2021
QUARTERLY
REPORT
Russell
Investment
Funds
September
30,
2021
FUND
U.S.
Strategic
Equity
Fund
U.S.
Small
Cap
Equity
Fund
International
Developed
Markets
Fund
Strategic
Bond
Fund
Global
Real
Estate
Securities
Fund
Russell
Investment
Funds
Russell
Investment
Funds
is
a
series
investment
company
with
nine
different
investment
portfolios
referred
to
as
Funds.
This
Quarterly
Report
reports
on
five
of
these
Funds.
Page
U.S.
Strategic
Equity
Fund
3
U.S.
Small
Cap
Equity
Fund
8
International
Developed
Markets
Fund
21
Strategic
Bond
Fund
31
Global
Real
Estate
Securities
Fund
63
Notes
to
Schedules
of
Investments
68
Notes
to
Quarterly
Report
70
Russell
Investment
Funds
Quarterly
Report
September
30,
2021
(Unaudited)
Table
of
Contents
Russell
Investment
Funds
Copyright
©
Russell
Investments
2021.
All
rights
reserved.
Russell
Investments’
ownership
is
composed
of
a
majority
stake
held
by
funds
managed
by
TA
Associates,
with
a
significant
minority
stake
held
by
funds
managed
by
Reverence
Capital
Partners.
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
in-
vesting.
A
prospectus
containing
this
and
other
important
information
must
precede
or
accompany
this
material.
Please
read
the
prospectus
carefully
before
investing.
Securities
distributed
through
Russell
Investments
Financial
Services,
LLC,
member
FINRA,
part
of
Russell
Investments.
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Strategic
Equity
Fund
3
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
97.3%
Consumer
Discretionary
-
13.6%
Advance
Auto
Parts,
Inc.
2,043
427
Amazon.com,
Inc.(Æ)
5,402
17,747
Amerco
,
Inc.
627
405
AutoNation,
Inc.(Æ)
1,964
239
Best
Buy
Co.,
Inc.
5,506
582
BorgWarner,
Inc.
1,264
55
Brunswick
Corp.
2,105
201
CarMax,
Inc.(Æ)
1,501
192
Charter
Communications,
Inc.
Class
A(Æ)
11,714
8,523
Comcast
Corp.
Class
A
32,723
1,830
Costco
Wholesale
Corp.
3,358
1,509
Dick's
Sporting
Goods,
Inc.
1,407
169
Dollar
General
Corp.
2,849
604
DR
Horton,
Inc.
21,489
1,804
eBay,
Inc.
8,441
588
Floor
&
Decor
Holdings,
Inc.
Class
A(Æ)
2,227
269
Foot
Locker,
Inc.
2,627
120
Ford
Motor
Credit
Co.
LLC(Æ)
52,514
744
Gap,
Inc.
(The)
10,071
229
Garmin,
Ltd.
2,775
431
General
Motors
Co.(Æ)
119,611
6,305
Gentex
Corp.
803
26
Genuine
Parts
Co.
3,441
417
Graham
Holdings
Co.
Class
B
356
210
Grand
Canyon
Education,
Inc.(Æ)
1,590
140
Home
Depot,
Inc.
(The)
5,172
1,698
Kohl's
Corp.
4,484
211
Lear
Corp.
347
54
Lennar
Corp.
Class
A
5,282
495
Liberty
SiriusXM
Group
Class
C(Æ)
5,778
274
LKQ
Corp.(Æ)
13,118
660
Lowe's
Cos.,
Inc.
3,186
646
Lululemon
Athletica
,
Inc.(Æ)
744
301
McDonald's
Corp.
569
137
Mohawk
Industries,
Inc.(Æ)
1,033
183
Netflix,
Inc.(Æ)
9,307
5,680
Nike,
Inc.
Class
B
47,991
6,970
NVR,
Inc.(Æ)
70
336
Ollie's
Bargain
Outlet
Holdings,
Inc.(Æ)
2,419
146
Omnicom
Group,
Inc.
39,103
2,833
O'Reilly
Automotive,
Inc.(Æ)
525
321
Penske
Automotive
Group,
Inc.
3,280
330
Polaris,
Inc.
3,134
375
Pool
Corp.
384
167
PulteGroup,
Inc.
56,453
2,592
Ross
Stores,
Inc.
4,099
446
Starbucks
Corp.
5,390
595
Target
Corp.
4,997
1,143
Tesla,
Inc.(Æ)
3,236
2,509
Thor
Industries,
Inc.
23,746
2,915
TJX
Cos.,
Inc.
(The)
5,401
356
Tractor
Supply
Co.
2,270
460
Ulta
Beauty,
Inc.(Æ)
997
360
ViacomCBS
,
Inc.
Class
B
4,924
195
Walmart,
Inc.
10,391
1,448
Walt
Disney
Co.
(The)(Æ)
8,880
1,502
Whirlpool
Corp.
908
185
Williams-Sonoma,
Inc.
2,717
482
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Yum
China
Holdings,
Inc.
3,171
184
80,955
Consumer
Staples
-
5.1%
Altria
Group,
Inc.
11,685
532
Archer-Daniels-Midland
Co.
8,634
518
Casey's
General
Stores,
Inc.
582
110
Church
&
Dwight
Co.,
Inc.
4,932
407
Clorox
Co.
(The)
2,974
493
Coca-Cola
Co.
(The)
18,637
978
Colgate-Palmolive
Co.
10,610
802
ConAgra
Foods,
Inc.
55,363
1,875
CVS
Health
Corp.
49,600
4,208
Estee
Lauder
Cos.,
Inc.
(The)
Class
A
1,424
427
General
Mills,
Inc.
6,816
408
Hormel
Foods
Corp.
1,723
71
Ingredion,
Inc.
39,721
3,536
JM
Smucker
Co.
(The)
3,096
372
Kimberly-Clark
Corp.
5,168
684
Kraft
Heinz
Foods
Co.
9,385
346
Kroger
Co.
(The)
95,705
3,869
Mondelez
International,
Inc.
Class
A
8,443
491
Monster
Beverage
Corp.(Æ)
2,598
231
PepsiCo,
Inc.
7,106
1,069
Philip
Morris
International,
Inc.
15,479
1,467
Procter
&
Gamble
Co.
(The)
18,919
2,645
Tyson
Foods,
Inc.
Class
A
48,112
3,798
US
Foods
Holding
Corp.(Æ)
5,544
192
Walgreens
Boots
Alliance,
Inc.
13,629
641
30,170
Energy
-
2.4%
BP
PLC
-
ADR
95,162
2,601
Canadian
Natural
Resources,
Ltd.
76,124
2,782
Chevron
Corp.
31,674
3,213
ConocoPhillips
Co.
31,442
2,131
Exxon
Mobil
Corp.
23,430
1,378
Kinder
Morgan,
Inc.
21,131
354
Magna
International,
Inc.
Class
A
18,744
1,410
ONEOK,
Inc.
4,077
236
14,105
Financial
Services
-
18.9%
AerCap
Holdings,
Ltd.
/
AerCap
Global
Aviation
Trust(Æ)
40,236
2,326
Aflac,
Inc.
9,823
512
Allstate
Corp.
(The)
4,199
535
American
Express
Co.
1,079
181
American
International
Group,
Inc.
3,987
219
American
Tower
Corp.(ö)
1,160
308
Banco
Santander
SA
-
ADR
448,129
1,622
Bank
of
America
Corp.
125,334
5,320
Bank
of
New
York
Mellon
Corp.
(The)
5,310
275
Berkshire
Hathaway,
Inc.
Class
B(Æ)
27,585
7,529
BlackRock,
Inc.
Class
A
279
234
Capital
One
Financial
Corp.
2,570
416
Cboe
Global
Markets,
Inc.
503
62
CBRE
Group,
Inc.
Class
A(Æ)
6,371
620
Charles
Schwab
Corp.
(The)
4,725
344
Chubb,
Ltd.
3,134
544
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
4
U.S.
Strategic
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Citigroup,
Inc.
139,218
9,770
Citizens
Financial
Group,
Inc.
57,981
2,724
Crown
Castle
International
Corp.(ö)
1,803
312
Discover
Financial
Services
2,083
256
Equinix
,
Inc.(Æ)(ö)
144
114
Essent
Group,
Ltd.
28,345
1,247
Everest
Re
Group,
Ltd.
130
33
Fifth
Third
Bancorp
11,295
479
First
Republic
Bank
1,072
207
Global
Payments,
Inc.
115
18
Goldman
Sachs
Group,
Inc.
(The)
3,247
1,227
Hartford
Financial
Services
Group,
Inc.
3,157
222
JPMorgan
Chase
&
Co.
37,395
6,121
KeyCorp
9,178
198
KKR
&
Co.,
Inc.
Class
A
119,303
7,263
M&T
Bank
Corp.
1,944
290
MasterCard,
Inc.
Class
A
28,180
9,798
Merck
&
Co.,
Inc.
13,415
1,008
MetLife,
Inc.
4,703
290
Morgan
Stanley
27,697
2,695
New
York
Community
Bancorp,
Inc.
154,281
1,986
Northern
Trust
Corp.
3,311
357
PayPal
Holdings,
Inc.(Æ)
34,023
8,853
People's
United
Financial,
Inc.
3,680
64
PNC
Financial
Services
Group,
Inc.
(The)
5,737
1,122
Popular,
Inc.
28,480
2,212
Progressive
Corp.
(The)
3,213
290
Prudential
Financial,
Inc.
2,506
264
Raymond
James
Financial,
Inc.
2,759
255
Regions
Financial
Corp.
14,319
305
Reinsurance
Group
of
America,
Inc.
Class
A
1,509
168
RenaissanceRe
Holdings,
Ltd.
5
1
Ryman
Hospitality
Properties,
Inc.(Æ)(ö)
22,757
1,905
SLM
Corp.
115,193
2,027
State
Street
Corp.
2,147
182
Synchrony
Financial
8,472
414
Travelers
Cos.,
Inc.
(The)
3,142
478
Truist
Financial
Corp.
17,708
1,039
Two
Harbors
Investment
Corp.(Ñ)(ö)
286,584
1,817
US
Bancorp
15,606
928
Visa,
Inc.
Class
A
51,857
11,552
Wells
Fargo
&
Co.
172,264
7,995
Willis
Towers
Watson
PLC(Æ)
13,025
3,028
112,561
Health
Care
-
15.4%
10x
Genomics,
Inc.
Class
A(Æ)
24,865
3,620
Abbott
Laboratories
9,989
1,180
AbbVie,
Inc.
28,350
3,058
Abiomed
,
Inc.(Æ)
488
159
Agilent
Technologies,
Inc.
4,291
676
Align
Technology,
Inc.(Æ)
9,116
6,066
Alkermes
PLC(Æ)
14,653
452
Alnylam
Pharmaceuticals,
Inc.(Æ)
2,589
489
Amgen,
Inc.
3,268
695
Anthem,
Inc.(Æ)
1,207
450
AstraZeneca
PLC
-
ADR
60,543
3,636
Baxter
International,
Inc.
4,144
333
Becton
Dickinson
and
Co.
2,469
607
Biogen,
Inc.(Æ)
2,601
736
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
BioMarin
Pharmaceutical,
Inc.(Æ)
1,022
79
Boston
Scientific
Corp.(Æ)
10,245
445
Bristol-Myers
Squibb
Co.
43,534
2,576
Catalent
,
Inc.(Æ)
31,370
4,174
Centene
Corp.(Æ)
6,687
417
Cerner
Corp.
6,807
480
Cigna
Corp.
2,621
525
Cooper
Cos.,
Inc.
(The)
872
360
DexCom
,
Inc.(Æ)
948
518
Edwards
Lifesciences
Corp.(Æ)
70,438
7,975
Eli
Lilly
&
Co.
4,218
975
Exact
Sciences
Corp.(Æ)
1,507
144
Exelixis
,
Inc.(Æ)
15,276
323
Gilead
Sciences,
Inc.
7,226
505
GlaxoSmithKline
PLC
-
ADR(Ñ)
57,381
2,193
Haemonetics
Corp.(Æ)
21,166
1,494
HCA
Healthcare,
Inc.
921
224
Hologic
,
Inc.(Æ)
2,266
167
Humana,
Inc.
425
165
IDEXX
Laboratories,
Inc.(Æ)
459
285
Illumina,
Inc.(Æ)
466
189
Incyte
Corp.(Æ)
5,060
348
Insulet
Corp.(Æ)
433
123
Integra
LifeSciences
Holdings
Corp.(Æ)
1,183
81
Intra-Cellular
Therapies,
Inc.
Class
A(Æ)
37,129
1,384
Intuitive
Surgical,
Inc.(Æ)
6,739
6,700
Jazz
Pharmaceuticals
PLC(Æ)
18,314
2,385
Johnson
&
Johnson
43,461
7,019
Laboratory
Corp.
of
America
Holdings(Æ)
2,367
666
Masimo
Corp.(Æ)
619
168
Medtronic
PLC
21,789
2,731
Moderna
,
Inc.(Æ)
2,999
1,154
Neurocrine
Biosciences,
Inc.(Æ)
831
80
Organon
&
Co.
1,341
44
Pfizer,
Inc.
109,879
4,726
Quest
Diagnostics,
Inc.
1,359
197
Regeneron
Pharmaceuticals,
Inc.(Æ)
844
511
ResMed
,
Inc.
2,615
689
Sage
Therapeutics,
Inc.(Æ)
2,682
119
Seagen
,
Inc.(Æ)
1,169
198
STERIS
PLC
1,342
274
Stryker
Corp.
2,840
749
Teleflex,
Inc.
438
165
Thermo
Fisher
Scientific,
Inc.
2,568
1,467
United
Therapeutics
Corp.(Æ)
2,788
515
UnitedHealth
Group,
Inc.
6,009
2,348
Veeva
Systems,
Inc.
Class
A(Æ)
18,136
5,226
Vertex
Pharmaceuticals,
Inc.(Æ)
2,854
518
Viatris
,
Inc.
125,645
1,702
West
Pharmaceutical
Services,
Inc.
2,073
880
Zimmer
Biomet
Holdings,
Inc.
9,711
1,421
Zoetis,
Inc.
Class
A
4,509
875
91,833
Materials
and
Processing
-
3.5%
Air
Products
&
Chemicals,
Inc.
144
37
Alcoa
Corp.
48,262
2,362
Ball
Corp.
4,120
371
Carrier
Global
Corp.
5,632
292
Copart
,
Inc.(Æ)
1,742
242
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Strategic
Equity
Fund
5
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Crown
Holdings,
Inc.
21,301
2,147
Dow,
Inc.
4,652
268
DowDuPont
,
Inc.
41,128
2,796
Eastman
Chemical
Co.
14,467
1,457
Ecolab,
Inc.
87
18
Fastenal
Co.
4,175
215
Freeport-McMoRan,
Inc.
8,142
265
Huntsman
Corp.
103,421
3,060
International
Paper
Co.
9,622
538
Lennox
International,
Inc.
546
161
Linde
PLC(Æ)
2,546
747
LyondellBasell
Industries
NV
Class
A
2,417
227
Newmont
Corp.
70,376
3,820
Nucor
Corp.
6,306
621
Owens
Corning
526
45
Reliance
Steel
&
Aluminum
Co.
434
62
Southern
Copper
Corp.
9,944
558
Steel
Dynamics,
Inc.
63
4
Trane
Technologies
PLC
4,122
712
21,025
Producer
Durables
-
5.0%
3M
Co.
1,939
340
Ametek
,
Inc.
487
60
Aptiv
PLC(Æ)
1,648
246
Booz
Allen
Hamilton
Holding
Corp.
Class
A
1,562
124
Carlisle
Cos.,
Inc.
1,102
219
CH
Robinson
Worldwide,
Inc.
3,238
282
Cintas
Corp.
1,104
420
CoStar
Group,
Inc.(Æ)
6,720
578
CSX
Corp.
9,234
275
Cummins,
Inc.
3,179
714
Danaher
Corp.
4,098
1,248
Deere
&
Co.
930
312
Eaton
Corp.
PLC
2,329
348
Emerson
Electric
Co.
3,665
345
Expeditors
International
of
Washington,
Inc.
1,184
141
FedEx
Corp.
21,370
4,686
General
Dynamics
Corp.
478
94
GXO
Logistics,
Inc.(Æ)
1,342
105
Honeywell
International,
Inc.
4,718
1,002
IDEX
Corp.
561
116
IHS
Markit
,
Ltd.(Æ)
3,232
377
Illinois
Tool
Works,
Inc.
1,625
336
Johnson
Controls
International
PLC(Æ)
13,670
931
Kansas
City
Southern
1,960
530
Keysight
Technologies,
Inc.(Æ)
918
151
Lockheed
Martin
Corp.
1,215
419
Norfolk
Southern
Corp.
744
178
Northrop
Grumman
Corp.
932
336
Old
Dominion
Freight
Line,
Inc.
548
157
Otis
Worldwide
Corp.
2,816
232
PACCAR
Financial
Corp.
5,469
432
Paychex,
Inc.
971
109
Quanta
Services,
Inc.
6,202
706
Raytheon
Co.(Æ)
7,864
676
Republic
Services,
Inc.
Class
A
3,229
388
Roper
Technologies,
Inc.
954
426
S&P
Global,
Inc.
188
80
Snap-on,
Inc.
935
195
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Stanley
Black
&
Decker,
Inc.
719
126
Toro
Co.
(The)
2,847
277
Union
Pacific
Corp.
2,511
492
United
Parcel
Service,
Inc.
Class
B
6,663
1,213
United
Rentals,
Inc.(Æ)
1,238
434
Verisk
Analytics,
Inc.
Class
A
2,323
465
Vontier
Corp.
100,457
3,375
Waste
Management,
Inc.
34,986
5,225
Waters
Corp.(Æ)
348
124
Westinghouse
Air
Brake
Technologies
Corp.
1,530
132
XPO
Logistics,
Inc.(Æ)
1,342
107
30,284
Technology
-
29.0%
Accenture
PLC
Class
A
3,090
989
Activision
Blizzard,
Inc.
2,116
164
Adobe,
Inc.(Æ)
8,923
5,137
Advanced
Micro
Devices,
Inc.(Æ)
8,992
925
Airbnb,
Inc.
Class
A(Æ)
20,215
3,391
Alphabet,
Inc.
Class
A(Æ)
2,336
6,245
Alphabet,
Inc.
Class
C(Æ)
1,315
3,505
Amphenol
Corp.
Class
A
4,565
334
Analog
Devices,
Inc.
7,891
1,322
Ansys
,
Inc.(Æ)
36
12
Apple,
Inc.
89,176
12,618
Applied
Materials,
Inc.
6,816
877
Arista
Networks,
Inc.(Æ)
6,319
2,171
Automatic
Data
Processing,
Inc.
1,376
275
Broadcom,
Inc.
2,554
1,239
CACI
International,
Inc.
Class
A(Æ)
356
93
Cadence
Design
Systems,
Inc.(Æ)
3,050
462
CDW
Corp.
717
131
Cisco
Systems,
Inc.
26,156
1,424
Cognizant
Technology
Solutions
Corp.
Class
A
16,177
1,200
Corning,
Inc.
7,541
275
Corteva
,
Inc.
70,548
2,969
Coupa
Software,
Inc.(Æ)
18,640
4,086
Datadog
,
Inc.
Class
A(Æ)
49,786
7,037
Dell
Technologies,
Inc.
Class
C(Æ)
7,292
759
Electronic
Arts,
Inc.
923
131
F5
Networks,
Inc.(Æ)
1,997
397
Facebook,
Inc.
Class
A(Æ)
18,095
6,141
Fidelity
National
Information
Services,
Inc.
1,947
237
Fiserv,
Inc.(Æ)
1,506
163
Fortinet,
Inc.(Æ)
1,247
364
Hewlett
Packard
Enterprise
Co.
Class
H
30,059
428
HP,
Inc.(Æ)
25,392
695
Intel
Corp.
31,958
1,703
Intuit,
Inc.
1,463
789
Juniper
Networks,
Inc.
119,574
3,291
KLA
Corp.
2,031
679
Lam
Research
Corp.
1,088
619
Leidos
Holdings,
Inc.
3,168
305
Marvell
Technology
Group,
Ltd.
24,726
1,491
Match
Group,
Inc.(Æ)
44,667
7,012
Microchip
Technology,
Inc.
3,411
524
Micron
Technology,
Inc.
44,289
3,144
Microsoft
Corp.
101,474
28,608
Monolithic
Power
Systems,
Inc.
849
411
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
6
U.S.
Strategic
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Motorola
Solutions,
Inc.
1,828
425
NVIDIA
Corp.
15,988
3,312
ON
Semiconductor
Corp.(Æ)
8,918
408
Oracle
Corp.
8,534
744
Paycom
Software,
Inc.(Æ)
12,064
5,981
Qorvo
,
Inc.(Æ)
1,232
206
QUALCOMM,
Inc.
6,909
891
Salesforce.com,
Inc.(Æ)
3,988
1,082
ServiceNow
,
Inc.(Æ)
13,170
8,195
Skyworks
Solutions,
Inc.
2,960
488
Snowflake,
Inc.
Class
A(Æ)
24,033
7,268
Synopsys,
Inc.(Æ)
892
267
Take-Two
Interactive
Software,
Inc.(Æ)
2,156
332
Teradyne,
Inc.
26,219
2,862
Texas
Instruments,
Inc.
7,081
1,361
Twilio
,
Inc.
Class
A(Æ)
23,814
7,598
Uber
Technologies,
Inc.(Æ)
216,792
9,712
Wix.com,
Ltd.(Æ)
17,647
3,458
Workday,
Inc.
Class
A(Æ)
542
135
Xilinx,
Inc.
1,779
269
Zoom
Video
Communications,
Inc.
Class
A(Æ)
11,763
3,076
Zynga,
Inc.
Class
A(Æ)
38,500
290
173,132
Utilities
-
4.4%
American
Electric
Power
Co.,
Inc.
1,296
105
AT&T,
Inc.
122,295
3,303
Avangrid
,
Inc.
4,903
238
Cheniere
Energy,
Inc.
3,812
372
Consolidated
Edison
Co.,
Inc.
4,123
299
Dominion
Energy,
Inc.
1,134
83
DT
Midstream,
Inc.
984
46
DTE
Energy
Co.
1,968
220
Duke
Energy
Corp.
6,335
618
Edison
International
47,333
2,626
Evergy
,
Inc.
5,903
367
Eversource
Energy(Æ)
3,433
281
Exelon
Corp.
11,311
547
FirstEnergy
Corp.
64,551
2,299
International
Business
Machines
Corp.
4,227
587
National
Fuel
Gas
Co.
2,504
132
NextEra
Energy,
Inc.
6,860
539
NiSource,
Inc.
96,700
2,343
Pinnacle
West
Capital
Corp.
1,968
142
PPL
Corp.
73,890
2,060
Sempra
Energy
1,950
247
Southern
Co.
(The)
4,650
288
T-Mobile
USA,
Inc.(Æ)
41,218
5,266
UGI
Corp.
27,451
1,170
Verizon
Communications,
Inc.
31,995
1,728
WEC
Energy
Group,
Inc.(Æ)
4,835
426
26,332
Total
Common
Stocks
(cost
$390,734)
580,397
Short-Term
Investments
-
2.7%
U.S.
Cash
Management
Fund(@)
16,030,190
(∞)
16,027
Total
Short-Term
Investments
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
(cost
$16,027)
16,027
Other
Securities
-
0.7%
U.S.
Cash
Collateral
Fund(@)(×)
3,966,350
(∞)
3,966
Total
Other
Securities
(cost
$3,966)
3,966
Total
Investments
-
100.7%
(identified
cost
$410,727)
600,390
Other
Assets
and
Liabilities,
Net
-
(0.7)%
(3,917)
Net
Assets
-
100.0%
596,473
Russell
Investment
Funds
U.S.
Strategic
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Strategic
Equity
Fund
7
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
22
USD
4,728
12/21
(179)
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
(179)
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
$
80,955
$
—
$
—
$
—
$
80,955
Consumer
Staples
30,170
—
—
—
30,170
Energy
14,105
—
—
—
14,105
Financial
Services
112,561
—
—
—
112,561
Health
Care
91,833
—
—
—
91,833
Materials
and
Processing
21,025
—
—
—
21,025
Producer
Durables
30,284
—
—
—
30,284
Technology
173,132
—
—
—
173,132
Utilities
26,332
—
—
—
26,332
Short-Term
Investments
—
—
—
16,027
16,027
Other
Securities
—
—
—
3,966
3,966
Total
Investments
580,397
—
—
19,993
600,390
Other
Financial
Instruments
Liabilities
Futures
Contracts
(179)
—
—
—
(179)
Total
Other
Financial
Instruments
*
$
(179)
$
—
$
—
$
—
$
(179)
*
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
September
30,
2021,
see
note
2
in
the
Notes
to
Quarterly
Report.
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
8
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
99.6%
Consumer
Discretionary
-
12.2%
1-800-Flowers.com,
Inc.
Class
A(Æ)
6,486
198
Aaron's
Co.,
Inc.
(The)
13,756
379
Abercrombie
&
Fitch
Co.
Class
A(Æ)
7,594
286
Academy
Sports
and
Outdoors,
Inc.(Æ)(Û)
8,102
324
Adtalem
Global
Education,
Inc.(Æ)
4,796
181
AerSale
Corp.(Æ)(Ñ)
5,323
90
Altice
USA,
Inc.
Class
A(Æ)(Û)
878
18
Amerco
,
Inc.(Û)
356
230
American
Axle
&
Manufacturing
Holdings,
Inc.(Æ)
31,866
280
American
Eagle
Outfitters,
Inc.
3,091
80
American
Public
Education,
Inc.(Æ)
9,265
237
America's
Car-Mart,
Inc.(Æ)
5,543
647
B.
Riley
Financial,
Inc.
8,933
527
Barnes
&
Noble
Education,
Inc.(Æ)
18,454
184
Bassett
Furniture
Industries,
Inc.
1,011
18
Beazer
Homes
USA,
Inc.(Æ)
4,904
85
BJ's
Restaurants,
Inc.(Æ)
4,669
195
Bluegreen
Vacations
Holding
Corp.(Æ)
4,911
127
Boot
Barn
Holdings,
Inc.(Æ)
14,210
1,262
Boston
Omaha
Corp.
Class
A(Æ)
10,140
393
Brinker
International,
Inc.(Æ)
7,940
389
Buckle,
Inc.
(The)
2,857
113
Caleres
,
Inc.
19,779
439
Cardlytics,
Inc.(Æ)
3,711
312
Carriage
Services,
Inc.
Class
A
1,324
59
Carrols
Restaurant
Group,
Inc.
34,254
126
Carter's,
Inc.
5,756
560
Cavco
Industries,
Inc.(Æ)
2,315
548
Celestica,
Inc.(Æ)
20,614
183
Central
Garden
&
Pet
Co.
Class
A(Æ)
1,288
55
Century
Casinos,
Inc.(Æ)
35,484
478
Century
Communities,
Inc.
2,552
157
Citi
Trends,
Inc.(Æ)
1,649
120
Conn's,
Inc.(Æ)
3,148
72
Container
Store
Group,
Inc.
(The)(Æ)
5,195
49
Cooper-Standard
Holdings,
Inc.(Æ)
2,498
55
Cracker
Barrel
Old
Country
Store,
Inc.
1,724
241
Crocs,
Inc.(Æ)
2,058
295
Dana
Holding
Corp.
20,829
463
Del
Taco
Restaurants,
Inc.(Æ)
24,003
210
Delta
Apparel,
Inc.(Æ)
7,542
206
Designer
Brands,
Inc.
Class
A(Æ)
18,675
260
Dillard's,
Inc.
Class
A(Û)
1,714
296
Drive
Shack,
Inc.(Æ)
25,304
71
Escalade,
Inc.
12,464
236
Ethan
Allen
Interiors,
Inc.
3,768
89
Fiesta
Restaurant
Group,
Inc.(Æ)
9,288
102
First
Cash
Financial
Services,
Inc.
1,700
149
Foot
Locker,
Inc.
4,432
202
Fossil
Group,
Inc.(Æ)
26,952
319
Franklin
Covey
Co.(Æ)
3,829
156
Genesco,
Inc.(Æ)
9,151
528
GMS,
Inc.(Æ)
2,693
118
Goodyear
Tire
&
Rubber
Co.
(The)(Æ)
24,963
442
GoPro,
Inc.
Class
A(Æ)
22,746
213
Gray
Television,
Inc.
8,319
190
Group
1
Automotive,
Inc.
863
162
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
H&R
Block,
Inc.
15,452
386
Hamilton
Beach
Brands
Holding
Co.
Class
A
8,416
132
Hanesbrands,
Inc.
14,032
241
HealthStream
,
Inc.(Æ)
2,412
69
Hibbett,
Inc.
2,581
183
Hillenbrand,
Inc.
7,296
311
Horizon
Global
Corp.(Æ)
39,825
280
IAC/InterActiveCorp.(Æ)(Û)
188
24
iHeartMedia
,
Inc.
Class
A(Æ)(Û)
1,387
35
iMedia
Brands,
Inc.(Æ)
16,334
94
International
Game
Technology
PLC(Æ)
24,006
632
IntriCon
Corp.(Æ)
4,657
85
JOANN,
Inc.(Ñ)
19,709
220
KB
Home
6,499
253
Kontoor
Brands,
Inc.(Û)
9,084
454
Kura
Sushi
USA,
Inc.
Class
A(Æ)
5,438
238
Lands'
End,
Inc.(Æ)
2,409
57
Landsea
Homes
Corp.(Æ)
28,689
248
Laureate
Education,
Inc.
Class
A(Æ)
4,019
68
La-Z-Boy,
Inc.
2,597
84
Lumber
Liquidators
Holdings,
Inc.(Æ)
4,674
87
M/I
Homes,
Inc.(Æ)(Ð)(Û)
1,077
62
Madison
Square
Garden
Entertainment
Corp.
(Æ)
4,030
293
Madison
Square
Garden
Sports
Corp.
Class
A(Æ)(Û)
758
141
Marchex
,
Inc.
Class
B(Æ)
2,599
8
MarineMax
,
Inc.(Æ)
4,644
226
MasterCraft
Boat
Holdings,
Inc.(Æ)
4,004
100
Monro
Muffler
Brake,
Inc.
6,834
393
Motorcar
Parts
of
America,
Inc.(Æ)
6,361
124
Movado
Group,
Inc.
8,791
277
Nathan's
Famous,
Inc.
980
60
National
Presto
Industries,
Inc.
698
57
Overstock.com,
Inc.(Æ)
1,122
87
Perdoceo
Education
Corp.(Æ)(Ð)
4,622
49
PetIQ
,
Inc.(Æ)
7,586
189
Potbelly
Corp.(Æ)
12,057
82
QuinStreet
,
Inc.(Æ)
16,730
294
Qurate
Retail,
Inc.
Class
A
9,772
100
Red
Robin
Gourmet
Burgers,
Inc.(Æ)
1,387
32
REV
Group,
Inc.
10,665
183
Ruth's
Hospitality
Group,
Inc.(Æ)
4,375
91
Sally
Beauty
Holdings,
Inc.(Æ)
8,739
147
Scholastic
Corp.
10,890
388
Scientific
Games
Corp.
Class
A(Æ)
5,270
438
Service
Corp.
International(Û)
1,188
72
Shoe
Carnival,
Inc.
740
24
Shutterstock
,
Inc.
1,088
123
Signet
Jewelers,
Ltd.(Û)
2,484
196
Sinclair
Broadcast
Group,
Inc.
Class
A
2,309
73
Skyline
Champion
Corp.(Æ)
21,943
1,317
SMART
Global
Holdings,
Inc.(Æ)
13,085
583
Sonic
Automotive,
Inc.
Class
A
2,355
124
Stamps.com,
Inc.(Æ)
742
245
Stride,
Inc.(Æ)
5,387
194
TEGNA,
Inc.
3,758
74
Tenneco,
Inc.
Class
A(Æ)
13,907
198
Texas
Roadhouse,
Inc.
Class
A
11,212
1,023
Tilly's,
Inc.
Class
A
829
12
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Small
Cap
Equity
Fund
9
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Townsquare
Media,
Inc.
Class
A(Æ)
31,748
415
Travelzoo
,
Inc.(Æ)
848
10
Universal
Electronics,
Inc.(Æ)
6,687
329
Universal
Technical
Institute,
Inc.(Æ)
1,944
13
Vista
Outdoor,
Inc.(Æ)
10,512
424
Visteon
Corp.(Æ)
1,974
186
WideOpenWest
,
Inc.(Æ)
4,921
97
Wingstop
,
Inc.(Ð)
1,943
319
Wolverine
World
Wide,
Inc.
16,976
507
WW
International,
Inc.(Æ)
3,064
56
Wyndham
Hotels
&
Resorts,
Inc.
5,448
421
YETI
Holdings,
Inc.(Æ)
7,464
640
Zumiez
,
Inc.(Æ)
3,057
122
30,203
Consumer
Staples
-
3.3%
Adecoagro
SA(Æ)
14,582
132
Albertsons
Co.,
Inc.
Class
A(Û)
15,100
471
Alico
,
Inc.
3,695
127
Andersons,
Inc.
(The)
6,976
215
Bunge,
Ltd.(Û)
5,706
465
Coca-Cola
Bottling
Co.(Û)
293
115
Dole
PLC(Æ)(Ñ)
6,803
115
elf
Beauty,
Inc.(Æ)
59,025
1,716
Energizer
Holdings,
Inc.
-
GDR(Æ)
10,625
386
Farmer
Brothers
Co.(Æ)
24,739
208
Fresh
Del
Monte
Produce,
Inc.
3,697
119
Grocery
Outlet
Holding
Corp.(Æ)
21,108
455
Helen
of
Troy,
Ltd.(Æ)
594
133
Herbalife
Nutrition,
Ltd.(Æ)(Û)
4,196
178
Ingles
Markets,
Inc.
Class
A
1,406
93
Ingredion,
Inc.
4,993
444
J&J
Snack
Foods
Corp.
2,360
361
Lancaster
Colony
Corp.
595
100
Landec
Corp.(Æ)
18,287
169
Lifevantage
Corp.(Æ)
1,696
11
Medifast
,
Inc.
928
179
Nomad
Foods,
Ltd.(Æ)
5,351
147
Performance
Food
Group
Co.(Æ)
3,573
166
Pilgrim's
Pride
Corp.(Æ)(Û)
629
18
Post
Holdings,
Inc.(Æ)(Û)
891
98
Primo
Water
Corp.
9,627
151
Quanex
Building
Products
Corp.
11,760
251
Spectrum
Brands
Holdings,
Inc.(Û)
5,649
540
Turning
Point
Brands,
Inc.
6,367
304
United
Natural
Foods,
Inc.(Æ)
5,574
270
8,137
Energy
-
3.7%
Amplify
Energy
Corp.(Æ)
7,653
41
Arch
Resources,
Inc.(Æ)
4,171
387
Berry
Petroleum
Corp.
1,000
7
ChampionX
Corp.(Æ)
18,889
422
CVR
Energy,
Inc.
3,591
60
Delek
US
Holdings,
Inc.(Æ)
45,359
815
Exterran
Corp.(Æ)
2,100
9
Green
Brick
Partners,
Inc.(Æ)
42,144
865
HollyFrontier
Corp.(Ð)
9,689
321
Hostess
Brands,
Inc.
Class
A(Æ)
4,279
74
Khosla
Ventures
Acquisition,
Co.(Æ)
6,806
67
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Liberty
Oilfield
Services,
Inc.
Class
A(Æ)
8,311
101
Luxfer
Holdings
PLC
-
ADR
14,513
285
Matrix
Service
Co.(Æ)
32,304
338
Nabors
Industries,
Inc.(Æ)
431
42
National
Energy
Services
Reunited
Corp.(Æ)
78,094
978
Natural
Gas
Services
Group,
Inc.(Æ)
13,253
138
Newpark
Resources,
Inc.(Æ)
132,297
437
NexTier
Oilfield
Solutions,
Inc.(Æ)
69,440
319
NOW,
Inc.(Æ)
7,512
57
Oil
States
International,
Inc.(Æ)
20,105
128
Par
Pacific
Holdings,
Inc.(Æ)
5,396
85
Patterson-UTI
Energy,
Inc.
74,841
674
PBF
Energy,
Inc.
Class
A(Æ)
10,721
139
REX
American
Resources
Corp.(Æ)
595
48
SM
Energy
Co.
24,620
649
Solaris
Oilfield
Infrastructure,
Inc.
Class
A
21,519
179
SunCoke
Energy,
Inc.
8,035
50
Talon
Metals
Corp.(Æ)
183,000
85
Targa
Resources
Corp.(Ð)(Û)
9,529
469
TPI
Composites,
Inc.(Æ)
7,691
260
W&T
Offshore,
Inc.(Æ)
55,375
206
Warrior
Met
Coal,
Inc.
18,890
440
World
Fuel
Services
Corp.
4,518
152
9,327
Financial
Services
-
21.2%
AerCap
Holdings,
Ltd.
/
AerCap
Global
Aviation
Trust(Æ)
5,422
313
Agree
Realty
Corp.(ö)
6,151
407
Alleghany
Corp.(Æ)(Û)
588
367
Alliance
Data
Systems
Corp.
1,669
168
Alpine
Income
Property
Trust,
Inc.(ö)
32,361
594
Amalgamated
Financial
Corp.
848
13
Amerant
Bancorp,
Inc.(Æ)
1,127
28
American
Campus
Communities,
Inc.(ö)
5,985
290
American
Equity
Investment
Life
Holding
Co.
7,573
224
Ameris
Bancorp
5,156
267
Apple
Hospitality
REIT,
Inc.(ö)
27,174
427
Argo
Group
International
Holdings,
Ltd.
2,150
112
Armada
Hoffler
Properties,
Inc.(ö)
1,841
25
Associated
Banc-Corp.(Ð)
3,716
80
Assurant,
Inc.(Û)
130
21
Atlantic
Capital
Bancshares,
Inc.(Æ)
9,576
254
Atlantic
Union
Bankshares
Corp.(Æ)
2,689
99
Axis
Capital
Holdings,
Ltd.
7,646
352
Axos
Financial,
Inc.(Æ)
2,529
130
Banc
of
California,
Inc.
70,844
1,311
Bancorp,
Inc.
(The)(Æ)
5,313
135
BancorpSouth
Bank
15,351
457
BankUnited
,
Inc.
2,529
106
Banner
Corp.
161
9
Bar
Harbor
Bankshares
2,463
69
Blucora
,
Inc.(Æ)
27,976
436
Bridgewater
Bancshares,
Inc.(Æ)
550
10
Brighthouse
Financial,
Inc.(Æ)
7,848
355
Brixmor
Property
Group,
Inc.(ö)
17,461
386
Bryn
Mawr
Bank
Corp.
6,611
304
Byline
Bancorp,
Inc.
11,912
293
Cadence
Bancorp
37,475
823
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
10
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Cambridge
Bancorp
1,019
90
Camden
Property
Trust(ö)(Û)
2,952
435
Capital
Bancorp,
Inc.
8,545
206
Capital
City
Bank
Group,
Inc.
9,885
245
Capstar
Financial
Holdings,
Inc.
26,124
555
Carter
Bankshares
,
Inc.(Æ)
1,074
15
CatchMark
Timber
Trust,
Inc.
Class
A(ö)
13,664
162
Cathay
General
Bancorp
3,138
130
CBTX,
Inc.
1,231
32
Chatham
Lodging
Trust(Ð)(ö)
3,689
45
Chimera
Investment
Corp.(ö)
2,553
38
CIT
Group,
Inc.
2,760
143
Civista
Bancshares,
Inc.
6,042
140
Clipper
Realty,
Inc.(ö)
21,619
175
CNO
Financial
Group,
Inc.
10,495
247
Columbia
Banking
System,
Inc.
3,118
118
Community
Bank
System,
Inc.
1,604
110
CorEnergy
Infrastructure
Trust,
Inc.(ö)
702
3
CorePoint
Lodging,
Inc.(ö)
3,458
54
Cousins
Properties,
Inc.(ö)
10,003
373
Cowen
Group,
Inc.
Class
A
12,152
417
CTO
Realty
Growth,
Inc.(ö)
12,061
648
Curo
Group
Holdings
Corp.
8,241
143
Customers
Bancorp,
Inc.(Æ)
4,430
191
CVB
Financial
Corp.
11,238
229
DigitalBridge
Group,
Inc.(Ð)(ö)
35,300
213
Diversified
Healthcare
Trust(Æ)
5,849
20
Donegal
Group,
Inc.
Class
A
7,294
106
Easterly
Government
Properties,
Inc.(ö)
10,858
224
Eastern
Bankshares
,
Inc.
5,100
104
EastGroup
Properties,
Inc.(ö)
677
113
Emerald
Holding,
Inc.(Æ)
21,939
95
Enova
International,
Inc.(Æ)
3,066
106
Enstar
Group,
Ltd.(Æ)
487
114
Enterprise
Financial
Services
Corp.
4,117
186
Equity
Commonwealth(ö)
3,539
92
Essent
Group,
Ltd.
10,291
453
EZCORP,
Inc.
Class
A(Æ)
51,520
390
Farmland
Partners,
Inc.(ö)
2,600
31
Federal
Agricultural
Mortgage
Corp.
Class
C
5,292
574
Federated
Hermes,
Inc.
Class
B
2,249
73
First
BanCorp
9,914
130
First
Community
Corp.
8,721
174
First
Financial
Bankshares
,
Inc.
1,892
87
First
Financial
Corp.
329
14
First
Foundation,
Inc.
28,490
749
First
Internet
Bancorp
3,232
101
First
Interstate
BancSystem
,
Inc.
Class
A
14,486
583
First
Merchants
Corp.
9,239
387
First
Mid-Illinois
Bancshares,
Inc.
3,797
156
Five
Star
Bancorp
10,729
257
Flagstar
Bancorp,
Inc.
2,235
113
Flushing
Financial
Corp.
3,435
78
FNB
Corp.
6,377
74
Forestar
Group,
Inc.(Æ)
8,941
167
Four
Corners
Property
Trust,
Inc.(ö)
2,491
67
Franchise
Group,
Inc.(Æ)
9,640
341
Gaming
and
Leisure
Properties,
Inc.(ö)
17,043
789
Genworth
Financial,
Inc.
Class
A(Æ)
55,863
209
GEO
Group,
Inc.
(The)(ö)
20,661
154
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Glacier
Bancorp,
Inc.
3,450
191
Global
Medical
REIT,
Inc.(ö)
14,613
215
Great
Western
Bancorp,
Inc.
2,298
75
Green
Dot
Corp.
Class
A(Æ)
4,924
248
Greenlight
Capital
Re,
Ltd.
Class
A(Æ)
829
6
Guaranty
Bancshares,
Inc.
1,919
69
Hallmark
Financial
Services,
Inc.(Æ)
2,751
10
Hancock
Holding
Co.
9,619
453
Hanmi
Financial
Corp.
2,372
48
Hanover
Insurance
Group,
Inc.
(The)
2,043
265
HarborOne
Bancorp,
Inc.(Ð)
830
12
Heritage
Insurance
Holdings,
Inc.
309
2
Hilltop
Holdings,
Inc.
2,506
82
Home
Bancorp,
Inc.
2,307
89
Home
BancShares
,
Inc.
37,504
883
HomeStreet
,
Inc.
19,018
783
HomeTrust
Bancshares,
Inc.
579
16
Horace
Mann
Educators
Corp.
7,903
314
Houlihan
Lokey
,
Inc.
Class
A
2,151
198
Howard
Hughes
Corp.
(The)(Æ)(Ð)
870
76
Hudson
Pacific
Properties,
Inc.(ö)
13,374
351
I3
Verticals,
Inc.
Class
A(Æ)
18,682
452
Independent
Bank
Corp.
8,336
179
Innovative
Industrial
Properties,
Inc.(ö)
1,547
358
International
Bancshares
Corp.
1,838
77
Investar
Holding
Corp.
6,730
148
Investors
Bancorp,
Inc.
8,306
126
Jackson
Financial,
Inc.(Æ)(Ñ)
20,701
538
James
River
Group
Holdings,
Ltd.
9,621
363
JER
Investment
Trust,
Inc.(Æ)(Š)(Þ)
1,771
—
Kearny
Financial
Corp.
24,885
309
Kemper
Corp.
6,060
405
Kennedy-Wilson
Holdings,
Inc.
2,699
56
Ladder
Capital
Corp.
Class
A(ö)
13,162
145
LendingClub
Corp.(Æ)
10,852
306
LendingTree
,
Inc.(Æ)
2,000
280
Live
Oak
Bancshares,
Inc.
2,677
170
Merchants
Bancorp
1,465
58
Metropolitan
Bank
Holding
Corp.(Æ)
6,254
527
MFA
Financial,
Inc.(ö)
50,089
229
MoneyGram
International,
Inc.(Æ)
16,561
133
Mr.
Cooper
Group,
Inc.(Æ)
3,359
138
National
Bank
Holdings
Corp.
Class
A
18,188
736
National
Retail
Properties,
Inc.(ö)
7,547
326
New
York
Mortgage
Trust,
Inc.(ö)
18,497
79
NexPoint
Residential
Trust,
Inc.(ö)
342
21
Nicolet
Bankshares
,
Inc.(Æ)
567
42
NMI
Holdings,
Inc.
Class
A(Æ)
21,336
482
Northeast
Bank
7,633
257
Northrim
BanCorp
,
Inc.
309
13
OceanFirst
Financial
Corp.
9,966
213
ODP
Corp.
(The)(Æ)
3,784
152
OFG
Bancorp
2,956
75
Old
National
Bancorp
22,539
382
Old
Second
Bancorp,
Inc.
25,023
327
Oportun
Financial
Corp.(Æ)
5,134
129
Origin
Bancorp,
Inc.
570
24
Pacific
Premier
Bancorp,
Inc.
2,925
121
PCB
Bancorp(Æ)
24,385
486
PCSB
Financial
Corp.
23,351
431
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Small
Cap
Equity
Fund
11
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Peapack
Gladstone
Financial
Corp.
351
12
PennyMac
Financial
Services,
Inc.(Û)
4,240
259
Peoples
Bancorp,
Inc.
20,253
640
Piedmont
Office
Realty
Trust,
Inc.
Class
A(ö)
2,049
36
Plymouth
Industrial
REIT,
Inc.(ö)
15,210
346
Popular,
Inc.
12,575
977
Potlatch
Corp.(ö)
3,808
196
PRA
Group,
Inc.(Æ)
1,877
79
Premier
Financial
Corp.
20,149
642
Primis
Financial
Corp.(Æ)
3,377
49
ProAssurance
Corp.
2,687
64
PROG
Holdings,
Inc.
12,151
510
PS
Business
Parks,
Inc.(ö)
731
115
Pzena
Investment
Management,
Inc.
Class
A
27,543
271
QCR
Holdings,
Inc.
5,463
281
Radian
Group,
Inc.
4,857
110
Realogy
Holdings
Corp.(Æ)
14,854
261
Redfin
Corp.(Æ)
1,350
68
Reinsurance
Group
of
America,
Inc.
Class
A(Û)
3,350
373
RenaissanceRe
Holdings,
Ltd.(Ð)
2,284
318
Renasant
Corp.
2,340
84
Repay
Holdings
Corp.(Æ)
35,992
829
Retail
Value,
Inc.(ö)
3,904
103
Riverview
Bancorp,
Inc.
7,502
55
RLI
Corp.
639
64
RMR
Group,
Inc.
(The)
Class
A
4,603
154
Sculptor
Capital
Management,
Inc.
2,614
73
Selective
Insurance
Group,
Inc.
5,135
388
ServisFirst
Bancshares,
Inc.
900
70
Simmons
First
National
Corp.
Class
A
2,757
81
SLM
Corp.(Û)
17,880
315
SmartFinancial
,
Inc.
2,982
77
South
State
Corp.
887
66
Southern
Missouri
Bancorp,
Inc.
2,113
95
SP
Plus
Corp.(Æ)
14,561
447
Spirit
Realty
Capital,
Inc.(ö)
4,215
194
STAG
Industrial,
Inc.(ö)
7,670
301
Stewart
Information
Services
Corp.
6,569
416
StoneX
Group,
Inc.(Æ)
6,787
447
Summit
Hotel
Properties,
Inc.(ö)
24,027
231
Target
Hospitality
Corp.
Class
A(Æ)
58,617
219
Terreno
Realty
Corp.(ö)
1,131
72
Territorial
Bancorp,
Inc.
18,649
473
Texas
Capital
Bancshares,
Inc.(Æ)
3,765
226
Tiptree
Financial,
Inc.
Class
A
29,853
299
TPG
RE
Finance
Trust,
Inc.(ö)
17,474
216
TriCo
Bancshares
4,644
202
Triumph
Bancorp,
Inc.(Æ)
8,342
835
UMB
Financial
Corp.
3,419
331
UMH
Properties,
Inc.(ö)
27,393
627
United
Bankshares
,
Inc.
3,683
134
United
Community
Banks,
Inc.
16,160
530
United
Fire
Group,
Inc.
1,150
27
United
Insurance
Holdings
Corp.
3,315
12
Universal
Insurance
Holdings,
Inc.
9,977
130
Unum
Group
15,522
389
Urstadt
Biddle
Properties,
Inc.
Class
A(ö)
3,720
70
Valley
National
Bancorp
30,641
408
Velocity
Financial,
Inc.(Æ)(Ñ)
10,405
137
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Virtus
Investment
Partners,
Inc.
289
90
Voya
Financial,
Inc.(Û)
5,170
317
Walker
&
Dunlop,
Inc.
1,070
121
Washington
Trust
Bancorp,
Inc.
7,298
387
Waterstone
Financial,
Inc.
1,311
27
Webster
Financial
Corp.
13,794
751
West
Bancorporation,
Inc.
1,696
51
Westamerica
BanCorp
4,846
273
Westwood
Holdings
Group,
Inc.
5,940
113
WSFS
Financial
Corp.
