2023
QUARTERLY
REPORT
Russell
Investment
Funds
March
31,
2023
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
10
International
Developed
Markets
Fund
23
Strategic
Bond
Fund
33
Global
Real
Estate
Securities
Fund
66
Notes
to
Schedules
of
Investments
71
Notes
to
Quarterly
Report
73
Russell
Investment
Funds
Quarterly
Report
March
31,
2023
(Unaudited)
Table
of
Contents
Russell
Investment
Funds
Copyright
©
Russell
Investments
2023.
All
rights
reserved.
Russell
Investments’
ownership
is
composed
of
a
majority
stake
held
by
funds
managed
by
TA
Associates
Management,
L.P.,
with
a
significant
minority
stake
held
by
funds
managed
by
Reverence
Capital
Partners,
L.P.
Certain
of
Russell
Investments’
employees
and
Hamilton
Lane
Advisors,
LLC
also
hold
minority,
non-
controlling,
ownership
stakes.
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
investing.
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
Rus-
sell
Investments.
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments
—
March
31,
2023
(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
-
101.5%
Consumer
Discretionary
-
14.4%
Amazon.com,
Inc.(Æ)
116,321
12,015
Autoliv
,
Inc.
8,229
768
AutoZone,
Inc.(Æ)
720
1,770
Beacon
Roofing
Supply,
Inc.(Æ)
3,207
189
Capri
Holdings,
Ltd.(Æ)
8,211
386
Cavco
Industries,
Inc.(Æ)
853
271
Charter
Communications,
Inc.
Class
A(Æ)
259
93
Chegg
,
Inc.(Æ)
11,889
194
Chipotle
Mexican
Grill,
Inc.
Class
A(Æ)
1,099
1,877
Comcast
Corp.
Class
A
38,406
1,456
Costco
Wholesale
Corp.
7,040
3,498
Dana
Holding
Corp.
11,450
172
Dick's
Sporting
Goods,
Inc.
2,789
396
Dillard's,
Inc.
Class
A
618
190
Dollar
General
Corp.
4,520
951
Domino's
Pizza,
Inc.(Û)
1,843
608
DR
Horton,
Inc.
6,846
669
Expedia
Group,
Inc.(Æ)(Û)
6,632
644
FactSet
Research
Systems,
Inc.
1,429
593
Ford
Motor
Co.(Ð)
178,057
2,244
Garmin,
Ltd.
6,256
631
General
Motors
Co.
96,675
3,546
Genuine
Parts
Co.
3,188
533
Goodyear
Tire
&
Rubber
Co.
(The)(Æ)
30,309
334
Grand
Canyon
Education,
Inc.(Æ)(Ð)
1,112
127
Hilton
Worldwide
Holdings,
Inc.(Û)
8,477
1,194
Home
Depot,
Inc.
(The)
3,900
1,151
Kohl's
Corp.
7,122
168
Lear
Corp.(Ð)
4,685
654
Lennar
Corp.
Class
A(Û)
8,630
907
Lithia
Motors,
Inc.
Class
A
2,815
644
Live
Nation
Entertainment,
Inc.(Æ)(Ð)
23,857
1,670
Lowe's
Cos.,
Inc.
10,235
2,047
Marriott
International,
Inc.
Class
A
8,582
1,425
McDonald's
Corp.
8,085
2,261
Netflix,
Inc.(Æ)
4,983
1,722
News
Corp.
Class
A
24,788
428
Nike,
Inc.
Class
B
31,871
3,909
NVR,
Inc.(Æ)
175
975
Olaplex
Holdings,
Inc.(Æ)(Û)
9,400
40
O'Reilly
Automotive,
Inc.(Æ)
4,195
3,561
Penn
National
Gaming,
Inc.(Æ)
24,059
714
Ross
Stores,
Inc.
8,623
915
SeaWorld
Entertainment,
Inc.(Æ)(Ð)
2,715
166
Starbucks
Corp.
18,825
1,960
Tapestry,
Inc.
7,361
317
Target
Corp.(Ð)(Û)
12,988
2,151
Tesla,
Inc.(Æ)
13,325
2,764
TJX
Cos.,
Inc.
(The)
15,741
1,233
Toll
Brothers,
Inc.(Û)
2,985
179
Tractor
Supply
Co.
1,650
388
Under
Armour
,
Inc.
Class
A(Æ)
18,400
175
Visteon
Corp.(Æ)
830
130
Walmart,
Inc.
6,973
1,028
Walt
Disney
Co.
(The)(Æ)
16,301
1,632
Zillow
Group,
Inc.
Class
A(Æ)(Û)
2,030
89
70,752
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Consumer
Staples
-
5.0%
Altria
Group,
Inc.(Ð)(Û)
30,660
1,368
Archer-Daniels-Midland
Co.
9,377
747
Church
&
Dwight
Co.,
Inc.
9,720
859
Coca-Cola
Co.
(The)
46,019
2,855
Conagra
Brands,
Inc.
51,749
1,944
CVS
Health
Corp.
36,890
2,741
Energizer
Holdings,
Inc.
-
GDR(Û)
1,840
78
Estee
Lauder
Cos.,
Inc.
(The)
Class
A
5,995
1,478
General
Mills,
Inc.
5,351
457
Haleon
PLC
-
ADR(Ñ)
5,756
47
Hershey
Co.
(The)
2,560
651
Ingredion,
Inc.
6,722
684
Kroger
Co.
(The)
47,743
2,357
Molson
Coors
Beverage
Co.
Class
B
7,329
379
Monster
Beverage
Corp.(Æ)
32,744
1,769
PepsiCo,
Inc.
6,801
1,240
Philip
Morris
International,
Inc.
5,742
558
Procter
&
Gamble
Co.
(The)
10,737
1,596
Sprouts
Farmers
Market,
Inc.(Æ)(Ð)
10,054
352
Tyson
Foods,
Inc.
Class
A
31,980
1,897
Vector
Group,
Ltd.
3,810
46
Walgreens
Boots
Alliance,
Inc.
18,465
639
24,742
Energy
-
3.9%
Arch
Resources,
Inc.
649
85
Baker
Hughes
Co.
53,027
1,530
BP
PLC
-
ADR
43,594
1,654
Canadian
Natural
Resources,
Ltd.
13,475
746
Chevron
Corp.
15,977
2,607
CVR
Energy,
Inc.
4,293
141
Devon
Energy
Corp.
2,946
149
EOG
Resources,
Inc.
4,078
467
Exxon
Mobil
Corp.
16,640
1,825
Kinder
Morgan,
Inc.
57,169
1,001
Marathon
Oil
Corp.(Û)
18,504
443
Marathon
Petroleum
Corp.
8,580
1,157
Occidental
Petroleum
Corp.
10,824
676
Patterson-UTI
Energy,
Inc.
9,538
112
PBF
Energy,
Inc.
Class
A(Û)
3,748
162
Phillips
66
9,149
928
Pioneer
Natural
Resources
Co.
12,126
2,477
Shell
PLC
-
ADR
21,571
1,241
Valero
Energy
Corp.(Û)
8,541
1,192
Williams
Cos.,
Inc.
(The)
25,214
753
19,346
Financial
Services
-
14.6%
AerCap
Holdings,
Ltd.
/
AerCap
Global
Aviation
Trust(Æ)
22,355
1,257
Aflac,
Inc.
11,458
739
Allstate
Corp.
(The)
8,542
947
American
Equity
Investment
Life
Holding
Co.
7,266
265
American
Express
Co.
7,188
1,186
American
Tower
Corp.(ö)
2,631
538
Ameriprise
Financial,
Inc.
2,629
806
Apollo
Global
Management,
Inc.
27,782
1,755
Axis
Capital
Holdings,
Ltd.
7,977
435
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
Bank
of
America
Corp.
69,861
1,998
Bank
of
New
York
Mellon
Corp.
(The)
12,493
568
BankUnited
,
Inc.
11,634
263
Berkshire
Hathaway,
Inc.
Class
B(Æ)
11,944
3,688
BlackRock,
Inc.
Class
A
918
614
BOK
Financial
Corp.
3,571
301
Brighthouse
Financial,
Inc.(Æ)(Ð)
8,635
381
Brown
&
Brown,
Inc.(Ð)(Û)
5,430
312
Camden
Property
Trust(ö)(Û)
5,423
569
Capital
One
Financial
Corp.
851
82
Carlyle
Group,
LP
24,099
749
CBRE
Group,
Inc.
Class
A(Æ)
8,826
643
Charles
Schwab
Corp.
(The)(Û)
27,455
1,438
Chubb,
Ltd.
3,156
613
Citigroup,
Inc.
72,948
3,421
CME
Group,
Inc.
Class
A
2,140
410
CNO
Financial
Group,
Inc.
9,993
222
Comerica,
Inc.
12,930
561
Cullen/Frost
Bankers,
Inc.
3,581
377
DiamondRock
Hospitality
Co.(Ð)(ö)
20,388
166
Dun
&
Bradstreet
Holdings,
Inc.
20,050
235
Equinix
,
Inc.(ö)
701
505
Equity
Commonwealth(ö)(Û)
12,854
266
Evercore
,
Inc.
Class
A
4,258
491
Gaming
and
Leisure
Properties,
Inc.(ö)
8,445
440
Globe
Life,
Inc.
3,954
435
Goldman
Sachs
Group,
Inc.
(The)
2,366
774
Hartford
Financial
Services
Group,
Inc.
6,205
432
Highwoods
Properties,
Inc.(Ð)(ö)
3,283
76
Howard
Hughes
Corp.
(The)(Æ)
9,813
785
Interactive
Brokers
Group,
Inc.
Class
A
5,770
476
Intercontinental
Exchange,
Inc.
3,908
408
Invitation
Homes,
Inc.(ö)
29,087
908
Jackson
Financial,
Inc.
Class
A
8,597
322
JPMorgan
Chase
&
Co.
30,337
3,953
KeyCorp.(Û)
48,450
607
Lamar
Advertising
Co.
Class
A(ö)
3,993
399
Lincoln
National
Corp.
13,822
311
LPL
Financial
Holdings,
Inc.
3,754
760
M&T
Bank
Corp.
2,527
302
Marsh
&
McLennan
Cos.,
Inc.
2,092
348
MasterCard,
Inc.
Class
A
22,372
8,130
MetLife,
Inc.
3,476
201
Morgan
Stanley
27,176
2,386
New
York
Community
Bancorp,
Inc.
134,760
1,218
Northern
Trust
Corp.
5,157
454
Park
Hotels
&
Resorts,
Inc.(ö)
13,633
168
Pinnacle
Financial
Partners,
Inc.
2,070
114
Piper
Jaffray
Cos.
1,380
191
PJT
Partners,
Inc.
Class
A
1,370
99
PNC
Financial
Services
Group,
Inc.
(The)
2,274
289
Popular,
Inc.
6,926
398
Principal
Financial
Group,
Inc.
4,483
333
Progressive
Corp.
(The)
11,485
1,643
Prologis,
LP(ö)
15,001
1,872
Public
Storage(ö)
1,854
560
Raymond
James
Financial,
Inc.
6,057
565
Reinsurance
Group
of
America,
Inc.
Class
A
10,098
1,341
RenaissanceRe
Holdings,
Ltd.
3,867
775
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Ryan
Specialty
Group
Holdings,
Inc.
Class
A(Æ)
10,449
420
Ryman
Hospitality
Properties,
Inc.(ö)(Û)
1,893
170
SLM
Corp.
21,618
268
Synchrony
Financial
24,063
700
Texas
Capital
Bancshares,
Inc.(Æ)
3,336
163
Travelers
Cos.,
Inc.
(The)
3,198
548
Truist
Financial
Corp.
22,738
775
UMB
Financial
Corp.
3,193
184
US
Bancorp
22,361
806
Visa,
Inc.
Class
A
7,424
1,674
Walker
&
Dunlop,
Inc.
2,394
182
Wells
Fargo
&
Co.
66,540
2,487
Weyerhaeuser
Co.(ö)
23,962
722
Willis
Towers
Watson
PLC
5,260
1,222
WR
Berkley
Corp.
20,830
1,297
Zions
Bancorp
NA
21,144
633
71,525
Health
Care
-
13.8%
Abbott
Laboratories
9,056
917
AbbVie,
Inc.
22,083
3,519
Acadia
Pharmaceuticals,
Inc.(Æ)
11,863
223
Agilent
Technologies,
Inc.
5,928
820
Amgen,
Inc.
3,064
741
Anthem,
Inc.
2,269
1,043
AstraZeneca
PLC
-
ADR
10,761
747
Baxter
International,
Inc.
15,162
615
Biogen,
Inc.(Æ)
4,967
1,381
Blueprint
Medicines
Corp.(Æ)
2,882
130
Boston
Scientific
Corp.(Æ)
23,412
1,171
Bristol-Myers
Squibb
Co.
49,728
3,447
Centene
Corp.(Æ)
8,729
552
Cigna
Corp.(Û)
9,283
2,372
DaVita
HealthCare
Partners,
Inc.(Æ)
8,168
662
Dentsply
Sirona,
Inc.
25,736
1,011
Edwards
Lifesciences
Corp.(Æ)(Û)
7,401
612
Eli
Lilly
&
Co.
4,045
1,389
Encompass
Health
Corp.
11,957
647
Exelixis
,
Inc.(Æ)
31,068
603
Gilead
Sciences,
Inc.
14,219
1,180
Ginkgo
Bioworks
Holdings,
Inc.(Æ)(Ð)
87,607
116
GSK
Finance
No.
3
PLC
-
ADR
33,544
1,193
Guardant
Health,
Inc.(Æ)
8,124
190
Harmony
Biosciences
Holdings,
Inc.(Æ)
991
32
HCA
Healthcare,
Inc.(Û)
9,334
2,461
Henry
Schein,
Inc.(Æ)
7,104
579
Horizon
Therapeutics
PLC(Æ)
5,886
642
Incyte
Corp.(Æ)(Ð)(Û)
10,845
784
Intuitive
Surgical,
Inc.(Æ)
3,883
992
Ionis
Pharmaceuticals,
Inc.(Æ)(Ð)
8,395
300
Jazz
Pharmaceuticals
PLC(Æ)
8,034
1,176
Johnson
&
Johnson
20,421
3,165
Laboratory
Corp.
of
America
Holdings
1,493
343
McKesson
Corp.(Û)
3,892
1,386
Medtronic
PLC
12,932
1,043
Merck
&
Co.,
Inc.
7,946
845
Mirati
Therapeutics,
Inc.(Æ)(Ð)
2,087
78
Moderna
,
Inc.(Æ)
4,115
632
Molina
Healthcare,
Inc.(Æ)
2,869
767
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
Neurocrine
Biosciences,
Inc.(Æ)
4,338
439
Novocure
,
Ltd.(Æ)
7,231
435
Organon
&
Co.
22,640
532
Pfizer,
Inc.
55,686
2,272
PTC
Therapeutics,
Inc.(Æ)
4,242
205
Qiagen
NV(Æ)
18,585
854
Regeneron
Pharmaceuticals,
Inc.(Æ)
2,085
1,713
Sarepta
Therapeutics,
Inc.(Æ)(Û)
5,398
744
Stryker
Corp.
1,579
451
Syneos
Health,
Inc.
Class
A(Æ)
25,345
903
Tandem
Diabetes
Care,
Inc.(Æ)(Ð)
2,500
102
Teladoc
Health,
Inc.(Æ)(Ð)
8,829
229
Tenet
Healthcare
Corp.(Æ)
6,096
362
Thermo
Fisher
Scientific,
Inc.
1,934
1,115
Ultragenyx
Pharmaceutical,
Inc.(Æ)(Ð)
5,854
235
United
Therapeutics
Corp.(Æ)
3,735
836
UnitedHealth
Group,
Inc.
17,924
8,471
Veeva
Systems,
Inc.
Class
A(Æ)
9,552
1,756
Vertex
Pharmaceuticals,
Inc.(Æ)(Û)
7,870
2,480
Viatris
,
Inc.
61,597
593
Zoetis,
Inc.
Class
A
15,880
2,643
67,876
Materials
and
Processing
-
4.0%
Air
Products
&
Chemicals,
Inc.
1,270
365
Albemarle
Corp.
2,699
597
Boise
Cascade
Co.
2,218
140
CF
Industries
Holdings,
Inc.
3,111
226
Cleveland-Cliffs,
Inc.(Æ)
4,786
88
Copart
,
Inc.(Æ)
41,032
3,086
Crown
Holdings,
Inc.
12,984
1,074
Eastman
Chemical
Co.
12,983
1,095
Element
Solutions,
Inc.(Ð)
11,750
227
Fastenal
Co.
10,612
572
FMC
Corp.(Ð)(Û)
5,719
698
Freeport-McMoRan,
Inc.
22,159
907
Huntsman
Corp.
19,143
524
Linde
PLC
6,368
2,263
Mosaic
Co.
(The)(Û)
8,327
382
MP
Materials
Corp.(Æ)(Ð)
4,796
135
Newmont
Corp.
16,451
806
Nucor
Corp.
4,703
726
Packaging
Corp.
of
America
4,205
584
PPG
Industries,
Inc.
9,582
1,280
Resideo
Technologies,
Inc.(Æ)
4,000
73
Southern
Copper
Corp.
5,898
450
Sylvamo
Corp.
2,457
114
Trane
Technologies
PLC
12,324
2,267
Vulcan
Materials
Co.
4,335
744
19,423
Producer
Durables
-
9.6%
3M
Co.
6,051
636
AECOM
9,136
770
AGCO
Corp.
6,328
856
Alaska
Air
Group,
Inc.(Æ)
13,738
576
Allison
Transmission
Holdings,
Inc.
Class
A(Ð)
16,868
763
Ametek
,
Inc.
3,620
526
AMN
Healthcare
Services,
Inc.(Æ)(Ð)
2,058
171
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Amphenol
Corp.
Class
A
7,013
573
CH
Robinson
Worldwide,
Inc.(Ð)
6,948
690
Cintas
Corp.
1,009
467
Comfort
Systems
USA,
Inc.
500
73
CoStar
Group,
Inc.(Æ)
27,557
1,897
Cummins,
Inc.
3,283
784
Deere
&
Co.
3,753
1,550
Delta
Air
Lines,
Inc.(Æ)
38,617
1,349
Dover
Corp.
3,835
583
Eaton
Corp.
PLC
12,674
2,172
Emerson
Electric
Co.
9,654
841
Encore
Wire
Corp.(Ð)
23
4
Expeditors
International
of
Washington,
Inc.
(Ð)
14,108
1,554
FedEx
Corp.(Û)
12,273
2,804
Fortive
Corp.(Ð)
19,415
1,324
FTI
Consulting,
Inc.(Æ)
2,315
457
General
Dynamics
Corp.
3,419
780
Global
Payments,
Inc.
10,690
1,125
Hubbell,
Inc.
Class
B
1,716
418
Illinois
Tool
Works,
Inc.
1,627
396
Insperity
,
Inc.(Û)
1,495
182
JB
Hunt
Transport
Services,
Inc.
2,407
422
Keysight
Technologies,
Inc.(Æ)
2,639
426
Lamb
Weston
Holdings,
Inc.(Û)
6,663
696
Landstar
System,
Inc.
7,383
1,324
Littelfuse
,
Inc.
1,639
439
Lockheed
Martin
Corp.
931
440
Magna
International,
Inc.
Class
A
8,549
458
ManpowerGroup
,
Inc.
2,020
167
MarketAxess
Holdings,
Inc.
1,392
545
Mettler
-Toledo
International,
Inc.(Æ)
234
358
Murphy
USA,
Inc.
1,845
476
Nordson
Corp.
1,819
404
Norfolk
Southern
Corp.
5,072
1,075
Northrop
Grumman
Corp.
2,608
1,204
Old
Dominion
Freight
Line,
Inc.
1,349
460
Oshkosh
Corp.
7,744
644
PACCAR
Financial
Corp.
6,442
472
PayPal
Holdings,
Inc.(Æ)
26,215
1,991
Pentair
PLC
10,450
578
Regal
Rexnord
Corp.
3,618
509
S&P
Global,
Inc.
6,877
2,371
Snap-on,
Inc.
3,108
767
Southwest
Airlines
Co.
18,663
607
Terex
Corp.
2,219
107
Textron,
Inc.
1,861
131
Trade
Desk,
Inc.
(The)
Class
A(Æ)
9,415
573
Travel
+
Leisure
Co.(Ð)
5,883
231
TriNet
Group,
Inc.(Æ)
3,860
311
United
Parcel
Service,
Inc.
Class
B
2,809
545
United
Rentals,
Inc.
812
321
Vertiv
Holdings
Co.
11,959
171
Vontier
Corp.
32,964
901
Waste
Management,
Inc.
2,767
452
WW
Grainger,
Inc.
875
603
Xerox
Holdings
Corp.
25,708
396
XPO
Logistics,
Inc.(Æ)
8,678
277
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
Zebra
Technologies
Corp.
Class
A(Æ)
2,637
839
47,012
Technology
-
31.2%
Accenture
PLC
Class
A
12,512
3,576
Adobe,
Inc.(Æ)
11,362
4,379
Advanced
Micro
Devices,
Inc.(Æ)
31,515
3,089
Alphabet,
Inc.
Class
A(Æ)
133,585
13,857
Alphabet,
Inc.
Class
C(Æ)(Û)
24,788
2,578
Analog
Devices,
Inc.
5,302
1,046
Apple,
Inc.
154,150
25,419
Applied
Materials,
Inc.
3,188
392
ASML
Holding
NV
Class
G
545
371
Atlassian
Corp.
Class
A(Æ)
4,856
831
Avnet,
Inc.
10,142
458
Axcelis
Technologies,
Inc.(Æ)
1,327
177
Booking
Holdings,
Inc.(Æ)(Û)
551
1,461
Box,
Inc.
Class
A(Æ)
17,453
468
Broadcom,
Inc.
1,289
827
Cadence
Design
Systems,
Inc.(Æ)
3,661
769
CDW
Corp.
2,447
477
Cirrus
Logic,
Inc.(Æ)
4,513
494
Cisco
Systems,
Inc.
28,760
1,503
Cognizant
Technology
Solutions
Corp.
Class
A
11,930
727
CommVault
Systems,
Inc.(Æ)
6,079
345
Corteva
,
Inc.(Ð)(Û)
20,172
1,217
Crowdstrike
Holdings,
Inc.
Class
A(Æ)
6,797
933
Dell
Technologies,
Inc.
Class
C(Û)
38,839
1,562
DocuSign,
Inc.(Æ)
9,140
533
Dropbox,
Inc.
Class
A(Æ)
27,810
601
EPAM
Systems,
Inc.(Æ)
1,035
309
Extreme
Networks,
Inc.(Æ)
5,300
101
F5,
Inc.(Æ)
3,843
560
Fair
Isaac
Corp.(Æ)
668
469
Fidelity
National
Information
Services,
Inc.
(Û)
21,711
1,180
Five9,
Inc.(Æ)
690
50
Fortinet,
Inc.(Æ)(Ð)
22,506
1,496
GoDaddy
,
Inc.
Class
A(Æ)
11,844
921
Guidewire
Software,
Inc.(Æ)
14,015
1,150
Hewlett
Packard
Enterprise
Co.
59,696
951
HP,
Inc.
33,409
981
Impinj
,
Inc.(Æ)(Ð)
720
98
Informatica
,
Inc.
Class
A(Æ)
1,491
24
Intel
Corp.
99,682
3,257
International
Business
Machines
Corp.
4,685
614
Intuit,
Inc.
7,481
3,335
Juniper
Networks,
Inc.
25,991
895
Lam
Research
Corp.
1,276
676
Leidos
Holdings,
Inc.
4,154
382
Lyft,
Inc.
Class
A(Æ)
31,723
294
Meta
Platforms,
Inc.
Class
A(Æ)(Û)
32,355
6,857
Micron
Technology,
Inc.
36,489
2,202
Microsoft
Corp.(Û)
107,175
30,899
NetApp,
Inc.
14,855
948
New
Relic,
Inc.(Æ)
4,591
346
Nutanix
,
Inc.
Class
A(Æ)
8,607
224
NVIDIA
Corp.
13,910
3,864
NXP
Semiconductors
NV
10,878
2,028
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Oracle
Corp.
19,462
1,808
Palo
Alto
Networks,
Inc.(Æ)
8,538
1,705
Pegasystems
,
Inc.
7,867
381
Q2
Holdings,
Inc.(Æ)
8,289
204
Qorvo
,
Inc.(Æ)(Ð)
6,708
681
QUALCOMM,
Inc.
1,737
222
Qualys
,
Inc.(Æ)
1,833
238
Rapid7,
Inc.(Æ)
3,297
151
RingCentral,
Inc.
Class
A(Æ)
6,930
213
Roku,
Inc.(Æ)(Ð)
4,216
278
Roper
Technologies,
Inc.
1,520
670
Salesforce,
Inc.(Æ)
14,329
2,863
Semtech
Corp.(Æ)
9,747
235
Skyworks
Solutions,
Inc.
5,416
639
Snap,
Inc.
Class
A(Æ)(Ð)
16,556
186
Sonos
,
Inc.(Æ)
12,077
237
Synopsys,
Inc.(Æ)
1,662
642
Tenable
Holdings,
Inc.(Æ)
5,798
275
Teradyne,
Inc.
21,202
2,279
Texas
Instruments,
Inc.
11,118
2,068
Twilio
,
Inc.
Class
A(Æ)(Ð)
7,180
478
Uber
Technologies,
Inc.(Æ)
20,659
655
Varonis
Systems,
Inc.(Æ)
9,483
247
VeriSign,
Inc.(Æ)
5,272
1,114
Viavi
Solutions,
Inc.
Class
W(Æ)
30,118
326
Western
Digital
Corp.(Æ)
19,201
723
Wix.com,
Ltd.(Æ)
2,315
231
Yelp,
Inc.
Class
A(Æ)
7,889
242
Zscaler
,
Inc.(Æ)(Ð)
2,896
338
153,530
Utilities
-
5.0%
APA
Corp.(Û)
2,583
93
AT&T,
Inc.
131,344
2,528
Cheniere
Energy,
Inc.(Û)
7,887
1,243
CMS
Energy
Corp.(Ð)
7,030
431
ConocoPhillips
Co.
31,551
3,130
Constellation
Energy
Corp.(Û)
7,475
587
DTE
Energy
Co.(Û)
7,312
801
Edison
International
18,063
1,275
Exelon
Corp.
23,801
997
FirstEnergy
Corp.
32,899
1,318
NextEra
Energy,
Inc.
38,921
3,000
NRG
Energy,
Inc.
45,721
1,568
PG&E
Corp.(Æ)
47,172
763
Pinnacle
West
Capital
Corp.
6,563
520
T-Mobile
USA,
Inc.(Æ)
18,618
2,697
UGI
Corp.
19,581
681
Verizon
Communications,
Inc.
40,550
1,577
Vistra
Corp.
30,398
729
Xcel
Energy,
Inc.
6,239
421
24,359
Total
Common
Stocks
(cost
$412,432)
498,565
Short-Term
Investments
-
3.3%
U.S.
Cash
Management
Fund(@)
16,403,588
(∞)
16,398
Total
Short-Term
Investments
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Strategic
Equity
Fund
7
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
(cost
$16,398)
16,398
Other
Securities
-
0.2%
U.S.
Cash
Collateral
Fund(@)(×)
1,219,654
(∞)
1,220
Total
Other
Securities
(cost
$1,220)
1,220
Total
Investments
-
105.0%
(identified
cost
$430,050)
516,183
Securities
Sold
Short
-
(5.1)%
Consumer
Discretionary
-
(0.8)%
Advanced
Energy
Industries,
Inc.
(605)
(59)
Altice
USA,
Inc.
Class
A(Æ)
(50,097)
(171)
Caesars
Entertainment,
Inc.(Æ)
(1,694)
(83)
Central
Garden
&
Pet
Co.
Class
A(Æ)
(640)
(25)
Churchill
Downs,
Inc.
(1,691)
(435)
DISH
Network
Corp.
Class
A(Æ)
(21,991)
(205)
Floor
&
Decor
Holdings,
Inc.
Class
A(Æ)
(4,045)
(397)
Freshpet
,
Inc.(Æ)
(5,851)
(387)
Hilton
Grand
Vacations,
Inc.(Æ)
(4,467)
(199)
Leggett
&
Platt,
Inc.
(7,000)
(223)
LGI
Homes,
Inc.(Æ)
(1,655)
(189)
Paramount
Global
Class
B
(20,361)
(454)
Topgolf
Callaway
Brands
Corp.(Æ)
(16,860)
(365)
Warner
Bros
Discovery,
Inc.(Æ)
(36,308)
(548)
Ziff
Davis,
Inc.(Æ)
(4,441)
(347)
(4,087)
Consumer
Staples
-
(0.1)%
BellRing
Brands,
Inc.(Æ)
(5,840)
(198)
Grocery
Outlet
Holding
Corp.(Æ)
(2,791)
(79)
J&J
Snack
Foods
Corp.
(414)
(61)
MGP
Ingredients,
Inc.
(2,581)
(250)
(588)
Energy
-
(0.3)%
Cabot
Oil
&
Gas
Corp.
(18,052)
(443)
NextEra
Energy
Partners,
LP
(3,849)
(234)
Noble
Corp.
PLC(Æ)
(3,458)
(136)
Plug
Power,
Inc.(Æ)
(1,667)
(20)
Southwestern
Energy
Co.(Æ)
(44,116)
(221)
Sunrun
,
Inc.(Æ)
(9,484)
(191)
(1,245)
Financial
Services
-
(1.1)%
Annaly
Capital
Management,
Inc.(ö)
(21,939)
(419)
Apollo
Global
Management,
Inc.
(7,333)
(463)
Arbor
Realty
Trust,
Inc.(ö)
(18,974)
(218)
Blackstone
Group,
Inc.
(The)
Class
A
(5,294)
(465)
Broadstone
Net
Lease,
Inc.(ö)
(24,084)
(410)
Carlyle
Group,
LP
(1,321)
(41)
Genworth
Financial,
Inc.
Class
A(Æ)
(10,700)
(54)
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.(ö)
(5,900)
(169)
Healthcare
Realty
Holdings,
LP(ö)
(21,838)
(422)
Independence
Realty
Trust,
Inc.(ö)
(15,998)
(256)
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Kite
Realty
Group
Trust(ö)
(17,503)
(366)
KKR
&
Co.,
Inc.
Class
A
(8,626)
(453)
Progyny
,
Inc.(Æ)
(1,920)
(62)
Realty
Income
Corp.(ö)
(6,730)
(426)
SoFi
Technologies,
Inc.(Æ)
(3,714)
(23)
T.
Rowe
Price
Group,
Inc.
(3,703)
(418)
VICI
Properties,
Inc.(ö)
(12,993)
(424)
Webster
Financial
Corp.
(10,253)
(404)
(5,493)
Health
Care
-
(0.8)%
AdaptHealth
Corp.(Æ)
(8,470)
(105)
Agiliti
,
Inc.(Æ)
(3,400)
(54)
Alnylam
Pharmaceuticals,
Inc.(Æ)
(2,111)
(423)
Apellis
Pharmaceuticals,
Inc.(Æ)
(1,720)
(113)
Axsome
Therapeutics,
Inc.(Æ)
(555)
(34)
Biogen,
Inc.(Æ)
(1,574)
(438)
ICU
Medical,
Inc.(Æ)
(849)
(140)
IVERIC
bio,
Inc.(Æ)
(1,777)
(43)
Karuna
Therapeutics,
Inc.(Æ)
(356)
(65)
Masimo
Corp.(Æ)
(2,279)
(421)
Neogen
Corp.(Æ)
(20,388)
(378)
Patterson
Cos.,
Inc.
(9,416)
(252)
Regeneron
Pharmaceuticals,
Inc.(Æ)
(500)
(411)
Repligen
Corp.(Æ)
(2,429)
(409)
Revance
Therapeutics,
Inc.(Æ)
(3,094)
(100)
Sotera
Health
Co.(Æ)
(9,562)
(171)
TransMedics
Group,
Inc.(Æ)
(980)
(74)
Vaxcyte
,
Inc.(Æ)
(4,250)
(159)
Ventyx
Biosciences,
Inc.(Æ)
(990)
(33)
West
Pharmaceutical
Services,
Inc.
(793)
(275)
(4,098)
Materials
and
Processing
-
(0.2)%
Pool
Corp.
(1,333)
(456)
Quaker
Chemical
Corp.
(2,020)
(400)
(856)
Producer
Durables
-
(0.9)%
AeroVironment
,
Inc.(Æ)
(1,662)
(152)
Affirm
Holdings,
Inc.(Æ)
(1,693)
(19)
Amphenol
Corp.
Class
A
(5,134)
(420)
Applied
Industrial
Technologies,
Inc.
(2,913)
(414)
ASGN,
Inc.(Æ)
(500)
(41)
Dorman
Products,
Inc.(Æ)
(1,354)
(117)
Fox
Factory
Holding
Corp.(Æ)
(2,610)
(317)
GATX
Corp.
(3,938)
(433)
H&R
Block,
Inc.
(12,027)
(424)
LCI
Industries
(2,016)
(222)
Maximus,
Inc.
(6,711)
(528)
Moody's
Corp.
(514)
(157)
RBC
Bearings,
Inc.(Æ)
(1,797)
(418)
S&P
Global,
Inc.
(1,170)
(403)
Sabre
Corp.(Æ)
(8,000)
(34)
Teledyne
Technologies,
Inc.(Æ)
(1,112)
(498)
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
8
U.S.
Strategic
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
(4,597)
Technology
-
(0.8)%
Advanced
Micro
Devices,
Inc.(Æ)
(4,535)
(444)
Altair
Engineering,
Inc.
Class
A(Æ)
(2,020)
(146)
AppLovin
Corp.
Class
A(Æ)
(18,323)
(289)
Aspen
Technology,
Inc.(Æ)
(1,908)
(437)
Bentley
Systems,
Inc.
Class
B
(6,373)
(274)
Bumble,
Inc.
Class
A(Æ)
(9,461)
(185)
Coherent
Corp.(Æ)
(8,348)
(318)
Corning,
Inc.
(2,883)
(102)
Frontier
Communications
Parent,
Inc.(Æ)
(16,247)
(370)
Intuit,
Inc.
(1,029)
(459)
Monolithic
Power
Systems,
Inc.
(458)
(229)
Super
Micro
Computer,
Inc.(Æ)
(1,484)
(158)
ViaSat
,
Inc.(Æ)
(8,140)
(275)
(3,686)
Utilities
-
(0.1)%
Civitas
Resources,
Inc.
(4,529)
(309)
New
Fortress
Energy,
Inc.
(3,925)
(116)
Oasis
Petroleum,
Inc.
(1,410)
(190)
(615)
Total
Securities
Sold
Short
(proceeds
$25,186)
(25,265)
Other
Assets
and
Liabilities,
Net
-
0.1%
542
Net
Assets
-
100.0%
491,460
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Strategic
Equity
Fund
9
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
85
USD
17,585
06/23
795
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
795
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
$
70,752
$
—
$
—
$
—
$
70,752
Consumer
Staples
24,742
—
—
—
24,742
Energy
19,346
—
—
—
19,346
Financial
Services
71,525
—
—
—
71,525
Health
Care
67,876
—
—
—
67,876
Materials
and
Processing
19,423
—
—
—
19,423
Producer
Durables
47,012
—
—
—
47,012
Technology
153,530
—
—
—
153,530
Utilities
24,359
—
—
—
24,359
Short-Term
Investments
—
—
—
16,398
16,398
Other
Securities
—
—
—
1,220
1,220
Total
Investments
498,565
—
—
17,618
516,183
Securities
Sold
Short
(25,265)
—
—
—
(25,265)
Other
Financial
Instruments
Assets
Futures
Contracts
795
—
—
—
795
Total
Other
Financial
Instruments
*
$
795
$
—
$
—
$
—
$
795
*
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,
2023,
if
any,
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,
2023,
if
any,
were
less
tha
n
1%
of
net
assets.
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments
—
March
31,
2023
(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
$
Common
Stocks
-
99.1%
Consumer
Discretionary
-
12.0%
1-800-Flowers.com,
Inc.
Class
A(Æ)
6,060
70
2U,
Inc.(Æ)
9,595
66
Abercrombie
&
Fitch
Co.
Class
A(Æ)
7,193
200
Academy
Sports
&
Outdoors,
Inc.
2,374
155
Advanced
Energy
Industries,
Inc.
389
38
AerSale
Corp.(Æ)
5,810
100
American
Axle
&
Manufacturing
Holdings,
Inc.(Æ)(Ð)
9,343
73
American
Public
Education,
Inc.(Æ)
12,067
65
America's
Car-Mart,
Inc.(Æ)
12,029
953
Atkore,
Inc.(Æ)
1,320
185
Barnes
&
Noble
Education,
Inc.(Æ)
21,937
33
Beacon
Roofing
Supply,
Inc.(Æ)
5,770
340
BJ's
Restaurants,
Inc.(Æ)
10,686
311
Bloomin'
Brands,
Inc.
5,697
146
Bluegreen
Vacations
Holding
Corp.
654
18
Boot
Barn
Holdings,
Inc.(Æ)
19,542
1,498
Brunswick
Corp.
5,146
422
Cadre
Holdings,
Inc.(Ñ)
17,071
368
Capri
Holdings,
Ltd.(Æ)(Û)
6,423
302
Carriage
Services,
Inc.
Class
A
1,252
38
Carrols
Restaurant
Group,
Inc.(Æ)
32,949
73
Carter's,
Inc.
2,776
200
Celestica,
Inc.(Æ)
16,815
217
Century
Communities,
Inc.
2,009
128
Cheesecake
Factory,
Inc.
(The)(Ñ)
2,934
103
Chegg,
Inc.(Æ)
11,469
187
Children's
Place,
Inc.
(The)(Æ)
2,820
113
Chuy's
Holdings,
Inc.(Æ)
1,437
51
Citi
Trends,
Inc.(Æ)(Ð)
1,116
21
Clarus
Corp.
24,993
236
Comtech
Telecommunications
Corp.
50
1
Cooper-Standard
Holdings,
Inc.(Æ)
1,055
15
Coty,
Inc.
Class
A(Æ)
24,381
294
Coursera,
Inc.(Æ)
5,800
67
Cracker
Barrel
Old
Country
Store,
Inc.(Ñ)
2,426
276
Crocs,
Inc.(Æ)
3,615
457
Curtiss-Wright
Corp.
255
45
Dana
Holding
Corp.
25,001
376
Deckers
Outdoor
Corp.(Æ)(Û)
794
357
Designer
Brands,
Inc.
Class
A
18,838
165
Dillard's,
Inc.
Class
A(Ñ)(Û)
903
278
Domino's
Pizza,
Inc.
161
53
Driven
Brands,
Inc.(Æ)
3,952
120
Everi
Holdings,
Inc.(Æ)
6,793
116
First
Watch
Restaurant
Group,
Inc.(Æ)
9,517
153
Foot
Locker,
Inc.
3,681
146
Freshpet,
Inc.(Æ)
1,357
90
Genesco,
Inc.(Æ)
1,280
47
Genius
Sports,
Ltd(Æ)
7,875
39
Gentherm,
Inc.(Æ)
1,663
100
Gildan
Activewear,
Inc.
Class
A
6,735
224
GMS,
Inc.(Æ)
4,075
236
Goodyear
Tire
&
Rubber
Co.
(The)(Æ)(Û)
26,492
292
GoPro,
Inc.
Class
A(Æ)
37,999
191
Grand
Canyon
Education,
Inc.(Æ)(Ð)
3,402
387
Green
Brick
Partners,
Inc.(Æ)
13,199
463
Hanesbrands,
Inc.
11,823
62
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
HealthStream,
Inc.
1,274
35
Hillenbrand,
Inc.
3,050
145
Hilton
Grand
Vacations,
Inc.(Æ)
2,469
110
Inter
Parfums,
Inc.
581
83
International
Game
Technology
PLC
15,283
410
iRobot
Corp.(Æ)(Ñ)
2,463
107
John
Wiley
&
Sons,
Inc.
Class
A
2,843
110
Johnson
Outdoors,
Inc.
Class
A
3,858
243
KB
Home
3,308
133
Kohl's
Corp.
5,295
125
Kontoor
Brands,
Inc.
2,176
105
Kura
Sushi
USA,
Inc.
Class
A(Æ)
13,274
874
Landsea
Homes
Corp.(Æ)
22,682
137
Laureate
Education,
Inc.
Class
A
1,790
21
La-Z-Boy,
Inc.
3,254
95
Lear
Corp.(Ð)
2,507
350
Leonardo
DRS,
Inc.(Æ)
21,540
279
Levi
Strauss
&
Co.
Class
A
17,647
322
M/I
Homes,
Inc.(Æ)
1,938
122
Malibu
Boats,
Inc.
Class
A(Æ)
1,143
64
Marine
Products
Corp.
25,174
332
MasterCraft
Boat
Holdings,
Inc.(Æ)
1,743
53
Meritage
Homes
Corp.
1,322
154
Monro
Muffler
Brake,
Inc.
11,947
591
Motorcar
Parts
of
America,
Inc.(Æ)
7,749
58
Movado
Group,
Inc.
2,726
78
Newell
Rubbermaid,
Inc.
36,106
449
Nu
Skin
Enterprises,
Inc.
Class
A
3,028
119
ODP
Corp.
(The)(Æ)
2,244
101
On
Holding
AG
Class
A(Æ)
10,441
324
OneSpaWorld
Holdings,
Ltd.(Æ)
26,614
319
Overstock.com,
Inc.(Æ)
4,019
81
Perdoceo
Education
Corp.(Æ)
5,550
75
PetMed
Express,
Inc.
3,547
58
PowerSchool
Holdings,
Inc.
Class
A(Æ)
6,468
128
QuinStreet,
Inc.(Æ)
7,221
115
Red
Rock
Resorts,
Inc.
Class
A
2,382
106
Reservoir
Media,
Inc.(Æ)
17,625
115
REV
Group,
Inc.
31,341
376
Rocky
Brands,
Inc.
10,425
240
Rover
Group,
Inc.(Æ)
18,379
83
Rush
Enterprises,
Inc.
Class
A
2,648
145
Ruth's
Hospitality
Group,
Inc.
16,475
270
Scholastic
Corp.
5,240
179
SeaWorld
Entertainment,
Inc.(Æ)(Ð)
3,147
193
Shoe
Carnival,
Inc.
4,203
108
Signet
Jewelers,
Ltd.(Û)
3,285
255
Solo
Brands,
Inc.
Class
A(Æ)
19,896
143
Sportradar
Holding
AG
Class
A(Æ)
5,089
59
Steven
Madden,
Ltd.
12,212
440
Stitch
Fix,
Inc.
Class
A(Æ)(Ñ)
17,758
91
Stride,
Inc.(Æ)
5,324
209
Target
Hospitality
Corp.
Class
A(Æ)
3,107
41
Texas
Roadhouse,
Inc.
Class
A
10,483
1,133
Tilly's,
Inc.
Class
A(Æ)
2,966
23
Toll
Brothers,
Inc.(Û)
3,080
185
Tri
Pointe
Homes,
Inc.(Æ)
8,630
218
TripAdvisor,
Inc.(Æ)(Û)
10,249
204
Under
Armour,
Inc.
Class
A(Æ)(Ð)(Û)
15,303
145
Universal
Electronics,
Inc.(Æ)
9,063
92
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
Universal
Technical
Institute,
Inc.(Æ)
2,427
18
Urban
Outfitters,
Inc.(Æ)
4,289
119
Vera
Bradley,
Inc.(Æ)
528
3
Visteon
Corp.(Æ)(Ð)(Û)
1,164
183
Wabash
National
Corp.
3,605
89
Wingstop,
Inc.
1,782
327
Wolverine
World
Wide,
Inc.
4,600
78
Xponential
Fitness,
Inc.
Class
A(Æ)
12,637
384
Zillow
Group,
Inc.
Class
A(Æ)(Û)
3,342
146
25,065
Consumer
Staples
-
4.3%
Alico,
Inc.
5,315
129
Andersons,
Inc.
(The)
2,254
93
BellRing
Brands,
Inc.(Æ)
2,263
77
Calavo
Growers,
Inc.
10,147
292
Cal-Maine
Foods,
Inc.
2,104
128
Celsius
Holdings,
Inc.(Æ)
5,575
518
Coca-Cola
Bottling
Co.
168
90
Dole
PLC(Ñ)
7,173
84
elf
Beauty,
Inc.(Æ)
28,724
2,365
Energizer
Holdings,
Inc.
-
GDR
10,122
429
Grocery
Outlet
Holding
Corp.(Æ)
21,365
604
Healthcare
Services
Group,
Inc.
45,041
625
Herbalife
Nutrition,
Ltd.(Æ)(Û)
9,645
155
Ingredion,
Inc.
1,405
143
J&J
Snack
Foods
Corp.
