2022

QUARTERLY

REPORT

Russell

Investment

Funds

March

31,

2022

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

65

Notes

to

Schedules

of

Investments

70

Notes

to

Quarterly

Report

72

Russell

Investment

Funds

Quarterly

Report

March

31,

2022

(Unaudited)

Table

of

Contents

Russell

Investment

Funds

Copyright

©

Russell

Investments

2022.

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

—

March

31,

2022

(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

-

95.9%

Consumer

Discretionary

-

12.3%

Advance

Auto

Parts,

Inc.

796

165

Amazon.com,

Inc.

(Æ)

6,764

22,051

Amerco,

Inc.

577

344

Autoliv,

Inc.

22,144

1,693

AutoNation,

Inc.

(Æ)

1,964

196

Best

Buy

Co.,

Inc.

5,506

500

Charter

Communications,

Inc.

Class

A

(Æ)

11,285

6,156

Comcast

Corp.

Class

A

28,333

1,327

Costco

Wholesale

Corp.

2,298

1,323

DR

Horton,

Inc.

30,692

2,287

eBay,

Inc.

8,441

483

FactSet

Research

Systems,

Inc.

1,016

441

Floor

&

Decor

Holdings,

Inc.

Class

A

(Æ)

2,227

180

Ford

Motor

Credit

Co.

LLC

37,295

631

Garmin,

Ltd.

2,775

329

General

Motors

Co.

(Æ)

74,659

3,266

Genuine

Parts

Co.

3,099

391

Home

Depot,

Inc.

(The)

4,511

1,350

Lennar

Corp.

Class

A

5,282

429

Liberty

SiriusXM

Group

Class

C

(Æ)

5,778

264

LKQ

Corp.

7,870

357

Lowe's

Cos.,

Inc.

2,024

409

Lululemon

Athletica,

Inc.

(Æ)

744

272

McDonald's

Corp.

3,347

828

Netflix,

Inc.

(Æ)

8,992

3,368

Nike,

Inc.

Class

B

46,225

6,220

NVR,

Inc.

(Æ)

70

313

Omnicom

Group,

Inc.

2,778

236

O'Reilly

Automotive,

Inc.

(Æ)

470

322

Penske

Automotive

Group,

Inc.

3,280

307

Pool

Corp.

384

162

PulteGroup,

Inc.

70,761

2,965

Ross

Stores,

Inc.

3,695

334

Starbucks

Corp.

2,701

246

Target

Corp.

3,352

711

Tesla,

Inc.

(Æ)

4,326

4,662

Thor

Industries,

Inc.

23,197

1,826

TJX

Cos.,

Inc.

(The)

4,823

292

Tractor

Supply

Co.

2,044

477

Ulta

Beauty,

Inc.

(Æ)

997

397

Walmart,

Inc.

5,178

771

Walt

Disney

Co.

(The)

(Æ)

6,914

948

Williams-Sonoma,

Inc.

2,717

394

Yum!

Brands,

Inc.

4,017

476

71,099

Consumer

Staples

-

4.0%

Archer-Daniels-Midland

Co.

7,959

718

Church

&

Dwight

Co.,

Inc.

2,403

239

Coca-Cola

Co.

(The)

13,306

825

ConAgra

Foods,

Inc.

66,452

2,231

CVS

Health

Corp.

54,378

5,504

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

1,283

349

General

Mills,

Inc.

6,816

462

Ingredion,

Inc.

33,131

2,887

JM

Smucker

Co.

(The)

2,828

383

Kraft

Heinz

Foods

Co.

9,385

370

Kroger

Co.

(The)

57,211

3,282

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Monster

Beverage

Corp.

(Æ)

2,598

208

PepsiCo,

Inc.

5,368

898

Philip

Morris

International,

Inc.

4,586

431

Procter

&

Gamble

Co.

(The)

10,767

1,645

Tyson

Foods,

Inc.

Class

A

25,308

2,268

Walgreens

Boots

Alliance,

Inc.

8,182

366

23,066

Energy

-

3.4%

BP

PLC

-

ADR

101,997

2,999

Canadian

Natural

Resources,

Ltd.

35,792

2,218

Chevron

Corp.

33,010

5,374

Devon

Energy

Corp.

15,950

943

EOG

Resources,

Inc.

9,864

1,176

Exxon

Mobil

Corp.

22,784

1,882

Kinder

Morgan,

Inc.

21,131

400

Marathon

Petroleum

Corp.

11,857

1,014

ONEOK,

Inc.

4,077

288

Phillips

66

7,663

662

Pioneer

Natural

Resources

Co.

801

200

Shell

PLC

-

ADR

36,566

2,009

Valero

Energy

Corp.

8,391

852

20,017

Financial

Services

-

17.4%

AerCap

Holdings,

Ltd.

/

AerCap

Global

Aviation

Trust

(Æ)

47,661

2,396

Aflac,

Inc.

8,838

569

Allstate

Corp.

(The)

1,962

272

American

Express

Co.

4,411

825

American

International

Group,

Inc.

3,987

250

American

Tower

Corp.

(ö)

1,160

291

Aon

PLC

Class

A

1,965

640

Arch

Capital

Group,

Ltd.

(Æ)

10,742

520

Bank

of

America

Corp.

106,224

4,379

Bank

of

New

York

Mellon

Corp.

(The)

11,916

591

Berkshire

Hathaway,

Inc.

Class

B

(Æ)

25,017

8,830

BlackRock,

Inc.

Class

A

279

213

Blackstone

Group,

Inc.

(The)

Class

A

4,793

608

Brown

&

Brown,

Inc.

7,123

515

Capital

One

Financial

Corp.

2,570

337

Cboe

Global

Markets,

Inc.

3,875

443

CBRE

Group,

Inc.

Class

A

5,874

538

Charles

Schwab

Corp.

(The)

4,392

370

Chubb,

Ltd.

3,134

670

Citigroup,

Inc.

146,855

7,842

Crown

Castle

International

Corp.

(ö)

1,608

297

Discover

Financial

Services

2,083

230

Equity

Residential

(ö)

5,559

500

Essent

Group,

Ltd.

26,754

1,103

Fifth

Third

Bancorp

11,295

486

Global

Payments,

Inc.

20,733

2,837

Goldman

Sachs

Group,

Inc.

(The)

2,426

801

Hartford

Financial

Services

Group,

Inc.

3,157

227

Intercontinental

Exchange,

Inc.

4,783

632

JPMorgan

Chase

&

Co.

41,990

5,724

KeyCorp

9,178

205

KKR

&

Co.,

Inc.

Class

A

86,128

5,036

M&T

Bank

Corp.

1,614

274

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

Marsh

&

McLennan

Cos.,

Inc.

3,516

599

MasterCard,

Inc.

Class

A

32,008

11,440

MetLife,

Inc.

4,703

331

Moody's

Corp.

1,779

600

Morgan

Stanley

10,770

941

Nasdaq,

Inc.

2,831

504

New

York

Community

Bancorp,

Inc.

209,300

2,244

Northern

Trust

Corp.

2,978

347

PayPal

Holdings,

Inc.

(Æ)

3,304

382

PNC

Financial

Services

Group,

Inc.

(The)

3,320

612

Popular,

Inc.

27,484

2,247

Progressive

Corp.

(The)

3,213

366

Prologis,

Inc.

(ö)

4,341

701

Prudential

Financial,

Inc.

2,238

264

Public

Storage

(ö)

1,423

555

Raymond

James

Financial,

Inc.

2,463

271

Regions

Financial

Corp.

14,319

319

Reinsurance

Group

of

America,

Inc.

Class

A

21,775

2,383

SLM

Corp.

112,593

2,067

State

Street

Corp.

6,476

564

Synchrony

Financial

7,636

266

Travelers

Cos.,

Inc.

(The)

2,872

525

Truist

Financial

Corp.

13,153

746

Two

Harbors

Investment

Corp.

(ö)

345,025

1,908

US

Bancorp

10,857

577

Visa,

Inc.

Class

A

49,977

11,084

Wells

Fargo

&

Co.

101,825

4,934

Weyerhaeuser

Co.

(ö)

17,897

678

Willis

Towers

Watson

PLC

(Æ)

13,281

3,137

101,043

Health

Care

-

14.9%

10x

Genomics,

Inc.

Class

A

(Æ)

37,705

2,868

Abbott

Laboratories

9,546

1,130

AbbVie,

Inc.

7,965

1,291

Agilent

Technologies,

Inc.

2,368

313

Align

Technology,

Inc.

(Æ)

10,020

4,369

Amgen,

Inc.

2,091

506

Anthem,

Inc.

(Æ)

2,932

1,440

AstraZeneca

PLC

-

ADR

28,937

1,920

Baxter

International,

Inc.

4,144

321

Becton

Dickinson

and

Co.

1,522

405

Biogen,

Inc.

(Æ)

1,436

302

Boston

Scientific

Corp.

(Æ)

9,231

409

Bristol-Myers

Squibb

Co.

48,333

3,530

Catalent,

Inc.

(Æ)

52,647

5,839

Centene

Corp.

(Æ)

6,687

563

Cerner

Corp.

3,679

344

Cigna

Corp.

2,417

579

Cooper

Cos.,

Inc.

(The)

872

364

DexCom,

Inc.

(Æ)

853

436

Edwards

Lifesciences

Corp.

(Æ)

66,867

7,873

Eli

Lilly

&

Co.

4,218

1,208

Gilead

Sciences,

Inc.

13,397

796

GlaxoSmithKline

PLC

-

ADR

67,817

2,954

HCA

Healthcare,

Inc.

921

231

Humana,

Inc.

2,167

943

IDEXX

Laboratories,

Inc.

(Æ)

459

251

Intra-Cellular

Therapies,

Inc.

Class

A

(Æ)

35,692

2,184

Intuitive

Surgical,

Inc.

(Æ)

19,008

5,734

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

IQVIA,

Inc.

(Æ)

2,582

597

Jazz

Pharmaceuticals

PLC

(Æ)

17,558

2,733

Johnson

&

Johnson

40,557

7,188

Laboratory

Corp.

of

America

Holdings

2,182

575

Medtronic

PLC

29,554

3,279

Merck

&

Co.,

Inc.

9,752

800

PerkinElmer,

Inc.

2,631

459

Pfizer,

Inc.

90,650

4,693

Quest

Diagnostics,

Inc.

1,359

186

Regeneron

Pharmaceuticals,

Inc.

(Æ)

777

543

ResMed,

Inc.

1,532

372

STERIS

PLC

1,342

324

Stryker

Corp.

1,826

488

Thermo

Fisher

Scientific,

Inc.

1,966

1,161

UnitedHealth

Group,

Inc.

5,173

2,638

Veeva

Systems,

Inc.

Class

A

(Æ)

25,968

5,517

Vertex

Pharmaceuticals,

Inc.

(Æ)

1,552

405

Viatris,

Inc.

Class

W

142,093

1,546

West

Pharmaceutical

Services,

Inc.

1,387

570

Zimmer

Biomet

Holdings,

Inc.

18,769

2,401

Zoetis,

Inc.

Class

A

3,141

592

86,170

Materials

and

Processing

-

3.8%

Alcoa

Corp.

15,760

1,419

Builders

FirstSource,

Inc.

(Æ)

8,699

561

Carrier

Global

Corp.

5,022

230

Copart,

Inc.

(Æ)

1,742

219

Crown

Holdings,

Inc.

18,613

2,328

Dow,

Inc.

13,480

859

DowDuPont,

Inc.

47,187

3,472

Eastman

Chemical

Co.

13,945

1,563

Fastenal

Co.

4,175

248

Freeport-McMoRan,

Inc.

8,142

405

Huntsman

Corp.

54,732

2,053

International

Paper

Co.

4,351

201

LyondellBasell

Industries

NV

Class

A

2,417

249

Newmont

Corp.

78,263

6,218

Nucor

Corp.

6,306

937

Sherwin-Williams

Co.

(The)

2,211

552

Trane

Technologies

PLC

2,470

377

21,891

Producer

Durables

-

8.6%

3M

Co.

1,939

289

Alaska

Air

Group,

Inc.

(Æ)

37,019

2,147

Ametek,

Inc.

3,651

486

Automatic

Data

Processing,

Inc.

2,628

598

Canadian

Pacific

Railway,

Ltd.

62,852

5,189

Carlisle

Cos.,

Inc.

1,102

271

CH

Robinson

Worldwide,

Inc.

3,238

349

Cintas

Corp.

1,009

429

CoStar

Group,

Inc.

(Æ)

2,567

171

CSX

Corp.

9,234

346

Cummins,

Inc.

2,931

601

Danaher

Corp.

2,993

878

Deere

&

Co.

830

345

Delta

Air

Lines,

Inc.

(Æ)

54,976

2,175

Eaton

Corp.

PLC

2,329

353

Emerson

Electric

Co.

3,665

359

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

Expeditors

International

of

Washington,

Inc.

1,184

122

FedEx

Corp.

19,788

4,579

General

Dynamics

Corp.

4,468

1,078

Honeywell

International,

Inc.

3,131

609

Illinois

Tool

Works,

Inc.

1,486

311

JB

Hunt

Transport

Services,

Inc.

2,571

516

Johnson

Controls

International

PLC

(Æ)

7,753

508

Keysight

Technologies,

Inc.

(Æ)

2,095

331

L3Harris

Technologies,

Inc.

3,358

834

Lockheed

Martin

Corp.

8,982

3,965

Magna

International,

Inc.

Class

A

22,660

1,457

Mettler-Toledo

International,

Inc.

(Æ)

408

560

Norfolk

Southern

Corp.

744

212

Northrop

Grumman

Corp.

832

372

Old

Dominion

Freight

Line,

Inc.

1,990

594

Otis

Worldwide

Corp.

2,816

217

PACCAR

Financial

Corp.

5,469

482

Paychex,

Inc.

3,302

451

Quanta

Services,

Inc.

3,417

450

Raytheon

Co.

(Æ)

7,864

779

Republic

Services,

Inc.

Class

A

2,907

385

Robert

Half

International,

Inc.

3,696

422

Rockwell

Automation,

Inc.

1,682

471

Roper

Technologies,

Inc.

336

159

S&P

Global,

Inc.

2,478

1,016

Snap-on,

Inc.

935

192

Stanley

Black

&

Decker,

Inc.

4,457

623

Textron,

Inc.

7,429

553

Toro

Co.

(The)

2,847

243

Union

Pacific

Corp.

1,372

375

United

Parcel

Service,

Inc.

Class

B

4,137

887

United

Rentals,

Inc.

(Æ)

1,115

396

Verisk

Analytics,

Inc.

Class

A

2,141

460

Vontier

Corp.

152,590

3,874

Waste

Management,

Inc.

33,801

5,358

WW

Grainger,

Inc.

1,027

530

Zebra

Technologies

Corp.

Class

A

(Æ)

698

289

49,646

Technology

-

26.2%

Accenture

PLC

Class

A

2,984

1,006

Activision

Blizzard,

Inc.

10,384

832

Adobe,

Inc.

(Æ)

8,200

3,736

Advanced

Micro

Devices,

Inc.

(Æ)

9,382

1,026

Airbnb,

Inc.

Class

A

(Æ)

17,299

2,971

Alphabet,

Inc.

Class

A

(Æ)

2,124

5,908

Alphabet,

Inc.

Class

C

(Æ)

1,233

3,444

Amdocs,

Ltd.

6,302

518

Amphenol

Corp.

Class

A

4,565

344

Analog

Devices,

Inc.

2,614

432

Ansys,

Inc.

(Æ)

918

292

Apple,

Inc.

84,164

14,696

Applied

Materials,

Inc.

4,152

547

Arista

Networks,

Inc.

(Æ)

2,231

310

Arrow

Electronics,

Inc.

(Æ)

3,325

394

Booking

Holdings,

Inc.

(Æ)

1,085

2,548

Broadcom,

Inc.

1,466

923

Cadence

Design

Systems,

Inc.

(Æ)

2,745

451

CDW

Corp.

717

128

Cisco

Systems,

Inc.

20,225

1,128

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Cognizant

Technology

Solutions

Corp.

Class

A

5,665

508

Corning,

Inc.

23,086

852

Corteva,

Inc.

9,651

555

Coupa

Software,

Inc.

(Æ)

28,409

2,887

Datadog,

Inc.

Class

A

(Æ)

31,312

4,743

Dell

Technologies,

Inc.

Class

C

6,669

335

Entegris,

Inc.

2,870

377

EPAM

Systems,

Inc.

(Æ)

770

228

F5

Networks,

Inc.

(Æ)

859

179

Fidelity

National

Information

Services,

Inc.

1,947

196

Fortinet,

Inc.

(Æ)

1,123

384

Gartner,

Inc.

(Æ)

1,203

358

Gitlab,

Inc.

Class

A

(Æ)(Ñ)

41,606

2,265

Hewlett

Packard

Enterprise

Co.

Class

H

30,059

502

HP,

Inc.

(Æ)

30,916

1,122

Intel

Corp.

36,727

1,820

Intuit,

Inc.

1,463

703

Juniper

Networks,

Inc.

86,424

3,212

KLA

Corp.

1,315

481

Lam

Research

Corp.

1,000

538

Leidos

Holdings,

Inc.

2,828

305

Marvell

Technology,

Inc.

1,377

99

Match

Group,

Inc.

(Æ)

42,981

4,674

Meta

Platforms,

Inc.

Class

A

(Æ)

30,514

6,785

Microchip

Technology,

Inc.

6,822

513

Micron

Technology,

Inc.

49,043

3,820

Microsoft

Corp.

92,726

28,589

MKS

Instruments,

Inc.

2,229

334

MongoDB,

Inc.

(Æ)

902

400

Monolithic

Power

Systems,

Inc.

849

412

Motorola

Solutions,

Inc.

1,672

405

MSCI,

Inc.

Class

A

1,103

555

NVIDIA

Corp.

25,340

6,914

ON

Semiconductor

Corp.

(Æ)

8,918

558

Oracle

Corp.

8,534

706

Palo

Alto

Networks,

Inc.

(Æ)

722

449

Qorvo,

Inc.

(Æ)

5,015

622

QUALCOMM,

Inc.

5,182

792

Salesforce.com,

Inc.

(Æ)

3,988

847

ServiceNow,

Inc.

(Æ)

11,770

6,555

Skyworks

Solutions,

Inc.

2,960

395

Snowflake,

Inc.

Class

A

(Æ)

18,882

4,326

Synopsys,

Inc.

(Æ)

1,566

522

Take-Two

Interactive

Software,

Inc.

(Æ)

1,909

293

Teradyne,

Inc.

31,625

3,739

Texas

Instruments,

Inc.

3,939

723

Trade

Desk,

Inc.

(The)

Class

A

(Æ)

5,917

410

Twilio,

Inc.

Class

A

(Æ)

22,947

3,782

Tyler

Technologies,

Inc.

(Æ)

657

292

Uber

Technologies,

Inc.

(Æ)

214,504

7,654

VeriSign,

Inc.

(Æ)

1,473

328

VMware,

Inc.

Class

A

2,938

335

Western

Digital

Corp.

(Æ)

10,802

536

Workday,

Inc.

Class

A

(Æ)

1,679

402

151,950

Utilities

-

5.3%

American

Electric

Power

Co.,

Inc.

1,296

129

AT&T,

Inc.

134,523

3,179

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

ConocoPhillips

Co.

35,596

3,560

Consolidated

Edison

Co.,

Inc.

4,123

390

Duke

Energy

Corp.

3,445

385

Edison

International

45,625

3,198

Evergy,

Inc.

5,269

360

Exelon

Corp.

4,888

233

FirstEnergy

Corp.

62,228

2,854

International

Business

Machines

Corp.

10,362

1,347

NextEra

Energy,

Inc.

4,436

376

NiSource,

Inc.

96,700

3,075

PPL

Corp.

62,345

1,781

Southern

Co.

(The)

3,859

280

T-Mobile

USA,

Inc.

(Æ)

49,864

6,399

UGI

Corp.

51,900

1,880

Verizon

Communications,

Inc.

24,673

1,257

30,683

Total

Common

Stocks

(cost

$398,064)

555,565

Short-Term

Investments

-

4.2%

U.S.

Cash

Management

Fund(@)

24,571,727

(∞)

24,564

Total

Short-Term

Investments

(cost

$24,564)

24,564

Other

Securities

-

0.4%

U.S.

Cash

Collateral

Fund(@)(×)

2,238,500

(∞)

2,239

Total

Other

Securities

(cost

$2,239)

2,239

Total

Investments

-

100.5%

(identified

cost

$424,867)

582,368

Other

Assets

and

Liabilities,

Net

-

(0.5)%

(3,075)

Net

Assets

-

100.0%

579,293

Russell

Investment

Funds

U.S.

Strategic

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

55

USD

12,460

06/22

618

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

618

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

$

71,099

$

—

$

—

$

—

$

71,099

Consumer

Staples

23,066

—

—

—

23,066

Energy

20,017

—

—

—

20,017

Financial

Services

101,043

—

—

—

101,043

Health

Care

86,170

—

—

—

86,170

Materials

and

Processing

21,891

—

—

—

21,891

Producer

Durables

49,646

—

—

—

49,646

Technology

151,950

—

—

—

151,950

Utilities

30,683

—

—

—

30,683

Short-Term

Investments

—

—

—

24,564

24,564

Other

Securities

—

—

—

2,239

2,239

Total

Investments

555,565

—

—

26,803

582,368

Other

Financial

Instruments

Assets

Futures

Contracts

618

—

—

—

618

Total

Other

Financial

Instruments

*

$

618

$

—

$

—

$

—

$

618

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

March

31,

2022,

see

note

2

in

the

Notes

to

Quarterly

Report.

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments

—

March

31,

2022

(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

-

98.6%

Consumer

Discretionary

-

11.3%

1-800-Flowers.com,

Inc.

Class

A

(Æ)

2,366

30

2U,

Inc.

(Æ)(Ð)

3,714

49

Aaron's

Co.,

Inc.

(The)

22,219

446

Abercrombie

&

Fitch

Co.

Class

A

(Æ)

2,480

79

Academy

Sports

and

Outdoors,

Inc.

5,599

221

Adtalem

Global

Education,

Inc.

(Æ)

2,494

74

Altice

USA,

Inc.

Class

A

(Æ)

4,780

60

Amerco,

Inc.

(Û)

246

147

American

Axle

&

Manufacturing

Holdings,

Inc.

(Æ)

25,775

200

American

Eagle

Outfitters,

Inc.

(Ñ)

3,091

52

American

Outdoor

Brands,

Inc.

(Æ)

965

13

American

Public

Education,

Inc.

(Æ)

4,142

88

America's

Car-Mart,

Inc.

(Æ)

7,364

593

APi

Group

Corp.

(Æ)

32,175

677

Asbury

Automotive

Group,

Inc.

(Æ)

564

90

B.

Riley

Financial,

Inc.

5,384

377

Barnes

&

Noble

Education,

Inc.

(Æ)

13,759

49

Bassett

Furniture

Industries,

Inc.

698

12

Beazer

Homes

USA,

Inc.

(Æ)

3,388

52

Big

Lots,

Inc.

1,272

44

BJ's

Restaurants,

Inc.

(Æ)

12,537

355

BJ's

Wholesale

Club

Holdings,

Inc.

(Æ)

2,521

170

Bloomin'

Brands,

Inc.

8,534

187

Bluegreen

Vacations

Holding

Corp.

855

25

Boot

Barn

Holdings,

Inc.

(Æ)

16,025

1,520

Boston

Omaha

Corp.

Class

A

(Æ)

6,171

157

Buckle,

Inc.

(The)

2,857

94

Caleres,

Inc.

4,784

92

Cardlytics,

Inc.

(Æ)

7,842

431

Carrols

Restaurant

Group,

Inc.

32,949

74

Carter's,

Inc.

3,359

309

Cavco

Industries,

Inc.

(Æ)

2,423

584

Celestica,

Inc.

(Æ)

30,289

361

Century

Casinos,

Inc.

(Æ)

46,896

560

Century

Communities,

Inc.

5,326

285

Children's

Place,

Inc.

(The)

(Æ)

608

30

Citi

Trends,

Inc.

(Æ)

557

17

Conn's,

Inc.

(Æ)

3,148

49

Container

Store

Group,

Inc.

(The)

(Æ)

3,589

29

Cooper-Standard

Holdings,

Inc.

(Æ)

1,380

12

Coty,

Inc.

Class

A

(Æ)

7,529

68

Cracker

Barrel

Old

Country

Store,

Inc.

2,524

300

Crocs,

Inc.

(Æ)

2,058

157

Dana

Holding

Corp.

17,269

303

Delta

Apparel,

Inc.

(Æ)

12,903

384

Designer

Brands,

Inc.

Class

A

26,490

358

Dillard's,

Inc.

Class

A

892

239

Drive

Shack,

Inc.

(Æ)

25,304

39

Escalade,

Inc.

5,635

74

Ethan

Allen

Interiors,

Inc.

3,768

98

Genesco,

Inc.

(Æ)

6,412

407

GMS,

Inc.

(Æ)

2,693

134

Goodyear

Tire

&

Rubber

Co.

(The)

(Æ)

47,851

683

GoPro,

Inc.

Class

A

(Æ)(Ð)

15,718

134

Grand

Canyon

Education,

Inc.

(Æ)(Ð)

1,579

153

Group

1

Automotive,

Inc.

(Û)

1,546

260

H&R

Block,

Inc.

13,702

357

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Hanesbrands,

Inc.

24,150

360

Haverty

Furniture

Cos.,

Inc.

1,128

31

HealthStream,

Inc.

(Æ)

1,666

33

Hibbett,

Inc.

1,783

79

Hillenbrand,

Inc.

8,195

362

Horizon

Global

Corp.

(Æ)

24,600

140

iMedia

Brands,

Inc.

(Æ)

21,422

129

International

Game

Technology

PLC

6,787

168

IntriCon

Corp.

(Æ)

7,234

173

KB

Home

1,640

53

Kontoor

Brands,

Inc.

5,053

209

Kura

Sushi

USA,

Inc.

Class

A

(Æ)

9,060

500

Landsea

Homes

Corp.

(Æ)

28,689

245

La-Z-Boy,

Inc.

7,462

197

Lear

Corp.

(Û)

2,220

317

Leggett

&

Platt,

Inc.

9,040

315

Lindblad

Expeditions

Holdings,

Inc.

(Æ)

3,124

47

Lumber

Liquidators

Holdings,

Inc.

(Æ)

3,230

45

Macy's,

Inc.

4,616

112

Madison

Square

Garden

Entertainment

Corp.

(Æ)

4,030

336

MarineMax,

Inc.

(Æ)

4,091

165

MasterCraft

Boat

Holdings,

Inc.

(Æ)

5,099

126

Monro

Muffler

Brake,

Inc.

9,855

437

Motorcar

Parts

of

America,

Inc.

(Æ)

7,749

138

Movado

Group,

Inc.

6,420

251

Nathan's

Famous,

Inc.

1,400

76

Noodles

&

Co.

Class

A

(Æ)

691

4

Nordstrom,

Inc.

(Ð)(Û)

5,433

147

Papa

John's

International,

Inc.

922

97

Perdoceo

Education

Corp.

(Æ)

3,194

37

PetIQ,

Inc.

(Æ)

3,641

89

Poshmark,

Inc.

Class

A

(Æ)

27,302

346

Potbelly

Corp.

(Æ)

12,057

81

QuinStreet,

Inc.

(Æ)

12,329

143

Quotient

Technology,

Inc.

(Æ)

6,938

44

RealReal,

Inc.

(The)

(Æ)

24,939

181

Red

Robin

Gourmet

Burgers,

Inc.

(Æ)

959

16

Rent-A-Center,

Inc.

Class

A

1,644

41

REV

Group,

Inc.

24,993

335

Ruth's

Hospitality

Group,

Inc.

8,121

186

Sally

Beauty

Holdings,

Inc.

(Æ)

8,739

137

Scholastic

Corp.

6,637

267

Scientific

Games

Corp.

Class

A

(Æ)

3,346

197

Shake

Shack,

Inc.

Class

A

(Æ)

2,412

164

Shoe

Carnival,

Inc.

511

15

Shutterstock,

Inc.

1,088

101

Signet

Jewelers,

Ltd.

(Û)

2,520

183

Skyline

Champion

Corp.

(Æ)

13,717

754

SMART

Global

Holdings,

Inc.

(Æ)

10,796

278

Sonic

Automotive,

Inc.

Class

A

3,819

162

Sportsman's

Warehouse

Holdings,

Inc.

(Æ)

4,771

51

Steven

Madden,

Ltd.

13,049

504

Stoneridge,

Inc.

(Æ)

6,322

132

TEGNA,

Inc.

3,758

84

Texas

Roadhouse,

Inc.

Class

A

13,502

1,131

Tilly's,

Inc.

Class

A

573

5

Toll

Brothers,

Inc.

(Û)

3,962

186

Townsquare

Media,

Inc.

Class

A

(Æ)

35,706

457

TRI

Pointe

Group,

Inc.

(Æ)

5,192

104

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

Universal

Electronics,

Inc.

(Æ)

8,955

280

Universal

Technical

Institute,

Inc.

(Æ)

569

5

Urban

Outfitters,

Inc.

(Æ)

2,414

61

Vera

Bradley,

Inc.

(Æ)

691

5

Vista

Outdoor,

Inc.

(Æ)

4,941

176

Visteon

Corp.

(Æ)

1,364

149

Wingstop,

Inc.

727

85

Wolverine

World

Wide,

Inc.

27,240

615

Wyndham

Hotels

&

Resorts,

Inc.

4,242

359

YETI

Holdings,

Inc.

(Æ)

8,016

481

Zumiez,

Inc.

(Æ)

3,057

117

26,878

Consumer

Staples

-

3.5%

Albertsons

Cos.,

Inc.

Class

A

(Û)

10,434

347

Alico,

Inc.

3,695

139

Andersons,

Inc.

(The)

2,385

119

BellRing

Brands,

Inc.

(Æ)

780

18

Boston

Beer

Co.,

Inc.

Class

A

(Æ)

418

162

Bunge,

Ltd.

(Û)

3,943

437

Calavo

Growers,

Inc.

829

30

Coca-Cola

Bottling

Co.

203

101

Dole

PLC

3,070

38

elf

Beauty,

Inc.

(Æ)

62,302

1,608

Energizer

Holdings,

Inc.

-

GDR

(Æ)

15,427

566

Fresh

Del

Monte

Produce,

Inc.

1,430

37

Grocery

Outlet

Holding

Corp.

(Æ)(Ñ)

30,235

991

Helen

of

Troy,

Ltd.

(Æ)

594

116

Herbalife

Nutrition,

Ltd.

(Æ)

6,989

212

Ingles

Markets,

Inc.

Class

A

1,406

125

Ingredion,

Inc.

4,850

423

J&J

Snack

Foods

Corp.

3,468

538

Landec

Corp.

(Æ)

25,566

296

Medifast,

Inc.

1,664

284

Molson

Coors

Beverage

Co.

Class

B

(Û)

1,023

55

National

Vision

Holdings,

Inc.

(Æ)

2,668

116

Nomad

Foods,

Ltd.

(Æ)

4,165

94

Performance

Food

Group

Co.

(Æ)

3,573

182

Pilgrim's

Pride

Corp.

(Æ)

435

11

Post

Holdings,

Inc.

(Æ)

616

43

Primo

Water

Corp.

8,269

118

Quanex

Building

Products

Corp.

12,832

270

Rite

Aid

Corp.

(Æ)

3,401

30

Sovos

Brands,

Inc.

(Æ)

8,258

117

Spectrum

Brands

Holdings,

Inc.

2,600

231

Turning

Point

Brands,

Inc.

4,460

152

United

Natural

Foods,

Inc.

(Æ)

4,260

177

USANA

Health

Sciences,

Inc.

(Æ)

679

54

Vector

Group,

Ltd.

3,350

40

8,277

Energy

-

4.6%

Amyris,

Inc.

(Æ)(Ñ)

43,523

190

Antero

Resources

Corp.

(Æ)

3,552

108

Arch

Resources,

Inc.

(Ð)

2,883

396

ChampionX

Corp.

41,661

1,019

CVR

Energy,

Inc.

2,481

63

Delek

US

Holdings,

Inc.

(Æ)

51,393

1,090

Euro

Manganese,

Inc.

(Æ)

132,500

47

Expro

Group

Holdings

NV

(Æ)

12,603

224

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Green

Brick

Partners,

Inc.

(Æ)

44,488

879

Helix

Energy

Solutions

Group,

Inc.

(Æ)

3,400

16

Hippo

Holdings,

Inc.

(Æ)

15,760

628

Hostess

Brands,

Inc.

Class

A

(Æ)

4,279

94

Liberty

Oilfield

Services,

Inc.

Class

A

(Æ)

21,323

316

Luxfer

Holdings

PLC

-

ADR

21,954

369

Matador

Resources

Co.

1,548

82

Matrix

Service

Co.

(Æ)

25,743

212

Murphy

Oil

Corp.

2,195

89

Nabors

Industries,

Inc.

(Æ)

298

46

National

Energy

Services

Reunited

Corp.

(Æ)

55,796

469

Natural

Gas

Services

Group,

Inc.

(Æ)

13,253

158

Newpark

Resources,

Inc.

(Æ)

5,664

21

NexTier

Oilfield

Solutions,

Inc.

(Æ)

87,983

813

NOV,

Inc.

(Æ)

21,239

416

NOW,

Inc.

(Æ)

6,452

71

Oceaneering

International,

Inc.

(Æ)

3,792

57

Oil

States

International,

Inc.

(Æ)

40,251

280

Par

Pacific

Holdings,

Inc.

(Æ)

3,729

49

Patterson-UTI

Energy,

Inc.

30,303

469

PBF

Energy,

Inc.

Class

A

(Æ)(Ð)

7,408

181

PDC

Energy,

Inc.

1,169

85

REX

American

Resources

Corp.

(Æ)

411

41

SM

Energy

Co.

(Û)

15,126

589

Solaris

Oilfield

Infrastructure,

Inc.

Class

A

30,967

350

SunCoke

Energy,

Inc.

5,552

49

Talon

Metals

Corp.

(Æ)

268,500

183

Targa

Resources

Corp.

(Û)

5,592

422

W&T

Offshore,

Inc.

(Æ)

5,781

22

Warrior

Met

Coal,

Inc.

10,355

384

World

Fuel

Services

Corp.

3,122

84

11,061

Financial

Services

-

22.2%

AerCap

Holdings,

Ltd.

/

AerCap

Global

Aviation

Trust

(Æ)

2,536

128

Agree

Realty

Corp.

(ö)

8,682

576

Alpine

Income

Property

Trust,

Inc.

(ö)

32,361

608

Amalgamated

Financial

Corp.

586

11

American

Campus

Communities,

Inc.

(Ð)(ö)

4,136

231

American

Equity

Investment

Life

Holding

Co.

7,736

309

Ameris

Bancorp

5,156

226

Apple

Hospitality

REIT,

Inc.

(ö)

36,792

661

Argo

Group

International

Holdings,

Ltd.

1,486

61

Armada

Hoffler

Properties,

Inc.

(ö)

1,272

19

Associated

Banc-Corp.

(Ð)

2,568

58

Assurant,

Inc.

(Ð)(Û)

427

78

Atlantic

Union

Bankshares

Corp.

(Æ)

2,689

99

Axis

Capital

Holdings,

Ltd.

3,967

240

Axos

Financial,

Inc.

(Æ)

2,529

117

Banc

of

California,

Inc.

45,060

872

Bancorp,

Inc.

(The)

(Æ)

5,313

151

BankUnited,

Inc.

7,873

346

Bar

Harbor

Bankshares

2,463

70

Blucora,

Inc.

(Æ)

30,020

587

Braemar

Hotels

&

Resorts,

Inc.

(Ð)(ö)

3,006

19

Brighthouse

Financial,

Inc.

(Æ)

5,423

280

Brixmor

Property

Group,

Inc.

(ö)

15,543

401

Byline

Bancorp,

Inc.

9,815

262

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

Cadence

Bank

47,519

1,390

Cambridge

Bancorp

1,302

111

Camden

Property

Trust

(Ð)(ö)(Û)

2,184

363

Cannae

Holdings,

Inc.

(Æ)

19,660

470

Capital

Bancorp,

Inc.

10,341

236

Capital

City

Bank

Group,

Inc.

8,352

220

Capstar

Financial

Holdings,

Inc.

35,852

756

Carter

Bankshares,

Inc.

(Æ)

742

13

CatchMark

Timber

Trust,

Inc.

Class

A

(ö)

37,765

310

Cathay

General

Bancorp

3,138

140

Chatham

Lodging

Trust

(Ð)(ö)

2,549

35

City

Office

REIT,

Inc.

(ö)

4,371

77

Civista

Bancshares,

Inc.

7,683

185

CNO

Financial

Group,

Inc.

8,573

215

Columbia

Banking

System,

Inc.

17,453

563

Comerica,

Inc.

(Û)

3,715

336

Community

Bank

System,

Inc.

1,604

113

Compass,

Inc.

Class

A

(Æ)

15,463

122

Corporate

Office

Properties

Trust

(ö)

2,745

78

Cousins

Properties,

Inc.

(ö)

10,003

403

Cowen

Group,

Inc.

Class

A

9,369

253

CTO

Realty

Growth,

Inc.

(ö)

11,515

763

Curo

Group

Holdings

Corp.

10,723

140

Cushman

&

Wakefield

PLC

(Æ)

3,303

68

Customers

Bancorp,

Inc.

(Æ)

3,863

201

DiamondRock

Hospitality

Co.

(ö)

20,923

212

DigitalBridge

Group,

Inc.

(ö)

48,894

352

Diversified

Healthcare

Trust

(Æ)

15,935

51

Donegal

Group,

Inc.

Class

A

9,593

129

Douglas

Elliman,

Inc.

8,925

65

Easterly

Government

Properties,

Inc.

(Ñ)(ö)

15,539

328

Eastern

Bankshares,

Inc.

5,100

110

EastGroup

Properties,

Inc.

(ö)

677

138

Emerald

Holding,

Inc.

(Æ)

10,353

35

Enova

International,

Inc.

(Æ)

2,119

80

Enterprise

Financial

Services

Corp.

6,021

285

Equity

Commonwealth

(ö)

6,889

194

Essent

Group,

Ltd.

10,735

442

Essential

Properties

Realty

Trust,

Inc.

(ö)

2,611

66

Evercore,

Inc.

Class

A

(Û)

1,424

159

eXp

World

Holdings,

Inc.

(Ñ)

5,310

112

EZCORP,

Inc.

Class

A

(Æ)

45,760

276

Farmland

Partners,

Inc.

(Ð)(ö)

1,797

25

Federal

Agricultural

Mortgage

Corp.

Class

C

3,434

373

Federated

Hermes,

Inc.

Class

B

2,249

77

First

BanCorp

9,914

130

First

Commonwealth

Financial

Corp.

(Ð)

1,000

15

First

Community

Corp.

11,377

241

First

Financial

Bankshares,

Inc.

1,892

83

First

Financial

Corp.

664

29

First

Foundation,

Inc.

26,241

637

First

Internet

Bancorp

2,175

94

First

Interstate

BancSystem,

Inc.

Class

A

(Ñ)

14,837

546

First

Merchants

Corp.

9,239

384

First

Mid-Illinois

Bancshares,

Inc.

5,064

195

Five

Star

Bancorp

12,681

359

Flagstar

Bancorp,

Inc.

2,235

95

Flushing

Financial

Corp.

3,435

77

FNB

Corp.

6,377

79

Forestar

Group,

Inc.

(Æ)

8,601

153

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Franchise

Group,

Inc.

(Æ)

8,527

353

Franklin

Street

Properties

Corp.

(ö)

1,976

12

FRP

Holdings,

Inc.

(Æ)

977

56

Gaming

and

Leisure

Properties,

Inc.

(ö)

14,399

676

Genworth

Financial,

Inc.

Class

A

(Æ)

38,602

146

GEO

Group,

Inc.

(The)

(ö)

14,277

94

German

American

Bancorp,

Inc.

3,298

125

Getty

Realty

Corp.

(ö)

6,649

190

Glacier

Bancorp,

Inc.

3,450

173

Green

Dot

Corp.

Class

A

(Æ)

3,168

87

Greenlight

Capital

Re,

Ltd.

Class

A

(Æ)

573

4

Guaranty

Bancshares,

Inc.

3,077

108

Hancock

Holding

Co.

7,892

412

Hanmi

Financial

Corp.

1,294

32

Hanover

Insurance

Group,

Inc.

(The)

1,697

253

HarborOne

Bancorp,

Inc.

16,052

225

Healthcare

Realty

Trust,

Inc.

(ö)

5,716

157

Heritage

Commerce

Corp.

11,675

131

Heritage

Insurance

Holdings,

Inc.

214

2

Highwoods

Properties,

Inc.

(ö)

3,140

144

Hilltop

Holdings,

Inc.

2,506

74

Home

Bancorp,

Inc.

2,092

85

Home

BancShares,

Inc.

37,504

848

HomeStreet,

Inc.

12,118

574

HomeTrust

Bancshares,

Inc.

400

12

Horace

Mann

Educators

Corp.

10,182

426

Houlihan

Lokey,

Inc.

Class

A

1,747

153

Howard

Hughes

Corp.

(The)

(Æ)

601

62

Hudson

Pacific

Properties,

Inc.

(ö)

13,374

371

Independent

Bank

Corp.

7,359

161

International

Bancshares

Corp.

1,838

78

Investar

Holding

Corp.

9,943

190

Investors

Bancorp,

Inc.

8,306

124

Jackson

Financial,

Inc.

Class

A

21,398

946

James

River

Group

Holdings,

Ltd.

10,271

254

JER

Investment

Trust,

Inc.

(Æ)(Š)(Þ)

1,771

—

Kearny

Financial

Corp.

24,885

321

Kemper

Corp.

3,235

183

Kennedy-Wilson

Holdings,

Inc.

1,865

45

Kite

Realty

Group

Trust

(ö)

3,320

76

Ladder

Capital

Corp.

Class

A

(ö)

13,162

156

Lazard,

Ltd.

Class

A

5,056

174

LendingClub

Corp.

(Æ)

3,712

59

Lincoln

National

Corp.

(Û)

296

19

Live

Oak

Bancshares,

Inc.

1,694

86

LTC

Properties,

Inc.

(ö)

5,733

221

Macerich

Co.

(The)

(ö)

5,377

84

Marcus

&

Millichap,

Inc.

2,566

135

Merchants

Bancorp

1,768

48

Metropolitan

Bank

Holding

Corp.

(Æ)

6,354

647

MFA

Financial,

Inc.

(ö)

22,732

92

Moelis

&

Co.

Class

A

(Û)

1,580

74

Mr.

Cooper

Group,

Inc.

(Æ)

2,125

97

National

Bank

Holdings

Corp.

Class

A

16,168

652

National

Health

Investors,

Inc.

(ö)

1,470

87

National

Retail

Properties,

Inc.

(ö)

10,700

481

National

Storage

Affiliates

Trust

(ö)

1,571

99

Navient

Corp.

8,316

142

NETSTREIT

Corp.

(ö)

3,067

69

NexPoint

Residential

Trust,

Inc.

(ö)

236

21

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

Nicolet

Bankshares,

Inc.

(Æ)

392

37

NMI

Holdings,

Inc.

Class

A

(Æ)

16,187

334

Northeast

Bank

6,273

214

Northrim

BanCorp,

Inc.

214

9

OceanFirst

Financial

Corp.

9,664

194

ODP

Corp.

(The)

(Æ)

2,615

120

OFG

Bancorp

2,043

54

Old

National

Bancorp

24,028

394

Old

Second

Bancorp,

Inc.

28,690

416

Oportun

Financial

Corp.

(Æ)

6,166

89

Origin

Bancorp,

Inc.

394

17

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

(ö)

4,430

126

Pacific

Premier

Bancorp,

Inc.

2,925

103

Paramount

Group,

Inc.

(ö)

17,283

188

PCB

Bancorp

(Æ)

27,349

628

PCSB

Financial

Corp.

24,522

469

Peapack

Gladstone

Financial

Corp.

242

8

Pebblebrook

Hotel

Trust

(ö)

7,060

173

PennyMac

Financial

Services,

Inc.

3,348

178

Peoples

Bancorp,

Inc.

6,862

215

Physicians

Realty

Trust

(ö)

10,718

188

Piedmont

Office

Realty

Trust,

Inc.

Class

A

(ö)

7,073

122

Piper

Jaffray

Cos.

984

129

Plymouth

Industrial

REIT,

Inc.

(ö)

15,210

412

Popular,

Inc.

8,014

655

Potlatch

Corp.

(ö)

13,066

689

PRA

Group,

Inc.

(Æ)

1,877

85

Premier

Financial

Corp.

17,410

528

ProAssurance

Corp.

1,857

50

PS

Business

Parks,

Inc.

(ö)

731

123

Pzena

Investment

Management,

Inc.

Class

A

19,299

155

QCR

Holdings,

Inc.

2,927

166

Radian

Group,

Inc.

4,857

108

RE/MAX

Holdings,

Inc.

Class

A

6,526

181

Realogy

Holdings

Corp.

(Æ)

12,308

193

Redfin

Corp.

(Æ)

6,172

111

Regional

Management

Corp.

600

29

Reinsurance

Group

of

America,

Inc.

Class

A

(Û)

6,841

749

RenaissanceRe

Holdings,

Ltd.

1,874

297

Renasant

Corp.

2,340

78

Repay

Holdings

Corp.

(Æ)

51,472

760

Riverview

Bancorp,

Inc.

10,972

83

RLJ

Lodging

Trust

(ö)

15,915

224

RMR

Group,

Inc.

(The)

Class

A

7,830

243

Ryman

Hospitality

Properties,

Inc.

(ö)

3,338

309

Sabra

Health

Care

REIT,

Inc.

(ö)

5,094

76

Safehold,

Inc.

(Æ)

1,120

62

Sculptor

Capital

Management,

Inc.

11,095

155

Selective

Insurance

Group,

Inc.

1,356

121

ServisFirst

Bancshares,

Inc.

900

86

Silvergate

Capital

Corp.

Class

A

(Æ)

711

107

Simmons

First

National

Corp.

Class

A

2,757

72

SiriusPoint,

Ltd.

(Æ)

1,100

8

SL

Green

Realty

Corp.

(ö)

416

34

SLM

Corp.

(Û)

12,356

227

SmartFinancial,

Inc.

2,625

67

Southern

Missouri

Bancorp,

Inc.

2,113

106

SP

Plus

Corp.

(Æ)

14,690

461

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Spirit

Realty

Capital,

Inc.

(ö)

2,913

134

St.

Joe

Co.

(The)

1,429

85

STAG

Industrial,

Inc.

(ö)

6,620

274

Stewart

Information

Services

Corp.

4,430

269

StoneX

Group,

Inc.

(Æ)

6,507

483

Summit

Hotel

Properties,

Inc.

(ö)

19,813

197

Sunstone

Hotel

Investors,

Inc.

(ö)

20,079

237

Tanger

Factory

Outlet

Centers,

Inc.

(ö)

4,075

70

Terreno

Realty

Corp.