2,159
111
52,687
Health
Care
-
18.9%
Acadia
Pharmaceuticals,
Inc.(Æ)
7,857
131
Acceleron
Pharma,
Inc.(Æ)
9,458
1,628
Accuray
,
Inc.(Æ)
26,225
104
Aerie
Pharmaceuticals,
Inc.(Æ)
6,847
78
Agios
Pharmaceuticals,
Inc.(Æ)
7,791
360
Akebia
Therapeutics,
Inc.(Æ)(Ð)
23,229
67
Alkermes
PLC(Æ)
15,667
483
Allakos
,
Inc.(Æ)
879
93
Allscripts
Healthcare
Solutions,
Inc.(Æ)
20,587
275
Alpha
Teknova
,
Inc.(Æ)
17,203
428
ALX
Oncology
Holdings,
Inc.(Æ)
2,539
188
Amicus
Therapeutics,
Inc.(Æ)(Ð)
29,463
281
AMN
Healthcare
Services,
Inc.(Æ)
1,255
144
Amneal
Pharmaceuticals,
Inc.(Æ)(Ð)
14,925
80
Amphastar
Pharmaceuticals,
Inc.(Æ)
14,747
280
AngioDynamics
,
Inc.(Æ)
1,878
49
Angion
Biomedica
Corp.(Æ)(Ñ)
23,461
229
ANI
Pharmaceuticals,
Inc.(Æ)
9,889
324
Anika
Therapeutics,
Inc.(Æ)
9,846
419
Antares
Pharma,
Inc.(Æ)
21,185
77
Apellis
Pharmaceuticals,
Inc.(Æ)
10,088
332
Applied
Genetic
Technologies
Corp.(Æ)(Ð)
2,767
8
Applied
Therapeutics,
Inc.(Æ)
4,551
76
Apria,
Inc.(Æ)
5,738
213
Ardelyx
,
Inc.(Æ)(Ð)
4,995
7
Arena
Pharmaceuticals,
Inc.(Æ)(Û)
13,338
794
Argenx
SE
-
ADR(Æ)
2,919
882
Arrowhead
Pharmaceuticals,
Inc.(Æ)
16,293
1,017
Arvinas
,
Inc.(Æ)
3,597
296
Ascendis
Pharma
A/S
-
ADR(Æ)
2,225
355
Athenex
,
Inc.(Æ)(Ð)
4,864
15
Athira
Pharma,
Inc.(Æ)
12,957
122
ATI
Physical
Therapy,
Inc.(Æ)
12,548
48
Avid
Bioservices
,
Inc.(Æ)(Ñ)
83,932
1,810
AVROBIO,
Inc.(Æ)
3,065
17
Axsome
Therapeutics,
Inc.(Æ)(Ñ)
1,192
39
Beam
Therapeutics,
Inc.(Æ)
5,961
519
Biohaven
Pharmaceutical
Holding
Co.,
Ltd.
(Æ)
5,307
737
BioLife
Solutions,
Inc.(Æ)
37,179
1,573
Bluebird
Bio,
Inc.(Æ)(Ð)
9,266
177
Blueprint
Medicines
Corp.(Æ)
3,942
405
BridgeBio
Pharma,
Inc.(Æ)
11,047
518
Cara
Therapeutics,
Inc.(Æ)(Ð)
4,787
74
Cardinal
Health,
Inc.(Û)
1,730
86
Cardiovascular
Systems,
Inc.(Æ)
1,707
56
CareDx
,
Inc.(Æ)
1,881
119
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
12
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Castle
Biosciences,
Inc.(Æ)
968
64
Castlight
Health,
Inc.
Class
B(Æ)
9,806
15
Catalyst
Pharmaceuticals,
Inc.(Æ)
7,018
37
Clovis
Oncology,
Inc.(Æ)(Ñ)
15,107
67
Computer
Programs
&
Systems,
Inc.(Æ)
4,617
164
Concert
Pharmaceuticals,
Inc.(Æ)(Ð)
2,467
8
CONMED
Corp.
6,242
817
CorVel
Corp.(Æ)
1,042
194
Crinetics
Pharmaceuticals,
Inc.(Æ)
7,891
166
Cutera
,
Inc.(Æ)
1,361
63
Cytokinetics,
Inc.(Æ)
15,036
537
CytomX
Therapeutics,
Inc.(Æ)
11,657
59
Deciphera
Pharmaceuticals,
Inc.(Æ)
8,976
305
Denali
Therapeutics,
Inc.(Æ)
4,633
234
Dicerna
Pharmaceuticals,
Inc.(Æ)
17,896
361
Eagle
Pharmaceuticals,
Inc.(Æ)
1,032
58
Editas
Medicine,
Inc.(Æ)
1,595
66
Emergent
BioSolutions
,
Inc.(Æ)
1,411
71
Enanta
Pharmaceuticals,
Inc.(Æ)
1,608
91
Endo
International
PLC(Æ)
27,088
88
Ensign
Group,
Inc.
(The)
1,572
118
Esperion
Therapeutics,
Inc.(Æ)(Ñ)
9,066
109
Exelixis
,
Inc.(Æ)(Û)
16,360
346
FibroGen
,
Inc.(Æ)(Ð)
11,737
120
Flexion
Therapeutics,
Inc.(Æ)(Ð)
6,143
37
F-Star
Therapeutics,
Inc.(Æ)
14,966
110
G1
Therapeutics,
Inc.(Æ)(Ñ)
15,034
202
Global
Blood
Therapeutics,
Inc.(Æ)
3,503
89
Gossamer
Bio,
Inc.(Æ)
5,218
66
Halozyme
Therapeutics,
Inc.(Æ)
1,897
77
Hanger,
Inc.(Æ)
1,086
24
Heska
Corp.(Æ)
5,976
1,545
Homology
Medicines,
Inc.(Æ)(Ð)
5,890
46
IDEAYA
Biosciences,
Inc.(Æ)
13,697
349
IGM
Biosciences,
Inc.(Æ)(Ñ)
3,406
224
Impel
Neuropharma
,
Inc.(Æ)(Ñ)
19,247
234
InfuSystems
Holdings,
Inc.(Æ)
31,130
406
Inhibrx
,
Inc.(Æ)(Ñ)
12,554
418
Innoviva
,
Inc.(Æ)
9,574
160
Inogen
,
Inc.(Æ)
1,297
56
Inozyme
Pharma,
Inc.(Æ)
10,935
127
Insmed
,
Inc.(Æ)
3,962
109
Inspire
Medical
Systems,
Inc.(Æ)
807
188
Intellia
Therapeutics,
Inc.(Æ)
1,447
194
Intercept
Pharmaceuticals,
Inc.(Æ)(Ð)
5,998
89
Invacare
Corp.(Æ)
18,950
90
Ionis
Pharmaceuticals,
Inc.(Æ)(Ð)
9,195
308
iRadimed
Corp.(Æ)
17,691
594
iRhythm
Technologies,
Inc.(Æ)
4,237
248
Ironwood
Pharmaceuticals,
Inc.
Class
A(Æ)
(Ð)
10,666
139
Jazz
Pharmaceuticals
PLC(Æ)(Ð)
2,043
266
Kiniksa
Pharmaceuticals,
Ltd.
Class
A(Æ)(Ð)
1,390
16
Kura
Oncology,
Inc.(Æ)
4,916
92
Lannett
Co.,
Inc.(Æ)
3,290
10
Lantheus
Holdings,
Inc.(Æ)
14,605
375
LeMaitre
Vascular,
Inc.
21,885
1,162
LHC
Group,
Inc.(Æ)
4,196
658
LivaNova
PLC(Æ)
3,597
285
MedAvail
Holdings,
Inc.(Æ)(Ñ)
26,466
77
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
MEDNAX,
Inc.(Æ)
5,505
157
Medpace
Holdings,
Inc.(Æ)
7,883
1,492
Merit
Medical
Systems,
Inc.(Æ)(Ð)
1,669
120
Minerva
Neurosciences,
Inc.(Æ)
5,945
10
Mirati
Therapeutics,
Inc.(Æ)
3,075
544
ModivCare
,
Inc.(Æ)
1,156
210
Molecular
Templates,
Inc.(Æ)
24,719
166
Molina
Healthcare,
Inc.(Æ)(Û)
1,884
511
Mustang
Bio,
Inc.(Æ)
42,385
114
Natus
Medical,
Inc.(Æ)
12,051
302
Nektar
Therapeutics(Æ)(Ð)
1,314
24
Neogen
Corp.(Æ)
24,223
1,052
NeoGenomics
,
Inc.(Æ)
19,596
945
Neurocrine
Biosciences,
Inc.(Æ)
1,416
136
Nevro
Corp.(Æ)
917
107
NextGen
Healthcare,
Inc.(Æ)
4,474
63
NGM
Biopharmaceuticals,
Inc.(Æ)
2,719
57
Omnicell
,
Inc.(Æ)
5,073
753
Optinose
,
Inc.(Æ)
1,497
4
Orthofix
Medical,
Inc.(Æ)
1,988
76
Owens
&
Minor,
Inc.
5,583
175
Pacific
Biosciences
of
California,
Inc.(Æ)
8,674
222
Pennant
Group,
Inc.
(The)(Æ)
3,660
103
Phathom
Pharmaceuticals,
Inc.(Æ)(Ð)
1,291
41
Phibro
Animal
Health
Corp.
Class
A
5,626
121
Phreesia
,
Inc.(Æ)
10,712
661
Pliant
Therapeutics,
Inc.(Æ)
2,442
41
Poseida
Therapeutics,
Inc.(Æ)
3,496
25
Precision
BioSciences
,
Inc.(Æ)
9,059
105
Prestige
Brands
Holdings,
Inc.(Æ)
1,942
109
Progenics
Pharmaceuticals,
Inc.(Æ)(Š)
1,808
—
Protagonist
Therapeutics,
Inc.(Æ)
6,781
120
Protech
Home
Medical
Corp.(Æ)
14,521
92
PTC
Therapeutics,
Inc.(Æ)
16,992
632
Puma
Biotechnology,
Inc.(Æ)(Ð)
2,000
14
Radius
Health,
Inc.(Æ)
3,658
45
RadNet
,
Inc.(Æ)
15,570
456
Reata
Pharmaceuticals,
Inc.
Class
A(Æ)
3,826
385
Recro
Pharma,
Inc.(Æ)
35,863
74
Recursion
Pharmaceuticals,
Inc.
Class
A(Æ)
(Ñ)
2,640
61
Repligen
Corp.(Æ)
4,534
1,310
Sage
Therapeutics,
Inc.(Æ)
3,025
134
Sarepta
Therapeutics,
Inc.(Æ)(Ð)(Û)
581
54
Savara
,
Inc.(Æ)
4,200
6
Schrodinger,
Inc.(Æ)
8,759
479
Selecta
Biosciences,
Inc.(Æ)
9,278
39
ShockWave
Medical,
Inc.(Æ)
2,088
430
SIGA
Technologies,
Inc.(Æ)
46,125
341
SpringWorks
Therapeutics,
Inc.(Æ)
2,814
179
STAAR
Surgical
Co.(Æ)
1,036
133
Surmodics
,
Inc.(Æ)
425
24
Tactile
Systems
Technology,
Inc.(Æ)
6,931
308
Tenet
Healthcare
Corp.(Æ)(Û)
7,273
483
TG
Therapeutics,
Inc.(Æ)
3,755
125
Theravance
Biopharma,
Inc.(Æ)
3,703
27
Travere
Therapeutics,
Inc.(Æ)
5,164
125
Tricida
,
Inc.(Æ)
3,553
16
Turning
Point
Therapeutics,
Inc.(Æ)
1,194
79
Twist
Bioscience
Corp.(Æ)
3,401
364
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Small
Cap
Equity
Fund
13
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
United
Therapeutics
Corp.(Æ)(Û)
2,221
410
UNITY
Biotechnology,
Inc.(Æ)
2,544
8
UroGen
Pharma,
Ltd.(Æ)(Ñ)
5,270
89
Utah
Medical
Products,
Inc.
6,997
650
Vanda
Pharmaceuticals,
Inc.(Æ)
3,885
67
Varex
Imaging
Corp.(Æ)(Ð)
3,860
109
Vincerx
Pharma,
Inc.(Æ)
4,731
77
Voyager
Therapeutics,
Inc.(Æ)(Ð)
3,400
9
WaVe
Life
Sciences,
Ltd.(Æ)
1,476
7
Werewolf
Therapeutics,
Inc.(Æ)(Ñ)
12,075
207
Xencor
,
Inc.(Æ)
8,679
283
Zentalis
Pharmaceuticals,
Inc.(Æ)
4,999
333
Zogenix
,
Inc.(Æ)
17,756
270
Zymeworks
,
Inc.(Æ)
9,138
265
47,006
Materials
and
Processing
-
7.5%
AdvanSix
,
Inc.
1,851
74
American
Vanguard
Corp.
32,848
494
Apogee
Enterprises,
Inc.
2,939
111
Arconic
Corp.(Æ)
12,149
383
Ashland
Global
Holdings,
Inc.
3,221
287
AZEK
Co.,
Inc.
(The)(Æ)
9,115
333
Beacon
Roofing
Supply,
Inc.(Æ)
1,950
93
Belden,
Inc.
1,997
116
BlueLinx
Holdings,
Inc.(Æ)
707
35
Boise
Cascade
Co.
2,983
161
BrightView
Holdings,
Inc.(Æ)
14,527
215
Cabot
Corp.
13,952
699
Caesarstone
,
Ltd.
7,138
89
Capstone
Mining
Corp.(Æ)
15,239
59
Carpenter
Technology
Corp.
4,897
160
Chemours
Co.
(The)
8,347
242
Clearwater
Paper
Corp.(Æ)
1,243
48
Constellium
SE(Æ)
8,213
154
Cornerstone
Building
Brands,
Inc.(Æ)
15,747
230
Culp,
Inc.
34,352
442
Danimer
Scientific,
Inc.(Æ)
12,381
202
Element
Solutions,
Inc.(Æ)
42,025
911
Haynes
International,
Inc.
3,007
112
HB
Fuller
Co.
2,995
193
Horizonte Minerals PLC(Æ)
707,920
82
Huntsman
Corp.
24,011
710
Ingevity
Corp.(Æ)
4,389
313
Insteel
Industries,
Inc.
17,240
657
Interface,
Inc.
Class
A
10,435
158
Kaiser
Aluminum
Corp.
582
63
Koppers
Holdings,
Inc.(Æ)
15,908
497
LB
Foster
Co.
Class
A(Æ)
309
5
LiqTech
International,
Inc.(Æ)(Ñ)
17,076
94
Louisiana-Pacific
Corp.
7,371
452
Masonite
International
Corp.(Æ)
2,266
240
Mosaic
Co.
(The)
17,222
615
MRC
Global,
Inc.(Æ)
6,012
44
Mueller
Water
Products,
Inc.
Class
A
4,766
73
Neenah
Paper,
Inc.
5,981
279
NN,
Inc.(Æ)
3,942
21
Northwest
Pipe
Co.(Æ)
3,860
91
Nouveau
Monde
Graphite,
Inc.(Æ)
7,038
39
O-I
Glass,
Inc.(Æ)
11,023
157
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Oil-
Dri
Corp.
of
America
1,156
40
Olin
Corp.(Û)
8,736
422
Omega
Flex,
Inc.
2,371
338
Orion
Engineered
Carbons
SA(Æ)
2,233
41
Pactiv
Evergreen,
Inc.
1,000
13
Patrick
Industries,
Inc.
1,627
136
Quaker
Chemical
Corp.
2,988
711
Rayonier
Advanced
Materials,
Inc.(Æ)
4,247
32
Ryerson
Holding
Corp.
1,318
29
Schnitzer
Steel
Industries,
Inc.
Class
A
3,564
156
Schweitzer-Mauduit
International,
Inc.
12,958
449
Silgan
Holdings,
Inc.
3,848
148
Simpson
Manufacturing
Co.,
Inc.
888
95
SiteOne
Landscape
Supply,
Inc.(Æ)
3,151
630
Stelco
Holdings,
Inc.
5,176
152
Stepan
Co.
2,378
269
Summit
Materials,
Inc.
Class
A(Æ)
4,143
132
Trinseo
SA
4,782
258
Tronox
Holdings
PLC
Class
A
49,105
1,211
UFP
Industries,
Inc.(Æ)
1,833
125
UFP
Technologies,
Inc.(Æ)
4,765
293
Unifi,
Inc.(Æ)
5,882
129
Univar
Solutions,
Inc.
-
ADR(Æ)
14,965
356
Universal
Stainless
&
Alloy
Products,
Inc.(Æ)
12,525
130
Valvoline,
Inc.
23,294
726
Venator
Materials
PLC(Æ)
35,824
102
Veritiv
Corp.(Æ)
4,745
425
Verso
Corp.
Class
A
4,081
85
VSE
Corp.
1,978
95
Westlake
Chemical
Corp.(Û)
500
46
Zurn
Water
Solutions
Corp.
7,173
461
Zymergen
,
Inc.(Æ)(Ñ)
3,742
49
18,717
Producer
Durables
-
14.5%
ABM
Industries,
Inc.(Û)
4,660
210
Acacia
Research
Corp.(Æ)
1,080
7
ACCO
Brands
Corp.
7,361
63
Adient
PLC(Æ)
4,979
206
AGCO
Corp.(Û)
3,276
401
Air
Transport
Services
Group,
Inc.(Æ)
9,433
243
Allegiant
Travel
Co.
Class
A(Æ)
1,657
324
Allied
Motion
Technologies,
Inc.
17,731
554
Allison
Transmission
Holdings,
Inc.
Class
A
10,530
372
Alta
Equipment
Group,
Inc.(Æ)
23,868
328
Applied
Industrial
Technologies,
Inc.
1,216
110
ArcBest
Corp.
3,336
273
Arcosa
,
Inc.
5,854
294
Ardmore
Shipping
Corp.(Æ)
60,854
253
Argan
,
Inc.
10,584
463
ASGN,
Inc.(Æ)
1,594
180
Astec
Industries,
Inc.
707
38
Astronics
Corp.(Æ)
3,100
44
Atlas
Air
Worldwide
Holdings,
Inc.(Æ)
2,240
183
Barrett
Business
Services,
Inc.
3,355
256
Bellring
Brands,
Inc.
Class
A(Æ)
3,300
101
Blue
Bird
Corp.(Æ)
13,106
273
Bowman
Consulting
Group,
Ltd.(Æ)
4,328
60
Brady
Corp.
Class
A
1,453
74
Bristow
Group,
Inc.(Æ)
854
27
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
14
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Brookfield
Infrastructure
Corp.
Class
A
880
53
Cactus,
Inc.
Class
A
3,322
125
Chart
Industries,
Inc.(Æ)
3,493
667
Cimpress
NV(Æ)
1,110
96
Concrete
Pumping
Holdings,
Inc.(Æ)
35,775
306
CoreCivic
,
Inc.(Æ)
10,784
96
Covenant
Transportation
Group,
Inc.
Class
A(Æ)
6,269
173
CRA
International,
Inc.
7,913
785
Crane
Co.
3,921
372
Deluxe
Corp.
14,806
531
DHT
Holdings,
Inc.
42,427
277
Dorian
LPG,
Ltd.
1,459
18
Ducommun,
Inc.(Æ)
687
35
DXP
Enterprises,
Inc.(Æ)(Ð)
906
27
Dycom
Industries,
Inc.(Æ)
1,290
92
EMCOR
Group,
Inc.
3,374
390
Ennis,
Inc.
2,764
52
Euronav
NV(Ñ)
79,084
771
Evo
Payments,
Inc.
Class
A(Æ)
44,207
1,046
Flowserve
Corp.
18,678
648
Fluor
Corp.(Æ)
9,526
152
Franklin
Electric
Co.,
Inc.
1,296
103
frontdoor
,
Inc.(Æ)
13,043
547
Frontier
Group
Holdings,
Inc.(Æ)
12,515
198
Genasys
,
Inc.(Æ)
59,828
310
Genco
Shipping
&
Trading,
Ltd.
829
17
GP
Strategies
Corp.(Æ)
4,682
97
Greenbrier
Cos.,
Inc.
14,963
643
Hackett
Group,
Inc.
(The)
3,900
77
Heidrick
&
Struggles
International,
Inc.
10,449
466
Herman
Miller,
Inc.
13,905
524
HNI
Corp.
1,732
64
Hub
Group,
Inc.
Class
A(Æ)
1,643
113
Huntington
Ingalls
Industries,
Inc.(Û)
1,953
377
Hyster
-Yale
Materials
Handling,
Inc.
569
29
ICF
International,
Inc.
2,039
182
Infrastructure
and
Energy
Alternatives,
Inc.
(Æ)
3,526
40
Insperity
,
Inc.
2,233
247
International
Money
Express,
Inc.(Æ)
7,958
133
International
Seaways,
Inc.
1,841
34
JetBlue
Airways
Corp.(Æ)
10,148
155
KBR,
Inc.
9,376
369
Kennametal,
Inc.
18,434
631
Kimball
International,
Inc.
Class
B
43,474
487
Knight-Swift
Transportation
Holdings,
Inc.
(Æ)
5,464
279
Korn
&
Ferry
International
2,593
188
Kratos
Defense
&
Security
Solutions,
Inc.(Æ)
21,184
473
Manitowoc
Co.,
Inc.
(The)(Æ)
7,570
162
ManpowerGroup
,
Inc.
3,412
369
Marten
Transport,
Ltd.
12,215
192
Matson,
Inc.
1,546
125
MAXIMUS,
Inc.
7,333
610
Mesa
Air
Group,
Inc.(Æ)
21,760
167
Mesa
Laboratories,
Inc.
4,781
1,445
Methode
Electronics,
Inc.
7,336
308
Mitek
Systems,
Inc.(Æ)
29,165
540
Modine
Manufacturing
Co.(Æ)
3,873
44
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
MYR
Group,
Inc.(Æ)(Ð)
1,168
116
Nordic
American
Tankers,
Ltd.(Ñ)
22,917
59
Orion
Group
Holdings,
Inc.(Æ)
36,703
200
Park-Ohio
Holdings
Corp.
231
6
Pitney
Bowes,
Inc.
32,487
235
Powell
Industries,
Inc.
2,930
72
Primoris
Services
Corp.
2,109
52
Radiant
Logistics,
Inc.(Æ)
27,136
173
Ranpak
Holdings
Corp.(Æ)
9,633
258
Resources
Connection,
Inc.
12,473
197
Roth
CH
Acquisition
I
Co.
Parent
Corp.(Æ)
(Ñ)
13,541
180
RR
Donnelley
&
Sons
Co.(Æ)
11,100
57
Rush
Enterprises,
Inc.
Class
A
2,770
125
Ryder
System,
Inc.(Ð)
5,192
429
Saia,
Inc.(Æ)
6,016
1,431
Schneider
National,
Inc.
Class
B(Ð)
4,120
94
Scorpio
Tankers,
Inc.
10,553
196
SFL
Corp.,
Ltd.(Æ)
6,658
56
SHYFT
Group,
Inc.
(The)(Æ)
2,485
94
SkyWest,
Inc.(Æ)
2,763
136
Southwest
Gas
Holdings,
Inc.
993
66
StealthGas
,
Inc.(Æ)
35,434
95
Steelcase,
Inc.
Class
A
5,273
67
Sun
Country
Airlines
Holdings,
Inc.(Æ)
1,481
50
Team,
Inc.(Æ)
12,618
38
Teekay
Tankers,
Ltd.
Class
A(Æ)
31,544
458
Tennant
Co.
6,311
467
Terex
Corp.
4,054
171
Tetra
Tech,
Inc.
982
147
Textainer
Group
Holdings,
Ltd.(Æ)
2,768
97
Textron,
Inc.(Û)
6,790
474
Thermon
Group
Holdings,
Inc.(Æ)
6,312
109
Titan
International,
Inc.(Æ)
40,803
292
Titan
Machinery,
Inc.(Æ)
1,321
34
TopBuild
Corp.(Æ)
3,574
732
Travel
+
Leisure
Co.(Æ)
7,488
408
TriNet
Group,
Inc.(Æ)
2,970
281
Triumph
Group,
Inc.(Æ)
9,126
170
TrueBlue
,
Inc.(Æ)
8,552
231
Tutor
Perini
Corp.(Æ)
52,157
677
Universal
Truckload
Services,
Inc.
7,351
148
US
Xpress
Enterprises,
Inc.
Class
A(Æ)
1,378
12
USA
Truck,
Inc.(Æ)
13,449
206
Vectrus
,
Inc.(Æ)
8,315
419
Vishay
Precision
Group,
Inc.(Æ)
4,025
140
Wabash
National
Corp.
2,450
37
Werner
Enterprises,
Inc.
2,525
112
WESCO
International,
Inc.(Æ)
6,131
707
Whole
Earth
Brands,
Inc.(Æ)
16,033
185
WNS
Holdings,
Ltd.
-
ADR(Æ)
20,375
1,666
Xerox
Holdings
Corp.(Ð)
10,128
204
Yellow
Corp.(Æ)
11,307
64
35,924
Technology
-
13.5%
8x8,
Inc.(Æ)
13,253
310
A10
Networks,
Inc.(Æ)
6,590
89
Absolute
Software
Corp.
41,819
460
ADTRAN,
Inc.
3,856
72
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Small
Cap
Equity
Fund
15
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Agilysys
,
Inc.(Æ)
7,385
387
Alarm.com
Holdings,
Inc.(Æ)
1,106
86
Alight,
Inc.
Class
A(Æ)(Ñ)
61,308
704
Alpha
&
Omega
Semiconductor,
Ltd.(Æ)
1,465
46
Ambarella
,
Inc.(Æ)(Û)
2,073
323
American
Software,
Inc.
Class
A
37,740
897
APi
Group
Corp.(Æ)(Þ)
33,417
680
Appfolio
,
Inc.
Class
A(Æ)
3,259
392
Appian
Corp.(Æ)(Ñ)
1,202
111
Applied
Optoelectronics,
Inc.(Æ)
829
6
Arlo
Technologies,
Inc.(Æ)
14,701
94
Arrow
Electronics,
Inc.(Æ)(Û)
3,611
405
Avaya
Holdings
Corp.(Æ)
10,959
217
Aviat
Networks,
Inc.(Æ)
1,085
36
Avid
Technology,
Inc.(Æ)
3,237
94
Avnet,
Inc.
4,501
166
Axcelis
Technologies,
Inc.(Æ)
12,524
589
Bandwidth,
Inc.
Class
A(Æ)
741
67
Bel
Fuse,
Inc.
Class
B
1,576
20
Benchmark
Electronics,
Inc.
6,555
175
Benefitfocus
,
Inc.(Æ)
2,126
24
Blackline,
Inc.(Æ)
1,046
123
Brightcove
,
Inc.(Æ)
1,993
23
CalAmp
Corp.(Æ)
2,103
21
Casa
Systems,
Inc.(Æ)
4,391
30
Cerence
,
Inc.(Æ)
4,905
471
ChannelAdvisor
Corp.(Æ)
4,293
108
Ciena
Corp.(Æ)(Û)
7,795
400
Cirrus
Logic,
Inc.(Æ)(Û)
4,533
373
Citrix
Systems,
Inc.(Û)
337
36
CMC
Materials,
Inc.(Æ)
3,399
419
CommScope
Holding
Co.,
Inc.(Æ)
48,932
665
CommVault
Systems,
Inc.(Æ)
2,829
213
comScore,
Inc.(Æ)
68,033
265
Comtech
Telecommunications
Corp.
2,112
54
Concentrix
Corp.
2,108
373
Covetrus
,
Inc.(Æ)
2,711
49
CSG
Systems
International,
Inc.
2,581
124
Daily
Journal
Corp.(Æ)
939
301
Diebold
Nixdorf,
Inc.(Æ)
34,291
346
Domo,
Inc.
Class
B(Æ)
826
70
Donnelley
Financial
Solutions,
Inc.(Æ)
2,169
75
DoubleVerify
Holdings,
Inc.(Æ)
7,324
250
Dropbox,
Inc.
Class
A(Æ)(Û)
1,526
45
DSP
Group,
Inc.(Æ)
3,569
78
E2open
Parent
Holdings,
Inc.(Æ)(Ñ)
26,006
294
Ebix
,
Inc.
1,220
33
eGain
Corp.(Æ)
18,153
185
EMCORE
Corp.(Æ)
2,852
21
Endava
PLC
-
ADR(Æ)
6,200
842
Extreme
Networks,
Inc.(Æ)
9,549
94
GoDaddy
,
Inc.
Class
A(Æ)(Û)
1,710
119
GTY
Technology
Holdings,
Inc.(Æ)
13,244
100
IBEX
Holdings,
Ltd.(Æ)
14,761
251
Infinera
Corp.(Æ)(Ð)
21,588
180
INNOVATE
Corp.(Æ)(Ñ)
29,156
120
Inspired
Entertainment,
Inc.(Æ)
13,800
161
Intevac,
Inc.(Æ)
257
1
Jabil
Circuit,
Inc.(Û)
5,418
316
Kimball
Electronics,
Inc.(Æ)
17,786
458
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Kulicke
&
Soffa
Industries,
Inc.
11,696
682
KVH
Industries,
Inc.(Æ)
8,145
78
Lattice
Semiconductor
Corp.(Æ)
2,726
176
Liberty
Latin
America,
Ltd.
Class
C(Æ)
12,165
160
Limelight
Networks,
Inc.(Æ)(Ð)
22,837
54
LiveRamp
Holdings,
Inc.(Æ)
2,780
131
Maxar
Technologies,
Inc.
4,099
116
Mercury
Systems,
Inc.(Æ)
8,842
419
Mimecast,
Ltd.(Æ)
15,944
1,015
Model
N,
Inc.(Æ)
11,633
390
N-Able,
Inc.(Æ)
10,933
136
NAPCO
Security
Technologies,
Inc.(Æ)
20,872
900
NeoPhotonics
Corp.(Æ)
20,297
177
NETGEAR,
Inc.(Æ)
6,430
205
NetScout
Systems,
Inc.(Æ)
8,317
224
New
Relic,
Inc.(Æ)
5,086
365
nLight
,
Inc.(Æ)
31,268
881
Nutanix
,
Inc.
Class
A(Æ)(Ð)
7,354
277
ON24,
Inc.(Æ)
8,596
171
OneSpan
,
Inc.(Æ)
2,790
52
Ooma
,
Inc.(Æ)
13,630
254
PAE,
Inc.(Æ)
37,145
223
Parsons
Corp.(Æ)
2,304
78
PCTEL,
Inc.
22,445
140
PDF
Solutions,
Inc.(Æ)
21,134
487
Pegasystems
,
Inc.(Ñ)
10,075
1,282
Ping
Identity
Holding
Corp.(Æ)
3,612
89
Plantronics,
Inc.(Æ)
5,031
129
PlayAGS
,
Inc.(Æ)
3,469
27
Power
Integrations,
Inc.
1,826
181
Pure
Storage,
Inc.
Class
A(Æ)(Û)
13,267
334
QAD,
Inc.
Class
A
9,213
805
Qualys
,
Inc.(Æ)
5,388
600
Quantum
Corp.(Æ)
34,963
181
RADCOM,
Ltd.(Æ)
10,957
125
Rambus,
Inc.(Æ)
9,665
215
Ribbon
Communications,
Inc.(Æ)
9,591
57
Rimini
Street,
Inc.(Æ)
900
9
SailPoint
Technologies
Holding,
Inc.(Æ)
2,242
96
ScanSource
,
Inc.(Æ)
941
33
Semtech
Corp.(Æ)
1,247
97
Silicon
Laboratories,
Inc.(Æ)
3,471
486
Simulations
Plus,
Inc.(Ñ)
26,492
1,046
Sprout
Social,
Inc.
Class
A(Æ)
1,005
123
Super
Micro
Computer,
Inc.(Æ)
6,585
241
Switch,
Inc.
Class
A
11,647
296
Synchronoss
Technologies,
Inc.(Æ)
3,315
8
Tenable
Holdings,
Inc.(Æ)(Û)
3,969
183
TrueCar
,
Inc.(Æ)
17,344
72
Unisys
Corp.(Æ)
21,814
548
Upwork
,
Inc.(Æ)
2,609
117
Varonis
Systems,
Inc.(Æ)
2,324
141
Veeco
Instruments,
Inc.(Æ)(Ð)
5,781
128
Verint
Systems,
Inc.(Æ)
2,509
112
VirnetX
Holding
Corp.(Æ)(Ñ)
28,841
113
Workiva
,
Inc.(Æ)
15,879
2,238
Yelp,
Inc.
Class
A(Æ)(Û)
5,099
190
Zix
Corp.(Æ)
61,900
438
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
16
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Zynga,
Inc.
Class
A(Æ)(Û)
49,220
371
33,439
Utilities
-
4.8%
Allete
,
Inc.
16,255
968
American
States
Water
Co.
1,064
91
APA
Corp.
18,828
403
Artesian
Resources
Corp.
Class
A
3,031
116
Avista
Corp.
4,875
191
Black
Hills
Corp.
1,329
83
Brigham
Minerals,
Inc.
Class
A
49,469
948
CNX
Resources
Corp.(Æ)
5,161
65
Cogent
Communications
Holdings,
Inc.
3,412
242
DT
Midstream,
Inc.
10,080
466
Earthstone
Energy,
Inc.
Class
A(Æ)
8,202
75
Gogo
,
Inc.(Æ)(Ñ)
28,337
490
IDT
Corp.
Class
B(Æ)
4,629
194
Iridium
Communications,
Inc.(Æ)
3,094
123
J2
Global,
Inc.(Æ)
2,605
356
Laredo
Petroleum,
Inc.(Æ)
875
71
Mammoth
Energy
Services,
Inc.(Æ)
10,847
32
MDU
Resources
Group,
Inc.
33,369
991
MGE
Energy,
Inc.
1,435
105
New
Jersey
Resources
Corp.
2,864
100
Northern
Oil
and
Gas,
Inc.
40,364
864
Northwest
Natural
Holding
Co.
8,141
374
NorthWestern
Corp.
1,188
68
Oasis
Petroleum,
Inc.
2,530
252
ONE
Gas,
Inc.
2,199
139
Ovintiv
,
Inc.
10,694
351
Plains
GP
Holdings,
LP
Class
A(Æ)(Ð)
5,591
60
PNM
Resources,
Inc.
2,173
108
Portland
General
Electric
Co.
7,279
342
Pure
Cycle
Corp.(Æ)
17,813
237
RGC
Resources,
Inc.
23,834
540
Shenandoah
Telecommunications
Co.
908
29
South
Jersey
Industries,
Inc.
26,233
558
Spire,
Inc.
4,355
266
Spok
Holdings,
Inc.
28,242
289
Telephone
&
Data
Systems,
Inc.
6,634
129
US
Cellular
Corp.(Æ)
1,280
41
Vidler
Water
Resources,
Inc.(Æ)
15,991
182
Vine
Energy,
Inc.
Class
A(Æ)(Ñ)
14,323
236
Vistra
Corp.(Ð)
25,868
442
Vonage
Holdings
Corp.(Æ)
4,943
80
Whiting
Petroleum
Corp.(Æ)
1,680
98
York
Water
Co.
(The)
4,038
176
11,971
Total
Common
Stocks
(cost
$205,240)
247,411
Short-Term
Investments
-
5.1%
U.S.
Cash
Management
Fund(@)
12,581,271
(∞)
12,579
Total
Short-Term
Investments
(cost
$12,579)
12,579
Other
Securities
-
3.6%
U.S.
Cash
Collateral
Fund(@)(×)
8,878,979
(∞)
8,879
Total
Other
Securities
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
(cost
$8,879)
8,879
Total
Investments
-
108.3%
(identified
cost
$226,698)
268,869
Securities
Sold
Short
-
(4.5)%
Consumer
Discretionary
-
(0.9)%
1-800-Flowers.com,
Inc.
Class
A(Æ)
(3,209)
(98)
Akoustis
Technologies,
Inc.(Æ)
(2,516)
(24)
AMC
Entertainment
Holdings,
Inc.
Class
A(Æ)
(8,084)
(308)
AMMO,
Inc.(Æ)
(2,691)
(17)
Aspen
Group,
Inc.(Æ)
(1,938)
(11)
Bally's
Corp.(Æ)
(2,040)
(102)
Callaway
Golf
Co.(Æ)
(4,972)
(137)
Cardlytics,
Inc.(Æ)
(545)
(46)
CarParts.com,
Inc.(Æ)
(5,986)
(93)
Chicken
Soup
For
The
Soul
Entertainment,
Inc.(Æ)
(848)
(19)
Cinedigm
Corp.
Class
A(Æ)
(11,050)
(28)
Cinemark
Holdings,
Inc.(Æ)
(7,328)
(141)
Fox
Factory
Holding
Corp.(Æ)
(810)
(117)
GameStop
Corp.
Class
A(Æ)
(1,441)
(253)
GrowGeneration
Corp.(Æ)
(995)
(25)
Leggett
&
Platt,
Inc.
(3,567)
(160)
LifeMD
,
Inc.(Æ)
(2,852)
(18)
Lindblad
Expeditions
Holdings,
Inc.(Æ)
(1,864)
(27)
Lordstown
Motors
Corp.
Class
A(Æ)
(2,122)
(17)
Lovesac
Co.
(The)(Æ)
(231)
(15)
Madison
Square
Garden
Entertainment
Corp.
(Æ)
(1,878)
(136)
Marcus
Corp.(Æ)
(225)
(4)
National
CineMedia
,
Inc.
(6,505)
(23)
Ollie's
Bargain
Outlet
Holdings,
Inc.(Æ)
(2,928)
(176)
Rocky
Brands,
Inc.
(706)
(34)
SEACOR
Marine
Holdings,
Inc.(Æ)
(1,293)
(6)
Stitch
Fix,
Inc.
Class
A(Æ)
(469)
(19)
TechTarget
,
Inc.(Æ)
(1,857)
(153)
(2,207)
Consumer
Staples
-
(0.1)%
22nd
Century
Group,
Inc.(Æ)
(9,091)
(27)
Celsius
Holdings,
Inc.(Æ)
(247)
(22)
Chefs'
Warehouse
Holdings,
Inc.(Æ)
(1,957)
(64)
Laird
Superfood,
Inc.(Æ)
(889)
(17)
MGP
Ingredients,
Inc.
(680)
(44)
PetMed
Express,
Inc.
(2,770)
(74)
Utz
Brands,
Inc.
(3,093)
(53)
Vital
Farms,
Inc.(Æ)
(1,000)
(18)
(319)
Energy
-
(0.2)%
Aemetis
,
Inc.(Æ)
(1,544)
(28)
Ameresco
,
Inc.
Class
A(Æ)
(1,130)
(66)
Beam
Global(Æ)
(425)
(12)
Cleanspark
,
Inc.(Æ)
(1,533)
(18)
Contango
Oil
&
Gas
Co.(Æ)
(4,689)
(21)
Energous
Corp.(Æ)
(5,663)
(12)
Flux
Power
Holdings,
Inc.(Æ)
(880)
(4)
FuelCell
Energy,
Inc.(Æ)
(1,046)
(7)
Gevo
,
Inc.(Æ)
(3,175)
(21)
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Small
Cap
Equity
Fund
17
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Liberty
Oilfield
Services,
Inc.
Class
A(Æ)
(8,449)
(102)
Ring
Energy,
Inc.(Æ)
(9,861)
(29)
Solaris
Oilfield
Infrastructure,
Inc.
Class
A
(265)
(2)
Sunrun
,
Inc.(Æ)
(2,782)
(123)
Sunworks
,
Inc.(Æ)
(1,684)
(10)
(455)
Financial
Services
-
(0.5)%
Apollo
Global
Management,
Inc.
(3,416)
(210)
Arbor
Realty
Trust,
Inc.(ö)
(8,134)
(151)
BRP
Group,
Inc.
Class
A(Æ)
(4,080)
(136)
Ellington
Residential
Mortgage(ö)
(1,934)
(22)
Franchise
Group,
Inc.(Æ)
(398)
(14)
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.(ö)
(3,381)
(181)
I3
Verticals,
Inc.
Class
A(Æ)
(236)
(6)
Orchid
Island
Capital,
Inc.(ö)
(29,400)
(144)
Repay
Holdings
Corp.(Æ)
(5,197)
(120)
Rocket
Companies,
Inc.
Class
A
(6,856)
(110)
UWM
Holdings
Corp.
(2,299)
(16)
(1,110)
Health
Care
-
(1.3)%
89Bio,
Inc.(Æ)
(611)
(12)
AcelRx
Pharmaceuticals,
Inc.(Æ)
(13,020)
(13)
ADMA
Biologics,
Inc.(Æ)
(36,660)
(41)
Agile
Therapeutics,
Inc.(Æ)
(3,900)
(4)
Albireo
Pharma,
Inc.(Æ)
(1,358)
(42)
Aldeyra
Therapeutics,
Inc.(Æ)
(4,789)
(42)
Allovir
,
Inc.(Æ)
(1,941)
(49)
Altimmune
,
Inc.(Æ)
(374)
(4)
Ampio
Pharmaceuticals,
Inc.(Æ)
(10,443)
(17)
Anavex
Life
Sciences
Corp.(Æ)
(1,204)
(22)
AquaBounty
Technologies,
Inc.(Æ)
(4,082)
(17)
Arcus
Biosciences,
Inc.(Æ)
(591)
(21)
Arvinas
,
Inc.(Æ)
(778)
(64)
Asensus
Surgical,
Inc.(Æ)
(9,530)
(18)
Aspira
Women's
Health,
Inc.(Æ)
(3,141)
(10)
Atossa
Therapeutics,
Inc.(Æ)
(4,066)
(13)
AVEO
Pharmaceuticals,
Inc.(Æ)
(1,100)
(7)
Avidity
Biosciences,
Inc.(Æ)
(780)
(19)
Aytu
BioScience
,
Inc.(Æ)
(2,716)
(8)
Berkeley
Lights,
Inc.(Æ)
(111)
(2)
BioCryst
Pharmaceuticals,
Inc.(Æ)
(9,390)
(135)
BioLife
Solutions,
Inc.(Æ)
(760)
(32)
Bionano
Genomics,
Inc.(Æ)
(17,996)
(99)
Bio-
Techne
Corp.(Æ)
(96)
(47)
Blueprint
Medicines
Corp.(Æ)
(794)
(82)
CareDx
,
Inc.(Æ)
(111)
(7)
Cassava
Sciences,
Inc.(Æ)
(166)
(10)
Catalent
,
Inc.(Æ)
(1,656)
(220)
CEL-SCI
Corp.(Æ)
(1,671)
(18)
Cerevel
Therapeutics
Holdings,
Inc.(Æ)
(436)
(13)
ChromaDex
Corp.(Æ)
(2,073)
(13)
ClearPoint
Neuro,
Inc.(Æ)
(896)
(16)
Codexis
,
Inc.(Æ)
(2,714)
(63)
Co-Diagnostics,
Inc.(Æ)
(1,905)
(19)
Curis
,
Inc.(Æ)
(1,694)
(13)
DarioHealth
Corp.(Æ)
(540)
(7)
DermTech
,
Inc.(Æ)
(502)
(16)
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Dynavax
Technologies
Corp.(Æ)
(1,753)
(34)
Evolus
,
Inc.(Æ)
(1,845)
(14)
Exicure
,
Inc.(Æ)
(5,477)
(7)
Fate
Therapeutics,
Inc.(Æ)
(1,993)
(118)
Fulgent
Genetics,
Inc.(Æ)
(113)
(10)
Galectin
Therapeutics,
Inc.(Æ)
(1,200)
(5)
Genprex
,
Inc.(Æ)
(3,300)
(9)
iBio
,
Inc.(Æ)
(9,600)
(10)
IGM
Biosciences,
Inc.(Æ)
(186)
(12)
Immunic
,
Inc.(Æ)
(565)
(5)
ImmunityBio
,
Inc.(Æ)
(1,327)
(13)
Immunovant
,
Inc.(Æ)
(1,600)
(14)
Inmune
Bio,
Inc.(Æ)
(1,541)
(30)
Inotiv
,
Inc.(Æ)
(1,005)
(29)
Inovio
Pharmaceuticals,
Inc.(Æ)
(1,043)
(7)
Instil
Bio,
Inc.(Æ)
(1,562)
(28)
Intra-Cellular
Therapies,
Inc.
Class
A(Æ)
(3,513)
(131)
Invitae
Corp.(Æ)
(3,507)
(100)
Jaguar
Health,
Inc.(Æ)
(4,749)
(11)
Kronos
Bio,
Inc.(Æ)
(2,500)
(52)
Kymera
Therapeutics,
Inc.(Æ)
(2,136)
(126)
Lineage
Cell
Therapeutics,
Inc.(Æ)
(1,088)
(3)
MannKind
Corp.(Æ)
(4,873)
(21)
Marinus
Pharmaceuticals,
Inc.(Æ)
(967)
(11)
Matinas
BioPharma
Holdings,
Inc.(Æ)
(11,030)
(14)
Mersana
Therapeutics,
Inc.(Æ)
(725)
(7)
Milestone
Scientific,
Inc.(Æ)
(2,400)
(4)
NeoGenomics
,
Inc.(Æ)
(3,011)
(145)
NeuBase
Therapeutics,
Inc.(Æ)
(1,730)
(6)
Ocugen
,
Inc.(Æ)
(1,242)
(9)
Ocular
Therapeutix
,
Inc.(Æ)
(1,290)
(13)
OncoCyte
Corp.(Æ)
(4,680)
(17)
Oncternal
Therapeutics,
Inc.(Æ)
(3,481)
(15)
Oramed
Pharmaceuticals,
Inc.(Æ)
(1,933)
(42)
PDS
Biotechnology
Corp.(Æ)
(1,138)
(17)
PLx
Pharma,
Inc.(Æ)
(1,195)
(23)
Protagonist
Therapeutics,
Inc.(Æ)
(406)
(7)
Quanterix
Corp.(Æ)
(1,219)
(61)
R1
RCM,
Inc.(Æ)
(2,476)
(54)
Repligen
Corp.(Æ)
(958)
(277)
Replimune
Group,
Inc.(Æ)
(1,331)
(39)
Rigel
Pharmaceuticals,
Inc.(Æ)
(10,318)
(37)
Rocket
Pharmaceuticals,
Inc.(Æ)
(297)
(9)
Rubius
Therapeutics,
Inc.(Æ)
(1,442)
(26)
Sangamo
BioSciences
,
Inc.(Æ)
(8,399)
(76)
Scholar
Rock
Holding
Corp.(Æ)
(320)
(11)
Seelos
Therapeutics,
Inc.(Æ)
(6,763)
(16)
Sientra
,
Inc.(Æ)
(2,186)
(13)
Sorrento
Therapeutics,
Inc.(Æ)
(725)
(6)
Spero
Therapeutics,
Inc.(Æ)
(100)
(2)
TFF
Pharmaceuticals,
Inc.(Æ)
(1,189)
(9)
TherapeuticsMD
,
Inc.(Æ)
(60,495)
(45)
Tonix
Pharmaceuticals
Holding
Corp.(Æ)
(10,664)
(6)
Vaxart
,
Inc.(Æ)
(2,317)
(18)
Veracyte
,
Inc.(Æ)
(4,246)
(197)
ViewRay
,
Inc.(Æ)
(4,955)
(36)
ZIOPHARM
Oncology,
Inc.(Æ)
(16,917)
(31)
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
18
U.S.
Small
Cap
Equity
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
(3,323)
Materials
and
Processing
-
(0.2)%
Builders
FirstSource
,
Inc.(Æ)
(4,496)
(232)
Cleveland-Cliffs,
Inc.(Æ)
(6,546)
(130)
Cornerstone
Building
Brands,
Inc.(Æ)
(2,800)
(41)
Marrone
Bio
Innovations,
Inc.(Æ)
(5,228)
(5)
Northern
Technologies
International
Corp.
(267)
(4)
Uranium
Energy
Corp.(Æ)
(28,064)
(85)
Zymergen
,
Inc.(Æ)
(1,199)
(16)
(513)
Producer
Durables
-
(0.3)%
AeroVironment
,
Inc.(Æ)
(1,437)
(124)
Altra
Industrial
Motion
Corp.
(1,093)
(61)
American
Superconductor
Corp.(Æ)
(3,044)
(44)
Aqua
Metals,
Inc.(Æ)
(5,012)
(10)
Casella
Waste
Systems,
Inc.
Class
A(Æ)
(231)
(18)
Cryoport
,
Inc.(Æ)
(1,390)
(93)
Custom
Truck
One
Source,
Inc.(Æ)
(3,272)
(31)
Genasys
,
Inc.(Æ)
(3,863)
(20)
Iteris
,
Inc.(Æ)
(3,104)
(16)
Liquidity
Services,
Inc.(Æ)
(1,335)
(29)
Magnite
,
Inc.(Æ)
(327)
(9)
Purple
Innovation,
Inc.(Æ)
(2,110)
(44)
Sharps
Compliance
Corp.(Æ)
(1,807)
(15)
Vertex
Energy,
Inc.(Æ)
(3,074)
(16)
Vivint
Smart
Home,
Inc.(Æ)
(4,985)
(47)
Wolfspeed
,
Inc.(Æ)
(1,752)
(141)
Workhorse
Group,
Inc.(Æ)
(1,404)
(11)
(729)
Technology
-
(0.9)%
3D
Systems
Corp.(Æ)
(5,186)
(143)
American
Software,
Inc.
Class
A
(279)
(7)
Anterix
Inc.(Æ)
(386)
(23)
Aspen
Technology,
Inc.(Æ)
(36)
(4)
Atomera
,
Inc.(Æ)
(939)
(22)
AudioEye
,
Inc.(Æ)
(1,235)
(14)
AXT,
Inc.(Æ)
(2,693)
(22)
Brooks
Automation,
Inc.
(2,109)
(216)
Bumble,
Inc.
Class
A(Æ)
(445)
(22)
Clearfield,
Inc.(Æ)
(1,059)
(47)
Digital
Turbine,
Inc.(Æ)
(403)
(28)
E2open
Parent
Holdings,
Inc.(Æ)
(14,699)
(166)
eMagin
Corp.(Æ)
(5,172)
(12)
Flying
Eagle
Acquisition
Corp.(Æ)
(3,622)
(35)
HyreCar
,
Inc.(Æ)
(2,039)
(17)
Ideanomics
,
Inc.(Æ)
(4,064)
(8)
Identiv
,
Inc.(Æ)
(1,590)
(30)
II-VI,
Inc.(Æ)
(3,050)
(181)
Immersion
Corp.(Æ)
(7,196)
(49)
Intellicheck
,
Inc.(Æ)
(2,629)
(21)
LivePerson
,
Inc.(Æ)
(1,337)
(79)
Luna
Innovations,
Inc.(Æ)
(181)
(2)
MicroStrategy
,
Inc.
Class
A(Æ)
(306)
(177)
MicroVision
,
Inc.(Æ)
(463)
(5)
NAPCO
Security
Technologies,
Inc.(Æ)
(1,254)
(54)
Onto
Innovation,
Inc.(Æ)
(3,365)
(243)
PAR
Technology
Corp.(Æ)
(2,329)
(143)
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Powerfleet
,
Inc.(Æ)
(4,481)
(30)
Resonant,
Inc.(Æ)
(3,000)
(7)
Root,
Inc.
Class
A(Æ)
(3,895)
(21)
Sabre
Corp.(Æ)
(19,757)
(234)
SkyWater
Technology,
Inc.(Æ)
(571)
(16)
Switch,
Inc.
Class
A
(6,371)
(162)
Vuzix
Corp.(Æ)
(1,237)
(13)
(2,253)
Utilities
-
(0.1)%
Bonanza
Creek
Energy,
Inc.
(1,714)
(82)
Brigham
Minerals,
Inc.
Class
A
(1,979)
(38)
Evolution
Petroleum
Corp.