3,615
536
John
B
Sanfilippo
&
Son,
Inc.
752
73
MGP
Ingredients,
Inc.
579
56
Nathan's
Famous,
Inc.
2,042
154
Natural
Grocers
by
Vitamin
Cottage,
Inc.
10,562
124
Nomad
Foods,
Ltd.(Æ)
8,832
166
Post
Holdings,
Inc.(Æ)(Û)
471
42
Primo
Water
Corp.(Û)
8,487
130
Quanex
Building
Products
Corp.
17,118
369
Sovos
Brands,
Inc.(Æ)
58,021
968
Sprouts
Farmers
Market,
Inc.(Æ)
4,770
167
SunOpta,
Inc.(Æ)
5,520
43
Turning
Point
Brands,
Inc.
844
18
USANA
Health
Sciences,
Inc.(Æ)
698
44
Vita
Coco
Co.,
Inc.
(The)(Æ)
10,041
197
Vital
Farms,
Inc.(Æ)
3,261
50
Weis
Markets,
Inc.
1,092
92
8,961
Energy
-
3.2%
Arch
Resources,
Inc.
1,963
258
Aris
Water
Solution,
Inc.
Class
A
87,024
678
ChampionX
Corp.
16,094
437
CVR
Energy,
Inc.(Û)
2,553
84
Delek
US
Holdings,
Inc.(Û)
33,386
766
Dril-Quip,
Inc.(Æ)
7,222
207
Enviva,
Inc.
898
26
Euro
Manganese,
Inc.(Æ)
253,943
38
Golar
LNG,
Ltd.(Æ)
6,092
132
Green
Plains,
Inc.(Æ)
4,911
152
Helmerich
&
Payne,
Inc.
3,075
110
Magnolia
Oil
&
Gas
Corp.
7,881
172
Matador
Resources
Co.
7,675
366
Matrix
Service
Co.(Æ)
8,553
46
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Murphy
Oil
Corp.
4,662
172
Natural
Gas
Services
Group,
Inc.(Æ)
13,253
137
NexTier
Oilfield
Solutions,
Inc.(Æ)
18,922
150
NOW,
Inc.(Æ)
12,212
136
Par
Pacific
Holdings,
Inc.(Æ)
5,283
154
Patterson-UTI
Energy,
Inc.
39,733
465
PBF
Energy,
Inc.
Class
A(Û)
7,714
334
ProFrac
Holding
Corp.
Class
A(Æ)
1,719
22
ProPetro
Holding
Corp.(Æ)
4,875
35
REX
American
Resources
Corp.(Æ)
3,593
103
Select
Energy
Services,
Inc.
Class
A
5,749
40
SM
Energy
Co.
12,079
340
Solaris
Oilfield
Infrastructure,
Inc.
Class
A
52,216
446
Talon
Metals
Corp.(Æ)
375,500
100
Valaris
Ltd.(Æ)
473
31
Warrior
Met
Coal,
Inc.
13,308
489
World
Fuel
Services
Corp.
3,320
85
6,711
Financial
Services
-
19.2%
1st
Source
Corp.
2,654
115
Agree
Realty
Corp.(ö)
9,896
679
Air
Lease
Corp.
Class
A
10,028
395
Alpine
Income
Property
Trust,
Inc.(ö)
25,123
423
Ambac
Financial
Group,
Inc.(Æ)
3,000
46
American
Equity
Investment
Life
Holding
Co.
7,416
271
Ameris
Bancorp
6,096
223
Apple
Hospitality
REIT,
Inc.(ö)
13,702
213
AssetMark
Financial
Holdings,
Inc.(Æ)
1,834
58
Atlantic
Union
Bankshares
Corp.
4,010
141
Axis
Capital
Holdings,
Ltd.
7,414
404
Banc
of
California,
Inc.
34,467
432
Bank
of
Marin
Bancorp
5,462
120
Bank
of
NT
Butterfield
&
Son,
Ltd.
(The)
3,734
101
Banner
Corp.
2,542
138
Blackstone
Mortgage
Trust,
Inc.
Class
A(Ñ)
(ö)
6,097
109
Blucora,
Inc.(Æ)(Ñ)
10,122
266
Brighthouse
Financial,
Inc.(Æ)
4,581
202
Brixmor
Property
Group,
Inc.(ö)
12,407
267
Broadstone
Net
Lease,
Inc.(ö)
12,910
220
Business
First
Bancshares,
Inc.
26,447
453
Byline
Bancorp,
Inc.
11,011
238
Cadence
Bank
23,972
498
Cambridge
Bancorp
2,036
132
Camden
Property
Trust(ö)(Û)
307
32
Capital
Bancorp,
Inc.
10,341
172
Capital
City
Bank
Group,
Inc.
8,376
245
Capitol
Federal
Financial,
Inc.
22,774
153
Capstar
Financial
Holdings,
Inc.
7,561
115
Cathay
General
Bancorp
3,692
127
Chatham
Lodging
Trust(ö)
2,666
28
City
Holding
Co.
1,143
104
Civista
Bancshares,
Inc.
16,287
275
CNO
Financial
Group,
Inc.
10,500
233
Coastal
Financial
Corp.(Æ)
520
19
Cohen
&
Steers,
Inc.
4,197
268
Columbia
Banking
System,
Inc.
14,227
305
Comerica,
Inc.(Û)
7,708
335
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
Community
Bank
System,
Inc.
2,166
114
Community
Healthcare
Trust,
Inc.(ö)
15,271
559
Compass,
Inc.
Class
A(Æ)
15,465
50
Corebridge
Financial,
Inc(Ð)
1,213
19
Cousins
Properties,
Inc.(ö)
12,140
260
CTO
Realty
Growth,
Inc.(Ñ)(ö)
26,294
454
Customers
Bancorp,
Inc.(Æ)(Ð)
3,433
64
DiamondRock
Hospitality
Co.(Ð)(ö)
8,896
72
Donegal
Group,
Inc.
Class
A
6,005
92
Douglas
Elliman,
Inc.
2,881
9
Dun
&
Bradstreet
Holdings,
Inc.(Û)
8,850
104
Easterly
Government
Properties,
Inc.(ö)
49,247
677
Emerald
Holding,
Inc.(Æ)
10,353
39
Encore
Capital
Group,
Inc.(Æ)
4,842
244
Enova
International,
Inc.(Æ)(Ð)
2,174
97
Enterprise
Financial
Services
Corp.
3,423
153
Equity
Commonwealth(ö)
13,884
288
Esquire
Financial
Holdings,
Inc.
3,014
118
Essent
Group,
Ltd.
10,118
405
Essential
Properties
Realty
Trust,
Inc.(ö)
3,539
88
Evercore,
Inc.
Class
A
2,756
318
Everest
Re
Group,
Ltd.
437
156
EZCORP,
Inc.
Class
A(Æ)
39,277
338
Federal
Agricultural
Mortgage
Corp.
Class
C
639
85
Federated
Hermes,
Inc.
Class
B
3,494
140
First
American
Financial
Corp.
7,419
413
First
BanCorp
19,056
218
First
Commonwealth
Financial
Corp.
14,964
186
First
Financial
Bankshares,
Inc.
4,308
137
First
Financial
Corp.
3,740
140
First
Foundation,
Inc.
11,662
87
First
Interstate
BancSystem,
Inc.
Class
A
13,429
401
First
Merchants
Corp.
8,707
287
First
Mid
Bancshares,
Inc.
6,838
186
Five
Star
Bancorp
1,703
36
Four
Corners
Property
Trust,
Inc.(ö)
7,951
214
Fulton
Financial
Corp.
8,703
120
GCM
Grosvenor,
Inc.
Class
A
1,000
8
GEO
Group,
Inc.
(The)(Æ)(Ñ)
11,325
89
German
American
Bancorp,
Inc.
7,024
234
Getty
Realty
Corp.(ö)
5,887
212
Glacier
Bancorp,
Inc.
9,762
410
Guaranty
Bancshares,
Inc.
7,327
204
Hamilton
Lane,
Inc.
Class
A
1,225
91
Hancock
Holding
Co.
4,658
170
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.(Ñ)(ö)
10,159
291
Hanover
Insurance
Group,
Inc.
(The)
734
94
HarborOne
Bancorp,
Inc.
16,052
196
HCI
Group,
Inc.(Ð)
842
45
Heritage
Commerce
Corp.
14,386
120
Heritage
Financial
Corp.
12,642
271
Hersha
Hospitality
Trust
Class
A(ö)
2,572
17
Highwoods
Properties,
Inc.(Ð)(ö)
3,244
75
Hilltop
Holdings,
Inc.
3,725
111
Home
Bancorp,
Inc.
2,291
76
Home
BancShares,
Inc.
25,867
562
HomeStreet,
Inc.
10,656
192
HomeTrust
Bancshares,
Inc.
114
3
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Horace
Mann
Educators
Corp.
11,744
393
Houlihan
Lokey,
Inc.
Class
A
1,428
125
Independent
Bank
Corp.
3,828
166
Innovative
Industrial
Properties,
Inc.(ö)
1,326
101
Interactive
Brokers
Group,
Inc.
Class
A(Û)
657
54
International
Bancshares
Corp.
2,742
117
International
Money
Express,
Inc.(Æ)
22,885
590
Investar
Holding
Corp.
9,943
139
Investors
Title
Co.
310
47
Jackson
Financial,
Inc.
Class
A
10,752
402
James
River
Group
Holdings,
Ltd.
9,230
191
JER
Investment
Trust,
Inc.(Æ)(Š)(Þ)
1,771
—
Kemper
Corp.
5,825
318
Kinsale
Capital
Group,
Inc.
887
266
Legalzoom.com,
Inc.(Æ)
14,237
134
LendingClub
Corp.(Æ)
3,226
23
LendingTree,
Inc.(Æ)(Ð)
1,953
52
Lincoln
National
Corp.
10,746
241
Live
Oak
Bancshares,
Inc.
3,951
96
LiveRamp
Holdings,
Inc.(Æ)
4,825
106
LPL
Financial
Holdings,
Inc.(Û)
1,855
375
Marcus
&
Millichap,
Inc.
1,537
49
Medifast,
Inc.(Û)
1,409
146
Merchants
Bancorp
4,640
121
Mercury
General
Corp.
2,659
84
Meta
Financial
Group,
Inc.
2,391
99
Metropolitan
Bank
Holding
Corp.(Æ)
11,621
394
Moelis
&
Co.
Class
A
3,034
117
Mr.
Cooper
Group,
Inc.(Æ)
2,876
118
MVB
Financial
Corp.
3,423
71
National
Bank
Holdings
Corp.
Class
A
19,183
642
Navient
Corp.
11,442
183
NETSTREIT
Corp.(ö)
42,902
784
Newmark
Group,
Inc.
Class
A
17,010
120
NMI
Holdings,
Inc.
Class
A(Æ)
15,560
347
Northeast
Bank
5,193
175
Northrim
BanCorp,
Inc.
164
8
OFG
Bancorp
2,097
52
Old
National
Bancorp
19,963
288
Old
Second
Bancorp,
Inc.
22,169
312
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.(ö)
18,676
303
Palomar
Holdings,
Inc.(Æ)(Ð)
1,000
55
Park
Hotels
&
Resorts,
Inc.(ö)
14,950
185
Peapack-Gladstone
Financial
Corp.
185
5
Perella
Weinberg
Partners
38,697
352
Piedmont
Office
Realty
Trust,
Inc.
Class
A(ö)
1,093
8
PJT
Partners,
Inc.
Class
A
1,131
82
Plymouth
Industrial
REIT,
Inc.(ö)
16,474
346
Popular,
Inc.
7,216
414
PRA
Group,
Inc.(Æ)
4,629
180
Preferred
Bank
1,599
88
Premier
Financial
Corp.
15,445
320
ProAssurance
Corp.
3,040
56
QCR
Holdings,
Inc.
544
24
Radian
Group,
Inc.
7,249
160
Red
River
Bancshares,
Inc.
500
24
Redfin
Corp.(Æ)
11,048
100
Regional
Management
Corp.
626
16
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
Reinsurance
Group
of
America,
Inc.
Class
A(Û)
3,041
404
RenaissanceRe
Holdings,
Ltd.
2,386
478
Renasant
Corp.
3,427
105
Riverview
Bancorp,
Inc.
19,391
104
RLI
Corp.
1,076
143
RLJ
Lodging
Trust(ö)
9,919
105
RMR
Group,
Inc.
(The)
Class
A
4,229
111
Ryan
Specialty
Group
Holdings,
Inc.
Class
A(Æ)(Û)
6,290
253
Ryman
Hospitality
Properties,
Inc.(ö)(Û)
3,584
322
Safety
Insurance
Group,
Inc.
1,272
95
Sandy
Spring
Bancorp,
Inc.
15,491
402
Seacoast
Banking
Corp.
of
Florida
6,128
145
Selective
Insurance
Group,
Inc.
2,007
191
Shift4
Payments,
Inc.
Class
A(Æ)
2,906
220
Silvercrest
Asset
Management
Group,
Inc.
Class
A
2,125
39
Simmons
First
National
Corp.
Class
A
5,688
99
Skyward
Specialty
Insurance
Group,
Inc.
(Æ)
3,961
87
SLM
Corp.
14,957
185
SmartFinancial,
Inc.
931
22
SouthState
Corp.
2,317
165
SP
Plus
Corp.(Æ)
3,982
137
Sprott,
Inc.
1,544
56
STAG
Industrial,
Inc.(ö)
19,612
663
Stewart
Information
Services
Corp.
14,361
579
StoneX
Group,
Inc.(Æ)
681
70
Summit
Hotel
Properties,
Inc.(ö)
22,597
158
Sunstone
Hotel
Investors,
Inc.(ö)
10,157
100
Synovus
Financial
Corp.
3,081
95
Terreno
Realty
Corp.(ö)
1,687
109
Territorial
Bancorp,
Inc.
7,771
150
Texas
Capital
Bancshares,
Inc.(Æ)
6,248
306
Tiptree,
Inc.
Class
A
20,956
305
Towne
Bank
5,335
142
TPG,
Inc.
1,887
55
TriCo
Bancshares
2,318
96
Triumph
Bancorp,
Inc.
11,803
685
UMB
Financial
Corp.
1,785
103
UMH
Properties,
Inc.(ö)
24,812
367
United
Bankshares,
Inc.
4,217
148
United
Community
Banks,
Inc.
4,494
126
United
Fire
Group,
Inc.(Ð)
657
17
Universal
Insurance
Holdings,
Inc.
2,914
53
Valley
National
Bancorp
32,556
301
Walker
&
Dunlop,
Inc.
1,392
106
Washington
Trust
Bancorp,
Inc.
2,371
82
Webster
Financial
Corp.
3,290
130
Westamerica
BanCorp
4,889
217
Westwood
Holdings
Group,
Inc.
23,589
264
William
Penn
Bancorp
17,836
202
World
Acceptance
Corp.(Æ)
523
44
Xenia
Hotels
&
Resorts,
Inc.(ö)
6,304
83
Zions
Bancorp
NA(Û)
9,159
274
40,056
Health
Care
-
16.3%
2seventy
bio,
Inc.(Æ)
4,068
41
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Acadia
Pharmaceuticals,
Inc.(Æ)
10,791
203
Accolade,
Inc.(Æ)(Ð)
4,000
58
Accuray,
Inc.(Æ)
5,678
17
Adaptive
Biotechnologies
Corp.(Æ)(Ð)
6,600
58
Adicet
Bio,
Inc.(Æ)
7,356
42
Agios
Pharmaceuticals,
Inc.(Æ)
2,240
51
Akebia
Therapeutics,
Inc.(Æ)
12,274
7
Alector,
Inc.(Æ)
6,700
41
Alignment
Healthcare,
Inc.(Æ)(Ð)
7,421
47
Alkermes
PLC(Æ)
744
21
Allscripts
Healthcare
Solutions,
Inc.(Æ)
23,365
305
Alphatec
Holdings,
Inc.(Æ)
24,217
378
Amedisys,
Inc.(Æ)
3,789
279
Amneal
Pharmaceuticals,
Inc.(Æ)
9,449
13
Amphastar
Pharmaceuticals,
Inc.(Æ)
4,459
167
AnaptysBio,
Inc.(Æ)
1,640
36
AngioDynamics,
Inc.(Æ)
2,700
28
ANI
Pharmaceuticals,
Inc.(Æ)
11,486
456
Apellis
Pharmaceuticals,
Inc.(Æ)
8,100
534
Apollo
Endosurgery,
Inc.(Æ)
8,551
85
Arcellx,
Inc.(Æ)
6,042
186
Arcus
Biosciences,
Inc.(Æ)
1,621
30
Argenx
SE
-
ADR(Æ)
855
319
Arrowhead
Pharmaceuticals,
Inc.(Æ)
18,480
469
Arvinas,
Inc.(Æ)
3,133
86
Ascendis
Pharma
A/S
-
ADR(Æ)
4,350
466
Avanos
Medical,
Inc.(Æ)
6,111
182
Avid
Bioservices,
Inc.(Æ)
72,696
1,364
Axogen,
Inc.(Æ)
1,600
15
Beam
Therapeutics,
Inc.(Æ)
6,942
213
Berkeley
Lights,
Inc.(Æ)(Ð)
2,935
3
BioCryst
Pharmaceuticals,
Inc.(Æ)(Ð)
13,377
112
Biohaven,
Ltd.(Æ)
1,961
27
BioLife
Solutions,
Inc.(Æ)
28,410
618
Bluebird
Bio,
Inc.(Æ)
11,130
35
Blueprint
Medicines
Corp.(Æ)
4,378
197
C4
Therapeutics,
Inc.(Æ)
3,528
11
CareDx,
Inc.(Æ)(Ð)
5,141
47
Catalyst
Pharmaceuticals,
Inc.(Æ)
8,055
134
Chemed
Corp.
351
189
Chimerix,
Inc.(Æ)
4,575
6
CinCor
Pharma,
Inc.(Æ)(Š)
3,630
11
Codexis,
Inc.(Æ)
7,735
32
Coherus
Biosciences,
Inc.(Æ)(Ð)
7,182
49
Collegium
Pharmaceutical,
Inc.(Æ)
4,116
99
Computer
Programs
&
Systems,
Inc.(Æ)
5,411
163
CONMED
Corp.
6,031
626
Consensus
Cloud
Solutions,
Inc.
Class
W(Æ)(Ð)
764
26
CorVel
Corp.(Æ)
398
76
Cytokinetics,
Inc.(Æ)
16,148
568
CytomX
Therapeutics,
Inc.(Æ)
4,574
7
DaVita
HealthCare
Partners,
Inc.(Æ)(Û)
4,177
339
Deciphera
Pharmaceuticals,
Inc.(Æ)
5,444
84
Denali
Therapeutics,
Inc.(Æ)
7,282
168
Dyne
Therapeutics,
Inc.(Æ)(Ð)
1,530
18
Emergent
BioSolutions,
Inc.(Æ)
7,115
74
Enanta
Pharmaceuticals,
Inc.(Æ)(Ð)
1,328
54
Encompass
Health
Corp.
3,490
189
Ensign
Group,
Inc.
(The)
1,311
125
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
EQRx,
Inc.(Æ)
10,900
21
Erasca,
Inc.(Æ)(Ð)
2,806
8
Esperion
Therapeutics,
Inc.(Æ)(Ð)
2,200
3
Exelixis,
Inc.(Æ)
17,705
344
Fate
Therapeutics,
Inc.(Æ)
9,430
54
FibroGen,
Inc.(Æ)
6,130
114
Fulgent
Genetics,
Inc.(Æ)
5,395
168
Ginkgo
Bioworks
Holdings,
Inc.(Æ)(Ð)
25,500
34
GoodRx
Holdings,
Inc.
Class
A(Æ)(Ð)
6,634
41
Gritstone
Oncology,
Inc.(Æ)
6,847
19
Guardant
Health,
Inc.(Æ)
5,810
136
Haemonetics
Corp.(Æ)
1,456
120
Halozyme
Therapeutics,
Inc.(Æ)
11,523
440
Harmony
Biosciences
Holdings,
Inc.(Æ)
1,695
55
Health
Catalyst,
Inc.(Æ)
6,098
71
Hims
&
Hers
Health,
Inc.(Æ)
17,187
170
Homology
Medicines,
Inc.(Æ)(Ð)
3,112
3
Inari
Medical,
Inc.(Æ)
2,514
155
InfuSystem
Holdings,
Inc.(Æ)
54,545
423
Inhibrx,
Inc.(Æ)
26,154
494
Innoviva,
Inc.(Æ)
41,622
468
Inogen,
Inc.(Æ)
7,318
91
Inspire
Medical
Systems,
Inc.(Æ)
1,973
462
Integer
Holdings
Corp.(Æ)
1,698
132
Intellia
Therapeutics,
Inc.(Æ)
6,764
252
Intercept
Pharmaceuticals,
Inc.(Æ)
4,262
57
Iovance
Biotherapeutics,
Inc.(Æ)
9,457
58
iRadimed
Corp.
21,765
856
iTeos
Therapeutics,
Inc.(Æ)
1,313
18
Joint
Corp.
(The)(Æ)
6,280
106
Karuna
Therapeutics,
Inc.(Æ)
343
62
Karyopharm
Therapeutics,
Inc.(Æ)
11,294
44
Keros
Therapeutics,
Inc.(Æ)
4,095
175
Kezar
Life
Sciences,
Inc.(Æ)
11,883
37
Kiniksa
Pharmaceuticals,
Ltd.
Class
A(Æ)
3,152
34
Krystal
Biotech,
Inc.(Æ)
1,209
97
Kura
Oncology,
Inc.(Æ)
8,027
98
Kymera
Therapeutics,
Inc.(Æ)
2,206
65
Landec
Corp.(Æ)
24,528
93
Lantheus
Holdings,
Inc.(Æ)
2,685
222
Legend
Biotech
Corp.
-
ADR(Æ)
5,174
249
LeMaitre
Vascular,
Inc.
29,734
1,530
Ligand
Pharmaceuticals,
Inc.
Class
B(Æ)
2,553
188
LivaNova
PLC(Æ)
4,685
204
Lyell
Immunopharma,
Inc.(Æ)
6,300
15
MEDNAX,
Inc.(Æ)
18,800
280
Medpace
Holdings,
Inc.(Æ)
3,503
659
MeiraGTx
Holdings
PLC(Æ)
9,141
47
Merit
Medical
Systems,
Inc.(Æ)
1,685
125
Mirati
Therapeutics,
Inc.(Æ)
3,437
128
NanoString
Technologies,
Inc.(Æ)(Ð)
4,869
48
Natera,
Inc.(Æ)
1,316
73
National
HealthCare
Corp.
2,678
156
National
Research
Corp.
Class
A
1,447
63
Nektar
Therapeutics(Æ)
11,615
8
Neogen
Corp.(Æ)
7,204
133
Neurocrine
Biosciences,
Inc.(Æ)(Û)
8,282
838
Nevro
Corp.(Æ)
2,045
74
NGM
Biopharmaceuticals,
Inc.(Æ)(Ð)
3,110
13
Nurix
Therapeutics,
Inc.(Æ)(Ð)
3,773
33
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
NuVasive,
Inc.(Æ)
1,226
51
Oranogenesis
Holdings,
Inc.(Æ)
5,100
11
OraSure
Technologies,
Inc.(Æ)
6,883
42
Organon
&
Co.(Ð)
14,451
340
Orthofix
Medical,
Inc.(Æ)
10,384
174
Ovid
Therapeutics,
Inc.(Æ)(Ñ)
21,212
55
Owens
&
Minor,
Inc.(Æ)
11,531
168
Pacira
BioSciences,
Inc.(Æ)
3,919
160
Paragon
28,
Inc.(Æ)
10,314
176
Patterson
Cos.,
Inc.
971
26
Pennant
Group,
Inc.
(The)(Æ)
10,601
151
Penumbra,
Inc.(Æ)
1,068
298
Perrigo
Co.
PLC
15,877
569
Personalis,
Inc.(Æ)
2,788
8
PetIQ,
Inc.(Æ)
10,220
117
Phreesia,
Inc.(Æ)
4,322
140
Pliant
Therapeutics,
Inc.(Æ)
5,892
157
Prestige
Brands
Holdings,
Inc.(Æ)
2,922
183
Privia
Health
Group,
Inc.(Æ)
4,503
124
Progenics
Pharmaceuticals,
Inc.(Æ)(Š)
1,808
—
Prometheus
Biosciences,
Inc.(Æ)
4,608
495
Protagonist
Therapeutics,
Inc.(Æ)
3,798
87
PTC
Therapeutics,
Inc.(Æ)
12,337
598
Pulmonx
Corp.(Æ)(Ð)
4,467
50
Quanterix
Corp.(Æ)
2,000
23
Quipt
Home
Medical
Corp.(Æ)
35,786
251
Radius
Health,
Inc.(Æ)(Š)
16,200
1
Recursion
Pharmaceuticals,
Inc.
Class
A(Æ)
7,622
51
REGENXBIO,
Inc.(Æ)
4,326
82
Repligen
Corp.(Æ)
2,983
502
Revance
Therapeutics,
Inc.(Æ)
2,218
71
Rigel
Pharmaceuticals,
Inc.(Æ)
17,900
24
Rocket
Pharmaceuticals,
Inc.(Æ)
42,676
731
RxSight,
Inc.(Æ)
5,869
98
Sangamo
BioSciences,
Inc.(Æ)
10,300
18
Sarepta
Therapeutics,
Inc.(Æ)(Û)
2,364
326
Schrodinger,
Inc.(Æ)
11,824
311
Science
37
Holdings,
Inc.(Æ)
332,355
94
Select
Medical
Holdings
Corp.
4,285
111
Selecta
Biosciences,
Inc.(Æ)
4,638
6
Semler
Scientific,
Inc.(Æ)
679
18
Sharecare,
Inc.(Æ)(Ñ)
78,719
112
ShockWave
Medical,
Inc.(Æ)
944
205
Silverback
Therapeutics,
Inc.(Æ)
1,000
7
SpringWorks
Therapeutics,
Inc.(Æ)
6,300
162
STAAR
Surgical
Co.(Æ)
2,203
141
Supernus
Pharmaceuticals,
Inc.(Æ)
2,049
74
Surmodics,
Inc.(Æ)
4,799
109
Sutro
Biopharma,
Inc.(Æ)
3,305
15
Syneos
Health,
Inc.
Class
A(Æ)
4,809
171
Tabula
Rasa
HealthCare,
Inc.(Æ)
765
4
Tactile
Systems
Technology,
Inc.(Æ)
8,638
142
Talkspace,
Inc.(Æ)
128,934
90
Tandem
Diabetes
Care,
Inc.(Æ)(Ð)
1,650
67
Tela
Bio,
Inc.(Æ)
4,102
44
Tenet
Healthcare
Corp.(Æ)
6,507
387
Theravance
Biopharma,
Inc.(Æ)
3,409
37
TransMedics
Group,
Inc.(Æ)
4,192
317
Travere
Therapeutics,
Inc.(Æ)
7,088
159
Treace
Medical
Concepts,
Inc.(Æ)
16,573
417
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
Ultragenyx
Pharmaceutical,
Inc.(Æ)
6,432
258
United
Therapeutics
Corp.(Æ)(Û)
3,280
735
US
Physical
Therapy,
Inc.
1,047
103
Utah
Medical
Products,
Inc.
6,842
648
Vanda
Pharmaceuticals,
Inc.(Æ)
3,230
22
Ventyx
Biosciences,
Inc.(Æ)
5,054
169
Viad
Corp.(Æ)
1,300
27
Viemed
Healthcare,
Inc.(Æ)
12,062
117
Viridian
Therapeutics,
Inc.(Æ)
5,865
149
Xencor,
Inc.(Æ)
9,779
273
Xenon
Pharmaceuticals,
Inc.(Æ)
7,854
281
Y-mAbs
Therapeutics,
Inc.(Æ)
1,000
5
Zai
Lab,
Ltd.
-
ADR(Æ)
5,164
172
Zentalis
Pharmaceuticals,
Inc.(Æ)
6,325
109
Zinvie,
Inc.(Æ)
2,248
16
34,090
Materials
and
Processing
-
7.7%
AAON,
Inc.
1,940
188
AdvanSix,
Inc.
749
29
Allegheny
Technologies,
Inc.(Æ)
6,985
276
Alpha
Metallurgical
Resources,
Inc.
203
32
American
Vanguard
Corp.
5,547
121
Apogee
Enterprises,
Inc.
1,728
75
Arizona
Sonoran
Copper
Co.,
Inc.(Æ)
73,119
100
Avient
Corp.
11,852
488
Axalta
Coating
Systems,
Ltd.(Æ)
6,573
199
AZEK
Co.,
Inc.
(The)(Æ)
7,922
186
Balchem
Corp.
1,852
234
Boise
Cascade
Co.
4,138
262
BrightView
Holdings,
Inc.(Æ)
12,454
70
Cabot
Corp.
1,830
140
Capstone
Copper
Corp.(Æ)
25,565
115
Carpenter
Technology
Corp.
8,600
385
Chemours
Co.
(The)
1,600
48
Clearwater
Paper
Corp.(Æ)
893
30
Commercial
Metals
Co.
5,024
246
Compass
Minerals
International,
Inc.
3,032
104
Constellium
SE(Æ)
7,394
113
E3
Lithium,
Ltd.(Æ)
43,035
86
Ecovyst,
Inc.(Æ)
44,048
487
Element
Solutions,
Inc.
19,421
375
Enerpac
Tool
Group
Corp.
2,716
69
ERO
Copper
Corp.(Æ)
3,468
61
Hecla
Mining
Co.
24,414
155
Horizonte
Minerals
PLC(Æ)
105,114
176
Huntsman
Corp.(Û)
11,517
315
JELD-WEN
Holding,
Inc.(Æ)(Ð)
5,626
71
Kaiser
Aluminum
Corp.
14,883
1,111
Kronos
Worldwide,
Inc.
1,300
12
Livent
Corp.(Æ)
3,176
69
Louisiana-Pacific
Corp.
5,241
284
Matthews
International
Corp.
Class
A
4,573
165
MDU
Resources
Group,
Inc.
7,402
226
MP
Materials
Corp.(Æ)(Ð)
3,056
86
MRC
Global,
Inc.(Æ)
13,133
128
Northwest
Pipe
Co.(Æ)
6,597
206
Nouveau
Monde
Graphite,
Inc.(Æ)(Ñ)
20,709
106
NOVAGOLD
Resources,
Inc.(Æ)
15,200
95
O-I
Glass,
Inc.(Æ)
8,502
193
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Oil-Dri
Corp.
of
America
5,788
241
Olympic
Steel,
Inc.
3,629
189
Orion
Engineered
Carbons
SA
4,681
122
Perimeter
Solutions
SA(Æ)
9,003
73
PGT
Innovations,
Inc.(Æ)
3,877
97
Piedmont
Lithium,
Inc.(Æ)
1,817
109
Quaker
Chemical
Corp.
966
191
Rayonier
Advanced
Materials,
Inc.(Æ)(Ð)
3,700
23
Resideo
Technologies,
Inc.(Æ)
7,868
144
Resolute
Forest
Products,
Inc.(Æ)(Š)
7,348
10
Rogers
Corp.(Æ)
886
145
Royal
Gold,
Inc.
2,240
291
ScanSource,
Inc.(Æ)
656
20
Schnitzer
Steel
Industries,
Inc.
Class
A
15,756
490
Schweitzer-Mauduit
International,
Inc.
32,237
692
SiteOne
Landscape
Supply,
Inc.(Æ)
2,718
372
SmartRent,
Inc.(Æ)(Ñ)
33,526
85
Sonoco
Products
Co.
4,691
286
Stelco
Holdings,
Inc.
2,398
93
Summit
Materials,
Inc.
Class
A(Æ)
3,690
105
Sylvamo
Corp.
2,348
109
Tecnoglass,
Inc.
12,945
543
TimkenSteel
Corp.(Æ)
13,243
243
Trinseo
PLC
16,198
338
Tronox
Holdings
PLC
Class
A
43,910
631
UFP
Industries,
Inc.
1,800
143
UFP
Technologies,
Inc.(Æ)
9,634
1,251
Unifi,
Inc.(Æ)
15,412
126
United
States
Lime
&
Minerals,
Inc.
367
56
Univar
Solutions,
Inc.
-
ADR(Æ)
8,708
305
Universal
Stainless
&
Alloy
Products,
Inc.
(Æ)
12,525
117
Valvoline,
Inc.
7,962
278
Veritiv
Corp.
1,092
148
Worthington
Industries,
Inc.
2,102
136
16,119
Producer
Durables
-
17.7%
Aaron's
Co.,
Inc.
(The)
2,700
26
ABM
Industries,
Inc.
3,762
169
Adient
PLC(Æ)(Û)
5,129
210
AECOM
4,363
368
AGCO
Corp.
2,898
392
Allied
Motion
Technologies,
Inc.
17,266
667
Allison
Transmission
Holdings,
Inc.
Class
A
3,277
148
Alta
Equipment
Group,
Inc.
1,400
22
AMN
Healthcare
Services,
Inc.(Æ)
1,284
107
Applied
Industrial
Technologies,
Inc.
2,409
342
ArcBest
Corp.
4,006
370
Arcosa,
Inc.
4,670
295
Ardmore
Shipping
Corp.
17,998
268
Argan,
Inc.
10,835
439
Arhaus,
Inc.(Æ)(Ñ)
6,621
55
ASGN,
Inc.(Æ)
1,771
146
Astec
Industries,
Inc.
2,030
84
Axon
Enterprise,
Inc.(Æ)
1,791
403
Badger
Meter,
Inc.
855
104
Barnes
Group,
Inc.
11,182
450
Barrett
Business
Services,
Inc.
455
40
Bloom
Energy
Corp.
Class
A(Æ)
5,870
117
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
Bowlero
Corp.(Æ)
5,387
91
Bowman
Consulting
Group,
Ltd.(Æ)
5,300
152
Brady
Corp.
Class
A
2,169
117
Brookfield
Infrastructure
Corp.
Class
A
2,558
118
BWX
Technologies,
Inc.
5,074
320
Casella
Waste
Systems,
Inc.
Class
A(Æ)
8,234
681
CBIZ,
Inc.(Æ)
3,061
151
CECO
Environmental
Corp.(Æ)
14,648
205
Chart
Industries,
Inc.(Æ)
1,187
149
Comfort
Systems
USA,
Inc.
765
112
CompoSecure,
Inc.(Æ)
20,042
148
Covenant
Logistics
Group,
Inc.
Class
A
1,162
41
Cross
Country
Healthcare,
Inc.(Æ)
10,661
238
Daseke,
Inc.(Æ)
1,117
9
Deluxe
Corp.
30,584
489
DHT
Holdings,
Inc.
22,921
248
Douglas
Dynamics,
Inc.
667
21
Dycom
Industries,
Inc.(Æ)
2,861
268
Eagle
Bulk
Shipping,
Inc.
6,733
306
EMCOR
Group,
Inc.
1,145
186
Encore
Wire
Corp.
2,056
381
Energy
Recovery,
Inc.(Æ)
6,807
157
EnerSys
7,721
671
Ennis,
Inc.
5,013
106
EVERTEC,
Inc.
3,058
103
ExlService
Holdings,
Inc.(Æ)
1,809
293
Exponent,
Inc.
1,296
129
Faro
Technologies,
Inc.(Æ)
1,154
28
Federal
Signal
Corp.
3,914
212
First
Advantage
Corp.(Æ)
7,645
107
Flowserve
Corp.
21,992
748
Fluor
Corp.(Æ)
11,950
369
Fox
Factory
Holding
Corp.(Æ)
1,394
169
Franklin
Electric
Co.,
Inc.
1,402
132
Frontdoor,
Inc.(Æ)
3,828
107
Frontier
Group
Holdings,
Inc.(Æ)
6,346
62
Genco
Shipping
&
Trading,
Ltd.
8,775
137
Gentex
Corp.
7,232
203
Green
Dot
Corp.
Class
A(Æ)
5,230
90
Hackett
Group,
Inc.
(The)
1,294
24
HealthEquity,
Inc.(Æ)
2,121
125
Heartland
Express,
Inc.
4,676
74
Heidrick
&
Struggles
International,
Inc.
870
26
Heritage-Crystal
Clean,
Inc.(Æ)
1,304
46
Hertz
Global
Holdings,
Inc.
Class
W
2,417
275
Hillman
Solutions
Corp.(Æ)
11,731
99
HNI
Corp.
3,675
102
Hub
Group,
Inc.
Class
A(Æ)
1,519
128
Hyster-Yale
Materials
Handling,
Inc.
1,585
79
I3
Verticals,
Inc.
Class
A(Æ)
43,989
1,079
ICF
International,
Inc.
2,195
241
indie
Semiconductor,
Inc.
Class
A(Æ)(Ñ)
30,209
319
Insperity,
Inc.(Û)
1,968
239
Integrated
Electrical
Services,
Inc.(Æ)
1,111
48
Itron,
Inc.(Æ)
2,407
133
Kadant,
Inc.
477
99
Kaman
Corp.
Class
A
20,062
459
Kennametal,
Inc.
9,909
273
Kforce,
Inc.
959
61
Kimball
International,
Inc.
Class
B
19,007
236
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Kirby
Corp.(Æ)
2,186
152
Knight-Swift
Transportation
Holdings,
Inc.
2,006
114
Korn
Ferry
2,579
133
Lamb
Weston
Holdings,
Inc.(Û)
1,646
172
Landstar
System,
Inc.
2,022
362
Lindsay
Corp.
561
85
Luxfer
Holdings
PLC
-
ADR
21,046
356
Magnite,
Inc.(Æ)
7,091
66
Manitowoc
Co.,
Inc.
(The)(Æ)
11,058
189
ManpowerGroup,
Inc.(Û)
2,760
228
Marten
Transport,
Ltd.
3,951
83
Matson,
Inc.
5,693
340
McGrath
RentCorp
1,603
150
Mercury
Systems,
Inc.(Æ)
9,439
483
Mesa
Laboratories,
Inc.
5,629
984
Methode
Electronics,
Inc.
13,534
594
MillerKnoll,
Inc.
24,528
502
Mirion
Technologies,
Inc.(Æ)(Ñ)
18,781
160
Mitek
Systems,
Inc.(Æ)
54,103
519
Mueller
Industries,
Inc.
2,069
152
Murphy
USA,
Inc.(Û)
1,598
412
MYR
Group,
Inc.(Æ)
1,176
148
National
Instruments
Corp.
4,727
248
Neo
Performance
Materials,
Inc.
14,316
98
NV5
Global,
Inc.(Æ)
451
47
Orion
Group
Holdings,
Inc.(Æ)
45,723
118
Oshkosh
Corp.
3,889
323
PAM
Transportation
Services,
Inc.(Æ)
691
20
Park-Ohio
Holdings
Corp.
122
1
Paysafe,
Ltd.(Æ)
1,759
30
Pitney
Bowes,
Inc.
7,171
28
Powell
Industries,
Inc.
352
15
Preformed
Line
Products
Co.
447
57
Primoris
Services
Corp.
24,462
603
PROG
Holdings,
Inc.(Æ)
5,403
129
Proto
Labs,
Inc.(Æ)
7,079
235
Quotient
Technology,
Inc.(Æ)
3,916
13
Radiant
Logistics,
Inc.(Æ)
49,076
322
Ranpak
Holdings
Corp.(Æ)
23,478
123
Remitly
Global,
Inc.(Æ)
6,924
117
Repay
Holdings
Corp.(Æ)
79,019
519
Resources
Connection,
Inc.
6,657
114
Ryerson
Holding
Corp.
1,833
67
Saia,
Inc.(Æ)
2,456
668
Schneider
National,
Inc.
Class
B(Û)
4,316
115
Scorpio
Tankers,
Inc.
6,622
373
Sight
Sciences,
Inc.(Æ)
20,470
179
Skyline
Champion
Corp.(Æ)(Û)
10,059
757
Smith
&
Wesson
Brands,
Inc.
31,640
389
Southwest
Gas
Holdings,
Inc.
3,863
241
Spirit
Airlines,
Inc.
5,111
88
Star
Bulk
Carriers
Corp.(Ñ)
7,139
151
Steelcase,
Inc.
Class
A
3,848
32
Stericycle,
Inc.(Æ)
718
31
Sterling
Construction
Co.,
Inc.(Æ)
7,348
278
Stoneridge,
Inc.(Æ)
25,145
470
Sun
Country
Airlines
Holdings,
Inc.(Æ)
6,700
137
Teekay
Tankers,
Ltd.
Class
A(Æ)
10,014
430
Tennant
Co.
8,919
611
Terex
Corp.
2,875
139
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
Textron,
Inc.
4,835
342
Thermon
Group
Holdings,
Inc.(Æ)
4,668
116
Titan
International,
Inc.(Æ)
3,554
37
Titan
Machinery,
Inc.(Æ)
2,744
84
TopBuild
Corp.(Æ)
1,227
255
Travel
+
Leisure
Co.(Ð)
2,787
109
TravelCenters
of
America
LLC(Æ)
1,813
157
TreeHouse
Foods,
Inc.(Æ)
7,746
391
TriNet
Group,
Inc.(Æ)(Û)
4,325
349
Triton
International,
Ltd.
1,869
118
TrueBlue,
Inc.(Æ)
2,077
37
Tutor
Perini
Corp.(Æ)
18,828
116
UniFirst
Corp.
566
100
Vectrus,
Inc.(Æ)
4,884
194
Vertiv
Holdings
Co.
15,977
229
Vicor
Corp.(Æ)
1,905
89
Watts
Water
Technologies,
Inc.
Class
A
797
134
Werner
Enterprises,
Inc.
2,525
115
WNS
Holdings,
Ltd.
-
ADR(Æ)
10,944
1,020
Xerox
Holdings
Corp.
26,851
414
XPO
Logistics,
Inc.(Æ)
4,523
144
36,891
Technology
-
14.3%
8x8,
Inc.(Æ)(Ð)
14,583
61
A10
Networks,
Inc.
23,191
359
ACM
Research,
Inc.
Class
A(Æ)
5,068
59
ACV
Auctions,
Inc.
Class
A(Æ)
4,334
56
Adeia,
Inc.
4,400
39
Agilysys,
Inc.(Æ)
2,695
222
Akamai
Technologies,
Inc.(Æ)
1,800
23
Alight,
Inc.
Class
A(Æ)
13,739
127
Allegro
Microsystems,
Inc.(Æ)(Ð)(Û)
2,013
97
Ambarella,
Inc.(Æ)
5,165
400
American
Software,
Inc.
Class
A
75,051
946
Amkor
Technology,
Inc.
4,264
111
Appfolio,
Inc.
Class
A(Æ)
1,942
242
Arlo
Technologies,
Inc.(Æ)
10,464
63
Asure
Software,
Inc.(Æ)
9,546
138
Augmedix,
Inc.(Æ)
63,130
110
Avid
Technology,
Inc.(Æ)
2,319
74
Axcelis
Technologies,
Inc.(Æ)
2,973
396
Bandwidth,
Inc.
Class
A(Æ)
2,151
33
Bel
Fuse,
Inc.
Class
B
8,478
319
Benchmark
Electronics,
Inc.
3,968
94
Blend
Labs,
Inc.
Class
A(Æ)
500
1
Box,
Inc.
Class
A(Æ)(Û)
11,102
297
Brightcove,
Inc.(Æ)
1,053
5
CalAmp
Corp.(Æ)
2,535
9
Calix,
Inc.(Æ)
3,558
191
Cambium
Networks
Corp.(Æ)
1,360
24
Cardlytics,
Inc.(Æ)
1,500
5
Cars.com,
Inc.(Æ)
10,527
203
Cerence,
Inc.(Æ)
3,084
87
CI&T,
Inc.
Class
A(Æ)
43,661
241
Ciena
Corp.(Æ)
1,437
75
Cirrus
Logic,
Inc.(Æ)(Ð)
4,012
439
Cohu,
Inc.(Æ)
3,990
153
CommScope
Holding
Co.,
Inc.(Æ)
26,786
171
CommVault
Systems,
Inc.(Æ)
2,013
114
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Couchbase,
Inc.(Æ)
1,000
14
CS
Disco,
Inc.(Æ)(Ð)
1,900
13
CSG
Systems
International,
Inc.
4,529
243
CTS
Corp.
1,829
90
Dell
Technologies,
Inc.
Class
C(Û)
2,083
84
Diebold
Nixdorf,
Inc.(Æ)(Ð)
1,059
1
Diodes,
Inc.(Æ)
3,213
298
Docebo,
Inc.(Æ)
972
40
Domo,
Inc.
Class
B(Æ)
2,711
38
DoubleVerify
Holdings,
Inc.(Æ)
10,881
328
Dropbox,
Inc.
Class
A(Æ)(Û)
16,485
356
Endava
PLC
-
ADR(Æ)
4,971
334
Enfusion,
Inc.
