York
Mellon
Corp.
(The)
1.600%
due
04/24/25
70
71
BankUnited
,
Inc.
4.875%
due
11/17/25
661
744
Barrick
NA
Finance
LLC
5.700%
due
05/30/41
130
167
BAT
Capital
Corp.
Series
WI
3.557%
due
08/15/27
445
474
4.540%
due
08/15/47
160
161
Bayer
US
Finance
LLC
3.375%
due
10/08/24
(Þ)
726
782
Becton
Dickinson
and
Co.
3.363%
due
06/06/24
180
193
3.734%
due
12/15/24
706
771
4.685%
due
12/15/44
8
10
Berkshire
Hathaway
Energy
Co.
Series
WI
2.800%
due
01/15/23
245
255
4.050%
due
04/15/25
699
771
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Berkshire
Hathaway
Finance
Corp.
4.250%
due
01/15/49
130
150
Berkshire
Hathaway,
Inc.
3.125%
due
03/15/26
694
756
Boardwalk
Pipelines,
LP
4.800%
due
05/03/29
710
785
Boeing
Co.
(The)
4.875%
due
05/01/25
220
245
3.100%
due
05/01/26
20
21
2.700%
due
02/01/27
40
41
2.800%
due
03/01/27
30
31
3.200%
due
03/01/29
120
122
5.150%
due
05/01/30
190
219
3.250%
due
02/01/35
450
436
3.550%
due
03/01/38
30
29
5.705%
due
05/01/40
160
196
3.750%
due
02/01/50
60
57
5.805%
due
05/01/50
370
466
Booking
Holdings,
Inc.
4.625%
due
04/13/30
666
776
BP
Capital
Markets
America,
Inc.
3.245%
due
05/06/22
10
10
2.937%
due
04/06/23
10
11
3.216%
due
11/28/23
290
309
3.790%
due
02/06/24
30
33
3.410%
due
02/11/26
200
217
3.119%
due
05/04/26
120
129
3.000%
due
02/24/50
230
211
Brighthouse
Financial,
Inc.
Series
WI
4.700%
due
06/22/47
348
355
Bristol-Myers
Squibb
Co.
Series
WI
2.600%
due
05/16/22
90
92
3.550%
due
08/15/22
30
31
2.900%
due
07/26/24
154
165
3.875%
due
08/15/25
109
121
3.200%
due
06/15/26
190
207
3.900%
due
02/20/28
380
427
3.400%
due
07/26/29
170
186
5.000%
due
08/15/45
61
78
Broadcom,
Inc.
Series
WI
4.700%
due
04/15/25
150
169
3.150%
due
11/15/25
220
234
Brookfield
Finance
LLC
3.450%
due
04/15/50
827
783
Buckeye
Partners,
LP
4.350%
due
10/15/24
167
172
4.125%
due
12/01/27
149
147
5.850%
due
11/15/43
103
100
Bunge,
Ltd.
Finance
Corp.
3.000%
due
09/25/22
531
547
4.350%
due
03/15/24
220
241
Burlington
Northern
Santa
Fe
LLC
4.550%
due
09/01/44
461
545
4.150%
due
04/01/45
100
114
Cameron
LNG
LLC
2.902%
due
07/15/31
(Þ)
30
30
3.302%
due
01/15/35
(Þ)
170
175
Capital
One
Bank
USA
NA
3.375%
due
02/15/23
846
889
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
Cargill,
Inc.
1.375%
due
07/23/23
(Þ)
110
112
Carnival
Corp.
11.500%
due
04/01/23
(Þ)
513
588
Carrier
Global
Corp.
Series
WI
3.377%
due
04/05/40
40
40
3.577%
due
04/05/50
10
10
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
4.500%
due
08/15/30
(Þ)
10
10
4.500%
due
05/01/32
(Þ)
290
294
Centene
Corp.
Series
WI
4.625%
due
12/15/29
60
65
3.375%
due
02/15/30
50
50
CF
Industries,
Inc.
3.450%
due
06/01/23
489
510
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
5.050%
due
03/30/29
240
276
5.375%
due
04/01/38
80
94
5.750%
due
04/01/48
350
426
4.800%
due
03/01/50
40
43
Series
WI
4.908%
due
07/23/25
430
487
6.384%
due
10/23/35
20
26
6.484%
due
10/23/45
639
832
6.834%
due
10/23/55
20
27
Cheniere
Corpus
Christi
Holdings
LLC
Series
WI
5.125%
due
06/30/27
719
822
Cheniere
Energy,
Inc.
4.625%
due
10/15/28
(Þ)
60
62
Chevron
Corp.
2.355%
due
12/05/22
784
807
0.426%
due
08/11/23
891
893
3.900%
due
11/15/24
250
275
1.554%
due
05/11/25
130
133
2.954%
due
05/16/26
70
75
1.995%
due
05/11/27
50
51
5.250%
due
11/15/43
10
13
4.950%
due
08/15/47
40
50
3.078%
due
05/11/50
10
10
Chubb
INA
Holdings,
Inc.
3.350%
due
05/03/26
30
33
Cigna
Corp.
Series
WI
3.750%
due
07/15/23
5
5
4.125%
due
11/15/25
130
145
4.375%
due
10/15/28
460
526
6.125%
due
11/15/41
335
458
Cimarex
Energy
Co.
4.375%
due
06/01/24
10
11
3.900%
due
05/15/27
210
229
4.375%
due
03/15/29
200
221
Cintas
Corp.
No.
2
2.900%
due
04/01/22
60
61
3.700%
due
04/01/27
70
78
Cisco
Systems,
Inc.
3.625%
due
03/04/24
832
908
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
CIT
Bank
NA
Series
BKNT
2.969%
due
09/27/25
(SOFR
+
1.715%)(Ê)
812
854
Citigroup,
Inc.
3.106%
due
04/08/26
(SOFR
+
2.842%)(Ê)
100
107
4.450%
due
09/29/27
610
688
4.412%
due
03/31/31
(SOFR
+
3.914%)(Ê)
160
183
2.572%
due
06/03/31
(SOFR
+
2.107%)(Ê)
220
220
8.125%
due
07/15/39
450
739
5.300%
due
05/06/44
101
128
4.750%
due
05/18/46
220
262
4.650%
due
07/23/48
35
43
Series
9-RG
4.650%
due
07/30/45
147
176
Series
P
5.950%
due
12/31/49
(USD
3
Month
LIBOR
+
3.905%)(Ê)(ƒ)
220
237
Cliffs
Natural
Resources,
Inc.
6.250%
due
10/01/40
112
107
CME
Group,
Inc.
5.300%
due
09/15/43
30
41
Coca-Cola
Co.
(The)
3.200%
due
11/01/23
815
876
2.950%
due
03/25/25
40
43
3.375%
due
03/25/27
90
99
1.450%
due
06/01/27
130
129
2.500%
due
06/01/40
10
9
2.600%
due
06/01/50
50
45
Columbia
Pipeline
Group,
Inc.
Series
WI
5.800%
due
06/01/45
317
391
Comcast
Cable
Communications
Holdings,
Inc.
9.455%
due
11/15/22
583
668
Comcast
Corp.
3.700%
due
04/15/24
260
284
3.100%
due
04/01/25
10
11
3.950%
due
10/15/25
230
257
3.150%
due
03/01/26
80
87
3.300%
due
04/01/27
50
55
4.150%
due
10/15/28
350
401
4.250%
due
10/15/30
120
138
6.500%
due
11/15/35
90
127
6.550%
due
07/01/39
200
289
3.250%
due
11/01/39
10
10
3.750%
due
04/01/40
10
11
3.400%
due
07/15/46
20
21
4.000%
due
03/01/48
20
22
4.700%
due
10/15/48
30
37
3.450%
due
02/01/50
50
52
ConocoPhillips
Co.
3.750%
due
10/01/27
(Þ)
150
166
4.300%
due
08/15/28
(Þ)
90
102
Consolidated
Edison
Co.,
Inc.
Series
20A
3.350%
due
04/01/30
50
53
Series
20B
3.950%
due
04/01/50
30
33
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
Constellation
Brands,
Inc.
4.750%
due
11/15/24
40
45
Continental
Airlines
Pass-Through
Trust
Series
071A
Class
A
5.983%
due
04/19/22
57
58
Continental
Resources,
Inc.
4.500%
due
04/15/23
74
77
4.900%
due
06/01/44
107
107
Costco
Wholesale
Corp.
1.375%
due
06/20/27
1,101
1,097
1.600%
due
04/20/30
120
115
Credit
Suisse
Group
AG
2.950%
due
04/09/25
250
265
Crown
Cork
&
Seal
Co.,
Inc.
7.375%
due
12/15/26
133
160
CVS
Health
Corp.
2.750%
due
12/01/22
90
93
3.700%
due
03/09/23
36
38
2.625%
due
08/15/24
200
211
3.625%
due
04/01/27
40
44
4.300%
due
03/25/28
220
250
3.250%
due
08/15/29
70
74
3.750%
due
04/01/30
110
120
4.780%
due
03/25/38
70
83
4.125%
due
04/01/40
40
44
5.125%
due
07/20/45
140
171
5.050%
due
03/25/48
325
399
Daimler
Finance
NA
LLC
2.550%
due
08/15/22
(Þ)
792
812
DCP
Midstream
Operating,
LP
4.950%
due
04/01/22
424
434
6.450%
due
11/03/36
(Þ)
30
34
5.600%
due
04/01/44
14
14
Deere
&
Co.
3.100%
due
04/15/30
20
21
3.750%
due
04/15/50
150
169
Delhaize
America,
Inc.
9.000%
due
04/15/31
154
234
Dell
International
LLC /
EMC
Corp.
8.350%
due
07/15/46
(Þ)
617
938
Delta
Air
Lines
Pass-Through
Trust
Series
2002-1
6.718%
due
01/02/23
33
34
Delta
Air
Lines,
Inc.
3.800%
due
04/19/23
30
31
2.900%
due
10/28/24
186
186
7.000%
due
05/01/25
(Þ)
1,382
1,592
4.500%
due
10/20/25
(Þ)
90
96
7.375%
due
01/15/26
140
164
4.375%
due
04/19/28
136
140
4.750%
due
10/20/28
(Þ)
90
98
Devon
Energy
Corp.
5.850%
due
12/15/25
440
513
7.875%
due
09/30/31
150
201
5.000%
due
06/15/45
180
197
Diageo
Investment
Corp.
2.875%
due
05/11/22
90
93
7.450%
due
04/15/35
493
753
Diamondback
Energy,
Inc.
3.500%
due
12/01/29
110
114
Discover
Bank
Series
BKNT
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.700%
due
02/06/30
815
821
DISH
DBS
Corp.
Series
WI
5.875%
due
11/15/24
150
157
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
28
Duke
Energy
Carolinas
LLC
5.300%
due
02/15/40
30
39
4.000%
due
09/30/42
100
110
Eaton
Corp.
2.750%
due
11/02/22
150
156
4.150%
due
11/02/42
40
45
Edison
International
4.125%
due
03/15/28
718
770
Embarq
Corp.
7.995%
due
06/01/36
55
63
EMC
Corp.
3.375%
due
06/01/23
283
292
Enbridge
Energy
Partners,
LP
7.375%
due
10/15/45
484
685
Energy
Transfer
Operating,
LP
5.875%
due
01/15/24
653
727
7.600%
due
02/01/24
50
57
4.500%
due
04/15/24
100
109
2.900%
due
05/15/25
30
31
5.250%
due
04/15/29
30
34
3.750%
due
05/15/30
340
351
6.250%
due
04/15/49
30
35
Series
10Y
4.950%
due
06/15/28
40
45
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
86
EnLink
Midstream
Partners,
LP
4.400%
due
04/01/24
167
168
4.150%
due
06/01/25
207
202
Enterprise
Products
Operating
LLC
3.900%
due
02/15/24
30
33
4.150%
due
10/16/28
310
349
2.800%
due
01/31/30
100
103
7.550%
due
04/15/38
20
29
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
45
4.375%
due
04/15/30
20
23
3.900%
due
04/01/35
140
151
4.950%
due
04/15/50
50
61
EPR
Properties
Co.
3.750%
due
08/15/29
291
277
EQM
Midstream
Partners,
LP
4.125%
due
12/01/26
450
447
EQT
Corp.
3.000%
due
10/01/22
615
625
6.125%
due
02/01/25
10
12
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
3.900%
due
10/01/27
50
51
5.000%
due
01/15/29
10
11
Exelon
Corp.
Series
WI
3.950%
due
06/15/25
489
534
Exelon
Generation
Co.
LLC
5.600%
due
06/15/42
615
676
Expedia,
Inc.
Series
WI
3.800%
due
02/15/28
813
861
Exxon
Mobil
Corp.
2.726%
due
03/01/23
778
810
1.571%
due
04/15/23
20
20
2.992%
due
03/19/25
230
246
3.043%
due
03/01/26
60
65
3.482%
due
03/19/30
120
130
4.114%
due
03/01/46
40
44
4.327%
due
03/19/50
10
11
FedEx
Corp.
4.500%
due
02/01/65
226
243
FirstEnergy
Corp.
Series
A
1.600%
due
01/15/26
50
49
Series
B
4.250%
due
03/15/23
100
105
3.900%
due
07/15/27
370
398
Series
C
7.375%
due
11/15/31
703
940
4.850%
due
07/15/47
103
116
3.400%
due
03/01/50
102
89
Ford
Holdings
LLC
9.300%
due
03/01/30
140
185
Ford
Motor
Co.
7.450%
due
07/16/31
344
434
4.750%
due
01/15/43
194
195
7.400%
due
11/01/46
113
140
Ford
Motor
Credit
Co.
LLC
3.096%
due
05/04/23
348
354
4.271%
due
01/09/27
169
175
3.815%
due
11/02/27
181
183
5.113%
due
05/03/29
304
326
4.000%
due
11/13/30
200
198
Series
GMTN
4.389%
due
01/08/26
148
156
Fox
Corp.
Series
WI
5.476%
due
01/25/39
270
337
Freeport-McMoRan,
Inc.
4.550%
due
11/14/24
10
11
4.625%
due
08/01/30
40
44
5.400%
due
11/14/34
216
257
5.450%
due
03/15/43
270
325
Fresenius
Medical
Care
US
Finance
II,
Inc.
4.750%
due
10/15/24
(Þ)
110
122
GE
Capital
Funding
LLC
3.450%
due
05/15/25
(Þ)
837
905
General
Dynamics
Corp.
3.250%
due
04/01/25
40
43
3.500%
due
05/15/25
20
22
4.250%
due
04/01/40
10
12
4.250%
due
04/01/50
60
72
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
General
Electric
Co.
3.450%
due
05/01/27
20
22
4.250%
due
05/01/40
60
66
4.350%
due
05/01/50
60
67
Series
GMTN
6.875%
due
01/10/39
511
719
Series
MTNA
6.750%
due
03/15/32
619
829
General
Motors
Co.
4.875%
due
10/02/23
671
735
5.400%
due
10/02/23
40
43
6.125%
due
10/01/25
100
118
6.250%
due
10/02/43
110
141
General
Motors
Financial
Co.,
Inc.
4.250%
due
05/15/23
10
11
4.150%
due
06/19/23
765
821
Genworth
Holdings,
Inc.
Series
.
4.900%
due
08/15/23
205
201
Gilead
Sciences,
Inc.
3.650%
due
03/01/26
90
99
4.750%
due
03/01/46
100
121
GlaxoSmithKline
Capital,
Inc.
2.800%
due
03/18/23
449
470
Glencore
Canada
Corp.
6.200%
due
06/15/35
631
783
Glencore
Funding
LLC
4.125%
due
03/12/24
(Þ)
400
433
4.625%
due
04/29/24
(Þ)
40
44
4.000%
due
03/27/27
(Þ)
220
242
3.875%
due
10/27/27
(Þ)
50
55
GLP
Capital,
LP
/
GLP
Financing
II,
Inc.
5.375%
due
11/01/23
80
87
5.375%
due
04/15/26
653
733
Goldman
Sachs
Capital
I
6.345%
due
02/15/34
185
248
Goldman
Sachs
Group,
Inc.
(The)
3.200%
due
02/23/23
70
73
3.850%
due
07/08/24
150
163
3.500%
due
04/01/25
150
163
3.272%
due
09/29/25
(USD
3
Month
LIBOR
+
1.201%)(Ê)
350
376
4.250%
due
10/21/25
310
346
3.500%
due
11/16/26
90
98
3.691%
due
06/05/28
(USD
3
Month
LIBOR
+
1.510%)(Ê)
200
219
4.223%
due
05/01/29
(USD
3
Month
LIBOR
+
1.301%)(Ê)
50
56
6.750%
due
10/01/37
410
580
4.411%
due
04/23/39
(USD
3
Month
LIBOR
+
1.430%)(Ê)
100
117
6.250%
due
02/01/41
160
226
5.150%
due
05/22/45
160
200
4.750%
due
10/21/45
110
135
4.000%
due
12/29/49
(USD
3
Month
LIBOR
+
0.768%)(Ê)(ƒ)
3
3
Guardian
Life
Global
Funding
1.100%
due
06/23/25
(Þ)
50
50
Halliburton
Co.
3.800%
due
11/15/25
5
5
4.850%
due
11/15/35
130
146
Hanesbrands,
Inc.
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
4.625%
due
05/15/24
(Þ)
10
11
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
829
HCA,
Inc.
5.000%
due
03/15/24
50
56
5.375%
due
02/01/25
40
45
4.500%
due
02/15/27
40
45
5.625%
due
09/01/28
110
127
5.875%
due
02/01/29
80
93
4.125%
due
06/15/29
269
298
3.500%
due
09/01/30
40
40
5.500%
due
06/15/47
463
576
Hershey
Co.
(The)
0.900%
due
06/01/25
30
30
Hess
Corp.
7.300%
due
08/15/31
657
839
Hilton
Domestic
Operating
Co.,
Inc.
5.375%
due
05/01/25
(Þ)
120
126
5.750%
due
05/01/28
(Þ)
40
43
HollyFrontier
Corp.
5.875%
due
04/01/26
746
846
Home
Depot,
Inc.
(The)
2.500%
due
04/15/27
917
965
3.900%
due
12/06/28
10
11
2.700%
due
04/15/30
80
83
3.300%
due
04/15/40
110
116
3.900%
due
06/15/47
20
22
3.350%
due
04/15/50
210
218
Honeywell
International,
Inc.
1.350%
due
06/01/25
80
81
Host
Hotels
&
Resorts,
LP
3.875%
due
04/01/24
790
837
HSBC
Holdings
PLC
7.200%
due
07/15/97
457
709
Humana,
Inc.
3.150%
due
12/01/22
10
10
4.500%
due
04/01/25
20
22
3.950%
due
03/15/27
200
223
4.625%
due
12/01/42
20
23
4.950%
due
10/01/44
20
24
4.800%
due
03/15/47
10
12
Hyatt
Hotels
Corp.
5.375%
due
04/23/25
763
856
4.850%
due
03/15/26
230
254
Intel
Corp.
3.700%
due
07/29/25
20
22
4.600%
due
03/25/40
60
72
4.750%
due
03/25/50
80
100
Series
WI
3.734%
due
12/08/47
10
11
International
Business
Machines
Corp.
1.875%
due
08/01/22
214
219
3.000%
due
05/15/24
220
236
3.500%
due
05/15/29
215
234
International
Lease
Finance
Corp.
5.875%
due
08/15/22
410
438
Jefferies
Group
LLC
6.500%
due
01/20/43
635
811
Johnson
&
Johnson
3.375%
due
12/05/23
111
120
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
0.550%
due
09/01/25
70
69
0.950%
due
09/01/27
140
136
4.950%
due
05/15/33
306
392
3.625%
due
03/03/37
70
79
JPMorgan
Chase
&
Co.
1.514%
due
06/01/24
(SOFR
+
1.455%)(Ê)
340
347
3.875%
due
09/10/24
100
110
4.023%
due
12/05/24
(USD
3
Month
LIBOR
+
1.000%)(Ê)
220
239
2.083%
due
04/22/26
(SOFR
+
1.850%)(Ê)
210
216
4.125%
due
12/15/26
230
259
4.250%
due
10/01/27
30
34
2.182%
due
06/01/28
(SOFR
+
1.890%)(Ê)
788
796
4.203%
due
07/23/29
(USD
3
Month
LIBOR
+
1.260%)(Ê)
40
45
4.452%
due
12/05/29
(USD
3
Month
LIBOR
+
1.330%)(Ê)
260
298
8.750%
due
09/01/30
280
414
2.522%
due
04/22/31
(SOFR
+
2.040%)(Ê)
120
120
4.950%
due
06/01/45
100
125
3.109%
due
04/22/51
(SOFR
+
2.440%)(Ê)
50
49
Kinder
Morgan
Energy
Partners,
LP
6.550%
due
09/15/40
600
780
5.500%
due
03/01/44
20
23
Kinder
Morgan,
Inc.
4.300%
due
06/01/25
80
89
4.300%
due
03/01/28
170
190
5.300%
due
12/01/34
690
815
5.550%
due
06/01/45
80
96
5.050%
due
02/15/46
30
34
5.200%
due
03/01/48
10
11
Series
GMTN
7.800%
due
08/01/31
176
244
KKR
Group
Finance
Co.
II
LLC
5.500%
due
02/01/43
(Þ)
10
13
Kraft
Heinz
Foods
Co.
4.625%
due
01/30/29
168
189
6.875%
due
01/26/39
210
290
5.000%
due
06/04/42
272
306
Series
WI
3.000%
due
06/01/26
296
312
4.250%
due
03/01/31
30
33
5.000%
due
07/15/35
283
326
5.200%
due
07/15/45
307
355
4.375%
due
06/01/46
340
356
4.875%
due
10/01/49
261
292
5.500%
due
06/01/50
60
73
Kroger
Co.
(The)
3.850%
due
08/01/23
750
802
5.150%
due
08/01/43
20
24
L3Harris
Technologies,
Inc.
4.854%
due
04/27/35
40
48
5.054%
due
04/27/45
40
50
Lamb
Weston
Holdings,
Inc.
4.875%
due
11/01/26
(Þ)
60
62
4.875%
due
05/15/28
(Þ)
10
11
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
Las
Vegas
Sands
Corp.
3.200%
due
08/08/24
922
962
2.900%
due
06/25/25
20
20
Lennar
Corp.
4.500%
due
04/30/24
40
44
Series
WI
5.000%
due
06/15/27
10
12
4.750%
due
11/29/27
100
115
Levi
Strauss
&
Co.
Series
WI
5.000%
due
05/01/25
14
14
Liberty
Interactive
LLC
8.250%
due
02/01/30
81
92
Lockheed
Martin
Corp.
3.100%
due
01/15/23
702
734
4.500%
due
05/15/36
10
12
Series
10YR
3.550%
due
01/15/26
90
99
Loews
Corp.
6.000%
due
02/01/35
601
789
Lowe's
Cos.,
Inc.
4.500%
due
04/15/30
50
58
Lubrizol
Corp.
6.500%
due
10/01/34
215
302
Magellan
Health,
Inc.
Series
0005
4.900%
due
09/22/24
176
189
Main
Street
Capital
Corp.
5.200%
due
05/01/24
728
783
Marathon
Petroleum
Corp.
5.000%
due
09/15/54
234
248
Markel
Corp.
4.300%
due
11/01/47
699
780
Marriott
International,
Inc.
Series
R
3.125%
due
06/15/26
841
882
Mars,
Inc.
2.700%
due
04/01/25
(Þ)
60
63
3.200%
due
04/01/30
(Þ)
30
32
Mastercard
,
Inc.
3.850%
due
03/26/50
20
23
Mattel,
Inc.
6.200%
due
10/01/40
113
132
McDonald's
Corp.
3.300%
due
07/01/25
80
87
1.450%
due
09/01/25
20
20
3.700%
due
01/30/26
70
77
3.500%
due
03/01/27
10
11
3.500%
due
07/01/27
60
66
3.800%
due
04/01/28
200
221
3.600%
due
07/01/30
70
76
4.700%
due
12/09/35
716
847
3.625%
due
09/01/49
10
10
4.200%
due
04/01/50
140
159
MDC
Holdings,
Inc.
6.000%
due
01/15/43
30
38
Medtronic,
Inc.
Series
WI
3.500%
due
03/15/25
47
52
Merck
&
Co.,
Inc.
0.750%
due
02/24/26
140
138
1.450%
due
06/24/30
70
67
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
MetLife,
Inc.
6.400%
due
12/15/36
100
126
Micron
Technology,
Inc.
2.497%
due
04/24/23
110
114
Microsoft
Corp.
2.875%
due
02/06/24
180
192
2.700%
due
02/12/25
40
43
2.400%
due
08/08/26
1,048
1,108
3.300%
due
02/06/27
660
728
2.525%
due
06/01/50
174
158
2.921%
due
03/17/52
126
124
MidAmerican
Energy
Co.
3.700%
due
09/15/23
237
253
4.400%
due
10/15/44
627
723
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets,
Ltd.
6.500%
due
06/20/27
(Þ)
120
132
Mondelez
International,
Inc.
1.500%
due
05/04/25
260
263
Morgan
Stanley
3.737%
due
04/24/24
(USD
3
Month
LIBOR
+
0.847%)(Ê)
170
181
2.188%
due
04/28/26
(SOFR
+
1.990%)(Ê)
340
351
3.622%
due
04/01/31
(SOFR
+
3.120%)(Ê)
390
423
Series
GMTN
4.431%
due
01/23/30
(USD
3
Month
LIBOR
+
1.628%)(Ê)
10
11
2.699%
due
01/22/31
(SOFR
+
1.143%)(Ê)
50
51
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
87
4.700%
due
04/15/48
140
151
5.500%
due
02/15/49
60
70
Series
WI
4.500%
due
07/15/23
100
108
4.875%
due
06/01/25
40
45
Murphy
Oil
Corp.
5.875%
due
12/01/42
57
52
National
Securities
Clearing
Corp.
1.200%
due
04/23/23
(Þ)
250
254
Navient
Corp.
Series
MTN
5.625%
due
08/01/33
120
112
Nestle
Holdings,
Inc.
3.350%
due
09/24/23
(Þ)
698
747
Nevada
Power
Co.
5.450%
due
05/15/41
208
268
Series
R
6.750%
due
07/01/37
362
508
New
York
Life
Global
Funding
0.950%
due
06/24/25
(Þ)
90
89
Newell
Brands,
Inc.
3.850%
due
04/01/23
40
42
4.200%
due
04/01/26
495
546
5.500%
due
04/01/46
67
83
NGPL
PipeCo
LLC
7.768%
due
12/15/37
(Þ)
553
733
NIKE,
Inc.
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
2.250%
due
05/01/23
876
906
2.400%
due
03/27/25
60
63
2.750%
due
03/27/27
100
107
2.850%
due
03/27/30
110
116
3.250%
due
03/27/40
50
52
3.375%
due
03/27/50
40
42
Northern
Natural
Gas
Co.
4.300%
due
01/15/49
(Þ)
631
714
Northrop
Grumman
Corp.
2.930%
due
01/15/25
80
85
5.250%
due
05/01/50
90
117
Series
F0TZ
3.250%
due
01/15/28
180
193
NVIDIA
Corp.
2.850%
due
04/01/30
60
63
3.500%
due
04/01/40
160
172
3.500%
due
04/01/50
360
380
3.700%
due
04/01/60
110
118
NXP
BV
/
NXP
Funding
LLC
/
NXP,
Inc.
2.700%
due
05/01/25
(Þ)
80
84
Occidental
Petroleum
Corp.
6.950%
due
07/01/24
10
11
2.900%
due
08/15/24
240
237
5.550%
due
03/15/26
110
116
3.400%
due
04/15/26
239
233
3.000%
due
02/15/27
621
585
7.500%
due
05/01/31
188
220
7.875%
due
09/15/31
30
35
6.450%
due
09/15/36
127
140
4.300%
due
08/15/39
154
131
6.200%
due
03/15/40
116
119
4.500%
due
07/15/44
125
107
4.625%
due
06/15/45
177
155
6.600%
due
03/15/46
48
51
4.400%
due
04/15/46
352
301
4.100%
due
02/15/47
213
170
4.200%
due
03/15/48
70
57
4.400%
due
08/15/49
109
91
Oceaneering
International,
Inc.
6.000%
due
02/01/28
144
138
Omega
Healthcare
Investors,
Inc.
3.375%
due
02/01/31
916
909
ONEOK,
Inc.
6.125%
due
02/01/41
614
719
Oracle
Corp.
1.650%
due
03/25/26
240
242
2.875%
due
03/25/31
240
244
4.300%
due
07/08/34
648
729
Otis
Worldwide
Corp.
Series
WI
2.056%
due
04/05/25
60
62
Ovintiv
,
Inc.
5.150%
due
11/15/41
109
109
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
26
PacifiCorp
5.750%
due
04/01/37
543
710
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Parsley
Energy
LLC
4.125%
due
02/15/28
(Þ)
10
11
PayPal
Holdings,
Inc.
1.350%
due
06/01/23
90
92
1.650%
due
06/01/25
100
102
PepsiCo,
Inc.
0.750%
due
05/01/23
130
131
2.250%
due
03/19/25
20
21
2.375%
due
10/06/26
847
899
2.625%
due
03/19/27
10
11
1.625%
due
05/01/30
10
10
2.875%
due
10/15/49
40
39
3.625%
due
03/19/50
20
22
3.875%
due
03/19/60
30
34
Pfizer,
Inc.