(1,000)
(6)
Globalstar
,
Inc.(Æ)
(19,670)
(33)
New
Fortress
Energy
LLC
(2,263)
(63)
NextDecade
Corp.(Æ)
(4,054)
(11)
Tellurian,
Inc.(Æ)
(7,016)
(27)
(260)
Total
Securities
Sold
Short
(proceeds
$10,350)
(11,169)
Other
Assets
and
Liabilities,
Net
-
(3.8)%
(9,423)
Net
Assets
-
100.0%
248,277
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
U.S.
Small
Cap
Equity
Fund
19
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
shares
$
$
$
0.3%
APi
Group
Corp.
04/08/20
33,417
11.87
397
680
JER
Investment
Trust,
Inc.
05/27/04
1,771
82.03
145
—
680
For
a
description
of
restricted
securities
see
note
5
in
the
Notes
to
Quarterly
Report.
Futures
Contracts
Amounts
in
thousands
(except
contract
amounts
)
Number
of
Contracts
Notional
Amount
Expiration
Date
Value
and
Unrealized
Appreciation
(Depreciation)
$
Long
Positions
Russell
2000
E-Mini
Index
Futures
110
USD
12,104
12/21
(186)
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
(186)
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
$
30,203
$
—
$
—
$
—
$
30,203
Consumer
Staples
8,137
—
—
—
8,137
Energy
9,327
—
—
—
9,327
Financial
Services
52,687
—
—
—
52,687
Health
Care
47,006
—
—
—
47,006
Materials
and
Processing
18,717
—
—
—
18,717
Producer
Durables
35,924
—
—
—
35,924
Technology
33,439
—
—
—
33,439
Utilities
11,971
—
—
—
11,971
Short-Term
Investments
—
—
—
12,579
12,579
Other
Securities
—
—
—
8,879
8,879
Total
Investments
247,411
—
—
21,458
268,869
Securities
Sold
Short**
(11,169)
—
—
—
(11,169)
Other
Financial
Instruments
Liabilities
Futures
Contracts
(186)
—
—
—
(186)
Total
Other
Financial
Instruments
*
$
(186)
$
—
$
—
$
—
$
(186)
*
Futures
and
foreign
currency
exchange
contract
values
reflect
the
unrealized
appreciation
(depreciation)
on
the
investments.
**
Refer
to
Schedule
of
Investments
for
detailed
sector
breakout.
(a)
Certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
share
(or
its
equivalent)
practical
expedient
have
not
been
classified
in
the
fair
value
levels.
The
fair
value
amounts
presented
in
the
table
are
intended
to
permit
reconciliation
to
the
amounts
presented
in
the
Schedule
of
Investments.
Russell
Investment
Funds
U.S.
Small
Cap
Equity
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
20
U.S.
Small
Cap
Equity
Fund
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
September
30,
2021,
see
note
2
in
the
Notes
to
Quarterly
Report.
Investments
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
a
fair
value
for
the
period
ended
September
30,
2021,
were
less
than
1%
of
net
assets.
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
International
Developed
Markets
Fund
21
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
92.9%
Argentina
-
0.0%
YPF
SA
-
ADR(Æ)
17,193
80
Australia
-
2.0%
Australia
&
New
Zealand
Banking
Group,
Ltd.
-
ADR
7,830
158
BHP
Group
PLC
24,449
609
BHP
Group,
Ltd.
-
ADR
26,613
715
BlueScope
Steel,
Ltd.
8,785
127
Commonwealth
Bank
of
Australia
-
ADR
19,069
1,422
CSL,
Ltd.
1,699
358
Fortescue
Metals
Group,
Ltd.
36,225
382
Goodman
Group
(ö)
8,506
132
Insurance
Australia
Group,
Ltd.(Æ)
99,008
349
Magellan
Financial
Group,
Ltd.
-
ADR
3,288
84
Medibank
Pvt
,
Ltd.
99,581
257
National
Australia
Bank,
Ltd.
-
ADR
10,464
209
Newcrest
Mining,
Ltd.
9,017
148
Rio
Tinto
PLC
15,483
1,023
Rio
Tinto,
Ltd.
-
ADR
3,238
230
Sonic
Healthcare,
Ltd.
6,018
177
South32,
Ltd.
Class
B
187,597
476
Suncorp
Group,
Ltd.(Æ)
11,947
107
Telstra
Corp.,
Ltd.
54,627
154
Wesfarmers,
Ltd.(Æ)
3,132
126
Westpac
Banking
Corp.
6,567
122
7,365
Austria
-
0.3%
Erste
Group
Bank
AG
28,336
1,237
Belgium
-
0.4%
Ageas
SA
12,592
623
Colruyt
SA
2,157
110
KBC
Groep
NV
7,114
638
Solvay
SA
784
98
UCB
SA
1,570
175
1,644
Brazil
-
0.5%
Ambev
SA
503,200
1,414
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo(Æ)
66,400
470
1,884
Canada
-
4.5%
Alimentation
Couche-Tard,
Inc.
Class
B
3,568
137
ARC
Resources,
Ltd.
28,974
272
B2Gold
Corp.
65,308
223
Bank
of
Montreal
2,496
249
Bank
of
Nova
Scotia
(The)
3,421
211
Barrick
Gold
Corp.
31,110
562
CAE,
Inc.(Æ)
80,434
2,403
Cameco
Corp.
Class
A
17,489
380
Canadian
Imperial
Bank
of
Commerce
2,100
234
Canadian
National
Railway
Co.
29,071
3,370
Canadian
Natural
Resources,
Ltd.
5,503
201
CGI
Group,
Inc.(Æ)
1,863
158
Constellation
Software,
Inc.
129
211
Dollarama
,
Inc.
11,075
480
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Enbridge,
Inc.
6,029
240
Great-West
Lifeco
,
Inc.
3,162
96
iA
Financial
Corp.,
Inc.
1,405
80
Kinross
Gold
Corp.
54,551
292
Loblaw
Cos.,
Ltd.
2,997
206
Magna
International,
Inc.
Class
A
2,044
154
Manulife
Financial
Corp.
8,695
167
Metro,
Inc.
Class
A
5,571
272
National
Bank
of
Canada
4,041
310
Nuvei
Corp.(Æ)
518
59
Open
Text
Corp.
2,344
114
Power
Corp.
of
Canada
2,486
82
Royal
Bank
of
Canada
-
GDR
15,105
1,503
Shopify,
Inc.
Class
A(Æ)
637
864
Sun
Life
Financial,
Inc.
21,779
1,121
Thomson
Reuters
Corp.(Æ)
1,222
135
Toronto-Dominion
Bank
(The)
20,950
1,387
Tourmaline
Oil
Corp.
11,155
390
WSP
Global,
Inc.
1,496
179
16,742
China
-
1.2%
Alibaba
Group
Holding,
Ltd.(Æ)
31,800
591
Alibaba
Group
Holding,
Ltd.
-
ADR(Æ)
13,167
1,950
Dongfeng
Motor
Group
Co.,
Ltd.
Class
H
712,000
635
Tencent
Holdings,
Ltd.
18,784
1,101
4,277
Denmark
-
1.3%
AP
Moller
-
Maersk
A/S
Class
B
660
1,784
Coloplast
A/S
Class
B
975
153
Danske
Bank
A/S
46,133
778
Drilling
Co.
of
1972
A/S
(The)(Æ)
1,163
44
DSV
Panalpina
A/S
4,382
1,046
Genmab
A/S(Æ)
390
170
Novo
Nordisk
A/S
Class
B
5,662
545
Novozymes
A/S
Class
B
2,245
154
4,674
Finland
-
1.7%
Elisa
OYJ
7,304
453
Fortum
OYJ
5,927
180
Kone
OYJ
Class
B
10,263
720
Neste
OYJ
3,919
221
Nokia
OYJ(Æ)
552,314
3,039
Nordea
Bank
Abp
26,971
346
Orion
OYJ
Class
B
1,887
75
Sampo
OYJ
Class
A
12,054
598
Stora
Enso
OYJ
Class
R
7,626
127
UPM-
Kymmene
OYJ
20,318
718
6,477
France
-
9.0%
Accor
SA(Æ)
16,176
573
Air
Liquide
SA
Class
A
949
152
Airbus
Group
SE(Æ)
6,730
884
Amundi
SA(Þ)
15,123
1,275
Arkema
SA
1,182
156
Atos
SE
1,298
69
AXA
SA
51,094
1,421
BNP
Paribas
SA
22,876
1,465
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
22
International
Developed
Markets
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Bouygues
SA
-
ADR
16,761
692
Bureau
Veritas
SA
16,799
516
Capgemini
SE
3,444
716
Carrefour
SA
8,552
154
Cie
de
Saint-Gobain
SA
26,703
1,799
Cie
Generale
des
Etablissements
Michelin
SCA
Class
B
14,902
2,287
Credit
Agricole
SA
4,598
63
Danone
SA
2,699
184
Dassault
Aviation
SA
2,250
252
Dassault
Systemes
SE
3,400
178
Eiffage
SA
1,346
136
Engie
SA
82,924
1,088
EssilorLuxottica
SA
1,018
195
Hermes
International
212
293
L'Oreal
SA
3,284
1,355
LVMH
Moet
Hennessy
Louis
Vuitton
SE
-
ADR
3,381
2,418
Orange
SA
-
ADR
81,190
880
Publicis
Groupe
SA
-
ADR
21,370
1,439
Renault
SA(Æ)
11,915
425
Rexel
SA
Class
H(Æ)
178,721
3,439
Sanofi
-
ADR
16,899
1,627
Schneider
Electric
SE
11,609
1,930
SCOR
SE
-
ADR
26,641
764
Societe
Generale
SA
29,645
931
Technip
Energies
NV
-
ADR(Æ)
32,787
514
Total
SA
47,832
2,292
Vinci
SA
2,561
265
Vivendi
SA
-
ADR(Ñ)
22,847
288
Worldline
SA(Æ)(Þ)
8,621
658
33,773
Germany
-
4.6%
Allianz
SE
1,463
330
BASF
SE
29,593
2,255
Bayer
AG
2,787
152
Bayerische
Motoren
Werke
Aktiengesellschaft
2,256
217
Brenntag
AG
987
92
Ceconomy
AG(Æ)
49,527
214
Continental
AG(Æ)
5,501
603
Covestro
AG(Þ)
35,844
2,462
Daimler
AG
15,045
1,337
Deutsche
Boerse
AG
4,516
735
Deutsche
Post
AG
4,228
266
Deutsche
Telekom
AG
14,415
291
E.ON
SE
21,774
266
Evonik
Industries
AG
3,199
101
Fresenius
Medical
Care
AG
&
Co.
20,535
1,447
Fresenius
SE
&
Co.
KGaA
23,920
1,150
Hannover
Rueck
SE
2,013
353
HeidelbergCement
AG
1,689
127
Infineon
Technologies
AG
-
ADR
19,987
822
Metro
AG
15,401
200
Muenchener
Rueckversicherungs-
Gesellschaft
AG
3,265
895
RWE
AG
5,640
199
SAP
SE
-
ADR
2,261
306
Scout24
AG(Þ)
1,967
137
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Siemens
AG
6,916
1,137
Siemens
Energy
AG(Æ)
4,600
124
Symrise
AG
1,220
161
Vitesco
Technologies
Group
AG(Æ)
768
45
Vonovia
SE
2,792
168
Zalando
SE(Æ)(Þ)
7,414
681
17,273
Hong
Kong
-
2.8%
AIA
Group,
Ltd.
226,008
2,602
CK
Asset
Holdings,
Ltd.
130,549
750
CK
Hutchison
Holdings,
Ltd.
Class
B
19,313
128
CLP
Holdings,
Ltd.
90,500
870
Galaxy
Entertainment
Group,
Ltd.(Æ)
84,000
424
Hang
Seng
Bank,
Ltd.
26,300
449
Henderson
Land
Development
Co.,
Ltd.
25,200
96
Hong
Kong
Exchanges
&
Clearing,
Ltd.
9,800
595
Jardine
Matheson
Holdings,
Ltd.
3,600
189
Link
Real
Estate
Investment
Trust(ö)
17,200
147
New
World
Development
Co.,
Ltd.
23,000
93
Power
Assets
Holdings,
Ltd.
55,000
322
Sino
Land
Co.,
Ltd.
59,698
80
Sun
Hung
Kai
Properties,
Ltd.
11,500
143
Techtronic
Industries
Co.,
Ltd.
170,771
3,349
WH
Group,
Ltd.(Þ)
123,000
88
Xinyi
Glass
Holdings,
Ltd.
74,000
220
10,545
India
-
1.5%
Canara
Bank(Æ)
119,258
275
Housing
Development
Finance
Corp.,
Ltd.
103,168
3,775
NTPC,
Ltd.
30,955
59
Oil
&
Natural
Gas
Corp.,
Ltd.
276,770
536
Reliance
Industries,
Ltd.
-
GDR(Þ)
9,265
626
Zee
Entertainment
Enterprises,
Ltd.
105,298
430
5,701
Indonesia
-
0.1%
Bank
Mandiri
Persero
Tbk
PT
1,149,200
488
Ireland
-
1.5%
AIB
Group
PLC(Æ)
180,201
486
Bank
of
Ireland
Group
PLC(Æ)
96,383
568
CRH
PLC
3,664
171
DCC
PLC
2,160
179
Flutter
Entertainment
PLC(Æ)
5,430
1,067
Kerry
Group
PLC
Class
A
16,966
2,271
Kingspan
Group
PLC
1,837
182
Ryanair
Holdings
PLC
-
ADR(Æ)
5,069
558
Smurfit
Kappa
Group
PLC
2,593
136
5,618
Israel
-
0.2%
Bank
Hapoalim
BM
14,903
131
Bank
Leumi
Le-Israel
BM
18,764
159
Check
Point
Software
Technologies,
Ltd.
(Æ)
1,425
161
Israel
Discount
Bank,
Ltd.
Class
A(Æ)
18,095
96
547
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
International
Developed
Markets
Fund
23
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Italy
-
2.2%
Assicurazioni
Generali
SpA
52,432
1,115
BPER
Banca
131,241
293
Davide
Campari-Milano
NV(Æ)
56,409
794
Enel
SpA
183,380
1,409
Eni
SpA
-
ADR
90,954
1,211
Ferrari
NV
3,107
650
FinecoBank
Banca
Fineco
SpA
18,788
340
Intesa
Sanpaolo
SpA
77,400
220
Moncler
SpA
9,147
559
Saipem
SpA
(Æ)
113,516
279
Telecom
Italia
SpA
184,329
72
UniCredit
SpA
94,966
1,257
8,199
Japan
-
18.2%
Alfresa
Holdings
Corp.
15,500
232
Alps
Alpine
Co.,
Ltd.
25,300
275
Asahi
Glass
Co.,
Ltd.
2,900
148
Asahi
Kasei
Corp.
7,900
84
Astellas
Pharma,
Inc.
54,100
892
Benesse
Holdings,
Inc.
3,100
70
Bridgestone
Corp.
25,800
1,224
Brother
Industries,
Ltd.
3,700
81
Canon,
Inc.
43,400
1,068
Casio
Computer
Co.,
Ltd.
6,000
99
Chiyoda
Corp.(Æ)
31,000
109
Chubu
Electric
Power
Co.,
Inc.
9,400
112
Concordia
Financial
Group,
Ltd.
34,900
138
Dai-ichi
Life
Holdings,
Inc.
42,750
931
Daiichi
Sankyo
Co.,
Ltd.
24,700
659
Daikin
Industries,
Ltd.
800
172
Daito
Trust
Construction
Co.,
Ltd.
2,600
304
Daiwa
House
Industry
Co.,
Ltd.
2,700
90
DeNA
Co.,
Ltd.
19,800
368
Eisai
Co.,
Ltd.
9,340
703
ENEOS
Holdings,
Inc.
28,200
115
Fuji
Media
Holdings,
Inc.
12,900
137
FUJIFILM
Holdings
Corp.
3,200
276
Fujitsu,
Ltd.
500
91
Fukuoka
Financial
Group,
Inc.
28,500
512
Gree
,
Inc.
55,900
308
Hino
Motors,
Ltd.
73,900
693
Hitachi
Metals,
Ltd.(Æ)
40,700
789
Hitachi,
Ltd.
2,700
160
Honda
Motor
Co.,
Ltd.
117,700
3,629
Hoya
Corp.
1,200
188
Iida
Group
Holdings
Co.,
Ltd.
37,300
960
Inpex
Corp.
83,100
650
Isuzu
Motors,
Ltd.
197,400
2,593
ITOCHU
Corp.
9,000
264
Japan
Airlines
Co.,
Ltd.(Æ)
31,000
738
Japan
Exchange
Group,
Inc.
17,700
439
Japan
Tobacco,
Inc.
48,100
944
JGC
Holdings
Corp.
45,400
425
Kajima
Corp.
9,000
116
Kamigumi
Co.,
Ltd.
14,900
314
Kao
Corp.
17,000
1,013
KDDI
Corp.
33,000
1,091
Keyence
Corp.
4,700
2,816
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Komatsu,
Ltd.
89,500
2,152
Kyocera
Corp.
10,800
675
Marubeni
Corp.
11,100
91
MEIJI
Holdings
Co.,
Ltd.
7,900
511
Menicon
Co.,
Ltd.
46,200
1,800
Mitsubishi
Chemical
Holdings
Corp.
17,900
164
Mitsubishi
Corp.
6,200
194
Mitsubishi
Electric
Corp.
52,500
730
Mitsubishi
Estate
Co.,
Ltd.
43,200
688
Mitsubishi
Heavy
Industries,
Ltd.
9,900
267
Mitsubishi
Motors
Corp.(Æ)
65,200
178
Mitsubishi
UFJ
Financial
Group,
Inc.
254,300
1,485
Mitsui
&
Co.,
Ltd.
51,200
1,111
Mizuho
Financial
Group,
Inc.
10,800
152
MS&AD
Insurance
Group
Holdings,
Inc.
19,800
661
Murata
Manufacturing
Co.,
Ltd.
8,800
783
Nikon
Corp.
39,900
445
Nintendo
Co.,
Ltd.
1,610
783
Nippon
Telegraph
&
Telephone
Corp.
6,306
174
Nippon
Television
Holdings,
Inc.
26,800
303
Nissan
Motor
Co.,
Ltd.(Æ)
102,700
515
Nitori
Holdings
Co.,
Ltd.
800
157
Nitto
Denko
Corp.
4,700
335
Nomura
Holdings,
Inc.
84,600
416
Obayashi
Corp.
11,200
93
Ono
Pharmaceutical
Co.,
Ltd.
41,700
951
ORIX
Corp.
9,900
185
Otsuka
Corp.
3,600
185
Otsuka
Holdings
Co.,
Ltd.
16,500
703
Panasonic
Corp.
144,100
1,789
Pigeon
Corp.
4,700
109
Resona
Holdings,
Inc.
319,800
1,273
Secom
Co.,
Ltd.
2,600
189
Sekisui
Chemical
Co.,
Ltd.
15,700
270
Sekisui
House,
Ltd.
10,700
225
Shimamura
Co.,
Ltd.
6,600
620
Shimano,
Inc.
600
175
Shin-Etsu
Chemical
Co.,
Ltd.
18,635
3,143
Shiseido
Co.,
Ltd.
26,600
1,793
SMC
Corp.
900
563
SoftBank
Group
Corp.
18,800
578
Sompo
Japan
Nipponkoa
Holdings,
Inc.
3,900
169
Sony
Corp.
8,110
903
Subaru
Corp.
6,900
128
Sumitomo
Chemical
Co.,
Ltd.
25,000
130
Sumitomo
Corp.
10,900
152
Sumitomo
Electric
Industries,
Ltd.
34,200
456
Sumitomo
Heavy
Industries,
Ltd.
13,400
347
Sumitomo
Mitsui
Banking
Corp.
60,100
2,103
Sumitomo
Mitsui
Trust
Holdings,
Inc.
23,000
788
Suzuki
Motor
Corp.
6,400
285
T&D
Holdings,
Inc.
107,200
1,464
Taiheiyo
Cement
Corp.
14,200
295
Takeda
Pharmaceutical
Co.,
Ltd.
37,100
1,230
Terumo
Corp.
5,200
244
THK
Co.,
Ltd.
12,200
269
Tokio
Marine
Holdings,
Inc.
1,700
91
Tokyo
Electron,
Ltd.
500
220
Toppan
Printing
Co.,
Ltd.
18,000
306
Toray
Industries,
Inc.
27,700
177
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
24
International
Developed
Markets
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Tosoh
Corp.
5,400
98
Toyota
Industries
Corp.
24,100
1,980
Toyota
Motor
Corp.
32,500
581
Toyota
Tsusho
Corp.
3,000
126
Trend
Micro,
Inc.
4,300
240
Unicharm
Corp.
5,200
231
USS
Co.,
Ltd.
8,100
139
Yamaha
Motor
Co.,
Ltd.
13,000
362
68,148
Jersey
-
0.1%
Allfunds
Group
PLC(Æ)
15,546
299
Luxembourg
-
0.9%
ArcelorMittal
SA(Æ)
42,010
1,268
Eurofins
Scientific
SE
13,398
1,717
RTL
Group
SA
7,674
459
3,444
Macao
-
0.1%
Sands
China,
Ltd.(Æ)
139,625
286
Malaysia
-
0.1%
CIMB
Group
Holdings
BHD
309,300
352
Mexico
-
0.7%
America
Movil
SAB
de
CV
Class
L
-
ADR
47,418
838
Grupo
Televisa
SAB
-
ADR
169,879
1,865
2,703
Netherlands
-
5.4%
ABN
AMRO
Bank
NV(Þ)
53,705
773
Adyen
NV(Æ)(Þ)
290
806
Akzo
Nobel
NV
5,136
559
ASML
Holding
NV
2,821
2,081
Exor
NV
1,643
138
Heineken
NV
34,259
3,562
ING
Groep
NV
270,369
3,925
Koninklijke
Ahold
Delhaize
NV
9,657
320
Koninklijke
KPN
NV
110,645
347
Koninklijke
Philips
NV
16,092
713
NN
Group
NV
2,396
125
PostNL
NV
-
ADR
55,011
265
Randstad
NV
4,511
301
Royal
Dutch
Shell
PLC
Class
A
109,579
2,441
Royal
Dutch
Shell
PLC
Class
B
124,639
2,761
Stellantis
NV
4,686
89
Universal
Music
Group
NV(Æ)(Ñ)
22,847
612
Wolters
Kluwer
NV
1,740
184
20,002
New
Zealand
-
0.6%
Fisher
&
Paykel
Healthcare
Corp.,
Ltd.
98,682
2,169
Spark
New
Zealand,
Ltd.
39,929
132
2,301
Norway
-
0.4%
Gjensidige
Forsikring
ASA
3,802
84
Mowi
ASA
16,046
405
Norsk
Hydro
ASA
119,255
890
Orkla
ASA
18,550
170
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Yara
International
ASA
2,286
113
1,662
Russia
-
0.6%
Gazprom
PJSC
-
ADR
85,908
846
Lukoil
PJSC
-
ADR
2,628
250
Sberbank
of
Russia
PJSC
-
ADR
25,020
465
VEON,
Ltd.(Æ)
134,442
280
Yandex
NV
Class
A(Æ)
5,399
430
2,271
Singapore
-
0.7%
DBS
Group
Holdings,
Ltd.
36,609
813
Oversea-Chinese
Banking
Corp.,
Ltd.
15,292
128
Singapore
Technologies
Engineering,
Ltd.
21,600
60
Singapore
Telecommunications,
Ltd.
43,700
79
United
Overseas
Bank,
Ltd.
6,400
121
Venture
Corp.,
Ltd.
18,100
239
Wilmar
International,
Ltd.
308,200
947
2,387
South
Africa
-
0.8%
Anglo
American
PLC
46,239
1,595
Gold
Fields,
Ltd.
-
ADR
34,775
282
Impala
Platinum
Holdings,
Ltd.
3,810
43
MTN
Group,
Ltd.(Æ)
51,834
486
Old
Mutual,
Ltd.
353,626
387
2,793
South
Korea
-
1.8%
Coway
Co.,
Ltd.
5,268
328
Hankook
Tire
&
Technology
Co.,
Ltd.
9,991
360
KB
Financial
Group,
Inc.
21,874
1,017
KT
Corp.
-
ADR
63,026
858
POSCO
6,149
1,709
Samsung
Electronics
Co.,
Ltd.
12,373
770
Shinhan
Financial
Group
Co.,
Ltd.
45,574
1,531
6,573
Spain
-
2.0%
ACS
Actividades
de
Construccion
y
Servicios
SA
3,000
80
Amadeus
IT
Group
SA
Class
A(Æ)
17,908
1,176
Banco
Bilbao
Vizcaya
Argentaria
SA
-
ADR
11,944
79
Banco
Santander
SA
-
ADR
31,165
113
CaixaBank
SA
618,655
1,919
Cellnex
Telecom
SA(Þ)
34,055
2,100
Endesa
SA
-
ADR
8,876
179
Iberdrola
SA
18,367
183
Industria
de
Diseno
Textil
SA
36,952
1,344
Naturgy
Energy
Group
SA
4,700
118
Repsol
SA
-
ADR
11,675
152
Telefonica
SA
-
ADR
27,730
129
7,572
Sweden
-
1.5%
Assa
Abloy
AB
Class
B
30,243
877
Atlas
Copco
AB(Æ)
10,178
617
Boliden
AB(Æ)
12,613
406
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
International
Developed
Markets
Fund
25
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Epiroc
AB
Class
A
4,393
91
Hexagon
AB(Æ)
12,446
192
Husqvarna
AB
Class
B
8,535
102
ICA
Gruppen
AB
1,554
71
Investor
AB
Class
B
12,825
275
Kinnevik
AB
Class
B(Æ)
2,854
101
Sandvik
AB
65,724
1,499
Skandinaviska
Enskilda
Banken
AB
Class
A
10,055
142
Skanska
AB
Class
B
6,059
152
SKF
AB
Class
B
5,201
122
Svenska
Handelsbanken
AB
Class
A
12,929
145
Swedbank
AB
Class
A
7,140
144
Swedish
Match
AB
58,170
510
Volvo
AB
Class
B
8,126
183
5,629
Switzerland
-
8.2%
ABB,
Ltd.
22,672
756
Adecco
Group
AG
21,203
1,062
Alcon,
Inc.
8,144
660
Baloise
Holding
AG
608
93
Chocoladefabriken
Lindt
&
Spruengli
AG
17
190
Cie
Financiere
Richemont
SA
Class
A
4,060
419
Credit
Suisse
Group
AG
Class
A
58,136
576
EMS-
Chemie
Holding
AG
164
154
Geberit
AG
193
142
Givaudan
SA
37
169
Julius
Baer
Group,
Ltd.
21,573
1,427
Kuehne
&
Nagel
International
AG
320
109
LafargeHolcim
,
Ltd.(Æ)
25,395
1,222
Lonza
Group
AG
1,200
899
Nestle
SA
52,292
6,291
Novartis
AG
29,692
2,436
Partners
Group
Holding
AG
1,192
1,856
Roche
Holding
AG
12,082
4,408
Schindler
Holding
AG
533
143
SGS
SA
241
701
Sika
AG
570
180
Straumann
Holding
AG
91
163
Swiss
Life
Holding
AG
402
204
Swiss
Re
AG
1,579
135
Swisscom
AG
1,359
780
Temenos
AG
7,758
1,054
UBS
Group
AG
216,452
3,458
Zurich
Insurance
Group
AG
2,197
896
30,583
Taiwan
-
2.6%
Catcher
Technology
Co.,
Ltd.
185,513
1,109
Hon
Hai
Precision
Industry
Co.,
Ltd.
712,184
2,662
MediaTek
,
Inc.
28,000
903
Shin
Kong
Financial
Holding
Co.,
Ltd.
788,000
261
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
88,000
1,815
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
-
ADR
27,568
3,077
9,827
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Thailand
-
0.2%
Kasikornbank
PCL
208,600
819
Turkey
-
0.1%
Turk
Telekomunikasyon
AS
230,967
194
Turkcell
Iletisim
Hizmetleri
AS
150,487
259
453
United
Kingdom
-
10.7%
3i
Group
PLC
8,505
146
Ashtead
Group
PLC
1,905
145
AstraZeneca
PLC
12,642
1,522
Aviva
PLC
161,305
859
Babcock
International
Group
PLC(Æ)
90,925
451
BAE
Systems
PLC
151,692
1,147
Barclays
PLC
441,603
1,126
Barratt
Developments
PLC
13,355
118
Berkeley
Group
Holdings
PLC(Æ)
5,005
293
BP
PLC
403,093
1,826
British
American
Tobacco
PLC
10,184
355
British
Land
Co.
PLC
(The)(ö)
52,154
344
BT
Group
PLC(Æ)
363,985
782
Centrica
PLC(Æ)
406,506
310
Compass
Group
PLC(Æ)
104,066
2,129
Croda
International
PLC(Æ)
1,764
201
Diageo
PLC
20,209
974
Direct
Line
Insurance
Group
PLC
68,627
268
Endeavour
Mining
Corp.
9,734
219
Experian
PLC
8,796
365
Ferguson
PLC
1,253
174
GlaxoSmithKline
PLC
-
ADR
14,663
277
Halma
PLC
6,590
251
HSBC
Holdings
PLC
315,326
1,650
Imperial
Tobacco
Group
PLC
3,708
77
Intermediate
Capital
Group
PLC(Æ)
29,906
822
J
Sainsbury
PLC
591,195
2,264
John
Wood
Group
PLC(Æ)
493,751
1,528
Johnson
Matthey
PLC
2,355
85
Kingfisher
PLC
141,169
639
Land
Securities
Group
PLC(ö)
34,795
324
Legal
&
General
Group
PLC
40,525
153
Linde
PLC
11,534
3,430
Lloyds
Banking
Group
PLC
177,653
111
M&G
PLC
38,702
106
Marks
&
Spencer
Group
PLC(Æ)
115,981
283
Mondi
PLC
19,156
468
Natwest
Group
PLC
329,048
998
Persimmon
PLC
Class
A
13,703
488
Reckitt
Benckiser
Group
PLC
763
60
RELX
PLC
10,932
315
Segro
PLC(ö)
17,419
280
Smith
&
Nephew
PLC
43,045
739
Spirax-Sarco
Engineering
PLC
668
134
St.
James's
Place
PLC
21,061
427
Standard
Chartered
PLC
285,594
1,674
Taylor
Wimpey
PLC
78,473
162
TechnipFMC
PLC(Æ)
125,870
948
Tesco
PLC
599,814
2,034
Travis
Perkins
PLC
84,207
1,727
Unilever
PLC
23,903
1,292
Vodafone
Group
PLC
810,531
1,226
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
26
International
Developed
Markets
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Wausau
Paper
Corp.
92,040
1,237
Wm
Morrison
Supermarkets
PLC
31,602
125
40,088
United
States
-
3.4%
Accenture
PLC
Class
A
9,481
3,033
Allegion
PLC
19,661
2,599
Amdocs,
Ltd.
23,607
1,787
Aon
PLC
Class
A
9,756
2,788
James
Hardie
Industries
PLC
16,020
575
Lululemon
Athletica
,
Inc.(Æ)
2,210
894
Ovintiv
,
Inc.
16,344
537
Pagseguro
Digital,
Ltd.
Class
A(Æ)
12,772
661
12,874
Total
Common
Stocks
(cost
$315,640)
347,590
Preferred
Stocks
-
2.2%
Germany
-
1.4%
Henkel
AG
&
Co.
KGaA
2.408%
(Ÿ)
1,853
172
Porsche
Automobil
Holding
SE
2.556%
(Ÿ)
1,847
184
Sartorius
AG
0.132%
(Ÿ)
2,890
1,840
Volkswagen
AG
2.552%
(Ÿ)
13,180
2,953
5,149
South
Korea
-
0.8%
Samsung
Electronics
Co.,
Ltd.
4.123%
(Ÿ)
51,717
3,027
Total
Preferred
Stocks
(cost
$6,010)
8,176
Short-Term
Investments
-
2.2%
United
States
-
2.2%
U.S.
Cash
Management
Fund(@)
8,048,743
(∞)
8,047
Total
Short-Term
Investments
(cost
$8,047)
8,047
Other
Securities
-
0.2%
U.S.
Cash
Collateral
Fund(@)(×)
890,785
(∞)
891
Total
Other
Securities
(cost
$891)
891
Total
Investments
-
97.5%
(identified
cost
$330,588)
364,704
Other
Assets
and
Liabilities,
Net
-
2.5%
9,272
Net
Assets
-
100.0%
373,976
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
International
Developed
Markets
Fund
27
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
shares
$
$
$
2.6%
ABN
AMRO
Bank
NV
06/26/19
EUR
53,705
17.89
961
773
Adyen
NV
07/25/19
EUR
290
762.85
221
806
Amundi
SA
02/21/19
EUR
15,123
64.83
980
1,275
Cellnex
Telecom
SA
08/07/17
EUR
34,055
38.50
1,311
2,100
Covestro
AG
08/15/19
EUR
35,844
44.13
1,582
2,462
Reliance
Industries,
Ltd.
10/21/20
USD
9,265
56.22
521
626
Scout24
AG
12/17/20
EUR
1,967
83.16
164
137
WH
Group,
Ltd.
06/26/19
HKD
123,000
1.02
125
88
Worldline
SA
02/14/20
EUR
8,621
81.51
703
658
Zalando
SE
12/12/19
EUR
7,414
52.44
389
681
9,606
For
a
description
of
restricted
securities
see
note
5
in
the
Notes
to
Quarterly
Report.
Futures
Contracts
Amounts
in
thousands
(except
contract
amounts
)
Number
of
Contracts
Notional
Amount
Expiration
Date
Value
and
Unrealized
Appreciation
(Depreciation)
$
Long
Positions
Amsterdam
Index
Futures
9
EUR
1,387
10/21
(46)
CAC
40
Euro
Index
Futures
51
EUR
3,324
10/21
(74)
DAX
Index
Futures
7
EUR
2,675
12/21
(84)
EURO
STOXX
50
Index
Futures
48
EUR
1,943
12/21
(64)
FTSE
100
Index
Futures
26
GBP
1,839
12/21
27
FTSE/MIB
Index
Futures
7
EUR
888
12/21
(14)
Hang
Seng
Index
Futures
3
HKD
3,679
10/21
4
IBEX
35
Index
Futures
9
EUR
793
10/21
3
MSCI
Singapore
Index
Futures
6
SGD
212
10/21
(2)
OMXS30
Index
Futures
38
SEK
8,562
10/21
(37)
S&P/TSX
60
Index
Futures
74
CAD
17,702
12/21
(346)
SPI
200
Index
Futures
94
AUD
17,139
12/21
(191)
TOPIX
Index
Futures
97
JPY
1,969,586
12/21
(92)
Short
Positions
MSCI
Emerging
Markets
Index
Futures
550
USD
34,254
12/21
1,516
S&P
500
E-Mini
Index
Futures
88
USD
18,910
12/21
709
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
1,309
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Bank
of
Montreal
USD
3,458
AUD
4,697
12/15/21
(62)
Bank
of
Montreal
USD
3,833
CAD
4,878
12/15/21
18
Bank
of
Montreal
USD
870
DKK
5,470
12/15/21
(17)
Bank
of
Montreal
USD
1,122
EUR
948
12/15/21
(22)
Bank
of
Montreal
USD
878
GBP
639
12/15/21
(17)
Bank
of
Montreal
USD
3,687
JPY
406,485
12/15/21
(32)
Bank
of
Montreal
CHF
1,274
USD
1,384
12/15/21
15
Bank
of
New
York
USD
3,464
AUD
4,697
12/15/21
(68)
Bank
of
New
York
USD
3,848
CAD
4,878
12/15/21
3
Bank
of
New
York
USD
871
DKK
5,470
12/15/21
(17)
Bank
of
New
York
USD
1,122
EUR
948
12/15/21
(22)
Bank
of
New
York
USD
879
GBP
639
12/15/21
(18)
Bank
of
New
York
USD
3,689
JPY
406,485
12/15/21
(35)
Bank
of
New
York
CHF
1,274
USD
1,386
12/15/21
17
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
28
International
Developed
Markets
Fund
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
JPMorgan
Chase
USD
3,468
AUD
4,697
12/15/21
(70)
JPMorgan
Chase
USD
3,851
CAD
4,878
12/15/21
1
JPMorgan
Chase
USD
871
DKK
5,470
12/15/21
(18)
JPMorgan
Chase
USD
1,123
EUR
948
12/15/21
(23)
JPMorgan
Chase
USD
880
GBP
639
12/15/21
(19)
JPMorgan
Chase
USD
3,689
JPY
406,485
12/15/21
(35)
JPMorgan
Chase
CHF
1,274
USD
1,386
12/15/21
16
Royal
Bank
of
Canada
USD
3,469
AUD
4,697
12/15/21
(71)
Royal
Bank
of
Canada
USD
59
CAD
75
10/04/21
—
Royal
Bank
of
Canada
USD
3,851
CAD
4,878
12/15/21
—
Royal
Bank
of
Canada
USD
871
DKK
5,470
12/15/21
(18)
Royal
Bank
of
Canada
USD
1,123
EUR
948
12/15/21
(23)
Royal
Bank
of
Canada
USD
880
GBP
639
12/15/21
(19)
Royal
Bank
of
Canada
USD
3,690
JPY
406,485
12/15/21
(35)
Royal
Bank
of
Canada
CHF
1,274
USD
1,386
12/15/21
16
Standard
Chartered
USD
3,466
AUD
4,697
12/15/21
(69)
Standard
Chartered
USD
3,849
CAD
4,878
12/15/21
3
Standard
Chartered
USD
871
DKK
5,470
12/15/21
(17)
Standard
Chartered
USD
1,122
EUR
948
12/15/21
(23)
Standard
Chartered
USD
879
GBP
639
12/15/21
(18)
Standard
Chartered
USD
3,690
JPY
406,485
12/15/21
(35)
Standard
Chartered
CHF
1,274
USD
1,386
12/15/21
16
State
Street
USD
2,183
NOK
19,060
12/15/21
(4)
State
Street
USD
354
SEK
3,050
12/15/21
(5)
State
Street
HKD
2,630
USD
338
12/15/21
—
Total
Unrealized
Appreciation
(Depreciation)
on
Open
Foreign
Currency
Exchange
Contracts
(707)
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
Common
Stocks
Argentina
$
80
$
—
$
—
$
—
$
80
Australia
—
7,365
—
—
7,365
Austria
—
1,237
—
—
1,237
Belgium
—
1,644
—
—
1,644
Brazil
1,884
—
—
—
1,884
Canada
16,742
—
—
—
16,742
China
1,950
2,327
—
—
4,277
Denmark
—
4,674
—
—
4,674
Finland
—
6,477
—
—
6,477
France
514
33,259
—
—
33,773
Germany
45
17,228
—
—
17,273
Hong
Kong
—
10,545
—
—
10,545
India
—
5,701
—
—
5,701
Indonesia
—
488
—
—
488
Ireland
558
5,060
—
—
5,618
Israel
161
386
—
—
547
Italy
—
8,199
—
—
8,199
Japan
—
68,148
—
—
68,148
Jersey
—
299
—
—
299
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
International
Developed
Markets
Fund
29
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
Luxembourg
—
3,444
—
—
3,444
Macao
—
286
—
—
286
Malaysia
—
352
—
—
352
Mexico
2,703
—
—
—
2,703
Netherlands
612
19,390
—
—
20,002
New
Zealand
—
2,301
—
—
2,301
Norway
—
1,662
—
—
1,662
Russia
710
1,561
—
—
2,271
Singapore
—
2,387
—
—
2,387
South
Africa
282
2,511
—
—
2,793
South
Korea
858
5,715
—
—
6,573
Spain
—
7,572
—
—
7,572
Sweden
—
5,629
—
—
5,629
Switzerland
—
30,583
—
—
30,583
Taiwan
3,077
6,750
—
—
9,827
Thailand
—
819
—
—
819
Turkey
—
453
—
—
453
United
Kingdom
1,167
38,921
—
—
40,088
United
States
12,299
575
—
—
12,874
Preferred
Stocks
—
8,176
—
—
8,176
Short-Term
Investments
—
—
—
8,047
8,047
Other
Securities
—
—
—
891
891
Total
Investments
43,642
312,124
—
8,938
364,704
Other
Financial
Instruments
Assets
Futures
Contracts
2,259
—
—
—
2,259
Foreign
Currency
Exchange
Contracts
—
105
—
—
105
Liabilities
Futures
Contracts
(950)
—
—
—
(950)
Foreign
Currency
Exchange
Contracts
—
(812)
—
—
(812)
Total
Other
Financial
Instruments
*
$
1,309
$
(707)
$
—
$
—
$
602
*
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
September
30,
2021,
see
note
2
in
the
Notes
to
Quarterly
Report.
Amounts
in
thousands
Russell
Investment
Funds
International
Developed
Markets
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
30
International
Developed
Markets
Fund
Sector
Exposure
Fair
Value
$
Common
Stocks
Consumer
Discretionary
..........................................................
51,368
Consumer
Staples
...................................................................
21,932
Energy
....................................................................................
18,390
Financial
Services
...................................................................
82,218
Health
Care
.............................................................................
28,784
Materials
and
Processing
........................................................
39,852
Producer
Durables
..................................................................
47,151
Technology
..............................................................................
41,823
Utilities
...................................................................................
16,072
Preferred
Stocks
Consumer
Discretionary
..........................................................
3,136
Consumer
Staples
...................................................................
172
Technology
..............................................................................
4,868
Short-Term
Investments
................................................................
8,047
Other
Securities
...........................................................................
891
Total
Investments
....................................................................
364,704
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
31
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Long-Term
Investments
-
82.3%
Asset-Backed
Securities
-
2.8%
Amur
Equipment
Finance
Receivables
IX
LLC
Series
2021-1A
Class
C
1.750%
due
06/21/27
(Þ)
735
736
Arbor
Realty
Commercial
Real
Estate,
Ltd
Series
2021-FL3
Class
A
1.155%
due
08/15/34
(USD
1
Month
LIBOR
+
1.070%)(Ê)(Þ)
5,030
5,030
Blackbird
Capital
Aircraft
Lease
Securitization,
Ltd.
Series
2016-1A
Class
AA
2.487%
due
12/16/41
(~)(Ê)(Þ)
533
535
Carlyle
Global
Market
Strategies
CLO,
Ltd.
Series
2021-4A
Class
A1R3
1.218%
due
04/22/32
(USD
3
Month
LIBOR
+
1.080%)(Ê)(Þ)
2,298
2,298
CLI
Funding
VI
LLC
Series
2020-3A
Class
A
2.070%
due
10/18/45
(Þ)
1,504
1,514
Conseco
Financial
Corp.
Series
1998-2
Class
M1
6.940%
due
12/01/28
(~)(Ê)
977
1,001
Countrywide
Asset-Backed
Certificates
Series
2007-4
Class
A4W
4.640%
due
04/25/47
1,523
1,579
FNA
VI
LLC
Series
2021-1A
Class
A
1.350%
due
01/10/32
(~)(Ê)(Þ)
710
709
Goldentree
Loan
Management
US
CLO
7,
Ltd.
Series
2021-7A
Class
AR
1.204%
due
04/20/34
(USD
3
Month
LIBOR
+
1.070%)(Ê)(Þ)
1,147
1,148
Greenpoint
Manufactured
Housing
Contract
Trust
Series
2000-4
Class
A3
2.190%
due
08/21/31
(USD
1
Month
LIBOR
+
2.000%)(Ê)
650
650
Octane
Receivables
Trust
Series
2021-1A
Class
A
0.930%
due
03/22/27
(Þ)
1,793
1,794
OneMain
Financial
Issuance
Trust
Series
2019-2A
Class
A
3.140%
due
10/14/36
(Þ)
500
535
Series
2020-1A
Class
A
3.840%
due
05/14/32
(Þ)
1,242
1,284
Option
One
Mortgage
Loan
Trust
Series
2007-FXD1
Class
3A4
5.860%
due
01/25/37
(~)(Ê)
563
571
Prodigy
Finance
Designated
Activity
Co.
Series
2021-1A
Class
A
1.336%
due
07/25/51
1,152
1,156
SpringCastle
America
Funding
LLC
Series
2020-AA
Class
A
1.970%
due
09/25/37
(Þ)
4,112
4,146
TAL
Advantage
VII
LLC
Series
2020-1A
Class
A
2.050%
due
09/20/45
(Þ)
2,022
2,036
Towd
Point
Mortgage
Trust
Series
2020-MH1
Class
A1
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.250%
due
02/25/60
(~)(Ê)(Þ)
2,473
2,492
29,214
Corporate
Bonds
and
Notes
-
20.6%
3M
Co.
2.875%
due
10/15/27
951
1,030
3.700%
due
04/15/50
30
34
Abbott
Laboratories
4.750%
due
11/30/36
824
1,049
4.900%
due
11/30/46
90
122
AbbVie,
Inc.
3.600%
due
05/14/25
60
65
Series
WI
2.600%
due
11/21/24
440
463
3.800%
due
03/15/25
60
65
2.950%
due
11/21/26
670
718
3.200%
due
11/21/29
770
830
4.550%
due
03/15/35
10
12
4.050%
due
11/21/39
710
816
4.250%
due
11/21/49
60
71
Adobe,
Inc.
2.150%
due
02/01/27
590
618
Aetna,
Inc.
2.750%
due
11/15/22
50
51
Air
Lease
Corp.
0.700%
due
02/15/24
570
566
3.375%
due
07/01/25
480
510
1.875%
due
08/15/26
350
349
Alexandria
Real
Estate
Equities,
Inc.
2.000%
due
05/18/32
210
204
3.000%
due
05/18/51
150
146
Ally
Financial,
Inc.
8.000%
due
11/01/31
554
786
Alphabet,
Inc.
1.998%
due
08/15/26
865
904
0.800%
due
08/15/27
10
10
1.900%
due
08/15/40
130
117
2.050%
due
08/15/50
140
122
2.250%
due
08/15/60
80
70
Altria
Group,
Inc.
4.400%
due
02/14/26
222
249
2.450%
due
02/04/32
560
537
10.200%
due
02/06/39
22
38
3.400%
due
02/04/41
460
436
5.375%
due
01/31/44
643
757
3.875%
due
09/16/46
70
68
Amazon.com,
Inc.
1.200%
due
06/03/27
190
189
2.100%
due
05/12/31
350
355
2.500%
due
06/03/50
140
131
3.100%
due
05/12/51
210
220
Series
WI
2.800%
due
08/22/24
891
944
3.875%
due
08/22/37
50
59
Ambac
Assurance
Corp.
5.100%
due
12/31/99
(Þ)
1
1
American
Airlines
Group,
Inc.
5.500%
due
04/20/26
(Þ)
160
168
5.750%
due
04/20/29
(Þ)
140
151
American
Express
Co.
2.500%
due
07/30/24
60
63
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
32
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.550%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.854%)(Ê)(ƒ)
80
82
American
International
Group,
Inc.
4.750%
due
04/01/48
70
89
American
Tower
Corp.
5.000%
due
02/15/24
805
884
Americo
Life,
Inc.
3.450%
due
04/15/31
(Þ)
70
71
AmFam
Holdings,
Inc.
2.805%
due
03/11/31
(Þ)
120
123
3.833%
due
03/11/51
(Þ)
100
109
Amgen,
Inc.
4.400%
due
05/01/45
100
120
Series
WI
4.663%
due
06/15/51
50
63
Andeavor
LLC
Series
WI
5.125%
due
12/15/26
225
254
Anthem,
Inc.
4.101%
due
03/01/28
50
57
4.375%
due
12/01/47
20
24
4.850%
due
08/15/54
783
989
Aon
Corp.
8.205%
due
01/01/27
172
222
Apache
Corp.
4.375%
due
10/15/28
50
54
4.750%
due
04/15/43
150
162
4.250%
due
01/15/44
120
121
Apple,
Inc.
4.500%
due
02/23/36
691
866
4.650%
due
02/23/46
100
130
2.650%
due
05/11/50
150
144
Ares
Capital
Corp.
3.250%
due
07/15/25
914
961
AT&T,
Inc.
3.800%
due
02/15/27
150
166
1.650%
due
02/01/28
200
198
4.500%
due
05/15/35
150
176
3.100%
due
02/01/43
270
259
4.350%
due
06/15/45
26
29
3.500%
due
02/01/61
220
211
Series
WI
4.450%
due
04/01/24
868
940
4.300%
due
02/15/30
70
80
2.550%
due
12/01/33
40
39
3.500%
due
09/15/53
70
69
3.550%
due
09/15/55
83
82
3.800%
due
12/01/57
330
337
Aviation
Capital
Group
LLC
5.500%
due
12/15/24
(Þ)
170
191
Avnet,
Inc.
4.875%
due
12/01/22
410
429
Ball
Corp.
3.125%
due
09/15/31
230
227
Bank
of
America
Corp.
4.000%
due
01/22/25
45
49
4.271%
due
07/23/29
(USD
3
Month
LIBOR
+
1.310%)(Ê)
110
125
3.974%
due
02/07/30
(USD
3
Month
LIBOR
+
1.210%)(Ê)
500
560
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.884%
due
10/22/30
(USD
3
Month
LIBOR
+
1.190%)(Ê)
200
209
2.592%
due
04/29/31
(SOFR
+
2.150%)(Ê)
140
143
1.922%
due
10/24/31
(SOFR
+
1.370%)(Ê)
870
837
2.687%
due
04/22/32
(SOFR
+
1.320%)(Ê)
430
438
2.299%
due
07/21/32
(SOFR
+
1.220%)(Ê)
330
325
2.482%
due
09/21/36
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.200%)(Ê)
500
490
2.676%
due
06/19/41
(SOFR
+
1.930%)(Ê)
90
87
3.311%
due
04/22/42
(SOFR
+
1.580%)(Ê)
500
525
5.000%
due
01/21/44
555
728
4.330%
due
03/15/50
(USD
3
Month
LIBOR
+
1.520%)(Ê)
30
37
4.083%
due
03/20/51
(USD
3
Month
LIBOR
+
3.150%)(Ê)
330
390
Series
GMTN
4.450%
due
03/03/26
30
34
3.500%
due
04/19/26
80
87
Bank
of
America
NA
Series
BKNT
6.000%
due
10/15/36
734
1,003
Becton
Dickinson
and
Co.
3.363%
due
06/06/24
900
957
3.734%
due
12/15/24
188
203
4.685%
due
12/15/44
8
10
Bed
Bath
&
Beyond,
Inc.
3.749%
due
08/01/24
270
275
Berkshire
Hathaway
Energy
Co.
Series
WI
4.050%
due
04/15/25
699
769
Berkshire
Hathaway
Finance
Corp.
2.850%
due
10/15/50
1,044
1,029
Berkshire
Hathaway,
Inc.
3.125%
due
03/15/26
684
742
Berry
Global,
Inc.
0.950%
due
02/15/24
(Þ)
949
950
Berry
Petroleum
Corp.
7.000%
due
02/15/26
(Þ)
490
499
BGC
Partners,
Inc.
Series
WI
5.375%
due
07/24/23
408
438
Blackstone
Holdings
Finance
Co.