Class
A(Æ)
2,107
22
EngageSmart,
Inc.(Æ)
2,057
40
Enovis
Corp.
Class
W(Æ)
3,728
199
ePlus,
Inc.(Æ)
2,237
110
Everbridge,
Inc.(Æ)
4,617
160
Extreme
Networks,
Inc.(Æ)
20,939
400
F5,
Inc.(Æ)(Ð)
319
46
Five9,
Inc.(Æ)
4,716
341
FormFactor,
Inc.(Æ)
5,293
169
Genasys,
Inc.(Æ)
59,828
176
Guidewire
Software,
Inc.(Æ)
2,437
200
Harmonic,
Inc.(Æ)
24,974
364
HireRight
Holdings
Corp.(Æ)
1,000
11
IBEX
Holdings,
Ltd.(Æ)
6,292
154
IDT
Corp.
Class
B(Æ)
3,897
133
Immersion
Corp.
16,518
148
Impinj,
Inc.(Æ)
2,333
316
Infinera
Corp.(Æ)(Ð)
20,513
159
Informatica,
Inc.
Class
A(Æ)
3,570
59
Insight
Enterprises,
Inc.(Æ)
840
120
Intapp,
Inc.(Æ)
1,960
88
Ituran
Location
and
Control,
Ltd.
4,333
94
Jabil
Circuit,
Inc.(Û)
3,696
326
JFrog,
Ltd.(Æ)
6,372
126
Kaltura,
Inc.(Æ)
53,452
103
KBR,
Inc.
6,361
350
Kulicke
&
Soffa
Industries,
Inc.
16,045
845
LivePerson,
Inc.(Æ)
5,200
23
Lyft,
Inc.
Class
A(Æ)
17,386
161
Maxar
Technologies,
Inc.
4,744
242
MaxLinear,
Inc.
Class
A(Æ)
3,113
110
Model
N,
Inc.(Æ)
27,880
933
Momentive
Global,
Inc.(Æ)
38,009
354
NAPCO
Security
Technologies,
Inc.(Æ)
36,439
1,369
NETGEAR,
Inc.(Æ)
2,697
50
NetScout
Systems,
Inc.(Æ)
7,284
209
New
Relic,
Inc.(Æ)
3,959
298
nLight,
Inc.(Æ)
44,998
458
Nutanix,
Inc.
Class
A(Æ)
10,148
264
ON24,
Inc.(Æ)
26,007
228
One
Stop
Systems,
Inc.(Æ)(Ñ)
24,597
61
OneSpan,
Inc.(Æ)
12,748
223
Ooma,
Inc.(Æ)
18,025
225
Ouster,
Inc.(Æ)
1,886
2
PDF
Solutions,
Inc.(Æ)
27,981
1,186
Pegasystems,
Inc.
9,007
437
Perficient,
Inc.(Æ)
1,664
120
Perion
Network,
Ltd.(Æ)
9,249
366
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
PlayAGS,
Inc.(Æ)
2,554
18
Playtika
Holding
Corp.(Æ)(Û)
5,446
61
Power
Integrations,
Inc.
1,764
149
Progress
Software
Corp.
1,588
91
Q2
Holdings,
Inc.(Æ)
2,054
51
Qualys,
Inc.(Æ)
7,699
1,001
Quantum
Corp.(Æ)
1,901
2
Rackspace
Technology,
Inc.(Æ)
4,700
9
RADCOM,
Ltd.(Æ)
10,957
110
Rambus,
Inc.(Æ)
6,877
353
Rapid7,
Inc.(Æ)(Ð)
3,926
180
Ribbon
Communications,
Inc.(Æ)(Ð)
6,982
24
Richardson
Electronics,
Ltd.
5,918
132
Sanmina
Corp.(Æ)
2,005
122
Sapiens
International
Corp.
NV(Æ)
2,165
47
SecureWorks
Corp.
Class
A(Æ)
1,434
12
Semtech
Corp.(Æ)(Ð)
3,310
80
ShotSpotter,
Inc.(Æ)
5,905
232
Shutterstock,
Inc.
1,626
118
Silicon
Laboratories,
Inc.(Æ)
2,489
436
Simulations
Plus,
Inc.
25,076
1,102
SiTime
Corp.(Æ)
633
90
SkyWater
Technology,
Inc.(Æ)
1,971
22
SMART
Global
Holdings,
Inc.(Æ)
16,556
285
Smartsheet,
Inc.
Class
A(Æ)
11,274
539
SolarWinds
Corp.(Æ)
2,671
23
Sonos,
Inc.(Æ)
11,091
218
Sprout
Social,
Inc.
Class
A(Æ)
2,850
174
SPS
Commerce,
Inc.(Æ)
1,387
211
Symbotic,
Inc.(Æ)(Ñ)
2,362
54
Synaptics,
Inc.(Æ)
1,460
162
Telos
Corp.(Æ)
3,651
9
Tenable
Holdings,
Inc.(Æ)
5,841
278
TrueCar,
Inc.(Æ)
34,840
80
TTM
Technologies,
Inc.(Æ)
8,022
108
Twilio,
Inc.
Class
A(Æ)(Ð)
325
22
Unisys
Corp.(Æ)
4,215
16
Upland
Software,
Inc.(Æ)
1,000
4
Varonis
Systems,
Inc.(Æ)
15,556
405
Viavi
Solutions,
Inc.
Class
W(Æ)(Û)
23,108
250
Vimeo,
Inc.(Æ)
55,229
212
Vishay
Intertechnology,
Inc.
5,733
130
VTEX
Class
A(Æ)
47,422
182
Western
Digital
Corp.(Æ)(Û)
849
32
Wix.com,
Ltd.(Æ)
2,841
284
Workiva,
Inc.(Æ)
8,732
894
Yelp,
Inc.
Class
A(Æ)(Û)
5,750
177
Zeta
Global
Holdings
Corp.
Class
A(Æ)
27,693
300
29,892
Utilities
-
4.4%
Allete,
Inc.
10,196
656
Allot,
Ltd.(Æ)
19,053
51
Altus
Power,
Inc.(Æ)(Ð)
3,415
19
APA
Corp.(Û)
1,425
51
Avista
Corp.
4,974
211
Black
Hills
Corp.
1,239
78
California
Resources
Corp.
4,197
162
CNX
Resources
Corp.(Æ)
8,200
131
Cogent
Communications
Holdings,
Inc.
1,722
110
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Denbury,
Inc.(Æ)
1,769
155
Earthstone
Energy,
Inc.
Class
A(Æ)(Ñ)
56,929
741
Evolution
Petroleum
Corp.
113,370
715
Excelerate
Energy,
Inc.
Class
A
23,425
519
Gulfport
Energy
Corp.(Æ)
2,105
168
Iridium
Communications,
Inc.
4,436
275
Kosmos
Energy,
Ltd.(Æ)
9,164
68
Mammoth
Energy
Services,
Inc.(Æ)
11,983
51
New
Jersey
Resources
Corp.
2,763
147
Northern
Oil
and
Gas,
Inc.
2,453
74
Northwest
Natural
Holding
Co.
5,406
257
NorthWestern
Corp.
3,665
212
NRG
Energy,
Inc.
10,652
365
Oasis
Petroleum,
Inc.
1,355
182
ONE
Gas,
Inc.
3,865
306
Permian
Resources
Corp.
68,333
718
Plains
GP
Holdings,
LP
Class
A(Æ)
8,895
117
Portland
General
Electric
Co.
4,569
223
RGC
Resources,
Inc.
13,070
303
Saturn
Oil
&
Gas,
Inc.(Æ)
55,812
104
SilverBow
Resources,
Inc.(Æ)
10,851
248
Spire,
Inc.
1,732
122
Telephone
&
Data
Systems,
Inc.
9,589
101
Unitil
Corp.
7,837
447
US
Cellular
Corp.(Æ)
7,631
158
Vistra
Corp.(Û)
15,788
379
York
Water
Co.
(The)
11,046
494
9,118
Total
Common
Stocks
(cost
$197,072)
206,903
Short-Term
Investments
-
5.0%
U.S.
Cash
Management
Fund(@)
10,334,025
(∞)
10,331
Total
Short-Term
Investments
(cost
$10,331)
10,331
Other
Securities
-
1.4%
U.S.
Cash
Collateral
Fund(@)(×)
2,978,917
(∞)
2,979
Total
Other
Securities
(cost
$2,979)
2,979
Total
Investments
-
105.5%
(identified
cost
$210,382)
220,213
Securities
Sold
Short
-
(4.5)%
Consumer
Discretionary
-
(0.7)%
Advanced
Energy
Industries,
Inc.
(851)
(83)
Akoustis
Technologies,
Inc.(Æ)
(6,385)
(20)
Altice
USA,
Inc.
Class
A(Æ)
(20,130)
(69)
America's
Car-Mart,
Inc.(Æ)
(358)
(28)
AMMO,
Inc.(Æ)
(3,516)
(7)
Aspen
Aerogels,
Inc.(Æ)
(3,549)
(26)
Blade
Air
Mobility,
Inc.(Æ)
(1,700)
(6)
Byrna
Technologies,
Inc.(Æ)
(875)
(7)
CarParts.com,
Inc.(Æ)
(5,676)
(30)
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Small
Cap
Equity
Fund
19
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Central
Garden
&
Pet
Co.
Class
A(Æ)
(1,613)
(63)
Churchill
Downs,
Inc.
(683)
(176)
Clear
Channel
Worldwide
Holdings,
Inc.(Æ)
(24,965)
(30)
Conn's,
Inc.(Æ)
(2,762)
(17)
DISH
Network
Corp.
Class
A(Æ)
(4,807)
(45)
Dream
Finders
Homes,
Inc.
Class
A(Æ)
(1,941)
(26)
Freshpet,
Inc.(Æ)
(2,406)
(159)
GrowGeneration
Corp.(Æ)
(1,542)
(5)
Joby
Aviation,
Inc.(Æ)
(8,603)
(37)
Leslie's,
Inc.(Æ)
(3,572)
(39)
LGI
Homes,
Inc.(Æ)
(609)
(70)
Lindblad
Expeditions
Holdings,
Inc.(Æ)
(2,792)
(27)
LL
Flooring
Holdings,
Inc.(Æ)
(4,195)
(16)
Lordstown
Motors
Corp.
Class
A(Æ)
(19,301)
(13)
MicroVision,
Inc.(Æ)
(5,642)
(15)
Nerdy,
Inc.(Æ)
(2,649)
(11)
OneWater
Marine,
Inc.
Class
A(Æ)
(933)
(26)
RealReal,
Inc.
(The)(Æ)
(12,216)
(15)
Rocket
Lab
USA,
Inc.(Æ)
(7,228)
(29)
Rocky
Brands,
Inc.
(29)
(1)
Skillsoft
Corp.(Æ)
(4,541)
(9)
Topgolf
Callaway
Brands
Corp.(Æ)
(8,498)
(184)
Virgin
Galactic
Holdings,
Inc.(Æ)
(1,409)
(6)
XPEL,
Inc.(Æ)
(1,590)
(108)
Ziff
Davis,
Inc.(Æ)
(1,133)
(88)
(1,491)
Consumer
Staples
-
(0.2)%
22nd
Century
Group,
Inc.(Æ)
(12,847)
(10)
Alico,
Inc.
(717)
(17)
Beauty
Health
Co.
(The)(Æ)
(3,654)
(46)
BellRing
Brands,
Inc.(Æ)
(2,460)
(84)
J&J
Snack
Foods
Corp.
(571)
(85)
MGP
Ingredients,
Inc.
(1,142)
(110)
Utz
Brands,
Inc.
(1,988)
(33)
(385)
Energy
-
(0.2)%
Aemetis,
Inc.(Æ)
(1,159)
(3)
Ameresco,
Inc.
Class
A(Æ)
(1,370)
(67)
Cleanspark,
Inc.(Æ)
(4,383)
(12)
Enviva,
Inc.
(145)
(4)
FuelCell
Energy,
Inc.(Æ)
(2,069)
(6)
Gevo,
Inc.(Æ)
(8,767)
(13)
GrafTech
International,
Ltd.
(8,767)
(43)
Southwestern
Energy
Co.(Æ)
(18,505)
(92)
Sunrun,
Inc.(Æ)
(2,311)
(47)
Uranium
Energy
Corp.(Æ)
(23,795)
(69)
(356)
Financial
Services
-
(0.6)%
Annaly
Capital
Management,
Inc.(ö)
(8,092)
(155)
Applied
Digital
Corp.(Æ)
(5,290)
(12)
Ashford
Hospitality
Trust,
Inc.(Æ)
(3,979)
(13)
Carlyle
Group,
LP
(4,894)
(152)
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Chimera
Investment
Corp.(ö)
(2,681)
(15)
Diversified
Healthcare
Trust
(18,409)
(25)
Franchise
Group,
Inc.
(3,387)
(92)
Franklin
BSP
Realty
Trust,
Inc.(ö)
(2,315)
(28)
Healthcare
Realty
Holdings,
LP(ö)
(7,715)
(149)
Hippo
Holdings,
Inc.(Æ)
(560)
(9)
Industrial
Logistics
Properties
Trust(ö)
(8,188)
(25)
Kite
Realty
Group
Trust(ö)
(6,387)
(134)
New
York
Mortgage
Trust,
Inc.(ö)
(4,970)
(49)
Oportun
Financial
Corp.(Æ)
(2,363)
(9)
Orchid
Island
Capital,
Inc.(ö)
(4,487)
(48)
Potlatch
Corp.(ö)
(2,942)
(146)
Spire
Global,
Inc.(Æ)
(2,098)
(1)
Webster
Financial
Corp.
(3,415)
(135)
WW
International,
Inc.(Æ)
(5,000)
(20)
(1,217)
Health
Care
-
(1.0)%
AdaptHealth
Corp.(Æ)
(6,040)
(75)
Agenus,
Inc.(Æ)
(20,354)
(31)
Akero
Therapeutics,
Inc.(Æ)
(190)
(7)
Anavex
Life
Sciences
Corp.(Æ)
(2,236)
(19)
Apellis
Pharmaceuticals,
Inc.(Æ)
(2,389)
(158)
Apollo
Medical
Holdings,
Inc.(Æ)
(724)
(26)
Atossa
Therapeutics,
Inc.(Æ)
(10,029)
(7)
Avidity
Biosciences,
Inc.(Æ)
(2,308)
(35)
Azenta,
Inc.(Æ)
(1,676)
(75)
BioLife
Solutions,
Inc.(Æ)
(2,464)
(54)
Bionano
Genomics,
Inc.(Æ)
(19,481)
(22)
ClearPoint
Neuro,
Inc.(Æ)
(603)
(5)
Collegium
Pharmaceutical,
Inc.(Æ)
(1,035)
(25)
Crinetics
Pharmaceuticals,
Inc.(Æ)
(2,067)
(33)
Cytokinetics,
Inc.(Æ)
(2,103)
(74)
Day
One
Biopharmaceuticals,
Inc.(Æ)
(458)
(6)
DICE
Therapeutics,
Inc.(Æ)
(756)
(22)
DocGo,
Inc.(Æ)
(2,663)
(23)
Evolus,
Inc.(Æ)
(2,099)
(18)
Exact
Sciences
Corp.(Æ)
(1,192)
(81)
ICU
Medical,
Inc.(Æ)
(716)
(118)
ImmunityBio,
Inc.(Æ)
(2,822)
(5)
Inhibrx,
Inc.(Æ)
(1,019)
(19)
Inotiv,
Inc.(Æ)
(1,607)
(7)
Kronos
Bio,
Inc.(Æ)
(1,000)
(2)
MannKind
Corp.(Æ)
(8,734)
(36)
Masimo
Corp.(Æ)
(853)
(157)
Neogen
Corp.(Æ)
(8,894)
(165)
Nkarta,
Inc.(Æ)
(3,380)
(12)
Ocular
Therapeutix,
Inc.(Æ)
(4,213)
(22)
OrthoPediatrics
Corp.(Æ)
(617)
(27)
Pacific
Biosciences
of
California,
Inc.(Æ)
(1,351)
(16)
Pliant
Therapeutics,
Inc.(Æ)
(207)
(6)
RadNet,
Inc.(Æ)
(476)
(12)
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
20
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Relmada
Therapeutics,
Inc.(Æ)
(1,440)
(3)
Repligen
Corp.(Æ)
(975)
(164)
Revance
Therapeutics,
Inc.(Æ)
(2,912)
(94)
Scilex
Holding
Co.(Æ)
(1,012)
(8)
Seelos
Therapeutics,
Inc.(Æ)
(5,074)
(4)
Sharecare,
Inc.(Æ)
(9,641)
(14)
SIGA
Technologies,
Inc.
(3,036)
(18)
Sotera
Health
Co.(Æ)
(2,538)
(45)
Syndax
Pharmaceuticals,
Inc.(Æ)
(3,327)
(70)
Tenaya
Therapeutics,
Inc.(Æ)
(1,000)
(3)
TransMedics
Group,
Inc.(Æ)
(808)
(61)
Vaxart,
Inc.(Æ)
(4,859)
(4)
Vaxcyte,
Inc.(Æ)
(2,360)
(88)
Ventyx
Biosciences,
Inc.(Æ)
(406)
(14)
Veracyte,
Inc.(Æ)
(6,608)
(147)
Vericel
Corp.(Æ)
(1,919)
(56)
Vicarious
Surgical,
Inc.(Æ)
(3,200)
(7)
(2,200)
Materials
and
Processing
-
(0.3)%
Cleveland-Cliffs,
Inc.(Æ)
(9,283)
(170)
Lawson
Products,
Inc.(Æ)
(477)
(22)
Origin
Materials,
Inc.(Æ)
(1,800)
(8)
Pool
Corp.
(486)
(166)
Quaker
Chemical
Corp.
(440)
(87)
Schweitzer-Mauduit
International,
Inc.
(2,079)
(44)
Scotts
Miracle-Gro
Co.
(The)
Class
A
(670)
(47)
ThredUp,
Inc.
Class
A(Æ)
(5,788)
(15)
(559)
Producer
Durables
-
(0.5)%
908
Devices,
Inc.(Æ)
(218)
(2)
Acacia
Research
Corp.(Æ)
(200)
(1)
Advantage
Solutions,
Inc.(Æ)
(3,800)
(6)
Aeva
Technologies,
Inc.(Æ)
(11,100)
(13)
Affirm
Holdings,
Inc.(Æ)
(100)
(1)
GATX
Corp.
(874)
(96)
H&R
Block,
Inc.
(4,666)
(164)
Hydrofarm
Holdings
Group,
Inc.(Æ)
(7,361)
(13)
indie
Semiconductor,
Inc.
Class
A(Æ)
(4,121)
(43)
LCI
Industries
(755)
(83)
Magnite,
Inc.(Æ)
(3,836)
(35)
Maximus,
Inc.
(1,787)
(141)
Microvast
Holdings,
Inc.(Æ)
(1,776)
(2)
Moneylion,
Inc.(Æ)
(3,700)
(2)
MultiPlan
Corp.(Æ)
(19,701)
(21)
Paymentus
Holdings,
Inc.
Class
A(Æ)
(1,921)
(17)
PureCycle
Technologies,
Inc.(Æ)
(6,815)
(48)
RBC
Bearings,
Inc.(Æ)
(580)
(135)
Repay
Holdings
Corp.(Æ)
(3,295)
(22)
Sabre
Corp.(Æ)
(20,147)
(86)
Vectrus,
Inc.(Æ)
(720)
(28)
Whole
Earth
Brands,
Inc.(Æ)
(1,800)
(5)
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Workhorse
Group,
Inc.(Æ)
(8,232)
(11)
Xometry,
Inc.
Class
A(Æ)
(1,851)
(28)
Xos,
Inc.(Æ)
(1,400)
(1)
(1,004)
Technology
-
(0.9)%
ACV
Auctions,
Inc.
Class
A(Æ)
(3,951)
(51)
Adtran
Holdings,
Inc.
(2,358)
(37)
Aehr
Test
Systems(Æ)
(1,180)
(37)
Altair
Engineering,
Inc.
Class
A(Æ)
(2,210)
(159)
ANGI
Homeservices,
Inc.(Æ)
(5,800)
(13)
Appian
Corp.
Class
A(Æ)
(207)
(9)
AppLovin
Corp.
Class
A(Æ)
(10,707)
(169)
Aspen
Technology,
Inc.(Æ)
(776)
(178)
Atomera,
Inc.(Æ)
(823)
(5)
AXT,
Inc.(Æ)
(2,143)
(8)
BlackSky
Technology,
Inc.(Æ)
(3,073)
(5)
Bumble,
Inc.
Class
A(Æ)
(5,500)
(107)
Clearfield,
Inc.(Æ)
(1,189)
(55)
Coherent
Corp.(Æ)
(4,394)
(167)
Digi
International,
Inc.(Æ)
(1,433)
(48)
Digimarc
Corp.(Æ)
(1,518)
(30)
Digital
Turbine,
Inc.(Æ)
(2,154)
(27)
E2open
Parent
Holdings,
Inc.(Æ)
(9,559)
(56)
Frontier
Communications
Parent,
Inc.(Æ)
(6,423)
(146)
Identiv,
Inc.(Æ)
(1,242)
(8)
InterDigital,
Inc.
(995)
(73)
NAPCO
Security
Technologies,
Inc.(Æ)
(1,135)
(43)
Ondas
Holdings,
Inc.(Æ)
(2,338)
(2)
Opendoor
Technologies,
Inc.(Æ)
(5,701)
(10)
Ouster,
Inc.(Æ)
(9,348)
(8)
PAR
Technology
Corp.(Æ)
(2,330)
(79)
Porch
Group,
Inc.(Æ)
(11,879)
(17)
SentinelOne,
Inc.
Class
A(Æ)
(3,656)
(60)
ShotSpotter,
Inc.(Æ)
(376)
(15)
Super
Micro
Computer,
Inc.(Æ)
(1,419)
(151)
ViaSat,
Inc.(Æ)
(1,597)
(54)
(1,827)
Utilities
-
(0.1)%
Civitas
Resources,
Inc.
(2,439)
(167)
Crescent
Energy
Co.
Class
A
(740)
(8)
Oasis
Petroleum,
Inc.
(1,160)
(156)
Tellurian,
Inc.(Æ)
(9,597)
(12)
(343)
Total
Securities
Sold
Short
(proceeds
$10,436)
(9,382)
Other
Assets
and
Liabilities,
Net
-
(1.0)%
(2,185)
Net
Assets
-
100.0%
208,646
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Small
Cap
Equity
Fund
21
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
shares
$
$
$
0.0%
JER
Investment
Trust,
Inc.
05/27/04
1,771
82.03
145
—
—
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
122
USD
11,062
06/23
283
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
283
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
Common
Stocks
Consumer
Discretionary
$
25,065
$
—
$
—
$
—
$
25,065
Consumer
Staples
8,961
—
—
—
8,961
Energy
6,711
—
—
—
6,711
Financial
Services
40,056
—
—
—
40,056
Health
Care
34,078
—
12
—
34,090
Materials
and
Processing
16,109
—
10
—
16,119
Producer
Durables
36,891
—
—
—
36,891
Technology
29,892
—
—
—
29,892
Utilities
9,118
—
—
—
9,118
Short-Term
Investments
—
—
—
10,331
10,331
Other
Securities
—
—
—
2,979
2,979
Total
Investments
206,881
—
22
13,310
220,213
Securities
Sold
Short
**
(9,382)
—
—
—
(9,382)
Other
Financial
Instruments
Assets
Futures
Contracts
283
—
—
—
283
Total
Other
Financial
Instruments
*
$
283
$
—
$
—
$
—
$
283
*
Futures
and
foreign
currency
exchange
contract
values
reflect
the
unrealized
appreciation
(depreciation)
on
the
investments.
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
22
U.S.
Small
Cap
Equity
Fund
**
Refer
to
Schedule
of
Investments
for
detailed
sector
breakout.
(a)
Certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
share
(or
its
equivalent)
practical
expedient
have
not
been
classified
in
the
fair
value
levels.
The
fair
value
amounts
presented
in
the
table
are
intended
to
permit
reconciliation
to
the
amounts
presented
in
the
Schedule
of
Investments.
For
a
description
of
the
Levels,
see
note
2
in
the
Notes
to
Quarterly
Report.
For
a
disclosure
on
transfers
into
and
out
of
Level
3
during
the
period
ended
March
31,
2023,
if
any,
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,
2023,
if
any,
were
less
than
1%
of
net
assets.
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments
—
March
31,
2023
(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
$
Common
Stocks
-
91.3%
Australia
-
1.4%
Ampol
,
Ltd.
3,077
63
ASX,
Ltd.
-
ADR
567
25
BHP
Group,
Ltd.
-
ADR
50,925
1,615
BlueScope
Steel,
Ltd.
1,987
27
Commonwealth
Bank
of
Australia
-
ADR
4,483
295
Dexus
Property
Group(ö)
3,048
16
Medibank
Pvt
,
Ltd.
114,309
257
National
Australia
Bank,
Ltd.
-
ADR
4,110
76
Rio
Tinto
PLC
18,443
1,250
Rio
Tinto,
Ltd.
-
ADR
1,934
156
South32,
Ltd.
Class
B
230,190
683
Wesfarmers,
Ltd.
3,132
106
Westpac
Banking
Corp.
5,956
86
Woodside
Energy
Group,
Ltd.
6,442
145
4,800
Austria
-
0.6%
ams
AG(Æ)
20,386
159
Erste
Group
Bank
AG
38,828
1,284
Mondi
PLC
38,194
605
2,048
Belgium
-
0.4%
Ageas
SA
8,695
376
KBC
Groep
NV
597
41
Proximus
SA
26,489
256
UCB
SA
7,307
653
1,326
Brazil
-
0.9%
Ambev
SA(Æ)
391,473
1,107
Atacadao
SA
59,401
145
Banco
Bradesco
SA
-
ADR
173,586
455
Banco
do
Brasil
SA
36,500
281
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo(Æ)
25,784
257
Telefonica
Brasil
SA
48,119
367
Ultrapar
Participacoes
SA
83,200
229
Yara
International
ASA
2,286
99
2,940
Burkina
Faso
-
0.1%
Endeavour
Mining
PLC
10,514
253
Canada
-
4.4%
Agnico
Eagle
Mines,
Ltd.
16,721
852
Alimentation
Couche-Tard,
Inc.
2,589
130
ARC
Resources,
Ltd.
17,373
197
Aritzia
,
Inc.(Æ)
15,356
493
Bank
of
Montreal
1,498
133
Bank
of
Nova
Scotia
(The)
3,241
163
Barrick
Gold
Corp.
29,415
546
CAE,
Inc.(Æ)
106,901
2,417
Cameco
Corp.
Class
A
9,156
240
Canadian
Imperial
Bank
of
Commerce
2,428
103
Canadian
National
Railway
Co.
15,713
1,854
Canadian
Pacific
Railway,
Ltd.
1,090
84
CGI
Group,
Inc.(Æ)
1,155
112
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Dollarama
,
Inc.
9,417
563
Enbridge,
Inc.
4,216
161
George
Weston,
Ltd.
711
94
Great-West
Lifeco
,
Inc.
3,162
84
iA
Financial
Corp.,
Inc.
6,350
403
Kinross
Gold
Corp.
20,673
97
Loblaw
Cos.,
Ltd.
984
90
Lundin
Mining
Corp.
18,491
126
Magna
International,
Inc.
Class
A
9,435
506
Metro,
Inc.
Class
A
2,950
163
National
Bank
of
Canada
834
60
Open
Text
Corp.
759
29
Royal
Bank
of
Canada
-
GDR
16,250
1,554
Saputo,
Inc.
-
ADR
1,942
50
Stantec
,
Inc.
12,507
731
Sun
Life
Financial,
Inc.
23,230
1,085
TC
Energy
Corp.
4,779
186
TELUS
Corp.
3,860
76
Thomson
Reuters
Corp.
371
48
Toronto-Dominion
Bank
(The)
22,311
1,336
14,766
China
-
2.1%
Alibaba
Group
Holding,
Ltd.(Æ)
89,214
1,135
Anta
Sports
Products,
Ltd.
44,200
643
Baidu,
Inc.
Class
A(Æ)
8,150
154
BOC
Hong
Kong
Holdings,
Ltd.
26,000
81
BYD
Co.,
Ltd.
Class
H
24,000
705
Dongfeng
Motor
Group
Co.,
Ltd.
Class
H
552,000
260
Huazhu
Group,
Ltd.
-
ADR(Æ)
13,654
669
Meituan
Class
B(Æ)(Þ)
5,038
91
Tencent
Holdings,
Ltd.
54,684
2,672
Trip.com
Group,
Ltd.
-
ADR(Æ)
19,829
747
7,157
Denmark
-
1.0%
Carlsberg
A/S
Class
B
380
59
Chr
Hansen
Holding
A/S
976
74
Coloplast
A/S
Class
B
619
81
Danske
Bank
A/S(Æ)
33,561
675
Novo
Nordisk
A/S
Class
B
15,456
2,453
Novozymes
A/S
Class
B
589
30
Tryg
A/S
3,314
72
3,444
Finland
-
1.4%
Elisa
OYJ
8,413
507
Kone
OYJ
Class
B
4,553
238
Neste
OYJ
10,995
542
Nokia
OYJ
402,642
1,980
Nordea
Bank
Abp
15,509
165
Orion
OYJ
Class
B
3,235
145
Sampo
OYJ
Class
A
16,873
796
UPM-
Kymmene
OYJ
1,432
48
Wartsila
OYJ
Abp
Class
B
39,377
372
4,793
France
-
8.4%
Accor
SA
61,260
1,993
Air
Liquide
SA
Class
A
1,142
191
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
Airbus
Group
SE
8,505
1,139
Amundi
SA(Þ)
16,192
1,023
AXA
SA
33,396
1,021
BNP
Paribas
SA
11,697
700
Bouygues
SA
-
ADR
14,092
475
Bureau
Veritas
SA
26,780
770
Capgemini
SE
3,938
733
Carrefour
SA
28,630
579
Cie
de
Saint-Gobain
SA
12,136
691
Danone
SA
2,699
168
Dassault
Aviation
SA
4,934
977
Dassault
Systemes
SE
2,279
94
Edenred
1,731
102
Eiffage
SA
915
99
Engie
SA
58,644
927
EssilorLuxottica
SA
558
101
Hermes
International
86
174
Kering
1,191
777
La
Francaise
des
Jeux
SAEM(Þ)
3,816
159
Legrand
SA
-
ADR
1,065
97
L'Oreal
SA
3,800
1,700
LVMH
Moet
Hennessy
Louis
Vuitton
SE
-
ADR
4,322
3,961
Michelin
(CGDE)
60,416
1,849
Orange
SA
-
ADR
53,315
634
Pernod
Ricard
SA
483
110
Publicis
Groupe
SA
-
ADR
9,268
724
Remy
Cointreau
SA
591
108
Renault
SA
10,253
419
Rexel
SA
Class
H
85,949
2,055
Sartorius
Stedim
Biotech
4,006
1,231
SEB
SA
673
77
Societe
Generale
SA
21,269
480
TotalEnergies
SE
24,936
1,471
Vinci
SA
2,108
242
28,051
Germany
-
4.7%
Allianz
SE
1,281
296
BASF
SE
21,849
1,146
Bayer
AG
10,482
668
Beiersdorf
AG
941
123
Brenntag
SE
2,346
176
CECONOMY
AG(Æ)
28,820
78
Continental
AG
4,685
350
Covestro
AG(Þ)
40,342
1,669
Daimler
Truck
Holding
AG
62,469
2,110
Deutsche
Boerse
AG
7,888
1,535
Deutsche
Post
AG
2,236
104
Deutsche
Telekom
AG
13,170
319
E.ON
SE
11,249
140
Evonik
Industries
AG
12,911
271
Fresenius
Medical
Care
AG
&
Co.
KGaA
26,628
1,129
Fresenius
SE
&
Co.
KGaA
21,228
572
Hannover
Rueck
SE
3,132
613
HeidelbergCement
AG
9,839
718
Henkel
AG
&
Co.
KGaA
1,723
125
Infineon
Technologies
AG
-
ADR
20,673
845
LEG
Immobilien
SE
417
23
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Mercedes-Benz
Group
AG
4,697
361
Merck
KGaA
489
91
Muenchener
Rueckversicherungs-
Gesellschaft
AG
3,629
1,269
SAP
SE
-
ADR
2,058
259
Siemens
AG
2,711
439
Symrise
AG
870
94
Vonovia
SE
2,792
52
15,575
Hong
Kong
-
3.1%
AIA
Group,
Ltd.
254,339
2,672
CK
Asset
Holdings,
Ltd.
91,049
552
CK
Hutchison
Holdings,
Ltd.
Class
B
13,313
83
CK
Infrastructure
Holdings,
Ltd.
7,500
41
CLP
Holdings,
Ltd.
57,000
412
Hang
Seng
Bank,
Ltd.
45,500
645
HKT
Trust
&
HKT,
Ltd.
81,000
108
Hong
Kong
&
China
Gas
Co.,
Ltd.
827,000
731
Hong
Kong
Exchanges
&
Clearing,
Ltd.
14,900
661
Power
Assets
Holdings,
Ltd.
82,000
439
Sino
Land
Co.,
Ltd.
56,000
76
Sun
Hung
Kai
Properties,
Ltd.
8,500
120
Swire
Properties,
Ltd.
100,200
259
Techtronic
Industries
Co.,
Ltd.
287,271
3,136
WH
Group,
Ltd.(Þ)
602,000
358
10,293
India
-
1.1%
Canara
Bank
81,179
282
Housing
Development
Finance
Corp.,
Ltd.
79,633
2,551
Oil
&
Natural
Gas
Corp.,
Ltd.
84,004
155
Reliance
Industries,
Ltd.
-
GDR(Þ)
12,031
678
3,666
Indonesia
-
0.1%
Bank
Mandiri
Persero
Tbk
PT
552,155
380
Ireland
-
2.7%
AIB
Group
PLC
92,546
377
Bank
of
Ireland
Group
PLC
93,585
947
CRH
PLC
2,291
116
Flutter
Entertainment
PLC(Æ)
5,970
1,086
Kerry
Group
PLC
Class
A
20,233
2,016
Linde
PLC
10,068
3,573
Ryanair
Holdings
PLC
-
ADR(Æ)
7,727
729
8,844
Israel
-
0.1%
Bank
Hapoalim
BM
10,568
88
Bank
Leumi
Le-Israel
BM
12,839
97
Check
Point
Software
Technologies,
Ltd.(Æ)
1,026
133
Israel
Discount
Bank,
Ltd.
Class
A
18,095
89
Mizrahi
Tefahot
Bank,
Ltd.
2,374
75
482
Italy
-
2.1%
Assicurazioni
Generali
SpA
35,312
705
BPER
Banca
125,260
310
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
Davide
Campari-Milano
NV
56,397
688
Enel
SpA
229,075
1,399
Eni
SpA
-
ADR
65,724
921
FinecoBank
Banca
Fineco
SpA
59,196
910
Moncler
SpA
8,642
597
Recordati
SpA
5,615
238
Snam
Rete
Gas
SpA
18,790
100
Terna
Rete
Elettrica
Nazionale
SpA
4,731
39
UniCredit
SpA
60,060
1,137
7,044
Japan
-
16.7%
Ajinomoto
Co.,
Inc.
2,700
94
Alfresa
Holdings
Corp.
15,500
199
Alps
Alpine
Co.,
Ltd.
19,100
184
Amada
Holdings
Co.,
Ltd.
26,300
247
Asahi
Kasei
Corp.
10,500
73
Astellas
Pharma,
Inc.
69,000
982
Bandai
Namco
Holdings,
Inc.
25,200
543
Benesse
Holdings,
Inc.
3,100
45
Bridgestone
Corp.
6,300
256
Brother
Industries,
Ltd.
8,600
130
Canon,
Inc.
40,400
906
Dai-ichi
Life
Holdings,
Inc.
27,250
501
Daiichi
Sankyo
Co.,
Ltd.
28,900
1,055
Daito
Trust
Construction
Co.,
Ltd.
300
30
Daiwa
House
Industry
Co.,
Ltd.
7,500
177
Daiwa
House
REIT
Investment
Corp.(ö)
26
53
Daiwa
Securities
Group,
Inc.
29,000
136
DeNA
Co.,
Ltd.
13,400
183
Denso
Corp.
7,900
446
Disco
Corp.
3,300
384
Eisai
Co.,
Ltd.
11,040
628
FANUC
Corp.
25,500
920
Fuji
Media
Holdings,
Inc.
7,700
69
Fukuoka
Financial
Group,
Inc.
22,800
439
Hakuhodo
DY
Holdings,
Inc.
17,200
195
Hino
Motors,
Ltd.(Æ)
54,000
226
Honda
Motor
Co.,
Ltd.
45,771
1,218
Iida
Group
Holdings
Co.,
Ltd.
24,200
395
Inpex
Corp.
32,700
348
Isuzu
Motors,
Ltd.
101,400
1,214
ITOCHU
Corp.
4,700
153
Japan
Airlines
Co.,
Ltd.
15,600
304
Japan
Exchange
Group,
Inc.
29,000
442
Japan
Post
Bank
Co.,
Ltd.
Class
A
4,600
38
Japan
Post
Holdings
Co.,
Ltd.
21,400
174
Japan
Real
Estate
Investment
Corp.(ö)
13
52
Japan
Tobacco,
Inc.
48,100
1,015
JGC
Holdings
Corp.
21,700
269
Kajima
Corp.
5,100
62
Kansai
Electric
Power
Co.,
Inc.
(The)
12,200
119
Kao
Corp.
16,100
629
KDDI
Corp.
35,400
1,093
Keyence
Corp.
5,100
2,500
Kirin
Holdings
Co.,
Ltd.
31,200
494
Komatsu,
Ltd.
66,300
1,645
Kyocera
Corp.
17,900
934
Makita
Corp.
17,068
425
McDonald's
Holdings
Co.
Japan,
Ltd.
4,100
171
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
MEIJI
Holdings
Co.,
Ltd.
11,000
262
Minebea
Co.,
Ltd.
31,200
596
Mitsubishi
Electric
Corp.
86,100
1,028
Mitsubishi
Estate
Co.,
Ltd.
38,100
455
Mitsubishi
UFJ
Financial
Group,
Inc.
133,800
858
Mitsubishi
UFJ
Lease
&
Finance
Co.,
Ltd.
25,600
132
Mizuho
Financial
Group,
Inc.
7,800
111
MS&AD
Insurance
Group
Holdings,
Inc.
27,700
860
Nidec
Corp.
9,200
478
Nikon
Corp.
23,100
237
Nintendo
Co.,
Ltd.
20,200
783
Nippon
Building
Fund,
Inc.(ö)
24
100
Nippon
Prologis,
Inc.(Æ)(ö)
19
40
Nippon
Telegraph
&
Telephone
Corp.
6,306
188
Nippon
Television
Holdings,
Inc.
15,800
136
Nissan
Chemical
Industries,
Ltd.
3,900
177
Nissan
Motor
Co.,
Ltd.
132,500
504
Nisshin
Seifun
Group,
Inc.
3,900
46
Nissin
Foods
Holdings
Co.,
Ltd.
1,100
100
Nitto
Denko
Corp.
5,800
375
Nomura
Holdings,
Inc.
38,800
150
Obayashi
Corp.
11,200
86
Oji
Holdings
Corp.
8,000
32
Ono
Pharmaceutical
Co.,
Ltd.
21,091
440
ORIX
Corp.
1,200
20
Otsuka
Holdings
Co.,
Ltd.
4,300
137
Resona
Holdings,
Inc.
265,200
1,282
SCSK
Corp.
7,900
115
Secom
Co.,
Ltd.
2,600
160
Sekisui
Chemical
Co.,
Ltd.
25,200
357
Sekisui
House,
Ltd.
10,900
222
Seven
&
i
Holdings
Co.,
Ltd.
2,100
95
SG
Holdings
Co.,
Ltd.
6,200
92
Shimizu
Corp.
19,500
110
Shin-Etsu
Chemical
Co.,
Ltd.
147,675
4,790
Shiseido
Co.,
Ltd.
43,700
2,051
SMC
Corp.
1,100
583
SoftBank
Group
Corp.
8,700
100
Sony
Group
Corp.
8,510
774
Stanley
Electric
Co.,
Ltd.
15,739
350
Subaru
Corp.
115,844
1,854
Sumitomo
Electric
Industries,
Ltd.
41,400
532
Sumitomo
Heavy
Industries,
Ltd.
11,800
289
Sumitomo
Mitsui
Financial
Group,
Inc.
11,500
461
Sumitomo
Mitsui
Trust
Holdings,
Inc.
18,100
620
Sumitomo
Rubber
Industries,
Ltd.
18,000
163
Suntory
Beverage
&
Food,
Ltd.
2,100
78
T&D
Holdings,
Inc.
75,000
932
Taiheiyo
Cement
Corp.
11,700
220
Taisei
Corp.
4,100
127
Takeda
Pharmaceutical
Co.,
Ltd.
39,500
1,297
Terumo
Corp.
3,200
86
THK
Co.,
Ltd.
15,600
361
Tokio
Marine
Holdings,
Inc.
43,000
829
Tokyo
Electron,
Ltd.
23,010
2,813
Tokyo
Gas
Co.,
Ltd.
9,600
181
Toray
Industries,
Inc.
112,200
641
Tosoh
Corp.
13,100
178
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
Toyota
Industries
Corp.
2,000
111
Toyota
Motor
Corp.
23,400
333
Tsuruha
Holdings,
Inc.
4,400
294
USS
Co.,
Ltd.
8,100
140
Yakult
Honsha
Co.,
Ltd.
1,300
94
Yamaha
Motor
Co.,
Ltd.
20,200
529
Yamato
Holdings
Co.,
Ltd.
28,594
490
55,860
Jersey
-
0.2%
Glencore
PLC
111,632
642
Luxembourg
-
0.9%
ArcelorMittal
SA
37,695
1,143
Eurofins
Scientific
SE
22,155
1,486
RTL
Group
SA
5,556
274
2,903
Macao
-
0.4%
Galaxy
Entertainment
Group,
Ltd.(Æ)
177,869
1,182
Malaysia
-
0.1%
CIMB
Group
Holdings
BHD
229,417
276
Mexico
-
0.5%
Fresnillo
PLC
17,684
163
Grupo
Televisa
SAB
-
ADR
295,179
1,561
1,724
Netherlands
-
5.5%
ABN
AMRO
Bank
NV(Þ)
39,261
624
Adyen
NV(Æ)(Þ)
444
704
Akzo
Nobel
NV
1,051
82
ASML
Holding
NV
1,867
1,275
Euronext
NV(Þ)
1,693
130
Ferrari
NV
3,339
904
Heineken
Holding
NV
1,074
99
Heineken
NV
32,540
3,503
ING
Groep
NV
167,636
1,994
Koninklijke
Ahold
Delhaize
NV
6,180
211
Koninklijke
Philips
NV
91,009
1,661
NN
Group
NV
2,396
87
Randstad
NV(Ñ)
33,308
1,977
Shell
PLC
139,456
4,000
Universal
Music
Group
NV
32,423
820
VEON
Ltd.(Æ)
5,377
95
Wolters
Kluwer
NV
1,240
156
18,322
New
Zealand
-
0.3%
Fisher
&
Paykel
Healthcare
Corp.,
Ltd.
51,245
856
Spark
New
Zealand,
Ltd.
67,788
215
1,071
Norway
-
0.4%
DNB
Bank
ASA
6,002
108
Kongsberg
Gruppen
ASA
4,782
193
Mowi
ASA
21,249
393
Norsk
Hydro
ASA
13,400
100
Orkla
ASA
43,997
313
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Telenor
ASA
11,896
140
1,247
Portugal
-
0.2%
Energias
de
Portugal
SA
7,648
42
Jeronimo
Martins
SGPS
SA
22,246
522
564
Russia
-
0.0%
Gazprom
PJSC(Š)
114,398
—
Lukoil
PJSC(Š)
2,007
—
Mobile
TeleSystems
PJSC
-
ADR(Š)
27,365
—
Sberbank
of
Russia
PJSC(Š)
88,440
—
—
Singapore
-
0.8%
DBS
Group
Holdings,
Ltd.
17,256
429
Jardine
Cycle
&
Carriage,
Ltd.
4,400
104
Oversea-Chinese
Banking
Corp.,
Ltd.
83,792
781
Singapore
Exchange,
Ltd.
7,900
56
Singapore
Technologies
Engineering,
Ltd.
29,300
81
Singapore
Telecommunications,
Ltd.
500,600
928
United
Overseas
Bank,
Ltd.
4,700
106
Venture
Corp.,
Ltd.
6,800
91
2,576
South
Africa
-
0.5%
Anglo
American
PLC
39,395
1,304
MTN
Group,
Ltd.
12,114
87
Old
Mutual,
Ltd.