(ö)

1,131

84

Territorial

Bancorp,

Inc.

19,669

472

Texas

Capital

Bancshares,

Inc.

(Æ)(Ð)

2,602

149

Tiptree

Financial,

Inc.

Class

A

20,956

269

TPG

RE

Finance

Trust,

Inc.

(ö)

7,806

92

TriCo

Bancshares

5,788

232

Triumph

Bancorp,

Inc.

(Æ)

6,248

587

UMB

Financial

Corp.

1,247

121

UMH

Properties,

Inc.

(ö)

25,230

620

United

Bankshares,

Inc.

3,683

128

United

Community

Banks,

Inc.

13,539

471

United

Fire

Group,

Inc.

795

25

United

Insurance

Holdings

Corp.

2,291

8

Universal

Insurance

Holdings,

Inc.

8,620

116

Univest

Corp.

of

Pennsylvania

3,818

102

Unum

Group

12,333

389

Valley

National

Bancorp

34,085

444

Velocity

Financial,

Inc.

(Æ)

10,405

114

Virtus

Investment

Partners,

Inc.

289

69

Voya

Financial,

Inc.

(Û)

907

60

Walker

&

Dunlop,

Inc.

731

95

Washington

Trust

Bancorp,

Inc.

6,750

354

Waterstone

Financial,

Inc.

906

18

Webster

Financial

Corp.

12,591

707

Westamerica

BanCorp

6,344

384

Westwood

Holdings

Group,

Inc.

11,395

175

WSFS

Financial

Corp.

4,476

209

Xenia

Hotels

&

Resorts,

Inc.

(ö)

7,448

144

53,005

Health

Care

-

16.3%

Acadia

Pharmaceuticals,

Inc.

(Æ)(Û)

12,252

297

Accuray,

Inc.

(Æ)

8,734

29

Aerie

Pharmaceuticals,

Inc.

(Æ)

4,731

43

Agios

Pharmaceuticals,

Inc.

(Æ)(Ð)

3,831

112

Akebia

Therapeutics,

Inc.

(Æ)(Ð)

16,052

12

Alkermes

PLC

(Æ)(Û)

10,826

285

Allogene

Therapeutics,

Inc.

(Æ)

3,100

28

Allscripts

Healthcare

Solutions,

Inc.

(Æ)

14,226

320

Alpha

Teknova,

Inc.

(Æ)

23,093

319

ALX

Oncology

Holdings,

Inc.

(Æ)

3,622

61

AMN

Healthcare

Services,

Inc.

(Æ)

1,255

131

Amneal

Pharmaceuticals,

Inc.

(Æ)

52,905

221

Amphastar

Pharmaceuticals,

Inc.

(Æ)

9,883

355

ANI

Pharmaceuticals,

Inc.

(Æ)

9,957

280

Anika

Therapeutics,

Inc.

(Æ)

11,630

292

Antares

Pharma,

Inc.

(Æ)

97,359

399

Apellis

Pharmaceuticals,

Inc.

(Æ)

3,629

184

Argenx

SE

-

ADR

(Æ)

3,692

1,165

Arrowhead

Pharmaceuticals,

Inc.

(Æ)

17,977

827

Arvinas,

Inc.

(Æ)

4,915

331

Ascendis

Pharma

A/S

-

ADR

(Æ)

2,446

287

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

Athenex,

Inc.

(Æ)(Ð)

3,361

3

Avid

Bioservices,

Inc.

(Æ)(Ñ)

91,946

1,874

Axogen,

Inc.

(Æ)

2,909

23

Beam

Therapeutics,

Inc.

(Æ)

7,985

458

Biohaven

Pharmaceutical

Holding

Co.,

Ltd.

(Æ)

7,274

862

BioLife

Solutions,

Inc.

(Æ)

51,530

1,172

Bluebird

Bio,

Inc.

(Æ)(Ð)

6,403

31

Blueprint

Medicines

Corp.

(Æ)

3,530

225

BridgeBio

Pharma,

Inc.

(Æ)

13,376

136

Cara

Therapeutics,

Inc.

(Æ)

3,308

40

Cardiovascular

Systems,

Inc.

(Æ)

1,995

45

CareDx,

Inc.

(Æ)

1,881

70

Catalyst

Pharmaceuticals,

Inc.

(Æ)(Ð)

4,850

40

Collegium

Pharmaceutical,

Inc.

(Æ)

10,969

223

Computer

Programs

&

Systems,

Inc.

(Æ)

4,045

139

CONMED

Corp.

6,021

895

Consensus

Cloud

Solutions,

Inc.

Class

W

(Æ)

5,923

356

Cross

Country

Healthcare,

Inc.

(Æ)

1,899

41

Curis,

Inc.

(Æ)

17,091

41

Cutera,

Inc.

(Æ)(Ð)

941

65

Cytokinetics,

Inc.

(Æ)

16,931

623

CytomX

Therapeutics,

Inc.

(Æ)

5,982

16

Deciphera

Pharmaceuticals,

Inc.

(Æ)

1,545

14

Denali

Therapeutics,

Inc.

(Æ)

4,808

155

Eagle

Pharmaceuticals,

Inc.

(Æ)

713

35

Emergent

BioSolutions,

Inc.

(Æ)

6,859

281

Enanta

Pharmaceuticals,

Inc.

(Æ)

1,282

91

Encompass

Health

Corp.

(Æ)

11,394

810

Endo

International

PLC

(Æ)

16,507

38

Ensign

Group,

Inc.

(The)

2,689

242

Exelixis,

Inc.

(Æ)(Û)

14,393

326

FibroGen,

Inc.

(Æ)(Ð)

8,111

97

F-Star

Therapeutics,

Inc.

(Æ)

21,685

77

Gossamer

Bio,

Inc.

(Æ)

3,606

31

Halozyme

Therapeutics,

Inc.

(Æ)

9,388

374

Harrow

Health,

Inc.

(Æ)

41,426

283

HealthEquity,

Inc.

(Æ)

3,129

211

Heska

Corp.

(Æ)

6,315

873

Homology

Medicines,

Inc.

(Æ)(Ð)

4,070

12

Inari

Medical,

Inc.

(Æ)

2,926

265

InfuSystem

Holdings,

Inc.

(Æ)

43,493

426

Inhibrx,

Inc.

(Æ)

15,710

350

Innoviva,

Inc.

(Æ)

2,836

55

Inogen,

Inc.

(Æ)

1,436

47

Inspire

Medical

Systems,

Inc.

(Æ)

807

207

Intellia

Therapeutics,

Inc.

(Æ)

8,423

612

Intercept

Pharmaceuticals,

Inc.

(Æ)(Ð)

4,144

67

Ionis

Pharmaceuticals,

Inc.

(Æ)(Û)

10,086

373

iRadimed

Corp.

16,125

723

iRhythm

Technologies,

Inc.

(Æ)

1,911

301

Jazz

Pharmaceuticals

PLC

(Æ)(Û)

2,280

355

Karuna

Therapeutics,

Inc.

(Æ)

565

72

Karyopharm

Therapeutics,

Inc.

(Æ)

2,000

15

Kezar

Life

Sciences,

Inc.

(Æ)

9,891

164

Kodiak

Sciences,

Inc.

(Æ)

1,218

9

Kura

Oncology,

Inc.

(Æ)

8,027

129

Lantheus

Holdings,

Inc.

(Æ)

10,134

561

LeMaitre

Vascular,

Inc.

27,284

1,269

LHC

Group,

Inc.

(Æ)

3,661

617

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

LivaNova

PLC

(Æ)

2,486

203

MEDNAX,

Inc.

(Æ)

10,546

248

Medpace

Holdings,

Inc.

(Æ)

8,612

1,410

MeiraGTx

Holdings

PLC

(Æ)

4,978

69

Merit

Medical

Systems,

Inc.

(Æ)(Û)

1,154

77

Mirati

Therapeutics,

Inc.

(Æ)

3,278

270

Mirum

Pharmaceuticals,

Inc.

(Æ)

1,773

39

Molecular

Templates,

Inc.

(Æ)

24,101

83

Molina

Healthcare,

Inc.

(Æ)(Û)

1,302

434

Natus

Medical,

Inc.

(Æ)

9,516

250

Nektar

Therapeutics

(Æ)

908

5

Neogen

Corp.

(Æ)

23,841

735

NeoGenomics,

Inc.

(Æ)

19,596

238

Neurocrine

Biosciences,

Inc.

(Æ)

3,157

296

Nevro

Corp.

(Æ)(Ð)

1,752

127

NextGen

Healthcare,

Inc.

(Æ)

3,091

65

NGM

Biopharmaceuticals,

Inc.

(Æ)

1,878

29

Omnicell,

Inc.

(Æ)

6,173

799

Organon

&

Co.

700

24

Orthofix

Medical,

Inc.

(Æ)

1,373

45

Ovid

Therapeutics,

Inc.

(Æ)

21,212

67

Owens

&

Minor,

Inc.

4,485

197

Pacira

BioSciences,

Inc.

(Æ)

3,174

242

Patterson

Cos.,

Inc.

(Û)

2,508

81

Pennant

Group,

Inc.

(The)

(Æ)

3,660

68

Perrigo

Co.

PLC

10,031

385

Personalis,

Inc.

(Æ)

1,300

11

Phibro

Animal

Health

Corp.

Class

A

14,260

284

Pliant

Therapeutics,

Inc.

(Æ)

2,442

17

Poseida

Therapeutics,

Inc.

(Æ)

1,916

9

Prestige

Brands

Holdings,

Inc.

(Æ)

1,942

103

Progenics

Pharmaceuticals,

Inc.

(Æ)(Š)

1,808

—

Prometheus

Biosciences,

Inc.

(Æ)

1,809

68

Protagonist

Therapeutics,

Inc.

(Æ)

15,881

376

Protech

Home

Medical

Corp.

(Æ)

28,452

125

PTC

Therapeutics,

Inc.

(Æ)

19,113

713

Radius

Health,

Inc.

(Æ)

4,847

43

RadNet,

Inc.

(Æ)

9,606

215

Recursion

Pharmaceuticals,

Inc.

Class

A

(Æ)

(Ñ)

2,640

19

REGENXBIO,

Inc.

(Æ)(Ð)

1,790

59

Repligen

Corp.

(Æ)

4,460

839

Revance

Therapeutics,

Inc.

(Æ)(Ð)

3,466

68

RxSight,

Inc.

(Æ)(Ñ)

3,894

48

Sage

Therapeutics,

Inc.

(Æ)

2,731

90

Sarepta

Therapeutics,

Inc.

(Æ)(Ð)(Û)

3,226

252

Schrodinger,

Inc.

(Æ)

13,236

452

Select

Medical

Holdings

Corp.

9,602

230

Selecta

Biosciences,

Inc.

(Æ)(Ð)

6,066

7

Seres

Therapeutics,

Inc.

(Æ)

4,933

35

ShockWave

Medical,

Inc.

(Æ)

1,901

394

SIGA

Technologies,

Inc.

(Æ)

19,555

139

Societal

CDMO,

Inc.

(Æ)

64,285

116

SpringWorks

Therapeutics,

Inc.

(Æ)

4,711

266

STAAR

Surgical

Co.

(Æ)

1,036

83

Surmodics,

Inc.

(Æ)

294

13

Sutro

Biopharma,

Inc.

(Æ)

4,322

36

Tabula

Rasa

HealthCare,

Inc.

(Æ)(Ð)

1,000

6

Tactile

Systems

Technology,

Inc.

(Æ)(Ð)

1,443

29

Talkspace,

Inc.

(Æ)(Ñ)

22,571

39

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

Tenet

Healthcare

Corp.

(Æ)(Û)

3,944

339

Theravance

Biopharma,

Inc.

(Æ)

4,459

43

TransMedics

Group,

Inc.

(Æ)

4,869

131

Travere

Therapeutics,

Inc.

(Æ)

3,568

92

Tricida,

Inc.

(Æ)

1,419

12

Twist

Bioscience

Corp.

(Æ)

3,810

188

United

Therapeutics

Corp.

(Æ)(Û)

1,535

275

Utah

Medical

Products,

Inc.

7,809

702

Vanda

Pharmaceuticals,

Inc.

(Æ)

1,500

17

Varex

Imaging

Corp.

(Æ)(Ð)

2,667

57

Vericel

Corp.

(Æ)

5,166

197

Viatris,

Inc.

Class

W

(Û)

3,344

36

Vincerx

Pharma,

Inc.

(Æ)(Ñ)

4,731

19

Vir

Biotechnology,

Inc.

(Æ)

2,237

58

Vivos

Therapeutics,

Inc.

(Æ)(Ñ)

28,109

75

WaVe

Life

Sciences,

Ltd.

(Æ)

1,020

2

Xencor,

Inc.

(Æ)

12,464

332

Xenon

Pharmaceuticals,

Inc.

(Æ)

7,625

233

Zentalis

Pharmaceuticals,

Inc.

(Æ)

5,437

251

Zinvie,

Inc.

(Æ)

4,068

93

Zymeworks,

Inc.

(Æ)

9,138

60

38,805

Materials

and

Processing

-

7.8%

AdvanSix,

Inc.

1,519

78

Allegheny

Technologies,

Inc.

(Æ)

6,325

170

American

Vanguard

Corp.

29,972

608

Apogee

Enterprises,

Inc.

1,685

80

Arconic

Corp.

(Æ)

6,433

165

Ashland

Global

Holdings,

Inc.

(Ð)

2,225

219

Aspen

Aerogels,

Inc.

(Æ)

2,455

85

Atkore

International

Group,

Inc.

(Æ)

1,400

138

AZEK

Co.,

Inc.

(The)

(Æ)

20,840

518

Beacon

Roofing

Supply,

Inc.

(Æ)

1,950

116

Belden,

Inc.

1,380

76

BlueLinx

Holdings,

Inc.

(Æ)

489

35

Boise

Cascade

Co.

2,061

143

BrightView

Holdings,

Inc.

(Æ)

12,436

170

Cabot

Corp.

2,251

154

Caesarstone,

Ltd.

7,138

75

Capstone

Mining

Corp.

(Æ)

22,556

128

Carpenter

Technology

Corp.

9,327

392

Chemours

Co.

(The)

7,036

222

Clearwater

Paper

Corp.

(Æ)

859

24

Coeur

Mining,

Inc.

(Æ)

43,538

194

Commercial

Metals

Co.

2,865

119

Compass

Minerals

International,

Inc.

1,645

103

Constellium

SE

(Æ)

5,850

105

Cornerstone

Building

Brands,

Inc.

(Æ)

20,555

500

Critical

Elements

Lithium

Corp.

(Æ)

82,146

101

Culp,

Inc.

14,491

115

Diversey

Holdings,

Ltd.

(Æ)

3,800

29

Ecovyst,

Inc.

(Æ)

859

10

Element

Solutions,

Inc.

(Æ)

46,017

1,007

European

Metals

Holdings,

Ltd.

(Æ)

83,066

73

Glatfelter

Corp.

1,500

19

Hecla

Mining

Co.

24,448

161

Horizonte

Minerals

PLC

(Æ)

707,920

64

Huntsman

Corp.

9,859

370

Ingevity

Corp.

(Æ)

6,486

416

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Insteel

Industries,

Inc.

19,560

723

Interface,

Inc.

Class

A

8,408

114

JELD-WEN

Holding,

Inc.

(Æ)

5,072

103

Koppers

Holdings,

Inc.

7,472

206

Livent

Corp.

(Æ)

5,999

156

Louisiana-Pacific

Corp.

5,093

316

LSI

Industries,

Inc.

4,562

27

Matthews

International

Corp.

Class

A

4,522

146

Mosaic

Co.

(The)

5,741

382

MRC

Global,

Inc.

(Æ)

5,958

71

Neenah

Paper,

Inc.

9,871

392

NN,

Inc.

(Æ)(Ð)

2,724

8

Northwest

Pipe

Co.

(Æ)

5,518

140

Nouveau

Monde

Graphite,

Inc.

(Æ)

7,038

49

O-I

Glass,

Inc.

(Æ)

25,676

338

Oil-Dri

Corp.

of

America

2,010

58

Olin

Corp.

(Û)

6,037

316

Omega

Flex,

Inc.

2,616

340

Orion

Engineered

Carbons

SA

2,867

46

Pactiv

Evergreen,

Inc.

691

7

Patrick

Industries,

Inc.

1,627

98

Perimeter

Solutions

SA

(Æ)

4,567

55

Piedmont

Lithium,

Inc.

(Æ)(Ñ)

2,044

149

Quaker

Chemical

Corp.

2,947

509

Rayonier

Advanced

Materials,

Inc.

(Æ)

2,935

19

RBC

Bearings,

Inc.

(Æ)

1,417

275

Royal

Gold,

Inc.

2,337

330

Ryerson

Holding

Corp.

1,000

35

Schnitzer

Steel

Industries,

Inc.

Class

A

2,463

128

Schweitzer-Mauduit

International,

Inc.

19,153

527

Silgan

Holdings,

Inc.

6,596

305

Simpson

Manufacturing

Co.,

Inc.

888

97

SiteOne

Landscape

Supply,

Inc.

(Æ)

3,251

526

Sonoco

Products

Co.

6,000

375

Stelco

Holdings,

Inc.

2,969

123

Stepan

Co.

675

67

Sylvamo

Corp.

(Æ)

13,551

451

TimkenSteel

Corp.

(Æ)

4,601

101

Trinseo

PLC

3,304

158

Tronox

Holdings

PLC

Class

A

40,769

807

UFP

Industries,

Inc.

(Æ)

1,833

141

UFP

Technologies,

Inc.

(Æ)

7,885

522

Unifi,

Inc.

(Æ)

5,204

94

Univar

Solutions,

Inc.

-

ADR

(Æ)

17,167

551

Universal

Stainless

&

Alloy

Products,

Inc.

(Æ)

12,525

109

Valvoline,

Inc.

19,061

601

Venator

Materials

PLC

(Æ)

49,139

87

Veritiv

Corp.

(Æ)

2,389

319

VSE

Corp.

1,978

91

Westlake

Chemical

Corp.

(Û)

345

43

Westrock

Co.

(Û)

922

43

18,656

Producer

Durables

-

15.6%

ABM

Industries,

Inc.

4,654

214

Acacia

Research

Corp.

(Æ)

746

3

ACCO

Brands

Corp.

5,087

41

Aerojet

Rocketdyne

Holdings,

Inc.

(Æ)

2,600

102

AGCO

Corp.

(Ð)(Û)

2,814

411

Allegiant

Travel

Co.

Class

A

(Æ)

388

63

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

Allied

Motion

Technologies,

Inc.

18,356

548

Allison

Transmission

Holdings,

Inc.

Class

A

9,437

370

Alta

Equipment

Group,

Inc.

(Æ)

28,957

358

Altra

Industrial

Motion

Corp.

6,637

258

Applied

Industrial

Technologies,

Inc.

1,216

125

ArcBest

Corp.

3,144

254

Arcosa,

Inc.

5,041

289

Ardmore

Shipping

Corp.

(Æ)

60,854

274

Argan,

Inc.

11,611

471

ASGN,

Inc.

(Æ)

1,825

213

Astec

Industries,

Inc.

1,194

51

Astronics

Corp.

(Æ)

1,451

19

Atlas

Air

Worldwide

Holdings,

Inc.

(Æ)

925

80

Barnes

Group,

Inc.

4,786

192

Barrett

Business

Services,

Inc.

4,471

346

Bloom

Energy

Corp.

Class

A

(Æ)

7,025

170

Bowman

Consulting

Group,

Ltd.

(Æ)

4,328

71

Brady

Corp.

Class

A

1,453

67

Cactus,

Inc.

Class

A

3,597

204

Chart

Industries,

Inc.

(Æ)

3,688

633

Cimpress

PLC

(Æ)

767

49

Colfax

Corp.

(Æ)

9,124

363

Concrete

Pumping

Holdings,

Inc.

(Æ)

14,376

96

Copa

Holdings

SA

Class

A

(Æ)

1,260

105

CoreCivic,

Inc.

(Æ)

6,415

72

Covenant

Logistics

Group,

Inc.

Class

A

8,933

192

CRA

International,

Inc.

5,758

485

Daseke,

Inc.

(Æ)

1,460

15

Deluxe

Corp.

22,124

669

DHT

Holdings,

Inc.

68,068

395

Dorian

LPG,

Ltd.

1,459

21

Ducommun,

Inc.

(Æ)

475

25

Dycom

Industries,

Inc.

(Æ)

1,290

123

EMCOR

Group,

Inc.

2,614

294

Encore

Wire

Corp.

1,464

167

EnerSys

2,712

202

Ennis,

Inc.

2,764

51

Entravision

Communications

Corp.

Class

A

(Û)

1,600

10

Euronav

NV

65,124

688

Evo

Payments,

Inc.

Class

A

(Æ)

43,570

1,006

Flowserve

Corp.

23,540

845

Fluor

Corp.

(Æ)(Ð)

7,395

212

Franklin

Electric

Co.,

Inc.

1,296

108

Frontdoor,

Inc.

(Æ)

8,197

244

Frontier

Group

Holdings,

Inc.

(Æ)(Ñ)

4,007

45

Genasys,

Inc.

(Æ)

59,828

165

Granite

Construction,

Inc.

2,715

89

Greenbrier

Cos.,

Inc.

14,097

726

Healthcare

Services

Group,

Inc.

41,944

778

Heidrick

&

Struggles

International,

Inc.

2,894

115

Hertz

Global

Holdings,

Inc.

Class

W

(Æ)

617

103

Hillman

Solutions

Corp.

(Æ)

5,191

62

HNI

Corp.

1,732

64

Hub

Group,

Inc.

Class

A

(Æ)

1,643

127

Huntington

Ingalls

Industries,

Inc.

(Û)

1,349

269

Hyster-Yale

Materials

Handling,

Inc.

1,677

56

I3

Verticals,

Inc.

Class

A

(Æ)

39,367

1,097

ICF

International,

Inc.

2,426

228

Information

Services

Group,

Inc.

975

7

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Infrastructure

and

Energy

Alternatives,

Inc.

(Æ)

23,234

275

Insperity,

Inc.

1,543

155

International

Money

Express,

Inc.

(Æ)

11,158

230

Itron,

Inc.

(Æ)

2,327

123

JetBlue

Airways

Corp.

(Æ)

8,979

134

Kaman

Corp.

Class

A

12,664

551

KBR,

Inc.

7,066

387

Kennametal,

Inc.

16,103

461

Kimball

International,

Inc.

Class

B

41,608

351

Kirby

Corp.

(Æ)

5,261

380

Knight-Swift

Transportation

Holdings,

Inc.

(Æ)

4,709

238

Korn

&

Ferry

International

2,593

168

Kratos

Defense

&

Security

Solutions,

Inc.

(Æ)

21,184

434

Landstar

System,

Inc.

1,963

296

Latham

Group,

Inc.

(Æ)

10,477

139

Manitowoc

Co.,

Inc.

(The)

(Æ)

17,633

266

ManpowerGroup,

Inc.

3,105

292

Marten

Transport,

Ltd.

5,365

95

Matson,

Inc.

1,546

186

MAXIMUS,

Inc.

1,423

107

Mesa

Air

Group,

Inc.

(Æ)

21,760

96

Mesa

Laboratories,

Inc.

5,675

1,446

Methode

Electronics,

Inc.

12,477

540

MillerKnoll,

Inc.

16,083

556

Mistras

Group,

Inc.

(Æ)

5,922

39

Mitek

Systems,

Inc.

(Æ)

39,829

584

Modine

Manufacturing

Co.

(Æ)

2,676

24

Murphy

USA,

Inc.

(Û)

1,051

210

MYR

Group,

Inc.

(Æ)

976

92

Neo

Performance

Materials,

Inc.

7,695

94

Nikola

Corp.

(Æ)(Ñ)

23,603

253

Orion

Group

Holdings,

Inc.

(Æ)

36,703

91

Park-Ohio

Holdings

Corp.

160

2

Pitney

Bowes,

Inc.

28,651

149

Powell

Industries,

Inc.

394

8

Primoris

Services

Corp.

7,799

186

Radiant

Logistics,

Inc.

(Æ)

35,213

224

Ranpak

Holdings

Corp.

(Æ)

24,318

497

Resources

Connection,

Inc.

15,942

273

Rush

Enterprises,

Inc.

Class

A

1,914

97

Ryder

System,

Inc.

(Ð)

3,588

285

Saia,

Inc.

(Æ)

6,057

1,477

Schneider

National,

Inc.

Class

B

(Ð)

2,847

73

Scorpio

Tankers,

Inc.

11,917

255

SFL

Corp.,

Ltd.

(Æ)

4,600

47

SkyWest,

Inc.

(Æ)

2,110

61

Sleep

Number

Corp.

(Æ)

947

48

Smith

&

Wesson

Brands,

Inc.

(Æ)

15,062

228

Southwest

Gas

Holdings,

Inc.

1,538

120

Spirit

AeroSystems,

Inc.

Class

A

4,732

231

SPX

Corp.

(Æ)

4,200

208

Steelcase,

Inc.

Class

A

5,388

64

Sun

Country

Airlines

Holdings,

Inc.

(Æ)

4,918

129

Teekay

Tankers,

Ltd.

Class

A

(Æ)

21,626

299

Tennant

Co.

6,220

490

Terex

Corp.

2,801

100

Tetra

Tech,

Inc.

982

162

Textron,

Inc.

(Û)

4,692

349

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

Thermon

Group

Holdings,

Inc.

(Æ)

6,312

102

Titan

International,

Inc.

(Æ)

3,189

47

Titan

Machinery,

Inc.

(Æ)

913

26

TopBuild

Corp.

(Æ)

2,053

372

Travel

+

Leisure

Co.

(Æ)

6,202

359

TriNet

Group,

Inc.

(Æ)(Ð)

2,052

202

Trinity

Industries,

Inc.

5,101

175

TrueBlue,

Inc.

(Æ)

7,337

212

Tutor

Perini

Corp.

(Æ)

39,723

429

Universal

Truckload

Services,

Inc.

10,500

212

US

Xpress

Enterprises,

Inc.

Class

A

(Æ)

953

4

Vectrus,

Inc.

(Æ)

13,492

484

Wabash

National

Corp.

8,746

130

Werner

Enterprises,

Inc.

3,105

128

WESCO

International,

Inc.

(Æ)

3,800

495

WillScot

Mobile

Mini

Holdings

Corp.

(Æ)

5,189

203

WNS

Holdings,

Ltd.

-

ADR

(Æ)

20,056

1,715

Xerox

Holdings

Corp.

(Ð)

9,893

200

Yellow

Corp.

(Æ)

2,349

16

Zurn

Water

Solutions

Corp.

3,589

127

37,188

Technology

-

12.0%

8x8,

Inc.

(Æ)

5,282

67

A10

Networks,

Inc.

2,356

33

Absolute

Software

Corp.

26,172

222

ADT,

Inc.

44,448

337

ADTRAN,

Inc.

2,664

49

Agilysys,

Inc.

(Æ)

5,150

206

Alarm.com

Holdings,

Inc.

(Æ)

1,106

74

Alight,

Inc.

Class

A

(Æ)

66,565

662

Allot

Communications,

Ltd.

(Æ)

10,560

86

Ambarella,

Inc.

(Æ)

2,091

219

American

Software,

Inc.

Class

A

52,191

1,088

Amkor

Technology,

Inc.

3,150

68

Appfolio,

Inc.

Class

A

(Æ)

3,259

369

Arlo

Technologies,

Inc.

(Æ)(Ð)

10,159

90

Arrow

Electronics,

Inc.

(Æ)(Û)

2,667

316

Asana,

Inc.

Class

A

(Æ)

1,448

58

Asure

Software,

Inc.

(Æ)

10,977

65

Augmedix,

Inc.

(Æ)(Ñ)

25,701

76

Avaya

Holdings

Corp.

(Æ)

7,573

96

Aviat

Networks,

Inc.

(Æ)

750

23

Avid

Technology,

Inc.

(Æ)

2,237

78

Avnet,

Inc.

3,110

126

Axcelis

Technologies,

Inc.

(Æ)

1,507

114

Benchmark

Electronics,

Inc.

3,839

96

Benefitfocus,

Inc.

(Æ)

1,469

19

Blackline,

Inc.

(Æ)

1,046

77

Box,

Inc.

Class

A

(Æ)

2,116

61

Brightcove,

Inc.

(Æ)

1,377

11

Cadre

Holdings,

Inc.

9,796

241

CalAmp

Corp.

(Æ)

1,453

11

Calix,

Inc.

(Æ)

1,509

65

Cargurus,

Inc.

(Æ)

3,502

149

Casa

Systems,

Inc.

(Æ)

3,035

14

ChannelAdvisor

Corp.

(Æ)

4,293

71

Ciena

Corp.

(Æ)(Û)

500

30

Cirrus

Logic,

Inc.

(Æ)(Û)

3,133

266

CIT

Group,

Inc.

Class

A

(Æ)

20,460

328

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Cohu,

Inc.

(Æ)

4,528

134

CommScope

Holding

Co.,

Inc.

(Æ)

16,383

129

CommVault

Systems,

Inc.

(Æ)

1,955

130

comScore,

Inc.

(Æ)

71,988

209

Comtech

Telecommunications

Corp.

(Ð)

769

12

Concentrix

Corp.

2,243

374

Conduent,

Inc.

(Æ)

9,936

51

CSG

Systems

International,

Inc.

1,783

113

Daily

Journal

Corp.

(Æ)

377

118

Diebold

Nixdorf,

Inc.

(Æ)

1,385

9

Domo,

Inc.

Class

B

(Æ)

1,007

51

Donnelley

Financial

Solutions,

Inc.

(Æ)

3,546

118

DoubleVerify

Holdings,

Inc.

(Æ)

16,780

422

Dropbox,

Inc.

Class

A

(Æ)(Û)

14,354

334

Duck

Creek

Technologies,

Inc.

(Æ)

1,040

23

DXC

Technology

Co.

(Æ)(Û)

2,171

71

eGain

Corp.

(Æ)

10,193

118

EMCORE

Corp.

(Æ)

34,700

128

Endava

PLC

-

ADR

(Æ)

6,108

813

EverQuote,

Inc.

Class

A

(Æ)

6,680

108

Extreme

Networks,

Inc.

(Æ)

7,752

95

Frontier

Communications

Corp.

(Æ)

2,064

57

GoDaddy,

Inc.

Class

A

(Æ)(Û)

1,182

99

Immersion

Corp.

(Æ)

8,285

46

Infinera

Corp.

(Æ)(Ð)

14,918

129

Inspired

Entertainment,

Inc.

(Æ)

13,800

170

Jabil

Circuit,

Inc.

(Û)

5,300

327

Kaltura,

Inc.

(Æ)(Ñ)

39,241

70

Kimball

Electronics,

Inc.

(Æ)

9,034

180

Kulicke

&

Soffa

Industries,

Inc.

15,056

843

KVH

Industries,

Inc.

(Æ)

8,145

74

Lantronix,

Inc.

(Æ)

46,265

309

Lattice

Semiconductor

Corp.

(Æ)

2,726

166

Liberty

Latin

America,

Ltd.

Class

C

(Æ)

10,659

102

LiveRamp

Holdings,

Inc.

(Æ)

2,388

89

Loyalty

Ventures,

Inc.

(Æ)

15,836

262

Maxar

Technologies,

Inc.

14,982

591

MaxLinear,

Inc.

Class

A

(Æ)

2,299

134

Mercury

Systems,

Inc.

(Æ)

8,842

570

Mimecast,

Ltd.

(Æ)

9,353

744

Model

N,

Inc.

(Æ)

22,927

617

N-Able,

Inc.

(Æ)

33,385

304

NAPCO

Security

Technologies,

Inc.

(Æ)

40,800

837

NETGEAR,

Inc.

(Æ)

4,443

110

NetScout

Systems,

Inc.

(Æ)(Ð)

1,234

40

nLight,

Inc.

(Æ)

39,281

681

Nutanix,

Inc.

Class

A

(Æ)(Ð)

8,459

227

ON24,

Inc.

(Æ)

27,800

365

One

Stop

Systems,

Inc.

(Æ)

16,937

65

OneSpan,

Inc.

(Æ)

1,928

28

Ooma,

Inc.

(Æ)

16,135

242

Ouster,

Inc.

(Æ)

11,639

52

Outbrain,

Inc.

(Æ)(Û)

2,862

31

Parsons

Corp.

(Æ)

1,592

62

PCTEL,

Inc.

22,445

104

PDF

Solutions,

Inc.

(Æ)

32,232

898

Pegasystems,

Inc.

11,463

924

Ping

Identity

Holding

Corp.

(Æ)

4,337

119

PlayAGS,

Inc.

(Æ)

2,397

16

Power

Integrations,

Inc.

1,826

169

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

Qualys,

Inc.

(Æ)

8,768

1,249

Quantum

Corp.

(Æ)

68,990

78

RADCOM,

Ltd.

(Æ)

10,957

142

Rambus,

Inc.

(Æ)

10,755

343

Ribbon

Communications,

Inc.

(Æ)

6,628

20

Rimini

Street,

Inc.

(Æ)

3,702

21

Rogers

Corp.

(Æ)

720

196

SailPoint

Technologies

Holding,

Inc.

(Æ)

2,242

115

ScanSource,

Inc.

(Æ)

650

23

SecureWorks

Corp.

Class

A

(Æ)

967

13

Semtech

Corp.

(Æ)

1,247

86

Silicon

Laboratories,

Inc.

(Æ)

3,665

550

Simulations

Plus,

Inc.

(Ñ)

31,610

1,611

SiTime

Corp.

(Æ)

478

118

Sonos,

Inc.

(Æ)

8,309

235

Sprout

Social,

Inc.

Class

A

(Æ)

1,133

91

SPS

Commerce,

Inc.

(Æ)

992

130

Super

Micro

Computer,

Inc.

(Æ)

4,267

163

Synaptics,

Inc.

(Æ)

576

115

Synchronoss

Technologies,

Inc.

(Æ)

2,291

4

TrueCar,

Inc.

(Æ)

9,744

38

Unisys

Corp.

(Æ)

13,888

300

Upland

Software,

Inc.

(Æ)

1,747

31

Upwork,

Inc.

(Æ)

2,609

61

Varonis

Systems,

Inc.

(Æ)

2,324

110

Veeco

Instruments,

Inc.

(Æ)(Ð)

1,635

44

Verint

Systems,

Inc.

(Æ)

1,734

90

Vishay

Intertechnology,

Inc.

10,902

214

Workiva,

Inc.

(Æ)

14,455

1,706

Xperi

Holding

Corp.

11,885

206

Yelp,

Inc.

Class

A

(Æ)(Û)

3,523

120

28,597

Utilities

-

5.3%

Allete,

Inc.

13,724

919

American

States

Water

Co.

1,064

95

APA

Corp.

(Ð)

1,381

57

Artesian

Resources

Corp.

Class

A

3,660

178

Avista

Corp.

4,875

220

Black

Hills

Corp.

2,543

196

Brigham

Minerals,

Inc.

Class

A

48,137

1,230

Chesapeake

Energy

Corp.

3,560

310

Civitas

Resources,

Inc.

1,272

76

CNX

Resources

Corp.

(Æ)

15,827

328

Cogent

Communications

Holdings,

Inc.

2,715

180

Comstock

Resources,

Inc.

(Æ)

4,655

61

Denbury,

Inc.

(Æ)

1,469

115

DT

Midstream,

Inc.

7,759

421

Earthstone

Energy,

Inc.

Class

A

(Æ)

34,844

440

Evolution

Petroleum

Corp.

28,934

196

Gogo,

Inc.

(Æ)(Ñ)

11,558

220

Gulfport

Energy

Corp.

(Æ)

315

28

IDACORP,

Inc.

1,611

186

IDT

Corp.

Class

B

(Æ)

3,397

116

Iridium

Communications,

Inc.

(Æ)

3,094

125

J2

Global,

Inc.

(Æ)

3,929

380

Mammoth

Energy

Services,

Inc.

(Æ)

10,847

23

MDU

Resources

Group,

Inc.

47,717

1,271

MGE

Energy,

Inc.

1,435

114

New

Jersey

Resources

Corp.

3,456

158

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Northern

Oil

and

Gas,

Inc.

26,470

746

Northwest

Natural

Holding

Co.

498

26

NRG

Energy,

Inc.

8,699

334

ONE

Gas,

Inc.

7,809

689

Ovintiv,

Inc.

537

29

Pinnacle

West

Capital

Corp.

5,008

391

Plains

GP

Holdings,

LP

Class

A

(Æ)

3,863

45

PNM

Resources,

Inc.

2,173

104

Portland

General

Electric

Co.

5,714

315

RGC

Resources,

Inc.

26,304

562

South

Jersey

Industries,

Inc.

11,279

390

Spire,

Inc.

1,160

83

Spok

Holdings,

Inc.

37,061

296

Telephone

&

Data

Systems,

Inc.

4,584

87

US

Cellular

Corp.

(Æ)

7,204

218

Vidler

Water

Resources,

Inc.

(Æ)

6,261

97

Vistra

Corp.

(Ð)(Û)

8,200

191

Vonage

Holdings

Corp.

(Æ)

4,943

100

Whiting

Petroleum

Corp.

(Û)

1,758

143

York

Water

Co.

(The)

2,777

125

12,614

Total

Common

Stocks

(cost

$208,317)

235,081

Short-Term

Investments

-

5.1%

U.S.

Cash

Management

Fund(@)

12,088,786

(∞)

12,085

Total

Short-Term

Investments

(cost

$12,085)

12,085

Other

Securities

-

1.0%

U.S.

Cash

Collateral

Fund(@)(×)

2,385,477

(∞)

2,385

Total

Other

Securities

(cost

$2,385)

2,385

Total

Investments

-

104.7%

(identified

cost

$222,787)

249,551

Securities

Sold

Short

-

(3.8)%

Consumer

Discretionary

-

(0.6)%

Akoustis

Technologies,

Inc.

(Æ)

(4,847)

(32)

AMC

Entertainment

Holdings,

Inc.

Class

A

(Æ)

(7,209)

(178)

AMMO,

Inc.

(Æ)

(3,324)

(16)

Astra

Space,

Inc.

(Æ)

(11,855)

(46)

Bally's

Corp.

(Æ)

(1,006)

(31)

BARK,

Inc.

(Æ)

(4,200)

(16)

Byrna

Technologies,

Inc.

(Æ)

(1,000)

(8)

Callaway

Golf

Co.

(Æ)

(6,556)

(153)

Cardlytics,

Inc.

(Æ)

(522)

(29)

CarParts.com,

Inc.

(Æ)

(5,307)

(36)

Cinedigm

Corp.

Class

A

(Æ)

(14,196)

(12)

CuriosityStream,

Inc.

(Æ)

(2,239)

(6)

Dream

Finders

Homes,

Inc.

Class

A

(Æ)

(1,816)

(31)

Fox

Factory

Holding

Corp.

(Æ)

(155)

(15)

fuboTV,

Inc.

(Æ)

(1,124)

(7)

GameStop

Corp.

Class

A

(Æ)

(1,077)

(179)

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

GrowGeneration

Corp.

(Æ)

(1,460)

(13)

Leslie's,

Inc.

(Æ)

(1,000)

(19)

Lindblad

Expeditions

Holdings,

Inc.

(Æ)

(1,331)

(20)

Lordstown

Motors

Corp.

Class

A

(Æ)

(3,686)

(13)

Lovesac

Co.

(The)

(Æ)

(165)

(9)

Madison

Square

Garden

Entertainment

Corp.

(Æ)

(2,242)

(187)

National

CineMedia,

Inc.

(4,646)

(12)

Ollie's

Bargain

Outlet

Holdings,

Inc.

(Æ)

(3,603)

(155)

Pool

Corp.

(163)

(69)

Rocket

Lab

USA,

Inc.

(Æ)

(4,500)

(36)

XPEL,

Inc.

(Æ)

(2,077)

(109)

(1,437)

Consumer

Staples

-

(0.3)%

22nd

Century

Group,

Inc.

(Æ)

(13,180)

(30)

Beauty

Health

Co.

(The)

(Æ)

(3,696)

(62)

Cadiz,

Inc.

(Æ)

(928)

(2)

Celsius

Holdings,

Inc.

(Æ)

(1,691)

(93)

Chefs'

Warehouse

Holdings,

Inc.

(Æ)

(297)

(10)

Freshpet,

Inc.

(Æ)

(1,774)

(182)

MGP

Ingredients,

Inc.

(1,071)

(92)

PetMed

Express,

Inc.

(3,189)

(82)

Utz

Brands,

Inc.

(2,209)

(33)

Vital

Farms,

Inc.

(Æ)

(714)

(9)

(595)

Energy

-

(0.3)%

Aemetis,

Inc.

(Æ)

(1,103)

(14)

Ameresco,

Inc.

Class

A

(Æ)

(617)

(49)

Archaea

Energy,

Inc.

(Æ)

(4,557)

(100)

Beam

Global

(Æ)

(425)

(9)

Cabot

Oil

&

Gas

Corp.

(5,126)

(138)

Cleanspark,

Inc.

(Æ)

(1,669)

(21)

FuelCell

Energy,

Inc.

(Æ)

(1,966)

(11)

Gevo,

Inc.

(Æ)

(4,010)

(19)

Liberty

Oilfield

Services,

Inc.

Class

A

(Æ)

(10,524)

(156)

Southwestern

Energy

Co.

(Æ)

(13,851)

(99)

Sunrun,

Inc.

(Æ)

(2,982)

(90)

(706)

Financial

Services

-

(0.3)%

Ambac

Financial

Group,

Inc.

(Æ)

(1,427)

(15)

Arbor

Realty

Trust,

Inc.

(ö)

(5,810)

(99)

BRP

Group,

Inc.

Class

A

(Æ)

(3,657)

(98)

Franchise

Group,

Inc.

(Æ)

(2,100)

(87)

GoHealth,

Inc.

Class

A

(Æ)

(5,500)

(6)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

(ö)

(3,007)

(143)

Shift4

Payments,

Inc.

Class

A

(Æ)

(3,274)

(203)

StepStone

Group,

Inc.

Class

A

(3,809)

(126)

UWM

Holdings

Corp.

(5,218)

(24)

(801)

Health

Care

-

(1.2)%

1Life

Healthcare,

Inc.

(Æ)

(18,040)

(200)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Aadi

Bioscience,

Inc.

(Æ)

(615)

(10)

Absci

Corp.

(Æ)

(1,143)

(10)

Accelerate

Diagnostics,

Inc.

(Æ)

(3,800)

(5)

Adagio

Therapeutics,

Inc.

(Æ)

(1,937)

(9)

Adicet

Bio,

Inc.

(Æ)

(2,266)

(45)

Alpha

Teknova,

Inc.

(Æ)

(918)

(13)

Alphatec

Holdings,

Inc.

(Æ)

(6,923)

(80)

Anavex

Life

Sciences

Corp.

(Æ)

(1,262)

(16)

Arcus

Biosciences,

Inc.

(Æ)

(422)

(13)

Asensus

Surgical,

Inc.

(Æ)

(10,998)

(7)

Aspira

Women's

Health,

Inc.

(Æ)

(8,899)

(9)

Athira

Pharma,

Inc.

(Æ)

(3,606)

(49)

Atossa

Therapeutics,

Inc.

(Æ)

(8,605)

(11)

aTyr

Pharma,

Inc.

(Æ)

(2,864)

(15)

AVEO

Pharmaceuticals,

Inc.

(Æ)

(786)

(4)

Berkeley

Lights,

Inc.

(Æ)

(79)

(1)

BioLife

Solutions,

Inc.

(Æ)

(3,086)

(70)

Biomea

Fusion,

Inc.

(Æ)

(1,476)

(7)

Bionano

Genomics,

Inc.

(Æ)

(44,951)

(116)

Cano

Health,

Inc.

(Æ)

(8,245)

(52)

CEL-SCI

Corp.

(Æ)

(1,193)

(5)

Cerevel

Therapeutics

Holdings,

Inc.

(Æ)

(311)

(11)

Chinook

Therapeutics,

Inc.

(Æ)

(1,536)

(25)

Citius

Pharmaceuticals,

Inc.

(Æ)

(8,294)

(15)

ClearPoint

Neuro,

Inc.

(Æ)

(1,260)

(13)

Clene,

Inc.

(Æ)

(2,102)

(8)

Clover

Health

Investments

Corp.

(Æ)

(5,687)

(20)

Cytokinetics,

Inc.

(Æ)

(4,225)

(156)

DarioHealth

Corp.

(Æ)

(386)

(2)

DermTech,

Inc.

(Æ)

(878)

(13)

Edgewise

Therapeutics,

Inc.

(Æ)

(2,312)

(22)

Evolus,

Inc.

(Æ)

(1,961)

(22)

EyePoint

Pharmaceuticals,

Inc.

(Æ)

(1,517)

(18)

Fate

Therapeutics,

Inc.

(Æ)

(1,843)

(71)

Fulgent

Genetics,

Inc.

(Æ)

(81)

(5)

Geron

Corp.

(Æ)

(1,900)

(3)

Imago

BioSciences,

Inc.

(Æ)

(2,176)

(42)

ImmunityBio,

Inc.

(Æ)

(2,282)

(13)

Inmune

Bio,

Inc.

(Æ)

(1,100)

(9)

Inotiv,

Inc.

(Æ)

(2,478)

(65)

Inovio

Pharmaceuticals,

Inc.

(Æ)

(3,511)

(13)

Instil

Bio,

Inc.

(Æ)

(5,171)

(56)

Intra-Cellular

Therapies,

Inc.

Class

A

(Æ)

(2,141)

(131)

Invitae

Corp.

(Æ)

(6,101)

(49)

Kezar

Life

Sciences,

Inc.

(Æ)

(896)

(15)

Kronos

Bio,

Inc.

(Æ)

(1,000)

(7)

Krystal

Biotech,

Inc.

(Æ)

(1,546)

(103)

Kymera

Therapeutics,

Inc.

(Æ)

(4,062)

(172)

Lantheus

Holdings,

Inc.

(Æ)

(4,132)

(229)

Lineage

Cell

Therapeutics,

Inc.

(Æ)

(2,871)

(4)

Matinas

BioPharma

Holdings,

Inc.

(Æ)

(4,379)

(4)

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

Morphic

Holding,

Inc.

(Æ)

(801)

(32)

Mustang

Bio,

Inc.

(Æ)

(1,000)

(1)

NeoGenomics,

Inc.

(Æ)

(529)

(6)

Ocugen,

Inc.

(Æ)

(1,950)

(6)

OncoCyte

Corp.

(Æ)

(3,342)

(5)

Oramed

Pharmaceuticals,

Inc.

(Æ)

(3,253)

(28)

Outlook

Therapeutics,

Inc.

(Æ)

(10,397)

(19)

Pacific

Biosciences

of

California,

Inc.

(Æ)

(1,265)

(12)

PDS

Biotechnology

Corp.

(Æ)

(2,246)

(14)

PLx

Pharma,

Inc.

(Æ)

(2,600)

(11)

Quanterix

Corp.

(Æ)

(514)

(15)

Relay

Therapeutics,

Inc.

(Æ)

(4,701)

(141)

RxSight,

Inc.

(Æ)

(900)

(11)

Seelos

Therapeutics,

Inc.