0.800%
due
05/28/25
170
169
2.625%
due
04/01/30
110
114
1.700%
due
05/28/30
110
106
Philip
Morris
International,
Inc.
2.500%
due
08/22/22
90
93
1.125%
due
05/01/23
80
81
2.100%
due
05/01/30
70
68
4.500%
due
03/20/42
40
46
Series
5YR
2.500%
due
11/02/22
60
62
Series
NCD
2.375%
due
08/17/22
210
216
Phillips
66
5.875%
due
05/01/42
671
863
Pioneer
Natural
Resources
Co.
1.125%
due
01/15/26
20
20
2.150%
due
01/15/31
110
104
Plains
All
American
Pipeline,
LP
/
PAA
Finance
Corp.
4.900%
due
02/15/45
836
818
Precision
Castparts
Corp.
2.500%
due
01/15/23
240
248
3.900%
due
01/15/43
457
483
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
5.250%
due
04/15/24
(Þ)
70
75
Principal
Life
Global
Funding
II
1.250%
due
06/23/25
(Þ)
40
40
Procter
&
Gamble
Co.
(The)
2.800%
due
03/25/27
20
22
3.000%
due
03/25/30
60
65
5.500%
due
02/01/34
100
131
Progress
Energy,
Inc.
7.000%
due
10/30/31
559
746
Prudential
Financial,
Inc.
5.625%
due
06/15/43
(USD
3
Month
LIBOR
+
3.920%)(Ê)
734
787
Range
Resources
Corp.
5.875%
due
07/01/22
12
12
Series
WI
4.875%
due
05/15/25
230
228
Raytheon
Technologies
Corp.
3.650%
due
08/16/23
3
3
3.950%
due
08/16/25
30
33
4.125%
due
11/16/28
100
113
2.250%
due
07/01/30
110
108
4.500%
due
06/01/42
20
24
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
Series
WI
3.200%
due
03/15/24
708
757
3.150%
due
12/15/24
50
54
Republic
Services,
Inc.
2.500%
due
08/15/24
910
957
Resorts
World
Las
Vegas
LLC
/
RWLV
Capital,
Inc.
4.625%
due
04/16/29
(Þ)
809
815
Reynolds
American,
Inc.
5.850%
due
08/15/45
70
83
Rockies
Express
Pipeline
LLC
4.950%
due
07/15/29
(Þ)
81
83
4.800%
due
05/15/30
(Þ)
306
301
Royal
Caribbean
Cruises,
Ltd.
11.500%
due
06/01/25
(Þ)
337
393
7.500%
due
10/15/27
138
156
Sabal
Trail
Transmission
LLC
4.246%
due
05/01/28
(Þ)
663
736
Safeway,
Inc.
7.250%
due
02/01/31
92
107
Salesforce.com,
Inc.
3.250%
due
04/11/23
70
74
3.700%
due
04/11/28
30
34
Santander
Holdings
USA,
Inc.
4.500%
due
07/17/25
758
839
Sasol
Financing
International,
Ltd.
4.500%
due
11/14/22
204
208
Schlumberger
Holdings
Corp.
4.000%
due
12/21/25
(Þ)
40
44
Seagate
HDD
Cayman
5.750%
due
12/01/34
431
489
Service
Properties
Trust
5.000%
due
08/15/22
233
236
4.375%
due
02/15/30
394
362
Sierra
Pacific
Power
Co.
Series
WI
2.600%
due
05/01/26
718
757
Simon
Property
Group,
LP
4.250%
due
10/01/44
763
822
Solar
Star
Funding
LLC
5.375%
due
06/30/35
(Þ)
632
709
Southern
Co.
(The)
6.000%
due
10/01/34
196
253
Southern
Copper
Corp.
6.750%
due
04/16/40
10
14
5.250%
due
11/08/42
330
400
Southwestern
Energy
Co.
6.200%
due
01/23/25
269
289
Spectra
Energy
Partners,
LP
4.750%
due
03/15/24
671
738
Spirit
AeroSystems
,
Inc.
3.950%
due
06/15/23
31
31
4.600%
due
06/15/28
158
155
Spirit
Loyalty
Cayman,
Ltd.
/
Spirit
IP
Cayman,
Ltd
8.000%
due
09/20/25
(Þ)
150
170
Sprint
Capital
Corp.
6.875%
due
11/15/28
256
323
8.750%
due
03/15/32
540
798
Sprint
Spectrum
Co.
LLC
/
Sprint
Spectrum
Co.
II
LLC
/
Sprint
Spectrum
Co.
III
LLC
4.738%
due
03/20/25
(Þ)
240
257
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Sunoco
Logistics
Partners
Operations,
LP
4.250%
due
04/01/24
269
291
5.300%
due
04/01/44
10
11
Synchrony
Financial
3.950%
due
12/01/27
793
854
Sysco
Corp.
2.400%
due
02/15/30
734
729
Tanger
Properties
Ltd.
Partnership
3.875%
due
07/15/27
925
970
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
30
32
4.875%
due
02/01/31
(Þ)
70
71
4.000%
due
01/15/32
(Þ)
10
9
Target
Corp.
2.250%
due
04/15/25
120
126
Teachers
Insurance
&
Annuity
Association
of
America
4.900%
due
09/15/44
(Þ)
340
416
Tennessee
Gas
Pipeline
Co.
LLC
2.900%
due
03/01/30
(Þ)
210
209
7.625%
due
04/01/37
608
825
Texas
Instruments,
Inc.
1.750%
due
05/04/30
70
67
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
788
Time
Warner
Entertainment
Co.,
LP
8.375%
due
03/15/23
782
896
TJX
Cos.,
Inc.
(The)
3.500%
due
04/15/25
80
87
3.750%
due
04/15/27
20
22
T-Mobile
USA,
Inc.
6.000%
due
03/01/23
10
10
3.500%
due
04/15/25
(Þ)
490
529
2.250%
due
02/15/26
20
20
3.750%
due
04/15/27
(Þ)
30
33
2.625%
due
02/15/29
80
78
3.875%
due
04/15/30
(Þ)
300
326
2.550%
due
02/15/31
(Þ)
784
768
2.875%
due
02/15/31
60
58
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
278
TWDC
Enterprises
18
Corp.
2.350%
due
12/01/22
240
248
Series
MTNB
7.000%
due
03/01/32
552
777
Unilever
Capital
Corp.
0.375%
due
09/14/23
888
891
Union
Pacific
Corp.
3.750%
due
07/15/25
60
66
2.150%
due
02/05/27
50
51
3.950%
due
09/10/28
250
280
3.750%
due
02/05/70
110
112
Series
WI
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
3.839%
due
03/20/60
140
149
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
141
3.875%
due
02/15/31
120
121
United
States
Steel
Corp.
6.650%
due
06/01/37
132
127
UnitedHealth
Group,
Inc.
2.375%
due
10/15/22
20
21
3.500%
due
06/15/23
40
43
3.750%
due
07/15/25
50
55
1.250%
due
01/15/26
40
40
2.000%
due
05/15/30
40
39
4.625%
due
07/15/35
100
122
5.700%
due
10/15/40
60
83
4.250%
due
06/15/48
30
36
3.700%
due
08/15/49
160
174
3.875%
due
08/15/59
679
759
3.125%
due
05/15/60
20
20
Unum
Group
5.750%
due
08/15/42
796
930
Upjohn,
Inc.
4.000%
due
06/22/50
(Þ)
729
743
US
Bancorp
1.450%
due
05/12/25
260
264
USAA
Capital
Corp.
2.125%
due
05/01/30
(Þ)
150
147
Valero
Energy
Corp.
10.500%
due
03/15/39
488
823
Verizon
Communications,
Inc.
3.500%
due
11/01/24
20
22
0.850%
due
11/20/25
30
29
1.450%
due
03/20/26
60
60
2.625%
due
08/15/26
70
74
4.125%
due
03/16/27
40
45
3.000%
due
03/22/27
40
43
2.100%
due
03/22/28
80
80
3.875%
due
02/08/29
120
133
7.750%
due
12/01/30
100
144
1.750%
due
01/20/31
100
93
2.550%
due
03/21/31
260
260
4.500%
due
08/10/33
1,086
1,262
5.250%
due
03/16/37
80
101
2.650%
due
11/20/40
230
210
3.850%
due
11/01/42
20
21
4.125%
due
08/15/46
60
66
5.500%
due
03/16/47
10
13
4.000%
due
03/22/50
40
43
2.875%
due
11/20/50
230
204
Series
WI
3.376%
due
02/15/25
248
269
4.329%
due
09/21/28
123
141
4.862%
due
08/21/46
50
60
ViacomCBS
,
Inc.
3.875%
due
04/01/24
20
22
Visa,
Inc.
3.150%
due
12/14/25
150
164
4.300%
due
12/14/45
490
591
Series
DMTN
2.750%
due
09/15/27
815
870
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
VOC
Escrow,
Ltd.
5.000%
due
02/15/28
(Þ)
60
59
Volkswagen
Group
of
America
Finance
LLC
2.900%
due
05/13/22
(Þ)
782
803
Vornado
Realty
Trust
3.500%
due
01/15/25
615
648
Voya
Financial,
Inc.
5.650%
due
05/15/53
(USD
3
Month
LIBOR
+
3.580%)(Ê)
789
844
Walmart,
Inc.
3.550%
due
06/26/25
40
44
3.050%
due
07/08/26
711
773
3.700%
due
06/26/28
230
259
Walt
Disney
Co.
(The)
Series
WI
3.700%
due
09/15/24
827
905
6.650%
due
11/15/37
40
59
Waste
Management,
Inc.
3.500%
due
05/15/24
60
65
4.150%
due
07/15/49
40
46
Wells
Fargo
&
Co.
1.442%
due
10/31/23
(USD
3
Month
LIBOR
+
1.230%)(Ê)
200
203
3.750%
due
01/24/24
535
579
3.000%
due
04/22/26
400
427
2.188%
due
04/30/26
(SOFR
+
2.000%)(Ê)
230
237
3.000%
due
10/23/26
260
278
4.150%
due
01/24/29
215
242
2.879%
due
10/30/30
(SOFR
+
1.432%)(Ê)
180
185
4.478%
due
04/04/31
(SOFR
+
4.032%)(Ê)
80
92
5.375%
due
11/02/43
200
250
4.650%
due
11/04/44
10
12
3.900%
due
05/01/45
666
729
4.400%
due
06/14/46
230
256
4.750%
due
12/07/46
430
508
5.013%
due
04/04/51
(SOFR
+
4.502%)(Ê)
860
1,102
Series
GMTN
4.900%
due
11/17/45
250
300
Western
Midstream
Operating,
LP
2.325%
due
01/13/23
(USD
3
Month
LIBOR
+
1.850%)(Ê)
40
39
3.100%
due
02/01/25
90
93
4.650%
due
07/01/26
40
42
4.500%
due
03/01/28
50
52
4.050%
due
02/01/30
250
271
5.250%
due
02/01/50
60
65
Williams
Cos.,
Inc.
(The)
3.750%
due
06/15/27
60
65
7.750%
due
06/15/31
130
171
8.750%
due
03/15/32
517
758
5.800%
due
11/15/43
155
190
Series
A
7.500%
due
01/15/31
80
106
WPX
Energy,
Inc.
5.250%
due
10/15/27
30
32
5.875%
due
06/15/28
13
14
Wyndham
Destinations,
Inc.
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
44
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
5.750%
due
04/01/27
256
284
Xerox
Corp.
4.800%
due
03/01/35
177
177
Yum!
Brands,
Inc.
3.875%
due
11/01/23
280
295
200,996
International
Debt
-
9.7%
1011778
B.C.
Unlimited
Liability
Co.
/
New
Red
Finance,
Inc.
4.250%
due
05/15/24
(Þ)
62
63
3.500%
due
02/15/29
(Þ)
60
58
1011778
B.C.
Unlimited
Liability
Co.
Term
Loan
B4
1.859%
due
11/19/26
(USD
1
Month
LIBOR
+
1.750%)(Ê)
358
351
Abu
Dhabi
Government
International
Bond
2.500%
due
10/11/22
(Þ)
200
206
3.875%
due
04/16/50
(Þ)
520
565
Adani
Abbot
Point
Terminal
Pty,
Ltd.
4.450%
due
12/15/22
(Þ)
253
240
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
4.450%
due
04/03/26
872
944
Altrice
France
SA
Term
Loan
B12
3.794%
due
01/31/26
(USD
1
Month
LIBOR
+
3.688%)(Ê)
65
64
America
Movil
SAB
de
CV
3.125%
due
07/16/22
750
775
Anglo
American
Capital
PLC
3.625%
due
09/11/24
(Þ)
200
216
5.375%
due
04/01/25
(Þ)
712
811
AP
Moller
-
Maersk
A/S
4.500%
due
06/20/29
(Þ)
767
847
ArcelorMittal
SA
3.600%
due
07/16/24
120
126
4.550%
due
03/11/26
50
56
Argentine
Republic
Government
International
Bond
1.000%
due
07/09/29
34
12
0.500%
due
07/09/30
(~)(Ê)
388
130
1.125%
due
07/09/35
(~)(Ê)
310
93
2.500%
due
07/09/41
(~)(Ê)
160
55
Banco
de
Bogota
SA
Series
EMTQ
4.375%
due
08/03/27
(Þ)
686
726
Banco
de
Credito
del
Peru
4.250%
due
04/01/23
(Þ)
693
736
Banco
Inbursa
SA
Institucion
de
Banca
Multiple
4.125%
due
06/06/24
(Þ)
711
759
Banco
Santander
SA
3.848%
due
04/12/23
200
213
2.706%
due
06/27/24
400
422
2.746%
due
05/28/25
400
418
5.179%
due
11/19/25
705
800
Bangkok
Bank
PCL
3.875%
due
09/27/22
(Þ)
219
229
Banistmo
SA
Series
MTQ0
3.650%
due
09/19/22
(Þ)
729
744
Bank
of
Montreal
0.450%
due
12/08/23
892
889
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
1.850%
due
05/01/25
230
236
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)
2.375%
due
01/18/23
778
805
1.300%
due
06/11/25
130
130
Barclays
PLC
4.972%
due
05/16/29
(USD
3
Month
LIBOR
+
1.902%)(Ê)
400
460
5.088%
due
06/20/30
(USD
3
Month
LIBOR
+
3.054%)(Ê)
200
227
4.950%
due
01/10/47
660
797
Bausch
Health
Americas,
Inc.
Term
Loan
B
2.859%
due
11/27/25
(USD
1
Month
LIBOR
+
2.750%)(Ê)
20
20
Bellemeade
Re,
Ltd.
Series
2017-1
Class
M2
4.297%
due
10/25/27
(USD
1
Month
LIBOR
+
3.350%)(Ê)(Þ)
1,388
1,389
Bharti
Airtel
International
Netherlands
BV
Series
144a
5.125%
due
03/11/23
(Þ)
693
740
BHP
Billiton
Finance
USA,
Ltd.
5.000%
due
09/30/43
170
220
BNP
Paribas
SA
2.219%
due
06/09/26
(SOFR
+
2.074%)(Ê)(Þ)
200
205
4.625%
due
03/13/27
(Þ)
722
809
4.400%
due
08/14/28
(Þ)
200
228
Brazil
Government
International
Bond
4.625%
due
01/13/28
990
1,047
5.625%
due
01/07/41
170
177
5.000%
due
01/27/45
350
333
British
Telecommunications
PLC
9.625%
due
12/15/30
30
46
Brookfield
Finance,
Inc.
4.000%
due
04/01/24
841
913
Canadian
Imperial
Bank
of
Commerce
0.950%
due
06/23/23
1,040
1,049
2.606%
due
07/22/23
(USD
3
Month
LIBOR
+
0.785%)(Ê)
308
316
Canadian
Natural
Resources,
Ltd.
5.850%
due
02/01/35
661
807
Celulosa
Arauco
y
Constitucion
SA
Series
WI
3.875%
due
11/02/27
705
759
Cencosud
SA
5.150%
due
02/12/25
(Þ)
813
907
Cenovus
Energy,
Inc.
6.750%
due
11/15/39
47
59
Series
WI
5.250%
due
06/15/37
60
65
5.400%
due
06/15/47
81
90
Clarios
Global,
LP
2021
Term
Loan
B
3.359%
due
04/30/26
(USD
1
Month
LIBOR
+
3.250%)(Ê)
310
306
Colombia
Government
International
Bond
5.625%
due
02/26/44
270
306
Commerzbank
AG
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
8.125%
due
09/19/23
(Þ)
174
199
Cooperatieve
Rabobank
UA
4.375%
due
08/04/25
900
998
Credit
Agricole
SA
4.375%
due
03/17/25
(Þ)
734
806
1.907%
due
06/16/26
(SOFR
+
1.676%)(Ê)(Þ)
250
253
Credit
Suisse
Group
AG
2.193%
due
06/05/26
(SOFR
+
2.044%)(Ê)(Þ)
330
335
4.282%
due
01/09/28
(Þ)
699
768
4.194%
due
04/01/31
(SOFR
+
3.730%)(Ê)(Þ)
250
272
Danone
SA
2.589%
due
11/02/23
(Þ)
718
749
Danske
Bank
A/S
3.875%
due
09/12/23
(Þ)
200
214
5.375%
due
01/12/24
(Þ)
862
961
1.226%
due
06/22/24
(Þ)
200
202
Deutsche
Bank
AG
4.500%
due
04/01/25
238
254
4.296%
due
05/24/28
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
2.248%)(Ê)
180
185
DH
Europe
Finance
II
SARL
3.400%
due
11/15/49
684
693
DNB
Bank
ASA
2.150%
due
12/02/22
(Þ)
860
887
DP
World
PLC
5.625%
due
09/25/48
(Þ)
200
234
Ecopetrol
SA
5.375%
due
06/26/26
60
67
5.875%
due
05/28/45
350
373
Electricite
de
France
SA
6.000%
due
01/22/14
(Þ)
614
813
Enbridge,
Inc.
3.700%
due
07/15/27
687
747
Enel
Finance
International
NV
Series
658A
3.500%
due
04/06/28
(Þ)
706
755
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
789
Equate
Petrochemical
BV
4.250%
due
11/03/26
(Þ)
200
217
Fairfax
Financial
Holdings,
Ltd.
Series
WI
4.850%
due
04/17/28
810
901
Four
Seasons
Hotels,
Ltd.
1st
Lien
Term
Loan
2.109%
due
11/30/23
(USD
1
Month
LIBOR
+
2.000%)(Ê)
148
147
Froneri
International,
Ltd.
Term
Loan
2.359%
due
01/31/27
(USD
1
Month
LIBOR
+
2.250%)(Ê)
119
117
Garda
World
Security
Corp.
2021
Term
Loan
B
4.370%
due
10/30/26
(USD
1
Month
LIBOR
+
4.250%)(Ê)
69
69
GE
Capital
International
Funding
Co.,
ULC
Series
WI
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.373%
due
11/15/25
764
828
4.418%
due
11/15/35
600
687
GFL
Environmental,
Inc.
2020
Term
Loan
3.500%
due
05/31/25
(USD
3
Month
LIBOR
+
3.000%)(Ê)
15
15
GFL
Environmental,
Inc.
4.250%
due
06/01/25
(Þ)
70
72
GlaxoSmithKline
Capital
PLC
2.850%
due
05/08/22
10
10
Grifols
Worldwide
Operations
USA,
Inc.
Term
Loan
B
2.081%
due
11/15/27
(USD
1
Week
LIBOR
+
2.000%)(Ê)
296
293
Heineken
NV
3.400%
due
04/01/22
(Þ)
710
730
HSBC
Bank
PLC
7.650%
due
05/01/25
375
454
HSBC
Holdings
PLC
3.900%
due
05/25/26
220
243
2.099%
due
06/04/26
(SOFR
+
1.929%)(Ê)
200
203
4.041%
due
03/13/28
(USD
3
Month
LIBOR
+
1.546%)(Ê)
410
449
ICICI
Bank,
Ltd.
4.000%
due
03/18/26
(Þ)
782
843
Indonesia
Government
International
Bond
3.500%
due
01/11/28
210
225
4.350%
due
01/11/48
240
260
3.700%
due
10/30/49
540
548
Series
REGS
3.750%
due
04/25/22
230
237
Innogy
Finance
BV
6.650%
due
04/30/38
(Þ)
621
861
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
319
3.875%
due
01/12/28
(Þ)
846
901
Israel
Government
International
Bond
2.750%
due
07/03/30
200
209
KazMunayGas
National
Co.
JSC
5.375%
due
04/24/30
(Þ)
200
237
Kuwait
Government
International
Bond
3.500%
due
03/20/27
(Þ)
210
232
Lloyds
Banking
Group
PLC
4.050%
due
08/16/23
742
800
4.375%
due
03/22/28
200
224
4.550%
due
08/16/28
400
455
12.000%
due
12/29/49
(USD
3
Month
LIBOR
+
11.756%)(Ê)(ƒ)(Þ)
681
756
Series
144a
6.657%
due
12/29/49
(USD
3
Month
LIBOR
+
1.270%)(Ê)(ƒ)(Þ)
108
139
Lukoil
International
Finance
BV
4.563%
due
04/24/23
(Þ)
682
721
Madison
Park
Funding,
Ltd.
Series
2021-48A
Class
A
1.292%
due
04/19/33
(USD
3
Month
LIBOR
+
1.150%)(Ê)(Þ)
1,158
1,159
Marks
&
Spencer
PLC
7.125%
due
12/01/37
(Þ)
170
195
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
MEG
Energy
Corp.
5.875%
due
02/01/29
(Þ)
20
20
Methanex
Corp.
5.250%
due
12/15/29
221
228
Mexico
Government
International
Bond
4.350%
due
01/15/47
610
605
National
Bank
of
Canada
2.150%
due
10/07/22
(Þ)
780
799
Natwest
Group
PLC
3.875%
due
09/12/23
200
214
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
218
NBK
SPC,
Ltd.
2.750%
due
05/30/22
(Þ)
714
729
Nissan
Motor
Acceptance
Corp.
3.522%
due
09/17/25
(Þ)
280
297
4.345%
due
09/17/27
(Þ)
300
326
Nomura
Holdings,
Inc.
2.648%
due
01/16/25
865
895
Nutrien
Ltd.
5.875%
due
12/01/36
627
820
Panama
Government
International
Bond
2.252%
due
09/29/32
260
247
Park
Aerospace
Holdings,
Ltd.
5.250%
due
08/15/22
(Þ)
4
4
Peruvian
Government
International
Bond
2.783%
due
01/23/31
130
130
6.550%
due
03/14/37
30
41
5.625%
due
11/18/50
160
212
Petrobras
Global
Finance
BV
Series
WI
5.299%
due
01/27/25
1,715
1,896
Petroleos
Mexicanos
6.625%
due
06/15/35
10
10
Series
WI
4.625%
due
09/21/23
100
103
6.875%
due
08/04/26
220
236
Prosus
NV
4.850%
due
07/06/27
(Þ)
250
280
4.027%
due
08/03/50
(Þ)
909
827
Provincia
de
Buenos
Aires
6.500%
due
02/15/23
(~)(Ê)(Þ)
140
51
Qatar
Government
International
Bond
4.817%
due
03/14/49
(Þ)
210
257
4.400%
due
04/16/50
(Þ)
360
418
RESIMAC
Premier
1.274%
due
02/07/52
(Þ)
860
863
Resimac
,
Ltd.
Series
2021-1A
Class
A1
0.842%
due
07/10/52
(USD
1
Month
LIBOR
+
0.700%)(Ê)(Þ)
1,742
1,743
Royal
Bank
of
Canada
1.150%
due
06/10/25
120
120
Series
GMTN
1.600%
due
04/17/23
200
205
3.700%
due
10/05/23
808
871
Royal
Caribbean
Cruises,
Ltd.
5.250%
due
11/15/22
46
47
SABIC
Capital
II
BV
4.000%
due
10/10/23
(Þ)
737
794
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Sands
China,
Ltd.
Series
WI
5.125%
due
08/08/25
1,012
1,132
3.800%
due
01/08/26
200
212
Santander
UK
Group
Holdings
PLC
5.000%
due
11/07/23
(Þ)
238
261
Class
N
4.750%
due
09/15/25
(Þ)
701
777
Saudi
Arabian
Oil
Co.
2.875%
due
04/16/24
(Þ)
768
809
Schneider
Electric
SE
2.950%
due
09/27/22
(Þ)
800
828
Shell
International
Finance
BV
2.875%
due
05/10/26
40
43
2.750%
due
04/06/30
100
103
4.375%
due
05/11/45
320
375
4.000%
due
05/10/46
80
89
3.250%
due
04/06/50
140
137
Siemens
Financieringsmaatschappij
NV
2.000%
due
09/15/23
(Þ)
891
923
Societe
Generale
SA
5.000%
due
01/17/24
(Þ)
700
764
Standard
Chartered
PLC
3.785%
due
05/21/25
(USD
3
Month
LIBOR
+
1.560%)(Ê)(Þ)
447
481
7.014%
due
12/30/49
(USD
3
Month
LIBOR
+
1.460%)(Ê)(ƒ)(Þ)
111
144
State
of
Israel
Government
International
Bond
4.500%
due
04/03/20
304
362
Sumitomo
Mitsui
Financial
Group,
Inc.
2.778%
due
10/18/22
851
880
Suncor
Energy,
Inc.
6.500%
due
06/15/38
607
811
Suzano
Austria
GmbH
3.750%
due
01/15/31
270
278
Swedbank
AB
1.300%
due
06/02/23
(Þ)
200
203
Telecom
Italia
Capital
SA
6.375%
due
11/15/33
276
325
Telecom
Italia
SpA
6.000%
due
09/30/34
253
287
Telefonica
Emisiones
SA
4.570%
due
04/27/23
682
735
5.213%
due
03/08/47
150
175
Tesco
PLC
6.150%
due
11/15/37
(Þ)
623
786
Teva
Pharmaceutical
Finance
Co.
BV
2.950%
due
12/18/22
40
40
Teva
Pharmaceutical
Finance
Netherlands
III
BV
2.800%
due
07/21/23
330
329
3.150%
due
10/01/26
490
469
Toronto-Dominion
Bank
(The)
0.750%
due
06/12/23
240
242
1.150%
due
06/12/25
110
110
Series
GMTN
3.250%
due
03/11/24
834
897
Total
Capital
Canada,
Ltd.
2.750%
due
07/15/23
770
811
Total
Capital
International
SA
2.700%
due
01/25/23
713
743
TransCanada
PipeLines
,
Ltd.
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
5.600%
due
03/31/34
644
786
TransCanada
Trust
Series
16-A
5.875%
due
08/15/76
(USD
3
Month
LIBOR
+
4.640%)(Ê)
746
813
Trust
Fibra
Uno
5.250%
due
01/30/26
(Þ)
685
757
UBS
Group
AG
1.750%
due
04/21/22
(Þ)
220
223
3.491%
due
05/23/23
(Þ)
270
279
4.125%
due
04/15/26
(Þ)
694
774
7.000%
due
12/31/99
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
4.344%)(Ê)
(ƒ)(Þ)
660
725
Vale
Overseas,
Ltd.
6.875%
due
11/21/36
180
239
Vodafone
Group
PLC
4.375%
due
05/30/28
170
195
7.000%
due
04/04/79
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
4.873%)(Ê)
321
387
Woori
Bank
4.750%
due
04/30/24
(Þ)
734
811
Wynn
Macau,
Ltd.
5.625%
due
08/26/28
(Þ)
200
209
Ziggo
Secured
Finance
BV
Term
Loan
I
2.606%
due
04/30/28
(USD
1
Month
LIBOR
+
2.500%)(Ê)
16
16
88,442
Loan
Agreements
-
1.3%
Air
Medical
Group
Holdings,
Inc.
1st
Lien
Term
Loan
B
5.750%
due
09/24/25
(USD
3
Month
LIBOR
+
4.750%)(Ê)
175
174
Allied
Universal
Holdco
Term
Loan
B
4.359%
due
07/12/26
(USD
1
Month
LIBOR
+
4.250%)(Ê)
320
319
APi
Group
DE,
Inc.
Term
Loan
B
2.609%
due
10/01/26
(USD
1
Month
LIBOR
+
2.500%)(Ê)
316
314
Asplundh
Tree
Expert
LLC
Term
Loan
B
1.859%
due
09/04/27
(USD
1
Month
LIBOR
+
1.750%)(Ê)
40
40
Asurion
LLC
1st
Lien
Term
Loan
B7
3.109%
due
11/03/24
(USD
1
Month
LIBOR
+
3.000%)(Ê)
186
186
Asurion
LLC
2020
Term
Loan
B8
3.359%
due
12/23/26
(USD
1
Month
LIBOR
+
3.250%)(Ê)
204
203
Asurion
LLC
2021
Term
Loan
B9
3.359%
due
08/03/27
(USD
1
Month
LIBOR
+
3.250%)(Ê)
80
79
Asurion
LLC
Term
Loan
B6
3.109%
due
11/03/23
(USD
1
Month
LIBOR
+
3.000%)(Ê)
47
47
athenahealth
,
Inc.
Term
Loan
4.453%
due
02/11/26
(USD
3
Month
LIBOR
+
4.250%)(Ê)
424
425
Atlantic
Aviation
FBO,
Inc.