282,458
187
1,578
South
Korea
-
1.4%
Coway
Co.,
Ltd.
6,160
249
Hankook
Tire
&
Technology
Co.,
Ltd.
8,269
222
Hyundai
Mobis
Co.,
Ltd.
2,421
404
KB
Financial
Group,
Inc.
16,654
612
KT
Corp.
-
ADR(Ñ)
37,334
423
LG
Energy
Solution,
Ltd.(Æ)
1,455
658
Samsung
Electronics
Co.,
Ltd.
22,982
1,140
Shinhan
Financial
Group
Co.,
Ltd.
36,279
988
4,696
Spain
-
1.8%
Amadeus
IT
Group
SA
Class
A(Æ)
21,738
1,456
CaixaBank
SA
287,477
1,119
Cellnex
Telecom
SA(Þ)
26,734
1,041
Enagas
SA
6,702
129
Endesa
SA
-
ADR
2,131
46
Iberdrola
SA
19,140
239
Industria
de
Diseno
Textil
SA
56,698
1,904
Red
Electrica
Corp.
SA
7,686
135
Telefonica
SA
-
ADR
17,601
76
6,145
Sweden
-
1.6%
Assa
Abloy
AB
Class
B
37,797
907
Atlas
Copco
AB
4,328
55
Boliden
AB
14,255
561
Essity
Aktiebolag
Class
B
2,901
83
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
Hexagon
AB
121,202
1,395
Investor
AB
Class
B
5,909
118
Kinnevik
AB
Class
B(Æ)
2,854
43
Sandvik
AB
30,594
650
Securitas
AB
Class
B
9,746
87
Skandinaviska
Enskilda
Banken
AB
Class
A
10,055
111
Skanska
AB
Class
B
4,372
67
SKF
AB
Class
B(Ñ)
32,871
648
Svenska
Handelsbanken
AB
Class
A
12,929
112
Swedbank
AB
Class
A
4,857
79
Telefonaktiebolaget
LM
Ericsson
Class
B
71,990
423
5,339
Switzerland
-
6.5%
ABB,
Ltd.
35,094
1,204
Adecco
Group
AG
16,270
592
Alcon,
Inc.
9,917
704
Baloise
Holding
AG
608
95
Barry
Callebaut
AG
32
68
Chocoladefabriken
Lindt
&
Spruengli
AG
6
71
Cie
Financiere
Richemont
SA
Class
A
5,585
895
EMS-
Chemie
Holding
AG
340
281
Geberit
AG
2,047
1,145
Givaudan
SA
37
120
Julius
Baer
Group,
Ltd.
25,058
1,716
Kuehne
&
Nagel
International
AG
3,225
963
Lonza
Group
AG
1,470
884
Novartis
AG
33,757
3,099
Partners
Group
Holding
AG
1,374
1,295
Schindler
Holding
AG
827
180
SGS
SA
322
708
Sika
AG
257
72
Swatch
Group
AG
(The)
Class
B
1,786
614
Swiss
Life
Holding
AG
189
117
Swiss
Prime
Site
AG
Class
A
911
76
Swisscom
AG
1,632
1,041
UBS
Group
AG
215,677
4,554
Zurich
Insurance
Group
AG
2,521
1,206
21,700
Taiwan
-
2.0%
Catcher
Technology
Co.,
Ltd.
50,513
315
Hon
Hai
Precision
Industry
Co.,
Ltd.
588,184
2,018
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
108,000
1,913
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
-
ADR
27,519
2,560
6,806
Thailand
-
0.1%
Kasikornbank
PCL
119,300
464
United
Kingdom
-
7.7%
Admiral
Group
PLC
10,746
270
AstraZeneca
PLC
12,707
1,764
Aviva
PLC
90,131
451
Babcock
International
Group
PLC(Æ)
49,767
184
BAE
Systems
PLC
12,460
151
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Barclays
PLC
337,608
610
Barratt
Developments
PLC
79,261
458
Berkeley
Group
Holdings
PLC
756
39
BP
PLC
186,576
1,181
British
American
Tobacco
PLC
304
11
British
Land
Co.
PLC
(The)(ö)
44,556
214
BT
Group
PLC
240,808
433
Compass
Group
PLC
74,773
1,880
Croda
International
PLC
1,241
100
Diageo
PLC
24,067
1,074
easyJet
PLC(Æ)
76,177
489
Experian
PLC
5,989
197
Halma
PLC
1,046
29
HSBC
Holdings
PLC
242,318
1,650
Intermediate
Capital
Group
PLC
29,589
447
Intertek
Group
PLC
1,372
69
J
Sainsbury
PLC
508,450
1,751
John
Wood
Group
PLC(Æ)
166,689
413
Kingfisher
PLC
71,411
231
Land
Securities
Group
PLC(ö)
34,795
267
Legal
&
General
Group
PLC
16,726
49
Lloyds
Banking
Group
PLC
98,738
58
Marks
&
Spencer
Group
PLC(Æ)
46,873
97
NatWest
Group
PLC
162,768
532
Persimmon
PLC
Class
A
6,275
97
Reckitt
Benckiser
Group
PLC
8,268
628
RELX
PLC
7,880
255
Sage
Group
PLC
(The)
9,700
93
Schroders
PLC
34,148
195
Scottish
&
Southern
Energy
PLC
1,453
33
Smith
&
Nephew
PLC
8,755
122
Spirax-Sarco
Engineering
PLC
311
46
St.
James's
Place
PLC
29,413
441
Standard
Chartered
PLC
209,819
1,596
Taylor
Wimpey
PLC
238,097
351
Tesco
PLC
378,720
1,242
Travis
Perkins
PLC
66,025
781
Unilever
PLC
27,920
1,446
United
Utilities
Group
PLC
5,357
70
Vodafone
Group
PLC
215,987
239
Wausau
Paper
Corp.
60,167
714
Weir
Group
PLC
(The)
91,923
2,109
25,557
United
States
-
9.1%
Accenture
PLC
Class
A
8,626
2,465
Allegion
PLC
16,434
1,754
Amdocs,
Ltd.
11,953
1,148
Aon
PLC
Class
A
6,454
2,035
CSL,
Ltd.
1,157
223
GSK
Finance
No.
3
PLC
82,034
1,463
Haleon
PLC
759,106
3,028
Holcim
AG(Æ)
10,551
681
James
Hardie
Industries
PLC
21,296
457
Las
Vegas
Sands
Corp.(Æ)
15,492
890
Lululemon
Athletica
,
Inc.(Æ)
2,118
771
Nestle
SA
40,654
4,963
Roche
Holding
AG
9,558
2,739
Sanofi
-
ADR
28,570
3,111
Schlumberger,
Ltd.
70,236
3,449
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
28
International
Developed
Markets
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Schneider
Electric
SE
7,660
1,280
30,457
Total
Common
Stocks
(cost
$295,386)
304,971
Preferred
Stocks
-
1.3%
Germany
-
0.7%
Henkel
AG
&
Co.
KGaA
2.453%
(Ÿ)
7,474
584
Porsche
Automobil
Holding
SE
4.641%
(Ÿ)
5,849
336
Volkswagen
AG
20.086%
(Ÿ)
10,913
1,489
2,409
South
Korea
-
0.6%
Samsung
Electronics
Co.,
Ltd.
1.953%
(Ÿ)
45,925
1,918
Total
Preferred
Stocks
(cost
$4,648)
4,327
Short-Term
Investments
-
1.6%
United
States
-
1.6%
U.S.
Cash
Management
Fund(@)
5,626,008
(∞)
5,624
Total
Short-Term
Investments
(cost
$5,624)
5,624
Other
Securities
-
0.9%
U.S.
Cash
Collateral
Fund(@)(×)
2,917,605
(∞)
2,918
Total
Other
Securities
(cost
$2,918)
2,918
Total
Investments
-
95.1%
(identified
cost
$308,576)
317,840
Other
Assets
and
Liabilities,
Net
-
4.9%
16,240
Net
Assets
-
100.0%
334,080
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
International
Developed
Markets
Fund
29
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
shares
$
$
$
1.9%
ABN
AMRO
Bank
NV
10/03/19
EUR
39,261
17.42
684
624
Adyen
NV
07/25/19
EUR
444
1,075.18
477
704
Amundi
SA
02/21/19
EUR
16,192
63.00
1,020
1,023
Cellnex
Telecom
SA
02/27/18
EUR
26,734
51.99
1,390
1,041
Covestro
AG
08/15/19
EUR
40,342
43.56
1,757
1,669
Euronext
NV
04/29/22
EUR
1,693
81.03
137
130
La
Francaise
des
Jeux
SAEM
12/02/22
EUR
3,816
40.36
154
159
Meituan
01/05/23
HKD
5,038
24.18
122
91
Reliance
Industries,
Ltd.
10/21/20
12,031
58.25
701
678
WH
Group,
Ltd.
06/26/19
HKD
602,000
0.72
435
358
6,477
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
CAC40
Euro
Index
Futures
59
EUR
4,327
04/23
155
DAX
Index
Futures
8
EUR
3,160
06/23
60
EURO
STOXX
50
Index
Futures
61
EUR
2,599
06/23
97
FTSE
100
Index
Futures
59
GBP
4,507
06/23
38
FTSE/MIB
Index
Futures
7
EUR
933
06/23
11
IBEX
35
Index
Futures
9
EUR
827
04/23
21
OMXS30
Index
Futures
46
SEK
10,197
04/23
29
S&P/TSX
60
Index
Futures
109
CAD
26,361
06/23
300
SPI
200
Index
Futures
150
AUD
26,966
06/23
238
TOPIX
Index
Futures
58
JPY
1,162,030
06/23
(68)
Short
Positions
Hang
Seng
Index
Futures
28
HKD
28,673
04/23
(133)
MSCI
Emerging
Markets
Index
Futures
539
USD
26,829
06/23
(997)
MSCI
Singapore
Index
Futures
89
SGD
2,726
04/23
(30)
S&P
500
E-Mini
Index
Futures
58
USD
11,999
06/23
(710)
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
(989)
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Bank
of
America
AUD
198
USD
133
04/04/23
1
Bank
of
America
CAD
533
USD
394
04/04/23
—
Bank
of
America
CHF
275
USD
300
04/04/23
—
Bank
of
America
CHF
803
USD
879
04/04/23
1
Bank
of
America
DKK
320
USD
47
04/04/23
—
Bank
of
America
DKK
571
USD
83
04/04/23
—
Bank
of
America
EUR
1,091
USD
1,185
04/04/23
3
Bank
of
America
EUR
1,674
USD
1,822
04/04/23
7
Bank
of
America
GBP
282
USD
348
04/04/23
—
Bank
of
America
GBP
430
USD
533
04/04/23
2
Bank
of
America
HKD
3,163
USD
403
04/04/23
—
Bank
of
America
JPY
137,449
USD
1,034
04/04/23
(2)
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
30
International
Developed
Markets
Fund
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Bank
of
America
NOK
510
USD
49
04/04/23
—
Bank
of
America
SEK
502
USD
48
04/04/23
—
Bank
of
America
SEK
698
USD
67
04/04/23
—
Bank
of
America
SGD
65
USD
49
04/04/23
—
Bank
of
America
ZAR
840
USD
47
04/05/23
—
Bank
of
New
York
USD
3,669
AUD
5,532
06/21/23
39
Bank
of
New
York
USD
3,417
CAD
4,694
06/21/23
61
Bank
of
New
York
USD
782
DKK
5,470
06/21/23
19
Bank
of
New
York
USD
1,300
GBP
1,095
06/21/23
53
Bank
of
New
York
USD
1,632
JPY
219,719
06/21/23
42
Bank
of
New
York
USD
724
SEK
7,690
06/21/23
20
HSBC
USD
3,680
AUD
5,532
06/21/23
28
HSBC
USD
3,417
CAD
4,694
06/21/23
62
HSBC
USD
783
DKK
5,470
06/21/23
18
HSBC
USD
1,301
GBP
1,095
06/21/23
52
HSBC
USD
1,632
JPY
219,719
06/21/23
41
HSBC
USD
725
SEK
7,690
06/21/23
19
Morgan
Stanley
USD
3,669
AUD
5,532
06/21/23
39
Morgan
Stanley
USD
3,415
CAD
4,694
06/21/23
63
Morgan
Stanley
USD
782
DKK
5,470
06/21/23
19
Morgan
Stanley
USD
1,300
GBP
1,095
06/21/23
53
Morgan
Stanley
USD
1,628
JPY
219,719
06/21/23
46
Morgan
Stanley
USD
723
SEK
7,690
06/21/23
21
Royal
Bank
of
Canada
USD
3,666
AUD
5,532
06/21/23
42
Royal
Bank
of
Canada
USD
3,414
CAD
4,694
06/21/23
64
Royal
Bank
of
Canada
USD
781
DKK
5,470
06/21/23
20
Royal
Bank
of
Canada
USD
1,298
GBP
1,095
06/21/23
55
Royal
Bank
of
Canada
USD
1,630
JPY
219,719
06/21/23
43
Royal
Bank
of
Canada
USD
723
SEK
7,690
06/21/23
21
Royal
Bank
of
Canada
CAD
1,640
USD
1,210
06/21/23
(5)
Royal
Bank
of
Canada
EUR
1,150
USD
1,253
06/21/23
—
Royal
Bank
of
Canada
GBP
1,300
USD
1,585
06/21/23
(21)
State
Street
USD
1,789
EUR
1,685
06/21/23
46
State
Street
USD
1,034
NOK
10,950
06/21/23
16
State
Street
BRL
330
USD
65
04/04/23
—
State
Street
CAD
63
USD
47
04/04/23
—
State
Street
CHF
2,020
USD
2,173
06/21/23
(53)
State
Street
HKD
2,630
USD
336
06/21/23
—
State
Street
NZD
2,500
USD
1,528
06/21/23
(36)
Toronto
Dominion
Bank
USD
3,667
AUD
5,532
06/21/23
41
Toronto
Dominion
Bank
USD
3,415
CAD
4,694
06/21/23
62
Toronto
Dominion
Bank
USD
781
DKK
5,470
06/21/23
20
Toronto
Dominion
Bank
USD
1,299
GBP
1,095
06/21/23
54
Toronto
Dominion
Bank
USD
1,630
JPY
219,719
06/21/23
44
Toronto
Dominion
Bank
USD
723
SEK
7,690
06/21/23
21
Total
Unrealized
Appreciation
(Depreciation)
on
Open
Foreign
Currency
Exchange
Contracts
1,141
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
International
Developed
Markets
Fund
31
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
Common
Stocks
Australia
$
—
$
4,800
$
—
$
—
$
4,800
Austria
—
2,048
—
—
2,048
Belgium
—
1,326
—
—
1,326
Brazil
2,841
99
—
—
2,940
Burkina
Faso
253
—
—
—
253
Canada
14,766
—
—
—
14,766
China
1,416
5,741
—
—
7,157
Denmark
—
3,444
—
—
3,444
Finland
—
4,793
—
—
4,793
France
—
28,051
—
—
28,051
Germany
—
15,575
—
—
15,575
Hong
Kong
—
10,293
—
—
10,293
India
—
3,666
—
—
3,666
Indonesia
—
380
—
—
380
Ireland
3,849
4,995
—
—
8,844
Israel
133
349
—
—
482
Italy
—
7,044
—
—
7,044
Japan
—
55,860
—
—
55,860
Jersey
—
642
—
—
642
Luxembourg
—
2,903
—
—
2,903
Macao
—
1,182
—
—
1,182
Malaysia
—
276
—
—
276
Mexico
1,561
163
—
—
1,724
Netherlands
95
18,227
—
—
18,322
New
Zealand
—
1,071
—
—
1,071
Norway
—
1,247
—
—
1,247
Portugal
—
564
—
—
564
Russia
—
—
—
—
—
Singapore
—
2,576
—
—
2,576
South
Africa
—
1,578
—
—
1,578
South
Korea
423
4,273
—
—
4,696
Spain
—
6,145
—
—
6,145
Sweden
—
5,339
—
—
5,339
Switzerland
—
21,700
—
—
21,700
Taiwan
2,560
4,246
—
—
6,806
Thailand
—
464
—
—
464
United
Kingdom
—
25,557
—
—
25,557
United
States
12,512
17,945
—
—
30,457
Preferred
Stocks
—
4,327
—
—
4,327
Short-Term
Investments
—
—
—
5,624
5,624
Other
Securities
—
—
—
2,918
2,918
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
32
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
Total
Investments
40,409
268,889
—
8,542
317,840
Other
Financial
Instruments
Assets
Futures
Contracts
949
—
—
—
949
Foreign
Currency
Exchange
Contracts
14
1,244
—
—
1,258
Liabilities
Futures
Contracts
(1,938)
—
—
—
(1,938)
Foreign
Currency
Exchange
Contracts
(2)
(115)
—
—
(117)
Total
Other
Financial
Instruments
*
$
(977)
$
1,129
$
—
$
—
$
152
*
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,
2023,
if
any,
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,
2023,
if
any,
were
less
than
1%
of
net
assets.
Amounts
in
thousands
Sector
Exposure
Fair
Value
$
Common
Stocks
Consumer
Discretionary
....................................................................
48,001
Consumer
Staples
...............................................................................
24,746
Energy
................................................................................................
15,783
Financial
Services
..............................................................................
66,499
Health
Care
........................................................................................
30,555
Materials
and
Processing
...................................................................
32,142
Producer
Durables
..............................................................................
44,869
Technology
.........................................................................................
32,133
Utilities
...............................................................................................
10,243
Preferred
Stocks
Consumer
Discretionary
....................................................................
1,825
Consumer
Staples
...............................................................................
584
Technology
.........................................................................................
1,918
Short-Term
Investments
.............................................................
5,624
Other
Securities
...........................................................................
2,918
Total
Investments
...............................................................................
317,840
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments
—
March
31,
2023
(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
$
Long-Term
Investments
-
81.1%
Asset-Backed
Securities
-
2.8%
Amur
Equipment
Finance
Receivables
XI
LLC
Series
2022-2A
Class
A2
5.300%
due
06/21/28
(Þ)
1,437
1,431
Arbor
Realty
Commercial
Real
Estate
Notes,
Ltd.
Series
2021-FL3
Class
A
1.155%
due
08/15/34
(USD
1
Month
LIBOR
+
1.070%)(Ê)(Þ)
5,030
4,915
BDS,
Ltd.
Series
2022-FL11
Class
ATS
2.100%
due
03/19/39
(CME
Term
SOFR
1
Month
+
1.800%)(Ê)(Þ)
3,822
3,770
CIFC
Funding,
Ltd.
Series
2021-4A
Class
A1R
5.275%
due
10/24/30
(USD
3
Month
LIBOR
+
0.950%)(Ê)(Þ)
929
916
Conseco
Financial
Corp.
Series
1998-2
Class
M1
6.940%
due
12/01/28
(~)(Ê)
683
628
Countrywide
Asset-Backed
Certificates
Trust
Series
2007-4
Class
A4W
4.640%
due
04/25/47
1,489
1,347
Goldentree
Loan
Management
US
CLO
7,
Ltd.
Series
2021-7A
Class
AR
5.878%
due
04/20/34
(USD
3
Month
LIBOR
+
1.070%)(Ê)(Þ)
1,147
1,114
GoodLeap
Sustainable
Home
Improvements
Series
2021-5CS
Class
A
2.310%
due
10/20/48
(Þ)
950
752
GoodLeap
Sustainable
Home
Solutions
Trust
Series
2022-1GS
Class
A
2.700%
due
01/20/49
(Þ)
878
720
Greenpoint
Manufactured
Housing
Contract
Trust
Series
2000-4
Class
A3
2.190%
due
08/21/31
(USD
1
Month
LIBOR
+
2.000%)(Ê)
475
458
MF1
LLC
Series
2022-FL9
Class
A
2.960%
due
06/19/37
(CME
Term
SOFR
1
Month
+
2.150%)(Ê)(Þ)
3,993
3,955
OneSky
Class
A
Loan
Trust
Series
A
3.875%
due
07/15/29
(Š)
2,727
2,459
Option
One
Mortgage
Loan
Trust
Series
2007-FXD1
Class
3A4
5.860%
due
01/25/37
(~)(Ê)
380
360
Towd
Point
Mortgage
Trust
Series
2020-MH1
Class
A1
2.250%
due
02/25/60
(~)(Ê)(Þ)
1,578
1,473
24,298
Corporate
Bonds
and
Notes
-
22.1%
3M
Co.
3.700%
due
04/15/50
30
25
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Abbott
Laboratories
2.950%
due
03/15/25
882
862
AbbVie,
Inc.
3.600%
due
05/14/25
60
59
Series
WI
2.600%
due
11/21/24
856
826
3.200%
due
11/21/29
290
269
4.550%
due
03/15/35
10
10
4.050%
due
11/21/39
310
277
Africa
Finance
Corp.
3.125%
due
06/16/25
800
737
Series
REGS
3.875%
due
04/13/24
900
873
4.375%
due
04/17/26
801
746
African
Export-Import
Bank
(The)
2.634%
due
05/17/26
(Þ)
1,530
1,364
Series
EMTN
4.125%
due
06/20/24
1,614
1,566
Series
REGS
2.634%
due
05/17/26
786
701
Agilent
Technologies,
Inc.
2.100%
due
06/04/30
989
827
Air
Lease
Corp.
3.375%
due
07/01/25
410
391
1.875%
due
08/15/26
70
62
5.850%
due
12/15/27
460
462
5.300%
due
02/01/28
210
207
Aircastle,
Ltd.
2.850%
due
01/26/28
(Þ)
1,007
866
Alcoa
Nederland
Holding
BV
5.500%
due
12/15/27
(Þ)
400
395
Alexandria
Real
Estate
Equities,
Inc.
2.000%
due
05/18/32
210
162
3.000%
due
05/18/51
150
93
Allied
World
Assurance
Co.
Holdings,
Ltd.
4.350%
due
10/29/25
849
823
Ally
Financial,
Inc.
8.000%
due
11/01/31
554
580
Alphabet,
Inc.
1.998%
due
08/15/26
938
879
Altria
Group,
Inc.
4.400%
due
02/14/26
112
111
4.800%
due
02/14/29
40
40
2.450%
due
02/04/32
430
338
10.200%
due
02/06/39
22
31
3.400%
due
02/04/41
370
262
5.375%
due
01/31/44
643
588
3.875%
due
09/16/46
70
50
Amazon.com,
Inc.
2.100%
due
05/12/31
250
214
3.600%
due
04/13/32
120
114
2.500%
due
06/03/50
140
95
3.950%
due
04/13/52
210
186
Series
WI
3.875%
due
08/22/37
50
47
American
Airlines
Group,
Inc.
11.750%
due
07/15/25
(Þ)
650
711
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
5.500%
due
04/20/26
(Þ)
160
157
7.250%
due
02/15/28
(Þ)
220
214
American
Airlines
Pass-Through
Trust
Series
2015-1
Class
A
3.375%
due
05/01/27
13
11
Series
2016-1
Class
AA
3.575%
due
01/15/28
48
44
American
Airlines,
Inc.
Pass-Through
Certificates
Trust
Series
2017-1B
Class
B
4.950%
due
02/15/25
146
140
American
Express
Co.
3.550%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.854%)(Ê)(ƒ)
80
68
American
Homes
4
Rent,
LP
2.375%
due
07/15/31
1,020
813
American
Transmission
Systems,
Inc.
2.650%
due
01/15/32
(Þ)
190
160
Americo
Life,
Inc.
3.450%
due
04/15/31
(Þ)
70
55
Ameriprise
Financial,
Inc.
5.150%
due
05/15/33
330
329
AmFam
Holdings,
Inc.
2.805%
due
03/11/31
(Þ)
120
91
3.833%
due
03/11/51
(Þ)
100
65
Amgen,
Inc.
4.400%
due
05/01/45
100
88
5.650%
due
03/02/53
300
312
5.750%
due
03/02/63
110
114
Series
WI
4.663%
due
06/15/51
50
45
Antero
Midstream
Partners,
LP
/
Antero
Midstream
Finance
Corp.
7.875%
due
05/15/26
(Þ)
110
112
Aon
Corp.
8.205%
due
01/01/27
172
173
Apache
Corp.
7.750%
due
12/15/29
30
32
4.750%
due
04/15/43
80
60
4.250%
due
01/15/44
60
44
Apple,
Inc.
2.200%
due
09/11/29
969
867
4.650%
due
02/23/46
40
40
2.650%
due
05/11/50
110
78
Ares
Capital
Corp.
3.250%
due
07/15/25
914
835
AT&T,
Inc.
1.700%
due
03/25/26
948
872
3.800%
due
02/15/27
150
145
6.950%
due
01/15/28
450
476
4.300%
due
02/15/30
70
68
4.500%
due
05/15/35
150
141
4.350%
due
06/15/45
26
22
3.500%
due
02/01/61
180
128
Series
WI
2.550%
due
12/01/33
40
32
6.375%
due
03/01/41
30
33
3.500%
due
09/15/53
310
225
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.550%
due
09/15/55
83
60
3.800%
due
12/01/57
700
520
Avery
Dennison
Corp.
2.650%
due
04/30/30
973
831
Aviation
Capital
Group
LLC
5.500%
due
12/15/24
(Þ)
170
168
Bank
of
America
Corp.
3.841%
due
04/25/25
(SOFR
+
1.110%)(Ê)
70
69
1.197%
due
10/24/26
(SOFR
+
1.010%)(Ê)
888
797
4.376%
due
04/27/28
(SOFR
+
1.580%)(Ê)
200
193
2.592%
due
04/29/31
(SOFR
+
2.150%)(Ê)
140
119
2.687%
due
04/22/32
(SOFR
+
1.320%)(Ê)
290
242
2.299%
due
07/21/32
(SOFR
+
1.220%)(Ê)
270
218
4.571%
due
04/27/33
(SOFR
+
1.830%)(Ê)
550
524
2.482%
due
09/21/36
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.200%)(Ê)
500
380
3.311%
due
04/22/42
(SOFR
+
1.580%)(Ê)
220
170
Series
GMTN
3.500%
due
04/19/26
80
77
Series
MTN
4.000%
due
01/22/25
45
44
4.450%
due
03/03/26
30
29
4.271%
due
07/23/29
(USD
3
Month
LIBOR
+
1.310%)(Ê)
110
106
3.974%
due
02/07/30
(USD
3
Month
LIBOR
+
1.210%)(Ê)
260
243
2.884%
due
10/22/30
(USD
3
Month
LIBOR
+
1.190%)(Ê)
200
174
1.922%
due
10/24/31
(SOFR
+
1.370%)(Ê)
700
558
2.676%
due
06/19/41
(SOFR
+
1.930%)(Ê)
90
64
4.330%
due
03/15/50
(USD
3
Month
LIBOR
+
1.520%)(Ê)
30
26
Bank
of
New
York
Mellon
Corp.
(The)
5.834%
due
10/25/33
(SOFR
+
2.074%)(Ê)
80
85
4.706%
due
02/01/34
(SOFR
+
1.512%)(Ê)
30
30
Becton
Dickinson
and
Co.
4.685%
due
12/15/44
8
7
Berkshire
Hathaway
Energy
Co.
Series
WI
4.050%
due
04/15/25
699
695
Berkshire
Hathaway
Finance
Corp.
1.450%
due
10/15/30
994
816
Berkshire
Hathaway,
Inc.
3.125%
due
03/15/26
684
666
Berry
Global,
Inc.
4.875%
due
07/15/26
(Þ)
893
870
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
Berry
Petroleum
Corp.
7.000%
due
02/15/26
(Þ)
320
300
Blackstone
Holdings
Finance
Co.
LLC
3.150%
due
10/02/27
(Þ)
871
801
6.200%
due
04/22/33
(Þ)
420
440
Blue
Racer
Midstream
LLC
/
Blue
Racer
Finance
Corp.
7.625%
due
12/15/25
(Þ)
230
228
6.625%
due
07/15/26
(Þ)
150
145
Boardwalk
Pipelines,
LP
4.800%
due
05/03/29
710
696
Boeing
Co.
(The)
4.875%
due
05/01/25
220
220
2.196%
due
02/04/26
330
306
3.100%
due
05/01/26
20
19
2.700%
due
02/01/27
40
37
2.800%
due
03/01/27
30
27
3.200%
due
03/01/29
120
110
5.150%
due
05/01/30
250
252
3.250%
due
02/01/35
160
131
5.705%
due
05/01/40
90
91
3.750%
due
02/01/50
430
325
3.950%
due
08/01/59
190
139
Bon
Secours
Mercy
Health,
Inc.
3.464%
due
06/01/30
90
81
BP
Capital
Markets
America,
Inc.
3.000%
due
02/24/50
190
134
Brandywine
Operating
Partnership,
LP
4.100%
due
10/01/24
874
806
Bristol-Myers
Squibb
Co.
2.350%
due
11/13/40
150
108
Series
WI
3.900%
due
02/20/28
380
373
Broadcom,
Inc.
1.950%
due
02/15/28
(Þ)
948
825
3.187%
due
11/15/36
(Þ)
290
220
Brown
&
Brown,
Inc.
4.200%
due
09/15/24
864
848
Burlington
Northern
Santa
Fe
LLC
4.400%
due
03/15/42
100
93
Cameron
LNG
LLC
3.701%
due
01/15/39
(Þ)
30
25
Capital
One
Financial
Corp.
2.618%
due
11/02/32
(SOFR
+
1.265%)(Ê)
1,013
772
5.817%
due
02/01/34
(SOFR
+
2.600%)(Ê)
140
135
Carrier
Global
Corp.
Series
WI
2.242%
due
02/15/25
867
827
3.577%
due
04/05/50
40
30
CBRE
Services,
Inc.
2.500%
due
04/01/31
1,007
802
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
4.500%
due
08/15/30
(Þ)
10
8
Series
WI
4.500%
due
05/01/32
400
327
CDW
LLC
/
CDW
Finance
Corp.
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.125%
due
05/01/25
900
873
Centene
Corp.
Series
WI
4.250%
due
12/15/27
80
77
4.625%
due
12/15/29
150
141
3.375%
due
02/15/30
1,024
893
CenterPoint
Energy
Houston
Electric
LLC
4.950%
due
04/01/33
130
133
4.500%
due
04/01/44
190
175
5.300%
due
04/01/53
10
10
CH
Robinson
Worldwide,
Inc.
4.200%
due
04/15/28
845
813
Charles
Schwab
Corp.
(The)
2.000%
due
03/20/28
140
120
Series
G
5.375%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.971%)(Ê)(ƒ)
240
227
Series
H
4.000%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.079%)(Ê)(ƒ)
240
189
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
2.250%
due
01/15/29
410
342
3.500%
due
06/01/41
100
69
3.500%
due
03/01/42
190
128
3.850%
due
04/01/61
60
37
3.950%
due
06/30/62
170
108
Series
WI
3.750%
due
02/15/28
300
279
6.384%
due
10/23/35
20
20
6.484%
due
10/23/45
639
605
6.834%
due
10/23/55
20
19
Cheniere
Energy
Partners,
LP
Series
WI
3.250%
due
01/31/32
80
66
Chesapeake
Energy
Corp.
5.500%
due
02/01/26
(Þ)
550
541
Chevron
Corp.
1.554%
due
05/11/25
894
843
0.687%
due
08/12/25
946
868
3.078%
due
05/11/50
10
8
2.343%
due
08/12/50
130
85
Chord
Energy
Corp.
6.375%
due
06/01/26
(Þ)
60
59
Cigna
Corp.
2.400%
due
03/15/30
40
35
3.200%
due
03/15/40
90
70
Series
WI
4.375%
due
10/15/28
400
394
4.800%
due
08/15/38
120
116
Cimarex
Energy
Co.
4.375%
due
03/15/29
130
115
CIT
Bank
NA
Series
BKNT
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
2.969%
due
09/27/25
(CME
Term
SOFR
3
Month
+
1.715%)(Ê)
812
738
Citigroup,
Inc.
3.106%
due
04/08/26
(SOFR
+
2.842%)(Ê)
100
96
2.976%
due
11/05/30
(SOFR
+
1.422%)(Ê)
320
280
2.572%
due
06/03/31
(SOFR
+
2.107%)(Ê)
220
186
2.561%
due
05/01/32
(SOFR
+
1.167%)(Ê)
560
465
3.785%
due
03/17/33
(SOFR
+
1.939%)(Ê)
210
188
8.125%
due
07/15/39
370
477
4.650%
due
07/23/48
35
32
4.150%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.000%)(Ê)(ƒ)
230
188
Clorox
Co.
(The)
1.800%
due
05/15/30
220
182
CNH
Industrial
Capital
LLC
3.950%
due
05/23/25
844
822
Coca-Cola
Co.
(The)
3.450%
due
03/25/30
906
871
1.375%
due
03/15/31
90
73
4.125%
due
03/25/40
50
47
2.500%
due
06/01/40
10
8
Comcast
Corp.
4.150%
due
10/15/28
110
109
4.250%
due
10/15/30
120
118
7.050%
due
03/15/33
150
178
6.500%
due
11/15/35
19
22
3.250%
due
11/01/39
10
8
3.750%
due
04/01/40
10
9
3.400%
due
07/15/46
20
16
4.000%
due
03/01/48
80
68
Series
WI
2.887%
due
11/01/51
304
208
2.937%
due
11/01/56
30
20
2.987%
due
11/01/63
117
76
CommonSpirit
Health
2.782%
due
10/01/30
80
68
3.910%
due
10/01/50
90
70
Commonwealth
Edison
Co.
6.450%
due
01/15/38
120
138
Conagra
Brands,
Inc.
1.375%
due
11/01/27
971
833
Constellation
Brands,
Inc.
4.750%
due
11/15/24
836
835
Consumers
Energy
Co.
2.500%
due
05/01/60
30
18
Continental
Resources,
Inc.
2.268%
due
11/15/26
(Þ)
140
124
2.875%
due
04/01/32
(Þ)
120
93
Series
WI
4.375%
due
01/15/28
260
245
Costco
Wholesale
Corp.
1.600%
due
04/20/30
120
102
Coterra
Energy,
Inc.
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Series
WI
3.900%
due
05/15/27
160
153
4.375%
due
03/15/29
330
314
Crown
Castle
International
Corp.
3.200%
due
09/01/24
855
831
CVS
Health
Corp.
3.625%
due
04/01/27
40
39
4.300%
due
03/25/28
101
99
3.250%
due
08/15/29
70
64
3.750%
due
04/01/30
110
103
2.125%
due
09/15/31
120
98
4.780%
due
03/25/38
260
248
4.125%
due
04/01/40
40
34
5.050%
due
03/25/48
125
117
Danaher
Corp.
3.350%
due
09/15/25
831
813
DCP
Midstream
Operating,
LP
3.250%
due
02/15/32
200
169
6.450%
due
11/03/36
(Þ)
50
52
Dell
International
LLC
/
EMC
Corp.
Series
WI
8.100%
due
07/15/36
65
76
Delta
Air
Lines,
Inc.
2.900%
due
10/28/24
510
488
7.375%
due
01/15/26
210
219
3.750%
due
10/28/29
30
26
Delta
Air
Lines,
Inc.
/
SkyMiles
IP,
Ltd.
4.500%
due
10/20/25
(Þ)
229
225
4.750%
due
10/20/28
(Þ)
320
309
Devon
Energy
Corp.
5.850%
due
12/15/25
140
142
5.600%
due
07/15/41
90
86
5.000%
due
06/15/45
240
213
Series
WI
5.250%
due
10/15/27
19
19
5.875%
due
06/15/28
153
156
4.500%
due
01/15/30
220
210
DH
Europe
Finance
II
SARL
Series
5YR
2.200%
due
11/15/24
899
863
Diamondback
Energy,
Inc.
3.500%
due
12/01/29
280
256
4.400%
due
03/24/51
210
169
DISH
DBS
Corp.
5.750%
due
12/01/28
(Þ)
150
112
Series
WI
7.750%
due
07/01/26
10
7
Dollar
General
Corp.
4.150%
due
11/01/25
821
806
Dominion
Energy,
Inc.
Series
C
3.375%
due
04/01/30
80
73
Duke
Energy
Carolinas
LLC
6.100%
due
06/01/37
190
205
4.000%
due
09/30/42
100
85
Duke
Energy
Corp.
3.400%
due
06/15/29
892
824
Duke
Energy
Indiana
LLC
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
37
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.250%
due
10/01/49
80
58
5.400%
due
04/01/53
70
71
Duke
Energy
Ohio,
Inc.
5.250%
due
04/01/33
130
134
Edison
International
4.950%
due
04/15/25
160
159
Series
A
5.375%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.698%)(Ê)(ƒ)
200
177
Series
B
5.000%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.901%)(Ê)(ƒ)
110
91
El
Paso
Natural
Gas
Co.
LLC
7.500%
due
11/15/26
350
372
Elevance
Health,
Inc.
4.101%
due
03/01/28
50
49
4.100%
due
05/15/32
310
296
5.500%
due
10/15/32
300
316
4.375%
due
12/01/47
10
9
4.850%
due
08/15/54
783
683
Eli
Lilly
&
Co.
4.950%
due
02/27/63
60
62
Enbridge
Energy
Partners,
LP
7.375%
due
10/15/45
484
567
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
5.750%
due
01/30/28
(Þ)
40
40
Energy
Transfer,
LP
4.500%
due
04/15/24
290
287
2.900%
due
05/15/25
30
29
5.500%
due
06/01/27
220
222
4.950%
due
06/15/28
40
40
5.250%
due
04/15/29
30
30
3.750%
due
05/15/30
140
129
5.300%
due
04/01/44
10
9
6.250%
due
04/15/49
170
168
Series
B
6.625%
due
12/31/99
(USD
3
Month
LIBOR
+
4.155%)(Ê)(ƒ)
110
82
Series
F
6.750%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.134%)(Ê)(ƒ)
450
396
Series
G
7.125%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.306%)(Ê)(ƒ)
900
757
Series
H
6.500%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.694%)(Ê)(ƒ)
140
123
EnLink
Midstream
LLC
5.625%
due
01/15/28
(Þ)
260
255
Enstar
Group,
Ltd.
4.950%
due
06/01/29
866
814
Enterprise
Products
Operating
LLC
4.150%
due
10/16/28
150
146
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.800%
due
01/31/30
100
89
7.550%
due
04/15/38
20
23
5.700%
due
02/15/42
40
41
4.850%
due
03/15/44
60
56
3.700%
due
01/31/51
140
108
3.300%
due
02/15/53
160
116
5.375%
due
02/15/78
(USD
3
Month
LIBOR
+
2.570%)(Ê)
680
546
Series
D
6.875%
due
03/01/33
794
906
EOG
Resources,
Inc.
4.375%
due
04/15/30
130
130
EPR
Properties
Co.
3.750%
due
08/15/29
969
742
EQM
Midstream
Partners,
LP
7.500%
due
06/01/27
(Þ)
120
120
EQT
Corp.
5.678%
due
10/01/25
110
110
3.125%
due
05/15/26
(Þ)
160
148
3.900%
due
10/01/27
160
150
5.000%
due
01/15/29
10
9
7.000%
due
02/01/30
100
105
3.625%
due
05/15/31
(Þ)
30
26
Equifax,
Inc.
2.350%
due
09/15/31
310
250
Equities
Corp.
6.125%
due
02/01/25
250
251
Extra
Space
Storage,
LP
3.900%
due
04/01/29
70
64
Exxon
Mobil
Corp.
2.992%
due
03/19/25
859
836
3.482%
due
03/19/30
120
115
4.227%
due
03/19/40
100
94
4.114%
due
03/01/46
40
36
4.327%
due
03/19/50
10
9
3.452%
due
04/15/51
30
24
F&G
Annuities
&
Life,
Inc.
7.400%
due
01/13/28
(Þ)
862
867
Ferguson
PLC
4.500%
due
10/24/28
(Þ)
906
869
Fidelity
&
Guaranty
Life
Holdings,
Inc.
5.500%
due
05/01/25
(Þ)
50
50
FirstEnergy
Corp.
Series
B
3.900%
due
07/15/27
120
114
Series
C
4.850%
due
07/15/47
50
44
Florida
Gas
Transmission
Co.
LLC
2.300%
due
10/01/31
(Þ)
420
342
Florida
Power
&
Light
Co.
3.150%
due
10/01/49
40
30
Ford
Motor
Co.
6.950%
due
03/06/26
700
710
3.250%
due
02/12/32
120
94
4.750%
due
01/15/43
40
31
Ford
Motor
Credit
Co.
LLC
3.664%
due
09/08/24
200
192
2.300%
due
02/10/25
600
556
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
38
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.700%
due
08/10/26
200
178
4.950%
due
05/28/27
200
191
Fortinet,
Inc.
2.200%
due
03/15/31
130
108
Fox
Corp.
Series
WI
5.476%
due
01/25/39
80
77
Freeport-McMoRan,
Inc.
5.400%
due
11/14/34
230
225
FS
KKR
Capital
Corp.
3.400%
due
01/15/26
921
826
General
Dynamics
Corp.
3.250%
due
04/01/25
876
853
3.625%
due
04/01/30
100
96
4.250%
due
04/01/40
160
151
4.250%
due
04/01/50
50
47
General
Motors
Co.
6.125%
due
10/01/25
310
316
5.600%
due
10/15/32
80
78
6.250%
due
10/02/43
40
38
6.750%
due
04/01/46
40
40
Genting
New
York
LLC
3.300%
due
02/15/26
(Þ)
640
576
Georgia
Power
Co.
3.250%
due
03/30/27
858
812
Gilead
Sciences,
Inc.
5.650%
due
12/01/41
50
54
GLP
Capital,
LP
/
GLP
Financing
II,
Inc.
5.375%
due
04/15/26
653
634
Goldman
Sachs
BDC,
Inc.
2.875%
due
01/15/26
860
781
Goldman
Sachs
Group,
Inc.
(The)
4.250%
due
10/21/25
140
136
3.500%
due
11/16/26
90
86
3.615%
due
03/15/28
(SOFR
+
1.846%)(Ê)
290
274
3.691%
due
06/05/28
(USD
3
Month
LIBOR
+
1.510%)(Ê)
200
189
4.223%
due
05/01/29
(USD
3
Month
LIBOR
+
1.301%)(Ê)
50
48
3.800%
due
03/15/30
40
37
2.650%
due
10/21/32
(SOFR
+
1.264%)(Ê)
340
281
5.150%
due
05/22/45
70
66
Series
DMTN
2.383%
due
07/21/32
(SOFR
+
1.248%)(Ê)
590
479
Golub
Capital
BDC,
Inc.
2.050%
due
02/15/27
1,009
826
Halliburton
Co.
4.850%
due
11/15/35
60
58
Harris
Corp.
4.400%
due
06/15/28
859
842
Hawaiian
Brand
Intellectual
Property,
Ltd.
/
HawaiianMiles
Loyalty,
Ltd.
5.750%
due
01/20/26
(Þ)
1,000
949
HCA,
Inc.
5.250%
due
06/15/26
791
792
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
5.125%
due
06/15/39
50
47
Hercules
Capital,
Inc.
3.375%
due
01/20/27
966
829
Hershey
Co.
(The)
1.700%
due
06/01/30
160
134
Home
Depot,
Inc.
(The)
3.000%
due
04/01/26
828
803
3.900%
due
12/06/28
10
10
2.700%
due
04/15/30
80
72
3.300%
due
04/15/40
50
42
3.350%
due
04/15/50
10
8
Host
Hotels
&
Resorts,
LP
Series
F
4.500%
due
02/01/26
814
789
HSBC
Holdings
PLC
7.200%
due
07/15/97
457
493
Humana,
Inc.
4.500%
due
04/01/25
20
20
5.875%
due
03/01/33
220
237
4.625%
due
12/01/42
20
18
4.950%
due
10/01/44
20
19
Huntington
Bancshares,
Inc.
Series
WI
2.487%
due
08/15/36
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.170%)(Ê)
1,012
711
Huntington
Ingalls
Industries,
Inc.
Series
WI
3.483%
due
12/01/27
900
843
Huntsman
International
LLC
4.500%
due
05/01/29
926
870
ILFC
E-Capital
Trust
I
6.548%
due
12/21/65
(~)(Ê)(Þ)
350
222
ILFC
E-Capital
Trust
II
6.798%
due
12/21/65
(~)(Ê)(Þ)
350
232
Intel
Corp.
2.800%
due
08/12/41
110
80
4.900%
due
08/05/52
60
56
3.200%
due
08/12/61
100
66
Series
WI
3.734%
due
12/08/47
10
8
Inter-American
Development
Bank
Series
GMTN
4.926%
due
02/04/25
(SOFR
+
0.250%)(Ê)
1,230
1,232
Intercontinental
Exchange,
Inc.
4.600%
due
03/15/33
220
218
4.950%
due
06/15/52
40
39
International
Flavors
&
Fragrances,
Inc.
1.230%
due
10/01/25
(Þ)
919
822
Invitation
Homes,
Inc.