LLC
4.750%
due
02/15/23
(Þ)
900
951
Boardwalk
Pipelines,
LP
4.800%
due
05/03/29
710
813
Boeing
Co.
(The)
4.875%
due
05/01/25
220
245
2.196%
due
02/04/26
870
876
3.100%
due
05/01/26
20
21
2.700%
due
02/01/27
40
41
2.800%
due
03/01/27
30
31
3.200%
due
03/01/29
120
125
5.150%
due
05/01/30
310
364
3.250%
due
02/01/35
160
160
5.705%
due
05/01/40
160
203
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
33
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.750%
due
02/01/50
210
212
5.805%
due
05/01/50
100
133
3.950%
due
08/01/59
290
298
Bon
Secours
Mercy
Health,
Inc.
3.464%
due
06/01/30
90
98
BP
Capital
Markets
America,
Inc.
2.937%
due
04/06/23
910
944
3.410%
due
02/11/26
200
218
3.000%
due
02/24/50
860
827
Brighthouse
Financial,
Inc.
Series
WI
4.700%
due
06/22/47
339
383
Bristol-Myers
Squibb
Co.
2.350%
due
11/13/40
230
219
Series
WI
3.900%
due
02/20/28
380
430
3.400%
due
07/26/29
170
188
5.000%
due
08/15/45
171
230
Broadcom,
Inc.
3.187%
due
11/15/36
820
819
Series
WI
4.300%
due
11/15/32
320
359
Broadridge
Financial
Solutions,
Inc.
3.400%
due
06/27/26
863
941
Brown
&
Brown,
Inc.
4.200%
due
09/15/24
864
940
Burlington
Northern
Santa
Fe
LLC
4.400%
due
03/15/42
100
122
Cameron
LNG
LLC
3.701%
due
01/15/39
(Þ)
70
77
Capital
One
Bank
USA
NA
3.375%
due
02/15/23
846
880
Capital
One
Financial
Corp.
3.500%
due
06/15/23
884
929
Carrier
Global
Corp.
Series
WI
3.577%
due
04/05/50
40
42
CC
Holdings
GS
V
LLC
/
Crown
Castle
GS
III
Corp.
3.849%
due
04/15/23
529
555
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
5.125%
due
05/01/27
(Þ)
80
83
4.500%
due
08/15/30
(Þ)
10
10
Series
WI
4.500%
due
05/01/32
480
494
Centene
Corp.
Series
WI
4.250%
due
12/15/27
80
84
4.625%
due
12/15/29
270
294
3.375%
due
02/15/30
260
269
CenterPoint
Energy
Houston
Electric
LLC
4.500%
due
04/01/44
190
241
Charles
Schwab
Corp.
(The)
2.000%
due
03/20/28
140
143
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
248
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.250%
due
01/15/29
410
410
5.050%
due
03/30/29
120
141
3.500%
due
06/01/41
150
147
3.500%
due
03/01/42
190
186
5.750%
due
04/01/48
350
442
3.850%
due
04/01/61
60
57
3.950%
due
06/30/62
170
164
Series
WI
4.908%
due
07/23/25
120
135
6.384%
due
10/23/35
20
26
6.484%
due
10/23/45
639
869
6.834%
due
10/23/55
20
30
Cheniere
Energy
Partners,
LP
3.250%
due
01/31/32
(Þ)
290
291
Chevron
Corp.
1.141%
due
05/11/23
939
951
0.426%
due
08/11/23
891
893
2.954%
due
05/16/26
70
75
5.250%
due
11/15/43
10
13
4.950%
due
08/15/47
40
53
3.078%
due
05/11/50
10
10
2.343%
due
08/12/50
130
117
CHS/Community
Health
Systems,
Inc.
6.875%
due
04/15/29
(Þ)
140
140
Cigna
Corp.
2.400%
due
03/15/30
110
112
3.200%
due
03/15/40
490
505
Series
WI
4.375%
due
10/15/28
460
532
4.800%
due
08/15/38
220
269
6.125%
due
11/15/41
335
472
Cimarex
Energy
Co.
4.375%
due
06/01/24
150
162
3.900%
due
05/15/27
260
284
4.375%
due
03/15/29
330
373
Cintas
Corp.
No.
2
3.700%
due
04/01/27
70
78
Cisco
Systems,
Inc.
3.625%
due
03/04/24
832
895
CIT
Bank
NA
Series
BKNT
2.969%
due
09/27/25
(SOFR
+
1.715%)(Ê)
812
853
Citigroup,
Inc.
3.106%
due
04/08/26
(SOFR
+
2.842%)(Ê)
100
106
2.976%
due
11/05/30
(SOFR
+
1.422%)(Ê)
400
421
2.572%
due
06/03/31
(SOFR
+
2.107%)(Ê)
220
224
2.561%
due
05/01/32
(SOFR
+
1.167%)(Ê)
920
929
8.125%
due
07/15/39
370
632
4.650%
due
07/23/48
838
1,082
Clorox
Co.
(The)
1.800%
due
05/15/30
220
214
CNH
Industrial
Capital
LLC
1.950%
due
07/02/23
941
962
Coca-Cola
Co.
(The)
1.450%
due
06/01/27
945
954
1.375%
due
03/15/31
90
85
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
34
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.125%
due
03/25/40
120
142
2.500%
due
06/01/40
10
10
Comcast
Cable
Communications
Holdings,
Inc.
9.455%
due
11/15/22
583
642
Comcast
Corp.
3.600%
due
03/01/24
880
944
4.150%
due
10/15/28
110
127
4.250%
due
10/15/30
120
140
7.050%
due
03/15/33
150
217
6.500%
due
11/15/35
19
27
3.250%
due
11/01/39
10
11
3.750%
due
04/01/40
10
11
3.400%
due
07/15/46
20
21
4.000%
due
03/01/48
80
92
2.887%
due
11/01/51
(Þ)
364
349
2.937%
due
11/01/56
(Þ)
30
28
2.987%
due
11/01/63
(Þ)
117
110
CommonSpirit
Health
2.782%
due
10/01/30
80
82
3.910%
due
10/01/50
90
98
Commonwealth
Edison
Co.
6.450%
due
01/15/38
120
174
Comstock
Resources,
Inc.
5.875%
due
01/15/30
(Þ)
330
343
ConocoPhillips
Co.
3.750%
due
10/01/27
(Þ)
90
101
Constellation
Brands,
Inc.
4.250%
due
05/01/23
892
942
4.750%
due
11/15/24
40
44
Consumers
Energy
Co.
2.500%
due
05/01/60
110
96
Continental
Resources,
Inc.
4.500%
due
04/15/23
120
124
Corning,
Inc.
3.900%
due
11/15/49
100
112
Costco
Wholesale
Corp.
2.750%
due
05/18/24
904
954
1.600%
due
04/20/30
120
117
Covey
Park
Energy
LLC
7.500%
due
05/15/25
(Þ)
180
187
Crown
Castle
International
Corp.
5.200%
due
02/15/49
792
1,018
CVS
Health
Corp.
2.625%
due
08/15/24
70
74
3.625%
due
04/01/27
40
44
4.300%
due
03/25/28
101
115
3.250%
due
08/15/29
70
75
3.750%
due
04/01/30
110
122
2.125%
due
09/15/31
200
196
4.780%
due
03/25/38
260
319
4.125%
due
04/01/40
40
46
2.700%
due
08/21/40
310
296
5.050%
due
03/25/48
385
496
CyrusOne
,
Inc.
2.900%
due
11/15/24
915
959
Daimler
Finance
NA
LLC
3.350%
due
02/22/23
(Þ)
903
938
DCP
Midstream
Operating,
LP
6.450%
due
11/03/36
(Þ)
50
62
Series
A
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
7.375%
due
12/31/99
(USD
3
Month
LIBOR
+
5.148%)(Ê)(ƒ)
80
78
Deere
&
Co.
3.750%
due
04/15/50
40
48
Dell
International
LLC
/
EMC
Corp.
Series
WI
8.100%
due
07/15/36
120
182
8.350%
due
07/15/46
30
49
Delta
Air
Lines,
Inc.
3.800%
due
04/19/23
30
31
7.000%
due
05/01/25
(Þ)
280
327
4.500%
due
10/20/25
(Þ)
180
193
7.375%
due
01/15/26
110
130
4.750%
due
10/20/28
(Þ)
300
335
3.750%
due
10/28/29
30
31
Devon
Energy
Corp.
5.850%
due
12/15/25
140
162
5.250%
due
10/15/27
(Þ)
19
20
5.875%
due
06/15/28
(Þ)
153
169
4.500%
due
01/15/30
(Þ)
220
240
5.600%
due
07/15/41
100
125
4.750%
due
05/15/42
170
194
5.000%
due
06/15/45
410
481
DH
Europe
Finance
II
SARL
3.400%
due
11/15/49
684
739
Diamondback
Energy,
Inc.
3.500%
due
12/01/29
340
364
4.400%
due
03/24/51
160
181
Discover
Bank
Series
BKNT
4.682%
due
08/09/28
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
1.730%)(Ê)
950
1,011
DISH
DBS
Corp.
Series
WI
7.750%
due
07/01/26
10
11
Dollar
General
Corp.
3.250%
due
04/15/23
920
954
Dominion
Energy,
Inc.
Series
C
3.375%
due
04/01/30
80
87
DR
Horton,
Inc.
2.500%
due
10/15/24
280
293
Duke
Energy
Carolinas
LLC
6.100%
due
06/01/37
190
260
4.000%
due
09/30/42
100
114
Duke
Energy
Indiana
LLC
Series
YYY
3.250%
due
10/01/49
80
83
DuPont
de
Nemours,
Inc.
4.205%
due
11/15/23
888
954
Eaton
Corp.
4.150%
due
11/02/42
20
24
eBay,
Inc.
2.600%
due
05/10/31
70
71
Edison
International
4.950%
due
04/15/25
160
176
4.125%
due
03/15/28
718
765
Series
A
5.375%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.698%)(Ê)(ƒ)
220
227
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
35
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
El
Paso
Natural
Gas
Co.
LLC
7.500%
due
11/15/26
350
439
Enbridge
Energy
Partners,
LP
7.375%
due
10/15/45
484
763
Energy
Transfer
Operating,
LP
5.875%
due
01/15/24
653
718
7.600%
due
02/01/24
50
56
4.500%
due
04/15/24
290
314
2.900%
due
05/15/25
30
31
5.250%
due
04/15/29
30
35
3.750%
due
05/15/30
140
151
6.125%
due
12/15/45
60
76
6.250%
due
04/15/49
30
39
Series
10Y
4.950%
due
06/15/28
40
46
Series
H
6.500%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.694%)(Ê)(ƒ)
360
375
Energy
Transfer,
LP
5.500%
due
06/01/27
280
329
6.625%
due
12/31/99
(USD
3
Month
LIBOR
+
4.155%)(Ê)(ƒ)
110
107
6.750%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.134%)(Ê)(ƒ)
280
286
7.125%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.306%)(Ê)(ƒ)
430
451
EnLink
Midstream
LLC
5.625%
due
01/15/28
(Þ)
280
298
Enterprise
Products
Operating
LLC
3.900%
due
02/15/24
30
32
4.150%
due
10/16/28
150
171
2.800%
due
01/31/30
100
104
7.550%
due
04/15/38
20
31
5.700%
due
02/15/42
40
53
4.850%
due
03/15/44
60
72
3.700%
due
01/31/51
140
148
3.300%
due
02/15/53
160
156
3.950%
due
01/31/60
160
173
5.375%
due
02/15/78
(USD
3
Month
LIBOR
+
2.570%)(Ê)
330
343
Series
D
6.875%
due
03/01/33
844
1,178
EOG
Resources,
Inc.
4.150%
due
01/15/26
40
45
4.375%
due
04/15/30
190
222
4.950%
due
04/15/50
50
66
EQT
Corp.
3.000%
due
10/01/22
320
326
3.125%
due
05/15/26
(Þ)
30
31
3.900%
due
10/01/27
160
173
5.000%
due
01/15/29
10
11
7.000%
due
02/01/30
100
129
3.625%
due
05/15/31
(Þ)
30
31
Equifax,
Inc.
2.350%
due
09/15/31
620
610
Equities
Corp.
6.125%
due
02/01/25
10
11
Essex
Portfolio,
LP
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.250%
due
05/01/23
912
945
Exelon
Corp.
Series
WI
3.950%
due
06/15/25
489
532
Exelon
Generation
Co.
LLC
5.600%
due
06/15/42
615
742
Exxon
Mobil
Corp.
1.571%
due
04/15/23
934
952
3.482%
due
03/19/30
120
133
4.227%
due
03/19/40
230
273
4.114%
due
03/01/46
40
47
4.327%
due
03/19/50
10
12
3.452%
due
04/15/51
50
53
Fiat
Chrysler
Automobiles
NV
Series
WI
5.250%
due
04/15/23
877
935
Fidelity
&
Guaranty
Life
Holdings,
Inc.
5.500%
due
05/01/25
(Þ)
50
57
FirstEnergy
Corp.
Series
B
4.250%
due
03/15/23
100
104
3.900%
due
07/15/27
180
197
Series
C
7.375%
due
11/15/31
190
260
4.850%
due
07/15/47
50
61
Florida
Gas
Transmission
Co.
LLC
2.300%
due
10/01/31
(Þ)
520
511
Florida
Power
&
Light
Co.
3.150%
due
10/01/49
40
42
Ford
Motor
Credit
Co.
LLC
2.700%
due
08/10/26
400
401
4.000%
due
11/13/30
200
208
Series
FXD
3.350%
due
11/01/22
200
204
Fortinet,
Inc.
2.200%
due
03/15/31
300
297
Fox
Corp.
Series
WI
5.476%
due
01/25/39
130
166
FS
KKR
Capital
Corp.
3.400%
due
01/15/26
921
962
General
Dynamics
Corp.
3.625%
due
04/01/30
100
112
4.250%
due
04/01/40
220
268
4.250%
due
04/01/50
60
76
General
Electric
Co.
Series
GMTN
6.875%
due
01/10/39
163
243
Series
MTNA
6.750%
due
03/15/32
619
847
General
Mills,
Inc.
3.700%
due
10/17/23
444
471
General
Motors
Co.
4.875%
due
10/02/23
671
725
5.400%
due
10/02/23
40
44
6.125%
due
10/01/25
100
117
6.250%
due
10/02/43
110
148
6.750%
due
04/01/46
100
143
General
Motors
Financial
Co.,
Inc.
4.250%
due
05/15/23
10
11
4.150%
due
06/19/23
765
809
Genting
New
York
LLC
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
36
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.300%
due
02/15/26
(Þ)
440
436
Gilead
Sciences,
Inc.
5.650%
due
12/01/41
50
69
4.750%
due
03/01/46
100
126
GLP
Capital,
LP
/
GLP
Financing
II,
Inc.
5.375%
due
04/15/26
653
742
Goldman
Sachs
Group,
Inc.
(The)
4.250%
due
10/21/25
140
155
3.500%
due
11/16/26
90
97
3.691%
due
06/05/28
(USD
3
Month
LIBOR
+
1.510%)(Ê)
200
220
4.223%
due
05/01/29
(USD
3
Month
LIBOR
+
1.301%)(Ê)
50
57
3.800%
due
03/15/30
410
456
5.150%
due
05/22/45
140
184
Series
DMTN
2.383%
due
07/21/32
(SOFR
+
1.248%)(Ê)
800
792
Halliburton
Co.
4.850%
due
11/15/35
60
71
5.000%
due
11/15/45
20
24
HCA,
Inc.
5.125%
due
06/15/39
50
62
5.500%
due
06/15/47
443
574
Hershey
Co.
(The)
1.700%
due
06/01/30
160
157
Hilton
Domestic
Operating
Co.,
Inc.
5.375%
due
05/01/25
(Þ)
120
125
5.750%
due
05/01/28
(Þ)
40
43
Home
Depot,
Inc.
(The)
2.500%
due
04/15/27
867
920
3.900%
due
12/06/28
10
11
2.700%
due
04/15/30
80
85
3.300%
due
04/15/40
50
54
3.350%
due
04/15/50
90
97
HSBC
Holdings
PLC
7.200%
due
07/15/97
457
806
Humana,
Inc.
3.850%
due
10/01/24
50
54
4.500%
due
04/01/25
20
22
3.950%
due
03/15/27
200
223
4.625%
due
12/01/42
868
1,065
4.950%
due
10/01/44
20
26
Huntington
Bancshares,
Inc.
2.487%
due
08/15/36
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.170%)(Ê)(Þ)
1,012
996
Intel
Corp.
2.800%
due
08/12/41
110
110
4.950%
due
03/25/60
110
154
3.200%
due
08/12/61
60
60
Series
WI
3.734%
due
12/08/47
10
11
Intercontinental
Exchange,
Inc.
Series
FXD
0.700%
due
06/15/23
945
949
International
Business
Machines
Corp.
3.375%
due
08/01/23
904
953
International
Paper
Co.
7.300%
due
11/15/39
669
1,029
Jefferies
Financial
Group,
Inc.
6.625%
due
10/23/43
761
1,025
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Jefferies
Group
LLC
6.500%
due
01/20/43
635
881
Johnson
&
Johnson
2.100%
due
09/01/40
210
197
2.450%
due
09/01/60
160
149
JPMorgan
Chase
&
Co.
2.182%
due
06/01/28
(SOFR
+
1.890%)(Ê)
788
805
4.203%
due
07/23/29
(USD
3
Month
LIBOR
+
1.260%)(Ê)
40
46
4.452%
due
12/05/29
(USD
3
Month
LIBOR
+
1.330%)(Ê)
40
46
8.750%
due
09/01/30
280
417
2.739%
due
10/15/30
(SOFR
+
1.510%)(Ê)
140
145
2.522%
due
04/22/31
(SOFR
+
2.040%)(Ê)
120
122
2.956%
due
05/13/31
(SOFR
+
2.515%)(Ê)
340
354
1.953%
due
02/04/32
(SOFR
+
1.065%)(Ê)
600
579
2.580%
due
04/22/32
(SOFR
+
1.250%)(Ê)
390
395
4.950%
due
06/01/45
100
131
4.260%
due
02/22/48
(USD
3
Month
LIBOR
+
1.580%)(Ê)
110
133
3.109%
due
04/22/51
(SOFR
+
2.440%)(Ê)
90
91
3.328%
due
04/22/52
(SOFR
+
1.580%)(Ê)
620
649
Series
KK
3.650%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.850%)(Ê)(ƒ)
220
221
Kaiser
Foundation
Hospitals
4.150%
due
05/01/47
30
37
Series
2019
3.266%
due
11/01/49
30
32
Series
2021
2.810%
due
06/01/41
80
81
3.002%
due
06/01/51
80
82
Kimco
Realty
Corp.
2.250%
due
12/01/31
310
303
Kinder
Morgan
Energy
Partners,
LP
7.300%
due
08/15/33
50
70
6.550%
due
09/15/40
600
831
5.500%
due
03/01/44
20
25
Kinder
Morgan,
Inc.
4.300%
due
06/01/25
90
99
4.300%
due
03/01/28
170
193
5.300%
due
12/01/34
690
852
5.550%
due
06/01/45
80
102
5.050%
due
02/15/46
30
36
5.200%
due
03/01/48
10
12
KKR
Group
Finance
Co.
II
LLC
5.500%
due
02/01/43
(Þ)
10
13
KKR
Group
Finance
Co.
III
LLC
5.125%
due
06/01/44
(Þ)
100
129
Kroger
Co.
(The)
3.850%
due
08/01/23
750
791
5.150%
due
08/01/43
20
26
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
37
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
L3Harris
Technologies,
Inc.
2.900%
due
12/15/29
350
366
Laboratory
Corp.
of
America
Holdings
3.250%
due
09/01/24
886
944
Lam
Research
Corp.
1.900%
due
06/15/30
140
140
2.875%
due
06/15/50
60
60
Las
Vegas
Sands
Corp.
3.200%
due
08/08/24
922
946
2.900%
due
06/25/25
940
945
Lennar
Corp.
4.500%
due
04/30/24
10
11
Series
WI
5.000%
due
06/15/27
10
12
Lennox
International,
Inc.
1.700%
due
08/01/27
110
109
Lithia
Motors,
Inc.
4.625%
due
12/15/27
(Þ)
110
116
3.875%
due
06/01/29
(Þ)
190
197
Lockheed
Martin
Corp.
1.850%
due
06/15/30
140
139
4.500%
due
05/15/36
842
1,043
Loews
Corp.
6.000%
due
02/01/35
601
810
Lowe's
Cos.,
Inc.
3.875%
due
09/15/23
895
948
4.500%
due
04/15/30
50
59
1.700%
due
10/15/30
150
143
2.800%
due
09/15/41
90
88
3.000%
due
10/15/50
190
185
LPL
Holdings,
Inc.
4.375%
due
05/15/31
(Þ)
80
84
M&T
Bank
Corp.
3.500%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.679%)(Ê)(ƒ)
70
69
Main
Street
Capital
Corp.
5.200%
due
05/01/24
728
788
Markel
Corp.
4.300%
due
11/01/47
699
821
Marriott
International,
Inc.
Series
FXD
3.600%
due
04/15/24
120
128
Mars,
Inc.
2.375%
due
07/16/40
(Þ)
240
229
Marsh
&
McLennan
Cos.,
Inc.
3.875%
due
03/15/24
876
942
Massachusetts
Mutual
Life
Insurance
Co.
3.375%
due
04/15/50
(Þ)
70
73
Mastercard
,
Inc.
3.300%
due
03/26/27
130
143
3.850%
due
03/26/50
120
143
McDonald's
Corp.
1.450%
due
09/01/25
20
20
3.500%
due
03/01/27
10
11
3.500%
due
07/01/27
60
66
3.800%
due
04/01/28
50
56
3.600%
due
07/01/30
70
78
4.700%
due
12/09/35
716
884
4.450%
due
03/01/47
40
49
4.450%
due
09/01/48
80
98
3.625%
due
09/01/49
10
11
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.200%
due
04/01/50
140
167
MDC
Holdings,
Inc.
2.500%
due
01/15/31
160
156
6.000%
due
01/15/43
50
63
Merck
&
Co.,
Inc.
2.800%
due
05/18/23
620
644
1.450%
due
06/24/30
70
68
2.350%
due
06/24/40
120
114
2.450%
due
06/24/50
40
37
Microchip
Technology,
Inc.
0.972%
due
02/15/24
(Þ)
390
390
0.983%
due
09/01/24
(Þ)
160
160
Microsoft
Corp.
3.450%
due
08/08/36
130
149
2.525%
due
06/01/50
174
167
2.921%
due
03/17/52
176
182
Mid-America
Apartment
Communities,
Inc.
3.750%
due
06/15/24
890
954
MidAmerican
Energy
Co.
3.650%
due
04/15/29
50
56
4.400%
due
10/15/44
627
768
3.150%
due
04/15/50
110
115
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets,
Ltd.
6.500%
due
06/20/27
(Þ)
250
272
Molson
Coors
Brewing
Co.
4.200%
due
07/15/46
40
44
Mondelez
International,
Inc.
2.250%
due
09/19/24
(Þ)
690
718
1.875%
due
10/15/32
981
941
2.625%
due
09/04/50
40
37
Morgan
Stanley
2.188%
due
04/28/26
(SOFR
+
1.990%)(Ê)
70
72
1.593%
due
05/04/27
(SOFR
+
0.879%)(Ê)
70
70
3.622%
due
04/01/31
(SOFR
+
3.120%)(Ê)
180
198
1.794%
due
02/13/32
(SOFR
+
1.034%)(Ê)
80
76
2.484%
due
09/16/36
(SOFR
+
1.360%)(Ê)
420
411
3.217%
due
04/22/42
(SOFR
+
1.485%)(Ê)
190
199
2.802%
due
01/25/52
(SOFR
+
1.430%)(Ê)
350
336
Series
GMTN
4.431%
due
01/23/30
(USD
3
Month
LIBOR
+
1.628%)(Ê)
10
12
2.699%
due
01/22/31
(SOFR
+
1.143%)(Ê)
50
52
2.239%
due
07/21/32
(SOFR
+
1.178%)(Ê)
170
167
MPLX,
LP
4.000%
due
03/15/28
40
44
4.800%
due
02/15/29
50
58
4.500%
due
04/15/38
170
190
4.700%
due
04/15/48
70
81
Series
0006
5.200%
due
03/01/47
30
36
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
38
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
MPT
Operating
Partnership,
LP
/
MPT
Finance
Corp.
5.000%
due
10/15/27
120
126
4.625%
due
08/01/29
110
118
Nasdaq,
Inc.
2.500%
due
12/21/40
130
120
NBCUniversal
Media
LLC
4.450%
due
01/15/43
7
8
Nestle
Holdings,
Inc.
3.350%
due
09/24/23
(Þ)
698
737
Netflix,
Inc.
5.375%
due
11/15/29
(Þ)
50
61
4.875%
due
06/15/30
(Þ)
110
130
New
York
Life
Insurance
Co.
3.750%
due
05/15/50
(Þ)
180
202
4.450%
due
05/15/69
(Þ)
50
63
Newell
Brands,
Inc.
3.850%
due
04/01/23
40
42
4.200%
due
04/01/26
40
44
NGPL
PipeCo
LLC
7.768%
due
12/15/37
(Þ)
553
793
NIKE,
Inc.
2.250%
due
05/01/23
933
958
Northern
Oil
and
Gas,
Inc.
8.125%
due
03/01/28
(Þ)
190
203
Northrop
Grumman
Corp.
5.150%
due
05/01/40
160
208
5.250%
due
05/01/50
90
126
Series
000N
4.030%
due
10/15/47
160
187
Northwest
Pipeline
LLC
7.125%
due
12/01/25
250
304
Series
WI
4.000%
due
04/01/27
60
66
Northwestern
Mutual
Life
Insurance
Co.
(The)
3.450%
due
03/30/51
(Þ)
480
515
3.625%
due
09/30/59
(Þ)
80
87
NRG
Energy,
Inc.
2.450%
due
12/02/27
(Þ)
390
396
NVIDIA
Corp.
3.500%
due
04/01/40
30
33
3.500%
due
04/01/50
50
56
Occidental
Petroleum
Corp.
6.950%
due
07/01/24
10
11
5.550%
due
03/15/26
110
122
3.400%
due
04/15/26
50
51
3.000%
due
02/15/27
310
310
7.950%
due
06/15/39
50
66
4.625%
due
06/15/45
30
31
4.100%
due
02/15/47
20
19
Omega
Healthcare
Investors,
Inc.
3.375%
due
02/01/31
916
933
Oncor
Electric
Delivery
Co.
LLC
3.100%
due
09/15/49
80
84
Oracle
Corp.
2.875%
due
03/25/31
50
51
4.300%
due
07/08/34
648
736
3.950%
due
03/25/51
90
95
4.100%
due
03/25/61
270
287
Otis
Worldwide
Corp.
Series
WI
2.565%
due
02/15/30
60
62
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Owl
Rock
Capital
Corp.
4.250%
due
01/15/26
939
1,008
Pacific
Gas
and
Electric
Co.
4.250%
due
08/01/23
140
146
2.100%
due
08/01/27
110
107
2.500%
due
02/01/31
60
57
3.300%
due
08/01/40
20
18
4.950%
due
07/01/50
50
53
3.500%
due
08/01/50
30
27
Park-Ohio
Holdings
Corp.
Series
WI
6.625%
due
04/15/27
90
90
Parsley
Energy
LLC
4.125%
due
02/15/28
(Þ)
10
10
PayPal
Holdings,
Inc.
1.650%
due
06/01/25
100
102
2.300%
due
06/01/30
110
113
3.250%
due
06/01/50
60
65
PepsiCo,
Inc.
2.625%
due
03/19/27
897
957
1.625%
due
05/01/30
10
10
2.875%
due
10/15/49
40
41
3.625%
due
03/19/50
20
23
Pfizer,
Inc.
2.550%
due
05/28/40
60
60
2.700%
due
05/28/50
100
98
Series
5YR
3.200%
due
09/15/23
893
939
Philip
Morris
International,
Inc.
2.875%
due
05/01/24
90
95
2.100%
due
05/01/30
70
70
1.750%
due
11/01/30
280
270
6.375%
due
05/16/38
664
931
Pioneer
Natural
Resources
Co.
2.150%
due
01/15/31
320
311
Plains
All
American
Pipeline,
LP
Series
B
6.125%
due
06/16/23
(USD
3
Month
LIBOR
+
4.110%)(Ê)
340
308
Plains
All
American
Pipeline,
LP
/
PAA
Finance
Corp.
Series
WI
6.700%
due
05/15/36
10
12
Procter
&
Gamble
Co.
(The
)
2.850%
due
08/11/27
870
942
Procter
&
Gamble
Co.
(The)
3.000%
due
03/25/30
60
66
1.200%
due
10/29/30
170
162
5.500%
due
02/01/34
100
135
Progress
Energy,
Inc.
7.000%
due
10/30/31
559
762
Prologis,
LP
1.250%
due
10/15/30
230
215
Prospect
Capital
Corp.
3.706%
due
01/22/26
1,003
1,033
Range
Resources
Corp.
8.250%
due
01/15/29
(Þ)
150
169
Series
WI
4.875%
due
05/15/25
230
243
9.250%
due
02/01/26
210
229
Raymond
James
Financial,
Inc.
3.750%
due
04/01/51
180
200
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
39
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Raytheon
Technologies
Corp.
3.650%
due
08/16/23
3
3
3.950%
due
08/16/25
30
33
Series
WI
3.200%
due
03/15/24
708
750
Republic
Services,
Inc.
2.500%
due
08/15/24
910
953
3.375%
due
11/15/27
360
393
Roche
Holdings,
Inc.
0.450%
due
03/05/24
(Þ)
422
422
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co-Issuer,
Inc.
2.875%
due
10/15/26
(Þ)
160
156
4.000%
due
10/15/33
(Þ)
140
139
S&P
Global,
Inc.
1.250%
due
08/15/30
80
75
3.250%
due
12/01/49
30
32
2.300%
due
08/15/60
50
43
salesforce.com,
Inc.
3.700%
due
04/11/28
10
11
1.500%
due
07/15/28
60
60
1.950%
due
07/15/31
50
50
2.900%
due
07/15/51
190
190
3.050%
due
07/15/61
70
71
San
Diego
Gas
&
Electric
Co.
Series
RRR
3.750%
due
06/01/47
100
113
Series
VVV
1.700%
due
10/01/30
240
231
Santander
Holdings
USA,
Inc.
4.500%
due
07/17/25
738
813
Schlumberger
Holdings
Corp.
4.000%
due
12/21/25
(Þ)
40
44
Senior
Housing
Properties
Trust
4.750%
due
05/01/24
120
124
Service
Properties
Trust
4.500%
due
06/15/23
160
163
4.350%
due
10/01/24
220
223
4.750%
due
10/01/26
60
59
Sherwin-Williams
Co.
(The)
3.450%
due
06/01/27
861
945
Shire
Acquisitions
Investments
Ireland
DAC
2.875%
due
09/23/23
906
945
Simon
Property
Group,
LP
3.500%
due
09/01/25
100
109
Skyworks
Solutions,
Inc.
1.800%
due
06/01/26
150
152
Southern
California
Edison
Co.
2.250%
due
06/01/30
290
285
3.650%
due
02/01/50
110
112
Series
C
4.125%
due
03/01/48
130
142
Series
G
2.500%
due
06/01/31
120
120
Southern
Co.
(The)
6.000%
due
10/01/34
196
254
Southwest
Airlines
Co.
4.750%
due
05/04/23
440
468
5.250%
due
05/04/25
70
79
Spectra
Energy
Partners,
LP
4.750%
due
03/15/24
671
729
Starbucks
Corp.
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.500%
due
11/15/48
794
972
Sunoco
Logistics
Partners
Operations,
LP
3.900%
due
07/15/26
90
98
5.300%
due
04/01/44
10
12
SVB
Financial
Group
Series
C
4.000%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.202%)(Ê)(ƒ)
20
21
Synchrony
Financial
3.950%
due
12/01/27
793
875
SYNNEX
Corp.
1.250%
due
08/09/24
(Þ)
510
510
Targa
Resources
Partners,
LP
/
Targa
Resources
Partners
Finance
Corp.
5.875%
due
04/15/26
10
10
5.375%
due
02/01/27
10
10
5.500%
due
03/01/30
30
33
4.875%
due
02/01/31
70
76
4.000%
due
01/15/32
(Þ)
380
393
Target
Corp.
3.375%
due
04/15/29
140
156
Teachers
Insurance
&
Annuity
Association
of
America
4.900%
due
09/15/44
(Þ)
340
443
Tennessee
Gas
Pipeline
Co.
LLC
2.900%
due
03/01/30
(Þ)
460
476
7.625%
due
04/01/37
608
874
Texas
Instruments,
Inc.
2.900%
due
11/03/27
130
142
2.250%
due
09/04/29
210
218
1.750%
due
05/04/30
70
69
3.875%
due
03/15/39
150
177
Thermo
Fisher
Scientific,
Inc.
5.300%
due
02/01/44
703
968
Time
Warner
Cable
LLC
6.550%
due
05/01/37
90
121
7.300%
due
07/01/38
180
258
6.750%
due
06/15/39
20
27
5.500%
due
09/01/41
666
816
Time
Warner
Entertainment
Co.,
LP
8.375%
due
03/15/23
782
869
8.375%
due
07/15/33
100
149
T-Mobile
USA,
Inc.
2.625%
due
02/15/29
60
61
2.875%
due
02/15/31
70
71
Series
WI
3.875%
due
04/15/30
300
331
2.550%
due
02/15/31
824
827
3.000%
due
02/15/41
100
97
3.300%
due
02/15/51
190
184
Transcontinental
Gas
Pipe
Line
Co.
LLC
4.450%
due
08/01/42
240
281
Series
WI
7.850%
due
02/01/26
410
511
3.250%
due
05/15/30
50
53
TWDC
Enterprises
18
Corp.
2.350%
due
12/01/22
240
246
Series
MTNB
7.000%
due
03/01/32
552
782
Tyson
Foods,
Inc.
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
40
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.875%
due
08/15/34
826
1,021
Union
Pacific
Corp.
2.150%
due
02/05/27
50
52
2.891%
due
04/06/36
(Þ)
250
260
3.750%
due
02/05/70
40
45
Series
WI
3.839%
due
03/20/60
140
161
United
Airlines
Pass-Through
Trust
4.875%
due
01/15/26
271
287
United
Airlines,
Inc.
4.625%
due
04/15/29
(Þ)
30
31
United
Continental
Holdings,
Inc.
4.250%
due
10/01/22
210
214
United
Technologies
Corp.
4.625%
due
11/16/48
130
165
UnitedHealth
Group,
Inc.
3.850%
due
06/15/28
70
79
2.000%
due
05/15/30
180
181
4.625%
due
07/15/35
100
124
5.700%
due
10/15/40
60
84
Unum
Group
5.750%
due
08/15/42
796
993
Valero
Energy
Corp.
10.500%
due
03/15/39
488
862
Verizon
Communications,
Inc.
2.100%
due
03/22/28
80
81
3.875%
due
02/08/29
120
135
7.750%
due
12/01/30
100
143
2.550%
due
03/21/31
160
162
4.500%
due
08/10/33
1,086
1,293
5.250%
due
03/16/37
80
103
2.650%
due
11/20/40
90
85
3.400%
due
03/22/41
140
146
2.850%
due
09/03/41
40
39
4.125%
due
08/15/46
60
69
5.500%
due
03/16/47
10
14
4.000%
due
03/22/50
40
45
2.875%
due
11/20/50
230
214
3.550%
due
03/22/51
480
506
3.000%
due
11/20/60
390
360
3.700%
due
03/22/61
1,330
1,405
Series
WI
4.329%
due
09/21/28
53
61
4.862%
due
08/21/46
50
64
2.987%
due
10/30/56
60
55
Visa,
Inc.
2.050%
due
04/15/30
60
61
2.700%
due
04/15/40
70
72
Vontier
Corp.
1.800%
due
04/01/26
(Þ)
170
169
2.400%
due
04/01/28
(Þ)
350
345
Voya
Financial,
Inc.
5.650%
due
05/15/53
(USD
3
Month
LIBOR
+
3.580%)(Ê)
789
832
Wachovia
Corp.
5.500%
due
08/01/35
802
1,035
Walmart,
Inc.
2.650%
due
12/15/24
898
953
1.800%
due
09/22/31
150
149
2.650%
due
09/22/51
120
119
Walt
Disney
Co.
(The)
Series
WI
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.700%
due
09/15/24
827
895
6.650%
due
11/15/37
40
60
5.400%
due
10/01/43
130
179
Waste
Management,
Inc.
3.150%
due
11/15/27
210
228
Wells
Fargo
&
Co.
0.805%
due
05/19/25
(SOFR
+
0.510%)(Ê)
220
220
3.000%
due
04/22/26
140
150
3.000%
due
10/23/26
260
279
4.478%
due
04/04/31
(SOFR
+
4.032%)(Ê)
120
140
3.068%
due
04/30/41
(SOFR
+
2.530%)(Ê)
170
175
5.375%
due
11/02/43
130
172
4.650%
due
11/04/44
10
12
3.900%
due
05/01/45
666
775
4.750%
due
12/07/46
120
150
5.013%
due
04/04/51
(SOFR
+
4.502%)(Ê)
400
537
Western
Gas
Partners,
LP
5.500%
due
08/15/48
40
47
Western
Midstream
Operating,
LP
2.229%
due
01/13/23
(USD
3
Month
LIBOR
+
2.100%)(Ê)
180
180
3.100%
due
02/01/25
90
95
4.650%
due
07/01/26
130
141
4.500%
due
03/01/28
50
54
4.050%
due
02/01/30
250
276
5.450%
due
04/01/44
150
172
5.300%
due
03/01/48
140
161
5.250%
due
02/01/50
60
71
Western
Union
Co.
(The)
6.200%
due
11/17/36
832
1,061
Westinghouse
Air
Brake
Technologies
Corp.
Series
WI
3.450%
due
11/15/26
963
1,031
Williams
Cos.,
Inc.
(The)
3.750%
due
06/15/27
60
66
7.750%
due
06/15/31
130
181
5.800%
due
11/15/43
35
46
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
7.750%
due
04/15/25
(Þ)
210
222
Zions
Bancorp
NA
3.250%
due
10/29/29
994
1,033
211,259
International
Debt
-
17.4%
Abu
Dhabi
Government
International
Bond
1.700%
due
03/02/31
(Þ)
200
193
3.875%
due
04/16/50
(Þ)
270
308
Abu
Dhabi
National
Energy
Co.
PJSC
4.375%
due
04/23/25
(Þ)
200
222
Adani
Ports
&
Special
Economic
Zone,
Ltd.
3.375%
due
07/24/24
(Þ)
515
536
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
4.500%
due
09/15/23
150
160
3.150%
due
02/15/24
310
323
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
41
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
African
Export-Import
Bank
(The)
2.634%
due
05/17/26
(Þ)
1,530
1,562
Series
REGS
2.634%
due
05/17/26
300
306
Air
Liquide
Finance
SA
2.250%
due
09/27/23
(Þ)
916
946
Alibaba
Group
Holding,
Ltd.
2.125%
due
02/09/31
200
192
3.150%
due
02/09/51
290
272
Series
WI
3.600%
due
11/28/24
886
949
Alimentation
Couche-Tard,
Inc.
3.550%
due
07/26/27
(Þ)
702
773
Anglo
American
Capital
PLC
3.625%
due
09/11/24
(Þ)
278
298
4.500%
due
03/15/28
(Þ)
360
406
Anheuser-Busch
Cos.
LLC
/
Anheuser-
Busch
InBev
Worldwide,
Inc.
4.900%
due
02/01/46
70
86
Anheuser-Busch
InBev
Worldwide,
Inc.
5.550%
due
01/23/49
50
68
4.500%
due
06/01/50
270
322
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
1,029
Ares
LXI
CLO,
Ltd.
Series
2021-61A
Class
A
1.000%
due
10/20/34
(USD
3
Month
LIBOR
+
1.150%)(Ê)(Þ)
4,022
4,021
Argentine
Republic
Government
International
Bond
1.000%
due
07/09/29
34
13
0.750%
due
07/09/30
(~)(Ê)
388
142
1.500%
due
07/09/35
(~)(Ê)
310
102
3.500%
due
07/09/41
(~)(Ê)
160
59
AstraZeneca
PLC
0.300%
due
05/26/23
958
958
Avolon
Holdings
Funding,
Ltd.
3.950%
due
07/01/24
(Þ)
130
138
2.875%
due
02/15/25
(Þ)
150
154
4.250%
due
04/15/26
(Þ)
370
398
Banco
de
Credito
del
Peru
4.250%
due
04/01/23
(Þ)
693
722
Banco
Inbursa
SA
Institucion
de
Banca
Multiple
4.125%
due
06/06/24
(Þ)
711
757
Banco
Internacional
del
Peru
SAA
Interbank
3.250%
due
10/04/26
(Þ)
928
951
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
283
Banco
Santander
SA
5.179%
due
11/19/25
705
801
1.722%
due
09/14/27
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.900%)(Ê)
600
597
Bancolombia
SA
3.000%
due
01/29/25
991
1,000
Bank
of
China,
Ltd.
5.000%
due
11/13/24
(Þ)
833
920
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Bank
of
Nova
Scotia
(The)
2.375%
due
01/18/23
778
799
Barclays
PLC
5.088%
due
06/20/30
(USD
3
Month
LIBOR
+
3.054%)(Ê)
290
335
4.950%
due
01/10/47
660
855
6.125%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.867%)(Ê)(ƒ)
530
587
Barrick
NA
Finance
LLC
5.700%
due
05/30/41
130
176
BAT
Capital
Corp.
2.259%
due
03/25/28
40
40
3.734%
due
09/25/40
110
106
Series
WI
3.557%
due
08/15/27
385
415
Bayer
US
Finance
II
LLC
3.875%
due
12/15/23
(Þ)
961
1,023
Bayer
US
Finance
LLC
3.375%
due
10/08/24
(Þ)
726
773
BDS,
Ltd.
Series
2021-FL7
Class
A
1.180%
due
06/16/36
(USD
1
Month
LIBOR
+
1.070%)(Ê)(Þ)
1,558
1,558
Series
2021-FL8
Class
A
1.020%
due
01/18/36
(USD
1
Month
LIBOR
+
0.920%)(Ê)(Þ)
1,043
1,042
Bellemeade
Re,
Ltd.
Series
2017-1
Class
M2
4.297%
due
10/25/27
(USD
1
Month
LIBOR
+
3.350%)(Ê)(Þ)
1,388
1,401
Series
2020-2A
Class
M1B
3.583%
due
08/26/30
(USD
1
Month
LIBOR
+
3.200%)(Ê)(Þ)
1,050
1,060
Series
2021-2A
Class
M1A
1.210%
due
06/25/31
(SOFR
30
Day
Average
+
1.200%)(Ê)(Þ)
2,607
2,613
Series
2021-2A
Class
M1B
1.510%
due
06/25/31
(SOFR
30
Day
Average
+
1.500%)(Ê)(Þ)
1,759
1,760
Series
2021-3A
Class
A2
1.050%
due
09/25/31
(SOFR
30
Day
Average
+
1.000%)(Ê)(Þ)
2,380
2,389
Bermuda
Government
International
Bond
2.375%
due
08/20/30
(Þ)
380
376
Bharti
Airtel
International
Netherlands
BV
Series
144a
5.125%
due
03/11/23
(Þ)
693
728
Bharti
Airtel,
Ltd.
4.375%
due
06/10/25
(Þ)
877
943
BHP
Billiton
Finance
USA,
Ltd.
3.850%
due
09/30/23
880
941
BNP
Paribas
SA
2.219%
due
06/09/26
(SOFR
+
2.074%)(Ê)(Þ)
680
698
4.625%
due
03/13/27
(Þ)
722
811
1.675%
due
06/30/27
(SOFR
+
0.912%)(Ê)(Þ)
210
209
4.400%
due
08/14/28
(Þ)
200
228
2.159%
due
09/15/29
(SOFR
+
1.218%)(Ê)(Þ)
270
267
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
42
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.824%
due
01/26/41
(Þ)
400
380
BOC
Aviation
USA
Corp.
1.625%
due
04/29/24
(Þ)
200
202
British
Telecommunications
PLC
9.625%
due
12/15/30
70
107
Brookfield
Finance
LLC
3.450%
due
04/15/50
827
853
Brookfield
Finance,
Inc.
4.000%
due
04/01/24
841
902
Canadian
Imperial
Bank
of
Commerce
0.950%
due
06/23/23
920
928
Canadian
Natural
Resources,
Ltd.
5.850%
due
02/01/35
661
834
Canadian
Pacific
Railway
Co.
6.125%
due
09/15/15
656
991
Canyon
Capital
CLO,
Ltd.
Series
2020-2A
Class
A
1.660%
due
10/15/31
(USD
3
Month
LIBOR
+
1.450%)(Ê)(Þ)
1,000
1,000
Cedar
Funding,
Ltd.
Series
2018-5A
Class
A1R
2.235%
due
07/17/31
(USD
3
Month
LIBOR
+
1.100%)(Ê)(Þ)
1,600
1,600
Celulosa
Arauco
y
Constitucion
SA
Series
WI
3.875%
due
11/02/27
705
756
Cencosud
SA
4.375%
due
07/17/27
(Þ)
930
1,010
CI
Financial
Corp.
3.200%
due
12/17/30
520
540
4.100%
due
06/15/51
140
150
CIFC
Funding,
Ltd.
Series
2018-3A
Class
AR
2.836%
due
04/19/29
(USD
3
Month
LIBOR
+
0.870%)(Ê)(Þ)
852
852
Series
2019-1A
Class
A1R
1.484%
due
10/21/31
(USD
3
Month
LIBOR
+
1.350%)(Ê)(Þ)
1,156
1,156
CNH
Industrial
NV
4.500%
due
08/15/23
872
932
Comision
Federal
de
Electricidad
3.348%
due
02/09/31
(Þ)
200
196
Commonwealth
Bank
of
Australia
2.688%
due
03/11/31
(Þ)
200
199
3.743%
due
09/12/39
(Þ)
200
216
4.316%
due
01/10/48
(Þ)
886
1,047
Cooperatieve
Rabobank
UA
4.375%
due
08/04/25
650
721
Credicorp
,
Ltd.
2.750%
due
06/17/25
(Þ)
922
943
Credit
Agricole
SA
3.750%
due
04/24/23
(Þ)
897
943
4.375%
due
03/17/25
(Þ)
734
800
Credit
Suisse
Group
AG
4.282%
due
01/09/28
(Þ)
699
777
3.091%
due
05/14/32
(SOFR
+
1.730%)(Ê)(Þ)
480
491
6.250%
due
12/29/49
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
3.455%)(Ê)
(ƒ)(Þ)
550
593
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
6.375%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.822%)(Ê)(ƒ)(Þ)
360
395
Series
144a
7.500%
due
12/31/99
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
4.600%)(Ê)
(ƒ)(Þ)
750
803
DAE
Funding
LLC
1.550%
due
08/01/24
(Þ)
220
218
Danone
SA
2.589%
due
11/02/23
(Þ)
718
746
Danske
Bank
A/S
3.875%
due
09/12/23
(Þ)
200
212
5.375%
due
01/12/24
(Þ)
1,512
1,660
0.976%
due
09/10/25
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.550%)(Ê)(Þ)
200
200
1.549%
due
09/10/27
(Þ)
200
198
Delhaize
America,
Inc.
9.000%
due
04/15/31
154
234
Deutsche
Bank
AG
3.700%
due
05/30/24
890
948
1.447%
due
04/01/25
(SOFR
+
1.131%)(Ê)
1,024
1,031
Deutsche
Telekom
International
Finance
BV
8.750%
due
06/15/30
50
75
Dryden
50
Senior
Loan
Fund
Series
2021-50A
Class
A1R
1.126%
due
07/15/30
(USD
3
Month
LIBOR
+
1.000%)(Ê)(Þ)
4,353
4,356
Dryden
85
CLO,
Ltd.
Series
2021-85A
Class
AR
1.000%
due
10/15/35
(USD
3
Month
LIBOR
+
1.150%)(Ê)(Þ)
3,959
3,959
Eagle
Re,
Ltd.
Series
2018-1
Class
M2
3.947%
due
11/25/28
(USD
1
Month
LIBOR
+
3.000%)(Ê)(Þ)
732
738
Series
2020-1
Class
M1A
1.068%
due
01/25/30
(USD
1
Month
LIBOR
+
0.900%)(Ê)(Þ)
511
509
Series
2021-1
Class
M1B
2.165%
due
10/25/33
(SOFR
30
Day
Average
+
2.150%)(Ê)(Þ)
1,268
1,281
Ecopetrol
SA
5.375%
due
06/26/26
60
65
5.875%
due
05/28/45
80
81
Enbridge,
Inc.
3.700%
due
07/15/27
687
755
Enel
Finance
International
NV
Series
658A
3.500%
due
04/06/28
(Þ)
706
773
Eni
SpA
Series
X-R
4.000%
due
09/12/23
(Þ)
892
949
Eni
USA,
Inc.
7.300%
due
11/15/27
711
923
Fairfax
Financial
Holdings,
Ltd.
Series
WI
4.850%
due
04/17/28
810
924
Falabella
SA
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
43
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.750%
due
04/30/23
(Þ)
892
930
First
Quantum
Minerals,
Ltd.
7.500%
due
04/01/25
(Þ)
200
205
6.875%
due
10/15/27
(Þ)
480
508
Four
Seasons
Hotels,
Ltd.
1st
Lien
Term
Loan
2.087%
due
11/30/23
(USD
1
Month
LIBOR
+
2.000%)(Ê)
147
146
Fresnillo
PLC
4.250%
due
10/02/50
(Þ)
260
269
GE
Capital
International
Funding
Co.,
ULC
Series
WI
4.418%
due
11/15/35
300
360
GFL
Environmental,
Inc.
2020
Term
Loan
3.500%
due
05/31/25
(USD
3
Month
LIBOR
+
3.000%)(Ê)
15
15
GlaxoSmithKline
Capital,
Inc.
2.800%
due
03/18/23
449
465
Glencore
Funding
LLC
4.125%
due
03/12/24
(Þ)
550
589
4.625%
due
04/29/24
(Þ)
40
44
1.625%
due
09/01/25
(Þ)
140
140
4.000%
due
03/27/27
(Þ)
220
242
3.875%
due
10/27/27
(Þ)
50
55
2.625%
due
09/23/31
(Þ)
70
69
Goldentree
Loan
Management
US
CLO
2,
Ltd.
Series
2017-2A
Class
A
2.285%
due
11/28/30
(USD
3
Month
LIBOR
+
1.150%)(Ê)(Þ)
1,300
1,300
Grifols
Worldwide
Operations
USA,
Inc.
Term
Loan
B
2.072%
due
11/15/27
(USD
1
Week
LIBOR
+
2.000%)(Ê)
295
290
HGI
CRE
CLO,
Ltd.