Term
Loan
B
3.860%
due
12/06/25
(USD
1
Month
LIBOR
+
3.750%)(Ê)
20
20
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Bausch
Health
Americas,
Inc.
Term
Loan
B
3.109%
due
06/01/25
(USD
1
Month
LIBOR
+
3.000%)(Ê)
154
154
Berry
Global,
Inc.
2021
Term
Loan
Z
1.898%
due
07/01/26
(USD
1
Month
LIBOR
+
1.750%)(Ê)
120
119
Brickman
Group,
Ltd.
1st
Lien
Term
Loan
B
2.609%
due
08/15/25
(USD
1
Month
LIBOR
+
2.500%)(Ê)
39
39
Brookfield
WEC
Holdings,
Inc.
2021
Term
Loan
3.250%
due
08/01/25
(USD
1
Month
LIBOR
+
2.750%)(Ê)
50
49
Caesars
Resort
Collection
LLC
1st
Lien
Term
Loan
B
2.859%
due
12/22/24
(USD
1
Month
LIBOR
+
2.750%)(Ê)
137
135
Caesars
Resort
Collection
LLC
2020
Term
Loan
4.609%
due
06/19/25
(USD
1
Month
LIBOR
+
4.500%)(Ê)
159
159
Change
Healthcare
Holdings
LLC
1st
Lien
Term
Loan
B
3.500%
due
03/01/24
(USD
3
Month
LIBOR
+
2.500%)(Ê)
343
342
Charter
Communications
Operating
LLC
Term
Loan
B1
1.860%
due
04/30/25
(USD
1
Month
LIBOR
+
1.750%)(Ê)
362
361
Citadel
Securities,
LP
2021
Term
Loan
B
2.609%
due
02/02/28
(USD
1
Month
LIBOR
+
2.500%)(Ê)
267
263
CityCenter
Holdings
LLC
Term
Loan
B
3.000%
due
04/18/24
(USD
1
Month
LIBOR
+
2.250%)(Ê)
107
105
CSC
Holdings
LLC
2019
Term
Loan
B5
2.606%
due
04/15/27
(USD
1
Month
LIBOR
+
2.500%)(Ê)
50
49
Deerfield
Dakota
Holding
LLC
Term
Loan
B
4.750%
due
04/09/27
(USD
1
Month
LIBOR
+
3.750%)(Ê)
100
99
Dell
International
LLC
2021
Term
Loan
B
2.000%
due
09/19/25
(USD
1
Month
LIBOR
+
1.750%)(Ê)
144
143
Edelman
Financial
Center
LLC
Term
Loan
B1
3.109%
due
07/19/25
(USD
1
Month
LIBOR
+
3.000%)(Ê)
69
68
Eyecare
Partners
LLC
Term
Loan
3.859%
due
02/20/27
(USD
1
Month
LIBOR
+
3.750%)(Ê)
99
98
First
Eagle
Holdings,
Inc.
Term
Loan
B
2.703%
due
02/02/27
(USD
3
Month
LIBOR
+
2.500%)(Ê)
39
38
Focus
Financial
Partners
LLC
2020
Term
Loan
2.109%
due
07/03/24
(USD
1
Month
LIBOR
+
2.000%)(Ê)
148
146
Gainwell
Acquisition
Corp.
2021
Term
Loan
B
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
0.000%
due
10/01/27
(~)(Ê)(v)
70
70
Genesee
&
Wyoming,
Inc.
New
Term
Loan
2.203%
due
12/30/26
(USD
3
Month
LIBOR
+
2.000%)(Ê)
148
148
Go
Daddy
Operating
Co.
LLC
1st
Lien
Term
Loan
B
1.857%
due
02/15/24
(USD
1
Month
LIBOR
+
1.750%)(Ê)
70
69
Golden
Nugget,
Inc.
1st
Lien
Term
Loan
B
3.250%
due
10/04/23
(USD
2
Month
LIBOR
+
2.500%)(Ê)
138
135
Harbor
Freight
Tools
USA,
Inc.
2020
Term
Loan
B
3.750%
due
10/14/27
(USD
1
Month
LIBOR
+
3.000%)(Ê)
140
140
HCA,
Inc.
Term
Loan
B12
1.859%
due
03/13/25
(USD
1
Month
LIBOR
+
1.750%)(Ê)
47
47
Hilton
Worldwide
Finance
LLC
Term
Loan
B
1.859%
due
06/21/26
(USD
1
Month
LIBOR
+
1.750%)(Ê)
345
341
Horizon
Therapeutics
PLC
2021
Term
Loan
B
0.000%
due
02/26/28
(~)(Ê)(v)
300
299
iHeartCommunications
,
Inc.
2020
Term
Loan
3.109%
due
05/01/26
(USD
1
Month
LIBOR
+
3.000%)(Ê)
256
253
INEOS
Styrolution
US
Holding
LLC
2021
Term
Loan
B
3.250%
due
01/21/26
(~)(Ê)
290
289
Intrawest
Resorts
Holdings,
Inc.
1st
Lien
Term
Loan
B1
2.859%
due
06/29/24
(USD
1
Month
LIBOR
+
2.750%)(Ê)
137
134
Jane
Street
Group
LLC
2021
Term
Loan
2.859%
due
01/26/28
(USD
1
Month
LIBOR
+
2.750%)(Ê)
315
311
Level
3
Financing,
Inc.
Term
Loan
B
1.859%
due
03/01/27
(USD
1
Month
LIBOR
+
1.750%)(Ê)
248
245
MA
Finance
Co.
LLC
Term
Loan
B
0.000%
due
06/21/24
(USD
1
Month
LIBOR
+
2.750%)(Ê)(v)
4
4
McAfee
LLC
Term
Loan
B
3.859%
due
09/29/24
(USD
1
Month
LIBOR
+
3.750%)(Ê)
203
203
Michaels
Stores,
Inc.
2020
Term
Loan
B
4.250%
due
10/01/27
(USD
1
Month
LIBOR
+
3.500%)(Ê)
127
126
Milano
Acquisition
Corp.
Term
Loan
B
4.750%
due
10/01/27
(USD
3
Month
LIBOR
+
4.000%)(Ê)
180
179
MultiPlan
,
Inc.
Term
Loan
B
3.750%
due
06/07/23
(USD
3
Month
LIBOR
+
2.750%)(Ê)
170
169
Nexstar
Broadcasting,
Inc.
Term
Loan
B4
2.615%
due
09/19/26
(USD
1
Month
LIBOR
+
2.500%)(Ê)
356
353
Option
Care
Health,
Inc.
Term
Loan
B
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.859%
due
08/06/26
(USD
1
Month
LIBOR
+
3.750%)(Ê)
316
315
PCI
Gaming
Authority
Term
Loan
2.609%
due
05/31/26
(USD
1
Month
LIBOR
+
2.500%)(Ê)
79
78
Petco
Animal
Supplies,
Inc
2021
Term
Loan
B
4.000%
due
02/24/28
(USD
3
Month
LIBOR
+
3.250%)(Ê)
130
129
Phoenix
Guarantor,
Inc.
Term
Loan
B
3.361%
due
03/05/26
(USD
1
Month
LIBOR
+
3.250%)(Ê)
122
120
PPD,
Inc.
Initial
Term
Loan
2.750%
due
01/13/28
(USD
1
Month
LIBOR
+
2.250%)(Ê)
280
278
Prime
Security
Services
Borrower
LLC
2021
Term
Loan
3.500%
due
09/23/26
(USD
1
Month
LIBOR
+
2.750%)(Ê)
228
227
Rackspace
Technology
,
Inc.
2021
Term Loan
3.500%
due
02/02/28
(USD
3
Month
LIBOR
+
2.750%)(Ê)
50
50
RegionalCare
Hospital
Partners
Holdings,
Inc.
Term
Loan
B
3.859%
due
11/16/25
(USD
1
Month
LIBOR
+
3.750%)(Ê)
277
276
Reynolds
American,
Inc.
Term
Loan
1.859%
due
02/04/27
(USD
1
Month
LIBOR
+
1.750%)(Ê)
392
390
Reynolds
Group
Holdings,
Inc.
1st
Lien
Term
Loan
B
0.000%
due
02/05/23
(USD
1
Month
LIBOR
+
2.750%)(Ê)(v)
5
4
Scientific
Games
International,
Inc. 1st
Lien
Term
Loan
B5
2.859%
due
08/14/24
(USD
1
Month
LIBOR
+
2.750%)(Ê)
319
313
Seattle
SpinCo
,
Inc.
1st
Lien
Term
Loan
B3
2.859%
due
06/21/24
(USD
1
Month
LIBOR
+
2.750%)(Ê)
25
25
Sotera
Health
Holdings
LLC
Term
Loan
3.250%
due
12/13/26
(USD
3
Month
LIBOR
+
2.750%)(Ê)
280
279
Station
Casinos
LLC
Term
Loan
B
2.500%
due
02/08/27
(USD
1
Month
LIBOR
+
2.250%)(Ê)
150
147
TKC
Holdings,
Inc.
1st
Lien
Term
Loan
4.750%
due
02/01/23
(USD
3
Month
LIBOR
+
3.750%)(Ê)
215
210
Trans
Union
LLC
Term
Loan
B5
1.859%
due
11/13/26
(USD
1
Month
LIBOR
+
1.750%)(Ê)
102
101
TransDigm
,
Inc.
2020
Term
Loan
F
2.359%
due
12/09/25
(USD
1
Month
LIBOR
+
2.250%)(Ê)
10
10
UFC
Holdings
LLC
2021
Term
Loan
B
3.750%
due
04/29/26
(USD
6
Month
LIBOR
+
3.000%)(Ê)
227
226
Univision
Communications,
Inc.
2020
Term
Loan
B
4.750%
due
03/15/26
(USD
1
Month
LIBOR
+
3.750%)(Ê)
30
30
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
US
Foods,
Inc.
Term
Loan
B
2.109%
due
09/13/26
(USD
1
Month
LIBOR
+
2.000%)(Ê)
29
29
Verscend
Holding
Corp.
2021
Term
Loan
B
0.000%
due
08/27/25
(~)(Ê)(v)
160
160
VFH
Parent
LLC
Term
Loan
B
3.110%
due
03/01/26
(USD
1
Month
LIBOR
+
3.000%)(Ê)
272
271
VICI
Properties,
Inc.
1st
Lien
Term
Loan
B
1.861%
due
12/22/24
(USD
1
Month
LIBOR
+
1.750%)(Ê)
196
194
Virgin
Media
Secured
Finance
PLC
Term
Loan
2.511%
due
01/31/28
(USD
1
Month
LIBOR
+
2.500%)(Ê)
297
294
Western
Digital
Corp.
1st
Lien
Term
Loan
B4
1.865%
due
04/29/23
(USD
1
Month
LIBOR
+
1.750%)(Ê)
24
24
Wynn
Resorts
Finance
LLC
Term
Loan
A
1.860%
due
09/20/24
(USD
1
Month
LIBOR
+
1.750%)(Ê)
333
321
XPO
Logistics,
Inc.
Term
Loan
1.859%
due
02/23/25
(USD
1
Month
LIBOR
+
1.750%)(Ê)
120
119
12,309
Mortgage-Backed
Securities
-
21.3%
Alternative
Loan
Trust
Series
2007-16CB
Class
1A5
0.568%
due
08/25/37
(USD
1
Month
LIBOR
+
0.400%)(Ê)
325
238
American
Home
Mortgage
Investment
Trust
Series
2004-4
Class
4A
2.805%
due
02/25/45
(USD
6
Month
LIBOR
+
2.000%)(Ê)
6
6
BAMLL
Commercial
Mortgage
Securities
Trust
Series
2020-JGDN
Class
A
3.000%
due
11/15/25
(USD
1
Month
LIBOR
+
2.750%)(Ê)(Þ)
900
920
Banc
of
America
Funding
Trust
Series
2005-D
Class
A1
4.217%
due
05/25/35
(~)(Ê)
193
195
Series
2006-6
Class
2A1
6.000%
due
08/25/36
656
652
BCAP
LLC
Trust
Series
2010-RR7
Class
3A12
3.569%
due
08/26/35
(~)(Ê)(Þ)
603
556
Bear
Stearns
ARM
Trust
Series
2004-3
Class
2A
3.911%
due
07/25/34
(~)(Ê)
92
90
Bear
Stearns
Commercial
Mortgage
Securities
Trust
Series
2007-T26
Class
AM
5.513%
due
01/12/45
(~)(Ê)
71
70
Bellemeade
Re,
Ltd.
Series
2020-2A
Class
M1B
3.583%
due
08/26/30
(USD
1
Month
LIBOR
+
3.200%)(Ê)(Þ)
1,059
1,067
Benchmark
Mortgage
Trust
Series
2020-IG1
Class
A3
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.687%
due
09/15/43
3,000
3,076
Series
2020-IG3
Class
A4
2.437%
due
09/15/48
(Þ)
2,448
2,452
BX
Trust
Series
2018-BILT
Class
C
1.405%
due
05/15/30
(USD
1
Month
LIBOR
+
1.220%)(Ê)(Þ)
1,650
1,642
Series
2018-IND
Class
G
2.235%
due
11/15/35
(USD
1
Month
LIBOR
+
2.050%)(Ê)(Þ)
133
133
CAMB
Commercial
Mortgage
Trust
Series
2019-LIFE
Class
F
2.735%
due
12/15/37
(USD
1
Month
LIBOR
+
2.550%)(Ê)(Þ)
987
987
CHL
Mortgage
Pass-Through
Trust
Series
2005-3
Class
1A2
0.748%
due
04/25/35
(USD
1
Month
LIBOR
+
0.580%)(Ê)
5
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
1,432
Series
2019-SST2
Class
F
2.685%
due
12/15/36
(USD
1
Month
LIBOR
+
2.500%)(Ê)(Þ)
430
429
Citigroup
Mortgage
Loan
Trust,
Inc.
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)
3
3
Series
2015-2
Class
5A1
0.737%
due
03/25/47
(USD
1
Month
LIBOR
+
0.250%)(Ê)(Þ)
61
62
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
216
Series
2014-277P
Class
A
3.732%
due
08/10/49
(~)(Ê)(Þ)
205
219
Series
2019-521F
Class
D
1.735%
due
06/15/34
(USD
1
Month
LIBOR
+
1.550%)(Ê)(Þ)
899
851
CORE
Mortgage
Trust
Series
2019-CORE
Class
D
1.835%
due
12/15/31
(USD
1
Month
LIBOR
+
1.650%)(Ê)(Þ)
1,466
1,468
Credit
Suisse
Mortgage
Trust
4.764%
due
12/15/22
(USD
1
Month
LIBOR
+
3.024%)(Ê)(Þ)
680
674
Series
2017-CHOP
Class
G
5.535%
due
07/15/32
(USD
1
Month
LIBOR
+
5.350%)(Ê)(Þ)
600
422
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
1,284
Series
2021-2R
Class
1A1
1.856%
due
07/25/47
(USD
1
Month
LIBOR
+
1.750%)(Ê)(Š)(Þ)
280
280
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
DBGS
Mortgage
Trust
Series
2019-1735
Class
D
4.334%
due
04/10/37
(~)(Ê)(Þ)
985
984
Deutsche
Bank
Commercial
Mortgage
Trust
Series
2016-C3
Class
A5
2.890%
due
08/10/49
240
254
Deutsche
Mortgage
Securities,
Inc.
Re-
REMIC
Trust
Series
2007-WM1
Class
A1
3.658%
due
06/27/37
(~)(Ê)(Þ)
340
346
Eagle
Re,
Ltd.
Series
2018-1
Class
M2
3.947%
due
11/25/28
(USD
1
Month
LIBOR
+
3.000%)(Ê)(Þ)
732
738
Series
2020-1
Class
M1A
1.068%
due
01/25/30
(USD
1
Month
LIBOR
+
0.900%)(Ê)(Þ)
511
510
Fannie
Mae
4.500%
due
2024
1
1
4.500%
due
2025
71
76
2.560%
due
2028
370
392
2.790%
due
2029
300
320
3.160%
due
2029
49
54
2.260%
due
2030
196
204
3.500%
due
2030
52
56
2.600%
due
2031
375
390
5.000%
due
2031
70
78
2.500%
due
2032
948
995
6.000%
due
2032
14
16
3.000%
due
2033
664
701
3.500%
due
2033
476
515
5.000%
due
2033
4
5
3.500%
due
2034
97
105
5.500%
due
2034
11
13
2.500%
due
2035
5,616
5,915
4.500%
due
2035
290
332
2.500%
due
2036
73
76
3.000%
due
2036
294
309
5.500%
due
2037
80
95
2.500%
due
2038
188
194
5.500%
due
2038
339
398
6.000%
due
2039
30
36
3.000%
due
2040
95
99
4.000%
due
2040
214
239
5.500%
due
2040
398
466
6.000%
due
2040
92
110
4.000%
due
2041
339
376
6.000%
due
2041
145
172
3.500%
due
2043
773
844
4.000%
due
2044
782
870
3.500%
due
2045
1,014
1,094
3.000%
due
2046
601
635
3.500%
due
2046
294
316
4.000%
due
2046
974
1,070
4.500%
due
2046
325
365
3.000%
due
2047
2,711
2,857
3.500%
due
2047
392
423
4.000%
due
2047
688
743
4.500%
due
2047
149
164
3.500%
due
2048
648
687
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.000%
due
2048
1,060
1,143
4.500%
due
2048
1,805
1,995
5.000%
due
2048
550
610
3.000%
due
2049
5,553
5,874
3.500%
due
2049
1,606
1,710
4.000%
due
2049
1,429
1,554
4.500%
due
2049
371
406
5.000%
due
2049
767
847
2.500%
due
2050
8,662
8,942
3.000%
due
2050
10,949
11,591
3.500%
due
2050
3,555
3,785
4.000%
due
2050
449
488
4.500%
due
2050
147
162
2.000%
due
2051
6,559
6,553
2.500%
due
2051
1,392
1,435
4.000%
due
2056
888
994
5.500%
due
2056
207
246
4.000%
due
2057
123
138
4.500%
due
2057
181
208
4.500%
due
2058
66
76
4.500%
due
2059
75
86
15
Year
TBA(Ï)
1.500%
1,900
1,909
30
Year
TBA(Ï)
2.000%
6,600
6,588
2.500%
1,300
1,334
Fannie
Mae
Aces
Series
2013-M6
Class
1AC
3.552%
due
02/25/43
(~)(Ê)
83
91
Series
2018-M9
Class
APT2
3.228%
due
04/25/28
(~)(Ê)
196
210
Series
2019-M19
Class
A2
2.560%
due
09/25/29
189
200
Series
2019-M23
Class
3A3
2.720%
due
10/25/31
(~)(Ê)
200
201
Series
2019-M27
Class
A2
2.700%
due
11/25/40
100
104
Series
2019-M28
Class
AV
2.232%
due
02/25/27
148
155
Fannie
Mae
Connecticut
Avenue
Securities
Trust
Series
2016-C04
Class
1M2
4.418%
due
01/25/29
(USD
1
Month
LIBOR
+
4.250%)(Ê)
32
34
Series
2018-C01
Class
1B1
3.718%
due
07/25/30
(USD
1
Month
LIBOR
+
3.550%)(Ê)
270
272
Series
2018-C03
Class
1M2
2.318%
due
10/25/30
(USD
1
Month
LIBOR
+
2.150%)(Ê)
513
511
Series
2019-R07
Class
1M2
2.268%
due
10/25/39
(USD
1
Month
LIBOR
+
2.100%)(Ê)(Þ)
445
445
Fannie
Mae
REMICS
Series
1999-56
Class
Z
7.000%
due
12/18/29
6
7
Series
2004-W5
Class
A1
6.000%
due
02/25/47
132
157
Series
2005-24
Class
ZE
5.000%
due
04/25/35
139
157
Series
2012-35
Class
SC
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
Interest
Only
STRIP
6.332%
due
04/25/42
(-1
x
USD
1
Month
LIBOR
+
6.500%)(Ê)
15
3
Series
2012-55
Class
PC
3.500%
due
05/25/42
365
395
Series
2013-54
Class
BS
Interest
Only
STRIP
5.982%
due
06/25/43
(-1
x
USD
1
Month
LIBOR
+
6.150%)(Ê)
70
15
Series
2013-124
Class
SB
Interest
Only
STRIP
5.782%
due
12/25/43
(-1
x
USD
1
Month
LIBOR
+
5.950%)(Ê)
81
16
Series
2016-23
Class
ST
Interest
Only
STRIP
5.832%
due
11/25/45
(-1
x
USD
1
Month
LIBOR
+
6.000%)(Ê)
278
59
Series
2016-61
Class
BS
Interest
Only
STRIP
5.932%
due
09/25/46
(-1
x
USD
1
Month
LIBOR
+
6.100%)(Ê)
232
39
Series
2017-76
Class
SB
Interest
Only
STRIP
5.932%
due
10/25/57
(-1
x
USD
1
Month
LIBOR
+
6.100%)(Ê)
250
54
Series
2017-85
Class
SC
Interest
Only
STRIP
6.032%
due
11/25/47
(-1
x
USD
1
Month
LIBOR
+
6.200%)(Ê)
51
9
Series
2020-47
Class
GZ
2.000%
due
07/25/50
102
87
Series
2020-56
Class
DI
Interest
Only
STRIP
2.500%
due
08/25/50
190
31
Series
2020-74
Class
EI
Interest
Only
STRIP
2.500%
due
10/25/50
96
16
Series
2020-89
Class
DI
Interest
Only
STRIP
2.500%
due
12/25/50
292
43
Series
2020-97
Class
EI
Interest
Only
STRIP
2.000%
due
01/25/51
1,279
168
Series
2021-1
Class
IM
Interest
Only
STRIP
2.000%
due
02/25/51
1,092
135
Series
2021-3
Class
KI
Interest
Only
STRIP
2.500%
due
02/25/51
1,596
213
Series
2021-3
Class
NI
Interest
Only
STRIP
2.500%
due
02/25/51
1,724
240
Series
2021-8
Class
EI
Interest
Only
STRIP
3.500%
due
03/25/51
763
131
Series
2021-8
Class
GI
Interest
Only
STRIP
3.000%
due
03/25/51
776
133
Fannie
Mae-Aces
Series
2020-M36
Class
X1
Interest
Only
STRIP
1.564%
due
09/25/34
(~)(Ê)
598
64
Flagstar
Mortgage
Trust
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Series
2018-2
Class
A4
3.500%
due
04/25/48
(~)(Ê)(Þ)
69
69
Freddie
Mac
3.500%
due
2030
64
69
2.500%
due
2031
3,303
3,478
3.000%
due
2032
43
45
3.500%
due
2033
66
71
4.500%
due
2034
96
106
3.500%
due
2038
165
178
5.500%
due
2038
254
299
6.000%
due
2038
61
73
3.000%
due
2039
56
59
5.000%
due
2040
140
162
4.000%
due
2041
901
1,003
4.500%
due
2041
135
152
5.500%
due
2041
154
181
3.500%
due
2043
432
473
4.000%
due
2044
349
386
3.500%
due
2045
720
779
4.000%
due
2045
264
288
3.000%
due
2046
2,240
2,388
4.000%
due
2046
194
211
4.500%
due
2046
191
211
2.542%
due
2047
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.284%)(Ê)
153
159
3.000%
due
2047
844
894
4.500%
due
2047
54
59
3.000%
due
2048
131
139
4.000%
due
2048
1,528
1,672
4.500%
due
2048
384
421
5.000%
due
2048
112
124
3.000%
due
2049
522
550
4.500%
due
2049
425
470
5.000%
due
2049
166
184
1.500%
due
2050
1,956
1,892
2.000%
due
2050
98
98
2.500%
due
2050
2,333
2,418
3.000%
due
2050
8,514
8,978
3.500%
due
2050
575
615
4.000%
due
2050
60
65
4.500%
due
2050
71
78
5.000%
due
2050
269
298
2.000%
due
2051
6,5
58
6,551
2.500%
due
2051
199
205
Series
2014-334
Class
S7
Interest
Only
STRIP
5.915%
due
08/15/44
(USD
1
Month
LIBOR
+
6.100%)(Ê)
114
23
Series
2016-353
Class
S1
Interest
Only
STRIP
5.815%
due
12/15/46
(USD
1
Month
LIBOR
+
6.000%)(Ê)
57
12
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates
Series
2016-K058
Class
X1
Interest
Only
STRIP
0.926%
due
08/25/26
(~)(Ê)
2,007
89
Freddie
Mac
REMICS
Series
2003-2624
Class
QH
5.000%
due
06/15/33
50
57
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
2006-R007
Class
ZA
6.000%
due
05/15/36
164
194
Series
2010-3632
Class
PK
5.000%
due
02/15/40
98
109
Series
2010-3653
Class
B
4.500%
due
04/15/30
142
156
Series
2011-3973
Class
SA
Interest
Only
STRIP
6.305%
due
12/15/41
(-1
x
USD
1
Month
LIBOR
+
6.490%)(Ê)
248
54
Series
2012-4010
Class
KM
3.000%
due
01/15/42
80
85
Series
2018-4813
Class
CJ
3.000%
due
08/15/48
34
35
Series
2019-RR01
Class
X
Interest
Only
STRIP
1.534%
due
06/25/28
(~)(Ê)
2,500
240
Series
2020-5008
Class
IE
Interest
Only
STRIP
2.000%
due
09/25/50
1,078
129
Series
2020-5010
Class
IK
Interest
Only
STRIP
2.500%
due
09/25/50
92
13
Series
2020-5010
Class
JI
Interest
Only
STRIP
2.500%
due
09/25/50
192
31
Series
2020-5013
Class
IN
Interest
Only
STRIP
2.500%
due
09/25/50
99
16
Series
2020-5018
Class
MI
Interest
Only
STRIP
2.000%
due
10/25/50
98
13
Series
2020-5038
Class
NI
Interest
Only
STRIP
2.000%
due
11/25/50
1,464
187
Series
2020-5040
Class
IB
Interest
Only
STRIP
2.500%
due
11/25/50
97
14
Series
2020-5050
Class
IP
Interest
Only
STRIP
3.000%
due
10/25/50
2,800
422
Series
2020-5052
Class
IO
Interest
Only
STRIP
3.500%
due
12/25/50
1,202
179
Series
2020-5052
Class
KI
Interest
Only
STRIP
4.000%
due
12/25/50
1,552
229
Series
2021-5072
Class
IQ
3.500%
due
10/25/50
1,467
273
Series
2021-5072
Class
QI
Interest
Only
STRIP
3.500%
due
10/25/50
1,265
252
Freddie
Mac
Seasoned
Credit
Risk
Transfer
Trust
Series
2020-1
Class
M
4.250%
due
08/25/59
(~)(Ê)(Þ)
720
748
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
Series
2017-DNA2
Class
B1
5.318%
due
10/25/29
(USD
1
Month
LIBOR
+
5.150%)(Ê)
510
547
Series
2017-DNA2
Class
M2
3.618%
due
10/25/29
(USD
1
Month
LIBOR
+
3.450%)(Ê)
440
456
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Series
2020-DNA1
Class
B1
2.450%
due
01/25/50
(USD
1
Month
LIBOR
+
2.300%)(Ê)(Þ)
270
264
Series
2020-DNA5
Class
M1
1.387%
due
10/25/50
(SOFR
30
Day
Average
+
1.300%)(Ê)(Þ)
349
349
Ginnie
Mae
I
3.000%
due
2042
245
258
3.500%
due
2048
55
59
Ginnie
Mae
II
3.500%
due
2044
53
58
3.000%
due
2045
69
73
3.500%
due
2045
20
21
3.000%
due
2046
152
160
3.500%
due
2047
598
639
4.000%
due
2047
887
961
4.500%
due
2047
53
58
4.500%
due
2048
1,004
1,094
5.000%
due
2048
297
325
3.000%
due
2049
172
179
3.500%
due
2049
108
112
4.000%
due
2049
435
474
4.500%
due
2049
332
360
5.000%
due
2049
572
627
2.000%
due
2050
396
399
2.500%
due
2050
198
206
3.000%
due
2050
1,008
1,052
3.500%
due
2050
172
182
4.000%
due
2050
88
96
30
Year
TBA(Ï)
2.000%
1,200
1,212
2.500%
800
825
3.000%
300
313
3.500%
190
201
Ginnie
Mae
REMICS
Series
2012-135
Class
IO
Interest
Only
STRIP
0.607%
due
01/16/53
(~)(Ê)
1,235
25
Series
2013-53
Class
OI
Interest
Only
STRIP
3.500%
due
04/20/43
491
52
Series
2013-107
Class
AD
2.694%
due
11/16/47
(~)(Ê)
128
134
Series
2014-17
Class
AM
2.580%
due
06/16/48
(~)(Ê)
24
25
Series
2016-21
Class
ST
Interest
Only
STRIP
5.960%
due
02/20/46
(-1
x
USD
1
Month
LIBOR
+
6.150%)(Ê)
177
38
Series
2016-51
Class
NS
Interest
Only
STRIP
5.860%
due
04/20/46
(-1
x
USD
1
Month
LIBOR
+
6.050%)(Ê)
75
15
Series
2018-130
Class
A
3.250%
due
05/16/59
24
24
Series
2019-123
Class
A
3.000%
due
10/20/49
29
30
Series
2020-47
Class
MI
Interest
Only
STRIP
3.500%
due
04/20/50
377
58
Series
2020-47
Class
NI
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
Interest
Only
STRIP
3.500%
due
04/20/50
94
15
Series
2020-123
Class
IL
Interest
Only
STRIP
2.500%
due
08/20/50
99
14
Series
2020-123
Class
NI
Interest
Only
STRIP
2.500%
due
08/20/50
197
29
Series
2020-127
Class
IN
Interest
Only
STRIP
2.500%
due
08/20/50
98
15
Series
2020-129
Class
IE
Interest
Only
STRIP
2.500%
due
09/20/50
98
14
Series
2020-134
Class
IL
Interest
Only
STRIP
2.500%
due
09/20/50
699
84
Series
2020-146
Class
EI
Interest
Only
STRIP
2.500%
due
10/20/50
1,688
218
Series
2020-160
Class
IH
Interest
Only
STRIP
2.500%
due
10/20/50
99
15
Series
2020-160
Class
YI
Interest
Only
STRIP
2.500%
due
10/20/50
297
46
Series
2020-167
Class
BI
Interest
Only
STRIP
2.500%
due
11/20/50
1,668
222
Series
2020-167
Class
IA
Interest
Only
STRIP
2.500%
due
11/20/50
1,685
209
Series
2020-167
Class
IW
Interest
Only
STRIP
2.000%
due
11/20/50
1,875
229
Series
2020-173
Class
MI
Interest
Only
STRIP
2.500%
due
11/20/50
5,637
771
Series
2020-181
Class
WI
Interest
Only
STRIP
2.000%
due
12/20/50
494
58
Series
2020-H09
Class
FL
1.340%
due
05/20/70
(USD
1
Month
LIBOR
+
1.150%)(Ê)
199
209
Series
2020-H09
Class
NF
1.440%
due
04/20/70
(USD
1
Month
LIBOR
+
1.250%)(Ê)
88
90
Series
2021-1
Class
AI
Interest
Only
STRIP
2.000%
due
01/20/51
544
71
Series
2021-1
Class
PI
Interest
Only
STRIP
2.500%
due
12/20/50
537
66
Series
2021-9
Class
MI
Interest
Only
STRIP
2.500%
due
01/20/51
1,593
212
Series
2021-23
Class
IA
Interest
Only
STRIP
2.500%
due
02/20/51
1,171
179
Series
2021-23
Class
KI
Interest
Only
STRIP
3.000%
due
02/20/51
1,007
139
GS
Mortgage
Securities
Corp.