(Æ)

(8,439)

(7)

Seer,

Inc.

(Æ)

(4,719)

(72)

Sema4

Holdings

Corp.

(Æ)

(4,722)

(14)

Sorrento

Therapeutics,

Inc.

(Æ)

(518)

(1)

Teladoc

Health,

Inc.

(Æ)

(920)

(66)

TFF

Pharmaceuticals,

Inc.

(Æ)

(849)

(5)

TherapeuticsMD,

Inc.

(Æ)

(8,600)

(3)

Twist

Bioscience

Corp.

(Æ)

(1,125)

(56)

Vaxart,

Inc.

(Æ)

(2,638)

(13)

Veracyte,

Inc.

(Æ)

(6,202)

(171)

Vericel

Corp.

(Æ)

(1,800)

(69)

Vincerx

Pharma,

Inc.

(Æ)

(773)

(3)

VistaGen

Therapeutics,

Inc.

(Æ)

(5,878)

(7)

XOMA

Corp.

(Æ)

(283)

(8)

ZIOPHARM

Oncology,

Inc.

(Æ)

(3,084)

(2)

(2,861)

Materials

and

Processing

-

(0.1)%

Advanced

Drainage

Systems,

Inc.

(135)

(16)

Gatos

Silver,

Inc.

(Æ)

(4,416)

(19)

Origin

Materials,

Inc.

(Æ)

(2,300)

(15)

ThreadUp,

Inc.

Class

A

(Æ)

(1,863)

(14)

Uranium

Energy

Corp.

(Æ)

(37,883)

(174)

View,

Inc.

(Æ)

(13,294)

(25)

(263)

Producer

Durables

-

(0.2)%

908

Devices,

Inc.

(Æ)

(2,335)

(44)

Affirm

Holdings,

Inc.

(Æ)

(393)

(18)

American

Superconductor

Corp.

(Æ)

(2,174)

(17)

Atlas

Technical

Consultants

LLC

(Æ)

(1,360)

(16)

Cryoport,

Inc.

(Æ)

(1,440)

(50)

Custom

Truck

One

Source,

Inc.

(Æ)

(2,337)

(20)

Hydrofarm

Holdings

Group,

Inc.

(Æ)

(5,354)

(81)

Luminar

Technologies,

Inc.

(Æ)

(1,920)

(30)

Magnite,

Inc.

(Æ)

(1,013)

(13)

Meta

Materials,

Inc.

(Æ)

(6,510)

(11)

Performant

Financial

Corp.

(Æ)

(3,846)

(12)

Proterra,

Inc.

(Æ)

(1,153)

(9)

PureCycle

Technologies,

Inc.

(Æ)

(10,852)

(87)

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Vertex

Energy,

Inc.

(Æ)

(3,239)

(32)

Wheels

up

Experience,

Inc.

(Æ)

(8,400)

(26)

Workhorse

Group,

Inc.

(Æ)

(1,003)

(5)

Xometry,

Inc.

Class

A

(Æ)

(669)

(25)

(496)

Technology

-

(0.7)%

3D

Systems

Corp.

(Æ)

(1,000)

(17)

Aehr

Test

Systems

(Æ)

(1,104)

(11)

Atomera,

Inc.

(Æ)

(1,031)

(14)

Azenta,

Inc.

(1,881)

(156)

Bill.com

Holdings,

Inc.

(Æ)

(491)

(111)

Bumble,

Inc.

Class

A

(Æ)

(4,748)

(138)

Cargurus,

Inc.

(Æ)

(3,904)

(166)

Clearfield,

Inc.

(Æ)

(500)

(33)

Digital

Turbine,

Inc.

(Æ)

(450)

(20)

E2open

Parent

Holdings,

Inc.

(Æ)

(16,490)

(145)

Flying

Eagle

Acquisition

Corp.

(Æ)

(15,428)

(46)

Ideanomics,

Inc.

(Æ)

(4,760)

(5)

Identiv,

Inc.

(Æ)

(422)

(7)

II-VI,

Inc.

(Æ)

(313)

(23)

Latch,

Inc.

(Æ)

(4,500)

(19)

Luna

Innovations,

Inc.

(Æ)

(129)

(1)

MediaAlpha,

Inc.

Class

A

(Æ)

(935)

(15)

MicroStrategy,

Inc.

Class

A

(Æ)

(290)

(141)

MicroVision,

Inc.

(Æ)

(4,528)

(21)

NAPCO

Security

Technologies,

Inc.

(Æ)

(986)

(20)

Ouster,

Inc.

(Æ)

(17,160)

(77)

PAR

Technology

Corp.

(Æ)

(3,544)

(143)

Playstudios,

Inc.

(Æ)

(1,000)

(5)

Root,

Inc.

Class

A

(Æ)

(17,999)

(35)

RumbleON,

Inc.

Class

B

(Æ)

(401)

(14)

Vuzix

Corp.

(Æ)

(2,145)

(14)

Wolfspeed,

Inc.

(Æ)

(1,345)

(153)

(1,550)

Utilities

-

(0.1)%

New

Fortress

Energy

LLC

(3,264)

(139)

NextDecade

Corp.

(Æ)

(2,896)

(19)

RingCentral,

Inc.

Class

A

(Æ)

(448)

(53)

Tellurian,

Inc.

(Æ)

(5,012)

(26)

(237)

Total

Securities

Sold

Short

(proceeds

$9,845)

(8,946)

Other

Assets

and

Liabilities,

Net

-

(0.9)%

(2,236)

Net

Assets

-

100.0%

238,369

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

$

$

0.0%

JER

Investment

Trust,

Inc.

05/27/04

1,771

82.03

145

—

—

For

a

description

of

restricted

securities

see

note

5

in

the

Notes

to

Quarterly

Report

.

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

Number

of

Contracts

Notional

Amount

Expiration

Date

  Value

and

Unrealized

Appreciation

(Depreciation)

$

Long

Positions

Russell

2000

E-Mini

Index

Futures

114

USD

11,778

06/22

651

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

651

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Royal

Bank

of

Canada

CAD

88

USD

70

04/01/22

—

Royal

Bank

of

Canada

CAD

27

USD

22

04/04/22

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

—

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

$

26,878

$

—

$

—

$

—

$

26,878

Consumer

Staples

8,277

—

—

—

8,277

Energy

11,061

—

—

—

11,061

Financial

Services

53,005

—

—

—

53,005

Health

Care

38,805

—

—

—

38,805

Materials

and

Processing

18,656

—

—

—

18,656

Producer

Durables

37,188

—

—

—

37,188

Technology

28,597

—

—

—

28,597

Utilities

12,614

—

—

—

12,614

Short-Term

Investments

—

—

—

12,085

12,085

Other

Securities

—

—

—

2,385

2,385

Total

Investments

235,081

—

—

14,470

249,551

Securities

Sold

Short

**

(8,946)

—

—

—

(8,946)

Russell

Investment

Funds

U.S.

Small

Cap

Equity

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

20

U.S.

Small

Cap

Equity

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical    

Expedient

(a)

Total

Other

Financial

Instruments

Assets

Futures

Contracts

651

—

—

—

651

Total

Other

Financial

Instruments

*

$

651

$

—

$

—

$

—

$

651

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

**

Refer

to

Schedule

of

Investments

for

detailed

sector

breakout.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

March

31,

2022,

see

note

2

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

March

31,

2022,

were

less

than

1%

of

net

assets.

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments

—

March

31,

2022

(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

-

91.3%

Argentina

-

0.0%

YPF

SA

-

ADR(Æ)

17,193

83

Australia

-

2.3%

APA

Group

11,636

92

ASX,

Ltd.

-

ADR

3,273

199

Australia

&

New

Zealand

Banking

Group,

Ltd.

-

ADR

7,830

160

BHP

Group,

Ltd.

24,449

937

BHP

Group,

Ltd.

-

ADR

26,613

1,037

BlueScope

Steel,

Ltd.

8,785

136

Commonwealth

Bank

of

Australia

-

ADR

18,237

1,433

CSL,

Ltd.

1,402

278

Dexus

Property

Group(ö)

25,041

204

Fortescue

Metals

Group,

Ltd.

28,069

431

Goodman

Group(ö)

8,506

144

Insurance

Australia

Group,

Ltd.(Æ)

79,649

259

Macquarie

Group,

Ltd.

2,143

322

Magellan

Financial

Group,

Ltd.

-

ADR

3,288

39

Medibank

Pvt,

Ltd.

99,581

228

National

Australia

Bank,

Ltd.

-

ADR

8,328

200

Rio

Tinto

PLC

14,281

1,133

Rio

Tinto,

Ltd.

-

ADR

1,008

89

Sonic

Healthcare,

Ltd.

6,018

158

South32,

Ltd.

Class

B

125,336

467

Wesfarmers,

Ltd.(Æ)

3,132

118

Westpac

Banking

Corp.

11,123

200

8,264

Austria

-

0.4%

Erste

Group

Bank

AG

30,512

1,106

Mondi

PLC

13,553

263

1,369

Belgium

-

0.3%

Ageas

SA

11,060

557

Colruyt

SA

2,157

89

Groupe

Bruxelles

Lambert

SA

2,180

226

KBC

Groep

NV

1,407

101

Solvay

SA

784

77

UCB

SA

960

115

1,165

Bermuda

-

0.0

%

VEON,

Ltd.(Æ)

134,442

92

Brazil

-

0.9%

Ambev

SA

455,900

1,475

Atacadao

SA

48,600

230

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo(Æ)

66,400

665

Telefonica

Brasil

SA

49,319

556

Ultrapar

Participacoes

SA

59,500

177

Yara

International

ASA

2,286

114

3,217

Burkina

Faso

-

0.1%

Endeavour

Mining

PLC

12,698

315

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Canada

-

4.6%

Algonquin

Power

&

Utilities

Corp.

6,261

97

Alimentation

Couche-Tard,

Inc.

3,568

161

ARC

Resources,

Ltd.

28,974

388

B2Gold

Corp.

65,308

300

Bank

of

Montreal

2,496

294

Bank

of

Nova

Scotia

(The)

7,070

507

Barrick

Gold

Corp.

31,110

763

CAE,

Inc.(Æ)

83,015

2,160

Cameco

Corp.

Class

A

15,323

446

Canadian

Imperial

Bank

of

Commerce

1,668

202

Canadian

National

Railway

Co.

14,564

1,954

Canadian

Natural

Resources,

Ltd.

3,006

186

CGI

Group,

Inc.(Æ)

1,863

148

Dollarama,

Inc.

10,476

594

Emera,

Inc.

1,665

83

Enbridge,

Inc.

6,029

278

George

Weston,

Ltd.

1,055

130

Great-West

Lifeco,

Inc.

3,162

93

iA

Financial

Corp.,

Inc.

1,405

85

Kinross

Gold

Corp.

67,247

395

Loblaw

Cos.,

Ltd.

2,236

201

Metro,

Inc.

Class

A

5,571

321

National

Bank

of

Canada

4,041

310

Open

Text

Corp.

2,344

99

Royal

Bank

of

Canada

-

GDR

16,921

1,863

Shopify,

Inc.

Class

A(Æ)

105

71

Stantec,

Inc.

10,911

547

Sun

Life

Financial,

Inc.

20,761

1,159

Teck

Resources,

Ltd.

Class

B

9,541

385

TELUS

Corp.

8,789

230

Thomson

Reuters

Corp.(Æ)

1,222

133

Toronto-Dominion

Bank

(The)

20,950

1,662

16,245

China

-

1.5%

Alibaba

Group

Holding,

Ltd.(Æ)

83,600

1,144

Dongfeng

Motor

Group

Co.,

Ltd.

Class

H

626,000

469

JD.com,

Inc.

Class

A(Æ)

1,046

31

Tencent

Holdings,

Ltd.

53,484

2,523

Trip.com

Group,

Ltd.

-

ADR(Æ)

31,338

725

Wilmar

International,

Ltd.

176,300

611

5,503

Denmark

-

1.1%

AP

Moller

-

Maersk

A/S

Class

B

451

1,360

Carlsberg

A/S

Class

B

1,393

170

Coloplast

A/S

Class

B

975

148

Danske

Bank

A/S

42,174

697

DSV

Panalpina

A/S

5,143

983

Novo

Nordisk

A/S

Class

B

5,294

586

Novozymes

A/S

Class

B

1,505

103

4,047

Finland

-

1.5%

Elisa

OYJ

7,304

440

Fortum

OYJ

5,927

108

Kone

OYJ

Class

B

10,263

538

Neste

OYJ

1,690

77

Nokia

OYJ

490,385

2,699

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

Nordea

Bank

Abp

21,407

220

Orion

OYJ

Class

B

1,887

86

Sampo

OYJ

Class

A

12,054

588

UPM-Kymmene

OYJ

19,047

622

5,378

France

-

8.9%

Accor

SA(Æ)

41,080

1,316

Air

Liquide

SA

Class

A

1,635

286

Airbus

Group

SE

7,900

955

Amundi

SA(Þ)

13,696

935

Arkema

SA

791

94

AXA

SA

45,410

1,326

BNP

Paribas

SA

17,993

1,024

Bollore

SA

27,016

141

Bouygues

SA

-

ADR

16,761

584

Bureau

Veritas

SA

24,489

699

Capgemini

SE

3,767

838

Carrefour

SA

35,062

761

Cie

de

Saint-Gobain

SA

19,816

1,179

Cie

Generale

des

Etablissements

Michelin

SCA

Class

B

13,577

1,834

Danone

SA

2,699

149

Dassault

Aviation

SA

3,073

489

Dassault

Systemes

SE

2,279

112

Eiffage

SA

1,346

138

Engie

SA

97,308

1,276

EssilorLuxottica

SA

1,018

186

Gecina

SA(ö)

699

88

Getlink

SE

5,198

94

Hermes

International

176

250

L'Oreal

SA

3,739

1,497

LVMH

Moet

Hennessy

Louis

Vuitton

SE

-

ADR

3,345

2,382

Orange

SA

-

ADR

74,138

877

Pernod

Ricard

SA

333

73

Publicis

Groupe

SA

-

ADR

18,065

1,097

Renault

SA(Æ)

11,915

311

Rexel

SA

Class

H

146,163

3,114

Sanofi

-

ADR

18,937

1,931

Schneider

Electric

SE

7,657

1,278

SCOR

SE

-

ADR

26,641

856

Societe

Generale

SA

26,038

697

Total

SA

42,883

2,176

Vinci

SA

2,561

262

Vivendi

SE

-

ADR

17,094

223

31,528

Germany

-

4.0%

Allianz

SE

1,463

349

BASF

SE

27,959

1,594

Bayer

AG

2,787

191

Bayerische

Motoren

Werke

Aktiengesellschaft

2,256

195

Beiersdorf

AG

1,398

147

Ceconomy

AG

49,527

188

Continental

AG

6,637

479

Covestro

AG(Þ)

37,803

1,910

Daimler

AG

9,695

681

Daimler

Truck

Holding

AG(Æ)

10,620

295

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Deutsche

Bank

AG(Æ)

26,907

344

Deutsche

Boerse

AG

4,516

811

Deutsche

Telekom

AG

11,437

214

Deutsche

Wohnen

SE

5,684

191

E.ON

SE

16,754

195

Fresenius

Medical

Care

AG

&

Co.

18,515

1,242

Fresenius

SE

&

Co.

KGaA

23,920

880

Hannover

Rueck

SE

2,013

343

HeidelbergCement

AG

1,689

97

Infineon

Technologies

AG

-

ADR

19,987

683

LEG

Immobilien

SE

1,567

179

Merck

&

Co.,

Inc.

880

184

Metro

AG(Æ)

8,876

79

Muenchener

Rueckversicherungs-

Gesellschaft

AG

3,265

875

RWE

AG

4,014

175

SAP

SE

-

ADR

1,761

196

Scout24

SE(Þ)

1,154

66

Siemens

AG

5,640

781

Symrise

AG

1,220

146

Uniper

SE

1,762

45

Vonovia

SE

2,792

131

Zalando

SE(Æ)(Þ)

8,655

439

14,325

Hong

Kong

-

2.7%

AIA

Group,

Ltd.

275,608

2,885

CK

Asset

Holdings,

Ltd.

114,049

779

CK

Hutchison

Holdings,

Ltd.

Class

B

13,313

98

CK

Infrastructure

Holdings,

Ltd.

21,000

141

CLP

Holdings,

Ltd.

90,500

882

Hang

Seng

Bank,

Ltd.

26,300

506

Hong

Kong

Exchanges

&

Clearing,

Ltd.

12,100

570

Link

Real

Estate

Investment

Trust(ö)

17,200

147

New

World

Development

Co.,

Ltd.

23,000

93

Power

Assets

Holdings,

Ltd.

55,000

358

Sun

Hung

Kai

Properties,

Ltd.

11,500

137

Techtronic

Industries

Co.,

Ltd.

178,771

2,880

WH

Group,

Ltd.(Þ)

123,000

77

Xinyi

Glass

Holdings,

Ltd.

74,000

178

9,731

India

-

1.4%

Canara

Bank(Æ)

95,649

284

Housing

Development

Finance

Corp.,

Ltd.

105,884

3,316

Oil

&

Natural

Gas

Corp.,

Ltd.

109,584

236

Reliance

Industries,

Ltd.

-

GDR(Þ)

12,031

822

Zee

Entertainment

Enterprises,

Ltd.

62,658

237

4,895

Indonesia

-

0.2%

Bank

Mandiri

Persero

Tbk

PT

1,189,600

653

Ireland

-

2.1%

Accenture

PLC

Class

A

9,777

3,297

AIB

Group

PLC

163,110

358

Bank

of

Ireland

Group

PLC(Æ)

84,091

534

CRH

PLC

2,291

92

Flutter

Entertainment

PLC(Æ)

5,517

639

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

Kerry

Group

PLC

Class

A

18,136

2,026

Ryanair

Holdings

PLC

-

ADR(Æ)

6,937

604

Smurfit

Kappa

Group

PLC

1,751

78

7,628

Israel

-

0.2%

Bank

Hapoalim

BM

14,903

147

Bank

Leumi

Le-Israel

BM

12,839

138

Check

Point

Software

Technologies,

Ltd.

(Æ)

1,425

197

Israel

Discount

Bank,

Ltd.

Class

A

18,095

112

594

Italy

-

1.8%

Assicurazioni

Generali

SpA(Ñ)

43,552

997

BPER

Banca

103,990

181

Davide

Campari-Milano

NV(Æ)

67,623

787

Enel

SpA

166,065

1,109

Eni

SpA

-

ADR

79,867

1,171

FinecoBank

Banca

Fineco

SpA

18,788

285

Intesa

Sanpaolo

SpA

56,174

128

Moncler

SpA

9,504

529

Snam

Rete

Gas

SpA

27,986

162

UniCredit

SpA

82,067

886

6,235

Japan

–

17.9%

Ajinomoto

Co.,

Inc.

6,400

182

Alfresa

Holdings

Corp.

15,500

215

Alps

Alpine

Co.,

Ltd.

25,300

249

Asahi

Kasei

Corp.

7,900

68

Astellas

Pharma,

Inc.

49,000

768

Benesse

Holdings,

Inc.

3,100

57

Bridgestone

Corp.

24,000

929

Brother

Industries,

Ltd.

3,700

67

Canon,

Inc.

35,600

867

Casio

Computer

Co.,

Ltd.

6,000

69

Chiyoda

Corp.(Æ)

31,000

119

Concordia

Financial

Group,

Ltd.

34,900

130

Dai-ichi

Life

Holdings,

Inc.

33,750

687

Daiichi

Sankyo

Co.,

Ltd.

28,900

634

Daito

Trust

Construction

Co.,

Ltd.

2,600

276

Daiwa

House

REIT

Investment

Corp.(ö)

26

70

DeNA

Co.,

Ltd.

19,800

301

Eisai

Co.,

Ltd.

8,640

400

Fuji

Media

Holdings,

Inc.

12,900

124

FUJIFILM

Holdings

Corp.

2,000

122

Fukuoka

Financial

Group,

Inc.

28,500

551

GLP

J-REIT(ö)

47

72

Hankyu

Hanshin

Holdings,

Inc.

2,500

72

Hino

Motors,

Ltd.

64,900

380

Hitachi

Metals,

Ltd.(Æ)

36,000

602

Hitachi,

Ltd.

2,700

135

Honda

Motor

Co.,

Ltd.

105,400

2,996

Hoya

Corp.

800

91

Iida

Group

Holdings

Co.,

Ltd.

33,800

585

Inpex

Corp.

73,000

867

Isuzu

Motors,

Ltd.

173,000

2,236

ITOCHU

Corp.

9,000

305

Japan

Airlines

Co.,

Ltd.(Æ)

27,300

508

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Japan

Exchange

Group,

Inc.

17,700

330

Japan

Post

Holdings

Co.,

Ltd.

33,900

249

Japan

Real

Estate

Investment

Corp.(ö)

13

68

Japan

Tobacco,

Inc.

48,100

823

JGC

Holdings

Corp.

45,400

543

Kajima

Corp.

9,000

110

Kamigumi

Co.,

Ltd.

14,900

268

Kansai

Electric

Power

Co.,

Inc.

(The)

18,000

170

Kao

Corp.

15,600

640

KDDI

Corp.

30,800

1,012

Keyence

Corp.

4,900

2,279

Kintetsu

Group

Holdings

Co.,

Ltd.

2,600

74

Kirin

Holdings

Co.,

Ltd.

28,100

420

Komatsu,

Ltd.

79,400

1,906

Kyocera

Corp.

10,800

607

Marubeni

Corp.

11,100

129

MEIJI

Holdings

Co.,

Ltd.

7,900

428

Menicon

Co.,

Ltd.

57,500

1,374

Mitsubishi

Chemical

Holdings

Corp.

17,900

119

Mitsubishi

Corp.

6,200

234

Mitsubishi

Electric

Corp.

52,500

604

Mitsubishi

Estate

Co.,

Ltd.

43,200

642

Mitsubishi

Heavy

Industries,

Ltd.

9,900

326

Mitsubishi

Motors

Corp.(Æ)

65,200

175

Mitsubishi

UFJ

Financial

Group,

Inc.

213,100

1,323

Mitsui

&

Co.,

Ltd.

46,400

1,264

Mizuho

Financial

Group,

Inc.

10,800

138

MS&AD

Insurance

Group

Holdings,

Inc.

39,400

1,280

Murata

Manufacturing

Co.,

Ltd.

8,800

582

Nidec

Corp.

7,100

563

Nikon

Corp.

39,900

427

Nintendo

Co.,

Ltd.

1,510

762

Nippon

Building

Fund,

Inc.(ö)

12

68

Nippon

Prologis,

Inc.(Æ)(ö)

23

67

Nippon

Telegraph

&

Telephone

Corp.

6,306

183

Nippon

Television

Holdings,

Inc.

21,200

221

Nippon

Yusen

3,300

288

Nissan

Motor

Co.,

Ltd.(Æ)

102,700

457

Nitori

Holdings

Co.,

Ltd.

600

75

Nitto

Denko

Corp.

4,700

337

Nomura

Holdings,

Inc.

84,600

355

Nomura

Real

Estate

Master

Fund,

Inc.

(Æ)(ö)

53

70

Nomura

Research

Institute,

Ltd.

6,000

196

Obayashi

Corp.

11,200

82

Ono

Pharmaceutical

Co.,

Ltd.

47,100

1,183

Oriental

Land

Co.,

Ltd.

400

76

ORIX

Corp.

4,900

98

Orix

JREIT,

Inc.(ö)

47

64

Osaka

Gas

Co.,

Ltd.

9,800

168

Otsuka

Corp.

3,600

128

Otsuka

Holdings

Co.,

Ltd.

14,000

484

Panasonic

Corp.

117,000

1,133

Pigeon

Corp.

4,700

83

Resona

Holdings,

Inc.

286,000

1,225

Secom

Co.,

Ltd.

1,700

123

Sekisui

Chemical

Co.,

Ltd.

15,700

225

Sekisui

House,

Ltd.

8,000

155

Shimamura

Co.,

Ltd.

5,800

515

Shimano,

Inc.

600

137

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

Shimizu

Corp.

19,500

117

Shin-Etsu

Chemical

Co.,

Ltd.

19,735

3,008

Shionogi

&

Co.,

Ltd.

3,600

221

Shiseido

Co.,

Ltd.

27,300

1,384

SMC

Corp.

1,000

559

SoftBank

Group

Corp.

11,500

134

Sompo

Japan

Nipponkoa

Holdings,

Inc.

2,600

114

Sony

Corp.

9,110

940

Subaru

Corp.

34,300

545

Sumitomo

Corp.

10,900

189

Sumitomo

Electric

Industries,

Ltd.

46,600

554

Sumitomo

Heavy

Industries,

Ltd.

14,200

326

Sumitomo

Metal

Mining

Co.,

Ltd.

3,400

172

Sumitomo

Mitsui

Banking

Corp.

44,100

1,408

Sumitomo

Mitsui

Trust

Holdings,

Inc.

20,400

666

T&D

Holdings,

Inc.

94,900

1,287

Taiheiyo

Cement

Corp.

14,200

234

Takeda

Pharmaceutical

Co.,

Ltd.

56,700

1,624

Terumo

Corp.

3,700

112

THK

Co.,

Ltd.

18,700

412

Tokyo

Electron,

Ltd.

3,200

1,644

Tokyo

Gas

Co.,

Ltd.

9,600

176

Toppan

Printing

Co.,

Ltd.

7,000

124

Toray

Industries,

Inc.

17,500

91

Tosoh

Corp.

5,400

80

Toyota

Industries

Corp.

25,000

1,722

Toyota

Motor

Corp.

32,500

582

Trend

Micro,

Inc.

6,100

356

USS

Co.,

Ltd.

8,100

136

Yamaha

Motor

Co.,

Ltd.

20,200

453

Yamato

Holdings

Co.,

Ltd.

14,500

271

63,440

Luxembourg

-

0.7%

ArcelorMittal

SA(Æ)

19,773

636

Eurofins

Scientific

SE

13,735

1,362

RTL

Group

SA

6,660

370

2,368

Macao

-

0.4%

Galaxy

Entertainment

Group,

Ltd.

252,000

1,498

Malaysia

-

0.1%

CIMB

Group

Holdings

BHD

276,327

350

Mexico

-

0.7%

America

Movil

SAB

de

CV

Class

L

-

ADR

21,921

464

Grupo

Televisa

SAB

-

ADR

174,301

2,039

2,503

Netherlands

–

5.1%

ABN

AMRO

Bank

NV(Þ)

40,611

520

Adyen

NV(Æ)(Þ)

265

524

Akzo

Nobel

NV

6,660

572

ASML

Holding

NV

2,731

1,822

Exor

NV

1,148

88

Ferrari

NV

2,833

620

Heineken

Holding

NV

1,598

125

Heineken

NV

31,774

3,028

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

ING

Groep

NV

202,826

2,120

Koninklijke

Ahold

Delhaize

NV

7,662

246

Koninklijke

DSM

NV

358

64

Koninklijke

KPN

NV

90,187

313

Koninklijke

Philips

NV

13,387

410

NN

Group

NV

2,396

121

PostNL

NV

-

ADR

55,011

210

Randstad

NV

4,511

271

Shell

PLC

199,541

5,485

Universal

Music

Group

NV

47,460

1,260

Wolters

Kluwer

NV

1,740

185

17,984

New

Zealand

-

0.4%

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

67,338

1,131

Spark

New

Zealand,

Ltd.

39,929

127

1,258

Norway

-

0.4%

Gjensidige

Forsikring

ASA

3,802

94

Mowi

ASA

16,046

433

Norsk

Hydro

ASA

29,024

283

Orkla

ASA

43,997

391

Telenor

ASA

15,024

216

1,417

Russia

-

0.0%

Gazprom

PJSC

-

ADR(Š)

57,199

—

Lukoil

PJSC

-

ADR(Š)

2,007

—

Mobile

TeleSystems

PJSC

-

ADR(Š)

27,365

—

Sberbank

of

Russia

PJSC

-

ADR(Š)

22,110

—

—

Singapore

-

0.5%

Ascendas

Real

Estate

Investment

Trust(ö)

35,600

77

DBS

Group

Holdings,

Ltd.

32,409

853

Oversea-Chinese

Banking

Corp.,

Ltd.

15,292

139

Singapore

Exchange,

Ltd.

22,500

165

Singapore

Technologies

Engineering,

Ltd.

21,600

65

United

Overseas

Bank,

Ltd.

6,400

150

Venture

Corp.,

Ltd.

18,100

233

1,682

South

Africa

-

0.2%

MTN

Group,

Ltd.

18,322

237

Old

Mutual,

Ltd.

353,626

332

569

South

Korea

-

1.7%

Coway

Co.,

Ltd.

7,405

417

Hankook

Tire

&

Technology

Co.,

Ltd.

9,991

276

KB

Financial

Group,

Inc.

19,182

964

KT

Corp.

-

ADR

55,416

795

LG

Energy

Solution(Æ)

580

212

POSCO

4,792

1,151

Samsung

Electronics

Co.,

Ltd.

14,466

826

Shinhan

Financial

Group

Co.,

Ltd.

43,394

1,480

6,121

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

Spain

-

2.0%

Amadeus

IT

Group

SA

Class

A(Æ)

19,195

1,250

Banco

Santander

SA

-

ADR

31,165

106

CaixaBank

SA

567,510

1,913

Cellnex

Telecom

SA(Þ)

39,894

1,912

Endesa

SA

-

ADR

16,318

356

Iberdrola

SA

18,367

200

Industria

de

Diseno

Textil

SA

39,623

862

Naturgy

Energy

Group

SA

4,700

140

Red

Electrica

Corp.

SA

9,691

199

Repsol

SA

-

ADR

8,055

106

Telefonica

SA

-

ADR

27,730

135

7,179

Sweden

-

1.9%

Assa

Abloy

AB

Class

B

35,058

945

Atlas

Copco

AB(Æ)

7,611

395

Boliden

AB

12,613

640

Essity

Aktiebolag

Class

B

8,098

191

Hexagon

AB(Æ)

102,245

1,434

Investor

AB

Class

B

12,825

279

Kinnevik

AB

Class

B(Æ)

2,854

74

Sandvik

AB

62,557

1,328

Securitas

AB

Class

B

9,746

110

Skandinaviska

Enskilda

Banken

AB

Class

A

10,055

109

Skanska

AB

Class

B

4,372

98

Svenska

Handelsbanken

AB

Class

A

12,929

119

Swedbank

AB

Class

A

4,857

72

Swedish

Match

AB

91,123

685

Tele2

AB

Class

B

6,957

105

Telia

Co.

AB

26,701

107

6,691

Switzerland

-

9.0%

ABB,

Ltd.

17,764

575

Adecco

Group

AG

20,614

933

Alcon,

Inc.

9,868

780

Baloise

Holding

AG

608

108

Barry

Callebaut

AG

32

75

Chocoladefabriken

Lindt

&

Spruengli

AG

15

287

Cie

Financiere

Richemont

SA

Class

A

6,616

839

Credit

Suisse

Group

AG

Class

A

44,790

353

EMS-Chemie

Holding

AG

164

159

Geberit

AG

193

119

Givaudan

SA

37

152

Julius

Baer

Group,

Ltd.

18,899

1,096

Kuehne

&

Nagel

International

AG

320

91

LafargeHolcim,

Ltd.(Æ)

24,205

1,182

Lonza

Group

AG

1,346

975

Nestle

SA

44,700

5,803

Novartis

AG

40,205

3,526

Partners

Group

Holding

AG

1,165

1,447

Roche

Holding

AG

9,771

3,872

Schindler

Holding

AG

827

176

SGS

SA

241

670

Sika

AG

342

113

Swatch

Group

AG

(The)

Class

B

1,056

300

Swiss

Life

Holding

AG

189

121

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Swiss

Prime

Site

AG

Class

A

1,844

182

Swiss

Re

AG

1,579

150

Swisscom

AG

1,359

816

UBS

Group

AG

299,785

5,856

Zurich

Insurance

Group

AG

2,197

1,083

31,839

Taiwan

-

2.4%

Catcher

Technology

Co.,

Ltd.

76,513

385

Hon

Hai

Precision

Industry

Co.,

Ltd.

680,184

2,506

MediaTek,

Inc.

28,000

873

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

107,000

2,212

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

24,215

2,524

8,500

Thailand

-

0.2%

Kasikornbank

PCL

181,600

880

Turkey

-

0.1%

Turk

Telekomunikasyon

AS

230,967

162

Turkcell

Iletisim

Hizmetleri

AS

150,487

232

394

United

Kingdom

-

11.5%

Allfunds

Group

PLC(Æ)

22,831

261

Anglo

American

PLC

38,511

1,987

AstraZeneca

PLC

13,092

1,736

Auto

Trader

Group

PLC(Þ)

21,424

177

Aviva

PLC

143,057

844

Babcock

International

Group

PLC(Æ)

73,961

314

BAE

Systems

PLC

115,528

1,089

Barclays

PLC

356,586

693

Barratt

Developments

PLC

13,355

91

Berkeley

Group

Holdings

PLC(Æ)

5,005

244

BP

PLC

352,059

1,721

British

American

Tobacco

PLC

6,937

290

British

Land

Co.

PLC

(The)(ö)

52,154

361

BT

Group

PLC

309,294

737

Centrica

PLC(Æ)

277,283

290

Compass

Group

PLC

64,595

1,392

Croda

International

PLC(Æ)

1,764

181

DCC

PLC

1,269

98

Diageo

PLC

25,269

1,277

Direct

Line

Insurance

Group

PLC

51,660

186

easyJet

PLC(Æ)

27,518

199

Experian

PLC

7,454

287

Ferguson

PLC

621

84

GlaxoSmithKline

PLC

-

ADR

14,663

316

Halma

PLC

3,228

105

HSBC

Holdings

PLC

287,491

1,971

Intermediate

Capital

Group

PLC(Æ)

35,112

816

Intertek

Group

PLC

2,244

153

J

Sainsbury

PLC

517,819

1,715

John

Wood

Group

PLC(Æ)

446,737

943

Johnson

Matthey

PLC

2,355

58

Kingfisher

PLC

121,707

406

Land

Securities

Group

PLC(ö)

34,795

357

Legal

&

General

Group

PLC

40,525

144

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

Linde

PLC

9,489

3,059

Lloyds

Banking

Group

PLC

177,653

109

Marks

&

Spencer

Group

PLC(Æ)

74,307

150

National

Grid

PLC

19,046

293

Natwest

Group

PLC

297,720

838

Persimmon

PLC

Class

A

9,776

275

Reckitt

Benckiser

Group

PLC

9,842

752

RELX

PLC

10,932

341

Sage

Group

PLC

(The)

14,612

134

Scottish

&

Southern

Energy

PLC

14,467

331

Segro

PLC(ö)

49,310

869

Smith

&

Nephew

PLC

50,158

799

Spirax-Sarco

Engineering

PLC

668

109

St.

James's

Place

PLC

21,061

397

Standard

Chartered

PLC

269,763

1,789

Taylor

Wimpey

PLC

46,913

80

TechnipFMC

PLC(Æ)

135,887

1,053

Tesco

PLC

525,041

1,899

Travis

Perkins

PLC

76,186

1,230

Unilever

PLC

23,903

1,082

United

Utilities

Group

PLC

5,357

79

Vodafone

Group

PLC

623,724

1,023

Wausau

Paper

Corp.

81,554

1,067

Weir

Group

PLC

(The)

75,473

1,613

40,894

United

States

-

2.1%

Allegion

PLC

20,273

2,225

Amdocs,

Ltd.

23,483

1,931

Aon

PLC

Class

A

6,316

2,056

James

Hardie

Industries

PLC

17,529

528

Lululemon

Athletica,

Inc.(Æ)

2,256

824

7,564

Total

Common

Stocks

(cost

$312,597)

324,398

Preferred

Stocks

-

1.8%

Germany

-

1.2%

Henkel

AG

&

Co.

KGaA

3.148%

(Ÿ)

7,908

530

Porsche

Automobil

Holding

SE

2.686%

(Ÿ)

959

93

Sartorius

AG

0.336%

(Ÿ)

2,987

1,327

Volkswagen

AG

3.157%

(Ÿ)

12,908

2,231

4,181

South

Korea

-

0.6%

Samsung

Electronics

Co.,

Ltd.

1.777%

(Ÿ)

40,508

2,095

Total

Preferred

Stocks

(cost

$5,966)

6,276

Short-Term

Investments

-

3.9%

United

States

-

3.9%

U.S.

Cash

Management

Fund(@)

13,995,174

(∞)

13,991

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Total

Short-Term

Investments

(cost

$13,990)

13,991

Other

Securities

-

0.3%

U.S.

Cash

Collateral

Fund(@)(×)

951,200

(∞)

951

Total

Other

Securities

(cost

$951)

951

Total

Investments

-

97.3%

(identified

cost

$333,504)

345,616

Other

Assets

and

Liabilities,

Net

-

2.7%

9,597

Net

Assets

-

100.0%

355,213

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

$

$

2.1%

ABN

AMRO

Bank

NV

10/03/19

EUR

40,611

17.41

707

520

Adyen

NV

07/25/19

EUR

265

763.34

202

524

Amundi

SA

02/21/19

EUR

13,696

64.95

890

935

Auto

Trader

Group

PLC

12/10/21

GBP

21,424

9.80

210

177

Cellnex

Telecom

SA

08/07/17

EUR

39,894

41.94

1,673

1,912

Covestro

AG

08/15/19

EUR

37,803

45.40

1,715

1,910

Reliance

Industries,

Ltd.

10/21/20

EUR

12,031

58.25

701

822

Scout24

SE

12/17/20

EUR

1,154

83.16

96

66

WH

Group,

Ltd.

06/26/19

HKD

123,000

1.02

125

77

Zalando

SE

12/12/19

EUR

8,655

57.05

494

439

7,382

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

11

EUR

1,593

04/22

66

ASX

SPI

200

Index

Futures

94

AUD

17,576

06/22

733

CAC40

Euro

Index

Futures

62

EUR

4,128

04/22

22

DAX

Index

Futures

9

EUR

3,247

06/22

127

EURO

STOXX

50

Index

Futures

59

EUR

2,256

06/22

151

FTSE

100

Index

Futures

38

GBP

2,845

06/22

210

FTSE/MIB

Index

Futures

8

EUR

976

06/22

65

Hang

Seng

Index

Futures

3

HKD

3,299

04/22

6

IBEX

35

Index

Futures

11

EUR

926

04/22

9

MSCI

Singapore

Index

Futures

6

SGD

201

04/22

1

OMXS30

Index

Futures

47

SEK

9,800

04/22

(29)

S&P/TSX

60

Index

Futures

94

CAD

24,761

06/22

399

TOPIX

Index

Futures

44

JPY

856,459

06/22

688

Short

Positions

MSCI

Emerging

Markets

Index

Futures

483

USD

27,182

06/22

(1,890)

S&P

500

E-Mini

Index

Futures

51

USD

11,553

06/22

(936)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(378)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

3,448

AUD

4,697

06/15/22

71

Bank

of

America

USD

4,265

CAD

5,464

06/15/22

105

Bank

of

America

USD

814

DKK

5,470

06/15/22

1

Bank

of

America

USD

1,328

EUR

1,198

06/15/22

1

Bank

of

America

USD

842

GBP

639

06/15/22

(2)

Bank

of

America

USD

2,439

JPY

281,485

06/15/22

(122)

Bank

of

America

CHF

1,274

USD

1,378

06/15/22

(5)

Citigroup

USD

3,724

SEK

36,170

06/15/22

131

Citigroup

NOK

18,190

USD

2,018

06/15/22

(48)

HSBC

USD

3,447

AUD

4,697

06/15/22

73

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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)

$

HSBC

USD

4,261

CAD

5,464

06/15/22

109

HSBC

USD

814

DKK

5,470

06/15/22

2

HSBC

USD

1,327

EUR

1,198

06/15/22

2

HSBC

USD

841

GBP

639

06/15/22

(2)

HSBC

USD

2,440

JPY

281,485

06/15/22

(124)

HSBC

CHF

1,274

USD

1,379

06/15/22

(4)

JPMorgan

Chase

USD

3,447

AUD

4,697

06/15/22

72

JPMorgan

Chase

USD

4,259

CAD

5,464

06/15/22

112

JPMorgan

Chase

USD

811

DKK

5,470

06/15/22

4

JPMorgan

Chase

USD

1,323

EUR

1,198

06/15/22

6

JPMorgan

Chase

USD

840

GBP

639

06/15/22

(1)

JPMorgan

Chase

USD

2,436

JPY

281,485

06/15/22

(119)

JPMorgan

Chase

CHF

1,274

USD

1,378

06/15/22

(5)

Morgan

Stanley

USD

1,688

CAD

2,150

06/15/22

31

Morgan

Stanley

EUR

2,170

USD

2,376

06/15/22

(31)

Royal

Bank

of

Canada

USD

3,444

AUD

4,697

06/15/22

75

Royal

Bank

of

Canada

USD

82

CAD

103

04/04/22

—

Royal

Bank

of

Canada

USD

4,266

CAD

5,464

06/15/22

104

Royal

Bank

of

Canada

USD

815

DKK

5,470

06/15/22

1

Royal

Bank

of

Canada

USD

1,328

EUR

1,198

06/15/22

1

Royal

Bank

of

Canada

USD

840

GBP

639

06/15/22

(1)

Royal

Bank

of

Canada

USD

2,436

JPY

281,485

06/15/22

(118)

Royal

Bank

of

Canada

CHF

1,274

USD

1,380

06/15/22

(3)

Standard

Chartered

USD

3,446

AUD

4,697

06/15/22

74

Standard

Chartered

USD

4,260

CAD

5,464

06/15/22

110

Standard

Chartered

USD

813

DKK

5,470

06/15/22

2

Standard

Chartered

USD

1,326

EUR

1,198

06/15/22

3

Standard

Chartered

USD

841

GBP

639

06/15/22

(1)

Standard

Chartered

USD

2,437

JPY

281,485

06/15/22

(121)

Standard

Chartered

AUD

4,160

USD

3,035

06/15/22

(82)

Standard

Chartered

CHF

1,274

USD

1,377

06/15/22

(6)

State

Street

USD

3,266

NOK

29,140

06/15/22

42

State

Street

USD

316

SEK

3,050

06/15/22

9

State

Street

HKD

2,630

USD

337

06/15/22

1

State

Street

TWD

3,734

USD

131

04/01/22

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

347

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Argentina

$

83

$

—

$

—

$

—

$

83

Australia

—

8,264

—

—

8,264

Austria

—

1,369

—

—

1,369

Belgium

—

1,165

—

—

1,165

Bermuda

92

—

—

—

92

Brazil

3,103

114

—

—

3,217

Burkina

Faso

315

—

—

—

315

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

Canada

16,245

—

—

—

16,245

China

725

4,778

—

—

5,503

Denmark

—

4,047

—

—

4,047

Finland

—

5,378

—

—

5,378

France

—

31,528

—

—

31,528

Germany

—

14,325

—

—

14,325

Hong

Kong

—

9,731

—

—

9,731

India

—

4,895

—

—

4,895

Indonesia

—

653

—

—

653

Ireland

3,901

3,727

—

—

7,628

Israel

197

397

—

—

594

Italy

—

6,

235

—

—

6,

235

Japan

—

63,440

—

—

63,440

Luxembourg

—

2,368

—

—

2,368

Macao

—

1,498

—

—

1,498

Malaysia

—

350

—

—

350

Mexico

2,503

—

—

—

2,503

Netherlands

—

17,

984

—

—

17,

984

New

Zealand

—

1,258

—

—

1,258

Norway

—

1,417

—

—

1,417

Russia

—

—

—

—

—

Singapore

—

1,682

—

—

1,682

South

Africa

—

569

—

—

569

South

Korea

1,007

5,114

—

—

6,121

Spain

—

7,179

—

—

7,179

Sweden

—

6,691

—

—

6,691

Switzerland

—

31,839

—

—

31,839

Taiwan

2,524

5,976

—

—

8,500

Thailand

—

880

—

—

880

Turkey

—

394

—

—

394

United

Kingdom

1,053

39,841

—

—

40,894

United

States

7,036

528

—

—

7,564

Preferred

Stocks

—

6,276

—

—

6,276

Short-Term

Investments

—

—

—

13,991

13,991

Other

Securities

—

—

—

951

951

Total

Investments

38,784

291,890

—

14,942

345,616

Other

Financial

Instruments

Assets

Futures

Contracts

2,477

—

—

—

2,477

Foreign

Currency

Exchange

Contracts

—

1,142

—

—

1,142

Russell

Investment

Funds

International

Developed

Markets

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

30

International

Developed

Markets

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Liabilities

Futures

Contracts

(2,855)

—

—

—

(2,855)

Foreign

Currency

Exchange

Contracts

—

(795)

—

—

(795)

Total

Other

Financial

Instruments

*

$

(378)

$

347

$

—

$

—

$

(

31

)

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

March

31,

2022,

see

note

2

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

March

31,

2022,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Sector

Exposure

Fair

Value

$

Common

Stocks

Consumer

Discretionary

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

49,109

Consumer

Staples

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

21,029

Energy

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

16,580

Financial

Services

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

79,533

Health

Care

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

28,430

Materials

and

Processing

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

35,293

Producer

Durables

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

43,008

Technology

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

34,959

Utilities

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

16,457

Preferred

Stocks

Consumer

Discretionary

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

2,325

Consumer

Staples

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

529

Technology

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

3,422

Short-Term

Investments

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

13,991

Other

Securities

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

951

Total

Investments

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

345,616

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments

—

March

31,

2022

(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

-

83.0%

Asset-Backed

Securities

-

2.6%

Carlyle

Global

Market

Strategies

CLO,

Ltd.

Series

2021-4A

Class

A1R3

1.339%

due

04/22/32

(USD

3

Month

LIBOR

+

1.080%)(Ê)(Þ)

2,298

2,279

CLI

Funding

VI

LLC

Series

2020-3A

Class

A

2.070%

due

10/18/45

(Þ)

1,409

1,309

CLI

Funding

VIII

LLC

Series

2022-1A

Class

A1

2.720%

due

01/18/47

(Þ)

4,607

4,342

Conseco

Financial

Corp.

Series

1998-2

Class

M1

6.940%

due

12/01/28

(~)(Ê)

863

833

Countrywide

Asset-Backed

Certificates

Trust

Series

2007-4

Class

A4W

4.640%

due

04/25/47

1,511

1,433

Elmwood

CLO,

Ltd.

Series

2022-2A

Class

A1

1.000%

due

04/22/35

(CME

Term

SOFR

3

Month

+

1.340%)(Ê)(Þ)

2,723

2,720

FNA

VI

LLC

Series

2021-1A

Class

A

1.350%

due

01/10/32

(~)(Ê)(Þ)

576

550

Goldentree

Loan

Management

US

CLO

7,

Ltd.