Series
2021-FL1
Class
A
1.160%
due
06/16/36
(USD
1
Month
LIBOR
+
1.050%)(Ê)(Þ)
2,190
2,189
Series
2021-FL2
Class
A
1.200%
due
09/19/26
(USD
1
Month
LIBOR
+
1.000%)(Ê)(Þ)
2,486
2,486
Highlands
Holdings
Bond
Issuer,
Ltd.
7.625%
due
10/15/25
(Þ)
290
308
HOM
RE,
Ltd.
Series
2021-1
Class
M1A
1.173%
due
07/25/33
(USD
1
Month
LIBOR
+
1.050%)(Ê)(Þ)
844
842
HSBC
Holdings
PLC
3.900%
due
05/25/26
220
242
2.099%
due
06/04/26
(SOFR
+
1.929%)(Ê)
200
204
4.041%
due
03/13/28
(USD
3
Month
LIBOR
+
1.546%)(Ê)
410
454
7.625%
due
05/17/32
669
939
2.804%
due
05/24/32
430
436
ICICI
Bank,
Ltd.
4.000%
due
03/18/26
(Þ)
782
842
ICON
Luxembourg
SARL
Term
Loan
3.000%
due
07/01/28
(USD
3
Month
LIBOR
+
2.500%)(Ê)
431
433
ING
Bank
NV
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
5.800%
due
09/25/23
(Þ)
935
1,026
Innogy
Finance
BV
6.650%
due
04/30/38
(Þ)
621
905
Intesa
Sanpaolo
SpA
3.375%
due
01/12/23
(Þ)
200
207
5.017%
due
06/26/24
(Þ)
200
216
4.198%
due
06/01/32
(Þ)
200
205
4.950%
due
06/01/42
(Þ)
400
415
Inversiones
CMPC
SA
4.375%
due
05/15/23
(Þ)
904
943
Israel
Government
International
Bond
2.750%
due
07/03/30
200
213
KazMunayGas
National
Co.
JSC
5.375%
due
04/24/30
(Þ)
200
236
Kerry
Group
Financial
Services
Unlimited
Co.
3.200%
due
04/09/23
(Þ)
1,000
1,030
Klabin
Austria
GmbH
3.200%
due
01/12/31
(Þ)
200
191
Kookmin
Bank
4.350%
due
12/31/99
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.639%)(Ê)(Þ)(ƒ)
913
963
LCM
XXIII,
Ltd.
Series
2020-23A
Class
A1R
2.205%
due
10/20/29
(USD
3
Month
LIBOR
+
1.070%)(Ê)(Þ)
1,020
1,020
LCM
XXV,
Ltd.
Series
2017-25A
Class
A
2.345%
due
07/20/30
(USD
3
Month
LIBOR
+
1.210%)(Ê)(Þ)
1,904
1,904
Lloyds
Banking
Group
PLC
4.050%
due
08/16/23
742
790
12.000%
due
12/29/49
(USD
3
Month
LIBOR
+
11.756%)(Ê)(ƒ)(Þ)
681
703
7.500%
due
12/31/99
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
4.496%)(Ê)(ƒ)
200
232
Lukoil
International
Finance
BV
4.563%
due
04/24/23
(Þ)
682
716
Madison
Park
Funding
XVIII,
Ltd.
Series
2017-18A
Class
A1R
2.299%
due
10/21/30
(USD
3
Month
LIBOR
+
1.190%)(Ê)(Þ)
1,922
1,923
Madison
Park
Funding,
Ltd.
Series
2021-48A
Class
A
1.284%
due
04/19/33
(USD
3
Month
LIBOR
+
1.150%)(Ê)(Þ)
1,158
1,161
Magnetite
XVIII,
Ltd.
Series
2018-18A
Class
AR
1.472%
due
11/15/28
(USD
3
Month
LIBOR
+
1.080%)(Ê)(Þ)
1,488
1,488
MEG
Energy
Corp.
6.500%
due
01/15/25
(Þ)
72
74
7.125%
due
02/01/27
(Þ)
140
147
5.875%
due
02/01/29
(Þ)
80
82
Melco
Resorts
Finance,
Ltd.
5.375%
due
12/04/29
(Þ)
240
244
MercadoLibre
,
Inc.
3.125%
due
01/14/31
410
396
Mexico
Government
International
Bond
4.350%
due
01/15/47
610
611
Mitsubishi
UFJ
Financial
Group,
Inc.
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
44
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
0.848%
due
09/15/24
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.680%)(Ê)
959
963
National
Bank
of
Canada
2.100%
due
02/01/23
942
963
Natwest
Group
PLC
3.875%
due
09/12/23
200
212
3.754%
due
11/01/29
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.100%)(Ê)
200
213
Neuberger
Berman
CLO
XV,
Ltd.
Series
2021-15A
Class
A1R2
1.046%
due
10/15/29
(USD
3
Month
LIBOR
+
0.920%)(Ê)(Þ)
2,766
2,766
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)
589
589
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
245
Nissan
Motor
Acceptance
Corp.
3.043%
due
09/15/23
(Þ)
440
458
3.522%
due
09/17/25
(Þ)
280
298
4.345%
due
09/17/27
(Þ)
300
330
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
1,026
NTT
Finance
Corp.
2.065%
due
04/03/31
(Þ)
200
201
Nutrien
,
Ltd.
5.875%
due
12/01/36
627
846
NXP
BV
/
NXP
Funding
LLC
3.400%
due
05/01/30
(Þ)
80
87
NYACK
Park
CLO,
Ltd.
Series
2021-1A
Class
A
1.000%
due
10/20/34
(USD
3
Month
LIBOR
+
1.120%)(Ê)(Þ)
5,290
5,290
Oaktown
Re,
Ltd.
Series
2021-1A
Class
M1C
3.010%
due
10/25/33
(SOFR
30
Day
Average
+
3.000%)(Ê)(Þ)
1,475
1,504
OCP
CLO,
Ltd.
Series
2017-10A
Class
A1R
1.035%
due
10/26/27
(USD
3
Month
LIBOR
+
0.820%)(Ê)(Þ)
669
669
OCP
SA
3.750%
due
06/23/31
(Þ)
200
199
5.125%
due
06/23/51
(Þ)
200
198
Oman
Government
International
Bond
Series
REGS
6.250%
due
01/25/31
765
818
Panama
Government
International
Bond
2.252%
due
09/29/32
260
245
Panasonic
Corp.
2.679%
due
07/19/24
(Þ)
912
955
Paraguay
Government
International
Bond
5.400%
due
03/30/50
(Þ)
200
230
Peruvian
Government
International
Bond
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.783%
due
01/23/31
130
129
Petrobras
Global
Finance
BV
6.900%
due
03/19/49
410
457
5.500%
due
06/10/51
100
93
Series
WI
5.999%
due
01/27/28
100
113
Petroleos
del
Peru
SA
5.625%
due
06/19/47
(Þ)
200
200
POSCO
4.000%
due
08/01/23
(Þ)
850
898
Prosus
NV
4.027%
due
08/03/50
(Þ)
909
852
Provincia
de
Buenos
Aires
5.250%
due
09/01/37
(~)(Ê)(Þ)
152
69
Provincia
de
Cordoba
7.125%
due
12/10/25
(~)(Ê)(Þ)
200
151
7.450%
due
06/01/27
(~)(Ê)(Þ)
230
155
Qatar
Government
International
Bond
4.400%
due
04/16/50
(Þ)
360
439
Qatar
Petroleum
2.250%
due
07/12/31
(Þ)
670
664
Radnor
RE,
Ltd.
Series
2019-2
Class
M1B
1.935%
due
06/25/29
(USD
1
Month
LIBOR
+
1.750%)(Ê)(Þ)
1,679
1,683
Republic
of
Chile
Government
International
Bond
2.550%
due
07/27/33
200
195
3.100%
due
05/07/41
200
193
Resimac
,
Ltd.
Series
2021-1A
Class
A1
0.785%
due
07/10/52
(USD
1
Month
LIBOR
+
0.700%)(Ê)(Þ)
994
994
Resorts
World
Las
Vegas
LLC
/
RWLV
Capital,
Inc.
4.625%
due
04/16/29
(Þ)
809
825
Reynolds
American,
Inc.
5.850%
due
08/15/45
70
84
Riserva
CLO,
Ltd.
Series
2021-3A
Class
ARR
1.194%
due
01/18/34
(USD
3
Month
LIBOR
+
1.060%)(Ê)(Þ)
940
939
SABIC
Capiral
II
BV
4.000%
due
10/10/23
(Þ)
737
783
Sands
China,
Ltd.
2.300%
due
03/08/27
(Þ)
200
193
2.850%
due
03/08/29
(Þ)
200
192
Series
WI
5.125%
due
08/08/25
200
215
3.800%
due
01/08/26
400
412
5.400%
due
08/08/28
200
221
Santander
UK
Group
Holdings
PLC
5.000%
due
11/07/23
(Þ)
238
257
Class
N
4.750%
due
09/15/25
(Þ)
701
781
Saudi
Arabian
Oil
Co.
2.875%
due
04/16/24
(Þ)
768
800
Shackleton
CLO,
Ltd.
Series
2018-4RA
Class
A1A
2.311%
due
04/13/31
(USD
3
Month
LIBOR
+
1.000%)(Ê)(Þ)
930
927
Shell
International
Finance
BV
2.875%
due
05/10/26
40
43
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
45
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.375%
due
05/11/45
190
233
4.000%
due
05/10/46
80
94
3.250%
due
04/06/50
140
149
Siemens
Financieringsmaatschappij
NV
2.000%
due
09/15/23
(Þ)
891
918
Sky,
Ltd.
3.750%
due
09/16/24
(Þ)
941
1,023
Sociedad
Quimica
y
Minera
de
Chile
SA
3.500%
due
09/10/51
(Þ)
470
453
Societe
Generale
SA
5.000%
due
01/17/24
(Þ)
700
756
Southern
Copper
Corp.
6.750%
due
04/16/40
10
14
5.250%
due
11/08/42
60
75
Standard
Chartered
PLC
5.700%
due
03/26/44
(Þ)
754
975
Statoil
ASA
2.450%
due
01/17/23
915
940
Suncor
Energy,
Inc.
6.500%
due
06/15/38
607
843
Sura
Asset
Management
SA
4.875%
due
04/17/24
(Þ)
877
945
Suzano
Austria
GmbH
3.125%
due
01/15/32
230
222
7.000%
due
03/16/47
(Þ)
200
262
Takeda
Pharmaceutical
Co.,
Ltd.
Series
WI
4.400%
due
11/26/23
875
943
Teck
Resources,
Ltd.
6.250%
due
07/15/41
60
80
5.400%
due
02/01/43
60
73
Series
WI
3.900%
due
07/15/30
200
217
Telefonica
Emisiones
SA
5.213%
due
03/08/47
150
187
Tencent
Holdings,
Ltd.
3.280%
due
04/11/24
(Þ)
891
940
Tesco
PLC
6.150%
due
11/15/37
(Þ)
623
812
Teva
Pharmaceutical
Finance
Co.
BV
2.950%
due
12/18/22
40
40
Teva
Pharmaceutical
Finance
Netherlands
III
BV
2.800%
due
07/21/23
330
328
3.150%
due
10/01/26
300
287
Textainer
Marine
Containers,
Ltd.
Series
2021-3A
Class
A
1.940%
due
08/20/46
(Þ)
2,819
2,792
Toronto-Dominion
Bank
(The)
0.300%
due
06/02/23
956
955
Total
Capital
International
SA
2.700%
due
01/25/23
713
735
TotalEnergies
Capital
Canada,
Ltd.
2.750%
due
07/15/23
770
803
TransAlta
Corp.
6.500%
due
03/15/40
60
71
TransCanada
PipeLines
,
Ltd.
5.600%
due
03/31/34
644
811
UBS
Group
AG
4.125%
due
04/15/26
(Þ)
694
773
4.500%
due
06/26/48
(Þ)
200
262
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
7.000%
due
12/31/99
(USD
Swap
Semiannual
30/360
[versus
3
Month
LIBOR]
5
Year
Rate
+
4.344%)(Ê)
(ƒ)(Þ)
460
502
UniCredit
SpA
7.296%
due
04/02/34
(USD
ICE
Swap
Rate
NY
5
Year
Rate
+
4.914%)(Ê)(Þ)
210
255
Unilever
Capital
Corp.
0.375%
due
09/14/23
888
889
Vale
Overseas,
Ltd.
8.250%
due
01/17/34
636
915
Venture
XXVIII
CLO,
Ltd.
Series
2021-28A
Class
A2R
1.000%
due
07/20/30
(USD
3
Month
LIBOR
+
0.990%)(Ê)(Þ)
1,815
1,815
Videotron,
Ltd.
3.625%
due
06/15/29
(Þ)
60
61
Vodafone
Group
PLC
6.150%
due
02/27/37
50
68
5.250%
due
05/30/48
40
52
Volkswagen
Group
of
America
Finance
LLC
3.125%
due
05/12/23
(Þ)
911
946
WEA
Finance
LLC
/
Westfield
UK
&
Europe
Finance
PLC
3.750%
due
09/17/24
(Þ)
200
213
4.750%
due
09/17/44
(Þ)
200
218
Westpac
Banking
Corp.
2.668%
due
11/15/35
(U.S.
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.750%)(Ê)
150
147
Woori
Bank
4.750%
due
04/30/24
(Þ)
734
799
Wynn
Macau,
Ltd.
5.625%
due
08/26/28
(Þ)
510
485
Yamana
Gold,
Inc.
2.630%
due
08/15/31
(Þ)
50
49
Series
WI
4.625%
due
12/15/27
280
310
178,292
Loan
Agreements
-
0.4%
Aecom
Technology
Corp.
2021
Term
Loan
B
1.834%
due
04/09/28
(USD
1
Month
LIBOR
+
1.750%)(Ê)
170
169
Alterra
Mountain
Co.
2021 Term
Loan
B2
4.000%
due
07/30/28
(USD
1
Month
LIBOR
+
3.500%)(Ê)
137
136
Asurion
LLC
1st
Lien
Term
Loan
B7
3.084%
due
11/03/24
(USD
1
Month
LIBOR
+
3.000%)(Ê)
185
183
Asurion
LLC
2020
Term
Loan
B8
3.334%
due
12/23/26
(USD
1
Month
LIBOR
+
3.250%)(Ê)
203
200
Asurion
LLC
2021
Term
Loan
B9
3.334%
due
07/31/27
(USD
1
Month
LIBOR
+
3.250%)(Ê)
80
78
Bausch
Health
Americas,
Inc.
Term
Loan
B
2.834%
due
11/27/25
(USD
1
Month
LIBOR
+
2.750%)(Ê)
18
18
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
46
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Caesars
Resort
Collection
LLC
1st
Lien
Term
Loan
B
2.834%
due
12/22/24
(USD
1
Month
LIBOR
+
2.750%)(Ê)
136
135
Caesars
Resort
Collection
LLC
2020
Term
Loan
3.583%
due
06/19/25
(USD
3
Month
LIBOR
+
3.500%)(Ê)
158
158
Carnival
Corp.
Term
Loan
B
8.500%
due
06/30/25
(USD
1
Month
LIBOR
+
3.000%)(Ê)
130
129
CSC
Holdings
LLC
2018
Incremental
Term
Loan
2.334%
due
01/15/26
(USD
1
Month
LIBOR
+
2.250%)(Ê)
30
29
Eyecare
Partners
LLC
Term
Loan
3.882%
due
02/20/27
(USD
3
Month
LIBOR
+
3.750%)(Ê)
99
98
First
Eagle
Holdings,
Inc.
Term
Loan
B
2.632%
due
02/02/27
(USD
3
Month
LIBOR
+
2.500%)(Ê)
38
37
Focus
Financial
Partners
LLC
Term
Loan
2.084%
due
07/03/24
(USD
1
Month
LIBOR
+
2.000%)(Ê)
147
146
Garda
World
Security
Corp.
2021
Term
Loan
B
4.340%
due
10/30/26
(USD
1
Month
LIBOR
+
4.250%)(Ê)
69
69
Genesee
&
Wyoming,
Inc.
New
Term
Loan
2.132%
due
12/30/26
(USD
3
Month
LIBOR
+
2.000%)(Ê)
148
147
Harbor
Freight
Tools
USA,
Inc.
2021
Term
Loan
B
3.250%
due
10/19/27
(USD
1
Month
LIBOR
+
2.750%)(Ê)
139
139
ICON
Luxembourg
SARL
US
Term
Loan
3.000%
due
07/01/28
(USD
3
Month
LIBOR
+
2.500%)(Ê)
107
108
McAfee
LLC
Term
Loan
B
5.750%
due
07/27/28
(USD
3
Month
LIBOR
+
5.000%)(Ê)
190
190
Nexstar
Broadcasting,
Inc.
Term
Loan
B4
2.586%
due
09/19/26
(USD
1
Month
LIBOR
+
2.500%)(Ê)
356
356
Petco
Animal
Supplies,
Inc
2021
Term
Loan
B
4.000%
due
02/24/28
(USD
3
Month
LIBOR
+
3.250%)(Ê)
129
129
Phoenix
Guarantor,
Inc.
Term
Loan
B
3.336%
due
03/05/26
(USD
1
Month
LIBOR
+
3.250%)(Ê)
121
120
Prime
Security
Services
Borrower
LLC
2021
Term
Loan
3.500%
due
09/23/26
(USD
12
Month
LIBOR
+
2.750%)(Ê)
227
227
Quikrete
Holdings,
Inc.
2021
Term
Loan
B1
0.000%
due
06/11/28
(~)(Ê)(v)
60
60
UFC
Holdings
LLC
2021
Term
Loan
B
3.500%
due
04/29/26
(USD
6
Month
LIBOR
+
2.750%)(Ê)
209
208
United
Airlines,
Inc.
2021
Term
Loan
B
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
4.500%
due
04/21/28
(USD
3
Month
LIBOR
+
3.750%)(Ê)
139
140
Verscend
Holding
Corp.
2021
Term
Loan
B
4.084%
due
08/27/25
(USD
1
Month
LIBOR
+
4.000%)(Ê)
160
160
Virgin
Media
Secured
Finance
PLC
Term
Loan
2.584%
due
01/31/28
(USD
1
Month
LIBOR
+
2.500%)(Ê)
297
296
Zebra
Buyer
LLC
Term
Loan
B
0.000%
due
04/21/28
(~)(Ê)(v)
290
291
4,156
Mortgage-Backed
Securities
-
16.3%
Alternative
Loan
Trust
Series
2007-16CB
Class
1A5
0.568%
due
08/25/37
(USD
1
Month
LIBOR
+
0.400%)(Ê)
296
210
Banc
of
America
Funding
Trust
Series
2006-6
Class
2A1
6.000%
due
08/25/36
468
468
Bear
Stearns
Commercial
Mortgage
Securities
Trust
Series
2007-T26
Class
AM
5.513%
due
01/12/45
(~)(Ê)
69
69
Bellemeade
Re,
Ltd.
2.859%
due
10/25/28
(~)(Ê)(Þ)
1,780
1,789
Series
2019-1A
Class
M2
2.809%
due
03/25/29
(USD
1
Month
LIBOR
+
2.700%)(Ê)(Þ)
2,309
2,321
Series
2020-4A
Class
M2B
3.750%
due
06/25/30
(USD
1
Month
LIBOR
+
3.600%)(Ê)(Þ)
881
890
BX
Trust
Series
2018-IND
Class
E
1.885%
due
11/15/35
(USD
1
Month
LIBOR
+
1.700%)(Ê)(Þ)
2,465
2,465
CAMB
Commercial
Mortgage
Trust
Series
2019-LIFE
Class
F
2.735%
due
12/15/37
(USD
1
Month
LIBOR
+
2.550%)(Ê)(Þ)
987
988
Citigroup
Commercial
Mortgage
Trust
Series
2013-375P
Class
D
3.635%
due
05/10/35
(~)(Ê)(Þ)
1,418
1,441
CORE
Mortgage
Trust
Series
2019-CORE
Class
D
1.835%
due
12/15/31
(USD
1
Month
LIBOR
+
1.650%)(Ê)(Þ)
1,216
1,211
Credit
Suisse
Mortgage
Trust
Series
2019-ICE4
Class
E
2.335%
due
05/15/36
(USD
1
Month
LIBOR
+
2.150%)(Ê)(Þ)
1,282
1,284
DBGS
Mortgage
Trust
Series
2019-1735
Class
D
4.334%
due
04/10/37
(~)(Ê)(Þ)
985
1,024
Deutsche
Mortgage
Securities,
Inc.
Re-
REMIC
Trust
Series
2007-WM1
Class
A1
3.658%
due
06/27/37
(~)(Ê)(Þ)
300
304
Fannie
Mae
2.560%
due
2028
370
395
2.600%
due
2031
375
406
6.000%
due
2032
12
14
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
47
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
5.000%
due
2033
4
4
5.500%
due
2034
10
12
4.500%
due
2035
247
282
5.500%
due
2037
70
81
5.500%
due
2038
293
341
6.000%
due
2039
26
30
4.000%
due
2040
186
209
5.500%
due
2040
343
390
6.000%
due
2040
80
94
4.000%
due
2041
295
328
6.000%
due
2041
126
148
3.500%
due
2043
641
693
4.000%
due
2044
627
706
3.500%
due
2045
774
838
3.000%
due
2046
100
107
3.500%
due
2046
148
160
4.000%
due
2046
742
810
4.500%
due
2046
279
313
3.000%
due
2047
2,144
2,277
3.500%
due
2047
328
356
4.000%
due
2047
66
72
4.500%
due
2048
961
1,059
5.000%
due
2048
236
259
3.000%
due
2049
4,471
4,793
4.000%
due
2049
882
965
5.000%
due
2049
540
593
2.500%
due
2050
7,773
8,123
3.000%
due
2050
8,690
9,277
2.000%
due
2051
11,674
11,761
2.500%
due
2051
2,996
3,106
Fannie
Mae
Connecticut
Avenue
Securities
Trust
Series
2018-C03
Class
1M2
2.318%
due
10/25/30
(USD
1
Month
LIBOR
+
2.150%)(Ê)
504
511
Fannie
Mae
REMICS
Series
1999-56
Class
Z
7.000%
due
12/18/29
5
6
Series
2004-W5
Class
A1
6.000%
due
02/25/47
127
149
Series
2005-24
Class
ZE
5.000%
due
04/25/35
120
135
Series
2020-75
Class
LI
Interest
Only
STRIP
2.500%
due
11/25/50
1,489
210
Series
2020-97
Class
EI
Interest
Only
STRIP
2.000%
due
01/25/51
2,272
256
Series
2021-1
Class
IM
Interest
Only
STRIP
2.000%
due
02/25/51
1,860
197
Series
2021-3
Class
KI
Interest
Only
STRIP
2.500%
due
02/25/51
1,489
171
Series
2021-3
Class
NI
Interest
Only
STRIP
2.500%
due
02/25/51
1,634
222
Series
2021-8
Class
EI
Interest
Only
STRIP
3.500%
due
03/25/51
648
98
Series
2021-8
Class
GI
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Interest
Only
STRIP
3.000%
due
03/25/51
736
126
Freddie
Mac
5.500%
due
2038
224
262
6.000%
due
2038
53
62
5.000%
due
2040
116
133
4.000%
due
2041
801
903
4.500%
due
2041
112
126
5.500%
due
2041
134
156
3.500%
due
2043
402
446
4.000%
due
2044
287
318
3.500%
due
2045
586
639
4.000%
due
2045
234
258
3.000%
due
2046
1,922
2,064
4.000%
due
2046
150
163
3.000%
due
2047
677
727
3.000%
due
2048
107
115
4.000%
due
2048
832
912
4.500%
due
2048
206
223
3.000%
due
2049
237
253
2.500%
due
2050
2,028
2,112
3.000%
due
2050
3,678
3,896
2.000%
due
2051
5,822
5,843
2.500%
due
2051
10,699
11,112
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates
Series
2021-F109
Class
AS
0.290%
due
03/25/31
(SOFR
30
Day
Average
+
0.240%)(Ê)
6,132
6,150
Series
2021-F113
Class
AS
0.257%
due
05/25/28
(SOFR
30
Day
Average
+
0.230%)(Ê)
6,132
6,148
Series
2021-F119
Class
AS
0.260%
due
07/25/31
(SOFR
30
Day
Average
+
0.210%)(Ê)
6,132
6,141
Freddie
Mac
REMICS
Series
2003-2624
Class
QH
5.000%
due
06/15/33
42
48
Series
2006-R007
Class
ZA
6.000%
due
05/15/36
144
167
Series
2010-3632
Class
PK
5.000%
due
02/15/40
80
89
Series
2010-3653
Class
B
4.500%
due
04/15/30
124
135
Series
2012-4010
Class
KM
3.000%
due
01/15/42
59
63
Series
2017-4734
Class
IO
Interest
Only
STRIP
4.000%
due
12/15/47
891
144
Series
2020-5008
Class
IE
Interest
Only
STRIP
2.000%
due
09/25/50
974
92
Series
2020-5038
Class
NI
Interest
Only
STRIP
2.000%
due
11/25/50
1,401
170
Series
2020-5050
Class
IP
Interest
Only
STRIP
3.000%
due
10/25/50
2,612
381
Series
2020-5052
Class
IO
Interest
Only
STRIP
3.500%
due
12/25/50
1,015
146
Series
2020-5052
Class
KI
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
48
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Interest
Only
STRIP
4.000%
due
12/25/50
1,248
186
Series
2021-5072
Class
IQ
Interest
Only
STRIP
3.500%
due
10/25/50
1,401
232
Series
2021-5072
Class
QI
Interest
Only
STRIP
3.500%
due
10/25/50
1,121
204
Ginnie
Mae
REMICS
Series
2020-134
Class
IL
Interest
Only
STRIP
2.500%
due
09/20/50
507
50
Series
2020-146
Class
EI
Interest
Only
STRIP
2.500%
due
10/20/50
1,534
176
Series
2020-160
Class
GI
Interest
Only
STRIP
2.000%
due
10/20/50
2,440
257
Series
2020-167
Class
BI
Interest
Only
STRIP
2.500%
due
11/20/50
1,568
192
Series
2020-167
Class
IA
Interest
Only
STRIP
2.500%
due
11/20/50
2,923
324
Series
2020-167
Class
IW
Interest
Only
STRIP
2.000%
due
11/20/50
1,777
190
Series
2020-173
Class
MI
Interest
Only
STRIP
2.500%
due
11/20/50
5,321
674
Series
2021-1
Class
AI
Interest
Only
STRIP
2.000%
due
01/20/51
964
118
Series
2021-1
Class
PI
Interest
Only
STRIP
2.500%
due
12/20/50
523
46
Series
2021-9
Class
MI
Interest
Only
STRIP
2.500%
due
01/20/51
1,527
187
Series
2021-23
Class
IA
Interest
Only
STRIP
2.500%
due
02/20/51
1,132
133
Series
2021-23
Class
KI
Interest
Only
STRIP
3.000%
due
02/20/51
942
110
Hilton
USA
Trust
Series
2016-HHV
Class
D
4.333%
due
11/05/38
(~)(Ê)(Þ)
1,240
1,324
Series
2016-HHV
Class
E
4.333%
due
11/05/38
(~)(Ê)(Þ)
600
624
Series
2016-SFP
Class
A
2.828%
due
11/05/35
(Þ)
226
226
HMH
Trust
Series
2017-NSS
Class
E
6.292%
due
07/05/31
(Þ)
1,170
1,105
Hospitality
Mortgage
Trust
Series
2019-HIT
Class
D
2.185%
due
11/15/36
(USD
1
Month
LIBOR
+
2.000%)(Ê)(Þ)
1,216
1,213
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2004-LN2
Class
B
5.686%
due
07/15/41
(~)(Ê)
14
14
JPMorgan
Mortgage
Trust
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Series
2018-3
Class
A3
3.500%
due
09/25/48
(~)(Ê)(Þ)
232
233
Series
2018-LTV1
Class
A4
4.000%
due
04/25/49
(~)(Ê)(Þ)
49
49
Series
2020-3
Class
A15
3.500%
due
08/25/50
(~)(Ê)(Þ)
249
252
Series
2021-6
Class
A6
2.500%
due
10/25/51
(~)(Ê)(Þ)
4,597
4,701
Series
2021-7
Class
A6
2.500%
due
11/25/51
(~)(Ê)(Þ)
4,608
4,712
Series
2021-8
Class
A6
2.500%
due
12/25/51
(~)(Ê)(Þ)
4,170
4,229
Series
2021-INV2
Class
A2
2.500%
due
12/25/51
(~)(Ê)(Þ)
4,903
4,971
Mello
Mortgage
Capital
Acceptance
Series
2021-INV1
Class
A4
2.500%
due
06/25/51
(~)(Ê)(Þ)
1,457
1,490
MHC
Commercial
Mortgage
Trust
Series
2021-MHC
Class
A
0.951%
due
04/15/26
(USD
1
Month
LIBOR
+
0.801%)(Ê)(Þ)
2,275
2,277
Morgan
Stanley
Capital
I
Trust
Series
2019-NUGS
Class
E
3.744%
due
12/15/36
(USD
1
Month
LIBOR
+
2.244%)(Ê)(Þ)
1,970
1,969
Morgan
Stanley
Mortgage
Capital
Holdings
LLC
Trust
Series
2017-237P
Class
D
3.865%
due
09/13/39
(~)(Ê)(Þ)
1,500
1,537
Series
2017-237P
Class
XA
Interest
Only
STRIP
0.468%
due
09/13/39
(~)(Ê)(Þ)
8,761
173
Series
2017-237P
Class
XB
Interest
Only
STRIP
0.175%
due
09/13/39
(~)(Ê)(Þ)
5,418
28
Oaktown
Re
III,
Ltd.
Series
2019-1A
Class
M1B
2.080%
due
07/25/29
(USD
1
Month
LIBOR
+
1.950%)(Ê)(Þ)
1,355
1,355
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
1,483
Oaktown
Re,
Ltd.
Series
2020-2A
Class
M1A
2.543%
due
10/25/30
(USD
1
Month
LIBOR
+
2.400%)(Ê)(Þ)
247
247
Preston
Ridge
Partners
Mortgage
LLC
Series
2020-3
Class
A1
2.857%
due
09/25/25
(~)(Ê)(Þ)
465
466
Series
2020-6
Class
A1
2.363%
due
11/25/25
(~)(Ê)(Þ)
563
566
Series
2021-3
Class
A1
1.867%
due
04/25/26
(~)(Ê)(Þ)
1,141
1,146
Radnor
RE,
Ltd.
Series
2020-1
Class
M1A
1.118%
due
02/25/30
(USD
1
Month
LIBOR
+
0.950%)(Ê)(Þ)
567
566
RCKT
Mortgage
Trust
Series
2021-2
Class
A5
2.500%
due
06/25/51
(~)(Ê)(Þ)
2,798
2,857
Sequoia
Mortgage
Trust
Series
2015-1
Class
A1
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
49
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
3.500%
due
01/25/45
(~)(Ê)(Þ)
105
106
Series
2021-4
Class
A10
2.500%
due
06/25/51
(~)(Ê)(Þ)
2,547
2,613
UWM
Mortgage
Trust
Series
2021-1
Class
A4
2.500%
due
06/25/51
(~)(Ê)(Þ)
2,698
2,745
Washington
Mutual
Mortgage
Pass-
Through
Certificates
Trust
Series
2005-10
Class
3CB1
6.000%
due
11/25/35
453
425
Wells
Fargo
Mortgage
Backed
Securities
Trust
Series
2020-3
Class
A1
3.000%
due
06/25/50
(~)(Ê)(Þ)
1,408
1,438
WinWater
Mortgage
Loan
Trust
Series
2014-1
Class
A1
3.847%
due
06/20/44
(~)(Ê)(Þ)
183
185
166,548
Municipal
Bonds
-
0.1%
American
Municipal
Power,
Inc.
Revenue
Bonds
8.084%
due
02/15/50
70
130
Port
Authority
of
New
York
&
New
Jersey
Revenue
Bonds
4.926%
due
10/01/51
110
154
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue
Bonds
3.006%
due
05/15/50
230
235
State
of
California
General
Obligation
Unlimited
7.300%
due
10/01/39
10
16
535
Non-US
Bonds
-
8.0%
Alba
PLC
Series
2007-1
Class
A3
0.342%
due
03/17/39
(GBP
3
Month
LIBOR
+
0.170%)(Ê)
GBP
1,343
1,758
Andorra
Government
International
Bond
1.250%
due
05/06/31
EUR
3,500
4,132
Aqueduct
European
CLO
DAC
Series
2021-3A
Class
AR
0.930%
due
08/15/34
(3
Month
EURIBOR
+
0.930%)(Ê)(Þ)
EUR
1,296
1,491
Australia
Government
International
Bond
Series
162
1.750%
due
06/21/51
AUD
781
489
Avoca
CLO
XXIII
DAC
0.840%
due
04/15/34
(~)(Ê)(Þ)
EUR
1,588
1,833
Avoca
CLO
XXIV
DAC
0.900%
due
07/15/34
EUR
1,000
1,159
Banque
Centrale
de
Tunisie
Government
International
Bond
Series
REGS
6.750%
due
10/31/23
EUR
2,024
2,040
6.375%
due
07/15/26
EUR
1,163
1,124
Banque
Ouest
Africaine
de
Developpement
Series
REGS
2.750%
due
01/22/33
EUR
798
987
Carin
CLO
VIII
BV
0.860%
due
10/30/30
EUR
2,246
2,602
China
Government
International
Bond
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
0.250%
due
11/25/30
EUR
100
114
0.625%
due
11/25/35
EUR
174
197
Contego
CLO
DAC
0.950%
due
01/24/34
EUR
1,700
1,967
Crosthwaite
Park
CLO
DAC
0.850%
due
03/18/34
EUR
1,266
1,441
Eurosail
PLC
Series
2006-4X
Class
A3C
0.946%
due
12/10/44
(GBP
3
Month
LIBOR
+
0.160%)(Ê)
GBP
226
304
Eurosail
PRIME-UK
PLC
Series
2007-PR1X
Class
A1
0.598%
due
09/13/45
(GBP
3
Month
LIBOR
+
0.400%)(Ê)
GBP
593
784
Eurosail
-UK
PLC
0.767%
due
09/13/45
GBP
758
1,010
Harvest
CLO
XXVI
DAC
Series
2021-26A
Class
A
0.940%
due
01/15/34
(3
Month
EURIBOR
+
0.940%)(Ê)(Þ)
EUR
1,402
1,622
Indonesia
Government
International
Bond
Series
FR87
6.500%
due
02/15/31
IDR
7,466,000
527
Italy
Buoni
Poliennali
Del
Tesoro
2.150%
due
03/01/72
(Þ)
EUR
852
968
Japan
2
Year
Government
International
Bond
Series
423
0.005%
due
04/01/23
JPY
1,300,000
11,702
Japan
20
Year
Government
International
Bond
Series
68
2.200%
due
03/20/24
JPY
410,550
3,898
Last
Mile
Logistics
Group,
Inc.
0.750%
due
08/17/26
EUR
1,440
1,674
Last
Mile
Securities
0.900%
due
08/17/31
EUR
1,044
1,209
Madison
Park
Euro
Funding
IX
DAC
Series
2021-9A
Class
AR
0.880%
due
07/15/35
(3
Month
EURIBOR
+
0.880%)(Ê)(Þ)
EUR
1,123
1,292
Mexican
Bonos
de
Desarrollo
Series
M
30
8.500%
due
11/18/38
MXN
13,850
713
Mexico
Government
International
Bond
2.125%
due
10/25/51
EUR
1,539
1,475
4.000%
due
03/15/15
EUR
1,011
1,272
Newgate
Funding
PLC
Series
2006-1
Class
A4
1.086%
due
12/01/50
(GBP
3
Month
LIBOR
+
0.190%)(Ê)
GBP
633
842
Series
2006-3X
Class
A3B
3.732%
due
12/01/50
(3
Month
EURIBOR
+
0.170%)(Ê)
EUR
2,603
2,961
Series
2007-1X
Class
A3
0.240%
due
12/01/50
(GBP
3
Month
LIBOR
+
0.160%)(Ê)
GBP
388
506
Paragon
Mortgages
(No.
12)
PLC
0.293%
due
11/15/38
(~)(Ê)
GBP
2,692
3,574
Petroleos
Mexicanos
Series
14-2
7.470%
due
11/12/26
MXN
51,280
2,226
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
50
Strategic
Bond
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Series
REGS
7.190%
due
09/12/24
MXN
66,598
3,068
Republic
of
South
Africa
Government
International
Bond
Series
2037
8.500%
due
01/31/37
ZAR
43,089
2,397
RMAC
Securities
No.
1
PLC
0.217%
due
06/12/44
GBP
471
616
Series
2006-NS1X
Class
A2A
1.050%
due
06/12/44
(GBP
3
Month
LIBOR
+
0.150%)(Ê)
GBP
389
511
Series
2006-NS4X
Class
A3A
0.368%
due
06/12/44
(GBP
3
Month
LIBOR
+
0.170%)(Ê)
GBP
878
1,145
Rockfield
Park
CLO
DAC
Series
2021-1A
Class
A1
0.900%
due
07/16/34
(3
Month
EURIBOR
+
0.900%)(Ê)(Þ)
EUR
1,391
1,598
Romania
Government
International
Bond
Series
REGS
2.124%
due
07/16/31
EUR
223
258
2.000%
due
04/14/33
EUR
202
223
2.625%
due
12/02/40
EUR
1,465
1,580
2.750%
due
04/14/41
EUR
847
911
2.875%
due
04/13/42
EUR
1,166
1,261
Taurus
CMBS
1.000%
due
08/17/31
GBP
2,142
2,900
1.550%
due
08/17/31
GBP
500
678
Taurus
UK
Designated
Activity
Co.
Series
2021-UK1A
Class
A
0.900%
due
05/17/31
(3
Month
SONIA
Deposit
Rate
+
0.850%)(Ê)(Þ)
GBP
500
675
Series
2021-UK1A
Class
B
1.350%
due
05/17/31
(3
Month
SONIA
Deposit
Rate
+
1.300%)(Ê)(Þ)
GBP
500
677
Towd
Point
Mortgage
Funding
Series
2019-A13X
Class
B
1.251%
due
07/20/45
(3
Month
SONIA
Deposit
Rate
+
1.200%)(Ê)
GBP
1,612
2,173
Warwick
Finance
Residential
Mortgages
Number
Three
PLC
0.854%
due
12/21/49
(~)(Ê)(Þ)
GBP
967
1,306
81,870
United
States
Government
Treasuries
-
16.7%
United
States
Treasury
Notes
1.750%
due
05/15/23
6,760
6,928
0.125%
due
05/31/23
1,060
1,058
1.375%
due
06/30/23
5,420
5,528
0.125%
due
07/15/23
3,460
3,453
1.250%
due
07/31/23
2,700
2,749
1.625%
due
10/31/23
4,360
4,479
2.125%
due
11/30/23
3,870
4,020
0.125%
due
01/15/24
18,549
18,449
0.250%
due
05/15/24
3,750
3,732
1.250%
due
08/31/24
3,615
3,693
0.375%
due
09/15/24
250
249
2.000%
due
02/15/25
3,895
4,074
2.125%
due
05/15/25
3,485
3,663
2.000%
due
08/15/25
4,068
4,260
3.000%
due
10/31/25
2,925
3,183
2.250%
due
11/15/25
3,660
3,871
1.625%
due
02/15/26
3,338
3,444
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
2.250%
due
03/31/26
2,855
3,025
1.625%
due
05/15/26
3,050
3,146
0.750%
due
05/31/26
170
169
1.500%
due
08/15/26
6,980
7,156
0.750%
due
08/31/26
330
326
2.375%
due
05/15/27
3,125
3,342
0.500%
due
05/31/27
6,160
5,951
0.750%
due
01/31/28
3,272
3,177
2.750%
due
02/15/28
4,612
5,046
1.250%
due
04/30/28
100
100
2.875%
due
05/15/28
600
662
1.250%
due
06/30/28
10
10
2.875%
due
08/15/28
3,410
3,767
1.125%
due
08/31/28
20
20
1.250%
due
09/30/28
500
498
3.125%
due
11/15/28
3,397
3,817
2.375%
due
05/15/29
2,630
2,823
1.750%
due
11/15/29
3,477
3,573
0.625%
due
08/15/30
6,577
6,118
0.875%
due
11/15/30
4,735
4,493
1.250%
due
08/15/31
780
761
1.125%
due
05/15/40
3,030
2,619
1.125%
due
08/15/40
2,260
1,945
1.375%
due
11/15/40
2,804
2,519
1.750%
due
08/15/41
60
57
2.750%
due
11/15/42
1,365
1,535
2.875%
due
05/15/43
1,490
1,710
3.625%
due
02/15/44
1,949
2,509
3.125%
due
08/15/44
1,425
1,705
2.875%
due
08/15/45
1,365
1,574
3.000%
due
05/15/47
1,250
1,483
2.750%
due
11/15/47
2,010
2,284
3.000%
due
02/15/48
1,530
1,819
3.125%
due
05/15/48
1,550
1,886
3.375%
due
11/15/48
1,595
2,032
2.875%
due
05/15/49
1,710
2,000
2.375%
due
11/15/49
2,552
2,716
1.250%
due
05/15/50
5,010
4,099
1.625%
due
11/15/50
40
36
1.875%
due
02/15/51
730
696
2.375%
due
05/15/51
810
864
170,901
Total
Long-Term
Investments
(cost
$837,190
)
842,775
Common
Stocks
-
0.0%
Technology
-
0.0%
Sungard
Availability
Services
Capital,
LP(Æ)(Š)
1,760
1
Total
Common
Stocks
(cost
$44)
1
Short-Term
Investments
-
16.5%
Air
Lease
Corp.
Series
3Y
3.500%
due
01/15/22
40
40
Apache
Corp.
3.250%
due
04/15/22
16
16
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
51
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Apollo
Commercial
Real
Estate
Finance,
Inc.
4.750%
due
08/23/22
740
743
BHP
Billiton
Finance
USA,
Ltd.
2.875%
due
02/24/22
5
5
Continental
Airlines
Pass-Through
Trust
Series
071A
Class
A
5.983%
due
04/19/22
39
40
Ford
Motor
Credit
Co.
LLC
Series
FXD
3.813%
due
10/12/21
200
200
International
Lease
Finance
Corp.
5.875%
due
08/15/22
410
429
Intesa
Sanpaolo
SpA
3.125%
due
07/14/22
(Þ)
600
613
NBK
SPC,
Ltd.
2.750%
due
05/30/22
(Þ)
714
722
Pacific
Gas
and
Electric
Co.
1.750%
due
06/16/22
380
379
Park
Aerospace
Holdings,
Ltd.
5.250%
due
08/15/22
(Þ)
4
4
Range
Resources
Corp.
5.875%
due
07/01/22
12
12
U.S.
Cash
Management
Fund(@)
110,659,229(∞)
110,638
UBS
Group
AG
1.750%
due
04/21/22
(Þ)
220
222
UniCredit
SpA
6.572%
due
01/14/22
(Þ)
720
732
United
States
Treasury
Notes
2.375%
due
03/15/22
34,397
34,762
0.125%
due
05/31/22
3,010
3,011
1.875%
due
05/31/22
2,485
2,515
1.625%
due
08/15/22
8,625
8,741
0.125%
due
08/31/22
4,750
4,751
ZF
NA
Capital,
Inc.
4.500%
due
04/29/22
(Þ)
200
203
Total
Short-Term
Investments
(cost
$168,727)
168,778
Total
Investments
-
98.8%
(identified
cost
$1,005,961)
1,011,554
Other
Assets
and
Liabilities,
Net
-
1.2%
12,744
Net
Assets
-
100.0%
1,024,298
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
52
Strategic
Bond
Fund
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
shares
$
$
$
24.4%
Abu
Dhabi
Government
International
Bond
04/08/20
270,000
96.24
260
308
Abu
Dhabi
Government
International
Bond
04/12/21
200,000
95.98
192
193
Abu
Dhabi
National
Energy
Co.
PJSC
04/15/21
200,000
111.03
222
222
Adani
Ports
&
Special
Economic
Zone,
Ltd.
09/10/21
515,000
104.61
539
536
African
Export-Import
Bank
(The)
05/10/21
1,530,000
100.00
1,530
1,562
Air
Liquide
Finance
SA
07/13/21
916,000
103.33
947
946
Alimentation
Couche-Tard,
Inc.
09/19/17
702,000
102.37
719
773
Ambac
Assurance
Corp.
02/09/17
881
168.77
1
1
American
Airlines
Group,
Inc.
04/12/21
160,000
104.27
167
168
American
Airlines
Group,
Inc.
04/12/21
140,000
106.92
150
151
Americo
Life,
Inc.
04/12/21
70,000
99.73
70
71
AmFam
Holdings,
Inc.
04/09/21
100,000
103.48
103
109
AmFam
Holdings,
Inc.
04/12/21
120,000
100.15
120
123
Amur
Equipment
Finance
Receivables
IX
LLC
04/14/21
735,000
99.99
735
736
Anglo
American
Capital
PLC
04/12/21
360,000
112.69
406
406
Anglo
American
Capital
PLC
08/04/21
278,000
107.77
300
298
Aqueduct
European
CLO
DAC
06/15/21
EUR
1,296,000
121.27
1,572
1,491
Arbor
Realty
CLO,
Ltd.
05/26/21
1,029,000
100.00
1,029
1,029
Arbor
Realty
Commercial
Real
Estate.,
Ltd
09/20/21
5,030,000
100.00
5,031
5,030
Ares
LXI
CLO,
Ltd.
08/20/21
4,022,000
100.00
4,021
4,021
Aviation
Capital
Group
LLC
04/13/21
170,000
111.13
189
191
Avoca
CLO
XXIII
DAC
04/23/21
EUR
1,588,000
121.00
1,921
1,833
Avolon
Holdings
Funding,
Ltd.
04/12/21
150,000
100.83
151
154
Avolon
Holdings
Funding,
Ltd.
04/12/21
130,000
104.39
136
138
Avolon
Holdings
Funding,
Ltd.
04/12/21
370,000
105.26
389
398
Banco
de
Credito
del
Peru
12/04/19
693,000
102.47
710
722
Banco
Inbursa
SA
Institucion
de
Banca
Multiple
01/06/20
711,000
102.57
729
757
Banco
Internacional
del
Peru
SAA
Interbank
09/09/21
928,000
102.02
947
951
Banco
Mercantil
del
Norte
SA
04/09/21
240,000
117.44
282
283
Bank
of
China,
Ltd.
04/12/21
833,000
110.27
919
920
Bayer
US
Finance
II
LLC
06/18/21
961,000
106.38
1,022
1,023
Bayer
US
Finance
LLC
08/02/18
726,000
100.39
729
773
BDS,
Ltd.
05/14/21
1,558,000
100.00
1,558
1,558
BDS,
Ltd.
07/22/21
1,043,000
100.00
1,043
1,042
Bellemeade
Re,
Ltd.
09/29/20
1,050,489
101.03
1,061
1,060
Bellemeade
Re,
Ltd.
02/08/21
1,388,401
101.27
1,406
1,401
Bellemeade
Re,
Ltd.
04/13/21
2,309,000
100.18
2,313
2,321
Bellemeade
Re,
Ltd.
04/13/21
1,780,000
100.70
1,792
1,789
Bellemeade
Re,
Ltd.
04/23/21
881,000
101.02
890
890
Bellemeade
Re,
Ltd.
06/11/21
2,607,000
100.00
2,606
2,613
Bellemeade
Re,
Ltd.
06/11/21
1,759,000
100.12
1,761
1,760
Bellemeade
RE,
Ltd.
09/23/21
2,380,000
100.00
2,380
2,389
Bermuda
Government
International
Bond
04/12/21
380,000
98.47
374
376
Berry
Global,
Inc.
07/15/21
949,000
100.11
950
950
Berry
Petroleum
Corp.
04/13/21
490,000
98.39
482
499
Bharti
Airtel
International
Netherlands
BV
09/26/19
693,000
102.42
710
728
Bharti
Airtel,
Ltd.
09/13/21
877,000
108.53
952
943
Blackbird
Capital
Aircraft
Lease
Securitization,
Ltd.
11/04/16
532,500
99.75
531
535
Blackstone
Holdings
Finance
Co.
LLC
09/09/21
900,000
105.98
954
951
BNP
Paribas
SA
08/07/18
200,000
99.61
199
228
BNP
Paribas
SA
06/02/20
680,000
101.90
693
698
BNP
Paribas
SA
06/10/20
722,000
109.51
791
811
BNP
Paribas
SA
04/09/21
400,000
91.19
365
380
BNP
Paribas
SA
06/23/21
210,000
100.00
210
209
BNP
Paribas
SA
09/08/21
270,000
100.00
270
267
BOC
Aviation
USA
Corp.
05/06/21
200,000
100.17
200
202
BX
Trust
08/04/21
2,464,700
100.31
2,472
2,465
CAMB
Commercial
Mortgage
Trust
01/25/19
987,000
100.12
988
988
Cameron
LNG
LLC
04/09/21
70,000
107.89
76
77
Canyon
Capital
CLO,
Ltd.
03/03/21
1,000,000
100.50
1,005
1,000
Carlyle
Global
Market
Strategies
CLO,
Ltd.
09/07/21
2,298,000
100.00
2,298
2,298
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
04/14/20
10,000
101.77
10
10
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
04/12/21
80,000
104.86
84
83
Cedar
Funding,
Ltd.
07/03/18
1,600,000
100.00
1,600
1,600
Cencosud
SA
06/18/21
930,000
109.42
1,018
1,010
Cheniere
Energy
Partners,
LP
09/13/21
290,000
100.33
291
291
CHS/Community
Health
Systems,
Inc.
04/12/21
140,000
103.82
145
140
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
53
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
$
$
$
CIFC
Funding,
Ltd.
08/17/21
852,000
100.08
853
852
CIFC
Funding,
Ltd.
09/09/21
1,156,000
100.12
1,157
1,156
Citigroup
Commercial
Mortgage
Trust
02/12/19
1,418,000
0.99
1,403
1,441
CLI
Funding
VI
LLC
10/02/20
1,504,317
99.98
1,504
1,514
Comcast
Corp.
10/28/16
364,000
99.54
362
349
Comcast
Corp.
04/02/20
30,000
103.12
31
28
Comcast
Corp.
04/09/21
117,000
98.43
115
110
Comision
Federal
de
Electricidad
04/12/21
200,000
96.88
194
196
Commonwealth
Bank
of
Australia
04/09/21
200,000
105.31
211
216
Commonwealth
Bank
of
Australia
04/12/21
200,000
97.99
196
199
Commonwealth
Bank
of
Australia
06/17/21
886,000
117.97
1,045
1,047
Comstock
Resources,
Inc.
06/14/21
330,000
100.41
331
343
ConocoPhillips
Co.
08/22/18
90,000
100.00
90
101
CORE
Mortgage
Trust
03/01/19
1,216,000
100.00
1,216
1,211
Covey
Park
Energy
LLC
04/13/21
180,000
103.70
187
187
Credicorp
,
Ltd.