II
Series
2018-SRP5
Class
A
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
1.485%
due
09/15/31
(USD
1
Month
LIBOR
+
1.300%)(Ê)(Þ)
490
451
GS
Mortgage
Securities
Trust
Series
2013-GC14
Class
AS
4.507%
due
08/10/46
(Þ)
235
252
Series
2019-SOHO
Class
A
1.085%
due
06/15/36
(USD
1
Month
LIBOR
+
0.900%)(Ê)(Þ)
630
629
Hawaii
Hotel
Trust
Series
2019-MAUI
Class
C
1.835%
due
05/15/38
(USD
1
Month
LIBOR
+
1.650%)(Ê)(Þ)
940
938
Hilton
USA
Trust
Series
2016-HHV
Class
D
4.333%
due
11/05/38
(~)(Ê)(Þ)
1,240
1,303
Series
2016-HHV
Class
E
4.333%
due
11/05/38
(~)(Ê)(Þ)
600
609
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
998
HOM
RE,
Ltd.
Series
2021-1
Class
M1A
1.173%
due
07/25/33
(USD
1
Month
LIBOR
+
1.050%)(Ê)(Þ)
844
844
HomeBanc
Mortgage
Trust
Series
2005-3
Class
M4
0.818%
due
07/25/35
(USD
1
Month
LIBOR
+
0.670%)(Ê)
940
965
Hospitality
Mortgage
Trust
Series
2019-HIT
Class
D
2.185%
due
11/15/36
(USD
1
Month
LIBOR
+
2.000%)(Ê)(Þ)
1,216
1,212
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2004-LN2
Class
B
5.686%
due
07/15/41
(~)(Ê)
16
16
JPMorgan
Mortgage
Trust
3.500%
due
08/25/50
(~)(Ê)(Þ)
472
481
Series
2018-3
Class
A3
3.500%
due
09/25/48
(~)(Ê)(Þ)
471
480
Series
2018-LTV1
Class
A4
4.000%
due
04/25/49
(~)(Ê)(Þ)
307
310
Legacy
Mortgage
Asset
Trust
Series
2019-GS7
Class
A1
3.250%
due
11/25/59
(~)(Ê)(Þ)
649
656
LIFE
BMR
Mortgage
Trust
Series
2021-BMR
Class
A
0.806%
due
03/15/38
(USD
1
Month
LIBOR
+
0.700%)(Ê)(Þ)
120
120
LSTAR
Securities
Investment,
Ltd.
Series
2019-4
Class
A1
1.673%
due
05/01/24
(USD
1
Month
LIBOR
+
1.500%)(Ê)(Þ)
331
329
ML-CFC
Commercial
Mortgage
Trust
Series
2007-5
Class
AJ
5.450%
due
08/12/48
(~)(Ê)
75
41
Series
2007-5
Class
AJFL
5.450%
due
08/12/48
(Þ)
75
40
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series
2017-C34
Class
B
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
4.111%
due
11/15/52
(~)(Ê)
240
258
Morgan
Stanley
Capital
I
Trust
Series
2011-C3
Class
A4
4.118%
due
07/15/49
48
48
Series
2015-MS1
Class
A4
3.779%
due
05/15/48
200
219
Series
2018-BOP
Class
E
2.135%
due
06/15/35
(USD
1
Month
LIBOR
+
1.950%)(Ê)(Þ)
1,669
1,630
Series
2018-SUN
Class
E
2.135%
due
07/15/35
(USD
1
Month
LIBOR
+
1.950%)(Ê)(Þ)
1,955
1,940
Series
2019-BPR
Class
A
1.585%
due
05/15/36
(USD
1
Month
LIBOR
+
1.400%)(Ê)(Þ)
350
340
Series
2019-NUGS
Class
E
3.744%
due
12/15/36
(USD
1
Month
LIBOR
+
2.244%)(Ê)(Þ)
1,970
1,975
Morgan
Stanley
Mortgage
Capital
Holdings
LLC
Trust
Series
2017-237P
Class
D
3.865%
due
09/13/39
(~)(Ê)(Þ)
1,500
1,466
Series
2017-237P
Class
XA
Interest
Only
STRIP
0.468%
due
09/13/39
(~)(Ê)(Þ)
8,761
180
Series
2017-237P
Class
XB
Interest
Only
STRIP
0.175%
due
09/13/39
(~)(Ê)(Þ)
5,418
30
MSCG
Trust
Series
2015-ALDR
Class
A2
3.577%
due
06/07/35
(~)(Ê)(Þ)
255
249
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)
1,036
921
Oaktown
Re
III,
Ltd.
Series
2019-1A
Class
M1B
2.080%
due
07/25/29
(USD
1
Month
LIBOR
+
1.950%)(Ê)(Þ)
1,355
1,362
Oaktown
Re,
Ltd.
Series
2020-2A
Class
M1A
2.543%
due
10/25/30
(USD
1
Month
LIBOR
+
2.400%)(Ê)(Þ)
856
862
PMT
Credit
Risk
Transfer
Trust
Series
2019-1R
Class
A
2.170%
due
03/27/24
(USD
1
Month
LIBOR
+
2.000%)(Ê)(Þ)
210
199
Series
2019-3R
Class
A
2.870%
due
10/27/22
(USD
1
Month
LIBOR
+
2.700%)(Ê)(Þ)
323
324
Preston
Ridge
Partners
Mortgage
LLC
Series
2020-3
Class
A1
2.857%
due
09/25/25
(~)(Ê)(Þ)
533
536
Series
2020-6
Class
A1
2.363%
due
11/25/25
(~)(Ê)(Þ)
639
641
Radnor
RE,
Ltd.
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Series
2020-1
Class
M1A
1.118%
due
02/25/30
(USD
1
Month
LIBOR
+
0.950%)(Ê)(Þ)
567
567
RBS
Commercial
Funding,
Inc.
Trust
Series
2013-GSP
Class
A
3.961%
due
01/15/32
(~)(Ê)(Þ)
200
211
Residential
Asset
Securitization
Trust
Series
2003-A15
Class
1A2
0.618%
due
02/25/34
(USD
1
Month
LIBOR
+
0.450%)(Ê)
13
12
SBALR
Commercial
Mortgage
Trust
Series
2020-RR1
Class
C
3.979%
due
02/13/53
(~)(Ê)
410
407
Sequoia
Mortgage
Trust
Series
2013-4
Class
A3
1.550%
due
04/25/43
(~)(Ê)
219
219
Series
2015-1
Class
A1
3.500%
due
01/25/45
(~)(Ê)(Þ)
176
180
Structured
Adjustable
Rate
Mortgage
Loan
Trust
Series
2006-5
Class
3A
3.937%
due
06/25/36
(~)(Ê)
901
711
Tharaldson
Hotel
Portfolio
Trust
Series
2018-THL
Class
A
0.925%
due
11/11/34
(USD
1
Month
LIBOR
+
0.750%)(Ê)(Þ)
243
243
Towd
Point
Asset
Funding,
LLC
Series
2021-HE1
Class
A1
0.918%
due
02/25/63
(~)(Ê)(Þ)
1,131
1,130
UBS
Commercial
Mortgage
Trust
Series
2018-C13
Class
B
4.786%
due
10/15/51
(~)(Ê)
240
265
Washington
Mutual
Mortgage
Pass-
Through
Certificates
Trust
Series
2003-AR7
Class
A7
4.404%
due
08/25/33
(~)(Ê)
40
41
Series
2005-10
Class
3CB1
6.000%
due
11/25/35
541
493
Wells
Fargo
Commercial
Mortgage
Trust
Series
2017-RB1
Class
XA
Interest
Only
STRIP
1.403%
due
03/15/50
(~)(Ê)
1,915
113
WinWater
Mortgage
Loan
Trust
Series
2014-1
Class
A1
3.847%
due
06/20/44
(~)(Ê)(Þ)
252
255
193,444
Non-US
Bonds
-
4.8%
Australia
Government
International
Bond
Series
155
2.500%
due
05/21/30
AUD
3,462
2,823
Banque
Centrale
de
Tunisie
International
Bond
Series
REGS
6.750%
due
10/31/23
EUR
1,824
1,952
6.375%
due
07/15/26
EUR
2,009
2,068
Banque
Ouest
Africaine
de
Developpement
Series
REGS
2.750%
due
01/22/33
EUR
792
956
Brazil
Notas
do
Tesouro
Nacional
Series
NTNF
10.000%
due
01/01/23
BRL
2,050
392
10.000%
due
01/01/25
BRL
3,523
675
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
10.000%
due
01/01/27
BRL
745
142
China
Government
International
Bond
0.625%
due
11/25/35
EUR
174
202
Eurosail
PRIME-UK
PLC
Series
2007-PR1X
Class
A1
0.598%
due
09/13/45
(GBP
3
Month
LIBOR
+
0.400%)(Ê)
GBP
636
854
Eurosail
-UK
PLC
0.780%
due
09/13/45
GBP
812
1,098
Hellenic
Bank
PCL
1.875%
due
01/24/52
(Þ)
EUR
400
466
Italy
Buoni
Poliennali
Del
Tesoro
3.750%
due
09/01/24
EUR
2,142
2,851
Japan
20
Year
Government
International
Bond
Series
68
2.200%
due
03/20/24
JPY
324,650
3,135
Last
Mile
Securities
1.000%
due
08/17/31
EUR
1,044
1,224
Mexican
Bonos
Series
M
20
8.500%
due
05/31/29
MXN
18,440
1,012
Series
M
7.750%
due
11/13/42
MXN
18,700
923
8.000%
due
11/07/47
MXN
38,160
1,915
Mexico
Government
International
Bond
2.125%
due
10/25/51
EUR
1,272
1,244
4.000%
due
03/15/15
EUR
911
1,147
Newgate
Funding
PLC
Series
2006-1
Class
A4
1.086%
due
12/01/50
(GBP
3
Month
LIBOR
+
0.190%)(Ê)
GBP
681
921
Paragon
Mortgages
(No.
12)
PLC
0.293%
due
11/15/38
(~)(Ê)
GBP
2,939
3,997
Petroleos
Mexicanos
Series
14-2
7.470%
due
11/12/26
MXN
10,230
439
Series
REGS
7.190%
due
09/12/24
MXN
56,398
2,584
Republic
of
Romania
Government
International
Bond
Series
REGS
2.625%
due
12/02/40
EUR
1,337
1,553
Republic
of
South
Africa
Government
International
Bond
Series
2037
8.500%
due
01/31/37
ZAR
11,691
631
Russian
Federal
Bond
-
OFZ
Series
6207
8.150%
due
02/03/27
RUB
48,740
690
Series
6219
7.750%
due
09/16/26
RUB
3,660
51
Series
6224
6.900%
due
05/23/29
RUB
78,719
1,040
Series
6225
7.250%
due
05/10/34
RUB
1,960
26
Series
6228
7.650%
due
04/10/30
RUB
61,470
852
Series
6230
7.700%
due
03/16/39
RUB
42,470
597
Taurus
UK
Designated
Activity
Co.
Series
2021-UK1A
Class
A
1.000%
due
05/17/31
(3
Month
SONIA
Deposit
Rate
+
0.850%)(Ê)(Þ)
GBP
500
691
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Series
2021-UK1A
Class
B
1.000%
due
05/17/31
(3
Month
SONIA
Deposit
Rate
+
1.300%)(Ê)(Þ)
GBP
500
693
Towd
Point
Mortgage
Funding
Series
2019-A13X
Class
B
1.251%
due
07/20/45
(3
Month
SONIA
Deposit
Rate
+
1.200%)(Ê)
GBP
1,612
2,209
Warwick
Finance
Residential
Mortgages
Number
Three
PLC
0.854%
due
12/21/49
(~)(Ê)(Þ)
GBP
1,061
1,464
43,517
United
States
Government
Treasuries
-
14.5%
United
States
Treasury
Inflation
Indexed
Bonds
2.125%
due
02/15/40
484
694
2.125%
due
02/15/41
227
328
1.375%
due
02/15/44
999
1,304
United
States
Treasury
Notes
0.125%
due
05/31/22
9,760
9,762
1.875%
due
05/31/22
1,245
1,271
1.625%
due
08/15/22
6,695
6,832
1.750%
due
05/15/23
5,035
5,201
1.375%
due
06/30/23
370
380
1.250%
due
07/31/23
1,980
2,028
1.625%
due
10/31/23
3,385
3,504
0.250%
due
11/15/23
30
30
2.125%
due
11/30/23
2,330
2,445
0.125%
due
01/15/24
14,399
14,326
1.250%
due
08/31/24
335
344
2.000%
due
02/15/25
2,545
2,681
2.125%
due
05/15/25
325
344
0.250%
due
06/30/25
190
186
2.000%
due
08/15/25
1,623
1,710
0.250%
due
10/31/25
80
78
3.000%
due
10/31/25
525
577
2.250%
due
11/15/25
1,455
1,549
0.375%
due
01/31/26
260
254
1.625%
due
02/15/26
1,973
2,040
2.250%
due
03/31/26
1,520
1,618
1.625%
due
05/15/26
2,330
2,406
1.500%
due
08/15/26
5,420
5,550
0.500%
due
04/30/27
20
19
2.375%
due
05/15/27
1,575
1,683
0.500%
due
05/31/27
4,395
4,201
0.625%
due
12/31/27
1,350
1,286
0.750%
due
01/31/28
4,652
4,460
2.750%
due
02/15/28
2,767
3,018
1.125%
due
02/29/28
170
167
0.625%
due
03/31/28
2,000
1,907
3.125%
due
11/15/28
2,637
2,949
2.375%
due
05/15/29
375
398
1.750%
due
11/15/29
2,702
2,734
0.625%
due
05/15/30
120
109
0.625%
due
08/15/30
5,992
5,430
0.875%
due
11/15/30
600
555
1.125%
due
05/15/40
2,355
1,922
1.125%
due
08/15/40
3,005
2,444
1.375%
due
11/15/40
2,179
1,854
2.750%
due
11/15/42
915
981
2.875%
due
05/15/43
140
153
3.625%
due
02/15/44
1,514
1,861
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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
$
3.125%
due
08/15/44
705
802
2.875%
due
08/15/45
1,750
1,911
3.000%
due
05/15/47
290
325
2.750%
due
11/15/47
1,370
1,465
3.000%
due
02/15/48
630
706
3.125%
due
05/15/48
545
625
3.375%
due
11/15/48
370
444
2.375%
due
11/15/49
1,982
1,969
2.000%
due
02/15/50
2,090
1,911
1.250%
due
05/15/50
11,920
8,996
1.375%
due
08/15/50
6,370
4,971
1.625%
due
11/15/50
420
350
1.875%
due
02/15/51
1,560
1,385
131,433
Total
Long-Term
Investments
(cost
$747,526)
751,582
Common
Stocks
-
0.0%
Technology
-
0.0%
Sungard
Availability
Services,
LP(Æ)(Š)
1,760
—
Total
Common
Stocks
(cost
$44)
—
Short-Term
Investments
-
16.9%
AbbVie,
Inc.
Series
WI
3.450%
due
03/15/22
40
41
Anthem,
Inc.
3.700%
due
08/15/21
40
40
BHP
Billiton
Finance
USA,
Ltd.
2.875%
due
02/24/22
5
5
BMW
US
Capital
LLC
1.850%
due
09/15/21
(Þ)
20
20
Bristol-Myers
Squibb
Co.
Series
WI
2.250%
due
08/15/21
70
71
Danone
SA
2.077%
due
11/02/21
(Þ)
690
696
Danske
Bank
A/S
5.000%
due
01/12/22
(Þ)
400
413
Delta
Air
Lines,
Inc.
3.400%
due
04/19/21
170
170
3.625%
due
03/15/22
287
290
Ford
Motor
Credit
Co.
LLC
5.875%
due
08/02/21
200
203
Series
FXD
3.813%
due
10/12/21
200
202
Fresenius
Medical
Care
US
Finance
II,
Inc.
5.875%
due
01/31/22
(Þ)
541
563
Gazprom
PJSC
Via
Gaz
Capital
SA
6.510%
due
03/07/22
(Þ)
672
704
General
Motors
Financial
Co.,
Inc.
4.375%
due
09/25/21
20
20
4.200%
due
11/06/21
100
102
Genworth
Holdings,
Inc.
7.625%
due
09/24/21
52
53
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Goldman
Sachs
Group,
Inc.
(The)
5.250%
due
07/27/21
50
51
Italy
Buoni
Poliennali
Del
Tesoro
2.300%
due
10/15/21
EUR
3,130
3,724
Mitsubishi
UFJ
Financial
Group,
Inc.
2.998%
due
02/22/22
60
61
MRA
Issuance
Trust
1.858%
due
10/08/21
(USD
1
Month
LIBOR
+
1.750%)(Ê)(Þ)
350
350
Navient
Corp.
7.250%
due
01/25/22
129
134
Poland
Government
International
Bond
5.125%
due
04/21/21
500
501
Regency
Energy
Partners,
LP
/
Regency
Energy
Finance
Corp.
5.875%
due
03/01/22
10
10
Reliance
Industries,
Ltd.
5.400%
due
02/14/22
684
711
Royal
Bank
of
Canada
Series
GMTN
3.200%
due
04/30/21
70
70
Sprint
Spectrum
Co.
LLC
/
Sprint
Spectrum
Co.
II
LLC
/
Sprint
Spectrum
Co.
III
LLC
3.360%
due
09/20/21
(Þ)
25
25
Sumitomo
Mitsui
Banking
Corp.
Series
5FXD
2.058%
due
07/14/21
90
90
Svenska
Handelsbanken
AB
Series
BKNT
3.350%
due
05/24/21
250
251
Swedbank
AB
2.800%
due
03/14/22
(Þ)
624
639
Syngenta
Finance
NV
3.125%
due
03/28/22
718
728
Teva
Pharmaceutical
Finance
Netherlands
III
BV
2.200%
due
07/21/21
40
40
Toronto-Dominion
Bank
(The)
3.250%
due
06/11/21
90
91
U.S.
Cash
Management
Fund(@)
110,100,013(∞)
110,078
UniCredit
SpA
6.572%
due
01/14/22
(Þ)
370
386
United
States
Treasury
Bills
0.108%
due
04/29/21
(ç)(ž)
1,330
1,330
Series
WI
0.072%
due
05/18/21
(ç)(ž)
990
990
United
States
Treasury
Notes
2.375%
due
03/15/22
28,699
29,329
UnitedHealth
Group,
Inc.
2.875%
due
12/15/21
40
41
Wells
Fargo
&
Co.
4.600%
due
04/01/21
(ç)
220
220
Total
Short-Term
Investments
(cost
$153,240)
153,443
Total
Investments
-
99.6%
(identified
cost
$900,810)
905,025
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
57
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Other
Assets
and
Liabilities,
Net
-
0.4%
3,371
Net
Assets
-
100.0%
908,396
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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)
$
21.3%
1011778
B.C.
Unlimited
Liability
Co.
/
New
Red
Finance,
Inc.
03/15/19
62,000
99.34
62
63
1011778
B.C.
Unlimited
Liability
Co.
/
New
Red
Finance,
Inc.
10/20/20
60,000
100.00
60
58
Abu
Dhabi
Government
International
Bond
10/03/17
200,000
99.89
200
206
Abu
Dhabi
Government
International
Bond
04/08/20
520,000
96.20
500
565
ACE
Securities
Corp.
Mortgage
Loan
Trust
03/08/17
502,759
93.95
472
500
Adani
Abbot
Point
Terminal
Pty,
Ltd.
02/01/19
253,000
94.13
238
240
Alimentation
Couche-Tard,
Inc.
09/19/17
702,000
102.56
720
762
Ambac
Assurance
Corp.
02/09/17
881
168.77
1
1
Ambac
LSNI
LLC
02/09/17
3,675,345
99.27
3,697
3,683
Anglo
American
Capital
PLC
09/06/17
200,000
99.97
200
216
Anglo
American
Capital
PLC
05/14/20
712,000
106.56
759
811
AP
Moller
-
Maersk
A/S
05/12/20
767,000
99.35
762
847
Applebee's
Funding
LLC
/
IHOP
Funding
LLC
05/28/19
338,300
100.00
338
347
AT&T,
Inc.
06/13/16
83,000
95.26
79
76
AT&T,
Inc.
01/04/18
231,000
99.45
230
213
AT&T,
Inc.
05/31/19
782,000
101.98
798
742
Avis
Budget
Rental
Car
Funding
(AESOP)
LLC
04/16/19
600,000
100.30
602
644
BAMLL
Commercial
Mortgage
Securities
Trust
10/30/20
900,000
100.00
900
920
Banco
de
Bogota
SA
09/22/17
686,000
103.99
713
726
Banco
de
Credito
del
Peru
12/04/19
693,000
103.28
716
736
Banco
Inbursa
SA
Institucion
de
Banca
Multiple
01/06/20
711,000
103.02
732
759
Bangkok
Bank
PCL
11/09/18
219,000
99.69
218
229
Banistmo
SA
12/07/17
729,000
100.35
732
744
Bayer
US
Finance
LLC
08/02/18
726,000
100.45
729
782
BCAP
LLC
Trust
07/21/16
603,172
76.92
464
556
Bellemeade
Re,
Ltd.
09/29/20
1,059,000
100.89
1,068
1,067
Bellemeade
Re,
Ltd.
02/08/21
1,388,401
101.37
1,406
1,389
Benchmark
Mortgage
Trust
03/24/21
2,448,000
101.27
2,479
2,452
Bharti
Airtel
International
Netherlands
BV
09/26/19
693,000
103.23
715
740
Blackbird
Capital
Aircraft
Lease
Securitization,
Ltd.
11/04/16
612,375
99.74
611
617
BMW
US
Capital
LLC
03/20/18
20,000
99.40
20
20
BNP
Paribas
SA
08/07/18
200,000
99.58
199
228
BNP
Paribas
SA
06/02/20
200,000
100.00
200
205
BNP
Paribas
SA
06/10/20
722,000
110.31
796
809
BX
Trust
06/01/18
1,650,000
100.00
1,650
1,642
BX
Trust
03/05/19
133,000
100.45
134
133
CAMB
Commercial
Mortgage
Trust
01/25/19
987,000
100.13
988
987
Cameron
LNG
LLC
12/05/19
30,000
100.00
30
30
Cameron
LNG
LLC
12/05/19
170,000
101.22
172
175
Canyon
Capital
CLO,
Ltd.
03/03/21
1,000,000
100.52
1,005
1,002
Cargill,
Inc.
04/20/20
110,000
100.08
110
112
Carlyle
Global
Market
Strategies
CLO,
Ltd.
11/07/19
760,003
99.64
757
760
Carnival
Corp.
08/13/20
513,000
108.92
559
588
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
03/04/20
290,000
100.53
292
294
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
04/14/20
10,000
101.85
10
10
Cedar
Funding,
Ltd.
07/03/18
1,600,000
100.00
1,600
1,600
Cencosud
SA
01/04/21
813,000
111.81
909
907
CF
Hippolyta
LLC
03/10/21
1,092,000
99.98
1,092
1,088
Chase
Auto
Credit
Liked
Notes
03/16/21
4,495,000
100.00
4,494
4,494
Cheniere
Energy,
Inc.
09/15/20
60,000
100.00
60
62
CIFC
Funding,
Ltd.
10/01/20
971,000
99.63
967
971
Citigroup
Commercial
Mortgage
Trust
01/12/17
170,000
102.34
174
177
Citigroup
Commercial
Mortgage
Trust
02/12/19
1,418,000
0.99
1,403
1,432
Citigroup
Commercial
Mortgage
Trust
02/21/19
430,000
100.00
430
429
Citigroup
Mortgage
Loan
Trust,
Inc.
02/01/17
61,311
97.88
60
62
CLI
Funding
VI
LLC
10/02/20
2,270,721
99.98
2,270
2,271
CLI
Funding
VI
LLC
02/05/21
1,172,180
101.74
1,193
1,169
College
Ave
Student
Loans
01/26/21
111,635
104.91
117
115
Commercial
Mortgage
Trust
01/22/16
195,000
1.05
205
208
Commercial
Mortgage
Trust
02/17/16
205,000
103.61
212
219
Commercial
Mortgage
Trust
11/21/16
211,000
100.77
213
216
Commercial
Mortgage
Trust
06/05/19
899,000
100.00
899
851
Commerzbank
AG
06/24/20
174,000
110.49
192
199
ConocoPhillips
Co.
06/14/18
90,000
99.66
90
102
ConocoPhillips
Co.
08/22/18
150,000
101.34
152
166
CORE
Mortgage
Trust
03/01/19
1,466,496
100.00
1,466
1,468
Credit
Agricole
SA
06/09/20
250,000
100.00
250
253
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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)
$
Credit
Agricole
SA
06/11/20
734,000
108.51
796
806
Credit
Suisse
Group
AG
03/27/20
250,000
100.00
250
272
Credit
Suisse
Group
AG
06/02/20
330,000
100.00
330
335
Credit
Suisse
Group
AG
07/07/20
699,000
111.35
778
768
Credit
Suisse
Mortgage
Trust
06/20/17
600,000
99.61
598
422
Credit
Suisse
Mortgage
Trust
05/28/19
1,282,000
100.00
1,282
1,284
Credit
Suisse
Mortgage
Trust
05/28/19
170,000
100.00
170
170
Credit
Suisse
Mortgage
Trust
12/16/19
680,000
100.00
680
674
Credit
Suisse
Mortgage
Trust
03/11/21
280,000
100.00
280
280
Daimler
Finance
NA
LLC
10/02/20
792,000
102.46
811
812
Danone
SA
10/26/16
690,000
99.97
690
696
Danone
SA
04/22/19
718,000
100.08
719
749
Danske
Bank
A/S
01/11/19
400,000
100.83
403
413
Danske
Bank
A/S
03/11/19
862,000
103.67
901
961
Danske
Bank
A/S
09/17/19
200,000
102.05
204
214
Danske
Bank
A/S
06/16/20
200,000
100.00
200
202
DBGS
Mortgage
Trust
04/03/19
985,000
101.30
998
984
DCP
Midstream
Operating,
LP
12/11/19
30,000
104.77
31
34
Dell
International
LLC /
EMC
Corp.
12/02/20
617,000
148.36
914
938
Delta
Air
Lines,
Inc.
04/27/20
1,382,000
101.99
1,413
1,592
Delta
Air
Lines,
Inc.
09/16/20
90,000
100.47
90
98
Delta
Air
Lines,
Inc.
09/16/20
90,000
100.76
91
96
Deutsche
Mortgage
Securities,
Inc.
Re-REMIC
Trust
01/04/17
340,010
100.57
342
346
Dividend
Solar
Loans
LLC
06/28/19
293,304
99.99
293
310
DNB
Bank
ASA
03/09/21
860,000
102.85
885
887
DP
World
PLC
10/03/19
200,000
115.09
230
234
Dryden
50
Senior
Loan
Fund
07/24/17
1,230,000
100.00
1,230
1,230
Eagle
Re,
Ltd.
01/27/20
511,000
100.00
511
510
Eagle
Re,
Ltd.