Series

2021-7A

Class

AR

1.324%

due

04/20/34

(USD

3

Month

LIBOR

+

1.070%)(Ê)(Þ)

1,147

1,134

GoodLeap

Sustainable

Home

Improvements

Series

2021-5CS

Class

A

2.310%

due

10/20/48

(Þ)

1,055

966

GoodLeap

Sustainable

Home

Solutions

Trust

Series

2022-1GS

Class

A

2.700%

due

01/20/49

(Þ)

963

900

Greenpoint

Manufactured

Housing

Contract

Trust

Series

2000-4

Class

A3

2.190%

due

08/21/31

(USD

1

Month

LIBOR

+

2.000%)(Ê)

575

599

Option

One

Mortgage

Loan

Trust

Series

2007-FXD1

Class

3A4

5.860%

due

01/25/37

(~)(Ê)

499

484

SpringCastle

America

Funding

LLC

Series

2020-AA

Class

A

1.970%

due

09/25/37

(Þ)

3,426

3,299

TAL

Advantage

VII

LLC

Series

2020-1A

Class

A

2.050%

due

09/20/45

(Þ)

1,903

1,783

Towd

Point

Mortgage

Trust

Series

2020-MH1

Class

A1

2.250%

due

02/25/60

(~)(Ê)(Þ)

2,155

2,088

24,719

Corporate

Bonds

and

Notes

-

18.9%

3M

Co.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.700%

due

04/15/50

30

30

Abbott

Laboratories

4.750%

due

11/30/36

824

958

4.900%

due

11/30/46

30

37

AbbVie,

Inc.

3.600%

due

05/14/25

60

61

Series

WI

3.800%

due

03/15/25

60

61

2.950%

due

11/21/26

670

664

3.200%

due

11/21/29

770

761

4.550%

due

03/15/35

10

11

4.050%

due

11/21/39

710

729

4.250%

due

11/21/49

10

10

Air

Lease

Corp.

0.700%

due

02/15/24

570

545

3.375%

due

07/01/25

480

473

1.875%

due

08/15/26

350

322

Aircastle,

Ltd.

4.400%

due

09/25/23

879

882

Alexandria

Real

Estate

Equities,

Inc.

2.000%

due

05/18/32

210

184

3.000%

due

05/18/51

150

126

Ally

Financial,

Inc.

8.000%

due

11/01/31

554

688

Alphabet,

Inc.

1.900%

due

08/15/40

130

106

2.250%

due

08/15/60

80

62

Altria

Group,

Inc.

4.400%

due

02/14/26

112

116

4.800%

due

02/14/29

40

42

2.450%

due

02/04/32

560

487

10.200%

due

02/06/39

22

32

3.400%

due

02/04/41

460

377

5.375%

due

01/31/44

643

665

3.875%

due

09/16/46

70

59

Amazon.com,

Inc.

2.100%

due

05/12/31

350

325

2.500%

due

06/03/50

140

117

3.100%

due

05/12/51

210

197

Series

WI

2.800%

due

08/22/24

891

898

3.875%

due

08/22/37

50

53

Ambac

Assurance

Corp.

5.100%

due

12/31/99

(Þ)

1

1

American

Airlines

Group,

Inc.

5.500%

due

04/20/26

(Þ)

160

161

5.750%

due

04/20/29

(Þ)

40

40

American

Express

Co.

3.550%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.854%)(Ê)(ƒ)

80

73

American

International

Group,

Inc.

4.750%

due

04/01/48

40

46

Series

A-9

5.750%

due

04/01/48

(USD

3

Month

LIBOR

+

2.868%)(Ê)

861

866

American

Tower

Corp.

5.000%

due

02/15/24

805

833

American

Transmission

Systems,

Inc.

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

2.650%

due

01/15/32

(Þ)

190

176

Americo

Life,

Inc.

3.450%

due

04/15/31

(Þ)

70

63

AmFam

Holdings,

Inc.

2.805%

due

03/11/31

(Þ)

120

111

3.833%

due

03/11/51

(Þ)

100

92

Amgen,

Inc.

4.400%

due

05/01/45

100

105

Series

WI

4.663%

due

06/15/51

50

55

Andeavor

LLC

Series

WI

5.125%

due

12/15/26

225

232

Anthem,

Inc.

4.101%

due

03/01/28

50

52

4.375%

due

12/01/47

20

21

4.850%

due

08/15/54

783

899

Aon

Corp.

8.205%

due

01/01/27

172

200

Apache

Corp.

4.750%

due

04/15/43

80

76

4.250%

due

01/15/44

120

105

Apache

Finance

Canada

Corp.

7.750%

due

12/15/29

30

35

Apple,

Inc.

4.500%

due

02/23/36

691

790

4.650%

due

02/23/46

100

118

2.650%

due

05/11/50

110

96

Ares

Capital

Corp.

3.250%

due

07/15/25

914

887

AT&T,

Inc.

3.800%

due

02/15/27

150

153

6.950%

due

01/15/28

450

526

1.650%

due

02/01/28

200

182

4.500%

due

05/15/35

150

159

3.100%

due

02/01/43

270

233

4.350%

due

06/15/45

26

26

3.300%

due

02/01/52

10

9

3.500%

due

02/01/61

220

187

Series

WI

4.450%

due

04/01/24

868

893

4.300%

due

02/15/30

70

74

2.550%

due

12/01/33

40

36

6.375%

due

03/01/41

30

39

3.500%

due

09/15/53

200

175

3.550%

due

09/15/55

83

73

3.800%

due

12/01/57

330

301

Aviation

Capital

Group

LLC

3.875%

due

05/01/23

(Þ)

898

902

5.500%

due

12/15/24

(Þ)

170

175

Bank

of

America

Corp.

4.000%

due

01/22/25

45

46

4.271%

due

07/23/29

(USD

3

Month

LIBOR

+

1.310%)(Ê)

110

113

3.974%

due

02/07/30

(USD

3

Month

LIBOR

+

1.210%)(Ê)

500

508

2.884%

due

10/22/30

(USD

3

Month

LIBOR

+

1.190%)(Ê)

200

190

2.592%

due

04/29/31

(SOFR

+

2.150%)(Ê)

140

129

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.922%

due

10/24/31

(SOFR

+

1.370%)(Ê)

870

756

2.687%

due

04/22/32

(SOFR

+

1.320%)(Ê)

430

395

2.299%

due

07/21/32

(SOFR

+

1.220%)(Ê)

330

294

2.572%

due

10/20/32

(SOFR

+

1.210%)(Ê)

270

245

2.482%

due

09/21/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.200%)(Ê)

500

430

2.676%

due

06/19/41

(SOFR

+

1.930%)(Ê)

90

76

3.311%

due

04/22/42

(SOFR

+

1.580%)(Ê)

470

435

5.000%

due

01/21/44

555

638

4.330%

due

03/15/50

(USD

3

Month

LIBOR

+

1.520%)(Ê)

30

32

4.083%

due

03/20/51

(USD

3

Month

LIBOR

+

3.150%)(Ê)

330

341

Series

GMTN

4.450%

due

03/03/26

30

31

3.500%

due

04/19/26

80

81

Bank

of

America

NA

Series

BKNT

6.000%

due

10/15/36

734

895

BankUnited,

Inc.

4.875%

due

11/17/25

280

292

Baxter

International,

Inc.

0.868%

due

12/01/23

(Þ)

936

906

Becton

Dickinson

and

Co.

3.363%

due

06/06/24

900

907

3.734%

due

12/15/24

188

191

4.685%

due

12/15/44

8

9

Bed

Bath

&

Beyond,

Inc.

3.749%

due

08/01/24

270

265

Berkshire

Hathaway

Energy

Co.

Series

WI

4.050%

due

04/15/25

699

721

Berkshire

Hathaway

Finance

Corp.

2.850%

due

10/15/50

1,044

904

Berkshire

Hathaway,

Inc.

3.125%

due

03/15/26

684

690

Berry

Global,

Inc.

Series

WI

0.950%

due

02/15/24

949

909

Berry

Petroleum

Corp.

7.000%

due

02/15/26

(Þ)

350

346

BGC

Partners,

Inc.

Series

WI

5.375%

due

07/24/23

408

417

Blackstone

Holdings

Finance

Co.

LLC

3.200%

due

01/30/52

(Þ)

220

190

Blackstone

Mortgage

Trust,

Inc.

5.500%

due

03/15/27

100

99

Boardwalk

Pipelines,

LP

4.800%

due

05/03/29

710

734

Boeing

Co.

(The)

4.875%

due

05/01/25

220

227

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

2.196%

due

02/04/26

870

823

3.100%

due

05/01/26

20

20

2.700%

due

02/01/27

40

38

2.800%

due

03/01/27

30

29

3.200%

due

03/01/29

120

114

5.150%

due

05/01/30

310

331

3.250%

due

02/01/35

160

143

5.705%

due

05/01/40

160

179

3.750%

due

02/01/50

210

187

5.805%

due

05/01/50

100

115

3.950%

due

08/01/59

290

251

Bon

Secours

Mercy

Health,

Inc.

3.464%

due

06/01/30

90

90

BP

Capital

Markets

America,

Inc.

3.410%

due

02/11/26

200

202

3.000%

due

02/24/50

740

639

Bristol-Myers

Squibb

Co.

2.350%

due

11/13/40

230

194

Series

WI

3.900%

due

02/20/28

380

396

3.400%

due

07/26/29

53

54

Broadcom,

Inc.

3.187%

due

11/15/36

(Þ)

290

252

Brown

&

Brown,

Inc.

4.200%

due

09/15/24

864

881

Burlington

Northern

Santa

Fe

LLC

4.400%

due

03/15/42

100

109

Cabot

Oil

&

Gas

Corp.

4.375%

due

06/01/24

(Þ)

150

153

3.900%

due

05/15/27

(Þ)

260

262

Cameron

LNG

LLC

3.701%

due

01/15/39

(Þ)

30

29

Capital

One

Financial

Corp.

3.500%

due

06/15/23

884

894

Carrier

Global

Corp.

Series

WI

3.577%

due

04/05/50

40

37

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

4.500%

due

08/15/30

(Þ)

10

9

Series

WI

4.500%

due

05/01/32

250

229

CDW

LLC

/

CDW

Finance

Corp.

4.125%

due

05/01/25

900

905

Centene

Corp.

Series

WI

4.250%

due

12/15/27

80

80

4.625%

due

12/15/29

270

272

3.375%

due

02/15/30

110

104

CenterPoint

Energy

Houston

Electric

LLC

4.500%

due

04/01/44

190

209

Charles

Schwab

Corp.

(The)

2.000%

due

03/20/28

140

131

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

216

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

2.250%

due

01/15/29

410

369

5.050%

due

03/30/29

120

127

3.500%

due

06/01/41

150

125

3.500%

due

03/01/42

190

157

5.750%

due

04/01/48

350

372

5.250%

due

04/01/53

330

332

3.850%

due

04/01/61

60

48

3.950%

due

06/30/62

170

137

5.500%

due

04/01/63

130

131

Series

WI

4.908%

due

07/23/25

120

124

6.384%

due

10/23/35

20

23

6.484%

due

10/23/45

639

727

6.834%

due

10/23/55

20

24

Cheniere

Energy

Partners,

LP

3.250%

due

01/31/32

(Þ)

210

191

Chevron

Corp.

2.895%

due

03/03/24

895

905

0.687%

due

08/12/25

946

883

2.954%

due

05/16/26

70

70

3.078%

due

05/11/50

10

9

2.343%

due

08/12/50

130

105

CHS/Community

Health

Systems,

Inc.

6.875%

due

04/15/29

(Þ)

140

138

Cigna

Corp.

2.400%

due

03/15/30

110

102

3.200%

due

03/15/40

410

373

Series

WI

4.375%

due

10/15/28

460

484

4.800%

due

08/15/38

220

241

Cimarex

Energy

Co.

4.375%

due

03/15/29

130

121

Cintas

Corp.

No.

2

3.700%

due

04/01/27

70

72

Cisco

Systems,

Inc.

3.625%

due

03/04/24

832

852

CIT

Bank

NA

Series

BKNT

2.969%

due

09/27/25

(SOFR

+

1.715%)(Ê)

812

804

Citigroup,

Inc.

3.106%

due

04/08/26

(SOFR

+

2.842%)(Ê)

100

99

2.976%

due

11/05/30

(SOFR

+

1.422%)(Ê)

400

379

2.572%

due

06/03/31

(SOFR

+

2.107%)(Ê)

220

202

2.561%

due

05/01/32

(SOFR

+

1.167%)(Ê)

920

830

2.520%

due

11/03/32

(SOFR

+

1.177%)(Ê)

330

296

3.785%

due

03/17/33

(SOFR

+

1.939%)(Ê)

430

426

8.125%

due

07/15/39

370

560

4.650%

due

07/23/48

838

947

Series

Y

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

4.150%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.000%)(Ê)(ƒ)

230

215

Clorox

Co.

(The)

1.800%

due

05/15/30

220

193

CNH

Industrial

Capital

LLC

1.950%

due

07/02/23

941

931

Coca-Cola

Co.

(The)

1.375%

due

03/15/31

90

78

4.125%

due

03/25/40

120

127

2.500%

due

06/01/40

10

9

Comcast

Corp.

3.700%

due

04/15/24

901

920

4.150%

due

10/15/28

110

116

4.250%

due

10/15/30

120

128

7.050%

due

03/15/33

150

196

6.500%

due

11/15/35

19

25

3.250%

due

11/01/39

10

9

3.750%

due

04/01/40

10

10

3.400%

due

07/15/46

20

19

4.000%

due

03/01/48

80

82

2.887%

due

11/01/51

(Þ)

364

307

2.937%

due

11/01/56

(Þ)

30

25

2.987%

due

11/01/63

(Þ)

117

96

CommonSpirit

Health

2.782%

due

10/01/30

80

75

3.910%

due

10/01/50

90

86

Commonwealth

Edison

Co.

6.450%

due

01/15/38

120

158

Constellation

Brands,

Inc.

4.250%

due

05/01/23

892

908

4.750%

due

11/15/24

40

42

Consumers

Energy

Co.

2.500%

due

05/01/60

30

23

Continental

Resources,

Inc.

4.500%

due

04/15/23

120

121

2.268%

due

11/15/26

(Þ)

80

75

2.875%

due

04/01/32

(Þ)

120

107

Series

WI

4.375%

due

01/15/28

260

264

Corning,

Inc.

3.900%

due

11/15/49

40

39

Costco

Wholesale

Corp.

2.750%

due

05/18/24

904

910

1.600%

due

04/20/30

120

108

Coterra

Energy,

Inc.

4.375%

due

03/15/29

(Þ)

330

344

Covey

Park

Energy

LLC

7.500%

due

05/15/25

(Þ)

150

152

CVS

Health

Corp.

3.625%

due

04/01/27

40

41

4.300%

due

03/25/28

101

106

3.250%

due

08/15/29

70

69

3.750%

due

04/01/30

110

112

2.125%

due

09/15/31

200

179

4.780%

due

03/25/38

260

284

4.125%

due

04/01/40

40

41

2.700%

due

08/21/40

310

264

5.050%

due

03/25/48

185

210

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

CyrusOne,

LP

/

CyrusOne

Finance

Corp.

2.900%

due

11/15/24

915

917

Danaher

Corp.

2.800%

due

12/10/51

120

102

DCP

Midstream

Operating,

LP

3.250%

due

02/15/32

110

99

6.450%

due

11/03/36

(Þ)

50

58

Series

A

7.375%

due

12/31/99

(USD

3

Month

LIBOR

+

5.148%)(Ê)(ƒ)

80

77

Deere

&

Co.

3.750%

due

04/15/50

40

42

Dell

International

LLC

/

EMC

Corp.

Series

WI

8.100%

due

07/15/36

65

85

Delta

Air

Lines,

Inc.

3.800%

due

04/19/23

30

30

7.000%

due

05/01/25

(Þ)

280

300

4.500%

due

10/20/25

(Þ)

180

181

7.375%

due

01/15/26

110

119

4.750%

due

10/20/28

(Þ)

670

675

3.750%

due

10/28/29

30

27

Devon

Energy

Corp.

5.850%

due

12/15/25

140

152

5.600%

due

07/15/41

90

104

5.000%

due

06/15/45

410

446

Series

WI

5.250%

due

10/15/27

19

20

5.875%

due

06/15/28

153

162

4.500%

due

01/15/30

220

227

DH

Europe

Finance

II

SARL

3.400%

due

11/15/49

684

650

Diamondback

Energy,

Inc.

3.500%

due

12/01/29

340

337

4.400%

due

03/24/51

160

162

DISH

DBS

Corp.

5.750%

due

12/01/28

(Þ)

150

142

Series

WI

7.750%

due

07/01/26

10

10

Dominion

Energy,

Inc.

Series

C

3.375%

due

04/01/30

80

79

DR

Horton,

Inc.

2.500%

due

10/15/24

280

276

Duke

Energy

Carolinas

LLC

6.100%

due

06/01/37

190

225

4.000%

due

09/30/42

100

102

Duke

Energy

Indiana

LLC

Series

YYY

3.250%

due

10/01/49

80

71

Eaton

Corp.

4.150%

due

11/02/42

20

21

eBay,

Inc.

2.600%

due

05/10/31

70

64

Edison

International

4.950%

due

04/15/25

160

164

Series

A

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

5.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.698%)(Ê)(ƒ)

200

193

Series

B

5.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.901%)(Ê)(ƒ)

110

103

El

Paso

Natural

Gas

Co.

LLC

7.500%

due

11/15/26

350

409

Enbridge

Energy

Partners,

LP

7.375%

due

10/15/45

484

671

Energy

Transfer,

LP

7.600%

due

02/01/24

50

53

4.500%

due

04/15/24

290

297

2.900%

due

05/15/25

30

29

5.500%

due

06/01/27

280

301

5.250%

due

04/15/29

30

32

3.750%

due

05/15/30

140

138

6.125%

due

12/15/45

60

66

6.250%

due

04/15/49

30

34

6.625%

due

12/31/99

(USD

3

Month

LIBOR

+

4.155%)(Ê)(ƒ)

110

98

6.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.134%)(Ê)(ƒ)

280

272

7.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.306%)(Ê)(ƒ)

890

868

Series

10Y

4.950%

due

06/15/28

40

42

Series

H

6.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.694%)(Ê)(ƒ)

160

157

EnLink

Midstream

LLC

5.625%

due

01/15/28

(Þ)

180

184

Enterprise

Products

Operating

LLC

3.900%

due

02/15/24

30

31

4.150%

due

10/16/28

150

156

2.800%

due

01/31/30

100

96

7.550%

due

04/15/38

20

27

5.700%

due

02/15/42

40

46

4.850%

due

03/15/44

60

64

3.700%

due

01/31/51

140

128

3.300%

due

02/15/53

160

137

3.950%

due

01/31/60

160

149

5.375%

due

02/15/78

(USD

3

Month

LIBOR

+

2.570%)(Ê)

400

372

Series

D

6.875%

due

03/01/33

844

1,052

EOG

Resources,

Inc.

4.150%

due

01/15/26

40

41

4.375%

due

04/15/30

190

206

4.950%

due

04/15/50

50

61

EQT

Corp.

3.125%

due

05/15/26

(Þ)

30

29

3.900%

due

10/01/27

160

160

5.000%

due

01/15/29

10

10

7.000%

due

02/01/30

100

116

3.625%

due

05/15/31

(Þ)

30

29

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Equifax,

Inc.

2.350%

due

09/15/31

350

313

Equities

Corp.

6.125%

due

02/01/25

10

11

Exelon

Corp.

Series

WI

3.950%

due

06/15/25

489

499

Exelon

Generation

Co.

LLC

5.600%

due

06/15/42

615

655

Extra

Space

Storage,

Inc.

3.900%

due

04/01/29

220

220

Exxon

Mobil

Corp.

3.176%

due

03/15/24

883

895

3.482%

due

03/19/30

120

123

4.227%

due

03/19/40

230

247

4.114%

due

03/01/46

40

43

4.327%

due

03/19/50

10

11

3.452%

due

04/15/51

30

29

Fidelity

&

Guaranty

Life

Holdings,

Inc.

5.500%

due

05/01/25

(Þ)

50

52

Fifth

Third

Bancorp

3.650%

due

01/25/24

883

894

First

Horizon

Corp.

3.550%

due

05/26/23

898

903

FirstEnergy

Corp.

Series

B

3.900%

due

07/15/27

180

181

Series

C

7.375%

due

11/15/31

240

296

4.850%

due

07/15/47

50

52

Florida

Gas

Transmission

Co.

LLC

2.300%

due

10/01/31

(Þ)

520

460

Florida

Power

&

Light

Co.

3.150%

due

10/01/49

40

37

Ford

Motor

Co.

3.250%

due

02/12/32

300

268

4.750%

due

01/15/43

40

36

Ford

Motor

Credit

Co.

LLC

2.300%

due

02/10/25

300

285

2.700%

due

08/10/26

400

372

4.950%

due

05/28/27

200

203

4.000%

due

11/13/30

200

188

Fortinet,

Inc.

2.200%

due

03/15/31

130

115

Fox

Corp.

Series

WI

5.476%

due

01/25/39

110

125

FS

KKR

Capital

Corp.

3.400%

due

01/15/26

921

892

General

Dynamics

Corp.

3.250%

due

04/01/25

876

885

3.625%

due

04/01/30

100

103

4.250%

due

04/01/40

220

240

4.250%

due

04/01/50

50

56

General

Electric

Co.

Series

MTNA

6.750%

due

03/15/32

334

421

General

Mills,

Inc.

3.700%

due

10/17/23

444

451

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

General

Motors

Co.

4.875%

due

10/02/23

671

691

5.400%

due

10/02/23

40

41

6.125%

due

10/01/25

100

107

6.250%

due

10/02/43

110

125

6.750%

due

04/01/46

100

120

General

Motors

Financial

Co.,

Inc.

4.250%

due

05/15/23

10

10

4.150%

due

06/19/23

765

776

Genting

New

York

LLC

3.300%

due

02/15/26

(Þ)

440

416

Gilead

Sciences,

Inc.

5.650%

due

12/01/41

50

60

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.375%

due

04/15/26

653

682

Goldman

Sachs

Group,

Inc.

(The)

4.250%

due

10/21/25

140

143

3.500%

due

11/16/26

90

90

3.615%

due

03/15/28

(SOFR

+

1.846%)(Ê)

760

759

3.691%

due

06/05/28

(USD

3

Month

LIBOR

+

1.510%)(Ê)

200

200

4.223%

due

05/01/29

(USD

3

Month

LIBOR

+

1.301%)(Ê)

50

51

3.800%

due

03/15/30

410

413

2.650%

due

10/21/32

(SOFR

+

1.264%)(Ê)

480

434

5.150%

due

05/22/45

140

156

Series

DMTN

2.383%

due

07/21/32

(SOFR

+

1.248%)(Ê)

800

709

Halliburton

Co.

4.850%

due

11/15/35

60

64

5.000%

due

11/15/45

20

22

HCA,

Inc.

5.125%

due

06/15/39

50

54

Hershey

Co.

(The)

1.700%

due

06/01/30

160

144

Hilton

Domestic

Operating

Co.,

Inc.

5.375%

due

05/01/25

(Þ)

120

123

Home

Depot,

Inc.

(The)

2.500%

due

04/15/27

867

851

3.900%

due

12/06/28

10

10

2.700%

due

04/15/30

80

78

3.300%

due

04/15/40

50

48

3.350%

due

04/15/50

90

85

HSBC

Holdings

PLC

7.200%

due

07/15/97

457

651

Humana,

Inc.

0.650%

due

08/03/23

743

725

4.500%

due

04/01/25

20

21

4.625%

due

12/01/42

20

21

4.950%

due

10/01/44

20

22

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

881

Intel

Corp.

2.800%

due

08/12/41

110

97

3.200%

due

08/12/61

170

150

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

WI

3.734%

due

12/08/47

10

10

International

Business

Machines

Corp.

3.375%

due

08/01/23

904

916

International

Paper

Co.

7.300%

due

11/15/39

669

881

Invitation

Homes,

Inc.

4.150%

due

04/15/32

310

317

Jefferies

Financial

Group,

Inc.

6.625%

due

10/23/43

761

898

Jefferies

Group

LLC

6.500%

due

01/20/43

635

761

Johnson

&

Johnson

2.100%

due

09/01/40

210

177

2.450%

due

09/01/60

160

130

JPMorgan

Chase

&

Co.

4.203%

due

07/23/29

(USD

3

Month

LIBOR

+

1.260%)(Ê)

40

41

4.452%

due

12/05/29

(USD

3

Month

LIBOR

+

1.330%)(Ê)

40

42

8.750%

due

09/01/30

280

376

2.739%

due

10/15/30

(SOFR

+

1.510%)(Ê)

140

132

2.522%

due

04/22/31

(SOFR

+

2.040%)(Ê)

120

111

2.956%

due

05/13/31

(SOFR

+

2.515%)(Ê)

330

309

1.953%

due

02/04/32

(SOFR

+

1.065%)(Ê)

600

526

2.580%

due

04/22/32

(SOFR

+

1.250%)(Ê)

390

357

2.545%

due

11/08/32

(SOFR

+

1.180%)(Ê)

80

73

4.950%

due

06/01/45

80

90

4.260%

due

02/22/48

(USD

3

Month

LIBOR

+

1.580%)(Ê)

110

118

3.109%

due

04/22/51

(SOFR

+

2.440%)(Ê)

60

53

3.328%

due

04/22/52

(SOFR

+

1.580%)(Ê)

460

425

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

206

Kaiser

Foundation

Hospitals

4.150%

due

05/01/47

30

32

Series

2019

3.266%

due

11/01/49

30

28

Series

2021

2.810%

due

06/01/41

80

70

3.002%

due

06/01/51

20

18

Kimco

Realty

Corp.

2.250%

due

12/01/31

310

278

Kinder

Morgan

Energy

Partners,

LP

7.300%

due

08/15/33

50

62

6.550%

due

09/15/40

600

717

5.500%

due

03/01/44

20

22

Kinder

Morgan,

Inc.

4.300%

due

06/01/25

90

92

4.300%

due

03/01/28

170

176

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

5.550%

due

06/01/45

80

89

5.050%

due

02/15/46

30

32

5.200%

due

03/01/48

10

11

KKR

Group

Finance

Co.

II

LLC

5.500%

due

02/01/43

(Þ)

10

11

3.250%

due

12/15/51

(Þ)

30

25

Kroger

Co.

(The)

3.850%

due

08/01/23

750

761

5.150%

due

08/01/43

20

23

Kyndryl

Holdings,

Inc.

3.150%

due

10/15/31

(Þ)

320

270

4.100%

due

10/15/41

(Þ)

230

178

L3Harris

Technologies,

Inc.

2.900%

due

12/15/29

350

336

Laboratory

Corp.

of

America

Holdings

3.250%

due

09/01/24

886

890

Lam

Research

Corp.

1.900%

due

06/15/30

140

127

2.875%

due

06/15/50

60

53

Las

Vegas

Sands

Corp.

3.200%

due

08/08/24

922

880

2.900%

due

06/25/25

940

876

Lennar

Corp.

4.500%

due

04/30/24

882

904

Series

WI

5.000%

due

06/15/27

10

10

Lennox

International,

Inc.

1.700%

due

08/01/27

110

101

Lithia

Motors,

Inc.

4.625%

due

12/15/27

(Þ)

110

109

3.875%

due

06/01/29

(Þ)

120

113

Lockheed

Martin

Corp.

1.850%

due

06/15/30

140

127

4.500%

due

05/15/36

842

929

Loews

Corp.

6.000%

due

02/01/35

601

715

Lowe's

Cos.,

Inc.

3.875%

due

09/15/23

895

910

4.500%

due

04/15/30

50

54

1.700%

due

10/15/30

150

131

2.800%

due

09/15/41

90

77

3.000%

due

10/15/50

190

162

M&T

Bank

Corp.

3.550%

due

07/26/23

431

436

3.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.679%)(Ê)(ƒ)

30

27

Magallanes,

Inc.

4.279%

due

03/15/32

(Þ)

140

141

5.050%

due

03/15/42

(Þ)

760

775

5.141%

due

03/15/52

(Þ)

900

921

Main

Street

Capital

Corp.

5.200%

due

05/01/24

728

743

Markel

Corp.

4.300%

due

11/01/47

699

712

Marriott

International,

Inc.

Series

FXD

3.600%

due

04/15/24

120

121

Mars,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.375%

due

07/16/40

(Þ)

240

201

Marsh

&

McLennan

Cos.,

Inc.

3.875%

due

03/15/24

876

894

2.375%

due

12/15/31

220

201

Massachusetts

Mutual

Life

Insurance

Co.

3.375%

due

04/15/50

(Þ)

70

63

Mastercard,

Inc.

3.300%

due

03/26/27

130

132

3.850%

due

03/26/50

120

127

McDonald's

Corp.

1.450%

due

09/01/25

20

19

3.500%

due

03/01/27

10

10

3.500%

due

07/01/27

60

61

3.800%

due

04/01/28

50

51

3.600%

due

07/01/30

70

71

4.700%

due

12/09/35

716

778

4.450%

due

03/01/47

40

43

4.450%

due

09/01/48

80

86

3.625%

due

09/01/49

10

10

4.200%

due

04/01/50

140

146

MDC

Holdings,

Inc.

2.500%

due

01/15/31

160

140

6.000%

due

01/15/43

50

51

Merck

&

Co.,

Inc.

2.800%

due

05/18/23

620

625

1.450%

due

06/24/30

70

62

2.350%

due

06/24/40

120

103

Micron

Technology,

Inc.

2.703%

due

04/15/32

140

127

Microsoft

Corp.

3.300%

due

02/06/27

871

893

3.450%

due

08/08/36

130

135

2.525%

due

06/01/50

174

150

2.921%

due

03/17/52

176

165

Mid-America

Apartments,

LP

3.750%

due

06/15/24

890

902

MidAmerican

Energy

Co.

3.650%

due

04/15/29

50

51

3.150%

due

04/15/50

110

101

Midwest

Connector

Capital

Co.

LLC

4.625%

due

04/01/29

(Þ)

863

872

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

6.500%

due

06/20/27

(Þ)

300

313

Molson

Coors

Brewing

Co.

4.200%

due

07/15/46

40

39

Mondelez

International,

Inc.

2.250%

due

09/19/24

(Þ)

690

679

1.875%

due

10/15/32

981

846

2.625%

due

09/04/50

40

32

Morgan

Stanley

2.188%

due

04/28/26

(SOFR

+

1.990%)(Ê)

70

68

1.593%

due

05/04/27

(SOFR

+

0.879%)(Ê)

70

65

3.622%

due

04/01/31

(SOFR

+

3.120%)(Ê)

180

179

1.794%

due

02/13/32

(SOFR

+

1.034%)(Ê)

80

69

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

38

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.511%

due

10/20/32

(SOFR

+

1.200%)(Ê)

240

216

2.484%

due

09/16/36

(SOFR

+

1.360%)(Ê)

420

360

3.217%

due

04/22/42

(SOFR

+

1.485%)(Ê)

630

580

Series

GMTN

4.431%

due

01/23/30

(USD

3

Month

LIBOR

+

1.628%)(Ê)

10

10

2.239%

due

07/21/32

(SOFR

+

1.178%)(Ê)

170

151

Motiva

Enterprises

LLC

6.850%

due

01/15/40

(Þ)

788

874

MPLX,

LP

4.000%

due

03/15/28

40

41

4.800%

due

02/15/29

50

53

4.500%

due

04/15/38

170

174

4.700%

due

04/15/48

70

71

Series

0006

5.200%

due

03/01/47

30

32

MPT

Operating

Partnership,

LP

/

MPT

Finance

Corp.

5.000%

due

10/15/27

90

92

4.625%

due

08/01/29

70

69

Nasdaq,

Inc.

4.250%

due

06/01/24

365

376

2.500%

due

12/21/40

130

105

NBCUniversal

Media

LLC

4.450%

due

01/15/43

7

8

Nestle

Holdings,

Inc.

3.350%

due

09/24/23

(Þ)

698

707

New

York

Life

Insurance

Co.

3.750%

due

05/15/50

(Þ)

150

145

4.450%

due

05/15/69

(Þ)

50

52

Newell

Brands,

Inc.

3.850%

due

04/01/23

40

40

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

553

694

Northrop

Grumman

Corp.

3.250%

due

08/01/23

908

918

5.150%

due

05/01/40

160

186

5.250%

due

05/01/50

90

112

Series

000N

4.030%

due

10/15/47

160

168

Northwest

Pipeline

LLC

7.125%

due

12/01/25

250

280

Series

WI

4.000%

due

04/01/27

60

62

Northwestern

Mutual

Life

Insurance

Co.

(The)

3.450%

due

03/30/51

(Þ)

480

435

3.625%

due

09/30/59

(Þ)

80

72

NRG

Energy,

Inc.

2.450%

due

12/02/27

(Þ)

390

360

NVIDIA

Corp.

3.500%

due

04/01/40

30

30

3.500%

due

04/01/50

50

51

Occidental

Petroleum

Corp.

6.950%

due

07/01/24

10

11

5.550%

due

03/15/26

110

117

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

7.950%

due

06/15/39

50

63

4.625%

due

06/15/45

30

29

4.100%

due

02/15/47

20

19

Oncor

Electric

Delivery

Co.

LLC

3.100%

due

09/15/49

80

73

OneSky

Class

A

Loan

Trust

Series

A

3.875%

due

07/15/29

3,044

2,963

Oracle

Corp.

2.875%

due

03/25/31

50

46

4.300%

due

07/08/34

648

639

4.000%

due

07/15/46

270

240

3.950%

due

03/25/51

40

35

Otis

Worldwide

Corp.

Series

WI

2.565%

due

02/15/30

60

56

Owl

Rock

Capital

Corp.

4.250%

due

01/15/26

939

915

Pacific

Gas

and

Electric

Co.

4.250%

due

08/01/23

140

141

2.100%

due

08/01/27

110

99

2.500%

due

02/01/31

50

43

3.300%

due

08/01/40

20

16

3.500%

due

08/01/50

20

16

Park-Ohio

Holdings

Corp.

Series

WI

6.625%

due

04/15/27

90

75

Parsley

Energy

LLC

/

Parsley

Finance

Corp.

4.125%

due

02/15/28

(Þ)

10

10

PayPal

Holdings,

Inc.

2.300%

due

06/01/30

110

102

3.250%

due

06/01/50

60

55

PepsiCo,

Inc.

2.625%

due

03/19/27

897

891

1.625%

due

05/01/30

10

9

2.875%

due

10/15/49

40

37

Pfizer,

Inc.

2.550%

due

05/28/40

60

54

Series

5YR

3.200%

due

09/15/23

893

907

Philip

Morris

International,

Inc.

2.100%

due

05/01/30

70

63

1.750%

due

11/01/30

280

242

6.375%

due

05/16/38

664

815

Pioneer

Natural

Resources

Co.

2.150%

due

01/15/31

320

288

Plains

All

American

Pipeline,

LP

Series

B

6.125%

due

06/16/23

(USD

3

Month

LIBOR

+

4.110%)(Ê)

390

331

Plains

All

American

Pipeline,

LP

/

PAA

Finance

Corp.

Series

WI

6.700%

due

05/15/36

10

11

Procter

&

Gamble

Co.

(The)

2.850%

due

08/11/27

870

871

3.000%

due

03/25/30

60

60

1.200%

due

10/29/30

170

148

5.500%

due

02/01/34

100

120

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

Progress

Energy,

Inc.

7.000%

due

10/30/31

559

692

Prologis,

LP

1.250%

due

10/15/30

230

196

Prospect

Capital

Corp.

3.706%

due

01/22/26

1,003

945

Range

Resources

Corp.

Series

WI

4.875%

due

05/15/25

230

233

Raymond

James

Financial,

Inc.

3.750%

due

04/01/51

110

107

Raytheon

Technologies

Corp.

3.650%

due

08/16/23

3

3

3.950%

due

08/16/25

30

31

Series

WI

3.200%

due

03/15/24

708

716

Republic

Services,

Inc.

2.500%

due

08/15/24

60

59

3.375%

due

11/15/27

360

361

Reynolds

American,

Inc.

4.850%

due

09/15/23

865

886

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

2.875%

due

10/15/26

(Þ)

160

147

S&P

Global,

Inc.

1.250%

due

08/15/30

40

34

3.250%

due

12/01/49

20

19

Salesforce.com,

Inc.

3.700%

due

04/11/28

10

10

1.500%

due

07/15/28

60

55

1.950%

due

07/15/31

50

46

2.900%

due

07/15/51

190

169

3.050%

due

07/15/61

70

61

San

Diego

Gas

&

Electric

Co.

Series

RRR

3.750%

due

06/01/47

100

98

Series

VVV

1.700%

due

10/01/30

240

211

Santander

Holdings

USA,

Inc.

4.500%

due

07/17/25

738

754

Schlumberger

Holdings

Corp.

4.000%

due

12/21/25

(Þ)

40

41

Senior

Housing

Properties

Trust

4.750%

due

05/01/24

120

115

Service

Properties

Trust

4.500%

due

06/15/23

160

158

Sherwin-Williams

Co.

(The)

3.450%

due

06/01/27

861

863

Shire

Acquisitions

Investments

Ireland

DAC

2.875%

due

09/23/23

362

363

Simon

Property

Group,

LP

3.500%

due

09/01/25

100

101

Southern

California

Edison

Co.

2.250%

due

06/01/30

290

262

3.650%

due

02/01/50

110

102

Series

C

4.125%

due

03/01/48

130

128

Series

G

2.500%

due

06/01/31

120

109

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Southern

Co.

(The)

6.000%

due

10/01/34

196

225

Southwest

Airlines

Co.

4.750%

due

05/04/23

440

449

5.250%

due

05/04/25

70

74

Southwestern

Energy

Co.

4.750%

due

02/01/32

60

60

Spectra

Energy

Partners,

LP

4.750%

due

03/15/24

671

690

Sunoco

Logistics

Partners

Operations,

LP

4.250%

due

04/01/24

875

892

3.900%

due

07/15/26

90

90

5.300%

due

04/01/44

10

10

Synchrony

Financial

3.950%

due

12/01/27

793

785

SYNNEX

Corp.

1.250%

due

08/09/24

(Þ)

510

485

Targa

Resources

Corp.

4.200%

due

02/01/33

280

283

Targa

Resources

Partners,

LP

/

Targa

Resources

Partners

Finance

Corp.

5.875%

due

04/15/26

10

10

5.500%

due

03/01/30

30

31

4.875%

due

02/01/31

70

71

4.000%

due

01/15/32

230

221

Target

Corp.

3.375%

due

04/15/29

140

145

Teachers

Insurance

&

Annuity

Association

of

America

4.900%

due

09/15/44

(Þ)

140

154

Tennessee

Gas

Pipeline

Co.

LLC

2.900%

due

03/01/30

(Þ)

460

432

7.625%

due

04/01/37

608

771

Texas

Instruments,

Inc.

2.250%

due

09/04/29

210

200

1.750%

due

05/04/30

70

64

3.875%

due

03/15/39

150

159

Thermo

Fisher

Scientific,

Inc.

5.300%

due

02/01/44

703

858

Time

Warner

Cable

LLC

6.550%

due

05/01/37

90

104

7.300%

due

07/01/38

180

219

6.750%

due

06/15/39

20

23

5.500%

due

09/01/41

666

691

Time

Warner

Entertainment

Co.,

LP

8.375%

due

07/15/33

100

131

T-Mobile

USA,

Inc.

2.625%

due

02/15/29

60

55

2.875%

due

02/15/31

70

63

2.700%

due

03/15/32

(Þ)

460

418

Series

WI

3.875%

due

04/15/30

300

301

2.550%

due

02/15/31

824

747

3.000%

due

02/15/41

100

85

3.300%

due

02/15/51

190

160

Transcontinental

Gas

Pipe

Line

Co.

LLC

4.450%

due

08/01/42

240

244

Series

WI

7.850%

due

02/01/26

410

470

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

40

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.250%

due

05/15/30

50

49

TSMC

Arizona

Corp.

2.500%

due

10/25/31

200

185

3.125%

due

10/25/41

420

383

TWDC

Enterprises

18

Corp.

Series

MTNB

7.000%

due

03/01/32

552

711

Tyson

Foods,

Inc.

4.875%

due

08/15/34

826

894

Union

Pacific

Corp.

2.150%

due

02/05/27

50

48

3.750%

due

02/05/70

40

39

Series

WI

2.891%

due

04/06/36

250

234

3.839%

due

03/20/60

140

140

United

Airlines

Pass-Through

Trust

4.875%

due

01/15/26

251

247

United

Airlines,

Inc.

4.375%

due

04/15/26

(Þ)

330

325

4.625%

due

04/15/29

(Þ)

30

29

United

Technologies

Corp.

4.625%

due

11/16/48

130

147

UnitedHealth

Group,

Inc.

3.850%

due

06/15/28

70

73

2.000%

due

05/15/30

180

166

4.625%

due

07/15/35

100

112

5.700%

due

10/15/40

60

75

Unum

Group

5.750%

due

08/15/42

796

843

Verizon

Communications,

Inc.

2.100%

due

03/22/28

80

75

3.875%

due

02/08/29

120

125

7.750%

due

12/01/30

100

131

2.550%

due

03/21/31

160

149

4.500%

due

08/10/33

450

483

5.250%

due

03/16/37

80

93

2.650%

due

11/20/40

90

77

3.400%

due

03/22/41

70

66

2.850%

due

09/03/41

40

35

4.125%

due

08/15/46

60

62

5.500%

due

03/16/47

10

12

4.000%

due

03/22/50

40

41

2.875%

due

11/20/50

120

100

3.000%

due

11/20/60

390

318

3.700%

due

03/22/61

530

491

Series

WI

4.329%

due

09/21/28

53

56

4.862%

due

08/21/46

50

57

2.987%

due

10/30/56

60

49

Visa,

Inc.

2.050%

due

04/15/30

60

56

2.700%

due

04/15/40

70

64

Vontier

Corp.

Series

WI

1.800%

due

04/01/26

170

154

2.400%

due

04/01/28

350

308

Voya

Financial,

Inc.

Series

WI

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.700%

due

01/23/48

(USD

3

Month

LIBOR

+

2.084%)(Ê)

944

883

Wachovia

Corp.

5.500%

due

08/01/35

802

902

Walmart,

Inc.

1.800%

due

09/22/31

150

136

2.650%

due

09/22/51

120

107

Walt

Disney

Co.

(The)

Series

WI

3.700%

due

09/15/24

827

845

6.650%

due

11/15/37

40

53

5.400%

due

10/01/43

130

157

Waste

Management,

Inc.

3.150%

due

11/15/27

210

210

Wells

Fargo

&

Co.

0.805%

due

05/19/25

(SOFR

+

0.510%)(Ê)

220

210

3.000%

due

04/22/26

140

139

3.000%

due

10/23/26

260

256

3.068%

due

04/30/41

(SOFR

+

2.530%)(Ê)

170

153

5.375%

due

11/02/43

130

151

4.650%

due

11/04/44

10

11

3.900%

due

05/01/45

666

666

4.750%

due

12/07/46

90

98

5.013%

due

04/04/51

(SOFR

+

4.502%)(Ê)

400

475

Welltower,

Inc.

3.850%

due

06/15/32

250

252

Western

Gas

Partners,

LP

5.500%

due

08/15/48

40

40

Western

Midstream

Operating,

LP

3.100%

due

02/01/25

90

89

4.650%

due

07/01/26

130

133

4.500%

due

03/01/28

50

51

4.050%

due

02/01/30

250

249

5.450%

due

04/01/44

150

152

5.300%

due

03/01/48

140

139

5.250%

due

02/01/50

60

59

Western

Union

Co.

(The)

6.200%

due

11/17/36

832

908

Westinghouse

Air

Brake

Technologies

Corp.

Series

WI

3.450%

due

11/15/26

963

943

Williams

Cos.,

Inc.

(The)

3.750%

due

06/15/27

60

61

7.750%

due

06/15/31

130

163

5.800%

due

11/15/43

35

40

3.500%

due

10/15/51

10

9

Workday,

Inc.

3.800%

due

04/01/32

480

479

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

7.750%

due

04/15/25

(Þ)

210

218

180,938

International

Debt

–

19.9%

ABN

AMRO

Bank

NV

4.750%

due

07/28/25

(Þ)

861

880

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

Abu

Dhabi

Government

International

Bond

1.700%

due

03/02/31

(Þ)

200

182

3.875%

due

04/16/50

(Þ)

270

282

Abu

Dhabi

National

Energy

Co.

PJSC

4.375%

due

04/23/25

(Þ)

200

207

Adani

Ports

&

Special

Economic

Zone,

Ltd.

3.375%

due

07/24/24

(Þ)

515

507

AerCap

Ireland

Capital

Designated

Activity

Co.

and

AerCap

Global

Aviation

Trust

4.500%

due

09/15/23

1,046

1,054

3.150%

due

02/15/24

310

305

3.300%

due

01/30/32

150

135

3.400%

due

10/29/33

150

134

3.850%

due

10/29/41

300

263

Africa

Finance

Corp.

Series

REGS

4.375%

due

04/17/26

801

800

African

Export-Import

Bank

(The)

2.634%

due

05/17/26

(Þ)

1,530

1,423

Series

REGS

2.634%

due

05/17/26

300

279

Air

Liquide

Finance

SA

2.250%

due

09/27/23

(Þ)

916

913

Alibaba

Group

Holding,

Ltd.

2.125%

due

02/09/31

200

174

3.150%

due

02/09/51

290

224

Series

WI

3.600%

due

11/28/24

886

890

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

702

699

Anglo

American

Capital

PLC

3.625%

due

09/11/24

(Þ)

881

880

4.500%

due

03/15/28

(Þ)

360

373

Anheuser-Busch

Cos.

LLC

/

Anheuser-

Busch

InBev

Worldwide,

Inc.

4.900%

due

02/01/46

70

78

Anheuser-Busch

InBev

Worldwide,

Inc.

5.550%

due

01/23/49

50

61

4.500%

due

06/01/50

270

288

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

1,017

Arbor

Realty

Collateralized

Loan

Obligation,

Ltd.

Series

2022-FL1

Class

A

1.500%

due

01/15/37

(SOFR

30

Day

Average

+

1.450%)(Ê)(Þ)

3,050

3,034

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

4,969

Ares

LXI

CLO,

Ltd.

Series

2021-61A

Class

A

1.282%

due

10/20/34

(USD

3

Month

LIBOR

+

1.150%)(Ê)(Þ)

4,022

3,996

Argentine

Republic

Government

International

Bond

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

1.000%

due

07/09/29

34

12

0.750%

due

07/09/30

(~)(Ê)

388

130

1.500%

due

07/09/35

(~)(Ê)

310

95

3.500%

due

07/09/41

(~)(Ê)

160

56

AstraZeneca

PLC

0.300%

due

05/26/23

958

938

Australia

&

New

Zealand

Banking

Group,

Ltd.

4.500%

due

03/19/24

(Þ)

871

888

Avolon

Holdings

Funding,

Ltd.