2.300%
due
11/15/28
971
814
4.150%
due
04/15/32
310
278
Jackson
National
Life
Global
Funding
1.750%
due
01/12/25
(Þ)
918
859
Jefferies
Financial
Group,
Inc.
6.625%
due
10/23/43
761
773
Johnson
Controls
International
PLC
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
39
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.625%
due
07/02/24
(~)(Ê)
839
825
JPMorgan
Chase
&
Co.
4.203%
due
07/23/29
(USD
3
Month
LIBOR
+
1.260%)(Ê)
40
39
4.452%
due
12/05/29
(USD
3
Month
LIBOR
+
1.330%)(Ê)
40
39
8.750%
due
09/01/30
280
336
2.522%
due
04/22/31
(SOFR
+
2.040%)(Ê)
120
103
2.956%
due
05/13/31
(SOFR
+
2.515%)(Ê)
330
285
1.953%
due
02/04/32
(SOFR
+
1.065%)(Ê)
340
274
2.580%
due
04/22/32
(SOFR
+
1.250%)(Ê)
390
328
2.545%
due
11/08/32
(SOFR
+
1.180%)(Ê)
80
66
4.586%
due
04/26/33
(SOFR
+
1.800%)(Ê)
500
484
4.260%
due
02/22/48
(USD
3
Month
LIBOR
+
1.580%)(Ê)
80
70
3.328%
due
04/22/52
(SOFR
+
1.580%)(Ê)
120
88
3.650%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.850%)(Ê)(ƒ)
190
166
Kaiser
Foundation
Hospitals
4.150%
due
05/01/47
30
26
Series
2019
3.266%
due
11/01/49
30
22
Series
2021
2.810%
due
06/01/41
80
59
3.002%
due
06/01/51
20
14
Kentucky
Utilities
Co.
5.450%
due
04/15/33
70
73
Kenvue,
Inc.
4.900%
due
03/22/33
(Þ)
210
217
5.050%
due
03/22/53
(Þ)
110
113
5.200%
due
03/22/63
(Þ)
60
62
Keurig
Dr
Pepper,
Inc.
3.400%
due
11/15/25
833
800
Keysight
Technologies,
Inc.
3.000%
due
10/30/29
921
820
Kimco
Realty
Corp.
2.250%
due
12/01/31
310
243
Kinder
Morgan
Energy
Partners,
LP
7.300%
due
08/15/33
50
56
5.500%
due
03/01/44
150
141
Kinder
Morgan,
Inc.
4.300%
due
06/01/25
90
89
5.550%
due
06/01/45
80
76
5.050%
due
02/15/46
30
26
KKR
Group
Finance
Co.
II
LLC
5.500%
due
02/01/43
(Þ)
10
9
KLA
Corp.
4.650%
due
07/15/32
130
131
4.950%
due
07/15/52
20
20
Kraft
Heinz
Foods
Co.
Series
WI
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.875%
due
05/15/27
906
885
Kroger
Co.
(The)
3.500%
due
02/01/26
828
807
5.150%
due
08/01/43
20
19
Kyndryl
Holdings,
Inc.
Series
WI
3.150%
due
10/15/31
320
245
4.100%
due
10/15/41
230
154
L3Harris
Technologies,
Inc.
2.900%
due
12/15/29
240
212
Laboratory
Corp.
of
America
Holdings
3.250%
due
09/01/24
886
863
Lam
Research
Corp.
1.900%
due
06/15/30
140
118
2.875%
due
06/15/50
60
42
Las
Vegas
Sands
Corp.
3.200%
due
08/08/24
750
726
2.900%
due
06/25/25
940
893
Lennar
Corp.
Series
WI
5.000%
due
06/15/27
10
10
Lennox
International,
Inc.
1.700%
due
08/01/27
110
97
Life
Storage,
LP
4.000%
due
06/15/29
882
810
Lithia
Motors,
Inc.
4.625%
due
12/15/27
(Þ)
60
56
3.875%
due
06/01/29
(Þ)
50
43
Lockheed
Martin
Corp.
1.850%
due
06/15/30
70
59
3.900%
due
06/15/32
100
97
4.500%
due
05/15/36
10
10
4.150%
due
06/15/53
70
64
4.300%
due
06/15/62
80
73
Louisville
Gas
&
Electric
Co.
5.450%
due
04/15/33
70
73
Lowe's
Cos.,
Inc.
4.500%
due
04/15/30
50
49
1.700%
due
10/15/30
90
73
2.800%
due
09/15/41
90
64
3.000%
due
10/15/50
190
126
Series
3-RD
3.375%
due
09/15/25
834
808
Magallanes,
Inc.
4.279%
due
03/15/32
(Þ)
230
205
5.050%
due
03/15/42
(Þ)
450
376
5.141%
due
03/15/52
(Þ)
230
186
Markel
Corp.
4.300%
due
11/01/47
699
574
Mars,
Inc.
2.375%
due
07/16/40
(Þ)
240
173
Marsh
&
McLennan
Cos.,
Inc.
3.500%
due
03/10/25
876
853
2.375%
due
12/15/31
220
182
Massachusetts
Mutual
Life
Insurance
Co.
3.375%
due
04/15/50
(Þ)
70
51
Mastercard,
Inc.
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
3.850%
due
03/26/50
60
53
McDonald's
Corp.
3.800%
due
04/01/28
50
49
4.700%
due
12/09/35
716
715
Series
MTN
3.500%
due
07/01/27
60
58
3.600%
due
07/01/30
70
66
4.450%
due
03/01/47
40
37
4.450%
due
09/01/48
80
74
3.625%
due
09/01/49
10
8
4.200%
due
04/01/50
160
141
MDC
Holdings,
Inc.
2.500%
due
01/15/31
160
124
6.000%
due
01/15/43
50
43
Merck
&
Co.,
Inc.
2.750%
due
02/10/25
888
868
2.350%
due
06/24/40
40
29
Meta
Platforms,
Inc.
Series
WI
3.850%
due
08/15/32
150
140
4.450%
due
08/15/52
10
9
Metropolitan
Edison
Co.
5.200%
due
04/01/28
(Þ)
150
152
Metropolitan
Life
Global
Funding
I
5.150%
due
03/28/33
(Þ)
300
302
Micron
Technology,
Inc.
2.703%
due
04/15/32
140
112
5.875%
due
02/09/33
150
152
Microsoft
Corp.
3.450%
due
08/08/36
80
74
2.921%
due
03/17/52
96
73
Mid-America
Apartments,
LP
3.750%
due
06/15/24
890
874
MidAmerican
Energy
Co.
3.650%
due
04/15/29
50
48
3.150%
due
04/15/50
110
81
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets,
Ltd.
6.500%
due
06/20/27
(Þ)
136
136
Molson
Coors
Beverage
Co.
4.200%
due
07/15/46
40
33
Mondelez
International
Holdings
Netherlands
BV
2.250%
due
09/19/24
(Þ)
690
664
Mondelez
International,
Inc.
1.875%
due
10/15/32
981
786
2.625%
due
09/04/50
40
27
Morgan
Stanley
2.188%
due
04/28/26
(SOFR
+
1.990%)(Ê)
70
66
1.593%
due
05/04/27
(SOFR
+
0.879%)(Ê)
70
63
6.342%
due
10/18/33
(SOFR
+
2.560%)(Ê)
220
240
2.484%
due
09/16/36
(SOFR
+
1.360%)(Ê)
420
319
5.297%
due
04/20/37
(SOFR
+
2.620%)(Ê)
130
123
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
5.948%
due
01/19/38
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.430%)(Ê)
120
119
3.217%
due
04/22/42
(SOFR
+
1.485%)(Ê)
240
185
Series
GMTN
4.431%
due
01/23/30
(USD
3
Month
LIBOR
+
1.628%)(Ê)
10
10
2.239%
due
07/21/32
(SOFR
+
1.178%)(Ê)
170
136
Series
MTN
3.622%
due
04/01/31
(SOFR
+
3.120%)(Ê)
80
73
MPLX,
LP
4.800%
due
02/15/29
50
50
5.000%
due
03/01/33
290
284
4.500%
due
04/15/38
170
151
5.200%
due
03/01/47
30
27
4.700%
due
04/15/48
70
59
National
General
Holdings
Corp.
6.750%
due
05/15/24
(Þ)
610
615
NBCUniversal
Media
LLC
4.450%
due
01/15/43
7
6
Nestle
Holdings,
Inc.
0.606%
due
09/14/24
(Þ)
882
834
Netflix,
Inc.
5.875%
due
11/15/28
838
881
New
York
Life
Global
Funding
4.550%
due
01/28/33
(Þ)
120
119
New
York
Life
Insurance
Co.
3.750%
due
05/15/50
(Þ)
150
121
NextEra
Energy
Capital
Holdings,
Inc.
6.051%
due
03/01/25
30
31
3.800%
due
03/15/82
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.547%)(Ê)
978
807
NextEra
Energy
Operating
Partners,
LP
4.250%
due
07/15/24
(Þ)
60
59
NGPL
PipeCo
LLC
7.768%
due
12/15/37
(Þ)
553
609
Northrop
Grumman
Corp.
5.150%
due
05/01/40
160
162
5.050%
due
11/15/40
30
30
4.030%
due
10/15/47
30
26
5.250%
due
05/01/50
60
62
Northwest
Pipeline
LLC
7.125%
due
12/01/25
250
260
Series
WI
4.000%
due
04/01/27
60
58
Northwestern
Mutual
Life
Insurance
Co.
(The)
3.450%
due
03/30/51
(Þ)
320
235
3.625%
due
09/30/59
(Þ)
80
59
NRG
Energy,
Inc.
2.450%
due
12/02/27
(Þ)
390
334
NVIDIA
Corp.
3.500%
due
04/01/40
30
26
Oaktree
Specialty
Lending
Corp.
2.700%
due
01/15/27
988
844
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
Occidental
Petroleum
Corp.
6.950%
due
07/01/24
5
5
5.550%
due
03/15/26
140
141
7.950%
due
06/15/39
50
56
4.100%
due
02/15/47
20
15
Ohio
Edison
Co.
5.500%
due
01/15/33
(Þ)
90
92
Omega
Healthcare
Investors,
Inc.
Series
WI
4.500%
due
04/01/27
898
838
Oncor
Electric
Delivery
Co.
LLC
3.100%
due
09/15/49
80
59
Series
WI
4.150%
due
06/01/32
40
39
Oracle
Corp.
2.875%
due
03/25/31
50
43
6.250%
due
11/09/32
370
398
4.300%
due
07/08/34
648
594
4.000%
due
07/15/46
220
168
6.900%
due
11/09/52
150
168
5.550%
due
02/06/53
350
333
Otis
Worldwide
Corp.
Series
WI
2.056%
due
04/05/25
872
823
2.565%
due
02/15/30
60
53
Owl
Rock
Capital
Corp.
4.250%
due
01/15/26
939
862
Pacific
Gas
and
Electric
Co.
2.100%
due
08/01/27
30
26
3.000%
due
06/15/28
90
80
2.500%
due
02/01/31
50
41
3.300%
due
08/01/40
20
14
4.750%
due
02/15/44
70
56
4.950%
due
07/01/50
140
115
3.500%
due
08/01/50
20
13
6.700%
due
04/01/53
210
216
Series
WI
3.300%
due
12/01/27
950
855
Park-Ohio
Industries,
Inc.
Series
WI
6.625%
due
04/15/27
240
186
Parsley
Energy
LLC
/
Parsley
Finance
Corp.
4.125%
due
02/15/28
(Þ)
10
9
PayPal
Holdings,
Inc.
4.400%
due
06/01/32
170
166
3.250%
due
06/01/50
60
44
5.050%
due
06/01/52
20
19
Pennsylvania
Electric
Co.
5.150%
due
03/30/26
(Þ)
60
60
PepsiCo,
Inc.
2.625%
due
03/19/27
887
838
1.625%
due
05/01/30
10
8
3.900%
due
07/18/32
150
146
Pfizer,
Inc.
2.550%
due
05/28/40
60
45
PG&E
Wildfire
Recovery
Funding
LLC
Series
A-3
5.081%
due
06/01/41
120
122
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Series
A-4
5.212%
due
12/01/47
30
31
Philip
Morris
International,
Inc.
2.100%
due
05/01/30
70
58
1.750%
due
11/01/30
280
225
6.375%
due
05/16/38
664
726
Physicians
Realty
Trust
4.300%
due
03/15/27
838
809
Pilgrim's
Pride
Corp.
5.875%
due
09/30/27
(Þ)
100
99
Pioneer
Natural
Resources
Co.
1.125%
due
01/15/26
908
825
5.100%
due
03/29/26
190
191
2.150%
due
01/15/31
280
230
Plains
All
American
Pipeline,
LP
/
PAA
Finance
Corp.
Series
WI
6.700%
due
05/15/36
10
10
PNC
Financial
Services
Group,
Inc.
(The)
Series
W
6.250%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
2.808%)(Ê)(ƒ)
250
232
Procter
&
Gamble
Co.
(The)
2.850%
due
08/11/27
882
841
5.500%
due
02/01/34
100
110
Progress
Energy,
Inc.
7.000%
due
10/30/31
559
619
Prologis,
LP
1.250%
due
10/15/30
230
181
Prospect
Capital
Corp.
3.706%
due
01/22/26
1,003
886
Prudential
Financial,
Inc.
6.750%
due
03/01/53
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.848%)(Ê)
150
146
Public
Storage
0.875%
due
02/15/26
972
874
QUALCOMM,
Inc.
4.500%
due
05/20/52
50
47
Radian
Group,
Inc.
4.500%
due
10/01/24
878
847
Range
Resources
Corp.
Series
WI
4.875%
due
05/15/25
340
333
Raytheon
Technologies
Corp.
4.625%
due
11/16/48
130
124
5.375%
due
02/27/53
140
147
Regal
Rexnord
Corp.
6.050%
due
02/15/26
(Þ)
1,668
1,675
Regeneron
Pharmaceuticals,
Inc.
1.750%
due
09/15/30
1,093
885
Republic
Services,
Inc.
2.500%
due
08/15/24
868
841
3.375%
due
11/15/27
230
220
Roche
Holdings,
Inc.
3.000%
due
11/10/25
(Þ)
842
812
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co-Issuer,
Inc.
2.875%
due
10/15/26
(Þ)
100
89
Roper
Technologies,
Inc.
1.400%
due
09/15/27
952
825
RPM
International,
Inc.
3.750%
due
03/15/27
909
864
Ryder
System,
Inc.
2.850%
due
03/01/27
949
873
S&P
Global,
Inc.
1.250%
due
08/15/30
40
32
3.250%
due
12/01/49
20
15
Sabra
Health
Care,
LP
/
Sabra
Capital
Corp.
3.900%
due
10/15/29
921
762
Salesforce.com,
Inc.
3.050%
due
07/15/61
50
34
San
Diego
Gas
&
Electric
Co.
Series
RRR
3.750%
due
06/01/47
100
81
Series
VVV
1.700%
due
10/01/30
240
196
Santander
Holdings
USA,
Inc.
5.807%
due
09/09/26
(SOFR
+
2.328%)(Ê)
860
845
Sempra
Energy
4.125%
due
04/01/52
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.868%)(Ê)
953
768
Senior
Housing
Properties
Trust
4.750%
due
05/01/24
120
108
Sherwin-Williams
Co.
(The)
3.450%
due
06/01/27
861
824
Simon
Property
Group,
LP
3.500%
due
09/01/25
100
96
Southern
California
Edison
Co.
2.250%
due
06/01/30
150
127
3.650%
due
02/01/50
110
85
Series
C
4.125%
due
03/01/48
130
107
Series
G
2.500%
due
06/01/31
120
102
Southern
Co.
(The)
Series
21-B
1.750%
due
03/15/28
951
821
Southern
Co.
Gas
Capital
Corp.
6.000%
due
10/01/34
196
197
Southwest
Airlines
Co.
5.250%
due
05/04/25
50
50
Southwestern
Energy
Co.
8.375%
due
09/15/28
60
63
4.750%
due
02/01/32
80
71
Spirit
Loyalty
Cayman,
Ltd.
/
Spirit
IP
Cayman,
Ltd.
8.000%
due
09/20/25
(Þ)
340
342
Spirit
Realty
Capital,
Inc.
3.200%
due
01/15/27
949
865
Sprint
Corp.
Series
WI
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
7.125%
due
06/15/24
500
508
STORE
Capital
Corp.
4.500%
due
03/15/28
938
840
Sun
Communities,
Inc.
2.700%
due
07/15/31
1,087
879
Sunoco
Logistics
Partners
Operations,
LP
3.900%
due
07/15/26
90
87
SVB
Financial
Group
4.570%
due
04/29/33
(SOFR
+
1.967%)(Ê)
310
180
Targa
Resources
Corp.
5.200%
due
07/01/27
230
228
4.200%
due
02/01/33
150
135
Targa
Resources
Partners,
LP
/
Targa
Resources
Partners
Finance
Corp.
5.500%
due
03/01/30
30
29
4.875%
due
02/01/31
220
206
4.000%
due
01/15/32
390
340
Target
Corp.
3.375%
due
04/15/29
140
134
TD
SYNNEX
Corp.
Series
WI
1.250%
due
08/09/24
510
477
Teachers
Insurance
&
Annuity
Association
of
America
4.900%
due
09/15/44
(Þ)
140
129
Tennessee
Gas
Pipeline
Co.
LLC
2.900%
due
03/01/30
(Þ)
430
373
7.625%
due
04/01/37
608
690
Texas
Eastern
Transmission,
LP
3.500%
due
01/15/28
(Þ)
854
802
Texas
Instruments,
Inc.
2.250%
due
09/04/29
90
80
3.650%
due
08/16/32
170
161
3.875%
due
03/15/39
80
73
Time
Warner
Cable
LLC
6.550%
due
05/01/37
90
89
7.300%
due
07/01/38
180
187
6.750%
due
06/15/39
20
20
5.500%
due
09/01/41
666
575
Time
Warner
Entertainment
Co.,
LP
8.375%
due
07/15/33
100
114
T-Mobile
USA,
Inc.
2.625%
due
02/15/29
60
53
2.875%
due
02/15/31
70
60
Series
WI
3.875%
due
04/15/30
300
281
2.550%
due
02/15/31
824
698
2.700%
due
03/15/32
230
194
3.000%
due
02/15/41
100
74
3.300%
due
02/15/51
120
85
Transcontinental
Gas
Pipe
Line
Co.
LLC
4.450%
due
08/01/42
260
228
Series
WI
3.250%
due
05/15/30
50
45
TWDC
Enterprises
18
Corp.
Series
MTNB
7.000%
due
03/01/32
552
643
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
Union
Pacific
Corp.
6.625%
due
02/01/29
728
809
3.750%
due
02/05/70
40
31
Series
WI
2.891%
due
04/06/36
110
91
3.839%
due
03/20/60
140
113
United
Airlines
Pass-Through
Trust
Series
2020-1
Class
B
4.875%
due
01/15/26
210
203
United
Airlines,
Inc.
4.375%
due
04/15/26
(Þ)
400
383
4.625%
due
04/15/29
(Þ)
30
27
United
Parcel
Service,
Inc.
3.900%
due
04/01/25
817
807
United
Technologies
Corp.
3.125%
due
05/04/27
916
869
UnitedHealth
Group,
Inc.
3.850%
due
06/15/28
70
68
2.000%
due
05/15/30
100
85
5.350%
due
02/15/33
860
914
4.625%
due
07/15/35
100
100
5.700%
due
10/15/40
60
65
4.750%
due
05/15/52
80
78
5.875%
due
02/15/53
60
67
Unum
Group
5.750%
due
08/15/42
796
729
US
Airways
Pass-Through
Trust
Class
A
4.625%
due
06/03/25
77
73
3.950%
due
11/15/25
226
212
Verizon
Communications,
Inc.
2.100%
due
03/22/28
1,000
891
3.875%
due
02/08/29
120
116
7.750%
due
12/01/30
100
117
4.500%
due
08/10/33
470
454
5.250%
due
03/16/37
60
62
2.650%
due
11/20/40
90
64
4.125%
due
08/15/46
60
51
5.500%
due
03/16/47
10
10
4.000%
due
03/22/50
40
33
2.875%
due
11/20/50
120
80
Series
WI
4.329%
due
09/21/28
53
52
2.987%
due
10/30/56
60
39
VICI
Properties,
LP
/
VICI
Note
Co.,
Inc.
4.625%
due
06/15/25
(Þ)
879
850
Visa,
Inc.
2.050%
due
04/15/30
60
52
2.700%
due
04/15/40
70
56
Vontier
Corp.
Series
WI
1.800%
due
04/01/26
170
150
2.400%
due
04/01/28
350
294
Vornado
Realty
Trust
3.500%
due
01/15/25
912
824
Voya
Financial,
Inc.
Series
WI
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.700%
due
01/23/48
(USD
3
Month
LIBOR
+
2.084%)(Ê)
944
750
Wachovia
Corp.
5.500%
due
08/01/35
802
800
Walmart,
Inc.
1.050%
due
09/17/26
970
874
1.800%
due
09/22/31
80
68
2.650%
due
09/22/51
90
65
Walt
Disney
Co.
(The)
Series
WI
3.700%
due
09/15/24
827
816
6.650%
due
11/15/37
40
47
5.400%
due
10/01/43
30
32
Waste
Management,
Inc.
3.150%
due
11/15/27
100
95
Wells
Fargo
&
Co.
0.805%
due
05/19/25
(SOFR
+
0.510%)(Ê)
80
76
3.000%
due
04/22/26
140
132
3.000%
due
10/23/26
260
243
3.068%
due
04/30/41
(SOFR
+
2.530%)(Ê)
170
127
5.375%
due
11/02/43
130
124
4.650%
due
11/04/44
10
9
4.750%
due
12/07/46
90
78
5.013%
due
04/04/51
(SOFR
+
4.502%)(Ê)
310
292
4.611%
due
04/25/53
(SOFR
+
2.130%)(Ê)
250
222
Welltower,
Inc.
3.850%
due
06/15/32
80
71
Western
Midstream
Operating,
LP
3.100%
due
02/01/25
480
458
4.650%
due
07/01/26
130
126
4.500%
due
03/01/28
50
47
4.050%
due
02/01/30
300
273
5.450%
due
04/01/44
110
96
5.500%
due
08/15/48
40
34
5.250%
due
02/01/50
60
51
Westinghouse
Air
Brake
Technologies
Corp.
Series
WI
3.450%
due
11/15/26
963
902
Williams
Cos.,
Inc.
(The)
3.750%
due
06/15/27
60
58
7.750%
due
06/15/31
130
145
5.800%
due
11/15/43
35
35
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
5.500%
due
03/01/25
(Þ)
80
78
Zions
Bancorp
NA
3.250%
due
10/29/29
953
666
194,639
International
Debt
-
17.4%
ABN
AMRO
Bank
NV
4.750%
due
07/28/25
(Þ)
861
831
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.300%
due
01/30/32
150
124
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
44
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.400%
due
10/29/33
150
122
3.850%
due
10/29/41
330
252
Agence
Francaise
de
Developpement
EPIC
Series
EMTN
5.731%
due
11/19/24
(SOFR
+
1.000%)(Ê)
1,200
1,212
AIB
Group
PLC
7.583%
due
10/14/26
(SOFR
+
3.456%)(Ê)(Þ)
831
852
Alibaba
Group
Holding,
Ltd.
3.150%
due
02/09/51
290
190
Alimentation
Couche-Tard,
Inc.
3.550%
due
07/26/27
(Þ)
702
659
Anglo
American
Capital
PLC
4.500%
due
03/15/28
(Þ)
360
346
Anheuser-Busch
Cos.
LLC
/
Anheuser-
Busch
InBev
Worldwide,
Inc.
4.900%
due
02/01/46
50
49
Anheuser-Busch
InBev
Worldwide,
Inc.
5.550%
due
01/23/49
310
332
Arbor
Realty
CLO,
Ltd.
Series
2021-FL2
Class
A
1.200%
due
05/15/36
(USD
1
Month
LIBOR
+
1.100%)(Ê)(Þ)
1,029
1,010
Series
2021-FL4
Class
A
1.440%
due
11/15/36
(USD
1
Month
LIBOR
+
1.350%)(Ê)(Þ)
1,223
1,191
Series
2022-FL1
Class
A
1.500%
due
01/15/37
(SOFR
30
Day
Average
+
1.450%)(Ê)(Þ)
3,050
2,995
Arbor
Realty
Commercial
Real
Estate
Notes,
Ltd.
Series
2022-FL2
Class
A
6.710%
due
05/15/37
(CME
Term
SOFR
1
Month
+
1.850%)(Ê)(Þ)
2,638
2,592
ArcelorMittal
SA
6.550%
due
11/29/27
150
156
Argentine
Republic
Government
International
Bond
1.000%
due
07/09/29
34
10
0.750%
due
07/09/30
(~)(Ê)
278
81
4.875%
due
07/09/41
(~)(Ê)
160
45
AstraZeneca
PLC
0.700%
due
04/08/26
959
863
Avolon
Holdings
Funding,
Ltd.
3.950%
due
07/01/24
(Þ)
20
19
2.875%
due
02/15/25
(Þ)
150
141
Banco
de
Bogota
SA
Series
EMTQ
4.375%
due
08/03/27
(Þ)
877
779
Banco
Internacional
del
Peru
SAA
Interbank
3.250%
due
10/04/26
(Þ)
928
844
Banco
Mercantil
del
Norte
SA
8.375%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
7.760%)(Ê)(ƒ)(Þ)
240
223
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santander
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
5.375%
due
04/17/25
(Þ)
810
806
Banco
Santander
SA
4.175%
due
03/24/28
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.000%)(Ê)
400
375
Bancolombia
SA
3.000%
due
01/29/25
991
932
Bank
of
Montreal
3.700%
due
06/07/25
821
798
Bank
of
Nova
Scotia
(The)
1.300%
due
06/11/25
881
812
4.588%
due
05/04/37
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.050%)(Ê)
30
26
8.625%
due
10/27/82
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.389%)(Ê)
200
204
Barclays
PLC
5.088%
due
06/20/30
(USD
3
Month
LIBOR
+
3.054%)(Ê)
290
268
4.950%
due
01/10/47
660
587
Barrick
NA
Finance
LLC
5.700%
due
05/30/41
130
136
BAT
Capital
Corp.
2.259%
due
03/25/28
1,024
878
3.734%
due
09/25/40
110
79
Series
WI
3.557%
due
08/15/27
325
302
Bayer
US
Finance
LLC
3.375%
due
10/08/24
(Þ)
726
706
Bellemeade
Re,
Ltd.
2.859%
due
10/25/28
(USD
1
Month
LIBOR
+
2.750%)(Ê)(Þ)
1,780
1,784
Series
2019-3A
Class
M1C
2.099%
due
07/25/29
(USD
1
Month
LIBOR
+
1.950%)(Ê)(Þ)
2,174
2,166
Series
2020-4A
Class
M2B
3.750%
due
06/25/30
(USD
1
Month
LIBOR
+
3.600%)(Ê)(Þ)
338
340
Series
2021-2A
Class
M1A
1.210%
due
06/25/31
(SOFR
30
Day
Average
+
1.200%)(Ê)(Þ)
1,556
1,545
Series
2021-2A
Class
M1B
1.510%
due
06/25/31
(SOFR
30
Day
Average
+
1.500%)(Ê)(Þ)
1,759
1,726
Series
2021-3A
Class
A2
1.050%
due
09/25/31
(SOFR
30
Day
Average
+
1.000%)(Ê)(Þ)
2,380
2,310
Bharti
Airtel,
Ltd.
4.375%
due
06/10/25
(Þ)
877
862
BNP
Paribas
SA
2.219%
due
06/09/26
(SOFR
+
2.074%)(Ê)(Þ)
350
321
4.625%
due
03/13/27
(Þ)
722
689
4.400%
due
08/14/28
(Þ)
200
190
5.125%
due
01/13/29
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.450%)(Ê)(Þ)
730
732
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
2.159%
due
09/15/29
(SOFR
+
1.218%)(Ê)(Þ)
270
225
7.750%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.899%)(Ê)(ƒ)(Þ)
650
622
9.250%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.969%)(Ê)(ƒ)(Þ)
200
203
BOC
Aviation
USA
Corp.
1.625%
due
04/29/24
(Þ)
200
192
British
Telecommunications
PLC
9.625%
due
12/15/30
70
87
Brookfield
Finance
LLC
3.450%
due
04/15/50
827
561
Brookfield
Finance,
Inc.
4.350%
due
04/15/30
847
789
CaixaBank
SA
6.208%
due
01/18/29
(SOFR
+
2.700%)(Ê)(Þ)
871
876
Canadian
Natural
Resources,
Ltd.
5.850%
due
02/01/35
661
660
Canadian
Pacific
Railway
Co.
2.450%
due
12/02/31
180
156
3.000%
due
12/02/41
70
56
3.100%
due
12/02/51
80
57
6.125%
due
09/15/15
656
703
Celulosa
Arauco
y
Constitucion
SA
Series
WI
4.500%
due
08/01/24
884
866
Chile
Government
International
Bond
2.550%
due
07/27/33
200
164
CI
Financial
Corp.
3.200%
due
12/17/30
1,572
1,212
Comision
Federal
de
Electricidad
3.348%
due
02/09/31
(Þ)
200
158
Cooperatieve
Rabobank
UA
4.375%
due
08/04/25
400
387
3.758%
due
04/06/33
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.420%)(Ê)(Þ)
360
322
CPPIB
Capital,
Inc.
4.125%
due
10/21/24
(Þ)
950
944
Credit
Agricole
SA
4.375%
due
03/17/25
(Þ)
734
705
1.907%
due
06/16/26
(SOFR
+
1.676%)(Ê)(Þ)
928
852
8.125%
due
12/29/49
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
6.185%)(Ê)
(ƒ)(Þ)
600
578
Credit
Suisse
Group
AG
4.282%
due
01/09/28
(Þ)
699
630
6.537%
due
08/12/33
(SOFR
+
3.920%)(Ê)(Þ)
650
668
9.016%
due
11/15/33
(SOFR
+
5.020%)(Ê)(Þ)
250
296
CSL
UK
Holdings,
Ltd.
3.850%
due
04/27/27
(Þ)
60
58
4.050%
due
04/27/29
(Þ)
120
116
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.250%
due
04/27/32
(Þ)
100
97
DAE
Funding
LLC
1.550%
due
08/01/24
(Þ)
220
207
Daimler
Trucks
Finance
NA
LLC
1.625%
due
12/13/24
(Þ)
876
829
Danske
Bank
A/S
3.773%
due
03/28/25
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.450%)(Ê)(Þ)
200
195
0.976%
due
09/10/25
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.550%)(Ê)(Þ)
1,205
1,119
6.466%
due
01/09/26
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.100%)(Ê)(Þ)
970
971
1.549%
due
09/10/27
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.730%)(Ê)(Þ)
200
176
4.298%
due
04/01/28
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.750%)(Ê)(Þ)
700
660
Delhaize
America,
Inc.
9.000%
due
04/15/31
154
186
Deutsche
Bank
AG
4.500%
due
04/01/25
871
800
3.547%
due
09/18/31
(SOFR
+
3.043%)(Ê)
1,010
828
7.079%
due
02/10/34
(SOFR
+
3.650%)(Ê)
200
185
Deutsche
Telekom
International
Finance
BV
8.750%
due
06/15/30
50
61
DNB
Bank
ASA
5.896%
due
10/09/26
(SOFR
+
1.950%)(Ê)(Þ)
864
872
Eagle
Re,
Ltd.
Series
2018-1
Class
M2
3.947%
due
11/25/28
(USD
1
Month
LIBOR
+
3.000%)(Ê)(Þ)
732
735
Series
2021-1
Class
M1B
6.460%
due
10/25/33
(SOFR
30
Day
Average
+
2.150%)(Ê)(Þ)
201
201
Series
2021-2
Class
M1B
2.099%
due
04/25/34
(SOFR
30
Day
Average
+
2.050%)(Ê)(Þ)
1,515
1,499
Ecopetrol
SA
4.625%
due
11/02/31
130
100
5.875%
due
05/28/45
80
56
5.875%
due
11/02/51
70
47
El
Puerto
de
Liverpool
SAB
de
CV
3.950%
due
10/02/24
(Þ)
878
853
Electricite
de
France
SA
3.625%
due
10/13/25
(Þ)
886
863
Enbridge,
Inc.
3.700%
due
07/15/27
687
654
Enel
Finance
International
NV
6.800%
due
10/14/25
(Þ)
540
558
3.500%
due
04/06/28
(Þ)
706
649
Eurosail
PLC
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
Series
2006-2A
Class
B1B
5.009%
due
12/15/44
(USD
3
Month
LIBOR
+
0.240%)(Ê)(Þ)
1,142
1,117
Export-Import
Bank
of
Korea
(The)
4.875%
due
01/11/26
1,160
1,167
Fairfax
Financial
Holdings,
Ltd.
Series
WI
4.850%
due
04/17/28
810
789
First
Quantum
Minerals,
Ltd.
7.500%
due
04/01/25
(Þ)
400
400
6.875%
due
10/15/27
(Þ)
200
193
Fresenius
Medical
Care
AG
&
Co.
KGaA
1.875%
due
12/01/26
(Þ)
1,021
887
Fresnillo
PLC
4.250%
due
10/02/50
(Þ)
260
196
Garda
World
Security
Corp.
2021
Term
Loan
B
9.109%
due
10/30/26
(USD
3
Month
LIBOR
+
4.250%)(Ê)
69
68
GE
Capital
European
Funding
Unltd.
Co.
6.025%
due
03/01/38
EUR
40
52
GFL
Environmental,
Inc.
Term
Loan
7.806%
due
05/31/27
(USD
1
Month
LIBOR
+
3.000%)(Ê)
15
15
Glencore
Funding
LLC
4.625%
due
04/29/24
(Þ)
40
40
1.625%
due
09/01/25
(Þ)
140
129
4.000%
due
03/27/27
(Þ)
130
125
3.875%
due
10/27/27
(Þ)
140
132
Grifols
Worldwide
Operations
USA,
Inc.
Term
Loan
B
6.840%
due
11/15/27
(USD
1
Month
LIBOR
+
2.000%)(Ê)
178
174
Grupo
Bimbo
SAB
de
CV
3.875%
due
06/27/24
(Þ)
879
863
Hana
Bank
4.375%
due
09/30/24
(Þ)
874
858
HGI
CRE
CLO,
Ltd.
Series
2021-FL2
Class
A
5.459%
due
09/17/36
(USD
1
Month
LIBOR
+
1.000%)(Ê)(Þ)
2,265
2,171
Highlands
Holdings
Bond
Issuer,
Ltd.
/
Highlands
Holdings
Bond
Co.-Issuer,
Inc.
7.625%
due
10/15/25
(Þ)
502
464
Home
RE,
Ltd.
Series
2020-1
Class
M2
7.509%
due
10/25/30
(USD
1
Month
LIBOR
+
5.250%)(Ê)(Þ)
3,330
3,392
Series
2021-1
Class
M1C
2.423%
due
07/25/33
(USD
1
Month
LIBOR
+
2.300%)(Ê)(Þ)
3,204
3,184
HSBC
Holdings
PLC
2.099%
due
06/04/26
(SOFR
+
1.929%)(Ê)
400
367
4.041%
due
03/13/28
(USD
3
Month
LIBOR
+
1.546%)(Ê)
410
384
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
6.161%
due
03/09/29
(SOFR
+
1.970%)(Ê)
200
206
7.625%
due
05/17/32
669
709
6.254%
due
03/09/34
(SOFR
+
2.390%)(Ê)
670
700
8.000%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.858%)(Ê)(ƒ)
200
199
ICICI
Bank,
Ltd.
4.000%
due
03/18/26
(Þ)
782
754
Infraestuctura
Energetica
Nova
SAB
de
CV
3.750%
due
01/14/28
(Þ)
892
807
ING
Groep
NV
3.950%
due
03/29/27
897
857
Intercorp
Financial
Services,
Inc.
4.125%
due
10/19/27
(Þ)
938
814
Intesa
Sanpaolo
SpA
5.017%
due
06/26/24
(Þ)
810
778
7.000%
due
11/21/25
(Þ)
1,235
1,256
4.950%
due
06/01/42
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.750%)(Ê)(Þ)
200
133
Jordan
Government
International
Bond
4.950%
due
07/07/25
(Þ)
510
487
Kookmin
Bank
4.350%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.639%)(Ê)(ƒ)(Þ)
913
864
Lamar
Funding,
Ltd.
3.958%
due
05/07/25
(Þ)
200
190
LCM
XXIII,
Ltd.
Series
2020-23A
Class
A1R
2.205%
due
10/20/29
(USD
3
Month
LIBOR
+
1.070%)(Ê)(Þ)
913
904
Lloyds
Banking
Group
PLC
7.500%
due
12/31/99
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
4.496%)(Ê)
(ƒ)
200
186
8.000%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.913%)(Ê)(ƒ)
280
258
Series
WI
4.582%
due
12/10/25
827
781
Madison
Park
Funding
XVIII,
Ltd.
Series
2021-18A
Class
ARR
1.195%
due
10/21/30
(USD
3
Month
LIBOR
+
0.940%)(Ê)(Þ)
1,915
1,890
Madison
Park
Funding
XXIII,
Ltd.
Series
2021-23A
Class
AR
5.785%
due
07/27/31
(USD
3
Month
LIBOR
+
0.970%)(Ê)(Þ)
4,146
4,106
Magnetite
XV,
Ltd.
Series
2018-15A
Class
AR
3.793%
due
07/25/31
(USD
3
Month
LIBOR
+
1.010%)(Ê)(Þ)
529
523
Magnetite
Xxxiii,
Ltd.
Series
2022-33A
Class
A
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
6.139%
due
07/20/35
(CME
Term
SOFR
3
Month
+
1.500%)(Ê)(Þ)
3,893
3,815
MEG
Energy
Corp.
7.125%
due
02/01/27
(Þ)
100
102
Melco
Resorts
Finance,
Ltd.
5.375%
due
12/04/29
(Þ)
240
196
MercadoLibre,
Inc.
2.375%
due
01/14/26
200
179
Mexico
Government
International
Bond
3.500%
due
02/12/34
240
203
4.350%
due
01/15/47
410
324
Mitsubishi
UFJ
Financial
Group,
Inc.
4.080%
due
04/19/28
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.300%)(Ê)
200
191
NatWest
Group
PLC
5.847%
due
03/02/27
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.350%)(Ê)
490
491
5.516%
due
09/30/28
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.270%)(Ê)
863
855
3.754%
due
11/01/29
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.100%)(Ê)
200
188
NBK
Tier
1
Financing
2,
Ltd.
4.500%
due
12/31/99
(USD
Constant
Maturity
6
Year
Rate
+
2.832%)(Ê)
(ƒ)(Þ)
926
838
Neuberger
Berman
CLO
XV,
Ltd.
Series
2021-15A
Class
A1R2
5.712%
due
10/15/29
(USD
3
Month
LIBOR
+
0.920%)(Ê)(Þ)
2,764
2,735
Neuberger
Berman
Loan
Advisers
CLO
24,
Ltd.
Series
2020-24A
Class
AR
1.154%
due
04/19/30
(USD
3
Month
LIBOR
+
1.020%)(Ê)(Þ)
574
568
Nippon
Life
Insurance
Co.
2.750%
due
01/21/51
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.653%)(Ê)(Þ)
250
198
Nissan
Motor
Co.,
Ltd.
3.522%
due
09/17/25
(Þ)
750
711
Nokia
OYJ
4.375%
due
06/12/27
910
870
Nomura
Holdings,
Inc.
1.851%
due
07/16/25
891
815
Nordea
Bank
Abp
4.625%
due
09/13/33
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
1.690%)(Ê)
(Þ)
913
845
Novartis
Capital
Corp.
1.750%
due
02/14/25
907
865
NTT
Finance
Corp.
2.065%
due
04/03/31
(Þ)
200
167
Nutrien,
Ltd.
3.000%
due
04/01/25
535
514
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Oaktown
Re
III,
Ltd.
Series
2019-1A
Class
M1B
2.080%
due
07/25/29
(USD
1
Month
LIBOR
+
1.950%)(Ê)(Þ)
951
951
Oaktown
Re
VI,
Ltd.
Series
2021-1A
Class
M1B
2.060%
due
10/25/33
(SOFR
30
Day
Average
+
2.050%)(Ê)(Þ)
1,465
1,455
Oaktown
Re
VII,
Ltd.
Series
2021-2
Class
M1A
1.650%
due
04/25/34
(SOFR
30
Day
Average
+
1.600%)(Ê)(Þ)
821
814
Oaktown
Re,
Ltd.
Series
2021-1A
Class
M1C
3.010%
due
10/25/33
(SOFR
30
Day
Average
+
3.000%)(Ê)(Þ)
1,475
1,431
OCP
SA
3.750%
due
06/23/31
(Þ)
200
163
Octagon
Investment
Partners,
Ltd.
Series
2018-1A
Class
A1A
5.303%
due
01/20/31
(USD
3
Month
LIBOR
+
1.060%)(Ê)(Þ)
1,747
1,732
Oversea-Chinese
Banking
Corp.,
Ltd.
4.250%
due
06/19/24
(Þ)
646
639
Panama
Government
International
Bond
2.252%
due
09/29/32
260
199
Panasonic
Corp.
2.679%
due
07/19/24
(Þ)
912
881
Peruvian
Government
International
Bond
2.783%
due
01/23/31
130
111
Petrobras
Global
Finance
BV
6.900%
due
03/19/49
150
135
5.500%
due
06/10/51
40
31
Petroleos
del
Peru
SA
5.625%
due
06/19/47
(Þ)
200
130
Prodigy
Finance
Designated
Activity
Co.
Series
2021-1A
Class
A
1.437%
due
07/25/51
(USD
1
Month
LIBOR
+
1.250%)(Ê)(Þ)
490
477
Prosus
NV
4.027%
due
08/03/50
(Þ)
909
597
Provincia
de
Buenos
Aires
6.375%
due
09/01/37
(~)(Ê)(Þ)
475
166
Provincia
de
Cordoba
7.125%
due
12/10/25
(~)(Ê)(Ø)(Þ)
(Æ)
200
170
7.450%
due
06/01/27
(~)(Ê)(Þ)
230
169
Radnor
RE,
Ltd.
Series
2021-1
Class
M1B
1.710%
due
12/27/33
(SOFR
30
Day
Average
+
1.700%)(Ê)(Þ)
2,003
1,998
Series
2021-2
Class
M1A
1.898%
due
11/25/31
(SOFR
30
Day
Average
+
1.850%)(Ê)(Þ)
726
723
Reliance
Industries,
Ltd.
4.125%
due
01/28/25
(Þ)
863
849
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
2.875%
due
01/12/32
(Þ)
480
399
Republic
of
Serbia
Government
International
Bond
6.250%
due
05/26/28
(Þ)
680
687
Reynolds
American,
Inc.
5.850%
due
08/15/45
70
63
Riserva
CLO,
Ltd.
Series
2021-3A
Class
ARR
5.855%
due
01/18/34
(USD
3
Month
LIBOR
+
1.060%)(Ê)(Þ)
940
913
Sands
China,
Ltd.
5.125%
due
08/08/25
(Þ)
200
195
Series
WI
5.125%
due
08/08/25
600
584
4.300%
due
01/08/26
400
375
5.400%
due
08/08/28
400
380
Zero
coupon
due
08/08/31
200
160
Santander
UK
Group
Holdings
PLC
6.833%
due
11/21/26
(SOFR
+
2.749%)(Ê)
250
253
Class
N
4.750%
due
09/15/25
(Þ)
701
670
Saudi
Arabian
Oil
Co.
1.625%
due
11/24/25
(Þ)
908
840
Scottish
Power,
Ltd.
5.810%
due
03/15/25
833
849
Shell
International
Finance
BV
4.375%
due
05/11/45
110
101
4.000%
due
05/10/46
50
44
3.250%
due
04/06/50
20
15
Sky,
Ltd.
3.750%
due
09/16/24
(Þ)
941
923
Sociedad
Quimica
y
Minera
de
Chile
SA
3.500%
due
09/10/51
(Þ)
270
189
Societe
Generale
SA
4.750%
due
11/24/25
(Þ)
878
821
7.367%
due
01/10/53
(Þ)
200
195
Solvay
Finance
America
LLC
4.450%
due
12/03/25
(Þ)
854
832
Southern
Copper
Corp.
3.875%
due
04/23/25
832
805
6.750%
due
04/16/40
10
11
5.250%
due
11/08/42
60
57
Standard
Chartered
PLC
5.700%
due
03/26/44
(Þ)
754
695
Suncor
Energy,
Inc.
7.150%
due
02/01/32
769
851
Suzano
Austria
GmbH
Series
DM3N
3.125%
due
01/15/32
200
164
Teck
Resources,
Ltd.