04/12/21
922,000
101.29
934
943
Credit
Agricole
SA
06/11/20
734,000
107.48
789
800
Credit
Agricole
SA
07/12/21
897,000
105.04
942
943
Credit
Suisse
Group
AG
07/07/20
699,000
110.57
773
777
Credit
Suisse
Group
AG
04/12/21
750,000
107.49
806
803
Credit
Suisse
Group
AG
04/12/21
550,000
108.50
597
593
Credit
Suisse
Group
AG
04/14/21
360,000
108.48
391
395
Credit
Suisse
Group
AG
05/10/21
480,000
100.00
480
491
Credit
Suisse
Mortgage
Trust
05/28/19
1,282,000
100.00
1,282
1,284
DAE
Funding
LLC
06/15/21
220,000
99.48
219
218
Daimler
Finance
NA
LLC
07/08/21
903,000
103.89
938
938
Danone
SA
04/22/19
718,000
100.06
718
746
Danske
Bank
A/S
03/11/19
1,512,000
106.06
1,607
1,660
Danske
Bank
A/S
09/17/19
200,000
101.64
203
212
Danske
Bank
A/S
09/07/21
200,000
100.00
200
198
Danske
Bank
A/S
09/07/21
200,000
100.00
200
200
DBGS
Mortgage
Trust
04/03/19
985,000
101.26
997
1,024
DCP
Midstream
Operating,
LP
12/11/19
50,000
107.74
54
62
Delta
Air
Lines,
Inc.
05/11/20
280,000
98.04
275
327
Delta
Air
Lines,
Inc.
09/16/20
180,000
103.43
186
193
Delta
Air
Lines,
Inc.
09/16/20
300,000
106.63
320
335
Deutsche
Mortgage
Securities,
Inc.
Re-REMIC
Trust
01/04/17
300,448
100.54
302
304
Devon
Energy
Corp.
06/07/21
19,000
106.58
20
20
Devon
Energy
Corp.
06/07/21
220,000
108.51
239
240
Devon
Energy
Corp.
06/07/21
153,000
109.74
168
169
Dryden
50
Senior
Loan
Fund
04/08/21
4,353,000
100.09
4,356
4,356
Dryden
85
CLO,
Ltd.
09/20/21
3,959,000
100.00
3,959
3,959
Eagle
Re,
Ltd.
01/27/20
511,000
100.00
511
509
Eagle
Re,
Ltd.
12/17/20
732,000
100.25
734
738
Eagle
Re,
Ltd.
04/09/21
1,268,000
100.00
1,268
1,281
Enel
Finance
International
NV
01/05/18
706,000
100.90
712
773
Eni
SpA
08/04/21
892,000
106.29
948
949
EnLink
Midstream
LLC
04/13/21
280,000
99.74
279
298
EQT
Corp.
05/10/21
30,000
100.00
30
31
EQT
Corp.
05/10/21
30,000
100.00
30
31
Falabella
SA
04/12/21
892,000
104.01
928
930
Fidelity
&
Guaranty
Life
Holdings,
Inc.
04/16/21
50,000
113.38
57
57
First
Quantum
Minerals,
Ltd.
04/12/21
200,000
103.60
207
205
First
Quantum
Minerals,
Ltd.
04/13/21
480,000
108.69
522
508
Florida
Gas
Transmission
Co.
LLC
09/15/21
520,000
99.92
520
511
FNA
VI
LLC
01/22/21
710,008
99.99
710
709
Fresnillo
PLC
04/09/21
260,000
98.41
256
269
Genting
New
York
LLC
04/13/21
440,000
100.33
441
436
Glencore
Funding
LLC
10/12/16
40,000
100.66
40
44
Glencore
Funding
LLC
09/13/17
220,000
100.39
221
242
Glencore
Funding
LLC
01/16/19
50,000
95.33
48
55
Glencore
Funding
LLC
03/05/19
550,000
102.29
563
589
Glencore
Funding
LLC
04/13/21
140,000
100.42
141
140
Glencore
Funding
LLC
09/15/21
70,000
99.77
70
69
Goldentree
Loan
Management
US
CLO
2,
Ltd.
10/26/18
1,300,000
100.03
1,300
1,300
Goldentree
Loan
Management
US
CLO
7,
Ltd.
04/01/21
1,147,000
100.00
1,147
1,148
Harvest
CLO
XXVI
DAC
06/24/21
EUR
1,402,000
119.34
1,673
1,622
HGI
CRE
CLO,
Ltd.
05/06/21
2,190,000
100.03
2,191
2,189
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
54
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
$
$
$
HGI
CRE
CLO,
Ltd.
09/17/21
2,486,000
100.00
2,486
2,486
Highlands
Holdings
Bond
Issuer,
Ltd.
04/12/21
290,000
106.57
309
308
Hilton
Domestic
Operating
Co.,
Inc.
04/16/20
40,000
100.00
40
43
Hilton
Domestic
Operating
Co.,
Inc.
04/16/20
120,000
100.25
120
125
Hilton
USA
Trust
11/22/16
1,840,000
89.78
1,690
1,948
Hilton
USA
Trust
05/26/17
226,000
99.74
225
226
HMH
Trust
06/09/17
1,170,000
99.98
1,170
1,105
HOM
RE,
Ltd.
01/28/21
844,000
100.00
844
842
Hospitality
Mortgage
Trust
05/16/19
1,216,234
100.00
1,216
1,213
Huntington
Bancshares,
Inc.
06/18/21
1,012,000
100.36
1,016
996
ICICI
Bank,
Ltd.
09/06/18
782,000
101.08
790
842
ING
Bank
NV
04/16/21
935,000
109.79
1,027
1,026
Innogy
Finance
BV
12/02/20
621,000
145.55
904
905
Intesa
Sanpaolo
SpA
07/10/17
600,000
100.66
604
613
Intesa
Sanpaolo
SpA
01/05/18
200,000
99.93
200
207
Intesa
Sanpaolo
SpA
04/12/21
200,000
107.85
216
216
Intesa
Sanpaolo
SpA
05/24/21
200,000
100.00
200
205
Intesa
Sanpaolo
SpA
05/24/21
400,000
100.59
402
415
Inversiones
CMPC
SA
07/08/21
904,000
104.63
946
943
Italy
Buoni
Poliennali
Del
Tesoro
04/07/21
EUR
852,000
117.68
1,003
968
JPMorgan
Mortgage
Trust
05/15/20
48,707
103.22
50
49
JPMorgan
Mortgage
Trust
06/05/20
231,965
103.13
239
233
JPMorgan
Mortgage
Trust
03/30/21
248,578
102.15
254
252
JPMorgan
Mortgage
Trust
04/26/21
4,596,557
102.79
4,725
4,701
JPMorgan
Mortgage
Trust
05/24/21
4,608,286
102.88
4,741
4,712
JPMorgan
Mortgage
Trust
06/24/21
9,072,642
102.25
9,274
9,200
KazMunayGas
National
Co.
JSC
04/17/18
200,000
100.00
200
236
Kerry
Group
Financial
Services
Unlimited
Co.
06/21/21
1,000,000
103.13
1,031
1,030
KKR
Group
Finance
Co.
II
LLC
02/20/15
10,000
109.28
11
13
KKR
Group
Finance
Co.
III
LLC
04/16/21
100,000
125.72
126
129
Klabin
Austria
GmbH
04/12/21
200,000
95.49
191
191
Kookmin
Bank
08/05/21
913,000
106.07
968
963
LCM
XXIII,
Ltd.
01/29/20
1,020,000
100.00
1,020
1,020
LCM
XXV,
Ltd.
07/10/17
1,904,000
100.05
1,905
1,904
Lithia
Motors,
Inc.
06/04/21
190,000
103.34
196
197
Lithia
Motors,
Inc.
06/07/21
110,000
105.38
116
116
Lloyds
Banking
Group
PLC
09/03/20
681,000
117.23
798
703
LPL
Holdings,
Inc.
05/10/21
80,000
100.70
81
84
Lukoil
International
Finance
BV
09/19/17
682,000
102.26
697
716
Madison
Park
Euro
Funding
IX
DAC
06/09/21
EUR
1,123,000
121.77
1,367
1,292
Madison
Park
Funding
XVIII,
Ltd.
12/01/17
1,922,000
99.83
1,919
1,923
Madison
Park
Funding,
Ltd.
01/15/21
1,158,000
100.00
1,158
1,161
Magnetite
XVIII,
Ltd.
10/31/18
1,488,000
100.00
1,488
1,488
Mars,
Inc.
04/09/21
240,000
93.47
224
229
Massachusetts
Mutual
Life
Insurance
Co.
04/09/21
70,000
100.37
70
73
MEG
Energy
Corp.
01/19/21
80,000
101.23
81
82
MEG
Energy
Corp.
04/12/21
140,000
105.22
147
147
MEG
Energy
Corp.
04/29/21
72,000
103.19
74
74
Melco
Resorts
Finance,
Ltd.
04/12/21
240,000
105.47
253
244
Mello
Mortgage
Capital
Acceptance
06/14/21
1,457,116
102.65
1,496
1,490
MHC
Commercial
Mortgage
Trust
04/06/21
2,275,000
99.76
2,270
2,277
Microchip
Technology,
Inc.
04/14/21
390,000
99.99
390
390
Microchip
Technology,
Inc.
05/18/21
160,000
100.00
160
160
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets,
Ltd.
06/25/20
250,000
104.01
260
272
Mondelez
International,
Inc.
08/09/21
690,000
104.24
719
718
Morgan
Stanley
Capital
I
Trust
12/12/19
1,970,000
99.47
1,960
1,969
Morgan
Stanley
Mortgage
Capital
Holdings
LLC
Trust
08/11/17
5,418,000
0.52
28
28
Morgan
Stanley
Mortgage
Capital
Holdings
LLC
Trust
08/11/17
8,761,000
1.98
173
173
Morgan
Stanley
Mortgage
Capital
Holdings
LLC
Trust
08/11/17
1,500,000
97.43
1,461
1,537
NBK
SPC,
Ltd.
09/30/19
714,000
100.19
715
722
Nestle
Holdings,
Inc.
01/03/20
698,000
102.62
716
737
Netflix,
Inc.
04/12/21
110,000
115.28
127
130
Netflix,
Inc.
04/12/21
50,000
118.56
59
61
Neuberger
Berman
CLO
XV,
Ltd.
08/31/21
2,766,000
100.00
2,765
2,766
Neuberger
Berman
Loan
Advisers
CLO
24,
Ltd.
08/24/21
589,000
100.15
590
589
New
York
Life
Insurance
Co.
04/09/21
180,000
107.90
194
202
New
York
Life
Insurance
Co.
04/09/21
50,000
120.97
60
63
NGPL
PipeCo
LLC
09/26/19
553,000
127.95
708
793
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(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
$
$
$
Nippon
Life
Insurance
Co.
04/09/21
250,000
96.16
240
245
Nissan
Motor
Acceptance
Corp.
09/10/20
300,000
100.00
300
330
Nissan
Motor
Acceptance
Corp.
09/10/20
280,000
100.00
280
298
Nissan
Motor
Acceptance
Corp.
04/14/21
440,000
103.98
458
458
Nordea
Bank
Abp
04/16/21
913,000
111.14
1,015
1,026
Northern
Oil
and
Gas,
Inc.
04/12/21
190,000
100.14
190
203
Northwestern
Mutual
Life
Insurance
Co.
(The)
04/09/21
480,000
101.71
488
515
Northwestern
Mutual
Life
Insurance
Co.
(The)
04/09/21
80,000
104.03
83
87
NRG
Energy,
Inc.
04/12/21
390,000
99.95
390
396
NTT
Finance
Corp.
04/12/21
200,000
99.62
199
201
NXP
BV
/
NXP
Funding
LLC
04/12/21
80,000
105.84
85
87
NYACK
Park
CLO,
Ltd.
09/02/21
5,290,000
100.00
5,289
5,290
Oaktown
Re
III,
Ltd.
01/26/21
1,355,000
100.47
1,361
1,355
Oaktown
Re
VI,
Ltd.
04/14/21
1,465,000
100.00
1,465
1,483
Oaktown
Re,
Ltd.
10/19/20
246,700
100.00
247
247
Oaktown
Re,
Ltd.
09/28/21
1,475,000
101.97
1,504
1,504
OCP
CLO,
Ltd.
03/23/21
669,109
100.09
670
669
OCP
SA
06/10/21
200,000
99.38
199
199
OCP
SA
06/11/21
200,000
100.43
201
198
Octane
Receivables
Trust
04/27/21
1,793,333
99.99
1,793
1,794
OneMain
Financial
Issuance
Trust
10/21/20
1,242,000
104.78
1,301
1,284
OneMain
Financial
Issuance
Trust
10/21/20
500,000
106.44
532
535
Panasonic
Corp.
09/13/21
912,000
105.01
958
955
Paraguay
Government
International
Bond
04/09/21
200,000
114.03
228
230
Park
Aerospace
Holdings,
Ltd.
03/06/19
4,000
100.60
4
4
Parsley
Energy
LLC
09/25/20
10,000
93.14
9
10
Petroleos
del
Peru
SA
04/09/21
200,000
106.15
212
200
POSCO
07/12/21
850,000
105.80
899
898
Preston
Ridge
Partners
Mortgage
LLC
09/30/20
464,648
100.00
465
466
Preston
Ridge
Partners
Mortgage
LLC
12/01/20
562,581
100.00
563
566
Preston
Ridge
Partners
Mortgage
LLC
04/28/21
1,140,668
100.00
1,141
1,146
Prosus
NV
02/03/21
909,000
100.69
915
852
Provincia
de
Buenos
Aires
08/27/21
151,811
45.48
69
69
Provincia
de
Cordoba
04/12/21
230,000
61.40
141
155
Provincia
de
Cordoba
04/12/21
200,000
69.50
139
151
Qatar
Government
International
Bond
04/07/20
360,000
100.00
360
439
Qatar
Petroleum
06/30/21
670,000
98.96
663
664
Radnor
RE,
Ltd.
01/21/20
567,000
100.00
567
566
Radnor
RE,
Ltd.
06/15/21
1,679,451
100.56
1,689
1,683
Range
Resources
Corp.
04/12/21
150,000
107.23
161
169
RCKT
Mortgage
Trust
06/22/21
2,797,885
102.08
2,856
2,857
Resimac
,
Ltd.
03/04/21
993,726
100.00
994
994
Resorts
World
Las
Vegas
LLC
/
RWLV
Capital,
Inc.
07/07/20
809,000
98.67
798
825
Riserva
CLO,
Ltd.
03/01/21
940,000
100.00
940
939
Roche
Holdings,
Inc.
08/06/21
422,000
99.95
422
422
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co-Issuer,
Inc.
09/21/21
140,000
100.00
140
139
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co-Issuer,
Inc.
09/21/21
160,000
100.00
160
156
Rockfield
Park
CLO
DAC
06/30/21
EUR
1,391,000
118.58
1,649
1,598
SABIC
Capiral
II
BV
07/07/20
737,000
104.40
769
783
Sands
China,
Ltd.
09/09/21
200,000
99.75
199
192
Sands
China,
Ltd.
09/09/21
200,000
99.78
200
193
Santander
UK
Group
Holdings
PLC
03/05/19
701,000
101.75
713
781
Santander
UK
Group
Holdings
PLC
05/14/19
238,000
101.98
243
257
Saudi
Arabian
Oil
Co.
04/07/20
768,000
99.09
761
800
Schlumberger
Holdings
Corp.
12/10/15
40,000
99.97
40
44
Sequoia
Mortgage
Trust
10/21/16
104,872
102.83
108
106
Sequoia
Mortgage
Trust
05/06/21
2,547,148
102.76
2,617
2,613
Shackleton
CLO,
Ltd.
04/04/18
930,000
100.00
930
927
Siemens
Financieringsmaatschappij
NV
01/04/21
891,000
103.28
920
918
Sky,
Ltd.
06/18/21
941,000
108.54
1,021
1,023
Sociedad
Quimica
y
Minera
de
Chile
SA
09/13/21
470,000
99.18
466
453
Societe
Generale
SA
12/11/19
700,000
104.49
731
756
SpringCastle
America
Funding
LLC
09/16/20
4,111,960
100.39
4,128
4,146
Standard
Chartered
PLC
04/12/21
754,000
125.57
947
975
Sura
Asset
Management
SA
07/08/21
877,000
107.47
942
945
Suzano
Austria
GmbH
04/09/21
200,000
129.85
260
262
SYNNEX
Corp.
07/29/21
510,000
99.93
510
510
TAL
Advantage
VII
LLC
09/09/20
2,021,805
100.03
2,022
2,036
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(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
$
$
$
Targa
Resources
Partners,
LP
/
Targa
Resources
Partners
Finance
Corp.
01/19/21
380,000
98.12
373
393
Taurus
UK
Designated
Activity
Co.
02/22/21
GBP
500,000
140.62
703
677
Taurus
UK
Designated
Activity
Co.
02/22/21
GBP
500,000
140.62
703
675
Teachers
Insurance
&
Annuity
Association
of
America
06/14/16
340,000
114.71
390
443
Tencent
Holdings,
Ltd.
04/12/21
891,000
105.71
942
940
Tennessee
Gas
Pipeline
Co.
LLC
02/19/20
460,000
100.89
464
476
Tesco
PLC
09/03/20
623,000
129.60
807
812
Textainer
Marine
Containers,
Ltd.
08/03/21
2,819,080
99.98
2,818
2,792
Towd
Point
Mortgage
Trust
08/17/20
2,473,197
101.80
2,518
2,492
UBS
Group
AG
01/28/19
460,000
100.22
461
502
UBS
Group
AG
04/14/20
220,000
99.96
220
222
UBS
Group
AG
07/07/20
694,000
111.49
774
773
UBS
Group
AG
04/09/21
200,000
124.66
249
262
UniCredit
SpA
01/08/19
720,000
100.78
726
732
UniCredit
SpA
04/12/21
210,000
118.64
249
255
Union
Pacific
Corp.
06/05/18
250,000
100.18
250
260
United
Airlines,
Inc.
04/14/21
30,000
101.43
30
31
UWM
Mortgage
Trust
05/27/21
2,697,700
102.26
2,759
2,745
Venture
XXVIII
CLO,
Ltd.
09/01/21
1,815,000
100.00
1,815
1,815
Videotron,
Ltd.
06/03/21
60,000
100.00
60
61
Volkswagen
Group
of
America
Finance
LLC
07/12/21
911,000
103.91
947
946
Vontier
Corp.
04/12/21
350,000
98.86
346
345
Vontier
Corp.
04/13/21
170,000
99.95
170
169
Warwick
Finance
Residential
Mortgages
Number
Three
PLC
02/10/21
GBP
967,428
138.66
1,341
1,306
WEA
Finance
LLC
/
Westfield
UK
&
Europe
Finance
PLC
04/09/21
200,000
103.52
207
218
WEA
Finance
LLC
/
Westfield
UK
&
Europe
Finance
PLC
05/06/21
200,000
105.72
211
213
Wells
Fargo
Mortgage
Backed
Securities
Trust
04/23/21
1,408,023
102.47
1,443
1,438
WinWater
Mortgage
Loan
Trust
03/29/17
183,348
102.29
188
185
Woori
Bank
04/22/20
734,000
104.14
764
799
Wynn
Macau,
Ltd.
12/15/20
510,000
104.08
531
485
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
04/12/21
210,000
107.60
226
222
Yamana
Gold,
Inc.
08/04/21
50,000
100.00
50
49
ZF
NA
Capital,
Inc.
09/22/21
200,000
101.74
203
203
249,736
For
a
description
of
restricted
securities
see
note
5
in
the
Notes
to
Quarterly
Report.
Futures
Contracts
Amounts
in
thousands
(except
contract
amounts
)
Number
of
Contracts
Notional
Amount
Expiration
Date
Value
and
Unrealized
Appreciation
(Depreciation)
$
Long
Positions
Australia
10
Year
Government
Bond
Futures
315
AUD
44,564
12/21
(647)
Canadian
10
Year
Government
Bond
Futures
112
CAD
16,033
12/21
(261)
Euro-Bund
Futures
7
EUR
1,189
12/21
(11)
United
States
2
Year
Treasury
Note
Futures
169
USD
37,189
12/21
(18)
United
States
5
Year
Treasury
Note
Futures
1,367
USD
167,789
12/21
(1,089)
United
States
10
Year
Treasury
Note
Futures
1,469
USD
193,334
12/21
(2,229)
United
States
10
Year
Ultra
Treasury
Note
Futures
147
USD
21,352
12/21
(126)
United
States
Treasury
Long
Bond
Futures
353
USD
56,205
12/21
(1,062)
United
States
Treasury
Ultra
Bond
Futures
146
USD
27,895
12/21
(723)
Short
Positions
Australia
3
Year
Government
Bond
Futures
50
AUD
5,822
12/21
11
Canadian
10
Year
Government
Bond
Futures
61
CAD
8,732
12/21
172
Euro-
Btp
Futures
5
EUR
760
12/21
12
Euro-Bund
Futures
177
EUR
30,058
12/21
523
Long
Gilt
Futures
160
GBP
20,024
12/21
846
United
States
2
Year
Treasury
Note
Futures
127
USD
27,947
12/21
16
United
States
10
Year
Ultra
Treasury
Note
Futures
21
USD
3,051
12/21
56
United
States
Treasury
Long
Bond
Futures
58
USD
9,235
12/21
189
United
States
Treasury
Ultra
Bond
Futures
77
USD
14,712
12/21
382
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
57
Futures
Contracts
Amounts
in
thousands
(except
contract
amounts
)
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
(3,959)
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Bank
of
America
USD
197
AUD
274
12/09/21
1
Bank
of
America
USD
8,977
NOK
78,482
12/09/21
(4)
Bank
of
America
AUD
23,795
USD
17,634
12/09/21
428
Bank
of
America
NOK
152,091
USD
17,585
12/09/21
196
Bank
of
Montreal
USD
3,574
NOK
31,200
12/15/21
(7)
Bank
of
Montreal
SEK
33,800
USD
3,921
12/15/21
58
Bank
of
New
York
USD
3,587
NOK
31,200
12/15/21
(20)
Bank
of
New
York
SEK
33,800
USD
3,930
12/15/21
66
BNP
Paribas
USD
1,432
EUR
1,205
10/19/21
(35)
Citigroup
USD
552
AUD
748
10/27/21
(11)
Citigroup
USD
1,180
AUD
1,589
10/27/21
(31)
Citigroup
USD
218
BRL
1,155
10/19/21
(6)
Citigroup
USD
2,360
CAD
3,033
10/27/21
35
Citigroup
USD
590
CLP
454,279
10/27/21
(31)
Citigroup
USD
590
CLP
479,375
10/27/21
—
Citigroup
USD
2,360
CNY
15,280
10/27/21
6
Citigroup
USD
505
COP
1,940,000
10/27/21
4
Citigroup
USD
1,158
COP
4,556,018
10/27/21
37
Citigroup
USD
320
EUR
274
10/27/21
(2)
Citigroup
USD
703
EUR
600
10/27/21
(8)
Citigroup
USD
2,897
GBP
2,095
12/09/21
(74)
Citigroup
USD
48
JPY
5,250
10/27/21
—
Citigroup
USD
12,739
JPY
1,424,900
12/09/21
70
Citigroup
USD
1,109
KRW
1,275,488
10/27/21
(33)
Citigroup
USD
1,180
KRW
1,396,117
10/27/21
(2)
Citigroup
USD
1,783
KZT
770,522
10/27/21
18
Citigroup
USD
223
KZT
96,713
12/20/21
1
Citigroup
USD
668
KZT
290,023
12/20/21
2
Citigroup
USD
144
KZT
62,750
12/22/21
—
Citigroup
USD
145
KZT
62,987
12/22/21
1
Citigroup
USD
44
MXN
897
10/27/21
—
Citigroup
USD
262
MXN
5,385
10/27/21
(2)
Citigroup
USD
422
MXN
8,676
10/27/21
(3)
Citigroup
USD
436
MXN
8,960
10/27/21
(3)
Citigroup
USD
436
MXN
8,961
10/27/21
(3)
Citigroup
USD
751
MXN
15,475
10/27/21
(4)
Citigroup
USD
310
MXN
6,438
01/18/22
(2)
Citigroup
USD
8,815
NZD
12,395
12/09/21
(263)
Citigroup
USD
80
ZAR
1,200
10/27/21
—
Citigroup
USD
80
ZAR
1,203
10/27/21
—
Citigroup
USD
80
ZAR
1,203
10/27/21
—
Citigroup
USD
127
ZAR
1,830
10/27/21
(6)
Citigroup
USD
142
ZAR
2,147
10/27/21
—
Citigroup
USD
160
ZAR
2,399
10/27/21
(1)
Citigroup
USD
160
ZAR
2,399
10/27/21
(1)
Citigroup
USD
479
ZAR
7,188
10/27/21
(3)
Citigroup
AUD
528
USD
392
10/27/21
10
Citigroup
AUD
722
USD
525
10/27/21
3
Citigroup
AUD
1,587
USD
1,180
10/27/21
33
Citigroup
CAD
1,436
USD
1,140
10/27/21
6
Citigroup
CAD
1,630
USD
1,300
10/27/21
13
Citigroup
CNY
1,610
USD
246
10/27/21
(3)
Citigroup
CNY
1,802
USD
276
10/27/21
(3)
Citigroup
CNY
4,293
USD
657
10/27/21
(7)
Citigroup
CNY
5,811
USD
891
10/27/21
(9)
Citigroup
CNY
7,649
USD
1,170
10/27/21
(14)
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
58
Strategic
Bond
Fund
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Citigroup
CNY
9,582
USD
1,469
10/27/21
(15)
Citigroup
COP
311,669
USD
80
10/27/21
(1)
Citigroup
COP
1,899,708
USD
490
10/27/21
(8)
Citigroup
COP
4,548,240
USD
1,190
10/27/21
(3)
Citigroup
EUR
498
HUF
178,032
10/27/21
(8)
Citigroup
EUR
1,229
NOK
12,878
10/27/21
98
Citigroup
EUR
2
PLN
9
10/27/21
—
Citigroup
EUR
988
PLN
4,522
10/27/21
(16)
Citigroup
EUR
88
USD
104
10/27/21
2
Citigroup
EUR
100
USD
119
10/27/21
3
Citigroup
EUR
100
USD
119
10/27/21
3
Citigroup
EUR
200
USD
236
10/27/21
4
Citigroup
EUR
200
USD
235
10/27/21
4
Citigroup
EUR
300
USD
352
10/27/21
5
Citigroup
EUR
350
USD
414
10/27/21
8
Citigroup
EUR
350
USD
413
10/27/21
8
Citigroup
EUR
13,949
USD
16,618
10/27/21
453
Citigroup
GBP
940
EUR
1,100
10/27/21
17
Citigroup
GBP
242
USD
326
10/27/21
—
Citigroup
GBP
3,137
USD
4,211
12/09/21
(15)
Citigroup
HUF
178,304
EUR
510
10/27/21
34
Citigroup
INR
2,031
USD
27
10/27/21
—
Citigroup
INR
30,470
USD
412
10/27/21
3
Citigroup
INR
30,894
USD
418
10/27/21
3
Citigroup
INR
34,474
USD
466
10/27/21
3
Citigroup
JPY
1,743,896
USD
16,046
10/27/21
374
Citigroup
JPY
474,363
USD
4,315
12/09/21
51
Citigroup
KRW
1,296,460
USD
1,100
10/27/21
6
Citigroup
KZT
122,642
USD
283
10/27/21
(4)
Citigroup
KZT
161,776
USD
374
10/27/21
(4)
Citigroup
KZT
162,992
USD
374
10/27/21
(7)
Citigroup
KZT
323,888
USD
749
10/27/21
(8)
Citigroup
MXN
6,438
USD
314
10/19/21
2
Citigroup
MXN
49,445
USD
2,448
10/27/21
61
Citigroup
MXN
63,064
USD
3,123
10/27/21
78
Citigroup
NOK
2,056
EUR
202
10/27/21
(2)
Citigroup
NOK
2,571
EUR
250
10/27/21
(9)
Citigroup
NOK
3,033
EUR
298
10/27/21
(3)
Citigroup
NZD
178
USD
123
12/09/21
(1)
Citigroup
PLN
1,053
EUR
233
10/27/21
10
Citigroup
PLN
1,590
EUR
352
10/27/21
16
Citigroup
PLN
1,856
EUR
410
10/27/21
18
Citigroup
ZAR
3,463
USD
227
10/27/21
(3)
Citigroup
ZAR
7,441
USD
487
10/27/21
(6)
Citigroup
ZAR
7,453
USD
487
10/27/21
(7)
Citigroup
ZAR
37,762
USD
2,599
10/27/21
98
Goldman
Sachs
USD
318
MXN
6,438
10/19/21
(6)
Goldman
Sachs
USD
218
RUB
16,415
10/19/21
7
JPMorgan
Chase
USD
109
AUD
145
10/19/21
(4)
JPMorgan
Chase
USD
20,719
JPY
2,284,400
12/15/21
(182)
JPMorgan
Chase
USD
3,589
NOK
31,200
12/15/21
(22)
JPMorgan
Chase
IDR
2,169,764
USD
147
10/19/21
(4)
JPMorgan
Chase
SEK
33,800
USD
3,931
12/15/21
68
Royal
Bank
of
Canada
USD
25,982
CAD
32,705
12/09/21
(163)
Royal
Bank
of
Canada
USD
3,589
NOK
31,200
12/15/21
(23)
Royal
Bank
of
Canada
CAD
233
USD
183
12/09/21
(1)
Royal
Bank
of
Canada
SEK
33,800
USD
3,930
12/15/21
67
Standard
Chartered
USD
3,587
NOK
31,200
12/15/21
(20)
Standard
Chartered
SEK
33,800
USD
3,930
12/15/21
67
State
Street
EUR
18,069
USD
21,386
10/21/21
449
State
Street
GBP
14,572
USD
20,211
10/21/21
576
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
59
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
State
Street
SEK
74,487
USD
8,487
12/09/21
(26)
UBS
CHF
44
USD
47
12/09/21
—
UBS
CHF
23,747
USD
25,975
12/09/21
452
Total
Unrealized
Appreciation
(Depreciation)
on
Open
Foreign
Currency
Exchange
Contracts
(å)
2,874
Interest
Rate
Swap
Contracts
Amounts
in
thousands
Counterparty
Notional
Amount
Fund
Receives
Fund
Pays
Termination
Date
Premiums
Paid
(Received)
$
Unrealized
Appreciation
(Depreciation)
$
Fair
Value
$
Credit
Suisse
USD
1,800
Three
Month
LIBOR
(2)
0.359%
(3)
10/27/23
—
1
1
Credit
Suisse
EUR
2,500
Six
Month
EURIBOR
(3)
-0.476%
(4)
10/27/23
—
3
3
Credit
Suisse
EUR
2,500
1.685%
(4)
Six
Month
EURIBOR
(3)
10/27/23
—
—
—
Credit
Suisse
USD
7,300
Three
Month
LIBOR
(2)
0.368%
(3)
10/27/23
—
5
5
Credit
Suisse
ZAR
15
4
,
753
Three
Month
JIBAR
(2)
4.720%
(2)
10/27/23
—
51
51
Credit
Suisse
MXN
4,700
1.691%
(1)
Mexico
Interbank
28
Day
Deposit
Rate
(1)
10/21/26
—
(6)
(6)
Credit
Suisse
EUR
900
0.336%
(4)
Six
Month
EURIBOR
(3)
10/27/26
—
—
—
Credit
Suisse
EUR
900
Six
Month
EURIBOR
(3)
-0.336%
(4)
10/27/26
—
8
8
Credit
Suisse
USD
1,200
Three
Month
LIBOR
(2)
0.891%
(3)
10/27/26
—
12
12
Credit
Suisse
GBP
9,700
Sterling
Overnight
Index
Average
(2)
0.563%
(3)
10/27/26
—
127
127
Credit
Suisse
EUR
20,200
-0.273%
(4)
Six
Month
EURIBOR
(3)
10/27/26
—
(104)
(104)
Credit
Suisse
EUR
20,200
Six
Month
EURIBOR
(3)
0.273%
(4)
10/27/26
—
—
—
Credit
Suisse
CNY
43,000
2.411%
(2)
China
Interbank
Repo
Rate
3
Months
(2)
10/27/26
—
(27)
(27)
Credit
Suisse
MXN
9,819
7.390%
(1)
Mexico
Interbank
28
Day
Deposit
Rate
(1)
10/15/31
—
(3)
(3)
Credit
Suisse
MXN
9,881
7.440%
(1)
Mexico
Interbank
28
Day
Deposit
Rate
(1)
10/15/31
—
—
—
Credit
Suisse
MXN
16,4
29
6.872%
(1)
Mexico
Interbank
28
Day
Deposit
Rate
(1)
10/15/31
—
(35)
(35)
Credit
Suisse
MXN
17,8
40
6.939%
(1)
Mexico
Interbank
28
Day
Deposit
Rate
(1)
10/15/31
—
(34)
(34)
Credit
Suisse
MXN
30,
854
6.928%
(1)
Mexico
Interbank
28
Day
Deposit
Rate
(1)
10/15/31
—
(60)
(60)
Credit
Suisse
EUR
1,000
0.040%
(4)
Six
Month
EURIBOR
(3)
10/27/31
—
—
—
Credit
Suisse
EUR
1,000
Six
Month
EURIBOR
(3)
-0.040%
(4)
10/27/31
—
24
24
Credit
Suisse
CAD
1,500
1.691%
(2)
Three
Month
LIBOR
(3)
10/27/31
—
(32)
(32)
Credit
Suisse
CAD
1,500
1.685%
(2)
Three
Month
LIBOR
(3)
10/27/31
—
(33)
(33)
Credit
Suisse
CAD
5,000
1.690%
(3)
Three
Month
LIBOR
(3)
10/27/31
—
(108)
(108)
Credit
Suisse
USD
6,500
Three
Month
LIBOR
(3)
1.319%
(3)
10/27/31
—
139
139
Credit
Suisse
EUR
6,814
Six
Month
EURIBOR
(3)
-0.035%
(4)
10/27/31
—
161
161
Credit
Suisse
EUR
6,814
0.035%
(4)
Six
Month
EURIBOR
(3)
10/27/31
—
—
—
Credit
Suisse
USD
9,206
Three
Month
LIBOR
(2)
1.326%
(3)
10/27/31
—
191
191
Credit
Suisse
EUR
170
Six
Month
LIBOR
(3)
0.432%
(4)
05/12/51
—
3
3
Credit
Suisse
EUR
2,150
Six
Month
EURIBOR
(3)
0.280%
(4)
10/27/51
—
147
147
Credit
Suisse
EUR
213
Six
Month
EURIBOR
(3)
0.428%
(4)
06/10/71
—
(9)
(9)
Credit
Suisse
EUR
232
Six
Month
EURIBOR
(3)
0.420%
(4)
06/10/71
—
(9)
(9)
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
60
Strategic
Bond
Fund
Interest
Rate
Swap
Contracts
Amounts
in
thousands
Counterparty
Notional
Amount
Fund
Receives
Fund
Pays
Termination
Date
Premiums
Paid
(Received)
$
Unrealized
Appreciation
(Depreciation)
$
Fair
Value
$
Credit
Suisse
EUR
454
Six
Month
EURIBOR
(3)
0.340%
(4)
06/10/71
—
2
2
Total
Open
Interest
Rate
Swap
Contracts
(å)
—
414
414
Credit
Default
Swap
Contracts
Amounts
in
thousands
Credit
Indices
Reference
Entity
Counterparty
Purchase/Sell
Protection
Notional
Amount
Fund
(Pays)/
Receives
Fixed
Rate
Termination
Date
Premiums
Paid/
(Received)
$
Unrealized
Appreciation
(Depreciation)
$
Fair
Value
$
CDX
NA
Emerging
Markets
Index
Goldman
Sachs
Purchase
USD
20,300
(1.000%)
(2)
12/20/26
700
112
812
CDX
NA
Investment
Grade
Index
Goldman
Sachs
Purchase
USD
10
1
,
7
00
(1.000%)
(2)
12/20/26
(2,397)
(10)
(2,407)
Total
Open
Credit
Indices
Contracts
(1,697)
102
(1,595)
Sovereign
Issues
Reference
Entity
Counterparty
Purchase/Sell
Protection
Implied
Credit
Spread
Notional
Amount
Fund
(Pays)/
Receives
Fixed
Rate
Termination
Date
Premiums
Paid/
(Received)
$
Unrealized
Appreciation
(Depreciation)
$
Fair
Value
$
Mexico
Government
International
Bond
Barclays
Bank
Purchase
0.915%
USD
4,131
(1.000%)
(2)
12/20/26
(10)
1
3
3
Total
Open
Sovereign
Issues
Contracts
(10)
13
3
Total
Open
Credit
Default
Swap
Contracts
(å)
(1,707)
115
(1,592)
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
$
—
$
29,214
$
—
$
—
$
29,214
Corporate
Bonds
and
Notes
—
211,259
—
—
211,259
International
Debt
—
178,
292
—
—
178,
292
Loan
Agreements
—
4,
156
—
—
4,
156
Mortgage-Backed
Securities
—
166,548
—
—
166,548
Municipal
Bonds
—
535
—
—
535
Non-US
Bonds
—
81,870
—
—
81,870
United
States
Government
Treasuries
—
170,901
—
—
170,901
Common
Stocks
—
—
1
—
1
Short-Term
Investments
—
58,140
—
110,638
168,778
Total
Investments
—
900,915
1
110,638
1,011,554
Other
Financial
Instruments
Assets
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Strategic
Bond
Fund
61
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
Futures
Contracts
2,207
—
—
—
2,207
Foreign
Currency
Exchange
Contracts
—
4,03
6
—
—
4,03
6
Interest
Rate
Swap
Contracts
—
874
—
—
874
Credit
Default
Swap
Contracts
—
815
—
—
815
Liabilities
Futures
Contracts
(6,166)
—
—
—
(6,166)
Foreign
Currency
Exchange
Contracts
—
(1,16
2
)
—
—
(1,16
2
)
Interest
Rate
Swap
Contracts
—
(460)
—
—
(460)
Credit
Default
Swap
Contracts
—
(2,407)
—
—
(2,407)
Total
Other
Financial
Instruments
*
$
(3,959)
$
1,696
$
—
$
—
$
(2,263)
*
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
September
30,
2021,
see
note
2
in
the
Notes
to
Quarterly
Report.
Investments
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
a
fair
value
for
the
period
ended
September
30,
2021,
were
less
than
1%
of
net
assets.
Amounts
in
thousands
Country
Exposure
Fair
Value
$
Andorra
...................................................................................
4,132
Argentina
................................................................................
1,087
Australia
.................................................................................
5,177
Belgium
..................................................................................
476
Bermuda
.................................................................................
16,464
Brazil
......................................................................................
2,302
Canada
....................................................................................
14,319
Cayman
Islands
.......................................................................
47,424
Chile
.......................................................................................
4,480
China
......................................................................................
7,228
Colombia
.................................................................................
2,091
Czech
Republic
.......................................................................
1,010
Denmark
.................................................................................
2,270
Egypt
......................................................................................
1,868
Finland
...................................................................................
1,026
France
.....................................................................................
8,753
Germany
.................................................................................
6,619
Hong
Kong
..............................................................................
244
India
.......................................................................................
3,049
Indonesia
................................................................................
527
Ireland
....................................................................................
22,783
Israel
.......................................................................................
868
Italy
........................................................................................
6,256
Russell
Investment
Funds
Strategic
Bond
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
62
Strategic
Bond
Fund
Amounts
in
thousands
Country
Exposure
Fair
Value
$
Japan
......................................................................................
19,993
Kazakhstan
.............................................................................
236
Kuwait
....................................................................................
722
Luxembourg
............................................................................
433
Macao
.....................................................................................
1,333
Malaysia
..................................................................................
825
Mexico
....................................................................................
10,870
Morocco
..................................................................................
397
Netherlands
............................................................................
5,189
Norway
....................................................................................
940
Oman
......................................................................................
818
Panama
...................................................................................
374
Paraguay
.................................................................................
230
Peru
........................................................................................
3,034
Qatar
.......................................................................................
1,103
Romania
..................................................................................
4,233
Russia
.....................................................................................
716
Saudi
Arabia
...........................................................................
1,583
Singapore
................................................................................
202
South
Africa
............................................................................
3,101
South
Korea
............................................................................
2,660
Spain
.......................................................................................
1,875
Switzerland
.............................................................................
4,818
Togo
........................................................................................
987
Tunisia
....................................................................................
3,164
United
Arab
Emirates
.............................................................
941
United
Kingdom
......................................................................
30,646
United
States
...........................................................................
748,965
Zambia
....................................................................................
713
Total
Investments
....................................................................
1,011,554
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Global
Real
Estate
Securities
Fund
63
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Common
Stocks
-
96.4%
Australia
-
4.2%
BGP
Holdings
PLC(Æ)(Š)
926,311
—
Charter
Hall
Group
-
ADR(ö)
629,791
7,705
Dexus
Property
Group(ö)
445,886
3,450
Goodman
Group(ö)
126,205
1,959
GPT
Group
(The)(ö)
1,524,193
5,553
Growthpoint
Properties
Australia,
Ltd.(ö)
622,912
1,841
Mirvac
Group(ö)
6,652,692
14,271
Scentre
Group(ö)
3,162,698
6,805
Shopping
Centres
Australasia
Property
Group(ö)
1,100,638
2,137
Vicinity
Centres
(Æ)(ö)
161,008
192
Waypoint
REIT,
Ltd.(Æ)(ö)
103,843
206
44,119
Belgium
-
1.0%
Aedifica
(ö)
44,367
5,510
VGP
NV
11,627
2,671
Warehouses
De
Pauw
CVA(ö)
58,592
2,368
10,549
Canada
-
2.2%
Allied
Properties
Real
Estate
Investment
Trust(ö)
101,212
3,214
Canadian
Apartment
Properties(ö)
195,531
9,125
Granite
Real
Estate
Investment
Trust(ö)
55,240
3,929
RioCan
Real
Estate
Investment
Trust(ö)
190,185
3,249
Tricon
Capital
Group,
Inc.(Ñ)
224,032
2,989
22,506
China
-
0.1%
ESR
Cayman,
Ltd.(Æ)(Þ)
129,800
392
GDS
Holdings,
Ltd.
-
ADR(Æ)(Ñ)
19,492
1,103
1,495
France
-
1.3%
ARGAN
SA(ö)
13,434
1,664
Gecina
SA(ö)
31,844
4,269
ICADE(ö)
37,634
2,934
Klepierre
SA
-
GDR(ö)
228,613
5,090
13,957
Germany
-
4.0%
alstria
office
REIT-AG(ö)
246,515
4,485
Deutsche
Wohnen
SE
31,113
1,907
Instone
Real
Estate
Group
AG(Þ)
108,997
3,111
LEG
Immobilien
AG
37,058
5,243
VIB
Vermoegen
AG(Æ)
8,467
363
Vonovia
SE
451,646
27,150
42,259
Guernsey
-
0.1%
Sirius
Real
Estate,
Ltd.
704,030
1,240
Hong
Kong
-
4.4%
CK
Asset
Holdings,
Ltd.
1,807,000
10,385
Hongkong
Land
Holdings,
Ltd.
344,500
1,649
Hysan
Development
Co.,
Ltd.
710,000
2,311
Link
Real
Estate
Investment
Trust(ö)
1,312,600
11,218
New
World
Development
Co.,
Ltd.
861,000
3,494
Sands
China,
Ltd.(Æ)
752,800
1,543
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Shimao
Group
Holdings,
Ltd.
307,000
560
Sun
Hung
Kai
Properties,
Ltd.
712,500
8,854
SUNeVision
Holdings,
Ltd.
560,000
526
Swire
Properties,
Ltd.
502,400
1,257
Wharf
Real
Estate
Investment
Co.,
Ltd.
746,000
3,854
45,651
Japan
-
10.2%
Activia
Properties,
Inc.(ö)
2,812
11,552
Daibiru
Corp.
257,100
3,793
Global
One
Real
Estate
Investment
Corp.(ö)
3,067
3,193
GLP
J-REIT(ö)
2,636
4,333
Hulic
REIT,
Inc.(ö)
2,685
4,233
Invincible
Investment
Corp.(ö)
8,434
3,295
Japan
Retail
Fund
Investment
Corp.(ö)
3,557
3,420
Keihanshin
Building
Co.,
Ltd.
27,900
352
Kenedix
Retail
REIT
Corp.(ö)
1,827
4,734
LaSalle
Logiport
REIT(ö)
2,299
3,871
Mitsubishi
Estate
Co.,
Ltd.
784,000
12,486
Mitsui
Fudosan
Co.,
Ltd.
735,100
17,511
Mitsui
Fudosan
Logistics
Park,
Inc.(ö)
534
2,828
MORI
Trust
Hotel
REIT,
Inc.(ö)
3,736
4,611
MORI
Trust
Sogo
REIT,
Inc.(ö)
2,776
3,688
Nippon
Accommodations
Fund,
Inc.(ö)
246
1,381
Nippon
Building
Fund,
Inc.(ö)
1,044
6,782
Nippon
Prologis
REIT,
Inc.(ö)
193
645
Nippon
REIT
Investment
Corp.(ö)
468
1,819
Orix
JREIT,
Inc.(ö)
1,188
2,069
Tokyu
Fudosan
Holdings
Corp.
1,099,200
6,769
United
Urban
Investment
Corp.(ö)
2,724
3,685
107,050
Netherlands
-
1.0%
CTP
NV(Þ)
88,155
1,920
Unibail
-
Rodamco
-Westfield(Æ)(ö)
114,892
8,403
10,323
Singapore
-
3.1%
Ascott
Residence
Trust
2,503,600
1,700
Cambridge
Industrial
Trust(ö)
796,504
273
Capitaland
Investment,
Ltd.(Æ)
3,635,500
9,103
CapitaLand
Mall
Trust
Class
A(ö)
5,068,798
7,535
City
Developments,
Ltd.
372,100
1,878
Frasers
Logistics
&
Industrial
Trust(ö)
1,440,600
1,607
Keppel
REIT(ö)
3,420,600
2,667
Mapletree
Industrial
Trust(ö)
679,765
1,390
Mapletree
Logistics
Trust(Æ)(ö)
1,694,400
2,527
Parkway
Life
Real
Estate
Investment
Trust(Æ)(ö)
995,555
3,399
Suntec
Real
Estate
Investment
Trust(Æ)
(ö)
205,000
213
32,292
Spain
-
0.7%
Arima
Real
Estate
Socimi
SA(Æ)(ö)
139,540
1,502
Inmobiliaria
Colonial
Socimi
SA(ö)
302,022
2,926
Neinor
Homes
SA(Æ)(Þ)
198,698
2,657
7,085
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
64
Global
Real
Estate
Securities
Fund
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Sweden
-
2.5%
Castellum
AB
342,211
8,331
Catena
AB
31,168
1,675
Fabege
AB
436,445
6,597
Fastighets
AB
Balder
Class
B(Æ)
122,871
7,370
Wihlborgs
Fastigheter
AB
84,178
1,676
25,649
United
Kingdom
-
5.4%
Assura
PLC(ö)
3,953,072
3,805
Big
Yellow
Group
PLC(ö)
171,111
3,202
British
Land
Co.
PLC
(The)(ö)
1,653,448
10,920
Derwent
London
PLC(ö)
66,187
3,056
Grainger
PLC
1,580,479
6,463
LondonMetric
Property
PLC(ö)
1,101,255
3,546
PRS
REIT
PLC
(The)(ö)
832,870
1,123
Safestore
Holdings
PLC(ö)
238,097
3,349
Segro
PLC(ö)
801,407
12,860
Tritax
EuroBox
PLC(Þ)
1,089,673
1,658
UNITE
Group
PLC
(The)(ö)
282,755
4,110
Workspace
Group
PLC(ö)
236,956
2,608
56,700
United
States
-
56.2%
Agree
Realty
Corp.(ö)
126,020
8,346
Alexandria
Real
Estate
Equities,
Inc.(ö)
51,201
9,783
American
Homes
4
Rent
Class
A(ö)
237,344
9,048
Americold
Realty
Trust(ö)
167,492
4,866
Apartment
Income
REIT
Corp.(ö)
322,397
15,735
Apple
Hospitality
REIT,
Inc.(ö)
233,028
3,666
AvalonBay
Communities,
Inc.(ö)
89,007
19,728
Boston
Properties,
Inc.(ö)
97,341
10,547
Boyd
Gaming
Corp.(Æ)
51,284
3,244
Caesars
Entertainment,
Inc.(Æ)
22,614
2,539
CoreSite
Realty
Corp.
Class
A(ö)
37,281
5,165
Crown
Castle
International
Corp.(ö)
15,960
2,766
CubeSmart
(ö)
35,147
1,703
CyrusOne
,
Inc.(ö)
179,048
13,860
Digital
Realty
Trust,
Inc.(ö)
77,629
11,214
Duke
Realty
Corp.(ö)
214,531
10,270
EastGroup
Properties,
Inc.(ö)
57,037
9,504
Empire
State
Realty
Trust,
Inc.
Class
A(ö)
465,764
4,672
Equinix
,
Inc.(Æ)(ö)
36,993
29,229
Equity
Residential(ö)
51,835
4,194
Essential
Properties
Realty
Trust,
Inc.(ö)
332,253
9,277
Essex
Property
Trust,
Inc.(ö)
41,603
13,302
Extra
Space
Storage,
Inc.(ö)
138,813
23,319
First
Industrial
Realty
Trust,
Inc.(ö)
93,660
4,878
Healthcare
Trust
of
America,
Inc.
Class
A(ö)
140,989
4,182
Healthpeak
Properties,
Inc.(ö)
420,245
14,070
Highwoods
Properties,
Inc.(ö)
109,268
4,792
Host
Hotels
&
Resorts,
Inc.(Æ)(ö)
596,980
9,749
Independence
Realty
Trust,
Inc.(ö)
197,489
4,019
Invitation
Homes,
Inc.(ö)
170,346
6,529
Jones
Lang
LaSalle,
Inc.(Æ)
25,019
6,207
Kimco
Realty
Corp.(ö)
925,277
19,199
Lamar
Advertising
Co.
Class
A(ö)
20,639
2,341
Life
Storage,
Inc.(Æ)(ö)
98,734
11,329
Medical
Properties
Trust,
Inc.(ö)
482,692
9,688
Amounts
in
thousands
(except
share
amounts)
Principal
Amount
($)
or
Shares
Fair
Value
$
Mid-America
Apartment
Communities,
Inc.(ö)
85,481
15,964
NetSTREIT
Corp.(ö)
122,427
2,895
Park
Hotels
&
Resorts,
Inc.(Æ)(ö)
133,462
2,554
Prologis,
Inc.(ö)
426,542
53,500
Public
Storage(ö)
70,649
20,990
Regency
Centers
Corp.(ö)
38,506
2,593
Retail
Properties
of
America,
Inc.