3.950%

due

07/01/24

(Þ)

20

20

2.875%

due

02/15/25

(Þ)

150

144

Banco

de

Credito

del

Peru

3.250%

due

09/30/31

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.450%)(Ê)(Þ)

946

877

Banco

Inbursa

SA

Institucion

de

Banca

Multiple

4.125%

due

06/06/24

(Þ)

711

721

Banco

Internacional

del

Peru

SAA

Interbank

3.250%

due

10/04/26

(Þ)

928

916

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

251

Banco

Santander

Chile

2.700%

due

01/10/25

(Þ)

703

688

Banco

Santander

SA

5.179%

due

11/19/25

705

729

1.722%

due

09/14/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.900%)(Ê)

600

542

4.175%

due

03/24/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.000%)(Ê)

800

804

Bancolombia

SA

3.000%

due

01/29/25

991

964

Bank

of

China,

Ltd.

5.000%

due

11/13/24

(Þ)

833

866

Bank

of

Montreal

0.400%

due

09/15/23

953

925

Bank

of

Nova

Scotia

(The)

0.550%

due

09/15/23

957

931

Barclays

PLC

5.088%

due

06/20/30

(USD

3

Month

LIBOR

+

3.054%)(Ê)

290

301

4.950%

due

01/10/47

660

713

Barrick

NA

Finance

LLC

5.700%

due

05/30/41

130

158

BAT

Capital

Corp.

2.259%

due

03/25/28

40

36

3.734%

due

09/25/40

110

90

Series

WI

3.557%

due

08/15/27

385

375

Bayer

US

Finance

II

LLC

3.875%

due

12/15/23

(Þ)

961

971

Bayer

US

Finance

LLC

3.375%

due

10/08/24

(Þ)

726

725

BBVA

Banco

Continental

SA

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

5.250%

due

09/22/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.750%)(Ê)(Þ)

897

914

BBVA

Bancomer

SA

4.375%

due

04/10/24

(Þ)

862

878

BDS,

Ltd.

Series

2021-FL7

Class

A

1.180%

due

06/16/36

(USD

1

Month

LIBOR

+

1.070%)(Ê)(Þ)

1,558

1,523

Bellemeade

Re,

Ltd.

2.859%

due

10/25/28

(USD

1

Month

LIBOR

+

2.750%)(Ê)(Þ)

1,780

1,761

Series

2017-1

Class

M2

4.297%

due

10/25/27

(USD

1

Month

LIBOR

+

3.350%)(Ê)(Þ)

796

799

Series

2019-3A

Class

M1C

2.099%

due

07/25/29

(USD

1

Month

LIBOR

+

1.950%)(Ê)(Þ)

2,224

2,210

Series

2020-4A

Class

M2B

3.750%

due

06/25/30

(USD

1

Month

LIBOR

+

3.600%)(Ê)(Þ)

713

714

Series

2021-2A

Class

M1A

1.210%

due

06/25/31

(SOFR

30

Day

Average

+

1.200%)(Ê)(Þ)

2,607

2,581

Series

2021-2A

Class

M1B

1.510%

due

06/25/31

(SOFR

30

Day

Average

+

1.500%)(Ê)(Þ)

1,759

1,716

Series

2021-3A

Class

A2

1.050%

due

09/25/31

(SOFR

30

Day

Average

+

1.000%)(Ê)(Þ)

2,380

2,346

Bermuda

Government

International

Bond

2.375%

due

08/20/30

(Þ)

380

348

Bharti

Airtel,

Ltd.

4.375%

due

06/10/25

(Þ)

877

883

BHP

Billiton

Finance

USA,

Ltd.

3.850%

due

09/30/23

880

899

BNP

Paribas

SA

2.219%

due

06/09/26

(SOFR

+

2.074%)(Ê)(Þ)

680

647

4.625%

due

03/13/27

(Þ)

722

738

1.675%

due

06/30/27

(SOFR

+

0.912%)(Ê)(Þ)

210

192

4.400%

due

08/14/28

(Þ)

200

203

2.159%

due

09/15/29

(SOFR

+

1.218%)(Ê)(Þ)

270

240

2.824%

due

01/26/41

(Þ)

400

330

BOC

Aviation

USA

Corp.

1.625%

due

04/29/24

(Þ)

200

192

BP

Capital

Markets

PLC

3.814%

due

02/10/24

867

885

BPCE

SA

3.116%

due

10/19/32

(SOFR

+

1.730%)(Ê)(Þ)

300

272

British

Telecommunications

PLC

9.625%

due

12/15/30

70

96

Brookfield

Finance

LLC

3.450%

due

04/15/50

827

726

Brookfield

Finance,

Inc.

4.000%

due

04/01/24

841

854

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Canadian

Imperial

Bank

of

Commerce

0.950%

due

06/23/23

920

903

Canadian

Natural

Resources,

Ltd.

5.850%

due

02/01/35

661

741

Canadian

Pacific

Railway

Co.

2.450%

due

12/02/31

250

232

3.000%

due

12/02/41

70

63

3.100%

due

12/02/51

80

71

6.125%

due

09/15/15

656

834

Carnival

Corp.

Term

Loan

B

3.750%

due

06/30/25

(USD

3

Month

LIBOR

+

3.000%)(Ê)

339

329

Cedar

Funding,

Ltd.

Series

2018-5A

Class

A1R

2.235%

due

07/17/31

(USD

3

Month

LIBOR

+

1.100%)(Ê)(Þ)

1,600

1,592

Celulosa

Arauco

y

Constitucion

SA

Series

WI

4.500%

due

08/01/24

884

908

CI

Financial

Corp.

3.200%

due

12/17/30

500

456

CNH

Industrial

NV

4.500%

due

08/15/23

872

890

Comision

Federal

de

Electricidad

3.348%

due

02/09/31

(Þ)

200

175

Commonwealth

Bank

of

Australia

2.688%

due

03/11/31

(Þ)

200

178

3.743%

due

09/12/39

(Þ)

200

187

4.316%

due

01/10/48

(Þ)

886

881

Cooperatieve

Rabobank

UA

4.375%

due

08/04/25

650

661

3.758%

due

04/06/33

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.420%)(Ê)(Þ)

360

359

Credicorp,

Ltd.

2.750%

due

06/17/25

(Þ)

922

888

Credit

Agricole

SA

4.375%

due

03/17/25

(Þ)

734

742

1.907%

due

06/16/26

(SOFR

+

1.676%)(Ê)(Þ)

928

876

Credit

Suisse

Group

AG

4.282%

due

01/09/28

(Þ)

699

698

3.091%

due

05/14/32

(SOFR

+

1.730%)(Ê)(Þ)

480

433

5.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.889%)(Ê)(ƒ)(Þ)

200

185

6.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.822%)(Ê)(ƒ)(Þ)

360

355

7.250%

due

12/31/99

(USD

ICE

Swap

Rate

NY

5

Year

Rate

+

4.332%)(Ê)

(ƒ)(Þ)

200

202

7.500%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.600%)(Ê)

(ƒ)(Þ)

200

203

Series

FXD

0.520%

due

08/09/23

958

932

DAE

Funding

LLC

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

1.550%

due

08/01/24

(Þ)

220

208

Danone

SA

2.589%

due

11/02/23

(Þ)

718

717

Danske

Bank

A/S

3.875%

due

09/12/23

(Þ)

200

202

5.375%

due

01/12/24

(Þ)

200

206

3.773%

due

03/28/25

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.450%)(Ê)(Þ)

200

200

0.976%

due

09/10/25

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.550%)(Ê)(Þ)

935

876

1.549%

due

09/10/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.730%)(Ê)(Þ)

200

182

4.298%

due

04/01/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.750%)(Ê)(Þ)

1,100

1,109

Delhaize

America,

Inc.

9.000%

due

04/15/31

154

215

Deutsche

Bank

AG

3.700%

due

05/30/24

890

894

1.447%

due

04/01/25

(SOFR

+

1.131%)(Ê)

1,024

978

Deutsche

Telekom

International

Finance

BV

2.485%

due

09/19/23

(Þ)

926

922

8.750%

due

06/15/30

50

67

DNB

Bank

ASA

2.968%

due

03/28/25

(SOFR

+

0.810%)(Ê)(Þ)

700

699

Dryden

85

CLO,

Ltd.

Series

2021-85A

Class

AR

1.391%

due

10/15/35

(USD

3

Month

LIBOR

+

1.150%)(Ê)(Þ)

3,959

3,922

Eagle

Re,

Ltd.

Series

2018-1

Class

M2

3.947%

due

11/25/28

(USD

1

Month

LIBOR

+

3.000%)(Ê)(Þ)

732

729

Series

2020-1

Class

M1A

1.068%

due

01/25/30

(USD

1

Month

LIBOR

+

0.900%)(Ê)(Þ)

511

507

Series

2021-1

Class

M1B

2.165%

due

10/25/33

(SOFR

30

Day

Average

+

2.150%)(Ê)(Þ)

1,268

1,265

Series

2021-2

Class

M1B

2.099%

due

04/25/34

(SOFR

30

Day

Average

+

2.050%)(Ê)(Þ)

1,515

1,492

Ecopetrol

SA

4.625%

due

11/02/31

130

118

5.875%

due

05/28/45

80

70

5.875%

due

11/02/51

110

94

Enbridge,

Inc.

3.700%

due

07/15/27

687

696

Enel

Finance

International

NV

Series

658A

3.500%

due

04/06/28

(Þ)

706

697

Eni

SpA

Series

X-R

4.000%

due

09/12/23

(Þ)

892

904

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Eni

USA,

Inc.

7.300%

due

11/15/27

711

833

Equinor

ASA

2.650%

due

01/15/24

899

901

Fairfax

Financial

Holdings,

Ltd.

Series

WI

4.850%

due

04/17/28

810

838

First

Quantum

Minerals,

Ltd.

7.500%

due

04/01/25

(Þ)

200

203

6.875%

due

10/15/27

(Þ)

280

293

Fresnillo

PLC

4.250%

due

10/02/50

(Þ)

260

229

Garda

World

Security

Corp.

2021

Term

Loan

B

4.710%

due

10/30/26

(USD

1

Month

LIBOR

+

4.250%)(Ê)

69

68

GFL

Environmental,

Inc.

2020

Term

Loan

3.500%

due

05/31/25

(USD

3

Month

LIBOR

+

3.000%)(Ê)

15

15

GlaxoSmithKline

Capital

PLC

0.534%

due

10/01/23

956

934

Glencore

Funding

LLC

4.125%

due

05/30/23

(Þ)

912

927

4.125%

due

03/12/24

(Þ)

550

557

4.625%

due

04/29/24

(Þ)

40

41

1.625%

due

09/01/25

(Þ)

140

131

4.000%

due

03/27/27

(Þ)

220

221

3.875%

due

10/27/27

(Þ)

50

50

2.625%

due

09/23/31

(Þ)

70

63

Grifols

Worldwide

Operations

USA,

Inc.

Term

Loan

B

2.457%

due

11/15/27

(USD

1

Month

LIBOR

+

2.000%)(Ê)

178

175

Grupo

Bimbo

SAB

de

CV

3.875%

due

06/27/24

(Þ)

879

897

Hana

Bank

4.375%

due

09/30/24

(Þ)

874

893

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

2,167

Series

2021-FL2

Class

A

1.200%

due

09/19/26

(USD

1

Month

LIBOR

+

1.000%)(Ê)(Þ)

2,486

2,451

Highlands

Holdings

Bond

Issuer,

Ltd.

7.625%

due

10/15/25

(Þ)

302

303

HOM

RE,

Ltd.

Series

2021-1

Class

M1A

1.173%

due

07/25/33

(USD

1

Month

LIBOR

+

1.050%)(Ê)(Þ)

527

525

HSBC

Holdings

PLC

3.900%

due

05/25/26

220

222

2.099%

due

06/04/26

(SOFR

+

1.929%)(Ê)

200

190

4.041%

due

03/13/28

(USD

3

Month

LIBOR

+

1.546%)(Ê)

410

411

7.625%

due

05/17/32

669

849

2.804%

due

05/24/32

(SOFR

+

1.187%)(Ê)

430

391

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

2.871%

due

11/22/32

(SOFR

+

1.410%)(Ê)

290

264

4.762%

due

03/29/33

(SOFR

+

2.530%)(Ê)

410

421

ICICI

Bank,

Ltd.

4.000%

due

03/18/26

(Þ)

782

788

ING

Bank

NV

5.800%

due

09/25/23

(Þ)

935

970

ING

Groep

NV

4.100%

due

10/02/23

897

912

4.252%

due

03/28/33

(SOFR

+

2.070%)(Ê)

380

391

Innogy

Finance

BV

6.650%

due

04/30/38

(Þ)

621

770

Intercorp

Financial

Services,

Inc.

4.125%

due

10/19/27

(Þ)

938

882

Intesa

Sanpaolo

SpA

4.198%

due

06/01/32

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.600%)(Ê)(Þ)

210

186

4.950%

due

06/01/42

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.750%)(Ê)(Þ)

200

171

Israel

Government

International

Bond

2.750%

due

07/03/30

200

198

KazMunayGas

National

Co.

JSC

5.375%

due

04/24/30

(Þ)

200

192

Kookmin

Bank

4.350%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.639%)(Ê)(ƒ)(Þ)

913

913

LCM

XXIII,

Ltd.

Series

2020-23A

Class

A1R

2.205%

due

10/20/29

(USD

3

Month

LIBOR

+

1.070%)(Ê)(Þ)

1,020

1,017

Lloyds

Banking

Group

PLC

4.050%

due

08/16/23

742

755

3.511%

due

03/18/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.600%)(Ê)

330

328

7.500%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.496%)(Ê)(ƒ)

200

213

Lukoil

International

Finance

BV

2.800%

due

04/26/27

(Þ)

350

186

Madison

Park

Funding

XLVIII,

Ltd.

Series

2021-48A

Class

A

1.398%

due

04/19/33

(USD

3

Month

LIBOR

+

1.150%)(Ê)(Þ)

1,158

1,149

Madison

Park

Funding

XXI,

Ltd.

Series

2015-18A

Class

ARR

1.195%

due

10/21/30

(USD

3

Month

LIBOR

+

0.940%)(Ê)(Þ)

1,922

1,910

MEG

Energy

Corp.

6.500%

due

01/15/25

(Þ)

31

32

7.125%

due

02/01/27

(Þ)

140

147

Meituan

2.125%

due

10/28/25

(Þ)

976

867

Melco

Resorts

Finance,

Ltd.

5.375%

due

12/04/29

(Þ)

240

203

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

MercadoLibre,

Inc.

3.125%

due

01/14/31

210

183

Mexico

Government

International

Bond

3.500%

due

02/12/34

240

223

4.350%

due

01/15/47

610

563

Mitsubishi

UFJ

Financial

Group,

Inc.

3.761%

due

07/26/23

898

912

National

Bank

of

Canada

0.550%

due

11/15/24

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.400%)(Ê)

926

891

NatWest

Group

PLC

3.875%

due

09/12/23

200

202

3.754%

due

11/01/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.100%)(Ê)

200

198

Neuberger

Berman

CLO

XV,

Ltd.

Series

2021-15A

Class

A1R2

1.161%

due

10/15/29

(USD

3

Month

LIBOR

+

0.920%)(Ê)(Þ)

2,766

2,751

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

587

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

224

Nissan

Motor

Acceptance

Corp.

3.043%

due

09/15/23

(Þ)

1,340

1,337

3.522%

due

09/17/25

(Þ)

280

274

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

931

NTT

Finance

Corp.

0.583%

due

03/01/24

(Þ)

950

911

2.065%

due

04/03/31

(Þ)

200

181

Nutrien,

Ltd.

5.875%

due

12/01/36

627

742

NYACK

Park

CLO,

Ltd.

Series

2021-1A

Class

A

1.244%

due

10/20/34

(USD

3

Month

LIBOR

+

1.120%)(Ê)(Þ)

5,290

5,255

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

1,348

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

1,458

Oaktown

Re

VII,

Ltd.

Series

2021-2

Class

M1A

1.650%

due

04/25/34

(SOFR

30

Day

Average

+

1.600%)(Ê)(Þ)

821

811

Oaktown

Re,

Ltd.

Series

2021-1A

Class

M1C

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

45

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

3.010%

due

10/25/33

(SOFR

30

Day

Average

+

3.000%)(Ê)(Þ)

1,475

1,424

OCP

CLO,

Ltd.

Series

2021-10A

Class

A2R2

1.293%

due

01/26/34

(CME

Term

SOFR

3

Month

+

1.240%)(Ê)(Þ)

3,087

3,046

OCP

SA

3.750%

due

06/23/31

(Þ)

200

181

Oversea-Chinese

Banking

Corp.,

Ltd.

4.250%

due

06/19/24

(Þ)

646

659

Panama

Government

International

Bond

2.252%

due

09/29/32

260

230

Panasonic

Corp.

2.679%

due

07/19/24

(Þ)

912

901

Paraguay

Government

International

Bond

5.400%

due

03/30/50

(Þ)

200

203

Peruvian

Government

International

Bond

2.783%

due

01/23/31

130

122

Petrobras

Global

Finance

BV

6.900%

due

03/19/49

160

159

5.500%

due

06/10/51

100

86

Series

WI

5.999%

due

01/27/28

100

105

Petroleos

del

Peru

SA

5.625%

due

06/19/47

(Þ)

200

168

Prodigy

Finance

Designated

Activity

Co.

Series

2021-1A

Class

A

1.437%

due

07/25/51

(USD

1

Month

LIBOR

+

1.250%)(Ê)(Þ)

896

894

Prosus

NV

4.027%

due

08/03/50

(Þ)

909

686

Provincia

de

Buenos

Aires

5.250%

due

09/01/37

(~)(Ê)(Þ)

152

65

Provincia

de

Cordoba

7.125%

due

12/10/25

(~)(Ê)(Þ)

200

156

7.450%

due

06/01/27

(~)(Ê)(Þ)

230

151

Qatar

Government

International

Bond

4.400%

due

04/16/50

(Þ)

360

405

Qatar

Petroleum

2.250%

due

07/12/31

(Þ)

670

616

Radnor

RE,

Ltd.

Series

2019-2

Class

M1B

1.935%

due

06/25/29

(USD

1

Month

LIBOR

+

1.750%)(Ê)(Þ)

1,028

1,027

Series

2021-1

Class

M1B

1.710%

due

12/27/33

(SOFR

30

Day

Average

+

1.700%)(Ê)(Þ)

2,072

2,034

Series

2021-2

Class

M1A

1.898%

due

11/25/31

(SOFR

30

Day

Average

+

1.850%)(Ê)(Þ)

1,014

1,006

Reliance

Industries,

Ltd.

4.125%

due

01/28/25

(Þ)

863

874

2.875%

due

01/12/32

(Þ)

480

440

Republic

of

Chile

Government

International

Bond

2.550%

due

07/27/33

200

182

3.100%

due

05/07/41

200

176

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

4.625%

due

04/16/29

(Þ)

809

732

Reynolds

American,

Inc.

5.850%

due

08/15/45

70

72

Riserva

CLO,

Ltd.

Series

2021-3A

Class

ARR

1.301%

due

01/18/34

(USD

3

Month

LIBOR

+

1.060%)(Ê)(Þ)

940

929

Roche

Holdings,

Inc.

0.450%

due

03/05/24

(Þ)

422

406

Rogers

Communications,

Inc.

4.100%

due

10/01/23

505

513

SABIC

Capital

II

BV

4.000%

due

10/10/23

(Þ)

737

750

Sands

China,

Ltd.

5.125%

due

08/08/25

(Þ)

200

198

2.550%

due

03/08/27

(Þ)

200

174

3.100%

due

03/08/29

(Þ)

200

170

Series

WI

5.125%

due

08/08/25

200

198

3.800%

due

01/08/26

400

379

5.400%

due

08/08/28

200

196

Santander

UK

Group

Holdings

PLC

5.000%

due

11/07/23

(Þ)

909

930

Class

N

4.750%

due

09/15/25

(Þ)

701

712

Shackleton

CLO,

Ltd.

Series

2018-4RA

Class

A1A

2.311%

due

04/13/31

(USD

3

Month

LIBOR

+

1.000%)(Ê)(Þ)

930

921

Shell

International

Finance

BV

4.375%

due

05/11/45

140

151

4.000%

due

05/10/46

50

52

3.250%

due

04/06/50

20

19

Siemens

Financieringsmaatschappij

NV

2.000%

due

09/15/23

(Þ)

891

884

SK

Hynix,

Inc.

1.000%

due

01/19/24

(Þ)

952

914

Sky,

Ltd.

3.750%

due

09/16/24

(Þ)

941

957

Sociedad

Quimica

y

Minera

de

Chile

SA

3.500%

due

09/10/51

(Þ)

470

405

Societe

Generale

SA

5.000%

due

01/17/24

(Þ)

700

713

Southern

Copper

Corp.

6.750%

due

04/16/40

10

13

5.250%

due

11/08/42

60

68

Standard

Chartered

PLC

5.700%

due

03/26/44

(Þ)

754

825

State

Bank

of

India

4.375%

due

01/24/24

(Þ)

883

896

Sumitomo

Mitsui

Financial

Group,

Inc.

3.936%

due

10/16/23

895

912

Suncor

Energy,

Inc.

6.500%

due

06/15/38

607

765

SURA

Asset

Management

SA

4.875%

due

04/17/24

(Þ)

877

891

Suzano

Austria

GmbH

7.000%

due

03/16/47

(Þ)

200

224

Series

DM3N

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

3.125%

due

01/15/32

230

204

Swedbank

AB

3.356%

due

04/04/25

(Þ)

290

291

Takeda

Pharmaceutical

Co.,

Ltd.

Series

WI

4.400%

due

11/26/23

875

897

Teck

Resources,

Ltd.

6.250%

due

07/15/41

60

72

5.400%

due

02/01/43

60

65

Series

WI

3.900%

due

07/15/30

200

200

Telefonica

Emisiones

SA

5.213%

due

03/08/47

150

161

Tencent

Holdings,

Ltd.

3.280%

due

04/11/24

(Þ)

891

886

Tesco

PLC

6.150%

due

11/15/37

(Þ)

623

739

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3.150%

due

10/01/26

300

272

Textainer

Marine

Containers,

Ltd.

Series

2021-3A

Class

A

1.940%

due

08/20/46

(Þ)

2,706

2,453

Toronto-Dominion

Bank

(The)

0.300%

due

06/02/23

956

934

Total

Capital

International

SA

3.700%

due

01/15/24

877

892

TotalEnergies

Capital

Canada,

Ltd.

2.750%

due

07/15/23

770

773

TransAlta

Corp.

6.500%

due

03/15/40

60

62

UBS

Group

AG

3.179%

due

02/11/43

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.100%)(Ê)(Þ)

200

178

4.500%

due

06/26/48

(Þ)

200

221

7.000%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

3

Month

LIBOR]

5

Year

Rate

+

4.344%)(Ê)

(ƒ)(Þ)

460

480

Unilever

Capital

Corp.

0.375%

due

09/14/23

888

865

Vale

Overseas,

Ltd.

8.250%

due

01/17/34

636

828

Vodafone

Group

PLC

6.150%

due

02/27/37

50

60

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

3.750%

due

09/17/24

(Þ)

200

200

4.750%

due

09/17/44

(Þ)

200

188

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

131

3.020%

due

11/18/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.530%)(Ê)

100

89

3.133%

due

11/18/41

310

266

Woori

Bank

4.750%

due

04/30/24

(Þ)

734

754

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Wynn

Macau,

Ltd.

5.500%

due

01/15/26

(Þ)

200

182

5.625%

due

08/26/28

(Þ)

310

269

Yamana

Gold,

Inc.

2.630%

due

08/15/31

30

27

Series

WI

4.625%

due

12/15/27

280

284

190,316

Loan

Agreements

-

0.2%

Alterra

Mountain

Co.

2021

Term

Loan

B2

4.000%

due

07/30/28

(USD

1

Month

LIBOR

+

3.500%)(Ê)

66

66

Caesars

Resort

Collection

LLC

1st

Lien

Term

Loan

B

3.207%

due

12/22/24

(USD

1

Month

LIBOR

+

2.750%)(Ê)

135

135

Caesars

Resort

Collection

LLC

2020

Term

Loan

3.957%

due

06/19/25

(USD

1

Month

LIBOR

+

3.500%)(Ê)

78

77

CSC

Holdings

LLC

2018

Incremental

Term

Loan

2.647%

due

01/15/26

(USD

3

Month

LIBOR

+

2.250%)(Ê)

30

29

Eyecare

Partners

LLC

Term

Loan

4.756%

due

02/20/27

(USD

3

Month

LIBOR

+

3.750%)(Ê)

98

97

First

Eagle

Holdings,

Inc.

Term

Loan

B

3.506%

due

02/02/27

(USD

3

Month

LIBOR

+

2.500%)(Ê)

38

37

Focus

Financial

Partners

LLC

Term

Loan

2.449%

due

07/03/24

(USD

1

Month

LIBOR

+

2.000%)(Ê)

146

144

Genesee

&

Wyoming,

Inc.

New

Term

Loan

3.006%

due

12/30/26

(USD

3

Month

LIBOR

+

2.000%)(Ê)

77

76

Harbor

Freight

Tools

USA,

Inc.

2021

Term

Loan

B

3.250%

due

10/19/27

(USD

1

Month

LIBOR

+

2.750%)(Ê)

69

67

McAfee

LLC

Term

Loan

B

5.750%

due

07/27/28

(USD

3

Month

LIBOR

+

5.000%)(Ê)

100

99

Nexstar

Broadcasting,

Inc.

Term

Loan

B4

2.731%

due

09/19/26

(USD

1

Month

LIBOR

+

2.500%)(Ê)

356

355

Petco

Health

and

Wellness

Co.

2021

Term

Loan

B

4.256%

due

02/24/28

(USD

3

Month

LIBOR

+

3.250%)(Ê)

59

58

Phoenix

Guarantor,

Inc.

Term

Loan

B

3.707%

due

03/05/26

(USD

1

Month

LIBOR

+

3.250%)(Ê)

121

119

Prime

Security

Services

Borrower

LLC

2021

Term

Loan

3.500%

due

09/23/26

(USD

6

Month

LIBOR

+

2.750%)(Ê)

107

106

Quikrete

Holdings,

Inc.

2021

Term

Loan

B1

0.000%

due

06/11/28

(~)(Ê)(v)

60

59

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

Southwestern

Energy

Co.

Term

Loan

3.301%

due

06/22/27

(USD

3

Month

LIBOR

+

2.500%)(Ê)

120

119

UFC

Holdings

LLC

2021

Term

Loan

B

3.500%

due

04/29/26

(USD

6

Month

LIBOR

+

2.750%)(Ê)

108

106

United

Airlines,

Inc.

2021

Term

Loan

B

4.500%

due

04/21/28

(USD

3

Month

LIBOR

+

3.750%)(Ê)

69

68

Verscend

Holding

Corp.

2021

Term

Loan

B

4.457%

due

08/27/25

(USD

1

Month

LIBOR

+

4.000%)(Ê)

99

98

Virgin

Media

Secured

Finance

PLC

Term

Loan

2.897%

due

01/31/28

(USD

3

Month

LIBOR

+

2.500%)(Ê)

147

145

Zebra

Buyer

LLC

Term

Loan

B

4.313%

due

11/02/28

(USD

3

Month

LIBOR

+

3.250%)(Ê)

95

94

2,154

Mortgage-Backed

Securities

-

14.9%

Alternative

Loan

Trust

Series

2007-16CB

Class

1A5

0.568%

due

08/25/37

(USD

1

Month

LIBOR

+

0.400%)(Ê)

271

188

Banc

of

America

Funding

Trust

Series

2006-6

Class

2A1

6.000%

due

08/25/36

428

410

BX

Commercial

Mortgage

Trust

Series

2019-XL

Class

E

3.800%

due

10/15/36

(USD

1

Month

LIBOR

+

1.800%)(Ê)(Þ)

1,201

1,188

Series

2021-CIP

Class

D

1.771%

due

12/15/28

(USD

1

Month

LIBOR

+

1.671%)(Ê)(Þ)

2,674

2,604

CAMB

Commercial

Mortgage

Trust

Series

2019-LIFE

Class

F

2.735%

due

12/15/37

(USD

1

Month

LIBOR

+

2.550%)(Ê)(Þ)

987

970

Series

2021-CX2

Class

A

2.700%

due

11/10/46

(Þ)

3,322

3,058

Citigroup

Commercial

Mortgage

Trust

Series

2013-375P

Class

D

3.635%

due

05/10/35

(~)(Ê)(Þ)

1,418

1,393

CORE

Mortgage

Trust

Series

2019-CORE

Class

D

1.835%

due

12/15/31

(USD

1

Month

LIBOR

+

1.650%)(Ê)(Þ)

1,216

1,173

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

1,258

DBGS

Mortgage

Trust

Series

2019-1735

Class

D

4.334%

due

04/10/37

(~)(Ê)(Þ)

985

928

Deutsche

Mortgage

Securities,

Inc.

Re-

REMIC

Trust

Series

2007-WM1

Class

A1

3.658%

due

06/27/37

(~)(Ê)(Þ)

253

253

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

ELP

Commercial

Mortgage

Trust

Series

2021-ELP

Class

D

1.619%

due

11/15/36

(USD

1

Month

LIBOR

+

1.518%)(Ê)(Þ)

926

906

Fannie

Mae

2.560%

due

2028

367

362

2.600%

due

2031

375

364

6.000%

due

2032

12

13

5.000%

due

2033

4

4

5.500%

due

2034

9

9

4.500%

due

2035

208

228

5.500%

due

2037

61

66

5.500%

due

2038

265

291

6.000%

due

2039

22

25

4.000%

due

2040

166

174

5.500%

due

2040

292

313

6.000%

due

2040

69

77

4.000%

due

2041

248

259

6.000%

due

2041

110

122

3.500%

due

2043

543

555

4.000%

due

2044

550

573

3.500%

due

2045

622

633

3.000%

due

2046

89

89

3.500%

due

2046

129

131

4.000%

due

2046

644

672

4.500%

due

2046

216

228

3.000%

due

2047

1,848

1,835

3.500%

due

2047

284

290

4.000%

due

2047

52

54

4.500%

due

2048

778

817

5.000%

due

2048

169

178

3.000%

due

2049

3,928

3,867

4.000%

due

2049

737

764

5.000%

due

2049

399

420

2.500%

due

2050

7,191

6,883

3.000%

due

2050

7,586

7,461

2.000%

due

2051

17,382

16,173

2.500%

due

2051

2,756

2,636

Fannie

Mae

Connecticut

Avenue

Securities

Trust

Series

2018-C03

Class

1M2

2.318%

due

10/25/30

(USD

1

Month

LIBOR

+

2.150%)(Ê)

475

477

Fannie

Mae

REMICS

Series

1999-56

Class

Z

7.000%

due

12/18/29

5

5

Series

2004-W5

Class

A1

6.000%

due

02/25/47

118

130

Series

2005-24

Class

ZE

5.000%

due

04/25/35

107

113

Series

2020-75

Class

LI

Interest

Only

STRIPS

2.500%

due

11/25/50

1,389

202

Series

2020-97

Class

EI

Interest

Only

STRIPS

2.000%

due

01/25/51

2,137

275

Series

2021-1

Class

IM

Interest

Only

STRIPS

2.000%

due

02/25/51

1,737

183

Series

2021-3

Class

KI

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

STRIPS

2.500%

due

02/25/51

1,271

174

Series

2021-3

Class

NI

Interest

Only

STRIPS

2.500%

due

02/25/51

1,507

212

Series

2021-8

Class

EI

Interest

Only

STRIPS

3.500%

due

03/25/51

538

73

Series

2021-8

Class

GI

Interest

Only

STRIPS

3.000%

due

03/25/51

676

117

Freddie

Mac

5.500%

due

2038

200

220

6.000%

due

2038

47

52

5.000%

due

2040

102

111

4.000%

due

2041

718

752

4.500%

due

2041

98

104

5.500%

due

2041

113

124

3.500%

due

2043

362

370

4.000%

due

2044

246

257

3.500%

due

2045

506

516

4.000%

due

2045

223

232

3.000%

due

2046

1,708

1,698

4.000%

due

2046

122

127

3.000%

due

2047

604

600

3.000%

due

2048

93

92

4.000%

due

2048

683

707

4.500%

due

2048

162

169

3.000%

due

2049

205

203

2.500%

due

2050

1,817

1,741

3.000%

due

2050

3,183

3,127

2.000%

due

2051

5,548

5,163

2.500%

due

2051

10,150

9,719

3.000%

due

2052

6,049

5,924

Freddie

Mac

REMICS

Series

2003-2624

Class

QH

5.000%

due

06/15/33

38

41

Series

2006-R007

Class

ZA

6.000%

due

05/15/36

123

134

Series

2010-3632

Class

PK

5.000%

due

02/15/40

66

69

Series

2010-3653

Class

B

4.500%

due

04/15/30

107

110

Series

2012-4010

Class

KM

3.000%

due

01/15/42

50

50

Series

2017-4734

Class

IO

Interest

Only

STRIPS

4.000%

due

12/15/47

758

136

Series

2020-5008

Class

IE

Interest

Only

STRIPS

2.000%

due

09/25/50

884

107

Series

2020-5038

Class

NI

Interest

Only

STRIPS

2.000%

due

11/25/50

1,295

157

Series

2020-5050

Class

IP

Interest

Only

STRIPS

3.000%

due

10/25/50

2,358

356

Series

2020-5052

Class

IO

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Interest

Only

STRIPS

3.500%

due

12/25/50

859

139

Series

2020-5052

Class

KI

Interest

Only

STRIPS

4.000%

due

12/25/50

1,059

172

Series

2021-5072

Class

IQ

Interest

Only

STRIPS

3.500%

due

10/25/50

1,325

223

Series

2021-5072

Class

QI

Interest

Only

STRIPS

3.500%

due

10/25/50

1,023

210

Ginnie

Mae

REMICS

Series

2020-134

Class

IL

Interest

Only

STRIPS

2.500%

due

09/20/50

449

53

Series

2020-146

Class

EI

Interest

Only

STRIPS

2.500%

due

10/20/50

1,327

170

Series

2020-160

Class

GI

Interest

Only

STRIPS

2.000%

due

10/20/50

2,262

238

Series

2020-167

Class

BI

Interest

Only

STRIPS

2.500%

due

11/20/50

1,413

181

Series

2020-167

Class

IA

Interest

Only

STRIPS

2.500%

due

11/20/50

2,661

320

Series

2020-167

Class

IW

Interest

Only

STRIPS

2.000%

due

11/20/50

1,627

181

Series

2020-173

Class

MI

Interest

Only

STRIPS

2.500%

due

11/20/50

4,859

617

Series

2021-1

Class

AI

Interest

Only

STRIPS

2.000%

due

01/20/51

917

114

Series

2021-1

Class

PI

Interest

Only

STRIPS

2.500%

due

12/20/50

506

74

Series

2021-9

Class

MI

Interest

Only

STRIPS

2.500%

due

01/20/51

1,401

179

Series

2021-23

Class

IA

Interest

Only

STRIPS

2.500%

due

02/20/51

1,041

131

Series

2021-23

Class

KI

Interest

Only

STRIPS

3.000%

due

02/20/51

782

85

Hilton

USA

Trust

Series

2016-HHV

Class

D

4.333%

due

11/05/38

(~)(Ê)(Þ)

1,240

1,197

Series

2016-HHV

Class

E

4.333%

due

11/05/38

(~)(Ê)(Þ)

600

567

HMH

Trust

Series

2017-NSS

Class

E

6.292%

due

07/05/31

(Þ)

1,170

1,076

Hospitality

Mortgage

Trust

Series

2019-HIT

Class

D

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

2.185%

due

11/15/36

(USD

1

Month

LIBOR

+

2.000%)(Ê)(Þ)

1,181

1,151

JPMorgan

Mortgage

Trust

Series

2018-3

Class

A3

3.500%

due

09/25/48

(~)(Ê)(Þ)

131

131

Series

2020-3

Class

A15

3.500%

due

08/25/50

(~)(Ê)(Þ)

169

168

Series

2021-6

Class

A6

2.500%

due

10/25/51

(~)(Ê)(Þ)

4,039

3,921

Series

2021-7

Class

A6

2.500%

due

11/25/51

(~)(Ê)(Þ)

4,070

3,914

Series

2021-8

Class

A6

2.500%

due

12/25/51

(~)(Ê)(Þ)

3,601

3,471

Series

2021-INV2

Class

A2

2.500%

due

12/25/51

(~)(Ê)(Þ)

4,562

4,230

Series

2022-1

Class

A4

2.500%

due

07/25/52

(~)(Ê)(Þ)

3,225

3,088

Series

2022-2

Class

A4A

2.500%

due

08/25/52

(~)(Ê)(Þ)

1,471

1,403

Series

2022-3

Class

A4A

2.500%

due

08/25/52

(~)(Ê)(Þ)

3,300

3,169

Mello

Mortgage

Capital

Acceptance

Series

2021-INV1

Class

A4

2.500%

due

06/25/51

(~)(Ê)(Þ)

1,317

1,260

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

2,238

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

Series

2017-237P

Class

D

3.865%

due

09/13/39

(~)(Ê)(Þ)

1,500

1,403

Series

2017-237P

Class

XA

Interest

Only

STRIPS

0.468%

due

09/13/39

(~)(Ê)(Þ)

8,761

152

Series

2017-237P

Class

XB

Interest

Only

STRIPS

0.175%

due

09/13/39

(~)(Ê)(Þ)

5,418

25

Preston

Ridge

Partners

Mortgage

LLC

Series

2020-6

Class

A1

2.363%

due

11/25/25

(~)(Ê)(Þ)

472

459

Series

2021-3

Class

A1

1.867%

due

04/25/26

(~)(Ê)(Þ)

1,030

984

Radnor

RE,

Ltd.

Series

2020-1

Class

M1A

1.118%

due

02/25/30

(USD

1

Month

LIBOR

+

0.950%)(Ê)(Þ)

567

563

RCKT

Mortgage

Trust

Series

2021-2

Class

A5

2.500%

due

06/25/51

(~)(Ê)(Þ)

2,621

2,478

Sequoia

Mortgage

Trust

Series

2015-1

Class

A1

3.500%

due

01/25/45

(~)(Ê)(Þ)

80

80

Series

2021-4

Class

A10

2.500%

due

06/25/51

(~)(Ê)(Þ)

2,397

2,308

UWM

Mortgage

Trust

Series

2021-1

Class

A4

2.500%

due

06/25/51

(~)(Ê)(Þ)

2,383

2,262

Washington

Mutual

Mortgage

Pass-

Through

Certificates

Trust

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Series

2005-10

Class

3CB1

6.000%

due

11/25/35

413

369

Wells

Fargo

Mortgage

Backed

Securities

Trust

Series

2020-3

Class

A1

3.000%

due

06/25/50

(~)(Ê)(Þ)

1,105

1,077

WinWater

Mortgage

Loan

Trust

Series

2014-1

Class

A1

3.847%

due

06/20/44

(~)(Ê)(Þ)

122

122

142,377

Municipal

Bonds

-

0.1%

American

Municipal

Power,

Inc.

Revenue

Bonds

8.084%

due

02/15/50

70

116

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

4.926%

due

10/01/51

110

132

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

Bonds

3.006%

due

05/15/50

230

201

State

of

California

General

Obligation

Unlimited

7.300%

due

10/01/39

10

14

463

Non-US

Bonds

-

8.3%

Alba

PLC

Series

2006-2

Class

A3A

0.363%

due

12/15/38

(GBP

3

Month

LIBOR

+

0.170%)(Ê)

GBP

506

644

Series

2007-1

Class

A3

0.342%

due

03/17/39

(GBP

3

Month

LIBOR

+

0.170%)(Ê)

GBP

1,237

1,561

Andorra

Government

International

Bond

1.250%

due

05/06/31

EUR

3,500

3,596

Banna

RMBS

DAC

Series

2019-1

Class

B

1.809%

due

12/30/63

(SONIA

+

1.750%)(Ê)

GBP

500

660

Banque

Centrale

de

Tunisie

Government

International

Bond

Series

REGS

6.750%

due

10/31/23

EUR

2,024

1,609

6.375%

due

07/15/26

EUR

1,163

799

Banque

Ouest

Africaine

de

Developpement

Series

REGS

2.750%

due

01/22/33

EUR

456

465

Brazil

Notas

do

Tesouro

Nacional

Series

NTNB

6.000%

due

08/15/30

BRL

1,200

1,023

Buoni

del

Tesoro

Poliennali

Bonds

0.500%

due

07/15/28

EUR

1,124

1,165

Carin

CLO

VIII

BV

Series

2017-8X

Class

A

0.860%

due

10/30/30

(3

Month

EURIBOR

+

0.860%)(Ê)

EUR

2,246

2,474

China

Government

International

Bond

0.625%

due

11/17/33

EUR

1,360

1,367

0.625%

due

11/25/35

EUR

174

168

Contego

CLO

DAC

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

2021-9A

Class

A

0.950%

due

01/24/34

(3

Month

EURIBOR

+

0.950%)(Ê)(Þ)

EUR

1,700

1,854

European

Union

Series

NGEU

0.282%

due

07/04/31

EUR

1,616

1,625

0.400%

due

02/04/37

EUR

972

956

0.450%

due

07/04/41

EUR

1,349

1,275

Eurosail

PLC

Series

2006-4X

Class

A3C

0.946%

due

12/10/44

(GBP

3

Month

LIBOR

+

0.160%)(Ê)

GBP

106

138

Eurosail

PRIME-UK

PLC

Series

2007-PR1X

Class

A1

0.598%

due

09/13/45

(GBP

3

Month

LIBOR

+

0.400%)(Ê)

GBP

539

691

Eurosail-UK

PLC

Series

2007-6NCX

Class

A3A

0.795%

due

09/13/45

(GBP

3

Month

LIBOR

+

0.700%)(Ê)

GBP

699

899

Indonesia

Government

International

Bond

Series

FR87

6.500%

due

02/15/31

IDR

7,466,000

511

Japan

2

Year

Government

International

Bond

Series

423

0.005%

due

04/01/23

JPY

1,300,000

10,688

Japan

20

Year

Government

International

Bond

Series

68

2.200%

due

03/20/24

JPY

907,950

7,786

Last

Mile

Logistics

Group,

Inc.

Series

2021-1A

Class

A

0.750%

due

08/17/33

(3

Month

EURIBOR

+

0.750%)(Ê)(Þ)

EUR

1,434

1,566

Last

Mile

Securities

Series

2021-1A

Class

A1

0.900%

due

08/17/31

(3

Month

EURIBOR

+

0.900%)(Ê)(Þ)

EUR

1,044

1,144

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

1,219

Mexican

Bonos

de

Desarrollo

Series

M

30

8.500%

due

11/18/38

MXN

13,850

707

Mexico

Government

International

Bond

2.125%

due

10/25/51

EUR

1,539

1,219

4.000%

due

03/15/15

EUR

1,011

1,013

Newgate

Funding

PLC

Series

2006-1

Class

A4

1.086%

due

12/01/50

(GBP

3

Month

LIBOR

+

0.190%)(Ê)

GBP

602

782

Series

2006-3X

Class

A3B

3.732%

due

12/01/50

(3

Month

EURIBOR

+

0.170%)(Ê)

EUR

2,447

2,602

Series

2007-1X

Class

A3

0.240%

due

12/01/50

(GBP

3

Month

LIBOR

+

0.160%)(Ê)

GBP

362

457

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Paragon

Mortgages

(No.

12)

PLC

0.293%

due

11/15/38

(GBP

3

Month

LIBOR

+

0.240%)(Ê)

GBP

2,551

3,254

Petroleos

Mexicanos

Series

14-2

7.470%

due

11/12/26

MXN

51,280

2,291

Series

REGS

7.190%

due

09/12/24

MXN

66,598

3,147

Republic

of

Albania

Government

International

Bond

Series

REGS

3.500%

due

11/23/31

EUR

960

922

Republic

of

South

Africa

Government

International

Bond

Series

2037

8.500%

due

01/31/37

ZAR

29,015

1,692

RMAC

Securities

No.

1

PLC

Series

2006-NS1X

Class

A2A

1.050%

due

06/12/44

(SONIA

+

0.269%)(Ê)

GBP

364

465

Series

2006-NS3X

Class

A2A

0.245%

due

06/12/44

(SONIA

+

0.269%)(Ê)

GBP

441

557

Series

2006-NS4X

Class

A3A

0.368%

due

06/12/44

(GBP

3

Month

LIBOR

+

0.170%)(Ê)

GBP

819

1,038

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

1,516

Romania

Government

International

Bond

Series

REGS

2.875%

due

05/26/28

EUR

198

215

1.750%

due

07/13/30

EUR

672

628

2.124%

due

07/16/31

EUR

220

208

3.875%

due

10/29/35

EUR

166

172

3.375%

due

02/08/38

EUR

137

131

2.625%

due

12/02/40

EUR

1,465

1,231

2.750%

due

04/14/41

EUR

313

264

2.875%

due

04/13/42

EUR

1,166

987

4.625%

due

04/03/49

EUR

293

318

3.375%

due

01/28/50

EUR

328

290

Taurus

CMBS

Series

2021-UK4A

Class

A

1.105%

due

08/17/31

(SONIA

+

0.950%)(Ê)(Þ)

GBP

2,084

2,697

Series

2021-UK4A

Class

B

1.655%

due

08/17/31

(SONIA

+

1.500%)(Ê)(Þ)

GBP

487

628

Taurus

UK

Designated

Activity

Co.