12/17/20
732,000
100.27
734
738
Electricite
de
France
SA
04/24/20
614,000
130.59
802
813
Enel
Finance
International
NV
01/05/18
706,000
100.97
713
755
Enel
SpA
07/07/20
679,000
114.98
781
789
Equate
Petrochemical
BV
10/27/16
200,000
99.25
199
217
Fannie
Mae
Connecticut
Avenue
Securities
Trust
10/29/19
445,002
100.02
445
445
FirstKey
Homes
Trust
07/31/20
881,000
99.99
881
879
FirstKey
Homes
Trust
10/02/20
3,397,485
100.82
3,425
3,365
Flagstar
Mortgage
Trust
04/13/18
68,620
98.66
68
69
FNA
VI
LLC
01/22/21
713,100
99.98
713
712
Freddie
Mac
Seasoned
Credit
Risk
Transfer
Trust
03/05/20
720,000
105.20
757
748
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
10/13/20
348,932
100.00
349
349
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes
12/16/20
270,000
98.20
265
264
Fresenius
Medical
Care
US
Finance
II,
Inc.
06/16/16
110,000
102.10
112
122
Fresenius
Medical
Care
US
Finance
II,
Inc.
09/19/17
541,000
102.98
557
563
Gazprom
PJSC
Via
Gaz
Capital
SA
02/01/19
672,000
102.99
692
704
GE
Capital
Funding
LLC
01/05/21
837,000
109.62
916
905
GFL
Environmental,
Inc.
04/22/20
70,000
100.00
70
72
Glencore
Funding
LLC
10/12/16
40,000
100.78
40
44
Glencore
Funding
LLC
09/13/17
220,000
100.42
221
242
Glencore
Funding
LLC
01/16/19
50,000
95.01
48
55
Glencore
Funding
LLC
03/05/19
400,000
100.63
403
433
Goldentree
Loan
Management
US
CLO
2,
Ltd.
10/26/18
1,300,000
100.03
1,300
1,300
Goldentree
Loan
Management
US
CLO
2,
Ltd.
04/24/20
1,147,000
100.00
1,147
1,148
GS
Mortgage
Securities
Corp.
II
06/06/18
490,000
100.00
490
451
GS
Mortgage
Securities
Trust
07/20/16
235,000
111.48
262
252
GS
Mortgage
Securities
Trust
05/31/19
630,000
100.00
630
629
Guardian
Life
Global
Funding
06/16/20
50,000
99.92
50
50
Hanesbrands,
Inc.
08/10/18
10,000
98.63
10
11
Hanesbrands,
Inc.
08/13/18
70,000
101.65
71
75
Hanesbrands,
Inc.
04/30/20
80,000
100.34
80
85
Hawaii
Hotel
Trust
05/16/19
940,000
100.00
940
938
Heineken
NV
10/22/19
710,000
101.25
719
730
Hellenic
Bank
PCL
03/18/21
EUR
400,000
116.51
466
466
Hertz
Vehicle
Financing
II,
LP
10/30/20
484,000
99.89
483
485
Hilton
Domestic
Operating
Co.,
Inc.
04/16/20
40,000
100.00
40
43
Hilton
Domestic
Operating
Co.,
Inc.
04/16/20
120,000
100.28
120
126
Hilton
USA
Trust
11/22/16
1,240,000
95.51
1,184
1,303
Hilton
USA
Trust
11/22/16
60
0,000
83.58
501
609
Hilton
USA
Trust
05/26/17
226,000
99.73
225
226
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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)
$
HMH
Trust
06/09/17
1,170,000
99.98
1,170
998
HOM
RE,
Ltd.
01/28/21
844,000
100.00
844
844
Hospitality
Mortgage
Trust
05/16/19
1,216,234
100.00
1,216
1,212
ICICI
Bank,
Ltd.
09/06/18
782,000
101.20
791
843
Innogy
Finance
BV
12/02/20
621,000
146.59
910
861
Instar
Group,
Inc.
02/03/21
129,517
99.95
129
127
Intesa
Sanpaolo
SpA
07/10/17
400,000
100.11
400
411
Intesa
Sanpaolo
SpA
01/05/18
200,000
99.90
200
208
Intesa
Sanpaolo
SpA
04/22/19
846,000
96.49
816
901
Intesa
Sanpaolo
SpA
06/22/20
292,000
103.66
303
319
Invitation
Homes
Trust
09/09/20
1,367,162
99.63
1,362
1,369
ITE
Rail
Fund
Levered
LP
01/15/21
258,878
100.00
259
258
JPMorgan
Mortgage
Trust
05/15/20
306,853
103.27
317
310
JPMorgan
Mortgage
Trust
06/05/20
470,567
103.18
486
480
JPMorgan
Mortgage
Trust
03/30/21
472,478
102.19
483
481
KazMunayGas
National
Co.
JSC
04/17/18
200,000
100.00
200
237
KKR
Group
Finance
Co.
II
LLC
02/20/15
10,000
109.41
11
13
Kuwait
Government
International
Bond
03/13/17
210,000
99.38
209
232
Lamb
Weston
Holdings,
Inc.
12/01/16
60,000
99.77
60
62
Lamb
Weston
Holdings,
Inc.
05/07/20
10,000
100.00
10
11
LCM
XXIII,
Ltd.
01/29/20
1,020,000
100.00
1,020
1,020
LCM
XXV,
Ltd.
07/10/17
1,904,000
100.05
1,905
1,904
Legacy
Mortgage
Asset
Trust
05/23/19
374,696
100.00
375
376
Legacy
Mortgage
Asset
Trust
06/01/20
648,774
98.48
639
656
LIFE
BMR
Mortgage
Trust
03/18/21
120,000
100.00
120
120
Lloyds
Banking
Group
PLC
06/22/20
108,000
111.83
121
139
Lloyds
Banking
Group
PLC
09/03/20
681,000
117.23
798
756
LSTAR
Securities
Investment,
Ltd.
05/17/19
331,385
100.00
331
329
Lukoil
International
Finance
BV
09/19/17
682,000
102.96
702
721
Madison
Park
Funding
XIII,
Ltd.
11/07/19
574,000
99.69
572
574
Madison
Park
Funding
XVIII,
Ltd.
12/01/17
1,922,000
99.82
1,919
1,922
Madison
Park
Funding,
Ltd.
01/15/21
1,158,000
100.00
1,157
1,159
Magnetite
XVIII,
Ltd.
10/31/18
1,488,000
100.00
1,488
1,488
Marks
&
Spencer
PLC
09/25/19
170,000
114.07
194
195
Mars,
Inc.
03/26/19
30,000
99.75
30
32
Mars,
Inc.
03/26/19
60,000
99.95
60
63
MEG
Energy
Corp.
01/19/21
20,000
100.00
20
20
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets,
Ltd.
06/25/20
120,000
98.86
119
132
ML-CFC
Commercial
Mortgage
Trust
08/05/16
74,535
82.70
62
40
Morgan
Stanley
Capital
I
Trust
07/19/18
1,955,000
100.00
1,955
1,940
Morgan
Stanley
Capital
I
Trust
08/15/18
1,668,666
100.00
1,669
1,630
Morgan
Stanley
Capital
I
Trust
04/24/19
350,000
100.00
350
340
Morgan
Stanley
Capital
I
Trust
12/12/19
1,970,000
99.46
1,959
1,975
Morgan
Stanley
Mortgage
Capital
Holdings
LLC
Trust
08/11/17
5,418,000
0.55
30
30
Morgan
Stanley
Mortgage
Capital
Holdings
LLC
Trust
08/11/17
8,761,000
2.05
180
180
Morgan
Stanley
Mortgage
Capital
Holdings
LLC
Trust
08/11/17
1,500,000
97.37
1,461
1,466
MRA
Issuance
Trust
03/30/21
350,000
100.00
350
350
MSCG
Trust
05/19/15
255,000
101.30
258
249
National
Bank
of
Canada
10/05/20
780,000
102.51
800
799
National
Securities
Clearing
Corp.
04/16/20
250,000
99.94
250
254
Natixis
Commercial
Mortgage
Securities
Trust
08/29/19
440,000
102.73
452
435
Navient
Private
Education
Refi
Loan
Trust
11/03/20
900,726
99.99
901
906
Navient
Private
Education
Refi
Loan
Trust
01/19/21
787,453
99.99
787
785
Navient
Private
Education
Refi
Loan
Trust
03/16/21
1,281,000
100.00
1,281
1,280
Navient
Student
Loan
Trust
07/20/20
703,180
99.99
703
706
Navient
Student
Loan
Trust
07/23/20
3,546,908
101.04
3,584
3,605
NBK
SPC,
Ltd.
09/30/19
714,000
100.33
716
729
Nestle
Holdings,
Inc.
01/03/20
698,000
103.27
721
747
New
Residential
Mortgage
Loan
Trust
09/09/19
407,663
100.00
408
414
New
York
Life
Global
Funding
06/17/20
90,000
99.91
90
89
NGPL
PipeCo
LLC
09/26/19
553,000
128.50
711
733
Nissan
Motor
Acceptance
Corp.
09/10/20
300,000
100.00
300
326
Nissan
Motor
Acceptance
Corp.
09/10/20
280,000
100.00
280
297
Nomura
Resecuritization
Trust
07/22/16
1,036,255
60.43
626
921
Northern
Natural
Gas
Co.
08/02/18
631,000
108.87
687
714
NXP
BV
/
NXP
Funding
LLC
/
NXP,
Inc.
04/29/20
80,000
100.44
80
84
Oak
Street
Investment
Grade
Net
Lease
Fund
11/06/20
258,489
100.00
258
260
Oaktown
Re
III,
Ltd.
01/26/21
1,355,000
100.50
1,362
1,362
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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)
$
Oaktown
Re,
Ltd.
10/19/20
856,027
100.00
856
862
OCP
CLO,
Ltd.
03/23/21
1,100,787
100.09
1,102
1,101
OneMain
Financial
Issuance
Trust
08/13/20
3,154,000
101.64
3,206
3,161
OneMain
Financial
Issuance
Trust
10/21/20
555,000
105.04
583
582
OneMain
Financial
Issuance
Trust
10/21/20
500,000
106.65
533
531
Park
Aerospace
Holdings,
Ltd.
03/06/19
4,000
100.94
4
4
Parsley
Energy
LLC
09/25/20
10,000
92.69
9
11
PMT
Credit
Risk
Transfer
Trust
03/21/19
209,850
100.00
210
199
PMT
Credit
Risk
Transfer
Trust
10/11/19
323,150
100.00
323
324
Preston
Ridge
Partners
Mortgage
LLC
02/14/20
2,271,694
99.86
2,269
2,277
Preston
Ridge
Partners
Mortgage
LLC
09/30/20
532,537
100.00
533
536
Preston
Ridge
Partners
Mortgage
LLC
12/01/20
639,173
100.00
639
641
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
09/20/19
70,000
101.87
71
75
Principal
Life
Global
Funding
II
06/16/20
40,000
99.93
40
40
Prosus
NV
06/29/17
250,000
100.00
250
280
Prosus
NV
02/03/21
909,000
100.70
915
827
Provincia
de
Buenos
Aires
02/08/17
140,000
99.85
140
51
Qatar
Government
International
Bond
10/03/19
210,000
123.38
259
257
Qatar
Government
International
Bond
04/07/20
360,000
100.00
360
418
Radnor
RE,
Ltd.
01/21/20
567,000
100.00
567
567
RBS
Commercial
Funding,
Inc.
Trust
01/19/16
200,000
1.03
207
211
RESIMAC
Premier
09/23/20
860,262
100.00
860
863
Resimac
,
Ltd.
03/04/21
1,742,000
100.00
1,741
1,743
Resorts
World
Las
Vegas
LLC
/
RWLV
Capital,
Inc.
07/07/20
809,000
98.59
798
815
Riserva
CLO,
Ltd.
03/01/21
940,000
100.00
940
940
Rockies
Express
Pipeline
LLC
06/23/20
306,000
94.39
289
301
Rockies
Express
Pipeline
LLC
06/25/20
81,000
94.16
76
83
Royal
Caribbean
Cruises,
Ltd.
11/06/20
337,000
114.16
385
393
Sabal
Trail
Transmission
LLC
08/02/18
663,000
105.12
697
736
SABIC
Capital
II
BV
07/07/20
737,000
105.46
777
794
Santander
UK
Group
Holdings
PLC
03/05/19
701,000
101.96
715
777
Santander
UK
Group
Holdings
PLC
05/14/19
238,000
102.43
244
261
Saudi
Arabian
Oil
Co.
04/07/20
768,000
98.92
760
809
Schlumberger
Holdings
Corp.
12/10/15
40,000
99.97
40
44
Schneider
Electric
SE
02/04/19
800,000
101.08
809
828
Sequoia
Mortgage
Trust
10/21/16
176,043
102.89
181
180
Shackleton
CLO,
Ltd.
04/04/18
930,000
100.00
930
926
Siemens
Financieringsmaatschappij
NV
01/04/21
891,000
104.11
928
923
SMB
Private
Education
Loan
Trust
06/04/19
185,598
100.00
186
187
SMB
Private
Education
Loan
Trust
02/03/21
480,000
99.95
480
472
Societe
Generale
SA
12/11/19
700,000
105.43
738
764
SoFi
Professional
Loan
Program
Trust
07/20/20
588,285
102.14
601
597
Solar
Star
Funding
LLC
04/07/20
631,926
111.95
707
709
Spirit
Loyalty
Cayman,
Ltd.
/
Spirit
IP
Cayman,
Ltd
09/02/20
150,000
101.76
153
170
SpringCastle
America
Funding
LLC
09/16/20
4,973,338
100.41
4,993
5,012
Sprint
Spectrum
Co.
LLC
/
Sprint
Spectrum
Co.
II
LLC
/
Sprint
Spectrum
Co.
III
LLC
03/14/18
240,000
100.00
240
257
Sprint
Spectrum
Co.
LLC
/
Sprint
Spectrum
Co.
II
LLC
/
Sprint
Spectrum
Co.
III
LLC
03/15/18
25,000
99.90
25
25
Standard
Chartered
PLC
05/13/20
447,000
103.54
463
481
Standard
Chartered
PLC
06/22/20
111,000
111.48
124
144
Sunrun
Callisto
Issuer
LLC
10/17/19
581,038
99.95
581
613
Swedbank
AB
05/26/20
200,000
99.91
200
203
Swedbank
AB
10/02/20
624,000
102.22
638
639
TAL
Advantage
VII
LLC
09/09/20
2,140,403
100.03
2,141
2,136
Targa
Resources
Partners,
LP
/
Targa
Resources
Partners
Finance
Corp.
08/11/20
70,000
100.78
71
71
Targa
Resources
Partners,
LP
/
Targa
Resources
Partners
Finance
Corp.
01/19/21
10,000
100.00
10
9
Taurus
UK
Designated
Activity
Co.
02/22/21
GBP
500,000
140.62
703
691
Taurus
UK
Designated
Activity
Co.
02/22/21
GBP
5
00,000
140.62
703
693
Teachers
Insurance
&
Annuity
Association
of
America
06/14/16
340,000
114.90
391
416
Tennessee
Gas
Pipeline
Co.
LLC
02/19/20
210,000
99.93
210
209
Tesco
PLC
09/03/20
623,000
130.27
812
786
Textainer
Marine
Containers
VII,
Ltd.
09/11/20
1,622,013
102.35
1,660
1,651
Textainer
Marine
Containers,
Ltd.
09/08/20
1,502,262
100.01
1,502
1,506
Tharaldson
Hotel
Portfolio
Trust
01/22/18
243,024
99.95
243
243
THL
Credit
Wind
River
CLO,
Ltd.
10/02/17
985,366
100.00
985
985
T-Mobile
USA,
Inc.
04/02/20
300,000
99.34
298
326
T-Mobile
USA,
Inc.
04/14/20
30,000
105.37
32
33
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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)
$
T-Mobile
USA,
Inc.
04/20/20
490,000
104.27
511
529
T-Mobile
USA,
Inc.
07/06/20
784,000
101.29
794
768
Towd
Point
Master
Funding
Trust
03/23/21
920,000
107.84
992
984
Towd
Point
Mortgage
Trust
07/22/16
84,756
99.86
85
85
Towd
Point
Mortgage
Trust
10/25/19
1,542,356
105.73
1,631
1,634
Towd
Point
Mortgage
Trust
08/17/20
2,862,752
101.82
2,915
2,899
Towd
Point
Mortgage
Trust
02/22/21
1,130,747
100.00
1,131
1,130
Trust
Fibra
Uno
09/20/17
685,000
104.80
718
757
UBS
Group
AG
03/16/17
270,000
100.00
270
279
UBS
Group
AG
01/28/19
660,000
102.29
675
725
UBS
Group
AG
04/14/20
220,000
99.93
220
223
UBS
Group
AG
07/07/20
694,000
112.71
782
774
UniCredit
SpA
01/08/19
370,000
100.00
370
386
Upjohn,
Inc.
07/08/20
729,000
109.07
795
743
USAA
Capital
Corp.
04/14/20
150,000
99.74
150
147
VOC
Escrow,
Ltd.
08/07/18
60,000
97.54
59
59
Volkswagen
Group
of
America
Finance
LLC
10/02/20
782,000
102.40
801
803
Voya
CLO,
Ltd.
02/18/20
2,448,568
100.00
2,449
2,449
Warwick
Finance
Residential
Mortgages
Number
Three
PLC
02/10/21
GBP
1,061,366
138.66
1,472
1,464
WinWater
Mortgage
Loan
Trust
03/29/17
251,704
102.33
258
255
Woori
Bank
04/22/20
734,000
104.91
770
811
Wynn
Macau,
Ltd.
12/15/20
200,000
102.91
206
209
193,613
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
408
AUD
56,350
06/21
(206)
Euro-Bund
Futures
11
EUR
1,884
06/21
(2)
Euro-
Buxl
30
Year
Bond
Futures
8
EUR
1,648
06/21
(10)
Eurodollar
Futures
363
USD
89,656
12/23
(178)
Euro-OAT
Futures
13
EUR
2,105
06/21
1
United
States
2
Year
Treasury
Note
Futures
182
USD
40,172
06/21
(41)
United
States
5
Year
Treasury
Note
Futures
843
USD
104,025
06/21
(1,043)
United
States
10
Year
Treasury
Note
Futures
1,136
USD
148,745
06/21
(3,301)
United
States
10
Year
Ultra
Treasury
Note
Futures
153
USD
21,985
06/21
(523)
United
States
Treasury
Long
Bond
Futures
303
USD
46,842
06/21
(1,639)
United
States
Treasury
Ultra
Bond
Futures
181
USD
32,801
06/21
(1,720)
Short
Positions
Canadian
10
Year
Government
Bond
Futures
18
CAD
2,498
06/21
19
Euro-Bund
Futures
251
EUR
42,991
06/21
(20)
Eurodollar
Futures
121
USD
30,197
06/21
1
Eurodollar
Futures
313
USD
78,042
12/21
(125)
Long
Gilt
Futures
111
GBP
14,162
06/21
235
United
States
2
Year
Treasury
Note
Futures
124
USD
27,370
06/21
27
United
States
5
Year
Treasury
Note
Futures
54
USD
6,664
06/21
82
United
States
10
Year
Ultra
Treasury
Note
Futures
28
USD
4,024
06/21
159
United
States
Treasury
Long
Bond
Futures
14
USD
2,164
06/21
89
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
(8,195)
Options
Written
Amounts
in
thousands
(except
contract
amounts)
Description
Counterparty
Call/Put
Number
of
Contracts
Strike
Price
Notional
Amount
Expiration
Date
Fair
Value
$
Swaption
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
63
Options
Written
Amounts
in
thousands
(except
contract
amounts)
Description
Counterparty
Call/Put
Number
of
Contracts
Strike
Price
Notional
Amount
Expiration
Date
Fair
Value
$
(Counterparty,
Fund
Receives/Fund
Pays,
Notional,
Termination
Date)
Merrill
Lynch,
USD
2.250%/USD
3
Month
LIBOR,
USD
113,
03/03/51
Bank
of
America
Call
1
0.00
113
06/01/21
(3)
Merrill
Lynch,
USD
3
Month
LIBOR/
USD
1.750%,
USD
113,
03/03/51
Bank
of
America
Call
1
0.00
113
06/01/21
—
United
States
10
Year
Treasury
Note
Futures
Citigroup
Call
14
133.00
USD
2,296
04/23/21
(2)
United
States
10
Year
Treasury
Note
Futures
Citigroup
Call
7
132.00
USD
1,099
05/21/21
(4)
United
States
10
Year
Treasury
Note
Futures
Goldman
Sachs
Call
36
134.00
USD
4,824
04/23/21
(2)
United
States
10
Year
Treasury
Note
Futures
Goldman
Sachs
Put
37
134.00
USD
83
05/21/21
(5)
United
States
Treasury
Bond
Futures
Bank
of
America
Call
9
159.00
USD
1,197
05/21/21
(5)
United
States
Treasury
Bond
Futures
Bank
of
Montreal
Call
16
164.00
USD
2,544
04/23/21
(1)
United
States
Treasury
Bond
Futures
Citigroup
Call
12
157.00
USD
1,980
04/23/21
(7)
United
States
Treasury
Bond
Futures
Citigroup
Call
12
159.00
USD
1,944
04/23/21
(3)
United
States
Treasury
Bond
Futures
Citigroup
Call
9
162.00
USD
16
04/23/21
(1)
United
States
Treasury
Bond
Futures
Citigroup
Call
6
165.00
USD
804
04/23/21
—
United
States
Treasury
Bond
Futures
JPMorgan
Chase
Call
6
161.00
USD
966
04/23/21
(1)
Total
Liability
for
Options
Written
(premiums
received
$116)
(34)
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Bank
of
America
USD
433
AUD
545
06/08/21
(20)
Bank
of
America
USD
102
NOK
860
06/08/21
(2)
Bank
of
America
AUD
546
USD
415
06/08/21
—
Bank
of
America
AUD
19,899
USD
15,761
06/08/21
644
Bank
of
America
GBP
602
USD
826
04/21/21
(5)
Bank
of
America
GBP
2,040
USD
2,816
04/21/21
3
Bank
of
America
NOK
196
USD
23
06/08/21
—
Bank
of
America
NOK
65,759
USD
7,783
06/08/21
95
Bank
of
Montreal
USD
3,678
NOK
31,200
06/16/21
(30)
Bank
of
Montreal
CAD
2,400
USD
1,899
06/16/21
(11)
Bank
of
Montreal
SEK
15,400
USD
1,810
06/16/21
46
Barclays
USD
413
TRY
3,554
05/12/21
5
Barclays
USD
989
TRY
7,561
05/12/21
(99)
Barclays
TRY
898
USD
104
05/12/21
(1)
Barclays
TRY
922
USD
104
05/12/21
(4)
Barclays
TRY
1,256
USD
141
05/12/21
(7)
Barclays
TRY
1,845
USD
209
05/12/21
(8)
Barclays
TRY
3,537
USD
418
05/12/21
2
Barclays
TRY
4,699
USD
522
05/12/21
(31)
BNP
Paribas
USD
100
TRY
774
05/12/21
(9)
BNP
Paribas
EUR
1,370
USD
1,671
04/19/21
64
BNP
Paribas
EUR
1,430
USD
1,749
04/19/21
72
Citigroup
USD
1,654
AUD
2,119
04/19/21
(44)
Citigroup
USD
425
AUD
545
05/12/21
(11)
Citigroup
USD
297
BRL
1,617
04/19/21
(10)
Citigroup
USD
635
BRL
3,360
04/19/21
(39)
Citigroup
USD
4,012
CAD
5,083
04/19/21
33
Citigroup
USD
172
CLP
125,559
05/12/21
2
Citigroup
USD
215
CLP
156,679
05/12/21
2
Citigroup
USD
288
CLP
208,343
05/12/21
2
Citigroup
USD
315
CLP
229,322
05/12/21
4
Citigroup
USD
990
CNY
6,441
05/12/21
(12)
Citigroup
USD
146
COP
529,948
05/12/21
(1)
Citigroup
USD
146
COP
538,605
05/12/21
1
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(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)
$
Citigroup
USD
262
COP
969,081
05/12/21
2
Citigroup
USD
843
COP
3,071,230
05/12/21
(5)
Citigroup
USD
1,156
EUR
960
04/19/21
(30)
Citigroup
USD
334
EUR
279
05/12/21
(7)
Citigroup
USD
926
GBP
682
04/19/21
14
Citigroup
USD
2,000
GBP
1,436
05/12/21
(20)
Citigroup
USD
2,929
GBP
2,072
06/08/21
(72)
Citigroup
USD
27,684
GBP
19,630
06/08/21
(616)
Citigroup
USD
467
IDR
6,791,559
05/11/21
(3)
Citigroup
USD
674
IDR
9,785,096
05/11/21
(5)
Citigroup
USD
498
INR
36,663
05/12/21
—
Citigroup
USD
498
INR
36,662
05/12/21
—
Citigroup
USD
974
INR
71,633
05/12/21
(1)
Citigroup
USD
2,567
JPY
264,630
04/19/21
(177)
Citigroup
USD
989
KRW
1,107,518
05/12/21
(7)
Citigroup
USD
990
KRW
1,102,078
05/12/21
(13)
Citigroup
USD
312
KZT
132,392
05/12/21
(3)
Citigroup
USD
674
KZT
285,313
05/12/21
(9)
Citigroup
USD
1,154
MXN
23,281
04/19/21
(16)
Citigroup
USD
39
MXN
828
05/12/21
1
Citigroup
USD
116
MXN
2,491
05/12/21
5
Citigroup
USD
116
MXN
2,488
05/12/21
5
Citigroup
USD
116
MXN
2,499
05/12/21
5
Citigroup
USD
120
MXN
2,561
05/12/21
5
Citigroup
USD
240
MXN
5,128
05/12/21
10
Citigroup
USD
291
MXN
6,242
05/12/21
13
Citigroup
USD
444
MXN
9,282
05/12/21
9
Citigroup
USD
493
MXN
10,431
05/12/21
15
Citigroup
USD
989
MXN
20,704
05/12/21
20
Citigroup
USD
990
MXN
20,635
05/12/21
16
Citigroup
USD
3,676
NOK
31,200
06/16/21
(28)
Citigroup
USD
287
NZD
411
06/08/21
—
Citigroup
USD
7,865
NZD
10,647
06/08/21
(431)
Citigroup
USD
438
PHP
21,505
05/12/21
4
Citigroup
USD
551
PHP
27,068
05/12/21
5
Citigroup
USD
581
RUB
43,750
04/19/21
(3)
Citigroup
USD
816
RUB
61,470
04/19/21
(4)
Citigroup
USD
457
THB
13,733
05/12/21
(17)
Citigroup
USD
535
THB
16,096
05/12/21
(20)
Citigroup
USD
234
TRY
1,812
05/12/21
(21)
Citigroup
USD
147
ZAR
2,185
05/12/21
—
Citigroup
USD
169
ZAR
2,504
05/12/21
—
Citigroup
USD
205
ZAR
3,159
05/12/21
8
Citigroup
USD
246
ZAR
3,704
05/12/21
3
Citigroup
USD
253
ZAR
3,749
05/12/21
—
Citigroup
USD
370
ZAR
5,552
05/12/21
5
Citigroup
USD
421
ZAR
6,258
05/12/21
1
Citigroup
AUD
4,340
USD
3,443
05/12/21
146
Citigroup
BRL
1,478
USD
275
04/19/21
13
Citigroup
CAD
2,400
USD
1,898
06/16/21
(12)
Citigroup
CLP
722,250
USD
989
05/12/21
(14)
Citigroup
CNY
6,411
USD
985
05/12/21
11
Citigroup
EUR
58
HUF
21,167
05/12/21
1
Citigroup
EUR
68
HUF
25,029
05/12/21
1
Citigroup
EUR
68
HUF
25,038
05/12/21
1
Citigroup
EUR
110
HUF
40,183
05/12/21
2
Citigroup
EUR
110
HUF
40,168
05/12/21
2
Citigroup
EUR
414
HUF
151,997
05/12/21
11
Citigroup
EUR
408
NOK
4,210
05/12/21
27
Citigroup
EUR
816
PLN
3,678
05/12/21
(53)
Citigroup
EUR
228
USD
272
05/12/21
4
Citigroup
EUR
250
USD
297
05/12/21
4
Citigroup
EUR
559
USD
666
05/12/21
9
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
65
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Citigroup
EUR
700
USD
845
05/12/21
24
Citigroup
EUR
913
USD
1,091
05/12/21
20
Citigroup
EUR
1,000
USD
1,193
05/12/21
19
Citigroup
EUR
9,250
USD
11,275
05/12/21
419
Citigroup
GBP
695
USD
968
05/12/21
9
Citigroup
GBP
725
USD
1,010
05/12/21
11
Citigroup
GBP
1,425
USD
1,976
05/12/21
11
Citigroup
GBP
10,698
USD
14,671
06/08/21
(80)
Citigroup
HUF
77,423
EUR
213
05/12/21
(1)
Citigroup
HUF
109,564
EUR
302
05/12/21
(1)
Citigroup
IDR
16,476,442
USD
1,135
05/11/21
10
Citigroup
INR
9,204
USD
125
05/12/21
—
Citigroup
INR
25,944
USD
352
05/12/21
(1)
Citigroup
INR
34,301
USD
464
05/12/21
(2)
Citigroup
INR
38,299
USD
520
05/12/21
(1)
Citigroup
INR
38,308
USD
520
05/12/21
(1)
Citigroup
JPY
350,896
USD
3,319
05/12/21
148
Citigroup
KRW
324,026
USD
287
05/12/21
(1)
Citigroup
KRW
453,248
USD
401
05/12/21
(1)
Citigroup
KRW
484,964
USD
430
05/12/21
—
Citigroup
KRW
485,015
USD
430
05/12/21
—
Citigroup
KRW
486,004
USD
430
05/12/21
(1)
Citigroup
MXN
106
USD
5
05/12/21
—
Citigroup
MXN
2,093
USD
101
05/12/21
(1)
Citigroup
MXN
2,963
USD
142
05/12/21
(2)
Citigroup
MXN
5,834
USD
279
05/12/21
(5)
Citigroup
MXN
7,282
USD
348
05/12/21
(6)
Citigroup
MXN
9,269
USD
445
05/12/21
(7)
Citigroup
MXN
11,278
USD
537
05/12/21
(13)
Citigroup
MXN
11,289
USD
543
05/12/21
(7)
Citigroup
MXN
12,120
USD
583
05/12/21
(8)
Citigroup
MXN
12,580
USD
604
05/12/21
(9)
Citigroup
MXN
20,821
USD
996
05/12/21
(18)
Citigroup
MXN
51,780
USD
2,521
05/12/21
(2)
Citigroup
NOK
4,107
EUR
400
05/12/21
(21)
Citigroup
NZD
209
USD
155
06/08/21
9
Citigroup
PHP
7,512
USD
153
05/12/21
(1)
Citigroup
PHP
8,149
USD
166
05/12/21
(1)
Citigroup
PHP
9,373
USD
191
05/12/21
(1)
Citigroup
PHP
9,384
USD
191
05/12/21
(1)
Citigroup
PHP
14,067
USD
287
05/12/21
(2)
Citigroup
PHP
96,642
USD
1,980
05/12/21
(4)
Citigroup
PLN
3,694
EUR
818
05/12/21
51
Citigroup
SEK
15,400
USD