Class
A(ö)
313,967
4,044
Ryman
Hospitality
Properties,
Inc.(Æ)(ö)
75,031
6,280
SBA
Communications
Corp.(ö)
10,999
3,636
Simon
Property
Group,
LP(ö)
268,107
34,846
SL
Green
Realty
Corp.(ö)
9,747
690
Spirit
Realty
Capital,
Inc.(ö)
103,706
4,775
STAG
Industrial,
Inc.(ö)
145,900
5,727
Sun
Communities,
Inc.(ö)
130,178
24,096
UDR,
Inc.(ö)
312,449
16,554
Ventas,
Inc.(ö)
231,669
12,790
VEREIT,
Inc.(ö)
251,024
11,354
VICI
Properties,
Inc.(Ñ)(ö)
346,899
9,855
Welltower
,
Inc.(ö)
345,023
28,430
Weyerhaeuser
Co.(ö)
104,106
3,703
588,236
Total
Common
Stocks
(cost
$797,750)
1,009,111
Short-Term
Investments
-
2.8%
United
States
-
2.8%
U.S.
Cash
Management
Fund(@)
29,574,491
(∞)
29,569
Total
Short-Term
Investments
(cost
$29,569)
29,569
Other
Securities
-
1.1%
U.S.
Cash
Collateral
Fund(@)(×)
11,701,372
(∞)
11,701
Total
Other
Securities
(cost
$11,701)
11,701
Total
Investments
-
100.3%
(identified
cost
$839,020)
1,050,381
Other
Assets
and
Liabilities,
Net
-
(0.3)%
(3,724)
Net
Assets
-
100.0%
1,046,657
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Global
Real
Estate
Securities
Fund
65
Restricted
Securities
Amounts
in
thousands
(except
share
and
cost
per
unit
amounts)
%
of
Net
Assets
Acquisition
Principal
Amount
($)
Cost
per
Unit
Cost
(000)
Fair
Value
(000)
Securities
Date
or
shares
$
$
$
0.9%
CTP
NV
04/06/21
EUR
88,155
18.82
1,659
1,920
ESR
Cayman,
Ltd.
11/20/19
HKD
129,800
2.14
278
392
Instone
Real
Estate
Group
AG
03/28/19
EUR
108,997
23.19
2,528
3,111
Neinor
Homes
SA
05/31/21
EUR
198,698
13.81
2,743
2,657
Tritax
EuroBox
PLC
03/15/21
EUR
1,089,673
1.45
1,575
1,658
9,738
For
a
description
of
restricted
securities
see
note
5
in
the
Notes
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
458
USD
18,192
12/21
(827)
FTSE/EPRA
Europe
Index
Futures
233
EUR
5,379
12/21
(302)
Hang
Seng
Index
Futures
13
HKD
15,941
10/21
18
MSCI
Singapore
Index
Futures
44
SGD
1,555
10/21
(13)
S&P/TSX
60
Index
Futures
5
CAD
1,196
12/21
(22)
SPI
200
Index
Futures
9
AUD
1,641
12/21
(14)
TOPIX
Index
Futures
17
JPY
345,185
12/21
(33)
Total
Value
and
Unrealized
Appreciation
(Depreciation)
on
Open
Futures
Contracts
(å)
(1,193)
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Bank
of
America
USD
260
AUD
362
10/01/21
1
Bank
of
America
USD
413
SGD
561
10/01/21
1
Bank
of
America
USD
254
SGD
345
10/04/21
—
Bank
of
America
USD
219
SGD
294
12/15/21
(2)
Bank
of
America
AUD
636
USD
458
10/05/21
(1)
JPMorgan
Chase
USD
315
AUD
427
12/15/21
(6)
JPMorgan
Chase
USD
255
CAD
323
12/15/21
—
JPMorgan
Chase
USD
1,533
EUR
1,295
12/15/21
(31)
JPMorgan
Chase
USD
488
HKD
3,795
12/15/21
(1)
JPMorgan
Chase
USD
988
JPY
108,891
12/15/21
(9)
JPMorgan
Chase
USD
331
SGD
445
12/15/21
(3)
Royal
Bank
of
Canada
USD
264
AUD
364
12/15/21
(1)
Royal
Bank
of
Canada
USD
315
AUD
427
12/15/21
(7)
Royal
Bank
of
Canada
USD
255
CAD
323
12/15/21
—
Royal
Bank
of
Canada
USD
1,135
EUR
966
12/15/21
(14)
Royal
Bank
of
Canada
USD
1,534
EUR
1,295
12/15/21
(32)
Royal
Bank
of
Canada
USD
1,710
EUR
1,445
12/15/21
(34)
Royal
Bank
of
Canada
USD
411
HKD
3,200
12/15/21
—
Royal
Bank
of
Canada
USD
488
HKD
3,795
12/15/21
(1)
Royal
Bank
of
Canada
USD
500
HKD
3,886
12/15/21
—
Royal
Bank
of
Canada
USD
988
JPY
108,891
12/15/21
(9)
Royal
Bank
of
Canada
USD
994
JPY
109,286
12/15/21
(11)
Royal
Bank
of
Canada
USD
210
SGD
283
12/15/21
(1)
Royal
Bank
of
Canada
USD
331
SGD
445
12/15/21
(3)
Royal
Bank
of
Canada
EUR
216
USD
250
12/15/21
—
Royal
Bank
of
Canada
EUR
248
USD
293
12/15/21
6
Royal
Bank
of
Canada
EUR
461
USD
547
12/15/21
12
Royal
Bank
of
Canada
HKD
2,358
USD
303
12/15/21
—
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
66
Global
Real
Estate
Securities
Fund
Foreign
Currency
Exchange
Contracts
Amounts
in
thousands
Counterparty
Amount
Sold
Amount
Bought
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
Royal
Bank
of
Canada
JPY
39,106
USD
357
12/15/21
5
Royal
Bank
of
Canada
JPY
41,199
USD
374
12/15/21
4
Royal
Bank
of
Canada
SGD
358
USD
266
12/15/21
2
Standard
Chartered
USD
315
AUD
427
12/15/21
(6)
Standard
Chartered
USD
255
CAD
323
12/15/21
—
Standard
Chartered
USD
1,533
EUR
1,295
12/15/21
(31)
Standard
Chartered
USD
488
HKD
3,795
12/15/21
(1)
Standard
Chartered
USD
988
JPY
108,891
12/15/21
(9)
Standard
Chartered
USD
330
SGD
445
12/15/21
(3)
Total
Unrealized
Appreciation
(Depreciation)
on
Open
Foreign
Currency
Exchange
Contracts
(185)
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
Common
Stocks
Australia
$
—
$
44,119
$
—
$
—
$
44,119
Belgium
—
10,549
—
—
10,549
Canada
22,506
—
—
—
22,506
China
1,103
392
—
—
1,495
France
—
13,957
—
—
13,957
Germany
—
42,259
—
—
42,259
Guernsey
—
1,240
—
—
1,240
Hong
Kong
—
45,651
—
—
45,651
Japan
—
107,050
—
—
107,050
Netherlands
—
10,323
—
—
10,323
Singapore
9,103
23,189
—
—
32,292
Spain
—
7,085
—
—
7,085
Sweden
—
25,649
—
—
25,649
United
Kingdom
—
56,700
—
—
56,700
United
States
588,236
—
—
—
588,236
Short-Term
Investments
—
—
—
29,569
29,569
Other
Securities
—
—
—
11,701
11,701
Total
Investments
620,948
388,163
—
41,270
1,050,381
Other
Financial
Instruments
Assets
Futures
Contracts
18
—
—
—
18
Foreign
Currency
Exchange
Contracts
1
30
—
—
31
Liabilities
Futures
Contracts
(1,211)
—
—
—
(1,211)
Foreign
Currency
Exchange
Contracts
(216)
—
—
(216)
Total
Other
Financial
Instruments
*
$
(1,192)
$
(186)
$
—
$
—
$
(1,378)
Russell
Investment
Funds
Global
Real
Estate
Securities
Fund
Schedule
of
Investments,
continued
—
September
30,
2021
(Unaudited)
See
accompanying
notes
which
are
an
integral
part
of
this
quarterly
report.
Global
Real
Estate
Securities
Fund
67
Presentation
of
Portfolio
Holdings
Amounts
in
thousands
Fair
Value
Portfolio
Summary
Level
1
Level
2
Level
3
Practical
Expedient
(a)
Total
*
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
September
30,
2021,
see
note
2
in
the
Notes
to
Quarterly
Report.
Investments
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
a
fair
value
for
the
period
ended
September
30,
2021,
were
less
than
1%
of
net
assets.
Amounts
in
thousands
Property
Sector
Exposure
Fair
Value
$
Data
Centers
...........................................................................
526
Diversified
..............................................................................
322,302
Healthcare
..............................................................................
81,874
Industrial
................................................................................
105,471
Internet
Services
&
Infrastructure
...........................................
1,103
Lodging/Resorts
......................................................................
36,221
Manufactured
Homes
..............................................................
24,096
Office
......................................................................................
82,655
Regional
Malls
........................................................................
39,936
Residential
..............................................................................
145,382
Retail
......................................................................................
192
Self
Storage
.............................................................................
63,892
Shopping
Centers
....................................................................
76,232
Specialized
REITs
...................................................................
29,229
Short-Term
Investments
..........................................................
29,569
Other
Securities
......................................................................
11,701
Total
Investments
....................................................................
1,050,381
Russell
Investment
Funds
Notes
to
Schedules
of
Investments
—
September
30,
2021
(Unaudited)
68
Notes
to
Schedules
of
Investments
Footnotes:
Abbreviations:
(Æ)
Non-income-producing
security.
(ö)
Real
Estate
Investment
Trust
(REIT).
(§)
All
or
a
portion
of
the
shares
of
this
security
are
pledged
as
collateral
in
connection
with
futures
contracts
purchased
(sold),
options
written,
foreign
currency
exchange
contracts
or
swaps
entered
into
by
the
Fund.
(ž)
Rate
noted
is
yield-to-maturity
from
date
of
acquisition.
(ç)
At
amortized
cost,
which
approximates
market.
(Ê)
Variable,
adjustable
or
floating
rate
security.
Rate
shown
reflects
rate
in
effect
at
period
end.
(Ï)
Forward
commitment.
(ƒ)
Perpetual
floating
rate
security.
Rate
shown
reflects
rate
in
effect
at
period
end.
(µ)
Bond
is
insured
by
a
guarantor.
(æ)
Pre-refunded:
These
bonds
are
collateralized
by
U.S.
Treasury
securities,
which
are
held
in
escrow
by
a
trustee
and
used
to
pay
principal
and
interest
in
the
tax-exempt
issue
and
to
retire
the
bonds
in
full
at
the
earliest
refunding
date.
(Ø)
In
default.
(x)
The
security
is
purchased
with
the
cash
collateral
from
the
securities
loaned.
(Ñ)
All
or
a
portion
of
the
shares
of
this
security
are
on
loan.
(~)
Rate
fluctuates
based
on
various
factors
such
as
changes
in
current
rates
and
prepayments
of
the
underlying
assets,
changes
in
the
CPI
or
other
contractual
arrangements.
(ì)
All
or
a
portion
of
the
shares
of
this
security
are
pledged
as
collateral
in
connection
with
options
written
contracts.
(¢)
Date
shown
reflects
next
contractual
call
date.
(Þ)
Restricted
security.
Security
may
have
contractual
restrictions
on
resale,
may
have
been
offered
in
a
private
placement
transaction,
and
may
not
be
registered
under
the
Securities
Act
of
1933.
See
Note
5.
(ÿ)
Notional
Amount
in
thousands.
(Š)
Value
was
determined
using
significant
unobservable
inputs.
(@)
Affiliate.
(Ÿ)
Rate
noted
is
dividend
yield
at
period
end.
(å)
Currency
balances
were
pledged
in
connection
with
futures
contracts
purchased
(sold),
options
written,
foreign
currency
exchange
contracts,
or
swaps
entered
into
by
the
Fund.
(∞)
Unrounded
units.
(v)
Loan
agreement
still
pending.
Rate
not
available
at
period
end.
(
Û
)
All
or
a
portion
of
the
shares
of
this
security
are
pledged
as
collateral
in
connection
with
securities
sold
short
.
(
Ð
)
All
or
a
portion
of
the
shares
of
this
security
are
on
loan
through
the
reciprocal
lending
program
with
State
Street.
See
note
2
in
the
Notes
to
this
Quarterly
Report
.
(Œ)
Unfunded
loan
agreement.
(1)
Weekly
payment
frequency.
(2)
Quarterly
payment
frequency.
(3)
Semi-annual
payment
frequency.
(4)
Annual
payment
frequency.
(5)
Payment
at
termination.
ADR
-
American
Depositary
Receipt
ADS
-
American
Depositary
Share
BBR
-
Bank
Bill
Rate
BBSW
-
Bank
Bill
Swap
Reference
Rate
BUBOR
-
Budapest
Interbank
Offered
Rate
CIBOR
-
Copenhagen
Interbank
Offered
Rate
CME
-
Chicago
Mercantile
Exchange
CMO
-
Collateralized
Mortgage
Obligation
CVO
-
Contingent
Value
Obligation
EMU
-
European
Economic
and
Monetary
Union
EURIBOR
-
Euro
Interbank
Offered
Rate
FDIC
-
Federal
Deposit
Insurance
Company
GDR
-
Global
Depositary
Receipt
GDS
-
Global
Depositary
Share
GSCI
-
Goldman
Sachs
Commodity
Index
Russell
Investment
Funds
Notes
to
Schedules
of
Investments,
continued
—
September
30,
2021
(Unaudited)
Notes
to
Schedules
of
Investments
69
Foreign
Currency
Abbreviations:
HIBOR
-
Hong
Kong
Interbank
Offer
Rate
JIBAR
-
Johannesburg
Interbank
Agreed
Rate
KSDA
-
Korean
Securities
Dealers
Association
LIBOR
-
London
Interbank
Offered
Rate
MIBOR
-
Mumbai
Interbank
Offered
Rate
NIBOR
-
Norwegian
Interbank
Offered
Rate
PIK
-
Payment
in
Kind
PRIBOR
-
Prague
Interbank
Offered
Rate
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
STIBOR
-
Stockholm
Interbank
Offered
Rate
STRIP
-
Separate
Trading
of
Registered
Interest
and
Principal
of
Securities
SFE
-
Sydney
Futures
Exchange
TBA
-
To
Be
Announced
Security
UK
-
United
Kingdom
WTI
-
West
Texas
Intermediate
ARS
-
Argentine
peso
HKD
-
Hong
Kong
dollar
PKR
-
Pakistani
rupee
AUD
-
Australian
dollar
HUF
-
Hungarian
forint
PLN
-
Polish
zloty
BRL
-
Brazilian
real
IDR
-
Indonesian
rupiah
RON
-
Romanian
New
Leu
CAD
-
Canadian
dollar
ILS
-
Israeli
shekel
RUB
-
Russian
ruble
CHF
-
Swiss
franc
INR
-
Indian
rupee
SEK
-
Swedish
krona
CLP
-
Chilean
peso
ISK
-
Icelandic
krona
SGD
-
Singapore
dollar
CNH
-
Chinese
offshore
spot
ITL
-
Italian
lira
SKK
-
Slovakian
koruna
CNY
-
Chinese
renminbi
yuan
JPY
-
Japanese
yen
THB
-
Thai
baht
COP
-
Colombian
peso
KES
-
Kenyan
schilling
TRY
-
Turkish
lira
CRC
-
Costa
Rican
colon
KRW
-
South
Korean
won
TWD
-
Taiwanese
dollar
CZK
-
Czech
koruna
MXN
-
Mexican
peso
USD
-
United
States
dollar
DKK
-
Danish
krone
MYR
-
Malaysian
ringgit
UYU
-
Uruguayan
peso
DOP
-
Dominican
peso
NOK
-
Norwegian
krone
VEB
-
Venezuelan
bolivar
EGP
-
Egyptian
pound
NGN
-
Nigerian
naira
VND
-
Vietnamese
dong
EUR
-
Euro
NZD
-
New
Zealand
dollar
ZAR
-
South
African
rand
GBP
-
British
pound
sterling
PEN
-
Peruvian
nuevo
sol
GHS
-
Ghanaian
Cedi
PHP
-
Philippine
peso
Russell
Investment
Funds
Notes
to
Quarterly
Report
—
September
30,
2021
(Unaudited)
70
Notes
to
Quarterly
Report
1.
Organization
Russell
Investment
Funds
(the
“Investment
Company”
or
“RIF”)
is
a
series
investment
company
with
nine
different
investment
portfolios
referred
to
as
funds.
This
Quarterly
Report
reports
on
five
of
these
funds
(each
a
“Fund”
and
collectively
the
“Funds”).
The
Investment
Company
provides
the
investment
base
for
one
or
more
variable
insurance
products
issued
by
one
or
more
insurance
companies.
These
Funds
are
offered
at
net
asset
value
(“NAV”)
to
qualified
insurance
company
separate
accounts
offering
variable
insurance
products.
The
Investment
Company
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(“Investment
Company
Act”),
as
an
open-end
management
investment
company.
It
is
organized
and
operated
as
a
Massachusetts
business
trust
under
a
Third
Amended
and
Restated
Master
Trust
Agreement
dated
December
7,
2020,
as
amended
(“Master
Trust
Agreement”),
and
the
provisions
of
Massachusetts
law
governing
the
operation
of
a
Massachusetts
business
trust.
The
Investment
Company’s
Master
Trust
Agreement
permits
the
Board
of
Trustees
(the
“Board”)
to
issue
an
unlimited
number
of
shares
of
beneficial
interest.
Each
of
the
Funds
is
diversified.
Under
the
Investment
Company
Act,
a
diversified
company
is
defined
as
a
management
company
which
meets
the
following
requirements:
at
least
75%
of
the
value
of
its
total
assets
is
represented
by
cash
and
cash
equivalents
(including
receivables),
government
securities,
securities
of
other
investment
companies,
and
other
securities
for
the
purposes
of
this
calculation
limited
in
respect
of
any
one
issuer
to
an
amount
not
greater
in
value
than
five
percent
of
the
value
of
the
total
assets
of
such
management
company
and
to
not
more
than
10%
of
the
outstanding
voting
securities
of
such
issuer.
Unless
otherwise
specified,
"period"
(as
used
within
this
Quarterly
Report)
refers
to
the
nine
months
ended
September
30,
2021.
2.
Significant
Accounting
Policies
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds
in
the
preparation
of
this
Quarterly
Report.
These
policies
are
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”),
which
require
the
use
of
management
estimates
and
assumptions
at
the
date
of
the
Quarterly
Report.
Actual
results
could
differ
from
those
estimates.
The
Funds
are
considered
investment
companies
under
U.S.
GAAP
and
follow
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
each
Fund
in
the
preparation
of
this
Quarterly
Report.
Security
Valuation
The
Funds
value
portfolio
securities
according
to
Board-approved
securities
valuation
procedures
which
include
market
and
fair
value
procedures.
The
Board
has
delegated
the
responsibility
for
administration
of
the
securities
valuation
procedures
to
Russell
Investments
Fund
Services,
LLC
("RIFUS").
U.S.
GAAP
defines
fair
value
as
the
price
that
a
Fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
It
establishes
a
fair
value
hierarchy
that
prioritizes
inputs
to
valuation
methods
and
requires
a
separate
disclosure
of
the
fair
value
hierarchy
for
each
major
category
of
assets
and
liabilities,
that
segregates
fair
value
measurements
into
levels
(Level
1,
2,
and
3).
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
Levels
1,
2
and
3
of
the
fair
value
hierarchy
are
defined
as
follows:
Level
1
—
Quoted
prices
(unadjusted)
in
active
markets
or
exchanges
for
identical
assets
and
liabilities.
Level
2
—
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable,
which
may
include,
but
are
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
and
inputs
such
as
interest
rates,
yield
curves,
implied
volatilities,
credit
spreads
or
other
market
corroborated
inputs.
Level
3
—
Significant
unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
which
may
include
assumptions
made
by
RIFUS,
acting
at
the
discretion
of
the
Board,
that
are
used
in
determining
the
fair
value
of
investments.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
marketplace,
the
liquidity
of
markets,
and
other
characteristics
particular
to
the
security.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgement.
Accordingly,
the
degree
of
judgement
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2021
(Unaudited)
Notes
to
Quarterly
Report
71
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
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2021
(Unaudited)
72
Notes
to
Quarterly
Report
the
fair
value
hierarchy.
Exchange-traded
derivatives
are
valued
based
on
the
last
reported
sales
price
on
the
day
of
valuation
and
are
categorized
as
Level
1
of
the
fair
value
hierarchy.
Centrally
cleared
swaps
listed
or
traded
on
a
multilateral
or
trade
facility
platform,
such
as
a
registered
exchange,
are
valued
at
the
daily
settlement
price
determined
by
the
respective
exchange.
For
centrally
cleared
credit
default
swaps,
the
clearing
facility
requires
its
members
to
provide
actionable
levels
across
complete
term
structures.
These
levels
along
with
external
third-
party
prices
are
used
to
produce
daily
settlement
prices.
These
securities
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Centrally
cleared
interest
rate
swaps
are
valued
using
a
pricing
model
that
references
the
underlying
rates
including
the
Overnight
Index
Swap
("OIS")
rate
and
London
Interbank
Offered
Rate
(“LIBOR”)
forward
rate
to
produce
the
daily
settlement
price.
These
securities
are
categorized
as
Level
2
of
the
fair
value
hierarchy.
Events
or
circumstances
affecting
the
values
of
Fund
securities
that
occur
between
the
closing
of
the
principal
markets
on
which
they
trade
and
the
time
the
NAV
of
Fund
shares
is
determined
may
be
reflected
in
the
calculation
of
NAV
for
each
applicable
Fund
when
the
Fund
deems
that
the
particular
event
or
circumstance
would
materially
affect
such
Fund’s
NAV.
Funds
that
invest
primarily
in
frequently
traded
exchange-listed
securities
will
use
fair
value
pricing
in
limited
circumstances
since
reliable
market
quotations
will
often
be
readily
available.
Funds
that
invest
in
foreign
securities
use
fair
value
pricing
daily
as
events
may
occur
between
the
close
of
foreign
markets
and
the
time
of
pricing.
Although
there
are
observable
inputs
assigned
on
a
security
level,
prices
are
derived
from
factors
using
proprietary
models
or
matrix
pricing.
For
this
reason,
fair
value
factors
will
cause
movement
between
Levels
1
and
2.
Examples
of
significant
events
that
generally
trigger
fair
value
pricing
of
one
or
more
securities
are:
any
market
movement
of
the
U.S.
securities
market
(defined
in
the
fair
value
procedures
as
the
movement
of
a
single
major
U.S.
Index);
a
company
development
such
as
a
material
business
development;
a
natural
disaster,
a
public
health
emergency
affecting
one
or
more
countries
in
the
global
economy
(including
an
emergency
which
results
in
the
closure
of
financial
markets)
or
other
emergency
situation;
or
an
armed
conflict.
The
NAV
of
a
Fund’s
portfolio
that
includes
foreign
securities
may
change
on
days
when
shareholders
will
not
be
able
to
purchase
or
redeem
Fund
shares,
since
foreign
securities
can
trade
on
non-business
days.
The
Funds
had
no
transfers
into
or
out
of
Level
3
for
the
period
ended
September
30,
2021.
Level
3
Fair
Value
Investments
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
values
of
financial
instruments
classified
as
Level
3
of
the
fair
value
hierarchy
are
as
follows:
Securities
and
other
assets
for
which
market
quotes
are
not
readily
available,
or
are
not
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
by
RIFUS
and
are
categorized
as
Level
3
of
the
fair
value
hierarchy.
Market
quotes
are
considered
not
readily
available
in
circumstances
where
there
is
an
absence
of
current
or
reliable
market-based
data
(e.g.,
trade
information
or
broker
quotes).
When
RIFUS
applies
fair
valuation
methods
that
use
significant
unobservable
inputs
to
determine
a
Fund’s
NAV,
securities
will
not
be
priced
on
the
basis
of
quotes
from
the
primary
market
in
which
they
are
traded,
but
instead
may
be
priced
by
another
method
that
RIFUS
believes
accurately
reflects
fair
value
and
will
be
categorized
as
Level
3
of
the
fair
value
hierarchy.
Fair
value
pricing
may
require
subjective
determinations
about
the
value
of
a
security.
While
the
securities
valuation
procedures
are
intended
to
result
in
a
calculation
of
a
Fund’s
NAV
that
fairly
reflects
security
values
as
of
the
time
of
pricing,
the
process
cannot
guarantee
that
fair
values
determined
by
RIFUS
would
accurately
reflect
the
price
that
a
Fund
could
obtain
for
a
security
if
it
were
to
dispose
of
that
security
as
of
the
time
of
pricing
(for
instance,
in
a
forced
or
distressed
sale).
The
prices
used
by
a
Fund
may
differ
from
the
value
that
would
be
realized
if
the
security
was
sold.
RIFUS
employs
third-party
pricing
vendors
to
provide
fair
value
measurements.
RIFUS
oversees
third-party
pricing
service
providers
in
order
to
support
the
valuation
process
throughout
the
period.
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
the
fair
value
measurement
of
certain
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.
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2021
(Unaudited)
Notes
to
Quarterly
Report
73
The
significant
unobservable
input
used
in
the
fair
value
measurement
of
certain
Funds’
debt
securities
is
the
yield
to
worst
ratio.
Significant
increases
(decreases)
in
the
yield
to
worst
ratio
would
result
in
a
lower
(higher)
fair
value
measurement.
These
significant
unobservable
inputs
are
further
disclosed
in
the
Presentation
of
Portfolio
Holdings
for
each
respective
Fund
as
applicable.
If
third-party
evaluated
vendor
pricing
is
neither
available
nor
deemed
to
be
indicative
of
fair
value,
RIFUS
may
elect
to
obtain
indicative
market
quotations
(“broker
quotes”)
directly
from
the
broker
or
passed
through
from
a
third-party
vendor.
In
the
event
that
the
source
of
fair
value
is
from
a
single
source
broker
quote,
these
securities
are
classified
as
Level
3
per
the
fair
value
hierarchy.
Broker
quotes
are
typically
received
from
established
market
participants.
Although
independently
received
on
a
daily
basis,
RIFUS
does
not
have
the
transparency
to
view
the
underlying
inputs
which
support
the
broker
quotes.
Significant
changes
in
the
broker
quote
would
have
direct
and
proportional
changes
in
the
fair
value
of
the
security.
There
is
a
third-party
pricing
exception
to
the
quantitative
disclosure
requirement
when
prices
are
not
determined
by
the
reporting
entity.
RIFUS
is
exercising
this
exception
and
has
made
a
reasonable
attempt
to
obtain
quantitative
information
from
the
third-party
pricing
vendors
regarding
the
unobservable
inputs
used.
For
fair
valuations
using
significant
unobservable
inputs,
U.S.
GAAP
requires
a
reconciliation
of
the
beginning
to
ending
balances
for
reported
fair
values
that
present
changes
attributable
to
total
realized
and
unrealized
gains
or
losses,
purchases
and
sales,
and
transfers
in/out
of
the
Level
3
category
during
the
period.
Additionally,
U.S.
GAAP
requires
quantitative
information
regarding
the
significant
unobservable
inputs
used
in
the
determination
of
fair
value
of
assets
categorized
as
Level
3
in
the
fair
value
hierarchy.
In
accordance
with
the
requirements
of
U.S.
GAAP,
a
fair
value
hierarchy,
a
Level
3
reconciliation
and
an
additional
disclosure
about
fair
value
measurements,
if
any,
has
been
included
in
the
Presentation
of
Portfolio
Holdings
for
each
respective
Fund.
Investment
Income
Dividend
income
is
recorded
net
of
applicable
withholding
taxes
on
the
ex-dividend
date,
except
that
certain
dividends
from
foreign
securities
are
recorded
as
soon
as
the
Funds
are
informed
of
the
dividend,
subsequent
to
the
ex-dividend
date.
To
the
extent
the
dividend
represents
a
return
of
capital
or
capital
gain
for
tax
purposes,
reclassifications
are
made
which
may
be
based
on
management's
estimates.
Interest
income
is
recorded
daily
on
the
accrual
basis.
The
Strategic
Bond
Fund
classifies
gains
and
losses
realized
on
prepayments
received
on
mortgage-backed
securities
as
an
adjustment
to
interest
income.
All
premiums
and
discounts,
including
original
issue
discounts,
are
amortized/
accreted
using
the
effective
interest
method.
Debt
obligation
securities
may
be
placed
in
a
non-accrual
status
and
related
interest
income
may
be
reduced
by
stopping
current
accruals
and
writing
off
interest
receivable
when
the
collection
of
all
or
a
portion
of
interest
has
become
doubtful.
Foreign
Currency
Translations
The
books
and
records
of
the
Funds
are
maintained
in
U.S.
dollars.
Foreign
currency
amounts
and
transactions
of
the
Funds
are
translated
into
U.S.
dollars
on
the
following
basis:
(a)
Fair
value
of
investment
securities,
other
assets
and
liabilities
at
the
closing
rate
of
exchange
on
the
valuation
date.
(b)
Purchases
and
sales
of
investment
securities
and
income
at
the
closing
rate
of
exchange
prevailing
on
the
respective
trade
dates
of
such
transactions.
Net
realized
gains
or
losses
from
foreign
currency-related
transactions
arise
from:
sales
and
maturities
of
short-term
securities;
sales
of
foreign
currencies;
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions;
the
difference
between
the
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
recorded
on
the
Funds’
books
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
gains
or
losses
from
foreign
currency-related
transactions
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.
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2021
(Unaudited)
74
Notes
to
Quarterly
Report
Derivatives
The
Funds
may
invest
in
derivatives.
Derivatives
are
instruments
or
agreements
whose
value
is
derived
from
an
underlying
security
or
index.
They
include
options,
futures,
swaps
and
forwards.
These
instruments
offer
unique
characteristics
and
risks
that
facilitate
the
Funds’
investment
strategies.
The
Funds
typically
use
derivatives
in
three
ways:
exposing
cash
to
markets,
hedging
and
return
enhancement.
In
addition,
certain
Funds
may
enter
into
foreign
exchange
contracts
for
trade
settlement
purposes.
The
Funds
may
pursue
their
strategy
of
being
fully
invested
by
exposing
cash
to
the
performance
of
appropriate
markets
by
purchasing
securities
and/or
derivatives.
This
is
intended
to
cause
the
Funds
to
perform
as
though
cash
were
actually
invested
in
those
markets.
Hedging
may
be
used
by
certain
Funds
to
limit
or
control
risks,
such
as
adverse
movements
in
exchange
rates
and
interest
rates.
Return
enhancement
can
be
accomplished
through
the
use
of
derivatives
in
a
Fund,
including
using
derivatives
as
a
substitute
for
holding
physical
securities,
and
using
them
to
express
various
macro
views
(e.g.,
interest
rate
movements,
currency
movements,
and
macro
credit
strategies).
By
purchasing
certain
instruments,
the
Funds
may
more
effectively
achieve
the
desired
portfolio
characteristics
that
assist
them
in
meeting
their
investment
objectives.
Depending
on
how
the
derivatives
are
structured
and
utilized,
the
risks
associated
with
them
may
vary
widely.
These
risks
include,
but
are
not
limited
to,
market
risk,
liquidity
risk,
leveraging
risk,
counterparty
risk,
basis
risk,
reinvestment
risk,
political
risk,
prepayment
risk,
extension
risk,
valuation
risk
and
credit
risk.
Futures,
certain
options
and
cleared
swaps
are
traded
or
cleared
on
an
exchange
or
central
exchange
clearing
house.
Exchange-
traded
or
exchange-cleared
transactions
generally
present
less
counterparty
risk
to
a
Fund.
The
exchange’s
clearing
house
stands
between
the
Fund
and
the
broker
to
the
contract
and
therefore,
credit
risk
is
generally
limited
to
the
failure
of
the
clearing
house
and
the
clearing
member.
Cleared
swap
contracts
are
subject
to
clearing
house
rules,
including
initial
and
variation
margin
requirement,
daily
settlement
of
obligations
and
the
clearing
house
guarantee
of
payments
to
the
broker.
There
is,
however,
still
counterparty
risk
due
to
the
insolvency
of
the
broker
with
respect
to
any
margin
held
in
the
brokers’
customer
accounts.
While
clearing
members
are
required
to
segregate
customer
assets
from
their
own
assets,
in
the
event
of
insolvency,
there
may
be
a
shortfall
in
the
amount
of
margin
held
by
the
broker
for
its
clients.
Collateral
and
margin
requirements
for
exchange-traded
or
exchange-cleared
derivatives
are
established
through
regulation,
as
well
as
set
by
the
broker
or
applicable
clearing
house.
In
October
2020,
the
Securities
and
Exchange
Commission
("SEC")
adopted
a
final
rule
related
to
the
use
of
derivatives,
reverse
repurchase
agreements
and
certain
other
transactions
by
registered
investment
companies
that
will
rescind
and
withdraw
the
guidance
of
the
SEC
and
its
staff
regarding
asset
segregation
and
cover
transactions.
The
final
rule
requires
funds
to
trade
derivatives
and
other
transactions
that
create
future
payment
or
delivery
obligations
(except
reverse
repurchase
agreements
and
similar
financing
transactions)
subject
to
a
value-at-risk
leverage
limit
and
certain
derivatives
risk
management
program
and
reporting
requirements.
Compliance
with
these
new
requirements
will
be
required
after
an
eighteen-month
transition
period.
Following
the
compliance
date,
these
requirements
may
limit
the
ability
of
a
Fund
to
use
derivatives
and
reverse
repurchase
agreements
and
similar
financing
transactions
as
part
of
its
investment
strategies.
Foreign
Currency
Exchange
Contracts
Certain
Funds
may
enter
into
foreign
currency
exchange
spot
contracts
and
forward
foreign
currency
exchange
contracts
(“FX
contracts”).
From
time
to
time,
certain
Funds
may
enter
into
FX
contracts
to
hedge
certain
foreign
currency-denominated
assets.
FX
contracts
are
recorded
at
fair
value.
Certain
risks
may
arise
upon
entering
into
these
FX
contracts
from
the
potential
inability
of
counterparties
to
meet
the
terms
of
their
FX
contracts
and
are
generally
limited
to
the
amount
of
unrealized
gain
on
the
FX
contracts.
For
the
period
ended
September
30,
2021,
the
following
Funds
entered
into
FX
contracts
primarily
for
the
strategies
listed
below:
The
Funds’
FX
contract
notional
dollar
values
outstanding
fluctuate
throughout
the
period
as
required
to
meet
strategic
objectives.
The
following
tables
illustrate
the
quarterly
volume
of
foreign
currency
contracts.
For
the
purpose
of
this
disclosure,
volume
is
measured
by
the
amounts
bought
and
sold
in
USD.
Funds
Strategies
International
Developed
Markets
Fund
Return
enhancement,
hedging,
exposing
cash
to
markets
and
trade
settlement
Strategic
Bond
Fund
Return
enhancement
and
hedging
Global
Real
Estate
Securities
Fund
Exposing
cash
to
markets
and
trade
settlement
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2021
(Unaudited)
Notes
to
Quarterly
Report
75
As
of
September
30,
2021,
the
Funds
had
cash
collateral
balances
in
connection
with
FX
contracts
purchased/sold
as
follows:
Options
Certain
Funds
may
purchase
and
sell
(write)
call
and
put
options
on
securities
and
securities
indices.
Such
options
are
traded
on
a
national
securities
exchange
or
in
an
OTC
market.
The
Funds
may
also
purchase
and
sell
(write)
call
and
put
options
on
foreign
currencies.
When
a
Fund
writes
a
covered
call
or
a
put
option,
an
amount
equal
to
the
premium
received
by
the
Fund
is
included
in
the
Fund’s
Statement
of
Assets
and
Liabilities
as
an
asset
and
as
an
equivalent
liability.
The
amount
of
the
liability
is
subsequently
marked-
to-market
to
reflect
the
current
fair
value
of
the
option
written.
The
Fund
receives
a
premium
on
the
sale
of
a
call
option
but
gives
up
the
opportunity
to
profit
from
any
increase
in
the
value
of
the
underlying
instrument
above
the
exercise
price
of
the
option,
and
when
the
Fund
writes
a
put
option
it
is
exposed
to
a
decline
in
the
price
of
the
underlying
instrument.
When
a
Fund
sells
an
uncovered
call
option,
it
does
not
simultaneously
have
a
long
position
in
the
underlying
security.
When
a
Fund
sells
an
uncovered
put
option,
it
does
not
simultaneously
have
a
short
position
in
the
underlying
security.
Uncovered
options
are
riskier
than
covered
options
because
there
is
no
underlying
security
held
by
the
Fund
that
can
act
as
a
partial
hedge.
Whether
an
option
which
the
Fund
has
written
expires
on
its
stipulated
expiration
date
or
the
Fund
enters
into
a
closing
purchase
transaction,
the
Fund
realizes
a
gain
(or
loss,
if
the
cost
of
a
closing
purchase
transaction
exceeds
the
premium
received
when
the
option
was
sold)
without
regard
to
any
unrealized
gain
or
loss
on
the
underlying
security,
and
the
liability
related
to
such
option
is
extinguished.
If
a
call
option
which
the
Fund
has
written
is
exercised,
the
Fund
realizes
a
capital
gain
or
loss
from
the
sale
of
the
underlying
security,
and
the
proceeds
from
such
sale
are
increased
by
the
premium
originally
received.
When
a
put
option
which
a
Fund
has
written
is
exercised,
the
amount
of
the
premium
originally
received
will
reduce
the
cost
of
the
security
which
a
Fund
purchases
upon
exercise
of
the
option.
The
Funds’
use
of
written
options
involves,
to
varying
degrees,
elements
of
market
risk
in
excess
of
the
amount
recognized
in
the
Statements
of
Assets
and
Liabilities.
The
face
or
contract
amounts
of
these
instruments
reflect
the
extent
of
the
Funds’
exposure
to
market
risk.
The
risks
may
be
caused
by
an
imperfect
correlation
between
movements
in
the
price
of
the
instrument
and
the
price
of
the
underlying
securities
and
interest
rates.
Certain
Funds
may
enter
into
a
swaption
(an
option
on
a
swap).
In
a
swaption,
in
exchange
for
an
option,
the
buyer
gains
the
right
but
not
the
obligation
to
enter
into
a
specified
swap
agreement
with
the
issuer
on
a
specified
future
date.
The
writer
of
the
contract
receives
the
premium
and
bears
the
risk
of
unfavorable
changes
in
the
preset
rate
on
the
underlying
swap.
For
the
period
ended
September
30,
2021,
the
Strategic
Bond
Fund
purchased/sold
options
primarily
for
return
enhancement
and
hedging.
The
Funds'
options
contracts
notional
amounts
fluctuate
throughout
the
period
as
required
to
meet
strategic
objectives.
The
following
table
illustrates
the
quarterly
volume
of
options
contracts
measured
by
notional
in
USD.
Outstanding
Contract
Amounts
Sold
Quarter
Ended
March
31,
2021
June
30,
2021
September
30,
2021
International
Developed
Markets
Fund
$
100,891,697
$
81,561,866
$
79,131,695
Strategic
Bond
Fund
227,444,833
364,501,179
330,401,945
Global
Real
Estate
Securities
Fund
25,351,016
20,265,175
20,917,113
Outstanding
Contract
Amounts
Bought
Quarter
Ended
March
31,
2021
June
30,
2021
September
30,
2021
International
Developed
Markets
Fund
$
100,015,944
$
81,561,866
$
79,131,695
Strategic
Bond
Fund
228,109,913
364,501,179
330,401,945
Global
Real
Estate
Securities
Fund
25,181,539
20,265,175
20,917,113
Cash
Collateral
for
Forwards
Strategic
Bond
Fund
$
370,000
Notional
of
Options
Contracts
Funds
March
31,
2021
June
30,
2021
September
30,
2021
Strategic
Bond
Fund
$
24,055,000
$
—
$
—
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2021
(Unaudited)
76
Notes
to
Quarterly
Report
Futures
Contracts
The
Funds
may
invest
in
futures
contracts
(i.e.,
interest
rate,
foreign
currency
and
index
futures
contracts).
The
face
or
contract
value
of
these
instruments
reflect
the
extent
of
the
Funds’
exposure
to
off
balance
sheet
risk.
The
primary
risks
associated
with
the
use
of
futures
contracts
are
an
imperfect
correlation
between
the
change
in
fair
value
of
the
securities
held
by
the
Funds
and
the
prices
of
futures
contracts,
and
the
possibility
of
an
illiquid
market.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
with
a
broker
an
amount,
termed
the
initial
margin,
which
typically
represents
5%
to
10%
of
the
purchase
price
indicated
in
the
futures
contract.
Payments
to
and
from
the
broker,
known
as
variation
margin,
are
typically
required
to
be
made
on
a
daily
basis
as
the
price
of
the
futures
contract
fluctuates.
Changes
in
initial
settlement
value
are
accounted
for
as
unrealized
appreciation
(depreciation)
until
the
contracts
are
terminated,
at
which
time
realized
gains
and
losses
are
recognized.
For
the
period
ended
September
30,
2021,
the
following
Funds
entered
into
futures
contracts
primarily
for
the
strategies
listed
below:
The
Funds’
futures
contracts
notional
amounts
fluctuate
throughout
the
period
as
required
to
meet
strategic
objectives.
The
following
table
illustrates
the
quarterly
volume
of
futures
contracts
measured
by
notional
in
USD.
As
of
September
30,
2021,
the
Funds
had
cash
collateral
balances
in
connection
with
futures
contracts
purchased/sold
as
follows:
Swap
Agreements
Certain
Funds
may
enter
into
swap
agreements,
on
either
an
asset-based
or
liability-based
basis,
depending
on
whether
they
are
hedging
their
assets
or
their
liabilities,
and
will
usually
enter
into
swaps
on
a
net
basis
(i.e.,
the
two
payment
streams
are
netted
out,
with
the
Funds
receiving
or
paying
only
the
net
amount
of
the
two
payments).
When
a
Fund
engages
in
a
swap,
it
exchanges
its
obligations
to
pay
or
rights
to
receive
payments
for
the
obligations
to
pay
or
rights
to
receive
payments
of
another
party
(i.e.,
an
exchange
of
floating
rate
payments
for
fixed
rate
payments).
Certain
Funds
may
enter
into
several
different
types
of
swap
agreements
including
credit
default,
interest
rate,
total
return
(equity
and/or
index)
and
currency
swaps.
Credit
default
swaps
are
a
counterparty
agreement
which
allows
the
transfer
of
third-party
credit
risk
(the
possibility
that
an
issuer
will
default
on
its
obligation
by
failing
to
pay
principal
or
interest
in
a
timely
manner)
from
one
party
to
another.
The
lender
faces
the
credit
risk
from
a
third-party
and
the
counterparty
in
the
swap
agrees
to
insure
this
risk
in
exchange
for
regular
periodic
payments.
Interest
rate
swaps
are
a
counterparty
agreement,
can
be
customized
to
meet
each
party’s
needs,
and
involve
the
exchange
of
a
fixed
or
variable
payment
per
period
for
a
payment
that
is
not
fixed.
Total
return
swaps
are
a
counterparty
agreement
where
two
parties
exchange
two
sets
of
cash
flows
on
predetermined
dates
for
an
agreed
upon
amount
of
time.
The
cash
flows
will
typically
be
an
equity
index
value
swapped
with
a
floating
rate
such
as
LIBOR
plus
or
minus
a
pre-defined
spread.
Total
return
swap
agreements
are
a
counterparty
agreement
intended
to
expose
cash
to
markets
or
to
effect
investment
Funds
Strategies
U.S.
Strategic
Equity
Fund
Exposing
cash
to
markets
U.S.
Small
Cap
Equity
Fund
Exposing
cash
to
markets
International
Developed
Markets
Fund
Return
enhancement,
hedging
and
exposing
cash
to
markets
Strategic
Bond
Fund
Return
enhancement,
hedging
and
exposing
cash
to
markets
Global
Real
Estate
Securities
Fund
Exposing
cash
to
markets
Notional
of
Futures
Contracts
Funds
March
31,
2021
June
30,
2021
September
30,
2021
U.S.
Strategic
Equity
Fund
$
7,339,690
$
14,581,240
$
4,727,525
U.S.
Small
Cap
Equity
Fund
8,223,250
10,962,050
12,104,400
International
Developed
Markets
Fund
131,874,203
121,419,108
114,066,736
Strategic
Bond
Fund
754,026,578
605,427,669
678,740,673
Global
Real
Estate
Securities
Fund
26,446,737
22,720,625
32,847,702
Cash
Collateral
for
Futures
Due
to
Broker
U.S.
Strategic
Equity
Fund
$
1,180,555
$
—
U.S.
Small
Cap
Equity
Fund
389,211
—
International
Developed
Markets
Fund
5,078,140
22
Strategic
Bond
Fund
10,187,981
34
Global
Real
Estate
Securities
Fund
5,621,241
—
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2021
(Unaudited)
Notes
to
Quarterly
Report
77
transactions
consistent
with
those
Funds’
investment
objectives
and
strategies.
Currency
swaps
are
a
counterparty
agreement
where
two
parties
exchange
specified
amounts
of
different
currencies
which
are
followed
by
each
paying
the
other
a
series
of
interest
payments
that
are
based
on
the
principal
cash
flow.
At
maturity
the
principal
amounts
are
returned.
The
Funds
generally
expect
to
enter
into
these
transactions
primarily
to
preserve
a
return
or
spread
on
a
particular
investment
or
portion
of
their
portfolios
or
to
protect
against
any
increase
in
the
price
of
securities
they
anticipate
purchasing
at
a
later
date,
or
for
return
enhancement.
Under
most
swap
agreements
entered
into
by
a
Fund,
the
parties'
obligations
are
determined
on
a
"net
basis".
The
net
amount
of
the
excess,
if
any,
of
the
Funds’
obligations
over
their
entitlements
with
respect
to
each
swap
will
be
accrued
on
a
daily
basis
and
an
amount
of
cash
or
liquid
assets
having
an
aggregate
NAV
at
least
equal
to
the
accrued
excess
will
be
segregated.
To
the
extent
that
the
Funds
enter
into
swaps
on
other
than
a
net
basis,
the
amount
maintained
in
a
segregated
account
will
be
the
full
amount
of
the
Funds’
obligations,
if
any,
with
respect
to
such
swaps,
accrued
on
a
daily
basis.
If
there
is
a
default
by
the
other
party
to
such
a
transaction,
the
Funds
will
have
contractual
remedies
pursuant
to
the
agreement
related
to
the
transaction.
A
Fund
may
not
receive
the
expected
amount
under
a
swap
agreement
if
the
other
party
to
the
agreement
defaults
or
becomes
bankrupt.
As
of
September
30,
2021,
the
Funds
had
cash
collateral
balances
in
connection
with
swap
contracts
purchased/sold
as
follows:
Credit
Default
Swaps
The
Strategic
Bond
Fund
may
enter
into
credit
default
swaps.
A
credit
default
swap
can
refer
to
corporate
issues,
government
issues,
asset-backed
securities
or
an
index
of
assets,
each
known
as
the
reference
entity
or
underlying
asset.
The
Fund
may
act
as
either
the
buyer
or
the
seller
of
a
credit
default
swap
involving
one
party
making
a
stream
of
payments
to
another
party
in
exchange
for
the
right
to
receive
a
specified
return
in
the
event
of
a
default
or
other
credit
event.
Depending
upon
the
terms
of
the
contract,
the
credit
default
swap
may
be
closed
via
physical
settlement.
However,
due
to
the
possible
or
potential
instability
in
the
market,
there
is
a
risk
that
the
Fund
may
be
unable
to
deliver
the
underlying
debt
security
to
the
other
party
to
the
agreement.
Additionally,
the
Fund
may
not
receive
the
expected
amount
under
the
swap
agreement
if
the
other
party
to
the
agreement
defaults
or
becomes
bankrupt.
In
an
unhedged
credit
default
swap,
the
Fund
enters
into
a
credit
default
swap
without
owning
the
underlying
asset
or
debt
issued
by
the
reference
entity.
Credit
default
swaps
allow
the
Fund
to
acquire
or
reduce
credit
exposure
to
a
particular
issuer,
asset
or
basket
of
instruments.
As
the
seller
of
protection
in
a
credit
default
swap,
the
Fund
would
be
required
to
pay
the
par
or
other
agreed-upon
value
(or
otherwise
perform
according
to
the
swap
contract)
of
a
reference
debt
obligation
to
the
counterparty
in
the
event
of
a
default
(or
other
specified
credit
event)
and
the
counterparty
would
be
required
to
surrender
the
reference
debt
obligation.
In
return,
the
Fund
would
receive
from
the
counterparty
a
periodic
stream
of
payments
over
the
term
of
the
contract
provided
that
no
credit
event
has
occurred.
If
no
credit
event
occurs,
the
Fund
would
keep
the
stream
of
payments
and
would
have
no
payment
obligations.
As
a
seller
of
protection,
the
Fund
would
effectively
add
leverage
to
its
portfolio
because,
in
addition
to
its
total
net
assets,
that
Fund
would
be
subject
to
investment
exposure
on
the
notional
amount
of
the
swap.
The
Fund
may
also
purchase
protection
via
credit
default
swap
contracts
in
order
to
offset
the
risk
of
default
of
debt
securities
held
in
their
portfolios
or
to
take
a
short
position
in
a
debt
security,
in
which
case
the
Fund
would
function
as
the
counterparty
referenced
in
the
preceding
paragraph.
If
a
credit
event
occurs
and
cash
settlement
is
not
elected,
a
variety
of
other
deliverable
obligations
may
be
delivered
in
lieu
of
the
specific
referenced
obligation.
The
ability
to
deliver
other
obligations
may
result
in
a
cheapest-to-deliver
option
(the
buyer
of
protection’s
right
to
choose
the
deliverable
obligation
with
the
lowest
value
following
a
credit
event).
The
Fund
may
use
credit
default
swaps
to
provide
a
measure
of
protection
against
defaults
of
the
issuers
(i.e.,
to
reduce
risk
where
the
Fund
owns
or
has
exposure
to
the
referenced
obligation)
or
to
take
an
active
long
or
short
position
with
respect
to
the
likelihood
(as
measured
by
the
credit
default
swap’s
spread)
of
a
particular
issuer’s
default.
Deliverable
obligations
for
credit
default
swaps
on
asset-backed
securities
in
most
instances
are
limited
to
the
specific
referenced
obligation
as
performance
for
asset-backed
securities
can
vary
across
deals.
Prepayments,
principal
paydowns,
and
other
writedown
or
loss
events
on
the
underlying
mortgage
loans
will
reduce
the
outstanding
principal
balance
of
the
referenced
obligation.
These
reductions
may
be
temporary
or
permanent
as
defined
under
the
terms
of
the
swap
agreement
and
the
notional
amount
for
the
swap
agreement
generally
will
be
adjusted
by
corresponding
amounts.