Series

2021-UK1A

Class

A

1.541%

due

05/17/31

(3

Month

SONIA

Deposit

Rate

+

0.850%)(Ê)(Þ)

GBP

496

649

Series

2021-UK1A

Class

B

1.991%

due

05/17/31

(3

Month

SONIA

Deposit

Rate

+

1.300%)(Ê)(Þ)

GBP

496

646

Towd

Point

Mortgage

Funding

Series

2019-A13X

Class

B

1.251%

due

07/20/45

(3

Month

SONIA

Deposit

Rate

+

1.200%)(Ê)

GBP

885

1,163

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

Warwick

Finance

Residential

Mortgages

Number

Three

PLC

0.854%

due

12/21/49

(SONIA  +

0.950%)(Ê)(Þ)

GBP

876

1,150

78,922

United

States

Government

Treasuries

-

18.1%

United

States

Treasury

Notes

1.750%

due

05/15/23

4,040

4,035

0.125%

due

05/31/23

1,020

999

2.750%

due

05/31/23

80

81

1.375%

due

06/30/23

5,420

5,381

0.125%

due

07/15/23

3,460

3,377

1.250%

due

07/31/23

2,700

2,672

1.625%

due

10/31/23

4,360

4,323

2.125%

due

11/30/23

3,870

3,865

0.750%

due

12/31/23

910

886

0.125%

due

01/15/24

18,549

17,848

0.875%

due

01/31/24

870

848

0.250%

due

05/15/24

3,750

3,584

1.250%

due

08/31/24

3,615

3,513

2.000%

due

02/15/25

3,895

3,840

0.375%

due

04/30/25

2,421

2,267

2.125%

due

05/15/25

3,485

3,443

0.250%

due

06/30/25

2,391

2,221

2.000%

due

08/15/25

4,068

3,996

0.250%

due

09/30/25

1,886

1,742

3.000%

due

10/31/25

2,925

2,971

2.250%

due

11/15/25

3,660

3,623

1.625%

due

02/15/26

3,338

3,227

2.250%

due

03/31/26

2,855

2,825

1.625%

due

05/15/26

3,050

2,943

1.500%

due

08/15/26

6,980

6,689

1.250%

due

12/31/26

200

189

1.875%

due

02/28/27

100

97

2.375%

due

05/15/27

3,125

3,112

0.500%

due

05/31/27

6,160

5,575

0.375%

due

07/31/27

1,822

1,634

0.750%

due

01/31/28

3,272

2,968

2.750%

due

02/15/28

4,612

4,683

2.875%

due

05/15/28

909

930

2.875%

due

08/15/28

3,410

3,494

3.125%

due

11/15/28

3,397

3,537

2.375%

due

05/15/29

2,630

2,622

1.750%

due

11/15/29

3,692

3,532

0.625%

due

08/15/30

6,577

5,713

0.875%

due

11/15/30

6,182

5,474

1.125%

due

05/15/40

2,905

2,289

1.125%

due

08/15/40

2,972

2,330

1.375%

due

11/15/40

2,804

2,292

2.375%

due

02/15/42

10

10

2.750%

due

11/15/42

1,365

1,386

2.875%

due

05/15/43

1,490

1,542

3.625%

due

02/15/44

1,949

2,267

3.125%

due

08/15/44

1,425

1,540

2.875%

due

08/15/45

1,365

1,423

3.000%

due

05/15/47

1,424

1,537

2.750%

due

11/15/47

2,010

2,086

3.000%

due

02/15/48

1,784

1,944

3.125%

due

05/15/48

1,828

2,041

3.375%

due

11/15/48

1,984

2,323

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.875%

due

05/15/49

2,170

2,334

2.375%

due

11/15/49

2,552

2,496

1.250%

due

05/15/50

4,930

3,677

2.000%

due

08/15/51

2,520

2,274

1.875%

due

11/15/51

1,070

939

2.250%

due

02/15/52

2,000

1,918

173,407

Total

Long-Term

Investments

(cost

$839,466

)

793,296

Common

Stocks

-

0.0%

Technology

-

0.0%

Sungard

Availability

Services

Capital,

LP

(Æ)(Š)

1,760

—

Total

Common

Stocks

(cost

$44)

—

Short-Term

Investments

-

14.6%

Aetna,

Inc.

2.750%

due

11/15/22

50

50

Apollo

Commercial

Real

Estate

Finance,

Inc.

4.750%

due

08/23/22

740

737

Continental

Airlines

Pass-Through

Trust

Series

071A

Class

A

5.983%

due

04/19/22

(ç)

17

17

Federal

Home

Loan

Bank

Discount

Notes

0.129%

due

04/04/22

(ç)(ž)

400

400

Ford

Motor

Credit

Co.

LLC

Series

FXD

3.350%

due

11/01/22

200

200

International

Lease

Finance

Corp.

5.875%

due

08/15/22

410

415

Intesa

Sanpaolo

SpA

3.125%

due

07/14/22

(Þ)

200

200

3.375%

due

01/12/23

(Þ)

200

200

Pacific

Gas

and

Electric

Co.

1.750%

due

06/16/22

380

380

Park

Aerospace

Holdings,

Ltd.

5.250%

due

08/15/22

(Þ)

4

4

Range

Resources

Corp.

5.875%

due

07/01/22

12

12

Teva

Pharmaceutical

Finance

Co.

BV

2.950%

due

12/18/22

23

23

U.S.

Cash

Management

Fund(@)

126,117,382(∞)

126,079

United

States

Treasury

Bills

Series

WI

0.119%

due

04/05/22

(ç)(ž)

3,334

3,334

0.128%

due

04/19/22

(ç)(ž)

1,764

1,764

United

States

Treasury

Notes

1.625%

due

12/15/22

1,475

1,478

0.125%

due

01/31/23

1,765

1,744

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

52

Strategic

Bond

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

2.000%

due

02/15/23

2,340

2,348

Western

Midstream

Operating,

LP

1.844%

due

01/13/23

(USD

3

Month

LIBOR

+

1.850%)(Ê)

180

178

Total

Short-Term

Investments

(cost

$139,631)

139,563

Total

Investments

-

97.6%

(identified

cost

$979,141)

932,859

Other

Assets

and

Liabilities,

Net

-

2.4%

22,777

Net

Assets

-

100.0%

955,636

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

$

$

26.2%

ABN

AMRO

Bank

NV

02/04/22

861,000

106.42

916

880

Abu

Dhabi

Government

International

Bond

04/08/20

270,000

96.27

260

282

Abu

Dhabi

Government

International

Bond

04/12/21

200,000

96.17

192

182

Abu

Dhabi

National

Energy

Co.

PJSC

04/15/21

200,000

109.51

219

207

Adani

Ports

&

Special

Economic

Zone,

Ltd.

09/10/21

515,000

103.81

535

507

African

Export-Import

Bank

(The)

05/10/21

1,530,000

100.00

1,530

1,423

Air

Liquide

Finance

SA

07/13/21

916,000

102.49

939

913

Alimentation

Couche-Tard,

Inc.

09/19/17

702,000

102.18

717

699

Ambac

Assurance

Corp.

02/09/17

881

168.77

1

1

American

Airlines

Group,

Inc.

04/12/21

160,000

103.84

166

161

American

Airlines

Group,

Inc.

04/12/21

40,000

106.53

43

40

American

Transmission

Systems,

Inc.

11/29/21

190,000

99.73

189

176

Americo

Life,

Inc.

04/12/21

70,000

99.75

70

63

AmFam

Holdings,

Inc.

04/09/21

100,000

103.44

103

92

AmFam

Holdings,

Inc.

04/12/21

120,000

100.14

120

111

Anglo

American

Capital

PLC

04/12/21

360,000

111.77

402

373

Anglo

American

Capital

PLC

02/03/22

881,000

103.42

911

880

Arbor

Realty

CLO,

Ltd.

05/26/21

1,029,000

100.00

1,029

1,017

Arbor

Realty

Collateralized

Loan

Obligation,

Ltd.

01/26/22

3,050,000

100.00

3,049

3,034

Arbor

Realty

Commercial

Real

Estate,

Ltd.

09/20/21

5,030,000

100.00

5,029

4,969

Ares

LXI

CLO,

Ltd.

08/20/21

4,022,000

100.00

4,021

3,996

Australia

&

New

Zealand

Banking

Group,

Ltd.

01/06/22

871,000

105.70

921

888

Aviation

Capital

Group

LLC

04/13/21

170,000

109.44

186

175

Aviation

Capital

Group

LLC

10/06/21

898,000

103.01

925

902

Avolon

Holdings

Funding,

Ltd.

04/12/21

150,000

100.71

151

144

Avolon

Holdings

Funding,

Ltd.

04/12/21

20,000

103.61

21

20

Banco

de

Credito

del

Peru

03/03/22

946,000

94.58

895

877

Banco

Inbursa

SA

Institucion

de

Banca

Multiple

01/06/20

711,000

102.10

726

721

Banco

Internacional

del

Peru

SAA

Interbank

09/09/21

928,000

101.83

945

916

Banco

Mercantil

del

Norte

SA

04/09/21

240,000

117.44

282

251

Banco

Santander

Chile

01/06/22

703,000

102.02

717

688

Bank

of

China,

Ltd.

04/12/21

833,000

108.66

905

866

Baxter

International,

Inc.

02/04/22

936,000

98.60

923

906

Bayer

US

Finance

II

LLC

06/18/21

961,000

104.94

1,009

971

Bayer

US

Finance

LLC

08/02/18

726,000

100.32

728

725

BBVA

Banco

Continental

SA

12/22/21

897,000

105.27

944

914

BBVA

Bancomer

SA

10/07/21

862,000

106.49

918

878

BDS,

Ltd.

05/14/21

1,558,000

100.00

1,558

1,523

Bellemeade

Re,

Ltd.

02/08/21

796,027

101.17

805

799

Bellemeade

Re,

Ltd.

04/13/21

1,780,000

100.65

1,792

1,761

Bellemeade

Re,

Ltd.

04/23/21

713,379

100.96

720

714

Bellemeade

Re,

Ltd.

06/11/21

2,607,000

100.00

2,607

2,581

Bellemeade

Re,

Ltd.

06/11/21

1,759,000

100.12

1,761

1,716

Bellemeade

Re,

Ltd.

09/23/21

2,380,000

100.00

2,380

2,346

Bellemeade

Re,

Ltd.

01/12/22

2,224,000

100.52

2,235

2,210

Bermuda

Government

International

Bond

04/12/21

380,000

98.55

374

348

Berry

Petroleum

Corp.

04/13/21

350,000

98.55

345

346

Bharti

Airtel,

Ltd.

09/13/21

877,000

107.41

942

883

Blackstone

Holdings

Finance

Co.

LLC

01/03/22

220,000

99.71

219

190

BNP

Paribas

SA

08/07/18

200,000

99.63

199

203

BNP

Paribas

SA

06/02/20

680,000

101.71

692

647

BNP

Paribas

SA

06/10/20

722,000

108.69

785

738

BNP

Paribas

SA

04/09/21

400,000

91.35

365

330

BNP

Paribas

SA

06/23/21

210,000

100.00

210

192

BNP

Paribas

SA

09/08/21

270,000

100.00

270

240

BOC

Aviation

USA

Corp.

05/06/21

200,000

100.14

200

192

BPCE

SA

10/12/21

300,000

100.00

300

272

Broadcom,

Inc.

04/12/21

290,000

99.89

290

252

BX

Commercial

Mortgage

Trust

12/02/21

2,674,000

99.86

2,670

2,604

BX

Commercial

Mortgage

Trust

12/17/21

1,201,050

99.98

1,201

1,188

Cabot

Oil

&

Gas

Corp.

04/11/17

260,000

102.19

266

262

Cabot

Oil

&

Gas

Corp.

02/13/19

150,000

105.95

159

153

CAMB

Commercial

Mortgage

Trust

01/25/19

987,000

100.12

988

970

CAMB

Commercial

Mortgage

Trust

10/22/21

3,322,000

102.95

3,420

3,058

Cameron

LNG

LLC

04/09/21

30,000

107.72

32

29

Carlyle

Global

Market

Strategies

CLO,

Ltd.

09/07/21

2,298,000

100.00

2,298

2,279

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

04/14/20

10,000

101.68

10

9

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

$

$

Cedar

Funding,

Ltd.

07/03/18

1,600,000

100.00

1,600

1,592

Cheniere

Energy

Partners,

LP

09/13/21

210,000

100.00

210

191

CHS/Community

Health

Systems,

Inc.

04/12/21

140,000

103.62

145

138

Citigroup

Commercial

Mortgage

Trust

02/12/19

1,418,000

0.99

1,404

1,393

CLI

Funding

VI

LLC

10/02/20

1,409,233

99.98

1,409

1,309

CLI

Funding

VIII

LLC

01/19/22

4,606,627

99.95

4,603

4,342

Comcast

Corp.

10/28/16

364,000

99.55

362

307

Comcast

Corp.

04/02/20

30,000

103.08

31

25

Comcast

Corp.

04/09/21

117,000

98.44

115

96

Comision

Federal

de

Electricidad

04/12/21

200,000

97.02

194

175

Commonwealth

Bank

of

Australia

04/09/21

200,000

105.20

210

187

Commonwealth

Bank

of

Australia

04/12/21

200,000

98.08

196

178

Commonwealth

Bank

of

Australia

06/17/21

886,000

117.75

1,043

881

Contego

CLO

DAC

07/02/21

EUR

1,700,000

118.64

2,017

1,854

Continental

Resources,

Inc.

11/09/21

80,000

100.00

80

75

Continental

Resources,

Inc.

11/09/21

120,000

99.92

120

107

Cooperatieve

Rabobank

UA

03/30/22

360,000

100.00

360

359

CORE

Mortgage

Trust

03/01/19

1,216,000

100.00

1,216

1,173

Coterra

Energy,

Inc.

12/04/19

330,000

107.41

354

344

Covey

Park

Energy

LLC

04/13/21

150,000

103.24

155

152

Credicorp,

Ltd.

04/12/21

922,000

101.12

932

888

Credit

Agricole

SA

06/11/20

734,000

106.43

781

742

Credit

Agricole

SA

03/03/22

928,000

97.21

902

876

Credit

Suisse

Group

AG

07/07/20

699,000

109.79

767

698

Credit

Suisse

Group

AG

04/14/21

200,000

107.41

215

203

Credit

Suisse

Group

AG

04/14/21

360,000

108.48

391

355

Credit

Suisse

Group

AG

05/10/21

480,000

100.00

480

433

Credit

Suisse

Group

AG

03/07/22

200,000

98.00

196

202

Credit

Suisse

Group

AG

03/21/22

200,000

92.38

185

185

Credit

Suisse

Mortgage

Trust

05/28/19

1,282,000

100.00

1,282

1,258

DAE

Funding

LLC

06/15/21

220,000

99.57

219

208

Danone

SA

04/22/19

718,000

100.05

718

717

Danske

Bank

A/S

03/11/19

200,000

101.35

203

206

Danske

Bank

A/S

09/17/19

200,000

101.23

202

202

Danske

Bank

A/S

09/07/21

200,000

100.00

200

182

Danske

Bank

A/S

03/03/22

935,000

96.17

899

876

Danske

Bank

A/S

03/28/22

200,000

100.00

200

200

Danske

Bank

A/S

03/28/22

1,100,000

100.45

1,105

1,109

DBGS

Mortgage

Trust

04/03/19

985,000

101.22

997

928

DCP

Midstream

Operating,

LP

12/11/19

50,000

107.57

54

58

Delta

Air

Lines,

Inc.

05/11/20

280,000

98.28

275

300

Delta

Air

Lines,

Inc.

09/16/20

180,000

103.03

185

181

Delta

Air

Lines,

Inc.

09/16/20

670,000

103.33

692

675

Deutsche

Mortgage

Securities,

Inc.

Re-REMIC

Trust

01/04/17

252,960

100.52

254

253

Deutsche

Telekom

International

Finance

BV

12/22/21

926,000

101.84

943

922

DISH

DBS

Corp.

11/10/21

150,000

100.00

150

142

DNB

Bank

ASA

03/24/22

700,000

100.00

700

699

Dryden

85

CLO,

Ltd.

09/20/21

3,959,000

100.00

3,958

3,922

Eagle

Re,

Ltd.

01/27/20

511,000

100.00

511

507

Eagle

Re,

Ltd.

12/17/20

732,000

100.23

734

729

Eagle

Re,

Ltd.

04/09/21

1,268,000

100.00

1,268

1,265

Eagle

Re,

Ltd.

10/29/21

1,515,000

100.00

1,515

1,492

Elmwood

CLO,

Ltd.

03/08/22

2,723,000

99.40

2,707

2,720

ELP

Commercial

Mortgage

Trust

11/01/21

926,000

99.62

922

906

Enel

Finance

International

NV

01/05/18

706,000

100.84

712

697

Eni

SpA

08/04/21

892,000

104.68

934

904

EnLink

Midstream

LLC

04/13/21

180,000

99.65

179

184

EQT

Corp.

05/10/21

30,000

100.00

30

29

EQT

Corp.

05/10/21

30,000

100.00

30

29

Fidelity

&

Guaranty

Life

Holdings,

Inc.

04/16/21

50,000

111.56

56

52

First

Quantum

Minerals,

Ltd.

04/12/21

200,000

103.13

206

203

First

Quantum

Minerals,

Ltd.

04/13/21

280,000

108.07

303

293

Florida

Gas

Transmission

Co.

LLC

09/15/21

520,000

99.92

520

460

FNA

VI

LLC

01/22/21

576,080

99.99

576

550

Fresnillo

PLC

04/09/21

260,000

98.43

256

229

Genting

New

York

LLC

04/13/21

440,000

100.30

441

416

Glencore

Funding

LLC

10/12/16

40,000

100.54

40

41

Glencore

Funding

LLC

09/13/17

220,000

100.36

221

221

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

$

$

Glencore

Funding

LLC

01/16/19

50,000

95.67

48

50

Glencore

Funding

LLC

03/05/19

550,000

101.83

560

557

Glencore

Funding

LLC

04/13/21

140,000

100.37

141

131

Glencore

Funding

LLC

09/15/21

70,000

99.78

70

63

Glencore

Funding

LLC

12/20/21

912,000

103.34

942

927

Goldentree

Loan

Management

US

CLO

7,

Ltd.

04/01/21

1,147,000

100.00

1,147

1,134

GoodLeap

Sustainable

Home

Improvements

10/21/21

1,054,512

99.99

1,054

966

GoodLeap

Sustainable

Home

Solutions

Trust

01/24/22

963,045

99.98

963

900

Grupo

Bimbo

SAB

de

CV

11/04/21

879,000

105.69

929

897

Hana

Bank

01/04/22

874,000

106.70

933

893

HGI

CRE

CLO,

Ltd.

05/06/21

2,190,000

100.03

2,191

2,167

HGI

CRE

CLO,

Ltd.

09/17/21

2,486,000

100.00

2,486

2,451

Highlands

Holdings

Bond

Issuer,

Ltd.

04/12/21

302,143

105.60

319

303

Hilton

Domestic

Operating

Co.,

Inc.

04/16/20

120,000

100.21

120

123

Hilton

USA

Trust

11/22/16

1,240,000

96.00

1,187

1,097

Hilton

USA

Trust

11/22/16

600

,000

84

.00

506

567

HMH

Trust

06/09/17

1,170,000

99.98

1,170

1,076

HOM

RE,

Ltd.

01/28/21

526,675

100.00

527

525

Hospitality

Mortgage

Trust

05/16/19

1,181,003

100.00

1,181

1,151

Huntington

Bancshares,

Inc.

06/18/21

1,012,000

100.35

1,016

881

ICICI

Bank,

Ltd.

09/06/18

782,000

100.96

790

788

ING

Bank

NV

04/16/21

935,000

107.33

1,003

970

Innogy

Finance

BV

12/02/20

621,000

144.49

897

770

Intercorp

Financial

Services,

Inc.

03/03/22

938,000

96.19

902

882

Intesa

Sanpaolo

SpA

07/10/17

200,000

99.99

200

200

Intesa

Sanpaolo

SpA

01/05/18

200,000

99.96

200

200

Intesa

Sanpaolo

SpA

05/24/21

200,000

100.00

200

171

Intesa

Sanpaolo

SpA

05/24/21

210,000

100.08

210

186

JPMorgan

Mortgage

Trust

06/05/20

130,713

103.08

135

131

JPMorgan

Mortgage

Trust

03/30/21

169,471

102.12

173

168

JPMorgan

Mortgage

Trust

04/26/21

4,038,743

102.75

4,150

3,921

JPMorgan

Mortgage

Trust

05/24/21

4,070,490

102.84

4,186

3,914

JPMorgan

Mortgage

Trust

06/24/21

4,562,184

101.85

4,647

4,230

JPMorgan

Mortgage

Trust

06/24/21

3,601,288

102.57

3,694

3,471

JPMorgan

Mortgage

Trust

01/26/22

3,225,486

99.10

3,196

3,088

JPMorgan

Mortgage

Trust

02/24/22

3,300,000

96.02

3,169

3,169

JPMorgan

Mortgage

Trust

02/24/22

1,471

,088

97.47

1,434

1,403

KazMunayGas

National

Co.

JSC

04/17/18

200,000

100.00

200

192

KKR

Group

Finance

Co.

II

LLC

02/20/15

10,000

109.16

11

11

KKR

Group

Finance

Co.

II

LLC

12/01/21

30,000

99.68

30

25

Kookmin

Bank

08/05/21

913,000

106.07

968

913

Kyndryl

Holdings,

Inc.

10/07/21

230,000

98.69

227

178

Kyndryl

Holdings,

Inc.

10/07/21

320,000

99.76

319

270

Last

Mile

Logistics

Group,

Inc.

07/07/21

EUR

1,433,570

117.93

1,691

1,566

Last

Mile

Securities

03/26/21

EUR

1,043,785

117.99

1,232

1,144

LCM

XXIII,

Ltd.

01/29/20

1,020,000

100.00

1,020

1,017

Lithia

Motors,

Inc.

06/04/21

120,000

103.03

124

113

Lithia

Motors,

Inc.

06/07/21

110,000

104.99

115

109

Lukoil

International

Finance

BV

10/19/21

350,000

100.00

350

186

Madison

Park

Euro

Funding

IX

DAC

06/09/21

EUR

1,123,000

121.77

1,367

1,219

Madison

Park

Funding

XLVIII,

Ltd.

01/15/21

1,158,000

100.00

1,158

1,149

Madison

Park

Funding

XXI,

Ltd.

12/01/21

1,922,000

100.00

1,922

1,910

Magallanes,

Inc.

03/09/22

140,000

100.00

140

141

Magallanes,

Inc.

03/09/22

760,000

100.00

760

775

Magallanes,

Inc.

03/09/22

900,000

100.00

900

921

Mars,

Inc.

04/09/21

240,000

93.60

225

201

Massachusetts

Mutual

Life

Insurance

Co.

04/09/21

70,000

100.36

70

63

MEG

Energy

Corp.

04/12/21

140,000

104.80

147

147

MEG

Energy

Corp.

04/29/21

31,000

102.70

32

32

Meituan

03/03/22

976,000

91.79

896

867

Melco

Resorts

Finance,

Ltd.

04/12/21

240,000

105.19

252

203

Mello

Mortgage

Capital

Acceptance

06/14/21

1,316,957

102.61

1,351

1,260

MHC

Commercial

Mortgage

Trust

04/06/21

2,275,000

99.77

2,270

2,238

Midwest

Connector

Capital

Co.

LLC

03/03/22

863,000

103.34

892

872

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets,

Ltd.

06/25/20

300,000

104.33

313

313

Mondelez

International,

Inc.

08/09/21

690,000

103.53

714

679

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

5,418,000

0.47

25

25

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

8,761,000

1.74

152

152

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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

$

$

$

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

1,500,000

97.49

1,462

1,403

Motiva

Enterprises

LLC

03/03/22

788,000

115.31

909

874

Nestle

Holdings,

Inc.

01/03/20

698,000

101.97

712

707

Neuberger

Berman

CLO

XV,

Ltd.

08/31/21

2,766,000

100.00

2,765

2,751

Neuberger

Berman

Loan

Advisers

CLO

24,

Ltd.

08/24/21

589,000

100.14

590

587

New

York

Life

Insurance

Co.

04/09/21

150,000

107.81

162

145

New

York

Life

Insurance

Co.

04/09/21

50,000

120.88

60

52

NGPL

PipeCo

LLC

09/26/19

553,000

127.40

704

694

Nippon

Life

Insurance

Co.

04/09/21

250,000

96.20

241

224

Nissan

Motor

Acceptance

Corp.

09/10/20

280,000

100.00

280

274

Nissan

Motor

Acceptance

Corp.

04/14/21

1,340,000

102.24

1,367

1,337

Nordea

Bank

Abp

04/16/21

913,000

110.76

1,011

931

Northwestern

Mutual

Life

Insurance

Co.

(The)

04/09/21

480,000

101.70

488

435

Northwestern

Mutual

Life

Insurance

Co.

(The)

04/09/21

80,000

104.01

83

72

NRG

Energy,

Inc.

04/12/21

390,000

99.95

390

360

NTT

Finance

Corp.

04/12/21

200,000

99.64

199

181

NTT

Finance

Corp.

01/05/22

950,000

98.94

940

911

NYACK

Park

CLO,

Ltd.

09/02/21

5,290,000

100.00

5,289

5,255

Oaktown

Re

III,

Ltd.

01/26/21

1,355,000

100.44

1,361

1,348

Oaktown

Re

VI,

Ltd.

04/14/21

1,465,000

100.00

1,465

1,458

Oaktown

Re

VII,

Ltd.

10/15/21

821,000

100.00

821

811

Oaktown

Re,

Ltd.

09/28/21

1,475,000

101.89

1,503

1,424

OCP

CLO,

Ltd.

10/28/21

3,087,000

100.00

3,086

3,046

OCP

SA

06/10/21

200,000

99.41

199

181

Oversea-Chinese

Banking

Corp.,

Ltd.

01/04/22

646,000

105.77

683

659

Panasonic

Corp.

09/13/21

912,000

104.12

950

901

Paraguay

Government

International

Bond

04/09/21

200,000

113.90

228

203

Park

Aerospace

Holdings,

Ltd.

03/06/19

4,000

100.26

4

4

Parsley

Energy

LLC

/

Parsley

Finance

Corp.

09/25/20

10,000

93.59

9

10

Petroleos

del

Peru

SA

04/09/21

200,000

106.09

212

168

Preston

Ridge

Partners

Mortgage

LLC

12/01/20

472,080

100.00

472

459

Preston

Ridge

Partners

Mortgage

LLC

04/28/21

1,030,001

100.00

1,030

984

Prodigy

Finance

Designated

Activity

Co.

07/12/21

895,963

100.05

896

894

Prosus

NV

02/03/21

909,000

100.69

915

686

Provincia

de

Buenos

Aires

08/27/21

151,811

48.05

73

65

Provincia

de

Cordoba

04/12/21

230,000

63.82

147

151

Provincia

de

Cordoba

04/12/21

200,000

69.50

139

156

Qatar

Government

International

Bond

04/07/20

360,000

100.00

360

405

Qatar

Petroleum

06/30/21

670,000

99.01

663

616

Radnor

RE,

Ltd.

01/21/20

567,000

100.00

567

563

Radnor

RE,

Ltd.

06/15/21

1,027,917

100.52

1,033

1,027

Radnor

RE,

Ltd.

11/05/21

1,014,000

100.00

1,014

1,006

Radnor

RE,

Ltd.

01/13/22

2,072,000

100.15

2,075

2,034

RCKT

Mortgage

Trust

06/22/21

2,621,130

102.04

2,675

2,478

Reliance

Industries,

Ltd.

01/05/22

480,000

99.76

479

440

Reliance

Industries,

Ltd.

01/06/22

863,000

106.46

919

874

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

07/07/20

809,000

98.74

799

732

Riserva

CLO,

Ltd.

03/01/21

940,000

100.00

940

929

Roche

Holdings,

Inc.

08/06/21

422,000

99.96

422

406

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

09/21/21

160,000

100.00

160

147

Rockfield

Park

CLO

DAC

06/30/21

EUR

1,391,000

118.58

1,649

1,516

SABIC

Capital

II

BV

07/07/20

737,000

103.32

762

750

Sands

China,

Ltd.

09/09/21

200,000

99.76

200

170

Sands

China,

Ltd.

09/09/21

200,000

99.80

200

174

Sands

China,

Ltd.

11/23/21

200,000

100.00

200

198

Santander

UK

Group

Holdings

PLC

03/05/19

701,000

101.55

712

712

Santander

UK

Group

Holdings

PLC

05/14/19

909,000

105.16

956

930

Schlumberger

Holdings

Corp.

12/10/15

40,000

99.97

40

41

Sequoia

Mortgage

Trust

10/21/16

80,238

102.78

82

80

Sequoia

Mortgage

Trust

05/06/21

2,396,943

102.72

2,462

2,308

Shackleton

CLO,

Ltd.

04/04/18

930,000

100.00

930

921

Siemens

Financieringsmaatschappij

NV

01/04/21

891,000

102.44

913

884

SK

Hynix,

Inc.

10/07/21

952,000

99.74

950

914

Sky,

Ltd.

06/18/21

941,000

107.10

1,008

957

Sociedad

Quimica

y

Minera

de

Chile

SA

09/13/21

470,000

99.19

466

405

Societe

Generale

SA

12/11/19

700,000

103.54

725

713

SpringCastle

America

Funding

LLC

09/16/20

3,425,507

100.38

3,439

3,299

Standard

Chartered

PLC

04/12/21

754,000

125.21

944

825

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

57

Restricted

Securities

Amounts

in

thousands

(except

share

and

cost

per

unit

amounts)

%

of

Net

Assets

Acquisition

Principal

Amount

($)

Cost

per

Unit

Cost

(000)

Fair

Value

(000)

Securities

Date

or

shares

$

$

$

State

Bank

of

India

10/05/21

883,000

105.63

933

896

SURA

Asset

Management

SA

07/08/21

877,000

106.03

930

891

Suzano

Austria

GmbH

04/09/21

200,000

129.55

259

224

Swedbank

AB

03/29/22

290,000

100.00

290

291

SYNNEX

Corp.

07/29/21

510,000

99.94

510

485

TAL

Advantage

VII

LLC

09/09/20

1,903,208

100.03

1,904

1,783

Taurus

CMBS

07/28/21

GBP

2,084,264

139.09

2,899

2,697

Taurus

CMBS

07/28/21

GBP

486,523

139.09

677

628

Taurus

UK

Designated

Activity

Co.

02/22/21

GBP

496,354

140.62

698

649

Taurus

UK

Designated

Activity

Co.

02/22/21

GBP

496,354

140.62

698

646

Teachers

Insurance

&

Annuity

Association

of

America

06/14/16

140,000

111.63

156

154

Tencent

Holdings,

Ltd.

04/12/21

891,000

104.60

932

886

Tennessee

Gas

Pipeline

Co.

LLC

02/19/20

460,000

100.84

464

432

Tesco

PLC

09/03/20

623,000

128.92

803

739

Textainer

Marine

Containers,

Ltd.

08/03/21

2,705,560

99.98

2,705

2,453

T-Mobile

USA,

Inc.

12/01/21

460,000

99.70

459

418

Towd

Point

Mortgage

Trust

08/17/20

2,155,481

101.77

2,194

2,088

UBS

Group

AG

01/28/19

460,000

100.22

461

480

UBS

Group

AG

04/09/21

200,000

124.37

249

221

UBS

Group

AG

01/04/22

200,000

100.00

200

178

United

Airlines,

Inc.

04/14/21

30,000

101.35

30

29

United

Airlines,

Inc.

03/30/22

330,000

98.58

325

325

UWM

Mortgage

Trust

05/27/21

2,383,060

102.22

2,436

2,262

Warwick

Finance

Residential

Mortgages

Number

Three

PLC

02/10/21

GBP

875,802

138.65

1,214

1,150

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

04/09/21

200,000

103.48

207

188

WEA

Finance

LLC

/

Westfield

UK

&

Europe

Finance

PLC

05/06/21

200,000

104.77

210

200

Wells

Fargo

Mortgage

Backed

Securities

Trust

04/23/21

1,104,985

102.43

1,132

1,077

WinWater

Mortgage

Loan

Trust

03/29/17

122,112

102.24

125

122

Woori

Bank

04/22/20

734,000

103.36

759

754

Wynn

Macau,

Ltd.

12/15/20

310,000

103.31

320

269

Wynn

Macau,

Ltd.

03/23/22

200,000

90.79

182

182

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

04/12/21

210,000

106.61

224

218

250,090

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

411

AUD

41,100

06/22

(1,563)

Canadian

10

Year

Government

Bond

Futures

315

CAD

31,500

06/22

(1,456)

United

States

2

Year

Treasury

Note

Futures

377

USD

75,400

06/22

(976)

United

States

5

Year

Treasury

Note

Futures

1,174

USD

117,400

06/22

(3,361)

United

States

10

Year

Treasury

Note

Futures

919

USD

91,900

06/22

(2,785)

United

States

10

Year

Ultra

Treasury

Note

Futures

480

USD

48,000

06/22

(2,190)

United

States

Treasury

Long

Bond

Futures

4

USD

400

06/22

(18)

United

States

Treasury

Ultra

Bond

Futures

320

USD

32,000

06/22

(2,184)

Short

Positions

Canadian

10

Year

Government

Bond

Futures

66

CAD

6,600

06/22

273

Euro-Bobl

Futures

30

EUR

3,000

06/22

(19)

Euro-Btp

Futures

50

EUR

5,000

06/22

212

Euro-Bund

Futures

292

EUR

29,200

06/22

1,085

Japanese

10

Year

Government

Bond

Futures

14

JPY

1,400,000

06/22

105

Long

Gilt

Futures

113

GBP

11,300

06/22

171

United

States

2

Year

Treasury

Note

Futures

422

USD

84,400

06/22

1,092

United

States

5

Year

Treasury

Note

Futures

19

USD

1,900

06/22

47

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

58

Strategic

Bond

Fund

Futures

Contracts

Amounts

in

thousands

(except

contract

amounts

)

United

States

10

Year

Treasury

Note

Futures

85

USD

8,500

06/22

360

United

States

10

Year

Ultra

Treasury

Note

Futures

15

USD

1,500

06/22

16

United

States

Treasury

Long

Bond

Futures

79

USD

7,900

06/22

414

United

States

Treasury

Ultra

Bond

Futures

5

USD

500

06/22

49

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(10,728)

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Bank

of

America

USD

1,179

AUD

1,564

06/09/22

(7)

Bank

of

America

USD

3,958

JPY

456,880

06/15/22

(198)

Bank

of

America

USD

446

NOK

3,822

06/09/22

(12)

Bank

of

America

USD

3,509

NOK

31,200

06/15/22

33

Bank

of

America

AUD

22,638

USD

16,595

06/09/22

(362)

Bank

of

America

NOK

72,706

USD

8,145

06/09/22

(109)

Bank

of

America

SEK

33,800

USD

3,495

06/15/22

(106)

Citigroup

USD

320

AUD

443

04/26/22

12

Citigroup

USD

476

AUD

665

04/26/22

22

Citigroup

USD

560

AUD

765

04/26/22

13

Citigroup

USD

710

AUD

984

04/26/22

26

Citigroup

USD

794

AUD

1,100

04/26/22

29

Citigroup

USD

890

AUD

1,225

04/26/22

27

Citigroup

USD

1,080

AUD

1,497

04/26/22

41

Citigroup

USD

1,220

AUD

1,692

04/26/22

46

Citigroup

USD

122

BRL

710

04/19/22

27

Citigroup

USD

1,168

CLP

979,791

04/26/22

72

Citigroup

USD

145

COP

591,700

04/26/22

12

Citigroup

USD

540

COP

2,124,900

04/26/22

22

Citigroup

USD

1,364

EUR

1,205

04/19/22

(30)

Citigroup

USD

188

EUR

165

04/26/22

(6)

Citigroup

USD

314

EUR

288

04/26/22

4

Citigroup

USD

349

EUR

312

04/26/22

(4)

Citigroup

USD

365

EUR

329

04/26/22

(1)

Citigroup

USD

403

EUR

352

04/26/22

(13)

Citigroup

USD

539

EUR

473

04/26/22

(16)

Citigroup

USD

637

EUR

582

04/26/22

8

Citigroup

USD

768

EUR

672

04/26/22

(24)

Citigroup

USD

809

EUR

709

04/26/22

(24)

Citigroup

USD

1,225

EUR

1,072

04/26/22

(38)

Citigroup

USD

342

GBP

257

04/26/22

(5)

Citigroup

USD

26,831

GBP

20,150

06/09/22

(369)

Citigroup

USD

21

ILS

67

04/26/22

—

Citigroup

USD

192

ILS

615

04/26/22

—

Citigroup

USD

207

ILS

661

04/26/22

—

Citigroup

USD

263

ILS

841

04/26/22

—

Citigroup

USD

517

ILS

1,654

04/26/22

2

Citigroup

USD

590

INR

45,377

04/26/22

6

Citigroup

USD

2,763

JPY

336,000

04/26/22

(2)

Citigroup

USD

4,085

JPY

471,443

06/09/22

(206)

Citigroup

USD

20

KRW

25,095

04/26/22

—

Citigroup

USD

1,156

KRW

1,375,145

04/26/22

(25)

Citigroup

USD

307

MXN

6,438

04/19/22

16

Citigroup

USD

191

MXN

4,029

04/26/22

11

Citigroup

USD

1,790

NZD

2,597

04/26/22

10

Citigroup

USD

8,191

NZD

12,097

06/09/22

184

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(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)

$

Citigroup

USD

14

PHP

728

04/26/22

—

Citigroup

USD

107

PHP

5,633

04/26/22

1

Citigroup

USD

107

PHP

5,641

04/26/22

1

Citigroup

USD

107

PHP

5,637

04/26/22

1

Citigroup

USD

161

PHP

8,438

04/26/22

2

Citigroup

USD

161

PHP

8,452

04/26/22

2

Citigroup

USD

161

PHP

8,433

04/26/22

1

Citigroup

USD

161

PHP

8,412

04/26/22

1

Citigroup

USD

269

PHP

14,095

04/26/22

3

Citigroup

USD

464

PHP

24,281

04/26/22

4

Citigroup

USD

147

RUB

11,934

04/26/22

(6)

Citigroup

USD

211

RUB

17,282

04/26/22

(7)

Citigroup

USD

211

RUB

17,271

04/26/22

(7)

Citigroup

USD

99

ZAR

1,512

04/26/22

5

Citigroup

USD

125

ZAR

1,930

04/26/22

7

Citigroup

USD

283

ZAR

4,341

04/26/22

13

Citigroup

USD

307

ZAR

4,697

04/26/22

14

Citigroup

USD

508

ZAR

7,793

04/26/22

24

Citigroup

USD

638

ZAR

9,768

04/26/22

29

Citigroup

AUD

1,619

USD

1,178

04/26/22

(34)

Citigroup

AUD

1,778

USD

1,330

04/26/22

(1)

Citigroup

AUD

2,386

USD

1,790

04/26/22

4

Citigroup

AUD

2,435

USD

1,800

04/26/22

(23)

Citigroup

BRL

4,795

USD

863

05/03/22

(136)

Citigroup

CLP

3,993

USD

5

04/26/22

—

Citigroup

CLP

29,688

USD

37

04/26/22

(1)

Citigroup

CLP

41,222

USD

51

04/26/22

(1)

Citigroup

CLP

59,228

USD

73

04/26/22

(2)

Citigroup

CLP

59,275

USD

73

04/26/22

(2)

Citigroup

CLP

59,367

USD

73

04/26/22

(2)

Citigroup

CLP

88,710

USD

110

04/26/22

(3)

Citigroup

CLP

148,389

USD

183

04/26/22

(5)

Citigroup

CLP

172,842

USD

208

04/26/22

(11)

Citigroup

CLP

317,076

USD

382

04/26/22

(19)

Citigroup

COP

591,700

USD

147

04/26/22

(9)

Citigroup

COP

620,495

USD

157

04/26/22

(7)

Citigroup

COP

657,098

USD

166

04/26/22

(8)

Citigroup

COP

1,095,440

USD

277

04/26/22

(13)

Citigroup

CZK

809

EUR

32

04/26/22

(2)

Citigroup

CZK

1,053

EUR

42

04/26/22

(2)

Citigroup

CZK

1,334

EUR

51

04/26/22

(7)

Citigroup

CZK

1,620

EUR

64

04/26/22

(4)

Citigroup

CZK

3,059

EUR

124

04/26/22

(2)

Citigroup

CZK

3,062

EUR

124

04/26/22

(2)

Citigroup

CZK

3,872

EUR

157

04/26/22

(3)

Citigroup

CZK

3,874

EUR

157

04/26/22

(3)

Citigroup

CZK

4,435

EUR

180

04/26/22

(3)

Citigroup

CZK

7,746

EUR

314

04/26/22

(6)

Citigroup

CZK

9,729

EUR

386

04/26/22

(24)

Citigroup

CZK

2,403

USD

109

04/26/22

1

Citigroup

EUR

64

CZK

1,649

04/26/22

6

Citigroup

EUR

78

CZK

2,026

04/26/22

10

Citigroup

EUR

79

CZK

2,035

04/26/22

9

Citigroup

EUR

81

CZK

2,067

04/26/22

8

Citigroup

EUR

117

CZK

3,043

04/26/22

15

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

60

Strategic

Bond

Fund

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

EUR

117

CZK

3,047

04/26/22

16

Citigroup

EUR

135

CZK

3,475

04/26/22

15

Citigroup

EUR

239

CZK

6,103

04/26/22

23

Citigroup

EUR

261

CZK

6,674

04/26/22

25

Citigroup

EUR

403

CZK

10,474

04/26/22

54

Citigroup

EUR

35

GBP

29

04/26/22

—

Citigroup

EUR

2

NOK

19

04/26/22

—

Citigroup

EUR

133

NOK

1,328

04/26/22

7

Citigroup

EUR

97

PLN

451

04/26/22

(1)

Citigroup

EUR

113

PLN

523

04/26/22

(2)

Citigroup

EUR

162

PLN

752

04/26/22

(2)

Citigroup

EUR

162

PLN

752

04/26/22

(2)

Citigroup

EUR

198

PLN

905

04/26/22

(9)

Citigroup

EUR

322

PLN

1,469

04/26/22

(14)

Citigroup

EUR

775

SEK

8,092

04/26/22

6

Citigroup

EUR

43

USD

49

04/26/22

1

Citigroup

EUR

43

USD

49

04/26/22

1

Citigroup

EUR

50

USD

57

04/26/22

1

Citigroup

EUR

88

USD

98

04/26/22

—

Citigroup

EUR

135

USD

148

04/26/22

(1)

Citigroup

EUR

157

USD

175

04/26/22

2

Citigroup

EUR

175

USD

192

04/26/22

(1)

Citigroup

EUR

200

USD

222

04/26/22

1

Citigroup

EUR

250

USD

279

04/26/22

2

Citigroup

EUR

269

USD

296

04/26/22

(1)

Citigroup

EUR

275

USD

316

04/26/22

12

Citigroup

EUR

275

USD

305

04/26/22

1

Citigroup

EUR

375

USD

421

04/26/22

6

Citigroup

EUR

922

USD

1,010

04/26/22

(10)

Citigroup

EUR

971

USD

1,070

04/26/22

(5)

Citigroup

EUR

990

USD

1,109

04/26/22

13

Citigroup

EUR

1,514

USD

1,682

04/26/22

6

Citigroup

EUR

2,891

USD

3,320

04/26/22

120

Citigroup

EUR

20,734

USD

23,719

04/26/22

767

Citigroup

GBP

29

EUR

35

04/26/22

1

Citigroup

GBP

135

USD

183

04/26/22

6

Citigroup

GBP

145

USD

190

04/26/22

(1)

Citigroup

GBP

185

USD

254

04/26/22

11

Citigroup

GBP

227

USD

310

04/26/22

11

Citigroup

GBP

244

USD

321

04/26/22

—

Citigroup

GBP

5,096

USD

6,711

06/09/22

19

Citigroup

HUF

202,543

EUR

540

04/26/22

(21)

Citigroup

IDR

2,169,764

USD

149

04/19/22

(2)

Citigroup

INR

47,820

USD

630

04/26/22

2

Citigroup

INR

133,581

USD

1,783

04/26/22

29

Citigroup

JPY

2,590,656

USD

22,795

04/26/22

1,507

Citigroup

JPY

471,443

USD

3,870

06/09/22

(9)

Citigroup

KRW

1,400,240

USD

1,150

04/26/22

(2)

Citigroup

MXN

56,772

USD

2,747

04/26/22

(97)

Citigroup

MXN

56,772

USD

2,747

04/26/22

(96)

Citigroup

NOK

1,348

EUR

135

04/26/22

(7)

Citigroup

NZD

1,050

USD

710

04/26/22

(17)

Citigroup

NZD

1,596

USD

1,080

04/26/22

(26)

Citigroup

NZD

672

USD

470

06/09/22

4

Citigroup

PHP

89,750

USD

1,727

04/26/22

(5)

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

61

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

Citigroup

PLN

44

EUR

9

04/26/22

—

Citigroup

PLN

707

EUR

154

04/26/22

6

Citigroup

PLN

707

EUR

154

04/26/22

6

Citigroup

PLN

774

EUR

169

04/26/22

7

Citigroup

PLN

774

EUR

169

04/26/22

6

Citigroup

PLN

774

EUR

169

04/26/22

6

Citigroup

PLN

1,073

EUR

234

04/26/22

9

Citigroup

RON

1,235

EUR

246

06/07/22

(4)

Citigroup

RON

1,287

EUR

256

06/07/22

(4)

Citigroup

RON

1,288

EUR

256

06/07/22

(5)

Citigroup

RON

773

EUR

153

06/08/22

(3)

Citigroup

RUB

202

USD

2

04/26/22

(1)

Citigroup

RUB

8,772

USD

114

04/26/22

10

Citigroup

RUB

12,272

USD

159

04/26/22

14

Citigroup

RUB

12,471

USD

162

04/26/22

14

Citigroup

RUB

12,771

USD

166

04/26/22

14

Citigroup

SEK

8,558

EUR

805

04/26/22

(39)

Citigroup

SEK

1,383

USD

148

04/26/22

1

Citigroup

SEK

1,590

USD

164

04/26/22

(5)

Citigroup

ZAR

2,202

USD

147

04/26/22

(3)

Citigroup

ZAR

3,049

USD

203

04/26/22

(5)

Citigroup

ZAR

9,167

USD

610

04/26/22

(16)

Citigroup

ZAR

41,251

USD

2,648

04/26/22

(167)

Goldman

Sachs

USD

213

RUB

16,415

04/19/22

(16)

HSBC

USD

3,961

JPY

456,880

06/15/22

(201)

HSBC

USD

3,505

NOK

31,200

06/15/22

37

HSBC

USD

17,474

SEK

169,000

06/15/22

532

HSBC

NOK

156,000

USD

17,432

06/15/22

(279)

HSBC

SEK

33,800

USD

3,489

06/15/22

(112)

JPMorgan

Chase

USD

104

AUD

145

04/19/22

5

JPMorgan

Chase

USD

88

EUR

79

04/20/22

—

JPMorgan

Chase

USD

1,428

EUR

1,280

04/20/22

(11)

JPMorgan

Chase

USD

41

GBP

31

04/20/22

—

JPMorgan

Chase

USD

264

GBP

200

04/20/22

(1)

JPMorgan

Chase

USD

3,954

JPY

456,880

06/15/22

(195)

JPMorgan

Chase

USD

3,499

NOK

31,200

06/15/22

44

JPMorgan

Chase

SEK

33,800

USD

3,479

06/15/22

(123)

Morgan

Stanley

USD

77

BRL

445

04/19/22

16

Morgan

Stanley

EUR

12,575

USD

13,957

04/20/22

39

Morgan

Stanley

GBP

14,128

USD

18,538

04/20/22

(19)

Morgan

Stanley

RUB

16,415

USD

212

04/19/22

16

Royal

Bank

of

Canada

USD

3,953

JPY

456,880

06/15/22

(193)

Royal

Bank

of

Canada

USD

3,497

NOK

31,200

06/15/22

45

Royal

Bank

of

Canada

SEK

33,800

USD

3,496

06/15/22

(106)

Standard

Chartered

USD

3,956

JPY

456,880

06/15/22

(195)

Standard

Chartered

USD

3,502

NOK

31,200

06/15/22

40

Standard

Chartered

SEK

33,800

USD

3,490

06/15/22

(111)

State

Street

USD

4,020

EUR

3,591

06/09/22

(37)

State

Street

USD

176

SEK

1,624

06/09/22

(3)

State

Street

SEK

76,703

USD

7,889

06/09/22

(282)

UBS

USD

489

CHF

450

06/09/22

(1)

UBS

CHF

22,557

USD

24,593

06/09/22

117

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

57

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

62

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

2,500

0.476%

(4)

6

Month

EURIBOR

(3)

10/27/23

—

—

—

Credit

Suisse

EUR

2,475

6

Month

EURIBOR

(3)