6.250%
due
07/15/41
20
21
5.400%
due
02/01/43
60
56
Series
WI
3.900%
due
07/15/30
280
257
Telefonica
Emisiones
SA
5.213%
due
03/08/47
150
131
Tesco
PLC
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
6.150%
due
11/15/37
(Þ)
623
623
Teva
Pharmaceutical
Finance
Netherlands
III
BV
3.150%
due
10/01/26
320
290
Thomson
Reuters
Corp.
3.350%
due
05/15/26
893
855
Toronto-Dominion
Bank
(The)
2.650%
due
06/12/24
853
829
8.125%
due
10/31/82
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.075%)(Ê)
200
203
TransAlta
Corp.
6.500%
due
03/15/40
30
28
Triton
Container
International,
Ltd.
1.150%
due
06/07/24
(Þ)
910
856
TSMC
Arizona
Corp.
3.875%
due
04/22/27
880
864
2.500%
due
10/25/31
200
171
3.125%
due
10/25/41
220
177
TSMC
Global,
Ltd.
1.000%
due
09/28/27
(Þ)
976
840
UBS
Group
AG
3.179%
due
02/11/43
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.100%)(Ê)(Þ)
200
142
4.500%
due
06/26/48
(Þ)
200
178
7.000%
due
12/31/99
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
4.344%)(Ê)
(ƒ)(Þ)
260
247
UPM-Kymmene
Oyj
7.450%
due
11/26/27
(Þ)
699
744
Vale
Overseas,
Ltd.
8.250%
due
01/17/34
636
740
Var
Energi
ASA
7.500%
due
01/15/28
(Þ)
840
870
Vodafone
Group
PLC
6.150%
due
02/27/37
50
53
WEA
Finance
LLC
/
Westfield
UK
&
Europe
Finance
PLC
3.750%
due
09/17/24
(Þ)
1,283
1,215
2.875%
due
01/15/27
(Þ)
982
847
4.750%
due
09/17/44
(Þ)
200
145
Westpac
Banking
Corp.
2.668%
due
11/15/35
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.750%)(Ê)
100
78
3.020%
due
11/18/36
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.530%)(Ê)
100
78
Wynn
Macau,
Ltd.
4.875%
due
10/01/24
(Þ)
600
582
Yamana
Gold,
Inc.
2.630%
due
08/15/31
30
24
Series
WI
4.625%
due
12/15/27
310
296
Yara
International
ASA
3.800%
due
06/06/26
(Þ)
924
869
ZF
NA
Capital,
Inc.
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
4.750%
due
04/29/25
(Þ)
1,270
1,248
152,724
Loan
Agreements
-
0.1%
Alterra
Mountain
Co.
2021
Term
Loan
B2
8.340%
due
07/30/28
(USD
1
Month
LIBOR
+
3.500%)(Ê)
65
65
Eyecare
Partners
LLC
2020
Term
Loan
8.590%
due
02/20/27
(USD
3
Month
LIBOR
+
3.750%)(Ê)
97
79
Focus
Financial
Partners
LLC
Term
Loan
B
8.057%
due
06/30/28
(USD
1
Month
LIBOR
+
3.250%)(Ê)
145
143
Genesee
&
Wyoming,
Inc.
New
Term
Loan
6.998%
due
12/30/26
(USD
3
Month
LIBOR
+
2.000%)(Ê)
76
75
Harbor
Freight
Tools
USA,
Inc.
2021
Term
Loan
B
7.590%
due
10/19/27
(USD
1
Month
LIBOR
+
2.750%)(Ê)
68
66
Nexstar
Broadcasting,
Inc.
Term
Loan
B4
7.340%
due
09/19/26
(USD
1
Month
LIBOR
+
2.500%)(Ê)
210
209
Phoenix
Guarantor,
Inc.
Term
Loan
B
8.090%
due
03/05/26
(USD
1
Month
LIBOR
+
3.250%)(Ê)
119
116
Prime
Security
Services
Borrower
LLC
2021
Term
Loan
7.517%
due
09/23/26
(USD
3
Month
LIBOR
+
2.750%)(Ê)
105
105
Quikrete
Holdings,
Inc.
2021
Term
Loan
B1
7.840%
due
06/11/28
(USD
1
Month
LIBOR
+
3.000%)(Ê)
59
58
United
Airlines,
Inc.
2021
Term
Loan
B
8.568%
due
04/21/28
(USD
3
Month
LIBOR
+
3.750%)(Ê)
68
68
Verscend
Holding
Corp.
2021
Term
Loan
B
8.840%
due
08/27/25
(USD
1
Month
LIBOR
+
4.000%)(Ê)
98
98
1,082
Mortgage-Backed
Securities
-
15.7%
Alternative
Loan
Trust
Series
2007-16CB
Class
1A5
0.568%
due
08/25/37
(USD
1
Month
LIBOR
+
0.400%)(Ê)
238
155
Banc
of
America
Funding
Trust
Series
2006-6
Class
2A1
6.000%
due
08/25/36
394
314
BX
Trust
Series
2019-XL
Class
E
3.800%
due
10/15/36
(CME
Term
SOFR
1
Month
+
1.914%)(Ê)(Þ)
1,201
1,166
Series
2021-CIP
Class
D
1.771%
due
12/15/28
(USD
1
Month
LIBOR
+
1.671%)(Ê)(Þ)
2,674
2,513
CAMB
Commercial
Mortgage
Trust
Series
2019-LIFE
Class
F
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.735%
due
12/15/37
(USD
1
Month
LIBOR
+
2.550%)(Ê)(Þ)
987
945
Series
2021-CX2
Class
A
2.700%
due
11/10/46
(Þ)
3,322
2,634
Citigroup
Commercial
Mortgage
Trust
Series
2013-375P
Class
D
3.635%
due
05/10/35
(~)
(Ê)(Þ)
1,418
1,234
CORE
Mortgage
Trust
Series
2019
Class
D
1.835%
due
12/15/31
(USD
1
Month
LIBOR
+
1.650%)(Ê)(Þ)
1,216
1,142
Credit
Suisse
Mortgage
Capital
Certificates
Series
2019-ICE4
Class
A
1.165%
due
05/15/36
(USD
1
Month
LIBOR
+
0.980%)(Ê)(Þ)
2,479
2,454
Credit
Suisse
Mortgage
Trust
Series
2019-ICE4
Class
E
2.335%
due
05/15/36
(USD
1
Month
LIBOR
+
2.150%)(Ê)(Þ)
1,279
1,237
DBGS
Mortgage
Trust
Series
2019-1735
Class
D
4.334%
due
04/10/37
(~)(Ê)(Þ)
985
726
Deutsche
Mortgage
Securities,
Inc.
Re-
REMIC
Trust
Series
2007-WM1
Class
A1
3.658%
due
06/27/37
(~)(Ê)(Þ)
229
195
ELP
Commercial
Mortgage
Trust
Series
2021-ELP
Class
D
1.619%
due
11/15/36
(USD
1
Month
LIBOR
+
1.518%)(Ê)(Þ)
926
869
Fannie
Mae
2.600%
due
2031
375
337
6.000%
due
2032
9
9
5.000%
due
2033
3
3
5.500%
due
2034
8
8
4.500%
due
2035
174
179
5.500%
due
2037
52
54
5.500%
due
2038
220
227
6.000%
due
2039
19
20
4.000%
due
2040
139
138
5.500%
due
2040
255
260
6.000%
due
2040
57
59
4.000%
due
2041
210
206
6.000%
due
2041
91
95
3.500%
due
2043
461
437
4.000%
due
2044
464
462
3.500%
due
2045
526
497
3.000%
due
2046
79
72
3.500%
due
2046
112
107
4.000%
due
2046
549
535
4.500%
due
2046
192
192
3.000%
due
2047
313
287
3.500%
due
2047
246
233
4.000%
due
2047
45
44
4.500%
due
2048
633
631
5.000%
due
2048
126
128
3.000%
due
2049
3,506
3,185
4.000%
due
2049
610
597
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
$
5.000%
due
2049
285
289
2.500%
due
2050
6,397
5,550
3.000%
due
2050
6,705
6,073
2.000%
due
2051
12,320
10,215
2.500%
due
2051
512
445
4.000%
due
2052
5,432
5,195
5.500%
due
2053
4,980
5,032
30
Year
TBA(Ï)
5.500%
12,500
12,626
Fannie
Mae
Connecticut
Avenue
Securities
Trust
Series
2014-C03
Class
1M2
3.168%
due
07/25/24
(USD
1
Month
LIBOR
+
3.000%)(Ê)
98
100
Fannie
Mae
REMICS
Series
1999-56
Class
Z
7.000%
due
12/18/29
3
3
Series
2004-W5
Class
A1
6.000%
due
02/25/47
95
97
Series
2005-24
Class
ZE
5.000%
due
04/25/35
88
89
Freddie
Mac
5.500%
due
2038
163
170
6.000%
due
2038
41
43
5.000%
due
2040
81
83
4.000%
due
2041
611
607
4.500%
due
2041
81
82
5.500%
due
2041
92
96
3.500%
due
2043
312
298
4.000%
due
2044
207
204
3.500%
due
2045
429
407
4.000%
due
2045
201
196
3.000%
due
2046
1,486
1,369
4.000%
due
2046
98
96
3.000%
due
2047
522
478
3.000%
due
2048
81
74
4.000%
due
2048
579
565
4.500%
due
2048
145
144
3.000%
due
2049
180
163
2.500%
due
2050
1,618
1,414
3.000%
due
2050
2,750
2,490
2.000%
due
2051
2,135
1,772
2.500%
due
2051
76
66
4.000%
due
06/01/52
6,493
6,214
Freddie
Mac
REMICS
Series
2003-2624
Class
QH
5.000%
due
06/15/33
30
31
Series
2006-R007
Class
ZA
6.000%
due
05/15/36
101
106
Series
2010-3632
Class
PK
5.000%
due
02/15/40
49
49
Series
2010-3653
Class
B
4.500%
due
04/15/30
83
83
Series
2012-4010
Class
KM
3.000%
due
01/15/42
36
33
Series
2020-5038
Class
NI
Interest
Only
STRIPS
2.000%
due
11/25/50
1,188
132
Ginnie
Mae
II
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.500%
due
2052
7,131
6,273
30
Year
TBA(Ï)
5.500%
10,310
10,427
Hilton
USA
Trust
Series
2016-HHV
Class
D
4.333%
due
11/05/38
(~)(Ê)(Þ)
1,240
1,109
Series
2016-HHV
Class
E
4.333%
due
11/05/38
(~)(Ê)(Þ)
600
520
HMH
Trust
Series
2017-NSS
Class
E
6.292%
due
07/05/31
(Þ)
1,170
761
Hospitality
Mortgage
Trust
Series
2019-HIT
Class
D
2.185%
due
11/15/36
(USD
1
Month
LIBOR
+
2.000%)(Ê)(Þ)
1,145
1,099
JPMorgan
Mortgage
Trust
Series
2018-3
Class
A3
3.500%
due
09/25/48
(~)(Ê)(Þ)
91
84
Series
2020-3
Class
A15
3.500%
due
08/25/50
(~)(Ê)(Þ)
144
128
Series
2021-6
Class
A6
2.500%
due
10/25/51
(~)(Ê)(Þ)
3,698
3,362
Series
2021-7
Class
A6
2.500%
due
11/25/51
(~)(Ê)(Þ)
3,780
3,404
Series
2021-8
Class
A6
2.500%
due
12/25/51
(~)(Ê)(Þ)
3,205
2,916
Series
2022-1
Class
A4
2.500%
due
07/25/52
(~)(Ê)(Þ)
2,964
2,558
Series
2022-2
Class
A4A
2.500%
due
08/25/52
(~)(Ê)(Þ)
1,357
1,170
Series
2022-3
Class
A4A
2.500%
due
08/25/52
(~)(Ê)(Þ)
3,015
2,601
Series
2022-4
Class
A4
3.000%
due
10/25/52
(~)(Ê)(Þ)
1,427
1,260
Series
2023-2
Class
A4B
5.500%
due
07/25/53
(~)(Ê)(Þ)
2,067
2,045
MHC
Commercial
Mortgage
Trust
Series
2021-MHC
Class
A
0.951%
due
04/15/26
(USD
1
Month
LIBOR
+
0.801%)(Ê)(Þ)
5,002
4,836
Morgan
Stanley
Mortgage
Capital
Holdings
LLC
Trust
Series
2017-237P
Class
D
3.865%
due
09/13/39
(~)(Ê)(Þ)
1,500
1,172
Series
2017-237P
Class
XA
Interest
Only
STRIPS
0.468%
due
09/13/39
(~)(Ê)(Þ)
8,761
121
Series
2017-237P
Class
XB
Interest
Only
STRIPS
0.175%
due
09/13/39
(~)(Ê)(Þ)
5,418
20
Preston
Ridge
Partners
Mortgage
LLC
Series
2020-6
Class
A1
2.363%
due
11/25/25
(~)(Ê)(Þ)
379
369
Series
2021-3
Class
A1
1.867%
due
04/25/26
(~)(Ê)(Þ)
820
783
Sequoia
Mortgage
Trust
Series
2015-1
Class
A1
3.500%
due
01/25/45
(~)(Ê)(Þ)
67
61
Series
2021-4
Class
A10
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
51
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.500%
due
06/25/51
(~)(Ê)(Þ)
2,123
1,905
Washington
Mutual
Mortgage
Pass-
Through
Certificates
Trust
Series
2005-10
Class
3CB1
6.000%
due
11/25/35
368
306
Wells
Fargo
Mortgage
Backed
Securities
Trust
Series
2020-3
Class
A1
3.000%
due
06/25/50
(~)(Ê)(Þ)
980
837
WinWater
Mortgage
Loan
Trust
Series
2014-1
Class
A1
3.847%
due
06/20/44
(~)(Ê)(Þ)
94
88
137,980
Municipal
Bonds
-
0.1%
American
Municipal
Power,
Inc.
Revenue
Bonds
8.084%
due
02/15/50
70
97
Port
Authority
of
New
York
&
New
Jersey
Revenue
Bonds
4.926%
due
10/01/51
110
112
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue
Bonds
4.132%
due
05/15/32
140
134
3.006%
due
05/15/50
220
153
State
of
California
General
Obligation
Unlimited
7.300%
due
10/01/39
10
12
Texas
Natural
Gas
Securitization
Finance
Corp.
Revenue
Bonds
5.102%
due
04/01/35
300
308
816
Non-US
Bonds
-
5.4%
Andorra
Government
International
Bond
Series
EMTN
1.250%
due
05/06/31
EUR
4,400
3,839
Banna
RMBS
DAC
Series
2019-1
Class
B
1.809%
due
12/30/63
(SONIA +
1.750%)(Ê)
GBP
500
613
Banque
Ouest
Africaine
de
Developpement
Series
REGS
2.750%
due
01/22/33
EUR
1,132
909
Bundesrepublik
Deutschland
2.716%
due
05/15/36
EUR
929
736
4.750%
due
07/04/40
EUR
335
480
EMF-UK
PLC
Series
2014-1X
Class
A1A
1.173%
due
03/13/46
(GBP
3
Month
LIBOR
+
0.980%)(Ê)
GBP
521
625
Eurosail
PRIME-UK
PLC
Series
2007-PR1X
Class
A1
0.598%
due
09/13/45
(GBP
3
Month
LIBOR
+
0.400%)(Ê)
GBP
399
479
Eurosail-UK
PLC
Series
2007-6NCX
Class
A3A
0.795%
due
09/13/45
(GBP
3
Month
LIBOR
+
0.700%)(Ê)
GBP
550
657
Finsbury
Square
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Series
2021-1GRX
Class
AGRN
2.772%
due
12/16/67
(SONIA +
0.650%)(Ê)
GBP
1,841
2,237
Finsbury
Square
PLC
4.983%
due
12/16/71
GBP
1,065
1,297
Indonesia
Government
International
Bond
Series
FR87
6.500%
due
02/15/31
IDR
7,466,000
494
Mexican
Bonos
de
Desarrollo
Series
M
30
8.500%
due
11/18/38
MXN
11,660
618
Mexico
Government
International
Bond
2.125%
due
10/25/51
EUR
2,058
1,242
4.000%
due
03/15/15
EUR
1,011
778
Newgate
Funding
PLC
Series
2006-1
Class
A4
1.086%
due
12/01/50
(GBP
3
Month
LIBOR
+
0.190%)(Ê)
GBP
530
614
Series
2006-3X
Class
A3B
3.732%
due
12/01/50
(3
Month
EURIBOR
+
0.170%)(Ê)
EUR
2,116
2,183
Paragon
Mortgages
(No.
12)
PLC
0.293%
due
11/15/38
(SONIA +
0.359%)(Ê)
GBP
1,277
1,525
Series
2006-12X
Class
A2A
0.342%
due
11/15/38
(SONIA +
0.359%)(Ê)
GBP
774
919
Parkmore
Point
RMBS
PLC
Series
2022-1A
Class
A
5.362%
due
07/25/45
(SONIA +
1.500%)(Ê)(Þ)
GBP
1,956
2,380
Petroleos
Mexicanos
Series
14-2
7.470%
due
11/12/26
MXN
48,670
2,300
Series
REGS
7.190%
due
09/12/24
MXN
55,822
2,847
Primrose
Residential
DAC
Series
2021-1
Class
A
3.652%
due
03/24/61
(1
Month
EURIBOR
+
0.750%)(Ê)
EUR
1,062
1,139
Republic
of
Estonia
Government
International
Bond
4.000%
due
10/12/32
EUR
1,539
1,709
Republic
of
South
Africa
Government
Bond
Series
2037
8.500%
due
01/31/37
ZAR
35,236
1,591
RMAC
Securities
No.
1
PLC
Series
2006-NS1X
Class
A2A
1.050%
due
06/12/44
(SONIA +
0.269%)(Ê)
GBP
317
374
Series
2006-NS3X
Class
A2A
0.245%
due
06/12/44
(SONIA +
0.269%)(Ê)
GBP
387
456
Series
2006-NS4X
Class
A3A
3.853%
due
06/12/44
(GBP
3
Month
LIBOR
+
0.170%)(Ê)
GBP
697
823
Romania
Government
International
Bond
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
REGS
2.750%
due
02/26/26
EUR
1,718
1,752
2.875%
due
05/26/28
EUR
318
303
2.500%
due
02/08/30
EUR
80
69
3.624%
due
05/26/30
EUR
52
48
1.750%
due
07/13/30
EUR
627
499
2.124%
due
07/16/31
EUR
213
168
3.875%
due
10/29/35
EUR
166
137
3.375%
due
02/08/38
EUR
137
103
2.625%
due
12/02/40
EUR
1,251
784
2.750%
due
04/14/41
EUR
1,124
714
2.875%
due
04/13/42
EUR
1,166
739
4.625%
due
04/03/49
EUR
293
236
3.375%
due
01/28/50
EUR
223
146
Stanlington
No.
2
PLC
Series
2022-2
Class
A
4.514%
due
06/12/45
(SONIA +
0.950%)(Ê)
GBP
987
1,208
Stratton
Mortgage
Funding
PLC
Series
2021-3
Class
A
1.452%
due
12/12/43
(SONIA +
0.700%)(Ê)
GBP
471
577
Taurus
CMBS
Series
2021-UK4A
Class
B
1.655%
due
08/17/31
(SONIA +
1.500%)(Ê)(Þ)
GBP
470
550
Taurus
UK
Designated
Activity
Co.
Series
2021-UK1A
Class
B
5.496%
due
05/17/31
(3
Month
SONIA
Deposit
Rate
+
1.300%)(Ê)
(Þ)
GBP
496
576
Towd
Point
Mortgage
Funding
PLC
Series
2019-A13X
Class
B
1.251%
due
07/20/45
(3
Month
SONIA
Deposit
Rate
+
1.200%)(Ê)
GBP
885
1,076
Series
2019-GR4A
Class
A1
1.111%
due
10/20/51
(GBP
3
Month
LIBOR
+
1.025%)(Ê)(Þ)
GBP
1,644
2,029
Towd
Point
Mortgage
Trust
Series
2021-GR4X
Class
A2R
2.244%
due
10/20/51
(SONIA +
0.670%)(Ê)
GBP
798
969
Warwick
Finance
Residential
Mortgages
Number
Three
PLC
0.854%
due
12/21/49
(SONIA +
0.950%)(Ê)(Þ)
GBP
680
829
47,376
United
States
Government
Treasuries
-
17.5%
United
States
Treasury
Notes
0.375%
due
04/15/24
740
708
0.250%
due
05/15/24
3,280
3,128
2.000%
due
05/31/24
12,410
12,062
1.250%
due
08/31/24
3,165
3,031
4.250%
due
12/31/24
10
10
4.125%
due
01/31/25
30
30
2.000%
due
02/15/25
11,483
11,040
4.625%
due
02/28/25
180
182
0.375%
due
04/30/25
2,121
1,967
2.125%
due
05/15/25
3,050
2,932
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
0.250%
due
06/30/25
2,091
1,927
2.000%
due
08/15/25
3,558
3,404
0.250%
due
09/30/25
1,651
1,511
3.000%
due
10/31/25
2,550
2,494
2.250%
due
11/15/25
3,205
3,075
1.625%
due
02/15/26
2,923
2,749
4.000%
due
02/15/26
50
50
2.250%
due
03/31/26
2,500
2,391
1.625%
due
05/15/26
2,670
2,500
1.500%
due
08/15/26
6,105
5,667
2.375%
due
05/15/27
2,725
2,588
0.500%
due
05/31/27
5,065
4,445
4.880%
due
07/31/27
1,597
1,387
0.500%
due
08/31/27
3,345
2,916
0.750%
due
01/31/28
2,862
2,500
2.750%
due
02/15/28
4,037
3,878
1.250%
due
03/31/28
5,140
4,585
2.875%
due
05/15/28
1,799
1,735
2.875%
due
08/15/28
2,985
2,875
3.125%
due
11/15/28
2,972
2,897
5.250%
due
11/15/28
4,210
4,556
2.375%
due
05/15/29
2,300
2,146
3.250%
due
06/30/29
1,612
1,580
1.750%
due
11/15/29
3,232
2,903
0.625%
due
08/15/30
7,767
6,329
0.875%
due
11/15/30
5,407
4,476
1.875%
due
02/15/32
4,197
3,684
2.750%
due
08/15/32
7,220
6,794
3.500%
due
02/15/33
160
160
1.125%
due
05/15/40
2,545
1,694
1.125%
due
08/15/40
2,602
1,720
1.375%
due
11/15/40
2,454
1,690
1.875%
due
02/15/41
4,783
3,577
2.750%
due
11/15/42
1,195
1,013
3.875%
due
02/15/43
140
141
2.875%
due
05/15/43
1,300
1,123
3.625%
due
02/15/44
1,709
1,653
3.125%
due
08/15/44
1,250
1,115
2.875%
due
08/15/45
1,195
1,018
3.000%
due
05/15/47
1,249
1,087
2.750%
due
11/15/47
1,760
1,464
3.000%
due
02/15/48
1,559
1,360
3.125%
due
05/15/48
1,603
1,431
3.375%
due
11/15/48
1,739
1,627
2.875%
due
05/15/49
1,900
1,626
2.375%
due
11/15/49
2,232
1,724
1.250%
due
05/15/50
4,315
2,508
2.375%
due
05/15/51
1,399
1,074
2.000%
due
08/15/51
700
492
4.000%
due
11/15/52
1,390
1,475
153,904
Total
Long-Term
Investments
(cost
$770,860)
712,819
Common
Stocks
-
0.0%
Technology
-
0.0%
Sungard
Availability
Services
Capital,
LP(Æ)(Š)
1,760
—
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
53
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Total
Common
Stocks
(cost
$44)
—
Preferred
Stocks
-
0.0%
Financial
Services
-
0.0%
KeyCorp.
6.200%
due
12/15/27(¢)
6,942
155
Lincoln
National
Corp.
9.000%
due
12/01/27(¢)
850
22
Prudential
Financial,
Inc.
5.950%
due
09/01/62
950
24
201
Total
Preferred
Stocks
(cost
$218)
201
Short-Term
Investments
-
18.5%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
4.500%
due
09/15/23
630
624
3.150%
due
02/15/24
460
446
Air
Canada
Class
A
Pass-Through
Trust
5.000%
due
12/15/23
(Þ)
185
182
Air
Lease
Corp.
Series
MTN
0.700%
due
02/15/24
460
440
Assedic
2.250%
due
04/05/23
EUR
1,500
1,627
BPCE
SA
5.700%
due
10/22/23
(Þ)
430
427
Colombia
Government
International
Bond
4.000%
due
02/26/24
200
197
Comerica,
Inc.
3.700%
due
07/31/23
360
345
Continental
Resources,
Inc.
4.500%
due
04/15/23
(ç)
120
120
Credit
Suisse
AG
6.500%
due
08/08/23
(Þ)
410
391
Credit
Suisse
Group
AG
1.000%
due
05/05/23
780
772
Series
FXD
0.520%
due
08/09/23
1,110
1,078
Series
WI
3.800%
due
06/09/23
250
245
Danske
Bank
A/S
3.875%
due
09/12/23
(Þ)
200
198
Delta
Air
Lines,
Inc.
3.800%
due
04/19/23
(ç)
80
80
DISH
Network
Corp.
2.375%
due
03/15/24
380
336
Energy
Transfer,
LP
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
7.600%
due
02/01/24
50
50
Enterprise
Products
Operating
LLC
3.900%
due
02/15/24
30
30
EQM
Midstream
Partners,
LP
4.750%
due
07/15/23
90
89
European
Union
Bills
3.030%
due
08/04/23
EUR
7,100
7,622
Federal
Home
Loan
Bank
Discount
Notes
4.611%
due
04/19/23(ž)
300
299
General
Motors
Financial
Co.,
Inc.
4.250%
due
05/15/23
(ç)
10
10
Glencore
Funding
LLC
4.125%
due
03/12/24
(Þ)
490
485
Japan
2
Year
Government
International
Bond
Series
423
0.005%
due
04/01/23
JPY
988,000
7,441
Japan
5
Year
Government
International
Bond
Series
137
0.100%
due
09/20/23
JPY
1,156,000
8,717
Japan
10
Year
Government
International
Bond
Series
330
0.800%
due
09/20/23
JPY
310,000
2,345
Nederlandse
Waterschapsbank
NV
10.024%
due
04/14/23
EUR
781
846
Nissan
Motor
Acceptance
Corp.
3.043%
due
09/15/23
(Þ)
1,130
1,113
1.050%
due
03/08/24
(Þ)
90
86
Pacific
Gas
and
Electric
Co.
4.250%
due
08/01/23
140
139
Plains
All
American
Pipeline,
LP
Series
B
8.974%
due
06/16/23
(USD
3
Month
LIBOR
+
4.110%)(Ê)(ƒ)
390
345
U.S.
Cash
Management
Fund(@)
82,089,294(∞)
82,065
United
States
Treasury
Notes
1.750%
due
05/15/23
21,500
21,425
0.125%
due
07/15/23
9,000
8,882
0.250%
due
09/30/23
5,700
5,578
2.750%
due
02/15/24
6,200
6,096
0.250%
due
03/15/24
740
710
WarnerMedia
Holdings,
Inc.
3.428%
due
03/15/24
(Þ)
260
254
Total
Short-Term
Investments
(cost
$163,199)
162,135
Total
Investments
-
99.6%
(identified
cost
$934,321)
875,155
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
54
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Other
Assets
and
Liabilities,
Net
-
0.4%
3,595
Net
Assets
-
100.0%
878,750
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
55
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
shares
$
$
$
24.7%
ABN
AMRO
Bank
NV
02/04/22
861,000
104.55
900
831
African
Export-Import
Bank
(The)
05/10/21
1,530,000
100.00
1,530
1,364
AIB
Group
PLC
01/06/23
831,000
102.12
849
852
Air
Canada
Class
A
Pass-Through
Trust
08/31/22
184,866
98.39
182
182
Aircastle,
Ltd.
08/03/22
1,007,000
85.02
856
866
Alcoa
Nederland
Holding
BV
01/24/23
400,000
98.97
396
395
Alimentation
Couche-Tard,
Inc.
09/19/17
702,000
101.80
715
659
American
Airlines
Group,
Inc.
04/12/21
160,000
100.77
161
157
American
Airlines
Group,
Inc.
05/31/22
650,000
109.48
712
711
American
Airlines
Group,
Inc.
02/08/23
220,000
100.22
220
214
American
Transmission
Systems,
Inc.
11/29/21
190,000
99.76
190
160
Americo
Life,
Inc.
04/12/21
70,000
99.77
70
55
AmFam
Holdings,
Inc.
04/09/21
100,000
103.37
103
65
AmFam
Holdings,
Inc.
04/12/21
120,000
100.13
120
91
Amur
Equipment
Finance
Receivables
XI
LLC
09/14/22
1,437,000
99.99
1,437
1,431
Anglo
American
Capital
PLC
04/12/21
360,000
109.91
396
346
Antero
Midstream
Partners,
LP
/
Antero
Midstream
Finance
Corp.
01/26/23
110,000
102.86
113
112
Arbor
Realty
CLO,
Ltd.
05/26/21
1,029,000
100.00
1,029
1,010
Arbor
Realty
CLO,
Ltd.
01/26/22
3,050,000
100.00
3,050
2,995
Arbor
Realty
CLO,
Ltd.
04/29/22
1,223,000
98.85
1,209
1,191
Arbor
Realty
Commercial
Real
Estate
Notes,
Ltd.
09/20/21
5,030,000
100.00
5,030
4,915
Arbor
Realty
Commercial
Real
Estate
Notes,
Ltd.
05/05/22
2,638,000
100.00
2,638
2,592
Aviation
Capital
Group
LLC
04/13/21
170,000
106.01
180
168
Avolon
Holdings
Funding,
Ltd.
04/12/21
150,000
100.47
151
141
Avolon
Holdings
Funding,
Ltd.
04/12/21
20,000
102.03
20
19
Banco
de
Bogota
SA
10/11/22
877,000
89.22
782
779
Banco
Internacional
del
Peru
SAA
Interbank
09/09/21
928,000
101.45
941
844
Banco
Mercantil
del
Norte
SA
04/09/21
240,000
117.44
282
223
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santander
06/03/22
810,000
101.96
826
806
Bayer
US
Finance
LLC
08/02/18
726,000
100.20
727
706
BDS,
Ltd.
04/04/22
3,822,000
100.00
3,822
3,770
Bellemeade
Re,
Ltd.
04/13/21
1,780,000
100.55
1,790
1,784
Bellemeade
Re,
Ltd.
04/23/21
337,672
100.85
340
340
Bellemeade
Re,
Ltd.
06/11/21
1,556,296
100.00
1,556
1,545
Bellemeade
Re,
Ltd.
06/11/21
1,759,000
100.10
1,761
1,726
Bellemeade
Re,
Ltd.
09/23/21
2,380,000
100.00
2,380
2,310
Bellemeade
Re,
Ltd.
01/12/22
2,173,517
100.45
2,183
2,166
Berry
Global,
Inc.
03/06/23
893,000
96.25
859
870
Berry
Petroleum
Corp.
04/13/21
320,000
98.66
316
300
Bharti
Airtel,
Ltd.
09/13/21
877,000
105.14
922
862
Blackstone
Holdings
Finance
Co.
LLC
08/03/22
871,000
95.70
834
801
Blackstone
Holdings
Finance
Co.
LLC
10/31/22
420,000
99.83
419
440
Blue
Racer
Midstream
LLC
/
Blue
Racer
Finance
Corp.
01/24/23
230,000
101.21
233
228
Blue
Racer
Midstream
LLC
/
Blue
Racer
Finance
Corp.
02/01/23
150,000
98.65
148
145
BNP
Paribas
SA
08/07/18
200,000
99.68
199
190
BNP
Paribas
SA
06/02/20
350,000
100.80
353
321
BNP
Paribas
SA
06/10/20
722,000
107.03
773
689
BNP
Paribas
SA
09/08/21
270,000
100.00
270
225
BNP
Paribas
SA
08/08/22
650,000
100.00
650
622
BNP
Paribas
SA
11/09/22
200,000
100.00
200
203
BNP
Paribas
SA
01/09/23
730,000
100.19
731
732
BOC
Aviation
USA
Corp.
05/06/21
200,000
100.07
200
192
BPCE
SA
10/11/22
430,000
99.00
426
427
Broadcom,
Inc.
04/12/21
290,000
99.89
290
220
Broadcom,
Inc.
08/03/22
948,000
88.64
840
825
BX
Trust
12/02/21
2,674,000
99.87
2,671
2,513
BX
Trust
12/17/21
1,201,050
99.99
1,201
1,166
CaixaBank
SA
02/06/23
871,000
101.58
885
876
CAMB
Commercial
Mortgage
Trust
01/25/19
987,000
100.12
988
945
CAMB
Commercial
Mortgage
Trust
10/22/21
3,322,000
102.84
3,416
2,634
Cameron
LNG
LLC
04/09/21
30,000
107.36
32
25
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
04/14/20
10,000
101.51
10
8
Chesapeake
Energy
Corp.
05/12/22
550,000
97.97
539
541
Chord
Energy
Corp.
02/01/23
60,000
98.93
59
59
CIFC
Funding,
Ltd.
02/01/23
929,051
99.33
923
916
Citigroup
Commercial
Mortgage
Trust
02/12/19
1,418,000
0.99
1,404
1,234
Comision
Federal
de
Electricidad
04/12/21
200,000
97.31
195
158
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
56
Strategic
Bond
Fund
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
shares
$
$
$
Continental
Resources,
Inc.
11/09/21
140,000
95.41
134
124
Continental
Resources,
Inc.
11/09/21
120,000
99.93
120
93
Cooperatieve
Rabobank
UA
03/30/22
360,000
100.00
360
322
CORE
Mortgage
Trust
03/01/19
1,216,000
100.00
1,216
1,142
CPPIB
Capital,
Inc.
09/14/22
950,000
99.94
949
944
Credit
Agricole
SA
06/11/20
734,000
104.30
766
705
Credit
Agricole
SA
03/03/22
928,000
97.84
908
852
Credit
Agricole
SA
06/13/22
600,000
100.68
604
578
Credit
Suisse
AG
03/23/23
410,000
95.77
393
391
Credit
Suisse
Group
AG
07/07/20
699,000
108.19
756
630
Credit
Suisse
Group
AG
08/08/22
650,000
100.00
650
668
Credit
Suisse
Group
AG
11/09/22
250,000
100.00
250
296
Credit
Suisse
Mortgage
Capital
Certificates
10/05/22
2,478,833
98.82
2,450
2,454
Credit
Suisse
Mortgage
Trust
05/28/19
1,278,818
100.00
1,279
1,237
CSL
UK
Holdings,
Ltd.
04/20/22
100,000
99.67
100
97
CSL
UK
Holdings,
Ltd.
04/20/22
120,000
99.81
120
116
CSL
UK
Holdings,
Ltd.
04/20/22
60,000
99.92
60
58
DAE
Funding
LLC
06/15/21
220,000
99.75
219
207
Daimler
Trucks
Finance
NA
LLC
05/05/22
876,000
96.66
847
829
Danske
Bank
A/S
09/17/19
200,000
100.38
201
198
Danske
Bank
A/S
09/07/21
200,000
100.00
200
176
Danske
Bank
A/S
03/03/22
1,205,000
95.11
1,160
1,119
Danske
Bank
A/S
03/28/22
200,000
100.00
200
195
Danske
Bank
A/S
03/28/22
700,000
100.10
701
660
Danske
Bank
A/S
01/04/23
970,000
100.29
973
971
DBGS
Mortgage
Trust
04/03/19
985,000
101.15
996
726
DCP
Midstream
Operating,
LP
12/11/19
50,000
107.22
54
52
Delta
Air
Lines,
Inc.
/
SkyMiles
IP,
Ltd.
09/16/20
320,000
100.67
322
309
Delta
Air
Lines,
Inc.
/
SkyMiles
IP,
Ltd.
09/16/20
229,165
101.20
232
225
Deutsche
Mortgage
Securities,
Inc.
Re-REMIC
Trust
01/04/17
228,532
100.47
230
195
DISH
DBS
Corp.
11/10/21
150,000
100.00
150
112
DNB
Bank
ASA
01/19/23
864,000
101.09
873
872
Eagle
Re,
Ltd.
12/17/20
732,000
100.20
733
735
Eagle
Re,
Ltd.
04/09/21
200,798
100.00
201
201
Eagle
Re,
Ltd.
10/29/21
1,515,000
100.00
1,515
1,499
El
Puerto
de
Liverpool
SAB
de
CV
01/06/23
878,000
98.16
862
853
Electricite
de
France
SA
01/06/23
886,000
97.02
860
863
ELP
Commercial
Mortgage
Trust
11/01/21
926,000
99.64
923
869
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
01/24/23
40,000
98.55
39
40
Enel
Finance
International
NV
01/05/18
706,000
100.71
711
649
Enel
Finance
International
NV
10/06/22
540,000
100.97
545
558
EnLink
Midstream
LLC
01/30/23
260,000
98.27
255
255
EQM
Midstream
Partners,
LP
05/31/22
120,000
100.00
120
120
EQT
Corp.
05/10/21
30,000
100.00
30
26
EQT
Corp.
05/10/21
160,000
95.45
153
148
Eurosail
PLC
02/27/23
1,142,424
97.71
1,116
1,117
F&G
Annuities
&
Life,
Inc.
02/06/23
862,000
102.54
884
867
Ferguson
PLC
12/06/22
906,000
94.95
860
869
Fidelity
&
Guaranty
Life
Holdings,
Inc.
04/16/21
50,000
107.87
54
50
First
Quantum
Minerals,
Ltd.
04/12/21
400,000
99.70
399
400
First
Quantum
Minerals,
Ltd.
01/30/23
200,000
96.15
192
193
Florida
Gas
Transmission
Co.
LLC
09/15/21
420,000
99.93
420
342
Fresenius
Medical
Care
AG
&
Co.
KGaA
02/06/23
1,021,000
87.10
889
887
Fresnillo
PLC
04/09/21
260,000
98.46
256
196
Genting
New
York
LLC
04/13/21
640,000
97.06
621
576
Glencore
Funding
LLC
10/12/16
40,000
100.29
40
40
Glencore
Funding
LLC
09/13/17
130,000
99.96
130
125
Glencore
Funding
LLC
01/16/19
140,000
96.10
135
132
Glencore
Funding
LLC
03/05/19
490,000
100.67
493
485
Glencore
Funding
LLC
04/13/21
140,000
100.26
140
129
Goldentree
Loan
Management
US
CLO
7,
Ltd.
04/01/21
1,147,000
100.00
1,147
1,114
GoodLeap
Sustainable
Home
Improvements
10/21/21
950,300
99.99
950
752
GoodLeap
Sustainable
Home
Solutions
Trust
01/24/22
878,378
99.98
878
720
Grupo
Bimbo
SAB
de
CV
11/04/21
879,000
103.17
907
863
Hana
Bank
01/04/22
874,000
104.05
909
858
Hawaiian
Brand
Intellectual
Property,
Ltd.
/
HawaiianMiles
Loyalty,
Ltd.
04/28/22
1,000,000
97.33
973
949
HGI
CRE
CLO,
Ltd.
09/17/21
2,264,593
100.00
2,265
2,171
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
57
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
shares
$
$
$
Highlands
Holdings
Bond
Issuer,
Ltd.
/
Highlands
Holdings
Bond
Co.-Issuer,
Inc.
04/12/21
502,143
102.86
516
464
Hilton
USA
Trust
11/22/16
600,000
85.01
510
520
Hilton
USA
Trust
11/22/16
1,240,000
95.94
1,190
1,109
HMH
Trust
06/09/17
1,170,000
99.97
1,170
761
Home
RE,
Ltd.
07/05/22
3,204,000
96.59
3,095
3,184
Home
RE,
Ltd.
08/09/22
3,330,000
102.38
3,409
3,392
Hospitality
Mortgage
Trust
05/16/19
1,144,696
100.00
1,145
1,099
ICICI
Bank,
Ltd.
09/06/18
782,000
100.72
788
754
ILFC
E-Capital
Trust
I
08/12/22
350,000
67.00
234
222
ILFC
E-Capital
Trust
II
08/12/22
350,000
69.43
243
232
Infraestuctura
Energetica
Nova
SAB
de
CV
07/06/22
892,000
92.44
825
807
Intercorp
Financial
Services,
Inc.
03/03/22
938,000
96.80
908
814
International
Flavors
&
Fragrances,
Inc.
06/02/22
919,000
93.51
859
822
Intesa
Sanpaolo
SpA
05/24/21
200,000
100.00
200
133
Intesa
Sanpaolo
SpA
06/14/22
810,000
96.13
779
778
Intesa
Sanpaolo
SpA
11/14/22
1,235,000
101.27
1,256
1,256
Jackson
National
Life
Global
Funding
01/06/23
918,000
93.90
862
859
Jordan
Government
International
Bond
06/14/22
510,000
95.91
489
487
JPMorgan
Mortgage
Trust
06/05/20
91,321
102.97
94
84
JPMorgan
Mortgage
Trust
03/30/21
144,098
102.05
147
128
JPMorgan
Mortgage
Trust
04/26/21
3,698,326
102.20
3,780
3,362
JPMorgan
Mortgage
Trust
05/24/21
3,779,564
102.60
3,878
3,404
JPMorgan
Mortgage
Trust
06/24/21
3,204,561
102.48
3,284
2,916
JPMorgan
Mortgage
Trust
01/26/22
2,964,322
99.12
2,938
2,558
JPMorgan
Mortgage
Trust
02/24/22
1,356,576
97.54
1,323
1,170
JPMorgan
Mortgage
Trust
03/23/22
3,015,070
96.12
2,898
2,601
JPMorgan
Mortgage
Trust
04/27/22
1,427,026
95.65
1,365
1,260
JPMorgan
Mortgage
Trust
02/22/23
2,066,502
98.81
2,042
2,045
Kenvue,
Inc.
03/08/23
110,000
99.36
109
113
Kenvue,
Inc.
03/08/23
60,000
99.45
60
62
Kenvue,
Inc.
03/08/23
210,000
99.78
210
217
KKR
Group
Finance
Co.
II
LLC
02/20/15
10,000
108.89
11
9
Kookmin
Bank
08/05/21
913,000
106.07
968
864
Lamar
Funding,
Ltd.
07/26/22
200,000
96.44
193
190
LCM
XXIII,
Ltd.
01/29/20
913,311
100.00
913
904
Lithia
Motors,
Inc.
06/04/21
50,000
102.59
51
43
Lithia
Motors,
Inc.
06/07/21
60,000
104.19
63
56
Madison
Park
Funding
XVIII,
Ltd.
12/01/21
1,914,686
100.00
1,915
1,890
Madison
Park
Funding
XXIII,
Ltd.
11/22/22
4,146,348
98.71
4,093
4,106
Magallanes,
Inc.
03/09/22
230,000
95.42
219
205
Magallanes,
Inc.
03/09/22
450,000
97.44
438
376
Magallanes,
Inc.
03/09/22
230,000
99.99
230
186
Magnetite
XV,
Ltd.
10/04/22
529,000
98.10
519
523
Magnetite
Xxxiii,
Ltd.
05/23/22
3,892,903
100.00
3,893
3,815
Mars,
Inc.
04/09/21
240,000
93.88
225
173
Massachusetts
Mutual
Life
Insurance
Co.
04/09/21
70,000
100.35
70
51
MEG
Energy
Corp.
04/12/21
100,000
103.91
104
102
Melco
Resorts
Finance,
Ltd.
04/12/21
240,000
104.61
251
196
Metropolitan
Edison
Co.
03/28/23
150,000
99.86
150
152
Metropolitan
Life
Global
Funding
I
03/21/23
300,000
99.86
300
302
MF1
LLC
05/13/22
3,993,000
99.05
3,955
3,955
MHC
Commercial
Mortgage
Trust
04/06/21
5,002,000
99.19
4,961
4,836
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets,
Ltd.
06/25/20
136,000
100.98
137
136
Mondelez
International
Holdings
Netherlands
BV
08/09/21
690,000
102.10
705
664
Morgan
Stanley
Mortgage
Capital
Holdings
LLC
Trust
08/11/17
5,418,000
0.37
20
20
Morgan
Stanley
Mortgage
Capital
Holdings
LLC
Trust
08/11/17
8,761,000
1.38
121
121
Morgan
Stanley
Mortgage
Capital
Holdings
LLC
Trust
08/11/17
1,500,000
97.61
1,464
1,172
National
General
Holdings
Corp.
11/01/22
610,000
100.40
612
615
NBK
Tier
1
Financing
2,
Ltd.
02/06/23
926,000
94.75
877
838
Nestle
Holdings,
Inc.
05/05/22
882,000
96.44
851
834
Neuberger
Berman
CLO
XV,
Ltd.