1,810
06/16/21
45
Citigroup
THB
29,791
USD
990
05/12/21
37
Citigroup
TRY
1,777
USD
208
05/12/21
(1)
Citigroup
ZAR
5,174
USD
343
05/12/21
(6)
Citigroup
ZAR
5,403
USD
346
05/12/21
(18)
Citigroup
ZAR
10,174
USD
675
05/12/21
(11)
Citigroup
ZAR
10,648
USD
682
05/12/21
(36)
Citigroup
ZAR
13,072
USD
897
05/12/21
16
Citigroup
ZAR
14,680
USD
990
05/12/21
—
Commonwealth
Bank
of
Australia
USD
2,433
JPY
268,136
06/08/21
(9)
Commonwealth
Bank
of
Australia
USD
3,770
JPY
399,410
06/08/21
(161)
Commonwealth
Bank
of
Australia
USD
57
SEK
470
06/08/21
(3)
Commonwealth
Bank
of
Australia
JPY
667,545
USD
6,288
06/08/21
255
Commonwealth
Bank
of
Australia
SEK
2,175
USD
249
06/08/21
—
Commonwealth
Bank
of
Australia
SEK
63,912
USD
7,682
06/08/21
359
Goldman
Sachs
USD
308
BRL
1,670
04/19/21
(12)
Goldman
Sachs
USD
281
RUB
21,170
04/19/21
(2)
Goldman
Sachs
EUR
669
USD
815
04/19/21
31
Goldman
Sachs
EUR
830
USD
1,021
04/19/21
47
Goldman
Sachs
EUR
1,060
USD
1,304
04/19/21
61
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
66
Strategic
Bond
Fund
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
JPMorgan
Chase
USD
283
INR
20,944
04/19/21
3
JPMorgan
Chase
AUD
210
USD
162
04/19/21
2
Merrill
Lynch
USD
159
TRY
1,233
05/12/21
(14)
Merrill
Lynch
USD
42
TRY
363
05/24/21
—
Merrill
Lynch
TRY
181
USD
21
05/24/21
—
Royal
Bank
of
Canada
USD
15,588
CAD
19,586
06/08/21
(1)
Royal
Bank
of
Canada
USD
15,392
EUR
12,670
06/08/21
(515)
Royal
Bank
of
Canada
USD
3,688
NOK
31,200
06/16/21
(40)
Royal
Bank
of
Canada
CAD
190
USD
151
06/08/21
(1)
Royal
Bank
of
Canada
CAD
302
USD
241
06/08/21
1
Royal
Bank
of
Canada
CAD
2,400
USD
1,902
06/16/21
(8)
Royal
Bank
of
Canada
EUR
1,936
USD
2,273
06/08/21
—
Royal
Bank
of
Canada
EUR
3,229
USD
3,956
06/08/21
164
Royal
Bank
of
Canada
SEK
15,400
USD
1,812
06/16/21
48
Standard
Chartered
USD
3,676
NOK
31,200
06/16/21
(28)
Standard
Chartered
CAD
2,400
USD
1,898
06/16/21
(12)
Standard
Chartered
SEK
15,400
USD
1,810
06/16/21
45
State
Street
GBP
6,027
USD
8,369
04/21/21
60
UBS
USD
3,676
NOK
31,200
06/16/21
(29)
UBS
CAD
2,400
USD
1,898
06/16/21
(13)
UBS
CHF
151
USD
167
06/08/21
8
UBS
CHF
727
USD
772
06/08/21
2
UBS
CHF
20,520
USD
22,662
06/08/21
914
UBS
SEK
15,400
USD
1,810
06/16/21
46
Total
Unrealized
Appreciation
(Depreciation)
on
Open
Foreign
Currency
Exchange
Contracts
1,178
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
—
(2)
(2)
Bank
of
America
USD
14,416
1.100%
(3)
Three
Month
LIBOR
(2)
12/18/25
—
(125)
(125)
Bank
of
America
USD
1,373
Three
Month
LIBOR
(2)
0.450%
(3)
05/15/27
(4)
73
69
Bank
of
America
USD
6,024
Federal
Fund
Effective
Rate
(2)
0.260%
(3)
05/15/27
(19)
320
301
Bank
of
America
USD
3,362
Three
Month
LIBOR
(2)
0.780%
(3)
11/15/27
9
121
130
Bank
of
America
USD
2,903
Three
Month
LIBOR
(2)
1.350%
(3)
02/15/28
3
19
22
Bank
of
America
USD
3,631
Three
Month
LIBOR
(2)
1.250%
(3)
02/15/28
6
45
51
Bank
of
America
MXN
40,840
7.450%
(1)
Mexico
Interbank
28
Day
Deposit
Rate
(1)
07/18/29
15
95
110
Bank
of
America
USD
2,330
12
Month
LIBOR
(2)
0.560%
(3)
07/20/45
17
610
627
Bank
of
America
USD
880
SOFR
(2)
0.740%
(3)
08/19/45
—
206
206
Bank
of
America
USD
1,022
Three
Month
LIBOR
(2)
0.800%
(3)
11/15/45
7
276
283
Bank
of
America
USD
181
Three
Month
LIBOR
(2)
1.225%
(3)
02/15/47
—
36
36
Bank
of
America
USD
540
Three
Month
LIBOR
(2)
1.200%
(3)
02/15/47
3
108
111
Bank
of
America
USD
649
Three
Month
LIBOR
(2)
1.600%
(3)
02/15/47
4
75
79
Bank
of
America
USD
812
Three
Month
LIBOR
(2)
2.000%
(3)
02/15/47
(1)
37
36
Bank
of
America
USD
1,980
Three
Month
LIBOR
(2)
1.000%
(3)
02/15/47
24
464
488
Bank
of
America
USD
1,009
Three
Month
LIBOR
(2)
0.900%
(3)
03/17/50
17
278
295
Bank
of
America
USD
1,422
Three
Month
LIBOR
(2)
1.200%
(3)
10/07/50
7
317
324
Bank
of
America
USD
56
Three
Month
LIBOR
(2)
2.000%
(3)
06/03/51
—
3
3
Citigroup
BRL
2,100
7.024%
(5)
Brazil
Interbank
Deposit
Rate
(5)
01/04/27
—
(7)
(7)
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
67
Interest
Rate
Swap
Contracts
Amounts
in
thousands
Counterparty
Notional
Amount
Fund
Receives
Fund
Pays
Termination
Date
Premiums
Paid
(Received)
$
Unrealized
Appreciation
(Depreciation)
$
Fair
Value
$
Citigroup
BRL
2,400
7.024%
(5)
Brazil
Interbank
Deposit
Rate
(5)
01/04/27
1
(9)
(8)
Citigroup
BRL
2,631
7.024%
(5)
Brazil
Interbank
Deposit
Rate
(5)
01/04/27
1
(10)
(9)
Credit
Suisse
BRL
17,687
5.750%
(5)
Brazil
Interbank
Deposit
Rate
(5)
01/02/23
—
(26)
(26)
Credit
Suisse
USD
1,500
Three
Month
LIBOR
(2)
0.227%
(3)
05/12/23
—
2
2
Credit
Suisse
EUR
2,000
Six
Month
EURIBOR
(3)
0.485%
(4)
05/12/23
—
(49)
(49)
Credit
Suisse
USD
14,800
Three
Month
LIBOR
(2)
0.273%
(3)
05/12/23
—
7
7
Credit
Suisse
ZAR
38,300
Three
Month
JIBAR
(2)
4.851%
(2)
05/12/23
—
(18)
(18)
Credit
Suisse
CZK
52,477
1.000%
(4)
Six
Month
PRIBOR
(3)
05/12/23
—
(2)
(2)
Credit
Suisse
CZK
57,023
1.025%
(5)
Six
Month
PRIBOR
(3)
05/12/23
—
(1)
(1)
Credit
Suisse
EUR
1,600
Six
Month
EURIBOR
(3)
0.000%
(4)
05/12/26
—
3
3
Credit
Suisse
EUR
1,600
Six
Month
EURIBOR
(3)
0.303%
(4)
05/12/26
—
(60)
(60)
Credit
Suisse
EUR
200
Six
Month
EURIBOR
(3)
0.043%
(4)
05/12/31
—
1
1
Credit
Suisse
EUR
800
Six
Month
EURIBOR
(3)
0.013%
(4)
05/12/31
—
6
6
Credit
Suisse
CAD
1,900
1.915%
(3)
Canadian
Dealer
Offer
Rate
(3)
05/12/31
—
(26)
(26)
Credit
Suisse
USD
2,775
Three
Month
LIBOR
(2)
1.763%
(3)
05/12/31
—
5
5
Credit
Suisse
USD
2,816
Three
Month
LIBOR
(2)
1.503%
(3)
05/12/31
—
75
75
Credit
Suisse
AUD
3,300
Six
Month
BBSW
(3)
1.729%
(3)
05/12/31
—
31
31
Credit
Suisse
EUR
3,700
Six
Month
EURIBOR
(3)
0.049%
(4)
05/12/31
—
13
13
Credit
Suisse
EUR
170
Six
Month
LIBOR
(3)
0.432%
(4)
05/12/51
—
2
2
Credit
Suisse
EUR
300
Six
Month
EURIBOR
(3)
0.352%
(4)
05/12/51
—
14
14
Credit
Suisse
USD
400
Three
Month
LIBOR
(2)
1.976%
(3)
05/12/51
—
21
21
Credit
Suisse
EUR
400
Six
Month
EURIBOR
(3)
0.401%
(4)
05/12/51
—
11
11
Credit
Suisse
EUR
1,100
Six
Month
EURIBOR
(3)
0.420%
(4)
05/12/51
—
24
24
Credit
Suisse
EUR
213
Six
Month
EURIBOR
(3)
42.800%
(4)
06/10/71
—
(3)
(3)
Credit
Suisse
EUR
227
Six
Month
EURIBOR
(3)
34.000%
(4)
06/10/71
—
51
51
Credit
Suisse
EUR
227
Six
Month
EURIBOR
(3)
34.000%
(4)
06/10/71
—
51
51
Credit
Suisse
EUR
232
Six
Month
EURIBOR
(3)
42.000%
(4)
06/10/71
—
52
52
JPMorgan
Chase
BRL
1,700
7.044%
(5)
Brazil
Interbank
Deposit
Rate
(5)
01/04/27
—
(6)
(6)
Total
Open
Interest
Rate
Swap
Contracts
(å)
90
3,108
3,198
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
68
Strategic
Bond
Fund
Credit
Default
Swap
Contracts
Amounts
in
thousands
Credit
Indices
Reference
Entity
Counterparty
Purchase/Sell
Protection
Notional
Amount
Fund
(Pays)/
Receives
Fixed
Rate
Termination
Date
Premiums
Paid/
(Received)
$
Unrealized
Appreciation
(Depreciation)
$
Fair
Value
$
CDX
NA
High
Yield
Index
Bank
of
America
Sell
USD
4,950
5.000%
(2)
06/20/26
421
20
441
CDX
NA
High
Yield
Index
Bank
of
America
Purchase
USD
9,000
(5.000%)
(2)
06/20/26
(762)
(41)
(803)
CDX
NA
Investment
Grade
Index
Bank
of
America
Sell
USD
3,152
1.000%
(2)
06/20/26
69
5
74
CDX
NA
Investment
Grade
Index
Bank
of
America
Purchase
USD
45,900
(1.000%)
(2)
06/20/26
(992)
(81)
(1,073)
CDX
NA
Investment
Grade
Index
Merrill
Lynch
Sell
USD
457
1.000%
(2)
06/20/25
3
5
8
Total
Open
Credit
Indices
Contracts
(1,261)
(92)
(1,353)
Sovereign
Issues
Reference
Entity
Counterparty
Purchase/Sell
Protection
Implied
Credit
Spread
Notional
Amount
Fund
(Pays)/
Receives
Fixed
Rate
Termination
Date
Premiums
Paid/
(Received)
$
Unrealized
Appreciation
(Depreciation)
$
Fair
Value
$
Mexico
Government
International
Bond
Morgan
Stanley
Purchase
1.139%
USD
2,157
(1.000%)
(2)
06/20/26
17
(2)
15
Russian
Foreign
Bond
Morgan
Stanley
Purchase
1.111%
USD
3,147
(1.000%)
(2)
06/20/26
2
16
18
Total
Open
Sovereign
Issues
Contracts
19
14
33
Total
Open
Credit
Default
Swap
Contracts
(å)
(1,242)
(78)
(1,320)
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
$
—
$
81,441
$
—
$
—
$
81,441
Corporate
Bonds
and
Notes
—
200,996
—
—
200,996
International
Debt
—
88,442
—
—
88,442
Loan
Agreements
—
12,309
—
—
12,309
Mortgage-Backed
Securities
—
193,164
280
—
193,444
Non-US
Bonds
—
43,517
—
—
43,517
United
States
Government
Treasuries
—
131,433
—
—
131,433
Common
Stocks
—
—
—
—
—
Short-Term
Investments
—
43,365
—
110,078
153,443
Total
Investments
—
794,667
280
110,078
905,025
Other
Financial
Instruments
Assets
Futures
Contracts
613
—
—
—
613
Foreign
Currency
Exchange
Contracts
—
4,22
8
—
—
4,22
8
Interest
Rate
Swap
Contracts
—
3,540
—
—
3,540
Credit
Default
Swap
Contracts
—
556
—
—
556
Liabilities
Futures
Contracts
(8,808)
—
—
—
(8,808)
Options
Written
(31)
(3)
—
—
(34)
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
69
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
Foreign
Currency
Exchange
Contracts
—
(3,050)
—
—
(3,050)
Interest
Rate
Swap
Contracts
—
(342)
—
—
(342)
Credit
Default
Swap
Contracts
—
(1,876)
—
—
(1,876)
Total
Other
Financial
Instruments
*
$
(8,226)
$
3,053
$
—
$
—
$
(5,173)
*
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
into
and
out
of
Level
3
during
the
period
ended
March
31,
2021,
see
note
2
in
the
Notes
to
Quarterly
Report.
Investments
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
a
fair
value
for
the
period
ended
March
31,
2021,
were
less
than
1%
of
net
assets.
Amounts
in
thousands
Country
Exposure
Fair
Value
$
Argentina
................................................................................
341
Australia
.................................................................................
5,894
Bermuda
.................................................................................
1,388
Brazil
......................................................................................
3,282
Canada
....................................................................................
15,805
Cayman
Islands
.......................................................................
4,221
Chile
.......................................................................................
1,666
China
......................................................................................
1,028
Colombia
.................................................................................
1,473
Czech
Republic
.......................................................................
1,097
Denmark
.................................................................................
2,638
France
.....................................................................................
6,958
Germany
.................................................................................
658
Greece
....................................................................................
466
India
.......................................................................................
1,554
Indonesia
................................................................................
1,271
Ireland
....................................................................................
5,072
Israel
.......................................................................................
611
Italy
........................................................................................
10,201
Japan
......................................................................................
5,685
Kazakhstan
.............................................................................
237
Kuwait
....................................................................................
232
Liberia
....................................................................................
47
Luxembourg
............................................................................
875
Macao
.....................................................................................
1,553
Mexico
....................................................................................
12,508
Netherlands
............................................................................
10,447
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
70
Strategic
Bond
Fund
Amounts
in
thousands
Country
Exposure
Fair
Value
$
Norway
....................................................................................
887
Panama
...................................................................................
991
Peru
........................................................................................
1,119
Poland
.....................................................................................
501
Qatar
.......................................................................................
675
Romania
..................................................................................
1,553
Russia
.....................................................................................
3,961
Saudi
Arabia
...........................................................................
1,603
South
Africa
............................................................................
631
South
Korea
............................................................................
811
Spain
.......................................................................................
3,056
Sweden
....................................................................................
1,093
Switzerland
.............................................................................
3,377
Thailand
..................................................................................
229
Togo
........................................................................................
955
Tunisia
....................................................................................
4,020
United
Arab
Emirates
.............................................................
1,734
United
Kingdom
......................................................................
19,728
United
States
...........................................................................
760,893
Total
Investments
....................................................................
905,025
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments
—
March
31,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Global
Real
Estate
Securities
Fund
71
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
96.5%
Australia
-
3.9%
BGP
Holdings
PLC(Æ)(Š)
926,311
—
Charter
Hall
Group
-
ADR(ö)
677,346
6,632
Goodman
Group(ö)
126,205
1,739
GPT
Group
(The)(ö)
1,328,347
4,654
Growthpoint
Properties
Australia,
Ltd.(ö)
690,150
1,823
Mirvac
Group(ö)
6,965,515
13,273
Scentre
Group(ö)
1,909,452
4,100
Vicinity
Centres
(ö)
3,168,493
3,991
Waypoint
REIT,
Ltd.(ö)
1,237,255
2,361
38,573
Austria
-
0.1%
CA
Immobilien
Anlagen
AG
30,127
1,275
Belgium
-
1.0%
Aedifica
(ö)
44,851
5,142
VGP
NV
16,255
2,601
Warehouses
De
Pauw
CVA(ö)
58,592
1,936
9,679
Canada
-
2.1%
Allied
Properties
Real
Estate
Investment
Trust(ö)
91,703
2,966
Canadian
Apartment
Properties(ö)
180,276
7,726
Granite
Real
Estate
Investment
Trust(ö)
55,614
3,382
RioCan
Real
Estate
Investment
Trust(ö)
435,584
6,745
20,819
China
-
0.2%
GDS
Holdings,
Ltd.
-
ADR(Æ)
19,492
1,581
France
-
1.6%
ARGAN
SA(ö)
17,076
1,610
Gecina
SA(ö)
47,437
6,532
ICADE(ö)
39,927
2,918
Klepierre
SA
-
GDR(Ñ)(ö)
175,939
4,098
15,158
Germany
-
5.4%
Alstria
Office
REIT-AG(ö)
364,393
5,889
Deutsche
Wohnen
SE
348,439
16,254
Instone
Real
Estate
Group
AG(Þ)
135,988
3,740
Vonovia
SE
415,893
27,165
53,048
Hong
Kong
-
5.6%
CK
Asset
Holdings,
Ltd.
2,272,000
13,810
ESR
Cayman,
Ltd.(Æ)(Þ)
551,800
1,814
Hang
Lung
Properties,
Ltd.
-
ADR
827,000
2,152
Hysan
Development
Co.,
Ltd.
845,000
3,306
Link
Real
Estate
Investment
Trust(ö)
1,414,600
12,896
Sun
Hung
Kai
Properties,
Ltd.
783,000
11,877
SUNeVision
Holdings,
Ltd.
560,000
579
Swire
Properties,
Ltd.
797,200
2,468
Wharf
Holdings,
Ltd.
(The)
573,000
1,520
Wharf
Real
Estate
Investment
Co.,
Ltd.
842,000
4,730
55,152
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
India
-
0.1%
Ascendas
India
Trust
438,500
485
Japan
-
11.3%
Activia
Properties,
Inc.(ö)
2,254
9,909
Daibiru
Corp.
296,000
3,833
Daiwa
Securities
Living
Investments
Corp.(ö)
839
824
Global
One
Real
Estate
Investment
Corp.(ö)
3,895
4,248
GLP
J-
Reit
(ö)
3,621
5,951
Hulic
REIT,
Inc.(ö)
3,101
4,858
Invincible
Investment
Corp.(ö)
6,149
2,324
Japan
Excellent,
Inc.(ö)
577
749
Japan
Prime
Realty
Investment
Corp.(ö)
1,003
3,748
Japan
Retail
Fund
Investment
Corp.
(Ñ)(ö)
4,564
4,666
Kenedix
Residential
Next
Investment
Corp.(ö)
1,192
2,327
Kenedix
Retail
REIT
Corp.(ö)
1,970
4,779
Mitsubishi
Estate
Co.,
Ltd.
813,900
14,273
Mitsui
Fudosan
Co.,
Ltd.
944,100
21,550
Mitsui
Fudosan
Logistics
Park,
Inc.(ö)
534
2,638
MORI
Trust
Hotel
REIT,
Inc.(ö)
3,657
4,571
MORI
Trust
Sogo
REIT,
Inc.(ö)
2,397
3,369
Nippon
Building
Fund,
Inc.(ö)
928
5,469
Nippon
REIT
Investment
Corp.(ö)
435
1,663
Sumitomo
Realty
&
Development
Co.,
Ltd.
105,400
3,738
Tokyu
Fudosan
Holdings
Corp.
453,200
2,696
United
Urban
Investment
Corp.(ö)
2,159
2,905
111,088
Macao
-
0.3%
Sands
China,
Ltd.(Æ)
599,200
3,005
Netherlands
-
0.8%
Unibail
-
Rodamco
-Westfield(ö)
94,957
7,609
Singapore
-
2.7%
CapitaLand
Mall
Trust
Class
A(ö)
2,908,128
4,701
CapitaLand,
Ltd.
1,323,000
3,707
City
Developments,
Ltd.
833,800
4,958
Keppel
DC
REIT(ö)
987,300
1,984
Keppel
REIT(ö)
4,928,800
4,470
Mapletree
Greater
China
Commercial
Trust(ö)
1,087,500
857
Mapletree
Logistics
Trust(ö)
1,683,300
2,420
Parkway
Life
Real
Estate
Investment
Trust(ö)
995,555
3,017
26,114
Spain
-
0.5%
Arima
Real
Estate
Socimi
SA(ö)
140,207
1,480
Inmobiliaria
Colonial
Socimi
SA(ö)
356,716
3,454
4,934
Sweden
-
2.4%
Castellum
AB
337,203
7,437
Catena
AB
55,000
2,424
Fabege
AB
319,823
4,310
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
72
Global
Real
Estate
Securities
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Fastighets
AB
Balder
Class
B(Æ)
164,297
8,134
Wihlborgs
Fastigheter
AB
66,586
1,263
23,568
United
Kingdom
-
5.6%
Assura
PLC(ö)
3,675,181
3,650
Big
Yellow
Group
PLC(ö)
171,111
2,627
British
Land
Co.
PLC
(The)(ö)
1,208,701
8,405
Derwent
London
PLC(ö)
66,187
2,945
Grainger
PLC
943,552
3,471
Land
Securities
Group
PLC(ö)
451,768
4,300
LondonMetric
Property
PLC(ö)
682,185
2,008
PRS
REIT
PLC
(The)(ö)
1,022,218
1,233
Safestore
Holdings
PLC(ö)
282,521
3,100
Segro
PLC(ö)
1,005,603
13,001
Tritax
EuroBox
PLC(Þ)
1,665,189
2,305
UNITE
Group
PLC
(The)(ö)
393,095
5,783
Workspace
Group
PLC(ö)
192,972
2,128
54,956
United
States
-
52.9%
Agree
Realty
Corp.(ö)
94,867
6,385
Alexander
&
Baldwin,
Inc.
21,024
353
Alexandria
Real
Estate
Equities,
Inc.(ö)
21,830
3,587
American
Campus
Communities,
Inc.(ö)
6,701
289
American
Homes
4
Rent
Class
A(ö)
239,888
7,998
Americold
Realty
Trust(ö)
137,220
5,279
Apartment
Income
REIT
Corp.(ö)
280,204
11,982
Apple
Hospitality
REIT,
Inc.(ö)
403,346
5,877
AvalonBay
Communities,
Inc.(ö)
86,118
15,890
Boyd
Gaming
Corp.
71,689
4,227
Caesars
Entertainment,
Inc.(Æ)
28,283
2,473
CoreSite
Realty
Corp.
Class
A(ö)
30,011
3,597
CyrusOne
,
Inc.(ö)
135,389
9,169
Digital
Realty
Trust,
Inc.(ö)
51,868
7,305
Duke
Realty
Corp.(ö)
225,805
9,468
EastGroup
Properties,
Inc.(ö)
63,903
9,156
Empire
State
Realty
Trust,
Inc.
Class
A(ö)
545,268
6,069
EPR
Properties(ö)
65,192
3,037
Equity
Residential(ö)
204,451
14,645
Essential
Properties
Realty
Trust,
Inc.(ö)
296,132
6,761
Essex
Property
Trust,
Inc.(ö)
40,253
10,942
Extra
Space
Storage,
Inc.(ö)
176,296
23,367
Healthcare
Trust
of
America,
Inc.
Class
A(ö)
140,989
3,888
Healthpeak
Properties,
Inc.(ö)
431,539
13,697
Highwoods
Properties,
Inc.(ö)
87,360
3,751
Host
Hotels
&
Resorts,
Inc.(ö)
396,411
6,680
Howard
Hughes
Corp.
(The)(Æ)
51,595
4,908
Invitation
Homes,
Inc.(ö)
258,253
8,262
Jones
Lang
LaSalle,
Inc.
24,770
4,435
Kilroy
Realty
Corp.(ö)
17,739
1,164
Kimco
Realty
Corp.(ö)
786,122
14,740
Life
Storage,
Inc.(ö)
117,273
10,080
Medical
Properties
Trust,
Inc.(ö)
563,324
11,988
MGM
Growth
Properties
LLC
Class
A(ö)
94,038
3,068
Mid-America
Apartment
Communities,
Inc.(ö)
79,320
11,451
NetSTREIT
Corp.(ö)
89,589
1,657
Omega
Healthcare
Investors,
Inc.(ö)
162,458
5,951
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Park
Hotels
&
Resorts,
Inc.(ö)
551,639
11,904
Prologis,
Inc.(ö)
391,040
41,449
Public
Storage(ö)
80,335
19,823
Retail
Properties
of
America,
Inc.
Class
A(ö)
550,339
5,768
Rexford
Industrial
Realty,
Inc.(ö)
157,970
7,962
Ryman
Hospitality
Properties,
Inc.(ö)
44,421
3,443
Sabra
Health
Care
REIT,
Inc.(ö)
190,271
3,303
Simon
Property
Group,
LP(ö)
288,703
32,845
SL
Green
Realty
Corp.(ö)
140,313
9,821
STORE
Capital
Corp.(ö)
173,895
5,825
Sun
Communities,
Inc.(ö)
128,306
19,251
UDR,
Inc.(ö)
307,476
13,486
Ventas,
Inc.(ö)
427,287
22,791
VEREIT,
Inc.(ö)
260,469
10,059
VICI
Properties,
Inc.(ö)
537,834
15,188
Weingarten
Realty
Investors(ö)
114,827
3,090
Welltower
,
Inc.(ö)
201,316
14,420
Weyerhaeuser
Co.(ö)
130,827
4,658
518,662
Total
Common
Stocks
(cost
$750,302)
945,706
Short-Term
Investments
-
2.4%
United
States
-
2.4%
U.S.
Cash
Management
Fund(@)
23,642,514
(∞)
23,638
Total
Short-Term
Investments
(cost
$23,638)
23,638
Other
Securities
-
0.6%
U.S.
Cash
Collateral
Fund(@)(×)
5,410,663
(∞)
5,411
Total
Other
Securities
(cost
$5,411)
5,411
Total
Investments
-
99.5%
(identified
cost
$779,351)
974,755
Other
Assets
and
Liabilities,
Net
-
0.5%
5,011
Net
Assets
-
100.0%
979,766
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Global
Real
Estate
Securities
Fund
73
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Securities
Acquisition
Date
Principal
Amount
($)
or
shares
Cost
per
Unit
$
Cost
(000)
$
Fair
Value
(000)
$
0.8%
ESR
Cayman,
Ltd.