-0.147%

(4)

04/26/24

—

40

40

Credit

Suisse

EUR

5,250

6

Month

EURIBOR

(3)

0.283%

(4)

04/26/24

—

—

—

Credit

Suisse

EUR

5,250

0.283%

(4)

6

Month

LIBOR

(3)

04/26/24

—

(35)

(35)

Credit

Suisse

EUR

5,250

6

Month

LIBOR

(3)

0.295%

(4)

04/26/24

—

—

—

Credit

Suisse

EUR

5,250

0.295%

(4)

6

Month

LIBOR

(3)

04/26/24

—

(34)

(34)

Credit

Suisse

EUR

7,700

6

Month

EURIBOR

(3)

0.249%

(4)

04/26/24

—

—

—

Credit

Suisse

EUR

7,700

0.249%

(4)

6

Month

EURIBOR

(3)

04/26/24

—

(57)

(57)

Credit

Suisse

AUD

8,200

3

Month

BBSW

(3)

2.389%

(3)

04/26/24

—

(10)

(10)

Credit

Suisse

NZD

8,900

3.378%

(3)

3

Month

NZD-BBR-Telerate

(2)

04/26/24

—

2

2

Credit

Suisse

EUR

12,100

0.147%

(4)

6

Month

EURIBOR

(3)

04/26/24

—

—

—

Credit

Suisse

ZAR

110,000

3

Month

JIBAR

(2)

6.085%

(2)

04/26/24

—

6

6

Credit

Suisse

KRW

3,380,000

2.183%

(2)

3

Month

KSDA

(2)

04/26/24

—

(24)

(24)

Credit

Suisse

KRW

5,020,000

2.305%

(2)

3

Month

KSDA

(2)

04/26/24

—

(25)

(25)

Credit

Suisse

EUR

900

0.336%

(4)

6

Month

EURIBOR

(3)

10/27/26

—

—

—

Credit

Suisse

EUR

20,200

6

Month

EURIBOR

(3)

0.273%

(4)

10/27/26

—

—

—

Credit

Suisse

EUR

5,200

6

Month

EURIBOR

(3)

0.080%

(4)

01/25/27

—

—

—

Credit

Suisse

EUR

9,200

6

Month

EURIBOR

(3)

0.078%

(4)

01/25/27

—

—

—

Credit

Suisse

INR

200,000

6

Month

NSERO

(3)

5.897%

(3)

04/26/27

—

14

14

Credit

Suisse

EUR

1,000

0.040%

(4)

6

Month

EURIBOR

(3)

10/27/31

—

—

—

Credit

Suisse

EUR

6,814

0.035%

(4)

6

Month

EURIBOR

(3)

10/27/31

—

—

—

Credit

Suisse

USD

2,700

12

Month

SOFR

(2)

1.828%

(3)

04/26/32

—

73

73

Credit

Suisse

EUR

4,120

3

Month

EURIBOR

(3)

0.397%

(4)

04/26/32

—

352

352

Credit

Suisse

GBP

4,200

12

Month

SONIA

(3)

1.654%

(3)

04/26/32

—

3

3

Credit

Suisse

CAD

4,400

2.891%

(3)

3

Month

Canadian

Dealer

Offered

Rate

(3)

04/26/32

—

(2)

(2)

Credit

Suisse

EUR

5,200

0.850%

(4)

6

Month

EURIBOR

(3)

04/26/32

—

(195)

(195)

Credit

Suisse

EUR

5,200

6

Month

EURIBOR

(3)

0.850%

(4)

04/26/32

—

—

—

Credit

Suisse

EUR

5,600

0.752%

(4)

6

Month

EURIBOR

(3)

04/26/32

—

(268)

(268)

Credit

Suisse

GBP

7,900

12

Month

SONIA

(3)

1.493%

(3)

04/26/32

—

158

158

Credit

Suisse

CAD

8,000

2.277%

(3)

3

Month

Canadian

Dealer

Offered

Rate

(3)

04/26/32

—

(353)

(353)

Credit

Suisse

EUR

16,400

6

Month

EURIBOR

(3)

0.870%

(4)

04/26/32

—

—

—

Credit

Suisse

EUR

16,400

0.870%

(4)

6

Month

EURIBOR

(3)

04/26/32

—

(581)

(581)

Credit

Suisse

JPY

1,080,000

12

Month

TONAR

(3)

0.298%

(3)

04/26/32

—

(29)

(29)

Credit

Suisse

EUR

2,320

6

Month

EURIBOR

(3)

0.515%

(4)

04/26/52

—

327

327

Total

Open

Interest

Rate

Swap

Contracts

(å)

—

(638)

(638)

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Strategic

Bond

Fund

63

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

$

—

$

24,719

$

—

$

—

$

24,719

Corporate

Bonds

and

Notes

—

180,938

—

—

180,938

International

Debt

—

190,316

—

—

190,316

Loan

Agreements

—

2,154

—

—

2,154

Mortgage-Backed

Securities

—

142,377

—

—

142,377

Municipal

Bonds

—

463

—

—

463

Non-US

Bonds

—

78,922

—

—

78,922

United

States

Government

Treasuries

—

173,407

—

—

173,407

Common

Stocks

—

—

—

—

—

Short-Term

Investments

—

13,484

—

126,079

139,563

Total

Investments

—

806,780

—

126,079

932,859

Other

Financial

Instruments

Assets

Futures

Contracts

3,824

—

—

—

3,824

Foreign

Currency

Exchange

Contracts

—

4,437

—

—

4,437

Interest

Rate

Swap

Contracts

—

975

—

—

975

Liabilities

Futures

Contracts

(14,552)

—

—

—

(14,552)

Foreign

Currency

Exchange

Contracts

—

(4,380)

—

—

(4,380)

Interest

Rate

Swap

Contracts

—

(1,613)

—

—

(1,613)

Total

Other

Financial

Instruments

*

$

(10,728)

$

(581)

$

—

$

—

$

(11,309)

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

March

31,

2022,

see

note

2

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

March

31,

2022,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Albania

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

922

Andorra

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

3,596

Argentina

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

847

Australia

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

5,507

Belgium

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

4,284

Russell

Investment

Funds

Strategic

Bond

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

64

Strategic

Bond

Fund

Amounts

in

thousands

Country

Exposure

Fair

Value

$

Bermuda

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

26,407

Brazil

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

2,629

Canada

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

13,940

Cayman

Islands

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

42,238

Chile

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

2,359

China

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

8,581

Colombia

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

2,136

Czech

Republic

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

899

Denmark

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

2,776

Egypt

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

1,701

Finland

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

931

France

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

8,637

Germany

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

6,211

Hong

Kong

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

203

India

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

4,389

Indonesia

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

511

Ireland

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

15,720

Israel

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

492

Italy

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

4,357

Japan

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

25,021

Kazakhstan

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

192

Macao

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

1,766

Malaysia

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

732

Mexico

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

12,315

Morocco

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

181

Netherlands

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

7,084

Nigeria

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

800

Norway

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

1,600

Panama

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

559

Paraguay

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

203

Peru

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

4,849

Qatar

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

1,021

Romania

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

4,444

Saudi

Arabia

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

750

Singapore

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

851

South

Africa

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

2,945

South

Korea

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

3,474

Spain

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

2,410

Sweden

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

291

Switzerland

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

4,293

Togo

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

465

Tunisia

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

2,408

United

Arab

Emirates

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

879

United

Kingdom

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

29,363

United

States

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

663,194

Zambia

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

496

Total

Investments

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

932,859

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments

—

March

31,

2022

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Real

Estate

Securities

Fund

65

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Common

Stocks

-

97.9%

Australia

-

3.9%

BGP

Holdings

PLC(Æ)(Š)

926,311

—

Charter

Hall

Group

-

ADR(ö)

649,779

7,889

Dexus

Property

Group(ö)

975,468

7,939

Goodman

Group(ö)

166,865

2,834

GPT

Group

(The)(ö)

1,442,512

5,549

Mirvac

Group(ö)

4,694,419

8,690

Scentre

Group(ö)

3,112,653

7,049

Shopping

Centres

Australasia

Property

Group(ö)

1,205,183

2,613

42,563

Belgium

-

1.1%

Aedifica

SA(ö)

37,860

4,758

VGP

NV

16,171

4,150

Warehouses

De

Pauw

CVA(ö)

78,315

3,375

12,283

Canada

-

2.7%

Allied

Properties

Real

Estate

Investment

Trust(ö)

179,125

6,682

Canadian

Apartment

Properties(ö)

115,723

4,966

Granite

Real

Estate

Investment

Trust(ö)

76,496

5,897

RioCan

Real

Estate

Investment

Trust(ö)

266,995

5,388

Tricon

Residential,

Inc.

386,943

6,148

29,081

France

-

1.0%

ARGAN

SA(Ñ)(ö)

22,143

2,824

Icade

SA(ö)

61,453

3,949

Klepierre

SA

-

GDR(ö)

135,794

3,611

10,384

Germany

-

3.5%

LEG

Immobilien

SE

16,876

1,927

Sirius

Real

Estate,

Ltd.

2,373,421

3,892

VIB

Vermoegen

AG(Æ)

10,777

434

Vonovia

SE

684,555

32,008

38,261

Hong

Kong

-

4.5%

CK

Asset

Holdings,

Ltd.

1,396,000

9,541

ESR

Cayman,

Ltd.(Æ)(Þ)

1,051,400

3,255

Hongkong

Land

Holdings,

Ltd.

147,700

721

Link

Real

Estate

Investment

Trust(ö)

1,586,100

13,519

Sun

Hung

Kai

Properties,

Ltd.

1,148,000

13,674

Swire

Properties,

Ltd.

723,800

1,795

Wharf

Real

Estate

Investment

Co.,

Ltd.

1,064,000

5,258

Yuexiu

Real

Estate

Investment

Trust(ö)

873,000

375

48,138

Japan

-

9.1%

Activia

Properties,

Inc.(ö)

1,674

5,831

Daibiru

Corp.

3,900

70

Daiwa

House

REIT

Investment

Corp.(ö)

1,197

3,221

Global

One

Real

Estate

Investment

Corp.(ö)

2,277

2,093

GLP

J-REIT(ö)

3,481

5,298

Hulic

REIT,

Inc.(ö)

2,172

2,970

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Industrial

&

Infrastructure

Fund

Investment

Corp.(Æ)(ö)

1,261

1,909

Invincible

Investment

Corp.(ö)

5,834

2,016

Japan

Excellent,

Inc.(ö)

1,340

1,484

Japan

Retail

Fund

Investment

Corp.(ö)

5,495

4,643

Keihanshin

Building

Co.,

Ltd.

168,600

2,064

Kenedix

Retail

REIT

Corp.(ö)

1,649

3,777

LaSalle

Logiport

REIT(ö)

1,409

2,027

Mitsubishi

Estate

Co.,

Ltd.

580,600

8,635

Mitsui

Fudosan

Co.,

Ltd.

757,000

16,196

Mitsui

Fudosan

Logistics

Park,

Inc.(ö)

632

2,981

MORI

Trust

Hotel

REIT,

Inc.(ö)

3,648

3,788

MORI

Trust

Sogo

REIT,

Inc.(ö)

3,053

3,580

Nippon

Building

Fund,

Inc.(ö)

815

4,628

Nippon

Prologis

REIT,

Inc.(Æ)(ö)

787

2,302

Nomura

Real

Estate

Holdings,

Inc.

159,700

3,825

Nomura

Real

Estate

Master

Fund,

Inc.

(Æ)(ö)

2,867

3,791

Samty

Residential

Investment

Corp.(ö)

2,543

2,625

TOC

Co.,

Ltd.

38,700

210

Tokyu

Fudosan

Holdings

Corp.

967,100

5,308

United

Urban

Investment

Corp.(ö)

2,443

2,812

98,084

Macao

-

0.2%

Sands

China,

Ltd.(Æ)

864,000

2,074

Netherlands

-

1.0%

CTP

NV(Þ)

153,748

2,572

Eurocommercial

Properties

NV(ö)

12,766

349

Unibail-Rodamco-Westfield(Æ)(ö)

99,397

7,436

10,357

Singapore

-

3.4%

ARA

LOGOS

Logistics

Trust(Æ)(ö)

483,500

303

Ascott

Residence

Trust

1,481,200

1,230

Capitaland

Investment,

Ltd.(Æ)

3,030,400

8,885

CapitaLand

Mall

Trust

Class

A(ö)

4,024,198

6,664

CapitaRetail

China

Trust(ö)

1,062,207

946

City

Developments,

Ltd.

455,800

2,639

Daiwa

House

Logistics

Trust(Æ)

2,182,800

1,359

Frasers

Logistics

&

Industrial

Trust(ö)

3,230,500

3,466

Keppel

REIT(ö)

3,377,800

3,030

Lendlease

Global

Commercial

REIT(ö)

144,884

6

Lnedlease

Global

Commercial

REIT(Æ)

(ö)

2,230,100

1,273

Mapletree

Logistics

Trust(ö)

2,238,100

3,045

Parkway

Life

Real

Estate

Investment

Trust(Æ)(ö)

995,555

3,444

36,290

Spain

-

0.6%

Arima

Real

Estate

Socimi

SA(Æ)(ö)

139,540

1,465

Cellnex

Telecom

SA(Þ)

33,453

1,603

Inmobiliaria

Colonial

Socimi

SA(ö)

331,344

3,010

6,078

Sweden

-

2.2%

Castellum

AB(Ñ)

290,312

7,160

Catena

AB

41,216

2,493

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

66

Global

Real

Estate

Securities

Fund

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

Fabege

AB(Ñ)

302,074

4,455

Fastighets

AB

Balder

Class

B(Æ)

134,649

8,811

Wihlborgs

Fastigheter

AB

64,894

1,350

24,269

Switzerland

-

0.2%

PSP

Swiss

Property

AG

13,804

1,812

United

Kingdom

-

5.8%

Assura

PLC(ö)

3,178,787

2,791

Big

Yellow

Group

PLC(ö)

168,554

3,392

British

Land

Co.

PLC

(The)(ö)

1,632,355

11,306

Derwent

London

PLC(ö)

98,803

4,153

Grainger

PLC

1,627,050

6,216

Life

Science

REIT

PLC(Æ)(ö)

552,397

726

LondonMetric

Property

PLC(ö)

1,646,390

5,954

PRS

REIT

PLC

(The)(ö)

832,870

1,174

Safestore

Holdings

PLC(ö)

205,719

3,611

Segro

PLC(ö)

761,258

13,410

Tritax

EuroBox

PLC(Þ)

1,089,673

1,498

UNITE

Group

PLC

(The)(ö)

470,518

7,129

Workspace

Group

PLC(ö)

199,732

1,790

63,150

United

States

-

58.7%

Agree

Realty

Corp.(ö)

120,148

7,973

American

Homes

4

Rent

Class

A(ö)

203,912

8,163

American

Tower

Corp.(ö)

20,934

5,259

Americold

Realty

Trust(ö)

212,906

5,936

Apartment

Income

REIT

Corp.(ö)

308,583

16,497

Apple

Hospitality

REIT,

Inc.(ö)

174,258

3,131

AvalonBay

Communities,

Inc.(ö)

104,571

25,972

Boston

Properties,

Inc.(ö)

154,247

19,867

Boyd

Gaming

Corp.

38,068

2,504

Brixmor

Property

Group,

Inc.(ö)

320,318

8,267

Caesars

Entertainment,

Inc.(Æ)

16,636

1,287

Camden

Property

Trust(ö)

33,024

5,489

Digital

Realty

Trust,

Inc.(ö)

201,110

28,517

Duke

Realty

Corp.(ö)

209,788

12,180

EastGroup

Properties,

Inc.(ö)

52,049

10,581

Equinix,

Inc.(Æ)(ö)

19,201

14,240

Essential

Properties

Realty

Trust,

Inc.(ö)

276,211

6,988

Essex

Property

Trust,

Inc.(ö)

40,550

14,009

Extra

Space

Storage,

Inc.(ö)

58,289

11,984

First

Industrial

Realty

Trust,

Inc.(ö)

113,845

7,048

Healthcare

Trust

of

America,

Inc.

Class

A(ö)

134,036

4,201

Healthpeak

Properties,

Inc.(ö)

645,469

22,159

Highwoods

Properties,

Inc.(ö)

114,528

5,239

Host

Hotels

&

Resorts,

Inc.(ö)

480,721

9,340

Independence

Realty

Trust,

Inc.(ö)

246,808

6,526

Invitation

Homes,

Inc.(ö)

386,573

15,533

Jones

Lang

LaSalle,

Inc.(Æ)

25,019

5,991

Kilroy

Realty

Corp.(ö)

23,885

1,825

Kimco

Realty

Corp.(ö)

838,535

20,712

Kite

Realty

Group

Trust(ö)

364,780

8,306

Life

Storage,

Inc.(Æ)(ö)

107,414

15,084

Medical

Properties

Trust,

Inc.(ö)

53,131

1,123

Mid-America

Apartment

Communities,

Inc.(ö)

70,628

14,793

Amounts

in

thousands

(except

share

amounts)

Principal

Amount

($)

or

Shares

Fair

Value

$

NetSTREIT

Corp.(Ñ)(ö)

169,910

3,813

Omega

Healthcare

Investors,

Inc.(ö)

189,387

5,901

Prologis,

Inc.(ö)

404,535

65,325

Public

Storage(ö)

121,864

47,562

Realty

Income

Corp.(ö)

222,652

15,430

Regency

Centers

Corp.(ö)

14,039

1,002

Ryman

Hospitality

Properties,

Inc.(Æ)(ö)

102,742

9,531

SBA

Communications

Corp.(ö)

13,274

4,568

Simon

Property

Group,

LP(ö)

191,793

25,232

SL

Green

Realty

Corp.(Ñ)(ö)

76,687

6,225

Spirit

Realty

Capital,

Inc.(ö)

83,473

3,841

STAG

Industrial,

Inc.(ö)

149,796

6,194

Sun

Communities,

Inc.(ö)

97,435

17,079

Sunstone

Hotel

Investors,

Inc.(Æ)(ö)

217,425

2,561

UDR,

Inc.(ö)

274,184

15,730

Ventas,

Inc.(ö)

277,409

17,133

VICI

Properties,

Inc.(ö)

58,120

1,654

Welltower,

Inc.(ö)

387,355

37,241

Weyerhaeuser

Co.(ö)

3,438

130

632,876

Total

Common

Stocks

(cost

$822,037)

1,055,700

Short-Term

Investments

-

1.5%

United

States

-

1.5%

U.S.

Cash

Management

Fund(@)

16,712,340

(∞)

16,707

Total

Short-Term

Investments

(cost

$16,706)

16,707

Other

Securities

-

2.2%

U.S.

Cash

Collateral

Fund(@)(×)

23,178,493

(∞)

23,178

Total

Other

Securities

(cost

$23,178)

23,178

Total

Investments

-

101.6%

(identified

cost

$861,921)

1,095,585

Other

Assets

and

Liabilities,

Net

-

(1.6)%

(17,277)

Net

Assets

-

100.0%

1,078,308

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Real

Estate

Securities

Fund

67

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

$

$

$

0.8%

Cellnex

Telecom

SA

03/25/22

EUR

33,453

47.76

1,598

1,603

CTP

NV

04/06/21

EUR

153,748

19.68

3,026

2,572

ESR

Cayman,

Ltd.

01/10/22

HKD

1,051,400

3.22

3,390

3,255

Tritax

EuroBox

PLC

03/15/21

EUR

1,089,673

1.45

1,575

1,498

8,928

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

ASX

SPI

200

Index

Futures

5

AUD

935

06/22

39

Dow

Jones

U.S.

Real

Estate

Index

Futures

229

USD

9,609

06/22

501

FTSE/EPRA

Europe

Index

Futures

125

EUR

2,884

06/22

44

Hang

Seng

Index

Futures

8

HKD

8,796

04/22

16

MSCI

Singapore

Index

Futures

24

SGD

804

04/22

5

S&P/TSX

60

Index

Futures

3

CAD

790

06/22

13

TOPIX

Index

Futures

13

JPY

253,045

06/22

207

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

825

Foreign

Currency

Exchange

Contracts

Amounts

in

thousands

Counterparty

Amount

Sold

Amount

Bought

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

JPMorgan

Chase

USD

324

AUD

442

06/15/22

7

JPMorgan

Chase

USD

297

CAD

381

06/15/22

8

JPMorgan

Chase

USD

1,994

EUR

1,806

06/15/22

10

JPMorgan

Chase

USD

652

HKD

5,097

06/15/22

(1)

JPMorgan

Chase

USD

1,192

JPY

137,686

06/15/22

(59)

JPMorgan

Chase

USD

393

SGD

534

06/15/22

2

Royal

Bank

of

Canada

USD

324

AUD

442

06/15/22

7

Royal

Bank

of

Canada

USD

297

CAD

381

06/15/22

7

Royal

Bank

of

Canada

USD

113

EUR

101

04/01/22

(1)

Royal

Bank

of

Canada

USD

2,001

EUR

1,806

06/15/22

2

Royal

Bank

of

Canada

USD

345

GBP

262

04/01/22

—

Royal

Bank

of

Canada

USD

296

HKD

2,315

06/15/22

(1)

Royal

Bank

of

Canada

USD

652

HKD

5,097

06/15/22

(1)

Royal

Bank

of

Canada

USD

263

JPY

31,379

06/15/22

(5)

Royal

Bank

of

Canada

USD

1,191

JPY

137,686

06/15/22

(58)

Royal

Bank

of

Canada

USD

394

SGD

534

06/15/22

1

Royal

Bank

of

Canada

EUR

673

USD

737

06/15/22

(10)

Royal

Bank

of

Canada

HKD

1,852

USD

237

06/15/22

—

Royal

Bank

of

Canada

JPY

49,594

USD

430

06/15/22

22

Royal

Bank

of

Canada

SGD

296

USD

217

06/15/22

(2)

UBS

HKD

2,162

USD

277

06/15/22

1

UBS

JPY

7,847

USD

66

06/15/22

1

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(70)

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

68

Global

Real

Estate

Securities

Fund

Presentation

of

Portfolio

Holdings

Amounts

in

thousands

Fair

Value

Portfolio

Summary

Level

1

Level

2

Level

3

Practical        

Expedient

(a)

Total

Common

Stocks

Australia

$

—

$

42,563

$

—

$

—

$

42,563

Belgium

—

12,283

—

—

12,283

Canada

29,081

—

—

—

29,081

France

—

10,384

—

—

10,384

Germany

—

38,261

—

—

38,261

Hong

Kong

—

48,138

—

—

48,138

Japan

—

98,084

—

—

98,084

Macao

—

2,074

—

—

2,074

Netherlands

—

10,357

—

—

10,357

Singapore

6

36,284

—

—

36,290

Spain

—

6,078

—

—

6,078

Sweden

—

24,269

—

—

24,269

Switzerland

—

1,812

—

—

1,812

United

Kingdom

—

63,150

—

—

63,150

United

States

632,876

—

—

—

632,876

Short-Term

Investments

—

—

—

16,707

16,707

Other

Securities

—

—

—

23,178

23,178

Total

Investments

661,963

393,737

—

39,885

1,095,585

Other

Financial

Instruments

Assets

Futures

Contracts

825

—

—

—

825

Foreign

Currency

Exchange

Contracts

—

68

—

—

68

Liabilities

Foreign

Currency

Exchange

Contracts

(1)

(137)

—

—

(138)

Total

Other

Financial

Instruments

*

$

824

$

(69)

$

—

$

—

$

755

*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

(a)

Certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

levels.

The

fair

value

amounts

presented

in

the

table

are

intended

to

permit

reconciliation

to

the

amounts

presented

in

the

Schedule

of

Investments.

For

a

description

of

the

Levels,

see

note

2

in

the

Notes

to

Quarterly

Report.

For

a

disclosure

on

transfers

into

and

out

of

Level

3

during

the

period

ended

March

31,

2022,

see

note

2

in

the

Notes

to

Quarterly

Report.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

for

the

period

ended

March

31,

2022,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

Property

Sector

Exposure

Fair

Value

$

Diversified

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

301,193

Healthcare

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

98,751

Russell

Investment

Funds

Global

Real

Estate

Securities

Fund

Schedule

of

Investments,

continued

—

March

31,

2022

(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Global

Real

Estate

Securities

Fund

69

Industrial

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

131,862

Integrated

Telecommunication

Services

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

1,603

Lodging/Resorts

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

36,011

Manufactured

Homes

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

17,079

Office

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

71,827

Regional

Malls

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

28,843

Residential

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

176,901

Self

Storage

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

81,633

Shopping

Centers

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

95,757

Specialized

REITs

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

14,240

Short-Term

Investments

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

16,707

Other

Securities

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

23,178

Total

Investments

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

1,095,585

Russell

Investment

Funds

Notes

to

Schedules

of

Investments

—

March

31,

2022

(Unaudited)

70

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)

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.

(0)

Weekly

payment

frequency.

(1)

Monthly

payment

frequency.

(2)

Quarterly

payment

frequency.

(3)

Semi-annual

payment

frequency.

(4)

Annual

payment

frequency.

(5)

Payment

at

termination.

ADR

-

American

Depositary

Receipt

ADS

-

American

Depositary

Share

BBR

-

Bank

Bill

Rate

BBSW

-

Bank

Bill

Swap

Reference

Rate

BUBOR

-

Budapest

Interbank

Offered

Rate

CIBOR

-

Copenhagen

Interbank

Offered

Rate

CME

-

Chicago

Mercantile

Exchange

CMO

-

Collateralized

Mortgage

Obligation

CVO

-

Contingent

Value

Obligation

EMU

-

European

Economic

and

Monetary

Union

EURIBOR

-

Euro

Interbank

Offered

Rate

FDIC

-

Federal

Deposit

Insurance

Company

GDR

-

Global

Depositary

Receipt

GDS

-

Global

Depositary

Share

Russell

Investment

Funds

Notes

to

Schedules

of

Investments,

continued

—

March

31,

2022

(Unaudited)

Notes

to

Schedules

of

Investments

71

Foreign

Currency

Abbreviations:

GSCI

-

Goldman

Sachs

Commodity

Index

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

NSERO

-

India

National

Stock

Exchange

NSE

Interbank

Offered

Rate

NIBOR

-

Norwegian

Interbank

Offered

Rate

PIK

-

Payment

in

Kind

PRIBOR

-

Prague

Interbank

Offered

Rate

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

SOFR

-

Secured

Overnight

Financing

Rate

SONIA

-

Sterling

Overnight

Index

Average

STIBOR

-

Stockholm

Interbank

Offered

Rate

STRIP

-

Separate

Trading

of

Registered

Interest

and

Principal

of

Securities

SFE

-

Sydney

Futures

Exchange

TBA

-

To

Be

Announced

Security

TONAR

-

Tokyo

Overnight

Average

Rate

UK

-

United

Kingdom

WTI

-

West

Texas

Intermediate

ARS

-

Argentine

peso

HKD

-

Hong

Kong

dollar

PKR

-

Pakistani

rupee

AUD

-

Australian

dollar

HUF

-

Hungarian

forint

PLN

-

Polish

zloty

BRL

-

Brazilian

real

IDR

-

Indonesian

rupiah

RON

-

Romanian

New

Leu

CAD

-

Canadian

dollar

ILS

-

Israeli

shekel

RUB

-

Russian

ruble

CHF

-

Swiss

franc

INR

-

Indian

rupee

SEK

-

Swedish

krona

CLP

-

Chilean

peso

ISK

-

Icelandic

krona

SGD

-

Singapore

dollar

CNH

-

Chinese

offshore

spot

ITL

-

Italian

lira

SKK

-

Slovakian

koruna

CNY

-

Chinese

renminbi

yuan

JPY

-

Japanese

yen

THB

-

Thai

baht

COP

-

Colombian

peso

KES

-

Kenyan

schilling

TRY

-

Turkish

lira

CRC

-

Costa

Rican

colon

KRW

-

South

Korean

won

TWD

-

Taiwanese

dollar

CZK

-

Czech

koruna

MXN

-

Mexican

peso

USD

-

United

States

dollar

DKK

-

Danish

krone

MYR

-

Malaysian

ringgit

UYU

-

Uruguayan

peso

DOP

-

Dominican

peso

NOK

-

Norwegian

krone

VEB

-

Venezuelan

bolivar

EGP

-

Egyptian

pound

NGN

-

Nigerian

naira

VND

-

Vietnamese

dong

EUR

-

Euro

NZD

-

New

Zealand

dollar

ZAR

-

South

African

rand

GBP

-

British

pound

sterling

PEN

-

Peruvian

nuevo

sol

GHS

-

Ghanaian

Cedi

PHP

-

Philippine

peso

Russell

Investment

Funds

Notes

to

Quarterly

Report

—

March

31,

2022

(Unaudited)

72

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

three

months

ended

March

31,

2022.

2.

Significant

Accounting

Policies

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds

in

the

preparation

of

this

Quarterly

Report.

These

policies

are

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”),

which

require

the

use

of

management

estimates

and

assumptions

at

the

date

of

the

Quarterly

Report.

Actual

results

could

differ

from

those

estimates.

The

Funds

are

considered

investment

companies

under

U.S.

GAAP

and

follow

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Security

Valuation

The

Funds

value

portfolio

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,

requires

a

separate

disclosure

of

the

fair

value

hierarchy

for

each

major

category

of

assets

and

liabilities,

and

segregates

fair

value

measurements

into

levels

(Level

1,

2,

and

3).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Levels

1,

2

and

3

of

the

fair

value

hierarchy

are

defined

as

follows:

Level

1

—

Quoted

prices

(unadjusted)

in

active

markets

or

exchanges

for

identical

assets

and

liabilities.

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable,

which

may

include,

but

are

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

and

inputs

such

as

interest

rates,

yield

curves,

implied

volatilities,

credit

spreads

or

other

market

corroborated

inputs.

Level

3

—

Significant

unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

by

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

judgment.

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2022

(Unaudited)

Notes

to

Quarterly

Report

73

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

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2022

(Unaudited)

74

Notes

to

Quarterly

Report

Level

3

of

the

fair

value

hierarchy.

Exchange-traded

derivatives

are

valued

based

on

the

last

reported

sales

price

on

the

day

of

valuation

and

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Centrally

cleared

swaps

listed

or

traded

on

a

multilateral

or

trade

facility

platform,

such

as

a

registered

exchange,

are

valued

at

the

daily

settlement

price

determined

by

the

respective

exchange.

For

centrally

cleared

credit

default

swaps,

the

clearing

facility

requires

its

members

to

provide

actionable

levels

across

complete

term

structures.

These

levels

along

with

external

third-

party

prices

are

used

to

produce

daily

settlement

prices.

These

securities

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Centrally

cleared

interest

rate

swaps

are

valued

using

a

pricing

model

that

references

the

underlying

rates

including

the

Overnight

Index

Swap

(“OIS”)

rate

and

London

Interbank

Offered

Rate

(“LIBOR”)

forward

rate

to

produce

the

daily

settlement

price.

These

securities

are

categorized

as

Level

2

of

the

fair

value

hierarchy.

Events

or

circumstances

affecting

the

values

of

Fund

securities

that

occur

between

the

closing

of

the

principal

markets

on

which

they

trade

and

the

time

the

NAV

of

Fund

shares

is

determined

may

be

reflected

in

the

calculation

of

NAV

for

each

applicable

Fund

when

the

Fund

deems

that

the

particular

event

or

circumstance

would

materially

affect

such

Fund’s

NAV.

Funds

that

invest

primarily

in

frequently

traded

exchange-listed

securities

will

use

fair

value

pricing

in

limited

circumstances

since

reliable

market

quotations

will

often

be

readily

available.

Funds

that

invest

in

foreign

securities

use

fair

value

pricing

daily

as

events

may

occur

between

the

close

of

foreign

markets

and

the

time

of

pricing.

Although

there

are

observable

inputs

assigned

on

a

security

level,

prices

are

derived

from

factors

using

proprietary

models

or

matrix

pricing.

For

this

reason,

fair

value

factors

will

cause

movement

between

Levels

1

and

2.

Examples

of

significant

events

that

generally

trigger

fair

value

pricing

of

one

or

more

securities

are:

any

market

movement

of

the

U.S.

securities

market

(defined

in

the

fair

value

procedures

as

the

movement

of

a

single

major

U.S.

index);

a

company

development

such

as

a

material

business

development;

a

natural

disaster,

a

public

health

emergency

affecting

one

or

more

countries

in

the

global

economy

(including

an

emergency

which

results

in

the

closure

of

financial

markets)

or

other

emergency

situation;

or

an

armed

conflict.

The

NAV

of

a

Fund’s

portfolio

that

includes

foreign

securities

may

change

on

days

when

shareholders

will

not

be

able

to

purchase

or

redeem

Fund

shares,

since

foreign

securities

can

trade

on

non-business

days.

The

U.S.

Strategic

Equity,

U.S.

Small

Cap

Equity,

International

Developed

Markets

and

Global

Real

Estate

Securities

Funds

had

no

transfers

into

or

out

of

Level

3

for

the

period

ended

March

31,

2022.

The

Strategic

Bond

Fund

had

transfers

out

of

Level

3

into

Level

2

representing

financial

instruments

for

which

inputs

became

observable.

The

amount

transferred

was

$549,832

for

the

period

ended

March

31,

2022.

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.

The

significant

unobservable

input

used

in

fair

value

measurement

of

certain

of

the

Funds’

preferred

equity

securities

is

the

redemption

value

calculated

on

a

fully-diluted

basis

if

converted

to

common

stock.

Significant

increases

or

decreases

in

the

redemption

value

would

have

a

direct

and

proportional

impact

to

fair

value.

The

significant

unobservable

inputs

used

in

fair

value

measurement

of

certain

of

the

Funds’

private

equity

securities

include

market

data

of

comparable

public

companies,

discount

rates,

EBITDA

multiples,

and

future

projected

cash

flows

for

the

portfolio

company.

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2022

(Unaudited)

Notes

to

Quarterly

Report

75

These

inputs

are

utilized

in

valuation

models

that

are

based

on

market

analysis

and

discounted

cash

flow

methodologies.

Increases

(decreases)

in

the

discount

rates

would

result

in

a

lower

(higher)

fair

value

measurement,

while

increases

(decreases)

in

EBITDA

multiples

and

projected

cash

flows

would

result

in

a

higher

(lower)

fair

value

measurement.

The

significant

unobservable

input

used

in

the

fair

value

measurement

of

certain

Funds’

debt

securities

is

the

yield

to

worst

ratio.

Significant

increases

(decreases)

in

the

yield

to

worst

ratio

would

result

in

a

lower

(higher)

fair

value

measurement.

These

significant

unobservable

inputs

are

further

disclosed

in

the

Presentation

of

Portfolio

Holdings

for

each

respective

Fund

as

applicable.

If

third-party

evaluated

vendor

pricing

is

neither

available

nor

deemed

to

be

indicative

of

fair

value,

RIFUS

may

elect

to

obtain

indicative

market

quotations

(“broker

quotes”)

directly

from

the

broker

or

passed

through

from

a

third-party

vendor.

In

the

event

that

the

source

of

fair

value

is

from

a

single

source

broker

quote,

these

securities

are

classified

as

Level

3

per

the

fair

value

hierarchy.

Broker

quotes

are

typically

received

from

established

market

participants.

Although

independently

received

on

a

daily

basis,

RIFUS

does

not

have

the

transparency

to

view

the

underlying

inputs

which

support

the

broker

quotes.

Significant

changes

in

the

broker

quote

would

have

direct

and

proportional

changes

in

the

fair

value

of

the

security.

There

is

a

third-party

pricing

exception

to

the

quantitative

disclosure

requirement

when

prices

are

not

determined

by

the

reporting

entity.

RIFUS

is

exercising

this

exception

and

has

made

a

reasonable

attempt

to

obtain

quantitative

information

from

the

third-party

pricing

vendors

regarding

the

unobservable

inputs

used.

For

fair

valuations

using

significant

unobservable

inputs,

U.S.

GAAP

requires

a

reconciliation

of

the

beginning

to

ending

balances

for

reported

fair

values

that

present

changes

attributable

to

total

realized

and

unrealized

gains

or

losses,

purchases

and

sales,

and

transfers

in/out

of

the

Level

3

category

during

the

period.

Additionally,

U.S.

GAAP

requires

quantitative

information

regarding

the

significant

unobservable

inputs

used

in

the

determination

of

fair

value

of

assets

categorized

as

Level

3

in

the

fair

value

hierarchy.

In

accordance

with

the

requirements

of

U.S.

GAAP,

a

fair

value

hierarchy,

a

Level

3

reconciliation

and

an

additional

disclosure

about

fair

value

measurements,

if

any,

has

been

included

in

the

Presentation

of

Portfolio

Holdings

for

each

respective

Fund.

Investment

Income

Dividend

income

is

recorded

net

of

applicable

withholding

taxes

on

the

ex-dividend

date,

except

that

certain

dividends

from

foreign

securities

are

recorded

as

soon

as

the

Funds

are

informed

of

the

dividend,

subsequent

to

the

ex-dividend

date.

To

the

extent

the

dividend

represents

a

return

of

capital

or

capital

gain

for

tax

purposes,

reclassifications

are

made

which

may

be

based

on

management’s

estimates.

Interest

income

is

recorded

daily

on

the

accrual

basis.

The

Strategic

Bond

Fund

classifies

gains

and

losses

realized

on

prepayments

received

on

mortgage-backed

securities

as

an

adjustment

to

interest

income.

All

premiums

and

discounts,

including

original

issue

discounts,

are

amortized/accreted

using

the

effective

interest

method.

Debt

obligation

securities

may

be

placed

in

a

non-accrual

status

and

related

interest

income

may

be

reduced

by

stopping

current

accruals

and

writing

off

interest

receivable

when

the

collection

of

all

or

a

portion

of

interest

has

become

doubtful.

Foreign

Currency

Translations

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Foreign

currency

amounts

and

transactions

of

the

Funds

are

translated

into

U.S.

dollars

on

the

following

basis:

(a)

Fair

value

of

investment

securities,

other

assets

and

liabilities

at

the

closing

rate

of

exchange

on

the

valuation

date.

(b)

Purchases

and

sales

of

investment

securities

and

income

at

the

closing

rate

of

exchange

prevailing

on

the

respective

trade

dates

of

such

transactions.

Net

realized

gains

or

losses

from

foreign

currency-related

transactions

arise

from:

sales

and

maturities

of

short-term

securities;

sales

of

foreign

currencies;

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions;

the

difference

between

the

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

recorded

on

the

Funds’

books

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

gains

or

losses

from

foreign

currency-related

transactions

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

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2022

(Unaudited)

76

Notes

to

Quarterly

Report

effects

of

changes

in

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

in

market

prices

for

realized

gain

(or

loss)

on

debt

obligations.

Derivatives

The

Funds

may

invest

in

derivatives.

Derivatives

are

instruments

or

agreements

whose

value

is

derived

from

an

underlying

security

or

index.

They

include

options,

futures,

swaps

and

forwards.

These

instruments

offer

unique

characteristics

and

risks

that

facilitate

the

Funds’

investment

strategies.

The

Funds

typically

use

derivatives

in

three

ways:

exposing

cash

to

markets,

hedging

and

return

enhancement.

In

addition,

certain

Funds

may

enter

into

foreign

currency

exchange

contracts

for

trade

settlement

purposes.

Certain

Funds

may

pursue

their

strategy

of

being

fully

invested

by

exposing

cash

to

the

performance

of

appropriate

markets

by

purchasing

securities

and/or

derivatives.

This

is

intended

to

cause

such

Funds

to

perform

as

though

cash

were

actually

invested

in

those

markets.

Hedging

may

be

used

by

certain

Funds

to

limit

or

control

risks,

such

as

adverse

movements

in

exchange

rates

and

interest

rates.

Return

enhancement

can

be

accomplished

through

the

use

of

derivatives

in

a

Fund,

including

using

derivatives

as

a

substitute

for

holding

physical

securities,

and

using

them

to

express

various

macro

views

(e.g.,

interest

rate

movements,

currency

movements,

and

macro

credit

strategies).

By

purchasing

certain

instruments,

the

Funds

may

more

effectively

achieve

the

desired

portfolio

characteristics

that

assist

them

in

meeting

their

investment

objectives.

Depending

on

how

the

derivatives

are

structured

and

utilized,

the

risks

associated

with

them

may

vary

widely.

These

risks

include,

but

are

not

limited

to,

market

risk,

liquidity

risk,

leveraging

risk,

counterparty

risk,

basis

risk,

reinvestment

risk,

political

risk,

prepayment

risk,

extension

risk,

valuation

risk

and

credit

risk.

Futures,

certain

options

and

cleared

swaps

are

traded

or

cleared

on

an

exchange

or

central

exchange

clearing

house.

Exchange-

traded

or

exchange-cleared

transactions

generally

present

less

counterparty

risk

to

a

Fund.

The

exchange’s

clearing

house

stands

between

the

Fund

and

the

broker

to

the

contract

and

therefore,

credit

risk

is

generally

limited

to

the

failure

of

the

clearing

house

and

the

clearing

member.

Cleared

swap

contracts

are

subject

to

clearing

house

rules,

including

initial

and

variation

margin

requirement,

daily

settlement

of

obligations

and

the

clearing

house

guarantee

of

payments

to

the

broker.

There

is,

however,

still

counterparty

risk

due

to

the

insolvency

of

the

broker

with

respect

to

any

margin

held

in

the

broker’s

customer

accounts.

While

clearing

members

are

required

to

segregate

customer

assets

from

their

own

assets,

in

the

event

of

insolvency,

there

may

be

a

shortfall

in

the

amount

of

margin

held

by

the

broker

for

its

clients.

Collateral

and

margin

requirements

for

exchange-traded

or

exchange-cleared

derivatives

are

established

through

regulation,

as

well

as

set

by

the

broker

or

applicable

clearing

house.

In

October

2020,

the

Securities

and

Exchange

Commission

(“SEC”)

adopted

a

final

rule

related

to

the

use

of

derivatives,

reverse

repurchase

agreements

and

certain

other

transactions

by

registered

investment

companies

that

will

rescind

and

withdraw

the

guidance

of

the

SEC

and

its

staff

regarding

asset

segregation

and

cover

transactions.

The

final

rule

requires

funds

to

trade

derivatives

and

other

transactions

that

create

future

payment

or

delivery

obligations

(except

reverse

repurchase

agreements

and

similar

financing

transactions)

subject

to

a

value-at-risk

leverage

limit

and

certain

derivatives

risk

management

program

and

reporting

requirements.

Compliance

with

these

new

requirements

will

be

required

after

an

eighteen-month

transition

period.

Following

the

compliance

date,

these

requirements

may

limit

the

ability

of

a

Fund

to

use

derivatives

and

reverse

repurchase

agreements

and

similar

financing

transactions

as

part

of

its

investment

strategies.

Foreign

Currency

Exchange

Contracts

Certain

Funds

may

enter

into

foreign

currency

exchange

spot

contracts

and

forward

foreign

currency

exchange

contracts

(“FX

contracts”).

From

time

to

time,

certain

Funds

may

enter

into

FX

contracts

to

hedge

certain

foreign

currency-denominated

assets.

FX

contracts

are

recorded

at

fair

value.

Certain

risks

may

arise

upon

entering

into

these

FX

contracts

from

the

potential

inability

of

counterparties

to

meet

the

terms

of

their

FX

contracts

and

are

generally

limited

to

the

amount

of

unrealized

gain

on

the

FX

contracts.

For

the

period

ended

March

31,

2022,

the

following

Funds

entered

into

FX

contracts

primarily

for

the

strategies

listed

below:

The

Funds’

FX

contracts,

as

presented

in

the

table

following

the

Schedule

of

Investments,

generally

are

indicative

of

the

volume

of

their

derivative

activity

during

the

period

ended

March

31,

2022.

Funds

Strategies

International

Developed

Markets

Fund

Return

enhancement,

hedging,

exposing

cash

to

markets

and

trade

settlement

Strategic

Bond

Fund

Return

enhancement

and

hedging

Global

Real

Estate

Securities

Fund

Exposing

cash

to

markets

and

trade

settlement

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2022

(Unaudited)

Notes

to

Quarterly

Report

77

As

of

March

31,

2022,

the

Funds

had

no

cash

collateral

balances

in

connection

with

FX

contracts

purchased/sold.

Options

Certain

Funds

may

purchase

and

sell

(write)

call

and

put

options

on

securities

and

securities

indices.

Such

options

are

traded

on

a

national

securities

exchange

or

in

an

OTC

market.

The

Funds

may

also

purchase

and

sell

(write)

call

and

put

options

on

foreign

currencies.

When

a

Fund

writes

a

covered

call

or

a

put

option,

an

amount

equal

to

the

premium

received

by

the

Fund

is

included

in

the

Fund’s

Statement

of

Assets

and

Liabilities

as

an

asset

and

as

an

equivalent

liability.

The

amount

of

the

liability

is

subsequently

marked-

to-market

to

reflect

the

current

fair

value

of

the

option

written.

The

Fund

receives

a

premium

on

the

sale

of

a

call

option

but

gives

up

the

opportunity

to

profit

from

any

increase

in

the

value

of

the

underlying

instrument

above

the

exercise

price

of

the

option,

and

when

the

Fund

writes

a

put

option

it

is

exposed

to

a

decline

in

the

price

of

the

underlying

instrument.

When

a

Fund

sells

an

uncovered

call

option,

it

does

not

simultaneously

have

a

long

position

in

the

underlying

security.

When

a

Fund

sells

an

uncovered

put

option,

it

does

not

simultaneously

have

a

short

position

in

the

underlying

security.

Uncovered

options

are

riskier

than

covered

options

because

there

is

no

underlying

security

held

by

the

Fund

that

can

act

as

a

partial

hedge.

Whether

an

option

which

the

Fund

has

written

expires

on

its

stipulated

expiration

date

or

the

Fund

enters

into

a

closing

purchase

transaction,

the

Fund

realizes

a

gain

(or

loss,

if

the

cost

of

a

closing

purchase

transaction

exceeds

the

premium

received

when

the

option

was

sold)

without

regard

to

any

unrealized

gain

or

loss

on

the

underlying

security,

and

the

liability

related

to

such

option

is

extinguished.

If

a

call

option

which

the

Fund

has

written

is

exercised,

the

Fund

realizes

a

capital

gain

or

loss

from

the

sale

of

the

underlying

security,

and

the

proceeds

from

such

sale

are

increased

by

the

premium

originally

received.

When

a

put

option

which

a

Fund

has

written

is

exercised,

the

amount

of

the

premium

originally

received

will

reduce

the

cost

of

the

security

which

a

Fund

purchases

upon

exercise

of

the

option.

The

Funds’

use

of

written

options

involves,

to

varying

degrees,

elements

of

market

risk

in

excess

of

the

amount

recognized

in

the

Statements

of

Assets

and

Liabilities.

The

face

or

contract

amounts

of

these

instruments

reflect

the

extent

of

the

Funds’

exposure

to

market

risk.

The

risks

may

be

caused

by

an

imperfect

correlation

between

movements

in

the

price

of

the

instrument

and

the

price

of

the

underlying

securities

and

interest

rates.

Certain

Funds

may

enter

into

swaptions

(an

option

on

a

swap).