08/31/21
2,763,651
100.00
2,764
2,735
Neuberger
Berman
Loan
Advisers
CLO
24,
Ltd.
08/24/21
574,241
100.12
575
568
New
York
Life
Global
Funding
01/24/23
120,000
99.82
120
119
New
York
Life
Insurance
Co.
04/09/21
150,000
107.64
161
121
NextEra
Energy
Operating
Partners,
LP
06/15/22
60,000
98.10
59
59
NGPL
PipeCo
LLC
09/26/19
553,000
126.23
698
609
Nippon
Life
Insurance
Co.
04/09/21
250,000
96.29
241
198
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
shares
$
$
$
Nissan
Motor
Acceptance
Corp.
04/14/21
1,130,000
99.75
1,127
1,113
Nissan
Motor
Acceptance
Corp.
11/03/22
90,000
94.25
85
86
Nissan
Motor
Co.,
Ltd.
09/10/20
750,000
97.79
733
711
Nordea
Bank
Abp
04/16/21
913,000
109.98
1,004
845
Northwestern
Mutual
Life
Insurance
Co.
(The)
04/09/21
320,000
101.61
325
235
Northwestern
Mutual
Life
Insurance
Co.
(The)
04/09/21
80,000
103.95
83
59
NRG
Energy,
Inc.
04/12/21
390,000
99.96
390
334
NTT
Finance
Corp.
04/12/21
200,000
99.68
199
167
Oaktown
Re
III,
Ltd.
01/26/21
950,694
100.38
954
951
Oaktown
Re
VI,
Ltd.
04/14/21
1,465,000
100.00
1,465
1,455
Oaktown
Re
VII,
Ltd.
10/15/21
821,000
100.00
821
814
Oaktown
Re,
Ltd.
09/28/21
1,475,000
101.74
1,501
1,431
OCP
SA
06/10/21
200,000
99.46
199
163
Octagon
Investment
Partners,
Ltd.
11/29/22
1,747,000
98.75
1,725
1,732
Ohio
Edison
Co.
09/22/22
90,000
99.80
90
92
Oversea-Chinese
Banking
Corp.,
Ltd.
01/04/22
646,000
103.19
667
639
Panasonic
Corp.
09/13/21
912,000
102.34
933
881
Parkmore
Point
RMBS
PLC
02/07/23
GBP
1,956,040
118.34
2,315
2,380
Parsley
Energy
LLC
/
Parsley
Finance
Corp.
09/25/20
10,000
94.55
9
9
Pennsylvania
Electric
Co.
03/28/23
60,000
99.76
60
60
Petroleos
del
Peru
SA
04/09/21
200,000
105.97
212
130
Pilgrim's
Pride
Corp.
01/25/23
100,000
99.37
99
99
Preston
Ridge
Partners
Mortgage
LLC
12/01/20
379,130
100.00
379
369
Preston
Ridge
Partners
Mortgage
LLC
04/28/21
819,684
100.00
820
783
Prodigy
Finance
Designated
Activity
Co.
07/12/21
489,540
100.05
490
477
Prosus
NV
02/03/21
909,000
100.67
915
597
Provincia
de
Buenos
Aires
08/27/21
474,811
39.67
188
166
Provincia
de
Cordoba
04/12/21
230,000
69.15
159
169
Provincia
de
Cordoba
04/12/21
200,000
69.50
139
170
Radnor
RE,
Ltd.
11/05/21
726,072
100.00
726
723
Radnor
RE,
Ltd.
01/13/22
2,002,759
100.14
2,006
1,998
Regal
Rexnord
Corp.
01/09/23
1,668,000
100.32
1,673
1,675
Reliance
Industries,
Ltd.
01/05/22
480,000
99.78
479
399
Reliance
Industries,
Ltd.
01/06/22
863,000
104.21
899
849
Republic
of
Serbia
Government
International
Bond
01/19/23
680,000
99.64
677
687
Riserva
CLO,
Ltd.
03/01/21
940,000
100.00
940
913
Roche
Holdings,
Inc.
06/02/22
842,000
99.65
839
812
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co-Issuer,
Inc.
09/21/21
100,000
100.00
100
89
Sands
China,
Ltd.
11/23/21
200,000
100.00
200
195
Santander
UK
Group
Holdings
PLC
03/05/19
701,000
101.12
709
670
Saudi
Arabian
Oil
Co.
04/11/22
908,000
95.33
866
840
Sequoia
Mortgage
Trust
10/21/16
67,016
102.66
69
61
Sequoia
Mortgage
Trust
05/06/21
2,122,894
102.63
2,179
1,905
Sky,
Ltd.
06/18/21
941,000
104.23
981
923
Sociedad
Quimica
y
Minera
de
Chile
SA
09/13/21
270,000
99.20
268
189
Societe
Generale
SA
11/21/22
878,000
95.40
838
821
Societe
Generale
SA
01/03/23
200,000
100.00
200
195
Solvay
Finance
America
LLC
11/21/22
854,000
97.12
829
832
Spirit
Loyalty
Cayman,
Ltd.
/
Spirit
IP
Cayman,
Ltd.
11/14/22
340,000
101.30
344
342
Standard
Chartered
PLC
04/12/21
754,000
124.48
939
695
Taurus
CMBS
07/28/21
GBP
470,250
139.09
654
550
Taurus
UK
Designated
Activity
Co.
02/22/21
GBP
496,354
140.62
698
576
Teachers
Insurance
&
Annuity
Association
of
America
06/14/16
140,000
111.30
156
129
Tennessee
Gas
Pipeline
Co.
LLC
02/19/20
430,000
95.76
412
373
Tesco
PLC
09/03/20
623,000
127.52
794
623
Texas
Eastern
Transmission,
LP
07/06/22
854,000
95.67
817
802
Towd
Point
Mortgage
Funding
PLC
06/22/22
GBP
1,644,335
122.65
2,017
2,029
Towd
Point
Mortgage
Trust
08/17/20
1,577,533
101.73
1,605
1,473
Triton
Container
International,
Ltd.
11/21/22
910,000
93.82
854
856
TSMC
Global,
Ltd.
08/04/22
976,000
87.80
857
840
UBS
Group
AG
01/28/19
260,000
100.00
260
247
UBS
Group
AG
04/09/21
200,000
123.76
247
178
UBS
Group
AG
01/04/22
200,000
100.00
200
142
United
Airlines,
Inc.
04/14/21
30,000
101.18
30
27
United
Airlines,
Inc.
03/30/22
400,000
98.31
393
383
UPM-Kymmene
Oyj
11/21/22
699,000
105.69
739
744
Var
Energi
ASA
02/06/23
840,000
104.91
881
870
VICI
Properties,
LP
/
VICI
Note
Co.,
Inc.
03/06/23
879,000
96.36
847
850
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(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
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
shares
$
$
$
WarnerMedia
Holdings,
Inc.
02/08/23
260,000
98.03
255
254
Warwick
Finance
Residential
Mortgages
Number
Three
PLC
02/10/21
GBP
680,056
138.64
943
829
WEA
Finance
LLC
/
Westfield
UK
&
Europe
Finance
PLC
04/09/21
200,000
103.39
207
145
WEA
Finance
LLC
/
Westfield
UK
&
Europe
Finance
PLC
05/06/21
1,283,000
97.87
1,244
1,215
WEA
Finance
LLC
/
Westfield
UK
&
Europe
Finance
PLC
11/21/22
982,000
86.19
846
847
Wells
Fargo
Mortgage
Backed
Securities
Trust
04/23/21
980,343
102.35
1,003
837
WinWater
Mortgage
Loan
Trust
03/29/17
93,569
102.15
96
88
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
02/09/23
80,000
97.99
78
78
Wynn
Macau,
Ltd.
01/04/23
600,000
96.61
580
582
Yara
International
ASA
01/06/23
924,000
93.80
867
869
ZF
NA
Capital,
Inc.
06/03/22
1,270,000
96.64
1,227
1,248
217,062
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
Canadian
10
Year
Government
Bond
Futures
103
CAD
12,995
06/23
386
Euro-Bobl
Futures
4
EUR
472
06/23
12
United
States
2
Year
Treasury
Note
Futures
615
USD
126,969
06/23
1,310
United
States
5
Year
Treasury
Note
Futures
1,287
USD
140,936
06/23
1,508
United
States
10
Year
Treasury
Note
Futures
586
USD
67,345
06/23
1,702
United
States
Treasury
Long
Bond
Futures
142
USD
18,624
06/23
824
United
States
Treasury
Ultra
Bond
Futures
1,114
USD
142,825
06/23
5,050
Short
Positions
Australia
10
Year
Government
Bond
Futures
14
AUD
1,720
06/23
2
Euro-BTP
Futures
33
EUR
3,807
06/23
(164)
Euro-Bund
Futures
89
EUR
12,090
06/23
(446)
Euro-OAT
Futures
27
EUR
3,516
06/23
(137)
Euro-Schatz
Futures
24
EUR
2,537
06/23
(28)
Japanese
10-Year
Mini
Government
Bond
Futures
103
JPY
3,522,616
06/23
(474)
United
States
2
Year
Treasury
Note
Futures
332
USD
68,543
06/23
(512)
United
States
5
Year
Treasury
Note
Futures
154
USD
16,864
06/23
(389)
United
States
10
Year
Treasury
Note
Futures
250
USD
28,731
06/23
(789)
United
States
Treasury
Long
Bond
Futures
1
USD
129
03/23
(5)
United
States
Treasury
Long
Bond
Futures
7
USD
918
06/23
(5)
United
States
Treasury
Ultra
Bond
Futures
21
USD
2,964
06/23
(116)
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
7,729
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
BNP
USD
1,128
EUR
1,043
04/18/23
3
Citigroup
USD
69
BRL
353
05/03/23
1
Citigroup
USD
1,275
BRL
6,606
05/03/23
22
Citigroup
USD
196
COP
951,803
04/19/23
7
Citigroup
USD
224
COP
1,082,600
04/19/23
8
Citigroup
USD
460
COP
2,223,760
04/19/23
16
Citigroup
USD
82
EUR
75
04/19/23
—
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
60
Strategic
Bond
Fund
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Citigroup
USD
100
EUR
93
04/19/23
—
Citigroup
USD
221
EUR
204
04/19/23
—
Citigroup
USD
414
EUR
379
04/19/23
(2)
Citigroup
USD
477
EUR
450
04/19/23
12
Citigroup
USD
671
EUR
620
04/19/23
2
Citigroup
USD
826
EUR
756
04/19/23
(5)
Citigroup
USD
1,035
EUR
950
04/19/23
(4)
Citigroup
USD
5,267
EUR
4,900
04/19/23
51
Citigroup
USD
7,914
GBP
6,391
04/12/23
(29)
Citigroup
USD
37
GBP
30
04/19/23
—
Citigroup
USD
268
GBP
217
04/19/23
—
Citigroup
USD
595
GBP
491
04/19/23
11
Citigroup
USD
604
ILS
2,183
04/19/23
3
Citigroup
USD
609
ILS
2,195
04/19/23
2
Citigroup
USD
631
ILS
2,277
04/19/23
2
Citigroup
USD
409
INR
33,940
04/19/23
4
Citigroup
USD
482
INR
40,017
04/19/23
4
Citigroup
USD
757
INR
62,803
04/19/23
7
Citigroup
USD
831
INR
68,917
04/19/23
7
Citigroup
USD
1,152
JPY
152,767
04/12/23
—
Citigroup
USD
4,121
JPY
560,280
04/12/23
104
Citigroup
USD
260
JPY
33,191
04/19/23
(9)
Citigroup
USD
297
JPY
38,725
04/19/23
(5)
Citigroup
USD
1,230
JPY
159,480
04/19/23
(26)
Citigroup
USD
1,230
JPY
163,390
04/19/23
3
Citigroup
USD
2,448
JPY
319,600
04/19/23
(36)
Citigroup
USD
16
MXN
293
04/19/23
—
Citigroup
USD
31
MXN
576
04/19/23
1
Citigroup
USD
48
MXN
900
04/19/23
2
Citigroup
USD
48
MXN
903
04/19/23
2
Citigroup
USD
68
MXN
1,281
04/19/23
3
Citigroup
USD
71
MXN
1,351
04/19/23
3
Citigroup
USD
113
MXN
2,151
04/19/23
6
Citigroup
USD
242
MXN
4,639
04/19/23
14
Citigroup
USD
309
MXN
5,934
04/19/23
20
Citigroup
USD
610
MXN
11,144
04/19/23
7
Citigroup
USD
692
MXN
13,236
04/19/23
41
Citigroup
USD
1,774
MXN
33,880
04/19/23
101
Citigroup
USD
2,050
MXN
39,454
04/19/23
133
Citigroup
USD
2,080
MXN
39,414
04/19/23
101
Citigroup
USD
56
NZD
89
04/12/23
—
Citigroup
USD
3,561
NZD
5,726
04/12/23
19
Citigroup
USD
153
NZD
240
04/19/23
(3)
Citigroup
USD
620
PHP
33,604
04/19/23
(1)
Citigroup
USD
13
PLN
57
04/19/23
—
Citigroup
USD
53
PLN
238
04/19/23
2
Citigroup
USD
5
THB
187
04/19/23
—
Citigroup
USD
2,623
THB
86,776
04/19/23
(82)
Citigroup
USD
43
ZAR
781
04/19/23
1
Citigroup
USD
203
ZAR
3,498
04/19/23
(7)
Citigroup
USD
297
ZAR
5,484
04/19/23
10
Citigroup
USD
1,434
ZAR
25,000
04/19/23
(32)
Citigroup
BRL
230
USD
44
05/03/23
(2)
Citigroup
BRL
241
USD
45
05/03/23
(2)
Citigroup
BRL
2,456
USD
474
05/03/23
(8)
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
61
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Citigroup
BRL
4,410
USD
870
05/03/23
4
Citigroup
CAD
156
USD
113
04/19/23
(2)
Citigroup
CHF
259
EUR
260
04/19/23
(3)
Citigroup
CHF
284
EUR
285
04/19/23
(3)
Citigroup
CHF
596
EUR
597
04/19/23
(10)
Citigroup
CLP
751,495
USD
930
04/19/23
(14)
Citigroup
COP
370,162
USD
80
04/19/23
1
Citigroup
COP
417,533
USD
90
04/19/23
1
Citigroup
COP
830,611
USD
180
04/19/23
2
Citigroup
COP
1,245,417
USD
270
04/19/23
3
Citigroup
COP
1,663,938
USD
356
04/19/23
—
Citigroup
EUR
18
HUF
7,283
04/19/23
2
Citigroup
EUR
945
HUF
389,189
04/19/23
160
Citigroup
EUR
49
NOK
551
04/19/23
(1)
Citigroup
EUR
202
NOK
2,212
04/19/23
(16)
Citigroup
EUR
1,530
NOK
16,502
04/19/23
(166)
Citigroup
EUR
165
PLN
785
04/19/23
5
Citigroup
EUR
165
PLN
785
04/19/23
5
Citigroup
EUR
167
PLN
792
04/19/23
5
Citigroup
EUR
172
PLN
817
04/19/23
5
Citigroup
EUR
257
PLN
1,218
04/19/23
6
Citigroup
EUR
334
PLN
1,585
04/19/23
10
Citigroup
EUR
145
SEK
1,615
04/19/23
(3)
Citigroup
EUR
710
SEK
7,916
04/19/23
(15)
Citigroup
EUR
189
USD
205
04/19/23
(1)
Citigroup
EUR
341
USD
373
04/19/23
3
Citigroup
EUR
1,380
USD
1,480
04/19/23
(17)
Citigroup
EUR
4,630
USD
4,924
04/19/23
(101)
Citigroup
EUR
27,153
USD
29,416
04/19/23
(56)
Citigroup
GBP
235
EUR
264
04/19/23
(8)
Citigroup
GBP
505
EUR
565
04/19/23
(21)
Citigroup
GBP
791
EUR
891
04/19/23
(18)
Citigroup
GBP
1,975
USD
2,361
04/12/23
(75)
Citigroup
GBP
217
USD
268
04/19/23
—
Citigroup
GBP
270
USD
330
04/19/23
(4)
Citigroup
GBP
1,526
USD
1,861
04/19/23
(22)
Citigroup
HUF
108,892
EUR
274
04/19/23
(23)
Citigroup
HUF
287,580
EUR
726
04/19/23
(58)
Citigroup
INR
51,113
USD
620
04/19/23
(2)
Citigroup
JPY
2,796,721
USD
21,617
04/19/23
508
Citigroup
MXN
3,804
USD
198
04/19/23
(13)
Citigroup
MXN
4,088
USD
224
04/19/23
(2)
Citigroup
MXN
5,995
USD
328
04/19/23
(4)
Citigroup
MXN
6,015
USD
312
04/19/23
(21)
Citigroup
MXN
6,070
USD
332
04/19/23
(4)
Citigroup
MXN
6,510
USD
356
04/19/23
(4)
Citigroup
MXN
105,391
USD
5,494
04/19/23
(337)
Citigroup
MXN
107,147
USD
5,581
04/19/23
(347)
Citigroup
NOK
1,463
EUR
128
04/19/23
(1)
Citigroup
NOK
2,198
EUR
198
04/19/23
9
Citigroup
NOK
3,860
EUR
347
04/19/23
16
Citigroup
NOK
4,311
EUR
378
04/19/23
(3)
Citigroup
NOK
7,433
EUR
648
04/19/23
(13)
Citigroup
NZD
240
USD
149
04/19/23
(1)
Citigroup
PHP
137,612
USD
2,502
04/19/23
(34)
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
62
Strategic
Bond
Fund
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Citigroup
PLN
144
EUR
31
04/19/23
—
Citigroup
PLN
5,839
EUR
1,227
04/19/23
(38)
Citigroup
PLN
295
USD
67
04/19/23
(1)
Citigroup
THB
4,243
USD
128
04/19/23
4
Citigroup
THB
18,275
USD
551
04/19/23
16
Citigroup
THB
18,291
USD
551
04/19/23
15
Citigroup
THB
18,558
USD
566
04/19/23
23
Citigroup
THB
27,594
USD
844
04/19/23
35
Citigroup
ZAR
3,382
USD
200
04/19/23
10
Citigroup
ZAR
5,339
USD
311
04/19/23
11
Citigroup
ZAR
54,541
USD
3,204
04/19/23
144
Goldman
Sachs
USD
325
MXN
6,438
04/18/23
31
JPMorgan
Chase
USD
216
BRL
1,155
04/18/23
12
JPMorgan
Chase
USD
593
JPY
74,790
04/18/23
(29)
JPMorgan
Chase
EUR
570
USD
617
06/20/23
(4)
JPMorgan
Chase
GBP
17,471
USD
21,415
04/19/23
(144)
JPMorgan
Chase
IDR
2,169,764
USD
139
04/18/23
(6)
State
Street
USD
7,018
AUD
10,463
04/12/23
(22)
State
Street
USD
90
CAD
122
04/12/23
—
State
Street
USD
3,542
CAD
4,825
04/12/23
29
State
Street
USD
4,859
EUR
4,450
04/12/23
(31)
State
Street
USD
5,949
EUR
5,601
04/12/23
128
State
Street
USD
108
GBP
88
04/19/23
—
State
Street
USD
7,070
SEK
74,253
04/12/23
87
State
Street
AUD
10,463
USD
7,040
04/12/23
44
State
Street
EUR
2,526
USD
2,721
06/20/23
(30)
State
Street
NOK
75,469
USD
7,256
04/12/23
45
State
Street
SEK
36,676
USD
3,542
04/12/23
7
UBS
CHF
55
USD
60
04/12/23
—
UBS
CHF
9,973
USD
10,628
04/12/23
(280)
Total
Unrealized
Appreciation
(Depreciation)
on
Open
Foreign
Currency
Exchange
Contracts
(140)
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
USD
329
3.782%
(4)
SOFR
(4)
07/20/25
—
—
—
Citigroup
USD
841
3.769%
(4)
SOFR
(4)
07/20/25
—
—
—
Citigroup
HKD
2,695
3
Month
HIBOR
(2)
3.507%
(2)
07/20/25
—
1
1
Citigroup
USD
2,698
3.730%
(4)
SOFR
(4)
07/20/25
—
(2)
(2)
Citigroup
HKD
6,839
3
Month
HIBOR
(2)
3.525%
(2)
07/20/25
—
—
—
Citigroup
HKD
20,421
3
Month
HIBOR
(3)
3.475%
(3)
07/20/25
—
14
14
Citigroup
BRL
2,345
12.930%
(4)
Brazil
Interbank
Deposit
Rate
(4)
01/04/27
—
9
9
Citigroup
BRL
3,215
12.730%
(4)
Brazil
Interbank
Deposit
Rate
(4)
01/04/27
—
10
10
Citigroup
BRL
3,946
11.330%
(4)
Brazil
Interbank
Deposit
Rate
(4)
01/04/27
—
(16)
(16)
Citigroup
BRL
3,994
11.395%
(4)
Brazil
Interbank
Deposit
Rate
(4)
01/04/27
—
(15)
(15)
Citigroup
BRL
5,663
12.880%
(4)
Brazil
Interbank
Deposit
Rate
(4)
01/04/27
—
22
22
Citigroup
BRL
9,237
12.980%
(4)
Brazil
Interbank
Deposit
Rate
(4)
01/04/27
—
39
39
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
63
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
EUR
2,400
6
Month
EURIBOR
(3)
2.808%
(4)
04/19/28
—
28
28
Citigroup
KRW
1,800,000
2.981%
(2)
South
Korean
Won
3
Month
Certificate
of
Deposit
Rates
(2)
04/19/28
—
(11)
(11)
Citigroup
AUD
3,100
3.923%
(3)
6
Month
BBSW
(3)
04/19/33
—
10
10
Citigroup
JPY
430,000
TONAR
(4)
0.718%
(4)
04/19/33
—
(20)
(20)
Citigroup
EUR
1,200
6
Month
EURIBOR
(3)
1.942%
(4)
02/13/73
—
65
65
Total
Open
Interest
Rate
Swap
Contracts
(å)
—
134
134
Credit
Default
Swap
Contracts
Amounts
in
thousands
Credit
Indices
-
Purchase
Protection
Reference
Entity
Counterparty
Notional
Amount
Fund
(Pays)/
Receives
Fixed
Rate
Termination
Date
Premiums
Paid/
(Received)
$
Unrealized
Appreciation
(Depreciation)
$
Fair
Value
$
CDX
NA
Emerging
Markets
Index
Citigroup
USD
370
(1.000%)
(2)
12/20/27
390
(20)
370
CDX
NA
High
Yield
Index
Bank
of
America
USD
1,890
(5.000%)
(2)
06/20/28
6
(34)
(28)
CDX
NA
Investment
Grade
Index
Bank
of
America
USD
3,875
(1.000%)
(2)
06/20/28
(26)
(18)
(44)
Total
Open
Credit
Indices
-
Purchase
Protection
Contracts
370
(72)
298
Total
Open
Credit
Default
Swap
Contracts
(å)
370
(72)
298
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
$
—
$
21,839
$
2,459
$
—
$
24,298
Corporate
Bonds
and
Notes
—
194,639
—
—
194,639
International
Debt
—
152,724
—
—
152,724
Loan
Agreements
—
1,082
—
—
1,082
Mortgage-Backed
Securities
—
137,980
—
—
137,980
Municipal
Bonds
—
816
—
—
816
Non-US
Bonds
—
47,376
—
—
47,376
United
States
Government
Treasuries
—
153,904
—
—
153,904
Common
Stocks
—
—
—
—
—
Preferred
Stocks
201
—
—
—
201
Short-Term
Investments
—
80,070
—
82,065
162,135
Total
Investments
201
790,430
2,459
82,065
875,155
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
64
Strategic
Bond
Fund
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
Other
Financial
Instruments
Assets
Futures
Contracts
10,79
4
—
—
—
10,79
4
Foreign
Currency
Exchange
Contracts
—
2,12
1
—
—
2,12
1
Interest
Rate
Swap
Contracts
—
198
—
—
198
Credit
Default
Swap
Contracts
—
370
—
—
370
Liabilities
Futures
Contracts
(3,06
5
)
—
—
—
(3,06
5
)
Foreign
Currency
Exchange
Contracts
—
(2,26
1
)
—
—
(2,26
1
)
Interest
Rate
Swap
Contracts
—
(64)
—
—
(64)
Credit
Default
Swap
Contracts
—
(72)
—
—
(72)
Total
Other
Financial
Instruments
*
$
7,7
29
$
292
$
—
$
—
$
8,02
1
*
Futures
and
foreign
currency
exchange
contract
values
reflect
the
unrealized
appreciation
(depreciation)
on
the
investments.
(a)
Certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
share
(or
its
equivalent)
practical
expedient
have
not
been
classified
in
the
fair
value
levels.
The
fair
value
amounts
presented
in
the
table
are
intended
to
permit
reconciliation
to
the
amounts
presented
in
the
Schedule
of
Investments.
For
a
description
of
the
Levels,
see
note
2
in
the
Notes
to
Quarterly
Report.
For
a
disclosure
on
transfers
into
and
out
of
Level
3
during
the
period
ended
March
31,
2023,
if
any,
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,
2023,
if
any,
were
less
than
1%
of
net
assets.
Amounts
in
thousands
Country
Exposure
Fair
Value
$
Andorra
..............................................................................................
3,839
Argentina
............................................................................................
641
Australia
.............................................................................................
1,338
Austria
................................................................................................
164
Belgium
..............................................................................................
1,213
Bermuda
.............................................................................................
27,574
Brazil
..................................................................................................
1,954
Canada
................................................................................................
13,517
Cayman
Islands
..................................................................................
28,061
Chile
...................................................................................................
1,219
China
..................................................................................................
979
Colombia
............................................................................................
2,111
Denmark
.............................................................................................
3,319
Estonia
................................................................................................
1,709
Finland
...............................................................................................
2,459
France
.................................................................................................
12,469
Germany
.............................................................................................
6,760
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
65
Amounts
in
thousands
Country
Exposure
Fair
Value
$
Hong
Kong
.........................................................................................
196
India
...................................................................................................
2,864
Indonesia
............................................................................................
494
Ireland
................................................................................................
5,935
Israel
...................................................................................................
290
Italy
....................................................................................................
3,374
Japan
..................................................................................................
22,579
Jordan
.................................................................................................
487
Kuwait
................................................................................................
838
Luxembourg
.......................................................................................
7,778
Macao
.................................................................................................
2,276
Mexico
...............................................................................................
13,091
Morocco
.............................................................................................
163
Netherlands
........................................................................................
3,589
Norway
...............................................................................................
1,742
Oman
..................................................................................................
190
Panama
...............................................................................................
199
Peru
....................................................................................................
1,899
Romania
.............................................................................................
5,698
Saudi
Arabia
.......................................................................................
840
Serbia
.................................................................................................
687
Singapore
...........................................................................................
639
South
Africa
.......................................................................................
1,937
South
Korea
.......................................................................................
2,889
Spain
..................................................................................................
2,405
Switzerland
........................................................................................
5,512
Taiwan
................................................................................................
2,052
Togo
...................................................................................................
909
United
Arab
Emirates
.........................................................................
207
United
Kingdom
.................................................................................
34,042
United
States
......................................................................................
639,435
Zambia
...............................................................................................
593
Total
Investments
...............................................................................
875,155
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
66
Global
Real
Estate
Securities
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
95.5%
Australia
-
3.7%
Charter
Hall
Group
-
ADR(ö)
936,497
6,976
Dexus
Property
Group(ö)
1,148,684
5,820
Goodman
Group(ö)
221,880
2,822
GPT
Group
(The)(ö)
723,211
2,071
HomeCo
Daily
Needs
REIT(ö)
2,173,117
1,685
Ingenia
Communities
Group
633,318
1,609
Mirvac
Group(ö)
204,711
287
Region
RE,
Ltd.(ö)
1,260,486
1,989
Scentre
Group(ö)
1,890,456
3,508
Stockland(ö)
1,857,277
4,976
31,743
Belgium
-
0.6%
Aedifica
SA(ö)
37,883
3,054
VGP
NV
6,908
619
Warehouses
De
Pauw
CVA(ö)
65,586
1,950
5,623
Canada
-
2.0%
Allied
Properties
Real
Estate
Investment
Trust(ö)
194,213
3,501
Canadian
Apartment
Properties(ö)
116,892
4,101
Granite
Real
Estate
Investment
Trust(ö)
70,046
4,337
RioCan
Real
Estate
Investment
Trust(ö)
343,698
5,185
17,124
China
-
0.1%
GDS
Holdings,
Ltd.
Class
A(Æ)
403,400
950
France
-
1.9%
ARGAN
SA(Ñ)(ö)
18,721
1,400
Covivio(ö)
21,639
1,262
Icade
SA(ö)
69,000
3,253
Klepierre
SA
-
GDR(Ñ)(ö)
426,238
9,666
Mercialys
SA(ö)
94,701
969
16,550
Germany
-
1.4%
LEG
Immobilien
SE
79,914
4,376
TAG
Immobilien
AG
113,864
788
Vonovia
SE
363,542
6,837
12,001
Guernsey
-
0.2%
Sirius
Real
Estate,
Ltd.
1,589,757
1,507
Hong
Kong
-
5.2%
CK
Asset
Holdings,
Ltd.
1,656,908
10,038
Hang
Lung
Properties,
Ltd.
-
ADR
1,199,000
2,248
Hongkong
Land
Holdings,
Ltd.
355,582
1,566
Hysan
Development
Co.,
Ltd.
523,000
1,490
Link
Real
Estate
Investment
Trust(ö)
1,867,243
11,975
Sun
Hung
Kai
Properties,
Ltd.
965,552
13,580
Wharf
Real
Estate
Investment
Co.,
Ltd.
758,247
4,385
45,282
Japan
-
9.3%
Activia
Properties,
Inc.(ö)
1,414
4,034
Advance
Residence
Investment
Corp.
(ö)
1,326
3,165
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Daiwa
House
REIT
Investment
Corp.(ö)
1,305
2,677
Global
One
Real
Estate
Investment
Corp.(ö)
2,063
1,627
Hulic
REIT,
Inc.(ö)
1,565
1,766
Industrial
&
Infrastructure
Fund
Investment
Corp.(ö)
3,607
3,927
Invincible
Investment
Corp.(ö)
8,111
3,411
Japan
Hotel
REIT
Investment
Corp.(ö)
3,775
2,140
Japan
Retail
Fund
Investment
Corp.(ö)
6,064
4,425
Keihanshin
Building
Co.,
Ltd.
216,600
1,960
Kenedix
Office
Investment
Corp.
Class
A(ö)
694
1,605
Kenedix
Retail
REIT
Corp.(ö)
1,704
3,018
Mitsubishi
Estate
Co.,
Ltd.
890,292
10,629
Mitsui
Fudosan
Co.,
Ltd.
664,811
12,493
MORI
Trust
Sogo
REIT,
Inc.(ö)
10,192
5,267
Nippon
Prologis
REIT,
Inc.(Æ)(ö)
2,172
4,604
Nomura
Real
Estate
Holdings,
Inc.
12,500
277
Sekisui
House
REIT,
Inc.(ö)
6,275
3,403
Sumitomo
Realty
&
Development
Co.,
Ltd.
212,700
4,798
TOC
Co.,
Ltd.
83,500
402
Tokyu
Fudosan
Holdings
Corp.
439,359
2,109
United
Urban
Investment
Corp.(ö)
2,533
2,733
80,470
Macao
-
0.4%
Sands
China,
Ltd.(Æ)
954,400
3,331
Netherlands
-
0.6%
CTP
NV(Þ)
123,864
1,605
Eurocommercial
Properties(ö)
54,711
1,247
Unibail-Rodamco-Westfield(Æ)(ö)
47,258
2,546
5,398
Singapore
-
3.6%
Ascendas
Real
Estate
Investment
Trust(Æ)(ö)
1,788,900
3,862
Cambridge
Industrial
Trust(ö)
3,534,800
864
Capitaland
Investment,
Ltd.
3,629,400
10,089
Frasers
Logistics
&
Commercial
Trust(Æ)(ö)
7,284,000
7,191
Keppel
DC
REIT(ö)
925,700
1,438
Mapletree
Logistics
Trust(Æ)(ö)
3,322,200
4,287
Parkway
Life
Real
Estate
Investment
Trust(Æ)(ö)
1,055,255
3,168
30,899
Spain
-
0.5%
Arima
Real
Estate
Socimi
SA(Æ)(Ñ)(ö)
103,745
895
Cellnex
Telecom
SA(Þ)
16,315
635
Inmobiliaria
Colonial
Socimi
SA(ö)
185,068
1,173
Merlin
Properties
Socimi
SA(ö)
230,635
2,022
4,725
Sweden
-
1.4%
Castellum
AB(Ñ)
240,709
2,806
Catena
AB
64,387
2,387
Fabege
AB(Ñ)
313,162
2,410
Fastighets
AB
Balder(Æ)
504,839
2,078
Pandox
AB(Æ)
113,430
1,419
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Global
Real
Estate
Securities
Fund
67
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Wihlborgs
Fastigheter
AB
132,071
1,012
12,112
Switzerland
-
0.3%
PSP
Swiss
Property
AG
22,193
2,522
United
Kingdom
-
4.4%
Big
Yellow
Group
PLC(ö)
147,620
2,135
British
Land
Co.
PLC
(The)(ö)
1,595,847
7,663
Derwent
London
PLC(ö)
107,911
3,144
Grainger
PLC
1,074,958
3,093
Life
Science
REIT
PLC(Ñ)(ö)
724,324
554
LondonMetric
Property
PLC(ö)
338,153
735
LXI
REIT
PLC(ö)
920,793
1,120
PRS
REIT
PLC
(The)(ö)
832,870
831
Safestore
Holdings
PLC(ö)
496,541
5,822
Segro
PLC(ö)
845,304
8,046
Tritax
EuroBox
PLC(Þ)
1,089,673
823
UNITE
Group
PLC
(The)(ö)
311,695
3,699
37,665
United
States
-
59.9%
Agree
Realty
Corp.(ö)
137,407
9,427
Alexandria
Real
Estate
Equities,
Inc.(ö)
78,513
9,860
American
Homes
4
Rent
Class
A(ö)
179,867
5,657
Americold
Realty
Trust,
Inc.(ö)
274,963
7,823
Apartment
Income
REIT
Corp.(ö)
103,683
3,713
AvalonBay
Communities,
Inc.(ö)
106,099
17,831
Boyd
Gaming
Corp.
41,993
2,693
Camden
Property
Trust(ö)
74,055
7,764
Cousins
Properties,
Inc.(ö)
160,722
3,436
Digital
Realty
Trust,
Inc.(ö)
193,986
19,071
EastGroup
Properties,
Inc.(ö)
44,422
7,344
Equinix,
Inc.(ö)
55,252
39,839
Equity
LifeStyle
Properties,
Inc.
Class
A(ö)
138,349
9,287
Essential
Properties
Realty
Trust,
Inc.
(ö)
239,387
5,949
Essex
Property
Trust,
Inc.(ö)
13,076
2,735
Extra
Space
Storage,
Inc.(ö)
33,885
5,521
Healthcare
Realty
Holdings,
LP(ö)
368,530
7,124
Healthpeak
Properties,
Inc.(ö)
36,840
809
Highwoods
Properties,
Inc.(ö)
114,658
2,659
Host
Hotels
&
Resorts,
Inc.(ö)
325,849
5,373
Invitation
Homes,
Inc.(ö)
575,125
17,961
Iron
Mountain,
Inc.(ö)
129,153
6,833
Jones
Lang
LaSalle,
Inc.(Æ)
22,142
3,221
Kite
Realty
Group
Trust(ö)
333,339
6,973
KRC
Interim
Corp.(ö)
688,733
13,451
Life
Storage,
Inc.(Æ)(ö)
66,773
8,753
Mid-America
Apartment
Communities,
Inc.(ö)
155,109
23,428
National
Retail
Properties,
Inc.(ö)
14,449
638
Prologis,
LP(ö)
563,074
70,255
Public
Storage(ö)
118,320
35,749
Realty
Income
Corp.(ö)
321,225
20,340
Rexford
Industrial
Realty,
Inc.(ö)
121,592
7,253
Ryman
Hospitality
Properties,
Inc.(ö)
78,278
7,024
Sabra
Health
Care
REIT,
Inc.(ö)
399,353
4,593
Simon
Property
Group,
Inc.(ö)
248,757
27,853
Spirit
Realty
Capital,
Inc.(ö)
214,212
8,534
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Sun
Communities,
Inc.(ö)
67,033
9,444
UDR,
Inc.(ö)
199,879
8,207
Ventas,
Inc.(ö)
56,532
2,451
VICI
Properties,
Inc.(ö)
447,887
14,610
Welltower,
Inc.(ö)
498,874
35,764
WP
Carey,
Inc.(ö)
131,014
10,147
517,397
Total
Common
Stocks
(cost
$776,991)
825,299
Short-Term
Investments
-
3.5%
United
States
-
3.5%
U.S.
Cash
Management
Fund(@)
29,660,715
(∞)
29,652
Total
Short-Term
Investments
(cost
$29,652)
29,652
Other
Securities
-
1.8%
U.S.
Cash
Collateral
Fund(@)(×)
15,690,025
(∞)
15,690
Total
Other
Securities
(cost
$15,690)
15,690
Total
Investments
-
100.8%
(identified
cost
$822,333)
870,641
Other
Assets
and
Liabilities,
Net
-
(0.8%)
(6,742)
Net
Assets
-
100.0%
863,899
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
68
Global
Real
Estate
Securities
Fund
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
shares
$
$
$
0.4%
Cellnex
Telecom
SA
09/26/22
EUR
16,315
30.78
502
635
CTP
NV
04/06/21
EUR
123,864
17.46
2,162
1,605
Tritax
EuroBox
PLC
03/15/21
EUR
1,089,673
1.45
1,575
823
3,063
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
689
USD
22,827
06/23
838
FTSE/EPRA
Europe
Index
Futures
284
EUR
4,043
06/23
(229)
Hang
Seng
Index
Futures
15
HKD
15,361
04/23
71
MSCI
Singapore
Index
Futures
61
SGD
1,868
04/23
18
S&P/TSX
60
Index
Futures
6
CAD
1,451
06/23
17
SPI
200
Index
Futures
12
AUD
2,157
06/23
21
TOPIX
Index
Futures
27
JPY
540,945
06/23
3
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
739
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Bank
of
America
USD
779
EUR
720
06/21/23
5
Bank
of
America
USD
810
JPY
105,928
06/21/23
(3)
Bank
of
America
SEK
76
USD
7
04/03/23
—
Bank
of
New
York
USD
406
AUD
612
06/21/23
4
Bank
of
New
York
USD
329
CAD
452
06/21/23
6
Bank
of
New
York
USD
1,310
EUR
1,233
06/21/23
34
Bank
of
New
York
USD
513
HKD
4,016
06/21/23
—
Bank
of
New
York
USD
1,131
JPY
152,283
06/21/23
29
Bank
of
New
York
USD
354
SGD
477
06/21/23
5
Royal
Bank
of
Canada
USD
406
AUD
612
06/21/23
5
Royal
Bank
of
Canada
USD
329
CAD
452
06/21/23
6
Royal
Bank
of
Canada
USD
1,309
EUR
1,233
06/21/23
35
Royal
Bank
of
Canada
USD
513
HKD
4,016
06/21/23
—
Royal
Bank
of
Canada
USD
1,130
JPY
152,283
06/21/23
30
Royal
Bank
of
Canada
USD
354
SGD
477
06/21/23
5
Royal
Bank
of
Canada
EUR
617
USD
670
04/03/23
1
Royal
Bank
of
Canada
SGD
629
USD
473
04/03/23
—
State
Street
USD
480
HKD
3,748
06/21/23
(1)
State
Street
USD
438
SGD
580
06/21/23
—
Toronto
Dominion
Bank
USD
406
AUD
612
06/21/23
5
Toronto
Dominion
Bank
USD
329
CAD
452
06/21/23
6
Toronto
Dominion
Bank
USD
1,309
EUR
1,233
06/21/23
35
Toronto
Dominion
Bank
USD
513
HKD
4,016
06/21/23
—
Toronto
Dominion
Bank
USD
1,130
JPY
152,283
06/21/23
30
Toronto
Dominion
Bank
USD
354
SGD
477
06/21/23
5
Total
Unrealized
Appreciation
(Depreciation)
on
Open
Foreign
Currency
Exchange
Contracts
242
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Global
Real
Estate
Securities
Fund
69
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
Common
Stocks
Australia
$
—
$
31,743
$
—
$
—
$
31,743
Belgium
—
5,623
—
—
5,623
Canada
17,124
—
—
—
17,124
China
—
950
—
—
950
France
—
16,550
—
—
16,550
Germany
—
12,001
—
—
12,001
Guernsey
—
1,507
—
—
1,507
Hong
Kong
—
45,282
—
—
45,282
Japan
—
80,470
—
—
80,470
Macao
—
3,331
—
—
3,331
Netherlands
—
5,398
—
—
5,398
Singapore
—
30,899
—
—
30,899
Spain
—
4,725
—
—
4,725
Sweden
—
12,112
—
—
12,112
Switzerland
—
2,522
—
—
2,522
United
Kingdom
—
37,665
—
—
37,665
United
States
517,397
—
—
—
517,397
Short-Term
Investments
—
—
—
29,652
29,652
Other
Securities
—
—
—
15,690
15,690
Total
Investments
534,521
290,778
—
45,342
870,641
Other
Financial
Instruments
Assets
Futures
Contracts
96
8
—
—
—
96
8
Foreign
Currency
Exchange
Contracts
—
246
—
—
246
Liabilities
Futures
Contracts
(229)
—
—
—
(229)
Foreign
Currency
Exchange
Contracts
—
(4)
—
—
(4)
Total
Other
Financial
Instruments
*
$
739
$
242
$
—
$
—
$
98
1
*
Futures
and
foreign
currency
exchange
contract
values
reflect
the
unrealized
appreciation
(depreciation)
on
the
investments.
(a)
Certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
share
(or
its
equivalent)
practical
expedient
have
not
been
classified
in
the
fair
value
levels.
The
fair
value
amounts
presented
in
the
table
are
intended
to
permit
reconciliation
to
the
amounts
presented
in
the
Schedule
of
Investments.
For
a
description
of
the
Levels,
see
note
2
in
the
Notes
to
Quarterly
Report.
For
a
disclosure
on
transfers
into
and
out
of
Level
3
during
the
period
ended
March
31,
2023,
if
any,
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,
2023,
if
any,
were
less
than
1%
of
net
assets.
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments,
continued
—
March
31,
2023
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
70
Global
Real
Estate
Securities
Fund
Amounts
in
thousands
Property
Sector
Exposure
Fair
Value
$
Diversified
..........................................................................................
262,964
Healthcare
..........................................................................................
56,963
Industrial
............................................................................................
125,201
Integrated
Telecommunication
Services
............................................
635
Lodging/Resorts
.................................................................................
17,230
Manufactured
Homes
.........................................................................
18,731
Office
..................................................................................................
36,004
Regional
Malls
...................................................................................
37,519
Residential
..........................................................................................
149,236
Self
Storage
........................................................................................
64,814
Shopping
Centers
...............................................................................
56,002
Short-Term
Investments
.....................................................................
29,652
Other
Securities
..................................................................................
15,690
Total
Investments
...............................................................................
870,641
Russell
Investment
Funds
Notes
to
Schedules
of
Investments
—
March
31,
2023
(Unaudited)
Notes
to
Schedules
of
Investments
71
Footnotes:
Abbreviations:
(Æ)
Non-income
producing
security.
(Ï)
Forward
commitment.
(Ê)
Variable,
adjustable
or
floating
rate
security.
Rate
shown
reflects
rate
in
effect
at
period
end.
(ƒ)
Perpetual
floating
rate
security.
Rate
shown
reflects
rate
in
effect
at
period
end.
(ö)
Real
Estate
Investment
Trust
(REIT).
(µ)
Bond
is
insured
by
a
guarantor.
(Ø)
In
default.
(ç)
At
amortized
cost,
which
approximates
fair
value.
(ž
)
Rate
noted
is
yield-to-maturity
from
date
of
acquisition.
(æ)
Pre-refunded:
These
bonds
are
collateralized
by
U.S.
Treasury
securities,
which
are
held
in
escrow
by
a
trustee
and
used
to
pay
principal
and
interest
in
the
tax-exempt
issue
and
to
retire
the
bonds
in
full
at
the
earliest
refunding
date.
(§)
All
or
a
portion
of
the
shares
of
this
security
are
pledged
as
collateral
in
connection
with
futures
contracts
purchased
(sold)
or
swap
contracts
entered
into
by
the
Fund.
(x)
The
security
is
purchased
with
the
cash
collateral
from
the
securities
loaned.
(Ñ)
All
or
a
portion
of
the
shares
of
this
security
are
on
loan.