11/20/19
HKD
551,800
2.17
1,196
1,814
Instone
Real
Estate
Group
AG
03/28/19
EUR
135,988
23.99
3,263
3,740
Tritax
EuroBox
PLC
07/04/18
GBP
1,665,189
1.29
2,227
2,305
7,859
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
398
USD
14,244
06/21
24
FTSE/EPRA
Europe
Index
Futures
200
EUR
4,221
06/21
15
Hang
Seng
Index
Futures
9
HKD
12,742
04/21
5
MSCI
Singapore
Index
Futures
33
SGD
1,181
04/21
3
S&P/TSX
60
Index
Futures
4
CAD
889
06/21
(1)
SPI
200
Futures
8
AUD
1,353
06/21
(6)
TOPIX
Index
Futures
17
JPY
332,181
06/21
84
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
124
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Bank
of
America
USD
794
EUR
664
06/16/21
(15)
Bank
of
America
USD
428
JPY
47,348
04/02/21
—
Bank
of
America
USD
1,060
SGD
1,425
04/05/21
—
Bank
of
America
EUR
125
USD
147
04/01/21
—
Bank
of
America
EUR
219
USD
257
06/16/21
—
Bank
of
America
GBP
22
USD
30
04/01/21
—
Bank
of
America
GBP
155
USD
214
04/06/21
—
Bank
of
America
JPY
21,609
USD
196
04/01/21
2
Bank
of
America
JPY
26,963
USD
245
06/16/21
1
Bank
of
America
JPY
368,265
USD
3,391
06/16/21
61
Bank
of
America
SGD
1,327
USD
984
04/01/21
(2)
Royal
Bank
of
Canada
USD
348
AUD
451
06/16/21
(5)
Royal
Bank
of
Canada
USD
230
CAD
290
06/16/21
1
Royal
Bank
of
Canada
USD
1,606
EUR
1,346
06/16/21
(26)
Royal
Bank
of
Canada
USD
590
HKD
4,583
06/16/21
(1)
Royal
Bank
of
Canada
USD
990
JPY
107,377
06/16/21
(19)
Royal
Bank
of
Canada
USD
3,777
JPY
409,530
06/16/21
(76)
Royal
Bank
of
Canada
USD
294
SGD
395
06/16/21
—
Royal
Bank
of
Canada
EUR
289
USD
345
06/16/21
5
Royal
Bank
of
Canada
HKD
10,837
USD
1,394
04/01/21
—
Standard
Chartered
USD
347
AUD
451
06/16/21
(5)
Standard
Chartered
USD
229
CAD
290
06/16/21
1
Standard
Chartered
USD
1,603
EUR
1,346
06/16/21
(21)
Standard
Chartered
USD
590
HKD
4,583
06/16/21
(1)
Standard
Chartered
USD
988
JPY
107,377
06/16/21
(17)
Standard
Chartered
USD
293
SGD
395
06/16/21
—
UBS
USD
347
AUD
451
06/16/21
(5)
UBS
USD
229
CAD
290
06/16/21
2
UBS
USD
1,603
EUR
1,346
06/16/21
(22)
UBS
USD
590
HKD
4,583
06/16/21
(1)
UBS
USD
988
JPY
107,377
06/16/21
(17)
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
74
Global
Real
Estate
Securities
Fund
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
UBS
USD
294
SGD
395
06/16/21
—
Total
Unrealized
Appreciation
(Depreciation)
on
Open
Foreign
Currency
Exchange
Contracts
(160)
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
Common
Stocks
Australia
$
—
$
38,573
$
—
$
—
$
38,573
Austria
—
1,275
—
—
1,275
Belgium
—
9,679
—
—
9,679
Canada
20,819
—
—
—
20,819
China
1,581
—
—
—
1,581
France
—
15,158
—
—
15,158
Germany
—
53,048
—
—
53,048
Hong
Kong
—
55,152
—
—
55,152
India
—
485
—
—
485
Japan
—
111,088
—
—
111,088
Macao
—
3,005
—
—
3,005
Netherlands
—
7,609
—
—
7,609
Singapore
—
26,114
—
—
26,114
Spain
—
4,934
—
—
4,934
Sweden
—
23,568
—
—
23,568
United
Kingdom
—
54,956
—
—
54,956
United
States
518,662
—
—
—
518,662
Short-Term
Investments
—
—
—
23,638
23,638
Other
Securities
—
—
—
5,411
5,411
Total
Investments
541,062
404,644
—
29,049
974,755
Other
Financial
Instruments
Assets
Futures
Contracts
131
—
—
—
131
Foreign
Currency
Exchange
Contracts
—
73
—
—
73
Liabilities
Futures
Contracts
(7)
—
—
—
(7
)
Foreign
Currency
Exchange
Contracts
(3)
(230)
—
—
(233
)
Total
Other
Financial
Instruments
*
$
121
$
(157)
$
—
$
—
$
(36
)
*
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.
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments,
continued
—
March
31,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Global
Real
Estate
Securities
Fund
75
For
a
description
of
the
Levels,
see
note
2
in
the
Notes
to
Quarterly
Report.
For
a
disclosure
on
transfers
into
and
out
of
Level
3
during
the
period
ended
March
31,
2021,
see
note
2
in
the
Notes
to
Quarterly
Report.
Investments
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
a
fair
value
for
the
period
ended
March
31,
2021,
were
less
than
1%
of
net
assets.
Amounts
in
thousands
Property
Sector
Exposure
Fair
Value
$
Data
Centers
...........................................................................
24,213
Diversified
..............................................................................
246,750
Healthcare
..............................................................................
82,706
Industrial
................................................................................
107,769
Lodging/Resorts
......................................................................
59,754
Office
......................................................................................
64,684
Residential
..............................................................................
176,935
Retail
......................................................................................
123,897
Self
Storage
.............................................................................
58,998
Short-Term
Investments
..........................................................
23,638
Other
Securities
......................................................................
5,411
Total
Investments
....................................................................
974,755
Russell
Investment
Funds
Notes
to
Schedules
of
Investments
—
March
31,
2021
(Unaudited)
76
Notes
to
Schedules
of
Investments
Footnotes:
Abbreviations:
(Æ)
Non-income-producing
security.
(ö)
Real
Estate
Investment
Trust
(REIT).
(§)
All
or
a
portion
of
the
shares
of
this
security
are
pledged
as
collateral
in
connection
with
futures
contracts
purchased
(sold),
options
written,
foreign
currency
exchange
contracts
or
swaps
entered
into
by
the
Fund.
(ž)
Rate
noted
is
yield-to-maturity
from
date
of
acquisition.
(ç)
At
amortized
cost,
which
approximates
market.
(Ê)
Variable,
adjustable
or
floating
rate
security.
Rate
shown
reflects
rate
in
effect
at
period
end.
(Ï)
Forward
commitment.
(ƒ)
Perpetual
floating
rate
security.
Rate
shown
reflects
rate
in
effect
at
period
end.
(µ)
Bond
is
insured
by
a
guarantor.
(æ)
Pre-refunded:
These
bonds
are
collateralized
by
U.S.
Treasury
securities,
which
are
held
in
escrow
by
a
trustee
and
used
to
pay
principal
and
interest
in
the
tax-exempt
issue
and
to
retire
the
bonds
in
full
at
the
earliest
refunding
date.
(Ø)
In
default.
(x)
The
security
is
purchased
with
the
cash
collateral
from
the
securities
loaned.
(Ñ)
All
or
a
portion
of
the
shares
of
this
security
are
on
loan.
(~)
Rate
fluctuates
based
on
various
factors
such
as
changes
in
current
rates
and
prepayments
of
the
underlying
assets,
changes
in
the
CPI
or
other
contractual
arrangements.
(ì)
All
or
a
portion
of
the
shares
of
this
security
are
pledged
as
collateral
in
connection
with
options
written
contracts.
(¢)
Date
shown
reflects
next
contractual
call
date.
(Þ)
Restricted
security.
Security
may
have
contractual
restrictions
on
resale,
may
have
been
offered
in
a
private
placement
transaction,
and
may
not
be
registered
under
the
Securities
Act
of
1933.
See
Note
5.
(ÿ)
Notional
Amount
in
thousands.
(Š)
Value
was
determined
using
significant
unobservable
inputs.
(@)
Affiliate.
(Ÿ)
Rate
noted
is
dividend
yield
at
period
end.
(å)
Currency
balances
were
pledged
in
connection
with
futures
contracts
purchased
(sold),
options
written,
foreign
currency
exchange
contracts,
or
swaps
entered
into
by
the
Fund.
See
Statement
of
Assets
and
Liabilities.
(∞)
Unrounded
units.
(v)
Loan
agreement
still
pending.
Rate
not
available
at
period
end.
(
Û
)
All
or
a
portion
of
the
shares
of
this
security
are
pledged
as
collateral
in
connection
with
securities
sold
short
.
(
Ð
)
All
or
a
portion
of
the
shares
of
this
security
are
on
loan
through
the
reciprocal
lending
program
with
State
Street.
See
note
2
in
the
Notes
to
this
Quarterly
Report
.
(1)
Weekly
payment
frequency.
(2)
Quarterly
payment
frequency.
(3)
Semi-annual
payment
frequency.
(4)
Annual
payment
frequency.
(5)
Payment
at
termination.
ADR
-
American
Depositary
Receipt
ADS
-
American
Depositary
Share
BBR
-
Bank
Bill
Rate
BBSW
-
Bank
Bill
Swap
Reference
Rate
BUBOR
-
Budapest
Interbank
Offered
Rate
CIBOR
-
Copenhagen
Interbank
Offered
Rate
CME
-
Chicago
Mercantile
Exchange
CMO
-
Collateralized
Mortgage
Obligation
CVO
-
Contingent
Value
Obligation
EMU
-
European
Economic
and
Monetary
Union
EURIBOR
-
Euro
Interbank
Offered
Rate
FDIC
-
Federal
Deposit
Insurance
Company
GDR
-
Global
Depositary
Receipt
GDS
-
Global
Depositary
Share
GSCI
-
Goldman
Sachs
Commodity
Index
HIBOR
-
Hong
Kong
Interbank
Offer
Rate
Russell
Investment
Funds
Notes
to
Schedules
of
Investments,
continued
—
March
31,
2021
(Unaudited)
Notes
to
Schedules
of
Investments
77
Foreign
Currency
Abbreviations:
JIBAR
-
Johannesburg
Interbank
Agreed
Rate
KSDA
-
Korean
Securities
Dealers
Association
LIBOR
-
London
Interbank
Offered
Rate
MIBOR
-
Mumbai
Interbank
Offered
Rate
NIBOR
-
Norwegian
Interbank
Offered
Rate
PIK
-
Payment
in
Kind
PRIBOR
-
Prague
Interbank
Offered
Rate
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
STIBOR
-
Stockholm
Interbank
Offered
Rate
STRIP
-
Separate
Trading
of
Registered
Interest
and
Principal
of
Securities
SFE
-
Sydney
Futures
Exchange
TBA
-
To
Be
Announced
Security
UK
-
United
Kingdom
WTI
-
West
Texas
Intermediate
ARS
-
Argentine
peso
HKD
-
Hong
Kong
dollar
PKR
-
Pakistani
rupee
AUD
-
Australian
dollar
HUF
-
Hungarian
forint
PLN
-
Polish
zloty
BRL
-
Brazilian
real
IDR
-
Indonesian
rupiah
RON
-
Romanian
New
Leu
CAD
-
Canadian
dollar
ILS
-
Israeli
shekel
RUB
-
Russian
ruble
CHF
-
Swiss
franc
INR
-
Indian
rupee
SEK
-
Swedish
krona
CLP
-
Chilean
peso
ISK
-
Icelandic
krona
SGD
-
Singapore
dollar
CNH
-
Chinese
offshore
spot
ITL
-
Italian
lira
SKK
-
Slovakian
koruna
CNY
-
Chinese
renminbi
yuan
JPY
-
Japanese
yen
THB
-
Thai
baht
COP
-
Colombian
peso
KES
-
Kenyan
schilling
TRY
-
Turkish
lira
CRC
-
Costa
Rican
colon
KRW
-
South
Korean
won
TWD
-
Taiwanese
dollar
CZK
-
Czech
koruna
MXN
-
Mexican
peso
USD
-
United
States
dollar
DKK
-
Danish
krone
MYR
-
Malaysian
ringgit
UYU
-
Uruguayan
peso
DOP
-
Dominican
peso
NOK
-
Norwegian
krone
VEB
-
Venezuelan
bolivar
EGP
-
Egyptian
pound
NGN
-
Nigerian
naira
VND
-
Vietnamese
dong
EUR
-
Euro
NZD
-
New
Zealand
dollar
ZAR
-
South
African
rand
GBP
-
British
pound
sterling
PEN
-
Peruvian
nuevo
sol
GHS
-
Ghanaian
Cedi
PHP
-
Philippine
peso
Russell
Investment
Funds
Notes
to
Quarterly
Report
—
March
31,
2021
(Unaudited)
78
Notes
to
Quarterly
Report
1.
Organization
Russell
Investment
Funds
(the
“Investment
Company”
or
“RIF”)
is
a
series
investment
company
with
nine
different
investment
portfolios
referred
to
as
funds.
This
Quarterly
Report
reports
on
five
of
these
funds
(each
a
“Fund”
and
collectively
the
“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
Third
Amended
and
Restated
Master
Trust
Agreement
dated
December
7,
2020,
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.
2.
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
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”),
which
require
the
use
of
management
estimates
and
assumptions
at
the
date
of
the
Quarterly
Report.
Actual
results
could
differ
from
those
estimates.
The
Funds
are
considered
investment
companies
under
U.S.
GAAP
and
follow
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
each
Fund
in
the
preparation
of
this
Quarterly
Report.
Security
Valuation
The
Funds
value
portfolio
securities
according
to
Board-approved
securities
valuation
procedures
which
include
market
and
fair
value
procedures.
The
Board
has
delegated
the
responsibility
for
administration
of
the
securities
valuation
procedures
to
Russell
Investments
Fund
Services,
LLC
("RIFUS").
U.S.
GAAP
defines
fair
value
as
the
price
that
a
Fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
It
establishes
a
fair
value
hierarchy
that
prioritizes
inputs
to
valuation
methods
and
requires
a
separate
disclosure
of
the
fair
value
hierarchy
for
each
major
category
of
assets
and
liabilities,
that
segregates
fair
value
measurements
into
levels
(Level
1,
2,
and
3).
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
Levels
1,
2
and
3
of
the
fair
value
hierarchy
are
defined
as
follows:
Level
1
—
Quoted
prices
(unadjusted)
in
active
markets
or
exchanges
for
identical
assets
and
liabilities.
Level
2
—
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable,
which
may
include,
but
are
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
and
inputs
such
as
interest
rates,
yield
curves,
implied
volatilities,
credit
spreads
or
other
market
corroborated
inputs.
Level
3
—
Significant
unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
which
may
include
assumptions
made
by
RIFUS,
acting
at
the
discretion
of
the
Board,
that
are
used
in
determining
the
fair
value
of
investments.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
marketplace,
the
liquidity
of
markets,
and
other
characteristics
particular
to
the
security.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgement.
Accordingly,
the
degree
of
judgement
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2021
(Unaudited)
Notes
to
Quarterly
Report
79
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
falls
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
market
values
of
financial
instruments
categorized
as
Level
1
and
Level
2
of
the
fair
value
hierarchy
are
as
follows:
Equity
securities,
including
common
and
preferred
stock,
short
securities,
ETFs
and
restricted
securities
that
are
traded
on
a
national
securities
exchange
(or
reported
on
the
NASDAQ
national
market),
are
stated
at
the
last
reported
sales
price
on
the
day
of
valuation
or
official
closing
price,
as
applicable.
To
the
extent
these
securities
are
actively
traded,
and
valuation
adjustments
are
not
applied,
they
are
categorized
as
Level
1
of
the
fair
value
hierarchy.
Preferred
stock
and
other
equities
traded
on
inactive
markets
or
valued
by
reference
to
similar
instruments
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Certain
foreign
equity
securities
may
be
fair
valued
using
a
pricing
service
that
considers
the
correlation
of
the
trading
patterns
of
the
foreign
security
to
the
intraday
trading
in
the
U.S.
markets
for
investments
such
as
American
Depositary
Receipts,
financial
futures,
exchange-traded
funds,
and
the
movement
of
certain
indexes
of
securities,
based
on
the
statistical
analysis
of
historical
relationships.
Foreign
equity
securities
prices
as
described
above
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Fixed
income
securities
including
corporate,
convertible,
U.S.
government
agency,
municipal
bonds
and
notes,
U.S.
treasury
obligations,
sovereign
issues,
bank
loans,
bank
notes
and
non-U.S.
bonds
are
normally
valued
by
pricing
service
providers
that
use
broker
dealer
quotations
or
valuation
estimates
from
their
internal
pricing
models.
The
pricing
service
providers’
internal
models
use
inputs
that
are
observable
such
as
issuer
details,
interest
rates,
yield
curves,
prepayment
speeds,
credit
risks/spreads
and
default
rates.
Such
fixed
income
securities
that
use
pricing
service
internal
models
as
described
above
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Such
fixed
income
securities
that
use
broker
dealer
quotations
are
categorized
as
Level
3
of
the
fair
value
hierarchy.
Fixed
income
securities
purchased
on
a
delayed-delivery
basis
and
marked-to-market
daily
until
settlement
at
the
forward
settlement
date
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Mortgage
and
asset-backed
securities
are
usually
issued
as
separate
tranches,
or
classes,
of
securities
within
each
deal.
These
securities
are
also
normally
valued
by
pricing
service
providers
that
use
broker
dealer
quotations
or
valuation
estimates
from
their
internal
pricing
models.
The
pricing
models
for
these
securities
usually
consider
tranche-level
attributes,
including
estimated
cash
flows
of
each
tranche,
market-based
yield
spreads
for
each
tranche,
and
current
market
data,
as
well
as
incorporate
deal
collateral
performance,
as
available.
Mortgage
and
asset-backed
securities
that
use
these
and
similar
valuation
techniques
and
inputs
as
described
above
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Investments
in
investment
funds
that
are
not
traded
on
a
national
securities
exchange
will
be
valued
based
upon
the
NAV
of
such
investments.
The
Funds
have
adopted
the
authoritative
guidance
under
U.S.
GAAP
for
estimating
the
fair
value
of
investments
in
funds
that
have
calculated
NAV
per
share
in
accordance
with
the
specialized
accounting
guidance
for
investment
companies.
Accordingly,
the
Funds
estimate
the
fair
value
of
an
investment
in
a
fund
using
the
NAV
per
share
without
further
adjustment
as
a
practical
expedient,
if
the
NAV
per
share
of
the
investment
is
determined
in
accordance
with
the
specialized
accounting
guidance
for
investment
companies
as
of
the
reporting
entity’s
measurement
date.
Short-term
investments
having
a
maturity
of
60
days
or
less
are
generally
valued
at
amortized
cost,
which
approximates
fair
market
value.
These
investments
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Derivative
instruments
are
instruments
such
as
foreign
currency
exchange
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
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2021
(Unaudited)
80
Notes
to
Quarterly
Report
3
of
the
fair
value
hierarchy.
Exchange-traded
derivatives
are
valued
based
on
the
last
reported
sales
price
on
the
day
of
valuation
and
are
categorized
as
Level
1
of
the
fair
value
hierarchy.
Centrally
cleared
swaps
listed
or
traded
on
a
multilateral
or
trade
facility
platform,
such
as
a
registered
exchange,
are
valued
at
the
daily
settlement
price
determined
by
the
respective
exchange.
For
centrally
cleared
credit
default
swaps,
the
clearing
facility
requires
its
members
to
provide
actionable
levels
across
complete
term
structures.
These
levels
along
with
external
third-
party
prices
are
used
to
produce
daily
settlement
prices.
These
securities
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Centrally
cleared
interest
rate
swaps
are
valued
using
a
pricing
model
that
references
the
underlying
rates
including
the
Overnight
Index
Swap
("OIS")
rate
and
London
Interbank
Offered
Rate
(“LIBOR”)
forward
rate
to
produce
the
daily
settlement
price.
These
securities
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Events
or
circumstances
affecting
the
values
of
Fund
securities
that
occur
between
the
closing
of
the
principal
markets
on
which
they
trade
and
the
time
the
NAV
of
Fund
shares
is
determined
may
be
reflected
in
the
calculation
of
NAV
for
each
applicable
Fund
when
the
Fund
deems
that
the
particular
event
or
circumstance
would
materially
affect
such
Fund’s
NAV.
Funds
that
invest
primarily
in
frequently
traded
exchange-listed
securities
will
use
fair
value
pricing
in
limited
circumstances
since
reliable
market
quotations
will
often
be
readily
available.
Funds
that
invest
in
foreign
securities
use
fair
value
pricing
daily
as
events
may
occur
between
the
close
of
foreign
markets
and
the
time
of
pricing.
Although
there
are
observable
inputs
assigned
on
a
security
level,
prices
are
derived
from
factors
using
proprietary
models
or
matrix
pricing.
For
this
reason,
fair
value
factors
will
cause
movement
between
Levels
1
and
2.
Examples
of
significant
events
that
generally
trigger
fair
value
pricing
of
one
or
more
securities
are:
any
market
movement
of
the
U.S.
securities
market
(defined
in
the
fair
value
procedures
as
the
movement
of
a
single
major
U.S.
Index);
a
company
development
such
as
a
material
business
development;
a
natural
disaster,
a
public
health
emergency
affecting
one
or
more
countries
in
the
global
economy
(including
an
emergency
which
results
in
the
closure
of
financial
markets)
or
other
emergency
situation;
or
an
armed
conflict.
The
NAV
of
a
Fund’s
portfolio
that
includes
foreign
securities
may
change
on
days
when
shareholders
will
not
be
able
to
purchase
or
redeem
Fund
shares,
since
foreign
securities
can
trade
on
non-business
days.
For
movements
between
the
levels
within
the
fair
value
hierarchy,
the
Funds
have
adopted
a
policy
of
recognizing
the
transfers
as
of
period
end.
The
U.S.
Strategic
Equity,
U.S.
Small
Cap
Equity,
International
Developed
Markets,
and
Global
Real
Estate
Securities
Funds
had
no
transfers
into
or
out
of
Level
3
for
the
period
ended
March
31,
2021.
Transfers
which
result
from
the
application
of
fair
value
factors
are
purposely
excluded
because
they
represent
the
routine
treatment
of
foreign
securities
in
the
normal
course
of
business
per
the
Board-approved
securities
valuation
procedures.
The
Strategic
Bond
Fund
had
transfers
out
of
Level
3
into
Level
2
representing
financial
instruments
for
which
approved
vendor
sources
became
available
or
inputs
become
observable.
The
amount
transferred
was
$1,574,299.
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.
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2021
(Unaudited)
Notes
to
Quarterly
Report
81
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.
Increases
(decreases)
in
the
discount
rates
would
result
in
a
lower
(higher)
fair
value
measurement,
while
increases
(decreases)
in
EBITDA
multiples
and
projected
cash
flows
would
result
in
a
higher
(lower)
fair
value
measurement.
The
significant
unobservable
input
used
in
the
fair
value
measurement
of
certain
Funds’
debt
securities
is
the
yield
to
worst
ratio.
Significant
increases
(decreases)
in
the
yield
to
worst
ratio
would
result
in
a
lower
(higher)
fair
value
measurement.
These
significant
unobservable
inputs
are
further
disclosed
in
the
Presentation
of
Portfolio
Holdings
for
each
respective
Fund
as
applicable.
If
third-party
evaluated
vendor
pricing
is
neither
available
nor
deemed
to
be
indicative
of
fair
value,
RIFUS
may
elect
to
obtain
indicative
market
quotations
(“broker
quotes”)
directly
from
the
broker
or
passed
through
from
a
third-party
vendor.
In
the
event
that
the
source
of
fair
value
is
from
a
single
source
broker
quote,
these
securities
are
classified
as
Level
3
per
the
fair
value
hierarchy.
Broker
quotes
are
typically
received
from
established
market
participants.
Although
independently
received
on
a
daily
basis,
RIFUS
does
not
have
the
transparency
to
view
the
underlying
inputs
which
support
the
broker
quotes.
Significant
changes
in
the
broker
quote
would
have
direct
and
proportional
changes
in
the
fair
value
of
the
security.
There
is
a
third-party
pricing
exception
to
the
quantitative
disclosure
requirement
when
prices
are
not
determined
by
the
reporting
entity.
RIFUS
is
exercising
this
exception
and
has
made
a
reasonable
attempt
to
obtain
quantitative
information
from
the
third-party
pricing
vendors
regarding
the
unobservable
inputs
used.
For
fair
valuations
using
significant
unobservable
inputs,
U.S.
GAAP
requires
a
reconciliation
of
the
beginning
to
ending
balances
for
reported
fair
values
that
present
changes
attributable
to
total
realized
and
unrealized
gains
or
losses,
purchases
and
sales,
and
transfers
in/out
of
the
Level
3
category
during
the
period.
Additionally,
U.S.
GAAP
requires
quantitative
information
regarding
the
significant
unobservable
inputs
used
in
the
determination
of
fair
value
of
assets
categorized
as
Level
3
in
the
fair
value
hierarchy.
In
accordance
with
the
requirements
of
U.S.
GAAP,
a
fair
value
hierarchy,
a
Level
3
reconciliation
and
an
additional
disclosure
about
fair
value
measurements,
if
any,
has
been
included
in
the
Presentation
of
Portfolio
Holdings
for
each
respective
Fund.
Investment
Income
Dividend
income
is
recorded
net
of
applicable
withholding
taxes
on
the
ex-dividend
date,
except
that
certain
dividends
from
foreign
securities
are
recorded
as
soon
as
the
Funds
are
informed
of
the
dividend,
subsequent
to
the
ex-dividend
date.
To
the
extent
the
dividend
represents
a
return
of
capital
or
capital
gain
for
tax
purposes,
reclassifications
are
made
which
may
be
based
on
management's
estimates.
Interest
income
is
recorded
daily
on
the
accrual
basis.
The
Strategic
Bond
Fund
classifies
gains
and
losses
realized
on
prepayments
received
on
mortgage-backed
securities
as
an
adjustment
to
interest
income.
All
premiums
and
discounts,
including
original
issue
discounts,
are
amortized/
accreted
using
the
effective
interest
method.
Debt
obligation
securities
may
be
placed
in
a
non-accrual
status
and
related
interest
income
may
be
reduced
by
stopping
current
accruals
and
writing
off
interest
receivable
when
the
collection
of
all
or
a
portion
of
interest
has
become
doubtful.
Foreign
Currency
Translations
The
books
and
records
of
the
Funds
are
maintained
in
U.S.
dollars.
Foreign
currency
amounts
and
transactions
of
the
Funds
are
translated
into
U.S.
dollars
on
the
following
basis:
(a)
Fair
value
of
investment
securities,
other
assets
and
liabilities
at
the
closing
rate
of
exchange
on
the
valuation
date.
(b)
Purchases
and
sales
of
investment
securities
and
income
at
the
closing
rate
of
exchange
prevailing
on
the
respective
trade
dates
of
such
transactions.
Net
realized
gains
or
losses
from
foreign
currency-related
transactions
arise
from:
sales
and
maturities
of
short-term
securities;
sales
of
foreign
currencies;
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions;
the
difference
between
the
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
recorded
on
the
Funds’
books
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
gains
or
losses
from
foreign
currency-related
transactions
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2021
(Unaudited)
82
Notes
to
Quarterly
Report
arise
from
changes
in
the
value
of
assets
and
liabilities,
other
than
investments
in
securities,
as
a
result
of
changes
in
the
exchange
rates.
The
Funds
do
not
isolate
that
portion
of
the
results
of
operations
of
the
Funds
that
arises
as
a
result
of
changes
in
exchange
rates
from
that
portion
that
arises
from
changes
in
market
prices
of
investments
during
the
year.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gain
or
loss
from
investments.
However,
for
federal
income
tax
purposes,
the
Funds
do
isolate
the
effects
of
changes
in
foreign
exchange
rates
from
the
fluctuations
arising
from
changes
in
market
prices
for
realized
gain
(or
loss)
on
debt
obligations.
Derivatives
The
Funds
may
invest
in
derivatives.
Derivatives
are
instruments
or
agreements
whose
value
is
derived
from
an
underlying
security
or
index.
They
include
options,
futures,
swaps
and
forwards.
These
instruments
offer
unique
characteristics
and
risks
that
facilitate
the
Funds’
investment
strategies.
The
Funds
typically
use
derivatives
in
three
ways:
exposing
cash
to
markets,
hedging
and
return
enhancement.
In
addition,
certain
Funds
may
enter
into
foreign
currency
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
October
2020,
the
Securities
and
Exchange
Commission
("SEC")
adopted
a
final
rule
related
to
the
use
of
derivatives,
reverse
repurchase
agreements
and
certain
other
transactions
by
registered
investment
companies
that
will
rescind
and
withdraw
the
guidance
of
the
SEC
and
its
staff
regarding
asset
segregation
and
cover
transactions.
The
final
rule
requires
funds
to
trade
derivatives
and
other
transactions
that
create
future
payment
or
delivery
obligations
(except
reverse
repurchase
agreements
and
similar
financing
transactions)
subject
to
a
value-at-risk
leverage
limit
and
certain
derivatives
risk
management
program
and
reporting
requirements.
Compliance
with
these
new
requirements
will
be
required
after
an
eighteen-month
transition
period.
Following
the
compliance
date,
these
requirements
may
limit
the
ability
of
a
Fund
to
use
derivatives
and
reverse
repurchase
agreements
and
similar
financing
transactions
as
part
of
its
investment
strategies.