In

a

swaption,

in

exchange

for

an

option,

the

buyer

gains

the

right

but

not

the

obligation

to

enter

into

a

specified

swap

agreement

with

the

issuer

on

a

specified

future

date.

The

writer

of

the

contract

receives

the

premium

and

bears

the

risk

of

unfavorable

changes

in

the

preset

rate

on

the

underlying

swap.

For

the

period

ended

March

31,

2022,

the

Strategic

Bond

Fund

purchased/sold

options

primarily

for

return

enhancement

and

hedging.

The

Funds’

options

contracts,

as

presented

in

the

table

following

the

Schedule

of

Investments,

generally

are

indicative

of

the

volume

of

their

derivative

activity

during

the

period

ended

March

31,

2022.

As

of

March

31,

2022,

the

Funds

had

no

cash

collateral

balances

in

connection

with

options

contracts

purchased/sold.

Futures

Contracts

Certain

Funds

may

invest

in

futures

contracts

(i.e.,

interest

rate,

foreign

currency

and

index

futures

contracts).

The

face

or

contract

value

of

these

instruments

reflect

the

extent

of

the

Funds’

exposure

to

off

balance

sheet

risk.

The

primary

risks

associated

with

the

use

of

futures

contracts

are

an

imperfect

correlation

between

the

change

in

fair

value

of

the

securities

held

by

the

Funds

and

the

prices

of

futures

contracts,

and

the

possibility

of

an

illiquid

market.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

with

a

broker

an

amount,

termed

the

initial

margin,

which

typically

represents

5%

to

10%

of

the

purchase

price

indicated

in

the

futures

contract.

Payments

to

and

from

the

broker,

known

as

variation

margin,

are

typically

required

to

be

made

on

a

daily

basis

as

the

price

of

the

futures

contract

fluctuates.

Changes

in

initial

settlement

value

are

accounted

for

as

unrealized

appreciation

(depreciation)

until

the

contracts

are

terminated,

at

which

time

realized

gains

and

losses

are

recognized.

For

the

period

ended

March

31,

2022,

the

following

Funds

entered

into

futures

contracts

primarily

for

the

strategies

listed

below:

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2022

(Unaudited)

78

Notes

to

Quarterly

Report

The

Funds’

futures

contracts,

as

presented

in

the

table

following

the

Schedule

of

Investments,

generally

are

indicative

of

the

volume

of

their

derivative

activity

during

the

period

ended

March

31,

2022.

As

of

March

31,

2022,

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

counterparty

agreements

which

allow

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

counterparty

agreements,

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

counterparty

agreements

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

counterparty

agreements

intended

to

expose

cash

to

markets

or

to

effect

investment

transactions

consistent

with

the

Fund’s

investment

objectives

and

strategies.

Currency

swaps

are

counterparty

agreements

where

two

parties

exchange

specified

amounts

of

different

currencies

which

are

followed

by

each

paying

the

other

a

series

of

interest

payments

that

are

based

on

the

principal

cash

flow.

At

maturity

the

principal

amounts

are

returned.

The

Funds

generally

expect

to

enter

into

these

transactions

primarily

to

preserve

a

return

or

spread

on

a

particular

investment

or

portion

of

their

portfolios

or

to

protect

against

any

increase

in

the

price

of

securities

they

anticipate

purchasing

at

a

later

date,

or

for

return

enhancement.

Under

most

swap

agreements

entered

into

by

a

Fund,

the

parties’

obligations

are

determined

on

a

“net

basis”.

The

net

amount

of

the

excess,

if

any,

of

the

Funds’

obligations

over

their

entitlements

with

respect

to

each

swap

will

be

accrued

on

a

daily

basis

and

an

amount

of

cash

or

liquid

assets

having

an

aggregate

NAV

at

least

equal

to

the

accrued

excess

will

be

segregated.

To

the

extent

that

the

Funds

enter

into

swaps

on

other

than

a

net

basis,

the

amount

maintained

in

a

segregated

account

will

be

the

full

amount

of

the

Funds’

obligations,

if

any,

with

respect

to

such

swaps,

accrued

on

a

daily

basis.

If

there

is

a

default

by

the

other

party

to

such

a

transaction,

the

Funds

will

have

contractual

remedies

pursuant

to

the

agreement

related

to

the

transaction.

A

Fund

may

not

receive

the

expected

amount

under

a

swap

agreement

if

the

other

party

to

the

agreement

defaults

or

becomes

bankrupt.

As

of

March

31,

2022,

the

Funds

had

cash

collateral

balances

in

connection

with

swap

contracts

purchased/sold

as

follows:

Funds

Strategies

U.S.

Strategic

Equity

Fund

Exposing

cash

to

markets

U.S.

Small

Cap

Equity

Fund

Exposing

cash

to

markets

International

Developed

Markets

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Strategic

Bond

Fund

Return

enhancement,

hedging

and

exposing

cash

to

markets

Global

Real

Estate

Securities

Fund

Exposing

cash

to

markets

Cash

Collateral

for

Futures

Due

to

Broker

U.S.

Strategic

Equity

Fund

$

—

$

81,627

U.S.

Small

Cap

Equity

Fund

—

93,535

International

Developed

Markets

Fund

6,638,629

—

Strategic

Bond

Fund

21,119,671

274,442

Global

Real

Estate

Securities

Fund

169,949

—

Cash

Collateral

for

Swaps

Due

to

Broker

Strategic

Bond

Fund

$

1,836,091

$

2,636

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2022

(Unaudited)

Notes

to

Quarterly

Report

79

Credit

Default

Swaps

The

Strategic

Bond

Fund

may

enter

into

credit

default

swaps.

A

credit

default

swap

can

refer

to

corporate

issues,

government

issues,

asset-backed

securities

or

an

index

of

assets,

each

known

as

the

reference

entity

or

underlying

asset.

The

Fund

may

act

as

either

the

buyer

or

the

seller

of

a

credit

default

swap

involving

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

default

or

other

credit

event.

Depending

upon

the

terms

of

the

contract,

the

credit

default

swap

may

be

closed

via

physical

settlement.

However,

due

to

the

possible

or

potential

instability

in

the

market,

there

is

a

risk

that

the

seller

may

be

unable

to

deliver

the

underlying

debt

security

to

the

other

party

to

the

agreement.

Additionally,

the

Fund

may

not

receive

the

expected

amount

under

the

swap

agreement

if

the

other

party

to

the

agreement

defaults

or

becomes

bankrupt.

In

an

unhedged

credit

default

swap,

the

Fund

would

enter

into

a

credit

default

swap

without

owning

the

underlying

asset

or

debt

issued

by

the

reference

entity.

Credit

default

swaps

allow

the

Fund

to

acquire

or

reduce

credit

exposure

to

a

particular

issuer,

asset

or

basket

of

instruments.

As

the

seller

of

protection

in

a

credit

default

swap,

the

Fund

would

be

required

to

pay

the

par

or

other

agreed-upon

value

(or

otherwise

perform

according

to

the

swap

contract)

of

a

reference

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

other

specified

credit

event)

and

the

counterparty

would

be

required

to

surrender

the

reference

debt

obligation.

In

return,

the

Fund

would

receive

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event

has

occurred.

If

no

credit

event

occurs,

the

Fund

would

keep

the

stream

of

payments

and

would

have

no

payment

obligations.

As

a

seller

of

protection,

the

Fund

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

that

Fund

would

be

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

The

Fund

may

also

purchase

protection

via

credit

default

swap

contracts

in

order

to

offset

the

risk

of

default

of

debt

securities

held

in

their

portfolios

or

to

take

a

short

position

in

a

debt

security,

in

which

case

the

Fund

would

function

as

the

counterparty

referenced

in

the

preceding

paragraph.

If

a

credit

event

occurs

and

cash

settlement

is

not

elected,

a

variety

of

other

deliverable

obligations

may

be

delivered

in

lieu

of

the

specific

referenced

obligation.

The

ability

to

deliver

other

obligations

may

result

in

a

cheapest-to-deliver

option

(i.e.,

the

buyer

of

protection’s

right

to

choose

the

deliverable

obligation

with

the

lowest

value

following

a

credit

event).

The

Fund

may

use

credit

default

swaps

to

provide

a

measure

of

protection

against

defaults

of

the

issuers

(i.e.,

to

reduce

risk

where

the

Fund

owns

or

has

exposure

to

the

referenced

obligation)

or

to

take

an

active

long

or

short

position

with

respect

to

the

likelihood

(as

measured

by

the

credit

default

swap’s

spread)

of

a

particular

issuer’s

default.

Deliverable

obligations

for

credit

default

swaps

on

asset-backed

securities

in

most

instances

are

limited

to

the

specific

referenced

obligation

as

performance

for

asset-backed

securities

can

vary

across

deals.

Prepayments,

principal

paydowns,

and

other

writedown

or

loss

events

on

the

underlying

mortgage

loans

will

reduce

the

outstanding

principal

balance

of

the

referenced

obligation.

These

reductions

may

be

temporary

or

permanent

as

defined

under

the

terms

of

the

swap

agreement

and

the

notional

amount

for

the

swap

agreement

generally

will

be

adjusted

by

corresponding

amounts.

The

Strategic

Bond

Fund

may

use

credit

default

swaps

on

asset-

backed

securities

to

provide

a

measure

of

protection

against

defaults

(or

other

defined

credit

events)

of

the

referenced

obligation

or

to

take

an

active

long

or

short

position

with

respect

to

the

likelihood

of

a

particular

referenced

obligation’s

default

(or

another

defined

credit

event).

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

may

include,

but

are

not

limited

to,

investment

grade

securities,

high

yield

securities,

asset-backed

securities,

emerging

markets,

and/or

various

credit

ratings

within

each

sector.

Credit

indices

are

traded

using

credit

default

swaps

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

that

name’s

weight

in

the

index.

The

composition

of

the

indices

changes

periodically,

usually

every

six

months,

and,

for

most

indices,

each

name

has

an

equal

weight

in

the

index.

Traders

may

use

credit

default

swaps

on

indices

to

speculate

on

changes

in

credit

quality.

Implied

credit

spreads,

represented

in

absolute

terms,

utilized

in

determining

the

fair

value

of

credit

default

swap

agreements

on

corporate

issues

as

of

period-end

are

disclosed

in

the

Schedules

of

Investments

and

generally

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

(or

other

defined

credit

event)

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

entering

into

a

credit

default

swap

and

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2022

(Unaudited)

80

Notes

to

Quarterly

Report

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

asset-

backed

securities

and

credit

indices,

the

quoted

market

prices

and

resulting

values

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

and

increasing

fair

values,

in

absolute

terms

when

compared

to

the

notional

amount

of

the

swap,

generally

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

the

Fund

as

a

seller

of

protection

could

be

required

to

make

under

a

credit

default

swap

agreement

equals

the

notional

amount

of

the

agreement.

Notional

amounts

of

all

credit

default

swap

agreements

outstanding

as

of

March

31,

2022,

for

which

a

Fund

is

the

seller

of

protection

are

disclosed

in

the

Schedules

of

Investments.

These

potential

amounts

would

be

partially

offset

by

any

recovery

values

of

the

respective

referenced

obligations,

upfront

payments

received

upon

entering

into

the

agreement,

or

net

amounts

received

from

the

settlement

of

buy

protection

credit

default

swap

agreements

entered

into

by

the

Fund

for

the

same

referenced

entity

or

entities.

Credit

default

swaps

could

result

in

losses

if

the

Fund

does

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Fund

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

illiquidity

and

counterparty

risk.

The

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap.

As

a

buyer

of

a

credit

default

swap,

the

Fund

may

lose

its

investment

and

recover

nothing

should

a

credit

event

fail

to

occur

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

the

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

creditworthiness

of

the

Fund’s

swap

counterparty

declines,

the

risk

that

the

counterparty

may

not

perform

could

increase,

potentially

resulting

in

a

loss

to

the

Fund.

To

limit

the

counterparty

risk

involved

in

swap

agreements,

the

Fund

will

only

enter

into

swap

agreements

with

counterparties

that

meet

certain

standards

of

creditworthiness.

Although

there

can

be

no

assurance

that

the

Fund

will

be

able

to

do

so,

the

Fund

may

be

able

to

reduce

or

eliminate

its

exposure

under

a

swap

agreement

either

by

assignment

or

other

disposition,

or

by

entering

into

an

offsetting

swap

agreement

with

the

same

party

or

another

creditworthy

party.

The

Fund

may

have

limited

ability

to

eliminate

its

exposure

under

a

credit

default

swap

if

the

credit

quality

of

the

reference

entity

or

underlying

asset

has

declined.

For

the

period

ended

March

31,

2022,

the

Strategic

Bond

Fund

entered

into

credit

default

swaps

primarily

for

return

enhancement,

hedging

and

exposing

cash

to

markets.

The

Strategic

Bond

Fund’s

credit

default

swap

contracts,

as

presented

in

the

table

following

the

Schedule

of

Investments,

generally

are

indicative

of

the

volume

of

its

derivative

activity

during

the

period

ended

March

31,

2022.

Interest

Rate

Swaps

The

Strategic

Bond

Fund

may

enter

into

interest

rate

swaps.

The

use

of

interest

rate

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

If

Russell

Investment

Management,

LLC

(“RIM”)

or

a

money

manager

using

this

technique

is

incorrect

in

its

forecast

of

fair

values,

interest

rates

and

other

applicable

factors,

the

investment

performance

of

a

Fund

might

diminish

compared

to

what

it

would

have

been

if

this

investment

technique

were

not

used.

Interest

rate

swaps

do

not

involve

the

delivery

of

securities

or

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

with

respect

to

interest

rate

swaps

is

limited

to

the

net

amount

of

interest

payments

that

a

Fund

is

contractually

obligated

to

make.

Interest

rate

swaps

are

traded

on

exchanges

and

are

subject

to

central

clearing.

If

the

clearing

house

or

futures

commission

merchant

defaults,

a

Fund’s

risk

of

loss

consists

of

the

net

amount

of

interest

payments

that

a

Fund

is

contractually

entitled

to

receive.

The

counterparty

risk

for

cleared

derivatives

is

generally

lower

than

for

uncleared

derivatives.

However,

clearing

may

subject

a

Fund

to

increased

costs

or

margin

requirements.

For

the

period

ended

March

31,

2022,

the

Strategic

Bond

Fund

entered

into

interest

rate

swaps

primarily

for

return

enhancement,

hedging

and

exposing

cash

to

markets.

The

Strategic

Bond

Fund’s

interest

rate

swap

contracts,

as

presented

in

the

table

following

the

Schedule

of

Investments,

generally

are

indicative

of

the

volume

of

its

derivative

activity

during

the

period

ended

March

31,

2022.

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2022

(Unaudited)

Notes

to

Quarterly

Report

81

Total

Return

Swaps

Certain

Funds

may

enter

into

total

return

swap

agreements

to

expose

cash

to

markets

or

to

effect

investment

transactions.

Total

return

swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

few

weeks

to

more

than

one

year.

In

a

standard

total

return

swap

transaction,

the

two

parties

agree

to

exchange

the

returns

(or

differentials

in

rates

of

return)

earned

or

realized

on

particular

investments

or

instruments.

The

returns

to

be

exchanged

between

the

parties

are

calculated

with

respect

to

a

“notional

amount”

(i.e.,

a

specified

dollar

amount

that

is

hypothetically

invested

in

a

“basket”

of

securities

representing

a

particular

index).

For

the

period

ended

March

31,

2022,

the

Funds

did

not

enter

into

any

total

return

swap

agreements.

Currency

Swaps

Certain

Funds

may

enter

into

currency

swap

agreements

to

enhance

returns

or

for

hedging

purposes.

Currency

swap

agreements

are

agreements

where

two

parties

exchange

specified

amounts

of

different

currencies

which

are

followed

by

paying

the

other

a

series

of

interest

payments

that

are

based

on

the

principal

cash

flow.

At

maturity,

the

principal

amounts

are

exchanged.

For

the

period

ended

March

31,

2022,

the

Funds

did

not

enter

into

any

currency

swap

agreements.

Master

Agreements

Certain

Funds

are

parties

to

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreements

(“ISDA

Master

Agreements”)

with

counterparties

that

govern

transactions

in

OTC

derivative

and

foreign

exchange

contracts

entered

into

by

the

Funds

and

those

counterparties.

The

ISDA

Master

Agreements

contain

provisions

for,

among

other

things,

general

obligations,

representations,

agreements,

collateral

and

events

of

default

or

termination.

Events

of

termination

and

default

include

conditions

that

may

entitle

either

party

to

elect

to

terminate

early

and

cause

settlement

of

all

outstanding

transactions

under

the

applicable

ISDA

Master

Agreement.

Any

election

to

terminate

early

could

be

material

to

the

financial

statements.

Since

different

types

of

forward

and

OTC

financial

derivative

transactions

have

different

mechanics

and

are

sometimes

traded

out

of

different

legal

entities

of

a

particular

counterparty

organization,

each

type

of

transaction

may

be

covered

by

a

different

ISDA

Master

Agreement,

resulting

in

the

need

for

multiple

agreements

with

a

single

counterparty.

As

the

ISDA

Master

Agreements

are

specific

to

unique

operations

of

different

asset

types,

they

allow

a

Fund

to

net

its

total

exposure

to

a

counterparty

in

the

event

of

a

default

with

respect

to

all

the

transactions

governed

under

a

single

agreement

with

a

counterparty.

Master

Repurchase

Agreements

(“Master

Repo

Agreements”)

govern

transactions

between

a

Fund

and

select

counterparties.

The

Master

Repo

Agreements

contain

provisions

for,

among

other

things,

initiation,

income

payments,

events

of

default,

and

maintenance

of

collateral

for

repurchase

and

reverse

repurchase

agreements.

Master

Securities

Forward

Transaction

Agreements

(“Master

Forward

Agreements”)

govern

the

considerations

and

factors

surrounding

the

settlement

of

certain

forward

settling

transactions,

such

as

delayed

delivery

by

and

between

a

Fund

and

select

counterparties.

The

Master

Forward

Agreements

contain

provisions

for,

among

other

things,

initiation

and

confirmation,

payment

and

transfer,

events

of

default,

termination,

and

maintenance

of

collateral.

Loan

Agreements

The

Strategic

Bond

Fund

may

invest

in

direct

debt

instruments,

which

are

interests

in

amounts

owed

by

corporate,

governmental,

or

other

borrowers

to

lenders

or

lending

syndicates.

The

Fund’s

investments

in

loans

may

be

in

the

form

of

participations

in

loans

or

assignments

of

all

or

a

portion

of

loans

from

third

parties.

A

loan

is

often

administered

by

a

bank

or

other

financial

institution

(the

“agent”)

that

acts

as

agent

for

all

holders.

The

agent

administers

the

terms

of

the

loan,

as

specified

in

the

loan

agreement.

When

investing

in

a

loan

participation,

the

Fund

has

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

agent

selling

the

loan

agreement

and

only

upon

receipt

by

the

agent

of

payments

from

the

borrower.

The

Fund

generally

has

no

right

to

enforce

compliance

with

the

terms

of

the

loan

agreement

with

the

borrower.

As

a

result,

the

Fund

may

be

subject

to

the

credit

risk

of

both

the

borrower

and

the

agent

that

is

selling

the

loan

agreement.

When

the

Fund

purchases

assignments

from

agents

it

acquires

direct

rights

against

the

borrower

on

the

loan.

There

were

no

unfunded

loan

commitments

as

of

March

31,

2022.

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

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2022

(Unaudited)

82

Notes

to

Quarterly

Report

companies

or

foreign

securities

markets

and

can

be

used

by

the

Fund

as

an

alternative

means

to

access

the

securities

market

of

a

frontier

emerging

market

country.

The

performance

results

of

local

access

products

will

not

replicate

exactly

the

performance

of

the

foreign

companies

or

foreign

securities

markets

that

they

seek

to

replicate

due

to

transaction

and

other

expenses.

Investments

in

local

access

products

involve

certain

risks

in

addition

to

those

associated

with

a

direct

investment

in

the

underlying

foreign

companies

or

foreign

securities

markets

whose

return

they

seek

to

replicate.

There

can

be

no

assurance

that

there

will

be

a

trading

market

or

that

the

trading

price

of

local

access

products

will

equal

the

underlying

value

of

the

foreign

company

or

foreign

securities

market

that

it

seeks

to

replicate.

The

Funds

rely

on

the

creditworthiness

of

the

counterparty

issuing

the

local

access

products

and

have

no

rights

against

the

issuer

of

the

underlying

security.

The

Funds

seek

to

minimize

this

risk

by

entering

into

agreements

only

with

counterparties

that

RIM

deems

creditworthy.

Due

to

liquidity

and

transfer

restrictions,

the

secondary

markets

on

which

the

local

access

products

are

traded

may

be

less

liquid

than

the

markets

for

other

securities,

or

may

be

completely

illiquid.

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

Bank

and

Trust

Company

(“State

Street”)

but

reserves

the

right

to

engage

in

short

sale

transactions

through

one

or

more

other

counterparties.

For

short

sale

transactions

effected

through

State

Street,

the

Fund

typically

expects

to

collateralize

short

sale

transactions

through

the

Fund’s

reciprocal

lending

activity

with

State

Street

(i.e.,

short

sale

transactions

are

collateralized

by

securities

loaned

to

State

Street

for

purposes

of

securities

lending

activities).

The

Fund

may

also

deliver

cash

to

State

Street

for

the

purposes

of

collateralizing

its

short

sales

transactions

or

“memo

pledge”

securities

as

collateral,

whereby

assets

are

designated

as

collateral

by

State

Street

on

State

Street’s

books

but

remain

in

the

Fund’s

custody

account.

Similar

to

the

risks

generally

applicable

to

securities

lending

arrangements,

participation

in

the

reciprocal

lending

program

subjects

the

Fund

to

the

risk

that

State

Street

could

fail

to

return

a

security

lent

to

it

by

the

Fund,

or

fail

to

return

the

Fund’s

cash

collateral,

a

risk

which

would

increase

with

any

decline

in

State

Street’s

credit

profile.

However,

the

impact

of

State

Street’s

failure

to

return

a

security

lent

to

it

by

the

Fund,

or

failure

to

return

the

Fund’s

cash

collateral,

would

be

mitigated

by

the

Fund’s

right

under

such

circumstances

to

decline

to

return

the

securities

the

Fund

initially

borrowed

from

State

Street

with

respect

to

its

short

sale

transactions.

This

risk

may

be

heightened

during

periods

of

market

stress

and

volatility,

particularly

if

the

type

of

collateral

provided

is

different

than

the

type

of

security

borrowed

(e.g.,

cash

is

provided

as

collateral

for

a

loan

of

an

equity

security).

To

the

extent

necessary

to

meet

collateral

requirements

associated

with

a

short

sale

transaction

involving

a

counterparty

other

than

State

Street,

the

Fund

is

required

to

pledge

assets

in

a

segregated

account

maintained

by

the

Fund’s

custodian

for

the

benefit

of

the

broker.

The

Fund

may

also

use

securities

it

owns

to

meet

any

such

collateral

obligations.

Until

the

Fund

replaces

a

borrowed

security

in

connection

with

a

short

sale,

the

Fund

will:

(a)

maintain

daily

a

segregated

account,

containing

liquid

assets

at

such

a

level

that

the

amount

deposited

in

the

segregated

account

will

equal

the

current

requirement

under

Regulation

T

promulgated

by

the

Board

of

Governors

of

the

Federal

Reserve

System

under

the

authority

of

Sections

7

and

8

of

the

Securities

Exchange

Act

of

1934,

as

amended;

or

(b)

otherwise

cover

its

short

positions

in

accordance

with

positions

taken

by

the

staff

of

the

SEC

(e.g.,

taking

an

offsetting

long

position

in

the

security

sold

short).

These

requirements

may

result

in

the

Fund

being

unable

to

purchase

or

sell

securities

or

instruments

when

it

would

otherwise

be

favorable

to

do

so,

or

in

the

Fund

needing

to

sell

holdings

at

a

disadvantageous

time

to

satisfy

its

obligations

or

to

meet

segregation

requirements.

If

the

Fund’s

prime

broker

fails

to

make

or

take

delivery

of

a

security

as

part

of

a

short

sale

transaction,

or

fails

to

make

a

cash

settlement

payment,

the

settlement

of

the

transaction

may

be

delayed

and

the

Fund

may

lose

money.

As

of

March

31,

2022,

the

market

value

of

securities

on

loan

through

the

reciprocal

lending

program

for

the

U.S.

Small

Cap

Equity

Fund

was

$5,248,374.

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2022

(Unaudited)

Notes

to

Quarterly

Report

83

As

of

March

31,

2022,

the

U.S.

Small

Cap

Equity

Fund

held

$11,454,608

as

collateral

for

short

sales.

Securities

Lending

The

Investment

Company

has

a

securities

lending

program

whereby

each

Fund

can

loan

securities

with

a

value

up

to

33

1/3%

of

each

Fund’s

total

assets.

The

maturity

associated

with

these

securities

is

considered

continuous.

The

Fund

receives

cash

(U.S.

currency),

U.S.

government

or

U.S.

government

agency

obligations

as

collateral

against

the

loaned

securities.

The

collateral

cannot

be

resold,

repledged

or

rehypothecated.

As

of

March

31,

2022,

to

the

extent

that

a

loan

was

collateralized

by

cash,

such

collateral

was

invested

by

the

securities

lending

agent,

Goldman

Sachs

Agency

Lending

(“GSAL”),

in

the

U.S.

Cash

Collateral

Fund,

an

unregistered

fund

advised

by

RIM.

To

the

extent

that

a

loan

is

secured

by

non-cash

collateral,

brokers

pay

the

Fund

negotiated

lenders’

fees,

which

are

divided

between

the

Fund

and

the

securities

lending

agent

and

are

recorded

as

securities

lending

income

for

the

Fund.

All

collateral

received

will

be

in

an

amount

at

least

equal

to

102%

(for

loans

of

U.S.

securities)

or

105%

(for

loans

of

non-U.S.

securities)

of

the

fair

value

of

the

loaned

securities

at

the

inception

of

each

loan.

The

fair

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

the

next

day.

Should

the

borrower

of

the

securities

fail

financially,

there

is

a

risk

of

delay

in

recovery

of

the

securities

or

loss

of

rights

in

the

collateral.

Emerging

Markets

Securities

Certain

Funds

may

invest

in

emerging

markets

securities.

Investing

in

emerging

markets

securities

can

pose

some

risks

different

from,

and

greater

than,

risks

of

investing

in

U.S.

or

developed

markets

securities.

These

risks

include:

a

risk

of

loss

due

to

exposure

to

economic

structures

that

are

generally

less

diverse

and

mature,

and

to

political

systems

which

may

have

less

stability,

than

those

of

more

developed

countries;

smaller

market

capitalization

of

securities

markets,

which

may

suffer

periods

of

relative

illiquidity

(including

as

a

result

of

a

significant

reduction

in

the

number

of

market

participants

or

transactions);

significant

price

volatility;

restrictions

on

foreign

investment;

possible

difficulties

in

the

repatriation

of

investment

income

and

capital

including

as

a

result

of

the

closure

of

securities

markets

in

an

emerging

market

country;

and

generally,

less

stringent

investor

protection

standards

as

compared

with

investments

in

U.S.

or

other

developed

market

equity

securities.

In

addition,

foreign

investors

may

be

required

to

register

the

proceeds

of

sales

and

future

economic

or

political

crises

could

lead

to

price

controls,

forced

mergers,

expropriation

or

confiscatory

taxation,

seizure,

nationalization,

or

creation

of

government

monopolies.

The

currencies

of

emerging

market

countries

may

experience

significant

declines

against

the

U.S.

dollar,

and

devaluation

may

occur

subsequent

to

investments

in

these

currencies

by

the

Funds.

Emerging

market

securities

may

be

subject

to

currency

transfer

restrictions

and

may

experience

delays

and

disruptions

in

settlement

procedures

for

such

securities.

Inflation

and

rapid

fluctuations

in

inflation

rates

have

had,

and

may

continue

to

have,

negative

effects

on

the

economies

and

securities

markets

of

certain

emerging

market

countries.

Emerging

market

countries

may

be

more

likely

to

experience

the

imposition

of

economic

sanctions

by

foreign

governments.

In

addition,

emerging

market

countries

may

be

subject

to

less

stringent

requirements

regarding

accounting,

auditing,

financial

reporting

and

record

keeping

and

therefore,

all

material

information

may

not

be

available

or

reliable.

U.S.

regulatory

authorities’

ability

to

enforce

legal

and/or

regulatory

obligations

against

individuals

or

entities,

and

shareholders’

ability

to

bring

derivative

litigation

or

otherwise

enforce

their

legal

rights,

in

emerging

market

countries

may

be

limited.

Emerging

Markets

Debt

The

Strategic

Bond

Fund

may

invest

in

emerging

markets

debt.

The

Fund’s

emerging

markets

debt

securities

may

include

obligations

of

governments

and

corporations.

As

with

any

fixed

income

securities,

emerging

markets

debt

securities

are

subject

to

the

risk

of

being

downgraded

in

credit

rating

due

to

the

risk

of

default.

In

the

event

of

a

default

on

any

investments

in

foreign

debt

obligations,

it

may

be

more

difficult

for

the

Fund

to

obtain

or

to

enforce

a

judgment

against

the

issuers

of

such

securities.

With

respect

to

debt

issued

by

emerging

market

governments,

such

issuers

may

be

unwilling

to

pay

interest

and

repay

principal

when

due,

potentially

due

either

to

an

inability

to

pay

or

submission

to

political

pressure

not

to

pay,

and

as

a

result

may

default,

declare

temporary

suspensions

of

interest

payments

or

require

that

the

conditions

for

payment

be

renegotiated.

Repurchase

Agreements

The

Strategic

Bond

Fund

may

enter

into

repurchase

agreements.

A

repurchase

agreement

is

an

agreement

under

which

a

Fund

acquires

a

fixed

income

security

from

a

commercial

bank,

broker

or

dealer

and

simultaneously

agrees

to

resell

such

security

to

the

seller

at

an

agreed

upon

price

and

date

(normally

within

a

few

days

or

weeks).

The

resale

price

reflects

an

agreed

upon

interest

rate

effective

for

the

period

the

security

is

held

by

a

Fund

and

is

unrelated

to

the

interest

rate

on

the

security.

The

securities

acquired

by

a

Fund

constitute

collateral

for

the

repurchase

obligation.

In

these

transactions,

the

securities

acquired

by

a

Fund

(including

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2022

(Unaudited)

84

Notes

to

Quarterly

Report

accrued

interest

earned

thereon)

must

have

a

total

value

in

excess

of

the

value

of

the

repurchase

agreement

and

must

be

held

by

the

custodian

bank

until

repurchased.

A

Fund

will

not

invest

more

than

15%

of

its

net

assets

(taken

at

current

fair

value)

in

repurchase

agreements

maturing

in

more

than

seven

days.

Mortgage-Related

and

Other

Asset-Backed

Securities

The

Strategic

Bond

Fund

may

invest

in

mortgage

or

other

asset-backed

securities

(“ABS”).

These

securities

may

include

mortgage

instruments

issued

by

U.S.

government

agencies

(“agency

mortgages”)

or

those

issued

by

private

entities

(“non-agency

mortgages”).

Specific

types

of

instruments

may

include

reverse

mortgages,

mortgage

pass-through

securities,

collateralized

mortgage

obligations

(“CMO”),

commercial

mortgage-backed

securities,

mortgage

dollar

rolls,

CMO

residuals,

stripped

mortgage-backed

securities

and

other

securities

that

directly

or

indirectly

represent

a

participation

in,

or

are

secured

by

a

payable

from,

mortgage

loans

on

real

property.

The

value

of

a

Fund’s

mortgage-backed

securities

(“MBS”)

may

be

affected

by,

among

other

things,

changes

or

perceived

changes

in

interest

rates,

factors

concerning

the

interests

in

and

structure

of

the

issuer

or

the

originator

of

the

mortgage,

or

the

quality

of

the

underlying

assets.

The

mortgages

underlying

the

securities

may

default

or

decline

in

quality

or

value.

Through

its

investments

in

MBS,

a

Fund

has

exposure

to

subprime

loans,

Alt-A

loans

and

non-conforming

loans

as

well

as

to

the

mortgage

and

credit

markets

generally.

Underlying

collateral

related

to

subprime,

Alt-A

and

non-conforming

mortgage

loans

has

become

increasingly

susceptible

to

defaults

and

declines

in

quality

or

value,

especially

in

a

declining

residential

real

estate

market.

In

addition,

regulatory

or

tax

changes

may

adversely

affect

the

mortgage

securities

markets

as

a

whole.

Mortgage-Backed

Securities

MBS

often

have

stated

maturities

of

up

to

thirty

years

when

they

are

issued,

depending

upon

the

length

of

the

mortgages

underlying

the

securities.

In

practice,

however,

unscheduled

or

early

payments

of

principal

and

interest

on

the

underlying

mortgages

may

make

the

securities’

effective

maturity

shorter

than

this,

and

the

prevailing

interest

rates

may

be

higher

or

lower

than

the

current

yield

of

a

Fund’s

portfolio

at

the

time

resulting

in

reinvestment

risk.

Rising

or

high

interest

rates

may

result

in

slower

than

expected

principal

payments

which

may

tend

to

extend

the

duration

of

MBS,

making

them

more

volatile

and

more

sensitive

to

changes

in

interest

rates.

This

is

known

as

extension

risk.

MBS

may

have

less

potential

for

capital

appreciation

than

comparable

fixed

income

securities

due

to

the

likelihood

of

increased

prepayments

of

mortgages

resulting

from

foreclosures

or

declining

interest

rates.

These

foreclosed

or

refinanced

mortgages

are

paid

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

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2022

(Unaudited)

Notes

to

Quarterly

Report

85

transaction

itself.

Examples

of

such

credit

support

arising

out

of

the

structure

of

the

transaction

include

the

issue

of

senior

and

subordinated

securities

(e.g.,

the

issuance

of

securities

by

an

SPV

in

multiple

classes

or

tranches,

with

one

or

more

classes

being

senior

to

other

subordinated

classes

as

to

the

payment

of

principal

and

interest,

with

the

result

that

defaults

on

the

underlying

mortgage

loans

are

borne

first

by

the

holders

of

the

subordinated

class);

creation

of

reserve

funds

(in

which

case

cash

or

investments,

sometimes

funded

from

a

portion

of

the

payments

on

the

underlying

mortgage

loans,

are

held

in

reserve

against

future

losses);

and

overcollateralization

(in

which

case

the

scheduled

payments

on,

or

the

principal

amount

of,

the

underlying

mortgage

loans

exceeds

that

required

to

make

payment

on

the

securities

and

pay

any

servicing

or

other

fees).

However,

there

can

be

no

guarantee

that

credit

enhancements,

if

any,

will

be

sufficient

to

prevent

losses

in

the

event

of

defaults

on

the

underlying

mortgage

loans.

In

addition,

MBS

that

are

issued

by

private

issuers

are

not

subject

to

the

underwriting

requirements

for

the

underlying

mortgages

that

are

applicable

to

those

MBS

that

have

a

government

or

government-sponsored

entity

guarantee.

As

a

result,

the

mortgage

loans

underlying

private

MBS

may,

and

frequently

do,

have

less

favorable

collateral,

credit

risk

or

other

underwriting

characteristics

than

government

or

government-sponsored

MBS

and

have

wider

variances

in

a

number

of

terms

including

interest

rate,

term,

size,

purpose

and

borrower

characteristics.

Privately

issued

pools

more

frequently

include

second

mortgages,

high

loan-to-value

mortgages

and

manufactured

housing

loans.

The

coupon

rates

and

maturities

of

the

underlying

mortgage

loans

in

a

private-label

MBS

pool

may

vary

to

a

greater

extent

than

those

included

in

a

government

guaranteed

pool,

and

the

pool

may

include

subprime

mortgage

loans.

Privately

issued

MBS

are

not

traded

on

an

exchange

and

there

may

be

a

limited

market

for

the

securities,

especially

when

there

is

a

perceived

weakness

in

the

mortgage

and

real

estate

market

sectors.

Without

an

active

trading

market,

MBS

held

in

a

Fund’s

portfolio

may

be

particularly

difficult

to

value

because

of

the

complexities

involved

in

assessing

the

value

of

the

underlying

mortgage

loans.

Asset-Backed

Securities

ABS

may

include

MBS,

loans,

receivables

or

other

assets.

The

value

of

the

Funds’

ABS

may

be

affected

by,

among

other

things,

actual

or

perceived

changes

in

interest

rates,

factors

concerning

the

interests

in

and

structure

of

the

issuer

or

the

originator

of

the

receivables,

the

market’s

assessment

of

the

quality

of

underlying

assets

or

actual

or

perceived

changes

in

the

credit

worthiness

of

the

individual

borrowers,

the

originator,

the

servicing

agent

or

the

financial

institution

providing

the

credit

support.

Payment

of

principal

and

interest

may

be

largely

dependent

upon

the

cash

flows

generated

by

the

assets

backing

the

securities.

Rising

or

high

interest

rates

tend

to

extend

the

duration

of

ABS,

making

them

more

volatile

and

more

sensitive

to

changes

in

interest

rates.

The

underlying

assets

are

sometimes

subject

to

prepayments

which

can

shorten

the

security’s

weighted

average

life

and

may

lower

its

return.

Defaults

on

loans

underlying

ABS

have

become

an

increasing

risk

for

ABS

that

are

secured

by

home

equity

loans

related

to

sub-prime,

Alt-A

or

non-conforming

mortgage

loans,

especially

in

a

declining

residential

real

estate

market.

ABS

(other

than

MBS)

present

certain

risks

that

are

not

presented

by

MBS.

Primarily,

these

securities

may

not

have

the

benefit

of

any

security

interest

in

the

related

assets.

Credit

card

receivables

are

generally

unsecured

and

the

debtors

are

entitled

to

the

protection

of

a

number

of

state

and

federal

consumer

credit

laws,

many

of

which

give

such

debtors

the

right

to

set

off

certain

amounts

owed

on

the

credit

cards,

thereby

reducing

the

balance

due.

There

is

the

possibility

that

recoveries

on

repossessed

collateral

may

not,

in

some

cases,

be

available

to

support

payments

on

these

securities.

ABS

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

To

lessen

the

effect

of

failures

by

obligors

on

underlying

assets

to

make

payments,

the

securities

may

contain

elements

of

credit

support

which

fall

into

two

categories:

(i)

liquidity

protection,

and

(ii)

protection

against

losses

resulting

from

ultimate

default

by

an

obligor

on

the

underlying

assets.

Liquidity

protection

refers

to

the

provision

of

advances,

generally

by

the

entity

administering

the

pool

of

assets,

to

ensure

that

the

receipt

of

payments

on

the

underlying

pool

occurs

in

a

timely

fashion.

Protection

against

losses

results

from

payment

of

the

insurance

obligations

on

at

least

a

portion

of

the

assets

in

the

pool.

This

protection

may

be

provided

through

guarantees,

policies

or

letters

of

credit

obtained

by

the

issuer

or

sponsor

from

third

parties,

through

various

means

of

structuring

the

transaction

or

through

a

combination

of

such

approaches.

The

Fund

will

not

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

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2022

(Unaudited)

86

Notes

to

Quarterly

Report

and

may

realize

short-term

gains

(or

losses)

upon

such

sale.

When

effecting

such

transactions,

liquid

assets

of

the

Fund

in

a

dollar

amount

sufficient

to

make

payment

for

the

portfolio

securities

to

be

purchased,

will

be

earmarked

on

the

Fund’s

records

at

the

trade

date

and

until

the

transaction

is

settled.

A

forward

commitment

transaction

involves

a

risk

of

loss

if

the

value

of

the

security

to

be

purchased

declines

prior

to

the

settlement

date

or

the

other

party

to

the

transaction

fails

to

complete

the

transaction.

The

Strategic

Bond

Fund

may

invest

in

to-be-announced

(“TBA”)

mortgage-backed

securities.

A

TBA

security

is

a

forward

mortgage-backed

securities

trade

in

which

a

seller

agrees

to

issue

a

TBA

mortgage-backed

security

at

a

future

date.

The

securities

are

purchased

and

sold

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

maturity

date.

A

Fund

may

enter

into

TBA

commitments

to

purchase

securities

and/or

enter

into

TBA

sale

commitments

to

hedge

its

portfolio

positions,

to

sell

securities

it

owns

under

delayed

delivery

arrangements,

or

take

a

short

position

in

mortgage

backed

securities.

Due

to

timing

differences,

TBAs

may

be

reflected

as

Securities

Sold

Short

in

the

Schedules

of

Investments.

The

actual

principal

amount

and

maturity

date

will

be

determined

upon

settlement

when

the

specific

mortgage

pools

are

assigned.

These

securities

are

within

the

parameters

of

industry

“good

delivery”

standards.

As

of

March

31,

2022,

the

Strategic

Bond

Fund

had

no

cash

collateral

balances

in

connection

with

TBAs.

Inflation-Indexed

Bonds

The

Strategic

Bond

Fund

may

invest

in

inflation-indexed

securities,

which

are

typically

bonds

or

notes

designed

to

provide

a

return

higher

than

the

rate

of

inflation

(based

on

a

designated

index)

if

held

to

maturity.

A

common

type

of

inflation-indexed

security

is

a

U.S.

Treasury

Inflation-Protected

Security

(“TIPS”).

The

principal

of

a

TIPS

increases

with

inflation

and

decreases

with

deflation,

as

measured

by

the

Consumer

Price

Index.

When

a

TIPS

matures,

the

adjusted

principal

or

original

principal

is

paid,

whichever

is

greater.

TIPS

pay

interest

twice

a

year,

at

a

fixed

rate.

The

rate

is

applied

to

the

adjusted

principal;

so,

like

the

principal,

interest

payments

rise

with

inflation

and

fall

with

deflation.

Guarantees

In

the

normal

course

of

business,

the

Funds

may

enter

into

contracts

that

contain

a

variety

of

representations

which

provide

general

indemnifications.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds

that

have

not

yet

occurred.

However,

the

Funds

expect

the

risk

of

loss

to

be

remote.

LIBOR

The

Funds

may

invest

in

certain

instruments

including,

but

not

limited

to,

repurchase

agreements,

collateralized

loan

obligations

and

mortgage-backed

securities,

that

rely

in

some

fashion

upon

LIBOR.

LIBOR

is

an

average

interest

rate,

determined

by

the

ICE

Benchmark

Administration,

that

banks

charge

one

another

for

the

use

of

short-term

money.

The

United

Kingdom’s

Financial

Conduct

Authority

(“FCA”),

which

regulates

LIBOR,

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

indicated

that

it

is

possible

that

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

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2022

(Unaudited)

Notes

to

Quarterly

Report

87

have

unsettled

or

open

transactions

will

default.

The

potential

loss

could

exceed

the

value

of

the

relevant

assets

recorded

in

the

Funds’

financial

statements

(the

“Assets”).

The

Assets

consist

principally

of

cash

due

from

counterparties

and

investments.

The

extent

of

the

Funds’

exposure

to

market,

credit

and

counterparty

risks

with

respect

to

the

Assets

approximates

their

carrying

value

as

recorded

in

the

Funds’

Statements

of

Assets

and

Liabilities.

Global

economies

and

financial

markets

are

becoming

increasingly

interconnected

and

political

and

economic

conditions

(including

recent

instability

and

volatility

due

to

international

trade

disputes)

and

events

(including

natural

disasters,

pandemics,

epidemics,

social

unrest

and

government

shutdowns)

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

As

a

result,

issuers

of

securities

held

by

a

Fund

may

experience

significant

declines

in

the

value

of

their

assets

and

even

cease

operations.

Such

conditions

and/or

events

may

not

have

the

same

impact

on

all

types

of

securities

and

may

expose

a

Fund

to

greater

market

and

liquidity

risk

and

potential

difficulty

in

valuing

portfolio

instruments

held.

This

could

cause

a

Fund

to

underperform

other

types

of

investments.

From

time

to

time,

outbreaks

of

infectious

illness,

public

health

emergencies

and

other

similar

issues

(“public

health

events”)

may

occur

in

one

or

more

countries

around

the

globe.

Such

public

health

events

have

had

significant

impacts

on

both

the

country

in

which

the

event

is

first

identified

as

well

as

other

countries

in

the

global

economy.

Public

health

events

have

reduced

consumer

demand

and

economic

output

in

one

or

more

countries

subject

to

the

public

health

event,

resulted

in

restrictions

on

trading

and

market

closures

(including

for

extended

periods

of

time),

increased

substantially

the

volatility

of

financial

markets,

and,

more

generally,

have

had

a

significant

negative

impact

on

the

economy

of

the

country

or

countries

subject

to

the

public

health

event.

Public

health

events

have

also

adversely

affected

the

global

economy,

global

supply

chains

and

the

securities

in

which

the

Funds

invest

across

a

number

of

industries,

sectors

and

asset

classes.

The

extent

of

the

impact

depends

on,

among

other

factors,

the

scale

and

duration

of

any

such

public

health

event.

Public

health

events

have

resulted

in

the

governments

of

affected

countries

taking

potentially

significant

measures

to

seek

to

mitigate

the

transmission

of

the

infectious

illness

or

other

public

health

issue

including,

among

other

measures,

imposing

travel

restrictions

and/or

quarantines

and

limiting

the

operations

of

non-essential

businesses.

Any

of

these

events

could

adversely

affect

a

Fund’s

investments

and

performance,

including

by

exacerbating

other

pre-existing

political,

social

and

economic

risks.

Governmental

authorities

and

other

entities

may

respond

to

such

events

with

fiscal

and/

or

monetary

policy

changes.

It

is

not

guaranteed

that

these

policy

changes

will

have

their

intended

effect

and

it

is

possible

that

the

implementation

of

or

subsequent

reversal

of

such

policy

changes

could

increase

volatility

in

financial

markets,

which

could

adversely

affect

a

Fund’s

investments

and

performance.

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

As

of

March

31,

2022,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Russell

Investment

Funds

Notes

to

Quarterly

Report,

continued

—

March

31,

2022

(Unaudited)

88

Notes

to

Quarterly

Report

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

events

have

occurred

that

require

disclosure.

U.S.

Strategic

Equity

Fund

U.S.

Small

Cap

Equity

Fund

International

Developed

Markets

Fund

Cost

of

Investments

$

429,250,850

$

219,440,220

$

335,979,718

Unrealized

Appreciation

$

165,337,878

$

33,629,280

$

33,886,363

Unrealized

Depreciation

(11,602,656)

(11,813,686)

(24,282,022)

Net

Unrealized

Appreciation

(Depreciation)

$

153,735,222

$

21,815,594

$

9,604,341

Strategic

Bond

Fund

Global

Real

Estate

Securities

Fund

Cost

of

Investments

$

982,652,396

$

886,861,713

Unrealized

Appreciation

$

1,629,567

$

223,916,309

Unrealized

Depreciation

(62,733,713)

(14,437,926)

Net

Unrealized

Appreciation

(Depreciation)

$

(61,104,146)

$

209,478,383

Russell

Investment

Funds

1301

Second

Avenue

Seattle,

Washington

98101

800-787-7354

Fax:

206-505-3495