(Þ)
Restricted
security.
Security
may
have
contractual
restrictions
on
resale,
may
have
been
offered
in
a
private
placement
transaction,
and
is
not
registered
under
the
Securities
Act
of
1933.
(Û)
All
or
a
portion
of
the
shares
of
this
security
are
pledged
as
collateral
in
connection
with
securities
sold
short.
(ÿ)
Notional
amount
in
thousands.
(∞)
Unrounded
units.
(å)
Currency
balances
were
pledged
in
connection
with
futures
contracts
purchased
(sold),
options
written,
foreign
currency
exchange
contracts,
or
swaps
entered
into
by
the
Fund.
(ì)
All
or
a
portion
of
the
shares
of
this
security
are
pledged
as
collateral
in
connection
with
options
written
contracts.
(v)
Loan
agreement
still
pending.
Rate
not
available
at
period
end.
(
Š)
Value
was
determined
using
significant
unobservable
inputs
.
(
~)
Rate
fluctuates
based
on
various
factors
such
as
changes
in
current
rates
and
prepayments
of
the
underlying
assets,
changes
in
the
CPI
or
other
contractual
arrangements
.
(
@)
Affiliate
.
(
Ÿ)
Rate
noted
is
dividend
yield
at
period
end
.
(
¢)
Date
shown
reflects
next
contractual
call
date.
(
Œ
)
Unfunded
loan
agreement.
(
Ð
)
All
or
a
portion
of
the
shares
of
this
security
are
on
loan
through
the
reciprocal
lending
program
with
State
Street.
See
note
2
in
the
Notes.
(0)
Weekly
payment
frequency
.
(1)
Monthly
payment
frequency
.
(2)
Quarterly
payment
frequency
.
(3)
Semi-annual
payment
frequency
.
(4)
Annual
payment
frequency
.
(5)
Payment
at
termination
.
ADR
-
American
Depositary
Receipt
ADS
-
American
Depositary
Share
BBR
-
Bank
Bill
Rate
BBSW
-
Bank
Bill
Swap
Reference
Rate
BUBOR
–Budapest
Interbank
Offered
Rate
CIBOR
-
Copenhagen
Interbank
Offered
Rate
CME
-
Chicago
Mercantile
Exchange
CMO
-
Collateralized
Mortgage
Obligation
CVO
-
Contingent
Value
Obligation
EMU
-
European
Economic
and
Monetary
Union
EURIBOR
-
Euro
Interbank
Offered
Bank
FDIC
-
Federal
Deposit
Insurance
Company
GDR
-
Global
Depositary
Receipt
GDS
-
Global
Depositary
Share
GSCI
–
Goldman
Sachs
Commodity
Index
HIBOR
–
Hong
Kong
Interbank
Offered
Rate
JIBAR
-
Johannesburg
Interbank
Agreed
Rate
KSDA
–
Korean
Securities
Dealers
Association
Russell
Investment
Funds
Notes
to
Schedules
of
Investments,
continued
—
March
31,
2023
(Unaudited)
72
Notes
to
Schedules
of
Investments
Foreign
Currency
Abbreviations:
LIBOR
-
London
Interbank
Offered
Rate
MIBOR
-
Mumbai
Interbank
Offered
Rate
NIBOR
-
Norwegian
Interbank
Offered
Rate
NSERO
–
India
National
Stock
Exchange
Offered
Rate
PIK
-
Payment
in
Kind
PRIBOR
–
Prague
Interbank
Offered
Rate
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
SOFR
–
Secured
Overnight
Financing
Rate
SONIA
–
Sterling
Overnight
Index
Average
STIBOR
–
Stockholm
Interbank
Offered
Rate
STRIPS
-
Separate
Trading
of
Registered
Interest
and
Principal
of
Securities
SFE
-
Sydney
Futures
Exchange
TBA
-
To
Be
Announced
Security
TONAR
–
Tokyo
Overnight
Average
Rate
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
CNY
-
Chinese
offshore
spot
ITL
-
Italian
lira
SKK
-
Slovakian
koruna
CNY
-
Chinese
renminbi
yuan
JPY
-
Japanese
yen
THB
-
Thai
baht
COP
-
Colombian
peso
KES
-
Kenyan
schilling
TRY
-
Turkish
lira
CRC
-
Costa
Rican
colon
KRW
-
South
Korean
won
TWD
-
Taiwanese
dollar
CZK
-
Czech
koruna
MXN
-
Mexican
peso
USD
-
United
States
dollar
DKK
-
Danish
krone
MYR
-
Malaysian
ringgit
UYU
–
Uruguayan
peso
DOP
-
Dominican
peso
NOK
-
Norwegian
krone
VEB
-
Venezuelan
bolivar
EGP
-
Egyptian
pound
NGN
–
Nigerian
naira
VND
-
Vietnamese
dong
EUR
-
Euro
NZD
-
New
Zealand
dollar
ZAR
-
South
African
rand
GBP
-
British
pound
sterling
PEN
-
Peruvian
nuevo
sol
GHS
-
Ghana
cedi
PHP
-
Philippine
peso
Russell
Investment
Funds
Notes
to
Quarterly
Report
—
March
31,
2023
(Unaudited)
Notes
to
Quarterly
Report
73
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.
Unless
otherwise
specified,
“period”
(as
used
within
this
Quarterly
Report)
refers
to
the
three
months
ended
March
31,
2023.
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.
Security
Valuation
The
Funds
value
portfolio
instruments
according
to
securities
valuation
procedures
and
pricing
sources
and
services,
which
include
market
value
procedures,
fair
value
procedures,
other
key
valuation
procedures
and
a
description
of
the
pricing
sources
and
services
used
by
the
Funds.
With
respect
to
a
Fund’s
investments
that
do
not
have
readily
available
market
quotations,
the
Trustees
have
designated
Russell
Investment
Management,
LLC
(“RIM”)
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
Rule
2a-5
under
the
1940
Act.
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,
requires
a
separate
disclosure
of
the
fair
value
hierarchy
for
each
major
category
of
assets
and
liabilities,
and
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
RIM
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
judgment.
Accordingly,
the
degree
of
judgment
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,
2023
(Unaudited)
74
Notes
to
Quarterly
Report
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
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.
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2023
(Unaudited)
Notes
to
Quarterly
Report
75
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.
The
U.S.
Strategic
Equity,
U.S.
Small
Cap
Equity,
International
Developed
Markets,
Strategic
Bond
and
Global
Real
Estate
Securities
Funds
had
no
transfers
into
or
out
of
Level
3
for
the
period
ended
March
31,
2023.
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
RIM
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
RIM
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
RIM
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
RIM
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.
RIM
employs
third-party
pricing
vendors
to
provide
fair
value
measurements.
RIM
oversees
third-party
pricing
service
providers
in
order
to
support
the
valuation
process.
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.
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2023
(Unaudited)
76
Notes
to
Quarterly
Report
These
significant
unobservable
inputs
are
further
disclosed
in
the
Presentation
of
Portfolio
Holdings
for
each
respective
Fund
as
applicable.
If
third-party
evaluated
vendor
pricing
is
neither
available
nor
deemed
to
be
indicative
of
fair
value,
RIM
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,
RIM
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.
RIM
is
exercising
this
exception
and
has
made
a
reasonable
attempt
to
obtain
quantitative
information
from
the
third-party
pricing
vendors
regarding
the
unobservable
inputs
used.
For
fair
valuations
using
significant
unobservable
inputs,
U.S.
GAAP
requires
a
reconciliation
of
the
beginning
to
ending
balances
for
reported
fair
values
that
present
changes
attributable
to
total
realized
and
unrealized
gains
or
losses,
purchases
and
sales,
and
transfers
in/out
of
the
Level
3
category
during
the
period.
Additionally,
U.S.
GAAP
requires
quantitative
information
regarding
the
significant
unobservable
inputs
used
in
the
determination
of
fair
value
of
assets
categorized
as
Level
3
in
the
fair
value
hierarchy.
In
accordance
with
the
requirements
of
U.S.
GAAP,
a
fair
value
hierarchy,
a
Level
3
reconciliation
and
an
additional
disclosure
about
fair
value
measurements,
if
any,
has
been
included
in
the
Presentation
of
Portfolio
Holdings
for
each
respective
Fund.
Investment
Income
Dividend
income
is
recorded
net
of
applicable
withholding
taxes
on
the
ex-dividend
date,
except
that
certain
dividends
from
foreign
securities
are
recorded
as
soon
as
the
Funds
are
informed
of
the
dividend,
subsequent
to
the
ex-dividend
date.
To
the
extent
the
dividend
represents
a
return
of
capital
or
capital
gain
for
tax
purposes,
reclassifications
are
made
which
may
be
based
on
management’s
estimates.
Interest
income
is
recorded
daily
on
the
accrual
basis.
The
Strategic
Bond
Fund
classifies
gains
and
losses
realized
on
prepayments
received
on
mortgage-backed
securities
as
an
adjustment
to
interest
income.
All
premiums
and
discounts,
including
original
issue
discounts,
are
amortized/accreted
using
the
effective
interest
method.
Debt
obligation
securities
may
be
placed
in
a
non-accrual
status
and
related
interest
income
may
be
reduced
by
stopping
current
accruals
and
writing
off
interest
receivable
when
the
collection
of
all
or
a
portion
of
interest
has
become
doubtful.
Foreign
Currency
Translations
The
books
and
records
of
the
Funds
are
maintained
in
U.S.
dollars.
Foreign
currency
amounts
and
transactions
of
the
Funds
are
translated
into
U.S.
dollars
on
the
following
basis:
(a)
Fair
value
of
investment
securities,
other
assets
and
liabilities
at
the
closing
rate
of
exchange
on
the
valuation
date.
(b)
Purchases
and
sales
of
investment
securities
and
income
at
the
closing
rate
of
exchange
prevailing
on
the
respective
trade
dates
of
such
transactions.
Net
realized
gains
or
losses
from
foreign
currency-related
transactions
arise
from:
sales
and
maturities
of
short-term
securities;
sales
of
foreign
currencies;
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions;
the
difference
between
the
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
recorded
on
the
Funds’
books
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
gains
or
losses
from
foreign
currency-related
transactions
arise
from
changes
in
the
value
of
assets
and
liabilities,
other
than
investments
in
securities,
as
a
result
of
changes
in
the
exchange
rates.
The
Funds
do
not
isolate
that
portion
of
the
results
of
operations
of
the
Funds
that
arises
as
a
result
of
changes
in
exchange
rates
from
that
portion
that
arises
from
changes
in
market
prices
of
investments
during
the
period.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gain
or
loss
from
investments.
However,
for
federal
income
tax
purposes,
the
Funds
do
isolate
the
effects
of
changes
in
foreign
exchange
rates
from
the
fluctuations
arising
from
changes
in
market
prices
for
realized
gain
(or
loss)
on
debt
obligations.
Derivatives
The
Funds
may
invest
in
derivatives.
Derivatives
are
instruments
or
agreements
whose
value
is
derived
from
an
underlying
security
or
index.
They
include
options,
futures,
swaps
and
forwards.
These
instruments
offer
unique
characteristics
and
risks
that
facilitate
the
Funds’
investment
strategies.
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2023
(Unaudited)
Notes
to
Quarterly
Report
77
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.
Certain
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
such
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
broker’s
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.
The
rule
requires
that
the
Funds
trade
derivatives
and
other
transactions
that
create
future
payment
or
delivery
obligations
subject
to
a
value-at-risk
leverage
limit,
certain
derivatives
risk
management
program
and
reporting
requirements.
These
requirements
may
limit
the
ability
of
a
Fund
to
use
derivatives,
reverse
repurchase
agreements
and
similar
financing
transactions,
unfunded
commitments
and
other
relevant
transactions
as
part
of
its
investment
strategies.
These
requirements
may
increase
the
cost
of
a
Fund's
investments
and
cost
of
doing
business,
which
could
adversely
affect
investors.
The
financial
derivative
instruments
outstanding
as
of
period
end
on
the
Schedules
of
Investments
serves
as
an
indicator
of
the
volume
of
financial
derivative
activity
for
the
Funds.
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,
2023,
the
following
Funds
entered
into
FX
contracts
primarily
for
the
strategies
listed
below:
As
of
March
31,
2023,
the
Funds
had
no
cash
collateral
balances
in
connection
with
FX
contracts
purchased
or
sold.
Options
Certain
Funds
may
purchase
and
sell
(write)
both
call
and
put
options
on
securities,
securities
indices,
foreign
currencies
and
other
assets.
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
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
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2023
(Unaudited)
78
Notes
to
Quarterly
Report
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
swaptions
(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,
2023,
the
Funds
did
not
enter
into
any
options
contracts.
As
of
March
31,
2023,
the
Funds
had
no
cash
collateral
balances
in
connection
with
options
contracts
purchased
or
sold.
Futures
Contracts
Certain
Funds
may
invest
in
futures
contracts
(i.e.,
interest
rate,
foreign
currency
and
index
futures
contracts).
The
face
or
contract
value
of
these
instruments
reflect
the
extent
of
the
Funds’
exposure
to
off
balance
sheet
risk.
The
primary
risks
associated
with
the
use
of
futures
contracts
are
an
imperfect
correlation
between
the
change
in
fair
value
of
the
securities
held
by
the
Funds
and
the
prices
of
futures
contracts,
and
the
possibility
of
an
illiquid
market.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
with
a
broker
an
amount,
termed
the
initial
margin,
which
typically
represents
5%
to
10%
of
the
purchase
price
indicated
in
the
futures
contract.
Payments
to
and
from
the
broker,
known
as
variation
margin,
are
typically
required
to
be
made
on
a
daily
basis
as
the
price
of
the
futures
contract
fluctuates.
Changes
in
initial
settlement
value
are
accounted
for
as
unrealized
appreciation
(depreciation)
until
the
contracts
are
terminated,
at
which
time
realized
gains
and
losses
are
recognized.
For
the
period
ended
March
31,
2023,
the
following
Funds
entered
into
futures
contracts
primarily
for
the
strategies
listed
below:
As
of
March
31,
2023,
the
Funds
had
cash
collateral
balances
in
connection
with
futures
contracts
purchased
or
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
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
Funds
Cash
Collateral
for
Futures
Due
to
Broker
U.S.
Strategic
Equity
Fund
$
402,365
$
—
U.S.
Small
Cap
Equity
Fund
677,344
—
International
Developed
Markets
Fund
7,408,834
—
Strategic
Bond
Fund
6,196,665
73
Global
Real
Estate
Securities
Fund
3,012,635
—
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2023
(Unaudited)
Notes
to
Quarterly
Report
79
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
the
Fund’s
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,
2023,
the
Funds
had
cash
collateral
balances
in
connection
with
swap
contracts
purchased
or
sold
as
follows:
Credit
Default
Swaps
The
Strategic
Bond
Fund
may
enter
into
credit
default
swaps.
A
credit
default
swap
can
refer
to
corporate
issues,
government
issues,
asset-backed
securities
or
an
index
of
assets,
each
known
as
the
reference
entity
or
underlying
asset.
The
Fund
may
act
as
either
the
buyer
or
the
seller
of
a
credit
default
swap
involving
one
party
making
a
stream
of
payments
to
another
party
in
exchange
for
the
right
to
receive
a
specified
return
in
the
event
of
a
default
or
other
credit
event.
Depending
upon
the
terms
of
the
contract,
the
credit
default
swap
may
be
closed
via
physical
settlement.
However,
due
to
the
possible
or
potential
instability
in
the
market,
there
is
a
risk
that
the
seller
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
would
enter
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.
Funds
Cash
Collateral
for
Swaps
Strategic
Bond
Fund
$
3,669,643
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2023
(Unaudited)
80
Notes
to
Quarterly
Report
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
(i.e.,
the
buyer
of
protection’s
right
to
choose
the
deliverable
obligation
with
the
lowest
value
following
a
credit
event).
The
Fund
may
use
credit
default
swaps
to
provide
a
measure
of
protection
against
defaults
of
the
issuers
(i.e.,
to
reduce
risk
where
the
Fund
owns
or
has
exposure
to
the
referenced
obligation)
or
to
take
an
active
long
or
short
position
with
respect
to
the
likelihood
(as
measured
by
the
credit
default
swap’s
spread)
of
a
particular
issuer’s
default.
Deliverable
obligations
for
credit
default
swaps
on
asset-backed
securities
in
most
instances
are
limited
to
the
specific
referenced
obligation
as
performance
for
asset-backed
securities
can
vary
across
deals.
Prepayments,
principal
paydowns,
and
other
writedown
or
loss
events
on
the
underlying
mortgage
loans
will
reduce
the
outstanding
principal
balance
of
the
referenced
obligation.
These
reductions
may
be
temporary
or
permanent
as
defined
under
the
terms
of
the
swap
agreement
and
the
notional
amount
for
the
swap
agreement
generally
will
be
adjusted
by
corresponding
amounts.
The
Strategic
Bond
Fund
may
use
credit
default
swaps
on
asset-backed
securities
to
provide
a
measure
of
protection
against
defaults
(or
other
defined
credit
events)
of
the
referenced
obligation
or
to
take
an
active
long
or
short
position
with
respect
to
the
likelihood
of
a
particular
referenced
obligation’s
default
(or
another
defined
credit
event).
Credit
default
swap
agreements
on
credit
indices
involve
one
party
making
a
stream
of
payments
to
another
party
in
exchange
for
the
right
to
receive
a
specified
return
in
the
event
of
a
write-down,
principal
shortfall,
interest
shortfall
or
default
of
all
or
part
of
the
referenced
entities
comprising
the
credit
index.
A
credit
index
is
a
basket
of
credit
instruments
or
exposures
designed
to
be
representative
of
some
part
of
the
credit
market
as
a
whole.
These
indices
are
made
up
of
reference
credits
that
are
judged
by
a
poll
of
dealers
to
be
the
most
liquid
entities
in
the
credit
default
swap
market
based
on
the
sector
of
the
index.
Components
of
the
indices
may
include,
but
are
not
limited
to,
investment
grade
securities,
high
yield
securities,
asset-backed
securities,
emerging
markets,
and/or
various
credit
ratings
within
each
sector.
Credit
indices
are
traded
using
credit
default
swaps
with
standardized
terms
including
a
fixed
spread
and
standard
maturity
dates.
An
index
credit
default
swap
references
all
the
names
in
the
index,
and
if
there
is
a
default,
the
credit
event
is
settled
based
on
that
name’s
weight
in
the
index.
The
composition
of
the
indices
changes
periodically,
usually
every
six
months,
and,
for
most
indices,
each
name
has
an
equal
weight
in
the
index.
Traders
may
use
credit
default
swaps
on
indices
to
speculate
on
changes
in
credit
quality.
Implied
credit
spreads,
represented
in
absolute
terms,
utilized
in
determining
the
fair
value
of
credit
default
swap
agreements
on
corporate
issues
as
of
period-end
are
disclosed
in
the
Schedules
of
Investments
and
generally
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
or
risk
of
default
(or
other
defined
credit
event)
for
the
credit
derivative.
The
implied
credit
spread
of
a
particular
referenced
entity
reflects
the
cost
of
entering
into
a
credit
default
swap
and
may
include
upfront
payments
required
to
be
made
to
enter
into
the
agreement.
For
credit
default
swap
agreements
on
asset-
backed
securities
and
credit
indices,
the
quoted
market
prices
and
resulting
values
serve
as
the
indicator
of
the
current
status
of
the
payment/performance
risk.
Wider
credit
spreads
and
increasing
fair
values,
in
absolute
terms
when
compared
to
the
notional
amount
of
the
swap,
generally
represent
a
deterioration
of
the
referenced
entity’s
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
The
maximum
potential
amount
of
future
payments
(undiscounted)
that
the
Fund
as
a
seller
of
protection
could
be
required
to
make
under
a
credit
default
swap
agreement
equals
the
notional
amount
of
the
agreement.
Notional
amounts
of
all
credit
default
swap
agreements
outstanding
as
of
March
31,
2023,
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
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2023
(Unaudited)
Notes
to
Quarterly
Report
81
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,
2023,
the
Strategic
Bond
Fund
entered
into
credit
default
swaps
primarily
for
return
enhancement,
hedging
and
exposing
cash
to
markets.
Interest
Rate
Swaps
The
Strategic
Bond
Fund
may
enter
into
interest
rate
swaps.
The
use
of
interest
rate
swaps
is
a
highly
specialized
activity
which
involves
investment
techniques
and
risks
different
from
those
associated
with
ordinary
portfolio
securities
transactions.
If
RIM
or
a
money
manager
using
this
technique
is
incorrect
in
its
forecast
of
fair
values,
interest
rates
and
other
applicable
factors,
the
investment
performance
of
a
Fund
might
diminish
compared
to
what
it
would
have
been
if
this
investment
technique
were
not
used.
Interest
rate
swaps
do
not
involve
the
delivery
of
securities
or
other
underlying
assets
or
principal.
Accordingly,
the
risk
of
loss
with
respect
to
interest
rate
swaps
is
limited
to
the
net
amount
of
interest
payments
that
a
Fund
is
contractually
obligated
to
make.
Interest
rate
swaps
are
traded
on
exchanges
and
are
subject
to
central
clearing.
If
the
clearing
house
or
futures
commission
merchant
defaults,
a
Fund’s
risk
of
loss
consists
of
the
net
amount
of
interest
payments
that
a
Fund
is
contractually
entitled
to
receive.
The
counterparty
risk
for
cleared
derivatives
is
generally
lower
than
for
uncleared
derivatives.
However,
clearing
may
subject
a
Fund
to
increased
costs
or
margin
requirements.
For
the
period
ended
March
31,
2023,
the
Strategic
Bond
Fund
entered
into
interest
rate
swaps
primarily
for
return
enhancement,
hedging
and
exposing
cash
to
markets.
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,
2023,
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,
2023,
the
Funds
did
not
enter
into
any
currency
swap
agreements.
Master
Agreements
Certain
Funds
are
parties
to
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreements
(“ISDA
Master
Agreements”)
with
counterparties
that
govern
transactions
in
OTC
derivative
and
foreign
exchange
contracts
entered
into
by
the
Funds
and
those
counterparties.
The
ISDA
Master
Agreements
contain
provisions
for,
among
other
things,
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
contain
provisions
for,
among
other
things,
initiation,
income
payments,
events
of
default,
and
maintenance
of
collateral
for
repurchase
and
reverse
repurchase
agreements.
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2023
(Unaudited)
82
Notes
to
Quarterly
Report
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
contain
provisions
for,
among
other
things,
initiation
and
confirmation,
payment
and
transfer,
events
of
default,
termination,
and
maintenance
of
collateral.
Loan
Agreements
The
Strategic
Bond
Fund
may
invest
in
direct
debt
instruments,
which
are
interests
in
amounts
owed
by
corporate,
governmental,
or
other
borrowers
to
lenders
or
lending
syndicates.
The
Fund’s
investments
in
loans
may
be
in
the
form
of
participations
in
loans
or
assignments
of
all
or
a
portion
of
loans
from
third
parties.
A
loan
is
often
administered
by
a
bank
or
other
financial
institution
(the
“agent”)
that
acts
as
agent
for
all
holders.
The
agent
administers
the
terms
of
the
loan,
as
specified
in
the
loan
agreement.
When
investing
in
a
loan
participation,
the
Fund
has
the
right
to
receive
payments
of
principal,
interest
and
any
fees
to
which
it
is
entitled
only
from
the
agent
selling
the
loan
agreement
and
only
upon
receipt
by
the
agent
of
payments
from
the
borrower.
The
Fund
generally
has
no
right
to
enforce
compliance
with
the
terms
of
the
loan
agreement
with
the
borrower.
As
a
result,
the
Fund
may
be
subject
to
the
credit
risk
of
both
the
borrower
and
the
agent
that
is
selling
the
loan
agreement.
When
the
Fund
purchases
assignments
from
agents
it
acquires
direct
rights
against
the
borrower
on
the
loan.
There
were
no
unfunded
loan
commitments
as
of
March
31,
2023.
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
seek
to
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.
Credit
Linked
Notes
Certain
Funds
may
invest
in
credit
linked
notes.
Credit
linked
notes
are
obligations
between
two
or
more
parties
where
the
payment
of
principal
and/or
interest
is
based
on
the
performance
of
some
obligation,
basket
of
obligations,
index
or
economic
indicator
(a
“reference
instrument”).
In
addition
to
the
credit
risk
associated
with
the
reference
instrument
and
interest
rate
risk,
the
buyer
and
seller
of
a
credit
linked
note
or
similar
structured
investment
are
subject
to
counterparty
risk.
Short
Sales
The
U.S.
Strategic
Equity
and
U.S.
Small
Cap
Equity
Funds
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.
Each
of
the
U.S.
Strategic
Equity
Fund
and
U.S.
Small
Cap
Equity
Fund
may
engage
in
short
sale
transactions
that
are
effected
through
State
Street
Bank
and
Trust
Company
(“State
Street”)
but
reserve
the
right
to
engage
in
short
sale
transactions
through
one
or
more
other
counterparties.
For
short
sale
transactions
effected
through
State
Street,
the
Funds
typically
expect
to
collateralize
short
sale
transactions
through
the
Funds’
respective
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2023
(Unaudited)
Notes
to
Quarterly
Report
83
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
Funds
may
also
deliver
cash
to
State
Street
for
purposes
of
collateralizing
their
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
a
Fund’s
custody
account.
Similar
to
the
risks
generally
applicable
to
securities
lending
arrangements,
participation
in
the
reciprocal
lending
program
subjects
these
Funds
to
the
risk
that
State
Street
could
fail
to
return
a
security
lent
to
it
by
a
Fund,
or
fail
to
return
the
Fund’s
cash
collateral,
a
risk
which
would
increase
with
any
decline
in
State
Street’s
credit
profile.
However,
the
impact
of
State
Street’s
failure
to
return
a
security
lent
to
it
by
a
Fund,
or
failure
to
return
a
Fund’s
cash
collateral,
would
be
mitigated
by
the
Fund’s
right
under
such
circumstances
to
decline
to
return
the
securities
the
Fund
initially
borrowed
from
State
Street
with
respect
to
its
short
sale
transactions.
This
risk
may
be
heightened
during
periods
of
market
stress
and
volatility,
particularly
if
the
type
of
collateral
provided
is
different
than
the
type
of
security
borrowed
(e.g.,
cash
is
provided
as
collateral
for
a
loan
of
an
equity
security).
To
the
extent
necessary
to
meet
collateral
requirements
associated
with
a
short
sale
transaction
involving
a
counterparty
other
than
State
Street,
the
Funds
are
required
to
pledge
assets
in
a
segregated
account
maintained
by
the
Funds’
custodian
for
the
benefit
of
the
broker.
The
Funds
may
also
use
securities
they
own
to
meet
any
such
collateral
obligations.
These
requirements
may
result
in
the
Funds
being
unable
to
purchase
or
sell
securities
or
instruments
when
it
would
otherwise
be
favorable
to
do
so,
or
in
the
Funds
needing
to
sell
holdings
at
a
disadvantageous
time
to
satisfy
their
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,
2023,
the
market
value
of
securities
on
loan
through
the
reciprocal
lending
program
for
the
U.S.
Strategic
Equity
Fund
and
U.S.
Small
Cap
Equity
Fund
was
$16,317,668
and
$5,599,416,
respectively.
As
of
March
31,
2023,
the
U.S.
Strategic
Equity
Fund
and
U.S.
Small
Cap
Equity
Fund
held
$30,435,656
and
$11,502,615,
respectively,
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,
2023,
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
such
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
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2023
(Unaudited)
84
Notes
to
Quarterly
Report
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,
potentially
due
either
to
an
inability
to
pay
or
submission
to
political
pressure
not
to
pay,
and
as
a
result
may
default,
declare
temporary
suspensions
of
interest
payments
or
require
that
the
conditions
for
payment
be
renegotiated.
Repurchase
Agreements
The
Strategic
Bond
Fund
may
enter
into
repurchase
agreements.
A
repurchase
agreement
is
an
agreement
under
which
a
Fund
acquires
a
fixed
income
security
from
a
commercial
bank,
broker
or
dealer
and
simultaneously
agrees
to
resell
such
security
to
the
seller
at
an
agreed
upon
price
and
date
(normally
within
a
few
days
or
weeks).
The
resale
price
reflects
an
agreed
upon
interest
rate
effective
for
the
period
the
security
is
held
by
a
Fund
and
is
unrelated
to
the
interest
rate
on
the
security.
The
securities
acquired
by
a
Fund
constitute
collateral
for
the
repurchase
obligation.
In
these
transactions,
the
securities
acquired
by
a
Fund
(including
accrued
interest
earned
thereon)
must
have
a
total
value
in
excess
of
the
value
of
the
repurchase
agreement
and
must
be
held
by
the
custodian
bank
until
repurchased.
A
Fund
will
not
invest
more
than
15%
of
its
net
assets
(taken
at
current
fair
value)
in
repurchase
agreements
maturing
in
more
than
seven
days.
Mortgage-Related
and
Other
Asset-Backed
Securities
The
Strategic
Bond
Fund
may
invest
in
mortgage
or
other
asset-backed
securities
(“ABS”).
These
securities
may
include
mortgage
instruments
issued
by
U.S.
government
agencies
(“agency
mortgages”)
or
those
issued
by
private
entities
(“non-
agency
mortgages”).
Specific
types
of
instruments
may
include
reverse
mortgages,
mortgage
pass-through
securities,
collateralized
mortgage
obligations
(“CMO”),
commercial
mortgage-backed
securities,
mortgage
dollar
rolls,
CMO
residuals,
stripped
mortgage-backed
securities
and
other
securities
that
directly
or
indirectly
represent
a
participation
in,
or
are
secured
by
a
payable
from,
mortgage
loans
on
real
property.
The
value
of
the
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,
the
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
the
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.
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2023
(Unaudited)
Notes
to
Quarterly
Report
85
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
the
Fund
may
be
issued
by
private
issuers
including
commercial
banks,
savings
associations,
mortgage
companies,
investment
banking
firms,
finance
companies
and
special
purpose
finance
entities
(called
special
purpose
vehicles
or
SPVs)
and
other
entities
that
acquire
and
package
mortgage
loans
for
resale
as
MBS.
These
privately
issued
non-agency
MBS
may
offer
higher
yields
than
those
issued
by
government
agencies,
but
also
may
be
subject
to
greater
price
changes
than
governmental
issues.
Subprime
loans
refer
to
loans
made
to
borrowers
with
weakened
credit
histories
or
with
a
lower
capacity
to
make
timely
payments
on
their
loans.
Alt-A
loans
refer
to
loans
extended
to
borrowers
who
have
incomplete
documentation
of
income,
assets,
or
other
variables
that
are
important
to
the
credit
underwriting
processes.
Non-conforming
mortgages
are
loans
that
do
not
meet
the
standards
that
allow
purchase
by
government-sponsored
enterprises.
MBS
with
exposure
to
subprime
loans,
Alt-A
loans
or
nonconforming
loans
have
had
in
many
cases
higher
default
rates
than
those
loans
that
meet
government
underwriting
requirements.
The
risk
of
non-payment
is
greater
for
MBS
that
are
backed
by
mortgage
pools
that
contain
subprime,
Alt-A
and
non-conforming
loans,
but
a
level
of
risk
exists
for
all
loans.
Unlike
agency
MBS
issued
or
guaranteed
by
the
U.S.
government
or
a
government-sponsored
entity
(e.g.,
Fannie
Mae
and
Freddie
Mac),
MBS
issued
by
private
issuers
do
not
have
a
government
or
government-sponsored
entity
guarantee,
but
may
have
credit
enhancements
provided
by
external
entities
such
as
banks
or
financial
institutions
or
achieved
through
the
structuring
of
the
transaction
itself.
Examples
of
such
credit
support
arising
out
of
the
structure
of
the
transaction
include
the
issue
of
senior
and
subordinated
securities
(e.g.,
the
issuance
of
securities
by
an
SPV
in
multiple
classes
or
tranches,
with
one
or
more
classes
being
senior
to
other
subordinated
classes
as
to
the
payment
of
principal
and
interest,
with
the
result
that
defaults
on
the
underlying
mortgage
loans
are
borne
first
by
the
holders
of
the
subordinated
class);
creation
of
reserve
funds
(in
which
case
cash
or
investments,
sometimes
funded
from
a
portion
of
the
payments
on
the
underlying
mortgage
loans,
are
held
in
reserve
against
future
losses);
and
overcollateralization
(in
which
case
the
scheduled
payments
on,
or
the
principal
amount
of,
the
underlying
mortgage
loans
exceeds
that
required
to
make
payment
on
the
securities
and
pay
any
servicing
or
other
fees).
However,
there
can
be
no
guarantee
that
credit
enhancements,
if
any,
will
be
sufficient
to
prevent
losses
in
the
event
of
defaults
on
the
underlying
mortgage
loans.
In
addition,
MBS
that
are
issued
by
private
issuers
are
not
subject
to
the
underwriting
requirements
for
the
underlying
mortgages
that
are
applicable
to
those
MBS
that
have
a
government
or
government-sponsored
entity
guarantee.
As
a
result,
the
mortgage
loans
underlying
private
MBS
may,
and
frequently
do,
have
less
favorable
collateral,
credit
risk
or
other
underwriting
characteristics
than
government
or
government-sponsored
MBS
and
have
wider
variances
in
a
number
of
terms
including
interest
rate,
term,
size,
purpose
and
borrower
characteristics.
Privately
issued
pools
more
frequently
include
second
mortgages,
high
loan-to-value
mortgages
and
manufactured
housing
loans.
The
coupon
rates
and
maturities
of
the
underlying
mortgage
loans
in
a
private-label
MBS
pool
may
vary
to
a
greater
extent
than
those
included
in
a
government
guaranteed
pool,
and
the
pool
may
include
subprime
mortgage
loans.
Privately
issued
MBS
are
not
traded
on
an
exchange
and
there
may
be
a
limited
market
for
the
securities,
especially
when
there
is
a
perceived
weakness
in
the
mortgage
and
real
estate
market
sectors.
Without
an
active
trading
market,
MBS
held
in
the
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
Fund’s
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.
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2023
(Unaudited)
86
Notes
to
Quarterly
Report
ABS
(other
than
MBS)
present
certain
risks
that
are
not
presented
by
MBS.
Primarily,
these
securities
may
not
have
the
benefit
of
any
security
interest
in
the
related
assets.
Credit
card
receivables
are
generally
unsecured
and
the
debtors
are
entitled
to
the
protection
of
a
number
of
state
and
federal
consumer
credit
laws,
many
of
which
give
such
debtors
the
right
to
set
off
certain
amounts
owed
on
the
credit
cards,
thereby
reducing
the
balance
due.
There
is
the
possibility
that
recoveries
on
repossessed
collateral
may
not,
in
some
cases,
be
available
to
support
payments
on
these
securities.
ABS
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
To
lessen
the
effect
of
failures
by
obligors
on
underlying
assets
to
make
payments,
the
securities
may
contain
elements
of
credit
support
which
fall
into
two
categories:
(i)
liquidity
protection,
and
(ii)
protection
against
losses
resulting
from
ultimate
default
by
an
obligor
on
the
underlying
assets.
Liquidity
protection
refers
to
the
provision
of
advances,
generally
by
the
entity
administering
the
pool
of
assets,
to
ensure
that
the
receipt
of
payments
on
the
underlying
pool
occurs
in
a
timely
fashion.
Protection
against
losses
results
from
payment
of
the
insurance
obligations
on
at
least
a
portion
of
the
assets
in
the
pool.
This
protection
may
be
provided
through
guarantees,
policies
or
letters
of
credit
obtained
by
the
issuer
or
sponsor
from
third
parties,
through
various
means
of
structuring
the
transaction
or
through
a
combination
of
such
approaches.
The
Fund
will
not
pay
any
additional
or
separate
fees
for
credit
support.
The
degree
of
credit
support
provided
for
each
issue
is
generally
based
on
historical
information
respecting
the
level
of
credit
risk
associated
with
the
underlying
assets.
Delinquency
or
loss
in
excess
of
that
anticipated
or
failure
of
the
credit
support
could
adversely
affect
the
return
on
an
investment
in
such
a
security.
The
availability
of
ABS
may
be
affected
by
legislative
or
regulatory
developments.
It
is
possible
that
such
developments
may
require
the
Fund
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.
A
Fund
may
enter
into
TBA
commitments
to
purchase
securities
and/or
enter
into
TBA
sale
commitments
to
hedge
its
portfolio
positions,
to
sell
securities
it
owns
under
delayed
delivery
arrangements,
or
take
a
short
position
in
mortgage-backed
securities.
Due
to
timing
differences,
TBAs
may
be
reflected
as
Securities
Sold
Short
in
the
Schedule
of
Investments.
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,
2023,
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
may
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
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2023
(Unaudited)
Notes
to
Quarterly
Report
87
Financial
Conduct
Authority
(“FCA”),
which
regulates
LIBOR,
announced
plans
to
phase
out
the
use
of
LIBOR
by
the
end
of
2021.
At
the
end
of
2021,
certain
LIBORs
were
discontinued,
but
the
most
widely
used
LIBORs
may
continue
to
be
provided
on
a
representative
basis
until
June
30,
2023.
In
addition,
in
connection
with
supervisory
guidance
from
U.S.
regulators,
some
U.S.
regulated
entities
will
cease
to
enter
into
most
new
LIBOR
contracts
after
January
1,
2022.
Replacement
rates
that
have
been
identified
include
the
Secured
Overnight
Financing
Rate
(“SOFR”),
which
is
intended
to
replace
US
dollar
LIBOR
and
measures
the
cost
of
overnight
borrowings
through
repurchase
agreement
transactions
collateralized
with
US
Treasury
securities,
and
the
Sterling
Overnight
Index
Average
Rate
(“SONIA”),
which
is
intended
to
replace
GBP
LIBOR
and
measures
the
overnight
interest
rate
paid
by
banks
for
unsecured
transactions
in
the
sterling
market,
although
other
replacement
rates
could
be
adopted
by
market
participants.
Certain
instruments
held
by
the
Funds
rely
in
some
fashion
upon
LIBOR.
Although
the
transition
process
away
from
LIBOR
has
become
increasingly
well-defined
in
advance
of
the
anticipated
discontinuation
date,
there
remains
uncertainty
regarding
the
nature
of
any
replacement
rate,
and
any
potential
effects
of
the
transition
away
from
LIBOR
on
a
Fund
or
on
certain
instruments
in
which
a
Fund
invests
can
be
difficult
to
ascertain.
The
transition
process
may
involve,
among
other
things,
increased
volatility
or
illiquidity
in
markets
for
instruments
that
currently
rely
on
LIBOR
and
may
result
in
a
reduction
in
value
of
certain
instruments
held
by
a
Fund.
The
unavailability
of
LIBOR
may
affect
the
value,
liquidity
or
return
on
certain
Fund
investments
and
may
result
in
additional
costs
in
connection
with
closing
out
positions
and
entering
into
new
trades.
Pricing
adjustments
to
a
Fund’s
investments
resulting
from
a
substitute
reference
rate
may
adversely
affect
the
Fund’s
performance
and/or
NAV.
The
usefulness
of
LIBOR
as
a
benchmark
could
deteriorate
during
the
transition
period
and,
at
this
time,
it
is
not
possible
to
predict
the
effect
of
the
establishment
of
SOFR,
SONIA
or
any
other
replacement
rates
or
any
other
reforms
to
LIBOR.
The
impact
of
any
substitute
reference
rate,
if
any,
will
vary
on
an
investment-by-investment
basis.
Market,
Credit
and
Counterparty
Risk
In
the
normal
course
of
business,
the
Funds
trade
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
a
transaction
to
perform
(credit
risk).
Similar
to
credit
risk,
the
Funds
may
also
be
exposed
to
counterparty
risk
or
risk
that
an
institution
or
other
entity
with
which
the
Funds
have
unsettled
or
open
transactions
will
default.
The
potential
loss
could
exceed
the
value
of
the
relevant
assets
recorded
in
the
Funds’
financial
statements
(the
“Assets”).
The
Assets
consist
principally
of
cash
due
from
counterparties
and
investments.
The
extent
of
the
Funds’
exposure
to
market,
credit
and
counterparty
risks
with
respect
to
the
Assets
approximates
their
carrying
value
as
recorded
in
the
Funds’
Statements
of
Assets
and
Liabilities.
Global
economies
and
financial
markets
are
becoming
increasingly
interconnected
and
political
and
economic
conditions
(including
recent
instability
and
volatility
due
to
international
trade
disputes)
and
events
(including
natural
disasters,
pandemics,
epidemics,
social
unrest
and
government
shutdowns)
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
As
a
result,
issuers
of
securities
held
by
a
Fund
may
experience
significant
declines
in
the
value
of
their
assets
and
even
cease
operations.
Such
conditions
and/or
events
may
not
have
the
same
impact
on
all
types
of
securities
and
may
expose
a
Fund
to
greater
market
and
liquidity
risk
and
potential
difficulty
in
valuing
portfolio
instruments
held.
This
could
cause
a
Fund
to
underperform
other
types
of
investments.
From
time
to
time,
outbreaks
of
infectious
illness,
public
health
emergencies
and
other
similar
issues
(“public
health
events”)
may
occur
in
one
or
more
countries
around
the
globe.
Such
public
health
events
have
had
significant
impacts
on
both
the
country
in
which
the
event
is
first
identified
as
well
as
other
countries
in
the
global
economy.
Public
health
events
have
reduced
consumer
demand
and
economic
output
in
one
or
more
countries
subject
to
the
public
health
event,
resulted
in
restrictions
on
trading
and
market
closures
(including
for
extended
periods
of
time),
increased
substantially
the
volatility
of
financial
markets,
and,
more
generally,
have
had
a
significant
negative
impact
on
the
economy
of
the
country
or
countries
subject
to
the
public
health
event.
Public
health
events
have
also
adversely
affected
the
global
economy,
global
supply
chains
and
the
securities
in
which
the
Funds
invest
across
a
number
of
industries,
sectors
and
asset
classes.
The
extent
of
the
impact
depends
on,
among
other
factors,
the
scale
and
duration
of
any
such
public
health
event.
Public
health
events
have
resulted
in
the
governments
of
affected
countries
taking
potentially
significant
measures
to
seek
to
mitigate
the
transmission
of
the
infectious
illness
or
other
public
health
issue
including,
among
other
measures,
imposing
travel
restrictions
and/or
quarantines
and
limiting
the
operations
of
non-essential
businesses.
Any
of
these
events
could
adversely
affect
a
Fund’s
investments
and
performance,
including
by
exacerbating
other
pre-existing
political,
social
and
economic
risks.
Governmental
authorities
and
other
entities
may
respond
to
such
events
with
fiscal
and/or
monetary
policy
changes.
It
is
not
guaranteed
that
these
policy
changes
will
have
their
intended
effect
and
it
is
possible
that
the
implementation
of
or
subsequent
reversal
of
such
policy
changes
could
increase
volatility
in
financial
markets,
which
could
adversely
affect
a
Fund’s
investments
and
performance.
Russia’s
large-scale
invasion
of
Ukraine
in
early
2022
and
the
geo-political
events
that
followed
have
impacted
the
Funds’
operations.
The
Funds
are
restricted
from
trading
and
repatriating
any
currency
or
securities
denominated
in
Russian
Rubles,
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
March
31,
2023
(Unaudited)
88
Notes
to
Quarterly
Report
therefore
the
fair
value
of
Russian
securities
held
by
the
Funds
were
valued
at
zero
shortly
after
the
invasion.
Certain
of
these
securities
may
have
produced
income
prior
to
the
onset
of
the
conflict,
but
are
considered
non-income
producing
until
income
balances
are
able
to
be
repatriated
in
the
future.
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.
Russell
Investments
Fund
Services,
LLC
(“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.
4.
Federal
Income
Taxes
As
of
March
31,
2023,
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
Schedule
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
determined
no
events
have
occurred
that
require
disclosure.
U.S.
Strategic
Equity
Fund
U.S.
Small
Cap
Equity
Fund
International
Developed
Markets
Fund
Cost
of
Investments
$
411,792,175
$
206,216,629
$
311,261,323
Unrealized
Appreciation
$
95,198,422
$
14,634,519
$
25,158,409
Unrealized
Depreciation
(15,277,333)
(9,737,792)
(18,427,512)
Net
Unrealized
Appreciation
(Depreciation)
$
79,921,089
$
4,896,727
$
6,730,897
Strategic
Bond
Fund
Global
Real
Estate
Securities
Fund
Cost
of
Investments
$
936,250,471
$
874,341,752
Unrealized
Appreciation
$
30,176,604
$
3,017,633
Unrealized
Depreciation
(83,250,580)
(5,736,666)
Net
Unrealized
Appreciation
(Depreciation)
$
(53,073,976)
$
(2,719,033)
Russell
Investment
Funds
1301
Second
Avenue
Seattle,
Washington
98101
800-787-7354
Fax:
206-505-3495