The
Strategic
Bond
Fund
may
use
credit
default
swaps
on
asset-
backed
securities
to
provide
a
measure
of
protection
against
defaults
(or
other
defined
credit
events)
of
the
referenced
obligation
Cash
Collateral
for
Swaps
Due
to
Broker
Strategic
Bond
Fund
$
6,734,272
$
100,000
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2021
(Unaudited)
78
Notes
to
Quarterly
Report
or
to
take
an
active
long
or
short
position
with
respect
to
the
likelihood
of
a
particular
referenced
obligation’s
default
(or
another
defined
credit
event).
Credit
default
swap
agreements
on
credit
indices
involve
one
party
making
a
stream
of
payments
to
another
party
in
exchange
for
the
right
to
receive
a
specified
return
in
the
event
of
a
write-down,
principal
shortfall,
interest
shortfall
or
default
of
all
or
part
of
the
referenced
entities
comprising
the
credit
index.
A
credit
index
is
a
basket
of
credit
instruments
or
exposures
designed
to
be
representative
of
some
part
of
the
credit
market
as
a
whole.
These
indices
are
made
up
of
reference
credits
that
are
judged
by
a
poll
of
dealers
to
be
the
most
liquid
entities
in
the
credit
default
swap
market
based
on
the
sector
of
the
index.
Components
of
the
indices
may
include,
but
are
not
limited
to,
investment
grade
securities,
high
yield
securities,
asset-backed
securities,
emerging
markets,
and/or
various
credit
ratings
within
each
sector.
Credit
indices
are
traded
using
credit
default
swaps
with
standardized
terms
including
a
fixed
spread
and
standard
maturity
dates.
An
index
credit
default
swap
references
all
the
names
in
the
index,
and
if
there
is
a
default,
the
credit
event
is
settled
based
on
that
name’s
weight
in
the
index.
The
composition
of
the
indices
changes
periodically,
usually
every
six
months,
and,
for
most
indices,
each
name
has
an
equal
weight
in
the
index.
Traders
may
use
credit
default
swaps
on
indices
to
speculate
on
changes
in
credit
quality.
Implied
credit
spreads,
represented
in
absolute
terms,
utilized
in
determining
the
fair
value
of
credit
default
swap
agreements
on
corporate
issues
as
of
period-end
are
disclosed
in
the
Schedules
of
Investments
and
generally
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
or
risk
of
default
(or
other
defined
credit
event)
for
the
credit
derivative.
The
implied
credit
spread
of
a
particular
referenced
entity
reflects
the
cost
of
entering
into
a
credit
default
swap
and
may
include
upfront
payments
required
to
be
made
to
enter
into
the
agreement.
For
credit
default
swap
agreements
on
asset-
backed
securities
and
credit
indices,
the
quoted
market
prices
and
resulting
values
serve
as
the
indicator
of
the
current
status
of
the
payment/performance
risk.
Wider
credit
spreads
and
increasing
fair
values,
in
absolute
terms
when
compared
to
the
notional
amount
of
the
swap,
generally
represent
a
deterioration
of
the
referenced
entity’s
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
The
maximum
potential
amount
of
future
payments
(undiscounted)
that
the
Fund
as
a
seller
of
protection
could
be
required
to
make
under
a
credit
default
swap
agreement
equals
the
notional
amount
of
the
agreement.
Notional
amounts
of
all
credit
default
swap
agreements
outstanding
as
of
September
30,
2021,
for
which
a
Fund
is
the
seller
of
protection
are
disclosed
in
the
Schedules
of
Investments.
These
potential
amounts
would
be
partially
offset
by
any
recovery
values
of
the
respective
referenced
obligations,
upfront
payments
received
upon
entering
into
the
agreement,
or
net
amounts
received
from
the
settlement
of
buy
protection
credit
default
swap
agreements
entered
into
by
the
Fund
for
the
same
referenced
entity
or
entities.
Credit
default
swaps
could
result
in
losses
if
the
Fund
does
not
correctly
evaluate
the
creditworthiness
of
the
company
or
companies
on
which
the
credit
default
swap
is
based.
Credit
default
swap
agreements
may
involve
greater
risks
than
if
the
Fund
had
invested
in
the
reference
obligation
directly
since,
in
addition
to
risks
relating
to
the
reference
obligation,
credit
default
swaps
are
subject
to
illiquidity
and
counterparty
risk.
The
Fund
will
generally
incur
a
greater
degree
of
risk
when
it
sells
a
credit
default
swap
than
when
it
purchases
a
credit
default
swap.
As
a
buyer
of
a
credit
default
swap,
the
Fund
may
lose
its
investment
and
recover
nothing
should
a
credit
event
fail
to
occur
and
the
swap
is
held
to
its
termination
date.
As
seller
of
a
credit
default
swap,
if
a
credit
event
were
to
occur,
the
value
of
any
deliverable
obligation
received
by
the
Fund,
coupled
with
the
upfront
or
periodic
payments
previously
received,
may
be
less
than
what
it
pays
to
the
buyer,
resulting
in
a
loss
of
value
to
the
Fund.
If
the
creditworthiness
of
the
Fund’s
swap
counterparty
declines,
the
risk
that
the
counterparty
may
not
perform
could
increase,
potentially
resulting
in
a
loss
to
the
Fund.
To
limit
the
counterparty
risk
involved
in
swap
agreements,
the
Fund
will
only
enter
into
swap
agreements
with
counterparties
that
meet
certain
standards
of
creditworthiness.
Although
there
can
be
no
assurance
that
the
Fund
will
be
able
to
do
so,
the
Fund
may
be
able
to
reduce
or
eliminate
its
exposure
under
a
swap
agreement
either
by
assignment
or
other
disposition,
or
by
entering
into
an
offsetting
swap
agreement
with
the
same
party
or
another
creditworthy
party.
The
Fund
may
have
limited
ability
to
eliminate
its
exposure
under
a
credit
default
swap
if
the
credit
quality
of
the
reference
entity
or
underlying
asset
has
declined.
For
the
period
ended
September
30,
2021,
the
Strategic
Bond
Fund
entered
into
credit
default
swaps
primarily
for
return
enhancement,
hedging
and
exposing
cash
to
markets.
The
Funds’
credit
default
swap
contract
notional
amounts
outstanding
fluctuate
throughout
the
period
as
required
to
meet
strategic
objectives.
The
following
table
illustrates
the
quarterly
volume
of
credit
default
swap
contracts.
For
the
purpose
of
this
disclosure,
volume
is
measured
by
the
notional
amounts
outstanding
in
USD
at
each
quarter
end.
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2021
(Unaudited)
Notes
to
Quarterly
Report
79
Interest
Rate
Swaps
The
use
of
interest
rate
swaps
is
a
highly
specialized
activity
which
involves
investment
techniques
and
risks
different
from
those
associated
with
ordinary
portfolio
securities
transactions.
If
RIM
or
a
money
manager
using
this
technique
is
incorrect
in
its
forecast
of
fair
values,
interest
rates
and
other
applicable
factors,
the
investment
performance
of
a
Fund
might
diminish
compared
to
what
it
would
have
been
if
this
investment
technique
were
not
used.
Interest
rate
swaps
do
not
involve
the
delivery
of
securities
or
other
underlying
assets
or
principal.
Accordingly,
the
risk
of
loss
with
respect
to
interest
rate
swaps
is
limited
to
the
net
amount
of
interest
payments
that
the
Funds
are
contractually
obligated
to
make.
Interest
rate
swaps
are
traded
on
exchanges
and
are
subject
to
central
clearing.
If
the
clearing
house
or
futures
commission
merchant
defaults,
the
Funds'
risk
of
loss
consists
of
the
net
amount
of
interest
payments
that
the
Funds
are
contractually
entitled
to
receive.
The
counterparty
risk
for
cleared
derivatives
is
generally
lower
than
for
uncleared
derivatives.
However,
clearing
may
subject
a
Fund
to
increased
costs
or
margin
requirements.
For
the
period
ended
September
30,
2021,
the
Strategic
Bond
Fund
entered
into
interest
rate
swaps
primarily
for
return
enhancement,
hedging
and
exposing
cash
to
markets.
The
Funds’
interest
rate
swap
contract
notional
amounts
outstanding
fluctuate
throughout
the
period
as
required
to
meet
strategic
objectives.
The
following
table
illustrates
the
quarterly
volume
of
interest
rate
swap
contracts.
For
the
purpose
of
this
disclosure,
volume
is
measured
by
the
notional
amounts
outstanding
in
USD
at
each
quarter
end.
Total
Return
Swaps
Certain
Funds
may
enter
into
total
return
swap
agreements
to
expose
cash
to
markets
or
to
effect
investment
transactions.
Total
return
swap
agreements
are
two
party
contracts
entered
into
primarily
by
institutional
investors
for
periods
ranging
from
a
few
weeks
to
more
than
one
year.
In
a
standard
total
return
swap
transaction,
the
two
parties
agree
to
exchange
the
returns
(or
differentials
in
rates
of
return)
earned
or
realized
on
particular
investments
or
instruments.
The
returns
to
be
exchanged
between
the
parties
are
calculated
with
respect
to
a
“notional
amount”
(i.e.,
a
specified
dollar
amount
that
is
hypothetically
invested
in
a
“basket”
of
securities
representing
a
particular
index).
For
the
period
ended
September
30,
2021,
the
Funds
did
not
enter
into
any
total
return
swap
agreements.
Currency
Swaps
Certain
Funds
may
enter
into
currency
swap
agreements
to
enhance
returns
or
for
hedging
purposes.
Currency
swap
agreements
are
agreements
where
two
parties
exchange
specified
amounts
of
different
currencies
which
are
followed
by
paying
the
other
a
series
of
interest
payments
that
are
based
on
the
principal
cash
flow.
At
maturity,
the
principal
amounts
are
exchanged.
For
the
period
ended
September
30,
2021,
the
Funds
did
not
enter
into
any
currency
swap
agreements.
Master
Agreements
Certain
Funds
are
parties
to
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreements
(“ISDA
Master
Agreements”)
with
counterparties
that
govern
transactions
in
OTC
derivative
and
foreign
exchange
contracts
entered
into
by
the
Funds
and
those
counterparties.
The
ISDA
Master
Agreements
contain
provisions
for
general
obligations,
representations,
agreements,
collateral
and
events
of
default
or
termination.
Events
of
termination
and
default
include
conditions
that
may
entitle
either
party
to
elect
to
terminate
early
and
cause
settlement
of
all
outstanding
transactions
under
the
applicable
ISDA
Master
Agreement.
Any
election
to
terminate
early
could
be
material
to
the
financial
statements.
Since
different
types
of
forward
and
OTC
financial
derivative
transactions
have
different
mechanics
and
are
sometimes
traded
out
of
different
legal
entities
of
a
particular
counterparty
organization,
each
type
of
transaction
may
be
covered
by
a
different
ISDA
Master
Agreement,
resulting
in
the
need
for
multiple
agreements
with
a
single
counterparty.
As
the
ISDA
Master
Agreements
are
specific
to
unique
operations
of
different
asset
types,
Credit
Default
Swap
Notional
Amounts
Outstanding
Quarter
Ended
March
31,
2021
June
30,
2021
September
30,
2021
Strategic
Bond
Fund
$
68,763,000
$
129,278,000
$
126,131,000
Interest
Rate
Swap
Notional
Amounts
Outstanding
Quarter
Ended
March
31,
2021
June
30,
2021
September
30,
2021
Strategic
Bond
Fund
$
117,377,952
$
87,418,717
$
143,165,625
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2021
(Unaudited)
80
Notes
to
Quarterly
Report
they
allow
a
Fund
to
net
its
total
exposure
to
a
counterparty
in
the
event
of
a
default
with
respect
to
all
the
transactions
governed
under
a
single
agreement
with
a
counterparty.
Master
Repurchase
Agreements
(“Master
Repo
Agreements”)
govern
transactions
between
a
Fund
and
select
counterparties.
The
Master
Repo
Agreements
maintain
provisions
for,
among
other
things,
initiation,
income
payments,
events
of
default,
and
maintenance
of
collateral
for
repurchase
and
reverse
repurchase
agreements.
Master
Securities
Forward
Transaction
Agreements
(“Master
Forward
Agreements”)
govern
the
considerations
and
factors
surrounding
the
settlement
of
certain
forward
settling
transactions,
such
as
delayed
delivery
by
and
between
a
Fund
and
select
counterparties.
The
Master
Forward
Agreements
maintain
provisions
for,
among
other
things,
initiation
and
confirmation,
payment
and
transfer,
events
of
default,
termination,
and
maintenance
of
collateral.
Loan
Agreements
The
Strategic
Bond
Fund
may
invest
in
direct
debt
instruments,
which
are
interests
in
amounts
owed
by
corporate,
governmental,
or
other
borrowers
to
lenders
or
lending
syndicates.
The
Fund's
investments
in
loans
may
be
in
the
form
of
participations
in
loans
or
assignments
of
all
or
a
portion
of
loans
from
third
parties.
A
loan
is
often
administered
by
a
bank
or
other
financial
institution
(the
“agent”)
that
acts
as
agent
for
all
holders.
The
agent
administers
the
terms
of
the
loan,
as
specified
in
the
loan
agreement.
When
investing
in
a
loan
participation,
the
Fund
has
the
right
to
receive
payments
of
principal,
interest
and
any
fees
to
which
it
is
entitled
only
from
the
agent
selling
the
loan
agreement
and
only
upon
receipt
by
the
agent
of
payments
from
the
borrower.
The
Fund
generally
has
no
right
to
enforce
compliance
with
the
terms
of
the
loan
agreement
with
the
borrower.
As
a
result,
the
Fund
may
be
subject
to
the
credit
risk
of
both
the
borrower
and
the
agent
that
is
selling
the
loan
agreement.
When
the
Fund
purchases
assignments
from
agents
it
acquires
direct
rights
against
the
borrower
on
the
loan.
There
were
no
unfunded
loan
commitments
as
of
September
30,
2021.
Local
Access
Products
Certain
Funds
may
invest
in
local
access
products,
also
known
as
certificates
of
participation,
participation
notes
or
participation
interest
notes.
Local
access
products
are
issued
by
banks
or
broker-dealers
and
are
designed
to
replicate
the
performance
of
foreign
companies
or
foreign
securities
markets
and
can
be
used
by
the
Fund
as
an
alternative
means
to
access
the
securities
market
of
a
frontier
emerging
market
country.
The
performance
results
of
local
access
products
will
not
replicate
exactly
the
performance
of
the
foreign
companies
or
foreign
securities
markets
that
they
seek
to
replicate
due
to
transaction
and
other
expenses.
Investments
in
local
access
products
involve
certain
risks
in
addition
to
those
associated
with
a
direct
investment
in
the
underlying
foreign
companies
or
foreign
securities
markets
whose
return
they
seek
to
replicate.
There
can
be
no
assurance
that
there
will
be
a
trading
market
or
that
the
trading
price
of
local
access
products
will
equal
the
underlying
value
of
the
foreign
company
or
foreign
securities
market
that
it
seeks
to
replicate.
The
Funds
rely
on
the
creditworthiness
of
the
counterparty
issuing
the
local
access
products
and
have
no
rights
against
the
issuer
of
the
underlying
security.
The
Funds
minimize
this
risk
by
entering
into
agreements
only
with
counterparties
that
RIM
deems
creditworthy.
Due
to
liquidity
and
transfer
restrictions,
the
secondary
markets
on
which
the
local
access
products
are
traded
may
be
less
liquid
than
the
markets
for
other
securities,
or
may
be
completely
illiquid.
Short
Sales
The
U.S.
Small
Cap
Equity
Fund
may
enter
into
short
sale
transactions.
In
a
short
sale,
the
seller
sells
a
security
that
it
does
not
own,
typically
a
security
borrowed
from
a
broker
or
dealer.
Because
the
seller
remains
liable
to
return
the
underlying
security
that
it
borrowed
from
the
broker
or
dealer,
the
seller
must
purchase
the
security
prior
to
the
date
on
which
delivery
to
the
broker
or
dealer
is
required.
A
Fund
will
incur
a
loss
as
a
result
of
the
short
sale
if
the
price
of
the
security
increases
between
the
date
of
the
short
sale
and
the
date
on
which
the
Fund
must
return
the
borrowed
security.
A
Fund
will
realize
a
gain
if
the
security
declines
in
price
between
those
dates.
Short
sales
expose
a
Fund
to
the
risk
of
liability
for
the
fair
value
of
the
security
that
is
sold
(the
amount
of
which
increases
as
the
fair
value
of
the
underlying
security
increases),
in
addition
to
the
costs
associated
with
establishing,
maintaining
and
closing
out
the
short
position.
Although
a
Fund’s
potential
for
gain
as
a
result
of
a
short
sale
is
limited
to
the
price
at
which
it
sold
the
security
short
less
the
cost
of
borrowing
the
security,
its
potential
for
loss
is
theoretically
unlimited
because
there
is
no
limit
to
the
cost
of
replacing
the
borrowed
security.
When
a
Fund
makes
a
short
sale,
the
Fund
may
use
all
or
a
portion
of
the
cash
proceeds
of
short
sales
to
purchase
other
securities
or
for
any
other
permissible
Fund
purpose.
The
U.S.
Small
Cap
Equity
Fund
currently
engages
in
short
sale
transactions
that
are
effected
through
State
Street
but
reserves
the
right
to
engage
in
short
sale
transactions
through
one
or
more
other
counterparties.
For
short
sale
transactions
effected
through
State
Street,
the
Fund
typically
expects
to
collateralize
short
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2021
(Unaudited)
Notes
to
Quarterly
Report
81
sale
transactions
through
the
Fund’s
reciprocal
lending
activity
with
State
Street
(i.e.,
short
sale
transactions
are
collateralized
by
securities
loaned
to
State
Street
for
purposes
of
securities
lending
activities).
The
Fund
may
also
deliver
cash
to
State
Street
for
the
purposes
of
collateralizing
its
short
sales
transactions
or
“memo
pledge”
securities
as
collateral,
whereby
assets
are
designated
as
collateral
by
State
Street
on
State
Street’s
books
but
remain
in
the
Fund’s
custody
account.
Similar
to
the
risks
generally
applicable
to
securities
lending
arrangements,
participation
in
the
reciprocal
lending
program
subjects
the
Fund
to
the
risk
that
State
Street
could
fail
to
return
a
security
lent
to
it
by
the
Fund,
or
fail
to
return
the
Fund’s
cash
collateral,
a
risk
which
would
increase
with
any
decline
in
State
Street’s
credit
profile.
However,
the
impact
of
State
Street’s
failure
to
return
a
security
lent
to
it
by
the
Fund,
or
failure
to
return
the
Fund’s
cash
collateral,
would
be
mitigated
by
the
Fund’s
right
under
such
circumstances
to
decline
to
return
the
securities
the
Fund
initially
borrowed
from
State
Street
with
respect
to
its
short
sale
transactions.
This
risk
may
be
heightened
during
periods
of
market
stress
and
volatility,
particularly
if
the
type
of
collateral
provided
is
different
than
the
type
of
security
borrowed
(e.g.,
cash
is
provided
as
collateral
for
a
loan
of
an
equity
security).
To
the
extent
necessary
to
meet
collateral
requirements
associated
with
a
short
sale
transaction
involving
a
counterparty
other
than
State
Street,
the
Fund
is
required
to
pledge
assets
in
a
segregated
account
maintained
by
the
Fund’s
custodian
for
the
benefit
of
the
broker.
The
Fund
may
also
use
securities
it
owns
to
meet
any
such
collateral
obligations.
Until
the
Fund
replaces
a
borrowed
security
in
connection
with
a
short
sale,
the
Fund
will:
(a)
maintain
daily
a
segregated
account,
containing
liquid
assets
at
such
a
level
that
the
amount
deposited
in
the
segregated
account
will
equal
the
current
requirement
under
Regulation
T
promulgated
by
the
Board
of
Governors
of
the
Federal
Reserve
System
under
the
authority
of
Sections
7
and
8
of
the
Securities
Exchange
Act
of
1934,
as
amended;
or
(b)
otherwise
cover
its
short
positions
in
accordance
with
positions
taken
by
the
staff
of
the
SEC
(e.g.,
taking
an
offsetting
long
position
in
the
security
sold
short).
These
requirements
may
result
in
the
Fund
being
unable
to
purchase
or
sell
securities
or
instruments
when
it
would
otherwise
be
favorable
to
do
so,
or
in
the
Fund
needing
to
sell
holdings
at
a
disadvantageous
time
to
satisfy
its
obligations
or
to
meet
segregation
requirements.
If
the
Fund’s
prime
broker
fails
to
make
or
take
delivery
of
a
security
as
part
of
a
short
sale
transaction,
or
fails
to
make
a
cash
settlement
payment,
the
settlement
of
the
transaction
may
be
delayed
and
the
Fund
may
lose
money.
As
of
September
30,
2021,
the
market
value
of
securities
on
loan
through
the
reciprocal
lending
program
for
the
U.S.
Small
Cap
Equity
Fund
was
$6,060,653.
As
of
September
30,
2021,
the
U.S.
Small
Cap
Equity
Fund
held
$13,457,414
as
collateral
for
short
sales.
Securities
Lending
The
Investment
Company
has
a
securities
lending
program
whereby
each
Fund
can
loan
securities
with
a
value
up
to
33
1/3%
of
each
Fund's
total
assets.
The
maturity
associated
with
these
securities
is
considered
continuous.
The
Fund
receives
cash
(U.S.
currency),
U.S.
government
or
U.S.
government
agency
obligations
as
collateral
against
the
loaned
securities.
The
collateral
cannot
be
resold,
repledged
or
rehypothecated.
As
of
September
30,
2021,
to
the
extent
that
a
loan
was
collateralized
by
cash,
such
collateral
was
invested
by
the
securities
lending
agent,
Goldman
Sachs
Agency
Lending
("GSAL"),
in
the
U.S.
Cash
Collateral
Fund,
an
unregistered
fund
advised
by
RIM.
To
the
extent
that
a
loan
is
secured
by
non-cash
collateral,
brokers
pay
the
Fund
negotiated
lenders'
fees,
which
are
divided
between
the
Fund
and
the
securities
lending
agent
and
are
recorded
as
securities
lending
income
for
the
Fund.
All
collateral
received
will
be
in
an
amount
at
least
equal
to
102%
(for
loans
of
U.S.
securities)
or
105%
(for
loans
of
non-U.S.
securities)
of
the
fair
value
of
the
loaned
securities
at
the
inception
of
each
loan.
The
fair
value
of
the
loaned
securities
is
determined
at
the
close
of
business
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
the
next
day.
Should
the
borrower
of
the
securities
fail
financially,
there
is
a
risk
of
delay
in
recovery
of
the
securities
or
loss
of
rights
in
the
collateral.
Emerging
Markets
Securities
Certain
Funds
may
invest
in
emerging
markets
securities.
Investing
in
emerging
markets
securities
can
pose
some
risks
different
from,
and
greater
than,
risks
of
investing
in
U.S.
or
developed
markets
securities.
These
risks
include:
a
risk
of
loss
due
to
exposure
to
economic
structures
that
are
generally
less
diverse
and
mature,
and
to
political
systems
which
may
have
less
stability,
than
those
of
more
developed
countries;
smaller
market
capitalization
of
securities
markets,
which
may
suffer
periods
of
relative
illiquidity
(including
as
a
result
of
a
significant
reduction
in
the
number
of
market
participants
or
transactions);
significant
price
volatility;
restrictions
on
foreign
investment;
possible
difficulties
in
the
repatriation
of
investment
income
and
capital
including
as
a
result
of
the
closure
of
securities
markets
in
an
emerging
market
country;
and
generally,
less
stringent
investor
protection
standards
as
compared
with
investments
in
U.S.
or
other
developed
market
equity
securities.
In
addition,
foreign
investors
may
be
required
to
register
the
proceeds
of
sales
and
future
economic
or
political
crises
could
lead
to
price
controls,
forced
mergers,
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2021
(Unaudited)
82
Notes
to
Quarterly
Report
expropriation
or
confiscatory
taxation,
seizure,
nationalization,
or
creation
of
government
monopolies.
The
currencies
of
emerging
market
countries
may
experience
significant
declines
against
the
U.S.
dollar,
and
devaluation
may
occur
subsequent
to
investments
in
these
currencies
by
the
Funds.
Emerging
market
securities
may
be
subject
to
currency
transfer
restrictions
and
may
experience
delays
and
disruptions
in
settlement
procedures
for
a
Fund's
portfolio
securities.
Inflation
and
rapid
fluctuations
in
inflation
rates
have
had,
and
may
continue
to
have,
negative
effects
on
the
economies
and
securities
markets
of
certain
emerging
market
countries.
Emerging
market
countries
may
be
more
likely
to
experience
the
imposition
of
economic
sanctions
by
foreign
governments.
In
addition,
emerging
market
countries
may
be
subject
to
less
stringent
requirements
regarding
accounting,
auditing,
financial
reporting
and
record
keeping
and
therefore,
all
material
information
may
not
be
available
or
reliable.
U.S.
regulatory
authorities'
ability
to
enforce
legal
and/or
regulatory
obligations
against
individuals
or
entities,
and
shareholders'
ability
to
bring
derivative
litigation
or
otherwise
enforce
their
legal
rights,
in
emerging
market
countries
may
be
limited.
Emerging
Markets
Debt
The
Strategic
Bond
Fund
may
invest
in
emerging
markets
debt.
The
Fund's
emerging
markets
debt
securities
may
include
obligations
of
governments
and
corporations.
As
with
any
fixed
income
securities,
emerging
markets
debt
securities
are
subject
to
the
risk
of
being
downgraded
in
credit
rating
due
to
the
risk
of
default.
In
the
event
of
a
default
on
any
investments
in
foreign
debt
obligations,
it
may
be
more
difficult
for
the
Fund
to
obtain
or
to
enforce
a
judgment
against
the
issuers
of
such
securities.
With
respect
to
debt
issued
by
emerging
market
governments,
such
issuers
may
be
unwilling
to
pay
interest
and
repay
principal
when
due,
either
due
to
an
inability
to
pay
or
submission
to
political
pressure
not
to
pay,
and
as
a
result
may
default,
declare
temporary
suspensions
of
interest
payments
or
require
that
the
conditions
for
payment
be
renegotiated.
Repurchase
Agreements
The
Strategic
Bond
Fund
may
enter
into
repurchase
agreements.
A
repurchase
agreement
is
an
agreement
under
which
a
Fund
acquires
a
fixed
income
security
from
a
commercial
bank,
broker
or
dealer
and
simultaneously
agrees
to
resell
such
security
to
the
seller
at
an
agreed
upon
price
and
date
(normally
within
a
few
days
or
weeks).
The
resale
price
reflects
an
agreed
upon
interest
rate
effective
for
the
period
the
security
is
held
by
a
Fund
and
is
unrelated
to
the
interest
rate
on
the
security.
The
securities
acquired
by
a
Fund
constitute
collateral
for
the
repurchase
obligation.
In
these
transactions,
the
securities
acquired
by
a
Fund
(including
accrued
interest
earned
thereon)
must
have
a
total
value
in
excess
of
the
value
of
the
repurchase
agreement
and
must
be
held
by
the
custodian
bank
until
repurchased.
A
Fund
will
not
invest
more
than
15%
of
its
net
assets
(taken
at
current
market
value)
in
repurchase
agreements
maturing
in
more
than
seven
days.
Mortgage-Related
and
Other
Asset-Backed
Securities
The
Strategic
Bond
Fund
may
invest
in
mortgage
or
other
asset-backed
securities
(“ABS”).
These
securities
may
include
mortgage
instruments
issued
by
U.S.
government
agencies
(“agency
mortgages”)
or
those
issued
by
private
entities
(“non-agency
mortgages”).
Specific
types
of
instruments
may
include
reverse
mortgages,
mortgage
pass-through
securities,
collateralized
mortgage
obligations
(“CMO”),
commercial
mortgage-backed
securities,
mortgage
dollar
rolls,
CMO
residuals,
stripped
mortgage-backed
securities
and
other
securities
that
directly
or
indirectly
represent
a
participation
in,
or
are
secured
by
a
payable
from,
mortgage
loans
on
real
property.
The
value
of
a
Fund’s
mortgage-backed
securities
(“MBS”)
may
be
affected
by,
among
other
things,
changes
or
perceived
changes
in
interest
rates,
factors
concerning
the
interests
in
and
structure
of
the
issuer
or
the
originator
of
the
mortgage,
or
the
quality
of
the
underlying
assets.
The
mortgages
underlying
the
securities
may
default
or
decline
in
quality
or
value.
Through
its
investments
in
MBS,
a
Fund
has
exposure
to
subprime
loans,
Alt-A
loans
and
non-conforming
loans
as
well
as
to
the
mortgage
and
credit
markets
generally.
Underlying
collateral
related
to
subprime,
Alt-A
and
non-conforming
mortgage
loans
has
become
increasingly
susceptible
to
defaults
and
declines
in
quality
or
value,
especially
in
a
declining
residential
real
estate
market.
In
addition,
regulatory
or
tax
changes
may
adversely
affect
the
mortgage
securities
markets
as
a
whole.
Mortgage-Backed
Securities
MBS
often
have
stated
maturities
of
up
to
thirty
years
when
they
are
issued,
depending
upon
the
length
of
the
mortgages
underlying
the
securities.
In
practice,
however,
unscheduled
or
early
payments
of
principal
and
interest
on
the
underlying
mortgages
may
make
the
securities’
effective
maturity
shorter
than
this,
and
the
prevailing
interest
rates
may
be
higher
or
lower
than
the
current
yield
of
a
Fund’s
portfolio
at
the
time
resulting
in
reinvestment
risk.
Rising
or
high
interest
rates
may
result
in
slower
than
expected
principal
payments
which
may
tend
to
extend
the
duration
of
MBS,
making
them
more
volatile
and
more
sensitive
to
changes
in
interest
rates.
This
is
known
as
extension
risk.
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2021
(Unaudited)
Notes
to
Quarterly
Report
83
MBS
may
have
less
potential
for
capital
appreciation
than
comparable
fixed
income
securities
due
to
the
likelihood
of
increased
prepayments
of
mortgages
resulting
from
foreclosures
or
declining
interest
rates.
These
foreclosed
or
refinanced
mortgages
are
paid
off
at
face
value
(par)
or
less,
causing
a
loss,
particularly
for
any
investor
who
may
have
purchased
the
security
at
a
premium
or
a
price
above
par.
In
such
an
environment,
this
risk
limits
the
potential
price
appreciation
of
these
securities.
Agency
Mortgage-Backed
Securities
Certain
MBS
may
be
issued
or
guaranteed
by
the
U.S.
government
or
a
government
sponsored
entity,
such
as
Fannie
Mae
(the
Federal
National
Mortgage
Association)
or
Freddie
Mac
(the
Federal
Home
Loan
Mortgage
Corporation).
Although
these
instruments
may
be
guaranteed
by
the
U.S.
government
or
a
government
sponsored
entity,
many
such
MBS
are
not
backed
by
the
full
faith
and
credit
of
the
United
States
and
are
still
exposed
to
the
risk
of
non-payment.
Privately
Issued
Mortgage-Backed
Securities
MBS
held
by
a
Fund
may
be
issued
by
private
issuers
including
commercial
banks,
savings
associations,
mortgage
companies,
investment
banking
firms,
finance
companies
and
special
purpose
finance
entities
(called
special
purpose
vehicles
or
SPVs)
and
other
entities
that
acquire
and
package
mortgage
loans
for
resale
as
MBS.
These
privately
issued
non-agency
MBS
may
offer
higher
yields
than
those
issued
by
government
agencies,
but
also
may
be
subject
to
greater
price
changes
than
governmental
issues.
Subprime
loans
refer
to
loans
made
to
borrowers
with
weakened
credit
histories
or
with
a
lower
capacity
to
make
timely
payments
on
their
loans.
Alt-A
loans
refer
to
loans
extended
to
borrowers
who
have
incomplete
documentation
of
income,
assets,
or
other
variables
that
are
important
to
the
credit
underwriting
processes.
Non-conforming
mortgages
are
loans
that
do
not
meet
the
standards
that
allow
purchase
by
government-sponsored
enterprises.
MBS
with
exposure
to
subprime
loans,
Alt-A
loans
or
nonconforming
loans
have
had
in
many
cases
higher
default
rates
than
those
loans
that
meet
government
underwriting
requirements.
The
risk
of
non-payment
is
greater
for
MBS
that
are
backed
by
mortgage
pools
that
contain
subprime,
Alt-A
and
non-conforming
loans,
but
a
level
of
risk
exists
for
all
loans.
Unlike
agency
MBS
issued
or
guaranteed
by
the
U.S.
government
or
a
government-sponsored
entity
(e.g.,
Fannie
Mae
and
Freddie
Mac),
MBS
issued
by
private
issuers
do
not
have
a
government
or
government-sponsored
entity
guarantee,
but
may
have
credit
enhancements
provided
by
external
entities
such
as
banks
or
financial
institutions
or
achieved
through
the
structuring
of
the
transaction
itself.
Examples
of
such
credit
support
arising
out
of
the
structure
of
the
transaction
include
the
issue
of
senior
and
subordinated
securities
(e.g.,
the
issuance
of
securities
by
an
SPV
in
multiple
classes
or
tranches,
with
one
or
more
classes
being
senior
to
other
subordinated
classes
as
to
the
payment
of
principal
and
interest,
with
the
result
that
defaults
on
the
underlying
mortgage
loans
are
borne
first
by
the
holders
of
the
subordinated
class);
creation
of
reserve
funds
(in
which
case
cash
or
investments,
sometimes
funded
from
a
portion
of
the
payments
on
the
underlying
mortgage
loans,
are
held
in
reserve
against
future
losses);
and
overcollateralization
(in
which
case
the
scheduled
payments
on,
or
the
principal
amount
of,
the
underlying
mortgage
loans
exceeds
that
required
to
make
payment
on
the
securities
and
pay
any
servicing
or
other
fees).
However,
there
can
be
no
guarantee
that
credit
enhancements,
if
any,
will
be
sufficient
to
prevent
losses
in
the
event
of
defaults
on
the
underlying
mortgage
loans.
In
addition,
MBS
that
are
issued
by
private
issuers
are
not
subject
to
the
underwriting
requirements
for
the
underlying
mortgages
that
are
applicable
to
those
MBS
that
have
a
government
or
government-sponsored
entity
guarantee.
As
a
result,
the
mortgage
loans
underlying
private
MBS
may,
and
frequently
do,
have
less
favorable
collateral,
credit
risk
or
other
underwriting
characteristics
than
government
or
government-sponsored
MBS
and
have
wider
variances
in
a
number
of
terms
including
interest
rate,
term,
size,
purpose
and
borrower
characteristics.
Privately
issued
pools
more
frequently
include
second
mortgages,
high
loan-to-value
mortgages
and
manufactured
housing
loans.
The
coupon
rates
and
maturities
of
the
underlying
mortgage
loans
in
a
private-label
MBS
pool
may
vary
to
a
greater
extent
than
those
included
in
a
government
guaranteed
pool,
and
the
pool
may
include
subprime
mortgage
loans.
Privately
issued
MBS
are
not
traded
on
an
exchange
and
there
may
be
a
limited
market
for
the
securities,
especially
when
there
is
a
perceived
weakness
in
the
mortgage
and
real
estate
market
sectors.
Without
an
active
trading
market,
MBS
held
in
a
Fund's
portfolio
may
be
particularly
difficult
to
value
because
of
the
complexities
involved
in
assessing
the
value
of
the
underlying
mortgage
loans.
Asset-Backed
Securities
ABS
may
include
MBS,
loans,
receivables
or
other
assets.
The
value
of
the
Funds’
ABS
may
be
affected
by,
among
other
things,
actual
or
perceived
changes
in
interest
rates,
factors
concerning
the
interests
in
and
structure
of
the
issuer
or
the
originator
of
the
receivables,
the
market’s
assessment
of
the
quality
of
underlying
assets
or
actual
or
perceived
changes
in
the
credit
worthiness
of
the
individual
borrowers,
the
originator,
the
servicing
agent
or
the
financial
institution
providing
the
credit
support.
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2021
(Unaudited)
84
Notes
to
Quarterly
Report
Payment
of
principal
and
interest
may
be
largely
dependent
upon
the
cash
flows
generated
by
the
assets
backing
the
securities.
Rising
or
high
interest
rates
tend
to
extend
the
duration
of
ABS,
making
them
more
volatile
and
more
sensitive
to
changes
in
interest
rates.
The
underlying
assets
are
sometimes
subject
to
prepayments
which
can
shorten
the
security’s
weighted
average
life
and
may
lower
its
return.
Defaults
on
loans
underlying
ABS
have
become
an
increasing
risk
for
ABS
that
are
secured
by
home
equity
loans
related
to
sub-prime,
Alt-A
or
non-conforming
mortgage
loans,
especially
in
a
declining
residential
real
estate
market.
ABS
(other
than
MBS)
present
certain
risks
that
are
not
presented
by
MBS.
Primarily,
these
securities
may
not
have
the
benefit
of
any
security
interest
in
the
related
assets.
Credit
card
receivables
are
generally
unsecured
and
the
debtors
are
entitled
to
the
protection
of
a
number
of
state
and
federal
consumer
credit
laws,
many
of
which
give
such
debtors
the
right
to
set
off
certain
amounts
owed
on
the
credit
cards,
thereby
reducing
the
balance
due.
There
is
the
possibility
that
recoveries
on
repossessed
collateral
may
not,
in
some
cases,
be
available
to
support
payments
on
these
securities.
ABS
are
often
backed
by
a
pool
of
assets
representing
the
obligations
of
a
number
of
different
parties.
To
lessen
the
effect
of
failures
by
obligors
on
underlying
assets
to
make
payments,
the
securities
may
contain
elements
of
credit
support
which
fall
into
two
categories:
(i)
liquidity
protection,
and
(ii)
protection
against
losses
resulting
from
ultimate
default
by
an
obligor
on
the
underlying
assets.
Liquidity
protection
refers
to
the
provision
of
advances,
generally
by
the
entity
administering
the
pool
of
assets,
to
ensure
that
the
receipt
of
payments
on
the
underlying
pool
occurs
in
a
timely
fashion.
Protection
against
losses
results
from
payment
of
the
insurance
obligations
on
at
least
a
portion
of
the
assets
in
the
pool.
This
protection
may
be
provided
through
guarantees,
policies
or
letters
of
credit
obtained
by
the
issuer
or
sponsor
from
third
parties,
through
various
means
of
structuring
the
transaction
or
through
a
combination
of
such
approaches.
The
Fund
will
not
pay
any
additional
or
separate
fees
for
credit
support.
The
degree
of
credit
support
provided
for
each
issue
is
generally
based
on
historical
information
respecting
the
level
of
credit
risk
associated
with
the
underlying
assets.
Delinquency
or
loss
in
excess
of
that
anticipated
or
failure
of
the
credit
support
could
adversely
affect
the
return
on
an
investment
in
such
a
security.
The
availability
of
ABS
may
be
affected
by
legislative
or
regulatory
developments.
It
is
possible
that
such
developments
may
require
the
Funds
to
dispose
of
any
then-existing
holdings
of
such
securities.
Forward
Commitments
The
Strategic
Bond
Fund
may
contract
to
purchase
securities
for
a
fixed
price
at
a
future
date
beyond
customary
settlement
time.
The
price
of
the
underlying
securities
and
the
date
when
the
securities
will
be
delivered
and
paid
for
are
fixed
at
the
time
the
transaction
is
negotiated.
The
Fund
may
dispose
of
a
forward
commitment
transaction
prior
to
settlement
if
it
is
appropriate
to
do
so
and
may
realize
short-term
gains
(or
losses)
upon
such
sale.
When
effecting
such
transactions,
liquid
assets
of
the
Fund
in
a
dollar
amount
sufficient
to
make
payment
for
the
portfolio
securities
to
be
purchased,
will
be
earmarked
on
the
Fund's
records
at
the
trade
date
and
until
the
transaction
is
settled.
A
forward
commitment
transaction
involves
a
risk
of
loss
if
the
value
of
the
security
to
be
purchased
declines
prior
to
the
settlement
date
or
the
other
party
to
the
transaction
fails
to
complete
the
transaction.
The
Strategic
Bond
Fund
may
invest
in
to-be-announced
("TBA")
mortgage-backed
securities.
A
TBA
security
is
a
forward
mortgage-backed
securities
trade
in
which
a
seller
agrees
to
issue
a
TBA
mortgage-backed
security
at
a
future
date.
The
securities
are
purchased
and
sold
on
a
forward
commitment
basis
with
an
approximate
principal
amount
and
maturity
date.
The
actual
principal
amount
and
maturity
date
will
be
determined
upon
settlement
when
the
specific
mortgage
pools
are
assigned.
These
securities
are
within
the
parameters
of
industry
“good
delivery”
standards.
As
of
September
30,
2021,
the
Strategic
Bond
Fund
had
no
cash
collateral
balances
in
connection
with
TBAs.
Inflation-Indexed
Bonds
The
Strategic
Bond
Fund
may
invest
in
inflation-indexed
securities,
which
are
typically
bonds
or
notes
designed
to
provide
a
return
higher
than
the
rate
of
inflation
(based
on
a
designated
index)
if
held
to
maturity.
A
common
type
of
inflation-indexed
security
is
a
U.S.
Treasury
Inflation-Protected
Security
(“TIPS”).
The
principal
of
a
TIPS
increases
with
inflation
and
decreases
with
deflation,
as
measured
by
the
Consumer
Price
Index.
When
a
TIPS
matures,
the
adjusted
principal
or
original
principal
is
paid,
whichever
is
greater.
TIPS
pay
interest
twice
a
year,
at
a
fixed
rate.
The
rate
is
applied
to
the
adjusted
principal;
so,
like
the
principal,
interest
payments
rise
with
inflation
and
fall
with
deflation.
Guarantees
In
the
normal
course
of
business,
the
Funds
enter
into
contracts
that
contain
a
variety
of
representations
which
provide
general
indemnifications.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Funds
that
have
not
yet
occurred.
However,
the
Funds
expect
the
risk
of
loss
to
be
remote.
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2021
(Unaudited)
Notes
to
Quarterly
Report
85
LIBOR
The
Funds
may
invest
in
certain
instruments
including,
but
not
limited
to,
repurchase
agreements,
collateralized
loan
obligations
and
mortgage-backed
securities,
that
rely
in
some
fashion
upon
LIBOR.
LIBOR
is
an
average
interest
rate,
determined
by
the
ICE
Benchmark
Administration,
that
banks
charge
one
another
for
the
use
of
short-term
money.
The
United
Kingdom’s
Financial
Conduct
Authority
("FCA"),
which
regulates
LIBOR,
has
announced
plans
to
phase
out
the
use
of
LIBOR
by
the
end
of
2021.
However,
subsequent
announcements
by
the
FCA,
the
LIBOR
administrator
and
other
regulators
indicate
that
it
is
possible
that
certain
LIBORs
may
continue
beyond
2021
and
certain
of
the
most
widely
used
LIBORs
may
continue
until
mid-2023.
There
remains
uncertainty
regarding
the
future
utilization
of
LIBOR
and
the
nature
of
any
replacement
rate
(e.g.,
the
Secured
Overnight
Financing
Rate,
which
is
intended
to
replace
U.S.
dollar
LIBOR
and
measures
the
cost
of
overnight
borrowings
through
repurchase
agreement
transactions
collateralized
with
U.S.
Treasury
securities).
Any
potential
effects
of
the
transition
away
from
LIBOR
on
the
Funds
or
on
certain
instruments
in
which
a
Fund
invests
can
be
difficult
to
ascertain,
and
they
may
vary
depending
on
factors
that
include,
but
are
not
limited
to:
(i)
existing
fallback
or
termination
provisions
in
individual
contracts
and
(ii)
whether,
how,
and
when
industry
participants
develop
and
adopt
new
reference
rates
and
fallbacks
for
both
legacy
and
new
products
and
instruments.
For
example,
certain
of
the
Funds'
investments
may
involve
individual
contracts
that
have
no
existing
fallback
provision
or
language
that
contemplates
the
discontinuation
of
LIBOR,
and
those
investments
could
experience
increased
volatility
or
illiquidity
as
a
result
of
the
transition
process.
In
addition,
interest
rate
provisions
included
in
such
contracts
may
need
to
be
renegotiated
in
contemplation
of
the
transition
away
from
LIBOR.
The
transition
may
also
result
in
a
reduction
in
the
value
of
certain
instruments
held
by
a
Fund,
including
those
described
in
this
paragraph,
or
a
reduction
in
the
effectiveness
of
related
Fund
transactions
such
as
hedges.
Any
such
effects
of
the
transition
away
from
LIBOR,
as
well
as
other
unforeseen
effects,
could
result
in
losses
to
a
Fund.
Market,
Credit
and
Counterparty
Risk
In
the
normal
course
of
business,
the
Funds
trade
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
a
transaction
to
perform
(credit
risk).
Similar
to
credit
risk,
the
Funds
may
also
be
exposed
to
counterparty
risk
or
risk
that
an
institution
or
other
entity
with
which
the
Funds
have
unsettled
or
open
transactions
will
default.
The
potential
loss
could
exceed
the
value
of
the
relevant
assets
recorded
in
the
Funds'
financial
statements
(the
“Assets”).
The
Assets
consist
principally
of
cash
due
from
counterparties
and
investments.
The
extent
of
the
Funds'
exposure
to
market,
credit
and
counterparty
risks
with
respect
to
the
Assets
approximates
their
carrying
value
as
recorded
in
the
Funds'
Statements
of
Assets
and
Liabilities.
Global
economies
and
financial
markets
are
becoming
increasingly
interconnected
and
political
and
economic
conditions
(including
recent
instability
and
volatility
due
to
international
trade
disputes)
and
events
(including
natural
disasters,
pandemics,
epidemics,
social
unrest
and
government
shutdowns)
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
As
a
result,
issuers
of
securities
held
by
a
Fund
may
experience
significant
declines
in
the
value
of
their
assets
and
even
cease
operations.
Such
conditions
and/or
events
may
not
have
the
same
impact
on
all
types
of
securities
and
may
expose
a
Fund
to
greater
market
and
liquidity
risk
and
potential
difficulty
in
valuing
portfolio
instruments
held.
This
could
cause
a
Fund
to
underperform
other
types
of
investments.
From
time
to
time,
as
occurred
in
early
2020,
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.
Russell
Investment
Funds
Notes
to
Quarterly
Report,
continued
—
September
30,
2021
(Unaudited)
86
Notes
to
Quarterly
Report
3.
Related
Party
Transactions
RIM
provides
or
oversees
the
provision
of
all
investment
advisory
and
portfolio
management
services
for
the
Funds.
From
its
advisory
fees
received
from
the
Funds,
RIM,
as
agent
for
RIF,
pays
all
fees
to
the
money
managers
for
their
investment
advisory
services.
Each
money
manager
has
agreed
that
it
will
look
only
to
RIM
for
the
payment
of
the
money
manager’s
fee,
after
RIF
has
paid
RIM.
Fees
paid
to
the
money
managers
are
not
affected
by
any
voluntary
or
statutory
expense
limitations.
RIFUS
is
the
Funds'
administrator
and
transfer
agent.
RIFUS,
in
its
capacity
as
the
Funds'
administrator,
provides
or
oversees
the
provision
of
all
administrative
services
for
the
Funds.
RIFUS,
in
its
capacity
as
the
Funds'
transfer
agent
and
dividend
disbursing
agent,
is
responsible
for
providing
transfer
agency
and
dividend
disbursing
services
to
the
Funds.
RIFUS
is
a
wholly-owned
subsidiary
of
RIM.
RIM
is
an
indirect,
wholly-owned
subsidiary
of
Russell
Investments
Group,
Ltd.
The
Funds
are
permitted
to
invest
their
cash
(i.e.,
cash
awaiting
investment
or
cash
held
to
meet
redemption
requests
or
to
pay
expenses)
in
the
U.S.
Cash
Management
Fund,
an
unregistered
fund
advised
by
RIM.
Each
Fund's
investment
in
the
U.S.
Cash
Management
Fund
is
disclosed
within
the
Fund's
Schedule
of
Investments.
In
addition,
all
or
a
portion
of
the
collateral
received
from
the
Investment
Company’s
securities
lending
program
is
invested
in
the
U.S.
Cash
Collateral
Fund,
an
unregistered
fund
advised
by
RIM.
Each
Fund's
investment
in
the
U.S.
Cash
Collateral
Fund
is
disclosed
within
the
Fund's
Schedule
of
Investments.
4.
Federal
Income
Taxes
At
September
30,
2021,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
5.
Restricted
Securities
Restricted
securities
are
subject
to
contractual
restrictions
on
resale,
are
often
issued
in
private
placement
transactions,
and
are
not
registered
under
the
Securities
Act
of
1933,
as
amended
("the
Act").
The
most
common
types
of
restricted
securities
are
those
sold
under
Rule
144A
of
the
Act
and
commercial
paper
sold
under
Section
4(2)
of
the
Act.
See
each
Fund’s
Schedule
of
Investments
for
a
list
of
securities
that
have
been
footnoted
as
restricted.
6.
Commitments
and
Contingencies
The
Strategic
Bond
Fund
may
enter
into
certain
credit
agreements,
all
or
a
portion
of
which
may
be
unfunded.
The
Fund
is
obligated
to
fund
these
loan
commitments
at
the
borrowers'
discretion.
Funded
portions
of
credit
agreements
are
presented
in
the
Schedules
of
Investments.
7.
Subsequent
Events
Management
has
evaluated
the
events
and/or
transactions
that
have
occurred
through
the
date
this
Quarterly
Report
was
issued
and
noted
no
items
requiring
adjustments
of
the
Quarterly
Report
or
additional
disclosures
except
the
following:
On
October
1,
2021,
the
Board
declared
dividends
payable
from
net
investment
income.
Dividends
were
paid
on
October
5,
2021
to
shareholders
of
record
effective
with
the
opening
of
business
on
October
4,
2021.
U.S.
Strategic
Equity
Fund
U.S.
Small
Cap
Equity
Fund
International
Developed
Markets
Fund
Cost
of
Investments
$
415,733,301
$
222,153,629
$
335,213,197
Unrealized
Appreciation
$
190,909,981
$
44,632,046
$
50,981,958
Unrealized
Depreciation
(6,431,574)
(9,272,287)
(20,888,446)
Net
Unrealized
Appreciation
(Depreciation)
$
184,478,407
$
35,359,759
$
30,093,512
Strategic
Bond
Fund
Global
Real
Estate
Securities
Fund
Cost
of
Investments
$
1,011,347,361
$
896,746,434
Unrealized
Appreciation
$
5,313,105
$
166,992,077
Unrealized
Depreciation
(7,371,185)
(14,735,040)
Net
Unrealized
Appreciation
(Depreciation)
$
(2,058,080)
$
152,257,037
Russell
Investment
Funds
1301
Second
Avenue
Seattle,
Washington
98101
800-787-7354
Fax:
206-505-3495