Foreign
Currency
Exchange
Contracts
Certain
Funds
may
enter
into
foreign
currency
exchange
spot
contracts
and
forward
foreign
currency
exchange
contracts
(“FX
contracts”).
From
time
to
time,
certain
Funds
may
enter
into
FX
contracts
to
hedge
certain
foreign
currency-denominated
assets.
FX
contracts
are
recorded
at
fair
value.
Certain
risks
may
arise
upon
entering
into
these
FX
contracts
from
the
potential
inability
of
counterparties
to
meet
the
terms
of
their
FX
contracts
and
are
generally
limited
to
the
amount
of
unrealized
gain
on
the
FX
contracts.
For
the
period
ended
March
31,
2021,
the
following
Funds
entered
into
FX
contracts
primarily
for
the
strategies
listed
below:
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2021
(Unaudited)
Notes
to
Quarterly
Report
83
The
Funds'
period
end
FX
contracts,
as
presented
in
the
table
following
the
Schedule
of
Investments,
generally
are
indicative
of
the
volume
of
their
derivative
activity
during
the
period
ended
March
31,
2021.
As
of
March
31,
2021,
the
Funds
had
no
cash
collateral
balances
in
connection
with
FX
contracts
purchased/sold.
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
March
31,
2021,
the
Strategic
Bond
Fund
purchased
or
sold
options
primarily
for
the
strategies
listed
below:
The
Funds'
period
end
options
contracts,
as
presented
in
the
table
following
the
Schedule
of
Investments,
generally
are
indicative
of
the
volume
of
their
derivative
activity
during
the
period
ended
March
31,
2021.
As
of
March
31,
2021,
the
Funds
had
no
cash
collateral
balances
in
connection
with
options
contracts
purchased/sold.
Futures
Contracts
The
Funds
may
invest
in
futures
contracts
(i.e.,
interest
rate,
foreign
currency
and
index
futures
contracts).
The
face
or
contract
value
of
these
instruments
reflect
the
extent
of
the
Funds’
exposure
to
off
balance
sheet
risk.
The
primary
risks
associated
with
the
use
of
futures
contracts
are
an
imperfect
correlation
between
the
change
in
fair
value
of
the
securities
held
by
the
Funds
and
the
prices
of
futures
contracts,
and
the
possibility
of
an
illiquid
market.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
with
a
broker
an
amount,
termed
the
initial
margin,
which
typically
represents
5%
to
10%
of
the
purchase
price
indicated
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
Fund
Strategies
Strategic
Bond
Fund
Return
enhancement
and
hedging
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2021
(Unaudited)
84
Notes
to
Quarterly
Report
in
the
futures
contract.
Payments
to
and
from
the
broker,
known
as
variation
margin,
are
typically
required
to
be
made
on
a
daily
basis
as
the
price
of
the
futures
contract
fluctuates.
Changes
in
initial
settlement
value
are
accounted
for
as
unrealized
appreciation
(depreciation)
until
the
contracts
are
terminated,
at
which
time
realized
gains
and
losses
are
recognized.
For
the
period
ended
March
31,
2021,
the
following
Funds
entered
into
futures
contracts
primarily
for
the
strategies
listed
below:
The
Funds'
period
end
futures
contracts,
as
presented
in
the
table
following
the
Schedule
of
Investments,
generally
are
indicative
of
the
volume
of
their
derivative
activity
during
the
period
ended
March
31,
2021.
As
of
March
31,
2021,
the
following
Funds
had
cash
collateral
balances
in
connection
with
futures
contracts
purchased/sold
as
follows:
Swap
Agreements
Certain
Funds
may
enter
into
swap
agreements,
on
either
an
asset-based
or
liability-based
basis,
depending
on
whether
they
are
hedging
their
assets
or
their
liabilities,
and
will
usually
enter
into
swaps
on
a
net
basis
(i.e.,
the
two
payment
streams
are
netted
out,
with
the
Funds
receiving
or
paying
only
the
net
amount
of
the
two
payments).
When
a
Fund
engages
in
a
swap,
it
exchanges
its
obligations
to
pay
or
rights
to
receive
payments
for
the
obligations
to
pay
or
rights
to
receive
payments
of
another
party
(i.e.,
an
exchange
of
floating
rate
payments
for
fixed
rate
payments).
Certain
Funds
may
enter
into
several
different
types
of
swap
agreements
including
credit
default,
interest
rate,
total
return
(equity
and/or
index)
and
currency
swaps.
Credit
default
swaps
are
a
counterparty
agreement
which
allows
the
transfer
of
third-party
credit
risk
(the
possibility
that
an
issuer
will
default
on
its
obligation
by
failing
to
pay
principal
or
interest
in
a
timely
manner)
from
one
party
to
another.
The
lender
faces
the
credit
risk
from
a
third-party
and
the
counterparty
in
the
swap
agrees
to
insure
this
risk
in
exchange
for
regular
periodic
payments.
Interest
rate
swaps
are
a
counterparty
agreement,
can
be
customized
to
meet
each
party’s
needs,
and
involve
the
exchange
of
a
fixed
or
variable
payment
per
period
for
a
payment
that
is
not
fixed.
Total
return
swaps
are
a
counterparty
agreement
where
two
parties
exchange
two
sets
of
cash
flows
on
predetermined
dates
for
an
agreed
upon
amount
of
time.
The
cash
flows
will
typically
be
an
equity
index
value
swapped
with
a
floating
rate
such
as
LIBOR
plus
or
minus
a
pre-defined
spread.
Total
return
swap
agreements
are
a
counterparty
agreement
intended
to
expose
cash
to
markets
or
to
effect
investment
transactions
consistent
with
those
Funds’
investment
objectives
and
strategies.
Currency
swaps
are
a
counterparty
agreement
where
two
parties
exchange
specified
amounts
of
different
currencies
which
are
followed
by
each
paying
the
other
a
series
of
interest
payments
that
are
based
on
the
principal
cash
flow.
At
maturity
the
principal
amounts
are
returned.
The
Funds
generally
expect
to
enter
into
these
transactions
primarily
to
preserve
a
return
or
spread
on
a
particular
investment
or
portion
of
their
portfolios
or
to
protect
against
any
increase
in
the
price
of
securities
they
anticipate
purchasing
at
a
later
date,
or
for
return
enhancement.
Under
most
swap
agreements
entered
into
by
a
Fund,
the
parties'
obligations
are
determined
on
a
"net
basis".
The
net
amount
of
the
excess,
if
any,
of
the
Funds’
obligations
over
their
entitlements
with
respect
to
each
swap
will
be
accrued
on
a
daily
basis
and
an
amount
of
cash
or
liquid
assets
having
an
aggregate
NAV
at
least
equal
to
the
accrued
excess
will
be
segregated.
To
the
extent
that
the
Funds
enter
into
swaps
on
other
than
a
net
basis,
the
amount
maintained
in
a
segregated
account
will
be
the
full
amount
of
the
Funds’
obligations,
if
any,
with
respect
to
such
swaps,
accrued
on
a
daily
basis.
If
there
is
a
default
by
the
other
party
to
such
a
transaction,
the
Funds
will
have
contractual
remedies
pursuant
to
the
agreement
related
to
the
transaction.
A
Fund
may
not
receive
the
expected
amount
under
a
swap
agreement
if
the
other
party
to
the
agreement
defaults
or
becomes
bankrupt.
As
of
March
31,
2021,
the
Strategic
Bond
Fund
had
cash
collateral
balances
in
connection
with
swap
contracts
purchased/sold
as
follows:
Funds
Strategies
U.S.
Strategic
Equity
Fund
Exposing
cash
to
markets
U.S.
Small
Cap
Equity
Fund
Exposing
cash
to
markets
International
Developed
Markets
Fund
Return
enhancement,
hedging
and
exposing
cash
to
markets
Strategic
Bond
Fund
Return
enhancement,
hedging
and
exposing
cash
to
markets
Global
Real
Estate
Securities
Fund
Exposing
cash
to
markets
Cash
Collateral
for
Futures
Due
to
Broker
U.S.
Small
Cap
Equity
Fund
$
1,070,513
$
—
International
Developed
Markets
Fund
$
6,268,380
$
—
Strategic
Bond
Fund
$
14,699,231
$
55
Global
Real
Estate
Securities
Fund
$
1,656,076
$
—
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2021
(Unaudited)
Notes
to
Quarterly
Report
85
Credit
Default
Swaps
The
Strategic
Bond
Fund
may
enter
into
credit
default
swaps.
A
credit
default
swap
can
refer
to
corporate
issues,
government
issues,
asset-backed
securities
or
an
index
of
assets,
each
known
as
the
reference
entity
or
underlying
asset.
The
Fund
may
act
as
either
the
buyer
or
the
seller
of
a
credit
default
swap
involving
one
party
making
a
stream
of
payments
to
another
party
in
exchange
for
the
right
to
receive
a
specified
return
in
the
event
of
a
default
or
other
credit
event.
Depending
upon
the
terms
of
the
contract,
the
credit
default
swap
may
be
closed
via
physical
settlement.
However,
due
to
the
possible
or
potential
instability
in
the
market,
there
is
a
risk
that
the
Fund
may
be
unable
to
deliver
the
underlying
debt
security
to
the
other
party
to
the
agreement.
Additionally,
the
Fund
may
not
receive
the
expected
amount
under
the
swap
agreement
if
the
other
party
to
the
agreement
defaults
or
becomes
bankrupt.
In
an
unhedged
credit
default
swap,
the
Fund
enters
into
a
credit
default
swap
without
owning
the
underlying
asset
or
debt
issued
by
the
reference
entity.
Credit
default
swaps
allow
the
Fund
to
acquire
or
reduce
credit
exposure
to
a
particular
issuer,
asset
or
basket
of
instruments.
As
the
seller
of
protection
in
a
credit
default
swap,
the
Fund
would
be
required
to
pay
the
par
or
other
agreed-upon
value
(or
otherwise
perform
according
to
the
swap
contract)
of
a
reference
debt
obligation
to
the
counterparty
in
the
event
of
a
default
(or
other
specified
credit
event)
and
the
counterparty
would
be
required
to
surrender
the
reference
debt
obligation.
In
return,
the
Fund
would
receive
from
the
counterparty
a
periodic
stream
of
payments
over
the
term
of
the
contract
provided
that
no
credit
event
has
occurred.
If
no
credit
event
occurs,
the
Fund
would
keep
the
stream
of
payments
and
would
have
no
payment
obligations.
As
a
seller
of
protection,
the
Fund
would
effectively
add
leverage
to
its
portfolio
because,
in
addition
to
its
total
net
assets,
that
Fund
would
be
subject
to
investment
exposure
on
the
notional
amount
of
the
swap.
The
Fund
may
also
purchase
protection
via
credit
default
swap
contracts
in
order
to
offset
the
risk
of
default
of
debt
securities
held
in
their
portfolios
or
to
take
a
short
position
in
a
debt
security,
in
which
case
the
Fund
would
function
as
the
counterparty
referenced
in
the
preceding
paragraph.
If
a
credit
event
occurs
and
cash
settlement
is
not
elected,
a
variety
of
other
deliverable
obligations
may
be
delivered
in
lieu
of
the
specific
referenced
obligation.
The
ability
to
deliver
other
obligations
may
result
in
a
cheapest-to-deliver
option
(the
buyer
of
protection’s
right
to
choose
the
deliverable
obligation
with
the
lowest
value
following
a
credit
event).
The
Fund
may
use
credit
default
swaps
to
provide
a
measure
of
protection
against
defaults
of
the
issuers
(i.e.,
to
reduce
risk
where
the
Fund
owns
or
has
exposure
to
the
referenced
obligation)
or
to
take
an
active
long
or
short
position
with
respect
to
the
likelihood
(as
measured
by
the
credit
default
swap’s
spread)
of
a
particular
issuer’s
default.
Deliverable
obligations
for
credit
default
swaps
on
asset-backed
securities
in
most
instances
are
limited
to
the
specific
referenced
obligation
as
performance
for
asset-backed
securities
can
vary
across
deals.
Prepayments,
principal
paydowns,
and
other
writedown
or
loss
events
on
the
underlying
mortgage
loans
will
reduce
the
outstanding
principal
balance
of
the
referenced
obligation.
These
reductions
may
be
temporary
or
permanent
as
defined
under
the
terms
of
the
swap
agreement
and
the
notional
amount
for
the
swap
agreement
generally
will
be
adjusted
by
corresponding
amounts.
The
Strategic
Bond
Fund
may
use
credit
default
swaps
on
asset-
backed
securities
to
provide
a
measure
of
protection
against
defaults
(or
other
defined
credit
events)
of
the
referenced
obligation
or
to
take
an
active
long
or
short
position
with
respect
to
the
likelihood
of
a
particular
referenced
obligation’s
default
(or
another
defined
credit
event).
Credit
default
swap
agreements
on
credit
indices
involve
one
party
making
a
stream
of
payments
to
another
party
in
exchange
for
the
right
to
receive
a
specified
return
in
the
event
of
a
write-down,
principal
shortfall,
interest
shortfall
or
default
of
all
or
part
of
the
referenced
entities
comprising
the
credit
index.
A
credit
index
is
a
basket
of
credit
instruments
or
exposures
designed
to
be
representative
of
some
part
of
the
credit
market
as
a
whole.
These
indices
are
made
up
of
reference
credits
that
are
judged
by
a
poll
of
dealers
to
be
the
most
liquid
entities
in
the
credit
default
swap
market
based
on
the
sector
of
the
index.
Components
of
the
indices
may
include,
but
are
not
limited
to,
investment
grade
securities,
high
yield
securities,
asset-backed
securities,
emerging
markets,
and/or
various
credit
ratings
within
each
sector.
Credit
indices
are
traded
using
credit
default
swaps
with
standardized
terms
including
a
fixed
spread
and
standard
maturity
dates.
An
index
credit
default
swap
references
all
the
names
in
the
index,
and
if
there
is
a
default,
the
credit
event
is
settled
based
on
that
name’s
weight
in
the
index.
The
composition
of
the
indices
changes
periodically,
usually
every
six
months,
and,
for
most
indices,
each
name
has
an
equal
weight
in
the
index.
Traders
may
use
credit
default
swaps
on
indices
to
speculate
on
changes
in
credit
quality.
Cash
Collateral
for
Swaps
Due
to
Broker
Strategic
Bond
Fund
$
6,029,344
$
2,535,541
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2021
(Unaudited)
86
Notes
to
Quarterly
Report
Implied
credit
spreads,
represented
in
absolute
terms,
utilized
in
determining
the
fair
value
of
credit
default
swap
agreements
on
corporate
issues
as
of
period-end
are
disclosed
in
the
Schedules
of
Investments
and
generally
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
or
risk
of
default
(or
other
defined
credit
event)
for
the
credit
derivative.
The
implied
credit
spread
of
a
particular
referenced
entity
reflects
the
cost
of
entering
into
a
credit
default
swap
and
may
include
upfront
payments
required
to
be
made
to
enter
into
the
agreement.
For
credit
default
swap
agreements
on
asset-
backed
securities
and
credit
indices,
the
quoted
market
prices
and
resulting
values
serve
as
the
indicator
of
the
current
status
of
the
payment/performance
risk.
Wider
credit
spreads
and
increasing
fair
values,
in
absolute
terms
when
compared
to
the
notional
amount
of
the
swap,
generally
represent
a
deterioration
of
the
referenced
entity’s
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
The
maximum
potential
amount
of
future
payments
(undiscounted)
that
the
Fund
as
a
seller
of
protection
could
be
required
to
make
under
a
credit
default
swap
agreement
equals
the
notional
amount
of
the
agreement.
Notional
amounts
of
all
credit
default
swap
agreements
outstanding
as
of
March
31,
2021,
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
March
31,
2021,
the
Strategic
Bond
Fund
entered
into
credit
default
swaps
primarily
for
the
strategies
listed
below:
The
Funds'
period
end
credit
default
swap
contracts,
as
presented
in
the
table
following
the
Schedule
of
Investments,
generally
are
indicative
of
the
volume
of
their
derivative
activity
during
the
period
ended
March
31,
2021.
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.
Fund
Strategies
Strategic
Bond
Fund
Return
enhancement,
hedging
and
exposing
cash
to
markets
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2021
(Unaudited)
Notes
to
Quarterly
Report
87
For
the
period
ended
March
31,
2021,
the
Strategic
Bond
Fund
entered
into
interest
rate
swaps
primarily
for
the
strategies
listed
below:
The
Funds'
period
end
interest
rate
swap
contracts,
as
presented
in
the
table
following
the
Schedule
of
Investments,
generally
are
indicative
of
the
volume
of
their
derivative
activity
during
the
period
ended
March
31,
2021.
Total
Return
Swaps
Certain
Funds
may
enter
into
total
return
swap
agreements
to
expose
cash
to
markets
or
to
effect
investment
transactions.
Total
return
swap
agreements
are
two
party
contracts
entered
into
primarily
by
institutional
investors
for
periods
ranging
from
a
few
weeks
to
more
than
one
year.
In
a
standard
total
return
swap
transaction,
the
two
parties
agree
to
exchange
the
returns
(or
differentials
in
rates
of
return)
earned
or
realized
on
particular
investments
or
instruments.
The
returns
to
be
exchanged
between
the
parties
are
calculated
with
respect
to
a
“notional
amount”
(i.e.,
a
specified
dollar
amount
that
is
hypothetically
invested
in
a
“basket”
of
securities
representing
a
particular
index).
For
the
period
ended
March
31,
2021,
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
March
31,
2021,
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
FX
contracts
entered
into
by
the
Funds
and
those
counterparties.
The
ISDA
Master
Agreements
contain
provisions
for
general
obligations,
representations,
agreements,
collateral
and
events
of
default
or
termination.
Events
of
termination
and
default
include
conditions
that
may
entitle
either
party
to
elect
to
terminate
early
and
cause
settlement
of
all
outstanding
transactions
under
the
applicable
ISDA
Master
Agreement.
Any
election
to
terminate
early
could
be
material
to
the
financial
statements.
Since
different
types
of
forward
and
OTC
financial
derivative
transactions
have
different
mechanics
and
are
sometimes
traded
out
of
different
legal
entities
of
a
particular
counterparty
organization,
each
type
of
transaction
may
be
covered
by
a
different
ISDA
Master
Agreement,
resulting
in
the
need
for
multiple
agreements
with
a
single
counterparty.
As
the
ISDA
Master
Agreements
are
specific
to
unique
operations
of
different
asset
types,
they
allow
a
Fund
to
net
its
total
exposure
to
a
counterparty
in
the
event
of
a
default
with
respect
to
all
the
transactions
governed
under
a
single
agreement
with
a
counterparty.
Master
Repurchase
Agreements
(“Master
Repo
Agreements”)
govern
transactions
between
a
Fund
and
select
counterparties.
The
Master
Repo
Agreements
maintain
provisions
for,
among
other
things,
initiation,
income
payments,
events
of
default,
and
maintenance
of
collateral
for
repurchase
and
reverse
repurchase
agreements.
Master
Securities
Forward
Transaction
Agreements
(“Master
Forward
Agreements”)
govern
the
considerations
and
factors
surrounding
the
settlement
of
certain
forward
settling
transactions,
such
as
delayed
delivery
by
and
between
a
Fund
and
select
counterparties.
The
Master
Forward
Agreements
maintain
provisions
for,
among
other
things,
initiation
and
confirmation,
payment
and
transfer,
events
of
default,
termination,
and
maintenance
of
collateral.
Loan
Agreements
The
Strategic
Bond
Fund
may
invest
in
direct
debt
instruments,
which
are
interests
in
amounts
owed
by
corporate,
governmental,
or
other
borrowers
to
lenders
or
lending
syndicates.
The
Fund's
investments
in
loans
may
be
in
the
form
of
participations
in
loans
or
assignments
of
all
or
a
portion
of
loans
from
third
parties.
A
loan
is
often
administered
by
a
bank
or
other
financial
institution
(the
“agent”)
that
acts
as
agent
for
all
holders.
The
agent
administers
the
terms
of
the
loan,
as
specified
in
the
loan
agreement.
When
investing
in
a
loan
participation,
the
Fund
has
the
right
to
receive
payments
of
principal,
interest
and
any
fees
to
which
it
is
entitled
only
from
the
agent
selling
the
loan
agreement
and
only
upon
receipt
by
the
agent
of
payments
from
the
borrower.
The
Fund
Strategies
Strategic
Bond
Fund
Return
enhancement,
hedging
and
exposing
cash
to
markets
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2021
(Unaudited)
88
Notes
to
Quarterly
Report
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.
There
were
no
unfunded
loan
commitments
as
of
March
31,
2021.
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
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
the
purposes
of
collateralizing
its
short
sales
transactions
or
“memo
pledge”
securities
as
collateral,
whereby
assets
are
designated
as
collateral
by
State
Street
on
State
Street’s
books
but
remain
in
the
Fund’s
custody
account.
Similar
to
the
risks
generally
applicable
to
securities
lending
arrangements,
participation
in
the
reciprocal
lending
program
subjects
the
Fund
to
the
risk
that
State
Street
could
fail
to
return
a
security
lent
to
it
by
the
Fund,
or
fail
to
return
the
Fund’s
cash
collateral,
a
risk
which
would
increase
with
any
decline
in
State
Street’s
credit
profile.
However,
the
impact
of
State
Street’s
failure
to
return
a
security
lent
to
it
by
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
SEC
(e.g.,
taking
an
offsetting
long
position
in
the
security
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2021
(Unaudited)
Notes
to
Quarterly
Report
89
sold
short).
These
requirements
may
result
in
the
Fund
being
unable
to
purchase
or
sell
securities
or
instruments
when
it
would
otherwise
be
favorable
to
do
so,
or
in
the
Fund
needing
to
sell
holdings
at
a
disadvantageous
time
to
satisfy
its
obligations
or
to
meet
segregation
requirements.
If
the
Fund’s
prime
broker
fails
to
make
or
take
delivery
of
a
security
as
part
of
a
short
sale
transaction,
or
fails
to
make
a
cash
settlement
payment,
the
settlement
of
the
transaction
may
be
delayed
and
the
Fund
may
lose
money.
As
of
March
31,
2021,
the
fair
market
value
of
securities
on
loan
through
the
reciprocal
lending
program
for
the
U.S.
Small
Cap
Equity
Fund
was
$9,958,896.
As
of
March
31,
2021,
the
U.S.
Small
Cap
Equity
Fund
held
$14,461,640
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
March
31,
2021,
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
(including
as
a
result
of
a
significant
reduction
in
the
number
of
market
participants
or
transactions);
significant
price
volatility;
restrictions
on
foreign
investment;
possible
difficulties
in
the
repatriation
of
investment
income
and
capital
including
as
a
result
of
the
closure
of
securities
markets
in
an
emerging
market
country;
and
generally,
less
stringent
investor
protection
standards
as
compared
with
investments
in
U.S.
or
other
developed
market
equity
securities.
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
for
a
Fund's
portfolio
securities.
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
market
countries
may
be
more
likely
to
experience
the
imposition
of
economic
sanctions
by
foreign
governments.
In
addition,
emerging
market
countries
may
be
subject
to
less
stringent
requirements
regarding
accounting,
auditing,
financial
reporting
and
record
keeping
and
therefore,
all
material
information
may
not
be
available
or
reliable.
U.S.
regulatory
authorities'
ability
to
enforce
legal
and/or
regulatory
obligations
against
individuals
or
entities,
and
shareholders'
ability
to
bring
derivative
litigation
or
otherwise
enforce
their
legal
rights,
in
emerging
market
countries
may
be
limited.
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
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2021
(Unaudited)
90
Notes
to
Quarterly
Report
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
market
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
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
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2021
(Unaudited)
Notes
to
Quarterly
Report
91
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
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
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2021
(Unaudited)
92
Notes
to
Quarterly
Report
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,
liquid
assets
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
March
31,
2021,
the
Strategic
Bond
Fund
had
no
cash
collateral
balances
in
connection
with
TBAs.
Inflation-Indexed
Bonds
The
Strategic
Bond
Fund
may
invest
in
inflation-indexed
securities,
which
are
typically
bonds
or
notes
designed
to
provide
a
return
higher
than
the
rate
of
inflation
(based
on
a
designated
index)
if
held
to
maturity.
A
common
type
of
inflation-indexed
security
is
a
U.S.
Treasury
Inflation-Protected
Security
(“TIPS”).
The
principal
of
a
TIPS
increases
with
inflation
and
decreases
with
deflation,
as
measured
by
the
Consumer
Price
Index.
When
a
TIPS
matures,
the
adjusted
principal
or
original
principal
is
paid,
whichever
is
greater.
TIPS
pay
interest
twice
a
year,
at
a
fixed
rate.
The
rate
is
applied
to
the
adjusted
principal;
so,
like
the
principal,
interest
payments
rise
with
inflation
and
fall
with
deflation.
Guarantees
In
the
normal
course
of
business,
the
Funds
enter
into
contracts
that
contain
a
variety
of
representations
which
provide
general
indemnifications.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Funds
that
have
not
yet
occurred.
However,
the
Funds
expect
the
risk
of
loss
to
be
remote.
LIBOR
The
Funds
may
invest
in
certain
instruments
including,
but
not
limited
to,
repurchase
agreements,
collateralized
loan
obligations
and
mortgage-backed
securities,
that
rely
in
some
fashion
upon
LIBOR.
LIBOR
is
an
average
interest
rate,
determined
by
the
ICE
Benchmark
Administration,
that
banks
charge
one
another
for
the
use
of
short-term
money.
The
United
Kingdom’s
Financial
Conduct
Authority
("FCA"),
which
regulates
LIBOR,
has
announced
plans
to
phase
out
the
use
of
LIBOR
by
the
end
of
2021.
However,
subsequent
announcements
by
the
FCA,
the
LIBOR
administrator
and
other
regulators
indicate
that
it
is
possible
that
certain
LIBORs
may
continue
beyond
2021
and
certain
of
the
most
widely
used
LIBORs
may
continue
until
mid-2023.
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
Funds'
investments
may
involve
individual
contracts
that
have
no
existing
fallback
provision
or
language
that
contemplates
the
discontinuation
of
LIBOR,
and
those
investments
could
experience
increased
volatility
or
illiquidity
as
a
result
of
the
transition
process.
In
addition,
interest
rate
provisions
included
in
such
contracts
may
need
to
be
renegotiated
in
contemplation
of
the
transition
away
from
LIBOR.
The
transition
may
also
result
in
a
reduction
in
the
value
of
certain
instruments
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2021
(Unaudited)
Notes
to
Quarterly
Report
93
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.
Global
financial
markets
have
experienced
and
may
continue
to
experience
significant
volatility
resulting
from
the
spread
of
a
novel
coronavirus
known
as
COVID-19.
The
outbreak
of
COVID-19
has
resulted
in
travel
and
border
restrictions,
quarantines,
supply
chain
disruptions,
lower
consumer
demand
and
general
market
uncertainty.
The
effects
of
COVID-19
and
the
resulting
market
impact
have
and
may
continue
to
adversely
affect
the
global
economy,
the
economies
of
certain
nations
and
individual
issuers,
all
of
which
may
adversely
impact
a
Fund's
investments
and
performance.
3.
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.
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.
Each
Fund's
investment
in
the
U.S.
Cash
Management
Fund
is
disclosed
within
the
Fund's
Schedule
of
Investments.
In
addition,
all
or
a
portion
of
the
collateral
received
from
the
Investment
Company’s
securities
lending
program
is
invested
in
the
U.S.
Cash
Collateral
Fund,
an
unregistered
fund
advised
by
RIM.
Each
Fund's
investment
in
the
U.S.
Cash
Collateral
Fund
is
disclosed
within
the
Fund's
Schedule
of
Investments.
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2021
(Unaudited)
94
Notes
to
Quarterly
Report
4.
Federal
Income
Taxes
At
March
31,
2021,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
5.
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.
6.
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.
7.
Subsequent
Events
Management
has
evaluated
the
events
and/or
transactions
that
have
occurred
through
the
date
this
Quarterly
Report
was
issued
and
noted
no
items
requiring
adjustments
of
the
Quarterly
Report
or
additional
disclosures
except
the
following:
On
April
1,
2021,
the
Board
declared
dividends
payable
from
net
investment
income.
Dividends
were
paid
on
April
6,
2021
to
shareholders
of
record
effective
with
the
opening
of
business
on
April
5,
2021.
U.S.
Strategic
Equity
Fund
U.S.
Small
Cap
Equity
Fund
International
Developed
Markets
Fund
Cost
of
Investments
$
402,092,714
$
204,183,926
$
362,962,973
Unrealized
Appreciation
$
187,306,943
$
68,757,708
$
58,163,152
Unrealized
Depreciation
(5,706,578)
(6,802,137)
(19,115,681)
Net
Unrealized
Appreciation
(Depreciation)
$
181,600,365
$
61,955,571
$
39,047,471
Strategic
Bond
Fund
Global
Real
Estate
Securities
Fund
Cost
of
Investments
$
906,456,520
$
838,833,611
Unrealized
Appreciation
$
564,871,712
$
137,858,750
Unrealized
Depreciation
(571,362,277)
(1,972,080)
Net
Unrealized
Appreciation
(Depreciation)
$
(6,490,565)
$
135,886,670
Russell
Investment
Funds
1301
Second
Avenue
Seattle,
Washington
98101
800-787-7354
Fax:
206-505-3495